# EDGAR Filing Document

**Accession Number:** 0001258361
**File Stem:** 0001539497-25-002865
**Filing Date:** 2025-11
**Character Count:** 35178
**Document Hash:** 4f2e87cf032bd9e90d2ce196fc76ed59
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001539497-25-002865.hdr.sgml**: 20251106

**ACCESSION NUMBER**: 0001539497-25-002865

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

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20251106

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

**FILED AS OF DATE**: 20251106

**DATE AS OF CHANGE**: 20251106

**ABS RULE**: RULE-15GA2

**REGISTERED ENTITY**: N

**ABS ASSET CLASS**: Commercial mortgages

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CITIGROUP COMMERCIAL MORTGAGE SECURITIES INC
- **CENTRAL INDEX KEY:** 0001258361
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 861073506
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-00521
- **FILM NUMBER:** 251459593

**BUSINESS ADDRESS:**
- **STREET 1:** 390 GREENWICH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10013
- **BUSINESS PHONE:** 2128165343

**MAIL ADDRESS:**
- **STREET 1:** 390 GREENWICH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10013
**DEPOSITOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CITIGROUP COMMERCIAL MORTGAGE SECURITIES INC
- **CENTRAL INDEX KEY:** 0001258361
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 861073506
- **STATE OF INCORPORATION:** DE

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

**BUSINESS ADDRESS:**
- **STREET 1:** 390 GREENWICH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10013
- **BUSINESS PHONE:** 2128165343

**MAIL ADDRESS:**
- **STREET 1:** 390 GREENWICH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10013
**SECURITIZER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CITIGROUP COMMERCIAL MORTGAGE SECURITIES INC
- **CENTRAL INDEX KEY:** 0001258361
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 861073506
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-00521

**BUSINESS ADDRESS:**
- **STREET 1:** 390 GREENWICH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10013
- **BUSINESS PHONE:** 2128165343

**MAIL ADDRESS:**
- **STREET 1:** 390 GREENWICH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10013

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM ABS-l5G**

**ASSET-BACKED SECURITIZER**

**REPORT PURSUANT TO SECTION 15G OF**

**THE SECURITIES EXCHANGE ACT OF 1934** 

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

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

 <u>X</u> Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2)

Central Index Key Number of depositor: 0001258361

BX Commercial Mortgage Trust 2025-VOLT

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

Central Index Key Number of issuing entity: Not applicable

Central Index Key Number of underwriter: Not applicable

Richard Simpson, Citigroup Commercial Mortgage Securities Inc., (212) 816-5343<br>

Name and telephone number, including area code, of the person to contact in connection with this filing<br>

**PART II – 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.**

See Independent Accountants' Agreed-Upon Procedures Report, dated November 6, 2025, which was obtained by the depositor, attached as Exhibit 99.1 to this Form ABS-15G.

**Item 2.02 Findings and Conclusions of a Third Party Due Diligence Report Obtained by the Underwriter.**

Not Applicable

**Exhibits.**

99.1 Independent Accountants' Agreed-Upon Procedures Report, dated November 6, 2025.

**SIGNATURES**

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 6, 2025

Citigroup Commercial Mortgage Securities Inc.

(Depositor)

<u>/s/ Richard Simpson</u> 

Name: Richard Simpson<br> Title: President

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**EXHIBIT INDEX**

Exhibit Number Description <br>Exhibit 99.1 Independent Accountants' Agreed-Upon Procedures Report, dated November 6, 2025.

## Exhibit 99.1

**Exhibit 99.1**

---

| | |
|:---|:---|
| ![](kpmglogo.jpg) |  |
|  | KPMG LLP<br> Suite 900<br> 8350 Broad Street<br> McLean, VA 22102 |

---

**Independent Accountants' Agreed-Upon Procedures Report**

Citigroup Commercial Mortgage Securities Inc.

Citi Real Estate Funding Inc.

(together, the "Company")

Citigroup Global Markets Inc.

Barclays Capital Real Estate Inc.

Barclays Capital Inc.

Bank of Montreal

BMO Capital Markets Corp.

BNP Paribas Securities Corp.

BNP Paribas US Wholesale Holdings, Corp.

Bank of America, N.A.

BofA Securities, Inc.

Goldman Sachs & Co. LLC

Goldman Sachs Bank USA

Goldman Sachs Mortgage Company

JPMorgan Chase Bank, National Association

J.P. Morgan Securities LLC

Morgan Stanley Bank, N.A.

