Kennedy Wilson (NYSE: KW) posts 2025 results and accepts $10.90 cash buyout

Q: How did Kennedy-Wilson Holdings (KW) perform on a non-GAAP basis in 2025?

On a non-GAAP basis, Kennedy Wilson generated Adjusted EBITDA of $179.0 million in Q4 2025 and $549.5 million for the full year . Adjusted Net Income reached $68.0 million in Q4 and $119.8 million for 2025, both higher than 2024 levels.

Q: What major acquisition did Kennedy-Wilson Holdings (KW) complete involving Toll Brothers Apartment Living?

Kennedy Wilson completed a three-phase acquisition of the Toll Brothers Apartment Living platform for a total purchase price of $334 million , investing $131 million itself. The transaction added over $5 billion of assets under management and a $2.9 billion development pipeline.

Q: How large is Kennedy-Wilson Holdings’ (KW) investment management and debt platform?

Kennedy Wilson’s investment management business oversaw $36 billion of assets under management , with Fee-Bearing Capital of $11.0 billion at year-end 2025. Its debt investment platform totaled $10.9 billion , including $5.1 billion of outstanding loans and $5.8 billion of future funding commitments.

Q: What is the agreed buyout price in the Kennedy-Wilson Holdings (KW) merger?

Under a February 16, 2026 merger agreement, a consortium led by management and Fairfax will acquire Kennedy Wilson’s outstanding common shares for $10.90 per share in cash , excluding certain consortium-owned shares, subject to shareholder and regulatory approvals.

Q: When is the Kennedy-Wilson Holdings (KW) merger expected to close and what approvals are needed?

The merger is currently expected to close in the second quarter of 2026 . It requires approval by a majority of voting power, a separate majority of unaffiliated voting holders, and customary regulatory approvals, including completion of applicable waiting periods.

Q: How strong is Kennedy-Wilson Holdings’ (KW) balance sheet and debt profile?

As of December 31, 2025, Kennedy Wilson reported $6.62 billion in total assets and $5.05 billion in liabilities. On a share basis, debt totaled $7.36 billion with a 4.8% weighted average interest rate and 4.4-year average maturity; about 92% is fixed or hedged.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Kennedy-Wilson Holdings, Inc. reported Q4 2025 GAAP net income to common shareholders of $29.6 million, or $0.21 per diluted share, compared with $33.1 million, or $0.24 per share, a year earlier. For full-year 2025, the company recorded a net loss to common shareholders of $38.8 million, narrower than the $76.5 million loss in 2024.

Non-GAAP performance was stronger, with Adjusted EBITDA of $179.0 million in Q4 and $549.5 million for 2025, up slightly from 2024. Adjusted net income was $68.0 million in Q4 and $119.8 million for the year. Assets under management reached $36 billion, while fee-based investment management revenue grew, with investment management fees up 16% to $115.2 million in 2025.

The company executed major strategic moves, including a $334 million, three-phase acquisition of the Toll Brothers Apartment Living platform, adding over $5 billion of AUM, a $10.9 billion debt investment platform, and $1.4 billion of 2025 asset sales and recapitalizations. As of December 31, 2025, Kennedy Wilson reported $6.6 billion in total assets and $7.36 billion of debt on a share basis.

Subsequently, on February 16, 2026, Kennedy Wilson entered into a definitive merger agreement to be acquired by a consortium led by its Chairman and CEO and other senior executives, together with Fairfax. The consortium will purchase all outstanding common shares not already held by them for $10.90 per share in cash, subject to shareholder and regulatory approvals, with closing currently expected in the second quarter of 2026.

Positive

Definitive cash sale at $10.90 per share: Kennedy Wilson agreed to be acquired by a management- and Fairfax-led consortium for $10.90 per share in cash, a transformational event that crystallizes value for remaining public shareholders, subject to required approvals and closing conditions.

Negative

None.

Insights

Cash sale at $10.90 plus stable fee growth and active portfolio recycling make this a thesis-changing year for Kennedy Wilson.
Kennedy Wilson combined active capital recycling with a sizable platform acquisition while moving toward a go-private transaction. Full-year 2025 GAAP results show a $38.8M net loss to common shareholders, but non-GAAP profitability remained solid with $549.5M in Adjusted EBITDA and $119.8M in Adjusted Net Income.
The Toll Brothers Apartment Living acquisition, with total consideration of $334M and $5B of added AUM, deepens exposure to multifamily and student housing and expands the development pipeline. Investment management fees rose 16% to $115.2M, supported by Fee-Bearing Capital of $11.0B and a $10.9B debt platform.
The most consequential development is the signed merger agreement under which a management- and Fairfax-led consortium will acquire outstanding common shares for $10.90 per share in cash, subject to majority and minority shareholder approvals and regulatory clearances, with closing expected in Q2 2026. This effectively caps public-market upside and shifts focus to deal completion risk and timing rather than ongoing earnings trends.

02/25/2026 - 04:23 PM

0001408100false00014081002026-02-252026-02-25

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

FORM 8-K
_____________
CURRENT REPORT

Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):
February 25, 2026
_____________
KENNEDY-WILSON HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
_____________


Delaware 001-33824 26-0508760
(State or other jurisdiction
of Incorporation) (Commission File Number) (IRS Employer Identification No.)

151 S El Camino Drive Beverly Hills, California 90212
(Address of principal executive offices)(Zip Code)

(310) 887-6400
(Registrant’s telephone number, including area code)

N/A
(Former name or former address, if changed since last report)
_____________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2.):

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common stock, $.0001 par value KW NYSE
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

ITEM 2.02    RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On February 25, 2026, Kennedy-Wilson Holdings, Inc. ("Kennedy Wilson"), issued a press release announcing its financial results for the fourth quarter ended December 31, 2025 and posted supplemental financial information on Kennedy Wilson's website (http://www.kennedywilson.com). A copy of the press release and supplemental financial information is furnished herewith as Exhibit 99.1.

The information in this report (including Exhibits 99.1) is being furnished pursuant to Item 2.02 and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act regardless of any general incorporation language in such filing.

Item 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits
Exhibit No.
Description
99.1
Press Release, dated February 25, 2026, and Fourth Quarter Supplemental Financial Information.
104 Cover Page Interactive Data File - The cover page interactive data file does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



KENNEDY-WILSON HOLDINGS, INC.
By: /s/ JUSTIN ENBODY
Justin Enbody
Chief Financial Officer

Date: February 25, 2026

Kennedy-Wilson Holdings, Inc.
Supplemental Financial Information
Fourth Quarter and Full Year December 31, 2025

TABLE OF CONTENTS

Earnings Release
News Release
3
Consolidated Balance Sheets (unaudited)
8
Consolidated Statements of Income (unaudited)
9
Non-GAAP Metrics (unaudited)
10
Supplemental Financial Information (unaudited)
Capitalization Summary
16
Components of Value
Components of Value Summary
17
Stabilized Portfolio
19
Segment Investment Summary
20
Multifamily Portfolio
21
Office Portfolio
22
Industrial Portfolio
23
Loan Investment Portfolio
24
Other Investments
25
Lease-up Portfolio
26
Development Projects
27
Debt Schedule
29
Investment Management
31
Other Portfolio and Financial Information
Same Property - Multifamily
32
Same Property - Office
34
Real Estate Investment Transactions
38
EBITDA by Segment (Non-GAAP)
39
Pro-rata Financial Information
41
Appendix
45

Certain terms used in this release are defined below under the caption "Common Definitions". Certain information included in this release constitutes non-GAAP financial measures. For a definition of the non-GAAP financial measures used in this release, see "Common Definitions" below, and for a reconciliation of those measures to their most comparable GAAP measure, see the tables set forth in the Company's supplemental financial information included in this release and also available at www.kennedywilson.com.

KENNEDY WILSON REPORTS Q4 AND FULL YEAR 2025 RESULTS

Beverly Hills, California (February 25, 2026) - Kennedy-Wilson Holdings, Inc. (NYSE: KW), a leading global real estate investment company with $36 billion in AUM across its real estate equity and debt investment portfolio, today reported the following results for the fourth quarter and full year of 2025:
Financial Results
(Amounts in millions, except per share data) Q4 Full Year
GAAP Results 2025 2024 2025 2024
GAAP Net Income (Loss) to Common Shareholders1
$ 29.6 $ 33.1 $ (38.8) $ (76.5)
  Per Diluted Share 0.21 0.24 (0.28) (0.56)

(Amounts in millions) Q4 Full Year
Non-GAAP Results 2025 2024 2025 2024
Adjusted EBITDA $ 179.0 $ 190.8 $ 549.5 $ 539.7
Adjusted Net Income 68.0 75.3 119.8 94.3
Adjusted EBITDA - Key Components (at KW share)
Baseline EBITDA: Property NOI, loan income, and inv. mgt fees (net of compensation and general and administrative expenses) $ 86.7 $ 97.8 $ 413.1 $ 407.1
Realized gain on the sale of real estate 15.5 81.2 97.9 196.4
Changes in the fair value of the Co-investment portfolio and Carried interests 83.5 9.1 81.0 (42.9)
Other (loss)/income (6.7) 2.7 (42.5) (20.9)
Adjusted EBITDA $ 179.0 $ 190.8 $ 549.5 $ 539.7
1 Includes non-cash items totaling $45 million of income for Q4-25 and charges of $33 million, $78 million, and $214 million for Q4-24, FY-25, and FY-24, respectively, which primarily include depreciation and amortization and fair value changes.

Portfolio & Operations Update
•Kennedy Wilson Acquires Toll Brothers Apartment Living Platform, Adds $5 Billion in AUM:
◦In Q4-25, the Company completed the first two phases of its acquisition of the Toll Brothers Apartment Living platform, which included the in-house development team and equity interests in a portfolio of completed properties and assets under development. The third and final phase was completed in Q1-26. The total purchase price across all three phases was $334 million, of which Kennedy Wilson invested $131 million, with the remainder funded by third-party fee-bearing equity.
◦The transaction added over $5 billion of assets under management ("AUM") to Kennedy Wilson, including $1.9 billion of AUM from an 11% weighted average ownership interest in 18 apartment and student housing properties and $3.4 billion of AUM in 21 apartment and student housing properties that Kennedy Wilson will manage on behalf of Toll Brothers. The transaction also added $1.0 billion to Fee-Bearing Capital.
◦Additionally, Kennedy Wilson acquired a pipeline of 24 development sites which, if completed, would total approximately $2.9 billion in capitalization.
3

•16% Growth in Investment Management Fees: Investment Management Fees totaled $30.4 million, an increase of 2% from Q4-24, driven by Fee-Bearing Capital reaching $11.0 billion and $1.0 billion in loan originations completed in Q4-25. For FY-25, investment management fees grew by 16% to $115 million in FY-25 (vs. FY-24). Assets under management grew to $36 billion.
•Q4-25 Asset Sales Generate $65 million of Cash: For FY-25, the Company completed $1.4 billion of asset sales and recapitalizations, generating $534 million of cash to KW.
•Baseline EBITDA Totals $87 million: Baseline EBITDA totaled $87 million in Q4-25 (vs. $98 million in Q4-24), driven by higher levels of investment management fees and offset by lower property NOI due to non-core asset sales completed since Q4-24.
•Estimated Annual NOI of $431 million and Fee-Bearing Capital of $11.0 billion:
Est. Annual NOI To KW
($ in millions) Fee-Bearing Capital
($ in billions)
As of Q4-24 $ 467 $ 8.8
As of Q3-25 434 9.7
Transaction activity, net1
(2) 1.3
Assets stabilized/(unstabilized) (5) —
Operations 4 —
FX and other — —
Total as of Q4-25 $ 431 $ 11.0

1 Includes real estate acquisitions, dispositions, loan fundings and loan repayments completed during Q4-25. The Company also completed $1.0 billion in loan originations during Q4-25, which will primarily be funded in future quarters.

•Multifamily Same Property Performance1:
Q4 - 2025 vs. Q4 - 2024 FY - 2025 vs. FY- 2024
Multifamily Occupancy Revenue Expenses NOI (Net Effective) Occupancy Revenue Expenses NOI (Net Effective)
Market Rate 0.1% 1.8% (0.5)% 2.9% 0.2% 1.7% (0.2)% 2.6%
Affordable (0.3)% 6.0% 12.6% 2.4% (0.6)% 5.0% 8.6% 3.1%
Total —% 2.8% 2.8% 2.8% (0.1)% 2.5% 2.1% 2.7%
(1) Excludes minority-held investments and assets undergoing development or lease-up.

Investment Management and Co-Investment Portfolio Update
•Co-Investment Platform Deploys or Commits $1.9 billion in Q4-25 (KW share 9%):
◦Debt Investment Platform Grows to $10.9 billion in Q4-25: Comprised of $5.1 billion in outstanding loans and $5.8 billion in future funding commitments. KW's share in this platform is 3%.
▪Originations Total $1.0 billion in Q4-25; $3.6 billion in 2025: Completed $1.0 billion in new construction loan originations in Q4-25 across 8 market-rate multifamily and student housing developments. For the year, the Company originated $3.6 billion across 36 market-rate multifamily and student housing construction loans.
▪Fundings and Repayments:
4

•Fundings: Completed $573 million in additional fundings on existing loans in Q4-25, resulting in $1.9 billion of fundings completed in FY-25. KW has an average ownership of 3% in these loans.
•Repayments: Collected $624 million in repayments in Q4-25, resulting in $1.6 billion of repayments in FY-25. KW's share of its repayments was 5% .
◦Real Estate Platforms Complete $501 million in Acquisitions:
▪UK Single Family Rental Housing Platform Adds $345 million in New Sites:
•In Q4-25, acquired 8 development sites with 666 planned homes for $345 million. In FY-25, acquired 13 development sites with 1,064 planned homes for $542 million.
•Platform expands to $932 million of committed investment across 22 sites with 1,965 planned homes. KW has a 10% interest in this platform, which currently has a target of $1.3 billion in assets.
▪U.S. Multifamily Acquisitions Total $116 million:
•In addition to the Toll Brothers Apartment Living transaction described above, the Company acquired a 320-unit multifamily community in the Mountain West and a development site in Southern California for a total of $116 million. KW has a 19% weighted-average ownership interest in these acquisitions.
▪Balance Sheet Acquisitions for Planned Recapitalization: Acquired a wholly-owned industrial development site in the United Kingdom and a multifamily development site in the Southeast U.S. for a total of $40 million. The Company plans to pursue partner-led recapitalizations for both investments.
•$65 million of Cash Generated from Dispositions in Q4-25:
◦Consolidated Portfolio:
▪Sold a 300-unit multifamily property in the Mountain West and a UK office property for a combined total of $100 million. These asset sales generated $36 million of cash and a GAAP gain on sale of $13 million to KW.
◦Co-Investment Portfolio:
▪Non-Core Sales: The Company sold two multifamily properties in Southern California, an office asset in Ireland, an industrial property in Spain, and real estate from its non-core residential holdings for a combined total of $140 million, of which KW's share was $54 million.

Balance Sheet and Liquidity
•Cash and Line of Credit Availability: As of December 31, 2025, Kennedy Wilson had cash and cash equivalents of $185 million(1) and $285 million drawn on its $550 million revolving credit facility.
•KWE Bond Redemption: Kennedy Wilson completed full redemption of €300 million outstanding euro-denominated 3.25% notes due November 2025 (the "Notes") issued by Kennedy Wilson Europe Real Estate Limited, a wholly-owned subsidiary of Kennedy Wilson.
5

•Debt Profile: Kennedy Wilson's share of debt had a weighted average effective annual interest rate of 4.8% and a weighted-average maturity of 4.4 years as of December 31, 2025. Approximately 92% of the Company's share of debt is either fixed (71%) or hedged with interest rate derivatives (21%).
•Interest Rate Hedging Strategy: The Company hedges its floating rate exposure through the use of interest rate caps and swaps:
◦Interest rate hedges have a weighted-average maturity of 1.0 years and result in a 40 basis point improvement in the effective interest rate of its floating-rate hedged debt.
◦Received $3 million of cash from interest rate derivatives in Q4-25 and $19 million in FY-25, which are not reflected as an offset to interest expense.
•2025 Dividend Taxability: The Company's 2025 dividend distributions were characterized as 100.00% return of capital. Please refer to kennedywilson.com for further information.

Subsequent Events
On February 16, 2026, the Company entered into an agreement and plan of merger to be acquired by an entity affiliated with a consortium led by William McMorrow, Chairman and Chief Executive Officer of the Company, and certain other senior executives of the Company , together with Fairfax (collectively, the “Consortium”). If the transaction is consummated, the Consortium will acquire all outstanding common shares of Kennedy Wilson other than certain shares owned by the members of the Consortium and their respective affiliates for $10.90 per share in cash (the “Transaction”). The Transaction is currently expected to close in the second quarter of 2026 and is subject to customary closing conditions, including the receipt of (i) the approval by holders of a majority in voting power of the Company’s outstanding capital stock entitled to vote on the Transaction, (ii) the approval by a majority of the votes cast by holders of Kennedy Wilson equity securities (other than holders affiliated with the Consortium) and entitled to vote on the Transaction, and (iii) any required regulatory approvals and the expiration or termination of any applicable waiting periods.
In Q1-2026, the Company completed the third and final phase of its acquisition of the Toll Brothers Apartment Living platform, which included equity interests in four multifamily communities totaling 1,405 units and a wholly-owned leasehold interest in a multifamily development site for a total purchase price of $71 million, of which Kennedy Wilson invested $16 million with the remainder funded by third-party fee-bearing equity. Additionally, the Company acquired a wholly-owned multifamily development site for $13 million. The Company plans to pursue partner-led recapitalizations for both development projects.
In Q1-2026, the Company drew $95 million on its revolving credit facility and currently has an outstanding balance of $380 million.

6

Footnotes
(1) Represents consolidated cash and includes $89 million of restricted cash, which is included in cash and cash equivalents and primarily relates to lender reserves associated with consolidated mortgages that we hold on properties. These reserves typically relate to interest, tax, insurance and future capital expenditures at the properties. Additionally, we are subject to withholding taxes to the extent we repatriate cash from certain of our foreign subsidiaries. The Company's share of cash, including unconsolidated joint-ventures, totals $298 million.

Conference Call
Due to the pending merger transaction, the Company will not be hosting a fourth quarter 2025 earnings conference call and webcast. For further detail and discussion of our financial performance please refer to our annual report on Form 10-K for the year ended December 31, 2025.

About Kennedy Wilson
Kennedy Wilson (NYSE: KW) is a leading real estate investment company with $36 billion of assets under management in high growth markets across the United States, the UK and Ireland. Drawing on decades of experience, our relationship-oriented team excels at identifying opportunities and building value through market cycles, closing more than $65 billion in total transactions across the property spectrum since going public in 2009. Kennedy Wilson owns, operates, and builds real estate within our high-quality, core real estate portfolio and through our investment management platform, where we target opportunistic equity and debt investments alongside our partners. For further information, please visit www.kennedywilson.com.

