Kennedy-Wilson Holdings, Inc. (KW): Business Model Canvas [Dec-2025 Updated]

You're trying to get a clear picture of how Kennedy-Wilson Holdings, Inc. (KW) is actually making money now that they are aggressively shifting toward a capital-light, fee-driven investment management model. Honestly, it's a significant pivot from their old structure, and understanding the mechanics is key to valuing them correctly. We see this new focus reflected in their $31 billion in Assets Under Management as of Q3 2025, with Investment Management fees hitting $23 million that same quarter, fueled by institutional partners providing $9.7 billion in fee-bearing equity. I've broken down their entire strategy across the nine building blocks of the Business Model Canvas below-it shows exactly how they source capital, manage assets, and generate stable income from their real estate holdings, so you can see the whole picture.

Kennedy-Wilson Holdings, Inc. (KW) - Canvas Business Model: Key Partnerships

The Key Partnerships block for Kennedy-Wilson Holdings, Inc. (KW) as of late 2025 is heavily centered on capital deployment and platform scaling through strategic alliances.

Institutional investors are crucial for the Investment Management platform, providing the necessary capital base.

• Fee-Bearing Capital reached a record $9.7 billion in Q3-2025.
• Investment Management fees grew by 8% to $23 million in Q3-2025 versus Q3-2024.
• Assets under management grew to a record $31 billion as of Q3-2025.

A significant relationship exists with Fairfax Financial Holdings Limited, which, alongside the Chairman and CEO, submitted a non-binding acquisition proposal on November 4, 2025.

• The offer proposed to acquire all outstanding common stock not owned by the consortium for $10.25 per share in cash.
• Fairfax Financial Holdings and William McMorrow already owned 31% of Kennedy-Wilson Holdings shares as of that date.

Joint venture partners are fundamental to the Co-Investment Platform's deployment strategy.

Here's the quick math on recent co-investment activity:

Partnership Component	Metric	Amount/Percentage
Co-Investment Platform Deployment/Commitment (Q3-25)	Total Deployed or Committed	$856 million
Co-Investment Platform Deployment/Commitment (Q3-25)	KW Share	6%
Past Multifamily JV Platform Size	Total Platform Target	$1.5 billion
Past Multifamily JV Seed Portfolio Sale	KW Interest Sold	49%

The pending acquisition of Toll Brothers, Inc.'s Apartment Living platform is a major strategic partnership move, expected to close in October 2025.

This transaction involves substantial asset integration:

• Total purchase price for the platform is $347 million.
• Expected addition to Assets Under Management (AUM) is over $5 billion.
• Initial investment by Kennedy-Wilson in the acquired interests is expected to be approximately $90 million.

The acquired interests include:

• 18 stabilized apartment and student housing properties valued at $2.2 billion of AUM.
• A pipeline of 29 development sites, potentially totaling $3.6 billion of investment capital upon completion.
• Management contracts for 20 properties, representing an additional $3.0 billion of AUM to be managed for Toll Brothers.

A recent credit platform expansion involves Tokyu Land US Corp., a subsidiary of Tokyu Land Corporation.

This partnership focuses on preferred equity and mezzanine real estate investments:

• The platform targets over $200 million in investments.
• Target investment size per deal ranges from $10 million to $50 million.
• Kennedy-Wilson will hold a 10% stake in the venture.
• Kennedy-Wilson's credit platform already owned or financed more than 60,000 rental housing units as of April 2025.

Finance: draft 13-week cash view by Friday.

Kennedy-Wilson Holdings, Inc. (KW) - Canvas Business Model: Key Activities

You're looking at the core engine of Kennedy-Wilson Holdings, Inc. (KW) right now, focusing on what the team is actively doing to drive the business forward as of late 2025. It's all about deploying capital, managing assets, and growing that fee-based income stream.

Sourcing and originating construction loans remains a massive activity, particularly within the Debt Investment Platform. For the year through Q3 2025, Kennedy-Wilson Holdings, Inc. has originated a total of $2.6 billion across 28 market-rate multifamily and student housing construction loans. To give you a sense of the pace, Q3 2025 alone saw $603 million in new originations across five developments. Also, the platform has seen $1.3 billion in additional fundings on existing loans year-to-date 2025. The Debt Investment Platform itself stands at $10.5 billion in Q3 2025, split between $5.2 billion in outstanding loans and $5.3 billion in future funding commitments. Remember, KW's average ownership in these loans is small, around 3% to 4%, which keeps the capital deployment targeted.

