# EDGAR Filing Document

**Accession Number:** 0001808000
**File Stem:** 0001214659-23-002161
**Filing Date:** 2023-2
**Character Count:** 80215
**Document Hash:** 56fc805461e005774ef9ac5062eeeffa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001214659-23-002161.hdr.sgml**: 20230213

**ACCESSION NUMBER**: 0001214659-23-002161

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

**PUBLIC DOCUMENT COUNT**: 6

**CONFORMED PERIOD OF REPORT**: 20230213

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

**FILED AS OF DATE**: 20230213

**DATE AS OF CHANGE**: 20230213

**ABS RULE**: RULE-15GA2

**REGISTERED ENTITY**: N

**ABS ASSET CLASS**: Residential mortgages - Other/Combined

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BAF Securities Depositor, LLC
- **CENTRAL INDEX KEY:** 0001808000
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-05087
- **FILM NUMBER:** 23620152

**BUSINESS ADDRESS:**
- **STREET 1:** 5001 PLAZA ON THE LAKE
- **STREET 2:** SUITE 200
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78746
- **BUSINESS PHONE:** 5123423020

**MAIL ADDRESS:**
- **STREET 1:** 5001 PLAZA ON THE LAKE
- **STREET 2:** SUITE 200
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78746
**DEPOSITOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BAF Securities Depositor, LLC
- **CENTRAL INDEX KEY:** 0001808000
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

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

**BUSINESS ADDRESS:**
- **STREET 1:** 5001 PLAZA ON THE LAKE
- **STREET 2:** SUITE 200
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78746
- **BUSINESS PHONE:** 5123423020

**MAIL ADDRESS:**
- **STREET 1:** 5001 PLAZA ON THE LAKE
- **STREET 2:** SUITE 200
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78746

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM ABS-15G**

**ASSET-BACKED SECURITIZER REPORT**

**Pursuant to Section 15G of the**

**Securities Exchange Act of 1934**

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

☐ Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period __________ to ___________

Date of Report (Date of earliest event reported): _____________

Commission File Number of securitizer: ______________

Central Index Key Number of securitizer: _____________

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) ☐

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) ☐

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2)

**AMSR 2023-SFR1 TRUST**

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

Central Index Key Number of depositor: <u>0001808000</u>

Central Index Key Number of issuing entity (if applicable): <u>N/A</u>

Central Index Key Number of underwriter (if applicable): <u>N/A</u>

**BAF Securities Depositor, LLC<br> Attn: Joseph V. Gatti<br> (512) 342-3020**

Name and telephone number, including area code,

of the person to contact in connection with this filing

**INFORMATION TO BE INCLUDED IN THE REPORT**

**PART I – REPRESENTATION AND WARRANTY INFORMATION** 

N/A

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

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

The disclosures required by Rule 15Ga-2 (17 CRF 240.15Ga-2) are attached hereto as Exhibits to this Form ABS-15G. Please see the Exhibit Index for the related information.

**EXHIBIT INDEX**

99.1 [Radian Real Estate Management, LLC Certification of Services Performed](ex99_1.htm)

99.2 [BCHH, Inc. HOA Discrepancy Review](ex99_2.htm)

99.3 [SingleSource Property Solutions, LLC Report of Valuation Review](ex99_3.htm)

99.4 [Independent Accountant's Report on Applying Agreed-Upon Procedures](ex99_4.htm)

**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.

**BAF Securities Depositor, LLC**<br> (Depositor)

---

| | |
|:---|:---|
| By: | /s/ Jospeh V. Gatti |

---

Name: Joseph V. Gatti

Title: Vice President

Date: February 13, 2023

## Exhibit 99.1

**Exhibit 99.1**

**Items 4 and 5**

**<u>Certification of Services Performed</u>**

February 13, 2023

Reference is made to that certain proposed Loan Agreement (the "**Loan Agreement**"), by and between **BAF ASSETS 6, LLC**, a Delaware limited liability company ("**Borrower**"), and **GERMAN AMERICAN CAPITAL CORPORATION** ("**Client**"). Capitalized terms used herein without definition have the respective meanings ascribed thereto in the Loan Agreement.

I do hereby certify to Borrower and Client, to the best of my knowledge and belief, that Radian Real Estate Management LLC (f/k/a Green River Capital, LLC) ("**RREM**") has completed the services ordered by Client under the Evaluation Services Agreement, dated as of February 13, 2023, by and between RREM and Client and acknowledged and agreed to by Borrower, in connection with the borrowing of the Loan for the Properties contained in the data tape entitled "AMSR 2023-1 – Tape as of 1.31.2023" (the **"2023-SFR1 data tape"**). Furthermore;

1. RREM has reviewed the Lease for each Property provided by Client and has determined that (a) each
such Lease has been executed by the applicable Tenant, (b) the monthly rental payment under each such Lease and the Lease commencement
and expiration dates match the information included in the 2023-SFR1 data tape, (c) no such Lease contains terms that are materially
inconsistent with customary lease terms for the jurisdiction where the applicable Property is located and (d) all Section 8 leases
are correctly reported in the 2023-SFR1 data tape.

2. RREM has reviewed the values in the 2023-SFR1 data tape that are used in the calculations and reporting
to the price estimate obtained on BPOs provided by a third-party and determined that the valuations are accurately reported are accurately
reported.

3. RREM has reviewed (a) the addresses on the 2023-SFR1 data tape and determined that they match the addresses
that appear on the Broker Price Opinions and (b) the county designation for each Property in the 2023-SFR1 data tape and determined each
such designation is accurate and matches the county designation in the corresponding approved title policy commitment.

4. RREM has reviewed the 2023-SFR1 data tape which indicates which Properties are or are not subject to an
active homeowner's, condominium, or other common-interest community association (collectively, "**HOA**") and has
determined, based on its review of the title work, the 2023-SFR1 data tape and that certain HOA discrepancy review report dated on or
about the date hereof executed by BCHH, Inc., that the Properties identified in the 2023-SFR1 data tape as not being subject to an HOA
are accurately identified.

5. RREM has reviewed the 2023-SFR1 data tape, provided by Borrower, which indicates which Properties are
condominiums and has determined, based on property-type designations in the Broker Price Opinion for each Property and, if necessary,
based on the county records via an online database and other online resources, that the designations of Properties as condominiums on
the 2023-SFR1 data tape are accurate.

[SIGNATURE FOLLOWS ON NEXT PAGE]

IN WITNESS WHEREOF, the undersigned has caused this certificate to be executed as of the date set forth above.

---

| |
|:---|
| RADIAN REAL ESTATE MANAGEMENT LLC |
| /s/Timothy Reilly |
| Name: Timothy Reilly |
| Title: EVP |

---

[AMSR 2023-SFR1 - RREM DILIGENCE CERTIFICATE]

## Exhibit 99.2

**Exhibit 99.2**

February 7<sup>th</sup>, 2023

Amherst Single Family Residential Partners VI, LP

5001 Plaza on the Lake, Suite 200

Austin, Texas 78746

RE: AMSR 2023-SFR1 Trust (the "Issuing Entity") HOA Discrepancy Review

To whom it may concern:

In connection with the offering (the "Offering") of the securities of the Issuing Entity referenced above, we have conducted the HOA Discrepancy Review further described below. The review was conducted in accordance with what we believe to be customary residential title practice and was intended to assist in resolving certain discrepancies regarding whether specified properties may be subject to an active homeowners', condominium, or other common-interest community association (each an "HOA") as of the date hereof. A more detailed description of services performed and of our findings and conclusions is set forth below. The description below is intended to satisfy the disclosure requirements of Items 4 and 5 of FORM ABS DUE DILIGENCE-15E, which form has been provided to you concurrently herewith.

I. Manner and Scope of Review Performed (Item 4 of Form ABS Due Diligence-15E)

A. Background.

We have been informed that:

1. The securities are to be secured by, among other things, a mortgage loan (the "Mortgage Loan") primarily secured by certain residential rental properties (the "Properties").

2. Some of the Properties were previously designated by Amherst Single Family Residential Partners VI, LP (the "Loan Sponsor") as not being subject to an HOA ("Non-HOA Properties").

3. Based upon a review of the Properties conducted by a third party, certain discrepancies may have been identified suggesting that certain of the Non-HOA Properties may in fact be subject to an HOA; and/or an HOA Discrepancy Review for certain properties was deemed appropriate by the Loan Sponsor.

B. Properties Subject to Review. [(1) through (3) of Item 4.]

The Loan Sponsor and/or the Loan Sponsor's agent provided us with a list of properties with respect to which we were requested to perform our HOA Discrepancy Review (each, a "Subject Property"; collectively, the "Subject Properties"). The list of Subject Properties is attached hereto as Schedule I. Our HOA Discrepancy Review did not include "sampling" the pool. The Subject Properties were not chosen using randomization, probability sampling, or any other statistical methodology. Rather, the Subject Properties were identified by you. Accordingly, they may not be representative of the entire pool, as to which we make no representation.

C. How the Review Was Conducted. [(4) of Item 4]

We applied what we believe to be customary residential title practice to locate evidence that a Subject Property may be subject to an active HOA. We and/or our third-party vendor(s) employ a variety of customary searching methods, the most salient of which are described below, that are reasonably designed to reveal evidence regarding the existence of an active HOA (the "HOA Discrepancy Review"). Every property is unique, and not every search method is employed with respect to each of the Subject Properties. These methods are intended to allow us to reach a reasonable judgment regarding the likely existence of an active HOA. However, for a variety of reasons, including the reasons described below under "Limitations of Searching Methods," it is not possible to determine with absolute certainty that no active HOA exists with respect to the Subject Properties. Customary Searching Methods. Set forth below are certain customary inquiries which we and our third-party vendor(s) employ to locate evidence that an active HOA may exist. As noted, not all of these methods are used for every Subject Property.

1. Review of DCCR. In some instances, inquiry is made regarding whether the property is subject to any Declaration of Covenants, Conditions and Restriction ("DCCR") or similar documentation. Where a DCCR does exist, it may be examined to ascertain whether the creation of an HOA was contemplated.

2. Review of state registrations. A search of appropriate state records is sometimes conducted to ascertain whether an HOA has been registered as may be required by applicable law.

3. Internet searches. Standard search engines may be used to search the internet for evidence of an active HOA.

4. Review of prior mortgages. Certain mortgages to which the Subject Properties were previously subject may be reviewed, in order to ascertain whether a rider had been attached which would indicate that a Subject Property is part of a Planned Unit Development. This type of rider is intended to give the lender the right to pay any dues that may be owed, and therefore is commonly used where an active HOA is present.

5. Contacting listing agents. Inquiry is sometimes made of one or two listing agents who appear to list other properties in the same neighborhood as the Subject Property.

