Company: KW
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001408100-25-000179
Chunk: 124

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 1
Chunk 124
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 be required in a current transaction, taking into consideration the risk of the underlying collateral and the Company's credit risk to the current yield of a similar security, compared to their carrying value of $4.6 billion and $4.8 billion at September 30, 2025 and December 31, 2024, respectively.  The inputs used to value the Company's mortgage debt, Kennedy Wilson unsecured debt, and KWE unsecured bonds are based on observable inputs for similar assets and quoted prices in markets that are not active and are therefore determined to be Level 2 inputs.

NOTE 6—LOANS

The Company's global debt platform consists of two portfolios: the Company's construction lending portfolio, which was established with the acquisition of the Construction Loan Portfolio from a bank in the second quarter of 2023 and the Company's bridge loan portfolio.Within its construction loan portfolio, the Company focuses on originating senior loans to high quality sponsors secured primarily by new market-rate apartment or student housing properties across the United States.  The current outstanding balance of commitments totals $3.2 billion (Kennedy Wilson share of $128.0 million). As of September 30, 2025, Kennedy Wilson had unfulfilled capital commitments totaling $145.2 million to its loan portfolio.The Company's bridge loan portfolio includes loans secured by multifamily, office, retail, industrial and hotel assets in the Western United States and United Kingdom.  It also includes certain mezzanine loans that are fixed rate with maturities of 5 to 10 years and are secured by office or multifamily properties in the Western United States.  The Company has loan purchases and originations outstanding of $216.1 million and $231.1 million at September 30, 2025 and December 31, 2024, respectively.  For the three and nine months ended September 30, 2025 the Company had loan income of $5.7 million and $17.2 million, respectively, and for the three and nine months ended September 30, 2024 the Company had loan income of $7.6 million and $23.7 million, respectively. The Company had $13.0 million and $47.8 million of investment management fees which includes base management fees and origination fees for the three and nine months ended September 30, 2025, respectively, as compared to $10.7 million and $39.9 million for the three and nine months