# EDGAR Filing Document

**Accession Number:** 0002096670
**File Stem:** 0001539497-25-002945
**Filing Date:** 2025-11
**Character Count:** 36456
**Document Hash:** 291979b95de613ce1b85f9e5b5b0b516
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001539497-25-002945.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0001539497-25-002945

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

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20251113

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

**FILED AS OF DATE**: 20251113

**DATE AS OF CHANGE**: 20251113

**ABS RULE**: RULE-15GA2

**REGISTERED ENTITY**: N

**ABS ASSET CLASS**: Commercial mortgages

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Santander Commercial Mortgage Securities LLC
- **CENTRAL INDEX KEY:** 0002096670

**ORGANIZATION NAME:**
- **EIN:** 412326665
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-08099
- **FILM NUMBER:** 251479850

**BUSINESS ADDRESS:**
- **STREET 1:** 75 STATE STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109
- **BUSINESS PHONE:** 212-872-0100

**MAIL ADDRESS:**
- **STREET 1:** 75 STATE STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109
**DEPOSITOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Santander Commercial Mortgage Securities LLC
- **CENTRAL INDEX KEY:** 0002096670

**ORGANIZATION NAME:**
- **EIN:** 412326665
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

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

**BUSINESS ADDRESS:**
- **STREET 1:** 75 STATE STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109
- **BUSINESS PHONE:** 212-872-0100

**MAIL ADDRESS:**
- **STREET 1:** 75 STATE STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109
**SECURITIZER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Santander Commercial Mortgage Securities LLC
- **CENTRAL INDEX KEY:** 0002096670

**ORGANIZATION NAME:**
- **EIN:** 412326665
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

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

**BUSINESS ADDRESS:**
- **STREET 1:** 75 STATE STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109
- **BUSINESS PHONE:** 212-872-0100

**MAIL ADDRESS:**
- **STREET 1:** 75 STATE STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109

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

**FORM ABS-15G**

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

**the Securities Exchange Act of 1934**

<br> Check the appropriate box to indicate the filing obligation to which this form is intended to satisfy:<br>[_] Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period _________________ to _________________

Date of Report (Date of earliest event reported)______________________

Commission File Number of securitizer: ____________________

Central Index Key Number of securitizer: ___________________

______________________________________________________________________

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

contact in connection with this filing

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

[✔] Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2)

Central Index Key Number of depositor: 0002096670

<u>SCMS 2025-BNC1 Mortgage Trust</u> <br> (Exact name of issuing entity as specified in its charter)

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

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

<u>Stefanos Arethas, (212) 297-2928</u> <br> 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**

**FINDINGS AND CONCLUSIONS OF THIRD-PARTY DUE DILIGENCE REPORTS**

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

Attached as Exhibit 1 hereto is an agreed-upon procedures report, dated November 13, 2025, obtained by the depositor, with respect to certain agreed-upon procedures performed by KPMG 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.

Santander Commercial Mortgage Securities LLC

(Depositor)

Date: November 13, 2025

/s/ Stefanos Arethas

By: Stefanos Arethas, Authorized Officer<br> (senior officer in charge of securitization of the depositor)

Exhibit 1 Independent Accountants' Agreed-Upon Procedures Report, dated November 13, 2025.

## Ex-1

**Exhibit 1**

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| | |
|:---|:---|
| ![](kpmglogo.jpg) |  |
|  | KPMG LLP<br> Suite 900<br> 8350 Broad Street<br> McLean, VA 22102 |

---

**Independent Accountants' Agreed-Upon Procedures Report**

Santander Bank, N.A. (the "Company")

Santander Commercial Mortgage Securities LLC

Santander US Capital Markets LLC

ATLAS SP Securities, a division of Apollo Global Securities, LLC

Atlas SP Partners, L.P.

(collectively, the "Specified Parties"):

Re: SCMS 2025-BNC1 Mortgage Trust – Data File Procedures

We have performed the procedures described below on the specified attributes in an electronic data file entitled "SCMS 2025-BNC1 - Data Tape.xlsx" provided by the Company on November 13, 2025 (the "Data File"), containing information on 30 mortgage loans (the "Mortgage Loans") and 32 related mortgaged properties (the "Mortgaged Properties") as of December 1, 2025 (the "Cut-off Date"), which we were informed are intended to be included as collateral in the offering by SCMS 2025-BNC1 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2025-BNC1 (the "Certificates"). The Company is responsible for the specified attributes identified by the Company in the Data File.

The Specified Parties have agreed to and acknowledged that the procedures performed are appropriate to meet their intended purpose of assisting specified parties in evaluating the accuracy of the specified attributes in the Data File. This report may not be suitable for any other purpose. No other parties have agreed to or acknowledged the appropriateness of these procedures for the intended purpose or any other purpose.

The procedures performed may not address all the items of interest to a specified party of this report and may not meet the needs of all specified parties of this report and, as such, specified parties are responsible for determining whether the procedures performed are appropriate for their purposes. We make no representation regarding the appropriateness of the procedures either for the intended purpose or for any other purpose.

