Kennedy-Wilson Holdings, Inc. Files Q1 2024 10-Q Report

TL;DR

**Kennedy-Wilson Holdings, Inc. filed its Q1 2024 10-Q, detailing financial performance and position as of March 31, 2024.**

AI Summary

Kennedy-Wilson Holdings, Inc. (KW) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Kennedy-Wilson Holdings, Inc. reported its Q1 2024 results on May 9, 2024. The company's fiscal year ends on December 31st. The filing covers the period from January 1, 2024, to March 31, 2024. Key financial data for the period ending March 31, 2024, and December 31, 2023, are presented. The report includes details on various debt and equity instruments, including mortgages and preferred stock series.

Why It Matters

For investors and stakeholders tracking Kennedy-Wilson Holdings, Inc., this filing contains several important signals. The 10-Q filing provides a detailed look at the company's financial health and operational performance for the first quarter of 2024, allowing investors to assess trends and make informed decisions. Comparison of financial data between Q1 2024 and year-end 2023 offers insights into the company's financial trajectory and stability.

Risk Assessment

Risk Level: — Kennedy-Wilson Holdings, Inc. shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags, indicating a routine disclosure of financial information.

Analyst Insight

Investors should review the detailed financial statements and segment information within the 10-Q to understand revenue drivers and asset management strategies.

Financial Highlights

debt To Equity

N/A

revenue

N/A

operating Margin

N/A

total Assets

N/A

total Debt

N/A

net Income

N/A

eps

N/A

gross Margin

N/A

cash Position

N/A

revenue Growth

N/A

Revenue Breakdown

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-09 — Filing Date (AS OF DATE)
• 2023-12-31 — Prior Period End Date (comparison period)

Key Players & Entities

• Kennedy-Wilson Holdings, Inc. (company) — FILER
• Prospect Acquisition Corp (company) — FORMER COMPANY
• 2024-05-09 (date) — FILED AS OF DATE
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-01-01 (date) — period start date
• 2023-12-31 (date) — prior period end date
• 151 S EL CAMINO DR (location) — BUSINESS ADDRESS STREET 1
• BEVERLY HILLS (location) — BUSINESS ADDRESS CITY

FAQ

Industry Context

Kennedy-Wilson Holdings, Inc. operates in the real estate sector, focusing on investment, asset management, and property services.

Regulatory Implications

The company is subject to SEC regulations for public filings, including the requirement to submit 10-Q reports quarterly.

What Investors Should Do

1. Review the detailed financial statements for Q1 2024 to understand revenue, expenses, and profitability.
2. Analyze the balance sheet for changes in assets, liabilities, and equity compared to year-end 2023.
3. Investigate any specific disclosures related to variable interest entities or related party transactions.

Key Dates

• 2024-03-31: Quarterly Period End — Financials reported as of this date
• 2024-05-09: Filing Date — Date the 10-Q was officially filed with the SEC
• 2023-12-31: Prior Year End — For comparison with current quarter results

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC) that provides a continuing disclosure of financial performance. (Provides investors with up-to-date financial information on a company's performance between annual reports.)

Variable Interest Entity

A legal entity that is controlled by a company through contractual arrangements rather than through majority voting rights. (Indicates potential consolidation of assets and liabilities on the company's balance sheet, impacting financial leverage and risk.)

Year-Over-Year Comparison

This filing represents the Q1 2024 report, providing updated financial information subsequent to the Q4 2023 and full-year 2023 report.

Filing Documents

• kw-20240331.htm (10-Q) — 2751KB
• ex101-kwxexecutiveemployme.htm (EX-10.1) — 102KB
• ex102-kwx2024formofusemplo.htm (EX-10.2) — 66KB
• ex103-kwx2024formofusemplo.htm (EX-10.3) — 69KB
• kw2024033110qexhibit311.htm (EX-31.1) — 10KB
• kw2024033110qexhibit312.htm (EX-31.2) — 10KB
• kw2024033110qexhibit321.htm (EX-32.1) — 6KB
• kw2024033110qexhibit322.htm (EX-32.2) — 7KB
• 0001408100-24-000091.txt ( ) — 12851KB
• kw-20240331.xsd (EX-101.SCH) — 70KB
• kw-20240331_cal.xml (EX-101.CAL) — 88KB
• kw-20240331_def.xml (EX-101.DEF) — 494KB
• kw-20240331_lab.xml (EX-101.LAB) — 808KB
• kw-20240331_pre.xml (EX-101.PRE) — 682KB
• kw-20240331_htm.xml (XML) — 2115KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 1 Consolidated Balance Sheets 1 Consolidated Statements of Operations 2 Consolidated Statements of Comprehensive Loss 3 Consolidated Statements of Equity 4 Consolidated Statements of Cash Flows 6

