# EDGAR Filing Document

**Accession Number:** 0001013611
**File Stem:** 0001539497-25-001597
**Filing Date:** 2025-6
**Character Count:** 61857
**Document Hash:** 3c5227e48b986c159a3100f6516698f2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001539497-25-001597.hdr.sgml**: 20250610

**ACCESSION NUMBER**: 0001539497-25-001597

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

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20250610

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

**FILED AS OF DATE**: 20250610

**DATE AS OF CHANGE**: 20250610

**ABS RULE**: RULE-15GA2

**REGISTERED ENTITY**: N

**ABS ASSET CLASS**: Commercial mortgages

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP
- **CENTRAL INDEX KEY:** 0001013611
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 133789046
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-00709
- **FILM NUMBER:** 251036769

**BUSINESS ADDRESS:**
- **STREET 1:** C/O STATE STREET BANK & TRUST CO
- **STREET 2:** TWO INTERNATIONAL PLACE 5TH FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 2126483063

**MAIL ADDRESS:**
- **STREET 1:** 60 WALL STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10260-0066

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MORGAN J P COMMERCIAL MORTGAGE FINANCE CORP
- **DATE OF NAME CHANGE:** 19960506
**DEPOSITOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP
- **CENTRAL INDEX KEY:** 0001013611
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 133789046
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

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

**BUSINESS ADDRESS:**
- **STREET 1:** C/O STATE STREET BANK & TRUST CO
- **STREET 2:** TWO INTERNATIONAL PLACE 5TH FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 2126483063

**MAIL ADDRESS:**
- **STREET 1:** 60 WALL STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10260-0066

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MORGAN J P COMMERCIAL MORTGAGE FINANCE CORP
- **DATE OF NAME CHANGE:** 19960506
**SECURITIZER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP
- **CENTRAL INDEX KEY:** 0001013611
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 133789046
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-00709

**BUSINESS ADDRESS:**
- **STREET 1:** C/O STATE STREET BANK & TRUST CO
- **STREET 2:** TWO INTERNATIONAL PLACE 5TH FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 2126483063

**MAIL ADDRESS:**
- **STREET 1:** 60 WALL STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10260-0066

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MORGAN J P COMMERCIAL MORTGAGE FINANCE CORP
- **DATE OF NAME CHANGE:** 19960506

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549** 

**FORM ABS-15G** 

**ASSET-BACKED SECURITIZER<br> Report Pursuant to Section 15G of** 

**the Securities Exchange Act of 1934**

<br> Check the appropriate box to indicate the filing obligation to which this form is intended to satisfy:<br>[_] Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period ____________ to ____________

Date of Report (Date of earliest event reported)______________________

Commission File Number of securitizer: ____________________

Central Index Key Number of securitizer: ___________________

______________________________________________________________________

Name and telephone number, including area code, of the person to

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) [_]

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

Central Index Key Number of depositor: **0001013611**

<u>HILT Trust 2025-NASH</u><br> (Exact name of issuing entity as specified in its charter)

Central Index Key Number of issuing entity (if applicable): Not applicable

Central Index Key Number of underwriter (if applicable): <u>Not applicable</u> 

<u>Kunal K. Singh, (212) 834-5467</u> <br> Name and telephone number, including area code, of the person to <br> contact in connection with this filing

**INFORMATION TO BE INCLUDED IN THE REPORT**

**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 10, 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.

Attached as <u>Exhibit 2</u> hereto is an underwriting information comparison agreed-upon procedures report, dated June 10, 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**

<br> 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: June 10, 2025 | J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP. | J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP. | J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP. |
|  | By: | /s/ Kunal K. Singh | /s/ Kunal K. Singh |
|  |  | Name: | Kunal K. Singh |
|  |  | Title: | President and Chief Executive Officer |

---

Exhibit 1 Agreed-upon procedures report, dated June 10, 2025, of Ernst & Young LLP. <br>Exhibit 2 Underwriting information comparison agreed-upon procedures report, dated June 10, 2025, of Ernst & Young LLP.

