[sheet: Cover Summary]

Field	Value
Engagement Name	Solara Digital Infrastructure LP — Private Letter Ruling Request
Engagement Number	20250527-SDILP-PLR
Client	Solara Digital Infrastructure LP
Client Address	1200 Market Street, Suite 3400, Wilmington, DE 19801
Client Contact (Tax)	Stefan Dalmqvist, Head of Tax
Client Contact (Legal)	Priya Narasimhan, General Counsel
Client Contact (Finance)	Douglas Wexford, Chief Financial Officer
Engagement Firm	Calderwood & Harkness LLP
Responsible Partner	Leonard Cross (Washington, D.C. Office)
Billing Partner	Sylvia Hartwell (New York Office)
Lead Associate	Robert Jansen (Washington, D.C. Office)
Working Associate	Garrett Simmons (New York Office)
Matter Status	Active
Matter Opened	May 27, 2025
Engagement Letter Date	May 12, 2025
Structure Type	Ruling Request (Tax)
Industry	Asset management, software/SaaS, digital infrastructure
Blended Hourly Rate	$1,175
Estimated Total Fees (Range)	$1,800,000 – $2,400,000
Estimated Disbursements	$85,000 (incl. $38,000 IRS user fee)
Fee Arrangement	Time-and-materials; no fee cap; quarterly budget updates
Billing Cycle	Net 30 days
Reporting Period	May 27, 2025 – June 30, 2025 (Q3 2025 / Phase 1)
Current Phase	Initial Tax Analysis (target completion June 16, 2025)

Total Hours Billed (Period)	972.5
Total Fees Billed (Period)	$1,142,688
Percentage of Low Estimate Used	63.5%
Percentage of High Estimate Used	47.6%
Total Disbursements Incurred (Period)	$4,275
Budget Assessment	Tracking within estimated range; see Phase Detail sheet

[sheet: Timekeeper Detail]

Timekeeper	Title / Role	Office	Standard Rate ($/hr)	Blended Rate Applied ($/hr)	Budgeted Hours — Phase 1	Actual Hours Billed	Variance (Hours)	Actual Fees at Blended Rate	% of Budgeted Hours Used	Notes
Leonard Cross	Responsible Partner, Tax (28 yrs exp.)	Washington, D.C. — 1900 K Street NW, Suite 1100	$1,650	$1,175	180	168.0	-12.0	$197,400	93.3%	Partner review of all tax analysis memos; oversight of § 721, § 367, § 752 analyses
Sylvia Hartwell	Billing Partner, Tax (24 yrs exp.)	New York — 600 Lexington Avenue, 38th Floor	$1,550	$1,175	95	82.5	-12.5	$96,938	86.8%	Cross-border restructuring review; budget management; client relationship
Robert Jansen	Lead Associate, Tax (6 yrs exp.)	Washington, D.C. — 1900 K Street NW, Suite 1100	$975	$1,175	350	387.0	37.0	$454,725	110.6%	Primary drafter of master tax memo and all IRC section-specific analyses; data request coordination with Caldwell Pierce & Co. LLP
Garrett Simmons	Working Associate, Tax (3 yrs exp.)	New York — 600 Lexington Avenue, 38th Floor	$725	$1,175	300	335.0	35.0	$393,625	111.7%	Research on analogous PLRs; § 704(c) BIG carryover modeling; § 752 liability allocation modeling; entity classification analysis
TOTAL	925	972.5	47.5	$1,142,688	105.1%	Associate hours trending slightly above budget due to complexity of § 752 tiered partnership analysis and § 704(c) modeling for 23 portfolio companies

[sheet: Phase Budget vs Actual]

