[sheet: Closing Checklist]

Item No.	Category	Document Description	Responsible Party	Execution / Delivery Date	Delivery Status	Original / Copy / Conformed	Notes / Comments
1.1	I. Core Transaction Documents	Indenture (Execution Version) among Driftwood CLO 2023-I, Ltd. as Issuer, Driftwood CLO 2023-I, LLC as Co-Issuer, and Ironclad Trust Company, N.A. as Trustee — governing issuance of $400,000,000 in notes across six tranches. Governed by New York law.	Calderwood & Harkness LLP	2023-08-22	Delivered	Original	Executed by all parties. Covers priority of payments waterfall, O/C tests, I/C tests, collateral eligibility criteria, reinvestment period ending 9/12/2028, non-call period ending 9/12/2025, stated maturity 10/15/2036. Reference rate: Compounded SOFR; day count: Actual/360; min denomination $250,000.
1.2	I. Core Transaction Documents	First Supplemental Indenture among the Issuer, Co-Issuer, and Ironclad Trust Company, N.A. as Trustee — reflecting final pricing spreads: Class A-1 SOFR + 155 bps, Class A-2 SOFR + 190 bps, Class B SOFR + 230 bps, Class C SOFR + 310 bps, Class D SOFR + 625 bps; confirming aggregate note amounts and CUSIPs.	Calderwood & Harkness LLP	2023-09-08	Delivered	Original	Supplements Indenture dated 8/22/2023. CUSIPs: A-1 (144A) 26738TAA5, A-1 (Reg S) G2694LAA7, A-2 26738TAB3, B 26738TAC1, C 26738TAD9, D 26738TAE7, Sub 26738TAF4. ISIN A-1 (144A): US26738TAA51.
1.3	I. Core Transaction Documents	Collateral Management Agreement between Driftwood CLO 2023-I, Ltd. as Issuer and Driftwood Credit Management LLC as Collateral Manager. Senior fee 0.15% p.a. ($600,000/yr), subordinate fee 0.35% p.a. ($1,400,000/yr), incentive fee 20% of excess above 12% IRR hurdle.	Calderwood & Harkness LLP	2023-08-22	Delivered	Original	Governed by New York law. DCM (SEC CRD #182447) serves as collateral manager.
1.4	I. Core Transaction Documents	Collateral Administration Agreement among Driftwood CLO 2023-I, Ltd., Driftwood Credit Management LLC, and Ironclad Trust Company, N.A. as Collateral Administrator. Trustee fee $25,000 p.a. (flat); trustee expense cap $50,000 per payment date.	Calderwood & Harkness LLP	2023-08-22	Delivered	Original	Governed by New York law.
1.5	I. Core Transaction Documents	Note Purchase Agreement (Placement Agreement) among the Issuer, Co-Issuer, Meridian Atlantic Securities LLC as lead placement agent, and Northbridge Capital Markets Inc. as co-placement agent. $364,000,000 rated notes + $36,000,000 subordinated notes. Placement fee 0.50% of rated notes ($1,820,000); co-placement fee 0.25% of sub notes ($90,000).	Calderwood & Harkness LLP / Barrington, Locke & Hayes LLP	2023-09-08	Delivered	Original	Offered under Rule 144A / Regulation S. Governed by New York law.
1.6	I. Core Transaction Documents	Co-Issuance Agreement between Driftwood CLO 2023-I, Ltd. (Cayman Issuer) and Driftwood CLO 2023-I, LLC (Delaware Co-Issuer).	Calderwood & Harkness LLP	2023-08-22	Delivered	Original	Joint and several obligations of the Co-Issuers under the Indenture. Governed by New York law.
1.7	I. Core Transaction Documents	Account Control Agreement among Driftwood CLO 2023-I, Ltd., Ironclad Trust Company, N.A. as Trustee, and Havenwood Bank, N.A. as Account Bank — governing CLO transaction accounts (Payment Account, Collection Account, Interest Reserve Account, Expense Account).	Calderwood & Harkness LLP	2023-08-22	Delivered	Original	Governed by New York law. Establishes Trustee control over CLO accounts.
1.8	I. Core Transaction Documents	Global Note Forms — Class A-1 (Rule 144A and Regulation S), Class A-2, Class B, Class C, Class D, and Subordinated Notes. Executed and authenticated by Ironclad Trust Company, N.A. as Trustee.	Calderwood & Harkness LLP / Ironclad Trust Company, N.A.	2023-09-12	Delivered	Original	Deposited with DTC. Min denomination: $250,000 (rated notes); $250,000 (subordinated notes).
1.9	I. Core Transaction Documents	Subscription Agreement for Subordinated Notes — between Driftwood CLO 2023-I, Ltd. and various investors (including Driftwood Absolute Return Fund Ltd. as anchor sub-note holder).	Calderwood & Harkness LLP	2023-09-08	Delivered	Original	$36,000,000 subordinated notes. Investor representations re: QIB/QP/non-U.S. person status.
2.1	II. Offering Materials	Preliminary Offering Memorandum — $364,000,000 rated secured notes and $36,000,000 subordinated notes of Driftwood CLO 2023-I, Ltd. and Driftwood CLO 2023-I, LLC.	Calderwood & Harkness LLP / Meridian Atlantic Securities LLC	2023-08-04	Delivered	Copy	Distributed to prospective investors.
2.2	II. Offering Materials	Final Offering Memorandum — $400,000,000 Driftwood CLO 2023-I. Confirmed ratings: A-1 AAA/AAA, A-2 AA/AA, B A/A, C BBB/BBB, D BB/BB (Brindoval/Ridgeline). Class A-2 reference spread SOFR + 190 bps.	Calderwood & Harkness LLP / Meridian Atlantic Securities LLC	2023-08-18	Delivered	Copy	Final structural terms, collateral portfolio summary, risk factors, tax considerations, ERISA matters included.
2.3	II. Offering Materials	Pricing Term Sheet — summary of final pricing, tranche sizes, spreads, CUSIPs, settlement date, and key structural features distributed to investors.	Meridian Atlantic Securities LLC	2023-09-08	Delivered	Copy	Circulated upon pricing. Confirmed by C&H.
2.4	II. Offering Materials	Investor Presentation / Roadshow Materials — Driftwood Credit Management LLC platform overview, investment strategy, track record, and CLO 2023-I structural summary.	Driftwood Credit Management LLC / Meridian Atlantic Securities LLC	2023-08-07	Delivered	Copy	Used in investor meetings August 7–16, 2023.
3.1	III. Warehouse Take-Out Documents	Warehouse Payoff Letter from Havenwood Bank, N.A. — outstanding balance of $212,500,000 plus accrued interest; wire instructions for full repayment from CLO note proceeds.	Havenwood Bank, N.A. / Kenton & Caldwell LLP	2023-09-12	Delivered	Original	Warehouse facility originally $250,000,000 revolving credit at SOFR + 150 bps, dated 5/22/2023. Balance repaid in full at CLO closing.
