Kennedy-Wilson (KW) 10-K 28 Feb 25 2024 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2024	Feb. 20, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-33824
Entity Registrant Name	Kennedy-Wilson Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-0508760
Entity Address, Address Line One	151 S El Camino Drive
Entity Address, City or Town	Beverly Hills,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90212
City Area Code	310
Local Phone Number	887-6400
Title of 12(b) Security	Common Stock, $.0001 par value
Trading Symbol	KW
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 1,089,943,238
Entity Common Stock, Shares Outstanding		138,007,902
Documents Incorporated by Reference	Part III of this report incorporates certain information by reference from the registrant’s definitive proxy statement for the annual meeting of stockholders to be held on or around June 5, 2025, which proxy statement will be filed no later than 120 days after the close of the registrant’s fiscal year ended December 31, 2024.
Entity Central Index Key	0001408100
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Auditor Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	Los Angeles, CA
Auditor Firm ID	185

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions		Dec. 31, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents		$ 217.5	$ 313.7
Accounts receivable, net (including $12.4 and $13.8 of related party)		38.7	57.3
Real estate and acquired in place lease values (net of accumulated depreciation and amortization of $949.1 and $957.8)		4,290.4	4,837.3
Unconsolidated investments (including $1,884.4 and $1,927.0 at fair value)		2,042.4	2,069.1
Other assets, net		141	187.5
Loan purchases and originations, net		231.1	247.2
Total assets	[1]	6,961.1	7,712.1
Liabilities
Accounts payable		10.8	17.9
Accrued expenses and other liabilities		529.4	597.8
Total liabilities	[1]	5,325.1	5,913.7
Equity
Preferred stock		789.7	789.9
Common Stock, $0.0001 par value, 200,000,000 authorized, 137,442,778 and 138,727,521 shares issued outstanding as of December 31, 2024 and December 31, 2023, respectively		0	0
Additional paid-in capital		1,712.8	1,718.6
Accumulated deficit		(493.7)	(349)
Accumulated other comprehensive loss		(407.6)	(404.4)
Total Kennedy-Wilson Holdings, Inc. shareholders’ equity		1,601.2	1,755.1
Noncontrolling interests		34.8	43.3
Total equity		1,636	1,798.4
Total liabilities and equity		6,961.1	7,712.1
Mortgage debt
Liabilities
Long-term debt		2,597.2	2,840.9
KW unsecured debt
Liabilities
Long-term debt		1,877.9	1,934.3
KWE unsecured bonds
Liabilities
Long-term debt		$ 309.8	$ 522.8
[1]The assets and liabilities as of December 31, 2024 include $169.3 million (including cash held by consolidated investments of $4.3 million and real estate and acquired in place lease values, net of accumulated depreciation and amortization of $128.7 million) and $49.6 million (including investment debt of $50.0 million), respectively, from consolidated variable interest entities ("VIEs"). The assets and liabilities as of December 31, 2023 include $154.9 million (including cash held by consolidated investments of $3.6 million and real estate and acquired in place lease values, net of accumulated depreciation and amortization of $121.8 million) and $101.4 million (including investment debt of $54.9 million), respectively, from VIEs. These assets can only be used to settle obligations of the consolidated VIEs, and the liabilities do not have recourse to the Company.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions		Dec. 31, 2024	Dec. 31, 2023
Related party accounts receivable, net		$ 38.7	$ 57.3
Accumulated depreciation and amortization of real estate and acquired in place lease values		949.1	957.8
Fair value of unconsolidated investments		$ 1,884.4	$ 1,927
Common stock, par value (in dollars per share)		$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)		200,000,000	200,000,000
Common stock, shares issued (in shares)		137,442,778	138,727,521
Common stock, shares outstanding (in shares)		137,442,778	138,727,521
Assets from VIEs	[1]	$ 6,961.1	$ 7,712.1
Cash held by consolidated investments from VIEs		217.5	313.7
Real estate and acquired in place lease values, net of accumulated depreciation and amortization from VIEs		4,290.4	4,837.3
Liabilities from VIEs	[1]	5,325.1	5,913.7
Variable Interest Entity, Primary Beneficiary
Assets from VIEs		169.3	154.9
Cash held by consolidated investments from VIEs		4.3	3.6
Real estate and acquired in place lease values, net of accumulated depreciation and amortization from VIEs		128.7	121.8
Liabilities from VIEs		49.6	101.4
Variable Interest Entity, Primary Beneficiary | Investment Debt
Investment debt from VIEs		$ 50	$ 54.9
Series A Cumulative Preferred Stock
Preferred stock, par value (in dollars per shares)		$ 0.0001	$ 0.0001
Preferred stock, liquidation preference (in dollars per share)		$ 1,000	$ 1,000
Preferred stock, shares authorized (in shares)		1,000,000	1,000,000
Preferred stock, shares outstanding (in shares)		300,000	300,000
Series B Cumulative Preferred Stock
Preferred stock, par value (in dollars per shares)		$ 0.0001	$ 0.0001
Preferred stock, liquidation preference (in dollars per share)		$ 1,000	$ 1,000
Preferred stock, shares authorized (in shares)		1,000,000	1,000,000
Preferred stock, shares outstanding (in shares)		300,000	300,000
Series C Preferred Stock
Preferred stock, par value (in dollars per shares)		$ 0.0001	$ 0.0001
Preferred stock, liquidation preference (in dollars per share)		$ 1,000	$ 1,000
Preferred stock, shares authorized (in shares)		1,000,000	1,000,000
Preferred stock, shares outstanding (in shares)		200,000	200,000
Related Party
Related party accounts receivable, net		$ 12.4	$ 13.8
[1]The assets and liabilities as of December 31, 2024 include $169.3 million (including cash held by consolidated investments of $4.3 million and real estate and acquired in place lease values, net of accumulated depreciation and amortization of $128.7 million) and $49.6 million (including investment debt of $50.0 million), respectively, from consolidated variable interest entities ("VIEs"). The assets and liabilities as of December 31, 2023 include $154.9 million (including cash held by consolidated investments of $3.6 million and real estate and acquired in place lease values, net of accumulated depreciation and amortization of $121.8 million) and $101.4 million (including investment debt of $54.9 million), respectively, from VIEs. These assets can only be used to settle obligations of the consolidated VIEs, and the liabilities do not have recourse to the Company.

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue
Total revenue	$ 531.4	$ 562.6	$ 540
Income (loss) from unconsolidated investments
Principal co-investments	56.2	(188.5)	199.5
Carried interests	(49.7)	(64.3)	(21.1)
Total income (loss) from unconsolidated investments	6.5	(252.8)	178.4
Gain on sale of real estate, net	160.1	127.6	103.7
Expenses
Carried interests compensation	(16.6)	(15.1)	(4.3)
General and administrative	38.8	35.7	37.2
Depreciation and amortization	148.3	157.8	172.9
Total expenses	462.9	508.3	526.8
Interest expense	(261.1)	(259.2)	(220.8)
(Loss) gain on early extinguishment of debt	(1.7)	(1.6)	27.5
Other income (loss)	4.2	(5)	36.1
(Loss) income before (provision for) benefit from income taxes	(23.5)	(336.7)	138.1
(Provision for) benefit from income taxes	(10.2)	55.3	(36.2)
Net (loss) income	(33.7)	(281.4)	101.9
Net loss (income) attributable to noncontrolling interests	0.7	(22.4)	(8.2)
Preferred dividends	(43.5)	(38)	(28.9)
Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$ (76.5)	$ (341.8)	$ 64.8
Basic (loss) earnings per share
(Loss) income per basic (in dollars per share)	$ (0.56)	$ (2.46)	$ 0.47
Weighted average shares outstanding for basic (in shares)	137,778,812	138,930,517	136,900,875
Diluted (loss) earnings per share
(Loss) income per diluted (in dollars per share)	$ (0.56)	$ (2.46)	$ 0.47
Weighted average shares outstanding for diluted (in shares)	137,778,812	138,930,517	138,567,534
Dividends declared per common share (in dollars per share)	$ 0.60	$ 0.96	$ 0.96
Rental
Revenue
Total revenue	$ 390.6	$ 415.3	$ 434.9
Expenses
Cost of goods and services	150	152.6	151.2
Hotel
Revenue
Total revenue	9.3	57.1	46.9
Expenses
Cost of goods and services	7.6	37.9	29.5
Investment management fees
Revenue
Total revenue	98.9	61.9	44.8
Loans
Revenue
Total revenue	31.2	26.1	11.7
Other
Revenue
Total revenue	1.4	2.2	1.7
Compensation and related
Expenses
Cost of goods and services	$ 134.8	$ 139.4	$ 140.3

Consolidated Statements of Op_2

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Total revenue	$ 531.4	$ 562.6	$ 540
Share-based compensation	23.6	34.5	29
Related Party Investment Management Fees
Total revenue	$ 49.3	$ 51.9	$ 44.8

Consolidated Statements of Comp

Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net (loss) income	$ (33.7)	$ (281.4)	$ 101.9
Other comprehensive (loss) income, net of tax:
Unrealized foreign currency translation (loss) gain	(36.5)	32.1	(71.7)
Amounts reclassified out of AOCI	3.5	0	(0.8)
Total other comprehensive (loss) income	(3.5)	26.6	(43.5)
Comprehensive (loss) income	(37.2)	(254.8)	58.4
Comprehensive loss (income) attributable to noncontrolling interests	1	(23.3)	(5.2)
Comprehensive (loss) income attributable to Kennedy-Wilson Holdings, Inc.	(36.2)	(278.1)	53.2
Foreign Currency Derivative Contracts
Other comprehensive (loss) income, net of tax:
Unrealized gain (loss) on derivatives	29.5	(5.5)	23.4
Interest Rate Swap
Other comprehensive (loss) income, net of tax:
Unrealized gain (loss) on derivatives	$ 0	$ 0	$ 5.6

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Millions	Total	Foreign Currency Derivative Contracts	Interest Rate Swap	Preferred Stock	Common Stock	Preferred Stock	Preferred Stock Preferred Stock	Common Stock	Common Stock Common Stock	Additional Paid-in Capital	Additional Paid-in Capital Common Stock	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss Foreign Currency Derivative Contracts	Accumulated Other Comprehensive Loss Interest Rate Swap	Noncontrolling Interests
Balance, beginning of period, preferred shares (in shares) at Dec. 31, 2021						300,000
Balance at beginning of period at Dec. 31, 2021	$ 1,803.9					$ 295.2		$ 0		$ 1,679.6		$ 192.4	$ (389.6)			$ 26.3
Balance at beginning of period, common stock (in shares) at Dec. 31, 2021								137,955,479
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issuance, net of issuance costs (in shares)							300,000
Stock issuance, net of issuance costs				$ 297.3			$ 297.3
Restricted stock grants (RSG) (in shares)								1,221,362
Shares retired due to RSG vesting (in shares)								(834,911)
Shares retired due to RSG vesting	(18.6)									(18.6)
Shares retired due to common stock repurchase program (in shares)								(551,162)
Shares retired due to common stock repurchase program	(12.6)									(9.8)		(2.8)
At-the-market equity offering program costs	(0.7)									(0.7)
Stock based compensation	29									29
Other comprehensive (loss) income:
Unrealized foreign currency translation gain (loss), net of tax	(71.7)												(68.7)			(3)
Unrealized derivative gain (loss), net of tax		$ 23.4	$ 4.8											$ 23.4	$ 4.8
Common stock dividends	(132.3)											(132.3)
Preferred stock dividends	(28.9)											(28.9)
Net (loss) income	101.9											93.7				8.2
Contributions from noncontrolling interests	25.7															25.7
Distributions to noncontrolling interests	(10.8)															(10.8)
Balance at end of period, preferred stock (in shares) at Dec. 31, 2022						600,000
Balance at end of period at Dec. 31, 2022	2,010.4					$ 592.5		$ 0		1,679.5		122.1	(430.1)			46.4
Balance at end of period, common stock (in shares) at Dec. 31, 2022								137,790,768
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issuance, net of issuance costs (in shares)							200,000		1,690,743
Stock issuance, net of issuance costs				197.4	$ 29.8		$ 197.4				$ 29.8
Restricted stock grants (RSG) (in shares)								961,045
Shares retired due to RSG vesting (in shares)								(781,303)
Shares retired due to RSG vesting	(13.4)									(13.4)
Shares retired due to common stock repurchase program (in shares)								(666,701)
Shares retired due to common stock repurchase program	(7.5)							$ (7.5)		(11.8)		4.3
Shares forfeited (in shares)								(267,031)
Stock based compensation	34.5									34.5
Other comprehensive (loss) income:
Unrealized foreign currency translation gain (loss), net of tax	32.1												31.2			0.9
Unrealized derivative gain (loss), net of tax	(5.5)												(5.5)
Common stock dividends	(133.6)											(133.6)
Preferred stock dividends	(38)											(38)
Net (loss) income	(281.4)											(303.8)				22.4
Contributions from noncontrolling interests	1.3															1.3
Distributions to noncontrolling interests	(27.7)															(27.7)
Balance at end of period, preferred stock (in shares) at Dec. 31, 2023						800,000
Balance at end of period at Dec. 31, 2023	$ 1,798.4					$ 789.9		$ 0		1,718.6		(349)	(404.4)			43.3
Balance at end of period, common stock (in shares) at Dec. 31, 2023	138,727,521							138,727,521
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issuance, net of issuance costs				$ (0.2)	$ (0.1)		$ (0.2)
Restricted stock grants (RSG) (in shares)								412,148
Shares retired due to RSG vesting (in shares)								(131,116)
Shares retired due to RSG vesting	$ (1.6)									(1.6)
Shares retired due to common stock repurchase program (in shares)								(1,565,775)
Shares retired due to common stock repurchase program	(13.3)							$ (13.3)		(27.7)		14.4
At-the-market equity offering program costs	(0.1)									(0.1)
Stock based compensation	23.6									23.6
Other comprehensive (loss) income:
Unrealized foreign currency translation gain (loss), net of tax	(31.2)												(30.9)			(0.3)
Unrealized derivative gain (loss), net of tax		$ 29.3	$ (1.6)											$ 29.3	$ (1.6)
Common stock dividends	(82.6)											(82.6)
Preferred stock dividends	(43.5)											(43.5)
Net (loss) income	(33.7)											(33)				(0.7)
Contributions from noncontrolling interests	0.6															0.6
Deconsolidation of noncontrolling interests	(1.6)															(1.6)
Distributions to noncontrolling interests	(6.5)															(6.5)
Balance at end of period, preferred stock (in shares) at Dec. 31, 2024						800,000
Balance at end of period at Dec. 31, 2024	$ 1,636					$ 789.7		$ 0		$ 1,712.8		$ (493.7)	$ (407.6)			$ 34.8
Balance at end of period, common stock (in shares) at Dec. 31, 2024	137,442,778							137,442,778

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net (loss) income		$ (33.7)	$ (281.4)	$ 101.9
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Gain on sale of real estate, net		(160.1)	(127.6)	(103.7)
Depreciation and amortization		148.3	157.8	172.9
Above/below market and straight-line rent amortization		(1.6)	(5.5)	(8)
Uncollectible lease income		3.6	5.4	8
Provision for (benefit from) deferred income taxes		(10.4)	(65.9)	18.3
Amortization of loan fees		9.9	9.2	9.1
Amortization of discount and accretion of premium and transactional foreign exchange		(7.5)	2.9	2.6
Unrealized net loss (gain) on derivatives		14.8	16.4	(45.9)
Loss (gain) on early extinguishment of debt		1.7	1.6	(27.5)
(Income) loss from unconsolidated investments		(6.5)	252.8	(178.4)
Provision for loan loss reserves		11.2	7	0
Accretion of discount on loans		(4.1)	(3.5)	0
Share-based compensation expense		23.6	34.5	29
Deferred compensation		(7.9)	(3.8)	7.6
Operating distributions from unconsolidated investments		60.8	69.2	78.1
Change in assets and liabilities:
Accounts receivable		11.6	(23.8)	(13.4)
Other assets		(4.5)	(1.3)	(9.7)
Accrued expenses and other liabilities		5.9	4.9	(8)
Net cash provided by operating activities		55.1	48.9	32.9
Cash flows from investing activities:
Issuance of loans		(40.1)	(150.2)	(50.9)
Proceeds from collection of loans		49.8	48.9	34.5
Net proceeds from sale of consolidated real estate		589.5	383.9	325.9
Purchases of consolidated real estate		(16.6)	0	(408.2)
Capital expenditures to real estate		(131.6)	(217.2)	(160.9)
Investing distributions from unconsolidated investments		86.6	92.4	157.1
Contributions to unconsolidated investments		(125)	(167.4)	(361.3)
Proceeds from settlement of derivative contracts		1.6	0	112.6
Premiums paid for settlement of derivative contracts		0	(2.1)	(10.4)
Net cash provided by (used in) investing activities		414.2	(11.7)	(361.6)
Cash flow from financing activities:
Borrowings under line of credit/term loan		170	50	528.4
Repayment of line of credit/term loan		(215.2)	(185)	(325)
Borrowings under mortgage debt		360.7	408.9	401.3
Repayment of mortgage debt		(521.1)	(446.4)	(389.6)
Repayment of KWE Notes		(181.1)	0	(65.8)
Payment of loan fees		(13.9)	(0.7)	(5)
Issuance of common stock, net of issuance costs		(0.1)	29.8	(0.7)
Repurchase of common stock		(15)	(20.9)	(31.2)
Preferred stock issuance, net of issuance costs		(0.2)	197.4	297.3
Common stock dividends paid		(100.2)	(136)	(134.6)
Preferred stock dividends paid		(43.5)	(35.5)	(25.9)
Contributions from noncontrolling interests		0.6	1.3	25.8
Distributions to noncontrolling interests		(6.5)	(27.7)	(10.8)
Net cash (used in) provided by financing activities		(565.5)	(164.8)	264.2
Effect of currency exchange rate changes on cash and cash equivalents		0	2	(21)
Net change in cash and cash equivalents		(96.2)	(125.6)	(85.5)
Cash and cash equivalents, beginning of year		313.7	439.3	524.8
Cash and cash equivalents, end of year		217.5	313.7	439.3
Cash paid for:
Interest	[1],[2]	256.1	252	214.4
Income taxes		9.2	21.8	19.9
Cash received from consolidated and unconsolidated asset sales and loan repayments, net		600.9	376.1	369.8
Cash received on interest rate hedges		$ 26	$ 24	$ 0.9
[1]$1.1 million, $1.4 million, and $4.0 million attributable to non-controlling interests for the years ended December 31, 2024, 2023, and 2022, respectively.[2] Net of $4.5 million, $5.0 million, and $3.3 million of capitalized interest for the years ended December 31, 2024, 2023 and 2022, respectively.

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($)
Interest paid attributable to noncontrolling interest	$ 1.1	$ 1.4	$ 4
Interest paid, capitalized	4.5	5	3.3
Restricted cash	94.5	69.6	21.4
Increase in unconsolidated investments	$ 16.5	$ 33.4	$ 31.9
Multifamily
Number of real estate properties | property		2
Wholly-Owned, Multifamily Properties
Equity interest sold	90%	49%
Ownership interest percentage		51%
Vintage Housing Holdings
Increase in unconsolidated investments		$ 16.8
Multifamily Assets In Western United States
Equity interest sold			49%
Ownership interest percentage			51%
Debt Redemption
Restricted cash	$ 94.5	$ 69.6	$ 21.4

ORGANIZATION

ORGANIZATION	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Kennedy-Wilson Holdings, Inc. (“KWH,” NYSE: KW), a Delaware corporation and its wholly owned and consolidated subsidiaries (collectively the "Company" or "Kennedy Wilson"), is a real estate investment company that invests in high growth markets across the United States ("U.S."), the United Kingdom ("UK") and Ireland. With an objective of generating strong long-term risk-adjusted returns for its shareholders and partners and drawing on over three decades of experience in identifying opportunities and building value through various market cycles, in its markets, the Company focuses on (i) investing in the rental housing sector (both market rate and affordable units) and industrial properties; and (ii) originating, managing and servicing real estate loans (primarily senior construction loans secured by high quality multifamily and student housing properties that are being developed by institutional sponsors throughout the United States). The Company's operations are defined by two business segments; its Consolidated Portfolio and Co-Investment Portfolio. Investment activities in the Consolidated Portfolio primarily involve ownership of multifamily assets. The Co-Investment Portfolio consists of (i) the co-investments in real estate and real estate-related assets, including loans secured by real estate, that the Company has made through its commingled funds and joint ventures that it manages; (ii) fees (including, without limitation, asset management fees, construction management fees, and/or acquisition and disposition fees); and (iii) carried interests.

BASIS OF PRESENTATION AND SUMMA

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION — The consolidated financial statements include the accounts of Kennedy Wilson and voting interest entities which it controls. All intercompany balances and transactions have been eliminated in consolidation. In addition, Kennedy Wilson evaluates its relationships with other entities to identify whether they are variable interest entities ("VIE") as defined by Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Subtopic 810 , Consolidation, and to assess whether it is the primary beneficiary of such entities. In determining whether Kennedy Wilson is the primary beneficiary of a VIE, qualitative and quantitative factors are considered, including, but not limited to: the amount and characteristics of Kennedy Wilson's investment; the obligation or likelihood for Kennedy Wilson to provide financial support; Kennedy Wilson's ability to control or significantly influence key decisions for the VIE; and the similarity with and significance to the business activities of Kennedy Wilson. The Company determines the appropriate accounting method with respect to all investments that are not VIEs based on the control-based framework (controlled entities are consolidated) provided by the consolidation guidance in ASC Subtopic 810. The Company accounts for joint ventures where it is deemed that the Company does not have control through the equity method of accounting while joint ventures that the Company controls are consolidated in Kennedy Wilson's financial statements. USE OF ESTIMATES — The preparation of the accompanying consolidated financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosure about contingent assets and liabilities, and reported amounts of revenues and expenses. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. Management adjusts such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in those estimates will be reflected in the financial statements in future periods. REVENUE RECOGNITION — Revenue consists of rental and hotel income, management fees, leasing and commission fees, loan interest income and sales of real estate. ASC Topic 606, Revenue from Contracts with Customers , is a five-step model to recognize revenue from customer contracts. The model identifies the contract, any separate performance obligations in the contract, determines the transaction price, allocates the transaction price and recognizes revenue when the performance obligations are satisfied. Management has concluded that, with the exception of carried interests, the nature of the Company's revenue streams is such that the requirements are generally satisfied at the time that the fee becomes receivable. Rental revenue from operating leases is generally recognized on a straight-line basis over the terms of the leases in accordance with ASC Topic 842, Leases . Hotel income is earned when rooms are occupied or goods and services have been delivered or rendered. Management fees are primarily comprised of investment management fees. Investment management fees are earned from limited partners of funds, co-investments, or separate accounts and are generally based on a fixed percentage of committed capital or net asset value. The Company provides investment management on investments it also has an ownership interest in. Fees earned on consolidated properties are eliminated in consolidation and fees on unconsolidated investments are eliminated for the portion that relate to the Company's ownership interest. Investment management fees include acquisition, arrangement and disposition fees. Acquisition, arrangement and disposition fees are earned for identifying and closing investments on behalf of investors and are based on a fixed percentage of the acquisition or disposition price, as applicable. Acquisition and disposition fees are recognized upon the successful completion of an acquisition or disposition after all required services have been performed. Loan income from investments in performing loans which Kennedy Wilson originates or acquires are recognized at the stated interest rate plus any amortization of premiums/discounts or fees earned on the loans. Loan income from investments in loans acquired at a discount are recognized using the effective interest method. When a loan or loans are acquired with deteriorated credit quality primarily for the rewards of collateral ownership, such loans are accounted for as loans until Kennedy Wilson is in possession of the collateral. However, accrual of income is not recorded during the conversion period under ASC Subtopic 310-30-25, Receivables - Loans and Debt Securities Acquired with Deteriorated Credit Quality . Income is recognized to the extent that cash is received from the loan. The Company has evaluated its loan portfolio under ASC Subtopic 326, Financial Instruments - Credit Losses . for current expected credit losses ("CECL") reserves. CECL reserves reflect the Company's current estimate of potential credit losses related to loans included in the Company's consolidated balance sheets. Changes to the CECL reserve are recognized through the Company's consolidated statements of operations. While ASC Subtopic 326 does not require any particular method for determining the CECL reserve, it does specify the reserve should be based on relevant information about past events, including historical loss experience, current portfolio and market conditions. Sales of real estate are recognized when title to the real property passes to the buyer and there is no continuing involvement in the real property. Under ASC Subtopic 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets , the Company recognizes the entire gain attributed to contributions of real estate properties to unconsolidated entities. Property services fees are earned from the Company's auction sales and marketing business and are recorded in Other section of revenues. In the case of auction and real estate sales commissions, the revenue is generally recognized when escrow closes. In accordance with the guidelines established for Reporting Revenue Gross as a Principal versus Net as an Agent in ASC Topic 606, Kennedy Wilson records commission revenues and expenses on a gross basis. Of the criteria listed in ASC Topic 606, Kennedy Wilson is the primary obligor in the transaction, does not have inventory risk, performs all or part of the service and has wide latitude in establishing the price of services rendered and discretion in selection of agents and determination of service specifications. REAL ESTATE ACQUISITIONS — The purchase price of acquired properties is recorded to land, buildings and building improvements and intangible lease value (value of above-market and below-market leases, acquired in-place lease values, and tenant relationships, if any). The ownership of the other interest holders in consolidated subsidiaries is reflected as noncontrolling interests ("NCI"). Real estate is recorded based on cumulative costs incurred and allocated based on relative fair value. Acquisition fees and expenses associated with the acquisition of properties determined to be business combinations are expensed as incurred. Acquisition fees and expenses associated with transactions determined to be asset acquisitions are capitalized as part of the real estate acquired. The valuations of real estate are based on management estimates of the real estate assets using income and market approaches. The indebtedness securing the real estate is valued, in part, based on third party valuations and management estimates also using an income approach. The Company is involved in all stages of real estate ownership, including development. Once a project is in development, consistent with ASC Topic, 360 Property Plant, and Equipment , costs including interest and real estate taxes and associated costs directly related to the project under development, are capitalized. During the predevelopment period of a probable project and the period in which a project is under construction, the Company capitalizes all direct and indirect costs associated with planning, developing, and constructing the project. Once a project is constructed and deemed substantially complete and ready for occupancy, carrying costs, such as real estate taxes, interest and associated costs, are expensed as incurred. UNCONSOLIDATED INVESTMENTS — Kennedy Wilson has a number of joint venture interests that were formed to acquire, manage, and/or sell real estate. Investments in unconsolidated investments are accounted for under the equity method of accounting as Kennedy Wilson can exercise significant influence, but does not have the ability to control the unconsolidated investment. An investment in an unconsolidated investment is recorded at its initial investment and is increased or decreased by Kennedy Wilson’s share of income or loss, plus additional contributions and less distributions. A decline in the value of an unconsolidated investment that is other than temporary is recognized when evidence indicates that such a decline has occurred in accordance with ASC Topic 323, Investments - Equity Method and Joint Ventures . The Company records its investments in certain commingled funds it manages and sponsors (the “Funds”) that are investment companies under the ASC Topic 946, Financial Services - Investment Companies, based upon the net assets that would be allocated to its interests in the Funds assuming the Funds were to liquidate their investments at fair value as of the reporting date. Thus, the Funds reflect the Company's investments at fair value, with unrealized gains and losses resulting from changes in fair value reflected in their earnings. In addition, the Company elected the fair value option for 72 investments in unconsolidated investment entities ("FV Option" investments). These co-investments are structured as limited liability companies and limited partnerships with one partner and function under a collaborative decision-making structure. The Company owns a weighted average ownership of approximately 40% of the equity investment in such co-investment investments. The Company elected to record these co-investments at fair value in order to report the change in value in the underlying investments in the results of its current operations consistent with its investments in certain commingled funds, as described above. The Company has adopted an ownership model for carried interests representing allocations to the Company from equity method investments, based on cumulative performance to-date. Consequently, in accordance with the guidance set forth in ASC Topic 606 and ASC Topic 323, these allocations are included as a component of the total income from unconsolidated investments in the accompanying consolidated statements of operations as “carried interests”. Carried interests are allocated to the Company under the Funds and such co-investment investments based on the cumulative performance of the venture and are subject to preferred return thresholds of the partners. In the case of the Funds, these carried interests represent an allocation relating to the performance of investment management services, whereas they represent returns for the performance of the underlying investments in the co-investment investments structures subject to collaborative decision-making. At the end of each reporting period, the Company calculates the carried interest that would be due as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as carried interests to reflect either (a) positive performance resulting in an increase in the carried interests to the general partner or asset manager or (b) negative performance that would cause the amount due to Kennedy Wilson to be less than the amount previously recognized as income from unconsolidated investments, resulting in a negative adjustment to carried interests to the general partner or asset manager. As of December 31, 2024 and 2023, the Company has $27.6 million and $77.3 million, respectively, of accrued carried interests recorded to unconsolidated investments that are subject to future adjustments based on the underlying performance of investments. During the year ended December 31, 2024 and 2023, the Company did not collect any carried interests. During the year ended December 31, 2022, the Company collected $6.8 million of carried interests. The amount of the Company’s non-cash carried interest accruals recorded from its Funds and its FV Option investments for the years ended December 31, 2024, 2023 and 2022 are as follows: Years Ended December 31, (Dollars in millions) 2024 2023 2022 Funds $ (38.8) $ (39.5) $ (18.4) Co-investments (10.9) (24.8) (2.7) Total $ (49.7) $ (64.3) $ (21.1) Carried interests compensation is recognized in the same period that the related carried interests are recognized and can be reversed during periods when there is a reversal of carried interests that were previously recognized. As of December 31, 2024 and 2023 , the Company has $7.1 million and $22.8 million, respectively, of accrued carried interests compensation recorded to accrued expenses and other liabilities that are subject to future adjustments based on the underlying performance of investments. During the year ended December 31, 2024 and 2023, the Company did not pay out any carried interests compensation. During the year ended December 31, 2022, the Company paid $1.2 million to employees for carried interests that were realized during the period. FAIR VALUE MEASUREMENTS — Kennedy Wilson accounts for fair value measurements of financial assets and financial liabilities and for fair value measurements of non-financial items that are recognized or disclosed at fair value in the financial statements on a recurring basis under the provisions of ASC Topic 820, Fair Value Measurement. ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When estimating fair value in the absence of an orderly transaction between market participants, valuations of real estate are based on management estimates of the real estate assets using income and market approaches. The indebtedness securing the real estate and the investments in debt securities are valued, in part, based on third party valuations and management estimates also using an income approach. The use of different market assumptions or estimation methodologies may have a material impact on the estimated fair value amounts. FAIR VALUE OF FINANCIAL INSTRUMENTS — The estimated fair value of financial instruments is determined using available market information and appropriate valuation methodologies. Considerable judgment, is necessary, however, to interpret market data and develop the related estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments. The use of different market assumptions or estimation methodologies may have a material impact on the estimated fair value amounts. DISTRIBUTIONS FROM UNCONSOLIDATED INVESTMENTS — The Company utilizes the nature of distributions approach and distributions are reported under operating cash flow unless the facts and circumstances of a specific distribution clearly indicate that it is a return of capital (e.g., a liquidating dividend or distribution of the proceeds from unconsolidated investments' sale of assets), in which case it is reported as an investing activity. This enables Kennedy Wilson to look to the nature and source of the distribution received and classify it appropriately between operating and investing activities on the statement of cash flows based upon the source. FOREIGN CURRENCIES — The financial statements of Kennedy Wilson's subsidiaries located outside the United States are measured using the local currency as this is their functional currency. The assets and liabilities of these subsidiaries are translated at the rates of exchange at the balance sheet date, and income and expenses are translated at the average monthly rate. The foreign currencies include the euro and the British pound sterling. Cumulative translation adjustments, to the extent not included in cumulative net income, are included in the consolidated statement of equity as a component of accumulated other comprehensive income. Investment level debt is generally incurred in local currencies. Fluctuations in foreign exchanges rates may have a significant impact on the results of the Company's operations. In order to manage the effect of these fluctuations, the Company enters into hedging transactions, in the form of currency derivative contracts, that are designed to reduce its book equity exposure to foreign currencies. KWE has also entered into currency derivative contracts to manage its exposure to euro to British pound currency fluctuations. See Note 5 for a complete discussion on currency derivative contracts. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES — Kennedy Wilson has derivatives to reduce its exposure to foreign currencies. All derivative instruments are recognized as either assets or liabilities in the balance sheet at their respective fair values. For derivatives designated in hedging relationships, changes in fair value of cash flow hedges or net investment hedges are recognized in accumulated other comprehensive income, to the extent the derivative is effective at offsetting the changes in the item being hedged until the hedged item affects earnings. Fluctuations in foreign exchanges rates may have a significant impact on the Company's results of operations. In order to manage the potential exposure from adverse changes in foreign exchange rates arising from the Company’s net investments in foreign operations, the Company may enter into currency derivative contracts to hedge all or portions of the net investments in the Company’s non-U.S. dollar denominated foreign operations. GOODWILL — Goodwill results from the difference between the purchase price and the fair value of net assets acquired based upon the purchase method of accounting for business combinations. In accordance with ASC Subtopic 350-20, Accounting for Intangibles - Goodwill and Other , goodwill is reviewed for impairment on an annual basis. The Company performs its annual review of impairment at year end and when a triggering event occurs between annual year end reviews. As a result of the evaluation performed as described above, Kennedy Wilson has determined that there was no impairment of goodwill during the years ended December 31, 2024, 2023 and 2022. CASH AND CASH EQUIVALENTS — Cash and cash equivalents consist of cash and all highly liquid investments purchased with maturities of three months or less. Cash and cash equivalents are invested in institutions insured by government agencies. Certain accounts contain balances in excess of the insured limits. Kennedy Wilson's operations and financial position are affected by fluctuations in currency exchange rates between the euro and British pound sterling against the U.S. Dollar. As of December 31, 2024, 2023, and 2022 we have $94.5 million, $69.6 million, and $21.4 million, respectively, of restricted cash, which is included in cash and cash equivalents on the accompanying consolidated balance sheets, that primarily relates to lender reserves associated with consolidated mortgages that we hold on properties and reserves held on loans in the Company's real estate credit business on behalf of the borrowers under such loans. These reserves typically relate to interest, tax, insurance and future capital expenditures at the properties and on our loan investments. LONG-LIVED ASSETS — Kennedy Wilson reviews its long-lived assets (excluding goodwill) whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable in accordance with ASC Subtopic 360-10, Property, Plant and Equipment . Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized in gain on sale of real estate, net in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of are presented separately in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. The assets and liabilities of the assets to be disposed of are classified as held for sale and would be presented separately in the appropriate asset and liability sections of the consolidated balance sheets. ACCOUNTS RECEIVABLE — Accounts receivable are recorded at the contractual amount as determined by the underlying agreements and do not bear interest. The Company recognizes revenue to the extent that amounts are probable that substantially all rental income will be collected. CONCENTRATION OF CREDIT RISK — Financial instruments that subject Kennedy Wilson to credit risk consist primarily of accounts and notes receivable, cash equivalents and derivative instruments. Credit risk is generally diversified due to the large number of entities composing Kennedy Wilson’s customer base and their geographic dispersion throughout the United States, the United Kingdom, Ireland and to a lesser extent Spain and Italy. Kennedy Wilson performs ongoing credit evaluations of its customers and debtors. EARNINGS PER SHARE — Basic earnings per share is computed based upon the weighted average number of shares of common stock outstanding during the periods presented. Diluted earnings per share is computed based upon the weighted average number of shares of common stock and potentially dilutive securities outstanding during the periods presented. The dilutive impact of potentially dilutive securities includes convertible securities, and unvested stock which were outstanding during the period. Unvested stock are calculated by the “treasury stock” method and the convertible securities under the "if converted" method. COMPREHENSIVE INCOME (LOSS) — Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss). In the accompanying consolidated balance sheets, accumulated other comprehensive income consists of foreign currency translation adjustments and unrealized gains (losses) on derivative instruments. REPURCHASE OF EQUITY INSTRUMENTS — Upon the decision to retire repurchased equity instruments, Kennedy Wilson records the retirement as a reduction to additional paid in capital for the amount that shares were initially issued at with the excess paid recorded to retained earnings. SHARE-BASED PAYMENT ARRANGEMENTS — Kennedy Wilson accounts for its share-based payment arrangements under the provisions of ASC Subtopic 718-10, Compensation - Stock Compensation. Compensation cost for employee service received in exchange for an award of equity instruments is based on the grant-date fair value of the share-based award that is ultimately settled in equity of Kennedy Wilson. The cost of employee services is recognized over the period during which an employee provides service in exchange for the share-based payment award. Share-based payment arrangements with only services conditions that vest ratably over the requisite service period are recognized on the straight-line basis and performance awards that vest ratably are recognized on a tranche by tranche basis over the performance period. INCOME TAXES — Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. In accordance with accounting for uncertainty in ASC Subtopic 740-10, Income Taxes, Kennedy Wilson recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Kennedy Wilson records interest related to unrecognized tax benefits in interest expense and penalties in general and administrative expenses on the consolidated statements of operations. NONCONTROLLING INTERESTS — Noncontrolling interests are reported within equity as a separate component of Kennedy Wilson's equity in accordance with ASC Subtopic 810-10. Revenues, expenses, gains, losses, net income or loss, and other comprehensive income are reported in the consolidated statements of operations at the consolidated amounts and net income and comprehensive income attributable to noncontrolling interests are separately stated. RECENT ACCOUNTING PRONOUNCEMENTS On November 27, 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This update enhances reportable segment disclosures by requiring a public entity to: (i) disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of segment profit or loss, (ii) disclose, on an annual and interim basis, an amount of other segment items by reportable segment and a description of its composition, (iii) provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by Topic 280 in interim periods and (iv) disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure of segment profit or loss in assessing segment performance and deciding how to allocate resources. This ASU also clarifies that, in addition to the measure that is most consistent with the measurement principles under GAAP, a public entity is not precluded from reporting additional measures of a segment’s profit or loss that are used by the CODM in assessing segment performance and deciding how to allocate resources. This guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company adopted ASU 2023-07 in the fourth quarter of 2024 and have updated its segment disclosures to comply with the updated requirements. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures . This ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid and will be effective for annual periods beginning after December 15, 2024. The new requirements should be applied on a prospective basis with an option to apply them retrospectively. Early adoption is permitted. The Company is evaluating the impact that ASU 2023-09 will have on its consolidated financial statements and related disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses . This ASU requires public business entities to disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. This guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027 with early adoption permitted. These requirements should be applied on a prospective basis with an option to apply them retrospectively. The Company is evaluating the impact that ASU 2024-03 will have on our consolidated financial statement disclosures. The FASB did not issue any other ASUs during the year ended December 31, 2024 that the Company expects to be applicable and have a material impact on the Company's financial statements. RECLASSIFICATIONS—Certain balances included in prior year's financial statements have been reclassified to conform to the current year's presentation.