7

Kennedy-Wilson Holdings, Inc.
Consolidated Balance Sheets
(Unaudited)
(Dollars in millions)
December 31,
2025 2024
Assets
Cash and cash equivalents $ 184.5 $ 217.5
Accounts receivable, net 38.8 38.7
Real estate and acquired in place lease values (net of accumulated depreciation and amortization of $991.3 and $949.1)
3,997.4 4,290.4
Unconsolidated investments (including $1,789.9 and $1,884.4 held at fair value)
2,047.7 2,042.4
Loan purchases and originations, net 203.3 231.1
Other assets, net 150.8 141.0
Total assets $ 6,622.5 $ 6,961.1
Liabilities
Accounts payable $ 10.0 $ 10.8
Accrued expenses and other liabilities (including $222.5 and $225.2 of deferred-tax liabilities) 531.6 529.4
Mortgage debt 2,437.7 2,597.2
KW unsecured debt 2,069.8 1,877.9
KWE unsecured bonds — 309.8
Total liabilities 5,049.1 5,325.1
Equity
Cumulative perpetual preferred stock 789.7 789.7
Common stock — —
Additional paid-in capital 1,724.8 1,712.8
Accumulated deficit (594.3) (493.7)
Accumulated other comprehensive loss (385.1) (407.6)
Total Kennedy-Wilson Holdings, Inc. shareholders’ equity 1,535.1 1,601.2
Noncontrolling interests 38.3 34.8
Total equity 1,573.4 1,636.0
Total liabilities and equity $ 6,622.5 $ 6,961.1

8

Kennedy-Wilson Holdings, Inc.
Consolidated Statements of Operations
(Unaudited)
(Dollars in millions, except per share data)
For the Three Months Ended For the Year Ended
December 31, December 31,
2025 2024 2025 2024
Revenue
Rental $ 84.9 $ 97.6 $ 362.7 $ 390.6
Hotel — — — 9.3
Investment management fees 30.4 29.9 115.2 98.9
Loan 5.1 7.5 22.3 31.2
Other 0.2 0.5 0.8 1.4
Total revenue 120.6 135.5 501.0 531.4
Income from unconsolidated investments
Principal co-investments 97.5 56.2 144.6 56.2
Carried interests (0.4) (4.6) (1.8) (49.7)
Total income from unconsolidated investments 97.1 51.6 142.8 6.5
Gain on sale of real estate, net 29.3 47.3 94.7 160.1
Expenses
Rental 32.7 36.8 140.9 150.0
Hotel — — — 7.6
Compensation and related (including $6.4, $6.3, 25.7, 23.6 of share-based compensation
46.9 45.4 136.2 134.8
Carried interests compensation — (1.1) (0.3) (16.6)
General and administrative 9.6 10.8 36.4 38.8
Depreciation and amortization 31.8 36.1 133.0 148.3
Total expenses 121.0 128.0 446.2 462.9
Interest expense (57.3) (65.7) (239.6) (261.1)
Loss on early extinguishment of debt — (1.2) (2.3) (1.7)
Other income (loss) 0.4 10.2 (13.0) 4.2
Income (loss) before provision for income taxes 69.1 49.7 37.4 (23.5)
Provision for income taxes (11.1) (6.0) (13.6) (10.2)
Net income (loss) 58.0 43.7 23.8 (33.7)
Net (income) loss attributable to noncontrolling interests (17.5) 0.3 (19.1) 0.7
Preferred dividends (10.9) (10.9) (43.5) (43.5)
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders $ 29.6 $ 33.1 $ (38.8) $ (76.5)
Basic earnings (loss) per share
Earnings (loss) per share $ 0.21 $ 0.24 $ (0.28) $ (0.56)
Weighted average shares outstanding 137,906,531 137,432,641 137,923,207 137,778,812
Diluted earnings (loss) per share
Earnings (loss) per share $ 0.21 $ 0.24 $ (0.28) $ (0.56)
Weighted average shares outstanding 139,568,109 137,932,019 137,923,207 137,778,812
Dividends declared per common share $ 0.12 $ 0.12 $ 0.48 $ 0.60

9

Kennedy-Wilson Holdings, Inc.
Adjusted EBITDA
(Unaudited)
(Dollars in millions)
The table below reconciles Adjusted EBITDA to net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders, using Kennedy Wilson’s Pro-Rata share amounts for each adjustment item.
Three Months Ended Year Ended
December 31, December 31,
2025 2024 2025 2024
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders $ 29.6 $ 33.1 $ (38.8) $ (76.5)
Non-GAAP adjustments:
Add back (Kennedy Wilson's Share)(1):
Interest expense 89.0 97.4 370.3 389.6
Loss on early extinguishment of debt — 1.2 2.3 1.7
Depreciation and amortization
32.0 35.9 132.9 147.2
Provision for income taxes 11.1 6.0 13.6 10.6
Preferred dividends 10.9 10.9 43.5 43.5
Share-based compensation 6.4 6.3 25.7 23.6
Adjusted EBITDA $ 179.0 $ 190.8 $ 549.5 $ 539.7
(1) See Appendix for reconciliation of Kennedy Wilson's Share amounts.

Adjusted Net Income
(Unaudited)
(Dollars in millions, except share data)
The table below reconciles Adjusted Net Income to net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders, using Kennedy Wilson’s Pro-Rata share amounts for each adjustment item.
Three Months Ended Year Ended
December 31, December 31,
2025 2024 2025 2024
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders $ 29.6 $ 33.1 $ (38.8) $ (76.5)
Non-GAAP adjustments:
Add back (Kennedy Wilson's Share)(1):
Depreciation and amortization 32.0 35.9 132.9 147.2
Share-based compensation 6.4 6.3 25.7 23.6
Adjusted Net Income $ 68.0 $ 75.3 $ 119.8 $ 94.3
Weighted average shares outstanding for diluted 139,568,109 137,932,019 137,923,207 137,778,812
(1) See Appendix for reconciliation of Kennedy Wilson's Share amounts.

10

Forward-Looking Statements
Statements made by us in this report and in other reports and statements released by us that are not historical facts constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are necessarily estimates reflecting the judgment of our senior management based on our current estimates, expectations, forecasts and projections and include comments that express our current opinions about trends and factors that may impact future operating results. Disclosures that use words such as "believe," "anticipate," "estimate," "intend," "may," "could," "plan," "expect," "project" or the negative of these, as well as similar expressions, are intended to identify forward-looking statements. These statements are not guarantees of future performance, rely on a number of assumptions concerning future events, many of which are outside of our control, and involve known and unknown risks and uncertainties that could cause our actual results, performance or achievement, or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties may include the factors and the risks and uncertainties described elsewhere in this report and other filings with the Securities and Exchange Commission (the "SEC"), including the Item 1A. "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2025, as amended by our subsequent filings with the SEC. Any such forward-looking statements, whether made in this report or elsewhere, should be considered in the context of the various disclosures made by us about our businesses including, without limitation, the risk factors discussed in our filings with the SEC. Except as required under the federal securities laws and the rules and regulations of the SEC, we do not have any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events, changes in assumptions, or otherwise.
Common Definitions
·     “KWH,” "KW," “Kennedy Wilson,” the "Company," "we," "our," or "us" refers to Kennedy-Wilson Holdings, Inc. and its wholly-owned subsidiaries.
·    “Adjusted EBITDA” represents net (loss) income before interest expense, loss (gain) on early extinguishment of debt, our share of interest expense included in unconsolidated investments, depreciation and amortization, our share of depreciation and amortization included in unconsolidated investments, preferred dividends, provision for (benefit from) income taxes, our share of taxes included in unconsolidated investments, share-based compensation expense for the Company, and EBITDA attributable to noncontrolling interests.
Please also see the reconciliation to GAAP in the Company’s supplemental financial information included in this release and also available at www.kennedywilson.com. Our management uses Adjusted EBITDA to analyze our business because it adjusts net income for items we believe do not accurately reflect the nature of our business going forward or that relate to non-cash compensation expense or noncontrolling interests. Such items may vary for different companies for reasons unrelated to overall operating performance. Additionally, we believe Adjusted EBITDA is useful to investors to assist them in getting a more accurate picture of our results from operations. However, Adjusted EBITDA is not a recognized measurement under GAAP and when analyzing our operating performance, readers should use Adjusted EBITDA in addition to, and not as an alternative for, net income as determined in accordance with GAAP. Because not all companies use identical calculations, our presentation of Adjusted EBITDA may not be comparable to similarly titled measures of other companies. Furthermore, Adjusted EBITDA is not intended to be a measure of free cash flow for management’s discretionary use, as it does not remove all non-cash items or consider certain cash requirements such as tax and debt service payments. The amount shown for Adjusted EBITDA also differs from the amount calculated under similarly titled definitions in our debt instruments, which are further adjusted to reflect certain other cash and non-cash charges and are used to determine compliance with financial covenants and our ability to engage in certain activities, such as incurring additional debt and making certain restricted payments.
11

·    "Adjusted Fees" refers to Kennedy Wilson’s gross investment management and property services fees adjusted to include Kennedy Wilson's share of fees eliminated in consolidation, and performance fees included in unconsolidated investments. Our management uses Adjusted Fees to analyze our investment management and business because the measure removes required eliminations under GAAP for properties in which the Company provides services but also has an ownership interest. These eliminations understate the economic value of the investment management and property services fees and makes the Company comparable to other real estate companies that provide investment management but do not have an ownership interest in the properties they manage. Our management believes that adjusting GAAP fees to reflect these amounts eliminated in consolidation presents a more holistic measure of the scope of our investment management and real estate services business.
·   "Adjusted Net Income" represents net income (loss) before depreciation and amortization, Kennedy Wilson's share of depreciation and amortization included in unconsolidated investments, share-based compensation, and excluding net income attributable to noncontrolling interests, before depreciation and amortization. Please also see the reconciliation to GAAP in the Company’s supplemental financial information included in this release and also available at www.kennedywilson.com.
·   "Baseline EBITDA" is a non-GAAP measure representing net (loss) income less total income from unconsolidated investments, gain (loss) on sale of real estate, net, other income (loss) and non-controlling interest, plus share-based compensation, carried interest compensation, depreciation and amortization, interest expense, gain (loss) on early extinguishment of debt, benefit from (provision for) income taxes, NOI from unconsolidated investments (at KW’s share) and fees eliminated in consolidation.

·  "Cap rate" represents the net operating income of an investment for the year preceding its acquisition or disposition, as applicable, divided by the purchase or sale price, as applicable. Capitalization ("Cap") rates discussed in this report only include data from income-producing properties. The Company calculates cap rates based on information that is supplied to it during the acquisition diligence process. This information is not audited or reviewed by independent accountants and may be presented in a manner that is different from similar information included in the Company's financial statements prepared in accordance with GAAP. In addition, cap rates represent historical performance and are not a guarantee of future net operating income ("NOI"). Properties for which a cap rate is discussed may not continue to perform at that cap rate.
·  "Carried interests” refers to amounts that are allocated to the Company under Funds and the Co-Investment investments based on the cumulative performance of such venture and are subject to preferred return thresholds of the partners of such venture. In the case of Funds, carried interests represent an allocation relating to the performance of investment management services, whereas in the case of a Co-Investment, carried interests represent returns for the performance of the underlying investments in the Co-Investment investments structures subject to collaborative decision-making.
·  "Carried interests compensation” refers to any carried interests earned by certain commingled funds and separate account investments to be allocated to certain non-NEO employees of the Company, as approved by the compensation committee of the Company’s board of directors.
·    "Equity partners" refers to non-wholly-owned subsidiaries that we consolidate in our financial statements under U.S. GAAP and third-party equity providers.
·    "Estimated Annual NOI" is a property-level non-GAAP measure representing the estimated annual net operating income from each property as of the date shown, inclusive of rent abatements (if applicable). The calculation excludes depreciation and amortization expense, and does not capture the changes in the value of our properties that result from use or market conditions, nor the level of capital expenditures, tenant improvements, and leasing commissions necessary to maintain the operating performance of our properties. For assets wholly-owned and fully occupied by KW, the Company provides an estimated NOI for valuation purposes of $4.3 million, which includes an assumption for applicable market rents. Any of the enumerated items above could have a material effect on the performance of our properties. Also, where specifically noted, for properties purchased in 2025, the NOI represents estimated Year 1 NOI from our original underwriting. Estimated year 1 NOI for properties purchased in 2025 may not be indicative of the actual results for those properties. Estimated annual NOI is not an indicator of the actual annual net operating income that the Company will or expects to
12

realize in any period. Please also see the definition of "Net operating income" below. Please also see the reconciliation to GAAP in the Company’s supplemental financial information included in this release and also available at www.kennedywilson.com.
·     "Fee-Bearing Capital" represents total third-party committed or invested capital that we manage in our joint-ventures, commingled funds, and debt platform that entitle us to earn fees, including without limitation, asset management fees, construction management fees, acquisition and disposition fees and/or promoted interest, if applicable.
·     "Gross Asset Value” refers to the gross carrying value of assets, before debt, depreciation and amortization, and net of noncontrolling interests.
·   "Net operating income" or "NOI” is a non-GAAP measure representing the income produced by a property calculated by deducting certain property expenses from property revenues. Our management uses net operating income to assess and compare the performance of our properties and to estimate their fair value. Net operating income does not include the effects of depreciation or amortization or gains or losses from the sale of properties because the effects of those items do not necessarily represent the actual change in the value of our properties resulting from our value-add initiatives or changing market conditions. Our management believes that net operating income reflects the core revenues and costs of operating our properties and is better suited to evaluate trends in occupancy and lease rates. Please also see the reconciliation to GAAP in the Company’s supplemental financial information included in this release and also available at www.kennedywilson.com.
·   "Noncontrolling interests" represents the portion of equity ownership in a consolidated subsidiary not attributable to Kennedy Wilson.
·    "Principal co-investments” consists of the Company’s share of income or loss earned on investments in which the Company can exercise significant influence but does not have control. Income from unconsolidated investments includes income from ordinary course operations of the underlying investment, gains on sale, fair value gains and losses.
·    "Pro-Rata" represents Kennedy Wilson's share calculated by using our proportionate economic ownership of each asset in our portfolio. Please also refer to the pro-rata financial data in our supplemental financial information.
·    "Property NOI" or "Property-level NOI" is a non-GAAP measure calculated by deducting the Company's Pro-Rata share of rental and hotel property expenses from the Company's Pro-Rata rental, hotel and loans and other revenues. Please also see the reconciliation to GAAP in the Company’s supplemental financial information included in this release and also available at www.kennedywilson.com.
·    "Real Estate Assets under Management" ("AUM") generally refers to the properties and other assets with respect to which the Company provides (or participates in) oversight, investment management services and other advice, and which generally consist of real estate properties or loans, and investments in joint ventures. AUM is principally intended to reflect the extent of the Company's presence in the real estate market, not the basis for determining management fees. AUM consists of the total estimated fair value of the real estate properties, total loan commitments made through out debt investment platform, inclusive of both currently outstanding loan amounts and contractual future fundings, and other real estate-related assets either owned by third parties, wholly-owned by the Company or held by joint ventures and other entities in which its sponsored funds or investment vehicles and client accounts have invested. The estimated value of development properties is included at estimated completion cost. The accuracy of estimating fair value for investments cannot be determined with precision and cannot be substantiated by comparison to quoted prices in active markets and may not be realized in a current sale or immediate settlement of the asset or liability (particularly given the ongoing macroeconomic conditions such as, but not limited to recent adverse developments affecting regional banks and other financial institutions, and ongoing military conflicts around the world and uncertainty with respect to fluctuating interest rates continue to fuel recessionary fears and create volatility in Kennedy Wilson's business results and operations). Recently, there has also been a lack of liquidity in the capital markets as well as limited transactions which has had an impact on the inputs associated with fair values. Additionally, there are inherent uncertainties in any fair value measurement technique, and changes in the underlying assumptions
13

used, including capitalization rates, discount rates, liquidity risks, and estimates of future cash flows could significantly affect the fair value measurement amounts. All valuations of real estate involve subjective judgments.
·    "Same property" refers to stabilized consolidated and unconsolidated properties in which Kennedy Wilson has an ownership interest during the entire span of both periods being compared. This analysis excludes properties that during the comparable periods (i) were acquired, (ii) were sold, (iii) are either under development or undergoing lease up or major repositioning as part of the Company’s asset management strategy, (iv) were investments in which the Company holds a minority ownership position, and (v) certain non-recurring income and expenses. The analysis only includes Office, Multifamily and Hotel properties, where applicable. To derive an appropriate measure of operating performance across the comparable periods, the Company removes the effects of foreign currency exchange rate movements by using the reported period-end exchange rate to translate from local currency into the U.S. dollar, for both periods. Amounts are calculated using Kennedy Wilson’s ownership share in the Company’s consolidated and unconsolidated properties. Management evaluates the performance of the operating properties the Company owns and manages using a “same property” analysis because the population of properties in this analysis is consistent from period to period, which allows management and investors to analyze (i) the Company’s ongoing business operations and (ii) the revenues and expenses directly associated with owning and operating the Company’s properties and the impact to operations from trends in occupancy rates, rental rates and operating costs. Same property metrics are widely recognized measures in the real estate industry, however, other publicly-traded real estate companies may not calculate and report same property results in the same manner as the Company. Please also see “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Certain Non-GAAP Measures and Reconciliations” for a reconciliation of “same property” results to the most comparable measure reported under GAAP.

