GUARANTOR AND NON-GUARANTOR FINANCIAL STATEMENTS (Tables)

9 Months Ended

Sep. 30, 2025


	Parent		Kennedy-Wilson, Inc.		Guarantor Subsidiaries		Non-guarantor Subsidiaries		Elimination		Consolidated Total
Assets
Cash and cash equivalents	$	—	$	196.0	$	102.4	$	84.2	$	—	$	382.6
Accounts receivable	—		1.4		40.0		16.1		—		57.5
Real estate and acquired in place lease values, net of accumulated depreciation and amortization	—		—		1,158.6		2,857.5		—		4,016.1
Unconsolidated investments	—		10.2		597.0		1,299.1		—		1,906.3
Investments in and advances to consolidated subsidiaries	1,553.4		3,480.1		2,208.5		—		(7,242.0)		—
Loan purchases and originations, net of allowance for credit losses	—		0.4		195.7		20.0		—		216.1
Other assets, net	—		36.6		55.0		28.0		—		119.6
Total assets	$	1,553.4	$	3,724.7	$	4,357.2	$	4,304.9	$	(7,242.0)	$	6,698.2

Liabilities and equity
Liabilities
Accounts payable	$	—	$	0.4	$	1.0	$	4.8	$	—	$	6.2
Accrued expenses and other liabilities	25.9		284.6		92.3		118.3		—		521.1
Mortgage debt	—		—		783.8		1,588.4		—		2,372.2
KW unsecured debt	—		1,886.3		—		—		—		1,886.3
KWE unsecured bonds	—		—		—		352.4		—		352.4
Total liabilities	25.9		2,171.3		877.1		2,063.9		—		5,138.2

Equity
Kennedy-Wilson Holdings, Inc. shareholders' equity	1,527.5		1,553.4		3,480.1		2,208.5		(7,242.0)		1,527.5
Noncontrolling interests	—		—		—		32.5		—		32.5
Total equity	1,527.5		1,553.4		3,480.1		2,241.0		(7,242.0)		1,560.0
Total liabilities and equity	$	1,553.4	$	3,724.7	$	4,357.2	$	4,304.9	$	(7,242.0)	$	6,698.2


	Parent		Kennedy-Wilson, Inc.		Guarantor Subsidiaries		Non-guarantor Subsidiaries		Elimination		Consolidated Total
Assets
Cash and cash equivalents	$	—	$	36.7	$	103.4	$	77.4	$	—	$	217.5
Accounts receivable	—		—		22.2		16.5		—		38.7
Real estate and acquired in place lease values, net of accumulated depreciation and amortization	—		—		1,394.7		2,895.7		—		4,290.4
Unconsolidated investments	—		14.2		679.6		1,348.6		—		2,042.4
Investments in and advances to consolidated subsidiaries	1,628.8		3,726.8		2,339.9		—		(7,695.5)		—
Loan purchases and originations, net of allowance for credit losses	—		0.4		201.7		29.0		—		231.1
Other assets, net	—		44.8		50.9		45.3		—		141.0
Total assets	$	1,628.8	$	3,822.9	$	4,792.4	$	4,412.5	$	(7,695.5)	$	6,961.1


Liabilities
Accounts payable	$	—	$	1.0	$	2.5	$	7.3	$	—	10.8
Accrued expense and other liabilities	27.6		315.2		96.6		90.0		—		529.4
Mortgage debt	—		—		966.5		1,630.7		—		2,597.2
KW unsecured debt	—		1,877.9		—		—		—		1,877.9
KWE unsecured bonds			—		—		309.8		—		309.8
Total liabilities	27.6		2,194.1		1,065.6		2,037.8		—		5,325.1

Equity
Kennedy-Wilson Holdings, Inc. shareholders' equity	1,601.2		1,628.8		3,726.8		2,339.9		(7,695.5)		1,601.2
Noncontrolling interests	—		—		—		34.8		—		34.8
Total equity	1,601.2		1,628.8		3,726.8		2,374.7		(7,695.5)		1,636.0
Total liabilities and equity	$	1,628.8	$	3,822.9	$	4,792.4	$	4,412.5	$	(7,695.5)	$	6,961.1


	Parent		Kennedy-Wilson, Inc.		Guarantor Subsidiaries		Non-guarantor Subsidiaries		Elimination		Consolidated Total
Total revenue	$	—	$	—	$	57.3	$	59.1	$	—	$	116.4

Income from unconsolidated investments	—		0.5		22.9		11.1		—		34.5

Gain on sale of real estate, net	—		—		9.2		1.9		—		11.1

Total expenses	6.5		16.1		36.9		48.5		—		108.0

(Loss) income from consolidated subsidiaries	(3.8)		36.7		(3.2)		—		(29.7)		—
Interest expense	—		(24.2)		(10.0)		(24.2)		—		(58.4)
Loss on early extinguishment of debt	—		—		(0.1)		(0.1)		—		(0.2)
Other loss	—		0.2		(2.1)		(0.7)		—		(2.6)
(Loss) income before provision for income taxes	(10.3)		(2.9)		37.1		(1.4)		(29.7)		(7.2)
Provision for income taxes	—		(0.8)		(0.4)		(1.8)		—		(3.0)
Net (loss) income	(10.3)		(3.7)		36.7		(3.2)		(29.7)		(10.2)
Net income attributable to the noncontrolling interests	—		—		—		(0.2)		—		(0.2)
Preferred dividends	(10.8)		—		—		—		—		(10.8)
Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$	(21.1)	$	(3.7)	$	36.7	$	(3.4)	$	(29.7)	$	(21.2)


