Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 Or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission file number 001-33824 Kennedy-Wilson Holdings, Inc. (Exact name of Registrant as specified in its charter) Delaware 26-0508760 ...

Kennedy-Wilson (KW) Q1 2025 Earnings Call May 08, 2025 12:00 PM ET Company Participants Daven Bhavsar - Head of Investor RelationsWilliam J. McMorrow - Chairman & CEOJustin Enbody - Senior EVP & CFOMatt Windisch - PresidentAnthony Paolone - Executive DirectorJana Galan - DirectorOmotayo Okusanya - Managing Director Operator Good afternoon, and welcome to the Kennedy Wilson First Quarter twenty twenty five Earnings Conference Call. All participants will be in listen only mode. Please note this event is being ...

Financial Data and Key Metrics Changes - The company reported a GAAP EPS loss of $0.30 for Q1 2025, compared to an income of $0.19 per share in Q1 2024, which included $0.47 per share from the sale of the Shelburne Hotel [14] - Baseline EBITDA for Q1 2025 was $108 million, a 5% increase year-over-year, bringing the trailing twelve-month baseline EBITDA to $412 million [14] - Assets under management grew by 26% over the past two years to $29 billion, producing approximately $575 million in estimated annual NOI and fees [6] Business Line Data and Key Metrics Changes - The rental housing sector, representing 66% of assets under management, is expected to grow to over 80% in the next three years [7] - Same property multifamily occupancy increased to 95%, with same property revenue growing by 3% and same property NOI by 4.3% in Q1 [8] - Investment management fees grew by 17% in Q1 to $25 million, reflecting strong performance in the credit platform and continued growth in equity platforms [10][27] Market Data and Key Metrics Changes - In the U.S., real estate transaction volumes increased by 23% in Q1, with no material changes in sentiment observed in Q2 [7] - The company noted strong apartment demand in Q1, with blended leasing spreads increasing to 1.5% and a significant improvement in new lease rents [20] - In Ireland, same property NOI in the apartment portfolio was up 3.5%, driven by occupancy growth and strong operating expense management [23] Company Strategy and Development Direction - The company is focused on executing a non-core asset sale plan, aiming to generate between $400 million to $450 million from asset sales and recaps by year-end [12] - The strategy includes reducing unsecured debt and simplifying the business by focusing on core sectors of rental housing and industrial [30] - The company is expanding its credit solutions to include mezzanine debt and preferred equity investments, enhancing its ability to capture opportunities within the credit space [29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving fee revenue growth targets of 20% to 25% annually, supported by a strong pipeline of activity [11] - The company believes that the best risk-adjusted returns are found in the rental housing sector due to demand driven by housing shortages and declining new supply [7] - Management highlighted the importance of relationships in maintaining competitiveness amid increased market volatility and competition [34] Other Important Information - The company has a strong pipeline of $2.5 billion in loan originations and real estate equity acquisitions, primarily within the rental housing sector [5] - The total debt is 96% fixed or hedged, with a weighted average maturity of 4.8 years and a weighted average effective interest rate of 4.7% [18] - The company is actively monitoring potential impacts from government changes on affordable housing, with 15% of tenants having some form of HUD backing [54][57] Q&A Session Summary Question: Regarding fee-bearing capital growth - Management confirmed confidence in achieving 20% to 25% growth in fees, citing a strong pipeline and future funding commitments [32][33] Question: On liquidity and partner capital costs - Management acknowledged increased competition but emphasized strong relationships and flexibility in pricing to remain competitive [34][36] Question: Stock buyback plans - The focus remains on paying down unsecured debt, with potential reconsideration of stock buybacks after addressing debt obligations [37][39] Question: Dispositions and cap rates - Management indicated that dispositions are well underway, with expected closures in June, but refrained from commenting on specific cap rates [42][44] Question: Loan origination rates and prepayments - Loan origination rates have seen downward pressure, but the quality of projects remains high; a significant prepayment was noted as an outlier [51][53] Question: Exposure to government-backed housing - Approximately 15% of tenants have HUD backing, but management does not foresee immediate concerns regarding capital availability [56][60]

Kennedy-Wilson Holdings, Inc. Supplemental Financial Information For the Quarter Ended March 31, 2025 TABLE OF CONTENTS | Earnings Release | | | --- | --- | | News Release | 3 | | Consolidated Balance Sheets (unaudited) | 7 | | Consolidated Statements of Operations (unaudited) | 8 | | Non-GAAP Metrics (unaudited) | 9 | | Supplemental Financial Information (unaudited) | | | Capitalization Summary | 15 | | Components of Value | | | Components of Value Summary | 16 | | Stabilized Portfolio | 18 | | Segment Inv ...

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Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-33824 Kennedy-Wilson Holdings, Inc. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdi ...

Kennedy-Wilson Holdings, Inc. (NYSE:KW) Q4 2024 Earnings Conference Call February 27, 2025 12:00 PM ET Company Participants Daven Bhavsar - Head, Investor Relations Bill McMorrow - Chief Executive Officer Matt Windisch - President Justin Enbody - Chief Financial Officer Mike Pegler - President, Europe Conference Call Participants Anthony Paolone - JPMorgan Tayo Okusanya - Deutsche Bank Jeff Spector - Bank of America Operator Good day. And welcome to the Kennedy-Wilson Fourth Quarter and 2024 Earnings Confer ...

