Group 1 - Kennedy-Wilson (KW) closed at $7.6, with a 9.2% gain over the past four weeks, and a mean price target of $9.9 indicating a 30.3% upside potential [1] - The average price targets range from a low of $7.70 to a high of $13.00, with a standard deviation of $2.76, suggesting variability in analyst estimates [2] - Analysts show strong agreement in revising earnings estimates higher, which correlates with potential stock price increases [4][11] Group 2 - The Zacks Consensus Estimate for KW has increased by 109.1% due to one estimate moving higher over the last 30 days without any negative revisions [12] - KW holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates [13] - While consensus price targets may not be reliable for predicting exact gains, they can indicate the direction of price movement [14]

Core Viewpoint - Kennedy-Wilson (KW) has shown a significant price increase of 11.3% over the past four weeks, with a mean price target of $9.9 indicating a potential upside of 32.7% from the current price of $7.46 [1] Price Targets and Analyst Consensus - The average price targets for KW range from a low of $7.70 to a high of $13.00, with a standard deviation of $2.76, suggesting variability in analyst estimates [2] - The lowest estimate indicates a 3.2% increase, while the highest suggests a 74.3% upside, highlighting the potential for significant price movement [2] - A low standard deviation among price targets indicates a high degree of agreement among analysts regarding the stock's price direction [9] Earnings Estimates and Market Sentiment - Analysts have shown increasing optimism about KW's earnings prospects, with a strong consensus on revising EPS estimates higher, which correlates with potential stock price increases [11] - The Zacks Consensus Estimate for the current year has risen by 245.5% over the past month, indicating positive sentiment among analysts [12] - KW holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates, further supporting its potential upside [13] Caution on Price Targets - While price targets are commonly referenced by investors, they can often mislead, as empirical research shows that they rarely predict actual stock price movements accurately [7][10] - Analysts may set overly optimistic price targets due to business incentives, which can inflate expectations [8]

Kennedy Wilson Q1-2025 Investor Presentation KENNEDY WILSON AT A GLANCE Kennedy Wilson owns, operates, and builds real estate within our high-quality, core real estate portfolio and through our investment management platform, where we target opportunistic investments alongside our partners. Drawing on decades of experience, our relationship-oriented team excels at identifying real estate opportunities and building value through market cycles. Multifamily 39,000 Multifamily Units2 35+ Year Track Record $29B ...

Financial Performance - Total revenue for Q1 2025 was $128.3 million, a decrease of 5.9% from $136.4 million in Q1 2024[32]. - Net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders was $40.8 million in Q1 2025, compared to a net income of $26.9 million in Q1 2024[32]. - Basic loss per share for Q1 2025 was $0.30, down from a basic income per share of $0.19 in Q1 2024[32]. - Comprehensive loss for Q1 2025 was $14.9 million, compared to comprehensive income of $35.2 million in Q1 2024[35]. - The company recorded a pre-tax book loss of $34.5 million for the three months ended March 31, 2025, with a tax benefit of $4.9 million[191]. - GAAP net loss to common shareholders was $40.8 million for the three months ended March 31, 2025, compared to a net income of $26.9 million for the same period in 2024[273]. Assets and Liabilities - Total assets as of March 31, 2025, increased to $7,157.1 million from $6,961.1 million as of December 31, 2024, reflecting a growth of approximately 2.8%[30]. - Total liabilities increased to $5,564.9 million as of March 31, 2025, compared to $5,325.1 million at the end of 2024, representing a rise of about 4.5%[30]. - Total equity decreased to $1,592.2 million as of March 31, 2025, down from $1,636.0 million, a decline of about 2.7%[30]. - The company had cash and cash equivalents of $356.6 million at the end of the period, a decrease from $541.9 million at the end of March 2024[43]. - As of March 31, 2025, total mortgage debt amounted to $2,620.7 million, an increase from $2,597.2 million as of December 31, 2024, reflecting a growth of approximately 0.9%[146]. - The company has a total of $2,053.6 million in unsecured debt as of March 31, 2025, compared to $1,877.9 million as of December 31, 2024, indicating an increase of approximately 9.3%[151]. Investment Performance - The company reported a significant share of net operating income from its Co-Investment Portfolio, which is crucial for evaluating investment performance[18]. - Income from unconsolidated investments increased to $11.4 million in Q1 2025, compared to a loss of $6.7 million in Q1 2024[32]. - The company has significant influence over its joint venture interests, which are accounted for under the equity method, with ownership ranging from 5% to 50%[92]. - The company reported a total of $2,084.7 million in joint venture