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what it is
It buys, runs, and invests in apartments, offices, and other buildings, then earns fees and rent.
how it gets paid
FY2025 consolidated revenue was $501M (GAAP). Rental income was the largest line at ~$363M (~72%); investment management fees ~$115M (~23%); loan income ~$22M.
why growth slowed
Total revenue fell about 5.7% vs. prior year ($501M vs. $531M FY2024). Interest expense and fair-value noise still dominate how GAAP net income looks.
what just happened
Q4 2025: $120.6M revenue, GAAP $0.21 diluted EPS to common ($29.6M net income). FY2025 still posted a GAAP net loss of $(38.8)M ($(0.28)/share) vs. $(76.5)M ($(0.56)) in FY2024.
At a glance
C++ balance sheet — some cracks in the foundation
25/100 earnings predictability — expect surprises
4.4% dividend yield — cash in your pocket every quarter
FY2025 GAAP still red — $(0.28) diluted EPS to common
$549.5M FY2025 adjusted EBITDA (non-GAAP, company definition)
xvary composite: 46/100 — below average
What they do
It buys, runs, and invests in apartments, offices, and other buildings, then earns fees and rent.
The company reports $36B in assets under management and $11.0B in fee-bearing capital as of Q4 2025, with estimated annual NOI to KW of $431M. Scale comes from combining balance-sheet real estate, co-investments, and investment management — not a single clean operating line. Leaving is painful because the story mixes rent, fees, debt, and marks.
How they make money
$501M
FY2025 GAAP total revenue · down ~5.7% vs. $531M FY2024
Rental
$362.7M
−7.1%
Investment management fees
$115.2M
+16.5%
Loan income
$22.3M
−28.5%
Hotel (consolidated)
—
vs. $9.3M FY24
Other revenue
$0.8M
−43%
FY2025 / FY2024 — consolidated statements of operations in Kennedy Wilson Q4 & FY2025 results (Feb 25, 2026). Percent bars scaled to % of $501M FY2025 total revenue.
The products that matter
owns and operates real estate
Property Operations
~$363M rental revenue (FY2025)
GAAP rental revenue is most of the consolidated top line (~73% in FY2025). If rents, occupancy, or marks weaken, this is where you feel it first.
largest segment
earns fees on managed capital
Investment Management
~$115M fees (FY2025)
Investment management fees were ~23% of consolidated revenue in FY2025. Other people's capital helps pay the bills — especially when GAAP net income to common is still negative for the year.
fee income
interest income on consolidated loans
Loan income (GAAP)
~$22M loan revenue (FY2025)
Consolidated loan income is a smaller GAAP line (~4%) but sits inside a much larger debt investment platform the company discusses separately in filings.
supporting piece
Key numbers
~$4.51B
mortgage + unsecured
Dec 31, 2025 balance sheet: ~$2.44B mortgage debt + ~$2.07B KW unsecured (per earnings materials). Financing cost still drives the P&L as much as rents.
$36B
AUM (reported)
Company-reported AUM across equity and debt strategies — a multiple of the ~$2B equity cap.
4.4%
dividend yield
You get paid 4.4% to wait, which helps until cash gets tight.
$549.5M
adj. EBITDA FY25
Non-GAAP figure from the company (+2% vs. prior year). GAAP still mixes depreciation, fair-value items, and interest — read the reconciliation.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 3 — safer than 50% of stocks
- price stability 55 / 100
- long-term debt ~$4.51B mortgage + unsecured (Dec 2025)
C++ — balance sheet grade; consolidated leverage from earnings release balance sheet. This name carries more financing risk than a typical REIT headline suggests.