The active asset recycling is hitting its mark. For the year-to-date 2025, Kennedy-Wilson Holdings, Inc. has generated approximately $470 million in cash from asset sales and recapitalizations. That figure actually exceeded the internal target set for 2025, which was over $400 million. This cash is key for reinvestment and balance sheet management. The company also recently announced the payoff of its €300 million KWE bonds.

Property management and value-add initiatives center around a substantial rental housing portfolio. Kennedy-Wilson Holdings, Inc. manages approximately 60,000 units, and a pending acquisition is expected to grow this rental housing portfolio to over 60,000 units upon closing. The core business is definitely anchored here, with rental housing representing about 66% of its Assets Under Management (AUM) as of Q1 2025.

The focus on investment management for third-party capital, or Fee-Bearing Capital, is driving the capital-light strategy. As of Q3 2025, Fee-Bearing Capital reached a record high of $9.7 billion. This growth directly fuels the Investment Management fees, which totaled $23 million in Q3 2025, an 8% increase year-over-year for the quarter. Overall Assets Under Management (AUM) grew to a record $31 billion by the end of Q3 2025.

Identifying and executing opportunistic real estate acquisitions and dispositions is the mechanism that feeds the other activities. Here's a quick look at some of the scale of activity across the platforms:

Activity Metric	Latest Reported Figure	Period/Context
Fee-Bearing Capital	$9.7 billion	Q3 2025
Asset Sales/Recap Cash Generated	$470 million	YTD 2025
New Construction Loan Originations	$2.6 billion	YTD 2025
Total Assets Under Management (AUM)	$31 billion	Q3 2025
Investment Management Fees	$23 million	Q3 2025

The execution involves deploying capital into new deals while managing the existing book. For instance, the Co-Investment Platform deployed or committed $856 million in Q3 2025 (KW share 6%). The team is also working on a pipeline of 29 development sites that, if completed, would total approximately $3.6 billion in capitalization.

The operational focus areas supporting these activities include:

• Driving organic NOI growth from the stabilized portfolio.
• Executing stabilization initiatives on the lease-up portfolio.
• Managing a portfolio of over 38,000 multifamily units where KW has a significant ownership interest.
• Managing 12 million square feet of industrial space, which was 99% occupied in 2023.

Finance: draft 13-week cash view by Friday.

Kennedy-Wilson Holdings, Inc. (KW) - Canvas Business Model: Key Resources

You're looking at the core assets that power Kennedy-Wilson Holdings, Inc. (KW) right now, late in 2025. These aren't just line items on a balance sheet; they're the engines driving their investment management platform and equity portfolio.

Capital Base and Scale

The sheer scale of capital Kennedy-Wilson Holdings, Inc. manages is a primary resource. This is the foundation for their fee-generating business. You see this reflected in their Assets Under Management (AUM), which hit a record level following recent strategic moves.

The firm reports $31 billion in Assets Under Management (AUM) as of Q3 2025 across its real estate equity and debt investment portfolio. This AUM figure is supported by Fee-Bearing Capital reaching a record $9.7 billion as of Q3 2025.

Relationships and Track Record

A critical, though less tangible, resource is the deep, long-standing relationships with global institutional capital partners. These relationships are what fuel the Investment Management platform, allowing Kennedy-Wilson Holdings, Inc. to source and execute large-scale opportunistic investments alongside these partners. This trust is built on performance, which is backed by their transaction history.

The proprietary real estate market data is constantly refined by a transaction track record exceeding $60 billion. More specifically, the Q3 2025 investor presentation noted total Investment Transactions of $65 billion since the Company's IPO.

Here's a quick look at the hard numbers defining the scale of these key resources:

Resource Metric	Value as of Late 2025 Data
Assets Under Management (AUM)	$31 billion (Q3 2025)
Total Investment Transactions (Since IPO)	$65 billion
Fee-Bearing Capital	$9.7 billion (Record as of Q3 2025)
Debt Platform Loan Commitments	$10.5 billion (Includes outstanding loans and future funding)

Portfolio Composition and Human Capital

Kennedy-Wilson Holdings, Inc. maintains a diversified portfolio of core real estate, which provides stable asset management revenue and equity upside. The focus remains heavily weighted toward rental housing and logistics investments. The team executing this strategy is lean but experienced, which is key for a firm managing this level of capital.

