# EDGAR Filing Document

**Accession Number:** 0002040080
**File Stem:** 0001213900-25-096960
**Filing Date:** 2025-10
**Character Count:** 37655
**Document Hash:** 2d8fd4e746534d82fe4d1cbf339c809a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-096960.hdr.sgml**: 20251007

**ACCESSION NUMBER**: 0001213900-25-096960

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

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20251007

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

**FILED AS OF DATE**: 20251007

**DATE AS OF CHANGE**: 20251007

**ABS RULE**: RULE-15GA2

**REGISTERED ENTITY**: N

**ABS ASSET CLASS**: Commercial mortgages

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Tenet Equity Funding SPE I, LLC
- **CENTRAL INDEX KEY:** 0002040080

**ORGANIZATION NAME:**
- **EIN:** 873331444
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-07361
- **FILM NUMBER:** 251379266

**BUSINESS ADDRESS:**
- **STREET 1:** 7332 E. BUTHERUS DRIVE, SUITE 100
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **ZIP:** 85260
- **BUSINESS PHONE:** (480) 806-2400

**MAIL ADDRESS:**
- **STREET 1:** 7332 E. BUTHERUS DRIVE, SUITE 100
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **ZIP:** 85260
**DEPOSITOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Tenet Equity Funding SPE I, LLC
- **CENTRAL INDEX KEY:** 0002040080

**ORGANIZATION NAME:**
- **EIN:** 873331444
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

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

**BUSINESS ADDRESS:**
- **STREET 1:** 7332 E. BUTHERUS DRIVE, SUITE 100
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **ZIP:** 85260
- **BUSINESS PHONE:** (480) 806-2400

**MAIL ADDRESS:**
- **STREET 1:** 7332 E. BUTHERUS DRIVE, SUITE 100
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **ZIP:** 85260
**SECURITIZER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Tenet Equity Funding SPE I, LLC
- **CENTRAL INDEX KEY:** 0002040080

**ORGANIZATION NAME:**
- **EIN:** 873331444
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-07361

**BUSINESS ADDRESS:**
- **STREET 1:** 7332 E. BUTHERUS DRIVE, SUITE 100
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **ZIP:** 85260
- **BUSINESS PHONE:** (480) 806-2400

**MAIL ADDRESS:**
- **STREET 1:** 7332 E. BUTHERUS DRIVE, SUITE 100
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **ZIP:** 85260

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM ABS-15G**

**ASSET-BACKED SECURITIZER**

**REPORT PURSUANT TO SECTION 15G OF**

**THE SECURITIES EXCHANGE ACT OF 1934**

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

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

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

Commission File Number of securitizer: _________ <br> Central Index Key Number of securitizer: _________ <br>    

__________________

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

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

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

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

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

Central Index Key Number of issuing entity: 0002040080

Tenet Equity Funding SPE I, LLC

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

Central Index Key Number of issuing entity (if applicable):_________________________________

Central Index Key Number of underwriter (if applicable):___________________________________

Michael J. Zieg, (480) 806-2404

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

SEC 2860 (6-15) Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

**PART I – 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 Exhibit 99.1 hereto is the Report of Independent Accountants' Report on Applying Agreed-Upon Procedures, dated October 6, 2025, obtained by the securitizer, with respect to certain agreed-upon procedures performed by a third-party due diligence provider.

**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 thereunto duly authorized.

---

| | |
|:---|:---|
| **Tenet Equity Funding SPE I, LLC** (issuing entity) | **Tenet Equity Funding SPE I, LLC** (issuing entity) |
| **By:** | /s/ Michael J. Zieg |
| **Name:** | Michael J. Zieg |
| **Title:** | Chief Operating Officer and General Counsel |
|  | **(Senior Officer in Charge of Securitization)** |

---

Dated: October 7, 2025

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | [Independent Accountants' Report on Applying Agreed-Upon Procedures, dated October 6, 2025](ea026045201_ex99-1.htm) |

