[sheet: Cover]

Field	Value
Document Title	Funds Flow Memorandum — Greystone Realty Partners, L.P. Wind-Down
Prepared By	Calderwood & Harkness LLP, 599 Lexington Avenue, New York, NY 10022
Responsible Partner	Linda Osei
Billing Partner	Priya Anand
Prepared By (Associate)	Carlos Espinoza
Date	March 2025
Client	Briarwood Family Office LLC
Matter	Consensual Dissolution and Wind-Down of Greystone Realty Partners, L.P.
Court Case Reference	C.A. No. 2024-1187-MTZ, Court of Chancery of the State of Delaware
Governing Agreement	Wind-Down Agreement dated March 2025, based on Binding Term Sheet executed March 14, 2025
Confidentiality	PRIVILEGED & CONFIDENTIAL — ATTORNEY WORK PRODUCT
Subject Entity	Greystone Realty Partners, L.P. (DE File No. 7284613; EIN: 84-3290167)
General Partner	Pinnacle Holdings Group LLC (DE File No. 6103488; EIN: 81-4637821)
Limited Partner	Briarwood Family Office LLC (DE File No. 5918274; EIN: 83-2174509)
Partnership Interests	Briarwood: 55% LP Interest; Pinnacle: 45% GP Interest
Aggregate Capital Contributions	$87,000,000
Portfolio Appraised Value	$174,000,000 (Keymark Valuation Group LLC, Appraisal Report No. KVG-2025-0214, dated February 22, 2025)
Target Dissolution Date	December 31, 2025 (Certificate of Cancellation filing with DE Secretary of State)

[sheet: Property Portfolio Summary]

Property Name	Address	City/State	Property Type	Keymark Appraised Value	Meridian Commission Rate	Estimated Meridian Commission	Pinnacle ROFO Floor (97.5% of Appraised Value)
Station Square	1400 Chestnut Street	Philadelphia, PA 19102	Mixed-use (retail/office)	38200000	1.75%	668500	37245000
Harborview Place	201 S. Columbus Blvd	Philadelphia, PA 19106	Mixed-use (residential/retail)	29600000	1.75%	518000	28860000
Brandywine Commons	800 N. King Street	Wilmington, DE 19801	Office/retail	22100000	1.75%	386750	21547500
Riverside Centre	515 N. Charles Street	Baltimore, MD 21201	Mixed-use (office/retail)	26500000	1.75%	463750	25837500
Federal Hill Lofts	1020 Light Street	Baltimore, MD 21230	Residential/retail	18400000	1.75%	322000	17940000
Courthouse Plaza	2100 Clarendon Blvd	Arlington, VA 22201	Office	24400000	1.75%	427000	23790000
Walnut Bridge	3722 Walnut Street	Philadelphia, PA 19104	Mixed-use (student housing/retail)	14800000	1.75%	259000	14430000
TOTAL	174000000	1.75%	3045000	169650000

[sheet: Distribution Waterfall]

Priority / Step	Line Item	Description	Amount	Running Balance
Gross Proceeds from Property Dispositions	Illustrative: all 7 properties sold at Keymark appraised value	174000000	174000000
Priority 1	Harborline Loan Payoff — Principal	Estimated outstanding principal as of June 30, 2025	-60900000	113100000
Priority 1	Harborline Loan Payoff — Accrued Interest	Estimated accrued interest as of June 30, 2025	-730000	112370000
Priority 1	Harborline Loan Payoff — Prepayment Premium	3% × $60,900,000 outstanding principal	-1827000	110543000
Priority 1	Total Harborline Payoff	Loan Ref. No. HCL-2020-07842; payee: Harborline Commercial Lending, LLC	-63457000	110543000
Priority 2	Wind-Down Expenses — Meridian Brokerage Commission	1.75% × $174,000,000 gross sale price (Ref. MCA-GRP-2025-001)	-3045000	107498000
Priority 2	Wind-Down Expenses — Calderwood & Harkness LLP Legal Fees	Counsel for Briarwood	-550000	106948000
Priority 2	Wind-Down Expenses — Ashford & Crane LLP Legal Fees	Counsel for Pinnacle	-275000	106673000
Priority 2	Wind-Down Expenses — Fieldstone Accounting Partners LLP	Final-year tax returns, capital-account reconciliation, wind-down accounting	-150000	106523000
Priority 2	Wind-Down Expenses — Concord Title & Escrow Services, Inc.	Title commitments, escrow administration, recording fees	-80000	106443000
Priority 2	Total Estimated Wind-Down Expenses	Legal, brokerage, accounting, escrow/title	-4100000	106443000
Priority 3	Escrow Reserve — Contingent Liabilities	Deposited to Concord Title & Escrow Services, Inc., Account No. ESC-2025-40071; held 12 months post-dissolution	-1500000	104943000
Net Distributable to Partners	Gross proceeds less Priorities 1–3	104943000	104943000
Priority 4	Return of Capital — Briarwood Family Office LLC	55% × $87,000,000 aggregate capital contributions	-47850000	57093000
Priority 4	Return of Capital — Pinnacle Holdings Group LLC	45% × $87,000,000 aggregate capital contributions	-39150000	17943000
Priority 4	Total Return of Capital	Aggregate unreturned capital contributions	-87000000	17943000
Residual Proceeds	Net distributable less return of capital	17943000	17943000
Priority 5	Residual Distribution — Briarwood Family Office LLC	55% × $17,943,000	-9868650	8074350
Priority 5	Residual Distribution — Pinnacle Holdings Group LLC	45% × $17,943,000	-8074350	0
TOTAL DISTRIBUTION — Briarwood Family Office LLC	Return of capital + residual share	57718650
TOTAL DISTRIBUTION — Pinnacle Holdings Group LLC	Return of capital + residual share	47224350
TOTAL DISTRIBUTIONS (Check)	Must equal net distributable of $104,943,000	104943000