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 35

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 65

Controls and Procedures

Item 4. Controls and Procedures 67

OTHER INFORMATION

PART II OTHER INFORMATION 68

Legal Proceedings

Item 1. Legal Proceedings 68

Risk Factors

Item 1A. Risk Factors 68

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 68

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 68

Mine Safety Disclosure

Item 4. Mine Safety Disclosure 68

Other Information

Item 5. Other Information 68

Exhibits

Item 6. Exhibits 68 SIGNATURE 70 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS Statements made by us in this report and in other reports and statements released by us that are not historical facts constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These forward-looking statements are necessarily estimates reflecting the judgment of our senior management based on our current estimates, expectations, forecasts and projections and include comments that express our current opinions about trends and factors that may impact future operating results. Disclosures that use words such as "believe," "may," "anticipate," "estimate," "intend," "could," "plan," "expect," "project" or the negative of these, as well as similar expressions, are intended to identify forward-looking statements. Forward-looking statements are not guarantees of future performance, rely on a number of assumptions concerning future events, many of which are outside of our control, and involve known and unknown risks and uncertainties that could cause our actual results, performance or achievement, or industry results to differ materially from any future results, performance or achievements, expressed or implied by such forward-looking statements. These risks and uncertainties may include the risks and uncertainties described elsewhere in this report and other filings with the Securities and Exchange Commission (the "SEC"), including the Item 1A. "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2023. Any such forward-looking statements, whether made in this report or elsewhere, should be considered in the context of the various disclosures made by us about our businesses including, without limitation, the risk factors discussed in our filings with the SEC. Except as required under the federal securities laws and the rules and regulations of t

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Kennedy-Wilson Holdings, Inc. Consolidated Balance Sheets (Unaudited) (Dollars in millions, except share and per share amounts) March 31, 2024 December 31, 2023 Assets Cash and cash equivalents $ 541.9 $ 313.7 Accounts receivable, net (including $ 11.7 and $ 13.8 of related party) 42.5 57.3 Real estate and acquired in place lease values (net of accumulated depreciation and amortization of $ 906.0 and $ 957.8 ) 4,603.5 4,837.3 Unconsolidated investments (including $ 1,917.6 and $ 1,927.0 at fair value) 2,059.6 2,069.1 Loan purchases and originations, net of allowance for credit losses 250.4 247.2 Other assets, net 182.4 187.5 Total assets (1) $ 7,680.3 $ 7,712.1 Liabilities Accounts payable $ 15.5 $ 17.9 Accrued expenses and other liabilities 562.8 597.8 Mortgage debt 2,773.1 2,840.9 KW unsecured debt 2,032.5 1,934.3 KWE unsecured bonds 511.5 522.8 Total liabilities (1) 5,895.4 5,913.7 Equity Series A cumulative preferred Stock, $ 0.0001 par value, $ 1,000 per share liquidation preference, 1,000,000 shares authorized, 300,000 shares outstanding as of March 31, 2024 and December 31, 2023, Series B cumulative preferred Stock, $ 0.0001 par value, $ 1,000 per share liquidation preference, 1,000,000 shares authorized, 300,000 shares outstanding as of March 31, 2024 and December 31, 2023 and Series C cumulative preferred Stock, $ 0.0001 par value, $ 1,000 per share liquidation preference, 1,000,000 shares authorized, 200,000 shares outstanding as of March 31, 2024 and December 31, 2023 789.9 789.9 Common stock, $ 0.0001 par value per share, 200,000,000 authorized, 138,095,244 and 138,727,521 shares issued and outstanding as of March 31, 2024 and December 31, 2023 — — Additional paid-in capital 1,706.5 1,718.6 Accumulated deficit ( 347.1 ) ( 349.0 ) Accumulated other comprehensive loss ( 406.7 ) ( 404.4 ) Total Kennedy-Wilson Holdings, Inc. shareholders' equity 1,742.6 1,755.1 Noncontrolling int