# EDGAR Filing Document

**Accession Number:** 0001744219
**File Stem:** 0000905148-26-000949
**Filing Date:** 2026-2
**Character Count:** 31036
**Document Hash:** f29d0844bd9e4871690d191730e2c209
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000905148-26-000949.hdr.sgml**: 20260218

**ACCESSION NUMBER**: 0000905148-26-000949

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20260218

**DATE AS OF CHANGE**: 20260218

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Kennedy-Wilson Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001408100
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE [6500]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 260508760
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-83363
- **FILM NUMBER:** 26651373

**BUSINESS ADDRESS:**
- **STREET 1:** 151 S EL CAMINO DR
- **CITY:** BEVERLY HILLS
- **STATE:** CA
- **ZIP:** 90212
- **BUSINESS PHONE:** 310-887-6400

**MAIL ADDRESS:**
- **STREET 1:** 151 S EL CAMINO DR
- **CITY:** BEVERLY HILLS
- **STATE:** CA
- **ZIP:** 90212

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Prospect Acquisition Corp
- **DATE OF NAME CHANGE:** 20070727
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Eldridge Industries, LLC
- **CENTRAL INDEX KEY:** 0001744219

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 65 EAST 55TH STREET, FLOOR 29
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 212-970-1000

**MAIL ADDRESS:**
- **STREET 1:** 65 EAST 55TH STREET, FLOOR 29
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

## Ex-1

#### EXHIBIT 1

#### JOINT FILING AGREEMENT

The undersigned hereby agree that the statement on Schedule 13D with respect to the Common Stock, par value $0.0001 per share, of Kennedy-Wilson Holdings, Inc., dated as of February 18, 2026, is, and any amendments thereto (including amendments on Schedule 13G) signed by each of the undersigned shall be, filed on behalf of each of the undersigned pursuant to and in accordance with the provisions of Rule 13d-1(k) under the Securities Exchange Act of 1934.

---

| | |
|:---|:---|
| **Eldridge Industries, LLC** | **Eldridge Industries, LLC** |
| **Signature:** | /s/ Todd L. Boehly |
| **Name/Title:** | Todd L. Boehly, Authorized Signatory |
| **Date:** | 02/18/2026 |

---

---

| | |
|:---|:---|
| **Todd L. Boehly** | **Todd L. Boehly** |
| **Signature:** | /s/ Todd L. Boehly |
| **Name/Title:** | Todd L. Boehly |
| **Date:** | 02/18/2026 |

---

---

| | |
|:---|:---|
| **Security Benefit Life Insurance Company**<br> **** <br>**By: Eldridge Credit Advisers, LLC as Investment Manager** | **Security Benefit Life Insurance Company**<br> **** <br>**By: Eldridge Credit Advisers, LLC as Investment Manager** |
| **Signature:** | <br> /s/ Eddie Vonnahme<br>|
| **Name/Title:** | Eddie Vonnahme, Director<br>|
| **Date:** | 02/18/2026 |

---

---

| | |
|:---|:---|
| **Dust Bowl Capital, LLC** | **Dust Bowl Capital, LLC** |
| **Signature:** | /s/ Eddie Vonnahme<br>|
| **Name/Title:** | Eddie Vonnahme, Authorized Signatory<br>|
| **Date:** | 02/18/2026 |

---

## Ex-2

#### EXHIBIT 2

EXECUTION VERSION

#### DUST BOWL CAPITAL, LLC

**SECURITY BENEFIT LIFE INSURANCE COMPANY**<br>

<u>Waiver and Acknowledgment Agreement</u>

This Waiver and Acknowledgment Agreement (this "<u>Agreement</u>") is being executed and delivered as of February 16, 2026, by Dust Bowl Capital, LLC, a Kansas limited liability company, and Security Benefit Life Insurance Company, a Kansas insurance company (collectively, "<u>Holder</u>"), as the holders of all of the shares of 5.75% Series A Cumulative Perpetual Convertible Preferred Stock, par value $0.0001 per share (the "<u>Series A Preferred Stock</u>"), of Kennedy-Wilson Holdings, Inc., a Delaware corporation (the "<u>Company</u>").

