Company: KW
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001408100-25-000115
Chunk: 257

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 257
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31,(Dollars in millions)20252024Net cash provided by operating activities$(51.9)$(5.6)Net cash (used in) provided by investing activities(22.9)244.8 Net cash provided by (used in) financing activities218.8 (9.8)

Operating

Our cash flows from operating activities are primarily dependent upon operations from consolidated properties, the operating distributions and fees from our Co-Investment Platform, general and administrative costs, compensation and interest expense payments.  Net cash flows used in operating activities totaled $51.9 million and  $5.6 million for the three months ended March 31, 2025 and 2024, respectively.  The three months ended March 31, 2025 cash flows used in operations were primarily due to the payment of discretionary compensation and interest payments.  The increase in cash used in operations as compared to the prior period is due to the receipt of restricted cash amounts relating to escrow amounts in the Construction Loan Portfolio during the three months ended March 31, 2024 as we took servicing of the debt platform in house.   

Investing

    Our cash flows from investing activities are generally comprised of cash used to fund property acquisitions, investments in co-investments, capital expenditures, purchases and originations of loans secured by real estate, as well as cash received from property sales and sales from our co-investments. Net cash used in investing activities totaled $22.9 million for the three months ended March 31, 2025. We received $13.1 million from the sale of a non-core commercial asset in the United Kingdom. We received $6.4 million in investing distributions from our co-investments primarily from redemption of our interests in hedge funds.  Loan draws and our share of new loans issued as part of our Construction Loan and bridge credit platform totaled $9.1 million.  We received $24.1 million of proceeds from repayments on loans previously issued.  We spent $25.7 million on acquisition of an industrial development asset in London and $7.8 million on capital expenditures related to consolidated assets primarily relating to development properties as well as value add additions to our operating properties. We also contributed $21.8 million to unconsolidated investments that were primarily used to fund new acquisitions in commingled fund and to pay down property debt held within unconsolidated investments. 

    Net cash provided by investing activities totaled $244.8 million