The firm relies on an experienced global team of approximately 250 employees across 14 offices. Honestly, that's a small team for that AUM, suggesting high leverage on technology and established processes.

The real estate portfolio itself is a tangible resource, broken down into several key asset classes:

• Multifamily Units: 41,000 (Includes units in lease-up and development)
• Industrial Space Managed: 13 million Square Feet
• Recent Portfolio Growth: Pending acquisition of Toll Brothers' Apartment Living platform expected to add over 60,000 total rental housing units.

The Debt Investment Platform is also a significant resource, comprising $10.5 billion in outstanding loans and future funding commitments as of Q3 2025. For the year 2025, Kennedy-Wilson Holdings, Inc. completed $2.6 billion in new construction loan originations across 28 market-rate multifamily and student housing construction loans year-to-date.

Kennedy-Wilson Holdings, Inc. (KW) - Canvas Business Model: Value Propositions

You're looking at the core reasons why capital partners choose Kennedy-Wilson Holdings, Inc. It's about access, alignment, and proven execution in specific, high-demand real estate sectors.

Access to high-growth real estate markets (Western U.S., U.K., Ireland)

Kennedy-Wilson Holdings, Inc. focuses its investment activity across established and growing global markets. As of Q3 2025, the firm's Assets Under Management (AUM) totaled $31 billion. The geographic concentration of the stabilized portfolio, at KW share, shows a clear weighting:

Geography	Percentage of Stabilized Portfolio (Q1-2025 Share)
Western U.S. (Combined)	66%
Ireland	18%
U.K.	15%
Other	1%

This geographic split reflects where the firm sees the best opportunity for value creation. For instance, in Q3-25, the UK Single Family Rental Housing Platform added $62 million in new sites, expanding its committed investment to $586 million across 1,300 planned homes.

Co-investment model aligns Kennedy-Wilson's interests with partners' capital

The co-investment structure ensures Kennedy-Wilson Holdings, Inc. has skin in the game alongside its partners. This is evident in the deployment metrics and ownership stakes. As of Q3-25, the Co-Investment Platform deployed or committed $856 million, with Kennedy-Wilson Holdings, Inc.'s share being 6% of that deployment.

The Co-Investment Portfolio itself is substantial and partner-centric:

• Co-Investment Portfolio total assets held at fair value (Q2-2025): $13 billion.
• Kennedy-Wilson Holdings, Inc.'s average ownership interest in this portfolio: approximately 32%.
• Rental housing and industrial investments comprise 75% of this co-investment portfolio.

This model drives the growth of the Investment Management platform, which saw Fee-Bearing Capital reach a record $9.7 billion in Q3-25.

Stable, income-producing rental housing portfolio (64% of NOI)

A core value proposition is the focus on stable, recurring income, primarily from rental housing. While the prompt specifies 64% of NOI, the data shows this segment forms the largest part of the equity portfolio.

Key metrics supporting this stable base include:

• Rental housing represents 65% of Assets Under Management as of Q2-2025.
• Multifamily units owned or financed through the credit platform: over 65,000 units (Q3-2025 announcement).
• Multifamily segment of the stabilized portfolio (KW Share, Q1-2025 and Q2-2025): 64%.
• The pending acquisition of Toll Brothers' Apartment Living platform is expected to grow the rental housing portfolio to over 60,000 units.

The stabilized portfolio generated Property-Level NOI (KW Share) of $114.7 million in Q2-25.

Expertise in value creation through development, repositioning, and debt origination

Kennedy-Wilson Holdings, Inc. demonstrates its expertise by actively originating debt and executing on large-scale real estate transactions. The Debt Investment Platform is a key area of activity:

Debt Platform Metric (Q3-2025)	Amount (USD)
Total Debt Investment Platform Size	$10.5 billion
Outstanding Loans	$5.2 billion
Future Funding Commitments	$5.3 billion
YTD-2025 New Construction Loan Originations	$2.6 billion

The firm also actively recycles capital. In Q3-25, Kennedy-Wilson Holdings, Inc. generated $192 million in cash from asset sales and recapitalizations, exceeding the annual target of $400 million (YTD-25 cash generated was $470 million).

