# EDGAR Filing Document

**Accession Number:** 0001547361
**File Stem:** 0001539497-25-001699
**Filing Date:** 2025-6
**Character Count:** 37834
**Document Hash:** af69cd60374dbe33096e0d3214f11298
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001539497-25-001699.hdr.sgml**: 20250624

**ACCESSION NUMBER**: 0001539497-25-001699

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

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250624

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

**FILED AS OF DATE**: 20250624

**DATE AS OF CHANGE**: 20250624

**ABS RULE**: RULE-15GA2

**REGISTERED ENTITY**: N

**ABS ASSET CLASS**: Commercial mortgages

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-01951
- **FILM NUMBER:** 251068275

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

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

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

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

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

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

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

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

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

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

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

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

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, of the person to<br> contact in connection with this filing.

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

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

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

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

Central Index Key Number of depositor: 0001547361

<u>BX Trust 2025-VLT7</u>

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

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

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

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

**INFORMATION TO BE INCLUDED IN THE REPORT**

**PART II: FINDINGS AND CONCLUSIONS OF THIRD-PARTY DUE DILIGENCE REPORTS**

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

Attached as <u>Exhibit 1</u> hereto is an agreed-upon procedures report, dated June 24, 2025, of Ernst & Young LLP, obtained by the depositor, which report sets forth the findings and conclusions, as applicable, of Ernst & Young LLP with respect to certain agreed-upon procedures performed by Ernst & Young LLP.

**SIGNATURES**

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.

---

| |
|:---|
| Morgan Stanley Capital I Inc. |
| (Depositor) |
| Date: June 24, 2025 |
| /s/ Jane Lam |
| By: Jane Lam, President |
| (senior officer in charge of securitization of the depositor) |

---

**EXHIBIT INDEX**

Exhibit Number Description <br>Exhibit 1 Agreed-upon procedures report, dated June 24, 2025, of Ernst & Young LLP.

## Ex-1

**Exhibit 1**

---

| | | |
|:---|:---|:---|
| ![](eylogo2.jpg) | **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**

Morgan Stanley Capital I Inc. (the "Depositor")

Morgan Stanley Mortgage Capital Holdings LLC

Morgan Stanley & Co. LLC

Morgan Stanley Bank, N.A.

JPMorgan Chase Bank, National Association

J.P. Morgan Securities LLC

Bank of America, N.A.

BofA Securities, Inc.

Goldman Sachs Mortgage Company

Goldman Sachs & Co. LLC

Goldman Sachs Bank USA

Societe Generale Financial Corporation

SG Americas Securities, LLC

BNP Paribas US Wholesale Holdings Corp

BNP Paribas Securities Corp

Royal Bank of Canada

RBC Capital Markets, LLC

(collectively, the "Specified Parties")

---

| | |
|:---|:---|
| **Re:** | **BX Trust 2025-VLT7 (the "Issuing Entity")** |

---

**Commercial Mortgage Pass-Through Certificates, Series 2025-VLT7 (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 24 June 2025. This report may not be suitable for any other purpose. The procedures performed may not address all of the items of interest to a user of the report and may not meet the needs of all users of the report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. The appropriateness of these procedures is solely the responsibility of the Specified Parties identified in this report. No other party acknowledged the appropriateness of the procedures. Consequently, we make no representation regarding the appropriateness of the procedures described in Attachment A, either for the purpose for which this report has been requested or for any other purpose.

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

---

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

---

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

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

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

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

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

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

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

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

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

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

---

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

---

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

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

b. Making any findings with respect to:

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

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

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

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

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

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

/s/ Ernst & Young LLP

24 June 2025

---

| | |
|:---|:---|
| ![](eylogo2.jpg) | **Attachment A**<br> Page 1 of 4 |

---

**<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 two 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 2 July 2025 (the "Reference Date") and

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

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

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

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

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.

---

| | |
|:---|:---|
| ![](eylogo2.jpg) | **Attachment A**<br> Page 2 of 4 |

---

3. (continued)

Using information on the:

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

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

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

4. Using the "First Payment Date," as shown on the Final Data File, we recalculated the "Seasoning" of the Mortgage Loan 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;&nbsp;&nbsp;&nbsp;&nbsp;a. First Payment Date and

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

as shown on the Final Data File, we recalculated the "Original Loan Term (mos)" 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;&nbsp;&nbsp;&nbsp;&nbsp;a. Original Loan Term (mos) and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Seasoning,

as shown on the Final Data File, we recalculated the "Remaining Loan Term (mos)" 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.

