SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2025

Segment Presentation

The Company evaluates its reportable segments in accordance with the guidance of ASC Topic 280, Segment Reporting, which aligns with how the business is being run and evaluated by the chief operating decision makers.

Segments

The Company's operations are defined by two business segments: its Consolidated investment portfolio (the "Consolidated Portfolio") and its Co-Investment Portfolio:

•Consolidated Portfolio consists of the investments that the Company has made in real estate and real estate-related assets and consolidates on its balance sheet. The Company typically wholly-owns the assets in its Consolidated Portfolio.

•Co-Investment Portfolio consists of the co-investments that the Company has made in real estate and real estate-related assets, including loans secured by real estate, through the commingled funds and joint ventures that it manages. The Company typically owns a 5-50% ownership interest in the assets in its Co-Investment Portfolio. It also includes the fees (including, without limitation, asset management fees, construction management fees, and/or acquisition and disposition fees) that the Company earns on its fee bearing capital as well as the potential for carried interests.

In addition to the Company's two primary business segments the Company's has among other things, corporate overhead and unsecured corporate debt and preferred stock that is not allocated to either of its segments.

The chief operating decision makers ("CODM") who have been identified for the purposes of the reportable segments listed above are the Chief Executive Officer, President, and Chief Financial Officer. They are regularly provided operating results of the Company's reportable segments. These operating results include key operating metrics which inform the CODM's decisions regarding allocation of resources and assessment of the Company's overall operational performance. The key operating metric that the CODM utilizes to evaluate the segments is earnings before interest, taxes, depreciation and amortization, which is further adjusted to add back non-cash share based compensation ("Segment Adjusted EBITDA"). The Company has included a reconciliation of Segment Adjusted EBITDA to net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders in the tables below.

Consolidated Portfolio

Consolidated Portfolio is a permanent capital vehicle focused on maximizing property cash flow. These assets are primarily wholly-owned and tend to have longer hold periods and the Company targets investments with accretive asset management opportunities. The Company typically focuses on multifamily and office assets in the Western United States and office assets in the United Kingdom and Ireland within this segment.

Co-Investment Portfolio

Co-Investment Portfolio consists of the co-investments in real estate and real estate-related assets, including loans secured by real estate, that the Company has made through the commingled funds and joint ventures that it manages. The Company utilizes different platforms in the Co-Investment Portfolio segment depending on the asset and risk return profiles.

In addition, the Company manages real estate assets and loans for the Company's equity partner. In the Company's capacity as manager it earns fees (including, without limitation, asset management fees, construction management fees, and/or acquisition and disposition fees) and carried interests.

The following tables summarize income activity by segment for the three and six months ended June 30, 2025 and 2024 and balance sheet data as of June 30, 2025 and December 31, 2024:


	Three Months Ended June 30, 2025

(Dollars in millions)	Consolidated		Co-Investments		Total
Segment Revenue
Rental	$	93.3	$	—	$	93.3
Investment management fees	—		36.4		36.4
Loans	—		5.7		5.7
Total segment revenue	93.3		42.1		135.4

Income from unconsolidated investments
Principal co-investments	—		1.8		1.8
Carried interests	—		(2.0)		(2.0)
Company's share of interest, depreciation, and taxes included in income from unconsolidated investments(1)			34.2		34.2
Income from unconsolidated investments	—		34.0		34.0

Gain on sale of real estate, net	55.1		—		55.1

Segment Expenses
Rental	35.4		—		35.4
Compensation and related	8.7		12.6		21.3
Carried interests compensation	—		(0.6)		(0.6)
General and administrative	3.6		3.7		7.3
Other loss	1.5		2.2		3.7
Other segment items(1)	2.8		(0.1)		2.7
Total segment expenses	52.0		17.8		69.8

Segment Adjusted EBITDA	96.4		58.3		154.7

Reconciliation of Segment Adjusted EBITDA to net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders
Other revenue					0.3
Compensation and related, corporate					(11.0)
General and administrative, corporate					(1.5)
Depreciation and amortization					(34.5)
Interest expense					(62.5)
Loss on early extinguishment of debt					(2.1)
Other income, corporate					(1.9)
Provision for income taxes					(4.4)
Company's share of interest, depreciation, and taxes included in income from unconsolidated investments(1)					(34.2)
Income from unconsolidated investments excluded from Segment Adjusted EBITDA					2.7
Net income					5.6
Net income attributable to noncontrolling interests					(1.1)
Preferred dividends					(10.9)
Net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders					$	(6.4)

(1)Includes fees eliminated in consolidation between Consolidated and Co-Investments segments and noncontrolling interests ("NCI") items such as net (income) loss to noncontrolling interests and EBITDA adjustments associated with NCI


	Six Months Ended June 30, 2025

(Dollars in millions)	Consolidated		Co-Investments		Total
Segment Revenue
Rental	$	190.6	$	—	$	190.6
Investment management fees	—		61.4		61.4
Loans	—		11.5		11.5
Total segment revenue	190.6		72.9		263.5

Income from unconsolidated investments
Principal co-investments	—		21.4		21.4
Carried interests	—		(10.2)		(10.2)
Company's share of interest, depreciation, and taxes included in income from unconsolidated investments(1)	—		67.2		67.2
Income from unconsolidated investments	—		78.4		78.4