Phase #	Phase Description	Key Milestone / Target Date	Budgeted Hours	Actual Hours	Hours Variance	Budgeted Fees	Actual Fees	Fee Variance	Status	Notes
1	Tax Analysis & Research (15 Memoranda)	June 16, 2025 — Initial tax analysis memo completion	925	972.5	47.5	$1,086,875	$1,142,688	$55,813	Substantially Complete	Master tax analysis memo and all 15 IRC-section-specific memos (§ 721(a), § 721(b), § 367, § 731, § 731(c), § 752, § 704(c) BIG, § 704(c) method, § 1446, FIRPTA/§ 897, § 301.7701-3, Luxembourg implications, Cayman regulatory, anti-abuse/step transaction). Total BIG of $1.72B across $7.75B FMV of assets analyzed.
2	PLR Request Drafting (Versions 1.0–4.0 + Execution)	July 1, 2025 — Draft v1.0 to client; August 15, 2025 — Final submission	550	0	-550	$646,250	$0	-$646,250	Not Yet Started	Drafting of 8 specific ruling requests covering §§ 721(a), 721(b), 367, 731, 731(c), 752, 704(c), 1446, and entity classification. Includes PLR Exhibits A–E.
3	IRS Procedural & Pre-Submission Conference	July 22, 2025 — Pre-submission conference with CC:INTL; August 15, 2025 — PLR submission	175	0	-175	$205,625	$0	-$205,625	Not Yet Started	Form 2848 (Cross & Hartwell), penalties of perjury declaration (Viktor Raines), user fee transmittal ($38,000), conference prep, supplemental submission
4	Entity Formation & Check-the-box Support	September 15, 2025 — Formation of Master Fund GP LLC, Master Fund LP, Int'l Feeder, TE Feeder	120	0	-120	$141,000	$0	-$141,000	Not Yet Started	Delaware formation filings (Capitol Registered Agents Inc.), Cayman formation (Meridian Offshore Legal / Fiona McAllister), Luxembourg dissolution (Veldhuis & Gérard / Marc Gérard), Form 8832 elections × 3
5	Lender Consent & Third-Party Notifications	Pre-Step 2 (before October 1, 2025)	90	0	-90	$105,750	$0	-$105,750	Not Yet Started	Ashford National Bank consent for $1.1B Fund IV facility and $1.5B Fund V facility (with Sentinel Capital Markets as admin agent); Hawkstone Specialty Insurance D&O/E&O endorsement ($50M aggregate); Clarendon Fund Services transition
6	LP Communications & LPAC Process	July 15, 2025 — LPAC review; ongoing LP consent solicitation	100	0	-100	$117,500	$0	-$117,500	Not Yet Started	LPAC presentation; LP consent solicitation letters; consent tracking; LPA amendments (Fund IV & V); LP tax impact summary. LPAC preliminary consent of 78% in interest obtained April 22, 2025.
7	Valuation & Financial Support	Coordinated with PLR submission timeline	80	0	-80	$94,000	$0	-$94,000	Not Yet Started	Redstone Advisory Group FMV appraisals for 23 portfolio companies; Caldwell Pierce & Co. tax-basis data; FMV/basis reconciliation; valuation methodology memo
TOTAL (All Phases)	2,040	972.5	-1,067.5	$2,397,000	$1,142,688	-$1,254,313	Overall budget of $2,397,000 at midpoint of $1.8M–$2.4M range. Actual spend at 47.6% of total budget with Phase 1 substantially complete.

[sheet: Disbursements]

Date	Category	Description	Vendor / Payee	Amount	Budgeted Amount	Status
2025-06-02	Research / Database Access	Westmark Data Systems and tax research database charges — PLR survey, analogous ruling research	Internal allocation	$1,850	Paid
2025-06-10	Document Production	Printing and binding of tax analysis memoranda for internal review	Internal allocation	$425	Paid
2025-06-18	Travel	Travel expenses — R. Jansen, D.C. to Wilmington for client meeting with Stefan Dalmqvist and Priya Narasimhan	Various	$1,200	Paid
2025-06-25	Courier / Filing	Overnight delivery of data request packages to Caldwell Pierce & Co. LLP (Detroit) and Redstone Advisory Group LLC (New York)	Various	$800	Paid
TBD (est. Aug 2025)	IRS User Fee	PLR user fee — Rev. Proc. 2025-1 Schedule; entities with combined assets exceeding $50M	Internal Revenue Service	$38,000	$38,000	Anticipated
TBD (est. Jul 2025)	Travel	Travel — L. Cross and R. Jansen, D.C. to IRS for pre-submission conference (July 22, 2025)	Various	$3,500	$5,000	Anticipated
TBD	Filing Fees	Delaware formation filing fees (Master Fund GP LLC, Master Fund LP) — Capitol Registered Agents Inc.	Delaware Secretary of State / Capitol Registered Agents Inc.	$1,500	$2,000	Anticipated
TBD	Miscellaneous	Additional research, copying, telecom, and miscellaneous	Various	$5,000	$5,000	Anticipated
TOTAL INCURRED TO DATE	$4,275
TOTAL ESTIMATED REMAINING	$48,000
TOTAL PROJECTED	$52,275	$85,000	Under budget by ~$32,725; remaining disbursements may increase with supplemental IRS submissions