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

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

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

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

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

---

| | |
|:---|:---|
| ![](eylogo2.jpg) | **Attachment A**<br> Page 3 of 4 |

---

8. Using the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Mortgage Loan Spread,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Mortgage Loan SOFR Floor and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Mortgage Loan SOFR Rounding Methodology,

as shown on the Final Data File, and a SOFR assumption of 4.30000% provided by the Depositor, we recalculated the "Mortgage Loan Interest Rate" 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.

9. Using the:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Interest Accrual Method,

as shown on the Final Data File, 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 IO Payment and

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

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

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

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

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

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

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

---

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

---

10. Using the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Mortgage Loan Annual IO Debt Service,

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Underwritten NOI,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Underwritten NCF,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Appraisal Value and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Shell Capacity (MW),

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. Underwritten Mortgage Loan IO NOI DSCR,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Underwritten Mortgage Loan IO NCF DSCR,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Cut-off Date Mortgage Loan LTV,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Maturity Date Mortgage Loan LTV,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Underwritten Mortgage Loan NOI Debt Yield,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Underwritten Mortgage Loan NCF Debt Yield and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. Mortgage Loan Cut-off Balance per Total Capacity (kW)

of the Mortgage Loan and, with respect to vii. 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 ii. above to two decimal places and

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

11. Using the:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Administrative Fee Rate,

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

**Exhibit 1 to Attachment A**

Page 1 of 2

**<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) | 17 June 2025 |
| Guaranty Agreement (see Note 1) | 16 June 2025 |
| Cash Management Agreement (see Note 1) | 16 June 2025 |
| Environmental Indemnity Agreement (see Note 1) | 16 June 2025 |
| Assignments of Management Agreement (see Note 1) | 16 June 2025 |
| Allocated Loan Amount Schedule (see Note 1) | 6 June 2025 |
| Administrative Fee Schedule | Not Dated |

---

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

---

| | |
|:---|:---|
| **<u>Source Document Title</u>** | **<u>Source Document Date</u>** |
| Appraisal Reports | 29 May 2025 |
| USPS Internet Site (www.usps.com) | Not Applicable |
| Engineering Reports | Various |
| Phase I Environmental Reports | Various |
| Underwriter's Summary Report | Not Dated |
| Underwritten Rent Roll | 31 March 2025 |

---

**Exhibit 1 to Attachment A**

Page 2 of 2

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

 ****

---

| | |
|:---|:---|
| **<u>Source Document Title</u>** | **<u>Source Document Date</u>** |
| Lease Abstracts | Not Dated |
| Insurance Risk Analysis (see Note 1) | 16 June 2025 |
| Third Party Market Reports | Various |
| Bloomberg Screenshots | Not Dated |
| Title Commitments | Not Dated |

---

 ****

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

&nbsp;&nbsp;&nbsp;&nbsp;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**

Page 1 of 5

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

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

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| Street Address | Appraisal Report |
| City | Appraisal Report |
| State | Appraisal Report |
| County | USPS Internet Site (www.usps.com) |
| Zip Code | USPS Internet Site (www.usps.com) |
| Property Type | Appraisal Report |
| Property Type Detail | Appraisal Report |
| Year Built | Appraisal Report |
| Most Recent Renovation | Appraisal Report |
| Total Property SF | Underwritten Rent Roll |
| Shell Capacity (MW) | Underwritten Rent Roll |
| Leased Capacity (MW) | Underwritten Rent Roll |
| Leased Capacity (MW)(%) | Underwritten Rent Roll |
| Occupancy As of Date | Underwritten Rent Roll |

---

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

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| Appraisal Date | Appraisal Report |
| Appraisal Value | Appraisal Report |
| Appraisal Value Type | Appraisal Report |
| Engineering Report Date | Engineering Report |
| Environmental Phase I Report Date | Phase I Environmental Report |
| Terrorism Insurance | Insurance Risk Analysis |
| Windstorm Insurance | Insurance Risk Analysis |
| Earthquake Insurance | Insurance Risk Analysis |
| Flood Insurance | Insurance Risk Analysis |

---

**<u>Major Tenant Information</u>:**

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| Largest Tenant by UW Total Monthly Recurring Revenue | Underwritten Rent Roll |
| Largest Tenant UW Total Monthly Recurring Revenue | Underwritten Rent Roll |
| Largest Tenant by UW Monthly Recurring Revenue Lease Expiration | Underwritten Rent Roll |
| Second Tenant by UW Total Monthly Recurring Revenue | Underwritten Rent Roll |