3.2	III. Warehouse Take-Out Documents	Warehouse Facility Termination and Release Agreement among Driftwood CLO 2023-I, Ltd., Driftwood Credit Management LLC, and Havenwood Bank, N.A.	Calderwood & Harkness LLP / Kenton & Caldwell LLP	2023-09-12	Delivered	Original	Terminates warehouse facility dated 5/22/2023; releases all collateral. Governed by New York law.
3.3	III. Warehouse Take-Out Documents	Assignment of Collateral from Warehouse to CLO Issuer — collateral assets transferred from Havenwood Bank warehouse to Driftwood CLO 2023-I, Ltd. and pledged to Ironclad Trust Company, N.A. under the Indenture.	Calderwood & Harkness LLP	2023-09-12	Delivered	Original	Includes schedule of transferred loan positions; representations re eligibility and good title.
3.4	III. Warehouse Take-Out Documents	UCC-3 Termination Statement — release of Havenwood Bank's security interest in warehouse collateral upon payoff.	Kenton & Caldwell LLP	2023-09-12	Delivered	Copy	Filed with Delaware Secretary of State.
4.1	IV. Rating Agency Documents	Rating Agency Engagement Letter — Brindoval Analytical Services Inc.	Calderwood & Harkness LLP / Brindoval Analytical Services Inc.	2023-06-12	Delivered	Copy	For assignment and ongoing surveillance of ratings on Class A-1, A-2, B, C, and D Notes.
4.2	IV. Rating Agency Documents	Rating Agency Engagement Letter — Ridgeline Credit Ratings LLC.	Calderwood & Harkness LLP / Ridgeline Credit Ratings LLC	2023-06-19	Delivered	Copy	Dual-rated alongside Brindoval.
4.3	IV. Rating Agency Documents	Rating Agency Presentation Deck — Brindoval Analytical Services Inc. (Anita Delgado, Brian Whitford). Platform overview, capital structure, eligibility criteria (min WA spread 350 bps, min diversity 60, max CCC 7.5%, min WARF 2,850), O/C and I/C tests.	Calderwood & Harkness LLP / Driftwood Credit Management LLC	2023-06-12	Delivered	Copy	Initial rating agency meeting presentation.
4.4	IV. Rating Agency Documents	Rating Agency Presentation Deck — Ridgeline Credit Ratings LLC (Kenji Matsuda).	Calderwood & Harkness LLP / Driftwood Credit Management LLC	2023-06-19	Delivered	Copy	Tailored to Ridgeline methodology.
4.5	IV. Rating Agency Documents	Rating Confirmation Letter — Brindoval Analytical Services Inc. Final ratings: A-1 AAA, A-2 AA, B A, C BBB, D BB.	Brindoval Analytical Services Inc. (Anita Delgado)	2023-09-08	Delivered	Original	Reviewed by C&H for consistency with Indenture and NPA closing conditions.
4.6	IV. Rating Agency Documents	Rating Confirmation Letter — Ridgeline Credit Ratings LLC. Final ratings: A-1 AAA, A-2 AA, B A, C BBB, D BB.	Ridgeline Credit Ratings LLC (Kenji Matsuda)	2023-09-08	Delivered	Original	Reviewed by C&H for consistency with closing conditions.
4.7	IV. Rating Agency Documents	17g-5 Information Provider Website — confirmation of posting of transaction documents and collateral data to password-protected website for NRSRO access.	Ironclad Trust Company, N.A. / Calderwood & Harkness LLP	2023-09-08	Delivered	Copy	Compliance with Rule 17g-5 under the Securities Exchange Act of 1934.

5.1	V. Legal Opinions	U.S. Legal Opinion of Issuer's Counsel — Calderwood & Harkness LLP. Addressed to Ironclad Trust Company, N.A. and Meridian Atlantic Securities LLC. Opines on due authorization, enforceability under NY law, valid issuance, no-conflict, Investment Company Act exemption (Rule 3a-7).	Calderwood & Harkness LLP (Samuel Eklund)	2023-09-12	Delivered	Original	Governed by New York law.
5.2	V. Legal Opinions	Tax Opinion of Issuer's Counsel — Calderwood & Harkness LLP (Sylvia Hartwell). Addressed to Issuer and Trustee. Issuer not engaged in U.S. trade or business; Co-Issuer disregarded entity; rated notes treated as debt, subordinated notes as equity.	Calderwood & Harkness LLP (Sylvia Hartwell)	2023-09-12	Delivered	Original
5.3	V. Legal Opinions	Cayman Legal Opinion — Applegategate Offshore Services Ltd. (Nigel Pemberton). Due incorporation and good standing of Driftwood CLO 2023-I, Ltd. (Cayman Reg. No. EX-382916), power and authority, enforceability under Cayman law, Cayman tax exemption.	Applegategate Offshore Services Ltd.	2023-09-12	Delivered	Original	Coordinated by Calderwood & Harkness.
5.4	V. Legal Opinions	Trustee's Counsel Opinion — Ashworth & Pratt LLP (Lillian Marchetti). Due authorization and execution of Indenture and ancillary documents by Ironclad Trust Company, N.A.	Ashworth & Pratt LLP	2023-09-12	Delivered	Original	Reviewed by C&H for completeness and conformity with closing conditions.
5.5	V. Legal Opinions	Delaware LLC Opinion — Calderwood & Harkness LLP. Due formation and good standing of Driftwood CLO 2023-I, LLC under Delaware law; valid existence; power and authority to execute transaction documents.	Calderwood & Harkness LLP (Samuel Eklund)	2023-09-12	Delivered	Original	DE File No. 7429831.
6.1	VI. Closing Certificates & Corporate Authorizations	Officer's Certificate of the Issuer (Closing Certificate) — Driftwood CLO 2023-I, Ltd. Certifies satisfaction of closing conditions under Indenture and NPA, accuracy of representations, absence of defaults, compliance with collateral quality tests.	Calderwood & Harkness LLP / Driftwood CLO 2023-I, Ltd.	2023-09-12	Delivered	Original	Drafted by C&H.
6.2	VI. Closing Certificates & Corporate Authorizations	Secretary's Certificate of the Issuer — Driftwood CLO 2023-I, Ltd. Certifies incumbency of authorized signatories, attaches board resolutions, confirms Memorandum and Articles of Association.	Calderwood & Harkness LLP / Applegategate Offshore Services Ltd.	2023-09-12	Delivered	Original	Prepared by C&H in coordination with Applegategate.
6.3	VI. Closing Certificates & Corporate Authorizations	Board Resolutions — Driftwood CLO 2023-I, Ltd. Authorizing execution of Indenture, CMA, Co-Issuance Agreement, issuance of notes, and designation of authorized signatories.	Calderwood & Harkness LLP / Applegategate Offshore Services Ltd.	2023-08-20	Delivered	Copy (certified)	Written resolutions of the Board of Directors.
6.4	VI. Closing Certificates & Corporate Authorizations	Board Resolutions (Sole Member Written Consent) — Driftwood CLO 2023-I, LLC. Authorizing execution of Indenture and Co-Issuance Agreement, issuance of notes as Co-Issuer.	Calderwood & Harkness LLP	2023-08-20	Delivered	Copy (certified)	DE File No. 7429831.