[sheet: Milestone Tracker]

Milestone #	Milestone Description	Target Date	Actual / Revised Date	Status	Responsible Attorney	Dependencies / Notes
1	Engagement letter executed	2025-05-12	2025-05-12	Complete	Sylvia Hartwell	Signed by Sylvia Hartwell (C&H) and countersigned by Priya Narasimhan (Solara)
2	Matter opened; engagement commenced	2025-05-27	2025-05-27	Complete	Leonard Cross	Engagement number 20250527-SDILP-PLR assigned
3	Initial data requests transmitted to client and advisors	2025-05-30	2025-05-27	Complete	Robert Jansen	Data requests to Solara (Stefan Dalmqvist), Caldwell Pierce & Co. (Helen Okamoto), Redstone Advisory Group (Marco DeLuca)
4	Initial tax analysis memorandum — Master Tax Analysis Memo	2025-06-16	2025-06-18	Complete (2 days late)	Robert Jansen / Garrett Simmons	Delay due to complexity of § 752 tiered partnership analysis for $1.34B aggregate liabilities and § 704(c) BIG modeling across 23 portfolio companies ($1.72B total BIG)
5	All 15 IRC-section-specific memoranda completed	2025-06-30	2025-06-28	Complete	Robert Jansen / Garrett Simmons	Covers §§ 721(a), 721(b), 367, 731, 731(c), 752, 704(c) BIG, 704(c) method, 1446, 897/FIRPTA, 7701-3, Lux tax, Cayman regulatory, anti-abuse
6	Draft PLR Request v1.0 circulated to client	2025-07-01	On Track	Robert Jansen	Depends on completion of all tax memos
7	LPAC review of PLR request (v3.0 to Diana Carruthers at Whitfield, Carruthers & Doyle LLP)	2025-07-15	Upcoming	Leonard Cross	Requires client comments on v2.0 first
8	Pre-submission conference with IRS CC:INTL Branch 1	2025-07-22	Upcoming	Leonard Cross	Request letter to be sent; secondary jurisdiction CC:PSI
9	PLR submission to IRS (execution version + Exhibits A–E)	2025-08-15	Upcoming	Leonard Cross / Sylvia Hartwell	IRS address: CC:INTL, 1111 Constitution Ave NW, Washington, DC 20224; $38,000 user fee due
10	Formation of new entities (Master Fund GP LLC, Master Fund LP, Int'l Feeder, TE Feeder)	2025-09-15	Upcoming	Robert Jansen	Delaware filings via Capitol Registered Agents; Cayman filings via Meridian Offshore Legal; Form 8832 elections × 3
11	Step 2 — Fund IV-A Cayman contribution to Master Fund (FMV $2.31B, basis $1.62B, BIG $690M)	2025-10-01	Upcoming	Leonard Cross	Requires PLR ruling or comfort; lender consent from Ashford National Bank
12	Step 3 — Fund IV-B Lux contribution to Master Fund (FMV $1.16B, basis $844.6M, BIG $311M)	2025-10-15	Upcoming	Leonard Cross	Luxembourg dissolution coordination with Veldhuis & Gérard (Marc Gérard); RCS B 248193 and B 271056
13	Step 4 — Fund V offshore contributions to Master Fund (V-A Cayman FMV $2.89B; V-B Lux FMV $1.39B)	2025-11-01	Upcoming	Leonard Cross	Combined BIG of $712M ($550M + $162M)
14	Step 5 — Dissolution of legacy offshore vehicles and LP migration	2025-12-01	Upcoming	Leonard Cross	Non-U.S. LPs → Int'l Feeder; U.S. tax-exempt LPs → TE Feeder; § 731 distribution analysis

