# EDGAR Filing Document

**Accession Number:** 0001013611
**File Stem:** 0001539497-25-003190
**Filing Date:** 2025-12
**Character Count:** 72918
**Document Hash:** c1455de5bb2d45b18390bae43912a219
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001539497-25-003190.hdr.sgml**: 20251208

**ACCESSION NUMBER**: 0001539497-25-003190

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

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20251208

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

**FILED AS OF DATE**: 20251208

**DATE AS OF CHANGE**: 20251208

**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:** 251555976

**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**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

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

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

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

____________________ to ____________________

Date of Report (Date of earliest event reported) ____________________

Commission File Number of securitizer: ____________________

Central Index Key Number of securitizer: ____________________

_________________________________________________________________

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

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

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

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

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

Central Index Key Number of depositor: <u>0001013611</u> 

J.P. Morgan Chase Commercial Mortgage Securities Trust 2025-PHNY

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

Central Index Key Number of issuing entity: <u>N/A</u> <br>

Kunal K. Singh, (212) 834-5467

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

**INFORMATION TO BE INCLUDED IN THE REPORT**

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

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

Attached as <u>Exhibit 1</u> hereto is an agreed-upon procedures report, dated December 8, 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 8, 2025, of Ernst & Young LLP, obtained by the depositor, which report sets forth the findings and conclusions, as applicable, of Ernst & Young LLP with respect to certain agreed-upon procedures performed by Ernst & Young LLP.

**SIGNATURES**

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

J.P. Morgan Chase Commercial Mortgage Securities Corp.

(Depositor)

Date: December 8, 2025

<u>/s/ Kunal K. Singh</u> 

By: Kunal K. Singh, President and Chief Executive Officer<br> (senior officer in charge of securitization of the depositor)

*JPMCC 2025-PHNY – 15Ga-2*

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| Exhibit Number | Description |
| Exhibit 1 | Agreed-upon procedures report, dated December 8, 2025, of Ernst & Young LLP |
| Exlhibit 2 | Underwriting information comparison agreed-upon procedures report, dated December 8, 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

Academy Securities, Inc.

Drexel Hamilton, LLC

(collectively, the "Specified Parties")

---

| | |
|:---|:---|
| **Re:** | **J.P. Morgan Chase Commercial Mortgage Securities Trust 2025-PHNY (the "Issuing Entity")** |
|  | **Commercial Mortgage Pass-Through Certificates, Series 2025-PHNY (the "Certificates")** |

---

We have performed the procedures enumerated in Attachment A, which were agreed to and acknowledged as appropriate by the Specified Parties, for the intended purpose of assisting the Specified Parties in evaluating the accuracy of certain information with respect to the Mortgage Loan (as defined herein) contained on the Data Files (as defined herein) (the "Subject Matter") relating to the Issuing Entity's securitization transaction as of 8 December 2025. This report may not be suitable for any other purpose. The procedures performed may not address all of the items of interest to a user of the report and may not meet the needs of all users of the report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. The appropriateness of these procedures is solely the responsibility of the Specified Parties identified in this report. No other party acknowledged the appropriateness of the procedures. Consequently, we make no representation regarding the appropriateness of the procedures described in Attachment A, either for the purpose for which this report has been requested or for any other purpose.

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

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

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

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

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

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

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

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

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

---

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

---

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

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

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

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

b. Making any findings with respect to:

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

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

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

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

---

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

---

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

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

/s/ Ernst & Young LLP

8 December 2025

---

| | |
|:---|:---|
| ![](eylogo2.jpg) | **Attachment A**<br> Page 1 of 9 |

---

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

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

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

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

c. The Mortgage Loan has a related floating rate mezzanine loan (the "Mezzanine Loan"), which will not be an asset of
the Issuing Entity.

For the purpose of the procedures described in this report, the Mortgage Loan, together with the Mezzanine Loan, is hereinafter referred to as the "Total Debt associated with the Mortgage Loan."

