MORTGAGE DEBT

6 Months Ended

Jun. 30, 2025

The following table details mortgage debt secured by Kennedy Wilson's consolidated properties as of June 30, 2025 and December 31, 2024:


(Dollars in millions)		Carrying amount of mortgage debt as of (1)
Mortgage Debt by Product Type	Region	June 30, 2025		December 31, 2024
Multifamily(1)	Western U.S.	$	1,493.2	$	1,664.9
Commercial(1)	United Kingdom	477.1		434.3
Commercial(1)	Ireland	209.2		209.4
Commercial	Western U.S.	217.6		303.1
Mortgage debt (excluding loan fees)(1)		2,397.1		2,611.7
Unamortized loan fees		(11.9)		(14.5)
Total Mortgage Debt		$	2,385.2	$	2,597.2

(1) The mortgage debt balances include unamortized debt discount. Debt discount represents the difference between the fair value of debt and the principal value of debt assumed in various acquisitions and are amortized as an increase of interest expense for discounts and a reduction of interest expense for premiums over the remaining term of the related debt in a manner that approximates the effective interest method. The unamortized loan discount as of June 30, 2025 and December 31, 2024 was $1.3 million and $1.4 million, respectively.

The Company's consolidated mortgage debt had a weighted average interest rate of 4.94% per annum as of June 30, 2025 and 4.84% as of December 31, 2024. Including the impact of the interest rate hedging strategy deployed by the Company through the use of interest rate caps and swaps, the weighted average effective interest rate is 4.6% as of June 30, 2025 and December 31, 2024. Additionally, the Company has recorded fair value movements and interest expense savings as the value of the interest rate caps and swaps have increased with rising interest rates. See Interest Rate Caps and Swaps in Note 5 for more detail. As of June 30, 2025, 67% of Kennedy Wilson's property level debt was fixed rate, 32% was floating rate with interest caps and swaps and 1% was floating rate without interest caps and swaps, compared to 70% of Kennedy Wilson's consolidated property level debt was fixed rate, 27% was floating rate with interest caps and swaps and 2% was floating rate without interest caps and swaps, as of December 31, 2024. The weighted average strike price on caps and maturity of Kennedy Wilson's variable rate mortgage debt is 3.16% and approximately 0.8 years, respectively, as of June 30, 2025.

Mortgage Loan Maturities

The aggregate maturities of mortgage loans as of June 30, 2025 including amortization and the effects of any extension options. In certain cases, extension options will only be granted after meeting certain lender loan covenants.


(Dollars in millions)	Aggregate Maturities
2025 (remainder)(1)	$	93.1
2026	418.3
2027	355.6
2028	345.4
2029	204.3
Thereafter	981.7
	2,398.4
Unamortized debt discount	(1.3)
Unamortized loan fees	(11.9)
Total Mortgage Debt	$	2,385.2

(1) The Company is actively negotiating loan extensions and refinances with lenders on these loans.

As of June 30, 2025, the Company was in compliance with all financial mortgage debt covenants. On August 6, 2025, a $60.0 million property-level, non-recourse loan, secured by a wholly-owned office building in Northern California, matured. The Company is in discussions with lender regarding a loan modification and/or extension.