# EDGAR Filing Document

**Accession Number:** 0001013611
**File Stem:** 0001539497-25-003064
**Filing Date:** 2025-11
**Character Count:** 59767
**Document Hash:** 949e00352bdb88dd2d601275a2c6bf03
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001539497-25-003064.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001539497-25-003064

**CONFORMED SUBMISSION TYPE**: ABS-15G

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20251125

**ITEM INFORMATION**: Findings and Conclusions of the Third Party Due Diligence Provider Obtained by the Issuer

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**ABS RULE**: RULE-15GA2

**REGISTERED ENTITY**: N

**ABS ASSET CLASS**: Commercial mortgages

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP
- **CENTRAL INDEX KEY:** 0001013611
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 133789046
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-00709
- **FILM NUMBER:** 251522322

**BUSINESS ADDRESS:**
- **STREET 1:** 383 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10179
- **BUSINESS PHONE:** 2126483063

**MAIL ADDRESS:**
- **STREET 1:** 383 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10179

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MORGAN J P COMMERCIAL MORTGAGE FINANCE CORP
- **DATE OF NAME CHANGE:** 19960506
**DEPOSITOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP
- **CENTRAL INDEX KEY:** 0001013611
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 133789046
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act

**BUSINESS ADDRESS:**
- **STREET 1:** 383 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10179
- **BUSINESS PHONE:** 2126483063

**MAIL ADDRESS:**
- **STREET 1:** 383 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10179

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MORGAN J P COMMERCIAL MORTGAGE FINANCE CORP
- **DATE OF NAME CHANGE:** 19960506
**SECURITIZER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP
- **CENTRAL INDEX KEY:** 0001013611
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 133789046
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-00709

**BUSINESS ADDRESS:**
- **STREET 1:** 383 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10179
- **BUSINESS PHONE:** 2126483063

**MAIL ADDRESS:**
- **STREET 1:** 383 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10179

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MORGAN J P COMMERCIAL MORTGAGE FINANCE CORP
- **DATE OF NAME CHANGE:** 19960506

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549** 

**FORM ABS-15G** 

**ASSET-BACKED SECURITIZER<br> Report Pursuant to Section 15G of** 

**the Securities Exchange Act of 1934**

<br> Check the appropriate box to indicate the filing obligation to which this form is intended to satisfy:

[_] Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period ____________ to ____________

Date of Report (Date of earliest event reported)______________________

Commission File Number of securitizer: ____________________

Central Index Key Number of securitizer: ___________________

Name and telephone number, including area code, of the person to

contact in connection with this filing

Indicate by check mark whether the securitizer has no activity to report for the initial period pursuant to Rule 15Ga-1(c)(1) [_]

Indicate by check mark whether the securitizer has no activity to report for the quarterly period pursuant to Rule 15Ga-1(c)(2)(i) [_]

Indicate by check mark whether the securitizer has no activity to report for the annual period pursuant to Rule 15Ga-1(c)(2)(ii) [_]

[✔] Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2)

Central Index Key Number of depositor: **0001013611**

NYC Trust 2025-77C

(Exact name of issuing entity as specified in its charter)

Central Index Key Number of issuing entity (if applicable): <u>Not applicable</u>

Central Index Key Number of underwriter (if applicable): <u>Not applicable</u> 

Kunal K. Singh, (212) 834-5467

Name and telephone number, including area code, of the person to

contact in connection with this filing

**INFORMATION TO BE INCLUDED IN THE REPORT**

**FINDINGS AND CONCLUSIONS OF THIRD-PARTY DUE DILIGENCE REPORTS**

**Item 2.01 Findings and Conclusions of a Third Party Due Diligence Report Obtained by the Issuer**

Attached as <u>Exhibit 1</u> hereto is an agreed-upon procedures report, dated November 25, 2025, of Ernst & Young LLP, obtained by the depositor, which report sets forth the findings and conclusions, as applicable, of Ernst & Young LLP with respect to certain agreed-upon procedures performed by Ernst & Young LLP.

Attached as <u>Exhibit 2</u> hereto is an underwriting information comparison agreed-upon procedures report, dated November 25, 2025, of Ernst & Young LLP, obtained by the depositor, which report sets forth the findings and conclusions, as applicable, of Ernst & Young LLP with respect to certain agreed-upon procedures performed by Ernst & Young LLP.

**SIGNATURES**

<br> Pursuant to the requirements of the Securities Exchange Act of 1934, the reporting entity has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| Date: November 25, 2025 | J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP. |
|  | &nbsp;&nbsp;&nbsp;&nbsp; By: <u>/s/ Kunal K. Singh</u> <br> Name: Kunal K. Singh<br> Title: President and Chief Executive Officer |

---

Exhibit 1 Agreed-upon procedures report, dated November 25, 2025, of Ernst & Young LLP.

Exhibit 2 Underwriting information comparison agreed-upon procedures report, dated November 25, 2025, of Ernst & Young LLP.

## Ex-1

**Exhibit 1**

---

| | |
|:---|:---|
| **Ernst & Young LLP**<br>One Manhattan West<br>New York, NY 10001 | Tel: +1 212 773 3000<br>ey.com |

---

**Report of Independent Accountants on Applying Agreed-Upon Procedures**

J.P. Morgan Chase Commercial Mortgage Securities Corp. (the "Depositor")

JPMorgan Chase Bank, National Association

J.P. Morgan Securities LLC

Citi Real Estate Funding Inc.

Citigroup Global Markets Inc.

