[sheet: Cover & Approvals]

Field	Value
Document Title	Funds Flow Memorandum — Execution Version
Transaction	$1,400,000,000 Senior Secured Term Loan B — Refinancing and Dividend Recapitalization
Borrower	Nexford Industrial Holdings Inc.
Administrative Agent / Collateral Agent	Crescent Harbor Bank, N.A.
Prepared By	Calderwood & Harkness LLP (Matter No. 1005-00001)
Date	March 27, 2025
Closing Date	March 28, 2025
Governing Agreement	Credit Agreement dated as of March 28, 2025, among Nexford Industrial Holdings Inc., as Borrower, the Guarantors party thereto, Crescent Harbor Bank, N.A., as Administrative Agent and Collateral Agent, Ironwood Capital Markets, LLC and Northvane Securities, Inc., as Joint Lead Arrangers, and the Lenders party thereto
CUSIP (Anticipated)	65432X AA1
LoanX ID (Anticipated)	LX-234567

ACKNOWLEDGED AND AGREED:

Nexford Industrial Holdings Inc. — Borrower	Signature: Michelle Kaplan, Chief Financial Officer
Crescent Harbor Bank, N.A. — Administrative Agent	Signature: Elaine Prescott, Managing Director, Leveraged Finance
Atlas Meridian Bank, N.A. — Existing Agent (payoff recipient)	Signature: Sandra Vickers, Managing Director, Portfolio Management
Granite Peak NIH Holdings, LLC — Holdings / Dividend Recipient	Signature: Ryan Ostrowski, Authorized Person
Calderwood & Harkness LLP — Borrower's Counsel	Confirmed: Claudia Merritt, Responsible Partner
Whitfield & Gage LLP — Agent's Counsel	Confirmed: Margaret Ashby, Lead Partner

[sheet: Sources & Uses]

Line Item

SOURCES OF FUNDS

Term Loan B — Gross Proceeds	1,400,000,000	Crescent Harbor Bank, N.A. as Administrative Agent; funded by syndicate lenders
Less: Original Issue discount (OID) at 50 bps	(7,000,000)	$1,400,000,000 × 0.50% = $7,000,000; issue price 99.50
Net Term Loan B Proceeds	1,393,000,000	Net cash received by Borrower after OID
Existing Cash on Balance Sheet (contributed to fund OID shortfall & fees)	7,000,000	To bridge OID and ensure full uses are covered
TOTAL SOURCES	1,400,000,000	Gross basis; OID netted in Uses as fee/expense

USES OF FUNDS

1. Payoff — Existing First Lien Term Loan (Atlas Meridian Bank, N.A.)	879,375,000	$875,000,000 principal + ~$4,375,000 accrued and unpaid interest as of 3/28/2025
2. Termination — Existing Revolving Credit Facility (Atlas Meridian Bank, N.A.)	0	$0 outstanding; $190,000,000 commitment terminated; no payoff amount
3. Dividend Distribution to Granite Peak NIH Holdings, LLC	335,000,000	Dividend recapitalization to Holdings (and thence to Granite Peak Capital Fund IV, LP (92%) and GP Fund IV Co-Invest, LP (8%))
4. Transaction Fees and Expenses	38,625,000	See Fee Detail tab for breakdown
5. Cash to Borrower's Balance Sheet	147,000,000	Retained for general corporate purposes; pro forma cash approximately $100,000,000 after adjustments
TOTAL USES	1,400,000,000	Must equal Total Sources
RECONCILIATION CHECK	0	Total Sources minus Total Uses = $0 (balanced)

[sheet: Fee Detail]

