First Advantage Set to Join S&P SmallCap 600

Rhea-AI Summary

First Advantage (NASD: FA) will join the S&P SmallCap 600 effective before market open on June 16, 2026, replacing Kennedy-Wilson Holdings (KW), which is being acquired by a consortium led by its CEO and Fairfax Financial Holdings, pending final closing conditions.

Positive

• First Advantage added to S&P SmallCap 600 effective June 16, 2026
• Classified in the Industrials sector within the S&P SmallCap 600 index

Negative

• None.

News Market Reaction – KW

-0.09%

-0.09% Session close to close

In the Jun 12 session, KW declined 0.09%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement details that First Advantage will enter the S&P SmallCap 600 while Kennedy-Wilson ...

Analysis

This announcement details that First Advantage will enter the S&P SmallCap 600 while Kennedy-Wilson will be removed on June 16, 2026, reflecting its pending acquisition and expected delisting path. In context, recent filings describe shareholder approval of the merger, related debt financing and a defined cash consideration per share. Investors evaluating this situation would focus on closing timing, remaining conditions, and how index changes may affect liquidity into the transaction’s completion.

Key Figures

Index change effective date: June 16, 2026

1 metrics

Index change effective date June 16, 2026 Date FA joins and KW exits S&P SmallCap 600

Historical Context

5 past events · Latest: Jun 04 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Jun 04	Strategic joint venture	Positive	+0.1%	€2 billion JV to develop over 3,400 Irish rental homes.
May 15	Debt tender offer	Neutral	+0.0%	Tender for 5.000% 2031 notes and redemptions linked to merger.
May 14	Notes pricing	Neutral	+0.2%	Pricing of $1.8B senior notes due 2031 and 2033 under Rule 144A/Reg S.
May 12	Debt offering	Negative	-0.3%	Announcement of $1.8B senior notes offering tied to merger plans.
May 06	Quarterly earnings	Positive	+0.5%	Q1 2026 profitability, higher Adjusted EBITDA and announced merger meeting.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent corporate, financing and earnings news generally saw small, directionally consistent price reactions, with no large dislocations around announcements.

Recent Company History

Over the last few months, Kennedy-Wilson reported a return to profitability in Q1 2026 with GAAP EPS of $0.10 and growing investment management fees, while advancing a going-private merger. The company executed a series of debt transactions, including a $1.8 billion senior notes offering and a tender for 5.000% notes due 2031, aligned with the pending merger financing. It also formed a €2 billion Irish residential joint venture. Today’s index deletion follows this progression toward acquisition and delisting.

Key Terms

s&p smallcap 600, gics sector, s&p 500, dow jones industrial average

4 terms

s&p smallcap 600 financial

"June 16, 2026 | S&P SmallCap 600 | Addition | First Advantage | FA"

A stock market index made up of 600 small-cap U.S. companies chosen to represent the performance of smaller publicly traded firms. It matters to investors because it acts like a temperature gauge for the small-company segment of the market, serving as a benchmark for fund managers, a basis for index funds and ETFs, and a way to compare returns and risk when building a diversified portfolio.

gics sector financial

"Ticker | GICS Sector"

GICS sector is one of the major industry groupings from the Global Industry Classification Standard, a system that sorts companies into consistent categories (like Technology or Health Care) based on the primary business they do. Investors use these sectors like folders in a filing cabinet to compare companies, build diversified portfolios, and track how whole parts of the market are performing rather than focusing on single stocks.

s&p 500 financial

"such as the S&P 500® and the Dow Jones Industrial Average®."

The S&P 500 is a broad stock market index that tracks the performance of 500 large U.S. companies, weighted so bigger firms have a larger impact. Investors use it like a thermometer or benchmark to judge how the overall U.S. stock market or a portfolio is doing; movements in the index influence investor sentiment, fund performance, and many passive investment products that aim to match its returns.

View in glossary

dow jones industrial average financial

"such as the S&P 500® and the Dow Jones Industrial Average®."

A stock market index that tracks the share prices of a small group of large, well-known companies to give a quick snapshot of how the broader market is doing. Think of it like a thermometer for the stock market: it uses a handful of heavyweight firms as representative samples to show whether investor sentiment is rising or falling, which helps investors gauge market trends and compare performance over time.

View in glossary

AI-generated analysis. How Rhea-AI works. Not financial advice.

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NEW YORK, June 11, 2026 /PRNewswire/ -- First Advantage Corporation (NASD: FA) will replace Kennedy-Wilson Holdings Inc. (NYSE: KW) in the S&P SmallCap 600 effective prior to the opening of trading on Tuesday, June 16. A consortium led by KW's CEO with Fairfax Financial Holdings Limited (TSE: FFH) is acquiring Kennedy-Wilson Holdings in a deal expected to close soon, pending final closing conditions.

Following is a summary of the changes that will take place prior to the open of trading on the effective date:

Effective Date	Index Name		Action	Company Name	Ticker	GICS Sector
June 16, 2026	S&P SmallCap 600	Addition		First Advantage	FA	Industrials
June 16, 2026	S&P SmallCap 600	Deletion		Kennedy-Wilson Holdings	KW	Real Estate

ABOUT S&P DOW JONES INDICES

S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average®. More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P DJI has been innovating and developing indices across the spectrum of asset classes helping to define the way investors measure and trade the markets.

S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies, and governments to make decisions with confidence. For more information, visit www.spglobal.com/spdji/en/.

FOR MORE INFORMATION:

S&P Dow Jones Indices
index_services@spglobal.com 

Media Inquiries
spdji.comms@spglobal.com 

 

View original content:https://www.prnewswire.com/news-releases/first-advantage-set-to-join-sp-smallcap-600-302798639.html

SOURCE S&P Dow Jones Indices

FAQ

What change was announced for First Advantage (FA) in the S&P SmallCap 600 on June 16, 2026?

First Advantage will be added to the S&P SmallCap 600 index on June 16, 2026. According to S&P Dow Jones Indices, FA will join as an Industrials sector component, replacing Kennedy-Wilson Holdings before the market opens.

Why is Kennedy-Wilson Holdings (KW) being removed from the S&P SmallCap 600 index?

Kennedy-Wilson Holdings will be removed from the S&P SmallCap 600 because it is being acquired. According to S&P Dow Jones Indices, a consortium led by KW’s CEO with Fairfax Financial Holdings is buying the company, with closing pending final conditions.

When will First Advantage (FA) officially join the S&P SmallCap 600 index?

First Advantage will join the S&P SmallCap 600 before the market opens on June 16, 2026. According to S&P Dow Jones Indices, all index changes, including the FA addition and KW deletion, take effect at the open that day.

Which sector will First Advantage (FA) represent in the S&P SmallCap 600 index?

First Advantage will be classified in the Industrials sector within the S&P SmallCap 600 index. According to S&P Dow Jones Indices, FA is listed as an Industrials company in the table summarizing the June 16, 2026 index changes.

Who is acquiring Kennedy-Wilson Holdings (KW), which First Advantage (FA) will replace in the S&P SmallCap 600?

Kennedy-Wilson Holdings is being acquired by a consortium led by its CEO and Fairfax Financial Holdings. According to S&P Dow Jones Indices, the deal is expected to close soon, subject to final closing conditions, prompting KW’s removal from the index.