# EDGAR Filing Document

**Accession Number:** 0001013611
**File Stem:** 0001539497-25-003091
**Filing Date:** 2025-12
**Character Count:** 58271
**Document Hash:** 263ee268045c29e1b9dc0a935a932f56
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001539497-25-003091.hdr.sgml**: 20251202

**ACCESSION NUMBER**: 0001539497-25-003091

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

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20251202

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

**FILED AS OF DATE**: 20251202

**DATE AS OF CHANGE**: 20251202

**ABS RULE**: RULE-15GA2

**REGISTERED ENTITY**: N

**ABS ASSET CLASS**: Commercial mortgages

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP
- **CENTRAL INDEX KEY:** 0001013611
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 133789046
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-00709
- **FILM NUMBER:** 251543234

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

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

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

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP
- **CENTRAL INDEX KEY:** 0001013611
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 133789046
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

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

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

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

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

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP
- **CENTRAL INDEX KEY:** 0001013611
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 133789046
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-00709

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

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

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

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549** 

**FORM ABS-15G** 

**ASSET-BACKED SECURITIZER<br> Report Pursuant to Section 15G of** 

**the Securities Exchange Act of 1934**

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

[_] Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period ____________ to ____________

Date of Report (Date of earliest event reported)______________________

Commission File Number of securitizer: ____________________

Central Index Key Number of securitizer: ___________________

------

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

contact in connection with this filing

Indicate by check mark whether the securitizer has no activity to report for the initial period pursuant to Rule 15Ga-1(c)(1) [_]<br>Indicate by check mark whether the securitizer has no activity to report for the quarterly period pursuant to Rule 15Ga-1(c)(2)(i) [_]<br>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 depositor: **0001013611**

<u>BX Trust 2025-ARIA</u><br> (Exact name of issuing entity as specified in its charter)

Central Index Key Number of issuing entity (if applicable): Not applicable

Central Index Key Number of underwriter (if applicable): <u>Not applicable</u> 

 <u>Kunal K. Singh, (212) 834-5467</u> 

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

contact in connection with this filing

**INFORMATION TO BE INCLUDED IN THE REPORT**

**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 2, 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 2, 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**

<br> 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.

---

| | | | |
|:---|:---|:---|:---|
| Date: December 2, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;J.P. MORGAN CHASE COMMERCIAL<br> MORTGAGE SECURITIES CORP. | &nbsp;&nbsp;&nbsp;&nbsp;J.P. MORGAN CHASE COMMERCIAL<br> MORTGAGE SECURITIES CORP. | &nbsp;&nbsp;&nbsp;&nbsp;J.P. MORGAN CHASE COMMERCIAL<br> MORTGAGE SECURITIES CORP. |
|  | By: | /s/ Kunal K. Singh | /s/ Kunal K. Singh |
|  |  | Name: | Kunal K. Singh |
|  |  | Title: | President and Chief Executive Officer |

---

Exhibit 1 Agreed-upon procedures report, dated December 2, 2025, of Ernst & Young LLP. <br> Exhibit 2 Underwriting information comparison agreed-upon procedures report, dated December 2, 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**

J.P. Morgan Chase Commercial Mortgage Securities Corp. (the "Depositor")

JPMorgan Chase Bank, National Association

J.P. Morgan Securities LLC

Citi Real Estate Funding Inc.

Citigroup Global Markets Inc.

German American Capital Corporation

Deutsche Bank Securities Inc.

Goldman Sachs Mortgage Company

Goldman Sachs & Co. LLC

Goldman Sachs Bank USA

(collectively, the "Specified Parties")

---

| | |
|:---|:---|
| **Re:** | **BX Trust 2025-ARIA (the "Issuing Entity")** |
|  | **Commercial Mortgage Pass-Through Certificates, Series 2025-ARIA (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 Trust 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 2 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 Trust 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 Trust 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 Trust Loan,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Whether the originator(s) of the Trust 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 Trust 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

