# EDGAR Filing Document

**Accession Number:** 0001013611
**File Stem:** 0001539497-26-001481
**Filing Date:** 2026-5
**Character Count:** 335502
**Document Hash:** b4148a7a0e1276969a74d2d7250c3a25
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001539497-26-001481.hdr.sgml**: 20260518

**ACCESSION NUMBER**: 0001539497-26-001481

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 24

**FILED AS OF DATE**: 20260518

**DATE AS OF CHANGE**: 20260515

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JPMF1 Multifamily Mortgage Trust 2026-FX1
- **CENTRAL INDEX KEY:** 0002134864
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-280318-05
- **FILM NUMBER:** 26990448

**BUSINESS ADDRESS:**
- **STREET 1:** 383 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10179
- **BUSINESS PHONE:** 2126483063

**MAIL ADDRESS:**
- **STREET 1:** 383 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10179
**FILED BY**: 

**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:** FWP

**BUSINESS ADDRESS:**
- **STREET 1:** 383 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10179
- **BUSINESS PHONE:** 2126483063

**MAIL ADDRESS:**
- **STREET 1:** 383 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10179

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

---

| |
|:---|
| &nbsp;&nbsp;FREE WRITING PROSPECTUS |
| &nbsp;&nbsp;FILED PURSUANT TO RULE 433 |
| &nbsp;&nbsp;REGISTRATION FILE NO.: 333-280318-05 |

---

**JPMF1 2026-FX1**

![](n5898prets_img001.jpg)

**JPMF1 Multifamily Mortgage Trust 2026-FX1**

**Free Writing Prospectus**

**Collateral Term Sheet**

**J.P. Morgan Chase Commercial Mortgage Securities Corp.**

**as Depositor** 

**MF1 REIT III FR TRS LLC**

**as Sponsor and Mortgage Loan Seller**

**Commercial Mortgage Pass-Through Certificates** 

**Series 2026-FX1**

**May 15, 2026**

**J.P. MORGAN** **<br> Lead Manager and Sole Bookrunner** 

---

| | | |
|:---|:---|:---|
| **ATLAS SP Securities** | **Goldman Sachs & Co. LLC** | **Santander US Capital Markets LLC** |
| **Co-Manager** | **Co-Manager** | **Co-Manager** |

---

THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. <br>

**JPMF1 2026-FX1**

This material is for your information, and none of J.P. Morgan Securities LLC ("JPMS"), ATLAS SP Securities, a division of Apollo Global Securities, LLC, Goldman Sachs & Co. LLC or Santander US Capital Markets LLC (each individually, an "Underwriter", and together, the "Underwriters") are soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal.

The Depositor has filed a registration statement (including a prospectus) with the SEC (SEC File no. 333-280318) for the offering to which this free writing prospectus relates. Before you invest, you should read the prospectus in the registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the Depositor, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling (800) 408-1016 or by emailing the ABS Syndicate Desk at abs_synd@jpmorgan.com. Neither this document nor anything contained in this document shall form the basis for any contract or commitment whatsoever. The information contained in this document is preliminary as of the date of this document, supersedes any previous such information delivered to you and will be superseded by any such information subsequently delivered prior to the time of sale. These materials are subject to change, completion or amendment from time to time.

This document has been prepared by the Underwriters for information purposes only and does not constitute, in whole or in part, a prospectus for the purposes of Regulation (EU) 2017/1129 (as amended), such Regulation as it forms part of the domestic law of the United Kingdom and/or Part VI of the Financial Services and Markets Act 2000 (as amended); and does not constitute an offering document for any other purpose.

The attached information contains certain tables and other statistical analyses (the "Computational Materials") that have been prepared in reliance upon information furnished by the Mortgage Loan Seller. Numerous assumptions were used in preparing the Computational Materials, which may or may not be reflected in this document. The Computational Materials should not be construed as either projections or predictions or as legal, tax, financial or accounting advice. You should consult your own counsel, accountant and other advisors as to the legal, tax, business, financial and related aspects of a purchase of these certificates. Any weighted average lives, yields and principal payment periods shown in the Computational Materials are based on prepayment and/or loss assumptions, and changes in such prepayment and/or loss assumptions may dramatically affect such weighted average lives, yields and principal payment periods. In addition, it is possible that prepayments or losses on the underlying assets will occur at rates higher or lower than the rates shown in the Computational Materials. The specific characteristics of the certificates may differ from those shown in the Computational Materials due to differences between the final underlying assets and the preliminary underlying assets used in preparing the Computational Materials. The principal amount and designation of any certificate described in the Computational Materials are subject to change prior to issuance. None of the Underwriters nor any of their respective affiliates make any representation or warranty as to the actual rate or timing of payments or losses on any of the underlying assets or the payments or yield on the certificates.

This information is based upon management forecasts and reflects prevailing conditions and management's views as of this date, all of which are subject to change.

This document contains forward-looking statements. Those statements are subject to certain risks and uncertainties that could cause the success of collections and the actual cash flow generated to differ materially from the information set forth in this document. While such information reflects projections prepared in good faith based upon methods and data that are believed to be reasonable and accurate as of their dates, the Depositor undertakes no obligation to revise these forward-looking statements to reflect subsequent events or circumstances. Investors should not place undue reliance on forward-looking statements and are advised to make their own independent analysis and determination with respect to the forecasted periods, which reflect the Depositor's view only as of the date of this document.

J.P. Morgan is the marketing name for the investment banking businesses of JPMorgan Chase & Co. and its subsidiaries worldwide. Securities, syndicated loan arranging, financial advisory and other investment banking activities are performed by JPMS and its securities affiliates, and lending, derivatives and other commercial banking activities are performed by JPMorgan Chase Bank, National Association and its banking affiliates. JPMS is a member of SIPC and the NYSE.

Capitalized terms used in this material but not defined herein shall have the meanings ascribed to them in the Preliminary Prospectus (as defined below).

**THE CERTIFICATES REFERRED TO IN THESE MATERIALS ARE SUBJECT TO MODIFICATION OR REVISION (INCLUDING THE POSSIBILITY THAT ONE OR MORE CLASSES OF CERTIFICATES MAY BE SPLIT, COMBINED OR ELIMINATED AT ANY TIME PRIOR TO ISSUANCE OR AVAILABILITY OF A FINAL PROSPECTUS) AND ARE OFFERED ON A "WHEN, AS AND IF ISSUED" BASIS.**

**THE UNDERWRITERS MAY FROM TIME TO TIME PERFORM INVESTMENT BANKING SERVICES FOR, OR SOLICIT INVESTMENT BANKING BUSINESS FROM, ANY COMPANY NAMED IN THESE MATERIALS. THE UNDERWRITERS AND/OR THEIR AFFILIATES OR RESPECTIVE EMPLOYEES MAY FROM TIME TO TIME HAVE A LONG OR SHORT POSITION IN ANY CERTIFICATE OR CONTRACT DISCUSSED IN THESE MATERIALS.** 

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-2 |

---

**JPMF1 2026-FX1**

**<u>Transaction Overview</u>**

**J.P. Morgan Securities LLC, as Lead Manager and Sole Bookrunner, and J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor (collectively, "JPM"), are pleased to present MF1 Capital LLC's ("MF1") inaugural fixed-rate multifamily conduit offering, JPMF1 Multifamily Mortgage Trust 2026-FX1 ("JPMF1 2026-FX1"). The transaction will feature 17 five-year, fixed-rate loans, with an aggregate principal balance of approximately $734.2 million as of the Cut-off Date. The underlying collateral consists of 24 stabilized multifamily properties, spanning 12 states. MF1 originated each of the mortgage loans to be contributed to the securitization through an affiliate, MF1 REIT III FR TRS LLC.**

●  ***Multifamily-Only, SEC-Registered Conduit Offering.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The
 collateral for the JPMF1 2026-FX1 transaction is 100% multifamily, securitized through the
 Depositor's SEC-registered shelf, utilizing a REMIC trust structure.

●  ***Collateral Characteristics.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Approximately
 53.9% of the collateral was built in or after 2000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Approximately
 43.9% of the pool is located in major MSAs such as New York/New Jersey (19.1%), San Bernardino,
 CA (8.1%), Chicago, IL (6.2%), Philadelphia, PA (6.1%) and Atlanta, GA (4.4%).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Approximately
 76.5% of the borrower sponsors within the JPMF1 2026-FX1 transaction are prior agency/GSE
 borrowers.

●  ***Pool Metrics.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The
 mortgage loans represent a weighted average underwritten NOI Debt Yield, NCF DSCR and LTV
 of 8.2%, 1.37x, and 67.7%, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The
 weighted average occupancy across all properties within the pool is 95.5%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The
 weighted average loan balance as of the Cut-Off Date is $43,189,118.

●  ***Investor-Aligned Financing Transaction via Retained Horizontal Risk Retention.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o 100%
 of the collateral is contributed by MF1 through MF1 REIT III FR TRS LLC and MF1 REIT III
 FR Retention Holder LLC, an affiliate of MF1, will be retaining the 'B-piece'
 in satisfaction of the U.S. risk retention obligations for the transaction.

**<u>MF1 Overview</u>**

MF1 was formed in 2018 as a 50/50 joint venture between an affiliate of Berkshire Group LLC ("Berkshire") and Limekiln Real Estate Investment Management, LP ("Limekiln"). The joint venture is a multifamily lending platform led by professionals that have been participants in the multifamily 'B-piece' market since its inception. MF1 aims to provide sponsors with an alternative for properties that do not fit the narrow credit requirements for agency multifamily, with the ability to accommodate accelerated closing timelines. MF1 is also among the top issuers of commercial real estate collateralized loan obligations ("CRE CLOs"). The MF1 platform's total origination volume has increased from $4.2 billion as of year-end 2020 to $28.8 billion as of year-end 2025. MF1 has:

● Originated 572 loans since 2018, totaling $28.8 billion in total commitments as of December 31, 2025.

● Issued 23 securitizations, securitizing $25.4 billion of loans in aggregate as of December 31, 2025.

The senior executives of MF1, Scott Waynebern, Eric Draeger and Jon Pfeil worked together for several years at Deutsche Bank in the 2000s. At Deutsche Bank, the executive team helped manage a leading Fannie/Freddie multifamily lender (Deutsche Bank Berkshire Mortgage), advised Freddie Mac on the launch of its Capital Markets Execution/CME/K-series multifamily lending and securitization program, bought the first CMBS 'B-piece' backed by newly-originated collateral after the 2008 financial crisis (FREMF 2009-K4) and created a new multifamily bridge lending product to incubate product for the Fannie/Freddie rate lending business. Scott Waynebern and Eric Draeger are also members of the Freddie Mac Multifamily Advisory Council.

As one half of the MF1 joint venture, Limekiln is headquartered in New York and is a multifamily-focused real estate investor. In addition to MF1, Limekiln executes high yield multifamily securities strategies including through a separate account that has purchased Freddie Mac controlling-class B-pieces and pursues multifamily special situations. Limekiln has purchased, or advised on the purchase of, the 'B-piece' on 11 Freddie Mac K-Program deals, totaling $13.1 billion of loan volume.

Berkshire, the other half of the MF1 joint venture, is headquartered in Boston, Massachusetts. Berkshire operates out of three offices with 229 corporate employees and approximately 800 property management employees. Berkshire has been in the multifamily business for 60 years and has sponsored several multifamily debt and equity strategies over this period. As of December 31, 2025, Berkshire owned, managed and oversaw approximately 481,000 residential units, including 128 residential communities, across the United States.

![](n5898prets_img001.jpg)

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-3 |

---

---

| | |
|:---|:---|
| **JPMF1 2026-FX1** | **Collateral Statistics** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Mortgage Loan Seller** | **No. of<br> Mortgage<br> Loans** | **No. of<br> Mortgaged<br> Properties** | **Aggregate<br> Cut-off Date<br> Balance** | **% of<br> Pool** |
| MF1 REIT III FR TRS LLC | 17 | 24 | $734215000 | 100.0% |
| **Total:** | **17** | **24** | **$734215000** | **100.0%** |

---

---

| | |
|:---|:---|
| **Pool Statistics** | |
| Aggregate Cut-off Date Balance: | $734215000 |
| Number of Mortgage Loans: | 17 |
| Average Cut-off Date Balance per Mortgage Loan: | $43189118 |
| Number of Mortgaged Properties: | 24 |
| Average Cut-off Date Balance per Mortgaged Property: | $30592292 |
| Weighted Average Mortgage Rate: | 5.76726% |
| % of Pool Secured by 5 Largest Mortgage Loans: | 42.9% |
| % of Pool Secured by 10 Largest Mortgage Loans: | 71.0% |
| % of Pool Secured by ARD Loans: | 0.0% |
| Weighted Average Original Term to Maturity (months): | 60 |
| Weighted Average Remaining Term to Maturity (months): | 55 |
| Weighted Average Seasoning (months): | 5 |
| % of Pool Secured by Refinance Loans: | 96.3% |
| % of Pool Secured by Acquisition Loans: | 3.7% |

---

---

| | |
|:---|:---|
| **Additional Debt** |  |
| % of Pool with *Pari Passu* Mortgage Debt: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7% |
| % of Pool with Subordinate Debt: | &nbsp;&nbsp;&nbsp;0.0% |
| % of Pool with Mezzanine Debt: | &nbsp;&nbsp;&nbsp;6.1% |

---

---

| | |
|:---|:---|
| **Credit Statistics** | |
| Weighted Average UW NOI DSCR: | 1.39x |
| Weighted Average UW NOI Debt Yield: | 8.2% |
| Weighted Average UW NCF DSCR: | 1.37x |
| Weighted Average UW NCF Debt Yield: | 8.0% |
| Weighted Average Cut-off Date LTV Ratio: | 67.7% |
| Weighted Average Maturity Date LTV Ratio: | 67.7% |

---

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-4 |

---

---

| | |
|:---|:---|
| **JPMF1 2026-FX1** | **Characteristics of the Mortgage Loans** |

---

![](n5898prets_img002.jpg)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Property Type Distribution<sup>(1)</sup>** | &nbsp;&nbsp;**Property Type Distribution<sup>(1)</sup>** | &nbsp;&nbsp;**Property Type Distribution<sup>(1)</sup>** | &nbsp;&nbsp;**Property Type Distribution<sup>(1)</sup>** | &nbsp;&nbsp;**Property Type Distribution<sup>(1)</sup>** | &nbsp;&nbsp;**Property Type Distribution<sup>(1)</sup>** | &nbsp;&nbsp;**Property Type Distribution<sup>(1)</sup>** | &nbsp;&nbsp;**Property Type Distribution<sup>(1)</sup>** | &nbsp;&nbsp;**Property Type Distribution<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property Type** | &nbsp;&nbsp;**Number of<br> Mortgaged<br> Properties** | &nbsp;&nbsp;**Aggregate<br> Cut-off Date<br> Balance** | &nbsp;&nbsp;**% of<br> Pool** | &nbsp;&nbsp;**Wtd. Avg. Mortgage Rate** | &nbsp;&nbsp;**Wtd. Avg. UW NCF DSCR** | &nbsp;&nbsp;**Wtd. Avg.<br> UW NOI<br> Debt Yield** | &nbsp;&nbsp;**Wtd. Avg. Cut-off<br> Date LTV** | &nbsp;&nbsp;**Wtd. Avg. Maturity<br> Date LTV** |
| &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;24 | &nbsp;&nbsp;$734215000 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;*5.7673%* | &nbsp;&nbsp;1.37x | &nbsp;&nbsp;8.2% | &nbsp;&nbsp;67.7% | &nbsp;&nbsp;67.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Garden* | &nbsp;&nbsp;*11* | &nbsp;&nbsp;*$351215000* | &nbsp;&nbsp;*47.8%* | &nbsp;&nbsp;*5.7807%* | &nbsp;&nbsp;*1.41x* | &nbsp;&nbsp;*8.5%* | &nbsp;&nbsp;*69.3%* | &nbsp;&nbsp;*69.3%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Mid Rise* | &nbsp;&nbsp;*5* | &nbsp;&nbsp;*$171500000* | &nbsp;&nbsp;*23.4%* | &nbsp;&nbsp;*5.6289%* | &nbsp;&nbsp;*1.30x* | &nbsp;&nbsp;*7.5%* | &nbsp;&nbsp;*67.6%* | &nbsp;&nbsp;*67.6%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*High Rise* | &nbsp;&nbsp;*2* | &nbsp;&nbsp;*$74500000* | &nbsp;&nbsp;*10.1%* | &nbsp;&nbsp;*5.8480%* | &nbsp;&nbsp;*1.36x* | &nbsp;&nbsp;*8.2%* | &nbsp;&nbsp;*63.2%* | &nbsp;&nbsp;*63.2%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Manufactured Housing* | &nbsp;&nbsp;*4* | &nbsp;&nbsp;*$60000000* | &nbsp;&nbsp;*8.2%* | &nbsp;&nbsp;*5.9800%* | &nbsp;&nbsp;*1.25x* | &nbsp;&nbsp;*7.7%* | &nbsp;&nbsp;*67.7%* | &nbsp;&nbsp;*67.7%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Low Rise* | &nbsp;&nbsp;*1* | &nbsp;&nbsp;*$40000000* | &nbsp;&nbsp;*5.4%* | &nbsp;&nbsp;*5.7430%* | &nbsp;&nbsp;*1.33x* | &nbsp;&nbsp;*7.8%* | &nbsp;&nbsp;*67.6%* | &nbsp;&nbsp;*67.6%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Student Housing* | &nbsp;&nbsp;*1* | &nbsp;&nbsp;*$37000000* | &nbsp;&nbsp;*5.0%* | &nbsp;&nbsp;*5.8000%* | &nbsp;&nbsp;*1.51x* | &nbsp;&nbsp;*9.4%* | &nbsp;&nbsp;*61.7%* | &nbsp;&nbsp;*61.7%* |
| &nbsp;&nbsp;**Total/Wtd. Avg.** | &nbsp;&nbsp;**24** | &nbsp;&nbsp;**$734215000** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**5.7673%** | &nbsp;&nbsp;**1.37x** | &nbsp;&nbsp;**8.2%** | &nbsp;&nbsp;**67.7%** | &nbsp;&nbsp;**67.7%** |

---

(1) All numerical information concerning the mortgage loans is approximate and, in the case of mortgage loans
secured by multiple properties, is based on allocated loan amounts with respect to such properties. All weighted average information regarding
the mortgage loans reflects the weighting of the mortgage loans based on their outstanding principal balances as of the Cut-off Date or,
in the case of mortgage loans secured by multiple properties, allocated loan amounts. The sum of numbers and percentages in columns may
not match the "Total" due to rounding. With respect to any mortgage loan that is part of a whole loan, unless otherwise indicated,
all LTV, DSCR and Debt Yield calculations include any related *pari passu* companion loans and exclude any related subordinate companion
loans and/or mezzanine loans, as applicable. The UW NCF DSCR, UW NOI Debt Yield and LTV calculations do not take into account any subordinate
debt (whether or not secured by the related mortgaged property), that currently exists or is allowed under the terms of any mortgage loan.

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-5 |

---

---

| | |
|:---|:---|
| **JPMF1 2026-FX1** | **Characteristics of the Mortgage Loans** |

---

![](n5898prets_img003.jpg)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Geographic Distribution<sup>(1)</sup>** | &nbsp;&nbsp;**Geographic Distribution<sup>(1)</sup>** | &nbsp;&nbsp;**Geographic Distribution<sup>(1)</sup>** | &nbsp;&nbsp;**Geographic Distribution<sup>(1)</sup>** | &nbsp;&nbsp;**Geographic Distribution<sup>(1)</sup>** | &nbsp;&nbsp;**Geographic Distribution<sup>(1)</sup>** | &nbsp;&nbsp;**Geographic Distribution<sup>(1)</sup>** | &nbsp;&nbsp;**Geographic Distribution<sup>(1)</sup>** | &nbsp;&nbsp;**Geographic Distribution<sup>(1)</sup>** |
| **State or Other Jurisdiction** | &nbsp;&nbsp;**Number of<br> Mortgaged<br> Properties** | &nbsp;&nbsp;**Aggregate<br> Cut-off Date<br> Balance** | &nbsp;&nbsp;**% of<br> Pool** | &nbsp;&nbsp;**Wtd. Avg.<br> Mortgage<br> Rate** | &nbsp;&nbsp;**Wtd. Avg.<br> UW NCF<br> DSCR** | &nbsp;&nbsp;**Wtd. Avg.<br> UW NOI<br> Debt Yield** | &nbsp;&nbsp;**Wtd. Avg. Cut-off<br> Date LTV** | &nbsp;&nbsp;**Wtd. Avg. Maturity <br> Date LTV** |
| New Jersey | &nbsp;&nbsp;4 | &nbsp;&nbsp;153750000 | &nbsp;&nbsp;20.9% | &nbsp;&nbsp;5.9307% | &nbsp;&nbsp;1.30x | &nbsp;&nbsp;7.9% | &nbsp;&nbsp;66.3% | &nbsp;&nbsp;66.3% |
| New York | &nbsp;&nbsp;2 | &nbsp;&nbsp;107300000 | &nbsp;&nbsp;14.6% | &nbsp;&nbsp;5.4558% | &nbsp;&nbsp;1.37x | &nbsp;&nbsp;7.7% | &nbsp;&nbsp;68.1% | &nbsp;&nbsp;68.1% |
| North Carolina | &nbsp;&nbsp;1 | &nbsp;&nbsp;67000000 | &nbsp;&nbsp;9.1% | &nbsp;&nbsp;5.6000% | &nbsp;&nbsp;1.36x | &nbsp;&nbsp;7.9% | &nbsp;&nbsp;66.4% | &nbsp;&nbsp;66.4% |
| Louisiana | &nbsp;&nbsp;2 | &nbsp;&nbsp;66500000 | &nbsp;&nbsp;9.1% | &nbsp;&nbsp;5.8259% | &nbsp;&nbsp;1.70x | &nbsp;&nbsp;10.5% | &nbsp;&nbsp;65.4% | &nbsp;&nbsp;65.4% |
| Illinois | &nbsp;&nbsp;4 | &nbsp;&nbsp;60000000 | &nbsp;&nbsp;8.2% | &nbsp;&nbsp;5.9800% | &nbsp;&nbsp;1.25x | &nbsp;&nbsp;7.7% | &nbsp;&nbsp;67.7% | &nbsp;&nbsp;67.7% |
| California - Southern<sup>(2)</sup> | &nbsp;&nbsp;1 | &nbsp;&nbsp;59400000 | &nbsp;&nbsp;8.1% | &nbsp;&nbsp;5.8700% | &nbsp;&nbsp;1.33x | &nbsp;&nbsp;8.1% | &nbsp;&nbsp;73.6% | &nbsp;&nbsp;73.6% |
| Pennsylvania | &nbsp;&nbsp;3 | &nbsp;&nbsp;57500000 | &nbsp;&nbsp;7.8% | &nbsp;&nbsp;5.7200% | &nbsp;&nbsp;1.24x | &nbsp;&nbsp;7.3% | &nbsp;&nbsp;68.9% | &nbsp;&nbsp;68.9% |
| Delaware | &nbsp;&nbsp;1 | &nbsp;&nbsp;45000000 | &nbsp;&nbsp;6.1% | &nbsp;&nbsp;5.4900% | &nbsp;&nbsp;1.42x | &nbsp;&nbsp;8.0% | &nbsp;&nbsp;69.0% | &nbsp;&nbsp;69.0% |
| Florida | &nbsp;&nbsp;1 | &nbsp;&nbsp;37000000 | &nbsp;&nbsp;5.0% | &nbsp;&nbsp;5.8000% | &nbsp;&nbsp;1.51x | &nbsp;&nbsp;9.4% | &nbsp;&nbsp;61.7% | &nbsp;&nbsp;61.7% |
| Georgia | &nbsp;&nbsp;1 | &nbsp;&nbsp;32500000 | &nbsp;&nbsp;4.4% | &nbsp;&nbsp;5.8150% | &nbsp;&nbsp;1.28x | &nbsp;&nbsp;7.7% | &nbsp;&nbsp;71.0% | &nbsp;&nbsp;71.0% |
| Virginia | &nbsp;&nbsp;1 | &nbsp;&nbsp;26965000 | &nbsp;&nbsp;3.7% | &nbsp;&nbsp;5.5700% | &nbsp;&nbsp;1.44x | &nbsp;&nbsp;8.3% | &nbsp;&nbsp;69.7% | &nbsp;&nbsp;69.7% |
| South Carolina | &nbsp;&nbsp;3 | &nbsp;&nbsp;21300000 | &nbsp;&nbsp;2.9% | &nbsp;&nbsp;6.4470% | &nbsp;&nbsp;1.20x | &nbsp;&nbsp;8.1% | &nbsp;&nbsp;67.4% | &nbsp;&nbsp;67.4% |
| &nbsp;&nbsp;**Total/Wtd. Avg.** | &nbsp;&nbsp;**24** | &nbsp;&nbsp;**$734215000** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**5.7673%** | &nbsp;&nbsp;**1.37x** | &nbsp;&nbsp;**8.2%** | &nbsp;&nbsp;**67.7%** | &nbsp;&nbsp;**67.7%** |

---

(1) All numerical information concerning the mortgage loans is approximate and, in the case of mortgage loans
secured by multiple properties, is based on allocated loan amounts with respect to such properties. All weighted average information regarding
the mortgage loans reflects the weighting of the mortgage loans based on their outstanding principal balances as of the Cut-off Date or,
in the case of mortgage loans secured by multiple properties, allocated loan amounts. The sum of numbers and percentages in columns may
not match the "Total" due to rounding. With respect to any mortgage loan that is part of a whole loan, unless otherwise indicated,
all LTV, DSCR and Debt Yield calculations include any related *pari passu* companion loans and exclude any related subordinate companion
loans and/or mezzanine loans, as applicable.

(2) "California – Southern" includes zip codes at or below 93600.

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-6 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Mid Rise | &nbsp;&nbsp;Loan #1 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$71000000 |
| &nbsp;&nbsp;218 Front Street | &nbsp;&nbsp;**The Lightwell** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;65.1% |
| &nbsp;&nbsp;Brooklyn, NY 11201 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.37x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;7.5% |

---

![](n5898prets_img004.jpg)

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-7 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Mid Rise | &nbsp;&nbsp;Loan #1 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$71000000 |
| &nbsp;&nbsp;218 Front Street | &nbsp;&nbsp;**The Lightwell** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;65.1% |
| &nbsp;&nbsp;Brooklyn, NY 11201 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.37x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;7.5% |

---

![](n5898prets_img005.jpg)

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-8 |

---

**Mortgage Loan No. 1 The Lightwell**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Mortgage Loan Seller:** | &nbsp;&nbsp;MF1 | &nbsp;&nbsp;MF1 | &nbsp;&nbsp;MF1 | &nbsp;&nbsp;**Single Asset/Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Credit Assessment (Fitch/MDBRS):** | &nbsp;&nbsp;NAP/NAP | &nbsp;&nbsp;NAP/NAP | &nbsp;&nbsp;NAP/NAP | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;Brooklyn, NY 11201 |
| &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;$71000000 | &nbsp;&nbsp;$71000000 | &nbsp;&nbsp;$71000000 | &nbsp;&nbsp;**General Property Type:** | &nbsp;&nbsp;Multifamily |
| &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$71000000 | &nbsp;&nbsp;$71000000 | &nbsp;&nbsp;$71000000 | &nbsp;&nbsp;**Detailed Property Type:** | &nbsp;&nbsp;Mid Rise |
| &nbsp;&nbsp;**% of Initial Pool Balance:** | &nbsp;&nbsp;9.7% | &nbsp;&nbsp;9.7% | &nbsp;&nbsp;9.7% | &nbsp;&nbsp;**Title Vesting:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;**Year Built/Renovated:** | &nbsp;&nbsp;2024/NAP |
| &nbsp;&nbsp;**Borrower Sponsor:** | &nbsp;&nbsp;Cheskel Schwimmer | &nbsp;&nbsp;Cheskel Schwimmer | &nbsp;&nbsp;Cheskel Schwimmer | &nbsp;&nbsp;**Size<sup>(4)</sup>:** | &nbsp;&nbsp;218 Units |
| &nbsp;&nbsp;**Guarantor:** | &nbsp;&nbsp;Cheskel Schwimmer | &nbsp;&nbsp;Cheskel Schwimmer | &nbsp;&nbsp;Cheskel Schwimmer | &nbsp;&nbsp;**Cut-off Date Balance Per Unit<sup>(4)</sup>:** | &nbsp;&nbsp;$784404 |
| &nbsp;&nbsp;**Mortgage Rate:** | &nbsp;&nbsp;5.33100% | &nbsp;&nbsp;5.33100% | &nbsp;&nbsp;5.33100% | &nbsp;&nbsp;**Maturity Date Balance Per Unit<sup>(4)</sup>:** | &nbsp;&nbsp;$784404 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;12/15/2025 | &nbsp;&nbsp;12/15/2025 | &nbsp;&nbsp;12/15/2025 | &nbsp;&nbsp;**Property Manager:** | &nbsp;&nbsp;The Lightwell Dumbo LLC |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;1/6/2031 | &nbsp;&nbsp;1/6/2031 | &nbsp;&nbsp;1/6/2031 |  | &nbsp;&nbsp;(Borrower-related) |
| &nbsp;&nbsp;**Term to Maturity:** | &nbsp;&nbsp;60 Months | &nbsp;&nbsp;60 Months | &nbsp;&nbsp;60 Months | &nbsp;&nbsp;**Underwriting and Financial Information<sup>(1)</sup>** | &nbsp;&nbsp;**Underwriting and Financial Information<sup>(1)</sup>** |
| &nbsp;&nbsp;**Amortization Term:** | &nbsp;&nbsp;0 Months | &nbsp;&nbsp;0 Months | &nbsp;&nbsp;0 Months | &nbsp;&nbsp;**UW NOI<sup>(5)</sup>:** | &nbsp;&nbsp;$12745187 |
| &nbsp;&nbsp;**IO Period:** | &nbsp;&nbsp;60 Months | &nbsp;&nbsp;60 Months | &nbsp;&nbsp;60 Months | &nbsp;&nbsp;**UW NCF:** | &nbsp;&nbsp;$12690687 |
| &nbsp;&nbsp;**Seasoning:** | &nbsp;&nbsp;5 Months | &nbsp;&nbsp;5 Months | &nbsp;&nbsp;5 Months | &nbsp;&nbsp;**UW NOI Debt Yield<sup>(1)</sup>:** | &nbsp;&nbsp;7.5% |
| &nbsp;&nbsp;**Prepayment Provisions:** | &nbsp;&nbsp;L(29),D(27),O(4) | &nbsp;&nbsp;L(29),D(27),O(4) | &nbsp;&nbsp;L(29),D(27),O(4) | &nbsp;&nbsp;**UW NCF Debt Yield<sup>(1)</sup>:** | &nbsp;&nbsp;7.4% |
| &nbsp;&nbsp;**Lockbox/Cash Mgmt Status:** | &nbsp;&nbsp;Springing/Springing | &nbsp;&nbsp;Springing/Springing | &nbsp;&nbsp;Springing/Springing | &nbsp;&nbsp;**UW NOI Debt Yield at Maturity<sup>(1)</sup>:** | &nbsp;&nbsp;7.5% |
| &nbsp;&nbsp;**Additional Debt Type<sup>(1)</sup>:** | &nbsp;&nbsp;*Pari Passu* | &nbsp;&nbsp;*Pari Passu* | &nbsp;&nbsp;*Pari Passu* | &nbsp;&nbsp;**UW NCF DSCR<sup>(1)</sup>:** | &nbsp;&nbsp;1.37x |
| &nbsp;&nbsp;**Additional Debt Balance<sup>(1)</sup>:** | &nbsp;&nbsp;$100000000 | &nbsp;&nbsp;$100000000 | &nbsp;&nbsp;$100000000 | &nbsp;&nbsp;**Most Recent NOI<sup>(5)</sup>:** | &nbsp;&nbsp;$8,450,503 (TTM 2/28/2026) |
| &nbsp;&nbsp;**Future Debt Permitted (Type):** | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;**2nd Most Recent NOI:** | &nbsp;&nbsp;$6,085,725 (TTM 11/30/2025) |
|  |  |  |  | &nbsp;&nbsp;**3rd Most Recent NOI:** | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;**Reserves<sup>(2)</sup>** | &nbsp;&nbsp;**Reserves<sup>(2)</sup>** | &nbsp;&nbsp;**Reserves<sup>(2)</sup>** | &nbsp;&nbsp;**Reserves<sup>(2)</sup>** | &nbsp;&nbsp;**Most Recent Occupancy:** | &nbsp;&nbsp;97.2% (4/12/2026) |
| &nbsp;&nbsp;**<u>Type</u>** | &nbsp;&nbsp;**<u>Initial</u>** | &nbsp;&nbsp;**<u>Monthly</u>** | &nbsp;&nbsp;**<u>Cap</u>** | &nbsp;&nbsp;**2nd Most Recent Occupancy:** | &nbsp;&nbsp;95.4% (12/2/2025) |
| &nbsp;&nbsp;**Tax Reserve:** | &nbsp;&nbsp;$36681 | &nbsp;&nbsp;$18341 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**3rd Most Recent Occupancy<sup>(6)</sup>:** | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;**Insurance Reserve:** | &nbsp;&nbsp;$63838 | &nbsp;&nbsp;$21279 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value (as of):** | &nbsp;&nbsp;$262,600,000 (11/18/2025) |
| &nbsp;&nbsp;**Replacement Reserve:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$4550 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value Per Unit<sup>(4)</sup>:** | &nbsp;&nbsp;$1204587 |
| &nbsp;&nbsp;**TI/LC Reserve:** | &nbsp;&nbsp;$600000 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Cut-off Date LTV Ratio:** | &nbsp;&nbsp;65.1% |
| &nbsp;&nbsp;**Other Reserves<sup>(3)</sup>:** | &nbsp;&nbsp;$402000 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date LTV Ratio:** | &nbsp;&nbsp;65.1% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Sources and Uses** | **Sources and Uses** | **Sources and Uses** | **Sources and Uses** | **Sources and Uses** | **Sources and Uses** |
| &nbsp;&nbsp;**Sources** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** | &nbsp;&nbsp;**Uses** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** |
| &nbsp;&nbsp;Mortgage Loan: | &nbsp;&nbsp;$171000000 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;Loan Payoff: | &nbsp;&nbsp;$167539197 | &nbsp;&nbsp;98.0% |
|  |  |  | &nbsp;&nbsp;Closing Costs: | &nbsp;&nbsp;$1914706 | &nbsp;&nbsp;1.1% |
|  |  |  | &nbsp;&nbsp;Upfront Reserves: | &nbsp;&nbsp;$1102519 | &nbsp;&nbsp;0.6% |
|  |  |  | &nbsp;&nbsp;Return of Equity: | &nbsp;&nbsp;$443578 | &nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;**Total Sources:** | &nbsp;&nbsp;**$171000000** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses:** | &nbsp;&nbsp;**$171000000** | &nbsp;&nbsp;**100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Lightwell Mortgage Loan (as defined below) is a part of The Lightwell Whole Loan (as defined below).
The Underwriting and Financial Information presented above is based on the aggregate Cut-off Date Balance of The Lightwell Whole Loan.

&nbsp;&nbsp;&nbsp;&nbsp;(2) See "*Escrows and Reserves*" below.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Other Reserves consists of an upfront parking lease free rent reserve ($102,000) and a rent concessions
reserve ($300,000).

&nbsp;&nbsp;&nbsp;&nbsp;(4) The Lightwell Property (as defined below) is comprised of 218 multifamily units, 11,000 square feet of
ground floor retail space and an amenity space. Cut-off Date Balance Per Unit, Maturity Date Balance Per Unit and Appraised Value Per
Unit are solely based upon the 218 multifamily units.

&nbsp;&nbsp;&nbsp;&nbsp;(5) The increase in UW NOI from Most Recent NOI is primarily attributable to (i) additional incremental multifamily
leasing, (ii) burn-off of residential concessions provided through the initial lease-up of the Lightwell Property following construction
in 2024 and (iii) additional revenue from the parking lease. The Lightwell Property received its final certificate of occupancy in September
2025 and the trailing 12-month historical financials are not representative of a full fiscal year of performance following construction
and lease up of The Lightwell Property.

&nbsp;&nbsp;&nbsp;&nbsp;(6) The Lightwell Property was constructed in 2024 and received its final certificate of occupancy in September
2025. ****

***The Mortgage Loan.*** The largest mortgage loan ("<u>The Lightwell Mortgage Loan</u>") is part of a whole loan ("<u>The Lightwell Whole Loan</u>") secured by a first priority fee mortgage encumbering a 218-unit mid rise apartment complex located in Brooklyn, New York ("<u>The Lightwell Property</u>"). The Lightwell Whole Loan is comprised of two *pari passu* promissory notes with an aggregate original principal balance of $171,000,000. The Lightwell Mortgage Loan is evidenced by the non-controlling Note A-2 with an original principal balance of $71,000,000. The Lightwell Whole Loan will be serviced pursuant to the servicing agreement for the MF1 2026-FL21 securitization trust. The relationship between the holders of The Lightwell Whole Loan is governed by a co-lender agreement as described under "*Description of the Mortgage Pool—The Whole Loans—The Non-Serviced Pari Passu Whole Loan*" and "*Pooling and Servicing Agreement—Servicing of the Non-Serviced Mortgage Loan*" in the prospectus.

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-9 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Mid Rise | &nbsp;&nbsp;Loan #1 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$71000000 |
| &nbsp;&nbsp;218 Front Street | &nbsp;&nbsp;**The Lightwell** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;65.1% |
| &nbsp;&nbsp;Brooklyn, NY 11201 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.37x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;7.5% |

---

The promissory notes comprising The Lightwell Whole Loan are summarized in the below table:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**The Lightwell Whole Loan Summary** | &nbsp;&nbsp;**The Lightwell Whole Loan Summary** | &nbsp;&nbsp;**The Lightwell Whole Loan Summary** | &nbsp;&nbsp;**The Lightwell Whole Loan Summary** | &nbsp;&nbsp;**The Lightwell Whole Loan Summary** |
| &nbsp;&nbsp; <br> **Note** | &nbsp;&nbsp;**Original Balance** | &nbsp;&nbsp;**Cut-off Date Balance** | &nbsp;&nbsp;**Note Holder** | &nbsp;&nbsp;**Controlling Note** |
| &nbsp;&nbsp;A-1 | &nbsp;&nbsp;$100000000 | &nbsp;&nbsp;$100000000 | &nbsp;&nbsp;MF1 2026-FL21 | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;**A-2** | &nbsp;&nbsp;**$71000000** | &nbsp;&nbsp;**$71000000** | &nbsp;&nbsp;**JPMF1 2026-FX1** | &nbsp;&nbsp;**No** |
| &nbsp;&nbsp;**Total Whole Loan** | &nbsp;&nbsp;**$171000000** | &nbsp;&nbsp;**$171000000** |  |  |

---

***The Borrower and the Borrower Sponsor.*** The borrower for The Lightwell Mortgage Loan is Toe Front Realty LLC, a New York limited liability company and single purpose entity with one independent director at the sole member level (the "<u>Borrower</u>"). The sole member of the Borrower has pledged its membership interests in the Borrower as additional collateral for The Lightwell Mortgage Loan. The borrower sponsor and non-recourse carveout guarantor is Cheskel Schwimmer (the "<u>Borrower Sponsor</u>" and "<u>Guarantor</u>"). The Guarantor also provided an environmental indemnity in connection with The Lightwell Mortgage Loan.