REAL ESTATE AND ACQUIRED IN PLA

REAL ESTATE AND ACQUIRED IN PLACE LEASE VALUE	12 Months Ended
	Dec. 31, 2024
Real Estate [Abstract]
REAL ESTATE AND ACQUIRED IN PLACE LEASE VALUE	REAL ESTATE AND ACQUIRED IN PLACE LEASE VALUE The following table summarizes the Company's investment in consolidated real estate properties at December 31, 2024 and 2023: December 31, (Dollars in millions) 2024 2023 Land $ 979.6 $ 1,328.3 Buildings 3,548.7 3,679.1 Building improvements 466.9 511.3 Acquired in-place lease values 244.3 276.4 5,239.5 5,795.1 Less accumulated depreciation and amortization (949.1) (957.8) Real estate and acquired in place lease values, net of accumulated depreciation and amortization $ 4,290.4 $ 4,837.3 Real property, including land, buildings, and building improvements, are included in real estate and are generally stated at cost. Buildings and building improvements are depreciated on the straight-line method over their estimated lives not to exceed 40 years. Acquired in-place lease values are recorded at their estimated fair value and amortized over their respective weighted-average lease term which was 7.2 years at December 31, 2024. Depreciation and amortization expense on buildings, building improvements and acquired in-place lease values for the years ended December 31, 2024, 2023 and 2022 was $141.4 million, $148.9 million and $162.7 million, respectively. Consolidated Acquisitions The purchase of property is recorded to land, buildings, building improvements, and intangible lease value (including the value of above-market and below-market leases, acquired in-place lease values, and tenant relationships, if any) based on their respective estimated relative fair values. The purchase price generally approximates the fair value of the properties as acquisitions are transacted with third-party willing sellers after arms-length negotiations. During the years ended December 31, 2024 and 2023, Kennedy Wilson did not acquire any consolidated properties. The Company initially acquired the first asset in its United Kingdom single family rental unit platform while its partner was completing due diligence. This asset was subsequently sold into this new platform during the year ended December 31, 2024 and is accounted for as an unconsolidated investment. Gains on Sale of Real Estate, Net During the year ended December 31, 2024, Kennedy Wilson recognized gains on sale of real estate, net of $160.1 million. These gains were primarily due to (i) the Company's sale of the Shelbourne Hotel, which resulted in a gain of $99.1 million; (ii) the sale of a wholly-owned multifamily asset in Western United States for a gain of $56.1 million; (iii) the sale of a building in an office campus, which resulted in a gain of $21.6 million; (iv) the deconsolidation of a previously wholly-owned multifamily property as a result of our sale of 90% of the ownership interest to a new partner which resulted in a gain of $8.1 million; and (v) the remainder of gain on sale of real estate, net relates to the sale of non-core retail assets in the United Kingdom and Spain which resulted in loss on sale in addition to impairments referenced below. During the year ended December 31, 2023, Kennedy Wilson recognized gains on sale of real estate, net of $127.6 million. These gains were primarily due to (i) the Company's sale of 49% of its equity interest in two previously wholly-owned market-rate multifamily properties into an existing joint venture platform managed by the Company and which the Company retained a noncontrolling 51% interest in such properties, which resulted in a gain on sale of real estate of $79.5 million; (ii) the sale of a Western United States property to VHH, pursuant to which the Company retains an interest in the asset through its ownership interest in VHH, which resulted in a gain of $15.1 million; (iii) the sale of a consolidated multifamily property owned with a noncontrolling interest partner which resulted in a gain of $37.6 million ($20.1 million of which was at the Company's share) and (iv) the remainder of gain on sale of real estate relates to the sale of non-core retail and residential properties in the Western United States, United Kingdom, Ireland, and Spain. During the year ended December 31, 2022, due to the sale and deconsolidation of multifamily asset in the Western United States, the Company recognized a $56.7 million gain on sale of real estate, net and generated $30.2 million of cash proceeds for the Company. The gain is due to the sale of the 49% interest to the Company's partner and the recording of the Company's retained 51% interest in unconsolidated investments at the fair value established by the transaction. Included in the net gains for the year ended December 31, 2024, 2023 and 2022 are impairment losses of $22.1 million, $28.6 million and $13.3 million, respectively, primarily relating to European non-core retail and office assets. Leases The Company leases its operating properties to customers under agreements that are classified as operating leases. The total minimum lease payments provided for under the leases are recognized on a straight-line basis over the lease term. The majority of the Company's rental expenses, including common area maintenance, real estate taxes and insurance, are recovered from the Company's tenants. The Company records amounts reimbursed by customers in the period that the applicable expenses are incurred, which is generally ratably throughout the term of the lease. The reimbursements are recognized in rental income in the consolidated statements of operations as the Company is the primary obligor with respect to purchasing and selecting goods and services from third-party vendors and bearing the associated credit risk. The following table summarizes the minimum lease payments due from the Company's tenants on leases with lease periods greater than one year at December 31, 2024: (Dollars in millions) Minimum Rental Revenues (1) 2025 $ 118.6 2026 103.7 2027 90.7 2028 75.8 2029 59.5 Thereafter 124.8 Total $ 573.1 (1) These amounts do not reflect future rental revenues from the renewal or replacement of existing leases, rental increases that are not fixed and exclude reimbursements of rental expenses.

UNCONSOLIDATED INVESTMENTS

UNCONSOLIDATED INVESTMENTS	12 Months Ended
	Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
UNCONSOLIDATED INVESTMENTS	UNCONSOLIDATED INVESTMENTS Kennedy Wilson has a number of joint venture interests including commingled funds and separate accounts, generally ranging from 5% to 50%, that were formed to acquire, manage, develop, service and/or sell real estate. Kennedy Wilson has significant influence over these entities, but not control. Accordingly, these investments are accounted for under the equity method. Joint Venture and Fund Holdings The following table details Kennedy Wilson's investments in joint ventures by investment type and geographic location as of December 31, 2024: (Dollars in millions) Multifamily Commercial Hotel Funds Residential and Other Total Western U.S. $ 856.0 $ 74.1 $ 249.7 $ 63.4 $ 183.3 $ 1,426.5 Ireland 279.2 125.1 — 4.9 — 409.2 United Kingdom 7.7 154.2 — 28.4 16.4 206.7 Total $ 1,142.9 $ 353.4 $ 249.7 $ 96.7 $ 199.7 $ 2,042.4 The following table details the Kennedy Wilson's investments in joint ventures by investment type and geographic location as of December 31, 2023: (Dollars in millions) Multifamily Commercial Hotel Funds Residential and Other Total Western U.S. $ 820.9 $ 71.6 $ 253.0 $ 96.2 $ 156.2 $ 1,397.9 Ireland 313.8 158.7 — 5.4 — 477.9 United Kingdom — 139.8 — 31.5 22.0 193.3 Total $ 1,134.7 $ 370.1 $ 253.0 $ 133.1 $ 178.2 $ 2,069.1 During the year ended December 31, 2024, the change in unconsolidated investments primarily relates to $125.0 million of cash contributions to unconsolidated investments, $147.4 million of distributions from unconsolidated investments, $16.5 million associated with the deconsolidations, $6.4 million of gains from unconsolidated investments (net of $6.3 million of fair value losses), and a $29.9 million decrease related to other items, which primarily related to foreign exchange movements. As of December 31, 2024 and December 31, 2023, $1,884.4 million and $1,927.0 million, respectively, of unconsolidated investments were accounted for at fair value. See Note 5 for more detail. Contributions to Joint Ventures During the year ended December 31, 2024, Kennedy Wilson contributed $125.0 million to joint ventures, primarily to capital calls with respect to the new European investments in industrial and single family housing, and fund new acquisitions in the Company's new United States based commingled fund and multifamily properties in Western United States with separate account partners. Distributions from Joint Ventures The following table details cash distributions by investment type and geographic location for the year ended December 31, 2024: Multifamily Commercial Funds Residential and Other Total (Dollars in millions) Operating Investing Operating Investing Operating Investing Operating Investing Operating Investing Western U.S. $ 34.7 $ 74.4 $ 9.2 $ 1.7 $ 1.3 $ 2.8 $ 0.2 $ 4.5 $ 45.4 $ 83.4 Ireland 9.8 — 4.3 2.1 — — — — 14.1 2.1 United Kingdom — — 0.1 0.2 — — 1.2 0.9 1.3 1.1 Total $ 44.5 $ 74.4 $ 13.6 $ 4.0 $ 1.3 $ 2.8 $ 1.4 $ 5.4 $ 60.8 $ 86.6 Investing distributions resulted primarily from sale of a multifamily property in Western United States, conversions of VHH properties from development to operating, the redemption of an interest in a hedge fund investment and excess proceeds from the refinancing of mortgage loans on properties. Operating distributions resulted from operating cash flow generated by the joint venture investments that have been distributed to the Company. Income from Unconsolidated Investments The following table presents income from unconsolidated investments recognized by Kennedy Wilson during the years ended December 31, 2024, 2023 and 2022: Year Ended December 31, (Dollars in millions) 2024 2023 2022 Income from unconsolidated investments - operating performance $ 29.9 $ 40.8 $ 80.2 Income from unconsolidated investments - realized gains from cost basis investments 32.6 — 4.7 (Loss) income from unconsolidated investments - unrealized and realized fair value (losses) gains (6.3) (229.3) 114.6 Principal co-investments 56.2 (188.5) 199.5 Loss from unconsolidated investments - carried interests Funds (38.8) (39.5) (18.4) Loss from unconsolidated investments - carried interests co-investments (10.9) (24.8) (2.7) Income (loss) from unconsolidated investments $ 6.5 $ (252.8) $ 178.4 Operating performance During the year ended December 31, 2024, the Company recognized an increase in rental and hotel revenue compared to the same period in 2023, primarily as a result of the recapitalization of certain previously consolidated multifamily properties that are now a part of our Co-Investment Portfolio and the opening of the Kona Village Resort in July 2023. This increase in rental and hotel revenue was offset by: (i) costs associated with the ongoing stabilization of the Kona Village Resort and development properties in Europe that are in the process of leasing up, as these projects were under development in prior period and all costs were capitalized during construction (ii) higher interest expense due to changes in the contractual interest rates of our indebtedness and higher debt balances due to the increase in assets in Co-Investment Portfolio; and (iii) lower income from sales of residential units at our Kohanaiki development in Hawaii as compared to the prior period. Realized Gains During the year ended December 31, 2024, the Company sold the majority of its interest in an unconsolidated investment that was not accounted for under the fair value method of accounting and recognized a gain of $32.6 million. Fair Value During the year ended December 31, 2024 , the Company recorded fair value decreases with respect to: (i) lower fair values with respect to office properties in the Western United States, Ireland and United Kingdom due to market assumptions of higher vacancy rates and lower rental growth with respect to the same; and (ii) non-cash fair value losses on mortgage debt and interest rate hedges as previous non-cash fair value gains unwind due to loans and hedges moving closer to maturity dates. These fair value decreases were offset by (i) fair value increases with respect to our minority ownership interest in Zonda, a technology based real estate residential housing advisory business, as a result of its recent completion of a merger transaction; (ii) fair value increases associated with our investment in VHH due to increases in NOI at the underlying properties and lower cost of capital associated with the business as interest rates have moved down; and (iii) fair value increase on a recently completed multifamily development in the Western United States as operations ramp up. During the year ended December 31, 2024 , we recorded a $38.8 million decrease in the accrual for carried interests in our Funds, primarily related to the fair value decreases that the Company recorded with respect to certain office assets within the Company's United States commingled fund. There was also a $10.9 million decrease in carried interests on certain separate account platforms that hold multifamily assets in the Western United States. During the year ended December 31, 2023, valuations pulled back primarily as a result of continued expansion of estimated capitalization rates and significant reductions in transaction volumes and liquidity due to, increased borrowing rates as the Federal Reserve continued its interest rate hikes and increased the federal funds rate by 100 basis points during 2023. As such, during the year ended December 31, 2023 the Company recorded fair value decreases with respect to: (i) certain office properties in the Western United States, Ireland and United Kingdom primarily due to expansion in estimated capitalization rates, primarily as a result of increased interest rates, which also led to us recording a decrease of the accrued carried interests with respect to funds that held these investments as discussed below; (ii) certain market rate multifamily properties in the Western United States and Ireland primarily due to expansion in estimated capitalization rates; (iii) the write off of a $5 million investment in a social impact real estate fund manager; and (iv) a decrease in the fair value of a building that we hold a 10% ownership interest in due to a national co-working office tenant no longer paying rent at such property. These fair value decreases were offset by (i) a fair value increase of $51.5 million with respect to our investment in VHH (our affordable rate multifamily platform) due to gains on the conversion of the status of one of VHH’s largest properties from development to operating, gains associated with the conversion of the loan secured by such property from a floating rate construction loan to a long-term fixed rate mortgage (the rate of which was set in 2019), the resyndication of properties and (ii) fair value increases recognized by the Company on fixed rate mortgages due to increases in market interest rates. During the year ended December 31, 2023 , the Company recorded a $39.5 million decrease in the accrual for carried interests relating to commingled funds that hold office assets and a $24.8 million reduction on carried interests associated with market rate multifamily separate account platforms in the Western United States and Ireland. Vintage Housing Holdings As of December 31, 2024 and 2023, the carrying value of the Company's investment in VHH was $333.9 million and $285.9 million, respectively. The total equity income recognized from the Company's investment in VHH was $47.1 million, $63.0 million and $119.8 million for the years ended December 31, 2024, 2023 and 2022, respectively. Distributions in the current period primarily relate to operating distributions and distributions associated with the conversion of development properties to operating properties. During the year ended December 31, 2024, the Company received $27.4 million of proceeds from VHH, including $10.3 million from recurring monthly distributions, $6.8 million from paid developer fees at conversion from development properties to operating properties and $10.3 million from sales and refinancings. Capital Commitments As of December 31, 2024, Kennedy Wilson had unfulfilled capital commitments totaling $284.7 million to ten of its unconsolidated joint ventures, including $61.1 million relating to four closed-end funds managed by Kennedy Wilson, under the respective operating agreements. Summarized Financial Data VHH The income from VHH was a significant component of the Company's operations for the year ended December 31, 2024 and 2022. Information for year ended December 31, 2023 is show for comparative purposes. Summarized financial information is provided below: VHH December 31, (Dollars in millions) 2024 2023 Cash and cash equivalents $ 148.5 $ 44.0 Accounts receivable 28.3 3.7 Real estate 2,141.3 2,054.9 Other 38.7 0.3 Total assets $ 2,356.8 $ 2,102.9 Liabilities Accounts payable and accrued expenses $ 120.1 $ 21.1 Mortgage debt 1,523.9 1,417.4 Total liabilities 1,644.0 1,438.5 Equity Kennedy Wilson - investment in unconsolidated investment 332.6 285.9 Partners 380.2 378.5 Total equity 712.8 664.4 Total liabilities and equity $ 2,356.8 $ 2,102.9 VHH (Dollars in millions) Year Ended December 31, 2024 2023 2022 Rental income $ 174.9 $ 154.6 $ 131.0 Unrealized fair value gains 36.4 114.4 270.7 Rental expenses (61.2) (52.1) (41.0) Interest expense (62.8) (52.0) (45.6) Other expense (4.2) (8.2) — Net income 83.1 156.7 315.1 Income attributable to partner (36.0) (93.7) (195.3) Income from unconsolidated investment $ 47.1 $ 63.0 $ 119.8

FAIR VALUE MEASUREMENTS AND THE

FAIR VALUE MEASUREMENTS AND THE FAIR VALUE OPTION	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS AND THE FAIR VALUE OPTION	FAIR VALUE MEASUREMENTS AND THE FAIR VALUE OPTION The following table presents fair value measurements (including items that are required to be measured at fair value and items for which the fair value option has been elected) as of December 31, 2024: (Dollars in millions) Level 1 Level 2 Level 3 Total Unconsolidated investments $ — $ — $ 1,884.4 $ 1,884.4 Net currency derivative contracts — (1.2) — (1.2) Total $ — $ (1.2) $ 1,884.4 $ 1,883.2 The following table presents fair value measurements (including items that are required to be measured at fair value and items for which the fair value option has been elected) as of December 31, 2023: (Dollars in millions) Level 1 Level 2 Level 3 Total Unconsolidated investments $ — $ — $ 1,927.0 $ 1,927.0 Net currency derivative contracts — (23.7) — (23.7) Total $ — $ (23.7) $ 1,927.0 $ 1,903.3 Unconsolidated Investments Kennedy Wilson elected to use the FV Option for 72 unconsolidated investments to more accurately reflect the timing of the value created in the underlying investments and report those changes in current operations. Kennedy Wilson's investment balance in the FV Option investments was $1,787.7 million and $1,793.9 million at December 31, 2024 and 2023, respectively, which are included in unconsolidated investments in the accompanying balance sheets. Additionally, Kennedy Wilson records its investments in its managed commingled funds (the "Funds") based upon the net assets that would be allocated to its interests in the Funds, assuming the Funds were to liquidate their investments at fair value as of the reporting date. The Company’s investment balance in the Funds was $96.7 million and $133.1 million at December 31, 2024 and 2023, respectively, which is included in unconsolidated investments in the accompanying consolidated balance sheets. In estimating fair value of real estate held by the Funds and the 72 FV Option investments, the Company considers significant unobservable inputs to be the capitalization and discount rates. The following table summarizes the Company's investments in unconsolidated investments held at fair value by type: (Dollars in millions) December 31, 2024 December 31, 2023 FV Option $ 1,787.7 $ 1,793.9 Funds 96.7 133.1 Total $ 1,884.4 $ 1,927.0 The following table presents changes in Level 3 investments, investments in investment companies and investments in joint ventures that elected the fair value option, for the years ended December 31: (Dollars in millions) 2024 2023 2022 Beginning balance $ 1,927.0 $ 2,093.7 $ 1,794.8 Unrealized and realized gains, including carried interests 142.2 111.5 274.4 Unrealized and realized losses (178.1) (377.4) (114.1) Contributions 105.3 168.8 348.1 Distributions (97.2) (143.9) (188.9) Foreign exchange (29.8) 25.0 (55.8) Other 15.0 49.3 35.2 Ending balance $ 1,884.4 $ 1,927.0 $ 2,093.7 The Other balance for the year ended December 31, 2024 relates to the non-cash transfer of one consolidated multifamily property into VHH. The Other balance for the year ended December 31, 2023 primarily consists of non-cash contributions relating to two recapitalized multifamily investments into a separate account platform and one multifamily property into VHH. The Other balance for the year ended December 31, 2022 includes $31.9 million related to the sale of a 49% ownership interest in multifamily asset located in the Western United States. As the increase in unconsolidated investments was due to a non-cash movement the amounts are reflected in Other above. See notes to cash flow statement and Note 3 for further discussion regarding the sale. The change in unrealized gains and losses on Level 3 investments during 2024 and 2023 for investments still held as of December 31, 2024 and 2023 were losses of $16.7 million and losses of $178.2 million, respectively. The change in unrealized and realized gains and losses are included in principal co-investments Unobservable Inputs for Real Estate The Company accounts for a number of unconsolidated investments under fair value, the accuracy of estimating fair value 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. Recently, there has also been a lack of liquidity in the capital markets as well as limited transactions which has had 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 used, including market-derived estimated 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. Ongoing macroeconomic conditions, such as, but not limited to, elevated levels of inflation and interest rates, banks' ability and willingness to lend, recent adverse developments affecting regional banks and other financial institutions and the ongoing military conflicts around the world, continue to fuel recessionary fears and create volatility in our business results and operations. Any prolonged downturn in the financial markets or a recession, either globally or locally in the United States or in other countries in which we conduct business, could impact the fair value of investments held by the Company. As a result of the rapid development, fluidity and uncertainty surrounding these situations, the Company expects that information with respect to fair value measurement may change, potentially significantly, going forward and may not be indicative of the actual impact on our business, operations, cash flows and financial condition for the year ended December 31, 2024 and future periods. In determining estimated fair market values, the Company utilizes two approaches to value real estate, a discounted cash flow analysis and direct capitalization approach. Discounted cash flow models estimate future cash flows from a buyer's perspective (including terminal values) and compute a present value using a market discount rate. The holding period in the analysis is typically ten years. This is consistent with how market participants often estimate values in connection with buying real estate but these holding periods can be shorter depending on the life of the structure an investment is held within. The cash flows include a projection of the net sales proceeds at the end of the holding period, computed using a market reversionary capitalization rate. For our investment in VHH the Company fair values its general partner ("GP") interests net cashflows utilizing a levered discount rate. Under the direct capitalization approach, the Company applies a market derived estimated capitalization rate to current and future income streams with appropriate adjustments for tenant vacancies or rent-free periods. These estimated capitalization rates and future income streams are derived from comparable property and leasing transactions and are considered to be key inputs in the valuation. Other factors that the Company takes into account under both approaches may include transaction structuring efficiencies, tenancy details, planning, building and environmental factors that might affect the property. The Company also utilizes valuations from independent real estate appraisal firms on some of its investments ("appraised valuations"), with certain investment structures requiring appraised valuations periodically (typically annually). All appraised valuations are reviewed and approved by the Company. The Company has an investment in a Zonda, a technology based real estate business that offers residential construction data that is accounted for at fair value which is valued at the Company's share of the business using a multiple on trailing twelve months EBITDA. The table below describes the range of inputs used as of December 31, 2024 for real estate assets: Estimated Rates Used For Capitalization Rates Discount Rates Multifamily - Affordable Income approach - discounted cash flow 6.30% — 7.20% 8.30% — 9.20% Multifamily - Affordable GP interest Income approach - discounted cash flow N/A 16.00% — 19.50% Multifamily - Market Rate Income approach - direct capitalization 4.60% — 6.50% N/A Office Income approach - discounted cash flow 5.20% — 7.50% 7.30% — 9.30% Income approach - direct capitalization 5.30% — 10.30% N/A Industrial Income approach - discounted cash flow 5.00% —6.30% 6.30% — 7.80% Income approach - direct capitalization 4.00% — 8.90% N/A Hotel Income approach - discounted cash flow 6.00% 8.30% In valuing indebtedness, Kennedy Wilson considers significant inputs to be the term of the debt, value of collateral, market loan-to-value ratios, market interest rates and spreads, and credit quality of investment entities. The credit spreads used by Kennedy Wilson to value floating rate indebtedness range from 2.00% to 3.60%, while the market rates used to value fixed rate indebtedness range from 4.10% to 9.30%. There is no active secondary market for the Company's development projects and no readily available market value given the uncertainty of the amount and timing of future cash flows. Accordingly, determination of fair value of its development projects requires judgment and extensive use of estimates. Therefore, the Company typically uses investment cost as the estimated fair value until future cash flows become more predictable. Additionally, the fair value of its development projects may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Company may ultimately realize. If the Company were required to liquidate an investment in a forced or liquidation sale, it could realize significantly less than the value at which the Company has recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the currently assigned valuations. Currency Derivative Contracts Kennedy Wilson uses foreign currency derivative contracts such as forward contracts and options to manage its foreign currency risk exposure against a portion of certain non-U.S. dollar denominated currency net investments. Foreign currency options are valued using a variant of the Black-Scholes model tailored for currency derivatives and the foreign currency forward contracts are valued based on the difference between the contract rate and the forward rate at maturity of the underlying currency applied to the notional value in the underlying currency discounted at a market rate for similar risks. Although the Company has determined that the majority of the inputs used to value its currency derivative contracts fall within Level 2 of the fair value hierarchy, the counterparty risk adjustments associated with the currency derivative contracts utilize Level 3 inputs. However, as of December 31, 2024 and 2023, Kennedy Wilson assessed the significance of the impact of the counterparty valuation adjustments on the overall valuation of its derivative positions and determined that the counterparty valuation adjustments are not significant to the overall valuation of its derivative. As a result, the Company has determined that our derivative valuation in its entirety be classified in Level 2 of the fair value hierarchy. Changes in fair value are recorded in other comprehensive income (loss) in the accompanying consolidated statements of comprehensive income as the portion of the currency forward and option contracts used to hedge currency exposure of its certain consolidated subsidiaries qualifies as a net investment hedge under ASC Topic 815, Derivatives and Hedging . Changes in fair value on hedges associated with investments that are held at fair value are recorded through principal co-investments within income from unconsolidated investments. The Company has elected to amortize the spot to forward difference ("forward points") to interest expense over the contractual life of the hedges. On hedges associated with fair value investments the forward point amortization to interest expense is recorded as a component of principal co-investments. The fair value of the currency derivative contracts held as of December 31, 2024 and 2023 are reported in other assets for hedge assets and included in accrued expenses and other liabilities for hedge liabilities on the accompanying balance sheet. See Note 15 for a complete discussion on other comprehensive income including currency forward and option contracts and foreign currency translations. The table below details the currency forward contracts and currency option contracts Kennedy Wilson had as of December 31, 2024: (Dollars in millions) December 31, 2024 Year Ended December 31, 2024 Currency Hedged Underlying Currency Notional Hedge Asset Hedge Liability Change in Unrealized Gains (Losses) Recognized Gains Interest Expense Cash Received (Paid) Outstanding EUR USD € 155.0 $ — $ 4.4 $ 0.4 $ 8.7 $ 1.4 $ — EUR (1) GBP € 40.0 — 0.6 (0.2) — — — EUR (1)(2) GBP € 300.0 — — 24.4 — — — GBP USD £ 375.0 4.9 1.1 3.7 0.6 0.5 — Total Outstanding 4.9 6.1 28.3 9.3 1.9 — Settled EUR USD — — — 2.7 2.1 4.0 GBP USD — — 2.5 0.7 1.0 (2.4) Total Settled — — 2.5 3.4 3.1 1.6 Total $ 4.9 $ 6.1 $ 30.8 (3) $ 12.7 $ 5.0 $ 1.6 (1) Hedge is held by KWE on its wholly-owned subsidiaries. (2) Relates to KWE's Euro Medium Term Note. See discussion in Note 10. (3) Excludes deferred tax expense of $1.4 million. The gains and losses recognized through other comprehensive income (loss) will remain in accumulated other comprehensive income (loss) until the underlying investments they were hedging are substantially liquidated by Kennedy Wilson. During the year ended December 31, 2024, the Company reclassified a loss of $8.8 million from other comprehensive loss to gain on sale of real estate relating to the sale of the Shelbourne hotel and $2.1 million gain on an interest rate swap due to the repayment of the underlying mortgage. The currency derivative contracts discussed above are offset by foreign currency translation of the Company's foreign net assets. For the year ended December 31, 2024, Kennedy Wilson had a gross foreign currency translation losses on its net assets of $37.1 million. As of December 31, 2024, the Company has hedged 95% of the net asset carrying value of its euro denominated investments and 83% of the net asset carrying value of its GBP denominated investments. See Note 15 for a complete discussion on other comprehensive income including currency derivative contracts and foreign currency translations. Interest Rate Derivatives The Company has interest rate swaps and caps to hedge its exposure to rising interest rates. Changes in the value of interest rate swaps and caps that are undesignated are recorded to other income and had fair value gains of $10.0 million and $5.9 million for the years ended December 31, 2024 and 2023, respectively. Some of the Company's unconsolidated investments have interest rate caps, which resulted in a gain of $0.4 million and a loss of $5.2 million recorded in principal co-investments for the years ended December 31, 2024 and 2023, respectively. The carrying amounts of cash and cash equivalents, accounts receivable including related party receivables, accounts payable, accrued expenses and other liabilities approximate fair value due to their short-term maturities. The carrying value of loans (excluding related party loans as they are presumed not to be an arm’s length transaction) approximates fair value as the terms are similar to loans with similar characteristics available in the market. Debt liabilities are accounted for at face value plus net unamortized debt premiums. Debt assumed in an asset acquisition, or business combination, is recorded at fair value on the date of acquisition. The aggregate fair value as of December 31, 2024 and 2023 for mortgages, KW unsecured debt, and KWE unsecured bonds were estimated to be approximately $4.5 billion and $5.0 billion, respectively, based on a comparison of the yield that would be required in a current transaction, taking into consideration the risk of the underlying collateral and the Company's credit risk to the current yield of a similar security, compared to their aggregate carrying value of $4.8 billion and $5.6 billion as of December 31, 2024 and 2023, respectively. The inputs used to value mortgages, KW unsecured debt, and KWE unsecured bonds are based on observable inputs for similar assets and quoted prices in markets that are not active and are therefore determined to be level 2 inputs.

LOANS

LOANS	12 Months Ended
	Dec. 31, 2024
Receivables [Abstract]
LOANS	LOANS The global debt platform consists of two groups: the Company's construction lending portfolio, which was established with the acquisition of the Construction Loan Portfolio from Pacific Western Bank in the second quarter of 2023 (as detailed below) and the Company's bridge loan portfolio. During the year ended December 31, 2023, the Company and affiliates of Fairfax Financial Holdings Limited (collectively, "Fairfax"), its equity partner, acquired a $4.1 billion construction loan portfolio from Pacific Western Bank (the "Construction Loan Portfolio"). The Company’s investment in the Construction Loan Portfolio was 5% of the purchase price and the future funding obligations. The $4.1 billion represented the gross commitment amount for the Construction Loan Portfolio, which has been reduced to $3.7 billion as of December 31, 2023, due to loan repayments. The Construction Loan Portfolio has a current outstanding balance of $2.4 billion (Kennedy Wilson share of $118.9 million), not including the 4.5% discount on gross commitment amounts from the time of purchase. As of December 31, 2024, the Company had unfulfilled capital commitments totaling $123.4 million to our loan portfolio. The Company had loan purchases and originations of $231.1 million and $247.2 million at December 31, 2024 and December 31, 2023, respectively. During the year ended December 31, 2024 and December 31, 2023, the Company had loan income of $31.2 million and $26.1 million, respectively. During the year ended December 31, 2024 and 2023, the Company recorded a $11.2 million and $7.0 million of credit loss reserve through other (loss) income. See Note 2 for more detail on CECL reserves.

OTHER ASSETS

OTHER ASSETS	12 Months Ended
	Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER ASSETS	OTHER ASSETS Other assets consist of the following: December 31, (Dollars in millions) 2024 2023 Straight line rent receivable $ 40.5 $ 45.8 Interest rate caps and swaps 12.9 29.0 Goodwill 23.9 23.9 Hedge assets 4.9 13.3 Prepaid expenses 14.0 13.1 Deferred taxes, net 7.0 10.0 Leasing commissions, net of accumulated amortization of $13.5 and $13.4 at December 31, 2024 and 2023, respectively 7.9 9.0 Right of use asset, net 10.1 8.9 Furniture and equipment net of accumulated depreciation of $21.7 and $30.8 at December 31, 2024 and 2023, respectively 5.3 7.0 Above-market leases, net of accumulated amortization of $38.5 and $42.4 at December 31, 2024 and 2023, respectively 1.4 2.5 Other 13.1 25.0 Other Assets $ 141.0 $ 187.5 Depreciation and amortization expense related to the above depreciable assets were $6.9 million, $8.8 million, and $10.2 million for the years ended December 31, 2024, 2023 and 2022, respectively. Right of use asset, net The Company, as a lessee, has three office leases and two ground leases, which qualify as operating leases, with remaining lease terms of two The following table summarizes the fixed, future minimum rental payments, excluding variable costs, which are discounted to calculate the right of use asset and related lease liability for its operating leases in which we are the lessee: (Dollars in millions) Minimum Rental Payments 2025 $ 1.0 2026 1.3 2027 1.3 2028 1.3 2029 1.3 Thereafter 29.1 Total undiscounted rental payments 35.3 Less imputed interest (26.7) Right of use asset $ 8.6 Rental expense was $1.1 million, $0.7 million, and $0.6 million for the years ended December 31, 2024, 2023 and 2022, respectively, and is included in general and administrative expense on the accompanying consolidated statements of operations.

MORTGAGE DEBT

MORTGAGE DEBT	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
MORTGAGE DEBT	MORTGAGE DEBT The following table details mortgage debt secured by Kennedy Wilson's consolidated properties as of December 31, 2024 and 2023: (Dollars in millions) Carrying amount of mortgage debt as of December 31, (1) Mortgage Debt by Product Type Region 2024 2023 Multifamily (1) Western U.S. $ 1,664.9 $ 1,711.0 Commercial (1) United Kingdom 434.3 509.9 Commercial Western U.S. 209.4 258.2 Commercial (1) Ireland 303.1 337.8 Commercial Spain — 37.7 Mortgage debt (excluding loan fees) (1) 2,611.7 2,854.6 Unamortized loan fees (14.5) (13.7) Total Mortgage Debt $ 2,597.2 $ 2,840.9 (1) The mortgage debt payable balances include unamortized debt discount. Debt discount represent the difference between the fair value of debt and the principal value of debt assumed in various acquisitions and are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. The net unamortized loan discount as of December 31, 2024 and 2023 was $1.4 million and $1.0 million, respectively. The mortgage debt had a weighted average interest rate of 4.84% and 5.10% per annum as of December 31, 2024 and 2023, respectively. As of December 31, 2024, 70% of Kennedy Wilson's property level debt was fixed rate, 27% was floating rate with interest caps and 2% was floating rate without interest caps, compared to 65% fixed rate, 35% floating rate with interest caps and 0% floating rate without interest caps, as of December 31, 2023. Mortgage Debt Transactions and Maturities During the year ended December 31, 2024, six existing mortgages were refinanced and one loan was deconsolidated. The aggregate maturities of mortgage loans including amortization and effects of any extension options as of December 31, 2024 are as follows: (Dollars in millions) Aggregate Maturities 2025 (1) $ 141.3 2026 515.0 2027 341.3 2028 332.9 2029 304.5 Thereafter 978.1 2,613.1 Unamortized debt discount (1.4) Unamortized loan fees (14.5) Total Mortgage Debt $ 2,597.2 (1) The Company expects to repay the amounts maturing in the next twelve months with new mortgage loans, cash generated from operations, existing cash balances, proceeds from dispositions of real estate investments, or as necessary, with borrowings on the Company's Third A&R Facility.