## Ex-1

**Exhibit 1**

---

| | |
|:---|:---|
| **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**

J.P. Morgan Chase Commercial Mortgage Securities Corp. (the "Depositor")

JPMorgan Chase Bank, National Association

J.P. Morgan Securities LLC

(collectively, the "Specified Parties")

---

| | |
|:---|:---|
| **Re:** | **HILT Trust 2025-NASH (the "Issuing Entity")** |
|  | **Commercial Mortgage Pass-Through Certificates, Series 2025-NASH (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 10 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.

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.

---

| | |
|:---|:---|
| ![](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.

---

| | |
|:---|:---|
| ![](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

10 June 2025

---

| | |
|:---|:---|
| ![](eylogo2.jpg) | **Attachment A**<br> Page 1 of 5 |

---

**<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 commercial property (the "Property").

**<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 Property that is expected to be as
 of 25 June 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."

---

| | |
|:---|:---|
| ![](eylogo2.jpg) | **Attachment A**<br> Page 2 of 5 |

---

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 Property 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 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
 Payment Date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Maturity
 Date and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Extended
 Maturity Date,

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. Original
 Term (Excluding Extensions) and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Original
 Term (Including Extensions)

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,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Original
 Term (Excluding Extensions) and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Original
 Term (Including Extensions),

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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Remaining
 Term to Maturity Date and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Remaining
 Term to Extended Maturity Date

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.

---

| | |
|:---|:---|
| ![](eylogo2.jpg) | **Attachment A**<br> Page 3 of 5 |

---

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 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,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Use
 the "Original Term (Excluding Extensions)," as shown on the Final Data File,
 for the "IO Period" of the Mortgage Loan,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Use
 the "Original Term (Including Extensions)," as shown on the Final Data File,
 for the "Fully Extended IO Period" of the Mortgage Loan and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Use
 the "Original Mortgage Loan 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 as of the Reference Date (the "Cut-Off
 Date Mortgage Loan 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 "Maturity Date" of the Mortgage Loan
 (the "Maturity Date Mortgage Loan 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. Mortgage
 Loan Margin,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. SOFR
 Floor,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. SOFR
 Rounding Methodology and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. SOFR
 Cap,

as shown on the Final Data File, and a SOFR assumption of 4.30000% provided by the Depositor, we recalculated the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Mortgage
 Loan Interest Rate (At Assumed SOFR) and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Mortgage
 Loan Interest Rate (At 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.

9. Using
 the:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Mortgage
 Loan Interest Rate (At Assumed SOFR),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Mortgage
 Loan Interest Rate (At SOFR CAP) and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Accrual
 Basis,

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 Debt Service,

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Mortgage
 Loan Annual Debt Service @ 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.

---

| | |
|:---|:---|
| ![](eylogo2.jpg) | **Attachment A**<br> Page 4 of 5 |

---

9. (continued)

For the purpose of this procedure, the Depositor instructed us to recalculate the "Mortgage Loan Monthly Debt Service" 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
 "Original Mortgage Loan Balance," as shown on the Final Data File,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The
 "Mortgage Loan Interest Rate (At Assumed SOFR)," 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" of the Mortgage Loan as twelve (12) times the "Mortgage Loan Monthly Debt Service."

For the purpose of this procedure, the Depositor instructed us to recalculate the "Mortgage Loan Annual Debt Service @ Cap" of the Mortgage Loan as the product, rounded to two decimal places, of:

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

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

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

10. Using
 the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Underwritten
 Hotel NOI,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Underwritten
 Hotel NCF,

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Mortgage
 Loan Annual Debt Service @ Cap,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Cut-Off
 Date Mortgage Loan Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Maturity
 Date Mortgage Loan Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Appraised
 Value and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Total
 Rooms,

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 Hotel Underwritten NOI DSCR,

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Mortgage
 Loan Hotel Underwritten NOI DSCR @ Cap,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Mortgage
 Loan Hotel Underwritten NCF DSCR @ Cap,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Cut-Off
 Date Mortgage Loan Balance Per Key,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Maturity
 Date Mortgage Loan Balance Per Key,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. Cut-Off
 Date Mortgage Loan LTV,

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ix. Mortgage
 Loan Hotel Underwritten NOI DY and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x. Mortgage
 Loan Hotel Underwritten NCF DY

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.