[sheet: Entity Reference]

Full Legal Name	Short Name	Entity Type	Jurisdiction	EIN	Registration / RCS / CIMA #	Role in Reorganization	Status
Solara Digital Infrastructure LP	Solara / SDILP	Limited partnership	Delaware	82-4917366	Client / Sponsor	Existing
Solara Digital Infrastructure GP LLC	Solara GP	LLC	Delaware	82-4917365	General partner of SDILP	Existing
Solara Digital Partners Fund IV LP	Fund IV	Limited partnership	Delaware	85-2103748	Delaware main fund (vintage 2021, $4.2B, 72% deployed)	Existing
Solara Digital Partners Fund IV-A (Cayman) LP	Fund IV-A Cayman	Exempted limited partnership	Cayman Islands	98-6241503	CIMA MF-72491	Parallel fund for non-U.S. / tax-exempt ($1.85B); contributing to Master Fund in Step 2	Existing — to be dissolved
Solara Digital Partners Fund IV-B (Luxembourg) SCSp	Fund IV-B Lux	SCSp	Luxembourg	98-6241571	RCS B 248193	Parallel fund (€1.15B / $1.24B); contributing to Master Fund in Step 3	Existing — to be dissolved
Solara Offshore GP Ltd.	Offshore GP	Exempted company	Cayman Islands	GP of Cayman fund vehicles	Existing
Solara Luxembourg Management S.à r.l.	Lux Manager	S.à r.l.	Luxembourg	RCS B 248194	GP of Luxembourg SCSp vehicles	Existing
Solara Digital Partners Fund V LP	Fund V	Limited partnership	Delaware	88-3467219	Delaware main fund (vintage 2023, $5.6B, 38% deployed)	Existing
Solara Digital Partners Fund V-A (Cayman) LP	Fund V-A Cayman	Exempted limited partnership	Cayman Islands	98-7891234	CIMA MF-89103	Parallel fund ($2.45B); contributing to Master Fund in Step 4	Existing — to be dissolved
Solara Digital Partners Fund V-B (Luxembourg) SCSp	Fund V-B Lux	SCSp	Luxembourg	98-7891267	RCS B 271056	Parallel fund (€1.38B / $1.49B); contributing to Master Fund in Step 4	Existing — to be dissolved
Solara Consolidated Master Fund LP	Master Fund	Limited partnership	Delaware	TBD	New master fund receiving all offshore vehicle assets ($7.75B FMV)	To be formed (Sept 15, 2025)
Solara Consolidated Master Fund GP LLC	Master Fund GP	LLC	Delaware	TBD	GP of Master Fund	To be formed (Sept 15, 2025)
Solara International Feeder (Cayman) LP	Int'l Feeder	Exempted limited partnership	Cayman Islands	TBD	Feeder for non-U.S. investors (e.g., Nordhaven SWF, Kestrel Pacific)	To be formed (Sept 15, 2025)
Solara Tax-Exempt Feeder (Cayman) LP	TE Feeder	Exempted limited partnership	Cayman Islands	TBD	Feeder for U.S. tax-exempt investors (e.g., Pinnacle SERS, Grandview Endowment) — UBTI mitigation	To be formed (Sept 15, 2025)