The Borrower Sponsor has been an active real estate developer and owner in New York City for over 30 years and has completed numerous multifamily projects throughout the city, totaling two million square feet of total development. The Borrower Sponsor currently owns 18 multifamily properties excluding The Lightwell Property, totaling 1,053 units across New York City. The Lightwell Property is managed by The Lightwell Dumbo LLC, an affiliate of the Borrower Sponsor. The management company is headquartered in Brooklyn and manages the Borrower Sponsor's entire portfolio of over 1,000 units.

***The Property.*** The Lightwell Property is a recently built, mid rise apartment complex located in the Down Under the Manhattan Bridge Overpass ("<u>DUMBO</u>") neighborhood of Brooklyn, New York. The Lightwell Property was constructed as two towers connected by a below-grade amenity space and walkway on the ground floor. The Lightwell Property is comprised of 218 multifamily units, of which 152 units (69.7%) are fair market and 66 units (30.3%) are classified as affordable. Unit inventory at The Lightwell Property includes 24 studio units, 65 one-bedroom units and 129 two-bedroom units, which average 623 square feet. The average underwritten rent for the affordable units is $3,615, while the fair market units have an average underwritten rent of $6,330. The Lightwell Property was built in 2024 and obtained its final certificate of occupancy in September of 2025. Upon delivery, The Lightwell Property benefitted from significant leasing velocity, rapidly achieving stabilization. As of April 12, 2026, The Lightwell Property was 97.2% leased. Units at The Lightwell Property feature stainless-steel appliances, quartz countertops, high ceilings, in-unit washer/dryers and hardwood or vinal plank flooring. Amenities at The Lightwell Property include a spa/sauna, social lounge, multi-level gym and office/conference space. In addition, The Lightwell Property offers recreational spaces for its residents, highlighted by a golf simulator, theater and a rooftop lounge with barbecue grills, seating areas and a pickleball court. The rooftop, as well as north-facing units, have unobstructed views of the Manhattan skyline. The Lightwell Property is also conveniently located near the F, A and C lines of the New York City subway system, all of which provide access into Manhattan.

The Lightwell Property also features an 11,000 square foot, ground floor retail space suited for a grocery store, in addition to 2,000 square feet of storage space, a 180 square foot community facility suite and a 150-space parking garage (leased to a third-party operator). As of April 12, 2026, the 11,000 square foot grocery space is not occupied. The community facility suite is leased to The Goat Series Creations on a short-term lease (which expires on May 31, 2026) and is expected to renew following the end of its lease term. The grocer and commercial spaces are assumed to be vacant for purposes of the lender's underwriting.

The Borrower Sponsor acquired the land for The Lightwell Property for approximately $69.0 million with construction beginning in the third quarter of 2023. The Lightwell Property received a temporary certificate of occupancy in October 2024 and a final certificate of occupancy in September 2025. The Borrower Sponsor's total cost basis is $189.1 million.

The Lightwell Property benefits from a 35-year 421-a tax exemption under Option C of the Affordable New York tax exemption program (the "<u>421-a Program</u>"). Of the 218 total units at The Lightwell Property, 66 units (30.3%) are classified as affordable and required to be designated for households whose income is below 130% of the area median income ("<u>AMI</u>"), which exceeds the 30% threshold necessary to qualify for the 421-a Program. As part of the 421-a Program, taxes on the improvements are 100% exempt based on the percentage of affordable units during the first 25 years, before a *pro-rated* phaseout of the exemption during years 26-35. The affordable units are also subject to the New York City rent stabilization laws and will remain stabilized until the tenants in occupancy at the expiration of the abatement period vacate The Lightwell Property. See "*Risk Factors—Risks Relating to the Mortgage Loans—Risks Relating to Tax Credits*" in the prospectus.

 ****

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-10 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Mid Rise | &nbsp;&nbsp;Loan #1 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$71000000 |
| &nbsp;&nbsp;218 Front Street | &nbsp;&nbsp;**The Lightwell** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;65.1% |
| &nbsp;&nbsp;Brooklyn, NY 11201 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.37x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;7.5% |

---

The following table presents certain information relating to the residential unit mix of The Lightwell Property:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Unit Mix Summary<sup>(1)</sup>** | **Unit Mix Summary<sup>(1)</sup>** | **Unit Mix Summary<sup>(1)</sup>** | **Unit Mix Summary<sup>(1)</sup>** | **Unit Mix Summary<sup>(1)</sup>** | **Unit Mix Summary<sup>(1)</sup>** | **Unit Mix Summary<sup>(1)</sup>** | **Unit Mix Summary<sup>(1)</sup>** |
| &nbsp;&nbsp; <br> **Unit Type** | &nbsp;&nbsp; <br> **# Units** | &nbsp;&nbsp;**Avg. Unit Size (Square Feet)** | &nbsp;&nbsp; <br> **Occupancy %** | &nbsp;&nbsp;**Average In-Place Rent** | &nbsp;&nbsp;**Average In-Place Rent ($/SF/Month)** | &nbsp;&nbsp;**Market Rent<sup>(2)</sup>** | &nbsp;&nbsp;**Market Rent/SF<sup>(2)</sup>** |
| &nbsp;&nbsp;***Fair Market*** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Studio | &nbsp;&nbsp;8 | &nbsp;&nbsp;416 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$4195 | &nbsp;&nbsp;$10.08 | &nbsp;&nbsp;$4200 | &nbsp;&nbsp;$10.10 |
| &nbsp;&nbsp;One Bedroom | &nbsp;&nbsp;48 | &nbsp;&nbsp;543 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$5097 | &nbsp;&nbsp;$9.39 | &nbsp;&nbsp;$5100 | &nbsp;&nbsp;$9.39 |
| &nbsp;&nbsp;Two Bedroom | &nbsp;&nbsp;96 | &nbsp;&nbsp;757 | &nbsp;&nbsp;95.8% | &nbsp;&nbsp;$7159 | &nbsp;&nbsp;$9.45 | &nbsp;&nbsp;$7175 | &nbsp;&nbsp;$9.48 |
| &nbsp;&nbsp;**Fair Market Total / Wtd. Avg.** | &nbsp;&nbsp;**152** | &nbsp;&nbsp;**671** | &nbsp;&nbsp;**97.4%** | &nbsp;&nbsp;**$6330** | &nbsp;&nbsp;**$9.46** | &nbsp;&nbsp;**$6363** | &nbsp;&nbsp;**$9.48** |
| &nbsp;&nbsp;***Affordable*** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Studio | &nbsp;&nbsp;16 | &nbsp;&nbsp;398 | &nbsp;&nbsp;93.8% | &nbsp;&nbsp;$3111 | &nbsp;&nbsp;$7.81 | &nbsp;&nbsp;$3685 | &nbsp;&nbsp;$9.26 |
| &nbsp;&nbsp;One Bedroom | &nbsp;&nbsp;17 | &nbsp;&nbsp;469 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$3364 | &nbsp;&nbsp;$7.17 | &nbsp;&nbsp;$3948 | &nbsp;&nbsp;$8.42 |
| &nbsp;&nbsp;Two Bedroom | &nbsp;&nbsp;33 | &nbsp;&nbsp;590 | &nbsp;&nbsp;97.0% | &nbsp;&nbsp;$3985 | &nbsp;&nbsp;$6.75 | &nbsp;&nbsp;$4738 | &nbsp;&nbsp;$8.03 |
| &nbsp;&nbsp;**Affordable Total / Wtd. Avg.** | &nbsp;&nbsp;**66** | &nbsp;&nbsp;**512** | &nbsp;&nbsp;**97.0%** | &nbsp;&nbsp;**$3615** | &nbsp;&nbsp;**$7.04** | &nbsp;&nbsp;**$4279** | &nbsp;&nbsp;**$8.43** |
| &nbsp;&nbsp;**Total / Wtd. Avg.** | &nbsp;&nbsp;**218** | &nbsp;&nbsp;**623** | &nbsp;&nbsp;**97.2%** | &nbsp;&nbsp;**$5510** | &nbsp;&nbsp;**$8.86** | &nbsp;&nbsp;**$5732** | &nbsp;&nbsp;**$9.20** |

---

 <br> (1) Based on the underwritten rent roll dated April 12, 2026.

(2) Market Rent for Fair Market units is based on the appraisal's market rent conclusions. Market Rent for Affordable units is based
on the maximum allowable rents noted within the appraisal.

***The Market.*** The Lightwell Property is located in Kings County, New York and is part of the New York - NY USA metropolitan statistical area (the "<u>New York MSA</u>"). The multifamily market in the New York MSA ranks among the largest in the nation. As of the end of 2025, the vacancy rate in the New York MSA was 3.3%. Rents in the New York MSA average $3,326 per unit, and have grown by 2.0% over 2024 rents.

The Lightwell Property is located within the Downtown Brooklyn multifamily submarket. As of the end of 2025, the vacancy rate in the Downtown Brooklyn submarket was 10.7%. The Downtown Brooklyn submarket offers residents an approximately 25-minute commute to Midtown Manhattan. As of the end of 2025, asking rents for 4- and 5-star properties in the Downtown Brooklyn submarket were $4,883 per unit, above the New York MSA average of $3,326 per unit. Rents in Downtown Brooklyn have increased by 3.7% over 2024 rents, also above the broader New York MSA. Public transportation options near The Lightwell Property include the York Street subway station (F line) 0.2 miles away, the High Street station (A/C lines) 0.6 miles away and the NYC Ferry terminal at Pier 1 Brooklyn Bridge Park 0.6 miles away. The Downtown Brooklyn, Brooklyn Heights and the Brooklyn Navy Yard neighborhoods are also proximate to The Lightwell Property.

According to a third-party report, the 2024 population within a one-, three- and five-mile radius of The Lightwell Property was 133,857, 1,176,399 and 2,796,419, respectively, and the 2024 median household income within the same radii was $91,012, $101,186 and $88,994, respectively.

The following table presents certain information relating to appraisal-identified comparable properties to The Lightwell Property:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Summary of Comparable Multifamily Properties<sup>(1)</sup>** | **Summary of Comparable Multifamily Properties<sup>(1)</sup>** | **Summary of Comparable Multifamily Properties<sup>(1)</sup>** | **Summary of Comparable Multifamily Properties<sup>(1)</sup>** | **Summary of Comparable Multifamily Properties<sup>(1)</sup>** | **Summary of Comparable Multifamily Properties<sup>(1)</sup>** |
| **Property Name** | &nbsp;&nbsp;**Distance to Property** | &nbsp;&nbsp;**Year Built** | &nbsp;&nbsp;**Occupancy<sup>(2)</sup>** | &nbsp;&nbsp;**No. Units** | &nbsp;&nbsp;**Avg. Rent Per Unit<sup>(3)</sup>** |
| **The Lightwell** | **NAP** | **2024** | **97.2%<sup>(4)</sup>** | **218** | **$7159<sup>(5)</sup>** |
| 65 Washington Street | 0.1 mile | 2000 | NAV | 54 | $5463 |
| 60 Water Street | 0.7 mile | 2015 | NAV | 290 | $7120 |
| 69 Adams Street | 0.4 mile | 2024 | NAV | 225 | $6535 |
| 99 Gold Street | 0.0 mile | 2009 | NAV | 88 | $6653 |
| 220 Water Street | 0.2 mile | 1900 | NAV | 138 | $6730 |
| 85 Jay Street | 0.3 mile | 2022 | NAV | 320 | $10521 |

---

(1) *Source: Appraisal* 

(2) The Appraisal does not provide occupancy for the Comparable Multifamily Properties.

(3) Avg. Rent Per Unit is based on the market rent for two bedroom units as set forth in the appraisal unless
stated otherwise.

(4) Information based on the underwritten rent roll dated April 12,
 2026.

(5) Based on the average in place rents for fair market two-bedroom units at The Lightwell Property as of the underwritten rent roll dated
April 12, 2026.

***Appraisal.*** The appraisal concluded to an "as is" value for The Lightwell Property of $262,600,000 as of November 18, 2025.

***Environmental Matters.*** According to the Phase I environmental site assessment dated November 11, 2025, there was no evidence of any recognized environmental conditions at The Lightwell Property.

 ****

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-11 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Mid Rise | &nbsp;&nbsp;Loan #1 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$71000000 |
| &nbsp;&nbsp;218 Front Street | &nbsp;&nbsp;**The Lightwell** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;65.1% |
| &nbsp;&nbsp;Brooklyn, NY 11201 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.37x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;7.5% |

---

***Operating History and Underwritten Net Cash Flow.*** The following table presents certain information relating to the historical operating performance and underwritten net cash flow at The Lightwell Property:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Cash Flow Analysis<sup>(1)(2)</sup>** | **Cash Flow Analysis<sup>(1)(2)</sup>** | **Cash Flow Analysis<sup>(1)(2)</sup>** | **Cash Flow Analysis<sup>(1)(2)</sup>** | **Cash Flow Analysis<sup>(1)(2)</sup>** |
|  | **TTM 11/30/2025** | **TTM 2/28/2026** | **UW** | **UW per Unit** |
| Gross Potential Rent<sup>(3)</sup> | $8528369 | $11185110 | $14452820 | $66297 |
| Vacancy | $0 | $0 | ($635924) | ($2917) |
| Credit Loss | $0 | $0 | $0 | $0 |
| Concessions | ($1560161) | ($1451357) | $0 | $0 |
| **Net Rental Income** | **$6968207** | **$9733753** | **$13816896** | **$63380** |
| Other Income<sup>(4)</sup> | $133607 | $177968 | $506400 | $2323 |
| **Effective Gross Income** | **$7101814** | **$9911721** | **$14323296** | **$65703** |
| Real Estate Taxes<sup>(5)</sup> | $92039 | $213613 | $215773 | $990 |
| Insurance | $283138 | $278570 | $243192 | $1116 |
| Other Operating Expenses | $640911 | $969035 | $1119144 | $5134 |
| **Total Expenses** | **$1016089** | **$1461218** | **$1578109** | **$7239** |
| **Net Operating Income<sup>(6)</sup>** | **$6085725** | **$8450503** | **$12745187** | **$58464** |
| Replacement Reserves | $0 | $0 | $54500 | $250 |
| **Net Cash Flow** | **$6085725** | **$8450503** | **$12690687** | **$58214** |
| **Occupancy %<sup>(7)</sup>** | **95.4%<sup>(8)</sup>** | **97.2%<sup>(9)</sup>** | **95.6%** |  |
| **NOI DSCR<sup>(10)</sup>** | **0.66x** | **0.91x** | **1.38x** |  |
| **NCF DSCR<sup>(10)</sup>** | **0.66x** | **0.91x** | **1.37x** |  |
| **NOI Debt Yield<sup>(10)</sup>** | **3.6%** | **4.9%** | **7.5%** |  |
| **NCF Debt Yield<sup>(10)</sup>** | **3.6%** | **4.9%** | **7.4%** |  |

---

 <br> (1) The Lightwell Property was constructed in 2024 and received its final certificate of occupancy in September 2025.

(2) Certain items such as interest expense, interest income, depreciation, amortization,
debt service payments and any other non-recurring items were excluded from the historical presentation and are not considered for the
underwritten cash flow.

(3) UW Gross Potential Rent is based on the underwritten rent roll dated April 12, 2026.

(4) UW Other Income is underwritten based on the Borrower Sponsor's budgeted figure.

(5) As part of the 421-a Program, Real Estate Taxes are 100% exempt for the improvements
based on the percentage of affordable units during the first 25 years, before a *pro-rated* phaseout of the exemption during years
26-35. UW Real Estate Taxes represent the Borrower Sponsor's projected five-year average figure.

(6) The increase in UW Net Operating Income from TTM 2/28/2026 is primarily attributable
to (i) additional incremental multifamily leasing, (ii) burn-off of residential concessions provided through the initial lease-up of The
Lightwell Property following construction in 2024 and (iii) additional revenue from the parking lease.

(7) UW Occupancy % represents economic occupancy and historical occupancy represents
physical occupancy.

(8) Based on the rent roll dated December 2, 2025.

(9) Based on the underwritten rent roll dated April 12, 2026.

(10) NOI DSCR, NCF DSCR, NOI Debt Yield and NCF Debt Yield are calculated based on the
aggregate Cut-off Balance of The Lightwell Whole Loan.

***Escrows and Reserves.***

*RE Tax Reserve* – At origination, the Borrower was required to deposit $36,681 for real estate taxes. On a monthly basis, the Borrower is required to make deposits of one-twelfth of the projected annual real estate taxes (initially estimated to be $18,341).

*Insurance Reserve* – At origination, the Borrower was required to deposit $63,838 for insurance. On a monthly basis, the Borrower is required to make deposits of one-twelfth of the projected annual insurance premiums (initially estimated to be $21,279).

*Replacement Reserve* – On a monthly basis, the Borrower is required to make deposits of $4,550 (approximately $250 per unit, *per annum*) to be used for capital expenditures.

*TI/LC Reserve* – At origination, the Borrower was required to deposit $600,000 into the TI/LC reserve for tenant improvements and leasing commissions related to the vacant grocery store commercial space. Funds in the TI/LC reserve will be available for tenant improvements and leasing commissions incurred in connection with satisfactory commercial leases which include both grocer and non-grocer leases at The Lightwell Property.

*Parking Lease Free Rent Reserve* – At origination, the Borrower was required to deposit $102,000 into a parking free rent reserve for a contractual three-month rent abatement under the executed parking lease, which will be released to the Borrower upon evidence that the parking operator has made its first contractual payment.

*Residential Free Rent Reserve* – At origination, the Borrower was required to deposit $300,000 into the residential free rent reserve for the outstanding rent concessions for the existing residential tenants. Funds in the reserve will be released to the Borrower upon The Lightwell Property achieving a net rental collection figure of $1,139,000 per month for three consecutive months as substantiated by the lender based on, among other things, collections reports, trailing 12-month statements and bank statements.

 ****

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-12 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Mid Rise | &nbsp;&nbsp;Loan #1 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$71000000 |
| &nbsp;&nbsp;218 Front Street | &nbsp;&nbsp;**The Lightwell** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;65.1% |
| &nbsp;&nbsp;Brooklyn, NY 11201 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.37x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;7.5% |

---

***Lockbox and Cash Management.*** The Lightwell Whole Loan is structured with a springing lockbox and springing cash management. Upon the occurrence of a Trigger Event (as defined below), the Borrower will be required to establish a lockbox account and a cash management account and deposit, or cause to be deposited, all rents into the lockbox account within two business days of receipt. During the continuance of a Trigger Event, all rents deposited into the lockbox account will be swept into the cash management account daily to be held and applied in accordance with The Lightwell Whole Loan documents. If no Trigger Event is continuing, funds in the lockbox account will be disbursed to the Borrower. During the continuance of a Trigger Event, excess cash will be held in accordance with The Lightwell Whole Loan documents.

A "<u>Trigger Event</u>" will commence upon (i) the occurrence of an event of default or (ii) the debt service coverage ratio based on the prior trailing 12-month period being less than 1.10x (tested quarterly). A Trigger Event will terminate (x) with respect to <u>clause (i)</u> above, upon a cure of the event of default and (y) with respect to <u>clause (ii)</u> above, when the debt service coverage ratio has been equal to or greater than 1.15x for two consecutive calendar quarters.

***Additional Subordinate and Mezzanine Indebtedness.*** None.

***Release of Property*.** None.

***Terrorism Insurance*.** The Borrower is required to obtain and maintain property insurance for 100% of the full replacement cost and business interruption insurance for 18 months plus a 12-month extended period of indemnity. Such insurance is required to cover perils of terrorism and acts of terrorism. See "*Risk Factors—Risks Relating to the Mortgage Loans—Terrorism Insurance May Not Be Available for All Mortgaged Properties*" in the prospectus.

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-13 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Garden | &nbsp;&nbsp;Loan #2 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$67000000 |
| &nbsp;&nbsp;1000 Antietam Creek Drive and | &nbsp;&nbsp;**Addison Ridge Phases I & III** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;66.4% |
| &nbsp;&nbsp;710 Piper Farm Road |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.36x |
| &nbsp;&nbsp;Fayetteville, NC 28303 |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;7.9% |

---

![](n5898prets_img006.jpg)

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-14 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Garden | &nbsp;&nbsp;Loan #2 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$67000000 |
| &nbsp;&nbsp;1000 Antietam Creek Drive and | &nbsp;&nbsp;**Addison Ridge Phases I & III** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;66.4% |
| &nbsp;&nbsp;710 Piper Farm Road |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.36x |
| &nbsp;&nbsp;Fayetteville, NC 28303 |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;7.9% |

---

![](n5898prets_img007.jpg)

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-15 |

---

**Mortgage Loan No. 2 Addison Ridge Phases I & III**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Mortgage Loan Seller:** | &nbsp;&nbsp;MF1 | &nbsp;&nbsp;MF1 | &nbsp;&nbsp;MF1 | &nbsp;&nbsp;**Single Asset/Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Credit Assessment (Fitch/MDBRS):** | &nbsp;&nbsp;NAP/NAP | &nbsp;&nbsp;NAP/NAP | &nbsp;&nbsp;NAP/NAP | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;Fayetteville, NC 28303 |
| &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;$67000000 | &nbsp;&nbsp;$67000000 | &nbsp;&nbsp;$67000000 | &nbsp;&nbsp;**General Property Type:** | &nbsp;&nbsp;Multifamily |
| &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$67000000 | &nbsp;&nbsp;$67000000 | &nbsp;&nbsp;$67000000 | &nbsp;&nbsp;**Detailed Property Type:** | &nbsp;&nbsp;Garden |
| &nbsp;&nbsp;**% of Initial Pool Balance:** | &nbsp;&nbsp;9.1% | &nbsp;&nbsp;9.1% | &nbsp;&nbsp;9.1% | &nbsp;&nbsp;**Title Vesting:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;**Year Built/Renovated<sup>(2)</sup>:** | &nbsp;&nbsp;2013, 2020/NAP |
| &nbsp;&nbsp;**Borrower Sponsors:** | &nbsp;&nbsp;John Rutledge, Sherrie Ann Rutledge, Lisa | &nbsp;&nbsp;John Rutledge, Sherrie Ann Rutledge, Lisa | &nbsp;&nbsp;John Rutledge, Sherrie Ann Rutledge, Lisa | &nbsp;&nbsp;**Size<sup>(2)</sup>:** | &nbsp;&nbsp;421 Units |
| &nbsp;&nbsp;**Borrower Sponsors:** | &nbsp;&nbsp;Elsenheimer and Weber Family Holdings, | &nbsp;&nbsp;Elsenheimer and Weber Family Holdings, | &nbsp;&nbsp;Elsenheimer and Weber Family Holdings, | &nbsp;&nbsp;**Cut-off Date Balance Per Unit:** | &nbsp;&nbsp;$159145 |
| &nbsp;&nbsp;**Borrower Sponsors:** | &nbsp;&nbsp;LLC | &nbsp;&nbsp;LLC | &nbsp;&nbsp;LLC | &nbsp;&nbsp;**Maturity Date Balance Per Unit:** | &nbsp;&nbsp;$159145 |
| &nbsp;&nbsp;**Guarantors:** | &nbsp;&nbsp;John Rutledge, Sherrie Ann Rutledge, Lisa | &nbsp;&nbsp;John Rutledge, Sherrie Ann Rutledge, Lisa | &nbsp;&nbsp;John Rutledge, Sherrie Ann Rutledge, Lisa | &nbsp;&nbsp;**Property Manager:** | &nbsp;&nbsp;Weber Bloom. LLC. |
| &nbsp;&nbsp;**Guarantors:** | &nbsp;&nbsp;Elsenheimer and Weber Family Holdings, | &nbsp;&nbsp;Elsenheimer and Weber Family Holdings, | &nbsp;&nbsp;Elsenheimer and Weber Family Holdings, |  |  |
| &nbsp;&nbsp;**Guarantors:** | &nbsp;&nbsp;LLC | &nbsp;&nbsp;LLC | &nbsp;&nbsp;LLC | &nbsp;&nbsp;**Underwriting and Financial Information** | &nbsp;&nbsp;**Underwriting and Financial Information** |
| &nbsp;&nbsp;**Mortgage Rate:** | &nbsp;&nbsp;5.60000% | &nbsp;&nbsp;5.60000% | &nbsp;&nbsp;5.60000% | &nbsp;&nbsp;**UW NOI:** | &nbsp;&nbsp;$5265493 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;**UW NCF:** | &nbsp;&nbsp;$5160243 |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;1/6/2031 | &nbsp;&nbsp;1/6/2031 | &nbsp;&nbsp;1/6/2031 | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;7.9% |
| &nbsp;&nbsp;**Term to Maturity:** | &nbsp;&nbsp;60 Months | &nbsp;&nbsp;60 Months | &nbsp;&nbsp;60 Months | &nbsp;&nbsp;**UW NCF Debt Yield:** | &nbsp;&nbsp;7.7% |
| &nbsp;&nbsp;**Amortization Term:** | &nbsp;&nbsp;0 Months | &nbsp;&nbsp;0 Months | &nbsp;&nbsp;0 Months | &nbsp;&nbsp;**UW NOI Debt Yield at Maturity:** | &nbsp;&nbsp;7.9% |
| &nbsp;&nbsp;**IO Period:** | &nbsp;&nbsp;60 Months | &nbsp;&nbsp;60 Months | &nbsp;&nbsp;60 Months | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.36x |
| &nbsp;&nbsp;**Seasoning:** | &nbsp;&nbsp;5 Months | &nbsp;&nbsp;5 Months | &nbsp;&nbsp;5 Months | &nbsp;&nbsp;**Most Recent NOI<sup>(3)</sup>:** | &nbsp;&nbsp;$5,359,852 (TTM 2/28/2026) |
| &nbsp;&nbsp;**Prepayment Provisions:** | &nbsp;&nbsp;L(23),YM1(33),O(4) | &nbsp;&nbsp;L(23),YM1(33),O(4) | &nbsp;&nbsp;L(23),YM1(33),O(4) | &nbsp;&nbsp;**2nd Most Recent NOI<sup>(3)(4)</sup>:** | &nbsp;&nbsp;$4,863,687 (12/31/2024) |
| &nbsp;&nbsp;**Lockbox/Cash Mgmt Status:** | &nbsp;&nbsp;Springing/Springing | &nbsp;&nbsp;Springing/Springing | &nbsp;&nbsp;Springing/Springing | &nbsp;&nbsp;**3rd Most Recent NOI<sup>(3)</sup>:** | &nbsp;&nbsp;$4,310,578 (12/31/2023) |
| &nbsp;&nbsp;**Additional Debt Type:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Most Recent Occupancy:** | &nbsp;&nbsp;94.1% (2/28/2026) |
| &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**2nd Most Recent Occupancy<sup>(4)</sup>:** | &nbsp;&nbsp;94.8% (12/31/2024) |
| &nbsp;&nbsp;**Future Debt Permitted (Type):** | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;**3rd Most Recent Occupancy:** | &nbsp;&nbsp;90.7% (12/31/2023) |
|  |  |  |  | &nbsp;&nbsp;**Appraised Value (as of):** | &nbsp;&nbsp;$100,900,000 (12/3/2025) |
| &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Appraised Value Per Unit:** | &nbsp;&nbsp;$239667 |
| &nbsp;&nbsp;**<u>Type</u>** | &nbsp;&nbsp;**<u>Initial</u>** | &nbsp;&nbsp;**<u>Monthly</u>** | &nbsp;&nbsp;**<u>Cap</u>** | &nbsp;&nbsp;**Cut-off Date LTV Ratio:** | &nbsp;&nbsp;66.4% |
| &nbsp;&nbsp;**Tax Reserve** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$40560 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date LTV Ratio:** | &nbsp;&nbsp;66.4% |
| &nbsp;&nbsp;**Insurance Reserve** | &nbsp;&nbsp;$20337 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP |  |  |
| &nbsp;&nbsp;**Replacement Reserve** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$8775 | &nbsp;&nbsp;NAP |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** |
| &nbsp;&nbsp;**Sources** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** | &nbsp;&nbsp;**Uses** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** |
| &nbsp;&nbsp;Mortgage Loan: | &nbsp;&nbsp;$67000000 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;Loan Payoff: | &nbsp;&nbsp;$37772896 | &nbsp;&nbsp;56.4% |
|  |  |  | &nbsp;&nbsp;Return of Equity: | &nbsp;&nbsp;$27047063 | &nbsp;&nbsp;40.4% |
|  |  |  | &nbsp;&nbsp;Closing Costs: | &nbsp;&nbsp;$2159704 | &nbsp;&nbsp;3.2% |
|  |  |  | &nbsp;&nbsp;Upfront Reserves: | &nbsp;&nbsp;$20337 | &nbsp;&nbsp;0.0% |
| &nbsp;&nbsp;**Total Sources:** | &nbsp;&nbsp;**$67000000** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses:** | &nbsp;&nbsp;**$67000000** | &nbsp;&nbsp;**100.0%** |

---

(1) See "*Escrows and Reserves*" below.

(2) The Addison Ridge Phases I & III Properties (as defined below) are comprised of (i) Addison Ridge
Phase I (" <u>Phase I</u> "), a 2013 vintage, 211 unit garden apartment community, and (ii) Addison Ridge Phase III (" <u>Phase III</u> "), a 2020 vintage, 210 unit garden apartment community.

(3) The increases from 3rd Most Recent NOI to 2nd Most Recent NOI and from 2nd Most Recent NOI to Most Recent
NOI are primarily attributable to increases in rental rates.

(4) Year-end 2025 financial statements and occupancy were not made available by the loan sponsor given timing
of origination in December 2025.

***The Mortgage Loan.*** The second largest mortgage loan (the "<u>Addison Ridge Phases I & III Mortgage Loan</u>") is evidenced by a promissory note with an original principal amount of $67,000,000 secured by a first priority fee mortgage encumbering 421 units between two adjacent multifamily properties located in Fayetteville, North Carolina (the "<u>Addison Ridge Phases I & III Properties</u>").

***The Borrowers and the Borrower Sponsors.*** The borrowers for the Addison Ridge Phases I & III Mortgage Loan are Santa Fe Properties SPE, LLC and Santa Fe Properties III Owner, LLC, each a Delaware limited liability company and single purpose entity with one independent director (the "<u>Borrowers</u>"). The borrower sponsors and non-recourse carveout guarantors are John Rutledge, Sherrie Ann Rutledge, Lisa Elsenheimer and Weber Family Holdings, LLC (the "<u>Borrower Sponsors</u>" and "<u>Guarantors</u>"). The Guarantors also provided an environmental indemnity in connection with the Addison Ridge Phases I & III Mortgage Loan.

John Rutledge has 22 years of multifamily experience across asset management, property operations and investment. John Rutledge began his career in asset management at Grandbridge Real Estate Capital (a subsidiary of Truist) and later worked at Morganton Management & Development where he managed approximately 1,200 units. John Rutledge co-founded Cobalt Property Services, a full-service property management firm based out of Atlanta, that currently manages approximately 850 units across 70 properties. Additionally, John Rutledge is a limited partner on three other multifamily properties in Georgia, excluding The Addison Ridge Phases I & III Properties and Addison Ridge Phase II (non-collateral). Sherrie Rutledge is John Rutledge's mother and has been a co-investor alongside him on multiple real estate transactions. Weber Family Holdings, LLC is owned by a group of heirs of Charles

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-16 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Garden | &nbsp;&nbsp;Loan #2 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$67000000 |
| &nbsp;&nbsp;1000 Antietam Creek Drive and | &nbsp;&nbsp;**Addison Ridge Phases I & III** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;66.4% |
| &nbsp;&nbsp;710 Piper Farm Road |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.36x |
| &nbsp;&nbsp;Fayetteville, NC 28303 |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;7.9% |

---

Weber (the original developer of The Addison Ridge Phases I & III Properties) and ultimately controlled by John Rutledge and Lisa Elsen Heimer, Charles Weber's niece.

***The Property.*** The Addison Ridge Phases I & III Properties represent two of the three phases of the broader Addison Ridge development undertaken by the Borrower Sponsors. The Addison Ridge Phases I & III Properties are comprised of (i) eight, three-story garden buildings, built in 2013, totaling 211 units ("<u>Addison Ridge Phase I</u>") and (ii) seven, three-story garden buildings, built in 2020, totaling 210 units ("<u>Addison Ridge Phase III</u>"). The Addison Ridge Phases I & III Properties are located immediately adjacent to one another in Fayetteville, North Carolina across 35.5 acres. The larger Addison Ridge development includes Addison Ridge Phase II, a 2013-vintage, 214-unit mid rise apartment community owned by the Borrower Sponsors that is not included as collateral for the Addison Ridge Phases I & III Mortgage Loan. The Addison Ridge Phases I & III Mortgage Loan documents contain anti-poaching provisions related to tenants and leasing across the development.

As of February 28, 2026, the Addison Ridge Phases I & III Properties were 94.1% leased, catering primarily to the nearby Fort Bragg military base ("<u>Fort Bragg</u>"). Unit inventory at Addison Ridge Phase I is comprised of 43 one-bedroom units, 161 two-bedroom units and 7 three-bedroom units, with an average unit size of 1,110 square feet. Addison Ridge Phase III consists of 150 one-bedroom units and 60 two-bedroom units, with an average unit size of 873 square feet. The Addison Ridge Phases I & III Properties feature a top-of-market amenity package, including clubhouses, fitness centers, swimming pools, a movie theater, grilling areas, game rooms and a dog park. Unit interiors include an in-unit washer/dryer, plank flooring, granite countertops and a private patio or balcony. The Addison Ridge Phases I & III Properties feature 667 total parking spaces, resulting in a parking ratio of 1.6 spaces per unit.

Approximately 40% of the units at the Addison Ridge Phases I & III Properties are leased to military personnel. At the nearby Fort Bragg, on-base housing options for lower-ranked enlisted personnel without dependents are limited to barracks, while dependent housing is near full capacity and has a waiting list. To fulfill housing needs, the military leverages the private sector via the Basic Allowance for Housing ("<u>BAH</u>") program. In-place rents at the Addison Ridge Phases I & III Properties are below the 2025 Fort Bragg BAH limits across unit types and military ranks. According to the Borrower Sponsors, the Addison Ridge Phases I & III Properties have not experienced any material occupancy volatility from past or announced military deployments, particularly evidenced by Addison Ridge Phase I having maintained an occupancy rate in excess of 93.4% since 2020.

The Addison Ridge Phases I & III Properties also feature approximately 2,800 square feet of commercial space that is 100% leased to two tenants. These commercial spaces are leased to Global Threat Solutions, LLC and Peak Realty Management, LLC on short-term leases that expire in September 2026. Commercial income represents less than approximately 1.0% of effective gross income from the Addison Ridge Phases I & III Properties.

The following table presents certain information relating to the residential unit mix of the Addison Ridge Phases I & III Properties:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** |
|  <br> **Unit Type** | &nbsp;&nbsp; <br> **# Units** | &nbsp;&nbsp;**Avg. Unit Size (Square Feet)** | &nbsp;&nbsp; <br> **Occupancy %** | &nbsp;&nbsp;**Average In-Place Rent** | &nbsp;&nbsp;**Average In-Place Rent ($/SF/Month)** | &nbsp;&nbsp;**Market Rent<sup>(2)</sup>** | &nbsp;&nbsp;**Market Rent/SF<sup>(2)</sup>** |
| &nbsp;&nbsp;**Addison Ridge Phase I** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;One Bedroom | &nbsp;&nbsp;43 | &nbsp;&nbsp;902 | &nbsp;&nbsp;93.0% | &nbsp;&nbsp;$1405 | &nbsp;&nbsp;$1.56 | &nbsp;&nbsp;$1486 | &nbsp;&nbsp;$1.65 |
| &nbsp;&nbsp;Two Bedroom | &nbsp;&nbsp;161 | &nbsp;&nbsp;1154 | &nbsp;&nbsp;96.3% | &nbsp;&nbsp;$1593 | &nbsp;&nbsp;$1.38 | &nbsp;&nbsp;$1600 | &nbsp;&nbsp;$1.39 |
| &nbsp;&nbsp;Three Bedroom | &nbsp;&nbsp;7 | &nbsp;&nbsp;1366 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$1865 | &nbsp;&nbsp;$1.37 | &nbsp;&nbsp;$1914 | &nbsp;&nbsp;$1.40 |
| &nbsp;&nbsp;**Total / Wtd. Avg.** | &nbsp;&nbsp;**211** | &nbsp;&nbsp;**1110** | &nbsp;&nbsp;**95.7%** | &nbsp;&nbsp;**$1565** | &nbsp;&nbsp;**$1.41** | &nbsp;&nbsp;**$1587** | &nbsp;&nbsp;**$1.44** |
| &nbsp;&nbsp;**Addison Ridge Phase III** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;One Bedroom | &nbsp;&nbsp;150 | &nbsp;&nbsp;779 | &nbsp;&nbsp;90.7% | &nbsp;&nbsp;$1378 | &nbsp;&nbsp;$1.77 | &nbsp;&nbsp;$1410 | &nbsp;&nbsp;$1.81 |
| &nbsp;&nbsp;Two Bedroom | &nbsp;&nbsp;60 | &nbsp;&nbsp;1109 | &nbsp;&nbsp;96.7% | &nbsp;&nbsp;$1659 | &nbsp;&nbsp;$1.50 | &nbsp;&nbsp;$1700 | &nbsp;&nbsp;$1.53 |
| &nbsp;&nbsp;**Total / Wtd. Avg.** | &nbsp;&nbsp;**210** | &nbsp;&nbsp;**873** | &nbsp;&nbsp;**92.4%** | &nbsp;&nbsp;**$1462** | &nbsp;&nbsp;**$1.66** | &nbsp;&nbsp;**$1493** | &nbsp;&nbsp;**$1.73** |
| &nbsp;&nbsp;**Total / Wtd. Avg.** | &nbsp;&nbsp;**421** | &nbsp;&nbsp;**992** | &nbsp;&nbsp;**94.1%** | &nbsp;&nbsp;**$1514** | &nbsp;&nbsp;**$1.52** | &nbsp;&nbsp;**$1540** | &nbsp;&nbsp;**$1.59** |

---

(1) Based on the underwritten rent roll dated February 28, 2026.

(2) Market Rent per the appraisal's market rent conclusions.

***The Market.*** The Addison Ridge Phases I & III Properties are located in Fayetteville, North Carolina within the Fayetteville metropolitan statistical area (the "<u>Fayetteville MSA</u>") and the West Cumberland County submarket. Following a period of rent growth starting in late 2020 and extending through 2021 (12.3% increase in market rent), the Fayetteville MSA saw an increase in the construction of multifamily properties between 2022 and 2024 (6.2% increase in inventory). Similarly, the West Cumberland County submarket saw an increase in rent (12.8% increase in market rent) and inventory (8.5% increase in inventory) over the same periods. According to a third party market research report, as of the second quarter of 2026, the Fayetteville MSA had average effective rents of $1,250 per unit per month and an average vacancy of 9.4%. The West Cumberland County submarket had average effective rents of $1,268 per unit per month and an average vacancy rate of 9.2%, as of the same period.

The Addison Ridge Phases I & III Properties are located near Cross Creek Mall and Glensford Commons Shopping Center, anchored by major retailers including Macy's, Belk, BJ's Wholesale Club, Lowe's Home Improvement and Walmart Supercenter. The site also has direct access to the All American Freeway and is in close proximity to Interstate 295 and other major roadways, providing access throughout the Fayetteville area. The largest employer and demand driver in the West Cumberland County submarket is Fort Bragg, a US Army military base employing more than 50,000 uniformed service members. Additional key employers and area demand drivers include MANN+HUMMEL, Purlator, Goodyear Tire & Rubber, Walmart, Amazon's 1 million square foot distribution facility and Campbell's 625,000 square foot facility.