---

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

---

10. (continued)

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. above to two decimal places and

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

11. Using
 the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Master
 Servicing Fee Rate and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Primary
 Servicing Fee Rate,

as shown on the Final Data File, we recalculated the "Servicing Fee" 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.

12. Using
 the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Servicing
 Fee,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Trustee
 & Paying Agent Fee,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Operating
 Advisor and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. CREFC
 Fee,

as shown on the Final Data File, we recalculated the "Total Admin. Fee" 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.

13. Using
 the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Total
 Admin. Fee and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Mortgage
 Loan Interest Rate (At Assumed SOFR),

as shown on the Final Data File, we recalculated the "Net Mortgage 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) | 7 June 2025 |
| Mortgage Loan Promissory Notes (see Note 1) | 29 May 2025 |
| Cash Management Agreement (see Note 1) | 29 May 2025 |
| Deposit Account Control Agreement (see Note 1) | 29 May 2025 |
| Guaranty Agreement (see Note 1) | 29 May 2025 |
| Environmental Indemnity Agreement (see Note 1) | 29 May 2025 |

---

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

---

| | |
|:---|:---|
| **<u>Source Document Title</u>** | **<u>Source Document Date</u>** |
| Appraisal Report | 18 March 2025 |
| Pro Forma Title Policy | Not Dated |
| USPS Internet Site (www.usps.com) | Not Applicable |
| Engineering Report | 6 March 2025 |
| Environmental Phase I Report | 7 March 2025 |
| Franchise Agreement | 26 March 2015 |
| Review of Franchise Agreement (see Note 1) | 4 June 2025 |
| Underwriter's Summary Report | Not Dated |

---

---

| |
|:---|
| **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>** |
| Management Agreements and Amendments | Various |
| Review of Management Agreement (see Note 1) | 4 June 2025 |
| Subordination of Management Agreements (see Note 1) | 29 May 2025 |
| PACE and STR Reports | Various |
| Cooperation Agreement (see Note 1) | 29 May 2025 |
| Capex Summary Report | Not Dated |
| Market and Submarket Reports | Not Dated |
| Liquor License | 28 September 2024 |

---

**<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** |
| Page 1 of 6 |

---

**<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 | Appraisal Report |
| Property Type | Appraisal Report |
| Property Sub-Type | Appraisal Report |
| Year Opened | Appraisal Report |
| Year Renovated | Appraisal Report |
| Total Rooms | Underwriter's Summary Report |
| Ownership Interest | Pro Forma Title Policy |

---

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

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| Appraised Value | Appraisal Report |
| Date of Appraisal (Valuation Date) | Appraisal Report |
| Appraisal Firm | Appraisal Report |
| Phase I Date | Environmental Phase I Report |
| Engineering Report Date | Engineering Report |

---

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

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| 2018 Available Room Nights | Underwriter's Summary Report |
| 2019 Available Room Nights | Underwriter's Summary Report |
| 2020 Available Room Nights | Underwriter's Summary Report |
| 2021 Available Room Nights | Underwriter's Summary Report |
| 2022 Available Room Nights | Underwriter's Summary Report |
| 2023 Available Room Nights | Underwriter's Summary Report |
| 2024 Available Room Nights | Underwriter's Summary Report |
| 2025 April TTM Available Room Nights | Underwriter's Summary Report |
| 2018 Occupied Room Nights | Underwriter's Summary Report |
| 2019 Occupied Room Nights | Underwriter's Summary Report |
| 2020 Occupied Room Nights | Underwriter's Summary Report |