[sheet: Cover Summary]
Field | Value
Engagement Name | Solara Digital Infrastructure LP — Private Letter Ruling Request
Engagement Number | 20250527-SDILP-PLR
Client | Solara Digital Infrastructure LP
Client Address | 1200 Market Street, Suite 3400, Wilmington, DE 19801
Client Contact (Tax) | Stefan Dalmqvist, Head of Tax
Client Contact (Legal) | Priya Narasimhan, General Counsel
Client Contact (Finance) | Douglas Wexford, Chief Financial Officer
Engagement Firm | Calderwood & Harkness LLP
Responsible Partner | Leonard Cross (Washington, D.C. Office)
Billing Partner | Sylvia Hartwell (New York Office)
Lead Associate | Robert Jansen (Washington, D.C. Office)
Working Associate | Garrett Simmons (New York Office)
Matter Status | Active
Matter Opened | May 27, 2025
Engagement Letter Date | May 12, 2025
Structure Type | Ruling Request (Tax)
Industry | Asset management, software/SaaS, digital infrastructure
Blended Hourly Rate | $1,175
Estimated Total Fees (Range) | $1,800,000 – $2,400,000
Estimated Disbursements | $85,000 (incl. $38,000 IRS user fee)
Fee Arrangement | Time-and-materials; no fee cap; quarterly budget updates
Billing Cycle | Net 30 days
Reporting Period | May 27, 2025 – June 30, 2025 (Q3 2025 / Phase 1)
Current Phase | Initial Tax Analysis (target completion June 16, 2025)
Total Hours Billed (Period) | 972.5
Total Fees Billed (Period) | $1,142,688
Percentage of Low Estimate Used | 63.5%
Percentage of High Estimate Used | 47.6%
Total Disbursements Incurred (Period) | $4,275
Budget Assessment | Tracking within estimated range; see Phase Detail sheet
[sheet: Timekeeper Detail]
Timekeeper | Title / Role | Office | Standard Rate ($/hr) | Blended Rate Applied ($/hr) | Budgeted Hours — Phase 1 | Actual Hours Billed | Variance (Hours) | Actual Fees at Blended Rate | % of Budgeted Hours Used | Notes
Leonard Cross | Responsible Partner, Tax (28 yrs exp.) | Washington, D.C. — 1900 K Street NW, Suite 1100 | $1,650 | $1,175 | 180 | 168.0 | -12.0 | $197,400 | 93.3% | Partner review of all tax analysis memos; oversight of § 721, § 367, § 752 analyses
Sylvia Hartwell | Billing Partner, Tax (24 yrs exp.) | New York — 600 Lexington Avenue, 38th Floor | $1,550 | $1,175 | 95 | 82.5 | -12.5 | $96,938 | 86.8% | Cross-border restructuring review; budget management; client relationship
Robert Jansen | Lead Associate, Tax (6 yrs exp.) | Washington, D.C. — 1900 K Street NW, Suite 1100 | $975 | $1,175 | 350 | 387.0 | 37.0 | $454,725 | 110.6% | Primary drafter of master tax memo and all IRC section-specific analyses; data request coordination with Caldwell Pierce & Co. LLP
Garrett Simmons | Working Associate, Tax (3 yrs exp.) | New York — 600 Lexington Avenue, 38th Floor | $725 | $1,175 | 300 | 335.0 | 35.0 | $393,625 | 111.7% | Research on analogous PLRs; § 704(c) BIG carryover modeling; § 752 liability allocation modeling; entity classification analysis
TOTAL | 925 | 972.5 | 47.5 | $1,142,688 | 105.1% | Associate hours trending slightly above budget due to complexity of § 752 tiered partnership analysis and § 704(c) modeling for 23 portfolio companies
[sheet: Phase Budget vs Actual]
Phase # | Phase Description | Key Milestone / Target Date | Budgeted Hours | Actual Hours | Hours Variance | Budgeted Fees | Actual Fees | Fee Variance | Status | Notes