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-17 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Garden | &nbsp;&nbsp;Loan #2 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$67000000 |
| &nbsp;&nbsp;1000 Antietam Creek Drive and | &nbsp;&nbsp;**Addison Ridge Phases I & III** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;66.4% |
| &nbsp;&nbsp;710 Piper Farm Road |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.36x |
| &nbsp;&nbsp;Fayetteville, NC 28303 |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;7.9% |

---

The following table presents certain information relating to appraisal-identified comparable properties to Addison Ridge Phases I & III Properties:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Summary of Comparable Multifamily Properties<sup>(1)</sup>** | **Summary of Comparable Multifamily Properties<sup>(1)</sup>** | **Summary of Comparable Multifamily Properties<sup>(1)</sup>** | **Summary of Comparable Multifamily Properties<sup>(1)</sup>** | **Summary of Comparable Multifamily Properties<sup>(1)</sup>** | **Summary of Comparable Multifamily Properties<sup>(1)</sup>** |
| **Property Name** | &nbsp;&nbsp;**Distance to Property** | &nbsp;&nbsp;**Year Built** | &nbsp;&nbsp;**Occupancy** | &nbsp;&nbsp;**No. Units** | &nbsp;&nbsp;**Avg. Rent Per Unit** |
| **Addison Ridge Phases I & III** | **NAP** | **2013, 2020** | **94.1%<sup>(2)</sup>** | **421** | **$1514<sup>(2)</sup>** |
| Annondale on Santa Fe | 1.0 miles | 2024 | 98.5% | 400 | $1719 |
| The One at Fayetteville Apartments | 0.5 miles | 2024 | 96.6% | 264 | $1697 |
| Addison Ridge Phase II | 0.1 miles | 2016 | 96.7% | 214 | $1605 |
| Independence Place Apartments | 4.8 miles | 2011 | 81.3% | 300 | $1571 |
| West End at Fayetteville | 0.3 miles | 2012 | 90.3% | 360 | $1482 |
| Enclave at Pamalee Square | 4.3 miles | 2010 | 93.0% | 242 | $1475 |
| Westlake at Morganton | 2.6 miles | 2007 | 95.3% | 327 | $1426 |

---

(1) *Source: Appraisal.* 

(2) Information based on the underwritten rent roll dated February 28, 2026.

***Appraisal.*** The appraisal concluded to an "as is" value for the Addison Ridge Phases I & III Properties of $100,900,000 as of December 3, 2025.

***Environmental Matters.*** According to the Phase I environmental site assessment dated December 11, 2025, there was no evidence of any recognized environmental conditions at the Addison Ridge Phases I & III Properties.

***Operating History and Underwritten Net Cash Flow.*** The following table presents certain information relating to the historical operating performance and underwritten net cash flow at the Addison Ridge Phases I & III Properties:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Cash Flow Analysis<sup>(1)</sup>** | **Cash Flow Analysis<sup>(1)</sup>** | **Cash Flow Analysis<sup>(1)</sup>** | **Cash Flow Analysis<sup>(1)</sup>** | **Cash Flow Analysis<sup>(1)</sup>** | **Cash Flow Analysis<sup>(1)</sup>** |
|  | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2/28/2026 TTM** | &nbsp;&nbsp;**UW** | &nbsp;&nbsp;**UW per Unit** |
| &nbsp;&nbsp;Gross Potential Rent<sup>(2)</sup> | &nbsp;&nbsp;$6714300 | &nbsp;&nbsp;$6942557 | &nbsp;&nbsp;$7404339 | &nbsp;&nbsp;$7632549 | &nbsp;&nbsp;$18130 |
| &nbsp;&nbsp;Vacancy | &nbsp;&nbsp;($626336) | &nbsp;&nbsp;($363811) | &nbsp;&nbsp;($273293) | &nbsp;&nbsp;($381627) | &nbsp;&nbsp;($906) |
| &nbsp;&nbsp;Credit Loss | &nbsp;&nbsp;($54986) | &nbsp;&nbsp;($63010) | &nbsp;&nbsp;($28800) | &nbsp;&nbsp;($38560) | &nbsp;&nbsp;($92) |
| &nbsp;&nbsp;Concessions | &nbsp;&nbsp;($20701) | &nbsp;&nbsp;($26285) | &nbsp;&nbsp;($38157) | &nbsp;&nbsp;($38163) | &nbsp;&nbsp;($91) |
| &nbsp;&nbsp;**Net Rental Income** | &nbsp;&nbsp;**$6012277** | &nbsp;&nbsp;**$6489450** | &nbsp;&nbsp;**$7064089** | &nbsp;&nbsp;**$7174199** | &nbsp;&nbsp;**$17041** |
| &nbsp;&nbsp;Other Income | &nbsp;&nbsp; $665349 | &nbsp;&nbsp; $800054 | &nbsp;&nbsp; $913962 | &nbsp;&nbsp; $940117 | &nbsp;&nbsp; $2233 |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$6677627** | &nbsp;&nbsp;**$7289504** | &nbsp;&nbsp;**$7978051** | &nbsp;&nbsp;**$8114316** | &nbsp;&nbsp;**$19274** |
| &nbsp;&nbsp;Real Estate Taxes | &nbsp;&nbsp;$497361 | &nbsp;&nbsp;$514529 | &nbsp;&nbsp;$485139 | &nbsp;&nbsp;$477176 | &nbsp;&nbsp;$1133 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;$96503 | &nbsp;&nbsp;$132204 | &nbsp;&nbsp;$275662 | &nbsp;&nbsp;$441531 | &nbsp;&nbsp;$1049 |
| &nbsp;&nbsp;Other Expenses | &nbsp;&nbsp; $1773184 | &nbsp;&nbsp; $1779083 | &nbsp;&nbsp; $1857398 | &nbsp;&nbsp; $1930116 | &nbsp;&nbsp; $4585 |
| &nbsp;&nbsp;**Total Expenses** | &nbsp;&nbsp;**$2367049** | &nbsp;&nbsp;**$2425817** | &nbsp;&nbsp;**$2618199** | &nbsp;&nbsp;**$2848823** | &nbsp;&nbsp;**$6767** |
| &nbsp;&nbsp;**Net Operating Income<sup>(3)</sup>** | &nbsp;&nbsp;**$4310578** | &nbsp;&nbsp;**$4863687** | &nbsp;&nbsp;**$5359852** | &nbsp;&nbsp;**$5265493** | &nbsp;&nbsp;**$12507** |
| &nbsp;&nbsp;Replacement Reserves | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $105250 | &nbsp;&nbsp; $250 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$4310578** | &nbsp;&nbsp;**$4863687** | &nbsp;&nbsp;**$5359852** | &nbsp;&nbsp;**$5160243** | &nbsp;&nbsp;**$12257** |
| &nbsp;&nbsp;**Occupancy %<sup>(4)</sup>** | &nbsp;&nbsp;**90.7%** | &nbsp;&nbsp;**94.8%** | &nbsp;&nbsp;**96.3%** | &nbsp;&nbsp;**94.0%** |  |
| &nbsp;&nbsp;**NOI DSCR** | &nbsp;&nbsp;**1.13x** | &nbsp;&nbsp;**1.28x** | &nbsp;&nbsp;**1.41x** | &nbsp;&nbsp;**1.38x** |  |
| &nbsp;&nbsp;**NCF DSCR** | &nbsp;&nbsp;**1.13x** | &nbsp;&nbsp;**1.28x** | &nbsp;&nbsp;**1.41x** | &nbsp;&nbsp;**1.36x** |  |
| &nbsp;&nbsp;**NOI Debt Yield** | &nbsp;&nbsp;**6.4%** | &nbsp;&nbsp;**7.3%** | &nbsp;&nbsp;**8.0%** | &nbsp;&nbsp;**7.9%** |  |
| &nbsp;&nbsp;**NCF Debt Yield** | &nbsp;&nbsp;**6.4%** | &nbsp;&nbsp;**7.3%** | &nbsp;&nbsp;**8.0%** | &nbsp;&nbsp;**7.7%** |  |

---

(1) Certain items such as interest expense, interest income, depreciation, amortization,
debt service payments and any other non-recurring items were excluded from the historical presentation and are not considered for the
underwritten cash flow.

(2) UW Gross Potential Rent is based on the underwritten rent roll dated February
28, 2026.

(3) The increases in Net Operating Income from 2023 to 2024 and from 2024 to TTM 2/28/2026
are primarily attributable to increases in rental rates.

(4) UW Occupancy % is based on economic occupancy while historical figures represent
physical occupancy.

 **

 ****

 ****

 **

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-18 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Garden | &nbsp;&nbsp;Loan #2 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$67000000 |
| &nbsp;&nbsp;1000 Antietam Creek Drive and | &nbsp;&nbsp;**Addison Ridge Phases I & III** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;66.4% |
| &nbsp;&nbsp;710 Piper Farm Road |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.36x |
| &nbsp;&nbsp;Fayetteville, NC 28303 |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;7.9% |

---

***Escrows and Reserves.***

*RE Tax Reserve –* On a monthly basis, the Borrowers are required to make deposits of one-twelfth of the projected annual real estate taxes (initially estimated to be $40,560).

*Insurance Reserve –* At origination, the Borrowers were required to deposit approximately $20,337 for insurance premiums. On a monthly basis, the Borrowers are required to make deposits of one-twelfth of the projected insurance premiums; *provided*, *however*, so long as no event of default has occurred and is continuing and the lender has been provided proof that a blanket insurance policy is in place and is being maintained, monthly insurance deposits will not be required.

*Replacement Reserve –* On a monthly basis, the Borrowers are required to make deposits of $8,775 ($250 per unit, *per annum*) for capital expenditures.

***Lockbox and Cash Management.*** The Addison Ridge Phases I & III Mortgage Loan is structured with a springing lockbox and springing cash management. Upon the occurrence of a Trigger Event (as defined below), the Borrowers will be required to establish a lockbox account and cash management account and deposit, or cause to be deposited, all rents into the lockbox account within five business days of receipt. During the continuance of a Trigger Event, all rents deposited into the lockbox account will be swept into the cash management account daily to be held and applied in accordance with the Addison Ridge Phases I & III Mortgage Loan documents. If no Trigger Event is continuing, funds in the lockbox account will be disbursed to the Borrowers. During the continuance of a Trigger Event, excess cash will be held in accordance with The Addison Ridge Phases I & III Mortgage Loan documents.

A "<u>Trigger Event</u>" will commence upon (i) the occurrence of an event of default or (ii) the debt service coverage ratio based on the prior trailing 12-month period being less than 1.15x (tested quarterly). A Trigger Event will terminate (x) with respect to <u>clause (i)</u> above, upon a cure of such event of default and (y) with respect to <u>clause (ii)</u> above, when the debt service coverage ratio has been equal to or greater than 1.20x for two consecutive calendar quarters.

***Additional Subordinate and Mezzanine Indebtedness.*** None.

***Release of Properties*.** None.

***Terrorism Insurance*.** The Borrowers are required to obtain and maintain property insurance for 100% of the full replacement cost and business interruption insurance for 18 months plus a 12-month extended period of indemnity. Such insurance is required to cover perils of terrorism and acts of terrorism. See "*Risk Factors—Risks Relating to the Mortgage Loans—Terrorism Insurance May Not Be Available for All Mortgaged Properties*" in the prospectus.

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-19 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily - Manufactured Housing | &nbsp;&nbsp;Loan #3 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$60000000 |
| &nbsp;&nbsp;Various | &nbsp;&nbsp;**Flintstone Chicago MHC Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;67.7% |
| &nbsp;&nbsp;Various, IL |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.25x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;7.7% |

---

![](n5898prets_img008.jpg)

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-20 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily - Manufactured Housing | &nbsp;&nbsp;Loan #3 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$60000000 |
| &nbsp;&nbsp;Various | &nbsp;&nbsp;**Flintstone Chicago MHC Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;67.7% |
| &nbsp;&nbsp;Various, IL |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.25x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;7.7% |

---

![](n5898prets_img009.jpg)

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-21 |

---

**Mortgage Loan No. 3 – Flintstone Chicago MHC Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Mortgage Loan Seller:** | &nbsp;&nbsp;**Mortgage Loan Seller:** | &nbsp;&nbsp;MF1 | &nbsp;&nbsp;MF1 | &nbsp;&nbsp;MF1 | &nbsp;&nbsp;**Single Asset/Portfolio:** | &nbsp;&nbsp;Portfolio |
| &nbsp;&nbsp;**Credit Assessment (Fitch/MDBRS):** | &nbsp;&nbsp;**Credit Assessment (Fitch/MDBRS):** | &nbsp;&nbsp;NR/NR | &nbsp;&nbsp;NR/NR | &nbsp;&nbsp;NR/NR | &nbsp;&nbsp;**Location<sup>(2)</sup>:** | &nbsp;&nbsp;Various, IL |
| &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;$60000000 | &nbsp;&nbsp;$60000000 | &nbsp;&nbsp;$60000000 | &nbsp;&nbsp;**General Property Type:** | &nbsp;&nbsp;Multifamily |
| &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$60000000 | &nbsp;&nbsp;$60000000 | &nbsp;&nbsp;$60000000 | &nbsp;&nbsp;**Detailed Property Type:** | &nbsp;&nbsp;Manufactured Housing |
| &nbsp;&nbsp;**% of Initial Pool Balance:** | &nbsp;&nbsp;**% of Initial Pool Balance:** | &nbsp;&nbsp;8.2% | &nbsp;&nbsp;8.2% | &nbsp;&nbsp;8.2% | &nbsp;&nbsp;**Title Vesting:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;**Year Built/Renovated<sup>(2)</sup>:** | &nbsp;&nbsp;Various / Various |
| &nbsp;&nbsp;**Borrower Sponsors:** | &nbsp;&nbsp;**Borrower Sponsors:** | &nbsp;&nbsp;Christopher Howard and Paul Howard | &nbsp;&nbsp;Christopher Howard and Paul Howard | &nbsp;&nbsp;Christopher Howard and Paul Howard | &nbsp;&nbsp;**Size<sup>(2)</sup>:** | &nbsp;&nbsp;631 Pads |
| &nbsp;&nbsp;**Guarantors:** | &nbsp;&nbsp;**Guarantors:** | &nbsp;&nbsp;Christopher Howard and Paul Howard | &nbsp;&nbsp;Christopher Howard and Paul Howard | &nbsp;&nbsp;Christopher Howard and Paul Howard | &nbsp;&nbsp;**Cut-off Date Balance Per Pad:** | &nbsp;&nbsp;$95087 |
| &nbsp;&nbsp;**Mortgage Rate:** | &nbsp;&nbsp;**Mortgage Rate:** | &nbsp;&nbsp;5.98000% | &nbsp;&nbsp;5.98000% | &nbsp;&nbsp;5.98000% | &nbsp;&nbsp;**Maturity Date Balance Per Pad:** | &nbsp;&nbsp;$95087 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;3/31/2026 | &nbsp;&nbsp;3/31/2026 | &nbsp;&nbsp;3/31/2026 | &nbsp;&nbsp;**Property Manager:** | &nbsp;&nbsp;Flintstone Capital Partners LLC |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;4/6/2031 | &nbsp;&nbsp;4/6/2031 | &nbsp;&nbsp;4/6/2031 |  | &nbsp;&nbsp;(Borrower-related) |
| &nbsp;&nbsp;**Term to Maturity:** | &nbsp;&nbsp;**Term to Maturity:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;60 months | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**Underwriting and Financial Information** | &nbsp;&nbsp;**Underwriting and Financial Information** |
| &nbsp;&nbsp;**Amortization Term:** | &nbsp;&nbsp;**Amortization Term:** | &nbsp;&nbsp;0 months | &nbsp;&nbsp;0 months | &nbsp;&nbsp;0 months | &nbsp;&nbsp;**UW NOI<sup>(3)</sup>:** | &nbsp;&nbsp;$4596907 |
| &nbsp;&nbsp;**IO Period:** | &nbsp;&nbsp;**IO Period:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;60 months | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**UW NCF:** | &nbsp;&nbsp;$4565357 |
| &nbsp;&nbsp;**Seasoning:** | &nbsp;&nbsp;**Seasoning:** | &nbsp;&nbsp;2 months | &nbsp;&nbsp;2 months | &nbsp;&nbsp;2 months | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;7.7% |
| &nbsp;&nbsp;**Prepayment Provisions:** | &nbsp;&nbsp;**Prepayment Provisions:** | &nbsp;&nbsp;L(26),D(30),O(4) | &nbsp;&nbsp;L(26),D(30),O(4) | &nbsp;&nbsp;L(26),D(30),O(4) | &nbsp;&nbsp;**UW NCF Debt Yield:** | &nbsp;&nbsp;7.6% |
| &nbsp;&nbsp;**Lockbox/Cash Mgmt Status:** | &nbsp;&nbsp;**Lockbox/Cash Mgmt Status:** | &nbsp;&nbsp;Springing/Springing | &nbsp;&nbsp;Springing/Springing | &nbsp;&nbsp;Springing/Springing | &nbsp;&nbsp;**UW NOI Debt Yield at Maturity:** | &nbsp;&nbsp;7.7% |
| &nbsp;&nbsp;**Additional Debt Type:** | &nbsp;&nbsp;**Additional Debt Type:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.25x |
| &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Most Recent NOI<sup>(3)</sup>:** | &nbsp;&nbsp;$4,002,970 (TTM 2/28/2026) |
| &nbsp;&nbsp;**Future Debt Permitted (Type):** | &nbsp;&nbsp;**Future Debt Permitted (Type):** | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;**2nd Most Recent NOI<sup>(4)</sup>:** | &nbsp;&nbsp;$3,332,860 (12/31/2025) |
|  |  |  |  |  | &nbsp;&nbsp;**3rd Most Recent NOI:** | &nbsp;&nbsp;$3,492,817 (12/31/2024) |
| &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Most Recent Occupancy:** | &nbsp;&nbsp;97.1% (3/9/2026) |
| &nbsp;&nbsp;**<u>Type</u>** | &nbsp;&nbsp;**<u>Initial</u>** | &nbsp;&nbsp;**<u>Initial</u>** | &nbsp;&nbsp;**<u>Monthly</u>** | &nbsp;&nbsp;**<u>Cap</u>** | &nbsp;&nbsp;**2nd Most Recent Occupancy<sup>(4)</sup>:** | &nbsp;&nbsp;96.9% (12/31/2025) |
| &nbsp;&nbsp;**Tax Reserve:** | &nbsp;&nbsp;$150663 | &nbsp;&nbsp;$150663 | &nbsp;&nbsp;$50221 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**3rd Most Recent Occupancy:** | &nbsp;&nbsp;97.6% (12/31/2024) |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value (as of):** | &nbsp;&nbsp;$88,600,000 (2/20/2026) |
| &nbsp;&nbsp;**Replacement Reserve:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$2650 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value per Pad:** | &nbsp;&nbsp;$140412 |
| &nbsp;&nbsp;**Required Repairs:** | &nbsp;&nbsp;$13188 | &nbsp;&nbsp;$13188 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Cut-off Date LTV Ratio:** | &nbsp;&nbsp;67.7% |
|  |  |  |  |  | &nbsp;&nbsp;**Maturity Date LTV Ratio:** | &nbsp;&nbsp;67.7% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** |
| &nbsp;&nbsp;**Sources** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** | &nbsp;&nbsp;**Uses** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** |
| &nbsp;&nbsp;Mortgage Loan: | &nbsp;&nbsp;$60000000 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;Loan Payoff: | &nbsp;&nbsp;$40340885 | &nbsp;&nbsp;67.2% |
|  |  |  | &nbsp;&nbsp;Return of Equity | &nbsp;&nbsp;$17682881 | &nbsp;&nbsp;29.5% |
|  |  |  | &nbsp;&nbsp;Closing Costs: | &nbsp;&nbsp;$1812383 | &nbsp;&nbsp;3.0% |
|  |  |  | &nbsp;&nbsp;Upfront Reserves: | &nbsp;&nbsp;$163851 | &nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;**Total Sources:** | &nbsp;&nbsp;**$60000000** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses:** | &nbsp;&nbsp;**$60000000** | &nbsp;&nbsp;**100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) See "*Escrows and Reserves*" below.

&nbsp;&nbsp;&nbsp;&nbsp;(2) See "*Portfolio Summary*" below.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The increase in UW NOI from the Most Recent NOI is primarily attributable to (i) annual rental increases
that were instituted at the beginning of 2026 and (ii) the inclusion of a full year's ownership of the Lake Bluff Property (as defined
below).

&nbsp;&nbsp;&nbsp;&nbsp;(4) 2nd Most Recent NOI and 2nd Most Recent Occupancy are impacted due to the inclusion of partial year financials
and occupancy data for The Lake Bluff Property, which was acquired in March 2025.

***The Mortgage Loan.*** The third largest mortgage loan (the "<u>Flintstone Chicago MHC Portfolio Mortgage Loan</u>") is a $60,000,000 mortgage loan secured by a first priority fee mortgage encumbering four manufactured housing communities totaling 631 pads located across various locations in Illinois (collectively the "<u>Flintstone Chicago MHC Portfolio Properties</u>" or the "<u>Flintstone Chicago MHC Portfolio</u>"). ****

***The Borrowers and the Borrower Sponsors.*** The borrowers for the Flintstone Chicago MHC Portfolio Mortgage Loan are Lake Bluff MHP LLC, Meadowcreek MHP LLC, Oak Lawn MHP LLC and Wood Dale MHP LLC, each a limited liability company and single purpose entity with one independent director (collectively, the "<u>Borrowers</u>"). The borrower sponsors and non-recourse carveout guarantors for the Flintstone Chicago MHC Portfolio Mortgage Loan are Christopher Howard and Paul Howard (the "<u>Borrower Sponsors</u>" and "<u>Guarantors</u>"). The Guarantors also provided an environmental indemnity in connection with Flintstone Chicago MHC Portfolio Mortgage Loan.

Christopher Howard is the owner of Flintstone Capital Partners LLC ("<u>Flintstone Properties</u>"), which was founded in 2014 and has managed or acquired 24 manufactured housing communities, totaling approximately 3,600 pads across eight states. Flintstone Properties currently owns or manages 11 manufactured housing communities across the United States. Paul Howard, Christopher Howard's father, has significant experience with manufactured housing communities. The Guarantors are repeat agency borrowers.

***The Properties.*** The Flintstone Chicago MHC Portfolio Properties consist of four manufactured housing properties across Illinois with 287 pads in Melrose Park, Illinois ("<u>The Meadowcreek Property</u>"), 184 pads in Poplar Grove, Illinois ("<u>The Oak Lawn Property</u>"), 97 pads in Wood Dale, Illinois ("<u>The Wood Dale Property</u>") and 63 pads in Lake Bluff, Illinois ("<u>The Lake Bluff Property</u>"). The Borrower Sponsors acquired the Flintstone Chicago MHC Portfolio Properties in four separate transactions between 2019 and 2025 for an aggregate approximate amount of $48.7 million (approximately $77,197 per pad), and have since invested approximately $3.5 million (approximately $5,619 per pad) on infrastructure and community improvements.

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-22 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily - Manufactured Housing | &nbsp;&nbsp;Loan #3 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$60000000 |
| &nbsp;&nbsp;Various | &nbsp;&nbsp;**Flintstone Chicago MHC Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;67.7% |
| &nbsp;&nbsp;Various, IL |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.25x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;7.7% |

---

As of March 9, 2026, the Flintstone Chicago MHC Portfolio Properties were 97.1% leased, with no individual property less than 93.5% leased. Of the 631 pads at the Flintstone Chicago MHC Portfolio, approximately 1.3% are park owned homes. Rental rates range from approximately $700 to $937 per pad per month, with an average rental rate across the Flintstone Chicago MHC Portfolio of $827 per pad per month. Average occupancy across the Flintstone Chicago MHC Portfolio has been 95.8% since 2023.

The following table presents certain information relating to the Flintstone Chicago MHC Portfolio Properties:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Summary** | **Portfolio Summary** | **Portfolio Summary** | **Portfolio Summary** | **Portfolio Summary** | **Portfolio Summary** | **Portfolio Summary** | **Portfolio Summary** |
| &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**City, State** | &nbsp;&nbsp;**Pads** | &nbsp;&nbsp;**Year Built** | &nbsp;&nbsp;**Occupancy<sup>(1)</sup>** | &nbsp;&nbsp;**Allocated Cut-off Date Balance** | &nbsp;&nbsp;**% of Allocated Cut-off Date Balance** | &nbsp;&nbsp;**Appraised Value** |
| &nbsp;&nbsp;Meadowcreek | &nbsp;&nbsp;Melrose Park, IL | &nbsp;&nbsp;287 | &nbsp;&nbsp;1950 | &nbsp;&nbsp;99.3% | &nbsp;&nbsp;$29000000 | &nbsp;&nbsp;48.3% | &nbsp;&nbsp;$42450000 |
| &nbsp;&nbsp;Oak Lawn | &nbsp;&nbsp;Poplar Grove, IL | &nbsp;&nbsp;184 | &nbsp;&nbsp;1970 | &nbsp;&nbsp;93.5% | &nbsp;&nbsp;$14750000 | &nbsp;&nbsp;24.6% | &nbsp;&nbsp;$21000000 |
| &nbsp;&nbsp;Wood Dale | &nbsp;&nbsp;Wood Dale, IL | &nbsp;&nbsp;97 | &nbsp;&nbsp;1940 | &nbsp;&nbsp;96.9% | &nbsp;&nbsp;$9750000 | &nbsp;&nbsp;16.3% | &nbsp;&nbsp;$14850000 |
| &nbsp;&nbsp;Lake Bluff | &nbsp;&nbsp;Lake Bluff, IL | &nbsp;&nbsp; 63 | &nbsp;&nbsp;1960 | &nbsp;&nbsp; 98.4% | &nbsp;&nbsp; $6500000 | &nbsp;&nbsp; 10.8% | &nbsp;&nbsp; $10300000 |
| &nbsp;&nbsp;**Total/Wtd. Avg.** | &nbsp;&nbsp;**Total/Wtd. Avg.** | &nbsp;&nbsp;**631** |  | &nbsp;&nbsp;**97.1%** | &nbsp;&nbsp;**$60000000** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$88600000** |

---

(1) Occupancy is based on the underwritten rent roll dated March 9, 2026.

The following table presents certain information relating to the unit mix at the Flintstone Chicago MHC Portfolio Properties:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Unit Mix<sup>(1)</sup>** | **Portfolio Unit Mix<sup>(1)</sup>** | **Portfolio Unit Mix<sup>(1)</sup>** | **Portfolio Unit Mix<sup>(1)</sup>** | **Portfolio Unit Mix<sup>(1)</sup>** | **Portfolio Unit Mix<sup>(1)</sup>** | **Portfolio Unit Mix<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Total Pads** | &nbsp;&nbsp;**Leased Pads** | &nbsp;&nbsp;**Total Pads % Occupancy** | &nbsp;&nbsp;**Park-Owned Homes<sup>(2)</sup>** | &nbsp;&nbsp;**Park-Owned Homes % Occupancy<sup>(2)</sup>** | &nbsp;&nbsp;**Average Rent Per Pad<sup>(3)</sup>** |
| &nbsp;&nbsp;Meadowcreek | &nbsp;&nbsp;287 | &nbsp;&nbsp;285 | &nbsp;&nbsp;99.3% | &nbsp;&nbsp;0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;$889 |
| &nbsp;&nbsp;Oak Lawn | &nbsp;&nbsp;184 | &nbsp;&nbsp;172 | &nbsp;&nbsp;93.5% | &nbsp;&nbsp;3 | &nbsp;&nbsp;100% | &nbsp;&nbsp;$700 |
| &nbsp;&nbsp;Wood Dale | &nbsp;&nbsp;97 | &nbsp;&nbsp;94 | &nbsp;&nbsp;96.9% | &nbsp;&nbsp;0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;$800 |
| &nbsp;&nbsp;Lake Bluff | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 98.4% | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 100% | &nbsp;&nbsp; $937 |
| &nbsp;&nbsp;**Total/Wtd. Avg.** | &nbsp;&nbsp;**631** | &nbsp;&nbsp;**613** | &nbsp;&nbsp;**97.1%** | &nbsp;&nbsp;**8** | &nbsp;&nbsp;**100%** | &nbsp;&nbsp;**$827** |

---

(1) Occupancy is based on the underwritten rent roll dated March 9, 2026.

(2) The Flintstone Chicago MHC Portfolio Mortgage Loan documents limit the number of park-owned homes to no
more than 20 total pads.

(3) Based on the underwritten rent roll dated March 9, 2025.

***The Markets.*** Three of the four Flintstone Chicago MHC Portfolio Properties are situated within the Chicago metropolitan statistical area ("<u>MSA</u>), the third-largest metropolitan area in the United States, with a population of approximately 9.4 million and a labor force of roughly 5.0 million. The Chicago multifamily market contains approximately 580,000 units across dozens of submarkets. The three Chicago-area Flintstone Chicago MHC Portfolio Properties sit within distinct submarkets: The Lake Bluff Property in Southeast Lake County (approximately 3,700 units), The Meadowcreek Property in West Cook County (approximately 27,000 units) and The Wood Dale Property in Northeast DuPage County (approximately 14,000 units). The Oak Lawn Property is located in Boone County within the Rockford MSA, a smaller market of approximately 9,400 multifamily units situated approximately 77 miles west of Chicago. Boone County is among the smallest submarkets in the Rockford MSA, containing approximately 700 units of inventory. The Flintstone Chicago MHC Portfolio benefits from zoning restrictions, entitlement barriers, and community opposition in the MSA, which collectively limit the feasibility of developing new manufactured housing communities in the subject markets. The average rent across the appraisals' comparable properties ranges from $814 to $988 per pad, compared to the average in-place rent across the Flintstone Chicago MHC Portfolio Properties of $827. The average Flintstone Chicago MHC Portfolio Properties' pad rents represent an approximately 111% discount to conventional multifamily alternatives in each market segment, providing affordable options for housing within areas where multifamily rents are historically expensive. ****

***Appraisal.*** The appraisals concluded to an aggregate "as is" value for the Flintstone Chicago MHC Portfolio of $88,600,000 as of February 20, 2026.

***Environmental Matters.*** According to the Phase I environmental site assessments as of various dates in February 2026, there was no evidence of any recognized environmental conditions at the Flintstone Chicago MHC Portfolio Properties.

 ****

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-23 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily - Manufactured Housing | &nbsp;&nbsp;Loan #3 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$60000000 |
| &nbsp;&nbsp;Various | &nbsp;&nbsp;**Flintstone Chicago MHC Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;67.7% |
| &nbsp;&nbsp;Various, IL |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.25x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;7.7% |

---

***Operating History and Underwritten Net Cash Flow.*** The following table presents certain information relating to the historical operating performance and underwritten net cash flow at the Flintstone Chicago MHC Portfolio Properties:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Cash Flow Analysis<sup>(1)</sup>** | **Cash Flow Analysis<sup>(1)</sup>** | **Cash Flow Analysis<sup>(1)</sup>** | **Cash Flow Analysis<sup>(1)</sup>** | **Cash Flow Analysis<sup>(1)</sup>** | **Cash Flow Analysis<sup>(1)</sup>** |
|  | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**TTM 2/28/2026** | &nbsp;&nbsp;**UW** | &nbsp;&nbsp;**UW per Pad** |
| &nbsp;&nbsp;Gross Potential Rent<sup>(2)</sup> | &nbsp;&nbsp;$4865662 | &nbsp;&nbsp;$4646997 | &nbsp;&nbsp;$5374145 | &nbsp;&nbsp;$6247674 | &nbsp;&nbsp;$9901 |
| &nbsp;&nbsp;Vacancy | &nbsp;&nbsp;($114756) | &nbsp;&nbsp;($144057) | &nbsp;&nbsp;$0 | &nbsp;&nbsp;($312384) | &nbsp;&nbsp;($495) |
| &nbsp;&nbsp;Credit Loss | &nbsp;&nbsp;($36425) | &nbsp;&nbsp;($2698) | &nbsp;&nbsp;($4643) | &nbsp;&nbsp;($9947) | &nbsp;&nbsp;($16) |
| &nbsp;&nbsp;Concessions | &nbsp;&nbsp;($1540) | &nbsp;&nbsp;($3721) | &nbsp;&nbsp;($4671) | &nbsp;&nbsp;($4101) | &nbsp;&nbsp;($6) |
| &nbsp;&nbsp;**Net Rental income** | &nbsp;&nbsp;**$4712941** | &nbsp;&nbsp;**$4496521** | &nbsp;&nbsp;**$5364831** | &nbsp;&nbsp;**$5921242** | &nbsp;&nbsp;**$9384** |
| &nbsp;&nbsp;Other Income | &nbsp;&nbsp; $672376 | &nbsp;&nbsp; $670863 | &nbsp;&nbsp; $674207 | &nbsp;&nbsp; $664669 | &nbsp;&nbsp; $1053 |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$5385317** | &nbsp;&nbsp;**$5167384** | &nbsp;&nbsp;**$6039038** | &nbsp;&nbsp;**$6585911** | &nbsp;&nbsp;**$10437** |
| &nbsp;&nbsp;Real Estate Taxes | &nbsp;&nbsp;$668605 | &nbsp;&nbsp;$657995 | &nbsp;&nbsp;$676646 | &nbsp;&nbsp;$590836 | &nbsp;&nbsp;$936 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;$88143 | &nbsp;&nbsp;$78921 | &nbsp;&nbsp;$85844 | &nbsp;&nbsp;$109122 | &nbsp;&nbsp;$173 |
| &nbsp;&nbsp;Other Operating Expenses | &nbsp;&nbsp; $1135752 | &nbsp;&nbsp; $1097609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1273577 | &nbsp;&nbsp; $1289046 | &nbsp;&nbsp; $2043 |
| &nbsp;&nbsp;**Total Expenses** | &nbsp;&nbsp;**$1892500** | &nbsp;&nbsp;**$1834524** | &nbsp;&nbsp;**$2036068** | &nbsp;&nbsp;**$1989004** | &nbsp;&nbsp;**$3152** |
| &nbsp;&nbsp;**Net Operating Income<sup>(3)</sup>** | &nbsp;&nbsp;**$3492817** | &nbsp;&nbsp;**$3332860** | &nbsp;&nbsp;**$4002970** | &nbsp;&nbsp;**$4596907** | &nbsp;&nbsp;**$7285** |
| &nbsp;&nbsp;Replacement Reserves | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $31550 | &nbsp;&nbsp; $50 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$3492817** | &nbsp;&nbsp;**$3332860** | &nbsp;&nbsp;**$4002970** | &nbsp;&nbsp;**$4565357** | &nbsp;&nbsp;**$7235** |
| &nbsp;&nbsp;**Occupancy %<sup>(4)</sup>** | &nbsp;&nbsp;**97.6%** | &nbsp;&nbsp;**96.9%** | &nbsp;&nbsp;**97.1%<sup>(5)</sup>** | &nbsp;&nbsp;**94.8%** |  |
| &nbsp;&nbsp;**NOI DSCR** | &nbsp;&nbsp;**0.96x** | &nbsp;&nbsp;**0.92x** | &nbsp;&nbsp;**1.10x** | &nbsp;&nbsp;**1.26x** |  |
| &nbsp;&nbsp;**NCF DSCR** | &nbsp;&nbsp;**0.96x** | &nbsp;&nbsp;**0.92x** | &nbsp;&nbsp;**1.10x** | &nbsp;&nbsp;**1.25x** |  |
| &nbsp;&nbsp;**NOI Debt Yield** | &nbsp;&nbsp;**5.8%** | &nbsp;&nbsp;**5.6%** | &nbsp;&nbsp;**6.7%** | &nbsp;&nbsp;**7.7%** |  |
| &nbsp;&nbsp;**NCF Debt Yield** | &nbsp;&nbsp;**5.8%** | &nbsp;&nbsp;**5.6%** | &nbsp;&nbsp;**6.7%** | &nbsp;&nbsp;**7.6%** |  |

---

(1) Certain items such as interest expense, interest income, depreciation, amortization,
debt service payments and any other non-recurring items were adjusted and/or excluded from the historical presentation and are not considered
for purposes of the lender underwritten net cash flow.

(2) UW Gross Potential Rent is based on the in place rent roll as of March 9, 2026,
which is inclusive of rental increases that took effect January 1, 2026.

(3) The increase in UW Net Operating Income from the TTM 2/28/2026 Net Operating Income
is primarily attributable to (i) annual rental increases that were instituted at the beginning of 2026 and (ii) the inclusion of a full
year's ownership of the Lake Bluff Property.

(4) UW Occupancy % represents economic occupancy while historical figures represent
physical occupancy.

(5) Based on the underwritten rent roll dated March 9, 2026.

***Escrows and Reserves.***

*RE Tax Reserve –* At origination, the Borrowers were required to deposit $150,663 for real estate taxes. On a monthly basis, the Borrowers are required to make deposits of one-twelfth of the projected annual real estate taxes (initially estimated to be $50,221).

*Insurance Reserve –* On a monthly basis, the Borrowers are required to make deposits of one-twelfth of the projected annual insurance premiums; *provided*, *however*, so long as no event of default has occurred and is continuing and the lender has been provided proof that a blanket insurance policy is in place and is being maintained, monthly insurance deposits will not be required.

*Replacement Reserve –* On a monthly basis, the Borrowers are required to make deposits of $2,650 (approximately $50 per pad, *per annum*) to be used for capital expenditures.

*Required Repairs Reserve –* At origination, the Borrowers were required to deposit $13,188 to be used in connection with immediate repairs to be completed within the timeframes stipulated in the Flintstone Chicago MHC Portfolio Mortgage Loan documents.

***Lockbox and Cash Management.*** The Flintstone Chicago MHC Portfolio Mortgage Loan is structured with a springing lockbox and springing cash management. Upon the occurrence of a Cash Sweep Period (as defined below), the Borrowers will be required to establish a lockbox account and cash management account and deposit, or cause to be deposited, all rents into the lockbox account within one business day of receipt. During the continuance of a Cash Sweep Period, all rents deposited into the lockbox account will be swept into the cash management account daily to be held and applied in accordance with the Flintstone Chicago MHC Portfolio Mortgage Loan documents. If no Cash Sweep Period is continuing, funds in the lockbox account will be disbursed to the Borrowers. During the continuance of a Cash Sweep Period, excess cash will be held in accordance with the Flintstone Chicago MHC Portfolio Mortgage Loan documents.

A "<u>Cash Sweep Period</u>" will commence upon (i) an event of default or (ii) the debt service coverage ratio based on the prior trailing 12-month period falling below 1.15x. A Cash Sweep Period will terminate (x) with regard to <u>clause (i)</u> above, upon the acceptance by the lender of a cure of such event of default; or (y) with regard to <u>clause (ii)</u> above, if the debt service coverage ratio is equal to or greater than 1.25x for two consecutive calendar quarters.

