# EDGAR Filing Document

**Accession Number:** 0001861132
**File Stem:** 0001539497-25-003240
**Filing Date:** 2025-12
**Character Count:** 441582
**Document Hash:** e04c1824cb1071fb8aedf5440095ce72
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001539497-25-003240.hdr.sgml**: 20251210

**ACCESSION NUMBER**: 0001539497-25-003240

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 23

**FILED AS OF DATE**: 20251210

**DATE AS OF CHANGE**: 20251210

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BMO 2025-5C13 Mortgage Trust
- **CENTRAL INDEX KEY:** 0002061933
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-280224-11
- **FILM NUMBER:** 251562427

**BUSINESS ADDRESS:**
- **STREET 1:** 151 WEST 42ND STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 2128854000

**MAIL ADDRESS:**
- **STREET 1:** 151 WEST 42ND STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BMO Commercial Mortgage Securities LLC
- **CENTRAL INDEX KEY:** 0001861132
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 862713125
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP

**BUSINESS ADDRESS:**
- **STREET 1:** 151 WEST 42ND STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 2128854000

**MAIL ADDRESS:**
- **STREET 1:** 151 WEST 42ND STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

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|:---|
| &nbsp;&nbsp;FREE WRITING PROSPECTUS |
| &nbsp;&nbsp;FILED PURSUANT TO RULE 433 |
| &nbsp;&nbsp;REGISTRATION FILE NO.: 333-280224-11 |

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| | |
|:---|:---|
| **Dated December 10, 2025** | **BMO 2025-5C13** |

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| | | | |
|:---|:---|:---|:---|
| **Collateral Term Sheet** | **Collateral Term Sheet** | **Collateral Term Sheet** | **Collateral Term Sheet** |
|  **BMO 2025-5C13 Mortgage Trust** | **BMO 2025-5C13 Mortgage Trust** | **BMO 2025-5C13 Mortgage Trust** | **BMO 2025-5C13 Mortgage Trust** |
|  **$551,814,060**<br> (Approximate Mortgage Pool Balance) | **$551,814,060**<br> (Approximate Mortgage Pool Balance) | **$551,814,060**<br> (Approximate Mortgage Pool Balance) | **$551,814,060**<br> (Approximate Mortgage Pool Balance) |
|  **BMO Commercial Mortgage Securities LLC**<br> *Depositor* | **BMO Commercial Mortgage Securities LLC**<br> *Depositor* | **BMO Commercial Mortgage Securities LLC**<br> *Depositor* | **BMO Commercial Mortgage Securities LLC**<br> *Depositor* |
|  **COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,**<br> **SERIES 2025-5C13** | **COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,**<br> **SERIES 2025-5C13** | **COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,**<br> **SERIES 2025-5C13** | **COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,**<br> **SERIES 2025-5C13** |
| **Bank of Montreal**<br> **3650 Capital SCF LOE I(A), LLC**<br>**Zions Bancorporation, N.A.**<br>**BSPRT CMBS Finance, LLC**<br>**Greystone Commercial Mortgage Capital LLC** <br>**Citi Real Estate Funding Inc.** <br> **Natixis Real Estate Capital LLC**<br> **Societe Generale Financial Corporation** <br>*Sponsors and Mortgage Loan Sellers* | **Bank of Montreal**<br> **3650 Capital SCF LOE I(A), LLC**<br>**Zions Bancorporation, N.A.**<br>**BSPRT CMBS Finance, LLC**<br>**Greystone Commercial Mortgage Capital LLC** <br>**Citi Real Estate Funding Inc.** <br> **Natixis Real Estate Capital LLC**<br> **Societe Generale Financial Corporation** <br>*Sponsors and Mortgage Loan Sellers* | **Bank of Montreal**<br> **3650 Capital SCF LOE I(A), LLC**<br>**Zions Bancorporation, N.A.**<br>**BSPRT CMBS Finance, LLC**<br>**Greystone Commercial Mortgage Capital LLC** <br>**Citi Real Estate Funding Inc.** <br> **Natixis Real Estate Capital LLC**<br> **Societe Generale Financial Corporation** <br>*Sponsors and Mortgage Loan Sellers* | **Bank of Montreal**<br> **3650 Capital SCF LOE I(A), LLC**<br>**Zions Bancorporation, N.A.**<br>**BSPRT CMBS Finance, LLC**<br>**Greystone Commercial Mortgage Capital LLC** <br>**Citi Real Estate Funding Inc.** <br> **Natixis Real Estate Capital LLC**<br> **Societe Generale Financial Corporation** <br>*Sponsors and Mortgage Loan Sellers* |
| **BMO Capital <br> Markets** | **Citigroup** | **Société <br> Générale** | **Deutsche Bank <br> Securities** |

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| | | | | |
|:---|:---|:---|:---|:---|
| *Co-Lead Managers and Joint Bookrunners* | *Co-Lead Managers and Joint Bookrunners* | *Co-Lead Managers and Joint Bookrunners* | *Co-Lead Managers and Joint Bookrunners* | *Co-Lead Managers and Joint Bookrunners* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Academy Securities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Bancroft Capital, LLC** | **Drexel Hamilton** | **Mischler Financial** | **Natixis** |
|  *Co-Managers* | *Co-Managers* | *Co-Managers* | *Co-Managers* | *Co-Managers* |

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THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

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| | |
|:---|:---|
| **Dated December 10, 2025** | **BMO 2025-5C13** |

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This material is for your information, and none of BMO Capital Markets Corp., Deutsche Bank Securities Inc., Citigroup Global Markets Inc., SG Americas Securities, LLC, Academy Securities, Inc., Bancroft Capital, LLC, Drexel Hamilton, LLC, Mischler Financial Group, Inc. and Natixis Securities Americas LLC (collectively, the "**<u>Underwriters</u>**") are soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal.

The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission (File No. 333-280224) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the Securities and Exchange Commission for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC website at <u>www.sec.gov</u>. Alternatively, the depositor or BMO Capital Markets Corp., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling 1-888-200-0266. The Offered Certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more Classes of Certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these Certificates, a contract of sale will come into being no sooner than the date on which the relevant Class has been priced and we have verified the allocation of Certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us.

Neither this document nor anything contained in this document shall form the basis for any contract or commitment whatsoever. The information contained in this document is preliminary as of the date of this document, supersedes any previous such information delivered to you and will be superseded by any such information subsequently delivered prior to the time of sale. These materials are subject to change, completion or amendment from time to time. The information should be reviewed only in conjunction with the entire offering document relating to the Commercial Mortgage Pass-Through Certificates, Series 2025-5C13 (the "**<u>Offering Document</u>**"). All of the information contained herein is subject to the same limitations and qualifications contained in the Offering Document. The information contained herein does not contain all relevant information relating to the underlying mortgage loans or mortgaged properties. Such information is described elsewhere in the Offering Document. The information contained herein will be more fully described elsewhere in the Offering Document. The information contained herein should not be viewed as projections, forecasts, predictions or opinions with respect to value. Prior to making any investment decision, prospective investors are strongly urged to read the Offering Document its entirety. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this free writing prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

This document has been prepared by the Underwriters for information purposes only and does not constitute, in whole or in part, a prospectus for the purposes of Regulation (EU) 2017/1129 (as amended or superseded) and/or Part VI of the Financial Services and Markets Act 2000 (as amended) or other offering document.

The attached information contains certain tables and other statistical analyses (the "**<u>Computational Materials</u>**") which have been prepared in reliance upon information furnished by the Mortgage Loan Sellers. Numerous assumptions were used in preparing the Computational Materials, which may or may not be reflected herein. As such, no assurance can be given as to the Computational Materials' accuracy, appropriateness or completeness in any particular context; or as to whether the Computational Materials and/or the assumptions upon which they are based reflect present market conditions or future market performance. The Computational Materials should not be construed as either projections or predictions or as legal, tax, financial or accounting advice. You should consult your own counsel, accountant and other advisors as to the legal, tax, business, financial and related aspects of a purchase of these Certificates. Any weighted average lives, yields and principal payment periods shown in the Computational Materials are based on prepayment and/or loss assumptions, and changes in such prepayment and/or loss assumptions may dramatically affect such weighted average lives, yields and principal payment periods. In addition, it is possible that prepayments or losses on the underlying assets will occur at rates higher or lower than the rates shown in the attached Computational Materials. The specific characteristics of the Certificates may differ from those shown in the Computational Materials due to differences between the final underlying assets and the preliminary underlying assets used in preparing the Computational Materials. The principal amount and designation of any security described in the Computational Materials are subject to change prior to issuance. None of the Underwriters or any of their respective affiliates make any representation or warranty as to the actual rate or timing of payments or losses on any of the underlying assets or the payments or yield on the Certificates. The information in this presentation is based upon management forecasts and reflects prevailing conditions and management's views as of this date, all of which are subject to change. In preparing this presentation, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or which was provided to us by or on behalf of the Mortgage Loan Sellers or which was otherwise reviewed by us.

This document contains forward-looking statements. If and when included in this document, the words "expects", "intends", "anticipates", "estimates" and analogous expressions and all statements that are not historical facts, including statements about our beliefs or expectations, are intended to identify forward-looking statements. Any forward-looking statements are made subject to risks and uncertainties which could cause actual results to differ materially from those stated. Those risks and uncertainties include, among other things, declines in general economic and business conditions, increased competition, changes in demographics, changes in political and social conditions, regulatory initiatives and changes in consumer preferences, many of which are beyond our control and the control of any other person or entity related to this offering. The forward-looking statements made in this document are made as of the date hereof. We have no obligation to update or revise any forward-looking statement.

BMO Capital Markets is a trade name used by BMO Financial Group for the wholesale banking businesses of Bank of Montreal, BMO Harris Bank N.A. (member FDIC), Bank of Montreal Europe p.l.c, and Bank of Montreal (China) Co. Ltd, the institutional broker dealer business of BMO Capital Markets Corp. (Member FINRA and SIPC) and the agency broker dealer business of Clearpool Execution Services, LLC (Member FINRA and SIPC) in the U.S., and the institutional broker dealer businesses of BMO Nesbitt Burns Inc. (Member Investment Industry Regulatory Organization of Canada and Member Canadian Investor Protection Fund) in Canada and Asia, Bank of Montreal Europe p.l.c. (authorized and regulated by the Central Bank of Ireland) in Europe and BMO Capital Markets Limited (authorized and regulated by the Financial Conduct Authority) in the UK and Australia.

Securities and investment banking activities in the United States are performed by Deutsche Bank Securities Inc., a member of NYSE, FINRA and SIPC, and its broker-dealer affiliates. Lending and other commercial banking activities in the United States are performed by Deutsche Bank AG and its banking affiliates.

Société Générale is the marketing name for SG Americas Securities, LLC.

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| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 2 |

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|:---|:---|
| **Dated December 10, 2025** | **BMO 2025-5C13** |

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<u>IMPORTANT NOTICE RELATING TO AUTOMATICALLY-GENERATED EMAIL DISCLAIMERS</u>

Any legends, disclaimers or other notices that may appear at the bottom of any email communication to which this document is attached relating to (1) these materials not constituting an offer (or a solicitation of an offer), (2) no representation that these materials are accurate or complete and may not be updated or (3) these materials possibly being confidential, are not applicable to these materials and should be disregarded. Such legends, disclaimers or other notices have been automatically generated as a result of these materials having been sent via Bloomberg or another system.

**THE CERTIFICATES REFERRED TO IN THESE MATERIALS ARE SUBJECT TO MODIFICATION OR REVISION (INCLUDING THE POSSIBILITY THAT ONE OR MORE CLASSES OF CERTIFICATES MAY BE SPLIT, COMBINED OR ELIMINATED AT ANY TIME PRIOR TO ISSUANCE OR AVAILABILITY OF A FINAL PROSPECTUS) AND ARE OFFERED ON A "WHEN, AS AND IF ISSUED" BASIS.** 

**THE UNDERWRITERS MAY FROM TIME TO TIME PERFORM INVESTMENT BANKING SERVICES FOR, OR SOLICIT INVESTMENT BANKING BUSINESS FROM, ANY COMPANY NAMED IN THESE MATERIALS. THE UNDERWRITERS AND/OR THEIR AFFILIATES OR RESPECTIVE EMPLOYEES MAY FROM TIME TO TIME HAVE A LONG OR SHORT POSITION IN ANY CERTIFICATE OR CONTRACT DISCUSSED IN THESE MATERIALS.**

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| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 3 |

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| | |
|:---|:---|
| **Structural and Collateral Term Sheet** | **BMO 2025-5C13** |
| **Collateral Characteristics** | **Collateral Characteristics** |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Mortgage Loan Seller** | &nbsp;&nbsp; **Number of Mortgage Loans** | &nbsp;&nbsp; **Number of Mortgaged Properties** | &nbsp;&nbsp; **Aggregate<br> Cut-off Date Balance** | &nbsp;&nbsp; **% of**<br> **IPB** |
| 3650 Capital | &nbsp;&nbsp;8 | &nbsp;&nbsp;8 | &nbsp;&nbsp;$185620000 | &nbsp;&nbsp;33.6% |
| BMO | &nbsp;&nbsp;11 | &nbsp;&nbsp;11 | &nbsp;&nbsp;$175569060 | &nbsp;&nbsp;31.8% |
| ZBNA | &nbsp;&nbsp;4 | &nbsp;&nbsp;10 | &nbsp;&nbsp;$97825000 | &nbsp;&nbsp;17.7% |
| BSPRT | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;$27500000 | &nbsp;&nbsp;5.0% |
| GCMC | &nbsp;&nbsp;3 | &nbsp;&nbsp;3 | &nbsp;&nbsp;$25200000 | &nbsp;&nbsp;4.6% |
| CREFI | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;$15100000 | &nbsp;&nbsp;2.7% |
| Natixis | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;$13000000 | &nbsp;&nbsp;2.4% |
| SGFC | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;$12000000 | &nbsp;&nbsp;2.2% |
| **Total:** | &nbsp;&nbsp;**30** | &nbsp;&nbsp;**36** | &nbsp;&nbsp;**$551814060** | &nbsp;&nbsp;**100.0%** |

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| | |
|:---|:---|
| **<u>Loan Pool</u>** |  |
| **Initial Pool Balance ("<u>IPB</u>"):** | $551814060 |
| **Number of Mortgage Loans:** | 30 |
| **Number of Mortgaged Properties:** | 36 |
| **Average Cut-off Date Balance per Mortgage Loan:** | $18393802 |
| **Weighted Average Current Mortgage Rate:** | 6.35128% |
| **10 Largest Mortgage Loans as % of IPB:** | 63.6% |
| **Weighted Average Remaining Term to Maturity:** | 59 months |
| **Weighted Average Seasoning:** | 2 months |
| **<u>Credit Statistics</u>** |  |
| **Weighted Average UW NCF DSCR:** | 1.99x |
| **Weighted Average UW NOI Debt Yield:** | 13.9% |
| **Weighted Average Cut-off Date Loan-to-Value Ratio ("<u>LTV</u>"):** | 58.5% |
| **Weighted Average Maturity Date/ARD LTV:** | 57.7% |
| **<u>Other Statistics</u>** |  |
| **% of Mortgage Loans with Additional Debt:** | 17.0% |
| **% of Mortgage Loans with Single Tenants<sup>(1)</sup>:** | 0.0% |
| **% of Mortgage Loans secured by Multiple Properties:** | 1.7% |
| **<u>Amortization</u>** |  |
| **Weighted Average Original Amortization Term:** | 336 months |
| **Weighted Average Remaining Amortization Term:** | 336 months |
| **% of Mortgage Loans with Interest-Only:** | 80.2% |
| **% of Mortgage Loans with Amortizing Balloon:** | 15.3% |
| **% of Mortgage Loans with Partial Interest-Only followed by Amortizing Balloon:** | 4.5% |
| **<u>Lockboxes</u>** |  |
| **% of Mortgage Loans with Springing Lockboxes:** | 43.4% |
| **% of Mortgage Loans with Hard Lockboxes:** | 40.6% |
| **% of Mortgage Loans with Soft (Residential); Hard (Commercial) Lockbox:** | 12.5%<br>|
| **% of Mortgage Loans with Soft Lockbox:** | 3.4% |
| **<u>Reserves</u>** |  |
| **% of Mortgage Loans Requiring Monthly Tax Reserves:** | 83.0% |
| **% of Mortgage Loans Requiring Monthly Insurance Reserves:** | 43.0% |
| **% of Mortgage Loans Requiring Monthly CapEx Reserves:** | 58.4% |
| **% of Mortgage Loans Requiring Monthly TI/LC Reserves<sup>(2)</sup>:** | 60.2% |

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(1) Excludes mortgage loans that are secured by multiple properties leased to separate single tenants.

(2) Calculated only with respect to the Cut-off Date Balance of mortgage loans secured or partially secured by retail, office, industrial
and mixed use properties.

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|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 4 |

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| | |
|:---|:---|
| **Structural and Collateral Term Sheet** | **BMO 2025-5C13** |
| **Collateral Characteristics** | **Collateral Characteristics** |

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**Ten Largest Mortgage Loans**

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Loan Name** | **City, State** | **Mortgage Loan Seller** | **No.<br> of Prop.** | **Cut-off Date Balance** | **% of IPB** | **Square Feet / Units / Pads** | **Property Type** | **UW <br> NCF DSCR** | **UW NOI Debt Yield** | **Cut-off Date LTV** | **Maturity Date/ARD LTV** |
| 1 | The Rockwell | New Rochelle, NY | 3650 Capital | 1 | $54000000 | 9.8% | 114 | Multifamily | 1.40x | 8.3% | 70.6% | 70.6% |
| 2 | Boise Towne Square | Boise, ID | BMO | 1 | $53945727 | 9.8% | 666584 | Retail | 2.94x | 22.1% | 45.0% | 42.1% |
| 3 | The Garrison | Brooklyn, NY | ZBNA | 1 | $49975000 | 9.1% | 63 | Multifamily | 1.24x | 7.8% | 66.7% | 66.7% |
| 4 | 350 S Beverly | Beverly Hills, CA | 3650 Capital | 1 | $28000000 | 5.1% | 62424 | Office | 1.64x | 11.1% | 58.2% | 58.2% |
| 5 | 400 S Beverly | Beverly Hills, CA | 3650 Capital | 1 | $15500000 | 2.8% | 44715 | Office | 1.64x | 11.1% | 58.2% | 58.2% |
| 6 | CityCenter (Aria & Vdara) | Las Vegas, NV | BMO | 1 | $40000000 | 7.2% | 5349 | Hospitality | 4.46x | 24.8% | 36.2% | 36.2% |
| 7 | Springfield Town Center | Springfield, VA | 3650 Capital | 1 | $29000000 | 5.3% | 981463 | Retail | 1.86x | 14.0% | 54.6% | 54.6% |
| 8 | Lake Mead Crossing | Henderson, NV | ZBNA | 1 | $28000000 | 5.1% | 136156 | Retail | 1.31x | 9.2% | 68.3% | 68.3% |
| 9 | Marriott Ann Arbor Ypsilanti | Ypsilanti, MI | BSPRT | 1 | $27500000 | 5.0% | 243 | Hospitality | 1.50x | 14.4% | 50.9% | 50.9% |
| 10 | Imperial Valley Mall | El Centro, CA | 3650 Capital | 1 | $25000000 | 4.5% | 270275 | Retail | 3.22x | 26.2% | 59.5% | 57.2% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Top 3 Total/Weighted Average** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Top 3 Total/Weighted Average** |  | **3** | **$157920727** | **28.6%** |  |  | **1.88x** | **12.9%** | **60.6%** | **59.6%** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Top 5 Total/Weighted Average** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Top 5 Total/Weighted Average** |  | **5** | **$201420727** | **36.5%** |  |  | **1.82x** | **12.5%** | **60.1%** | **59.3%** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Top 10 Total/Weighted Average** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Top 10 Total/Weighted Average** |  | **10** | **$350920727** | **63.6%** |  |  | **2.16x** | **14.9%** | **56.8%** | **56.2%** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Non-Top 10 Total/Weighted Average** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Non-Top 10 Total/Weighted Average** |  | **26** | **$200893333** | **36.4%** |  |  | **1.70x** | **12.2%** | **61.4%** | **60.2%** |

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|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 5 |

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| | |
|:---|:---|
| **Structural and Collateral Term Sheet** | **BMO 2025-5C13** |
| **Collateral Characteristics** | **Collateral Characteristics** |

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**Pari Passu Companion Loan Summary**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **No.** | **Loan Name** | **Mortgage**<br> **Loan Seller** | **Trust Cut-off Date Balance** | **Aggregate**<br> **Pari Passu Companion Loan Cut-off Date Balance** | **Controlling Pooling/Trust & Servicing Agreement** | **Special Servicer** | **Related Pari Passu Loan(s) Securitizations** | **Related**<br> **Pari Passu Companion Loan(s) Original Balance** |
| 1 | The Rockwell | 3650 Capital | $54000000 | $7250000 | BMO 2025-5C13 Midland | 3650 Servicing | Future Securitization(s) | $7250000 |
| 2 | Boise Towne Square | BMO | $53945727 | $23975878 | BMO 2025-5C13 Midland | 3650 Servicing | Future Securitization(s) | $24000000 |
| 6 | CityCenter (Aria & Vdara) | BMO | $40000000 | $2507800000 | BMO 2025-5C13 Midland | 3650 Servicing | Future Securitization(s) | $2507800000 |
| 7 | Springfield Town Center | 3650 Capital | $29000000 | $121000000 | BBCMS 2025-5C37 Midland | 3650 Servicing | BBCMS 2025-5C37<br> Benchmark 2025-V17<br> Benchmark 2025-V18 | $46000000<br> $50000000<br> $25000000 |
| 14 | Dunbar Apartments | 3650 Capital | $15000000 | $85000000 | BBCMS 2025-5C37 Midland | 3650 Servicing | BBCMS 2025-5C37<br> WFCM 2025-5C7 | $74000000<br> $11000000 |
| 25 | 500 Delaware | 3650 Capital | $7000000 | $78000000 | 3650R 2022-PF2 Midland | 3650<br> Servicing | BMO 2024-C10<br> BMARK 2024-V9<br> 3650R 2022-PF2<br> BBCMS 2023-C21<br> BMO 2025-5C9<br> BBCMS 2025-5C37 | $20000000<br> $5000000<br> $20000000<br> $15000000<br> $8000000<br> $10000000 |