Total return vs. market
Return history isn't available for KW right now.
source: institutional data · return history unavailable
What just happened
Q4 & FY 2025
Q4 2025: $120.6M revenue · $0.21 GAAP diluted EPS
Feb 25, 2026 release: Q4 2025 GAAP net income to common $29.6M vs. $33.1M in Q4 2024; diluted EPS $0.21 vs. $0.24. FY2025 revenue $501.0M vs. $531.4M; GAAP net loss to common $(38.8)M ($(0.28)/share) vs. $(76.5)M ($(0.56)). Adjusted EBITDA $549.5M FY2025 vs. $539.7M FY2024. Company reports $36B AUM and $11.0B fee-bearing capital as of Q4 2025. Note: A separate footnote mentions a $380M revolving credit balance in Q1 2026 — that is liquidity, not quarterly revenue.
$501M
FY2025 revenue
$(0.28)
FY2025 GAAP EPS
$549.5M
FY2025 adj. EBITDA
the number that mattered
The filing-backed split is profitable Q4 on a GAAP basis but a full-year GAAP loss to common — exactly the kind of mismatch that makes KW a financing-and-marks story, not a simple landlord chart.
source: Kennedy Wilson, "Reports Q4 and Full Year 2025 Results," Business Wire, Feb 25, 2026; merger agreement dated Feb 16, 2026 ($10.90 cash)
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What could go wrong
Your top risk is the $10.90 cash merger (Feb 16, 2026 agreement) stalling, repricing, or failing vote/regulatory hurdles. After that, the list gets ordinary fast: GAAP losses, heavy debt, and real estate marks.
med
deal failure or a lower final price
Shareholder litigation and process risk are common in go-privates. If the bid fails, the stock loses the support of a visible $10.90 reference point.
The spread from $9.94 to $10.90 is about 9.7%. That is the upside the market is pricing for success — and the first chunk of downside if the deal breaks.
med
thin profitability in a capital-heavy business
FY2025 GAAP net loss to common was $(38.8)M ($(0.28)/share) — improved from $(76.5)M ($(0.56)) in FY2024 but still no thick GAAP cushion if asset values or transaction activity soften.
A business with ~$501M consolidated revenue and a GAAP loss has less room to protect the dividend, deleverage, or absorb property stress without help from marks or sales.
med
~$4.5B in mortgage and unsecured debt narrows the exit paths
Consolidated secured and unsecured debt in the billions limits flexibility. When the balance sheet is already leaning, refinancing and asset sales matter as much as NOI.
If refinancing costs stay high or property cash flows disappoint, debt becomes the story faster than growth does.
FY2025 GAAP net loss to common was $(38.8)M on ~$501M revenue, with ~$4.5B in mortgage plus unsecured debt on the balance sheet. If the $10.90 deal support vanishes, you own that profile stand-alone.
source: institutional data · regulatory filings · risk analysis
Pay attention to
deal risk
watch the lawsuit around the $10.90 bid
The merger agreement is the clearing price the tape leans on. If process or litigation drags, the spread to $10.90 stops looking like easy carry.
profitability
see whether the annual loss starts narrowing
FY2025 GAAP net loss to common was $(38.8)M, while Q4 2025 GAAP net income to common was $29.6M ($0.21 diluted) vs. $33.1M ($0.24) in Q4 2024. Quarterly volatility is normal here — read cash and covenants, not one line in isolation.
calendar
next earnings still matter, even in a deal stock
FY2025 consolidated revenue was off ~5.7% vs. prior year. A live bid does not cancel balance-sheet and interest-expense reality.
spread
track the stock versus the offer, not just the chart
At $9.94 versus $10.90, the market is leaving room for doubt. If that gap widens, confidence is falling. If it tightens, the market thinks close odds improved.
Analyst rankings
earnings predictability
25 / 100
Low predictability means the quarterly numbers do not follow a calm pattern. In human-speak: expect messier reports than you get from steadier landlords.
risk rank
3
This sits around the middle of the pack on broad stock risk. That sounds fine until you remember the main risk here is a single corporate event.
source: institutional data
Institutional activity
institutional ownership data for KW is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$9.94
current price
n/a
target midpoint · n/a from current
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