[sheet: Cover & Instructions]

Field	Detail
Matter Name	Stonebridge Data Center Campus — Post-Closing Obligations Tracker
Matter No.	1043-00002
Client	Ironhaven Data Centers LLC
Borrower Entity	Stonebridge Campus Holdings LLC
Equity Sponsor	Ridgeline Capital Partners Fund IV, LP
Lead Counsel	Douglas Fairchild, Calderwood & Harkness LLP
Lead Associate	Cynthia Ho, Calderwood & Harkness LLP
Working Associate	Grace Nakamura, Calderwood & Harkness LLP
Tax Specialist	Sylvia Hartwell, Calderwood & Harkness LLP
Billing Partner	Angela Fontaine, Calderwood & Harkness LLP
Client Contacts	Marcus Thorne (CEO), Priya Dasgupta (CFO), Leonard Castellano (EVP Development)
Sponsor Contact	Julian Hargrove, Managing Partner, Ridgeline Capital Management LLC
Administrative Agent	Summit National Bank, N.A. — Karen Ellsworth, Managing Director
Lender's Counsel	Redmond & Calloway LLP — Victor Redmond
Title / Escrow Agent	Fidelitas Title & Escrow, Inc.
Title Underwriter	Sovereign Title Insurance Company
Owner's Representative	Kestrel Infrastructure Advisors, LLC — Diane Prescott
Accountants / Tax	Fielding & Associates, CPAs — Robert Fielding, CPA
Insurance Broker	Northgate Insurance Brokerage, LLC — William Keane
Land Closing Date (Both Parcels)	September 15, 2025
Construction Loan Closing Date	October 15, 2025
EPC Contract Execution Date	October 20, 2025
NTP Target Date	November 1, 2025
Governing Law	Commonwealth of Virginia

Date Prepared	September 2025
Instructions	This tracker identifies all post-closing obligations arising from the land acquisition closings (Stonebridge and Meridian Parcels) and the construction loan closing. Each obligation is assigned a responsible party, deadline, and status. Tickler dates should be calendared by the responsible attorney. Update status weekly.

[sheet: Land Closing — Recording & Titl]

Item No.	Obligation Description	Parcel	Responsible Party	Counterparty / Recipient	Deadline / Tickler Date	Status	Date Completed	Notes / Reference
1	Confirm recording of Special Warranty Deed — Stonebridge Parcel with Loudoun County Circuit Court Clerk	Stonebridge (62.0 acres, Tax Map /95-4A-1///)	Fidelitas Title & Escrow, Inc.	Loudoun County Clerk	September 22, 2025	Pending	Grantor: Blackthorn Realty Group, Inc.; Grantee: Stonebridge Campus Holdings LLC; Consideration: $58,500,000
2	Confirm recording of Special Warranty Deed — Meridian Parcel with Loudoun County Circuit Court Clerk	Meridian (19.4 acres, Tax Map /95-4A-2///)	Fidelitas Title & Escrow, Inc.	Loudoun County Clerk	September 22, 2025	Pending	Grantor: Meridian Acres LLC; Grantee: Stonebridge Campus Holdings LLC; Consideration: $19,400,000
3	Obtain and review recorded deed copies with Clerk's recording stamps — Stonebridge	Stonebridge	Grace Nakamura (C&H)	Fidelitas Title & Escrow, Inc.	September 30, 2025	Pending	Distribute copies to IHDC, Summit National Bank, and closing binder
4	Obtain and review recorded deed copies with Clerk's recording stamps — Meridian	Meridian	Grace Nakamura (C&H)	Fidelitas Title & Escrow, Inc.	September 30, 2025	Pending	Distribute copies to IHDC, Summit National Bank, and closing binder
5	Issuance of Owner's Title Insurance Policy — Stonebridge Parcel ($58,500,000)	Stonebridge	Fidelitas Title & Escrow, Inc. / Sovereign Title Insurance Company	Stonebridge Campus Holdings LLC	October 15, 2025	Pending	Policy amount: $58,500,000; confirm all Schedule B-II exceptions cured per title objection letter to Whitfield, Poole & Stratton LLP
6	Issuance of Owner's Title Insurance Policy — Meridian Parcel ($19,400,000)	Meridian	Fidelitas Title & Escrow, Inc. / Sovereign Title Insurance Company	Stonebridge Campus Holdings LLC	October 15, 2025	Pending	Policy amount: $19,400,000; confirm all Schedule B-II exceptions cured per title objection letter to Dunleavy & Dunmore Benefits Consulting, PLLC
7	Issuance of Lender's Title Insurance Policy ($390,000,000)	Both Parcels	Fidelitas Title & Escrow, Inc. / Sovereign Title Insurance Company	Summit National Bank, N.A. (Administrative Agent)	October 20, 2025	Pending	Condition precedent to construction loan; policy amount: $390,000,000
8	Confirm Virginia Grantor's Tax and State Recordation Tax payments — Stonebridge	Stonebridge	Fidelitas Title & Escrow, Inc.	Commonwealth of Virginia / Loudoun County	September 22, 2025	Pending	Per settlement statement
9	Confirm Virginia Grantor's Tax and State Recordation Tax payments — Meridian	Meridian	Fidelitas Title & Escrow, Inc.	Commonwealth of Virginia / Loudoun County	September 22, 2025	Pending	Per settlement statement
10	Confirm escrow disbursement and release of earnest money deposits — Stonebridge ($2,925,000)	Stonebridge	Fidelitas Title & Escrow, Inc.	Blackthorn Realty Group, Inc.	September 17, 2025	Pending	Two tranches: $1,462,500 (at execution) + $1,462,500 (post-DD); credited against purchase price of $58,500,000
11	Confirm escrow disbursement and release of earnest money deposit — Meridian ($970,000)	Meridian	Fidelitas Title & Escrow, Inc.	Meridian Acres LLC	September 17, 2025	Pending	Full deposit at execution; credited against purchase price of $19,400,000
12	File Assignment and Assumption of Stonebridge PSA (IHDC to Stonebridge Campus Holdings LLC) with closing binder	Stonebridge	Cynthia Ho (C&H)	Internal	September 20, 2025	Pending	Confirm IHDC retained guaranty obligations
13	Confirm real property tax proration adjustments — both parcels	Both	Fidelitas Title & Escrow, Inc.	Stonebridge Campus Holdings LLC / Sellers	September 30, 2025	Pending	Per settlement statements; Loudoun County fiscal year basis
14	Obtain and distribute final settlement statements (HUD-1/ALTA) — both parcels	Both	Fidelitas Title & Escrow, Inc.	Stonebridge Campus Holdings LLC / IHDC / Sellers	September 22, 2025	Pending	Final executed copies for closing binder and lender files
15	Confirm recording of Declaration of Covenants, Conditions and Restrictions (if applicable) — both parcels	Both	Cynthia Ho (C&H) / Fidelitas Title & Escrow, Inc.	Loudoun County Clerk	October 15, 2025	Pending	As required for unified campus operations across both parcels