[sheet: Wind-Down Expense Detail]

Expense Category	Payee	Payee Address	Reference / Account No.	Description	Estimated Amount	Percentage of Total
Brokerage Commission	Meridian Capital Advisors LLC	1700 Market Street, 28th Floor, Philadelphia, PA 19103	MCA-GRP-2025-001	1.75% of aggregate gross sale price; payable at closing of each property sale; lead: Nadia Kowalski	3045000	74.3%
Legal Fees — Petitioner's Counsel	Calderwood & Harkness LLP	599 Lexington Avenue, New York, NY 10022	Matter No. [C&H internal]	Legal fees for wind-down documentation, Chancery proceedings, and closing; engagement team: Linda Osei, Priya Anand, Yuki Nakamura, Carlos Espinoza	550000	13.4%
Legal Fees — Respondent's Counsel	Ashford & Crane LLP	1201 North Market Street, Suite 1400, Wilmington, DE 19801	Matter No. [A&C internal]	Legal fees for Pinnacle's counsel; lead: Raymond T. Ashford; associate: Jennifer L. Quinto	275000	6.7%
Accounting Fees	Fieldstone Accounting Partners LLP	2000 Market Street, Suite 1500, Philadelphia, PA 19103	Engagement with Alicia M. Tran, CPA	Final-year partnership tax returns (EIN: 84-3290167), capital-account reconciliation, wind-down accounting	150000	3.7%
Escrow / Title Fees	Concord Title & Escrow Services, Inc.	300 Delaware Avenue, Suite 700, Wilmington, DE 19801	ESC-2025-40071	Title commitments for property dispositions, escrow administration, recording fees; escrow officer: Brian L. Whitfield	80000	1.9%
TOTAL	Total Estimated Wind-Down Expenses	4100000	100.0%

[sheet: Harborline Payoff Detail]

Line Item	Detail	Amount
Lender	Harborline Commercial Lending, LLC, 225 Franklin Street, 12th Floor, Boston, MA 02110
Relationship Manager	Sean P. Gillespie
Loan Reference Number	HCL-2020-07842
Original Loan Amount	Secured term loan originated October 15, 2020	68300000
Interest Rate	SOFR + 285 bps
Maturity Date	October 15, 2027
Outstanding Principal (as of February 28, 2025)	Per Harborline lender statement	61700000
Estimated Outstanding Principal (as of June 30, 2025)	Estimated based on amortization schedule	60900000
Estimated Accrued Interest (as of June 30, 2025)	Interest accrued through estimated payoff date	730000
Prepayment Premium	3% × $60,900,000 estimated outstanding principal	1827000
Total Estimated Payoff Amount	Principal + accrued interest + prepayment premium	63457000
Consent Required	Lender consent required under § 7.04 of the Credit Agreement for change of control / dissolution
Status	Harborline lender consent letter transmitted; consent pending

[sheet: Partner Distribution Summary]

Partner	Partnership Interest	Capital Contribution	Return of Capital	Residual Share	Total Estimated Distribution	Multiple on Invested Capital
Briarwood Family Office LLC (55% LP)	55%	47850000	47850000	9868650	57718650	1.21
Pinnacle Holdings Group LLC (45% GP)	45%	39150000	39150000	8074350	47224350	1.21
TOTAL	100%	87000000	87000000	17943000	104943000	1.21