***Additional Subordinate or Mezzanine Indebtedness.*** None.

***Release of Properties*.** The Flintstone Chicago MHC Portfolio Mortgage Loan documents permit the release of one or more individual Flintstone Chicago MHC Portfolio Properties (a "<u>Release Property</u>") in connection with a *bona fide* sale of a Release Property to an unaffiliated third party upon the satisfaction

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-24 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily - Manufactured Housing | &nbsp;&nbsp;Loan #3 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$60000000 |
| &nbsp;&nbsp;Various | &nbsp;&nbsp;**Flintstone Chicago MHC Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;67.7% |
| &nbsp;&nbsp;Various, IL |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.25x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;7.7% |

---

of certain conditions, including, among others, (i) no event of default exists; (ii) the Borrowers' (A) defease an amount equal to the greater of (a) 120% of the allocated loan amount for such Release Property, (b) the net proceeds from the sale of the Release Property, as determined by the lender and (c) immediately following release of the Release Property, an amount necessary such that the loan-to-value ratio based on the remaining Flintstone Chicago MHC Portfolio Properties would be greater than 125%, in accordance with REMIC regulations, and (B) if applicable, pay all accrued and unpaid interest on any principal being prepaid; (iii) after giving effect to such release, the debt service coverage ratio ("<u>DSCR</u>") is at least equal to the greater of (x) 1.30x and (y) the DSCR immediately prior to such release; (iv) after giving effect to such release, the debt yield is not less than the greater of (x) 8.00% and (y) the debt yield immediately prior to such release; (v) after giving effect to such release, the loan-to-value ratio is not greater than the lesser of (x) 70% and (y) the loan-to-value ratio immediately prior to such release; and (vi) after giving effect to such release, the outstanding principal balance of the Flintstone Chicago MHC Portfolio Mortgage Loan must be equal to or greater than $30,000,000. The Borrowers will be permitted to prepay a portion of the Flintstone Chicago MHC Portfolio Mortgage Loan to satisfy the tests indicated in <u>clauses (iii)</u>, <u>(iv)</u> and <u>(v)</u> above.

***Terrorism Insurance*.** The Borrowers are required to obtain and maintain property insurance for 100% of the full replacement cost and business interruption insurance for 12 months plus a six-month extended period of indemnity. Such insurance is required to cover perils of terrorism and acts of terrorism. See "*Risk Factors—Risks Relating to the Mortgage Loans—Terrorism Insurance May Not Be Available for All Mortgaged Properties*" in the prospectus.

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-25 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Garden | &nbsp;&nbsp;Loan #4 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$59400000 |
| &nbsp;&nbsp;1930 West College Avenue | &nbsp;&nbsp;**The Beverly** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;73.6% |
| &nbsp;&nbsp;San Bernadino, CA 92407 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.33x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.1% |

---

![](n5898prets_img010.jpg)

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-26 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Garden | &nbsp;&nbsp;Loan #4 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$59400000 |
| &nbsp;&nbsp;1930 West College Avenue | &nbsp;&nbsp;**The Beverly** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;73.6% |
| &nbsp;&nbsp;San Bernadino, CA 92407 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.33x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.1% |

---

![](n5898prets_img011.jpg)

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-27 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Mortgage Loan No. 4 The Beverly** | **Mortgage Loan No. 4 The Beverly** | **Mortgage Loan No. 4 The Beverly** | **Mortgage Loan No. 4 The Beverly** | **Mortgage Loan No. 4 The Beverly** | **Mortgage Loan No. 4 The Beverly** |
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| **Mortgage Loan Seller:** | MF1 | MF1 | MF1 | **Single Asset/Portfolio:** | Single Asset |
| **Credit Assessment (Fitch/MDBRS):** | NAP/NAP | NAP/NAP | NAP/NAP | **Location:** | San Bernardino, CA 92407 |
| **Original Balance:** | $59400000 | $59400000 | $59400000 | **General Property Type:** | Multifamily |
| **Cut-off Date Balance:** | $59400000 | $59400000 | $59400000 | **Detailed Property Type:** | Garden |
| **% of Initial Pool Balance:** | 8.1% | 8.1% | 8.1% | **Title Vesting:** | Fee |
| **Loan Purpose:** | Refinance | Refinance | Refinance | **Year Built/Renovated:** | 1987/2020 |
| **Borrower Sponsors:** | Dax T.S. Mitchell and Andrew Gi | Dax T.S. Mitchell and Andrew Gi | Dax T.S. Mitchell and Andrew Gi | **Size:** | 254 Units |
| **Guarantors:** | Dax T.S. Mitchell and Andrew Gi | Dax T.S. Mitchell and Andrew Gi | Dax T.S. Mitchell and Andrew Gi | **Cut-off Date Balance Per Unit:** | $233858 |
| **Mortgage Rate:** | 5.87000% | 5.87000% | 5.87000% | **Maturity Date Balance Per Unit:** | $233858 |
| **Note Date:** | 5/12/2026 | 5/12/2026 | 5/12/2026 | **Property Manager:** | Guardian Asset Management LLC |
| **Maturity Date:** | 6/6/2031 | 6/6/2031 | 6/6/2031 |  | (Borrower-related) |
| **Term to Maturity:** | 60 Months | 60 Months | 60 Months |  |  |
| **Amortization Term:** | 0 Months | 0 Months | 0 Months | &nbsp;&nbsp;**Underwriting and Financial Information** | &nbsp;&nbsp;**Underwriting and Financial Information** |
| **IO Period:** | 60 Months | 60 Months | 60 Months | **UW NOI:** | $4784624 |
| **Seasoning:** | 0 Months | 0 Months | 0 Months | **UW NCF:** | $4706646 |
| **Prepayment Provisions:** | L(24),D(32),O(4) | L(24),D(32),O(4) | L(24),D(32),O(4) | **UW NOI Debt Yield:** | 8.1% |
| **Lockbox/Cash Mgmt Status:** | Springing/Springing | Springing/Springing | Springing/Springing | **UW NCF Debt Yield:** | 7.9% |
| **Additional Debt Type:** | NAP | NAP | NAP | **UW NOI Debt Yield at Maturity:** | 8.1% |
| **Additional Debt Balance:** | NAP | NAP | NAP | **UW NCF DSCR:** | 1.33x |
| **Future Debt Permitted (Type):** | No (NAP) | No (NAP) | No (NAP) | **Most Recent NOI:** | $4,431,653 (TTM 3/31/2026) |
|  |  |  |  | **2nd Most Recent NOI<sup>(2)</sup>:** | $4,145,331 (12/31/2025) |
|  |  |  |  | **3rd Most Recent NOI<sup>(2)</sup>:** | $3,167,291 (12/31/2024) |
| &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | **Most Recent Occupancy<sup>(3)</sup>:** | 98.8% (5/5/2026) |
| **<u>Type</u>** | **<u>Initial</u>** | **<u>Monthly</u>** |  **<u>Cap</u>** | **2nd Most Recent Occupancy<sup>(3)</sup>:** | 89.7% (12/31/2025) |
| **Tax Reserve:** | $326925 | 54487 | NAP | **3rd Most Recent Occupancy<sup>(3)</sup>:** | 83.4% (12/31/2024) |
| **Insurance Reserve:** | $0 | Springing | NAP | **Appraised Value (as of):** | $80,760,000 (3/24/2026) |
| **Replacement Reserve:** | $0 | $6500 | NAP | **Appraised Value Per Unit:** | $317953 |
| **Immediate Repairs:** | $633816 | $0 | NAP | **Cut-off Date LTV Ratio:** | 73.6% |
|  |  |  |  | **Maturity Date LTV Ratio:** | 73.6% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Sources and Uses** | **Sources and Uses** | **Sources and Uses** | **Sources and Uses** | **Sources and Uses** | **Sources and Uses** |
| **Sources** | **Proceeds** | **% of Total** | **Uses** | **Proceeds** | **% of Total** |
| Mortgage Loan: | $59400000 | 100.0% | Loan Payoff: | $55450570 | 93.4% |
|  |  |  | Return of Equity: | $1837448 | 3.1% |
|  |  |  | Closing Costs: | $1151242 | 1.9% |
|  |  |  | Upfront Reserves: | $960741 | 1.6% |
| **Total Sources:** | **$59400000** | **100.0%** | **Total Uses:** | **$59400000** | **100.0%** |

---

(1) See "*Escrows and Reserves*" below.

(2) The increase in 2nd Most Recent NOI from 3rd Most Recent NOI is primarily attributable to: (i) increased
occupancy as a result of increased demand following recent renovations and (ii) rental premiums received as a result of the renovations.

(3) The increase in Most Recent Occupancy from 2nd Most Recent Occupancy and 3rd Most Recently Occupancy is
attributed to increased demand following recent renovations.

 ****

***The Mortgage Loan.*** The fourth largest mortgage loan ("<u>The Beverly Mortgage Loan</u>") is a $59,400,000 mortgage loan secured by a first priority fee mortgage encumbering a 254-unit, garden style, apartment complex located in San Bernardino, California ("<u>The Beverly Property</u>").

***The Borrower and the Borrower Sponsors.*** The borrower for The Beverly Mortgage Loan is Broadstone Investors LLC, a Delaware limited liability company and single purpose entity with one independent director (the "<u>Borrower</u>"). The borrower sponsors and the non-recourse carveout guarantors for The Beverly Mortgage Loan are Dax T.S. Mitchell and Andrew Gi (the "<u>Borrower Sponsors</u>" and the "<u>Guarantors</u>"). The Guarantors also provided an environmental indemnity in connection with The Beverly Mortgage Loan.

The Borrower Sponsors co-founded MAG Capital Partners in 2015, a Dallas-based private real estate investment firm that focuses primarily on U.S. industrial real estate and select small- to mid-cap operating company investments. The Borrower Sponsors, as of the second quarter of 2024, had more than $1.0 billion in assets under management across 96 properties representing over 10 million square feet of real estate assets. All three of the Borrower Sponsors' multifamily assets are located in the San Bernardino market.

***The Property.*** The Beverly Property, also known as Broadview Apartments, is a 254-unit, garden style apartment complex located in San Bernardino, California. Unit inventory at The Beverly Property consists of 107 one-bedroom units and 147 two-bedroom units with an average unit size of 867 square feet. The average underwritten rent per unit is $2,118 per month. As of May 5, 2026, The Beverly Property was 98.8% leased. Units feature an oven, a microwave, a dishwasher, a refrigerator, washer and dryer hookups (appliances available for rent), a balcony or patio, and a fireplace in select units. Community amenities include a leasing office, a business center, a fitness room, a tennis court, a clubhouse, a swimming pool, a hot tub/spa, a dog park, and a courtyard with grilling areas. The Beverly Property features 719 parking spaces resulting in a parking ratio of 2.8 spaces per unit.

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-28 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Garden | &nbsp;&nbsp;Loan #4 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$59400000 |
| &nbsp;&nbsp;1930 West College Avenue | &nbsp;&nbsp;**The Beverly** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;73.6% |
| &nbsp;&nbsp;San Bernadino, CA 92407 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.33x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.1% |

---

The Beverly Property was originally built in 1987 and renovated in 2020. The Borrower Sponsors invested approximately $5.85 million ($23,032 per unit) into unit renovations, common amenities, landscaping and roof upgrades. Prior to the Borrower Sponsors' acquisition, the previous ownership had invested approximately $5.6 million into improvements since 2018

The Beverly Mortgage Loan documents permit the Borrower to request the lender's permission to construct 12 accessory dwelling units ("<u>ADUs</u>"), which are detached structures that create additional rentable residential space on a single lot, at The Beverly Property during the term of The Beverly Mortgage Loan. If 12 ADUs are constructed, the lender may in its sole discretion allow the Borrower to construct up to an additional 6 ADUs. Further construction of ADUs is not permitted under The Beverly Mortgage Loan documents. Any ADUs will be collateral for The Beverly Mortgage Loan and will be rented to tenants like any other units.

The following table presents certain information relating to the residential unit mix of The Beverly Property:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** |
| &nbsp;&nbsp; <br> **Unit Type** | &nbsp;&nbsp;&nbsp;&nbsp; <br> **# of Units** | &nbsp;&nbsp;**Avg. Unit Size (Square Feet)** | &nbsp;&nbsp; <br> **Occupancy %** | &nbsp;&nbsp;**Average In-Place Rent** | &nbsp;&nbsp;**Average In-Place Rent ($/SF/Month)** | &nbsp;&nbsp;**Market Rent<sup>(2)</sup>** | &nbsp;&nbsp;**Market Rent/SF<sup>(2)</sup>** |
| &nbsp;&nbsp;One Bedroom / One Bath | &nbsp;&nbsp;107 | &nbsp;&nbsp;750 | &nbsp;&nbsp;99.1% | &nbsp;&nbsp;$1927 | &nbsp;&nbsp;$2.57 | &nbsp;&nbsp;$1975 | &nbsp;&nbsp;$2.63 |
| &nbsp;&nbsp;Two Bedroom / One Bath | &nbsp;&nbsp;45 | &nbsp;&nbsp;875 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$2175 | &nbsp;&nbsp;$2.49 | &nbsp;&nbsp;$2200 | &nbsp;&nbsp;$2.51 |
| &nbsp;&nbsp;Two Bedroom / Two Bath | &nbsp;&nbsp;102 | &nbsp;&nbsp;986 | &nbsp;&nbsp;98.0% | &nbsp;&nbsp;$2295 | &nbsp;&nbsp;$2.33 | &nbsp;&nbsp;$2325 | &nbsp;&nbsp;$2.36 |
| &nbsp;&nbsp;**Total / Wtd. Avg.** | &nbsp;&nbsp; **254** | &nbsp;&nbsp; **867** | &nbsp;&nbsp;**98.8%** | &nbsp;&nbsp; **$2118** | &nbsp;&nbsp; **$2.44** | &nbsp;&nbsp; **$2155** | &nbsp;&nbsp;**$2.49** |

---

 <br> (1) Based on the underwritten rent roll dated May 5, 2026.

(2) Market Rent per the appraisal's market rent conclusions.

***The Market.*** The Beverly Property is located within the San Bernardino multifamily submarket and the Inland Empire multifamily market within the Riverside-San Bernardino-Ontario, CA metropolitan statistical area (the "<u>Riverside MSA</u>"). According to a third party market research report, the Inland Empire market contains approximately 182,342 multifamily units, with a population of approximately 4.8 million within the Riverside MSA. The Riverside MSA is supported by a diversified employment base spanning healthcare/social services, public administration/transportation and logistics and benefits from a strong educational footprint, with institutions including the University of California-Riverside, California State University San Bernardino, the University of Redlands and the Loma Linda School of Medicine. According to a third party market research report, as of the second quarter of 2026, the Inland Empire market had a vacancy rate of 6.5%, with market rent growth of 0.5% year-over-year and an effective rent of $2,110 per unit.

The San Bernardino submarket is approximately six miles north of the city of San Bernardino and 60 miles east of Los Angeles, California. Nearby shopping centers along University Parkway and Kendall Drive include national retailers such as Walmart, Stater Bros., Starbucks, McDonald's, and Chevron, along with various retail centers, restaurants, convenience stores, and service-oriented businesses. The Beverly Property is located approximately one mile from California State University San Bernardino. According to a third party market research report, as of the second quarter of 2026, the San Bernardino submarket had a vacancy rate of 5.6%, below the broader MSA average, with an average asking rent of $1,891 per unit and year-over-year asking rent growth of 1.2%. The San Bernardino submarket contains approximately 43,372 units of total inventory, with 400 units currently under construction. According to a third-party demographic report, the 2025 population within a two-mile, five-mile, and ten-mile radius of The Beverly Property was 42,164, 233,907 and 731,889, respectively and the 2025 median household income within the same radii was $78,817, $75,491 and $81,346, respectively.

The following table presents certain information relating to appraisal-identified comparable properties to The Beverly Property:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Summary of Comparable Multifamily Properties<sup>(1)</sup>** | &nbsp;&nbsp;**Summary of Comparable Multifamily Properties<sup>(1)</sup>** | &nbsp;&nbsp;**Summary of Comparable Multifamily Properties<sup>(1)</sup>** | &nbsp;&nbsp;**Summary of Comparable Multifamily Properties<sup>(1)</sup>** | &nbsp;&nbsp;**Summary of Comparable Multifamily Properties<sup>(1)</sup>** | &nbsp;&nbsp;**Summary of Comparable Multifamily Properties<sup>(1)</sup>** |
| **Property Name** | &nbsp;&nbsp;**Distance to Property** | &nbsp;&nbsp;**Year Built** | &nbsp;&nbsp;**Occupancy** | &nbsp;&nbsp;**Units** | &nbsp;&nbsp;**Avg. Rent Per Unit** |
| **The Beverly** | &nbsp;&nbsp;**NAP** | **1987** | **98.8%<sup>(2)</sup>** | **254** | **$2118<sup>(2)</sup>** |
| Ridgeline<sup>(3)</sup> | &nbsp;&nbsp;0.2 miles | 1985 | 91.2% | 160 | $2308 |
| Castlepark | &nbsp;&nbsp;0.3 miles | 1987 | 92.0% | 508 | $2061 |
| Hillside Village Apartments | &nbsp;&nbsp;0.6 miles | 1985 | 93.0% | 80 | $1875 |
| Sixteen60 | &nbsp;&nbsp;0.3 miles | 1988 | 90.9% | 197 | $2201 |
| Acacia Park | &nbsp;&nbsp;1.1 miles | 1986 | 98.0% | 304 | $1978 |
| Kendall Brook Apartments | &nbsp;&nbsp;1.4 miles | 1985 | 96.5% | 113 | $1792 |

---

 <br> (1) *Source: Appraisal.*

(2) Information based on the underwritten rent roll dated May 5, 2026.

(3) Borrower Sponsor-owned property.

 

***Appraisal.*** The appraisal concluded to an "as is" value for The Beverly Property of $80,760,000 as of March 24, 2026.

***Environmental Matters.*** According to the Phase I environmental site assessment dated March 24, 2026, there was no evidence of any recognized environmental conditions at The Beverly Property.

 **

 ****

 ****

 **

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-29 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Garden | &nbsp;&nbsp;Loan #4 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$59400000 |
| &nbsp;&nbsp;1930 West College Avenue | &nbsp;&nbsp;**The Beverly** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;73.6% |
| &nbsp;&nbsp;San Bernadino, CA 92407 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.33x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.1% |

---

***Operating History and Underwritten Net Cash Flow.*** The following table presents certain information relating to the historical operating performance and underwritten net cash flow at The Beverly Property:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** |
|  | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**TTM 3/31/2026** | &nbsp;&nbsp;**UW** | &nbsp;&nbsp;**UW per Unit** |
| &nbsp;&nbsp;Gross Potential Rent<sup>(2)</sup> | &nbsp;&nbsp;$6026864 | &nbsp;&nbsp;$6064808 | &nbsp;&nbsp;$6203199 | &nbsp;&nbsp;$6458916 | &nbsp;&nbsp;$25429 |
| &nbsp;&nbsp;Vacancy | &nbsp;&nbsp;($1000928) | &nbsp;&nbsp;($623080) | &nbsp;&nbsp;($516876) | &nbsp;&nbsp;($322946) | &nbsp;&nbsp;($1271) |
| &nbsp;&nbsp;Credit Loss | &nbsp;&nbsp;($41675) | &nbsp;&nbsp;($24449) | &nbsp;&nbsp;($16896) | &nbsp;&nbsp;($19377) | &nbsp;&nbsp;($76) |
| &nbsp;&nbsp;Concessions | &nbsp;&nbsp; ($46350) | &nbsp;&nbsp; ($16566) | &nbsp;&nbsp; ($15566) | &nbsp;&nbsp; ($19377) | &nbsp;&nbsp; ($76) |
| &nbsp;&nbsp;**Net Rental Income** | &nbsp;&nbsp;**$4937910** | &nbsp;&nbsp;**$5400713** | &nbsp;&nbsp;**$5653860** | &nbsp;&nbsp;**$6097217** | &nbsp;&nbsp;**$24005** |
| &nbsp;&nbsp;Other Income | &nbsp;&nbsp;$375683 | &nbsp;&nbsp;$440509 | &nbsp;&nbsp;$471807 | &nbsp;&nbsp;$564074 | &nbsp;&nbsp;$2221 |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$5313593** | &nbsp;&nbsp;**$5841222** | &nbsp;&nbsp;**$6125667** | &nbsp;&nbsp;**$6661291** | &nbsp;&nbsp;**$26226** |
| &nbsp;&nbsp;Real Estate Taxes | &nbsp;&nbsp;$613760 | &nbsp;&nbsp;$631218 | &nbsp;&nbsp;$636123 | &nbsp;&nbsp;$659889 | &nbsp;&nbsp;$2598 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;$223484 | &nbsp;&nbsp;$98171 | &nbsp;&nbsp;$98171 | &nbsp;&nbsp;$138283 | &nbsp;&nbsp;$544 |
| &nbsp;&nbsp;Other Operating Expenses | &nbsp;&nbsp; $1309058 | &nbsp;&nbsp; $966502 | &nbsp;&nbsp; $959721 | &nbsp;&nbsp; $1078495 | &nbsp;&nbsp; $4246 |
| &nbsp;&nbsp;**Total Operating Expenses** | &nbsp;&nbsp;**$2146302** | &nbsp;&nbsp;**$1695891** | &nbsp;&nbsp;**$1694014** | &nbsp;&nbsp;**$1876667** | &nbsp;&nbsp;**$7388** |
| &nbsp;&nbsp;**Net Operating Income<sup>(3)</sup>** | &nbsp;&nbsp;**$3167291** | &nbsp;&nbsp;**$4145331** | &nbsp;&nbsp;**$4431653** | &nbsp;&nbsp;**$4784624** | &nbsp;&nbsp;**$18837** |
| &nbsp;&nbsp;Replacement Reserves | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $77978 | &nbsp;&nbsp; $307 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$3167291** | &nbsp;&nbsp;**$4145331** | &nbsp;&nbsp;**$4431653** | &nbsp;&nbsp;**$4706646** | &nbsp;&nbsp;**$18530** |
| &nbsp;&nbsp;**Occupancy (%)<sup>(4)</sup>** | &nbsp;&nbsp;**83.4%** | &nbsp;&nbsp;**89.7%** | &nbsp;&nbsp;**91.7%** | &nbsp;&nbsp;**94.4%** |  |
| &nbsp;&nbsp;**NOI DSCR** | &nbsp;&nbsp;**0.90x** | &nbsp;&nbsp;**1.17x** | &nbsp;&nbsp;**1.25x** | &nbsp;&nbsp;**1.35x** |  |
| &nbsp;&nbsp;**NCF DSCR** | &nbsp;&nbsp;**0.90x** | &nbsp;&nbsp;**1.17x** | &nbsp;&nbsp;**1.25x** | &nbsp;&nbsp;**1.33x** |  |
| &nbsp;&nbsp;**NOI Debt Yield** | &nbsp;&nbsp;**5.3%** | &nbsp;&nbsp;**7.0%** | &nbsp;&nbsp;**7.5%** | &nbsp;&nbsp;**8.1%** |  |
| &nbsp;&nbsp;**NCF Debt Yield** | &nbsp;&nbsp;**5.3%** | &nbsp;&nbsp;**7.0%** | &nbsp;&nbsp;**7.5%** | &nbsp;&nbsp;**7.9%** |  |

---

 <br> (1) Certain items such as interest expense, interest income, depreciation, amortization, debt service payments and any other non-recurring items were adjusted and/or excluded from the historical presentation and are not considered for purposes of the lender underwritten net cash flow.

(2) UW Gross Potential Rent is based on the in place rent roll as of May 5, 2026.

(3) The increase in 2025 Net Operating Income from 2024 Net Operating Income is primarily
attributable to: (i) increased occupancy as a result increased demand following recent renovations and (ii) rental premiums received as
a result of the renovations.

(4) UW Occupancy % is based on economic occupancy while historical figures represent
physical occupancy

***Escrows and Reserves.***

*RE Tax Reserve* – At origination, the Borrower was required to deposit approximately $326,925 for real estate taxes. On a monthly basis, the Borrower is required to make deposits equal to one-twelfth of the projected annual real estate taxes (estimated to be $54,487).

*Insurance Reserve* –On a monthly basis, the Borrower is required to make deposits equal to one-twelfth of the projected annual insurance premiums; *provided however*, so long as no event of default has occurred and is continuing and the lender has been provided proof that a blanket insurance policy is in place and is being maintained, monthly insurance deposits will not be required.

*Replacement Reserve* – On a monthly basis, the Borrower is required to make deposits of $6,500 (approximately $307 per unit, *per annum*) to be used for capital expenditures.

*Immediate Repairs Reserve* – At origination, the Borrower was required to make an upfront deposit of $633,816 to be used in connection with immediate repairs to be completed within the timeframes stipulated in The Beverly Mortgage Loan documents.

***Lockbox and Cash Management.*** The Beverly Mortgage Loan is structured with a springing lockbox and springing cash management. Upon the occurrence of a Trigger Event (as defined below), the Borrower will be required to establish a lockbox account and cash management account and deposit, or cause to be deposited, all rents into the lockbox account within one business day of receipt. During the continuance of a Trigger Event, all rents deposited into the lockbox account will be swept into the cash management account daily to be held and applied in accordance with The Beverly Mortgage Loan documents. If no Trigger Event is continuing, funds in the lockbox account will be disbursed to the Borrower. During the continuance of a Trigger Event, excess cash will be held in accordance with The Beverly Mortgage Loan documents.

A "<u>Trigger Event</u>" will commence upon (i) the occurrence of an event of default or (ii) the debt service coverage ratio based on the prior trailing 12-month period being less than 1.15x (tested quarterly). A Trigger Event will terminate (x) with respect to <u>clause (i)</u> above, upon a cure of such event of default and (y) with respect to <u>clause (ii)</u> above, when the debt service coverage ratio has been equal to or greater than 1.20x for two consecutive calendar quarters.

***Additional Subordinate and Mezzanine Indebtedness.*** None.

***Release of Properties*.** None.

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-30 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Garden | &nbsp;&nbsp;Loan #4 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$59400000 |
| &nbsp;&nbsp;1930 West College Avenue | &nbsp;&nbsp;**The Beverly** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;73.6% |
| &nbsp;&nbsp;San Bernadino, CA 92407 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.33x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.1% |

---

***Terrorism Insurance*.** The Borrower is required to obtain and maintain property insurance for 100% of full replacement cost and business interruption insurance for 18 months plus a 12-month extended period of indemnity. Such insurance is required to cover perils of terrorism and acts of terrorism. See "*Risk Factors—Risks Relating to the Mortgage Loans—Terrorism Insurance May Not Be Available for All Mortgaged Properties*" in the prospectus.

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-31 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Mid Rise | &nbsp;&nbsp;Loan #5 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$57500000 |
| &nbsp;&nbsp;Various | &nbsp;&nbsp;**Friedman Family Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;68.9% |
| &nbsp;&nbsp;Wayne, PA 19087 |  | &nbsp;&nbsp;**U/W NCF DSCR:** | &nbsp;&nbsp;1.24x |
|  |  | &nbsp;&nbsp;**U/W NOI Debt Yield:** | &nbsp;&nbsp;7.3% |

---

![](n5898prets_img012.jpg)

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-32 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Mid Rise | &nbsp;&nbsp;Loan #5 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$57500000 |
| &nbsp;&nbsp;Various | &nbsp;&nbsp;**Friedman Family Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;68.9% |
| &nbsp;&nbsp;Wayne, PA 19087 |  | &nbsp;&nbsp;**U/W NCF DSCR:** | &nbsp;&nbsp;1.24x |
|  |  | &nbsp;&nbsp;**U/W NOI Debt Yield:** | &nbsp;&nbsp;7.3% |

---

![](n5898prets_img013.jpg)

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-33 |

---

**Mortgage Loan No. 5 – Friedman Family Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| **Mortgage Loan Seller:** | **Mortgage Loan Seller:** | MF1 | MF1 | MF1 | **Single Asset/Portfolio<sup>(2)</sup>:** | Portfolio |
| **Credit Assessment (Fitch/MDBRS):** | **Credit Assessment (Fitch/MDBRS):** | NR/NR | NR/NR | NR/NR | **Location:** | Wayne, PA 19087 |
| **Original Balance:** | **Original Balance:** | $57500000 | $57500000 | $57500000 | **General Property Type:** | Multifamily |
| **Cut-off Date Balance:** | **Cut-off Date Balance:** | $57500000 | $57500000 | $57500000 | **Detailed Property Type:** | Mid Rise |
| **% of Initial Pool Balance:** | **% of Initial Pool Balance:** | 7.8% | 7.8% | 7.8% | **Title Vesting:** | Fee |
| **Loan Purpose:** | **Loan Purpose:** | Refinance | Refinance | Refinance | **Year Built/Renovated<sup>(3)</sup>:** | Various/2022 |
| **Borrower Sponsors:** | **Borrower Sponsors:** | David B. Friedman and Brian K. Friedman | David B. Friedman and Brian K. Friedman | David B. Friedman and Brian K. Friedman | **Size:** | 175 Units |
| **Guarantors:** | **Guarantors:** | David B. Friedman and Brian K. Friedman | David B. Friedman and Brian K. Friedman | David B. Friedman and Brian K. Friedman | **Cut-off Date Balance per Unit:** | $328571 |
| **Mortgage Rate:** | **Mortgage Rate:** | 5.72000% | 5.72000% | 5.72000% | **Maturity Balance per Unit:** | $328571 |
| **Note Date:** | **Note Date:** | 3/4/2026 | 3/4/2026 | 3/4/2026 | **Property Manager:** | Friedman Realty Group, Inc. |
| **Maturity Date:** | **Maturity Date:** | 3/6/2031 | 3/6/2031 | 3/6/2031 |  | (Borrower-affiliated) |
| **Term to Maturity:** | **Term to Maturity:** | 60 months | 60 months | 60 months | **Underwriting and Financial Information** | **Underwriting and Financial Information** |
| **Amortization Term:** | **Amortization Term:** | 0 months | 0 months | 0 months | **UW NOI:** | $4182056 |
| **IO Period:** | **IO Period:** | 60 months | 60 months | 60 months | **UW NCF:** | $4138306 |
| **Seasoning:** | **Seasoning:** | 3 months | 3 months | 3 months | **UW NOI Debt Yield:** | 7.3% |
| **Prepayment Provisions:** | **Prepayment Provisions:** | L(27),D(29),O(4) | L(27),D(29),O(4) | L(27),D(29),O(4) | **UW NCF Debt Yield:** | 7.2% |
| **Lockbox/Cash Mgmt Status:** | **Lockbox/Cash Mgmt Status:** | Springing/Springing | Springing/Springing | Springing/Springing | **UW NOI Debt Yield at Maturity:** | 7.3% |
| **Additional Debt Type:** | **Additional Debt Type:** | NAP | NAP | NAP | **UW NCF DSCR:** | 1.24x |
| **Additional Debt Balance:** | **Additional Debt Balance:** | NAP | NAP | NAP | **Most Recent NOI:** | $4,067,969 (TTM 1/31/2026) |
| **Future Debt Permitted (Type):** | **Future Debt Permitted (Type):** | No (NAP) | No (NAP) | No (NAP) | **2nd Most Recent NOI:** | $4,051,688 (12/31/2025) |
|  |  |  |  |  | **3rd Most Recent NOI:** | $3,850,570 (12/31/2024) |
|  |  |  |  |  | **Most Recent Occupancy:** | 97.1% (2/23/2026) |
| &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | **2nd Most Recent Occupancy:** | 94.9% (12/31/2025) |
| **<u>Type</u>** | **<u>Initial</u>** | **<u>Initial</u>** | **<u>Monthly</u>** | **<u>Cap</u>** | **3rd Most Recent Occupancy:** | 94.2% (12/31/2024) |
| **RE Taxes:** | $139598 | $139598 | $26404 | NAP | **Appraised Value (as of):** | $83,500,000 (1/22/2026) |
| **Insurance:** | $77615 | $77615 | $7762 | NAP | **Appraised Value per Unit:** | $477143 |
| **Immediate Repairs:** | $16600 | $16600 | $0 | NAP | **Cut-off Date LTV Ratio:** | 68.9% |
| **Replacement Reserve:** | $0 | $0 | $3650 | NAP | **Maturity Date LTV Ratio:** | 68.9% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Sources and Uses** | **Sources and Uses** | **Sources and Uses** | **Sources and Uses** | **Sources and Uses** | **Sources and Uses** |
| **Sources** | **Proceeds** | **% of Total** | **Uses** | **Proceeds** | **% of Total** |
| &nbsp;&nbsp;Mortgage Loan: | &nbsp;&nbsp;$57500000 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;Loan Payoff: | &nbsp;&nbsp;$48436684 | &nbsp;&nbsp;84.2% |
|  |  |  | &nbsp;&nbsp;Return of Equity: | &nbsp;&nbsp; $7958198 | &nbsp;&nbsp;13.8% |
|  |  |  | &nbsp;&nbsp;Closing Costs: | &nbsp;&nbsp; $871305 | &nbsp;&nbsp;1.5% |
|  |  |  | &nbsp;&nbsp;Upfront Reserves: | &nbsp;&nbsp; $233813 | &nbsp;&nbsp;0.4% |
| &nbsp;&nbsp;**Total Sources:** | &nbsp;&nbsp;**$57500000** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses:** | &nbsp;&nbsp;**$57500000** | &nbsp;&nbsp;**100.0%** |

---

(1) See "*Escrows and Reserves*" below.

(2) The Friedman Family Portfolio Mortgage Loan (as defined below) does not allow for individual property
releases.

(3) See "*Portfolio Summary*" below.

***The Mortgage Loan.*** The fifth largest mortgage loan (the "<u>Friedman Family Portfolio Mortgage Loan</u>") is a $57,500,000 mortgage loan secured by a first priority fee interest encumbering three adjacent, mid rise multifamily properties totaling 175 units located in Wayne, Pennsylvania (the "<u>Friedman Family Portfolio</u>").

***The Borrower and the Borrower Sponsor.*** The borrower for the Friedman Family Portfolio Mortgage Loan is Friedman Family Radnor Fund, LLC, a single purpose, Delaware limited liability company with one independent director (the "<u>Borrower</u>"). The borrower sponsors and the non-recourse carveout guarantors for the Friedman Family Portfolio Mortgage Loan are Brian K. Friedman and David B. Friedman (the "<u>Borrower Sponsors</u>" and "<u>Guarantors</u>"). The Guarantors also provided an environmental indemnity in connection with the Friedman Family Portfolio Mortgage Loan.

Brian K. Friedman is the founder of the Friedman Realty Group, a family-owned and operated company that originally focused on multifamily, office and retail properties throughout New Jersey and the Philadelphia area. In 2010, the Friedman Realty Group sold off its office and retail assets to focus on multifamily only. As of October 2025, the Friedman Realty Group owns 25 multifamily properties in Pennsylvania and New Jersey and is primarily operated by Brian K. Friedman's son, David B. Friedman.

***The Properties.*** The Friedman Family Portfolio consists of three adjacent, mid rise multifamily properties (each a "<u>Friedman Family Portfolio Property</u>") containing a total of 175 units located in Wayne, Pennsylvania. The Friedman Family Portfolio collectively offers a unit mix of 51 one-bedroom units, 110 two-bedroom units and 14 three-bedroom units with an average unit size of approximately 1,160 square feet. Additionally, there is 4,517 square feet of commercial space, that is 100.0% leased by (i) Wayne Realty Corporation, a real estate brokerage, (ii) a pilates studio and (iii) Albert Levin Co., a real estate investment firm. The weighted average remaining lease term of the commercial tenants is 2.8 years.

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-34 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Mid Rise | &nbsp;&nbsp;Loan #5 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$57500000 |
| &nbsp;&nbsp;Various | &nbsp;&nbsp;**Friedman Family Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;68.9% |
| &nbsp;&nbsp;Wayne, PA 19087 |  | &nbsp;&nbsp;**U/W NCF DSCR:** | &nbsp;&nbsp;1.24x |
|  |  | &nbsp;&nbsp;**U/W NOI Debt Yield:** | &nbsp;&nbsp;7.3% |

---

Community amenities within the Friedman Family Portfolio include off-street parking, EV charging stations, controlled access, elevators, laundry facilities, a resident lounge, a package center, a fitness center, a dog park and a barbecue area. Each unit features a washer/dryer, quartz countertops, custom backsplashes, wood flooring, air conditioning and heat and private balconies or patios. As of February 23, 2026, the Friedman Family Portfolio was 97.1% leased with an average in-place rent of $2,562 per unit per month. Since 2024, the Borrower Sponsor has maintained an occupancy above 94.2% across the Friedman Family Portfolio. There are 258 parking spaces across the three Friedman Family Portfolio Properties, resulting in a parking ratio of approximately 1.5 parking spaces per unit.

The Borrower Sponsor acquired the Friedman Family Portfolio in December 2020 for approximately $51.7 million and has since invested approximately $16.8 million (approximately $96,000 per unit), having a total cost basis of $68.5 million (approximately $391,428 per unit) and approximately $11.0 of remaining equity post origination. The renovations involved extensive upgrades to unit interiors, including complete kitchen and bathroom renovations, building exterior and common area upgrades, and fully renovating the fitness center and playground. Additionally, the Borrower Sponsor completed a build out of the commercial space currently occupied by the pilates studio. Through renovations at the Friedman Family Portfolio, the Borrower Sponsor has been able to increase average monthly rents from $1,857 to $2,562 per unit per month as of February 23, 2026.

The following table presents certain information relating to the Friedman Family Portfolio:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** |
| &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**City, State** | &nbsp;&nbsp;**Units** | &nbsp;&nbsp;**Year Built/Renovated** | &nbsp;&nbsp;**Occupancy<sup>(1)</sup>** | &nbsp;&nbsp;**Allocated Cut-off Date Balance<sup>(2)</sup>** | &nbsp;&nbsp;**% of Allocated Cut-off Date Balance** | &nbsp;&nbsp;**Appraised Value** |
| &nbsp;&nbsp;Wessex House | &nbsp;&nbsp;Wayne, Pennsylvania | &nbsp;&nbsp;87 | &nbsp;&nbsp;1965/2022 | &nbsp;&nbsp;98.9% | &nbsp;&nbsp;$30600000 | &nbsp;&nbsp;53.2% | &nbsp;&nbsp;$44800000 |
| &nbsp;&nbsp;Aberwyck | &nbsp;&nbsp;Wayne, Pennsylvania | &nbsp;&nbsp;51 | &nbsp;&nbsp;1966/2022 | &nbsp;&nbsp;96.1% | &nbsp;&nbsp;$16000000 | &nbsp;&nbsp;27.8% | &nbsp;&nbsp;$23000000 |
| &nbsp;&nbsp;Crestwood | &nbsp;&nbsp;Wayne, Pennsylvania | &nbsp;&nbsp; 37 | &nbsp;&nbsp;1962/2022 | &nbsp;&nbsp; 94.6% | &nbsp;&nbsp; $10900000 | &nbsp;&nbsp; 19.0% | &nbsp;&nbsp; $15700000 |
| &nbsp;&nbsp;**Total/Wtd. Avg.** | &nbsp;&nbsp;**Total/Wtd. Avg.** | &nbsp;&nbsp;**175** |  | &nbsp;&nbsp;**97.1%** | &nbsp;&nbsp;**$57500000** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$83500000** |

---

 <br> (1) Occupancy based on the underwritten rent roll dated as of February 23, 2026.

(2) No individual releases are permitted pursuant the Friedman Family Portfolio Mortgage
Loan documents. Allocated Cut-Off Date Balance is based on the individual appraised values for illustrative purposes only.