Fee / Expense Item	Payee	Amount ($)	Basis / Calculation
Arrangement Fee	Crescent Harbor Bank, N.A.	7,000,000	50 bps × $1,400,000,000 = $7,000,000
Original Issue discount (OID)	Syndicate Lenders (netted from funding)	7,000,000	50 bps OID; issue price 99.50; $1,400,000,000 × 0.50%
Upfront Fee to Participating Lenders	Syndicate Lenders (via Administrative Agent)	0	100 bps (1.00%) upfront fee paid from OID and arrangement fee allocations; included in OID/arrangement amounts above — no separate cash outflow
Legal Fees — Calderwood & Harkness LLP (Borrower's Counsel)	Calderwood & Harkness LLP, 425 Lexington Avenue, New York, NY 10017	4,500,000	Estimated; final invoice to follow post-closing
Legal Fees — Whitfield & Gage LLP (Agent's Counsel)	Whitfield & Gage LLP, 51 West 52nd Street, New York, NY 10019	3,200,000	Estimated; per commitment letter, payable by Borrower
Legal Fees — Kellner Brandt & Associates LLP (Sponsor's Counsel)	Kellner Brandt & Associates LLP, 900 Third Avenue, New York, NY 10022	1,200,000	Estimated
Legal Fees — Hargrove & Whitmore LLP (Illinois Local Counsel)	Hargrove & Whitmore LLP, 233 South Wacker Drive, Suite 4500, Chicago, IL 60606	175,000	Estimated
Legal Fees — Briarcliff Legal Group PA (Delaware Local Counsel)	Briarcliff Legal Group PA, 1000 North King Street, Wilmington, DE 19801	125,000	Estimated
Financial Advisory Fee	Stonebridge Advisory Group, LLC, 277 Park Avenue, New York, NY 10172	5,250,000	Advisory fee per engagement letter
Rating Agency Fee — Keystone Ratings Group, Inc.	Keystone Ratings Group, Inc., 7 World Trade Center, New York, NY 10007	550,000	Corporate family rating B1; facility rating B1
Rating Agency Fee — Sentinel Credit Analytics, LLC	Sentinel Credit Analytics, LLC, 55 Water Street, New York, NY 10041	525,000	Corporate credit rating B+; facility rating BB-
Collateral Appraisal Fee	Greystone Valuation Services, Inc., 1700 Market Street, Philadelphia, PA 19103	350,000	Real property and equipment appraisals (4 properties; total appraised value $193,000,000)
Environmental Consultant Fee	Clearwater Environmental Sciences, Inc., 8500 West Bryn Mawr Avenue, Chicago, IL 60631	280,000	Phase I ESA reports for 4 mortgaged properties
Title Insurance & Survey Costs (Estimated)	Landmark Title Assurance Company	750,000	Title commitments and policies for 4 mortgaged properties (post-closing delivery by April 30, 2025)
UCC Search and Filing Fees	Various Secretaries of State (DE, IL, PA, SC, TX, MI)	45,000	UCC-1 filings (13 statements) and UCC-3 termination filings
Mortgage Recording Taxes & Filing Fees (Estimated)	Cook County, IL; Winnebago County, IL; Greenville County, SC; Harris County, TX	6,500,000	Estimated; post-closing recording by April 30, 2025
Miscellaneous Expenses (printing, courier, due diligence platform, etc.)	Various	175,000	Estimated aggregate
TOTAL TRANSACTION FEES AND EXPENSES	38,625,000

[sheet: Wire Instructions]

