# EDGAR Filing Document

**Accession Number:** 0001408100
**File Stem:** 0001408100-23-000061
**Filing Date:** 2023-3
**Character Count:** 149308
**Document Hash:** 7694560edbac2869c2889e3f8acb15a7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001408100-23-000061.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001408100-23-000061

**CONFORMED SUBMISSION TYPE**: 10-K/A

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Kennedy-Wilson Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001408100
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE [6500]
- **IRS NUMBER:** 260508760
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33824
- **FILM NUMBER:** 23788113

**BUSINESS ADDRESS:**
- **STREET 1:** 151 S EL CAMINO DR
- **CITY:** BEVERLY HILLS
- **STATE:** CA
- **ZIP:** 90212
- **BUSINESS PHONE:** 310-887-6400

**MAIL ADDRESS:**
- **STREET 1:** 151 S EL CAMINO DR
- **CITY:** BEVERLY HILLS
- **STATE:** CA
- **ZIP:** 90212

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Prospect Acquisition Corp
- **DATE OF NAME CHANGE:** 20070727

?xml version="1.0" ? kw-20221231

**<u>**Table of Contents**</u>**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Amendment No.1**

**to**

**Form 10-K/A** 

**(Mark One)**

☒ **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the fiscal year ended December 31, 2022** 

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**Commission file number: 001-33824** 

**Kennedy-Wilson Holdings, Inc.** 

**(Exact Name of Registrant as Specified in Its Charter)**

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| | |
|:---|:---|
| **Delaware** | **26-0508760** |
| **(State or Other Jurisdiction of<br>Incorporation or Organization)** | **(I.R.S. Employer<br>Identification No.)** |

---

**151 S El Camino Drive** 

**Beverly Hills, CA 90212** 

**(Address of principal executive offices)**

**(310) 887-6400** 

**(Registrant's telephone number, including area code)**

**Securities registered pursuant to Section 12(b) of the Act:**

**______________________________________________________________________**

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| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading Symbol(s)** | **Name of Each Exchange on which Registered** |
| **Common Stock, $.0001 par value** | **KW** | **NYSE** |

---

**Securities registered pursuant to Section 12(g) of the Act: None**

**______________________________________________________________________**

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.&nbsp;&nbsp;&nbsp;&nbsp;

Yes ☒ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.&nbsp;&nbsp;&nbsp;&nbsp;Yes ☐&nbsp;&nbsp;&nbsp;&nbsp;No ☒

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.&nbsp;&nbsp;&nbsp;&nbsp;Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).&nbsp;&nbsp;&nbsp;&nbsp;Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act:

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| | | | |
|:---|:---|:---|:---|
| Large Accelerated Filer | ☒ | Accelerated Filer | ☐ |
| Non-accelerated Filer | ☐ | Smaller Reporting Company | ☐ |
| Emerging Growth Company | ☐ | | |

---

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).&nbsp;&nbsp;&nbsp;&nbsp;Yes ☐&nbsp;&nbsp;&nbsp;&nbsp;No ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report ☒

Based on the last sale at the close of business on June 30, 2022, the aggregate market value of the registrant's common stock held by non-affiliates of the registrant was approximately $1,966,551,848.

The number of shares of common stock outstanding as of February 21, 2023 was 137,967,125.

**DOCUMENTS INCORPORATED BY REFERENCE**

Part III of this report incorporates certain information by reference from the registrant's definitive proxy statement for the annual meeting of stockholders to be held on or around June 8, 2023, which proxy statement will be filed no later than 120 days after the close of the registrant's fiscal year ended December 31, 2022.

**EXPLANATORY NOTE**

Kennedy-Wilson Holdings, Inc., a Delaware corporation (the "Company"), is filing this Amendment No. 1 (this "Amendment") to its Annual Report on Form 10-K for the fiscal year ended December 31, 2022, which was originally filed with the Securities and Exchange Commission (the "SEC") on February 22, 2023 (the "Original Report"), to amend Item 15 of the Original Report and include separate financial statements of KW-G Multifamily Venture 1, LLC and Vintage Housing Holdings, LLC as required pursuant to Rule 3-09 of Regulation S-X under the Securities Exchange Act of 1934.

Other than as set forth herein, this Amendment does not affect any other parts of, or exhibits to, the Original Report, and those unaffected parts or exhibits are not included in this Amendment. This Amendment continues to speak as of the date of the Original Report, and the Company has not updated the disclosure contained in this Amendment or the Original Report to reflect events that have occurred since the filing of the Original Report. Accordingly, this Amendment should be read in conjunction with the Company's other filings with the SEC since the filing of the Original Report.

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**<u>**Table of Contents**</u>**

**PART IV**

**Item 15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits and Financial Statement Schedules**

(a) The following documents are filed as part of this annual report:

(1)&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements. The consolidated financial statements of the Company, as listed in Item 8 of the Original Report, are included in Item 8 of the Original Report

(2)&nbsp;&nbsp;&nbsp;&nbsp;Financial Statement Schedules. The financial statement schedules of the Company, as listed in Item 8 of the Original Report, are included in Item 8 of the Original Report.

(3)&nbsp;&nbsp;&nbsp;&nbsp;Exhibits. See the Exhibit List beginning of page 5 of this Amendment.

(b) &nbsp;&nbsp;&nbsp;&nbsp;Exhibits. The exhibits listed on the Exhibit Index set forth below on page 6 are filed as part of, or are incorporated by reference into, this annual report on Form 10-K.

(c) &nbsp;&nbsp;&nbsp;&nbsp;Financial Statements Required by Rule 3-09 of Regulation S-X. The financial statements required by Rule 3-09 of Regulation S-X under the Securities Exchange Act of 1934, as amended, are filed as schedules to this report and are incorporated by reference into this Item 15.

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**<u>**Table of Contents**</u>**

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on the 31<sup>st</sup> day of March 2023.

KENNEDY -WILSON HOLDINGS, INC.,

a Delaware corporation

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| | |
|:---|:---|
| By: | /s/ WILLIAM J. MCMORROW |
|  | **William J. McMorrow** |
|  | **Chief Executive Officer** |

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**<u>**Table of Contents**</u>**

**EXHIBIT INDEX**

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| | | |
|:---|:---|:---|
| **Exhibit**<br>**No.** | **Description** | **Location** |
| 3.1 | <u>[Amended and Restated Certificate of Incorporation.](http://www.sec.gov/Archives/edgar/data/1408100/000140810014000044/thirdarcharter.htm)</u> | Filed as Exhibit 3.1 to Registrant's Current Report on Form 8-K (File No.: 001-33824) filed June 19, 2014. |
| 3.2 | <u>[Amended and Restated Bylaws.](http://www.sec.gov/Archives/edgar/data/1408100/000140810018000009/kw-amendedandrestatedbylaw.htm)</u> | Filed as Exhibit 3.1 to Registrant's Current Report on Form 8-K (001-33824) filed February 5, 2018. |
| 3.3 | <u>[Certificate of Designations Establishing the 5.75% Series A Cumulative Perpetual Convertible Preferred Stock.](http://www.sec.gov/Archives/edgar/data/1408100/000119312519312751/d842762dex33.htm)</u> | Filed as Exhibit 3.3 to Registrants Registration Statement on Form S-3 (File No. 333-235472) filed December 12, 2019 |
| 4.1 | <u>[Specimen Common Stock Certificate.](http://www.sec.gov/Archives/edgar/data/1408100/000110465909065292/a09-33591_1ex4d4.htm)</u> | Filed as an Exhibit to the Registrant's Registration Statement on Amendment no. 1 to Form 8-A (File No.: 333-145110) filed on November 16, 2009 and incorporated by reference herein. |
| 4.2 | <u>[Base Indenture, dated as of March 25, 2014, between Kennedy-Wilson, Inc. and Wilmington Trust, National Association, as trustee.](http://www.sec.gov/Archives/edgar/data/1408100/000140810014000039/exhibit41.htm)</u> | Filed as Exhibit 4.1 to Registrant's Quarterly Report on Form 10-Q (001-33824) filed May 12, 2014 |
| 4.3 | <u>[Supplemental Indenture No. 1, dated as of March 25, 2014, among Kennedy-Wilson Holdings, Inc., the guarantors named therein and Wilmington Trust, National Association, as trustee.](http://www.sec.gov/Archives/edgar/data/1408100/000119312514114877/d698907dex42.htm)</u> | Filed as Exhibit 4.2 to Registrant's Current Report on Form 8-K (001-33824) filed March 26, 2014. |
| 4.4 | <u>[Supplemental Indenture No. 2029-1 dated as of February 11, 2021, among Kennedy-Wilson Holdings, Inc., the subsidiary guarantors named therein and Wilmington Trust, National Association, as trustee.](https://www.sec.gov/Archives/edgar/data/1408100/000119312521038570/d125986dex42.htm)</u> | Filed as Exhibit 4.2 to Registrant's Current Report on Form 8-K (001-33824) filed February 11, 2021 |
| 4.5 | <u>[Supplemental Indenture No. 2031-1, dated as of February 11, 2021 among Kennedy-Wilson Holdings, Inc., the subsidiary guarantors named therein and Wilmington Trust, National Association, as trustee.](https://www.sec.gov/Archives/edgar/data/1408100/000119312521038570/d125986dex43.htm)</u> | Filed as Exhibit 4.3 to Registrant's Current Report on Form 8-K (001-33824) filed February 11, 2021 |
| 4.6 | <u>[Supplemental Indenture No. 2029-2, dated as of August 4, 2021 among Kennedy-Wilson, Inc., Kennedy-Wilson Holdings, Inc., the related entity names there in, the subsidiary guarantors named therein and Wilmington Trust, National Association, as trustee.](https://www.sec.gov/Archives/edgar/data/1408100/000140810021000140/kw-supplementalindenturenoa.htm)</u> | Filed as Exhibit 4.1 to Registrant's Quarterly Report on Form 10-Q (001-33824) filed November 4, 2021. |
| 4.7 | <u>[Supplemental Indenture No. 2031-2, dated as of August 4, 2021 among Kennedy-Wilson, Inc., Kennedy-Wilson Holdings, Inc., the subsidiary guarantor named therein and Wilmington Trust, National Association, as trustee.](https://www.sec.gov/Archives/edgar/data/1408100/000140810021000140/kw-supplementalindentureno.htm)</u> | Filed as Exhibit 4.2 to Registrant's Quarterly Report on Form 10-Q (001-33824) filed November 4, 2021. |
| 4.8 | <u>[Supplemental Indenture No. 2030-1, dated as of August 23, 2021 among Kennedy-Wilson, Inc., Kennedy-Wilson Holdings, Inc., the related entity names there in, the subsidiary guarantors named therein and Wilmington Trust, National Association, as trustee.](https://www.sec.gov/Archives/edgar/data/1408100/000119312521253960/d188899dex42.htm)</u> | Filed as Exhibit 4.2 to Registrant's Current Report on Form 8-K (001-33824) filed August 23, 2021. |
| 4.9 | <u>[Supplemental Indenture No. 2029-3, dated as of May 12, 2022, among Kennedy-Wilson, Inc., Kennedy-Wilson Holdings, Inc., the subsidiary guarantors named therein and Wilmington Trust, National Association, as trustee.](https://www.sec.gov/Archives/edgar/data/1408100/000140810022000086/exhibit41supp2029-3.htm)</u> | Filed as Exhibit 4.1 to Registrant's Quarterly Report on Form 10-Q (File No. 001-33824) filed August 5, 2022. |
| 4.10 | <u>[Supplemental Indenture No. 2031-3, dated as of May 12, 2022, among Kennedy-Wilson, Inc., Kennedy-Wilson Holdings, Inc., the subsidiary guarantors named therein and Wilmington Trust, National Association, as trustee.](https://www.sec.gov/Archives/edgar/data/1408100/000140810022000086/exhibit42supp2031-3.htm)</u> | Filed as Exhibit 4.2 to Registrant's Quarterly Report on Form 10-Q (File No. 001-33824) filed August 5, 2022. |
| 4.11 | <u>[Supplemental Indenture No. 2030-2, dated as of May 12, 2022 among Kennedy-Wilson, Inc., Kennedy-Wilson Holdings, Inc., the subsidiary guarantors named therein and Wilmington Trust, National Association, as trustee.](https://www.sec.gov/Archives/edgar/data/1408100/000140810022000086/exhibit43supp2030-2.htm)</u> | Filed as Exhibit 4.3 to Registrant's Quarterly Report on Form 10-Q (File No. 001-33824) filed August 5, 2022. |

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**<u>**Table of Contents**</u>**