Note about Non-GAAP and certain other financial information included in this presentation
In addition to the results reported in accordance with U.S. generally accepted accounting principles ("GAAP") included within this presentation, Kennedy Wilson has provided certain information, which includes non-GAAP financial measures (including Adjusted EBITDA, Adjusted Net Income, Net Operating Income, and Adjusted Fees, as defined above). Such information is reconciled to its closest GAAP measure in accordance with the rules of the SEC, and such reconciliations are included within this presentation. These measures may contain cash and non-cash acquisition-related gains and expenses and gains and losses from the sale of real-estate related investments. Consolidated non-GAAP measures discussed throughout this report contain income or losses attributable to non-controlling interests. Management believes that these non-GAAP financial measures are useful to both management and Kennedy Wilson's shareholders in their analysis of the business and operating performance of the Company. Management also uses this information for operational planning and decision-making purposes. Non-GAAP financial measures are not and should not be considered a substitute for any GAAP measures. Additionally, non-GAAP financial measures as presented by Kennedy Wilson may not be comparable to similarly titled measures reported by other companies. Annualized figures used throughout this release and supplemental financial information, and our estimated annual net operating income metrics, are not an indicator of the actual net operating income that the Company will or expects to realize in any period.
Investor Relations Corporate Headquarters
Daven Bhavsar, CFA 151 S. El Camino Drive
(310) 887-3431 Beverly Hills, CA 90212
dbhavsar@kennedywilson.com www.kennedywilson.com

KW-IR

14

Supplemental Financial Information

15

Kennedy-Wilson Holdings, Inc.
Capitalization Summary
(Unaudited)
(Dollars in millions, except per share data)

December 31, 2025 December 31, 2024
Market Data
Common stock price per share $ 9.67 $ 9.99
Common stock shares outstanding 137,908,004 137,442,778
Equity Market Capitalization $ 1,333.6 $ 1,373.1
Cumulative Perpetual Preferred Stock(1)
$ 800.0 $ 800.0
Kennedy Wilson's Share of Debt
Kennedy Wilson's share of property debt 5,275.0 5,298.7
Senior notes payable 1,800.0 1,800.0
Kennedy Wilson Europe bonds — 310.5
Credit Facility ($550 million capacity) 284.7 98.3
Total Kennedy Wilson's share of debt 7,359.7 7,507.5
Total Capitalization $ 9,493.3 $ 9,680.6
Less: Kennedy Wilson's share of cash (297.7) (352.3)
Total Enterprise Value $ 9,195.6 $ 9,328.3
(1) Includes the following:
a) $300 million Series A convertible perpetual preferred stock, which has a current conversion price of $24.80 per share. The Series A preferred stock is callable by Kennedy Wilson at any time.
b) $300 million Series B perpetual preferred stock, which was issued along with warrants with a current conversion price of $23.00 per share. The Series B preferred stock is callable by Kennedy Wilson at any time.
c) $200 million Series C perpetual preferred stock, which was issued along with warrants with a current conversion price of $16.21 per share. The Series C preferred stock is callable by Kennedy Wilson at any time.

16

Kennedy-Wilson Holdings, Inc.
Components of Value Summary
As of December 31, 2025
(Unaudited, Dollars in millions)
Below are key valuation metrics provided to assist in the calculation of a sum-of-the-parts valuation of the Company as of December 31, 2025.
Kennedy Wilson's Share
Investments Description Occupancy
Est. Annual NOI(1)
Page #
Income Producing Assets
1
Multifamily(2)
40,647 units
94.3% $ 277.2
21
2a EU Office
1.9 million consolidated square feet
0.4 million co-investment square feet
90.9% 82.0
22
2b U.S. Office
0.7 million consolidated square feet
3.6 million co-investment square feet
83.7% 26.9
3 Industrial
10.9 million co-investment square feet
98.5% 18.3
23
4 Loan Investments
127 loan investments
KW Loan Balance of $205 million
N/A 15.0
24
5 Retail
1.9 million square feet
81.8% 11.7
25
Total Estimated Annual NOI $ 431.1
Lease-up, Development, and Non-income Producing Assets KW Gross Asset Value
6
Lease-up Portfolio(3)(4)
Est. Annual NOI at stabilization: $49-$52 million 32.6% $ 1,028.3
26
7
Development Projects(3)(4)
Est. Annual NOI at stabilization: $13 million N/A 448.3
27
8
Residential and other(3)
36 investments
N/A 388.2
25
Total KW Gross Asset Value $ 1,864.8
Investment Management Fee-Bearing Capital Total
9 Investment Management - Base Fees
Asset management and origination fees (T-12)(5)
$11,000 $ 115.7
31
10 Carried Interests Receivable, net Accrued carried interests receivable, net $ 18.9
Net Debt, Perpetual Preferred Stock and KW Share Count Total
11 Consolidated Debt (KW share) Secured and Unsecured Debt $ 4,496.3
12 Unconsolidated Debt (KW Share) Non-recourse Secured Debt 2,863.4
13
KW Share of Cash(6)
Cash (297.7)
Total Net Debt $ 7,062.0
29
14
Cumulative Perpetual Preferred Stock(7)
$ 800.0
Total Common stock outstanding 137,908,004
(1) Based on weighted-average ownership figures held by KW.
(2) Includes 11,240 affordable units the Company owns through its Vintage Housing Holdings platform. Kennedy Wilson's equity investment in Vintage Housing Holdings has a fair value of $388.7 million as of December 31, 2025.
(3) See additional detail related to Lease-up, Development, and Non-income Producing Assets, as of December 31, 2025. KW Share of Debt below is included in the Net Debt amounts within the Components of Value Summary above.
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KW Gross Asset Value KW Share of Debt
Investment Account
(GAV-share of debt)
Lease-up $ 1,028.3 $ 430.6 $ 597.7
Development 448.3 158.1 290.2
Residential and other 388.2 66.8 321.4
Total $ 1,864.8 $ 655.5 $ 1,209.3
(4) Includes $176.0 million of gross asset value related to development that the Company owns through its investment in Vintage Housing Holdings as of December 31, 2025.
(5) Annual figures are representative of the trailing 12 months and are not indicators of the actual results that the Company will or expects to realize in any period.
(6) Includes $88.6 million of restricted cash, which is included in cash and cash equivalents, that primarily relates to lender reserves associated with consolidated mortgages that we hold on properties and reserves held on behalf of the borrowers under our construction loans.
(7) $800 million of preferred stock would represent 37,478,315 shares of outstanding common stock, if converted. Please see page 16 for more information.
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Kennedy-Wilson Holdings, Inc.
Stabilized Portfolio
As of December 31, 2025
(Unaudited, Dollars in millions)
The following information reflects Kennedy Wilson's Pro-Rata share of Estimated Annual NOI (from income-producing assets) by geography and property type, as of December 31, 2025, of which 52% is derived from consolidated assets.

Pacific Northwest Southern California Northern California Mountain West Other U.S. U.K. Ireland Other Europe Total
Multifamily - Market Rate $ 44.1 $ 19.8 $ 9.7 $ 93.2 $ 5.1 $ — $ 49.9 $ — $ 221.8
Multifamily - Affordable 32.9 6.5 3.8 12.2 — — — — 55.4
Office 2.2 15.6 7.2 1.9 — 49.6 29.2 3.2 108.9
Industrial 0.2 — 1.9 1.3 — 13.2 1.4 0.3 18.3
Retail — 0.7 — — — 5.0 6.0 — 11.7
Loans 0.5 3.7 1.9 2.0 6.5 0.4 — — 15.0
Total Estimated Annual NOI $ 79.9 $ 46.3 $ 24.5 $ 110.6 $ 11.6 $ 68.2 $ 86.5 $ 3.5 $ 431.1

19

Kennedy-Wilson Holdings, Inc.
Segment Investment Summary
As of December 31, 2025
(Unaudited)
(Dollars in millions, except Fee-Bearing Capital)
The following summarizes Kennedy Wilson's income-producing portfolio by segment. Excluded below are lease-up, development, and residential and other investments.
Stabilized Portfolio
KW Share of Estimated Annual NOI
KW Segment Description Balance Sheet Classification MF Units Comm. RSF Loans MF Office Industrial Retail Loans Total
Fee-Bearing Capital(1) ($bn)
KW Gross Asset Value
KW Own. %(2)
1) Consolidated Consists primarily of wholly-owned real estate investments Consolidated 7,862 3.6 — $122.3 $89.1 $— $10.9 $— $222.3 $— $4,284.3 97%
2) Co-investment Portfolio:
~50% owned Consists primarily of 50/50 investments with partners and our Vintage Housing joint-venture Unconsolidated 17,946 0.4 — 132.1 13.0 — 0.4 — 145.5 1.0 2,750.8 48%
Minority-held Includes fund investments, loans, and other minority-held investments Unconsolidated 14,839 15.4 127 22.8 6.8 18.3 0.4 15.0 63.3 10.0 1,032.9 9%
Co-investment Portfolio 32,785 15.8 127 $154.9 $19.8 $18.3 $0.8 $15.0 $208.8 $11.0 $3,783.7 20%
Total Stabilized Portfolio 40,647 19.4 127 $277.2 $108.9 $18.3 $11.7 $15.0 $431.1 $11.0 $8,068.0 34%
(1) Includes Fee-Bearing Capital related to lease-up, development, and non-income producing assets.
(2) Weighted average ownership figures based on the Company’s share of NOI and are presented on a pre-promote basis.

20

Kennedy-Wilson Holdings, Inc.
Multifamily Portfolio
As of December 31, 2025
(Unaudited)
(Dollars in millions, except average rents per unit)
Consolidated Co-Investment (Unconsolidated)
Multifamily # of Assets
Market-Rate Units Market-Rate Units
VHH Affordable Units(5)
Total # of Units Market-Rate Occupancy (Asset Level) Market-Rate
Occupancy (KW Share) VHH Affordable
Occupancy Total Occupancy (KW Share)
Market Rate Avg, Rent(1)(2)(3)
Estimated Annual NOI(4)
Mountain West 53 5,564 5,768 2,918 14,250 93.8 % 94.2 % 92.4 % 93.9 % $ 1,624 $ 105.4
Pacific Northwest 60 1,280 5,564 6,772 13,616 93.5 93.5 93.3 93.4 2,205 77.0
Southern California 11 696 1,911 874 3,481 90.9 95.9 95.6 95.8 2,729 26.3
Northern California 11 322 2,665 676 3,663 91.2 92.6 96.3 93.9 2,388 13.5
Other U.S. 7 — 2,131 — 2,131 89.9 94.0 — 94.0 3,338 5.1
Total U.S. 142 7,862 18,039 11,240 37,141 92.8 % 94.1 % 93.4 % 93.9 % $ 1,912 $ 227.3
Ireland(4)
13 — 3,506 — 3,506 98.3 98.3 — 98.3 2,979 49.9
Total Stabilized 155 7,862 21,545 11,240 40,647 93.5 % 94.7 % 93.4 % 94.3 % $ 2,061 $ 277.2
Lease-up Assets 2 — — 480 480
See page 26 for more information
Development Projects 14 — 1,850 1,475 3,325
See page 27 for more information
Total 16 — 1,850 1,955 3,805
Total Multifamily 171 7,862 23,395 13,195 44,452
(1) Average Monthly Rents Per Unit is defined as the total potential monthly rental revenue (actual rent for occupied units plus market rent for vacant units) divided by the number of units, and are weighted-averages based on the Company's ownership percentage in the underlying properties.
(2) Average Monthly Rents Per Market Rate Unit for the market rate portfolio based on Kennedy Wilson's share of units. Average Monthly Rents Per Unit for the affordable portfolio are $1,570 per month, including $1,405, $1,590, $1,936, and $1,607 for Mountain West, Pacific Northwest, Southern California and Northern California, respectively.
(3) Excludes 304 units related to investment in Langdon Park Capital.
(4) Estimated foreign exchange rates are €1.00 = $1.17 USD and £1.00 = $1.35 USD, related to NOI.
(5) The Company has a 45% economic ownership interest in its Vintage Housing affordable portfolio.

21

Kennedy-Wilson Holdings, Inc.
Office Portfolio
As of December 31, 2025
(Unaudited)
(Dollars and Square Feet in millions, except average rent per sq ft)
Consolidated Co-Investment
(Unconsolidated)
Office # of Assets Rentable Sq. Ft. Rentable Sq. Ft. Total
Rentable Sq. Ft.
Occupancy
(Asset Level)
Occupancy
(KW Share)
Average Annual Rent
per sq ft(1)
Estimated Annual NOI(2)
Pacific Northwest 2 — 0.4 0.4 94.4 % 97.0 % $ 31.5 $ 2.2
Southern California(2)
6 0.5 0.9 1.4 78.0 85.4 50.8 15.6
Northern California 4 0.2 1.0 1.2 79.3 76.2 37.4 7.2
Mountain West 5 — 1.3 1.3 88.3 88.6 21.5 1.9
Total Western U.S. 17 0.7 3.6 4.3 83.0 % 83.7 % 42.6 26.9
United Kingdom(3)
6 1.2 — 1.2 88.4 88.4 51.9 49.6
Ireland(3)(4)
6 0.4 0.4 0.8 93.7 91.8 50.8 29.2
Italy(3)
3 0.3 — 0.3 100.0 100.0 13.5 3.2
Total Europe(3)
15 1.9 0.4 2.3 91.7 % 90.9 % 46.1 82.0
Total Stabilized 32 2.6 4.0 6.6 86.0 % 88.4 % $ 44.9 $ 108.9
Lease-up Assets 12 1.0 1.7 2.7
See page 26 for more information
Development Projects 1 — — —
See page 27 for more information
Total 13 1.0 1.7 2.7
Total Office 45 3.6 5.7 9.3
(1) Average Annual Rent per Sq. Ft. represents contractual rents as in-place as of December 31, 2025 and are weighted-averages based on the Company's ownership percentage in the underlying properties.
(2) Includes our corporate headquarters wholly-owned by KW comprising 58,000 sq. ft., 100% occupancy, and $3.0 million in Estimated Annual NOI.
(3) Estimated foreign exchange rates are €1.00 = $1.17 USD and £1.00 = $1.35 USD, related to NOI.
(4) Includes our Irish headquarters wholly-owned by KW comprising 19,000 sq. ft., 100% occupancy, and $1.3 million in Estimated Annual NOI.

22

Kennedy-Wilson Holdings, Inc.
Industrial Portfolio
As of December 31, 2025
(Unaudited)
(Dollars and Square Feet in millions, except average rent per sq ft)
Co-Investment
(Unconsolidated)
Industrial # of Assets Rentable Sq. Ft.
Occupancy
(Asset Level)
Occupancy
(KW Share)
Average Annual Rent
per sq ft(1)
Estimated Annual NOI
Mountain West 4 0.9 98.8 % 98.8 % $ 11.7 $ 1.3
Northern California 3 1.6 100.0 100.0 6.3 1.9
Pacific Northwest 1 0.2 83.1 83.1 9.7 0.2
Total Western U.S. 8 2.7 98.3 % 98.7 % 7.8 3.4
United Kingdom(2)
70 7.3 98.4 99.0 10.7 13.2
Ireland(2)
19 0.7 95.3 96.1 11.5 1.4
Spain(2)
3 0.2 88.9 88.9 6.3 0.3
Total Europe(2)
92 8.2 97.8 % 98.4 % 10.7 14.9
Total Stabilized 100 10.9 98.0 % 98.5 % $ 10.0 $ 18.3
Lease-up Assets 14 1.7
See page 26 for more information
Development Projects 5 TBD
See page 27 for more information
Total 19 1.7
Total Industrial 119 12.6
(1) Average Annual Rent per Sq. Ft. represents contractual rents as in-place as of December 31, 2025 and are weighted-averages based on the Company's ownership percentage in the underlying properties.
(2) Estimated foreign exchange rates are €1.00 = $1.17 USD and £1.00 = $1.35 USD, related to NOI.

23

Kennedy-Wilson Holdings, Inc.
Loan Investment Portfolio
As of December 31, 2025
(Unaudited)

KW Share
Loan Investment # of Loans Average Interest Rate Loan Balance Annual Interest Income
Southern California 21 6.8 % $ 55.1 $ 3.7
Northern California 14 5.9 % 32.1 1.9
Mountain West 20 7.2 % 27.7 2.0
Pacific Northwest 8 5.2 % 10.1 0.5
Other U.S. 63 8.5 % 76.0 6.5
Total U.S. 126 8.0 % $ 201.0 $ 14.6
United Kingdom(1)
1 9.0 % 4.1 0.4
Total Loan Investment 127 8.1 % $ 205.1 $ 15.0
(1) Estimated foreign exchange rate is £1.00 = $1.34 USD related to Loan Balance and Annual Interest Income.

Loan Originations Q4-25 FY-25
# of Loan Originations 8 36
Gross Origination Commitment $ 1,039.9 $ 3,604.4
KW Share of Commitment $19.6 $83.7
KW Origination Fee $8.7 $34.3


Fundings and Repayments Q4-25 FY-25
Investment Level KW Share Investment Level KW Share
Loan Fundings $ 572.8 $ 15.9 $ 1,879.6 $ 56.8
Repayments $ 623.9 $ 28.6 $ 1,580.6 $ 76.2

24

Kennedy-Wilson Holdings, Inc.
Other Investments
As of December 31, 2025
(Unaudited)
(Dollars and Square Feet in millions, except average rent per sq ft)
Consolidated Co-Investment
(Unconsolidated)
Retail # of Assets Rentable Sq. Ft. Rentable Sq. Ft. Total
Rentable Sq. Ft.
Occupancy
(Asset Level)
Occupancy
(KW Share)
Average Annual Rent
per sq ft(1)
Estimated Annual NOI
Southern California 2 — 0.8 0.8 76.1 % 76.1 % $ 74.1 $ 0.7
Total Western U.S. 2 — 0.8 0.8 76.1 % 76.1 % 74.1 0.7
United Kingdom(2)
3 0.8 0.1 0.9 89.1 83.1 15.2 5.0
Ireland(2)
1 0.2 — 0.2 77.9 77.9 52.2 6.0
Total Europe(2)
4 1.0 0.1 1.1 87.3 % 81.9 % 23.8 11.0
Total Stabilized 6 1.0 0.9 1.9 87.1 % 81.8 % $ 24.3 $ 11.7
Lease-up Assets 3 — 0.6 0.6
Total Retail 9 1.0 1.5 2.5
(1) Average Annual Rent per Sq. Ft. represents contractual rents as in-place as of December 31, 2025 and are weighted-averages based on the Company's ownership percentage in the underlying properties.
(2) Estimated foreign exchange rates are €1.00 = $1.17 USD and £1.00 = $1.35 USD, related to NOI.
Hotel # of Assets Hotel Rooms
Hawaii (currently in lease-up) 1 150
See page 26 for more information
Total Hotel 1 150

Residential and Other # of Investments Total Acres SFR Units Planned KW Gross Asset Value
Southern California 2 527 — $ 25.8
Other U.S. 6 542 — 213.9
Total Western U.S. 8 1,069 — 239.7
UK Single Family Rental(1)(2)
22 — 1,965 30.3
Total Residential 30 1,069 1,965 270.0
Other Investments 6 — — 118.2
Total Residential and Other 36 1,069 1,965 $ 388.2
(1) Estimated foreign exchange rates are €1.00 = $1.17 USD and £1.00 = $1.35 USD, related to Gross Asset Value.
(2) Total committed purchase price of $932 million. KW has a 10% ownership in its UK Single Family Rental Housing platform.
25

Kennedy-Wilson Holdings, Inc.
Lease-up Portfolio
As of December 31, 2025
(Unaudited)
(Dollars in millions)
Lease-up Portfolio
This section includes the Company's assets that are undergoing lease-up. There is no certainty that these assets will reach stabilization in the time periods shown. In addition, the cost to complete lease-up assets is subject to many uncertainties that are beyond our control, and the actual costs may be significantly higher than the estimates shown below. All dollar amounts are Kennedy Wilson's share.
Property Location Type KW Ownership % # of Assets Commercial Sq. Ft. Leased % KW Share Est Stabilized NOI
KW Est. Costs to Complete(1)
KW Gross Asset Value
2026-2027
Coopers Cross
Ireland(2)
Office 50% 1 395,000 10 % $ 11.2 $ — $ 161.4
The Heights
United Kingdom(2)
Office 51% 1 356,000 64 8.8 — 74.0
90 East Buildings Pacific Northwest Office 100% 1 410,000 — 7.4 10.3 109.6
H3, H4, and H7 at Hamilton Landing(3)
Northern California Office 100% 1 171,000 35 3.7 7.6 56.7
The Capitol Building
United Kingdom(2)
Office 51% 1 184,000 66 2.6 — 26.0
Scotscroft Building
United Kingdom(2)
Office 100% 1 57,000 — 2.2 1.0 25.5
Kona Village Hawaii Hotel 35% 1 — N/A $11-$14 — 260.9
Total Lease-up 7 1,573,000 28 % $47-$50 $ 18.9 $ 714.1
Note: The table above excludes minority-held investments and five wholly-owned assets where the scope is still being explored, totaling KW Gross Asset Value of $282 million.