---

---

| |
|:---|
| **Exhibit 2 to Attachment A** |
| Page 2 of 6 |

---

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

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| 2021 Occupied Room Nights | Underwriter's Summary Report |
| 2022 Occupied Room Nights | Underwriter's Summary Report |
| 2023 Occupied Room Nights | Underwriter's Summary Report |
| 2024 Occupied Room Nights | Underwriter's Summary Report |
| 2025 April TTM Occupied Room Nights | Underwriter's Summary Report |
| 2018 Occupancy | Underwriter's Summary Report |
| 2019 Occupancy | Underwriter's Summary Report |
| 2020 Occupancy | Underwriter's Summary Report |
| 2021 Occupancy | Underwriter's Summary Report |
| 2022 Occupancy | Underwriter's Summary Report |
| 2023 Occupancy | Underwriter's Summary Report |
| 2024 Occupancy | Underwriter's Summary Report |
| 2025 April TTM Occupancy | Underwriter's Summary Report |
| 2018 ADR | Underwriter's Summary Report |
| 2019 ADR | Underwriter's Summary Report |
| 2020 ADR | Underwriter's Summary Report |
| 2021 ADR | Underwriter's Summary Report |
| 2022 ADR | Underwriter's Summary Report |
| 2023 ADR | Underwriter's Summary Report |
| 2024 ADR | Underwriter's Summary Report |
| 2025 April TTM ADR | Underwriter's Summary Report |
| 2018 RevPAR | Underwriter's Summary Report |
| 2019 RevPAR | Underwriter's Summary Report |
| 2020 RevPAR | Underwriter's Summary Report |
| 2021 RevPAR | Underwriter's Summary Report |
| 2022 RevPAR | Underwriter's Summary Report |
| 2023 RevPAR | Underwriter's Summary Report |
| 2024 RevPAR | Underwriter's Summary Report |
| 2025 April TTM RevPAR | Underwriter's Summary Report |
| 2018 Room Revenue | Underwriter's Summary Report |
| 2019 Room Revenue | Underwriter's Summary Report |
| 2020 Room Revenue | Underwriter's Summary Report |
| 2021 Room Revenue | Underwriter's Summary Report |
| 2022 Room Revenue | Underwriter's Summary Report |
| 2023 Room Revenue | Underwriter's Summary Report |
| 2024 Room Revenue | Underwriter's Summary Report |
| 2025 April TTM Room Revenue | Underwriter's Summary Report |
| 2018 Hotel Revenue | Underwriter's Summary Report |
| 2019 Hotel Revenue | Underwriter's Summary Report |
| 2020 Hotel Revenue | Underwriter's Summary Report |
| 2021 Hotel Revenue | Underwriter's Summary Report |
| 2022 Hotel Revenue | Underwriter's Summary Report |
| 2023 Hotel Revenue | Underwriter's Summary Report |
| 2024 Hotel Revenue | Underwriter's Summary Report |

---

---

| |
|:---|
| **Exhibit 2 to Attachment A** |
| Page 3 of 6 |

---

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

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| 2025 April TTM Hotel Revenue | Underwriter's Summary Report |
| 2018 Total Hotel Expenses | Underwriter's Summary Report |
| 2019 Total Hotel Expenses | Underwriter's Summary Report |
| 2020 Total Hotel Expenses | Underwriter's Summary Report |
| 2021 Total Hotel Expenses | Underwriter's Summary Report |
| 2022 Total Hotel Expenses | Underwriter's Summary Report |
| 2023 Total Hotel Expenses | Underwriter's Summary Report |
| 2024 Total Hotel Expenses | Underwriter's Summary Report |
| 2025 April TTM Total Hotel Expenses | Underwriter's Summary Report |
| 2018 Hotel NOI | Underwriter's Summary Report |
| 2019 Hotel NOI | Underwriter's Summary Report |
| 2020 Hotel NOI | Underwriter's Summary Report |
| 2021 Hotel NOI | Underwriter's Summary Report |
| 2022 Hotel NOI | Underwriter's Summary Report |
| 2023 Hotel NOI | Underwriter's Summary Report |
| 2024 Hotel NOI | Underwriter's Summary Report |
| 2025 April TTM Hotel NOI | Underwriter's Summary Report |
| 2018 CapEx | Underwriter's Summary Report |
| 2019 CapEx | Underwriter's Summary Report |
| 2020 CapEx | Underwriter's Summary Report |
| 2021 CapEx | Underwriter's Summary Report |
| 2022 CapEx | Underwriter's Summary Report |
| 2023 CapEx | Underwriter's Summary Report |
| 2024 CapEx | Underwriter's Summary Report |
| 2025 April TTM CapEx | Underwriter's Summary Report |
| 2018 Hotel NCF | Underwriter's Summary Report |
| 2019 Hotel NCF | Underwriter's Summary Report |
| 2020 Hotel NCF | Underwriter's Summary Report |
| 2021 Hotel NCF | Underwriter's Summary Report |
| 2022 Hotel NCF | Underwriter's Summary Report |
| 2023 Hotel NCF | Underwriter's Summary Report |
| 2024 Hotel NCF | Underwriter's Summary Report |
| 2025 April TTM Hotel NCF | Underwriter's Summary Report |
| Underwritten Available Room Nights | Underwriter's Summary Report |
| Underwritten Occupied Room Nights | Underwriter's Summary Report |
| Underwritten Occupancy | Underwriter's Summary Report |
| Underwritten Average Daily Room Rate | Underwriter's Summary Report |
| Underwritten RevPAR | Underwriter's Summary Report |
| Underwritten Room Revenue | Underwriter's Summary Report |
| Underwritten Hotel Revenue | Underwriter's Summary Report |
| Underwritten Hotel Expenses | Underwriter's Summary Report |
| Underwritten Hotel NOI | Underwriter's Summary Report |
| Underwritten CapEx | Underwriter's Summary Report |
| Underwritten Hotel NCF | Underwriter's Summary Report |

