# EDGAR Filing Document

**Accession Number:** 0001722211
**File Stem:** 0001193125-25-173572
**Filing Date:** 2025-8
**Character Count:** 32355
**Document Hash:** 80c002c1ca85b4087f9007977d36b834
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-173572.hdr.sgml**: 20250805

**ACCESSION NUMBER**: 0001193125-25-173572

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

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250806

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

**FILED AS OF DATE**: 20250805

**DATE AS OF CHANGE**: 20250805

**ABS RULE**: RULE-15GA2

**REGISTERED ENTITY**: N

**ABS ASSET CLASS**: Other

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LMRK Issuer Co. 2 LLC
- **CENTRAL INDEX KEY:** 0001722211

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-07884
- **FILM NUMBER:** 251185518

**BUSINESS ADDRESS:**
- **STREET 1:** 2141 ROSECRANS AVENUE, SUITE 2100
- **STREET 2:** P.O. BOX 3429
- **CITY:** EL SEGUNDO
- **STATE:** CA
- **ZIP:** 90245
- **BUSINESS PHONE:** (310) 598-3173

**MAIL ADDRESS:**
- **STREET 1:** 2141 ROSECRANS AVENUE, SUITE 2100
- **STREET 2:** P.O. BOX 3429
- **CITY:** EL SEGUNDO
- **STATE:** CA
- **ZIP:** 90245
**DEPOSITOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LMRK Issuer Co. 2 LLC
- **CENTRAL INDEX KEY:** 0001722211

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

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

**BUSINESS ADDRESS:**
- **STREET 1:** 2141 ROSECRANS AVENUE, SUITE 2100
- **STREET 2:** P.O. BOX 3429
- **CITY:** EL SEGUNDO
- **STATE:** CA
- **ZIP:** 90245
- **BUSINESS PHONE:** (310) 598-3173

**MAIL ADDRESS:**
- **STREET 1:** 2141 ROSECRANS AVENUE, SUITE 2100
- **STREET 2:** P.O. BOX 3429
- **CITY:** EL SEGUNDO
- **STATE:** CA
- **ZIP:** 90245
**SECURITIZER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LMRK Issuer Co. 2 LLC
- **CENTRAL INDEX KEY:** 0001722211

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

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

**BUSINESS ADDRESS:**
- **STREET 1:** 2141 ROSECRANS AVENUE, SUITE 2100
- **STREET 2:** P.O. BOX 3429
- **CITY:** EL SEGUNDO
- **STATE:** CA
- **ZIP:** 90245
- **BUSINESS PHONE:** (310) 598-3173

**MAIL ADDRESS:**
- **STREET 1:** 2141 ROSECRANS AVENUE, SUITE 2100
- **STREET 2:** P.O. BOX 3429
- **CITY:** EL SEGUNDO
- **STATE:** CA
- **ZIP:** 90245

**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** 

**Date of Report (Date of earliest event reported) N/A** 

**Commission File Number of securitizer:<u> </u>** 

**Central Index Key Number of securitizer:** 

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

**To contact in connection with this filing.** 

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

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

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

SEC2860 (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.

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

**Central Index Key Number of depositor: Not Applicable** 

## LMRK Issuer Co. 2 LLC
**(Exact name of issuing entity as specified in its charter)** 

Central Index Key Number of issuing entity (if applicable): 0002079056

Central Index Key Number of underwriter (if applicable): Not Applicable

**George P. Doyle** 

**(310) 361-5790** 

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

**To contact in connection with this filing.** 

------

**INFORMATION TO BE INCLUDED IN THE REPORT** 

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

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| | |
|:---|:---|
| **Item 2.01** | **Findings and conclusions of a Third Party Due Diligence Report Obtained by the Issuer**  |

---

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

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**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.

