# EDGAR Filing Document

**Accession Number:** 0001258361
**File Stem:** 0001539497-26-000009
**Filing Date:** 2026-1
**Character Count:** 66659
**Document Hash:** 99db53634e7b338eda975b3b67a9f127
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001539497-26-000009.hdr.sgml**: 20260107

**ACCESSION NUMBER**: 0001539497-26-000009

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

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20260107

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

**FILED AS OF DATE**: 20260107

**DATE AS OF CHANGE**: 20260107

**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:** 26515605

**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) [_]

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

Central Index Key Number of depositor: 0001258361

ARES Commercial Mortgage Trust 2026-GCP<br> (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 January 7, 2026, 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 January 7, 2026.

**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: January 7, 2026

Citigroup Commercial Mortgage Securities Inc.

(Depositor)

/s/ Richard Simpson

Name: Richard Simpson<br> Title: President

**EXHIBIT INDEX**

Exhibit Number Description <br>Exhibit 99.1 Independent Accountants' Agreed-Upon Procedures Report, dated January 7, 2026.

## Exhibit 99.1

**Exhibit 99.1**

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

---

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

Citigroup Commercial Mortgage Securities Inc. (the "Depositor")

Citi Real Estate Funding Inc.

Citigroup Global Markets Inc.

Morgan Stanley Mortgage Capital Holdings LLC

Morgan Stanley & Co. LLC

Morgan Stanley Bank, N.A.

ARES Management Capital Markets LLC

KeyBanc Capital Markets Inc.

(collectively, the "Specified Parties")

---

| | |
|:---|:---|
| **Re:** | **ARES Commercial Mortgage Trust 2026-GCP (the "Issuing Entity")** |
|  | **Commercial Mortgage Pass-Through Certificates, Series 2026-GCP (the "Certificates")** |

---

We have performed the procedures enumerated in Attachment A, which were agreed to and acknowledged as appropriate by the Specified Parties, for the intended purpose of assisting the Specified Parties in evaluating the accuracy of certain information with respect to the Mortgage Loan (as defined herein) contained on the Data Files (as defined herein) (the "Subject Matter") relating to the Issuing Entity's securitization transaction as of 7 January 2026. This report may not be suitable for any other purpose. The procedures performed may not address all of the items of interest to a user of the report and may not meet the needs of all users of the report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. The appropriateness of these procedures is solely the responsibility of the Specified Parties identified in this report. No other party acknowledged the appropriateness of the procedures. Consequently, we make no representation regarding the appropriateness of the procedures described in Attachment A, either for the purpose for which this report has been requested or for any other purpose.

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

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

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

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

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

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

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

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

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

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

---

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

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

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

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

b. Making any findings with respect to:

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

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

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

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

---

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

---

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

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

/s/ Ernst & Young LLP

7 January 2026

---

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

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

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

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

b. The Mortgage Loan will be secured primarily by a portfolio of commercial properties (each, a "Property" and collectively,
the "Properties").

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

1. The Depositor provided us with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. An electronic data file (the "Preliminary Data File") that the Depositor indicated contains information relating
to the Mortgage Loan and Properties that is expected to be as of 21 January 2026 (the "Reference Date") and

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

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

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

---

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

---

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

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

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

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

Using information on the:

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

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

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

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

5. Using the:

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

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

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

6. Using the:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Original Term to Maturity (Months),

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

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

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7. The applicable Source Document(s) indicate that the Mortgage Loan is interest-only for its entire term, including during any extension
period option(s). Based on this information, the Depositor instructed us to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Use "0" for the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Original amortization term of the Mortgage Loan (the "Original Amortization Term (Months)") and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Remaining amortization term of the Mortgage Loan (the "Remaining Amortization Term (Months)"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Use the "Original Term to Maturity (Months)," as shown on the Final Data File, for the original interest-only period
of the Mortgage Loan (the "Original IO Term (Months)"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Use the "Remaining Term to Maturity (Months)," as shown on the Final Data File, for the remaining interest-only period
of the Mortgage Loan (the "Remaining IO Term (Months)") and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Use the original balance of the Mortgage Loan and each Property, as shown on the allocated loan amount schedule Source Document, as
applicable, for the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Principal balance of the Mortgage Loan and each Property as of the Reference Date (the "Mortgage Loan Closing Date Balance")
and

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

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

8. Using the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Assumed Mortgage Loan Spread and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Term SOFR Cap,

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

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

---

9. Using the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Mortgage Loan Closing Date Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Assumed Mortgage Loan Spread,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Mortgage Loan Interest Rate at Term SOFR Cap and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Interest Calculation (30/360 / Actual/360),

as shown on the Final Data File, and a SOFR assumption of 3.67492% provided by the Depositor (the "Assumed One-month Term SOFR"), and the calculation methodologies provided by the Depositor described in the succeeding paragraph(s) of this Item, we recalculated the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Mortgage Loan Monthly Debt Service Payment,

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Mortgage Loan Monthly Debt Service Payment at Term SOFR Cap and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Mortgage Loan Annual Debt Service Payment at Term SOFR Cap

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The "Assumed Mortgage Loan Spread," as shown on the Final Data File, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The Assumed One-month Term SOFR and

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

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

For the purpose of this procedure, the Depositor instructed us to recalculate the "Mortgage Loan Monthly Debt Service Payment at Term SOFR Cap" of the Mortgage Loan as 1/12<sup>th</sup> of the product of:

