Kennedy-Wilson Holdings, Inc. (NYSE:KW) Q1 2024 Results Conference Call May 9, 2024 12:00 PM ET
Company Participants
Daven Bhavsar - Vice President, Investor Relations
William McMorrow - Chairman & Chief Executive Officer
Justin Enbody - Chief Financial Officer
Matthew Windisch - President
Conference Call Participants
Anthony Paolone - JPMorgan
Joshua Dennerlein - Bank of America
Conor Peaks - Deutsche Bank
Operator
Good day, and welcome to the Kennedy-Wilson First Quarter of 2024 Earnings Call. Please note that today's event is being recorded. And all participants will be in a listen-only mode for the duration of the call. [Operator Instructions]
And with that, I would like to now turn the call over to Daven Bhavsar. Please go ahead.
Daven Bhavsar
Thank you, and good morning. Thank you for joining us today. Today's call will be webcast live and will be archived for replay. The replay will be available phone for one week and by webcast for three months. Please see the Investor Relations website for more information.
With me today are Bill McMorrow, CEO; Matt Windisch, President; Justin Enbody, CFO; and Mike Pegler, President of Europe. On this call, we will refer to certain non-GAAP financial measures, including adjusted EBITDA and adjusted net income. You can find a description of these items, along with the reconciliation of the most directly comparable GAAP financial measure and our first quarter 2024 earnings release, which is posted on the Investor Relations section of our website.
Statements made during this call may include forward-looking statements. Actual results may materially differ from forward-looking information discussed on this call due to the number of risks, uncertainties and other factors indicated in reports and filings with the Securities and Exchange Commission.
I would now like to turn the call over to our Chairman and CEO, Bill McMorrow.
William McMorrow
Daven, thank you. Good morning, everybody. Thank you for joining our call. Yesterday, we reported our results for the first quarter of 2024, which was highlighted by significant growth across our key financial metrics and positive momentum across all our business lines. Fee-bearing capital grew to a record $8.6 billion and investment management fees increased by 94% in Q1.
We also successfully completed $360 million in non-core asset distributions. These sales enhanced our liquidity by generating $236 million of cash and led to gains of $106 million in the quarter. Since the end of Q3 2023, we have generated $320 million of cash to KW and we are more than halfway complete against the target announced in December 2023 of $550 million to $750 million of cash generation from non-core asset sales by the end of the first quarter of 2025.