CONSOLIDATION
Industrial Bravo Project
Matagorda County, Texas
- Consolidated Bravo cash flows
- PSH, TIL, Erthos, and Sponsor Equity from MIPA close through COD.
MW DC
93.1
MW AC
51.6
COD
Oct 10
Bravo
Industrial Bravo Project LLC Net @ COD-- DEBT MODEProject SPV - pass-through during construction; distributes sale proceeds at COD
| Period | Event | Inflow | Outflow |
|---|---|---|---|
| TIL Holdings - Equity Contribution to Bravo (per MIPA Exhibit A) | |||
| Pre-MIPA | TIL Security Deposits posted (GIA $7M + PPA Dev $2.5M) - CASH | $9,500,000 | - |
| Pre-MIPA | TIL MIPA Expenses credited - BOOK VALUE ONLY ($2,340,000) | $0 | - |
| Apr '25 (MIPA close) | TIL MIPA Dev Fee - BOOK VALUE ONLY ($9,570,000) | $0 | - |
| ↳ TIL net (CASH) contribution to Bravo | $9,500,000 | - | |
| ErthCap DevCo - Equity Contribution to Bravo | |||
| Apr '25 (MIPA close) | ErthCap MIPA initial contribution ($14M wire to Bravo + $1M to TIL) | $15,000,000 | - |
| May '25 - today | Additional cash injections since MIPA (cumulative actuals) | $23,500,000 | - |
| ↳ ErthCap DevCo equity contribution (already in) | -- | - | |
| Today - Nov '26 (FC) | Forecast cash through final completion (current estimate) | -- | - |
| ↳ ErthCap total contribution (cash to Bravo + $1M to TIL) | -- | - | |
| Bravo COD Sale Proceeds — Buyer Payments to Bravo | |||
| Oct '26 (COD) | ITC Payment — TBD ITC × transfer × (1−insurance), from §6418 ITC Buyer | -- | - |
| Oct '26 (COD) | DCF — After-Tax Operating PV from Sponsor Equity buyer (DCF Cont + DCF Unc) | -- | - |
| Oct '26 (COD) | Depreciation Sale Value — MACRS+bonus tax shield × monet rate, from Sponsor Equity buyer | -- | - |
| ↳ Total inflows at COD (Bravo Capital Stack) | -- | - | |
|
↳ TOTAL BRAVO INFLOWS
TIL cash TBD + ErthCap TBD + COD sale TBD |
-- | - | |
| Bravo Construction Bills — Paid via Dev Equity | |||
| May '25 - Oct '26 | Pays PSH-EPC milestone payments (cumulative) | - | -- |
| Apr '25 - Oct '26 | Pays dev vendors (cumulative) | - | $1,420,000 |
|
↳ GROSS PROCEEDS FOR DISTRIBUTION
= Total Inflows TBD − Construction Bills TBD |
-- | - | |
| Oct '26 (COD) | Equity distribution to ErthCap DevCo (TBD × TBD) | — | -- |
| Oct '26 (COD) | Equity distribution to TIL Holdings (TBD × TBD) | — | -- |
| TOTAL CASH IN / OUT | -- | -- | |
| TOTAL CASH IN / OUT + NON-CASH BOOK EQUITY | -- | -- | |
BRAVO LLC NET POSITION AT COD--
Bravo gross proceeds now equal net cash inflows (TIL cash + ErthCap cash + COD buyer payments) minus construction bills, then distribute by live equity ownership — currently TBD ErthCap / TBD TIL — computed from actual equity dollars contributed in this scenario/mode. TIL also contributes non-cash book equity. After construction-period uses and COD distributions, Bravo nets to zero.