---

---

| |
|:---|
| **Exhibit 2 to Attachment A** |
| Page 4 of 6 |

---

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

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| Initial Tax Escrow | Mortgage Loan Agreement |
| Terms/Description of Springing Tax Escrow (If applicable) | Mortgage Loan Agreement |
| Initial Insurance Escrow | Mortgage Loan Agreement |
| Monthly Insurance Escrow | Mortgage Loan Agreement |
| Terms/Description of Springing Insurance Escrow (If applicable) | Mortgage Loan Agreement |
| Replacement Reserves Initial Deposit Amount | Mortgage Loan Agreement |
| Replacement Reserves Monthly Deposit Amount | Mortgage Loan Agreement |
| Terms/Description of Springing Replacement Reserves | Mortgage Loan Agreement |
| Upfront Deferred Maintenance Escrow | Mortgage Loan Agreement |
| Monthly Deferred Maintenance Escrow | Mortgage Loan Agreement |
| Terms/Description of Springing Deferred Maintenance Reserves | Mortgage Loan Agreement |
| Upfront FF&E Escrow | Mortgage Loan Agreement |
| Monthly FF&E Escrow | Mortgage Loan Agreement |
| Terms/Description of Springing FF&E Reserves | Mortgage Loan Agreement |
| Upfront Other Escrow | Mortgage Loan Agreement |
| Monthly Other Escrow | Mortgage Loan Agreement |
| Description of Other Reserves | Mortgage Loan Agreement |

---

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

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| Borrower Entity | Mortgage Loan Agreement |
| Original Mortgage Loan Balance | Mortgage Loan Agreement |
| Payment Day of Month (and Business Day Convention) | Mortgage Loan Agreement |
| Extension Options | Mortgage Loan Agreement |
| Extension Description | Mortgage Loan Agreement |
| Extension Spread Increase (Yes/No) | Mortgage Loan Agreement |
| Extension Spread Increase Description | Mortgage Loan Agreement |
| Interest Accrual Period Start | Mortgage Loan Agreement |
| Interest Accrual Period End | Mortgage Loan Agreement |
| Interest Rate Adjustment Frequency | Mortgage Loan Agreement |
| SOFR Lookback Days | Mortgage Loan Agreement |
| SOFR Cap after Extension | Mortgage Loan Agreement |