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

1. The Depositor provided us with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. An electronic data file (the "Preliminary Data File") that the Depositor indicated contains information relating
to the Mortgage Loan and Property that is expected to be as of 15 December 2025 (the "Reference Date") and

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

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

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

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

---

| | |
|:---|:---|
| ![](eylogo2.jpg) | **Attachment A**<br> Page 2 of 9 |

---

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

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

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

Using information on the:

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

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

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

4. Using the "First Payment Date," as shown on the Final Data File, we recalculated the "Seasoning" of the
Mortgage Loan and Mezzanine 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,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Maturity Date and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Extended Maturity Date,

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 Term (Excluding Extensions) and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Original Term (Including Extensions)

of the Mortgage Loan and Mezzanine 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,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Original Term (Excluding Extensions) and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Original Term (Including Extensions),

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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Remaining Term to Maturity Date and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Remaining Term to Extended Maturity Date

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

---

| | |
|:---|:---|
| ![](eylogo2.jpg) | **Attachment A**<br> Page 3 of 9 |

---

7. The applicable Source Document(s) indicate that the Mortgage Loan and Mezzanine Loan are interest-only for their entire terms, including
during any extension period option(s). 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 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Remaining Amortization Term

of the Mortgage Loan and Mezzanine Loan,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Use the "Original Term (Excluding Extensions)," as shown on the Final Data File, for the "IO Period" of the
Mortgage Loan and Mezzanine Loan,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Use the "Original Term (Including Extensions)," as shown on the Final Data File, for the "Fully Extended IO Period"
of the Mortgage Loan and Mezzanine Loan,

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Use the "Original Mezzanine Loan 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 Mezzanine Loan as of the Reference Date (the "Cut-Off Date Mezzanine Loan Balance") and

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Original Mezzanine Loan Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Cut-Off Date Mortgage Loan Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Cut-Off Date Mezzanine Loan Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Maturity Date Mortgage Loan Balance and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Maturity Date Mezzanine Loan 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 Total Debt Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Cut-Off Date Total Debt Balance and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Maturity Date Total Debt Balance

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

---

| | |
|:---|:---|
| ![](eylogo2.jpg) | **Attachment A**<br> Page 4 of 9 |

---

9. Using the:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Original Mezzanine Loan Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Mortgage Loan Margin and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Mezzanine Loan Margin,

as shown on the Final Data File, we recalculated the "Total Debt Margin" of the Total Debt associated with the Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

10. Using the:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Mezzanine Loan Margin,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Total Debt Margin,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. SOFR Floor,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. SOFR Rounding Methodology and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. SOFR Cap,

as shown on the Final Data File, and a SOFR assumption of 3.77000% provided by the Depositor, we recalculated the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Mortgage Loan Interest Rate (At Assumed SOFR),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Mortgage Loan Interest Rate (At SOFR CAP),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Mezzanine Loan Interest Rate (At Assumed SOFR),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Mezzanine Loan Interest Rate (At SOFR CAP),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Total Debt Interest Rate (At Assumed SOFR) and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Total Debt Interest Rate (At SOFR CAP),

of the Mortgage Loan, Mezzanine Loan and Total Debt associated with the Mortgage Loan, as applicable. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

11. Using the:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Mortgage Loan Interest Rate (At Assumed SOFR),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Mortgage Loan Interest Rate (At SOFR CAP) and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. 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,

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Mortgage Loan Annual Debt Service @ Cap

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

---

| | |
|:---|:---|
| ![](eylogo2.jpg) | **Attachment A**<br> Page 5 of 9 |

---

11. (continued)

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The "Mortgage Loan Interest Rate (At Assumed SOFR)," 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 Mortgage Loan as twelve (12) times the "Mortgage Loan Monthly Debt Service," as shown on the Final Data File.