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| | |
|:---|:---|
| LMRK Issuer Co. 2 LLC | (Securitizer) |
| Dated: August 5, 2025 |  |
| /s/ George P. Doyle | (Signature) |
| George P. Doyle |  |
| CFO & Treasurer |  |

---

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**EXHIBIT INDEX** 

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| | |
|:---|:---|
| **Exhibit**<br>**No.** | **Description** |
| Exhibit 99.1 | Report of Independent Accountants on Applying Agreed-Upon Procedures, dated August 5, 2025 of Ernst & Young LLP. |

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## Exhibit 99.1

**Exhibit 99.1** 

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| | | |
|:---|:---|:---|
| ![LOGO](g20910g28j55.jpg) | Ernst & Young LLP<br> One Manhattan West<br> New York, NY 10001 | Tel: +1 212 773 3000<br> ey.com |

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

LD Outdoor Sponsor LLC (the "Sponsor") LMRK Issuer Co. 2 LLC (the "Issuer") 400 Continental Blvd., Suite 500 El Segundo, California 90245 5 August 2025

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| | |
|:---|:---|
| **Re:** | **LMRK Issuer Co. 2 LLC**  |

---

**Secured Tenant Site Contract Revenue Notes, Series 2025-1 (the "Notes")**

**Sample Asset Agreed-Upon Procedures**

We have performed the procedures enumerated in Attachment A, which were agreed to and acknowledged as appropriate by the Sponsor, Issuer, Deutsche Bank Securities Inc. and MUFG Securities Americas Inc. (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 of assets consisting of fee estates, leasehold estates or easements combined with assignments of tenant leases, licenses or similar agreements with respect to certain outdoor advertising sites and assignments of tenant leases, licenses or similar agreements with respect to certain outdoor advertising sites (the "Tenant Site Assets") relating to the Issuer's 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.

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| | |
|:---|:---|
| ![LOGO](g20910g28j55.jpg) | Page 2 of 4 |

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

a. Electronic data files (collectively, the "Provided Data Files"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Labeled "LMDV Outdoor_Data Tape_1Q2025_v05.21.2025.xlsx" and the corresponding record layout and
decode information, as applicable (the "Initial Preliminary Data File"), that the Sponsor, on behalf of the Issuer, indicated contains information as of 31 March 2025 (the "Cut-Off Date") relating to certain fee estates, leasehold estates or easements combined with assignments of tenant leases, licenses or similar agreements with respect to certain outdoor advertising sites and assignments of tenant leases, licenses or
similar agreements with respect to certain outdoor advertising sites (the "Initial Preliminary Tenant Site Assets") that are expected to be representative of the Tenant Site Assets,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Labeled "LMDV Outdoor_Data Tape_1Q2025_v06.16.2025.xlsx" and the corresponding record layout and
decode information, as applicable (the "Preliminary Data File"), that the Sponsor, on behalf of the Issuer, indicated contains information as of the Cut-Off Date relating to certain fee estates,
leasehold estates or easements combined with assignments of tenant leases, licenses or similar agreements with respect to certain outdoor advertising sites and assignments of tenant leases, licenses or similar agreements with respect to certain
outdoor advertising sites (the "Preliminary Tenant Site Assets") that are expected to be representative of the Tenant Site Assets and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Labeled "LMDV Outdoor_Data Tape_1Q2025_v07.17.2025.xlsx" and the corresponding record layout and
decode information, as applicable (the "Updated Preliminary Data File"), that the Sponsor, on behalf of the Issuer, indicated contains information as of the Cut-Off Date relating to the Preliminary
Tenant Site Assets,

b. Imaged copies of the following items (collectively, the "Source Documents"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The easement and assignment of lease agreement or other related documents (collectively and as applicable, the
"Easement Agreement"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The lease agreement or other related documents (collectively and as applicable, the "Lease
Agreement"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The purchase and sale agreement or other related documents (collectively and as applicable, the "Purchase
and Sale Agreement"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. The estoppel certificate (the "Estoppel Certificate"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Certain printed screen shots of the parent company credit rating (the "Parent Rating Screenshots"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. The closing statement or other related documents (collectively and as applicable, the "Closing
Statement"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. The proof of payment (the "Proof of Payment") and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. The underwriting summary (the "Underwriting Summary"),

as applicable, that the Sponsor, on behalf of the Issuer, indicated relate to each Sample Asset (as defined in Attachment A),

c. Certain schedules and the corresponding record layout and decode information, as applicable (the "Revenue
Schedules"), that the Sponsor, on behalf of the Issuer, indicated contain rent collected during the lease life information relating to each Sample Asset,