6.5	VI. Closing Certificates & Corporate Authorizations	Certificate of Formation — Driftwood CLO 2023-I, LLC. Filed with Delaware Secretary of State. Registered Agent: National Registered Agents Inc., 1209 Orange Street, Wilmington, DE 19801.	Calderwood & Harkness LLP	N/A (filed pre-closing)	Delivered	Certified Copy	DE File No. 7429831.
6.6	VI. Closing Certificates & Corporate Authorizations	Memorandum and Articles of Association — Driftwood CLO 2023-I, Ltd. (Cayman Islands exempted company, Reg. No. EX-382916). Objects, authorized share capital, director provisions.	Applegategate Offshore Services Ltd.	N/A (filed pre-closing)	Delivered	Certified Copy	Prepared by Applegategate; coordinated with C&H.
6.7	VI. Closing Certificates & Corporate Authorizations	Limited Liability Company Agreement — Driftwood CLO 2023-I, LLC. Driftwood CLO 2023-I, Ltd. as sole member. Governance, purpose, limited activities of Co-Issuer.	Calderwood & Harkness LLP	2023-08-22	Delivered	Original
6.8	VI. Closing Certificates & Corporate Authorizations	Certificate of Good Standing — Driftwood CLO 2023-I, LLC. Issued by Delaware Secretary of State.	Calderwood & Harkness LLP	2023-09-08	Delivered	Certified Copy	Dated within 10 days of closing.
6.9	VI. Closing Certificates & Corporate Authorizations	Certificate of Good Standing — Driftwood CLO 2023-I, Ltd. Issued by Cayman Islands Registrar of Companies.	Applegategate Offshore Services Ltd.	2023-09-07	Delivered	Certified Copy	Dated within 10 days of closing.
6.10	VI. Closing Certificates & Corporate Authorizations	Collateral Manager's Closing Certificate — Driftwood Credit Management LLC. Certifies accuracy of representations in CMA, no conflicts, compliance with applicable law.	Driftwood Credit Management LLC (David Hwan)	2023-09-12	Delivered	Original	Drafted by C&H.
7.1	VII. Funds Flow & Settlement	Closing Funds Flow Memorandum. Sources: $256M (A-1) + $40M (A-2) + $28M (B) + $24M (C) + $16M (D) + $36M (Sub) = $400M total. Uses: $212.5M warehouse payoff to Havenwood Bank, $1,820,000 placement fee to Meridian Atlantic, $90,000 co-placement fee to Northbridge, funding of transaction accounts, remaining new collateral purchases, transaction expenses. Includes wire instructions.	Calderwood & Harkness LLP	2023-09-12	Delivered	Original	Confirmed by all parties.
7.2	VII. Funds Flow & Settlement	DTC Eligibility Confirmation — Ironclad Trust Company, N.A. (DTC Participant No. 2176). Confirmation of DTC clearance and settlement of all note tranches.	Ironclad Trust Company, N.A.	2023-09-20	Delivered	Copy	Final settlement completed 9/20/2023.
7.3	VII. Funds Flow & Settlement	Evidence of wire transfers — warehouse payoff, placement fees, transaction expenses.	Calderwood & Harkness LLP / Ironclad Trust Company, N.A.	2023-09-12	Delivered	Copy	Wires confirmed on Closing Date.
7.4	VII. Funds Flow & Settlement	Confirmation of funding of Reserve Account and Expense Account at Havenwood Bank, N.A.	Ironclad Trust Company, N.A. / Havenwood Bank, N.A.	2023-09-12	Delivered	Copy	Funded from closing proceeds per Funds Flow Memorandum.
8.1	VIII. Post-Closing Items	Effective Date compliance — target portfolio par of $400,000,000 and satisfaction of all Collateral Quality Tests (min WA spread 350 bps, max WAL 7.5 yrs, min diversity 60, max CCC 7.5%, max 2nd lien 5.0%, max fixed rate 10.0%, min WA recovery 45.0%, min WARF 2,850) and Coverage Tests (Class A O/C 128.00%, B O/C 118.00%, C O/C 110.00%, D O/C 105.50%; Class A I/C 120.00%, B I/C 115.00%, C I/C 110.00%, D I/C 105.00%).	Driftwood Credit Management LLC (David Hwan) / Ironclad Trust Company, N.A.	No later than 2023-12-12	Pending	N/A	Effective Date Deadline: 90 days post-pricing (12/12/2023). First Payment Date: 1/15/2024. Payment frequency: Quarterly (15th of Jan, Apr, Jul, Oct). Record Date: 15th calendar day preceding each Payment Date.
8.2	VIII. Post-Closing Items	FATCA/CRS Registration — Driftwood CLO 2023-I, Ltd. registered as Reporting Foreign Financial Institution with Cayman Tax Information Authority.	Applegategate Offshore Services Ltd. / Driftwood	Post-Closing	Pending	N/A	Confirm registration completion.
8.3	VIII. Post-Closing Items	Filing of UCC Financing Statements (if applicable) — perfection of security interests in collateral assets.	Calderwood & Harkness LLP	Post-Closing	Pending	N/A
8.4	VIII. Post-Closing Items	Delivery of final closing binder / document index to all parties.	Calderwood & Harkness LLP	Post-Closing	Pending	N/A	C&H Matter No. 1024-00004; Billing Code: DARF-CLO-2023I.
8.5	VIII. Post-Closing Items	Effective Date Notice to Trustee and Rating Agencies — confirmation that all Collateral Quality Tests and Coverage Tests have been satisfied as of the Effective Date.	Driftwood Credit Management LLC / Calderwood & Harkness LLP	Post-Closing	Pending	N/A	Due within 5 business days of Effective Date determination.
8.6	VIII. Post-Closing Items	Submission of Form W-8BEN-E — Driftwood CLO 2023-I, Ltd. to Ironclad Trust Company, N.A. as withholding agent.	Applegategate Offshore Services Ltd. / Calderwood & Harkness LLP	Post-Closing	Pending	N/A	Required prior to first Payment Date (1/15/2024).

[sheet: Party Directory]

Party Full Legal Name	Short Name	Role in Transaction	Entity Type	Jurisdiction	Key Contact	Title	Address
Driftwood Absolute Return Fund Ltd.	Driftwood / DARF	Client / Parent Issuer	Exempted company with limited liability	Cayman Islands	Marcus Sorensen	Founder & CIO	200 Brickell Avenue, Suite 3100, Miami, FL 33131 (Principal); PO Box 4927, Windward House, 3rd Floor, George Town, Grand Cayman KY1-1306 (Registered)
Driftwood Credit Management LLC	DCM	Collateral Manager	Delaware LLC	Delaware	David Hwan	Managing Director, Structured Credit	200 Brickell Avenue, Suite 3100, Miami, FL 33131
Driftwood CLO 2023-I, Ltd.	CLO Issuer	Issuer (Cayman)	Exempted company with limited liability	Cayman Islands	—	—	PO Box 4927, Windward House, 3rd Floor, George Town, Grand Cayman KY1-1306
Driftwood CLO 2023-I, LLC	Co-Issuer	Co-Issuer (Delaware)	Delaware LLC	Delaware	—	—	1209 Orange Street, Wilmington, DE 19801 (Registered Agent: National Registered Agents Inc.)
