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Exhibit 4.1

SUPPLEMENTAL INDENTURE FOR FUTURE GUARANTORS

KENNEDY-WILSON, INC.,

as Issuer

KENNEDY WILSON HOLDINGS, INC.,

as Parent

THE SUBSIDIARY GUARANTORS PARTY HERETO

and

WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Trustee


SUPPLEMENTAL INDENTURE NO. 2031-2

Dated as of June 16, 2026

to

INDENTURE

Dated as of March 25, 2014


7.000% Senior Notes due 2031

SUPPLEMENTAL INDENTURE NO. 2031-2 (the “Supplemental Indenture”), dated as of June 16, 2026, among Kennedy-Wilson, Inc., as issuer (the “Issuer”), Kennedy-Wilson Holdings, Inc. (the “Parent”), the Subsidiary Guarantors (as defined herein) party hereto (together with the Parent, the “New Guarantors”) and Wilmington Trust, National Association, as trustee (the “Trustee”).

WITNESSETH THAT:

WHEREAS, the Issuer and the Trustee have executed and delivered a base indenture, dated as of March 25, 2014 (as amended, supplemented or otherwise modified from time to time with respect to the Notes (as defined below), the “Base Indenture,” and, together with the First Supplemental Indenture (as defined below), the “Indenture”) to provide for the future issuance of the Issuer’s debt securities to be issued from time to time in one or more series; and

WHEREAS, the Issuer and the Trustee entered into that certain Supplemental Indenture No. 2031-1, dated as of May 29, 2026 (the “First Supplemental Indenture”), relating to the Issuer’s 7.000% Senior Notes due 2031 (the “Notes”);

WHEREAS, as a condition to the Trustee entering into the Indenture and the purchase of the Notes by the Holders, the Issuer agreed pursuant to the Indenture to cause certain of its domestic Restricted Subsidiaries to provide Guaranties after the Issue Date (as defined herein); and

WHEREAS, the Issuer desires, and this Supplemental Indenture is being executed and delivered pursuant to Sections 4.09 and 9.01(iv) of the First Supplemental Indenture, to cause each of the New Guarantors to provide a Guaranty and become a Subsidiary Guarantor;

NOW, THEREFORE:

Each party hereto agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders (as defined herein) of the Notes.

Section 1.             Capitalized terms used herein without definition shall have the respective definitions ascribed to them in the Indenture.

Section 2.            Each New Guarantor, by its execution of this Supplemental Indenture, agrees to be a Guarantor under the Indenture and to be bound by the terms of the Indenture applicable to Guarantors, including, but not limited to, Article X of the First Supplemental Indenture.

Section 3.           Notwithstanding anything herein to the contrary, this Supplemental Indenture shall be subject, without limitation, to the last paragraph of Section 10.09 of the First Supplemental Indenture with the same force and effect as if such paragraph were reproduced herein.

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Section 4.          THIS SUPPLEMENTAL INDENTURE AND EACH GUARANTY OF THE NEW GUARANTORS, INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE OR SUCH GUARANTIES, SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK(WITHOUT REGARD TO THE CONFLICTS OF LAWS PROVISIONS THEREOF OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW).  EACH OF THE PARTIES HERETO HEREBY WAIVES THE RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS SUPPLEMENTAL INDENTURE.

Section 5.           The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. Delivery of an executed .PDF counterpart via electronic mail shall be effective as delivery of a manually executed counterpart thereof.

Section 6.          No past, present or future director, officer, employee, incorporator, member or stockholder or control person of the Issuer or any Guarantor, as such, will have any liability for any obligations of the Issuer or any Guarantor under the Notes, any Guaranty, the Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by reason of such obligations or their creation. Each Holder of the Notes by accepting a Note or any Guaranty waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes or any Guaranty.

Section 7.          This Supplemental Indenture is an amendment supplemental to the Indenture, and the Indenture and all subsequent supplements thereto, including this Supplemental Indenture, shall be read together.

Section 8.            The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect or the recitals contained herein, all of which recitals are made solely by the Issuer and the New Guarantors party hereto.

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IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of the date first above written.

 
Kennedy-Wilson, Inc.
       
 
By:
/s/ Matthew Windisch
   
Name:
Matthew Windisch
   
Title:
President

 
Kennedy Wilson Holdings, Inc.
       
 
By:
/s/ Matthew Windisch
   
Name:
Matthew Windisch
   
Title:
President

[Signature Page to Supplemental Indenture 2031-2]
 
Wilmington Trust, National Association,
 
as Trustee
       
 
By:
/s/ Jane Schweiger
   
Name:
Jane Schweiger
   
Title:
Vice President

[Signature Page to Supplemental Indenture 2031-2]
 
K-W Properties
 
KW Summer House Manager, LLC
 
KW Montclair, LLC
 
K-W Santiago Inc.
 
Dillingham Ranch Aina LLC
 
Kennedy-Wilson International
 
Kennedy-Wilson Tech Ltd.
 