For the purpose of this procedure, the Depositor instructed us to recalculate the "Mortgage Loan Annual Debt Service @ Cap" of the Mortgage Loan as the product, rounded to two decimal places, of:

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

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

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

12. Using the:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Mezzanine Loan Interest Rate (At Assumed SOFR),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Mezzanine Loan Interest Rate (At SOFR CAP) and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Accrual Basis,

as shown on the Final Data File, and the calculation methodologies provided by the Depositor which are 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. Mezzanine Loan Monthly Debt Service,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Mezzanine Loan Annual Debt Service and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Mezzanine Loan Annual Debt Service @ Cap

of the Mezzanine 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 "Mezzanine Loan Monthly Debt Service" of the Mezzanine 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 Mezzanine Loan Balance," as shown on the Final Data File,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The "Mezzanine Loan Interest Rate (At Assumed SOFR)," as shown on the Final Data File, and

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

---

| | |
|:---|:---|
| ![](eylogo2.jpg) | **Attachment A**<br> Page 6 of 9 |

---

12. (continued)

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

For the purpose of this procedure, the Depositor instructed us to recalculate the "Mezzanine Loan Annual Debt Service @ Cap" of the Mezzanine Loan as the product, rounded to two decimal places, of:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The "Mezzanine Loan Interest Rate (At SOFR CAP)," as shown on the Final Data File, and

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

13. Using the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Mortgage Loan Monthly Debt Service,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Mezzanine Loan Monthly Debt Service,

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Mortgage Loan Annual Debt Service @ Cap and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Mezzanine Loan Annual Debt Service @ Cap,

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. Total Debt Monthly Debt Service,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Total Debt Annual Debt Service and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Total Debt Annual Debt Service @ Cap

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

---

| | |
|:---|:---|
| ![](eylogo2.jpg) | **Attachment A**<br> Page 7 of 9 |

---

14. Using the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Underwritten Hotel NOI,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Underwritten Hotel NCF,

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Cut-Off Date Mortgage Loan Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Cut-Off Date Mezzanine Loan Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Maturity Date Mortgage Loan Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Maturity Date Mezzanine Loan Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Appraised Value and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. 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. Mortgage Loan Hotel Underwritten NOI DSCR,

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Mortgage Loan Hotel Underwritten NOI DSCR @ Cap,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Mortgage Loan Hotel Underwritten NCF DSCR @ Cap,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Cut-Off Date Mortgage Loan Balance Per Key,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Cut-Off Date Mezzanine Loan Balance Per Key,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. Maturity Date Mortgage Loan Balance Per Key,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. Maturity Date Mezzanine Loan Balance Per Key,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ix. Cut-off Date Mortgage Loan LTV,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x. Maturity Date Mortgage Loan LTV,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xi. Mortgage Loan Hotel Underwritten NOI DY and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xii. Mortgage Loan Hotel Underwritten NCF DY

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

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

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

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

---

| | |
|:---|:---|
| ![](eylogo2.jpg) | **Attachment A**<br> Page 8 of 9 |

---

15. Using the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Cut-Off Date Total Debt Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Maturity Date Total Debt Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Total Debt Annual Debt Service,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Total Debt Annual Debt Service @ Cap,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Appraised Value,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Underwritten Hotel NOI,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Underwritten Hotel NCF and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. 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 Total Debt LTV,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Maturity Date Total Debt LTV,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Total Debt Hotel Underwritten NOI DY,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Total Debt Hotel Underwritten NCF DY,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Total Debt Hotel Underwritten NOI DSCR,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Total Debt Hotel Underwritten NCF DSCR,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. Total Debt Hotel Underwritten NOI DSCR @ Cap,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. Total Debt Hotel Underwritten NCF DSCR @ Cap,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ix. Cut-Off Date Total Debt Balance Per Key and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x. Maturity Date Total Debt Balance Per Key

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Round the characteristics listed in i. through iv. 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 v. through viii. above to two decimal places.