---

## Exhibit 99.1

**Exhibit 99.1**

---

| | | |
|:---|:---|:---|
| ![](ex99-1_001.jpg) | <br> Ernst & Young LLP<br> One Manhattan West<br> New York, NY 10001 | <br> Tel: +1 212 773 3000<br> ey.com |

---

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

Tenet Equity, LP (the "Property Manager") Tenet Equity Funding SPE I, LLC Tenet Equity Funding SPE III, LLC Tenet Equity Funding SPE IV, LLC 7332 East Butherus Drive, Suite 100 Scottsdale, Arizona 85260 6 October 2025

---

| | |
|:---|:---|
| **Re:** | **Tenet Equity Funding SPE I, LLC, Tenet Equity Funding SPE III, LLC and Tenet Equity Funding SPE IV, LLC (collectively, the "Issuers")** |
|  | **Net-Lease Mortgage Notes, Series 2025-1 (the "Notes")** |
|  | **Owned Property and Lease Agreed-Upon Procedures** |

---

We have performed the procedures enumerated in Attachment A, which were agreed to and acknowledged as appropriate by the Property Manager, Issuers, Truist Securities, Inc., BofA Securities, Inc. and Wells Fargo Securities, LLC (collectively, the "Specified Parties"), for the intended purpose of assisting the Specified Parties in evaluating the accuracy of certain information with respect to a pool consisting of (i) fee title to, and leasehold interests in ground leases on, commercial real estate properties (the "Owned Properties") and (ii) each of the leases with respect to such Owned Properties and all payments required thereunder (the "Leases," together with the Owned Properties, the "Collateral Pool") relating to the Issuers' securitization transaction. 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.

---

| | |
|:---|:---|
| ![](ex99-1_001.jpg) | Page 2 of 5 |

---

For the purpose of the procedures described in this report, the Property Manager, on behalf of the Issuers, provided us with:

a. Electronic data files:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Labeled "2025-1 Data Tape - EY AUP 9.24.25.xlsx" and the corresponding
record layout and decode information, as applicable (the "Preliminary Data File"), that the Property Manager, on behalf
of the Issuers, indicated contains information as of 30 September 2025 (the "Preliminary Statistical Cut-off
Date") relating to the Owned Properties and Leases,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Labeled "2025-1 Data Tape - EY 10.02.25.xlsx" and the corresponding
record layout and decode information, as applicable (the "Data File"), that the Property Manager, on behalf of the
Issuers, indicated contains information as of 2 October 2025 (the "Statistical Cut-off Date") relating to the
Owned Properties and Leases,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Labeled "ABS Data Tape vF 10.4.24.xlsx" and the corresponding
record layout and decode information, as applicable (the "2024-1 Data File"), that the Property Manager, on behalf of the
Issuers, indicated contains information as of 30 September 2024 (the "2024-1 Statistical Cut-off Date")
relating to a pool consisting of fee title to, and leasehold interests in ground leases on, commercial real estate properties and each
of the corresponding leases and all payments required thereunder (collectively, the "Related Series Owned Properties and Leases")
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Labeled "Exempt Lease Schedule.xlsx" and the corresponding
record layout and decode information, as applicable (the "Exempt Property and Lease Data File"), that the Property Manager,
on behalf of the Issuers, indicated contains information corresponding to certain Compared Characteristics (as defined herein) relating
to Related Series Owned Properties and Leases for which there were certain amendments or other changes between the 2024-1 Statistical
Cut-off Date and Preliminary Statistical Cut-off Date related to the corresponding Compared Characteristics,

b. A schedule and the corresponding record layout and decode information,
as applicable (the "Property ID Mapping Schedule"), that the Property Manager, on behalf of the Issuers, indicated contains
property ID mapping information relating to the Owned Properties and Leases with changes to the corresponding property IDs, as shown on
the Preliminary Data File, Updated Preliminary Data File (as defined in Attachment A) and Data File, between the Preliminary Statistical
Cut-off Date and Statistical Cut-off Date,