6. Contacting homeowners or residents. Inquiry is sometimes made of one or two persons owning or residing at properties in the same development as the Subject Property.

Limitations of Searching Methods.

As noted, it is not possible for any inquiry to prove with absolute certainty that no HOA exists with respect to the Subject Properties, and customary searching methods are subject to certain inherent limitations. Those limitations include, but are not limited to, the following:

It is possible for an HOA to exist even though the DCCR reviewed does not contain an explicit reference to an HOA, or there appears to be no DCCR. This may happen for a number of reasons. For example, there may have been a drafting error in the DCCR, or an important amendment to the DCCR or the DCCR itself could have been misfiled or incorrectly referenced. Old or vague descriptions can also prevent this review from being definitive. It is also possible for a DCCR to contemplate an HOA, yet nonetheless one may not be active.

It is possible for an HOA to exist and yet not be registered with relevant state agencies. In some instances, an HOA may not be legally required to be registered. Furthermore, even when such a requirement applies, there may nonetheless be an HOA that is simply not in compliance with applicable registration requirements.

Many HOAs do not establish web sites or other presence on the world-wide net. Further, internet searches are, by their nature, imprecise. Thus, the lack of applicable search "hits" from general internet searching cannot prove that an HOA is not applicable to a Subject Property.

It is possible that a Subject Property has never been subject to a prior mortgage. Even where a prior mortgage does exist, it is possible for the lender to have failed to include a PUD rider in the mortgage, even if the property had been subject to an HOA.

Even when listing agents are contacted, there is no way of ensuring that any particular agent is in fact especially knowledgeable regarding any Subject Property or the neighborhood where the property is located.

Although neighborhood residents or homeowners are sometimes contacted for information, locating contact information for such persons is a random selection process. Persons contacted may not be able or willing to answer our questions, or they may even provide inaccurate information.

D. Additional Information Regarding Scope of Review. [(5) through (8) of Item 4]

We have not undertaken any data integrity or other review beyond what is described herein, nor was our review undertaken for the purpose of:

1. Satisfying any criteria for due diligence published by a nationally recognized statistical rating organization, or

2. Making any findings with respect to:

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

b. The value of the Properties or any other collateral securing the Mortgage Loan,

c. Whether the originators of the Mortgage Loan complied with federal, state and local laws and regulations, or

d. Any other factor or characteristic of the Mortgage Loan that would be material to the likelihood that the issuer of the certificates that are secured by the Mortgage Loan will pay interest and principal in accordance with applicable terms and conditions.

Our HOA Discrepancy Review is limited to the procedures set forth in (c) above. Although we believe these procedures to be customary residential title practice to locate evidence that a property may be subject to an active HOA, we make no representation regarding the sufficiency of the procedures described in (c) above, either for the purpose for which this report has been requested or for any other purpose.

II. Summary of Findings and Conclusions from Our Review (Item 5 of Form ABS Due Diligence-15E)

Based upon the HOA Diligence Review conducted in accordance with the procedures outlined in Part I above, and assuming the accuracy of the information contained in the documents described therein, we concluded, as set forth in more detail in Schedule I attached hereto and subject to the limitations set forth herein, that:

To our knowledge, after inquiry as described above, 0 of 92 of the Subject Properties set forth on Schedule I are subject to an active and mandatory HOA.

Our conclusions are limited to the matters expressly stated herein, and no opinion is implied or may be inferred beyond the matters expressly stated herein. The conclusions expressed herein are given only as of the dates when the research was conducted, and we undertake no responsibility to update or supplement this report after the dates thereof for any reason.

This report was prepared solely for the benefit of the addressee set forth above. It should not be relied on in any manner or for any purpose by any other person or entity, including prospective investors or ratings agencies in connection with the offering referenced above (collectively, "Third Parties"), except for placement agents involved directly with the placement of this securitization transaction. Accordingly, this report was not intended to create, and shall not be deemed to create any benefits, rights, duties, or obligations in or to, any such Third Parties.

Except as required by law, this report may not be quoted in whole or in part, including in any prospectus or offering memorandum, without our prior written consent. In addition, this report is not assignable to any person or entity without our prior written approval.

[SIGNATURES ON FOLLOWING PAGE]

Executed as of the day and year first above written.

---

| | |
|:---|:---|
| BCHH, Inc. | BCHH, Inc. |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;/s/ Charles Marino |
| Name: | Charles Marino |
| Title: | President |

---

<u>Schedule I</u>

---

| | |
|:---|:---|
| Property Code | HOA Status |
| 858566 | Apparent Non-HOA Property |
| 7472994 | Apparent Non-HOA Property |
| 7473262 | Apparent Non-HOA Property |
| 8019289 | Apparent Non-HOA Property |
| 8089528 | Apparent Non-HOA Property |
| 8091104 | Apparent Non-HOA Property |
| 8132563 | Apparent Non-HOA Property |
| 8137490 | Apparent Non-HOA Property |
| 8137545 | Apparent Non-HOA Property |
| 8177117 | Apparent Non-HOA Property |
| 8245700 | Apparent Non-HOA Property |
| 8266005 | Apparent Non-HOA Property |
| 8299680 | Apparent Non-HOA Property |
| 8302619 | Apparent Non-HOA Property |
| 8307529 | Apparent Non-HOA Property |
| 8324471 | Apparent Non-HOA Property |
| 8350246 | Apparent Non-HOA Property |
| 8387193 | Apparent Non-HOA Property |
| 8454649 | Apparent Non-HOA Property |
| 8470198 | Apparent Non-HOA Property |
| 8471013 | Apparent Non-HOA Property |
| 8515727 | Apparent Non-HOA Property |
| 8521400 | Apparent Non-HOA Property |
| 8561025 | Apparent Non-HOA Property |
| 8561806 | Apparent Non-HOA Property |
| 8565738 | Apparent Non-HOA Property |
| 8568243 | Apparent Non-HOA Property |
| 8569631 | Apparent Non-HOA Property |
| 8570807 | Apparent Non-HOA Property |
| 8573751 | Apparent Non-HOA Property |
| 8587959 | Apparent Non-HOA Property |
| 8601254 | Apparent Non-HOA Property |
| 8607646 | Apparent Non-HOA Property |
| 8613509 | Apparent Non-HOA Property |
| 8621222 | Apparent Non-HOA Property |
| 8622500 | Apparent Non-HOA Property |
| 8623260 | Apparent Non-HOA Property |
| 8624643 | Apparent Non-HOA Property |

---

---

| | |
|:---|:---|
| Property ID | HOA Status |
| 8626487 | Apparent Non-HOA Property |
| 8631755 | Apparent Non-HOA Property |
| 8631888 | Apparent Non-HOA Property |
| 8634243 | Apparent Non-HOA Property |
| 8634250 | Apparent Non-HOA Property |
| 8636374 | Apparent Non-HOA Property |
| 8636381 | Apparent Non-HOA Property |
| 8636384 | Apparent Non-HOA Property |
| 8639165 | Apparent Non-HOA Property |
| 8644516 | Apparent Non-HOA Property |
| 8645987 | Apparent Non-HOA Property |
| 8646178 | Apparent Non-HOA Property |
| 8646193 | Apparent Non-HOA Property |
| 8651201 | Apparent Non-HOA Property |
| 8659192 | Apparent Non-HOA Property |
| 8660442 | Apparent Non-HOA Property |
| 8702978 | Apparent Non-HOA Property |
| 8721343 | Apparent Non-HOA Property |
| 8722310 | Apparent Non-HOA Property |
| 8728259 | Apparent Non-HOA Property |
| 8737314 | Apparent Non-HOA Property |
| 8741859 | Apparent Non-HOA Property |
| 8766562 | Apparent Non-HOA Property |
| 8785413 | Apparent Non-HOA Property |
| 8795265 | Apparent Non-HOA Property |
| 8797713 | Apparent Non-HOA Property |
| 8802285 | Apparent Non-HOA Property |
| 8842997 | Apparent Non-HOA Property |
| 8844367 | Apparent Non-HOA Property |
| 8865931 | Apparent Non-HOA Property |
| 8867717 | Apparent Non-HOA Property |
| 8870259 | Apparent Non-HOA Property |
| 8876532 | Apparent Non-HOA Property |
| 8876536 | Apparent Non-HOA Property |
| 8876545 | Apparent Non-HOA Property |
| 8876547 | Apparent Non-HOA Property |
| 8876559 | Apparent Non-HOA Property |
| 8876560 | Apparent Non-HOA Property |
| 8876561 | Apparent Non-HOA Property |
| 8876562 | Apparent Non-HOA Property |

---

---

| | |
|:---|:---|
| Property ID | HOA Status |
| 8876563 | Apparent Non-HOA Property |
| 8876564 | Apparent Non-HOA Property |
| 8879778 | Apparent Non-HOA Property |
| 8882845 | Apparent Non-HOA Property |
| 8886342 | Apparent Non-HOA Property |
| 8887678 | Apparent Non-HOA Property |
| 8937871 | Apparent Non-HOA Property |
| 8942645 | Apparent Non-HOA Property |
| 8978872 | Apparent Non-HOA Property |
| 8982471 | Apparent Non-HOA Property |
| 9126692 | Apparent Non-HOA Property |
| 9126693 | Apparent Non-HOA Property |
| 9126698 | Apparent Non-HOA Property |
| 9142439 | Apparent Non-HOA Property |

---

## Exhibit 99.3

**Exhibit 99.3**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Item 4. Description of the due diligence performed

**<u>Certification of Services Performed</u>**

Reference is made to that certain proposed Loan Agreement (the "**Loan Agreement**"), by and between **BAF Assets 6, LLC** a Texas limited liability company ("**Borrower**") and German American Capital Corporation, a Maryland corporation, in its capacity as lender (together with its successors and assigns in such capacity, the "**Client**"). SingleSource Diligence Solutions, LLC ("**SingleSource**") has been retained by the Client.

I do hereby certify to Borrower and Client, to the best of my knowledge and belief, that SingleSource has completed the services ordered by Client under that certain Scope of Work Agreement, dated as of February 9, 2023, by and between SingleSource and Client, in connection with the borrowing of the loan pursuant to the Loan Agreement for the properties (the "**Properties**" and each, a "**Property**") contained within the data tape of the electronic file entitled **"AMSR 2023-SFR1"**. Furthermore:

1. SingleSource has reviewed the BPO Value for each Property and has provided a value reconciliation and
/ or value rebuttal based on market value analysis of the subject Property as fee simple basis unencumbered with market value defined
as the most probable price the subject property would sell for in an open market excluding undue influence (such process, "**Value Reconciliation** "). Such Value Reconciliation is contained in **Schedule A** attached hereto.

