# EDGAR Filing Document

**Accession Number:** 0001547361
**File Stem:** 0001539497-25-001988
**Filing Date:** 2025-7
**Character Count:** 54238
**Document Hash:** 6fcf7a9f7331d55e9b6eab8e0963587a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001539497-25-001988.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001539497-25-001988

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

**PUBLIC DOCUMENT COUNT**: 6

**CONFORMED PERIOD OF REPORT**: 20250728

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

**FILED AS OF DATE**: 20250728

**DATE AS OF CHANGE**: 20250728

**ABS RULE**: RULE-15GA2

**REGISTERED ENTITY**: N

**ABS ASSET CLASS**: Commercial mortgages

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-01951
- **FILM NUMBER:** 251156215

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

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

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

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

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

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

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

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

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

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

---

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**UNITED STATES** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SECURITIES AND EXCHANGE COMMISSION** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Washington, D.C. 20549** |

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

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

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

Date of Report (Date of earliest event reported) ____________________

Commission File Number of securitizer: ____________________

Central Index Key Number of securitizer: ____________________

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

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

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

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

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

Central Index Key Number of depositor: 0001547361

<u>VRTX Trust 2025-HQ</u>

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

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

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

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

**INFORMATION TO BE INCLUDED IN THE REPORT**

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

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

Attached as <u>Exhibit 1</u> hereto is an agreed-upon procedures report, dated July 28, 2025, of Deloitte & Touche LLP, obtained by the depositor, which report sets forth the findings and conclusions, as applicable, of Deloitte & Touche LLP with respect to certain agreed-upon procedures performed by Deloitte & Touche LLP.

Attached as <u>Exhibit 2</u> hereto is an underwriting information comparison agreed-upon procedures report, dated July 28, 2025, of Ernst & Young LLP, obtained by the depositor, which report sets forth the findings and conclusions, as applicable, of Ernst & Young LLP with respect to certain agreed-upon procedures performed by Ernst & Young LLP.

**SIGNATURES**

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

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

Date: July 28, 2025

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

By: Jane Lam, President

(senior officer in charge of securitization of the depositor)<br>

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Exhibit Number | &nbsp;&nbsp;Description |
| &nbsp;&nbsp;Exhibit 1 | &nbsp;&nbsp;Agreed-upon procedures report, dated July 28, 2025, of Deloitte & Touche LLP. |
| &nbsp;&nbsp;Exhibit 2 | &nbsp;&nbsp;Underwriting information comparison agreed-upon procedures report, dated July 28, 2025, of Ernst & Young LLP. |

---

## Ex-1

**Exhibit 1**

---

| | |
|:---|:---|
| ![](deloittelogo.jpg) | <br> **Deloitte & Touche LLP**<br> 3 Second Street<br> Suite 301<br> Harborside Plaza 10<br> Jersey City, NJ 07302<br> USA<br>Tel: +1 212 937 8202<br> www.deloitte.com <br>|

---

Morgan Stanley & Co. LLC

Morgan Stanley Capital I Inc.

Morgan Stanley Mortgage Capital Holdings LLC

1585 Broadway

New York, New York 10036

**Independent Accountants' Report**

**<u>on Applying Agreed-Upon Procedures</u>**

We have performed the procedures described below related to certain information with respect to a mortgage loan in connection with the proposed offering of certain classes of VRTX Trust 2025-HQ, Commercial Mortgage Pass-Through Certificates, Series 2025-HQ. Morgan Stanley & Co. LLC, Morgan Stanley Capital I Inc. and Morgan Stanley Mortgage Capital Holdings LLC (collectively, the **"Company"**) are responsible for the information provided to us, including the information set forth in the Data File (as defined herein).

The Company has agreed to the procedures and acknowledged that the procedures performed are appropriate to meet the intended purpose of evaluating the accuracy of certain information set forth in the Data File. Additionally, Bank of Montreal, BMO Capital Markets Corp., Goldman Sachs Mortgage Company, Goldman Sachs & Co. LLC, JPMorgan Chase Bank, National Association and J.P. Morgan Securities LLC (collectively, with the Company, the "Specified Parties") have agreed to the procedures and acknowledged that the procedures performed are appropriate for their purposes. 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. Consequently, we make no representations regarding the appropriateness of the procedures described below either for the purpose for which this report has been requested or for any other purpose.

We performed certain procedures on earlier versions of the Data File and communicated differences prior to being provided the final Data File which was subjected to the procedures described below.

Capitalized terms used but not defined herein are used with the meanings as described in "The Bond Market Association's Standard Formulas for the Analysis of Mortgage-Backed Securities and Other Related Securities."

**<u>Procedures and Findings</u>**

On July 28, 2025, representatives of the Company provided us with a computer-generated mortgage loan data file and related record layout (the **"Data File"**) containing one mortgage loan that is secured by one mortgaged property (the **"Mortgage Loan"**).