c. Electronic data files and the corresponding record layout and decode information,
as applicable (collectively, the "Source Schedules"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Labeled "2025-1 Unit FCCR 9.24.25.xlsx" (the "FCC Schedule
File"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Labeled "2022-NAICS-Codes.xlsx" (the "NAICS Code
Schedule") and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Labeled "ABS Lease Combinations – EY.xlsx" (the "Lease
Consolidation Schedule")

that the Property Manager, on behalf of the Issuers, indicated contain information relating to the New 2025-1 Owned Properties and Leases (as defined in Attachment A), as applicable,

d. Imaged copies of the following items (collectively, the "Source
Documents," together with the Source Schedules, the "Sources"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The lease agreement or master lease agreement, any corresponding amendments,
estoppels or other related documents (collectively, the "Lease Agreement"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The appraisal report (the "Appraisal"),

---

| | |
|:---|:---|
| ![](ex99-1_001.jpg) | Page 3 of 5 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The corporate guaranty or other related documents (collectively and as
applicable, the "Corporate Guaranty"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. The property condition report (the "Property Condition Report"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. The survey, additional survey, floor plan, site plan or other related
documents (collectively and as applicable, the "Survey"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. The investor committee memorandum (the "Investor Memorandum")
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. The concept screenshot (the "Concept Screen Shot"),

as applicable, that the Property Manager, on behalf of the Issuers, indicated relate to the New 2025-1 Owned Properties and Leases,

e. A list of characteristics on the Data File (the "Recalculated Characteristics"), which are
described in Attachment A, that the Property Manager, on behalf of the Issuers, instructed us to recalculate using information on the
Data File,

f. The list of relevant characteristics on the 2024-1 Data File, Preliminary Data File, Updated Preliminary
Data File and Data File (the "Compared Characteristics"), which is shown on Exhibit 1 to Attachment A,

g. A list of characteristics on the Preliminary Data File and Data File (the
"Provided Characteristics"), which is shown on Exhibit 2 to Attachment A, on which the Property Manager, on behalf of the
Issuers, instructed us to perform no procedures and

h. Instructions, assumptions and methodologies, which are described in Attachment
A. For the purpose of the procedures described in this report, certain information contained on the Preliminary Data File and Data File is the "Subject Matter" as of the date of this report. We performed certain procedures on earlier versions of the Subject Matter and communicated any differences prior to being provided the final Subject Matter which was subjected to the procedures described below.

---

| | |
|:---|:---|
| ![](ex99-1_001.jpg) | Page 4 of 5 |

---

The procedures included in Attachment A were limited to comparing or recalculating, as applicable, certain information that is further described in Attachment A. The Issuers are responsible for the Subject Matter, Preliminary Data File, Data File, 2024-1 Data File, Exempt Property and Lease Data File, Property ID Mapping Schedule, Sources, Recalculated Characteristics, Compared Characteristics, Provided Characteristics 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. We have not verified, and we make no representation as to, the appropriateness, accuracy, completeness or reasonableness of the 2024-1 Data File, Exempt Property and Lease Data File, Property ID Mapping Schedule, Sources, Provided Characteristics or any other information provided to us or that we were instructed to obtain, as applicable, by the Property Manager, on behalf of the Issuers, 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 Related Series Owned Properties and Leases or Collateral Pool, (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 Property Manager, on behalf of the Issuers, 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 Collateral Pool 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 Collateral Pool,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Whether the originator(s) of the Collateral Pool 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 Collateral Pool that would be material to the likelihood that
the issuers of the Notes will pay interest and principal in accordance with applicable terms and conditions.

---

| | |
|:---|:---|
| ![](ex99-1_001.jpg) | Page 5 of 5 |

---

We are required to be independent of the Issuers 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 this report as Specified Parties but who may have access to this report as required by law or regulation.