Strong balance sheet with 96% of debt fixed or hedged, reducing interest rate risk

Managing interest rate exposure is a clear value driver, especially given the market environment. As of September 30, 2025, the debt profile shows significant protection:

• Percentage of debt fixed or hedged: 96%.
• Fixed Rate Debt component: 74%.
• Floating with Interest Hedges component: 22%.
• Weighted Average Effective Interest Rate (KW Share, Q3-2025): 4.7%.
• Weighted Average Maturity (Q3-2025): 4.5 years.

This structure minimizes uncertainty around borrowing costs. For example, in Q3-25, interest rate derivatives provided a 60 basis point improvement in the effective interest rate of its floating-rate hedged debt.

Kennedy-Wilson Holdings, Inc. (KW) - Canvas Business Model: Customer Relationships

You're looking at how Kennedy-Wilson Holdings, Inc. manages its key relationships, which are fundamentally long-term and capital-intensive. The focus here is on deep alignment with capital providers and high-quality service delivery to property occupants.

Dedicated, high-touch relationship management for institutional investors

Kennedy-Wilson Holdings, Inc. maintains a relationship structure heavily weighted toward institutional capital. As of the first quarter of 2025 data, 85.22% of the company's stock was held by institutions. By the third quarter of 2025, Assets Under Management (AUM) reached a record $31 billion. This scale necessitates dedicated management for these large capital partners, who are spread across Asia, Canada, Europe, the Middle East, and the U.S.

Key metrics reflecting the institutional focus include:

• Institutional Ownership (as of early 2025 data): 85.22%.
• Total Assets Under Management (Q3-2025): $31 billion.
• Fee-Bearing Capital (Q3-2025): A record $9.7 billion.

Long-term, strategic co-investment partnerships, not just transactional

The relationship model is built around co-investment, where Kennedy-Wilson Holdings, Inc. commits its own capital alongside partners, signaling alignment. This is evident across both equity and debt platforms. For instance, in the first quarter of 2025, Kennedy-Wilson Holdings, Inc. held a 10% interest in a UK Single Family Rental Platform with a committed investment of $406 million across 985 planned units. Also in Q1-2025, the company held a 13% ownership interest in specific U.S. multifamily and industrial acquisitions totaling $107 million.

The commitment to this model continued into the third quarter of 2025, where the Co-Investment Platform deployed or committed $856 million, with Kennedy-Wilson Holdings, Inc.'s share being 6% of that activity. This is a relationship where the firm's skin in the game is material.

Partnership Metric	Value (Latest Available)	Date/Context
UK Single Family Rental Platform KW Interest	10%	Q1-2025
Q3-25 Co-Investment Platform Deployment/Commitment	$856 million	Q3-2025
KW Share of Q3-25 Co-Investment Activity	6%	Q3-2025
Investment Management Fees (Q3-2025)	$23 million	Q3-2025

Professional property management services for tenants and commercial lessees

For the underlying assets, Kennedy-Wilson Holdings, Inc. provides direct management services, particularly within its core rental housing focus. As of Q1-2025, the global rental housing business represented 65,000 units in which the company holds an equity interest or is financing. Following the pending acquisition of the Toll Brothers' Apartment Living platform, the rental housing portfolio is expected to grow to over 60,000 units. The stabilized portfolio as of Q3-2025 included approximately ~30,300 stabilized multifamily units, generating an estimated annual NOI of $224 million for the stabilized commercial square footage.

The relationship with tenants and commercial lessees is managed through the operational performance of these assets, which contributed to Investment Management fees growing by 8% year-over-year in Q3-2025.

Investor Relations team providing detailed quarterly financial reporting

The Investor Relations function at Kennedy-Wilson Holdings, Inc. is structured around regular, detailed communication with its predominantly institutional shareholder base. The team, headed by Daven Bhavsar, CFA, Head of Investor Relations, ensures compliance and transparency through scheduled releases.

Reporting cadence and key documents for 2025 included:

• Q1 2025 Results released on May 7, 2025, with a conference call on May 8, 2025.
• Q2 2025 Results released on August 6, 2025, with a conference call on August 7, 2025.
• Q3 2025 Results released on November 5, 2025, with a conference call on November 6, 2025.
• The Q3 2025 Supplemental Financial Information was made available on November 6, 2025.

The company also announced a dividend of $0.12 per common share for the fourth quarter of 2025, payable on January 8, 2026.

Finance: draft 13-week cash view by Friday.