The following table presents certain information relating to the unit mix of the Friedman Family Portfolio:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** |
| &nbsp;&nbsp; <br> **Unit Type** | &nbsp;&nbsp;&nbsp;&nbsp; <br> **# of Units** | &nbsp;&nbsp;**Avg. Unit Size (Square Feet)** | &nbsp;&nbsp;**Occupancy %** | &nbsp;&nbsp;**Average In-Place Rent** | &nbsp;&nbsp;**Average In-Place Rent ($/SF/Month)** | &nbsp;&nbsp;**Market Rent<sup>(2)</sup>** | &nbsp;&nbsp;**Market Rent/SF<sup>(2)</sup>** |
| &nbsp;&nbsp;**Wessex House** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;One Bedroom | &nbsp;&nbsp;24 | &nbsp;&nbsp; 927 | &nbsp;&nbsp;95.8% | &nbsp;&nbsp;$2218 | &nbsp;&nbsp;$2.39 | &nbsp;&nbsp;$2205 | &nbsp;&nbsp;$2.38 |
| &nbsp;&nbsp;Two Bedroom | &nbsp;&nbsp;52 | &nbsp;&nbsp; 1267 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$2771 | &nbsp;&nbsp;$2.19 | &nbsp;&nbsp;$2800 | &nbsp;&nbsp;$2.21 |
| &nbsp;&nbsp;Three Bedroom | &nbsp;&nbsp;11 | &nbsp;&nbsp; 1533 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$3883 | &nbsp;&nbsp;$2.53 | &nbsp;&nbsp;$3910 | &nbsp;&nbsp;$2.55 |
| &nbsp;&nbsp;**Total / Wtd. Avg.** | &nbsp;&nbsp;**87** | &nbsp;&nbsp; **1207** | &nbsp;&nbsp;**98.9%** | &nbsp;&nbsp; **$2765** | &nbsp;&nbsp;**$2.28** | &nbsp;&nbsp;**$2776** | &nbsp;&nbsp;**$2.30** |
| &nbsp;&nbsp;**Aberwyck** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;One Bedroom | &nbsp;&nbsp;18 | &nbsp;&nbsp; 838 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$2031 | &nbsp;&nbsp;$2.42 | &nbsp;&nbsp;$2035 | &nbsp;&nbsp;$2.43 |
| &nbsp;&nbsp;Two Bedroom | &nbsp;&nbsp;31 | &nbsp;&nbsp;1203 | &nbsp;&nbsp;93.5% | &nbsp;&nbsp;$2488 | &nbsp;&nbsp;$2.05 | &nbsp;&nbsp;$2525 | &nbsp;&nbsp;$2.10 |
| &nbsp;&nbsp;Three Bedroom | &nbsp;&nbsp;2 | &nbsp;&nbsp;1660 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$3710 | &nbsp;&nbsp;$2.23 | &nbsp;&nbsp;$3700 | &nbsp;&nbsp;$2.23 |
| &nbsp;&nbsp;**Total / Wtd. Avg.** | &nbsp;&nbsp;**51** | &nbsp;&nbsp;**1092** | &nbsp;&nbsp;**96.1%** | &nbsp;&nbsp;**$2370** | &nbsp;&nbsp;**$2.20** | &nbsp;&nbsp;**$2398** | &nbsp;&nbsp;**$2.20** |
| &nbsp;&nbsp;**Crestwood** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;One Bedroom | &nbsp;&nbsp;9 | &nbsp;&nbsp; 914 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$1928 | &nbsp;&nbsp;$2.11 | &nbsp;&nbsp;$2000 | &nbsp;&nbsp;$2.19 |
| &nbsp;&nbsp;Two Bedroom | &nbsp;&nbsp;27 | &nbsp;&nbsp; 1215 | &nbsp;&nbsp;92.6% | &nbsp;&nbsp;$2416 | &nbsp;&nbsp;$1.98 | &nbsp;&nbsp;$2500 | &nbsp;&nbsp;$2.06 |
| &nbsp;&nbsp;Three Bedroom | &nbsp;&nbsp;1 | &nbsp;&nbsp; 1314 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$3800 | &nbsp;&nbsp;$2.89 | &nbsp;&nbsp;$3800 | &nbsp;&nbsp;$2.89 |
| &nbsp;&nbsp;**Total / Wtd. Avg.** | &nbsp;&nbsp;**37** | &nbsp;&nbsp; **1144** | &nbsp;&nbsp;**94.6%** | &nbsp;&nbsp;**$2330** | &nbsp;&nbsp;**$2.04** | &nbsp;&nbsp;**$2414** | &nbsp;&nbsp;**$2.11** |
| &nbsp;&nbsp;**Total / Wtd. Avg.** | &nbsp;&nbsp;**175** | &nbsp;&nbsp;**1160** | &nbsp;&nbsp; **97.1%** | &nbsp;&nbsp;**$2562** | &nbsp;&nbsp;**$2.21** | &nbsp;&nbsp;**$2589** | &nbsp;&nbsp;**$2.23** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Information based on the underwritten rent roll dated as of February 23, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Market Rent per the respective appraisal's market rent conclusions.

 ****

***The Market.*** The Friedman Family Portfolio is located in Wayne Pennsylvania, within Delaware County. The Friedman Family Portfolio is in the Main Line submarket, a suburban markets within the Philadelphia metropolitan statistical area (the "<u>Philadelphia MSA</u>"). According to the appraisal, the Main Line submarket is within a one hour commute to multiple employment and entertainment hubs and commands the highest asking rent and occupancy rate compared to the other Philadelphia MSA submarkets. The location benefits from the Saint Davids Train Station located just behind the Friedman Family Portfolio and the Wayne/Strafford "downtown" retail/restaurant district within a short walk (less than one block). According to the appraisal, as of the third quarter of 2025, the Philadelphia apartment market had a 92.4% occupancy and average asking rent of $1,827 per unit per month, while the Main Line submarket had a 93.7% occupancy and average asking rent of $2,330 per unit over the same period.

The Friedman Family Portfolio is in the Radnor Township School District, whose high school is listed as the third best public high school in the state and 125th public high school nationwide, according to a third party report. In addition to the Radnor School District, there are also multiple colleges and

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-35 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Mid Rise | &nbsp;&nbsp;Loan #5 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$57500000 |
| &nbsp;&nbsp;Various | &nbsp;&nbsp;**Friedman Family Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;68.9% |
| &nbsp;&nbsp;Wayne, PA 19087 |  | &nbsp;&nbsp;**U/W NCF DSCR:** | &nbsp;&nbsp;1.24x |
|  |  | &nbsp;&nbsp;**U/W NOI Debt Yield:** | &nbsp;&nbsp;7.3% |

---

universities nearby, including Villanova University (approximately 10,000 students) located 1.6 miles to the east and Eastern University (approximately 10,000 students) located 0.5 miles to the north.

The following table presents certain information relating to appraisal-identified comparable properties to Friedman Family Portfolio:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Summary of Comparable Multifamily Properties<sup>(1)</sup>** | &nbsp;&nbsp;**Summary of Comparable Multifamily Properties<sup>(1)</sup>** | &nbsp;&nbsp;**Summary of Comparable Multifamily Properties<sup>(1)</sup>** | &nbsp;&nbsp;**Summary of Comparable Multifamily Properties<sup>(1)</sup>** | &nbsp;&nbsp;**Summary of Comparable Multifamily Properties<sup>(1)</sup>** | &nbsp;&nbsp;**Summary of Comparable Multifamily Properties<sup>(1)</sup>** |
| **Property Name** | &nbsp;&nbsp;**Distance to Property** | &nbsp;&nbsp;**Year Built** | &nbsp;&nbsp;**Occupancy** | &nbsp;&nbsp;**No. Units** | &nbsp;&nbsp;**Avg. Rent Per Unit** |
| **Friedman Family Portfolio** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**1962-1966** | &nbsp;&nbsp;**97.1%<sup>(2)</sup>** | &nbsp;&nbsp;**175** | &nbsp;&nbsp;**$2562<sup>(2)</sup>** |
| Wessex House | &nbsp;&nbsp;0.1 Miles | &nbsp;&nbsp;1965 | &nbsp;&nbsp;99.0% | &nbsp;&nbsp;87 | &nbsp;&nbsp;$2760 |
| Radnor Preserve | &nbsp;&nbsp;0.6 Miles | &nbsp;&nbsp;1965 | &nbsp;&nbsp;98.0% | &nbsp;&nbsp;90 | &nbsp;&nbsp;$2705 |
| Radnor Crossing | &nbsp;&nbsp;0.3 Miles | &nbsp;&nbsp;1967 | &nbsp;&nbsp;98.0% | &nbsp;&nbsp;234 | &nbsp;&nbsp;$2032 |
| Wayne Manor | &nbsp;&nbsp;0.7 Miles | &nbsp;&nbsp;1970 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;22 | &nbsp;&nbsp;$2129 |
| Delmont Apartments | &nbsp;&nbsp;1.6 Miles | &nbsp;&nbsp;1968 | &nbsp;&nbsp;99.0% | &nbsp;&nbsp;100 | &nbsp;&nbsp;$2069 |
| The Fritz | &nbsp;&nbsp;3.5 Miles | &nbsp;&nbsp;2023 | &nbsp;&nbsp;97.0% | &nbsp;&nbsp;67 | &nbsp;&nbsp;$2555 |
| The Villas at Bryn Mawr Apartment Homes | &nbsp;&nbsp;3.0 Miles | &nbsp;&nbsp;1951 | &nbsp;&nbsp;97.0% | &nbsp;&nbsp;316 | &nbsp;&nbsp;$2208 |

---

 <br> (1) *Source: Appraisal.*

(2) Information based on the underwritten rent roll dated February 23, 2026.

***Appraisal.*** The appraisals concluded an aggregate "as is" value for the Friedman Family Portfolio of $83,500,000 as of January 22, 2026.

***Environmental Matters.*** According to the Phase I environmental site assessments dated February 2, 2026 and February 3, 2026, there was no evidence of any recognized environmental conditions at the Friedman Family Portfolio.

***Operating History and Underwritten Net Cash Flow.*** The following table presents certain information relating to the underwritten net cash flow at the Friedman Family Portfolio:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** |
|  | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**TTM 1/31/2026** | &nbsp;&nbsp;**UW** | &nbsp;&nbsp;**UW per Unit** |
| &nbsp;&nbsp;Gross Potential Rent<sup>(2)</sup> | &nbsp;&nbsp;$4969072 | &nbsp;&nbsp;$5141716 | &nbsp;&nbsp;$5298852 | &nbsp;&nbsp;$5316334 | &nbsp;&nbsp;$5374428 | &nbsp;&nbsp;$30711 |
| &nbsp;&nbsp;Vacancy | &nbsp;&nbsp;($912083) | &nbsp;&nbsp;(297940) | &nbsp;&nbsp;($272146) | &nbsp;&nbsp;($270638) | &nbsp;&nbsp;($268721) | &nbsp;&nbsp;($1536) |
| &nbsp;&nbsp;Credit Loss | &nbsp;&nbsp;($2613) | &nbsp;&nbsp;(2699) | &nbsp;&nbsp;($3677) | &nbsp;&nbsp;($3677) | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Concessions | &nbsp;&nbsp;($20360) | &nbsp;&nbsp;(43267) | &nbsp;&nbsp;($32909) | &nbsp;&nbsp;($35604) | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;**Net Rentable Income** | &nbsp;&nbsp;**$4034016** | &nbsp;&nbsp;**$4797809** | &nbsp;&nbsp;**$4990120** | &nbsp;&nbsp;**$5006414** | &nbsp;&nbsp;**$5105707** | &nbsp;&nbsp;**$29175** |
| &nbsp;&nbsp;Other Income | &nbsp;&nbsp; $263575 | &nbsp;&nbsp; $432098 | &nbsp;&nbsp; $555374 | &nbsp;&nbsp; $561065 | &nbsp;&nbsp; $623352 | &nbsp;&nbsp; $3562 |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$4297590** | &nbsp;&nbsp;**$5229907** | &nbsp;&nbsp;**$5545494** | &nbsp;&nbsp;**$5567480** | &nbsp;&nbsp;**$5729059** | &nbsp;&nbsp;**$32737** |
| &nbsp;&nbsp;Real Estate Taxes | &nbsp;&nbsp;$258816 | &nbsp;&nbsp;$266376 | &nbsp;&nbsp;$276726 | &nbsp;&nbsp;$277451 | &nbsp;&nbsp;$289295 | &nbsp;&nbsp;$1653 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;$84313 | &nbsp;&nbsp;$84274 | &nbsp;&nbsp;$84189 | &nbsp;&nbsp;$84719 | &nbsp;&nbsp;$88702 | &nbsp;&nbsp;$507 |
| &nbsp;&nbsp;Other Expenses | &nbsp;&nbsp; $962799 | &nbsp;&nbsp; $1028686 | &nbsp;&nbsp; $1132892 | &nbsp;&nbsp; $1137341 | &nbsp;&nbsp; $1169006 | &nbsp;&nbsp; $6680 |
| &nbsp;&nbsp;**Total Operating Expenses** | &nbsp;&nbsp;**$1305927** | &nbsp;&nbsp;**$1379336** | &nbsp;&nbsp;**$1493806** | &nbsp;&nbsp;**$1499510** | &nbsp;&nbsp;**$1547003** | &nbsp;&nbsp;**$8840** |
| &nbsp;&nbsp;**Net Operating Income<sup>(3)</sup>** | &nbsp;&nbsp;**$2991663** | &nbsp;&nbsp;**$3850570** | &nbsp;&nbsp;**$4051688** | &nbsp;&nbsp;**$4067969** | &nbsp;&nbsp;**$4182056** | &nbsp;&nbsp;**$23897** |
| &nbsp;&nbsp;Replacement Reserves | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $43750 | &nbsp;&nbsp; $250 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$2964813** | &nbsp;&nbsp;**$3850570** | &nbsp;&nbsp;**$4051688** | &nbsp;&nbsp;**$4067969** | &nbsp;&nbsp;**$4138306** | &nbsp;&nbsp;**$23647** |
| &nbsp;&nbsp;**Occupancy (%)<sup>(4)</sup>** | &nbsp;&nbsp;**81.6%** | &nbsp;&nbsp;**94.2%** | &nbsp;&nbsp;**94.9%** | &nbsp;&nbsp;**94.9%** | &nbsp;&nbsp;**95.0%** |  |
| &nbsp;&nbsp;**NOI DSCR** | &nbsp;&nbsp;**0.90x** | &nbsp;&nbsp;**1.15x** | &nbsp;&nbsp;**1.22x** | &nbsp;&nbsp;**1.22x** | &nbsp;&nbsp;**1.25x** |  |
| &nbsp;&nbsp;**NCF DSCR** | &nbsp;&nbsp;**0.89x** | &nbsp;&nbsp;**1.15x** | &nbsp;&nbsp;**1.22x** | &nbsp;&nbsp;**1.22x** | &nbsp;&nbsp;**1.24x** |  |
| &nbsp;&nbsp;**NOI Debt Yield** | &nbsp;&nbsp;**5.2%** | &nbsp;&nbsp;**6.7%** | &nbsp;&nbsp;**7.0%** | &nbsp;&nbsp;**7.1%** | &nbsp;&nbsp;**7.3%** |  |
| &nbsp;&nbsp;**NCF Debt Yield** | &nbsp;&nbsp;**5.2%** | &nbsp;&nbsp;**6.7%** | &nbsp;&nbsp;**7.0%** | &nbsp;&nbsp;**7.1%** | &nbsp;&nbsp;**7.2%** |  |

---

 <br> (1) Certain items such as interest expense, interest income, depreciation, amortization, debt service payments and any other non-recurring items were excluded from the historical presentation and are not considered for purposes of the lender underwritten net cash flow.

(2) UW Gross Potential Rent is based on the underwritten rent roll dated February 23,
2026. (3) The increases in 2024 Net Operating Income and 2023 Net Operating Income is primarily
attributable to:(i) renovations that were completed in 2024 and (ii) increases in utility reimbursement charges in-line with market rates.

(4) UW Occupancy is based on economic occupancy while historical figures represent physical
occupancy.

 **

 ****

 ****

 **

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-36 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Mid Rise | &nbsp;&nbsp;Loan #5 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$57500000 |
| &nbsp;&nbsp;Various | &nbsp;&nbsp;**Friedman Family Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;68.9% |
| &nbsp;&nbsp;Wayne, PA 19087 |  | &nbsp;&nbsp;**U/W NCF DSCR:** | &nbsp;&nbsp;1.24x |
|  |  | &nbsp;&nbsp;**U/W NOI Debt Yield:** | &nbsp;&nbsp;7.3% |

---

***Escrows and Reserves.***

*RE Tax Reserve* – At origination, the Borrower was required to deposit $139,598 for real estate taxes. On a monthly basis, the Borrower is required to make deposits of one-twelfth of the projected annual real estate taxes (initially estimated at $26,404).

*Insurance Reserve* – On a monthly basis, the Borrower is required to make deposits of one-twelfth of the insurance premiums that the lender reasonably estimates will be payable during the next ensuing 12 months; *provided that* the monthly insurance deposit will be waived so long as no event of default is continuing, the Borrower maintains insurance coverage for the Friedman Family Portfolio as part of blanket or umbrella coverage reasonably approved by the lender, and the Borrower provides the lender with evidence of the renewal of the insurance policies and paid receipts for the payment of the insurance premiums no later than 10 business days prior to the expiration dates of the policies.

*Immediate Repairs Reserve* – At origination, the Borrower was required to deposit $16,600 to perform immediate repairs to be completed within the timeframes stipulated in the Friedman Family Portfolio Mortgage Loan documents.

*Replacement Reserve* – On a monthly basis, the Borrower is required to escrow approximately $3,650 (approximately $250 per unit, *per annum*) for capital expenditures.

***Lockbox and Cash Management.*** The Friedman Family Portfolio Mortgage Loan is structured with a springing lockbox and springing cash management. Upon the occurrence of a Trigger Event (as defined below), the Borrower will be required to establish a lockbox account and cash management account and deposit, or cause to be deposited, all rents into the lockbox account within one business day of receipt. During the continuance of a Trigger Event, all rents deposited into the lockbox account will be swept into the cash management account daily to be held and applied in accordance with the Friedman Family Portfolio Mortgage Loan documents. If no Trigger Event is continuing, funds in the lockbox account will be disbursed to the Borrower. During the continuance of a Trigger Event, excess cash will be held in accordance with the Friedman Family Portfolio Mortgage Loan documents.

A "<u>Trigger Event</u>" will commence upon (i) the occurrence and continuance of an event of default or (ii) the debt service coverage ratio ("<u>DSCR</u>") based on the prior trailing 12-month period is less than 1.10x (tested quarterly). A Trigger Event will terminate (x) with regard to <u>clause (i)</u> above, upon the cure of such event of default or (y) with regard to <u>clause (ii)</u> above, if the DSCR is equal to or greater than 1.20x for two consecutive calendar quarters.

***Additional Subordinate or Mezzanine Indebtedness.*** None. ****

***Release of Property.*** None.

***Terrorism Insurance.*** The Borrower is required to obtain and maintain property insurance for 100% of the full replacement cost and business interruption insurance for 18 months plus a 12-month extended period of indemnity. Such insurance is required to cover perils of terrorism and acts of terrorism. See "*Risk Factors—Risks Relating to the Mortgage Loans—Terrorism Insurance May Not Be Available for All Mortgaged Properties*" in the prospectus.

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-37 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – High Rise | &nbsp;&nbsp;Loan #6 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$45000000 |
| &nbsp;&nbsp;517 Shipley Street | &nbsp;&nbsp;**Crosby Hill Apartments** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;69.0% |
| &nbsp;&nbsp;Wilmington, DE 19801 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.42x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.0% |

---

![](n5898prets_img014.jpg)

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-38 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – High Rise | &nbsp;&nbsp;Loan #6 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$45000000 |
| &nbsp;&nbsp;517 Shipley Street | &nbsp;&nbsp;**Crosby Hill Apartments** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;69.0% |
| &nbsp;&nbsp;Wilmington, DE 19801 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.42x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.0% |

---

![](n5898prets_img015.jpg)

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-39 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Mortgage Loan No. 6 Crosby Hill Apartments** | **Mortgage Loan No. 6 Crosby Hill Apartments** | **Mortgage Loan No. 6 Crosby Hill Apartments** | **Mortgage Loan No. 6 Crosby Hill Apartments** | **Mortgage Loan No. 6 Crosby Hill Apartments** | **Mortgage Loan No. 6 Crosby Hill Apartments** |
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Mortgage Loan Seller:** | &nbsp;&nbsp;MF1 | &nbsp;&nbsp;MF1 | &nbsp;&nbsp;MF1 | &nbsp;&nbsp;**Single Asset/Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Credit Assessment (Fitch/MDBRS):** | &nbsp;&nbsp;NR/NR | &nbsp;&nbsp;NR/NR | &nbsp;&nbsp;NR/NR | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;Wilmington, DE 19801 |
| &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;$45000000 | &nbsp;&nbsp;$45000000 | &nbsp;&nbsp;$45000000 | &nbsp;&nbsp;**General Property Type:** | &nbsp;&nbsp;Multifamily |
| &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$45000000 | &nbsp;&nbsp;$45000000 | &nbsp;&nbsp;$45000000 | &nbsp;&nbsp;**Detailed Property Type:** | &nbsp;&nbsp;High Rise |
| &nbsp;&nbsp;**% of Initial Pool Balance:** | &nbsp;&nbsp;6.1% | &nbsp;&nbsp;6.1% | &nbsp;&nbsp;6.1% | &nbsp;&nbsp;**Title Vesting:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;**Year Built/Renovated:** | &nbsp;&nbsp;2022/NAP |
| &nbsp;&nbsp;**Borrower Sponsors:** | &nbsp;&nbsp;Robert Buccini, Christopher Buccini and David Pollin | &nbsp;&nbsp;Robert Buccini, Christopher Buccini and David Pollin | &nbsp;&nbsp;Robert Buccini, Christopher Buccini and David Pollin | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;203 Units |
| &nbsp;&nbsp;**Guarantors:** | &nbsp;&nbsp;Robert Buccini, Christopher Buccini and David Pollin | &nbsp;&nbsp;Robert Buccini, Christopher Buccini and David Pollin | &nbsp;&nbsp;Robert Buccini, Christopher Buccini and David Pollin | &nbsp;&nbsp;**Cut-off Date Balance Per Unit:** | &nbsp;&nbsp;$221675 |
| &nbsp;&nbsp;**Mortgage Rate:** | &nbsp;&nbsp;5.49000% | &nbsp;&nbsp;5.49000% | &nbsp;&nbsp;5.49000% | &nbsp;&nbsp;**Maturity Date Balance Per Unit:** | &nbsp;&nbsp;$221675 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;1/2/2026 | &nbsp;&nbsp;**Property Manager:** | &nbsp;&nbsp;BPG Real Estate Services LLC |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;1/6/2031 | &nbsp;&nbsp;1/6/2031 | &nbsp;&nbsp;1/6/2031 |  | &nbsp;&nbsp;(Borrower-related) |
| &nbsp;&nbsp;**Term to Maturity:** | &nbsp;&nbsp;60 Months | &nbsp;&nbsp;60 Months | &nbsp;&nbsp;60 Months | &nbsp;&nbsp;**Underwriting and Financial Information** | &nbsp;&nbsp;**Underwriting and Financial Information** |
| &nbsp;&nbsp;**Amortization Term:** | &nbsp;&nbsp;0 Months | &nbsp;&nbsp;0 Months | &nbsp;&nbsp;0 Months | &nbsp;&nbsp;**UW NOI:** | &nbsp;&nbsp;$3613793 |
| &nbsp;&nbsp;**IO Period:** | &nbsp;&nbsp;60 Months | &nbsp;&nbsp;60 Months | &nbsp;&nbsp;60 Months | &nbsp;&nbsp;**UW NCF:** | &nbsp;&nbsp;$3563043 |
| &nbsp;&nbsp;**Seasoning:** | &nbsp;&nbsp;5 Months | &nbsp;&nbsp;5 Months | &nbsp;&nbsp;5 Months | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.0% |
| &nbsp;&nbsp;**Prepayment Provisions:** | &nbsp;&nbsp;L(29),D(27),O(4) | &nbsp;&nbsp;L(29),D(27),O(4) | &nbsp;&nbsp;L(29),D(27),O(4) | &nbsp;&nbsp;**UW NCF Debt Yield:** | &nbsp;&nbsp;7.9% |
| &nbsp;&nbsp;**Lockbox/Cash Mgmt Status:** | &nbsp;&nbsp;Springing/Springing | &nbsp;&nbsp;Springing/Springing | &nbsp;&nbsp;Springing/Springing | &nbsp;&nbsp;**UW NOI Debt Yield at Maturity:** | &nbsp;&nbsp;8.0% |
| &nbsp;&nbsp;**Additional Debt Type<sup>(1)</sup>:** | &nbsp;&nbsp;Mezzanine | &nbsp;&nbsp;Mezzanine | &nbsp;&nbsp;Mezzanine | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.42x |
| &nbsp;&nbsp;**Additional Debt Balance<sup>(1)</sup>:** | &nbsp;&nbsp;$5500000 | &nbsp;&nbsp;$5500000 | &nbsp;&nbsp;$5500000 | &nbsp;&nbsp;**Most Recent NOI<sup>(3)(4)</sup>:** | &nbsp;&nbsp;$3,164,762 (02/27/2026) |
| &nbsp;&nbsp;**Future Debt Permitted (Type):** | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;**2nd Most Recent NOI<sup>(3)</sup>:** | &nbsp;&nbsp;$3,038,723 (12/31/2025) |
|  |  |  |  | &nbsp;&nbsp;**3rd Most Recent NOI:** | &nbsp;&nbsp;$3,132,646 (12/31/2024) |
| &nbsp;&nbsp;**Reserves<sup>(2)</sup>** | &nbsp;&nbsp;**Reserves<sup>(2)</sup>** | &nbsp;&nbsp;**Reserves<sup>(2)</sup>** | &nbsp;&nbsp;**Reserves<sup>(2)</sup>** | &nbsp;&nbsp;**Most Recent Occupancy:** | &nbsp;&nbsp;92.6% (4/21/2026) |
| &nbsp;&nbsp;**<u>Type</u>** | &nbsp;&nbsp;**<u>Initial</u>** | &nbsp;&nbsp;**<u>Monthly</u>** | &nbsp;&nbsp;**<u>Cap</u>** | &nbsp;&nbsp;**2nd Most Recent Occupancy:** | &nbsp;&nbsp;88.9% (12/31/2025) |
| &nbsp;&nbsp;**RE Taxes:** | &nbsp;&nbsp;$48849 | &nbsp;&nbsp;$8141 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**3rd Most Recent Occupancy:** | &nbsp;&nbsp;91.2% (12/31/2024) |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value (as of):** | &nbsp;&nbsp;$65,200,000 (11/18/2025) |
| &nbsp;&nbsp;**Replacement Reserve:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$4250 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value Per Unit:** | &nbsp;&nbsp;$321182 |
|  |  |  |  | &nbsp;&nbsp;**Cut-off Date LTV Ratio:** | &nbsp;&nbsp;69.0% |
|  |  |  |  | &nbsp;&nbsp;**Maturity Date LTV Ratio:** | &nbsp;&nbsp;69.0% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Sources and Uses** | **Sources and Uses** | **Sources and Uses** | **Sources and Uses** | **Sources and Uses** | **Sources and Uses** |
| &nbsp;&nbsp;**Sources** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** | &nbsp;&nbsp;**Uses** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** |
| &nbsp;&nbsp;Mortgage Loan: | &nbsp;&nbsp;$45000000 | &nbsp;&nbsp;89.1% | &nbsp;&nbsp;Loan Payoff: | &nbsp;&nbsp;$49075400 | &nbsp;&nbsp;97.2% |
| &nbsp;&nbsp;Mezzanine Loan<sup>(1)</sup>: | &nbsp;&nbsp;$5500000 | &nbsp;&nbsp;10.9% | &nbsp;&nbsp;Closing Costs: | &nbsp;&nbsp;$1136900 | &nbsp;&nbsp;2.3% |
|  |  |  | &nbsp;&nbsp;Return of Equity: | &nbsp;&nbsp;$238852 | &nbsp;&nbsp;0.5% |
|  |  |  | &nbsp;&nbsp;Upfront Reserves: | &nbsp;&nbsp;$48849 | &nbsp;&nbsp;0.1% |
| &nbsp;&nbsp;**Total Sources:** | &nbsp;&nbsp;**$50500000** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses:** | &nbsp;&nbsp;**$50500000** | &nbsp;&nbsp;**100.0%** |

---

(1) See "*Mezzanine Indebtedness*" below.

(2) See "*Escrows and Reserves*" below.

(3) The increase in Most Recent NOI from 2<sup>nd</sup> Most Recent NOI is primarily attributable to an increase
in rental rates and burn-off of residential concessions.

***The Mortgage Loan.*** The sixth largest mortgage loan (the "<u>Crosby Hill Apartments Mortgage Loan</u>") is a $45,000,000 mortgage loan secured by a first priority fee mortgage encumbering a 203-unit, high rise apartment complex located in Wilmington, Delaware (the <u>"Crosby Hill Apartments Property</u>").

***The Borrower and the Borrower Sponsor.*** The borrower for the Crosby Hill Apartments Mortgage Loan is 517 Shipley LLC, a Delaware limited liability company and single purpose entity with one independent director (the "<u>Borrower</u>"). The borrower sponsors and the non-recourse carveout guarantors are Robert Buccini, Christopher Buccini and David Pollin (the "<u>Borrower Sponsors</u>" and "<u>Guarantors</u>"). The Guarantors also provided an environmental indemnity in connection with the Crosby Hill Apartments Mortgage Loan.

The Borrower Sponsors manage BPG Group, a privately held real estate acquisition, development and management company focused on multifamily, hotel, office, retail and parking properties. Since 1993, BPG Group has acquired or developed a portfolio with a value of approximately $6.0 billion primarily in the Wilmington market, including 19 residential communities comprising approximately 2,258 units including the Crosby Hill Apartments Property, approximately 47 hotels, approximately 7 million square feet of office and retail space and entertainment venues including Chase Fieldhouse in Wilmington, Delaware.

***The Property.*** The Crosby Hill Apartments Property, built in 2022, is a high rise apartment complex located in Wilmington, Delaware. The Crosby Hill Apartments Property was delivered in 2022 and is comprised of one, 11-story glass tower and two connected mid rise buildings The Crosby Hill Apartments Property is comprised of 203 units and has a unit mix that includes 36 studio units, 124 one-bedroom units and 43 two-bedroom units with an aggregate average unit size of 735 square feet. The average underwritten rent across all units is $1,974. As of April 21, 2025, The Crosby Hill Apartments Property was 92.6% leased. Unit finishes include stainless steel appliances, white cabinets, quartz countertops, backsplashes, a washer/dryer and hardwood flooring. Community amenities include an interior courtyard with a barbeque/fire pit area and pool, a tenant lounge with a screening room and co-working

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-40 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – High Rise | &nbsp;&nbsp;Loan #6 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$45000000 |
| &nbsp;&nbsp;517 Shipley Street | &nbsp;&nbsp;**Crosby Hill Apartments** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;69.0% |
| &nbsp;&nbsp;Wilmington, DE 19801 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.42x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.0% |

---

space, a fitness center and 24/7 concierge service. The Crosby Hill Apartments Property features a 125-space parking garage, resulting in a parking ratio of 0.6 spaces per unit.

The Borrower Sponsors developed the Crosby Hills Apartments Property and have a cost basis of approximately $64.5 million following origination of the Crosby Hills Apartments Mortgage Loan. The Borrower Sponsors leased up the Crosby Hills Apartments Property to over 93.0% by the end of the first quarter of 2024 with all concessions having burned off at that time.

The Crosby Hill Apartments Property benefits from a 10-year real estate tax abatement from the City of Wilmington due to its location within a qualifying geographic area and being constructed as a "qualified improvement". The tax abatement provides for a 100% abatement of real estate taxes for the first five years, followed by a 20% annual phase-in through year 10. The first year of the tax abatement commenced in the 2025/2026 fiscal year. The Crosby Hill Apartments Property also benefits from a real estate tax abatement from New Castle County, which phases in at an annual rate of 10% until reaching full taxation. See "*Description of the Mortgage Pool—Mortgage Pool Characteristics—Real Estate and Other Tax Considerations*" in the prospectus.

The following table presents certain information relating to the residential unit mix of The Crosby Hill Apartments Property:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** |
| &nbsp;&nbsp; <br> **Unit Type** | &nbsp;&nbsp; <br> **# of Units** | &nbsp;&nbsp;**Avg. Unit Size (Square Feet)** | &nbsp;&nbsp; <br> **Occupancy %** | &nbsp;&nbsp;**Average In-Place Rent** | &nbsp;&nbsp;**Average In-Place Rent ($/SF/Month)** | &nbsp;&nbsp;**Market Rent<sup>(2)</sup>** | &nbsp;&nbsp;**Market Rent/SF<sup>(2)</sup>** |
| &nbsp;&nbsp;Studio | &nbsp;&nbsp;36 | &nbsp;&nbsp;552 | &nbsp;&nbsp;94.4% | &nbsp;&nbsp;$1599 | &nbsp;&nbsp;$2.90 | &nbsp;&nbsp;$1650 | &nbsp;&nbsp;$2.99 |
| &nbsp;&nbsp;One Bedroom | &nbsp;&nbsp;124 | &nbsp;&nbsp;677 | &nbsp;&nbsp;91.1% | &nbsp;&nbsp;$1909 | &nbsp;&nbsp;$2.82 | &nbsp;&nbsp;$1950 | &nbsp;&nbsp;$2.88 |
| &nbsp;&nbsp;Two Bedroom | &nbsp;&nbsp;43 | &nbsp;&nbsp;1052 | &nbsp;&nbsp;95.3% | &nbsp;&nbsp;$2466 | &nbsp;&nbsp;$2.34 | &nbsp;&nbsp;$2450 | &nbsp;&nbsp;$2.33 |
| &nbsp;&nbsp;**Total / Wtd. Avg.** | &nbsp;&nbsp;**203** | &nbsp;&nbsp;**735** | &nbsp;&nbsp;**92.6%** | &nbsp;&nbsp;**$1974** | &nbsp;&nbsp;**$2.68** | &nbsp;&nbsp;**$2003** | &nbsp;&nbsp;**$2.73** |

---

(1) Based on the underwritten rent roll dated April 21, 2026.

(2) Market Rent per the appraisal's market rent conclusions.

***The Market.*** The Crosby Hill Apartments Property is located in the Wilmington central business district, which is part of the Philadelphia – PA USA apartment market and the Upper New Castle County submarket. Wilmington's location provides connectivity to Washington, D.C. (approximately 110 miles south) and New York City (approximately 130 miles north) via Amtrak rail service and Interstate 95.

Per a third party market research report, the Philadelphia - PA USA apartment market recorded 93.0% occupancy as of the second quarter of 2026, with average asking rent of $1,855 per unit per month while the Upper New Castle County apartment submarket recorded 93.6% occupancy as of the same period with average asking rent of $1,627 per unit per month. Per the same third party market research report, the estimated 2025 population within a two-, five- and 10-mile radius was 81,858, 194,905 and 470,560, respectively, and the median household income within the same radii was $54,912, $72,272 and $85,415, respectively.

The following table presents certain information relating to appraisal-identified comparable properties to The Crosby Hill Apartments Property:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Summary of Comparable Multifamily Properties<sup>(1)</sup>** | &nbsp;&nbsp;**Summary of Comparable Multifamily Properties<sup>(1)</sup>** | &nbsp;&nbsp;**Summary of Comparable Multifamily Properties<sup>(1)</sup>** | &nbsp;&nbsp;**Summary of Comparable Multifamily Properties<sup>(1)</sup>** | &nbsp;&nbsp;**Summary of Comparable Multifamily Properties<sup>(1)</sup>** | &nbsp;&nbsp;**Summary of Comparable Multifamily Properties<sup>(1)</sup>** |
| **Property Name** | &nbsp;&nbsp;**Distance to Property** | &nbsp;&nbsp;**Year Built** | &nbsp;&nbsp;**Occupancy** | &nbsp;&nbsp;**No. Units** | &nbsp;&nbsp;**Avg. Rent Per Unit** |
| **Crosby Hill Apartments** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**92.6%<sup>(2)</sup>** | &nbsp;&nbsp;**203** | &nbsp;&nbsp;**$1974<sup>(2)</sup>** |
| The Standard<sup>(3)</sup> | &nbsp;&nbsp;0.3 mile | &nbsp;&nbsp;2023 | &nbsp;&nbsp;65.0% | &nbsp;&nbsp;366 | &nbsp;&nbsp;$2092 |
| The Press<sup>(3)</sup> | &nbsp;&nbsp;0.2 mile | &nbsp;&nbsp;2025 | &nbsp;&nbsp;15.0% | &nbsp;&nbsp;243 | &nbsp;&nbsp;$2282 |
| The Residences at Mid-Town Park<sup>(3)</sup> | &nbsp;&nbsp;0.2 mile | &nbsp;&nbsp;2018 | &nbsp;&nbsp;93.0% | &nbsp;&nbsp;200 | &nbsp;&nbsp;$1769 |
| Luxor Lifestyle | &nbsp;&nbsp;0.6 mile | &nbsp;&nbsp;2023 | &nbsp;&nbsp;97.0% | &nbsp;&nbsp;193 | &nbsp;&nbsp;$1989 |
| 101 Avenue of the Arts Apartments | &nbsp;&nbsp;0.4 mile | &nbsp;&nbsp;2018 | &nbsp;&nbsp;96.0% | &nbsp;&nbsp;68 | &nbsp;&nbsp;$2473 |

---

 <br> (1) *Source: Appraisal.*

(2) Information based on the underwritten rent roll dated April 21, 2026.

(3) Properties are owned by the Borrower Sponsors or an affiliate thereof.

 

***Appraisal.*** The appraisal concluded to an "as is" value for The Crosby Hill Apartments Property of $65,200,000 as of November 18, 2025.

***Environmental Matters.*** According to the Phase I environmental site assessment dated November 25, 2025, there was no evidence of any recognized environmental conditions at The Crosby Hill Apartments Property.

