Company: KW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001408100-25-000147
Chunk: 159

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 159
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 primarily multifamily communities. We typically wholly-own these assets, which have longer hold periods and accretive asset management opportunities.

    The non-GAAP table below represents a summarized balance sheet of our Consolidated Portfolio, which is held at historical depreciated cost as of June 30, 2025 and December 31, 2024.  This table does not include non-segment amounts such as corporate cash and the KWI Notes.

($ in millions)June 30, 2025December 31, 2024Cash(1)$147.3 $117.4 Real estate4,078.8 4,290.4 Accounts receivable and other assets86.7 99.7 Total Assets$4,312.8 $4,507.5 Accounts payable, accrued expenses and other liabilities 149.5 118.7 Mortgage debt2,385.2 2,597.2 KWE bonds352.7 309.8 Total Liabilities2,887.4 3,025.7 Equity$1,425.4 $1,481.8 

(1)Excludes $161.8 million and $100.1 million as of June 30, 2025 and December 31, 2024, respectively, of corporate non-property level cash.

Co-Investment Portfolio

    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 June 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 90% and 92%, respectively), at our share of the underlying investments as of June 30, 2025 and December 31,