Company: KW
Filing Date: 2025-08-08
Form Type: 424B3
Source: 0001408100-25-000150
Chunk: 75

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-08-08
Form: 424B3
Chunk 75
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. common shareholders of $47.2 million as compared to $32.2 million for the same period in 2024. These results include $86.8 million and $116.6 million of non-cash expenses for the six months ended June 30, 2025 and June 30, 2024, respectively, which primarily consist of depreciation and amortization and changes in fair value (depreciation and amortization of $68.6 million and 75.3 million and fair value decreases of $5.8 million and 30.7 million, respectively). For the six months ended June 30, 2025 we had Adjusted EBITDA of $245.3 million as compared to $282.5 million for the same period in 2024. The decrease in net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders for the six months ended June 30, 2025 as compared to the same period in 2024, was primarily due to (i) the sale of the Shelbourne hotel in first quarter of 2024 and the sale of an office building that is part of a larger office park in Issaquah, Washington which led to higher gains on sales than the sales activity in the current period as discussed above; (ii) lower NOI from hotel operations due to the sale of the Shelbourne hotel in the prior period and (iii) lower interest income on loans we own less of newly originated loans in our debt investment business. These factors that contributed to the resulting decrease in net income attributable to Kennedy-Wilson Holdings, Inc. common

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shareholders for the six months ended June 30, 2025 as compared to the same period in 2024, were offset by a $36.0 million positive changes in the Company’s income from unconsolidated investments as a result of lower fair value decreases in the current period and lower carried interests reversals on unconsolidated investments and an increase in investment management fees due to the growth of our investment management platform.

Recently announced tariffs in the United States have contributed to significant and ongoing uncertainty and volatility of debt and equity markets. There is significant uncertainty as to the outcome of ongoing global trade negotiations, the extent of retaliatory measures taken by other countries and the ultimate impact on the U.S. and global economies. A prolonged period of policy-driven uncertainty and continued market volatility increases the likelihood of a slowdown in the U.S. and global economies and could impact