Company: KW
Filing Date: 2025-03-03
Form Type: 424B3
Source: 0001408100-25-000092
Chunk: 146

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-03-03
Form: 424B3
Chunk 146
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 investments at fair value as of the reporting date. The Company’s investment balance in the Funds was $96.7 million and $133.1 million at December 31, 2024 and 2023, respectively, which is included in unconsolidated investments in the accompanying consolidated balance sheets.

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 summarizes the Company's investments in unconsolidated investments held at fair value by type:

|           | (Dollars in millions) |   | December 31, 2024 |     |   | December 31, 2023 |
|:----------|:----------------------|:--|------------------:|:----|:--|------------------:|
| FV Option |                       | $ |           1,787.7 |     | $ |           1,793.9 |
| Funds     |                       |   |              96.7 |     |   |             133.1 |
| Total     |                       | $ |           1,884.4 |     | $ |           1,927.0 |

The following table presents changes in Level 3 investments, investments in investment companies and investments in joint ventures that elected the fair value option, for the years ended December 31:

|                                                            | (Dollars in millions) |   |    2024 |     |   |    2023 |     |   |    2022 |
|:-----------------------------------------------------------|:----------------------|:--|--------:|:----|:--|--------:|:----|:--|--------:|
| Beginning balance                                          |                       | $ | 1,927.0 |     | $ | 2,093.7 |     | $ | 1,794.8 |
| Unrealized and realized gains, including carried interests |                       |   |   142.2 |     |   |   111.5 |     |   |   274.4 |
| Unrealized and realized losses                             |                       |   |  -178.1 |     |   |  -377.4 |     |   |  -114.1 |
| Contributions                                              |                       |   |   105.3 |     |   |   168.8 |     |   |   348.1 |