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|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 6 |

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|:---|:---|
| **Structural and Collateral Term Sheet** | **BMO 2025-5C13** |
| **Collateral Characteristics** | **Collateral Characteristics** |

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**Mortgaged Properties by Type**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | &nbsp;&nbsp; **Weighted Average** | &nbsp;&nbsp; **Weighted Average** | &nbsp;&nbsp; **Weighted Average** | &nbsp;&nbsp; **Weighted Average** |
| **Property Type** | &nbsp;&nbsp;**Property Subtype** | &nbsp;&nbsp;**Number of Properties** | &nbsp;&nbsp;**Cut-off Date Principal Balance** | &nbsp;&nbsp;**% of IPB** | &nbsp;&nbsp;**UW <br> NCF DSCR** | &nbsp;&nbsp;**UW <br> NOI Debt Yield** | &nbsp;&nbsp;**Cut-off Date LTV** | &nbsp;&nbsp;**Maturity Date/ARD LTV** |
| **Multifamily** | &nbsp;&nbsp;Mid Rise | &nbsp;&nbsp;6 | &nbsp;&nbsp; $157185000 | &nbsp;&nbsp;28.5% | &nbsp;&nbsp;1.33x | &nbsp;&nbsp;8.2% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;67.3% |
|  | &nbsp;&nbsp;Garden | &nbsp;&nbsp;4 | &nbsp;&nbsp; 37320000 | &nbsp;&nbsp;6.8 | &nbsp;&nbsp;1.57x | &nbsp;&nbsp;10.6% | &nbsp;&nbsp;63.4% | &nbsp;&nbsp;63.4% |
|  | &nbsp;&nbsp;**Subtotal / Weighted Average:** | &nbsp;&nbsp;**10** | &nbsp;&nbsp; **$194505000** | &nbsp;&nbsp;**35.2%** | &nbsp;&nbsp;**1.38x** | &nbsp;&nbsp;**8.7%** | &nbsp;&nbsp;**66.5%** | &nbsp;&nbsp;**66.5%** |
| **Retail** | &nbsp;&nbsp;Super Regional Mall | &nbsp;&nbsp;2 | &nbsp;&nbsp; $82945727 | &nbsp;&nbsp;15.0% | &nbsp;&nbsp;2.56x | &nbsp;&nbsp;19.3% | &nbsp;&nbsp;48.4% | &nbsp;&nbsp;46.5% |
|  | &nbsp;&nbsp;Anchored | &nbsp;&nbsp;2 | &nbsp;&nbsp; 41000000 | &nbsp;&nbsp;7.4 | &nbsp;&nbsp;1.58x | &nbsp;&nbsp;10.8% | &nbsp;&nbsp;64.0% | &nbsp;&nbsp;64.0% |
|  | &nbsp;&nbsp;Regional Mall | &nbsp;&nbsp;1 | &nbsp;&nbsp; 25000000 | &nbsp;&nbsp;4.5 | &nbsp;&nbsp;3.22x | &nbsp;&nbsp;26.2% | &nbsp;&nbsp;59.5% | &nbsp;&nbsp;57.2% |
|  | &nbsp;&nbsp;**Subtotal / Weighted Average:** | &nbsp;&nbsp;**5** | &nbsp;&nbsp; **$148945727** | &nbsp;&nbsp;**27.0%** | &nbsp;&nbsp;**2.40x** | &nbsp;&nbsp;**18.1%** | &nbsp;&nbsp;**54.5%** | &nbsp;&nbsp;**53.1%** |
| **Office** | &nbsp;&nbsp;Suburban | &nbsp;&nbsp;4 | &nbsp;&nbsp; $73843333 | &nbsp;&nbsp;13.4% | &nbsp;&nbsp;1.84x | &nbsp;&nbsp;15.2% | &nbsp;&nbsp;61.0% | &nbsp;&nbsp;57.7% |
|  | &nbsp;&nbsp;CBD | &nbsp;&nbsp;2 | &nbsp;&nbsp; 22100000 | &nbsp;&nbsp;4.0 | &nbsp;&nbsp;2.16x | &nbsp;&nbsp;13.3% | &nbsp;&nbsp;52.1% | &nbsp;&nbsp;52.1% |
|  | &nbsp;&nbsp;**Subtotal / Weighted Average:** | &nbsp;&nbsp;**6** | &nbsp;&nbsp; **$95943333** | &nbsp;&nbsp;**17.4%** | &nbsp;&nbsp;**1.92x** | &nbsp;&nbsp;**14.8%** | &nbsp;&nbsp;**58.9%** | &nbsp;&nbsp;**56.4%** |
| **Hospitality** | &nbsp;&nbsp;**Full Service** | &nbsp;&nbsp;**2** | &nbsp;&nbsp; **$67500000** | &nbsp;&nbsp;**12.2%** | &nbsp;&nbsp;**3.25x** | &nbsp;&nbsp;**20.6%** | &nbsp;&nbsp;**42.2%** | &nbsp;&nbsp;**42.2%** |
| **Self Storage** | &nbsp;&nbsp;**Self Storage** | &nbsp;&nbsp;**11** | &nbsp;&nbsp; **$22320000** | &nbsp;&nbsp;**4.0%** | &nbsp;&nbsp;**1.62x** | &nbsp;&nbsp;**10.5%** | &nbsp;&nbsp;**60.4%** | &nbsp;&nbsp;**60.4%** |
| **Industrial** | &nbsp;&nbsp;**Flex** | &nbsp;&nbsp;**1** | &nbsp;&nbsp; **$12000000** | &nbsp;&nbsp;**2.2%** | &nbsp;&nbsp;**1.75x** | &nbsp;&nbsp;**12.9%** | &nbsp;&nbsp;**62.2%** | &nbsp;&nbsp;**62.2%** |
| **Mixed Use** | &nbsp;&nbsp;**Multifamily/Retail** | &nbsp;&nbsp;**1** | &nbsp;&nbsp; **$10600000** | &nbsp;&nbsp;**1.9%** | &nbsp;&nbsp;**1.33x** | &nbsp;&nbsp;**9.3%** | &nbsp;&nbsp;**58.2%** | &nbsp;&nbsp;**58.2%** |
| **Total / Weighted Average:** | **Total / Weighted Average:** | &nbsp;&nbsp;**36** | &nbsp;&nbsp; **$551814060** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**1.99x** | &nbsp;&nbsp;**13.9%** | &nbsp;&nbsp;**58.5%** | &nbsp;&nbsp;**57.7%** |

---

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 7 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 1 – The Rockwell** | &nbsp;&nbsp;**No. 1 – The Rockwell** |

---

![](n5505prets_img001.jpg)

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 8 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 1 – The Rockwell** | &nbsp;&nbsp;**No. 1 – The Rockwell** |

---

![](n5505prets_img002.jpg)

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 9 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 1 – The Rockwell** | &nbsp;&nbsp;**No. 1 – The Rockwell** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Mortgage Loan Seller:** | &nbsp;&nbsp;3650 Capital | &nbsp;&nbsp;**Single Asset / Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Original Principal Balance<sup>(1)</sup>:** | &nbsp;&nbsp;$54000000 | &nbsp;&nbsp;**Title:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Cut-off Date Principal Balance<sup>(1)</sup>:** | &nbsp;&nbsp;$54000000 | &nbsp;&nbsp;**Property Type – Subtype:** | &nbsp;&nbsp;Multifamily – Mid Rise |
| &nbsp;&nbsp;**% of Pool by IPB:** | &nbsp;&nbsp;9.8% | &nbsp;&nbsp;**Net Rentable Area (Units):** | &nbsp;&nbsp;114 |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;New Rochelle, NY |
| &nbsp;&nbsp;**Borrower:** | &nbsp;&nbsp;North Avenue East LLC | &nbsp;&nbsp;**Year Built / Renovated:** | &nbsp;&nbsp;2021 / NAP |
| &nbsp;&nbsp;**Borrower Sponsor:** | &nbsp;&nbsp;YoungCraft East Development LLC | &nbsp;&nbsp;**Occupancy:** | &nbsp;&nbsp;94.7% |
| &nbsp;&nbsp;**Interest Rate:** | &nbsp;&nbsp;5.82500% | &nbsp;&nbsp;**Occupancy Date:** | &nbsp;&nbsp;10/3/2025 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;11/25/2025 | &nbsp;&nbsp;**4<sup>th</sup> Most Recent NOI (As of)<sup>(3)</sup>:** | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;12/6/2030 | &nbsp;&nbsp;**3<sup>rd</sup> Most Recent NOI (As of)<sup>(3)</sup>:** | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;**Interest-only Period:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**2<sup>nd</sup> Most Recent NOI (As of)<sup>(3)</sup>:** | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;**Original Term:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**Most Recent NOI (As of):** | &nbsp;&nbsp;$4,452,683 (TTM 9/30/2025) |
| &nbsp;&nbsp;**Original Amortization:** |  | &nbsp;&nbsp;**UW Economic Occupancy:** | &nbsp;&nbsp;93.2% |
| &nbsp;&nbsp;**Amortization Type:** | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;**UW Revenues:** | &nbsp;&nbsp;$6009178 |
| &nbsp;&nbsp;**Call Protection:** | &nbsp;&nbsp;L(11),YM1(13),DorYM1(29),O(7) | &nbsp;&nbsp;**UW Expenses:** | &nbsp;&nbsp;$926575 |
| &nbsp;&nbsp;**Lockbox / Cash Management:** | &nbsp;&nbsp;Soft (Residential); Hard (Commercial) / In Place | &nbsp;&nbsp;**UW NOI:** | &nbsp;&nbsp;$5082603 |
| &nbsp;&nbsp;**Additional Debt<sup>(1)</sup>:** | &nbsp;&nbsp;Yes | &nbsp;&nbsp;**UW NCF:** | &nbsp;&nbsp;$5071203 |
| &nbsp;&nbsp;**Additional Debt Balance<sup>(1)</sup>:** | &nbsp;&nbsp;$7,250,000 / $10,500,000 | &nbsp;&nbsp;**Appraised Value / Per Unit:** | &nbsp;&nbsp;$86,700,000 / $760,526 |
| &nbsp;&nbsp;**Additional Debt Type<sup>(1)</sup>:** | &nbsp;&nbsp;*Pari Passu* / Mezzanine Loan | &nbsp;&nbsp;**Appraisal Date:** | &nbsp;&nbsp;10/16/2025 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Escrows and Reserves<sup>(2)</sup>** | &nbsp;&nbsp;**Escrows and Reserves<sup>(2)</sup>** | &nbsp;&nbsp;**Escrows and Reserves<sup>(2)</sup>** | &nbsp;&nbsp;**Escrows and Reserves<sup>(2)</sup>** | &nbsp;&nbsp;**Financial Information** | &nbsp;&nbsp;**Financial Information** | &nbsp;&nbsp;**Financial Information** |
|  | &nbsp;&nbsp;**Initial** | &nbsp;&nbsp;**Monthly** | &nbsp;&nbsp;**Initial Cap** |  | &nbsp;&nbsp;Whole Loan<sup>(1)</sup> | &nbsp;&nbsp;Total Loan |
| &nbsp;&nbsp;**Taxes:** | &nbsp;&nbsp;$249741 | &nbsp;&nbsp;$27749 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;**Cut-off Date Loan / Unit:** | &nbsp;&nbsp;$537281 | &nbsp;&nbsp;$629386 |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$7214 | &nbsp;&nbsp;$7214 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;**Maturity Date Loan / Unit:** | &nbsp;&nbsp;$537281 | &nbsp;&nbsp;$629386 |
| &nbsp;&nbsp;**Replacement Reserves:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$950 | &nbsp;&nbsp;$50000 | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;70.6% | &nbsp;&nbsp;82.8% |
| &nbsp;&nbsp;**IDA Social Equity Reserve:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$4422 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;**Maturity Date LTV:** | &nbsp;&nbsp;70.6% | &nbsp;&nbsp;82.8% |
|  |  |  |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.40x | &nbsp;&nbsp;1.11x |
|  |  |  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.3% | &nbsp;&nbsp;7.1% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** |
| &nbsp;&nbsp;**Sources** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** | &nbsp;&nbsp;**Uses** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** |
| &nbsp;&nbsp;Whole Loan | &nbsp;&nbsp;$61250000 | &nbsp;&nbsp;84.9% | &nbsp;&nbsp;Loan Payoff | &nbsp;&nbsp;$68811350 | &nbsp;&nbsp;95.4% |
| &nbsp;&nbsp;Mezzanine Loan | &nbsp;&nbsp;10500000 | &nbsp;&nbsp;14.6 | &nbsp;&nbsp; Closing Costs<sup>(4)</sup><br>| &nbsp;&nbsp;3046147 | &nbsp;&nbsp;4.2 |
| &nbsp;&nbsp;Sponsor Equity | &nbsp;&nbsp;364452 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;Upfront Reserves | &nbsp;&nbsp;256955 | &nbsp;&nbsp;0.4 |
| &nbsp;&nbsp;**Total Sources** | &nbsp;&nbsp;**$72114452** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses** | &nbsp;&nbsp;**$72114452** | &nbsp;&nbsp;**100.0%** |

---

(1) The Rockwell Mortgage Loan (as defined below) is part of a whole loan evidenced by two *pari passu* promissory
notes with an aggregate outstanding principal balance as of the Cut-off Date of $61,250,000 ("  **<u>The Rockwell Whole Loan</u>** ").
The Financial Information presented above is based on the aggregate principal balance of the promissory notes comprising The Rockwell
Whole Loan. Concurrently with the funding of The Rockwell Whole Loan, QFP Rockwell Mezz, LLC originated a mezzanine loan in the amount
of $10,500,000 ("  **<u>The Rockwell Mezzanine Loan</u>** "). For a full description, see "*Subordinate and Mezzanine Debt*" below and see "*Description of the Mortgage Pool—Additional Indebtedness—Other Secured Debt* "
in the Preliminary Prospectus.

(2) For a full description of Escrows and Reserves, see "*Escrows and Reserves*" below.

(3) Historical financial information is not available as The Rockwell Property is newly constructed and was
in lease up.

(4) Closing Costs include an interest rate buydown of $1,260,000.

***The Loan.*** The largest mortgage loan ("**<u>The Rockwell Mortgage Loan</u>**") is part of a fixed rate whole loan that is evidenced by two *pari passu* promissory notes in the aggregate original principal balance as of the Cut-off Date of $61,250,000. The Rockwell Property Whole Loan is secured by the borrower's fee interest in a 114-unit multifamily property located in New Rochelle, New York ("**<u>The Rockwell Property</u>**"), as well as the borrower's leasehold interest in the PILOT lease and sublease. The Rockwell Property includes four commercial tenants. The Rockwell Mortgage Loan is evidenced by the controlling Note A-1 with an original principal balance as of the Cut-off Date of $54,000,000. The Rockwell Whole Loan was originated on November 25, 2025 by 3650 Capital SCF LOE I(A), LLC ("**<u>3650 Capital</u>**"). The Rockwell Whole Loan has a five-year term, is interest-only for the full term of the loan and accrues interest at a *per annum* rate of 5.82500% on an Actual/360 basis. The Rockwell Whole Loan has a scheduled maturity date of December 6, 2030, and will be serviced

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 10 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 1 – The Rockwell** | &nbsp;&nbsp;**No. 1 – The Rockwell** |

---

pursuant to the pooling and servicing agreement for the BMO 2025-5C13 trust. See "*Description of the Mortgage Pool—The Whole Loans—The Serviced Pari Passu Whole Loans*" and "*The Pooling and Servicing Agreement*" in the Preliminary Prospectus.

The table below identifies the promissory notes that comprise The Rockwell Whole Loan:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Whole Loan Summary** | **Whole Loan Summary** | **Whole Loan Summary** | **Whole Loan Summary** | **Whole Loan Summary** |
| &nbsp;&nbsp;**Note** | &nbsp;&nbsp;**Original Balance** | &nbsp;&nbsp;**Cut-off Date Balance** | &nbsp;&nbsp;**Note Holder** | &nbsp;&nbsp;**Controlling Piece** |
| &nbsp;&nbsp;**A-1** | &nbsp;&nbsp;**$54000000** | &nbsp;&nbsp;**$54000000** | &nbsp;&nbsp;**BMO 2025-5C13** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;A-2<sup>(1)</sup> | &nbsp;&nbsp;$7250000 | &nbsp;&nbsp;$7250000 | &nbsp;&nbsp;TBD | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**Whole Loan** | &nbsp;&nbsp;**$61250000** | &nbsp;&nbsp;**$61250000** |  |  |

---

(1) Expected to be contributed to one or more future securitization(s).

 ****

***The Property.*** The Rockwell Property is a five-story mid-rise multifamily property totaling 114 multifamily units located in New Rochelle, New York. The Rockwell Property features 20 studio units, 59 one-bedroom units, 27 two-bedroom units and eight three-bedroom units. Unit amenities include stainless steel appliances, induction cooktops, wood floors, custom kitchens and bathrooms with granite countertops, oversized living spaces, walk-in closets, and in-unit washers and dryers. Property amenities include a clubhouse, gym, library, fully landscaped rooftop with barbeques, seating areas, dog park, and 207 parking spaces. Additionally, The Rockwell Property includes 21,107 square feet of ground-floor retail space, which is 100% leased to four tenants, including CVS, Smokehouse BBQ, Kung Fu Bubble Tea and Finish Line Physical Therapy. The multi-family portion of The Rockwell Property was 94.7% occupied as of October 3, 2025.

The Rockwell Property benefits from a 20-year PILOT agreement with the New Rochelle Industrial Development Authority that commenced in 2021 (the "**<u>PILOT Agreement</u>**"). In connection with the PILOT Agreement, the borrower sponsor entered into a lease agreement and leaseback agreement with the New Rochelle Industrial Development Authority whereby the borrower sponsor leased its interest in The Rockwell Property to New Rochelle Industrial Development Authority, which subsequently leased its interest back to the borrower sponsor. Both the lease and leaseback provide for nominal annual rental payments of $1.00 *per annum* and expire simultaneously on December 31, 2040. In exchange for the tax benefits, 10% of The Rockwell Property's residential units (11 units; allocated *pro rata* by unit type) are required to be leased to tenants earning no more than 80% of Area Median Income ("**<u>AMI</u>**"). See "*PILOT*" below and "*Description of the Mortgage Pool*—*Real Estate and Other Tax Considerations*" in the Preliminary Prospectus for additional information.

The borrower sponsor received approval from the New Rochelle Industrial Development Authority ("**<u>IDA</u>**") on November 19, 2025 for a modification of the existing PILOT agreement. The IDA approved a reset of the residential PILOT schedule to year 1. The reset is anticipated to go into effect commencing on January 1, 2026 for the 2026 tax year, with the expiration anticipated to reset to 2045. In consideration of amending the agreement, the borrower sponsor is required to contribute two additional units (presently not on the rent roll and without a certificate of occupancy) into The Rockwell Property's rental pool as affordable units. The two units currently serve as the model unit (one bedroom) and the borrower sponsor's leasing office (two bedroom) in the building and are anticipated to add approximately $60,000 gross potential rent across the two additional affordable units. The lender is not underwriting any upside from potential future PILOT benefits. The amendment to the PILOT agreement will not become effective unless and until the borrower sponsor has contributed the two additional units into the affordable rental pool as required by the IDA.

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 11 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 1 – The Rockwell** | &nbsp;&nbsp;**No. 1 – The Rockwell** |

---

The following table presents information with respect to the unit mix at The Rockwell Property:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Multifamily Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Multifamily Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Multifamily Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Multifamily Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Multifamily Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Multifamily Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Multifamily Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Multifamily Unit Mix<sup>(1)</sup>** |
| **Unit Type** | &nbsp;&nbsp;**No. of Units** | &nbsp;&nbsp;**% of Total** | &nbsp;&nbsp;**Occupied Units** | &nbsp;&nbsp;**% of Units Occupied** | &nbsp;&nbsp;**Average Unit Size (SF)** | &nbsp;&nbsp;**Avg. Monthly Rental Rate<sup>(2)</sup>** | &nbsp;&nbsp;**Avg. Monthly Rental Rate PSF<sup>(2)</sup>** |
| Studio Affordable | &nbsp;&nbsp;2 | &nbsp;&nbsp;1.8% | &nbsp;&nbsp;2 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;628 | &nbsp;&nbsp;$2606 | &nbsp;&nbsp;$4.15 |
| Studio Market | &nbsp;&nbsp;18 | &nbsp;&nbsp;15.8 | &nbsp;&nbsp;18 | &nbsp;&nbsp;100.0 | &nbsp;&nbsp;642 | &nbsp;&nbsp;$2564 | &nbsp;&nbsp;$4.00 |
| 1 Bed / 1 Bath Affordable | &nbsp;&nbsp;6 | &nbsp;&nbsp;5.3 | &nbsp;&nbsp;6 | &nbsp;&nbsp;100.0 | &nbsp;&nbsp;733 | &nbsp;&nbsp;$2725 | &nbsp;&nbsp;$3.72 |
| 1 Bed / 1 Bath Market | &nbsp;&nbsp;53 | &nbsp;&nbsp;46.5 | &nbsp;&nbsp;51 | &nbsp;&nbsp;96.6 | &nbsp;&nbsp;795 | &nbsp;&nbsp;$2902 | &nbsp;&nbsp;$3.65 |
| 2 Bed / 2 Bath Affordable | &nbsp;&nbsp;3 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;3 | &nbsp;&nbsp;100.0 | &nbsp;&nbsp;1256 | &nbsp;&nbsp;$4400 | &nbsp;&nbsp;$3.50 |
| 2 Bed / 2 Bath Market | &nbsp;&nbsp;24 | &nbsp;&nbsp;21.1 | &nbsp;&nbsp;20 | &nbsp;&nbsp;83.3 | &nbsp;&nbsp;1266 | &nbsp;&nbsp;$4206 | &nbsp;&nbsp;$3.33 |
| 3 Bed / 2 Bath Market | &nbsp;&nbsp;8 | &nbsp;&nbsp;7.0 | &nbsp;&nbsp;8 | &nbsp;&nbsp;100.0 | &nbsp;&nbsp;1311 | &nbsp;&nbsp;$5025 | &nbsp;&nbsp;$3.83 |
| **Total/Wtd. Avg.** | &nbsp;&nbsp;**114** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**108** | &nbsp;&nbsp;**94.7%** | &nbsp;&nbsp;**915** | &nbsp;&nbsp;**$3279** | &nbsp;&nbsp;**$3.67** |

---

(1) Based on the underwritten rent roll dated October 3, 2025.

