Company: KW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001408100-25-000147
Chunk: 115

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 115
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11.8)1.8 (9.9)Loss from unconsolidated investments - carried interests Funds(0.2)(10.7)(5.5)(25.6)Loss from unconsolidated investments - carried interests co-investments(1.8)(1.6)(4.7)(3.1)$(0.2)$(18.1)$11.2 $(24.8)

15

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

    The increase in income from unconsolidated investments related to the following items: (i) increase in rental operations due to the growth of our Co-Investment Portfolio and (ii) improved hotel operations at Kona Village as the property moves closer towards stabilization. These increases were offset by lower gains on sale of homes at Kohanaiki and higher interest expense due to higher mortgage balances from the increase in investments in the Co-Investment Portfolio.   During the six months ended June 30, 2025, the Company 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)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