Contract analysis

I. ENGAGEMENT & MATTER MANAGEMENT | Engagement letter, conflicts, staffing, budget | 15 | $1,150 | 8 | $1,100 | 0 | $1,150 | 10 | $725 | 5 | $575 | 38 | $34,450 | 1.2%

II. LOI & PRE-PSA | LOI review/drafting, NDA, exclusivity extension, structure memo, DD request list, data room protocol | 30 | $1,150 | 5 | $1,100 | 25 | $1,150 | 60 | $725 | 40 | $575 | 160 | $120,275 | 4.3%

III. PSA DRAFTING & NEGOTIATION | Initial draft PSA (87 pages + 22 exhibits, 14+ schedules), markup cycles, amendments, blackline | 120 | $1,150 | 10 | $1,100 | 30 | $1,150 | 280 | $725 | 200 | $575 | 640 | $502,750 | 18.0%

III. PSA DRAFTING & NEGOTIATION | Exhibit preparation (Exhibits A–V), including rent roll review, allocation schedule, proration methodology, escrow agreement, form estoppel, form SNDA, form guaranty, transition services agreement | 40 | $1,150 | 0 | $1,100 | 15 | $1,150 | 120 | $725 | 100 | $575 | 275 | $207,250 | 7.4%

III. PSA DRAFTING & NEGOTIATION | Disclosure schedules review (Schedules 1, 2-1 through 2-14) | 10 | $1,150 | 0 | $1,100 | 5 | $1,150 | 50 | $725 | 40 | $575 | 105 | $71,750 | 2.6% Subtotal — PSA Drafting & Negotiation | 170 | 10 | 50 | 450 | 340 | 1020 | $781,750 | 27.9%

IV. DUE DILIGENCE | Title review — 14 properties across GA, TX, FL, TN, NC (commitments, exception documents, objections, cures) | 25 | $1,150 | 0 | $1,100 | 0 | $1,150 | 80 | $725 | 100 | $575 | 205 | $143,375 | 5.1%

IV. DUE DILIGENCE | Survey review — 14 ALTA/NSPS surveys, instruction letter, comment letter, certifications | 10 | $1,150 | 0 | $1,100 | 0 | $1,150 | 40 | $725 | 60 | $575 | 110 | $74,900 | 2.7%

IV. DUE DILIGENCE | Lease audit — 87 leases portfolio summary + top 10 tenant detailed memo | 20 | $1,150 | 0 | $1,100 | 0 | $1,150 | 100 | $725 | 120 | $575 | 240 | $164,500 | 5.9%

IV. DUE DILIGENCE | Environmental DD — review 14 Phase I ESAs (including Westlake and Lakeland de minimis RECs), memo | 5 | $1,150 | 0 | $1,100 | 0 | $1,150 | 25 | $725 | 30 | $575 | 60 | $41,225 | 1.5%

IV. DUE DILIGENCE | PCA review — 14 PCAs, $2,140,000 immediate repairs, negotiate credit ($1,070,000), memo | 5 | $1,150 | 0 | $1,100 | 0 | $1,150 | 20 | $725 | 25 | $575 | 50 | $34,575 | 1.2%

IV. DUE DILIGENCE | Zoning/land use — 14 properties, coordinate with local counsel, confirmation letters | 5 | $1,150 | 0 | $1,100 | 0 | $1,150 | 15 | $725 | 25 | $575 | 45 | $31,225 | 1.1%

IV. DUE DILIGENCE | Entity-level DD — org docs, good standing, UCC searches, litigation searches (14 Target Entities + Seller) | 5 | $1,150 | 0 | $1,100 | 0 | $1,150 | 20 | $725 | 35 | $575 | 60 | $40,850 | 1.5%

IV. DUE DILIGENCE | Loan document review — Pinnacle ($421.6M, 8 loans), Veltrano ($142.3M, 4 loans), Sycamore ($48.1M, 2 loans) | 20 | $1,150 | 0 | $1,100 | 0 | $1,150 | 60 | $725 | 70 | $575 | 150 | $106,750 | 3.8%

