Company: KW
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001408100-25-000179
Chunk: 244

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 8
Chunk 244
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ated investments - fair value(2.2)(9.5)(0.4)(19.4)Income (loss) from unconsolidated investments - carried interests Funds0.1 (9.3)(5.4)(34.9)Income (loss) from unconsolidated investments - carried interests co-investments8.7 (7.1)4.0 (10.2)$34.5 $(20.3)$45.7 $(45.1)    The increase in income from unconsolidated investments related to the following items: (i) the recapitalization of a 687-unit Southern California multifamily community that the Company did not account for at fair value, reducing the Company's ownership from 51% to 10% through a new joint venture and resulting in $17 million of cash (that was received in the fourth quarter of 2025) and a gain on sale of real estate, net of $17.1 million; (ii) increase in rental operations due to the growth of our Co-Investment Portfolio; and (iii) improved hotel operations at Kona Village as the property continues to progress towards stabilization.  These increases were offset by interest expense due to the increase in assets in the Co-Investment portfolio.    During the nine months ended September 30, 2025, the Company recorded fair value decreases with respect to: (i) fair value losses associated with the recapitalization of a multifamily property portfolio, comprised of nine (9) properties in the Western United Sates, which resulted in the Company's interest decreasing 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 operations at such properties; (ii) fair value increases on VHH due to increases in operations; (iii) fair value increase on a minority interest the Company owns in a technology based real estate business that offers residential construction data providing insights and solutions for leaders in the home building industry ("Zonda") relating to improvements in the underlying business and (iv) foreign exchange