(collectively, the "Specified Parties")

---

| | |
|:---|:---|
| **Re:** | **NYC Trust 2025-77C (the "Issuing Entity")** |
|  | **Commercial Mortgage Pass-Through Certificates, Series 2025-77C (the "Certificates")** |

---

We have performed the procedures enumerated in Attachment A, which were agreed to and acknowledged as appropriate by the Specified Parties, for the intended purpose of assisting the Specified Parties in evaluating the accuracy of certain information with respect to the Mortgage Loan (as defined herein) contained on the Data Files (as defined herein) (the "Subject Matter") relating to the Issuing Entity's securitization transaction as of 25 November 2025. This report may not be suitable for any other purpose. The procedures performed may not address all of the items of interest to a user of the report and may not meet the needs of all users of the report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. The appropriateness of these procedures is solely the responsibility of the Specified Parties identified in this report. No other party acknowledged the appropriateness of the procedures. Consequently, we make no representation regarding the appropriateness of the procedures described in Attachment A, either for the purpose for which this report has been requested or for any other purpose.

The procedures performed and our associated findings are included in Attachment A.

---

| | |
|:---|:---|
| ![](eylogo2.jpg) | Page 2 of 3 |

---

For the purpose of the procedures described in this report, the Depositor provided us with:

a. Certain electronic data files (the "Data Files") that are described in Attachment A,

b. Copies of various source documents (the "Source Documents"), which are listed on Exhibit 1 to Attachment A,

c. A list of characteristics on the Data Files (the "Compared Characteristics"), which are listed on Exhibit 2
to Attachment A, that the Depositor instructed us to compare to information contained in the Source Documents,

d. A list of characteristics on the Data Files (the "Recalculated Characteristics"), which are described in Attachment
A, that the Depositor instructed us to recalculate using information on the Data Files,

e. A list of characteristics on the Data Files (the "Provided Characteristics"), which are listed on Exhibit 3
to Attachment A, on which the Depositor instructed us to perform no procedures,

f. A draft of the preliminary confidential offering circular for the Issuing Entity's securitization transaction (the "Draft
Preliminary Offering Circular") and

g. Instructions, assumptions and methodologies, which are described in Attachment A.

The procedures included in Attachment A were limited to comparing or recalculating certain information that is further described in Attachment A. The Depositor is responsible for the Subject Matter, Data Files, Source Documents, Compared Characteristics, Recalculated Characteristics, Provided Characteristics, Draft Preliminary Offering Circular and the determination of the instructions, assumptions and methodologies that are described herein. We were not requested to perform, and we have not performed, any procedures other than those listed in Attachment A with respect to the Data Files. We have not verified, and we make no representation as to, the appropriateness, accuracy, completeness or reasonableness of the Source Documents, Provided Characteristics, Draft Preliminary Offering Circular or any other information provided to us by the Depositor upon which we relied in forming our findings. Accordingly, we make no representation and express no opinion or conclusion as to: (a) the existence of the Mortgage Loan, (b) questions of legal or tax interpretation or (c) the appropriateness, accuracy, completeness or reasonableness of any instructions, assumptions and methodologies provided to us by the Depositor that are described in this report. We undertake no responsibility to update this report for events and circumstances occurring after the date hereof.

This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants (the "AICPA"). An agreed-upon procedures engagement involves the practitioner performing specific procedures that the Specified Parties have agreed to and acknowledged to be appropriate for the purpose of the engagement and reporting on findings based on the procedures performed. We were not engaged to, and did not, conduct an examination to express an opinion or a review to express a conclusion in accordance with attestation standards established by the AICPA on any of the items referred to herein. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

---

| | |
|:---|:---|
| ![](eylogo2.jpg) | Page 3 of 3 |

---

The agreed-upon procedures described in this report were not performed for the purpose of:

a. Satisfying any criteria for due diligence published by a nationally recognized statistical rating organization (a "rating agency")
or

b. Making any findings with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Whether the origination of the Mortgage Loan conformed to, or deviated from, stated underwriting or credit extension guidelines, standards,
criteria, or other requirements,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The value of the collateral securing the Mortgage Loan,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Whether the originator(s) of the Mortgage Loan complied with federal, state or local laws or regulations or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Any other factor or characteristic of the Mortgage Loan that would be material to the likelihood that the issuer of the Certificates
will pay interest and principal in accordance with applicable terms and conditions.

We are required to be independent of the Depositor and to meet our other ethical responsibilities, as applicable for agreed-upon procedures engagements set forth in the Preface: Applicable to All Members and Part 1 – Members in Public Practice of the Code of Professional Conduct established by the AICPA. Independence requirements for agreed-upon procedures engagements are less restrictive than independence requirements for audit and other attestation services.

This report is intended solely for the information and use of the Specified Parties and is not intended to be, and should not be, used by anyone other than the Specified Parties. It is not intended to be, and should not be, used by any other person or entity, including investors and rating agencies, who are not identified in the report as Specified Parties, but who may have access to this report as required by law or regulation.

/s/ Ernst & Young LLP

25 November 2025

---

| | |
|:---|:---|
| ![](eylogo2.jpg) | **Attachment A**<br> Page 1 of 6 |

---

**<u>Background</u>**

For the purpose of the procedures described in this report, the Depositor indicated that:

a. The assets of the Issuing Entity will consist primarily of a commercial mortgage loan (the "Mortgage Loan"),

b. The Mortgage Loan will be primarily secured by a commercial property (the "Property") and

c. The Mortgage Loan has a related mezzanine loan (the "Mezzanine Loan"), which will not be an asset of the Issuing
Entity.

For the purpose of the procedures described in this report, the Mortgage Loan, together with the Mezzanine Loan, is hereinafter referred to as the "Total Debt associated with the Mortgage Loan."

