Company: KW
Filing Date: 2025-05-09
Form Type: 424B3
Source: 0001408100-25-000117
Chunk: 29

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-05-09
Form: 424B3
Chunk 29
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ilson Holdings, Inc.

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

During the three months ended March 31, 2024, the Company recorded fair value increases from non-cash fair value gains relating to the completion of a merger by the entity that holds the Company's ownership interest in Zonda. Zonda is a technology based real estate business that offers residential construction data providing insights and solutions for leaders in the home building industry. This fair value gain was offset by non-cash fair value losses on: (i) office properties in Western United States, Ireland and United Kingdom due to cap rate expansion and (ii) non-cash fair value losses on mortgage debt as previous non-cash fair value gains unwind as loans move closer to their respective maturity dates.

During the three months ended March 31, 2024, the Company recorded a $16.4 million decrease in the accrual for carried interests primarily related to the fair value decreases that we recorded with respect to office properties in one of our Western United States commingled funds as described above.

Vintage Housing Holdings

As of March 31, 2025 and December 31, 2024, the carrying value of the Company's investment in VHH was $337.5 million and $333.9 million, respectively. For the three months ended March 31, 2025 and 2024 VHH had distributions of $2.7 million and $3.8 million and equity income pickup of $6.0 million and $3.2 million which, included $3.3 million and $0.7 million relating to fair value adjustments. The increase in the current period primarily relates to increased NOI at the properties. As of March 31, 2025, VHH totaled 12,695 units including 1,870 units under development.

Capital Commitments

As of March 31, 2025, Kennedy Wilson had unfulfilled capital commitments totaling $279.8 million to nine of its unconsolidated joint ventures, including $53.7 million relating to the Funds, under their respective operating agreements. The Company may be called upon to contribute additional capital to joint ventures in satisfaction of such capital commitment obligations.

NOTE 5—FAIR VALUE MEASUREMENTS AND THE FAIR VALUE OPTION

The following table presents fair value measurements (including items that are required to be measured at fair value and items for which the fair value option has been elected) as of March