# EDGAR Filing Document

**Accession Number:** 0001547361
**File Stem:** 0001539497-25-003216
**Filing Date:** 2025-12
**Character Count:** 56174
**Document Hash:** 4f117bea18b65676d8042c3c7c20cc55
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001539497-25-003216.hdr.sgml**: 20251209

**ACCESSION NUMBER**: 0001539497-25-003216

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

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20251209

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

**FILED AS OF DATE**: 20251209

**DATE AS OF CHANGE**: 20251209

**ABS RULE**: RULE-15GA2

**REGISTERED ENTITY**: N

**ABS ASSET CLASS**: Commercial mortgages

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-01951
- **FILM NUMBER:** 251559689

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

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

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

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

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

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

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

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

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

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

---

| |
|:---|
| **UNITED STATES** |
| **SECURITIES AND EXCHANGE COMMISSION** |
| **Washington, D.C. 20549** |

---

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

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

____ Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period ____________________ to ____________________

Date of Report (Date of earliest event reported) ____________________

Commission File Number of securitizer: ____________________

Central Index Key Number of securitizer: ____________________

------

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

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

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

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

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

Central Index Key Number of depositor: 0001547361

<u>LQR Trust 2025-CALI</u>

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

Central Index Key Number of issuing entity: N/A

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

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

**INFORMATION TO BE INCLUDED IN THE REPORT**

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

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

Attached as <u>Exhibit 1</u> hereto is an agreed-upon procedures report, dated December 9, 2025, of Ernst & Young LLP, obtained by the depositor, which report sets forth the findings and conclusions, as applicable, of Ernst & Young LLP with respect to certain agreed-upon procedures performed by Ernst & Young LLP.

Attached as <u>Exhibit 2</u> hereto is an underwriting information comparison agreed-upon procedures report, dated December 9, 2025, of Ernst & Young LLP, obtained by the depositor, which report sets forth the findings and conclusions, as applicable, of Ernst & Young LLP with respect to certain agreed-upon procedures performed by Ernst & Young LLP.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the reporting entity has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Morgan Stanley Capital I Inc.<br> (Depositor)

Date: December 9, 2025

<u>/s/ Jane Lam</u> 

By: Jane Lam, President

(senior officer in charge of securitization of the depositor)

*LQR 2025-CALI – Form ABS-15G*

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Exhibit Number | &nbsp;&nbsp;Description |
| &nbsp;&nbsp;Exhibit 1 | &nbsp;&nbsp;Agreed-upon procedures report, dated December 9, 2025, of Ernst & Young LLP. |
| &nbsp;&nbsp;Exhibit 2 | &nbsp;&nbsp;Underwriting information comparison agreed-upon procedures report, dated December 9, 2025, of Ernst & Young LLP. |

---

## Ex-1

**Exhibit 1** 

---

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

---

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

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

Morgan Stanley Mortgage Capital Holdings LLC

Morgan Stanley & Co. LLC

Morgan Stanley Bank, N.A.

(collectively, the "Specified Parties")

---

| | |
|:---|:---|
| **Re:** | **LQR Trust 2025-CALI (the "Issuing Entity")** |
|  | **Commercial Mortgage Pass-Through Certificates, Series 2025-CALI (the "Certificates")** |

---

We have performed the procedures enumerated in Attachment A, which were agreed to and acknowledged as appropriate by the Specified Parties, for the intended purpose of assisting the Specified Parties in evaluating the accuracy of certain information with respect to the Mortgage Loan (as defined herein) contained on the Data Files (as defined herein) (the "Subject Matter") relating to the Issuing Entity's securitization transaction as of 9 December 2025. This report may not be suitable for any other purpose. The procedures performed may not address all of the items of interest to a user of the report and may not meet the needs of all users of the report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. The appropriateness of these procedures is solely the responsibility of the Specified Parties identified in this report. No other party acknowledged the appropriateness of the procedures. Consequently, we make no representation regarding the appropriateness of the procedures described in Attachment A, either for the purpose for which this report has been requested or for any other purpose.

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

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

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

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

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

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

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

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

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

---

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

---

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

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

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

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

b. Making any findings with respect to:

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

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

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

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

---

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

---

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

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

/s/ Ernst & Young LLP

9 December 2025

---

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

---

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

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

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

b. The Mortgage Loan will be secured primarily by a commercial property (the "Property").

