Company: KW
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001408100-25-000115
Chunk: 251

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 251
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 real estate related companies or real estate related securities or execute potential development or redevelopment strategies. Similarly, we may from time to time seek to refinance our existing indebtedness opportunistically in order to reduce our overall cost of debt capital or optimize the maturity schedule of our outstanding indebtedness, or for other strategic reasons. We have an at-the-market ("ATM Program") pursuant to which we may issue and sell shares of the Company’s common stock having an aggregate gross sales price of up to $200.0 million in amounts and at times as the Company determines from time to time.  As of March 31, 2025, the Company has $169.9 million available under this program.  The Company has no obligation to sell any of such shares under its ATM Program. Actual sales will depend on a variety of factors to be determined by the Company from time to time, including, among others, market conditions, the trading price of its common stock, the Company's determination of the appropriate sources of funding for the Company, and potential uses of funding available. 

As of March 31, 2025, we and our consolidated subsidiaries had $356.6 million ($71.7 million of which is in foreign currencies of the EUR or the GBP) of consolidated cash (as shown on our consolidated balance sheet), our share of cash held at unconsolidated Co-Investment Portfolio assets of $136.1 million and had $277.3 million of availability under our revolving credit facility ($272.7 million outstanding as of March 31, 2025).  As of March 31, 2025, we have $193.6 million of restricted cash, which is included in cash and cash equivalents, that primarily relates to lender reserves associated with consolidated mortgages that we hold on properties and reserves held on loans in the Construction Loan Portfolio (as defined herein) on behalf of the borrowers under such loans. These reserves typically relate to interest, taxes, insurance and future capital expenditures at the properties as well as reserves held on our loan investments. 

    Additionally, we are subject to withholding taxes to the extent we repatriate cash from certain of our foreign subsidiaries.  Under the KWE Notes covenants we have to maintain certain interest coverage and leverage ratios to remain in 

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compliance (see "Indebtedness and Related Covenants" for more detail on KWE Notes).  Due to these covenants, we evaluate the tax and covenant implications before we distribute