Company: KW
Filing Date: 2025-11-07
Form Type: 424B3
Source: 0001408100-25-000180
Chunk: 72

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-11-07
Form: 424B3
Chunk 72
---
 (i) between approximately 5% to 10% of the ownership interest in the Property Portfolio and (ii) approximately 95% of the ownership interest in the Transaction Pipeline and would look to capitalize these Transaction Pipeline opportunities going forward with equity capital from partners and construction loans (with the Company’s ownership interests in these opportunities ultimately expected to be between approximately 5% to 20%).

In addition, as part of the Transaction, the Company and Toll will enter into an asset management agreement whereby the Company will manage certain multifamily and student housing properties that will continue to be owned, in whole or in part, by Toll (the “Toll Assets”) after the Transaction is completed. The Company will earn customary asset management fees, development and construction management fees, disposition fees and potential success fees and financing fees under the terms of the asset management agreement. The Company has also agreed to extend employment offers to current Toll employees that have been identified as part of Toll’s apartment development platform. These employees, including the executive leadership that currently leads Toll’s apartment development platform, would join the Company upon the closing of the Transaction and would continue to manage the Property Portfolio and the Toll Assets as well as further grow and scale the Company’s rental housing development platform.

On October 3, 2025, the Company completed the redemption of all of its €300 million outstanding euro-denominated 3.25% notes due November 2025 issued by Kennedy Wilson Europe Real Estate Limited, a wholly-owned subsidiary of Kennedy Wilson.

Subsequent to September 30, 2025, the Company has drawn $211 million on its unsecured revolving credit facility and had has $236.7 million available to draw.

On November 4, 2025, the Company received a proposal letter (the “Proposal Letter”) from William McMorrow, its Chairman and Chief Executive Officer, and Fairfax Financial Holdings Limited (collectively, the “Consortium”) to acquire all of the outstanding common stock of the Company not owned by the Consortium for $10.25 per share, payable in cash. The Board of Directors of the Company has formed a special committee to carefully evaluate the terms and conditions of the proposal.

No assurance can be given that a definitive agreement with respect to the Consortium’s proposal will be executed or that any potential transaction will be consummated. The Company does not undertake any obligation to provide any updates with respect to any transaction, except as required under applicable law.

<div align='center'>41</div>

## Item 2.
Management’s Discussion and Analysis