WHEREAS, the rights, preferences and privileges of the Series A Preferred Stock are set forth in the Certificate of Designations filed by the Company with the Secretary of State of the State of Delaware on November 7, 2019 (as may be amended from time to time, the "<u>Certificate of Designations</u>"; capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Certificate of Designations);

WHEREAS, the Company has entered into an Agreement and Plan of Merger, dated as of the date hereof (as may be amended from time to time, the "<u>Merger Agreement</u>"), with Kona Bidco, LLC, a Delaware limited liability company ("<u>Parent</u>"), and Kona Merger Subsidiary, Inc., a Delaware corporation and wholly owned subsidiary of Parent ("<u>Merger Sub</u>"), pursuant to which Merger Sub will merge with and into the Company, with the Company surviving the merger as a wholly owned subsidiary of Parent (the "<u>Merger</u>");

WHEREAS, pursuant to the terms of the Merger Agreement, the Company desires to redeem immediately prior to the consummation of the Merger all of the shares of Series A Preferred Stock outstanding immediately prior to such time, in accordance with the terms of the Certificate of Designations (the "<u>Proposed Redemption</u>");

WHEREAS, Section 7(d) of the Certificate of Designations requires the Company to provide an irrevocable Redemption Notice to Holder at least 30 days prior to the Redemption Date (but not more than 60 days prior to the Redemption Date) before effecting the Proposed Redemption; and

WHEREAS, Holder, as the holder of all outstanding shares of Series A Preferred Stock, desires to waive certain timing and delivery requirements applicable to the Redemption Notice solely with respect to the Proposed Redemption.

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Holder and the Company hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Redemption.</u> The Company hereby acknowledges that pursuant to the terms of the Merger Agreement, and subject to and conditioned upon the satisfaction or waiver of the conditions to the Merger set forth therein, all of the shares of Series A Preferred Stock outstanding immediately prior to the consummation of the Merger will either (x) be redeemed pursuant to Section 7(b) of the Certificate of Designations or (y) otherwise be repurchased pursuant to Section 5 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Notice Period</u>. Holder, on behalf of itself and as the holder of all outstanding shares of Series A Preferred Stock, hereby waives any advance notice requirement set forth in Section 7(d) of the Certificate of Designations with respect to the delivery of a Redemption Notice regarding the Proposed Redemption, and Holder hereby consents to the Company delivering a Redemption Notice at any time prior to the consummation of the Merger providing that the Redemption Date shall be the date on which the closing of the Merger occurs, with such redemption to be deemed to occur immediately before the consummation of the Merger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Conditional Notice</u>. Holder hereby consents to the Company delivering a Redemption Notice with respect to the Proposed Redemption that is expressly conditioned upon the satisfaction or waiver of the conditions to the Merger set forth in the Merger Agreement and the occurrence of the closing of the Merger, and Holder acknowledges and agrees that any such conditional Redemption Notice shall automatically be rescinded without further action if the Merger Agreement is terminated prior to the closing of the Merger occurring. Holder, on behalf of itself and as the holder of all outstanding shares of Series A Preferred Stock, hereby waives the requirement set forth in Section 7(d) of the Certificate of Designations that provides that a Redemption Notice with respect to the Proposed Redemption shall be irrevocable to the extent (and solely to the extent) necessary to give effect to the immediately preceding sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Voting Rights</u>. With the understanding that the Proposed Redemption shall occur immediately prior to the consummation of the Merger, Holder, on behalf of itself and as the holder of all outstanding shares of Series A Preferred Stock, hereby agrees that neither the execution and delivery of the Merger Agreement nor the consummation of any transactions contemplated thereby, including the Merger, shall require any vote or consent of the holders of the Series A Preferred Stock pursuant to Section 15(c) of the Certificate of Designations or Section 9(c) of that certain Certificate of Designations filed by the Company with the Secretary of State of the State of Delaware on March 7, 2022 (as may be amended from time to time). For the avoidance of doubt, nothing herein shall limit Holder's right pursuant to Section 15(a) of the Certificate of Designations to vote in favor of, or against, any matter requiring the vote of the Company's common stockholders in connection with the transactions contemplated by the Merger Agreement, including the Merger. The Company hereby agrees that it will not amend the Merger Agreement in a manner that changes the treatment of the Series A Preferred Stock in the Merger without the prior written consent of Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Compliance with Charter and Delaware Law</u>. Notwithstanding anything to the contrary in this Agreement, to the extent the Proposed Redemption provided for in this Agreement is not permitted pursuant to the Certificate of Designations, the Company's Certificate of Incorporation or Delaware law, then the parties agree that the Company will, immediately prior to the consummation of the Merger, repurchase the Series A Preferred Stock of the Holder in the manner provided in this Agreement with the same force and effect as if the relevant redemption provisions of the Certificate of Designations were reproduced herein, *mutatis mutandis*, as modified hereby.