2. The Value Reconciliation includes (i) confirmation of subject consistency by comparing photos; (ii) comparison
of the property characteristics between reports; (iii) review of sales across report(s) with regards to proximity, age, design, etc.;
(iv) opinion as to the quality of the client supplied Broker Price Opinion; (v) review of data including Sitex, County Public Records,
RealQuest, Realtor.com and/or Google Earth; (vi) market trend including foreclosures; (vii) identification of external influences; and
(viii) an analysis of the Broker Price Opinion report with a conclusion of value.

[SIGNATURE FOLLOWS ON NEXT PAGE]

**SingleSource Diligence Solutions, LLC**

---

| |
|:---|
| By: |
| (Signature) (Date) |

---

Name: Dean Kelker

Title: SSDS Managing Director

**Item 5. Summary of findings and conclusions of review**

Schedule A

Value Reconciliation

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Property ID** | **Valuation <br> Type** | **Valuation 1 <br> Value** | **Valuation 1 <br> Date** | **Reconciled <br> Value** | **Reconciled Value <br> Date** |
| 8455103 | BPO | $295000 | 1/20/2023 | $288000 | 2/5/2023 |
| 8267531 | BPO | $505000 | 1/19/2023 | $505000 | 2/6/2023 |
| 8370860 | BPO | $325000 | 1/19/2023 | $300000 | 2/4/2023 |
| 8879020 | BPO | $220000 | 1/23/2023 | $220000 | 2/5/2023 |
| 1013891 | BPO | $270000 | 1/18/2023 | $270000 | 2/5/2023 |
| 8665674 | BPO | $324000 | 1/24/2023 | $324000 | 2/5/2023 |
| 8795972 | BPO | $410000 | 1/22/2023 | $410000 | 2/8/2023 |
| 8735369 | BPO | $207000 | 1/18/2023 | $207000 | 2/4/2023 |
| 8879013 | BPO | $197000 | 1/21/2023 | $230000 | 2/5/2023 |
| 8653208 | BPO | $365000 | 1/23/2023 | $325000 | 2/6/2023 |
| 8845522 | BPO | $344000 | 1/18/2023 | $354000 | 2/6/2023 |
| 816735 | BPO | $300000 | 1/21/2023 | $300000 | 2/7/2023 |
| 8019197 | BPO | $210000 | 1/18/2023 | $225000 | 2/5/2023 |
| 8019168 | BPO | $187000 | 1/9/2023 | $170000 | 2/5/2023 |
| 8243562 | BPO | $212000 | 1/19/2023 | $212000 | 2/7/2023 |
| 8900120 | BPO | $284000 | 1/31/2023 | $274000 | 2/5/2023 |
| 8470128 | BPO | $170000 | 1/19/2023 | $170000 | 2/5/2023 |
| 8470116 | BPO | $100000 | 1/18/2023 | $100000 | 2/5/2023 |
| 8625554 | BPO | $299900 | 1/21/2023 | $299900 | 2/5/2023 |
| 8683190 | BPO | $300000 | 1/19/2023 | $300000 | 2/7/2023 |
| 8658807 | BPO | $195000 | 1/19/2023 | $195000 | 2/6/2023 |
| 8654421 | BPO | $230000 | 1/21/2023 | $230000 | 2/6/2023 |
| 8552873 | BPO | $330000 | 1/22/2023 | $300000 | 2/5/2023 |
| 8451730 | BPO | $150000 | 1/18/2023 | $150000 | 2/5/2023 |
| 8370858 | BPO | $308000 | 1/18/2023 | $300000 | 2/4/2023 |
| 8877285 | BPO | $294000 | 1/24/2023 | $294000 | 2/5/2023 |
| 8333805 | BPO | $71000 | 1/24/2023 | $71000 | 2/7/2023 |
| 8829875 | BPO | $255000 | 1/22/2023 | $255000 | 2/8/2023 |
| 8336351 | BPO | $297000 | 1/20/2023 | $280000 | 2/5/2023 |
| 8470077 | BPO | $104000 | 1/18/2023 | $104000 | 2/6/2023 |
| 8655691 | BPO | $350500 | 1/21/2023 | $350500 | 2/5/2023 |
| 8470183 | BPO | $82000 | 1/18/2023 | $82000 | 2/6/2023 |
| 8406726 | BPO | $250000 | 1/17/2023 | $250000 | 2/7/2023 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Property ID** | **Valuation <br> Type** | **Valuation 1 <br> Value** | **Valuation 1 <br> Date** | **Reconciled <br> Value** | **Reconciled Value <br> Date** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 8469946 | BPO | $105000 | 1/19/2023 | $105000 | 2/7/2023 |
| 8430521 | BPO | $386000 | 1/18/2023 | $386000 | 2/6/2023 |
| 8516498 | BPO | $228000 | 1/22/2023 | $228000 | 2/7/2023 |
| 8722234 | BPO | $375000 | 1/18/2023 | $380000 | 2/3/2023 |
| 8809483 | BPO | $330000 | 1/21/2023 | $335000 | 2/5/2023 |
| 8645201 | BPO | $245000 | 1/18/2023 | $245000 | 2/7/2023 |
| 8747598 | BPO | $520000 | 1/19/2023 | $490000 | 2/5/2023 |
| 8738956 | BPO | $268000 | 1/20/2023 | $260000 | 2/6/2023 |
| 872154 | BPO | $410000 | 1/18/2023 | $340000 | 2/4/2023 |
| 8773528 | BPO | $242300 | 1/21/2023 | $242300 | 2/6/2023 |
| 8352257 | BPO | $420000 | 1/18/2023 | $420000 | 2/5/2023 |
| 8271456 | BPO | $430000 | 1/19/2023 | $430000 | 2/7/2023 |
| 8705345 | BPO | $105000 | 1/20/2023 | $111000 | 2/5/2023 |
| 8697246 | BPO | $505000 | 1/19/2023 | $520000 | 2/5/2023 |
| 8725746 | BPO | $406000 | 1/19/2023 | $406000 | 2/8/2023 |
| 8469887 | BPO | $130000 | 1/20/2023 | $130000 | 2/6/2023 |
| 8333792 | BPO | $84000 | 1/18/2023 | $84000 | 2/5/2023 |
| 8696361 | BPO | $305000 | 1/21/2023 | $305000 | 2/6/2023 |
| 8451729 | BPO | $139900 | 1/19/2023 | $139900 | 2/7/2023 |
| 8728258 | BPO | $445000 | 1/21/2023 | $445000 | 2/5/2023 |
| 8658808 | BPO | $267000 | 1/12/2023 | $267000 | 2/6/2023 |
| 8333784 | BPO | $156000 | 1/31/2023 | $156000 | 2/5/2023 |
| 875892 | BPO | $250000 | 1/18/2023 | $250000 | 2/5/2023 |
| 8850998 | BPO | $555000 | 1/18/2023 | $555000 | 2/5/2023 |
| 8871053 | BPO | $396000 | 1/19/2023 | $396000 | 2/4/2023 |
| 8454649 | BPO | $530000 | 1/18/2023 | $445000 | 2/5/2023 |
| 8562010 | BPO | $266000 | 1/18/2023 | $266000 | 2/5/2023 |
| 8470186 | BPO | $120000 | 1/19/2023 | $120000 | 2/7/2023 |
| 8193252 | BPO | $347000 | 1/20/2023 | $347000 | 2/8/2023 |
| 8675812 | BPO | $470000 | 1/18/2023 | $470000 | 2/5/2023 |
| 9114609 | BPO | $221000 | 1/18/2023 | $221000 | 2/5/2023 |
| 8019113 | BPO | $230000 | 1/18/2023 | $250000 | 2/4/2023 |
| 844856 | BPO | $341000 | 1/19/2023 | $341000 | 2/5/2023 |
| 8414041 | BPO | $296000 | 1/18/2023 | $296000 | 2/7/2023 |
| 8295399 | BPO | $245000 | 1/17/2023 | $245000 | 2/7/2023 |
| 8982329 | BPO | $335000 | 1/20/2023 | $335000 | 2/5/2023 |
| 9122989 | BPO | $209000 | 1/21/2023 | $209000 | 2/5/2023 |
| 8326462 | BPO | $495000 | 1/19/2023 | $495000 | 2/7/2023 |
| 8900124 | BPO | $220000 | 1/21/2023 | $210000 | 2/6/2023 |
| 8655745 | BPO | $285000 | 1/18/2023 | $285000 | 2/6/2023 |
| 8413668 | BPO | $220000 | 1/18/2023 | $220000 | 2/5/2023 |
| 8654213 | BPO | $320000 | 1/20/2023 | $320000 | 2/6/2023 |
| 8857616 | BPO | $307000 | 1/24/2023 | $307000 | 2/5/2023 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Property ID** | **Valuation <br> Type** | **Valuation 1 <br> Value** | **Valuation 1 <br> Date** | **Reconciled <br> Value** | **Reconciled Value <br> Date** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 8487444 | BPO | $415000 | 1/21/2023 | $415000 | 2/8/2023 |
| 8470054 | BPO | $75000 | 1/18/2023 | $75000 | 2/5/2023 |
| 8124491 | BPO | $173000 | 1/19/2023 | $173000 | 2/6/2023 |
| 8658832 | BPO | $436000 | 1/21/2023 | $436000 | 2/7/2023 |
| 8210588 | BPO | $250000 | 1/18/2023 | $250000 | 2/5/2023 |
| 747006 | BPO | $400000 | 1/19/2023 | $400000 | 2/5/2023 |
| 8390652 | BPO | $217000 | 1/24/2023 | $217000 | 2/6/2023 |
| 8851936 | BPO | $405000 | 1/18/2023 | $405000 | 2/7/2023 |
| 8262090 | BPO | $470000 | 1/19/2023 | $488000 | 2/6/2023 |
| 8645200 | BPO | $310000 | 1/18/2023 | $310000 | 2/6/2023 |
| 8636384 | BPO | $261000 | 1/19/2023 | $249000 | 2/5/2023 |
| 8401431 | BPO | $321000 | 1/18/2023 | $345000 | 2/6/2023 |
| 892673 | BPO | $335000 | 1/20/2023 | $335000 | 2/7/2023 |
| 8350246 | BPO | $235000 | 1/19/2023 | $235000 | 2/6/2023 |
| 8538906 | BPO | $396000 | 1/20/2023 | $396000 | 2/6/2023 |
| 8564853 | BPO | $220000 | 2/1/2023 | $230000 | 2/4/2023 |
| 8013148 | BPO | $425000 | 2/1/2023 | $425000 | 2/8/2023 |
| 8402404 | BPO | $433000 | 1/27/2023 | $433000 | 2/6/2023 |
| 8876224 | BPO | $296300 | 1/20/2023 | $296300 | 2/6/2023 |
| 8333806 | BPO | $118000 | 1/19/2023 | $118000 | 2/5/2023 |
| 8876532 | BPO | $250000 | 1/21/2023 | $240000 | 2/5/2023 |
| 8642314 | BPO | $400000 | 1/23/2023 | $400000 | 2/7/2023 |
| 8474164 | BPO | $170000 | 1/21/2023 | $170000 | 2/4/2023 |
| 8393725 | BPO | $390000 | 1/19/2023 | $390000 | 2/6/2023 |
| 8939655 | BPO | $200000 | 1/22/2023 | $213000 | 2/4/2023 |
| 8786284 | BPO | $355000 | 1/23/2023 | $355000 | 2/6/2023 |
| 8507720 | BPO | $490000 | 1/20/2023 | $490000 | 2/8/2023 |
| 8773223 | BPO | $385000 | 1/19/2023 | $385000 | 2/8/2023 |
| 8780480 | BPO | $310000 | 1/21/2023 | $310000 | 2/5/2023 |
| 8873727 | BPO | $345900 | 1/21/2023 | $345900 | 2/6/2023 |
| 8826204 | BPO | $420000 | 1/24/2023 | $409000 | 2/3/2023 |
| 8745655 | BPO | $285000 | 1/29/2023 | $285000 | 2/6/2023 |
| 8693295 | BPO | $275000 | 1/23/2023 | $275000 | 2/7/2023 |
| 8370682 | BPO | $250000 | 1/18/2023 | $250000 | 2/6/2023 |
| 8211336 | BPO | $265000 | 1/20/2023 | $265000 | 2/6/2023 |