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|:---|:---|
| ![LOGO](g20910g28j55.jpg) | Page 3 of 4 |

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d. A schedule and the corresponding record layout and decode information, as applicable (the "BTA Rank
Schedule," together with the Source Documents and Revenue Schedules, the "Sources"), that the Sponsor, on behalf of the Issuer, indicated contain basic trading area information relating to certain Sample Assets,

e. The list of relevant characteristics (the "Sample Characteristics") on the Preliminary Data File and
Updated Preliminary Data File, as applicable, which is shown on Exhibit 1 to Attachment A, and

f. 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 Updated Preliminary Data File is the "Subject Matter" as of the date of this report.

The procedures included in Attachment A were limited to comparing, recalculating or observing, as applicable, certain information that is further described in Attachment A. The Issuer is responsible for the Subject Matter, Provided Data Files, Sources, Sample 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 accuracy, completeness or reasonableness of the Initial Preliminary Data File, Sources or any other information provided to us, or that we were instructed to obtain, as applicable, by the Sponsor, on behalf of the Issuer, 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 Initial Preliminary Tenant Site Assets, Preliminary Tenant Site Assets, Tenant Site Assets, (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 Sponsor, on behalf of the Issuer, 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.

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|:---|:---|
| ![LOGO](g20910g28j55.jpg) | Page 4 of 4 |

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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 Tenant Site Assets 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 Tenant Site Assets,

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

We are required to be independent of the Issuer 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

5 August 2025

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| | |
|:---|:---|
| ![LOGO](g20910g28j55.jpg) | **Attachment A**<br> Page 1 of 2 |

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

1. As instructed by the Sponsor, on behalf of the Issuer, we:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Selected 25 Initial Preliminary Tenant Site Assets from the Initial Preliminary Data File (the "Top 25
Tenant Site Assets") with the largest 1Q2025 NTM NOI Normalized value, as shown on the Initial Preliminary Data File, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Randomly selected a sample of 10 Initial Preliminary Tenant Site Assets (the "Random Sample Assets,"
together with the Top 25 Tennent Site Assets, the "Sample Assets") that were not a Top 25 Tenant Site Asset from the Initial Preliminary Data File.

For the purpose of this procedure, the Sponsor, on behalf of the Issuer, did not inform us as to the basis for how they determined the number of Sample Assets or the methodology they instructed us to use to select the Sample Assets from the Initial Preliminary Data File.

For the purpose of the procedures described in this report, the 35 Sample Assets are referred to as Sample Asset Numbers 1 through 35.

2. For each asset on the Initial Preliminary Data File and Preliminary Data File, we compared the LD Asset ID, as
shown on the Initial Preliminary Data File, to the corresponding LD Asset ID, as shown on the Preliminary Data File, and noted that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All of the Preliminary Tenant Site Assets included on the Preliminary Data File were included on the Initial
Preliminary Data File,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Six (6) of the Initial Preliminary Tenant Site Assets included on the Initial Preliminary Data File were
not included on the Preliminary Data File (the "Removed Initial Preliminary Tenant Site Assets") and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. None of the Removed Initial Preliminary Tenant Site Assets were a Sample Asset.

3. For each Sample Asset (except for Sample Asset Number 4), we compared the Sample Characteristics listed on
Exhibit 1 to Attachment A, as shown on the Preliminary Data File, to the corresponding information located on, or to the corresponding information we recalculated using information located on, the Sources, subject to the instructions, assumptions
and methodologies provided to us by the Sponsor, on behalf of the Issuer, described in the notes to Exhibit 1 to Attachment A and the succeeding paragraph(s) of this Item. Except for the information shown on Exhibit 2 to Attachment A, all such
compared information was found to be in agreement.