Meridian Atlantic Securities LLC	Meridian Atlantic / MAS	Lead Placement Agent	Delaware LLC / broker-dealer (CRD #39821)	Delaware	Jonathan Halevy	Managing Director, CLO Structuring	383 Madison Avenue, 22nd Floor, New York, NY 10179
Northbridge Capital Markets Inc.	Northbridge	Co-Placement Agent	Delaware corporation / broker-dealer	Delaware	Raymond Cho	SVP, Structured Credit Sales	1251 Avenue of the Americas, 34th Floor, New York, NY 10020
Ironclad Trust Company, N.A.	Ironclad Trust	Trustee / Paying Agent / Registrar / Custodian / Collateral Administrator	National banking association	United States (OCC)	Catherine Nowak	Vice President, Corporate Trust	100 Wall Street, Suite 1650, New York, NY 10005
Havenwood Bank, N.A.	Havenwood Bank	Warehouse Lender / Account Bank	National banking association	United States (OCC)	Thomas Eriksen	Managing Director, Structured Finance Lending	227 West Monroe Street, Chicago, IL 60606
Brindoval Analytical Services Inc.	Brindoval / CAS	Rating Agency (Senior + Mezzanine)	Delaware corporation / NRSRO	Delaware	Anita Delgado / Brian Whitford	Senior Director / Lead Analyst	55 Water Street, 40th Floor, New York, NY 10041
Ridgeline Credit Ratings LLC	Ridgeline / RCR	Rating Agency (Senior + Mezzanine)	Delaware LLC / NRSRO	Delaware	Kenji Matsuda	Director, CLO Ratings	7 World Trade Center, 30th Floor, New York, NY 10007
Calderwood & Harkness LLP	C&H	Issuer's Counsel	New York LLP	New York	Samuel Eklund (Responsible Partner); Linda Osei (Billing Partner); Hannah Brinkley (Lead Associate); Patrick Gallagher (Working Associate); Sylvia Hartwell (Tax)	Various	450 Park Avenue, New York, NY 10022
Barrington, Locke & Hayes LLP	BLH	Placement Agent's Counsel	New York LLP	New York	Gregory Fontaine / Miriam Saldaña	Partner / Associate	601 Lexington Avenue, New York, NY 10022
Ashworth & Pratt LLP	A&P	Trustee's Counsel	New York LLP	New York	Lillian Marchetti	Partner, Trust & Fiduciary	One Liberty Plaza, 46th Floor, New York, NY 10006
Kenton & Caldwell LLP	K&C	Warehouse Lender's Counsel	New York LLP	New York	Victor Salazar	Partner, Banking & Finance	200 Park Avenue, New York, NY 10166
Applegategate Offshore Services Ltd.	Applegategate	Cayman Counsel	Cayman law firm	Cayman Islands	Nigel Pemberton	Partner	Windward House, 4th Floor, George Town, Grand Cayman KY1-1306
Greystone Audit Partners LLP	Greystone	Independent Auditors	Delaware LLP	Delaware	—	—	345 Hudson Street, New York, NY 10014
Marlowe Asset Management Peak Institutional Credit Fund LP	Marlowe Asset Management Peak	Anchor Investor (Class A-1, $80M)	Delaware LP / institutional investor	Delaware	Robert Calloway	Portfolio Manager	—
Blackpine Insurance Holdings Ltd.	Blackpine	Investor (Class A-2 & B, $45M combined)	Bermuda corporation / insurer-investor	Bermuda	Sarah Liang	CIO	—
Stonehill Public Employees' Retirement System	Stonehill PERS	Investor (Class C & D, $22M combined)	Public pension fund	Illinois	James Whitaker	Director of Fixed Income	—

[sheet: Capital Structure Summary]

Tranche	Rating (CAS / RCR)	Principal Amount ($)	% of Capital Structure	Spread (bps over SOFR)	CUSIP — 144A	CUSIP — Reg S	Subordination Level	ERISA Eligible
Class A-1 Notes	AAA / AAA	$256,000,000	64.00%	155	26738TAA5	G2694LAA7	36.00%	Yes
Class A-2 Notes	AA / AA	$40,000,000	10.00%	190	26738TAB3	—	26.00%	Yes
Class B Notes	A / A	$28,000,000	7.00%	230	26738TAC1	—	19.00%	Yes
Class C Notes	BBB / BBB	$24,000,000	6.00%	310	26738TAD9	—	13.00%	Yes
Class D Notes	BB / BB	$16,000,000	4.00%	625	26738TAE7	—	9.00%	Yes
Subordinated Notes	NR / NR	$36,000,000	9.00%	Residual	26738TAF4	—	N/A	No (non-benefit plan investors only)
Total	—	$400,000,000	100.00%	—	—	—	—	—
Total Rated Notes	—	$364,000,000	91.00%	WA ≈195.49 bps	—	—	—	—

[sheet: Key Dates]

Date	Event	Status
2023-05-15	Engagement opened at Calderwood & Harkness LLP (Matter No. 1024-00004)	Complete
2023-05-22	Warehouse credit facility ($250M) executed with Havenwood Bank, N.A. (SOFR + 150 bps; 85% advance rate)	Complete
2023-05-25	Warehouse ramp begins; first collateral purchases	Complete
2023-06-12	First rating agency presentation — Brindoval Analytical Services Inc. (Anita Delgado, Brian Whitford)	Complete
2023-06-19	Second rating agency presentation — Ridgeline Credit Ratings LLC (Kenji Matsuda)	Complete
2023-07-28	Rating agency model review complete (both Brindoval and Ridgeline)	Complete
2023-08-04	Preliminary ratings received from both agencies	Complete
2023-08-15	Warehouse ramp approximately 85% complete	Complete
2023-08-18	Final Offering Memorandum finalized	Complete
2023-08-20	Board resolutions of Issuer and Co-Issuer adopted	Complete
2023-08-22	Signing — Indenture, CMA, Co-Issuance Agreement, Collateral Administration Agreement, LLC Agreement executed	Complete
2023-09-08	Pricing — First Supplemental Indenture, Note Purchase Agreement executed; rating confirmation letters received	Complete
2023-09-12	Closing — Notes issued ($400M); warehouse facility ($212.5M) taken out in full; collateral assigned to CLO Issuer	Complete
2023-09-20	Final settlement via DTC (Participant No. 2176); transaction closed and completed	Complete
2023-12-12	Effective Date deadline (90 days post-pricing) — portfolio must satisfy all Collateral Quality Tests and Coverage Tests	Pending
2024-01-15	First Payment Date (quarterly: 15th of Jan, Apr, Jul, Oct)	Upcoming
2025-09-12	End of Non-Call Period	Future
2028-09-12	End of Reinvestment Period	Future
2036-10-15	Stated Maturity Date	Future

[sheet: Closing Checklist]
Item No. | Category | Document Description | Responsible Party | Execution / Delivery Date | Delivery Status | Original / Copy / Conformed | Notes / Comments
1.1 | I. Core Transaction Documents | Indenture (Execution Version) among Driftwood CLO 2023-I, Ltd. as Issuer, Driftwood CLO 2023-I, LLC as Co-Issuer, and Ironclad Trust Company, N.A. as Trustee — governing issuance of $400,000,000 in notes across six tranches. Governed by New York law. | Calderwood & Harkness LLP | 2023-08-22 | Delivered | Original | Executed by all parties. Covers priority of payments waterfall, O/C tests, I/C tests, collateral eligibility criteria, reinvestment period ending 9/12/2028, non-call period ending 9/12/2025, stated maturity 10/15/2036. Reference rate: Compounded SOFR; day count: Actual/360; min denomination $250,000.