	Parent		Kennedy-Wilson, Inc.		Guarantor Subsidiaries		Non-guarantor Subsidiaries		Elimination		Consolidated Total
Total revenue	$	—	$	—	$	198.5	$	181.9	$	—	$	380.4

Income from unconsolidated investments	—		2.2		3.9		39.6		—		45.7

Gain on sale of real estate, net	—		—		44.9		20.5		—		65.4

Total expenses	19.3		47.3		119.1		139.5		—		325.2

(Loss) income from consolidated subsidiaries	(14.9)		108.7		21.6		—		(115.4)		—
Interest expense	—		(75.9)		(32.7)		(73.7)		—		(182.3)
Loss on early extinguishment of debt	—		—		(2.0)		(0.3)		—		(2.3)
Other loss	—		(5.8)		(4.9)		(2.7)		—		(13.4)
(Loss) income before benefit from (provision for) income taxes	(34.2)		(18.1)		110.2		25.8		(115.4)		(31.7)
Benefit from (provision for) income taxes	—		3.2		(1.5)		(4.2)		—		(2.5)
Net (loss) income	(34.2)		(14.9)		108.7		21.6		(115.4)		(34.2)
Net income attributable to the noncontrolling interests	—		—		—		(1.6)		—		(1.6)
Preferred dividends	(32.6)		—		—		—		—		(32.6)
Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$	(66.8)	$	(14.9)	$	108.7	$	20.0	$	(115.4)	$	(68.4)


	Parent		Kennedy-Wilson, Inc.		Guarantor Subsidiaries		Non-guarantor Subsidiaries		Elimination		Consolidated Total
Total revenue	$	—	$	—	$	65.6	$	61.9	$	—	$	127.5

Income (loss) from unconsolidated investments	—		0.2		(2.5)		(18.0)		—		(20.3)

(Loss) gain on sale of real estate, net	—		(0.1)		8.3		(2.0)		—		6.2

Total expenses	6.1		17.8		43.1		43.6		—		110.6

Loss from consolidated subsidiaries	(60.7)		(22.5)		(34.9)		—		118.1		—
Interest expense	—		(25.6)		(11.8)		(29.5)		—		(66.9)
Loss on early extinguishment of debt	—		—		(0.3)		—		—		(0.3)
Other loss	—		(8.3)		(2.0)		(2.8)		—		(13.1)
Loss before benefit from (provision for) income taxes	(66.8)		(74.1)		(20.7)		(34.0)		118.1		(77.5)
Benefit from (provision for) income taxes	—		13.4		(1.8)		(0.9)		—		10.7
Net loss	(66.8)		(60.7)		(22.5)		(34.9)		118.1		(66.8)
Net loss attributable to the noncontrolling interests	—		—		—		0.2		—		0.2
Preferred dividends	(10.8)		—		—		—		—		(10.8)
Net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$	(77.6)	$	(60.7)	$	(22.5)	$	(34.7)	$	118.1	$	(77.4)


	Parent		Kennedy-Wilson, Inc.		Guarantor Subsidiaries		Non-guarantor Subsidiaries		Elimination		Consolidated Total
Total revenue	$	—	$	—	$	197.9	$	198.0	$	—	$	395.9

Income (loss) from unconsolidated investments	—		0.6		(21.0)		(24.7)		—		(45.1)

Gain on sale of real estate, net	—		0.7		29.9		82.2		—		112.8

Total expenses	17.3		51.5		119.7		146.4		—		334.9

(Loss) income from consolidated subsidiaries	(60.4)		47.7		8.1		—		4.6		—
Interest expense	—		(74.8)		(33.1)		(87.5)		—		(195.4)
Loss on early extinguishment of debt	—		—		—		(0.5)		—		(0.5)
Other income (loss)	0.3		4.0		(12.2)		1.9		—		(6.0)
(Loss) income before provision for income taxes	(77.4)		(73.3)		49.9		23.0		4.6		(73.2)
Benefit from (provision for) income taxes	—		12.9		(2.2)		(14.9)		—		(4.2)
Net (loss) income	(77.4)		(60.4)		47.7		8.1		4.6		(77.4)
Net loss attributable to the noncontrolling interests	—		—		—		0.4		—		0.4
Preferred dividends	(32.6)		—		—		—		—		(32.6)
Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$	(110.0)	$	(60.4)	$	47.7	$	8.5	$	4.6	$	(109.6)

Kennedy-Wilson Holdings, Inc. 10-Q