Morgan Stanley & Co. LLC

Morgan Stanley Mortgage Capital Holdings LLC

Natixis Real Estate Capital LLC

Natixis Securities Americas LLC

Santander Bank, N.A.

Santander US Capital Markets LLC

Wells Fargo Bank, National Association

Wells Fargo Securities, LLC

RBC Capital Markets, LLC

Scotia Capital (USA) Inc.

PNC Capital Markets LLC

(collectively, the "Specified Parties"):

Re: BX Commercial Mortgage Trust 2025-VOLT – Data File Procedures

We have performed the procedures described below on the specified attributes in an electronic data file entitled "BX 2025-VOLT Accounting Tape.xlsx" provided by the Company on November 6, 2025 (the "Data File"), containing information on one mortgage loan (the "Mortgage Loan") and ten related properties (the "Properties") as of December 9, 2025 (the "Cut-off Date"), which we were informed is intended to be included as collateral in the offering by BX Commercial Mortgage Trust 2025-VOLT, Commercial Mortgage Pass-Through Certificates, Series 2025-VOLT (the "Certificates"). The Company is responsible for the specified attributes identified by the Company in the Data File.

The Specified Parties have agreed to and acknowledged that the procedures performed are appropriate to meet their intended purpose of assisting specified parties in evaluating the accuracy of the specified attributes in the Data File. This report may not be suitable for any other purpose. No other parties have agreed to or acknowledged the appropriateness of these procedures for the intended purpose or any other purpose.

KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.

![](kpmglogo2.jpg)

The procedures performed may not address all the items of interest to a specified party of this report and may not meet the needs of all specified parties of this report and, as such, specified parties are responsible for determining whether the procedures performed are appropriate for their purposes. We make no representation regarding the appropriateness of the procedures either for the intended purpose or for any other purpose.

Unless otherwise stated, the following definitions have been adopted in presenting our procedures and findings:

· The term "compared" means compared to the information shown and found it to be in agreement, unless otherwise stated.
Such compared information was deemed to be in agreement if differences were within the reporting threshold.

· The term "recomputed" means recalculated and compared the result to the information shown and found it to be in agreement,
unless otherwise stated. Such recomputed information was deemed to be in agreement if differences were within the reporting threshold.

· The term "reporting threshold" means that dollar amounts and percentages were within $1.00 and 0.1%, respectively.

· The term "Provided by the Company", when used in the "Source Document(s)" column of Attachment A, means we
were instructed by the Company to assume the attribute is accurate and not perform any procedure.

· The term "Loan Files" means the electronic copies of source documents provided by the Company and listed in Attachment
A. Where the term "Draft" is used, it means source documents provided by the Company and listed in the Attachment A are in
draft form and are not executed with signatures as of the date of this report. We make no representation regarding the validity or accuracy
of any of the source documents.

· The term "Compared Attributes" means the list of fields in the Data File which were selected by the Company for us to
perform comparison procedures for and are listed in Attachment A.

· The term "Recomputed Attributes" means the list of fields in the Data File which were selected by the Company for us to
perform recomputation procedures for and are listed in Attachment B.

· The term "Assumed One-month Term SOFR" means the rate of 3.97197% which we were instructed to use by the Company where
applicable in the Calculation Methodology.

· The term "Assumed Mortgage Loan Spread" means the spread of 2.30000% which we were instructed to use by the Company where
applicable in the Calculation Methodology.

· The term "Calculation Methodology" means the formula listed in the Calculation Methodology column of the Attachment B
containing the calculation methodology for the Recomputed Attributes provided by the Company.

· The term "Provided Information" means the Cut-off Date, Loan Files, Assumed One-month Term SOFR, Assumed Mortgage
Loan Spread and Calculation Methodology.

Prior to being provided the Data File, we received one or more earlier versions of the data file on which to perform our procedures. In performing those procedures, we identified differences which were communicated to the Company. The Data File represents the revised information reflecting resolution of differences communicated as determined appropriate by the Company. We performed the procedures on the Data File, and the results of those procedures are reflected herein.