Kennedy-Wilson Holdings, Inc. (KW) - Canvas Business Model: Channels

You're looking at how Kennedy-Wilson Holdings, Inc. (KW) gets its capital and reaches its property customers as of late 2025. It's a mix of direct institutional relationships and direct property operations.

Direct engagement with institutional investors for fund and co-investment capital.

Kennedy-Wilson Holdings, Inc. uses its established relationships to draw capital from a stable base of institutional partners. As of Q2 2025 data, the investor type breakdown shows a heavy reliance on insurance companies, which account for 63% of the investor base. Pension funds make up 12%, and sovereign wealth funds account for 11% of the capital base. Geographically, Canadian investors are the largest source at 62% of the capital, followed by Asia at 16% and the U.S. at 14%. This direct channel fuels the investment management platform, which reached a record $9.7 billion in Fee-Bearing Capital as of Q3 2025. The pipeline for future fundings related to Fee-Bearing Capital was noted at $5.2 billion in Q2 2025. This direct approach helps drive the 23% year-to-date growth in investment management fees for 2025.

In-house debt investment platform for loan originations and funding.

The in-house debt platform is a significant channel for both deploying capital and earning fees. By the third quarter of 2025, this platform had grown to a total commitment of $10.5 billion. This total is split between $5.2 billion in outstanding loans and $5.3 billion in future funding commitments. Kennedy-Wilson Holdings, Inc.'s direct share in this platform is 4%. New loan originations in Q3 2025 totaled $603 million, bringing the year-to-date total to $2.6 billion across 28 market-rate multifamily and student housing construction loans. These originations directly support the investment management fees, which increased 8% in Q3 2025 over Q3 2024.

Here's a quick look at the Debt Investment Platform as of Q3 2025:

Metric	Amount (USD)	KW Share
Total Debt Platform Size	$10.5 billion	N/A
Outstanding Loans	$5.2 billion	N/A
Future Funding Commitments	$5.3 billion	N/A
KW Ownership in Platform	N/A	4%
Q3 2025 Originations	$603 million	N/A

Direct property leasing and management teams for rental housing and commercial assets.

The leasing and management channel connects Kennedy-Wilson Holdings, Inc. directly to tenants and property operations, which drives Property NOI and supports the core equity portfolio. As of Q3 2025, Assets Under Management (AUM) stood at a record $31 billion. The rental housing component is central; the company held 40,900 Multifamily Units as of Q3 2025, and the pending acquisition of Toll Brothers' Apartment Living platform is expected to grow this to over 60,000 units. In Q1 2025, the stabilized multifamily portfolio generated an estimated annual NOI of $302 million. The company is actively managing a $1.8 billion development pipeline, which includes over 3,000 multifamily units slated for completion between 2024 and 2027. The asset recycling program, a channel for capital generation, generated $470 million in cash year-to-date 2025, exceeding the $400 million target.

Investor relations website and quarterly earnings calls for public shareholders.

For the public shareholders of Kennedy-Wilson Holdings, Inc., the primary channels for communication are the investor relations website and the quarterly earnings process. The Q3 2025 earnings call provided key financial updates, including a GAAP Net Loss to Common Shareholders of $21.2 million for the quarter, or a loss of $0.15 per diluted share. The company announced a dividend of $0.12 per common share for the fourth quarter of 2025, with a payment date of January 8, 2026. The company's total liquidity as of September 30, 2025, included $383 million in cash and cash equivalents, against a $550 million revolving credit facility of which $102 million was drawn. The debt profile shows 96% is either fixed (74%) or hedged (22%), with a weighted average effective interest rate of 4.7%.

The public communication also highlighted the scale of the business:

• Assets Under Management (AUM) as of Q3 2025: $31 billion.
• Adjusted EBITDA for Q3 2025: $125.2 million.
• Total cash generated from 2025 disposition plan YTD: $470 million.
• Expected AUM addition from pending Toll Brothers acquisition: $5 billion.
• Total loan investments on the books: $10 billion (as of Q3 2025 data point on one slide).

Kennedy-Wilson Holdings, Inc. (KW) - Canvas Business Model: Customer Segments

You're looking at the client base for Kennedy-Wilson Holdings, Inc. (KW) as of late 2025. This company serves two main groups: the capital partners who fund the investments and the end-users who occupy the real estate.