[*Remainder of the page intentionally left blank*]

------

IN WITNESS WHEREOF, each of the undersigned has executed this Agreement on the date set forth below.

By: <u>/s/ Eddie Vonnahme</u><br> Name: Eddie Vonnahme<br> Title: Authorized Signatory

#### SECURITY BENEFIT LIFE INSURANCE COMPANY

#### By: Eldridge Credit Advisers, LLC as Investment Manager
By:<u>/s/ Eddie Vonnahme</u> <br> Name: Eddie Vonnahme<br> Title: Director

*[Signature Page to Eldridge Waiver & Acknowledgment Agreement]*

------

Accepted and acknowledged as of the date first written above:

#### KENNEDY-WILSON HOLDINGS, INC.

By: <u>/s/ Justin Enbody</u> <br> &nbsp;&nbsp;&nbsp;&nbsp; Name: Justin Enbody<br> &nbsp;&nbsp;&nbsp;&nbsp; Title: Senior Executive Vice President, Chief Financial Officer

*[Signature Page to Eldridge Waiver & Acknowledgment Agreement]*

## Ex-3

#### EXHIBIT 3

#### CERTAIN INFORMATION ABOUT

#### THE EXECUTIVE OFFICERS AND DIRECTORS OF SECURITY BENEFIT LIFE INSURANCE COMPANY

Set forth below is certain information with respect to each executive officer and director of Security Benefit Life, including name, present principal occupation or employment, and the name, principal business, and address of any corporation or other organization in which such employment is conducted. Each natural person listed below is a citizen of the United States.

---

| | | |
|:---|:---|:---|
| **Name** | **Principal occupation or employment** | **Business Address** |
| Douglas Wolff – CEO, Chairman of the Board and Director | CEO of Security Benefit Life and related companies | One Security Benefit Place, Topeka, KS 66636 |
| Brian Beckett – CFO and Director | CFO of Security Benefit Life and related companies | One Security Benefit Place, Topeka, KS 66636 |
| Justin F. Carroll, General Counsel and Secretary | General Counsel and Secretary of Security Benefit Life and related companies | One Security Benefit Place, Topeka, KS 66636 |
| Matt Dinkel, Chief Risk Officer | Chief Risk Officer of Security Benefit Life and related companies | One Security Benefit Place, Topeka, KS 66636 |
| Rui Guo, Chief Actuary, Chief Product Officer and Director | Chief Actuary and Chief Product Officer of Security Benefit Life and related companies | One Security Benefit Place, Topeka, KS 66636 |
| John Guyot – Chief Legal Officer and Director | Chief Legal Officer of Security Benefit Life and related companies | One Security Benefit Place, Topeka, KS 66636 |
| Aaron Prieksat, Chief Accounting Officer | Chief Accounting Officer of Security Benefit Life and related companies | One Security Benefit Place, Topeka, KS 66636 |
| Joseph Wittrock - Chief Investment Officer and Director | Chief Investment Officer of Security Benefit Life and related companies | One Security Benefit Place, Topeka, KS 66636 |
| Melinda Lebofsky - Chief Human Resources Officer | Chief Human Resources Officer of Security Benefit Life and related companies | One Security Benefit Place, Topeka, KS 66636 |

---

## Ex-4

#### EXHIBIT 4

#### CERTAIN INFORMATION ABOUT
**THE EXECUTIVE OFFICERS AND DIRECTORS OF DUST BOWL CAPITAL, LLC**

Set forth below is certain information with respect to each executive officer and director of Dust Bowl, including name, present principal occupation or employment, and the name, principal business, and address of any corporation or other organization in which such employment is conducted. Each natural person listed below is a citizen of the United States.

---

| | | |
|:---|:---|:---|
| **Name** | **Principal occupation or employment** | **Business Address** |
| Wittrock, Joseph W. | President of Dust Bowl Capital, LLC | One Security Benefit Place,<br> Topeka, KS 66636 |
| Carroll, Justin<br>| Senior Vice President and Secretary of Dust Bowl Capital, LLC | One Security Benefit Place,<br> Topeka, KS 66636 |
| Wolff, Douglas G. | Senior Vice President of Dust Bowl Capital, LLC | One Security Benefit Place,<br> Topeka, KS 66636 |
| Guo, Rui | Vice President of Dust Bowl Capital, LLC | One Security Benefit Place,<br> Topeka, KS 66636 |
| Erlbacher, Jilliane | Vice President and Assistant Treasurer of Dust Bowl Capital, LLC | One Security Benefit Place,<br> Topeka, KS 66636 |
| Mahna, Shali | Assistant Vice President and Assistant Secretary of Dust Bowl Capital, LLC | One Security Benefit Place,<br> Topeka, KS 66636 |
| Young, Lisa M. | Vice President and Treasurer of Dust Bowl Capital, LLC | One Security Benefit Place,<br> Topeka, KS 66636 |