[sheet: Deed of Trust & Loan Recording]

Item No.	Obligation Description	Responsible Party	Counterparty / Recipient	Deadline / Tickler Date	Status	Date Completed	Notes / Reference
1	Record Deed of Trust, Assignment of Leases and Rents, and Security Agreement — both Stonebridge and Meridian Parcels in Loudoun County	Fidelitas Title & Escrow, Inc.	Loudoun County Clerk / Summit National Bank, N.A.	October 20, 2025	Pending	First-priority lien; Grantor: Stonebridge Campus Holdings LLC; Beneficiary: Summit National Bank, N.A. as Administrative Agent; secures $390,000,000 facility
2	Confirm UCC-1 Financing Statement filing — Virginia SCC (membership interest pledge)	Cynthia Ho (C&H)	Virginia State Corporation Commission	October 20, 2025	Pending	IHDC pledge of 100% membership interests in Stonebridge Campus Holdings LLC to Summit National Bank, N.A.
3	Confirm UCC-1 Financing Statement filing — Virginia SCC (personal property / equipment collateral)	Cynthia Ho (C&H)	Virginia State Corporation Commission	October 20, 2025	Pending	Secures assignment of contracts, permits, and approvals
4	Deliver recorded Deed of Trust copies to Administrative Agent and co-lenders	Grace Nakamura (C&H)	Summit National Bank, N.A.; Cascade Commercial Lending Corp.; Harborview Trust Company	October 31, 2025	Pending	Summit: $180M commitment; Cascade: $130M commitment; Harborview: $80M commitment
5	File Collateral Assignment of EPC Agreement, LLSA, and permits with lender	Cynthia Ho (C&H)	Summit National Bank, N.A. (Administrative Agent)	October 20, 2025	Pending	Collateral assignment of EPC Agreement (Titan-McAllister), LLSA (Vantage Power Cooperative), architect agreements, and governmental approvals
6	Confirm recordation tax payment on Deed of Trust	Fidelitas Title & Escrow, Inc.	Loudoun County / Commonwealth of Virginia	October 22, 2025	Pending	Virginia deed of trust recordation tax
7	Confirm UCC-1 Financing Statement filing — Delaware SOS (membership interest pledge at IHDC level)	Cynthia Ho (C&H)	Delaware Secretary of State	October 20, 2025	Pending	Backstop filing for IHDC as Delaware LLC; pledge of membership interests in Stonebridge Campus Holdings LLC
8	Deliver copies of all recorded security instruments and UCC filings to Redmond & Calloway LLP (Lender's Counsel)	Grace Nakamura (C&H)	Redmond & Calloway LLP (Victor Redmond)	November 5, 2025	Pending	Complete package for lender's counsel review and closing binder

[sheet: Construction Loan — Initial Dra]

