Company: KW
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001408100-25-000179
Chunk: 125

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 1
Chunk 125
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 ended September 30, 2024, respectively. The decline in the loan balance and interest income is primarily due to the Company taking a lower ownership percentage in newer loans.  The Company's lower ownership interest however, leads to higher investment management fees as the Company receives higher fees as it increases the amount of assets under management.  During the nine months ended September 30, 2025, the Company also completed a deed-in-lieu transaction on a retail asset in its bridge loan portfolio that had a $14.4 million loan balance at the Company's share. The Company did not recognize any gain or loss as the fair value of the underlying real estate approximated the loan balance.    

For the three and nine months ended September 30, 2025, the Company recorded a $0.9 million and $4.0 million credit loss reserve, and for the three and nine months ended September 30, 2024, the Company recorded a $1.5 million and $10.3 million credit loss reserve, respectively, in other income. See Note 2 for more detail on CECL reserves.  

21

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

NOTE 7—OTHER ASSETS, NET

    Other assets consist of the following: (Dollars in millions)September 30, 2025December 31, 2024Straight line rent receivable$34.5 $40.5 Goodwill23.9 23.9 Interest rate caps and swaps5.3 12.9 Prepaid expenses14.6 14.0 Hedge assets1.7 4.9 Deferred taxes, net6.2 7.0 Right of use asset, net5.4 10.1 Leasing commissions, net of accumulated amortization of $16.1 and $13.5 at September 30, 2025 and December 31, 2024, respectively7.6 7.9 Furniture and equipment net of accumulated depreciation of $21.7 and $21.7 at September 30, 2025 and December 31, 2024, respectively3.7 5.3 Above-market leases, net of accumulated amortization of $39.8 and $38.5 at September 30, 2025 and December 31, 2024, respectively1.0 1.