Financial Data and Key Metrics Changes - Adjusted EBITDA nearly tripled from $190 million in 2023 to $540 million in 2024 [6] - GAAP EPS totaled $0.24 per share for Q4, compared to a loss of $1.78 in Q4 2023 [19] - Investment management revenue grew by 83% to $30 million in Q4, driven by $1.4 billion in new debt originations [20] Business Line Data and Key Metrics Changes - Investment management fees grew by 60% year-over-year to approximately $100 million in 2024 [8] - The credit platform completed a record $1.4 billion of new loan originations in Q4 and $3.5 billion for the year [9] - Same-property NOI grew by 5.6% in Q4, with the apartment portfolio ending the quarter at 95% occupancy [15][30] Market Data and Key Metrics Changes - The overall market environment is showing steady improvement, with debt markets strengthening and transaction volume rebounding [7] - In the U.S., renter fundamentals continue to strengthen, driven by high homeownership costs [29] - The Irish apartment portfolio ended the quarter at a strong 97% occupancy, with ongoing structural undersupply in the Dublin market [35] Company Strategy and Development Direction - The company focuses on increasing baseline EBITDA, growing the investment management business, and reducing unsecured debt [6] - Capital recycling through non-core asset sales is a key initiative, with an expected generation of over $400 million in 2025 [12][13] - The company aims to deploy capital into higher return opportunities, particularly within investment management platforms [13] Management's Comments on Operating Environment and Future Outlook - Management anticipates a very active year in 2025, committed to executing key initiatives while strengthening the balance sheet [17] - The company is well-positioned to capitalize on new opportunities in rental housing and industrial assets as market conditions recover [16] - Management expressed confidence in the business environment in the U.S. and the attractiveness of investing in U.S. real estate [95] Other Important Information - The company successfully closed fundraising on its seventh discretionary commingled fund, securing $400 million for U.S. investments [11] - The company has a record $8.8 billion in fee-bearing capital, with expectations to grow investment management fees by approximately 20% to 25% per annum [11] Q&A Session Summary Question: Clarification on $400 million of incremental proceeds from dispositions in 2025 - Management confirmed the figure and indicated a focus on non-core assets, particularly in housing-related investments [44][45] Question: Concerns about the competitive construction lending environment - Management believes the construction lending space remains compelling and expects a successful year in that area [50][51] Question: Expected yields and margins on the single-family rental platform - Management anticipates stabilizing yields in the high 5s towards 6% and has a strong operational team in place [70] Question: Implications of rent caps in Ireland and U.K. office demand - Management noted that the current rent cap regime in Ireland is due to expire at the end of 2025 and expressed confidence in the demand for quality offices in the U.K. [82][83] Question: Positive fair value marks on the co-investment portfolio - Management hopes for continued positive trends in fair value and carried interest, assuming stable long-term rates [86][88]

Kennedy-Wilson Holdings, Inc. Supplemental Financial Information Fourth Quarter and Full Year December 31, 2024 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 | | Segm ...

Financial Data and Key Metrics Changes - Assets under management (AUM) increased to $28 billion from $25 billion at the end of 2023, with estimated annual net operating income (NOI) growing to $492 million and fee-bearing capital reaching a record $8.8 billion [7][10][11] - Adjusted EBITDA doubled in Q3 to $66 million, with a year-to-date increase of 9% to $349 million [28] - Baseline EBITDA totaled $102 million in Q3, reflecting a 4% year-to-date increase to $309 million [28] Business Line Data and Key Metrics Changes - Investment management fees grew by 51% year-to-date in 2024 to $69 million, with a total of $85 million over the past 12 months [10][47] - The multifamily business now comprises 62% of the stabilized portfolio, with NOI from multifamily increasing by over 60% over the last five years [35] - The credit platform has completed $2.1 billion in new loan originations in 2024, with a strong pipeline of over $1.2 billion [12][20] Market Data and Key Metrics Changes - The overall real estate investment sentiment has improved, with the beginning of a rate-cutting cycle by central banks and robust liquidity for high-quality real estate assets [18][19] - The U.S. apartment delivery reached a 40-year high, but new starts have sharply declined, positively impacting the market rate portfolio [37] Company Strategy and Development Direction - The company is focusing on expanding its investment management business and has launched a new platform in the UK targeting the single-family rental housing market [14][15] - A strategic partnership with the Canadian Pension Plan Investment Board (CPPIB) aims to address the structural undersupply of housing in the UK, with an initial target of £1 billion in asset purchases [15][16] - The company plans to continue simplifying its balance sheet through non-core asset sales while growing its investment management business [45] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the improving liquidity and lower borrowing costs, which are expected to strengthen the business over the next year [19][25] - The company anticipates solid growth in 2025 and beyond, leveraging improvements made during challenging periods [49] Other Important Information - The company disposed of $234 million in assets in Q3, generating $63 million in cash, with additional planned asset sales expected to generate over $150 million in Q4 [13][14] - A EUR 175 million redemption of KWE bonds was announced, representing almost 40% of the remaining balance, funded by asset sale proceeds [17] Q&A Session Summary Question: Fee revenue expectations for next year - Management indicated that $6 billion of capital not included in fee-bearing capital relates to future funding commitments, which should support continued growth in the investment management business [52][53] Question: Details on the new single-family rental strategy in the UK - The UK platform is expected to yield between high-5s to 6% initially, with rental growth anticipated to stabilize above 6% [58] - The company plans to leverage its existing expertise and has a strong pipeline for deploying the initial $1 billion commitment [56][57]