2 December 2025

---

| | |
|:---|:---|
| ![](eylogo2.jpg) | **Attachment A**<br> Page 1 of 5 |

---

**<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 portion of a fixed rate commercial mortgage loan (the "Senior
Trust Note(s)" and "Junior Note(s)," respectively, and collectively, the "Trust Loan"),

b. The Trust Loan is part of a split loan structure consisting of the Trust Loan and certain other promissory notes (collectively, the
"Companion Loan(s)," together with the Senior Trust Note(s), the "Senior Note(s)," and the Senior Note(s)
together with the Junior Note(s), the "Whole Loan"),

c. The Companion Loan(s) will not be assets of the Issuing Entity and are *pari* passu in right of payment to the Senior Trust Note(s)
and will be senior in right of payment to the Junior Note(s) and

d. The Whole Loan will be secured primarily by a portfolio of commercial properties (each, a "Property" and collectively,
the "Properties").

**<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 Whole Loan and Properties that is expected to be as of 9 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.

---

| | |
|:---|:---|
| ![](eylogo2.jpg) | **Attachment A**<br> Page 2 of 5 |

---

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 Whole Loan and Properties 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.

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
Whole 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 Mortgage Loan Term" of the Whole 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. Seasoning and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Original Mortgage Loan Term,

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

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|:---|:---|
| ![](eylogo2.jpg) | **Attachment A**<br> Page 3 of 5 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Use "0" for the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Original amortization term of the Whole Loan (the "Original Mortgage Loan Amortization Term") and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Remaining amortization term of the Whole Loan (the "Remaining Mortgage Loan Amortization Term"),

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Use the "Original In-Trust A Mortgage 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 Senior Trust Note(s) as of the Reference Date (the "Cut-off Date In-Trust A Mortgage
Balance") and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Principal balance of the Senior Trust Note(s) as of the "Maturity Date" of the Mortgage Loan (the "In-Trust
A Maturity Mortgage Balance"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Use the "Original Non-Trust A Mortgage 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 Companion Loan(s) as of the Reference Date (the "Cut-off Date Non-Trust A Mortgage Balance")
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Principal balance of the Companion Loan(s) as of the "Maturity Date" of the Mortgage Loan (the "Non-Trust
A Maturity Mortgage Balance") and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Use the "Original In-Trust B Mortgage 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 Junior Note(s) as of the Reference Date (the "Cut-off Date In-Trust B Mortgage Balance")
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Principal balance of the Junior Note(s) as of the "Maturity Date" of the Whole Loan (the "In-Trust B Maturity
Mortgage Balance").

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

8. Using the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Original In-Trust A Mortgage Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Original Non-Trust A Mortgage Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Original In-Trust B Mortgage Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Cut-off Date In-Trust A Mortgage Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Cut-off Date Non-Trust A Mortgage Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Cut-off Date Non-Trust B Mortgage Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. In-Trust A Maturity Mortgage Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Non-Trust A Maturity Mortgage Balance and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. In-Trust B Maturity Mortgage Balance,

as shown on the Final Data File, we recalculated the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Original Whole Loan Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Cut-off Date Whole Loan Balance and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Maturity Date Whole Loan Balance

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

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|:---|:---|
| ![](eylogo2.jpg) | **Attachment A**<br> Page 4 of 5 |

---

9. Using the:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Accrual Basis,

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 Debt Service and

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

of the Whole 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 Debt Service" of the Whole 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 "Original Whole Loan 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 Debt Service" of the Whole Loan as twelve (12) times the "Mortgage Loan Monthly Debt Service."

10. Using the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Leased Fee Appraised Value,

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Maturity Date Whole Loan Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Mortgage Loan Annual Debt Service,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Underwritten NOI,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Underwritten NCF,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. TTM NOI,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. TTM NCF and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Total 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. Cut-off Date Whole Loan LTV,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Maturity Date Whole Loan LTV,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Whole Loan Underwritten NOI DY,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Whole Loan TTM NOI DY,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Whole Loan Underwritten NCF DY,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Whole Loan TTM NCF DY,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. Whole Loan Underwritten NOI DSCR,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. Whole Loan TTM NOI DSCR,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ix. Whole Loan Underwritten NCF DSCR,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x. Whole Loan TTM NCF DSCR and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xi. Cut-Off Date Whole Loan Balance per Room

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

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|:---|:---|
| ![](eylogo2.jpg) | **Attachment A**<br> Page 5 of 5 |

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10. (continued)

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. through vi. above to the nearest 1/10<sup>th</sup> of one percent and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Round the characteristics listed in vii. through x. above to two decimal places.