![](kpmglogo2.jpg)

The procedures we were instructed by the Company to perform and the associated findings are as follows:

A. For the Mortgage Loan and Properties included in the Data File, we compared the Compared Attributes in the Data File (except for those
with "Provided by the Company" in the "Source Document(s)" column of Attachment A) to the corresponding information
included in the Loan Files. The Specified Parties indicated that the absence of any of the information in the Loan Files or the inability
to agree the indicated information from the Data File to the Loan Files for each of the attributes identified, constituted an exception,
except for those Compared Attributes with "Provided by the Company" in the "Source Document(s)" column of Attachment
A. The document priority is the order provided by the Company, which is listed in the "Source Document(s)" column of Attachment
A, with the highest priority document listed first.

B. For the Mortgage Loan and Properties included in the Data File, we recomputed the Recomputed Attributes in the Data File using (i)
the corresponding information contained in the Data File, and (ii) the Calculation Methodology.

We found such information to be in agreement without exception.

We were engaged by the Company to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the American Institute of Certified Public Accountants, which involves us performing the specific procedures agreed to and acknowledged above and reporting on findings based on performing those procedures. We were not engaged to, and did not, conduct an examination or review, the objective of which would be the expression of an opinion or conclusion, respectively, on the specified attributes in the Data File. 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.

We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement.

The procedures performed were applied based on the information included in the Data File and Provided Information, without verification or evaluation of such information by us; therefore, we express no opinion or any other form of assurance regarding (i) the reasonableness of the information provided to us by the Company, (ii) the physical existence of the Mortgage Loan and related Properties, (iii) the reliability or accuracy of the Provided Information which was used in our procedures, or (iv) matters of legal interpretation.

The procedures performed were not intended to address, nor did they address: (i) the conformity of the origination of the Mortgage Loan to stated underwriting or credit extension guidelines, standards, criteria or other requirements, (ii) the value of collateral securing the Mortgage Loan being securitized, (iii) the compliance of the originator of the Mortgage Loan with federal, state, and local laws and regulations, or (iv) any other factor or characteristic of the Mortgage Loan and related Properties 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. The procedures performed were not intended to satisfy any criteria for due diligence published by the nationally recognized statistical rating organizations ("NRSROs").

The terms of our engagement are such that we have no responsibility to update this report because of events and circumstances that may subsequently occur.

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

/s/ KPMG LLP

McLean, Virginia

November 6, 2025

**ATTACHMENT A**

**COMPARED ATTRIBUTES**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Attribute** | &nbsp;&nbsp;**Source Document(s)** |
| &nbsp;&nbsp;Property ID | &nbsp;&nbsp;Provided by the Company |
| &nbsp;&nbsp;Property Rank | &nbsp;&nbsp;Provided by the Company |
| &nbsp;&nbsp;Property Name | &nbsp;&nbsp;Provided by the Company |
| &nbsp;&nbsp;Property Type | &nbsp;&nbsp;Appraisal Report |
| &nbsp;&nbsp;Property Sub-Type | &nbsp;&nbsp;Appraisal Report |
| &nbsp;&nbsp;Address | &nbsp;&nbsp;Appraisal Report, Engineering Report |
| &nbsp;&nbsp;City | &nbsp;&nbsp;Appraisal Report, Engineering Report |
| &nbsp;&nbsp;County | &nbsp;&nbsp;Appraisal Report, Engineering Report |
| &nbsp;&nbsp;State | &nbsp;&nbsp;Appraisal Report, Engineering Report |
| &nbsp;&nbsp;Zip | &nbsp;&nbsp;Appraisal Report, Engineering Report |
| &nbsp;&nbsp;Market | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Market Tier | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Year Built | &nbsp;&nbsp;Appraisal Report, Engineering Report |
| &nbsp;&nbsp;Year Renovated | &nbsp;&nbsp;Appraisal Report, Engineering Report |
| &nbsp;&nbsp;Total Gross SF | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Unit of Measure | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Total Capacity (MW) | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Commenced (MW) | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;BBnB (MW) | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Leased (MW) | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Occupancy Date | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;# of Customers | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;% of Total UW Rent from Investment Grade Customers | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;# of Contracts | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Hyperscale UW Rent % | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Enterprise UW Rent % | &nbsp;&nbsp;Underwriting File |