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

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

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

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

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

---

10. Using the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. UW Net Operating Income,

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Mortgage Loan Annual Debt Service Payment at Term SOFR Cap,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Mortgage Loan Closing Date Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Mortgage Loan Balloon Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Individual As-Is Appraised Value,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Portfolio Appraised Value,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Unit Mix (Available Units) Total and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. Unit Mix (Available SF) Total,

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Mortgage Loan UW NCF DSCR,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Mortgage Loan UW NOI DSCR at Term SOFR Cap,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Mortgage Loan UW NCF DSCR at Term SOFR Cap,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Mortgage Loan Closing Date LTV (Aggregate Individual As-Is Appraised Values),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Mortgage Loan Balloon LTV (Aggregate Individual As-Is Appraised Values),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. Mortgage Loan Closing Date LTV (Portfolio Appraised Value),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. Mortgage Loan Balloon LTV (Portfolio Appraised Value),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ix. Mortgage Loan UW NOI Debt Yield,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x. Mortgage Loan UW NCF Debt Yield,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xi. Mortgage Loan Closing Date Balance per Unit,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xii. Mortgage Loan Closing Date Balance per SF,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xiii. Individual As-Is Appraised Value per SF,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xiv. Portfolio Appraised Value per SF and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xv. Portfolio Appraised Value Premium

of the Mortgage Loan, and with respect to xi. through xiii. above, of each Property. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Round the characteristics listed in i. through iv. and xi. through xiv. above to two decimal places and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Round the characteristics listed in v. through x. and xv. above to the nearest 1/10<sup>th</sup> of one percent.

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

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11. Using the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Unit Mix (Available SF) Climate Controlled and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Unit Mix (Available SF) Total Self-Storage,

as shown on the Final Data File, we recalculated the "% of Self-Storage SF Climate Controlled" of the Mortgage Loan and each Property. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

12. Using the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Unit Mix (Available SF) Total,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. 2023 Total Revenue,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. 2024 Total Revenue,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. September 2025 TTM Total Revenue,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Normalized September 2025 TTM Total Revenue,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. September 2025 T-6 Annualized Total Revenue,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. September 2025 T-3 Annualized Total Revenue,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. September 2025 T-1 Annualized Total Revenue,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Sponsor Year 1 Budget Total Revenue,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. Sponsor Year 2 Budget Total Revenue,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. Sponsor Year 3 Budget Total Revenue and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. UW Total Revenue,

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. 2023 Portfolio RevPAF (based on Total Revenue and Total SF),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. 2024 Portfolio RevPAF (based on Total Revenue and Total SF),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. September 2025 TTM Portfolio RevPaf (based on Total Revenue and Total SF),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Normalized September 2025 TTM Portfolio RevPAF (based on Total Revenue and Total SF),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. September 2025 T-6 Annualized Portfolio RevPAF (based on Total Revenue and Total SF),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. September 2025 T-3 Annualized Portfolio RevPAF (based on Total Revenue and Total SF),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. September 2025 T-1 Annualized Portfolio RevPAF (based on Total Revenue and Total SF),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. Sponsor Year 1 Budget Portfolio RevPAF (based on Total Revenue and Total SF),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ix. Sponsor Year 2 Budget Portfolio RevPAF (based on Total Revenue and Total SF),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x. Sponsor Year 3 Budget Portfolio RevPAF (based on Total Revenue and Total SF) and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xi. UW Portfolio RevPAF (based on Total Revenue and Total SF)

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

13. Using the "Mortgage Loan Closing Date Balance," as shown on the Final Data File, we recalculated the "% of Mortgage
Loan Closing Date Balance" of the Mortgage Loan and each Property. We compared this recalculated information to the corresponding
information on the Final Data File and found such information to be in agreement.

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

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

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

---

| | |
|:---|:---|
| **<u>Source Document Title</u>** | **<u>Source Document Date</u>** |
| Mortgage Loan Agreement (see Note 1) | 7 January 2026 |
| Allocated Loan Amount Schedule (see Note 1) | 6 January 2026 |
| Cash Management Agreement (see Note 1) | 30 December 2025 |
| Deposit Account Control Agreement (see Note 1) | 16 December 2025 |
| Guaranty Agreement (see Note 1) | 5 January 2026 |
| Contribution Agreement (see Note 1) | 16 December 2025 |
| Environmental Indemnity Agreement (see Note 1) | 16 December 2025 |
| Deed of Trust (see Note 1) | 16 December 2025 |
| Promissory Note(s) (see Note 1) | 16 December 2025 |
| Assignment of Interest Rate Cap (see Note 1) | 16 December 2025 |
| Interest Rate Cap Agreement (see Note 1) | 7 January 2026 |
| Administrative Fee Schedule | Not Dated |

---

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

---

| | |
|:---|:---|
| **<u>Source Document Title</u>** | **<u>Source Document Date</u>** |
| Appraisal Reports | Various |
| Portfolio Appraisal Report | 22 December 2025 |
| Engineering Reports (see Note 1) | Various |
| Phase I Environmental Reports (see Note 1) | Various |
| Pro Forma Title Polices | Not Dated |
| Underwriter's Summary Report | Not Dated |
| Assignment of Management Agreement (see Note 1) | 16 December 2025 |

---

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

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

---

| | |
|:---|:---|
| **<u>Source Document Title</u>** | **<u>Source Document Date</u>** |
| Management Agreement (see Note 1) | 30 December 2025 |
| Insurance Risk Analysis (see Note 1) | 7 January 2026 |
| Seismic Risk Assessment (see Note 1) | Various |
| Capital Expenditures Information | Not Dated |
| Historical Occupancy Summary | Not Dated |
| Phase I Environmental Report Matrix (see Note 1) | 7 January 2026 |