Item No.	Condition Precedent Description	Required By	Responsible Party	Deadline / Tickler Date	Status	Date Completed	Notes / Reference
1	Minimum equity contribution of $52,500,000 (25% of $210,000,000 total equity) deposited before first draw	Construction Loan Agreement, Section 4.01(a)	Ironhaven Data Centers LLC / Ridgeline Capital Partners Fund IV, LP	Prior to first draw (target: November 2025)	Pending	25% × $210,000,000 = $52,500,000; per Equity Contribution Agreement
2	Delivery of executed EPC Agreement (GMP: $412,000,000) with Titan-McAllister Construction Group, LLC	Construction Loan Agreement, Section 4.01(b)	Stonebridge Campus Holdings LLC	October 20, 2025 (execution target)	Pending	GMP: $412,000,000; must include performance and payment bonds ($412M each from Great Basin Surety & Insurance Corp.)
3	Delivery of executed Notice to Proceed (NTP) to Titan-McAllister Construction Group, LLC	Construction Loan Agreement, Section 4.01(c)	Stonebridge Campus Holdings LLC	November 1, 2025	Pending	Commences 24-month construction period
4	Delivery of final ALTA/NSPS surveys for both parcels (Stonebridge 62.0 acres; Meridian 19.4 acres)	Construction Loan Agreement, Section 4.01(d)	Lumen Ridge Engineering, PLLC (Carlos Esteban, PE)	Prior to first draw	Pending	Surveys completed by June 15, 2025; final certified copies to lender
5	Delivery of final Phase I ESA reports — both parcels (and Phase II for Stonebridge NW quadrant)	Construction Loan Agreement, Section 4.01(e)	Pendleton Environmental Associates, Inc. (Dr. Renata Volkov)	Prior to first draw	Pending	Phase I target: June 1, 2025; Phase II (Stonebridge, ~4.2 acres NW quadrant, former agricultural use / potential residual pesticide contamination) target: July 1, 2025
6	Delivery of MAI appraisals for both parcels	Construction Loan Agreement, Section 4.01(f)	Greystone Appraisal Partners, LLC (Janet Choi, MAI)	Prior to first draw	Pending	Stonebridge: $58,500,000; Meridian: $19,400,000
7	Delivery of geotechnical report	Construction Loan Agreement, Section 4.01(g)	Brannigan Geotechnical Engineering, LLC (Neil Brannigan, PE)	Prior to first draw	Pending	Foundation design recommendations for Buildings A–D and central utility plant
8	Evidence of ZMOD approval (ZMOD-2025-0038) by Loudoun County Board of Supervisors	Construction Loan Agreement, Section 4.01(h)	Stonebridge Campus Holdings LLC / Ashcroft & Wynn, P.C. (Thomas Ashcroft)	October 2025 (Board hearing)	Pending	Rezoning from PD-IP to permit data center use on 81.4-acre campus
9	Delivery of builder's risk insurance policy ($412,000,000; Great Basin Surety & Insurance Corp.; $250,000 deductible per occurrence)	Construction Loan Agreement / EPC Exhibit D	Northgate Insurance Brokerage, LLC (William Keane)	Prior to first draw	Pending	Named additional insured: Summit National Bank, N.A. as Administrative Agent and lenders
10	Delivery of performance bond and payment bond (each 100% of GMP = $412,000,000; Great Basin Surety & Insurance Corp.)	Construction Loan Agreement, Section 4.01(j)	Titan-McAllister Construction Group, LLC	Prior to first draw	Pending	Confirm compliance with EPC Agreement requirements
11	Delivery of certificates of insurance — TMCG CGL ($150M per occurrence, Pinnacle Indemnity Insurance Co.)	Construction Loan Agreement / EPC Exhibit D	Titan-McAllister Construction Group, LLC	Prior to first draw	Pending	Per COI review letter to TMCG (Raymond Okafor / Michelle Tran)
12	Confirmation of Loan-to-Cost Ratio ≤ 65% based on final approved budget	Construction Loan Agreement, Section 4.01(l)	Cynthia Ho (C&H) / Priya Dasgupta (IHDC CFO)	Prior to first draw	Pending	$390,000,000 ÷ $600,000,000 = 65.0%
13	Delivery of Borrower's Closing Certificate — Stonebridge Campus Holdings LLC	Construction Loan Agreement, Section 4.01(m)	Stonebridge Campus Holdings LLC	October 15, 2025	Pending	Certifies organizational status, incumbency, satisfaction of conditions, representations and warranties accurate, no defaults
14	Delivery of Legal Opinion Letter — Calderwood & Harkness LLP to Summit National Bank, N.A.	Construction Loan Agreement, Section 4.01(n)	Douglas Fairchild (C&H)	October 15, 2025	Pending	Opines on due organization, authority, enforceability under Virginia law
15	Delivery of executed Completion Guaranty — Ironhaven Data Centers LLC	Construction Loan Agreement, Section 4.01(o)	Ironhaven Data Centers LLC (Marcus Thorne / Priya Dasgupta)	October 15, 2025	Pending	Guarantees completion per approved plans and budget
16	Delivery of executed Carry Guaranty / Payment Guaranty — Ironhaven Data Centers LLC	Construction Loan Agreement, Section 4.01(p)	Ironhaven Data Centers LLC	October 15, 2025	Pending	Guarantees interest, fees, and carrying costs during draw and construction period
17	Confirmation of initial draw request package (draw request form, AIA certification, lien waivers, inspection report)	Construction Loan Agreement, Section 4.02	Kestrel Infrastructure Advisors, LLC (Diane Prescott) / IHDC	First draw date	Pending	To be coordinated with owner's representative and EPC contractor
18	Delivery of executed Environmental Indemnity Agreement — Stonebridge Campus Holdings LLC and Ironhaven Data Centers LLC	Construction Loan Agreement, Section 4.01(q)	Stonebridge Campus Holdings LLC / Ironhaven Data Centers LLC	October 15, 2025	Pending	Indemnifies lender syndicate for environmental liabilities; covers Stonebridge NW quadrant Phase II findings

[sheet: Equity Contribution Deadlines]