---

**ATTACHMENT A**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Attribute** | &nbsp;&nbsp;**Source Document(s)** |
| &nbsp;&nbsp;Federal UW Rent % | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Total UW Rent % | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;WA Lease Expiration Date | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Previous Securitization | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Year of Sponsor Acquisition | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Ownership Interest | &nbsp;&nbsp;Title Policy |
| &nbsp;&nbsp;Mortgage Loan Closing Date Balance | &nbsp;&nbsp;Draft Loan Agreement |
| &nbsp;&nbsp;Mortgage Loan Maturity Date Balance | &nbsp;&nbsp;Draft Loan Agreement |
| &nbsp;&nbsp;Individual As-Is Appraised Value Date | &nbsp;&nbsp;Appraisal Report |
| &nbsp;&nbsp;Individual As-Is Appraised Value | &nbsp;&nbsp;Appraisal Report |
| &nbsp;&nbsp;Portfolio Appraised Value Date | &nbsp;&nbsp;Appraisal Report |
| &nbsp;&nbsp;Portfolio Appraised Value | &nbsp;&nbsp;Appraisal Report |
| &nbsp;&nbsp;Engineering Report Provider | &nbsp;&nbsp;Engineering Report |
| &nbsp;&nbsp;Engineering Report Date | &nbsp;&nbsp;Engineering Report |
| &nbsp;&nbsp;Environmental Report Provider | &nbsp;&nbsp;Environmental Report |
| &nbsp;&nbsp;Environmental Report Date | &nbsp;&nbsp;Environmental Report |
| &nbsp;&nbsp;Phase II Required? | &nbsp;&nbsp;Environmental Report |
| &nbsp;&nbsp;Seismic Zone | &nbsp;&nbsp;Seismic Report, Engineering Report |
| &nbsp;&nbsp;PML % | &nbsp;&nbsp;Seismic Report, Engineering Report |
| &nbsp;&nbsp;Origination Date | &nbsp;&nbsp;Draft Loan Agreement |
| &nbsp;&nbsp;Term SOFR Cap | &nbsp;&nbsp;Provided by the Company |
| &nbsp;&nbsp;Term SOFR Lookback Days | &nbsp;&nbsp;Draft Loan Agreement |
| &nbsp;&nbsp;Term SOFR Cap Expiration Date | &nbsp;&nbsp;Provided by the Company |
| &nbsp;&nbsp;Interest Calculation (30/360 / Actual/360) | &nbsp;&nbsp;Draft Loan Agreement |
| &nbsp;&nbsp;Amort Type | &nbsp;&nbsp;Draft Loan Agreement |
| &nbsp;&nbsp;Grace Period | &nbsp;&nbsp;Draft Loan Agreement |
| &nbsp;&nbsp;First Loan Payment Date | &nbsp;&nbsp;Draft Loan Agreement |

---

**ATTACHMENT A**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Attribute** | &nbsp;&nbsp;**Source Document(s)** |
| &nbsp;&nbsp;Original Amortization Term (Months) | &nbsp;&nbsp;Draft Loan Agreement |
| &nbsp;&nbsp;Original IO Term (Months) | &nbsp;&nbsp;Draft Loan Agreement |
| &nbsp;&nbsp;Initial Maturity Date | &nbsp;&nbsp;Draft Loan Agreement |
| &nbsp;&nbsp;Floating Rate Component Extensions | &nbsp;&nbsp;Draft Loan Agreement |
| &nbsp;&nbsp;Fully Extended Maturity Date | &nbsp;&nbsp;Draft Loan Agreement |
| &nbsp;&nbsp;Lockbox | &nbsp;&nbsp;Draft Loan Agreement |
| &nbsp;&nbsp;Cash Management Type | &nbsp;&nbsp;Draft Loan Agreement |
| &nbsp;&nbsp;Cash Management Trigger | &nbsp;&nbsp;Draft Loan Agreement |
| &nbsp;&nbsp;Administrative Fee Rate (%) | &nbsp;&nbsp;Admin Fee Schedule |
| &nbsp;&nbsp;Floating Rate Component Prepayment Provision | &nbsp;&nbsp;Draft Loan Agreement |
| &nbsp;&nbsp;Partial Release Allowed? | &nbsp;&nbsp;Draft Loan Agreement |
| &nbsp;&nbsp;Property Release Description | &nbsp;&nbsp;Draft Loan Agreement |
| &nbsp;&nbsp;Initial Tax Escrow | &nbsp;&nbsp;Draft Loan Agreement |
| &nbsp;&nbsp;Ongoing Tax Escrow Monthly | &nbsp;&nbsp;Draft Loan Agreement |
| &nbsp;&nbsp;Tax Escrow Springing Conditions | &nbsp;&nbsp;Draft Loan Agreement |
| &nbsp;&nbsp;Initial Insurance Escrow | &nbsp;&nbsp;Draft Loan Agreement |
| &nbsp;&nbsp;Ongoing Insurance Escrow Monthly | &nbsp;&nbsp;Draft Loan Agreement |
| &nbsp;&nbsp;Insurance Escrow Springing Conditions | &nbsp;&nbsp;Draft Loan Agreement |
| &nbsp;&nbsp;Initial Immediate Repairs Escrow | &nbsp;&nbsp;Draft Loan Agreement |
| &nbsp;&nbsp;Initial CapEx Escrow | &nbsp;&nbsp;Draft Loan Agreement |
| &nbsp;&nbsp;Ongoing Cap Ex Escrow Monthly | &nbsp;&nbsp;Draft Loan Agreement |
| &nbsp;&nbsp;Cap Ex Escrow Springing Conditions | &nbsp;&nbsp;Draft Loan Agreement |
| &nbsp;&nbsp;Initial TI/LC Escrow | &nbsp;&nbsp;Draft Loan Agreement |
| &nbsp;&nbsp;Ongoing TI/LC Escrow Monthly | &nbsp;&nbsp;Draft Loan Agreement |
| &nbsp;&nbsp;TI/LC Escrow Springing Conditions | &nbsp;&nbsp;Draft Loan Agreement |
| &nbsp;&nbsp;Initial Other Escrow | &nbsp;&nbsp;Draft Loan Agreement |
| &nbsp;&nbsp;Ongoing Other Escrow Monthly | &nbsp;&nbsp;Draft Loan Agreement |