---

**<u>Note</u>:**

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

 ****

**Exhibit 2 to Attachment A**<br> Page 1 of 15<br>

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

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

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| Address | Appraisal Report or Pro Forma Title Policy |
| City | Appraisal Report or Engineering Report |
| State | Appraisal Report |
| Zip | Appraisal Report |
| County | Appraisal Report |
| Market | Underwriter's Summary Report |
| Property Type | Appraisal Report |
| Property Sub-Type | Appraisal Report |
| Year Built | Appraisal Report or Engineering Report |
| Year Renovated | Appraisal Report |
| Date Acquired | Underwriter's Summary Report |
| Pool Identifier | Underwriter's Summary Report |
| Ownership Interest | Pro Forma Title Policy |
| Unit Mix (Available Units) Regular | Underwriter's Summary Report |
| Unit Mix (Available Units) Climate Controlled | Underwriter's Summary Report |
| Unit Mix (Available Units) Total Self-Storage | Underwriter's Summary Report |
| Unit Mix (Available Units) Locker | Underwriter's Summary Report |
| Unit Mix (Available Units) Commercial / Other | Underwriter's Summary Report |
| Unit Mix (Available Units) Parking | Underwriter's Summary Report |
| Unit Mix (Available Units) Covered Parking | Underwriter's Summary Report |
| Unit Mix (Available Units) Total | Underwriter's Summary Report |
| Unit Mix (Available SF) Regular | Underwriter's Summary Report |
| Unit Mix (Available SF) Climate Controlled | Underwriter's Summary Report |
| Unit Mix (Available SF) Total Self-Storage | Underwriter's Summary Report |
| Unit Mix (Available SF) Locker | Underwriter's Summary Report |
| Unit Mix (Available SF) Commercial / Other | Underwriter's Summary Report |
| Unit Mix (Available SF) Parking | Underwriter's Summary Report |
| Unit Mix (Available SF) Covered Parking | Underwriter's Summary Report |
| Unit Mix (Available SF) Total | Underwriter's Summary Report |
| Unit Mix (Occupied Units) Regular | Underwriter's Summary Report |
| Unit Mix (Occupied Units) Climate Controlled | Underwriter's Summary Report |
| Unit Mix (Occupied Units) Total Self Storage | Underwriter's Summary Report |

---

**Exhibit 2 to Attachment A**<br> Page 2 of 15<br>

**<u>Property Information</u>:** (continued)

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| Unit Mix (Occupied Units) Locker | Underwriter's Summary Report |
| Unit Mix (Occupied Units) Commercial / Other | Underwriter's Summary Report |
| Unit Mix (Occupied Units) Parking | Underwriter's Summary Report |
| Unit Mix (Occupied Units) Covered Parking | Underwriter's Summary Report |
| Unit Mix (Occupied Units) Total | Underwriter's Summary Report |
| Unit Mix (Occupied SF) Regular | Underwriter's Summary Report |
| Unit Mix (Occupied SF) Climate Controlled | Underwriter's Summary Report |
| Unit Mix (Occupied SF) Total Self-Storage | Underwriter's Summary Report |
| Unit Mix (Occupied SF) Locker | Underwriter's Summary Report |
| Unit Mix (Occupied SF) Commercial / Other | Underwriter's Summary Report |
| Unit Mix (Occupied SF) Parking | Underwriter's Summary Report |
| Unit Mix (Occupied SF) Covered Parking | Underwriter's Summary Report |
| Unit Mix (Occupied SF) Total | Underwriter's Summary Report |
| 2023 Average Occupancy | Historical Occupancy Summary |
| 2024 Average Occupancy | Historical Occupancy Summary |
| September 2025 TTM Average Occupancy | Historical Occupancy Summary |
| September 2025 T-6 Annualized Average Occupancy | Historical Occupancy Summary |
| September 2025 T-3 Annualized Average Occupancy | Historical Occupancy Summary |
| September 2025 T-1 Annualized Average Occupancy | Historical Occupancy Summary |
| Sponsor Year 1 Budget Average Occupancy | Historical Occupancy Summary |
| Sponsor Year 2 Budget Average Occupancy | Historical Occupancy Summary |
| Sponsor Year 3 Budget Average Occupancy | Historical Occupancy Summary |
| Rent Roll Date | Underwriter's Summary Report |
| Self-Storage Occupancy (based on Units) | Underwriter's Summary Report |
| Self-Storage Occupancy (based on SF) | Underwriter's Summary Report |
| Total Occupancy (based on Units) | Underwriter's Summary Report |
| Total Occupancy (based on SF) | Underwriter's Summary Report |

---

**Exhibit 2 to Attachment A**<br> Page 3 of 15<br>

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

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| Individual As-Is Appraised Value Date | Appraisal Report |
| Individual As-Is Appraised Value | Appraisal Report |
| Portfolio Appraised Value Date | Portfolio Appraisal Report |
| Portfolio Appraised Value | Portfolio Appraisal Report |
| Engineering Report Provider | Engineering Report |
| Engineering Report Date | Engineering Report |
| Seismic Zone | Engineering Report or Seismic Risk Assessment |
| PML % | Seismic Risk Assessment |
| Environmental Report Provider | Phase I Environmental Report |
| Environmental Report Date | Phase I Environmental Report or Phase I Environmental Report Matrix |
| Phase II Required? | Phase I Environmental Report |