(2) Avg. Monthly Rental Rate and Avg. Monthly Rental Rate PSF are calculated using
the in-place contractual rent of the Occupied Units.

***Environmental.*** According to the Phase I environmental assessment dated September 22, 2025, there was no evidence of any recognized environmental conditions, controlled recognized environmental conditions or historical recognized environmental conditions at The Rockwell Property.

The following table presents certain information relating to the historical and current occupancy of The Rockwell Property:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Historical and Current Occupancy** | &nbsp;&nbsp;**Historical and Current Occupancy** | &nbsp;&nbsp;**Historical and Current Occupancy** |
| &nbsp;&nbsp;**2023<sup>(1)</sup>** | &nbsp;&nbsp;**2024<sup>(1)</sup>** | &nbsp;&nbsp;**Current<sup>(2)</sup>** |
| &nbsp;&nbsp;79.8% | &nbsp;&nbsp;90.4% | &nbsp;&nbsp;94.7% |

---

(1) Historical occupancies are as of December 31st of each respective year.

(2) Current occupancy is as of October 3, 2025.

The following table presents certain information relating to the operating history and underwritten cash flows of The Rockwell Property:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Operating History and Underwritten Net Cash Flow<sup>(1)(2)</sup>** | **Operating History and Underwritten Net Cash Flow<sup>(1)(2)</sup>** | **Operating History and Underwritten Net Cash Flow<sup>(1)(2)</sup>** | **Operating History and Underwritten Net Cash Flow<sup>(1)(2)</sup>** | **Operating History and Underwritten Net Cash Flow<sup>(1)(2)</sup>** |
|  | &nbsp;&nbsp;**TTM<sup>(3)</sup>** | &nbsp;&nbsp;**Underwritten** | &nbsp;&nbsp;**Per Unit** | &nbsp;&nbsp;**%<sup>(4)</sup>** |
| &nbsp;&nbsp;Rents In-Place | &nbsp;&nbsp;$4517701 | &nbsp;&nbsp;$4559216 | &nbsp;&nbsp;$39993 | &nbsp;&nbsp;72.2% |
| &nbsp;&nbsp;**Gross Potential Rent** | &nbsp;&nbsp;**$4517701** | &nbsp;&nbsp;**$4559216** | &nbsp;&nbsp;**$39993** | &nbsp;&nbsp;**72.2%** |
| &nbsp;&nbsp;Reimbursements | &nbsp;&nbsp;96227 | &nbsp;&nbsp;96227 | &nbsp;&nbsp;844 | &nbsp;&nbsp;1.5 |
| &nbsp;&nbsp;Other Income<sup>(5)</sup> | &nbsp;&nbsp;1542509 | &nbsp;&nbsp;1662735 | &nbsp;&nbsp;14585 | &nbsp;&nbsp;26.3 |
| &nbsp;&nbsp;**Net Rental Income** | &nbsp;&nbsp;**$6156437** | &nbsp;&nbsp;**$6318178** | &nbsp;&nbsp;**$55423** | &nbsp;&nbsp;**100.0%** |
| &nbsp;&nbsp;(Vacancy/Credit Loss) | &nbsp;&nbsp;(639530) | &nbsp;&nbsp;(309000) | &nbsp;&nbsp;(2711) | &nbsp;&nbsp;(4.9) |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$5516907** | &nbsp;&nbsp;**$6009178** | &nbsp;&nbsp;**$52712** | &nbsp;&nbsp;**95.1%** |
| &nbsp;&nbsp;**Total Expenses** | &nbsp;&nbsp;**$1064224** | &nbsp;&nbsp;**$926575** | &nbsp;&nbsp;**$8128** | &nbsp;&nbsp;**15.4%** |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$4452683** | &nbsp;&nbsp;**$5082603** | &nbsp;&nbsp;**$44584** | &nbsp;&nbsp;**84.6%** |
| &nbsp;&nbsp;Replacement Reserve | &nbsp;&nbsp;0 | &nbsp;&nbsp;11400 | &nbsp;&nbsp;100 | &nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$4452683** | &nbsp;&nbsp;**$5071203** | &nbsp;&nbsp;**$44484** | &nbsp;&nbsp;**84.4%** |

---

(1) Based on the underwritten rent roll dated October 3, 2025.

(2) Historical financial information is not available as The Rockwell Property is newly
constructed and was in lease up.

(3) TTM column represents the trailing 12 months ending September 30, 2025.

(4) % column represents percentage of Net Rental Income for all revenue lines and represents
percentage of Effective Gross Income for the remaining fields.

(5) Other Income is comprised of parking income, commercial space income, other miscellaneous
income.

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 12 |

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| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 1 – The Rockwell** | &nbsp;&nbsp;**No. 1 – The Rockwell** |

---

***The Market.*** The Rockwell Property is located in New York, which is a major center for banking and finance, retail, world trade, transportation, tourism, real estate, insurance, media, theater, fashion, and the arts in the United States. The New York Metropolitan Area is a leading education hub with 63 institutes of higher education, which include Columbia University in Manhattan, and Princeton University in Princeton, New Jersey, each ranked amongst the top four universities in the United States.

The Rockwell Property is located in Westchester County within the New Rochelle market, which is included in the Westchester County South multifamily sub-market. This area encompasses communities such as Northeast Yonkers, Scarsdale, Rye, Mamaroneck, Dobbs Ferry, and Tuckahoe, and is characterized by low vacancy rates relative to national levels, supported by historically consistent housing demand. Vacancy in the sub-market was 3.7% as of the fourth quarter of 2025, compared to the New York metro's 3.3% average. Asking rents average $2,960 per month with 1.1% year-over-year rent growth.

The area continues to see increased absorption despite a tapering of new development. Over the past 12 months, 77 units were absorbed, while 24 units were delivered and 180 units remain under construction. The demand profile reflects shifting renter preferences toward hospitality-style environments and increased remote-work amenities such as co-working space. Newer product in this sub-market has been leasing with limited concessions as landlords seek stabilized occupancy. According to a market research report, vacancy in the Westchester County South multifamily sub-market is expected to remain relatively stable through 2026, with the potential for short-term rent softness before reacceleration into 2027. The sub-market benefits from strategic access to regional employment across Westchester County and New York City.

The Rockwell Property is located in the Westchester County South sub-market, which as of the fourth quarter of 2025 has 9,388 units of inventory, average rents of $2,958 per unit, and a vacancy rate of 3.7%.

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 13 |

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| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 1 – The Rockwell** | &nbsp;&nbsp;**No. 1 – The Rockwell** |

---

The following table presents multifamily rental data at comparable properties with respect to The Rockwell Property:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Comparable Rental Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Rental Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Rental Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Rental Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Rental Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Rental Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Rental Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Rental Summary<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property Name**<br> **Location** | &nbsp;&nbsp;**Year Built / Renovated** | &nbsp;&nbsp;**Occupancy** | &nbsp;&nbsp;**# of Units** | &nbsp;&nbsp;**Unit Mix** | &nbsp;&nbsp;**Average SF per Unit** | &nbsp;&nbsp;**Average Rent per SF** | &nbsp;&nbsp;**Average Rent per Unit** |
| &nbsp;&nbsp;**The Rockwell** | &nbsp;&nbsp; **2021 / NAP** | &nbsp;&nbsp;**94.7%<sup>(2)</sup>** | &nbsp;&nbsp;**114** | | | | |
| &nbsp;&nbsp;**585 North Avenue** | &nbsp;&nbsp; **2021 / NAP** | &nbsp;&nbsp;**94.7%<sup>(2)</sup>** | &nbsp;&nbsp;**114** | | | | |
| &nbsp;&nbsp;**New Rochelle, NY** | &nbsp;&nbsp; **2021 / NAP** | &nbsp;&nbsp;**94.7%<sup>(2)</sup>** | &nbsp;&nbsp;**114** | | | | |
|  | &nbsp;&nbsp; **2021 / NAP** | &nbsp;&nbsp;**94.7%<sup>(2)</sup>** | &nbsp;&nbsp;**114** | | | | |
|  | &nbsp;&nbsp; **2021 / NAP** | &nbsp;&nbsp;**94.7%<sup>(2)</sup>** | &nbsp;&nbsp;**114** | | | | |
|  | &nbsp;&nbsp; **2021 / NAP** | &nbsp;&nbsp;**94.7%<sup>(2)</sup>** | &nbsp;&nbsp;**114** | | | | |
|  | &nbsp;&nbsp; **2021 / NAP** | &nbsp;&nbsp;**94.7%<sup>(2)</sup>** | &nbsp;&nbsp;**114** | &nbsp;&nbsp;**Studio – Market<sup>(2)</sup>**<br>&nbsp;&nbsp;**Studio - Affordable<sup>(2)</sup>**<br>&nbsp;&nbsp;**1BR/1BA – Market<sup>(2)</sup>**<br>&nbsp;&nbsp;**1BR/1BA – Affordable<sup>(2)</sup>**<br>&nbsp;&nbsp;**2BR/2BA - Market<sup>(2)</sup>**<br>&nbsp;&nbsp;**2BR/2BA – Affordable<sup>(2)</sup>**<br>&nbsp;&nbsp;**3BR/2BA – Market<sup>(2)</sup>** | &nbsp;&nbsp;**642**<br>&nbsp;&nbsp;**628**<br>&nbsp;&nbsp;**795**<br>&nbsp;&nbsp;**733**<br>&nbsp;&nbsp;**1266**<br>&nbsp;&nbsp;**1256**<br>&nbsp;&nbsp;**1311** | &nbsp;&nbsp;**$4.00** <br>&nbsp;&nbsp;**$4.15**<br>&nbsp;&nbsp;**$3.65**<br>&nbsp;&nbsp;**$3.72**<br>&nbsp;&nbsp;**$3.33**<br>&nbsp;&nbsp;**$3.50**<br>&nbsp;&nbsp;**$3.83** | &nbsp;&nbsp;**$2564** <br>&nbsp;&nbsp;**$2606**<br>&nbsp;&nbsp;**$2902** <br>&nbsp;&nbsp;**$2725**<br>&nbsp;&nbsp;**$4206**<br>&nbsp;&nbsp;**$4400**<br>&nbsp;&nbsp;**$5025** |
| &nbsp;&nbsp;The Print House | &nbsp;&nbsp; 2019 / NAP | &nbsp;&nbsp; 91.5% | &nbsp;&nbsp; 71 | &nbsp;&nbsp;Studio | &nbsp;&nbsp;524 | &nbsp;&nbsp;$3.86 | &nbsp;&nbsp;$2045 |
| &nbsp;&nbsp;165 Huguenot Street | &nbsp;&nbsp; 2019 / NAP | &nbsp;&nbsp; 91.5% | &nbsp;&nbsp; 71 | &nbsp;&nbsp;1BR/1BA | &nbsp;&nbsp;702 | &nbsp;&nbsp;$3.63 | &nbsp;&nbsp;$2565 |
| &nbsp;&nbsp;New Rochelle, NY | &nbsp;&nbsp; 2019 / NAP | &nbsp;&nbsp; 91.5% | &nbsp;&nbsp; 71 | &nbsp;&nbsp;2BR/2BA | &nbsp;&nbsp;1066 | &nbsp;&nbsp;$3.05 | &nbsp;&nbsp;$3273 |
| &nbsp;&nbsp;The Illustrator | &nbsp;&nbsp; 2023 / NAP | &nbsp;&nbsp; 86.7% | &nbsp;&nbsp; 75 | &nbsp;&nbsp;Studio | &nbsp;&nbsp;602 - 612 | &nbsp;&nbsp;$3.26 - $4.37 | &nbsp;&nbsp;$1963 - $2675 |
| &nbsp;&nbsp;600 North Avenue | &nbsp;&nbsp; 2023 / NAP | &nbsp;&nbsp; 86.7% | &nbsp;&nbsp; 75 | &nbsp;&nbsp;1BR/1BA | &nbsp;&nbsp;804 – 843 | &nbsp;&nbsp;$2.60 - $3.79 | &nbsp;&nbsp;$2090 - $3199 |
| &nbsp;&nbsp;New Rochelle, NY |  |  |  | &nbsp;&nbsp;2BR/1BA | &nbsp;&nbsp;1118 | &nbsp;&nbsp;$2.23 - $3.89 | &nbsp;&nbsp;$2498 - $4350 |
|  |  |  |  | &nbsp;&nbsp;2BR/2BA | &nbsp;&nbsp;1118 – 1196 | &nbsp;&nbsp;$2.29 - $3.78 | &nbsp;&nbsp;$2556 - $4523 |
| &nbsp;&nbsp;The Huguenot Apartments | &nbsp;&nbsp; 2022 / NAP | &nbsp;&nbsp; 93.3% | &nbsp;&nbsp;60 | &nbsp;&nbsp;Studio | &nbsp;&nbsp;427 | &nbsp;&nbsp;$5.23 | &nbsp;&nbsp;$2190 |
| &nbsp;&nbsp;387 Huguenot Street | &nbsp;&nbsp; 2022 / NAP | &nbsp;&nbsp; 93.3% | &nbsp;&nbsp;60 | &nbsp;&nbsp;1BR/1BA | &nbsp;&nbsp;702 | &nbsp;&nbsp;$4.29 | &nbsp;&nbsp;$2970 |
| &nbsp;&nbsp;New Rochelle, NY | &nbsp;&nbsp; 2022 / NAP | &nbsp;&nbsp; 93.3% | &nbsp;&nbsp;60 | &nbsp;&nbsp;2BD/2BA | &nbsp;&nbsp;1017 | &nbsp;&nbsp;$3.85 | &nbsp;&nbsp;$3875 |
| &nbsp;&nbsp;One Clinton Park | &nbsp;&nbsp;2022 / NAP | &nbsp;&nbsp;94.9% | &nbsp;&nbsp;352 | &nbsp;&nbsp;Studio | &nbsp;&nbsp;573 | &nbsp;&nbsp;$4.18 | &nbsp;&nbsp;$2378 |
| &nbsp;&nbsp;55 Clinton Place |  |  |  | &nbsp;&nbsp;1BR/1BA | &nbsp;&nbsp;766 | &nbsp;&nbsp;$4.29 | &nbsp;&nbsp;$3268 |
| &nbsp;&nbsp;New Rochelle, NY |  |  |  | &nbsp;&nbsp;2BR/2BA | &nbsp;&nbsp;1059 | &nbsp;&nbsp;$3.43 | &nbsp;&nbsp;$3617 |
|  |  |  |  | &nbsp;&nbsp;3BR/2BA | &nbsp;&nbsp;1481 | &nbsp;&nbsp;$4.12 | &nbsp;&nbsp;$6080 |
| &nbsp;&nbsp;The Millennia Apartments | &nbsp;&nbsp;2019 / NAP | &nbsp;&nbsp;97.3% | &nbsp;&nbsp;110 | &nbsp;&nbsp;Studio | &nbsp;&nbsp;575 | &nbsp;&nbsp;$3.87 | &nbsp;&nbsp;$2180 |
| &nbsp;&nbsp;20 Burling Lane |  |  |  | &nbsp;&nbsp;1BR/1BA | &nbsp;&nbsp;864 | &nbsp;&nbsp;$3.06 | &nbsp;&nbsp;$2600 |
| &nbsp;&nbsp;New Rochelle, NY |  |  |  | &nbsp;&nbsp;2BR/1BA | &nbsp;&nbsp;1445 | &nbsp;&nbsp;$2.88 | &nbsp;&nbsp;$4115 |
| &nbsp;&nbsp;Skyline New Rochelle | &nbsp;&nbsp;2007 / NAP | &nbsp;&nbsp;95.1% | &nbsp;&nbsp;588 | &nbsp;&nbsp;Studio | &nbsp;&nbsp;518 | &nbsp;&nbsp;$4.23 | &nbsp;&nbsp;$2238 |
| &nbsp;&nbsp;40 Memorial Highway |  |  |  | &nbsp;&nbsp;1BR/1BA | &nbsp;&nbsp;741 | &nbsp;&nbsp;$3.31 | &nbsp;&nbsp;$2498 |
| &nbsp;&nbsp;New Rochelle, NY |  |  |  | &nbsp;&nbsp;2BR/2BA | &nbsp;&nbsp;1143 | &nbsp;&nbsp;$2.68 | &nbsp;&nbsp;$3110 |
|  |  |  |  | &nbsp;&nbsp;3BR/2BA | &nbsp;&nbsp;1374 | &nbsp;&nbsp;$2.77 | &nbsp;&nbsp;$3852 |

---

(1) Source: Appraisal.

(2) Based on the underwritten rent roll dated October 3, 2025.

 ****

***The Borrower.*** The borrower is North Avenue East, LLC, a special purpose Delaware limited liability company with one independent director. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of The Rockwell Whole Loan.

***The Borrower Sponsor.*** The borrower sponsor is YoungCraft East Development LLC and the non-recourse carveout guarantors are Robert C. Young and Phillip C. Craft of The Young Companies, a full-service developer, builder, and property manager that has focused on projects in New Rochelle and southern Westchester since 1989. Robert Young serves as President & CEO of The Young Companies and has led the firm on multiple mixed-use and multifamily developments in New Rochelle, including a 75-unit project at 600 North Avenue. The firm has executed more than $200 million in developments in New Rochelle.

***Property Management.*** The Rockwell Property is managed by YC Realty Management LLC, a borrower-affiliated property management company.

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 14 |

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| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 1 – The Rockwell** | &nbsp;&nbsp;**No. 1 – The Rockwell** |

---

***Escrows and Reserves.*** At origination, the borrower deposited approximately (i) $249,741 into a real estate tax reserve and (ii) $7,214 into an insurance reserve.

*Tax Reserve* – On a monthly basis, the borrower is required to deposit 1/12th of the real estate taxes that the lender estimates will be payable during the next 12 months (initially, approximately $27,749 per month).

*Insurance Reserve* – On a monthly basis, the borrower is required to deposit 1/12th of the annual estimated insurance premium (initially, approximately $7,214 per month).

*Replacement Reserves* – On a monthly basis, the borrower is required to deposit approximately $950 ($100/unit/*per annum*), subject to $50,000 cap.

*IDA Social Equity Reserve* – On a monthly basis, the borrower is required to deposit approximately $4,422 for PILOT benefits payments.

***Lockbox / Cash Management.*** The Rockwell Mortgage Loan is structured with a soft lockbox (for residential tenants) and hard lockbox (for non-residential tenants) and in place cash management. At origination, the borrower delivered a tenant direction letter to each commercial tenant doing business at The Rockwell Property instructing such tenants to remit all payments directly to the lockbox bank. If the borrower or property manager receives any commercial rents, it is required to deposit such amounts into the lockbox account within two business days of receipt. Funds deposited into the lockbox account will be swept on a daily basis into a lender-controlled cash management account and applied in accordance with The Rockwell Whole Loan documents. During the continuance of a Cash Trap Period (as defined below) all excess cash flow funds remaining in the cash management account are required to be held by the lender as additional collateral for The Rockwell Total Debt (as defined below).

A "**<u>Cash Trap Period</u>**" will (x) commence upon: (i) the occurrence of an event of default under The Rockwell Whole Loan documents, (ii) the debt yield being less than 7.50% on The Rockwell Whole Loan, (iii) the occurrence of an event of default under The Rockwell Mezzanine Loan documents, or (iv) a Lease Sweep Period (as defined below) and (y) terminate upon: (A) with respect to clause (i) above, a cure of such event of default, (B) with respect to clause (ii) above, the debt yield being equal to or greater than 7.50% on The Rockwell Whole Loan for one calendar quarter, (C) with respect to clause (iii) above, written notice from the mezzanine lender that a mezzanine loan event of default no longer exists and (D) with respect to clause (iv) above, such Lease Sweep Period has ended (*provided* that no other cash trap period has occurred and is continuing during and at the time of the expiration of such period).

