Company: KW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001408100-25-000147
Chunk: 282

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 282
---
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, 2024.  The Co-Investment Portfolio consists of our unconsolidated investments as well as our loan purchases and originations.  

46

($ 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