---

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 3)**

**Kennedy-Wilson Holdings, Inc.**

*(Name of Issuer)*

**Common Stock, $0.0001 Par Value**

*(Title of Class of Securities)*

**489398107**

*(CUSIP Number)*

**Duncan Bagshaw**<br>701 Brickell Avenue<br>Suite 1420<br>Miami FL 33131<br>203-298-5300

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**02/16/2026**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **489398107** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Eldridge Industries, LLC** | Name of reporting person<br>**Eldridge Industries, LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**12161700.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**12161700.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**12161700.00** | Aggregate amount beneficially owned by each reporting person<br>**12161700.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**8.1%** | Percent of class represented by amount in Row (11)<br>**8.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**HC** | Type of Reporting Person (See Instructions)<br>**HC** | |

---

| **CUSIP No.** | **489398107** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Boehly Todd L** | Name of reporting person<br>**Boehly Todd L** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**80100.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**12161700.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**80100.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**12161700.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**12241800.00** | Aggregate amount beneficially owned by each reporting person<br>**12241800.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**8.2%** | Percent of class represented by amount in Row (11)<br>**8.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** The amounts reported in rows 7, 9, and 11 include 80,100 Shares (as defined herein) that were granted to Mr. Boehly in connection with his service on the Board (as defined herein) of Kennedy Wilson.

| **CUSIP No.** | **489398107** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Security Benefit Life Insurance Company** | Name of reporting person<br>**Security Benefit Life Insurance Company** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**KANSAS** | Citizenship or place of organization<br>**KANSAS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**12161700.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**12161700.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**12161700.00** | Aggregate amount beneficially owned by each reporting person<br>**12161700.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**8.1%** | Percent of class represented by amount in Row (11)<br>**8.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

| **CUSIP No.** | **489398107** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Dust Bowl Capital, LLC** | Name of reporting person<br>**Dust Bowl Capital, LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**KANSAS** | Citizenship or place of organization<br>**KANSAS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**10540140.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**10540140.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**10540140.00** | Aggregate amount beneficially owned by each reporting person<br>**10540140.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**7.1%** | Percent of class represented by amount in Row (11)<br>**7.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock, $0.0001 Par Value

**(b) Name of Issuer:**
Kennedy-Wilson Holdings, Inc.

**(c) Address of Issuer's Principal Executive Offices:**
151 S El Camino Drive, Beverly Hills, CA, 90212

This Amendment No. 3 to Schedule 13D ("Amendment No. 3") relates to the shares of common stock, $0.0001 par value (the "Shares"), of Kennedy-Wilson Holdings, Inc. ("Kennedy Wilson"), a Delaware corporation. It amends and supplements the initial statement on Schedule 13D filed by the Reporting Persons with the Securities and Exchange Commission (the "SEC") on November 18, 2019 (the "Initial Schedule 13D"), as amended on May 25, 2021 and February 2, 2023 (collectively, the "Schedule 13D"). All capitalized terms not otherwise defined herein have the meanings ascribed to such terms in the Initial Schedule 13D. Except as provided herein, this Amendment No. 3 does not modify any of the previous information reported in the Initial Schedule 13D.

**Item 4. Purpose of Transaction**

Item 4 of the Schedule 13D is hereby amended and supplemented as follows:

The response to Item 3 above is hereby incorporated by reference herein.

In connection with the Issuer's entry into an Agreement and Plan of Merger on February 16, 2026, and the proposed merger pursuant thereto (the "Merger"), each as disclosed in the Issuer's current report on Form 8-K filed on February 17, 2026, the Issuer agreed to redeem or repurchase all of the Series A Preferred Stock outstanding immediately prior to the consummation of the Merger, in accordance with the terms and conditions of the Certificate of Designations (the "Proposed Redemption"). Section 7(d) of the Certificate of Designations requires the Issuer to provide an irrevocable redemption notice ("Redemption Notice") to the holders of the Series A Preferred Stock at least 30 days, but not more than 60 days, prior to the date fixed for redemption before effecting the Proposed Redemption.  On February 16, 2026, Dust Bowl and Security Benefit Life, as the holders of all of the Issuer's Series A Preferred Stock (collectively, the "Parties"), entered into a waiver and acknowledgment agreement ("Waiver and Acknowledgment Agreement"), pursuant to which the Parties agreed to waive the advance notice requirement set forth in Section 7(d) of the Certificate of Designations with respect to the delivery of a Redemption Notice regarding the Proposed Redemption, and consented to Kennedy Wilson delivering a Redemption Notice at any time prior to the consummation of the Merger.