(1)    Figures shown in this column are an estimate of KW's remaining costs to develop to completion or to complete the entitlement process net of existing tenant improvement reserves, as applicable, as of December 31, 2025. Total remaining costs may be financed with third-party cash contributions, proceeds from projected sales, and/or debt financing. These figures are budgeted costs and are subject to change. There is no guarantee that the Company will be able to secure the project-level debt financing that is assumed in the figures above. If the Company is unable to secure such financing, the amount of capital that the Company will have to invest to complete the projects above may significantly increase.
(2) Estimated foreign exchange rates are €1.00 = $1.17 USD and £1.00 = $1.35 USD, related to NOI.
(3)    Represents hangars 3,4 and 7 within the Hamilton Landing office campus. The remainder of Hamilton Landing, totaling 0.2 million square feet, is included within the Company's stabilized portfolio.

26

Kennedy-Wilson Holdings, Inc.
Development Projects
As of December 31, 2025
(Unaudited)
(Dollars in millions)
Market Rate - Development Projects
This section includes the market rate development or redevelopment projects that the Company is undergoing or considering, and excludes Vintage Housing Holdings and residential investments. The scope of these projects may change. There is no certainty that the Company will develop or redevelop any or all of these potential projects. In addition, the cost to complete development projects is subject to many uncertainties that are beyond our control, and the actual costs may be significantly higher than the estimates shown below. All dollar amounts are shown at Kennedy Wilson's share.
If Completed Current
Property Location Type Status KW Ownership
Est. Completion Date(1)
Est. Stabilization Date MF Units KW Share
Est. Stabilized NOI
KW Est.
Total Cost(1)
Est. Yield on Cost
KW Costs Incurred(2)
KW Est. Costs to Complete(1)
Cloudveil Mountain West Multifamily Under Construction 63% 2026 2026 288 3 46 6% 40 6
Oxbow Phase II Mountain West Multifamily Under Construction 37% 2027 2027 132 1 15 6% 5 10
Bend Pacific Northwest Multifamily In Planning 43% TBD TBD TBD TBD TBD TBD 22 TBD
420 $ 4 $ 61 6% $ 67 $ 16
Note: The table above excludes minority-held development projects and development projects where the scope is still being explored (including future projects related to the Company's recently acquired multifamily development platform), totaling KW Gross Asset Value of $236 million.

(1)    Figures shown in this column are an estimate of KW's remaining costs to develop to completion or to complete the entitlement process, as applicable, as of December 31, 2025. Total remaining costs may be financed with third-party cash contributions, proceeds from projected sales, and/or debt financing. These figures are budgeted costs and are subject to change. There is no guarantee that the Company will be able to secure the project-level debt financing that is assumed in the figures above. If the Company is unable to secure such financing, the amount of capital that the Company will have to invest to complete the projects above may significantly increase.
(2) Includes land costs.

27

Kennedy-Wilson Holdings, Inc.
Vintage Housing Holdings - Lease-up and Development Projects
As of December 31, 2025
(Unaudited)
(Dollars in millions)
Vintage Housing Holdings - Lease-up and Development Projects
This section includes the Company's lease-up assets and development projects or redevelopment projects that the Company is undergoing or considering through its Vintage platform, which the Company has a 45% ownership interest in. The Company expects to have no cash equity basis in these projects at completion due to the use of property level debt and proceeds from the sale of tax credits. The scope of these projects may change. There is no certainty the lease-up assets will reach stabilization or the Company will develop or redevelop any or all of these potential projects. All dollar amounts are Kennedy Wilson's share.
If Completed Current
Property Location Status
Est. Completion Date(1)
Est. Stabilization Date MF Units
Est. Cash to KW(2)
KW Share
Est. Stabilized NOI KW Cash Basis Leased %
Spanish Springs Mountain West Lease-up n/a 2026 257 0.5 0.9 0.2 55
Redfield Mountain West Lease-up n/a 2026 223 1.7 0.9 — 53
Beacon Hill Pacific Northwest Under Construction 2026 2026 272 3.0 1.7 2.3 —
Lockwood Southern California Under Construction 2026 2026 376 0.5 2.3 0.5 —
Lake Stevens Pacific Northwest Under Construction 2026 2027 191 0.1 1.3 — —
Folsom Northern California Under Construction 2026 2027 136 3.2 0.6 3.2 —
Kiley View Mountain West Under Construction 2027 2027 300 1.4 1.5 — —
707 Broadway Southern California In Planning 2028 2029 200 9.0 1.7 8.4 —
1,955 $ 19.4 $ 10.9 $ 14.6
(1) The actual completion date for projects is subject to several factors, many of which are not within our control. Accordingly, the projects identified may not be completed when expected, or at all. Kennedy Wilson expects to have no cash equity basis in these projects at completion.
(2) Represents the total cash Kennedy Wilson currently expects to receive from paid developer fees and proceeds from the sale of tax credits. Payment of the developer fee is contingent on the Company’s ability to meet certain criteria as outlined in each project’s Limited Partnership Agreement and may vary based on a number of factors.

28

Kennedy-Wilson Holdings, Inc.
Debt and Liquidity Schedule
As of December 31, 2025
(Unaudited)
(Dollars in millions)
Consolidated @ KW Share Unconsolidated
Maturity (4)
Secured(1)
KW Unsecured Debt(2)
Unconsolidated Secured Vintage Housing KW Share
2026 $ 531.4 — $ 427.5 $ 87.4
(5)
$ 1,046.3
2027 352.4 — 302.2 5.5 660.1
2028 334.3 284.7 196.9 19.2 835.1
2029 256.1 600.0 497.0 18.1 1,371.2
2030 262.1 600.0 453.3 27.4 1,342.8
2031 520.2 600.0 37.2 11.8 1,169.2
2032 77.2 — 92.9 6.5 176.6
2033 77.9 — 52.4 67.9 198.2
2034 — — 7.9 49.2 57.1
2035 — — — 18.1 18.1
Thereafter — — 1.3 483.7 485.0
Total $ 2,411.6 $ 2,084.7 $ 2,068.6 $ 794.8 $ 7,359.7
Cash (104.4) (77.6) (65.4) (50.3) (297.7)
Net Debt $ 2,307.2 $ 2,007.1 $ 2,003.2 $ 744.5 $ 7,062.0
Effective Interest Rate(3)
4.7% 4.9% 4.9% 4.9% 4.8%
Contractual Interest Rate 4.9% 4.9% 4.9% 4.9% 4.9%
Years to Maturity(4)
3.3 3.9 3.0 12.9 4.4
(1) Excludes $40.8 million of secured consolidated debt related to noncontrolling interests, Excludes $13.6 million of unamortized loan fees and unamortized net discount of $1.1 million, as of December 31, 2025.
(2) Excludes $17.1 million of unamortized loan fees and unamortized net premium of $2.2 million, as of December 31, 2025.
(3) Includes the effect of interest rate hedges.
(4) Reflects contractual maturity dates, including the effects of extension options.
(5) $24.1 million of Vintage Housing maturities in 2026 are expected to be paid off using tax credit equity.

29

Kennedy-Wilson Holdings, Inc.
Debt and Liquidity Schedule (continued)
As of December 31, 2025
(Unaudited)
(Dollars in millions)
Kennedy Wilson has exposure to fixed and floating rate debt through its corporate debt along with debt encumbering its consolidated properties and its joint venture investments. The table below details Kennedy Wilson's share of consolidated and unconsolidated debt by interest rate type.
KW Share of Debt
Fixed Rate Debt Floating with Interest Rate Hedges Floating without Interest Rate Hedges Total KW Share of Debt
Secured Investment Level Debt $ 3,420.9 $ 1,544.1 $ 310.0 $ 5,275.0
KW Unsecured Debt 1,800.0 — 284.7 2,084.7
Total $ 5,220.9 $ 1,544.1 $ 594.7 $ 7,359.7
% of Total Debt 71 % 21 % 8 % 100 %
Effective Interest Rate 4.7 % 4.8 % 5.8 % 4.8 %
Contractual Interest Rate 4.7 % 5.2 % 5.8 % 4.9 %
KW Share of Secured Investment Debt
Multifamily Office Retail Industrial Hotels Residential and Other Total % of KW Share
Pacific Northwest $ 990.3 $ 48.0 $ 3.2 $ 3.2 $ — $ — $ 1,044.7 20 %
Southern California 267.1 143.5 3.9 — — — 414.5 8 %
Northern California 213.6 78.4 — 19.2 — — 311.2 6 %
Mountain West 1,394.2 12.5 — 14.4 — — 1,421.1 27 %
Other U.S. 42.9 — — 2.6 135.3 47.3 228.1 4 %
Total U.S. $ 2,908.1 $ 282.4 $ 7.1 $ 39.4 $ 135.3 $ 47.3 $ 3,419.6 65 %
United Kingdom $ — $ 548.1 $ — $ 228.6 $ — $ 19.5 $ 796.2 15 %
Ireland 613.7 374.9 51.8 16.6 — — 1,057.0 20 %
Other Europe — — — 2.2 — — 2.2 — %
Total Europe $ 613.7 $ 923.0 $ 51.8 $ 247.4 $ — $ 19.5 $ 1,855.4 35 %
Total $ 3,521.8 $ 1,205.4 $ 58.9 $ 286.8 $ 135.3 $ 66.8 $ 5,275.0 100 %
% of Total Debt 67 % 23 % 1 % 5 % 3 % 1 % 100 %

30

Kennedy-Wilson Holdings, Inc.
Investment Management Platform
(Unaudited, Dollars in millions)
Kennedy Wilson's investment management and real estate services platform offers a comprehensive line of real estate services for the full lifecycle of real estate ownership. Kennedy Wilson has approximately $36 billion in Real Estate AUM(1) as of December 31, 2025.
Adjusted Fees
Q4 Full Year
Fee Description 2025 2024 2025 2024
Investment Management — Base $ 21.3 $ 18.9 $ 70.4 $ 67.2
Investment Management — Loan Origination / Acquisition / Disposition 9.3 11.3 45.3 32.6
Total - Investment Management — Base and Transaction 30.6 30.2 115.7 99.8
Carried Interests - Unrealized(2)
(0.4) (4.6) (1.8) (49.7)
Property Services 0.2 0.5 0.8 1.4
Total Adjusted Fees(3)
$ 30.4 $ 26.1 $ 114.7 $ 51.5
(1) As defined in "Common Definitions" section of the earnings release.
(2) KW had accrued net carried interests receivable of $18.9 million as of December 31, 2025.
(3) Please see the appendix for a reconciliation of Adjusted Fees to its closest GAAP measure.
31

Kennedy-Wilson Holdings, Inc.
Multifamily Same Property Analysis
(Unaudited)
(Dollars in millions)
Same Property Analysis By Region - Kennedy Wilson's Pro-Rata Share
The Same Property analysis below reflects Kennedy Wilson's ownership in each underlying property and is shown to provide greater clarity of the impact of the Same Property changes to Kennedy Wilson. The analysis below excludes minority-held investments.
Three Months Ended
December 31, Units Average Occupancy % Total Revenues Total Operating Expenses
Net Operating Income
(Net Effective)(1)
2025 vs. 2024 2025 2025 2024 % Change 2025 2024 % Change 2025 2024 % Change 2025 2024 % Change
Market Rate Portfolio
Region:
      Mountain West 6,876 94.5 % 94.8 % (0.2) % $ 30.8 $ 30.9 (0.6) % $ 9.3 $ 9.4 (0.9) % $ 21.5 $ 21.6 (0.4) %
      Pacific Northwest 2,417 94.4 94.5 (0.7) 13.3 13.1 2.2 4.5 4.6 (2.5) 8.8 8.4 4.8
      Southern California 904 95.9 93.1 3.9 7.0 6.4 9.1 2.6 2.7 (1.8) 4.4 3.7 17.0
      Northern California 322 92.8 89.0 5.1 2.4 2.3 3.9 0.9 1.0 (10.5) 1.5 1.3 14.6
      Western U.S. 10,519 94.6 % 94.4 % 0.2 % $ 53.5 $ 52.7 1.5 % $ 17.3 $ 17.7 (2.0) % $ 36.2 $ 35.0 3.3 %
      Ireland 3,274 97.7 97.9 (0.2) 13.9 13.5 3.2 3.3 3.0 8.4 10.7 10.5 1.7
Market Rate Total 13,793 95.0 % 94.9 % 0.1 % $ 67.4 $ 66.2 1.8 % $ 20.6 $ 20.7 (0.5) % $ 46.9 $ 45.5 2.9 %
Affordable Portfolio
Region:
      Pacific Northwest 6,562 93.2 % 92.8 % 0.5 % $ 13.0 $ 12.3 5.0 % $ 5.1 $ 4.5 13.4 % $ 7.9 $ 7.9 0.2 %
      Mountain West 2,713 92.5 93.9 (1.5) 4.5 4.1 10.6 1.6 1.4 17.7 2.8 2.7 6.8
      Southern California 874 95.4 97.6 (2.2) 2.2 2.1 4.0 0.6 0.6 (3.4) 1.6 1.5 6.7
      Northern California 676 96.2 97.3 (1.1) 1.4 1.4 4.2 0.5 0.5 9.1 0.9 0.9 1.8
Affordable Total 10,825 93.5 % 93.8 % (0.3) % $ 21.1 $ 19.9 6.0 % $ 7.8 $ 7.0 12.6 % $ 13.2 $ 13.0 2.4 %
Total 24,618 94.6 % 94.6 % — % $ 88.5 $ 86.1 2.8 % $ 28.4 $ 27.7 2.8 % $ 60.1 $ 58.5 2.8 %
Total Same Property Units 24,618
Excluded from Same-Property analysis:
Units acquired or stabilized after 10/1/24 1,190
Minority-held units 14,839
Total Stabilized Units 40,647
Note: Percentage changes are based on whole numbers while revenues and net operating income are shown in millions.
(1) - Please see the appendix for a reconciliation of Same Property NOI - Net Effective to its closest GAAP measure
32

Kennedy-Wilson Holdings, Inc.
Multifamily Same Property Analysis (continued)
(Unaudited)
(Dollars in millions)
Same Property Analysis By Region - Kennedy Wilson's Pro-Rata Share
The Same Property analysis below reflects Kennedy Wilson's ownership in each underlying property and is shown to provide greater clarity of the impact of the Same Property changes to Kennedy Wilson. The analysis below excludes minority-held investments.
Year Ended December 31, Units Average Occupancy % Total Revenues Total Operating Expenses
Net Operating Income
(Net Effective)(1)
2025 vs. 2024 2025 2025 2024 % Change 2025 2024 % Change 2025 2024 % Change 2025 2024 % Change
Market Rate Portfolio
Region:
      Mountain West 6,368 94.8 % 94.6 % 0.2 % $ 116.1 $ 114.9 1.0 % $ 35.9 $ 35.8 0.3 % $ 80.2 $ 79.1 1.4 %
      Pacific Northwest 2,417 94.2 94.1 0.1 52.9 51.5 2.7 17.9 18.4 (2.7) 35.0 33.1 5.8
      Southern California 594 96.6 96.4 0.2 16.5 16.2 2.1 6.1 6.2 (0.8) 10.4 10.0 3.8
      Northern California 120 94.3 94.4 (0.1) 3.6 3.7 (2.2) 1.3 1.4 (7.1) 2.2 2.2 1.0
      Western U.S. 9,499 94.7 % 94.6 % 0.2 % $ 189.1 $ 186.3 1.5 % $ 61.2 $ 61.8 (0.9) % $ 127.8 $ 124.4 2.7 %
      Ireland 2,516 98.3 97.9 0.4 41.5 40.5 2.5 9.6 9.2 4.0 31.9 31.3 2.0
Market Rate Total 12,015 95.2 % 95.0 % 0.2 % $ 230.6 $ 226.8 1.7 % $ 70.8 $ 71.0 (0.2) % $ 159.7 $ 155.7 2.6 %
Affordable Portfolio
Region:
      Pacific Northwest 6,562 93.0 % 93.8 % (0.9) % $ 51.3 $ 49.2 4.3 % $ 19.3 $ 17.7 9.1 % $ 32.0 $ 31.4 1.7 %
      Mountain West 2,425 93.1 94.2 (1.1) 15.1 14.4 5.4 5.7 5.1 10.9 9.5 9.3 2.3
      Southern California 704 96.1 94.0 2.2 6.9 6.4 7.9 1.6 1.6 1.2 5.3 4.8 10.1
      Northern California 676 96.6 97.0 (0.4) 5.6 5.3 6.7 1.8 1.8 3.5 3.8 3.5 8.4
Affordable Total 10,367 93.6 % 94.1 % (0.6) % $ 78.9 $ 75.3 5.0 % $ 28.4 $ 26.2 8.6 % $ 50.6 $ 49.0 3.1 %
Total 22,382 94.7 % 94.7 % (0.1) % $ 309.5 $ 302.1 2.5 % $ 99.2 $ 97.2 2.1 % $ 210.3 $ 204.7 2.7 %
Total Same Property Units 22,382
Excluded from Same-Property analysis:
Units acquired or stabilized after 1/1/24 3,426
Minority-held units 14,839
Total Stabilized Units 40,647
Note: Percentage changes are based on whole numbers while revenues and net operating income are shown in millions.
(1) - Please see the appendix for a reconciliation of Same Property NOI - Net Effective to its closest GAAP measure
33

Kennedy-Wilson Holdings, Inc.
Office Same Property Analysis
(Unaudited)
(Dollars and Square Feet in millions)
Same Property Analysis By Region - Kennedy Wilson's Pro-Rata Share (including straight-line rent)
The Same Property analysis below reflects Kennedy Wilson's ownership in each underlying property and is shown to provide greater clarity of the impact of the Same
Property changes to Kennedy Wilson. The analysis below excludes minority-owned investments.
Three Months Ended
December 31, Square Feet Average % Occupancy Total Revenues Total Operating Expenses
Net Operating Income
(Net Effective)(1)
2025 vs. 2024 2025 2025 2024 % Change 2025 2024 % Change 2025 2024 % Change 2025 2024 % Change
Region:
Western U.S. 0.8 82.2 % 88.8 % (7.4) % $ 7.1 $ 7.6 (6.0) % $ 3.5 $ 3.7 (3.1) % $ 3.6 $ 3.9 (8.8) %
United Kingdom 1.3 87.1 95.1 (8.4) 13.2 13.5 (2.1) 1.2 0.7 63.2 12.0 12.7 (6.0)
      Ireland 0.8 91.7 95.8 (4.3) 6.8 7.0 (3.0) 0.3 0.2 33.1 6.5 6.8 (4.1)
      Italy 0.3 100.0 100.0 — 0.9 0.9 0.1 0.1 0.1 (16.8) 0.8 0.8 2.1
Europe 2.4 90.1 % 95.9 % (6.1) % 20.9 21.4 (2.3) % 1.6 1.0 49.9 % 19.3 20.3 (5.0) %
Total 3.2 88.0 % 94.1 94.1 % (6.4) % $ 28.0 $ 29.0 (3.3) % $ 5.1 $ 4.7 8.8 % $ 22.9 $ 24.2 (5.6) %
Total Same Property Square Feet 3.2
Excluded from Same-Property analysis:
Assets acquired or stabilized after 10/1/24 or occupied by KW 0.1
Minority-held office properties 3.3
Total Stabilized Square Feet 6.6
Note: Percentage changes are based on whole numbers while revenues and net operating income are shown in millions.
(1) - Please see the appendix for a reconciliation of Same Property NOI - Net Effective to its closest GAAP measure

34

Kennedy-Wilson Holdings, Inc.
Office Same Property Analysis (continued)
(Unaudited)
(Dollars and Square Feet in millions)
Same Property Analysis By Region - Kennedy Wilson's Pro-Rata Share (including straight-line rents)
The Same Property analysis below reflects Kennedy Wilson's ownership in each underlying property and is shown to provide greater clarity of the impact of the Same
Property changes to Kennedy Wilson. The analysis below excludes minority-owned investments.