KW UNSECURED DEBT

KW UNSECURED DEBT	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
KW UNSECURED DEBT	KW UNSECURED DEBT The following table details KW unsecured debt as of December 31, 2024 and 2023: December 31, (Dollars in millions) 2024 2023 Credit Facility $ 98.3 $ 150.4 Senior Notes (1) 1,802.7 1,803.1 KW Unsecured Debt 1,901.0 1,953.5 Unamortized loan fees (23.1) (19.2) Total KW Unsecured Debt $ 1,877.9 $ 1,934.3 (1) The senior notes balances include unamortized debt premiums. Debt premiums represent the difference between the fair value of debt and the principal value of debt assumed in various acquisitions and are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. The unamortized debt premium as of December 31, 2024 and December 31, 2023 was $2.7 million and $3.1 million, respectively. Borrowings Under Credit Facilities On September 12, 2024, the Kennedy-Wilson, Inc., a wholly-owned subsidiary of the Company (the "Borrower"), the Company and certain of the Company's subsidiaries entered into that certain Third Amended and Restated Credit Agreement (the "Credit Agreement", and the $550 million revolving line of credit thereunder, the "Third A&R Facility") with Bank of America, N.A., as administrative agent, and the lenders and letter of credit issuers party thereto. Loans under the Third A&R Facility bear interest at a rate equal to Daily Secured Overnight Financing Rate ("SOFR") or Term SOFR plus an applicable rate between 1.75% and 2.75%, depending on the consolidated leverage ratio as of the applicable measurement date. The Third A&R Facility has a maturity date of September 12, 2027 and has two six-month extension options. The Third A&R Facility has certain covenants as set forth in the Credit Agreement that, among other things, limit the Company and certain of its subsidiaries’ ability to incur additional indebtedness, pay dividends or make distributions to stockholders, repurchase capital stock or debt, make investments, sell assets or subsidiary stock, create or permit liens, engage in transactions with affiliates, enter into sale/leaseback transactions, issue subsidiary equity and enter into consolidations or mergers. The Credit Agreement require the Company to maintain (i) a maximum consolidated leverage ratio (as defined in the Credit Agreement) of not greater than 65%, measured as of the last day of each fiscal quarter, (ii) a minimum fixed charge coverage ratio (as defined in the Credit Agreement) of not less than 1.60 to 1.00, measured as of the last day of each fiscal quarter for the period of four full fiscal quarters then ended, (iii) a minimum consolidated tangible net worth equal to or greater than the sum of $1,844,222,000 plus an amount equal to fifty percent (50%) of net equity proceeds received by the Company after the date of the most recent financial statements that are available as of September 12, 2024, measured as of the last day of each fiscal quarter, (iv) a maximum recourse leverage ratio (as defined in the Credit Agreement) of not greater than an amount equal to consolidated tangible net worth as of the measurement date multiplied by 1.5, measured as of the last day of each fiscal quarter, (v) a maximum secured recourse leverage ratio (as defined in the Credit Agreement) of not greater than an amount equal to 3.5% of consolidated total asset value (as defined in the Credit Agreement) and $313,054,000, (vi) a maximum adjusted secured leverage ratio (as defined in the Credit Agreement) of not greater than 55%, measured as of the last day of each fiscal quarter, and (vii) liquidity (as defined in the Credit Agreement) of at least $75.0 million. As of December 31, 2024, the Company was in compliance with all financial covenant calculations. The obligations of the Borrower pursuant to the Credit Agreement are guaranteed by the Company and certain wholly-owned subsidiaries of the Company. As of December 31, 2024, the Company had $98.3 million outstanding on the Third A&R Facility with $451.7 million available to be drawn. The average outstanding borrowings under credit facilities was $186.8 million during the year ended December 31, 2024. Senior Notes On February 11, 2021, Kennedy-Wilson, Inc., as issuer, issued $500.0 million aggregate principal amount of 4.750% senior notes due 2029 (the “2029 notes”) and $500.0 million aggregate principal amount of 5.000% senior notes due 2031 (the “2031 notes” and, together with the 2029 notes, the “initial notes”). On March 15, 2021, Kennedy-Wilson, Inc. issued an additional $100 million aggregate principal of the 2029 notes and an additional $100 million of the 2031 notes. These additional notes were issued as "additional notes" under the indentures pursuant to which Kennedy Wilson previously issued 2029 notes and the 2031 notes. On August 23, 2021, Kennedy-Wilson, Inc. issued $600.0 million aggregate principal amount of 4.750% senior notes due 2030 (the "2030 notes" and, together with the 2029 notes and the 2031 notes, the "notes"). The notes are senior, unsecured obligations of Kennedy Wilson and are guaranteed by Kennedy-Wilson Holdings, Inc. and certain subsidiaries of Kennedy Wilson. The notes accrue interest at a rate of 4.750% (in the case of the 2029 notes), 4.750% (in the case of the 2030 notes) and 5.000% (in the case of the 2031 notes) per annum, payable semi-annually in arrears on March 1 and September 1 of each year, beginning on September 1, 2021 for the 2029 notes and 2031 notes and March 1, 2022 for the 2030 notes. The notes will mature on March 1, 2029 (in the case of the 2029 notes), February 1, 2030 (in case of 2030 notes) and March 1, 2031 (in the case of the 2031 notes), in each case unless earlier repurchased or redeemed. At any time prior to March 1, 2024 (in the case of the 2029 notes), September 1, 2024 (in the case of the 2030 notes) or March 1, 2026 (in the case of the 2031 notes), Kennedy Wilson had the right to (with respect to the 2029 Notes and 2030 Notes) and may redeem the 2031 Notes, in whole or in part, at a redemption price equal to 100% of their principal amount, plus an applicable “make-whole” premium and accrued and unpaid interest, if any, to the redemption date. At any time and from time to time on or after March 1, 2024 (in the case of the 2029 notes), September 1, 2024 (in the case of the 2030 notes) or March 1, 2026 (in the case of the 2031 notes), Kennedy Wilson may redeem the notes of the applicable series, in whole or in part, at specified redemption prices set forth in the indenture governing the notes of the applicable series, plus accrued and unpaid interest, if any, to the redemption date. In addition, prior to March 1, 2024 (for 2029 notes and 2031 notes) and September 1, 2024 (for 2030 notes), Kennedy Wilson may redeem up to 40% of the notes of either series from the proceeds of certain equity offerings. No sinking fund will be provided for the notes. Upon the occurrence of certain change of control or termination of trading events, holders of the notes may require Kennedy Wilson to repurchase their notes for cash equal to 101% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date. The indentures governing the notes contain various restrictive covenants, including, among others, limitations on the Company's ability and the ability of certain of the Company's subsidiaries to incur or guarantee additional indebtedness, make restricted payments, pay dividends or make any other distributions from restricted subsidiaries, redeem or repurchase capital stock, sell assets or subsidiary stocks, engage in transactions with affiliates, create or permit liens, enter into sale/leaseback transactions, and enter into consolidations or mergers. The indentures governing the notes limit the ability of Kennedy Wilson and its restricted subsidiaries to incur additional indebtedness if, on the date of such incurrence and after giving effect to the new indebtedness, the maximum balance sheet leverage ratio (as defined in the indenture) is greater than 1.50 to 1.00, subject to certain exceptions. As of December 31, 2024, the maximum balance sheet leverage ratio was 1.28 to 1.00. See Note 18 for the guarantor and non-guarantor financial statements. As of December 31, 2024, the Company was in compliance with all financial covenants. The following table details the KWE unsecured bonds as of December 31, 2024 and 2023: December 31, (Dollars in millions) 2024 2023 KWE Euro Medium Term Note Programme (1) $ 310.0 $ 523.3 Unamortized loan fees (0.2) (0.5) Total KWE Unsecured Bonds $ 309.8 $ 522.8 (1) The KWE unsecured bonds balances include unamortized debt discounts. Debt discounts represent the difference between the fair value of debt at issuance and the principal value of debt and are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. The net unamortized loan discount as of December 31, 2024 and 2023 was $0.5 million and $1.0 million, respectively. KWE issued senior unsecured notes for an aggregate principal amount of (€550 million) (the "KWE Notes"). The KWE Notes were issued at a discount with an annual fixed coupon of 3.25%, and mature in November 2025. KWE invested proceeds from the KWE Notes to fund equity investments in euro denominated assets and has designated the KWE Notes as a net investment hedge under ASC Topic 815. Subsequent fluctuations in foreign currency rates that impact the carrying value of the KWE Notes are recorded to accumulated other comprehensive income. During the year ended December 31, 2024, Kennedy Wilson recognized a gain of $24.4 million in accumulated other comprehensive income due to the weakening of the euro against the GBP during the period. On December 18, 2024, KWE completed a redemption of €175 million in aggregate nominal amount of its KWE Notes at a price of 100.4% of the principal amount redeemed plus accrued interest. During the year ended December 31, 2022, KWE launched a cash tender offer for up to €150.0 million in aggregate nominal amount of the KWE Notes and accepted all of the €75.0 million (approximately $80.3 million, based on December 31, 2022 rates) in aggregate nominal amount of KWE Notes validly tendered pursuant to the tender offer for a purchase price equal to 82% of the nominal amount of the KWE Notes, which resulted in a gain on extinguishment of debt of $13.9 million. The Company intends to repay the KWE Notes through a combination of cash on hand, proceeds from asset sales and its unsecured credit facility. The trust deed that governs the bonds contain various restrictive covenants for KWE, including, among others, limitations on KWE’s and its material subsidiaries’ ability to provide certain negative pledges. The trust deed limits the ability of KWE and its subsidiaries to incur additional indebtedness if, on the date of such incurrence and after giving effect to the incurrence of the new indebtedness, (1) KWE’s consolidated net indebtedness (as defined in the trust deed) would exceed 60% of KWE’s total assets (as calculated pursuant to the terms of the trust deed); and (2) KWE’s consolidated secured indebtedness (as defined in the trust deed) would exceed 50% of KWE’s total assets (as calculated pursuant to the terms of the trust deed). The trust deed also requires KWE, as of each reporting date, to maintain an interest coverage ratio (as defined in the trust deed) of at least 1.50 to 1.00 and have unencumbered assets of no less than 125% of its unsecured indebtedness (as defined in the trust deed). As of December 31, 2024, KWE was in compliance with these financial covenants.

KWE UNSECURED BONDS

KWE UNSECURED BONDS	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
KWE UNSECURED BONDS	KW UNSECURED DEBT The following table details KW unsecured debt as of December 31, 2024 and 2023: December 31, (Dollars in millions) 2024 2023 Credit Facility $ 98.3 $ 150.4 Senior Notes (1) 1,802.7 1,803.1 KW Unsecured Debt 1,901.0 1,953.5 Unamortized loan fees (23.1) (19.2) Total KW Unsecured Debt $ 1,877.9 $ 1,934.3 (1) The senior notes balances include unamortized debt premiums. Debt premiums represent the difference between the fair value of debt and the principal value of debt assumed in various acquisitions and are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. The unamortized debt premium as of December 31, 2024 and December 31, 2023 was $2.7 million and $3.1 million, respectively. Borrowings Under Credit Facilities On September 12, 2024, the Kennedy-Wilson, Inc., a wholly-owned subsidiary of the Company (the "Borrower"), the Company and certain of the Company's subsidiaries entered into that certain Third Amended and Restated Credit Agreement (the "Credit Agreement", and the $550 million revolving line of credit thereunder, the "Third A&R Facility") with Bank of America, N.A., as administrative agent, and the lenders and letter of credit issuers party thereto. Loans under the Third A&R Facility bear interest at a rate equal to Daily Secured Overnight Financing Rate ("SOFR") or Term SOFR plus an applicable rate between 1.75% and 2.75%, depending on the consolidated leverage ratio as of the applicable measurement date. The Third A&R Facility has a maturity date of September 12, 2027 and has two six-month extension options. The Third A&R Facility has certain covenants as set forth in the Credit Agreement that, among other things, limit the Company and certain of its subsidiaries’ ability to incur additional indebtedness, pay dividends or make distributions to stockholders, repurchase capital stock or debt, make investments, sell assets or subsidiary stock, create or permit liens, engage in transactions with affiliates, enter into sale/leaseback transactions, issue subsidiary equity and enter into consolidations or mergers. The Credit Agreement require the Company to maintain (i) a maximum consolidated leverage ratio (as defined in the Credit Agreement) of not greater than 65%, measured as of the last day of each fiscal quarter, (ii) a minimum fixed charge coverage ratio (as defined in the Credit Agreement) of not less than 1.60 to 1.00, measured as of the last day of each fiscal quarter for the period of four full fiscal quarters then ended, (iii) a minimum consolidated tangible net worth equal to or greater than the sum of $1,844,222,000 plus an amount equal to fifty percent (50%) of net equity proceeds received by the Company after the date of the most recent financial statements that are available as of September 12, 2024, measured as of the last day of each fiscal quarter, (iv) a maximum recourse leverage ratio (as defined in the Credit Agreement) of not greater than an amount equal to consolidated tangible net worth as of the measurement date multiplied by 1.5, measured as of the last day of each fiscal quarter, (v) a maximum secured recourse leverage ratio (as defined in the Credit Agreement) of not greater than an amount equal to 3.5% of consolidated total asset value (as defined in the Credit Agreement) and $313,054,000, (vi) a maximum adjusted secured leverage ratio (as defined in the Credit Agreement) of not greater than 55%, measured as of the last day of each fiscal quarter, and (vii) liquidity (as defined in the Credit Agreement) of at least $75.0 million. As of December 31, 2024, the Company was in compliance with all financial covenant calculations. The obligations of the Borrower pursuant to the Credit Agreement are guaranteed by the Company and certain wholly-owned subsidiaries of the Company. As of December 31, 2024, the Company had $98.3 million outstanding on the Third A&R Facility with $451.7 million available to be drawn. The average outstanding borrowings under credit facilities was $186.8 million during the year ended December 31, 2024. Senior Notes On February 11, 2021, Kennedy-Wilson, Inc., as issuer, issued $500.0 million aggregate principal amount of 4.750% senior notes due 2029 (the “2029 notes”) and $500.0 million aggregate principal amount of 5.000% senior notes due 2031 (the “2031 notes” and, together with the 2029 notes, the “initial notes”). On March 15, 2021, Kennedy-Wilson, Inc. issued an additional $100 million aggregate principal of the 2029 notes and an additional $100 million of the 2031 notes. These additional notes were issued as "additional notes" under the indentures pursuant to which Kennedy Wilson previously issued 2029 notes and the 2031 notes. On August 23, 2021, Kennedy-Wilson, Inc. issued $600.0 million aggregate principal amount of 4.750% senior notes due 2030 (the "2030 notes" and, together with the 2029 notes and the 2031 notes, the "notes"). The notes are senior, unsecured obligations of Kennedy Wilson and are guaranteed by Kennedy-Wilson Holdings, Inc. and certain subsidiaries of Kennedy Wilson. The notes accrue interest at a rate of 4.750% (in the case of the 2029 notes), 4.750% (in the case of the 2030 notes) and 5.000% (in the case of the 2031 notes) per annum, payable semi-annually in arrears on March 1 and September 1 of each year, beginning on September 1, 2021 for the 2029 notes and 2031 notes and March 1, 2022 for the 2030 notes. The notes will mature on March 1, 2029 (in the case of the 2029 notes), February 1, 2030 (in case of 2030 notes) and March 1, 2031 (in the case of the 2031 notes), in each case unless earlier repurchased or redeemed. At any time prior to March 1, 2024 (in the case of the 2029 notes), September 1, 2024 (in the case of the 2030 notes) or March 1, 2026 (in the case of the 2031 notes), Kennedy Wilson had the right to (with respect to the 2029 Notes and 2030 Notes) and may redeem the 2031 Notes, in whole or in part, at a redemption price equal to 100% of their principal amount, plus an applicable “make-whole” premium and accrued and unpaid interest, if any, to the redemption date. At any time and from time to time on or after March 1, 2024 (in the case of the 2029 notes), September 1, 2024 (in the case of the 2030 notes) or March 1, 2026 (in the case of the 2031 notes), Kennedy Wilson may redeem the notes of the applicable series, in whole or in part, at specified redemption prices set forth in the indenture governing the notes of the applicable series, plus accrued and unpaid interest, if any, to the redemption date. In addition, prior to March 1, 2024 (for 2029 notes and 2031 notes) and September 1, 2024 (for 2030 notes), Kennedy Wilson may redeem up to 40% of the notes of either series from the proceeds of certain equity offerings. No sinking fund will be provided for the notes. Upon the occurrence of certain change of control or termination of trading events, holders of the notes may require Kennedy Wilson to repurchase their notes for cash equal to 101% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date. The indentures governing the notes contain various restrictive covenants, including, among others, limitations on the Company's ability and the ability of certain of the Company's subsidiaries to incur or guarantee additional indebtedness, make restricted payments, pay dividends or make any other distributions from restricted subsidiaries, redeem or repurchase capital stock, sell assets or subsidiary stocks, engage in transactions with affiliates, create or permit liens, enter into sale/leaseback transactions, and enter into consolidations or mergers. The indentures governing the notes limit the ability of Kennedy Wilson and its restricted subsidiaries to incur additional indebtedness if, on the date of such incurrence and after giving effect to the new indebtedness, the maximum balance sheet leverage ratio (as defined in the indenture) is greater than 1.50 to 1.00, subject to certain exceptions. As of December 31, 2024, the maximum balance sheet leverage ratio was 1.28 to 1.00. See Note 18 for the guarantor and non-guarantor financial statements. As of December 31, 2024, the Company was in compliance with all financial covenants. The following table details the KWE unsecured bonds as of December 31, 2024 and 2023: December 31, (Dollars in millions) 2024 2023 KWE Euro Medium Term Note Programme (1) $ 310.0 $ 523.3 Unamortized loan fees (0.2) (0.5) Total KWE Unsecured Bonds $ 309.8 $ 522.8 (1) The KWE unsecured bonds balances include unamortized debt discounts. Debt discounts represent the difference between the fair value of debt at issuance and the principal value of debt and are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. The net unamortized loan discount as of December 31, 2024 and 2023 was $0.5 million and $1.0 million, respectively. KWE issued senior unsecured notes for an aggregate principal amount of (€550 million) (the "KWE Notes"). The KWE Notes were issued at a discount with an annual fixed coupon of 3.25%, and mature in November 2025. KWE invested proceeds from the KWE Notes to fund equity investments in euro denominated assets and has designated the KWE Notes as a net investment hedge under ASC Topic 815. Subsequent fluctuations in foreign currency rates that impact the carrying value of the KWE Notes are recorded to accumulated other comprehensive income. During the year ended December 31, 2024, Kennedy Wilson recognized a gain of $24.4 million in accumulated other comprehensive income due to the weakening of the euro against the GBP during the period. On December 18, 2024, KWE completed a redemption of €175 million in aggregate nominal amount of its KWE Notes at a price of 100.4% of the principal amount redeemed plus accrued interest. During the year ended December 31, 2022, KWE launched a cash tender offer for up to €150.0 million in aggregate nominal amount of the KWE Notes and accepted all of the €75.0 million (approximately $80.3 million, based on December 31, 2022 rates) in aggregate nominal amount of KWE Notes validly tendered pursuant to the tender offer for a purchase price equal to 82% of the nominal amount of the KWE Notes, which resulted in a gain on extinguishment of debt of $13.9 million. The Company intends to repay the KWE Notes through a combination of cash on hand, proceeds from asset sales and its unsecured credit facility. The trust deed that governs the bonds contain various restrictive covenants for KWE, including, among others, limitations on KWE’s and its material subsidiaries’ ability to provide certain negative pledges. The trust deed limits the ability of KWE and its subsidiaries to incur additional indebtedness if, on the date of such incurrence and after giving effect to the incurrence of the new indebtedness, (1) KWE’s consolidated net indebtedness (as defined in the trust deed) would exceed 60% of KWE’s total assets (as calculated pursuant to the terms of the trust deed); and (2) KWE’s consolidated secured indebtedness (as defined in the trust deed) would exceed 50% of KWE’s total assets (as calculated pursuant to the terms of the trust deed). The trust deed also requires KWE, as of each reporting date, to maintain an interest coverage ratio (as defined in the trust deed) of at least 1.50 to 1.00 and have unencumbered assets of no less than 125% of its unsecured indebtedness (as defined in the trust deed). As of December 31, 2024, KWE was in compliance with these financial covenants.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Related party revenue is fees and other income received from investments in which the Company has an ownership interest, excluding amounts eliminated in consolidation discussed below. Kennedy Wilson earned related party fees of $49.3 million, $61.9 million and $45.2 million for the periods ended December 31, 2024, 2023 and 2022, respectively.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The table below represents a geographical breakdown of book (loss) income before the provision for (benefit from) income taxes: Year ended December 31, (Dollars in millions) 2024 2023 2022 Domestic $ (40.3) $ (238.8) $ 88.5 Foreign 16.8 (97.9) 49.6 Total $ (23.5) $ (336.7) $ 138.1 The U.S. and foreign components of provision for income taxes consisted of the following components. However, it is not reflective of the cash tax results of the Company. Year ended December 31, (Dollars in millions) 2024 2023 2022 Federal Current $ — $ — $ — Deferred (11.8) (66.0) 3.6 (11.8) (66.0) 3.6 State Current 5.6 0.7 0.3 Deferred (1.1) 0.8 11.3 4.5 1.5 11.6 Foreign Current 15.0 9.9 17.6 Deferred 2.5 (0.7) 3.4 17.5 9.2 21.0 Provision for (benefit from) income taxes $ 10.2 $ (55.3) $ 36.2 A reconciliation of the statutory federal income tax rate of 21% with Kennedy Wilson’s effective income tax rate is as follows: Year ended December 31, (Dollars in millions) 2024 2023 2022 Tax computed at the statutory rate $ (4.9) $ (70.7) $ 29.0 Domestic permanent differences, primarily disallowed executive compensation 6.8 8.7 7.8 Foreign permanent differences, primarily non-deductible depreciation, amortization and interest expenses in the United Kingdom 1.0 1.9 1.7 Effect of foreign operations, net of foreign tax credit 5.6 11.2 (8.8) Noncontrolling interests 0.2 (5.1) (1.1) State income taxes, net of federal benefit (1.1) (7.8) 2.8 Other 2.6 6.5 4.8 Provision for (benefit from) income taxes $ 10.2 $ (55.3) $ 36.2 Cumulative tax effects of temporary differences are shown below at December 31, 2024 and 2023: Year ended December 31, (Dollars in millions) 2024 2023 Deferred tax assets: Foreign currency translation $ 1.2 $ 4.8 Net operating loss carryforward and credits 135.3 178.0 Depreciation and amortization 90.8 69.4 Investment basis difference 101.3 89.6 Stock option expense 1.7 1.7 Hedging transactions 17.0 15.5 Lease liability 0.1 0.1 Capitalized interest 0.2 — Accrued reserves 6.4 7.9 Total deferred tax assets 354.0 367.0 Valuation allowance (277.5) (283.3) Net deferred tax assets 76.5 83.7 Deferred tax liabilities: Investment basis and reserve differences 288.7 304.1 Prepaid expenses and other 5.5 3.7 Capitalized interest — 0.1 Total deferred tax liabilities 294.2 307.9 Deferred tax liability, net $ (217.7) $ (224.2) During the year ended December 31, 2019, the United Kingdom enacted a Finance Act, which introduced a new capital gain tax for non-UK resident investors who dispose of UK real estate. The new capital gain tax law became effective on April 6, 2019. Beginning on this date, non-UK resident investors are subject to UK tax on gains arising from the direct and indirect dispositions of UK real estate held for investment purposes. Transitional provisions allowed for rebasing of UK real estate values to fair market value as of April 5, 2019 ("UK Basis Step-Up"). Accordingly, only gains arising from property value increases after April 5, 2019 are subject to tax. The step-up led to a higher tax basis relative to the carrying value of the UK real estate, thus resulting in a UK deferred tax asset of $107.0 million. The realizability of this deferred tax asset is dependent on future disposition of real estate at a fair market value in excess of appraised value as of April 5, 2019. Given uncertainties surrounding Brexit and its potential impact on future real estate values, the Company concluded that the U.K. deferred tax asset did not meet the more likely than not threshold of being realizable. Therefore, a full valuation allowance was recorded against the UK deferred tax asset. As the economic environment in the UK real estate market is still uncertain and highly depended on numerous general economic factors, including but not limited to rising interest rates, foreign currency fluctuations, inflation, etc, the Company has maintained a full valuation allowance against its UK Basis Step-Up deferred tax asset. During fiscal year 2024, the valuation allowance on the UK Basis Step-Up increased to $167.0 million, primarily due to current year depreciation expense. During March 2018, Kennedy Wilson elected to treat KWE as a partnership for U.S. tax purposes retroactive to December 29, 2017. Due to unrealized foreign exchange losses not yet deductible for tax purposes and the consideration paid to acquire the non-controlling interests in KWE exceeding the book carrying value of the non-controlling interests in KWE, the Company’s tax basis in KWE exceeded its book carrying value at December 29, 2017, and every period thereafter. Prior to the election to treat KWE as a partnership, KWE was taxed as a controlled foreign corporation. As a controlled foreign corporation, the Company was precluded from recognizing a deferred tax asset for its tax basis in excess of book carrying value for its investment in KWE as the excess tax basis from the investment was not expected to reverse in the foreseeable future. However, as a result of the conversion of KWE to a partnership for U.S. tax purposes, the Company was required to record a deferred tax asset for its investment in KWE. As of December 31, 2018, the Company recorded a $98.3 million deferred tax asset related to its excess tax basis over book carrying value for its investment in KWE. As a significant portion of the excess tax basis would only reverse upon a strengthening of foreign currencies or upon a disposition of KWE, the Company determined that a valuation allowance of $98.3 million was required for the tax basis that was in excess of the Company’s carrying value for its investment in KWE as it did not meet the more likely than not recognition threshold. During the years ended December 31, 2023, the Company's excess tax basis over book basis in KWE decreased due to unrealized foreign currency gains that has no tax basis. During the year ended December 31, 2024, the Company's excess tax basis over book basis in KWE increased, primarily due to higher tax gains on sales of real estate. As of December 31, 2024, Kennedy Wilson’s excess tax basis in KWE and the related valuation allowance were $89.1 million and $76.6 million, respectively. As of December 31, 2024, Kennedy Wilson had California and other state net operating losses of $99.6 million and $10.1 million, respectively. California net operating losses begin to expire in 2034. As of December 31, 2024, Kennedy Wilson had $156.5 million of foreign net operating loss carryforwards, which have no expiration date. The Company has foreign tax credit carryforwards of $87.6 million, of which $6.3 million begin to expire in 2027. The Company's valuation allowance on deferred tax assets decreased by $5.8 million in 2024 and increased by $17.4 million in 2023. The decrease in the valuation allowance during 2024 primarily relates to a partial release of the valuation allowance against the deferred tax asset associated with our excess tax basis in KWE investment relating to assets intended for sale in the foreseeable future. The increase in the 2023 valuation allowance principally relates to additional valuation allowance recorded on the Company's UK Basis Step-Up deferred tax asset as a result of depreciation. In June 2021, the Company received a notification of a general tax inquiry being conducted by the Spanish tax authorities for several of its Spanish entities for tax years 2016 and 2017. As a result of the Spanish tax inquiry, management has reassessed the Company’s prior Spanish tax filing positions and the need to accrue additional taxes. Based on this reassessment, the Company believes that no additional Spanish tax accruals are required. Kennedy Wilson’s federal and state income tax returns remain open to examination for the years 2021 through 2023 and 2020 through 2023, respectively. However, due to the existence of prior year loss carryovers, the IRS may examine any tax years for which the carryovers are used to offset future taxable income. Our foreign subsidiaries’ tax returns remain open to examination for the years 2020 through 2023. The Spanish loss carryovers may be subject to tax examination for a period of 10 years from the period in which such losses were generated.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES CAPITAL COMMITMENTS—As of December 31, 2024 and 2023, the Company has unfunded capital commitments of $284.7 million and $187.7 million to its joint ventures under the respective operating agreements. It also has commitments of $123.4 million and $87.7 million as of December 31, 2024 and 2023 to its global loan platform. The Company may be called upon to contribute additional capital to joint ventures in satisfaction of the Company's capital commitment obligations. LITIGATION—Kennedy Wilson is currently a defendant in certain routine litigation arising in the ordinary course of business. It is the opinion of management and legal counsel that the outcome of these actions will not have a material effect on the financial statements taken as a whole.

STOCK COMPENSATION AND OTHER RE

STOCK COMPENSATION AND OTHER RELATED PLANS	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
STOCK COMPENSATION AND OTHER RELATED PLANS	STOCK COMPENSATION AND OTHER RELATED PLANS The Company maintains a shareholder-approved equity participation plan (the “Second Amended and Restated Plan”) under which shares of common stock are reserved for issuance pursuant to grants of restricted stock and other awards to officers, employees, non-employee directors and consultants. The Second Amended and Restated Plan also allows for share recycling on net settled restricted stock awards, restricted stock unit awards, performance unit awards and performance share awards. Certain senior employees of the Company ("Senior Employees") participate in the Second Amended and Restated Plan. During the years ended December 31, 2024, 2023 and 2022, the compensation committee of the board of directors approved the total grant of 4.8 million shares of performance-based restricted stock units, 3.4 million shares of performance-based restricted stock units and 2.8 million shares of performance-based restricted stock units of Company common stock, respectively, subject to vesting based on the Company’s total shareholder return (the “TSR restricted awards”), performance-based restricted shares of Company common stock or performance-based restricted stock units covering Company common stock subject to vesting based on the Company’s return on equity (the “ROE awards”) (for the years ended December 31, 2023 and 2022), performance-based restricted stock units of Company common stock subject to vesting based on the Company's return on invested assets (the "ROIA awards") (for the year ended December 31, 2024) and time-based restricted shares of Company common stock or time-based restricted stock units covering Company common stock (the “time-based awards”) (collectively, the “awards”), under the Second Amended and Restated Plan. Up to 100% of the TSR awards will be eligible to vest based on the Company's total shareholder return relative to the MSCI World Real Estate GICS Level 1 Index (or replacement thereof) during a three-year performance period (subject to continued employment through the vesting date), with the actual number of shares subject to such TSR awards that vest and cease to be subject to restrictions with respect to the performance period determined by multiplying (i) the total number of shares subject to the TSR award by (ii) the applicable vesting percentage (which is determined based on the level of the Company's relative total shareholder return attained during the performance period). Up to one-third of the ROE awards and/or ROIA awards (as applicable) will be eligible to vest with respect to each Company fiscal year of the performance period (each, a “performance year”) to the extent that the Company satisfies the return on equity goals for such performance year (subject to continued employment through the vesting date). One-third of the time-based awards will vest on each of the first three Upon vesting, the restricted stock granted to employees discussed directly above is net share-settled to cover the withholding tax. Shares that vested during the years ended December 31, 2024, 2023 and 2022 were net-share settled such that the Company withheld shares with values equivalent to the employees’ minimum statutory obligations for the applicable income and other employment taxes, and remitted the cash to the appropriate taxing authorities. The total shares withheld during the years ended December 31, 2024, 2023 and 2022 were 131,116 shares, 781,303 shares, and 834,911 shares respectively, and were valued based on the Company’s closing stock price on the respective vesting dates. During the years ended December 31, 2024, 2023 and 2022, total payments for the employees’ tax obligations to the taxing authorities were $1.6 million, $13.4 million, and $18.6 million respectively. These figures are reflected as a financing activity on the accompanying consolidated statements of cash flows. During the years ended December 31, 2024, 2023 and 2022, Kennedy Wilson recognized $23.6 million, $34.5 million, and $29.0 million, respectively, of compensation expense related to the vesting of restricted common stock and is included in compensation and related expense in the accompanying consolidated statements of income. The following table sets forth activity under the Amended and Restated Plan, the First Amended and Restated Plan, and the Second Amended and Restated Plan for the Company's fiscal years ending December 31, 2024, 2023 and 2022: Shares Nonvested at December 31, 2022 1,700,558 Granted 961,045 Vested (781,303) Forfeited (267,031) Nonvested at December 31, 2023 1,613,269 Granted 412,148 Vested (131,116) Forfeited — Nonvested at December 31, 2024 1,894,301 Non-NEO Deferred Compensation Program and Carried Interests Sharing Program The Company maintains a deferred compensation program for certain employees of the Company (the “Deferred Compensation Program”). The named executive officers of the Company are not participants of the Deferred Compensation Program. The compensation committee of the Company’s board of directors approves an amount annually to be allocated to certain employees of the Company in the United States and in Europe. The amount allocated to each employee vests ratably over a three-year vesting period, subject to continued employment with the Company. Prior to 2022, half of the allocated amount was tied specifically to the performance and value of the Company’s common stock at the time of each vesting (“Bonus Units”). Beginning in 2022, the entire amount allocated to each employee consisted of Bonus Units. Under the Deferred Compensation Program, at the time of each vesting, the employees receive an amount equal to either the dividend yield of the Company’s common stock or the actual amount of dividends paid on the Company common stock (in the case of Bonus Units) during the immediately preceding year on the amount that is subject to such vesting. During the years ended December 31, 2024, 2023 and 2022 the Company recognized compensation expense of $6.4 million, $8.2 million and $9.2 million, respectively, under the Deferred Compensation Program. The Company also maintains a carried interests sharing program for certain employees of the Company (the “Carried Interests Sharing Program”). On January 29, 2025, compensation committee of the Company's board of directors recently approved, reserved and authorized increasing the pool available for the Company employees from thirty-five percent to fifty percent (50%) issue of any carried interests earned by certain commingled funds and separate account investments to be allocated to certain employees of the Company (including the Company's executive officers). Sixty percent of the award to each employee vests ratably over four years and the remaining forty percent vests upon the consummation of a liquidity event of the investment whereby the Company actually receives cash carried interests from its partner. The full carried interests earned by the Company will be recorded to income from unconsolidated investments and the amount allocated to employees is recorded as carried interests expense. During the years ended December 31, 2024, 2023 and 2022 the Company recognized reversals of $16.6 million, $15.1 million and $4.3 million, respectively, of carried interests compensation to employees.

EQUITY

EQUITY	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
EQUITY	EQUITY Preferred Stock On June 16, 2023, the Company announced the issuance of its $200 million perpetual preferred stock to Fairfax. Under the terms of the agreement, Fairfax purchased $200 million in cumulative perpetual preferred stock carrying a 6.00% annual dividend rate and 7-year warrants for approximately 12.3 million common shares with an initial exercise price of $16.21 per share. On March 8, 2022, the Company announced the issuance of its $300 million cumulative perpetual preferred stock, in addition to approximately 13 million of its warrants to affiliates of Fairfax. Under the terms of the agreements, Fairfax purchased $300 million in cumulative perpetual preferred stock carrying a 4.75% annual dividend rate and approximately 13 million 7-year warrants, which are initially convertible to the same number of common shares with and an initial exercise price of $23.00 per share. Both perpetual preferred stock issuances are treated as permanent equity. At-the-Market Equity Offering Program In May 2022, the Company established an at-the-market equity offering program (the “ATM Program”) pursuant to which it may issue and sell shares of the Company’s common stock having an aggregate gross sales price of up to $200.0 million in amounts as the Company may determine from time to time. During the year ended December 31, 2023, the Company issued 1,690,743 shares for $29.8 million, net of issuance costs, under its ATM Program. During 2024 and 2022 there were no shares issued through the ATM Program. The Company has no obligation to sell any of such shares under its ATM Program. Actual sales will depend on a variety of factors to be determined by the Company from time to time, including, among others, market conditions, the trading price of its common stock, the Company's determination of the appropriate sources of funding for the Company, and potential uses of funding available. Common Stock Repurchase Program On March 20, 2018, the Company announced that its board of directors authorized a $250.0 million stock repurchase program. Repurchases under the program may be made in the open market, in privately negotiated transactions, through the net settlement of the Company’s restricted stock grants or otherwise, with the amount and timing of repurchases dependent on market conditions and subject to the Company’s discretion. On November 4, 2020, the Company's board of directors authorized an expansion of its existing $250 million share repurchase plan to $500 million. During the year ended December 31, 2024, Kennedy Wilson repurchased and retired 1,565,775 shares for $13.3 million. During the year ended December 31, 2023, Kennedy Wilson repurchased and retired 666,701 shares for $7.5 million under the previous stock repurchase program. Generally, upon vesting, the restricted stock units granted to employees is net share-settled such that the Company will withhold shares with value equivalent to the employees’ minimum statutory obligation for the applicable income and other employment taxes, and remit the cash to the appropriate taxing authorities. See Note 14 for more detail. Dividend Distributions Kennedy Wilson declared and paid the following cash dividends on its common stock: (Dollars in millions) Year Ended December 31, 2024 Year Ended December 31, 2023 Declared Paid Declared Paid Preferred Stock $ 43.5 $ 43.5 $ 38.0 $ 35.5 Common Stock (1) 82.6 100.2 133.6 136.0 (1) The difference between declared and paid is the amount accrued on the consolidated balance sheets. Taxability of Dividends Earnings and profits, which determine the taxability of distributions to stockholders, may differ from income reported for financial reporting purposes due to the differences for federal income tax purposes in the treatment of revenue recognition, compensation expense, derivative investments and the basis of depreciable assets and estimated useful lives used to compute depreciation. The Company's dividends related to its common stock will be classified for U.S. federal income tax purposes as follows: Record Date Payment Date Distributions Per Share Ordinary Dividends Return of Capital 12/29/2023 1/4/2024 $ 0.2400 $ 0.2400 $ — 3/27/2024 4/4/2024 0.2400 0.2400 — 6/28/2024 7/5/2024 0.1200 0.1200 — 9/30/2024 10/3/2024 0.1200 0.1200 — Totals $ 0.7200 $ 0.7200 $ — Accumulated Other Comprehensive Income (Loss) The following table summarizes the changes in each component of accumulated other comprehensive loss ("AOCI"), net of taxes: (Dollars in millions) Foreign Currency Translation Foreign Currency Derivative Contracts Interest Rate Swaps Total Accumulated Other Comprehensive Loss (1) Balance at December 31, 2023 $ (125.7) $ 76.5 $ 3.2 $ (46.0) Unrealized (losses) gains, arising during the period (37.1) 30.9 — (6.2) Taxes on unrealized losses (gains), arising during the period 0.6 (1.4) — (0.8) Amounts reclassified out of AOCI during the period, gross 9.5 (0.8) (2.1) 6.6 Amounts reclassified out of AOCI during the period, taxes (4.2) 0.6 0.5 (3.1) Noncontrolling interest 0.3 — — 0.3 Balance at December 31, 2024 $ (156.6) $ 105.8 $ 1.6 $ (49.2) (1) Excludes $358.4 million of inception to date accumulated other comprehensive losses associated with noncontrolling interest holders of KWE that the Company was required to record as part of the KWE Transaction in October 2017. The local currencies for the Company's interests in foreign operations include the euro and the British pound sterling. The related amounts on our balance sheets are translated into U.S. dollars at the exchange rates at the respective financial statement date, while amounts on our statements of income are translated at the average exchange rates during the respective period. Unrealized gains on foreign currency translation is a result of the strengthening of the euro and British pound sterling against the U.S. dollar during the year ended December 31, 2024.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Basic earnings per share is computed by dividing net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common stockholders by the weighted average number of common shares outstanding. Diluted earnings per share is computed after adjusting the numerator and denominator of the basic earnings per share computation for the effects of all potentially dilutive common shares. The dilutive effect of non-vested stock issued under share‑based compensation plans is computed using the treasury stock method. The dilutive effect of the cumulative preferred stock is computed using the if‑converted method. The following is a summary of the elements used in calculating basic and diluted income per share for the years ended December 31, 2024, 2023 and 2022: Year ended December 31, (Dollars in millions, except share amounts and per share data) 2024 2023 2022 Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders $ (76.5) $ (341.8) $ 64.8 Weighted-average shares outstanding for basic 137,778,812 138,930,517 136,900,875 (Loss) income per share - basic $ (0.56) $ (2.46) $ 0.47 Weighted average shares outstanding for diluted 137,778,812 138,930,517 138,567,534 (Loss) income per share - diluted $ (0.56) $ (2.46) $ 0.47 There was a total of 40,726,571, 42,977,012 and 26,958,511 during the years ended December 31, 2024, 2023 and 2022, respectively, potentially dilutive securities were not included in the diluted weighted average shares as they were anti-dilutive. Potentially anti-dilutive securities include preferred stock and unvested restricted stock grants.

