Company: KW
Filing Date: 2025-11-07
Form Type: 424B3
Source: 0001408100-25-000180
Chunk: 90

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-11-07
Form: 424B3
Chunk 90
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 holding periods can be shorter depending on the life of the structure an investment is held within. The cash flows include a projection of the net sales proceeds at the end of the holding period, computed using a market reversionary capitalization rate. For our investment in VHH the Company fair values its general partner ("GP") interests net cash flows utilizing a levered discount rate.

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Under the direct capitalization approach, the Company applies a market derived estimated capitalization rate to current and future income streams with appropriate adjustments for tenant vacancies or rent-free periods. These estimated capitalization rates and future income streams are derived from comparable property and leasing transactions and are considered to be key inputs in the valuation.

Other factors that we take into account under both approaches may include transaction structuring efficiencies, tenancy details, planning, building and environmental factors that might affect the property.

The Company also utilizes valuations from independent real estate appraisal firms on some of its investments ("appraised valuations"), with certain investment structures periodically (typically annually) requiring appraised valuations. All appraised valuations are reviewed and approved by the Company.

The Company's investment in Zonda is accounted for at fair value and is valued using a multiple on trailing twelve month EBITDA.

The methodology to determine the value of the Company’s investment in VHH is described above under " Multifamily-Affordable Housing."

The table below describes the range of inputs used as of September 30, 2025 for real estate assets:

|                                      |     |                                         |     | Estimated Rates Used for |     |                 |
|                                      |     |                                         |     | Capitalization Rates     |     | Discount 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