Item No.	Obligation Description	Amount ($)	Responsible Party	Deadline / Tickler Date	Status	Date Completed	Notes / Reference
1	Initial equity contribution — minimum 25% of total equity before first construction loan draw	$52,500,000	Ridgeline Capital Partners Fund IV, LP → RCP Digital Holdings LLC → Ironhaven Data Centers LLC → Stonebridge Campus Holdings LLC	Prior to first draw (target: November 2025)	Pending	Per Equity Contribution Agreement and Construction Loan Agreement; Ridgeline Fund IV Investment ID: RCP-IV-2025-DC-07
2	Land acquisition equity funding — Stonebridge Parcel net of earnest money credit	$55,575,000	Ironhaven Data Centers LLC / Ridgeline Fund IV	September 15, 2025 (closing)	Pending	Balance after $2,925,000 earnest money credit ($58,500,000 - $2,925,000 = $55,575,000)
3	Land acquisition equity funding — Meridian Parcel net of earnest money credit	$18,430,000	Ironhaven Data Centers LLC / Ridgeline Fund IV	September 15, 2025 (closing)	Pending	Balance after $970,000 earnest money credit ($19,400,000 - $970,000 = $18,430,000)
4	Ongoing equity contributions — pro rata with construction loan draws per draw sequencing requirements	Balance of $210,000,000 (less amounts previously funded)	Ridgeline Fund IV / IHDC	Per construction draw schedule (36-month draw period)	Pending	Equity funded first or pari passu with debt draws as required by loan agreement; coordinate with Priya Dasgupta and Karen Ellsworth (Summit)
5	Confirmation of equity contribution evidence delivered to Administrative Agent with each draw request	Per draw	Priya Dasgupta (IHDC CFO)	With each draw request	Pending	Summit National Bank, N.A. requires evidence of equity funding with each construction draw
6	Final equity true-up — confirm total equity contributions equal $210,000,000 upon final draw	$210,000,000 (cumulative)	Priya Dasgupta (IHDC CFO) / Cynthia Ho (C&H)	Final draw date (est. Q4 2027)	Pending	Total project: $210,000,000 equity (35%) + $390,000,000 debt (65%) = $600,000,000

[sheet: ZMOD & Entitlement Conditions]

Item No.	Obligation Description	Governing Document / Authority	Responsible Party	Deadline / Tickler Date	Status	Date Completed	Notes / Reference
1	Obtain certified copy of ZMOD approval resolution from Loudoun County Board of Supervisors	ZMOD-2025-0038	Ashcroft & Wynn, P.C. (Thomas Ashcroft) / Cornerstone Land Use Consulting, LLC (Alan Mercer)	Within 10 days of October 2025 Board hearing	Pending	Rezoning from PD-IP to data center use; 81.4 acres total campus
2	Record proffer statement with Loudoun County Circuit Court Clerk	ZMOD Approval Conditions	Ashcroft & Wynn, P.C. / Fidelitas Title & Escrow, Inc.	Within 30 days of ZMOD approval	Pending	Estimated proffer amount: $2,400,000 ($5.00/sq ft × 480,000 sq ft GFA)
3	Proffer payment — Phase 1 (due upon issuance of first building permit)	Proffer Statement	Stonebridge Campus Holdings LLC / Priya Dasgupta	Upon first building permit issuance (est. November 2025)	Pending	Payment amount and phasing per final proffer statement; total estimate: $2,400,000
4	Submit site plan application to Loudoun County Department of Planning and Zoning	Loudoun County Zoning Ordinance	Lumen Ridge Engineering, PLLC (Carlos Esteban, PE) / Kestrel Infrastructure Advisors, LLC (Diane Prescott)	Post-ZMOD approval (est. November 2025)	Pending	Four buildings (A–D, each ~120,000 sq ft), central utility plant, structured parking
5	Comply with transportation proffer conditions (road improvements, traffic mitigation)	Proffer Statement	Stonebridge Campus Holdings LLC / Titan-McAllister Construction Group, LLC	Per proffer schedule	Pending	Specific improvements TBD per final proffer negotiations
6	Comply with noise mitigation and visual screening commitments	Proffer Statement	Stonebridge Campus Holdings LLC / Titan-McAllister Construction Group, LLC	Ongoing during construction and operations	Pending	Per proffer statement terms
7	Deliver copy of ZMOD approval to Summit National Bank, N.A. as condition to construction loan draws	Construction Loan Agreement	Cynthia Ho (C&H)	Prior to first draw	Pending	Condition precedent; deliver to Karen Ellsworth / Victor Redmond (Redmond & Calloway LLP)
8	Stormwater management facility easement — record with Loudoun County	Loudoun County site plan approval conditions	Lumen Ridge Engineering, PLLC / Fidelitas Title & Escrow, Inc.	Post-site plan approval	Pending	Per Stormwater Management Facility Easement and Maintenance Agreement
9	Obtain grading permit from Loudoun County Department of Building and Development	Loudoun County Code	Lumen Ridge Engineering, PLLC / Stonebridge Campus Holdings LLC	Post-site plan approval (est. December 2025)	Pending	Required prior to site civil work commencement by Titan-McAllister
10	Comply with tree conservation and landscaping proffer conditions	Proffer Statement / Loudoun County Zoning Ordinance	Stonebridge Campus Holdings LLC / Titan-McAllister Construction Group, LLC	Per site plan and proffer requirements	Pending	Tree conservation plan to be submitted with site plan application

