Company: KW
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001408100-25-000115
Chunk: 7

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 2
Chunk 7
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 earn carried interest as further discussed below. As of March 31, 2025, we have a weighted average ownership of 40% 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 92% and 93%, respectively), at our share of the underlying investments as of March 31, 2025 and December 31, 2024.  The Co-Investment Portfolio consists of our unconsolidated investments as well as our loan purchases and originations.  

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($ in millions)March 31, 2025December 31, 2024Cash$136.1 $137.5 Real estate4,694.1 4,564.9 Loans217.5 243.2 Accounts receivable and other assets230.5 236.9 Total Assets$5,278.2 $5,182.5 Accounts payable and accrued expenses156.4 151.5 Mortgage debt2,819.6 2,757.5 Total Liabilities2,976.0 2,909.0 Equity$2,289.8 $2,273.5 

As of March 31, 2025, our fee-bearing capital was $8.7 billion and we recognized $25.0 million in base investment management fees and had $19.4 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 $8.2 million of carried interests during the three months ended March 31, 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