Company: KW
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001408100-25-000179
Chunk: 245

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 8
Chunk 245
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 gains, net of hedges, as the euro and GBP increased in value in relation to the dollar during the current period. During the nine months ended September 30, 2025, the Company recorded a $5.4 million decrease in the accrual for carried interests in our Funds primarily related to the fair value decreases that we recorded with respect to a delayed disposition of office assets in one of our Western United States commingled funds and a $4.0 million increase in carried interests on certain separate account platforms that hold multifamily assets in the Western United States. As of September 30, 2025, the Company’s net accrued carried interests totaled $26.3 million.  During the nine months ended September 30, 2024, the Company recorded fair value decreases with respect to: (i) certain office properties located in Ireland, United States and the United Kingdom due to a lower market assumptions of vacancy and rental growth (ii) non-cash fair value losses on mortgage debt and hedges associated with interest rates as previous non-cash fair value gains unwind as loans and hedges move closer to maturity dates. These fair value decreases were offset by (i) fair value increases with respect to our minority ownership interest in Zonda, a technology based real estate residential housing advisory business that offers construction data providing insights and solutions for leaders in the home building industry, as a result of Zonda's recent completion of a merger transaction; (ii) fair value increases associated with VHH due to increases in NOI at the underlying properties and lower cost of capital associated with the business as interest rates have moved down; and (iii) fair value increase on a recently completed multifamily development in the Western United States as operations ramp up.During the nine months ended September 30, 2024, the Company recorded a $34.9 million decrease in the accrual for carried interests in our Funds primarily related to the fair value decreases that we recorded with respect to one of our Western United States commingled funds (as discussed above) and $10.2 million decrease in carried interests on certain separate account platforms that hold multifamily assets in the Western United States. As of September 30, 2024, the Company’s net accrued carried interests receivable totaled $32.2 million.Vintage Housing Holdings

16

Kennedy-Wilson Holdings, Inc.Notes to Consolidated Financial Statements(Unaudited)

    As of September 30, 2025 and December 31, 2024