From June 16, 2025 through July 28, 2025, representatives of the Company provided us with certain Source Documents (as defined in the attached Appendix A) related to the Mortgage Loan.

At your request, for the Mortgage Loan set forth on the Data File, we compared certain characteristics (the **"Characteristics"** as indicated on Appendix A), except for those Characteristics identified on Appendix

**Member of**<br>Deloitte Touche Tohmatsu Limited<br>

A as "Identification purposes only - not applicable," "None - Company Provided" or "Not applicable," to the corresponding information set forth on or derived from the corresponding Source Documents and found them to be in agreement.

\*\*\*\*\*\*

We make no representations as to (i) the actual characteristics or existence of the underlying documents or data comprising the Mortgage Loan underlying the Data File or the conformity of their respective characteristics with those assumed for purposes of the procedures described herein, (ii) whether the Source Documents are comprehensive and valid instruments and reflect the current prevailing terms with respect to the Mortgage Loan, (iii) the existence or ownership of the Mortgage Loan or (iv) the reasonableness of any of the aforementioned assumptions, information or methodologies.

It should be understood that we make no representations as to questions of legal interpretation or as to the sufficiency for your purposes of the procedures enumerated in the preceding paragraphs. Also, such procedures would not necessarily reveal any material misstatement of the information referred to above. We have no responsibility to update this report for events and circumstances that occur subsequent to the date of this report.

We were engaged by the Company to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the American Institute of Certified Public Accountants ("AICPA"). An agreed-upon procedures engagement involves the practitioner performing specific procedures that the engaging party has 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 conduct, and did not conduct, an (i) audit conducted in accordance with generally accepted auditing standards or (ii) examination or a review engagement conducted in accordance with attestation standards established by the AICPA, the objective of which would be the expression of an opinion or conclusion, respectively, on the Data File. Accordingly, we do not express such an opinion or conclusion, or any other form of assurance, including reasonable assurance. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

We are required to be independent of the Company 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 procedure engagements are less restrictive than independence requirements for audit and other attestation services.

None of the engagement, procedures or report was intended to address, nor did they address, the (i) conformity of the origination of the assets to stated underwriting or credit extension guidelines, standards, criteria or other requirements, (ii) value of collateral securing such assets or (iii) compliance of the originator of the assets with federal, state, and local laws and regulations.

None of the engagement, procedures or report were intended to satisfy, nor did they satisfy, any criteria for due diligence published by a nationally recognized statistical rating organization.

This report is intended solely for the use and information of the Specified Parties and is not intended to be and should not be used by anyone other than the Specified Parties.

Yours truly,

/s/ Deloitte & Touche LLP

July 28, 2025

**Appendix A**

**Source Documents**

For purposes of performing the agreed-upon procedures described herein and at your request, we will rely upon the following source documents as provided to us by the Company, with respect to the Mortgage Loan (the **"Source Documents"**):

Draft loan agreement (the **"Loan Agreement"**);

Real estate property appraisal report (the **"Appraisal Report"**);

Property condition report (the **"Engineering Report"**);

Phase I environmental report (the **"Phase I Report"**);

Draft CRE insurance risk analysis (the **"Insurance Risk Analysis"**);

Underwritten rent roll (the **"Underwritten Rent Roll"**); and

Underwritten financial summary (the **"Underwritten Financial Summary Report"**).