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-41 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – High Rise | &nbsp;&nbsp;Loan #6 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$45000000 |
| &nbsp;&nbsp;517 Shipley Street | &nbsp;&nbsp;**Crosby Hill Apartments** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;69.0% |
| &nbsp;&nbsp;Wilmington, DE 19801 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.42x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.0% |

---

***Operating History and Underwritten Net Cash Flow.*** The following table presents certain information relating to the historical operating performance and underwritten net cash flow at The Crosby Hill Apartments Property:

 ****

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Cash Flow Analysis<sup>(1)</sup>** | **Cash Flow Analysis<sup>(1)</sup>** | **Cash Flow Analysis<sup>(1)</sup>** | **Cash Flow Analysis<sup>(1)</sup>** | **Cash Flow Analysis<sup>(1)</sup>** | **Cash Flow Analysis<sup>(1)</sup>** |
|  | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**TTM 2/27/2026** | &nbsp;&nbsp;**UW** | &nbsp;&nbsp;**UW per Unit** |
| &nbsp;&nbsp;Gross Potential Rent<sup>(2)</sup> | &nbsp;&nbsp;$4539198 | &nbsp;&nbsp;$4617977 | &nbsp;&nbsp;$4701089 | &nbsp;&nbsp;$4803233 | &nbsp;&nbsp;$23661 |
| &nbsp;&nbsp;Vacancy | &nbsp;&nbsp;($398028) | &nbsp;&nbsp;($512064) | &nbsp;&nbsp;($465753) | &nbsp;&nbsp;($349505) | &nbsp;&nbsp;($1722) |
| &nbsp;&nbsp;Credit Loss | &nbsp;&nbsp;($66451) | &nbsp;&nbsp;($6747) | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Concessions | &nbsp;&nbsp;($38635) | &nbsp;&nbsp;($195737) | &nbsp;&nbsp;($175319) | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;**Net Rental Income** | &nbsp;&nbsp;**$4036084** | &nbsp;&nbsp;**$3903429** | &nbsp;&nbsp;**$4060017** | &nbsp;&nbsp;**$4453728** | &nbsp;&nbsp;**$21940** |
| &nbsp;&nbsp;Other Income | &nbsp;&nbsp; $312415 | &nbsp;&nbsp; $311266 | &nbsp;&nbsp; $320333 | &nbsp;&nbsp; $317959 | &nbsp;&nbsp; $1566 |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$4348499** | &nbsp;&nbsp;**$4214695** | &nbsp;&nbsp;**$4380350** | &nbsp;&nbsp;**$4771687** | &nbsp;&nbsp;**$23506** |
| &nbsp;&nbsp;Real Estate Taxes<sup>(3)</sup> | &nbsp;&nbsp;$37441 | &nbsp;&nbsp;$43321 | &nbsp;&nbsp;$45181 | &nbsp;&nbsp;$148355 | &nbsp;&nbsp;$731 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;$78819 | &nbsp;&nbsp;$80691 | &nbsp;&nbsp;$79647 | &nbsp;&nbsp;$80691 | &nbsp;&nbsp;$397 |
| &nbsp;&nbsp;Other Expenses | &nbsp;&nbsp; $1099593 | &nbsp;&nbsp; $1051960 | &nbsp;&nbsp; $1090760 | &nbsp;&nbsp; $928848 | &nbsp;&nbsp; $4576 |
| &nbsp;&nbsp;**Total Operating Expenses** | &nbsp;&nbsp;**$1215853** | &nbsp;&nbsp;**$1175972** | &nbsp;&nbsp;**$1215588** | &nbsp;&nbsp;**$1157894** | &nbsp;&nbsp;**$5704** |
| &nbsp;&nbsp;**Net Operating Income**<sup>(4)</sup> | &nbsp;&nbsp;**$3132646** | &nbsp;&nbsp;**$3038723** | &nbsp;&nbsp;**$3164762** | &nbsp;&nbsp;**$3613793** | &nbsp;&nbsp;**$17802** |
| &nbsp;&nbsp;Replacement Reserves | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $50750 | &nbsp;&nbsp; $250 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$3132646** | &nbsp;&nbsp;**$3038723** | &nbsp;&nbsp;**$3164762** | &nbsp;&nbsp;**$3563043** | &nbsp;&nbsp;**$17552** |
| &nbsp;&nbsp;**Occupancy (%)<sup>(5)</sup>** | &nbsp;&nbsp;**91.2%** | &nbsp;&nbsp;**88.9%** | &nbsp;&nbsp;**90.1%** | &nbsp;&nbsp;**92.7%** |  |
| &nbsp;&nbsp;**NOI DSCR** | &nbsp;&nbsp;**1.25x** | &nbsp;&nbsp;**1.21x** | &nbsp;&nbsp;**1.26x** | &nbsp;&nbsp;**1.44x** |  |
| &nbsp;&nbsp;**NCF DSCR** | &nbsp;&nbsp;**1.25x** | &nbsp;&nbsp;**1.21x** | &nbsp;&nbsp;**1.26x** | &nbsp;&nbsp;**1.42x** |  |
| &nbsp;&nbsp;**NOI Debt Yield** | &nbsp;&nbsp;**7.0%** | &nbsp;&nbsp;**6.8%** | &nbsp;&nbsp;**7.0%** | &nbsp;&nbsp;**8.0%** |  |
| &nbsp;&nbsp;**NCF Debt Yield** | &nbsp;&nbsp;**7.0%** | &nbsp;&nbsp;**6.8%** | &nbsp;&nbsp;**7.0%** | &nbsp;&nbsp;**7.9%** |  |

---

(1) Certain items such as interest expense, interest income, depreciation, amortization,
debt service payments and any other non-recurring items were excluded from the historical presentation and are not considered for the
underwritten cash flow.

(2) UW Gross Potential Rent is based on the underwritten rent roll dated April 21,
2026. (3) The Crosby Hill Apartments Property benefits from a 10-year real estate tax abatement
program with The City of Wilmington where taxes are fully abated for the first five years and increase by 20% per year thereafter. New
Castle County/School taxes will increase by 10% per year throughout the course of the program. UW Real Estate Taxes are based on a forward
five-year average of the abated taxes.

(4) The increase in TTM 2/27/2026 Net Operating Income from 2025 Net Operating Income
is primarily attributable to rental rate increases and burn-off of residential concessions.

(5) UW Occupancy % represents economic occupancy and historical occupancy represents
physical occupancy.

 ****

***Escrows and Reserves.***

*RE Tax Reserve* – At origination, the Borrower was required to deposit $48,849 for real estate taxes. On a monthly basis, the Borrower is required to make deposits of one-twelfth of the projected annual real estate taxes (initially estimated to be $8,141).

*Insurance Reserve* – On a monthly basis, the Borrower is required to make deposits of one-twelfth of the projected annual insurance premiums; *provided, however*, so long as no event of default has occurred and is continuing and the lender has been provided proof that a blanket insurance policy is in place and is being maintained, monthly insurance deposits will not be required. At origination of the Crosby Hill Apartment Mortgage Loan, a blanket policy was in place.

*Replacement Reserve* – On a monthly basis, the Borrower is required to make deposits of $4,250 (approximately $251 per unit, *per annum*) to be used for capital expenditures.

***Lockbox and Cash Management.*** The Crosby Hill Apartments Mortgage Loan is structured with a springing lockbox and springing cash management. Upon the occurrence of a Trigger Event (as defined below), the Borrower will be required to establish a lockbox account and cash management account and deposit, or cause to be deposited, all rents into the lockbox account within one business day of receipt. During the continuance of a Trigger Event, all rents deposited into the lockbox account will be swept into the cash management account daily to be held and applied in accordance with the Crosby Hill Apartments Mortgage Loan documents. If no Trigger Event is continuing, funds in the lockbox account will be disbursed to the Borrower. During the continuance of a Trigger Event, excess cash will be held in accordance with the Crosby Hill Apartments Mortgage Loan documents.

A "<u>Trigger Event</u>" will commence upon (i) the occurrence of an event of default or (ii) the debt service coverage ratio based on the prior trailing 12-month period being less than 1.10x (tested quarterly). A Trigger Event will terminate (x) with respect to <u>clause (i)</u> above, upon a cure of the event of default and (y) with respect to <u>clause (ii)</u> above, when the debt service coverage ratio has been equal to or greater than 1.20x for two consecutive calendar quarters.

***Additional Subordinate and Mezzanine Indebtedness.*** Concurrent with the origination of the Crosby Hill Apartments Mortgage Loan, PMRP VI Crosby, L.L.C. made a mezzanine loan in the amount of $5,500,000 to the holder of 100% of the direct equity interests in the sole member of the Borrower of the Crosby Hill Apartments Mortgage Loan, secured by a pledge of such equity interests (the "<u>Crosby Hill Apartments Mezzanine Loan</u>"). The Crosby Hill Apartments Mezzanine Loan is coterminous with the Crosby Hill Apartments Mortgage Loan and accrues interest at a fixed rate of 11.00000% *per annum*. The Crosby Hills Apartments Mezzanine Loan is subordinate to the Crosby Hill Apartments Mortgage Loan to the extent provided in the related intercreditor agreement. See "*Description of the Mortgage Pool—Mortgage Pool Characteristics—Additional Indebtedness"* in the prospectus.

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-42 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – High Rise | &nbsp;&nbsp;Loan #6 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$45000000 |
| &nbsp;&nbsp;517 Shipley Street | &nbsp;&nbsp;**Crosby Hill Apartments** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;69.0% |
| &nbsp;&nbsp;Wilmington, DE 19801 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.42x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.0% |

---

The Crosby Hills Apartments Property's total debt as of the origination date is summarized in the table below:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**The Crosby Hills Apartments Total Debt Summary** | &nbsp;&nbsp;**The Crosby Hills Apartments Total Debt Summary** | &nbsp;&nbsp;**The Crosby Hills Apartments Total Debt Summary** | &nbsp;&nbsp;**The Crosby Hills Apartments Total Debt Summary** | &nbsp;&nbsp;**The Crosby Hills Apartments Total Debt Summary** | &nbsp;&nbsp;**The Crosby Hills Apartments Total Debt Summary** | &nbsp;&nbsp;**The Crosby Hills Apartments Total Debt Summary** | &nbsp;&nbsp;**The Crosby Hills Apartments Total Debt Summary** |
| &nbsp;&nbsp;**Note** | &nbsp;&nbsp;**Original Balance** | &nbsp;&nbsp;**Original Term**<br> **(mos.)** | &nbsp;&nbsp;**Original IO Term**<br> **(mos.)** | &nbsp;&nbsp;**Interest Rate** | &nbsp;&nbsp;**Cumulative UW NCF DSCR** | &nbsp;&nbsp;**Cumulative UW NOI Debt Yield** | &nbsp;&nbsp;**Cumulative**<br> **Cut-off** **Date LTV** |
| &nbsp;&nbsp;Mortgage Loan | &nbsp;&nbsp;$45000000 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 | &nbsp;&nbsp;5.49000% | &nbsp;&nbsp;1.42x | &nbsp;&nbsp;8.0% | &nbsp;&nbsp;69.0% |
| &nbsp;&nbsp;Mezzanine Loan | &nbsp;&nbsp;$5500000 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 | &nbsp;&nbsp;11.00000% | &nbsp;&nbsp;1.14x | &nbsp;&nbsp;7.2% | &nbsp;&nbsp;77.5% |
| &nbsp;&nbsp;**Total Debt** | &nbsp;&nbsp;**$50500000** |  |  | &nbsp;&nbsp;**6.09010%** | &nbsp;&nbsp;**1.14x** | &nbsp;&nbsp;**7.2%** | &nbsp;&nbsp;**77.5%** |

---

***Release of Property*.** None.

***Terrorism Insurance*.** The Borrower is required to obtain and maintain property insurance for 100% of full replacement cost and business interruption insurance for 12 months plus a 12-month extended period of indemnity. Such insurance is required to cover perils of terrorism and acts of terrorism. See "*Risk Factors—Risks Relating to the Mortgage Loans—Terrorism Insurance May Not Be Available for All Mortgaged Properties*" in the prospectus.

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-43 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Mid Rise | &nbsp;&nbsp;Loan #7 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$43000000 |
| &nbsp;&nbsp;416 Highland Avenue | &nbsp;&nbsp;**The HIGHLAND** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;70.1% |
| &nbsp;&nbsp;Orange, NJ 07050 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;<br> 1.25x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;7.7% |

---

![](n5898prets_img016.jpg)

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-44 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Mid Rise | &nbsp;&nbsp;Loan #7 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$43000000 |
| &nbsp;&nbsp;416 Highland Avenue | &nbsp;&nbsp;**The HIGHLAND** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;70.1% |
| &nbsp;&nbsp;Orange, NJ 07050 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.25x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;7.7% |

---

![](n5898prets_img017.jpg)

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-45 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Mortgage Loan No. 7 The HIGHLAND** | **Mortgage Loan No. 7 The HIGHLAND** | **Mortgage Loan No. 7 The HIGHLAND** | **Mortgage Loan No. 7 The HIGHLAND** | **Mortgage Loan No. 7 The HIGHLAND** | **Mortgage Loan No. 7 The HIGHLAND** |
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Mortgage Loan Seller:** | &nbsp;&nbsp;MF1 | &nbsp;&nbsp;MF1 | &nbsp;&nbsp;MF1 | &nbsp;&nbsp;**Single Asset/Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Credit Assessment (Fitch/MDBRS):** | &nbsp;&nbsp;NAP/NAP | &nbsp;&nbsp;NAP/NAP | &nbsp;&nbsp;NAP/NAP | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;Orange, NJ 07050 |
| &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;$43000000 | &nbsp;&nbsp;$43000000 | &nbsp;&nbsp;$43000000 | &nbsp;&nbsp;**General Property Type:** | &nbsp;&nbsp;Multifamily |
| &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$43000000 | &nbsp;&nbsp;$43000000 | &nbsp;&nbsp;$43000000 | &nbsp;&nbsp;**Detailed Property Type:** | &nbsp;&nbsp;Mid Rise |
| &nbsp;&nbsp;**% of Initial Pool Balance:** | &nbsp;&nbsp;5.9% | &nbsp;&nbsp;5.9% | &nbsp;&nbsp;5.9% | &nbsp;&nbsp;**Title Vesting:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;**Year Built/Renovated:** | &nbsp;&nbsp;2024/NAP |
| &nbsp;&nbsp;**Borrower Sponsors:** | &nbsp;&nbsp;Phillip Evansky and Emanuel Klein | &nbsp;&nbsp;Phillip Evansky and Emanuel Klein | &nbsp;&nbsp;Phillip Evansky and Emanuel Klein | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;138 Units |
| &nbsp;&nbsp;**Guarantors:** | &nbsp;&nbsp;Phillip Evansky and Emanuel Klein | &nbsp;&nbsp;Phillip Evansky and Emanuel Klein | &nbsp;&nbsp;Phillip Evansky and Emanuel Klein | &nbsp;&nbsp;**Cut-off Date Balance Per Unit:** | &nbsp;&nbsp;$311594 |
| &nbsp;&nbsp;**Mortgage Rate:** | &nbsp;&nbsp;5.99900% | &nbsp;&nbsp;5.99900% | &nbsp;&nbsp;5.99900% | &nbsp;&nbsp;**Maturity Date Balance Per Unit:** | &nbsp;&nbsp;$311594 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;5/6/2026 | &nbsp;&nbsp;5/6/2026 | &nbsp;&nbsp;5/6/2026 | &nbsp;&nbsp;**Property Manager:** | &nbsp;&nbsp;PEEK Properties, LLC |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;5/6/2031 | &nbsp;&nbsp;5/6/2031 | &nbsp;&nbsp;5/6/2031 |  | &nbsp;&nbsp;(Borrower-related) |
| &nbsp;&nbsp;**Term to Maturity:** | &nbsp;&nbsp;60 Months | &nbsp;&nbsp;60 Months | &nbsp;&nbsp;60 Months |  |  |
| &nbsp;&nbsp;**Amortization Term:** | &nbsp;&nbsp;0 Months | &nbsp;&nbsp;0 Months | &nbsp;&nbsp;0 Months | &nbsp;&nbsp;**Underwriting and Financial Information** | &nbsp;&nbsp;**Underwriting and Financial Information** |
| &nbsp;&nbsp;**IO Period:** | &nbsp;&nbsp;60 Months | &nbsp;&nbsp;60 Months | &nbsp;&nbsp;60 Months | &nbsp;&nbsp;**UW NOI<sup>(2)</sup>:** | &nbsp;&nbsp;$3300152 |
| &nbsp;&nbsp;**Seasoning:** | &nbsp;&nbsp;1 Month | &nbsp;&nbsp;1 Month | &nbsp;&nbsp;1 Month | &nbsp;&nbsp;**UW NCF:** | &nbsp;&nbsp;$3265652 |
| &nbsp;&nbsp;**Prepayment Provisions:** | &nbsp;&nbsp;L(25),D(30),O(5) | &nbsp;&nbsp;L(25),D(30),O(5) | &nbsp;&nbsp;L(25),D(30),O(5) | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;7.7% |
| &nbsp;&nbsp;**Lockbox/Cash Mgmt Status:** | &nbsp;&nbsp;Springing/Springing | &nbsp;&nbsp;Springing/Springing | &nbsp;&nbsp;Springing/Springing | &nbsp;&nbsp;**UW NCF Debt Yield:** | &nbsp;&nbsp;7.6% |
| &nbsp;&nbsp;**Additional Debt Type:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**UW NOI Debt Yield at Maturity:** | &nbsp;&nbsp;7.7% |
| &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.25x |
| &nbsp;&nbsp;**Future Debt Permitted (Type):** | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;**Most Recent NOI<sup>(2)</sup>:** | &nbsp;&nbsp;$2,761,758 (TTM 3/31/2026) |
|  |  |  |  | &nbsp;&nbsp;**2nd Most Recent NOI:** | &nbsp;&nbsp;$2,659,384 (12/31/2025) |
|  |  |  |  | &nbsp;&nbsp;**3rd Most Recent NOI<sup>(3)</sup>:** | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Most Recent Occupancy:** | &nbsp;&nbsp;97.1% (4/30/2026) |
| &nbsp;&nbsp;**<u>Type</u>** | &nbsp;&nbsp;**<u>Initial</u>** | &nbsp;&nbsp;**<u>Monthly</u>** | &nbsp;&nbsp;**<u>Cap</u>** | &nbsp;&nbsp;**2nd Most Recent Occupancy:** | &nbsp;&nbsp;82.8% (12/31/2025) |
| &nbsp;&nbsp;**Tax Reserve** | &nbsp;&nbsp;$28162 | &nbsp;&nbsp;$14081 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**3rd Most Recent Occupancy<sup>(3)</sup>:** | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;**Insurance Reserve** | &nbsp;&nbsp;$44216 | &nbsp;&nbsp;$11054 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value (as of):** | &nbsp;&nbsp;$61,300,000 (4/9/2026) |
| &nbsp;&nbsp;**Replacement Reserve** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$2875 | &nbsp;&nbsp;$133422 | &nbsp;&nbsp;**Appraised Value Per Unit:** | &nbsp;&nbsp;$444203 |
|  |  |  |  | &nbsp;&nbsp;**Cut-off Date LTV Ratio:** | &nbsp;&nbsp;70.1% |
|  |  |  |  | &nbsp;&nbsp;**Maturity Date LTV Ratio:** | &nbsp;&nbsp;70.1% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Sources and Uses** | **Sources and Uses** | **Sources and Uses** | **Sources and Uses** | **Sources and Uses** | **Sources and Uses** |
| **Sources** | **Proceeds** | **% of Total** | **Uses** | **Proceeds** | **% of Total** |
| &nbsp;&nbsp;Mortgage Loan: | &nbsp;&nbsp;$43000000 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;Loan Payoff: | &nbsp;&nbsp;$38255347 | &nbsp;&nbsp;89.0% |
|  |  |  | &nbsp;&nbsp;Return of Equity: | &nbsp;&nbsp;$3907210 | &nbsp;&nbsp;9.1% |
|  |  |  | &nbsp;&nbsp;Closing Costs: | &nbsp;&nbsp;$765066 | &nbsp;&nbsp;1.8% |
|  |  |  | &nbsp;&nbsp;Upfront Reserves: | &nbsp;&nbsp;$72378 | &nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;**Total Sources:** | &nbsp;&nbsp;**$43000000** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses:** | &nbsp;&nbsp;**$43000000** | &nbsp;&nbsp;**100.0%** |

---

(1) See "*Escrows and Reserves*" below.

(2) The increase in UW NOI from Most Recent NOI is primarily attributable to: (i) additional incremental leasing
and (ii) burn-off of concessions provided through the initial lease-up of The HIGHLAND Property (as defined below).

(3) Historical financials and occupancy are not available as The HIGHLAND Property was constructed in 2024
and received its final certificate of occupancy in February 2024.

 ****

***The Mortgage Loan.*** The seventh largest mortgage loan ("<u>The HIGHLAND Mortgage Loan</u>") is a $43,000,000 mortgage loan secured by a first priority fee mortgage encumbering a 138-unit mid rise, five-story apartment building located in Orange, New Jersey ("<u>The HIGHLAND Property</u>").

***The Borrower and the Borrower Sponsors.*** The borrower for The HIGHLAND Mortgage Loan is PEEK Highland I Owner Urban Renewal LLC, a New Jersey limited liability company (the "<u>Borrower</u>") and single purpose entity with one independent director held in its sole member, which is a Delaware limited liability company. The borrower sponsors and non-recourse carveout guarantors for The HIGHLAND Mortgage Loan are Phillip Evanski and Emanuel Klein (the "<u>Borrower Sponsors</u>" and "<u>Guarantors</u>"). The Guarantors also provided an environmental indemnity in connection with The HIGHLAND Mortgage Loan.

The Borrower Sponsors are the principals of PEEK Properties, LLC ("<u>PEEK</u>"), a fully integrated developer, owner and operator of multifamily properties in New Jersey, with a focus on Orange, New Jersey. PEEK was founded in 2018 and has developed and acquired a total of 10 multifamily buildings in Orange/East Orange. PEEK also serves as the property manager for The HIGHLAND Property. The Guarantors are a repeat agency borrowers.

***The Property.*** The HIGHLAND Property is a recently built, 138 unit, five-story mid rise apartment building located in Orange, New Jersey. The HIGHLAND Property is comprised of 138 units and has a unit mix of 7 studio units, 84 one-bedroom units and 47 two-bedroom units with an aggregate average unit size of 802 square feet. The average underwritten rent per unit is $2,473 per month. As of April 30, 2026, The HIGHLAND Property was 97.1% leased. Unit finishes include stainless-steel appliance packages, in-unit washers/dryers, engineered hardwood floors, quartz countertops, backsplashes and tiled flooring in the bathroom. Community amenities include EV charging stations, a storage room, a package room, a resident lounge, a fitness center, a lobby, a dog park and a second floor courtyard with grills, turf and chairs. The HIGHLAND Property features 213 parking spaces, resulting in a parking ratio of 1.5 spaces per unit.

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-46 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Mid Rise | &nbsp;&nbsp;Loan #7 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$43000000 |
| &nbsp;&nbsp;416 Highland Avenue | &nbsp;&nbsp;**The HIGHLAND** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;70.1% |
| &nbsp;&nbsp;Orange, NJ 07050 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.25x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;7.7% |

---

The Borrower Sponsors acquired the land for approximately $9.1 million and had a total development cost basis of approximately $47.2 million. Construction commenced in November 2021 and the certificate of occupancy was achieved in February 2024. Following origination, the Borrower Sponsor will have approximately $4.2 million of cash equity remaining.

The HIGHLAND Property benefits from a 30-year payment in lieu of taxes ("<u>PILOT</u>") program with the City of Orange Township. The PILOT is structured to have tax payments based on a percentage of annual gross revenue ("<u>AGR</u>"), with the first 10 years being based on 4% of AGR, years 11-15 will stay at 4% if the AGR is below the projections in the agreement or will grow to 5% of AGR if AGR equals or exceeds such projections. In years 21-25, the percentage will increase to 7% of AGR and then to 9% in year 26. See "*Description of the Mortgage Pool—Mortgage Pool Characteristics—Real Estate and Other Tax Considerations*"" in the prospectus.

The following table presents certain information relating to the residential unit mix of The HIGHLAND Property:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** |
|  <br> **Unit Type** | &nbsp;&nbsp; <br> **# of Units** | &nbsp;&nbsp;**Avg. Unit Size (Square Feet)** | &nbsp;&nbsp; <br> **Occupancy %** | &nbsp;&nbsp;**Average In-Place Rent** | &nbsp;&nbsp;**Average In-Place Rent ($/SF/Month)** | &nbsp;&nbsp;**Market Rent<sup>(2)</sup>** | &nbsp;&nbsp;**Market Rent/SF<sup>(2)</sup>** |
| Studio | &nbsp;&nbsp;7 | &nbsp;&nbsp;559 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$1979 | &nbsp;&nbsp;$3.54 | &nbsp;&nbsp;$2000 | &nbsp;&nbsp;$3.58 |
| One Bedroom | &nbsp;&nbsp;84 | &nbsp;&nbsp;702 | &nbsp;&nbsp;95.2% | &nbsp;&nbsp;$2324 | &nbsp;&nbsp;$3.31 | &nbsp;&nbsp;$2386 | &nbsp;&nbsp;$3.40 |
| Two Bedroom | &nbsp;&nbsp;47 | &nbsp;&nbsp;1017 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$2799 | &nbsp;&nbsp;$2.75 | &nbsp;&nbsp;$2796 | &nbsp;&nbsp;$2.75 |
| **Total / Wtd. Avg.** | &nbsp;&nbsp;**138** | &nbsp;&nbsp;**802** | &nbsp;&nbsp;**97.1%** | &nbsp;&nbsp;**$2473** | &nbsp;&nbsp;**$3.07** | &nbsp;&nbsp;**$2506** | &nbsp;&nbsp;**$3.12** |

---

 <br> (1) Based on the underwritten rent roll dated April 30, 2026.

(2) Market Rent per the appraisal's market rent conclusions.

***The Market.*** The HIGHLAND Property is located in Orange, New Jersey, within the Lower Essex County multifamily submarket and the broader Northern New Jersey metropolitan statistical area ("<u>MSA</u>"). Essex County, home to Newark, benefits from access to mass transit and proximity to New York City, supporting transit-oriented development activity. This connectivity has contributed to increased multifamily development in the county, evidenced by a wave of construction since 2021. Across Northern New Jersey, more than 5,800 units were delivered in 2025, increasing total inventory by 18% over the past five years.

According to a third-party report, the market asking rent across Northern New Jersey is $2,242 per unit, up approximately 13% over the past five years and on par with the national growth rates, though Northern New Jersey rents sit at approximately a 25% premium to the United States average of $1,780 per unit. Vacancy in the Northern New Jersey MSA has recently trended higher than historical average levels in the 4- and 5-star property class segment, with vacancy being 12.5%.

As of the first quarter of 2026, the Lower Essex County submarket vacancy rate was 9.7%, having increased from a recent low of 5.3% in 2020 due to the influx of new supply. The average asking rent in Lower Essex County is $2,177 per month, reflecting year-over-year market rent growth of 1.1%

The following table presents certain information relating to appraisal-identified comparable properties to The HIGHLAND Property:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Summary of Comparable Multifamily Properties<sup>(1)</sup>** | **Summary of Comparable Multifamily Properties<sup>(1)</sup>** | **Summary of Comparable Multifamily Properties<sup>(1)</sup>** | **Summary of Comparable Multifamily Properties<sup>(1)</sup>** | **Summary of Comparable Multifamily Properties<sup>(1)</sup>** | **Summary of Comparable Multifamily Properties<sup>(1)</sup>** |
| **Property Name** | **Distance to Property** | **Year Built** | **Occupancy** | **No. Units** | **Avg. Rent Per Unit<sup>(2)</sup>** |
| **The HIGHLAND** | **NAP** | **2024** | **97.1%<sup>(2)</sup>** | **138** | **$2473** |
| The Mural | 0.3 miles | 2024 | 96.0% | 103 | $2350 |
| Essex & Crane | 0.7 miles | 2023 | 97.0% | 209 | $2386 |
| The Harvard | 1.3 miles | 2020 | 97.0% | 50 | $2194 |
| The 2 | 1.8 miles | 2024 | 96.0% | 90 | $2305 |
| Essence 144 | 1.2 miles | 2017 | 94.0% | 156 | $2157 |
| Linc 32 | 0.7 miles | 2016 | 96.0% | 112 | $2159 |
| Pinnacle Orange Crossing | 0.7 miles | 2025 | 30.0% | 90 | $2440 |

---

 <br> (1) *Source: Appraisal.*

(2) Information based on the underwritten rent roll dated April 30, 2026.

 

***Appraisal.*** The appraisal concluded to an "as is" value for The HIGHLAND Property of $61,300,000 as of April 9, 2026.

***Environmental Matters.*** According to the Phase I environmental site assessment dated November 11, 2025, there was no evidence of any recognized environmental conditions at The HIGHLAND Property.

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-47 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Mid Rise | &nbsp;&nbsp;Loan #7 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$43000000 |
| &nbsp;&nbsp;416 Highland Avenue | &nbsp;&nbsp;**The HIGHLAND** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;70.1% |
| &nbsp;&nbsp;Orange, NJ 07050 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.25x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;7.7% |

---

***Operating History and Underwritten Net Cash Flow.*** The following table presents certain information relating to the historical operating performance and underwritten net cash flow at The HIGHLAND Property:

 ****

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Cash Flow Analysis<sup>(1)(2)</sup>** | **Cash Flow Analysis<sup>(1)(2)</sup>** | **Cash Flow Analysis<sup>(1)(2)</sup>** | **Cash Flow Analysis<sup>(1)(2)</sup>** | **Cash Flow Analysis<sup>(1)(2)</sup>** |
|  | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**TTM 3/31/2026** | &nbsp;&nbsp;**UW** | &nbsp;&nbsp;**UW per Unit** |
| Gross Potential Rent | $4046310 | $4058312 | $4087835 | $29622 |
| Vacancy | ($694793) | ($506395) | ($204392) | ($1481) |
| Credit Loss | $0 | $0 | ($6626) | ($48) |
| Concessions | ($169581) | ($202007) | ($61318) | ($444) |
| **Net Rental Income** | **$3181936** | **$3349911** | **$3815500** | **$27649** |
| Other Income | $293095 | $313854 | $358724 | $2599 |
| **Effective Gross Income** | **$3475031** | **$3663765** | **$4174223** | **$30248** |
| Real Estate Taxes<sup>(4)</sup> | $76275 | $65118 | $166969 | $1210 |
| Insurance | $143535 | $90588 | $126333 | $915 |
| Other Operating Expenses | $595837 | $746301 | $580769 | $4208 |
| **Total Expenses** | **$815647** | **$902007** | **$874071** | **$6334** |
| **Net Operating Income<sup>(5)</sup>** | **$2659384** | **$2761758** | **$3300152** | **$23914** |
| Replacement Reserves | $0 | $0 | $34500 | $250 |
| **Net Cash Flow** | **$2659384** | **$2761758** | **$3265652** | **$23664** |
| **Occupancy %<sup>(6)</sup>** | **82.8%** | **87.5%** | **93.3%** |  |
| **NOI DSCR** | **1.02x** | **1.06x** | **1.26x** |  |
| **NCF DSCR** | **1.02x** | **1.06x** | **1.25x** |  |
| **NOI Debt Yield** | **6.2%** | **6.4%** | **7.7%** |  |
| **NCF Debt Yield** | **6.2%** | **6.4%** | **7.6%** |  |

---

 <br> (1) Limited operating history is available as The HIGHLAND Property was constructed in 2024.

(2) Certain items such as interest expense, interest income, depreciation, amortization,
debt service payments and any other non-recurring items were excluded from the historical presentation and are not considered for the
underwritten cash flow.

(3) UW Gross Potential Rent is based on the underwritten rent roll dated April 30, 2026.

(4) Real Estate Taxes are subject to The HIGHLAND Property's PILOT program. UW
Real Estate Taxes were based on 4% of annual gross revenue.

(5) The increase from TTM 3/31/2026 Net Operating Income to the UW Net Operating Income
is primarily attributable to (i) additional incremental leasing and (ii) burn off of concessions provided during the initial lease-up
of The HIGHLAND Property following construction in 2024.

(6) UW Occupancy % represents economic occupancy and historical occupancy represents
physical occupancy.

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-48 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Mid Rise | &nbsp;&nbsp;Loan #7 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$43000000 |
| &nbsp;&nbsp;416 Highland Avenue | &nbsp;&nbsp;**The HIGHLAND** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;70.1% |
| &nbsp;&nbsp;Orange, NJ 07050 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.25x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;7.7% |

---

***Escrows and Reserves.***

*RE Tax Reserve* – At origination, the Borrower was required to deposit approximately $28,162 for real estate taxes. On a monthly basis, the Borrower is required to make deposits of one-twelfth of the projected annual real estate taxes (estimated to be approximately $14,081).

*Insurance Reserve* – At origination, the Borrower was required to deposit $44,216 for insurance premiums. On a monthly basis, the Borrower is required to make deposits of one-twelfth of the projected annual insurance premiums (estimated to be $11,054).

*Replacement Reserve* – On a monthly basis, to the extent that funds on deposit in the replacement reserve (less any pending disbursements therefrom) are less than $133,422, the Borrower is required to make deposits of $2,875 ($250 per unit, *per annum*) to be used for capital expenditures.

***Lockbox and Cash Management.*** The HIGHLAND Mortgage Loan is structured with a springing lockbox and springing cash management. Upon the occurrence of a Trigger Event (as defined below), the Borrower will be required to establish a lockbox account and cash management account and deposit, or cause to be deposited, all rents into the lockbox account within one business day of receipt. During the continuance of a Trigger Event, all rents deposited into the lockbox account will be swept into the cash management account daily to be held and applied in accordance with The HIGHLAND Mortgage Loan documents. If no Trigger Event is continuing, funds in the lockbox account will be disbursed to the Borrower. During the continuance of a Trigger Event, excess cash will be held in accordance with The HIGHLAND Mortgage Loan documents.

A "<u>Trigger Event</u>" will commence upon (i) the occurrence of an event of default or (ii) the debt service coverage ratio based on the prior trailing 12-month period being less than 1.10x (tested quarterly). A Trigger Event will terminate (x) with respect to <u>clause (i)</u> above, upon a cure of the event of default and (y) with respect to <u>clause (ii)</u> above, when the debt service coverage ratio has been equal to or greater than 1.15x for two consecutive calendar quarters.

***Additional Subordinate and Mezzanine Indebtedness.*** None.

***Release of Property*.** None.

***Terrorism Insurance*.** The Borrower is required to obtain and maintain property insurance for 100% of full replacement cost and business interruption insurance for 12 months plus a six-month extended period of indemnity. Such insurance is required to cover perils of terrorism and acts of terrorism. See "*Risk Factors—Risks Relating to the Mortgage Loans—Terrorism Insurance May Not Be Available for All Mortgaged Properties*" in the prospectus.

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-49 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Garden | &nbsp;&nbsp;Loan #8 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$41250000 |
| &nbsp;&nbsp;101 Blue Spring Road and 101 | &nbsp;&nbsp;**Princeton Gardens** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;69.6% |
| &nbsp;&nbsp;Princeton Avenue |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.34x |
| &nbsp;&nbsp;Princeton, NJ 08540 |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;7.9% |

---

![](n5898prets_img018.jpg)

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-50 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Garden | &nbsp;&nbsp;Loan #8 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$41250000 |
| &nbsp;&nbsp;101 Blue Spring Road and 101 | &nbsp;&nbsp;**Princeton Gardens** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;69.6% |
| &nbsp;&nbsp;Princeton Avenue |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.34x |
| &nbsp;&nbsp;Princeton, NJ 08540 |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;7.9% |

---

![](n5898prets_img019.jpg)

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-51 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Mortgage Loan No. 8 Princeton Gardens** | **Mortgage Loan No. 8 Princeton Gardens** | **Mortgage Loan No. 8 Princeton Gardens** | **Mortgage Loan No. 8 Princeton Gardens** | **Mortgage Loan No. 8 Princeton Gardens** | **Mortgage Loan No. 8 Princeton Gardens** |
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Mortgage Loan Seller:** | &nbsp;&nbsp;MF1 | &nbsp;&nbsp;MF1 | &nbsp;&nbsp;MF1 | &nbsp;&nbsp;**Single Asset/Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Credit Assessment (Fitch/MDBRS):** | &nbsp;&nbsp;NR/NR | &nbsp;&nbsp;NR/NR | &nbsp;&nbsp;NR/NR | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;Princeton, NJ 08540 |
| &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;$41250000 | &nbsp;&nbsp;$41250000 | &nbsp;&nbsp;$41250000 | &nbsp;&nbsp;**General Property Type:** | &nbsp;&nbsp;Multifamily |
| &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$41250000 | &nbsp;&nbsp;$41250000 | &nbsp;&nbsp;$41250000 | &nbsp;&nbsp;**Detailed Property Type:** | &nbsp;&nbsp;Garden |
| &nbsp;&nbsp;**% of Initial Pool Balance:** | &nbsp;&nbsp;5.6% | &nbsp;&nbsp;5.6% | &nbsp;&nbsp;5.6% | &nbsp;&nbsp;**Title Vesting:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;**Year Built/Renovated:** | &nbsp;&nbsp;1977/2023 |
| &nbsp;&nbsp;**Borrower Sponsors:** | &nbsp;&nbsp;Shimon Rieder and Yosef Goldberg | &nbsp;&nbsp;Shimon Rieder and Yosef Goldberg | &nbsp;&nbsp;Shimon Rieder and Yosef Goldberg | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;160 Units |
| &nbsp;&nbsp;**Guarantors:** | &nbsp;&nbsp;Shimon Rieder and Yosef Goldberg | &nbsp;&nbsp;Shimon Rieder and Yosef Goldberg | &nbsp;&nbsp;Shimon Rieder and Yosef Goldberg | &nbsp;&nbsp;**Cut-off Date Balance Per Unit:** | &nbsp;&nbsp;$257813 |
| &nbsp;&nbsp;**Mortgage Rate:** | &nbsp;&nbsp;5.71000% | &nbsp;&nbsp;5.71000% | &nbsp;&nbsp;5.71000% | &nbsp;&nbsp;**Maturity Date Balance Per Unit:** | &nbsp;&nbsp;$257813 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;**Property Manager:** | &nbsp;&nbsp;OakT Management LLC |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;1/6/2031 | &nbsp;&nbsp;1/6/2031 | &nbsp;&nbsp;1/6/2031 |  | &nbsp;&nbsp;(Borrower-related) |
| &nbsp;&nbsp;**Term to Maturity:** | &nbsp;&nbsp;60 Months | &nbsp;&nbsp;60 Months | &nbsp;&nbsp;60 Months |  |  |
| &nbsp;&nbsp;**Amortization Term:** | &nbsp;&nbsp;0 Months | &nbsp;&nbsp;0 Months | &nbsp;&nbsp;0 Months | &nbsp;&nbsp;**Underwriting and Financial Information** | &nbsp;&nbsp;**Underwriting and Financial Information** |
| &nbsp;&nbsp;**IO Period:** | &nbsp;&nbsp;60 Months | &nbsp;&nbsp;60 Months | &nbsp;&nbsp;60 Months | &nbsp;&nbsp;**UW NOI:** | &nbsp;&nbsp;$3246983 |
| &nbsp;&nbsp;**Seasoning:** | &nbsp;&nbsp;5 Months | &nbsp;&nbsp;5 Months | &nbsp;&nbsp;5 Months | &nbsp;&nbsp;**UW NCF:** | &nbsp;&nbsp;$3192583 |
| &nbsp;&nbsp;**Prepayment Provisions:** | &nbsp;&nbsp;L(29),D(27),O(4) | &nbsp;&nbsp;L(29),D(27),O(4) | &nbsp;&nbsp;L(29),D(27),O(4) | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;7.9% |
| &nbsp;&nbsp;**Lockbox/Cash Mgmt Status:** | &nbsp;&nbsp;Springing/Springing | &nbsp;&nbsp;Springing/Springing | &nbsp;&nbsp;Springing/Springing | &nbsp;&nbsp;**UW NCF Debt Yield:** | &nbsp;&nbsp;7.7% |
| &nbsp;&nbsp;**Additional Debt Type:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**UW NOI Debt Yield at Maturity:** | &nbsp;&nbsp;7.9% |
| &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.34x |
| &nbsp;&nbsp;**Future Debt Permitted (Type):** | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;**Most Recent NOI:** | &nbsp;&nbsp;$3,156,021 (TTM 2/28/2026) |
|  |  |  |  | &nbsp;&nbsp;**2nd Most Recent NOI<sup>(2)</sup>:** | &nbsp;&nbsp;$3,109,656 (12/31/2025) |
|  |  |  |  | &nbsp;&nbsp;**3rd Most Recent NOI<sup>(2)</sup>:** | &nbsp;&nbsp;$2,584,249 (12/31/2024) |
| &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Most Recent Occupancy:** | &nbsp;&nbsp;94.4% (3/24/2026) |
| &nbsp;&nbsp;**<u>Type</u>** | &nbsp;&nbsp;**<u>Initial</u>** | &nbsp;&nbsp;**<u>Monthly</u>** | &nbsp;&nbsp;**<u>Cap</u>** | &nbsp;&nbsp;**2nd Most Recent Occupancy:** | &nbsp;&nbsp;96.9% (12/31/2025) |
| &nbsp;&nbsp;**Tax Reserve** | &nbsp;&nbsp;$31285 | &nbsp;&nbsp;$30629 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**3rd Most Recent Occupancy:** | &nbsp;&nbsp;94.8% (12/31/2024) |
| &nbsp;&nbsp;**Insurance Reserve** | &nbsp;&nbsp;$20353 | &nbsp;&nbsp;$10177 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value (as of):** | &nbsp;&nbsp;$59,250,000 (10/13/2025) |
| &nbsp;&nbsp;**Replacement Reserve** | &nbsp;&nbsp;$35000 | &nbsp;&nbsp;$4675 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value Per Unit:** | &nbsp;&nbsp;$370313 |
| &nbsp;&nbsp;**Required Repairs** | &nbsp;&nbsp;$38375 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Cut-off Date LTV Ratio:** | &nbsp;&nbsp;69.6% |
|  |  |  |  | &nbsp;&nbsp;**Maturity Date LTV Ratio:** | &nbsp;&nbsp;69.6% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** |
| &nbsp;&nbsp;**Sources** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** | &nbsp;&nbsp;**Uses** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** |
| &nbsp;&nbsp;Mortgage Loan: | &nbsp;&nbsp;$41250000 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;Loan Payoff: | &nbsp;&nbsp;$32637212 | &nbsp;&nbsp;79.1% |
|  |  |  | &nbsp;&nbsp;Return of Equity: | &nbsp;&nbsp;$7435538 | &nbsp;&nbsp;18.0% |
|  |  |  | &nbsp;&nbsp;Closing Costs: | &nbsp;&nbsp;$1052237 | &nbsp;&nbsp;2.6% |
|  |  |  | &nbsp;&nbsp;Upfront Reserves: | &nbsp;&nbsp;$125013 | &nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;**Total Sources:** | &nbsp;&nbsp;**$41250000** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses:** | &nbsp;&nbsp;**$41250000** | &nbsp;&nbsp;**100.0%** |

---

(1) See "*Escrows and Reserves*" below.

