Monitor the June 10 special shareholders meeting for merger approval; any uncertainty or delay could pressure the stock toward fundamental value (~$8-9), while approval keeps the stock near the $10.90 offer price.
Price Chart
Executive Summary
Kennedy-Wilson reported Q1 2026 GAAP net income of $13.7M ($0.10/diluted share) vs a loss of $40.8M in Q1 2025, but total revenue fell 8.6% YoY to $117.2M amid asset sales. The pending management-led buyout at $10.90/share (shareholder vote June 10) overshadows the mixed quarterly results, capping upside and limiting downside.
Key Facts
- Q1 2026 GAAP net income to common shareholders: $13.7M vs ($40.8M) in Q1 2025
- Diluted EPS: $0.10 vs ($0.30) in prior year quarter
- Total revenue declined to $117.2M from $128.3M, down 8.6% YoY
- Adjusted EBITDA rose to $141.8M from $98.2M, driven by $45.3M in fair value gains on co-investments
- Baseline EBITDA (property NOI, fees, etc.) fell to $94.1M from $108.3M
- Merger at $10.90/share with special shareholders meeting set for June 10, 2026
- No earnings guidance provided; no conference call due to pending merger
Financial Impact
Revenue declined 8.6% YoY while GAAP net income turned positive to $13.7M; pending merger at $10.90 per share caps upside.
Risk Factors
- Merger fails to gain shareholder approval or faces regulatory delays
- Continued decline in same-property NOI and portfolio compression
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001408100-26-000099 |
| Document: kw-20260506.htm | 0001408100-26-000099 |
| Document: 0001408100-26-000099-index-headers.html | 0001408100-26-000099 |
| Document: 0001408100-26-000099-index.html | 0001408100-26-000099 |
| Document: 0001408100-26-000099.txt | 0001408100-26-000099 |
| 8-K Data (Synthetic) | 0001408100-26-000099 |
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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