[sheet: Cover]

[sheet: Cover]
Field | Value
Document Title | Schedule A — Amended Trust Property Schedule
Trust Name | Caldwell Revocable Trust
Original Trust Date | October 3, 2010
Restatement Date | February 6, 2023 (effective April 1, 2023)
Settlor | Jonathan Robert Caldwell
Settlor Residence | 418 East 72nd Street, Apt. 14A, New York, NY 10021
Settlor SSN (last four) | XXX-XX-4781
Trustee | Jonathan R. Caldwell (Settlor, during lifetime)
Successor Trustee | Eleanor V. Caldwell; then Thomas R. Caldwell
Governing Law | New York
Schedule A Effective Date | June 1, 2023 (reflecting all transfers completed through this date)
Prepared By | Calderwood & Harkness LLP, 375 Park Avenue, 42nd Floor, New York, NY 10152
C&H Matter No. | 1034-00004
C&H Billing Code | 78412-JRC
Prepared By (attorney) | Monica Reyes, Lead Associate; reviewed by Victoria Chambers, Responsible Partner
[sheet: Summary of Transfers Out]
Transfer No. | Receiving Entity | Entity Type | Date of Transfer | Asset Description | FMV at Transfer | Notes
1 | Caldwell 2023 Securities GRAT (GRAT A) | Irrevocable Trust (NY) | 2023-04-15 | Publicly traded securities (see GRAT A Schedule A) | $60,000,000 | Zeroed-out GRAT; 2-yr term; remainder to Caldwell Family Dynasty Trust
2 | Caldwell 2023 Realty GRAT (GRAT B) | Irrevocable Trust (NY) | 2023-05-01 | 59.7% membership interest in Stonecrest Realty Holdings LLC | $80,000,000 | Pre-discount FMV; 25% combined discount applied for gift tax purposes ($60M post-discount); 3-yr term; remainder to Dynasty Trust
3 | Caldwell 2023 Carried Interest GRAT (GRAT C) | Irrevocable Trust (NY) | 2023-06-01 | LP interests in Caldwell Ridgeline Funds IV & V and carried interest in Fund VI | $38,000,000 | Pre-discount FMV; blended discount yields $25.3M post-discount for gift tax; 3-yr term; remainder to Dynasty Trust
4 | Caldwell Family Dynasty Trust | Irrevocable Trust (DE) | 2023-04-01 | Cash | $5,000,000 | Initial funding; uses lifetime gift exemption; Northgate Trust Company of Delaware as institutional co-trustee
5 | The Caldwell Family Foundation | NY Not-for-Profit Corp. | 2023-04-01 | Cash (joint gift — $5M attributable to Jonathan R. Caldwell; $5M attributable to Eleanor V. Caldwell) | $10,000,000 | EIN 88-3021547; charitable deduction; $5M from Settlor's separate assets
6 | Caldwell Family Insurance Trust (ILIT) | Irrevocable Trust (DE) | 2023-03-15 | Beacon Life Assurance Company Policy No. BLA-2023-77419 (assigned to ILIT trustee) | N/A — policy assigned; annual premium $187,500 | Second-to-die UL; $15M death benefit; Northgate Trust Company of Delaware as trustee
TOTAL FMV TRANSFERRED OUT (excl. ILIT policy assignment) | $188,000,000 | Foundation counted at $5,000,000 (Settlor's share only); ILIT policy assignment not counted as FMV transfer
[sheet: Remaining Assets — Summary]
Asset Category | Original FMV (Pre-Plan) | Amount Transferred Out | Remaining FMV in Revocable Trust | % of Remaining Trust Estate | Notes
Liquid Securities (public equities, bonds, cash) | $112,000,000 | $70,000,000 | $42,000,000 | 37.5% | Remaining publicly traded securities and cash; managed by Havensbrook Wealth Advisors LLC (Diana R. Linden); transfers: $60M to GRAT A + $5M to Dynasty Trust + $5M to Foundation (Settlor's share)