Wire #	Payee / Recipient	Purpose	Amount ($)	Receiving Bank	ABA / Routing Number	Account Number	Account Name	Reference / Memo	Timing
1	Crescent Harbor Bank, N.A. (as Administrative Agent — Funding Account)	Receipt of Term Loan B gross proceeds from syndicate lenders	1,400,000,000	Crescent Harbor Bank, N.A., 320 Federal Street, Boston, MA 02110	XXX-XXX-XXX	XXXX-XXXX-0001	Crescent Harbor Bank, N.A. — Syndication Funding Account	Nexford TLB Funding — 65432X AA1	Step 1 — Lender funding to Agent
2	Crescent Harbor Bank, N.A. (Arrangement Fee)	Payment of arrangement fee	7,000,000	Crescent Harbor Bank, N.A., 320 Federal Street, Boston, MA 02110	XXX-XXX-XXX	XXXX-XXXX-0002	Crescent Harbor Bank, N.A. — Fee Account	NIH Arrangement Fee	Step 2 — Deducted from proceeds
3	Atlas Meridian Bank, N.A. (Existing Term Loan Payoff)	Full payoff of existing first lien term loan ($875M principal + ~$4.375M accrued interest)	879,375,000	Atlas Meridian Bank, N.A., 500 Liberty Avenue, Pittsburgh, PA 15222	XXX-XXX-XXX	XXXX-XXXX-0003	Atlas Meridian Bank, N.A. — Loan Payoff Account	Nexford — Payoff — Credit Agreement dtd 6/14/2019	Step 3 — Per payoff letter (Sandra Vickers)
4	Granite Peak NIH Holdings, LLC (Dividend)	Dividend recapitalization distribution	335,000,000	[Designated bank per Granite Peak instructions]	XXX-XXX-XXX	XXXX-XXXX-0004	Granite Peak NIH Holdings, LLC	Nexford Dividend Recap — March 2025	Step 4 — Dividend per board resolutions
5	Nexford Industrial Holdings Inc. (Operating Account — Balance Sheet Cash)	Residual proceeds retained by Borrower	147,000,000	Redstone National Bank — Account ending -4471	XXX-XXX-XXX	XXXX-XXXX-4471	Nexford Industrial Holdings Inc. — Operating Account	TLB Proceeds — Cash to Balance Sheet	Step 5 — Cash to BS
6	Calderwood & Harkness LLP	Legal fees — Borrower's counsel	4,500,000	[C&H designated bank]	XXX-XXX-XXX	XXXX-XXXX-0006	Calderwood & Harkness LLP — Client Trust Account	Matter No. 1005-00001 / IBL-NIH-2025-031	Step 6 — Legal fees
7	Whitfield & Gage LLP	Legal fees — Agent's counsel (payable by Borrower)	3,200,000	[W&G designated bank]	XXX-XXX-XXX	XXXX-XXXX-0007	Whitfield & Gage LLP — Client Trust Account	Nexford TLB — Agent's Counsel Fees	Step 6 — Legal fees
8	Kellner Brandt & Associates LLP	Legal fees — Sponsor's counsel	1,200,000	[KB&A designated bank]	XXX-XXX-XXX	XXXX-XXXX-0008	Kellner Brandt & Associates LLP — Client Trust Account	Nexford TLB — Sponsor Counsel Fees	Step 6 — Legal fees
9	Hargrove & Whitmore LLP	Legal fees — Illinois local counsel	175,000	[H&W designated bank]	XXX-XXX-XXX	XXXX-XXXX-0009	Hargrove & Whitmore LLP	Nexford TLB — IL Local Counsel	Step 6 — Legal fees
10	Briarcliff Legal Group PA	Legal fees — Delaware local counsel	125,000	[Briarcliff designated bank]	XXX-XXX-XXX	XXXX-XXXX-0010	Briarcliff Legal Group PA	Nexford TLB — DE Local Counsel	Step 6 — Legal fees
11	Stonebridge Advisory Group, LLC	Financial advisory fee	5,250,000	[Stonebridge designated bank], 277 Park Avenue, New York, NY 10172	XXX-XXX-XXX	XXXX-XXXX-0011	Stonebridge Advisory Group, LLC	Nexford Advisory Fee	Step 7 — Advisory
12	Keystone Ratings Group, Inc.	Rating agency fee	550,000	[Keystone designated bank]	XXX-XXX-XXX	XXXX-XXXX-0012	Keystone Ratings Group, Inc.	Nexford TLB Rating	Step 8 — Rating fees
13	Sentinel Credit Analytics, LLC	Rating agency fee	525,000	[Sentinel designated bank]	XXX-XXX-XXX	XXXX-XXXX-0013	Sentinel Credit Analytics, LLC	Nexford TLB Rating	Step 8 — Rating fees
14	Greystone Valuation Services, Inc.	Collateral appraisal fee	350,000	[Greystone designated bank], 1700 Market Street, Philadelphia, PA 19103	XXX-XXX-XXX	XXXX-XXXX-0014	Greystone Valuation Services, Inc.	Nexford Appraisal	Step 9 — Diligence fees
15	Clearwater Environmental Sciences, Inc.	Environmental consultant fee	280,000	[Clearwater designated bank], 8500 West Bryn Mawr Avenue, Chicago, IL 60631	XXX-XXX-XXX	XXXX-XXXX-0015	Clearwater Environmental Sciences, Inc.	Nexford Phase I ESA	Step 9 — Diligence fees
16	Landmark Title Assurance Company	Title insurance & survey costs (estimated; post-closing)	750,000	[Landmark designated bank]	XXX-XXX-XXX	XXXX-XXXX-0016	Landmark Title Assurance Company	Nexford Title — 4 Properties	Step 10 — Escrowed/post-closing
17	Various (UCC filing fees, mortgage recording, misc.)	UCC filings, mortgage recording taxes, miscellaneous	6,720,000	Various — per individual invoices	Various	Various	Various	Nexford TLB — Filing & Recording	Step 11 — To be disbursed as invoiced
TOTAL	1,400,000,000