Global institutional investors (pension funds, sovereign wealth funds, endowments)

The capital partners funding Kennedy-Wilson Holdings, Inc.'s investment management platform are predominantly institutional. These high-net-worth entities contributed over 65% of the $1.2 billion in fee-bearing capital under management as of Q2 2025. Kennedy-Wilson Holdings, Inc. has built long-term relationships with these major financial institutions globally. The capital base breakdown shows a strong concentration in specific regions as of the Q1 2025 presentation.

Investor Geography	Percentage of Capital Base (Approximate)
Canadian Investors	59%
Asian Investors	17%
U.S. Investors	16%

The firm targets opportunistic investments alongside these partners, investing across both real estate equity and debt opportunities. The Debt Investment Platform had a total capacity of $12 billion as of Q3-2025, with Kennedy-Wilson Holdings, Inc. having an average ownership of 4% in that platform.

Tenants of multifamily and student housing properties across key markets

The operational side of the business serves a large tenant base. Kennedy-Wilson Holdings, Inc.'s business model caters to a B2C tenant base residing within its extensive portfolio of over 55,000 multifamily and commercial units. The multifamily sector is the core focus for NOI generation.

• Multifamily units owned, operated, or in development total approximately 39,000 units.
• Multifamily properties comprise 64% of the stabilized portfolio's estimated annual NOI of $473 million.
• The stabilized multifamily portfolio showed a strong occupancy rate of 95% with an average rent of $1,995.
• The credit platform's originations heavily favor this segment, with rental housing representing 73% of loan commitments.

Commercial tenants in industrial and office properties

Kennedy-Wilson Holdings, Inc. also serves commercial tenants, focusing on logistics and office space within its stabilized portfolio. The strategy emphasizes rental housing and logistics investments. The industrial space component is significant, with 12 million square feet under management.

The stabilized portfolio breakdown as of Q2 2025 shows the allocation across commercial types:

• European Office represented 19% of the stabilized portfolio.
• U.S. Office represented 6% of the stabilized portfolio.
• Industrial represented 4% of the stabilized portfolio.

The firm is actively expanding its commercial tenant base, including a $500 million expansion into Spanish logistics in 2025 targeting e-commerce firms.

High-net-worth individuals and family offices seeking real estate exposure

While the primary data points focus on the institutional capital base, the segment for high-net-worth individuals and family offices is integrated within the broader B2B capital partner structure. The firm has developed deep relationships with well-capitalized institutional investors across Canada, Asia, Europe, the Middle East, and the U.S. The total Assets Under Management (AUM) reached a record $31 billion as of Q3-2025, reflecting the scale of capital managed for these sophisticated partners.

Finance: review Q3-2025 fee-bearing capital breakdown against the Q2 2025 $1.2 billion figure by next Tuesday.

Kennedy-Wilson Holdings, Inc. (KW) - Canvas Business Model: Cost Structure

You're looking at the expenses that drive Kennedy-Wilson Holdings, Inc.'s operations, which are heavily weighted toward real estate investment and management activities. These costs are critical to understanding the net returns from their assets and management fees.

Significant compensation and general and administrative expenses are explicitly deducted before calculating the Baseline EBITDA metric, which is a key internal measure of core operating performance. For the third quarter of 2025 (Q3-25), the Baseline EBITDA figure reported was $101.1 million, which already had these expenses netted out. Year-to-date (YTD) 2025, the Baseline EBITDA, net of compensation and general and administrative expenses, stood at $326.4 million. To give you a sense of scale, for Q1 2025, this net Baseline EBITDA was $108.3 million.

The cost of capital is a major factor. As of September 30, 2025, Kennedy-Wilson Holdings, Inc.'s share of debt carried a weighted average effective interest rate of 4.7%. This rate was consistent with figures reported at the end of Q2 2025 and Q1 2025. To manage this exposure, approximately 96% of the Company's debt as of late Q3 2025 was either fixed (74%) or hedged with interest rate derivatives (22%).

Property operating expenses, which include maintenance, taxes, and insurance for owned assets, are embedded within the Property NOI calculation. For Q3-2025, the reported Rental Expenses, which encompass these operating costs, totaled $34.7 million, leading to a Consolidated NOI of $58.2 million before adjustments for unconsolidated investments.

Acquisition costs for new real estate and investment platforms represent lumpy, but strategic, cash outflows. A prime example is the announced agreement to acquire the Toll Brothers Apartment Living platform for a total purchase price of $347 million. Kennedy Wilson expected to make an initial investment of approximately $90 million in the acquired interests, with the remainder funded by third-party fee-bearing equity. This deal alone brings interests in 18 properties valued at $2.2 billion in Assets Under Management (AUM) and a development pipeline with a projected capitalization of $3.6 billion.