\*\*\*\*\*

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Characteristic** | &nbsp;&nbsp;**Source Document** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;Loan Number | &nbsp;&nbsp;Identification purposes only - not applicable |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;Unique ID | &nbsp;&nbsp;Identification purposes only - not applicable |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;Loan/Property Name | &nbsp;&nbsp;Identification purposes only - not applicable |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;Street Address | &nbsp;&nbsp;Appraisal Report |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;City | &nbsp;&nbsp;Appraisal Report |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;State | &nbsp;&nbsp;Appraisal Report |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;County | &nbsp;&nbsp;Appraisal Report |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;Zip Code | &nbsp;&nbsp;Appraisal Report |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;Property Type | &nbsp;&nbsp;Appraisal Report |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;Property Type Detail | &nbsp;&nbsp;Appraisal Report |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;Year Built | &nbsp;&nbsp;Appraisal Report |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;Most Recent Renovation | &nbsp;&nbsp;Appraisal Report |
| &nbsp;&nbsp;13 | &nbsp;&nbsp;Total Property SF | &nbsp;&nbsp;Underwritten Rent Roll |
| &nbsp;&nbsp;14 | &nbsp;&nbsp;Total Property Occupancy Rate | &nbsp;&nbsp;Underwritten Rent Roll |
| &nbsp;&nbsp;15 | &nbsp;&nbsp;Occupancy As of Date | &nbsp;&nbsp;Underwritten Rent Roll |
| &nbsp;&nbsp;16 | &nbsp;&nbsp;Whole Loan Original Balance | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;17 | &nbsp;&nbsp;Whole Loan Cut-off Date Balance | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;18 | &nbsp;&nbsp;Whole Loan Per SF | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;19 | &nbsp;&nbsp;Mortgage Loan Original Balance | &nbsp;&nbsp;None - Company Provided |
| &nbsp;&nbsp;20 | &nbsp;&nbsp;Mortgage Loan Cut-off Date Balance | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;21 | &nbsp;&nbsp;Companion Loan Original Balance | &nbsp;&nbsp;None - Company Provided |
| &nbsp;&nbsp;22 | &nbsp;&nbsp;Companion Loan Cut-off Date Balance | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;23 | &nbsp;&nbsp;Loan Purpose | &nbsp;&nbsp;None - Company Provided |
| &nbsp;&nbsp;24 | &nbsp;&nbsp;Borrower | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;25 | &nbsp;&nbsp;Sponsor | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;26 | &nbsp;&nbsp;Carve-Out Guarantor(s) | &nbsp;&nbsp;None - Company Provided |
| &nbsp;&nbsp;27 | &nbsp;&nbsp;Non-Consolidation Opinion | &nbsp;&nbsp;None - Company Provided |
| &nbsp;&nbsp;28 | &nbsp;&nbsp;Independent Director | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;29 | &nbsp;&nbsp;SPE | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;30 | &nbsp;&nbsp;Title Type | &nbsp;&nbsp;None - Company Provided |
| &nbsp;&nbsp;31 | &nbsp;&nbsp;Mortgage Loan Monthly IO Payment | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;32 | &nbsp;&nbsp;Mortgage Loan Annual IO Debt Service | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;33 | &nbsp;&nbsp;Whole Loan Monthly IO Payment | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;34 | &nbsp;&nbsp;Whole Loan Annual IO Debt Service | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;35 | &nbsp;&nbsp;Monthly P&I Payment | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;36 | &nbsp;&nbsp;Annual P&I Debt Service | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;37 | &nbsp;&nbsp;Interest Accrual Method | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;38 | &nbsp;&nbsp;Interest Accrual Start | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;39 | &nbsp;&nbsp;Interest Accrual End | &nbsp;&nbsp;Loan Agreement |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Characteristic** | &nbsp;&nbsp;**Source Document** |
| &nbsp;&nbsp;40 | &nbsp;&nbsp;Grace Period (Late Fee) | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;41 | &nbsp;&nbsp;Grace Period (Default) | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;42 | &nbsp;&nbsp;IO Term (mos) | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;43 | &nbsp;&nbsp;Original Amortization Term | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;44 | &nbsp;&nbsp;Amortization Type | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;45 | &nbsp;&nbsp;Origination Date | &nbsp;&nbsp;None - Company Provided |
| &nbsp;&nbsp;46 | &nbsp;&nbsp;First Payment Date | &nbsp;&nbsp;None - Company Provided |
| &nbsp;&nbsp;47 | &nbsp;&nbsp;Interest Rate | &nbsp;&nbsp;None - Company Provided |
| &nbsp;&nbsp;48 | &nbsp;&nbsp;Administrative Fee Rate | &nbsp;&nbsp;None - Company Provided |
| &nbsp;&nbsp;49 | &nbsp;&nbsp;Net Interest Rate | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;50 | &nbsp;&nbsp;Original Loan Term (mos) | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;51 | &nbsp;&nbsp;Remaining Loan Term (mos) | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;52 | &nbsp;&nbsp;Seasoning | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;53 | &nbsp;&nbsp;Maturity Date | &nbsp;&nbsp;None - Company Provided |