A "**<u>Lease Sweep Period</u>**" will commence on the first payment date following the occurrence of any of the following: (i) (a) with respect to each Lease Sweep Lease (as defined below), the earlier to occur of (1) 12 months prior to the earliest stated expiration (including the stated expiration of any renewal term) of a Lease Sweep Lease, (2) upon the date required under a Lease Sweep Lease by which the tenant is required to give notice of its exercise of a renewal option (and such renewal has not been exercised) and (3) the date any tenant under a Lease Sweep Lease gives notices of its intention not to renew or extend its Lease Sweep Lease, (ii) the receipt by the borrower or property manager of notice from any tenant under a Lease Sweep Lease exercising its right to terminate its Lease Sweep Lease, (iii) the date that the Lease Sweep Lease (or a substantial portion thereof) is surrendered, cancelled or terminated prior to its then current expiration date or the receipt by the borrower or property manager of written notice from any tenant under a Lease Sweep Lease of its intent to surrender, cancel or terminate the Lease Sweep Lease (or any substantial portion thereof) prior to then current expiration date, (iv) the date that any tenant under a Lease Sweep Lease discontinues its business (i.e., "goes dark") in the Lease Sweep Space at The Rockwell Property (or any material portion thereof) or vacates or ceases occupying its space or gives written notice it intends to discontinue its business at the entirety of its premises, (v) the occurrence of a default under a Lease Sweep Lease by the tenant that continues beyond any applicable notice and cure period or (vi) the occurrence of an insolvency proceeding or bankruptcy proceeding of a Lease Sweep Tenant Party (as defined below).

A Lease Sweep Period will end upon (A) with respect to a Lease Sweep Period caused by the matters described in clause (i) – (iv) above, substantially all of the Lease Sweep Space is leased pursuant to one or more qualified leases and each of the following conditions have been satisfied: (i) the borrower has delivered to the lender (A) an officer's certificate attaching a copy of the qualified lease(s) and confirming the same to be true, correct and complete and confirming that the (1) applicable tenant(s) have accepted possession of the premises demised under the qualified lease(s), (2) the applicable tenant(s) are in occupancy of the space demised under the qualified lease(s) and are open for business, paying base rent

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| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 15 |

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| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 1 – The Rockwell** | &nbsp;&nbsp;**No. 1 – The Rockwell** |

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without any abatements, credit or free rent periods, (3) the applicable tenant(s) (or its corporate parent) is not the subject of a bankruptcy action, (4) the tenant improvements have been constructed in accordance with the plans and specifications as described in the lease (5) all construction costs have been paid in full or reserved pursuant to The Rockwell Mortgage Loan documents, (6) all contingencies have been satisfied under the qualified lease, and (7) all leasing commissions, tenant improvement obligations, allowances, concessions or rebates or other landlord obligations have been completed and paid in full and (y) at the lender's option, a tenant estoppel certificate in form reasonably satisfactory to the lender confirming the conditions set forth in clause (1) – (7) have been satisfied, (B) with respect to a Lease Sweep Period caused by a matter described in clause (iv) above, if such termination option is not validly exercised by the tenant under the applicable Lease Sweep lease by the latest exercise date specified in such Lease Sweep Lease or it otherwise validly and irrevocably waived in writing by the related tenant, (C) with respect to a Lease Sweep Period caused by a matter described in clause (iv) above, if the applicable tenant under the Lease Sweep Lease has re-commenced operations at its space at The Rockwell Property during normal business hours, in accordance with the terms of its Lease Sweep Lease, for a period of three consecutive months, (D) with respect to a Lease Sweep Period caused by a matter described in clause (v) above, if the subject default has been cured, and no other default under such Lease Sweep Lease occurs for a period of three consecutive months following such cure or (E) with respect to a Lease Sweep Period caused by a matter described in clause (vi) above, either (a) if the applicable Lease Sweep Tenant Party insolvency proceeding has terminated and the applicable Lease Sweep Lease has been affirmed, assumed or assigned in a manner reasonably satisfactory to the lender or (b) the applicable Lease Sweep Lease has been assumed and assigned to a third party in a manner reasonably satisfactory to the lender.

A "**<u>Lease Sweep Lease</u>**" means (i) the CVS lease or (ii) any renewal or replacement lease with respect to all or a portion of the space demised under the applicable Lease Sweep Lease (the "**<u>Lease Sweep Space</u>**") that constitutes a qualified lease.

A "**<u>Lease Sweep Tenant Party</u>**" means a tenant under a Lease Sweep Lease (or its direct or indirect parent company (if any)) or the lease guarantor under any Lease Sweep Lease.

***Subordinate and Mezzanine Debt.*** Concurrently with the origination of The Rockwell Whole Loan, QFP Rockwell Mezz, LLC originated a mezzanine loan in the original principal amount of $10,500,000 ("**<u>The Rockwell Mezzanine Loan</u>**" and together with The Rockwell Whole Loan, "**<u>The Rockwell Total Debt</u>**"), which is secured by a pledge of the mezzanine borrower's direct equity interests in the borrower. The Rockwell Mezzanine Loan is coterminous with the Mortgage Loan.

Interest on the outstanding principal balance of The Rockwell Mezzanine Loan will accrue at rate 15.00000% *per annum* ("**<u>The Rockwell Mezzanine Loan Interest Rate</u>**") and is comprised of a current pay interest rate of 9.00000% *per annum* (the "**<u>Current Pay Rate</u>**") and an accrual component interest rate of 6.00000% *per annum* (the "**<u>Accrual Pay Rate</u>**"). On each payment date, (i) the mezzanine borrower is required to pay a monthly debt service on The Rockwell Mezzanine Loan in an amount equal to the Current Pay Rate (the "**<u>Mezzanine Loan Monthly Debt Service (Current Pay)</u>**") and (ii) if any additional amount derived from The Rockwell Property is then available pursuant to The Rockwell Whole Loan documents, then such amount is required to be applied to that portion of the Mezzanine Monthly Debt Service Payment Amount (as defined below) accruing interest at the Accrual Pay Rate (the "**<u>Mezzanine Monthly Debt Service (Accrual Component)</u>**"). To the extent such additional amount derived from The Rockwell Property is insufficient to pay any portion of the Mezzanine Monthly Debt Service (Accrual Component), such unpaid portion will be added to the aggregate accrual component (any Mezzanine Monthly Debt Service (Accrual Component) that has not been paid due to insufficient cash flow will comprise the aggregate accrual component and accrue interest at The Rockwell Mezzanine Loan Interest Rate. Alternatively, to the extent such additional amount is sufficient to pay any portion of the Mezzanine Monthly Debt Service (Accrual Component), such portion will be deemed current interest and will not be added to the aggregate accrual component through the last day of each interest accrual period and is payable on each monthly payment date (the 6th day of each calendar month) in an amount equal to the (the "**<u>Mezzanine Loan Monthly Debt Service Payment Amount</u>**"), which is calculated at The Rockwell Mezzanine Loan Interest Rate. Based on The Rockwell Total Debt, the Cut-off Date LTV, UW NCF DSCR and UW NOI Debt Yield are 82.8%, 1.11x and 7.1%, respectively. See "*Description of the Mortgage Pool—Additional Indebtedness—Other Secured Debt*" in the Preliminary Prospectus.

 ****

***PILOT:*** The Rockwell Property is subject to a PILOT agreement, with benefits from the 2021 tax year through the 2040 tax year. The IDA approved a reset of the residential PILOT schedule to year 1. The reset is expected to go into effect commencing on January 1, 2026 for the 2026 tax year, with the expiration expected to reset to 2045. The lender and the New Rochelle Industrial Development Agency agreed to enter into an IDA joinder to the fee and leasehold mortgage wherein the New Rochelle Industrial Development Agency will agree to not (i) commence any actions to foreclose upon the lien of

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| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 16 |

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| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 1 – The Rockwell** | &nbsp;&nbsp;**No. 1 – The Rockwell** |

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the PILOT mortgage, or (ii) accelerate any PILOT payment obligations under the PILOT agreement that are not yet due and payable, whether or not the lien securing the PILOT mortgage is foreclosed upon. See "*Description of the Mortgage Pool*—*Real Estate and Other Tax Considerations*" in the Preliminary Prospectus for additional information.

 ****

***Permitted Future Subordinate or Mezzanine Debt.*** Not permitted.

***Partial Release.*** Not permitted.

***Ground Lease.*** None.

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| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 17 |

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| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 2 – Boise Towne Square** | &nbsp;&nbsp;**No. 2 – Boise Towne Square** |

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![](n5505prets_img003.jpg)

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| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 18 |

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| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 2 – Boise Towne Square** | &nbsp;&nbsp;**No. 2 – Boise Towne Square** |

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![](n5505prets_img004.jpg)

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| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 19 |

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| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 2 – Boise Towne Square** | &nbsp;&nbsp;**No. 2 – Boise Towne Square** |

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![](n5505prets_img022.jpg)

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| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 20 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 2 – Boise Towne Square** | &nbsp;&nbsp;**No. 2 – Boise Towne Square** |

---

![](n5505prets_img005.jpg)

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 21 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 2 – Boise Towne Square** | &nbsp;&nbsp;**No. 2 – Boise Towne Square** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Mortgage Loan Seller:** | &nbsp;&nbsp;BMO | &nbsp;&nbsp;**Single Asset / Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Original Principal Balance<sup>(1)</sup>:** | &nbsp;&nbsp;$54000000 | &nbsp;&nbsp;**Title:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Cut-off Date Principal Balance<sup>(1)</sup>:** | &nbsp;&nbsp;$53945727 | &nbsp;&nbsp;**Property Type – Subtype:** | &nbsp;&nbsp;Retail – Super Regional Mall |
| &nbsp;&nbsp;**% of Pool by IPB:** | &nbsp;&nbsp;9.8% | &nbsp;&nbsp;**Net Rentable Area (SF):** | &nbsp;&nbsp;666584 |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;Boise, ID |
| &nbsp;&nbsp;**Borrower:** | &nbsp;&nbsp;Boise Mall, LLC | &nbsp;&nbsp;**Year Built / Renovated:** | &nbsp;&nbsp;1988 / 2015 |
| &nbsp;&nbsp;**Borrower Sponsor:** | &nbsp;&nbsp;BPR LLC | &nbsp;&nbsp;**Occupancy:** | &nbsp;&nbsp;91.2% |
| &nbsp;&nbsp;**Interest Rate:** | &nbsp;&nbsp;5.95000% | &nbsp;&nbsp;**Occupancy Date:** | &nbsp;&nbsp;9/30/2025 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;10/28/2025 | &nbsp;&nbsp;**4<sup>th</sup> Most Recent NOI (As of):** | &nbsp;&nbsp;$15,677,273 (12/31/2022) |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;11/1/2030 | &nbsp;&nbsp;**3<sup>rd</sup> Most Recent NOI (As of):** | &nbsp;&nbsp;$15,872,448 (12/31/2023) |
| &nbsp;&nbsp;**Interest-only Period:** | &nbsp;&nbsp;0 months | &nbsp;&nbsp;**2<sup>nd</sup> Most Recent NOI (As of):** | &nbsp;&nbsp;$16,479,123 (12/31/2024) |
| &nbsp;&nbsp;**Original Term:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**Most Recent NOI (As of):** | &nbsp;&nbsp;$17,017,237 (TTM 9/30/2025) |
| &nbsp;&nbsp;**Original Amortization Term:** | &nbsp;&nbsp;360 months | &nbsp;&nbsp;**UW Economic Occupancy:** | &nbsp;&nbsp;83.6% |
| &nbsp;&nbsp;**Amortization Type:** | &nbsp;&nbsp;Amortizing Balloon | &nbsp;&nbsp;**UW Revenues:** | &nbsp;&nbsp;$22927412 |
| &nbsp;&nbsp;**Call Protection<sup>(2)</sup>:** | &nbsp;&nbsp;L(25),D(31),O(4) | &nbsp;&nbsp;**UW Expenses:** | &nbsp;&nbsp;$5719867 |
| &nbsp;&nbsp;**Lockbox / Cash Management:** | &nbsp;&nbsp;Hard / Springing | &nbsp;&nbsp;**UW NOI:** | &nbsp;&nbsp;$17207546 |
| &nbsp;&nbsp;**Additional Debt<sup>(1)</sup>:** | &nbsp;&nbsp;Yes | &nbsp;&nbsp;**UW NCF:** | &nbsp;&nbsp;$16404124 |
| &nbsp;&nbsp;**Additional Debt Balance<sup>(1)</sup>:** | &nbsp;&nbsp;$23975878 | &nbsp;&nbsp;**Appraised Value / Per SF:** | &nbsp;&nbsp;$173,000,000 / $260 |
| &nbsp;&nbsp;**Additional Debt Type<sup>(1)</sup>:** | &nbsp;&nbsp;*Pari Passu* | &nbsp;&nbsp;**Appraisal Date:** | &nbsp;&nbsp;6/20/2025 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Escrows and Reserves<sup>(3)</sup>** | &nbsp;&nbsp;**Escrows and Reserves<sup>(3)</sup>** | &nbsp;&nbsp;**Escrows and Reserves<sup>(3)</sup>** | &nbsp;&nbsp;**Escrows and Reserves<sup>(3)</sup>** | &nbsp;&nbsp;**Financial Information<sup>(1)</sup>** | &nbsp;&nbsp;**Financial Information<sup>(1)</sup>** |
|  | &nbsp;&nbsp;**Initial** | &nbsp;&nbsp;**Monthly** | &nbsp;&nbsp;**Initial Cap** | &nbsp;&nbsp;**Cut-off Date Loan / SF:** | &nbsp;&nbsp;$117 |
| &nbsp;&nbsp;**Taxes:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;N/A | &nbsp;&nbsp;**Maturity Date Loan / SF:** | &nbsp;&nbsp;$109 |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;N/A | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;45.0% |
| &nbsp;&nbsp;**Replacement Reserves:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;$334760 | &nbsp;&nbsp;**Maturity Date LTV:** | &nbsp;&nbsp;42.1% |
| &nbsp;&nbsp;**TI/LC:** | &nbsp;&nbsp;$250110 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;$1339036 | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.94x |
|  |  |  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;22.1% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** |
| &nbsp;&nbsp;**Sources** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** | &nbsp;&nbsp;**Uses** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** |
| &nbsp;&nbsp;Loan Amount | &nbsp;&nbsp;$78000000 | &nbsp;&nbsp;82.1% | &nbsp;&nbsp;**Loan Payoff** | &nbsp;&nbsp;$94136998 | &nbsp;&nbsp;99.1% |
| &nbsp;&nbsp;**Sponsor Equity** | &nbsp;&nbsp;16983335 | &nbsp;&nbsp;17.9 | &nbsp;&nbsp;**Closing Costs** | &nbsp;&nbsp;596227 | &nbsp;&nbsp;0.6 |
|  |  |  | &nbsp;&nbsp;**Upfront Reserves** | &nbsp;&nbsp;250110 | &nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;**Total Sources** | &nbsp;&nbsp;**$94983335** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses** | &nbsp;&nbsp;**$94983335** | &nbsp;&nbsp;**100.0%** |

---

(1) The Boise Towne Square Mortgage Loan (as defined below) is part of a whole loan evidenced by two *pari passu* promissory notes with an aggregate outstanding principal balance as of the Cut-off
Date of $77,921,605 (the "  **<u>Boise Towne Square Whole Loan</u>** "). The information under Financial Information in the
chart above is based on the outstanding principal balance as of the Cut-off Date of the Boise Towne Square Whole Loan.

(2) Defeasance of the Boise Towne Square Whole Loan is permitted at any time after the earlier to occur of
(a) the end of the two-year period commencing on the closing date of the securitization of the last promissory note representing a portion
of the Boise Towne Square Whole Loan to be securitized and (b) October 28, 2028. The assumed defeasance lockout period of 25 payments
is based on the anticipated closing date of the BMO 2025-5C13 securitization in December 2025. The actual lockout period may be longer.

(3) For a full description of escrows and reserves, see *Escrows and Reserves* below.

***The Loan.*** The second largest mortgage loan (the "**<u>Boise Towne Square Mortgage Loan</u>**") is part of the Boise Towne Square Whole Loan secured by a first mortgage lien on the borrower's fee interest in a 666,584 square foot super regional mall located in Boise, Idaho (the "**<u>Boise Towne Square Property</u>**"). The Boise Towne Square Whole Loan evidenced by two *pari passu* promissory notes in the aggregate original principal amount of $78,000,000. The Boise Towne Square Whole Loan was originated on October 28, 2025 by Deutsche Bank AG, New York Branch ("**<u>DBNY</u>**"), and the Boise Towne Square Mortgage Loan was subsequently acquired by Bank of Montreal, evidenced by the controlling Note A-1 with an outstanding principal balance as of the Cut-off Date of $53,945,727. The Boise Towne Square Whole Loan accrues interest at an interest rate of 5.95000% *per annum* on an Actual/360 basis. The Boise Towne Square Whole Loan has a five-year term and amortizes on a 360-month schedule. The scheduled maturity date of the Boise Towne Square Whole Loan is the payment date in November 2030.

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 22 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 2 – Boise Towne Square** | &nbsp;&nbsp;**No. 2 – Boise Towne Square** |

---

The relationship between the holders of the Boise Towne Square Whole Loan is governed by a co-lender agreement as described under "*Description of the Mortgage Pool—The Whole Loans—The Serviced Pari Passu Whole Loans*" in the Prospectus. The Boise Towne Square Whole Loan will be serviced under the pooling and servicing agreement for the BMO 2025-5C13 securitization trust. See "*The Pooling and Servicing Agreement*" in the Preliminary Prospectus. The table below identifies the promissory notes that comprise the Boise Towne Square Whole Loan.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Whole Loan Summary** | &nbsp;&nbsp;**Whole Loan Summary** | &nbsp;&nbsp;**Whole Loan Summary** | &nbsp;&nbsp;**Whole Loan Summary** |
| &nbsp;&nbsp;**Note** | &nbsp;&nbsp;**Original Balance** | &nbsp;&nbsp;**Cut-off Date Balance** | &nbsp;&nbsp;**Controlling Piece** |
| &nbsp;&nbsp;**A-1** | &nbsp;&nbsp;**$54000000** | &nbsp;&nbsp;**$53945727** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;A-2<sup>(1)</sup> | &nbsp;&nbsp;$24000000 | &nbsp;&nbsp;$23975878 &nbsp;&nbsp;GACC | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**Whole Loan** | &nbsp;&nbsp;**$78000000** | &nbsp;&nbsp;**$77921605** |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Expected to be contributed to one or more future securitization(s).

***The Property.*** The Boise Towne Square Property is comprised of a 666,584 square foot, super regional mall located in Boise, Idaho. The Boise Towne Square Property consists of one two-story building and five outparcels, situated on an approximately 51.6-acre site. Built in 1988 and most recently renovated in 2015, the Boise Towne Square Property has benefited from ongoing capital investment, with the borrower sponsor planning an additional approximately $4.2 million in upgrades over the next five years, including parking lot renovations, HVAC upgrades, and interior building improvements. Since the borrower sponsor acquired the property in 2018, the Boise Towne Square Property has maintained an average occupancy (excluding anchors) of 88.8% from 2019 to 2024.

As of September 2025, the Boise Towne Square Property was 91.2% leased to over 118 unique tenants. The Boise Towne Square Property is anchored by Dillard's (176,634 SF), Macy's (164,784 SF), JCPenney (141,091 SF), Former Sears (106,623 SF), and Kohl's (84,138 SF). The Macy's and Kohl's boxes are owned collateral and leased to the respective retailers, while Dillard's, JC Penney, and the former Sears box are owned by the respective retailers and are not included as collateral for the Boise Towne Square Whole Loan. The Boise Towne Square Property features a diverse tenant mix including national retail brands such as Sephora, Lululemon, Pottery Barn, Victoria's Secret, H&M, and Zumiez, as well as a variety of dining and entertainment options. Recent leasing activity in 2024 and 2025 amounted to 47,031 square feet in new and renewed leases. As of August 2025, the trailing 12-month occupancy cost was 9.6%.

The Boise Towne Square Property benefits from its central location at the intersection of I-84 and I-184, the most heavily traveled freeways in Idaho, attracting shoppers from the greater Boise area. The Boise Towne Square Property has access to 5,264 surface parking spaces, resulting in a parking ratio of approximately 4.83 spaces per 1,000 square feet of net rentable area. The Boise Towne Square Property's occupancy levels, premier tenant mix, and sales performance position it as one of the leading shopping destinations in the region.

***Major Tenants*.** The three largest collateral tenants at the Boise Towne Square Property by underwritten base rent are Macy's, Buckle and Pottery Barn.

*Macy's (164,784 square feet; 24.7% of NRA, 7.7% of underwritten base rent):* Macy's (NYSE: M) is a retailer which offers a broad selection of family apparel, accessories, home furnishings, cosmetics, and other consumer goods, and is recognized as one of America's most iconic department store chains. As of November 5, 2025, Macy's had a market capitalization of $5.3 billion. Macy's commenced its initial lease at the Boise Towne Square Property in October 1988 and is currently in its second 10-year renewal option, which extends through December 2028. Macy's does not have any termination options under its lease.

*Buckle (4,824 square feet; 0.7% of NRA, 3.3% of underwritten base rent*): Founded in 1948, Buckle (NYSE: BKE) is an American fashion retailer specializing in denim-based apparel, brand name and private label clothing, footwear, and accessories. The company operates over 440 stores across 42 states nationwide. As of November 5, 2025, Buckle had a market capitalization of $2.8 Billion. Buckle commenced its lease at the Boise Towne Square Property on February 1, 2020, which expires on January 31, 2027. Buckle does not have any termination options under its lease.

*Pottery Barn (10,860 square feet; 1.6% of NRA, 3.3% of underwritten base rent*): Founded in 1949, Pottery Barn is an upscale home furnishings retailer and e-commerce company, offering a wide selection of furniture, décor, and accessories for the home. The brand is a wholly owned subsidiary of Williams-Sonoma, Inc., with retail locations throughout the United

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 23 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 2 – Boise Towne Square** | &nbsp;&nbsp;**No. 2 – Boise Towne Square** |

---

States, Canada, Mexico, and Australia. Pottery Barn has been a tenant at the Boise Towne Square Property since August 2004, and has a current expiration date of January 31, 2027.