---

**ATTACHMENT A**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Attribute** | &nbsp;&nbsp;**Source Document(s)** |
| &nbsp;&nbsp;Ongoing Other Escrow Springing Condition | &nbsp;&nbsp;Draft Loan Agreement |
| &nbsp;&nbsp;Other Escrow Description | &nbsp;&nbsp;Draft Loan Agreement |
| &nbsp;&nbsp;Largest Customer (by Total UW Rent) Customer Identifier | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Largest Customer (by Total UW Rent) Lease Exp. | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Largest Customer (by Total UW Rent) KW | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Largest Customer (by Total UW Rent) UW Rent | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;2nd Largest Customer (by Total UW Rent) Customer Identifier | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;2nd Largest Customer (by Total UW Rent) Lease Exp. | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;2nd Largest Customer (by Total UW Rent) KW | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;2nd Largest Customer (by Total UW Rent) UW Rent | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;3rd Largest Customer (by Total UW Rent) Customer Identifier | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;3rd Largest Customer (by Total UW Rent) Lease Exp. | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;3rd Largest Customer (by Total UW Rent) KW | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;3rd Largest Customer (by Total UW Rent) UW Rent | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Space & Power MRR 2022 | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Space & Power MRR 2023 | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Space & Power MRR 2024 | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Space & Power MRR September 2025 TTM | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Space & Power MRR UW | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Potential Income from Vacant kW 2022 | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Potential Income from Vacant kW 2023 | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Potential Income from Vacant kW 2024 | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Potential Income from Vacant kW September 2025 TTM | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Potential Income from Vacant kW UW | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Connectivity / Other MRR 2022 | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Connectivity / Other MRR 2023 | &nbsp;&nbsp;Underwriting File |

---

**ATTACHMENT A**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Attribute** | &nbsp;&nbsp;**Source Document(s)** |
| &nbsp;&nbsp;Connectivity / Other MRR 2024 | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Connectivity / Other MRR September 2025 TTM | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Connectivity / Other MRR UW | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Escalators 2022 | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Escalators 2023 | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Escalators 2024 | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Escalators September 2025 TTM | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Escalators UW | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;IG Credit Rent Steps 2022 | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;IG Credit Rent Steps 2023 | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;IG Credit Rent Steps 2024 | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;IG Credit Rent Steps September 2025 TTM | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;IG Credit Rent Steps UW | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Gross Potential Revenue 2022 | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Gross Potential Revenue 2023 | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Gross Potential Revenue 2024 | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Gross Potential Revenue September 2025 TTM | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Gross Potential Revenue UW | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Economic Vacancy 2022 | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Economic Vacancy 2023 | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Economic Vacancy 2024 | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Economic Vacancy September 2025 TTM | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Economic Vacancy UW | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Recoveries 2022 | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Recoveries 2023 | &nbsp;&nbsp;Underwriting File |