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

1. The Depositor provided us with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. An electronic data file (the "Preliminary Data File") that the Depositor indicated contains information relating to the
Mortgage Loan and Property that is expected to be as of 18 December 2025 (the "Reference Date") and

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

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

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

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

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

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

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

---

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

---

3. (continued)

Using information on the:

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

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

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

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

5. Using the:

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

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

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

6. Using the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Original Loan Term (mos) and

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

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

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

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

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

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

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

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

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

---

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

---

8. Using the:

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

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

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

as shown on the Final Data File, and an index assumption of 3.75000% provided by the Depositor, we recalculated the "Mortgage Loan Interest Rate" of the Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

9. Using the:

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

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

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

as shown on the Final Data File, and the calculation methodologies provided by the Depositor described in the succeeding paragraph(s) of this Item, we recalculated the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Mortgage Loan Monthly IO Payment and

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

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

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

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

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

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

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

---

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

---

10. Using the:

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Rooms,

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Underwritten Mortgage Loan IO NOI DSCR,

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. Mortgage Loan Per Room and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. Appraisal Value Per Room

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Round the characteristics listed in i. and ii. above to two decimal places and

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

11. Using the:

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

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

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

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

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

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

 ****

---

| | |
|:---|:---|
| **<u>Source Document Title</u>** | **<u>Source Document Date</u>** |
| Mortgage Loan Agreement (see Note 1) | 1 December 2025 |
| Guaranty Agreement (see Note 1) | 20 November 2025 |
| Property Management Agreement | 8 December 2021 |
| Cash Management Agreement (see Note 1) | 20 November 2025 |
| Deposit Account Control Agreement (see Note 1) | 20 November 2025 |
| Environmental Indemnity Agreement (see Note 1) | 20 November 2025 |
| Non-Consolidation Opinion (see Note 1) | 21 November 2025 |
| Administrative Fee Schedule | Not Dated |

---

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

---

| | |
|:---|:---|
| **<u>Source Document Title</u>** | **<u>Source Document Date</u>** |
| Appraisal Report | 10 November 2025 |
| Engineering Reports | 28 November 2025 |
| Seismic Reports | 4 November 2025 |
| Phase I Environmental Reports | Various |
| USPS Internet Site (www.usps.com) | Not Applicable |
| Underwriter's Summary Report | Not Dated |
| Historical Cashflow Reports | Various |
| PACE Reports | Not Dated |
| STR Reports | Various |

---

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

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

 ****

---

| | |
|:---|:---|
| **<u>Source Document Title</u>** | **<u>Source Document Date</u>** |
| Insurance Risk Analysis (see Note 1) | 26 November 2025 |
| Pro Forma Title Policy | Not Dated |
| Franchise Agreement Documents | Various |
| Historical CapEx Summary | Not Dated |
| Hotel Management Agreement Documents | Various |

---

 ****

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

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

**Exhibit 2 to Attachment A**<br> Page 1 of 6<br>

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

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

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| Street Address | Appraisal Report |
| City | Appraisal Report |
| State | Appraisal Report |
| County | USPS Internet Site (www.usps.com) |
| Zip Code | USPS Internet Site (www.usps.com) |
| Property Type | Appraisal Report |
| Property Type Detail | Appraisal Report |
| Rooms | Underwriter's Summary Report |
| Year Built | Appraisal Report |
| Year Renovated | Appraisal Report |
| Hotel Flag | Franchise Agreement Documents |
| Hotel Brand | Franchise Agreement Documents |
| Franchise or Brand Management Agreement Initial Maturity | Franchise Agreement Documents |
| Franchise or Brand Management Agreement Renewal Options | Franchise Agreement Documents |
| Franchise or Brand Management Agreement Fully Extended Maturity | Franchise Agreement Documents |

---

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

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| Appraisal Value | Appraisal Report |
| Appraisal Date | Appraisal Report |
| FIRREA Appraisal (Y/N) | Appraisal Report |
| Environmental Phase I Report Date | Phase I Environmental Reports |
| Engineering Report Date | Engineering Reports |
| Seismic Zone 3 or 4 (Y/N) | Engineering Reports |
| Seismic Report Date | Seismic Reports |
| PML % | Seismic Reports |
| Terrorism Insurance | Insurance Risk Analysis |
| Windstorm Insurance | Insurance Risk Analysis |
| Earthquake Insurance | Insurance Risk Analysis |
| Flood Insurance | Insurance Risk Analysis |

---

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

 