---

**<u>Demographic Information</u>:** 

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| 3-Mile Population | Underwriter's Summary Report |
| 3-Mile Median HH Income | Underwriter's Summary Report |
| 5-Mile Population | Underwriter's Summary Report |
| 5-Mile Median HH Income | Underwriter's Summary Report |

---

**<u>Collateral Pool Information</u>:** 

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| 2023 Collateral Pool | Underwriter's Summary Report |
| 2024 Collateral Pool | Underwriter's Summary Report |
| September 2025 TTM Collateral Pool | Underwriter's Summary Report |
| Normalized September 2025 TTM Collateral Pool | Underwriter's Summary Report |
| September 2025 T-6 Annualized Collateral Pool | Underwriter's Summary Report |
| September 2025 T-3 Annualized Collateral Pool | Underwriter's Summary Report |
| September 2025 T-1 Annualized Collateral Pool | Underwriter's Summary Report |
| Sponsor Year 1 Budget Collateral Pool | Underwriter's Summary Report |
| Sponsor Year 2 Budget Collateral Pool | Underwriter's Summary Report |
| Sponsor Year 3 Budget Collateral Pool | Underwriter's Summary Report |
| UW Collateral Pool | Underwriter's Summary Report |

---

**Exhibit 2 to Attachment A**<br> Page 4 of 15<br>

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

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| 2023 Storage Gross Potential Rent | Underwriter's Summary Report |
| 2024 Storage Gross Potential Rent | Underwriter's Summary Report |
| September 2025 TTM Storage Gross Potential Rent | Underwriter's Summary Report |
| Normalized September 2025 TTM Storage Gross Potential Rent | Underwriter's Summary Report |
| September 2025 T-6 Annualized Storage Gross Potential Rent | Underwriter's Summary Report |
| September 2025 T-3 Annualized Storage Gross Potential Rent | Underwriter's Summary Report |
| September 2025 T-1 Annualized Storage Gross Potential Rent | Underwriter's Summary Report |
| Sponsor Year 1 Budget Storage Gross Potential Rent | Underwriter's Summary Report |
| Sponsor Year 2 Budget Storage Gross Potential Rent | Underwriter's Summary Report |
| Sponsor Year 3 Budget Storage Gross Potential Rent | Underwriter's Summary Report |
| UW Storage Gross Potential Rent | Underwriter's Summary Report |
| 2023 Storage Vacancy | Underwriter's Summary Report |
| 2024 Storage Vacancy | Underwriter's Summary Report |
| September 2025 TTM Storage Vacancy | Underwriter's Summary Report |
| Normalized September 2025 TTM Storage Vacancy | Underwriter's Summary Report |
| September 2025 T-6 Annualized Storage Vacancy | Underwriter's Summary Report |
| September 2025 T-3 Annualized Storage Vacancy | Underwriter's Summary Report |
| September 2025 T-1 Annualized Storage Vacancy | Underwriter's Summary Report |
| Sponsor Year 1 Budget Storage Vacancy | Underwriter's Summary Report |
| Sponsor Year 2 Budget Storage Vacancy | Underwriter's Summary Report |
| Sponsor Year 3 Budget Storage Vacancy | Underwriter's Summary Report |
| UW Storage Vacancy | Underwriter's Summary Report |
| 2023 Gross Storage Revenue | Underwriter's Summary Report |
| 2024 Gross Storage Revenue | Underwriter's Summary Report |
| September 2025 TTM Gross Storage Revenue | Underwriter's Summary Report |
| Normalized September 2025 TTM Gross Storage Revenue | Underwriter's Summary Report |
| September 2025 T-6 Annualized Gross Storage Revenue | Underwriter's Summary Report |

---

**Exhibit 2 to Attachment A**<br> Page 5 of 15<br>

**<u>Underwriting Information</u>:** (continued)

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| September 2025 T-3 Annualized Gross Storage Revenue | Underwriter's Summary Report |
| September 2025 T-1 Annualized Gross Storage Revenue | Underwriter's Summary Report |
| Sponsor Year 1 Budget Gross Storage Revenue | Underwriter's Summary Report |
| Sponsor Year 2 Budget Gross Storage Revenue | Underwriter's Summary Report |
| Sponsor Year 3 Budget Gross Storage Revenue | Underwriter's Summary Report |
| UW Gross Storage Revenue | Underwriter's Summary Report |
| 2023 Move-in Incentives | Underwriter's Summary Report |
| 2024 Move-in Incentives | Underwriter's Summary Report |
| September 2025 TTM Move-in Incentives | Underwriter's Summary Report |
| Normalized September 2025 TTM Move-in Incentives | Underwriter's Summary Report |
| September 2025 T-6 Annualized Move-in Incentives | Underwriter's Summary Report |
| September 2025 T-3 Annualized Move-in Incentives | Underwriter's Summary Report |
| September 2025 T-1 Annualized Move-in Incentives | Underwriter's Summary Report |
| Sponsor Year 1 Budget Move-in Incentives | Underwriter's Summary Report |
| Sponsor Year 2 Budget Move-in Incentives | Underwriter's Summary Report |
| Sponsor Year 3 Budget Move-in Incentives | Underwriter's Summary Report |
| UW Move-in Incentives | Underwriter's Summary Report |
| 2023 Bad Debt | Underwriter's Summary Report |
| 2024 Bad Debt | Underwriter's Summary Report |
| September 2025 TTM Bad Debt | Underwriter's Summary Report |
| Normalized September 2025 TTM Bad Debt | Underwriter's Summary Report |
| September 2025 T-6 Annualized Bad Debt | Underwriter's Summary Report |
| September 2025 T-3 Annualized Bad Debt | Underwriter's Summary Report |
| September 2025 T-1 Annualized Bad Debt | Underwriter's Summary Report |
| Sponsor Year 1 Budget Bad Debt | Underwriter's Summary Report |
| Sponsor Year 2 Budget Bad Debt | Underwriter's Summary Report |
| Sponsor Year 3 Budget Bad Debt | Underwriter's Summary Report |
| UW Bad Debt | Underwriter's Summary Report |
| 2023 Merchandise | Underwriter's Summary Report |
| 2024 Merchandise | Underwriter's Summary Report |
| September 2025 TTM Merchandise | Underwriter's Summary Report |
| Normalized September 2025 TTM Merchandise | Underwriter's Summary Report |
| September 2025 T-6 Annualized Merchandise | Underwriter's Summary Report |