Capital expenditure for property improvements and development projects is largely reflected in the deployment of capital through the Debt Investment Platform and new acquisitions. While a specific aggregate CapEx number isn't always isolated, the activity shows significant deployment:

• For the year YTD 2025, the Company originated $2.6 billion across 28 market-rate multifamily and student housing construction loans.
• In Q3-2025 alone, $603 million in new construction loan originations were completed.
• In Q3-2025, acquisitions through Real Estate Platforms totaled $253 million (KW share), including $173 million in the U.S. Commingled Fund and $62 million in the UK Single Family Rental Housing Platform.

Here's a summary of the key cost and expense components we've discussed:

Cost Component	Latest Reported Period/Date	Amount (USD)
Baseline EBITDA (Net of Comp & G&A)	Q3-2025	$101.1 million
Baseline EBITDA (Net of Comp & G&A)	YTD 2025	$326.4 million
Weighted Average Effective Interest Rate (Debt Share)	September 30, 2025	4.7%
Property Operating Expenses (Rental Expenses)	Q3-2025 (Estimated NOI)	$34.7 million
Acquisition Cost (Toll Brothers Platform)	Announced September 2025	$347 million
Initial Investment in Toll Brothers Acquisition	Expected at Close (Oct 2025)	Approx. $90 million
YTD Loan Originations (Proxy for Development Capital)	YTD 2025	$2.6 billion

The structure shows that a significant portion of the cost base is tied up in financing (interest expense) and the direct costs of operating the underlying real estate (property expenses), while strategic growth is driven by large, discrete acquisition costs like the Toll Brothers deal. The compensation and G&A are managed as a deduction against the gross operating income before reaching the Baseline EBITDA level.

Finance: draft 13-week cash view by Friday

Kennedy-Wilson Holdings, Inc. (KW) - Canvas Business Model: Revenue Streams

You're looking at the core ways Kennedy-Wilson Holdings, Inc. (KW) brings in money, which is really about managing assets for others and earning from the assets they own directly. This mix of fee-based income and direct property/loan returns is central to their model.

The Investment Management fees are definitely a key focus area, showing strong growth. For the third quarter of 2025, these fees hit $23 million, which was up 8% year-over-year. This growth is tied directly to their Fee-Bearing Capital, which reached a record $9.7 billion as of Q3 2025. Overall Assets Under Management (AUM) also hit a record at $31 billion.

The Debt Investment Platform is a major engine for fee generation, with $603 million in new construction loan originations in Q3 2025 alone. The total size of this Debt Investment Platform was $10.5 billion in Q3 2025, which includes $5.2 billion in outstanding loans and $5.3 billion in future funding commitments.

Realized gains from selling assets are lumpy but significant. For the year-to-date period in 2025, the realized gain on the sale of real estate totaled $82.4 million. This asset recycling program has been successful, generating approximately $470 million in cash year-to-date in 2025, beating the initial target of $400 million.

The stabilized real estate portfolio generates Net Operating Income (NOI), and loan income flows from the debt platform. These, along with investment management fees, are grouped into what Kennedy-Wilson Holdings, Inc. calls Baseline EBITDA. Here's a look at the components that make up that core recurring revenue stream for Q3 2025:

Revenue Component Grouping	Q3 2025 Amount (in millions)	YTD 2025 Amount (in millions)
Investment Management Fees (Explicit)	$23.0	Not explicitly separated from Baseline
Baseline EBITDA (Property NOI, Loan Income, and Inv. Mgt Fees)	$101.1	$326.4
Realized Gain on Sale of Real Estate	$30.3	$82.4

Property services fees, covering things like acquisition, disposition, and construction management, are not broken out separately in the primary reporting but are certainly contributors to the overall fee revenue growth, alongside the $9.7 billion in Fee-Bearing Capital.

You can see the direct revenue drivers:

• Investment Management fees were $23 million in Q3 2025.
• Total cash generated from dispositions and recapitalizations year-to-date 2025 is $470 million.
• The Debt Investment Platform size is $10.5 billion.
• Same-store U.S. multifamily NOI grew by 2.4% in Q3 2025.
• The company announced a common share dividend of $0.12 per share for the fourth quarter of 2025.