The following table presents certain information relating to the sales summary at the Boise Towne Center Property:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sales Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Sales Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Sales Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Sales Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Sales Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Sales Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Sales Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Sales Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Sales Summary<sup>(1)</sup>** |
| &nbsp;&nbsp;**Tenant Type** | &nbsp;&nbsp;**2019**<br> **Sales** | &nbsp;&nbsp;**2020**<br> **Sales** | &nbsp;&nbsp;**2021**<br> **Sales** | &nbsp;&nbsp;**2022**<br> **Sales** | &nbsp;&nbsp;**2023**<br> **Sales** | &nbsp;&nbsp;**2024**<br> **Sales** | &nbsp;&nbsp;**August T-12 Sales<sup>(2)</sup>** | &nbsp;&nbsp;**T-12 Occupancy Cost** |
| &nbsp;&nbsp;Anchor | &nbsp;&nbsp;$38312020 | &nbsp;&nbsp;$21072406 | &nbsp;&nbsp;$19840995 | &nbsp;&nbsp;$18257995 | &nbsp;&nbsp;$22700000 | &nbsp;&nbsp;$21166022 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% |
| &nbsp;&nbsp;PSF | &nbsp;&nbsp;$154 | &nbsp;&nbsp;$85 | &nbsp;&nbsp;$80 | &nbsp;&nbsp;$73 | &nbsp;&nbsp;$138 | &nbsp;&nbsp;$128 | &nbsp;&nbsp;$0 |  |
| &nbsp;&nbsp;Outparcel | &nbsp;&nbsp;$12209089 | &nbsp;&nbsp;$6279375 | &nbsp;&nbsp;$6979596 | &nbsp;&nbsp;$9825168 | &nbsp;&nbsp;$9339926 | &nbsp;&nbsp;$8431125 | &nbsp;&nbsp;$10615130 | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;PSF | &nbsp;&nbsp;$1357 | &nbsp;&nbsp;$698 | &nbsp;&nbsp;$776 | &nbsp;&nbsp;$1092 | &nbsp;&nbsp;$1038 | &nbsp;&nbsp;$937 | &nbsp;&nbsp;$799 |  |
| &nbsp;&nbsp;In-Line (>10,000 SF) | &nbsp;&nbsp;$14901031 | &nbsp;&nbsp;$11317099 | &nbsp;&nbsp;$16926923 | &nbsp;&nbsp;$16665670 | &nbsp;&nbsp;$14602290 | &nbsp;&nbsp;$13668568 | &nbsp;&nbsp;$17447132 | &nbsp;&nbsp;8.7% |
| &nbsp;&nbsp;PSF | &nbsp;&nbsp;$205 | &nbsp;&nbsp;$156 | &nbsp;&nbsp;$233 | &nbsp;&nbsp;$229 | &nbsp;&nbsp;$201 | &nbsp;&nbsp;$188 | &nbsp;&nbsp;$257 |  |
| &nbsp;&nbsp;In-Line (<10,000 SF) | &nbsp;&nbsp;$144196691 | &nbsp;&nbsp;$96094900 | &nbsp;&nbsp;$144981414 | &nbsp;&nbsp;$148995614 | &nbsp;&nbsp;$145826675 | &nbsp;&nbsp;$148468375 | &nbsp;&nbsp;$155834747 | &nbsp;&nbsp;10.1% |
| &nbsp;&nbsp;PSF | &nbsp;&nbsp;$568 | &nbsp;&nbsp;$393 | &nbsp;&nbsp;$627 | &nbsp;&nbsp;$639 | &nbsp;&nbsp;$609 | &nbsp;&nbsp;$639 | &nbsp;&nbsp;$635 |  |
| &nbsp;&nbsp;In-Line (<10,000 SF) (Ex. Apple) | &nbsp;&nbsp;$108511019 | &nbsp;&nbsp;$77787959 | &nbsp;&nbsp;$112612303 | &nbsp;&nbsp;$113228761 | &nbsp;&nbsp;$109724534 | &nbsp;&nbsp;$112844331 | &nbsp;&nbsp;$116935875 | &nbsp;&nbsp;13.2% |
| &nbsp;&nbsp;PSF | &nbsp;&nbsp;$440 | &nbsp;&nbsp;$325 | &nbsp;&nbsp;$499 | &nbsp;&nbsp;$497 | &nbsp;&nbsp;$469 | &nbsp;&nbsp;$498 | &nbsp;&nbsp;$488 |  |
| &nbsp;&nbsp;**Total Collateral Sales** | &nbsp;&nbsp;**$209618831** | &nbsp;&nbsp;**$134763780** | &nbsp;&nbsp;**$188728928** | &nbsp;&nbsp;**$193744448** | &nbsp;&nbsp;**$192468890** | &nbsp;&nbsp;**$191734090** | &nbsp;&nbsp;**$183897009** | &nbsp;&nbsp;**9.6%** |
| &nbsp;&nbsp;Unowned Anchor | &nbsp;&nbsp;$41484000 | &nbsp;&nbsp;$25406758 | &nbsp;&nbsp;$38729712 | &nbsp;&nbsp;$40885337 | &nbsp;&nbsp;$39657728 | &nbsp;&nbsp;$37780767 | &nbsp;&nbsp;$37780767 |  |
| &nbsp;&nbsp;PSF | &nbsp;&nbsp;$131 | &nbsp;&nbsp;$80 | &nbsp;&nbsp;$122 | &nbsp;&nbsp;$129 | &nbsp;&nbsp;$125 | &nbsp;&nbsp;$119 | &nbsp;&nbsp;$119 |  |
| &nbsp;&nbsp;**Total Mall Sales** | &nbsp;&nbsp;**$251102831** | &nbsp;&nbsp;**$160170538** | &nbsp;&nbsp;**$227458640** | &nbsp;&nbsp;**$234629785** | &nbsp;&nbsp;**$232126618** | &nbsp;&nbsp;**$229514857** | &nbsp;&nbsp;**$221677776** |  |

---

(1) Information obtained from the borrower sponsor.

(2) T-12 sales reflect existing tenants with comp sales only.

***Environmental.*** According to the Phase I environmental assessment dated June 18, 2025, there was no evidence of a recognized environmental condition at the Boise Towne Square Property.

The following table presents certain information relating to the historical occupancy of the Boise Towne Square Property:

---

| | | | |
|:---|:---|:---|:---|
| **Historical and Current Occupancy<sup>(1)</sup>** | **Historical and Current Occupancy<sup>(1)</sup>** | **Historical and Current Occupancy<sup>(1)</sup>** | **Historical and Current Occupancy<sup>(1)</sup>** |
| &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**Current<sup>(2)</sup>** |
| &nbsp;&nbsp;89.2% | &nbsp;&nbsp;86.5% | &nbsp;&nbsp;91.4% | &nbsp;&nbsp;91.2% |

---

(1) Unless indicated overwise, the represented occupancy is as of December 31 of the
respective year. Historical occupancy excludes anchor tenants.

(2) Current Occupancy is as of September 30, 2025.

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 24 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 2 – Boise Towne Square** | &nbsp;&nbsp;**No. 2 – Boise Towne Square** |

---

The following table presents certain information relating to the largest tenants at the Boise Towne Square Property:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Top 10 Tenant Summary<sup>(1)</sup>** | **Top 10 Tenant Summary<sup>(1)</sup>** | **Top 10 Tenant Summary<sup>(1)</sup>** | **Top 10 Tenant Summary<sup>(1)</sup>** | **Top 10 Tenant Summary<sup>(1)</sup>** | **Top 10 Tenant Summary<sup>(1)</sup>** | **Top 10 Tenant Summary<sup>(1)</sup>** | **Top 10 Tenant Summary<sup>(1)</sup>** |
| &nbsp;&nbsp;**Tenant** | &nbsp;&nbsp;**Ratings<sup></sup> Moody's/S&P/Fitch<sup>(2)</sup>** | &nbsp;&nbsp;**Net Rentable Area (SF)** | &nbsp;&nbsp;**% of<br> Total NRA** | &nbsp;&nbsp;**UW Base Rent PSF** | &nbsp;&nbsp;**UW Base Rent** | &nbsp;&nbsp;**% of Total<br> UW Base Rent** | &nbsp;&nbsp;**Lease <br> Exp. Date** |
| &nbsp;&nbsp;Macy's | &nbsp;&nbsp;Ba1/BB+/BBB- | &nbsp;&nbsp;164784 | &nbsp;&nbsp; 24.7% | &nbsp;&nbsp;$6.65 | &nbsp;&nbsp;$1095000 | &nbsp;&nbsp;7.7% | &nbsp;&nbsp;12/30/2028 |
| &nbsp;&nbsp;Buckle | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;4824 | &nbsp;&nbsp; 0.7 | &nbsp;&nbsp;$97.29 | &nbsp;&nbsp;469327 | &nbsp;&nbsp;3.3 | &nbsp;&nbsp;1/31/2027 |
| &nbsp;&nbsp;Pottery Barn | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;10860 | &nbsp;&nbsp; 1.6 | &nbsp;&nbsp;$42.68 | &nbsp;&nbsp;463500 | &nbsp;&nbsp;3.3 | &nbsp;&nbsp;1/31/2027 |
| &nbsp;&nbsp;Zumiez | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;3997 | &nbsp;&nbsp; 0.6 | &nbsp;&nbsp;$106.51 | &nbsp;&nbsp;425721 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;1/31/2027 |
| &nbsp;&nbsp;The Cheesecake Factory | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;9395 | &nbsp;&nbsp; 1.4 | &nbsp;&nbsp;$45.00 | &nbsp;&nbsp;422775 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;1/31/2027 |
| &nbsp;&nbsp;Champs Sports | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;5939 | &nbsp;&nbsp; 0.9 | &nbsp;&nbsp;$60.50 | &nbsp;&nbsp;359310 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;12/31/2025 |
| &nbsp;&nbsp;H&M | &nbsp;&nbsp;NR/BBB/NR | &nbsp;&nbsp;22342 | &nbsp;&nbsp; 3.4 | &nbsp;&nbsp;$15.91 | &nbsp;&nbsp;355440 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;1/31/2028 |
| &nbsp;&nbsp;Victoria's Secret | &nbsp;&nbsp;Ba3/BB-/NR | &nbsp;&nbsp;11000 | &nbsp;&nbsp; 1.7 | &nbsp;&nbsp;$28.20 | &nbsp;&nbsp;310200 | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;1/31/2028 |
| &nbsp;&nbsp;Wetzel's Pretzels | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;2549 | &nbsp;&nbsp; 0.4 | &nbsp;&nbsp;$114.54 | &nbsp;&nbsp;291955 | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;Various |
| &nbsp;&nbsp;Garage | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;2800 | &nbsp;&nbsp; 0.4 | &nbsp;&nbsp;$103.02 | &nbsp;&nbsp;288456 | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;6/30/2034 |
| &nbsp;&nbsp;**Major Tenants** |  | &nbsp;&nbsp;**238490** | &nbsp;&nbsp;**35.8%** | &nbsp;&nbsp;**$18.79** | &nbsp;&nbsp;**$4481684** | &nbsp;&nbsp;**31.5%** |  |
| &nbsp;&nbsp;Other Tenants |  | &nbsp;&nbsp;369147 | &nbsp;&nbsp;55.4% | &nbsp;&nbsp;$26.46 | &nbsp;&nbsp;$9767372 | &nbsp;&nbsp;68.5% |  |
| &nbsp;&nbsp;**Occupied Collateral Total / Wtd. Avg.** |  | &nbsp;&nbsp;**607637** | &nbsp;&nbsp; **91.2%** | &nbsp;&nbsp;**$23.45** | &nbsp;&nbsp;**$14249056** | &nbsp;&nbsp;**100.0%** |  |
| &nbsp;&nbsp;**Vacant Space** |  | &nbsp;&nbsp;**58947** | &nbsp;&nbsp; **8.8%** |  |  |  |  |
| &nbsp;&nbsp;**Collateral Total** |  | &nbsp;&nbsp;**666584** | &nbsp;&nbsp; **100.0%** |  |  |  |  |

---

(1) Based on the underwritten rent roll dated September 30, 2025.

(2) Ratings provided may be those of the parent company of the entity shown, whether or
not the parent company guarantees the lease.

The following table presents certain information relating to the tenant lease expirations at the Boise Towne Square Property:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** |
| **Year** | **Number of Leases Expiring** | **Net Rentable Area Expiring** | **% of NRA Expiring** | **UW Base Rent Expiring** | **% of UW Base Rent Expiring** | **% of UW Base Rent Expiring** | **Cumulative Net Rentable Area Expiring** | **Cumulative % of NRA Expiring** | **Cumulative UW Base Rent Expiring** | **Cumulative % of UW Base Rent Expiring** |
| &nbsp;&nbsp;Vacant | &nbsp;&nbsp;NAP | &nbsp;&nbsp;58947 | &nbsp;&nbsp;8.8% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NA | P | &nbsp;&nbsp; 58947 | &nbsp;&nbsp;8.8% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;2025 | &nbsp;&nbsp;8 | &nbsp;&nbsp;17849 | &nbsp;&nbsp;2.7 | &nbsp;&nbsp;$777894 | &nbsp;&nbsp;5.5 | % | &nbsp;&nbsp; 76796 | &nbsp;&nbsp;11.5% | &nbsp;&nbsp;$777894 | &nbsp;&nbsp;5.5% |
| &nbsp;&nbsp;2026 | &nbsp;&nbsp;24 | &nbsp;&nbsp;65912 | &nbsp;&nbsp;9.9 | &nbsp;&nbsp;1634483 | &nbsp;&nbsp;11.5 |  | &nbsp;&nbsp;142708 | &nbsp;&nbsp;21.4% | &nbsp;&nbsp;$2412378 | &nbsp;&nbsp;16.9% |
| &nbsp;&nbsp;2027 | &nbsp;&nbsp;39 | &nbsp;&nbsp;120938 | &nbsp;&nbsp;18.1 | &nbsp;&nbsp;4930526 | &nbsp;&nbsp;34.6 |  | &nbsp;&nbsp;263646 | &nbsp;&nbsp;39.6% | &nbsp;&nbsp;$7342904 | &nbsp;&nbsp;51.5% |
| &nbsp;&nbsp;2028 | &nbsp;&nbsp;16 | &nbsp;&nbsp;243791 | &nbsp;&nbsp;36.6 | &nbsp;&nbsp;3321435 | &nbsp;&nbsp;23.3 |  | &nbsp;&nbsp;507437 | &nbsp;&nbsp;76.1% | &nbsp;&nbsp;$10664339 | &nbsp;&nbsp;74.8% |
| &nbsp;&nbsp;2029 | &nbsp;&nbsp;8 | &nbsp;&nbsp;20081 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;768308 | &nbsp;&nbsp;5.4 |  | &nbsp;&nbsp;527518 | &nbsp;&nbsp;79.1% | &nbsp;&nbsp;$11432647 | &nbsp;&nbsp;80.2% |
| &nbsp;&nbsp;2030 | &nbsp;&nbsp;6 | &nbsp;&nbsp;17649 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;634557 | &nbsp;&nbsp;4.5 |  | &nbsp;&nbsp;545167 | &nbsp;&nbsp;81.8% | &nbsp;&nbsp;$12067204 | &nbsp;&nbsp;84.7% |
| &nbsp;&nbsp;2031 | &nbsp;&nbsp;6 | &nbsp;&nbsp;16956 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;870578 | &nbsp;&nbsp;6.1 |  | &nbsp;&nbsp;562123 | &nbsp;&nbsp;84.3% | &nbsp;&nbsp;$12937781 | &nbsp;&nbsp;90.8% |
| &nbsp;&nbsp;2032 | &nbsp;&nbsp;5 | &nbsp;&nbsp;93675 | &nbsp;&nbsp;14.1 | &nbsp;&nbsp;628765 | &nbsp;&nbsp;4.4 |  | &nbsp;&nbsp;655798 | &nbsp;&nbsp;98.4% | &nbsp;&nbsp;$13566547 | &nbsp;&nbsp;95.2% |
| &nbsp;&nbsp;2033 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0 |  | &nbsp;&nbsp;655798 | &nbsp;&nbsp;98.4% | &nbsp;&nbsp;$13566547 | &nbsp;&nbsp;95.2% |
| &nbsp;&nbsp;2034 | &nbsp;&nbsp;3 | &nbsp;&nbsp;6349 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;437295 | &nbsp;&nbsp;3.1 |  | &nbsp;&nbsp;662147 | &nbsp;&nbsp;99.3% | &nbsp;&nbsp;$14003841 | &nbsp;&nbsp;98.3% |
| &nbsp;&nbsp;2035 | &nbsp;&nbsp;3 | &nbsp;&nbsp;4437 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;245215 | &nbsp;&nbsp;1.7 |  | &nbsp;&nbsp;666584 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$14249056 | &nbsp;&nbsp;100.0% |
| &nbsp;&nbsp;2036 & Thereafter | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0 |  | &nbsp;&nbsp;666584 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$14249056 | &nbsp;&nbsp;100.0% |
| &nbsp;&nbsp;**Total/Wtd. Avg.** | &nbsp;&nbsp;**118** | &nbsp;&nbsp;**666584** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$14249056** | &nbsp;&nbsp;**100.0** | **%** |  |  |  |  |

---

(1) Based on the underwritten rent roll dated September 30, 2025.

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 25 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 2 – Boise Towne Square** | &nbsp;&nbsp;**No. 2 – Boise Towne Square** |

---

The following table presents certain information relating to the operating history and underwritten cash flows of the Boise Towne Square Property:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Operating History and Underwritten Net Cash Flow** | **Operating History and Underwritten Net Cash Flow** | **Operating History and Underwritten Net Cash Flow** | **Operating History and Underwritten Net Cash Flow** | **Operating History and Underwritten Net Cash Flow** | **Operating History and Underwritten Net Cash Flow** | **Operating History and Underwritten Net Cash Flow** | **Operating History and Underwritten Net Cash Flow** |
|  | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**TTM** | &nbsp;&nbsp;**Underwritten** | &nbsp;&nbsp;**PSF** | &nbsp;&nbsp;**%<sup>(1)</sup>** |
| &nbsp;&nbsp;Rents in Place<sup>(2)</sup> | &nbsp;&nbsp;$11340689 | &nbsp;&nbsp;$12435211 | &nbsp;&nbsp;$13288900 | &nbsp;&nbsp;$13936572 | &nbsp;&nbsp;$14249056 | &nbsp;&nbsp;$21.38 | &nbsp;&nbsp;55.3% |
| &nbsp;&nbsp;Rent Steps<sup>(3)</sup> | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;229840 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;0.9 |
| &nbsp;&nbsp;Vacant Income | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;2843191 | &nbsp;&nbsp;4.27 | &nbsp;&nbsp;11.0 |
| &nbsp;&nbsp;**Gross Potential Rent** | &nbsp;&nbsp;**$11340689** | &nbsp;&nbsp;**$12435211** | &nbsp;&nbsp;**$13288900** | &nbsp;&nbsp;**$13936572** | &nbsp;&nbsp;**$17322086** | &nbsp;&nbsp;**$25.99** | &nbsp;&nbsp;**67.2%** |
| &nbsp;&nbsp;Total Reimbursements | &nbsp;&nbsp;4480343 | &nbsp;&nbsp;4354681 | &nbsp;&nbsp;5318693 | &nbsp;&nbsp;5270510 | &nbsp;&nbsp;5207150 | &nbsp;&nbsp;7.81 | &nbsp;&nbsp;20.2 |
| &nbsp;&nbsp;Other Income<sup>(4)</sup> | &nbsp;&nbsp;5029711 | &nbsp;&nbsp;4661533 | &nbsp;&nbsp;3606308 | &nbsp;&nbsp;3497450 | &nbsp;&nbsp;3241367 | &nbsp;&nbsp;4.86 | &nbsp;&nbsp;12.6 |
| &nbsp;&nbsp;**Net Rental Income** | &nbsp;&nbsp;**$20850743** | &nbsp;&nbsp;**$21451426** | &nbsp;&nbsp;**$22213900** | &nbsp;&nbsp;**$22704532** | &nbsp;&nbsp;**$25770603** | &nbsp;&nbsp;**$38.66** | &nbsp;&nbsp;**100.0%** |
| &nbsp;&nbsp;Vacancy and Bad Debt | &nbsp;&nbsp;185948 | &nbsp;&nbsp;42742 | &nbsp;&nbsp;(259347) | &nbsp;&nbsp;29813 | &nbsp;&nbsp;(2843191) | &nbsp;&nbsp;(4.27) | &nbsp;&nbsp;(11.0) |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$21036691** | &nbsp;&nbsp;**$21494168** | &nbsp;&nbsp;**$21954553** | &nbsp;&nbsp;**$22734345** | &nbsp;&nbsp;**$22927412** | &nbsp;&nbsp;**$34.40** | &nbsp;&nbsp;**100.0%** |
| &nbsp;&nbsp;Real Estate Taxes | &nbsp;&nbsp;1335515 | &nbsp;&nbsp;1465261 | &nbsp;&nbsp;1412095 | &nbsp;&nbsp;1535286 | &nbsp;&nbsp;1528530 | &nbsp;&nbsp;2.29 | &nbsp;&nbsp;6.7 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;191591 | &nbsp;&nbsp;214468 | &nbsp;&nbsp;251905 | &nbsp;&nbsp;256314 | &nbsp;&nbsp;258107 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;1.1 |
| &nbsp;&nbsp;Other Expenses<sup>(5)</sup> | &nbsp;&nbsp;3832312 | &nbsp;&nbsp;3941991 | &nbsp;&nbsp;3811430 | &nbsp;&nbsp;3925507 | &nbsp;&nbsp;3933230 | &nbsp;&nbsp;5.90 | &nbsp;&nbsp;17.2 |
| &nbsp;&nbsp;**Total Expenses** | &nbsp;&nbsp;**$5359418** | &nbsp;&nbsp;**$5621720** | &nbsp;&nbsp;**$5475430** | &nbsp;&nbsp;**$5717107** | &nbsp;&nbsp;**$5719867** | &nbsp;&nbsp;**$8.58** | &nbsp;&nbsp;**24.9%** |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$15677273** | &nbsp;&nbsp;**$15872448** | &nbsp;&nbsp;**$16479123** | &nbsp;&nbsp;**$17017237** | &nbsp;&nbsp;**$17207546** | &nbsp;&nbsp;**$25.81** | &nbsp;&nbsp;**75.1%** |
| &nbsp;&nbsp;Capital Expenditures | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;133904 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;0.6 |
| &nbsp;&nbsp;TI/LC | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;669518 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;2.9 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$15677273** | &nbsp;&nbsp;**$15872448** | &nbsp;&nbsp;**$16479123** | &nbsp;&nbsp;**$17017237** | &nbsp;&nbsp;**$16404124** | &nbsp;&nbsp;**$24.61** | &nbsp;&nbsp;**71.5%** |

---

(1) % column represents percent of Net Rental Income for all revenue lines and represents percent of Effective
Gross Income for the remainder of fields.

