Level 10 Weekly

• The meeting reviewed Six Peak Capital's portfolio decisions, near-term closings, and organizational housekeeping, and set firm next steps for several transactions.
• Participants decided to deprioritize the LIHTC parking study and concluded that LIHTC-based deals are currently unviable without changes to financing structures, leaving Reseda and Third Street dependent on ground-lease or Safehold structures and a tax-credit investor willing to accept groundless structures.
• The group confirmed Third Street's firm close date of April 21 and agreed to press for removal of two minor title exceptions prior to closing while acknowledging those exceptions will not block closing.
• Operational and financing updates: Tom Taggart reported near-stabilized student-property occupancy and active coordination of landscaping, cleaning, and appraisal meetings.
• BBC/Genesis financing has a signed term sheet but remains short roughly $1.5-2.0M of equity, with a plan to approach Stain for ~15% preferred equity.
• The team will circulate the original GC version of the Francis GMP to R4 and Citi, continue responding to MRK, and consolidate redlines with Greg Korbel and Greg Smith.
• Corporate housekeeping includes Chase account restructures, moving Francis out of Six Peak, updating org charts, and pursuing ERISA counsel for 401(k) alignment.
• Bob will finalize a baseline EOS framework and coordinate an in-person alignment meeting with Chris in the coming weeks.

Open in Read.ai →

• ✓
  Tom Taggart Meet with the appraiser at Wilton and follow up on appraisal submission
  due 2026-04-08 → To-Dos
• ✓
  Chris Aiello Present BBC memo to stakeholders on Monday (subject to finalized model)
  due 2026-04-13 → To-Dos
• ✓
  Jordan / PCA team Finalize the BBC financial model for investment committee review
  due 2026-04-13 → To-Dos
• ✓
  Chris Aiello Email the lender about the neighbor item and request resolution before closing
  due 2026-04-18 → To-Dos
• ✓
  Chris Andresen Review the updated rock spreadsheet and the board-portal review item today
  due 2026-04-07 → To-Dos
• ✓
  Derek Sanders Email Cathy, Derek, and LCC about coordinating parallel reviews on the Francis GMP
  → To-Dos
• ✓
  Steve Cooney Push his team to get the board resolutions and related agreements executed
  → To-Dos
• ✓
  Bob Kennedy Coordinate an in-person alignment meeting with Chris in NJ or NY
  due 2026-05-03 → To-Dos

• BBC Memo — For Monday stakeholder presentation; blocked on Jordan/PCA financial model
• BBC Financial Model — Jordan and PCA team — needed before IC review
• Rock Spreadsheet (updated) — Chris Andresen reviewing today
• Francis GMP — original GC version — Send to R4 and Citi; consolidate redlines
• Ramsgate DWP Backup Package — Approved plan + cost estimates + timeline for lender
• Uplifters Memo & Term Sheet — Finalize for May 5 foundation meeting
• EOS Framework (baseline) — Bob + Claudia to finalize before leads review
• ERISA Attorney Engagement — Estimated $3–4k for plan compatibility review

• ◻
  Tom Taggart Obtain proposals for landscaping and cleaning at Wilton from action item
  ×
• ◻
  Derek Sanders Check with Adam whether the signed city document was returned for title removal from action item
  2026-04-11 ×
• ◻
  Chris Aiello Contact MRK's attorney to follow up on the Shadow Way transaction items from action item
  ×
• ◻
  Chris Andresen Begin forming new entities and expand the org chart for the Francis reorganization from action item
  ×
• ◻
  Derek Sanders Share the OpenSpace AI job-site capture with Chris and Bob for feedback from action item
  ×
• ◻
  Derek Sanders Call QMC leadership to resolve the electric submeter billing from action item
  ×
• ◻
  Schuyler Dietz & Chris Aiello Finalize the uplifters memo and term sheet for the foundation from action item
  2026-05-05 ×
• ◻
  Bob Kennedy Finalize a baseline EOS framework with Claudia from action item
  ×
• ◻
  Grady Lakamp Re-engage TriNet regarding 401(k) release and compatibility from action item
  2026-10-31 ×
• ◻
  Bob Kennedy Email Michael to request an introduction to the recommended ERISA attorney from action item
  ×

• 2026-04-07 Weekly Six Peak Capital Call 8 actions