Company: KW
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001408100-25-000115
Chunk: 158

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 158
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 March 31, 2025, (i) of the 72 investments in the Company’s co-investment portfolio, 11 of such investments are a part of the Carried Interests Sharing Program; (ii) the Company’s total accrued carried interests in its financial statements is $19.4 million, of which $4.6 million was accrued as carried interests 

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compensation expense as part of the Carried Interests Program.  During the three months ended March 31, 2025 and 2024, the Company recorded a reversal of $2.7 million and $5.5 million, respectively related to this program.

The Company also maintains a global employee co-investment program (the “Co-Investment Program”). The named executive officers are not participants of the Co-Investment Program. Under the Co-Investment Program, certain employees are provided the opportunity to invest alongside the Company in its investments (in all future investments and certain recently acquired transactions). The amount of funds that the employees, as a group, can invest in the Company’s investments is capped at 1.5% of the Company’s equity. Generally (with certain exceptions), participants in the Co-Investment Program will make commitments to the program on an annual basis and invest in every investment made by the Company (investments that such employee has an active role in acquiring and managing) in the applicable year.  

Cash Flows 

    The following table summarizes the cash provided by or used in our operating, investing and financing activities for the three months ended March 31, 2025 and 2024.

Three Months Ended March 31,(Dollars in millions)20252024Net cash provided by operating activities$(51.9)$(5.6)Net cash (used in) provided by investing activities(22.9)244.8 Net cash provided by (used in) financing activities218.8 (9.8)

Operating

Our cash flows from operating activities are primarily dependent upon operations from consolidated properties, the operating distributions and fees from our Co-Investment Platform, general and administrative costs, compensation and interest expense payments.  Net cash flows used in operating activities totaled $51.9 million and  $5.6 million for the three months ended March 31, 2025 and 2024, respectively.  The three months ended March 31, 2025 cash flows used in operations were primarily due to the payment of discretionary compensation and interest payments.  The increase in