[sheet: Payoff Detail — Atlas Meridian]

Item	Amount ($)	Notes
Existing First Lien Term Loan — Outstanding Principal	875,000,000	Credit Agreement dated June 14, 2019, as amended (First through Fourth Amendments); maturity June 2026
Accrued and Unpaid Interest (estimated through 3/28/2025)	4,375,000	Estimated; per payoff letter from Sandra Vickers (Atlas Meridian Bank, N.A., 500 Liberty Avenue, Pittsburgh, PA 15222)
Prepayment Premium	0	Waived per Fourth Amendment dated September 12, 2024
Agent / Administrative Fees Owed	0	None outstanding per payoff letter
TOTAL PAYOFF — FIRST LIEN TERM LOAN	879,375,000	Wire to Atlas Meridian per Wire #3
Existing Revolving Credit Facility — Outstanding Draws	0	$190,000,000 commitment; $0 currently drawn
Accrued Commitment Fees / Letter of Credit Fees	0	None material; settled separately if applicable
TOTAL PAYOFF — REVOLVING FACILITY	0	Commitment to be terminated at closing; no wire required
AGGREGATE PAYOFF — ATLAS MERIDIAN	879,375,000

Post-Payoff Actions

Lien Release Authorization Letter	Executed March 27, 2025	Atlas Meridian to release all liens upon receipt of payoff
UCC-3 Termination Statements	To be filed March 31, 2025	DE, IL, PA — terminating all UCC-1 filings in favor of Atlas Meridian Bank, N.A.
Existing Mortgage Releases	To follow post-closing	If applicable; existing mortgages to be discharged

[sheet: Dividend Detail]

Item	Amount ($)	Notes
Dividend from Nexford Industrial Holdings Inc. to Granite Peak NIH Holdings, LLC	335,000,000	Authorized per Nexford Board Resolutions adopted January 13, 2025 and Holdings Manager/Member Resolutions adopted January 13, 2025

Onward Distribution (for information — not part of closing wire flow):

Granite Peak Capital Fund IV, LP (92% equity owner of Holdings)	308,200,000	92% × $335,000,000 = $308,200,000 (approximate)
GP Fund IV Co-Invest, LP (8% equity owner of Holdings)	26,800,000	8% × $335,000,000 = $26,800,000 (approximate)
Total Onward Distribution	335,000,000

Cumulative Distributions to Granite Peak (Historical + Current):

Prior Dividend Recapitalization (2021)	275,000,000	Historical
Current Dividend Recapitalization (March 2025)	335,000,000	This transaction
Cumulative Total Distributions	610,000,000
Original Equity Investment by Granite Peak (January 2019)	725,000,000	Acquisition EV: $1,650,000,000
Net Unreturned Equity (before any portfolio company equity value)	115,000,000	$725,000,000 - $610,000,000 = $115,000,000