/s/ Ernst & Young LLP

6 October 2025

---

| | |
|:---|:---|
| ![](ex99-1_001.jpg) | **Attachment A**<br>Page 1 of 5  |

---

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

1. For each commercial real estate property and lease on the 2024-1 Data File
and Preliminary Data File, we compared the property ID, as shown on the 2024-1 Data File, to the corresponding property ID, as shown on
the Preliminary Data File, and noted that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All of the Related Series Owned Properties and Leases included on the 2024-1
Data File were included on the Preliminary Data File and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. 51 of the Owned Properties and Leases on the Preliminary Data File were
not included on the 2024-1 Data File (the "New 2025-1 Owned Properties and Leases").

For the purpose of the procedures described in this report, the 51 New 2025-1 Owned Properties and Leases are referred to as New 2025-1 Owned Property and Lease Numbers 1 through 51.

2. For each Related Series Owned Property and Lease included on the Preliminary
Data File, we compared the Compared Characteristics, as shown on the 2024-1 Data File, to the corresponding information, as shown
on the Preliminary Data File, subject to the instruction(s) provided by the Property Manager, on behalf of the Issuers, described in the
succeeding paragraph(s) of this Item. All such compared information was found to be in agreement.

For the purpose of this procedure, the Property Manager, on behalf of the Issuers, instructed us not to compare:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The aggregate unit FCC, monthly rent payment, date of last rent bump and
date of next rent bump Compared Characteristics due to the passage of time between the 2024-1 Statistical Cut<sub>-</sub>off Date and
Preliminary Statistical Cut-off Date and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any unique combination of Compared Characteristic and Related Series Owned
Property and Lease, as shown on the Exempt Property and Lease Data File.

We performed no procedures to determine the appropriateness, accuracy, completeness or reasonableness of the instructions provided by the Property Manager, on behalf of the Issuers, described in this Item.

---

| | |
|:---|:---|
| ![](ex99-1_001.jpg) | **Attachment A**<br>Page 2 of 5  |

---

3. For each New 2025-1 Owned Property and Lease, we compared the Compared Characteristics, as shown on the Preliminary Data File, to
the corresponding information located in, or to the corresponding information we recalculated using information located in, the Sources
and/or Preliminary Data File, as applicable, subject to the instructions, assumptions and methodologies provided by the Property Manager,
on behalf of the Issuers, described in the notes to Exhibit 1 to Attachment A and the succeeding paragraph(s) of this Item.

The Source(s) that we were instructed by the Property Manager, on behalf of the Issuers, to use for each Compared Characteristic are indicated on Exhibit 1 to Attachment A. Where more than one Source is listed for a Compared Characteristic, the Property Manager, on behalf of the Issuers, 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 Sources that are listed for such Compared Characteristic on Exhibit 1 to Attachment A. We performed no procedures to reconcile any differences that may exist between various Sources for any of the Compared Characteristics. In addition, if a particular Source contained multiple values for the same Compared Characteristic, the Property Manager, on behalf of the Issuers, instructed us to note agreement if the value on the Preliminary Data File for the Compared Characteristic agreed with at least one of the values in the corresponding Source. We performed no procedures to reconcile any differences that may exist between various values in a Source for any Compared Characteristic.

We performed no procedures to determine the appropriateness, accuracy, completeness or reasonableness of the instructions, assumptions and methodologies provided by the Property Manager, on behalf of the Issuers, described in this Item.

4. As instructed by the Property Manager, on behalf of the Issuers, we adjusted
the information on the Preliminary Data File to correct all the differences we noted in performing the procedures described in Item 3.
and provided a list of such differences to the Property Manager. The Preliminary Data File, as adjusted, is hereinafter referred to as
the "Updated Preliminary Data File."

