Company: KW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001408100-25-000147
Chunk: 133

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 133
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 deed that governs the bonds contains various restrictive covenants for KWE, including, among others, limitations on KWE’s and its material subsidiaries’ ability to provide certain negative pledges.  The trust deed limits the ability of KWE and its subsidiaries to incur additional indebtedness if, on the date of such incurrence and after giving effect to the incurrence of the new indebtedness, (1) KWE’s consolidated net indebtedness (as defined in the trust deed) would exceed 60% of KWE’s total assets (as calculated pursuant to the terms of the trust deed); and (2) KWE’s consolidated secured indebtedness (as defined in the trust deed) would exceed 50% of KWE’s total assets (as calculated pursuant to the terms of the trust deed).  The trust deed also requires KWE, as of each reporting date, to maintain an interest coverage ratio (as defined in the trust deed) of at least 1.50 to 1.00 and have unencumbered assets of no less than 125% of its unsecured indebtedness (as defined in the trust deed).  As of June 30, 2025, KWE was in compliance with these covenants.

NOTE 11—EQUITY

Dividend Distributions    Kennedy Wilson declared and paid the following cash distributions on its preferred and common stock:Six Months Ended June 30, 2025Six Months Ended June 30, 2024(Dollars in millions)DeclaredPaidDeclaredPaidPreferred Stock$21.8 $21.8 $21.8 $21.8 Common Stock(1)33.1 34.9 49.6 67.2 (1) The difference between declared and paid is the amount accrued on the consolidated balance sheets.    Share-based Compensation        During each of the six months ended June 30, 2025 and 2024, Kennedy Wilson recognized $12.8 million and $11.2 million of compensation expense related to the amortization of grant date fair values of restricted stock grants.   Common Stock Repurchase Program    On November 4, 2020, the Company's board of directors authorized an expansion of its existing $250.0 million share repurchase plan to $500 million.  Repurchases under the program may be made in the open market, in privately negotiated transactions, through the net settlement of the Company’s restricted stock grants or otherwise