Company: KW
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001408100-25-000179
Chunk: 132

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 1
Chunk 132
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 defined in the indenture) is greater than 1.50 to 1.00, subject to certain exceptions.  As of September 30, 2025, the maximum balance sheet leverage ratio was 1.27 to 1.00.  See Note 15 for the guarantor and non-guarantor financial statements.     As of September 30, 2025, the Company was in compliance with all financial covenants.

NOTE 10—KWE UNSECURED BONDS

    The following table details KWE unsecured bonds as of September 30, 2025 and December 31, 2024:(Dollars in millions)September 30, 2025December 31, 2024KWE Euro Medium Term Note Programme(1)$352.2 $310.0 Unamortized loan fees— (0.2)Total KWE Unsecured Bonds$352.2 $309.8 (1)  The KWE unsecured bonds balances include unamortized debt discounts. Debt discounts represent the difference between the fair value of debt at issuance and the principal value of debt and are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. The net unamortized discount as of September 30, 2025 and December 31, 2024 was $0.1 million and $0.5 million, respectively.    As of September 30, 2025, KWE has senior unsecured notes for an aggregate principal amount of approximately $352.2 million (based on September 30, 2025 rates) (€300 million) (the "KWE Notes"). The KWE Notes were issued at a discount and have a carrying value of $352.2 million, with an annual fixed coupon of 3.25% and mature in November 2025.  The KWE Notes were repaid on October 3, 2025.  As KWE invested proceeds from the KWE Notes to fund equity investments 

25

Kennedy-Wilson Holdings, Inc.Notes to Consolidated Financial Statements(Unaudited)

in euro denominated assets, KWE designated the KWE Notes as net investment hedges under ASC Topic 815.  Subsequent fluctuations in foreign currency rates that impact the carrying value of the KWE Notes are recorded to accumulated other comprehensive income. During the nine months ended September