Company: KW
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001408100-25-000179
Chunk: 192

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 1
Chunk 192
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809 units, reducing the Company's ownership from 51% to 10%, (ii) fair value decreases at an Irish office asset as its lease up period pushes out and decreases in expected market rents; (iii) fair value decreases on U.S. office assets;  (iv) fair value decreases associated with mortgages as lower cost mortgages move closer to maturity dates and (v) costs associated with originating new mortgages.    These fair value decreases were offset by (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 (iii) fair value increase at Zonda due to improvements in the underlying business and (iv) foreign exchange gains, net of hedges as euro and GBP increased in value in relation to the dollar in 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 one of our Western United States commingled funds as the timing of disposing office assets has been pushed out and $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 receivable totaled $26.3 million.  

During the nine months ended September 30, 2024, we recorded non-cash fair value losses with a decrease of approximately 1% in fair values. The minor decreases primarily related to: (i) certain office properties located in Ireland, United States and the United Kingdom due to higher market assumptions of vacancy and lower rental growth rates; (ii) non-cash fair 

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value losses on mortgage debt and interest rate derivatives as previous fair value increases unwind as loans move closer to maturity dates. These fair value decreases were offset by fair value increases related to our investment in Zonda due to increased EBITDA from its recently completed merger and fair value increases in VHH due to increasing NOI at the properties and the reduction of cost of capital for the business as interest rates have come down.

During the nine months ended September 30, 2024, we recorded a $45.1 million decrease in the accrual for carried interests primarily related to the fair value decreases that we recorded with respect to (i) one of our Western United States