Company: KW
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001408100-25-000179
Chunk: 39

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 2
Chunk 39
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 moved from 5% ownership on legacy loans to 2.5% on any new originations.  Loans in our bridge loan portfolio were also at ownership levels 5% and greater. Although the platform is growing we expect to have lower interest income levels and higher management fee levels going forward.     

Co-Investment Operations - Real Estate

    In addition to our management of investments in the Co-Investment Portfolio, we have ownership interests in the properties that sit within our Co-Investment Portfolio.  The table below represents a breakout of the amounts within income from unconsolidated investments which represents our share of underlying property investments in the Co-Investment Portfolio assets for the nine months ended September 30, 2025 and 2024:

65

Nine Months Ended September 30,20252024RevenueRental$230.3 $215.8 Hotel27.7 21.2 Sale of real estate31.3 42.3 Total revenue289.3 279.3 Fair value/other adjustments(1.5)(22.4)Carried interests(1.4)(45.1)Gain on sale of real estate, net17.1 — ExpensesRental74.7 70.6 Hotel26.8 26.6 Cost of real estate sold30.3 39.9 Depreciation and amortization2.8 2.9 Total expenses134.6 140.0 Interest expense(100.5)(98.6)Other loss(22.7)(17.9)Provision for income taxes— (0.4)Income (loss) from unconsolidated investments$45.7 $(45.1)    

The increase in income from unconsolidated investments is primarily due to the following:

Operating performance

The increase in income from unconsolidated investments related to the following items: (i) the recapitalization of a 687-unit Southern California multifamily community that the Company did not account for at fair value, reducing the Company's ownership from 51% to 10% through a new joint venture and resulting in $17.0 million of cash and a gain on sale of real estate, net of $17.1 million; (ii) increase in rental operations due to the growth of our Co-Investment Portfolio; and (iii) improved hotel operations at Kona Village as the property continues to progress towards.  These increases were