Company: KW
Filing Date: 2025-11-07
Form Type: 424B3
Source: 0001408100-25-000180
Chunk: 81

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-11-07
Form: 424B3
Chunk 81
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                 |   |            4,550.6 |     |   |           4,564.9 |
| Loans                                 |                 |   |              222.0 |     |   |             243.2 |
| Accounts receivable and other assets  |                 |   |              152.7 |     |   |             236.9 |
| Total Assets                          |                 | $ |            5,049.2 |     | $ |           5,182.5 |
| Accounts payable and accrued expenses |                 |   |              128.7 |     |   |             151.5 |
| Mortgage debt                         |                 |   |            2,798.1 |     |   |           2,757.5 |
| Total Liabilities                     |                 |   |            2,926.8 |     |   |           2,909.0 |
| Equity                                |                 | $ |            2,122.4 |     | $ |           2,273.5 |

As of September 30, 2025, our fee-bearing capital was $9.7 billion and we recognized $84.8 million in base investment management fees and had $26.3 million in net accrued carried interests receivable (allocated amounts to us on co-investments we managed based on the cumulative performance of the underlying investment), which included a non-cash write down of $1.4 million of carried interests during the nine months ended September 30, 2025.

#### Co-Investment Portfolio Investment Platforms
We have a number of platforms through which we invest in alongside our partners and manage in our Co-Investment Portfolio. For each specific investment opportunity, we evaluate various investment parameters, primarily the asset type, risk return profiles and other parameters against the defined investment parameters of the applicable platforms.

#### Separate accounts
We have several high-quality institutional equity partners that we invest alongside with and for whom we act as the general partner and receive investment management fees. Our separate account platforms have defined investment parameters such as asset types, leverage and return profiles and expected hold periods. As of September 30, 2025, our weighted average ownership interest in the various joint ventures that we manage was 39%.

#### Commingled funds
We currently have four closed-end funds that we manage and through which we receive investment management fees and potentially carried interests. We focus on sourcing investors in the U.S., Europe, Japan and Middle East and target investments