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

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 2
Chunk 10
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 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.  

($ in millions)September 30, 2025December 31, 2024Cash$123.9 $137.5 Real estate4,550.6 4,564.9 Loans222.0 243.2 Accounts receivable and other assets152.7 236.9 Total Assets$5,049.2 $5,182.5 Accounts payable and accrued expenses128.7 151.5 Mortgage debt2,798.1 2,757.5 Total Liabilities2,926.8 2,909.0 Equity$2,122.4 $2,273.5 

As of September 30, 2025, our fee-bearing capital was $9.7 billion and we recognized $84.8 million in base investment management fees and had $26.3 million in net accrued carried interests receivable (allocated amounts to us on co-investments we managed based on the cumulative performance of the underlying investment), which included a non-cash write down of $1.4 million of carried interests during the nine months ended September 30, 2025.    

Co-Investment Portfolio Investment Platforms

We have a number of platforms through which we invest in alongside our partners and manage in our Co-Investment Portfolio. For each specific investment opportunity, we evaluate various investment parameters, primarily the asset type, risk return profiles and other parameters against the defined investment parameters of the applicable platforms.

Separate accounts

    We have several high-quality institutional equity partners that we invest alongside with and for whom we act as the general partner and receive investment management fees. Our separate account platforms have defined investment parameters such as asset types, leverage and return profiles and expected hold periods. As of September 30, 2025, our weighted average ownership interest in the various joint ventures that we manage was 39%.     

Commingled funds

    We currently have four closed-end funds that we manage and through which we receive investment management fees and potentially carried interests. We focus on sourcing investors in the U.S., Europe, Japan and Middle East and target