---

**Exhibit 2 to Attachment A**<br> Page 6 of 15<br>

**<u>Underwriting Information</u>:** (continued)

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| September 2025 T-3 Annualized Merchandise | Underwriter's Summary Report |
| September 2025 T-1 Annualized Merchandise | Underwriter's Summary Report |
| Sponsor Year 1 Budget Merchandise | Underwriter's Summary Report |
| Sponsor Year 2 Budget Merchandise | Underwriter's Summary Report |
| Sponsor Year 3 Budget Merchandise | Underwriter's Summary Report |
| UW Merchandise | Underwriter's Summary Report |
| 2023 Parking & Other Rent | Underwriter's Summary Report |
| 2024 Parking & Other Rent | Underwriter's Summary Report |
| September 2025 TTM Parking & Other Rent | Underwriter's Summary Report |
| Normalized September 2025 TTM Parking & Other Rent | Underwriter's Summary Report |
| September 2025 T-6 Annualized Parking & Other Rent | Underwriter's Summary Report |
| September 2025 T-3 Annualized Parking & Other Rent | Underwriter's Summary Report |
| September 2025 T-1 Annualized Parking & Other Rent | Underwriter's Summary Report |
| Sponsor Year 1 Budget Parking & Other Rent | Underwriter's Summary Report |
| Sponsor Year 2 Budget Parking & Other Rent | Underwriter's Summary Report |
| Sponsor Year 3 Budget Parking & Other Rent | Underwriter's Summary Report |
| UW Parking & Other Rent | Underwriter's Summary Report |
| 2023 Late Fees / Admin Fees | Underwriter's Summary Report |
| 2024 Late Fees / Admin Fees | Underwriter's Summary Report |
| September 2025 TTM Late Fees / Admin Fees | Underwriter's Summary Report |
| Normalized September 2025 TTM Late Fees / Admin Fees | Underwriter's Summary Report |
| September 2025 T-6 Annualized Late Fees / Admin Fees | Underwriter's Summary Report |
| September 2025 T-3 Annualized Late Fees / Admin Fees | Underwriter's Summary Report |
| September 2025 T-1 Annualized Late Fees / Admin Fees | Underwriter's Summary Report |
| Sponsor Year 1 Budget Late Fees / Admin Fees | Underwriter's Summary Report |
| Sponsor Year 2 Budget Late Fees / Admin Fees | Underwriter's Summary Report |

---

**Exhibit 2 to Attachment A**<br> Page 7 of 15<br>

**<u>Underwriting Information</u>:** (continued)

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| Sponsor Year 3 Budget Late Fees / Admin Fees | Underwriter's Summary Report |
| UW Late Fees / Admin Fees | Underwriter's Summary Report |
| 2023 Other Income | Underwriter's Summary Report |
| 2024 Other Income | Underwriter's Summary Report |
| September 2025 TTM Other Income | Underwriter's Summary Report |
| Normalized September 2025 TTM Other Income | Underwriter's Summary Report |
| September 2025 T-6 Annualized Other Income | Underwriter's Summary Report |
| September 2025 T-3 Annualized Other Income | Underwriter's Summary Report |
| September 2025 T-1 Annualized Other Income | Underwriter's Summary Report |
| Sponsor Year 1 Budget Other Income | Underwriter's Summary Report |
| Sponsor Year 2 Budget Other Income | Underwriter's Summary Report |
| Sponsor Year 3 Budget Other Income | Underwriter's Summary Report |
| UW Other Income | Underwriter's Summary Report |
| 2023 Total Revenue | Underwriter's Summary Report |
| 2024 Total Revenue | Underwriter's Summary Report |
| September 2025 TTM Total Revenue | Underwriter's Summary Report |
| Normalized September 2025 TTM Total Revenue | Underwriter's Summary Report |
| September 2025 T-6 Annualized Total Revenue | Underwriter's Summary Report |
| September 2025 T-3 Annualized Total Revenue | Underwriter's Summary Report |
| September 2025 T-1 Annualized Total Revenue | Underwriter's Summary Report |
| Sponsor Year 1 Budget Total Revenue | Underwriter's Summary Report |
| Sponsor Year 2 Budget Total Revenue | Underwriter's Summary Report |
| Sponsor Year 3 Budget Total Revenue | Underwriter's Summary Report |
| UW Total Revenue | Underwriter's Summary Report |
| 2023 Management Fee | Underwriter's Summary Report |
| 2024 Management Fee | Underwriter's Summary Report |
| September 2025 TTM Management Fee | Underwriter's Summary Report |
| Normalized September 2025 TTM Management Fee | Underwriter's Summary Report |
| September 2025 T-6 Annualized Management Fee | Underwriter's Summary Report |
| September 2025 T-3 Annualized Management Fee | Underwriter's Summary Report |