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

17. Using the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Servicing 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 and

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

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

---

| | |
|:---|:---|
| ![](eylogo2.jpg) | **Attachment A**<br> Page 9 of 9 |

---

18. Using the:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Mortgage Loan Interest Rate (At Assumed SOFR),

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

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

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

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

---

| | |
|:---|:---|
| **<u>Source Document Title</u>** | **<u>Source Document Date</u>** |
| Mortgage Loan Agreement (see Note 1) | 4 December 2025 |
| Mortgage Loan Promissory Note (see Note 1) | 2 December 2025 |
| Cash Management Agreement (see Note 1) | 2 December 2025 |
| Deposit Account Control Agreement (see Note 1) | 2 December 2025 |
| Guaranty Agreement (see Note 1) | 2 December 2025 |
| Environmental Indemnity Agreement (see Note 1) | 2 December 2025 |
| Mezzanine Loan Agreement (see Note 1) | 8 December 2025 |
| Interest Shortfall Guaranty Agreement (see Note 1) | 2 December 2025 |
| Limited Guaranty of Collection Agreement (see Note 1) | 2 December 2025 |
| Limited Payment Guaranty Agreement (see Note 1) | 2 December 2025 |
| Reserve Schedule | Not Dated |

---

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

---

| | |
|:---|:---|
| **<u>Source Document Title</u>** | **<u>Source Document Date</u>** |
| Appraisal Report | 4 December 2025 |
| Title Policy | 7 July 2025 |
| USPS Internet Site (www.usps.com) | Not Applicable |
| Engineering Report | 15 August 2025 |
| Environmental Phase I Report | 14 August 2025 |

---

**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>** |
| Underwriter's Summary Report | Not Dated |
| Management Agreements | Various |
| Subordination of Management Agreements (see Note 1) | Various |
| PACE and STR Reports | Various |
| Third Part Market Reports | Various |
| Financing Memorandum | Not Dated |
| Insurance Risk Analysis | 5 December 2025 |
| Liquor License Agreement | 2 December 2025 |
| Condominium Documents | Various |

---

**<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 7<br>

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

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

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| Street Address | Appraisal Report |
| City | Appraisal Report |
| State | Appraisal Report |
| County | USPS Internet Site (www.usps.com) |
| Zip Code | 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 |
| Ownership Interest | Title Policy |

---

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

---

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

---

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

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| 2019 Available Room Nights | 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 |
| T12 October 2025 Available Room Nights | Underwriter's Summary Report |
| 2025 RF (act. Thru October) Available Room Nights | Underwriter's Summary Report |
| 2026 Budget Available Room Nights | Underwriter's Summary Report |
| 2019 Occupied 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 |

---

**Exhibit 2 to Attachment A**<br> Page 2 of 7<br>

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

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| T12 October 2025 Occupied Room Nights | Underwriter's Summary Report |
| 2025 RF (act. Thru October) Occupied Room Nights | Underwriter's Summary Report |
| 2026 Budget Occupied Room Nights | Underwriter's Summary Report |
| 2019 Occupancy | Underwriter's Summary Report |
| 2022 Occupancy | Underwriter's Summary Report |
| 2023 Occupancy | Underwriter's Summary Report |
| 2024 Occupancy | Underwriter's Summary Report |
| T12 October 2025 Occupancy | Underwriter's Summary Report |
| 2025 RF (act. Thru October) Occupancy | Underwriter's Summary Report |
| 2026 Budget Occupancy | Underwriter's Summary Report |
| 2019 ADR | Underwriter's Summary Report |
| 2022 ADR | Underwriter's Summary Report |
| 2023 ADR | Underwriter's Summary Report |
| 2024 ADR | Underwriter's Summary Report |
| T12 October 2025 ADR | Underwriter's Summary Report |
| 2025 RF (act. Thru October) ADR | Underwriter's Summary Report |
| 2026 Budget ADR | Underwriter's Summary Report |
| 2019 RevPAR | Underwriter's Summary Report |
| 2022 RevPAR | Underwriter's Summary Report |
| 2023 RevPAR | Underwriter's Summary Report |
| 2024 RevPAR | Underwriter's Summary Report |
| T12 October 2025 RevPAR | Underwriter's Summary Report |
| 2025 RF (act. Thru October) RevPAR | Underwriter's Summary Report |
| 2026 Budget RevPAR | Underwriter's Summary Report |
| 2019 Room Revenue | 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 |
| T12 October 2025 Room Revenue | Underwriter's Summary Report |
| 2025 RF (act. Thru October) Room Revenue | Underwriter's Summary Report |
| 2026 Budget Room Revenue | Underwriter's Summary Report |
| 2019 Total Revenue | Underwriter's Summary Report |
| 2022 Total Revenue | Underwriter's Summary Report |
| 2023 Total Revenue | Underwriter's Summary Report |
| 2024 Total Revenue | Underwriter's Summary Report |
| T12 October 2025 Total Revenue | Underwriter's Summary Report |

