Contract analysis

I. Executive Summary This memorandum is prepared for the benefit of Briarwood Family Office LLC ("Briarwood" or "BFO") in connection with its prospective acquisition of the mixed-use commercial property located at 450 West 34th Street, New York, New York 10001 (the "Property"). Following execution of the Letter of Intent dated March 14, 2026 (the "LOI") between Briarwood Family Office LLC (or its designee, BFO 450 We

II. Property and Transaction Overview A. The Property The Property consists of a fourteen-story mixed-use building with cellar, located at 450 West 34th Street, New York, New York 10001, in the Hudson Yards / Penn Station submarket of Midtown Manhattan. The Property is situated on a lot identified as Block 754, Lot 42, Borough of Manhattan, New York County. The building was originally constructed in 1928 and underwen

III. In-Place Property Financials The financial analysis set forth below is based on operating statements and rent rolls provided by the Seller during the LOI process. These figures have not yet been independently verified by Briarwood or its advisors and will be subject to thorough diligence during the Inspection Period. Nevertheless, these Seller-provided figures form the basis for our financing analysis and for in

IV. Proposed Capital Stack — Detailed Analysis A. Senior Mortgage — Pinnacle Federal Savings Bank

1. Indicative Terms Briarwood has engaged in preliminary discussions with Pinnacle Federal Savings Bank regarding senior acquisition financing for the Property. The indicative terms discussed to date, which have not yet been reduced to a formal term sheet, are as follows: • Lender: Pinnacle Federal Savings Bank, 245 Park Avenue, 12th Floor, New York, New York 10167 • Relationship Manager: Daniel Ortega, Senior Vice P

2. Debt Service Analysis Based on the indicative loan terms described above, the estimated debt service on the senior mortgage is as follows: • Estimated Monthly Debt Service (Principal and Interest): Approximately $498,900 (calculated on a 30-year fully amortizing schedule at an assumed all-in rate of 6.60% on a principal balance of $78,000,000) • Estimated Annual Debt Service: $498,900 × 12 = $5,986,800 • Debt Serv

3. Anticipated Lender Requirements Based on our experience with Pinnacle and with CRE lenders generally for transactions of this size and type, we anticipate that the senior loan documentation will require or include the following: Borrower Structure: The loan will be made to BFO 450 West 34th LLC, which must be organized and maintained as a single-purpose entity ("SPE"). The SPV's operating agreement must include se

1. Indicative Terms Briarwood has conducted preliminary discussions with Caliber Point Capital Partners LP regarding a preferred equity investment in the transaction. These discussions are at an early stage, and no term sheet has been issued. The indicative terms discussed to date are as follows: • Entity: Caliber Point Capital Partners LP, 590 Madison Avenue, Suite 3100, New York, New York 10022 • Contact: Priya Sun

2. Structural Considerations Preferred equity in a commercial real estate transaction occupies a unique position in the capital structure — it is technically equity rather than debt, but it carries economic characteristics (fixed return, priority of payment, capital repayment preference) that are debt-like in nature. This hybrid character has several important implications: Tax Treatment: Unlike mezzanine debt secure

3. Total Leverage Analysis To fully appreciate the leverage dynamics of the proposed capital stack, it is useful to consider the combined priority obligations of both the senior debt and the preferred equity in relation to the Property's in-place NOI: • Annual Senior Debt Service: $5,986,800 • Annual Preferred Return: $1,890,000 • Total Annual Priority Obligations: $5,986,800 + $1,890,000 = $7,876,800 • In-Place NOI:

V. DSCR Shortfall — Strategies and Recommendations A. The Problem The DSCR shortfall is the central financing challenge in this transaction, and it must be resolved before Pinnacle Federal Savings Bank will issue a term sheet at the proposed $78,000,000 loan amount. The dimensions of the problem are as follows: • The Property's in-place NOI of $6,960,000 produces a DSCR of only 1.16× against estimated senior debt ser

1. Interest-Only Period Our primary recommendation is to request an initial interest-only ("IO") period of twenty-four (24) months from Pinnacle Federal Savings Bank. The economic impact of an IO period is significant: • Annual Debt Service on IO Basis (at 6.60%): $78,000,000 × 0.066 = $5,148,000 • DSCR on IO Basis: $6,960,000 ÷ $5,148,000 = 1.35× A DSCR of 1.35× on an interest-only basis comfortably exceeds the anti

2. Reduced Loan Amount / Additional Equity If Pinnacle is unwilling to grant a 24-month IO period, the alternative is to reduce the senior loan amount to a level that produces a 1.25× DSCR on a fully amortizing basis with in-place NOI. The math is straightforward: • Maximum supportable annual debt service at 1.25× DSCR: $6,960,000 ÷ 1.25 = $5,568,000 • At 6.60% with 30-year amortization, this supports a maximum loan

3. Rent upside / Vacancy Fill The Property's current overall occupancy of 87.4% provides meaningful upside potential. Specifically: • Vacant Office Space: Approximately 97,300 SF × (1 − 0.812) = approximately 18,291 SF of vacant office space, primarily on Floors 8 and 9 • Incremental Revenue from Office Lease-Up: If vacant office space is leased at the building's average office rent of $55.00 per square foot, increme

4. Interest Rate Buydown or Hedge An alternative or supplementary approach is to explore with Pinnacle the possibility of reducing the all-in interest rate through a rate buydown or interest rate cap: • A 25 basis point reduction in the spread (from SOFR + 225 bps to SOFR + 200 bps, yielding an all-in rate of 6.35%) would reduce estimated annual debt service from $5,986,800 to approximately $5,844,000 • Resulting DSC

5. Recommended Approach Based on our analysis, we recommend the following prioritized approach: Primary Recommendation: Request an initial 24-month interest-only period from Pinnacle Federal Savings Bank, supported by a detailed leasing and NOI growth plan that demonstrates a credible path to a 1.25× DSCR (or better) on a fully amortizing basis by month 25 of the loan term. This approach preserves the full $78,000,00

VI. Mortgage Recording Tax and CEMA Opportunity A. Mortgage Recording Tax Calculation — Without CEMA Under the laws of the City and State of New York, a tax is imposed upon the recording of a mortgage in the amount exceeding $500,000. For commercial mortgages in New York City, the combined City and State mortgage recording tax rate is 2.80% of the principal debt secured by the mortgage. This tax is a buyer/borrower o

VII. Intercreditor and Structural Considerations A. Senior Lender / Preferred Equity Interface The coexistence of a senior secured lender (Pinnacle Federal Savings Bank) and a preferred equity holder (Caliber Point Capital Partners LP) in the capital structure creates intercreditor dynamics that must be carefully managed. Unlike a traditional senior/mezzanine debt structure — where the intercreditor relationship is g