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION 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% to 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 who have been identified for the purposes of the reportable segments listed above are the Chief Executive Officer, President and Chief Financial Officer collectively the ("CODM"). 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 utilize to evaluate the segments is earnings before interest, taxes, depreciation and amortization, which is further adjusted to add back non-cash share based compensation ("Adjusted EBITDA"). The Company has included a reconciliation of Adjusted EBITDA to net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders in the tables below. No single third-party client accounted for 10% or more of the Company's revenue during any period presented in these financial statements. 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 the income and expense activity by segment for the years ended December 31, 2024, 2023 and 2022 and total assets as of December 31, 2024 and 2023. Year Ended December 31, 2024 (Dollars in millions) Consolidated Co-Investments Total Segment Revenue Rental $ 390.6 $ — $ 390.6 Hotel 9.3 — 9.3 Investment management fees — 98.9 98.9 Loans — 31.2 31.2 Total segment revenue 399.9 130.1 530.0 Income from unconsolidated investments Principal co-investments — 56.2 56.2 Carried interests — (49.7) (49.7) Company's share of Interest, Depreciation, and Taxes included in income from unconsolidated investments — 135.4 135.4 Income from unconsolidated investments — 141.9 141.9 Gain on sale of real estate, net 160.1 — 160.1 Segment Expenses Rental 150.0 — 150.0 Hotel 7.6 — 7.6 Compensation and related 39.4 49.1 88.5 Carried interests compensation — (16.6) (16.6) General and administrative 14.9 16.7 31.6 Other (income) loss (1.0) 11.0 10.0 Other segment items (1) 7.8 (0.9) 6.9 Total segment expenses 218.7 59.3 278.0 Segment Adjusted EBITDA $ 341.3 $ 212.7 $ 554.0 Reconciliation of Segment Adjusted EBITDA to Net Income attributable to Kennedy-Wilson Holdings, Inc. Common Shareholders Other revenue 1.4 Compensation and related, corporate (46.3) General and administrative, corporate (7.2) Depreciation and amortization (148.3) Interest expense (261.1) Loss on early extinguishment of debt (1.7) Other income 14.2 Provision for income taxes (10.2) Company's share of Interest, Depreciation, and Taxes included in income from unconsolidated investments (135.4) EBITDA adjustments to NCI 6.9 Net loss (33.7) Net loss attributable to noncontrolling interests 0.7 Preferred dividends (43.5) Net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders $ (76.5) (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 Year Ended December 31, 2023 (Dollars in millions) Consolidated Co-Investments Total Segment Revenue Rental $ 415.3 $ — $ 415.3 Hotel 57.1 — 57.1 Investment management fees — 61.9 61.9 Loans — 26.1 26.1 Total segment revenue 472.4 88.0 560.4 Loss from unconsolidated investments Principal co-investments — (188.5) (188.5) Carried interests — (64.3) (64.3) Company's share of Interest, Depreciation, and Taxes included in income from unconsolidated investments — 102.4 102.4 Loss from unconsolidated investments — (150.4) (150.4) Gain on sale of real estate, net 127.6 — 127.6 Expenses Rental 152.6 — 152.6 Hotel 37.9 — 37.9 Compensation and related 42.7 39.0 81.7 Carried interests compensation — (15.1) (15.1) General and administrative 15.5 12.7 28.2 Other (income) loss (2.3) 7.0 4.7 Other segment items (1) 29.3 (0.3) 29.0 Total expenses 275.7 43.3 319.0 Segment Adjusted EBITDA $ 324.3 $ (105.7) $ 218.6 Reconciliation of Segment Adjusted EBITDA to Net Income attributable to Kennedy-Wilson Holdings, Inc. Common Shareholders Other revenue 2.2 Compensation and related, corporate (57.7) General and administrative, corporate (7.5) Depreciation and amortization (157.8) Interest expense (259.2) Loss on early extinguishment of debt (1.6) Other loss (0.3) Benefit from income taxes 55.3 Company's share of Interest, Depreciation, and Taxes included in income from unconsolidated investments (102.4) EBITDA adjustments to NCI 29.0 Net loss (281.4) Net income attributable to noncontrolling interests (22.4) Preferred dividends (38.0) Net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders $ (341.8) (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 Year Ended December 31, 2022 (Dollars in millions) Consolidated Co-Investments Total Segment Revenue Rental $ 434.9 $ — $ 434.9 Hotel 46.9 — 46.9 Investment management fees — 44.8 44.8 Loans — 11.7 11.7 Total segment revenue 481.8 56.5 538.3 Income from unconsolidated investments Principal co-investments — 199.5 199.5 Carried interests — (21.1) (21.1) Company's share of Interest, Depreciation, and Taxes included in income from unconsolidated investments (1) — 66.4 66.4 Income from unconsolidated investments — 244.8 244.8 Gain on sale of real estate, net 103.7 — 103.7 Segment Expenses Rental 151.2 — 151.2 Hotel 29.5 — 29.5 Compensation and related 41.5 44.6 86.1 Carried interests compensation — (4.3) (4.3) General and administrative 14.7 14.8 29.5 Other (income) loss (20.8) — (20.8) Other segment items (1) 8.6 (0.4) 8.2 Total segment expenses 224.7 54.7 279.4 Segment Adjusted EBITDA $ 360.8 $ 246.6 $ 607.4 Reconciliation of Segment Adjusted EBITDA to Net Income attributable to Kennedy-Wilson Holdings, Inc. Common Shareholders Other revenue 1.7 Compensation and related, corporate (54.2) General and administrative, corporate (7.7) Depreciation and amortization (172.9) Interest expense (220.8) Gain on early extinguishment of debt 27.5 Other income 15.3 Provision for income taxes (36.2) Company's share of Interest, Depreciation, and Taxes included in income from unconsolidated investments (66.4) EBITDA adjustments to NCI 8.2 Net income 101.9 Net income attributable to noncontrolling interests (8.2) Preferred dividends (28.9) Net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders $ 64.8 (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 The table below reconciles segment revenue to total revenue for the years ended December 31, 2024, 2023 and 2022: Year Ended December 31, (Dollars in millions) 2024 2023 2022 Segment revenue $ 530.0 $ 560.4 $ 538.3 Other revenue 1.4 2.2 1.7 Total consolidated revenue $ 531.4 $ 562.6 $ 540.0 December 31, (Dollars in millions) 2024 2023 Assets Consolidated $ 4,591.6 $ 5,196.3 Co-investment 2,273.5 2,316.3 Corporate 96.0 199.5 Total assets $ 6,961.1 $ 7,712.1 December 31, (Dollars in millions) 2024 2023 2022 Expenditures for long lived assets Investments $ (148.2) $ (217.2) $ (569.1) Geographic Information The revenue shown in the table below is allocated based upon the region in which services are performed. Year Ended December 31, (Dollars in millions) 2024 2023 2022 United States $ 368.0 $ 334.1 $ 317.5 Europe 163.4 228.5 222.5 Total revenue $ 531.4 $ 562.6 $ 540.0

GUARANTOR AND NON-GUARANTOR FIN

GUARANTOR AND NON-GUARANTOR FINANCIAL STATEMENTS	12 Months Ended
	Dec. 31, 2024
Guarantor and Nonguarantor Financial Statements [Abstract]
GUARANTOR AND NON-GUARANTOR FINANCIAL STATEMENTS	GUARANTOR AND NON-GUARANTOR FINANCIAL STATEMENTS The following consolidating financial information and condensed consolidating financial information includes: (1) Condensed consolidating balance sheets as of December 31, 2024 and 2023, respectively; consolidating statements of income for the years ended December 31, 2024, 2023 and 2022, respectively; of (a) Kennedy-Wilson Holdings, Inc. on an unconsolidated basis as the parent (and guarantor), (b) Kennedy-Wilson, Inc., as the subsidiary issuer, (c) the guarantor subsidiaries, (d) the non-guarantor subsidiaries and (e) Kennedy-Wilson Holdings, Inc. on a consolidated basis; and (2) Elimination entries necessary to consolidate Kennedy-Wilson Holdings, Inc., as the parent guarantor, with Kennedy-Wilson, Inc. and its guarantor and non-guarantor subsidiaries Kennedy Wilson owns 100% of all of the guarantor subsidiaries, and, as a result, in accordance with Rule 3-10(d) of Regulation S-X promulgated by the SEC, no separate financial statements are required for these subsidiaries as of December 31, 2024 or 2023 and for the years ended December 31, 2024, 2023 or 2022. CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2024 (Dollars in millions) 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, net — — 22.2 16.5 — 38.7 Real estate and acquired in place lease values, net of accumulated depreciation and amortization, net — — 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) — Other assets, net — 44.8 50.9 45.3 — 141.0 Loan purchases and originations, net — 0.4 201.7 29.0 — 231.1 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 expenses 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 CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2023 (Dollars in millions) Parent Kennedy-Wilson, Inc. Guarantor Subsidiaries Non-guarantor Subsidiaries Elimination Consolidated Total Assets Cash and cash equivalents $ — $ 73.3 $ 99.4 $ 141.0 $ — $ 313.7 Accounts receivable, net — 0.9 22.0 34.4 — 57.3 Real estate and acquired in place lease values, net of accumulated depreciation and amortization, net — — 1,522.3 3,315.0 — 4,837.3 Unconsolidated investments — 14.6 652.0 1,402.5 — 2,069.1 Investments in and advances to consolidated subsidiaries 1,800.4 3,938.2 2,511.6 — (8,250.2) — Other assets, net — 59.4 51.6 76.5 — 187.5 Loan purchases and originations, net — 0.7 214.8 31.7 — 247.2 Total assets $ 1,800.4 $ 4,087.1 $ 5,073.7 $ 5,001.1 $ (8,250.2) $ 7,712.1 Liabilities Accounts payable $ — $ 0.5 $ 6.0 $ 11.4 $ — $ 17.9 Accrued expenses and other liabilities 45.3 351.9 91.5 109.1 — 597.8 Mortgage debt — — 1,038.0 1,802.9 — 2,840.9 KW unsecured debt — 1,934.3 — — — 1,934.3 KWE unsecured bonds — — — 522.8 — 522.8 Total liabilities 45.3 2,286.7 1,135.5 2,446.2 — 5,913.7 Equity Kennedy-Wilson Holdings, Inc. shareholders' equity 1,755.1 1,800.4 3,938.2 2,511.6 (8,250.2) 1,755.1 Noncontrolling interests — — — 43.3 — 43.3 Total equity 1,755.1 1,800.4 3,938.2 2,554.9 (8,250.2) 1,798.4 Total liabilities and equity $ 1,800.4 $ 4,087.1 $ 5,073.7 $ 5,001.1 $ (8,250.2) $ 7,712.1 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2024 (Dollars in millions) Parent Kennedy-Wilson, Inc. Guarantor Subsidiaries Non-guarantor Subsidiaries Elimination Consolidated Total Total revenue $ — $ 0.1 $ 270.6 $ 260.7 $ — $ 531.4 Total income (loss) from unconsolidated investments — 0.7 8.3 (2.5) — 6.5 Gain on sale of real estate, net — 0.8 86.0 73.3 — 160.1 Total expenses 23.6 84.7 163.8 190.8 — 462.9 (Loss) income from consolidated subsidiaries (10.6) 152.1 13.1 — (154.6) — Interest expense — (100.6) (45.6) (114.9) — (261.1) Loss on early extinguishment of debt — — (0.4) (1.3) — (1.7) Other income (loss) 0.5 13.7 (13.1) 3.1 — 4.2 (Loss) income before provision for income taxes (33.7) (17.9) 155.1 27.6 (154.6) (23.5) (Provision for) benefit from income taxes — 7.3 (3.0) (14.5) — (10.2) Net (loss) income (33.7) (10.6) 152.1 13.1 (154.6) (33.7) Net loss attributable to the noncontrolling interests — — — 0.7 — 0.7 Preferred dividends (43.5) — — — — (43.5) Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders $ (77.2) $ (10.6) $ 152.1 $ 13.8 $ (154.6) $ (76.5) CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2023 (Dollars in millions) Parent Kennedy-Wilson, Inc. Guarantor Subsidiaries Non-guarantor Subsidiaries Elimination Consolidated Total Total revenues $ — $ 0.2 $ 239.6 $ 322.8 $ — $ 562.6 Loss from unconsolidated investments — — (110.5) (142.3) — (252.8) Gain on sale of real estate, net — — 98.8 28.8 — 127.6 Total expenses 35.1 82.1 158.5 232.6 — 508.3 Loss from consolidated subsidiaries (246.7) (131.5) (147.5) — 525.7 — Interest expense — (97.2) (45.0) (117.0) (259.2) (Loss) gain on early extinguishment of debt — — (2.0) 0.4 — (1.6) Other income (loss) 0.4 (0.9) (6.4) 1.9 (5.0) Loss before provision for income taxes (281.4) (311.5) (131.5) (138.0) 525.7 (336.7) Benefit from (provision for) income taxes — 64.8 — (9.5) — 55.3 Net loss (281.4) (246.7) (131.5) (147.5) 525.7 (281.4) Net income attributable to the noncontrolling interests — — — (22.4) — (22.4) Preferred dividends (38.0) — — — — (38.0) Net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders $ (319.4) $ (246.7) $ (131.5) $ (169.9) $ 525.7 $ (341.8) CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2022 ( Dollars in millions) Parent Kennedy-Wilson, Inc. Guarantor Subsidiaries (1) Non-guarantor Subsidiaries Elimination Consolidated Total Total revenue $ — $ 0.2 $ 225.1 $ 314.7 $ — $ 540.0 Income from unconsolidated investments — 1.1 12.0 165.3 178.4 Gain on sale of real estate, net — — 68.1 35.6 — 103.7 Total expenses 29.0 92.7 172.5 232.6 — 526.8 Income from consolidated subsidiaries 130.8 314.4 230.7 — (675.9) — Interest expense — (92.6) (41.8) (86.4) — (220.8) Loss (gain) on early extinguishment of debt — — (1.6) 29.1 — 27.5 Other income (loss) 0.1 15.6 (1.3) 21.7 — 36.1 Income before provision for income taxes 101.9 146.0 318.7 247.4 (675.9) 138.1 Provision for income taxes — (15.2) (4.3) (16.7) — (36.2) Net income 101.9 130.8 314.4 230.7 (675.9) 101.9 Net income attributable to the noncontrolling interests — — — (8.2) — (8.2) Preferred dividends (28.9) — — — — (28.9) Net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders $ 73.0 $ 130.8 $ 314.4 $ 222.5 $ (675.9) $ 64.8

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Subsequent to December 31, 2024, the Company has drawn an additional $95.0 million on its revolving line of credit. The Company has $356.0 million still available to draw on its revolving line of credit.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2024
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	Kennedy-Wilson Holdings, Inc. Schedule III—Real Estate and Accumulated Depreciation December 31, 2024 (Dollars in millions) Initial Cost Costs Capitalized Subsequent to Acquisition Gross Balance at December 31, 2024 (1) Description Region Encumbrances Land Building & Improvements Improvements Land Building & Improvements Total (2) Accumulated Depreciation Depreciable Life in Years Date of Construction Date Acquired (3) Commercial Office Southern California $ 35.0 $ 11.2 $ 18.5 $ 34.8 $ 11.5 $ 54.3 $ 65.8 $ (13.1) 39 years 1955/1981/1982 2013 Commercial portfolio United Kingdom — 16.6 3.9 5.8 1.3 16.1 17.4 (4.3) 39 years Various 2014 Commercial portfolio United Kingdom — 34.3 208.2 10.3 19.5 158.0 177.5 (49.2) 39 years Various 2014 Office Ireland 51.6 8.2 102.6 — 6.2 78.0 84.2 (20.5) 39 years 2003 2014 Retail Ireland 46.7 52.8 49.7 21.0 39.8 57.0 96.8 (12.6) 39 years 1966/2005 2014 Office Ireland 51.0 20.4 73.8 5.6 15.5 61.6 77.1 (17.8) 39 years 1980 2014 Office United Kingdom 175.6 85.3 232.0 27.6 76.7 211.3 288.0 (73.0) 39 years 2003 2014 Retail United Kingdom — 6.2 109.5 8.2 4.7 90.9 95.6 (24.4) 39 years 2010 2014 Office Southern California 33.1 31.8 60.6 27.7 31.8 88.3 120.1 (26.3) 39 years 1982 2015 Office Southern California 28.3 11.6 36.5 5.8 11.6 42.2 53.8 (12.5) 39 years 1968 2015 Office Southern California 35.0 20.7 47.9 26.4 20.7 54.2 74.9 (15.4) 39 years 1982 2015 Commercial portfolio United Kingdom — 49.4 101.4 3.2 20.5 37.5 58.0 (9.4) 39 years Various 2015 Office portfolio United Kingdom — 19.0 41.2 18.9 20.7 43.6 64.3 (8.0) 39 years Various 2015 Office portfolio Italy — 24.8 70.1 1.1 28.1 72.7 100.8 (18.0) 39 years Various 2015 Office portfolio United Kingdom 60.7 32.1 70.4 11.0 27.7 71.8 99.5 (16.1) 39 years Various 2016 Office Ireland 36.2 4.2 64.0 2.7 3.8 60.2 64.0 (13.2) 39 years 2009 2016 Office Pacific Northwest 18.0 21.4 74.2 2.4 21.4 76.6 98.0 (14.7) 39 years 1999/2001 2017 Office Ireland 15.3 4.9 18.5 7.8 4.2 24.0 28.2 (3.9) 39 years 1841 2017 Office Ireland 51.4 11.0 — — 9.7 51.4 61.1 (3.6) 39 years 1840/2000 2017 Office Northern California 60.0 23.5 57.3 11.6 23.5 68.8 92.3 (9.9) 39 years 2000 2019 Office United Kingdom 108.6 71.2 177.9 — 64.1 160.4 224.5 (14.0) 39 years 2019 2021 Office United Kingdom 39.7 25.3 54.8 4.6 23.4 55.3 78.7 (3.0) 39 years 2001/2007 2021 Office United Kingdom 49.8 25.5 74.1 6.6 23.8 75.4 99.2 (5.3) 39 years 2004 2022 Office Ireland 50.9 0.5 3.4 48.8 0.5 57.8 58.3 (3.5) 39 years Various 2015 Multifamily 366-unit asset Mountain West 77.8 9.1 36.3 16.1 9.1 52.4 61.5 (24.3) 39 years 2000 2012 1,008-unit asset Northern California 175.0 62.3 152.5 34.3 62.3 186.7 249.0 (63.7) 39 years 1988 2015 204-unit asset Mountain West 32.5 2.0 17.6 5.1 1.9 22.7 24.6 (7.5) 39 years 1999 2016 168-unit asset Mountain West 10.9 1.8 13.1 5.0 1.8 18.0 19.8 (6.2) 39 years 1992 2016 386-unit asset Southern California 66.0 — 81.4 10.7 — 92.1 92.1 (24.8) 39 years 2002 2016 310-unit asset Southern California 76.7 0.6 — 0.1 — 118.8 118.8 (1.4) 39 years 2024 2018 300-unit asset Mountain West 39.0 4.8 29.2 7.3 4.8 36.6 41.4 (9.6) 39 years 1995 2017 210-unit asset Pacific Northwest 44.5 11.0 46.7 2.4 11.0 49.1 60.1 (9.9) 39 years 2007 2017 172-unit asset Mountain West 58.0 0.2 — 0.2 3.4 72.8 76.2 (0.9) 39 years 2024 2018 343-unit asset Pacific Northwest 84.0 26.8 107.4 2.1 26.8 109.5 136.3 (20.5) 39 years 2016 2017 179-unit asset Pacific Northwest 25.5 11.9 47.4 2.6 11.9 50.0 61.9 (9.8) 39 years 2013 2017 88-unit asset Mountain West 8.6 2.6 10.4 2.2 2.6 12.7 15.3 (3.3) 39 years 1988 2018 492-unit asset Mountain West 59.1 15.8 63.2 9.8 15.8 73.0 88.8 (17.2) 39 years 1985 2018 66-unit asset Mountain West 8.0 0.8 — 0.2 0.7 9.3 10.0 (1.1) 39 years 2021 2018 89-unit asset Mountain West 17.7 2.1 — 0.1 2.0 21.5 23.5 (1.3) 39 years 2024 2018 188-unit asset Mountain West 13.3 4.9 19.7 9.8 4.9 29.4 34.3 (8.1) 39 years 1985 2018 120-unit asset Mountain West 32.3 5.7 — 0.9 1.9 38.5 40.4 (4.4) 39 years 2021 2018 277-unit asset Mountain West 62.2 4.0 — 6.8 2.7 55.3 58.0 (10.2) 39 years 2021 2019 10-unit asset Mountain West — — — — — 2.3 2.3 (0.2) 39 years 2021 2019 260-unit asset Mountain West 51.4 13.4 53.6 3.9 13.4 57.6 71.0 (6.9) 39 years 2014 2020 280-unit asset Mountain West 39.6 13.3 53.2 0.4 13.3 53.6 66.9 (5.1) 39 years 2019 2021 30-unit asset Mountain West — — — — — 13.6 13.6 (0.2) 39 years 2024 2021 344-unit asset Mountain West 39.2 13.0 52.1 6.2 13.0 58.3 71.3 (6.5) 39 years 1985 2021 240-unit asset Mountain West 43.0 4.6 — — 14.4 48.4 62.8 (1.5) 39 years 2024 2021 240-unit asset Mountain West 45.1 11.1 44.3 1.5 11.1 46.3 57.4 (4.4) 39 years 2020 2021 160-unit asset Mountain West 13.8 4.5 18.0 0.4 4.5 18.7 23.2 (1.8) 39 years 1990/1998 2021 332-unit asset Mountain West 76.2 26.7 106.9 4.2 26.7 111.0 137.7 (10.2) 39 years 2002 2021 383-unit asset Pacific Northwest 119.5 38.3 153.0 10.1 38.3 163.1 201.4 (15.1) 39 years 2002/2008 2021 164-unit asset Pacific Northwest 43.0 14.8 59.1 0.7 14.8 59.8 74.6 (5.0) 39 years 2020 2021 528-unit asset Mountain West 101.1 31.1 124.4 8.5 31.1 132.9 164.0 (11.8) 39 years 1989/1990 2021 350-unit asset Mountain West 64.9 33.2 132.6 6.5 33.2 139.2 172.4 (10.7) 39 years 1985 2022 404-unit asset Mountain West 61.6 29.6 118.3 3.2 29.6 121.5 151.1 (8.9) 39 years 1996 2022 356-unit asset Mountain West 40.9 20.8 83.1 5.5 20.8 88.7 109.5 (6.9) 39 years 1995/2008 2022 260-unit asset Mountain West 34.4 15.7 62.6 2.2 15.6 64.8 80.4 (4.3) 39 years 2013 2022 Development Office Ireland — 1.2 0.9 0.9 1.1 0.9 2.0 — N/A N/A 2020 Multifamily Southern California — 6.0 — 5.1 6.8 5.1 11.9 — N/A N/A 2015 Multifamily Ireland — — 9.6 — — 14.0 14.0 (0.7) 39 years 1980 2022 Multifamily Southern California — 0.4 — — 0.4 — 0.4 — N/A N/A 2024 3 Lots Hawaii — 16.5 — — 16.5 — 16.5 — N/A N/A 2020 Land Hawaii — 0.7 — — 0.7 — 0.7 — N/A 1912 2010 Grand Total $ 2,611.7 $ 1,073.2 $ 3,447.1 $ 466.9 $ 979.6 $ 4,015.6 $ 4,995.2 $ (716.1) (1) The tax basis of all the properties in aggregate totaled $4,047.3 million. (2) Excludes acquired in place lease values. (3) For assets that were consolidated the date acquired represents when the asset was presented as real estate not when initially acquired by Kennedy Wilson. Changes in real estate for the years ended December 31, 2024, 2023 and 2022 were as follows: For the year ended December 31, (Dollars in millions) 2024 2023 2022 Balance at the beginning of period $ 5,518.7 $ 5,775.3 $ 5,567.3 Additions during the period: Other acquisitions 16.6 — 167.6 Improvements 119.7 218.6 604.2 Foreign currency (73.8) 90.9 (226.0) Deductions during the period: Cost of real estate sold (586.0) (566.1) (337.8) Balance at close of period $ 4,995.2 $ 5,518.7 $ 5,775.3 Changes in accumulated depreciation for the years ended December 31, 2024, 2023 and 2022 were as follows: For the year ended December 31, (Dollars in millions) 2024 2023 2022 Balance at the beginning of period $ 702.1 $ 619.6 $ 564.0 Additions during the period: Depreciation expense 132.5 136.5 133.8 Deductions during the period: Dispositions (106.0) (66.5) (50.8) Foreign currency (12.5) 12.5 (27.4) Balance at close of period $ 716.1 $ 702.1 $ 619.6 See accompanying report of independent registered public accounting firm.

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2024
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	Schedule IV—Mortgage Loans on Real Estate December 31, 2024 Type of Loan (dollars in millions) Description/Location Interest Rates (1) Maturity Date (2) Payment Terms (3) Principal Amount Carrying Amount (4) Construction Loans Construction Loans less than 3% of the carrying amount of total loans Construction Loans Multifamily/Diversified S +2.75% - 4.00% 2025 - 2030 I/O $ 87.9 $ 83.5 Construction Loans Student Housing/Diversified S +3.25% - 3.95% 2025 - 2029 I/O 10.2 10.0 Construction Loans Hotel/Diversified S+ 3.71% - 4.41% 2026 -2027 I/O 9.8 9.6 Construction Loans Other/Diversified S+3.25% - 5.50% 2025 -2027 I/O 7.3 7.3 Construction Loans Industrial/Diversified S + 3.50% 2026 I/O 3.1 3.0 Total Construction Loans $ 118.3 $ 113.4 Bridge Loans Bridge Loans greater than 3% of the carrying amount of total loans Bridge Loan Retail/Southern California S+6.46% 2025 I/O $ 7.1 $ 7.1 Bridge Loan Office/Northern California 6.00% 2025 I/O 8.8 8.8 Bridge Loan Retail/Southern California 3.50% 2025 I/O 14.4 14.4 Bridge Loan Multifamily/Mountain West 4.75% 2028 I/O 7.7 7.7 Bridge Loan Office/Southern California S+5.60% 2027 I/O 8.1 8.1 Bridge Loan Office/Northern California 3.50% 2028 I/O 11.8 11.8 Bridge Loan Office/Northern California S+5.75% 2027 I/O 7.3 7.3 Bridge Loans less than 3% of the carrying amount of total loans Bridge Loans Office/Diversified 3.50% - 7.40% 2026 - 2033 I/O 13.0 13.0 Bridge Loans Multifamily/Diversified 6.00% - 10.00% 2026 - 2029 I/O 7.3 7.3 Bridge Loans Hotel/Diversified S + 6.30% - 8.36% 2026 - 2028 I/O 23.3 23.3 Bridge Loans Multifamily+Industrial/Diversified S +5.85% 2027 -2028 I/O 4.6 4.6 Bridge Loans Retail, Office and Other/Diversified S + 3.25% -7.01% 2025 -2027 I/O 13.1 13.1 Total Bridge Loans $ 126.5 $ 126.5 Other Loans Other Loans greater than 3% of the carrying amount of total loans Other Loan Retail/Mountain West 6.00% 2027 I/O $ 8.0 $ 8.0 Other Loans less than 3% of the carrying amount of total loans Other Loans Diversified/Southern California S + 2.50% 2027 P,I 0.4 0.4 Total Other Loans $ 8.4 $ 8.4 Total Loans $ 253.2 $ 248.3 CECL Reserve — (17.2) Total Loans, net $ 253.2 $ 231.1 (1) The Company's variable rate loans are based off Term SOFR and expressed as spread over the Term SOFR rate. (2) Maturity date assumes all extension options are exercised, if applicable (3) I/O = interest only until final maturity unless otherwise noted. P,I = amortizing loan with principal and interest payments (4) Represents the Company's share of loans in its debt business. For the years ended December 31, 2024, 2023 and 2022, the loan portfolio activity was as follows: ($ in millions) Amortized Cost Allowance for Credit Losses Carrying Value Balance at December 31, 2022 $ 149.4 $ — $ 149.4 Originations and fundings 43.8 — 43.8 Construction loan portfolio acquisition 115.6 — 115.6 Construction loan portfolio acquisition discount (9.2) — (9.2) Proceeds from sales and repayments (48.9) — (48.9) Accretion of loan discount and other amortization, net 3.5 — 3.5 Provision for credit losses — (7.0) (7.0) Balance at December 31, 2023 $ 254.2 $ (7.0) $ 247.2 Originations and fundings 47.8 — 47.8 Proceeds from sales and repayments (49.8) — (49.8) Accretion of loan discount and other amortization, net 4.1 — 4.1 Foreclosure (3.9) — (3.9) Deferred loan fees (3.2) — (3.2) Other (0.9) — (0.9) Provision for credit losses — (10.2) (10.2) Balance at December 31, 2024 $ 248.3 $ (17.2) $ 231.1

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We have implemented and maintain a cybersecurity risk management program that includes information security processes designed to prevent, detect, remediate, and manage material risks from cybersecurity incidents and threats to our critical computer networks, third-party hosted services, communications systems, hardware and software, and our critical data, including intellectual property, confidential information that is proprietary, strategic or competitive in nature, and tenant data (“Information Systems and Data”). We design and assess our program based on the National Institute of Standards and Technology Cybersecurity Framework (NIST CSF). This does not imply that we meet any particular technical standards, specifications, or requirements at all times, only that we use the NIST CSF as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business. Our cybersecurity risk management program includes: • risk assessment processes to monitor, evaluate and identify risks to our Information Systems and Data; • a multidisciplinary team, including members from our executive management team, our information security and technology function, and legal team (internal and engaged external experts) to identify, assess, and manage cybersecurity threats and risks; • security tools throughout our IT environment to monitor for and identify cybersecurity risks and incidents; • the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security processes; • technical, physical, and organizational measures, processes, standards, and/or policies to address cybersecurity threats to our Information Systems and Data; • cybersecurity awareness training of our employees, incident response personnel, and senior management; and • a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have implemented and maintain a cybersecurity risk management program that includes information security processes designed to prevent, detect, remediate, and manage material risks from cybersecurity incidents and threats to our critical computer networks, third-party hosted services, communications systems, hardware and software, and our critical data, including intellectual property, confidential information that is proprietary, strategic or competitive in nature, and tenant data (“Information Systems and Data”). We design and assess our program based on the National Institute of Standards and Technology Cybersecurity Framework (NIST CSF). This does not imply that we meet any particular technical standards, specifications, or requirements at all times, only that we use the NIST CSF as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board of Directors holds oversight responsibility over the Company’s strategy and risk management, including material risks related to cybersecurity threats. This oversight is executed directly by the Board of Directors and through its committees. The Audit Committee of the Board of Directors (the “Audit Committee”) oversees the management of systemic risks, including cybersecurity. The Audit Committee engages in regular discussions with management and engaged consultants and legal advisers regarding the Company’s significant financial risk exposures and the measures implemented to monitor and control these risks, including those that may result from material cybersecurity threats. These discussions include the Company’s risk assessment and risk management policies.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee of the Board of Directors (the “Audit Committee”) oversees the management of systemic risks, including cybersecurity.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee engages in regular discussions with management and engaged consultants and legal advisers regarding the Company’s significant financial risk exposures and the measures implemented to monitor and control these risks, including those that may result from material cybersecurity threats. These discussions include the Company’s risk assessment and risk management policies.
Cybersecurity Risk Role of Management [Text Block]	Our management, represented by our Chief Financial Officer and Vice President, Information Systems, lead our cybersecurity risk management processes and oversees their implementation and maintenance. Management is responsible for hiring appropriate personnel, helping to integrate cybersecurity risk considerations into the Company’s overall risk management strategy, communicating key priorities to relevant personnel, approving budgets, approving cybersecurity processes, and reviewing cybersecurity assessments and other cybersecurity-related matters. As described above, we also have engaged a third-party IT and cybersecurity firm that works closely with our management to implement and manage our processes and controls to assess, identify, and manage material risks from cybersecurity threats. Our management and information systems teams, oversee the work of our third-party IT and cybersecurity firm and regularly communicates with members of the team. Members of this third-party IT and cybersecurity team have collectively over 55 years of prior work experience and are responsible for the implementation of our cybersecurity strategy and responses as well as individuals having the position of cybersecurity analyst, cybersecurity engineer. In addition, our Vice President, Information Systems, has 40 years of prior work experience in information systems and technology, including with respect to cybersecurity issues and threats. Through the policies and controls described above, including our incident response policy, members of our management team, including our Chief Financial Officer, our Executive Vice President, Global Risk Management and our Executive Vice President, General Counsel, as well as representatives of the third-party IT and cybersecurity team are informed about cybersecurity threats and incidents affecting our information systems and direct our efforts to prevent, detect, mitigate, and remediate cybersecurity threats and incidents.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our management, represented by our Chief Financial Officer and Vice President, Information Systems, lead our cybersecurity risk management processes and oversees their implementation and maintenance. Management is responsible for hiring appropriate personnel, helping to integrate cybersecurity risk considerations into the Company’s overall risk management strategy, communicating key priorities to relevant personnel, approving budgets, approving cybersecurity processes, and reviewing cybersecurity assessments and other cybersecurity-related matters.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Members of this third-party IT and cybersecurity team have collectively over 55 years of prior work experience and are responsible for the implementation of our cybersecurity strategy and responses as well as individuals having the position of cybersecurity analyst, cybersecurity engineer. In addition, our Vice President, Information Systems, has 40 years of prior work experience in information systems and technology, including with respect to cybersecurity issues and threats.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Management, including the Vice President, Information Systems and Executive Vice President, Global Risk Management, serves on the Company’s incident response team to help the Company address cybersecurity incidents. In addition, the Company’s incident response processes include reporting to the Audit Committee for certain cybersecurity incidents. The Audit Committee holds quarterly meetings and receives periodic reports from management, including our Chief Financial Officer, concerning the Company’s significant cybersecurity threats and risk and the processes the Company has implemented to address them. The Audit Committee also receives periodic reports from the Company's internal audit team with respect to regular network penetration and related tests to ensure that the Company's defense tools, processes and procedures are operating as designed.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

