[sheet: Summary]

[sheet: Summary]
Investment Vehicle | Vehicle Type | Entity Type / Jurisdiction | Date of Initial Investment | Total Caldwell Equity Invested | Total Distributions Received | Buyout / Redemption Proceeds | Net Cash Position | Notes
Aegean Realty Fund III LP | Limited Partnership (LP) | Delaware LP | June 2016 | $2,500,000.00 | $620,000.00 | $0.00 | -$1,880,000.00 | Redeemed as part of Dec. 15, 2019 separation; redemption proceeds captured under Fund III–V combined. See Fund III tab.
Aegean Realty Fund IV LP | Limited Partnership (LP) | Delaware LP | March 2017 | $4,000,000.00 | $750,000.00 | $0.00 | -$3,250,000.00 | Redeemed as part of Dec. 15, 2019 separation. See Fund IV tab.
Aegean Realty Fund V LP | Limited Partnership (LP) | Delaware LP | September 2018 | $3,500,000.00 | $500,000.00 | $3,150,000.00 | $150,000.00 | Redeemed March 2020 at $3,150,000 after 6-month notice period. See Fund V tab.
710 Flatbush Holdings LLC | Joint Venture (50/50) | New York LLC | April 2016 | $2,800,000.00 | $385,000.00 | $3,400,000.00 | $985,000.00 | Stavros buyout of Caldwell's 50% interest effective Dec. 15, 2019. See Flatbush JV tab.
Stavros-Caldwell Industrial LLC | Joint Venture (60/40 Stavros/Caldwell) | New Jersey LLC | October 2017 | $1,424,000.00 | $250,000.00 | $1,850,000.00 | $676,000.00 | Stavros buyout of Caldwell's 40% interest effective Dec. 15, 2019. See Newark JV tab.
TOTALS | $14,224,000.00 | $2,505,000.00 | $8,400,000.00 | -$3,319,000.00 | Net cash outflow before accounting for Fund III and IV redemption proceeds embedded in separation agreement.
[sheet: Fund III]
Entry No. | Date | Description | Source Account | Destination Account | Amount | Direction | Running Balance — Caldwell Net Cash | Bates Cross-Reference
1 | 2016-06-15 | Initial LP capital contribution to Aegean Realty Fund III LP | Caldwell Capital Advisors LLC operating account (Northern Capital Bank, N.A.) | Aegean Realty Fund III LP capital account (Westlake Fidelity Bank, N.A.) | $2,500,000.00 | Outflow | -$2,500,000.00 | CALDWELL-00247; CALDWELL-00248
2 | 2017-03-31 | Q1 2017 distribution — Fund III | Aegean Realty Fund III LP distribution account | Caldwell Capital Advisors LLC operating account | $155,000.00 | Inflow | -$2,345,000.00 | CALDWELL-00412
3 | 2017-09-30 | Q3 2017 distribution — Fund III | Aegean Realty Fund III LP distribution account | Caldwell Capital Advisors LLC operating account | $140,000.00 | Inflow | -$2,205,000.00 | CALDWELL-00589
4 | 2018-03-31 | Q1 2018 distribution — Fund III | Aegean Realty Fund III LP distribution account | Caldwell Capital Advisors LLC operating account | $125,000.00 | Inflow | -$2,080,000.00 | CALDWELL-00734
5 | 2018-09-30 | Q3 2018 distribution — Fund III | Aegean Realty Fund III LP distribution account | Caldwell Capital Advisors LLC operating account | $110,000.00 | Inflow | -$1,970,000.00 | CALDWELL-00891
6 | 2019-03-31 | Q1 2019 distribution — Fund III | Aegean Realty Fund III LP distribution account | Caldwell Capital Advisors LLC operating account | $90,000.00 | Inflow | -$1,880,000.00 | CALDWELL-01023
7 | 2019-12-15 | Redemption of LP interest per separation agreement (Whitmore & Kessler LLP negotiated) — amount embedded in overall separation; not separately broken out in available records | Aegean Realty Fund III LP / Stavros | Caldwell Capital Advisors LLC operating account | See Notes | Inflow | See Notes | CALDWELL-01456; CALDWELL-01457
TOTAL DISTRIBUTIONS (Entries 2–6) | $620,000.00 | -$1,880,000.00
[sheet: Fund IV]
Entry No. | Date | Description | Source Account | Destination Account | Amount | Direction | Running Balance — Caldwell Net Cash | Bates Cross-Reference
