Company: KW
Filing Date: 2025-11-07
Form Type: 424B3
Source: 0001408100-25-000180
Chunk: 118

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-11-07
Form: 424B3
Chunk 118
---
 in its financial statements is $26.3 million, of which $7.0 million was accrued as carried interests compensation expense as part of the Carried Interests Program. During the nine months ended September 30, 2025 and 2024, the Company recorded a reversal of $0.3 million and $15.5 million, respectively related to this program.

<div align='center'>70</div>

The Company also maintains a global employee co-investment program (the “Co-Investment Program”). The named executive officers are not participants of the Co-Investment Program. Under the Co-Investment Program, certain employees are provided the opportunity to invest alongside the Company in its investments (in all future investments and certain recently acquired transactions). The amount of funds that the employees, as a group, can invest in the Company’s investments is capped at 1.5% of the Company’s equity. Generally (with certain exceptions), participants in the Co-Investment Program will make commitments to the program on an annual basis and invest in every investment made by the Company (investments that such employee has an active role in acquiring and managing) in the applicable year.

#### Cash Flows
The following table summarizes the cash provided by or used in our operating, investing and financing activities for the nine months ended September 30, 2025 and 2024.

|                                                     | (Dollars in millions) | Nine Months Ended September 30, |   2025 |     |   |   2024 |
|:----------------------------------------------------|:----------------------|:--------------------------------|-------:|:----|:--|-------:|
| Net cash (used in) provided by operating activities |                       | $                               |  -17.5 |     | $ |   25.5 |
| Net cash provided by investing activities           |                       |                                 |  591.7 |     |   |  258.2 |
| Net cash used in financing activities               |                       |                                 | -413.2 |     |   | -237.8 |

Operating

Our cash flows from operating activities are primarily dependent upon operations from consolidated properties, the operating distributions and fees from our Co-Investment Platform, general and administrative costs, compensation and interest expense payments. Net cash flows used in operating activities totaled $17.5 million and cashflows provided by operating activities were $25.5 million for the nine months ended September 30, 2025 and 2024, respectively. The nine months ended September