BASIS OF PRESENTATION AND SUM_2

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION — The consolidated financial statements include the accounts of Kennedy Wilson and voting interest entities which it controls. All intercompany balances and transactions have been eliminated in consolidation. In addition, Kennedy Wilson evaluates its relationships with other entities to identify whether they are variable interest entities ("VIE") as defined by Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Subtopic 810 , Consolidation, and to assess whether it is the primary beneficiary of such entities. In determining whether Kennedy Wilson is the primary beneficiary of a VIE, qualitative and quantitative factors are considered, including, but not limited to: the amount and characteristics of Kennedy Wilson's investment; the obligation or likelihood for Kennedy Wilson to provide financial support; Kennedy Wilson's ability to control or significantly influence key decisions for the VIE; and the similarity with and significance to the business activities of Kennedy Wilson. The Company determines the appropriate accounting method with respect to all investments that are not VIEs based on the control-based framework (controlled entities are consolidated) provided by the consolidation guidance in ASC Subtopic 810. The Company accounts for joint ventures where it is deemed that the Company does not have control through the equity method of accounting while joint ventures that the Company controls are consolidated in Kennedy Wilson's financial statements.
USE OF ESTIMATES	USE OF ESTIMATES — The preparation of the accompanying consolidated financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosure about contingent assets and liabilities, and reported amounts of revenues and expenses. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. Management adjusts such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in those estimates will be reflected in the financial statements in future periods.
REVENUE RECOGNITION	REVENUE RECOGNITION — Revenue consists of rental and hotel income, management fees, leasing and commission fees, loan interest income and sales of real estate. ASC Topic 606, Revenue from Contracts with Customers , is a five-step model to recognize revenue from customer contracts. The model identifies the contract, any separate performance obligations in the contract, determines the transaction price, allocates the transaction price and recognizes revenue when the performance obligations are satisfied. Management has concluded that, with the exception of carried interests, the nature of the Company's revenue streams is such that the requirements are generally satisfied at the time that the fee becomes receivable. Rental revenue from operating leases is generally recognized on a straight-line basis over the terms of the leases in accordance with ASC Topic 842, Leases . Hotel income is earned when rooms are occupied or goods and services have been delivered or rendered. Management fees are primarily comprised of investment management fees. Investment management fees are earned from limited partners of funds, co-investments, or separate accounts and are generally based on a fixed percentage of committed capital or net asset value. The Company provides investment management on investments it also has an ownership interest in. Fees earned on consolidated properties are eliminated in consolidation and fees on unconsolidated investments are eliminated for the portion that relate to the Company's ownership interest. Investment management fees include acquisition, arrangement and disposition fees. Acquisition, arrangement and disposition fees are earned for identifying and closing investments on behalf of investors and are based on a fixed percentage of the acquisition or disposition price, as applicable. Acquisition and disposition fees are recognized upon the successful completion of an acquisition or disposition after all required services have been performed. Loan income from investments in performing loans which Kennedy Wilson originates or acquires are recognized at the stated interest rate plus any amortization of premiums/discounts or fees earned on the loans. Loan income from investments in loans acquired at a discount are recognized using the effective interest method. When a loan or loans are acquired with deteriorated credit quality primarily for the rewards of collateral ownership, such loans are accounted for as loans until Kennedy Wilson is in possession of the collateral. However, accrual of income is not recorded during the conversion period under ASC Subtopic 310-30-25, Receivables - Loans and Debt Securities Acquired with Deteriorated Credit Quality . Income is recognized to the extent that cash is received from the loan. The Company has evaluated its loan portfolio under ASC Subtopic 326, Financial Instruments - Credit Losses . for current expected credit losses ("CECL") reserves. CECL reserves reflect the Company's current estimate of potential credit losses related to loans included in the Company's consolidated balance sheets. Changes to the CECL reserve are recognized through the Company's consolidated statements of operations. While ASC Subtopic 326 does not require any particular method for determining the CECL reserve, it does specify the reserve should be based on relevant information about past events, including historical loss experience, current portfolio and market conditions. Sales of real estate are recognized when title to the real property passes to the buyer and there is no continuing involvement in the real property. Under ASC Subtopic 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets , the Company recognizes the entire gain attributed to contributions of real estate properties to unconsolidated entities. Property services fees are earned from the Company's auction sales and marketing business and are recorded in Other section of revenues. In the case of auction and real estate sales commissions, the revenue is generally recognized when escrow closes. In accordance with the guidelines established for Reporting Revenue Gross as a Principal versus Net as an Agent in ASC Topic 606, Kennedy Wilson records commission revenues and expenses on a gross basis. Of the criteria listed in ASC Topic 606, Kennedy Wilson is the primary obligor in the transaction, does not have inventory risk, performs all or part of the service and has wide latitude in establishing the price of services rendered and discretion in selection of agents and determination of service specifications.
REAL ESTATE ACQUISITIONS	REAL ESTATE ACQUISITIONS — The purchase price of acquired properties is recorded to land, buildings and building improvements and intangible lease value (value of above-market and below-market leases, acquired in-place lease values, and tenant relationships, if any). The ownership of the other interest holders in consolidated subsidiaries is reflected as noncontrolling interests ("NCI"). Real estate is recorded based on cumulative costs incurred and allocated based on relative fair value. Acquisition fees and expenses associated with the acquisition of properties determined to be business combinations are expensed as incurred. Acquisition fees and expenses associated with transactions determined to be asset acquisitions are capitalized as part of the real estate acquired. The valuations of real estate are based on management estimates of the real estate assets using income and market approaches. The indebtedness securing the real estate is valued, in part, based on third party valuations and management estimates also using an income approach. The Company is involved in all stages of real estate ownership, including development. Once a project is in development, consistent with ASC Topic, 360 Property Plant, and Equipment ,
UNCONSOLIDATED INVESTMENTS	UNCONSOLIDATED INVESTMENTS — Kennedy Wilson has a number of joint venture interests that were formed to acquire, manage, and/or sell real estate. Investments in unconsolidated investments are accounted for under the equity method of accounting as Kennedy Wilson can exercise significant influence, but does not have the ability to control the unconsolidated investment. An investment in an unconsolidated investment is recorded at its initial investment and is increased or decreased by Kennedy Wilson’s share of income or loss, plus additional contributions and less distributions. A decline in the value of an unconsolidated investment that is other than temporary is recognized when evidence indicates that such a decline has occurred in accordance with ASC Topic 323, Investments - Equity Method and Joint Ventures . The Company records its investments in certain commingled funds it manages and sponsors (the “Funds”) that are investment companies under the ASC Topic 946, Financial Services - Investment Companies, based upon the net assets that would be allocated to its interests in the Funds assuming the Funds were to liquidate their investments at fair value as of the reporting date. Thus, the Funds reflect the Company's investments at fair value, with unrealized gains and losses resulting from changes in fair value reflected in their earnings. In addition, the Company elected the fair value option for 72 investments in unconsolidated investment entities ("FV Option" investments). These co-investments are structured as limited liability companies and limited partnerships with one partner and function under a collaborative decision-making structure. The Company owns a weighted average ownership of approximately 40% of the equity investment in such co-investment investments. The Company elected to record these co-investments at fair value in order to report the change in value in the underlying investments in the results of its current operations consistent with its investments in certain commingled funds, as described above. The Company has adopted an ownership model for carried interests representing allocations to the Company from equity method investments, based on cumulative performance to-date. Consequently, in accordance with the guidance set forth in ASC Topic 606 and ASC Topic 323, these allocations are included as a component of the total income from unconsolidated investments in the accompanying consolidated statements of operations as “carried interests”. Carried interests are allocated to the Company under the Funds and such co-investment investments based on the cumulative performance of the venture and are subject to preferred return thresholds of the partners. In the case of the Funds, these carried interests represent an allocation relating to the performance of investment management services, whereas they represent returns for the performance of the underlying investments in the co-investment investments structures subject to collaborative decision-making.
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS — Kennedy Wilson accounts for fair value measurements of financial assets and financial liabilities and for fair value measurements of non-financial items that are recognized or disclosed at fair value in the financial statements on a recurring basis under the provisions of ASC Topic 820, Fair Value Measurement.
FAIR VALUE OF FINANCIAL INSTRUMENTS	FAIR VALUE OF FINANCIAL INSTRUMENTS — The estimated fair value of financial instruments is determined using available market information and appropriate valuation methodologies. Considerable judgment, is necessary, however, to interpret market data and develop the related estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments. The use of different market assumptions or estimation methodologies may have a material impact on the estimated fair value amounts.
DISTRIBUTIONS FROM UNCONSOLIDATED INVESTMENTS	DISTRIBUTIONS FROM UNCONSOLIDATED INVESTMENTS — The Company utilizes the nature of distributions approach and distributions are reported under operating cash flow unless the facts and circumstances of a specific distribution clearly indicate that it is a return of capital (e.g., a liquidating dividend or distribution of the proceeds from unconsolidated investments' sale of assets), in which case it is reported as an investing activity.  This enables Kennedy Wilson to look to the nature and source of the distribution received and classify it appropriately between operating and investing activities on the statement of cash flows based upon the source.
FOREIGN CURRENCIES	FOREIGN CURRENCIES — The financial statements of Kennedy Wilson's subsidiaries located outside the United States are measured using the local currency as this is their functional currency. The assets and liabilities of these subsidiaries are translated at the rates of exchange at the balance sheet date, and income and expenses are translated at the average monthly rate. The foreign currencies include the euro and the British pound sterling. Cumulative translation adjustments, to the extent not included in cumulative net income, are included in the consolidated statement of equity as a component of accumulated other comprehensive income.
DERIVATIVE INSTRUMENTS AND HEDING ACTIVITIES	DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES — Kennedy Wilson has derivatives to reduce its exposure to foreign currencies. All derivative instruments are recognized as either assets or liabilities in the balance sheet at their respective fair values. For derivatives designated in hedging relationships, changes in fair value of cash flow hedges or net investment hedges are recognized in accumulated other comprehensive income, to the extent the derivative is effective at offsetting the changes in the item being hedged until the hedged item affects earnings. Fluctuations in foreign exchanges rates may have a significant impact on the Company's results of operations. In order to manage the potential exposure from adverse changes in foreign exchange rates arising from the Company’s net investments in foreign operations, the Company may enter into currency derivative contracts to hedge all or portions of the net investments in the Company’s non-U.S. dollar denominated foreign operations.
GOODWILL	GOODWILL — Goodwill results from the difference between the purchase price and the fair value of net assets acquired based upon the purchase method of accounting for business combinations. In accordance with ASC Subtopic 350-20, Accounting for Intangibles - Goodwill and Other
CASH AND CASH EQUIVALENTS	CASH AND CASH EQUIVALENTS — Cash and cash equivalents consist of cash and all highly liquid investments purchased with maturities of three months or less. Cash and cash equivalents are invested in institutions insured by government agencies. Certain accounts contain balances in excess of the insured limits. Kennedy Wilson's operations and financial position are affected by fluctuations in currency exchange rates between the euro and British pound sterling against the U.S. Dollar. As of December 31, 2024, 2023, and 2022 we have $94.5 million, $69.6 million, and $21.4 million, respectively, of restricted cash, which is included in cash and cash equivalents on the accompanying consolidated balance sheets, that primarily relates to lender reserves associated with consolidated mortgages that we hold on properties and reserves held on loans in the Company's real estate credit business on behalf of the borrowers under such loans. These reserves typically relate to interest, tax, insurance and future capital expenditures at the properties and on our loan investments.
LONG-LIVED ASSETS	LONG-LIVED ASSETS — Kennedy Wilson reviews its long-lived assets (excluding goodwill) whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable in accordance with ASC Subtopic 360-10, Property, Plant and Equipment
ACCOUNTS RECEIVABLE	ACCOUNTS RECEIVABLE — Accounts receivable are recorded at the contractual amount as determined by the underlying agreements and do not bear interest. The Company recognizes revenue to the extent that amounts are probable that substantially all rental income will be collected.
CONCENTRATION OF CREDIT RISK	CONCENTRATION OF CREDIT RISK — Financial instruments that subject Kennedy Wilson to credit risk consist primarily of accounts and notes receivable, cash equivalents and derivative instruments. Credit risk is generally diversified due to the large number of entities composing Kennedy Wilson’s customer base and their geographic dispersion throughout the United States, the United Kingdom, Ireland and to a lesser extent Spain and Italy. Kennedy Wilson performs ongoing credit evaluations of its customers and debtors.
EARNINGS PER SHARE	EARNINGS PER SHARE — Basic earnings per share is computed based upon the weighted average number of shares of common stock outstanding during the periods presented. Diluted earnings per share is computed based upon the weighted average number of shares of common stock and potentially dilutive securities outstanding during the periods presented. The dilutive impact of potentially dilutive securities includes convertible securities, and unvested stock which were outstanding during the period. Unvested stock are calculated by the “treasury stock” method and the convertible securities under the "if converted" method.
COMPREHENSIVE INCOME (LOSS)	COMPREHENSIVE INCOME (LOSS) — Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss). In the accompanying consolidated balance sheets, accumulated other comprehensive income consists of foreign currency translation adjustments and unrealized gains (losses) on derivative instruments.
REPURCHASE OF EQUITY INSTRUMENTS	REPURCHASE OF EQUITY INSTRUMENTS — Upon the decision to retire repurchased equity instruments, Kennedy Wilson records the retirement as a reduction to additional paid in capital for the amount that shares were initially issued at with the excess paid recorded to retained earnings.
SHARE-BASED PAYMENT ARRANGEMENTS	SHARE-BASED PAYMENT ARRANGEMENTS — Kennedy Wilson accounts for its share-based payment arrangements under the provisions of ASC Subtopic 718-10, Compensation - Stock Compensation. Compensation cost for employee service received in exchange for an award of equity instruments is based on the grant-date fair value of the share-based award that is ultimately settled in equity of Kennedy Wilson. The cost of employee services is recognized over the period during which an employee provides service in exchange for the share-based payment award. Share-based payment arrangements with only services conditions that vest ratably over the requisite service period are recognized on the straight-line basis and performance awards that vest ratably are recognized on a tranche by tranche basis over the performance period.
INCOME TAXES	INCOME TAXES — Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. In accordance with accounting for uncertainty in ASC Subtopic 740-10, Income Taxes, Kennedy Wilson recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Kennedy Wilson records interest related to unrecognized tax benefits in interest expense and penalties in general and administrative expenses on the consolidated statements of operations.
NONCONTROLLING INTERESTS	NONCONTROLLING INTERESTS — Noncontrolling interests are reported within equity as a separate component of Kennedy Wilson's equity in accordance with ASC Subtopic 810-10. Revenues, expenses, gains, losses, net income or loss, and other comprehensive income are reported in the consolidated statements of operations at the consolidated amounts and net income and comprehensive income attributable to noncontrolling interests are separately stated.
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS On November 27, 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This update enhances reportable segment disclosures by requiring a public entity to: (i) disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of segment profit or loss, (ii) disclose, on an annual and interim basis, an amount of other segment items by reportable segment and a description of its composition, (iii) provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by Topic 280 in interim periods and (iv) disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure of segment profit or loss in assessing segment performance and deciding how to allocate resources. This ASU also clarifies that, in addition to the measure that is most consistent with the measurement principles under GAAP, a public entity is not precluded from reporting additional measures of a segment’s profit or loss that are used by the CODM in assessing segment performance and deciding how to allocate resources. This guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company adopted ASU 2023-07 in the fourth quarter of 2024 and have updated its segment disclosures to comply with the updated requirements. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures . This ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid and will be effective for annual periods beginning after December 15, 2024. The new requirements should be applied on a prospective basis with an option to apply them retrospectively. Early adoption is permitted. The Company is evaluating the impact that ASU 2023-09 will have on its consolidated financial statements and related disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses . This ASU requires public business entities to disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. This guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027 with early adoption permitted. These requirements should be applied on a prospective basis with an option to apply them retrospectively. The Company is evaluating the impact that ASU 2024-03 will have on our consolidated financial statement disclosures. The FASB did not issue any other ASUs during the year ended December 31, 2024 that the Company expects to be applicable and have a material impact on the Company's financial statements.
RECLASSIFICATIONS	RECLASSIFICATIONS—Certain balances included in prior year's financial statements have been reclassified to conform to the current year's presentation.

BASIS OF PRESENTATION AND SUM_3

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Schedule of Carried Interests	The amount of the Company’s non-cash carried interest accruals recorded from its Funds and its FV Option investments for the years ended December 31, 2024, 2023 and 2022 are as follows: Years Ended December 31, (Dollars in millions) 2024 2023 2022 Funds $ (38.8) $ (39.5) $ (18.4) Co-investments (10.9) (24.8) (2.7) Total $ (49.7) $ (64.3) $ (21.1) The following table details Kennedy Wilson's investments in joint ventures by investment type and geographic location as of December 31, 2024: (Dollars in millions) Multifamily Commercial Hotel Funds Residential and Other Total Western U.S. $ 856.0 $ 74.1 $ 249.7 $ 63.4 $ 183.3 $ 1,426.5 Ireland 279.2 125.1 — 4.9 — 409.2 United Kingdom 7.7 154.2 — 28.4 16.4 206.7 Total $ 1,142.9 $ 353.4 $ 249.7 $ 96.7 $ 199.7 $ 2,042.4 The following table details the Kennedy Wilson's investments in joint ventures by investment type and geographic location as of December 31, 2023: (Dollars in millions) Multifamily Commercial Hotel Funds Residential and Other Total Western U.S. $ 820.9 $ 71.6 $ 253.0 $ 96.2 $ 156.2 $ 1,397.9 Ireland 313.8 158.7 — 5.4 — 477.9 United Kingdom — 139.8 — 31.5 22.0 193.3 Total $ 1,134.7 $ 370.1 $ 253.0 $ 133.1 $ 178.2 $ 2,069.1 Summarized financial information is provided below: VHH December 31, (Dollars in millions) 2024 2023 Cash and cash equivalents $ 148.5 $ 44.0 Accounts receivable 28.3 3.7 Real estate 2,141.3 2,054.9 Other 38.7 0.3 Total assets $ 2,356.8 $ 2,102.9 Liabilities Accounts payable and accrued expenses $ 120.1 $ 21.1 Mortgage debt 1,523.9 1,417.4 Total liabilities 1,644.0 1,438.5 Equity Kennedy Wilson - investment in unconsolidated investment 332.6 285.9 Partners 380.2 378.5 Total equity 712.8 664.4 Total liabilities and equity $ 2,356.8 $ 2,102.9 VHH (Dollars in millions) Year Ended December 31, 2024 2023 2022 Rental income $ 174.9 $ 154.6 $ 131.0 Unrealized fair value gains 36.4 114.4 270.7 Rental expenses (61.2) (52.1) (41.0) Interest expense (62.8) (52.0) (45.6) Other expense (4.2) (8.2) — Net income 83.1 156.7 315.1 Income attributable to partner (36.0) (93.7) (195.3) Income from unconsolidated investment $ 47.1 $ 63.0 $ 119.8

REAL ESTATE AND ACQUIRED IN P_2

REAL ESTATE AND ACQUIRED IN PLACE LEASE VALUE (Tables)	12 Months Ended
	Dec. 31, 2024
Real Estate [Abstract]
Schedule of Investments in Consolidated Real Estate Properties	The following table summarizes the Company's investment in consolidated real estate properties at December 31, 2024 and 2023: December 31, (Dollars in millions) 2024 2023 Land $ 979.6 $ 1,328.3 Buildings 3,548.7 3,679.1 Building improvements 466.9 511.3 Acquired in-place lease values 244.3 276.4 5,239.5 5,795.1 Less accumulated depreciation and amortization (949.1) (957.8) Real estate and acquired in place lease values, net of accumulated depreciation and amortization $ 4,290.4 $ 4,837.3
Schedule of Minimum Lease Payments	The following table summarizes the minimum lease payments due from the Company's tenants on leases with lease periods greater than one year at December 31, 2024: (Dollars in millions) Minimum Rental Revenues (1) 2025 $ 118.6 2026 103.7 2027 90.7 2028 75.8 2029 59.5 Thereafter 124.8 Total $ 573.1 (1) These amounts do not reflect future rental revenues from the renewal or replacement of existing leases, rental increases that are not fixed and exclude reimbursements of rental expenses.

UNCONSOLIDATED INVESTMENTS (Tab

UNCONSOLIDATED INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Joint Ventures by Investment Type and Geographic Location	The amount of the Company’s non-cash carried interest accruals recorded from its Funds and its FV Option investments for the years ended December 31, 2024, 2023 and 2022 are as follows: Years Ended December 31, (Dollars in millions) 2024 2023 2022 Funds $ (38.8) $ (39.5) $ (18.4) Co-investments (10.9) (24.8) (2.7) Total $ (49.7) $ (64.3) $ (21.1) The following table details Kennedy Wilson's investments in joint ventures by investment type and geographic location as of December 31, 2024: (Dollars in millions) Multifamily Commercial Hotel Funds Residential and Other Total Western U.S. $ 856.0 $ 74.1 $ 249.7 $ 63.4 $ 183.3 $ 1,426.5 Ireland 279.2 125.1 — 4.9 — 409.2 United Kingdom 7.7 154.2 — 28.4 16.4 206.7 Total $ 1,142.9 $ 353.4 $ 249.7 $ 96.7 $ 199.7 $ 2,042.4 The following table details the Kennedy Wilson's investments in joint ventures by investment type and geographic location as of December 31, 2023: (Dollars in millions) Multifamily Commercial Hotel Funds Residential and Other Total Western U.S. $ 820.9 $ 71.6 $ 253.0 $ 96.2 $ 156.2 $ 1,397.9 Ireland 313.8 158.7 — 5.4 — 477.9 United Kingdom — 139.8 — 31.5 22.0 193.3 Total $ 1,134.7 $ 370.1 $ 253.0 $ 133.1 $ 178.2 $ 2,069.1 Summarized financial information is provided below: VHH December 31, (Dollars in millions) 2024 2023 Cash and cash equivalents $ 148.5 $ 44.0 Accounts receivable 28.3 3.7 Real estate 2,141.3 2,054.9 Other 38.7 0.3 Total assets $ 2,356.8 $ 2,102.9 Liabilities Accounts payable and accrued expenses $ 120.1 $ 21.1 Mortgage debt 1,523.9 1,417.4 Total liabilities 1,644.0 1,438.5 Equity Kennedy Wilson - investment in unconsolidated investment 332.6 285.9 Partners 380.2 378.5 Total equity 712.8 664.4 Total liabilities and equity $ 2,356.8 $ 2,102.9 VHH (Dollars in millions) Year Ended December 31, 2024 2023 2022 Rental income $ 174.9 $ 154.6 $ 131.0 Unrealized fair value gains 36.4 114.4 270.7 Rental expenses (61.2) (52.1) (41.0) Interest expense (62.8) (52.0) (45.6) Other expense (4.2) (8.2) — Net income 83.1 156.7 315.1 Income attributable to partner (36.0) (93.7) (195.3) Income from unconsolidated investment $ 47.1 $ 63.0 $ 119.8
Schedule of Cash Distributions by Investment Type and Geographic Location	The following table details cash distributions by investment type and geographic location for the year ended December 31, 2024: Multifamily Commercial Funds Residential and Other Total (Dollars in millions) Operating Investing Operating Investing Operating Investing Operating Investing Operating Investing Western U.S. $ 34.7 $ 74.4 $ 9.2 $ 1.7 $ 1.3 $ 2.8 $ 0.2 $ 4.5 $ 45.4 $ 83.4 Ireland 9.8 — 4.3 2.1 — — — — 14.1 2.1 United Kingdom — — 0.1 0.2 — — 1.2 0.9 1.3 1.1 Total $ 44.5 $ 74.4 $ 13.6 $ 4.0 $ 1.3 $ 2.8 $ 1.4 $ 5.4 $ 60.8 $ 86.6
Schedule of Income (Loss) from Unconsolidated Investments	The following table presents income from unconsolidated investments recognized by Kennedy Wilson during the years ended December 31, 2024, 2023 and 2022: Year Ended December 31, (Dollars in millions) 2024 2023 2022 Income from unconsolidated investments - operating performance $ 29.9 $ 40.8 $ 80.2 Income from unconsolidated investments - realized gains from cost basis investments 32.6 — 4.7 (Loss) income from unconsolidated investments - unrealized and realized fair value (losses) gains (6.3) (229.3) 114.6 Principal co-investments 56.2 (188.5) 199.5 Loss from unconsolidated investments - carried interests Funds (38.8) (39.5) (18.4) Loss from unconsolidated investments - carried interests co-investments (10.9) (24.8) (2.7) Income (loss) from unconsolidated investments $ 6.5 $ (252.8) $ 178.4

FAIR VALUE MEASUREMENTS AND T_2

FAIR VALUE MEASUREMENTS AND THE FAIR VALUE OPTION (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value Measurements	The following table presents fair value measurements (including items that are required to be measured at fair value and items for which the fair value option has been elected) as of December 31, 2024: (Dollars in millions) Level 1 Level 2 Level 3 Total Unconsolidated investments $ — $ — $ 1,884.4 $ 1,884.4 Net currency derivative contracts — (1.2) — (1.2) Total $ — $ (1.2) $ 1,884.4 $ 1,883.2 The following table presents fair value measurements (including items that are required to be measured at fair value and items for which the fair value option has been elected) as of December 31, 2023: (Dollars in millions) Level 1 Level 2 Level 3 Total Unconsolidated investments $ — $ — $ 1,927.0 $ 1,927.0 Net currency derivative contracts — (23.7) — (23.7) Total $ — $ (23.7) $ 1,927.0 $ 1,903.3
Schedule of Investments in Joint Ventures Held at Fair Value	The following table summarizes the Company's investments in unconsolidated investments held at fair value by type: (Dollars in millions) December 31, 2024 December 31, 2023 FV Option $ 1,787.7 $ 1,793.9 Funds 96.7 133.1 Total $ 1,884.4 $ 1,927.0
Schedule of Changes in Level 3 Investments	The following table presents changes in Level 3 investments, investments in investment companies and investments in joint ventures that elected the fair value option, for the years ended December 31: (Dollars in millions) 2024 2023 2022 Beginning balance $ 1,927.0 $ 2,093.7 $ 1,794.8 Unrealized and realized gains, including carried interests 142.2 111.5 274.4 Unrealized and realized losses (178.1) (377.4) (114.1) Contributions 105.3 168.8 348.1 Distributions (97.2) (143.9) (188.9) Foreign exchange (29.8) 25.0 (55.8) Other 15.0 49.3 35.2 Ending balance $ 1,884.4 $ 1,927.0 $ 2,093.7
Schedule of Range of Input for Real Estate Assets	The table below describes the range of inputs used as of December 31, 2024 for real estate assets: Estimated Rates Used For Capitalization Rates Discount Rates Multifamily - Affordable Income approach - discounted cash flow 6.30% — 7.20% 8.30% — 9.20% Multifamily - Affordable GP interest Income approach - discounted cash flow N/A 16.00% — 19.50% Multifamily - Market Rate Income approach - direct capitalization 4.60% — 6.50% N/A Office Income approach - discounted cash flow 5.20% — 7.50% 7.30% — 9.30% Income approach - direct capitalization 5.30% — 10.30% N/A Industrial Income approach - discounted cash flow 5.00% —6.30% 6.30% — 7.80% Income approach - direct capitalization 4.00% — 8.90% N/A Hotel Income approach - discounted cash flow 6.00% 8.30%
Schedule of Currency Forward Contracts and Currency Option Contract	The table below details the currency forward contracts and currency option contracts Kennedy Wilson had as of December 31, 2024: (Dollars in millions) December 31, 2024 Year Ended December 31, 2024 Currency Hedged Underlying Currency Notional Hedge Asset Hedge Liability Change in Unrealized Gains (Losses) Recognized Gains Interest Expense Cash Received (Paid) Outstanding EUR USD € 155.0 $ — $ 4.4 $ 0.4 $ 8.7 $ 1.4 $ — EUR (1) GBP € 40.0 — 0.6 (0.2) — — — EUR (1)(2) GBP € 300.0 — — 24.4 — — — GBP USD £ 375.0 4.9 1.1 3.7 0.6 0.5 — Total Outstanding 4.9 6.1 28.3 9.3 1.9 — Settled EUR USD — — — 2.7 2.1 4.0 GBP USD — — 2.5 0.7 1.0 (2.4) Total Settled — — 2.5 3.4 3.1 1.6 Total $ 4.9 $ 6.1 $ 30.8 (3) $ 12.7 $ 5.0 $ 1.6 (1) Hedge is held by KWE on its wholly-owned subsidiaries. (2) Relates to KWE's Euro Medium Term Note. See discussion in Note 10. (3) Excludes deferred tax expense of $1.4 million.

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	12 Months Ended
	Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	Other assets consist of the following: December 31, (Dollars in millions) 2024 2023 Straight line rent receivable $ 40.5 $ 45.8 Interest rate caps and swaps 12.9 29.0 Goodwill 23.9 23.9 Hedge assets 4.9 13.3 Prepaid expenses 14.0 13.1 Deferred taxes, net 7.0 10.0 Leasing commissions, net of accumulated amortization of $13.5 and $13.4 at December 31, 2024 and 2023, respectively 7.9 9.0 Right of use asset, net 10.1 8.9 Furniture and equipment net of accumulated depreciation of $21.7 and $30.8 at December 31, 2024 and 2023, respectively 5.3 7.0 Above-market leases, net of accumulated amortization of $38.5 and $42.4 at December 31, 2024 and 2023, respectively 1.4 2.5 Other 13.1 25.0 Other Assets $ 141.0 $ 187.5
Schedule of Future Minimum Rental Payments for Operating Leases	The following table summarizes the fixed, future minimum rental payments, excluding variable costs, which are discounted to calculate the right of use asset and related lease liability for its operating leases in which we are the lessee: (Dollars in millions) Minimum Rental Payments 2025 $ 1.0 2026 1.3 2027 1.3 2028 1.3 2029 1.3 Thereafter 29.1 Total undiscounted rental payments 35.3 Less imputed interest (26.7) Right of use asset $ 8.6

MORTGAGE DEBT (Tables)

MORTGAGE DEBT (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Mortgage Debt	The following table details mortgage debt secured by Kennedy Wilson's consolidated properties as of December 31, 2024 and 2023: (Dollars in millions) Carrying amount of mortgage debt as of December 31, (1) Mortgage Debt by Product Type Region 2024 2023 Multifamily (1) Western U.S. $ 1,664.9 $ 1,711.0 Commercial (1) United Kingdom 434.3 509.9 Commercial Western U.S. 209.4 258.2 Commercial (1) Ireland 303.1 337.8 Commercial Spain — 37.7 Mortgage debt (excluding loan fees) (1) 2,611.7 2,854.6 Unamortized loan fees (14.5) (13.7) Total Mortgage Debt $ 2,597.2 $ 2,840.9 (1) The mortgage debt payable balances include unamortized debt discount. Debt discount represent the difference between the fair value of debt and the principal value of debt assumed in various acquisitions and are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. The net unamortized loan discount as of December 31, 2024 and 2023 was $1.4 million and $1.0 million, respectively.
Schedule of Aggregate Maturities of Mortgage Loans	The aggregate maturities of mortgage loans including amortization and effects of any extension options as of December 31, 2024 are as follows: (Dollars in millions) Aggregate Maturities 2025 (1) $ 141.3 2026 515.0 2027 341.3 2028 332.9 2029 304.5 Thereafter 978.1 2,613.1 Unamortized debt discount (1.4) Unamortized loan fees (14.5) Total Mortgage Debt $ 2,597.2 (1) The Company expects to repay the amounts maturing in the next twelve months with new mortgage loans, cash generated from operations, existing cash balances, proceeds from dispositions of real estate investments, or as necessary, with borrowings on the Company's Third A&R Facility.

KW UNSECURED DEBT (Tables)

KW UNSECURED DEBT (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Debt KW Unsecured Debt	The following table details KW unsecured debt as of December 31, 2024 and 2023: December 31, (Dollars in millions) 2024 2023 Credit Facility $ 98.3 $ 150.4 Senior Notes (1) 1,802.7 1,803.1 KW Unsecured Debt 1,901.0 1,953.5 Unamortized loan fees (23.1) (19.2) Total KW Unsecured Debt $ 1,877.9 $ 1,934.3 (1) The senior notes balances include unamortized debt premiums. Debt premiums represent the difference between the fair value of debt and the principal value of debt assumed in various acquisitions and are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. The unamortized debt premium as of December 31, 2024 and December 31, 2023 was $2.7 million and $3.1 million, respectively. The following table details the KWE unsecured bonds as of December 31, 2024 and 2023: December 31, (Dollars in millions) 2024 2023 KWE Euro Medium Term Note Programme (1) $ 310.0 $ 523.3 Unamortized loan fees (0.2) (0.5) Total KWE Unsecured Bonds $ 309.8 $ 522.8 (1) The KWE unsecured bonds balances include unamortized debt discounts. Debt discounts represent the difference between the fair value of debt at issuance and the principal value of debt and are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. The net unamortized loan discount as of December 31, 2024 and 2023 was $0.5 million and $1.0 million, respectively.

KWE UNSECURED BONDS (Tables)

KWE UNSECURED BONDS (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Debt KW Unsecured Debt	The following table details KW unsecured debt as of December 31, 2024 and 2023: December 31, (Dollars in millions) 2024 2023 Credit Facility $ 98.3 $ 150.4 Senior Notes (1) 1,802.7 1,803.1 KW Unsecured Debt 1,901.0 1,953.5 Unamortized loan fees (23.1) (19.2) Total KW Unsecured Debt $ 1,877.9 $ 1,934.3 (1) The senior notes balances include unamortized debt premiums. Debt premiums represent the difference between the fair value of debt and the principal value of debt assumed in various acquisitions and are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. The unamortized debt premium as of December 31, 2024 and December 31, 2023 was $2.7 million and $3.1 million, respectively. The following table details the KWE unsecured bonds as of December 31, 2024 and 2023: December 31, (Dollars in millions) 2024 2023 KWE Euro Medium Term Note Programme (1) $ 310.0 $ 523.3 Unamortized loan fees (0.2) (0.5) Total KWE Unsecured Bonds $ 309.8 $ 522.8 (1) The KWE unsecured bonds balances include unamortized debt discounts. Debt discounts represent the difference between the fair value of debt at issuance and the principal value of debt and are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. The net unamortized loan discount as of December 31, 2024 and 2023 was $0.5 million and $1.0 million, respectively.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Income before Income Tax, Domestic and Foreign	The table below represents a geographical breakdown of book (loss) income before the provision for (benefit from) income taxes: Year ended December 31, (Dollars in millions) 2024 2023 2022 Domestic $ (40.3) $ (238.8) $ 88.5 Foreign 16.8 (97.9) 49.6 Total $ (23.5) $ (336.7) $ 138.1
Schedule of (Benefit from) Provision for Income Taxes	The U.S. and foreign components of provision for income taxes consisted of the following components. However, it is not reflective of the cash tax results of the Company. Year ended December 31, (Dollars in millions) 2024 2023 2022 Federal Current $ — $ — $ — Deferred (11.8) (66.0) 3.6 (11.8) (66.0) 3.6 State Current 5.6 0.7 0.3 Deferred (1.1) 0.8 11.3 4.5 1.5 11.6 Foreign Current 15.0 9.9 17.6 Deferred 2.5 (0.7) 3.4 17.5 9.2 21.0 Provision for (benefit from) income taxes $ 10.2 $ (55.3) $ 36.2
Schedule of Reconciliation of the Statutory Federal Income Tax Rate	A reconciliation of the statutory federal income tax rate of 21% with Kennedy Wilson’s effective income tax rate is as follows: Year ended December 31, (Dollars in millions) 2024 2023 2022 Tax computed at the statutory rate $ (4.9) $ (70.7) $ 29.0 Domestic permanent differences, primarily disallowed executive compensation 6.8 8.7 7.8 Foreign permanent differences, primarily non-deductible depreciation, amortization and interest expenses in the United Kingdom 1.0 1.9 1.7 Effect of foreign operations, net of foreign tax credit 5.6 11.2 (8.8) Noncontrolling interests 0.2 (5.1) (1.1) State income taxes, net of federal benefit (1.1) (7.8) 2.8 Other 2.6 6.5 4.8 Provision for (benefit from) income taxes $ 10.2 $ (55.3) $ 36.2
Schedule of Deferred Tax Assets and Liabilities	Cumulative tax effects of temporary differences are shown below at December 31, 2024 and 2023: Year ended December 31, (Dollars in millions) 2024 2023 Deferred tax assets: Foreign currency translation $ 1.2 $ 4.8 Net operating loss carryforward and credits 135.3 178.0 Depreciation and amortization 90.8 69.4 Investment basis difference 101.3 89.6 Stock option expense 1.7 1.7 Hedging transactions 17.0 15.5 Lease liability 0.1 0.1 Capitalized interest 0.2 — Accrued reserves 6.4 7.9 Total deferred tax assets 354.0 367.0 Valuation allowance (277.5) (283.3) Net deferred tax assets 76.5 83.7 Deferred tax liabilities: Investment basis and reserve differences 288.7 304.1 Prepaid expenses and other 5.5 3.7 Capitalized interest — 0.1 Total deferred tax liabilities 294.2 307.9 Deferred tax liability, net $ (217.7) $ (224.2)

STOCK COMPENSATION AND OTHER _2

STOCK COMPENSATION AND OTHER RELATED PLANS (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Activity under the New Equity Plan	The following table sets forth activity under the Amended and Restated Plan, the First Amended and Restated Plan, and the Second Amended and Restated Plan for the Company's fiscal years ending December 31, 2024, 2023 and 2022: Shares Nonvested at December 31, 2022 1,700,558 Granted 961,045 Vested (781,303) Forfeited (267,031) Nonvested at December 31, 2023 1,613,269 Granted 412,148 Vested (131,116) Forfeited — Nonvested at December 31, 2024 1,894,301

EQUITY (Tables)

EQUITY (Tables)	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Schedule of Dividends Declared and Paid	Kennedy Wilson declared and paid the following cash dividends on its common stock: (Dollars in millions) Year Ended December 31, 2024 Year Ended December 31, 2023 Declared Paid Declared Paid Preferred Stock $ 43.5 $ 43.5 $ 38.0 $ 35.5 Common Stock (1) 82.6 100.2 133.6 136.0 (1) The difference between declared and paid is the amount accrued on the consolidated balance sheets. The Company's dividends related to its common stock will be classified for U.S. federal income tax purposes as follows: Record Date Payment Date Distributions Per Share Ordinary Dividends Return of Capital 12/29/2023 1/4/2024 $ 0.2400 $ 0.2400 $ — 3/27/2024 4/4/2024 0.2400 0.2400 — 6/28/2024 7/5/2024 0.1200 0.1200 — 9/30/2024 10/3/2024 0.1200 0.1200 — Totals $ 0.7200 $ 0.7200 $ —
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table summarizes the changes in each component of accumulated other comprehensive loss ("AOCI"), net of taxes: (Dollars in millions) Foreign Currency Translation Foreign Currency Derivative Contracts Interest Rate Swaps Total Accumulated Other Comprehensive Loss (1) Balance at December 31, 2023 $ (125.7) $ 76.5 $ 3.2 $ (46.0) Unrealized (losses) gains, arising during the period (37.1) 30.9 — (6.2) Taxes on unrealized losses (gains), arising during the period 0.6 (1.4) — (0.8) Amounts reclassified out of AOCI during the period, gross 9.5 (0.8) (2.1) 6.6 Amounts reclassified out of AOCI during the period, taxes (4.2) 0.6 0.5 (3.1) Noncontrolling interest 0.3 — — 0.3 Balance at December 31, 2024 $ (156.6) $ 105.8 $ 1.6 $ (49.2) (1) Excludes $358.4 million of inception to date accumulated other comprehensive losses associated with noncontrolling interest holders of KWE that the Company was required to record as part of the KWE Transaction in October 2017.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share	The following is a summary of the elements used in calculating basic and diluted income per share for the years ended December 31, 2024, 2023 and 2022: Year ended December 31, (Dollars in millions, except share amounts and per share data) 2024 2023 2022 Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders $ (76.5) $ (341.8) $ 64.8 Weighted-average shares outstanding for basic 137,778,812 138,930,517 136,900,875 (Loss) income per share - basic $ (0.56) $ (2.46) $ 0.47 Weighted average shares outstanding for diluted 137,778,812 138,930,517 138,567,534 (Loss) income per share - diluted $ (0.56) $ (2.46) $ 0.47