5. For each Owned Property and Lease on the Updated Preliminary Data File and Data File, we compared the property ID, as shown on the
Updated Preliminary Data File, to the corresponding property ID, as shown on the Data File, in accordance with the information on the
Property ID Mapping Schedule, as applicable, subject to the instruction(s) provided by the Property Manager, on behalf of the Issuers,
described in the succeeding paragraph(s) of this Item, and noted that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All of the Owned Properties and Leases were included on both the Updated Preliminary Data File and Data
File and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. No commercial real estate properties and related leases other than the Owned Properties and Leases were
included on the Updated Preliminary Data File or Data File.

---

| | |
|:---|:---|
| ![](ex99-1_001.jpg) | **Attachment A**<br>Page 3 of 5  |

---

For the purpose of this procedure, the Property Manager, on behalf of the Issuers, instructed us to ignore any special characters in the property ID, as shown on the Updated Preliminary Data File and Data File.

We performed no procedures to determine the appropriateness, accuracy, completeness or reasonableness of the instructions provided by the Property Manager, on behalf of the Issuers, described in this Item.

6. For each Owned Property and Lease on the Updated Preliminary Data File
and Data File, we compared the Compared Characteristics, as shown on the Updated Preliminary Data File, to the corresponding information,
as shown on the Data File, in accordance with the information on the Property ID Mapping Schedule, as applicable, subject to the instruction(s)
provided by the Property Manager, on behalf of the Issuers, described in the succeeding paragraph(s) of this Item. All such compared information
was found to be in agreement.

For the purpose of this procedure, the Property Manager, on behalf of the Issuers, instructed us:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. To ignore any special characters in the property ID, as shown on the Updated
Preliminary Data File and Data File, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Not to compare the aggregate unit FCC, monthly rent payment, date of last
rent bump and date of next rent bump Compared Characteristics due to the passage of time between the Preliminary Statistical Cut<sub>-</sub>off
Date and Statistical Cut-off Date.

We performed no procedures to determine the appropriateness, accuracy, completeness or reasonableness of the instructions provided by the Property Manager, on behalf of the Issuers, described in this Item.

7. Using:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Information on the Data File and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The instructions, assumptions and methodologies provided by the Property Manager, on behalf of the Issuers,
described in the succeeding paragraph(s) of this Item,

we recalculated the original lease term (months) (the "Original Lease Term") of each Owned Property and Lease. We compared this recalculated information to the corresponding information on the Data File and found such information to be in agreement.

For the purpose of this procedure, the Property Manager, on behalf of the Issuers, instructed us to recalculate the Original Lease Term as the difference in months between the original lease expiration and original lease commencement date, both as shown on the Data File.

We performed no procedures to determine the appropriateness, accuracy, completeness or reasonableness of the instructions, assumptions and methodologies provided by the Property Manager, on behalf of the Issuers, described in this Item.

---

| | |
|:---|:---|
| ![](ex99-1_001.jpg) | **Attachment A**<br>Page 4 of 5  |

---

8. Using:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Information on the Data File and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The instructions, assumptions and methodologies provided by the Property Manager, on behalf of the Issuers,
described in the succeeding paragraph(s) of this Item,

we recalculated the remaining lease term (months) (the "Remaining Lease Term") of each Owned Property and Lease. We compared this recalculated information to the corresponding information on the Data File and found such information to be in agreement.

For the purpose of this procedure, the Property Manager, on behalf of the Issuers, instructed us to recalculate the Remaining Lease Term as the difference in months between the current lease expiration, as shown on the Data File, and Statistical Cut-off Date.

We performed no procedures to determine the appropriateness, accuracy, completeness or reasonableness of the instructions, assumptions and methodologies provided by the Property Manager, on behalf of the Issuers, described in this Item.

9. Using:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Information on the Data File and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The instructions, assumptions and methodologies provided by the Property Manager, on behalf of the Issuers,
described in the succeeding paragraph(s) of this Item,

we recalculated the cap rate on appraised value (the "Cap Rate on Appraised Value") of each Owned Property and Lease. We compared this recalculated information to the corresponding information on the Data File and found such information to be in agreement.