Real Estate — Stonecrest Realty Holdings LLC Membership Interests | $134,000,000 | $80,000,000 | $54,000,000 | 48.2% | Remaining ~40.3% membership interest in Stonecrest Realty Holdings LLC (NY LLC; 330 Madison Ave., Suite 2401, NY, NY 10017; COO Robert M. Sinclair)
Carried Interest & Fund Stakes — Caldwell Ridgeline Capital LLC | $38,000,000 | $38,000,000 | $0 | 0.0% | All LP interests (Funds IV & V) and carried interest (Fund VI) transferred to GRAT C on June 1, 2023
Art & Collectibles | $9,000,000 | $0 | $9,000,000 | 8.0% | Appraised by Ashford Valuation Group LLC (Dr. Leonard K. Whitfield) as of June 15, 2023
Other Assets (personal property, vehicles, miscellaneous) | $7,000,000 | $0 | $7,000,000 | 6.3% | Includes personal effects, vehicles, and miscellaneous assets
TOTAL | $300,000,000 | $188,000,000 | $112,000,000 | 100.0%
[sheet: Liquid Securities Detail]
Line No. | Security Name / Description | Ticker / CUSIP | Account Custodian | Shares / Units / Par Value | Price per Share / Unit | Fair Market Value | Notes
1 | Camberwell & Co. | AAPL | Havensbrook Wealth Advisors LLC | 8,500 | $180.95 | $1,538,075 | Large-cap U.S. equity
2 | Brightmoor Partners LLC | MSFT | Havensbrook Wealth Advisors LLC | 7,200 | $338.50 | $2,437,200 | Large-cap U.S. equity
3 | Adriatic Partners LLC (Class A) | GOOGL | Havensbrook Wealth Advisors LLC | 9,800 | $123.45 | $1,209,810 | Large-cap U.S. equity
4 | Pinnacle Group | AMZN | Havensbrook Wealth Advisors LLC | 10,500 | $126.20 | $1,325,100 | Large-cap U.S. equity
5 | Calderon Corporation | JNJ | Havensbrook Wealth Advisors LLC | 12,000 | $163.75 | $1,965,000 | Large-cap U.S. equity; dividend holding
6 | Penrose Corporation | UNH | Havensbrook Wealth Advisors LLC | 3,200 | $482.30 | $1,543,360 | Large-cap U.S. equity
7 | Westvale Group | JPM | Havensbrook Wealth Advisors LLC | 11,500 | $141.80 | $1,630,700 | Large-cap U.S. equity; financial sector
8 | Greaves Group | PG | Havensbrook Wealth Advisors LLC | 8,800 | $152.10 | $1,338,480 | Large-cap U.S. equity; consumer staples
9 | Tarrant Insurance (Class B) | BRK.B | Havensbrook Wealth Advisors LLC | 12,600 | $328.50 | $4,139,100 | Large-cap U.S. equity
10 | Ashford Enterprises | NVDA | Havensbrook Wealth Advisors LLC | 3,350 | $401.20 | $1,344,020 | Large-cap U.S. equity; technology
11 | Marlowe Asset Management Total International Stock ETF | VXUS | Havensbrook Wealth Advisors LLC | 52,000 | $55.77 | $2,900,040 | International equity diversification
12 | iShares MSCI EAFE ETF | EFA | Havensbrook Wealth Advisors LLC | 39,500 | $73.42 | $2,900,090 | International developed markets equity
13 | U.S. Treasury Note 3.875% due 2028 | 912828ZT6 | Havensbrook Wealth Advisors LLC | $3,200,000 par | 98.75 | $3,160,000 | Investment-grade; U.S. government obligation
14 | Corp Bond 3.25% due 2029 | 037833DX5 | Havensbrook Wealth Advisors LLC | $2,000,000 par | 96.50 | $1,930,000 | Investment-grade corporate bond
15 | Ashbury Trust Bank Bond 4.125% due 2030 | 46647PBY0 | Havensbrook Wealth Advisors LLC | $1,500,000 par | 97.20 | $1,458,000 | Investment-grade corporate bond
16 | New York State GO Muni Bond 4.00% due 2032 | 649791QR3 | Havensbrook Wealth Advisors LLC | $1,800,000 par | 101.22 | $1,821,960 | Tax-exempt municipal bond
17 | Marlowe Asset Management Intermediate-Term Corp Bond ETF | VCIT | Havensbrook Wealth Advisors LLC | 22,000 | $82.28 | $1,810,160 | Investment-grade bond diversification