---

**Exhibit 2 to Attachment A**<br> Page 3 of 7<br>

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

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| 2025 RF (act. Thru October) Total Revenue | Underwriter's Summary Report |
| 2026 Budget Total Revenue | Underwriter's Summary Report |
| 2019 Total Expenses | 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 |
| T12 October 2025 Total Expenses | Underwriter's Summary Report |
| 2025 RF (act. Thru October) Total Expenses | Underwriter's Summary Report |
| 2026 Budget Total Expenses | Underwriter's Summary Report |
| 2019 Hotel NOI | Underwriter's Summary Report |
| 2022 Hotel NOI | Underwriter's Summary Report |
| 2023 Hotel NOI | Underwriter's Summary Report |
| 2024 Hotel NOI | Underwriter's Summary Report |
| T12 October 2025 Hotel NOI | Underwriter's Summary Report |
| 2025 RF (act. Thru October) Hotel NOI | Underwriter's Summary Report |
| 2026 Budget Hotel NOI | Underwriter's Summary Report |
| 2019 CapEx | Underwriter's Summary Report |
| 2022 CapEx | Underwriter's Summary Report |
| 2023 CapEx | Underwriter's Summary Report |
| 2024 CapEx | Underwriter's Summary Report |
| T12 October 2025 CapEx | Underwriter's Summary Report |
| 2025 RF (act. Thru October) CapEx | Underwriter's Summary Report |
| 2026 Budget CapEx | Underwriter's Summary Report |
| 2019 Hotel NCF | Underwriter's Summary Report |
| 2022 Hotel NCF | Underwriter's Summary Report |
| 2023 Hotel NCF | Underwriter's Summary Report |
| 2024 Hotel NCF | Underwriter's Summary Report |
| T12 October 2025 Hotel NCF | Underwriter's Summary Report |
| 2025 RF (act. Thru October) Hotel NCF | Underwriter's Summary Report |
| 2026 Budget Hotel 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 Hotel NOI | Underwriter's Summary Report |
| Underwritten CapEx | Underwriter's Summary Report |
| Underwritten Hotel NCF | Underwriter's Summary Report |

---

**Exhibit 2 to Attachment A**<br> Page 4 of 7<br>

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

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| Initial Tax Escrow | Mortgage Loan Agreement |
| Monthly Tax Escrow | Reserve Schedule |
| Terms/Description of Springing Tax Escrow (If applicable) | Mortgage Loan Agreement |
| Initial Insurance Escrow | Mortgage Loan Agreement |
| Monthly Insurance Escrow | Reserve Schedule |
| Terms/Description of Springing Insurance Escrow (If applicable) | Mortgage Loan Agreement |
| Interest Reserve Initial Deposit Amount | Mortgage Loan Agreement |
| Interest Reserve Monthly Deposit Amount | Mortgage Loan Agreement |
| Terms/Description of Springing Interest Reserve | Mortgage Loan Agreement |
| Upfront FF&E Escrow | Mortgage Loan Agreement |
| Monthly FF&E Escrow | Mortgage Loan Agreement |
| Terms/Description of Springing FF&E Reserves | Mortgage Loan Agreement |
| Upfront Other Escrow | Reserve Schedule |
| Monthly Other Escrow | Reserve Schedule |
| Description of Other Reserves | Reserve Schedule |