---

**Exhibit 2 to Attachment A**

Page 2 of 5

**<u>Major Tenant Information</u>:** (continued)

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| Second Tenant UW Total Monthly Recurring Revenue | Underwritten Rent Roll |
| Second Tenant by UW Monthly Recurring Revenue Lease Expiration | Underwritten Rent Roll |
| Third Tenant by UW Total Monthly Recurring Revenue | Underwritten Rent Roll |
| Third Tenant UW Total Monthly Recurring Revenue | Underwritten Rent Roll |
| Third Tenant by UW Monthly Recurring Revenue Lease Expiration | Underwritten Rent Roll |
| Fourth Tenant by UW Total Monthly Recurring Revenue | Underwritten Rent Roll |
| Fourth Tenant UW Total Monthly Recurring Revenue | Underwritten Rent Roll |
| Fourth Tenant by UW Monthly Recurring Revenue Lease Expiration | Underwritten Rent Roll |
| Fifth Tenant by UW Total Monthly Recurring Revenue | Underwritten Rent Roll |
| Fifth Tenant UW Total Monthly Recurring Revenue | Underwritten Rent Roll |
| Fifth Tenant by UW Monthly Recurring Revenue Lease Expiration | Underwritten Rent Roll |

---

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

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| Third Most Recent NOI Date | Underwriter's Summary Report |
| Third Most Recent NOI | Underwriter's Summary Report |
| Second Most Recent NOI Date | Underwriter's Summary Report |
| Second Most Recent NOI | Underwriter's Summary Report |
| Most Recent NOI Date | Underwriter's Summary Report |
| Most Recent Description | Underwriter's Summary Report |
| Most Recent Effective Gross Income | Underwriter's Summary Report |
| Most Recent Expenses | Underwriter's Summary Report |
| Most Recent NOI | Underwriter's Summary Report |
| Most Recent Place NCF | Underwriter's Summary Report |
| Underwritten Effective Gross Income | Underwriter's Summary Report |
| Underwritten Expenses | Underwriter's Summary Report |
| Underwritten NOI | Underwriter's Summary Report |
| Underwritten Replacement Reserve | Underwriter's Summary Report |
| Underwritten TI/LC Reserve | Underwriter's Summary Report |
| Underwritten NCF | Underwriter's Summary Report |

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**Exhibit 2 to Attachment A**

Page 3 of 5

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

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| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| Real Estate Tax Escrow – Initial | Mortgage Loan Agreement |
| Real Estate Tax Escrow – Ongoing | Mortgage Loan Agreement |
| Real Estate Tax Escrow – Springing Condition | Mortgage Loan Agreement |
| Insurance Escrow – Initial | Mortgage Loan Agreement |
| Insurance Escrow – Ongoing | Mortgage Loan Agreement |
| Insurance Escrow – Springing Condition | Mortgage Loan Agreement |
| Replacement Reserve Escrow – Initial | Mortgage Loan Agreement |
| Replacement Reserve Escrow – Ongoing | Mortgage Loan Agreement |
| Replacement Reserve Escrow – Springing Condition | Mortgage Loan Agreement |
| Rollover Escrow – Initial | Mortgage Loan Agreement |
| Rollover Escrow – Ongoing | Mortgage Loan Agreement |
| Rollover Escrow – Springing Condition | Mortgage Loan Agreement |
| Immediate Repairs Escrow – Initial | Mortgage Loan Agreement |
| Immediate Repairs Escrow – Ongoing | Mortgage Loan Agreement |
| Other Escrow Required | Mortgage Loan Agreement |
| Other Escrow 1 – Description | Mortgage Loan Agreement |
| Other Escrow 1 – Initial | Mortgage Loan Agreement |
| Other Escrow 1 – Ongoing | Mortgage Loan Agreement |
| Other Escrow 1 – Springing Condition | Mortgage Loan Agreement |
| Other Escrow 2 – Description | Mortgage Loan Agreement |
| Other Escrow 2 – Initial | Mortgage Loan Agreement |
| Other Escrow 2 – Ongoing | Mortgage Loan Agreement |
| Other Escrow 2 – Springing Condition | Mortgage Loan Agreement |

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**Exhibit 2 to Attachment A**