18 | iShares 1-3 Year Treasury Bond ETF | SHY | Havensbrook Wealth Advisors LLC | 18,500 | $81.89 | $1,514,965 | Short-term Treasury; liquidity reserve
19 | Northgate Private Capital | SPAXX | Havensbrook Wealth Advisors LLC | 2,984,940 units | $1.00 | $2,984,940 | Money market; liquidity reserve
20 | Cash on deposit — operating account | N/A | Havensbrook Wealth Advisors LLC | N/A | N/A | $1,550,000 | Operating cash and near-term liquidity
21 | Cash on deposit — reserve account | N/A | Havensbrook Wealth Advisors LLC | N/A | N/A | $1,500,000 | Reserve cash for trust expenses and distributions
SUBTOTAL — LIQUID SECURITIES | $42,000,000
[sheet: Real Estate — Stonecrest Intere]
Line No. | Property Address | Property Type | Location | Total Property FMV | Settlor's Pro Rata Share of Property FMV (~40.3%) | Notes
1 | 440 West Broadway | Mixed-use retail/residential | New York, NY 10012 | $28,000,000 | $11,284,000 | Ground-floor retail with 4 residential units above
2 | 15–21 Harrison Street | Luxury residential condo (6 units) | New York, NY 10013 | $19,500,000 | $7,858,500 | Six luxury condominium units; Tribeca
3 | Stonecrest Office Park I | Class A office | Paramus, NJ 07652 | $22,000,000 | $8,866,000 | 85,000 SF; multi-tenant; 94% occupied
4 | Stonecrest Office Park II | Class A office | Paramus, NJ 07652 | $18,500,000 | $7,455,500 | 68,000 SF; multi-tenant; 91% occupied
5 | The Ridgeline at Stamford | Multi-family (120 units) | Stamford, CT 06901 | $16,000,000 | $6,448,000 | 120-unit apartment complex; 97% occupied
6 | 88 Mercer Street | Retail | New York, NY 10012 | $11,500,000 | $4,634,500 | SoHo retail; long-term NNN lease
7 | 200 West 14th Street | Office/loft conversion | New York, NY 10011 | $8,500,000 | $3,425,500 | Converted loft office space; Chelsea
8 | 765 Morris Avenue | Industrial warehouse | Elizabeth, NJ 07208 | $4,200,000 | $1,692,600 | 42,000 SF industrial/distribution
9 | 12 Elm Court | Single-family (personal investment) | Rye, NY 10580 | $2,800,000 | $1,128,400 | Investment property; currently leased
10 | 44 Prospect Lane | Single-family (personal investment) | Westport, CT 06880 | $1,800,000 | $725,400 | Investment property; currently leased
11 | 9 Birch Hill Road | Vacant land (3.2 acres) | Bedford, NY 10506 | $1,200,000 | $483,600 | Undeveloped; zoned residential
TOTAL — STONECREST PORTFOLIO | $134,000,000 | $54,002,000 | Remaining ~40.3% membership interest; 59.7% transferred to GRAT B. Entity-level non-recourse mortgages; values shown are gross FMV. Stonecrest Realty Holdings LLC, NY LLC, 330 Madison Ave., Suite 2401, NY, NY 10017; COO Robert M. Sinclair
[sheet: Art & Collectibles]
Line No. | Item Description | Artist / Maker / Category | Medium / Type | Location | Appraised FMV | Appraisal Date | Appraiser
1 | Untitled Landscape — Oil on Canvas, 48" × 72" | Richard Hartwell | Oil on canvas | 418 East 72nd St., Apt. 14A, NY, NY 10021 | $1,800,000 | 2023-06-15 | Ashford Valuation Group LLC (Dr. Leonard K. Whitfield, ASA)
2 | Abstract Composition No. 7 — Mixed media on panel, 60" × 48" | Elena Marchetti | Mixed media | 418 East 72nd St., Apt. 14A, NY, NY 10021 | $1,400,000 | 2023-06-15 | Ashford Valuation Group LLC
3 | Bronze sculpture — Figure Study, 36" H | Julian Navarro | Bronze | 418 East 72nd St., Apt. 14A, NY, NY 10021 | $950,000 | 2023-06-15 | Ashford Valuation Group LLC