| &nbsp;&nbsp;54 | &nbsp;&nbsp;Whole Loan Balloon Balance | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;55 | &nbsp;&nbsp;Mortgage Loan Balloon Balance | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;56 | &nbsp;&nbsp;Companion Loan Balloon Balance | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;57 | &nbsp;&nbsp;Lockout Expiration Date | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;58 | &nbsp;&nbsp;Open Period Begin Date | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;59 | &nbsp;&nbsp;Prepay Description | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;60 | &nbsp;&nbsp;Appraisal Date | &nbsp;&nbsp;Appraisal Report |
| &nbsp;&nbsp;61 | &nbsp;&nbsp;Appraisal Value | &nbsp;&nbsp;Appraisal Report |
| &nbsp;&nbsp;62 | &nbsp;&nbsp;Cut-off Date LTV | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;63 | &nbsp;&nbsp;Maturity Date LTV | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;64 | &nbsp;&nbsp;Fourth Most Recent NOI Date | &nbsp;&nbsp;Underwritten Financial Summary Report |
| &nbsp;&nbsp;65 | &nbsp;&nbsp;Fourth Most Recent NOI | &nbsp;&nbsp;Underwritten Financial Summary Report |
| &nbsp;&nbsp;66 | &nbsp;&nbsp;Third Most Recent NOI Date | &nbsp;&nbsp;Underwritten Financial Summary Report |
| &nbsp;&nbsp;67 | &nbsp;&nbsp;Third Most Recent NOI | &nbsp;&nbsp;Underwritten Financial Summary Report |
| &nbsp;&nbsp;68 | &nbsp;&nbsp;Second Most Recent NOI Date | &nbsp;&nbsp;Underwritten Financial Summary Report |
| &nbsp;&nbsp;69 | &nbsp;&nbsp;Second Most Recent NOI | &nbsp;&nbsp;Underwritten Financial Summary Report |
| &nbsp;&nbsp;70 | &nbsp;&nbsp;Most Recent NOI Date | &nbsp;&nbsp;Underwritten Financial Summary Report |
| &nbsp;&nbsp;71 | &nbsp;&nbsp;Most Recent Description | &nbsp;&nbsp;Underwritten Financial Summary Report |
| &nbsp;&nbsp;72 | &nbsp;&nbsp;Most Recent Revenue | &nbsp;&nbsp;Underwritten Financial Summary Report |
| &nbsp;&nbsp;73 | &nbsp;&nbsp;Most Recent Expenses | &nbsp;&nbsp;Underwritten Financial Summary Report |
| &nbsp;&nbsp;74 | &nbsp;&nbsp;Most Recent NOI | &nbsp;&nbsp;Underwritten Financial Summary Report |
| &nbsp;&nbsp;75 | &nbsp;&nbsp;Most Recent NCF | &nbsp;&nbsp;Underwritten Financial Summary Report |
| &nbsp;&nbsp;76 | &nbsp;&nbsp;Underwritten Base Rent | &nbsp;&nbsp;Underwritten Financial Summary Report |
| &nbsp;&nbsp;77 | &nbsp;&nbsp;Underwritten Effective Gross Income | &nbsp;&nbsp;Underwritten Financial Summary Report |
| &nbsp;&nbsp;78 | &nbsp;&nbsp;Underwritten Expenses | &nbsp;&nbsp;Underwritten Financial Summary Report |
| &nbsp;&nbsp;79 | &nbsp;&nbsp;Underwritten NOI | &nbsp;&nbsp;Underwritten Financial Summary Report |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Characteristic** | &nbsp;&nbsp;**Source Document** |
| &nbsp;&nbsp;80 | &nbsp;&nbsp;Underwritten IO NOI DSCR | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;81 | &nbsp;&nbsp;Underwritten P&I NOI DSCR | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;82 | &nbsp;&nbsp;Underwritten NOI Debt Yield | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;83 | &nbsp;&nbsp;Underwritten Replacement Reserve | &nbsp;&nbsp;Underwritten Financial Summary Report |
| &nbsp;&nbsp;84 | &nbsp;&nbsp;Underwritten TI/LC Reserve | &nbsp;&nbsp;Underwritten Financial Summary Report |
| &nbsp;&nbsp;85 | &nbsp;&nbsp;Underwritten NCF | &nbsp;&nbsp;Underwritten Financial Summary Report |
| &nbsp;&nbsp;86 | &nbsp;&nbsp;Underwritten IO NCF DSCR | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;87 | &nbsp;&nbsp;Underwritten P&I NCF DSCR | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;88 | &nbsp;&nbsp;Underwritten NCF Debt Yield | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;89 | &nbsp;&nbsp;Major Tenant 1 | &nbsp;&nbsp;Underwritten Rent Roll |
| &nbsp;&nbsp;90 | &nbsp;&nbsp;Major Tenant 1 UW Base Rent | &nbsp;&nbsp;Underwritten Rent Roll |
| &nbsp;&nbsp;91 | &nbsp;&nbsp;Major Tenant 1 % UW Base Rent | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;92 | &nbsp;&nbsp;Major Tenant 1 Sq. Ft. | &nbsp;&nbsp;Underwritten Rent Roll |
| &nbsp;&nbsp;93 | &nbsp;&nbsp;Major Tenant 1 Expiration | &nbsp;&nbsp;Underwritten Rent Roll |
| &nbsp;&nbsp;94 | &nbsp;&nbsp;Major Tenant 2 | &nbsp;&nbsp;Underwritten Rent Roll |
| &nbsp;&nbsp;95 | &nbsp;&nbsp;Major Tenant 2 UW Base Rent | &nbsp;&nbsp;Underwritten Rent Roll |
| &nbsp;&nbsp;96 | &nbsp;&nbsp;Major Tenant 2 % UW Base Rent | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;97 | &nbsp;&nbsp;Major Tenant 2 Sq. Ft. | &nbsp;&nbsp;Underwritten Rent Roll |
| &nbsp;&nbsp;98 | &nbsp;&nbsp;Major Tenant 2 Expiration | &nbsp;&nbsp;Underwritten Rent Roll |
| &nbsp;&nbsp;99 | &nbsp;&nbsp;Major Tenant 3 | &nbsp;&nbsp;Underwritten Rent Roll |
| &nbsp;&nbsp;100 | &nbsp;&nbsp;Major Tenant 3 UW Base Rent | &nbsp;&nbsp;Underwritten Rent Roll |
| &nbsp;&nbsp;101 | &nbsp;&nbsp;Major Tenant 3 % UW Base Rent | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;102 | &nbsp;&nbsp;Major Tenant 3 Sq. Ft. | &nbsp;&nbsp;Underwritten Rent Roll |
| &nbsp;&nbsp;103 | &nbsp;&nbsp;Major Tenant 3 Expiration | &nbsp;&nbsp;Underwritten Rent Roll |
| &nbsp;&nbsp;104 | &nbsp;&nbsp;Major Tenant 4 | &nbsp;&nbsp;Underwritten Rent Roll |
| &nbsp;&nbsp;105 | &nbsp;&nbsp;Major Tenant 4 UW Base Rent | &nbsp;&nbsp;Underwritten Rent Roll |
