Company: KW
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001408100-25-000179
Chunk: 161

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 1
Chunk 161
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-GAAP table below represents a summarized balance sheet of our Consolidated Portfolio, which is held at historical depreciated cost as of September 30, 2025 and December 31, 2024.  This table does not include non-segment amounts such as corporate cash and the KWI Notes.

($ in millions)September 30, 2025December 31, 2024Cash(1)$119.4 $117.4 Real estate4,016.1 4,290.4 Accounts receivable and other assets84.5 99.7 Total Assets$4,220.0 $4,507.5 Accounts payable, accrued expenses and other liabilities 140.8 118.7 Mortgage debt2,372.2 2,597.2 KWE bonds352.4 309.8 Total Liabilities2,865.4 3,025.7 Equity$1,354.6 $1,481.8 

(1)Excludes $263.2 million and $100.1 million as of September 30, 2025 and December 31, 2024, respectively, of corporate non-property level cash.

Co-Investment Portfolio

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    In addition to investing our shareholder's capital, we invest capital on behalf of our partners in real estate and real estate-related assets, primarily construction loans, through our Co-Investment Portfolio. We invest alongside our partners and typically have a 5% to 50% ownership interest in the assets in our Co-Investment Portfolio and through our ownership positions, we have the potential to earn carried interest as further discussed below. As of September 30, 2025, we have a weighted average ownership of 38% in our Co-Investment Portfolio. We also earn fees for managing our fee-bearing capital (total third-party committed or invested capital that we manage in our joint ventures and commingled funds), including, without limitation, asset management fees, construction management fees, acquisition and disposition fees and origination fees.

The non-GAAP table below represents the carrying value of our Co-Investment Portfolio balance sheet which is primarily at fair value (approximately 88% and 92%, respectively), at our share of the underlying investments as of September 30, 2025 and December 31, 2024.  The Co-Investment Portfolio consists of our unconsolidated investments as well as our loan purchases and originations.