---

**Exhibit 2 to Attachment A**<br> Page 8 of 15<br>

**<u>Underwriting Information</u>:** (continued)

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| September 2025 T-1 Annualized Management Fee | Underwriter's Summary Report |
| Sponsor Year 1 Budget Management Fee | Underwriter's Summary Report |
| Sponsor Year 2 Budget Management Fee | Underwriter's Summary Report |
| Sponsor Year 3 Budget Management Fee | Underwriter's Summary Report |
| UW Management Fee | Underwriter's Summary Report |
| 2023 Payroll | Underwriter's Summary Report |
| 2024 Payroll | Underwriter's Summary Report |
| September 2025 TTM Payroll | Underwriter's Summary Report |
| Normalized September 2025 TTM Payroll | Underwriter's Summary Report |
| September 2025 T-6 Annualized Payroll | Underwriter's Summary Report |
| September 2025 T-3 Annualized Payroll | Underwriter's Summary Report |
| September 2025 T-1 Annualized Payroll | Underwriter's Summary Report |
| Sponsor Year 1 Budget Payroll | Underwriter's Summary Report |
| Sponsor Year 2 Budget Payroll | Underwriter's Summary Report |
| Sponsor Year 3 Budget Payroll | Underwriter's Summary Report |
| UW Payroll | Underwriter's Summary Report |
| 2023 Utilities | Underwriter's Summary Report |
| 2024 Utilities | Underwriter's Summary Report |
| September 2025 TTM Utilities | Underwriter's Summary Report |
| Normalized September 2025 TTM Utilities | Underwriter's Summary Report |
| September 2025 T-6 Annualized Utilities | Underwriter's Summary Report |
| September 2025 T-3 Annualized Utilities | Underwriter's Summary Report |
| September 2025 T-1 Annualized Utilities | Underwriter's Summary Report |
| Sponsor Year 1 Budget Utilities | Underwriter's Summary Report |
| Sponsor Year 2 Budget Utilities | Underwriter's Summary Report |
| Sponsor Year 3 Budget Utilities | Underwriter's Summary Report |
| UW Utilities | Underwriter's Summary Report |
| 2023 Marketing | Underwriter's Summary Report |
| 2024 Marketing | Underwriter's Summary Report |
| September 2025 TTM Marketing | Underwriter's Summary Report |
| Normalized September 2025 TTM Marketing | Underwriter's Summary Report |
| September 2025 T-6 Annualized Marketing | Underwriter's Summary Report |
| September 2025 T-3 Annualized Marketing | Underwriter's Summary Report |
| September 2025 T-1 Annualized Marketing | Underwriter's Summary Report |
| Sponsor Year 1 Budget Marketing | Underwriter's Summary Report |
| Sponsor Year 2 Budget Marketing | Underwriter's Summary Report |
| Sponsor Year 3 Budget Marketing | Underwriter's Summary Report |
| UW Marketing | Underwriter's Summary Report |

---

**Exhibit 2 to Attachment A**<br> Page 9 of 15<br>

**<u>Underwriting Information</u>:** (continued)

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| 2023 Repairs & Maintenance | Underwriter's Summary Report |
| 2024 Repairs & Maintenance | Underwriter's Summary Report |
| September 2025 TTM Repairs & Maintenance | Underwriter's Summary Report |
| Normalized September 2025 TTM Repairs & Maintenance | Underwriter's Summary Report |
| September 2025 T-6 Annualized Repairs & Maintenance | Underwriter's Summary Report |
| September 2025 T-3 Annualized Repairs & Maintenance | Underwriter's Summary Report |
| September 2025 T-1 Annualized Repairs & Maintenance | Underwriter's Summary Report |
| Sponsor Year 1 Budget Repairs & Maintenance | Underwriter's Summary Report |
| Sponsor Year 2 Budget Repairs & Maintenance | Underwriter's Summary Report |
| Sponsor Year 3 Budget Repairs & Maintenance | Underwriter's Summary Report |
| UW Repairs & Maintenance | Underwriter's Summary Report |
| 2023 General & Administrative | Underwriter's Summary Report |
| 2024 General & Administrative | Underwriter's Summary Report |
| September 2025 TTM General & Administrative | Underwriter's Summary Report |
| Normalized September 2025 TTM General & Administrative | Underwriter's Summary Report |
| September 2025 T-6 Annualized General & Administrative | Underwriter's Summary Report |
| September 2025 T-3 Annualized General & Administrative | Underwriter's Summary Report |
| September 2025 T-1 Annualized General & Administrative | Underwriter's Summary Report |
| Sponsor Year 1 Budget General & Administrative | Underwriter's Summary Report |
| Sponsor Year 2 Budget General & Administrative | Underwriter's Summary Report |
| Sponsor Year 3 Budget General & Administrative | Underwriter's Summary Report |
| UW General & Administrative | Underwriter's Summary Report |
| 2023 Taxes | Underwriter's Summary Report |
| 2024 Taxes | Underwriter's Summary Report |