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| | | |
|:---|:---|:---|
| 4.12 | <u>[Registration Rights Agreement, dated November 7, 2019, between the registrant and the purchasers named therein.](http://www.sec.gov/Archives/edgar/data/1408100/000119312519312751/d842762dex42.htm)</u> | Filed as Exhibit 4.2 to Registrants Registration Statement on Form S-3 (File No. 333-235472) filed December 12, 2019. |
| 4.13 | <u>[Warrant Agreement, dated March 8, 2022, between Kennedy-Wilson Holdings, Inc. and the purchasers named therein.](https://www.sec.gov/Archives/edgar/data/1408100/000140810022000073/ex41-kwxwarrantagreement.htm)</u> | Filed as Exhibit 4.1 to Registrant's Quarterly Report on Form 10-Q (File No. 001-33824) filed May 5, 2022. |
| 4.14 | <u>[Registration Rights Agreement, dated March 8, 2022, between Kennedy-Wilson Holdings, Inc. and the purchasers named therein.](https://www.sec.gov/Archives/edgar/data/1408100/000140810022000073/ex42-kwxffregistrationrigh.htm)</u> | Filed as Exhibit 4.2 to Registrant's Quarterly Report on Form 10-Q (File No. 001-33824) filed May 5, 2022. |
| 4.15 | <u>[Description of Registrant's Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934](https://www.sec.gov/Archives/edgar/data/1408100/000140810023000055/exhibit415kw-descriptionof.htm)</u> | Filed with Original Report |
| 10.1† | <u>[Employment Agreement dated August 14, 1992 between Kennedy-Wilson and William J. McMorrow.](http://www.sec.gov/Archives/edgar/data/1408100/000104746909008529/a2194546zex-10_30.htm)</u> | Filed as an Exhibit to Kennedy-Wilson Holdings, Inc.'s Registration Statement on Form S-4 (File No.: 333-162116) filed on September 24, 2009 and incorporated by reference herein. |
| 10.2† | <u>[Amendment to Employment Agreement dated as of January 1, 1993 between Kennedy-Wilson and William J. McMorrow.](http://www.sec.gov/Archives/edgar/data/1408100/000104746909008529/a2194546zex-10_31.htm)</u> | Filed as an Exhibit to Kennedy-Wilson Holdings, Inc.'s Registration Statement on Form S-4 (File No.: 333-162116) filed on September 24, 2009 and incorporated by reference herein. |
| 10.3† | <u>[Second Amendment to Employment Agreement dated as of between January 1, 1994 Kennedy-Wilson and William J. McMorrow.](http://www.sec.gov/Archives/edgar/data/1408100/000104746909008529/a2194546zex-10_32.htm)</u> | Filed as an Exhibit to Kennedy-Wilson Holdings, Inc.'s Registration Statement on Form S-4 (File No.: 333-162116) filed on September 24, 2009 and incorporated by reference herein. |
| 10.4† | <u>[Third Amendment to Employment Agreement dated as of March 31, 1995 between Kennedy-Wilson and William J. McMorrow.](http://www.sec.gov/Archives/edgar/data/1408100/000104746909009134/a2195038zex-10_33.htm)</u> | Filed as an Exhibit to Amendment No. 2 to Kennedy-Wilson Holdings, Inc.'s Registration Statement on Form S-4 (File No.: 333-162116) filed on October 23, 2009 and incorporated by reference herein. |
| 10.5† | <u>[Fourth Amendment to Employment Agreement dated as of January 1, 1996 Kennedy-Wilson and William J. McMorrow.](http://www.sec.gov/Archives/edgar/data/1408100/000104746909009134/a2195038zex-10_34.htm)</u> | Filed as an Exhibit to Amendment No. 2 to Kennedy-Wilson Holdings, Inc.'s Registration Statement on Form S-4 (File No.: 333-162116) filed on October 23, 2009 and incorporated by reference herein. |
| 10.6† | <u>[Amendment to Employment Agreement dated as of February 28, 1996 between Kennedy-Wilson and William J. McMorrow.](http://www.sec.gov/Archives/edgar/data/1408100/000104746909008529/a2194546zex-10_35.htm)</u> | Filed as an Exhibit to Kennedy-Wilson Holdings, Inc.'s Registration Statement on Form S-4 (File No.: 333-162116) filed on September 24, 2009 and incorporated by reference herein. |
| 10.7† | <u>[Fifth Amendment to Employment Agreement dated as of May 19, 1997 between Kennedy-Wilson and William J. McMorrow.](http://www.sec.gov/Archives/edgar/data/1408100/000104746909008529/a2194546zex-10_36.htm)</u> | Filed as an Exhibit to Kennedy-Wilson Holdings, Inc.'s Registration Statement on Form S-4 (File No.: 333-162116) filed on September 24, 2009 and incorporated by reference herein. |
| 10.8† | <u>[Sixth Amendment to Employment Agreement dated as of August 20, 1998 between Kennedy-Wilson and William J. McMorrow.](http://www.sec.gov/Archives/edgar/data/1408100/000104746909008529/a2194546zex-10_37.htm)</u> | Filed as an Exhibit to Kennedy-Wilson Holdings, Inc.'s Registration Statement on Form S-4 (File No.: 333-162116) filed on September 24, 2009 and incorporated by reference herein. |
| 10.9† | <u>[Seventh Amendment to Employment Agreement dated as of August 9, 1999 between Kennedy-Wilson and William J. McMorrow.](http://www.sec.gov/Archives/edgar/data/1408100/000104746909008529/a2194546zex-10_38.htm)</u> | Filed as an Exhibit to Kennedy-Wilson Holdings, Inc.'s Registration Statement on Form S-4 (File No.: 333-162116) filed on September 24, 2009 and incorporated by reference herein. |
| 10.10† | <u>[Eighth Amendment to Employment Agreement dated as of January 3, 2000 between Kennedy-Wilson and William J. McMorrow.](http://www.sec.gov/Archives/edgar/data/1408100/000104746909008529/a2194546zex-10_39.htm)</u> | Filed as an Exhibit to Kennedy-Wilson Holdings, Inc.'s Registration Statement on Form S-4 (File No.: 333-162116) filed on September 24, 2009 and incorporated by reference herein. |

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**<u>**Table of Contents**</u>**

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| | | |
|:---|:---|:---|
| 10.11† | <u>[Ninth Amendment to Employment Agreement dated as of October 1, 2000 between Kennedy-Wilson and William J. McMorrow.](http://www.sec.gov/Archives/edgar/data/1408100/000104746909008529/a2194546zex-10_40.htm)</u> | Filed as an Exhibit to Kennedy-Wilson Holdings, Inc.'s Registration Statement on Form S-4 (File No.: 333-162116) filed on September 24, 2009 and incorporated by reference herein. |
| 10.12† | <u>[Tenth Amendment to Employment Agreement dated as of April 22, 2002 between Kennedy-Wilson and William J. McMorrow.](http://www.sec.gov/Archives/edgar/data/1408100/000104746909008529/a2194546zex-10_41.htm)</u> | Filed as an Exhibit to Kennedy-Wilson Holdings, Inc.'s Registration Statement on Form S-4 (File No.: 333-162116) filed on September 24, 2009 and incorporated by reference herein. |
| 10.13† | <u>[Eleventh Amendment to Employment Agreement dated as of October 1, 2003 between Kennedy-Wilson and William J. McMorrow.](http://www.sec.gov/Archives/edgar/data/1408100/000104746909008529/a2194546zex-10_42.htm)</u> | Filed as an Exhibit to Kennedy-Wilson Holdings, Inc.'s Registration Statement on Form S-4 (File No.: 333-162116) filed on September 24, 2009 and incorporated by reference herein. |
| 10.14† | <u>[Twelfth Amendment to Employment Agreement dated as of April 21, 2004 between Kennedy-Wilson and William J. McMorrow.](http://www.sec.gov/Archives/edgar/data/1408100/000104746909008529/a2194546zex-10_43.htm)</u> | Filed as an Exhibit to Kennedy-Wilson Holdings, Inc.'s Registration Statement on Form S-4 (File No.: 333-162116) filed on September 24, 2009 and incorporated by reference herein. |
| 10.15† | <u>[Thirteenth Amendment to Employment Agreement dated as of January 1, 2008 between Kennedy-Wilson and William J. McMorrow.](http://www.sec.gov/Archives/edgar/data/1408100/000104746909008529/a2194546zex-10_44.htm)</u> | Filed as an Exhibit to Kennedy-Wilson Holdings, Inc.'s Registration Statement on Form S-4 (File No.: 333-162116) filed on September 24, 2009 and incorporated by reference herein. |
| 10.16† | <u>[Fourteenth Amendment to Employment Agreement dated as of February 1, 2009 between Kennedy-Wilson and William J. McMorrow.](http://www.sec.gov/Archives/edgar/data/1408100/000104746909008529/a2194546zex-10_45.htm)</u> | Filed as an Exhibit to Kennedy-Wilson Holdings, Inc.'s Registration Statement on Form S-4 (File No.: 333-162116) filed on September 24, 2009 and incorporated by reference herein. |
| 10.17† | <u>[Fifteenth Amendment to Employment Agreement by Kennedy-Wilson, Inc. and William J. McMorrow](http://www.sec.gov/Archives/edgar/data/1408100/000104746909009134/a2195038zex-10_119.htm)</u> | Filed as Exhibit to Kennedy-Wilson Holdings, Inc.'s Registration Statement on Form S-4/A (file No.: 333-162116) filed on October 23, 2009 |
| 10.18† | <u>[Sixteenth Amendment to Employment Agreement dated August 6, 2014 by and between Kennedy-Wilson, Inc. and William J. McMorrow](http://www.sec.gov/Archives/edgar/data/1408100/000140810014000098/exhibit101.htm)</u> | Filed as Exhibit 10.1 to Registrant's Current Report on Form 8-K (001-33824) filed August 8, 2014 |
| 10.19† | <u>[Seventeenth Amendment to Employment Agreement, dated as of October 31, 2018, by and between Kennedy-Wilson, Inc. and William J. McMorrow](http://www.sec.gov/Archives/edgar/data/1408100/000140810018000141/employmentagreementmcmorro.htm)</u> | Filed as Exhibit 10.1 to Registrant's Current Report on Form 8-K (001-33824) filed October 31, 2018 |
| 10.20† | <u>[Employment Agreement dated February 1, 2009 between Kennedy-Wilson and Mary L. Ricks.](http://www.sec.gov/Archives/edgar/data/1408100/000104746909008529/a2194546zex-10_47.htm)</u> | Filed as an Exhibit to Kennedy-Wilson Holdings, Inc.'s Registration Statement on Form S-4 (File No.: 333-162116) filed on September 24, 2009 and incorporated by reference herein. |
| 10.21† | <u>[First Amendment to Employment Agreement dated June 1, 2009 between Kennedy-Wilson and Mary L. Ricks.](http://www.sec.gov/Archives/edgar/data/1408100/000104746909008529/a2194546zex-10_48.htm)</u> | Filed as an Exhibit to Kennedy-Wilson Holdings, Inc.'s Registration Statement on Form S-4 (File No.: 333-162116) filed on September 24, 2009 and incorporated by reference herein. |
| 10.22† | <u>[Second Amendment to Employment Agreement by Kennedy-Wilson, Inc. and Mary L. Ricks.](http://www.sec.gov/Archives/edgar/data/1408100/000104746909008529/a2194546zex-10_46.htm)</u> | Filed as an Exhibit to Kennedy-Wilson Holdings, Inc.'s Registration Statement on Form S-4 (File No.: 333-162116) filed on September 24, 2009 and incorporated by reference herein. |
| 10.23† | <u>[Fourth Amendment to Employment Agreement dated August 6, 2014 by and between Kennedy-Wilson, Inc., and Mary L. Ricks](http://www.sec.gov/Archives/edgar/data/1408100/000140810014000098/exhibit102.htm)</u> | Filed as Exhibit 10.2 to Registrant's Current Report on Form 8-K (001-33824) filed August 8, 2014 |
| 10.24† | <u>[Fifth Amendment to Employment Agreement dated August 13, 2018 by and between Kennedy-Wilson Holdings, Inc. and Mary L. Ricks](http://www.sec.gov/Archives/edgar/data/1408100/000140810018000132/kw-fifthamendmenttoemploym.htm)</u> | Filed as Exhibit 10.1 to Registrant's Current Report on Form 8-K (001-33824) filed August 14, 2018 |
| 10.25† | <u>[Sixth Amendment to Employment Agreement, dated as of October 31, 2018, by and between Kennedy-Wilson, Inc. and Mary L. Ricks](http://www.sec.gov/Archives/edgar/data/1408100/000140810018000141/employmentagreeemntricksex.htm)</u> | Filed as Exhibit 10.2 to Registrant's Current Report on Form 8-K (001-33824) filed October 31, 2018 |

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**<u>**Table of Contents**</u>**