| &nbsp;&nbsp;106 | &nbsp;&nbsp;Major Tenant 4 % UW Base Rent | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;107 | &nbsp;&nbsp;Major Tenant 4 Sq. Ft. | &nbsp;&nbsp;Underwritten Rent Roll |
| &nbsp;&nbsp;108 | &nbsp;&nbsp;Major Tenant 4 Expiration | &nbsp;&nbsp;Underwritten Rent Roll |
| &nbsp;&nbsp;109 | &nbsp;&nbsp;Major Tenant 5 | &nbsp;&nbsp;Underwritten Rent Roll |
| &nbsp;&nbsp;110 | &nbsp;&nbsp;Major Tenant 5 UW Base Rent | &nbsp;&nbsp;Underwritten Rent Roll |
| &nbsp;&nbsp;111 | &nbsp;&nbsp;Major Tenant 5 % UW Base Rent | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;112 | &nbsp;&nbsp;Major Tenant 5 Sq. Ft. | &nbsp;&nbsp;Underwritten Rent Roll |
| &nbsp;&nbsp;113 | &nbsp;&nbsp;Major Tenant 5 Expiration | &nbsp;&nbsp;Underwritten Rent Roll |
| &nbsp;&nbsp;114 | &nbsp;&nbsp;Lockbox | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;115 | &nbsp;&nbsp;Cash Management | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;116 | &nbsp;&nbsp;Cash Management Springing Condition | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;117 | &nbsp;&nbsp;Engineering Report Date | &nbsp;&nbsp;Engineering Report |
| &nbsp;&nbsp;118 | &nbsp;&nbsp;Environmental Phase I Report Date | &nbsp;&nbsp;Phase I Report |
| &nbsp;&nbsp;119 | &nbsp;&nbsp;Environmental Phase II Report Date | &nbsp;&nbsp;Not applicable |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Characteristic** | &nbsp;&nbsp;**Source Document** |
| &nbsp;&nbsp;120 | &nbsp;&nbsp;Seismic Report Date | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;121 | &nbsp;&nbsp;Seismic PML | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;122 | &nbsp;&nbsp;Terrorism Insurance | &nbsp;&nbsp;Insurance Risk Analysis |
| &nbsp;&nbsp;123 | &nbsp;&nbsp;Windstorm Insurance | &nbsp;&nbsp;Insurance Risk Analysis |
| &nbsp;&nbsp;124 | &nbsp;&nbsp;Earthquake Insurance | &nbsp;&nbsp;Insurance Risk Analysis |
| &nbsp;&nbsp;125 | &nbsp;&nbsp;Flood Insurance | &nbsp;&nbsp;Insurance Risk Analysis |
| &nbsp;&nbsp;126 | &nbsp;&nbsp;Ground Lease Expiration Date | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;127 | &nbsp;&nbsp;Ground Lessor | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;128 | &nbsp;&nbsp;Additional Financing | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;129 | &nbsp;&nbsp;In Place/Future | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;130 | &nbsp;&nbsp;Additional Financing Type | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;131 | &nbsp;&nbsp;Additional Financing Original Balance | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;132 | &nbsp;&nbsp;Additional Financing Cut-off Date Balance | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;133 | &nbsp;&nbsp;Additional Financing Cumulative Loan Per SF | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;134 | &nbsp;&nbsp;Additional Financing Cumulative LTV | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;135 | &nbsp;&nbsp;Additional Financing Lender | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;136 | &nbsp;&nbsp;Additional Financing Interest Rate | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;137 | &nbsp;&nbsp;Additional Financing Interest Accrual Method | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;138 | &nbsp;&nbsp;Additional Financing Amortization Type | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;139 | &nbsp;&nbsp;Additional Financing Origination Date | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;140 | &nbsp;&nbsp;Additional Financing Monthly IO Payment | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;141 | &nbsp;&nbsp;Additional Financing Annual IO Payment | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;142 | &nbsp;&nbsp;Additional Financing Monthly P&I Payment | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;143 | &nbsp;&nbsp;Additional Financing Annual P&I Payment | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;144 | &nbsp;&nbsp;Additional Financing Cumulative IO DSCR on NCF | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;145 | &nbsp;&nbsp;Additional Financing Cumulative P&I DSCR on NCF | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;146 | &nbsp;&nbsp;Additional Financing Cumulative Debt Yield on NOI | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;147 | &nbsp;&nbsp;Additional Financing Cumulative Debt Yield on NCF | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;148 | &nbsp;&nbsp;Real Estate Tax Escrow - Initial | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;149 | &nbsp;&nbsp;Real Estate Tax Escrow - Ongoing | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;150 | &nbsp;&nbsp;Real Estate Tax Escrow - Springing Condition | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;151 | &nbsp;&nbsp;Insurance Escrow - Initial | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;152 | &nbsp;&nbsp;Insurance Escrow - Ongoing | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;153 | &nbsp;&nbsp;Insurance Escrow - Springing Condition | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;154 | &nbsp;&nbsp;Replacement Reserve Escrow - Initial | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;155 | &nbsp;&nbsp;Replacement Reserve Escrow - Ongoing | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;156 | &nbsp;&nbsp;Replacement Reserve Escrow - Springing Condition | &nbsp;&nbsp;Not applicable |