Year Ended
December 31, Square Feet Average % Occupancy Total Revenues Total Operating Expenses
Net Operating Income
(Net Effective)(1)
2025 vs. 2024 2025 2025 2024 % Change 2025 2024 % Change 2025 2024 % Change 2025 2024 % Change
Region:
Western U.S. 0.8 85.7 % 87.1 % (1.6) % $ 28.8 $ 29.7 (3.3) % $ 13.8 $ 13.5 2.3 % $ 14.9 $ 16.2 (8.0) %
United Kingdom 1.3 89.6 95.4 (6.1) 51.7 51.7 — 4.2 2.9 48.6 47.4 48.8 (2.8)
      Ireland 0.8 94.7 95.8 (1.2) 27.8 28.2 (1.3) 1.0 0.8 25.5 26.8 27.4 (2.1)
      Italy 0.3 100.0 100.0 — 3.6 3.5 2.4 0.4 0.4 (1.9) 3.3 3.2 2.9
Europe 2.4 92.4 % 96.1 % (3.9) % $ 83.1 $ 83.4 (0.3) % 5.6 4.1 39.3 % $ 77.5 $ 79.4 (2.4) %
Total 3.2 90.7 % 93.8 % (3.3) % $ 111.9 $ 113.1 (1.1) % $ 19.4 $ 17.6 10.8 % $ 92.4 $ 95.6 (3.3) %
Total Same Property Square Feet 3.2
Excluded from Same-Property analysis:
Assets acquired or stabilized after 1/1/24 or occupied by KW 0.1
Minority-held office properties 3.3
Total Stabilized Square Feet 6.6
Note: Percentage changes are based on whole numbers while revenues and net operating income are shown in millions.
(1) - Please see the appendix for a reconciliation of Same Property NOI - Net Effective to its closest GAAP measure

35

Kennedy-Wilson Holdings, Inc.
Office Same Property Analysis (continued)
(Unaudited)
(Dollars and Square Feet in millions)
Same Property Analysis By Region - Kennedy Wilson's Pro-Rata Share (excluding straight-line rents)
The Same Property analysis below reflects Kennedy Wilson's ownership in each underlying property and is shown to provide greater clarity of the impact of the Same
Property changes to Kennedy Wilson. The analysis below excludes the effect of straight-line rents, and minority-owned investments.
Three Months Ended
December 31, Square Feet Average % Occupancy Total Revenues Total Operating Expenses
Net Operating Income
(Net Effective)(1)
2025 vs. 2024 2025 2025 2024 % Change 2025 2024 % Change 2025 2024 % Change 2025 2024 % Change
Region:
Western U.S. 0.8 82.2 % 88.8 % (7.4) % $ 7.0 $ 7.6 (7.7) % $ 3.5 $ 3.7 (3.1) % $ 3.4 $ 3.9 (12.0) %
United Kingdom 1.3 87.1 95.1 (8.4) 13.6 12.3 10.7 1.2 0.7 63.2 12.4 11.6 7.3
      Ireland 0.8 91.7 95.8 (4.3) 7.0 5.7 24.0 0.3 0.2 33.1 6.7 5.4 23.7
      Italy 0.3 100.0 100.0 — 0.9 0.9 0.1 0.1 0.1 (16.8) 0.8 0.8 2.1
Europe 2.4 90.1 % 95.9 % (6.1) % 21.5 18.9 14.2 % $ 1.6 $ 1.0 49.9 % 19.9 17.8 12.0 %
Total 3.2 88.0 % 94.1 % (6.4) % $ 28.5 $ 26.5 7.9 % $ 5.1 $ 4.7 8.8 % $ 23.3 $ 21.7 7.7 %
Total Same Property Square Feet 3.2
Excluded from Same-Property analysis:
Assets acquired or stabilized after 10/1/24 or occupied by KW 0.1
Minority-held office properties 3.3
Total Stabilized Square Feet 6.6
Note: Percentage changes are based on whole numbers while revenues and net operating income are shown in millions.
(1) - Please see the appendix for a reconciliation of Same Property NOI - Net Effective to its closest GAAP measure

36

Kennedy-Wilson Holdings, Inc.
Office Same Property Analysis (continued)
(Unaudited)
(Dollars and Square Feet in millions)
Same Property Analysis By Region - Kennedy Wilson's Pro-Rata Share (excluding straight-line rents)
The Same Property analysis below reflects Kennedy Wilson's ownership in each underlying property and is shown to provide greater clarity of the impact of the Same
Property changes to Kennedy Wilson. The analysis below excludes the effect of straight-line rents, and minority-owned investments.

Year Ended
December 31, Square Feet Average % Occupancy Total Revenues Total Operating Expenses
Net Operating Income
(Net Effective)(1)
2025 vs. 2024 2025 2025 2024 % Change 2025 2024 % Change 2025 2024 % Change 2025 2024 % Change
Region:
Western U.S. 0.8 85.7 % 87.1 % (1.6) % $ 27.3 $ 28.2 (3.2) % $ 13.8 $ 13.5 2.3 % $ 13.4 $ 14.6 (8.3) %
United Kingdom 1.3 89.6 95.4 (6.1) 51.7 49.0 5.5 4.2 2.9 48.6 47.5 46.1 2.9
      Ireland 0.8 94.7 95.8 (1.2) 29.1 27.8 4.6 1.0 0.8 25.5 28.1 27.0 4.0
      Italy 0.3 100.0 100.0 — 3.6 3.5 2.4 0.4 0.4 (1.9) 3.3 3.2 2.9
Europe 2.4 92.4 % 96.1 % (3.9) % $ 84.4 $ 80.3 5.1 % $ 5.6 $ 4.1 39.3 % $ 78.9 $ 76.3 3.3 %
Total 3.2 90.7 % 93.8 % (3.3) % $ 111.7 $ 108.5 2.9 % $ 19.4 $ 17.6 10.8 % $ 92.3 $ 90.9 1.4 %
Total Same Property Square Feet 3.2
Excluded from Same-Property analysis:
Assets acquired or stabilized after 1/1/24 or occupied by KW 0.1
Minority-held office properties 3.3
Total Stabilized Square Feet 6.6
Note: Percentage changes are based on whole numbers while revenues and net operating income are shown in millions.
(1) - Please see the appendix for a reconciliation of Same Property NOI - Net Effective to its closest GAAP measure

37

Kennedy-Wilson Holdings, Inc.
Real Estate Investment Transactions
(Unaudited, dollars in millions)
Listed below is additional detailed information about the real estate acquisitions and dispositions completed during the three months and year ended December 31, 2025. For information on loan investment activity, please see page 24.
100% Kennedy Wilson's Share
Acquisitions Real Estate Aggregate Purchase Price

Cap Rate(1)(4)
Real Estate Pro-Rata Purchase Price
Cap Rate(2)(4)
KW Ownership(3)
Q4-25
Western U.S. $ 552.2 5.3% $ 153.8 5.4% 27.8%
Europe 369.3 —% 59.2 —% 16.0%
Total $ 921.5 5.3% $ 213.0 5.4% 23.1%
FY-25
Western U.S. $ 1,235.0 5.4% $ 242.4 5.4% 19.6%
Europe 619.1 5.9% 127.8 5.9% 20.6%
Total $ 1,854.1 5.4% $ 370.2 5.4% 20.0%
100% Kennedy Wilson's Share
Dispositions Real Estate Aggregate Sale Price

Cap Rate(1)
Real Estate Pro-Rata Sale Price
Cap Rate(2)
KW Ownership(3)
Q4-25
Western U.S. $ 161.7 5.7% $ 96.8 5.6% 59.8%
Europe 78.1 7.8% 35.4 9.1% 45.3%
Total $ 239.8 6.3% $ 132.2 6.6% 55.1%
FY-25
Western U.S. $ 1,065.2 5.6% $ 890.2 5.4% 83.6%
Europe 323.3 6.8% 227.3 7.0% 70.3%
Total $ 1,388.5 6.0% $ 1,117.5 5.9% 80.5%
(1) For acquisitions and dispositions, the Cap Rate includes only income-producing properties. For Q4-25, there were $543.9 million of acquisitions and $58.6 million of dispositions of non-income producing real estate assets. For FY-25, there were $840.2 million of acquisitions and $271.7 million of dispositions of non-income producing real estate assets, and $257.9 million of recapitalization related to rent-restricted, multifamily properties that qualified for certain tax exemptions. Please see "common definitions" for a definition of Cap Rate and a description of its limitations.
(2) For acquisitions and dispositions, the Cap Rate includes only income-producing properties at Kennedy Wilson's share. For Q4-25, there were $133.0 million of acquisitions and $21.0 million of dispositions of non-income producing real estate assets. For FY-25, there were $211.8 million of acquisitions and $185.0 million of dispositions of non-income producing real estate assets, and $257.9 million of recapitalization related to rent-restricted, multifamily properties that qualified for certain tax exemptions. Please see "common definitions" for a definition of Cap Rate and a description of its limitations.
(3) Kennedy Wilson's ownership is shown on a weighted-average basis based upon the aggregate purchase/sale price of each investment and Kennedy Wilson's ownership in each investment at the time of acquisition/disposition.
(4) As defined in the "Common Definitions" section of the earnings release.
38

Kennedy-Wilson Holdings, Inc.
Segment Detail
(Unaudited)
(Dollars in millions)
Three Months Ended December 31, 2025 Three Months Ended December 31, 2024
Consolidated Co-Investments Total Consolidated Co-Investments Total
Segment revenue
Rental $ 84.9 $ — $ 84.9 $ 97.6 $ — $ 97.6
Hotel — — — — — —
Investment management fees — 30.4 30.4 — 29.9 29.9
Loans — 5.1 5.1 — 7.5 7.5
Total segment revenue 84.9 35.5 120.4 97.6 37.4 135.0
Income (loss) from unconsolidated investments
Principal co-investments — 97.5 97.5 — 56.2 56.2
Carried interests — (0.4) (0.4) — (4.6) (4.6)
Company's share of Interest, Depreciation, and Taxes included in income from unconsolidated investments(1)
— 33.1 33.1 — 33.5 33.5
Income (loss) from unconsolidated investments — 130.2 130.2 — 85.1 85.1
Gain on sale of real estate, net 29.3 — 29.3 47.3 — 47.3
Segment expenses
Rental 32.7 — 32.7 36.8 — 36.8
Hotel — — — — — —
Compensation and related 10.7 20.2 30.9 14.3 15.0 29.3
Carried interests compensation — — — — (1.1) (1.1)
General and administrative 2.5 5.4 7.9 4.1 4.8 8.9
Other (income) loss (1.2) 0.5 (0.7) (1.3) 1.0 (0.3)
Other segment items (1)
18.9 (0.2) 18.7 2.0 (0.3) 1.7
Total segment expenses 63.6 25.9 89.5 55.9 19.4 75.3
Segment Adjusted EBITDA 50.6 $ 139.8 $ 190.4 89.0 $ 103.1 $ 192.1
Reconciliation of Segment Adjusted EBITDA to Net Income (loss) attributable to Kennedy-Wilson Holdings, Inc. Common Shareholders
Other revenue 0.2 0.5
Compensation and related, corporate (16.0) (16.1)
General and administrative, corporate (1.7) (1.9)
Depreciation and amortization (31.8) (36.1)
Interest expense (57.3) (65.7)
Loss on early extinguishment of debt — (1.2)
Other income (0.3) 9.9
Provision for income taxes (11.1) (6.0)
Income from unconsolidated investments excluded from Adjusted EBITDA(1)
(33.1) (33.5)
EBITDA adjustments to NCI(1)
18.7 1.7
Net income (loss) 58.0 43.7
Net loss (income) attributable to noncontrolling interests (17.5) 0.3
Preferred dividends (10.9) (10.9)
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders $ 29.6 $ 33.1
(1) See Appendix for reconciliation of Kennedy Wilson's Share of Segment amounts.
39

Kennedy-Wilson Holdings, Inc.
Segment Detail (continued)
(Unaudited)
(Dollars in millions)
Year Ended December 31, 2025 Year Ended December 31, 2024
Consolidated Co-Investments Total Consolidated Co-Investments Total
Segment revenue
Rental $ 362.7 $ — $ 362.7 $ 390.6 $ — $ 390.6
Hotel — — — 9.3 — 9.3
Investment management fees — 115.2 115.2 — 98.9 98.9
Loans — 22.3 22.3 — 31.2 31.2
Total segment revenue 362.7 137.5 500.2 399.9 130.1 530.0
Income (loss) from unconsolidated investments
Principal co-investments — 144.6 144.6 — 56.2 56.2
Carried interests — (1.8) (1.8) — (49.7) (49.7)
Company's share of Interest, Depreciation, and Taxes included in income from unconsolidated investments(1)
— 136.4 136.4 — 135.4 135.4
Income (loss) from unconsolidated investments — 279.2 279.2 — 141.9 141.9
Gain on sale of real estate, net 94.7 — 94.7 160.1 — 160.1
Segment expenses
Rental 140.9 — 140.9 150.0 — 150.0
Hotel — — — 7.6 — 7.6
Compensation and related 32.1 57.1 89.2 39.4 49.1 88.5
Carried interests compensation — (0.3) (0.3) — (16.6) (16.6)
General and administrative 11.6 18.0 29.6 14.9 16.7 31.6
Other (income) loss 2.8 4.0 6.8 (1.0) 11.0 10.0
Other segment items (1)
25.4 (0.5) 24.9 7.8 (0.9) 6.9
Total segment expenses 212.8 78.3 291.1 218.7 59.3 278.0
Segment Adjusted EBITDA 244.6 $ 338.4 $ 583.0 341.3 $ 212.7 $ 554.0
Reconciliation of Segment Adjusted EBITDA to Net Loss attributable to Kennedy-Wilson Holdings, Inc. Common Shareholders
Other revenue 0.8 1.4
Compensation and related, corporate (47.0) (46.3)
General and administrative, corporate (6.8) (7.2)
Depreciation and amortization (133.0) (148.3)
Interest expense (239.6) (261.1)
Loss on early extinguishment of debt (2.3) (1.7)
Other income (6.2) 14.2
Provision for income taxes (13.6) (10.2)
Income from unconsolidated investments excluded from Adjusted EBITDA(1)
(136.4) (135.4)
EBITDA adjustments to NCI(1)
24.9 6.9
Net loss 23.8 (33.7)
Net loss (income) attributable to noncontrolling interests (19.1) 0.7
Preferred dividends (43.5) (43.5)
Net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders $ (38.8) $ (76.5)
(1) See Appendix for reconciliation of Kennedy Wilson's Share of Segment amounts.
40

NON-GAAP PRO RATA FINANCIAL INFORMATION

The following non-GAAP Pro-rata information is not intended to be a presentation in accordance with GAAP. The Pro-rata financial information reflects our proportionate economic ownership of each asset in our portfolio that we do not wholly own. The amounts in the column labeled “KW Share of Unconsolidated Investments” were derived on a property-by-property basis by applying to each financial statement line item the ownership percentage interest used to arrive at our share of net income or loss during the period when applying the equity method of accounting to each of our unconsolidated joint ventures. A similar calculation was performed for the amounts in the column labeled “Noncontrolling Interests,” which represents the share of consolidated assets attributable to noncontrolling interests.

We do not control the unconsolidated investments and the presentations of the assets and liabilities and revenues and expenses do not represent our legal claim to such items. The operating agreements of the unconsolidated investments generally provide that partners may receive cash distributions (1) to the extent there is available cash from operations, (2) upon a capital event, such as a refinancing or sale or (3) upon liquidation of the venture. The amount of cash each partner receives is based upon specific provisions of each operating agreement and varies depending on factors including the amount of capital contributed by each partner and whether any contributions are entitled to priority distributions. Upon liquidation of the unconsolidated investments and after all liabilities, priority distributions and initial equity contributions have been repaid, the partners generally would be entitled to any residual cash remaining based on their respective legal ownership percentages. We provide this information because we believe it assists investors and analysts in estimating our economic interest in our unconsolidated investments when read in conjunction with the Company’s reported results under GAAP.

