Company: KW
Filing Date: 2025-03-03
Form Type: 424B3
Source: 0001408100-25-000092
Chunk: 10

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-03-03
Form: 424B3
Chunk 10
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(1) Excludes $100.1 million and $129.5 million as of December 31, 2024 and 2023, respectively, of corporate non-property level cash.

#### Co-Investment Portfolio
In addition to investing our shareholder's capital, we invest capital on behalf of our partners in real estate and real estate-related assets, primarily construction loans, through our Co-Investment Portfolio. We invest alongside our partners and typically have a 5% to 50% ownership interest in the assets in our Co-Investment Portfolio and through our ownership positions, we have the potential to earn carried interest as further discussed below. As of December 31, 2024, we have a weighted average ownership of 40% in our Co-Investment Portfolio. We also earn fees for managing our fee-bearing capital (total third-party committed or invested capital that we manage in our joint ventures and commingled funds), including, without limitation, asset management fees, construction management fees, acquisition and disposition fees and origination fees.

The non-GAAP table below represents the carrying value of our Co-Investment Portfolio balance sheet which is primarily at fair value (approximately 92% and 93%, respectively), at our share of the underlying investments as of December 31, 2024 and 2023. The Co-Investment Portfolio consists of our unconsolidated investments as well as our loan purchases and originations.

|                                                          | ($ in millions) |   | December 31, 2024 |     |   | December 31, 2023 |
|:---------------------------------------------------------|:----------------|:--|------------------:|:----|:--|------------------:|
| Cash and cash equivalents                                |                 | $ |             137.5 |     | $ |              94.8 |
| Real estate and acquired in place lease values           |                 |   |           4,564.9 |     |   |           4,619.7 |
| Loan purchases and originations                          |                 |   |             243.2 |     |   |             259.3 |
| Accounts receivable and other assets, net                |                 |   |             236.9 |     |   |             227.3 |
| Total Assets                                             |                 | $ |           5,182.5 |     | $ |           5,201.1 |
| Accounts payable, accrued expenses and other