The Source(s) that we were instructed by the Sponsor, on behalf of the Issuer, to use for each Sample Characteristic are indicated on Exhibit 1 to Attachment A. Unless otherwise indicated in the notes to Exhibit 1 to Attachment A, where more than one Source is listed for a Sample Characteristic, the Sponsor, on behalf of the Issuer, instructed us to note agreement if the value on the Preliminary Data File for such Sample Characteristic agreed with the corresponding information on at least one of the Sources listed for such Sample 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 Sample Characteristics listed on Exhibit 1 to Attachment A.

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|:---|:---|
| ![LOGO](g20910g28j55.jpg) | **Attachment A**<br> Page 2 of 2 |

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3. (continued)

For the purpose of this procedure, the Sponsor, on behalf of the Issuer, instructed us not to perform any procedures on Sample Asset Number 4.

4. For each asset on the Preliminary Data File and Updated Preliminary Data File, we compared the LD Asset ID, as
shown on the Preliminary Data File, to the corresponding LD Asset ID, as shown on the Updated Preliminary Data File, and noted that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All of the Preliminary Tenant Site Assets were included on both the Preliminary Data File and Updated
Preliminary Data File,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. No assets other than the Preliminary Tenant Site Assets were included on the Preliminary Data File or Updated
Preliminary Data File.

5. For each Sample Asset (except for Sample Asset Number 4), we compared the Sample Characteristics listed on
Exhibit 1 to Attachment A, as shown on the Preliminary Data File, to the corresponding information, as shown on the Updated Preliminary Data File, subject to the instruction(s) provided by the Sponsor, on behalf of the Issuer, described in the
succeeding paragraph(s) of this Item. Except for the information shown on Exhibit 3 to Attachment A, all such compared information was found to be in agreement.

For the purpose of comparing the address and tenant name Sample Characteristics, the Sponsor, on behalf of the Issuer, instructed us to ignore differences that appear to be due to abbreviations, truncations or spelling errors.

6. For Sample Asset Number 4, we compared the Sample Characteristics listed on Exhibit 1 to Attachment A, as shown
on the Updated Preliminary Data File, to the corresponding information located on, or to the corresponding information we recalculated using information located on, the Sources, subject to the instructions, assumptions and methodologies provided to
us by the Sponsor, on behalf of the Issuer, described in the notes to Exhibit 1 to Attachment A and the succeeding paragraph(s) of this Item. All such compared information was found to be in agreement.

The Source(s) that we were instructed by the Sponsor, on behalf of the Issuer, to use for each Sample Characteristic are indicated on Exhibit 1 to Attachment A. Unless otherwise indicated in the notes to Exhibit 1 to Attachment A, where more than one Source is listed for a Sample Characteristic, the Sponsor, on behalf of the Issuer, instructed us to note agreement if the value on the Updated Preliminary Data File for such Sample Characteristic agreed with the corresponding information on at least one of the Sources listed for such Sample 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 Sample Characteristics listed on Exhibit 1 to Attachment A.

For the purpose of this procedure, the Sponsor, on behalf of the Issuer, instructed us to replace any reference to "Preliminary Data File" in Exhibit 1 to Attachment A with "Updated Preliminary Data File."