investments as of March 31, 2025, compared to $2,042.4 million as of December 31, 2024, indicating an increase of about 2.1%[94]. - Operating distributions from joint ventures totaled $16.0 million for the three months ended March 31, 2025, compared to $6.4 million in the prior year, marking a substantial increase of approximately 150%[97]. Cash Flow and Financing - Net cash used in operating activities was $51.9 million, a significant increase from $5.6 million in the prior year[43]. - The company reported a net cash provided by financing activities of $218.8 million, compared to a net cash used of $9.8 million in the same period of 2024[43]. - The company paid $18.3 million in common dividends, down from $34.1 million in the same period of 2024[43]. - The company has a credit facility with $272.7 million outstanding and $277.3 million available to be drawn as of March 31, 2025[154]. - The company completed loan purchases and originations of $205.1 million as of March 31, 2025, compared to $231.1 million as of December 31, 2024[137]. Market and Economic Conditions - The company focuses on investing in high growth markets, particularly in the rental housing sector and industrial properties across the U.S., UK, and Ireland[50]. - The company expects ongoing macroeconomic conditions to potentially impact the fair value of its investments, highlighting the uncertainty in the current financial environment[112]. - A significant portion of the company's investments are located outside the U.S., and fluctuations in foreign currency rates will impact results of operations[277]. Operational Metrics - The company emphasizes the importance of same property metrics for consistent performance analysis across comparable periods[27]. - Occupancy for same property multifamily units increased to 95.0% from 93.9%, with net operating income rising by 4.0% and total revenues increasing by 2.6%[276]. - For affordable rate multifamily units, occupancy decreased by 1.1% to 93.5%, while net operating income increased by 5.5% and total revenues rose by 5.3%[276]. Shareholder Returns - Dividends declared per common share decreased to $0.12 in Q1 2025 from $0.24 in Q1 2024[32]. - The company declared and paid cash distributions of $10.9 million on preferred stock and $16.6 million on common stock for the three months ended March 31, 2025[166]. - The company did not repurchase any shares under its stock repurchase program during the three months ended March 31, 2025, after repurchasing 882,454 shares for $7.5 million in the same period of 2024[169].

Financial Data and Key Metrics Changes - The company reported a GAAP EPS loss of $0.30 per share for Q1 2025, compared to an income of $0.19 per share in Q1 2024, which included $0.47 per share from the sale of the Shelburne Hotel [12] - Baseline EBITDA for Q1 2025 was $108 million, a 5% increase year-over-year, bringing the trailing twelve-month baseline EBITDA to $412 million [12] - Assets under management grew by 26% over the past two years to $29 billion, producing approximately $575 million in estimated annual NOI and fees [5] Business Line Data and Key Metrics Changes - The rental housing sector, representing 66% of assets under management, is expected to grow to over 80% in the next three years [6] - Same property multifamily occupancy increased to 95%, with same property revenue growing by 3% and same property NOI by 4.3% in Q1 [7] - Investment management fees grew by 17% in Q1 to $25 million, reflecting strong performance in the credit platform and continued growth in equity platforms [8][24] Market Data and Key Metrics Changes - U.S. real estate transaction volumes increased by 23% in Q1, with no material changes in sentiment observed in Q2 [6] - The Pacific Northwest portfolio saw the strongest NOI growth of 6.6%, driven by return-to-office mandates [19] - In Ireland, same property NOI in the apartment portfolio increased by 3.5%, supported by occupancy growth and strong operating expense management [21] Company Strategy and Development Direction - The company is focused on simplifying its business through asset sales, reducing unsecured debt, and increasing free cash flow [10] - The asset sale program aims to generate between $400 million to $450 million in cash by year-end, with $150 million to $200 million expected to close by the end of Q2 [10] - The company is expanding its credit solutions to include mezzanine debt and preferred equity investments, enhancing its ability to capture opportunities within the credit space [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving fee revenue growth targets of 20% to 25% annually, supported by a strong Q2 pipeline [9] - The company believes that the best risk-adjusted returns are found in the rental housing sector due to demand driven by housing shortages and declining new supply [6] - Management noted that the current economic environment presents attractive investment opportunities, and the company is well-positioned to capitalize on these [9] Other Important Information - The company has reduced its unsecured debt by $250 million over the last two years and plans to continue this trend [10] - Total debt is 96% fixed or hedged, with a weighted average