| 8201414 | BPO | $300000 | 1/19/2023 | $300000 | 2/5/2023 |
| 8636387 | BPO | $260000 | 1/18/2023 | $270000 | 2/4/2023 |
| 8743522 | BPO | $539000 | 1/19/2023 | $539000 | 2/5/2023 |
| 8494125 | BPO | $232000 | 1/19/2023 | $218000 | 2/6/2023 |
| 9072453 | BPO | $448000 | 1/21/2023 | $448000 | 2/8/2023 |
| 8085254 | BPO | $300000 | 1/20/2023 | $300000 | 2/6/2023 |
| 8878267 | BPO | $310000 | 1/18/2023 | $280000 | 2/7/2023 |
| 8299680 | BPO | $440000 | 1/19/2023 | $440000 | 2/6/2023 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Property ID** | **Valuation <br> Type** | **Valuation 1 <br> Value** | **Valuation 1 <br> Date** | **Reconciled <br> Value** | **Reconciled Value <br> Date** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 7944645 | BPO | $318000 | 1/18/2023 | $308000 | 2/5/2023 |
| 8824862 | BPO | $270000 | 1/18/2023 | $270000 | 2/7/2023 |
| 8469956 | BPO | $76000 | 1/27/2023 | $76000 | 2/6/2023 |
| 8674455 | BPO | $410000 | 1/19/2023 | $410000 | 2/5/2023 |
| 8720141 | BPO | $192000 | 1/18/2023 | $192000 | 2/5/2023 |
| 8759377 | BPO | $424000 | 1/19/2023 | $424000 | 2/7/2023 |
| 8805348 | BPO | $306000 | 1/22/2023 | $306000 | 2/7/2023 |
| 8846460 | BPO | $305000 | 1/19/2023 | $290000 | 2/7/2023 |
| 8570807 | BPO | $345000 | 1/18/2023 | $345000 | 2/3/2023 |
| 8412981 | BPO | $255000 | 1/27/2023 | $255000 | 2/5/2023 |
| 8471722 | BPO | $235000 | 1/23/2023 | $235000 | 2/5/2023 |
| 8293858 | BPO | $163000 | 1/31/2023 | $163000 | 2/5/2023 |
| 8563989 | BPO | $330000 | 1/20/2023 | $310000 | 2/6/2023 |
| 854209 | BPO | $295000 | 1/18/2023 | $295000 | 2/8/2023 |
| 8759857 | BPO | $349000 | 1/20/2023 | $355000 | 2/6/2023 |
| 8403875 | BPO | $254000 | 1/19/2023 | $254000 | 2/5/2023 |
| 9293820 | BPO | $157000 | 1/28/2023 | $157000 | 2/7/2023 |
| 8879024 | BPO | $210000 | 1/20/2023 | $210000 | 2/7/2023 |
| 8886465 | BPO | $375000 | 1/19/2023 | $385000 | 2/6/2023 |
| 8039867 | BPO | $420000 | 1/19/2023 | $420000 | 2/8/2023 |
| 8737181 | BPO | $287000 | 1/20/2023 | $300000 | 2/6/2023 |
| 8682035 | BPO | $330000 | 1/21/2023 | $330000 | 2/5/2023 |
| 8807467 | BPO | $372000 | 1/24/2023 | $350000 | 2/6/2023 |
| 8772140 | BPO | $345000 | 1/18/2023 | $345000 | 2/7/2023 |
| 8225092 | BPO | $327000 | 1/26/2023 | $327000 | 2/7/2023 |
| 8282181 | BPO | $213000 | 1/22/2023 | $213000 | 2/6/2023 |
| 8686552 | BPO | $290000 | 1/21/2023 | $290000 | 2/6/2023 |
| 8369355 | BPO | $249000 | 1/19/2023 | $249000 | 2/7/2023 |
| 8409618 | BPO | $215000 | 1/22/2023 | $215000 | 2/6/2023 |
| 8533850 | BPO | $328000 | 1/3/2023 | $328000 | 2/7/2023 |
| 8718737 | BPO | $370000 | 1/22/2023 | $370000 | 2/6/2023 |
| 8469880 | BPO | $84000 | 1/18/2023 | $84000 | 2/6/2023 |
| 8470096 | BPO | $156000 | 1/18/2023 | $156000 | 2/6/2023 |
| 8824921 | BPO | $400000 | 1/23/2023 | $400000 | 2/7/2023 |
| 8301763 | BPO | $284000 | 1/22/2023 | $284000 | 2/7/2023 |
| 8112588 | BPO | $291000 | 1/27/2023 | $291000 | 2/6/2023 |
| 8597882 | BPO | $165000 | 1/18/2023 | $165000 | 2/7/2023 |
| 8271845 | BPO | $290000 | 1/20/2023 | $290000 | 2/5/2023 |
| 8849935 | BPO | $325000 | 1/18/2023 | $325000 | 2/4/2023 |
| 8665551 | BPO | $330000 | 1/18/2023 | $357000 | 2/7/2023 |
| 8866355 | BPO | $352000 | 1/20/2023 | $384000 | 2/6/2023 |
| 8908576 | BPO | $325000 | 1/19/2023 | $325000 | 2/8/2023 |
| 8019275 | BPO | $178000 | 1/18/2023 | $178000 | 2/7/2023 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Property ID** | **Valuation <br> Type** | **Valuation 1 <br> Value** | **Valuation 1 <br> Date** | **Reconciled <br> Value** | **Reconciled Value <br> Date** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 8866378 | BPO | $330000 | 1/4/2023 | $300000 | 2/7/2023 |
| 8580608 | BPO | $421000 | 1/24/2023 | $421000 | 2/6/2023 |
| 8829851 | BPO | $250000 | 1/22/2023 | $245000 | 2/3/2023 |
| 8271683 | BPO | $430000 | 1/18/2023 | $360000 | 2/8/2023 |
| 8470151 | BPO | $105000 | 1/29/2023 | $105000 | 2/6/2023 |
| 671894 | BPO | $307000 | 1/18/2023 | $307000 | 2/7/2023 |
| 8730561 | BPO | $318000 | 1/23/2023 | $318000 | 2/6/2023 |
| 8469865 | BPO | $152000 | 1/19/2023 | $152000 | 2/5/2023 |
| 8794291 | BPO | $355000 | 1/18/2023 | $355000 | 2/7/2023 |
| 8753124 | BPO | $270000 | 1/18/2023 | $270000 | 2/7/2023 |
| 8713318 | BPO | $400000 | 2/1/2023 | $400000 | 2/6/2023 |
| 8772020 | BPO | $245000 | 1/22/2023 | $245000 | 2/8/2023 |
| 8772025 | BPO | $355000 | 1/22/2023 | $370000 | 2/7/2023 |
| 8835306 | BPO | $278000 | 1/20/2023 | $267000 | 2/5/2023 |
| 8723224 | BPO | $525000 | 1/19/2023 | $493000 | 2/7/2023 |
| 8984802 | BPO | $464000 | 1/19/2023 | $395000 | 2/7/2023 |
| 8019278 | BPO | $155000 | 1/19/2023 | $143000 | 2/5/2023 |
| 8687667 | BPO | $185000 | 1/21/2023 | $185000 | 2/5/2023 |
| 8451750 | BPO | $164000 | 1/21/2023 | $164000 | 2/7/2023 |
| 8112587 | BPO | $235000 | 1/19/2023 | $250000 | 2/5/2023 |
| 8148929 | BPO | $358000 | 1/18/2023 | $358000 | 2/5/2023 |
| 8700161 | BPO | $355000 | 1/20/2023 | $355000 | 2/5/2023 |
| 8474174 | BPO | $195000 | 1/21/2023 | $195000 | 2/5/2023 |
| 8772018 | BPO | $245000 | 1/22/2023 | $245000 | 2/5/2023 |
| 9063617 | BPO | $311000 | 1/19/2023 | $311000 | 2/5/2023 |
| 8956753 | BPO | $319900 | 12/20/2022 | $319900 | 2/5/2023 |
| 8857315 | BPO | $375000 | 1/18/2023 | $385000 | 2/7/2023 |
| 8124494 | BPO | $189000 | 1/20/2023 | $175000 | 2/6/2023 |
| 8919496 | BPO | $465000 | 1/21/2023 | $474000 | 2/7/2023 |
| 7947241 | BPO | $260000 | 1/19/2023 | $235000 | 2/7/2023 |
| 9062900 | BPO | $415000 | 1/22/2023 | $402000 | 2/7/2023 |
| 8400468 | BPO | $350000 | 1/21/2023 | $350000 | 2/5/2023 |
| 8829891 | BPO | $320000 | 1/22/2023 | $330000 | 2/5/2023 |
| 8469857 | BPO | $145000 | 1/20/2023 | $145000 | 2/7/2023 |
| 8451769 | BPO | $187000 | 1/19/2023 | $187000 | 2/7/2023 |
| 8744314 | BPO | $275000 | 1/21/2023 | $275000 | 2/7/2023 |
| 9126684 | BPO | $318500 | 1/19/2023 | $318000 | 2/5/2023 |
| 8019188 | BPO | $225000 | 1/18/2023 | $230000 | 2/3/2023 |
| 871409 | BPO | $220000 | 1/18/2023 | $220000 | 2/6/2023 |
| 8384124 | BPO | $140000 | 1/18/2023 | $140000 | 2/6/2023 |
| 8201412 | BPO | $261000 | 2/1/2023 | $261000 | 2/4/2023 |
| 9151412 | BPO | $395000 | 1/22/2023 | $395000 | 2/6/2023 |
| 8876561 | BPO | $250000 | 1/21/2023 | $255000 | 2/5/2023 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Property ID** | **Valuation <br> Type** | **Valuation 1 <br> Value** | **Valuation 1 <br> Date** | **Reconciled <br> Value** | **Reconciled Value <br> Date** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 8739337 | BPO | $409000 | 1/20/2023 | $390000 | 2/4/2023 |
| 8867676 | BPO | $383260 | 2/1/2023 | $399000 | 2/5/2023 |
| 8413687 | BPO | $251000 | 1/26/2023 | $235000 | 2/5/2023 |
| 8856126 | BPO | $317000 | 1/19/2023 | $300000 | 2/5/2023 |
| 8688369 | BPO | $267000 | 1/18/2023 | $267000 | 2/8/2023 |
| 8658804 | BPO | $175000 | 1/19/2023 | $175000 | 2/6/2023 |
| 8288514 | BPO | $430000 | 1/19/2023 | $430000 | 2/6/2023 |
| 8728165 | BPO | $280000 | 1/20/2023 | $280000 | 2/5/2023 |
| 8484555 | BPO | $330000 | 1/19/2023 | $319000 | 2/7/2023 |
| 8671862 | BPO | $359000 | 1/20/2023 | $359000 | 2/6/2023 |
| 8891761 | BPO | $310000 | 1/18/2023 | $310000 | 2/6/2023 |
| 8723961 | BPO | $370000 | 1/18/2023 | $315000 | 2/6/2023 |
| 8233410 | BPO | $424000 | 1/22/2023 | $424000 | 2/6/2023 |
| 8788687 | BPO | $459000 | 1/19/2023 | $459000 | 2/5/2023 |
| 8774322 | BPO | $325000 | 12/19/2022 | $300000 | 2/6/2023 |
| 8794231 | BPO | $295000 | 1/24/2023 | $295000 | 2/7/2023 |
| 8879025 | BPO | $265000 | 1/20/2023 | $265000 | 2/6/2023 |
| 8751788 | BPO | $360000 | 1/24/2023 | $350000 | 2/5/2023 |
| 8210599 | BPO | $255000 | 1/18/2023 | $255000 | 2/6/2023 |
| 8648020 | BPO | $175000 | 1/20/2023 | $175000 | 2/6/2023 |
| 8727056 | BPO | $434000 | 1/20/2023 | $424000 | 2/7/2023 |
| 8377462 | BPO | $195000 | 1/21/2023 | $201000 | 2/5/2023 |
| 8660732 | BPO | $320000 | 1/18/2023 | $320000 | 2/6/2023 |
| 8469969 | BPO | $130000 | 1/20/2023 | $121000 | 2/5/2023 |
| 8291417 | BPO | $271000 | 1/22/2023 | $271000 | 2/6/2023 |
| 8299223 | BPO | $330000 | 1/19/2023 | $330000 | 2/5/2023 |
| 8465508 | BPO | $270000 | 1/19/2023 | $270000 | 2/5/2023 |
| 8579106 | BPO | $340000 | 1/18/2023 | $340000 | 2/7/2023 |
| 9063612 | BPO | $255770 | 1/19/2023 | $255770 | 2/6/2023 |
| 8451761 | BPO | $167000 | 1/23/2023 | $167000 | 2/6/2023 |