[sheet: Cover & Instructions]
Field | Detail
Matter Name | Stonebridge Data Center Campus — Post-Closing Obligations Tracker
Matter No. | 1043-00002
Client | Ironhaven Data Centers LLC
Borrower Entity | Stonebridge Campus Holdings LLC
Equity Sponsor | Ridgeline Capital Partners Fund IV, LP
Lead Counsel | Douglas Fairchild, Calderwood & Harkness LLP
Lead Associate | Cynthia Ho, Calderwood & Harkness LLP
Working Associate | Grace Nakamura, Calderwood & Harkness LLP
Tax Specialist | Sylvia Hartwell, Calderwood & Harkness LLP
Billing Partner | Angela Fontaine, Calderwood & Harkness LLP
Client Contacts | Marcus Thorne (CEO), Priya Dasgupta (CFO), Leonard Castellano (EVP Development)
Sponsor Contact | Julian Hargrove, Managing Partner, Ridgeline Capital Management LLC
Administrative Agent | Summit National Bank, N.A. — Karen Ellsworth, Managing Director
Lender's Counsel | Redmond & Calloway LLP — Victor Redmond
Title / Escrow Agent | Fidelitas Title & Escrow, Inc.
Title Underwriter | Sovereign Title Insurance Company
Owner's Representative | Kestrel Infrastructure Advisors, LLC — Diane Prescott
Accountants / Tax | Fielding & Associates, CPAs — Robert Fielding, CPA
Insurance Broker | Northgate Insurance Brokerage, LLC — William Keane
Land Closing Date (Both Parcels) | September 15, 2025
Construction Loan Closing Date | October 15, 2025
EPC Contract Execution Date | October 20, 2025
NTP Target Date | November 1, 2025
Governing Law | Commonwealth of Virginia
Date Prepared | September 2025
Instructions | This tracker identifies all post-closing obligations arising from the land acquisition closings (Stonebridge and Meridian Parcels) and the construction loan closing. Each obligation is assigned a responsible party, deadline, and status. Tickler dates should be calendared by the responsible attorney. Update status weekly.
[sheet: Land Closing — Recording & Titl]
Item No. | Obligation Description | Parcel | Responsible Party | Counterparty / Recipient | Deadline / Tickler Date | Status | Date Completed | Notes / Reference
1 | Confirm recording of Special Warranty Deed — Stonebridge Parcel with Loudoun County Circuit Court Clerk | Stonebridge (62.0 acres, Tax Map /95-4A-1///) | Fidelitas Title & Escrow, Inc. | Loudoun County Clerk | September 22, 2025 | Pending | Grantor: Blackthorn Realty Group, Inc.; Grantee: Stonebridge Campus Holdings LLC; Consideration: $58,500,000
2 | Confirm recording of Special Warranty Deed — Meridian Parcel with Loudoun County Circuit Court Clerk | Meridian (19.4 acres, Tax Map /95-4A-2///) | Fidelitas Title & Escrow, Inc. | Loudoun County Clerk | September 22, 2025 | Pending | Grantor: Meridian Acres LLC; Grantee: Stonebridge Campus Holdings LLC; Consideration: $19,400,000
3 | Obtain and review recorded deed copies with Clerk's recording stamps — Stonebridge | Stonebridge | Grace Nakamura (C&H) | Fidelitas Title & Escrow, Inc. | September 30, 2025 | Pending | Distribute copies to IHDC, Summit National Bank, and closing binder
4 | Obtain and review recorded deed copies with Clerk's recording stamps — Meridian | Meridian | Grace Nakamura (C&H) | Fidelitas Title & Escrow, Inc. | September 30, 2025 | Pending | Distribute copies to IHDC, Summit National Bank, and closing binder
5 | Issuance of Owner's Title Insurance Policy — Stonebridge Parcel ($58,500,000) | Stonebridge | Fidelitas Title & Escrow, Inc. / Sovereign Title Insurance Company | Stonebridge Campus Holdings LLC | October 15, 2025 | Pending | Policy amount: $58,500,000; confirm all Schedule B-II exceptions cured per title objection letter to Whitfield, Poole & Stratton LLP
6 | Issuance of Owner's Title Insurance Policy — Meridian Parcel ($19,400,000) | Meridian | Fidelitas Title & Escrow, Inc. / Sovereign Title Insurance Company | Stonebridge Campus Holdings LLC | October 15, 2025 | Pending | Policy amount: $19,400,000; confirm all Schedule B-II exceptions cured per title objection letter to Dunleavy & Dunmore Benefits Consulting, PLLC
7 | Issuance of Lender's Title Insurance Policy ($390,000,000) | Both Parcels | Fidelitas Title & Escrow, Inc. / Sovereign Title Insurance Company | Summit National Bank, N.A. (Administrative Agent) | October 20, 2025 | Pending | Condition precedent to construction loan; policy amount: $390,000,000
8 | Confirm Virginia Grantor's Tax and State Recordation Tax payments — Stonebridge | Stonebridge | Fidelitas Title & Escrow, Inc. | Commonwealth of Virginia / Loudoun County | September 22, 2025 | Pending | Per settlement statement
9 | Confirm Virginia Grantor's Tax and State Recordation Tax payments — Meridian | Meridian | Fidelitas Title & Escrow, Inc. | Commonwealth of Virginia / Loudoun County | September 22, 2025 | Pending | Per settlement statement
10 | Confirm escrow disbursement and release of earnest money deposits — Stonebridge ($2,925,000) | Stonebridge | Fidelitas Title & Escrow, Inc. | Blackthorn Realty Group, Inc. | September 17, 2025 | Pending | Two tranches: $1,462,500 (at execution) + $1,462,500 (post-DD); credited against purchase price of $58,500,000