**<u>Procedures performed and our associated findings</u>**

1. The Depositor provided us with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. An electronic data file (the "Preliminary Data File") that the Depositor indicated contains information relating
to the Mortgage Loan and Property that is expected to be as of 9 December 2025 (the "Reference Date") and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Record layout and decode information relating to the information on the Preliminary Data File.

Using the information in the Source Documents, we compared the Compared Characteristics listed on Exhibit 2 to Attachment A, as shown on the Preliminary Data File, to the corresponding information in the Source Documents indicated on Exhibit 2 to Attachment A, subject to the instructions, assumptions and methodologies stated in the notes on Exhibit 2 to Attachment A. If more than one Source Document is listed for a Compared Characteristic, the Depositor instructed us to note agreement if the value on the Preliminary Data File for the Compared Characteristic agreed with the corresponding information in at least one of the Source Documents listed for such Compared Characteristic on Exhibit 2 to Attachment A (except as described in the notes on Exhibit 2 to Attachment A). We performed no procedures to reconcile any differences that may exist between various Source Documents for any of the Compared Characteristics listed on Exhibit 2 to Attachment A.

We performed certain procedures on earlier versions of the Data Files and communicated differences prior to being provided the Data Files which were subjected to the procedures as described herein.

2. As instructed by the Depositor, we adjusted the information on the Preliminary Data File to correct all the differences we noted in
performing the procedures described in the Item above and provided a list of such differences to the Depositor. The Preliminary Data File,
as so adjusted, is hereinafter referred to as the "Updated Data File."

---

| | |
|:---|:---|
| ![](eylogo2.jpg) | **Attachment A**<br> Page 2 of 6 |

---

3. Subsequent to the performance of the procedures described in the Items above, we received from the Depositor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. An electronic data file (the "Final Data File," which together with the Preliminary Data File comprise the Data Files)
that the Depositor indicated contains information relating to the Mortgage Loan and Property as of the Reference Date and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Record layout and decode information relating to the information on the Final Data File.

Using information on the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Final Data File and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Updated Data File,

we compared each Compared Characteristic listed on Exhibit 2 to Attachment A, as shown on the Final Data File, to the corresponding information on the Updated Data File and found such information to be in agreement.

4. Using the "First Payment Date," as shown on the Final Data File, we recalculated the "Seasoning" of the
Mortgage Loan and Mezzanine Loan as of the Reference Date. We compared this recalculated information to the corresponding information
on the Final Data File and found such information to be in agreement.

5. Using the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. First Payment Date and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Initial Maturity Date,

as shown on the Final Data File, we recalculated the "Initial Loan Term" of the Mortgage Loan and Mezzanine Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

6. Using the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Seasoning and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Initial Loan Term,

as shown on the Final Data File, we recalculated the "Remaining Term to Initial Maturity" of the Mortgage Loan and Mezzanine Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

---

| | |
|:---|:---|
| ![](eylogo2.jpg) | **Attachment A**<br> Page 3 of 6 |

---

7. The applicable Source Document(s) indicate that the Mortgage Loan and Mezzanine Loan are interest-only for their entire terms. Based
on this information, the Depositor instructed us to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Use "0" for the original amortization term of the Mortgage Loan and Mezzanine Loan (the "Amortization Term"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Use the "Initial Loan Term," as shown on the Final Data File, for the original interest-only period of the Mortgage Loan
and Mezzanine Loan (the "IO Period"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Use the "Original Mortgage Loan Balance," as shown on the Final Data File, for the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Principal balance of the Mortgage Loan as of the Reference Date (the "Cut-off Date Mortgage Loan Balance")
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Principal balance of the Mortgage Loan as of the "Initial Maturity Date" of the Mortgage Loan (the "Mortgage
Loan Balance at Maturity") and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Use the "Original Mezzanine Loan Balance," as shown on the Final Data File, for the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Principal balance of the Mezzanine Loan as of the Reference Date (the "Cut-Off Date Mezzanine Loan Balance")
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Principal balance of the Mezzanine Loan as of the "Initial Maturity Date" of the Mezzanine Loan (the "Mezzanine
Loan Maturity Balance").

We compared this information to the corresponding information on the Final Data File and found such information to be in agreement.

8. Using the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Original Mortgage Loan Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Original Mezzanine Loan Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Cut-off Date Mortgage Loan Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Cut-off Date Mezzanine Loan Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Mortgage Loan Balance at Maturity and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Mezzanine Loan Maturity Balance,

as shown on the Final Data File, we recalculated the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Original Total Debt Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Cut-off Date Total Debt Balance and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Maturity Date Total Debt Balance

of the Total Debt associated with the Mortgage Loan. We compared this information to the corresponding information on the Final Data File and found such information to be in agreement.

9. Using the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Original Mortgage Loan Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Original Mezzanine Loan Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Mortgage Loan Interest Rate and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Mezzanine Loan Interest Rate,

as shown on the Final Data File, we recalculated the "Total Debt Interest Rate" of the Total Debt associated with the Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

---

| | |
|:---|:---|
| ![](eylogo2.jpg) | **Attachment A**<br> Page 4 of 6 |

---

10. Using the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Original Mortgage Loan Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Mortgage Loan Interest Rate and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Accrual Basis,

as shown on the Final Data File, and the calculation methodologies provided by the Depositor which are described in the succeeding paragraph(s) of this Item, we recalculated the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Mortgage Loan Monthly Debt Service and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Mortgage Loan Annual Debt Service

of the Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

For the purpose of this procedure, the Depositor instructed us to recalculate the "Mortgage Loan Monthly Debt Service" of the Mortgage Loan as 1/12<sup>th</sup> of the product, rounded to two decimal places, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The "Original Mortgage Loan Balance," as shown on the Final Data File,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The "Mortgage Loan Interest Rate," as shown on the Final Data File, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. 365/360.