Unless otherwise stated, the following definitions have been adopted in presenting our procedures and findings:

· The term "compared" means compared to the information shown and found it to be in agreement, unless otherwise stated. Such
compared information was deemed to be in agreement if differences were within the reporting threshold.

· The term "recomputed" means recalculated and compared the result to the information shown and found it to be in agreement,
unless otherwise stated. Such recomputed information was deemed to be in agreement if differences were within the reporting threshold.

· The term "reporting threshold" means that dollar amounts and percentages were within $1.00 and 0.1%, respectively.

· The term "Loan Files" means the electronic copies of source documents or electronic sources provided by the Company and
listed in Attachment A. We make no representation regarding the validity or accuracy of any of the source documents or sources.

KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.

&nbsp;&nbsp;&nbsp;&nbsp;· The term "Instructions" means the instructions provided by the Company pertaining to a procedure, specific attribute, methodology,
or value, as described in Attachment C.

· The term "Compared Attributes" means the list of fields in the Data File which were selected by the Company for us to perform
comparison procedures for and are listed in Attachment A.

· The term "Recomputed Attributes" means the list of fields in the Data File which were selected by the Company for us to
perform recomputation procedures for and are listed in Attachment B.

· The term "Calculation Methodology" means the formula listed in the Calculation Methodology column of Attachment B containing
the calculation methodology for the Recomputed Attributes provided by the Company.

· The term "Provided Information" means the Cut-off Date, Loan Files, Calculation Methodology and Instructions.

Prior to being provided the Data File, we received one or more earlier versions of the data file on which to perform our procedures. In performing those procedures, we identified differences which were communicated to the Company. The Data File represents the revised information reflecting resolution of differences communicated as determined appropriate by the Company. We performed the procedures on the Data File, and the results of those procedures are reflected herein.

The procedures we were instructed by the Company to perform and the associated findings are as follows:

A. For the Mortgage Loans and Mortgaged Properties included in the Data File, we compared the Compared Attributes in the Data File (except
for those with "Provided by the Company" in the "Source Document(s)" column of Attachment A) to the corresponding
information included in the Loan Files, utilizing the Instructions, as applicable. The Specified Parties indicated that the absence of
any of the information in the Loan Files or the inability to agree the indicated information from the Data File to the Loan Files for
each of the attributes identified, utilizing the Instructions, as applicable, constituted an exception, except for those Compared Attributes
with "Provided by the Company" in the "Source Document(s)" column of Attachment A. The document priority is the
order provided by the Company, which is listed in the "Source Document(s)" column of Attachment A, with the highest priority
document listed first.

B. For the Mortgage Loans and Mortgaged Properties included in the Data File, we recomputed the Recomputed Attributes in the Data File
using (i) the corresponding information contained in the Data File, (ii) the Calculation Methodology and (iii) the Instructions.

We found such information to be in agreement without exception.

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, which involves us performing the specific procedures agreed to and acknowledged above and reporting on findings based on performing those procedures. We were not engaged to, and did not, conduct an examination or review, the objective of which would be the expression of an opinion or conclusion, respectively, on the specified attributes in the Data File. 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.

We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement.

The procedures performed were applied based on the information included in the Data File and Provided Information, without verification or evaluation of such information by us; therefore, we express no opinion or any other form of assurance regarding (i) the reasonableness of the information provided to us by the Company, (ii) the physical existence of the Mortgage Loans and related Mortgaged Properties, (iii) the reliability or accuracy of the Provided Information which was used in our procedures, or (iv) matters of legal interpretation.

The procedures performed were not intended to address, nor did they address: (i) the conformity of the origination of the Mortgage Loans to stated underwriting or credit extension guidelines, standards, criteria or other requirements, (ii) the value of collateral securing the Mortgage Loans being securitized, (iii) the compliance of the originator of the Mortgage Loans with federal, state, and local laws and regulations, or (iv) any other factor or characteristic of the Mortgage Loans and related Mortgaged Properties 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. The procedures performed were not intended to satisfy any criteria for due diligence published by the nationally recognized statistical rating organizations ("NRSROs").

The terms of our engagement are such that we have no responsibility to update this report because of events and circumstances that may subsequently occur.

