Company: KW
Filing Date: 2025-11-07
Form Type: 424B3
Source: 0001408100-25-000180
Chunk: 32

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-11-07
Form: 424B3
Chunk 32
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------:|:----|:-----|--------------------------------:|:----|:-----|------:|
| Income from unconsolidated investments - operating performance                   |     | $    |                             10.5 |     | $    |   5.6 |     | $    |                            30.1 |     | $    |  19.4 |
| Income from unconsolidated investments - realized gains                          |     |      |                             17.4 |     |      |     — |     |      |                            17.4 |     |      |     — |
| Loss from unconsolidated investments - fair value                                |     |      |                             -2.2 |     |      |  -9.5 |     |      |                            -0.4 |     |      | -19.4 |
| Income (loss) from unconsolidated investments - carried interests Funds          |     |      |                              0.1 |     |      |  -9.3 |     |      |                            -5.4 |     |      | -34.9 |
| Income (loss) from unconsolidated investments - carried interests co-investments |     |      |                              8.7 |     |      |  -7.1 |     |      |                             4.0 |     |      | -10.2 |
|                                                                                  |     | $    |                             34.5 |     | $    | -20.3 |     | $    |                            45.7 |     | $    | -45.1 |

The increase in income from unconsolidated investments related to the following items: (i) the recapitalization of a 687-unit Southern California multifamily community that the Company did not account for at fair value, reducing the Company's ownership from 51% to 10% through a new joint venture and resulting in $17 million of cash (that was received in the fourth quarter of 2025) and a gain on sale of real estate, net of $17.1 million; (ii) increase in rental operations due to the growth of our Co-Investment Portfolio; and (iii) improved hotel operations at Kona Village as the property continues to progress towards stabilization. These increases were offset by interest expense due to the increase in assets in the Co-Investment portfolio.

During the nine months ended September 30, 2025, the Company recorded fair value