4 | Collection of 19th-century prints (12 pieces) | Various | Works on paper | 418 East 72nd St., Apt. 14A, NY, NY 10021 | $600,000 | 2023-06-15 | Ashford Valuation Group LLC
5 | Contemporary photography collection (8 pieces) | Various | Archival prints | 418 East 72nd St., Apt. 14A, NY, NY 10021 | $450,000 | 2023-06-15 | Ashford Valuation Group LLC
6 | Seascape at Dusk — Oil on linen, 40" × 60" | Margaret Ashby | Oil on linen | 418 East 72nd St., Apt. 14A, NY, NY 10021 | $380,000 | 2023-06-15 | Ashford Valuation Group LLC
7 | Geometric Abstraction Series (triptych) — Acrylic on canvas | Samuel Wren | Acrylic on canvas | 418 East 72nd St., Apt. 14A, NY, NY 10021 | $325,000 | 2023-06-15 | Ashford Valuation Group LLC
8 | Polished marble sculpture — Reclining Form, 28" L | Isabelle Fontaine | Marble | 418 East 72nd St., Apt. 14A, NY, NY 10021 | $290,000 | 2023-06-15 | Ashford Valuation Group LLC
9 | Watercolor series — Botanical Studies (6 pieces) | Charlotte Hume | Watercolor on paper | 418 East 72nd St., Apt. 14A, NY, NY 10021 | $210,000 | 2023-06-15 | Ashford Valuation Group LLC
10 | Steel wall sculpture — Convergence, 72" × 36" | David Okafor | Welded steel | 418 East 72nd St., Apt. 14A, NY, NY 10021 | $195,000 | 2023-06-15 | Ashford Valuation Group LLC
11 | Lithograph portfolio — Urban Views (10 prints, ed. 12/50) | Thomas Langley | Lithograph | 418 East 72nd St., Apt. 14A, NY, NY 10021 | $180,000 | 2023-06-15 | Ashford Valuation Group LLC
12 | Hand-knotted Persian carpet — Tabriz, 12' × 18' | Traditional / Tabriz | Wool and silk | 418 East 72nd St., Apt. 14A, NY, NY 10021 | $175,000 | 2023-06-15 | Ashford Valuation Group LLC
13 | Oil portrait — Study of Light, 30" × 24" | Anna Blackwell | Oil on canvas | 418 East 72nd St., Apt. 14A, NY, NY 10021 | $160,000 | 2023-06-15 | Ashford Valuation Group LLC
14 | Mixed-media collage — Fragments, 48" × 36" | Leo Castillo | Mixed media / collage | 418 East 72nd St., Apt. 14A, NY, NY 10021 | $155,000 | 2023-06-15 | Ashford Valuation Group LLC
15 | Ceramic vessel collection (5 pieces) | Yuki Tanaka | Stoneware / porcelain | 418 East 72nd St., Apt. 14A, NY, NY 10021 | $140,000 | 2023-06-15 | Ashford Valuation Group LLC
16 | Antique French mantel clock — Louis XVI style, c. 1785 | French, 18th century | Gilt bronze / ormolu | 418 East 72nd St., Apt. 14A, NY, NY 10021 | $125,000 | 2023-06-15 | Ashford Valuation Group LLC
17 | Charcoal and ink drawings (4 pieces) — Figurative Studies | Paul Reinhardt | Charcoal and ink on paper | 418 East 72nd St., Apt. 14A, NY, NY 10021 | $110,000 | 2023-06-15 | Ashford Valuation Group LLC
18 | Glass sculpture — Azure Spiral, 24" H | Christina Moreau | Blown glass | 418 East 72nd St., Apt. 14A, NY, NY 10021 | $95,000 | 2023-06-15 | Ashford Valuation Group LLC
19 | Signed first edition book collection (rare, 22 volumes) | Various authors | Books / paper | 418 East 72nd St., Apt. 14A, NY, NY 10021 | $85,000 | 2023-06-15 | Ashford Valuation Group LLC
20 | Pair of antique Chinese export porcelain vases, c. 1820 | Chinese, Qing Dynasty | Porcelain | 418 East 72nd St., Apt. 14A, NY, NY 10021 | $75,000 | 2023-06-15 | Ashford Valuation Group LLC
21 | Additional minor artworks and decorative objects (assorted) | Various | Various | 418 East 72nd St., Apt. 14A, NY, NY 10021 | $500,000 | 2023-06-15 | Ashford Valuation Group LLC
SUBTOTAL — ART & COLLECTIBLES | $9,000,000