11. Using the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Master Servicing Fee Rate and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Primary Servicing Fee Rate,

as shown on the Final Data File, we recalculated the "Servicer Fee" of the Trust Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

12. Using the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Servicer Fee,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Trustee & Paying Agent Fee,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Operating Advisor Fee and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. CREFC Fee,

as shown on the Final Data File, we recalculated the "Admin. Fee" of the Trust Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

13. Using the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Admin. Fee and

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

as shown on the Final Data File, we recalculated the "Net Mortgage Interest Rate" of the Trust 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>Whole Loan Source Documents</u>***

---

| | |
|:---|:---|
| **<u>Source Document Title</u>** | **<u>Source Document Date</u>** |
| Mortgage Loan Agreement (see Note 1) | 29 November 2025 |
| Promissory Note (see Note 1) | 28 November 2025 |
| Cash Management Agreement (see Note 1) | 29 November 2025 |
| Deposit Account Control Agreement (see Note 1) | 28 November 2025 |
| Guaranty Agreement (see Note 1) | 28 November 2025 |
| Environmental Indemnity Agreement (see Note 1) | 28 November 2025 |
| Non-Consolidation Opinion (see Note 1) | 28 November 2025 |

---

 ****

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

---

| | |
|:---|:---|
| **<u>Source Document Title</u>** | **<u>Source Document Date</u>** |
| Appraisal Reports | 27 November 2025 |
| Engineering Reports (see Note 1) | 1 December 2025 |
| Environmental Phase I Reports (see Note 1) | 1 December 2025 |
| Underwriter's Summary Report | Not Dated |
| Pro Forma Title Policies | Not Dated |
| Master Lease | 28 September 2021 |
| Lease Documents | Various |
| Prior Securitization Underwriter's Summary Report | Not Dated |
| Prior Securitization Rating Agency Report | 7 October 2021 |
| Las Vegas Market Reports | Not Dated |
| MGM Corporation Documents | Various |
| Sponsor Documents | 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>** |
| Hotel Room Type Report | Not Dated |
| Capital Expenditure Report | Not Dated |
| Property Fact Sheet | Not Dated |
| Room Type Report | Not Dated |

---

 ****

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

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 | Appraisal Report |
| Zip Code | Appraisal Report |
| Property Type | Appraisal Report |
| Property Sub-Type | Appraisal Report |
| Year Opened | Appraisal Report |
| Year Renovated | Appraisal Report |
| Total Rooms | Underwriter's Summary Report |

---

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

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| Leased Fee Appraised Value | Appraisal Report |
| Appraisal Cap Rate | Appraisal Report |
| Date of Leased Fee Appraisal (Valuation Date) | Appraisal Report |
| Fee Simple Appraised Value | Appraisal Report |
| Date of Fee Simple Appraisal (Valuation Date) | Appraisal Report |
| Phase I Date | Environmental Phase I Report |
| Engineering Report Date | Engineering Report |