For the purpose of this procedure, the Property Manager, on behalf of the Issuers, instructed us to recalculate the Cap Rate on Appraised Value of each Owned Property and Lease (except for any Owned Properties and Leases described in the succeeding paragraph(s) of this Item) as the quotient of the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The sum of the monthly rent payments for each unique property ID corresponding to the same contract ID,
as shown on the Data File, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Twelve

divided by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Sum of the appraised values for each unique property ID corresponding to the same contract ID,
as shown on the Data File.

---

| | |
|:---|:---|
| ![](ex99-1_001.jpg) | **Attachment A**<br>Page 5 of 5  |

---

For the purpose of this procedure, the Property Manager, on behalf of the Issuers, instructed us to note agreement with a Cap Rate on Appraised Value of if the related contract ID, as shown on the Data File, had multiple unique property IDs and the Owned Property and Lease was not the first unique property ID listed for that contract ID on the Data File.

We performed no procedures to determine the appropriateness, accuracy, completeness or reasonableness of the instructions, assumptions and methodologies provided by the Property Manager, on behalf of the Issuers, described in this Item.

**Exhibit 1 to Attachment A**<br>Page 1 of 4<br>

**<u> </u>**

**<u>Compared Characteristics and Source(s)</u>**

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| | |
|:---|:---|
| **<u>Compared Characteristic</u>** | **<u>Source(s)</u>** |
| Client name | Lease Agreement or Lease Consolidation Schedule |
| Concept | Investor Memorandum or Concept Screen Shot |
| Sector | Investor Memorandum |
| City | Investor Memorandum |
| State | Investor Memorandum |
| Zip | Investor Memorandum or Appraisal |
| Industry | (a) Investor Memorandum or <br> (b) NAICS Code Schedule and Investor Memorandum |
| Aggregate unit FCC | FCC Schedule File |
| Monthly rent payment | Lease Agreement and recalculation |
| Master lease (Y/N) | Lease Agreement or Lease Consolidation Schedule |
| Corporate guaranty (Y/N) | Corporate Guaranty or Lease Consolidation Schedule |
| Land sf | Survey |
| Building sf | Survey, Appraisal or Property Condition Report |
| Year built | Property Condition Report |
| Original lease commencement date | Lease Agreement or Lease Consolidation Schedule |
| Current lease expiration | Lease Agreement or Lease Consolidation Schedule |
| Date of last rent bump | Lease Agreement or Lease Consolidation Schedule |
| Date of next rent bump | Lease Agreement or Lease Consolidation Schedule |
| Rent bump % cap | Lease Agreement or Lease Consolidation Schedule |
| Rent bump description | Lease Agreement or Lease Consolidation Schedule |

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**Exhibit 1 to Attachment A**<br>Page 2 of 4<br>

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| | |
|:---|:---|
| **<u>Compared Characteristic</u>** | **<u>Source(s)</u>** |
| Tenant purchase option (Y/N) | Lease Agreement or Lease Consolidation Schedule |
| Appraisal date | Appraisal |
| Land value | Appraisal |
| Appraised value | Appraisal |

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

i. For the purpose of comparing the client name, master lease (Y/N), original lease commencement date,
current lease expiration, date of last rent bump, rent bump % cap, rent bump description and tenant purchase option (Y/N) Compared Characteristics
for each New 2025-1 Owned Property and Lease (except for New 2025-1 Owned Property and Lease Numbers 1, 12, 17, 18, 19, 20, 21, 28,
29 and 30 (collectively, the "New 2025-1 Owned Properties and Leases Undergoing Lease Consolidation")), the Property Manager,
on behalf of the Issuers, instructed us to use the Lease Agreement as the Source.