---

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Characteristic** | &nbsp;&nbsp;**Source Document** |
| &nbsp;&nbsp;157 | &nbsp;&nbsp;Immediate Repairs Escrow - Initial | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;158 | &nbsp;&nbsp;Immediate Repairs Escrow - Ongoing | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;159 | &nbsp;&nbsp;Rollover Escrow - Initial | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;160 | &nbsp;&nbsp; Rollover Escrow - Ongoing | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;161 | &nbsp;&nbsp;Rollover Reserve Escrow - Springing Condition | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;162 | &nbsp;&nbsp;Other Escrow Required | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;163 | &nbsp;&nbsp;Other Escrow Description | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;164 | &nbsp;&nbsp;Other Escrow Initial | &nbsp;&nbsp;None - Company Provided |
| &nbsp;&nbsp;165 | &nbsp;&nbsp;Other Escrow - Ongoing | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;166 | &nbsp;&nbsp;Other Escrow - Springing Condition | &nbsp;&nbsp;Loan Agreement |

---

**<u>Calculation Procedures</u>**

With respect to Characteristic 16, we recomputed the Whole Loan Original Balance as the sum of the (i) Mortgage Loan Original Balance and (ii) Companion Loan Original Balance.

With respect to Characteristic 17, we recomputed the Whole Loan Cut-off Date Balance as the sum of the (i) Mortgage Loan Cut-off Date Balance and (ii) Companion Loan Cut-off Date Balance.

With respect to Characteristic 18, we recomputed the Whole Loan Per SF by dividing the (i) Whole Loan Cut-off Date Balance by (ii) Total Property SF.

With respect to Characteristic 20, we recomputed the Mortgage Loan Cut-off Date Balance as being equal to the Mortgage Loan Original Balance.

With respect to Characteristic 22, we recomputed the Companion Loan Cut-off Date Balance as being equal to the Companion Loan Original Balance.

With respect to Characteristic 31, we recomputed the Mortgage Loan Monthly IO Payment by dividing (i) the product of (a) the Mortgage Loan Cut-off Date Balance, (b) the Interest Rate and (c) a fraction equal to 365/360 by (ii) twelve.

With respect to Characteristic 32, we recomputed the Mortgage Loan Annual IO Debt Service as the product of (a) the Mortgage Loan Cut-off Date Balance, (b) the Interest Rate and (c) a fraction equal to 365/360.

With respect to Characteristic 33, we recomputed the Whole Loan Monthly IO Payment by dividing (i) the product of (a) the Whole Loan Cut-off Date Balance, (b) the Interest Rate and (c) a fraction equal to 365/360 by (ii) twelve.

With respect to Characteristic 34, we recomputed the Whole Loan Annual IO Debt Service as the product of (a) the Whole Loan Cut-off Date Balance, (b) the Interest Rate and (c) a fraction equal to 365/360.

With respect to Characteristic 42, we recomputed the IO Term (mos) as being equal to the Original Loan Term (mos).

With respect to Characteristic 49, we recomputed the Net Interest Rate as the difference of the (a) Interest Rate and (b) Administrative Fee Rate.

With respect to Characteristic 50, we recomputed the Original Loan Term (mos) by determining the number of payment dates from and inclusive of the First Payment Date to and inclusive of the Maturity Date.

With respect to Characteristic 51, we recomputed the Remaining Loan Term (mos) as the difference of the (a) Original Loan Term (mos) and (b) Seasoning.

With respect to Characteristic 52, we recomputed the Seasoning by determining the number of payment dates from and inclusive of the First Payment Date to and inclusive of August 1, 2025 (the **"Cut-off Date"** as stipulated by representatives of the Company).

With respect to Characteristic 54, we recomputed the Whole Loan Balloon Balance as being equal to the Whole Loan Original Balance.