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

/s/ KPMG LLP

McLean, Virginia

November 13, 2025

**ATTACHMENT A**

**COMPARED ATTRIBUTES**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Attribute** | &nbsp;&nbsp;**Source Document(s)** |
| &nbsp;&nbsp;Standard Heading | &nbsp;&nbsp;Provided by the Company |
| &nbsp;&nbsp;Loan ID Number | &nbsp;&nbsp;Loan Agreement, Note |
| &nbsp;&nbsp;Loan / Property Flag | &nbsp;&nbsp;Provided by the Company |
| &nbsp;&nbsp;# of Properties | &nbsp;&nbsp;Appraisal Report, Engineering Report |
| &nbsp;&nbsp;Borrower Name | &nbsp;&nbsp;Loan Agreement, Note |
| &nbsp;&nbsp;Property Name | &nbsp;&nbsp;Provided by the Company |
| &nbsp;&nbsp;Mortgage Loan Originator | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;Mortgage Loan Seller | &nbsp;&nbsp;Provided by the Company |
| &nbsp;&nbsp;Crossed Group | &nbsp;&nbsp;Cross Collateralization Agreement |
| &nbsp;&nbsp;Address | &nbsp;&nbsp;Appraisal Report, Engineering Report |
| &nbsp;&nbsp;City | &nbsp;&nbsp;Appraisal Report, Engineering Report |
| &nbsp;&nbsp;County | &nbsp;&nbsp;Appraisal Report, Engineering Report |
| &nbsp;&nbsp;State | &nbsp;&nbsp;Appraisal Report, Engineering Report |
| &nbsp;&nbsp;Zip Code | &nbsp;&nbsp;Appraisal Report, Engineering Report |
| &nbsp;&nbsp;Property Type | &nbsp;&nbsp;Appraisal Report, Engineering Report |
| &nbsp;&nbsp;Property Sub-Type | &nbsp;&nbsp;Appraisal Report, Engineering Report |
| &nbsp;&nbsp;Year Built | &nbsp;&nbsp;Appraisal Report, Engineering Report |
| &nbsp;&nbsp;Year Renovated | &nbsp;&nbsp;Appraisal Report, Engineering Report |
| &nbsp;&nbsp;Number of Units | &nbsp;&nbsp;Appraisal Report, Engineering Report |
| &nbsp;&nbsp;Unit of Measure | &nbsp;&nbsp;Appraisal Report, Engineering Report |
| &nbsp;&nbsp;Original Balance ($) | &nbsp;&nbsp;Loan Agreement, Note |
| &nbsp;&nbsp;Current UPB ($) | &nbsp;&nbsp;Servicer Report |
| &nbsp;&nbsp;Cut-off Date Balance ($) | &nbsp;&nbsp;Servicer Report |
| &nbsp;&nbsp;Interest Rate % | &nbsp;&nbsp;Loan Agreement, Note |
| &nbsp;&nbsp;Administrative Fee Rate % | &nbsp;&nbsp;Provided by the Company |
| &nbsp;&nbsp;Monthly Debt Service (P&I) ($) | &nbsp;&nbsp;Loan Agreement, Note |
| &nbsp;&nbsp;Amortization Type | &nbsp;&nbsp;Loan Agreement, Note |
| &nbsp;&nbsp;ARD Loan (Yes / No) | &nbsp;&nbsp;Loan Agreement, Note |
| &nbsp;&nbsp;Interest Accrual Method | &nbsp;&nbsp;Loan Agreement, Note |
| &nbsp;&nbsp;Original Interest-Only Period (Mos.) | &nbsp;&nbsp;Loan Agreement, Note |
| &nbsp;&nbsp;Original Term To Maturity / ARD (Mos.) | &nbsp;&nbsp;Loan Agreement, Note |
| &nbsp;&nbsp;Original Amortization Term (Mos.) | &nbsp;&nbsp;Loan Agreement, Note |
| &nbsp;&nbsp;Origination Date | &nbsp;&nbsp;Loan Agreement, Note |
| &nbsp;&nbsp;Payment Due Date | &nbsp;&nbsp;Loan Agreement, Note |
| &nbsp;&nbsp;First Payment Date | &nbsp;&nbsp;Loan Agreement, Note |
| &nbsp;&nbsp;First P&I Payment Date | &nbsp;&nbsp;Loan Agreement, Note |