---

**Exhibit 2 to Attachment A**<br> Page 10 of 15<br>

**<u>Underwriting Information</u>:** (continued)

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| September 2025 TTM Taxes | Underwriter's Summary Report |
| Normalized September 2025 TTM Taxes | Underwriter's Summary Report |
| September 2025 T-6 Annualized Taxes | Underwriter's Summary Report |
| September 2025 T-3 Annualized Taxes | Underwriter's Summary Report |
| September 2025 T-1 Annualized Taxes | Underwriter's Summary Report |
| Sponsor Year 1 Budget Taxes | Underwriter's Summary Report |
| Sponsor Year 2 Budget Taxes | Underwriter's Summary Report |
| Sponsor Year 3 Budget Taxes | Underwriter's Summary Report |
| UW Taxes | Underwriter's Summary Report |
| 2023 Insurance | Underwriter's Summary Report |
| 2024 Insurance | Underwriter's Summary Report |
| September 2025 TTM Insurance | Underwriter's Summary Report |
| Normalized September 2025 TTM Insurance | Underwriter's Summary Report |
| September 2025 T-6 Annualized Insurance | Underwriter's Summary Report |
| September 2025 T-3 Annualized Insurance | Underwriter's Summary Report |
| September 2025 T-1 Annualized Insurance | Underwriter's Summary Report |
| Sponsor Year 1 Budget Insurance | Underwriter's Summary Report |
| Sponsor Year 2 Budget Insurance | Underwriter's Summary Report |
| Sponsor Year 3 Budget Insurance | Underwriter's Summary Report |
| UW Insurance | Underwriter's Summary Report |
| 2023 Non-recurring Expenses | Underwriter's Summary Report |
| 2024 Non-recurring Expenses | Underwriter's Summary Report |
| September 2025 TTM Non-recurring Expenses | Underwriter's Summary Report |
| Normalized September 2025 TTM Non-recurring Expenses | Underwriter's Summary Report |
| September 2025 T-6 Annualized Non-recurring Expenses | Underwriter's Summary Report |
| September 2025 T-3 Annualized Non-recurring Expenses | Underwriter's Summary Report |
| September 2025 T-1 Annualized Non-recurring Expenses | Underwriter's Summary Report |
| Sponsor Year 1 Budget Non-recurring Expenses | Underwriter's Summary Report |
| Sponsor Year 2 Budget Non-recurring Expenses | Underwriter's Summary Report |
| Sponsor Year 3 Budget Non-recurring Expenses | Underwriter's Summary Report |

---

**Exhibit 2 to Attachment A**<br> Page 11 of 15<br>

**<u>Underwriting Information</u>:** (continued)

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| UW Non-recurring Expenses | Underwriter's Summary Report |
| 2023 Other Expenses | Underwriter's Summary Report |
| 2024 Other Expenses | Underwriter's Summary Report |
| September 2025 TTM Other Expenses | Underwriter's Summary Report |
| Normalized September 2025 TTM Other Expenses | Underwriter's Summary Report |
| September 2025 T-6 Annualized Other Expenses | Underwriter's Summary Report |
| September 2025 T-3 Annualized Other Expenses | Underwriter's Summary Report |
| September 2025 T-1 Annualized Other Expenses | Underwriter's Summary Report |
| Sponsor Year 1 Budget Other Expenses | Underwriter's Summary Report |
| Sponsor Year 2 Budget Other Expenses | Underwriter's Summary Report |
| Sponsor Year 3 Budget Other Expenses | Underwriter's Summary Report |
| UW Other Expenses | Underwriter's Summary Report |
| 2023 Total Expenses | Underwriter's Summary Report |
| 2024 Total Expenses | Underwriter's Summary Report |
| September 2025 TTM Total Expenses | Underwriter's Summary Report |
| Normalized September 2025 TTM Total Expenses | Underwriter's Summary Report |
| September 2025 T-6 Annualized Total Expenses | Underwriter's Summary Report |
| September 2025 T-3 Annualized Total Expenses | Underwriter's Summary Report |
| September 2025 T-1 Annualized Total Expenses | Underwriter's Summary Report |
| Sponsor Year 1 Budget Total Expenses | Underwriter's Summary Report |
| Sponsor Year 2 Budget Total Expenses | Underwriter's Summary Report |
| Sponsor Year 3 Budget Total Expenses | Underwriter's Summary Report |
| UW Total Expenses | Underwriter's Summary Report |
| 2023 Net Operating Income | Underwriter's Summary Report |
| 2024 Net Operating Income | Underwriter's Summary Report |
| September 2025 TTM Net Operating Income | Underwriter's Summary Report |
| Normalized September 2025 TTM Net Operating Income | Underwriter's Summary Report |
| September 2025 T-6 Annualized Net Operating Income | Underwriter's Summary Report |
| September 2025 T-3 Annualized Net Operating Income | Underwriter's Summary Report |
| September 2025 T-1 Annualized Net Operating Income | Underwriter's Summary Report |

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**Exhibit 2 to Attachment A**<br> Page 12 of 15<br>