---

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

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

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| TTM Date | Underwriter's Summary Report |
| 2022 Available Room Nights | Underwriter's Summary Report |
| 2023 Available Room Nights | Underwriter's Summary Report |
| 2024 Available Room Nights | Underwriter's Summary Report |
| TTM Available Room Nights | Underwriter's Summary Report |
| 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 |
| 2022 Occupancy | Underwriter's Summary Report |
| 2023 Occupancy | Underwriter's Summary Report |
| 2024 Occupancy | Underwriter's Summary Report |
| TTM Occupancy | Underwriter's Summary Report |
| 2022 Average Daily Room Rate | Underwriter's Summary Report |
| 2023 Average Daily Room Rate | Underwriter's Summary Report |
| 2024 Average Daily Room Rate | Underwriter's Summary Report |
| TTM Average Daily Room 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 |
| 2022 Room Revenue | Underwriter's Summary Report |
| 2023 Room Revenue | Underwriter's Summary Report |
| 2024 Room Revenue | Underwriter's Summary Report |
| TTM Room Revenue | 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 |
| 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 |
| 2022 NOI | Underwriter's Summary Report |
| 2023 NOI | Underwriter's Summary Report |
| 2024 NOI | Underwriter's Summary Report |
| TTM NOI | Underwriter's Summary Report |
| 2022 CapEx | Underwriter's Summary Report |
| 2023 CapEx | Underwriter's Summary Report |
| 2024 CapEx | Underwriter's Summary Report |
| TTM CapEx | 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 Available Room Nights | Underwriter's Summary Report |
| Underwritten Occupied Room Nights | Underwriter's Summary Report |
| Underwritten Occupancy | Underwriter's Summary Report |
| Underwritten Average Daily Room Rate | Underwriter's Summary Report |
| Underwritten RevPAR | Underwriter's Summary Report |
| Underwritten Room Revenue | Underwriter's Summary Report |
| Underwritten Total Revenue | Underwriter's Summary Report |
| Underwritten Total Expenses | Underwriter's Summary Report |
| Underwritten NOI | Underwriter's Summary Report |
| Underwritten CapEx | 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>** |
| Initial Tax Escrow | Mortgage Loan Agreement |
| Monthly Tax Escrow | Mortgage Loan Agreement |
| Terms/Description of Springing Tax Escrow (If applicable) | Mortgage Loan Agreement |
| Initial Insurance Escrow | Mortgage Loan Agreement |
| Monthly Insurance Escrow | Mortgage Loan Agreement |
| Terms/Description of Springing Insurance Escrow (If applicable) | Mortgage Loan Agreement |
| Replacement Reserves Initial Deposit Amount | Mortgage Loan Agreement |
| Replacement Reserves Monthly Deposit Amount | Mortgage Loan Agreement |
| Terms/Description of Springing Replacement Reserves | Mortgage Loan Agreement |
| Upfront Licensing Fee Escrow | Mortgage Loan Agreement |
| Monthly Licensing Fee Escrow | Mortgage Loan Agreement |
| Terms/Description of Springing Licensing Fee Reserves | Mortgage Loan Agreement |
| Upfront OpEx Shortfall Escrow | Mortgage Loan Agreement |
| Monthly OpEx Shortfall Escrow | Mortgage Loan Agreement |
| Terms/Description of Springing OpEx Shortfall Reserves | Mortgage Loan Agreement |

---

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

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

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| First Payment Date | Mortgage Loan Agreement |
| Borrower Entity | Mortgage Loan Agreement |
| Guarantor | Guaranty Agreement |
| Payment Day of Month (and Business Day Convention) | Mortgage Loan Agreement |
| Payment Grace Period Event of Default | Mortgage Loan Agreement |
| Payment Grace Period Event of Late Fee | Mortgage Loan Agreement |
| Interest Accrual Period Start | Mortgage Loan Agreement |
| Interest Accrual Period End | Mortgage Loan Agreement |
| Rate Type | Mortgage Loan Agreement |
| Amortization Type | Mortgage Loan Agreement |
| Accrual Basis | Mortgage Loan Agreement |
| Partial Collateral Release (Y/N) | Mortgage Loan Agreement |
| Partial Collateral Release Description | Mortgage Loan Agreement |
| Substitution Allowed (Y/N) | Mortgage Loan Agreement |
| Substitution Provision Description | Mortgage Loan Agreement |
| Assumption Fee | Mortgage Loan Agreement |
| LockBox (Y/N) | Mortgage Loan Agreement |
| LockBox In-Place (Y/N) | Mortgage Loan Agreement |
| Lockbox Type | Mortgage Loan Agreement |
| Cash Management | Mortgage Loan Agreement |
| Terms/Description of Springing Lockbox (If applicable) | Mortgage Loan Agreement |
| Terms/Description of Cash Sweep (If applicable) | Mortgage Loan Agreement |
| Additional Debt Permitted | Mortgage Loan Agreement |

---

**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 "Leased Fee Appraised Value," "Appraisal Cap Rate" and "Date of Leased
Fee Appraisal (Valuation Date)" characteristics, the Depositor instructed us to use the appraised value, capitalization rate and
date, respectively, as shown in the applicable Source Document(s), associated with the "Appraisal Type," as shown on
the Preliminary Data File.