---

**ATTACHMENT A**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Attribute** | &nbsp;&nbsp;**Source Document(s)** |
| &nbsp;&nbsp;Maturity Date or Anticipated Repayment Date | &nbsp;&nbsp;Loan Agreement, Note |
| &nbsp;&nbsp;Final Maturity Date | &nbsp;&nbsp;Loan Agreement, Note |
| &nbsp;&nbsp;Grace Period - Late Fee (Days) | &nbsp;&nbsp;Loan Agreement, Note |
| &nbsp;&nbsp;Prepayment Provision | &nbsp;&nbsp;Loan Agreement, Note |
| &nbsp;&nbsp;Underwritten EGI at Origination | &nbsp;&nbsp;CRR Income & Expense Analysis |
| &nbsp;&nbsp;Underwritten Expenses at Origination | &nbsp;&nbsp;CRR Income & Expense Analysis |
| &nbsp;&nbsp;Origination Underwriting Date | &nbsp;&nbsp;CRR Income & Expense Analysis |
| &nbsp;&nbsp;Current Underwritten EGI ($) | &nbsp;&nbsp;ASR |
| &nbsp;&nbsp;Current Underwritten Expenses ($) | &nbsp;&nbsp;ASR |
| &nbsp;&nbsp;Current Underwritten Net Operating Income ($) | &nbsp;&nbsp;ASR |
| &nbsp;&nbsp;Underwritten Replacement / FF&E Reserve ($) | &nbsp;&nbsp;ASR |
| &nbsp;&nbsp;Underwritten TI / LC ($) | &nbsp;&nbsp;ASR |
| &nbsp;&nbsp;Current Underwritten Net Cash Flow ($) | &nbsp;&nbsp;ASR |
| &nbsp;&nbsp;Appraised Value ($) | &nbsp;&nbsp;Appraisal Report |
| &nbsp;&nbsp;Appraised Value Type | &nbsp;&nbsp;Appraisal Report |
| &nbsp;&nbsp;Appraisal Date | &nbsp;&nbsp;Appraisal Report |
| &nbsp;&nbsp;Leased Occupancy (%) | &nbsp;&nbsp;ASR |
| &nbsp;&nbsp;Occupancy Date | &nbsp;&nbsp;ASR |
| &nbsp;&nbsp;Second Most Recent EGI ($) | &nbsp;&nbsp;ASR |
| &nbsp;&nbsp;Second Most Recent Expenses ($) | &nbsp;&nbsp;ASR |
| &nbsp;&nbsp;Second Most Recent NOI ($) | &nbsp;&nbsp;ASR |
| &nbsp;&nbsp;Second Most Recent NOI Date | &nbsp;&nbsp;ASR |
| &nbsp;&nbsp;Second Most Recent Description | &nbsp;&nbsp;ASR |
| &nbsp;&nbsp;Third Most Recent EGI ($) | &nbsp;&nbsp;ASR |
| &nbsp;&nbsp;Third Most Recent Expenses ($) | &nbsp;&nbsp;ASR |
| &nbsp;&nbsp;Third Most Recent NOI ($) | &nbsp;&nbsp;ASR |
| &nbsp;&nbsp;Third Most Recent NOI Date | &nbsp;&nbsp;ASR |
| &nbsp;&nbsp;Third Most Recent Description | &nbsp;&nbsp;ASR |
| &nbsp;&nbsp;Most Recent EGI ($) | &nbsp;&nbsp;ASR |
| &nbsp;&nbsp;Most Recent Expenses ($) | &nbsp;&nbsp;ASR |
| &nbsp;&nbsp;Most Recent NOI ($) | &nbsp;&nbsp;ASR |
| &nbsp;&nbsp;Borrower Financials | &nbsp;&nbsp;ASR |
| &nbsp;&nbsp;Most Recent Description | &nbsp;&nbsp;ASR |
| &nbsp;&nbsp;Environmental Phase I Report Date | &nbsp;&nbsp;Phase I Environmental Report for each 15M or Greater Mortgage Loan, otherwise Provided by the Company. |

---

**ATTACHMENT A**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Attribute** | &nbsp;&nbsp;**Source Document(s)** |
| &nbsp;&nbsp;Environmental Phase II Report Date | &nbsp;&nbsp;Phase II Environmental Report for each 15M or Greater Mortgage Loan, otherwise Provided by the Company. |
| &nbsp;&nbsp;Engineering Report Date | &nbsp;&nbsp;Engineering Report for each 15M or Greater Mortgage Loan, otherwise Provided by the Company. |
| &nbsp;&nbsp;Seismic Report Date | &nbsp;&nbsp;Seismic Report for each 15M or Greater Mortgage Loan, otherwise Provided by the Company. |
| &nbsp;&nbsp;PML or SEL (%) | &nbsp;&nbsp;Seismic Report for each 15M or Greater Mortgage Loan, otherwise Provided by the Company. |
| &nbsp;&nbsp;Flood Zone | &nbsp;&nbsp;Engineering Report for each 15M or Greater Mortgage Loan, otherwise Provided by the Company. |
| &nbsp;&nbsp;Ownership Interest | &nbsp;&nbsp;Title Policy |
| &nbsp;&nbsp;Ground Lease Expiration Date | &nbsp;&nbsp;Ground Lease Documents, PILOT Lease Documents, Loan Agreement |
| &nbsp;&nbsp;Ground Lease Extension Terms | &nbsp;&nbsp;Ground Lease Documents, PILOT Lease Documents, Loan Agreement |
| &nbsp;&nbsp;Annual Ground Lease Payment as of the Cut-off Date ($) | &nbsp;&nbsp;Ground Lease Documents, PILOT Lease Documents, Loan Agreement |
| &nbsp;&nbsp;Annual Ground Rent Increases (Y/N) | &nbsp;&nbsp;Ground Lease Documents, PILOT Lease Documents, Loan Agreement |
| &nbsp;&nbsp;Current RE Tax Reserve ($) | &nbsp;&nbsp;Servicer Report |
| &nbsp;&nbsp;Monthly RE Tax Reserve ($) | &nbsp;&nbsp;Servicer Report |
| &nbsp;&nbsp;Current Insurance Reserve ($) | &nbsp;&nbsp;Servicer Report |
| &nbsp;&nbsp;Monthly Insurance Reserve ($) | &nbsp;&nbsp;Servicer Report |
| &nbsp;&nbsp;Current Replacement / PIP Reserve ($) | &nbsp;&nbsp;Servicer Report |
| &nbsp;&nbsp;Monthly Replacement / FF&E Reserve ($) | &nbsp;&nbsp;Servicer Report, Loan Agreement |
| &nbsp;&nbsp;Replacement Reserve Caps ($) | &nbsp;&nbsp;Servicer Report |
| &nbsp;&nbsp;Upfront TI/LC Reserve ($) | &nbsp;&nbsp;Servicer Report |
| &nbsp;&nbsp;Monthly TI/LC Reserve ($) | &nbsp;&nbsp;Servicer Report |
| &nbsp;&nbsp;TI/LC Caps ($) | &nbsp;&nbsp;Servicer Report |
| &nbsp;&nbsp;Upfront Debt Service Reserve ($) | &nbsp;&nbsp;Servicer Report |
| &nbsp;&nbsp;Monthly Debt Service Reserve ($) | &nbsp;&nbsp;Servicer Report |
| &nbsp;&nbsp;Debt Service Reserve Cap ($) | &nbsp;&nbsp;Servicer Report |
| &nbsp;&nbsp;Upfront Deferred Maintenance Reserve ($) | &nbsp;&nbsp;Servicer Report |
| &nbsp;&nbsp;Upfront Other Reserve ($) | &nbsp;&nbsp;Servicer Report |
| &nbsp;&nbsp;Monthly Other Reserve ($) | &nbsp;&nbsp;Servicer Report |
| &nbsp;&nbsp;Other Reserve Description | &nbsp;&nbsp;Servicer Report |
| &nbsp;&nbsp;Other Reserve Cap ($) | &nbsp;&nbsp;Servicer Report |
| &nbsp;&nbsp;Holdback/ Earnout Amount ($) | &nbsp;&nbsp;Servicer Report |
| &nbsp;&nbsp;Holdback/ Earnout Description | &nbsp;&nbsp;Servicer Report |
| &nbsp;&nbsp;Lockbox Type | &nbsp;&nbsp;Loan Agreement, Cash Management Agreement |
| &nbsp;&nbsp;Cash Management | &nbsp;&nbsp;Loan Agreement, Cash Management Agreement |

