Company: KW
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001408100-25-000115
Chunk: 200

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 200
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.  The Company had $15.9 million of investment management fees, which includes base management fees and origination fees, for the three months ended March 31, 2025 as compared to $13.3 million for three months ended March 31, 2024.  The decline in the loan balance and interest income is due to the Company taking a lower ownership percentage in newer loans in order to continue to grow the portfolio.  The Company's lower ownership interest however, leads to higher investment management fees as the Company receives higher fees as it increases the amount of assets under management.  The Company also completed a deed-in-lieu transaction on a retail asset in its bridge loan portfolio that had a $14.4 million balance at the Company's share.  The Company did not recognize any gain or loss as the fair value of the underlying real estate approximates the loan balance.    

For the three months ended March 31, 2025 and 2024, the Company recorded a $0.5 million and $5.6 million credit loss reserve, respectively, in other income.  See Note 2 for more detail on CECL reserves.  

18

Kennedy-Wilson Holdings, Inc.Notes to Consolidated Financial Statements(Unaudited)

NOTE 7—OTHER ASSETS, NET

    Other assets consist of the following: (Dollars in millions)March 31, 2025December 31, 2024Straight line rent receivable$41.4 $40.5 Goodwill23.9 23.9 Interest rate caps and swaps10.6 12.9 Prepaid expenses16.7 14.0 Hedge assets1.8 4.9 Deferred taxes, net6.6 7.0 Right of use asset, net10.0 10.1 Leasing commissions, net of accumulated amortization of $14.3 and $13.5 at March 31, 2025 and December 31, 2024, respectively7.9 7.9 Furniture and equipment net of accumulated depreciation of $20.7 and $21.7 at March 31, 2025 and December 31, 2024, respectively3.9 5.3 Above-market leases, net of accumulated amortization of $40.1 and $38.5 at March 31, 2025 and December 31, 202