The presentation of Pro-rata financial information has limitations as an analytical tool. Some of these limitations include:

• The amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses; and

• Other companies in our industry may calculate their pro rata interest differently than we do, which limits the usefulness of the amount in our pro rata financial statements as a comparative measure.

Because of these limitations, the pro rata financial information should not be considered in isolation or as a substitute for our financial statements as reported under U.S. GAAP. We compensate for these limitations by relying primarily on our U.S. GAAP results and using the Pro-rata financial information only supplementally.

41

Kennedy-Wilson Holdings, Inc.
Non-GAAP Pro-rata Financial Information
(Unaudited, Dollars in millions)
December 31, 2025 December 31, 2024
Non-GAAP Non-GAAP Non-GAAP Non-GAAP
Noncontrolling Interests (2)
KW Share of Unconsolidated Investments (3)
Noncontrolling Interests (2)
KW Share of Unconsolidated Investments (3)
Assets
Cash and cash equivalents $ (2.5) $ 115.7 $ (2.7) $ 137.5
Accounts receivable (0.3) 37.5 (0.5) 47.4
Real estate and acquired in place lease values, net of accumulated depreciation and amortization(1)
(76.9) 4,759.0 (108.7) 4,564.9
Unconsolidated investments — (2,047.7) — (2,042.4)
Other assets (2.3) 155.6 (4.7) 189.5
Loan purchases and originations — 5.9 — 12.1
Total assets $ (82.0) $ 3,026.0 $ (116.6) $ 2,909.0
Liabilities
Accounts payable $ (0.3) $ — $ (0.5) $ —
Accrued expenses and other liabilities (2.7) 162.5 (9.5) 151.5
Mortgage debt (40.7) 2,863.5 (71.8) 2,757.5
KW unsecured debt — — — —
KWE unsecured bonds — — — —
Total liabilities (43.7) 3,026.0 (81.8) 2,909.0
Equity
Total Kennedy-Wilson Holdings, Inc. shareholders’ equity — — — —
Noncontrolling interests (38.3) — (34.8) —
Total equity (38.3) — (34.8) —
Total liabilities and equity $ (82.0) $ 3,026.0 $ (116.6) $ 2,909.0
(1) Includes Kennedy Wilson's total share of accumulated depreciation and amortization of $30.2 million and $10.7 million relating to noncontrolling interests and unconsolidated investments, respectively as of December 31, 2025, and $32.8 million and $49.6 million relating to noncontrolling interests and unconsolidated investments, respectively as of December 31, 2024.
(2) Represents the portion of equity ownership in a consolidated subsidiary not attributable to Kennedy Wilson.
(3) Represents Kennedy Wilson's pro-rata share of unconsolidated joint-ventures.

42

Kennedy-Wilson Holdings, Inc.
Non-GAAP Pro-rata Financial Information
(Unaudited, Dollars in millions)
Q4-2025 Q4-2024
Non-GAAP Non-GAAP Non-GAAP Non-GAAP
Noncontrolling Interests(1)
KW Share of Unconsolidated Investments(2)
Noncontrolling Interests(1)
KW Share of Unconsolidated Investments(2)
Revenue
Rental $ (2.2) $ 71.5 $ (3.3) $ 74.1
Hotel — 9.4 — 10.5
Sale of real estate — 16.6 — 4.4
Investment management fees 0.2 — 0.2 —
Total revenue (2.0) 97.5 (3.1) 89.0
Total income (loss) from unconsolidated investments — (97.1) — (51.6)
Fair value(3)
— 83.9 — 12.6
Carried interests — (0.4) — (4.6)
Gain on sale of real estate, net (17.1) — 0.1 32.6
Expenses
Rental (1.0) 23.5 (1.3) 24.2
Hotel — 7.5 — 9.7
Cost of real estate sold — 13.3 — 3.2
General and administrative — — — —
Depreciation and amortization (0.8) 1.1 (1.1) 1.0
Total expenses (1.8) 45.4 (2.4) 38.1
Interest expense 0.4 (32.1) 0.6 (32.4)
Gain on early extinguishment of debt, net — — — —
Other loss (0.6) (6.4) 0.3 (7.5)
Income before provision for income taxes (17.5) — 0.3 —
Provision for income taxes — — — —
Net income (loss) (17.5) — 0.3 —
Net income attributable to noncontrolling interests 17.5 — (0.3) —
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders
$ — $ — $ — $ —
(1) Represents the portion of equity ownership in a consolidated subsidiary not attributable to Kennedy Wilson.
(2) Represents Kennedy Wilson's pro-rata share of unconsolidated joint-ventures.
(3) Includes the reclassification of cumulative unrealized fair value gains/losses on unconsolidated investments, as realized.
43

Kennedy-Wilson Holdings, Inc.
Non-GAAP Pro-rata Financial Information
(Unaudited, Dollars in millions)
Year ended December 31, 2025 Year ended December 31, 2024
Non-GAAP Non-GAAP Non-GAAP Non-GAAP
Noncontrolling Interests(1)
KW Share of Unconsolidated Investments(2)
Noncontrolling Interests(1)
KW Share of Unconsolidated Investments(2)
Revenue
Rental $ (10.8) $ 301.8 $ (12.9) $ 289.9
Hotel — 37.1 — 31.7
Sale of real estate — 47.9 — 46.7
Investment management fees 0.8 — 0.8 —
Total revenue (10.0) 386.8 (12.1) 368.3
Total income (loss) from unconsolidated investments — (142.8) — (6.5)
Fair value(3)
— 82.4 — (9.8)
Carried interests — (1.8) — (49.7)
Gain on sale of real estate, net (18.2) 17.1 0.1 32.6
Expenses
Rental (3.8) 98.2 (4.8) 94.8
Hotel — 34.3 — 36.3
Cost of real estate sold — 43.6 — 43.1
General and administrative — — — —
Depreciation and amortization (3.8) 3.9 (5.1) 3.9
Total expenses (7.6) 180.0 (9.9) 178.1
Interest expense 2.1 (132.6) 2.4 (131.0)
Loss on early extinguishment of debt — — — —
Other income (loss) (0.6) (29.1) 0.4 (25.4)
Income before provision for income taxes (19.1) — 0.7 0.4
Provision for (benefit from) income taxes — — — (0.4)
Net income (loss) (19.1) — 0.7 —
Net income attributable to noncontrolling interests 19.1 — (0.7) —
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders
$ — $ — $ — $ —
(1) Represents the portion of equity ownership in a consolidated subsidiary not attributable to Kennedy Wilson.
(2) Represents Kennedy Wilson's pro-rata share of unconsolidated joint-ventures.
(3) Includes the reclassification of cumulative unrealized fair value gains/losses on unconsolidated investments, as realized.
44

APPENDIX

45

Kennedy-Wilson Holdings, Inc.
Estimated Annual NOI Reconciliation
(Unaudited)
(Dollars in millions)

Rental Revenues $ 84.9
Hotel Revenues —
Rental (Expenses) (32.7)
Hotel (Expenses) —
Loans and other 5.1
Consolidated NOI $ 57.3
Adjustments:
Non-controlling interest
(1.2)
NOI from Unconsolidated investments (KW Share)
49.9
Property-Level NOI - Q4-25 (KW Share) $ 106.0
Adjustments
Assets acquired and disposed (net) 0.6
Lease-up and development portfolio (1.4)
Assets owned and occupied by Kennedy Wilson 1.3
Amortization of above/below market leases (net) (0.1)
Straight-line and free rent (net) 2.2
Non-recurring income/expense, FX, and other (1.0)
Q4-25 Estimated NOI $ 107.6
Estimated Annual NOI - December 31, 2025 $ 431.1

46

Kennedy-Wilson Holdings, Inc.
Reconciliation of Kennedy Wilson's Share Amounts
(Unaudited, Dollars in millions)

Three Months Ended Year Ended
December 31, December 31,
2025 2024 2025 2024
Interest expense (Kennedy Wilson's Share)
Interest expense 57.3 65.7 239.6 261.1
Interest expense (attributable to noncontrolling interests) (0.3) (0.7) (1.8) (2.5)
Kennedy Wilson's share of interest expense included in unconsolidated investments 32.0 32.4 132.5 131.0
Interest expense (Kennedy Wilson's Share) $ 89.0 $ 97.4 $ 370.3 $ 389.6
(Gain) loss on early extinguishment of debt
(Gain) loss on early extinguishment of debt — 1.2 2.3 1.7
(Gain) loss on early extinguishment of debt (Kennedy Wilson's Share) $ — $ 1.2 $ 2.3 $ 1.7
Depreciation and amortization (Kennedy Wilson's Share)
Depreciation and amortization 31.8 36.1 133.0 148.3
Depreciation and amortization (attributable to noncontrolling interests) (0.9) (1.3) (4.0) (5.1)
Kennedy Wilson's share of depreciation and amortization included in unconsolidated investments 1.1 1.1 3.9 4.0
Depreciation and amortization (Kennedy Wilson's Share) $ 32.0 $ 35.9 $ 132.9 $ 147.2
Provision for (benefit from) income taxes (Kennedy Wilson's Share)
Provision for income taxes 11.1 6.0 13.6 10.2
Provision for (benefit from) income taxes (attributable to noncontrolling interests) — — — —
Provision for income taxes included in unconsolidated investments — — — 0.4
Provision for (benefit from) income taxes (Kennedy Wilson's Share) $ 11.1 $ 6.0 $ 13.6 $ 10.6

47

Kennedy-Wilson Holdings, Inc.
Reconciliation of Kennedy Wilson's Share of Segment Amounts
(Unaudited, Dollars in millions)

Three Months Ended Year Ended
December 31, December 31,
2025 2024 2025 2024
Interest, Depreciation, and Taxes included in income from unconsolidated investments (Kennedy Wilson's Share)
Kennedy Wilson's share of interest expense included in unconsolidated investments 32.0 32.4 132.5 131.0
Kennedy Wilson's share of depreciation and amortization included in unconsolidated investments 1.1 1.1 3.9 4.0
Kennedy Wilson's share of provision for income taxes included in unconsolidated investments — — — 0.4
Interest, Depreciation, and Taxes included in income from unconsolidated investments (Kennedy Wilson's Share) $ 33.1 $ 33.5 $ 136.4 $ 135.4
Other segment items - consolidated
Fees eliminated in consolidation (0.2) (0.3) (0.5) (0.9)
Net loss (income) attributable to noncontrolling interests (17.5) 0.3 (19.1) 0.7
Interest expense (attributable to noncontrolling interests) (0.3) (0.7) (1.8) (2.5)
Depreciation and amortization (attributable to noncontrolling interests) (0.9) (1.3) (4.0) (5.1)
Provision for (benefit from) income taxes (attributable to noncontrolling interests) — — — —
Other segment items - consolidated $ (18.9) $ (2.0) $ (25.4) $ (7.8)
EBITDA adjustments (attributable to noncontrolling interests) (Kennedy Wilson's Share)
Net loss (income) attributable to noncontrolling interests (17.5) 0.3 (19.1) 0.7
Interest expense (attributable to noncontrolling interests) (0.3) (0.7) (1.8) (2.5)
Depreciation and amortization (attributable to noncontrolling interests) (0.9) (1.3) (4.0) (5.1)
Provision for (benefit from) income taxes (attributable to noncontrolling interests) — — — —
EBITDA adjustments (attributable to noncontrolling interests) (Kennedy Wilson's Share) $ (18.7) $ (1.7) $ (24.9) $ (6.9)
Total revenue
Total segment revenue 120.4 135.0 500.2 530.0
Other revenue 0.2 0.5 0.8 1.4
Total revenue $ 120.6 $ 135.5 $ 501.0 $ 531.4
48

Kennedy-Wilson Holdings, Inc.
Same Property Reconciliation
(Unaudited)
(Dollars in millions)
Q4 - 2025 Q4 - 2024
Same Property Same Property
Revenue
NOI (Net Effective)(6)(7)
Revenue
NOI (Net Effective)(6)
Rental Revenues $ 84.9 $ 84.9 $ 97.6 $ 97.6
Hotel Revenues — — — —
Rental (Expenses) — (32.7) — (36.8)
Hotel (Expenses) — — — —
Consolidated Total 84.9 52.2 97.6 60.8
Less: NCI adjustments (1)
(2.1) (1.1) (3.2) (2.1)
Add: Unconsolidated investment adjustments (2)
47.0 33.1 45.3 32.5
Add: Above/below market rents(6)
(0.1) (0.1) (0.1) (0.1)
Less: Reimbursement of recoverable operating expenses
(8.0) — (7.9) —
Less: Properties bought and sold(3)
0.3 0.6 (13.5) (9.1)
Less: Other properties excluded (4)
(3.7) (1.1) (3.6) (0.6)
Other Reconciling Items (5)
(1.8) (0.6) 0.5 1.3
Same Property $ 116.5 $ 83.0 $ 115.1 $ 82.7

Q4 - 2025 Q4 - 2024
Same Property Same Property
Same Property (Reported) Revenue
NOI (Net Effective)(6)(7)
Revenue
NOI (Net Effective)(6)(7)
Office - Same Property $ 28.0 $ 22.9 $ 29.0 $ 24.2
Multifamily Market Rate Portfolio - Same Property 67.4 46.9 66.2 45.5
Multifamily Affordable Portfolio - Same Property 21.1 13.2 19.9 13.0
Same Property $ 116.5 $ 83.0 $ 115.1 $ 82.7
Straight-line rent adjustments (net) 0.5 0.5 (2.5) (2.5)
Same Property (Excluding Straight-Line Rents) $ 117.0 $ 83.5 $ 112.6 $ 80.2
(1) Represents rental revenue and operating expenses and hotel revenue and operating expenses attributable to non-controlling interests.
(2) Represents the Company’s share of unconsolidated investment rental revenues and net operating income, as applicable, which are within the applicable same property population.
(3) Represents properties excluded from the same property population that were purchased or sold during the applicable period.
(4) Represents properties excluded from the same property population that were not stabilized during the applicable period, or retail or industrial properties.
(5) Represents other properties excluded from the same property population that were not classified as either a commercial or multifamily property within the Company’s portfolio. Also includes immaterial adjustments for foreign exchange rates, changes in ownership percentages, and certain non-recurring income and expenses
(6) Excludes above/below market rents from the same property population, as they are representative of non-cash purchase price accounting income.
(7) Please see below for a reconciliation of Same Property NOI (Net Effective) to its closest GAAP measure
49

Kennedy-Wilson Holdings, Inc.
Same Property Reconciliation
(Unaudited)
(Dollars in million
Year Ended December 31, 2025 Year Ended December 31, 2024
Same Property* Same Property*
Revenue
NOI (Net Effective)(6)(7)
Revenue
NOI (Net Effective)(6)
Rental Revenues $ 362.7 $ 362.7 $ 390.6 $ 390.6
Hotel Revenues — — 9.3 9.3
Rental (Expenses) — (140.9) — (150.0)
Hotel (Expenses) — — — (7.6)
Consolidated Total 362.7 221.8 399.9 242.3
Less: NCI adjustments (1)
(11.4) (6.5) (12.9) (8.1)
Add: Unconsolidated investment adjustments (2)
164.9 117.0 159.9 114.1
Add: Above/below market rents(6)
(0.4) (0.4) (1.1) (1.1)
Less: Reimbursement of recoverable operating expenses
(32.2) — (31.4) —
Less: Properties bought and sold (3)
(22.5) (13.2) (71.4) (41.9)
Less: Other properties excluded (4)
(40.1) (19.2) (25.7) (7.5)
Other Reconciling Items (5)
0.4 3.2 (2.1) 2.5
Same Property $ 421.4 $ 302.7 $ 415.2 $ 300.3
Year Ended December 31, 2025 Year Ended December 31, 2024
Same Property Same Property
Same Property (Reported) Revenue
NOI (Net Effective)(6)(7)
Revenue
NOI (Net Effective)(6)(7)
Office - Same Property $ 111.9 $ 92.4 $ 113.1 $ 95.6
Multifamily Market Rate Portfolio - Same Property 230.6 159.7 226.8 155.7
Multifamily Affordable Portfolio - Same Property 78.9 50.6 75.3 49.0
Same Property $ 421.4 $ 302.7 $ 415.2 $ 300.3
Straight-line rent adjustments (net) (0.2) (0.2) (4.6) (4.6)
Same Property (Excluding Straight-Line Rents) $ 421.2 $ 302.5 $ 410.6 $ 295.7
(*) This is a Non-GAAP financial measure. Please see our “Common Definitions” for a further explanation and discussion .
(1) Represents rental revenue and operating expenses and hotel revenue and operating expenses attributable to non-controlling interests.
(2) Represents the Company’s share of unconsolidated investment rental revenues and net operating income, as applicable, which are within the applicable same property population.
(3) Represents properties excluded from the same property population that were purchased or sold during the applicable periods.
(4) Represents properties excluded from the same property population that were not stabilized during the applicable period, or retail or industrial properties.
(5) Represents other properties excluded from the same property population that were not classified as either a commercial or multifamily property within the Company’s portfolio. Also includes immaterial adjustments for foreign exchange rates, changes in ownership percentages, and certain non-recurring income and expenses.
(6) Excludes above/below market rents from the same property population, as they are representative of non-cash purchase price accounting income.
(7) Please see below for a reconciliation of Same Property NOI (Net Effective) to its closest GAAP measure

50

Kennedy-Wilson Holdings, Inc.
Same Property Reconciliation (continued)
(Unaudited)
(Dollars in million
Same Property - Revenue(6)*
For the Three Months Ended December 31, For the Year Ended December 31,
2025 2024 2025 2024
Total Revenue $ 120.6 $ 135.5 $ 501.0 $ 531.4
Less: Investment management fees
(30.4) (29.9) (115.2) (98.9)
Less: Other
(0.2) (0.5) (0.8) (1.4)
Less: Loans
(5.1) (7.5) (22.3) (31.2)
Less: NCI adjustments (1)
(2.1) (3.2) (11.4) (12.9)
Add: Unconsolidated investment adjustments (2)
47.0 45.3 164.9 159.9
Add: Above/below market rents (6)
(0.1) (0.1) (0.4) (1.1)
Less: Reimbursement of recoverable operating expenses
(8.0) (7.9) (32.2) (31.4)
Less: Properties bought and sold (3)
0.3 (13.5) (22.5) (71.4)
Less: Other properties excluded (4)
(3.7) (3.6) (40.1) (25.7)
Other Reconciling Items (5)
(1.8) 0.5 0.4 (2.1)
Same Property $ 116.5 $ 115.1 $ 421.4 $ 415.2
Same Property - Revenue(6)*
For the Three Months Ended December 31, For the Year Ended December 31,
Same Property (Reported) 2025 2024 2025 2024
Office - Same Property $ 28.0 $ 29.0 $ 111.9 $ 113.1
Multifamily Market Rate Portfolio - Same Property 67.4 66.2 230.6 226.8
Multifamily Affordable Portfolio - Same Property 21.1 19.9 78.9 75.3
Same Property $ 116.5 $ 115.1 $ 421.4 $ 415.2
Straight-line rent adjustments (net) 0.5 (2.5) (0.2) (4.6)
Same Property (Excluding Straight-Line Rents) $ 117.0 $ 112.6 $ 421.2 $ 410.6
(*) This is a Non-GAAP financial measure. Please see our “Common Definitions” for a further explanation and discussion .
(1) Represents rental revenue and hotel revenue attributable to non-controlling interests.
(2) Represents the Company’s share of unconsolidated investment rental revenues, as applicable, which are within the applicable same property population.
(3) Represents properties excluded from the same property population that were purchased or sold during the applicable period.
(4) Represents properties excluded from the same property population that were not stabilized during the applicable period, or retail or industrial properties.
(5) Represents other properties excluded from the same property population that were not classified as a commercial or multifamily property within the Company’s portfolio. Also includes immaterial adjustments for foreign exchange rates, changes in ownership percentages, and certain non-recurring income and expenses.
(6)Excludes above/below market rents from the same property population, as they are representative of non-cash purchase price accounting income.