---

**ATTACHMENT A**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Attribute** | &nbsp;&nbsp;**Source Document(s)** |
| &nbsp;&nbsp;Excess Cash Trap Triggered by DSCR and/or Debt Yield Test (Y/N) | &nbsp;&nbsp;Loan Agreement, Cash Management Agreement |
| &nbsp;&nbsp;Tenant Specific Excess Cash Trap Trigger (Y/N) | &nbsp;&nbsp;Loan Agreement, Cash Management Agreement |
| &nbsp;&nbsp;Pari Passu (Y/N) | &nbsp;&nbsp;Provided by the Company |
| &nbsp;&nbsp;Pari Passu in Trust Controlling (Y/N) | &nbsp;&nbsp;Provided by the Company |
| &nbsp;&nbsp;Trust Pari Passu Cut-off Date Balance ($) | &nbsp;&nbsp;Provided by the Company |
| &nbsp;&nbsp;Non-Trust Pari Passu Companion Loan Cut-off Date Balance ($) | &nbsp;&nbsp;Provided by the Company |
| &nbsp;&nbsp;Non-Trust Pari Passu Companion Loan Monthly Debt Service ($) | &nbsp;&nbsp;Provided by the Company |
| &nbsp;&nbsp;Total Trust and Non-Trust Pari Passu Companion Loan Monthly Debt Service ($) | &nbsp;&nbsp;Provided by the Company |
| &nbsp;&nbsp;Subordinate Companion Loan Cut-off Date Balance ($) | &nbsp;&nbsp;Provided by the Company |
| &nbsp;&nbsp;Subordinate Companion Loan Interest Rate | &nbsp;&nbsp;Provided by the Company |
| &nbsp;&nbsp;Whole Loan Cut-off Date Balance ($) | &nbsp;&nbsp;Provided by the Company |
| &nbsp;&nbsp;Whole Loan Monthly Debt Service ($) | &nbsp;&nbsp;Provided by the Company |
| &nbsp;&nbsp;Whole Loan Cut-off Date LTV Ratio (%) | &nbsp;&nbsp;Provided by the Company |
| &nbsp;&nbsp;Whole Loan Underwritten NCF DSCR (x) | &nbsp;&nbsp;Provided by the Company |
| &nbsp;&nbsp;Whole Loan Underwritten NOI Debt Yield (%) | &nbsp;&nbsp;Provided by the Company |
| &nbsp;&nbsp;Mezzanine Debt Cut-off Date Balance($) | &nbsp;&nbsp;Mezzanine Loan Agreement, Mezzanine Note |
| &nbsp;&nbsp;Mezzanine Debt Interest Rate (%) | &nbsp;&nbsp;Mezzanine Loan Agreement, Mezzanine Note |
| &nbsp;&nbsp;Future Additional Debt Permitted (Y/N) | &nbsp;&nbsp;Loan Agreement, for the Mortgage Loan "Trailpoint at the Woodlands" the Mezzanine Loan Agreement was used |
| &nbsp;&nbsp;Future Debt Permitted Type | &nbsp;&nbsp;Loan Agreement, for the Mortgage Loan "Trailpoint at the Woodlands" the Mezzanine Loan Agreement was used |
| &nbsp;&nbsp;Sponsor | &nbsp;&nbsp;ASR |
| &nbsp;&nbsp;Non-Recourse Carveout Guarantor | &nbsp;&nbsp;Guaranty, Loan Agreement |
| &nbsp;&nbsp;Delaware Statutory Trust (Y/N) | &nbsp;&nbsp;Loan Agreement, Note |
| &nbsp;&nbsp;Tenants-in-common (Y/N) | &nbsp;&nbsp;Loan Agreement, Note |