---

---

| |
|:---|
| **Exhibit 2 to Attachment A** |
| Page 5 of 6 |

---

**<u>Mortgage Loan Information</u>:** (continued)

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| SOFR Floor | Mortgage Loan Agreement |
| Payment Grace Period Event of Default | Mortgage Loan Agreement |
| Payment Grace Period Event of Late Fee | Mortgage Loan Agreement |
| Balloon Grace Period Event of Default | Mortgage Loan Agreement |
| Balloon Grace Period Event of Late Fee | Mortgage Loan Agreement |
| Rate Type | Mortgage Loan Agreement |
| Amortization Type | Mortgage Loan Agreement |
| Accrual Basis | Mortgage Loan Agreement |
| Guarantor | Guaranty Agreement |
| Partial Prepayments Allowed | Mortgage Loan Agreement |
| Partial Collateral Release (Y/N) | Mortgage Loan Agreement |
| Partial Collateral Release Description | Mortgage Loan Agreement |
| Substitution Allowed (Y/N) | Mortgage Loan Agreement |
| Substitution Provision Description | Mortgage Loan Agreement |
| Assumption Fee | Mortgage Loan Agreement |
| LockBox (Y/N) | Mortgage Loan Agreement |
| LockBox In-Place (Y/N) | Mortgage Loan Agreement |
| Lockbox Type | Mortgage Loan Agreement |
| <br> Cash Management | Mortgage Loan Agreement |
| Terms/Description of Cash Sweep (If applicable) | Mortgage Loan Agreement |
| Additional Debt Permitted | Mortgage Loan Agreement |
| First Payment Date | Mortgage Loan Agreement |
| Maturity Date | Mortgage Loan Agreement |
| Extended Maturity Date | Mortgage Loan Agreement |
| Sponsor | Mortgage Loan Agreement |

---

---

| |
|:---|
| **Exhibit 2 to Attachment A** |
| Page 6 of 6 |

---

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

1. For
 the purpose of comparing the:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&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 "Appraised Value" and "Date of Appraisal (Valuation
 Date)" characteristics, the Depositor instructed us to use the appraised value and
 date, respectively, as shown in the applicable Source Document(s), associated with the "Appraised
 Value Type," as shown on the Preliminary Data File.

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 "Balloon Grace Period Event of Late Fee" and "Balloon
 Grace Period Event of Default" characteristics, the Depositor instructed us to use
 the "Payment Grace Period Event of Late Fee" and "Payment Grace Period
 Event of Default," respectively, as shown in the applicable Source Document(s), as
 the applicable Source Document(s) did not specify a grace period for the payment due on the
 "Maturity Date" or another maturity date during any extension period.

5. For
 the purpose of comparing the "Lockbox Type" characteristic, the Depositor instructed
 us to use "Hard" if the applicable Source Document(s) require the borrower(s)
 or manager(s) to deposit all cash revenues relating to the property in the lockbox account
 by the end of the third business day following receipt thereof and to direct credit card
 companies or credit card clearing banks to pay receipts directly to a lockbox account controlled
 by the lender(s).

6. 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 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).

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>**

---

| |
|:---|
| **Characteristic** |
| Property Name |
| Phase II Date |
| Seismic Report Date |
| Seismic PML% |
| Loan Purpose |
| Note Date |
| Appraised Value Type |
| Mortgage Loan Margin |
| SOFR Rounding Methodology |
| SOFR Cap |
| SOFR Cap Expiration Date |
| SOFR Cap Provider |
| SOFR Cap Provider Rating (M/S&P/F) |
| Master Servicing Fee Rate |
| Primary Servicing Fee Rate |
| Trustee & Paying Agent Fee |
| Operating Advisor |
| CREFC Fee |
| Master Lessee |
| Master Lease Rent |
| Terms/Description of Springing Lockbox (If applicable) |
| Ground Lease? (Y/N) |
| Ground Lease Expiration Date |
| Ground Lease Extension Terms |
| Annual Ground Lease Payment |
| Ground Lease Escalation Terms |
| Monthly Tax Escrow |
| Prepayment String |

---

---

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

---

## Ex-2

**Exhibit 2**

---

| | | |
|:---|:---|:---|
| ![](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**

J.P. Morgan Chase Commercial Mortgage Securities Corp. (the "Depositor")

JPMorgan Chase Bank, National Association ("JPMCB")

(collectively, the "Specified Parties")

---

| | |
|:---|:---|
| **Re:** | **HILT Trust 2025-NASH (the "Issuing Entity")** |
|  | **Commercial Mortgage Pass-Through Certificates, Series 2025-NASH (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 Underwriting File (as defined herein) (the "Subject Matter") relating to the Issuing Entity's securitization transaction as of 10 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.

