Company: KW
Filing Date: 2025-11-07
Form Type: 424B3
Source: 0001408100-25-000180
Chunk: 36

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-11-07
Form: 424B3
Chunk 36
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 30, 2025 and December 31, 2024, respectively, which is included in unconsolidated investments in the accompanying balance sheets.

Additionally, Kennedy Wilson records its investments in its Funds based upon the net assets that would be allocated to its interests in the Funds, assuming the Funds were to liquidate their investments at fair value as of the reporting date. Kennedy Wilson’s investment balance in the Funds was $114.7 million and $96.7 million at September 30, 2025 and December 31, 2024, respectively, which is included in unconsolidated investments in the accompanying consolidated balance sheets. See Note 4 for more information on the fluctuations for these investments.

As of September 30, 2025, there were cumulative fair value gains on investments held of $277.9 million.

In estimating fair value of real estate held by the Funds and the 73 FV Option investments, the Company considers significant unobservable inputs to be the capitalization and discount rates.

The following table presents changes in Level 3 investments in Funds and FV Options for the three and nine months ended September 30, 2025 and 2024:

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#### Kennedy-Wilson Holdings, Inc.

### Notes to Consolidated Financial Statements
<div align='center'>(Unaudited)</div>

| (Dollars in millions)          |     | 2025 | Three Months Ended September 30, |     | 2024 |         |     | 2025 | Nine Months Ended September 30, |     | 2024 |         |
|:-------------------------------|:----|:-----|---------------------------------:|:----|:-----|--------:|:----|:-----|--------------------------------:|:----|:-----|--------:|
| Beginning balance              |     | $    |                          1,829.6 |     | $    | 1,914.0 |     | $    |                         1,884.4 |     | $    | 1,927.0 |
| Unrealized and realized gains  |     |      |                             50.9 |     |      |    48.7 |     |      |                           100.2 |     |      |   104.8 |
| Unrealized and realized losses |     |      |                            -36.5 |     |      |   -72.9 |     |      |                           -