---

**ATTACHMENT A**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Attribute** | &nbsp;&nbsp;**Source Document(s)** |
| &nbsp;&nbsp;Loan Purpose | &nbsp;&nbsp;NILO Report |
| &nbsp;&nbsp;Property Located Within a Qualified Opportunity Zone (Y/N) | &nbsp;&nbsp;https://www.novoco.com/public-media/mapbox/opzone/gozone_map_18.html |
| &nbsp;&nbsp;Sources: Loan Amount ($) | &nbsp;&nbsp;NILO Report |
| &nbsp;&nbsp;Sources: Principal's New Cash Contribution ($) | &nbsp;&nbsp;NILO Report |
| &nbsp;&nbsp;Sources: Subordinate Debt ($) | &nbsp;&nbsp;NILO Report |
| &nbsp;&nbsp;Sources: Other Sources ($) | &nbsp;&nbsp;NILO Report |
| &nbsp;&nbsp;Sources: Total Sources ($) | &nbsp;&nbsp;NILO Report |
| &nbsp;&nbsp;Uses: Loan Payoff ($) | &nbsp;&nbsp;NILO Report |
| &nbsp;&nbsp;Uses: Purchase Price ($) | &nbsp;&nbsp;NILO Report |
| &nbsp;&nbsp;Uses: Closing Costs ($) | &nbsp;&nbsp;NILO Report |
| &nbsp;&nbsp;Uses: Reserves ($) | &nbsp;&nbsp;NILO Report |
| &nbsp;&nbsp;Uses: Principal Equity Distribution ($) | &nbsp;&nbsp;NILO Report |
| &nbsp;&nbsp;Uses: Other Uses ($) | &nbsp;&nbsp;NILO Report |
| &nbsp;&nbsp;Uses: Total Uses ($) | &nbsp;&nbsp;NILO Report |

---

**ATTACHMENT B**

**RECOMPUTED ATTRIBUTES**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Attribute** | &nbsp;&nbsp;**Calculation Methodology** |
| &nbsp;&nbsp;% of Initial Pool Balance | &nbsp;&nbsp;Cut-off Date Balance ($) divided by the aggregate Cut-off Date Balance ($) of all Mortgage Loans. |
| &nbsp;&nbsp;Related Group | &nbsp;&nbsp;Recompute by grouping loans by Sponsor. |
| &nbsp;&nbsp;Cut-off Balance Per Unit ($) | &nbsp;&nbsp;Cut-off Date Balance ($) divided by Number of Units. |
| &nbsp;&nbsp;Maturity/ARD Balance ($) | &nbsp;&nbsp;Recompute as the aggregate principal amount that is scheduled to be paid on the Maturity Date or Anticipated Repayment Date, excluding the principal component that is included in the Monthly Debt Service (P&I) ($) that is due on the Maturity Date or Anticipated Repayment Date using the Original Balance ($), Interest Accrual Method, Seasoning (Mos.), Original Interest-Only Period (Mos.), First Payment Date, Maturity Date or Anticipated Repayment Date, Interest Rate % and Monthly Debt Service (P&I) ($), as applicable. Assume all scheduled payments of principal and/or interest on the Mortgage Loans are made and that there are no prepayments or other unscheduled<br> collections. |
| &nbsp;&nbsp;Net Mortgage Rate % | &nbsp;&nbsp;Interest Rate % minus Administrative Fee Rate %. |
| &nbsp;&nbsp;Monthly Debt Service (IO) ($) | &nbsp;&nbsp;Recompute using the Original Balance ($), Interest Accrual Method, Original Interest-Only Period (Mos.) and Interest Rate %. Assume all scheduled payments of principal and/or interest on the Mortgage Loans are made and that there are no prepayments or other unscheduled collections. |
| &nbsp;&nbsp;Annual Debt Service (P&I) ($) | &nbsp;&nbsp;Monthly Debt Service (P&I) ($) multiplied by twelve months (12). If Amortization Type is equal to "Interest Only", set equal to "NAP". |
| &nbsp;&nbsp;Annual Debt Service (IO) ($) | &nbsp;&nbsp;Monthly Debt Service (IO) ($) multiplied by twelve months (12). |
| &nbsp;&nbsp;Remaining Interest-Only Period (Mos.) | &nbsp;&nbsp;Original Interest-Only Period (Mos.) minus Seasoning (Mos.) (but to an amount not less than zero). |
| &nbsp;&nbsp;Remaining Term To Maturity / ARD (Mos.) | &nbsp;&nbsp;Original Term To Maturity / ARD (Mos.) minus Seasoning (Mos.). |
| &nbsp;&nbsp;Remaining Amortization Term (Mos.) | &nbsp;&nbsp;Original Amortization Term (Mos.) minus Seasoning (Mos.) plus Original Interest-Only Period (Mos.). If Remaining Interest-Only Period (Mos.) is greater than zero, set equal to the Original Amortization Term (Mos.). |
| &nbsp;&nbsp;Seasoning (Mos.) | &nbsp;&nbsp;Number of payments between and including the First Payment Date and the Cut-off Date. |
| &nbsp;&nbsp;Underwritten NOI at Origination | &nbsp;&nbsp;Net operating income plus replacement reserves listed in the CRR Income & Expense Analysis. |
| &nbsp;&nbsp;Underwritten NCF at Origination | &nbsp;&nbsp;Underwritten NOI at Origination minus replacement reserves listed in the CRR Income & Expense Analysis. |
| &nbsp;&nbsp;Current Underwritten Economic Occupancy (%) | &nbsp;&nbsp;100% minus the absolute value of the underwritten vacancy percentage listed in the ASR. |