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| | | |
|:---|:---|:---|
| 10.26† | <u>[Kennedy-Wilson Holdings, Inc. Amended and Restated 2009 Equity Participation Plan.](http://www.sec.gov/Archives/edgar/data/1408100/000119312512029844/d290847dex101.htm)</u> | Filed as Exhibit to the Registrant's Current Report on Form 8-K (File No.: 001-33824) filed January 30, 2012. |
| 10.27† | <u>[First Amendment to Amended and Restated 2009 Equity Participation Plan.](http://www.sec.gov/Archives/edgar/data/1408100/000140810014000044/firstamendmenttoar2009equi.htm)</u> | Filed as Exhibit 10.1 to Registrant's Current Report on Form 8-K (001-33824) filed June 19, 2014. |
| 10.28† | <u>[Second Amended and Restated 2009 Equity Participation Plan.](http://www.sec.gov/Archives/edgar/data/1408100/000140810017000088/secondamendedandrestated20.htm)</u> | Filed as Exhibit 10.1 to Registrant's Current Report on Form 8-K (001-33824) filed June 16, 2017. |
| 10.29† | <u>[Form of First Amendment to Kennedy-Wilson Holdings, Inc. Amended and Restated 2009 Equity Participation Plan Restricted Stock Award Agreement](http://www.sec.gov/Archives/edgar/data/1408100/000140810013000007/kw2012exhibit10114.htm)</u> | Filed as Exhibit 10.114 to Registrant's Annual Report on Form 10-K filed March 12, 2013. |
| 10.30† | <u>[Second Amendment to the Second Amended and Restated 2009 Equity Participation Plan.](https://www.sec.gov/Archives/edgar/data/1408100/000140810022000079/exhibit101-kwxsecondamendm.htm)</u> | Filed as Exhibit 10.1 to Registrant's Current Report on Form 8-K (File No. 001-33824) filed June 10, 2022. |
| 10.31† | <u>[Form of Kennedy-Wilson Holdings, Inc. Amended and Restated 2009 Equity Participation Plan Employee Restricted Stock Award Agreement](http://www.sec.gov/Archives/edgar/data/1408100/000140810013000007/kw2012exhibit10115.htm)</u> | Filed as Exhibit 10.115 to Registrant's Annual Report on Form 10-K filed March 12, 2013. |
| 10.32† | <u>[Form of Kennedy-Wilson Holdings, Inc. Amended and Restated 2009 Equity Participation Plan Consultant Restricted Stock Award Agreement](http://www.sec.gov/Archives/edgar/data/1408100/000140810013000007/kw2012exhibit10116.htm)</u> | Filed as Exhibit 10.116 to Registrant's Annual Report on Form 10-K filed March 12, 2013. |
| 10.33† | <u>[Form of Kennedy-Wilson Holdings, Inc. Amended and Restated 2009 Equity Participation Plan Employee Restricted Stock Award Agreement.](http://www.sec.gov/Archives/edgar/data/1408100/000140810014000063/exhibit101.htm)</u> | Filed as Exhibit 10.1 to Registrant's Current Report on Form 8-K (001-33824) filed July 18, 2014. |
| 10.34† | <u>[Form of Kennedy-Wilson Holdings, Inc. Amended and Restated 2009 Equity Participation Plan Director Restricted Stock Award Agreement](http://www.sec.gov/Archives/edgar/data/1408100/000140810014000097/kw-063014xex101.htm)</u> | Filed as Exhibit 10.1 to Registrant's Quarterly Report on Form 10-Q (001-33824) filed August 8, 2014 |
| 10.35† | <u>[Form of Kennedy-Wilson Holdings, Inc. Amended and Restated 2009 Equity Participation Plan Employee Restricted Stock Award Agreement](http://www.sec.gov/Archives/edgar/data/1408100/000140810015000164/exhibit1012.htm)</u> | Filed as an Exhibit to the Registrant's Current Report on Form 8-K (File No.: 001-33824) filed October 16, 2015 |
| 10.36† | <u>[Form of Kennedy-Wilson Holdings, Inc. Second Amended and Restated 2009 Time-Based Employee Restricted Stock Award Agreement.](http://www.sec.gov/Archives/edgar/data/1408100/000140810017000154/exhibit10-3.htm)</u> | Filed as Exhibit 10.3 to Registrant's Current Report on Form 8-K (001-33824) filed November 21, 2017 |
| 10.37† | <u>[Form of Kennedy-Wilson Holdings, Inc. Second Amended and Restated 2009 Total Shareholder Return Performance-Based Employee Restricted Stock Award Agreement.](http://www.sec.gov/Archives/edgar/data/1408100/000140810017000154/exhibit10-1.htm)</u> | Filed as Exhibit 10.1 to Registrant's Current Report on Form 8-K (001-33824) filed November 21, 2017 |
| 10.38† | <u>[Form of Kennedy-Wilson Holdings, Inc. Second Amended and Restated 2009 Return on Equity Performance-Based Employee Restricted Stock Award Agreement.](http://www.sec.gov/Archives/edgar/data/1408100/000140810017000154/exhibit10-2.htm)</u> | Filed as Exhibit 10.2 to Registrant's Current Report on Form 8-K (001-33824) filed November 21, 2017 |
| 10.39† | <u>[Form of Kennedy-Wilson Holdings, Inc. Amended and Restated 2009 Equity Participation Plan Director Restricted Stock Award Agreement](http://www.sec.gov/Archives/edgar/data/1408100/000140810018000018/kennedy-wilsonholdingsinc_.htm)</u> | Filed as Exhibit 10.30 to Registrant's Annual Report on Form 10-K (001-33824) filed February 27, 2018 |
| 10.40† | <u>[Employment Agreement dated December 29, 2014 between Kennedy-Wilson, Inc. and Kent Mouton](http://www.sec.gov/Archives/edgar/data/1408100/000140810014000178/exhibit1011.htm)</u> | Filed as Exhibit 10.1 to Registrant's Current Report on Form 8-K (001-33824) filed December 30, 2014. |
| 10.41† | <u>[First Amendment to Employment Agreement, dated December 29, 2014 between Kennedy-Wilson, Inc. and Kent Mouton](http://www.sec.gov/Archives/edgar/data/1408100/000140810018000141/employmentagreementmoutone.htm)</u> | Filed as Exhibit 10.4 to Registrant's Current Report on Form 8-K (001-33824) filed October 31, 2018. |
| 10.42† | <u>[Employment Agreement dated December 29, 2014 between Kennedy-Wilson, Inc. and Matt Windisch](http://www.sec.gov/Archives/edgar/data/1408100/000140810014000178/exhibit1021.htm)</u> | Filed as Exhibit 10.2 to Registrant's Current Report on Form 8-K (001-33824) filed December 30, 2014. |
| 10.43† | <u>[First Amendment to Employment Agreement, dated as of October 31, 2018, by and between Kennedy-Wilson, Inc. and Matthew Windisch](http://www.sec.gov/Archives/edgar/data/1408100/000140810018000141/employmentagreementwindisc.htm)</u> | Filed as Exhibit 10.5 to Registrant's Current Report on Form 8-K (001-33824) filed October 31, 2018 |

---

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**<u>**Table of Contents**</u>**

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| | | |
|:---|:---|:---|
| 10.44† | <u>[Employment Agreement dated December 29, 2014 between Kennedy-Wilson, Inc. and Justin Enbody.](http://www.sec.gov/Archives/edgar/data/1408100/000140810014000178/exhibit103.htm)</u> | Filed as Exhibit 10.3 to Registrant's Current Report on Form 8-K (001-33824) filed December 30, 2014 |
| 10.45† | <u>[First Amendment to Employment Agreement, dated as of October 31, 2018, by and between Kennedy-Wilson, Inc. and Justin Enbody](http://www.sec.gov/Archives/edgar/data/1408100/000140810018000141/employmentagreementenbodye.htm)</u> | Filed as Exhibit 10.3 to Registrant's Current Report on Form 8-K (001-33824) filed October 31, 2018. |
| 10.46† | <u>[Form of Award Letter](http://www.sec.gov/Archives/edgar/data/1408100/000140810015000149/kweexecsharesexhibit101.htm)</u> | Filed as Exhibit 10.1 to Registrant's Current Report on Form 8-K (001-33824) filed August 28, 2015. |
| 10.47† | <u>[Form of Restricted Share Unit Agreement.](http://www.sec.gov/Archives/edgar/data/1408100/000140810015000149/kweexecsharesexhibit102.htm)</u> | Filed as Exhibit 10.2 to Registrant's Current Report on Form 8-K (001-33824) filed August 28, 2015. |
| 10.48† | <u>[Form of Total Shareholder Return Performance-Based Employee Restricted Stock Award Agreement.](http://www.sec.gov/Archives/edgar/data/1408100/000140810019000007/rsu2019grantsexhibit101.htm)</u> | Filed as Exhibit 10.1 to Registrant's Current Report on Form 8-K (001-33824) filed January 24, 2019 |
| 10.49† | <u>[Form of Return on Equity Performance-Based Employee Restricted Stock Award Agreement.](http://www.sec.gov/Archives/edgar/data/1408100/000140810019000007/rsu2019grantsexhibit102.htm)</u> | Filed as Exhibit 10.2 to Registrant's Current Report on Form 8-K (001-33824) filed January 24, 2019 |
| 10.50† | <u>[Form of Time-Based Employee Restricted Stock Award Agreement](http://www.sec.gov/Archives/edgar/data/1408100/000140810019000007/rsu2019grantsexhibit103.htm)</u> | Filed as Exhibit 10.3 to Registrant's Current Report on Form 8-K (001-33824) filed January 24, 2019 |
| 10.51 | <u>[Securities Purchase Agreement, dated October 17, 2019 between the Kennedy-Wilson Holdings, Inc. and the purchasers named therein.](http://www.sec.gov/Archives/edgar/data/1408100/000140810019000140/kw-convertibleseriesap.htm)</u> | Filed as Exhibit 10.1 to Registrants Current Report on Form 8-K (File No 001-33824) filed October 18, 2019. |
| 10.52 | <u>[Joinder Agreement, dated as of April 18, 2017 among Kennedy-Wilson, Inc., the subsidiary guarantors named therein and Bank of America, N.A.](http://www.sec.gov/Archives/edgar/data/1408100/000140810017000083/kw-joinderagreementapril20.htm)</u> | Filed as Exhibit 10.1 to Registrant's Quarterly Report on Form 10-Q (001-33824) filed May 10, 2017. |
| 10.53 | <u>[Second Amended and Restate Credit Agreement, dated March 25, 2020, among Kennedy-Wilson, Inc., as borrower, Kennedy-Wilson Holdings, Inc. and certain subsidiaries of Kennedy-Wilson Holdings, Inc. from time to time party thereto as guarantors, the lenders from time to time party thereto, Bank of America, N.A., administrative agent and Bank of America, N.A. and JP Morgan Chase Bank, N.A., as letter of credit issuers.](https://www.sec.gov/Archives/edgar/data/1408100/000140810020000074/kwi-secondarcreditagre.htm)</u> | Filed as Exhibit 10.1 to Registrant's Current Report on Form 8-K (001-33824) filed March 26, 2020. |
| 10.54 | <u>[Joinder Agreement, dated as of January 19, 2021 among Kennedy-Wilson, Inc., the subsidiary guarantors named therein and Bank of America, N.A., as administrative agent](https://www.sec.gov/Archives/edgar/data/1408100/000140810021000052/kw-joinderagreementjanuary.htm)</u> | Filed as Exhibit 10.56 to Registrant's Annual Report on Form 10-K (001-33824) filed February 26, 2021. |
| 10.55 | <u>[Joinder Agreement, dated as of August 4, 2021, among Kennedy-Wilson, Inc., the subsidiary guarantors named therein and Bank of America, N.A.](https://www.sec.gov/Archives/edgar/data/1408100/000140810021000140/kw-joinderagreement8x4x21.htm)</u> | Filed as Exhibit 10.1 to Registrant's Quarterly Report on Form 10-Q (001-33824) filed November 4, 2021. |
| 10.56 | <u>[First Amendment to the Second Amended and Restated Credit Agreement, dated as of October 12, 2021, among Kennedy-Wilson Holdings, Inc., Kennedy-Wilson, Inc., the subsidiaries party thereto and Bank of America, N.A., as administrative agent](https://www.sec.gov/Archives/edgar/data/1408100/000140810023000055/exhibit1055kw-firstamendme.htm)</u> | Filed with Original Report |
| 10.57 | <u>[Joinder Agreement, dated as of May 12, 2022 among Kennedy-Wilson, Inc., the subsidiary guarantors named therein and Bank of America, N.A., as administrative agent](https://www.sec.gov/Archives/edgar/data/1408100/000140810022000086/exhibit101kw-joinderagreem.htm)</u> | Filed as Exhibit 10.1 to Registrants Quarterly Report on Form 10-Q (File No. 001-33824) filed August 5, 2022. |
| 10.58 | <u>[Distribution Agreement, dated as of May 6, 2022, by and among Kennedy-Wilson Holdings, Inc., and J.P. Morgan Securities LLC, BofA Securities, Inc., Deutsche Bank Securities Inc. and Evercore Group L.L.C., as agents and/or principals and (except in the case of Evercore Group L.L.C.) forward sellers, and JPMorgan Chase Bank, National Association, Bank of America, N.A. and Deutsche Bank AG, London Branch, as forward purchasers.](https://www.sec.gov/Archives/edgar/data/1408100/000119312522143835/d321772dex11.htm)</u> | Filed as Exhibit 1.1 to the Registrant's Current Report on Form 8-K (File No. 001-33824) filed May 6, 2022. |
| 10.59 | <u>[Letter Agreement, dated August 3, 2022, by and among Kennedy-Wilson Holdings, Inc., Quinton Heights, LLC and Security Benefit Life Insurance Company.](https://www.sec.gov/Archives/edgar/data/1408100/000140810022000086/kw-eldridgexletteragreement.htm)</u> | Filed as Exhibit 10.4 to Registrants Quarterly Report on Form 10-Q (File No. 001-33824) filed August 5, 2022. |
| 21 | <u>[List of Subsidiaries](https://www.sec.gov/Archives/edgar/data/1408100/000140810023000055/exhibit21listofsubsidiaries.htm)</u> | Filed with Original Report |
| 23.1 | <u>[Consent of Independent Registered Public Accounting Firm](https://www.sec.gov/Archives/edgar/data/1408100/000140810023000055/kw2022123110kexhibit231.htm)</u> | Filed with Original Report |
| 23.2 | <u>[Consent of Independent Registered Public Accounting Firm](a202210k-aexhibit232.htm)</u> | Filed herewith. |
| 23.3 | <u>[Consent of Independent Registered Public Accounting Firm](a202210k-aexhibit233.htm)</u> | Filed herewith. |
| 24.1 | <u>[Power of Attorney (included on signature page).](https://www.sec.gov/ix?doc=/Archives/edgar/data/1408100/000140810023000055/kw-20221231.htm)</u> | Filed with Original Report |
| 31.1 | <u>[Certification Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934 of the Principal Executive Officer.](kw2022123110kaexhibit311.htm)</u> | Filed herewith. |
| 31.2 | <u>[Certification Pursuant to Rule 13a-14(a) under Securities Exchange Act of 1934 of the Principal Financial Officer.](kw2022123110kaexhibit312.htm)</u> | Filed herewith. |

---

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**<u>**Table of Contents**</u>**

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| | | |
|:---|:---|:---|
| 32.1 | <u>[Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of the Principal Executive Officer.](kw2022123110kaexhibit321.htm)</u> | Filed herewith. |
| 32.2 | <u>[Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of the Principal Financial Officer.](kw2022123110kaexhibit322.htm)</u> | Filed herewith. |
| 101 | The following materials from Kennedy-Wilson Holdings, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2022 formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets (ii) the Consolidated Statements of Operations and Comprehensive (Loss) Income (iii) the Consolidated Statements of Equity (iv) the Consolidated Statements of Cash Flows (v) related notes to those financial statements and (vi) Schedule III - Real Estate and Accumulated Depreciation. | Filed with Original Report |

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__________

†&nbsp;&nbsp;&nbsp;&nbsp;Management Contract, Compensation Plan or Agreement.

(c) *Financial Statement Schedules*. Reference is made to Item 15(a)(2) above.

------

**<u>**Table of Contents**</u>**

**KW-G MULTIFAMILY VENTURE 1, LLC**

(A Delaware Limited Liability Company)

**Table of Contents**

**Page**

Independent Auditors' Report - KPMG (PCAOB ID 185) &nbsp;&nbsp;&nbsp;&nbsp;<u>[1](#i77738033b18c488dbcbb1dfa9b8b6428_211)</u>

Consolidated Financial Statements:

Consolidated Statements of Assets, Liabilities, and Net Assets &nbsp;&nbsp;&nbsp;&nbsp;<u>[3](#i77738033b18c488dbcbb1dfa9b8b6428_241)</u>

Consolidated Schedules of Investments &nbsp;&nbsp;&nbsp;&nbsp;<u>[4](#i77738033b18c488dbcbb1dfa9b8b6428_167)</u>

Consolidated Statements of Operations &nbsp;&nbsp;&nbsp;&nbsp;<u>[5](#i77738033b18c488dbcbb1dfa9b8b6428_186)</u>

Consolidated Statements of Changes in Net Assets &nbsp;&nbsp;&nbsp;&nbsp;<u>[6](#i77738033b18c488dbcbb1dfa9b8b6428_261)</u>

Consolidated Statements of Cash Flows &nbsp;&nbsp;&nbsp;&nbsp;<u>[7](#i77738033b18c488dbcbb1dfa9b8b6428_281)</u>

Notes to Consolidated Financial Statements &nbsp;&nbsp;&nbsp;&nbsp;<u>[8](#i77738033b18c488dbcbb1dfa9b8b6428_301)</u>

------

**<u>**Table of Contents**</u>**

**Independent Auditors' Report**

To the Partners

KW-G Multifamily Venture I, LLC:

**Report on the Audit of the Consolidated Financial Statements**

*Opinion*

We have audited the consolidated financial statements of KW-G Multifamily Venture I, LLC and its subsidiaries (the Fund), which comprise the consolidated statements of assets, liabilities, and net assets, including the consolidated schedules of investments, as of December 31, 2022 and 2021, and the related consolidated statements of operations, changes in net assets, and cash flows for the year ended December 31, 2022 and the period from June 25, 2021 (Inception) through December 31, 2021, and the related notes to the consolidated financial statements.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022 and 2021, and the results of its operations and its cash flows for the year ended December 31, 2022 and the period from June 25, 2021 (Inception) through December 31, 2021 in accordance with U.S. generally accepted accounting principles.