TIL
Texas Industrial Landholdings LLC Net @ COD-- DEBT MODEClass B Member - actual cash outflows shown separately from non-cash book contribution
| Period | Event | Inflow | Outflow |
|---|---|---|---|
| TIL Total MIPA Contribution — $21,410,000 (per Exhibit A) | |||
| Pre-MIPA (2023–2025) | CASH: TIL Security Deposits posted (GIA $7M + PPA Dev $2.5M) | — | $9,500,000 |
| Pre-MIPA (2023–2025) | BOOK VALUE: TIL MIPA Expenses credited ($2,340,000 Book Value to Bravo) | — | $2,340,000 |
| Apr '25 (MIPA close) | BOOK VALUE: Non-Cash Book Dev Fee ($9,570,000 Book Value) | $0 | — |
| ↳ Subtotal cash deployed by TIL pre-MIPA | — | $11,840,000 | |
| Apr '25 | MIPA Dev Expenses Reimbursement received from ErthCap (cash IN) | $1,000,000 | - |
| Oct '26 (COD) | Equity distribution from Bravo at COD (TBD x TBD gross proceeds) | -- | - |
| TOTAL (cash only — excludes $9.57M non-cash book value) | $23,608,987 | $11,840,000 | |
TIL NET CASH POSITION @ COD
+$23,608,987
| Target Dev Fee from MIPA | $9,570,000 | ||
| Variance from Target | -$1,391,000 | ||
PSH-Org
PSH Loan LLC + PSH-EPC LLC (Capricorn) Net Deal Close-- DEBT MODEPSH Loan LLC + PSH-EPC LLC (Capricorn-controlled; "PSH" in bank ledger)
| Period | Event | Inflow | Outflow |
|---|---|---|---|
| Apr '25 - Apr '26 | PSH Loan disbursements to ErthCap DevCo (existing outstanding principal) | - | -- |
| May '26 - Dec '26 | PSH Loan disbursements to ErthCap DevCo (active construction-loan tranche through last scheduled draw) | - | -- |
| May '25 - Oct '26 | Bravo milestone payments received (Prime EPC) | $74,000,000 | - |
| May '25 - Oct '26 | Sub-contract payments to Erthos E&C | - | $64,000,000 |
| Oct '26 (COD) | Loan Principal repaid by ErthCap DevCo | -- | - |
| Oct '26 (COD) | Loan Interest repaid by ErthCap DevCo | $0 | - |
| Nov '26 (COD+30) | Side Letter: live EPC restoration + Erthos residual split transferred to Erthos | - | -- |
| TOTAL | -- | -- | |
|
↳ Loan flow reconciliation: PSH Loan LLC disburses TBD to ErthCap across the existing outstanding tranche plus active construction-loan tranche; ErthCap deploys the PSH Loan principal through the Bravo Project capital stack — see Bravo card "ErthCap DevCo total contribution". |
|||
NET POSITION AT PSH DEAL CLOSE BEFORE SIDE LETTER--
NET POSITION AT PSH DEAL CLOSE AFTER SIDE LETTER--
PSH-Org Return: TBD
Deployed
--
Net Return
--
MOIC
--
Return
--
PSH-EPC $10M Buffer Waterfall
Natural PSH-Org IRR: --PSH gap to 10%: --
Slice 1 PSH top-up: --
Slice 3 PSH residual split: --
PSH deficit remaining: --
Final PSH-Org IRR: --
Source: live valuation snapshot variables
pshGapTo10pct, bufferSlice1PshTopup, pshDeficitRemaining, finalPshIrr.
Supplemental PSH-Holdings buyer cash-flow view
Shows only the first operating year and final operating year from the active scenario cash-flow stream.