[sheet: Cover & Approvals]
Field | Value
Document Title | Funds Flow Memorandum — Execution Version
Transaction | $1,400,000,000 Senior Secured Term Loan B — Refinancing and Dividend Recapitalization
Borrower | Nexford Industrial Holdings Inc.
Administrative Agent / Collateral Agent | Crescent Harbor Bank, N.A.
Prepared By | Calderwood & Harkness LLP (Matter No. 1005-00001)
Date | March 27, 2025
Closing Date | March 28, 2025
Governing Agreement | Credit Agreement dated as of March 28, 2025, among Nexford Industrial Holdings Inc., as Borrower, the Guarantors party thereto, Crescent Harbor Bank, N.A., as Administrative Agent and Collateral Agent, Ironwood Capital Markets, LLC and Northvane Securities, Inc., as Joint Lead Arrangers, and the Lenders party thereto
CUSIP (Anticipated) | 65432X AA1
LoanX ID (Anticipated) | LX-234567
ACKNOWLEDGED AND AGREED:
Nexford Industrial Holdings Inc. — Borrower | Signature: Michelle Kaplan, Chief Financial Officer
Crescent Harbor Bank, N.A. — Administrative Agent | Signature: Elaine Prescott, Managing Director, Leveraged Finance
Atlas Meridian Bank, N.A. — Existing Agent (payoff recipient) | Signature: Sandra Vickers, Managing Director, Portfolio Management
Granite Peak NIH Holdings, LLC — Holdings / Dividend Recipient | Signature: Ryan Ostrowski, Authorized Person
Calderwood & Harkness LLP — Borrower's Counsel | Confirmed: Claudia Merritt, Responsible Partner
Whitfield & Gage LLP — Agent's Counsel | Confirmed: Margaret Ashby, Lead Partner
[sheet: Sources & Uses]
Line Item | Amount ($) | Notes
SOURCES OF FUNDS
Term Loan B — Gross Proceeds | 1,400,000,000 | Crescent Harbor Bank, N.A. as Administrative Agent; funded by syndicate lenders
Less: Original Issue discount (OID) at 50 bps | (7,000,000) | $1,400,000,000 × 0.50% = $7,000,000; issue price 99.50
Net Term Loan B Proceeds | 1,393,000,000 | Net cash received by Borrower after OID
Existing Cash on Balance Sheet (contributed to fund OID shortfall & fees) | 7,000,000 | To bridge OID and ensure full uses are covered
TOTAL SOURCES | 1,400,000,000 | Gross basis; OID netted in Uses as fee/expense
USES OF FUNDS
1. Payoff — Existing First Lien Term Loan (Atlas Meridian Bank, N.A.) | 879,375,000 | $875,000,000 principal + ~$4,375,000 accrued and unpaid interest as of 3/28/2025
2. Termination — Existing Revolving Credit Facility (Atlas Meridian Bank, N.A.) | 0 | $0 outstanding; $190,000,000 commitment terminated; no payoff amount
3. Dividend Distribution to Granite Peak NIH Holdings, LLC | 335,000,000 | Dividend recapitalization to Holdings (and thence to Granite Peak Capital Fund IV, LP (92%) and GP Fund IV Co-Invest, LP (8%))
4. Transaction Fees and Expenses | 38,625,000 | See Fee Detail tab for breakdown
5. Cash to Borrower's Balance Sheet | 147,000,000 | Retained for general corporate purposes; pro forma cash approximately $100,000,000 after adjustments
TOTAL USES | 1,400,000,000 | Must equal Total Sources
RECONCILIATION CHECK | 0 | Total Sources minus Total Uses = $0 (balanced)
[sheet: Fee Detail]
Fee / Expense Item | Payee | Amount ($) | Basis / Calculation
Arrangement Fee | Crescent Harbor Bank, N.A. | 7,000,000 | 50 bps × $1,400,000,000 = $7,000,000
Original Issue discount (OID) | Syndicate Lenders (netted from funding) | 7,000,000 | 50 bps OID; issue price 99.50; $1,400,000,000 × 0.50%