---

**ATTACHMENT A**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Attribute** | &nbsp;&nbsp;**Source Document(s)** |
| &nbsp;&nbsp;Recoveries 2024 | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Recoveries September 2025 TTM | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Recoveries UW | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Other Revenue 2022 | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Other Revenue 2023 | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Other Revenue 2024 | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Other Revenue September 2025 TTM | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Other Revenue UW | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Total Revenue 2022 | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Total Revenue 2023 | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Total Revenue 2024 | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Total Revenue September 2025 TTM | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Total Revenue UW | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Management Fee 2022 | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Management Fee 2023 | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Management Fee 2024 | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Management Fee September 2025 TTM | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Management Fee UW | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Repairs and Maintenance 2022 | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Repairs and Maintenance 2023 | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Repairs and Maintenance 2024 | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Repairs and Maintenance September 2025 TTM | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Repairs and Maintenance UW | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Power / Utility Costs 2022 | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Power / Utility Costs 2023 | &nbsp;&nbsp;Underwriting File |

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**ATTACHMENT A**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Attribute** | &nbsp;&nbsp;**Source Document(s)** |
| &nbsp;&nbsp;Power / Utility Costs 2024 | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Power / Utility Costs September 2025 TTM | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Power / Utility Costs UW | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Other Expenses 2022 | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Other Expenses 2023 | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Other Expenses 2024 | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Other Expenses September 2025 TTM | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Other Expenses UW | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Real Estate Taxes 2022 | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Real Estate Taxes 2023 | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Real Estate Taxes 2024 | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Real Estate Taxes September 2025 TTM | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Real Estate Taxes UW | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Insurance 2022 | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Insurance 2023 | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Insurance 2024 | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Insurance September 2025 TTM | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Insurance UW | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Total Operating Expenses 2022 | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Total Operating Expenses 2023 | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Total Operating Expenses 2024 | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Total Operating Expenses September 2025 TTM | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Total Operating Expenses UW | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Net Operating Income 2022 | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Net Operating Income 2023 | &nbsp;&nbsp;Underwriting File |

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**ATTACHMENT A**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Attribute** | &nbsp;&nbsp;**Source Document(s)** |
| &nbsp;&nbsp;Net Operating Income 2024 | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Net Operating Income September 2025 TTM | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Net Operating Income UW | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Replacement Reserves 2022 | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Replacement Reserves 2023 | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Replacement Reserves 2024 | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Replacement Reserves September 2025 TTM | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Replacement Reserves UW | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Net Cash Flow 2022 | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Net Cash Flow 2023 | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Net Cash Flow 2024 | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Net Cash Flow September 2025 TTM | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;Net Cash Flow UW | &nbsp;&nbsp;Underwriting File |

