Company: KW
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001408100-25-000115
Chunk: 45

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 2
Chunk 45
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ens which are senior to the mortgage loan and outstanding security deposits.

Capital Commitments

    As of March 31, 2025, we had unfulfilled capital commitments totaling $279.8 million to our joint venture investments and $130.9 million to our loan portfolio.  In addition to the unfunded capital commitments on our joint venture investments, we 

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had $86.3 million related to future ground lease payments that run through 2085 on Kona Village.  As we identify investment opportunities in the future, we may be called upon to contribute additional capital to unconsolidated investments in satisfaction of our capital commitment obligations.

    Please refer to our Annual Report on Form 10-K for the year ended December 31, 2024 for discussion of our non-recourse carve-out guarantees arrangements, as there have been no material changes to that disclosure.

Certain Non-GAAP Measures and Reconciliations

    The table below is a reconciliation of Non-GAAP measures to their most comparable GAAP measures, for amounts relating to the three months ended March 31, 2025 dated back through 2021.

Three Months Ended March 31,(dollars in millions)20252024202320222021Net (loss) income      $(29.6)$37.7 $(28.7)$40.0 $(1.6)Non-GAAP AdjustmentsAdd back (less):Interest expense61.4 64.7 62.3 50.5 51.6 (Gain) loss on early extinguishment of debt— (0.3)(0.1)— 14.8 Kennedy Wilson's share of interest expense included in unconsolidated investments32.1 31.1 19.8 11.3 7.9 Depreciation and amortization34.1 38.9 39.4 43.3 44.4 Kennedy Wilson's share of depreciation and amortization included in unconsolidated investments0.9 0.9 0.8 1.1 1.7 (Benefit from) provision for income taxes(4.9)26.7 (3.9)8.2 2.7 Kennedy Wilson's share of taxes included in unconsolidated investments— 0.2 0.2 — — Share-based compensation6.3 5.2 7.1