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Schedule of Income and Expense Activity by Segment	The following tables summarize the income and expense activity by segment for the years ended December 31, 2024, 2023 and 2022 and total assets as of December 31, 2024 and 2023. Year Ended December 31, 2024 (Dollars in millions) Consolidated Co-Investments Total Segment Revenue Rental $ 390.6 $ — $ 390.6 Hotel 9.3 — 9.3 Investment management fees — 98.9 98.9 Loans — 31.2 31.2 Total segment revenue 399.9 130.1 530.0 Income from unconsolidated investments Principal co-investments — 56.2 56.2 Carried interests — (49.7) (49.7) Company's share of Interest, Depreciation, and Taxes included in income from unconsolidated investments — 135.4 135.4 Income from unconsolidated investments — 141.9 141.9 Gain on sale of real estate, net 160.1 — 160.1 Segment Expenses Rental 150.0 — 150.0 Hotel 7.6 — 7.6 Compensation and related 39.4 49.1 88.5 Carried interests compensation — (16.6) (16.6) General and administrative 14.9 16.7 31.6 Other (income) loss (1.0) 11.0 10.0 Other segment items (1) 7.8 (0.9) 6.9 Total segment expenses 218.7 59.3 278.0 Segment Adjusted EBITDA $ 341.3 $ 212.7 $ 554.0 Reconciliation of Segment Adjusted EBITDA to Net Income attributable to Kennedy-Wilson Holdings, Inc. Common Shareholders Other revenue 1.4 Compensation and related, corporate (46.3) General and administrative, corporate (7.2) Depreciation and amortization (148.3) Interest expense (261.1) Loss on early extinguishment of debt (1.7) Other income 14.2 Provision for income taxes (10.2) Company's share of Interest, Depreciation, and Taxes included in income from unconsolidated investments (135.4) EBITDA adjustments to NCI 6.9 Net loss (33.7) Net loss attributable to noncontrolling interests 0.7 Preferred dividends (43.5) Net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders $ (76.5) (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 Year Ended December 31, 2023 (Dollars in millions) Consolidated Co-Investments Total Segment Revenue Rental $ 415.3 $ — $ 415.3 Hotel 57.1 — 57.1 Investment management fees — 61.9 61.9 Loans — 26.1 26.1 Total segment revenue 472.4 88.0 560.4 Loss from unconsolidated investments Principal co-investments — (188.5) (188.5) Carried interests — (64.3) (64.3) Company's share of Interest, Depreciation, and Taxes included in income from unconsolidated investments — 102.4 102.4 Loss from unconsolidated investments — (150.4) (150.4) Gain on sale of real estate, net 127.6 — 127.6 Expenses Rental 152.6 — 152.6 Hotel 37.9 — 37.9 Compensation and related 42.7 39.0 81.7 Carried interests compensation — (15.1) (15.1) General and administrative 15.5 12.7 28.2 Other (income) loss (2.3) 7.0 4.7 Other segment items (1) 29.3 (0.3) 29.0 Total expenses 275.7 43.3 319.0 Segment Adjusted EBITDA $ 324.3 $ (105.7) $ 218.6 Reconciliation of Segment Adjusted EBITDA to Net Income attributable to Kennedy-Wilson Holdings, Inc. Common Shareholders Other revenue 2.2 Compensation and related, corporate (57.7) General and administrative, corporate (7.5) Depreciation and amortization (157.8) Interest expense (259.2) Loss on early extinguishment of debt (1.6) Other loss (0.3) Benefit from income taxes 55.3 Company's share of Interest, Depreciation, and Taxes included in income from unconsolidated investments (102.4) EBITDA adjustments to NCI 29.0 Net loss (281.4) Net income attributable to noncontrolling interests (22.4) Preferred dividends (38.0) Net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders $ (341.8) (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 Year Ended December 31, 2022 (Dollars in millions) Consolidated Co-Investments Total Segment Revenue Rental $ 434.9 $ — $ 434.9 Hotel 46.9 — 46.9 Investment management fees — 44.8 44.8 Loans — 11.7 11.7 Total segment revenue 481.8 56.5 538.3 Income from unconsolidated investments Principal co-investments — 199.5 199.5 Carried interests — (21.1) (21.1) Company's share of Interest, Depreciation, and Taxes included in income from unconsolidated investments (1) — 66.4 66.4 Income from unconsolidated investments — 244.8 244.8 Gain on sale of real estate, net 103.7 — 103.7 Segment Expenses Rental 151.2 — 151.2 Hotel 29.5 — 29.5 Compensation and related 41.5 44.6 86.1 Carried interests compensation — (4.3) (4.3) General and administrative 14.7 14.8 29.5 Other (income) loss (20.8) — (20.8) Other segment items (1) 8.6 (0.4) 8.2 Total segment expenses 224.7 54.7 279.4 Segment Adjusted EBITDA $ 360.8 $ 246.6 $ 607.4 Reconciliation of Segment Adjusted EBITDA to Net Income attributable to Kennedy-Wilson Holdings, Inc. Common Shareholders Other revenue 1.7 Compensation and related, corporate (54.2) General and administrative, corporate (7.7) Depreciation and amortization (172.9) Interest expense (220.8) Gain on early extinguishment of debt 27.5 Other income 15.3 Provision for income taxes (36.2) Company's share of Interest, Depreciation, and Taxes included in income from unconsolidated investments (66.4) EBITDA adjustments to NCI 8.2 Net income 101.9 Net income attributable to noncontrolling interests (8.2) Preferred dividends (28.9) Net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders $ 64.8 (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 The table below reconciles segment revenue to total revenue for the years ended December 31, 2024, 2023 and 2022: Year Ended December 31, (Dollars in millions) 2024 2023 2022 Segment revenue $ 530.0 $ 560.4 $ 538.3 Other revenue 1.4 2.2 1.7 Total consolidated revenue $ 531.4 $ 562.6 $ 540.0 December 31, (Dollars in millions) 2024 2023 Assets Consolidated $ 4,591.6 $ 5,196.3 Co-investment 2,273.5 2,316.3 Corporate 96.0 199.5 Total assets $ 6,961.1 $ 7,712.1 December 31, (Dollars in millions) 2024 2023 2022 Expenditures for long lived assets Investments $ (148.2) $ (217.2) $ (569.1)
Schedule of Geographic Information	The revenue shown in the table below is allocated based upon the region in which services are performed. Year Ended December 31, (Dollars in millions) 2024 2023 2022 United States $ 368.0 $ 334.1 $ 317.5 Europe 163.4 228.5 222.5 Total revenue $ 531.4 $ 562.6 $ 540.0

GUARANTOR AND NON-GUARANTOR F_2

GUARANTOR AND NON-GUARANTOR FINANCIAL STATEMENTS (Tables)	12 Months Ended
	Dec. 31, 2024
Guarantor and Nonguarantor Financial Statements [Abstract]
Schedule of Condensed Consolidating Balance Sheet	CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2024 (Dollars in millions) 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, net — — 22.2 16.5 — 38.7 Real estate and acquired in place lease values, net of accumulated depreciation and amortization, net — — 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) — Other assets, net — 44.8 50.9 45.3 — 141.0 Loan purchases and originations, net — 0.4 201.7 29.0 — 231.1 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 expenses 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 CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2023 (Dollars in millions) Parent Kennedy-Wilson, Inc. Guarantor Subsidiaries Non-guarantor Subsidiaries Elimination Consolidated Total Assets Cash and cash equivalents $ — $ 73.3 $ 99.4 $ 141.0 $ — $ 313.7 Accounts receivable, net — 0.9 22.0 34.4 — 57.3 Real estate and acquired in place lease values, net of accumulated depreciation and amortization, net — — 1,522.3 3,315.0 — 4,837.3 Unconsolidated investments — 14.6 652.0 1,402.5 — 2,069.1 Investments in and advances to consolidated subsidiaries 1,800.4 3,938.2 2,511.6 — (8,250.2) — Other assets, net — 59.4 51.6 76.5 — 187.5 Loan purchases and originations, net — 0.7 214.8 31.7 — 247.2 Total assets $ 1,800.4 $ 4,087.1 $ 5,073.7 $ 5,001.1 $ (8,250.2) $ 7,712.1 Liabilities Accounts payable $ — $ 0.5 $ 6.0 $ 11.4 $ — $ 17.9 Accrued expenses and other liabilities 45.3 351.9 91.5 109.1 — 597.8 Mortgage debt — — 1,038.0 1,802.9 — 2,840.9 KW unsecured debt — 1,934.3 — — — 1,934.3 KWE unsecured bonds — — — 522.8 — 522.8 Total liabilities 45.3 2,286.7 1,135.5 2,446.2 — 5,913.7 Equity Kennedy-Wilson Holdings, Inc. shareholders' equity 1,755.1 1,800.4 3,938.2 2,511.6 (8,250.2) 1,755.1 Noncontrolling interests — — — 43.3 — 43.3 Total equity 1,755.1 1,800.4 3,938.2 2,554.9 (8,250.2) 1,798.4 Total liabilities and equity $ 1,800.4 $ 4,087.1 $ 5,073.7 $ 5,001.1 $ (8,250.2) $ 7,712.1
Schedule of Condensed Consolidating Statement of Operations	CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2024 (Dollars in millions) Parent Kennedy-Wilson, Inc. Guarantor Subsidiaries Non-guarantor Subsidiaries Elimination Consolidated Total Total revenue $ — $ 0.1 $ 270.6 $ 260.7 $ — $ 531.4 Total income (loss) from unconsolidated investments — 0.7 8.3 (2.5) — 6.5 Gain on sale of real estate, net — 0.8 86.0 73.3 — 160.1 Total expenses 23.6 84.7 163.8 190.8 — 462.9 (Loss) income from consolidated subsidiaries (10.6) 152.1 13.1 — (154.6) — Interest expense — (100.6) (45.6) (114.9) — (261.1) Loss on early extinguishment of debt — — (0.4) (1.3) — (1.7) Other income (loss) 0.5 13.7 (13.1) 3.1 — 4.2 (Loss) income before provision for income taxes (33.7) (17.9) 155.1 27.6 (154.6) (23.5) (Provision for) benefit from income taxes — 7.3 (3.0) (14.5) — (10.2) Net (loss) income (33.7) (10.6) 152.1 13.1 (154.6) (33.7) Net loss attributable to the noncontrolling interests — — — 0.7 — 0.7 Preferred dividends (43.5) — — — — (43.5) Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders $ (77.2) $ (10.6) $ 152.1 $ 13.8 $ (154.6) $ (76.5) CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2023 (Dollars in millions) Parent Kennedy-Wilson, Inc. Guarantor Subsidiaries Non-guarantor Subsidiaries Elimination Consolidated Total Total revenues $ — $ 0.2 $ 239.6 $ 322.8 $ — $ 562.6 Loss from unconsolidated investments — — (110.5) (142.3) — (252.8) Gain on sale of real estate, net — — 98.8 28.8 — 127.6 Total expenses 35.1 82.1 158.5 232.6 — 508.3 Loss from consolidated subsidiaries (246.7) (131.5) (147.5) — 525.7 — Interest expense — (97.2) (45.0) (117.0) (259.2) (Loss) gain on early extinguishment of debt — — (2.0) 0.4 — (1.6) Other income (loss) 0.4 (0.9) (6.4) 1.9 (5.0) Loss before provision for income taxes (281.4) (311.5) (131.5) (138.0) 525.7 (336.7) Benefit from (provision for) income taxes — 64.8 — (9.5) — 55.3 Net loss (281.4) (246.7) (131.5) (147.5) 525.7 (281.4) Net income attributable to the noncontrolling interests — — — (22.4) — (22.4) Preferred dividends (38.0) — — — — (38.0) Net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders $ (319.4) $ (246.7) $ (131.5) $ (169.9) $ 525.7 $ (341.8) CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2022 ( Dollars in millions) Parent Kennedy-Wilson, Inc. Guarantor Subsidiaries (1) Non-guarantor Subsidiaries Elimination Consolidated Total Total revenue $ — $ 0.2 $ 225.1 $ 314.7 $ — $ 540.0 Income from unconsolidated investments — 1.1 12.0 165.3 178.4 Gain on sale of real estate, net — — 68.1 35.6 — 103.7 Total expenses 29.0 92.7 172.5 232.6 — 526.8 Income from consolidated subsidiaries 130.8 314.4 230.7 — (675.9) — Interest expense — (92.6) (41.8) (86.4) — (220.8) Loss (gain) on early extinguishment of debt — — (1.6) 29.1 — 27.5 Other income (loss) 0.1 15.6 (1.3) 21.7 — 36.1 Income before provision for income taxes 101.9 146.0 318.7 247.4 (675.9) 138.1 Provision for income taxes — (15.2) (4.3) (16.7) — (36.2) Net income 101.9 130.8 314.4 230.7 (675.9) 101.9 Net income attributable to the noncontrolling interests — — — (8.2) — (8.2) Preferred dividends (28.9) — — — — (28.9) Net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders $ 73.0 $ 130.8 $ 314.4 $ 222.5 $ (675.9) $ 64.8

ORGANIZATION (Details)

ORGANIZATION (Details)	12 Months Ended
	Dec. 31, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of business segments	2

BASIS OF PRESENTATION AND SUM_4

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) investment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of investments electing fair value option | investment	72
Accrued carried interests	$ 27,600,000	$ 77,300,000
Collections on carried interests	0	0	$ 6,800,000
Payments for carried interests	0	0	1,200,000
Impairment of goodwill	0	0	0
Restricted cash	94,500,000	69,600,000	$ 21,400,000
Accrued Liabilities And Other Liabilities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accrued carried interests	$ 7,100,000	$ 22,800,000
Co-investments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Ownership interest percentage	40%

BASIS OF PRESENTATION AND SUM_5

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Carried Interest (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Carried interests	$ (49.7)	$ (64.3)	$ (21.1)
Funds
Schedule of Equity Method Investments [Line Items]
Carried interests	(38.8)	(39.5)	(18.4)
Co-investments
Schedule of Equity Method Investments [Line Items]
Carried interests	$ (10.9)	$ (24.8)	$ (2.7)

REAL ESTATE AND ACQUIRED IN P_3

REAL ESTATE AND ACQUIRED IN PLACE LEASE VALUE - Schedule of Investments in Consolidated Real Estate Properties (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Real Estate [Abstract]
Land	$ 979.6	$ 1,328.3
Buildings	3,548.7	3,679.1
Building improvements	466.9	511.3
Acquired in-place lease values	244.3	276.4
Real estate investment, at cost	5,239.5	5,795.1
Less accumulated depreciation and amortization	(949.1)	(957.8)
Real estate and acquired in place lease values, net of accumulated depreciation and amortization	$ 4,290.4	$ 4,837.3

REAL ESTATE AND ACQUIRED IN P_4

REAL ESTATE AND ACQUIRED IN PLACE LEASE VALUE - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($)
Real Estate Properties [Line Items]
Gain (loss) on sale of real estate	$ 160.1	$ 127.6	$ 103.7
Net proceeds from sale of consolidated real estate	589.5	383.9	325.9
Impairment losses of real estate	$ 22.1	$ 28.6	$ 13.3
Wholly-Owned, Multifamily Properties
Real Estate Properties [Line Items]
Equity interest sold	90%	49%
Ownership interest percentage		51%
Multifamily Assets In Western United States
Real Estate Properties [Line Items]
Equity interest sold			49%
Ownership interest percentage			51%
Net proceeds from sale of consolidated real estate			$ 30.2
Shelbourne Hotel
Real Estate Properties [Line Items]
Gain (loss) on sale of real estate	$ 99.1
Western United States Property
Real Estate Properties [Line Items]
Gain (loss) on sale of real estate	56.1	$ 15.1
Building
Real Estate Properties [Line Items]
Gain (loss) on sale of real estate	21.6
Multifamily
Real Estate Properties [Line Items]
Gain (loss) on sale of real estate	$ 8.1	$ 79.5	56.7
Number of operating properties | property		2
Consolidated Multifamily
Real Estate Properties [Line Items]
Gain (loss) on sale of real estate		$ 37.6
Consolidated Multifamily | Parent
Real Estate Properties [Line Items]
Gain (loss) on sale of real estate		20.1
Leases, Acquired-in-Place
Real Estate Properties [Line Items]
Weighted-average lease term	7 years 2 months 12 days
Buildings, Building Improvements and Acquired In-Place Lease Values
Real Estate Properties [Line Items]
Depreciation and amortization expense	$ 141.4	$ 148.9	$ 162.7
Building and Building Improvements | Maximum
Real Estate Properties [Line Items]
Estimated useful life	40 years

REAL ESTATE AND ACQUIRED IN P_5

REAL ESTATE AND ACQUIRED IN PLACE LEASE VALUE - Schedule of Minimum Lease Payments (Details) $ in Millions	Dec. 31, 2024 USD ($)
Real Estate [Abstract]
2025	$ 118.6
2026	103.7
2027	90.7
2028	75.8
2029	59.5
Thereafter	124.8
Total	$ 573.1

UNCONSOLIDATED INVESTMENTS - Na

UNCONSOLIDATED INVESTMENTS - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) fund jointVenture	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Schedule of Equity Method Investments [Line Items]
Contributions to unconsolidated investments	$ 125
Distributions from unconsolidated investments	147.4
Deconsolidation, gain (loss)	16.5
Income (loss) from unconsolidated investments	6.4
Fair value losses	6.3	$ 229.3	$ (114.6)
Increase (decrease) related to other items	(29.9)
Unconsolidated investments	1,884.4	1,927
Income from unconsolidated investments - realized gains from cost basis investments	32.6	0	4.7
(Loss) income from unconsolidated investments - carried interests	(49.7)	(64.3)	(21.1)
Equity income recognized	6.5	(252.8)	178.4
Proceeds from investment, recurring monthly distributions	$ 86.6	92.4	157.1
Number of joint ventures with unfulfilled capital commitments | jointVenture	10
Unfunded Capital Commitments To Joint Ventures
Schedule of Equity Method Investments [Line Items]
Other commitment	$ 284.7	187.7
Funds
Schedule of Equity Method Investments [Line Items]
(Loss) income from unconsolidated investments - carried interests	(38.8)	(39.5)	(18.4)
Proceeds from investment, recurring monthly distributions	2.8
Co-investments
Schedule of Equity Method Investments [Line Items]
(Loss) income from unconsolidated investments - carried interests	(10.9)	(24.8)	(2.7)
Equity Method Investments Closed-End Funds
Schedule of Equity Method Investments [Line Items]
Unfunded capital commitments	$ 61.1
Number of closed-end funds with unfulfilled capital commitments | fund	4
Fair Value, Recurring
Schedule of Equity Method Investments [Line Items]
Unconsolidated investments	$ 1,884.4	1,927
Various Comingled Funds And Separate Accounts | Minimum
Schedule of Equity Method Investments [Line Items]
Ownership interest percentage	5%
Various Comingled Funds And Separate Accounts | Maximum
Schedule of Equity Method Investments [Line Items]
Ownership interest percentage	50%
Social Impact Real Estate Fund Manager
Schedule of Equity Method Investments [Line Items]
Write off of investments		$ 5
Co-Working Office Building
Schedule of Equity Method Investments [Line Items]
Ownership interest percentage		10%
VHH
Schedule of Equity Method Investments [Line Items]
Increase (decrease) in fair value of investment		$ 51.5
Carrying value of investment	$ 333.9	285.9
Equity income recognized	47.1	$ 63	$ 119.8
Proceeds from investment	27.4
Proceeds from investment, recurring monthly distributions	10.3
Proceeds from investment, paid developer fees at conversion	6.8
Proceeds from investment, sales and refinance	$ 10.3

UNCONSOLIDATED INVESTMENTS - Sc

UNCONSOLIDATED INVESTMENTS - Schedule of Joint Ventures (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Investments in joint ventures	$ 2,042.4	$ 2,069.1
Western U.S.
Schedule of Equity Method Investments [Line Items]
Investments in joint ventures	1,426.5	1,397.9
Ireland
Schedule of Equity Method Investments [Line Items]
Investments in joint ventures	409.2	477.9
United Kingdom
Schedule of Equity Method Investments [Line Items]
Investments in joint ventures	206.7	193.3
Multifamily
Schedule of Equity Method Investments [Line Items]
Investments in joint ventures	1,142.9	1,134.7
Multifamily | Western U.S.
Schedule of Equity Method Investments [Line Items]
Investments in joint ventures	856	820.9
Multifamily | Ireland
Schedule of Equity Method Investments [Line Items]
Investments in joint ventures	279.2	313.8
Multifamily | United Kingdom
Schedule of Equity Method Investments [Line Items]
Investments in joint ventures	7.7	0
Commercial
Schedule of Equity Method Investments [Line Items]
Investments in joint ventures	353.4	370.1
Commercial | Western U.S.
Schedule of Equity Method Investments [Line Items]
Investments in joint ventures	74.1	71.6
Commercial | Ireland
Schedule of Equity Method Investments [Line Items]
Investments in joint ventures	125.1	158.7
Commercial | United Kingdom
Schedule of Equity Method Investments [Line Items]
Investments in joint ventures	154.2	139.8
Hotel
Schedule of Equity Method Investments [Line Items]
Investments in joint ventures	249.7	253
Hotel | Western U.S.
Schedule of Equity Method Investments [Line Items]
Investments in joint ventures	249.7	253
Hotel | Ireland
Schedule of Equity Method Investments [Line Items]
Investments in joint ventures	0	0
Hotel | United Kingdom
Schedule of Equity Method Investments [Line Items]
Investments in joint ventures	0	0
Funds
Schedule of Equity Method Investments [Line Items]
Investments in joint ventures	96.7	133.1
Funds | Western U.S.
Schedule of Equity Method Investments [Line Items]
Investments in joint ventures	63.4	96.2
Funds | Ireland
Schedule of Equity Method Investments [Line Items]
Investments in joint ventures	4.9	5.4
Funds | United Kingdom
Schedule of Equity Method Investments [Line Items]
Investments in joint ventures	28.4	31.5
Residential and Other
Schedule of Equity Method Investments [Line Items]
Investments in joint ventures	199.7	178.2
Residential and Other | Western U.S.
Schedule of Equity Method Investments [Line Items]
Investments in joint ventures	183.3	156.2
Residential and Other | Ireland
Schedule of Equity Method Investments [Line Items]
Investments in joint ventures	0	0
Residential and Other | United Kingdom
Schedule of Equity Method Investments [Line Items]
Investments in joint ventures	$ 16.4	$ 22

UNCONSOLIDATED INVESTMENTS - _2

UNCONSOLIDATED INVESTMENTS - Schedule of Cash Distributions by Investment Type and Geographic Location (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Operating	$ 60.8
Investing	86.6	$ 92.4	$ 157.1
Western U.S.
Schedule of Equity Method Investments [Line Items]
Operating	45.4
Investing	83.4
Ireland
Schedule of Equity Method Investments [Line Items]
Operating	14.1
Investing	2.1
United Kingdom
Schedule of Equity Method Investments [Line Items]
Operating	1.3
Investing	1.1
Multifamily
Schedule of Equity Method Investments [Line Items]
Operating	44.5
Investing	74.4
Multifamily | Western U.S.
Schedule of Equity Method Investments [Line Items]
Operating	34.7
Investing	74.4
Multifamily | Ireland
Schedule of Equity Method Investments [Line Items]
Operating	9.8
Investing	0
Multifamily | United Kingdom
Schedule of Equity Method Investments [Line Items]
Operating	0
Investing	0
Commercial
Schedule of Equity Method Investments [Line Items]
Operating	13.6
Investing	4
Commercial | Western U.S.
Schedule of Equity Method Investments [Line Items]
Operating	9.2
Investing	1.7
Commercial | Ireland
Schedule of Equity Method Investments [Line Items]
Operating	4.3
Investing	2.1
Commercial | United Kingdom
Schedule of Equity Method Investments [Line Items]
Operating	0.1
Investing	0.2
Funds
Schedule of Equity Method Investments [Line Items]
Operating	1.3
Investing	2.8
Funds | Western U.S.
Schedule of Equity Method Investments [Line Items]
Operating	1.3
Investing	2.8
Funds | Ireland
Schedule of Equity Method Investments [Line Items]
Operating	0
Investing	0
Funds | United Kingdom
Schedule of Equity Method Investments [Line Items]
Operating	0
Investing	0
Residential and Other
Schedule of Equity Method Investments [Line Items]
Operating	1.4
Investing	5.4
Residential and Other | Western U.S.
Schedule of Equity Method Investments [Line Items]
Operating	0.2
Investing	4.5
Residential and Other | Ireland
Schedule of Equity Method Investments [Line Items]
Operating	0
Investing	0
Residential and Other | United Kingdom
Schedule of Equity Method Investments [Line Items]
Operating	1.2
Investing	$ 0.9

UNCONSOLIDATED INVESTMENTS - _3

UNCONSOLIDATED INVESTMENTS - Schedule of Income (Loss) from Unconsolidated Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Income from unconsolidated investments - operating performance	$ 29.9	$ 40.8	$ 80.2
Income from unconsolidated investments - realized gains from cost basis investments	32.6	0	4.7
(Loss) income from unconsolidated investments - unrealized and realized fair value (losses) gains	(6.3)	(229.3)	114.6
Principal co-investments	56.2	(188.5)	199.5
Loss from unconsolidated investments - carried interests	(49.7)	(64.3)	(21.1)
Total income (loss) from unconsolidated investments	6.5	(252.8)	178.4
Funds
Schedule of Equity Method Investments [Line Items]
Loss from unconsolidated investments - carried interests	(38.8)	(39.5)	(18.4)
Co-investments
Schedule of Equity Method Investments [Line Items]
Loss from unconsolidated investments - carried interests	$ (10.9)	$ (24.8)	$ (2.7)

UNCONSOLIDATED INVESTMENTS - _4

UNCONSOLIDATED INVESTMENTS - Schedule of Summarized Financial Data (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Cash and cash equivalents		$ 217.5	$ 313.7
Accounts receivable, net		38.7	57.3
Real estate and acquired in place lease values, net of accumulated depreciation and amortization, net		4,290.4	4,837.3
Other		141	187.5
Total assets	[1]	6,961.1	7,712.1
Liabilities
Total liabilities	[1]	5,325.1	5,913.7
Equity
Kennedy Wilson - investment in unconsolidated investment		1,601.2	1,755.1
Partners		34.8	43.3
Total equity		1,636	1,798.4	$ 2,010.4	$ 1,803.9
Total liabilities and equity		6,961.1	7,712.1
Interest expense		(261.1)	(259.2)	(220.8)
Other expense		4.2	(5)	36.1
Net (loss) income		(33.7)	(281.4)	101.9
Income attributable to partner		(0.7)	22.4	8.2
Total income (loss) from unconsolidated investments		6.5	(252.8)	178.4
Rental
Equity
Rental expenses		(150)	(152.6)	(151.2)
VHH
Equity
Unrealized fair value gains		36.4	114.4	270.7
Interest expense		(62.8)	(52)	(45.6)
Other expense		(4.2)	(8.2)	0
Income attributable to partner		(36)	(93.7)	(195.3)
Total income (loss) from unconsolidated investments		47.1	63	119.8
VHH | Rental
Equity
Rental income		174.9	154.6	131
Rental expenses		(61.2)	(52.1)	(41)
VHH
Schedule of Equity Method Investments [Line Items]
Cash and cash equivalents		148.5	44
Accounts receivable, net		28.3	3.7
Real estate and acquired in place lease values, net of accumulated depreciation and amortization, net		2,141.3	2,054.9
Other		38.7	0.3
Total assets		2,356.8	2,102.9
Liabilities
Accounts payable and accrued expenses		120.1	21.1
Mortgage debt		1,523.9	1,417.4
Total liabilities		1,644	1,438.5
Equity
Kennedy Wilson - investment in unconsolidated investment		332.6	285.9
Partners		380.2	378.5
Total equity		712.8	664.4
Total liabilities and equity		2,356.8	2,102.9
Net (loss) income		$ 83.1	$ 156.7	$ 315.1
[1]The assets and liabilities as of December 31, 2024 include $169.3 million (including cash held by consolidated investments of $4.3 million and real estate and acquired in place lease values, net of accumulated depreciation and amortization of $128.7 million) and $49.6 million (including investment debt of $50.0 million), respectively, from consolidated variable interest entities ("VIEs"). The assets and liabilities as of December 31, 2023 include $154.9 million (including cash held by consolidated investments of $3.6 million and real estate and acquired in place lease values, net of accumulated depreciation and amortization of $121.8 million) and $101.4 million (including investment debt of $54.9 million), respectively, from VIEs. These assets can only be used to settle obligations of the consolidated VIEs, and the liabilities do not have recourse to the Company.

FAIR VALUE MEASUREMENTS AND T_3

FAIR VALUE MEASUREMENTS AND THE FAIR VALUE OPTION - Schedule of Fair Value Measurements (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unconsolidated investments	$ 1,884.4	$ 1,927
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unconsolidated investments	1,884.4	1,927
Total	1,883.2	1,903.3
Recurring | Currency Derivative Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net currency derivative contracts	(1.2)	(23.7)
Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unconsolidated investments	0	0
Total	0	0
Recurring | Level 1 | Currency Derivative Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net currency derivative contracts	0	0
Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unconsolidated investments	0	0
Total	(1.2)	(23.7)
Recurring | Level 2 | Currency Derivative Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net currency derivative contracts	(1.2)	(23.7)
Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unconsolidated investments	1,884.4	1,927
Total	1,884.4	1,927
Recurring | Level 3 | Currency Derivative Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net currency derivative contracts	$ 0	$ 0

FAIR VALUE MEASUREMENTS AND T_4

FAIR VALUE MEASUREMENTS AND THE FAIR VALUE OPTION - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) year property investment	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($)
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Number of investments electing fair value option | investment	72
Fair value option	$ 1,787.7	$ 1,793.9
Alternative investment	96.7	$ 133.1
Deconsolidation, gain (loss)	$ 16.5
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Principal co-investments gain (loss)	Principal co-investments gain (loss)
Amounts reclassified from other comprehensive loss to gain	$ (6.6)
Unrealized (losses) gains, arising during the period	(6.2)
Principal co-investments gain (loss)	56.2	$ (188.5)	$ 199.5
Reported Value Measurement
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Long-term debt fair value	4,800	5,600
Foreign Currency Translation
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Amounts reclassified from other comprehensive loss to gain	(9.5)
Unrealized (losses) gains, arising during the period	$ (37.1)
Foreign Currency Translation | Euro
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percentage of asset carrying values hedged	95%
Foreign Currency Translation | GBP
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percentage of asset carrying values hedged	83%
Interest Rate Swap
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Amounts reclassified from other comprehensive loss to gain	$ 2.1
Interest Rate Swaps And Caps
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Principal co-investments gain (loss)	0.4	(5.2)
Interest Rate Swaps And Caps | Designated as Hedging Instrument
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Gain on derivatives	$ 10	5.9
Measurement Input, Expected Term | Income approach - discounted cash flow
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Measurement input | year	10
Measurement Input, Credit Spread | Minimum
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Measurement input	0.0200
Measurement Input, Credit Spread | Maximum
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Measurement input	0.0360
Measurement Input, Market Rate | Minimum
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Measurement input	0.0410
Measurement Input, Market Rate | Maximum
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Measurement input	0.0930
Level 3
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Change in unrealized gain (losses) on level 3 investments	$ 16.7	(178.2)
Level 2 | Estimate of Fair Value Measurement
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Long-term debt fair value	$ 4,500	$ 5,000
Multifamily Assets In Western United States
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Deconsolidation, gain (loss)			$ 31.9
Equity interest sold			49%
Multifamily Recapitalized To Vintage Housing Holdings | MF Seed Portfolio
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Number of real estate properties | property	1	1
Multifamily
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Number of real estate properties | property		2
Multifamily | MF Seed Portfolio
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Number of real estate properties | property		2
Shelbourne Hotel
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Amounts reclassified from other comprehensive loss to gain	$ (8.8)

FAIR VALUE MEASUREMENTS AND T_5

FAIR VALUE MEASUREMENTS AND THE FAIR VALUE OPTION - Schedule of Investments in Joint Ventures Held at Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
FV Option	$ 1,787.7	$ 1,793.9
Funds	96.7	133.1
Total	$ 1,884.4	$ 1,927

FAIR VALUE MEASUREMENTS AND T_6

FAIR VALUE MEASUREMENTS AND THE FAIR VALUE OPTION - Schedule of Changes in Level 3 Investments (Details) - Recurring - Level 3 - Equity Method Investments - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 1,927	$ 2,093.7	$ 1,794.8
Unrealized and realized gains, including carried interests	142.2	111.5	274.4
Unrealized and realized losses	(178.1)	(377.4)	(114.1)
Contributions	105.3	168.8	348.1
Distributions	(97.2)	(143.9)	(188.9)
Foreign exchange	(29.8)	25	(55.8)
Other	15	49.3	35.2
Ending balance	$ 1,884.4	$ 1,927	$ 2,093.7

FAIR VALUE MEASUREMENTS AND T_7

FAIR VALUE MEASUREMENTS AND THE FAIR VALUE OPTION - Schedule of Range of Input (Details) - Level 3	Dec. 31, 2024
Capitalization Rates | Income approach - discounted cash flow | Multifamily - Affordable | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0630
Capitalization Rates | Income approach - discounted cash flow | Multifamily - Affordable | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0720
Capitalization Rates | Income approach - discounted cash flow | Office | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0520
Capitalization Rates | Income approach - discounted cash flow | Office | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0750
Capitalization Rates | Income approach - discounted cash flow | Industrial | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0500
Capitalization Rates | Income approach - discounted cash flow | Industrial | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0630
Capitalization Rates | Income approach - discounted cash flow | Hotel
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0600
Capitalization Rates | Income approach - direct capitalization | Multifamily - Market Rate | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0460
Capitalization Rates | Income approach - direct capitalization | Multifamily - Market Rate | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0650
Capitalization Rates | Income approach - direct capitalization | Office | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0530
Capitalization Rates | Income approach - direct capitalization | Office | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.1030
Capitalization Rates | Income approach - direct capitalization | Industrial | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0400
Capitalization Rates | Income approach - direct capitalization | Industrial | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0890
Discount Rates | Income approach - discounted cash flow | Multifamily - Affordable | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0830
Discount Rates | Income approach - discounted cash flow | Multifamily - Affordable | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0920
Discount Rates | Income approach - discounted cash flow | Multifamily - Affordable GP interest | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.1600
Discount Rates | Income approach - discounted cash flow | Multifamily - Affordable GP interest | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.1950
Discount Rates | Income approach - discounted cash flow | Office | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0730
Discount Rates | Income approach - discounted cash flow | Office | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0930
Discount Rates | Income approach - discounted cash flow | Industrial | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0630
Discount Rates | Income approach - discounted cash flow | Industrial | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0780
Discount Rates | Income approach - discounted cash flow | Hotel
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0830