51

Kennedy-Wilson Holdings, Inc.
Same Property Reconciliation (continued)
(Unaudited)
(Dollars in million
Same Property - NOI (Net Effective)(6)*
For the Three Months Ended December 31, For the Year Ended December 31,
2025 2024 2025 2024
Net Income $ 58.0 $ 43.7 $ 23.8 $ (33.7)
Less: Investment management fees
(30.4) (29.9) (115.2) (98.9)
Less: Other
(0.2) (0.5) (0.8) (1.4)
Less: Loan
(5.1) (7.5) (22.3) (31.2)
Less: Total Income from unconsolidated investments
(97.1) (51.6) (142.8) (6.5)
Less: Gain on sale of real estate, net
(29.3) (47.3) (94.7) (160.1)
Add: Compensation and related
46.9 45.4 136.2 134.8
Add: Carried interests compensation
— (1.1) (0.3) (16.6)
Add: General and administrative
9.6 10.8 36.4 38.8
Add: Depreciation and amortization
31.8 36.1 133.0 148.3
Add: Interest Expense
57.3 65.7 239.6 261.1
Add: Gain (loss) on early extinguishment of debt
— 1.2 2.3 1.7
Less: Other income (loss)
(0.4) (10.2) 13.0 (4.2)
Add: Provision for income taxes
11.1 6.0 13.6 10.2
Less: NCI adjustments (1)
(1.1) (2.1) (6.5) (8.1)
Add: Unconsolidated investment adjustments (2)
33.1 32.5 117.0 114.1
Add: Above/below market rents (6)
(0.1) (0.1) (0.4) (1.1)
Less: Properties bought and sold (3)
0.6 (9.1) (13.2) (41.9)
Less: Other properties excluded (4)
(1.1) (0.6) (19.2) (7.5)
Other Reconciling Items (5)
(0.6) 1.3 3.2 2.5
Same Property NOI (Net Effective)* $ 83.0 $ 82.7 $ 302.7 $ 300.3
Same Property - NOI (Net Effective)(6)*
For the Three Months Ended December 31, For the Year Ended December 31,
Same Property (Reported) 2025 2024 2025 2024
Office - Same Property $ 22.9 $ 24.2 $ 92.4 $ 95.6
Multifamily Market Rate Portfolio - Same Property 46.9 45.5 159.7 155.7
Multifamily Affordable Portfolio - Same Property 13.2 13.0 50.6 49.0
Same Property NOI (Net Effective)* (Reported) $ 83.0 $ 82.7 $ 302.7 $ 300.3
Straight-line rent adjustments (net) 0.5 (2.5) (0.2) (4.6)
Same Property NOI (Excluding Straight-Line Rents) $ 83.5 $ 80.2 $ 302.5 $ 295.7
(*) This is a Non-GAAP financial measure. Please see our “Common Definitions” for a further explanation and discussion .
(1) Represents rental revenue and operating expenses and hotel revenue and operating expenses attributable to non-controlling interests.
(2) Represents the Company’s share of unconsolidated investment rental revenues and net operating income, as applicable, which are within the applicable same property population.
(3) Represents properties excluded from the same property population that were purchased or sold during the applicable period.
(4) Represents properties excluded from the same property population that were not stabilized during the applicable period, or retail or industrial properties.
(5) Represents other properties excluded from the same property population that were not classified as a commercial or multifamily property within the Company’s portfolio. Also includes immaterial adjustments for foreign exchange rates, changes in ownership percentages, and certain non-recurring income and expenses.
(6) Excludes above/below market rents from the same property population, as they are representative of non-cash purchase price accounting income.

52

Kennedy-Wilson Holdings, Inc.
Reconciliation of Adjusted Fees
(Unaudited)
(Dollars in millions)

Adjusted Fees
Q4 Full Year
2025 2024 2025 2024
Investment management fees $ 30.4 $ 29.9 $ 115.2 $ 98.9
Property services fees 0.2 0.5 0.8 1.4
Non-GAAP adjustments:
Add back:
KW Share of fees eliminated in consolidation(1)
0.2 0.3 0.5 0.9
Carried interests included in unconsolidated investments (0.4) (4.6) (1.8) (49.7)
Adjusted Fees $ 30.4 $ 26.1 $ 114.7 $ 51.5
(1) Represents fees recognized in net (income) loss attributable to noncontrolling interests relating to portion of fees paid by noncontrolling interest holders.

53

Kennedy-Wilson Holdings, Inc.
Baseline EBITDA Reconciliation
(Unaudited)
(Dollars in millions)
Baseline EBITDA*
For the Three Months Ended December 31, For the Year Ended December 31,
2025 2024 2025 2024
Net Income $ 58.0 $ 43.7 $ 23.8 $ (33.7)
Less: Total Income from unconsolidated investments
(97.1) (51.6) (142.8) (6.5)
Less: Gain (loss) on sale of real estate, net
(29.3) (47.3) (94.7) (160.1)
Add: Share-based compensation
6.4 6.3 25.7 23.6
Add: Carried interests compensation
— (1.1) (0.3) (16.6)
Add: Depreciation and amortization
31.8 36.1 133.0 148.3
Add: Interest expense
57.3 65.7 239.6 261.1
Add: Gain (loss) on early extinguishment of debt
— 1.2 2.3 1.7
Less: Other income (loss)
(0.4) (10.2) 13.0 (4.2)
Add: Benefit from (provision for) income taxes
11.1 6.0 13.6 10.2
Less: Non-controlling interest (1)
(1.2) (2.0) (7.0) (8.1)
Add: NOI from unconsolidated investments (KW Share) (2)
49.9 50.7 206.4 190.5
Add: Fees eliminated in consolidation (3)
0.2 0.3 0.5 0.9
Baseline EBITDA* $ 86.7 $ 97.8 $ 413.1 $ 407.1
(*) This is a Non-GAAP financial measure. Please see our “Common Definitions” for a further explanation and discussion .
(1) Represents the portion of equity ownership in a consolidated subsidiary not attributable to Kennedy Wilson.
(2) Represents Kennedy Wilson's pro-rata share of unconsolidated joint-ventures.
(3) Represents fees recognized in net (income) loss attributable to noncontrolling interests relating to portion of fees paid by noncontrolling interest holders.

54

Kennedy-Wilson Holdings, Inc.
Multifamily Portfolio
As of December 31, 2025
(Unaudited)
(Dollars in millions, except average rents per unit)
Multifamily # of Assets Units Occupancy
(Asset Level) Occupancy
(KW Share)
Average Rent(1)
KW Share
of Estimated Annual NOI
Mountain West 20 5,564 94.3 % 94.3 % $ 1,622 $ 77.1
Pacific Northwest 5 1,280 93.2 93.2 2,315 24.2
Southern California 2 696 97.1 97.2 2,639 14.9
Northern California 2 322 93.8 93.8 2,589 6.1
Total Multifamily 29 7,862 94.4 % 94.3 % $ 1,870 $ 122.3

(1) Average Monthly Rents Per Unit is defined as the total potential monthly rental revenue (actual rent for occupied units plus market rent for vacant units)
divided by the number of units, and are weighted averages based on the Company's ownership percentage in the underlying properties.

55

Kennedy-Wilson Holdings, Inc.
Consolidated Office Portfolio
As of December 31, 2025
(Unaudited)
(Dollars and Square Feet in millions, except average rent per sq. ft.)
Office # of Assets Rentable Sq. Ft. Occupancy (Asset Level) Occupancy (KW Share)
Average Annual Rent per Sq. Ft.(1)
Kennedy Wilson's Share of
Estimated Annual NOI
Southern California(2)
4 0.5 85.9 % 85.9 % $ 50.9 $ 13.7
Northern California 1 0.2 74.2 74.2 41.3 5.0
Total Western U.S. 5 0.7 82.4 % 82.4 % $ 48.3 $ 18.7
United Kingdom(3)
6 1.2 88.4 88.4 51.9 49.6
Ireland(3)(4)
4 0.4 88.2 88.2 46.6 17.7
Italy(3)
3 0.3 100.0 100.0 13.5 3.2
Total Europe(3)
13 1.9 90.0 % 90.0 % $ 44.6 $ 70.5
Total Stabilized 18 2.6 87.8 % 87.8 % $ 45.6 $ 89.2
Lease-up Assets 5 1.0
See page 26 for more information
Total 5 1.0
Total Office 23 3.6
(1) Average Annual Rent per Sq. Ft. represents contractual rents as in-place as of December 31, 2025 and are weighted-averages based on the Company's ownership percentage in the underlying properties.
(2) Includes our corporate headquarters wholly-owned by KW comprising 58,000 sq. ft., 100% occupancy, and $3.0 million in Estimated Annual NOI.
(3) Estimated foreign exchange rates are €1.00 = $1.17 USD and £1.00 = $1.35 USD, related to NOI.
(4) Includes our Irish headquarters wholly-owned by KW comprising 19,000 sq. ft., 100% occupancy, and $1.3 million in Estimated Annual NOI.

56

Source: View Original Filing on SEC EDGAR

FAQ

What were Kennedy-Wilson Holdings (KW) earnings for Q4 and full-year 2025?

Kennedy Wilson reported Q4 2025 GAAP net income to common shareholders of $29.6 million, or $0.21 per diluted share. For full-year 2025, it recorded a net loss of $38.8 million, improving from a $76.5 million loss in 2024.

How did Kennedy-Wilson Holdings (KW) perform on a non-GAAP basis in 2025?

On a non-GAAP basis, Kennedy Wilson generated Adjusted EBITDA of $179.0 million in Q4 2025 and $549.5 million for the full year. Adjusted Net Income reached $68.0 million in Q4 and $119.8 million for 2025, both higher than 2024 levels.

What major acquisition did Kennedy-Wilson Holdings (KW) complete involving Toll Brothers Apartment Living?

Kennedy Wilson completed a three-phase acquisition of the Toll Brothers Apartment Living platform for a total purchase price of $334 million, investing $131 million itself. The transaction added over $5 billion of assets under management and a $2.9 billion development pipeline.

How large is Kennedy-Wilson Holdings’ (KW) investment management and debt platform?

Kennedy Wilson’s investment management business oversaw $36 billion of assets under management, with Fee-Bearing Capital of $11.0 billion at year-end 2025. Its debt investment platform totaled $10.9 billion, including $5.1 billion of outstanding loans and $5.8 billion of future funding commitments.

What is the agreed buyout price in the Kennedy-Wilson Holdings (KW) merger?

Under a February 16, 2026 merger agreement, a consortium led by management and Fairfax will acquire Kennedy Wilson’s outstanding common shares for $10.90 per share in cash, excluding certain consortium-owned shares, subject to shareholder and regulatory approvals.

When is the Kennedy-Wilson Holdings (KW) merger expected to close and what approvals are needed?

The merger is currently expected to close in the second quarter of 2026. It requires approval by a majority of voting power, a separate majority of unaffiliated voting holders, and customary regulatory approvals, including completion of applicable waiting periods.

How strong is Kennedy-Wilson Holdings’ (KW) balance sheet and debt profile?

As of December 31, 2025, Kennedy Wilson reported $6.62 billion in total assets and $5.05 billion in liabilities. On a share basis, debt totaled $7.36 billion with a 4.8% weighted average interest rate and 4.4-year average maturity; about 92% is fixed or hedged.

Filing Exhibits & Attachments
4 documents

Press Releases

EX-99.1 PRESS RELEASE, DATED FEBRUARY 25, 2026 2.4 MB

Other Documents

EX-101 XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 1.8 KB

EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT 21.4 KB

EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT 12.2 KB

Kennedy Wilson (NYSE: KW) posts 2025 results and accepts $10.90 cash buyout

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What were Kennedy-Wilson Holdings (KW) earnings for Q4 and full-year 2025?

How did Kennedy-Wilson Holdings (KW) perform on a non-GAAP basis in 2025?

What major acquisition did Kennedy-Wilson Holdings (KW) complete involving Toll Brothers Apartment Living?

How large is Kennedy-Wilson Holdings’ (KW) investment management and debt platform?

What is the agreed buyout price in the Kennedy-Wilson Holdings (KW) merger?

When is the Kennedy-Wilson Holdings (KW) merger expected to close and what approvals are needed?

How strong is Kennedy-Wilson Holdings’ (KW) balance sheet and debt profile?

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Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, $.0001 par value	KW	NYSE


Exhibit No.						Description

99.1						Press Release, dated February 25, 2026, and Fourth Quarter Supplemental Financial Information.
104						Cover Page Interactive Data File - The cover page interactive data file does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.


			KENNEDY-WILSON HOLDINGS, INC.

			By:			/s/ JUSTIN ENBODY
						Justin Enbody
						Chief Financial Officer


Earnings Release
News Release						3
Consolidated Balance Sheets (unaudited)						8
Consolidated Statements of Income (unaudited)						9
Non-GAAP Metrics (unaudited)						10

Supplemental Financial Information (unaudited)
Capitalization Summary						16
Components of Value
Components of Value Summary						17
Stabilized Portfolio						19
Segment Investment Summary						20
Multifamily Portfolio						21
Office Portfolio						22
Industrial Portfolio						23
Loan Investment Portfolio						24
Other Investments						25
Lease-up Portfolio						26
Development Projects						27
Debt Schedule						29
Investment Management						31
Other Portfolio and Financial Information
Same Property - Multifamily						32
Same Property - Office						34
Real Estate Investment Transactions						38
EBITDA by Segment (Non-GAAP)						39
Pro-rata Financial Information						41
Appendix						45


(Amounts in millions, except per share data)	Q4				Full Year
GAAP Results	2025		2024		2025		2024
GAAP Net Income (Loss) to Common Shareholders1	$	29.6	$	33.1	$	(38.8)	$	(76.5)
Per Diluted Share	0.21		0.24		(0.28)		(0.56)


(Amounts in millions)	Q4				Full Year
Non-GAAP Results	2025		2024		2025		2024
Adjusted EBITDA	$	179.0	$	190.8	$	549.5	$	539.7
Adjusted Net Income	68.0		75.3		119.8		94.3

Adjusted EBITDA - Key Components (at KW share)
Baseline EBITDA: Property NOI, loan income, and inv. mgt fees (net of compensation and general and administrative expenses)	$	86.7	$	97.8	$	413.1	$	407.1
Realized gain on the sale of real estate	15.5		81.2		97.9		196.4
Changes in the fair value of the Co-investment portfolio and Carried interests	83.5		9.1		81.0		(42.9)
Other (loss)/income	(6.7)		2.7		(42.5)		(20.9)
Adjusted EBITDA	$	179.0	$	190.8	$	549.5	$	539.7


	Est. Annual NOI To KW ($ in millions)		Fee-Bearing Capital ($ in billions)
As of Q4-24	$	467	$	8.8
As of Q3-25	434		9.7
Transaction activity, net1	(2)		1.3
Assets stabilized/(unstabilized)	(5)		—
Operations	4		—
FX and other	—		—
Total as of Q4-25	$	431	$	11.0


	Q4 - 2025 vs. Q4 - 2024				FY - 2025 vs. FY- 2024
Multifamily	Occupancy	Revenue	Expenses	NOI (Net Effective)	Occupancy	Revenue	Expenses	NOI (Net Effective)
Market Rate	0.1%	1.8%	(0.5)%	2.9%	0.2%	1.7%	(0.2)%	2.6%
Affordable	(0.3)%	6.0%	12.6%	2.4%	(0.6)%	5.0%	8.6%	3.1%
Total	—%	2.8%	2.8%	2.8%	(0.1)%	2.5%	2.1%	2.7%


	December 31,
	2025		2024
Assets
Cash and cash equivalents	$	184.5	$	217.5
Accounts receivable, net	38.8		38.7
Real estate and acquired in place lease values (net of accumulated depreciation and amortization of $991.3 and $949.1)	3,997.4		4,290.4
Unconsolidated investments (including $1,789.9 and $1,884.4 held at fair value)	2,047.7		2,042.4
Loan purchases and originations, net	203.3		231.1
Other assets, net	150.8		141.0
Total assets	$	6,622.5	$	6,961.1

Liabilities
Accounts payable	$	10.0	$	10.8
Accrued expenses and other liabilities (including $222.5 and $225.2 of deferred-tax liabilities)	531.6		529.4
Mortgage debt	2,437.7		2,597.2
KW unsecured debt	2,069.8		1,877.9
KWE unsecured bonds	—		309.8
Total liabilities	5,049.1		5,325.1
Equity
Cumulative perpetual preferred stock	789.7		789.7
Common stock	—		—
Additional paid-in capital	1,724.8		1,712.8
Accumulated deficit	(594.3)		(493.7)
Accumulated other comprehensive loss	(385.1)		(407.6)
Total Kennedy-Wilson Holdings, Inc. shareholders’ equity	1,535.1		1,601.2
Noncontrolling interests	38.3		34.8
Total equity	1,573.4		1,636.0
Total liabilities and equity	$	6,622.5	$	6,961.1


	For the Three Months Ended				For the Year Ended
	December 31,				December 31,
	2025		2024		2025		2024
Revenue
Rental	$	84.9	$	97.6	$	362.7	$	390.6
Hotel	—		—		—		9.3
Investment management fees	30.4		29.9		115.2		98.9
Loan	5.1		7.5		22.3		31.2
Other	0.2		0.5		0.8		1.4
Total revenue	120.6		135.5		501.0		531.4

