E!'s Fashion Police commentator, 29, spoke out Thursday a day after news broke that she and vegan chef Mosshart no longer had plans to walk down the aisle.
"It was a mutual decision," Osbourne tells E! News. "We love each other very much. It just wasn't the right time for us and I think if we weren't as mature and adult as we are, then we could have gone down a road that wasn't really nice."
Adds the TV personality: "We're still really, really good friends. It's just that we're not living in the same house. There's no dramatic story. I wish there was so I had something to tell people, but no ... It just happens in life."
Osbourne's mom Sharon echoes her daughter's statements, telling The Talk viewers, "Matthew is a lovely guy. They had two great years together of fun and love, and for me, that's why engagements are so important. Engagements are a test run, aren't they? And so it didn't work for whatever reason, but they are still good friends and will continue to be. It's just not right for them right now."
But the Osbourne family matriarch isn't encouraging her daughter to bask in the joys of being single.
She joked to the audience of rushing to find Kelly a new man: "Let the auditions begin!"