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**ATTACHMENT B**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Attribute** | &nbsp;&nbsp;**Calculation Methodology** |
| &nbsp;&nbsp;Current Underwritten NOI DSCR (x) | &nbsp;&nbsp;Current Underwritten Net Operating Income ($) divided by Annual Debt Service (P&I) ($). If Amortization Type is equal to "Interest Only", Current Underwritten Net Operating Income ($) divided by Annual Debt Service (IO) ($). |
| &nbsp;&nbsp;Current Underwritten NCF DSCR (x) | &nbsp;&nbsp;Current Underwritten Net Cash Flow ($) divided by Annual Debt Service (P&I) ($). If Amortization Type is equal to "Interest Only", Current Underwritten Net Cash Flow ($) divided by Annual Debt Service (IO) ($). |
| &nbsp;&nbsp;Current Underwritten NOI Debt Yield (%) | &nbsp;&nbsp;Current Underwritten Net Operating Income ($) divided by Cut-off Date Balance ($). |
| &nbsp;&nbsp;Current Underwritten NCF Debt Yield (%) | &nbsp;&nbsp;Current Underwritten Net Cash Flow ($) divided by Cut-off Date Balance ($). |
| &nbsp;&nbsp;Cut-off Date LTV Ratio (%) | &nbsp;&nbsp;Cut-off Date Balance ($) divided by Appraised Value ($). |
| &nbsp;&nbsp;LTV Ratio at Maturity / ARD (%) | &nbsp;&nbsp;Maturity/ARD Balance ($) divided by Appraised Value ($). |
| &nbsp;&nbsp;Total Debt Cut-off Date Balance ($) | &nbsp;&nbsp;Cut-off Date Balance ($) plus Mezzanine Debt Cut-off Date Balance($) |
| &nbsp;&nbsp;Total Debt Monthly Debt Service ($) | &nbsp;&nbsp; If Mezzanine Debt Cut-off Date Balance($) is greater than zero, the sum of (A) Monthly Debt Service (IO) ($)<br> and (B) the product of (i) Mezzanine Debt Cut-off Date Balance($) (ii) Mezzanine Debt Interest Rate (%) (iii) 365/360 divided by 12. Otherwise, 'NAP'. |
| &nbsp;&nbsp;Total Debt Cut-off Date LTV Ratio (%) | &nbsp;&nbsp;Total Debt Cut-off Date Balance ($) divided by Appraised Value ($) |
| &nbsp;&nbsp;Total Debt Underwritten NCF DSCR (x) | &nbsp;&nbsp;Current Underwritten Net Cash Flow ($) divided by annualized Total Debt Monthly Debt Service ($) |
| &nbsp;&nbsp;Total Debt Underwritten NOI Debt Yield (%) | &nbsp;&nbsp;Current Underwritten Net Operating Income ($) divided by Total Debt Cut-off Date Balance ($) |

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**ATTACHMENT C**

**INSTRUCTIONS**

&nbsp;&nbsp;&nbsp;&nbsp;1. For those Compared Attributes or Recomputed Attributes with the source document
or Instruction indicated as "Provided by the Company", we were instructed by the Company to assume the attribute is accurate
and therefore, we did not perform any procedure.

&nbsp;&nbsp;&nbsp;&nbsp;2. For the Mortgaged Loan "Valley View Apartments" we were instructed to
use the Amended Note, Amended Loan Agreement and Amended Guaranty as listed in the Instructions and to use the original versions of the
Note, Loan Agreement and Guaranty elsewhere.

&nbsp;&nbsp;&nbsp;&nbsp;3. We were instructed by the Company to perform procedures on the following Compared
Attributes for Mortgage Loans with an Original Balance ($) greater than or equal to $15,000,000 (each applicable Mortgage Loan a "15M
or Greater Mortgage Loan"):

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| |
|:---|
| &nbsp;&nbsp;**Compared Attribute** |
| &nbsp;&nbsp;Environmental Phase I Report Date |
| &nbsp;&nbsp;Environmental Phase II Report Date |
| &nbsp;&nbsp;Engineering Report Date |
| &nbsp;&nbsp;Seismic Report Date |
| &nbsp;&nbsp;PML or SEL (%) |
| &nbsp;&nbsp;Flood Zone |

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&nbsp;&nbsp;&nbsp;&nbsp;4. We were instructed by the Company to follow the instructions listed below pertaining
to the applicable Mortgage Loans and Mortgaged Properties and Compared or Recomputed Attribute(s):