(2) Underwritten Rents in Place is based on the September 30, 2025 rent roll.

(3) Consists of contractual rent steps through October 2026.

(4) Other Income consists of leasing termination, percent in lieu, overage rent, specialty leasing and miscellaneous income.

(5) Other Expenses consists of management fees, repairs and maintenance, security, general and administrative,
cleaning, landscaping, marketing, utilities, and miscellaneous expenses.

***The Market.*** The Boise Towne Square Property is located in Boise, Idaho, within Ada County, approximately five miles west of downtown Boise. The Boise Towne Square Property is situated at 350 North Milwaukee Street, in the northwest quadrant of North Cole Road and West Franklin Road, and is directly accessible from Interstate 184, a major arterial serving the Boise metropolitan area. Other major retailers located within one mile of the Boise Towne Square Property include Target, Walmart, Best Buy, Cabela's, and Albertsons, as well as a variety of dining and entertainment options. The Village at Meridian, a major regional shopping and lifestyle center, is located approximately four miles to the west.

According to the appraisal, the 2024 population within a one-, three-, and five-mile radius of the Boise Towne Square Property was 11,514, 92,259, and 216,308, respectively. For the same radii, the average household income was $74,800, $93,435, and $107,024, respectively. The Boise City MSA, which includes the Boise Towne Square Property, had a 2024 estimated population of 852,423 and an average household income of $112,638.

According to the appraisal, the Boise Towne Square Property is located within the West Boise retail submarket. As of the first quarter of 2025, the West Boise retail submarket contained approximately 7.5 million square feet of inventory, representing 17.1% of the total Boise market inventory, with a vacancy rate of 4.01% and an average asking rental rate of $16.50 per square foot, triple net. The broader Boise retail market reported a vacancy rate of 3.42% and an average asking rental rate of $18.24 per square foot, triple net, as of the same period. The West Boise submarket has historically experienced lower vacancies than the broader market, with healthy fundamentals supported by limited new supply and steady demand.

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 26 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 2 – Boise Towne Square** | &nbsp;&nbsp;**No. 2 – Boise Towne Square** |

---

The following table presents certain information relating to comparable sales for the Boise Towne Square Property:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Comparable Retail Leases<sup>(1)</sup>** | **Comparable Retail Leases<sup>(1)</sup>** | **Comparable Retail Leases<sup>(1)</sup>** | **Comparable Retail Leases<sup>(1)</sup>** | **Comparable Retail Leases<sup>(1)</sup>** | **Comparable Retail Leases<sup>(1)</sup>** | **Comparable Retail Leases<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property Name/Location** | &nbsp;&nbsp;**Sale Date** | &nbsp;&nbsp;**Year Bult / Renovated** | &nbsp;&nbsp;**Sale Price** | &nbsp;&nbsp;**NRA** | &nbsp;&nbsp;**Occupancy** | &nbsp;&nbsp;**OAR** |
| &nbsp;&nbsp; **Boise Towne Square**<br> **Boise, ID** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**1988 / 2015** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**666584<sup>(2)</sup>** | &nbsp;&nbsp; **91.2%<sup>(2)</sup>** | &nbsp;&nbsp;**NAP** |
| &nbsp;&nbsp; Two Mall Macerich Portfolio<br> Various | &nbsp;&nbsp;May-24 | &nbsp;&nbsp;1993, 1972 / NAP | &nbsp;&nbsp;$596250000 | &nbsp;&nbsp;2397000 | &nbsp;&nbsp;97% | &nbsp;&nbsp;5.75% |
| &nbsp;&nbsp; Broadway Commons<br> Hicksville, NY | &nbsp;&nbsp;Feb-24 | &nbsp;&nbsp;1956 / 1995 | &nbsp;&nbsp;$40250000 | &nbsp;&nbsp;1111859 | &nbsp;&nbsp;97% | &nbsp;&nbsp;7.50% |
| &nbsp;&nbsp; River Oaks District<br> Houston, TX | &nbsp;&nbsp;Feb-24 | &nbsp;&nbsp;2015 / NAP | &nbsp;&nbsp;$450000000 | &nbsp;&nbsp;662134 | &nbsp;&nbsp;92% | &nbsp;&nbsp;6.00% |
| &nbsp;&nbsp; Westfield Oakridge Mall<br> San Jose, CA | &nbsp;&nbsp;Pending | &nbsp;&nbsp;1973 / 2022 | &nbsp;&nbsp;$268000000 | &nbsp;&nbsp;1023473 | &nbsp;&nbsp;97% | &nbsp;&nbsp;8.70% |
| &nbsp;&nbsp; Eastridge Mall<br> San Jose, CA | &nbsp;&nbsp;Jan-24 | &nbsp;&nbsp;1971 / 2016 | &nbsp;&nbsp;$135000000 | &nbsp;&nbsp;804405 | &nbsp;&nbsp;96% | &nbsp;&nbsp;6.46% |
| &nbsp;&nbsp; Westfield Santa Anita<br> Arcadia, CA | &nbsp;&nbsp;Aug-22 | &nbsp;&nbsp;1973 / 2014, 2021 | &nbsp;&nbsp;$537500000 | &nbsp;&nbsp;1480000 | &nbsp;&nbsp;89% | &nbsp;&nbsp;5.84% |
| &nbsp;&nbsp; Biltmore Fashion Park<br> Scottsdale, AZ | &nbsp;&nbsp;Jan-22 | &nbsp;&nbsp;1963 / 2021 | &nbsp;&nbsp;$188000000 | &nbsp;&nbsp;384342 | &nbsp;&nbsp;87% | &nbsp;&nbsp;5.40% |
| &nbsp;&nbsp; Galleria Edina<br> Edina, MN | &nbsp;&nbsp;Mar-22 | &nbsp;&nbsp;1974 / 2006 | &nbsp;&nbsp;$150000000 | &nbsp;&nbsp;398585 | &nbsp;&nbsp;99% | &nbsp;&nbsp;6.64% |

---

(1) Source: Appraisal, unless otherwise indicated.

(2) Based on the underwritten rent roll dated September 30, 2025.

***The Borrower.*** The borrower is Boise Mall, LLC, a Delaware limited liability company and single purpose entity with two independent directors. Legal counsel to the borrower issued a non-consolidation opinion in connection with the origination of the Boise Towne Square Whole Loan.

***The Borrower Sponsor.*** The borrower sponsor is Brookfield Properties Retail Holding LLC, a Delaware limited liability company. Brookfield is one of the world's largest alternative asset managers, headquartered in Toronto. Brookfield manages over $1 trillion in assets across real estate, infrastructure, renewable power, credit, and private equity.

The non-recourse carveout guarantor for the Boise Towne Square Whole Loan is BPR-FF JV LLC, a Delaware limited liability company.

***Property Management.*** The Boise Towne Square Property is managed by Brookfield Properties Retail Inc., a Delaware corporation and an affiliate of the borrower.

***Escrows and Reserves.*** At origination, the borrower deposited $250,110 into a TI/LC reserve.

*Tax Escrows* – On a monthly basis during the continuance of a Cash Management Period (as defined below), the borrower is required to escrow 1/12th of the annual estimated tax payments as reasonably determined by the lender.

*Insurance Escrows* – On a monthly basis during the continuance of a Cash Management Period, the borrower is required to escrow 1/12th of the annual estimated insurance payments as reasonably determined by the lender.

*Replacement Reserves –* On a monthly basis during the continuance of a Cash Management Period, the borrower is required to escrow approximately $13,948 for replacement reserves (which equates to $0.25 per square foot annually).

*TI/LC Reserve* – On a monthly basis during the continuance of a Cash Management Period, the borrower is required to escrow approximately $55,793 for tenant improvements and leasing commissions (which equates to $1.00 per square foot annually). ****

***Lockbox / Cash Management.*** The Boise Towne Square Whole Loan is structured with a hard lockbox and springing cash management. The borrower is required to establish and require all tenants to deposit rents directly into a lockbox account with an eligible institution acceptable to the lender. In addition, the borrower is required to cause all rents received by the borrower or the property manager with respect to the Boise Towne Square Property to be deposited into such lockbox

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 27 |

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---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 2 – Boise Towne Square** | &nbsp;&nbsp;**No. 2 – Boise Towne Square** |

---

account within one business day of receipt. All amounts deposited into the lockbox account are required to be remitted to the borrower's operating account on a daily basis, unless a Cash Sweep Period (as defined below) or an Anchor Tenant Trigger Event (as defined below) is continuing, in which event such funds will be remitted to a lender-controlled cash management account on a daily basis to be applied and disbursed in accordance with the Boise Towne Square Whole Loan documents. During the continuance of a Cash Management Period or an Anchor Tenant Event Period, all amounts deposited into the lockbox account during the immediately preceding interest period will be applied on each payment date in accordance with the Boise Towne Square Whole Loan documents, and all excess cash flow funds will be deposited, during the continuance of a Cash Sweep Period or an Anchor Tenant Event Period, into a cash collateral reserve.

A "**<u>Cash Management Period</u>**" means the period commencing upon the occurrence of the date that the debt yield is less than 17.5% and ending on the date that the debt yield is greater than or equal to 17.5% for two consecutive calendar quarters.

A "**<u>Cash Sweep Period</u>**" means the period commencing upon the occurrence of (i) an event of default as defined within the Boise Towne Square Whole Loan documents or (ii) the date that the debt yield is less than 17.0%, and ending upon (A) in respect to (i) above, when the lender reasonably accepts a cure to the event of default, and (B) with respect to (ii) above, the date that the debt yield is greater than or equal to 17.0% for two consecutive calendar quarters.

An "**<u>Anchor Tenant Trigger Event</u>**" means the period where any Anchor Tenant (as defined below): (i) has gone dark (i.e., ceased to be in occupancy or otherwise ceased to utilize the premises for business purposes for a period of no less than 60 consecutive days during normal business hours (other than a temporary closure provided for in the Boise Towne Square Whole Loan Documents), (ii) is subject of a bankruptcy proceeding, (iii) has vacated its premises, delivered notice of intent to vacate its premises, or has publicly announced its intention of vacating its premises, (iv) has terminated, cancelled or surrendered its lease or delivered notice of its intent to do so, or (v) failed to renew its lease within the applicable renewal option period. The Anchor Tenant Trigger Event will end upon (A) (x) payment of tenant improvements, leasing commissions, budgeted construction costs, required landlord work and other related costs associated with re-tenanting the applicable space at the Boise Towne Square Property and (y) lender's receipt of a fully-executed lease with one or more new replacement tenants entered into in accordance with the terms of the Boise Towne Square Whole Loan documents or otherwise approved by the lender in writing, (B) in the case of an Anchor Tenant for which the parcel is not owned by the borrower, then in addition to clause (A) above, the payment of the purchase price and customary closing costs necessary for the borrower to acquire the underlying parcel. With respect to any Anchor Tenant Trigger Event caused by clause (ii) above, the Anchor Tenant Trigger Event will end if the Anchor Tenant has emerged from bankruptcy, or such bankruptcy has been dismissed (or, if the premises occupied by the Anchor Tenant are leased from the borrower, such lease is (x) accepted and affirmed by the Anchor Tenant in the bankruptcy proceeding or (y) assumed by a replacement tenant). With respect to any Anchor Tenant Trigger Event caused by clause (iii) above, the Anchor Tenant Trigger Event will end upon the Anchor Tenant reoccupying its premises or rescinding any notice of intent of vacating its premises. With respect to any Anchor Tenant Trigger Event caused by clause (iv) above, the Anchor Tenant Trigger Event will end upon the Anchor Tenant rescinding any notice of intent of terminating, cancelling or surrendering its premises. With respect to any Anchor Tenant Trigger Event caused by clause (v) above, the Anchor Tenant Trigger Event will end upon the Anchor Tenant renews and/or extends its lease. The borrower and lender acknowledge that as of the origination date, each of Kohl's and MCG Boise Owner, LLC have gone dark, but no Anchor Tenant Trigger Event is be deemed to have occurred.

An "**<u>Anchor Tenant</u>**" means Macy's, Dillard's, Kohl's, JCPenney, MCG Boise Owner, LLC, or any replacement tenant of the foregoing which is subject to a replacement lease, and which occupies 75,000 square feet or greater the Boise Towne Square Property.

***Subordinate or Mezzanine Debt.*** None.

***Permitted Future Debt or Mezzanine Debt.*** Not permitted.

 ****

***Partial Release.*** The borrower is entitled to release (A) one or more parcels or outlots, or (B) one or more Release Parcels (as defined below) in connection with the expansion or other development of the Boise Towne Square Property upon (i) delivering to the lender a notice not less than 10 business days prior to the release, (ii) the borrower delivers to the lender evidence that the Release Parcel is (a) not necessary for the borrower's operating or use of the remaining Boise Towne Square Property and (b) may be readily separated without a material diminution in value, (iii) no event of default is

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 28 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 2 – Boise Towne Square** | &nbsp;&nbsp;**No. 2 – Boise Towne Square** |

---

continuing, (iv) the Release Parcel being vacant, non-income producing and unimproved, among other requirements under the Boise Towne Square Whole Loan documents.

A "**<u>Release Parcel</u>**" means either (i) a fee simple or leasehold interest in a parcel of real property or (ii) one or more parcels of land acquired by the borrower after the origination date, together with any improvements thereon located (a) constituting an integral part of, or adjoining to, or proximately located near, the Boise Towne Square Property, (b) is not owned by the borrower as of October 28, 2025 and (c) is not a fee simple or leasehold interest to a parcel of real property acquired by the borrower after October 28, 2025.

***Ground Lease.*** None.

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| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 29 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 3 – The Garrison** | &nbsp;&nbsp;**No. 3 – The Garrison** |

---

![](n5505prets_img006.jpg)

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 30 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 3 – The Garrison** | &nbsp;&nbsp;**No. 3 – The Garrison** |

---

![](n5505prets_img007.jpg)

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 31 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 3 – The Garrison** | &nbsp;&nbsp;**No. 3 – The Garrison** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Mortgage Loan Seller:** | &nbsp;&nbsp;ZBNA | &nbsp;&nbsp;**Single Asset / Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Original Principal Balance:** | &nbsp;&nbsp;$49975000 | &nbsp;&nbsp;**Title:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Cut-off Date Principal Balance:** | &nbsp;&nbsp;$49975000 | &nbsp;&nbsp;**Property Type - Subtype:** | &nbsp;&nbsp;Multifamily – Mid Rise |
| &nbsp;&nbsp;**% of Pool by IPB:** | &nbsp;&nbsp;9.1% | &nbsp;&nbsp;**Net Rentable Area (Units)<sup>(2)</sup>:** | &nbsp;&nbsp;63 |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;Brooklyn, NY |
| &nbsp;&nbsp;**Borrower:** | &nbsp;&nbsp;340 Myrtle Development LLC | &nbsp;&nbsp;**Year Built / Renovated:** | &nbsp;&nbsp;2025 / NAP |
| &nbsp;&nbsp;**Borrower Sponsor:** | &nbsp;&nbsp;David Halberstam | &nbsp;&nbsp;**Occupancy<sup>(2)</sup>:** | &nbsp;&nbsp;77.8% |
| &nbsp;&nbsp;**Interest Rate:** | &nbsp;&nbsp;6.21000% | &nbsp;&nbsp;**Occupancy Date:** | &nbsp;&nbsp;11/5/2025 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;6/20/2025 | &nbsp;&nbsp;**4<sup>th</sup> Most Recent NOI (As of)<sup>(3)</sup>:** | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;7/6/2030 | &nbsp;&nbsp;**3<sup>rd</sup> Most Recent NOI (As of)<sup>(3)</sup>:** | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;**Interest-only Period:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**2<sup>nd</sup> Most Recent NOI (As of)<sup>(3)</sup>:** | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;**Original Term:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**Most Recent NOI (As of)<sup>(3)</sup>:** | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;**Original Amortization Term:** |  | &nbsp;&nbsp;**UW Economic Occupancy<sup>(4)</sup>:** | &nbsp;&nbsp;98.2% |
| &nbsp;&nbsp;**Amortization Type:** | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;**UW Revenues<sup>(4)</sup>:** | &nbsp;&nbsp;$4313114 |
| &nbsp;&nbsp;**Call Protection:** | &nbsp;&nbsp;L(29),YM1(25),O(6) | &nbsp;&nbsp;**UW Expenses:** | &nbsp;&nbsp;$401724 |
| &nbsp;&nbsp;**Lockbox / Cash Management:** | &nbsp;&nbsp;Springing / Springing | &nbsp;&nbsp;**UW NOI<sup>(4)</sup>:** | &nbsp;&nbsp;$3911390 |
| &nbsp;&nbsp;**Additional Debt:** | &nbsp;&nbsp;No | &nbsp;&nbsp;**UW NCF<sup>(4)</sup>:** | &nbsp;&nbsp;$3897690 |
| &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;N/A | &nbsp;&nbsp;**Appraised Value / Per Unit<sup>(2)(5)(6)</sup>:** | &nbsp;&nbsp;$74,900,000 / $1,188,889 |
| &nbsp;&nbsp;**Additional Debt Type:** | &nbsp;&nbsp;N/A | &nbsp;&nbsp;**Appraisal Date<sup>(5)(6)</sup>:** | &nbsp;&nbsp;8/29/2025 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Escrows and Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Escrows and Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Escrows and Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Escrows and Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Financial Information** | &nbsp;&nbsp;**Financial Information** |
|  | &nbsp;&nbsp;**Initial** | &nbsp;&nbsp;**Monthly** | &nbsp;&nbsp;**Initial Cap** | &nbsp;&nbsp;**Cut-off Date Loan / Unit<sup>(2)</sup>:** | &nbsp;&nbsp;$793254 |
| &nbsp;&nbsp;**Taxes:** | &nbsp;&nbsp;$764621 | &nbsp;&nbsp;$4207 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;**Maturity Date Loan / Unit<sup>(2)</sup>:** | &nbsp;&nbsp;$793254 |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$12122 | &nbsp;&nbsp;$4042 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;**Cut-off Date LTV<sup>:</sup>** | &nbsp;&nbsp;66.7% |
| &nbsp;&nbsp;**Replacement Reserves:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;N/A | &nbsp;&nbsp;**Maturity Date LTV<sup>:</sup>** | &nbsp;&nbsp;66.7% |
| &nbsp;&nbsp; **Rollover Reserve:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;N/A | &nbsp;&nbsp;**UW NCF DSCR<sup>(4)</sup>:** | &nbsp;&nbsp;1.24x |
| &nbsp;&nbsp;**Rent Concession:** | &nbsp;&nbsp;$696000 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;**UW NOI Debt Yield<sup>(4)</sup>:** | &nbsp;&nbsp;7.8% |
| &nbsp;&nbsp; **Existing TI / LC:**<br> **Outstanding L** | &nbsp;&nbsp;$210400 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;N/A |  |  |
| &nbsp;&nbsp;**Holdback Reserve:** | &nbsp;&nbsp;$8800000 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;N/A |  |  |
| &nbsp;&nbsp;**MetFresh Reserve:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;N/A |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** |
| &nbsp;&nbsp;**Sources** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** | &nbsp;&nbsp;**Uses** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** |
| &nbsp;&nbsp;Mortgage Loan | &nbsp;&nbsp;$49975000 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;Loan Payoff | &nbsp;&nbsp;$33218898 | &nbsp;&nbsp;**66.5**% |
|  |  |  | &nbsp;&nbsp;Economic Holdback | &nbsp;&nbsp;8800000 | &nbsp;&nbsp;**17.6** |
|  |  |  | &nbsp;&nbsp;Closing Costs<sup>(7)</sup> | &nbsp;&nbsp;2080114 | &nbsp;&nbsp;**4.2** |
|  |  |  | &nbsp;&nbsp;Reserves | &nbsp;&nbsp;1683143 | &nbsp;&nbsp;**3.4** |
|  |  |  | &nbsp;&nbsp;Return of Equity | &nbsp;&nbsp;4192845 | &nbsp;&nbsp;**8.4** |
| &nbsp;&nbsp;**Total Sources** | &nbsp;&nbsp;**$49975000** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses** | &nbsp;&nbsp;**$49975000** | &nbsp;&nbsp;**100.0%** |

---

(1) For a full description of escrows and reserves, please refer to "*Escrows and Reserves* "
below.

(2) Net Rentable Area (Units), Occupancy, Cut-off Date Loan / Unit, Maturity Date Loan / Unit and Appraised
Value / Per Unit are based on the multifamily component of The Garrison Property (as defined below). The Garrison Property also contains
approximately 11,000 square feet of recently constructed ground floor retail space that is 100% leased to Met Fresh on a lease expiring
July 31, 2045.

