Kennedy-Wilson Holdings, Inc. (NYSE:KW) Q1 2024 Earnings Call Transcript

Conor Peaks: And maybe if I could sneak one more in here on the reduced dividends, which allows for generally higher and better use of capital. But were there any cash flow challenges that factored into this decision?

William McMorrow: No. It was just — it’s a natural evolution of the business that we have. As we’ve gotten bigger, we have the ability to scale the business and I think any company in the real estate business upscale, and I don’t need to go through names, but there are obviously big public investment managers. They tend to be capital-light in terms of their investment, and we plan to scale our assets under management and our fee income at a pace where you are going to — you want to have third-party capital providers.

Operator: And that will conclude our question-and-answer session. I’d like to turn the conference back over to Bill McMorrow for any closing remarks.

William McMorrow: Well, thank you, everybody, for joining us today. And as I will say, we’re always available for any follow-up questions you might have. So thank you very much.

Operator: The conference has now concluded. Thank you for attending today’s presentation, and you may now disconnect your lines.