| Metric | Y1 | Y35 |
|---|---|---|
| Energy | -- | -- |
| PPA Price | -- | -- |
| Revenue | -- | -- |
| O&M / OpEx | -- | -- |
| Pre-Tax Cash Flow | -- | -- |
| Depreciation Recovery | -- | -- |
| After-Tax Cash Flow | -- | -- |
Erthos
Erthos E&C + ErthCap DevCo Net after SL-- DEBT MODEConsolidated Erthos sponsor + EPC sub-contractor; Class A Member
| Period | Event | Inflow | Outflow |
|---|---|---|---|
| Apr '25 - Apr '26 | ErthCap receives PSH Loan disbursements (existing outstanding principal) | -- | - |
| May '26 - Dec '26 | ErthCap receives PSH Loan disbursements (active construction-loan tranche through last scheduled draw) | -- | - |
| Apr '25 | ErthCap pays TIL - MIPA Dev Expenses Reimbursement | - | $1,000,000 |
| Apr '25 - Oct '26 | ErthCap capital deployments to Bravo (cumulative) | - | -- |
| May '25 - Oct '26 | Erthos E&C receives sub-contract milestones (cumulative) | $64,000,000 | - |
| May '25 - Oct '26 | Erthos E&C construction COGS (Imperial Star modules + labor + materials) - current estimate; $2M over $53M target | - | $55,000,000 |
| ↳ COGS variance: original target $53M; current estimate $55M (+$2M overrun). E&C subcontract margin drops from $11M to $9M; ERTHOS-Org margin is calculated below from the full CON.4 ledger. | |||
| Oct '26 (COD) | ErthCap receives Bravo equity distribution (TBD x TBD gross proceeds) | -- | - |
| Oct '26 (COD) | ErthCap DevCo repays PSH Loan principal | - | -- |
| Oct '26 (COD) | ErthCap DevCo repays PSH Loan accrued interest | - | $0 |
| Nov '26 (COD+30) | Side Letter: live EPC restoration + Erthos residual split received from PSH | -- | - |
| TOTAL | -- | -- | |
NET POSITION AT ERTHOS DEAL CLOSE BEFORE SIDE LETTER--
NET POSITION AT ERTHOS DEAL CLOSE AFTER SIDE LETTER--
Side Letter ERTHOS-Org Margin Waterfall
Dev Fee (Fixed 12.5% × c0): $0 (fixed per partnership flip structure; decoupled from side-letter buffer)ERTHOS-Org margin objective: --
ERTHOS-Org pre-Side-Letter margin: --
ERTHOS-Org margin shortfall: -- ($11M objective − pre-Side-Letter ERTHOS-Org margin)
Slice 2 ERTHOS-Org restoration: --
Slice 3 Erthos residual split: --
Erthos Side Letter receipt: -- (Slice 2 + Erthos Slice 3)
Final ERTHOS-Org margin after Side Letter: --
Source: Side Letter Agreement, March 30, 2025.
Sponsor Equity
Buyer-Side Cash Flow Lane Net Y0-Y35-- DEBT MODESponsor Equity buyer: canonical cash-flow stream from COD through project life
Showing: Mid scenario • Dep mode: max
| Period | Event | Inflow | Outflow |
|---|---|---|---|
| Sponsor Equity — Buyer COD Payment + Operating Stream | |||
| Y0 | Buyer pays at COD: DCF + Depreciation value + form-sensitive PPA performance security deposit | — | -- |
| Y1..Y20 | Positive after-tax operating cash flows, contracted period | -- | — |
| Y21..Y30 | Positive after-tax operating cash flows, extension period | -- | — |
| Y31..Y35 | Positive after-tax operating cash flows, merchant tail | -- | — |
| Y1..Y20 | Security-deposit form cash-flow treatment | -- | -- |
| TOTAL | -- | -- | |
NET SPONSOR EQUITY (nominal, Y0..Y35)--
Y0 bridge: DCF -- + Depreciation sale -- + PPA performance security -- = buyer COD payment --. ITC -- is a separate ITC Buyer lane.
Sponsor Equity Metrics
NPV @ sponsor hurdle (10.00%): -- (Sponsor NPV = after-tax operating PV + depreciation value)EoL State at Y20 (PPA termination): -- (cumulative nominal
sponsorCashflows where t <= 20)EoL State at Y35 (project life terminal): -- (full cumulative nominal
sponsorCashflows)Realized Sponsor IRR: -- (canonical
bundle.sponsorIrrPct; fallback bundle.buyerIRR)
Display-only. Reads
mobile-valuation-snapshot-v1.scenarios[<active>] sponsor fields and summarizes the canonical sponsorCashflows stream.Per-entity COD consolidation • LLCA Section 5.02(b) dilution applied • Side Letter pool repays PSH Loan • ITC Buyer + DCF + Dep shown in Bravo COD inflows