FAIR VALUE MEASUREMENTS AND T_8

FAIR VALUE MEASUREMENTS AND THE FAIR VALUE OPTION - Schedule of Currency Forward Contracts and Currency Option Contract (Details) - 12 months ended Dec. 31, 2024 - Designated as Hedging Instrument € in Millions, £ in Millions, $ in Millions	USD ($)	EUR (€)	USD ($)	GBP (£)
Foreign Currency Derivative Contracts | Level 2
Derivative [Line Items]
Hedge Asset			$ 4.9
Hedge Liability			6.1
Change in Unrealized Gains (Losses)	$ 30.8
Recognized Gains	12.7
Interest Expense	5
Cash Received (Paid)	1.6
Deferred tax expense	1.4
Derivatives Outstanding | Level 2
Derivative [Line Items]
Hedge Asset			4.9
Hedge Liability			6.1
Change in Unrealized Gains (Losses)	28.3
Recognized Gains	9.3
Interest Expense	1.9
Cash Received (Paid)	0
Foreign Exchange Contract, One
Derivative [Line Items]
Notional | €		€ 155
Foreign Exchange Contract, One | Level 2
Derivative [Line Items]
Hedge Asset			0
Hedge Liability			4.4
Change in Unrealized Gains (Losses)	0.4
Recognized Gains	8.7
Interest Expense	1.4
Cash Received (Paid)	0
Foreign Exchange Contract, Two | KWE
Derivative [Line Items]
Notional | €		40
Foreign Exchange Contract, Two | Level 2 | KWE
Derivative [Line Items]
Hedge Asset			0
Hedge Liability			0.6
Change in Unrealized Gains (Losses)	(0.2)
Recognized Gains	0
Interest Expense	0
Cash Received (Paid)	0
Foreign Exchange Contract, Three | KWE
Derivative [Line Items]
Notional | €		€ 300
Foreign Exchange Contract, Three | Level 2 | KWE
Derivative [Line Items]
Hedge Asset			0
Hedge Liability			0
Change in Unrealized Gains (Losses)	24.4
Recognized Gains	0
Interest Expense	0
Cash Received (Paid)	0
Foreign Exchange Contract, Four
Derivative [Line Items]
Notional | £				£ 375
Foreign Exchange Contract, Four | Level 2
Derivative [Line Items]
Hedge Asset			4.9
Hedge Liability			1.1
Change in Unrealized Gains (Losses)	3.7
Recognized Gains	0.6
Interest Expense	0.5
Cash Received (Paid)	0
Derivative Settled | Level 2
Derivative [Line Items]
Hedge Asset			0
Hedge Liability			0
Change in Unrealized Gains (Losses)	2.5
Recognized Gains	3.4
Interest Expense	3.1
Cash Received (Paid)	1.6
Foreign Exchange Contract, Five | Level 2
Derivative [Line Items]
Hedge Asset			0
Hedge Liability			0
Change in Unrealized Gains (Losses)	0
Recognized Gains	2.7
Interest Expense	2.1
Cash Received (Paid)	4
Foreign Exchange Contract, Six | Level 2
Derivative [Line Items]
Hedge Asset			0
Hedge Liability			$ 0
Change in Unrealized Gains (Losses)	2.5
Recognized Gains	0.7
Interest Expense	1
Cash Received (Paid)	$ (2.4)

LOANS (Details)

LOANS (Details) $ in Millions		12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2024 USD ($) portfolio	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of portfolios included in global debt investment platform | portfolio		2
Committed capital, gross	$ 3,700		$ 4,100
Percentage of purchase price and future funding obligations			5%
Committed capital			$ 2,400
Percentage discount on gross commitment	4.50%		4.50%
Loan purchases and originations	$ 247.2	$ 231.1	$ 247.2
Loan income		531.4	562.6	$ 540
CECL loan reserve		11.2	7	0
Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan income		31.2	26.1	$ 11.7
Loan Platform Commitments
Financing Receivable, Allowance for Credit Loss [Line Items]
Other commitment	$ 87.7	$ 123.4	87.7
Kennedy Wilson
Financing Receivable, Allowance for Credit Loss [Line Items]
Committed capital			$ 118.9

OTHER ASSETS - Schedule of Othe

OTHER ASSETS - Schedule of Other Assets (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Other Assets [Abstract]
Straight line rent receivable	$ 40.5	$ 45.8
Goodwill	23.9	23.9
Prepaid expenses	14	13.1
Deferred taxes, net	7	10
Leasing commissions, net of accumulated amortization of $13.5 and $13.4 at December 31, 2024 and 2023, respectively	7.9	9
Right of use asset, net	$ 10.1	$ 8.9
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Other	$ 13.1	$ 25
Other Assets	141	187.5
Accumulated amortization of leasing commissions	13.5	13.4
Above Market Leases
Other Assets [Abstract]
Above-market leases, net of accumulated amortization of $38.5 and $42.4 at December 31, 2024 and 2023, respectively	1.4	2.5
Accumulated amortization of above-market leases	38.5	42.4
Furniture and Equipment
Other Assets [Abstract]
Furniture and equipment net of accumulated depreciation of $21.7 and $30.8 at December 31, 2024 and 2023, respectively	5.3	7
Accumulated depreciation of furniture and equipment	21.7	30.8
Interest rate caps and swaps
Other Assets [Abstract]
Interest rate caps and swaps / Hedge assets	12.9	29
Hedge assets
Other Assets [Abstract]
Interest rate caps and swaps / Hedge assets	$ 4.9	$ 13.3

OTHER ASSETS - Additional Infor

OTHER ASSETS - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) lease	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Real Estate [Line Items]
Depreciation and amortization expense | $	$ 6.9	$ 8.8	$ 10.2
Rental expense | $	$ 1.1	$ 0.7	$ 0.6
Minimum
Real Estate [Line Items]
Remaining lease term	2 years
Maximum
Real Estate [Line Items]
Remaining lease term	235 years
Office
Real Estate [Line Items]
Number of leases | lease	3
Ground
Real Estate [Line Items]
Number of leases | lease	2

OTHER ASSETS - Schedule of Futu

OTHER ASSETS - Schedule of Future Minimum Rental Payments (Details) $ in Millions	Dec. 31, 2024 USD ($)
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
2025	$ 1
2026	1.3
2027	1.3
2028	1.3
2029	1.3
Thereafter	29.1
Total undiscounted rental payments	35.3
Less imputed interest	(26.7)
Right of use asset	$ 8.6
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other liabilities

MORTGAGE DEBT - Schedule of Mor

MORTGAGE DEBT - Schedule of Mortgage Debt (Details) - Mortgage debt - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Mortgage debt (excluding loan fees)	$ 2,611.7	$ 2,854.6
Unamortized loan fees	(14.5)	(13.7)
Total debt	2,597.2	2,840.9
Unamortized discount (premium)	1.4	1
Multifamily | Western U.S.
Debt Instrument [Line Items]
Mortgage debt (excluding loan fees)	1,664.9	1,711
Commercial | Western U.S.
Debt Instrument [Line Items]
Mortgage debt (excluding loan fees)	209.4	258.2
Commercial | United Kingdom
Debt Instrument [Line Items]
Mortgage debt (excluding loan fees)	434.3	509.9
Commercial | Ireland
Debt Instrument [Line Items]
Mortgage debt (excluding loan fees)	303.1	337.8
Commercial | Spain
Debt Instrument [Line Items]
Mortgage debt (excluding loan fees)	$ 0	$ 37.7

MORTGAGE DEBT - Mortgage Debt,

MORTGAGE DEBT - Mortgage Debt, Additional Information (Details) - loan	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Number of existing mortgages refinanced	6
Number of investments with loans deconsolidated	1
Mortgage debt
Debt Instrument [Line Items]
Weighted-average interest rate	4.84%	5.10%
Percent of property level debt with fixed rate	70%	65%
Percent of property level debt with floating rate and interest caps	27%	35%
Percent of property level debt with floating rate, without interest caps	2%	0%

MORTGAGE DEBT - Schedule of Mat

MORTGAGE DEBT - Schedule of Maturities (Details) - Mortgage debt - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
2025	$ 141.3
2026	515
2027	341.3
2028	332.9
2029	304.5
Thereafter	978.1
Long-term debt, gross	2,613.1
Unamortized debt discount	(1.4)	$ (1)
Unamortized loan fees	(14.5)	(13.7)
Total debt	$ 2,597.2	$ 2,840.9

KW UNSECURED DEBT - Schedule of

KW UNSECURED DEBT - Schedule of Unsecured Debt (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
KW unsecured debt
Debt Instrument [Line Items]
Debt (excluding loan fees)	$ 1,901	$ 1,953.5
Unamortized loan fees	(23.1)	(19.2)
Total debt	1,877.9	1,934.3
Unamortized debt premium	2.7	3.1
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Debt (excluding loan fees)	98.3	150.4
Senior Notes
Debt Instrument [Line Items]
Debt (excluding loan fees)	$ 1,802.7	$ 1,803.1

KW UNSECURED DEBT - Borrowings

KW UNSECURED DEBT - Borrowings Under Credit Facilities (Details) - Line of Credit - Revolving Credit Facility		12 Months Ended
	Sep. 12, 2024 USD ($) option	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Line of Credit Facility [Line Items]
Mortgage debt (excluding loan fees)		$ 98,300,000	$ 150,400,000
A&R Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 550,000,000
Number of extension options | option	2
Term of extension options	6 months
Maximum consolidated leverage ratio	65%
Minimum fixed charge coverage ratio	1.60
Minimum tangible net worth	$ 1,844,222,000
Covenant, percent of new equity offerings	50%
Maximum recourse leverage ratio	1.5
Maximum secured recourse leverage ratio	3.50%
Maximum liquidity value	$ 313,054,000
Maximum adjusted secured leverage ratio	55%
Minimum liquidity value	$ 75,000,000
Mortgage debt (excluding loan fees)		98,300,000
Remaining borrowing capacity		451,700,000
Average outstanding amount		$ 186,800,000
Fixed charge coverage ratio measurement period	12 months
A&R Facility | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.75%
A&R Facility | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.75%

KW UNSECURED DEBT - Senior Note

KW UNSECURED DEBT - Senior Notes (Details) - Senior Notes	Feb. 11, 2021 USD ($)	Dec. 31, 2024	Aug. 23, 2021 USD ($)	Mar. 15, 2021 USD ($)
Debt Instrument [Line Items]
Maximum balance sheet leverage ratio	1.50	1.28
4.75% Senior Notes Due 2029 and 5% Senior Notes Due 2031
Debt Instrument [Line Items]
Redemption price percentage	100%
Redemption option percentage	40%
4.75% Senior Notes Due 2029 and 5% Senior Notes Due 2031 | Maximum
Debt Instrument [Line Items]
Redemption price percentage	101%
2029 Notes
Debt Instrument [Line Items]
Aggregate principal amount of debt	$ 500,000,000			$ 100,000,000
Interest rate	4.75%
2031 Notes
Debt Instrument [Line Items]
Aggregate principal amount of debt	$ 500,000,000			$ 100,000,000
Interest rate	5%
2030 Notes
Debt Instrument [Line Items]
Aggregate principal amount of debt			$ 600,000,000
Interest rate			4.75%

KWE UNSECURED BONDS - Schedule

KWE UNSECURED BONDS - Schedule of KWE Unsecured Bonds (Details) - KWE unsecured bonds - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total debt	$ 309.8	$ 522.8
Unamortized debt discount	0.5	1
KWE
Debt Instrument [Line Items]
Unamortized loan fees	(0.2)	(0.5)
Total debt	309.8	522.8
KWE | KWE Euro Medium Term Note Programme
Debt Instrument [Line Items]
Mortgage debt (excluding loan fees)	$ 310	$ 523.3

KWE UNSECURED BONDS - Additiona

KWE UNSECURED BONDS - Additional Information (Details) $ in Millions		12 Months Ended
	Dec. 18, 2024 EUR (€)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 EUR (€)	Dec. 31, 2024 EUR (€)
Debt Instrument [Line Items]
(Loss) gain on early extinguishment of debt		$ (1.7)	$ (1.6)	$ 27.5
KWE | Level 2 | Designated as Hedging Instrument | Foreign Exchange Contract, Three
Debt Instrument [Line Items]
OCI gains (losses)		$ 24.4
KWE | KWE unsecured bonds
Debt Instrument [Line Items]
Maximum percentage of total assets						60%
Maximum ratio of consolidated secured indebtedness to total assets						50%
Minimum interest coverage ratio						1.50
Minimum ratio of unencumbered assets to unsecured indebtedness						125%
KWE | KWE unsecured bonds | KWE Euro Medium Term Note Programme
Debt Instrument [Line Items]
Aggregate principal amount of debt | €					€ 150,000,000	€ 550,000,000
Annual fixed coupon rate						3.25%
Redemption of debt | €	€ 175,000,000
Redemption price percentage	100.40%
Proceeds from issuance of debt				$ 80.3	€ 75,000,000
Percentage of par value				82%	82%
(Loss) gain on early extinguishment of debt				$ 13.9

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Total revenue	$ 531.4	$ 562.6	$ 540
Elimination
Related Party Transaction [Line Items]
Total revenue	0	0	0
Elimination | Management Service
Related Party Transaction [Line Items]
Total revenue	0.9	0.3	0.4
Related Party
Related Party Transaction [Line Items]
Total revenue	$ 49.3	$ 61.9	$ 45.2

INCOME TAXES - Schedule of Inco

INCOME TAXES - Schedule of Income before Income Tax, Domestic and Foreign (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Domestic	$ (40.3)	$ (238.8)	$ 88.5
Foreign	16.8	(97.9)	49.6
Total	$ (23.5)	$ (336.7)	$ 138.1

INCOME TAXES - Schedule of (Ben

INCOME TAXES - Schedule of (Benefit from) Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Federal
Current	$ 0	$ 0	$ 0
Deferred	(11.8)	(66)	3.6
Total federal tax expense (benefit)	(11.8)	(66)	3.6
State
Current	5.6	0.7	0.3
Deferred	(1.1)	0.8	11.3
Total state tax expense (benefit)	4.5	1.5	11.6
Foreign
Current	15	9.9	17.6
Deferred	2.5	(0.7)	3.4
Total foreign tax expense (benefit)	17.5	9.2	21
Provision for (benefit from) income taxes	$ 10.2	$ (55.3)	$ 36.2

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of the Statutory Federal Income Tax Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Statutory rate	21%
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract]
Tax computed at the statutory rate	$ (4.9)	$ (70.7)	$ 29
Domestic permanent differences, primarily disallowed executive compensation	6.8	8.7	7.8
Foreign permanent differences, primarily non-deductible depreciation, amortization and interest expenses in the United Kingdom	1	1.9	1.7
Effect of foreign operations, net of foreign tax credit	5.6	11.2	(8.8)
Noncontrolling interests	0.2	(5.1)	(1.1)
State income taxes, net of federal benefit	(1.1)	(7.8)	2.8
Other	2.6	6.5	4.8
Provision for (benefit from) income taxes	$ 10.2	$ (55.3)	$ 36.2

INCOME TAXES - Schedule of Defe

INCOME TAXES - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Foreign currency translation	$ 1.2	$ 4.8
Net operating loss carryforward and credits	135.3	178
Depreciation and amortization	90.8	69.4
Investment basis difference	101.3	89.6
Stock option expense	1.7	1.7
Hedging transactions	17	15.5
Lease liability	0.1	0.1
Capitalized interest	0.2
Accrued reserves	6.4	7.9
Total deferred tax assets	354	367
Valuation allowance	(277.5)	(283.3)
Net deferred tax assets	76.5	83.7
Deferred tax liabilities:
Investment basis and reserve differences	288.7	304.1
Prepaid expenses and other	5.5	3.7
Capitalized interest		0.1
Total deferred tax liabilities	294.2	307.9
Deferred tax liability, net	$ (217.7)	$ (224.2)

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Apr. 05, 2019	Dec. 31, 2018
Operating Loss Carryforwards [Line Items]
Deferred tax asset	$ 354	$ 367
Valuation allowance	277.5	283.3
Increase (decrease) in valuation on deferred tax assets	(5.8)	$ 17.4
KWE
Operating Loss Carryforwards [Line Items]
Valuation allowance	76.6			$ 98.3
Foreign partnership investment basis difference	89.1			$ 98.3
His Majesty's Revenue and Customs (HMRC)
Operating Loss Carryforwards [Line Items]
Deferred tax asset			$ 107
Valuation allowance	167
State and Local Jurisdiction | California
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	99.6
State and Local Jurisdiction | Other States
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	10.1
Foreign Tax Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	156.5
Tax credit	87.6
Operating loss carryforwards due to expire	$ 6.3

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Unfunded Capital Commitments To Joint Ventures
Other Commitments [Line Items]
Other commitment	$ 284.7	$ 187.7
Loan Platform Commitments
Other Commitments [Line Items]
Other commitment	$ 123.4	$ 87.7

STOCK COMPENSATION AND OTHER _3

STOCK COMPENSATION AND OTHER RELATED PLANS - Additional Information (Details) - USD ($) $ in Millions		12 Months Ended
	Jan. 09, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		412,148	961,045
Share-Based Payment Arrangement, Expense		$ 23.6	$ 34.5	$ 29
Carried interests compensation		$ (16.6)	(15.1)	(4.3)
Deferred Bonus
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Carried interests compensation		$ 6.4	8.2	9.2
Deferred Profit Sharing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Carried interests compensation		$ (16.6)	$ (15.1)	$ (4.3)
Year One | Deferred Bonus
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Liquidity percentage		35%
Year One | Deferred Bonus | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Liquidity percentage	50%
Year One | Deferred Profit Sharing | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	60%
Vesting period	4 years
Year Two | Deferred Bonus | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Liquidity percentage	40%
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares paid for tax withholding for share-based compensation (in shares)		131,116	781,303	834,911
Payments related to tax withholding for share-based compensation		$ 1.6	$ 13.4	$ 18.6
Share-Based Payment Arrangement, Expense		$ 23.6	$ 34.5	$ 29
2017 Amended and Restated Plan | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Postvesting restriction period		3 years
Discount for postvesting restrictions, percent		12.50%
Unrecognized compensation cost related to unvested restricted shares		$ 27.5
Unvested shares period for recognition		3 years
2017 Amended and Restated Plan | Performance Shares | MSCI Index Relative Performance
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage		100%
2017 Amended and Restated Plan | Performance Shares, Restricted Stock Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		4,800,000	3,400,000	2,800,000
2017 Amended and Restated Plan | Restricted Stock, Return on Equity | Year One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage		33.33%
2017 Amended and Restated Plan | Restricted Stock, Return on Equity | Year Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage		33.33%
2017 Amended and Restated Plan | Restricted Stock, Return on Equity | Year Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage		33.33%
2017 Amended and Restated Plan | Restricted Stock, Time-Based | Year One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage		33.33%
2017 Amended and Restated Plan | Restricted Stock, Time-Based | Year Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage		33.33%
2017 Amended and Restated Plan | Restricted Stock, Time-Based | Year Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage		33.33%

STOCK COMPENSATION AND OTHER _4

STOCK COMPENSATION AND OTHER RELATED PLANS - Schedule of Activity under the New Equity Plan (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Number of Shares:
Nonvested at beginning of period (in shares)	1,613,269	1,700,558
Granted (in shares)	412,148	961,045
Vested (in shares)	(131,116)	(781,303)
Forfeited (in shares)	0	(267,031)
Nonvested at end of period (in shares)	1,894,301	1,613,269

EQUITY - Preferred Stock (Detai

EQUITY - Preferred Stock (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	Jun. 16, 2023	Mar. 08, 2022
Class of Stock [Line Items]
Warrants term	7 years	7 years
Number of shares issued in transaction (in shares)	12.3	13
Exercise price of warrants (in USD per share)	$ 16.21	$ 23
Private Placement
Class of Stock [Line Items]
Annual dividend rate	6%	4.75%
Preferred Stock | Private Placement
Class of Stock [Line Items]
Considerations received on issuance of stock	$ 200	$ 300

EQUITY - At-the-Market Equity O

EQUITY - At-the-Market Equity Offering Program (Details) - ATM Program - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	May 31, 2022
Class of Stock [Line Items]
Maximum receivable amount				$ 200
Sale of stock, shares issued (in shares)	0	1,690,743	0
Sale of stock, considerations received, net of issuance costs		$ 29.8

EQUITY - Common Stock Repurchas

EQUITY - Common Stock Repurchase Program (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Nov. 04, 2020	Nov. 03, 2020	Mar. 20, 2018
Class of Stock [Line Items]
Stock repurchase program, authorized amount				$ 500,000,000	$ 250,000,000	$ 250,000,000
Shares retired due to common stock repurchase program	$ 13,300,000	$ 7,500,000	$ 12,600,000
Common Stock
Class of Stock [Line Items]
Shares retired due to common stock repurchase program (in shares)	1,565,775	666,701	551,162
Shares retired due to common stock repurchase program	$ 13,300,000	$ 7,500,000

EQUITY - Schedule of Dividend D

EQUITY - Schedule of Dividend Distributions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Declared
Preferred Stock	$ 43.5	$ 38	$ 28.9
Common Stock	82.6	133.6	132.3
Paid
Preferred Stock	43.5	35.5	25.9
Common Stock	$ 100.2	$ 136	$ 134.6

EQUITY - Schedule of Taxability

EQUITY - Schedule of Taxability of Dividends (Details) - $ / shares	3 Months Ended				12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2024
Equity [Abstract]
Distributions Per Share (in dollars per share)	$ 0.1200	$ 0.1200	$ 0.2400	$ 0.2400	$ 0.7200
Ordinary Dividends (in dollars per share)	0.1200	0.1200	0.2400	0.2400	0.7200
Return of Capital (in dollars per share)	$ 0	$ 0	$ 0	$ 0	$ 0

EQUITY - Schedule of Accumulate

EQUITY - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period	$ 1,798.4
Unrealized (losses) gains, arising during the period	(6.2)
Taxes on unrealized losses (gains), arising during the period	(0.8)
Amounts reclassified out of AOCI during the period, gross	6.6
Amounts reclassified out of AOCI during the period, taxes	(3.1)
Noncontrolling interest	0.3
Balance at end of period	1,636
Accumulated other comprehensive losses	407.6	$ 404.4
Interest Rate Swaps
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Amounts reclassified out of AOCI during the period, gross	(2.1)
Total Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period	(46)
Balance at end of period	(49.2)
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period	(125.7)
Unrealized (losses) gains, arising during the period	(37.1)
Taxes on unrealized losses (gains), arising during the period	0.6
Amounts reclassified out of AOCI during the period, gross	9.5
Amounts reclassified out of AOCI during the period, taxes	(4.2)
Noncontrolling interest	0.3
Balance at end of period	(156.6)
Currency Derivative Contracts and Interest Rate Swaps | Foreign Currency Derivative Contracts
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period	76.5
Unrealized (losses) gains, arising during the period	30.9
Taxes on unrealized losses (gains), arising during the period	(1.4)
Amounts reclassified out of AOCI during the period, gross	(0.8)
Amounts reclassified out of AOCI during the period, taxes	0.6
Noncontrolling interest	0
Balance at end of period	105.8
Currency Derivative Contracts and Interest Rate Swaps | Interest Rate Swaps
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period	3.2
Unrealized (losses) gains, arising during the period	0
Taxes on unrealized losses (gains), arising during the period	0
Amounts reclassified out of AOCI during the period, gross	(2.1)
Amounts reclassified out of AOCI during the period, taxes	0.5
Noncontrolling interest	0
Balance at end of period	1.6
Noncontrolling Interest Holders
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated other comprehensive losses	$ 358.4

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$ (76.5)	$ (341.8)	$ 64.8
Weighted-average shares outstanding for basic (in shares)	137,778,812	138,930,517	136,900,875
(Loss) income per share - basic (in dollars per share)	$ (0.56)	$ (2.46)	$ 0.47
Weighted average shares outstanding for diluted (in shares)	137,778,812	138,930,517	138,567,534
(Loss) income per share - diluted (in dollars per share)	$ (0.56)	$ (2.46)	$ 0.47
Potentially dilutive securities (in shares)	40,726,571	42,977,012	26,958,511

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details)	12 Months Ended
	Dec. 31, 2024 segment
Segment Reporting Information [Line Items]
Number of operating segments	2
Minimum
Segment Reporting Information [Line Items]
Average ownership interest in investments	5%
Maximum
Segment Reporting Information [Line Items]
Average ownership interest in investments	50%

SEGMENT INFORMATION - Schedule

SEGMENT INFORMATION - Schedule of Income and Expense Activity by Segment (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Revenue
Total segment revenue		$ 530	$ 560.4	$ 538.3
Income (loss) from unconsolidated investments
Principal co-investments		56.2	(188.5)	199.5
Carried interests		(49.7)	(64.3)	(21.1)
Company's share of Interest, Depreciation, and Taxes included in income from unconsolidated investments		135.4	102.4	66.4
Total income (loss) from unconsolidated investments		141.9	(150.4)	244.8
Gain on sale of real estate, net		160.1	127.6	103.7
Segment Expenses
Carried interests compensation		(16.6)	(15.1)	(4.3)
General and administrative		31.6	28.2	29.5
Other (income) loss		10	4.7	(20.8)
Other segment items		6.9	29	8.2
Total segment expenses		278	319	279.4
Segment Adjusted EBITDA		554	218.6	607.4
Reconciliation of Segment Adjusted EBITDA to Net Income attributable to Kennedy-Wilson Holdings, Inc. Common Shareholders
Total revenue		531.4	562.6	540
General and administrative		38.8	35.7	37.2
Depreciation and amortization		(148.3)	(157.8)	(172.9)
Interest expense		(261.1)	(259.2)	(220.8)
(Loss) gain on early extinguishment of debt		(1.7)	(1.6)	27.5
Other income (loss)		(14.2)	(0.3)	15.3
(Provision for) benefit from income taxes		(10.2)	55.3	(36.2)
Company's share of Interest, Depreciation, and Taxes included in income from unconsolidated investments		(135.4)	(102.4)	(66.4)
EBITDA adjustments to NCI		6.9	29	8.2
Net (loss) income		(33.7)	(281.4)	101.9
Net loss (income) attributable to noncontrolling interests		0.7	(22.4)	(8.2)
Preferred dividends		(43.5)	(38)	(28.9)
Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders		(76.5)	(341.8)	64.8
Revenue
Total segment revenue		530	560.4	538.3
Total consolidated revenue		531.4	562.6	540
Assets
Total assets	[1]	6,961.1	7,712.1
Expenditures for long lived assets
Investments		(148.2)	(217.2)	(569.1)
Rental
Segment Revenue
Total segment revenue		390.6	415.3	434.9
Segment Expenses
Cost of goods and services		150	152.6	151.2
Reconciliation of Segment Adjusted EBITDA to Net Income attributable to Kennedy-Wilson Holdings, Inc. Common Shareholders
Total revenue		390.6	415.3	434.9
Cost of goods and services		150	152.6	151.2
Revenue
Total segment revenue		390.6	415.3	434.9
Total consolidated revenue		390.6	415.3	434.9
Hotel
Segment Revenue
Total segment revenue		9.3	57.1	46.9
Segment Expenses
Cost of goods and services		7.6	37.9	29.5
Reconciliation of Segment Adjusted EBITDA to Net Income attributable to Kennedy-Wilson Holdings, Inc. Common Shareholders
Total revenue		9.3	57.1	46.9
Cost of goods and services		7.6	37.9	29.5
Revenue
Total segment revenue		9.3	57.1	46.9
Total consolidated revenue		9.3	57.1	46.9
Investment management fees
Segment Revenue
Total segment revenue		98.9	61.9	44.8
Reconciliation of Segment Adjusted EBITDA to Net Income attributable to Kennedy-Wilson Holdings, Inc. Common Shareholders
Total revenue		98.9	61.9	44.8
Revenue
Total segment revenue		98.9	61.9	44.8
Total consolidated revenue		98.9	61.9	44.8
Loans
Segment Revenue
Total segment revenue		31.2	26.1	11.7
Reconciliation of Segment Adjusted EBITDA to Net Income attributable to Kennedy-Wilson Holdings, Inc. Common Shareholders
Total revenue		31.2	26.1	11.7
Revenue
Total segment revenue		31.2	26.1	11.7
Total consolidated revenue		31.2	26.1	11.7
Compensation and related
Segment Expenses
Cost of goods and services		88.5	81.7	86.1
Reconciliation of Segment Adjusted EBITDA to Net Income attributable to Kennedy-Wilson Holdings, Inc. Common Shareholders
Cost of goods and services		134.8	139.4	140.3
Other
Reconciliation of Segment Adjusted EBITDA to Net Income attributable to Kennedy-Wilson Holdings, Inc. Common Shareholders
Total revenue		1.4	2.2	1.7
Revenue
Total consolidated revenue		1.4	2.2	1.7
Operating Segments | Consolidated
Segment Revenue
Total segment revenue		399.9	472.4	481.8
Income (loss) from unconsolidated investments
Principal co-investments		0	0	0
Carried interests		0	0	0
Company's share of Interest, Depreciation, and Taxes included in income from unconsolidated investments		0	0	0
Total income (loss) from unconsolidated investments		0	0	0
Gain on sale of real estate, net		160.1	127.6	103.7
Segment Expenses
Carried interests compensation		0	0	0
General and administrative		14.9	15.5	14.7
Other (income) loss		(1)	(2.3)	(20.8)
Other segment items		7.8	29.3	8.6
Total segment expenses		218.7	275.7	224.7
Segment Adjusted EBITDA		341.3	324.3	360.8
Reconciliation of Segment Adjusted EBITDA to Net Income attributable to Kennedy-Wilson Holdings, Inc. Common Shareholders
Company's share of Interest, Depreciation, and Taxes included in income from unconsolidated investments		0	0	0
Revenue
Total segment revenue		399.9	472.4	481.8
Assets
Total assets		4,591.6	5,196.3
Operating Segments | Consolidated | Rental
Segment Revenue
Total segment revenue		390.6	415.3	434.9
Segment Expenses
Cost of goods and services		150	152.6	151.2
Revenue
Total segment revenue		390.6	415.3	434.9
Operating Segments | Consolidated | Hotel
Segment Revenue
Total segment revenue		9.3	57.1	46.9
Segment Expenses
Cost of goods and services		7.6	37.9	29.5
Revenue
Total segment revenue		9.3	57.1	46.9
Operating Segments | Consolidated | Investment management fees
Segment Revenue
Total segment revenue		0	0	0
Revenue
Total segment revenue		0	0	0
Operating Segments | Consolidated | Loans
Segment Revenue
Total segment revenue		0	0	0
Revenue
Total segment revenue		0	0	0
Operating Segments | Consolidated | Compensation and related
Segment Expenses
Cost of goods and services		39.4	42.7	41.5
Operating Segments | Co-Investments
Segment Revenue
Total segment revenue		130.1	88	56.5
Income (loss) from unconsolidated investments
Principal co-investments		56.2	(188.5)	199.5
Carried interests		(49.7)	(64.3)	(21.1)
Company's share of Interest, Depreciation, and Taxes included in income from unconsolidated investments		135.4	102.4	66.4
Total income (loss) from unconsolidated investments		141.9	(150.4)	244.8
Gain on sale of real estate, net		0	0	0
Segment Expenses
Carried interests compensation		(16.6)	(15.1)	(4.3)
General and administrative		16.7	12.7	14.8
Other (income) loss		11	7	0
Other segment items		(0.9)	(0.3)	(0.4)
Total segment expenses		59.3	43.3	54.7
Segment Adjusted EBITDA		212.7	(105.7)	246.6
Reconciliation of Segment Adjusted EBITDA to Net Income attributable to Kennedy-Wilson Holdings, Inc. Common Shareholders
Company's share of Interest, Depreciation, and Taxes included in income from unconsolidated investments		(135.4)	(102.4)	(66.4)
Revenue
Total segment revenue		130.1	88	56.5
Assets
Total assets		2,273.5	2,316.3
Operating Segments | Co-Investments | Rental
Segment Revenue
Total segment revenue		0	0	0
Segment Expenses
Cost of goods and services		0	0	0
Revenue
Total segment revenue		0	0	0
Operating Segments | Co-Investments | Hotel
Segment Revenue
Total segment revenue		0	0	0
Segment Expenses
Cost of goods and services		0	0	0
Revenue
Total segment revenue		0	0	0
Operating Segments | Co-Investments | Investment management fees
Segment Revenue
Total segment revenue		98.9	61.9	44.8
Revenue
Total segment revenue		98.9	61.9	44.8
Operating Segments | Co-Investments | Loans
Segment Revenue
Total segment revenue		31.2	26.1	11.7
Revenue
Total segment revenue		31.2	26.1	11.7
Operating Segments | Co-Investments | Compensation and related
Segment Expenses
Cost of goods and services		49.1	39	44.6
Segment Reporting, Reconciling Item, Corporate Nonsegment
Reconciliation of Segment Adjusted EBITDA to Net Income attributable to Kennedy-Wilson Holdings, Inc. Common Shareholders
General and administrative		(7.2)	(7.5)	(7.7)
Assets
Total assets		96	199.5
Segment Reporting, Reconciling Item, Corporate Nonsegment | Compensation and related
Reconciliation of Segment Adjusted EBITDA to Net Income attributable to Kennedy-Wilson Holdings, Inc. Common Shareholders
Cost of goods and services		$ (46.3)	$ (57.7)	$ (54.2)
[1]The assets and liabilities as of December 31, 2024 include $169.3 million (including cash held by consolidated investments of $4.3 million and real estate and acquired in place lease values, net of accumulated depreciation and amortization of $128.7 million) and $49.6 million (including investment debt of $50.0 million), respectively, from consolidated variable interest entities ("VIEs"). The assets and liabilities as of December 31, 2023 include $154.9 million (including cash held by consolidated investments of $3.6 million and real estate and acquired in place lease values, net of accumulated depreciation and amortization of $121.8 million) and $101.4 million (including investment debt of $54.9 million), respectively, from VIEs. These assets can only be used to settle obligations of the consolidated VIEs, and the liabilities do not have recourse to the Company.

SEGMENT INFORMATION - Schedul_2

SEGMENT INFORMATION - Schedule of Geographic Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 531.4	$ 562.6	$ 540
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	368	334.1	317.5
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 163.4	$ 228.5	$ 222.5

GUARANTOR AND NON-GUARANTOR F_3

GUARANTOR AND NON-GUARANTOR FINANCIAL STATEMENTS - Schedule of Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Millions		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents		$ 217.5	$ 313.7
Accounts receivable, net		38.7	57.3
Real estate and acquired in place lease values, net of accumulated depreciation and amortization, net		4,290.4	4,837.3
Unconsolidated investments		2,042.4	2,069.1
Investments in and advances to consolidated subsidiaries		0	0
Other assets, net		141	187.5
Loan purchases and originations, net		231.1	247.2
Total assets	[1]	6,961.1	7,712.1
Liabilities
Accounts payable		10.8	17.9
Accrued expenses and other liabilities		529.4	597.8
Total liabilities	[1]	5,325.1	5,913.7
Equity
Kennedy-Wilson Holdings, Inc. shareholders' equity		1,601.2	1,755.1
Noncontrolling interests		34.8	43.3
Total equity		1,636	1,798.4	$ 2,010.4	$ 1,803.9
Total liabilities and equity		6,961.1	7,712.1
Mortgage debt
Liabilities
Long-term debt		2,597.2	2,840.9
KW unsecured debt
Liabilities
Long-term debt		1,877.9	1,934.3
KWE unsecured bonds
Liabilities
Long-term debt		309.8	522.8
Reportable Legal Entities | Parent
Assets
Cash and cash equivalents		0	0
Accounts receivable, net		0	0
Real estate and acquired in place lease values, net of accumulated depreciation and amortization, net		0	0
Unconsolidated investments		0	0
Investments in and advances to consolidated subsidiaries		1,628.8	1,800.4
Other assets, net		0	0
Loan purchases and originations, net		0	0
Total assets		1,628.8	1,800.4
Liabilities
Accounts payable		0	0
Accrued expenses and other liabilities		27.6	45.3
Total liabilities		27.6	45.3
Equity
Kennedy-Wilson Holdings, Inc. shareholders' equity		1,601.2	1,755.1
Noncontrolling interests		0	0
Total equity		1,601.2	1,755.1
Total liabilities and equity		1,628.8	1,800.4
Reportable Legal Entities | Parent | Mortgage debt
Liabilities
Long-term debt		0	0
Reportable Legal Entities | Parent | KW unsecured debt
Liabilities
Long-term debt		0	0
Reportable Legal Entities | Parent | KWE unsecured bonds
Liabilities
Long-term debt		0	0
Reportable Legal Entities | Kennedy-Wilson, Inc.
Assets
Cash and cash equivalents		36.7	73.3
Accounts receivable, net		0	0.9
Real estate and acquired in place lease values, net of accumulated depreciation and amortization, net		0	0
Unconsolidated investments		14.2	14.6
Investments in and advances to consolidated subsidiaries		3,726.8	3,938.2
Other assets, net		44.8	59.4
Loan purchases and originations, net		0.4	0.7
Total assets		3,822.9	4,087.1
Liabilities
Accounts payable		1	0.5
Accrued expenses and other liabilities		315.2	351.9
Total liabilities		2,194.1	2,286.7
Equity
Kennedy-Wilson Holdings, Inc. shareholders' equity		1,628.8	1,800.4
Noncontrolling interests		0	0
Total equity		1,628.8	1,800.4
Total liabilities and equity		3,822.9	4,087.1
Reportable Legal Entities | Kennedy-Wilson, Inc. | Mortgage debt
Liabilities
Long-term debt		0	0
Reportable Legal Entities | Kennedy-Wilson, Inc. | KW unsecured debt
Liabilities
Long-term debt		1,877.9	1,934.3
Reportable Legal Entities | Kennedy-Wilson, Inc. | KWE unsecured bonds
Liabilities
Long-term debt		0	0
Reportable Legal Entities | Guarantor Subsidiaries
Assets
Cash and cash equivalents		103.4	99.4
Accounts receivable, net		22.2	22
Real estate and acquired in place lease values, net of accumulated depreciation and amortization, net		1,394.7	1,522.3
Unconsolidated investments		679.6	652
Investments in and advances to consolidated subsidiaries		2,339.9	2,511.6
Other assets, net		50.9	51.6
Loan purchases and originations, net		201.7	214.8
Total assets		4,792.4	5,073.7
Liabilities
Accounts payable		2.5	6
Accrued expenses and other liabilities		96.6	91.5
Total liabilities		1,065.6	1,135.5
Equity
Kennedy-Wilson Holdings, Inc. shareholders' equity		3,726.8	3,938.2
Noncontrolling interests		0	0
Total equity		3,726.8	3,938.2
Total liabilities and equity		4,792.4	5,073.7
Reportable Legal Entities | Guarantor Subsidiaries | Mortgage debt
Liabilities
Long-term debt		966.5	1,038
Reportable Legal Entities | Guarantor Subsidiaries | KW unsecured debt
Liabilities
Long-term debt		0	0
Reportable Legal Entities | Guarantor Subsidiaries | KWE unsecured bonds
Liabilities
Long-term debt		0	0
Reportable Legal Entities | Non-guarantor Subsidiaries
Assets
Cash and cash equivalents		77.4	141
Accounts receivable, net		16.5	34.4
Real estate and acquired in place lease values, net of accumulated depreciation and amortization, net		2,895.7	3,315
Unconsolidated investments		1,348.6	1,402.5
Investments in and advances to consolidated subsidiaries		0	0
Other assets, net		45.3	76.5
Loan purchases and originations, net		29	31.7
Total assets		4,412.5	5,001.1
Liabilities
Accounts payable		7.3	11.4
Accrued expenses and other liabilities		90	109.1
Total liabilities		2,037.8	2,446.2
Equity
Kennedy-Wilson Holdings, Inc. shareholders' equity		2,339.9	2,511.6
Noncontrolling interests		34.8	43.3
Total equity		2,374.7	2,554.9
Total liabilities and equity		4,412.5	5,001.1
Reportable Legal Entities | Non-guarantor Subsidiaries | Mortgage debt
Liabilities
Long-term debt		1,630.7	1,802.9
Reportable Legal Entities | Non-guarantor Subsidiaries | KW unsecured debt
Liabilities
Long-term debt		0	0
Reportable Legal Entities | Non-guarantor Subsidiaries | KWE unsecured bonds
Liabilities
Long-term debt		309.8	522.8
Elimination
Assets
Cash and cash equivalents		0	0
Accounts receivable, net		0	0
Real estate and acquired in place lease values, net of accumulated depreciation and amortization, net		0	0
Unconsolidated investments		0	0
Investments in and advances to consolidated subsidiaries		(7,695.5)	(8,250.2)
Other assets, net		0	0
Loan purchases and originations, net		0	0
Total assets		(7,695.5)	(8,250.2)
Liabilities
Accounts payable		0	0
Accrued expenses and other liabilities		0	0
Total liabilities		0	0
Equity
Kennedy-Wilson Holdings, Inc. shareholders' equity		(7,695.5)	(8,250.2)
Noncontrolling interests		0	0
Total equity		(7,695.5)	(8,250.2)
Total liabilities and equity		(7,695.5)	(8,250.2)
Elimination | Mortgage debt
Liabilities
Long-term debt		0	0
Elimination | KW unsecured debt
Liabilities
Long-term debt		0	0
Elimination | KWE unsecured bonds
Liabilities
Long-term debt		$ 0	$ 0
[1]The assets and liabilities as of December 31, 2024 include $169.3 million (including cash held by consolidated investments of $4.3 million and real estate and acquired in place lease values, net of accumulated depreciation and amortization of $128.7 million) and $49.6 million (including investment debt of $50.0 million), respectively, from consolidated variable interest entities ("VIEs"). The assets and liabilities as of December 31, 2023 include $154.9 million (including cash held by consolidated investments of $3.6 million and real estate and acquired in place lease values, net of accumulated depreciation and amortization of $121.8 million) and $101.4 million (including investment debt of $54.9 million), respectively, from VIEs. These assets can only be used to settle obligations of the consolidated VIEs, and the liabilities do not have recourse to the Company.