1 | 2017-03-10 | Initial LP capital contribution to Aegean Realty Fund IV LP | Caldwell Capital Advisors LLC operating account (Northern Capital Bank, N.A.) | Aegean Realty Fund IV LP capital account (Harborview Trust Company escrow) | $4,000,000.00 | Outflow | -$4,000,000.00 | CALDWELL-00378; CALDWELL-00379
2 | 2017-12-31 | Q4 2017 distribution — Fund IV | Aegean Realty Fund IV LP distribution account | Caldwell Capital Advisors LLC operating account | $180,000.00 | Inflow | -$3,820,000.00 | CALDWELL-00521
3 | 2018-06-30 | Q2 2018 distribution — Fund IV | Aegean Realty Fund IV LP distribution account | Caldwell Capital Advisors LLC operating account | $165,000.00 | Inflow | -$3,655,000.00 | CALDWELL-00766
4 | 2018-12-31 | Q4 2018 distribution — Fund IV | Aegean Realty Fund IV LP distribution account | Caldwell Capital Advisors LLC operating account | $150,000.00 | Inflow | -$3,505,000.00 | CALDWELL-00923
5 | 2019-06-30 | Q2 2019 distribution — Fund IV | Aegean Realty Fund IV LP distribution account | Caldwell Capital Advisors LLC operating account | $140,000.00 | Inflow | -$3,365,000.00 | CALDWELL-01089
6 | 2019-09-30 | Q3 2019 distribution — Fund IV | Aegean Realty Fund IV LP distribution account | Caldwell Capital Advisors LLC operating account | $115,000.00 | Inflow | -$3,250,000.00 | CALDWELL-01201
7 | 2019-12-15 | Redemption of LP interest per separation agreement (Whitmore & Kessler LLP negotiated) — amount embedded in overall separation; not separately broken out in available records. SENSITIVITY: Government alleges ~$18.7M diverted from Funds IV and V. | Aegean Realty Fund IV LP / Stavros | Caldwell Capital Advisors LLC operating account | See Notes | Inflow | See Notes | CALDWELL-01456; CALDWELL-01458
TOTAL DISTRIBUTIONS (Entries 2–6) | $750,000.00 | -$3,250,000.00
[sheet: Fund V]
Entry No. | Date | Description | Source Account | Destination Account | Amount | Direction | Running Balance — Caldwell Net Cash | Bates Cross-Reference
1 | 2018-09-20 | Initial LP capital contribution to Aegean Realty Fund V LP | Caldwell Capital Advisors LLC operating account (Northern Capital Bank, N.A.) | Aegean Realty Fund V LP capital account (Harborview Trust Company escrow) | $3,500,000.00 | Outflow | -$3,500,000.00 | CALDWELL-00856; CALDWELL-00857
2 | 2019-03-31 | Q1 2019 distribution — Fund V | Aegean Realty Fund V LP distribution account | Caldwell Capital Advisors LLC operating account | $175,000.00 | Inflow | -$3,325,000.00 | CALDWELL-01034
3 | 2019-09-30 | Q3 2019 distribution — Fund V | Aegean Realty Fund V LP distribution account | Caldwell Capital Advisors LLC operating account | $165,000.00 | Inflow | -$3,160,000.00 | CALDWELL-01198
4 | 2019-12-31 | Q4 2019 distribution — Fund V | Aegean Realty Fund V LP distribution account | Caldwell Capital Advisors LLC operating account | $160,000.00 | Inflow | -$3,000,000.00 | CALDWELL-01345
5 | 2019-10-15 | Redemption notice submitted (6-month notice period per LPA) | N/A | N/A | $0.00 | N/A | -$3,000,000.00 | CALDWELL-01267
6 | 2020-03-15 | Redemption of Fund V LP interest — proceeds received | Aegean Realty Fund V LP | Caldwell Capital Advisors LLC operating account | $3,150,000.00 | Inflow | $150,000.00 | CALDWELL-01678; CALDWELL-01679
TOTAL DISTRIBUTIONS (Entries 2–4) | $500,000.00
TOTAL REDEMPTION PROCEEDS (Entry 6) | $3,150,000.00
NET CASH POSITION (Fund V) | $150,000.00 | SENSITIVITY: Government alleges ~$18.7M diverted from Funds IV and V; distributions and redemption proceeds may have been sourced from diverted capital.