Upfront Fee to Participating Lenders | Syndicate Lenders (via Administrative Agent) | 0 | 100 bps (1.00%) upfront fee paid from OID and arrangement fee allocations; included in OID/arrangement amounts above — no separate cash outflow
Legal Fees — Calderwood & Harkness LLP (Borrower's Counsel) | Calderwood & Harkness LLP, 425 Lexington Avenue, New York, NY 10017 | 4,500,000 | Estimated; final invoice to follow post-closing
Legal Fees — Whitfield & Gage LLP (Agent's Counsel) | Whitfield & Gage LLP, 51 West 52nd Street, New York, NY 10019 | 3,200,000 | Estimated; per commitment letter, payable by Borrower
Legal Fees — Kellner Brandt & Associates LLP (Sponsor's Counsel) | Kellner Brandt & Associates LLP, 900 Third Avenue, New York, NY 10022 | 1,200,000 | Estimated
Legal Fees — Hargrove & Whitmore LLP (Illinois Local Counsel) | Hargrove & Whitmore LLP, 233 South Wacker Drive, Suite 4500, Chicago, IL 60606 | 175,000 | Estimated
Legal Fees — Briarcliff Legal Group PA (Delaware Local Counsel) | Briarcliff Legal Group PA, 1000 North King Street, Wilmington, DE 19801 | 125,000 | Estimated
Financial Advisory Fee | Stonebridge Advisory Group, LLC, 277 Park Avenue, New York, NY 10172 | 5,250,000 | Advisory fee per engagement letter
Rating Agency Fee — Keystone Ratings Group, Inc. | Keystone Ratings Group, Inc., 7 World Trade Center, New York, NY 10007 | 550,000 | Corporate family rating B1; facility rating B1
Rating Agency Fee — Sentinel Credit Analytics, LLC | Sentinel Credit Analytics, LLC, 55 Water Street, New York, NY 10041 | 525,000 | Corporate credit rating B+; facility rating BB-
Collateral Appraisal Fee | Greystone Valuation Services, Inc., 1700 Market Street, Philadelphia, PA 19103 | 350,000 | Real property and equipment appraisals (4 properties; total appraised value $193,000,000)
Environmental Consultant Fee | Clearwater Environmental Sciences, Inc., 8500 West Bryn Mawr Avenue, Chicago, IL 60631 | 280,000 | Phase I ESA reports for 4 mortgaged properties
Title Insurance & Survey Costs (Estimated) | Landmark Title Assurance Company | 750,000 | Title commitments and policies for 4 mortgaged properties (post-closing delivery by April 30, 2025)
UCC Search and Filing Fees | Various Secretaries of State (DE, IL, PA, SC, TX, MI) | 45,000 | UCC-1 filings (13 statements) and UCC-3 termination filings
Mortgage Recording Taxes & Filing Fees (Estimated) | Cook County, IL; Winnebago County, IL; Greenville County, SC; Harris County, TX | 6,500,000 | Estimated; post-closing recording by April 30, 2025
Miscellaneous Expenses (printing, courier, due diligence platform, etc.) | Various | 175,000 | Estimated aggregate
TOTAL TRANSACTION FEES AND EXPENSES | 38,625,000
[sheet: Wire Instructions]
Wire # | Payee / Recipient | Purpose | Amount ($) | Receiving Bank | ABA / Routing Number | Account Number | Account Name | Reference / Memo | Timing
1 | Crescent Harbor Bank, N.A. (as Administrative Agent — Funding Account) | Receipt of Term Loan B gross proceeds from syndicate lenders | 1,400,000,000 | Crescent Harbor Bank, N.A., 320 Federal Street, Boston, MA 02110 | XXX-XXX-XXX | XXXX-XXXX-0001 | Crescent Harbor Bank, N.A. — Syndication Funding Account | Nexford TLB Funding — 65432X AA1 | Step 1 — Lender funding to Agent
2 | Crescent Harbor Bank, N.A. (Arrangement Fee) | Payment of arrangement fee | 7,000,000 | Crescent Harbor Bank, N.A., 320 Federal Street, Boston, MA 02110 | XXX-XXX-XXX | XXXX-XXXX-0002 | Crescent Harbor Bank, N.A. — Fee Account | NIH Arrangement Fee | Step 2 — Deducted from proceeds
