Company: KW
Filing Date: 2025-08-08
Form Type: 424B3
Source: 0001408100-25-000150
Chunk: 104

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-08-08
Form: 424B3
Chunk 104
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 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 hedges as 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 decreases at an Irish office asset as its lease up period pushes out and decreases in expected market rents; (ii) fair value decreases on U.S. office assets (iii) fair value decreases associated with mortgages as lower cost mortgages move closer to maturity dates and (iv) costs associated with originating new mortgages.

During the six months ended June 30, 2025 , the Company recorded a $5.5 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 $4.7 million decrease in carried interests on certain separate account platforms that hold multifamily assets in the Western United States. As of June 30, 2025 , the Company’s net accrued carried interests receivable totaled $17.4 million .

During the six months ended June 30, 2024, we recorded non-cash fair value losses with a decrease of approximately 2% in fair values. The minor decreases primarily related to: (i) certain office properties located in Ireland, United States and the United Kingdom due to a lower market assumptions of vacancy and rental growth; (ii) non-cash fair value losses on mortgage debt as previous non-cash fair value gains unwind as loans move closer to maturity dates. These fair value decreases were offset by non-cash fair value gain relating to the completion of a merger by entity that holds our ownership interest in Zonda.

During the six months ended June 30, 2024, we recorded a $28.7 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 commingled funds (as discussed above) and (ii) certain separate account platforms that hold multifamily assets in the Western United States.

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Segment Expenses

Co-Investment Portfolio expenses increased to $32.4 million for the six months ended June 30, 2025