With respect to Characteristic 55, we recomputed the Mortgage Loan Balloon Balance as being equal to the Mortgage Loan Original Balance.

With respect to Characteristic 56, we recomputed the Companion Loan Balloon Balance as being equal to the Companion Loan Original Balance.

With respect to Characteristic 62, we recomputed the Cut-off Date LTV by dividing the (i) Whole Loan Cut-off Date Balance by (ii) Appraisal Value.

With respect to Characteristic 63, we recomputed the Maturity Date LTV by dividing the (i) Whole Loan Balloon Balance by (ii) Appraisal Value.

With respect to Characteristic 80, we recomputed the Underwritten IO NOI DSCR by dividing the (i) Underwritten NOI by (ii) Whole Loan Annual IO Debt Service.

With respect to Characteristic 82, we recomputed the Underwritten NOI Debt Yield by dividing the (i) Underwritten NOI by (ii) Whole Loan Cut-off Date Balance.

With respect to Characteristic 86, we recomputed the Underwritten IO NCF DSCR by dividing the (i) Underwritten NCF by (ii) Whole Loan Annual IO Debt Service.

With respect to Characteristic 88, we recomputed the Underwritten NCF Debt Yield by dividing the (i) Underwritten NCF by (ii) Whole Loan Cut-off Date Balance.

With respect to Characteristic 91, we recomputed the Major Tenant 1 % UW Base Rent by dividing the (i) Major Tenant 1 UW Base Rent by (ii) Underwritten Base Rent.

With respect to Characteristic 96, we recomputed the Major Tenant 2 % UW Base Rent by dividing the (i) Major Tenant 2 UW Base Rent by (ii) Underwritten Base Rent.

With respect to Characteristic 101, we recomputed the Major Tenant 3 % UW Base Rent by dividing the (i) Major Tenant 3 UW Base Rent by (ii) Underwritten Base Rent.

With respect to Characteristic 106, we recomputed the Major Tenant 4 % UW Base Rent by dividing the (i) Major Tenant 4 UW Base Rent by (ii) Underwritten Base Rent.

With respect to Characteristic 111, we recomputed the Major Tenant 5 % UW Base Rent by dividing the (i) Major Tenant 5 UW Base Rent by (ii) Underwritten Base Rent.

## Ex-2

**Exhibit 2**

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

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

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

Morgan Stanley Mortgage Capital Holdings LLC ("MSMCH")

Morgan Stanley & Co. LLC

Morgan Stanley Bank, N.A.

JPMorgan Chase Bank, National Association

Goldman Sachs Mortgage Company

Goldman Sachs & Co. LLC

Goldman Sachs Bank USA

Bank of Montreal

BMO Capital Markets Corp.

(collectively, the "Specified Parties")

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

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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, Underwritten Rent Roll and ASR (all as defined herein) (collectively, the "Subject Matter") relating to the Issuing Entity's securitization transaction as of 28 July 2025. This report may not be suitable for any other purpose. The procedures performed may not address all of the items of interest to a user of the report and may not meet the needs of all users of the report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. The appropriateness of these procedures is solely the responsibility of the Specified Parties identified in this report. No other party acknowledged the appropriateness of the procedures. Consequently, we make no representation regarding the appropriateness of the procedures described in Attachment A, either for the purpose for which this report has been requested or for any other purpose.

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

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

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

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

c. The lease abstracts (the "Lease Abstracts") and lease agreements (the "Leases," together with the Lease Abstracts, the "Lease Documents") relating to the commercial tenant(s) at the Collateral Property that secures the Mortgage Loan,

d. The most recent electronic borrower rent roll files (the "Borrower Rent Roll Files") for the Collateral Property that secures the Mortgage Loan,

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

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

f. An underwritten rent roll (the "Underwritten Rent Roll") for the Collateral Property that secures the Mortgage Loan,

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

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

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

for the Collateral Property that secures the Mortgage Loan,

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

i. 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, Borrower Budget, Lease Documents and Borrower Rent Roll 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, Underwritten Rent Roll, 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 ASR, Underwritten Rent Roll or Underwriting File. We have not verified, and we make no representation as to, the appropriateness, accuracy, completeness or reasonableness of the Source Document(s), ASR, Underwriting Instructions and Adjustments or any other information provided to us, or that we were instructed to obtain, as applicable, by MSMCH, on behalf of the Depositor, upon which we relied in forming our findings. We performed no procedures to compare any information contained in any Source Document or the ASR to any information contained in any other Source Document or the ASR, except as described in Attachment A. Accordingly, we make no representation and express no opinion or conclusion as to: (a) the existence of the Mortgage Loan, (b) the ability of any Mortgage Loan borrower(s) to repay the Mortgage Loan, (c) questions of legal or tax interpretation or (d) the appropriateness, accuracy, completeness or reasonableness of any instructions, assumptions and methodologies provided to us by the Depositor or MSMCH, on behalf of the Depositor, that are described in this report. We undertake no responsibility to update this report for events and circumstances occurring after the date hereof.