[sheet: Flatbush JV]
Entry No. | Date | Description | Source Account | Destination Account | Amount | Direction | Running Balance — Caldwell Net Cash | Bates Cross-Reference
1 | 2016-04-08 | Equity contribution — Caldwell 50% share of acquisition equity for 710 Flatbush Avenue, Brooklyn, NY 11225 (42-unit mixed-use building; total acquisition price $11,200,000; total equity $5,600,000; Westlake Fidelity Bank loan $5,600,000) | Jonathan R. Caldwell personal account / JRC Realty Holdings LLC | 710 Flatbush Holdings LLC closing escrow | $2,800,000.00 | Outflow | -$2,800,000.00 | CALDWELL-00189; CALDWELL-00190; CALDWELL-00191
2 | 2016-12-31 | Q4 2016 operating distribution — Flatbush JV (50% share) | 710 Flatbush Holdings LLC operating account | Jonathan R. Caldwell personal account | $45,000.00 | Inflow | -$2,755,000.00 | CALDWELL-00334
3 | 2017-06-30 | Q2 2017 operating distribution — Flatbush JV (50% share) | 710 Flatbush Holdings LLC operating account | Jonathan R. Caldwell personal account | $52,000.00 | Inflow | -$2,703,000.00 | CALDWELL-00467
4 | 2017-12-31 | Q4 2017 operating distribution — Flatbush JV (50% share) | 710 Flatbush Holdings LLC operating account | Jonathan R. Caldwell personal account | $48,000.00 | Inflow | -$2,655,000.00 | CALDWELL-00556
5 | 2018-06-30 | Q2 2018 operating distribution — Flatbush JV (50% share) | 710 Flatbush Holdings LLC operating account | Jonathan R. Caldwell personal account | $55,000.00 | Inflow | -$2,600,000.00 | CALDWELL-00788
6 | 2018-12-31 | Q4 2018 operating distribution — Flatbush JV (50% share) | 710 Flatbush Holdings LLC operating account | Jonathan R. Caldwell personal account | $50,000.00 | Inflow | -$2,550,000.00 | CALDWELL-00934
7 | 2019-06-30 | Q2 2019 operating distribution — Flatbush JV (50% share) | 710 Flatbush Holdings LLC operating account | Jonathan R. Caldwell personal account | $60,000.00 | Inflow | -$2,490,000.00 | CALDWELL-01102
8 | 2019-09-30 | Q3 2019 operating distribution — Flatbush JV (50% share) | 710 Flatbush Holdings LLC operating account | Jonathan R. Caldwell personal account | $75,000.00 | Inflow | -$2,415,000.00 | CALDWELL-01189
9 | 2019-10-01 | Dispute arises: Stavros unilaterally charged ~$340,000 in management fees to 710 Flatbush Holdings LLC operating account — precipitated October 2019 falling-out and December 2019 separation | N/A — notation only | N/A — notation only | $0.00 | N/A | -$2,415,000.00 | CALDWELL-01234; CALDWELL-01235
10 | 2019-12-15 | Buyout — Stavros purchases Caldwell's 50% interest in 710 Flatbush Holdings LLC per separation agreement (Whitmore & Kessler LLP / Patricia Sheldon) | Marcus W. Stavros / Aegean Realty Partners LLC | Jonathan R. Caldwell personal account | $3,400,000.00 | Inflow | $985,000.00 | CALDWELL-01456; CALDWELL-01459; CALDWELL-01460
TOTAL DISTRIBUTIONS (Entries 2–8) | $385,000.00
TOTAL BUYOUT PROCEEDS (Entry 10) | $3,400,000.00
NET CASH POSITION (Flatbush JV) | $985,000.00 | No direct transfers between Caldwell accounts and Stavros personal accounts identified.
