Company: KW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001408100-25-000147
Chunk: 160

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 160
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2024.  The Co-Investment Portfolio consists of our unconsolidated investments as well as our loan purchases and originations.  

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($ in millions)June 30, 2025December 31, 2024Cash$134.3 $137.5 Real estate4,854.2 4,564.9 Loans215.5 243.2 Accounts receivable and other assets138.1 236.9 Total Assets$5,342.1 $5,182.5 Accounts payable and accrued expenses119.9 151.5 Mortgage debt2,977.6 2,757.5 Total Liabilities3,097.5 2,909.0 Equity$2,244.6 $2,273.5 

As of June 30, 2025, our fee-bearing capital was $9.2 billion and we recognized $61.4 million in base investment management fees and had $17.4 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 $10.2 million of carried interests during the six months ended June 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 June 30, 2025, our weighted average ownership interest in the various joint ventures that we manage was 42%.     

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 investments in the U.S. and Europe with respect to our commingled funds. Each of our funds have, among other things, defined investment guidelines, investment hold periods and target returns.