11 | Confirm escrow disbursement and release of earnest money deposit — Meridian ($970,000) | Meridian | Fidelitas Title & Escrow, Inc. | Meridian Acres LLC | September 17, 2025 | Pending | Full deposit at execution; credited against purchase price of $19,400,000
12 | File Assignment and Assumption of Stonebridge PSA (IHDC to Stonebridge Campus Holdings LLC) with closing binder | Stonebridge | Cynthia Ho (C&H) | Internal | September 20, 2025 | Pending | Confirm IHDC retained guaranty obligations
13 | Confirm real property tax proration adjustments — both parcels | Both | Fidelitas Title & Escrow, Inc. | Stonebridge Campus Holdings LLC / Sellers | September 30, 2025 | Pending | Per settlement statements; Loudoun County fiscal year basis
14 | Obtain and distribute final settlement statements (HUD-1/ALTA) — both parcels | Both | Fidelitas Title & Escrow, Inc. | Stonebridge Campus Holdings LLC / IHDC / Sellers | September 22, 2025 | Pending | Final executed copies for closing binder and lender files
15 | Confirm recording of Declaration of Covenants, Conditions and Restrictions (if applicable) — both parcels | Both | Cynthia Ho (C&H) / Fidelitas Title & Escrow, Inc. | Loudoun County Clerk | October 15, 2025 | Pending | As required for unified campus operations across both parcels
[sheet: Deed of Trust & Loan Recording]
Item No. | Obligation Description | Responsible Party | Counterparty / Recipient | Deadline / Tickler Date | Status | Date Completed | Notes / Reference
1 | Record Deed of Trust, Assignment of Leases and Rents, and Security Agreement — both Stonebridge and Meridian Parcels in Loudoun County | Fidelitas Title & Escrow, Inc. | Loudoun County Clerk / Summit National Bank, N.A. | October 20, 2025 | Pending | First-priority lien; Grantor: Stonebridge Campus Holdings LLC; Beneficiary: Summit National Bank, N.A. as Administrative Agent; secures $390,000,000 facility
2 | Confirm UCC-1 Financing Statement filing — Virginia SCC (membership interest pledge) | Cynthia Ho (C&H) | Virginia State Corporation Commission | October 20, 2025 | Pending | IHDC pledge of 100% membership interests in Stonebridge Campus Holdings LLC to Summit National Bank, N.A.
3 | Confirm UCC-1 Financing Statement filing — Virginia SCC (personal property / equipment collateral) | Cynthia Ho (C&H) | Virginia State Corporation Commission | October 20, 2025 | Pending | Secures assignment of contracts, permits, and approvals
4 | Deliver recorded Deed of Trust copies to Administrative Agent and co-lenders | Grace Nakamura (C&H) | Summit National Bank, N.A.; Cascade Commercial Lending Corp.; Harborview Trust Company | October 31, 2025 | Pending | Summit: $180M commitment; Cascade: $130M commitment; Harborview: $80M commitment
5 | File Collateral Assignment of EPC Agreement, LLSA, and permits with lender | Cynthia Ho (C&H) | Summit National Bank, N.A. (Administrative Agent) | October 20, 2025 | Pending | Collateral assignment of EPC Agreement (Titan-McAllister), LLSA (Vantage Power Cooperative), architect agreements, and governmental approvals
6 | Confirm recordation tax payment on Deed of Trust | Fidelitas Title & Escrow, Inc. | Loudoun County / Commonwealth of Virginia | October 22, 2025 | Pending | Virginia deed of trust recordation tax
7 | Confirm UCC-1 Financing Statement filing — Delaware SOS (membership interest pledge at IHDC level) | Cynthia Ho (C&H) | Delaware Secretary of State | October 20, 2025 | Pending | Backstop filing for IHDC as Delaware LLC; pledge of membership interests in Stonebridge Campus Holdings LLC
8 | Deliver copies of all recorded security instruments and UCC filings to Redmond & Calloway LLP (Lender's Counsel) | Grace Nakamura (C&H) | Redmond & Calloway LLP (Victor Redmond) | November 5, 2025 | Pending | Complete package for lender's counsel review and closing binder
[sheet: Construction Loan — Initial Dra]
Item No. | Condition Precedent Description | Required By | Responsible Party | Deadline / Tickler Date | Status | Date Completed | Notes / Reference
1 | Minimum equity contribution of $52,500,000 (25% of $210,000,000 total equity) deposited before first draw | Construction Loan Agreement, Section 4.01(a) | Ironhaven Data Centers LLC / Ridgeline Capital Partners Fund IV, LP | Prior to first draw (target: November 2025) | Pending | 25% × $210,000,000 = $52,500,000; per Equity Contribution Agreement
2 | Delivery of executed EPC Agreement (GMP: $412,000,000) with Titan-McAllister Construction Group, LLC | Construction Loan Agreement, Section 4.01(b) | Stonebridge Campus Holdings LLC | October 20, 2025 (execution target) | Pending | GMP: $412,000,000; must include performance and payment bonds ($412M each from Great Basin Surety & Insurance Corp.)
3 | Delivery of executed Notice to Proceed (NTP) to Titan-McAllister Construction Group, LLC | Construction Loan Agreement, Section 4.01(c) | Stonebridge Campus Holdings LLC | November 1, 2025 | Pending | Commences 24-month construction period