1 | Tax Analysis & Research (15 Memoranda) | June 16, 2025 — Initial tax analysis memo completion | 925 | 972.5 | 47.5 | $1,086,875 | $1,142,688 | $55,813 | Substantially Complete | Master tax analysis memo and all 15 IRC-section-specific memos (§ 721(a), § 721(b), § 367, § 731, § 731(c), § 752, § 704(c) BIG, § 704(c) method, § 1446, FIRPTA/§ 897, § 301.7701-3, Luxembourg implications, Cayman regulatory, anti-abuse/step transaction). Total BIG of $1.72B across $7.75B FMV of assets analyzed.
2 | PLR Request Drafting (Versions 1.0–4.0 + Execution) | July 1, 2025 — Draft v1.0 to client; August 15, 2025 — Final submission | 550 | 0 | -550 | $646,250 | $0 | -$646,250 | Not Yet Started | Drafting of 8 specific ruling requests covering §§ 721(a), 721(b), 367, 731, 731(c), 752, 704(c), 1446, and entity classification. Includes PLR Exhibits A–E.
3 | IRS Procedural & Pre-Submission Conference | July 22, 2025 — Pre-submission conference with CC:INTL; August 15, 2025 — PLR submission | 175 | 0 | -175 | $205,625 | $0 | -$205,625 | Not Yet Started | Form 2848 (Cross & Hartwell), penalties of perjury declaration (Viktor Raines), user fee transmittal ($38,000), conference prep, supplemental submission
4 | Entity Formation & Check-the-box Support | September 15, 2025 — Formation of Master Fund GP LLC, Master Fund LP, Int'l Feeder, TE Feeder | 120 | 0 | -120 | $141,000 | $0 | -$141,000 | Not Yet Started | Delaware formation filings (Capitol Registered Agents Inc.), Cayman formation (Meridian Offshore Legal / Fiona McAllister), Luxembourg dissolution (Veldhuis & Gérard / Marc Gérard), Form 8832 elections × 3
5 | Lender Consent & Third-Party Notifications | Pre-Step 2 (before October 1, 2025) | 90 | 0 | -90 | $105,750 | $0 | -$105,750 | Not Yet Started | Ashford National Bank consent for $1.1B Fund IV facility and $1.5B Fund V facility (with Sentinel Capital Markets as admin agent); Hawkstone Specialty Insurance D&O/E&O endorsement ($50M aggregate); Clarendon Fund Services transition
6 | LP Communications & LPAC Process | July 15, 2025 — LPAC review; ongoing LP consent solicitation | 100 | 0 | -100 | $117,500 | $0 | -$117,500 | Not Yet Started | LPAC presentation; LP consent solicitation letters; consent tracking; LPA amendments (Fund IV & V); LP tax impact summary. LPAC preliminary consent of 78% in interest obtained April 22, 2025.
7 | Valuation & Financial Support | Coordinated with PLR submission timeline | 80 | 0 | -80 | $94,000 | $0 | -$94,000 | Not Yet Started | Redstone Advisory Group FMV appraisals for 23 portfolio companies; Caldwell Pierce & Co. tax-basis data; FMV/basis reconciliation; valuation methodology memo
TOTAL (All Phases) | 2,040 | 972.5 | -1,067.5 | $2,397,000 | $1,142,688 | -$1,254,313 | Overall budget of $2,397,000 at midpoint of $1.8M–$2.4M range. Actual spend at 47.6% of total budget with Phase 1 substantially complete.
[sheet: Disbursements]
Date | Category | Description | Vendor / Payee | Amount | Budgeted Amount | Status
2025-06-02 | Research / Database Access | Westmark Data Systems and tax research database charges — PLR survey, analogous ruling research | Internal allocation | $1,850 | Paid
2025-06-10 | Document Production | Printing and binding of tax analysis memoranda for internal review | Internal allocation | $425 | Paid
2025-06-18 | Travel | Travel expenses — R. Jansen, D.C. to Wilmington for client meeting with Stefan Dalmqvist and Priya Narasimhan | Various | $1,200 | Paid
