Company: KW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001408100-25-000147
Chunk: 238

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 238
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 at the properties, (ii)VHH due to increases in NOI and (iii) foreign exchange gains, net of hedges as the 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 certain U.S. office assets, (iii) fair value decreases associated with certain lower cost mortgages as these move closer to their respective 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 a delayed disposition of office assets in one of our Western United States commingled funds and a $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, the Company recorded fair value decreases with respect 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 and (ii) non-cash fair value losses on mortgage debt as previous non-cash fair value gains were unwound as certain loans moved closer to maturity dates. These fair value decreases were offset by a non-cash fair value gain with respect to our minority ownership interest in Zonda, a technology based real estate residential housing advisory business that offers construction data providing insights and solutions for leaders in the home building industry, as a result of Zonda's recent completion of a merger transaction.During the six months ended June 30, 2024, the Company recorded a $25.6 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 discussed above) and $3.1 million decrease in carried interests on certain separate account platforms that hold multifamily assets in the Western United States. As of June 30, 2024, the Company’s net accrued carried interests receivable totaled $48.6 million.Vintage Housing Holdings    As of June