---

**Exhibit 2 to Attachment A**<br> Page 5 of 7<br>

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

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| Borrower Entity | Mortgage Loan Agreement |
| Original Mortgage Loan Balance | Mortgage Loan Agreement |
| Original Mezzanine Loan Balance | Mezzanine Loan Agreement |
| Maturity Date | Mortgage Loan Agreement and Mezzanine Loan Agreement |
| Payment Day of Month (and Business Day Convention) | Mortgage Loan Agreement and Mezzanine Loan Agreement |
| Prepayment String | Mortgage Loan Agreement |
| Extension Options | Mortgage Loan Agreement and Mezzanine Loan Agreement |
| Extension Description | Mortgage Loan Agreement and Mezzanine Loan Agreement |
| Extension Spread Increase (Yes/No) | Mortgage Loan Agreement |
| Extension Spread Increase Description | Mortgage Loan Agreement |
| Interest Accrual Period Start | Mortgage Loan Agreement |
| Interest Accrual Period End | Mortgage Loan Agreement |
| Interest Rate Adjustment Frequency | Mortgage Loan Agreement |
| SOFR Lookback Days | Mortgage Loan Agreement and Mezzanine Loan Agreement |
| SOFR Cap after Extension | Mortgage Loan Agreement and Mezzanine Loan Agreement |
| Payment Grace Period Event of Default | Mortgage Loan Agreement |
| Payment Grace Period Event of Late Fee | Mortgage Loan Agreement |
| Balloon Grace Period Event of Default | Mortgage Loan Agreement |
| Balloon Grace Period Event of Late Fee | Mortgage Loan Agreement |
| Rate Type | Mortgage Loan Agreement and Mezzanine Loan Agreement |
| Amortization Type | Mortgage Loan Agreement and Mezzanine Loan Agreement |
| Accrual Basis | Mortgage Loan Agreement and Mezzanine Loan Agreement |
| Guarantor | Guaranty Agreement |
| Partial Prepayments Allowed | 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 |
| Additional Debt Permitted | Mortgage Loan Agreement |

---

**Exhibit 2 to Attachment A**<br> Page 6 of 7<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 "Appraised Value" and "Date of Appraisal (Valuation Date)" characteristics,
the Depositor instructed us to use the appraisal value and appraisal valuation date associated with the "Appraised Value Type"
appraisal valuation type, respectively, as shown in the applicable Source Document(s).

3. 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.

4. For the purpose of comparing the "Balloon Grace Period Event of Late Fee" characteristic, the Depositor instructed us
to use the "Payment Grace Period Event of Late Fee," as shown in the applicable Source Document(s), as the applicable Source
Document(s) did not specify a grace period for the payment due on the "Maturity Date" or another maturity date during any
extension period.

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 deposit receipts within two business day of receipt and
to direct credit card companies or credit card clearing banks to pay receipts directly to a lockbox account controlled by the lender(s).

6. For the purpose of comparing the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Payment Day of Month (and Business Day Convention),

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Extension Options,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Extension Description,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. SOFR Lookback Days,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. SOFR Cap after Extension,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Rate Type,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Amortization Type and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Accrual Basis

characteristics, the Depositor instructed us to compare the information on the Preliminary Data File to the corresponding information for the Mortgage Loan and Mezzanine Loan that is shown in the applicable Source Document(s).

**Exhibit 2 to Attachment A**<br> Page 7 of 7<br>

7. For the purpose of comparing the "Prepayment String" characteristic, the Depositor instructed us to ignore any prepayment
premiums or other conditions related to partial release events or partial prepayments to cure certain trigger periods, as described in
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 |
| Phase II Date |
| Seismic Report Date |
| Seismic PML% |
| Sponsor |
| Loan Purpose |
| Note Date |
| Appraised Value Type |
| Mortgage Loan Margin |
| Mezzanine Loan Margin |
| Cash Management |
| Terms/Description of Springing Lockbox (If applicable) |
| SOFR Rounding Methodology |
| SOFR Cap |
| SOFR Floor |
| SOFR Cap Expiration Date |
| SOFR Cap Provider |
| SOFR Cap Provider Rating (M/S&P/F) |
| Ground Lease? (Y/N) |
| Ground Lease Expiration Date |
| Ground Lease Extension Terms |
| Annual Ground Lease Payment |
| Ground Lease Escalation Terms |
| Cut-off Date |
| Master Servicing Fee Rate |
| Primary Servicing Fee Rate |
| Trustee & Paying Agent Fee |
| Operating Advisor |
| CREFC Fee |
| Master Lessee |
| Master Lease Rent |
| Upfront Deferred Maintenance Escrow |
| Monthly Deferred Maintenance Escrow |
| Terms/Description of Springing Deferred Maintenance Reserves |
| Terms/Description of Cash Sweep (If applicable) |
| First Payment Date |
| Extended Maturity Date |