maturity of 4.8 years and an effective interest rate of 4.7% [16] - The company has a strong pipeline of advanced stages totaling $375 million in its new U.K. single-family rental platform [26] Q&A Session Summary Question: Regarding fee-bearing capital growth - Management confirmed confidence in achieving 20% to 25% annual growth in fees, supported by a strong pipeline and future fundings [29][30] Question: On liquidity and partner capital costs - Management acknowledged increased competition but emphasized strong relationships and flexibility in pricing to remain competitive [31][32][34] Question: Stock buyback plans - Management indicated that current cash usage is focused on paying down unsecured debt, with stock buybacks reconsidered post-debt reduction [35][36][37] Question: Dispositions and cap rates - Management confirmed that dispositions are well underway, with most expected to close in June, but refrained from commenting on specific cap rates [40][42] Question: Loan origination rates - Management noted some downward pressure on spreads due to increased competition, but still finds the rates attractive relative to alternatives [49][51] Question: Exposure to government-backed housing - Management reported that about 15% of tenants have some form of HUD backing, but expressed no immediate concerns regarding capital availability [56][60]

Financial Data and Key Metrics Changes - The company reported a GAAP EPS loss of $0.30 for Q1 2025, compared to an income of $0.19 per share in Q1 2024, which included $0.47 per share from the sale of the Shelburne Hotel [14] - Baseline EBITDA for Q1 2025 was $108 million, a 5% increase year-over-year, bringing the trailing twelve-month baseline EBITDA to $412 million [14] - Assets under management grew by 26% over the past two years to $29 billion, producing approximately $575 million in estimated annual NOI and fees [6] Business Line Data and Key Metrics Changes - The rental housing sector, representing 66% of assets under management, is expected to grow to over 80% in the next three years [7] - Same property multifamily occupancy increased to 95%, with same property revenue growing by 3% and same property NOI by 4.3% in Q1 [8] - Investment management fees grew by 17% in Q1 to $25 million, reflecting strong performance in the credit platform and continued growth in equity platforms [10][27] Market Data and Key Metrics Changes - In the U.S., real estate transaction volumes increased by 23% in Q1, with no material changes in sentiment observed in Q2 [7] - The company noted strong apartment demand in Q1, with blended leasing spreads increasing to 1.5% and a significant improvement in new lease rents [20] - In Ireland, same property NOI in the apartment portfolio was up 3.5%, driven by occupancy growth and strong operating expense management [23] Company Strategy and Development Direction - The company is focused on executing a non-core asset sale plan, aiming to generate between $400 million to $450 million from asset sales and recaps by year-end [12] - The strategy includes reducing unsecured debt and simplifying the business by focusing on core sectors of rental housing and industrial [30] - The company is expanding its credit solutions to include mezzanine debt and preferred equity investments, enhancing its ability to capture opportunities within the credit space [29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving fee revenue growth targets of 20% to 25% annually, supported by a strong pipeline of activity [11] - The company believes that the best risk-adjusted returns are found in the rental housing sector due to demand driven by housing shortages and declining new supply [7] - Management highlighted the importance of relationships in maintaining competitiveness amid increased market volatility and competition [34] Other Important Information - The company has a strong pipeline of $2.5 billion in loan originations and real estate equity acquisitions, primarily within the rental housing sector [5] - The total debt is 96% fixed or hedged, with a weighted average maturity of 4.8 years and a weighted average effective interest rate of 4.7% [18] - The company is actively monitoring potential impacts from government changes on affordable housing, with 15% of tenants having some form of HUD backing [54][57] Q&A Session Summary Question: Regarding fee-bearing capital growth - Management confirmed confidence in achieving 20% to 25% growth in fees, citing a strong pipeline and future funding commitments [32][33] Question: On liquidity and partner capital costs - Management acknowledged increased competition but emphasized strong relationships and flexibility in pricing to remain competitive [34][36] Question: Stock buyback plans - The focus remains on paying down unsecured debt, with potential reconsideration of stock buybacks after addressing debt obligations [37][39] Question: Dispositions and cap rates - Management indicated that dispositions are well underway, with expected closures in June, but refrained from commenting on specific cap rates [42][44] Question: Loan origination rates and prepayments - Loan origination rates have seen downward pressure, but the quality of projects remains high; a significant prepayment was noted as an outlier [51][53] Question: Exposure to government-backed housing - Approximately 15% of tenants have HUD backing, but management does not foresee immediate concerns regarding capital availability [56][60]