For the purpose of comparing the client name, master lease (Y/N), original lease commencement date, current lease expiration, date of last rent bump, rent bump % cap, rent bump description and tenant purchase option (Y/N) Compared Characteristics for the New 2025-1 Owned Properties and Leases Undergoing Lease Consolidation, the Property Manager, on behalf of the Issuers, instructed us to use the Lease Consolidation Schedule as the Source.

ii. For the purpose of comparing the client name, concept, industry and rent bump description Compared Characteristics,
the Property Manager, on behalf of the Issuers, instructed us to ignore differences that appear to be due to punctuation, abbreviations,
truncations, additional words or descriptions.

iii. For the purpose of comparing the industry Compared Characteristic for each New 2025-1 Owned Property
and Lease (except for New 2025-1 Owned Property and Lease Numbers 10 and 11), the Property Manager, on behalf of the Issuers, instructed
us to use the Investor Memorandum as the Source.

For the purpose of comparing the industry Compared Characteristic for New 2025-1 Owned Property and Lease Numbers 10 and 11, the Property Manager, on behalf of the Issuers, instructed us to use the industry description, as shown in the NAICS Code Schedule, corresponding to the 5-digit NAICS, as shown in the corresponding Investor Memorandum.

**Exhibit 1 to Attachment A**<br>Page 3 of 4<br>

iv. For the purpose of comparing the aggregate unit FCC Compared Characteristic, the Property Manager, on
behalf of the Issuers, instructed us to note agreement with an aggregate unit FCC of if the related contract ID, as shown
on the Preliminary Data File, had multiple unique Property IDs and the New 2025-1 Owned Property and Lease was not the first unique property
ID listed for that contract ID on the Preliminary Data File.

v. For the purpose of comparing the monthly rent payment Compared Characteristic for each New 2025-1 Owned
Property and Lease (except for any New 2025-1 Owned Property and Lease described in the succeeding paragraph(s) of this note), the Property
Manager, on behalf of the Issuers, instructed us to divide the annual rent payment, as shown in the applicable Source(s), by 12.

For the purpose of comparing the monthly rent payment Compared Characteristic, the Property Manager, on behalf of the Issuers, instructed us to note agreement with a monthly rent payment value of if the related contract ID, as shown on the Preliminary Data File, had multiple unique Property IDs and the New 2025-1 Owned Property and Lease was not the first unique property ID listed for that contract ID on the Preliminary Data File.

vi. For the purpose of comparing the corporate guaranty (Y/N) Compared Characteristic for each New 2025-1
Owned Property and Lease (except for the New 2025-1 Owned Properties and Leases Undergoing Lease Consolidation), the Property Manager,
on behalf of the Issuers, instructed us to use the Corporate Guaranty as the Source.

For the purpose of comparing the corporate guaranty (Y/N) Compared Characteristic for the New 2025-1 Owned Properties and Leases Undergoing Lease Consolidation, the Property Manager, on behalf of the Issuers, instructed us to use the Lease Consolidation Schedule as the Source.

vii. For the purpose of comparing the land sf and building sf Compared Characteristics, the Property Manager,
on behalf of the Issuers, instructed us to round the value, as shown on the applicable Source(s), to the nearest whole number.

viii. For the purpose of comparing the year built Compared Characteristic, the Property Manager, on behalf
of the Issuers, instructed us to use the earliest year if a range of years was shown in the applicable Source(s).

**Exhibit 1 to Attachment A**<br>Page 4 of 4<br>

ix. For the purpose of comparing the date of next rent bump Compared Characteristic for each New 2025-1
Owned Property and Lease (except for the New 2025-1 Owned Properties and Leases Undergoing Lease Consolidation), the Property Manager,
on behalf of the Issuers, instructed us to use the day prior to the next rent bump date, as shown in the Lease Agreement.

For the purpose of comparing the date of next rent bump Compared Characteristic for the New 2025-1 Owned Properties and Leases Undergoing Lease Consolidation, the Property Manager, on behalf of the Issuers, instructed us to use the Lease Consolidation Schedule as the Source.

We performed no procedures to determine the accuracy, completeness or reasonableness of the instructions, assumptions and methodologies provided by the Property Manager, on behalf of the Issuers, described above.

**Exhibit 2 to Attachment A**

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

Property ID Contract ID Current lease rate Original lease expiration

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

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