| 8866099 | BPO | $320000 | 1/28/2023 | $325000 | 2/7/2023 |
| 8713457 | BPO | $333000 | 1/21/2023 | $333000 | 2/8/2023 |
| 8349025 | BPO | $280000 | 1/19/2023 | $280000 | 2/6/2023 |
| 8992703 | BPO | $305000 | 1/18/2023 | $305000 | 2/5/2023 |
| 8866104 | BPO | $281000 | 1/18/2023 | $273000 | 2/6/2023 |
| 8712470 | BPO | $490000 | 1/19/2023 | $490000 | 2/7/2023 |
| 8655770 | BPO | $325000 | 1/24/2023 | $325000 | 2/5/2023 |
| 8787138 | BPO | $450000 | 1/19/2023 | $450000 | 2/6/2023 |
| 8651984 | BPO | $370000 | 1/20/2023 | $370000 | 2/8/2023 |
| 8713696 | BPO | $465000 | 1/20/2023 | $465000 | 2/4/2023 |
| 8751613 | BPO | $340000 | 1/19/2023 | $340000 | 2/7/2023 |
| 8861689 | BPO | $410000 | 1/21/2023 | $410000 | 2/7/2023 |
| 8384944 | BPO | $425000 | 1/21/2023 | $425000 | 2/8/2023 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Property ID** | **Valuation <br> Type** | **Valuation 1 <br> Value** | **Valuation 1 <br> Date** | **Reconciled <br> Value** | **Reconciled Value <br> Date** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 8259642 | BPO | $360000 | 1/18/2023 | $325000 | 2/7/2023 |
| 7318953 | BPO | $307000 | 1/27/2023 | $307000 | 2/6/2023 |
| 8451806 | BPO | $165000 | 1/24/2023 | $165000 | 2/6/2023 |
| 8682641 | BPO | $301000 | 1/25/2023 | $301000 | 2/4/2023 |
| 8019277 | BPO | $300000 | 1/18/2023 | $285000 | 2/6/2023 |
| 8417761 | BPO | $266000 | 1/19/2023 | $266000 | 2/7/2023 |
| 8822136 | BPO | $370000 | 1/20/2023 | $370000 | 2/7/2023 |
| 8562426 | BPO | $328000 | 1/18/2023 | $328000 | 2/7/2023 |
| 8997306 | BPO | $300000 | 1/4/2023 | $300000 | 2/6/2023 |
| 8597863 | BPO | $200000 | 1/19/2023 | $200000 | 2/5/2023 |
| 8658806 | BPO | $225000 | 1/21/2023 | $225000 | 2/5/2023 |
| 610557 | BPO | $331000 | 1/18/2023 | $342000 | 2/6/2023 |
| 9063616 | BPO | $320000 | 1/31/2023 | $320000 | 2/7/2023 |
| 8375106 | BPO | $260000 | 1/19/2023 | $258000 | 2/5/2023 |
| 8634506 | BPO | $255000 | 1/19/2023 | $255000 | 2/6/2023 |
| 8719484 | BPO | $305000 | 1/19/2023 | $305000 | 2/7/2023 |
| 9164793 | BPO | $320000 | 1/21/2023 | $320000 | 2/6/2023 |
| 8696764 | BPO | $330000 | 1/20/2023 | $330000 | 2/8/2023 |
| 8666563 | BPO | $260000 | 1/18/2023 | $260000 | 2/7/2023 |
| 8471297 | BPO | $320000 | 1/18/2023 | $320000 | 2/6/2023 |
| 8774373 | BPO | $300000 | 1/23/2023 | $300000 | 2/8/2023 |
| 8908568 | BPO | $380000 | 1/18/2023 | $355000 | 2/5/2023 |
| 8266005 | BPO | $490000 | 1/21/2023 | $490000 | 2/6/2023 |
| 8665505 | BPO | $261000 | 1/19/2023 | $261000 | 2/5/2023 |
| 8370692 | BPO | $210000 | 1/19/2023 | $210000 | 2/8/2023 |
| 8529511 | BPO | $197000 | 1/21/2023 | $205000 | 2/5/2023 |
| 8370861 | BPO | $320000 | 1/24/2023 | $300000 | 2/4/2023 |
| 8651642 | BPO | $400000 | 1/19/2023 | $400000 | 2/8/2023 |
| 8855903 | BPO | $435000 | 1/19/2023 | $435000 | 2/7/2023 |
| 8124481 | BPO | $188000 | 1/22/2023 | $175000 | 2/7/2023 |
| 8019237 | BPO | $193000 | 1/18/2023 | $198000 | 2/4/2023 |
| 8688541 | BPO | $370000 | 1/23/2023 | $370000 | 2/5/2023 |
| 8703132 | BPO | $295000 | 1/18/2023 | $350000 | 2/5/2023 |
| 8854583 | BPO | $431000 | 1/20/2023 | $431000 | 2/8/2023 |
| 8019180 | BPO | $408000 | 1/3/2023 | $350000 | 2/7/2023 |
| 8908570 | BPO | $305000 | 1/19/2023 | $305000 | 2/7/2023 |
| 8346767 | BPO | $385000 | 1/18/2023 | $365000 | 2/7/2023 |
| 8752646 | BPO | $439000 | 1/19/2023 | $439000 | 2/6/2023 |
| 8449765 | BPO | $315000 | 1/18/2023 | $285000 | 2/7/2023 |
| 8353804 | BPO | $284000 | 1/21/2023 | $284000 | 2/4/2023 |
| 8844853 | BPO | $333000 | 1/19/2023 | $333000 | 2/6/2023 |
| 8631755 | BPO | $352000 | 1/24/2023 | $352000 | 2/8/2023 |
| 8393631 | BPO | $325000 | 1/18/2023 | $335000 | 2/4/2023 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Property ID** | **Valuation <br> Type** | **Valuation 1 <br> Value** | **Valuation 1 <br> Date** | **Reconciled <br> Value** | **Reconciled Value <br> Date** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 8384123 | BPO | $260000 | 1/20/2023 | $260000 | 2/5/2023 |
| 8469951 | BPO | $77000 | 1/19/2023 | $77000 | 2/6/2023 |
| 8564724 | BPO | $350000 | 1/6/2023 | $350000 | 2/4/2023 |
| 8580974 | BPO | $113000 | 1/20/2023 | $113000 | 2/6/2023 |
| 8802707 | BPO | $368000 | 1/19/2023 | $385000 | 2/3/2023 |
| 8660667 | BPO | $370000 | 1/21/2023 | $370000 | 2/7/2023 |
| 8487341 | BPO | $520000 | 1/18/2023 | $526000 | 2/6/2023 |
| 8701175 | BPO | $328000 | 1/19/2023 | $328000 | 2/5/2023 |
| 8567317 | BPO | $325000 | 1/18/2023 | $325000 | 2/6/2023 |
| 8889372 | BPO | $350000 | 1/18/2023 | $350000 | 2/6/2023 |
| 8456488 | BPO | $365000 | 1/21/2023 | $365000 | 2/6/2023 |
| 8573751 | BPO | $340000 | 1/18/2023 | $340000 | 2/8/2023 |
| 8720142 | BPO | $260000 | 1/6/2023 | $260000 | 2/7/2023 |
| 8019289 | BPO | $165000 | 1/18/2023 | $165000 | 2/7/2023 |
| 8470149 | BPO | $53000 | 1/29/2023 | $53000 | 2/6/2023 |
| 9003077 | BPO | $260000 | 1/18/2023 | $260000 | 2/6/2023 |
| 8752046 | BPO | $340000 | 1/19/2023 | $340000 | 2/6/2023 |
| 8829877 | BPO | $255000 | 1/22/2023 | $243000 | 2/5/2023 |
| 8191148 | BPO | $417500 | 1/21/2023 | $385000 | 2/4/2023 |
| 8694262 | BPO | $385000 | 1/22/2023 | $385000 | 2/8/2023 |
| 8466398 | BPO | $330000 | 1/18/2023 | $348000 | 2/6/2023 |
| 7671421 | BPO | $358000 | 1/18/2023 | $358000 | 2/7/2023 |
| 8451710 | BPO | $250000 | 1/25/2023 | $250000 | 2/7/2023 |
| 8019079 | BPO | $262000 | 1/18/2023 | $271000 | 2/4/2023 |
| 8767272 | BPO | $375000 | 1/11/2023 | $390000 | 2/6/2023 |
| 8019256 | BPO | $235000 | 1/18/2023 | $245000 | 2/4/2023 |
| 8465482 | BPO | $270000 | 1/20/2023 | $270000 | 2/6/2023 |
| 8698432 | BPO | $430000 | 1/19/2023 | $430000 | 2/8/2023 |
| 7235298 | BPO | $300000 | 1/21/2023 | $265000 | 2/4/2023 |
| 8660442 | BPO | $234000 | 1/21/2023 | $260000 | 2/5/2023 |
| 8215159 | BPO | $417000 | 1/24/2023 | $405000 | 2/5/2023 |
| 8758587 | BPO | $360000 | 1/18/2023 | $370000 | 2/7/2023 |
| 8667290 | BPO | $450000 | 1/19/2023 | $464000 | 2/6/2023 |
| 8876563 | BPO | $250000 | 1/21/2023 | $240000 | 2/4/2023 |
| 8849665 | BPO | $339000 | 1/20/2023 | $339000 | 2/7/2023 |
| 8830102 | BPO | $280000 | 1/26/2023 | $280000 | 2/6/2023 |
| 8736196 | BPO | $340000 | 1/19/2023 | $340000 | 2/6/2023 |
| 8639165 | BPO | $325000 | 1/19/2023 | $325000 | 2/7/2023 |
| 8124466 | BPO | $188000 | 1/20/2023 | $188000 | 2/7/2023 |
| 8177117 | BPO | $320000 | 1/18/2023 | $320000 | 2/7/2023 |
| 8829871 | BPO | $250000 | 1/22/2023 | $250000 | 2/7/2023 |
| 8829160 | BPO | $310000 | 1/21/2023 | $290000 | 2/5/2023 |
| 8500430 | BPO | $290500 | 1/19/2023 | $310000 | 2/6/2023 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Property ID** | **Valuation <br> Type** | **Valuation 1 <br> Value** | **Valuation 1 <br> Date** | **Reconciled <br> Value** | **Reconciled Value <br> Date** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 8807650 | BPO | $363000 | 1/19/2023 | $363000 | 2/7/2023 |
| 8370862 | BPO | $280000 | 1/18/2023 | $300000 | 2/4/2023 |
| 8132563 | BPO | $440000 | 1/25/2023 | $440000 | 2/7/2023 |
| 8728146 | BPO | $420000 | 1/21/2023 | $420000 | 2/5/2023 |
| 8333757 | BPO | $268000 | 1/19/2023 | $268000 | 2/5/2023 |
| 8863510 | BPO | $272000 | 1/20/2023 | $272000 | 2/5/2023 |
| 8409433 | BPO | $224900 | 1/20/2023 | $220000 | 2/5/2023 |
| 9293822 | BPO | $165000 | 2/1/2023 | $165000 | 2/7/2023 |
| 8402715 | BPO | $292000 | 1/19/2023 | $289000 | 2/5/2023 |
| 8461973 | BPO | $385000 | 1/23/2023 | $420000 | 2/3/2023 |
| 8714000 | BPO | $405000 | 1/19/2023 | $405000 | 2/6/2023 |
| 8465491 | BPO | $300000 | 1/20/2023 | $300000 | 2/7/2023 |
| 8273579 | BPO | $290000 | 1/18/2023 | $290000 | 2/7/2023 |
| 8796708 | BPO | $243000 | 1/24/2023 | $243000 | 2/7/2023 |
| 8749104 | BPO | $290000 | 1/19/2023 | $290000 | 2/4/2023 |
| 8019059 | BPO | $170000 | 1/20/2023 | $150000 | 2/6/2023 |
| 8694115 | BPO | $292000 | 1/19/2023 | $292000 | 2/7/2023 |
| 8827537 | BPO | $210000 | 1/18/2023 | $210000 | 2/7/2023 |
| 8630829 | BPO | $358000 | 1/19/2023 | $368000 | 2/7/2023 |
| 8253147 | BPO | $315000 | 1/17/2023 | $315000 | 2/6/2023 |
| 8826908 | BPO | $335000 | 1/18/2023 | $335000 | 2/7/2023 |
| 8937871 | BPO | $245000 | 1/19/2023 | $251000 | 2/5/2023 |
| 8795265 | BPO | $450000 | 1/20/2023 | $450000 | 2/5/2023 |
| 8879017 | BPO | $199000 | 1/23/2023 | $199000 | 2/6/2023 |
| 8019182 | BPO | $322000 | 2/1/2023 | $334000 | 2/5/2023 |