*Basis for Opinion*

We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are required to be independent of the Fund and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

*Responsibilities of Management for the Consolidated Financial Statements*

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with U.S. generally accepted accounting principles, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Fund's ability to continue as a going concern for one year after the date that the consolidated financial statements are issued.

*Auditors' Responsibilities for the Audit of the Consolidated Financial Statements*

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the consolidated financial statements.

In performing an audit in accordance with GAAS, we:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise professional judgment and maintain professional skepticism throughout the audit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control. Accordingly, no such opinion is expressed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Fund's ability to continue as a going concern for a reasonable period of time.

------

**<u>**Table of Contents**</u>**

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.

/s/ KPMG LLP

Los Angeles, California

March 31, 2023

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**<u>**Table of Contents**</u>**

**KW-G MULTIFAMILY VENTURE 1, LLC**

(A Delaware Limited Liability Company)

Consolidated Statements of Assets, Liabilities, and Net Assets

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2022** | **2021** |
| **Assets** |  |  |
| Real estate and improvements, at fair value (cost of $816,534,912 and $804,827,389 as of December 31, 2022 and 2021) | $970450000 | $943500000 |
| Cash and cash equivalents | 10599559 | 7291604 |
| Restricted cash | 2868629 | 3553766 |
| Tenant receivables, net | 2001914 | 2411926 |
| Prepaid expenses and other assets | 1070126 | 1516006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $986990228 | $958273302 |
| **Liabilities and Net Assets** |  |  |
| Notes payable, at fair value | 448709940 | 457030279 |
| Accounts payable and accrued expenses | 3177392 | 3052557 |
| Security deposits and prepaid rent | 2332148 | 2139833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 454219480 | 462222669 |
| Members' net assets | 531814588 | 496050633 |
| Noncontrolling interests | 956160 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and net assets | $986990228 | $958273302 |

---

See accompanying notes to consolidated financial statements.

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**<u>**Table of Contents**</u>**

**KW-G MULTIFAMILY VENTURE 1, LLC**

(A Delaware Limited Liability Company)

Consolidated Schedules of Investments

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
|<br>**Property** |<br>**Location** |<br>**Units** | **Cost** | **Fair Value** | **% Net assets** | **Cost** | **Fair Value** | **% Net assets** |
| Alpine | Salt Lake City, UT | 222 | $58153233 | $68800000 | 12.9% | $56980100 | $67300000 | 13.6% |
| Apex | Tacoma, WA | 209 | 45131967 | 54800000 | 10.3 | 44895930 | 56100000 | 11.3 |
| Arya | Tualatin, OR | 408 | 105536219 | 134500000 | 25.3 | 104421207 | 130000000 | 26.2 |
| Bella Sonoma | Fife, WA | 280 | 80211170 | 93200000 | 17.5 | 78799049 | 88500000 | 17.8 |
| Foothill | Salt Lake City, UT | 450 | 122936113 | 147400000 | 27.7 | 120349825 | 146100000 | 29.5 |
| Harrington Square | Renton, WA | 217 | 70771769 | 79700000 | 15.0 | 69927238 | 75500000 | 15.2 |
| Kirker Creek | Pittsburg, CA | 542 | 174882584 | 193400000 | 36.4 | 172512162 | 180000000 | 36.3 |
| Townhomes at Lost Canyon | Santa Clarita, CA | 157 | 79053952 | 92800000 | 17.4 | 78716805 | 90200000 | 18.2 |
| Whitewater Park | Boise, ID | 324 | 79857905 | 105850000 | 19.9 | 78225073 | 109800000 | 22.1 |
|  | Total | 2809 | $816534912 | $970450000 | 182.4% | $804827389 | $943500000 | 190.2% |

---

See accompanying notes to consolidated financial statements.

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**<u>**Table of Contents**</u>**

**KW-G MULTIFAMILY VENTURE 1, LLC**

(A Delaware Limited Liability Company)

Consolidated Statements of Operations

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31, 2022** | **Period from June 25, 2021 (Inception) through December 31, 2021** |
| Investment income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rent | $57804287 | $28302866 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 6959992 | 3264757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 64764279 | 31567623 |
| Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 17745894 | 8170575 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property taxes | 6895704 | 3194432 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repairs and maintenance | 4064840 | 1937651 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 3869477 | 1660582 |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 3590477 | 1881774 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset management fees | 2138169 | 1104233 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marketing and promotion | 1657576 | 787490 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance | 1555490 | 784310 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property management fees | 1457122 | 693623 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction related costs |  | 8273077 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses |  | 11860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 42974749 | 28499607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 21789530 | 3068016 |
| Unrealized and realized gains: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain on real estate and improvements | 15242476 | 138672611 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain on notes payable | 39782000 | 1902999 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized (loss) gain on interest rate cap | (15963) | 15963 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized loss on notes payable | (346000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gain on interest rate cap | 190000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized and realized gains | 54852513 | 140591573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in net assets resulting from operations | 76642043 | 143659589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in net assets resulting from operations attributable to noncontrolling interests | (125629) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in net assets resulting from operations attributable to members | $76516414 | $143659589 |

---

See accompanying notes to consolidated financial statements.

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**<u>**Table of Contents**</u>**

**KW-G MULTIFAMILY VENTURE 1, LLC**

(A Delaware Limited Liability Company)

Consolidated Statements of Changes in Net Assets

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **KW-G Multifamily Venture 1 Manager, LLC** | **KW-G Blocker, LLC** | **Members' Net Assets** | **Noncontrolling Interests** | **Total** |
| Net assets, June 25, 2021 (Inception) | $— | $— | $— | $— | $— |
| Change in net assets resulting from operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 1564688 | 1503328 | 3068016 |  | 3068016 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain on real estate and improvements | 70723032 | 67949579 | 138672611 |  | 138672611 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain on notes payable | 970529 | 932470 | 1902999 |  | 1902999 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain on interest rate cap | 8141 | 7822 | 15963 |  | 15963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in net assets resulting from operations | 73266390 | 70393199 | 143659589 |  | 143659589 |
| &nbsp;&nbsp;&nbsp;&nbsp;Potential incentive allocation | 15614639 | (15614639) |  |  |  |
| Change in net assets resulting from capital transactions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions | 181744132 | 174616912 | 356361044 |  | 356361044 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions | (2024700) | (1945300) | (3970000) |  | (3970000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in net assets resulting from capital transactions | 195334071 | 157056973 | 352391044 |  | 352391044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in net assets | 268600461 | 227450172 | 496050633 |  | 496050633 |
| Net assets, December 31, 2021 | 268600461 | 227450172 | 496050633 |  | 496050633 |
| Change in net assets resulting from operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 11048590 | 10615311 | 21663901 | 125629 | 21789530 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain on real estate and improvements | 7773663 | 7468813 | 15242476 |  | 15242476 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain on notes payable | 20288820 | 19493180 | 39782000 |  | 39782000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized loss on interest rate cap | (8141) | (7822) | (15963) |  | (15963) |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized loss on notes payable | (176460) | (169540) | (346000) |  | (346000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gain on interest rate cap | 96900 | 93100 | 190000 |  | 190000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in net assets resulting from operations | 39023372 | 37493042 | 76516414 | 125629 | 76642043 |
| &nbsp;&nbsp;&nbsp;&nbsp;Potential incentive allocation | 20895726 | (20895726) |  |  |  |
| Change in net assets resulting from capital transactions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions | 1804146 | 1733395 | 3537541 | 956160 | 4493701 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions | (22587900) | (21702100) | (44290000) | (125629) | (44415629) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets resulting from capital transactions | 111972 | (40864431) | (40752459) | 830531 | (39921928) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets | 39135344 | (3371389) | 35763955 | 956160 | 36720115 |
| Net assets, December 31, 2022 | $307735805 | $224078783 | $531814588 | $956160 | $532770748 |

---

See accompanying notes to consolidated financial statements.

------

**<u>**Table of Contents**</u>**

**KW-G MULTIFAMILY VENTURE 1, LLC**

(A Delaware Limited Liability Company)

Consolidated Statements of Cash flows

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31, 2022** | **Period from June 25, 2021 (Inception) through December 31, 2021** |
| Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in net assets resulting from operations | $76642043 | $143659589 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile increase in net assets resulting from operations to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain on real estate and improvements | (15242476) | (138672611) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain on notes payable | (39782000) | (1902999) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized loss (gain) on interest rate cap | 15963 | (15963) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenant receivables | 410012 | (2411926) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 429918 | (674307) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 124834 | 2175819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security deposits and prepaid rent | 192315 | 124918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 22790609 | 2282520 |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and restricted cash from Contribution Transaction |  | 18742076 |
| &nbsp;&nbsp;&nbsp;&nbsp;Improvements to real estate | (11707524) | (4827389) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash (used in) provided by investing activities | (11707524) | 13914687 |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions from Members | 3537541 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions from noncontrolling interests | 956160 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to Members | (44290000) | (3970000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to noncontrolling interests | (125629) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal payments on mortgage loans | (89687339) | (1381837) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from mortgage loans | 121149000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (8460267) | (5351837) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in cash and cash equivalents and restricted cash | 2622818 | 10845370 |
| Cash and cash equivalents and restricted cash, beginning of period | 10845370 |  |
| Cash and cash equivalents and restricted cash, end of period | $13468188 | $10845370 |
| Supplemental disclosure of cash flow information: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest | $15179671 | $6812208 |
| **Supplemental disclosure of non cash transactions** |  |  |
| Accrual for additions to real estate and improvements | $112047 | $215499 |
| Contribution Transaction: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate and improvements, at fair value |  | 800000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes payable, at fair value |  | 460315117 |
| &nbsp;&nbsp;&nbsp;&nbsp;Initial capital contributions |  | 356361044 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other working capital |  | 2065917 |

---

See accompanying notes to consolidated financial statements

------

**<u>**Table of Contents**</u>**

**KW-G MULTIFAMILY VENTURE I, LLC**

(A Delaware Limited Liability Company)

Notes to Consolidated Financial Statements

December 31, 2022 and 2021

**(1) Organization**

KW-G Multifamily Venture 1, LLC (the "Company") is a Delaware limited liability company formed on June 25, 2021 (Inception) between KW-G Multifamily Venture 1 Manager, LLC ("KW") and KW-G Blocker, LLC ("G-Blocker"). The Company is owned 51% by KW and 49% by G-Blocker. The Company was formed for the purpose of acquiring, developing, owning, and operating multifamily real estate assets located in the United States. The Company shall continue in full force and effect until June 25, 2031, or until dissolution prior thereto pursuant to the provisions of section 10.1 of the Company's Limited Liability Company Agreement (the "Operating Agreement").

In connection with the formation of the Company, KW and G-Blocker entered into a Membership Interest Purchase and Sale Agreement (the "MIPA") on June 25, 2021. Under the MIPA, KW, the owner of a 100% interest in nine multifamily properties (the "Properties"), sold a 49% interest in the Properties to G-Blocker in exchange for $166,455,593, including the assumption of debt. Immediately following the closing of the sale, KW and G-Blocker contributed their interests in the Properties into the Company and agreed to initial capital balances of $181,744,132 for KW's 51% ownership interest and $174,616,912 for G-Blocker's 49% ownership interest (the "Contribution Transaction"). The agreed upon value of the Properties was $800,000,000, and as part of the transaction the Company assumed $460,315,117 of debt that was secured by the Properties. The Properties and their locations are stated on the consolidated schedules of investments.

On July 12, 2021, the Company established nine wholly-owned subsidiaries intended to be treated as real estate investment trusts (the "REITs'"). Simultaneously, the Company contributed each of the Properties into one of the REITs in exchange for 100% of the Common Units as defined by the Contribution Agreement of each of the REITs. In January 2022, the REITs admitted preferred members to meet the minimum number of investors required to quality as real estate investment trusts. The preferred members contributed $956,160 during 2022 and the ownership interests of these preferred members are reported as noncontrolling interests on the accompanying consolidated financial statements.

**(2) Summary of Significant Accounting Policies**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a)&nbsp;&nbsp;&nbsp;&nbsp;Basis of Accounting***

The Company has determined that it has the attributes of an investment company. As a result of this determination, the Company has concluded that it is appropriate to record its real estate investments at fair value consistent with the measurement principles for investment companies under the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946, *Financial Services-Investment Companies*.

These consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") All references to authoritative accounting literature in the Company's consolidated financial statements are referred in accordance with the FASB's ASC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b)&nbsp;&nbsp;&nbsp;&nbsp;Consolidation***

The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(c)&nbsp;&nbsp;&nbsp;&nbsp;Use of Estimates***

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(d)&nbsp;&nbsp;&nbsp;&nbsp;Cash and Cash Equivalents and Restricted Cash***

The Company maintains its cash in federally insured banking institutions. The balances at these institutions, at times, exceed the federally insured limits and as a result there is a concentration of credit risk related to the amounts in excess of the federally insured limits. No losses have been experienced related to these excess balances. The Company considers all highly liquid, short-term investments with an original maturity of three months or less when purchased to be cash equivalents.

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**<u>**Table of Contents**</u>**

**KW-G MULTIFAMILY VENTURE I, LLC**

(A Delaware Limited Liability Company)

Notes to Consolidated Financial Statements

December 31, 2022 and 2021

Restricted cash consists of reserves and holdbacks held by the lenders for the mortgage loans secured by the Properties.