For the purpose of this procedure, the Depositor instructed us to recalculate the "Mortgage Loan Annual Debt Service" of the Mortgage Loan as twelve (12) times the "Mortgage Loan Monthly Debt Service," as shown on the Final Data File.

11. Using the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Original Mezzanine Loan Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Mezzanine Loan Interest Rate and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Accrual Basis,

as shown on the Final Data File, and the calculation methodologies provided by the Depositor which are described in the succeeding paragraph(s) of this Item, we recalculated the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Mezzanine Loan Monthly Debt Service and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Mezzanine Loan Annual Debt Service

of the Mezzanine Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

For the purpose of this procedure, the Depositor instructed us to recalculate the "Mezzanine Loan Monthly Debt Service" of the Mezzanine Loan as 1/12<sup>th</sup> of the product, rounded to two decimal places, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The "Original Mezzanine Loan Balance," as shown on the Final Data File,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The "Mezzanine Loan Interest Rate," as shown on the Final Data File and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. 365/360.

For the purpose of this procedure, the Depositor instructed us to recalculate the "Mezzanine Loan Annual Debt Service" of the Mezzanine Loan as twelve (12) times the "Mezzanine Loan Monthly Debt Service," as shown on the Final Data File.

---

| | |
|:---|:---|
| ![](eylogo2.jpg) | **Attachment A**<br> Page 5 of 6 |

---

12. Using the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Mortgage Loan Monthly Debt Service,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Mortgage Loan Annual Debt Service,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Mezzanine Loan Monthly Debt Service and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Mezzanine Loan Annual Debt Service,

as shown on the Final Data File, we recalculated the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Total Debt Monthly Debt Service and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Total Debt Annual Debt Service

of the Total Debt associated with the Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

13. Using the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Cut-off Date Mortgage Loan Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Mortgage Loan Balance at Maturity,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Mortgage Loan Annual Debt Service,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. As-is Appraisal Value,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. UW NOI,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. UW Net Cash Flow and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Total Number of Units,

as shown on the Final Data File, and the applicable calculation methodologies and assumptions described in the Draft Preliminary Offering Circular, we recalculated the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Mortgage Loan Cut-off Date As-Is LTV,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Mortgage Loan Maturity Date As-Is LTV,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Mortgage Loan UW NOI DY,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Mortgage Loan UW NCF DY,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Mortgage Loan UW NOI DSCR,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Mortgage Loan UW NCF DSCR and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. Mortgage Loan Balance Per Unit

of the Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

For the purpose of this procedure, the Depositor instructed us to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Round the characteristics listed in i. through iv. above to the nearest 1/10<sup>th</sup> of one percent and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Round the characteristic listed in v. through vi. above to two decimal places.

---

| | |
|:---|:---|
| ![](eylogo2.jpg) | **Attachment A**<br> Page 6 of 6 |

---

14. Using the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Cut-off Date Total Debt Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Maturity Date Total Debt Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Total Debt Annual Debt Service,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. As-is Appraisal Value,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. UW NOI and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. UW Net Cash Flow,

as shown on the Final Data File, and the applicable calculation methodologies and assumptions described in the Draft Preliminary Offering Circular, we recalculated the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Total Debt Cut-off Date LTV,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Total Debt Maturity Date LTV,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Total Debt UW NOI DY and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Total Debt UW NCF DSCR

of the Total Debt associated with the Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

For the purpose of this procedure, the Depositor instructed us to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Round the characteristics listed in i. through iii. above to the nearest 1/10<sup>th</sup> of one percent and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Round the characteristic listed in iv. above to two decimal places.

15. Using the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Mortgage Master Servicer and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Mortgage Primary Servicer,

as shown on the Final Data File, we recalculated the "Mortgage Servicing Fee" of the Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

16. Using the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Mortgage Servicing Fee,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Mortgage Trustee/Cert Admin,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Mortgage Operating Advisor Fee and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Mortgage CREFC Fee,

as shown on the Final Data File, we recalculated the "Total Mortgage Admin Fee" of the Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

17. Using the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Total Mortgage Admin Fee and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Mortgage Loan Interest Rate,

as shown on the Final Data File, we recalculated the "Net Mortgage Margin" of the Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

**Exhibit 1 to Attachment A**<br> Page 1 of 2<br>

**<u>Source Documents</u>**

***<u>Mortgage Loan and Mezzanine Source Documents</u>***

---

| | |
|:---|:---|
| **<u>Source Document Title</u>** | **<u>Source Document Date</u>** |
| Mortgage Loan Amended and Restated Promissory Note (see Note 1) | 17 November 2025 |
| Mezzanine Promissory Note (see Note 1) | 24 November 2025 |
| Mortgage Loan Agreement (see Note 1) | 25 November 2025 |
| Mezzanine Loan Agreement (see Note 1) | 25 November 2025 |
| Cash Management Agreement (see Note 1) | 17 November 2025 |
| Guaranty Agreement (see Note 1) | 17 November 2025 |
| Environmental Indemnity Agreement (see Note 1) | 17 November 2025 |
| Non-Consolidation Opinion (see Note 1) | 25 November 2025 |

---

***<u>Property Source Documents</u>***

---

| | |
|:---|:---|
| **<u>Source Document Title</u>** | **<u>Source Document Date</u>** |
| Appraisal Report | 18 November 2025 |
| USPS Internet Site (www.usps.com) | Not Applicable |
| Engineering Report | 11 November 2025 |
| Phase I Environmental Report | 12 November 2025 |
| Underwriter's Summary Report | Not Dated |
| Underwritten Rent Roll | November 2025 |
| Pro Forma Title Policy | 12 December 2024 |
| Management Agreement (see Note 1) | 8 April 2025 |

