Company: KW
Filing Date: 2025-03-31
Form Type: 10-K/A
Source: 0001408100-25-000099
Chunk: 21

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-03-31
Form: 10-K/A
Chunk 21
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after                         |                         | 21,735,068 |
| Total undiscounted rental payments |                         | 28,686,638 |
| Less imputed interest              |                         | -8,349,006 |
| Total                              | $                       | 20,337,632 |

(8) Related Party Transactions

Fee revenues

The Company in its capacity as general partner or managing member receives fees from tax credit investors in joint venture investments it has an interest in. The Company received fees of $4,290,699, $4,351,831 and $3,801,153 for the years ended December 31, 2024, 2023 and 2022, respectively. As of December 31, 2024 and 2023, the Company had a receivable of $2,865,067 and $2,867,085 included within the accounts receivable balance on the consolidated balance sheets relating to fee revenue.

Interest income

The Company earns interest income associated with the seller notes that it receives from tax credit partners on the sale of consolidated real estate. See note 5 for more detail. During the years ended December 31, 2024, 2023 and 2022, the Company earned $2,735,745, $1,188,760 and $1,131,624.

Asset management fee

The partnership agreement for equity method investments provides for the payment of a cumulative asset management fee to an affiliate of the investor limited partner commencing in the year of the closing date, as defined.

The asset management fee, payable to Vintage Housing Asset Management, an affiliate, is comprised of regular asset management fee that is based off of a base fee of $1.4 million annual fee that is increased or decreased by $250/unit for every unit acquired or sold by the Company. In addition, KW receives an oversight fee that consists of $700,000 original fee that is increased or decreased by $125/unit for every unit acquired or sold by the Company.

During the years ended December 31, 2024, 2023 and 2022, the Company had asset management fees of $4,309,745, $3,948,416, and $3,424,488, respectively.

Due to and from affiliates

As of December 31, 2024 and 2023 the Company owes KW $7,038,796 and $5,243,067 and owes Sierra and its affiliates $4,341,848 and $7,