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

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| 2022 Occupied Room Nights | Underwriter's Summary Report |
| 2023 Occupied Room Nights | Underwriter's Summary Report |
| 2024 Occupied Room Nights | Underwriter's Summary Report |
| TTM Occupied Room Nights | Underwriter's Summary Report |
| Underwritten Occupied Room Nights | Underwriter's Summary Report |
| 2022 Occupancy | Underwriter's Summary Report |
| 2023 Occupancy | Underwriter's Summary Report |
| 2024 Occupancy | Underwriter's Summary Report |
| TTM Occupancy | Underwriter's Summary Report |
| Underwritten Occupancy | Underwriter's Summary Report |
| 2022 Average Daily Rate | Underwriter's Summary Report |
| 2023 Average Daily Rate | Underwriter's Summary Report |
| 2024 Average Daily Rate | Underwriter's Summary Report |
| TTM Average Daily Rate | Underwriter's Summary Report |
| Underwritten Average Daily Rate | Underwriter's Summary Report |
| 2022 RevPAR | Underwriter's Summary Report |
| 2023 RevPAR | Underwriter's Summary Report |
| 2024 RevPAR | Underwriter's Summary Report |
| TTM RevPAR | Underwriter's Summary Report |
| Underwritten RevPAR | Underwriter's Summary Report |
| 2022 Occupancy Penetration Index | Underwriter's Summary Report |
| 2023 Occupancy Penetration Index | Underwriter's Summary Report |
| 2024 Occupancy Penetration Index | Underwriter's Summary Report |
| July 2025 TTM Occupancy Penetration Index | Underwriter's Summary Report |
| 2022 ADR Penetration Index | Underwriter's Summary Report |
| 2023 ADR Penetration Index | Underwriter's Summary Report |
| 2024 ADR Penetration Index | Underwriter's Summary Report |
| July 2025 TTM ADR Penetration Index | Underwriter's Summary Report |
| 2022 RevPAR Penetration Index | Underwriter's Summary Report |
| 2023 RevPAR Penetration Index | Underwriter's Summary Report |
| 2024 RevPAR Penetration Index | Underwriter's Summary Report |
| July 2025 TTM RevPAR Penetration Index | Underwriter's Summary Report |

---

**Exhibit 2 to Attachment A**<br> Page 3 of 6<br>

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

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| 2022 Total Revenue | Underwriter's Summary Report |
| 2023 Total Revenue | Underwriter's Summary Report |
| 2024 Total Revenue | Underwriter's Summary Report |
| TTM Total Revenue | Underwriter's Summary Report |
| Underwritten Total Revenue | Underwriter's Summary Report |
| 2022 Total Expenses | Underwriter's Summary Report |
| 2023 Total Expenses | Underwriter's Summary Report |
| 2024 Total Expenses | Underwriter's Summary Report |
| TTM Total Expenses | Underwriter's Summary Report |
| Underwritten Total Expenses | Underwriter's Summary Report |
| 2022 NOI | Underwriter's Summary Report |
| 2023 NOI | Underwriter's Summary Report |
| 2024 NOI | Underwriter's Summary Report |
| TTM NOI | Underwriter's Summary Report |
| Underwritten NOI | Underwriter's Summary Report |
| 2022 NCF | Underwriter's Summary Report |
| 2023 NCF | Underwriter's Summary Report |
| 2024 NCF | Underwriter's Summary Report |
| TTM NCF | Underwriter's Summary Report |
| Underwritten NCF | Underwriter's Summary Report |

---

**Exhibit 2 to Attachment A**<br> Page 4 of 6<br>

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

---

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

---

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

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| Mortgage Loan Original Balance | Mortgage Loan Agreement |
| Borrower | Mortgage Loan Agreement |
| Payment Due Date | Mortgage Loan Agreement |
| First Payment Date | Mortgage Loan Agreement |
| Prepay Description | Mortgage Loan Agreement |
| Maturity Date | Mortgage Loan Agreement |
| Fully Extended Maturity Date | Mortgage Loan Agreement |
| Interest Accrual Start Date | Mortgage Loan Agreement |
| Interest Accrual End Date | Mortgage Loan Agreement |
| Open Period Begin Date | Mortgage Loan Agreement |
| Grace Period (Late Fee) | Mortgage Loan Agreement |
| Grace Period (Default) | Mortgage Loan Agreement |
| Amortization Type | Mortgage Loan Agreement |
| Extension Options | Mortgage Loan Agreement |
| Interest Accrual Method | Mortgage Loan Agreement |
| Extension Option Description | Mortgage Loan Agreement |