---

---

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

---

## Ex-2

**Exhibit 2**

---

| | |
|:---|:---|
| **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")

(collectively, the "Specified Parties")

---

| | |
|:---|:---|
| Re: | J.P. Morgan Chase Commercial Mortgage Securities Trust 2025-PHNY (the "Issuing Entity") |
|  | **Commercial Mortgage Pass-Through Certificates, Series 2025-PHNY (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 8 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 October
2025 trailing twelve month period (the "TTM Period," together with the Historical 3 Year Period, the "Historical
Periods") for the Collateral Property (as defined herein) that secures the Mortgage Loan,

b. The most recent appraisal report (the "Appraisal") prepared for JPMCB, which contains the appraiser's estimated
year one (the "Year One Period," together with the Historical Periods, the "Specified Periods") revenue and expense
information for the Collateral Property that secures the Mortgage Loan,

c. A copy of the most recent insurance review file (the "Insurance Review File") for the Collateral Property that secures
the Mortgage Loan,

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

e. 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 Specified Periods and

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

for the Collateral Property that secures the Mortgage Loan,

---

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

---

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

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

For the Collateral Property, we were instructed by JPMCB, on behalf of the Depositor, to obtain information relating to the current property taxes for the Collateral Property from the applicable tax assessor website (the "Tax Assessor Website").

For the purpose of the procedures described in this report, the Borrower Operating Statement Data Files, Appraisal, Insurance Review File and Tax Assessor Website 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

8 December 2025

---

| | |
|:---|:---|
| ![](eylogo2.jpg) | Page 1 of 2 |

---

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

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

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

*Operating Statement Comparison and Recalculation Procedures*

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

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

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

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

for each Specified 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) | 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) and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. 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**<br>

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

---

| | | | |
|:---|:---|:---|:---|
| **J.P. Morgan Chase Commercial Mortgage Securities Trust 2025-PHNY** | **J.P. Morgan Chase Commercial Mortgage Securities Trust 2025-PHNY** | **J.P. Morgan Chase Commercial Mortgage Securities Trust 2025-PHNY** | **J.P. Morgan Chase Commercial Mortgage Securities Trust 2025-PHNY** |
| The following Items refer to the procedures described in Attachment A: | The following Items refer to the procedures described in Attachment A: |  |  |
| **Item** | **Description of the Procedures** | **Primary Source Document(s) Used** | **Findings** |
|  | OPERATING STATEMENT COMPARISON AND RECALCULATION PROCEDURES |  |  |
| 1 | Compare, or recalculate and compare, the (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income or net cash flow information in the Source Document(s) listed (as applicable) for each Specified Period to the corresponding information on the Underwriting File. Identify any variance above a 3% and $10,000 threshold. | Borrower Operating Statement Data Files, Appraisal 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 in the Source Document(s) listed (as applicable) to the corresponding amounts for the Underwritten Period on the Underwriting File. Identify any variance above a -5% and -$10,000 threshold. | Tax Assessor Website and Insurance Review File | No Exceptions Noted |
|  | UNDERWRITTEN CASHFLOW COMPARISON AND RECALCULATION PROCEDURES |  |  |
| 4 | Using the information on the Underwriting File, Source Document(s) and the Underwriting Instructions and Adjustments (footnotes), recalculate 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) and Underwriting Instructions and Adjustments | No Exceptions Noted |
| *\*\*N/A: Not Applicable* | *\*\*N/A: Not Applicable* |  |  |

---