4 | Delivery of final ALTA/NSPS surveys for both parcels (Stonebridge 62.0 acres; Meridian 19.4 acres) | Construction Loan Agreement, Section 4.01(d) | Lumen Ridge Engineering, PLLC (Carlos Esteban, PE) | Prior to first draw | Pending | Surveys completed by June 15, 2025; final certified copies to lender
5 | Delivery of final Phase I ESA reports — both parcels (and Phase II for Stonebridge NW quadrant) | Construction Loan Agreement, Section 4.01(e) | Pendleton Environmental Associates, Inc. (Dr. Renata Volkov) | Prior to first draw | Pending | Phase I target: June 1, 2025; Phase II (Stonebridge, ~4.2 acres NW quadrant, former agricultural use / potential residual pesticide contamination) target: July 1, 2025
6 | Delivery of MAI appraisals for both parcels | Construction Loan Agreement, Section 4.01(f) | Greystone Appraisal Partners, LLC (Janet Choi, MAI) | Prior to first draw | Pending | Stonebridge: $58,500,000; Meridian: $19,400,000
7 | Delivery of geotechnical report | Construction Loan Agreement, Section 4.01(g) | Brannigan Geotechnical Engineering, LLC (Neil Brannigan, PE) | Prior to first draw | Pending | Foundation design recommendations for Buildings A–D and central utility plant
8 | Evidence of ZMOD approval (ZMOD-2025-0038) by Loudoun County Board of Supervisors | Construction Loan Agreement, Section 4.01(h) | Stonebridge Campus Holdings LLC / Ashcroft & Wynn, P.C. (Thomas Ashcroft) | October 2025 (Board hearing) | Pending | Rezoning from PD-IP to permit data center use on 81.4-acre campus
9 | Delivery of builder's risk insurance policy ($412,000,000; Great Basin Surety & Insurance Corp.; $250,000 deductible per occurrence) | Construction Loan Agreement / EPC Exhibit D | Northgate Insurance Brokerage, LLC (William Keane) | Prior to first draw | Pending | Named additional insured: Summit National Bank, N.A. as Administrative Agent and lenders
10 | Delivery of performance bond and payment bond (each 100% of GMP = $412,000,000; Great Basin Surety & Insurance Corp.) | Construction Loan Agreement, Section 4.01(j) | Titan-McAllister Construction Group, LLC | Prior to first draw | Pending | Confirm compliance with EPC Agreement requirements
11 | Delivery of certificates of insurance — TMCG CGL ($150M per occurrence, Pinnacle Indemnity Insurance Co.) | Construction Loan Agreement / EPC Exhibit D | Titan-McAllister Construction Group, LLC | Prior to first draw | Pending | Per COI review letter to TMCG (Raymond Okafor / Michelle Tran)
12 | Confirmation of Loan-to-Cost Ratio ≤ 65% based on final approved budget | Construction Loan Agreement, Section 4.01(l) | Cynthia Ho (C&H) / Priya Dasgupta (IHDC CFO) | Prior to first draw | Pending | $390,000,000 ÷ $600,000,000 = 65.0%
13 | Delivery of Borrower's Closing Certificate — Stonebridge Campus Holdings LLC | Construction Loan Agreement, Section 4.01(m) | Stonebridge Campus Holdings LLC | October 15, 2025 | Pending | Certifies organizational status, incumbency, satisfaction of conditions, representations and warranties accurate, no defaults
14 | Delivery of Legal Opinion Letter — Calderwood & Harkness LLP to Summit National Bank, N.A. | Construction Loan Agreement, Section 4.01(n) | Douglas Fairchild (C&H) | October 15, 2025 | Pending | Opines on due organization, authority, enforceability under Virginia law
15 | Delivery of executed Completion Guaranty — Ironhaven Data Centers LLC | Construction Loan Agreement, Section 4.01(o) | Ironhaven Data Centers LLC (Marcus Thorne / Priya Dasgupta) | October 15, 2025 | Pending | Guarantees completion per approved plans and budget
16 | Delivery of executed Carry Guaranty / Payment Guaranty — Ironhaven Data Centers LLC | Construction Loan Agreement, Section 4.01(p) | Ironhaven Data Centers LLC | October 15, 2025 | Pending | Guarantees interest, fees, and carrying costs during draw and construction period
17 | Confirmation of initial draw request package (draw request form, AIA certification, lien waivers, inspection report) | Construction Loan Agreement, Section 4.02 | Kestrel Infrastructure Advisors, LLC (Diane Prescott) / IHDC | First draw date | Pending | To be coordinated with owner's representative and EPC contractor
18 | Delivery of executed Environmental Indemnity Agreement — Stonebridge Campus Holdings LLC and Ironhaven Data Centers LLC | Construction Loan Agreement, Section 4.01(q) | Stonebridge Campus Holdings LLC / Ironhaven Data Centers LLC | October 15, 2025 | Pending | Indemnifies lender syndicate for environmental liabilities; covers Stonebridge NW quadrant Phase II findings
[sheet: Equity Contribution Deadlines]
Item No. | Obligation Description | Amount ($) | Responsible Party | Deadline / Tickler Date | Status | Date Completed | Notes / Reference
1 | Initial equity contribution — minimum 25% of total equity before first construction loan draw | $52,500,000 | Ridgeline Capital Partners Fund IV, LP → RCP Digital Holdings LLC → Ironhaven Data Centers LLC → Stonebridge Campus Holdings LLC | Prior to first draw (target: November 2025) | Pending | Per Equity Contribution Agreement and Construction Loan Agreement; Ridgeline Fund IV Investment ID: RCP-IV-2025-DC-07