1.2 | I. Core Transaction Documents | First Supplemental Indenture among the Issuer, Co-Issuer, and Ironclad Trust Company, N.A. as Trustee — reflecting final pricing spreads: Class A-1 SOFR + 155 bps, Class A-2 SOFR + 190 bps, Class B SOFR + 230 bps, Class C SOFR + 310 bps, Class D SOFR + 625 bps; confirming aggregate note amounts and CUSIPs. | Calderwood & Harkness LLP | 2023-09-08 | Delivered | Original | Supplements Indenture dated 8/22/2023. CUSIPs: A-1 (144A) 26738TAA5, A-1 (Reg S) G2694LAA7, A-2 26738TAB3, B 26738TAC1, C 26738TAD9, D 26738TAE7, Sub 26738TAF4. ISIN A-1 (144A): US26738TAA51.
1.3 | I. Core Transaction Documents | Collateral Management Agreement between Driftwood CLO 2023-I, Ltd. as Issuer and Driftwood Credit Management LLC as Collateral Manager. Senior fee 0.15% p.a. ($600,000/yr), subordinate fee 0.35% p.a. ($1,400,000/yr), incentive fee 20% of excess above 12% IRR hurdle. | Calderwood & Harkness LLP | 2023-08-22 | Delivered | Original | Governed by New York law. DCM (SEC CRD #182447) serves as collateral manager.
1.4 | I. Core Transaction Documents | Collateral Administration Agreement among Driftwood CLO 2023-I, Ltd., Driftwood Credit Management LLC, and Ironclad Trust Company, N.A. as Collateral Administrator. Trustee fee $25,000 p.a. (flat); trustee expense cap $50,000 per payment date. | Calderwood & Harkness LLP | 2023-08-22 | Delivered | Original | Governed by New York law.
1.5 | I. Core Transaction Documents | Note Purchase Agreement (Placement Agreement) among the Issuer, Co-Issuer, Meridian Atlantic Securities LLC as lead placement agent, and Northbridge Capital Markets Inc. as co-placement agent. $364,000,000 rated notes + $36,000,000 subordinated notes. Placement fee 0.50% of rated notes ($1,820,000); co-placement fee 0.25% of sub notes ($90,000). | Calderwood & Harkness LLP / Barrington, Locke & Hayes LLP | 2023-09-08 | Delivered | Original | Offered under Rule 144A / Regulation S. Governed by New York law.
1.6 | I. Core Transaction Documents | Co-Issuance Agreement between Driftwood CLO 2023-I, Ltd. (Cayman Issuer) and Driftwood CLO 2023-I, LLC (Delaware Co-Issuer). | Calderwood & Harkness LLP | 2023-08-22 | Delivered | Original | Joint and several obligations of the Co-Issuers under the Indenture. Governed by New York law.
1.7 | I. Core Transaction Documents | Account Control Agreement among Driftwood CLO 2023-I, Ltd., Ironclad Trust Company, N.A. as Trustee, and Havenwood Bank, N.A. as Account Bank — governing CLO transaction accounts (Payment Account, Collection Account, Interest Reserve Account, Expense Account). | Calderwood & Harkness LLP | 2023-08-22 | Delivered | Original | Governed by New York law. Establishes Trustee control over CLO accounts.
1.8 | I. Core Transaction Documents | Global Note Forms — Class A-1 (Rule 144A and Regulation S), Class A-2, Class B, Class C, Class D, and Subordinated Notes. Executed and authenticated by Ironclad Trust Company, N.A. as Trustee. | Calderwood & Harkness LLP / Ironclad Trust Company, N.A. | 2023-09-12 | Delivered | Original | Deposited with DTC. Min denomination: $250,000 (rated notes); $250,000 (subordinated notes).
1.9 | I. Core Transaction Documents | Subscription Agreement for Subordinated Notes — between Driftwood CLO 2023-I, Ltd. and various investors (including Driftwood Absolute Return Fund Ltd. as anchor sub-note holder). | Calderwood & Harkness LLP | 2023-09-08 | Delivered | Original | $36,000,000 subordinated notes. Investor representations re: QIB/QP/non-U.S. person status.
2.1 | II. Offering Materials | Preliminary Offering Memorandum — $364,000,000 rated secured notes and $36,000,000 subordinated notes of Driftwood CLO 2023-I, Ltd. and Driftwood CLO 2023-I, LLC. | Calderwood & Harkness LLP / Meridian Atlantic Securities LLC | 2023-08-04 | Delivered | Copy | Distributed to prospective investors.
2.2 | II. Offering Materials | Final Offering Memorandum — $400,000,000 Driftwood CLO 2023-I. Confirmed ratings: A-1 AAA/AAA, A-2 AA/AA, B A/A, C BBB/BBB, D BB/BB (Brindoval/Ridgeline). Class A-2 reference spread SOFR + 190 bps. | Calderwood & Harkness LLP / Meridian Atlantic Securities LLC | 2023-08-18 | Delivered | Copy | Final structural terms, collateral portfolio summary, risk factors, tax considerations, ERISA matters included.
2.3 | II. Offering Materials | Pricing Term Sheet — summary of final pricing, tranche sizes, spreads, CUSIPs, settlement date, and key structural features distributed to investors. | Meridian Atlantic Securities LLC | 2023-09-08 | Delivered | Copy | Circulated upon pricing. Confirmed by C&H.
2.4 | II. Offering Materials | Investor Presentation / Roadshow Materials — Driftwood Credit Management LLC platform overview, investment strategy, track record, and CLO 2023-I structural summary. | Driftwood Credit Management LLC / Meridian Atlantic Securities LLC | 2023-08-07 | Delivered | Copy | Used in investor meetings August 7–16, 2023.
3.1 | III. Warehouse Take-Out Documents | Warehouse Payoff Letter from Havenwood Bank, N.A. — outstanding balance of $212,500,000 plus accrued interest; wire instructions for full repayment from CLO note proceeds. | Havenwood Bank, N.A. / Kenton & Caldwell LLP | 2023-09-12 | Delivered | Original | Warehouse facility originally $250,000,000 revolving credit at SOFR + 150 bps, dated 5/22/2023. Balance repaid in full at CLO closing.
3.2 | III. Warehouse Take-Out Documents | Warehouse Facility Termination and Release Agreement among Driftwood CLO 2023-I, Ltd., Driftwood Credit Management LLC, and Havenwood Bank, N.A. | Calderwood & Harkness LLP / Kenton & Caldwell LLP | 2023-09-12 | Delivered | Original | Terminates warehouse facility dated 5/22/2023; releases all collateral. Governed by New York law.
