Company: KW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001408100-25-000147
Chunk: 116

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 116
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) certain office properties located in Ireland, United States and the United Kingdom due to a lower market assumptions of vacancy and rental growth and (ii) non-cash fair value losses on mortgage debt as previous non-cash fair value gains were unwound as certain loans moved closer to maturity dates. These fair value decreases were offset by a non-cash fair value gain 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.During the six months ended June 30, 2024, the Company recorded a $25.6 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 $3.1 million decrease in carried interests on certain separate account platforms that hold multifamily assets in the Western United States. As of June 30, 2024, the Company’s net accrued carried interests receivable totaled $48.6 million.Vintage Housing Holdings    As of June 30, 2025 and December 31, 2024, the carrying value of the Company's investment in VHH was $343.3 million and $333.9 million, respectively. For the six months ended June 30, 2025, VHH had distributions of $5.7 million and equity income pickup of $14.5 million, which included $8.9 million relating to fair value adjustments. The increase in the current period primarily relates to increased NOI at the properties. As of  June 30, 2025, VHH totaled 12,695 units including 1,870 units under development.  Capital Commitments

    As of June 30, 2025, Kennedy Wilson had unfulfilled capital commitments totaling $227.8 million to eight of its unconsolidated joint ventures, including $40.3 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. 

16

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

NOTE 5—FAIR VALUE MEASUREMENTS AND THE FAIR VALUE OPTION

    The following table presents fair value measurements (