Page 4 of 5

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

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| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| Borrower | Mortgage Loan Agreement |
| Mortgage Loan Original Balance | Allocated Loan Amount Schedule |
| Payment Date | Mortgage Loan Agreement |
| First Payment Date | Mortgage Loan Agreement |
| Initial Maturity Date | Mortgage Loan Agreement |
| Anticipated Repayment Date | Mortgage Loan Agreement |
| Extension Options | Mortgage Loan Agreement |
| Extension Option Description | Mortgage Loan Agreement |
| Fully Extended Maturity | Mortgage Loan Agreement |
| Grace Period (Late Fee) | Mortgage Loan Agreement |
| Grace Period (Default) | Mortgage Loan Agreement |
| Amortization Type | Mortgage Loan Agreement |
| Interest Accrual Method | Mortgage Loan Agreement |
| Interest Accrual Start | Mortgage Loan Agreement |
| Interest Accrual End | Mortgage Loan Agreement |
| Mortgage Loan SOFR Rounding Methodology | Mortgage Loan Agreement |
| Mortgage Loan Interest Rate Adjustment Frequency | Mortgage Loan Agreement |
| Mortgage Loan SOFR Floor | Mortgage Loan Agreement |
| Prepay Description | Mortgage Loan Agreement |
| Open Period Begin Date | Mortgage Loan Agreement |
| Partial Release (Y/N) | Mortgage Loan Agreement |
| Partial Release Description | Mortgage Loan Agreement |
| Lockbox | Mortgage Loan Agreement |
| Cash Management | Mortgage Loan Agreement |
| Cash Management Springing Condition | Mortgage Loan Agreement |
| Carve-Out Guarantor(s) | Guaranty Agreement |
| Sponsor | Mortgage Loan Agreement |
| Non-Consolidation Opinion | Mortgage Loan Agreement |
| SPE | Mortgage Loan Agreement |
| Independent Director | Mortgage Loan Agreement |
| Future Debt Permitted (Y/N) | Mortgage Loan Agreement |
| Future Debt Description | Mortgage Loan Agreement |
| Title Type | Title Commitments |
| Administrative Fee Rate | Administrative Fee Schedule |

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**Exhibit 2 to Attachment A**

Page 5 of 5

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

1. For the purpose of comparing the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Street 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 "Largest Tenant by UW Monthly Recurring Revenue Lease Expiration" characteristic, the Depositor instructed us to combine multiple spaces leased by the same tenant, and for the applicable tenant with multiple lease expirations, to show the lease expiration dates as a range, beginning with the earliest date and ending with the latest date for the related tenant's leased spaces, as shown in the applicable Source Document(s).

3. 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.

4. For the purpose of comparing the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Prepay Description and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Open Period Begin Date

characteristics, the Depositor instructed us to ignore any prepayment premiums or other conditions related to substitution events, partial release events, permitted component outparcel releases or partial prepayments to cure certain trigger periods or defaults, as described in the applicable Source Document(s).

5. For the purpose of comparing the "Open Period Begin Date" characteristic, the Depositor instructed us to use the first "Payment Date" which occurs during the open period of the prepayment string and to ignore any freely prepayable portion of the Mortgage Loan, as shown in the applicable Source Document(s).

6. 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 tenants to pay rents directly to a lockbox account controlled by the lender(s).

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Prior to the occurrence of an event of default or one or more specified trigger events described in the applicable Source Document(s), funds in the lockbox are forwarded to an account controlled by the borrower(s) or otherwise made available to 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 specified trigger events described in the applicable Source Document(s), funds in the lockbox are forwarded to a cash management account controlled by the lender(s), and the funds are disbursed according to the applicable Source Document(s).

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

**Exhibit 3 to Attachment A**

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

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| |
|:---|
| **<u>Characteristic</u>** |
| Loan Number |
| Unique ID |
| Loan / Property Name |
| Origination Date |
| Mortgage Loan Spread |
| Loan Purpose |
| Monthly P&I Payment |
| Annual P&I Debt Service |
| Total Debt Original Balance |
| Total Debt Cut-off Date Balance |
| Total Debt Cut-off Balance per Total Capacity (kW) |
| Environmental Phase II Report Date |
| Seismic Report Date |
| PML % |
| Defeasance Lockout Expiration Date |
| Partial Defeasance |
| Partial Defeasance Description |
| Mortgage Loan SOFR Cap Strike Rate |
| Mortgage Loan SOFR Cap Expiration Date |
| Mortgage Loan SOFR Cap Provider |
| Mortgage Loan SOFR Cap Provider Rating (F/M/S) |
| Underwritten Mortgage Loan IO NOI DSCR at Cap |
| Underwritten Mortgage Loan IO NCF DSCR at Cap |
| Mortgage Loan Annual IO Debt Service at Cap |
| Mortgage Loan Interest Rate at Cap |
| Ground Lease Expiration Date |
| Ground Lessor |

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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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