Company: KW
Filing Date: 2025-08-08
Form Type: 424B3
Source: 0001408100-25-000150
Chunk: 45

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-08-08
Form: 424B3
Chunk 45
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        |                        |         217.6 |     |   |             303.1 |
| Mortgage debt (excluding loan fees)(1) |                               |                |        |                        |       2,397.1 |     |   |           2,611.7 |
| Unamortized loan fees                  |                               |                |        |                        |         -11.9 |     |   |             -14.5 |
| Total Mortgage Debt                    |                               |                |        | $                      |       2,385.2 |     | $ |           2,597.2 |

(1) The mortgage debt balances include unamortized debt discount. Debt discount represents the difference between the fair value of debt and the principal value of debt assumed in various acquisitions and are amortized as an increase of interest expense for discounts and a reduction of interest expense for premiums over the remaining term of the related debt in a manner that approximates the effective interest method. The unamortized loan discount as of June 30, 2025 and December 31, 2024 was $1.3 million and $1.4 million, respectively.

The Company's consolidated mortgage debt had a weighted average interest rate of 4.94% per annum as of June 30, 2025 and 4.84% as of December 31, 2024. Including the impact of the interest rate hedging strategy deployed by the Company through the use of interest rate caps and swaps, the weighted average effective interest rate is 4.6% as of June 30, 2025 and December 31, 2024. Additionally, the Company has recorded fair value movements and interest expense savings as the value of the interest rate caps and swaps have increased with rising interest rates. See Interest Rate Caps and Swaps in Note 5 for more detail. As of June 30, 2025, 67% of Kennedy Wilson's property level debt was fixed rate, 32% was floating rate with interest caps and swaps and 1% was floating rate without interest caps and swaps, compared to 70% of Kennedy Wilson's consolidated property level debt was fixed rate, 27% was floating rate with interest caps and swaps and 2% was floating rate without interest caps and swaps, as of December 31, 2024. The weighted average strike price on caps and maturity of Kennedy Wilson's variable rate mortgage debt is 3.16% and approximately 0.