Company: KW
Filing Date: 2025-03-03
Form Type: 424B3
Source: 0001408100-25-000092
Chunk: 144

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-03-03
Form: 424B3
Chunk 144
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’s largest properties from development to operating, gains associated with the conversion of the loan secured by such property from a floating rate construction loan to a long-term fixed rate mortgage (the rate of which was set in 2019), the resyndication of properties and (ii) fair value increases recognized by the Company on fixed rate mortgages due to increases in market interest rates.

During the year ended December 31, 2023 , the Company recorded a $39.5 million decrease in the accrual for carried interests relating to commingled funds that hold office assets and a $24.8 million reduction on carried interests associated with market rate multifamily separate account platforms in the Western United States and Ireland.

Vintage Housing Holdings

As of December 31, 2024 and 2023, the carrying value of the Company's investment in VHH was $333.9 million and $285.9 million, respectively. The total equity income recognized from the Company's investment in VHH was $47.1 million, $63.0 million and $119.8 million for the years ended December 31, 2024, 2023 and 2022, respectively. Distributions in the current period primarily relate to operating distributions and distributions associated with the conversion of development properties to operating properties.

During the year ended December 31, 2024, the Company received $27.4 million of proceeds from VHH, including $10.3 million from recurring monthly distributions, $6.8 million from paid developer fees at conversion from development properties to operating properties and $10.3 million from sales and refinancings.

Capital Commitments

As of December 31, 2024, Kennedy Wilson had unfulfilled capital commitments totaling $284.7 million to ten of its unconsolidated joint ventures, including $61.1 million relating to four closed-end funds managed by Kennedy Wilson, under the respective operating agreements.

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#### Kennedy-Wilson Holdings, Inc.

### Notes to Consolidated Financial Statements—(continued)

#### December 31, 2024 2023 and 2022
Summarized Financial Data

VHH

The income from VHH was a significant component of the Company's operations for the year ended December 31, 2024 and 2022. Information for year ended December 31, 2023 is show for comparative purposes.

Summarized financial information is provided below:

|                                                          | (Dollars in millions)