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Compared Attribute(s) or Recomputed Attribute(s)** | &nbsp;&nbsp;**Instruction** |
| &nbsp;&nbsp;Green Rock Estates | &nbsp;&nbsp;Loan Purpose | &nbsp;&nbsp;Provided by the Company |
| &nbsp;&nbsp;Green Rock Estates | &nbsp;&nbsp;Sources: Loan Amount ($) | &nbsp;&nbsp;Provided by the Company |
| &nbsp;&nbsp;Green Rock Estates | &nbsp;&nbsp;Sources: Principal's New Cash Contribution ($) | &nbsp;&nbsp;Provided by the Company |
| &nbsp;&nbsp;Green Rock Estates | &nbsp;&nbsp;Sources: Subordinate Debt ($) | &nbsp;&nbsp;Provided by the Company |
| &nbsp;&nbsp;Green Rock Estates | &nbsp;&nbsp;Sources: Other Sources ($) | &nbsp;&nbsp;Provided by the Company |
| &nbsp;&nbsp;Green Rock Estates | &nbsp;&nbsp;Sources: Total Sources ($) | &nbsp;&nbsp;Provided by the Company |
| &nbsp;&nbsp;Green Rock Estates | &nbsp;&nbsp;Uses: Loan Payoff ($) | &nbsp;&nbsp;Provided by the Company |
| &nbsp;&nbsp;Green Rock Estates | &nbsp;&nbsp;Uses: Purchase Price ($) | &nbsp;&nbsp;Provided by the Company |
| &nbsp;&nbsp;Green Rock Estates | &nbsp;&nbsp;Uses: Closing Costs ($) | &nbsp;&nbsp;Provided by the Company |
| &nbsp;&nbsp;Green Rock Estates | &nbsp;&nbsp;Uses: Reserves ($) | &nbsp;&nbsp;Provided by the Company |
| &nbsp;&nbsp;Green Rock Estates | &nbsp;&nbsp;Uses: Principal Equity Distribution ($) | &nbsp;&nbsp;Provided by the Company |
| &nbsp;&nbsp;Green Rock Estates | &nbsp;&nbsp;Uses: Other Uses ($) | &nbsp;&nbsp;Provided by the Company |
| &nbsp;&nbsp;Green Rock Estates | &nbsp;&nbsp;Uses: Total Uses ($) | &nbsp;&nbsp;Provided by the Company |

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**ATTACHMENT C**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Compared Attribute(s) or Recomputed Attribute(s)** | &nbsp;&nbsp;**Instruction** |
| &nbsp;&nbsp;Trailpoint at the Woodlands | &nbsp;&nbsp;Lockbox Type | &nbsp;&nbsp;Provided by the Company |
| &nbsp;&nbsp;Trailpoint at the Woodlands | &nbsp;&nbsp;Cash Management | &nbsp;&nbsp;Provided by the Company |
| &nbsp;&nbsp;Cameron Apartments; Princeton Gardens; Karen Park Apartments | &nbsp;&nbsp;Number of Units | &nbsp;&nbsp;Provided by the Company |
| &nbsp;&nbsp;Cameron Apartments | &nbsp;&nbsp;Number of Units | &nbsp;&nbsp;Provided by the Company |
| &nbsp;&nbsp;Princeton Gardens | &nbsp;&nbsp;Number of Units | &nbsp;&nbsp;Provided by the Company |
| &nbsp;&nbsp;Karen Park Apartments | &nbsp;&nbsp;Number of Units | &nbsp;&nbsp;Provided by the Company |
| &nbsp;&nbsp;Pinewood Estates | &nbsp;&nbsp;Origination Underwriting Date | &nbsp;&nbsp;Provided by the Company |
| &nbsp;&nbsp;Trailpoint at the Woodlands | &nbsp;&nbsp;Origination Underwriting Date | &nbsp;&nbsp;Provided by the Company |
| &nbsp;&nbsp;Trailpoint at the Woodlands | &nbsp;&nbsp;Sources: Principal's New Cash Contribution ($) | &nbsp;&nbsp;Provided by the Company |
| &nbsp;&nbsp;Trailpoint at the Woodlands | &nbsp;&nbsp;Sources: Subordinate Debt ($) | &nbsp;&nbsp;Provided by the Company |
| &nbsp;&nbsp;Valley View Apartments | &nbsp;&nbsp;Borrower Name | &nbsp;&nbsp;Provided by the Company |
| &nbsp;&nbsp;Valley View Apartments | &nbsp;&nbsp;Monthly Debt Service (P&I) ($) | &nbsp;&nbsp;Provided by the Company |
| &nbsp;&nbsp;Valley View Apartments | &nbsp;&nbsp;Monthly Debt Service (IO) ($) | &nbsp;&nbsp;Provided by the Company |
| &nbsp;&nbsp;Valley View Apartments | &nbsp;&nbsp;Maturity/ARD Balance ($) | &nbsp;&nbsp;Provided by the Company |
| &nbsp;&nbsp;Valley View Apartments | &nbsp;&nbsp;Sponsor | &nbsp;&nbsp;Source from the Amended Loan Agreement |
| &nbsp;&nbsp;Valley View Apartments | &nbsp;&nbsp;Non-Recourse Carveout Guarantor | &nbsp;&nbsp;Source from the Amended Loan Agreement and Amended Guaranty |

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