Company: KW
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001408100-25-000179
Chunk: 256

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 8
Chunk 256
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 secured by Kennedy Wilson's consolidated properties as of September 30, 2025 and December 31, 2024:

22

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

(Dollars in millions)Carrying amount of mortgage debt as of (1)Mortgage Debt by Product TypeRegionSeptember 30, 2025December 31, 2024Multifamily(1)Western U.S.$1,489.4 $1,664.9 Commercial(1)United Kingdom468.8 434.3 Commercial(1)Ireland215.7 209.4 Commercial Western U.S.209.3 303.1 Mortgage debt (excluding loan fees)(1)2,383.2 2,611.7 Unamortized loan fees(11.0)(14.5)Total Mortgage Debt$2,372.2 $2,597.2 (1) The mortgage debt balances include unamortized debt discount.  Debt discount represents the difference between the fair value of debt and the principal value of debt assumed in various acquisitions and are amortized as an increase of interest expense for discounts and a reduction of interest expense for premiums over the remaining term of the related debt in a manner that approximates the effective interest method.  The unamortized loan discount as of September 30, 2025 and December 31, 2024 was $1.2 million and $1.4 million, respectively.    The Company's consolidated mortgage debt had a weighted average interest rate of 4.86% per annum as of September 30, 2025 and 4.84% as of December 31, 2024.  Including the impact of the interest rate hedging strategy deployed by the Company through the use of interest rate caps and swaps, the weighted average effective interest rate is 4.6% as of September 30, 2025 and December 31, 2024. As of September 30, 2025, 67% of Kennedy Wilson's property level debt was fixed rate, 32% was floating rate with interest caps and swaps and 1% was floating rate without interest caps and swaps, compared to 70% of Kennedy Wilson's consolidated property level debt was fixed rate, 27% was floating rate with interest caps and swaps and 2% was floating rate without interest caps and swaps, as