Company: KW
Filing Date: 2025-08-08
Form Type: 424B3
Source: 0001408100-25-000150
Chunk: 36

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-08-08
Form: 424B3
Chunk 36
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 were to liquidate their investments at fair value as of the reporting date. Kennedy Wilson’s investment balance in the Funds was $105.8 million and $96.7 million at June 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 June 30, 2025, there were cumulative fair value gains on investments held of $264.9 million.

In estimating fair value of real estate held by the Funds and the 72 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 six months ended June 30, 2025 and 2024:

| (Dollars in millions)          |     | 2025 | Three Months Ended June 30, |     | 2024 |         |     | 2025 | Six Months Ended June 30, |     | 2024 |         |
|:-------------------------------|:----|:-----|----------------------------:|:----|:-----|--------:|:----|:-----|--------------------------:|:----|:-----|--------:|
| Beginning balance              |     | $    |                     1,911.1 |     | $    | 1,918.9 |     | $    |                   1,884.4 |     | $    | 1,927.0 |
| Unrealized and realized gains  |     |      |                        16.6 |     |      |    15.4 |     |      |                      49.3 |     |      |    56.1 |
| Unrealized and realized losses |     |      |                       -32.3 |     |      |   -40.3 |     |      |                     -62.6 |     |      |   -91.3 |
| Contributions                  |     |      |                        45.9 |     |      |    31.1 |     |      |                      64.4 |     |      |    59.0 |
| Distributions                  |     |      |                      -164.8 |     |      |   -13.5 |     |      |                    -183.5 |     |      |   -