The foregoing description of the Waiver and Acknowledgment Agreement does not purport to be complete and is subject to, and qualified in its entirety by reference to, the Waiver and Acknowledgment Agreement, a copy of which has been filed as Exhibit 2 to this Amendment No. 3.

In addition, in connection with Mr. Boehly's service as a director on the board of directors (the "Board") of Kennedy Wilson, since the filing of Amendment No. 2, Mr. Boehly was granted restricted stock units ("RSUs") representing 17,500 Shares on February 21, 2024 and RSUs representing 19,100 Shares on January 29, 2025, which awards are subject to vesting over a three-year period from the date of the applicable grant.

**Item 5. Interest in Securities of the Issuer**

**(a)**
Item 5(a), (b), (c), and (d) of the Schedule 13D is hereby amended and supplemented as follows:

Based on the most recent information available, the aggregate number and percentage of the Shares (the securities identified pursuant to Item 1 of the Schedule 13D) that are beneficially owned by each of the Reporting Persons is set forth in boxes 11 and 13 of the second part of the cover page to the Schedule 13D for each of the Reporting Persons, and such information is incorporated herein by reference. Shares reported as beneficially owned by Eldridge and Security Benefit Life herein consist entirely of Shares issuable upon conversion of 300,000 shares of Series A Preferred Stock, 260,000 of which are held directly by Dust Bowl and 40,000 of which are held directly by Security Benefit Life. Shares reported as beneficially owned by Mr. Boehly consist of: (i) 12,161,700 Shares issuable upon conversion of 300,000 shares of Series A Preferred Stock held by Dust Bowl and Security Benefit Life, (ii) 15,000 Shares relating to restricted stock awards made on March 12, 2020 by Kennedy Wilson to Mr. Boehly in connection with his service on the Board, (iii) 10,000 Shares relating to restricted stock awards made on January 21, 2021 by Kennedy Wilson to Mr. Boehly in connection with his service on the Board, (iv) 7,500 Shares relating to RSU awards made on January 20, 2022 by Kennedy Wilson to Mr. Boehly in connection with his service on the Board, (v) 11,000 Shares relating to RSU awards made on January 19, 2023 by Kennedy Wilson to Mr. Boehly in connection with his service on the Board, (vi) 17,500 Shares relating to RSU awards made on February 21, 2024 by Kennedy Wilson to Mr. Boehly in connection with his service on the Board, and (vii) 19,100 Shares relating to RSU awards made on January 29, 2025 by Kennedy Wilson to Mr. Boehly in connection with his service on the Board.

**(b)**
The numbers of Shares as to which each of the Reporting Persons has sole voting power, shared voting power, sole dispositive power and shared dispositive power is set forth in boxes 7, 8, 9 and 10, respectively, on the cover page to the Schedule 13D for each of the Reporting Persons, and such information is incorporated herein by reference.

**(c)**
None of the Reporting Persons, nor, to the best knowledge of the Reporting Persons, any person listed in Exhibit 3 or Exhibit 4 of this Amendment No. 3, has acquired or disposed of any Shares during the last 60 days.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

Item 6 of the Schedule 13D is hereby amended and supplemented as follows:

The responses to Items 2 and 4 above are hereby incorporated by reference herein.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Eldridge Industries, LLC

**Signature:** /s/ Todd L. Boehly

**Name/Title:** Todd L. Boehly, Authorized Signatory

**Date:** 02/18/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Boehly Todd L

**Signature:** /s/ Todd L. Boehly

**Name/Title:** Todd L. Boehly

**Date:** 02/18/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Security Benefit Life Insurance Company

**Signature:** By: Eldridge Credit Advisers, LLC as Investment Manager /s/ Eddie Vonnahme

**Name/Title:** Eddie Vonnahme, Director

**Date:** 02/18/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Dust Bowl Capital, LLC

**Signature:** /s/ Eddie Vonnahme

**Name/Title:** Eddie Vonnahme, Authorized Signatory

**Date:** 02/18/2026