Financial Performance - GAAP net loss to common shareholders for Q1-2025 was $40.8 million, compared to a net income of $26.9 million in Q1-2024[7] - Adjusted EBITDA for Q1-2025 was $98.2 million, down from $203.2 million in Q1-2024, reflecting a significant decrease[7] - Total revenue for the three months ended March 31, 2025, was $128.3 million, a decrease of 5.9% from $136.4 million in the same period of 2024[28] - Basic loss per share was $0.30, compared to earnings per share of $0.19 in the prior year[28] - Total expenses decreased to $106.8 million, down 6.4% from $114.1 million in the same period of 2024[28] - The company reported a loss on the sale of real estate of $0.8 million, a significant decrease from a gain of $106.4 million in the prior year[28] - The net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders was $40.8 million, compared to a net income of $26.9 million in the prior year[31] - Adjusted EBITDA for the three months ended March 31, 2025, was $98.2 million, down 51.6% from $203.2 million in the same period of 2024[31] - Total revenue for Q1 2025 was $102.7 million, an increase of 15.5% compared to $89.2 million in Q1 2024[118] - The net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders was not specified, but net income before taxes showed a loss of $0.3 million in Q1 2025[118] - The company reported a net loss attributable to noncontrolling interests of $0.3 million in Q1 2025, compared to a net income of $0.1 million in Q1 2024[126] - Net Income for Q1 2025 was $(29.6) million, compared to $37.7 million in Q1 2024, indicating a significant decrease in profitability[133] Operational Metrics - Same-property multifamily net operating income (NOI) grew by 4.3% year-over-year, driven by strong demand for rental housing[7] - Estimated annual NOI reached $473 million as of Q1-2025, up from $467 million in Q4-2024[11] - The occupancy rate for multifamily properties is 94.5%, contributing an estimated annual NOI of $301.7 million[48] - The total number of stabilized units reached 36,324, with 2,455 units acquired or stabilized after January 1, 2024[92] - The average occupancy for the market rate total reached 95.0% in Q1 2025, a 1.2% increase from 93.9% in Q1 2024[92] - The average occupancy in Ireland improved to 96.4% in Q1 2025, a 1.9% increase from 94.6% in Q1 2024[100] - The average occupancy for the Western U.S. office properties was 84.3% in Q1 2025, up from 82.7% in Q1 2024, representing a 1.9% increase[96] Investment and Asset Management - Investment management fees increased by 17% to $25 million in Q1-2025, supported by $724 million in loan originations[10] - The debt investment platform grew to $9.1 billion in Q1-2025, with a strong pipeline of over $1 billion in new originations for Q2-2025[13] - The company expects to generate over $400 million in cash from asset sales and recapitalizations during the remainder of 2025[20] - The company has 36,324 multifamily units with a 94.5% occupancy rate, contributing significantly to its NOI[48] - The total gross asset value of Kennedy Wilson is estimated at $1.69 billion[49] - The company has a total of 175,771,603 common shares outstanding as of March 31, 2025[44] - The company has 118 total industrial assets with an estimated annual NOI of $18.3 million and an average annual rent per square foot of $9.4[64] - The company originated 10 loans in Q1-25 with a gross origination commitment of $724.1 million, resulting in a KW share of commitment of $18.1 million[67] Debt and Financing - The company's share of debt had a weighted average effective interest rate of 4.7% per annum, with approximately 96% of the debt being fixed or hedged[20] - Cash and cash equivalents totaled $357 million as of March 31, 2025, with $273 million drawn on a $550 million revolving credit facility[20] - The total consolidated and unconsolidated debt amounts to $7,765.4 million, with a net debt of $7,291.1 million as of March 31, 2025[82] - The effective interest rate on total debt is 4.7%, while the contractual interest rate is 4.9%[85] - Kennedy Wilson's secured investment level debt totals $5,368.2 million, with 74% being fixed-rate debt[85] - The debt maturity schedule indicates significant repayments due in 2025, totaling $96.9 million in unsecured debt[82] Strategic Initiatives - The company anticipates continued focus on market expansion and new product development as part of its strategic initiatives moving forward[34] - The company expects to complete 1,870 multifamily units by 2026, with an estimated stabilized NOI of $9.6 million[80] - The company has a total of 3 residential investments planned, with a gross asset value of $256 million[69] - The estimated costs to complete the lease-up projects total $20.9 million[72] - The company has 5 development projects with a total estimated gross asset value of $731.5 million[76] Revenue Breakdown - Total revenues for the market rate portfolio increased to $75.5 million in Q1 2025, up 2.6% from $73.7 million in Q1 2024[92] - The affordable portfolio's total revenues rose to $19.4 million in Q1 2025, reflecting a 5.3% increase from $18.4 million in Q1 2024[92] - Total revenues for the Western U.S. office properties were $30.1 million in Q1 2025, unchanged from Q1 2024[100] - The total operating expenses for the market rate portfolio were $51.3 million in Q1 2025, compared to $49.4 million in Q1 2024, marking a 4.0% increase[92] - The total operating expenses for the Western U.S. office properties decreased by 1.2% to $4.2 million in Q1 2025 from $4.0 million in Q1 2024[100]