---

**Exhibit 2 to Attachment A**<br> Page 5 of 6<br>

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

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| Mortgage Loan Interest Rate Adjustment Frequency | Mortgage Loan Agreement |
| Mortgage Loan Index Floor | Mortgage Loan Agreement |
| Mortgage Loan Index | Mortgage Loan Agreement |
| Mortgage Loan Index Rounding Methodology | Mortgage Loan Agreement |
| Lockbox | Mortgage Loan Agreement |
| Cash Management | Mortgage Loan Agreement |
| Cash Management Springing Condition | Mortgage Loan Agreement |
| Carve-Out Guarantor(s) | Guaranty Agreement |
| Non-Consolidation Opinion | Non-Consolidation Opinion |
| SPE | Mortgage Loan Agreement |
| Independent Director | Mortgage Loan Agreement |
| Future Debt Permitted (Y/N) | Mortgage Loan Agreement |
| Future Debt Description | Mortgage Loan Agreement |
| Partial Release (Y/N) | Mortgage Loan Agreement |
| Partial Release Description | Mortgage Loan Agreement |
| Title Type | Pro Forma Title Policy |

---

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

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

1. For the purpose of comparing the:

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

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

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

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

2. For the purpose of comparing the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Appraisal Value and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Appraisal Date

characteristics, the Depositor instructed us to use the appraised value and date, respectively, associated with the "As Is Market Value," as shown in the applicable Source Document(s).

3. For the purpose of comparing the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Engineering Report Date and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Seismic Report Date

characteristics, the Depositor instructed us to use the "Report Date" and to ignore any revision dates, as applicable, as shown in the applicable Source Document(s).

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

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

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

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

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

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

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

**Exhibit 3 to Attachment A**<br> Page 1 of 2<br>

**Provided Characteristics**

---

| |
|:---|
| **<u>Characteristic</u>** |
| Loan Number |
| Unique ID |
| % of Mortgage Loan Cut-off Date Balance |
| Property Name |
| Origination Date |
| Loan Purpose |
| Sponsor |
| Mortgage Loan Index Cap Expiration Date |
| Mortgage Loan Index Cap Provider |
| Mortgage Loan Index Cap Provider Rating (F/M/S) |
| Mortgage Loan Spread |
| Environmental Phase II Report Date |
| Monthly P&I Payment |
| Annual P&I Debt Service |
| Defeasance Lockout Expiration Date |
| Administrative Fee Rate |
| Total Debt Original Balance |
| Total Debt Cut-off Date Balance |
| Total Debt Per Room |
| Mezzanine Loan Original Balance |
| Mezzanine Loan Cut-off Date Balance |
| Mezzanine Loan Balloon Balance |
| Total Debt Monthly IO Payment |
| Total Debt Annual IO Debt Service |
| Total Debt Annual IO Debt Service at Cap |
| Total Debt Balloon Balance |
| Cut-off Date Total Debt LTV |
| Maturity Date Total Debt LTV |
| Underwritten Total Debt IO NOI DSCR |
| Underwritten Total Debt IO NOI DSCR at Cap |
| Underwritten Total Debt NOI Debt Yield |
| Underwritten Total Debt IO NCF DSCR |
| Underwritten Total Debt IO NCF DSCR at Cap |
| Underwritten Total Debt NCF Debt Yield |

---

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

---

| |
|:---|
| **<u>Characteristic</u>** |
| Mezzanine Loan Interest Accrual Method |
| Mezzanine Loan Interest Rate |
| Mezzanine Loan Origination Date |
| Mezzanine Loan Index |
| Mezzanine Loan Index Assumption |
| Mezzanine Loan Index Rounding Methodology |
| Mezzanine Loan Interest Rate Adjustment Frequency |
| Mezzanine Loan Spread |
| Mezzanine Loan Index Floor |
| Mezzanine Loan Index Cap Strike Rate |
| Mezzanine Loan Index Cap Expiration Date |
| Mezzanine Loan Index Cap Provider |
| Mezzanine Loan Index Cap Provider Rating (F/M/S) |
| Mezzanine Loan Interest Rate at Cap |
| Mezzanine Loan Monthly IO Payment |
| Mezzanine Loan Annual IO Payment |
| Mezzanine Loan Annual IO Payment at Cap |
| Mezzanine Loan Monthly P&I Payment |
| Mezzanine Loan Annual P&I Payment |
| Total Debt Spread |
| Total Debt Interest Rate |
| Total Debt Interest Rate at Cap |
| Mortgage Loan Index Cap Strike Rate |
| Mortgage Loan Annual IO Debt Service at Cap |
| Mortgage Loan Interest Rate at Cap |
| Underwritten Mortgage Loan IO NOI DSCR at Cap |
| Underwritten Mortgage Loan IO NCF DSCR at Cap |
| Ground Lease Expiration Date |
| Ground Lessor |