3.3 | III. Warehouse Take-Out Documents | Assignment of Collateral from Warehouse to CLO Issuer — collateral assets transferred from Havenwood Bank warehouse to Driftwood CLO 2023-I, Ltd. and pledged to Ironclad Trust Company, N.A. under the Indenture. | Calderwood & Harkness LLP | 2023-09-12 | Delivered | Original | Includes schedule of transferred loan positions; representations re eligibility and good title.
3.4 | III. Warehouse Take-Out Documents | UCC-3 Termination Statement — release of Havenwood Bank's security interest in warehouse collateral upon payoff. | Kenton & Caldwell LLP | 2023-09-12 | Delivered | Copy | Filed with Delaware Secretary of State.
4.1 | IV. Rating Agency Documents | Rating Agency Engagement Letter — Brindoval Analytical Services Inc. | Calderwood & Harkness LLP / Brindoval Analytical Services Inc. | 2023-06-12 | Delivered | Copy | For assignment and ongoing surveillance of ratings on Class A-1, A-2, B, C, and D Notes.
4.2 | IV. Rating Agency Documents | Rating Agency Engagement Letter — Ridgeline Credit Ratings LLC. | Calderwood & Harkness LLP / Ridgeline Credit Ratings LLC | 2023-06-19 | Delivered | Copy | Dual-rated alongside Brindoval.
4.3 | IV. Rating Agency Documents | Rating Agency Presentation Deck — Brindoval Analytical Services Inc. (Anita Delgado, Brian Whitford). Platform overview, capital structure, eligibility criteria (min WA spread 350 bps, min diversity 60, max CCC 7.5%, min WARF 2,850), O/C and I/C tests. | Calderwood & Harkness LLP / Driftwood Credit Management LLC | 2023-06-12 | Delivered | Copy | Initial rating agency meeting presentation.
4.4 | IV. Rating Agency Documents | Rating Agency Presentation Deck — Ridgeline Credit Ratings LLC (Kenji Matsuda). | Calderwood & Harkness LLP / Driftwood Credit Management LLC | 2023-06-19 | Delivered | Copy | Tailored to Ridgeline methodology.
4.5 | IV. Rating Agency Documents | Rating Confirmation Letter — Brindoval Analytical Services Inc. Final ratings: A-1 AAA, A-2 AA, B A, C BBB, D BB. | Brindoval Analytical Services Inc. (Anita Delgado) | 2023-09-08 | Delivered | Original | Reviewed by C&H for consistency with Indenture and NPA closing conditions.
4.6 | IV. Rating Agency Documents | Rating Confirmation Letter — Ridgeline Credit Ratings LLC. Final ratings: A-1 AAA, A-2 AA, B A, C BBB, D BB. | Ridgeline Credit Ratings LLC (Kenji Matsuda) | 2023-09-08 | Delivered | Original | Reviewed by C&H for consistency with closing conditions.
4.7 | IV. Rating Agency Documents | 17g-5 Information Provider Website — confirmation of posting of transaction documents and collateral data to password-protected website for NRSRO access. | Ironclad Trust Company, N.A. / Calderwood & Harkness LLP | 2023-09-08 | Delivered | Copy | Compliance with Rule 17g-5 under the Securities Exchange Act of 1934.
5.1 | V. Legal Opinions | U.S. Legal Opinion of Issuer's Counsel — Calderwood & Harkness LLP. Addressed to Ironclad Trust Company, N.A. and Meridian Atlantic Securities LLC. Opines on due authorization, enforceability under NY law, valid issuance, no-conflict, Investment Company Act exemption (Rule 3a-7). | Calderwood & Harkness LLP (Samuel Eklund) | 2023-09-12 | Delivered | Original | Governed by New York law.
5.2 | V. Legal Opinions | Tax Opinion of Issuer's Counsel — Calderwood & Harkness LLP (Sylvia Hartwell). Addressed to Issuer and Trustee. Issuer not engaged in U.S. trade or business; Co-Issuer disregarded entity; rated notes treated as debt, subordinated notes as equity. | Calderwood & Harkness LLP (Sylvia Hartwell) | 2023-09-12 | Delivered | Original
5.3 | V. Legal Opinions | Cayman Legal Opinion — Applegategate Offshore Services Ltd. (Nigel Pemberton). Due incorporation and good standing of Driftwood CLO 2023-I, Ltd. (Cayman Reg. No. EX-382916), power and authority, enforceability under Cayman law, Cayman tax exemption. | Applegategate Offshore Services Ltd. | 2023-09-12 | Delivered | Original | Coordinated by Calderwood & Harkness.
5.4 | V. Legal Opinions | Trustee's Counsel Opinion — Ashworth & Pratt LLP (Lillian Marchetti). Due authorization and execution of Indenture and ancillary documents by Ironclad Trust Company, N.A. | Ashworth & Pratt LLP | 2023-09-12 | Delivered | Original | Reviewed by C&H for completeness and conformity with closing conditions.
5.5 | V. Legal Opinions | Delaware LLC Opinion — Calderwood & Harkness LLP. Due formation and good standing of Driftwood CLO 2023-I, LLC under Delaware law; valid existence; power and authority to execute transaction documents. | Calderwood & Harkness LLP (Samuel Eklund) | 2023-09-12 | Delivered | Original | DE File No. 7429831.
6.1 | VI. Closing Certificates & Corporate Authorizations | Officer's Certificate of the Issuer (Closing Certificate) — Driftwood CLO 2023-I, Ltd. Certifies satisfaction of closing conditions under Indenture and NPA, accuracy of representations, absence of defaults, compliance with collateral quality tests. | Calderwood & Harkness LLP / Driftwood CLO 2023-I, Ltd. | 2023-09-12 | Delivered | Original | Drafted by C&H.
6.2 | VI. Closing Certificates & Corporate Authorizations | Secretary's Certificate of the Issuer — Driftwood CLO 2023-I, Ltd. Certifies incumbency of authorized signatories, attaches board resolutions, confirms Memorandum and Articles of Association. | Calderwood & Harkness LLP / Applegategate Offshore Services Ltd. | 2023-09-12 | Delivered | Original | Prepared by C&H in coordination with Applegategate.
6.3 | VI. Closing Certificates & Corporate Authorizations | Board Resolutions — Driftwood CLO 2023-I, Ltd. Authorizing execution of Indenture, CMA, Co-Issuance Agreement, issuance of notes, and designation of authorized signatories. | Calderwood & Harkness LLP / Applegategate Offshore Services Ltd. | 2023-08-20 | Delivered | Copy (certified) | Written resolutions of the Board of Directors.
6.4 | VI. Closing Certificates & Corporate Authorizations | Board Resolutions (Sole Member Written Consent) — Driftwood CLO 2023-I, LLC. Authorizing execution of Indenture and Co-Issuance Agreement, issuance of notes as Co-Issuer. | Calderwood & Harkness LLP | 2023-08-20 | Delivered | Copy (certified) | DE File No. 7429831.