2025-06-25 | Courier / Filing | Overnight delivery of data request packages to Caldwell Pierce & Co. LLP (Detroit) and Redstone Advisory Group LLC (New York) | Various | $800 | Paid
TBD (est. Aug 2025) | IRS User Fee | PLR user fee — Rev. Proc. 2025-1 Schedule; entities with combined assets exceeding $50M | Internal Revenue Service | $38,000 | $38,000 | Anticipated
TBD (est. Jul 2025) | Travel | Travel — L. Cross and R. Jansen, D.C. to IRS for pre-submission conference (July 22, 2025) | Various | $3,500 | $5,000 | Anticipated
TBD | Filing Fees | Delaware formation filing fees (Master Fund GP LLC, Master Fund LP) — Capitol Registered Agents Inc. | Delaware Secretary of State / Capitol Registered Agents Inc. | $1,500 | $2,000 | Anticipated
TBD | Miscellaneous | Additional research, copying, telecom, and miscellaneous | Various | $5,000 | $5,000 | Anticipated
TOTAL INCURRED TO DATE | $4,275
TOTAL ESTIMATED REMAINING | $48,000
TOTAL PROJECTED | $52,275 | $85,000 | Under budget by ~$32,725; remaining disbursements may increase with supplemental IRS submissions
[sheet: Milestone Tracker]
Milestone # | Milestone Description | Target Date | Actual / Revised Date | Status | Responsible Attorney | Dependencies / Notes
1 | Engagement letter executed | 2025-05-12 | 2025-05-12 | Complete | Sylvia Hartwell | Signed by Sylvia Hartwell (C&H) and countersigned by Priya Narasimhan (Solara)
2 | Matter opened; engagement commenced | 2025-05-27 | 2025-05-27 | Complete | Leonard Cross | Engagement number 20250527-SDILP-PLR assigned
3 | Initial data requests transmitted to client and advisors | 2025-05-30 | 2025-05-27 | Complete | Robert Jansen | Data requests to Solara (Stefan Dalmqvist), Caldwell Pierce & Co. (Helen Okamoto), Redstone Advisory Group (Marco DeLuca)
4 | Initial tax analysis memorandum — Master Tax Analysis Memo | 2025-06-16 | 2025-06-18 | Complete (2 days late) | Robert Jansen / Garrett Simmons | Delay due to complexity of § 752 tiered partnership analysis for $1.34B aggregate liabilities and § 704(c) BIG modeling across 23 portfolio companies ($1.72B total BIG)
5 | All 15 IRC-section-specific memoranda completed | 2025-06-30 | 2025-06-28 | Complete | Robert Jansen / Garrett Simmons | Covers §§ 721(a), 721(b), 367, 731, 731(c), 752, 704(c) BIG, 704(c) method, 1446, 897/FIRPTA, 7701-3, Lux tax, Cayman regulatory, anti-abuse
6 | Draft PLR Request v1.0 circulated to client | 2025-07-01 | On Track | Robert Jansen | Depends on completion of all tax memos
7 | LPAC review of PLR request (v3.0 to Diana Carruthers at Whitfield, Carruthers & Doyle LLP) | 2025-07-15 | Upcoming | Leonard Cross | Requires client comments on v2.0 first
8 | Pre-submission conference with IRS CC:INTL Branch 1 | 2025-07-22 | Upcoming | Leonard Cross | Request letter to be sent; secondary jurisdiction CC:PSI
9 | PLR submission to IRS (execution version + Exhibits A–E) | 2025-08-15 | Upcoming | Leonard Cross / Sylvia Hartwell | IRS address: CC:INTL, 1111 Constitution Ave NW, Washington, DC 20224; $38,000 user fee due
10 | Formation of new entities (Master Fund GP LLC, Master Fund LP, Int'l Feeder, TE Feeder) | 2025-09-15 | Upcoming | Robert Jansen | Delaware filings via Capitol Registered Agents; Cayman filings via Meridian Offshore Legal; Form 8832 elections × 3
11 | Step 2 — Fund IV-A Cayman contribution to Master Fund (FMV $2.31B, basis $1.62B, BIG $690M) | 2025-10-01 | Upcoming | Leonard Cross | Requires PLR ruling or comfort; lender consent from Ashford National Bank
