# EDGAR Filing Document

**Accession Number:** 0001547361
**File Stem:** 0001539497-26-000808
**Filing Date:** 2026-2
**Character Count:** 53101
**Document Hash:** 9606e06e544477f176696700f6453cc1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001539497-26-000808.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001539497-26-000808

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

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20260227

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

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**ABS RULE**: RULE-15GA2

**REGISTERED ENTITY**: N

**ABS ASSET CLASS**: Commercial mortgages

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Morgan Stanley Capital I Inc.
- **CENTRAL INDEX KEY:** 0001547361
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 133291626
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-01951
- **FILM NUMBER:** 26698952

**BUSINESS ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 212-761-4000

**MAIL ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
**DEPOSITOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Morgan Stanley Capital I Inc.
- **CENTRAL INDEX KEY:** 0001547361
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 133291626
- **STATE OF INCORPORATION:** DE

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

**BUSINESS ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 212-761-4000

**MAIL ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
**SECURITIZER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Morgan Stanley Capital I Inc.
- **CENTRAL INDEX KEY:** 0001547361
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 133291626
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-01951

**BUSINESS ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 212-761-4000

**MAIL ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM ABS-15G<br> ASSET-BACKED SECURITIZER<br> REPORT PURSUANT TO SECTION 15G OF<br> THE SECURITIES EXCHANGE ACT OF 1934**

Check the appropriate box to indicate the filing obligation to 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<br> 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) [ ]

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

Central Index Key Number of depositor: 0001547361

<u>BX Trust 2026-OPTM</u>

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

Central Index Key Number of issuing entity: N/A<br>

<u>Amy Kim, (212) 762-5079</u>

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

**INFORMATION TO BE INCLUDED IN THE REPORT**

**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**

Attached as <u>Exhibit 1</u> hereto is an agreed-upon procedures report, dated February 27, 2026, of Deloitte & Touche LLP, obtained by the depositor, which report sets forth the findings and conclusions, as applicable, of Deloitte & Touche LLP with respect to certain agreed-upon procedures performed by Deloitte & Touche LLP.

Attached as <u>Exhibit 2</u> hereto is an underwriting information comparison agreed-upon procedures report, dated February 27, 2026, of Deloitte & Touche LLP, obtained by the depositor, which report sets forth the findings and conclusions, as applicable, of Deloitte & Touche LLP with respect to certain agreed-upon procedures performed by Deloitte & Touche LLP.

**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.

<br> Morgan Stanley Capital I Inc.<br> (Depositor)

Date: February 27, 2026

<u>/s/ Jane Lam</u> 

By: Jane Lam, President

(senior officer in charge of securitization of the depositor)<br>

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| Exhibit Number | Description |
| Exhibit 1 | Agreed-upon procedures report, dated February 27, 2026, of Deloitte & Touche LLP. |
| Exhibit 2 | Underwriting information comparison agreed-upon procedures report, dated February 27, 2026, of Deloitte & Touche LLP. |

---

## Ex-1

**Exhibit 1**

---

| | |
|:---|:---|
| ![](deloittelogo.jpg) | **Deloitte & Touche LLP**<br> 3 Second Street<br> Suite 301<br> Harborside Plaza 10<br> Jersey City, NJ 07302<br> USA<br>Tel: +1 212 937 8202<br> www.deloitte.com<br>|

---

Morgan Stanley & Co. LLC

Morgan Stanley Capital I Inc.

Morgan Stanley Mortgage Capital Holdings LLC

1585 Broadway

New York, New York 10036

**Independent Accountants' Report**

**<u>on Applying Agreed-Upon Procedures</u>**

We have performed the procedures described below related to certain information with respect to a mortgage loan in connection with the proposed offering of certain classes of BX Trust 2026-OPTM, Commercial Mortgage Pass-Through Certificates, Series 2026-OPTM. Morgan Stanley & Co. LLC, Morgan Stanley Capital I Inc. and Morgan Stanley Mortgage Capital Holdings LLC (collectively, the **"Company"**) are responsible for the information provided to us, including the information set forth in the Data File (as defined herein).

The Company has agreed to the procedures and acknowledged that the procedures performed are appropriate to meet the intended purpose of evaluating the accuracy of certain information set forth in the Data File. Additionally, Barclays Capital Inc., Barclays Capital Real Estate Inc., Societe Generale Financial Corporation, SG Americas Securities, LLC, Natixis Real Estate Capital LLC, Natixis Securities Americas LLC, BNP Paribas Securities Corp., BNP Paribas US Wholesale Holdings, Corp. and TD Securities (USA) LLC (collectively, with the Company, the "Specified Parties") have agreed to the procedures and acknowledged that the procedures performed are appropriate for their purposes. 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. Consequently, we make no representations regarding the appropriateness of the procedures described below either for the purpose for which this report has been requested or for any other purpose.

We performed certain procedures on earlier versions of the Data File and communicated differences prior to being provided the final Data File which was subjected to the procedures described below.

Capitalized terms used but not defined herein are used with the meanings as described in "The Bond Market Association's Standard Formulas for the Analysis of Mortgage-Backed Securities and Other Related Securities."

**<u>Procedures and Findings</u>**

On February 27, 2026, representatives of the Company provided us with a computer-generated mortgage loan data file and related record layout (the **"Data File"**) containing one mortgage loan (the "**Mortgage Loan**") that is secured by nine mortgaged properties (collectively, with the Mortgage Loan**,** the **"Mortgage Asset"**).

From February 3, 2026 through February 26, 2026, representatives of the Company provided us with certain Source Documents (as defined in the attached Appendix A) related to the Mortgage Asset.

**Member of** <br> Deloitte Touche Tohmatsu Limited

At your request, for the Mortgage Asset set forth on the Data File, we compared certain characteristics (the **"Characteristics"** as indicated on Appendix A), except for those Characteristics identified on Appendix A as "Identification purposes only - not applicable," "None - Company Provided" or "Not applicable," to the corresponding information set forth on or derived from the corresponding Source Documents and found them to be in agreement.

\*\*\*\*\*\*

We make no representations as to (i) the actual characteristics or existence of the underlying documents or data comprising the Mortgage Asset underlying the Data File or the conformity of their respective characteristics with those assumed for purposes of the procedures described herein, (ii) whether the Source Documents are comprehensive and valid instruments and reflect the current prevailing terms with respect to the Mortgage Asset, (iii) the existence or ownership of the Mortgage Asset or (iv) the reasonableness of any of the aforementioned assumptions, information or methodologies.

It should be understood that we make no representations as to questions of legal interpretation or as to the sufficiency for your purposes of the procedures enumerated in the preceding paragraphs. Also, such procedures would not necessarily reveal any material misstatement of the information referred to above. We have no responsibility to update this report for events and circumstances that occur subsequent to the date of this report.

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 ("AICPA"). An agreed-upon procedures engagement involves the practitioner performing specific procedures that the engaging party has 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 conduct, and did not conduct, an (i) audit conducted in accordance with generally accepted auditing standards or (ii) examination or a review engagement conducted in accordance with attestation standards established by the AICPA, the objective of which would be the expression of an opinion or conclusion, respectively, on the Data File. Accordingly, we do not express such an opinion or conclusion, or any other form of assurance, including reasonable assurance. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

We are required to be independent of the Company 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 procedure engagements are less restrictive than independence requirements for audit and other attestation services.

None of the engagement, procedures or report was intended to address, nor did they address, the (i) conformity of the origination of the assets to stated underwriting or credit extension guidelines, standards, criteria or other requirements, (ii) value of collateral securing such assets or (iii) compliance of the originator of the assets with federal, state, and local laws and regulations.

None of the engagement, procedures or report were intended to satisfy, nor did they satisfy, any criteria for due diligence published by a nationally recognized statistical rating organization.

This report is intended solely for the use and information of the Specified Parties and is not intended to be and should not be used by anyone other than the Specified Parties.

Yours truly,

/s/ Deloitte & Touche LLP

February 27, 2026

**Appendix A**

**Source Documents**

For purposes of performing the agreed-upon procedures described herein and at your request, we will rely upon the following source documents as provided to us by the Company, with respect to the Mortgage Asset (the **"Source Documents"**):

Draft loan agreement (the **"Loan Agreement"**);

Draft guaranty (the **"Guaranty"**);

Proforma title policy (the **"Title"**);

Real estate property appraisal report (the **"Appraisal Report"**);

Property condition report (the **"Engineering Report"**);

Phase I environmental report (the **"Phase I Report"**);

Seismic risk report (the **"Seismic Report"**);

Draft CRE insurance risk analysis (the **"Insurance Risk Analysis"**);

Draft non-consolidation opinion (the **"Non-Consolidation Opinion"**);

Underwritten rent roll (the **"Underwritten Rent Roll"**); and

Underwritten financial summary (the **"Underwritten Financial Summary Report"**).

\*\*\*\*\*

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Characteristic** | &nbsp;&nbsp;**Source Document** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;Loan Number | &nbsp;&nbsp;Identification purposes only - not applicable |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;Prop ID | &nbsp;&nbsp;Identification purposes only - not applicable |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;Loan / Property Name | &nbsp;&nbsp;Identification purposes only - not applicable |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;Street Address | &nbsp;&nbsp;Appraisal Report |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;City | &nbsp;&nbsp;Appraisal Report |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;State | &nbsp;&nbsp;Appraisal Report |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;County | &nbsp;&nbsp;Appraisal Report |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;Zip Code | &nbsp;&nbsp;Appraisal Report |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;Property Type | &nbsp;&nbsp;Appraisal Report |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;Property Type Detail | &nbsp;&nbsp;Appraisal Report |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;Year Built | &nbsp;&nbsp;None - Company Provided |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;Most Recent Renovation | &nbsp;&nbsp;None - Company Provided |
| &nbsp;&nbsp;13 | &nbsp;&nbsp;Total Property Units | &nbsp;&nbsp;Underwritten Rent Roll |
| &nbsp;&nbsp;14 | &nbsp;&nbsp;Total Property Occupancy Rate | &nbsp;&nbsp;Underwritten Rent Roll |
| &nbsp;&nbsp;15 | &nbsp;&nbsp;Occupancy As of Date | &nbsp;&nbsp;Underwritten Rent Roll |
| &nbsp;&nbsp;16 | &nbsp;&nbsp;Mortgage Loan Per Unit | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;17 | &nbsp;&nbsp;Total Debt Per Unit | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;18 | &nbsp;&nbsp;Mortgage Loan Original Balance | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;19 | &nbsp;&nbsp;Mortgage Loan Cut-off Date Balance | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;20 | &nbsp;&nbsp;Mezzanine Loan Original Balance | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;21 | &nbsp;&nbsp;Mezzanine Loan Cut-off Date Balance | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;22 | &nbsp;&nbsp;Subordinate Loan Original Balance | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;23 | &nbsp;&nbsp;Subordinate Loan Cut-off Date Balance | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;24 | &nbsp;&nbsp;Total Debt Original Balance | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;25 | &nbsp;&nbsp;Total Debt Cut-off Date Balance | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;26 | &nbsp;&nbsp;Loan Purpose | &nbsp;&nbsp;None - Company Provided |
| &nbsp;&nbsp;27 | &nbsp;&nbsp;Sponsor | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;28 | &nbsp;&nbsp;Carve-Out Guarantor(s) | &nbsp;&nbsp;Guaranty |
| &nbsp;&nbsp;29 | &nbsp;&nbsp;Borrower | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;30 | &nbsp;&nbsp;Title Type | &nbsp;&nbsp;Title |
| &nbsp;&nbsp;31 | &nbsp;&nbsp;Mortgage Loan Monthly IO Payment | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;32 | &nbsp;&nbsp;Mortgage Loan Annual IO Debt Service | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;33 | &nbsp;&nbsp;Mortgage Loan Annual IO Debt Service At Cap | &nbsp;&nbsp;None - Company Provided |
| &nbsp;&nbsp;34 | &nbsp;&nbsp;Mezzanine Loan Monthly IO Payment | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;35 | &nbsp;&nbsp;Mezzanine Loan Annual IO Debt Service | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;36 | &nbsp;&nbsp;Mezzanine Loan Annual IO Debt Service At Cap | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;37 | &nbsp;&nbsp;Subordinate Loan Monthly IO Payment | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;38 | &nbsp;&nbsp;Subordinate Loan Annual IO Debt Service | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;39 | &nbsp;&nbsp;Subordinate Loan Annual IO Debt Service At Cap | &nbsp;&nbsp;Not applicable |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Characteristic** | &nbsp;&nbsp;**Source Document** |
| &nbsp;&nbsp;40 | &nbsp;&nbsp;Total Debt Monthly IO Payment | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;41 | &nbsp;&nbsp;Total Debt Annual IO Debt Service | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;42 | &nbsp;&nbsp;Total Debt Annual IO Debt Service at Cap | &nbsp;&nbsp;None - Company Provided |
| &nbsp;&nbsp;43 | &nbsp;&nbsp;Monthly P&I Payment | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;44 | &nbsp;&nbsp;Annual P&I Debt Service | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;45 | &nbsp;&nbsp;Interest Accrual Method | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;46 | &nbsp;&nbsp;Payment Date | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;47 | &nbsp;&nbsp;Interest Accrual Start | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;48 | &nbsp;&nbsp;Interest Accrual End | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;49 | &nbsp;&nbsp;Mortgage Loan SOFR Assumption | &nbsp;&nbsp;None - Company Provided |
| &nbsp;&nbsp;50 | &nbsp;&nbsp;Mortgage Loan SOFR Rounding Methodology | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;51 | &nbsp;&nbsp;Mortgage Loan Interest Rate Adjustment Frequency | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;52 | &nbsp;&nbsp;Mortgage Loan Spread | &nbsp;&nbsp;None - Company Provided |
| &nbsp;&nbsp;53 | &nbsp;&nbsp;Mortgage Loan SOFR Floor | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;54 | &nbsp;&nbsp;Mortgage Loan SOFR Cap Strike Rate | &nbsp;&nbsp;None - Company Provided |
| &nbsp;&nbsp;55 | &nbsp;&nbsp;Mortgage Loan SOFR Cap Expiration Date | &nbsp;&nbsp;None - Company Provided |
| &nbsp;&nbsp;56 | &nbsp;&nbsp;Mortgage Loan SOFR Cap Provider | &nbsp;&nbsp;None - Company Provided |
| &nbsp;&nbsp;57 | &nbsp;&nbsp;Mortgage Loan SOFR Cap Provider Rating (F/M/S) | &nbsp;&nbsp;None - Company Provided |
| &nbsp;&nbsp;58 | &nbsp;&nbsp;Grace Period (Late Fee) | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;59 | &nbsp;&nbsp;Grace Period (Default) | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;60 | &nbsp;&nbsp;IO Term (mos) | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;61 | &nbsp;&nbsp;Original Amortization Term | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;62 | &nbsp;&nbsp;Amortization Type | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;63 | &nbsp;&nbsp;Origination Date | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;64 | &nbsp;&nbsp;First Payment Date | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;65 | &nbsp;&nbsp;Mortgage Loan Interest Rate | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;66 | &nbsp;&nbsp;Administrative Fee Rate | &nbsp;&nbsp;None - Company Provided |
| &nbsp;&nbsp;67 | &nbsp;&nbsp;Net Interest Rate | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;68 | &nbsp;&nbsp;Mortgage Loan Interest Rate At Cap | &nbsp;&nbsp;None - Company Provided |
| &nbsp;&nbsp;69 | &nbsp;&nbsp;Original Loan Term (mos) | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;70 | &nbsp;&nbsp;Remaining Loan Term (mos) | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;71 | &nbsp;&nbsp;Seasoning | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;72 | &nbsp;&nbsp;Maturity Date | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;73 | &nbsp;&nbsp;Extension Options | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;74 | &nbsp;&nbsp;Extension Option Description | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;75 | &nbsp;&nbsp;Fully Extended Maturity Date | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;76 | &nbsp;&nbsp;Mortgage Loan Balloon Balance | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;77 | &nbsp;&nbsp;Mezzanine Loan Balloon Balance | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;78 | &nbsp;&nbsp;Subordinate Loan Balloon Balance | &nbsp;&nbsp;Not applicable |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Characteristic** | &nbsp;&nbsp;**Source Document** |
| &nbsp;&nbsp;79 | &nbsp;&nbsp;Total Debt Balloon Balance | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;80 | &nbsp;&nbsp;Defeasance Lockout Expiration Date | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;81 | &nbsp;&nbsp;Open Period Begin Date | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;82 | &nbsp;&nbsp;Prepay Description | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;83 | &nbsp;&nbsp;Partial Release (Y/N) | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;84 | &nbsp;&nbsp;Partial Release Description | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;85 | &nbsp;&nbsp;Appraisal Date | &nbsp;&nbsp;Appraisal Report |
| &nbsp;&nbsp;86 | &nbsp;&nbsp;Appraisal Value Type | &nbsp;&nbsp;Appraisal Report |
| &nbsp;&nbsp;87 | &nbsp;&nbsp;Appraisal Value | &nbsp;&nbsp;Appraisal Report |
| &nbsp;&nbsp;88 | &nbsp;&nbsp;Cut-off Date Mortgage Loan LTV | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;89 | &nbsp;&nbsp;Maturity Date Mortgage Loan LTV | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;90 | &nbsp;&nbsp;Cut-off Date Total Debt LTV | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;91 | &nbsp;&nbsp;Maturity Date Total Debt LTV | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;92 | &nbsp;&nbsp;Third Most Recent NOI Date | &nbsp;&nbsp;Underwritten Financial Summary Report |
| &nbsp;&nbsp;93 | &nbsp;&nbsp;Third Most Recent NOI | &nbsp;&nbsp;Underwritten Financial Summary Report |
| &nbsp;&nbsp;94 | &nbsp;&nbsp;Second Most Recent NOI Date | &nbsp;&nbsp;Underwritten Financial Summary Report |
| &nbsp;&nbsp;95 | &nbsp;&nbsp;Second Most Recent NOI | &nbsp;&nbsp;Underwritten Financial Summary Report |
| &nbsp;&nbsp;96 | &nbsp;&nbsp;Most Recent NOI Date | &nbsp;&nbsp;Underwritten Financial Summary Report |
| &nbsp;&nbsp;97 | &nbsp;&nbsp;Most Recent Description | &nbsp;&nbsp;Underwritten Financial Summary Report |
| &nbsp;&nbsp;98 | &nbsp;&nbsp;Most Recent Effective Gross Income | &nbsp;&nbsp;Underwritten Financial Summary Report |
| &nbsp;&nbsp;99 | &nbsp;&nbsp;Most Recent Expenses | &nbsp;&nbsp;Underwritten Financial Summary Report |
| &nbsp;&nbsp;100 | &nbsp;&nbsp;Most Recent NOI | &nbsp;&nbsp;Underwritten Financial Summary Report |
| &nbsp;&nbsp;101 | &nbsp;&nbsp;Most Recent NCF | &nbsp;&nbsp;Underwritten Financial Summary Report |
| &nbsp;&nbsp;102 | &nbsp;&nbsp;Underwritten Effective Gross Income | &nbsp;&nbsp;Underwritten Financial Summary Report |
| &nbsp;&nbsp;103 | &nbsp;&nbsp;Underwritten Expenses | &nbsp;&nbsp;Underwritten Financial Summary Report |
| &nbsp;&nbsp;104 | &nbsp;&nbsp;Underwritten NOI | &nbsp;&nbsp;Underwritten Financial Summary Report |
| &nbsp;&nbsp;105 | &nbsp;&nbsp;Underwritten Mortgage Loan IO NOI DSCR | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;106 | &nbsp;&nbsp;Underwritten Mortgage Loan IO NOI DSCR At Cap | &nbsp;&nbsp;None - Company Provided |
| &nbsp;&nbsp;107 | &nbsp;&nbsp;Underwritten Total Debt IO NOI DSCR | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;108 | &nbsp;&nbsp;Underwritten Total Debt IO NOI DSCR At Cap | &nbsp;&nbsp;None - Company Provided |
| &nbsp;&nbsp;109 | &nbsp;&nbsp;Underwritten Mortgage Loan NOI Debt Yield | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;110 | &nbsp;&nbsp;Underwritten Total Debt NOI Debt Yield | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;111 | &nbsp;&nbsp;Underwritten Replacement Reserve | &nbsp;&nbsp;Underwritten Financial Summary Report |
| &nbsp;&nbsp;112 | &nbsp;&nbsp;Underwritten TI/LC Reserve | &nbsp;&nbsp;Underwritten Financial Summary Report |
| &nbsp;&nbsp;113 | &nbsp;&nbsp;Underwritten NCF | &nbsp;&nbsp;Underwritten Financial Summary Report |
| &nbsp;&nbsp;114 | &nbsp;&nbsp;Underwritten Mortgage Loan IO NCF DSCR | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;115 | &nbsp;&nbsp;Underwritten Mortgage Loan IO NCF DSCR At Cap | &nbsp;&nbsp;None - Company Provided |
| &nbsp;&nbsp;116 | &nbsp;&nbsp;Underwritten Total Debt IO NCF DSCR | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;117 | &nbsp;&nbsp;Underwritten Total Debt IO NCF DSCR At Cap | &nbsp;&nbsp;None - Company Provided |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Characteristic** | &nbsp;&nbsp;**Source Document** |
| &nbsp;&nbsp;118 | &nbsp;&nbsp;Underwritten Mortgage Loan NCF Debt Yield | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;119 | &nbsp;&nbsp;Underwritten Total Debt NCF Debt Yield | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;120 | &nbsp;&nbsp;Major Tenant 1 | &nbsp;&nbsp;Underwritten Rent Roll |
| &nbsp;&nbsp;121 | &nbsp;&nbsp;Major Tenant 1 Sq. Ft. | &nbsp;&nbsp;Underwritten Rent Roll |
| &nbsp;&nbsp;122 | &nbsp;&nbsp;Major Tenant 1 Expiration | &nbsp;&nbsp;Underwritten Rent Roll |
| &nbsp;&nbsp;123 | &nbsp;&nbsp;Major Tenant 2 | &nbsp;&nbsp;Underwritten Rent Roll |
| &nbsp;&nbsp;124 | &nbsp;&nbsp;Major Tenant 2 Sq. Ft. | &nbsp;&nbsp;Underwritten Rent Roll |
| &nbsp;&nbsp;125 | &nbsp;&nbsp;Major Tenant 2 Expiration | &nbsp;&nbsp;Underwritten Rent Roll |
| &nbsp;&nbsp;126 | &nbsp;&nbsp;Major Tenant 3 | &nbsp;&nbsp;Underwritten Rent Roll |
| &nbsp;&nbsp;127 | &nbsp;&nbsp;Major Tenant 3 Sq. Ft. | &nbsp;&nbsp;Underwritten Rent Roll |
| &nbsp;&nbsp;128 | &nbsp;&nbsp;Major Tenant 3 Expiration | &nbsp;&nbsp;Underwritten Rent Roll |
| &nbsp;&nbsp;129 | &nbsp;&nbsp;Major Tenant 4 | &nbsp;&nbsp;Underwritten Rent Roll |
| &nbsp;&nbsp;130 | &nbsp;&nbsp;Major Tenant 4 Sq. Ft. | &nbsp;&nbsp;Underwritten Rent Roll |
| &nbsp;&nbsp;131 | &nbsp;&nbsp;Major Tenant 4 Expiration | &nbsp;&nbsp;Underwritten Rent Roll |
| &nbsp;&nbsp;132 | &nbsp;&nbsp;Major Tenant 5 | &nbsp;&nbsp;Underwritten Rent Roll |
| &nbsp;&nbsp;133 | &nbsp;&nbsp;Major Tenant 5 Sq. Ft. | &nbsp;&nbsp;Underwritten Rent Roll |
| &nbsp;&nbsp;134 | &nbsp;&nbsp;Major Tenant 5 Expiration | &nbsp;&nbsp;Underwritten Rent Roll |
| &nbsp;&nbsp;135 | &nbsp;&nbsp;Lockbox | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;136 | &nbsp;&nbsp;Cash Management | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;137 | &nbsp;&nbsp;Cash Management Springing Condition | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;138 | &nbsp;&nbsp;Engineering Report Date | &nbsp;&nbsp;Engineering Report |
| &nbsp;&nbsp;139 | &nbsp;&nbsp;Environmental Phase I Report Date | &nbsp;&nbsp;Phase I Report |
| &nbsp;&nbsp;140 | &nbsp;&nbsp;Environmental Phase II Report Date | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;141 | &nbsp;&nbsp;Seismic Report Date | &nbsp;&nbsp;Seismic Report |
| &nbsp;&nbsp;142 | &nbsp;&nbsp;PML % | &nbsp;&nbsp;Seismic Report |
| &nbsp;&nbsp;143 | &nbsp;&nbsp;Terrorism Insurance | &nbsp;&nbsp;Insurance Risk Analysis |
| &nbsp;&nbsp;144 | &nbsp;&nbsp;Windstorm Insurance | &nbsp;&nbsp;Insurance Risk Analysis |
| &nbsp;&nbsp;145 | &nbsp;&nbsp;Earthquake Insurance | &nbsp;&nbsp;Insurance Risk Analysis |
| &nbsp;&nbsp;146 | &nbsp;&nbsp;Flood Insurance | &nbsp;&nbsp;Insurance Risk Analysis |
| &nbsp;&nbsp;147 | &nbsp;&nbsp;Ground Lease Expiration Date | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;148 | &nbsp;&nbsp;Ground Lessor | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;149 | &nbsp;&nbsp;Partial Defeasance | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;150 | &nbsp;&nbsp;Partial Defeasance Description | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;151 | &nbsp;&nbsp;Future Debt Permitted (Y/N) | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;152 | &nbsp;&nbsp;Future Debt Description | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;153 | &nbsp;&nbsp;Mezzanine Lender | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;154 | &nbsp;&nbsp;Mezzanine Loan Interest Accrual Method | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;155 | &nbsp;&nbsp;Mezzanine Loan Interest Rate | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;156 | &nbsp;&nbsp;Mezzanine Loan Interest Rate at Cap | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;157 | &nbsp;&nbsp;Mezzanine Loan Origination Date | &nbsp;&nbsp;Not applicable |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Characteristic** | &nbsp;&nbsp;**Source Document** |
| &nbsp;&nbsp;158 | &nbsp;&nbsp;Mezzanine Loan SOFR Assumption | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;159 | &nbsp;&nbsp;Mezzanine Loan SOFR Rounding Methodology | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;160 | &nbsp;&nbsp;Mezzanine Loan Interest Rate Adjustment Frequency | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;161 | &nbsp;&nbsp;Mezzanine Loan Spread | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;162 | &nbsp;&nbsp;Mezzanine Loan SOFR Floor | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;163 | &nbsp;&nbsp;Mezzanine Loan SOFR Cap Strike Rate | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;164 | &nbsp;&nbsp;Mezzanine Loan SOFR Cap Expiration Date | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;165 | &nbsp;&nbsp;Mezzanine Loan SOFR Cap Provider | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;166 | &nbsp;&nbsp;Mezzanine Loan SOFR Cap Provider Rating (F/M/S) | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;167 | &nbsp;&nbsp;Subordinate Lender | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;168 | &nbsp;&nbsp;Subordinate Loan Interest Accrual Method | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;169 | &nbsp;&nbsp;Subordinate Loan Interest Rate | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;170 | &nbsp;&nbsp;Subordinate Loan Interest Rate at Cap | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;171 | &nbsp;&nbsp;Subordinate Loan Origination Date | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;172 | &nbsp;&nbsp;Subordinate Loan SOFR Assumption | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;173 | &nbsp;&nbsp;Subordinate Loan SOFR Rounding Methodology | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;174 | &nbsp;&nbsp;Subordinate Loan Interest Rate Adjustment Frequency | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;175 | &nbsp;&nbsp;Subordinate Loan Spread | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;176 | &nbsp;&nbsp;Subordinate Loan SOFR Floor | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;177 | &nbsp;&nbsp;Subordinate Loan SOFR Cap Strike Rate | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;178 | &nbsp;&nbsp;Subordinate Loan SOFR Cap Expiration Date | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;179 | &nbsp;&nbsp;Subordinate Loan SOFR Cap Provider | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;180 | &nbsp;&nbsp;Subordinate Loan SOFR Cap Provider Rating (F/M/S) | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;181 | &nbsp;&nbsp;Total Debt Spread | &nbsp;&nbsp;None - Company Provided |
| &nbsp;&nbsp;182 | &nbsp;&nbsp;Total Debt Interest Rate | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;183 | &nbsp;&nbsp;Total Debt Interest Rate at Cap | &nbsp;&nbsp;None - Company Provided |
| &nbsp;&nbsp;184 | &nbsp;&nbsp;Non-Consolidation Opinion | &nbsp;&nbsp;Non-Consolidation Opinion |
| &nbsp;&nbsp;185 | &nbsp;&nbsp;Independent Director | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;186 | &nbsp;&nbsp;SPE | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;187 | &nbsp;&nbsp;Real Estate Tax Escrow - Initial | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;188 | &nbsp;&nbsp;Real Estate Tax Escrow - Ongoing | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;189 | &nbsp;&nbsp;Real Estate Tax Escrow - Springing Condition | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;190 | &nbsp;&nbsp;Insurance Escrow - Initial | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;191 | &nbsp;&nbsp;Insurance Escrow - Ongoing | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;192 | &nbsp;&nbsp;Insurance Escrow - Springing Condition | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;193 | &nbsp;&nbsp;Replacement Reserve Escrow - Initial | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;194 | &nbsp;&nbsp;Replacement Reserve Escrow - Ongoing | &nbsp;&nbsp;Loan Agreement |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Characteristic** | &nbsp;&nbsp;**Source Document** |
| &nbsp;&nbsp;195 | &nbsp;&nbsp;Replacement Reserve Escrow - Springing Condition | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;196 | &nbsp;&nbsp;Immediate Repairs Escrow - Initial | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;197 | &nbsp;&nbsp;Immediate Repairs Escrow - Ongoing | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;198 | &nbsp;&nbsp;Rollover Escrow - Initial | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;199 | &nbsp;&nbsp;Rollover Escrow - Ongoing | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;200 | &nbsp;&nbsp;Rollover Escrow - Springing Condition | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;201 | &nbsp;&nbsp;Other Escrow Required | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;202 | &nbsp;&nbsp;Other Escrow 1 - Description | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;203 | &nbsp;&nbsp;Other Escrow 1 - Initial | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;204 | &nbsp;&nbsp;Other Escrow 1 - Ongoing | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;205 | &nbsp;&nbsp;Other Escrow 1 - Springing Condition | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;206 | &nbsp;&nbsp;Other Escrow 2 - Description | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;207 | &nbsp;&nbsp;Other Escrow 2 - Initial | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;208 | &nbsp;&nbsp;Other Escrow 2 - Ongoing | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;209 | &nbsp;&nbsp;Other Escrow 2 - Springing Condition | &nbsp;&nbsp;Not applicable |

---

**<u>Calculation Procedures</u>**

With respect to Characteristic 16, we recomputed the Mortgage Loan Per Unit by dividing the (i) Mortgage Loan Cut-off Date Balance by (ii) Total Property Units.

With respect to Characteristic 17, we recomputed the Total Debt Per Unit by dividing the (i) Total Debt Cut-off Date Balance by (ii) Total Property Units.

With respect to Characteristic 19, we recomputed the Mortgage Loan Cut-off Date Balance as being equal to the Mortgage Loan Original Balance.

With respect to Characteristic 25, we recomputed the Total Debt Cut-off Date Balance as being equal to the Total Debt Original Balance.

With respect to Characteristic 31, we recomputed the Mortgage Loan Monthly IO Payment by dividing (i) the product of (a) the Mortgage Loan Cut-off Date Balance, (b) the Mortgage Loan Interest Rate and (c) a fraction equal to 365/360 by (ii) twelve.

With respect to Characteristic 32, we recomputed the Mortgage Loan Annual IO Debt Service as the product of (a) the Mortgage Loan Cut-off Date Balance, (b) the Mortgage Loan Interest Rate and (c) a fraction equal to 365/360.

With respect to Characteristic 40, we recomputed the Total Debt Monthly IO Payment by dividing (i) the product of (a) the Total Debt Cut-off Date Balance, (b) the Total Debt Interest Rate and (c) a fraction equal to 365/360 by (ii) twelve.

With respect to Characteristic 41, we recomputed the Total Debt Annual IO Debt Service as the product of (a) the Total Debt Cut-off Date Balance, (b) the Total Debt Interest Rate and (c) a fraction equal to 365/360.

With respect to Characteristic 60, we recomputed the IO Term (mos) as being equal to the Original Loan Term (mos).

With respect to Characteristic 65, we recomputed the Mortgage Loan Interest Rate as the sum of the (a) Mortgage Loan SOFR Assumption and (b) Mortgage Loan Spread.

With respect to Characteristic 67, we recomputed the Net Interest Rate as the difference of the (a) Mortgage Loan Interest Rate and (b) Administrative Fee Rate.

With respect to Characteristic 69, we recomputed the Original Loan Term (mos) by determining the number of payment dates from and inclusive of the First Payment Date to and inclusive of the Maturity Date.

With respect to Characteristic 70, we recomputed the Remaining Loan Term (mos) as the difference of the (a) Original Loan Term (mos) and (b) Seasoning.

With respect to Characteristic 71, we recomputed the Seasoning by determining the number of payment dates from and inclusive of the First Payment Date to and inclusive of March 1, 2026 (the **"Cut-off Date"** as stipulated by representatives of the Company).

With respect to Characteristic 76, we recomputed the Mortgage Loan Balloon Balance as being equal to the Mortgage Loan Original Balance.

With respect to Characteristic 79, we recomputed the Total Debt Balloon Balance as being equal to the Total Debt Original Balance.

With respect to Characteristic 88, we recomputed the Cut-off Date Mortgage Loan LTV by dividing the (i) Mortgage Loan Cut-off Date Balance by (ii) Appraisal Value.

With respect to Characteristic 89, we recomputed the Maturity Date Mortgage Loan LTV by dividing the (i) Mortgage Loan Balloon Balance by (ii) Appraisal Value.

With respect to Characteristic 90, we recomputed the Cut-off Date Total Debt LTV by dividing the (i) Total Debt Cut-off Date Balance by (ii) Appraisal Value.

With respect to Characteristic 91, we recomputed the Maturity Date Total Debt LTV by dividing the (i) Total Debt Balloon Balance by (ii) Appraisal Value.

With respect to Characteristic 105, we recomputed the Underwritten Mortgage Loan IO NOI DSCR by dividing the (i) Underwritten NOI by (ii) Mortgage Loan Annual IO Debt Service.

With respect to Characteristic 107, we recomputed the Underwritten Total Debt IO NOI DSCR by dividing the (i) Underwritten NOI by (ii) Total Debt Annual IO Debt Service.

With respect to Characteristic 109, we recomputed the Underwritten Mortgage Loan NOI Debt Yield by dividing the (i) Underwritten NOI by (ii) Mortgage Loan Cut-off Date Balance.

With respect to Characteristic 110, we recomputed the Underwritten Total Debt NOI Debt Yield by dividing the (i) Underwritten NOI by (ii) Total Debt Cut-off Date Balance.

With respect to Characteristic 114, we recomputed the Underwritten Mortgage Loan IO NCF DSCR by dividing the (i) Underwritten NCF by (ii) Mortgage Loan Annual IO Debt Service.

With respect to Characteristic 116, we recomputed the Underwritten Total Debt IO NCF DSCR by dividing the (i) Underwritten NCF by (ii) Total Debt Annual IO Debt Service.

With respect to Characteristic 118, we recomputed the Underwritten Mortgage Loan NCF Debt Yield by dividing the (i) Underwritten NCF by (ii) Mortgage Loan Cut-off Date Balance.

With respect to Characteristic 119, we recomputed the Underwritten Total Debt NCF Debt Yield by dividing the (i) Underwritten NCF by (ii) Total Debt Cut-off Date Balance.

With respect to Characteristic 182, we recomputed the Total Debt Interest Rate as the sum of the (a) Mortgage Loan SOFR Assumption and (b) Total Debt Spread.

## Ex-2

**Exhibit 2**

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| | |
|:---|:---|
| ![](deloittelogo.jpg) | **Deloitte & Touche LLP**<br> **3 Second Street**<br> Suite 301<br> Harborside Plaza 10 <br> Jersey City, NJ 07302<br> USA<br>Tel: +1 212 937 8202 <br> www.deloitte.com |

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Morgan Stanley & Co. LLC

Morgan Stanley Capital I Inc. <br> Morgan Stanley Mortgage Capital Holdings LLC <br> 1585 Broadway <br> New York, New York 10036

**Independent Accountants' Report**

**<u>on Applying Agreed-Upon Procedures</u>**

We have performed the procedures described below relating to certain information contained in a Microsoft Excel® workbook (the "Underwritten Model") in connection with the proposed offering of certain classes of BX Trust 2026-OPTM Commercial Mortgage Pass-Through Certificates, Series 2026-OPTM. Morgan Stanley & Co. LLC, Morgan Stanley Capital I Inc. and Morgan Stanley Mortgage Capital Holdings LLC (collectively, the "Company") are responsible for the information provided to us, including the Underwritten Model.

The Company has agreed to the procedures and acknowledged that the procedures performed are appropriate to meet the intended purpose of evaluating the accuracy of certain information set forth in the Underwritten Model. Additionally, Barclays Capital Inc., Barclays Capital Real Estate Inc., Societe Generale Financial Corporation, SG Americas Securities, LLC, Natixis Real Estate Capital LLC, Natixis Securities Americas LLC, BNP Paribas Securities Corp., BNP Paribas US Wholesale Holdings, Corp. and TD Securities (USA) LLC (collectively, with the Company, the "Specified Parties") have agreed to the procedures and acknowledged that the procedures performed are appropriate for their purposes. 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. Consequently, we make no representations regarding the appropriateness of the procedures described below either for the purpose for which this report has been requested or for any other purpose.

We performed certain procedures on earlier versions of the Underwritten Model and communicated differences prior to being provided the final Underwritten Model which was subjected to the procedures described below.

**<u>Procedures and Findings</u>**

On February 24, 2026, representatives of the Company provided us with the Underwritten Model containing certain information relating to one mortgage loan (the "Mortgage Loan") secured by nine mortgaged properties (collectively, with the Mortgage Loan, the "Mortgage Asset").

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| |
|:---|
| **Member of** |
| Deloitte Touche Tohmatsu Limited |

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From February 3, 2026 through February 24, 2026, representatives of the Company provided us with certain Source Documents (as defined in the attached Appendix A) related to the Mortgage Asset. We were not requested to perform, and we did not perform, any procedures with respect to the preparation or verification of any of the information set forth on the Source Documents and we make no representations concerning the accuracy or completeness of any of the information contained therein. In certain instances, our procedures were performed using data imaged facsimiles or photocopies of the Source Documents. In addition, we make no representations as to whether the Source Documents are comprehensive and valid instruments and reflect the current prevailing terms with respect to the Mortgage Asset.

At your request, using the Source Documents and assumptions and methodologies provided to us by representatives of the Company, we performed the procedures set forth on the attached Appendix B with respect to the Mortgage Asset, and found them to be in agreement.

\*\*\*\*\*\*

We make no representations as to (i) the existence of the underlying documents or data comprising the Mortgage Asset underlying the Underwritten Model or the conformity of their respective characteristics with those assumed for purposes of the procedures described herein, (ii) whether the Source Documents are comprehensive and valid instruments and reflect the current prevailing terms with respect to the Mortgage Asset, (iii) the existence or ownership of the Mortgage Asset or (iv) the reasonableness of any of the aforementioned assumptions, information or methodologies provided to us by the Company.

It should be understood that we make no representations as to questions of legal interpretation or as to the sufficiency for your purposes of the procedures enumerated in the preceding paragraphs. Also, such procedures would not necessarily reveal any material misstatement of the information referred to above. We have no responsibility to update this report for events or circumstances that occur subsequent to the date of this report.

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 ("AICPA"). An agreed-upon procedures engagement involves the practitioner performing specific procedures that the engaging party has 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 conduct, and did not conduct, an (i) audit conducted in accordance with generally accepted auditing standards or (ii) examination or a review engagement conducted in accordance with attestation standards established by the AICPA, the objective of which would be the expression of an opinion or conclusion, respectively, on the information in the Underwritten Model. Accordingly, we do not express such an opinion or conclusion, or any other form of assurance, including reasonable assurance. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

We are required to be independent of the Company 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 procedure engagements are less restrictive than independence requirements for audit and other attestation services.

None of the engagement, procedures or report was intended to address, nor did they address, the (i) conformity of the origination of the assets to stated underwriting or credit extension guidelines, standards, criteria or other requirements, (ii) value of collateral securing such assets or (iii) compliance of the originator of the assets with federal, state, and local laws and regulations.

None of the engagement, procedures or report were intended to satisfy, nor did they satisfy, any criteria for due diligence published by a nationally recognized statistical rating organization.

This report is intended solely for the use and information of the Specified Parties and is not intended to be and should not be used by anyone other than the Specified Parties.

Yours truly,

/s/ Deloitte & Touche LLP

February 27, 2026

**Appendix A**

**Source Documents**

For purposes of performing the agreed-upon procedures described herein and at your request, we relied upon the following source documents as provided to us by representatives of the Company, with respect to the Mortgage Asset (the "Source Documents"):

Cash flow budget worksheet for the forecasted year 1 period (the "Financials + Budget Worksheet");

Profit and loss worksheets for the periods ending December 31, 2022, December 31, 2023, December 31, 2024 and TTM Nov 2025 period (collectively, the "Operating Statements"); and

The information set forth in the "MF_Rent Roll" worksheet of the Underwritten Model (the "Underwritten Rent Roll").

**Appendix B**

**Description of the Procedures**

1. Using the information set forth in the rows titled "Gross Potential Rent (Excl. Concessions)"
and "Vacancy Loss," we recomputed the overall economic occupancy percentage for the Mortgage Loan as of December 31, 2022,
December 31, 2023, December 31, 2024 and TTM Nov 2025. We compared such recomputed information to the corresponding information, set forth
in the "Cash Flow" worksheet in the Underwritten Model in the row titled "Economic Occupancy."

For purposes of our comparisons, representatives of the Company have instructed us that variances of 0.5% or less of the respective value indicated on the Underwritten Model are deemed to be "in agreement."

2. Using the information set forth in the Underwritten Rent Roll, we recomputed the overall physical occupancy
percentage of the Mortgage Loan as of January 23, 2026. We compared such recomputed information to the corresponding information set forth
in the "Cash Flow" worksheet of the Underwritten Model in the column titled "MS Underwriting."

For purposes of our comparisons, representatives of the Company have instructed us that variances of 0.5% or less of the respective value indicated on the Underwritten Model are deemed to be "in agreement."

3. Using the revenue and expense information set forth in the Operating Statements, we recomputed the (i)
"TOTAL REVENUES," (ii) "TOTAL OPERATING EXPENSES," (iii) "NET OPERATING INCOME" and (iv) "NET
CASH FLOW" for the years ended December 31, 2022, December 31, 2023, December 31, 2024, TTM Nov 2025, T6 Nov 2025, T3 Nov 2025 and
T1 Nov 2025. We compared such recomputed information to the corresponding information, set forth in the "Cash Flow" worksheet
in the Underwritten Model.

At the instruction of representatives of the Company, variances of 3% or less of the respective value indicated on the Underwritten Model (with an absolute difference not to exceed $10,000) are deemed to be "in agreement."

4. Using the information set forth in the Financials + Budget Worksheet, we recomputed the aggregate real
estate tax and insurance expense, respectively, for the "In-Place UW." We compared such recomputed information to the corresponding
information set forth under the column heading "MS Underwriting" in the "Cash Flow" worksheet of the Underwritten
Model.

At the instruction of representatives of the Company, variances of 5% or less of the respective value indicated on the Underwritten Model (with an absolute difference not to exceed $10,000) are deemed to be "in agreement."

5. With respect to the information shown under the column heading "MS Underwriting" of the "Cash
Flow" worksheet in the Underwritten Model we:

&nbsp;&nbsp;&nbsp;&nbsp;a. compared "Gross Potential Rent (Excl. Concessions)" and "Vacancy Loss," to the
corresponding information set forth in or derived from the Underwritten Rent Roll.

&nbsp;&nbsp;&nbsp;&nbsp;b. compared "Concessions" and "Bad Debt," to the corresponding information set forth
in or derived from the Operating Statements.

&nbsp;&nbsp;&nbsp;&nbsp;c. compared "NET RENTAL INCOME" to the sum of Gross Potential Rent (Excl. Concessions), Vacancy
Loss, Concessions and Bad Debt.

&nbsp;&nbsp;&nbsp;&nbsp;d. compared "Other Income" to the corresponding information set forth in or derived from the
Financials + Budget Worksheet.

&nbsp;&nbsp;&nbsp;&nbsp;e. compared "Utility Rebill" and "Damage Fees," to the corresponding information
set forth in or derived from the Operating Statements.

&nbsp;&nbsp;&nbsp;&nbsp;f. compared "OTHER INCOME" to the sum of Other Income, Utility Rebill and Damage Fees.

&nbsp;&nbsp;&nbsp;&nbsp;g. compared "Retail Income" to the corresponding information set forth in or derived from the
Financials + Budget Worksheet.

&nbsp;&nbsp;&nbsp;&nbsp;h. compared "TOTAL REVENUES" to the sum of NET RENTAL INCOME, OTHER INCOME and Retail Income.

&nbsp;&nbsp;&nbsp;&nbsp;i. compared the amount shown for each of the "Controllable Expenses" categories (except for "Management
Fee") to the corresponding information set forth in or derived from the Operating Statements.

&nbsp;&nbsp;&nbsp;&nbsp;j. compared "Management Fee" to the weighted average management fee at each individual property
of the Mortgage Asset.

&nbsp;&nbsp;&nbsp;&nbsp;k. compared the amount shown for each of the "Non-Controllable Expenses" categories to the corresponding
information set forth in or derived from the Financials + Budget Worksheet.

&nbsp;&nbsp;&nbsp;&nbsp;l. compared "TOTAL OPERATING EXPENSES" to the sum of the amounts in the indicated Controllable
Expenses categories and Non-Controllable Expenses categories.

&nbsp;&nbsp;&nbsp;&nbsp;m. compared "NET OPERATING INCOME" to TOTAL REVENUES less TOTAL OPERATING EXPENSES.

&nbsp;&nbsp;&nbsp;&nbsp;n. compared "Replacement Reserves" to the product of $250 and the total number of units at the
Mortgage Asset (2,936 units) as set forth in the Underwritten Rent Roll.

&nbsp;&nbsp;&nbsp;&nbsp;o. compared "NET CASH FLOW" to NET OPERATING INCOME less Replacement Reserves.

For purposes of our comparisons in procedures 5.a. through 5.o., representatives of the Company have instructed us that variances of 3% or less of the respective value indicated on the Underwritten Model (with an absolute difference not to exceed $25,000) are deemed to be "in agreement."