Company: KW
Filing Date: 2025-08-08
Form Type: 424B3
Source: 0001408100-25-000150
Chunk: 103

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-08-08
Form: 424B3
Chunk 103
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 due to asset sales over the current and prior periods.

#### Co-Investment Portfolio Segment
Investment Management

We receive asset management fees for managing assets on behalf of our partners on our Co-Investment Portfolio assets. During the six months ended June 30, 2025, we had fees recorded through revenues of $61.4 million as compared to $47.4 million from the same period in 2024. During the six months ended June 30, 2025, the increase primarily related to higher origination fees that we earned on the origination of construction loans in the current period. We also had a $7 million one-time development completion fee related to the completion of a Southern California development project and an acquisition fee related to the closing of a multifamily property in Seattle in a new separate account platform. We had higher base management fees as a result of having more AUM in our Co-Investment Portfolio mainly from the growth of our global credit platform and Western United States multifamily separate accounts.

Co-Investment Operations- Loans

Loan income decreased to $11.5 million during the six months ended June 30, 2025 as compared to $16.1 million for the same period in 2024. These amounts represent interest income on our share of loan investments within our global real estate credit platform and the decrease is due to our newer originations being a lower ownership percentage than previous loans. Loans in our construction portfolio have moved from 5% ownership on legacy loans to 2.5% on any new originations. Loans in our bridge loan portfolio were also at ownership levels 5% and greater. Although the platform is growing we expect to have lower interest income levels and higher management fee levels going forward.

Co-Investment Operations - Real Estate

In addition to our management of investments in the Co-Investment Portfolio, we have ownership interests in the properties that sit within our Co-Investment Portfolio. The table below represents a breakout of the amounts within income from unconsolidated investments which represents our share of underlying property investments in the Co-Investment Portfolio assets for the six months ended June 30, 2025 and 2024:

<div align='center'>65</div>

| Revenue                                       |     | Six Months Ended June 30, 
 2025                      |       |     | 2024 |       |
|:----------------------------------------------|:----|:--------------------------|------:|:----|:-----|------:|
| Rental                                        |     | $                         | 152.