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

**<u>Sample Characteristics and Sources</u>**

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| | | | |
|:---|:---|:---|:---|
| **Sample Characteristic** | **Preliminary**<br> **Data File Field Name** | **Source(s)** | **Note(s)** |
|  LD asset ID | LD Asset ID | Underwriting Summary | i. |
|  Address | Address | Lease Agreement, Easement Agreement, Purchase and Sale Agreement or Underwriting Summary | ii. |
|  State | State | Lease Agreement, Easement Agreement, Purchase and Sale Agreement or Underwriting Summary | ii. |
|  Zip code | Zip | Lease Agreement, Easement Agreement, Purchase and Sale Agreement, Underwriting Summary or Closing Statement | iii. |
|  Tenant name | Tenant Name | Lease Agreement, Easement Agreement, Purchase and Sale Agreement, Underwriting Summary or Proof of Payment | ii., iv. |
|  Entity | Legal Entity | Easement Agreement, Lease Agreement or Purchase and Sale Agreement | ii. |
|  Structure type | Structure Type | Underwriting Summary, Easement Agreement or Lease Agreement | ii. |
|  RPI type | RPI Type | Easement Agreement, Lease Agreement or Purchase and Sale Agreement | ii. |
|  Purchase term | RPI Term (Months) | Easement Agreement, Lease Agreement, Purchase and Sale Agreement or Underwriting Summary | v. |
|  Lease commencement date | Lease Commencement Date | Lease Agreement, Easement Agreement, Purchase and Sale Agreement, Underwriting Summary, Estoppel Certificate or Closing Statement | vi. |
|  LD acquisition date | LD Acquisition Date | Closing Statement, Lease Agreement or Purchase and Sale Agreement | vii. |
|  BTA rank | BTA Rank | (a)Underwriting Summary or<br> (b)Lease Agreement and BTA Rank Schedule | viii. |
|  Parent bond rating | PC/PP Bond Rating | Parent Rating Screenshots | ix. |

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

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| | | | |
|:---|:---|:---|:---|
| **Sample Characteristic** | **Preliminary**<br> **Data File Field Name** | **Source(s)** | **Note(s)** |
|  Next expiration date | Next Expiration Date | Lease Agreement, Underwriting Summary and/or recalculation, as applicable | vii., x. |
|  Lease expiration date | Final Lease Expiration | Lease Agreement, Underwriting Summary and/or recalculation, as applicable | vii., x. |
|  Next twelve months NOI | 1Q2025 NTM NOI Normalized | Lease Agreement, Underwriting Summary, Revenue Schedules and/or recalculation, as applicable | xi. |

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

i. For identification purposes only.

ii. For the purpose of comparing the indicated Sample Characteristics for each Sample Asset, the Sponsor, on behalf
of the Issuer, instructed us to ignore differences that appear to be due to abbreviations, truncations or spelling errors.

iii. For the purpose of comparing the zip code Sample Characteristic for each Sample Asset, the Sponsor, on behalf
of the Issuer, instructed us to only compare the first five digits of the zip code, as shown on the Preliminary Data File, to the corresponding first five digits of the zip code, as shown on the applicable Source.

iv. For the purpose of comparing the tenant name Sample Characteristic for each Sample Asset, the Sponsor, on
behalf of the Issuer, instructed us to note agreement with a tenant name value of "Outfront Media LLC," as shown on the Preliminary Data File, if the corresponding tenant name value, as shown on the applicable Source, was "CBS Outdoor
LLC" (and in accordance with any other applicable note(s)).

v. For the purpose of comparing the purchase term Sample Characteristic for each Sample Asset, the Sponsor, on
behalf of the Issuer, instructed us to note agreement with a purchase term value of "1188," as shown on the Preliminary Data File, if the corresponding purchase term value, as shown on the applicable Source, was "perpetual,"
which we determined using the information, assumptions and methodologies described on the applicable Source.

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

**<u>Notes</u>:** (continued)

vi. For the purpose of comparing the lease commencement date Sample Characteristic for each Sample Asset, the
Sponsor, on behalf of the Issuer, instructed us to ignore differences of +/- six months or less.

vii. For the purpose of comparing the indicated Sample Characteristics for each Sample Asset, the Sponsor, on behalf
of the Issuer, instructed us to ignore differences of +/- two months or less.

viii. For the purpose of comparing the BTA rank Sample Characteristic for each Sample Asset, the Sponsor, on behalf
of the Issuer, instructed us to use the BTA rank for the county and state, both as shown on the BTA Rank Schedule, corresponding to the county and state, both as shown on the Lease Agreement.

ix. For the purpose of comparing the parent bond rating Sample Characteristic for each Sample Asset (except for the
Sample Assets described in the succeeding paragraph(s) of this note), the Sponsor, on behalf of the Issuer, instructed us to note agreement if the parent bond rating value, as shown on the Preliminary Data File, agreed with the corresponding parent
bond rating value, as shown on the Source, in accordance with the following decode table:

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| | |
|:---|:---|
| **Preliminary Data File Value** | **Source Value** |
| BB | Ba2 |
| B+ | B1 |
| CCC+ | Caa1 |

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The Sponsor, on behalf of the Issuer, instructed us to not to compare the parent bond rating Sample Characteristic for any Sample Assets with a parent bond rating value of "NR," as shown on the Preliminary Data File.

x. For the purpose of comparing the indicated Sample Characteristics for each Sample Asset, the Sponsor, on behalf
of the Issuer, instructed us to use the next expiration date or lease expiration date, as applicable, as shown on the applicable Source, or if the applicable Source did not contain the next expiration date or lease expiration date, as applicable, to
recalculate the next expiration date or lease expiration date, as applicable, using the information, assumptions and methodologies described on the Source (and in accordance with any other applicable note(s)).

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

**<u>Notes</u>:** (continued)

xi. For the purpose of comparing the next twelve months NOI Sample Characteristic for each Sample Asset, the
Sponsor, on behalf of the Issuer, instructed us to use the next twelve months NOI, as shown on the applicable Source, or if the applicable Source did not contain the next twelve months NOI, to recalculate the next twelve months NOI, using the
information, assumptions and methodologies described on the Source, subject to the additional instruction(s) described in the succeeding paragraph(s) of this note.

For the purpose of this procedure, the Sponsor, on behalf of the Issuer, instructed us to calculate the next twelve months NOI:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. For each Sample Asset (except for Sample Asset Number 21), as the sum of the NOI for each month from and
including April 2025 through and including March 2026, all as shown on the applicable Source, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. For Sample Asset Number 21, as the sum of the NOI for each month from and including July 2025 through and
including June 2026, all as shown on the applicable Source.

For the purpose of this procedure, the Sponsor, on behalf of the Issuer, instructed us to ignore differences of +/- $1.00 or less.

We performed no procedures to determine the accuracy, completeness or reasonableness of the instructions, assumptions and methodologies provided by the Sponsor, on behalf of the Issuer, described in the notes above.

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**Exhibit 2 to Attachment A**

**<u>Sample Characteristic Differences</u>**

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| | | | |
|:---|:---|:---|:---|
| **Sample**<br> **Asset Number** | **Sample Characteristic** | **Preliminary**<br> **Data File Value** | **Source Value** |
| 2 | Purchase term | 600 | 1188 |
| 16 | Purchase term<br> Next expiration date | 418<br> 12/31/2030 | 420<br> 5/31/2030 |
| 23 | Address | 10963 S US Highway 1 | 10961 S US Highway 1 |
| 25 | Next twelve months NOI | $138569.96 | $118669.57 |
| 31 | RPI type<br> Next expiration date<br> Lease expiration date | Assignment of Rents<br> 5/31/2025<br> 5/31/2025 | Assignment of Lease<br> 5/31/2023<br> 5/31/2023 |
| 32 | BTA rank | 24 | 11 |
| 35 | Next expiration date | 5/17/2025 | 5/17/2035 |

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**Exhibit 3 to Attachment A**

**Sample Characteristic Differences** 

**<u>Between the Preliminary Data File and Updated Preliminary Data File</u>**

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| | | | |
|:---|:---|:---|:---|
| **Sample**<br> **Asset Number** | **Sample Characteristic** | **Preliminary**<br> **Data File Value** | **Updated Preliminary**<br> **Data File Value** |
| 2 | Purchase term | 600 | 1188 |
| 16 | Purchase term<br> Next expiration date | 418<br> 12/31/2030 | 420<br> 5/31/2030 |
| 23 | Address | 10963 S US Highway 1 | 10961 S US Highway 1 |
| 25 | Next twelve months NOI | $138569.96 | $118669.57 |
| 31 | Next expiration date<br> Lease expiration date | 5/31/2025<br> 5/31/2025 | 9/30/2025<br> 9/30/2025 |
| 32 | BTA rank | 24 | 11 |
| 35 | Next expiration date | 5/17/2025 | 5/17/2035 |

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