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated statements of assets, liabilities, and net assets that sum to the total of the same such amounts shown in the consolidated statements of cash flows as of December 31, 2022 and 2021:

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2022** | **2021** |
| Cash and cash equivalents | $10599559 | $7291604 |
| Restricted cash | 2868629 | 3553766 |
| Total cash and cash equivalents and restricted cash shown in the consolidated statements of cash flows | $13468188 | $10845370 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(e) &nbsp;&nbsp;&nbsp;&nbsp;Fair Value Measurements***

The Company measures the fair value of its real estate and improvements and mortgage loans in accordance with ASC Topic 820, *Fair Value Measurement*. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the exit price) in an orderly transaction between market participants at the measurement date. Investments measured and reported at fair value are classified and disclosed in one of the following three categories:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities that the Companies have the ability to access.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Valuations based on quoted prices in less active, dealer or broker markets. Fair values are primarily obtained from third-party pricing services for identical or comparable assets or liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Valuations derived from other valuation methodologies, including pricing models, discounted cash flow models, and similar techniques, and not based on market, exchange, dealer, or broker-traded transactions. Level 3 valuations incorporate certain assumptions and projections that are not observable in the market and require significant judgment in determining the fair value assigned to such assets or liabilities.

The fair value of real estate and improvements is generally based on the direct capitalization approach, the Company applies a market derived capitalization rate to current and future income streams with appropriate adjustments for tenant vacancies or rent-free periods. These capitalization rates and future income streams are derived from comparable property and leasing transactions and are considered to be key inputs in the valuation. Other factors that are taken into consideration include tenancy details, planning, building and environmental factors that might affect the property. The valuation of real estate and improvements is considered within Level 3 in the fair value hierarchy.

Changes in fair value of real estate and improvements are reflected as unrealized gains or losses in the consolidated statements of operations. Unrealized gains or losses are reclassified to realized gains or losses upon the receipt of sales proceeds or liquidation of real estate and improvements. In instances of partial realization on real estate and improvements, the cost basis is generally relieved or credited according to the ratio of cost to fair value, and partial realized gain or loss may be recognized.

The Company capitalizes all direct costs incurred related to the acquisition of and additions to real estate and improvements and those associated with the acquisition of tenants, such as leasing commissions and tenant improvements. Capitalized costs included in the cost basis of real estate and improvements are the following costs: land, building, building improvements, tenant improvements, leasing commissions, direct acquisition costs, construction in progress, and furniture, fixtures and equipment. Ordinary repairs and maintenance are expensed as incurred.

No provision is made for depreciation on the cost of real estate projects; however, the effects of actual physical deterioration or obsolescence, if any, are taken into consideration in the application of the methods used in estimating fair value.

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**<u>**Table of Contents**</u>**

**KW-G MULTIFAMILY VENTURE I, LLC**

(A Delaware Limited Liability Company)

Notes to Consolidated Financial Statements

December 31, 2022 and 2021

The Company elected the fair value option under ASC 825, *Financial Instruments,* to record notes payable at fair value on a recurring basis. Notes payable are recorded at fair value at each period end with changes in fair value being recorded to unrealized gain on notes payable on the accompanying consolidated statements of operations.

In valuing notes payable, the Company considers significant inputs to be the term of the debt, value of collateral, market loan-to-value ratios, market interest rates and spreads, and credit quality of investment entities. The valuation of notes payable is considered within Level 2 in the fair value hierarchy.

Interest rate caps are stated at fair value, which are determined using a pricing model that incorporates market observable inputs for interest rate curves and unobservable inputs for credit spreads. The valuation of interest rate caps is considered within Level 2 in the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(f)&nbsp;&nbsp;&nbsp;&nbsp;Tenant Receivable***

Tenant receivable are recorded at the contractual amount as determined by the underlying agreements and do not bear interest. The Company recognizes revenue to the extent that amounts are probable that substantially all rental income will be collected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(g)&nbsp;&nbsp;&nbsp;&nbsp;Derivative Instruments and Hedging Activities***

The Company records all derivative financial instruments on the consolidated statements of assets, liabilities and net assets at fair value as of the reporting date. The resulting changes in the derivatives' fair values are included in earnings as a part of unrealized gain on interest rate cap on the consolidated statements of operations. The Company's objective in using interest rate derivatives are to add stability to interest expense, and manage its exposure to interest rate movements and, therefore, manage its cash outflows as they relate to the underlying debt instrument. The Company uses interest rate caps as part of its interest rate risk management strategy relating to its variable rate debt instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(h)&nbsp;&nbsp;&nbsp;&nbsp;Income Taxes***

The Company is not subject to federal or state income taxes. Income or loss is allocated to the members and included in their respective income tax returns. Under applicable federal and state income tax rules, limited liability companies are generally not subject to income taxes and upon filing of their initial tax returns, the REITs elected to be taxed as real estate investment trusts under Section 856 through 860 of the Internal Revenue Code of 1986 (the "Code"). To qualify as real estate investment trusts, the REITs must distribute annually at least 90% of their adjusted taxable income, as defined in the Code, to its shareholders and satisfy certain other organizational and operating requirements. If the REITs fail to qualify as real estate investment trusts in any taxable year, they will be subject to federal income taxes on its taxable income at regular corporate rates and may not be able to qualify as real estate investment trusts for subsequent taxable years. The Company believes that the REITs have met all of the real estate investment trust distribution and technical requirements for the period from June 25, 2021 (Inception) through December 31, 2021 and the year ended December 31, 2022, and was not subject to any federal income taxes.

In accordance with ASC Topic 740, *Income Taxes*, the Company periodically evaluate its tax positions, including its status as pass-through entities, to evaluate whether it is more likely than not that such positions would be sustained upon examination by a tax authority for all open tax years, as defined by the statute of limitations, based on their technical merits as of December 31, 2022. Based on the Company's evaluation, there are no uncertain tax positions or open examinations. Accordingly, no provision or liability for income taxes is included in the accompanying consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(i)&nbsp;&nbsp;&nbsp;&nbsp;Revenue Recognition***

Revenues from tenants are recorded when due from tenants and are recognized monthly as they are earned, which generally approximates a straight-line basis. Apartment units are rented under short-term leases (generally, lease terms of nine to twelve months). Rent includes base rent and operating expense reimbursements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(j)&nbsp;&nbsp;&nbsp;&nbsp;Expenses***

Expenses include all costs incurred by the Company in connection with the management, operation, maintenance, and repair of the real estate projects and are expensed as incurred.

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**<u>**Table of Contents**</u>**

**KW-G MULTIFAMILY VENTURE I, LLC**

(A Delaware Limited Liability Company)

Notes to Consolidated Financial Statements

December 31, 2022 and 2021

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(k)&nbsp;&nbsp;&nbsp;&nbsp;Recent Accounting Pronouncements***

In March 2020, the FASB issued Accounting Standards Update (ASU) No. 2020-04, *Reference Rate Reform (Topic 848)*, which provides optional expedients for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU is effective as of March 12, 2020, through December 31, 2022. The Company has begun to transition any contracts that reference LIBOR and expect to complete the process before LIBOR's use is discontinued. The adoption and transition to new reference rates will not have a material impact on the Company's net assets or statements of operations.

**(3) Real Estate and Improvements, at Fair Value**

The valuations of the Company's real estate and improvements include estimates that utilize unobservable inputs that are significant to the overall valuation and are therefore categorized as Level 3 valuations. The following table summarizes the changes in real estate and improvements during the years ended December 31, 2022 and 2021:

---

| | |
|:---|:---|
| Balance as of June 25, 2021 (Inception) | $— |
| Net unrealized gain on real estate and improvements | 138672611 |
| Additions to real estate at contribution date fair value | 800000000 |
| Improvements to real estate | 4827389 |
| Balance as of December 31, 2021 | 943500000 |
| Net unrealized gain on real estate and improvements | 15242476 |
| Improvements to real estate | 11707524 |
| Balance as of December 31, 2022 | $970450000 |

---

The Properties held by the Company had capitalization rates ranging from 4.25% to 5.00% as of December 31, 2022 and capitalization rates ranging from 3.84% to 4.53% as of December 31, 2021.

The significant unobservable inputs used in the fair value measurement of the Companies' real estate and improvements are the selection of capitalization rates. Significant increases (decreases) in these inputs in isolation would result in significantly lower (higher) fair value measurements, respectively.

**(4) Derivatives**

The Company has used interest rate caps in order to reduce the effect of interest rate fluctuations or risk of certain real estate investment's interest expense on variable rate debt. The Company is exposed to credit risk in the event of non-performance by the counterparty to this financial instrument. Management believes the risk of loss due to non-performance to be minimal.

The Company had an interest rate cap with a notional amount of $14,300,000 that was set to mature on July 1, 2024, and effectively caps LIBOR at 4.00%. The fair value of the interest rate cap was $15,963,000 as of December 31, 2021 and is included in prepaid expenses and other assets on the accompanying consolidated statements of assets, liabilities, and net assets. During the year ended December 31, 2022, the Company sold the interest rate cap and received proceeds of $190,000.

**(5) Members' Equity**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a) Distributions***

Distributions of net cash flow shall initially be made to the members based on the percentage of their contributed capital. The initial amount apportioned to the members shall be distributed as follows:

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**<u>**Table of Contents**</u>**

**KW-G MULTIFAMILY VENTURE I, LLC**

(A Delaware Limited Liability Company)

Notes to Consolidated Financial Statements

December 31, 2022 and 2021

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;First, to the members, on a pari passu basis, pro rata in accordance with their respective ownership interests, until the members have received cumulative distributions equal to the sum of their aggregate unreturned capital contributions and results in each member having achieved an internal rate of return equal to 7.5%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Second, to the members, on a pari passu basis, 85% to the members pro rata in accordance with their respective ownership interests and 15% to KW until the cumulative amount distributed results in each member having achieved an internal rate of return equal to 10%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;Third, to the members, on a pari passu basis, 80% to the members pro rata in accordance with their respective ownership interests and 20% to KW until the cumulative amount distributed results in each member having achieved an internal rate of return equal to 12%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;Fourth, to the members on a pari passu basis, 75% to the members pro rata in accordance with their respective ownership interests and 25% to KW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b) Income allocations***

Net income or losses are allocated to the members pro rata in proportion to their respective ownership interests. The potential incentive allocation recorded on the consolidated statements of changes in net assets represents KW's allocation of such income, gains and losses, calculated as if all investments were sold and the Company was fully liquidated at fair value determined at the end of the reporting period. As of December 31, 2022, KW's net assets account reflects such potential incentive allocation of $36,510,365.

**(6) Notes Payable, at Fair Value**

As of December 31, 2022 , notes payable, at fair value on the accompanying consolidated statements of assets, liabilities, and net assets consist of the following:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Property** | **Lender** | **Principal Balance** | **Fair Value Gain** | **Notes Payable, at Fair Value** | **Interest Rate** | **Maturity Date** | **Terms** |
| Alpine | Fannie Mae | $28800000 | $(1226000) | $27574000 | 4.28% | 11/29/2028 | IO, PP |
| Apex | Fannie Mae | 18925124 | (688000) | 18237124 | 3.86% | 4/1/2026 | PP |
| Arya | Freddie Mac | 59288791 | (3089000) | 56199791 | 3.59% | 12/1/2026 | PP |
| Bella Sonoma | Fannie Mae | 35189025 | (1409000) | 33780025 | 3.59% | 12/1/2025 | PP |
| Foothill | Fannie Mae | 84000000 | (12316000) | 71684000 | 3.04% | 7/1/2031 | IO, PP |
| Harrington Square | Fannie Mae | 45120000 | (6615000) | 38505000 | 3.04% | 7/1/2031 | IO, PP |
| Kirker Creek | Fannie Mae | 121149000 | (6190000) | 114959000 | 4.36% | 10/1/2029 | IO, PP |
| Townhouses at Lost Canyon | Fannie Mae | 42923000 | (2088000) | 40835000 | 3.63% | 9/1/2026 | IO, PP |
| Whitewater Park | Fannie Mae | 55000000 | (8064000) | 46936000 | 3.04% | 7/1/2031 | IO, PP |
|  | Total | $490394940 | $(41685000) | $448709940 |  |  |  |

---

IO = Interest only

PP = Prepayment penalty applicable

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**<u>**Table of Contents**</u>**

**KW-G MULTIFAMILY VENTURE I, LLC**

(A Delaware Limited Liability Company)

Notes to Consolidated Financial Statements

December 31, 2022 and 2021

As of December 31, 2021, notes payable, at fair value on the accompanying consolidated statements of assets, liabilities, and net assets consist of the following:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Property** | **Lender** | **Principal Balance** | **Fair Value (Gain) Loss** | **Notes Payable, at Fair Value** | **Interest Rate** | **Maturity Date** | **Terms** |
| Alpine | Fannie Mae | $28800000 | $1201000 | $30001000 | 4.28% | 11/29/2028 | IO, PP |
| Apex | Fannie Mae | 19275372 | 302000 | 19577372 | 3.86% | 4/1/2026 | PP |
| Arya | Freddie Mac | 60400000 | 496000 | 60896000 | 3.59% | 12/1/2026 | PP |
| Bella Sonoma | Fannie Mae | 35927279 | 112000 | 36039279 | 3.59% | 12/1/2025 | PP |
| Foothill | Fannie Mae | 84000000 | (2141000) | 81859000 | 3.04% | 7/1/2031 | IO, PP |
| Harrington Square | Fannie Mae | 45120000 | (1150000) | 43970000 | 3.04% | 7/1/2031 | IO, PP |
| Kirker Creek | Fannie Mae | 73810430 | 485000 | 74295430 | 3.78% | 7/1/2024 | PP |
| Kirker Creek | Fannie Mae | 13677198 | (139000) | 13538198 | LIBOR + 2.8% | 7/1/2024 | PP |
| Townhouses at Lost Canyon | Fannie Mae | 42923000 | 333000 | 43256000 | 3.63% | 9/1/2026 | IO, PP |
| Whitewater Park | Fannie Mae | 55000000 | (1402000) | 53598000 | 3.04% | 7/1/2031 | IO, PP |
|  | Total | $458933279 | $(1903000) | $457030279 |  |  |  |

---

IO = Interest only

PP = Prepayment penalty applicable

Future principal payments on the notes payable are as follows:

---

| | |
|:---|:---|
| Year Ended December 31, |  |
| 2023 | $2476472 |
| 2024 | 3142879 |
| 2025 | 36086399 |
| 2026 | 114620190 |
| 2027 |  |
| Thereafter | 334069000 |
| Total | $490394940 |

---

**(7) Related Party Transactions**

The Operating Agreement provides for KW to manage the assets of the Company. The Company will pay an annual asset management fee to KW equal to 0.6% per annum of Average Aggregate Actively Invested Capital as defined in the Operating Agreement.