(3) The Garrison Property was built in 2025 and as such, historical financial information
is not available.

(4) UW Economic Occupancy, UW Revenues, UW NOI, UW NCF, UW NCF DSCR and UW NOI Debt Yield are inclusive of
or reflect the rental income attributable to the 19 affordable units that were not leased as of the time of the origination or securitization
of The Garrison Mortgage Loan (as defined below).

(5) The Appraised Value represents the prospective market value "upon stabilization"
of The Garrison Property which assumes the completion of the multifamily component lease-up at The Garrison Property. The appraisal also
concluded to an "As Is" value of $73,800,000 as of June 4, 2025. The Cut-off Date LTV and Maturity Date LTV, based on the
"As Is" value, are 67.7% and 67.7%, respectively.

(6) The $74,900,000 "upon-stabilization" Appraised Value (as well as
the "As Is" value of $73,800,000) includes the net present value of a 421-a tax exemption. The appraisal attributed $20,000,000
of value to the 421-a tax exemption, which amount is included in each appraised value. See "*Description of the Mortgage Pool—Real Estate and Other Tax Considerations*" in the Preliminary Prospectus.

(7) Closing Costs include an interest rate buydown of $519,740.

 ****

***The Loan.*** The third largest mortgage loan ("**<u>The Garrison Mortgage Loan</u>**") is evidenced by a single promissory note with an original principal balance and Cut-off Date balance of $49,975,000 and is secured by the borrower's fee interest in a mid-rise multifamily building located in Brooklyn, New York ("**<u>The Garrison Property</u>**"). The Garrison Mortgage Loan was

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 32 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 3 – The Garrison** | &nbsp;&nbsp;**No. 3 – The Garrison** |

---

originated by Zions Bancorporation, N.A. ("**<u>ZBNA</u>**") on June 20, 2025 and proceeds were used to refinance the existing construction debt originated by S3 Capital Partners, fund upfront reserves, including an $8.8 million economic holdback reserve and pay closing costs. The Garrison Mortgage Loan has a five-year term, accrues interest at a fixed rate of 6.21000% *per annum* on an Actual/360 basis and is interest-only for the loan term. The scheduled maturity date of The Garrison Mortgage Loan is July 6, 2030.

***The Property.*** The Garrison Property is a recently constructed, 63-unit, 8-story, Class A mid-rise multifamily property located in the Fort Greene neighborhood of Brooklyn, New York. Constructed in 2025 and situated on an approximately 0.2-acre site, The Garrison Property received its initial, temporary certificate of occupancy in May 2025. Amenities at The Garrison Property include a fitness center, bike storage, coworking space with private booths and communal desks, and a furnished rooftop terrace with BBQ grills and tables/chairs that overlook the New York City skyline. The Garrison features approximately 11,000 square feet of ground-floor retail space which is leased to Met Fresh on a 20-year lease expiring July 31, 2045. Met Fresh is a grocery chain with six current locations across the New York City metropolitan area, four of which are in Brooklyn. The retail space accounts for approximately $396,000 or 9.2% of underwritten effective gross income at The Garrison Property. Per the tenant estoppel, the term of the Met Fresh lease was to commence upon completion of landlord work on August 1, 2025. The tenant expects to be open for business during or around Spring 2026, however, we cannot assure you that Met Fresh will take occupancy as expected or at all. At the time of origination of The Garrison Mortgage Loan, the lender reserved for all outstanding rent concessions and $396,000 representing approximately one-year of gap rent.

According to the appraisal, The Garrison Property is served by the New York City Subway at DeKalb Avenue (B, D, N, Q, R, and W trains), Atlantic Avenue–Barclays Center (2, 3, 4, 5, B, D, N, Q, R and W trains) and Fulton Street (G train and Long Island Railroad), with walking distances from The Garrison Property of approximately 0.6, 0.9 and 0.5 miles, respectively. Fort Greene is also served by NYC Ferry's Astoria route, which stops at the Brooklyn Navy Yard and various routes on the Metropolitan Transit Authority regional bus lines.

The unit mix at The Garrison Property features 44 free market units comprising 4 studios, 12 one-bedroom and one-bathroom units, 6 two-bedroom and one-bathroom units, 17 two-bedroom and two-bathroom units, and 5 three-bedroom and two-bathroom units. There are 19 affordable units comprising 19 one-bedroom and one-bathroom units. Unit amenities include expansive floor-to-ceiling windows, central A/C, in-unit washer/dryers, hardwood floors, dishwashers, custom built in closets and modern style kitchens with electric stove tops. Further, select units include private glass balconies and kitchen islands. As of November 5, 2025, The Garrison Property was 77.8% leased.

The borrower has been approved for a 35-year 421-a tax abatement under the NYC Department of Housing Preservation & Development's ("**<u>HPD</u>**") 421-a tax abatement program. In connection with the 421-a tax abatement, the borrower will be required to reserve at least 30% of the units (equal to 19 units) at The Garrison Property for affordable housing. As part of the 421-a tax abatement, 19 units are required to be designated for tenants earning no more than 130% of the area median income ("**<u>AMI</u>**"). For years one through 25 of such exemption, 100% of the projected assessed value of The Garrison Property improvements on the tax lot will be exempt from real estate taxes. The exemption falls to the percentage of affordable units (30.2%) in years 26 through 35 of such exemption. The 421-a NYC workbook was approved on March 21, 2025 by the HPD for 19 units with a median monthly rent of $3,661, which such affordable units being required to also be rent stabilized for the duration of the exception period. The 421-a tax abatement was approved in October 2025 and the tax abatement period commenced. Taxes were underwritten to the five-year average of estimated abated tax expense.

The appraisal's estimated full tax liability for the 2025/2026 tax year is $1,000,050, whereas the underwritten tax expense is approximately $50,488. At origination, the borrower placed $764,621 into an upfront 421-a reserve to be used to fund unabated real estate taxes if needed. There can be no assurance the 421-a exemption will be retained. In the event that The Garrison Property no longer qualifies for or receives tax abatement benefits pursuant to the 421-a program, The Garrison Mortgage Loan will be fully recourse to the borrower and guarantor. See "*Description of the Mortgage Pool—Real Estate and Other Tax Considerations*" in the Preliminary Prospectus.

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 33 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 3 – The Garrison** | &nbsp;&nbsp;**No. 3 – The Garrison** |

---

The following table presents certain information with respect to the multifamily unit mix at The Garrison Property:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**The Garrison Multifamily Unit Mix** | &nbsp;&nbsp;**The Garrison Multifamily Unit Mix** | &nbsp;&nbsp;**The Garrison Multifamily Unit Mix** | &nbsp;&nbsp;**The Garrison Multifamily Unit Mix** | &nbsp;&nbsp;**The Garrison Multifamily Unit Mix** | &nbsp;&nbsp;**The Garrison Multifamily Unit Mix** | &nbsp;&nbsp;**The Garrison Multifamily Unit Mix** | &nbsp;&nbsp;**The Garrison Multifamily Unit Mix** | &nbsp;&nbsp;**The Garrison Multifamily Unit Mix** |
| **Unit Type** | &nbsp;&nbsp;**No. of Units<sup>(1)</sup>** | &nbsp;&nbsp;**% of Total** | &nbsp;&nbsp;**Leased Collateral Units<sup>(1)</sup>** | &nbsp;&nbsp;**% of Units Leased<sup>(1)</sup>** | &nbsp;&nbsp;**Average Unit Size (SF)<sup>(2)</sup>** | &nbsp;&nbsp;**Average Monthly Contractual Rental Rate per Unit<sup>(1)</sup>** | &nbsp;&nbsp;**Average Monthly Contractual Rental Rate per Unit upon Full Occupancy<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Average Monthly Appraisal's Market Rent per Unit<sup>(2)</sup>** |
| **Studio – FM** | &nbsp;&nbsp;4 | &nbsp;&nbsp;6.3% | &nbsp;&nbsp;4 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;297 | &nbsp;&nbsp;$3563 | &nbsp;&nbsp;$3563 | &nbsp;&nbsp;$3600 |
| **1 BR – FM** | &nbsp;&nbsp;12 | &nbsp;&nbsp;19.0 | &nbsp;&nbsp;12 | &nbsp;&nbsp;100.0 | &nbsp;&nbsp;509 | &nbsp;&nbsp;$4525 | &nbsp;&nbsp;$4525 | &nbsp;&nbsp;$4500 |
| **1 BR – 130% AMI** | &nbsp;&nbsp;19 | &nbsp;&nbsp;30.2 | &nbsp;&nbsp;5 | &nbsp;&nbsp;26.3 | &nbsp;&nbsp;450 | &nbsp;&nbsp;$3661 | &nbsp;&nbsp;$3661 | &nbsp;&nbsp;$4500 |
| **2 BR – FM** | &nbsp;&nbsp;23 | &nbsp;&nbsp;36.5 | &nbsp;&nbsp;23 | &nbsp;&nbsp;100.0 | &nbsp;&nbsp;731 | &nbsp;&nbsp;$6122 | &nbsp;&nbsp;$6122 | &nbsp;&nbsp;$6150 |
| **3 BR – FM** | &nbsp;&nbsp;5 | &nbsp;&nbsp;7.9 | &nbsp;&nbsp;5 | &nbsp;&nbsp;100.0 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;$8880 | &nbsp;&nbsp;$8880 | &nbsp;&nbsp;$8900 |
| **Total/Wtd. Avg.** | &nbsp;&nbsp;**63** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**49** | &nbsp;&nbsp;**77.8%** | &nbsp;&nbsp;**598** | &nbsp;&nbsp;**$5552** | &nbsp;&nbsp;**$5132** | &nbsp;&nbsp;**$5394** |

---

(1) Based on the underwritten rent roll dated November 5, 2025.

(2) Source: Appraisal and 421-a workbook.

The following table presents certain information with respect to the current occupancy of The Garrison Property:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Current Occupancy<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Current Occupancy<sup>(1)(2)</sup>** |
| &nbsp;&nbsp;The Garrison | &nbsp;&nbsp;77.8% |

---

(1) Historical occupancy is not available as The Garrison Property was built in 2025.

(2) Current Occupancy represents the multifamily component as of November 5, 2025.

 ****

***Appraisal.*** According to the appraisal, the "as-is" appraised value of The Garrison Property as of June 4, 2025 is $73,800,000. The prospective market value "upon stabilization" as of August 29, 2025 is $74,900,000, which assumes lease-up of the residential component (inclusive of the affordable units). The table below shows the appraisal's "upon stabilization" conclusions.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Appraisal Valuation Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Appraisal Valuation Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Appraisal Valuation Summary<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property** | &nbsp;&nbsp;**Prospective Market "Upon Stabilization" Appraised Value** | &nbsp;&nbsp;**Capitalization Rate** |
| &nbsp;&nbsp;The Garrison | &nbsp;&nbsp;$74900000 | &nbsp;&nbsp;5.25% |

---

(1) Source: Appraisal.

***Environmental.*** According to a Phase I environmental assessment dated June 2, 2025, there was no evidence of any recognized environmental conditions at The Garrison Property.

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 34 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 3 – The Garrison** | &nbsp;&nbsp;**No. 3 – The Garrison** |

---

The following table presents certain information with respect to the underwritten cash flow of The Garrison Property:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Underwritten Net Cash Flow** **<sup>(1)</sup>** | &nbsp;&nbsp;**Underwritten Net Cash Flow** **<sup>(1)</sup>** | &nbsp;&nbsp;**Underwritten Net Cash Flow** **<sup>(1)</sup>** | &nbsp;&nbsp;**Underwritten Net Cash Flow** **<sup>(1)</sup>** |
|  | &nbsp;&nbsp;**Underwritten<sup>(2)</sup>** | &nbsp;&nbsp;**Per Unit<sup>(3)</sup>** | &nbsp;&nbsp;**%<sup>(4)</sup>** |
| Base Rent - Residential | &nbsp;&nbsp;$3879708 | &nbsp;&nbsp;$61583 | &nbsp;&nbsp;88.4% |
| Potential Income from Vacant Units | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0 |
| **Gross Potential Income - Residential** | &nbsp;&nbsp;**$3879708** | &nbsp;&nbsp;**$61583** | &nbsp;&nbsp;**88.4%** |
| Other Income – Residential<sup>(5)</sup> | &nbsp;&nbsp;115000 | &nbsp;&nbsp;1825 | &nbsp;&nbsp;2.6 |
| **Net Rental Income - Residential** | &nbsp;&nbsp;**$3994708** | &nbsp;&nbsp;**$63408** | &nbsp;&nbsp;**91.0%** |
| **Net Rental Income - Commercial** | &nbsp;&nbsp;**$396000** | &nbsp;&nbsp;**$6286** | &nbsp;&nbsp;**9.0%** |
| **Total Net Rental Income** | &nbsp;&nbsp;**$4390708** | &nbsp;&nbsp;**$69694** | &nbsp;&nbsp;**100.0%** |
| Vacancy/Credit Loss | &nbsp;&nbsp;(77594) | &nbsp;&nbsp;(1232) | &nbsp;&nbsp;(1.8) |
| **Total Effective Gross Income** | &nbsp;&nbsp;**$4313114** | &nbsp;&nbsp;**$68462** | &nbsp;&nbsp;**98.2%** |
| Real Estate Taxes<sup>(6)</sup> | &nbsp;&nbsp;50488 | &nbsp;&nbsp;801 | &nbsp;&nbsp;1.2 |
| Insurance | &nbsp;&nbsp;48500 | &nbsp;&nbsp;770 | &nbsp;&nbsp;1.1 |
| Management Fees | &nbsp;&nbsp;129393 | &nbsp;&nbsp;2054 | &nbsp;&nbsp;3.0 |
| Other Operating Expenses<sup>(7)</sup> | &nbsp;&nbsp;173342 | &nbsp;&nbsp;2751 | &nbsp;&nbsp;4.0 |
| **Total Expenses** | &nbsp;&nbsp;**$401724** | &nbsp;&nbsp;**$6377** | &nbsp;&nbsp;**9.3%** |
| **Net Operating Income** | &nbsp;&nbsp;**$3911390** | &nbsp;&nbsp;**$62086** | &nbsp;&nbsp;**90.7%** |
| Replacement Reserves – Residential | &nbsp;&nbsp;12600 | &nbsp;&nbsp;$200 | &nbsp;&nbsp;0.3 |
| Replacement Reserves – Commercial | &nbsp;&nbsp;1100 | &nbsp;&nbsp;$17 | &nbsp;&nbsp;0.0 |
| **Net Cash Flow** | &nbsp;&nbsp;**$3897690** | &nbsp;&nbsp;**$61868** | &nbsp;&nbsp;**90.4%** |

---

(1) The Garrison Property was completed in 2025 thus historical financial information
is not available.

(2) Underwritten rental income for the 19 affordable units is based on the 421-a workbook,
which limits rents to no more than 130% of the area median income. Base Rent - Residential is inclusive of the rental income attributable
to the 19 affordable units that were not leased as of the time of the origination or securitization of The Garrison Mortgage Loan.

(3) UW per Unit is based on 63 multifamily units at The Garrison Property except in
relation to the "- Commercial" field which are based on 11,000 square feet of commercial space at The Garrison Property that
is 100.0% leased to Met Fresh through July 2045.

(4) % column represents percent of Total Net Rental Income for all revenue lines and
represents percent of Effective Gross Income for the remainder of fields.

(5) Other income includes storage, laundry, application fees, late fees, and pet income.

(6) UW reflects the five-year average of anticipated taxes net of the 421-a tax abatement.

(7) Other Operating Expenses include utilities, repairs and maintenance, payroll and
benefits and general and administrative expenses.

 ****

 ****

***The Market.*** The Garrison Property is located in Brooklyn, New York. According to the appraisal, The Garrison Property is located in the Kings County multifamily submarket, which has a vacancy rate of approximately 2.1% and average asking rents of $2,940 per unit as of the first quarter of 2025. Within a quarter-, half- and one-mile radius of The Garrison Property, the estimated 2024 population is 10,551, 36,668 and 151,017, respectively. Within the same radii, the estimated 2024 average annual household income is $154,690, $163,417 and $170,262, respectively.

Fort Greene Park, which is situated approximately 400 feet east of The Garrison Property, features basketball courts, tennis courts, playgrounds, barbecuing areas and a nature center.

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 35 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 3 – The Garrison** | &nbsp;&nbsp;**No. 3 – The Garrison** |

---

The following table presents certain information relating to comparable multifamily rental properties to The Garrison Property:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Comparable Rental Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Rental Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Rental Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Rental Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Rental Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Rental Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Rental Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Rental Summary<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property Address** | &nbsp;&nbsp;**Year Built / Renovated** | &nbsp;&nbsp;**Occupancy** | &nbsp;&nbsp;**# Units** | &nbsp;&nbsp;**Unit Mix** | &nbsp;&nbsp;**Average SF per Unit** | &nbsp;&nbsp;**Average Annual Rent per SF** | &nbsp;&nbsp;**Average Monthly Rent per Unit** |
| &nbsp;&nbsp; **340 Myrtle Avenue**<br> **Brooklyn, NY (Subject)** | &nbsp;&nbsp;**2025 / NAP** | &nbsp;&nbsp;**77.8%<sup>(2)</sup>** | &nbsp;&nbsp;**63** | &nbsp;&nbsp; **Studio – FM**<br> **1BR – FM**<br> **1BR – 130% AMI**<br> **2BR – FM**<br> **3BR – FM** | &nbsp;&nbsp; **297**<br> **509**<br> **450**<br> **731**<br> &nbsp;&nbsp;&nbsp;&nbsp;**1000** | &nbsp;&nbsp; **$144.18**<br> **$106.61**<br> **$97.62**<br> **$100.48**<br> **$106.52** | &nbsp;&nbsp; **$3563<sup>(2)</sup>**<br> **$4525<sup>(2)</sup>**<br> **$3661<sup>(2)</sup>**<br> **$6122<sup>(2)</sup>**<br> **$8880<sup>(2)</sup>** |
| &nbsp;&nbsp; 218 Front Street<br> Brooklyn, NY | &nbsp;&nbsp;2024 / NAP | &nbsp;&nbsp;93.0% | &nbsp;&nbsp;220 | &nbsp;&nbsp; Studio<br> 1BR<br> 2BR | &nbsp;&nbsp; 416<br> 537<br> 829 | &nbsp;&nbsp; $118.70<br> $118.44<br> $96.98 | &nbsp;&nbsp; $4115<br> $5300<br> $6700 |
| &nbsp;&nbsp; 230 Classon Ave<br> Brooklyn, NY | &nbsp;&nbsp;2023 / NAP | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;138 | &nbsp;&nbsp; 1BR<br> 2BR | &nbsp;&nbsp; 550<br> 778 | &nbsp;&nbsp; $82.87<br> $88.07 | &nbsp;&nbsp; $3798<br> $5710 |
| &nbsp;&nbsp; 475 Clermont Ave<br> Brooklyn, NY | &nbsp;&nbsp;2019 / NAP | &nbsp;&nbsp;98.0% | &nbsp;&nbsp;363 | &nbsp;&nbsp; Studio<br> 1BR<br> 2BR | &nbsp;&nbsp; 464<br> 634<br> 975 | &nbsp;&nbsp; $85.94<br> $82.01<br> $78.65 | &nbsp;&nbsp; $3323<br> $4333<br> $6390 |
| &nbsp;&nbsp; 375 Dean Street<br> Brooklyn, NY | &nbsp;&nbsp;2023 / NAP | &nbsp;&nbsp;98.0% | &nbsp;&nbsp;143 | &nbsp;&nbsp; Studio<br> 1BR<br> 2BR | &nbsp;&nbsp; 391<br> 656<br> 1038 | &nbsp;&nbsp; $110.49<br> $85.98<br> $86.71 | &nbsp;&nbsp; $3600<br> $4700<br> $7500 |
| &nbsp;&nbsp; 240 3rd Ave<br> Brooklyn, NY | &nbsp;&nbsp;2025 / NAP | &nbsp;&nbsp;11.0% | &nbsp;&nbsp;216 | &nbsp;&nbsp; Studio<br> 1BR<br> 2BR<br> 3BR | &nbsp;&nbsp; 425<br> 575<br> 1000<br> 1200 | &nbsp;&nbsp; $96.00<br> $91.83<br> $82.86<br> $75.75 | &nbsp;&nbsp; $3400<br> $4400<br> $6905<br> $7575 |
| &nbsp;&nbsp; 316 Bergen Street<br> Brooklyn, NY | &nbsp;&nbsp;2014 / NAP | &nbsp;&nbsp;96.0% | &nbsp;&nbsp;84 | &nbsp;&nbsp; Studio<br> 1BR<br> 2BR | &nbsp;&nbsp; 460<br> 625<br> 871 | &nbsp;&nbsp; $89.35<br> $83.52<br> $86.80 | &nbsp;&nbsp; $3425<br> $4350<br> $6300 |
| &nbsp;&nbsp; 465 Pacific Street<br> Brooklyn, NY | &nbsp;&nbsp;2016 / NAP | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;34 | &nbsp;&nbsp;3BR | &nbsp;&nbsp;1495 | &nbsp;&nbsp;$100.33 | &nbsp;&nbsp;$12500 |
| &nbsp;&nbsp; 122 Waverly Ave<br> Brooklyn, NY | &nbsp;&nbsp;2024 / NAP | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;15 | &nbsp;&nbsp;3BR | &nbsp;&nbsp;1324 | &nbsp;&nbsp;$81.12 | &nbsp;&nbsp;$8950 |

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(1) Source: Appraisal and 421-a workbook, unless otherwise indicated. Comparable rents reflect market rate units.

(2) Based on the underwritten rent roll dated November 5, 2025.