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

a. Electronic data files (the "Borrower Operating Statement Data Files") prepared by the Mortgage Loan borrower(s) containing revenue and expense information relating to the historical three year period (the "Historical 3 Year Period") and April 2025 trailing twelve month period (the "TTM Period," together with the Historical 3 Year Period, the "Historical Periods") for the Collateral Property (as defined herein) that secures the Mortgage
Loan,

b. The most recent appraisal report (the "Appraisal") prepared for JPMCB, which contains the appraiser's estimated year one (the "Year One Period," together with the Historical Periods, the "Specified Periods") revenue and expense information for the Collateral Property that secures the Mortgage Loan,

c. Copies of the most recent real estate tax bills (the "Tax Bills") for the Collateral Property that secures the Mortgage Loan,

d. An asset summary report (the "ASR"),

e. An electronic underwriting file (the "Underwriting File") prepared by JPMCB containing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The revenue and expense information for the Specified Periods and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The underwritten revenue and expense information for the underwritten period (the "Underwritten Period")

for the Collateral Property that secures the Mortgage Loan,

---

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

---

f. Instructions, assumptions and methodologies (the "Underwriting Instructions and Adjustments") used to prepare the information on the ASR and/or Underwriting File, which were included as footnotes to the Underwriting File and/or were separately provided in e-mail or other written correspondence from JPMCB and

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

For the purpose of the procedures described in this report, the Borrower Operating Statement Data Files, Appraisal and Tax Bills are hereinafter collectively referred to as the "Source Document(s)."

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, Source Document(s), ASR, Underwriting File, Underwriting Instructions and Adjustments 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 Underwriting File. We have not verified, and we make no representation as to, the appropriateness, accuracy, completeness or reasonableness of the Source Document(s), ASR, Underwriting Instructions and Adjustments or any other information provided to us, or that we were instructed to obtain, as applicable, by JPMCB, on behalf of the Depositor, upon which we relied in forming our findings. We performed no procedures to compare any information contained in any Source Document or the ASR to any information contained in any other Source Document or the ASR, except as described in Attachment A. Accordingly, we make no representation and express no opinion or conclusion as to: (a) the existence of the Mortgage Loan, (b) the ability of any Mortgage Loan borrower(s) to repay the Mortgage Loan, (c) questions of legal or tax interpretation or (d) the appropriateness, accuracy, completeness or reasonableness of any instructions, assumptions and methodologies provided to us by the Depositor or JPMCB, on behalf of 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. The value of the collateral securing the Mortgage Loan,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. 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;iii. 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

10 June 2025

---

| | |
|:---|:---|
| ![](eylogo2.jpg) | **Attachment A**<br> Page 1 of 2 |

---

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

For the purpose of the procedures described in this report, the Depositor indicated that the assets of the Issuing Entity will consist primarily of a floating rate commercial mortgage loan (the "Mortgage Loan") secured primarily by a commercial property (the "Collateral Property").

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

*Operating Statement Comparison and Recalculation Procedures*

1. Using the applicable Source Document(s) listed on the AUP Findings Schedule (as defined herein) and the Underwriting Instructions and Adjustments (as applicable), we compared, or recalculated and compared, the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Effective gross revenue or total revenues,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Total expenses and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Net operating income or net cash flow

for each Specified Period that is shown in the applicable Source Document(s) to the corresponding information on the Underwriting File. We provided JPMCB a list of any differences that were found (subject to the instruction(s) provided by the Depositor described below).

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Omit non-cash and non-recurring revenues and expenses that are shown on the Borrower Operating Statement Data Files from the comparison of the information that is shown on the Underwriting File and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Use a threshold of +/- 3%, calculated as a percentage of the value as shown in the applicable Source Document(s), which is also below $10,000.

 

*Historical Occupancy Comparison and Recalculation Procedures*

2. Using the applicable Source Document(s) listed on the AUP Findings Schedule and the Underwriting Instructions and Adjustments (as applicable), we compared, or recalculated and compared, the physical occupancy rates for each Historical Period that is shown in the applicable Source Document(s) to the corresponding physical occupancy rates on the Underwriting File. We provided JPMCB a list of any differences that were found (subject to the instruction(s) provided by the Depositor described below).

For the purpose of this procedure, the Depositor instructed us to use a threshold of +/- 0.5%.