Gain on sale of real estate, net	54.3		—		54.3

Segment Expenses
Rental	73.5		—		73.5
Compensation and related	14.5		24.2		38.7
Carried interests compensation	—		(3.3)		(3.3)
General and administrative	6.9		8.9		15.8
Other loss	1.9		2.8		4.7
Other segment items(1)	5.0		(0.2)		4.8
Total segment expenses	101.8		32.4		134.2

Segment Adjusted EBITDA	143.1		118.9		262.0

Reconciliation of Segment Adjusted EBITDA to net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders
Other revenue					0.5
Compensation and related, corporate					(20.5)
General and administrative, corporate					(3.4)
Depreciation and amortization					(68.6)
Interest expense					(123.9)
Loss on early extinguishment of debt					(2.1)
Other loss, corporate					(6.1)
Benefit from income taxes					0.5
Company's share of interest, depreciation, and taxes included in income from unconsolidated investments(1)					(67.2)
Income from unconsolidated investments excluded from Segment Adjusted EBITDA					4.8
Net loss					(24.0)
Net income attributable to noncontrolling interests					(1.4)
Preferred dividends					(21.8)
Net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders					$	(47.2)


	Three Months Ended June 30, 2024

(Dollars in millions)	Consolidated		Co-Investments		Total
Segment Revenue
Rental	$	97.8	$	—	$	97.8
Investment management fees	—		26.1		26.1
Loans	—		8.0		8.0
Total segment revenue	97.8		34.1		131.9

Income from unconsolidated investments
Principal co-investments	—		(5.8)		(5.8)
Carried interests	—		(12.3)		(12.3)
Company's share of interest, depreciation, and taxes included in income from unconsolidated investments(1)	—		34.3		34.3
Income from unconsolidated investments	—		16.2		16.2

Gain on sale of real estate, net	0.2		—		0.2

Segment Expenses
Rental	37.0		—		37.0
Compensation and related	7.8		14.0		21.8
Carried interests compensation	—		(4.5)		(4.5)
General and administrative	3.3		4.5		7.8
Other (income) loss	(0.5)		3.2		2.7
Other segment items(1)	2.0		(0.4)		1.6
Total segment expenses	49.6		16.8		66.4

Segment Adjusted EBITDA	48.4		33.5		81.9

Reconciliation of Segment Adjusted EBITDA to net loss attributable to Kennedy-Wilson Holdings, Inc. Common Shareholders
Other revenue					0.1
Compensation and related, corporate					(10.0)
General and administrative, corporate					(1.7)
Depreciation and amortization					(36.4)
Interest expense					(63.8)
Loss on early extinguishment of debt					(0.5)
Other income, corporate					3.0
Benefit from income taxes					11.8
Company's share of interest, depreciation, and taxes included in income from unconsolidated investments(1)					(34.3)
Income from unconsolidated investments excluded from Segment Adjusted EBITDA					1.6
Net (loss) income					(48.3)
Net loss attributable to noncontrolling interests					0.1
Preferred dividends					(10.9)
Net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders					$	(59.1)


	Six Months Ended June 30, 2024

(Dollars in millions)	Consolidated		Co-Investments		Total
Segment Revenue
Rental	$	195.2	$	—	$	195.2
Hotel	9.3		—		9.3
Investment management fees	—		47.4		47.4
Loans	—		16.1		16.1
Total segment revenue	204.5		63.5		268.0

Income from unconsolidated investments
Principal co-investments	—		3.9		3.9
Carried interests	—		(28.7)		(28.7)
Company's share of interest, depreciation, and taxes included in income from unconsolidated investments(1)	—		66.5		66.5
Income from unconsolidated investments	—		41.7		41.7

Gain on sale of real estate, net	106.6		—		106.6

Segment Expenses
Rental	74.2		—		74.2
Hotel	7.6		—		7.6
Compensation and related	17.5		22.1		39.6
Carried interests compensation	—		(10.0)		(10.0)
General and administrative	7.1		7.4		14.5
Other (income) loss	(3.0)		8.5		5.5
Other segment items(1)	3.9		(0.4)		3.5
Total segment expenses	107.3		27.6		134.9

Segment Adjusted EBITDA	203.8		77.6		281.4

Reconciliation of Segment Adjusted EBITDA to net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders
Other revenue					0.4
Compensation and related, corporate					(19.8)
General and administrative, corporate					(3.3)
Depreciation and amortization					(75.3)
Interest expense					(128.5)
Loss on early extinguishment of debt					(0.2)
Other income, corporate					12.6
Provision for income taxes					(14.9)
Company's share of interest, depreciation, and taxes included in income from unconsolidated investments(1)					(66.5)
Income from unconsolidated investments excluded from Segment Adjusted EBITDA					3.5
Net loss					(10.6)
Net loss attributable to noncontrolling interests					0.2
Preferred dividends					(21.8)
Net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders					$	(32.2)


(Dollars in millions)	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Segment revenue	$	135.4	$	131.9	$	263.5	$	268.0
Other revenue	0.3		0.1		0.5		0.4
Total consolidated revenue	$	135.7	$	132.0	$	264.0	$	268.4


(Dollars in millions)	June 30, 2025		December 31, 2024
Total assets
Consolidated	$	4,411.1	$	4,591.6
Co-investment	2,244.6		2,273.5
Non-segment	141.2		96.0
Total assets	$	6,796.9	$	6,961.1

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details