(2) The increase in 2nd Most Recent NOI from 3rd Most Recent NOI is primarily attributable to rental rate
increases following renovations that occurred after the Borrower Sponsors (as defined below) acquired the Princeton Gardens Property (as
defined below) in December 2022.

 ****

***The Mortgage Loan.*** The eighth largest mortgage loan (the "<u>Princeton Gardens Mortgage Loan</u>") is a $41,250,000 mortgage loan secured by a first priority fee mortgage encumbering a 160-unit garden style multifamily property located in Princeton, New Jersey (the "<u>Princeton Gardens Property</u>").

***The Borrower and the Borrower Sponsors.*** The borrower for the Princeton Gardens Mortgage Loan is OT Princeton LLC, a Delaware limited liability company and single purpose entity with one independent director (the "<u>Borrower</u>"). The borrower sponsors and the non-recourse carveout guarantors for the Princeton Gardens Mortgage Loan are Shimon Rieder and Yosef Goldberg (the "<u>Borrower Sponsors</u>" or the "<u>Guarantors</u>"). The Guarantors also provided an environmental indemnity in connection with the Princeton Gardens Mortgage Loan.

Shimon Rieder and Yosef Goldberg are the co-founders of Ventus Capital, a vertically integrated multifamily owner-operator that was formed in 2015. Ventus Capital specializes in acquisition and management of multifamily properties across the New York and New Jersey markets. Ventus Capital currently owns 13 properties totaling 1,345 units. According to the Borrower Sponsors, Shimon Rieder leads acquisitions, investor relations and strategic initiatives, with a hands-on role in sourcing opportunities, capital formation and major operational decisions while Yosef Goldberg oversees day-to-day operations at Ventus Capital. The Guarantors are repeat agency borrowers.

***The Property.*** The Princeton Gardens Property is comprised of 160 garden-style units located in Princeton, New Jersey. Unit inventory at the Princeton Gardens Property consists of 79 one-bedroom units, 55 two-bedroom units, 10 three-bedroom units and 16 townhomes, with an average unit size of 1,154 square feet. The average underwritten rent per unit per month is $2,434. As of March 24, 2026, the Princeton Gardens Property was 94.4% leased. Units feature fully equipped kitchens with stainless steel appliances, an in-unit washer/dryer in renovated units and a private balcony. All units have hardwood flooring and there are on-site laundry facilities available. Community amenities include grills, a gym, tennis and pickleball courts, walking trails and a dog park. The Princeton Gardens Property features 331 parking spaces, resulting in a parking ratio of 1.6 spaces per unit.

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-52 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Garden | &nbsp;&nbsp;Loan #8 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$41250000 |
| &nbsp;&nbsp;101 Blue Spring Road and 101 | &nbsp;&nbsp;**Princeton Gardens** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;69.6% |
| &nbsp;&nbsp;Princeton Avenue |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.34x |
| &nbsp;&nbsp;Princeton, NJ 08540 |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;7.9% |

---

The Princeton Gardens Property was originally built in 1977 and renovated in 2023. The Borrower Sponsors acquired the Princeton Gardens Property in December 2022 for approximately $35.9 million (approximately $224,375 per unit). Since acquisition, the Borrower Sponsors have invested approximately $1.7 million ($24,740 per renovated unit) renovating 68 units. Renovated units have achieving rental premiums of approximately $296 per unit per month compared to unrenovated units. In addition to unit upgrades, the Borrower Sponsors invested approximately $1.0 million ($6,227 per unit) in parking-lot repaving, roof replacements, tennis-court refresh with a new pickleball court, plumbing repairs, window and HVAC repairs, landscape upgrades and a renovation of the leasing office. The Borrower Sponsors note that it is anticipated that unit renovations will continue to be completed with equity upon turnover.

 ****

The following table presents certain information relating to the residential unit mix of the Princeton Gardens Property:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Unit Mix<sup>(1)</sup>** | **Unit Mix<sup>(1)</sup>** | **Unit Mix<sup>(1)</sup>** | **Unit Mix<sup>(1)</sup>** | **Unit Mix<sup>(1)</sup>** | **Unit Mix<sup>(1)</sup>** | **Unit Mix<sup>(1)</sup>** | **Unit Mix<sup>(1)</sup>** |
| <br> **Unit Type** | &nbsp;&nbsp;&nbsp;&nbsp; <br> **# of Units** | **Avg. Unit Size (Square Feet)** | <br> **Occupancy %** | **Average In-Place Rent** | &nbsp;&nbsp;&nbsp;**Average In-Place Rent ($/SF/Month)** | **Market Rent<sup>(2)</sup>** | **Market Rent/SF<sup>(2)</sup>** |
| **Classic** |  |  |  |  |  |  |  |
| One Bedroom | 39 | 1043 | 97.4% | $2051 | $1.96 | $2100 | $2.01 |
| Two Bedroom | 37 | 1225 | 97.3% | $2411 | $1.96 | $2395 | $1.95 |
| Three Bedroom | 6 | 1359 | 83.3% | $2824 | $2.08 | $2900 | $2.13 |
| Townhome | 10 | 1347 | 100.0% | $2692 | $2.00 | $2700 | $2.00 |
| **Total / Wtd. Avg.** | **92** | **1170** | **96.7%** | **$2312** | **$1.98** | **$2336** | **$2.00** |
| **Renovated** |  |  |  |  |  |  |  |
| One Bedroom | 40 | 1056 | 87.5% | $2387 | $2.26 | $2400 | $2.27 |
| Two Bedroom | 18 | 1176 | 94.4% | $2738 | $2.33 | $2750 | $2.34 |
| Three Bedroom | 4 | 1359 | 100.0% | $3235 | $2.38 | $3250 | $2.39 |
| Townhome | 6 | 1347 | 100.0% | $3115 | $2.31 | $3100 | $2.30 |
| &nbsp;&nbsp;**Total / Wtd. Avg.** | **68** | **1131** | **91.2%** | **$2609** | **$2.29** | **$2604** | **$2.30** |
| &nbsp;&nbsp;**Total / Wtd. Avg.** | **160** | **1154** | **94.4%** | **$2434** | **$2.10** | **$2450** | **$2.12** |

---

(1) Based on the underwritten rent roll dated March 24, 2026.

(2) Market Rent per the appraisal's market rent conclusions.

***The Market.*** The Princeton Gardens Property is located in the Mercer County apartment submarket of Northern New Jersey. According to the appraisal, as of the second quarter of 2025, average rents in the Mercer County submarket were $2,255 per month, compared to the Northern New Jersey average of $2,490 per month. According to the appraisal, as of the same period, the Mercer County submarket occupancy rate was 92.4%, while the overall Northern New Jersey market was 94.7%.

Princeton, New Jersey benefits from major highways serving the area including Interstate 287 and the New Jersey Turnpike (Interstate 95), with additional access via local county routes. Residents benefit from proximity to Princeton Junction Station, approximately 10 miles south of the Princeton Gardens Property, which provides NJ Transit and Amtrak service along the Northeast Corridor. Newark Liberty International Airport is roughly 30 miles away from the Princeton Gardens Property, offering regional and national connectivity. Princeton's multifamily market is supported by an affluent resident base, with 2025 average household income within a one-, three- and five-mile radius of the Property being $200,510, $233,385 and $236,629, respectively.

The following table presents certain information relating to appraisal-identified properties with comparable rents to the Princeton Gardens Property:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Summary of Comparable Rents<sup>(1)</sup>** | **Summary of Comparable Rents<sup>(1)</sup>** | **Summary of Comparable Rents<sup>(1)</sup>** | **Summary of Comparable Rents<sup>(1)</sup>** | **Summary of Comparable Rents<sup>(1)</sup>** | **Summary of Comparable Rents<sup>(1)</sup>** |
| **Property Name** | **Distance to Property** | **Year Built** | **Occupancy** | **Units** | **Avg. Rent Per Unit** |
| **Princeton Gardens** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**1977** | &nbsp;&nbsp;**94.4%<sup>(2)</sup>** | &nbsp;&nbsp;**160** | &nbsp;&nbsp;**$2434<sup>(2)</sup>** |
| Princeton Lakeview | &nbsp;&nbsp;5.3 miles | &nbsp;&nbsp;2000 | &nbsp;&nbsp;96.0% | &nbsp;&nbsp;120 | &nbsp;&nbsp;$1848 |
| Deer Creek Apartments | &nbsp;&nbsp;6.1 miles | &nbsp;&nbsp;1975 | &nbsp;&nbsp;95.8% | &nbsp;&nbsp;288 | &nbsp;&nbsp;$2368 |
| Addison at Princeton Meadow | &nbsp;&nbsp;8.5 miles | &nbsp;&nbsp;1980 | &nbsp;&nbsp;92.0% | &nbsp;&nbsp;440 | &nbsp;&nbsp;$2350 |
| Hunters Glen | &nbsp;&nbsp;8.5 miles | &nbsp;&nbsp;1977 | &nbsp;&nbsp;98.9% | &nbsp;&nbsp;896 | &nbsp;&nbsp;$2143 |
| Green Hill Manor Apartments | &nbsp;&nbsp;5.6 miles | &nbsp;&nbsp;2007 | &nbsp;&nbsp;97.5% | &nbsp;&nbsp;282 | &nbsp;&nbsp;$2707 |
| Southridge Woods | &nbsp;&nbsp;7.2 miles | &nbsp;&nbsp;1998 | &nbsp;&nbsp;99.0% | &nbsp;&nbsp;910 | &nbsp;&nbsp;$2353 |

---

 <br> (1) *Source: Appraisal.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Information based on the underwritten rent roll dated March 24, 2026.

 

***Appraisal.*** The appraisal concluded to an "as is" value for the Princeton Gardens Property of $59,250,000 as of October 13, 2025.

***Environmental Matters.*** According to the Phase I environmental site assessment dated October 21, 2025, there was no evidence of any recognized environmental conditions at the Princeton Gardens Property.

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-53 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Garden | &nbsp;&nbsp;Loan #8 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$41250000 |
| &nbsp;&nbsp;101 Blue Spring Road and 101 | &nbsp;&nbsp;**Princeton Gardens** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;69.6% |
| &nbsp;&nbsp;Princeton Avenue |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.34x |
| &nbsp;&nbsp;Princeton, NJ 08540 |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;7.9% |

---

***Operating History and Underwritten Net Cash Flow.*** The following table presents certain information relating to the historical operating performance and underwritten net cash flow at the Princeton Gardens Property:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Cash Flow Analysis<sup>(1)</sup>** | **Cash Flow Analysis<sup>(1)</sup>** | **Cash Flow Analysis<sup>(1)</sup>** | **Cash Flow Analysis<sup>(1)</sup>** | **Cash Flow Analysis<sup>(1)</sup>** | **Cash Flow Analysis<sup>(1)</sup>** |
|  | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**TTM 2/28/2026** | &nbsp;&nbsp;**UW** | &nbsp;&nbsp;**UW per Unit** |
| &nbsp;&nbsp;Gross Potential Rent<sup>(2)</sup> | &nbsp;&nbsp;$4040573 | &nbsp;&nbsp;$4480125 | &nbsp;&nbsp;$4542581 | &nbsp;&nbsp;$4675572 | &nbsp;&nbsp;$29222 |
| &nbsp;&nbsp;Vacancy | &nbsp;&nbsp;($211564) | &nbsp;&nbsp;($139352) | &nbsp;&nbsp;($162044) | &nbsp;&nbsp;($263001) | &nbsp;&nbsp;($1644) |
| &nbsp;&nbsp;Credit Loss | &nbsp;&nbsp;($33881) | &nbsp;&nbsp;($21997) | &nbsp;&nbsp;($21997) | &nbsp;&nbsp;($22640) | &nbsp;&nbsp;($142) |
| &nbsp;&nbsp;Concessions | &nbsp;&nbsp;($39350) | &nbsp;&nbsp;($22600) | &nbsp;&nbsp;($16800) | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;**Net Rental Income** | &nbsp;&nbsp;**$3755779** | &nbsp;&nbsp;**$4296177** | &nbsp;&nbsp;**$4341741** | &nbsp;&nbsp;**$4389931** | &nbsp;&nbsp;**$27437** |
| &nbsp;&nbsp;Other Income | &nbsp;&nbsp; $255714 | &nbsp;&nbsp; $255712 | &nbsp;&nbsp; $275080 | &nbsp;&nbsp; $326128 | &nbsp;&nbsp; $2038 |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$4011493** | &nbsp;&nbsp;**$4551889** | &nbsp;&nbsp;**$4616820** | &nbsp;&nbsp;**$4716058** | &nbsp;&nbsp;**$29475** |
| &nbsp;&nbsp;Real Estate Taxes | &nbsp;&nbsp;$353177 | &nbsp;&nbsp;$359667 | &nbsp;&nbsp;$360749 | &nbsp;&nbsp;$362913 | &nbsp;&nbsp;$2268 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;$98420 | &nbsp;&nbsp;$112706 | &nbsp;&nbsp;$114397 | &nbsp;&nbsp;$116304 | &nbsp;&nbsp;$727 |
| &nbsp;&nbsp;Other Expenses | &nbsp;&nbsp; $975648 | &nbsp;&nbsp; $969860 | &nbsp;&nbsp; $985654 | &nbsp;&nbsp; $989859 | &nbsp;&nbsp; $6187 |
| &nbsp;&nbsp;**Total Expenses** | &nbsp;&nbsp;**$1427245** | &nbsp;&nbsp;**$1442233** | &nbsp;&nbsp;**$1460800** | &nbsp;&nbsp;**$1469075** | &nbsp;&nbsp;**$9182** |
| &nbsp;&nbsp;**Net Operating Income<sup>(3)</sup>** | &nbsp;&nbsp;**$2584249** | &nbsp;&nbsp;**$3109656** | &nbsp;&nbsp;**$3156021** | &nbsp;&nbsp;**$3246983** | &nbsp;&nbsp;**$20294** |
| &nbsp;&nbsp;Replacement Reserves | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $54400 | &nbsp;&nbsp; $340 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$2584249** | &nbsp;&nbsp;**$3109656** | &nbsp;&nbsp;**$3156021** | &nbsp;&nbsp;**$3192583** | &nbsp;&nbsp;**$19954** |
| &nbsp;&nbsp;**Occupancy %<sup>(4)</sup>** | &nbsp;&nbsp;**94.8%** | &nbsp;&nbsp;**96.9%** | &nbsp;&nbsp;**96.4%** | &nbsp;&nbsp;**93.9%** |  |
| &nbsp;&nbsp;**NOI DSCR** | &nbsp;&nbsp;**1.08x** | &nbsp;&nbsp;**1.30x** | &nbsp;&nbsp;**1.32x** | &nbsp;&nbsp;**1.36x** |  |
| &nbsp;&nbsp;**NCF DSCR** | &nbsp;&nbsp;**1.08x** | &nbsp;&nbsp;**1.30x** | &nbsp;&nbsp;**1.32x** | &nbsp;&nbsp;**1.34x** |  |
| &nbsp;&nbsp;**NOI Debt Yield** | &nbsp;&nbsp;**6.3%** | &nbsp;&nbsp;**7.5%** | &nbsp;&nbsp;**7.7%** | &nbsp;&nbsp;**7.9%** |  |
| &nbsp;&nbsp;**NCF Debt Yield** | &nbsp;&nbsp;**6.3%** | &nbsp;&nbsp;**7.5%** | &nbsp;&nbsp;**7.7%** | &nbsp;&nbsp;**7.7%** |  |

---

 <br> (1) Certain items such as interest expense, interest income, depreciation, amortization, debt service payments and any other non-recurring items were excluded from the historical presentation and are not considered for the underwritten cash flow.

&nbsp;&nbsp;&nbsp;&nbsp;(2) UW Gross Potential Rent is based on the underwritten rent roll dated March 24,
2026. &nbsp;&nbsp;&nbsp;&nbsp;(3) The increase in 2025 Net Operating Income from 2024 Net Operating Income is primarily
attributable to rental rate increases following renovations that occurred after the Borrower Sponsors acquired the Princeton Gardens Property
in December 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(4) UW Occupancy % is based on economic occupancy while historical figures represent
physical occupancy.

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-54 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Garden | &nbsp;&nbsp;Loan #8 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$41250000 |
| &nbsp;&nbsp;101 Blue Spring Road and 101 | &nbsp;&nbsp;**Princeton Gardens** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;69.6% |
| &nbsp;&nbsp;Princeton Avenue |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.34x |
| &nbsp;&nbsp;Princeton, NJ 08540 |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;7.9% |

---

***Escrows and Reserves.***

*RE Tax Reserve –* At origination, the Borrower was required to deposit $31,285 for real estate taxes. On a monthly basis, the Borrower is required to make deposits of one-twelfth of the projected annual real estate taxes (initially estimated to be $30,629).

*Insurance Reserve –* At origination, the Borrower was required to deposit $20,353 for insurance. On a monthly basis, the Borrower is required to make deposits of one-twelfth of the projected annual insurance premiums (initially estimated to be $10,177); *provided, however*, so long as no event of default has occurred and is continuing and the lender has been provided proof that a blanket insurance policy is in place and is being maintained, monthly insurance deposits will not be required.

*Replacement Reserve –* At origination, the Borrower was required to deposit $35,000 for replacement reserves. On a monthly basis, the Borrower is required to make deposits of $4,675 (approximately $351 per unit, *per annum*) to be used for capital expenditures.

*Required Repairs Reserve –* At origination, the Borrower was required to deposit $38,375 for immediate repairs to be completed in accordance with the Princeton Gardens Mortgage Loan documents.

***Lockbox and Cash Management.*** The Princeton Gardens Mortgage Loan is structured with a springing lockbox and springing cash management. Upon the occurrence of a Trigger Event (as defined below), the Borrower will be required to establish a lockbox account and cash management account and deposit, or cause to be deposited, all rents into the lockbox account within two business days of receipt. During the continuance of a Trigger Event, all rents deposited into the lockbox account will be swept into the cash management account daily to be held and applied in accordance with the Princeton Gardens Mortgage Loan documents. If no Trigger Event is continuing, funds in the lockbox account will be disbursed to the Borrower. During the continuance of a Trigger Event, excess cash will be held in accordance with the Princeton Gardens Mortgage Loan documents.

A "<u>Trigger Event</u>" will commence upon (i) the occurrence of an event of default or (ii) the debt service coverage ratio based on the prior trailing 12-month period being less than 1.10x (tested quarterly), unless within five business days of notice, the Borrower deposits the amount that, if applied to the outstanding principal balance of the Princeton Gardens Mortgage Loan, would result in the debt service coverage ratio being equal to or greater than 1.10x, either in the form of (a) cash to be held in a trigger avoidance reserve and disbursed to the Borrower upon the cure of such Trigger Event or (b) a letter of credit in accordance with the Princeton Gardens Mortgage Loan documents. A Trigger Event will terminate (x) with respect to <u>clause (i)</u> above, upon a cure of the event of default and (y) with respect to <u>clause (ii)</u> above, when the debt service coverage ratio has been equal to or greater than 1.10x for two consecutive calendar quarters.

***Additional Subordinate and Mezzanine Indebtedness.*** None.

***Release of Property*.** None.

***Terrorism Insurance*.** The Borrower is required to obtain and maintain property insurance for 100% of full replacement cost and business interruption insurance for 12 months plus a 6-month extended period of indemnity. Such insurance is required to cover perils of terrorism and acts of terrorism. See "*Risk Factors—Risks Relating to the Mortgage Loans—Terrorism Insurance May Not Be Available for All Mortgaged Properties*" in the prospectus.

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-55 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Low Rise | &nbsp;&nbsp;Loan #9 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$40000000 |
| &nbsp;&nbsp;20 Franklin Lane | &nbsp;&nbsp;**The Exchange on Franklin** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;67.6% |
| &nbsp;&nbsp;Manalapan, NJ 07726 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.33x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;7.8% |

---

![](n5898prets_img020.jpg)

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-56 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Low Rise | &nbsp;&nbsp;Loan #9 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$40000000 |
| &nbsp;&nbsp;20 Franklin Lane | &nbsp;&nbsp;**The Exchange on Franklin** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;67.6% |
| &nbsp;&nbsp;Manalapan, NJ 07726 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.33x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;7.8% |

---

![](n5898prets_img021.jpg)

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-57 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Mortgage Loan No. 9 The Exchange on Franklin** | **Mortgage Loan No. 9 The Exchange on Franklin** | **Mortgage Loan No. 9 The Exchange on Franklin** | **Mortgage Loan No. 9 The Exchange on Franklin** | **Mortgage Loan No. 9 The Exchange on Franklin** | **Mortgage Loan No. 9 The Exchange on Franklin** |
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Mortgage Loan Seller:** | &nbsp;&nbsp;MF1 | &nbsp;&nbsp;MF1 | &nbsp;&nbsp;MF1 | &nbsp;&nbsp;**Single Asset/Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Credit Assessment (Fitch/MDBRS):** | &nbsp;&nbsp;NAP/NAP | &nbsp;&nbsp;NAP/NAP | &nbsp;&nbsp;NAP/NAP | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;Manalapan, NJ 07726 |
| &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;$40000000 | &nbsp;&nbsp;$40000000 | &nbsp;&nbsp;$40000000 | &nbsp;&nbsp;**General Property Type:** | &nbsp;&nbsp;Multifamily |
| &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$40000000 | &nbsp;&nbsp;$40000000 | &nbsp;&nbsp;$40000000 | &nbsp;&nbsp;**Detailed Property Type:** | &nbsp;&nbsp;Low Rise |
| &nbsp;&nbsp;**% of Initial Pool Balance:** | &nbsp;&nbsp;5.4% | &nbsp;&nbsp;5.4% | &nbsp;&nbsp;5.4% | &nbsp;&nbsp;**Title Vesting:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;**Year Built/Renovated:** | &nbsp;&nbsp;2024/NAP |
| &nbsp;&nbsp;**Borrower Sponsors:** | &nbsp;&nbsp;Justin Gmelich and John Giunco | &nbsp;&nbsp;Justin Gmelich and John Giunco | &nbsp;&nbsp;Justin Gmelich and John Giunco | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;168 Units |
| &nbsp;&nbsp;**Guarantors:** | &nbsp;&nbsp;Justin Gmelich and John Giunco | &nbsp;&nbsp;Justin Gmelich and John Giunco | &nbsp;&nbsp;Justin Gmelich and John Giunco | &nbsp;&nbsp;**Cut-off Date Balance Per Unit:** | &nbsp;&nbsp;$238095 |
| &nbsp;&nbsp;**Mortgage Rate:** | &nbsp;&nbsp;5.74300% | &nbsp;&nbsp;5.74300% | &nbsp;&nbsp;5.74300% | &nbsp;&nbsp;**Maturity Date Balance Per Unit:** | &nbsp;&nbsp;$238095 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;9/2/2025 | &nbsp;&nbsp;9/2/2025 | &nbsp;&nbsp;9/2/2025 | &nbsp;&nbsp;**Property Manager:** | &nbsp;&nbsp;Willow Bridge Eastern Management Corporation |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;9/6/2030 | &nbsp;&nbsp;9/6/2030 | &nbsp;&nbsp;9/6/2030 |  |  |
| &nbsp;&nbsp;**Term to Maturity:** | &nbsp;&nbsp;60 Months | &nbsp;&nbsp;60 Months | &nbsp;&nbsp;60 Months | &nbsp;&nbsp;**Underwriting and Financial Information** | &nbsp;&nbsp;**Underwriting and Financial Information** |
| &nbsp;&nbsp;**Amortization Term:** | &nbsp;&nbsp;0 Months | &nbsp;&nbsp;0 Months | &nbsp;&nbsp;0 Months | &nbsp;&nbsp;**UW NOI<sup>(2)</sup>:** | &nbsp;&nbsp;$3134030 |
| &nbsp;&nbsp;**IO Period:** | &nbsp;&nbsp;60 Months | &nbsp;&nbsp;60 Months | &nbsp;&nbsp;60 Months | &nbsp;&nbsp;**UW NCF:** | &nbsp;&nbsp;$3092030 |
| &nbsp;&nbsp;**Seasoning:** | &nbsp;&nbsp;9 Months | &nbsp;&nbsp;9 Months | &nbsp;&nbsp;9 Months | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;7.8% |
| &nbsp;&nbsp;**Prepayment Provisions:** | &nbsp;&nbsp;L(33),D(23),O(4) | &nbsp;&nbsp;L(33),D(23),O(4) | &nbsp;&nbsp;L(33),D(23),O(4) | &nbsp;&nbsp;**UW NCF Debt Yield:** | &nbsp;&nbsp;7.7% |
| &nbsp;&nbsp;**Lockbox/Cash Mgmt Status:** | &nbsp;&nbsp;Springing/Springing | &nbsp;&nbsp;Springing/Springing | &nbsp;&nbsp;Springing/Springing | &nbsp;&nbsp;**UW NOI Debt Yield at Maturity:** | &nbsp;&nbsp;7.8% |
| &nbsp;&nbsp;**Additional Debt Type:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.33x |
| &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Most Recent NOI<sup>(2)(3)</sup>:** | &nbsp;&nbsp;$2,769,391 (T3 Ann. 3/31/2026) |
| &nbsp;&nbsp;**Future Debt Permitted (Type):** | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;**2nd Most Recent NOI<sup>(4)</sup>:** | &nbsp;&nbsp;$2,135,368 (TTM 3/31/2026) |
|  |  |  |  | &nbsp;&nbsp;**3rd Most Recent NOI<sup>(4)</sup>:** | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Most Recent Occupancy:** | &nbsp;&nbsp;93.5% (4/5/2026) |
| &nbsp;&nbsp;**<u>Type</u>** | &nbsp;&nbsp;**<u>Initial</u>** | &nbsp;&nbsp;**<u>Monthly</u>** | &nbsp;&nbsp;**<u>Cap</u>** | &nbsp;&nbsp;**2nd Most Recent Occupancy<sup>(4)</sup>:** | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;**Tax Reserve** | &nbsp;&nbsp;$298667 | &nbsp;&nbsp;$36890 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**3rd Most Recent Occupancy<sup>(4)</sup>:** | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;**Insurance Reserve** | &nbsp;&nbsp;$19703 | &nbsp;&nbsp;$19703 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value (as of):** | &nbsp;&nbsp;$59,200,000 (8/1/2025) |
| &nbsp;&nbsp;**Replacement Reserve** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$2800 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value Per Unit:** | &nbsp;&nbsp;$352381 |
|  |  |  |  | &nbsp;&nbsp;**Cut-off Date LTV Ratio:** | &nbsp;&nbsp;67.6% |
|  |  |  |  | &nbsp;&nbsp;**Maturity Date LTV Ratio:** | &nbsp;&nbsp;67.6% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** |
| &nbsp;&nbsp;**Sources** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** | &nbsp;&nbsp;**Uses** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** |
| &nbsp;&nbsp;Mortgage Loan: | &nbsp;&nbsp;$40000000 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;Loan Payoff: | &nbsp;&nbsp; $30188348 | &nbsp;&nbsp;75.5% |
|  |  |  | &nbsp;&nbsp;Return of Equity: | &nbsp;&nbsp; $8702115 | &nbsp;&nbsp;21.8% |
|  |  |  | &nbsp;&nbsp;Closing Costs: | &nbsp;&nbsp; $791167 | &nbsp;&nbsp;2.0% |
|  |  |  | &nbsp;&nbsp;Upfront Reserves: | &nbsp;&nbsp; $318370 | &nbsp;&nbsp;0.8% |
| &nbsp;&nbsp;**Total Sources:** | &nbsp;&nbsp;**$40000000** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses:** | &nbsp;&nbsp;**$40000000** | &nbsp;&nbsp;**100.0%** |

---

(1) See "*Escrows and Reserves*" below.

(2) The increase in UW NOI from Most Recent NOI is primarily attributable to: (i) additional incremental leasing,
(ii) burn-off of concessions provided through the initial lease-up of The Exchange on Franklin Property (as defined below) and (iii) reduced
expected operating expenses anticipated upon stabilization.

(3) Most Recent NOI is representative of trailing 3-month annualized revenues and trailing 12-month expenses.
Most Recent NOI reflects trailing three-month annualized revenues given the Exchange on Franklin Property has recently completed their
initial lease-up after having received final certificate of occupancy in January 2025.

(4) Historical financials and occupancy are not available as The Exchange on Franklin Property was constructed
in 2024 and received its final certificate of occupancy in January 2025.

 ****

***The Mortgage Loan.*** The ninth largest mortgage loan ("<u>The Exchange on Franklin Mortgage Loan</u>") is a $40,000,000 mortgage loan secured by a first priority fee mortgage encumbering a 168 unit, low rise apartment community located in Manalapan, New Jersey ("<u>The Exchange on Franklin Property</u>").

***The Borrower and the Borrower Sponsors.*** The borrower for The Exchange on Franklin Mortgage Loan is Manalapan Residential Development, LLC, a Delaware limited liability company and single purpose entity with one independent director (the "<u>Borrower</u>"). The borrower sponsors and non-recourse carveout guarantors for The Exchange on Franklin Mortgage Loan are John Giunco and Justin Gmelich (the "<u>Borrower Sponsors</u>" and "<u>Guarantors</u>"). The Guarantors also provided an environmental indemnity in connection with The Exchange on Franklin Mortgage Loan.

John Giunco and Justin Gmelich are the founders of JG Squared, a developer and owner of multifamily projects within New Jersey. JG Squared owns approximately 1,200 units across seven projects, inclusive of The Exchange on Franklin Property. John Giunco is the Chairman of the Real Estate, Land Use, and Development Practice group at Giordano, Halleran & Ciesla, a law firm in Central New Jersey, and has been a real estate developer in New Jersey for over 40 years. Justin Gmelich also works as the Co-Chief Investment Officer at Millennium Management. The Guarantors are repeat agency borrowers.

***The Property.*** The Exchange on Franklin Property is a recently built, low rise apartment community located in Manalapan, New Jersey. The Exchange on Franklin Property is comprised of 168 units, of which 117 (69.6%) are rented at fair market and 51 (30.4%) are classified as affordable housing. Unit inventory is comprised of 78 one-bedroom units, 78 two-bedroom units and 12 three-bedroom units, with an aggregate average unit size of 957 square feet. The average underwritten rent for the affordable units is $1,305, while the fair market units have an average underwritten rent of $2,810. The Exchange on Franklin Property was built in 2024 and obtained its final certificate of occupancy in January 2025. As of April 5, 2026, The Exchange on Franklin

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-58 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Low Rise | &nbsp;&nbsp;Loan #9 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$40000000 |
| &nbsp;&nbsp;20 Franklin Lane | &nbsp;&nbsp;**The Exchange on Franklin** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;67.6% |
| &nbsp;&nbsp;Manalapan, NJ 07726 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.33x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;7.8% |

---

Property was 93.5% leased with no concessions having been offered since October 2025. Units feature 9-foot ceilings, stainless steel appliances, smart home technology, quartz countertops, backsplashes, a washer/dryer, walk-in closets, carpeted bedrooms and a balcony/patio in every unit. Community amenities include a clubhouse with a lounge, pool, a fitness center, fire pits and a coffee bar.

The Borrower Sponsors acquired the development site for The Exchange on Franklin Property in 2021 for approximately $4.6 million, and delivered The Exchange on Franklin Property in August 2024. The Exchange on Franklin Property received all of its certificates of occupancy on the various buildings by January 2025. The total development cost basis was approximately $43.7 million and following The Exchange on Franklin Mortgage Loan origination, the Borrower Sponsors will have approximately $4.9 million of equity remaining.

The Exchange on Franklin Property is subject to a 30-year deed restriction, ending in February 2054, that requires 51 of the 168 units at The Exchange on Franklin Property to be designated as affordable housing pursuant to the New Jersey affordable housing guidelines. Specifically, (i) seven units are required to be rented to households whose income is no greater than 30% of the area median income ("<u>AMI</u>"), (ii) 19 units are required to be rented to households whose income is equal to 50% of the AMI and (iii) 25 units are required to be rented to households whose income is no greater than 80% of the AMI. Annual rent increases are tied to regional income levels published by the New Jersey Housing and Mortgage Finance Agency.

The following table presents certain information relating to the residential unit mix of The Exchange on Franklin Property:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** |
|  <br> **Unit Type** | &nbsp;&nbsp;&nbsp;&nbsp; <br> **# of Units** | &nbsp;&nbsp;**Avg. Unit Size (Square Feet)** | &nbsp;&nbsp; <br> **Occupancy %** | &nbsp;&nbsp;**Average In-Place Rent** | &nbsp;&nbsp;**Average In-Place Rent ($/SF/Month)** | &nbsp;&nbsp;**Market Rent<sup>(2)</sup>** | &nbsp;&nbsp; **Market Rent/SF<sup>(2)</sup>** |
| **Fair Market** |  |  |  |  |  |  |  |
| One Bedroom | &nbsp;&nbsp;68 | &nbsp;&nbsp;772 | &nbsp;&nbsp;88.2% | &nbsp;&nbsp;$2526 | &nbsp;&nbsp;$3.28 | &nbsp;&nbsp;$2600 | &nbsp;&nbsp;$3.37 |
| Two Bedroom | &nbsp;&nbsp;48 | &nbsp;&nbsp;1180 | &nbsp;&nbsp;95.8% | &nbsp;&nbsp;$3164 | &nbsp;&nbsp;$2.68 | &nbsp;&nbsp;$3100 | &nbsp;&nbsp;**$2.63** |
| Three Bedroom | &nbsp;&nbsp;1 | &nbsp;&nbsp;1122 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$3570 | &nbsp;&nbsp;$3.18 | &nbsp;&nbsp;$3600 | &nbsp;&nbsp;$3.21 |
| **Total/Wtd. Avg.** | &nbsp;&nbsp;**117** | &nbsp;&nbsp;**942** | &nbsp;&nbsp;**91.5%** | &nbsp;&nbsp;**$2810** | &nbsp;&nbsp;**$2.96** | &nbsp;&nbsp;**$2814** | &nbsp;&nbsp;**$2.99** |
| **Affordable** |  |  |  |  |  |  |  |
| One Bedroom | &nbsp;&nbsp;10 | &nbsp;&nbsp;731 | &nbsp;&nbsp;90.0% | &nbsp;&nbsp;$1100 | &nbsp;&nbsp;$1.51 | &nbsp;&nbsp;$1096 | &nbsp;&nbsp;$1.50 |
| Two Bedroom | &nbsp;&nbsp;30 | &nbsp;&nbsp;1028 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$1284 | &nbsp;&nbsp;$1.25 | &nbsp;&nbsp;$1300 | &nbsp;&nbsp;$1.26 |
| Three Bedroom | &nbsp;&nbsp;11 | &nbsp;&nbsp;1122 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$1532 | &nbsp;&nbsp;$1.37 | &nbsp;&nbsp;$1506 | &nbsp;&nbsp;$1.34 |
| **Total/Wtd. Avg.** | &nbsp;&nbsp;**51** | &nbsp;&nbsp;**990** | &nbsp;&nbsp;**98.0%** | &nbsp;&nbsp;**$1305** | &nbsp;&nbsp;**$1.31** | &nbsp;&nbsp;**$1304** | &nbsp;&nbsp;**$1.32** |
| **Total / Wtd. Avg.** | &nbsp;&nbsp;**168** | &nbsp;&nbsp;**957** | &nbsp;&nbsp;**93.5%** | &nbsp;&nbsp; **$2331** | &nbsp;&nbsp;**$2.42** | &nbsp;&nbsp;**$2356** | &nbsp;&nbsp;**$2.46** |

---

 <br> (1) Based on the underwritten rent roll dated April 5, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Market Rent per the appraisal's market rent conclusions.

 ****

***The Market.*** The Exchange on Franklin Property is located in Manalapan, New Jersey within the West Monmouth County submarket, which posted a vacancy rate, average effective rent and total inventory of 6.00%, $2,459 and 3,451 units, respectively, as of the third quarter of 2025. During the same period, it is reported that there were 360 additional units under construction within the submarket.

The West Monmouth County submarket is positioned within central New Jersey, approximately 40 miles south of New York City and approximately 60 miles east of Philadelphia. The 2025 estimated population within a one-, three- and five-mile radius of The Exchange on Franklin Property was 6,743, 52,832 and 116,739, respectively, and the average household income within the same radii was $226,504, $204,342 and $187,453, respectively. Access to Route 9, NJ-18 and NJ-33 provide the ability for residents at The Exchange on Franklin Property to reach nearby shopping, recreation and employment centers.