KWF Manager IV, LLC
 
KW Ireland, LLC
 
KWF Investors IV, LLC
 
KW Investment Adviser, LLC
 
Kennedy-Wilson Capital
 
KWF Investors VII, LLC
 
KW Harrington LLC
 
KW 5200 Lankershim Manager, LLC
 
KWF Manager X, LLC
 
KWF Manager XI, LLC
 
KW Securities, LLC
 
KW EU Investors VIII, LLC
 
KW Park Santa Fe, LLC
 
KW Tacoma Condos, LLC
 
KW 9350 Civic Center Drive, LLC
 
KW One Baxter Way GP, LLC
 
KW 400 California Member, LLC
 
KW CIG Management Services, LLC
 
KW Terra West Sponsor, LLC
 
KW Hanover Quay, LLC
 
Kennedy Wilson Property Equity VI, LLC
 
Kennedy Wilson Property Services VI, LLC
 
KW LV 3 Sponsor, LLC
 
KW NB LLC
 
KW Camarillo Land, LLC
 
KW EU PRS Investor, LLC
 
KW Rosewood Premiere, LLC
 
KW River Pointe Premier, LLC
 
KW Kawana Springs, LLC
 
KW Quebec Participant, LLC
 
KW Quebec Asset Manager, LLC
 
KW Real Estate II Equity, LLC
 
KW Real Estate II Carry, LLC
 
KW Real Estate II GP, LLC

[Signature Page to Supplemental Indenture 2031-2]
 
KW Sunset CP Participant, LLC
 
KW Sunset CP Asset Manager, LLC
 
KW CP West Hills Participant, LLC
 
KW CP West Hills Asset Manager, LLC
 
KW Linder Road, LLC
 
KW CDO Investor, LLC
 
KW Hamilton Landing—Land, LLC
 
KW Sunset North LLC
 
KW Heights Investor, LLC
 
KW Pacifica, LLC
 
KW Riverwalk, LLC
 
KW ABQ, LLC
 
KW EU Capital 2, LLC
 
KW EU Capital 3, LLC
 
KW SB Manager, LLC
 
KW Pine 43, LLC
 
KW Eisley Sponsor, LLC
 
KW LPC Investor, LLC
 
KW EU Capital LLC
 
KW Bend QOF, LLC
 
KW-G Multifamily Venture I Manager, LLC
 
KW MW Cottonwood, LLC
 
Kennedy Wilson Property Services VII, LLC
 
Kennedy Wilson Property Equity VII, LLC
 
KW Multifamily 2021, LLC
 
KW Arista Uptown, LLC
 
KW Multifamily 2022, LLC
 
KW-G Multifamily Venture 2 Manager, LLC
 
KW-G Multifamily Co-Invest, LLC
 
KW San Mateo ABQ, LLC
 
KW Coppins Well Member, LLC
 
KW Snake River, LLC
 
KW Ranier Ridge Member, LLC
 
KW Development, LLC
 
KW Oxbow Dovetail Funding, LLC
 
KW Pearl Street Portfolio, LLC
 
KW Stockton Industrial, LLC
 
KW Vancouver, LLC
 
KW-Stockton Commerce Center, LLC
 
KWJ Properties, LLC
 
KW SBG, LLC

[Signature Page to Supplemental Indenture 2031-2]
 
KW Core Natomas Property, LLC
 
KW Onyx GP, LLC
 
KW Onyx Asset Manager, LLC
 
KW Danforth Member, LLC
 
KW RDP, LLC
 
KW NR, LLC
 
KW City Center, LLC
 
KW Multifamily Development, LLC
 
KWF MF GP, LLC
 
KW Construction Management, LLC
 
KW Development Manager, LLC
 
KW Kinetic, LLC
 
KW Kinetic Member, LLC
 
KW Cottonwood Funding, LLC
 
KW Peregrine Member, LLC
 
KW Rancho Mirage Loan, LLC
 
KW F5 Tower, LLC
 
KW Manhattan Beach Studio Loan, LLC
 
KWF Manager, LLC
 
KW Moffett Place, LLC
 
KW 50 West, LLC
 
KW 360 Spear, LLC
 
KW Advanta Office Commons, LLC
 
KW Alila Napa Valley, LLC
 
KW Ethos Community, LLC
 
KW One Ten Plaza, LLC
 
KW Zia Sunnyside, LLC
 
KW San Vicente Bungalows and Hotel 850, LLC
 
KW Silver Lake Pool & Inn, LLC
 
KW Encinitas Beach Resort, LLC
 
KW Park on 20th, LLC
 
KW Timbers Kauai Ocean Club, LLC
 
KW Westmoor 7, LLC
 
KW Westmoor 8-10, LLC
 
KWF Capital, LLC

 
By:
 /s/ In Ku Lee
     
Name:
In Ku Lee
     
Title:
Vice President and Secretary


[Signature Page to Supplemental Indenture 2031-2]