[sheet: Newark JV]
Entry No. | Date | Description | Source Account | Destination Account | Amount | Direction | Running Balance — Caldwell Net Cash | Bates Cross-Reference
1 | 2017-10-12 | Equity contribution — Caldwell 40% share of acquisition equity for 1500 Commerce Boulevard, Newark, NJ 07114 (65,000 sq. ft. industrial warehouse; total acquisition price $8,900,000; total equity $3,560,000; Westlake Fidelity Bank loan $5,340,000) | Jonathan R. Caldwell personal account / JRC Realty Holdings LLC | Stavros-Caldwell Industrial LLC closing escrow | $1,424,000.00 | Outflow | -$1,424,000.00 | CALDWELL-00512; CALDWELL-00513
2 | 2018-03-31 | Q1 2018 operating distribution — Newark JV (40% share) | Stavros-Caldwell Industrial LLC operating account | Jonathan R. Caldwell personal account | $35,000.00 | Inflow | -$1,389,000.00 | CALDWELL-00698
3 | 2018-09-30 | Q3 2018 operating distribution — Newark JV (40% share) | Stavros-Caldwell Industrial LLC operating account | Jonathan R. Caldwell personal account | $40,000.00 | Inflow | -$1,349,000.00 | CALDWELL-00878
4 | 2019-03-31 | Q1 2019 operating distribution — Newark JV (40% share) | Stavros-Caldwell Industrial LLC operating account | Jonathan R. Caldwell personal account | $45,000.00 | Inflow | -$1,304,000.00 | CALDWELL-01056
5 | 2019-06-30 | Q2 2019 operating distribution — Newark JV (40% share) | Stavros-Caldwell Industrial LLC operating account | Jonathan R. Caldwell personal account | $42,000.00 | Inflow | -$1,262,000.00 | CALDWELL-01134
6 | 2019-09-30 | Q3 2019 operating distribution — Newark JV (40% share) | Stavros-Caldwell Industrial LLC operating account | Jonathan R. Caldwell personal account | $48,000.00 | Inflow | -$1,214,000.00 | CALDWELL-01205
7 | 2019-12-01 | Q4 2019 partial distribution — Newark JV (40% share, pre-separation) | Stavros-Caldwell Industrial LLC operating account | Jonathan R. Caldwell personal account | $40,000.00 | Inflow | -$1,174,000.00 | CALDWELL-01389
8 | 2019-12-15 | Buyout — Stavros purchases Caldwell's 40% interest in Stavros-Caldwell Industrial LLC per separation agreement (Whitmore & Kessler LLP / Patricia Sheldon) | Marcus W. Stavros / Aegean Realty Partners LLC | Jonathan R. Caldwell personal account | $1,850,000.00 | Inflow | $676,000.00 | CALDWELL-01456; CALDWELL-01461; CALDWELL-01462
TOTAL DISTRIBUTIONS (Entries 2–7) | $250,000.00
TOTAL BUYOUT PROCEEDS (Entry 8) | $1,850,000.00
NET CASH POSITION (Newark JV) | $676,000.00 | No direct transfers between Caldwell accounts and Stavros personal accounts identified.