Company: KW
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001408100-25-000115
Chunk: 245

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 245
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 and swap contracts for the three months ended March 31, 2025 as compared to $3.4 million 

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increases in the prior period.  The three months ended March 31, 2025 also had a $0.4 million gain on sale of some furniture and fixtures. 

The following items are not in Segment EBITDA above for Consolidated portfolio but are in net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders:

Depreciation and amortization decreased to $34.1 million during the three months ended March 31, 2025 as compared to $38.9 million for the three months ended March 31, 2024 as a result of the Company being a net seller of assets over the last year.

Interest expense was $35.8 million during the three months ended March 31, 2025 as compared to $39.9 million for the three months ended March 31, 2024. The decrease is primarily due to decreases in consolidated mortgage balance over 2024 due to asset sales over the current and prior periods.

Co-Investment Portfolio Segment

Investment Management

    We receive asset management fees for managing assets on behalf of our partners on our Co-Investment Portfolio assets.  During the three months ended March 31, 2025, we had fees recorded through revenues of $25.0 million as compared to $21.3 from the same period in 2024. During the three months ended March 31, 2025, the increase primarily related to higher origination fees that we earned on the origination of construction loans in the current period.  We also had higher base management fees as a result of having more AUM in our Co-Investment Portfolio mainly from the growth of our global credit platform and Western United States multifamily separate accounts. 

Co-Investment Operations- Loans

Loan income decreased to $5.8 million during the three months ended March 31, 2025 as compared to $8.1 million for the same period in 2024.  These amounts represent interest income on our share of loan investments within our global real estate credit platform and the decrease is due to our newer originations being at a lower ownership percentage than previous loans.  Loans in our construction portfolio have moved from 5% ownership on legacy loans to 2.5% on any new originations.  Loans in our bridge loan portfolio were also at ownership levels 5% and greater. Although the