6.5 | VI. Closing Certificates & Corporate Authorizations | Certificate of Formation — Driftwood CLO 2023-I, LLC. Filed with Delaware Secretary of State. Registered Agent: National Registered Agents Inc., 1209 Orange Street, Wilmington, DE 19801. | Calderwood & Harkness LLP | N/A (filed pre-closing) | Delivered | Certified Copy | DE File No. 7429831.
6.6 | VI. Closing Certificates & Corporate Authorizations | Memorandum and Articles of Association — Driftwood CLO 2023-I, Ltd. (Cayman Islands exempted company, Reg. No. EX-382916). Objects, authorized share capital, director provisions. | Applegategate Offshore Services Ltd. | N/A (filed pre-closing) | Delivered | Certified Copy | Prepared by Applegategate; coordinated with C&H.
6.7 | VI. Closing Certificates & Corporate Authorizations | Limited Liability Company Agreement — Driftwood CLO 2023-I, LLC. Driftwood CLO 2023-I, Ltd. as sole member. Governance, purpose, limited activities of Co-Issuer. | Calderwood & Harkness LLP | 2023-08-22 | Delivered | Original
6.8 | VI. Closing Certificates & Corporate Authorizations | Certificate of Good Standing — Driftwood CLO 2023-I, LLC. Issued by Delaware Secretary of State. | Calderwood & Harkness LLP | 2023-09-08 | Delivered | Certified Copy | Dated within 10 days of closing.
6.9 | VI. Closing Certificates & Corporate Authorizations | Certificate of Good Standing — Driftwood CLO 2023-I, Ltd. Issued by Cayman Islands Registrar of Companies. | Applegategate Offshore Services Ltd. | 2023-09-07 | Delivered | Certified Copy | Dated within 10 days of closing.
6.10 | VI. Closing Certificates & Corporate Authorizations | Collateral Manager's Closing Certificate — Driftwood Credit Management LLC. Certifies accuracy of representations in CMA, no conflicts, compliance with applicable law. | Driftwood Credit Management LLC (David Hwan) | 2023-09-12 | Delivered | Original | Drafted by C&H.
7.1 | VII. Funds Flow & Settlement | Closing Funds Flow Memorandum. Sources: $256M (A-1) + $40M (A-2) + $28M (B) + $24M (C) + $16M (D) + $36M (Sub) = $400M total. Uses: $212.5M warehouse payoff to Havenwood Bank, $1,820,000 placement fee to Meridian Atlantic, $90,000 co-placement fee to Northbridge, funding of transaction accounts, remaining new collateral purchases, transaction expenses. Includes wire instructions. | Calderwood & Harkness LLP | 2023-09-12 | Delivered | Original | Confirmed by all parties.
7.2 | VII. Funds Flow & Settlement | DTC Eligibility Confirmation — Ironclad Trust Company, N.A. (DTC Participant No. 2176). Confirmation of DTC clearance and settlement of all note tranches. | Ironclad Trust Company, N.A. | 2023-09-20 | Delivered | Copy | Final settlement completed 9/20/2023.
7.3 | VII. Funds Flow & Settlement | Evidence of wire transfers — warehouse payoff, placement fees, transaction expenses. | Calderwood & Harkness LLP / Ironclad Trust Company, N.A. | 2023-09-12 | Delivered | Copy | Wires confirmed on Closing Date.
7.4 | VII. Funds Flow & Settlement | Confirmation of funding of Reserve Account and Expense Account at Havenwood Bank, N.A. | Ironclad Trust Company, N.A. / Havenwood Bank, N.A. | 2023-09-12 | Delivered | Copy | Funded from closing proceeds per Funds Flow Memorandum.
8.1 | VIII. Post-Closing Items | Effective Date compliance — target portfolio par of $400,000,000 and satisfaction of all Collateral Quality Tests (min WA spread 350 bps, max WAL 7.5 yrs, min diversity 60, max CCC 7.5%, max 2nd lien 5.0%, max fixed rate 10.0%, min WA recovery 45.0%, min WARF 2,850) and Coverage Tests (Class A O/C 128.00%, B O/C 118.00%, C O/C 110.00%, D O/C 105.50%; Class A I/C 120.00%, B I/C 115.00%, C I/C 110.00%, D I/C 105.00%). | Driftwood Credit Management LLC (David Hwan) / Ironclad Trust Company, N.A. | No later than 2023-12-12 | Pending | N/A | Effective Date Deadline: 90 days post-pricing (12/12/2023). First Payment Date: 1/15/2024. Payment frequency: Quarterly (15th of Jan, Apr, Jul, Oct). Record Date: 15th calendar day preceding each Payment Date.
8.2 | VIII. Post-Closing Items | FATCA/CRS Registration — Driftwood CLO 2023-I, Ltd. registered as Reporting Foreign Financial Institution with Cayman Tax Information Authority. | Applegategate Offshore Services Ltd. / Driftwood | Post-Closing | Pending | N/A | Confirm registration completion.
8.3 | VIII. Post-Closing Items | Filing of UCC Financing Statements (if applicable) — perfection of security interests in collateral assets. | Calderwood & Harkness LLP | Post-Closing | Pending | N/A
8.4 | VIII. Post-Closing Items | Delivery of final closing binder / document index to all parties. | Calderwood & Harkness LLP | Post-Closing | Pending | N/A | C&H Matter No. 1024-00004; Billing Code: DARF-CLO-2023I.
8.5 | VIII. Post-Closing Items | Effective Date Notice to Trustee and Rating Agencies — confirmation that all Collateral Quality Tests and Coverage Tests have been satisfied as of the Effective Date. | Driftwood Credit Management LLC / Calderwood & Harkness LLP | Post-Closing | Pending | N/A | Due within 5 business days of Effective Date determination.
8.6 | VIII. Post-Closing Items | Submission of Form W-8BEN-E — Driftwood CLO 2023-I, Ltd. to Ironclad Trust Company, N.A. as withholding agent. | Applegategate Offshore Services Ltd. / Calderwood & Harkness LLP | Post-Closing | Pending | N/A | Required prior to first Payment Date (1/15/2024).
[sheet: Party Directory]
Party Full Legal Name | Short Name | Role in Transaction | Entity Type | Jurisdiction | Key Contact | Title | Address
Driftwood Absolute Return Fund Ltd. | Driftwood / DARF | Client / Parent Issuer | Exempted company with limited liability | Cayman Islands | Marcus Sorensen | Founder & CIO | 200 Brickell Avenue, Suite 3100, Miami, FL 33131 (Principal); PO Box 4927, Windward House, 3rd Floor, George Town, Grand Cayman KY1-1306 (Registered)
Driftwood Credit Management LLC | DCM | Collateral Manager | Delaware LLC | Delaware | David Hwan | Managing Director, Structured Credit | 200 Brickell Avenue, Suite 3100, Miami, FL 33131
Driftwood CLO 2023-I, Ltd. | CLO Issuer | Issuer (Cayman) | Exempted company with limited liability | Cayman Islands | — | — | PO Box 4927, Windward House, 3rd Floor, George Town, Grand Cayman KY1-1306
Driftwood CLO 2023-I, LLC | Co-Issuer | Co-Issuer (Delaware) | Delaware LLC | Delaware | — | — | 1209 Orange Street, Wilmington, DE 19801 (Registered Agent: National Registered Agents Inc.)