The Company has also entered into various property management agreements (the "Property Management Agreements") with KW Multi-Family Management Group, LLC (the "Property Manager"), an affiliate of KW, to manage the operations of the Properties. Under this arrangement, the Property Manager is paid a property management fee ranging from 2.00% - 2.50% of Gross Revenue of the Property as defined by the Property Management Agreements and reimbursements for all costs and expenses incurred in the hiring of on-site employees.

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**<u>**Table of Contents**</u>**

**KW-G MULTIFAMILY VENTURE I, LLC**

(A Delaware Limited Liability Company)

Notes to Consolidated Financial Statements

December 31, 2022 and 2021

Costs and expenses incurred related to such services for the year ended December 31, 2022 and the period from June 25, 2021 (Inception) through December 31, 2021, consist of the following:

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31, 2022** | **Period from June 25, 2021 (Inception) through December 31, 2021** |
| Asset management | $2138169 | $1104233 |
| Property management | 1457122 | 693623 |
| Total | $3595291 | $1797856 |

---

Asset management and property management fees are included on the accompanying consolidated statements of operations. As of December 31, 2022 and 2021, amounts payable to related parties totaled $534,542 and $534,542, respectively, and are included in accounts payable and accrued expenses on the accompanying consolidated statements of assets, liabilities, and net assets.

**(8) Financial Highlights**

The internal rate of return (IRR) of the Company, net of all fees and incentive allocations to the Company is 38.6% from June 25, 2021 (Inception) through December 31, 2022.

The IRR was computed based on quarterly compounding periods of the cash inflows (capital contributions), outflows (cash distributions), and the ending net assets as of the end of the year (residual value) of the Company's capital account as of December 31, 2022.

---

| | |
|:---|:---|
| Ratio to average G-Blocker's capital: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 6.6% |
| Total expenses | 23.2% |
| Potential incentive allocation to KW | 23.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses and potential incentive allocation | 46.3% |

---

**(9) Subsequent Events**

In preparing these consolidated financial statements, the Companies have evaluated subsequent events and transactions for potential recognition or disclosure through March 31, 2023, the date these consolidated financial statements were issued. No events were identified that would require additional disclosure to the consolidated financial statements.

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**<u>**Table of Contents**</u>**

**VINTAGE HOUSING HOLDINGS, LLC**

(A California Limited Liability Company)

**Table of Contents**

---

| | |
|:---|:---|
| | **Page** |
| Independent Auditor's Report - CohnReznick LLP | <u>[16](#i77738033b18c488dbcbb1dfa9b8b6428_336)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated Financial Statements: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Balance Sheets | <u>[18](#i77738033b18c488dbcbb1dfa9b8b6428_342)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Statements of Operations | <u>[19](#i77738033b18c488dbcbb1dfa9b8b6428_349)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Statements of Changes in Members' Deficit | <u>[19](#i77738033b18c488dbcbb1dfa9b8b6428_355)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Statements of Cash Flows | <u>[20](#i77738033b18c488dbcbb1dfa9b8b6428_361)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes to Consolidated Financial Statements | <u>[21](#i77738033b18c488dbcbb1dfa9b8b6428_367)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Statements Schedule |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule III - Real Estate and Accumulated Depreciation | <u>[31](#i77738033b18c488dbcbb1dfa9b8b6428_380)</u> |

---

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**<u>**Table of Contents**</u>**

<u>Independent Auditor's Report</u>

To Management

Vintage Housing Holdings, LLC and Subsidiaries

*Opinion*

We have audited the consolidated financial statements of Vintage Housing Holdings, LLC and Subsidiaries, which comprise the consolidated balance sheet as of December 31, 2022, and the related consolidated statements of operations, members' deficit, and cash flows for the year then ended, and the related notes to the consolidated financial statements and financial statement schedule III - real estate and accumulated depreciation, (collectively, the consolidated financial statements).

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of Vintage Housing Holdings, LLC and Subsidiaries as of December 31, 2022, and the results of their operations and their cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America.

*Basis for Opinion*

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of Vintage Housing Holdings, LLC and Subsidiaries and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

*Emphasis of Matter*

As discussed in Note 2 to the consolidated financial statements, in 2022, the Company adopted Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 842, Leases. Our opinion is not modified with respect to this matter.

*Responsibilities of Management for the Financial Statements*

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about Vintage Housing Holdings, LLC and Subsidiaries' ability to continue as a going concern for one year after the date that the consolidated financial statements are available to be issued.

*Auditor's Responsibilities for the Audit of the Financial Statements*

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the consolidated financial statements.

In performing an audit in accordance with GAAS, we:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise professional judgment and maintain professional skepticism throughout the audit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements.

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**<u>**Table of Contents**</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of Vintage Housing Holdings, LLC and Subsidiaries' internal control. Accordingly, no such opinion is expressed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about Vintage Housing Holdings, LLC and Subsidiaries' ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control–related matters that we identified during the audit.

*Other Matter*

The accompanying consolidated balance sheet of Vintage Housing Holdings, LLC and Subsidiaries as of December 31, 2021, and the related consolidated statements of operations, members' deficit, and cash flows for the years ended December 31, 2021 and 2020, and the related notes to the consolidated financial statements were not audited, reviewed, or compiled by us, and, accordingly, we do not express an opinion or any other form of assurance on them.

/s/ CohnReznick LLP

Atlanta, Georgia

March 31, 2023

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**<u>**Table of Contents**</u>**

**VINTAGE HOUSING HOLDINGS, LLC**

(A California Limited Liability Company)

Consolidated Balance Sheets

December 31, 2022 and 2021

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2022** | **2021** |
| **Assets** |  | (unaudited) |
| Cash and cash equivalents | $3377655 | $462273 |
| Restricted cash | 3201528 | 2589109 |
| Accounts receivable, net | 6325161 | 5933848 |
| Notes receivable | 30086175 | 28035691 |
| Equity method investments | 11460687 | 15476754 |
| Real estate, net of depreciation and amortization | 154225771 | 143206348 |
| Other assets, net | 9203747 | 569167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $217880724 | $196273190 |
| **Liabilities and Members' Deficit** |  |  |
| Accounts payable | $271526 | $45476 |
| Accrued expenses | 11138281 | 2399694 |
| Due to affiliates | 23116086 | 4279612 |
| Deferred revenue | 25770256 | 24789698 |
| Mortgage and note payable | 214143577 | 212982771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 274439726 | 244497251 |
| Retained earnings | 121200245 | 115427304 |
| Members' deficit | (177759247) | (163651365) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total members' deficit | (56559002) | (48224061) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and members' deficit | $217880724 | $196273190 |

---

See accompanying notes to consolidated financial statements.

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**<u>**Table of Contents**</u>**

**VINTAGE HOUSING HOLDINGS, LLC**

(A California Limited Liability Company)

Consolidated Statements of Operations

For the Years Ended December 31, 2022, 2021 and 2020

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** | **2020** |
| **Revenue** |  | (unaudited) | (unaudited) |
| &nbsp;&nbsp;&nbsp;&nbsp;Rent | $29382364 | $27453079 | $18170361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees | 3801153 | 1929216 | 2346389 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 1131624 | 1149654 | 1184267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenue** | 34315141 | 30531949 | 21701017 |
| **Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset management fees | 3424488 | 3180759 | 2918438 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repairs and maintenance | 2739681 | 2178048 | 1362109 |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries | 2816812 | 2810711 | 1858442 |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 2791882 | 2639696 | 1743870 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property management fees | 1463500 | 1389192 | 874057 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance | 694788 | 521490 | 321346 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 5788704 | 5920105 | 3943729 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expense | 1712206 | 1254712 | 897746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | 21432061 | 19894713 | 13919737 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity income from joint venture investments | 610093 | 5832804 | 19132762 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (9247686) | (8048455) | (6317324) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of real estate | 1762204 | 2582124 | 2306488 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expense | (277167) | (1330441) | (58747) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net income** | $5730524 | $9673268 | $22844459 |

---

See accompanying notes to consolidated financial statements

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**<u>**Table of Contents**</u>**

**VINTAGE HOUSING HOLDINGS, LLC**

(A California Limited Liability Company)

Consolidated Statements of Changes in Members' Deficit

For the Years Ended December 31, 2022, 2021 and 2020

---

| | | | |
|:---|:---|:---|:---|
| | **KW-VHH Member, LLC** | **Sierra VHH Holdings, LLC**  | **Total** |
| Balance, December 31, 2019 (unaudited) | $(4396397) | $(2930932) | $(7327329) |
| Distributions (unaudited) | (11517774) | (10369317) | (21887091) |
| Net income (unaudited) | 13706675 | 9137784 | 22844459 |
| Balance, December 31, 2020 (unaudited) | (2207496) | (4162465) | (6369961) |
| Distributions (unaudited) | (25063674) | (26463694) | (51527368) |
| Net income (unaudited) | 5803961 | 3869307 | 9673268 |
| Balance, December 31, 2021(unaudited) | (21467209) | (26756852) | (48224061) |
| Distributions | (7918808) | (6146657) | (14065465) |
| Net income | 3438314 | 2292210 | 5730524 |
| Balance, December 31, 2022 | $(25947703) | $(30611299) | $(56559002) |

---

See accompanying notes to consolidated financial statements.

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**<u>**Table of Contents**</u>**

**VINTAGE HOUSING HOLDINGS, LLC**

(A California Limited Liability Company)

Consolidated Statements of Cash flows

For the Years Ended December 31, 2022, 2021 and 2020

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** | **2020** |
| | | (unaudited) | (unaudited) |
| Cash flows from operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $5730524 | $9673268 | $22844459 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 5788704 | 5920105 | 3943729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | 941951 | 1048641 | 763831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of real estate | (1762204) | (2582124) | (2306488) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity income from equity method investments | (610093) | (5832804) | (19132762) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (1462585) | (135369) | 5572962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | (8202) | (43173) | (13488) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating distributions from equity method investments | 3729222 | 9016062 | 13434163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 481021 | 839705 | (4612307) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 12828338 | 17904311 | 20494099 |
| Cash flows from investing activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisitions and improvements to real estate | (16808127) | (56356335) | (151329) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of real estate |  | 4985790 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Collection of notes receivable | 1620788 | 2777752 | 1671227 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition and contributions to equity method investments | (3603062) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investing distributions from equity method investments | 4500000 | 1346648 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash (used in) provided by investing activities | (14290401) | (47246145) | 1519898 |
| Cash flows from financing activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advances from (repayments to) affiliates | 18836474 | 2919519 | (65149) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to Members | (14065465) | (51527368) | (21887091) |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal payments on mortgage loans | (12091234) | (25025117) | (118001) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of loan fees | (237414) | (1639423) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from mortgage loans | 12547503 | 104222144 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | 4989864 | 28949755 | (22070241) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in cash and cash equivalents and restricted cash | 3527801 | (392079) | (56244) |
| Cash and cash equivalents and restricted cash, beginning of year | 3051382 | 3443461 | 3499705 |
| Cash and cash equivalents and restricted cash, end of year | $6579183 | $3051382 | $3443461 |
| Supplemental disclosure of cash flow information: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest | $8305735 | $6837587 | $5553493 |

---

See accompanying notes to consolidated financial statements.

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**<u>**Table of Contents**</u>**

**VINTAGE HOUSING HOLDINGS, LLC**

(A California Limited Liability Company)

Notes to Consolidated Financial Statements

For the Years Ended December 31, 2022, 2021 and 2020

**(1) Organization**

Vintage Housing Holdings, LLC (the "Company") is a California limited liability company between KW-VHH Member, LLC ("KW") and Sierra VHH Holdings, LLC ("Sierra"). The Company was formed for the purpose of acquiring, developing, owning, and operating affordable multifamily real estate assets located in the Western United States. The Company typically utilizes tax-exempt bond financing and the sale of federal tax credits to help finance its investments. The term of the Company shall be perpetual unless the Company is dissolved, wound up and cancelled based on provisions in the operating agreement between KW and Sierra. KW and Sierra are obligated to commit additional capital only to the extent that both members agree to pursue additional investments.

As of December 31, 2022 the Company consolidates eleven properties listed below:

---

| | | |
|:---|:---|:---|
| **Property** | **Location** | **Total Units** |
| Vintage at Spokane | Spokane, WA | 287 |
| Vintage at Everett | Everett, WA | 259 |
| Forest Creek | Spokane, WA | 252 |
| Silver Creek | Pasco, WA | 242 |
| Vintage at Silverdale | Silverdale, WA | 240 |
| Vintage at Mount Vernon | Mount Vernon, WA | 154 |
| Vintage at Richland | Richland, WA | 150 |
| Vintage at Chehalis | Chehalis, WA | 150 |
| Vintage at Sequim | Sequim, WA | 118 |
| Vintage at Burien | Burien, WA | 101 |
| Vizcaya | Santa Maria, CA | 236 |

---

In addition to the consolidated properties above, the Company has ownership interests in 36 other properties but does not control and; therefore, treats its investment on the equity method of accounting.

**(2) Summary of Significant Accounting Policies**

The accompanying financial statements have been prepared on an accrual basis of accounting in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"). The following is a summary of the significant accounting policies of the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a)&nbsp;&nbsp;&nbsp;&nbsp;Consolidation***

The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b)&nbsp;&nbsp;&nbsp;&nbsp;Cash and Cash Equivalents and Restricted Cash***

The Company maintains its cash in federally insured banking institutions. The balances at these institutions, at times, exceed the federally insured limits and as a result there is a concentration of credit risk related to the amounts in excess of the federally insured limits. No losses have been experienced related to these excess balances. The Company considers all highly liquid, short-term investments with an original maturity of three months or less when purchased to be cash equivalents.

Restricted cash consists of reserves and holdbacks held by the lenders for the mortgage loans secured by the underlying properties and reserves associated with potential guarantees associated with operating deficits at properties.

