The pending acquisition at $10.90 per share (current price $9.67) creates immediate arbitrage potential, but investors should monitor shareholder approval and regulatory clearance. The strong growth in investment management fees and AUM suggests underlying business momentum that could benefit the acquirer.
Price Chart
Executive Summary
Kennedy-Wilson reported mixed Q4 and full-year 2025 results with declining GAAP net income but strong non-GAAP growth driven by investment management fees and a $5 billion AUM acquisition. The company announced a pending $10.90 per share acquisition by a consortium led by its CEO, which significantly impacts its outlook.
Key Financial Metrics
Key Facts
- GAAP net income declined to $29.6M in Q4-25 from $33.1M in Q4-24 and to a loss of $38.8M for FY-25 from $76.5M loss in FY-24
- Adjusted EBITDA grew to $179.0M in Q4-25 from $190.8M in Q4-24 and to $549.5M for FY-25 from $539.7M in FY-24
- Investment management fees grew 16% to $115M for FY-25, driven by Fee-Bearing Capital reaching $11.0B
- Acquired Toll Brothers Apartment Living platform, adding $5B in AUM and $1.0B to Fee-Bearing Capital
- Announced pending acquisition by a consortium led by CEO William McMorrow at $10.90 per share in cash
Financial Impact
Adjusted EBITDA increased by $9.8M year-over-year to $549.5M, while GAAP net income improved by $37.7M to a loss of $38.8M
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| multifamily | $362.7M | -7.2% |
| investment management | $115.2M | +16.4% |
Risk Factors
- Pending acquisition may not close due to regulatory or shareholder approval requirements
- Office portfolio same-property NOI declined 5.6% in Q4, indicating sector-specific challenges
- High concentration of debt (92%) in fixed or hedged rates may limit flexibility if interest rates decline
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001408100-26-000068 |
| Document: kw-20260225.htm | 0001408100-26-000068 |
| Document: 0001408100-26-000068-index-headers.html | 0001408100-26-000068 |
| Document: 0001408100-26-000068-index.html | 0001408100-26-000068 |
| Document: 0001408100-26-000068.txt | 0001408100-26-000068 |
| CONTEXT: Previous Earnings (2026-02-25) | 0001408100-26-000068 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 29, 2026 13w ago | 15-12G | — | awaiting T+5 | — | — |
Jun 17, 2026 15w ago | EFFECT | $10.92 awaiting T+5 | awaiting T+5 | — | — |
Jun 16, 2026 15w ago | 25-NSE | $10.92 awaiting T+5 | awaiting T+5 | — | — |
Jun 16, 2026 15w ago | 8-K | $10.92 awaiting T+5 | awaiting T+5 | — | — |
May 29, 2026 18w ago | DEFA14A | $11.01 $11.01 | · 0.00% | ▲ +2.75% | — |
May 29, 2026 18w ago | 8-K | $11.01 $11.01 | · 0.00% | ▲ +2.75% | — |
May 12, 2026 20w ago | DEFA14A | $11.00 $11.03 | ▲ +0.27% | ▲ +0.20% | — |
May 12, 2026 20w ago | 8-K | $11.00 $11.03 | ▲ +0.27% | ▲ +0.20% | — |
May 6, 2026 21w ago | DEFA14A | $11.00 $10.97 | ▼ −0.27% | ▼ −1.78% | — |
May 6, 2026 21w ago | 8-K | $11.00 $10.97 | ▼ −0.27% | ▼ −1.78% | — |
US Market Status
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