Company: KW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001408100-25-000147
Chunk: 240

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 240
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 use the fair value option for 72 unconsolidated co-investments to more accurately reflect the timing of the value created in the underlying investments and report those results in current operations.  Kennedy Wilson's investment balance in the FV Option investments was $1,723.8 million and $1,787.7 million at June 30, 2025 and December 31, 2024, respectively, which is included in unconsolidated investments in the accompanying balance sheets.    Additionally, Kennedy Wilson records its investments in its Funds based upon the net assets that would be allocated to its interests in the Funds, assuming the Funds 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:Three Months Ended June 30,Six Months Ended June 30,(Dollars in millions)2025202420252024Beginning balance$1,911.1 $1,918.9 $1,884.4 $1,927.0 Unrealized and realized gains16.6 15.4 49.3 56.1 Unrealized and realized losses(32.3)(40.3)(62.6)(91.3)Contributions45.9 31.1 64.4 59.0 Distributions(164.8)(13.5)(183.5)(26.5)Foreign exchange52.8 2.4 77.6 (9.6)Other0.3 — — (0.7)Ending balance$1,829.6 $1,914.0 $1,829.6 $1,