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows as of December 31, 2022 and 2021:

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**<u>**Table of Contents**</u>**

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2022** | **2021** |
| | | (unaudited) |
| Cash and cash equivalents | $3377655 | $462273 |
| Restricted cash | 3201528 | 2589109 |
| Total cash and cash equivalents and restricted cash shown in the consolidated statements of cash flows | $6579183 | $3051382 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(c) Concentration of Risk***

The Company's investments are concentrated in affordable multifamily properties located in the Western United States with the majority located in the state of Washington. Adverse conditions in the sector or geographic location would likely result in a material decline in the value of the Company's investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(d) Use of Estimates***

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, and reported amounts of income and expenses. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. Such estimates and assumptions are adjusted when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods. The most significant estimates relate to allowance for depreciation and useful lives, deferred revenue, and contingencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(e)&nbsp;&nbsp;&nbsp;&nbsp;Accounts Receivable***

Accounts receivable are recorded at the contractual amount as determined by the underlying agreements and do not bear interest. The Company recognizes revenue to the extent that amounts are probable that substantially all rental income will be collected. Tenant receivables are charged to bad debt expense when they are determined to be uncollectible based upon a periodic review of the accounts by management. U.S. GAAP requires that the allowance method be used to recognize bad debts; however, the effect of using the direct write-off method is not materially different from the results that would have been obtained under the allowance method.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(f) Real Estate***

Depreciation is provided for in amounts sufficient to relate the cost of the depreciable assets to operations over their estimated service lives using the straight-line method. Improvements are capitalized, while expenditures for maintenance and repairs are charged to expense as incurred. Estimated service lives are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Building and improvements &nbsp;&nbsp;&nbsp;&nbsp;40 years

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Land improvements &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 years

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Furniture, fixtures and equipment &nbsp;&nbsp;&nbsp;&nbsp; 5 years

Amortization includes tax credit monitoring fees that are amortized on a straight-line basis over the 15 year compliance period.

Depreciation and amortization expense for the years end December 31, 2022, 2021 and 2020 was $5,788,704, $5,920,105 (unaudited) and $3,943,729 (unaudited), respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(g) Impairment of long-lived assets***

In accordance with ASC Subtopic 360-10, *Property, Plant and Equipment* for long-lived assets, the Company's properties are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If indications of impairment exist, the Company will evaluate the properties by comparing the carrying amount of the properties to the estimated future undiscounted cash flows of the property. If impairment exists, an impairment loss will be recognized based on the amount by which the carrying amount exceeds the fair value of the asset. For the years ended December 31, 2022, 2021 and 2020, there were no impairments recorded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(h) Distributions from joint venture investments***

The Company utilizes the nature of distributions approach and distributions are reported under operating cash flow unless the facts and circumstances of a specific distribution clearly indicate that it is a return of capital (e.g., a

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**<u>**Table of Contents**</u>**

liquidating dividend or distribution of the proceeds from unconsolidated investments' sale of assets), in which case it is reported as an investing activity. This enables the Company to look to the nature and source of the distribution received and classify it appropriately between operating and investing activities on the statement of cash flows based upon the source.

(***i) Note receivable***

In accordance with Accounting Standard Codification Topic 835 of the ASC ("ASC 835"), the interest income generating activities of the Company are related to Secured Loans. The Company uses the effective interest method to recognize interest income on its secured loans transactions. The Company maintains a security interest in 13 loans and records interest income over the terms of the secured loan receivable. Recognition of interest income is suspended, and the loan is placed on non-accrual status when management determines that collection of future interest income is not probable. The interest income accrual is resumed, and previously suspended interest income is recognized, when the loan becomes contractually current and/or collection doubts are resolved. Cash receipts on impaired loans are recorded first against the principal and then to any unrecognized interest income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(j) Debt issuance costs***

Debt issuance costs, net of accumulated amortization, are reported as a direct deduction from the face amount of the mortgage loan payable to which such costs relate. Amortization of debt issuance costs i reported as a component of interest expense and computed using an imputed interest rate on the related loan.

&nbsp;&nbsp;&nbsp;&nbsp;***(k)&nbsp;&nbsp;&nbsp;&nbsp;Income Taxes***

The Company has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. The Company's federal tax status as a pass-through entity is based on its legal status as a limited partnership. Accordingly, the Company is not required to take any tax positions in order to qualify as a pass-through entity. The Company is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Company has no other tax positions which must be considered for disclosure. Income tax returns filed by the Company are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2019 remain open.

&nbsp;&nbsp;&nbsp;&nbsp;***(l)&nbsp;&nbsp;&nbsp;&nbsp;Revenue Recognition***

Revenues from tenants are recorded when due from tenants and are recognized monthly as they are earned, which generally approximates a straight-line basis. Apartment units are rented under short-term leases (generally, lease terms of nine to twelve months). Rent includes base rent and operating expense reimbursements. Rental payments received in advance are deferred until earned. All leases of the properties are operating leases.

&nbsp;&nbsp;&nbsp;&nbsp;***(m)&nbsp;&nbsp;&nbsp;&nbsp;Expenses***

Expenses include all costs incurred by the Company in connection with the management, operation, maintenance, and repair of the real estate projects and are expensed as incurred.

&nbsp;&nbsp;&nbsp;&nbsp;***(n)&nbsp;&nbsp;&nbsp;&nbsp;Recent Accounting Pronouncements***

In March 2020, the FASB issued Accounting Standards Update (ASU) No. 2020-04, *Reference Rate Reform (Topic 848)*, which provides optional expedients for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU is effective as of March 12, 2020, through December 31, 2022. The Company has begun to transition any contracts that reference LIBOR and expects to complete the process before LIBOR's use is discontinued.

The Company adopted Accounting Standards Update 2016-02 (as amended), *Leases (Topic 842)* on January 1, 2022 ("Adoption Date"). Due to the adoption of ASU 2016-02 the Company has recorded a right of use asset and a corresponding lease liability of $8,897,932, which is recorded as a component of other assets and accrued expenses, respectively, in the accompanying consolidated balance sheets. The average remaining lease term is 37.9 years and weighted average discount rate is 1.87% as of December 31, 2022.

The following table summarizes the fixed, future minimum rental payments, excluding variable costs, which are discounted to calculate the right of use asset and related lease liability for its operating leases in which the Company is the lessee:

------

**<u>**Table of Contents**</u>**

---

| | |
|:---|:---|
| | **Minimum**<br>**Rental Payments** |
| 2023 | $435091 |
| 2024 | 435091 |
| 2025 | 435091 |
| 2026 | 435091 |
| 2027 | 435091 |
| Thereafter | 9993261 |
| Total undiscounted rental payments | 12168716 |
| Less imputed interest | (3542338) |
| **Total lease liabilities** | $**8626378** |

---

Additionally, the Company elected and applied the package of practical expedients permitting the Company to not reassess (i) the lease classification of existing leases; (ii) whether existing and expired contracts are or contain leases; and (iii) initial direct costs for existing leases.

The Company accounted for its existing operating leases with residential tenants of the property as operating leases. Adopting Topic 842 in accounting for residential tenant leases did not result in adjustment to the financial statements.

**(3) Real Estate and Improvements**

The following table summarizes the Company's investment in consolidated real estate properties at December 31, 2022 and 2021:

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2022** | **2021** |
| | | (unaudited) |
| Land | $34098048 | $17853969 |
| Land improvements | 13560314 | 13560314 |
| Buildings and improvements | 198607279 | 198607279 |
| Furniture, fixtures and equipment | 11180367 | 10664678 |
|  | 257446008 | 240686240 |
| Less accumulated depreciation and amortization | (103220237) | (97479892) |
| **Real estate, net of accumulated depreciation and amortization** | $**154225771** | $**143206348** |

---

The Company generally sells interests of consolidated properties to tax credit investors. When a property is sold the Company issues a seller financed note to the buyer and records an offsetting liability resulting in the gain on sale being deferred. When the Company receives principal payments on the note receivables it recognizes a proportionate portion of the deferred gain. During the years ended December 31, 2022, 2021 and 2020 the Company recognized gain on sale of $1,762,204, $2,582,124 (unaudited) and $2,306,488 (unaudited), respectively.

**(4) Equity Method Investments**

The Company has ownership interests in properties where they do not control but still has significant influence that it accounts for as equity method investments. The combined summarized balance sheets and statement of operations of the operating entities in which the Company holds an interest as of December 31, 2022 and 2021 are as follows:

------

**<u>**Table of Contents**</u>**

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2022** | **2021** |
| | | (unaudited) |
| Cash and cash equivalents | $14936928 | $12264801 |
| Restricted cash | 26351742 | 24504630 |
| Real estate, net of depreciation and amortization | 1363527543 | 1319855608 |
| Other assets, net | 12749131 | 12311744 |
| Total assets | $**1417565344** | $**1368936783** |
| Accounts payable and accrued expenses | $33462795 | $40186427 |
| Development fee | 104229375 | 103668576 |
| Mortgage and note payables | 985989274 | 965216792 |
| Total liabilities | 1123681444 | 1109071795 |
| Retained deficit | (165584969) | (129877060) |
| Member's equity | 11460687 | 15476754 |
| Tax credit partners | 448008182 | 374265294 |
| Total equity | 293883900 | 259864988 |
| Total liabilities and equity | $**1417565344** | $**1368936783** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** | **2020** |
| | | (unaudited) | (unaudited) |
| Revenues | $101628125 | $87486171 | $83736048 |
| Operating expenses | (37042046) | (31961343) | (29651482) |
| Depreciation and amortization | (56538400) | (53842014) | (46243918) |
| Interest expense | (35648279) | (30796343) | (27933845) |
| Other expense | (8121489) | (6795050) | (7371349) |
| Net loss | $(35722089) | $(35908579) | $(27464546) |

---

The following investments and ownership interests were held by the Company as of December 31, 2022:

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**<u>**Table of Contents**</u>**

---

| | | | |
|:---|:---|:---|:---|
| **Investment** | **Ownership Interest** | **Investment** | **Ownership Interest** |
| Vintage at Bouquet Canyon | 0.009% | The Meadows by Vintage | 0.009% |
| Agave Apartments | 0.009% | The Timbers by Vintage | 0.009% |
| Elk Creek Apartments | 0.009% | The View by Vintage | 0.009% |
| Falls Creek Apartments | 0.01% | Vintage at Arlington | 0.009% |
| Gateway by Vintage | 0.009% | Vintage at Bellingham | 0.009% |
| Highland by Vintage | 0.009% | Vintage at Bremerton | 0.009% |
| Pointe by Vintage | 0.009% | Vintage at Holly Village | 0.009% |
| Quilceda Creek | 0.009% | Vintage at Lakewood | 0.009% |
| Quinn by Vintage | 0.009% | Vintage at Mill Creek | 0.009% |
| Ridgeview by Vintage Apartments | 0.01% | Vintage at Napa | 0.009% |
| Sky Mountain by Vintage | 0.01% | Heights by Vintage | 0.009% |
| South Hill by Vintage | 0.009% | Vintage at Seven Hills | 0.01% |
| Latitude 112 by Vintage | 0.009% | Vintage at Bennet Valley | 0.009% |
| Springview by Vintage | 0.01% | Vintage at Tacoma | 0.009% |
| Station by Vintage | 0.009% | Vintage at The Crossings | 0.01% |
| Steamboat by Vintage | 0.01% | Vintage at The Sanctuary | 0.01% |
| The Farm by Vintage | 0.009% | Urban Center Apartments | 0.009% |
| Vine by Vintage | 0.009% | Vintage at Vancouver | 0.009% |

---

*Bend Deconsolidation (unaudited)*

During 2021, Vintage at Bend, LP sold their real estate assets to a newly formed entity, Vintage at Bend2, LP. Vintage at Bend, LP was consolidated into VHH balances in 2020 and deconsolidated in 2021. Prior to consolidation in 2021, the investment in Vintage at Bend was adjusted for allocation of income of $6,151,259 (unaudited), distributions received of $4,952,253 (unaudited) and ultimately a write off of investment balance of $2,545,484 (unaudited) for the year ended December 31, 2021. VHH provided a note receivable of $650,000 to the buyer of the real estate, Vintage at Bend 2, LP, an affiliate, which resulted in deferred gain on sale of the real estate.

**(5) Notes receivable**

The Company holds seller back note receivables on properties that the Company has sold to tax credit equity partners. When loans are issued they are non-cash with an offsetting amount to deferred revenue. Upon sale of the property with a seller loan, a portion of the gain is deferred. The Company recognizes interest income based on effective interest rate of loans. When the Company receives principal payments on notes receivable balances, it recognizes gain on sale of real estate. The notes receivable balance below includes principal balances of the notes as well as an accrued and unpaid interest and consists of the following as of December 31, 2022 and 2021:

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**<u>**Table of Contents**</u>**

---

| | | | |
|:---|:---|:---|:---|
| | | **December 31,** | **December 31,** |
| **Property** | **Interest Rate** | **2022** | **2021** |
|  |  |  | (unaudited) |
| Vintage at Bend 2, LP | 2.43% | $650000 | $650000 |
| Ridgeview by Vintage Apartments | 5.00% | 9769390 | 9304181 |
| Vintage at Bouqet Canyon | 8.00% | 446 | 22713 |
| Vintage at Arlington | 5.00% | 288672 | 332269 |
| Vintage at Bellingham | 5.00% | 628029 | 598123 |
| The Meadows by Vintage | 3.00% | 2141459 | 2079086 |
| The Timbers by Vintage | 5.00% |  | 10837 |
| Vintage at Holly Village | 6.00% | 1461424 | 1378702 |
| Vintage at Bennet Valley | 2.18% | 1867868 | 2609774 |
| Vintage at Bremerton | 5.00% | 2278163 | 2169679 |
| Vintage at Napa | 3.50% | 1297252 | 1253384 |
| Vintage at Vancouver | 3.50% | 2024663 | 1956175 |
| Vintage at Seven Hills | 2.50% | 3590551 | 3739073 |
| Agave Apartments | 3.75% | 1488258 | 1931695 |
| Village at 47th<sup>(1)</sup> | 4.34% | 2600000 |  |
| Total |  | $30086175 | $28035691 |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Loan is not seller backed note relates to the development of this apartment building.