 

---

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

---

 

*Supporting Expense Comparison and Recalculation Procedures*

3. Using the applicable Source Document(s) listed on the AUP Findings Schedule and the Underwriting Instructions and Adjustments (as applicable), we compared, or recalculated and compared, the tax expense and insurance expense amounts for the Underwritten Period, as shown in the applicable Source Document(s), to the corresponding information on the Underwriting File. We provided JPMCB a list of any differences that were found (subject to the instruction(s) provided by the Depositor described below).

For the purpose of this procedure, the Depositor instructed us to only identify differences where the tax expense and insurance expense amounts in the applicable Source Document(s) exceeded a -5% and -$10,000 variance from the corresponding amounts on the Underwriting File that were not explained in the Underwriting Instructions and Adjustments.

*Underwritten Cashflow Comparison and Recalculation Procedures*

4. Using:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Information on the Underwriting File,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Information in the Source Document(s),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Information in the ASR and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Underwriting Instructions and Adjustments

for the Mortgage Loan, we recalculated and compared the underwritten revenue and expense line items on the Underwriting File. We provided JPMCB a list of any differences that were found (subject to the instruction(s) provided by the Depositor described below).

For the purpose of this procedure, the Depositor instructed us to use a threshold for each underwritten revenue and expense line item of +/- 3%, calculated as a percentage of the value as shown on the Underwriting File, which is also below $25,000.

5. Subsequent to the performance of the procedures described in the preceding Items, JPMCB, on behalf of the Depositor, provided us with an updated Underwriting File for the Mortgage Loan, which included updated Underwriting Instructions and Adjustments. As instructed by the Depositor, we compared the results of the recalculations or comparisons for the Mortgage Loan that are described in the preceding Items to the corresponding information on the updated Underwriting File. All such compared information
was in agreement. Attached as Exhibit 1 to Attachment A is a schedule for the Mortgage Loan (the "AUP Findings Schedule"), which contains the primary Source Document(s) for the Mortgage Loan that were used to perform the procedures described in the preceding Items above and the results of the comparison procedures described in the preceding two sentences of this Item.

**Exhibit 1 to Attachment A**

**<u>AUP Findings Schedule</u>**

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| | | | |
|:---|:---|:---|:---|
| **HILT Trust 2025-NASH** | **HILT Trust 2025-NASH** | **HILT Trust 2025-NASH** | **HILT Trust 2025-NASH** |
| The following Items refer to the procedures described in Attachment A: | The following Items refer to the procedures described in Attachment A: |  |  |
| **Item** | **Description of the Procedures** | **Primary Source Document(s) Used** | **Findings** |
|  | OPERATING STATEMENT COMPARISON AND RECALCULATION PROCEDURES |  |  |
| 1 | Compare, or recalculate and compare, the (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income or net cash flow information in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File. Identify any variance above a 3% and $10,000 threshold. | Borrower Operating Statement Data Files, Appraisal and Underwriting Instructions and Adjustments | No Exceptions Noted |
|  | HISTORICAL OCCUPANCY COMPARISON AND RECALCULATION PROCEDURES |  |  |
| 2 | Compare, or recalculate and compare, the physical occupancy rate for each Historical Period in the Source Document(s) listed (as applicable) to the physical occupancy rates on the Underwriting File. Identify any variance above a 0.5% threshold. | Borrower Operating Statement Data Files | No Exceptions Noted |
|  | SUPPORTING EXPENSE COMPARISON AND RECALCULATION PROCEDURES |  |  |
| 3 | Compare, or recalculate and compare, the tax expense and insurance expense amounts in the Source Document(s) listed (as applicable) to the corresponding amounts for the Underwritten Period on the Underwriting File. Identify any variance above a -5% and -$10,000 threshold. | Tax Bills and Underwriting Instructions and Adjustments | No Exceptions Noted |
|  | UNDERWRITTEN CASHFLOW COMPARISON AND RECALCULATION PROCEDURES |  |  |
| 4 | Using the information on the Underwriting File, Source Documents, ASR and the Underwriting Instructions and Adjustments (footnotes), recalculate the underwritten revenue and expense line items that are shown on the Underwriting File. Identify any variance above a 3% and $25,000 threshold. | Underwriting File, Source Documents, ASR and Underwriting Instructions and Adjustments | No Exceptions Noted |
| *\*\*N/A: Not Applicable* | *\*\*N/A: Not Applicable* |  |  |

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