IV. DUE DILIGENCE | Insurance coverage review, service contract review (63 contracts), comprehensive DD summary memo | 10 | $1,150 | 0 | $1,100 | 0 | $1,150 | 30 | $725 | 40 | $575 | 80 | $56,100 | 2.0% Subtotal — Due Diligence | 105 | 0 | 0 | 390 | 505 | 1000 | $693,500 | 24.8%

V. LENDER CONSENT WORKSTREAM | Strategy memo, consent request letters (3 lenders), replacement guaranty drafting/negotiation, assumption agreements, consent fee coordination ($1,825,625 total) | 40 | $1,150 | 0 | $1,100 | 0 | $1,150 | 100 | $725 | 80 | $575 | 220 | $164,500 | 5.9%

VI. TITLE & SURVEY DELIVERABLES | Commitment summary chart, pro forma policies, endorsement requests, premium allocation ($2,420,000), marked-up commitments, gap indemnity, title affidavits | 15 | $1,150 | 0 | $1,100 | 0 | $1,150 | 50 | $725 | 60 | $575 | 125 | $88,125 | 3.1%

VII. ESTOPPELS & SNDAs | Estoppel tracking (87 tenants, 91.4% ABR target), transmittal, review (6 discrepancies), compilation; SNDA tracking (38 Major Tenants), transmittal, compilation (34 at closing + 4 post-closing), compliance certificate | 15 | $1,150 | 0 | $1,100 | 0 | $1,150 | 60 | $725 | 70 | $575 | 145 | $101,425 | 3.6%

VIII. TAX WORKSTREAM | Structure memo, transfer tax analysis (5 states, $3,850,000 est.), FIRPTA analysis, PP allocation (Section 1060), REIT qualification impact, state income/franchise tax, transfer tax returns, Form 8594 draft | 15 | $1,150 | 0 | $1,100 | 120 | $1,150 | 30 | $725 | 20 | $575 | 185 | $181,650 | 6.5%

IX. CLOSING | Pre-closing checklist, closing agenda, 14 assignment & assumption agreements, closing certificates, FIRPTA certificate, secretary's certificates, escrow agreements ($16.5M indemnity + $55M deposit), proration statement, settlement statements, bill of sale, assignment of leases/contracts, transition services agreement, tenant notification letters, funds flow memo, wire instructions/confirmations | 50 | $

X. POST-CLOSING | Obligations tracker, 14 A&R operating agreements, DE manager change filings, foreign qualification filings (5 states), UCC-3 filings, property management transition memo, tenant notification confirmation, proration true-up analysis ($347,218 net credit to Buyer), SNDA post-closing delivery confirmation, indemnity escrow release instructions, title policy issuance confirmation | 25 | $1,150 | 0 | $1,

XI. R&W INSURANCE | Broker submission memo, policy review ($55M limit, $11M retention, $1,402,500 premium), no-claims declaration, premium wire confirmation — coordination with Hartwick Gunderson / Sentinel Specialty | 10 | $1,150 | 0 | $1,100 | 0 | $1,150 | 25 | $725 | 20 | $575 | 55 | $40,925 | 1.5%

XII. LOCAL COUNSEL COORDINATION | Engagement scoping, opinion requirements, recording confirmations — Breckenridge Osgood (TX), Talmadge Beaumont (GA), Haversham Cole (NC), Ellsworth Ridley (TN), Palmetto Strauss (FL) | 10 | $1,150 | 0 | $1,100 | 0 | $1,150 | 20 | $725 | 30 | $575 | 60 | $43,350 | 1.5%

XIII. INTERNAL CORRESPONDENCE & CLIENT COMMUNICATION | Key client emails, counterparty correspondence, deal team calls, weekly status updates | 30 | $1,150 | 5 | $1,100 | 5 | $1,150 | 40 | $725 | 30 | $575 | 110 | $83,950 | 3.0% GRAND TOTAL | 530 | 33 | 220 | 1420 | 1430 | 3633 | $2,720,000 | 97.1% REMAINING CUSHION BELOW $2,800,000 CAP | $80,000 | 2.9% [sheet: Timekeeper Summary] Timekeeper | Role | Office | Standar