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**ATTACHMENT B**

**RECOMPUTED ATTRIBUTES**

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| | |
|:---|:---|
| &nbsp;&nbsp; **Attribute** | &nbsp;&nbsp;**Calculation Methodology** |
| &nbsp;&nbsp;Leased % | &nbsp;&nbsp;Leased (MW) divided by Total Capacity (MW) |
| &nbsp;&nbsp;WA Lease Term Remaining | &nbsp;&nbsp;WA Lease Expiration Date minus Cut-off Date, divided by 365 |
| &nbsp;&nbsp;Mortgage Loan Closing Date Balance per Total Capacity MW | &nbsp;&nbsp;Mortgage Loan Closing Date Balance divided by Total Capacity (MW) |
| &nbsp;&nbsp;% of Mortgage Loan Closing Date Balance | &nbsp;&nbsp;Mortgage Loan Closing Date Balance divided by the aggregate sum of each Mortgage Loan Closing Date Balance |
| &nbsp;&nbsp;Individual As-Is Appraised Value per Total Capacity MW | &nbsp;&nbsp;Individual As-Is Appraised Value divided by Total Capacity (MW) |
| &nbsp;&nbsp;Portfolio Appraised Value Premium | &nbsp;&nbsp;Portfolio Appraised Value minus Individual As-Is Appraised Value, divided by Individual As-Is Appraised Value |
| &nbsp;&nbsp;Mortgage Loan Interest Rate at Term SOFR Cap | &nbsp;&nbsp;Assumed Mortgage Loan Spread plus Term SOFR Cap |
| &nbsp;&nbsp;Monthly Mortgage Loan Debt Service Payment | &nbsp;&nbsp;Annual Mortgage Loan Debt Service Payment divided by 12 |
| &nbsp;&nbsp;Annual Mortgage Loan Debt Service Payment | &nbsp;&nbsp;Product of i) sum of a) Assumed Mortgage Loan Spread and b) Assumed One-month Term SOFR, ii) Mortgage Loan Closing Date Balance, and iii) adjusted for Interest Calculation (30/360 / Actual/360) |
| &nbsp;&nbsp;Monthly Mortgage Loan Debt Service Payment at Term SOFR Cap | &nbsp;&nbsp;Annual Mortgage Loan Debt Service Payment at Term SOFR Cap divided by 12 |
| &nbsp;&nbsp;Annual Mortgage Loan Debt Service Payment at Term SOFR Cap | &nbsp;&nbsp;Product of i) Mortgage Loan Interest Rate at Term SOFR Cap, ii) Mortgage Loan Closing Date Balance, and iii) adjusted for Interest Calculation (30/360 / Actual/360) |
| &nbsp;&nbsp;Seasoning | &nbsp;&nbsp;Number of payments between and including the First Loan Payment Date and the Cut-off Date |
| &nbsp;&nbsp;Original Term to Maturity (Months) | &nbsp;&nbsp;Number of payments between and including First Loan Payment Date and Initial Maturity Date |
| &nbsp;&nbsp;Remaining Term to Maturity (Months) | &nbsp;&nbsp;Original Term to Maturity (Months) minus Seasoning |
| &nbsp;&nbsp;Remaining Amortization Term (Months) | &nbsp;&nbsp;Original Amortization Term (Months) minus Seasoning |

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**ATTACHMENT B**

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| | |
|:---|:---|
| &nbsp;&nbsp; **Attribute** | &nbsp;&nbsp;**Calculation Methodology** |
| &nbsp;&nbsp;Remaining IO Term (Months) | &nbsp;&nbsp;Original IO Term (Months) minus Seasoning |
| &nbsp;&nbsp;Mortgage Loan Closing Date LTV (Aggregate As-is Values) | &nbsp;&nbsp;Mortgage Loan Closing Date Balance divided by Individual As-Is Appraised Value |
| &nbsp;&nbsp;Mortgage Loan Balloon LTV (Aggregate As-is Values) | &nbsp;&nbsp;Mortgage Loan Maturity Date Balance divided by Individual As-Is Appraised Value |
| &nbsp;&nbsp;Mortgage Loan Closing Date LTV (Portfolio Value) | &nbsp;&nbsp;Mortgage Loan Closing Date Balance divided by Portfolio Appraised Value |
| &nbsp;&nbsp;Mortgage Loan Balloon LTV (Portfolio Value) | &nbsp;&nbsp;Mortgage Loan Maturity Date Balance divided by Portfolio Appraised Value |
| &nbsp;&nbsp;Mortgage Loan UW NOI Debt Yield | &nbsp;&nbsp;Net Operating Income UW divided by Mortgage Loan Closing Date Balance |
| &nbsp;&nbsp;Mortgage Loan UW NCF Debt Yield | &nbsp;&nbsp;Net Cash Flow UW divided by Mortgage Loan Closing Date Balance |
| &nbsp;&nbsp;Mortgage Loan UW NOI DSCR | &nbsp;&nbsp;Net Operating Income UW divided by Annual Mortgage Loan Debt Service Payment |
| &nbsp;&nbsp;Mortgage Loan UW NCF DSCR | &nbsp;&nbsp;Net Cash Flow UW divided by Annual Mortgage Loan Debt Service Payment |
| &nbsp;&nbsp;Mortgage Loan UW NOI DSCR at Term SOFR Cap | &nbsp;&nbsp;Net Operating Income UW divided by Annual Mortgage Loan Debt Service Payment at Term SOFR Cap |
| &nbsp;&nbsp;Mortgage Loan UW NCF DSCR at Term SOFR Cap | &nbsp;&nbsp;Net Cash Flow UW divided by Annual Mortgage Loan Debt Service Payment at Term SOFR Cap |

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