---

 ****

**Exhibit 1 to Attachment A**<br> Page 2 of 2<br>

***<u>Property Source Documents</u>*** (continued)

---

| | |
|:---|:---|
| **<u>Source Document Title</u>** | **<u>Source Document Date</u>** |
| Lease Agreements | Various |
| Ground Lease Agreements | Various |
| Sublease Agreements | Various |
| Condominium Agreements | Various |
| Regulatory Agreements | Various |
| 421 Restrictive Declarations | Various |
| WPAA Maintenance Agreements | Various |
| CoStar Market and Submarket Reports | Various |
| 2025 Multifamily Outlook Report | January 2025 |
| Certificates of Occupancy | Various |

---

**<u>Note(s)</u>:**

1. The indicated provided Source Document(s) are draft document(s) with the Source Document Date reflecting the latest date of receipt.
For the purpose of the procedures described in this report, the Depositor instructed us to treat the indicated Source Document(s) as fully
executed.

**Exhibit 2 to Attachment A**<br> Page 1 of 5<br>

**<u>Compared Characteristics and Source Documents</u>**

**<u>Property Information</u>:**

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| Property Address | Appraisal Report |
| Property City | Appraisal Report |
| State | Appraisal Report |
| Submarket | Appraisal Report |
| County | Appraisal Report |
| Zip Code | Appraisal Report |
| Property Type | Appraisal Report |
| Property Subtype | Appraisal Report |
| Building Count | Appraisal Report |
| Year Built | Appraisal Report |
| Year Renovated | Appraisal Report |
| Abatement / Exemption Type | Appraisal Report |
| Total Number of Units | Underwriter's Summary Report |
| Market Rate Units | Underwriter's Summary Report |
| Affordable Units | Underwriter's Summary Report |
| Commercial Units | Underwriter's Summary Report |
| Commercial Square Feet | Underwriter's Summary Report |
| Occupancy Date Most Recent | Underwriter's Summary Report |
| Most Recent Residential Occupancy (Units) % | Underwriter's Summary Report |
| Most Recent Commercial Occupancy (Square Feet) % | Underwriter's Summary Report |

---

**<u>Third Party Information</u>:**

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| As-is Appraisal Value | Appraisal Report |
| Appraised Cap Rate | Appraisal Report |
| Appraisal Firm | Appraisal Report |
| As-Is Date of Value | Appraisal Report |
| Environmental Firm | Phase I Environmental Report |
| Phase I Date | Phase I Environmental Report |
| Phase II Recommended | Phase I Environmental Report |
| Engineering Firm | Engineering Report |
| Engineering Report Date | Engineering Report |

---

**Exhibit 2 to Attachment A**<br> Page 2 of 5<br>

**<u>Underwriting Information</u>:** 

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| Most Recent As of Date | Underwriter's Summary Report |
| Most Recent Effective Gross Income | Underwriter's Summary Report |
| Most Recent Expenses | Underwriter's Summary Report |
| Most Recent NOI | Underwriter's Summary Report |
| UW Occupancy | Underwriter's Summary Report |
| UW Effective Gross Income | Underwriter's Summary Report |
| UW Expense Total | Underwriter's Summary Report |
| UW NOI | Underwriter's Summary Report |
| UW TI/LC | Underwriter's Summary Report |
| UW Replacements | Underwriter's Summary Report |
| UW Net Cash Flow | Underwriter's Summary Report |

---

**<u>Reserve and Escrow Information</u>:**

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| Initial Tax Escrow | Mortgage Loan Agreement |
| Replacement Reserve Initial Deposit Amount | Mortgage Loan Agreement |
| Replacement Reserve Monthly Deposit Amount | Mortgage Loan Agreement |
| Replacement Reserve Cap | Mortgage Loan Agreement |
| Free Rent Reserve Initial Deposit Amount | Mortgage Loan Agreement |
| Free Rent Reserve Monthly Deposit Amount | Mortgage Loan Agreement |
| Free Rent Reserve Cap | Mortgage Loan Agreement |
| Deferred Maintenance Reserve Deposit Amount | Mortgage Loan Agreement |
| Outstanding LC Reserve Initial Deposit Amount | Mortgage Loan Agreement |

---

**Exhibit 2 to Attachment A**<br> Page 3 of 5<br>

**<u>Mortgage Loan Information</u>:** 

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| Borrower Entity | Mortgage Loan Agreement |
| DST | Mortgage Loan Agreement |
| Guarantor | Guaranty Agreement |
| Property Manager | Management Agreement |
| First Payment Date | Mortgage Loan Agreement |
| Payment Date | Mortgage Loan Agreement |
| Grace Period (EoD) | Mortgage Loan Agreement |
| Grace Period (Late) | Mortgage Loan Agreement |
| Interest accrual period start | Mortgage Loan Agreement |
| Interest accrual period end | Mortgage Loan Agreement |
| Rate Type | Mortgage Loan Agreement |
| Amortization Type | Mortgage Loan Agreement |
| Accrual Basis | Mortgage Loan Agreement |
| Prepayment String | Mortgage Loan Agreement |
| Partial Prepayments Allowed | Mortgage Loan Agreement |
| Partial Release Permitted | Mortgage Loan Agreement |
| Partial Release Description | Mortgage Loan Agreement |
| Substitution Allowed | Mortgage Loan Agreement |
| LockBox (Y/N) | Mortgage Loan Agreement |
| LockBox Type | Mortgage Loan Agreement and Cash Management Agreement |
| Cash Management | Mortgage Loan Agreement |
| Terms/Description of Springing Cash Management (If applicable) | Mortgage Loan Agreement |
| Single Asset Entity | Mortgage Loan Agreement |
| Single Purpose Entity | Mortgage Loan Agreement |
| Future Debt Permitted? | Mortgage Loan Agreement |
| Future Debt Description | Mortgage Loan Agreement |
| Title Type | Pro Forma Title Policy |
| Non-Consolidation Letter | Non-Consolidation Opinion |
| TIC Structure | Mortgage Loan Agreement |
| Assumption Fee (%) | Mortgage Loan Agreement |

---

**Exhibit 2 to Attachment A**<br> Page 4 of 5<br>

**<u>Notes</u>:**

1. For the purpose of comparing the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Property Address,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Property City and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. State

characteristics, the Depositor instructed us to ignore differences that are due to standard postal abbreviations.

