Company: KW
Filing Date: 2025-11-07
Form Type: 424B3
Source: 0001408100-25-000180
Chunk: 39

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-11-07
Form: 424B3
Chunk 39
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 Rates  |
| Multifamily - Affordable             |     | Income approach - discounted cash flow  |     | 6.15% —6.50%             |     | 8.15% — 8.50%   |
| Multifamily - Affordable GP interest |     | Income approach - discounted cash flow  |     | 6.15% —6.50%             |     | 17.50% — 19.50% |
| Multifamily - Market Rate            |     | Income approach - direct capitalization |     | 4.50% — 6.90%            |     | N/A             |
| Office                               |     | Income approach - discounted cash flow  |     | 5.20% — 7.50%            |     | 7.50% — 9.30%   |
|                                      |     | Income approach - direct capitalization |     | 5.40% — 10.90%           |     | N/A             |
| Industrial                           |     | Income approach - discounted cash flow  |     | 5.00% — 6.30%            |     | 6.30% — 7.80%   |
|                                      |     | Income approach - direct capitalization |     | 4.00% — 9.00%            |     | N/A             |
| Hotel                                |     | Income approach - discounted cash flow  |     | 6.00%                    |     | 8.30%           |

In valuing indebtedness, the Company considers significant inputs such as the term of the debt, value of collateral, credit quality of investment entities and market interest rates and spreads as well as market loan-to-value ratios relative to the Company's debt instruments. The credit spreads used by Kennedy Wilson to value floating rate indebtedness range from 1.60% to 3.80%, while the market rates used to value fixed rate indebtedness range from 4.10% to 9.30%.

There is no active secondary market for the Company's development projects and no readily available market value given the uncertainty of the amount and timing of future cash flows. Accordingly, determination of fair value of its development projects requires judgment and extensive use of estimates. Therefore, the Company typically uses investment cost as the estimated fair value until future cash flows become more predictable. Additionally, the fair value of its development projects may differ significantly from the values that would have been used