**<u>Underwriting Information</u>:** (continued)

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| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| Sponsor Year 1 Budget Net Operating Income | Underwriter's Summary Report |
| Sponsor Year 2 Budget Net Operating Income | Underwriter's Summary Report |
| Sponsor Year 3 Budget Net Operating Income | Underwriter's Summary Report |
| UW Net Operating Income | Underwriter's Summary Report |
| 2023 Replacement Reserves | Underwriter's Summary Report |
| 2024 Replacement Reserves | Underwriter's Summary Report |
| September 2025 TTM Replacement Reserves | Underwriter's Summary Report |
| Normalized September 2025 TTM Replacement Reserves | Underwriter's Summary Report |
| September 2025 T-6 Annualized Replacement Reserves | Underwriter's Summary Report |
| September 2025 T-3 Annualized Replacement Reserves | Underwriter's Summary Report |
| September 2025 T-1 Annualized Replacement Reserves | Underwriter's Summary Report |
| Sponsor Year 1 Budget Replacement Reserves | Underwriter's Summary Report |
| Sponsor Year 2 Budget Replacement Reserves | Underwriter's Summary Report |
| Sponsor Year 3 Budget Replacement Reserves | Underwriter's Summary Report |
| UW Replacement Reserves | Underwriter's Summary Report |
| 2023 Net Cash Flow | Underwriter's Summary Report |
| 2024 Net Cash Flow | Underwriter's Summary Report |
| September 2025 TTM Net Cash Flow | Underwriter's Summary Report |
| Normalized September 2025 TTM Net Cash Flow | Underwriter's Summary Report |
| September 2025 T-6 Annualized Net Cash Flow | Underwriter's Summary Report |
| September 2025 T-3 Annualized Net Cash Flow | Underwriter's Summary Report |
| September 2025 T-1 Annualized Net Cash Flow | Underwriter's Summary Report |
| Sponsor Year 1 Budget Net Cash Flow | Underwriter's Summary Report |
| Sponsor Year 2 Budget Net Cash Flow | Underwriter's Summary Report |
| Sponsor Year 3 Budget Net Cash Flow | Underwriter's Summary Report |
| UW Net Cash Flow | Underwriter's Summary Report |

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**Exhibit 2 to Attachment A**<br> Page 13 of 15<br>

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

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| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| Initial Tax Escrow | Mortgage Loan Agreement |
| Ongoing Tax Escrow Monthly | Mortgage Loan Agreement |
| Tax Escrow Springing Conditions | Mortgage Loan Agreement |
| Initial Insurance Escrow | Mortgage Loan Agreement |
| Ongoing Insurance Escrow Monthly | Mortgage Loan Agreement |
| Insurance Escrow Springing Conditions | Mortgage Loan Agreement |
| Initial Cap Ex Escrow | Mortgage Loan Agreement |
| Ongoing Cap Ex Escrow Monthly | Mortgage Loan Agreement |
| Cap Ex Escrow Springing Conditions | Mortgage Loan Agreement |
| Initial Immediate Repairs Escrow | Mortgage Loan Agreement |
| Ongoing Immediate Repairs Escrow | Mortgage Loan Agreement |
| Ongoing Immediate Repairs Escrow Springing Conditions | Mortgage Loan Agreement |
| Initial Other Escrow | Mortgage Loan Agreement |
| Ongoing Other Escrow Monthly | Mortgage Loan Agreement |
| Ongoing Other Escrow Springing Conditions | Mortgage Loan Agreement |
| Other Escrow Description | Mortgage Loan Agreement |

---

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

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| First Loan Payment Date | Mortgage Loan Agreement |
| Initial Maturity Date | Mortgage Loan Agreement |
| Floating Rate Component Extensions | Mortgage Loan Agreement |
| Fully Extended Maturity Date | Mortgage Loan Agreement |
| Prepayment Provision | Mortgage Loan Agreement |
| Interest Calculation (30/360 / Actual/360) | Mortgage Loan Agreement |
| Amortization Type | Mortgage Loan Agreement |
| Grace Period | Mortgage Loan Agreement |
| Lockbox | Mortgage Loan Agreement |
| Cash Management Trigger | Mortgage Loan Agreement |
| Cash Management Type | Mortgage Loan Agreement |
| Partial Release Allowed? | Mortgage Loan Agreement |
| Property Release Description | Mortgage Loan Agreement |
| Administrative Fee Rate (%) | Administrative Fee Schedule |
| Term SOFR Cap | Mortgage Loan Agreement |
| Term SOFR Lookback Days | Mortgage Loan Agreement |
| Term SOFR Cap Expiration Date | Interest Rate Cap Agreement |

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**Exhibit 2 to Attachment A**<br> Page 14 of 15<br>

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

1. For the purpose of comparing the:

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

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

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

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

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

3. For the purpose of comparing the "Lockbox" characteristic, the Depositor instructed us to use "Hard"
if the applicable Source Document(s) require the borrower(s) or manager(s) to direct credit card companies, credit card clearing
banks or tenants to pay receipts directly to a lockbox account controlled by the lender(s).

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

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

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

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

6. For the purpose of comparing the "Rent Roll Date" characteristic, the Depositor instructed us to use the last day of the
month if the applicable Source Document(s) only indicated the month and year.

7. For the purpose of comparing the "Individual As-Is Appraised Value" characteristic for the Properties identified on the
Preliminary Data File as "Titusville (Cheney)" and "Long Beach (Orange)," the Depositor instructed us to include
the excess land value with the as-is appraised value, as shown in the applicable Source Document(s).

**Exhibit 2 to Attachment A**<br> Page 15 of 15<br>

8. For the purpose of comparing the "Pool Identifier" characteristic, the Depositor instructed us to show "Acquisition
Property" for any Property that shows a "Date Acquired," as shown on the Preliminary Data File, in the calendar fourth
quarter of 2025 and show "Same-Store Property" for any other Property.

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

**Exhibit 3 to Attachment A**<br>

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

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| |
|:---|
| **<u>Characteristic</u>** |
| Property Rank |
| Property ID |
| Property Name |
| Origination Date |
| Assumed Mortgage Loan Spread |

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

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