3 | Atlas Meridian Bank, N.A. (Existing Term Loan Payoff) | Full payoff of existing first lien term loan ($875M principal + ~$4.375M accrued interest) | 879,375,000 | Atlas Meridian Bank, N.A., 500 Liberty Avenue, Pittsburgh, PA 15222 | XXX-XXX-XXX | XXXX-XXXX-0003 | Atlas Meridian Bank, N.A. — Loan Payoff Account | Nexford — Payoff — Credit Agreement dtd 6/14/2019 | Step 3 — Per payoff letter (Sandra Vickers)
4 | Granite Peak NIH Holdings, LLC (Dividend) | Dividend recapitalization distribution | 335,000,000 | [Designated bank per Granite Peak instructions] | XXX-XXX-XXX | XXXX-XXXX-0004 | Granite Peak NIH Holdings, LLC | Nexford Dividend Recap — March 2025 | Step 4 — Dividend per board resolutions
5 | Nexford Industrial Holdings Inc. (Operating Account — Balance Sheet Cash) | Residual proceeds retained by Borrower | 147,000,000 | Redstone National Bank — Account ending -4471 | XXX-XXX-XXX | XXXX-XXXX-4471 | Nexford Industrial Holdings Inc. — Operating Account | TLB Proceeds — Cash to Balance Sheet | Step 5 — Cash to BS
6 | Calderwood & Harkness LLP | Legal fees — Borrower's counsel | 4,500,000 | [C&H designated bank] | XXX-XXX-XXX | XXXX-XXXX-0006 | Calderwood & Harkness LLP — Client Trust Account | Matter No. 1005-00001 / IBL-NIH-2025-031 | Step 6 — Legal fees
7 | Whitfield & Gage LLP | Legal fees — Agent's counsel (payable by Borrower) | 3,200,000 | [W&G designated bank] | XXX-XXX-XXX | XXXX-XXXX-0007 | Whitfield & Gage LLP — Client Trust Account | Nexford TLB — Agent's Counsel Fees | Step 6 — Legal fees
8 | Kellner Brandt & Associates LLP | Legal fees — Sponsor's counsel | 1,200,000 | [KB&A designated bank] | XXX-XXX-XXX | XXXX-XXXX-0008 | Kellner Brandt & Associates LLP — Client Trust Account | Nexford TLB — Sponsor Counsel Fees | Step 6 — Legal fees
9 | Hargrove & Whitmore LLP | Legal fees — Illinois local counsel | 175,000 | [H&W designated bank] | XXX-XXX-XXX | XXXX-XXXX-0009 | Hargrove & Whitmore LLP | Nexford TLB — IL Local Counsel | Step 6 — Legal fees
10 | Briarcliff Legal Group PA | Legal fees — Delaware local counsel | 125,000 | [Briarcliff designated bank] | XXX-XXX-XXX | XXXX-XXXX-0010 | Briarcliff Legal Group PA | Nexford TLB — DE Local Counsel | Step 6 — Legal fees
11 | Stonebridge Advisory Group, LLC | Financial advisory fee | 5,250,000 | [Stonebridge designated bank], 277 Park Avenue, New York, NY 10172 | XXX-XXX-XXX | XXXX-XXXX-0011 | Stonebridge Advisory Group, LLC | Nexford Advisory Fee | Step 7 — Advisory
12 | Keystone Ratings Group, Inc. | Rating agency fee | 550,000 | [Keystone designated bank] | XXX-XXX-XXX | XXXX-XXXX-0012 | Keystone Ratings Group, Inc. | Nexford TLB Rating | Step 8 — Rating fees
13 | Sentinel Credit Analytics, LLC | Rating agency fee | 525,000 | [Sentinel designated bank] | XXX-XXX-XXX | XXXX-XXXX-0013 | Sentinel Credit Analytics, LLC | Nexford TLB Rating | Step 8 — Rating fees
14 | Greystone Valuation Services, Inc. | Collateral appraisal fee | 350,000 | [Greystone designated bank], 1700 Market Street, Philadelphia, PA 19103 | XXX-XXX-XXX | XXXX-XXXX-0014 | Greystone Valuation Services, Inc. | Nexford Appraisal | Step 9 — Diligence fees