Group 1 - Kennedy-Wilson Holdings operates as a real estate investment company and an investment manager, making it an interesting option for investors [1] - The company has a focus on cash flow and the potential for value and growth in the oil and natural gas sector [1] Group 2 - Subscribers to the service receive access to a 50+ stock model account and in-depth cash flow analyses of exploration and production firms [2] - The service includes live chat discussions about the oil and gas sector, enhancing community engagement [2]

Foreign Operations and Currency Risks - Approximately 31% of the company's revenues were sourced from foreign operations in the United Kingdom, Ireland, Italy, and Spain, with 92% of that from the UK and Ireland[112]. - The company may experience currency losses in the future due to fluctuations in currency exchange rates, which have already led to volatility in earnings[115]. - The company’s hedging activities may not be effective, exposing it to risks associated with unexpected fluctuations in foreign currency rates and interest rates[116]. Financial Performance and Debt Management - As of December 31, 2024, $1.9 billion, or approximately 92% of unconsolidated investments and 27% of total assets, were recorded at estimated fair value[119]. - The company incurred significant amounts of debt to finance acquisitions, which could negatively affect cash flows and increase foreclosure risks[157]. - The company is subject to significant operating and financial restrictions due to existing debt obligations, which may limit business opportunities[161]. - The company’s debt obligations could lead to increased vulnerability to economic downturns and adverse competitive conditions[162]. - The company must maintain compliance with specified financial covenants, including maximum balance sheet leverage and fixed charge coverage ratios[164]. Investment Risks and Market Conditions - Poor performance of commingled funds could lead to a decline in revenue and adversely affect the ability to raise capital for future funds[129]. - The company’s ability to manage growth through acquisitions and expansions is critical, as failure to identify suitable investment opportunities may impede future growth[131]. - The profitability of the Debt Platform is significantly influenced by the ability to acquire target assets at attractive prices, with competition potentially leading to decreasing yields[134]. - Investments in mezzanine loans, B- and C-Notes, and preferred equity involve higher risks compared to long-term senior mortgage lending, with potential for significant losses[135]. - Distressed loans and loan portfolios may have a higher risk of default and delinquencies, impacting the overall investment returns[136]. - The business primarily originates and invests in floating interest rate instruments, which may lead to challenges if borrowers cannot service their debt at increased rates[137]. Real Estate Development and Environmental Risks - The company’s real estate development strategies may face risks such as delays in obtaining necessary permits and increased construction costs due to inflation[128]. - Climate change-related risks may materially adversely affect the company’s business, including increased costs for property development and insurance[132]. - The real estate debt investment business operates in a highly competitive market, impacting the ability to originate or acquire desirable loans and investments[134]. Compliance and Regulatory Risks - The company may incur significant costs related to compliance with various laws and regulations applicable to properties and operations[148]. - Regulatory restrictions, such as rent control laws, may limit the ability to increase rents and recover operating costs, impacting financial performance[143]. - Environmental, social, and governance (ESG) practices are increasingly scrutinized by stakeholders, potentially imposing additional costs and risks[142]. Stockholder and Market Considerations - As of December 31, 2024, directors and executive officers owned approximately 13% of the outstanding shares of common stock, which may influence stockholder decisions[180]. - The company has outstanding warrants convertible into approximately 25 million shares of common stock and Series A Cumulative Perpetual Convertible Preferred Stock convertible into approximately 12 million shares[181]. - The company has an at-the-market equity offering program allowing the issuance of up to $200 million of common stock, which may dilute existing stockholders' interests[181]. - Future