Kennedy-Wilson Holdings, Inc. Q3 2025 Earnings Recap

Kennedy-Wilson reported strong Q3 2025 results with significant growth in adjusted EBITDA and a successful expansion of its investment management platform, highlighted by a notable increase in assets under management.

Key Takeaways

• Adjusted EBITDA rose to $125 million, nearly doubling from $66 million in Q3 2024; year-to-date adjusted EBITDA increased 6% to $371 million.
• Assets under management reached $31 billion, an 11% year-over-year increase, while fee-bearing capital grew by 10% to $9.7 billion.
• The company deployed approximately $900 million in Q3, contributing to a total of $3.5 billion year-to-date, with a focus on rental housing investments.
• Kennedy-Wilson achieved $470 million in cash from asset sales year-to-date, surpassing its target of $400 million for the year.
• A pending acquisition of Toll Brothers Apartment Living is set to significantly enhance its investment management platform, adding $5 billion in assets and scaling total AUM to approximately $36 billion.