Meridian Atlantic Securities LLC | Meridian Atlantic / MAS | Lead Placement Agent | Delaware LLC / broker-dealer (CRD #39821) | Delaware | Jonathan Halevy | Managing Director, CLO Structuring | 383 Madison Avenue, 22nd Floor, New York, NY 10179
Northbridge Capital Markets Inc. | Northbridge | Co-Placement Agent | Delaware corporation / broker-dealer | Delaware | Raymond Cho | SVP, Structured Credit Sales | 1251 Avenue of the Americas, 34th Floor, New York, NY 10020
Ironclad Trust Company, N.A. | Ironclad Trust | Trustee / Paying Agent / Registrar / Custodian / Collateral Administrator | National banking association | United States (OCC) | Catherine Nowak | Vice President, Corporate Trust | 100 Wall Street, Suite 1650, New York, NY 10005
Havenwood Bank, N.A. | Havenwood Bank | Warehouse Lender / Account Bank | National banking association | United States (OCC) | Thomas Eriksen | Managing Director, Structured Finance Lending | 227 West Monroe Street, Chicago, IL 60606
Brindoval Analytical Services Inc. | Brindoval / CAS | Rating Agency (Senior + Mezzanine) | Delaware corporation / NRSRO | Delaware | Anita Delgado / Brian Whitford | Senior Director / Lead Analyst | 55 Water Street, 40th Floor, New York, NY 10041
Ridgeline Credit Ratings LLC | Ridgeline / RCR | Rating Agency (Senior + Mezzanine) | Delaware LLC / NRSRO | Delaware | Kenji Matsuda | Director, CLO Ratings | 7 World Trade Center, 30th Floor, New York, NY 10007
Calderwood & Harkness LLP | C&H | Issuer's Counsel | New York LLP | New York | Samuel Eklund (Responsible Partner); Linda Osei (Billing Partner); Hannah Brinkley (Lead Associate); Patrick Gallagher (Working Associate); Sylvia Hartwell (Tax) | Various | 450 Park Avenue, New York, NY 10022
Barrington, Locke & Hayes LLP | BLH | Placement Agent's Counsel | New York LLP | New York | Gregory Fontaine / Miriam Saldaña | Partner / Associate | 601 Lexington Avenue, New York, NY 10022
Ashworth & Pratt LLP | A&P | Trustee's Counsel | New York LLP | New York | Lillian Marchetti | Partner, Trust & Fiduciary | One Liberty Plaza, 46th Floor, New York, NY 10006
Kenton & Caldwell LLP | K&C | Warehouse Lender's Counsel | New York LLP | New York | Victor Salazar | Partner, Banking & Finance | 200 Park Avenue, New York, NY 10166
Applegategate Offshore Services Ltd. | Applegategate | Cayman Counsel | Cayman law firm | Cayman Islands | Nigel Pemberton | Partner | Windward House, 4th Floor, George Town, Grand Cayman KY1-1306
Greystone Audit Partners LLP | Greystone | Independent Auditors | Delaware LLP | Delaware | — | — | 345 Hudson Street, New York, NY 10014
Marlowe Asset Management Peak Institutional Credit Fund LP | Marlowe Asset Management Peak | Anchor Investor (Class A-1, $80M) | Delaware LP / institutional investor | Delaware | Robert Calloway | Portfolio Manager | —
Blackpine Insurance Holdings Ltd. | Blackpine | Investor (Class A-2 & B, $45M combined) | Bermuda corporation / insurer-investor | Bermuda | Sarah Liang | CIO | —
Stonehill Public Employees' Retirement System | Stonehill PERS | Investor (Class C & D, $22M combined) | Public pension fund | Illinois | James Whitaker | Director of Fixed Income | —
[sheet: Capital Structure Summary]
Tranche | Rating (CAS / RCR) | Principal Amount ($) | % of Capital Structure | Spread (bps over SOFR) | CUSIP — 144A | CUSIP — Reg S | Subordination Level | ERISA Eligible
Class A-1 Notes | AAA / AAA | $256,000,000 | 64.00% | 155 | 26738TAA5 | G2694LAA7 | 36.00% | Yes
Class A-2 Notes | AA / AA | $40,000,000 | 10.00% | 190 | 26738TAB3 | — | 26.00% | Yes
Class B Notes | A / A | $28,000,000 | 7.00% | 230 | 26738TAC1 | — | 19.00% | Yes
Class C Notes | BBB / BBB | $24,000,000 | 6.00% | 310 | 26738TAD9 | — | 13.00% | Yes
Class D Notes | BB / BB | $16,000,000 | 4.00% | 625 | 26738TAE7 | — | 9.00% | Yes
Subordinated Notes | NR / NR | $36,000,000 | 9.00% | Residual | 26738TAF4 | — | N/A | No (non-benefit plan investors only)
Total | — | $400,000,000 | 100.00% | — | — | — | — | —
Total Rated Notes | — | $364,000,000 | 91.00% | WA ≈195.49 bps | — | — | — | —
[sheet: Key Dates]
Date | Event | Status
2023-05-15 | Engagement opened at Calderwood & Harkness LLP (Matter No. 1024-00004) | Complete
2023-05-22 | Warehouse credit facility ($250M) executed with Havenwood Bank, N.A. (SOFR + 150 bps; 85% advance rate) | Complete
2023-05-25 | Warehouse ramp begins; first collateral purchases | Complete
2023-06-12 | First rating agency presentation — Brindoval Analytical Services Inc. (Anita Delgado, Brian Whitford) | Complete
2023-06-19 | Second rating agency presentation — Ridgeline Credit Ratings LLC (Kenji Matsuda) | Complete
2023-07-28 | Rating agency model review complete (both Brindoval and Ridgeline) | Complete
2023-08-04 | Preliminary ratings received from both agencies | Complete
2023-08-15 | Warehouse ramp approximately 85% complete | Complete
2023-08-18 | Final Offering Memorandum finalized | Complete
2023-08-20 | Board resolutions of Issuer and Co-Issuer adopted | Complete
2023-08-22 | Signing — Indenture, CMA, Co-Issuance Agreement, Collateral Administration Agreement, LLC Agreement executed | Complete
2023-09-08 | Pricing — First Supplemental Indenture, Note Purchase Agreement executed; rating confirmation letters received | Complete
2023-09-12 | Closing — Notes issued ($400M); warehouse facility ($212.5M) taken out in full; collateral assigned to CLO Issuer | Complete
2023-09-20 | Final settlement via DTC (Participant No. 2176); transaction closed and completed | Complete
2023-12-12 | Effective Date deadline (90 days post-pricing) — portfolio must satisfy all Collateral Quality Tests and Coverage Tests | Pending
2024-01-15 | First Payment Date (quarterly: 15th of Jan, Apr, Jul, Oct) | Upcoming
2025-09-12 | End of Non-Call Period | Future
2028-09-12 | End of Reinvestment Period | Future
2036-10-15 | Stated Maturity Date | Future

[sheet: Closing Checklist]

Record

Parties

Dates

Amounts