15 | Clearwater Environmental Sciences, Inc. | Environmental consultant fee | 280,000 | [Clearwater designated bank], 8500 West Bryn Mawr Avenue, Chicago, IL 60631 | XXX-XXX-XXX | XXXX-XXXX-0015 | Clearwater Environmental Sciences, Inc. | Nexford Phase I ESA | Step 9 — Diligence fees
16 | Landmark Title Assurance Company | Title insurance & survey costs (estimated; post-closing) | 750,000 | [Landmark designated bank] | XXX-XXX-XXX | XXXX-XXXX-0016 | Landmark Title Assurance Company | Nexford Title — 4 Properties | Step 10 — Escrowed/post-closing
17 | Various (UCC filing fees, mortgage recording, misc.) | UCC filings, mortgage recording taxes, miscellaneous | 6,720,000 | Various — per individual invoices | Various | Various | Various | Nexford TLB — Filing & Recording | Step 11 — To be disbursed as invoiced
TOTAL | 1,400,000,000
[sheet: Payoff Detail — Atlas Meridian]
Item | Amount ($) | Notes
Existing First Lien Term Loan — Outstanding Principal | 875,000,000 | Credit Agreement dated June 14, 2019, as amended (First through Fourth Amendments); maturity June 2026
Accrued and Unpaid Interest (estimated through 3/28/2025) | 4,375,000 | Estimated; per payoff letter from Sandra Vickers (Atlas Meridian Bank, N.A., 500 Liberty Avenue, Pittsburgh, PA 15222)
Prepayment Premium | 0 | Waived per Fourth Amendment dated September 12, 2024
Agent / Administrative Fees Owed | 0 | None outstanding per payoff letter
TOTAL PAYOFF — FIRST LIEN TERM LOAN | 879,375,000 | Wire to Atlas Meridian per Wire #3
Existing Revolving Credit Facility — Outstanding Draws | 0 | $190,000,000 commitment; $0 currently drawn
Accrued Commitment Fees / Letter of Credit Fees | 0 | None material; settled separately if applicable
TOTAL PAYOFF — REVOLVING FACILITY | 0 | Commitment to be terminated at closing; no wire required
AGGREGATE PAYOFF — ATLAS MERIDIAN | 879,375,000
Post-Payoff Actions
Lien Release Authorization Letter | Executed March 27, 2025 | Atlas Meridian to release all liens upon receipt of payoff
UCC-3 Termination Statements | To be filed March 31, 2025 | DE, IL, PA — terminating all UCC-1 filings in favor of Atlas Meridian Bank, N.A.
Existing Mortgage Releases | To follow post-closing | If applicable; existing mortgages to be discharged
[sheet: Dividend Detail]
Item | Amount ($) | Notes
Dividend from Nexford Industrial Holdings Inc. to Granite Peak NIH Holdings, LLC | 335,000,000 | Authorized per Nexford Board Resolutions adopted January 13, 2025 and Holdings Manager/Member Resolutions adopted January 13, 2025
Onward Distribution (for information — not part of closing wire flow):
Granite Peak Capital Fund IV, LP (92% equity owner of Holdings) | 308,200,000 | 92% × $335,000,000 = $308,200,000 (approximate)
GP Fund IV Co-Invest, LP (8% equity owner of Holdings) | 26,800,000 | 8% × $335,000,000 = $26,800,000 (approximate)
Total Onward Distribution | 335,000,000
Cumulative Distributions to Granite Peak (Historical + Current):
Prior Dividend Recapitalization (2021) | 275,000,000 | Historical
Current Dividend Recapitalization (March 2025) | 335,000,000 | This transaction
Cumulative Total Distributions | 610,000,000
Original Equity Investment by Granite Peak (January 2019) | 725,000,000 | Acquisition EV: $1,650,000,000
Net Unreturned Equity (before any portfolio company equity value) | 115,000,000 | $725,000,000 - $610,000,000 = $115,000,000

[sheet: Cover & Approvals]

ACKNOWLEDGED AND AGREED:

SOURCES OF FUNDS

USES OF FUNDS

Record

Parties

Dates

Amounts