Company: KW
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001408100-25-000115
Chunk: 93

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 93
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 euro and GBP increased in value in relation to the dollar in the current period. These fair value increases were offset by (i) fair value decrease at an Irish office asset as its lease up period pushes out and decreases in expected market rents; (ii) fair value decreases associated with mortgages on our co-investments as lower cost mortgages move closer to maturity dates.   During the three months ended March 31, 2025, the Company recorded a $5.3 million decrease in the accrual for carried interests in our Funds primarily related to the fair value decreases that we recorded with respect to a delayed disposition of office assets in one of our Western United States commingled funds and a $2.9 million decrease in carried interests on certain separate account platforms that hold multifamily assets in the Western United States. As of March 31, 2025, the Company’s net accrued carried interests receivable totaled $19.4 million.  

13

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

During the three months ended March 31, 2024, the Company recorded fair value increases from non-cash fair value gains relating to the completion of a merger by the entity that holds the Company's ownership interest in Zonda. Zonda is a technology based real estate business that offers residential construction data providing insights and solutions for leaders in the home building industry. This fair value gain was offset by non-cash fair value losses on: (i) office properties in Western United States, Ireland and United Kingdom due to cap rate expansion and (ii) non-cash fair value losses on mortgage debt as previous non-cash fair value gains unwind as loans move closer to their respective maturity dates.During the three months ended March 31, 2024, the Company recorded a $16.4 million decrease in the accrual for carried interests primarily related to the fair value decreases that we recorded with respect to office properties in one of our Western United States commingled funds as described above.Vintage Housing Holdings    As of March 31, 2025 and December 31, 2024, the carrying value of the Company's investment in VHH was $337.5 million and $333.9 million, respectively. For the three months ended March 31, 2025 and 2024 VHH had distributions of $2.7 million and $3.8 million and equity income pickup of $6.0 million and $3.