3. For the purpose of comparing the "Fee Simple Appraised Value" and "Date of Fee Simple Appraisal (Valuation Date)"
characteristics for each Property, the Depositor instructed us to use the applicable "Hypothetical Fee Simple" appraised value
and date, respectively, as shown in the applicable Source Document(s) for each Property.

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 "Lockbox Type" characteristic, the Depositor instructed us to use "Hard"
if the applicable Source Document(s) require the borrower(s) or manager(s) to direct the master tenant to deposit rents directly to a
lockbox account controlled by the lender(s).

6. 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 specific trigger events described in the applicable Source Document(s),
revenue in the lockbox account is transferred to an account controlled by 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 specific trigger events described in the applicable Source Document(s),
revenue in the lockbox account is transferred 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>

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

---

| |
|:---|
| **<u>Characteristic</u>** |
| Property Name |
| Loan Purpose |
| Sponsor |
| Original In-Trust A Mortgage Balance |
| Original Non-Trust A Mortgage Balance |
| Original In-Trust B Mortgage Balance |
| Note Date |
| Maturity Date |
| Mortgage Loan Interest Rate |
| Prepayment String |
| Seismic Report Date |
| Seismic PML% |
| Phase II Date |
| Appraisal Type |
| Ownership Interest |
| Ground Lease? (Y/N) |
| Ground Lease Expiration Date |
| Ground Lease Extension Terms |
| Annual Ground Lease Payment |
| Ground Lease Escalation Terms |
| Master Servicing Fee Rate |
| Primary Servicing Fee Rate |
| Trustee & Paying Agent Fee |
| Operating Advisor Fee |
| CREFC Fee |

---

---

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

---

## Ex-2

**Exhibit 2**

---

| | | |
|:---|:---|:---|
| ![](eylogo2.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**

J.P. Morgan Chase Commercial Mortgage Securities Corp. (the "Depositor")

JPMorgan Chase Bank, National Association ("JPMCB")

Citi Real Estate Funding Inc.

Citigroup Global Markets Inc.

German American Capital Corporation

Goldman Sachs Mortgage Company

Goldman Sachs & Co. LLC

Goldman Sachs Bank USA

(collectively, the "Specified Parties")

---

| | |
|:---|:---|
| **Re:** | **BX Trust 2025-ARIA (the "Issuing Entity")** |
|  | **Commercial Mortgage Pass-Through Certificates, Series 2025-ARIA (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 2 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, JPMCB, 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 September 2025 trailing twelve month period (the "TTM Period," together with the Historical 3 Year Period, the "Historical Periods") for the Collateral Properties (as defined
herein) that secure the Mortgage Loan,

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

---

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

---

c. An electronic underwriting file (the "Underwriting File") prepared by JPMCB 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 Properties that secure the Mortgage Loan,

d. 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 JPMCB and

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

For the purpose of the procedures described in this report, the Borrower Operating Statement Data Files 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 JPMCB, 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 JPMCB, 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

2 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 fixed rate commercial mortgage loan (the "Mortgage Loan") secured primarily by a portfolio of commercial properties (each, a "Collateral Property" and collectively, the "Collateral Properties").

**<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 JPMCB 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 JPMCB 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 JPMCB 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 JPMCB 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, JPMCB, on behalf of the Depositor, provided us with an updated 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 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>**

---

| | | | |
|:---|:---|:---|:---|
| **BX Trust 2025-ARIA** | **BX Trust 2025-ARIA** | **BX Trust 2025-ARIA** | **BX Trust 2025-ARIA** |
| 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 shown 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 Operating Statement Data Files | No Exceptions Noted |
|  | UNDERWRITTEN CASHFLOW COMPARISON AND RECALCULATION PROCEDURES |  |  |
| 4 | Using the information on the Underwriting File, Source Document(s), ASR and the Underwriting Instructions and Adjustments (footnotes), recalculate 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* |  |  |

---