Company: KW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001408100-25-000147
Chunk: 311

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 311
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.  Loans in our bridge loan portfolio were also at ownership levels 5% and greater. Although the platform is growing we expect to have lower interest income levels and higher management fee levels going forward.     

Co-Investment Operations - Real Estate

    In addition to our management of investments in the Co-Investment Portfolio, we have ownership interests in the properties that sit within our Co-Investment Portfolio.  The table below represents a breakout of the amounts within income from unconsolidated investments which represents our share of underlying property investments in the Co-Investment Portfolio assets for the six months ended June 30, 2025 and 2024:

65

Six Months Ended June 30,20252024RevenueRental$152.0 $141.9 Hotel20.8 12.6 Sale of real estate16.6 29.8 Total revenue189.4 184.3 Fair value/other adjustments1.1 (12.0)Carried interests(10.2)(28.7)ExpensesRental48.8 46.5 Hotel19.7 17.3 Cost of real estate sold17.7 26.2 Depreciation and amortization1.8 1.9 Total expenses88.0 91.9 Interest expense(65.4)(64.5)Other loss(15.7)(11.8)Provision for income taxes— (0.2)Income (loss) from unconsolidated investments$11.2 $(24.8)    

The increase in income from unconsolidated investments is primarily due to the following:

Operating performance

The increase in income from unconsolidated investments related to the following items: (i) increase in rental operations due to the growth of our Co-Investment Portfolio (ii) improved hotel operations at Kona Village as the property continues to progress towards stabilization. These increases were offset by lower gains on sale of homes at Kohaniki and higher interest expense due to higher mortgage balances from the increase in investments in the Co-Investment Portfolio.   

Fair Value

During the six months ended June 30, 2025, the Company recorded fair value increases with respect to (i) non-cash fair value gains on multifamily assets in Western United States and Ireland from increased NOI at the properties (ii) fair value increases on VHH due to increases in NOI as well and (iii) foreign exchange gains, net of