[sheet: Cover]
Field | Value
Document Title | Funds Flow Memorandum — Greystone Realty Partners, L.P. Wind-Down
Prepared By | Calderwood & Harkness LLP, 599 Lexington Avenue, New York, NY 10022
Responsible Partner | Linda Osei
Billing Partner | Priya Anand
Prepared By (Associate) | Carlos Espinoza
Date | March 2025
Client | Briarwood Family Office LLC
Matter | Consensual Dissolution and Wind-Down of Greystone Realty Partners, L.P.
Court Case Reference | C.A. No. 2024-1187-MTZ, Court of Chancery of the State of Delaware
Governing Agreement | Wind-Down Agreement dated March 2025, based on Binding Term Sheet executed March 14, 2025
Confidentiality | PRIVILEGED & CONFIDENTIAL — ATTORNEY WORK PRODUCT
Subject Entity | Greystone Realty Partners, L.P. (DE File No. 7284613; EIN: 84-3290167)
General Partner | Pinnacle Holdings Group LLC (DE File No. 6103488; EIN: 81-4637821)
Limited Partner | Briarwood Family Office LLC (DE File No. 5918274; EIN: 83-2174509)
Partnership Interests | Briarwood: 55% LP Interest; Pinnacle: 45% GP Interest
Aggregate Capital Contributions | $87,000,000
Portfolio Appraised Value | $174,000,000 (Keymark Valuation Group LLC, Appraisal Report No. KVG-2025-0214, dated February 22, 2025)
Target Dissolution Date | December 31, 2025 (Certificate of Cancellation filing with DE Secretary of State)
[sheet: Property Portfolio Summary]
Property Name | Address | City/State | Property Type | Keymark Appraised Value | Meridian Commission Rate | Estimated Meridian Commission | Pinnacle ROFO Floor (97.5% of Appraised Value)
Station Square | 1400 Chestnut Street | Philadelphia, PA 19102 | Mixed-use (retail/office) | 38200000 | 1.75% | 668500 | 37245000
Harborview Place | 201 S. Columbus Blvd | Philadelphia, PA 19106 | Mixed-use (residential/retail) | 29600000 | 1.75% | 518000 | 28860000
Brandywine Commons | 800 N. King Street | Wilmington, DE 19801 | Office/retail | 22100000 | 1.75% | 386750 | 21547500
Riverside Centre | 515 N. Charles Street | Baltimore, MD 21201 | Mixed-use (office/retail) | 26500000 | 1.75% | 463750 | 25837500
Federal Hill Lofts | 1020 Light Street | Baltimore, MD 21230 | Residential/retail | 18400000 | 1.75% | 322000 | 17940000
Courthouse Plaza | 2100 Clarendon Blvd | Arlington, VA 22201 | Office | 24400000 | 1.75% | 427000 | 23790000
Walnut Bridge | 3722 Walnut Street | Philadelphia, PA 19104 | Mixed-use (student housing/retail) | 14800000 | 1.75% | 259000 | 14430000
TOTAL | 174000000 | 1.75% | 3045000 | 169650000
[sheet: Distribution Waterfall]
Priority / Step | Line Item | Description | Amount | Running Balance
Gross Proceeds from Property Dispositions | Illustrative: all 7 properties sold at Keymark appraised value | 174000000 | 174000000
Priority 1 | Harborline Loan Payoff — Principal | Estimated outstanding principal as of June 30, 2025 | -60900000 | 113100000
Priority 1 | Harborline Loan Payoff — Accrued Interest | Estimated accrued interest as of June 30, 2025 | -730000 | 112370000
Priority 1 | Harborline Loan Payoff — Prepayment Premium | 3% × $60,900,000 outstanding principal | -1827000 | 110543000
Priority 1 | Total Harborline Payoff | Loan Ref. No. HCL-2020-07842; payee: Harborline Commercial Lending, LLC | -63457000 | 110543000
Priority 2 | Wind-Down Expenses — Meridian Brokerage Commission | 1.75% × $174,000,000 gross sale price (Ref. MCA-GRP-2025-001) | -3045000 | 107498000
Priority 2 | Wind-Down Expenses — Calderwood & Harkness LLP Legal Fees | Counsel for Briarwood | -550000 | 106948000
Priority 2 | Wind-Down Expenses — Ashford & Crane LLP Legal Fees | Counsel for Pinnacle | -275000 | 106673000
Priority 2 | Wind-Down Expenses — Fieldstone Accounting Partners LLP | Final-year tax returns, capital-account reconciliation, wind-down accounting | -150000 | 106523000
Priority 2 | Wind-Down Expenses — Concord Title & Escrow Services, Inc. | Title commitments, escrow administration, recording fees | -80000 | 106443000
Priority 2 | Total Estimated Wind-Down Expenses | Legal, brokerage, accounting, escrow/title | -4100000 | 106443000
Priority 3 | Escrow Reserve — Contingent Liabilities | Deposited to Concord Title & Escrow Services, Inc., Account No. ESC-2025-40071; held 12 months post-dissolution | -1500000 | 104943000