2. For the purpose of comparing the "Underwriting Information" characteristics that are expressed as dollar values, the Depositor
instructed us to ignore differences of +/– $1 or less.

3. For the purpose of comparing the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. First Payment Date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Initial Maturity Date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Rate Type,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Amortization Type,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Interest accrual period start,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Interest accrual period end and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Accrual Basis

characteristics, the Depositor instructed us to assume that the information on the Preliminary Data File is the same for both the Mortgage Loan and Mezzanine Loan.

4. For the purpose of comparing the "Prepayment String" characteristic, the Depositor instructed us to ignore any prepayment
premiums or other conditions related to partial release events or partial prepayments to cure certain trigger periods, as described in
the applicable Source Document(s).

5. For the purpose of comparing the "Prepayment String" characteristic, the Depositor instructed us to assume that the first
"Payment Date" is the "First Payment Date" of the Mortgage Loan, as shown on the Preliminary Data File.

6. For the purpose of comparing the "LockBox Type" characteristic, the Depositor instructed us to use "Soft (Residential);
Hard (Commercial)" if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The applicable Source Document(s) require the borrower(s) or manager(s) to deposit all rents collected from residential tenants into
a lockbox account controlled by the lender(s) and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The applicable Source Document(s) require the borrower(s) or manager(s) to direct non-residential tenants to pay rents directly to
a lockbox account controlled by the lender(s).

**Exhibit 2 to Attachment A**<br> Page 5 of 5<br>

7. For the purpose of comparing the "Cash Management" characteristic, the Depositor instructed us to use "Springing"
if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Prior to the occurrence of an event of default or one or more specific trigger events described in the applicable Source Document(s),
revenue in the lockbox account is transferred to an account controlled by the borrower(s), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Upon the occurrence of an event of default or one or more specific trigger events described in the applicable Source Document(s),
revenue in the lockbox account is transferred to a cash management account controlled by the lender(s), and the funds are disbursed according
to the applicable Source Document(s).

We performed no procedures to determine the appropriateness, accuracy, completeness or reasonableness of the instructions, assumptions and methodologies provided by the Depositor that are described in the notes above.

**<u>Provided Characteristics</u>**

---

| |
|:---|
| **<u>Characteristic</u>** |
| Loan Number |
| Loan / Property |
| Property Name |
| Appraisal Type |
| Phase II Date |
| Seismic PML % |
| Master Lease Agreement (Y/N) |
| Master Lease Details |
| Origination Date |
| Extension Options (Yes/No) |
| Extension Options Description |
| Fully Extended Maturity Date |
| First Extension Fee |
| Second Extension Fee |
| Third Extension Fee |
| Exit Fee |
| Mortgage Loan Interest Rate |
| Mezzanine Loan Interest Rate |
| Condo Structure |
| Earnout / Holdback |
| Letter of Credit |
| Loan Purpose |
| Mortgage Master Servicer |
| Mortgage Primary Servicer |
| Mortgage Trustee/Cert Admin |
| Mortgage Operating Advisor Fee |
| Mortgage CREFC Fee |
| Sponsor |
| TILC Reserve Initial Deposit Amount |
| TILC Reserve Monthly Deposit Amount |
| TILC Reserve Cap |
| Initial Other Escrow |
| Monthly Other Escrow |
| Description of Other Escrow |
| Monthly Insurance Escrow |
| Environmental Insurance |
| Seismic Insurance |
| Initial Maturity Date |
| Original Mortgage Loan Balance |
| Original Mezzanine Loan Balance |
| Monthly Tax Escrow |
| Initial Insurance Escrow |

---

**Exhibit 3 to Attachment A**<br> Page 1 of 2<br>

---

| | |
|:---|:---|
| **<u>Note</u>:** | We performed no procedures to determine the appropriateness, accuracy, completeness or reasonableness of the Provided Characteristics. |

---

## Ex-2

**Exhibit 2**

---

| | |
|:---|:---|
| **Ernst & Young LLP**<br>One Manhattan West<br>New York, NY 10001 | Tel: +1 212 773 3000<br>ey.com |

---

**Report of Independent Accountants on Applying Agreed-Upon Procedures**

J.P. Morgan Chase Commercial Mortgage Securities Corp. (the "Depositor")

JPMorgan Chase Bank, National Association ("JPMCB")

Citi Real Estate Funding Inc.

Citigroup Global Markets Inc.