**(6) Mortgage and Notes Payable**

As of December 31, 2022, mortgage and notes payable on the accompanying consolidated balance sheets consist of the following:

---

| | | | |
|:---|:---|:---|:---|
| **Property** | **Total** | **Interest Rate** | **Maturity Date** |
| Vintage at Mount Vernon | $12547503 | 5.25% | 8/1/2029 |
| Vintage at Burien | 10750000 | 3.77% | 8/1/2024 |
| Forest Creek | 17259008 | 5.10% | 7/1/2023 |
| Silver Creek | 25000000 | LIBOR+2.75% | 7/1/2026 |
| Vintage at Chehalis | 11073832 | 2.63% | 2/1/2028 |
| Vintage at Everett | 33006384 | LIBOR+2.75% | 2/1/2026 |
| Vintage at Richland | 13606814 | LIBOR+2.75% | 2/1/2026 |
| Vintage at Sequim | 5265164 | SIFMA+1.84% | 3/31/2038 |
| Vintage at Silverdale | 22682201 | 3.63% | 10/1/2025 |
| Vintage at Spokane | 20145333 | 2.61% | 2/1/2028 |
| Vizcaya | 44260000 | LIBOR+2.38% | 11/1/2023 |
| **Debt (excluding loan fees)** | $215596239 |  |  |
| Unamortized loan fees | (1452662) |  |  |
| **Total Debt** | $214143577 |  |  |

---

As of December 31, 2021, mortgage and notes payable on the accompanying consolidated balance sheets consist of the following:

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**<u>**Table of Contents**</u>**

---

| | | | |
|:---|:---|:---|:---|
| **Property** | **Total** | **Interest Rate** | **Maturity Date** |
|  | (unaudited) | (unaudited) | (unaudited) |
| Vintage at Mount Vernon | $10260000 | 5.11% | 7/1/2022 |
| Vintage at Burien | 10750000 | 3.77% | 8/1/2022 |
| Forest Creek | 17500000 | 5.10% | 7/1/2023 |
| Silver Creek | 25000000 | LIBOR+2.75% | 7/1/2026 |
| Vintage at Chehalis | 11331483 | 2.63% | 2/1/2028 |
| Vintage at Everett | 33475000 | LIBOR+2.75% | 2/1/2026 |
| Vintage at Richland | 13800000 | LIBOR+2.75% | 2/1/2026 |
| Vintage at Sequim | 5397826 | SIFMA+1.84% | 3/31/2038 |
| Vintage at Silverdale | 22750000 | 3.63% | 10/1/2023 |
| Vintage at Spokane | 20615661 | 2.61% | 2/1/2028 |
| Vizcaya | 44260000 | LIBOR+2.38% | 5/1/2023 |
| **Debt (excluding loan fees)** | $215139970 |  |  |
| Unamortized loan fees | (2157199) |  |  |
| **Total Debt** | $212982771 |  |  |

---

Principal payments on the mortgage payable and notes payable are as follows as of December 31, 2022:

---

| | |
|:---|:---|
| | **Total** |
| 2023 | $63424778 |
| 2024 | 12952162 |
| 2025 | 24945701 |
| 2026 | 68918073 |
| 2027 | 991031 |
| Thereafter | 44364494 |
| Total | $215596239 |

---

For amounts maturing in 2023, the Company plans to refinance through new loans or pay off existing loans through tax credit equity proceeds from the syndication of underlying properties.

As of December 31, 2022 and 2021, the Company had accrued interest payable on mortgage and note payables of $526,897 and $512,607 (unaudited).

**(7) Related Party Transactions**

*Fee revenues*

The Company in its capacity as general partner or managing member receives fees from tax credit investors in joint venture investments it has an interest in. The Company received fees of $3,801,153, $1,929,216 (unaudited) and $2,346,389 (unaudited) for the years ended December 31, 2022, 2021 and 2020, respectively. As of December 31, 2022 and 2021, the Company had a receivable of $2,733,305 and $2,505,899 (unaudited) included within the accounts receivable balance on the consolidated balance sheet relating to fee revenue

*Interest income*

The Company earns interest income associated with the seller notes that it receives from tax credit partners on the sale of consolidated real estate. See note 5 for more detail. During the years ended December 31, 2022, 2021 and 2020, the Company earned $1,131,624, $1,149,654 (unaudited) and $1,184,267 (unaudited).

*Asset management fee*

The partnership agreement for equity method investments provides for the payment of a cumulative asset management fee to an affiliate of the investor limited partner commencing in the year of the closing date, as defined. During the years ended December 31, 2022, 2021 and 2020, the Company earned $3,424,488, $3,180,759 (unaudited), and $2,918,438 (unaudited), respectively.

------

**<u>**Table of Contents**</u>**

The asset management fee, payable to Vintage Housing Asset Management, an affiliate, is comprised of regular asset management fee that is based off of a base fee of $1.4 million annual fee that is increased or decreased by $250/unit for every unit acquired or sold by the Company. In addition, KW receives an oversight fee that consists of $700,000 original fee that is increased or decreased by $125/unit for every unit acquired or sold by the Company.

*Partnership management fee*

The partnership agreement for equity method investments provides for the payment of an annual fee and the partnership management fee accrues to the extent not paid out of operating cash flow in any fiscal year. During the years ended December 31, 2022, 2021 and 2020 $1,463,500, $1,389,192 (unaudited) and $874,057 (unaudited) of fees were incurred.

*Due to affiliates*

As of December 31, 2022 the Company owes KW $2,340,000 and owes Vintage Housing Development $19,159,927 and $2,908,219 as of December 31, 2022 and 2021, respectively. The amounts due to affiliates are due on demand and are non-interest bearing.

**(8) Commitments and Contingencies**

*Tax credits*

The Company's low-income housing tax credits will be contingent on its ability to maintain compliance with applicable sections of Section 42. Failure to maintain compliance with occupant eligibility, and/or unit gross rent or to correct noncompliance within a specified time period could result in recapture of previously taken tax credits plus interest. In addition, such potential noncompliance may require an adjustment to the contributed capital by the investor limited partner.

*Operating deficit guaranty*

The guarantees made by the Company represent a concentration of credit risk. If performance on the guarantee becomes probable and the liability can be reasonably estimated, the Company would accrue a liability based on the facts and circumstances at that time. All of the guarantees made are with related party entities.

As of December 31, 2022, the Company has provided guarantees related to operating deficits ranging from $415,000 - $4.7 million (median $1.5 million) and are offset by reserves ranging from $192,000 - $1 million (median of $528k) and could expire anywhere from one year (if certain conditions are met) through the compliance period.

**(9) Subsequent Events**

In preparing these consolidated financial statements, the Companies have evaluated subsequent events and transactions for potential recognition or disclosure through March 31, 2023, the date these consolidated financial statements were available to be issued. The Company has exercised extension options on some of its mortgage and note payable balances subsequent to year end. Dates and maturities have in Note 6 have been updated to reflect these elections. No other events were identified requiring disclosure to the financial statements.

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**<u>**Table of Contents**</u>**

**Schedule III - Real Estate and Accumulated Depreciation**

**December 31, 2022**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Initial Cost** | **Initial Cost** | **Gross Balance at December 31, 2022** | **Gross Balance at December 31, 2022** | **Gross Balance at December 31, 2022** | | | | |
|<br>**Property** |<br>**Location** |<br>**Encumbrances** | **Land** | **Building & Improvements** | **Land** | **Buildings & Improvements** | **Total** |<br>**Accumulated Depreciation** |<br>**Depreciable life (years)** |<br>**Date of Construction** |<br>**Date Acquired** |
| Vintage at Mount Vernon | WA | $12547503 | $1157164 | $11656399 | $2613898 | $12624170 | $15238068 | $(7584840) | 40 years | 2003 | 2018 |
| Vintage at Burien | WA | 10750000 |  | 9887575 | 574722 | 10473132 | 11047854 | (5269067) | 40 years | 2006 | 2019 |
| Forest Creek | WA | 17259008 | 684298 | 19698291 | 3031658 | 20792352 | 23824010 | (10834029) | 40 years | 2008 | 2018 |
| Silver Creek | WA | 25000000 | 1824564 | 19495360 | 2734532 | 20558038 | 23292570 | (10316426) | 40 years | 2005 | 2018 |
| Vintage at Chehalis | WA | 11073832 | 1050000 | 11792956 | 2557686 | 12697795 | 15255481 | (6765464) | 40 years | 2008 | 2021 |
| Vintage at Everett | WA | 33006384 | 1191692 | 25712467 | 2047102 | 27041143 | 29088245 | (12532916) | 40 years | 2006 | 2021 |
| Vintage at Richland | WA | 13606814 | 1037760 | 11529496 | 1708583 | 12271674 | 13980257 | (6390480) | 40 years | 2005 | 2021 |
| Vintage at Sequim | WA | 5265164 | 1908658 | 10016847 | 2591404 | 10717899 | 13309303 | (5531431) | 40 years | 2006 | 2018 |
| Vintage at Silverdale | WA | 22682201 | 1400000 | 25334916 | 414575 | 26914374 | 27328949 | (14188263) | 40 years | 2007 | 2019 |
| Vintage at Spokane | WA | 20145333 | 1510000 | 23105062 | 3050290 | 24738431 | 27788721 | (11730082) | 40 years | 2008 | 2021 |
| Vizcaya | CA | 44260000 | 3181614 | 30370337 | 3181614 | 30958638 | 34140252 | (12077239) | 40 years | 1992 | 2019 |
| Folsom | CA |  | 2908219 |  | 2908219 |  | 2908219 |  | N/A | N/A | 2022 |
| Lockwood | CA |  | 13548648 |  | 13548648 |  | 13548648 |  | N/A | N/A | 2021 |
| Redfield | NV |  | 2695431 |  | 2695431 |  | 2695431 |  | N/A | N/A | 2022 |
| Total |  | $215596239 | $34098048 | $198599706 | $43658362 | $209787646 | $253446008 | $(103220237) |  |  |  |

---

## Exhibit 23.2

**Exhibit 23.2**

**Consent of Independent Auditors**

We consent to the incorporation by reference in the registration statements (No. 333-175002, No. 333-175559, No. 333-235472, No. 333-264756 and No. 333-264776) on Form S-3, the registration statement (No. 333-235472) on Form S-3/A, the registration statements (No. 333-164928, No. 333-182269, No. 333-197492, No. 333-218829, No. 333-229348, No. 333-232097 and No. 333-265515) on Form S-8, and the registration statement (No. 333-164926) on Form S-1/A of Kennedy-Wilson Holdings, Inc. of our report dated March 31, 2023, with respect to the consolidated financial statements of KW-G Multifamily Venture I, LLC.

/s/ KPMG LLP

Los Angeles, California

March 31, 2023

## Exhibit 23.3

**Exhibit 23.3**

**Consent of Independent Auditors**

We consent to the incorporation by reference in the registration statements (No. 333-175002, No. 333-175559, No. 333-235472, No. 333-264756 and No. 333-264776) on Form S-3, the registration statement (No. 333-235472) on Form S-3/A, the registration statements (No. 333-164928, No. 333-182269, No. 333-197492, No. 333-218829, No. 333-229348, No. 333-232097 and No. 333-265515) on Form S-8, and the registration statement (No. 333-164926) on Form S-1/A of Kennedy-Wilson Holdings, Inc. of our report dated March 31, 2023, with respect to the consolidated financial statements of Vintage Housing Holdings, LLC as of December 31, 2022 and for the year then ended included in this Amendment No. 1 to Form 10-K of Kennedy-Wilson Holdings, Inc. for the year ended December 31, 2022.

/s/ CohnReznick

Atlanta, Georgia

March 31, 2023

## Exhibit 31.1

**EXHIBIT 31.1** 

**Certification of Chief Executive Officer** 

**RULE 13a-14(a)/15d-14(a) CERTIFICATION PURSUANT TO** 

**SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, William J. McMorrow, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this Annual Report on Form 10-K for the period ended December 31, 2022 as amended by this Amendment No.1 to Form 10-K of Kennedy-Wilson Holdings, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 31, 2023

---

| |
|:---|
| /s/ William J. McMorrow |
| William J. McMorrow<br>*Chief Executive Officer and Chairman* |

---

## Exhibit 31.2

**EXHIBIT 31.2** 

**Certification of Chief Financial Officer** 

**RULE 13a-14(a)/15d-14(a) CERTIFICATION PURSUANT TO** 

**SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, Justin Enbody, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this Annual Report on Form 10-K for the period ended December 31, 2022 as amended by this Amendment No.1 to Form 10-K of Kennedy-Wilson Holdings, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 31, 2023

---

| |
|:---|
| /s/JUSTIN ENBODY |
| Justin Enbody<br>*Chief Financial Officer* |

---

## Exhibit 32.1

**EXHIBIT 32.1** 

**Certification of Chief Executive Officer** 

**Certification Pursuant to Section 906** 

**of the Sarbanes-Oxley Act of 2002** 

**(18 U.S.C. Section 1350)** 

In connection with the Annual Report of Kennedy-Wilson Holdings, Inc. (the "Company") on Form 10-K for the period ended December 31, 2022, as filed with the Securities and Exchange Commission on February 22, 2023, as amended by Amendment No. 1 to Form 10-K of the Company, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, William J. McMorrow, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

In witness whereof, the undersigned has executed and delivered this certificate as of the date set forth opposite his signature below.

---

| | | |
|:---|:---|:---|
| Date: | March 31, 2023 | /s/ WILLIAM J. MCMORROW |
| | | William J. McMorrow <br>*Chief Executive Officer* |

---

The foregoing certification is being furnished solely to accompany the Report pursuant to 18. U.S.C. Section 1350, and is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not to be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing. A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities Exchange Commission or its staff upon request.

## Exhibit 32.2

**EXHIBIT 32.2** 

**Certification of Chief Financial Officer** 

**Certification Pursuant to Section 906** 

**of the Sarbanes-Oxley Act of 2002** 

**(18 U.S.C. Section 1350)** 

In connection with the Annual Report of Kennedy-Wilson Holdings, Inc. (the "Company") on Form 10-K for the period ended December 31, 2022, as filed with the Securities and Exchange Commission on February 22, 2023, as amended by Amendment No. 1 to Form 10-K of the Company, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Justin Enbody, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

In witness whereof, the undersigned has executed and delivered this certificate as of the date set forth opposite his signature below.

---

| | | |
|:---|:---|:---|
| Date: | March 31, 2023 | /s/ JUSTIN ENBODY |
| | | Justin Enbody <br>*Chief Financial Officer* |

---

The foregoing certification is being furnished solely to accompany the Report pursuant to 18. U.S.C. Section 1350, and is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not to be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing. A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities Exchange Commission or its staff upon request.

<br>