12 | Step 3 — Fund IV-B Lux contribution to Master Fund (FMV $1.16B, basis $844.6M, BIG $311M) | 2025-10-15 | Upcoming | Leonard Cross | Luxembourg dissolution coordination with Veldhuis & Gérard (Marc Gérard); RCS B 248193 and B 271056
13 | Step 4 — Fund V offshore contributions to Master Fund (V-A Cayman FMV $2.89B; V-B Lux FMV $1.39B) | 2025-11-01 | Upcoming | Leonard Cross | Combined BIG of $712M ($550M + $162M)
14 | Step 5 — Dissolution of legacy offshore vehicles and LP migration | 2025-12-01 | Upcoming | Leonard Cross | Non-U.S. LPs → Int'l Feeder; U.S. tax-exempt LPs → TE Feeder; § 731 distribution analysis
[sheet: Entity Reference]
Full Legal Name | Short Name | Entity Type | Jurisdiction | EIN | Registration / RCS / CIMA # | Role in Reorganization | Status
Solara Digital Infrastructure LP | Solara / SDILP | Limited partnership | Delaware | 82-4917366 | Client / Sponsor | Existing
Solara Digital Infrastructure GP LLC | Solara GP | LLC | Delaware | 82-4917365 | General partner of SDILP | Existing
Solara Digital Partners Fund IV LP | Fund IV | Limited partnership | Delaware | 85-2103748 | Delaware main fund (vintage 2021, $4.2B, 72% deployed) | Existing
Solara Digital Partners Fund IV-A (Cayman) LP | Fund IV-A Cayman | Exempted limited partnership | Cayman Islands | 98-6241503 | CIMA MF-72491 | Parallel fund for non-U.S. / tax-exempt ($1.85B); contributing to Master Fund in Step 2 | Existing — to be dissolved
Solara Digital Partners Fund IV-B (Luxembourg) SCSp | Fund IV-B Lux | SCSp | Luxembourg | 98-6241571 | RCS B 248193 | Parallel fund (€1.15B / $1.24B); contributing to Master Fund in Step 3 | Existing — to be dissolved
Solara Offshore GP Ltd. | Offshore GP | Exempted company | Cayman Islands | GP of Cayman fund vehicles | Existing
Solara Luxembourg Management S.à r.l. | Lux Manager | S.à r.l. | Luxembourg | RCS B 248194 | GP of Luxembourg SCSp vehicles | Existing
Solara Digital Partners Fund V LP | Fund V | Limited partnership | Delaware | 88-3467219 | Delaware main fund (vintage 2023, $5.6B, 38% deployed) | Existing
Solara Digital Partners Fund V-A (Cayman) LP | Fund V-A Cayman | Exempted limited partnership | Cayman Islands | 98-7891234 | CIMA MF-89103 | Parallel fund ($2.45B); contributing to Master Fund in Step 4 | Existing — to be dissolved
Solara Digital Partners Fund V-B (Luxembourg) SCSp | Fund V-B Lux | SCSp | Luxembourg | 98-7891267 | RCS B 271056 | Parallel fund (€1.38B / $1.49B); contributing to Master Fund in Step 4 | Existing — to be dissolved
Solara Consolidated Master Fund LP | Master Fund | Limited partnership | Delaware | TBD | New master fund receiving all offshore vehicle assets ($7.75B FMV) | To be formed (Sept 15, 2025)
Solara Consolidated Master Fund GP LLC | Master Fund GP | LLC | Delaware | TBD | GP of Master Fund | To be formed (Sept 15, 2025)
Solara International Feeder (Cayman) LP | Int'l Feeder | Exempted limited partnership | Cayman Islands | TBD | Feeder for non-U.S. investors (e.g., Nordhaven SWF, Kestrel Pacific) | To be formed (Sept 15, 2025)
Solara Tax-Exempt Feeder (Cayman) LP | TE Feeder | Exempted limited partnership | Cayman Islands | TBD | Feeder for U.S. tax-exempt investors (e.g., Pinnacle SERS, Grandview Endowment) — UBTI mitigation | To be formed (Sept 15, 2025)

[sheet: Cover Summary]

Record

Parties

Dates

Amounts