Company: KW
Filing Date: 2025-05-09
Form Type: 424B3
Source: 0001408100-25-000117
Chunk: 104

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-05-09
Form: 424B3
Chunk 104
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 obtain lender’s written consent prior to any subordinate financing or other voluntary lien encumbering the associated property.

In the event that any of these triggering events occur and the loans become partially or fully recourse against us, our business, financial condition, results of operations and common stock price could be materially adversely affected.

In addition, other items that are customarily recourse to a non-recourse carve out guarantor include, but are not limited to, the payment of real property taxes, liens which are senior to the mortgage loan and outstanding security deposits.

Capital Commitments

As of March 31, 2025, we had unfulfilled capital commitments totaling $279.8 million to our joint venture investments and $130.9 million to our loan portfolio. In addition to the unfunded capital commitments on our joint venture investments, we

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had $86.3 million related to future ground lease payments that run through 2085 on Kona Village. As we identify investment opportunities in the future, we may be called upon to contribute additional capital to unconsolidated investments in satisfaction of our capital commitment obligations.

Please refer to our Annual Report on Form 10-K for the year ended December 31, 2024 for discussion of our non-recourse carve-out guarantees arrangements, as there have been no material changes to that disclosure.

#### Certain Non-GAAP Measures and Reconciliations
The table below is a reconciliation of Non-GAAP measures to their most comparable GAAP measures, for amounts relating to the three months ended March 31, 2025 dated back through 2021.

|                                                                                                | (dollars in millions) | Three Months Ended March 31, |  2025 |     |   |  2024 |     |   |  2023 |     |   |  2022 |     |   |  2021 |
|:-----------------------------------------------------------------------------------------------|:----------------------|:-----------------------------|------:|:----|:--|------:|:----|:--|------:|:----|:--|------:|:----|:--|------:|
| Net (loss) income                                                                              |                       | $                            | -29.6 |     | $ |  37.7 |     | $ | -28.7 |     | $ |  40.0 |     | $ |  -1.6 |
| Non-GAAP Adjustments                                                                           |                       |                              |