Income from unconsolidated investments
Principal co-investments	97.5		56.2		144.6		56.2
Carried interests	(0.4)		(4.6)		(1.8)		(49.7)
Total income from unconsolidated investments	97.1		51.6		142.8		6.5

Gain on sale of real estate, net	29.3		47.3		94.7		160.1

Expenses
Rental	32.7		36.8		140.9		150.0
Hotel	—		—		—		7.6
Compensation and related (including $6.4, $6.3, 25.7, 23.6 of share-based compensation	46.9		45.4		136.2		134.8
Carried interests compensation	—		(1.1)		(0.3)		(16.6)
General and administrative	9.6		10.8		36.4		38.8
Depreciation and amortization	31.8		36.1		133.0		148.3
Total expenses	121.0		128.0		446.2		462.9
Interest expense	(57.3)		(65.7)		(239.6)		(261.1)
Loss on early extinguishment of debt	—		(1.2)		(2.3)		(1.7)
Other income (loss)	0.4		10.2		(13.0)		4.2
Income (loss) before provision for income taxes	69.1		49.7		37.4		(23.5)
Provision for income taxes	(11.1)		(6.0)		(13.6)		(10.2)
Net income (loss)	58.0		43.7		23.8		(33.7)
Net (income) loss attributable to noncontrolling interests	(17.5)		0.3		(19.1)		0.7
Preferred dividends	(10.9)		(10.9)		(43.5)		(43.5)
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$	29.6	$	33.1	$	(38.8)	$	(76.5)
Basic earnings (loss) per share
Earnings (loss) per share	$	0.21	$	0.24	$	(0.28)	$	(0.56)
Weighted average shares outstanding	137,906,531		137,432,641		137,923,207		137,778,812
Diluted earnings (loss) per share
Earnings (loss) per share	$	0.21	$	0.24	$	(0.28)	$	(0.56)
Weighted average shares outstanding	139,568,109		137,932,019		137,923,207		137,778,812
Dividends declared per common share	$	0.12	$	0.12	$	0.48	$	0.60


	Three Months Ended				Year Ended
	December 31,				December 31,
	2025		2024		2025		2024
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$	29.6	$	33.1	$	(38.8)	$	(76.5)
Non-GAAP adjustments:
Add back (Kennedy Wilson's Share)(1):
Interest expense	89.0		97.4		370.3		389.6
Loss on early extinguishment of debt	—		1.2		2.3		1.7
Depreciation and amortization	32.0		35.9		132.9		147.2
Provision for income taxes	11.1		6.0		13.6		10.6
Preferred dividends	10.9		10.9		43.5		43.5
Share-based compensation	6.4		6.3		25.7		23.6
Adjusted EBITDA	$	179.0	$	190.8	$	549.5	$	539.7


Investor Relations			Corporate Headquarters
Daven Bhavsar, CFA			151 S. El Camino Drive
(310) 887-3431			Beverly Hills, CA 90212
dbhavsar@kennedywilson.com			www.kennedywilson.com


	December 31, 2025		December 31, 2024

Market Data
Common stock price per share	$	9.67	$	9.99
Common stock shares outstanding	137,908,004		137,442,778
Equity Market Capitalization	$	1,333.6	$	1,373.1

Cumulative Perpetual Preferred Stock(1)	$	800.0	$	800.0

Kennedy Wilson's Share of Debt
Kennedy Wilson's share of property debt	5,275.0		5,298.7
Senior notes payable	1,800.0		1,800.0
Kennedy Wilson Europe bonds	—		310.5
Credit Facility ($550 million capacity)	284.7		98.3
Total Kennedy Wilson's share of debt	7,359.7		7,507.5
Total Capitalization	$	9,493.3	$	9,680.6
Less: Kennedy Wilson's share of cash	(297.7)		(352.3)
Total Enterprise Value	$	9,195.6	$	9,328.3


				Kennedy Wilson's Share
Investments		Description	Occupancy	Est. Annual NOI(1)		Page #
Income Producing Assets
1	Multifamily(2)	40,647 units	94.3%	$	277.2	21
2a	EU Office	1.9 million consolidated square feet 0.4 million co-investment square feet	90.9%	82.0		22
2b	U.S. Office	0.7 million consolidated square feet 3.6 million co-investment square feet	83.7%	26.9
3	Industrial	10.9 million co-investment square feet	98.5%	18.3		23
4	Loan Investments	127 loan investments KW Loan Balance of $205 million	N/A	15.0		24
5	Retail	1.9 million square feet	81.8%	11.7		25
	Total Estimated Annual NOI			$	431.1

Lease-up, Development, and Non-income Producing Assets				KW Gross Asset Value
6	Lease-up Portfolio(3)(4)	Est. Annual NOI at stabilization: $49-$52 million	32.6%	$	1,028.3	26
7	Development Projects(3)(4)	Est. Annual NOI at stabilization: $13 million	N/A	448.3		27
8	Residential and other(3)	36 investments	N/A	388.2		25
	Total KW Gross Asset Value			$	1,864.8

Investment Management			Fee-Bearing Capital	Total
9	Investment Management - Base Fees	Asset management and origination fees (T-12)(5)	$11,000	$	115.7	31
10	Carried Interests Receivable, net	Accrued carried interests receivable, net		$	18.9

Net Debt, Perpetual Preferred Stock and KW Share Count				Total
11	Consolidated Debt (KW share)	Secured and Unsecured Debt		$	4,496.3
12	Unconsolidated Debt (KW Share)	Non-recourse Secured Debt		2,863.4
13	KW Share of Cash(6)	Cash		(297.7)
	Total Net Debt			$	7,062.0	29

14	Cumulative Perpetual Preferred Stock(7)			$	800.0

	Total Common stock outstanding			137,908,004


	KW Gross Asset Value		KW Share of Debt		Investment Account (GAV-share of debt)
Lease-up	$	1,028.3	$	430.6	$	597.7
Development	448.3		158.1		290.2
Residential and other	388.2		66.8		321.4
Total	$	1,864.8	$	655.5	$	1,209.3


	Pacific Northwest		Southern California		Northern California		Mountain West		Other U.S.		U.K.		Ireland		Other Europe		Total
Multifamily - Market Rate	$	44.1	$	19.8	$	9.7	$	93.2	$	5.1	$	—	$	49.9	$	—	$	221.8
Multifamily - Affordable	32.9		6.5		3.8		12.2		—		—		—		—		55.4
Office	2.2		15.6		7.2		1.9		—		49.6		29.2		3.2		108.9
Industrial	0.2		—		1.9		1.3		—		13.2		1.4		0.3		18.3
Retail	—		0.7		—		—		—		5.0		6.0		—		11.7
Loans	0.5		3.7		1.9		2.0		6.5		0.4		—		—		15.0
Total Estimated Annual NOI	$	79.9	$	46.3	$	24.5	$	110.6	$	11.6	$	68.2	$	86.5	$	3.5	$	431.1


Stabilized Portfolio
						KW Share of Estimated Annual NOI
KW Segment	Description	Balance Sheet Classification	MF Units	Comm. RSF	Loans	MF	Office	Industrial	Retail	Loans	Total	Fee-Bearing Capital(1) ($bn)	KW Gross Asset Value	KW Own. %(2)
1) Consolidated	Consists primarily of wholly-owned real estate investments	Consolidated	7,862	3.6	—	$122.3	$89.1	$—	$10.9	$—	$222.3	$—	$4,284.3	97%

2) Co-investment Portfolio:
~50% owned	Consists primarily of 50/50 investments with partners and our Vintage Housing joint-venture	Unconsolidated	17,946	0.4	—	132.1	13.0	—	0.4	—	145.5	1.0	2,750.8	48%
Minority-held	Includes fund investments, loans, and other minority-held investments	Unconsolidated	14,839	15.4	127	22.8	6.8	18.3	0.4	15.0	63.3	10.0	1,032.9	9%
Co-investment Portfolio			32,785	15.8	127	$154.9	$19.8	$18.3	$0.8	$15.0	$208.8	$11.0	$3,783.7	20%

Total Stabilized Portfolio			40,647	19.4	127	$277.2	$108.9	$18.3	$11.7	$15.0	$431.1	$11.0	$8,068.0	34%


		Consolidated	Co-Investment (Unconsolidated)
Multifamily	# of Assets	Market-Rate Units	Market-Rate Units	VHH Affordable Units(5)	Total # of Units	Market-Rate Occupancy (Asset Level)		Market-Rate Occupancy (KW Share)		VHH Affordable Occupancy		Total Occupancy (KW Share)		Market Rate Avg, Rent(1)(2)(3)		Estimated Annual NOI(4)
Mountain West	53	5,564	5,768	2,918	14,250	93.8	%	94.2	%	92.4	%	93.9	%	$	1,624	$	105.4
Pacific Northwest	60	1,280	5,564	6,772	13,616	93.5		93.5		93.3		93.4		2,205		77.0
Southern California	11	696	1,911	874	3,481	90.9		95.9		95.6		95.8		2,729		26.3
Northern California	11	322	2,665	676	3,663	91.2		92.6		96.3		93.9		2,388		13.5
Other U.S.	7	—	2,131	—	2,131	89.9		94.0		—		94.0		3,338		5.1
Total U.S.	142	7,862	18,039	11,240	37,141	92.8	%	94.1	%	93.4	%	93.9	%	$	1,912	$	227.3
Ireland(4)	13	—	3,506	—	3,506	98.3		98.3		—		98.3		2,979		49.9
Total Stabilized	155	7,862	21,545	11,240	40,647	93.5	%	94.7	%	93.4	%	94.3	%	$	2,061	$	277.2

Lease-up Assets	2	—	—	480	480	See page 26 for more information
Development Projects	14	—	1,850	1,475	3,325	See page 27 for more information
Total	16	—	1,850	1,955	3,805

Total Multifamily	171	7,862	23,395	13,195	44,452


		Consolidated	Co-Investment (Unconsolidated)
Office	# of Assets	Rentable Sq. Ft.	Rentable Sq. Ft.	Total Rentable Sq. Ft.	Occupancy (Asset Level)		Occupancy (KW Share)		Average Annual Rent per sq ft(1)		Estimated Annual NOI(2)
Pacific Northwest	2	—	0.4	0.4	94.4	%	97.0	%	$	31.5	$	2.2
Southern California(2)	6	0.5	0.9	1.4	78.0		85.4		50.8		15.6
Northern California	4	0.2	1.0	1.2	79.3		76.2		37.4		7.2
Mountain West	5	—	1.3	1.3	88.3		88.6		21.5		1.9
Total Western U.S.	17	0.7	3.6	4.3	83.0	%	83.7	%	42.6		26.9
United Kingdom(3)	6	1.2	—	1.2	88.4		88.4		51.9		49.6
Ireland(3)(4)	6	0.4	0.4	0.8	93.7		91.8		50.8		29.2
Italy(3)	3	0.3	—	0.3	100.0		100.0		13.5		3.2
Total Europe(3)	15	1.9	0.4	2.3	91.7	%	90.9	%	46.1		82.0

Total Stabilized	32	2.6	4.0	6.6	86.0	%	88.4	%	$	44.9	$	108.9

Lease-up Assets	12	1.0	1.7	2.7	See page 26 for more information
Development Projects	1	—	—	—	See page 27 for more information
Total	13	1.0	1.7	2.7

Total Office	45	3.6	5.7	9.3


		KW Share
Loan Investment	# of Loans	Average Interest Rate		Loan Balance		Annual Interest Income
Southern California	21	6.8	%	$	55.1	$	3.7
Northern California	14	5.9	%	32.1		1.9
Mountain West	20	7.2	%	27.7		2.0
Pacific Northwest	8	5.2	%	10.1		0.5
Other U.S.	63	8.5	%	76.0		6.5
Total U.S.	126	8.0	%	$	201.0	$	14.6
United Kingdom(1)	1	9.0	%	4.1		0.4
Total Loan Investment	127	8.1	%	$	205.1	$	15.0

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Loan Originations	Q4-25		FY-25
# of Loan Originations	8		36
Gross Origination Commitment	$	1,039.9	$	3,604.4
KW Share of Commitment	$19.6		$83.7
KW Origination Fee	$8.7		$34.3


Fundings and Repayments	Q4-25				FY-25
	Investment Level		KW Share		Investment Level		KW Share
Loan Fundings	$	572.8	$	15.9	$	1,879.6	$	56.8
Repayments	$	623.9	$	28.6	$	1,580.6	$	76.2


Hotel	# of Assets	Hotel Rooms
Hawaii (currently in lease-up)	1	150	See page 26 for more information
Total Hotel	1	150


Residential and Other	# of Investments	Total Acres	SFR Units Planned	KW Gross Asset Value
Southern California	2	527	—	$	25.8
Other U.S.	6	542	—	213.9
Total Western U.S.	8	1,069	—	239.7
UK Single Family Rental(1)(2)	22	—	1,965	30.3
Total Residential	30	1,069	1,965	270.0

Other Investments	6	—	—	118.2
Total Residential and Other	36	1,069	1,965	$	388.2


Property	Location	Type	KW Ownership %	# of Assets	Commercial Sq. Ft.	Leased %		KW Share Est Stabilized NOI		KW Est. Costs to Complete(1)		KW Gross Asset Value
2026-2027
Coopers Cross	Ireland(2)	Office	50%	1	395,000	10	%	$	11.2	$	—	$	161.4
The Heights	United Kingdom(2)	Office	51%	1	356,000	64		8.8		—		74.0
90 East Buildings	Pacific Northwest	Office	100%	1	410,000	—		7.4		10.3		109.6
H3, H4, and H7 at Hamilton Landing(3)	Northern California	Office	100%	1	171,000	35		3.7		7.6		56.7
The Capitol Building	United Kingdom(2)	Office	51%	1	184,000	66		2.6		—		26.0
Scotscroft Building	United Kingdom(2)	Office	100%	1	57,000	—		2.2		1.0		25.5
Kona Village	Hawaii	Hotel	35%	1	—	N/A		$11-$14		—		260.9
	Total Lease-up			7	1,573,000	28	%	$47-$50		$	18.9	$	714.1


					If Completed								Current
Property	Location	Type	Status	KW Ownership	Est. Completion Date(1)	Est. Stabilization Date	MF Units	KW Share Est. Stabilized NOI		KW Est. Total Cost(1)		Est. Yield on Cost	KW Costs Incurred(2)		KW Est. Costs to Complete(1)
Cloudveil	Mountain West	Multifamily	Under Construction	63%	2026	2026	288	3		46		6%	40		6
Oxbow Phase II	Mountain West	Multifamily	Under Construction	37%	2027	2027	132	1		15		6%	5		10
Bend	Pacific Northwest	Multifamily	In Planning	43%	TBD	TBD	TBD	TBD		TBD		TBD	22		TBD
							420	$	4	$	61	6%	$	67	$	16


	Consolidated @ KW Share				Unconsolidated
Maturity (4)	Secured(1)		KW Unsecured Debt(2)		Unconsolidated Secured		Vintage Housing			KW Share
2026	$	531.4	—		$	427.5	$	87.4	(5)	$	1,046.3
2027	352.4		—		302.2		5.5			660.1
2028	334.3		284.7		196.9		19.2			835.1
2029	256.1		600.0		497.0		18.1			1,371.2
2030	262.1		600.0		453.3		27.4			1,342.8
2031	520.2		600.0		37.2		11.8			1,169.2
2032	77.2		—		92.9		6.5			176.6
2033	77.9		—		52.4		67.9			198.2
2034	—		—		7.9		49.2			57.1
2035	—		—		—		18.1			18.1
Thereafter	—		—		1.3		483.7			485.0
Total	$	2,411.6	$	2,084.7	$	2,068.6	$	794.8		$	7,359.7

Cash	(104.4)		(77.6)		(65.4)		(50.3)			(297.7)
Net Debt	$	2,307.2	$	2,007.1	$	2,003.2	$	744.5		$	7,062.0

Effective Interest Rate(3)	4.7%		4.9%		4.9%		4.9%			4.8%
Contractual Interest Rate	4.9%		4.9%		4.9%		4.9%			4.9%
Years to Maturity(4)	3.3		3.9		3.0		12.9			4.4


	KW Share of Debt
	Fixed Rate Debt			Floating with Interest Rate Hedges			Floating without Interest Rate Hedges			Total KW Share of Debt
Secured Investment Level Debt	$	3,420.9		$	1,544.1		$	310.0		$	5,275.0
KW Unsecured Debt	1,800.0			—			284.7			2,084.7
Total	$	5,220.9		$	1,544.1		$	594.7		$	7,359.7
% of Total Debt	71		%	21		%	8		%	100		%
Effective Interest Rate	4.7		%	4.8		%	5.8		%	4.8		%
Contractual Interest Rate	4.7		%	5.2		%	5.8		%	4.9		%


	KW Share of Secured Investment Debt
	Multifamily			Office			Retail			Industrial			Hotels			Residential and Other			Total			% of KW Share
Pacific Northwest	$	990.3		$	48.0		$	3.2		$	3.2		$	—		$	—		$	1,044.7		20	%
Southern California	267.1			143.5			3.9			—			—			—			414.5			8	%
Northern California	213.6			78.4			—			19.2			—			—			311.2			6	%
Mountain West	1,394.2			12.5			—			14.4			—			—			1,421.1			27	%
Other U.S.	42.9			—			—			2.6			135.3			47.3			228.1			4	%
Total U.S.	$	2,908.1		$	282.4		$	7.1		$	39.4		$	135.3		$	47.3		$	3,419.6		65	%

United Kingdom	$	—		$	548.1		$	—		$	228.6		$	—		$	19.5		$	796.2		15	%
Ireland	613.7			374.9			51.8			16.6			—			—			1,057.0			20	%
Other Europe	—			—			—			2.2			—			—			2.2			—	%
Total Europe	$	613.7		$	923.0		$	51.8		$	247.4		$	—		$	19.5		$	1,855.4		35	%

Total	$	3,521.8		$	1,205.4		$	58.9		$	286.8		$	135.3		$	66.8		$	5,275.0		100	%
% of Total Debt	67		%	23		%	1		%	5		%	3		%	1		%	100		%


Adjusted Fees
	Q4				Full Year
Fee Description	2025		2024		2025		2024
Investment Management — Base	$	21.3	$	18.9	$	70.4	$	67.2
Investment Management — Loan Origination / Acquisition / Disposition	9.3		11.3		45.3		32.6
Total - Investment Management — Base and Transaction	30.6		30.2		115.7		99.8

Carried Interests - Unrealized(2)	(0.4)		(4.6)		(1.8)		(49.7)

Property Services	0.2		0.5		0.8		1.4
Total Adjusted Fees(3)	$	30.4	$	26.1	$	114.7	$	51.5