---

## Exhibit 99.4

**Exhibit 99.4**

![](pwc_logo.jpg)

**Report of Independent Accountants on Applying**

**Agreed-Upon Procedures**

Amherst Single Family Residential Partners VI, LP

5001 Plaza on the Lake, Suite 200

Austin, Texas 78746

Ladies and Gentlemen:

We ("us" or "PwC") have performed the procedures enumerated below, which were agreed to by Amherst Single Family Residential Partners VI, LP (the "Company" as the engaging party), Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, KeyBanc Capital Markets Inc., Mischler Financial Group, Inc., Morgan Stanley & Co. LLC, and Nomura Securities International, Inc., who are collectively referred to herein as the "Specified Parties", solely to assist you in performing certain procedures relating to the accuracy of certain attributes of the collateral assets (the "Properties") included on the Final Data Tape (as defined below) with respect to the AMSR 2023-SFR1 securitization (the "Transaction"). The Company (the "Responsible Party") is responsible for the accuracy of the attributes of the collateral assets included on the Final Data Tape.

In an agreed-upon procedures engagement, we perform specific procedures that the Specified Parties have agreed to and acknowledged to be appropriate for the intended purpose of the engagement and we report on findings based on the procedures performed. The procedures performed may not address all the items of interest to a user of this report and may not meet the needs of all users of this report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. The Specified Parties have agreed to and acknowledged that the procedures performed are appropriate for their purposes. This report may not be suitable for any other purpose.

***Procedures and Findings***

In connection with the Transaction, for Procedure 1 and Procedure 2, the Specified Parties agreed on a sample size of 431 Properties, which the Specified Parties instructed us to randomly select from the pool of 1,655 assets on the Initial Data Tape identified by the Company as being the Properties that will collateralize the Transaction (the "Sample Properties").

In connection with the Transaction, for Procedure 4, the Specified Parties have requested that the procedures be performed on the entire pool of assets on the Final Data Tape identified by the Company as being the Properties that will collateralize the Transaction.

This agreed-upon procedures engagement was not conducted for the purpose of satisfying any criteria for due diligence published by a nationally recognized statistical rating organization.

In addition, PwC should not be regarded as having in any way warranted or given any assurance as to the following items:

&nbsp;&nbsp;&nbsp;&nbsp;· The completeness, accuracy, appropriateness,
quality or integrity of any of the information provided by the Responsible Party, or any other party for purposes of PwC performing the
procedures agreed to by the Specified Parties. The procedures performed would not necessarily reveal any material misstatement of the
amounts, balances, ratios, percentages or other relationships of the information included in the data provided to us;

PricewaterhouseCoopers LLP, 655 New York Ave, NW, Suite 1100, Washington DC, 20001

T: (202) 414 1000, F: (202) 414 1301, www.pwc.com/us

![](pwc_logo.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;· The conformity of the assets to stated underwriting,
standards, criteria or other requirements;

&nbsp;&nbsp;&nbsp;&nbsp;· The value of such assets; and

&nbsp;&nbsp;&nbsp;&nbsp;· The compliance of the originator or purchaser
of the assets with federal, state, and local laws and regulations.

We have not performed any procedures with respect to the fair value of the securities being offered in the Transaction and PwC expresses no opinion on the fair value of these securities. PwC should not be regarded as having performed any procedures other than those detailed in this report.

With respect to any terms or requirements of the Transaction documents that do not appear in this report, we performed no procedures and, accordingly, the procedures we performed would not ensure that any requirements are satisfied. Further, we have performed only the following agreed-upon procedures and therefore make no representations regarding the adequacy of disclosures or whether any material facts have been omitted from the Transaction documents.

It should be understood that we make no representations as to:

&nbsp;&nbsp;&nbsp;&nbsp;(i) The interpretation of Transaction documents (including, but not limited to, the loan agreement or other
offering documents) included in connection with our procedures;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) Your compliance with Rule 15Ga-2 of the Securities Exchange Act of 1934;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) The reasonableness of any of the assumptions provided by the Responsible Party; and

&nbsp;&nbsp;&nbsp;&nbsp;(iv) The adequacy of the sample size, as provided by the Specified Parties, nor do we draw any conclusions
about the Initial Data Tape or the Final Data Tape based on the sample size and results of the procedures performed.

These procedures should not be taken to supplant any additional inquiries or procedures that the Specified Parties would undertake in consideration of the Transaction.

For purposes of performing these agreed-upon procedures, no exceptions were reported for differences within the tolerances stated in Exhibit 1 of this AUP Report.

We make no representations regarding the methodologies or assumptions provided to us by the Company.

Except as described in this report, we performed no procedures to determine the accuracy or completeness of the information contained in the Data Files.

**Data, Information and Documents Provided** 

The following definitions, unless otherwise indicated, have been adopted in presenting our procedures and findings:

&nbsp;&nbsp;&nbsp;&nbsp;· The phrase "compared" refers to the
comparison of one or more data attributes to underlying documentation.

&nbsp;&nbsp;&nbsp;&nbsp;· The phrase "recalculated" refers
to a recalculation of one of more data attributes using a prescribed methodology.

