Company: KW
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001408100-25-000179
Chunk: 326

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 8
Chunk 326
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vestment Portfolio assets of $123.9 million and had $447.7 million of availability under our revolving credit facility ($102.3 million outstanding as of September 30, 2025).  As of September 30, 2025, we have $127.7 million of restricted cash, which is included in cash and cash equivalents, that primarily relates to lender reserves associated with consolidated mortgages that we hold on properties and reserves held on loans in the Construction Loan Portfolio (as defined herein) on behalf of the borrowers under such loans. These reserves typically relate to interest, taxes, insurance and future capital expenditures at the properties as well as reserves held on our loan investments. 

    Additionally, we are subject to withholding taxes to the extent we repatriate cash from certain of our foreign subsidiaries.  Under the KWE Notes covenants we have to maintain certain interest coverage and leverage ratios to remain in compliance (see "Indebtedness and Related Covenants" for more detail on KWE Notes).  Due to these covenants, we evaluate the tax and covenant implications before we distribute cash, which could impact the availability of funds at the corporate level.

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As discussed throughout this report, ongoing macroeconomic conditions, such as, but not limited to, elevated levels of inflation and interest rates, banks' ability and willingness to lend, adverse developments affecting financial institutions and other geopolitical issues, including large-scale conflicts and warfare, and government responses to the same, continue to adversely impact the global economy and create volatility in our business results and operations, including our ability to access the capital markets at desired terms or at all. Please also see Part I. Item 1A. Risk Factors to our Annual Report on Form 10-K for the year ended December 31, 2024.

 Development and Redevelopment 

    We have neared the completion of a 10-year development pipeline totaling $5 billion in 2024.  As of September 30, 2025, we have 420 multifamily units we are actively developing and another project we are still in the planning phase.  On the project we are actively developing we currently expect to spend an additional $21.0 million to complete the project and expect this to be fully funded with a property level construction loan. 

    In addition to the market rate development and redevelopment projects described above, we have 1,960 affordable and/or age-restricted multifamily units within our VHH platform that we are currently developing