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

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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. 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

28 July 2025

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| | |
|:---|:---|
| ![](eylogo2.jpg) | **Attachment A**<br> Page 1 of 3 |

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**<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 commercial property (the "Collateral Property").

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

*Operating Statement Comparison and Recalculation Procedures*

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

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

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

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

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

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

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

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

 

*Cashflow Reimbursement 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 cash flow reimbursements for the five largest tenants (by underwritten base rent revenue as shown on the Underwritten Rent Roll) at the Collateral Property that secures the Mortgage Loan, as shown in the applicable Source Document(s), to the corresponding underwritten cash flow reimbursements on the Underwritten
Rent Roll or Underwriting File. We provided MSMCH a list of any differences that were found (subject to the instruction(s) provided by the Depositor described below).

For the purpose of this procedure, the Depositor instructed us to use a materiality threshold of +/- 10%, calculated as a percentage of the value as shown in the applicable Source Document(s), which is also below $10,000.

 

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| | |
|:---|:---|
| ![](eylogo2.jpg) | **Attachment A**<br> Page 2 of 3 |

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*Supporting Expense Comparison and Recalculation Procedures*

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

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

*Lease Expiration and Termination Comparison Procedures*

4. Using the applicable Source Document(s) listed on the AUP Findings Schedule and the Underwriting Instructions and Adjustments (as applicable), we compared the lease expiration date and lease early termination options only for the commercial tenants (ordered, from largest to smallest, by the underwritten base rent revenue of each tenant) that comprise 80% of the aggregate underwritten base rent revenue (a maximum of ten tenants), as shown on the Underwritten Rent Roll, at the Collateral Property
that secures the Mortgage Loan, all as shown in the applicable Source Document(s), to the corresponding information on the Underwritten Rent Roll (or ASR if the lease early termination options are not shown on the Underwritten Rent Roll). We provided MSMCH a list of any differences that were found (subject to the instruction(s) provided by the Depositor described below).

For the purpose of the lease expiration date comparison procedure, the Depositor instructed us to use a materiality threshold of +/- 90 days.

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

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*Underwritten Cashflow Comparison and Recalculation Procedures*

5. 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,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Information on the Underwritten Rent Roll and

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

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

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

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

**Exhibit 1 to Attachment A**

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

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| | | | |
|:---|:---|:---|:---|
| **VRTX Trust 2025-HQ** | **VRTX Trust 2025-HQ** | **VRTX Trust 2025-HQ** | **VRTX Trust 2025-HQ** |
| The following items refer to the procedures described in Attachment A: | The following items refer to the procedures described in Attachment A: |  |  |
| **Item** | **Description of the Procedures** | **Primary Source Document(s) Used** | **Findings** |
|  | OPERATING STATEMENT COMPARISON AND RECALCULATION PROCEDURES |  |  |
| 1 | Compare, or recalculate and compare, the (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income or net cash flow information in the Source Document(s) listed (as applicable) for each Historical Period to the corresponding information on the Underwriting File. Identify any variance above a 3% and $10,000 threshold. | Borrower Operating Statement Data Files | No Exceptions Noted |
|  | CASHFLOW REIMBURSEMENT COMPARISON AND RECALCULATION PROCEDURES |  |  |
| 2 | Compare, or recalculate and compare, the cash flow reimbursements for the top five tenants (by underwritten base rent revenue) in the Source Document(s) listed (as applicable) to the corresponding underwritten cash flow reimbursements on the Underwritten Rent Roll or Underwriting File. Identify any variance above a 10% and $10,000 threshold. | Borrower Budget | 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 that exceeds a -5% and -$10,000 threshold. | Borrower Budget | No Exceptions Noted |
|  | LEASE EXPIRATION AND TERMINATION COMPARISON PROCEDURES |  |  |
| 4 | Compare the lease expiration date and lease early termination options (only for the tenants (ordered by underwritten base rent revenue of each tenant) that comprise 80% of the aggregate underwritten base rent revenue) with a maximum of ten tenants that are shown in the Source Document(s) listed (as applicable) to the corresponding information on the Underwritten Rent Roll (or ASR if the lease early termination options are not shown on the Underwritten Rent Roll). Identify any variance above a 90-day threshold. | Leases and Lease Abstracts | No Exceptions Noted |
|  | UNDERWRITTEN CASHFLOW COMPARISON AND RECALCULATION PROCEDURES |  |  |
| 5 | Using the information on the Underwriting File, Source Document(s), ASR, Underwritten Rent Roll and the Underwriting Instructions and Adjustments (footnotes), recalculate and compare the underwritten revenue and expense line items that are shown on the Underwriting File. Identify any variance above a 3% and $25,000 threshold. | Underwriting File, Source Document(s), ASR, Underwritten Rent Roll and Underwriting Instructions and Adjustments | No Exceptions Noted |
| *\*\*N/A: Not Applicable* | *\*\*N/A: Not Applicable* |  |  |

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