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&nbsp;&nbsp;&nbsp;&nbsp;· The phrase "in agreement" refers
to the comparison or recalculation of one or more Specified Attributes which resulted in a match, or a difference that was within the
Company provided tolerance level (if any), as indicated within Exhibit 1 and Exhibit 2.

&nbsp;&nbsp;&nbsp;&nbsp;· The phrase "Property Cut-Off Date"
refers to January 31, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;· The phrase "Data Room" refers to
Firmex, used to store the Source Documents used for the purposes of our procedures.

&nbsp;&nbsp;&nbsp;&nbsp;· The phrase "Lease Review Date" refers
to information provided by the Company on February 1, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;· The phrase "Sample Attributes" refers
to the data attributes listed in the table below:

---

| | |
|:---|:---|
| **Sample Attributes** | **Sample Attributes** |
| Lease Start Date | Acquisition Type |
| Date of Lease Expiration | MSR Onboarding Date |
| Contractual Rent/Month (Rented) | |

---

 

&nbsp;&nbsp;&nbsp;&nbsp;· The phrase "Specified Attributes"
refers to the Sample Attributes and the data fields listed in Exhibit 2.

The "Data Files" refer to the following files provided to us by the Company:

&nbsp;&nbsp;&nbsp;&nbsp;· An electronic data file labeled "AMSR 2023-1
- Tape as of 1.31.2023 v2.xlsx" received on February 1, 2023 containing the Sample Attributes as of the Property Cut-Off Date for
the pool of assets identified by the Company as being the Properties that will collateralize the Transaction (the "Initial Data
Tape");

&nbsp;&nbsp;&nbsp;&nbsp;· An electronic data file labeled "AMSR 2023-1
- Tape as of 1.31.2023 v6.xlsx" received on February 3, 2023 containing the Sample Attributes as of the Property Cut-Off Date for
the pool of assets identified by the Company as being the Properties that will collateralize the Transaction (the "Final Data Tape");

&nbsp;&nbsp;&nbsp;&nbsp;· Certain resident ledgers containing the transaction
history of each Property for the Month to Month Sample Properties from the Company's property management system that were made available
in the Data Room (the "MTM Support File");

&nbsp;&nbsp;&nbsp;&nbsp;· Certain lease and purchase documentation relating
to the Sample Properties that were made available in the Data Room or via email, as applicable (the "Source Documents"); and

&nbsp;&nbsp;&nbsp;&nbsp;· Certain electronic data files provided for the
purposes of performing the electronic comparison and recalculation procedures enumerated in Exhibit 2 (the "Supplemental Data Files"),
listed and defined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o An electronic data file labeled "Completed Report_02.03.2023_Final.xlsx" (the "BPO Results
File");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o A worksheet labeled "Support Files" embedded in an electronic data file labeled "AMSR
2023-1 - Support File v3.xlsx" (the "Support File");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o A worksheet labeled "Property Type" embedded in an electronic data file labeled "AMSR
2023-1 - Support File v3.xlsx" (the "Property Type File");

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o A worksheet labeled "Taxes, Insurance and HOA" embedded in an electronic data file labeled
"AMSR 2023-1 - Support File v3.xlsx" (the "Taxes, Insurance and HOA File");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o A worksheet labeled "UW" embedded in an electronic data file labeled "AMSR 2023-1 -
Support File v3.xlsx" (the "Underwriting File"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o An electronic data file labeled "DQ_AMSR 2023-1 1-31-2023 (EXT).xlsx" (the "DQ Support
File").

**Procedures Performed**

 

Procedure 1 Using the Initial Data Tape, the Specified Parties instructed us to randomly select 431 Properties (the "Sample Properties") from the 1,655 Properties on the Initial Data Tape. We make no representations as to the adequacy of the sample size, nor do we draw any conclusions about the entire Initial Data Tape based on the sample size and results of the procedures performed.

For each of the Sample Properties, using the information, instruction, and assumptions provided by the Company and listed in Exhibit 1, we compared the Sample Attributes, as shown on the Initial Data Tape, with the corresponding information in the applicable Source Documents provided by the Company as of the Lease Review Date. For the purposes of our comparison procedures, we were instructed by the Company to use the logic enumerated in the applicable "Comparison Instructions" section of Exhibit 1. We make no representations regarding the methodologies or assumptions provided to us by the Company.

For each Sample Attribute, for the purposes of our comparison procedures, we were instructed by the Company to use the tolerances listed in Exhibit 1 as the maximum acceptable difference.

We compared the Sample Attributes on the Initial Data Tape for the Sample Properties to the Source Documents and found them to be in agreement, with the exception of the following differences (the "Purchase and Lease Discrepancies"):

**<u>Table 1: Purchase and Lease Discrepancies</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **#** | **Included on <br> the Final <br> Data Tape?** | **Sample Attribute** | **Initial Data Tape <br> Value** | **Source <br> Document Value** |
| 68 | Yes | Contractual Rent/Month (Rented) | $1990.00 | $1945.26 |
| 227 | Yes | Lease Start Date | September 1, 2015 | September 1, 2014 |
| 363 | Yes | Acquisition Type | Bulk Sale | MLS |

---

Procedure 2 For each of the Sample Properties included on the Final Data Tape provided by the Company, we performed the following procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) For the Sample Attributes relating to the Purchase and Lease Discrepancies, we compared the "Source
Document Value" shown in Table 1 to the corresponding Sample Attribute value on the Final Data Tape and noted no differences; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) For each Sample Attribute that did not have a Purchase and Lease Discrepancy, we compared the Initial
Data Tape to the Final Data Tape and noted no differences above the tolerances in Exhibit 1.

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We make no representations as to the adequacy of the sample size, nor do we draw any conclusions about the entire Final Data Tape based on the sample size and results of the procedures performed.

Procedure 3 On the Final Data Tape, we identified 94 Properties where the Month-to-Month data attribute was equal to "Yes". Of these 94 Properties, 18 of the Properties (the "Month to Month Sample Properties") were part of the Sample Properties. Using the MTM Support File provided by the Company, the Final Data Tape, and the methodology provided by the Company, we noted without exception that for each of the Month to Month Sample Properties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) the *Rented* data attribute was equal to "Rented" within the Final Data Tape;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) the *Date of Lease Expiration* Sample Attribute was prior to the Property Cut-Off Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) as indicated in the MTM Support File, the tenant had been charged and paid rent for the month of January
2023, or if rent was unpaid and overdue by more than 30 days as of the Property Cut-Off Date, the *Tenant Monthly Rent Days DQ* data
attribute was greater than zero on the Final Data Tape.

Procedure 4 Using the information, instruction, and assumptions provided by the Company, for each of the Properties represented on the Final Data Tape, we performed the respective procedures for the fields listed in Exhibit 2. The Company provided the Final Data Tape, Supplemental Data Files and certain calculation methodologies as identified in Exhibit 2 for the purposes of comparing or recalculating each characteristic and instructed us to use these methodologies for the purpose of our procedures. We make no representations regarding the methodologies or assumptions provided to us by the Company.

In performing this procedure, we received one or more preliminary data files and performed certain procedures as set forth in Exhibit 2. The procedures identified differences, which were communicated to the Responsible Party. The Responsible Party revised one or more of the preliminary data files based on such communicated differences, where they determined it to be appropriate.

We performed this procedure on the Final Data Tape, and we either (i) compared the information in the Supplemental Data Files to the Final Data Tape, as applicable or (ii) compared the recalculated values to the corresponding values on the Final Data Tape, as applicable, and, in each case, found them to be in agreement.

This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. We were not engaged to, and did not conduct an audit or an examination engagement, the objective of which would be the expression of an opinion, or a review engagement, the objective of which would be the expression of a conclusion, on the accuracy of certain attributes of the collateral assets included on the Final Data Tape. 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.

In performing this engagement, we are required to be independent of the Responsible Party and to meet our ethical responsibilities, in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement.

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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.

If a party has obtained, or has access to, this report without having executed an agreement with PwC wherein such party accepts responsibility for the appropriateness of the procedures performed (such party is herein referred to as a "Non-Specified Party"), that Non-Specified Party cannot:

&nbsp;&nbsp;&nbsp;&nbsp;i) Rely upon this report, and any use of this report by that Non-Specified Party is its sole responsibility
and at its sole and exclusive risk; and

ii) Acquire any rights or claims against PwC, and PwC assumes no duties or obligations to such Non-Specified Party.

A Non-Specified Party may not disclose or distribute this report or any of the report's contents to any other party (including but not limited to electronic distribution and/or posting to a website pursuant to

Rule 17G-5 of the Securities Exchange Act of 1934).

The procedures enumerated above were performed as of the date of this report, and we disclaim any consideration of any events and circumstances occurring after the date of this report. Further, we have no obligation to update this report because of events occurring, or data or information coming to our attention, subsequent to the date of this report.

/s/PricewaterhouseCoopers LLP

Washington, DC

February 10, 2023

Page 6 of 12

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**<u>Exhibit 1</u>**

**<u>Sample Attribute: Lease Start Date</u>**

*Tolerance Level:* +/- 30 days

 

*Comparison Instructions:*

For the purposes of this procedure, for Properties where the *Month-to-Month* data attribute equals "No", the "Relevant Lease Agreement" is the lease agreement, lease addendum, or lease renewal letter most recently uploaded to the Data Room by the Company as of the Lease Review Date and signed by both the tenant and property manager on or prior to the Property Cut-Off Date.

For Properties where the *Month-to-Month* data attribute equals "Yes", the "Relevant Lease Agreement" is the lease agreement, lease addendum, or lease renewal letter that was a) most recently uploaded to the Data Room by the Company as of the Lease Review Date, and b) the latest lease agreement that was entered into prior to the Property Cut-Off Date.

For Properties where the *Rented* data attribute equals "Rented", we compared the *Lease Start Date* Sample Attribute to information available in the Relevant Lease Agreement.

**<u>Sample Attribute: Date of Lease Expiration</u>**

*Tolerance Level:* +/- 30 days

 

*Comparison Instructions:*

For the purposes of this procedure, for Properties where the *Month-to-Month* data attribute equals "No", the "Relevant Lease Agreement" is the lease agreement, lease addendum, or lease renewal letter most recently uploaded to the Data Room by the Company as of the Lease Review Date and signed by both the tenant and property manager on or prior to the Property Cut-Off Date.

For Properties where the *Month-to-Month* data attribute equals "Yes", the "Relevant Lease Agreement" is the lease agreement, lease addendum, or lease renewal letter that was a) most recently uploaded to the Data Room by the Company as of the Lease Review Date, and b) the latest lease agreement that was entered into prior to the Property Cut-Off Date.

For Properties where the *Rented* data attribute equals "Rented", we compared the *Date of Lease Expiration* Sample Attribute to information available in the Relevant Lease Agreement.