---

---

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

---

## Ex-2

**Exhibit 2**

---

| | | |
|:---|:---|:---|
| ![](image_001.jpg) | **Ernst & Young LLP**<br> One Manhattan West<br> New York, NY 10001 | Tel: +1 212 773 3000<br> ey.com |

---

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

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

Morgan Stanley Mortgage Capital Holdings LLC ("MSMCH")

Morgan Stanley & Co. LLC

Morgan Stanley Bank, N.A.

(collectively, the "Specified Parties")

---

| | |
|:---|:---|
| **Re:** | **LQR Trust 2025-CALI (the "Issuing Entity")** |
|  | **Commercial Mortgage Pass-Through Certificates, Series 2025-CALI (the "Certificates")** |

---

We have performed the procedures enumerated in Attachment A, which were agreed to and acknowledged as appropriate by the Specified Parties, for the intended purpose of assisting the Specified Parties in evaluating the accuracy of certain information with respect to the Mortgage Loan (as defined herein) contained on the Underwriting File (as defined herein) (the "Subject Matter") relating to the Issuing Entity's securitization transaction as of 9 December 2025. This report may not be suitable for any other purpose. The procedures performed may not address all of the items of interest to a user of the report and may not meet the needs of all users of the report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. The appropriateness of these procedures is solely the responsibility of the Specified Parties identified in this report. No other party acknowledged the appropriateness of the procedures. Consequently, we make no representation regarding the appropriateness of the procedures described in Attachment A, either for the purpose for which this report has been requested or for any other purpose.

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

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

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

b. The borrower budget (the "Borrower Budget") prepared by the Mortgage Loan borrower(s) for the Collateral Property that secures the Mortgage Loan,

c. A copy of the most recent insurance review file (the "Insurance Review File"),

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

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

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

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

for the Collateral Property that secures the Mortgage Loan,

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

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

---

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

---

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

The procedures included in Attachment A were limited to comparing or recalculating certain information that is further described in Attachment A. The Depositor is responsible for the Subject Matter, Source Document(s), ASR, Underwriting File, Underwriting Instructions and Adjustments and the determination of the instructions, assumptions and methodologies that are described herein. We were not requested to perform, and we have not performed, any procedures other than those listed in Attachment A with respect to the Underwriting File. We have not verified, and we make no representation as to, the appropriateness, accuracy, completeness or reasonableness of the Source Document(s), ASR, Underwriting Instructions and Adjustments or any other information provided to us, or that we were instructed to obtain, as applicable, by MSMCH, on behalf of the Depositor, upon which we relied in forming our findings. We performed no procedures to compare any information contained in any Source Document or the ASR to any information contained in any other Source Document or the ASR, except as described in Attachment A. Accordingly, we make no representation and express no opinion or conclusion as to: (a) the existence of the Mortgage Loan, (b) the ability of any Mortgage Loan borrower(s) to repay the Mortgage Loan, (c) questions of legal or tax interpretation or (d) the appropriateness, accuracy, completeness or reasonableness of any instructions, assumptions and methodologies provided to us by the Depositor or MSMCH, on behalf of the Depositor, that are described in this report. We undertake no responsibility to update this report for events and circumstances occurring after the date hereof.

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

---

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

---

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

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

b. Making any findings with respect to:

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

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

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

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

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

/s/ Ernst & Young LLP

9 December 2025

---

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

---

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

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

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

*Operating Statement Comparison and Recalculation Procedures*

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

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

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

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

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

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

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

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

 

*Historical Occupancy Comparison and Recalculation Procedures*

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

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

 

---

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

---

 

*Supporting Expense Comparison and Recalculation Procedures*

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

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

 

*Underwritten Cashflow Comparison and Recalculation Procedures*

4. Using:

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

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

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

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

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

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

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

**Exhibit 1 to Attachment A**

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

---

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

---