dividends will be declared at the discretion of the board of directors, influenced by cash generated from operations and financial conditions[188]. - The trading price of the common stock has historically been volatile due to various market factors, including real estate values and investor sentiment[189]. - The company may face significant consequences if its common stock is delisted from the NYSE, including reduced trading ability and potential management entrenchment[185]. - Anti-takeover provisions in the company's organizational documents may discourage unsolicited stockholder proposals and make acquisitions more difficult[187]. - The company may consider issuing additional equity or equity-based securities to expand its business, which could dilute existing stockholders' ownership[182]. Internal Controls and Tax Considerations - The company’s internal control over financial reporting was deemed effective as of December 31, 2024, but future assessments may vary[178]. - Changes in tax laws could significantly affect the company's future tax liabilities, impacting its financial condition and operations[177]. - The company had $99.6 million of California net operating loss carryforwards and approximately $87.6 million of foreign tax credits as of December 31, 2024, which may be limited under certain conditions[174]. - The company’s ability to use net operating loss carryforwards may be limited by ownership changes, which could affect future taxable income[174]. - Approximately 27% of total assets are subject to significant non-cash volatility due to fair value accounting, which could adversely affect the trading price of common stock[119].

Financial Data and Key Metrics Changes - Adjusted EBITDA nearly tripled from $190 million in 2023 to $540 million in 2024 [6] - GAAP EPS totaled $0.24 per share for Q4, compared to a loss of $1.78 in Q4 2023 [18] - Investment management revenue grew by 83% to $30 million in Q4 [19] Business Line Data and Key Metrics Changes - Investment management fees grew by 60% year-over-year to approximately $100 million in 2024 [8] - The credit platform completed a record $1.4 billion of new loan originations in Q4 and $3.5 billion for the year [9] - Same-property NOI grew by 5.6% in Q4 [15] Market Data and Key Metrics Changes - The overall market environment is showing steady improvement with strengthening debt markets and rebounding transaction volume [7] - The apartment portfolio ended the quarter with 95% occupancy, with demand driven by high homeownership costs [28] - The Irish apartment portfolio ended the quarter at a strong 97% occupancy [34] Company Strategy and Development Direction - The company focuses on increasing baseline EBITDA, growing the investment management business, and reducing unsecured debt [6] - Capital recycling through non-core asset sales is a core focus, with an expected generation of over $400 million in 2025 [13] - The company aims to deploy capital into higher return opportunities, particularly within investment management platforms [13] Management's Comments on Operating Environment and Future Outlook - Management anticipates a very active year in 2025, committed to executing key initiatives while strengthening the balance sheet [17] - The company is well-positioned to capitalize on new opportunities in rental housing and industrial assets as market conditions recover [16] - Management expressed confidence in the business environment in the U.S. and the attractiveness of investing in U.S. real estate [95] Other Important Information - The company successfully closed fundraising on its seventh discretionary commingled fund, securing $400 million for U.S. investments [11] - The company has a total of $28 billion in assets under management, producing an estimated annual NOI of $467 million [14] Q&A Session Summary Question: Clarification on $400 million of incremental proceeds from dispositions in 2025 - Yes, the company plans to focus on non-core assets, particularly in housing-related investments [44][46] Question: Construction lending environment and commitments - The company believes the construction lending space remains compelling and expects to have a successful year [50] Question: Importance of adding more equity capital - The company has significant institutional partners interested in investing in the U.S. and U.K. markets, with expectations to deploy more equity opportunities [54][56] Question: Refinancing debt in Ireland - The company is refinancing at mid-4s, replacing an in-place rate just under 3% [66] Question: Expected yields and margins on the SFR platform - The company anticipates stabilizing yields in the high 5s towards 6% [72] Question: Future funding for the debt platform - The company aims to exceed $3.5 billion in originations this year, with strong demand from investors [78] Question: Rent caps in Ireland and implications for U.K. office demand - The company is monitoring the rent regime in Ireland and sees strong demand for quality offices in the U.K. [83][101] Question: Positive fair value marks on the co-investment portfolio - The company hopes for continued positive fair value marks if rates stabilize and operational improvements continue [86][88]