2 | Land acquisition equity funding — Stonebridge Parcel net of earnest money credit | $55,575,000 | Ironhaven Data Centers LLC / Ridgeline Fund IV | September 15, 2025 (closing) | Pending | Balance after $2,925,000 earnest money credit ($58,500,000 - $2,925,000 = $55,575,000)
3 | Land acquisition equity funding — Meridian Parcel net of earnest money credit | $18,430,000 | Ironhaven Data Centers LLC / Ridgeline Fund IV | September 15, 2025 (closing) | Pending | Balance after $970,000 earnest money credit ($19,400,000 - $970,000 = $18,430,000)
4 | Ongoing equity contributions — pro rata with construction loan draws per draw sequencing requirements | Balance of $210,000,000 (less amounts previously funded) | Ridgeline Fund IV / IHDC | Per construction draw schedule (36-month draw period) | Pending | Equity funded first or pari passu with debt draws as required by loan agreement; coordinate with Priya Dasgupta and Karen Ellsworth (Summit)
5 | Confirmation of equity contribution evidence delivered to Administrative Agent with each draw request | Per draw | Priya Dasgupta (IHDC CFO) | With each draw request | Pending | Summit National Bank, N.A. requires evidence of equity funding with each construction draw
6 | Final equity true-up — confirm total equity contributions equal $210,000,000 upon final draw | $210,000,000 (cumulative) | Priya Dasgupta (IHDC CFO) / Cynthia Ho (C&H) | Final draw date (est. Q4 2027) | Pending | Total project: $210,000,000 equity (35%) + $390,000,000 debt (65%) = $600,000,000
[sheet: ZMOD & Entitlement Conditions]
Item No. | Obligation Description | Governing Document / Authority | Responsible Party | Deadline / Tickler Date | Status | Date Completed | Notes / Reference
1 | Obtain certified copy of ZMOD approval resolution from Loudoun County Board of Supervisors | ZMOD-2025-0038 | Ashcroft & Wynn, P.C. (Thomas Ashcroft) / Cornerstone Land Use Consulting, LLC (Alan Mercer) | Within 10 days of October 2025 Board hearing | Pending | Rezoning from PD-IP to data center use; 81.4 acres total campus
2 | Record proffer statement with Loudoun County Circuit Court Clerk | ZMOD Approval Conditions | Ashcroft & Wynn, P.C. / Fidelitas Title & Escrow, Inc. | Within 30 days of ZMOD approval | Pending | Estimated proffer amount: $2,400,000 ($5.00/sq ft × 480,000 sq ft GFA)
3 | Proffer payment — Phase 1 (due upon issuance of first building permit) | Proffer Statement | Stonebridge Campus Holdings LLC / Priya Dasgupta | Upon first building permit issuance (est. November 2025) | Pending | Payment amount and phasing per final proffer statement; total estimate: $2,400,000
4 | Submit site plan application to Loudoun County Department of Planning and Zoning | Loudoun County Zoning Ordinance | Lumen Ridge Engineering, PLLC (Carlos Esteban, PE) / Kestrel Infrastructure Advisors, LLC (Diane Prescott) | Post-ZMOD approval (est. November 2025) | Pending | Four buildings (A–D, each ~120,000 sq ft), central utility plant, structured parking
5 | Comply with transportation proffer conditions (road improvements, traffic mitigation) | Proffer Statement | Stonebridge Campus Holdings LLC / Titan-McAllister Construction Group, LLC | Per proffer schedule | Pending | Specific improvements TBD per final proffer negotiations
6 | Comply with noise mitigation and visual screening commitments | Proffer Statement | Stonebridge Campus Holdings LLC / Titan-McAllister Construction Group, LLC | Ongoing during construction and operations | Pending | Per proffer statement terms
7 | Deliver copy of ZMOD approval to Summit National Bank, N.A. as condition to construction loan draws | Construction Loan Agreement | Cynthia Ho (C&H) | Prior to first draw | Pending | Condition precedent; deliver to Karen Ellsworth / Victor Redmond (Redmond & Calloway LLP)
8 | Stormwater management facility easement — record with Loudoun County | Loudoun County site plan approval conditions | Lumen Ridge Engineering, PLLC / Fidelitas Title & Escrow, Inc. | Post-site plan approval | Pending | Per Stormwater Management Facility Easement and Maintenance Agreement
9 | Obtain grading permit from Loudoun County Department of Building and Development | Loudoun County Code | Lumen Ridge Engineering, PLLC / Stonebridge Campus Holdings LLC | Post-site plan approval (est. December 2025) | Pending | Required prior to site civil work commencement by Titan-McAllister
10 | Comply with tree conservation and landscaping proffer conditions | Proffer Statement / Loudoun County Zoning Ordinance | Stonebridge Campus Holdings LLC / Titan-McAllister Construction Group, LLC | Per site plan and proffer requirements | Pending | Tree conservation plan to be submitted with site plan application

[sheet: Cover & Instructions]

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