(collectively, the "Specified Parties")

Re: NYC Trust 2025-77C (the "Issuing Entity")<br> Commercial Mortgage Pass-Through Certificates, Series 2025-77C (the "Certificates")

We have performed the procedures enumerated in Attachment A, which were agreed to and acknowledged as appropriate by the Specified Parties, for the intended purpose of assisting the Specified Parties in evaluating the accuracy of certain information with respect to the Mortgage Loan (as defined herein) contained on the Underwriting File (as defined herein) (the "Subject Matter") relating to the Issuing Entity's securitization transaction as of 25 November 2025. This report may not be suitable for any other purpose. The procedures performed may not address all of the items of interest to a user of the report and may not meet the needs of all users of the report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. The appropriateness of these procedures is solely the responsibility of the Specified Parties identified in this report. No other party acknowledged the appropriateness of the procedures. Consequently, we make no representation regarding the appropriateness of the procedures described in Attachment A, either for the purpose for which this report has been requested or for any other purpose.

The procedures performed and our associated findings are included in Attachment A.

For the purpose of the procedures described in this report, JPMCB, on behalf of the Depositor, provided us with:

a. An electronic data file (the "Borrower Operating Statement Data File") prepared by the Mortgage Loan borrower(s)
containing revenue and expense information relating to the October 2025 trailing twelve month period (the "Historical Period")
for the Collateral Property (as defined herein) that secures the Mortgage Loan,

b. The most recent appraisal report (the "Appraisal") prepared for JPMCB, which contains the
appraiser's estimated year one (the "Year One Period," together with the Historical Period, the "Specified Periods")
revenue and expense information for the Collateral Property that secures the Mortgage Loan,

c. The borrower budget (the "Borrower Budget") prepared by the Mortgage Loan borrower(s) for the Collateral Property that
secures the Mortgage Loan,

d. Copies of the most recent real estate tax bills (the "Tax Bills") for the Collateral Property that secures the Mortgage
Loan,

e. The lease agreements (the "Leases") relating to the commercial tenant(s) at the Collateral Property that secures the Mortgage
Loan,

f. An asset summary report (the "ASR"),

g. An underwritten rent roll (the "Underwritten Rent Roll") for the Collateral Property that secures the Mortgage Loan,

---

| | |
|:---|:---|
| ![](eylogo2.jpg) | Page 2 of 3 |

---

h. An electronic underwriting file (the "Underwriting File") prepared by JPMCB containing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The revenue and expense information for the Specified Periods and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The underwritten revenue and expense information for the underwritten period (the "Underwritten Period")

for the Collateral Property that secures the Mortgage Loan,

i. Instructions, assumptions and methodologies (the "Underwriting Instructions and Adjustments") used to prepare the information
on the ASR, Underwritten Rent Roll and/or Underwriting File, which were included as footnotes to the Underwriting File and/or were separately
provided in e-mail or other written correspondence from JPMCB and

j. Instructions, assumptions and methodologies, which are described in Attachment A.

For the purpose of the procedures described in this report, the Borrower Operating Statement Data File, Appraisal, Borrower Budget, Tax Bills and Leases are hereinafter collectively referred to as the "Source Document(s)."

The procedures included in Attachment A were limited to comparing or recalculating certain information that is further described in Attachment A. The Depositor is responsible for the Subject Matter, Source Document(s), ASR, Underwritten Rent Roll, Underwriting File, Underwriting Instructions and Adjustments and the determination of the instructions, assumptions and methodologies that are described herein. We were not requested to perform, and we have not performed, any procedures other than those listed in Attachment A with respect to the Underwriting File. We have not verified, and we make no representation as to, the appropriateness, accuracy, completeness or reasonableness of the Source Document(s), ASR, Underwriting Instructions and Adjustments or any other information provided to us, or that we were instructed to obtain, as applicable, by JPMCB, on behalf of the Depositor, upon which we relied in forming our findings. We performed no procedures to compare any information contained in any Source Document or the ASR to any information contained in any other Source Document or the ASR, except as described in Attachment A. Accordingly, we make no representation and express no opinion or conclusion as to: (a) the existence of the Mortgage Loan, (b) the ability of any Mortgage Loan borrower(s) to repay the Mortgage Loan, (c) questions of legal or tax interpretation or (d) the appropriateness, accuracy, completeness or reasonableness of any instructions, assumptions and methodologies provided to us by the Depositor or JPMCB, on behalf of the Depositor, that are described in this report. We undertake no responsibility to update this report for events and circumstances occurring after the date hereof.

---

| | |
|:---|:---|
| ![](eylogo2.jpg) | Page 3 of 3 |

---

This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants (the "AICPA"). An agreed-upon procedures engagement involves the practitioner performing specific procedures that the Specified Parties have agreed to and acknowledged to be appropriate for the purpose of the engagement and reporting on findings based on the procedures performed. We were not engaged to, and did not, conduct an examination to express an opinion or a review to express a conclusion in accordance with attestation standards established by the AICPA on any of the items referred to herein. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

The agreed-upon procedures described in this report were not performed for the purpose of:

a. Satisfying any criteria for due diligence published by a nationally recognized statistical rating organization (a "rating agency")
or

b. Making any findings with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The value of the collateral securing the Mortgage Loan,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Whether the originator(s) of the Mortgage Loan complied with federal, state or local laws or regulations or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Any other factor or characteristic of the Mortgage Loan that would be material to the likelihood that the issuer of the Certificates
will pay interest and principal in accordance with applicable terms and conditions.

We are required to be independent of the Depositor and to meet our other ethical responsibilities, as applicable for agreed-upon procedures engagements set forth in the Preface: Applicable to All Members and Part 1 – Members in Public Practice of the Code of Professional Conduct established by the AICPA. Independence requirements for agreed-upon procedures engagements are less restrictive than independence requirements for audit and other attestation services.

This report is intended solely for the information and use of the Specified Parties and is not intended to be, and should not be, used by anyone other than the Specified Parties. It is not intended to be, and should not be, used by any other person or entity, including investors and rating agencies, who are not identified in the report as Specified Parties, but who may have access to this report as required by law or regulation.