Net Distributable to Partners | Gross proceeds less Priorities 1–3 | 104943000 | 104943000
Priority 4 | Return of Capital — Briarwood Family Office LLC | 55% × $87,000,000 aggregate capital contributions | -47850000 | 57093000
Priority 4 | Return of Capital — Pinnacle Holdings Group LLC | 45% × $87,000,000 aggregate capital contributions | -39150000 | 17943000
Priority 4 | Total Return of Capital | Aggregate unreturned capital contributions | -87000000 | 17943000
Residual Proceeds | Net distributable less return of capital | 17943000 | 17943000
Priority 5 | Residual Distribution — Briarwood Family Office LLC | 55% × $17,943,000 | -9868650 | 8074350
Priority 5 | Residual Distribution — Pinnacle Holdings Group LLC | 45% × $17,943,000 | -8074350 | 0
TOTAL DISTRIBUTION — Briarwood Family Office LLC | Return of capital + residual share | 57718650
TOTAL DISTRIBUTION — Pinnacle Holdings Group LLC | Return of capital + residual share | 47224350
TOTAL DISTRIBUTIONS (Check) | Must equal net distributable of $104,943,000 | 104943000
[sheet: Wind-Down Expense Detail]
Expense Category | Payee | Payee Address | Reference / Account No. | Description | Estimated Amount | Percentage of Total
Brokerage Commission | Meridian Capital Advisors LLC | 1700 Market Street, 28th Floor, Philadelphia, PA 19103 | MCA-GRP-2025-001 | 1.75% of aggregate gross sale price; payable at closing of each property sale; lead: Nadia Kowalski | 3045000 | 74.3%
Legal Fees — Petitioner's Counsel | Calderwood & Harkness LLP | 599 Lexington Avenue, New York, NY 10022 | Matter No. [C&H internal] | Legal fees for wind-down documentation, Chancery proceedings, and closing; engagement team: Linda Osei, Priya Anand, Yuki Nakamura, Carlos Espinoza | 550000 | 13.4%
Legal Fees — Respondent's Counsel | Ashford & Crane LLP | 1201 North Market Street, Suite 1400, Wilmington, DE 19801 | Matter No. [A&C internal] | Legal fees for Pinnacle's counsel; lead: Raymond T. Ashford; associate: Jennifer L. Quinto | 275000 | 6.7%
Accounting Fees | Fieldstone Accounting Partners LLP | 2000 Market Street, Suite 1500, Philadelphia, PA 19103 | Engagement with Alicia M. Tran, CPA | Final-year partnership tax returns (EIN: 84-3290167), capital-account reconciliation, wind-down accounting | 150000 | 3.7%
Escrow / Title Fees | Concord Title & Escrow Services, Inc. | 300 Delaware Avenue, Suite 700, Wilmington, DE 19801 | ESC-2025-40071 | Title commitments for property dispositions, escrow administration, recording fees; escrow officer: Brian L. Whitfield | 80000 | 1.9%
TOTAL | Total Estimated Wind-Down Expenses | 4100000 | 100.0%
[sheet: Harborline Payoff Detail]
Line Item | Detail | Amount
Lender | Harborline Commercial Lending, LLC, 225 Franklin Street, 12th Floor, Boston, MA 02110
Relationship Manager | Sean P. Gillespie
Loan Reference Number | HCL-2020-07842
Original Loan Amount | Secured term loan originated October 15, 2020 | 68300000
Interest Rate | SOFR + 285 bps
Maturity Date | October 15, 2027
Outstanding Principal (as of February 28, 2025) | Per Harborline lender statement | 61700000
Estimated Outstanding Principal (as of June 30, 2025) | Estimated based on amortization schedule | 60900000
Estimated Accrued Interest (as of June 30, 2025) | Interest accrued through estimated payoff date | 730000
Prepayment Premium | 3% × $60,900,000 estimated outstanding principal | 1827000
Total Estimated Payoff Amount | Principal + accrued interest + prepayment premium | 63457000
Consent Required | Lender consent required under § 7.04 of the Credit Agreement for change of control / dissolution
Status | Harborline lender consent letter transmitted; consent pending
[sheet: Partner Distribution Summary]
Partner | Partnership Interest | Capital Contribution | Return of Capital | Residual Share | Total Estimated Distribution | Multiple on Invested Capital
Briarwood Family Office LLC (55% LP) | 55% | 47850000 | 47850000 | 9868650 | 57718650 | 1.21
Pinnacle Holdings Group LLC (45% GP) | 45% | 39150000 | 39150000 | 8074350 | 47224350 | 1.21
TOTAL | 100% | 87000000 | 87000000 | 17943000 | 104943000 | 1.21

[sheet: Cover]

Record

Parties

Dates

Amounts