Company: KW
Filing Date: 2025-11-07
Form Type: 424B3
Source: 0001408100-25-000180
Chunk: 92

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-11-07
Form: 424B3
Chunk 92
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, not the basis for determining our management fees. Our AUM consists of the total estimated fair value of the real estate properties and other real estate related assets either owned by third parties, wholly-owned by us or held by joint ventures and other entities in which our sponsored funds or investment vehicles and client accounts have invested. Committed (but unfunded) capital from

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investors in our sponsored funds is not included in our AUM. The estimated value of development properties is included at estimated completion cost.

The table below details the changes in the Company's AUM for the nine months ended September 30, 2025:

|     | (in millions) |   | December 31, 2024 |     |   | Increases |     |   | Decreases |     |   | September 30, 2025 |
|:----|:--------------|:--|------------------:|:----|:--|----------:|:----|:--|----------:|:----|:--|-------------------:|
| AUM |               | $ |          27,952.9 |     | $ |   4,800.3 |     | $ |  -1,792.7 |     | $ |           30,960.5 |

AUM increased 10.8% to approximately $31.0 billion as of September 30, 2025. The increase is due to new loan originations in our construction loan portfolio, acquisitions within our commingled fund and increases on foreign assets from rising foreign exchange rates. These were offset by repayments of construction and bridge loans and the sale of non-core assets.

Please also see "Fair Value Investments" listed above for a discussion of our fair value investments and accounting methodology and any limitations with respect to the same.

Foreign Currency and Currency Derivative Instruments

Please refer to item 3. Quantitative and Qualitative Disclosures About Market Risk for our discussion regarding foreign currency and currency derivative instruments.

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Kennedy Wilson Consolidated Financial Results: Three Months Ended September 30, 2025 Compared to the Three Months Ended September 30, 2024

|                                                                                                                         |     | Three Months Ended September 30, 2025 |      |     |                |      |     |       |       |
|:------------------------------------------------------------------------------------------------------------------------|:----|:--------------------------------------|-----:|:----|:---------------|-----:|: