# EDGAR Filing Document

**Accession Number:** 0001838077
**File Stem:** 0001539497-26-000305
**Filing Date:** 2026-2
**Character Count:** 37635
**Document Hash:** c91999898f9345d45aead3139a6ba1af
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001539497-26-000305.hdr.sgml**: 20260209

**ACCESSION NUMBER**: 0001539497-26-000305

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

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20260209

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

**FILED AS OF DATE**: 20260209

**DATE AS OF CHANGE**: 20260209

**ABS RULE**: RULE-15GA2

**REGISTERED ENTITY**: N

**ABS ASSET CLASS**: Commercial mortgages

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Barings Real Estate Debt Income Fund LP
- **CENTRAL INDEX KEY:** 0001838077

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-08285
- **FILM NUMBER:** 26612599

**BUSINESS ADDRESS:**
- **STREET 1:** C/O BARINGS
- **STREET 2:** 300 SOUTH TRYON STREET, SUITE 2500
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28202
- **BUSINESS PHONE:** (860) 509-2292

**MAIL ADDRESS:**
- **STREET 1:** C/O BARINGS
- **STREET 2:** 300 SOUTH TRYON STREET, SUITE 2500
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28202
**DEPOSITOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Barings Real Estate Debt Income Fund LP
- **CENTRAL INDEX KEY:** 0001838077

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

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

**BUSINESS ADDRESS:**
- **STREET 1:** C/O BARINGS
- **STREET 2:** 300 SOUTH TRYON STREET, SUITE 2500
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28202
- **BUSINESS PHONE:** (860) 509-2292

**MAIL ADDRESS:**
- **STREET 1:** C/O BARINGS
- **STREET 2:** 300 SOUTH TRYON STREET, SUITE 2500
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28202
**SECURITIZER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Barings Real Estate Debt Income Fund LP
- **CENTRAL INDEX KEY:** 0001838077

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

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

**BUSINESS ADDRESS:**
- **STREET 1:** C/O BARINGS
- **STREET 2:** 300 SOUTH TRYON STREET, SUITE 2500
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28202
- **BUSINESS PHONE:** (860) 509-2292

**MAIL ADDRESS:**
- **STREET 1:** C/O BARINGS
- **STREET 2:** 300 SOUTH TRYON STREET, SUITE 2500
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28202

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM ABS-15G**

**ASSET-BACKED SECURITIZER**

**REPORT PURSUANT TO SECTION 15G**

**OF THE SECURITIES EXCHANGE ACT OF 1934**

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: ___________

  <br> (Name and telephone number, including area code, <br> 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): [_]

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

Central Index Key Number of sponsor: 0001838077

---

| |
|:---|
| &nbsp;&nbsp;**Barings 2026-SBP Issuer LLC** |
| &nbsp;&nbsp;(Exact name of issuing entity as specified in its charter) |

---

Central Index Key Number of issuing entity (if applicable): __________

Central Index Key Number of underwriter (if applicable): __________

---

| |
|:---|
| &nbsp;&nbsp;**John Phillips, (413) 627-1512** |
| &nbsp;&nbsp;(Name and telephone number, including area code, <br> of the person to contact in connection with this filing) |

---

**INFORMATION TO BE INCLUDED IN THE REPORT**

**PART I: REPRESENTATION AND WARRANTY INFORMATION**

N/A

**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 Exhibit 99.1 hereto is an agreed-upon procedures report, dated February 9, 2026, obtained by the sponsor, 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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date: February 9, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BARINGS REAL ESTATE DEBT INCOME FUND LP, a Delaware limited partnership (Sponsor)<br>By: BREDIF GP LLC, its general partner<br>By: BARINGS LLC, its sole member<br>By: <u>/s/ John J. Phillips</u> <br> Title: Managing Director |

---

**EXHIBIT INDEX**

Exhibit 99.1 Independent Accountants' Report on Applying Agreed-Upon Procedures, dated February 9, 2026, of Deloitte & Touche LLP.

## Exhibit 99.1

**Exhibit 99.1**

---

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

---

BREDIF REIT LLC 340 Madison Avenue, 18th Floor New York, New York 10173 <br>

**Independent Accountants' Report**

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

We have performed the procedures described below relating to certain information with respect to a portfolio of mortgage assets in connection with the proposed offering of certain classes of securities by Barings 2026-SPB Issuer LLC ("BAR 2026-SBP"). BREDIF REIT LLC (the "Company") is 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, Morgan Stanley & Co. LLC and Barings Real Estate Debt Income Fund LP (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 9, 2026, representatives of the Company provided us with a computer generated mortgage loan data file and related record layout (the "Data File") containing 90 mortgage loans or notes that are secured by 101 mortgaged properties (the "Mortgage Assets").

---

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

---

From December 22, 2025 through February 9 2026, representatives of the Company provided us with certain Source Documents (as defined in the attached Appendix A) related to the Mortgage Assets. 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 corresponding Mortgage Assets.

At your request, for each of the Mortgage Assets set forth on the Data File, we compared certain characteristics (except for the characteristics identified as "None - provided by the Company" on Appendix A) set forth on the Data File (the "Characteristics" as indicated on Appendix A) to the corresponding information set forth on or derived from the corresponding Source Documents, as supplemented by certain information set forth on the attached Appendix B, 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 Assets underlying the Data File or the conformity of their respective characteristics with those assumed for purposes of the procedures described herein, (ii) the existence or ownership of the Mortgage Assets or (iii) 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 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 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 9, 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 each of the Mortgage Assets (the "Source Documents"):

Promissory note, consolidated, amended and restated promissory note and/or loan modification (collectively, the "Note");

Mortgage, deed of trust, indemnity deed of trust and/or security instrument (collectively, the "DOT");

Guaranty or limited guaranty (collectively, the "Guaranty");

Omnibus amendment to mezzanine loan documents (the "Mezzanine Amendment");

Servicing report, record and/or provided electronic file (collectively, the "Servicer Report");

Reserves report electronic file (the "Reserves Report");

Title policy, pro-forma title policy or title search (collectively, the "Title Policy");

Transaction history (the "Transaction History");

Loan disbursement agreement (the "Disbursement Agreement");

Updated real estate property appraisal report (the "Updated Appraisal Report");

Final underwriter's summary report (the "Underwriting File");

Borrower rent roll and/or Underwritten rent roll (collectively, the "Rent Roll"); and

Credit offering memorandum (the "COM File").

\*\*\*\*\*

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Characteristic** | &nbsp;&nbsp;**Source Document** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;Loan No. | &nbsp;&nbsp;None - provided by the Company |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;Loan ID | &nbsp;&nbsp;None - provided by the Company |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;Name | &nbsp;&nbsp;None - provided by the Company |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;Lien | &nbsp;&nbsp;Title Policy, DOT |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;Security Type | &nbsp;&nbsp;Title Policy, DOT |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;Loan Purpose | &nbsp;&nbsp;COM File, Transaction History, Disbursement Agreement |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;Borrower 1 | &nbsp;&nbsp;Note |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;Borrower 2 | &nbsp;&nbsp;Note |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;Borrower 3 | &nbsp;&nbsp;Note |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;Sponsor 1 | &nbsp;&nbsp;COM File, Guaranty |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;Sponsor 2 | &nbsp;&nbsp;COM File, Guaranty |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Characteristic** | &nbsp;&nbsp;**Source Document** |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;Sponsor 3 | &nbsp;&nbsp;COM File, Guaranty |
| &nbsp;&nbsp;13 | &nbsp;&nbsp;Sponsor 4 | &nbsp;&nbsp;COM File, Guaranty |
| &nbsp;&nbsp;14 | &nbsp;&nbsp;Sponsor 5 | &nbsp;&nbsp;COM File, Guaranty |
| &nbsp;&nbsp;15 | &nbsp;&nbsp;Sponsor 6 | &nbsp;&nbsp;COM File, Guaranty |
| &nbsp;&nbsp;16 | &nbsp;&nbsp;Cut-Off Balance % | &nbsp;&nbsp;Refer to calculation procedures below |
| &nbsp;&nbsp;17 | &nbsp;&nbsp;Prior Note Original Balance | &nbsp;&nbsp;Note, DOT |
| &nbsp;&nbsp;18 | &nbsp;&nbsp;Original Balance | &nbsp;&nbsp;Note |
| &nbsp;&nbsp;19 | &nbsp;&nbsp;Cut-Off Balance | &nbsp;&nbsp;Servicer Report |
| &nbsp;&nbsp;20 | &nbsp;&nbsp;Projected Adjustment Balance | &nbsp;&nbsp;Refer to calculation procedures below |
| &nbsp;&nbsp;21 | &nbsp;&nbsp;Projected Maturity Balance | &nbsp;&nbsp;Refer to calculation procedures below |
| &nbsp;&nbsp;22 | &nbsp;&nbsp;Prior Note Date | &nbsp;&nbsp;Note, DOT |
| &nbsp;&nbsp;23 | &nbsp;&nbsp;Note Date | &nbsp;&nbsp;Note |
| &nbsp;&nbsp;24 | &nbsp;&nbsp;Note Type | &nbsp;&nbsp;Note |
| &nbsp;&nbsp;25 | &nbsp;&nbsp;First Monthly Payment Date | &nbsp;&nbsp;Note |
| &nbsp;&nbsp;26 | &nbsp;&nbsp;IO Period End Date | &nbsp;&nbsp;Note |
| &nbsp;&nbsp;27 | &nbsp;&nbsp;Adjustment Date | &nbsp;&nbsp;Note |
| &nbsp;&nbsp;28 | &nbsp;&nbsp;Maturity Date | &nbsp;&nbsp;Note |
| &nbsp;&nbsp;29 | &nbsp;&nbsp;Seasoning | &nbsp;&nbsp;Refer to calculation procedures below |
| &nbsp;&nbsp;30 | &nbsp;&nbsp;Term to Adjustment | &nbsp;&nbsp;Refer to calculation procedures below |
| &nbsp;&nbsp;31 | &nbsp;&nbsp;Term to Maturity | &nbsp;&nbsp;Refer to calculation procedures below |
| &nbsp;&nbsp;32 | &nbsp;&nbsp;Remaining Term to Adjustment | &nbsp;&nbsp;Refer to calculation procedures below |
| &nbsp;&nbsp;33 | &nbsp;&nbsp;Remaining Term to Maturity | &nbsp;&nbsp;Refer to calculation procedures below |
| &nbsp;&nbsp;34 | &nbsp;&nbsp;Additional Debt | &nbsp;&nbsp;Note, DOT, Mezzanine Amendment |
| &nbsp;&nbsp;35 | &nbsp;&nbsp;Accrual Type | &nbsp;&nbsp;Note |
| &nbsp;&nbsp;36 | &nbsp;&nbsp;Initial Period Penalty String | &nbsp;&nbsp;Note |
| &nbsp;&nbsp;37 | &nbsp;&nbsp;Adjustment Period Penalty String | &nbsp;&nbsp;Note |
| &nbsp;&nbsp;38 | &nbsp;&nbsp;Current Payment Terms Interest Rate | &nbsp;&nbsp;Servicer Report |
| &nbsp;&nbsp;39 | &nbsp;&nbsp;Current Payment Terms In IO Period | &nbsp;&nbsp;Note |
| &nbsp;&nbsp;40 | &nbsp;&nbsp;Current Payment Terms Amort Term | &nbsp;&nbsp;Note |
| &nbsp;&nbsp;41 | &nbsp;&nbsp;Current Payment Terms Monthly P&I Payment | &nbsp;&nbsp;Servicer Report |
| &nbsp;&nbsp;42 | &nbsp;&nbsp;Current Payment Terms Debt Service | &nbsp;&nbsp;Refer to calculation procedures below |
| &nbsp;&nbsp;43 | &nbsp;&nbsp;Initial Payment Terms Interest Rate | &nbsp;&nbsp;Note |
| &nbsp;&nbsp;44 | &nbsp;&nbsp;Initial Payment Terms IO Term | &nbsp;&nbsp;Note |
| &nbsp;&nbsp;45 | &nbsp;&nbsp;Initial Payment Terms Amort Term | &nbsp;&nbsp;Note |
| &nbsp;&nbsp;46 | &nbsp;&nbsp;Initial Payment Terms Monthly P&I Payment | &nbsp;&nbsp;Note |
| &nbsp;&nbsp;47 | &nbsp;&nbsp;Initial Payment Terms Debt Service | &nbsp;&nbsp;Refer to calculation procedures below |
| &nbsp;&nbsp;48 | &nbsp;&nbsp;Adjustment Payment Terms Adjustment Type | &nbsp;&nbsp;Note |
| &nbsp;&nbsp;49 | &nbsp;&nbsp;Adjustment Payment Terms Extension Requirement | &nbsp;&nbsp;Note |
| &nbsp;&nbsp;50 | &nbsp;&nbsp;Adjustment Payment Terms Interest Rate Floor | &nbsp;&nbsp;Note |
| &nbsp;&nbsp;51 | &nbsp;&nbsp;Adjustment Payment Terms Credit Spread | &nbsp;&nbsp;Note |
| &nbsp;&nbsp;52 | &nbsp;&nbsp;Adjustment Payment Terms Benchmark Index | &nbsp;&nbsp;Note |
| &nbsp;&nbsp;53 | &nbsp;&nbsp;Adjustment Payment Terms Benchmark as of Date | &nbsp;&nbsp;Note |
| &nbsp;&nbsp;54 | &nbsp;&nbsp;Adjustment Payment Terms Amort Term | &nbsp;&nbsp;Note |

---

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Characteristic** | &nbsp;&nbsp;**Source Document** |
| &nbsp;&nbsp;55 | &nbsp;&nbsp;Projected Adjustment Payment Terms Post-Adjustment | &nbsp;&nbsp;Note |
| &nbsp;&nbsp;56 | &nbsp;&nbsp;Projected Adjustment Payment Terms Benchmark Index <sup>(1)</sup> | &nbsp;&nbsp;None - provided by the Company |
| &nbsp;&nbsp;57 | &nbsp;&nbsp;Projected Adjustment Payment Terms Interest Rate | &nbsp;&nbsp;Refer to calculation procedures below |
| &nbsp;&nbsp;58 | &nbsp;&nbsp;Projected Adjustment Payment Terms Monthly P&I Payment | &nbsp;&nbsp;Refer to calculation procedures below |
| &nbsp;&nbsp;59 | &nbsp;&nbsp;Projected Adjustment Payment Terms Debt Service | &nbsp;&nbsp;Refer to calculation procedures below |
| &nbsp;&nbsp;60 | &nbsp;&nbsp;Most Recent Financials Income Statement Date | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;61 | &nbsp;&nbsp;Most Recent Financials Occupancy Date | &nbsp;&nbsp;Rent Roll, Underwriting File |
| &nbsp;&nbsp;62 | &nbsp;&nbsp;Most Recent Financials Multifamily Occupancy | &nbsp;&nbsp;Rent Roll |
| &nbsp;&nbsp;63 | &nbsp;&nbsp;Most Recent Financials Commercial Occupancy | &nbsp;&nbsp;Rent Roll |
| &nbsp;&nbsp;64 | &nbsp;&nbsp;Most Recent Financials Effective Gross Revenue | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;65 | &nbsp;&nbsp;Most Recent Financials Operating Expenses | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;66 | &nbsp;&nbsp;Most Recent Financials NOI | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;67 | &nbsp;&nbsp;Most Recent Financials NCF | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;68 | &nbsp;&nbsp;Underwritten Financials Multifamily Occupancy | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;69 | &nbsp;&nbsp;Underwritten Financials Commercial Occupancy | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;70 | &nbsp;&nbsp;Underwritten Financials Effective Gross Revenue | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;71 | &nbsp;&nbsp;Underwritten Financials Operating Expenses | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;72 | &nbsp;&nbsp;Underwritten Financials NOI | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;73 | &nbsp;&nbsp;Underwritten Financials NCF | &nbsp;&nbsp;Underwriting File |
| &nbsp;&nbsp;74 | &nbsp;&nbsp;Current Appraisal Valuation Date | &nbsp;&nbsp;Updated Appraisal Report |
| &nbsp;&nbsp;75 | &nbsp;&nbsp;Current Appraisal Effective Gross Revenue | &nbsp;&nbsp;Updated Appraisal Report |
| &nbsp;&nbsp;76 | &nbsp;&nbsp;Current Appraisal Operating Expenses | &nbsp;&nbsp;Updated Appraisal Report |
| &nbsp;&nbsp;77 | &nbsp;&nbsp;Current Appraisal NOI | &nbsp;&nbsp;Updated Appraisal Report |
| &nbsp;&nbsp;78 | &nbsp;&nbsp;Current Appraisal NCF | &nbsp;&nbsp;Updated Appraisal Report |
| &nbsp;&nbsp;79 | &nbsp;&nbsp;Current Appraisal Valuation | &nbsp;&nbsp;Updated Appraisal Report |
| &nbsp;&nbsp;80 | &nbsp;&nbsp;Current Appraisal Cap Rate | &nbsp;&nbsp;Updated Appraisal Report |
| &nbsp;&nbsp;81 | &nbsp;&nbsp;LTV Current | &nbsp;&nbsp;Refer to calculation procedures below |
| &nbsp;&nbsp;82 | &nbsp;&nbsp;LTV Adjustment | &nbsp;&nbsp;Refer to calculation procedures below |
| &nbsp;&nbsp;83 | &nbsp;&nbsp;LTV Maturity | &nbsp;&nbsp;Refer to calculation procedures below |
| &nbsp;&nbsp;84 | &nbsp;&nbsp;NOI DSCR In-Place | &nbsp;&nbsp;Refer to calculation procedures below |
| &nbsp;&nbsp;85 | &nbsp;&nbsp;NOI DSCR UW | &nbsp;&nbsp;Refer to calculation procedures below |
| &nbsp;&nbsp;86 | &nbsp;&nbsp;NOI DSCR Projected Adjustment | &nbsp;&nbsp;Refer to calculation procedures below |
| &nbsp;&nbsp;87 | &nbsp;&nbsp;Debt Yield Current | &nbsp;&nbsp;Refer to calculation procedures below |
| &nbsp;&nbsp;88 | &nbsp;&nbsp;Debt Yield UW | &nbsp;&nbsp;Refer to calculation procedures below |
| &nbsp;&nbsp;89 | &nbsp;&nbsp;Debt Yield Projected Adjustment | &nbsp;&nbsp;Refer to calculation procedures below |
| &nbsp;&nbsp;90 | &nbsp;&nbsp;Reserves QTM Cash Collateral | &nbsp;&nbsp;Reserves Report |
| &nbsp;&nbsp;91 | &nbsp;&nbsp;Reserves QTM Vacancy | &nbsp;&nbsp;Reserves Report |
| &nbsp;&nbsp;92 | &nbsp;&nbsp;Reserves Tax Escrow | &nbsp;&nbsp;Reserves Report |
| &nbsp;&nbsp;93 | &nbsp;&nbsp;Reserves QTM Prepaid Expenses | &nbsp;&nbsp;Reserves Report |
| &nbsp;&nbsp;94 | &nbsp;&nbsp;Reserves QTM Escrow | &nbsp;&nbsp;Reserves Report |
| &nbsp;&nbsp;95 | &nbsp;&nbsp;Reserves Tax and Insurance Escrow | &nbsp;&nbsp;Reserves Report |
| &nbsp;&nbsp;96 | &nbsp;&nbsp;Reserves QTM Violations | &nbsp;&nbsp;Reserves Report |
| &nbsp;&nbsp;97 | &nbsp;&nbsp;Reserves QTM DSCR | &nbsp;&nbsp;Reserves Report |

---

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Characteristic** | &nbsp;&nbsp;**Source Document** |
| &nbsp;&nbsp;98 | &nbsp;&nbsp;Reserves Prepaid Expense | &nbsp;&nbsp;Reserves Report |
| &nbsp;&nbsp;99 | &nbsp;&nbsp;Type | &nbsp;&nbsp;Updated Appraisal Report |
| &nbsp;&nbsp;100 | &nbsp;&nbsp;Sub-Type | &nbsp;&nbsp;Updated Appraisal Report |
| &nbsp;&nbsp;101 | &nbsp;&nbsp;Mixed Use | &nbsp;&nbsp;Updated Appraisal Report |
| &nbsp;&nbsp;102 | &nbsp;&nbsp;Condominium or Cooperative | &nbsp;&nbsp;COM File, Updated Appraisal Report |
| &nbsp;&nbsp;103 | &nbsp;&nbsp;Address | &nbsp;&nbsp;Updated Appraisal Report, DOT |
| &nbsp;&nbsp;104 | &nbsp;&nbsp;City | &nbsp;&nbsp;Updated Appraisal Report, DOT |
| &nbsp;&nbsp;105 | &nbsp;&nbsp;State | &nbsp;&nbsp;Updated Appraisal Report, DOT |
| &nbsp;&nbsp;106 | &nbsp;&nbsp;Zip | &nbsp;&nbsp;Updated Appraisal Report |
| &nbsp;&nbsp;107 | &nbsp;&nbsp;NYC Borough | &nbsp;&nbsp;Updated Appraisal Report, DOT |
| &nbsp;&nbsp;108 | &nbsp;&nbsp;Built | &nbsp;&nbsp;Updated Appraisal Report |
| &nbsp;&nbsp;109 | &nbsp;&nbsp;Renovated | &nbsp;&nbsp;Updated Appraisal Report |
| &nbsp;&nbsp;110 | &nbsp;&nbsp;Residential Units | &nbsp;&nbsp;Rent Roll, Updated Appraisal Report |
| &nbsp;&nbsp;111 | &nbsp;&nbsp;Rent Stabilized Units | &nbsp;&nbsp;Rent Roll, Updated Appraisal Report |
| &nbsp;&nbsp;112 | &nbsp;&nbsp;Rent Controlled Units | &nbsp;&nbsp;Rent Roll, Updated Appraisal Report |
| &nbsp;&nbsp;113 | &nbsp;&nbsp;NYC 421a/J-51 | &nbsp;&nbsp;Rent Roll, Updated Appraisal Report |
| &nbsp;&nbsp;114 | &nbsp;&nbsp;Commercial Units | &nbsp;&nbsp;Rent Roll |
| &nbsp;&nbsp;115 | &nbsp;&nbsp;Largest Tenant Name | &nbsp;&nbsp;Rent Roll, Updated Appraisal Report |
| &nbsp;&nbsp;116 | &nbsp;&nbsp;Largest Tenant Square Feet | &nbsp;&nbsp;Rent Roll, Updated Appraisal Report |
| &nbsp;&nbsp;117 | &nbsp;&nbsp;Largest Tenant Square Feet % | &nbsp;&nbsp;Refer to calculation procedures below |
| &nbsp;&nbsp;118 | &nbsp;&nbsp;Largest Tenant Expiration Date | &nbsp;&nbsp;Rent Roll, Updated Appraisal Report |
| &nbsp;&nbsp;119 | &nbsp;&nbsp;2nd Largest Tenant Name | &nbsp;&nbsp;Rent Roll, Updated Appraisal Report |
| &nbsp;&nbsp;120 | &nbsp;&nbsp;2nd Largest Tenant Square Feet | &nbsp;&nbsp;Rent Roll, Updated Appraisal Report |
| &nbsp;&nbsp;121 | &nbsp;&nbsp;2nd Largest Tenant Square Feet % | &nbsp;&nbsp;Refer to calculation procedures below |
| &nbsp;&nbsp;122 | &nbsp;&nbsp;2nd Largest Tenant Expiration Date | &nbsp;&nbsp;Rent Roll, Updated Appraisal Report |
| &nbsp;&nbsp;123 | &nbsp;&nbsp;3rd Largest Tenant Name | &nbsp;&nbsp;Rent Roll, Updated Appraisal Report |
| &nbsp;&nbsp;124 | &nbsp;&nbsp;3rd Largest Tenant Square Feet | &nbsp;&nbsp;Rent Roll, Updated Appraisal Report |
| &nbsp;&nbsp;125 | &nbsp;&nbsp;3rd Largest Tenant Square Feet % | &nbsp;&nbsp;Refer to calculation procedures below |
| &nbsp;&nbsp;126 | &nbsp;&nbsp;3rd Largest Tenant Expiration Date | &nbsp;&nbsp;Rent Roll, Updated Appraisal Report |
| &nbsp;&nbsp;127 | &nbsp;&nbsp;Loan/Prop. | &nbsp;&nbsp;Note, Updated Appraisal Report |

---

<sup>(1)</sup> Representatives of the Company instructed us to assume a Projected Adjustment Payment Terms Benchmark Index of 3.750%.

With respect to Characteristic 16, we recomputed the Cut-Off Balance % by dividing the (i) Cut-Off Balance by (ii) sum of each of the Mortgage Assets' Cut-Off Balance.

With respect to Characteristic 20, we recomputed the Projected Adjustment Balance by using the (i) Cut-Off Balance, (ii) Current Payment Terms Interest Rate, (iii) Accrual Type, (iv) Adjustment Date, (v) IO Period End Date, (vi) Current Payment Terms Monthly P&I Payment and (vii) payment date in February 2026 (the "Cut-Off Date," as stipulated by representatives of the Company. This procedure was not performed for those Mortgage Assets identified on the Data File with Projected Adjustment Payment Terms Post-Adjustment identified as "Yes" or "NAP."

With respect to Characteristic 21, we recomputed the Projected Maturity Balance with respect to those Mortgage Assets identified on the Data File with Projected Adjustment Payment Terms

Post-Adjustment identified as (a) "Yes" or "NAP," by using the (i) Cut-Off Balance (ii) Current Payment Terms Interest Rate (iii) Accrual Type (iv) Maturity Date, (v) IO Period End Date, (vi) Current Payment Terms Monthly P&I Payment and (vii) Cut-Off Date or (b) "No," by using the (i) Projected Adjustment Balance, (ii) Projected Adjustment Payment Terms Interest Rate, (iii) Accrual Type, (iv) Adjustment Date, (v) Maturity Date and (vi) Projected Adjustment Payment Terms Monthly P&I Payment.

With respect to Characteristic 29, we recomputed the Seasoning by determining the number of payment dates from and inclusive of the First Monthly Payment Date to and inclusive of the Cut-Off Date.

With respect to Characteristic 30, we recomputed the Term to Adjustment by determining the number of payment dates from and inclusive of the First Monthly Payment Date to and inclusive of the Adjustment Date. This procedure was not performed for those Mortgage Assets identified on the Data File with an Adjustment Date of "NAP."

With respect to Characteristic 31, we recomputed the Term to Maturity by determining the number of payment dates from and inclusive of the First Monthly Payment Date to and inclusive of the Maturity Date.

With respect to Characteristic 32, we recomputed the Remaining Term to Adjustment by determining the number of payment dates from and exclusive of the Cut-Off Date to and inclusive of the Adjustment Date. This procedure was not performed for those Mortgage Assets identified on the Data File with Projected Adjustment Payment Terms Post-Adjustment as "Yes" or "NAP."

With respect to Characteristic 33, we recomputed the Remaining Term to Maturity by determining the number of payment dates from and exclusive of the Cut-Off Date to and inclusive of the Maturity Date.

With respect to Characteristic 42, we recomputed the Current Payment Terms Debt Service by multiplying the Current Payment Terms Monthly P&I Payment by 12. With respect to the Mortgage Asset identified on the Data File as "50 West 17th Street," we recomputed the Current Payment Terms Debt Service as the product of (i) the Original Balance, (ii) the Current Payment Terms Interest Rate and (iii) a fraction equal to 365/360.

With respect to Characteristic 47, we recomputed the Initial Payment Terms Debt Service by multiplying the Initial Payment Terms Monthly P&I Payment by 12. With respect to the Mortgage Asset identified on the Data File as "50 West 17th Street," we recomputed the Initial Payment Terms Debt Service as the product of (i) the Original Balance, (ii) the Initial Payment Terms Interest Rate and (iii) a fraction equal to 365/360.

With respect to Characteristic 57, we recomputed the Projected Adjustment Payment Terms Interest Rate as the greater of (x) the Adjustment Payment Terms Interest Rate Floor and (y) the sum of the (i) Adjustment Payment Terms Credit Spread and (ii) Projected Adjustment Payment Terms Benchmark Index. This procedure was not performed for those Mortgage Assets identified on the Data File with Projected Adjustment Payment Terms Post-Adjustment as "Yes." or "NAP."

With respect to Characteristic 58, we recomputed the Projected Adjustment Payment Terms Monthly P&I Payment by using the (a) Projected Adjustment Payment Terms Interest Rate (b) Adjustment Payment Terms Amort Term and (c) Projected Adjustment Balance. This procedure

was not performed for those Mortgage Assets identified on the Data File with Projected Adjustment Payment Terms Post-Adjustment as "Yes" or "NAP."

With respect to Characteristic 59, we recomputed the Projected Adjustment Payment Terms Debt Service by multiplying the Projected Adjustment Payment Terms Monthly P&I Payment by 12. This procedure was not performed for those Mortgage Assets identified on the Data File with a Projected Adjustment Payment Terms Post-Adjustment as "Yes" or "NAP."

With respect to Characteristic 81, we recomputed the LTV Current by dividing the (i) Cut-Off Balance by (ii) Current Appraisal Valuation. With respect the Mortgage Asset identified on the Data File as "1808 Sunrise Highway B-Note," we replaced clause (i) in the calculation above with the aggregate Cut-Off Balance of the Mortgage Assets identified on the Data File as "1808 Sunrise Highway A-Note" and "1808 Sunrise Highway B-Note."

With respect to Characteristic 82, we recomputed the LTV Adjustment by dividing the (i) Projected Adjustment Balance by (ii) Current Appraisal Valuation. With respect the Mortgage Asset identified on the Data File as "1808 Sunrise Highway B-Note," we replaced clause (i) in the calculation above with the aggregate Projected Adjustment Balance of the Mortgage Assets identified on the Data File as "1808 Sunrise Highway A-Note" and "1808 Sunrise Highway B-Note." This procedure was not performed for those Mortgage Assets identified on the Data File with Projected Adjustment Payment Terms Post-Adjustment as "Yes" or "NAP."

With respect to Characteristic 83, we recomputed the LTV Maturity by dividing the (i) Projected Maturity Balance by (ii) Current Appraisal Valuation. With respect the Mortgage Asset identified on the Data File as "1808 Sunrise Highway B-Note," we replaced clause (i) in the calculation above with the aggregate Projected Maturity Balance of the Mortgage Assets identified on the Data File as "1808 Sunrise Highway A-Note" and "1808 Sunrise Highway B-Note."

With respect to Characteristic 84, we recomputed the NOI DSCR In-Place by dividing the (i) Most Recent Financials NOI by (ii) Current Payment Terms Debt Service. With respect the Mortgage Asset identified on the Data File as "1808 Sunrise Highway B-Note," we replaced clause (ii) in the calculation above with the aggregate Current Payment Terms Debt Service of the Mortgage Assets identified on the Data File as "1808 Sunrise Highway A-Note" and "1808 Sunrise Highway B-Note."

With respect to Characteristic 85, we recomputed the NOI DSCR UW by dividing the (i) Underwritten Financials NOI by (ii) Current Payment Terms Debt Service. With respect the Mortgage Asset identified on the Data File as "1808 Sunrise Highway B-Note," we replaced clause (ii) in the calculation above with the aggregate Current Payment Terms Debt Service of the Mortgage Assets identified on the Data File as "1808 Sunrise Highway A-Note" and "1808 Sunrise Highway B-Note."

With respect to Characteristic 86, we recomputed the NOI DSCR Projected Adjustment by dividing the (i) Underwritten Financials NOI by (ii) Projected Adjustment Payment Terms Debt Service. With respect the Mortgage Asset identified on the Data File as "1808 Sunrise Highway B-Note," we replaced clause (ii) in the calculation above with the aggregate Projected Adjustment Payment Terms Debt Service of the Mortgage Assets identified on the Data File as "1808 Sunrise Highway A-Note" and "1808 Sunrise Highway B-Note." This procedure was not performed for those Mortgage Assets identified on the Data File with Projected Adjustment Payment Terms Post-Adjustment as "Yes" or "NAP."

With respect to Characteristic 87, we recomputed the Debt Yield Current by dividing the (i) Most Recent Financials NOI by (ii) Cut-Off Balance. With respect the Mortgage Asset identified on the Data File as "1808 Sunrise Highway B-Note," we replaced clause (ii) in the calculation above with the aggregate Cut-Off Balance of the Mortgage Assets identified on the Data File as "1808 Sunrise Highway A-Note" and "1808 Sunrise Highway B-Note."

With respect to Characteristic 88, we recomputed the Debt Yield UW by dividing the (i) Underwritten Financials NOI by (ii) Cut-Off Balance. With respect the Mortgage Asset identified on the Data File as "1808 Sunrise Highway B-Note," we replaced clause (ii) in the calculation above with the aggregate Cut-Off Balance of the Mortgage Assets identified on the Data File as "1808 Sunrise Highway A-Note" and "1808 Sunrise Highway B-Note."

With respect to Characteristic 89, we recomputed the Debt Yield Projected Adjustment by dividing the (i) Underwritten Financials NOI by (ii) Projected Adjustment Balance. With respect the Mortgage Asset identified on the Data File as "1808 Sunrise Highway B-Note," we replaced clause (ii) in the calculation above with the aggregate Projected Adjustment Balance of the Mortgage Assets identified on the Data File as "1808 Sunrise Highway A-Note" and "1808 Sunrise Highway B-Note." This procedure was not performed for those Mortgage Assets identified on the Data File with a Projected Adjustment Payment Terms Post-Adjustment as "Yes" or "NAP."

With respect to Characteristic 117, we recomputed the Largest Tenant Square Feet % by dividing the (i) Largest Tenant Square Feet by (ii) Commercial Units. This procedure was not performed for those Mortgage Assets identified on the Data File with a Largest Tenant Name as "NAP."

With respect to Characteristic 121, we recomputed the 2<sup>nd</sup> Largest Tenant Square Feet % by dividing the (i) 2<sup>nd</sup> Largest Tenant Square Feet by (ii) Commercial Units. This procedure was not performed for those Mortgage Assets identified on the Data File with a 2<sup>nd</sup> Largest Tenant Name as "NAP."

With respect to Characteristic 125, we recomputed the 3<sup>rd</sup> Largest Tenant Square Feet % by dividing the (i) 3<sup>rd</sup> Largest Tenant Square Feet by (ii) Commercial Units. This procedure was not performed for those Mortgage Assets identified on the Data File with a 3<sup>rd</sup> Largest Tenant Name as "NAP."

**Appendix B**

**Company Provided Assumptions**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Asset Name** | &nbsp;&nbsp;**Characteristic** | &nbsp;&nbsp;**Company Provided Value** |
| &nbsp;&nbsp;677 Classon Avenue | &nbsp;&nbsp;Lien | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;677 Classon Avenue | &nbsp;&nbsp;Security Type | &nbsp;&nbsp;Fee Simple |
| &nbsp;&nbsp;5301 Fort Hamilton Parkway | &nbsp;&nbsp;Initial Period Penalty String | &nbsp;&nbsp;5%(1-11), 4%(12-23), 3%(24-35), 2%(36-47), 1%(48-57), O(58-60) |

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