Company: KW
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001408100-25-000179
Chunk: 320

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 8
Chunk 320
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 earned on the origination of construction loans in the current period. We also had a $7 million one-time development completion fee related to the completion of a Southern California development project and an acquisition fee related to the closing of a multifamily property in Seattle in a new separate account platform. We 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 $17.2 million during the nine months ended September 30, 2025 as compared to $23.7 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 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 platform is growing we expect to have lower interest income levels and higher management fee levels going forward.     

Co-Investment Operations - Real Estate

    In addition to our management of investments in the Co-Investment Portfolio, we have ownership interests in the properties that sit within our Co-Investment Portfolio.  The table below represents a breakout of the amounts within income from unconsolidated investments which represents our share of underlying property investments in the Co-Investment Portfolio assets for the nine months ended September 30, 2025 and 2024:

65

Nine Months Ended September 30,20252024RevenueRental$230.3 $215.8 Hotel27.7 21.2 Sale of real estate31.3 42.3 Total revenue289.3 279.3 Fair value/other adjustments(1.5)(22.4)Carried interests(1.4)(45.1)Gain on sale of real estate, net17.1 — ExpensesRental74.7 70.6 Hotel26.8 26.6 Cost of real estate sold30.3 39.9 Depreciation and amortization2.8 2.9 Total expenses134.6 140.0 Interest expense(100.5)(98.6)Other loss(22.7)(17.9