/s/ Ernst & Young LLP

25 November 2025

---

| | |
|:---|:---|
| ![](eylogo2.jpg) | **Attachment A**<br> Page 1 of 2 |

---

**<u>Background</u>**

For the purpose of the procedures described in this report, the Depositor indicated that the assets of the Issuing Entity will consist primarily of a fixed rate commercial mortgage loan (the "Mortgage Loan") secured primarily by a commercial property (the "Collateral Property").

**<u>Procedures performed and our associated findings</u>**

*Operating Statement Comparison and Recalculation Procedures*

1. Using the applicable Source Document(s) listed on the AUP Findings Schedule (as defined herein) and the Underwriting Instructions
and Adjustments (as applicable), we compared, or recalculated and compared, the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Effective gross revenue or total revenues,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Total expenses and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Net operating income or net cash flow

for each Specified Period that is shown in the applicable Source Document(s) to the corresponding information on the Underwriting File. We provided JPMCB a list of any differences that were found (subject to the instruction(s) provided by the Depositor described below).

For the purpose of this procedure, the Depositor instructed us to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Omit non-cash and non-recurring revenues and expenses that are shown on the Borrower Operating Statement Data File from the comparison
of the information that is shown on the Underwriting File and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Use a materiality threshold of +/- 3%, calculated as a percentage of the value as shown in the applicable Source Document(s),
which is also below $10,000.

 

*Supporting Expense Comparison and Recalculation Procedures*

 

2. Using the applicable Source Document(s) listed on the AUP Findings Schedule and the Underwriting Instructions and Adjustments (as
applicable), we compared, or recalculated and compared, the tax expense and insurance expense amounts for the Underwritten Period, as
shown in the applicable Source Document(s), to the corresponding information on the Underwriting File. We provided JPMCB a list of any
differences that were found (subject to the instruction(s) provided by the Depositor described below).

For the purpose of this procedure, the Depositor instructed us to only identify differences where the tax expense and insurance expense amounts in the applicable Source Document(s) exceeded a -5% and -$10,000 variance from the corresponding amounts on the Underwriting File that were not explained in the Underwriting Instructions and Adjustments.

---

| | |
|:---|:---|
| ![](eylogo2.jpg) | **Attachment A**<br> Page 2 of 2 |

---

 

*Underwritten Cashflow Comparison and Recalculation Procedures*

3. Using:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Information on the Underwriting File,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Information in the Source Document(s),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Information in the ASR,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Information on the Underwritten Rent Roll and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The Underwriting Instructions and Adjustments

for the Mortgage Loan, we recalculated and compared the underwritten revenue and expense line items on the Underwriting File. We provided JPMCB a list of any differences that were found (subject to the instruction(s) provided by the Depositor described below).

For the purpose of this procedure, the Depositor instructed us to use a materiality threshold for each underwritten revenue and expense line item of +/- 3%, calculated as a percentage of the value as shown on the Underwriting File, which is also below $25,000.

4. Subsequent to the performance of the procedures described in the preceding Items, JPMCB, on behalf of the Depositor, provided us with
an updated Underwriting File for the Mortgage Loan, which included updated Underwriting Instructions and Adjustments. As instructed by
the Depositor, we compared the results of the recalculations or comparisons for the Mortgage Loan that are described in the preceding
Items to the corresponding information on the updated Underwriting File. All such compared information was in agreement. Attached as Exhibit
1 to Attachment A is a schedule for the Mortgage Loan (the "AUP Findings Schedule"), which contains the primary Source
Document(s) for the Mortgage Loan that were used to perform the procedures described in the preceding Items above and the results of the
comparison procedures described in the preceding two sentences of this Item.

**Exhibit 1 to Attachment A**<br>

**<u>AUP Findings Schedule</u>**

---

| | | | |
|:---|:---|:---|:---|
| **NYC Trust 2025-77C** | **NYC Trust 2025-77C** | **NYC Trust 2025-77C** | **NYC Trust 2025-77C** |
| The following items refer to the procedures described in Attachment A: | The following items refer to the procedures described in Attachment A: |  |  |
| **Item** | **Description of the Procedures** | **Primary Source Document(s) Used** | **Findings** |
|  | OPERATING STATEMENT COMPARISON AND RECALCULATION PROCEDURES |  |  |
| 1 | Compare, or recalculate and compare, the (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income or net cash flow information shown in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File. Identify any variance above a 3% and $10,000 threshold. | Borrower Operating Statement Data File, Appraisal and Underwriting Instructions and Adjustments | No Exceptions Noted |
|  | SUPPORTING EXPENSE COMPARISON AND RECALCULATION PROCEDURES |  |  |
| 2 | Compare, or recalculate and compare, the tax expense and insurance expense amounts shown in the Source Document(s) listed (as applicable) to the corresponding amounts for the Underwritten Period on the Underwriting File. Identify any variance that exceeds a -5% and -$10,000 threshold. | Tax Bills and Underwriting Instructions and Adjustments | No Exceptions Noted |
|  | UNDERWRITTEN CASHFLOW COMPARISON AND RECALCULATION PROCEDURES |  |  |
| 3 | Using the information on the Underwriting File, Source Document(s), ASR, Underwritten Rent Roll and the Underwriting Instructions and Adjustments (footnotes), recalculate the underwritten revenue and expense line items that are shown on the Underwriting File. Identify any variance above a 3% and $25,000 threshold. | Underwriting File, Source Document(s), ASR, Underwritten Rent Roll and Underwriting Instructions and Adjustments | No Exceptions Noted |
| *\*\*N/A: Not Applicable* | *\*\*N/A: Not Applicable* |  |  |

---