GUARANTOR AND NON-GUARANTOR F_4

GUARANTOR AND NON-GUARANTOR FINANCIAL STATEMENTS - Schedule of Condensed Consolidating Statement of Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Condensed Financial Statements, Captions [Line Items]
Total revenue	$ 531.4	$ 562.6	$ 540
Total income (loss) from unconsolidated investments	6.5	(252.8)	178.4
Gain on sale of real estate, net	160.1	127.6	103.7
Total expenses	462.9	508.3	526.8
(Loss) income from consolidated subsidiaries	0	0	0
Interest expense	(261.1)	(259.2)	(220.8)
(Loss) gain on early extinguishment of debt	(1.7)	(1.6)	27.5
Other income (loss)	4.2	(5)	36.1
(Loss) income before (provision for) benefit from income taxes	(23.5)	(336.7)	138.1
(Provision for) benefit from income taxes	(10.2)	55.3	(36.2)
Net (loss) income	(33.7)	(281.4)	101.9
Net loss (income) attributable to noncontrolling interests	0.7	(22.4)	(8.2)
Preferred dividends	(43.5)	(38)	(28.9)
Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders	(76.5)	(341.8)	64.8
Reportable Legal Entities | Parent
Condensed Financial Statements, Captions [Line Items]
Total revenue	0	0	0
Total income (loss) from unconsolidated investments	0	0	0
Gain on sale of real estate, net	0	0	0
Total expenses	23.6	35.1	29
(Loss) income from consolidated subsidiaries	(10.6)	(246.7)	130.8
Interest expense	0	0	0
(Loss) gain on early extinguishment of debt	0	0	0
Other income (loss)	0.5	0.4	0.1
(Loss) income before (provision for) benefit from income taxes	(33.7)	(281.4)	101.9
(Provision for) benefit from income taxes	0	0	0
Net (loss) income	(33.7)	(281.4)	101.9
Net loss (income) attributable to noncontrolling interests	0	0	0
Preferred dividends	(43.5)	(38)	(28.9)
Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders	(77.2)	(319.4)	73
Reportable Legal Entities | Kennedy-Wilson, Inc.
Condensed Financial Statements, Captions [Line Items]
Total revenue	0.1	0.2	0.2
Total income (loss) from unconsolidated investments	0.7		1.1
Gain on sale of real estate, net	0.8	0	0
Total expenses	84.7	82.1	92.7
(Loss) income from consolidated subsidiaries	152.1	(131.5)	314.4
Interest expense	(100.6)	(97.2)	(92.6)
(Loss) gain on early extinguishment of debt	0	0	0
Other income (loss)	13.7	(0.9)	15.6
(Loss) income before (provision for) benefit from income taxes	(17.9)	(311.5)	146
(Provision for) benefit from income taxes	7.3	64.8	(15.2)
Net (loss) income	(10.6)	(246.7)	130.8
Net loss (income) attributable to noncontrolling interests	0	0	0
Preferred dividends	0	0	0
Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders	(10.6)	(246.7)	130.8
Reportable Legal Entities | Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Total revenue	270.6	239.6	225.1
Total income (loss) from unconsolidated investments	8.3	(110.5)	12
Gain on sale of real estate, net	86	98.8	68.1
Total expenses	163.8	158.5	172.5
(Loss) income from consolidated subsidiaries	13.1	(147.5)	230.7
Interest expense	(45.6)	(45)	(41.8)
(Loss) gain on early extinguishment of debt	(0.4)	(2)	(1.6)
Other income (loss)	(13.1)	(6.4)	(1.3)
(Loss) income before (provision for) benefit from income taxes	155.1	(131.5)	318.7
(Provision for) benefit from income taxes	(3)		(4.3)
Net (loss) income	152.1	(131.5)	314.4
Net loss (income) attributable to noncontrolling interests	0	0	0
Preferred dividends	0	0	0
Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders	152.1	(131.5)	314.4
Reportable Legal Entities | Non-guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Total revenue	260.7	322.8	314.7
Total income (loss) from unconsolidated investments	(2.5)	(142.3)	165.3
Gain on sale of real estate, net	73.3	28.8	35.6
Total expenses	190.8	232.6	232.6
(Loss) income from consolidated subsidiaries	0	0	0
Interest expense	(114.9)	(117)	(86.4)
(Loss) gain on early extinguishment of debt	(1.3)	0.4	29.1
Other income (loss)	3.1	1.9	21.7
(Loss) income before (provision for) benefit from income taxes	27.6	(138)	247.4
(Provision for) benefit from income taxes	(14.5)	(9.5)	(16.7)
Net (loss) income	13.1	(147.5)	230.7
Net loss (income) attributable to noncontrolling interests	0.7	(22.4)	(8.2)
Preferred dividends	0	0	0
Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders	13.8	(169.9)	222.5
Elimination
Condensed Financial Statements, Captions [Line Items]
Total revenue	0	0	0
Total income (loss) from unconsolidated investments	0	0
Gain on sale of real estate, net	0	0	0
Total expenses	0	0	0
(Loss) income from consolidated subsidiaries	(154.6)	525.7	(675.9)
Interest expense	0		0
(Loss) gain on early extinguishment of debt	0	0	0
Other income (loss)	0		0
(Loss) income before (provision for) benefit from income taxes	(154.6)	525.7	(675.9)
(Provision for) benefit from income taxes	0	0	0
Net (loss) income	(154.6)	525.7	(675.9)
Net loss (income) attributable to noncontrolling interests	0	0	0
Preferred dividends	0	0	0
Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$ (154.6)	$ 525.7	$ (675.9)

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ in Millions	2 Months Ended	12 Months Ended
	Feb. 27, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Amount drawn on revolving line of credit		$ 170	$ 50	$ 528.4
Subsequent Event | Revolving Credit Facility | Line of Credit
Subsequent Event [Line Items]
Amount drawn on revolving line of credit	$ 95
Remaining borrowing capacity	$ 356

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation - Schedule of Real Estate and Accumulated Depreciation (Details) $ in Millions	Dec. 31, 2024 USD ($) unit lot	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 2,611.7
Initial Cost
Land	1,073.2
Building & Improvements	3,447.1
Costs Capitalized Subsequent to Acquisition
Improvements	466.9
Gross Balance at December 31, 2020
Land	979.6
Building & Improvements	4,015.6
Total	4,995.2	$ 5,518.7	$ 5,775.3	$ 5,567.3
Accumulated Depreciation	(716.1)	$ (702.1)	$ (619.6)	$ (564)
Aggregate tax basis of all properties	4,047.3
Commercial | Office In Southern California, One
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	35
Initial Cost
Land	11.2
Building & Improvements	18.5
Costs Capitalized Subsequent to Acquisition
Improvements	34.8
Gross Balance at December 31, 2020
Land	11.5
Building & Improvements	54.3
Total	65.8
Accumulated Depreciation	(13.1)
Commercial | Commercial Portfolio In United Kingdom, One
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost
Land	16.6
Building & Improvements	3.9
Costs Capitalized Subsequent to Acquisition
Improvements	5.8
Gross Balance at December 31, 2020
Land	1.3
Building & Improvements	16.1
Total	17.4
Accumulated Depreciation	(4.3)
Commercial | Commercial Portfolio In United Kingdom, Two
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost
Land	34.3
Building & Improvements	208.2
Costs Capitalized Subsequent to Acquisition
Improvements	10.3
Gross Balance at December 31, 2020
Land	19.5
Building & Improvements	158
Total	177.5
Accumulated Depreciation	(49.2)
Commercial | Office In Ireland, One
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	51.6
Initial Cost
Land	8.2
Building & Improvements	102.6
Costs Capitalized Subsequent to Acquisition
Improvements	0
Gross Balance at December 31, 2020
Land	6.2
Building & Improvements	78
Total	84.2
Accumulated Depreciation	(20.5)
Commercial | Retail In Ireland
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	46.7
Initial Cost
Land	52.8
Building & Improvements	49.7
Costs Capitalized Subsequent to Acquisition
Improvements	21
Gross Balance at December 31, 2020
Land	39.8
Building & Improvements	57
Total	96.8
Accumulated Depreciation	(12.6)
Commercial | Office In Ireland, Two
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	51
Initial Cost
Land	20.4
Building & Improvements	73.8
Costs Capitalized Subsequent to Acquisition
Improvements	5.6
Gross Balance at December 31, 2020
Land	15.5
Building & Improvements	61.6
Total	77.1
Accumulated Depreciation	(17.8)
Commercial | Office In United Kingdom, One
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	175.6
Initial Cost
Land	85.3
Building & Improvements	232
Costs Capitalized Subsequent to Acquisition
Improvements	27.6
Gross Balance at December 31, 2020
Land	76.7
Building & Improvements	211.3
Total	288
Accumulated Depreciation	(73)
Commercial | Retail In United Kingdom
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost
Land	6.2
Building & Improvements	109.5
Costs Capitalized Subsequent to Acquisition
Improvements	8.2
Gross Balance at December 31, 2020
Land	4.7
Building & Improvements	90.9
Total	95.6
Accumulated Depreciation	(24.4)
Commercial | Office In Southern California, Two
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	33.1
Initial Cost
Land	31.8
Building & Improvements	60.6
Costs Capitalized Subsequent to Acquisition
Improvements	27.7
Gross Balance at December 31, 2020
Land	31.8
Building & Improvements	88.3
Total	120.1
Accumulated Depreciation	(26.3)
Commercial | Office In Southern California, Three
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	28.3
Initial Cost
Land	11.6
Building & Improvements	36.5
Costs Capitalized Subsequent to Acquisition
Improvements	5.8
Gross Balance at December 31, 2020
Land	11.6
Building & Improvements	42.2
Total	53.8
Accumulated Depreciation	(12.5)
Commercial | Office In Southern California, Four
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	35
Initial Cost
Land	20.7
Building & Improvements	47.9
Costs Capitalized Subsequent to Acquisition
Improvements	26.4
Gross Balance at December 31, 2020
Land	20.7
Building & Improvements	54.2
Total	74.9
Accumulated Depreciation	(15.4)
Commercial | Commercial Portfolio In United Kingdom, Three
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost
Land	49.4
Building & Improvements	101.4
Costs Capitalized Subsequent to Acquisition
Improvements	3.2
Gross Balance at December 31, 2020
Land	20.5
Building & Improvements	37.5
Total	58
Accumulated Depreciation	(9.4)
Commercial | Office Portfolio In United Kingdom, One
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost
Land	19
Building & Improvements	41.2
Costs Capitalized Subsequent to Acquisition
Improvements	18.9
Gross Balance at December 31, 2020
Land	20.7
Building & Improvements	43.6
Total	64.3
Accumulated Depreciation	(8)
Commercial | Office Portfolio In Italy
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost
Land	24.8
Building & Improvements	70.1
Costs Capitalized Subsequent to Acquisition
Improvements	1.1
Gross Balance at December 31, 2020
Land	28.1
Building & Improvements	72.7
Total	100.8
Accumulated Depreciation	(18)
Commercial | Office Portfolio In United Kingdom, Two
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	60.7
Initial Cost
Land	32.1
Building & Improvements	70.4
Costs Capitalized Subsequent to Acquisition
Improvements	11
Gross Balance at December 31, 2020
Land	27.7
Building & Improvements	71.8
Total	99.5
Accumulated Depreciation	(16.1)
Commercial | Office In Ireland, Three
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	36.2
Initial Cost
Land	4.2
Building & Improvements	64
Costs Capitalized Subsequent to Acquisition
Improvements	2.7
Gross Balance at December 31, 2020
Land	3.8
Building & Improvements	60.2
Total	64
Accumulated Depreciation	(13.2)
Commercial | Office In Pacific Northwest
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	18
Initial Cost
Land	21.4
Building & Improvements	74.2
Costs Capitalized Subsequent to Acquisition
Improvements	2.4
Gross Balance at December 31, 2020
Land	21.4
Building & Improvements	76.6
Total	98
Accumulated Depreciation	(14.7)
Commercial | Office In Ireland, Four
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	15.3
Initial Cost
Land	4.9
Building & Improvements	18.5
Costs Capitalized Subsequent to Acquisition
Improvements	7.8
Gross Balance at December 31, 2020
Land	4.2
Building & Improvements	24
Total	28.2
Accumulated Depreciation	(3.9)
Commercial | Office In Ireland, Five
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	51.4
Initial Cost
Land	11
Building & Improvements	0
Costs Capitalized Subsequent to Acquisition
Improvements	0
Gross Balance at December 31, 2020
Land	9.7
Building & Improvements	51.4
Total	61.1
Accumulated Depreciation	(3.6)
Commercial | Office In Northern California
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	60
Initial Cost
Land	23.5
Building & Improvements	57.3
Costs Capitalized Subsequent to Acquisition
Improvements	11.6
Gross Balance at December 31, 2020
Land	23.5
Building & Improvements	68.8
Total	92.3
Accumulated Depreciation	(9.9)
Commercial | Office In United Kingdom, Two
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	108.6
Initial Cost
Land	71.2
Building & Improvements	177.9
Costs Capitalized Subsequent to Acquisition
Improvements	0
Gross Balance at December 31, 2020
Land	64.1
Building & Improvements	160.4
Total	224.5
Accumulated Depreciation	(14)
Commercial | Office In United Kingdom, Three
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	39.7
Initial Cost
Land	25.3
Building & Improvements	54.8
Costs Capitalized Subsequent to Acquisition
Improvements	4.6
Gross Balance at December 31, 2020
Land	23.4
Building & Improvements	55.3
Total	78.7
Accumulated Depreciation	(3)
Commercial | Office In United Kingdom, Four
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	49.8
Initial Cost
Land	25.5
Building & Improvements	74.1
Costs Capitalized Subsequent to Acquisition
Improvements	6.6
Gross Balance at December 31, 2020
Land	23.8
Building & Improvements	75.4
Total	99.2
Accumulated Depreciation	(5.3)
Commercial | Office In Ireland, Six
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	50.9
Initial Cost
Land	0.5
Building & Improvements	3.4
Costs Capitalized Subsequent to Acquisition
Improvements	48.8
Gross Balance at December 31, 2020
Land	0.5
Building & Improvements	57.8
Total	58.3
Accumulated Depreciation	(3.5)
Multifamily
Gross Balance at December 31, 2020
Number of real estate properties | property		2
Multifamily | 366-Unit Asset In Mountain West
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	77.8
Initial Cost
Land	9.1
Building & Improvements	36.3
Costs Capitalized Subsequent to Acquisition
Improvements	16.1
Gross Balance at December 31, 2020
Land	9.1
Building & Improvements	52.4
Total	61.5
Accumulated Depreciation	$ (24.3)
Number of real estate units | unit	366
Multifamily | 1008-Unit Asset In Northern California
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 175
Initial Cost
Land	62.3
Building & Improvements	152.5
Costs Capitalized Subsequent to Acquisition
Improvements	34.3
Gross Balance at December 31, 2020
Land	62.3
Building & Improvements	186.7
Total	249
Accumulated Depreciation	$ (63.7)
Number of real estate units | unit	1,008
Multifamily | 204-Unit Asset In Mountain West
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 32.5
Initial Cost
Land	2
Building & Improvements	17.6
Costs Capitalized Subsequent to Acquisition
Improvements	5.1
Gross Balance at December 31, 2020
Land	1.9
Building & Improvements	22.7
Total	24.6
Accumulated Depreciation	$ (7.5)
Number of real estate units | unit	204
Multifamily | 168-Unit Asset In Mountain West
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 10.9
Initial Cost
Land	1.8
Building & Improvements	13.1
Costs Capitalized Subsequent to Acquisition
Improvements	5
Gross Balance at December 31, 2020
Land	1.8
Building & Improvements	18
Total	19.8
Accumulated Depreciation	$ (6.2)
Number of real estate units | unit	168
Multifamily | 386-Unit Asset In Southern California
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 66
Initial Cost
Land	0
Building & Improvements	81.4
Costs Capitalized Subsequent to Acquisition
Improvements	10.7
Gross Balance at December 31, 2020
Land	0
Building & Improvements	92.1
Total	92.1
Accumulated Depreciation	$ (24.8)
Number of real estate units | unit	386
Multifamily | 310-Unit Asset In Southern California
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 76.7
Initial Cost
Land	0.6
Building & Improvements	0
Costs Capitalized Subsequent to Acquisition
Improvements	0.1
Gross Balance at December 31, 2020
Land	0
Building & Improvements	118.8
Total	118.8
Accumulated Depreciation	$ (1.4)
Number of real estate units | unit	310
Multifamily | 300-Unit Asset In Mountain West
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 39
Initial Cost
Land	4.8
Building & Improvements	29.2
Costs Capitalized Subsequent to Acquisition
Improvements	7.3
Gross Balance at December 31, 2020
Land	4.8
Building & Improvements	36.6
Total	41.4
Accumulated Depreciation	$ (9.6)
Number of real estate units | unit	300
Multifamily | 210-Unit Asset In Pacific Northwest
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 44.5
Initial Cost
Land	11
Building & Improvements	46.7
Costs Capitalized Subsequent to Acquisition
Improvements	2.4
Gross Balance at December 31, 2020
Land	11
Building & Improvements	49.1
Total	60.1
Accumulated Depreciation	$ (9.9)
Number of real estate units | unit	210
Multifamily | 172-Unit Asset In Mountain West
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 58
Initial Cost
Land	0.2
Building & Improvements	0
Costs Capitalized Subsequent to Acquisition
Improvements	0.2
Gross Balance at December 31, 2020
Land	3.4
Building & Improvements	72.8
Total	76.2
Accumulated Depreciation	$ (0.9)
Number of real estate units | unit	172
Multifamily | 343-Unit Asset In Pacific Northwest
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 84
Initial Cost
Land	26.8
Building & Improvements	107.4
Costs Capitalized Subsequent to Acquisition
Improvements	2.1
Gross Balance at December 31, 2020
Land	26.8
Building & Improvements	109.5
Total	136.3
Accumulated Depreciation	$ (20.5)
Number of real estate units | unit	343
Multifamily | 179-Unit Asset In Pacific Northwest
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 25.5
Initial Cost
Land	11.9
Building & Improvements	47.4
Costs Capitalized Subsequent to Acquisition
Improvements	2.6
Gross Balance at December 31, 2020
Land	11.9
Building & Improvements	50
Total	61.9
Accumulated Depreciation	$ (9.8)
Number of real estate units | unit	179
Multifamily | 88-Unit Asset In Mountain West
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 8.6
Initial Cost
Land	2.6
Building & Improvements	10.4
Costs Capitalized Subsequent to Acquisition
Improvements	2.2
Gross Balance at December 31, 2020
Land	2.6
Building & Improvements	12.7
Total	15.3
Accumulated Depreciation	$ (3.3)
Number of real estate units | unit	88
Multifamily | 492-Unit Asset In Mountain West
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 59.1
Initial Cost
Land	15.8
Building & Improvements	63.2
Costs Capitalized Subsequent to Acquisition
Improvements	9.8
Gross Balance at December 31, 2020
Land	15.8
Building & Improvements	73
Total	88.8
Accumulated Depreciation	$ (17.2)
Number of real estate units | unit	492
Multifamily | 66-Unit Asset In Mountain West
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 8
Initial Cost
Land	0.8
Building & Improvements	0
Costs Capitalized Subsequent to Acquisition
Improvements	0.2
Gross Balance at December 31, 2020
Land	0.7
Building & Improvements	9.3
Total	10
Accumulated Depreciation	$ (1.1)
Number of real estate units | unit	66
Multifamily | 89-Unit Asset In Mountain West
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 17.7
Initial Cost
Land	2.1
Building & Improvements	0
Costs Capitalized Subsequent to Acquisition
Improvements	0.1
Gross Balance at December 31, 2020
Land	2
Building & Improvements	21.5
Total	23.5
Accumulated Depreciation	$ (1.3)
Number of real estate units | unit	89
Multifamily | 188-Unit Asset In Mountain West
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 13.3
Initial Cost
Land	4.9
Building & Improvements	19.7
Costs Capitalized Subsequent to Acquisition
Improvements	9.8
Gross Balance at December 31, 2020
Land	4.9
Building & Improvements	29.4
Total	34.3
Accumulated Depreciation	$ (8.1)
Number of real estate units | unit	188
Multifamily | 120-Unit Asset In Mountain West
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 32.3
Initial Cost
Land	5.7
Building & Improvements	0
Costs Capitalized Subsequent to Acquisition
Improvements	0.9
Gross Balance at December 31, 2020
Land	1.9
Building & Improvements	38.5
Total	40.4
Accumulated Depreciation	$ (4.4)
Number of real estate units | unit	120
Multifamily | 277-Unit Asset In Mountain West
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 62.2
Initial Cost
Land	4
Building & Improvements	0
Costs Capitalized Subsequent to Acquisition
Improvements	6.8
Gross Balance at December 31, 2020
Land	2.7
Building & Improvements	55.3
Total	58
Accumulated Depreciation	$ (10.2)
Number of real estate units | unit	277
Multifamily | 10-Unit Asset In Mountain West
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	0
Building & Improvements	0
Costs Capitalized Subsequent to Acquisition
Improvements	0
Gross Balance at December 31, 2020
Land	0
Building & Improvements	2.3
Total	2.3
Accumulated Depreciation	$ (0.2)
Number of real estate units | unit	10
Multifamily | 260-Unit Asset In Mountain West, One
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 51.4
Initial Cost
Land	13.4
Building & Improvements	53.6
Costs Capitalized Subsequent to Acquisition
Improvements	3.9
Gross Balance at December 31, 2020
Land	13.4
Building & Improvements	57.6
Total	71
Accumulated Depreciation	$ (6.9)
Number of real estate units | unit	260
Multifamily | 280-Unit Asset In Mountain West
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 39.6
Initial Cost
Land	13.3
Building & Improvements	53.2
Costs Capitalized Subsequent to Acquisition
Improvements	0.4
Gross Balance at December 31, 2020
Land	13.3
Building & Improvements	53.6
Total	66.9
Accumulated Depreciation	$ (5.1)
Number of real estate units | unit	280
Multifamily | 30-Unit Asset In Mountain West
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	0
Building & Improvements	0
Costs Capitalized Subsequent to Acquisition
Improvements	0
Gross Balance at December 31, 2020
Land	0
Building & Improvements	13.6
Total	13.6
Accumulated Depreciation	$ (0.2)
Number of real estate units | unit	30
Multifamily | 344-Unit Asset In Mountain West
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 39.2
Initial Cost
Land	13
Building & Improvements	52.1
Costs Capitalized Subsequent to Acquisition
Improvements	6.2
Gross Balance at December 31, 2020
Land	13
Building & Improvements	58.3
Total	71.3
Accumulated Depreciation	$ (6.5)
Number of real estate units | unit	344
Multifamily | 240-Unit Asset In Mountain West, One
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 43
Initial Cost
Land	4.6
Building & Improvements	0
Costs Capitalized Subsequent to Acquisition
Improvements	0
Gross Balance at December 31, 2020
Land	14.4
Building & Improvements	48.4
Total	62.8
Accumulated Depreciation	$ (1.5)
Number of real estate units | unit	240
Multifamily | 240-Unit Asset In Mountain West, Two
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 45.1
Initial Cost
Land	11.1
Building & Improvements	44.3
Costs Capitalized Subsequent to Acquisition
Improvements	1.5
Gross Balance at December 31, 2020
Land	11.1
Building & Improvements	46.3
Total	57.4
Accumulated Depreciation	$ (4.4)
Number of real estate units | unit	240
Multifamily | 160-Unit Asset In Mountain West
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 13.8
Initial Cost
Land	4.5
Building & Improvements	18
Costs Capitalized Subsequent to Acquisition
Improvements	0.4
Gross Balance at December 31, 2020
Land	4.5
Building & Improvements	18.7
Total	23.2
Accumulated Depreciation	$ (1.8)
Number of real estate units | unit	160
Multifamily | 332-Unit Asset In Mountain West
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 76.2
Initial Cost
Land	26.7
Building & Improvements	106.9
Costs Capitalized Subsequent to Acquisition
Improvements	4.2
Gross Balance at December 31, 2020
Land	26.7
Building & Improvements	111
Total	137.7
Accumulated Depreciation	$ (10.2)
Number of real estate units | unit	332
Multifamily | 383-Unit Asset In Pacific Northwest
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 119.5
Initial Cost
Land	38.3
Building & Improvements	153
Costs Capitalized Subsequent to Acquisition
Improvements	10.1
Gross Balance at December 31, 2020
Land	38.3
Building & Improvements	163.1
Total	201.4
Accumulated Depreciation	$ (15.1)
Number of real estate units | unit	383
Multifamily | 164-Unit Asset In Pacific Northwest
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 43
Initial Cost
Land	14.8
Building & Improvements	59.1
Costs Capitalized Subsequent to Acquisition
Improvements	0.7
Gross Balance at December 31, 2020
Land	14.8
Building & Improvements	59.8
Total	74.6
Accumulated Depreciation	$ (5)
Number of real estate units | unit	164
Multifamily | 528-Unit Asset In Mountain West
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 101.1
Initial Cost
Land	31.1
Building & Improvements	124.4
Costs Capitalized Subsequent to Acquisition
Improvements	8.5
Gross Balance at December 31, 2020
Land	31.1
Building & Improvements	132.9
Total	164
Accumulated Depreciation	$ (11.8)
Number of real estate units | unit	528
Multifamily | 350-Unit Asset In Mountain West
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 64.9
Initial Cost
Land	33.2
Building & Improvements	132.6
Costs Capitalized Subsequent to Acquisition
Improvements	6.5
Gross Balance at December 31, 2020
Land	33.2
Building & Improvements	139.2
Total	172.4
Accumulated Depreciation	$ (10.7)
Number of real estate units | unit	350
Multifamily | 404-Unit Asset In Mountain West
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 61.6
Initial Cost
Land	29.6
Building & Improvements	118.3
Costs Capitalized Subsequent to Acquisition
Improvements	3.2
Gross Balance at December 31, 2020
Land	29.6
Building & Improvements	121.5
Total	151.1
Accumulated Depreciation	$ (8.9)
Number of real estate units | unit	404
Multifamily | 356-Unit Asset In Mountain West
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 40.9
Initial Cost
Land	20.8
Building & Improvements	83.1
Costs Capitalized Subsequent to Acquisition
Improvements	5.5
Gross Balance at December 31, 2020
Land	20.8
Building & Improvements	88.7
Total	109.5
Accumulated Depreciation	$ (6.9)
Number of real estate units | unit	356
Multifamily | 260-Unit Asset In Mountain West, Two
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 34.4
Initial Cost
Land	15.7
Building & Improvements	62.6
Costs Capitalized Subsequent to Acquisition
Improvements	2.2
Gross Balance at December 31, 2020
Land	15.6
Building & Improvements	64.8
Total	80.4
Accumulated Depreciation	$ (4.3)
Number of real estate units | unit	260
Development | Office In Ireland, Seven
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	1.2
Building & Improvements	0.9
Costs Capitalized Subsequent to Acquisition
Improvements	0.9
Gross Balance at December 31, 2020
Land	1.1
Building & Improvements	0.9
Total	2
Accumulated Depreciation	0
Development | Multifamily In Southern California, One
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost
Land	6
Building & Improvements	0
Costs Capitalized Subsequent to Acquisition
Improvements	5.1
Gross Balance at December 31, 2020
Land	6.8
Building & Improvements	5.1
Total	11.9
Accumulated Depreciation	0
Development | Multifamily In Ireland
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost
Land	0
Building & Improvements	9.6
Costs Capitalized Subsequent to Acquisition
Improvements	0
Gross Balance at December 31, 2020
Land	0
Building & Improvements	14
Total	14
Accumulated Depreciation	(0.7)
Development | Multifamily In Southern California, Two
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost
Land	0.4
Building & Improvements	0
Costs Capitalized Subsequent to Acquisition
Improvements	0
Gross Balance at December 31, 2020
Land	0.4
Building & Improvements	0
Total	0.4
Accumulated Depreciation	0
Development | 3 Lots In Hawaii
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost
Land	16.5
Building & Improvements	0
Costs Capitalized Subsequent to Acquisition
Improvements	0
Gross Balance at December 31, 2020
Land	16.5
Building & Improvements	0
Total	16.5
Accumulated Depreciation	$ 0
Number of real estate properties | lot	3
Development | Land In Hawaii
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	0.7
Building & Improvements	0
Costs Capitalized Subsequent to Acquisition
Improvements	0
Gross Balance at December 31, 2020
Land	0.7
Building & Improvements	0
Total	0.7
Accumulated Depreciation	$ 0

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation - Changes in Real Estate Rollforward (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Balance at the beginning of period	$ 5,518.7	$ 5,775.3	$ 5,567.3
Additions during the period:
Other acquisitions	16.6		167.6
Improvements	119.7	218.6	604.2
Foreign currency	(73.8)	90.9	(226)
Deductions during the period:
Cost of real estate sold	(586)	(566.1)	(337.8)
Balance at close of period	$ 4,995.2	$ 5,518.7	$ 5,775.3

Schedule III - Real Estate an_4

Schedule III - Real Estate and Accumulated Depreciation - Changes in Accumulated Depreciation Rollforward (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at the beginning of period	$ 702.1	$ 619.6	$ 564
Additions during the period:
Depreciation expense	132.5	136.5	133.8
Deductions during the period:
Dispositions	(106)	(66.5)	(50.8)
Foreign currency	(12.5)	12.5	(27.4)
Balance at close of period	$ 716.1	$ 702.1	$ 619.6

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans on Real Estate - Investment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	$ 253.2
Carrying Amount	248.3	$ 254.2	$ 149.4
CECL Reserve	(17.2)	(7)
Total Loans, net	231.1	$ 247.2
Construction Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	118.3
Carrying Amount	113.4
Construction Loans | Multifamily
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	87.9
Carrying Amount	$ 83.5
Construction Loans | Multifamily | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	2.75%
Construction Loans | Multifamily | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	4%
Construction Loans | Industrial
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	3.50%
Principal Amount	$ 3.1
Carrying Amount	3
Construction Loans | Student Housing
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	10.2
Carrying Amount	$ 10
Construction Loans | Student Housing | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	3.25%
Construction Loans | Student Housing | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	3.95%
Construction Loans | Hotel
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	$ 9.8
Carrying Amount	$ 9.6
Construction Loans | Hotel | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	3.71%
Construction Loans | Hotel | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	4.41%
Construction Loans | Other
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	$ 7.3
Carrying Amount	$ 7.3
Construction Loans | Other | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	3.25%
Construction Loans | Other | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	5.50%
Bridge Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	$ 126.5
Carrying Amount	$ 126.5
Bridge Loans greater than 3% of the carrying amount of total loans | Multifamily
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	4.75%
Principal Amount	$ 7.7
Carrying Amount	$ 7.7
Bridge Loans greater than 3% of the carrying amount of total loans | Retail | Southern California, One
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	6.46%
Principal Amount	$ 7.1
Carrying Amount	$ 7.1
Bridge Loans greater than 3% of the carrying amount of total loans | Retail | Southern California, Two
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	3.50%
Principal Amount	$ 14.4
Carrying Amount	$ 14.4
Bridge Loans greater than 3% of the carrying amount of total loans | Office
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	5.60%
Principal Amount	$ 8.1
Carrying Amount	$ 8.1
Bridge Loans greater than 3% of the carrying amount of total loans | Office | Northern California, One
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	6%
Principal Amount	$ 8.8
Carrying Amount	$ 8.8
Bridge Loans greater than 3% of the carrying amount of total loans | Office | Northern California, Two
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	3.50%
Principal Amount	$ 11.8
Carrying Amount	$ 11.8
Bridge Loans greater than 3% of the carrying amount of total loans | Office | Northern California, Three
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	5.75%
Principal Amount	$ 7.3
Carrying Amount	$ 7.3
Bridge Loans less than 3% of the carrying amount of total loans | Multifamily And Industrial | Diversified
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	5.85%
Principal Amount	$ 4.6
Carrying Amount	4.6
Bridge Loans less than 3% of the carrying amount of total loans | Multifamily | Diversified
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	7.3
Carrying Amount	$ 7.3
Bridge Loans less than 3% of the carrying amount of total loans | Multifamily | Minimum | Diversified
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	6%
Bridge Loans less than 3% of the carrying amount of total loans | Multifamily | Maximum | Diversified
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	10%
Bridge Loans less than 3% of the carrying amount of total loans | Hotel
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	$ 23.3
Carrying Amount	$ 23.3
Bridge Loans less than 3% of the carrying amount of total loans | Hotel | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	6.30%
Bridge Loans less than 3% of the carrying amount of total loans | Hotel | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	8.36%
Bridge Loans less than 3% of the carrying amount of total loans | Retail Site, Office Building And Other Property
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	$ 13.1
Carrying Amount	$ 13.1
Bridge Loans less than 3% of the carrying amount of total loans | Retail Site, Office Building And Other Property | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	3.25%
Bridge Loans less than 3% of the carrying amount of total loans | Retail Site, Office Building And Other Property | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	7.01%
Bridge Loans less than 3% of the carrying amount of total loans | Office | Diversified
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	$ 13
Carrying Amount	$ 13
Bridge Loans less than 3% of the carrying amount of total loans | Office | Minimum | Diversified
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	3.50%
Bridge Loans less than 3% of the carrying amount of total loans | Office | Maximum | Diversified
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	7.40%
Other Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	$ 8.4
Carrying Amount	$ 8.4
Other Loans | Retail
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	6%
Principal Amount	$ 8
Carrying Amount	$ 8
Other Loans | Diversified Property
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	2.50%
Principal Amount	$ 0.4
Carrying Amount	$ 0.4

Schedule IV - Mortgage Loans _3

Schedule IV - Mortgage Loans on Real Estate - Investment Rollforward (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Beginning balance	$ 254.2	$ 149.4
Originations and fundings	47.8	43.8
Construction loan portfolio acquisition		115.6
Construction loan portfolio acquisition discount		(9.2)
Proceeds from sales and repayments	(49.8)	(48.9)
Accretion of loan discount and other amortization, net	4.1	3.5
Foreclosure	(3.9)
Deferred loan fees	(3.2)
Other	(0.9)
Ending balance	248.3	254.2
Provision for credit losses	(10.2)	(7)
Allowance for Credit Losses	(17.2)	(7)
Total Loans, net	$ 231.1	$ 247.2