The following table presents certain information relating to appraisal-identified properties with comparable rents to The Exchange on Franklin Property:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Summary of Multifamily Properties<sup>(1)</sup>** | **Summary of Multifamily Properties<sup>(1)</sup>** | **Summary of Multifamily Properties<sup>(1)</sup>** | **Summary of Multifamily Properties<sup>(1)</sup>** | **Summary of Multifamily Properties<sup>(1)</sup>** | **Summary of Multifamily Properties<sup>(1)</sup>** |
| **Property Name** | &nbsp;&nbsp;**Distance to Property** | **Year Built** | **Occupancy** | **Units** | **Avg. Rent Per Unit<sup>(2)</sup>** |
| **The Exchange on Franklin** | &nbsp;&nbsp;**NAP** | **2024** | **93.5%<sup>(3)</sup>** | **168** | **$3164<sup>(4)</sup>** |
| 99 Bridge | &nbsp;&nbsp;5.1 miles | 2021 | 96.0% | 150 | $3189 |
| Avalon Old Bridge | &nbsp;&nbsp;5.9 miles | 2020 | 100.0% | 252 | $2809 |
| Matawan Town Center | &nbsp;&nbsp;9.2 miles | 2021 | 100.0% | 51 | $2642 |
| Oak Tree Plaza | &nbsp;&nbsp;8.8 miles | 2023 | 100.0% | 36 | $2854 |
| The Lofts at Monroe Parke | &nbsp;&nbsp;6.7 miles | 2020 | 96.0% | 79 | $3075 |
| Beacon Hill Apartments | &nbsp;&nbsp;7.4 miles | 2024 | 96.0% | 285 | $3165 |

---

 <br> (1) *Source: Appraisal.*

&nbsp;&nbsp;&nbsp;&nbsp;(2) Avg. Rent Per Unit is based on the market rent for two bedroom units as set forth
in the appraisal unless stated otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Information based on the underwritten rent roll dated April 5, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Based on the average in place rents for fair market two-bedroom units at The Exchange on Franklin Property as of the underwritten rent
roll dated April 5, 2026.

 

 

***Appraisal.*** The appraisal concluded to an "as is" value for The Exchange on Franklin Property of $59,200,000 as of August 1, 2025.

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-59 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Low Rise | &nbsp;&nbsp;Loan #9 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$40000000 |
| &nbsp;&nbsp;20 Franklin Lane | &nbsp;&nbsp;**The Exchange on Franklin** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;67.6% |
| &nbsp;&nbsp;Manalapan, NJ 07726 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.33x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;7.8% |

---

***Environmental Matters.*** According to the Phase I environmental site assessment dated August 5, 2025, there was no evidence of any recognized environmental conditions at The Exchange on Franklin Property.

***Operating History and Underwritten Net Cash Flow.*** The following table presents certain information relating to the historical operating performance and underwritten net cash flow at The Exchange on Franklin Property:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)(2)</sup>** |
|  | &nbsp;&nbsp;**TTM 3/31/2026** | &nbsp;&nbsp;**T3 Ann. 3/31/2026 <sup>(3)</sup>** | &nbsp;&nbsp;**UW** | &nbsp;&nbsp;**UW per Unit** |
| &nbsp;&nbsp;Gross Potential Rent<sup>(4)</sup> | &nbsp;&nbsp;$4668482 | &nbsp;&nbsp;$4717468 | &nbsp;&nbsp;$4746444 | &nbsp;&nbsp;$28253 |
| &nbsp;&nbsp;Vacancy | &nbsp;&nbsp;($649011) | &nbsp;&nbsp;($257402) | &nbsp;&nbsp;($258983) | &nbsp;&nbsp;($1542) |
| &nbsp;&nbsp;Credit Loss | &nbsp;&nbsp;($12905) | &nbsp;&nbsp;($46216) | &nbsp;&nbsp;($13121) | &nbsp;&nbsp;($78) |
| &nbsp;&nbsp;Concessions | &nbsp;&nbsp;($176010) | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;**Net Rental Income** | &nbsp;&nbsp;**$3830556** | &nbsp;&nbsp;**$4413850** | &nbsp;&nbsp;**$4474340** | &nbsp;&nbsp;**$26633** |
| &nbsp;&nbsp;Other Income | &nbsp;&nbsp; $220275 | &nbsp;&nbsp; $271004 | &nbsp;&nbsp; $271004 | &nbsp;&nbsp; $1613 |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$4050831** | &nbsp;&nbsp;**$4684854** | &nbsp;&nbsp;**$4745344** | &nbsp;&nbsp;**$28246** |
| &nbsp;&nbsp;Real Estate Taxes | &nbsp;&nbsp;$527834 | &nbsp;&nbsp;$527834 | &nbsp;&nbsp;$432714<sup>(5)</sup> | &nbsp;&nbsp;$2576 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;$171517 | &nbsp;&nbsp;$171517 | &nbsp;&nbsp;$163453 | &nbsp;&nbsp;$973 |
| &nbsp;&nbsp;Other Expenses | &nbsp;&nbsp; $1216112 | &nbsp;&nbsp; $1216112 | &nbsp;&nbsp; $1015148 | &nbsp;&nbsp; $6043 |
| &nbsp;&nbsp;**Total Expenses** | &nbsp;&nbsp;**$1915463** | &nbsp;&nbsp;**$1915463** | &nbsp;&nbsp;**$1611315** | &nbsp;&nbsp;**$9591** |
| &nbsp;&nbsp;**Net Operating Income<sup>(5)</sup>** | &nbsp;&nbsp;**$2135368** | &nbsp;&nbsp;**$2769391** | &nbsp;&nbsp;**$3134030** | &nbsp;&nbsp;**$18655** |
| &nbsp;&nbsp;Replacement Reserves | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $42000 | &nbsp;&nbsp; $250 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$2135368** | &nbsp;&nbsp;**$2769391** | &nbsp;&nbsp;**$3092030** | &nbsp;&nbsp;**$18405** |
| &nbsp;&nbsp;**Occupancy %<sup>(6)</sup>** | &nbsp;&nbsp;**86.1%** | &nbsp;&nbsp;**94.5%** | &nbsp;&nbsp;**94.3%** |  |
| &nbsp;&nbsp;**NOI DSCR** | &nbsp;&nbsp;**0.92x** | &nbsp;&nbsp;**1.19x** | &nbsp;&nbsp;**1.35x** |  |
| &nbsp;&nbsp;**NCF DSCR** | &nbsp;&nbsp;**0.92x** | &nbsp;&nbsp;**1.19x** | &nbsp;&nbsp;**1.33x** |  |
| &nbsp;&nbsp;**NOI Debt Yield** | &nbsp;&nbsp;**5.3%** | &nbsp;&nbsp;**6.9%** | &nbsp;&nbsp;**7.8%** |  |
| &nbsp;&nbsp;**NCF Debt Yield** | &nbsp;&nbsp;**5.3%** | &nbsp;&nbsp;**6.9%** | &nbsp;&nbsp;**7.7%** |  |

---

 <br> (1) Historical financial and occupancy information is not available because The Exchange on Franklin Property was constructed in 2024 and received its final certificate of occupancy in January 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Certain items such as interest expense, interest income, depreciation, amortization,
debt service payments and any other non-recurring items were excluded from the historical presentation and are not considered for the
underwritten cash flow.

&nbsp;&nbsp;&nbsp;&nbsp;(3) T3 Ann. 3/31/2026 Net Operating Income is representative of trailing 3-month annualized
revenues as of March 31, 2026 and trailing 12-month expenses as of March 31, 2026. T3 Ann. Net Operating Income reflects trailing three-month
annualized revenues given the Exchange on Franklin Property has recently completed their initial lease-up after having received final
certificate of occupancy in January 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(4) UW Gross Potential Rent is based on the underwritten rent roll dated April 5, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(5) The increase in UW Net Operating Income from TTM 3/31/2026 Net Operating Income is
primarily attributable to: (i) additional incremental leasing, (ii) burn-off of concessions provided through the initial lease-up of The
Exchange on Franklin Property and (iii) reduced expected operating expenses anticipated upon stabilization.

&nbsp;&nbsp;&nbsp;&nbsp;(6) UW Occupancy % represents economic occupancy and historical occupancy represents
physical occupancy.

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-60 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Low Rise | &nbsp;&nbsp;Loan #9 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$40000000 |
| &nbsp;&nbsp;20 Franklin Lane | &nbsp;&nbsp;**The Exchange on Franklin** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;67.6% |
| &nbsp;&nbsp;Manalapan, NJ 07726 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.33x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;7.8% |

---

***Escrows and Reserves.***

*RE Tax Reserve –* At origination, the Borrower was required to deposit $298,667 for real estate taxes. On a monthly basis, the Borrower is required to make deposits of one-twelfth of the projected annual real estate taxes (initially estimated to be $36,890).

*Insurance Reserve –* At origination, the Borrower was required to deposit $19,703 for insurance. On a monthly basis, the Borrower is required to make deposits of one-twelfth of the projected annual insurance premiums (initially estimated to be $19,703); *provided, however*, so long as no event of default has occurred and is continuing and the lender has been provided proof that a blanket insurance policy is in place and is being maintained, monthly insurance deposits will not be required.

*Replacement Reserve –* On a monthly basis, the Borrower is required to make deposits of $2,800 to be used for capital expenditures.

***Lockbox and Cash Management.*** The Exchange on Franklin Mortgage Loan is structured with a springing lockbox and springing cash management. Upon the occurrence of a Trigger Event (as defined below), the Borrower will be required to establish a lockbox account and cash management account and deposit, or cause to be deposited, all rents into the lockbox account within one business day of receipt. During the continuance of a Trigger Event, all rents deposited into the lockbox account will be swept into the cash management account daily to be held and applied in accordance with The Exchange on Franklin Mortgage Loan documents. If no Trigger Event is continuing, funds in the lockbox account will be disbursed to the Borrower. During the continuance of a Trigger Event, excess cash will be held in accordance with The Exchange on Franklin Mortgage Loan documents.

A "<u>Trigger Event</u>" will commence upon (i) the occurrence of an event of default or (ii) the debt service coverage ratio based on the prior trailing 12-month period being less than 1.10x (tested quarterly). A Trigger Event will terminate (x) with respect to <u>clause (i)</u> above, upon a cure of the event of default and (y) with respect to <u>clause (ii)</u> above, when the debt service coverage ratio has been equal to or greater than 1.20x for two consecutive calendar quarters.

***Additional Subordinate and Mezzanine Indebtedness.*** None.

***Release of Property*.** None.

***Terrorism Insurance*.** The Borrower is required to obtain and maintain property insurance for 100% of full replacement cost and business interruption insurance for 12 months plus a six-month extended period of indemnity. Such insurance is required to cover perils of terrorism and acts of terrorism. See "*Risk Factors—Risks Relating to the Mortgage Loans—Terrorism Insurance May Not Be Available for All Mortgaged Properties*" in the prospectus.

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-61 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Student Housing | &nbsp;&nbsp;Loan #10 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$37000000 |
| &nbsp;&nbsp;2421 Jackson Bluff Road | &nbsp;&nbsp;**The Boulevard at Tallahassee** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;61.7% |
| &nbsp;&nbsp;Tallahassee, FL 32304 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.51x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;9.4% |

---

![](n5898prets_img022.jpg)

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-62 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Student Housing | &nbsp;&nbsp;Loan #10 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$37000000 |
| &nbsp;&nbsp;2421 Jackson Bluff Road | &nbsp;&nbsp;**The Boulevard at Tallahassee** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;61.7% |
| &nbsp;&nbsp;Tallahassee, FL 32304 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.51x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;9.4% |

---

![](n5898prets_img023.jpg)

---

| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-63 |

---

**Mortgage Loan No. 10 The Boulevard at Tallahassee**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Mortgage Loan Seller:** | &nbsp;&nbsp;MF1 | &nbsp;&nbsp;MF1 | &nbsp;&nbsp;MF1 | &nbsp;&nbsp;MF1 | &nbsp;&nbsp;**Single Asset/Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Credit Assessment (Fitch/MDBRS):** | &nbsp;&nbsp;NR/NR | &nbsp;&nbsp;NR/NR | &nbsp;&nbsp;NR/NR | &nbsp;&nbsp;NR/NR | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;Tallahassee, FL 32304 |
| &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;$37000000 | &nbsp;&nbsp;$37000000 | &nbsp;&nbsp;$37000000 | &nbsp;&nbsp;$37000000 | &nbsp;&nbsp;**General Property Type:** | &nbsp;&nbsp;Multifamily |
| &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$37000000 | &nbsp;&nbsp;$37000000 | &nbsp;&nbsp;$37000000 | &nbsp;&nbsp;$37000000 | &nbsp;&nbsp;**Detailed Property Type:** | &nbsp;&nbsp;Student Housing |
| &nbsp;&nbsp;**% of Initial Pool Balance:** | &nbsp;&nbsp;5.0% | &nbsp;&nbsp;5.0% | &nbsp;&nbsp;5.0% | &nbsp;&nbsp;5.0% | &nbsp;&nbsp;**Title Vesting:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;**Year Built/Renovated:** | &nbsp;&nbsp;2003/NAP |
| &nbsp;&nbsp;**Borrower Sponsors:** | &nbsp;&nbsp; Ronald Gatehouse, Pratima Gatehouse, Paul<br> Levine, Cheryl Levine, Philip Smith and Beejan<br> Savabi | &nbsp;&nbsp; Ronald Gatehouse, Pratima Gatehouse, Paul<br> Levine, Cheryl Levine, Philip Smith and Beejan<br> Savabi | &nbsp;&nbsp; Ronald Gatehouse, Pratima Gatehouse, Paul<br> Levine, Cheryl Levine, Philip Smith and Beejan<br> Savabi | &nbsp;&nbsp; Ronald Gatehouse, Pratima Gatehouse, Paul<br> Levine, Cheryl Levine, Philip Smith and Beejan<br> Savabi | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;924 Beds |
| &nbsp;&nbsp;**Borrower Sponsors:** | &nbsp;&nbsp; Ronald Gatehouse, Pratima Gatehouse, Paul<br> Levine, Cheryl Levine, Philip Smith and Beejan<br> Savabi | &nbsp;&nbsp; Ronald Gatehouse, Pratima Gatehouse, Paul<br> Levine, Cheryl Levine, Philip Smith and Beejan<br> Savabi | &nbsp;&nbsp; Ronald Gatehouse, Pratima Gatehouse, Paul<br> Levine, Cheryl Levine, Philip Smith and Beejan<br> Savabi | &nbsp;&nbsp; Ronald Gatehouse, Pratima Gatehouse, Paul<br> Levine, Cheryl Levine, Philip Smith and Beejan<br> Savabi | &nbsp;&nbsp;**Cut-off Date Balance Per Bed<sup>(2)</sup>:** | &nbsp;&nbsp;$40043 |
| &nbsp;&nbsp;**Borrower Sponsors:** | &nbsp;&nbsp; Ronald Gatehouse, Pratima Gatehouse, Paul<br> Levine, Cheryl Levine, Philip Smith and Beejan<br> Savabi | &nbsp;&nbsp; Ronald Gatehouse, Pratima Gatehouse, Paul<br> Levine, Cheryl Levine, Philip Smith and Beejan<br> Savabi | &nbsp;&nbsp; Ronald Gatehouse, Pratima Gatehouse, Paul<br> Levine, Cheryl Levine, Philip Smith and Beejan<br> Savabi | &nbsp;&nbsp; Ronald Gatehouse, Pratima Gatehouse, Paul<br> Levine, Cheryl Levine, Philip Smith and Beejan<br> Savabi | &nbsp;&nbsp;**Maturity Date Balance Per Bed<sup>(2)</sup>:** | &nbsp;&nbsp;$40043 |
| &nbsp;&nbsp;**Guarantors:** | &nbsp;&nbsp; Ronald Gatehouse, Pratima Gatehouse, Paul<br> Levine, Cheryl Levine, Philip Smith and Beejan<br> Savabi | &nbsp;&nbsp; Ronald Gatehouse, Pratima Gatehouse, Paul<br> Levine, Cheryl Levine, Philip Smith and Beejan<br> Savabi | &nbsp;&nbsp; Ronald Gatehouse, Pratima Gatehouse, Paul<br> Levine, Cheryl Levine, Philip Smith and Beejan<br> Savabi | &nbsp;&nbsp; Ronald Gatehouse, Pratima Gatehouse, Paul<br> Levine, Cheryl Levine, Philip Smith and Beejan<br> Savabi | &nbsp;&nbsp;**Property Manager:** | &nbsp;&nbsp;MDL Tallahassee BLVD LLC |
| &nbsp;&nbsp;**Guarantors:** | &nbsp;&nbsp; Ronald Gatehouse, Pratima Gatehouse, Paul<br> Levine, Cheryl Levine, Philip Smith and Beejan<br> Savabi | &nbsp;&nbsp; Ronald Gatehouse, Pratima Gatehouse, Paul<br> Levine, Cheryl Levine, Philip Smith and Beejan<br> Savabi | &nbsp;&nbsp; Ronald Gatehouse, Pratima Gatehouse, Paul<br> Levine, Cheryl Levine, Philip Smith and Beejan<br> Savabi | &nbsp;&nbsp; Ronald Gatehouse, Pratima Gatehouse, Paul<br> Levine, Cheryl Levine, Philip Smith and Beejan<br> Savabi |  | &nbsp;&nbsp;(Borrower-related) |
| &nbsp;&nbsp;**Guarantors:** | &nbsp;&nbsp; Ronald Gatehouse, Pratima Gatehouse, Paul<br> Levine, Cheryl Levine, Philip Smith and Beejan<br> Savabi | &nbsp;&nbsp; Ronald Gatehouse, Pratima Gatehouse, Paul<br> Levine, Cheryl Levine, Philip Smith and Beejan<br> Savabi | &nbsp;&nbsp; Ronald Gatehouse, Pratima Gatehouse, Paul<br> Levine, Cheryl Levine, Philip Smith and Beejan<br> Savabi | &nbsp;&nbsp; Ronald Gatehouse, Pratima Gatehouse, Paul<br> Levine, Cheryl Levine, Philip Smith and Beejan<br> Savabi |  |  |
| &nbsp;&nbsp;**Mortgage Rate:** | &nbsp;&nbsp;5.80000% | &nbsp;&nbsp;5.80000% | &nbsp;&nbsp;5.80000% | &nbsp;&nbsp;5.80000% | &nbsp;&nbsp;**Underwriting and Financial Information** | &nbsp;&nbsp;**Underwriting and Financial Information** |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;11/21/2025 | &nbsp;&nbsp;11/21/2025 | &nbsp;&nbsp;11/21/2025 | &nbsp;&nbsp;11/21/2025 | &nbsp;&nbsp;**UW NOI:** | &nbsp;&nbsp;$3465825 |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;12/6/2030 | &nbsp;&nbsp;12/6/2030 | &nbsp;&nbsp;12/6/2030 | &nbsp;&nbsp;12/6/2030 | &nbsp;&nbsp;**UW NCF:** | &nbsp;&nbsp;$3286569 |
| &nbsp;&nbsp;**Term to Maturity:** | &nbsp;&nbsp;60 Months | &nbsp;&nbsp;60 Months | &nbsp;&nbsp;60 Months | &nbsp;&nbsp;60 Months | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;9.4% |
| &nbsp;&nbsp;**Amortization Term:** | &nbsp;&nbsp;0 Months | &nbsp;&nbsp;0 Months | &nbsp;&nbsp;0 Months | &nbsp;&nbsp;0 Months | &nbsp;&nbsp;**UW NCF Debt Yield:** | &nbsp;&nbsp;8.9% |
| &nbsp;&nbsp;**IO Period:** | &nbsp;&nbsp;60 Months | &nbsp;&nbsp;60 Months | &nbsp;&nbsp;60 Months | &nbsp;&nbsp;60 Months | &nbsp;&nbsp;**UW NOI Debt Yield at Maturity:** | &nbsp;&nbsp;9.4% |
| &nbsp;&nbsp;**Seasoning:** | &nbsp;&nbsp;6 Months | &nbsp;&nbsp;6 Months | &nbsp;&nbsp;6 Months | &nbsp;&nbsp;6 Months | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.51x |
| &nbsp;&nbsp;**Prepayment Provisions:** | &nbsp;&nbsp;L(11),YM1(42),O(7) | &nbsp;&nbsp;L(11),YM1(42),O(7) | &nbsp;&nbsp;L(11),YM1(42),O(7) | &nbsp;&nbsp;L(11),YM1(42),O(7) | &nbsp;&nbsp;**Most Recent NOI:** | &nbsp;&nbsp;$3,730,957 (TTM 2/28/2026) |
| &nbsp;&nbsp;**Lockbox/Cash Mgmt Status:** | &nbsp;&nbsp;Springing/Springing | &nbsp;&nbsp;Springing/Springing | &nbsp;&nbsp;Springing/Springing | &nbsp;&nbsp;Springing/Springing | &nbsp;&nbsp;**2nd Most Recent NOI:** | &nbsp;&nbsp;$3,097,961 (12/31/2025) |
| &nbsp;&nbsp;**Additional Debt Type:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**3rd Most Recent NOI:** | &nbsp;&nbsp;$3,045,981 (12/31/2024) |
| &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Most Recent Occupancy:** | &nbsp;&nbsp;98.7% (2/28/2026) |
| &nbsp;&nbsp;**Future Debt Permitted (Type):** | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;**2nd Most Recent Occupancy:** | &nbsp;&nbsp;99.2% (12/31/2025) |
|  |  |  |  |  | &nbsp;&nbsp;**3rd Most Recent Occupancy:** | &nbsp;&nbsp;99.5% (12/31/2024) |
| &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Appraised Value (as of):** | &nbsp;&nbsp;$60,000,000 (9/22/2025) |
| &nbsp;&nbsp;**<u>Type</u>** | &nbsp;&nbsp;**<u>Type</u>** | &nbsp;&nbsp;**<u>Initial</u>** | &nbsp;&nbsp;**<u>Monthly</u>** | &nbsp;&nbsp;**<u>Cap</u>** | &nbsp;&nbsp;**Appraised Value Per Bed:** | &nbsp;&nbsp;$64935 |
| &nbsp;&nbsp;**RE Taxes:** | &nbsp;&nbsp;**RE Taxes:** | &nbsp;&nbsp;$109364 | &nbsp;&nbsp;$54682 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Cut-off Date LTV Ratio:** | &nbsp;&nbsp;61.7% |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date LTV Ratio:** | &nbsp;&nbsp;61.7% |
| &nbsp;&nbsp;**Replacement Reserve:** | &nbsp;&nbsp;**Replacement Reserve:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$15400 | &nbsp;&nbsp;NAP |  |  |
| &nbsp;&nbsp;**Immediate Repairs Reserve:** | &nbsp;&nbsp;**Immediate Repairs Reserve:** | &nbsp;&nbsp;$48563 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP |  |  |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** |
| &nbsp;&nbsp;**Sources** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** | &nbsp;&nbsp;**Uses** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** |
| &nbsp;&nbsp;Mortgage Loan: | &nbsp;&nbsp;$37000000 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;Loan Payoff: | &nbsp;&nbsp;$29953086 | &nbsp;&nbsp;81.0% |
|  |  |  | &nbsp;&nbsp;Return of Equity: | &nbsp;&nbsp;$5581107 | &nbsp;&nbsp;15.1% |
|  |  |  | &nbsp;&nbsp;Closing Costs: | &nbsp;&nbsp;$1307881 | &nbsp;&nbsp;3.5% |
|  |  |  | &nbsp;&nbsp;Upfront Reserves: | &nbsp;&nbsp;$157926 | &nbsp;&nbsp;0.4% |
| &nbsp;&nbsp;**Total Sources:** | &nbsp;&nbsp;**$37000000** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses:** | &nbsp;&nbsp;**$37000000** | &nbsp;&nbsp;**100.0%** |

---

(1) See "*Escrows and Reserves*" below.

(2) The increase in Most Recent NOI from 2nd Most Recent NOI is primarily attributable to (i) incremental
rental rate increases and (ii) reduced bad debt expense.

 ****

***The Mortgage Loan.*** The tenth largest mortgage loan ("<u>The Boulevard at Tallahassee Mortgage Loan</u>") is a $37,000,000 mortgage loan secured by a first priority fee mortgage encumbering a 924-bed, student housing community located in Tallahassee, Florida ("<u>The Boulevard at Tallahassee Property</u>").

***The Borrower and the Borrower Sponsors.*** The borrower for The Boulevard at Tallahassee Mortgage Loan is CD/Park7 Tallahassee Owner LLC, a Delaware limited liability company and single purpose entity with one independent director (the "<u>Borrower</u>"). The borrower sponsors and non-recourse carveout guarantors for The Boulevard at Tallahassee Mortgage Loan are Ronald Gatehouse, Pratima Gatehouse, Paul Levine, Cheryl Levine, Philip Smith and Beejan Savabi (the "<u>Borrower Sponsors</u>" and "<u>Guarantors</u>"). The Guarantors also provided an environmental indemnity in connection with The Boulevard at Tallahassee Mortgage Loan.

The Borrower Sponsors are the principals of Park7 Group. Prior to Park7 Group, the Borrower Sponsors were the key principals of Copper Beach Townhome Communities. From 2000 to 2010, this team grew Copper Beech into one of the largest student housing owners in the United States, with more than 16,000 beds across 32 properties in 12 states. In 2013, the entire portfolio was sold to Campus Crest, a public real estate company. Since its formation in 2010, Park7 Group has completed 17 student housing projects totaling 12,521 beds. They currently own and manage 5,685 beds with a further 706 beds in their pipeline. The Borrower Sponsors and Park7 Group are past agency borrowers.

***The Property.*** The Boulevard at Tallahassee Property is a 924 bed student housing community in Tallahassee, Florida spread across 264 units. Unit inventory is comprised of 132 three-bedroom units and 132 four-bedroom units, with an average unit size of 1,603 square feet or approximately 458 square feet per bed. As of February 28, 2026, The Boulevard at Tallahassee Property was 98.7% leased with an average rent of approximately $637 per bed per month. Units are fully furnished and feature private bathrooms for each bedroom. Community amenities include an indoor fitness center, two resort style

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| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-64 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Student Housing | &nbsp;&nbsp;Loan #10 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$37000000 |
| &nbsp;&nbsp;2421 Jackson Bluff Road | &nbsp;&nbsp;**The Boulevard at Tallahassee** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;61.7% |
| &nbsp;&nbsp;Tallahassee, FL 32304 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.51x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;9.4% |

---

pools, a sand volleyball court, a full size basketball court, outdoor grills, outdoor lounge spaces, covered parking, gated access, a club room, a pool table, a gaming center, a computer lab, a yoga studio and private study lounges. The Boulevard at Tallahassee Property has 1,026 parking spaces, resulting in a ratio of 1.1 parking spaces per bed.

The Boulevard at Tallahassee Property serves three major campuses in the area, including Florida State University, Florida A&M University and Tallahassee State Community College, with each of the schools having seen recent enrollment increases. Florida State University saw an increase in enrollment of 1.5% from the 2024 to 2025 school years. The Boulevard at Tallahassee Property has historically performed at or above 95.0% occupancy over the past five years except for the 2024-2025 school year which saw an approximately 11.9% increase in rents year-over-year that resulted in an occupancy of 84.3%. Subsequently, the Borrower Sponsors reduced rents (though rents remain approximately 7.9% above the 2023-2024 school year) and occupancy recovered.

The following table presents certain information relating to the residential unit mix of The Boulevard at Tallahassee Property:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** |
|  <br> **Unit Type** | &nbsp;&nbsp; <br> **# of Beds** | &nbsp;&nbsp;**Avg. Unit Size (Square Feet)** | &nbsp;&nbsp; <br> **Occupancy %** | &nbsp;&nbsp;**Average In-Place Rent** | &nbsp;&nbsp;**Average In-Place Rent ($/SF/Month)** | &nbsp;&nbsp;**Market Rent<sup>(2)</sup>** | &nbsp;&nbsp;**Market Rent/SF<sup>(2)</sup>** |
| Three Bed | &nbsp;&nbsp;396 | &nbsp;&nbsp;503 | &nbsp;&nbsp;98.7% | &nbsp;&nbsp;$650 | &nbsp;&nbsp;$1.29 | &nbsp;&nbsp;$675 | &nbsp;&nbsp;$1.34 |
| Four Bed | &nbsp;&nbsp;528 | &nbsp;&nbsp;424 | &nbsp;&nbsp;98.7% | &nbsp;&nbsp;$627 | &nbsp;&nbsp;$1.48 | &nbsp;&nbsp;$650 | &nbsp;&nbsp;$1.53 |
| **Total / Wtd. Avg.** | **924** | **458** | **98.7%** | **$637** | **$1.39** | **$661** | **$1.44** |

---

 <br> (1) Based on the underwritten rent roll dated February 28, 2026.

(2) Market Rent per the appraisal's market rent conclusions.

***The Market.*** The Boulevard at Tallahassee Property is located in the University submarket of Tallahassee. The Boulevard at Tallahassee Property is positioned well within proximity to Florida State University, Florida A&M University and Tallahassee State College, which are responsible for demand at The Boulevard at Tallahassee Property. Average rents in the submarket for Florida State University are $675 per bed for three bedroom units and $650 per bed for four bedroom units. The weighted average occupancy of the comparable set is 96.3%. The Boulevard at Tallahassee Property benefits from US Route 90 and US Route 27, providing access to the greater Tallahassee metropolitan area, while also benefitting from public transportation lines. According to the appraisal, The Boulevard at Tallahassee Property is poised to maintain its strong occupancy figures going forward, due to continued growth in enrollment at nearby universities. As of 2025, the population within a one, three- and five-mile radius of The Boulevard at Tallahassee Property was 13,264, 85,146 and 146,806, respectively.

According to the appraisal, there are approximately 4,603 beds coming online in the Florida State University market from August 2026 through August 2027. The appraisal notes that this is mitigated by a projected increase in enrollment that will generate demand to offset the new supply.

The following table presents certain information relating to appraisal-identified comparable properties to The Boulevard at Tallahassee Property:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Summary of Comparable Multifamily Properties<sup>(1)</sup>** | **Summary of Comparable Multifamily Properties<sup>(1)</sup>** | **Summary of Comparable Multifamily Properties<sup>(1)</sup>** | **Summary of Comparable Multifamily Properties<sup>(1)</sup>** | **Summary of Comparable Multifamily Properties<sup>(1)</sup>** | **Summary of Comparable Multifamily Properties<sup>(1)</sup>** |
| **Property Name** | **Distance to Property** | **Year Built** | **Occupancy** | **No. Beds** | **Avg. Rent Per Bed** |
| **The Boulevard at Tallahassee** | **NAP** | **2003** | **98.7%<sup>(2)</sup>** | **924** | **$637<sup>(2)</sup>** |
| University Village - The Village | 1.3 miles | 1992 | 95.0% | 288 | $669 |
| Redpoint Tallahassee | 1.8 miles | 2012 | 99.0% | 728 | $864 |
| Villa Dylano | 1.0 miles | 1966 | 91.0% | 252 | $925 |
| University Village - The Pavilion | 1.5 miles | 1991 | 99.0% | 204 | $617 |
| Whitehall Apartments | 1.5 miles | 1992 | 93.0% | 132 | $712 |
| Polo Club Tallahassee | 1.7 miles | 1998 | 95.0% | 351 | $756 |

---

 <br> (1) *Source: Appraisal.*

(2) Information based on the underwritten rent roll dated February 28, 2026.

 

***Appraisal.*** The appraisal concluded to an "as is" value for The Boulevard at Tallahassee Property of $60,000,000 as of September 22, 2025.

***Environmental Matters.*** According to the Phase I environmental site assessment dated September 29, 2025, there was no evidence of any recognized environmental conditions at The Boulevard at Tallahassee Property.

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| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-65 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Student Housing | &nbsp;&nbsp;Loan #10 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$37000000 |
| &nbsp;&nbsp;2421 Jackson Bluff Road | &nbsp;&nbsp;**The Boulevard at Tallahassee** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;61.7% |
| &nbsp;&nbsp;Tallahassee, FL 32304 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.51x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;9.4% |

---

***Operating History and Underwritten Net Cash Flow.*** The following table presents certain information relating to the historical operating performance and underwritten net cash flow at The Boulevard at Tallahassee Property:

 ****

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** |
|  | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**TTM 2/28/2026** | &nbsp;&nbsp;**UW** | &nbsp;&nbsp;**UW per Bed** |
| &nbsp;&nbsp;Gross Potential Rent<sup>(2)</sup> | &nbsp;&nbsp;$6019680 | &nbsp;&nbsp;$6569100 | &nbsp;&nbsp;$7247625 | &nbsp;&nbsp;$7061130 | &nbsp;&nbsp;$7642 |
| &nbsp;&nbsp;Vacancy | &nbsp;&nbsp;($28320) | &nbsp;&nbsp;($49800) | &nbsp;&nbsp;($486971) | &nbsp;&nbsp;($353057) | &nbsp;&nbsp;($382) |
| &nbsp;&nbsp;Credit Loss | &nbsp;&nbsp;($99217) | &nbsp;&nbsp;($250449) | &nbsp;&nbsp;$12477 | &nbsp;&nbsp;($198896) | &nbsp;&nbsp;($215) |
| &nbsp;&nbsp;Concessions | &nbsp;&nbsp;($3593) | &nbsp;&nbsp;($7048) | &nbsp;&nbsp;($41864) | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;**Net Rental Income** | &nbsp;&nbsp;**$5888550** | &nbsp;&nbsp;**$6261803** | &nbsp;&nbsp;**$6731267** | &nbsp;&nbsp;**$6509177** | &nbsp;&nbsp;**$7045** |
| &nbsp;&nbsp;Other Income | &nbsp;&nbsp; $246401 | &nbsp;&nbsp; $303693 | &nbsp;&nbsp; $492644 | &nbsp;&nbsp; $492644 | &nbsp;&nbsp; $533 |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$6134950** | &nbsp;&nbsp;**$6565497** | &nbsp;&nbsp;**$7223910** | &nbsp;&nbsp;**$7001821** | &nbsp;&nbsp;**$7578** |
| &nbsp;&nbsp;Real Estate Taxes | &nbsp;&nbsp;$525786 | &nbsp;&nbsp;$572973 | &nbsp;&nbsp;$600503 | &nbsp;&nbsp;$661508 | &nbsp;&nbsp;$716 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;$322099 | &nbsp;&nbsp;$475365 | &nbsp;&nbsp;$343159 | &nbsp;&nbsp;$325504 | &nbsp;&nbsp;$352 |
| &nbsp;&nbsp;Other Expenses | &nbsp;&nbsp; $2241083 | &nbsp;&nbsp; $2419198 | &nbsp;&nbsp; $2549291 | &nbsp;&nbsp; $2548984 | &nbsp;&nbsp; $2759 |
| &nbsp;&nbsp;**Total Operating Expenses** | &nbsp;&nbsp;**$3088969** | &nbsp;&nbsp;**$3467536** | &nbsp;&nbsp;**$3492954** | &nbsp;&nbsp;**$3535996** | &nbsp;&nbsp;**$3827** |
| &nbsp;&nbsp;**Net Operating Income<sup>(3)</sup>** | &nbsp;&nbsp;**$3045981** | &nbsp;&nbsp;**$3097961** | &nbsp;&nbsp;**$3730957** | &nbsp;&nbsp;**$3465825** | &nbsp;&nbsp;**$3751** |
| &nbsp;&nbsp;Replacement Reserves | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $179256 | &nbsp;&nbsp; $194 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$3045981** | &nbsp;&nbsp;**$3097961** | &nbsp;&nbsp;**$3730957** | &nbsp;&nbsp;**$3286569** | &nbsp;&nbsp;**$3557** |
| &nbsp;&nbsp;**Occupancy (%)<sup>(4)</sup>** | &nbsp;&nbsp;**99.5%** | &nbsp;&nbsp;**99.2%** | &nbsp;&nbsp;**93.3%** | &nbsp;&nbsp;**92.2%** |  |
| &nbsp;&nbsp;**NOI DSCR** | &nbsp;&nbsp;**1.40x** | &nbsp;&nbsp;**1.42x** | &nbsp;&nbsp;**1.71x** | &nbsp;&nbsp;**1.59x** |  |
| &nbsp;&nbsp;**NCF DSCR** | &nbsp;&nbsp;**1.40x** | &nbsp;&nbsp;**1.42x** | &nbsp;&nbsp;**1.71x** | &nbsp;&nbsp;**1.51x** |  |
| &nbsp;&nbsp;**NOI Debt Yield** | &nbsp;&nbsp;**8.2%** | &nbsp;&nbsp;**8.4%** | &nbsp;&nbsp;**10.1%** | &nbsp;&nbsp;**9.4%** |  |
| &nbsp;&nbsp;**NCF Debt Yield** | &nbsp;&nbsp;**8.2%** | &nbsp;&nbsp;**8.4%** | &nbsp;&nbsp;**10.1%** | &nbsp;&nbsp;**8.9%** |  |

---

 <br> (1) Certain items such as interest expense, interest income, depreciation, amortization, debt service payments and any other non-recurring items were excluded from the historical presentation and are not considered for the underwritten cash flow.

(2) UW Gross Potential Rent and is based on the underwritten rent roll dated February
28, 2026.

(3) The increase in TTM 2/28/2026 Net Operating Income from 2025 Net Operating Income
is primarily attributable to (i) incremental rental rate increases and (ii) reduced bad debt expense.

(4) UW Occupancy represents economic occupancy while historical occupancy represent
physical occupancy.

 ****

***Escrows and Reserves.***

*RE Tax Reserve -* At origination, the Borrower was required to deposit $109,364 for real estate taxes. On a monthly basis, the Borrower is required to make deposits of one-twelfth of the projected annual real estate taxes (initially estimated to be $54,682).

*Insurance Reserve* - On a monthly basis, the Borrower is required to make monthly deposits in an amount equal to one-twelfth of the projected annual insurance premiums; *provided, however*, so long as no event of default has occurred and lender has been provided proof that an acceptable blanket insurance policy, is in place and is being maintained, monthly insurance deposits will not be required.

*Replacement Reserve* - On a monthly basis, the Borrower is required to make deposits of $15,400 to be used for capital expenditures.

*Immediate Repairs Reserve* – At origination, the Borrower was required to deposit $48,563 to perform immediate repairs.

***Lockbox and Cash Management.*** The Boulevard at Tallahassee Mortgage Loan is structured with a springing lockbox and springing cash management. Upon the occurrence of a Trigger Event (as defined below), the Borrower will be required to establish a lockbox account and cash management account and deposit, or cause to be deposited, all rents into the lockbox account within two business days of receipt. During the continuance of a Trigger Event, all rents deposited into the lockbox account will be swept into the cash management account daily to be held and applied in accordance with The Boulevard at Tallahassee Mortgage Loan documents. If no Trigger Event is continuing, funds in the lockbox account will be disbursed to the Borrower. During the continuance of a Trigger Event, excess cash will be held in accordance with The Boulevard at Tallahassee Mortgage Loan documents.

A "<u>Trigger Event</u>" will commence upon (i) the occurrence of an event of default or (ii) the debt service coverage ratio based on the prior trailing 12-month period being less than 1.10x (tested quarterly). A Trigger Event will terminate (x) with respect to <u>clause (i)</u> above, upon a cure of the event of default and (y) with respect to <u>clause (ii)</u> above, when the debt service coverage ratio has been equal to or greater than 1.10x for two consecutive calendar quarters.

***Additional Subordinate and Mezzanine Indebtedness.*** None.

***Release of Property*.** None.

***Terrorism Insurance*.** The Borrower is required to obtain and maintain property insurance for 100% of full replacement cost and business interruption insurance for 12 months plus a six-month extended period of indemnity. Such insurance is required to cover perils of terrorism and acts of terrorism. See "*Risk Factors—Risks Relating to the Mortgage Loans—Terrorism Insurance May Not Be Available for All Mortgaged Properties*" in the prospectus.

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| | |
|:---|:---|
| THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. | THE INFORMATION IN THIS COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
|  | T-66 |

---