Company: KW
Filing Date: 2025-05-09
Form Type: 424B3
Source: 0001408100-25-000117
Chunk: 65

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-05-09
Form: 424B3
Chunk 65
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 rate derivatives that were recorded during the current period. These factors that contributed to the resulting decrease in net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders for the three months ended March 31, 2025 as compared to the same period in 2024, were offset by a $18.1 million increase in the Company’s income from unconsolidated investments as a result of lower fair value declines 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 the ongoing recovery in the real estate market, which could adversely affect, amongst other things,

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our business (including the value of our investments and our ability to secure debt and equity capital at attractive terms or at all), partners, tenants and borrowers.

#### Business Segments
Our operations are defined by two primary business segments: our consolidated investment portfolio (the "Consolidated Portfolio") and our co-investment portfolio (the "Co-Investment Portfolio"). In addition to our two primary business segments, we have among other things, corporate overhead and unsecured corporate debt and preferred stock that is not allocated to either of our segments.

#### Consolidated

#### Portfolio
Our Consolidated Portfolio consists of the investments in real estate and real estate-related assets that we have made and consolidate on our balance sheet, primarily multifamily communities. We typically wholly-own these assets, which have longer hold periods and accretive asset management opportunities.

The non-GAAP table below represents a summarized balance sheet of our Consolidated Portfolio, which is held at historical depreciated cost as of March 31, 2025 and December 31, 2024. This table does not include amounts from our corporate segment such as corporate cash and the KWI Notes.

|                                                          | ($ in millions) |   | March 31, 2025 |     |   | December 31, 2024 |
|:---------------------------------------------------------|:----------------|:--|---------------:|:----|:--|------------------:|
| Cash(1)