**<u>Sample Attribute: Contractual Rent/Month (Rented)</u>**

*Tolerance Level:* +/- $30

 

*Comparison Instructions:*

For the purposes of this procedure, for Properties where the *Month-to-Month* data attribute equals "No", the "Relevant Lease Agreement" is the lease agreement, lease addendum, or lease renewal letter most recently uploaded to the Data Room by the Company as of the Lease Review Date and signed by both the tenant and property manager on or prior to the Property Cut-Off Date.

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![](pwc_logo.jpg)

For Properties where the *Month-to-Month* data attribute equals "Yes", the "Relevant Lease Agreement" is the lease agreement, lease addendum, or lease renewal letter that was a) most recently uploaded to the Data Room by the Company as of the Lease Review Date, and b) the latest lease agreement that was entered into prior to the Property Cut-Off Date.

For Properties where the *Rented* data attribute equals "Rented," we compared the *Contractual Rent/Month (Rented)* Sample Lease Attribute to the applicable monthly rent information available in the Relevant Agreement.

**<u>Sample Attribute: Acquisition Type</u>**

*Tolerance Level*: n/a

*Comparison Instructions:*

 

1) If multiple properties are listed in the purchase agreement, settlement statement, recorded deed or bid receipt, as applicable, compared the Acquisition Type Sample Attribute to "Bulk Sale".

2) If a bid receipt is available for the applicable Property, and only one property is listed in that bid receipt, compared the *Acquisition Type* Sample Attribute to "Auction".

3) If a purchase agreement, settlement statement, or recorded deed is available for the applicable property and only one property is listed in that purchase agreement, compared the *Acquisition Type* Sample Attribute to "MLS".

**<u>Sample Attribute: MSR Onboarding Date</u>**

*Tolerance Leve*l: +/- 30 days

*Comparison Instructions:*

1) If a settlement statement is available, compared the *MSR Onboarding Date* Sample Attribute to information available in the settlement statement. If a settlement statement is not available, then

2) If a bid receipt is available, compared the *MSR Onboarding Date* Sample Attribute to information available in the bid receipt. If a bid receipt is not available, then

3) If a purchase agreement is available, compared the *MSR Onboarding Date* Sample Attribute to information available in the purchase agreement.

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**<u>Exhibit 2</u>**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Data Field** | **Procedure** | **Calculation** | **Data File(s)** | **Comments** |
| **Address** | Final Data Tape to Supplemental Data File electronic comparison | n/a | BPO Results File (*Property Address*) |  |
| **City** | Final Data Tape to Supplemental Data File electronic comparison | n/a | BPO Results File (*City*) |  |
| **State** | Final Data Tape to Supplemental Data File electronic comparison | n/a | BPO Results File (*State*) |  |
| **Zip** | Final Data Tape to Supplemental Data File electronic comparison | n/a | BPO Results File (*Zip*) |  |
| **Closest MSA** | Final Data Tape to Supplemental Data File electronic comparison | n/a | Support File |  |
| **Property Type** | Final Data Tape to Supplemental Data File electronic comparison | n/a | Property Type File |  |
| **Condo?** | Final Data Tape to Supplemental Data File electronic comparison | n/a | Property Type File |  |
| **Months Since MSR <br> Onboarding** | Recalculate and compare | **Recalculation:** (*Property Cut-Off Date - MSR Onboarding Date*) / 30 | Final Data Tape (*MSR Onboarding Date*) | Calculation rounded to the nearest integer. |
| **Estimated <br> Rent/Month (Not <br> Rented)** | Final Data Tape to Supplemental Data File electronic comparison | n/a | Support File<br>Final Data Tape (*Rented*)<br>| For "Rented" Properties, the *Estimated Rent/Month (Not Rented)* was calculated to be zero.<br>|
| **Original Length of <br> Lease (months)** | Recalculate and compare | **Recalculation:** (*Date of Lease Expiration - Lease Start Date*) / 30 | Final Data Tape (*Date of Lease Expiration, Lease Start Date, Rented*) | For "Not Rented" Properties, the *Original Length of Lease (months)* was calculated to be zero.<br>Calculation rounded to the nearest integer.<br>|

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| | | | | |
|:---|:---|:---|:---|:---|
| **Data Field** | **Procedure** | **Calculation** | **Data File(s)** | **Comments** |
| **Tenant Monthly <br> Rent Days DQ** | Supplemental Data File to Final Data Tape electronic comparison | n/a | DQ Support File |  |
| **Section 8 Flag <br> (Yes/No)** | Supplemental Data File to Final Data Tape electronic comparison | n/a | Support File |  |
| **Estimated BPO <br> Value** | Supplemental Data File to Final Data Tape electronic comparison | n/a | BPO Results File (*Reviewer Rec As Is Sale*) |  |
| **BPO Value as-of <br> Date** | Supplemental Data File to Final Data Tape electronic comparison | n/a | BPO Results File (*Date*) |  |
| **Underwritten <br> Rent/Month** | Recalculate and compare | **Recalculation:** For "Rented" Properties, *Contractual Rent/Month (Rented)*; for "Not Rented" Properties, *Estimated Rent/Month (Not Rented)* | Final Data Tape (*Rented*, *Contractual Rent/Month (Rented), Estimated Rent/Month (Not Rented)*) |  |
| **Underwritten <br> Annual GPR** | Recalculate and compare | **Recalculation:** *Underwritten Rent/Month* \* 12 | Final Data Tape (*Underwritten Rent/Month*) |  |
| **Underwritten <br> Annual Other <br> Income** | Recalculate and compare | **Recalculation:** *Underwritten Annual GPR* \* (Other Income Rate – Rent Concession Rate) | Final Data Tape (*Closest MSA, Underwritten Annual GPR*)<br>Underwriting File (Other Income Rate, Rent Concession Rate)<br>| The Other Income Rate and Rent Concessions Rate are MSA-level assumptions provided in the Underwriting File. |
| **Total Underwritten <br> Annual Gross <br> Income** | Recalculate and compare | **Recalculation:** *Underwritten Annual GPR + Underwritten Annual Other Income* | Final Data Tape (*Underwritten Annual GPR, Underwritten Annual Other Income*) |  |
| **Underwritten <br> Annual Vacancy** | Recalculate and compare | **Recalculation:** *Underwritten Annual GPR* \* (1 – Occupancy Rate) | Final Data Tape (*Closest MSA, Underwritten Annual GPR*)<br>Underwriting File (Occupancy Rate)<br>| The Occupancy Rate is an MSA-level assumption provided in the Underwriting File.<br>|
| **Underwritten <br> Annual Credit Loss** | Recalculate and compare | **Recalculation:** (*Underwritten Annual GPR* - *Underwritten Annual Vacancy*) \* (Credit Loss Rate) | Final Data Tape (*Closest MSA, Underwritten Annual GPR, Underwritten Annual Vacancy*)<br>Underwriting File (Credit Loss Rate)<br>| The Credit Loss Rate is an MSA-level assumption provided in the Underwriting File.<br>|

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![](pwc_logo.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Data Field** | **Procedure** | **Calculation** | **Data File(s)** | **Comments** |
| **Underwritten <br> Annual Real Estate <br> Taxes** | Supplemental Data File to Final Data Tape electronic comparison | n/a | Taxes, Insurance and HOA File |  |
| **Underwritten <br> Annual Insurance <br> Costs** | Supplemental Data File to Final Data Tape electronic comparison | n/a | Taxes, Insurance and HOA File |  |
| **Underwritten <br> Annual HOA Fees** | Supplemental Data File to Final Data Tape electronic comparison | n/a | Taxes, Insurance and HOA File |  |
| **Underwritten <br> Annual Repairs and <br> Maintenance** | Recalculate and compare | **Recalculation:** Annual Repairs and Maintenance Fee | Final Data Tape (*Closest MSA*)<br>Underwriting File (Annual Repairs and Maintenance Fee)<br>| The Annual Repairs and Maintenance Fee is an MSA-level assumption provided in the Underwriting File.<br>|
| **Underwritten <br> Annual Turnover <br> Costs** | Recalculate and compare | **Recalculation:** Turnover Fee | Final Data Tape (*Closest MSA*)<br>Underwriting File (Turnover Fee)<br>| The Turnover Fee is an MSA-level assumption provided in the Underwriting File.<br>|
| **Underwritten <br> Property <br> Management Fees** | Recalculate and compare | **Recalculation:** Property Management \* (*Underwritten Annual GPR* - *Underwritten Annual Vacancy* - *Underwritten Annual Credit Loss*) | Final Data Tape (*Closest MSA*, *Underwritten Annual GPR, Underwritten Annual Vacancy, Underwritten Annual Credit Loss*)<br>Underwriting File (Property Management)<br>| The Property Management is an MSA-level assumption provided in the Underwriting File. |
| **Underwritten <br> Annual Marketing <br> and Leasing Costs** | Recalculate and compare | **Recalculation:** Leasing Fees | Final Data Tape (*Closest MSA*)<br>Underwriting File (Leasing Fees)<br>| The Leasing Fees is an MSA-level assumption provided in the Underwriting File. |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Data Field** | **Procedure** | **Calculation** | **Data File(s)** | **Comments** |
| **Total Underwritten <br> Annual Expenses** | Recalculate and compare | **Recalculation:** *Underwritten Annual Real Estate Taxes + Underwritten Annual Insurance Costs + Underwritten Annual HOA Fees + Underwritten Annual Repairs and Maintenance + Underwritten Annual Turnover Costs + Underwritten Property Management Fees + Underwritten Annual Marketing and Leasing Costs* | Final Data Tape (*Underwritten Annual Real Estate Taxes, Underwritten Annual Insurance Costs, Underwritten Annual HOA Fees, Underwritten Annual Repairs and Maintenance, Underwritten Annual Turnover Costs, Underwritten Property Management Fees, Underwritten Annual Marketing and Leasing Costs*) |  |
| **Underwritten <br> Annual Net <br> Operating Income** | Recalculate and compare | **Recalculation:** *Total Underwritten Annual Gross Income - Total Underwritten Annual Expenses - Underwritten Annual Vacancy* - *Underwritten Annual Credit Loss* | Final Data Tape (*Total Underwritten Annual Gross Income, Total Underwritten Annual Expenses, Underwritten Annual Vacancy, Underwritten Annual Credit Loss)* |  |
| **Underwritten <br> Annual CapEx <br> Reserve** | Recalculate and compare | **Recalculation:** $750 per property | n/a |  |
| **Underwritten <br> Annual Net Cash <br> Flow** | Recalculate and compare | **Recalculation:** *Underwritten Annual Net Operating Income - Underwritten Annual CapEx Reserve* | Final Data Tape (*Underwritten Annual Net Operating Income, Underwritten Annual CapEx Reserve*) |  |

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