Company: KW
Filing Date: 2025-03-03
Form Type: 424B3
Source: 0001408100-25-000092
Chunk: 142

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-03-03
Form: 424B3
Chunk 142
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 | -188.5 |     |   | 199.5 |
| Loss from unconsolidated investments - carried interests Funds                                    |                       |                         | -38.8 |     |   |  -39.5 |     |   | -18.4 |
| Loss from unconsolidated investments - carried interests co-investments                           |                       |                         | -10.9 |     |   |  -24.8 |     |   |  -2.7 |
| Income (loss) from unconsolidated investments                                                     |                       | $                       |   6.5 |     | $ | -252.8 |     | $ | 178.4 |

Operating performance

During the year ended December 31, 2024, the Company recognized an increase in rental and hotel revenue compared to the same period in 2023, primarily as a result of the recapitalization of certain previously consolidated multifamily properties that are now a part of our Co-Investment Portfolio and the opening of the Kona Village Resort in July 2023. This increase in rental and hotel revenue was offset by: (i) costs associated with the ongoing stabilization of the Kona Village Resort and development properties in Europe that are in the process of leasing up, as these projects were under development in prior period and all costs were capitalized during construction (ii) higher interest expense due to changes in the contractual interest rates of our indebtedness and higher debt balances due to the increase in assets in Co-Investment Portfolio; and (iii) lower income from sales of residential units at our Kohanaiki development in Hawaii as compared to the prior period.

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#### Kennedy-Wilson Holdings, Inc.

### Notes to Consolidated Financial Statements—(continued)

#### December 31, 2024 2023 and 2022
Realized Gains

During the year ended December 31, 2024, the Company sold the majority of its interest in an unconsolidated investment that was not accounted for under the fair value method of accounting and recognized a gain of $32.6 million.

Fair Value

During the year ended December 31, 2024 , the Company recorded fair value decreases with respect to: (i) lower fair values with respect to office properties in the Western United States, Ireland and United Kingdom due to market assumptions of higher vacancy rates and lower rental growth with respect to the same; and (ii) non-cash fair value losses on