***The Borrower.*** The borrower is 340 Myrtle Development LLC, a New York limited liability company and special purpose entity with two independent directors. Legal counsel to the borrower provided a non-consolidation opinion in connection with the origination of The Garrison Mortgage Loan.

 ****

***The Borrower Sponsor.*** The borrower sponsor and non-recourse carve-out guarantor is David Halberstam. Mr. Halberstam is a New York-based real estate investor and developer. Mr. Halberstam has an interest in ten Brooklyn, New York multifamily projects, totaling approximately 240 residential and mixed use units. Additionally, Mr. Halberstam's portfolio includes three New York City multifamily properties that are currently under construction, totaling approximately 191 residential and mixed use units.

***Property Management.*** The Garrison Property is managed by Ladore Management LLC ("**<u>Ladore</u>**"), a New York limited liability company and a third-party management company. Ladore has over 15 years of property management experience and has managed approximately 40 properties across New York City.

***Escrows and Reserves.*** As of the date of origination of The Garrison Mortgage Loan, the borrower was required to deposit (i) $764,621 in a real estate tax reserve account, (ii) $12,122 in an insurance reserve account, (iii) $696,000 in a rent concession reserve account relating to the Met Fresh grocer tenant, (iv) $210,400 in an existing tenant improvement and

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| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 36 |

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| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 3 – The Garrison** | &nbsp;&nbsp;**No. 3 – The Garrison** |

---

leasing commission reserve related to the Met Fresh grocer tenant and (v) $8,800,000 in an economic holdback reserve related to the lease-up of the residential component of The Garrison Property. Certain reserves may have been drawn upon between the time of origination and the Cut-off Date.

*Tax Reserve –* The borrower is required to deposit into a real estate tax reserve, on a monthly basis an amount equal to 1/12th of the real estate taxes that the lender estimates will be payable during the next 12 months (initially approximately $4,207). Upon the completion of various conditions in The Garrison Mortgage Loan documents, including, but not limited to the borrower being in full compliance of the 421-a tax program and the net cash flow debt service coverage ratio ("**<u>NCF DSCR</u>**") being greater than 1.24x, upon the borrower's request, the lender will disburse to the borrower the difference between the tax reserve funds on deposit and the taxes that the lender estimates will be payable on the next due date.

*Insurance Escrows* – The borrower is required to deposit into an insurance reserve, on a monthly basis an amount equal to 1/12th of the insurance premiums that the lender estimates will be payable during the next 12 months for the renewal of the coverage afforded by the policies at least thirty days prior to expiration (initially approximately $4,042).

 

*Replacement Reserves* – So long as no event of default is continuing and The Garrison Property is being adequately maintained (as determined by the lender based on annual site inspections), the replacement reserve monthly deposit will not be required for both the multifamily and commercial space. In the event that said springing condition is met, the borrower is required to deposit into the replacement reserves $1,313 per month for the residential space and $184 per month for the commercial space.

*Rollover Reserve* – So long as no event of default is continuing, the leasing reserve monthly deposit will not be required with respect to the commercial space at The Garrison Property. In the event that an event of default is continuing, the borrower is required to deposit $2,292 per month into the rollover reserve.

*Holdback Reserve* – On or prior to June 20, 2028, at the borrower's request the lender is required to determine if the Economic Holdback Disbursement Conditions (as defined below) have been satisfied, and to release funds in the holdback reserve to the borrower to the extent such conditions have been satisfied with respect to such funds. "**<u>Economic Holdback Disbursement Conditions</u>**" means, provided that no event of default has occurred or is continuing, (i) the trailing 1-month (annualized) economic holdback net cash flow debt yield is equal to or greater than 7.85%, (ii) the trailing 1-month NCF DSCR is equal to or greater than 1.24x and (iii) rental income from the residential units at The Garrison Property results in collection of an amount equal to or greater than $317,000 on a trailing 1-month basis. In the event that the Economic Holdback Disbursement Conditions have not been satisfied on or before June 20, 2028, (x) on July 6, 2028, the lender is required to apply the economic holdback reserve funds to the prepayment of The Garrison Mortgage Loan and (y) the borrower is required to pay to the lender the accompanying yield maintenance premium due in connection with such prepayment.

When determining the Economic Holdback Disbursement Conditions, (A) the calculation of net operating income means the amount obtained by subtracting operating expenses (determined on a trailing 1-month basis, annualized) from operating income (determined on a trailing 1-month basis, annualized) and (B) the calculation of operating expenses means the greater of (i) $400,000.00 and (ii) operating expenses (determined on a trailing 1-month basis, annualized).

*MetFresh Reserve* – In the event that the tenant MetFresh is not (i) occupying its space at The Garrison Property pursuant to the MetFresh lease, (ii) open for business, and (iii) paying full unabated rent, on or before August 6, 2026, then on the same date, the borrower is required to deposit with the lender an amount equal to $396,000 as additional collateral for the performance of the borrower's obligations under The Garrison Mortgage Loan documents. Provided that no event of default has occurred and is continuing, all funds on deposit in the MetFresh Reserve account are required to be disbursed to the borrower upon satisfaction of the following conditions: the borrower has delivered evidence in form and substance satisfactory to the lender that (i) MetFresh is occupying space at The Garrison Property pursuant to the MetFresh lease, (ii) MetFresh is open for business, and (iii) MetFresh is paying rent in accordance with the MetFresh lease.

***Lockbox / Cash Management.*** The Garrison Mortgage Loan is structured with a springing lockbox and springing cash management. Within 30 days from receipt of written notice from the lender that a Cash Trap Event Period (as defined below) has commenced, the borrower is required to, among other things, execute a deposit account control agreement to establish a deposit account with a clearing bank and enter into the lender's then standard form of cash management agreement. During the continuance of a Cash Trap Event Period, all funds in the deposit account are required to be swept periodically

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| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 37 |

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| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 3 – The Garrison** | &nbsp;&nbsp;**No. 3 – The Garrison** |

---

to a lender-controlled cash management account. If the borrower or property manager receives any rents or income directly, each is required to deposit such amounts into the deposit account within one business day of receipt. So long as a Cash Trap Event Period is in effect, all excess funds will be swept to an excess cash flow subaccount controlled by the lender and held for so long as such a Cash Trap Event Period is continuing.

A "**<u>Cash Trap Event Period</u>**" will commence upon the earlier of the following:

&nbsp;&nbsp;&nbsp;&nbsp;(i) the occurrence of an event of default; or

&nbsp;&nbsp;&nbsp;&nbsp;(ii) commencing on or after July 6, 2026, the NCF DSCR falling below 1.10x (tested
quarterly).

A Cash Trap Event Period will end upon the occurrence of the following:

&nbsp;&nbsp;&nbsp;&nbsp;· with regard to clause (i), the
cure of such event of default and the lender's acceptance of such cure; or

&nbsp;&nbsp;&nbsp;&nbsp;· with regard to clause (ii), the
NCF DSCR being equal to or greater than 1.15x for two consecutive calendar quarters.

***Subordinate and Mezzanine Debt.*** None.

***Permitted Future Subordinate or Mezzanine Debt.*** Not permitted.

***Partial Release.*** Not permitted.

***Ground Lease.*** None.

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| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 38 |

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| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| **No. 4 & 5 – 350 S Beverly & 400 S Beverly Crossed Group** | **No. 4 & 5 – 350 S Beverly & 400 S Beverly Crossed Group** |

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![](n5505prets_img008.jpg)

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| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 39 |

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| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| **No. 4 & 5 – 350 S Beverly & 400 S Beverly Crossed Group** | **No. 4 & 5 – 350 S Beverly & 400 S Beverly Crossed Group** |

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![](n5505prets_img009.jpg)

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| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 40 |

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| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| **No. 4 & 5 – 350 S Beverly & 400 S Beverly Crossed Group** | **No. 4 & 5 – 350 S Beverly & 400 S Beverly Crossed Group** |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Mortgage Loan Seller:** | &nbsp;&nbsp;3650 Capital | &nbsp;&nbsp;**Single Asset / Portfolio:** | &nbsp;&nbsp;Crossed Portfolio |
| &nbsp;&nbsp;**Original Principal Balance<sup>(1)</sup>:** | &nbsp;&nbsp;$43500000 | &nbsp;&nbsp;**Title:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Cut-off Date Principal Balance<sup>(1)</sup>:** | &nbsp;&nbsp;$43500000 | &nbsp;&nbsp;**Property Type – Subtype:** | &nbsp;&nbsp;Office – Suburban |
| &nbsp;&nbsp;**% of Pool by IPB:** | &nbsp;&nbsp;7.9% | &nbsp;&nbsp;**Net Rentable Area (SF):** | &nbsp;&nbsp;107139 |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;Beverly Hills, CA |
| &nbsp;&nbsp;**Borrowers:** | &nbsp;&nbsp;Beverly Capital Ventures, LLC and Beverly Hills Offices, LLC | &nbsp;&nbsp;**Year Built / Renovated<sup>(5)</sup>:** | &nbsp;&nbsp;Various / Various |
| &nbsp;&nbsp;**Borrower Sponsors<sup>(2)</sup>:** | &nbsp;&nbsp;David Taban and Jacob Taban | &nbsp;&nbsp;**Occupancy<sup>(6)</sup>:** | &nbsp;&nbsp;92.9% |
| &nbsp;&nbsp;**Interest Rate<sup>(3)</sup>:** | &nbsp;&nbsp;Various | &nbsp;&nbsp;**Occupancy Date<sup>(6)</sup>:** | &nbsp;&nbsp;Various |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;12/4/2025 | &nbsp;&nbsp;**4<sup>th</sup> Most Recent NOI (As of):** | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;12/5/2030 | &nbsp;&nbsp;**3<sup>rd</sup> Most Recent NOI (As of):** | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;**Interest-only Period:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**2<sup>nd</sup> Most Recent NOI (As of):** | &nbsp;&nbsp;$3,276,833 (12/31/2024) |
| &nbsp;&nbsp;**Original Term:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**Most Recent NOI (As of)<sup>(7)</sup>:** | &nbsp;&nbsp;$3,691,825 (TTM 9/30/2025) |
| &nbsp;&nbsp;**Original Amortization:** |  | &nbsp;&nbsp;**UW Economic Occupancy:** | &nbsp;&nbsp;93.4% |
| &nbsp;&nbsp;**Amortization Type:** | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;**UW Revenues:** | &nbsp;&nbsp;$6915775 |
| &nbsp;&nbsp;**Call Protection:** | &nbsp;&nbsp;L(23),YM3(1),DorYM3(29),O(7) | &nbsp;&nbsp;**UW Expenses:** | &nbsp;&nbsp;$2093450 |
| &nbsp;&nbsp;**Lockbox / Cash Management:** | &nbsp;&nbsp;Springing / Springing | &nbsp;&nbsp;**UW NOI<sup>(7)</sup>:** | &nbsp;&nbsp;$4822325 |
| &nbsp;&nbsp;**Additional Debt:** | &nbsp;&nbsp;No | &nbsp;&nbsp;**UW NCF:** | &nbsp;&nbsp;$4708758 |
| &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value / Per Unit<sup>(8):</sup>** | &nbsp;&nbsp;$74,750,000 / $698 |
| &nbsp;&nbsp;**Additional Debt Type:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraisal Date<sup>(8)</sup>:** | &nbsp;&nbsp;Various |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Escrows and Reserves<sup>(4)</sup>** | &nbsp;&nbsp;**Escrows and Reserves<sup>(4)</sup>** | &nbsp;&nbsp;**Escrows and Reserves<sup>(4)</sup>** | &nbsp;&nbsp;**Escrows and Reserves<sup>(4)</sup>** | &nbsp;&nbsp;**Financial Information<sup>(1)</sup>** | &nbsp;&nbsp;**Financial Information<sup>(1)</sup>** |
|  | &nbsp;&nbsp;**Initial** | &nbsp;&nbsp;**Monthly** | &nbsp;&nbsp;**Initial Cap** | &nbsp;&nbsp;**Cut-off Date Loan / SF:** | &nbsp;&nbsp;$406 |
| &nbsp;&nbsp;**Taxes:** | &nbsp;&nbsp;$146152 | &nbsp;&nbsp;$73076 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;**Maturity Date Loan / SF:** | &nbsp;&nbsp;$406 |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;N/A | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;58.2% |
| &nbsp;&nbsp;**Replacement Reserves:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$2106 | &nbsp;&nbsp;$75799 | &nbsp;&nbsp;**Maturity Date LTV:** | &nbsp;&nbsp;58.2% |
| &nbsp;&nbsp;**Immediate Repairs Reserve:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.64x |
| &nbsp;&nbsp;**Leasing Reserve:** | &nbsp;&nbsp;$150000 | &nbsp;&nbsp;$9228 | &nbsp;&nbsp;$550000 | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;11.1% |
| &nbsp;&nbsp;**Gap Rent Reserve:** | &nbsp;&nbsp;$64200 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;N/A |  |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** |
| &nbsp;&nbsp;**Sources** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** | &nbsp;&nbsp;**Uses** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** |
| &nbsp;&nbsp;350 S Beverly Mortgage Loan | &nbsp;&nbsp;$28000000 | &nbsp;&nbsp;62.5% | &nbsp;&nbsp;Loan Payoff – 350 S Beverly | &nbsp;&nbsp;$28909064 | &nbsp;&nbsp;64.5% |
| &nbsp;&nbsp;400 S Beverly Mortgage Loan | &nbsp;&nbsp;15500000 | &nbsp;&nbsp;34.6 | &nbsp;&nbsp;Loan Payoff – 400 S Beverly | &nbsp;&nbsp;14994076 | &nbsp;&nbsp;33.4 |
| &nbsp;&nbsp;Sponsor Equity – 350 S Beverly | &nbsp;&nbsp;1332755 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;Closing Costs | &nbsp;&nbsp;447009 | &nbsp;&nbsp;1.0 |
|  |  |  | &nbsp;&nbsp;Reserves | &nbsp;&nbsp;360352 | &nbsp;&nbsp;0.8 |
|  |  |  | &nbsp;&nbsp;Return of Equity – 400 S Beverly | &nbsp;&nbsp;122254 | &nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;**Total Sources** | &nbsp;&nbsp;**$44832755** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses** | &nbsp;&nbsp;**$44832755** | &nbsp;&nbsp;**100.00%** |

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(1) The 350 S Beverly Mortgage Loan (as defined below) has an original principal balance of $28,000,000 and
outstanding principal balance as of the Cut-off Date of $28,000,000. The 400 S Beverly Mortgage Loan (as defined below) has an original
principal balance of $15,500,000 and outstanding principal balance as of the Cut-off Date of $15,500,000. The 350 S Beverly Mortgage Loan
and the 400 S Beverly Mortgage Loan are cross-collateralized and cross-defaulted with one another. All information herein presents the
350 S Beverly and 400 S Beverly Crossed Group Mortgage Loans (as defined below) as one whole loan, except as otherwise specified. The
information presented above, including the applicable debt service coverage ratios, debt yields, and loan-to-value ratios, is based upon
the indebtedness evidenced by both mortgage loans. On an individual basis, without regard to the cross-collateralization feature, a mortgage
loan may have a lower debt service coverage ratio, lower debt yield and/or higher loan-to-value ratio, than is presented in the table
above.

(2) David Taban is the borrower sponsor for the 350 S Beverly Mortgage Loan and Jacob Taban is the borrower
sponsor for the 400 S Beverly Mortgage Loan.

(3) The 350 S Beverly Mortgage Loan has an Interest Rate of 6.67000% *per annum* and a Note Date of December
4, 2025. The 400 S Beverly Mortgage Loan has an Interest Rate of 6.26000% *per annum* and a Note Date of December 4, 2025.

(4) The amounts shown represent the combined amounts for the 350 S Beverly Mortgage Loan and the 400 S Beverly
Mortgage Loan.

(5) The 350 S Beverly Property (as defined below) was constructed in 1989 and the 400 S Beverly Property (as
defined below) was constructed in 1956 and renovated in 2013.

(6) Occupancy is as of December 1, 2025 for the 350 S Beverly Property and as of August 27, 2025 for the 400
S Beverly Property.

(7) The increase in the UW NOI from the Most Recent NOI can be attributed to an increase in occupancy at the
350 S Beverly and 400 S Beverly Crossed Group Properties during the time period.

(8) The Appraised Value and Appraised Value Per Unit shown represent the combined values. The individual "As-Is"
values of 350 S Beverly Property and 400 S Beverly Property are $47,000,000 and $27,750,000, respectively.

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| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 41 |

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| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| **No. 4 & 5 – 350 S Beverly & 400 S Beverly Crossed Group** | **No. 4 & 5 – 350 S Beverly & 400 S Beverly Crossed Group** |

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***The Loans.*** The fourth and fifth largest mortgage loans (individually, the "**<u>350 S Beverly Mortgage Loan</u>**" and the "**<u>400 S Beverly Mortgage Loan</u>**", and collectively, the "**<u>350 S Beverly and 400 S Beverly Crossed Group Mortgage Loans</u>**") are cross-collateralized and cross-defaulted with one another. The 350 S Beverly and 400 S Beverly Crossed Group Mortgage Loans may be uncrossed pursuant to the partial release provisions of the 350 S Beverly and 400 S Beverly Crossed Group Properties Mortgage Loan documents. See "*Partial Release"* below.

The 350 S Beverly Mortgage Loan has an outstanding principal balance as of the Cut-off Date of $28,000,000 and is secured by the borrower's fee simple interest in a 62,424 SF, office property located in Beverly Hills, California (the "**<u>350 S Beverly Property</u>**"). The 350 S Beverly Mortgage Loan has a five-year term, is interest-only through maturity and accrues interest at a fixed rate of 6.67000% *per annum* on an Actual/360 basis.

The 400 S Beverly Mortgage Loan has an outstanding principal balance as of the Cut-off Date of $15,500,000 and is secured by the borrower's fee simple interest in a 44,715 SF, office property located in Beverly Hills, California (the "**<u>400 S Beverly Property</u>**"). The 400 S Beverly Mortgage Loan has a five-year term, is interest-only through maturity and accrues interest at a fixed rate of 6.26000% *per annum* on an Actual/360 basis.

***The Properties.*** The 350 S Beverly and 400 S Beverly Properties (collectively, the "**<u>350 S Beverly and 400 S Beverly Crossed Group Properties</u>**") are comprised of two office buildings totaling 107,139-SF located in Beverly Hills, California. The following table presents certain information relating to the 350 S Beverly and 400 S Beverly Portfolio Crossed Group Properties:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Crossed Portfolio Summary** | &nbsp;&nbsp;**Crossed Portfolio Summary** | &nbsp;&nbsp;**Crossed Portfolio Summary** | &nbsp;&nbsp;**Crossed Portfolio Summary** | &nbsp;&nbsp;**Crossed Portfolio Summary** | &nbsp;&nbsp;**Crossed Portfolio Summary** | &nbsp;&nbsp;**Crossed Portfolio Summary** | &nbsp;&nbsp;**Crossed Portfolio Summary** | &nbsp;&nbsp;**Crossed Portfolio Summary** |
| &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Location** | &nbsp;&nbsp;**Year Built /<br> Renovated** | &nbsp;&nbsp;**SF** | &nbsp;&nbsp;**Occ. %** | &nbsp;&nbsp; **Cut-off Date** <br> **Loan<br> Amount**  | &nbsp;&nbsp;**Appraised<br> Value** | &nbsp;&nbsp;**U/W Net<br> Cash Flow** | &nbsp;&nbsp;**% of U/W<br> Net Cash<br> Flow** |
| &nbsp;&nbsp;350 S Beverly | &nbsp;&nbsp;Beverly Hills, CA | &nbsp;&nbsp;1989 / NAP | &nbsp;&nbsp;62424 | &nbsp;&nbsp;92.7% | &nbsp;&nbsp;$28000000 | &nbsp;&nbsp;$47000000 | &nbsp;&nbsp;$2921839 | &nbsp;&nbsp;62.1% |
| &nbsp;&nbsp;400 S Beverly | &nbsp;&nbsp;Beverly Hills, CA | &nbsp;&nbsp;1956 / 2013 | &nbsp;&nbsp;44715 | &nbsp;&nbsp;93.1% | &nbsp;&nbsp;$15500000 | &nbsp;&nbsp;$27750000 | &nbsp;&nbsp;$1786919 | &nbsp;&nbsp;37.9% |
| &nbsp;&nbsp;**Total** |  |  | &nbsp;&nbsp;**107139** | &nbsp;&nbsp;**92.9%** | &nbsp;&nbsp;**$43500000** | &nbsp;&nbsp;$74750000 | &nbsp;&nbsp;**$4708758** | &nbsp;&nbsp;**100.0%** |

---

***The 350 S Beverly Property*.** The 350 S Beverly Property is a Class B 62,424-SF multi-tenant suburban office property known as Beverly Atrium located along the east side of South Beverly Boulevard, just north of the intersection corner of South Beverly Drive and West Olympic Boulevard within the City of Beverly Hills. The improvements feature a three-story building constructed in 1989. Property amenities consist of balcony and rooftop patio. Utilities are individually metered. There are two elevators and 220 parking spaces within a four-level subterranean parking garage provided at a ratio of approximately 3.52 spaces per 1,000 SF of building area. As of the December 1, 2025 underwritten rent roll, the 350 S Beverly Property was 92.7% occupied by 14 tenants.

***The 400 S Beverly Property*.** The 400 S Beverly Property is a 44,715-SF multi-tenant suburban office property situated on a 0.275-acre site located on the southeast corner of South Beverly Drive and West Olympic Boulevard within the City of Beverly Hills. The improvements feature a four-story building constructed in 1956 and renovated in 2013. Property amenities consist of balcony and rooftop patios. Utilities are individually metered. There are two elevators and 84 parking spaces (onsite garage (44 spaces) plus 20 spaces at 413 S. Beverly (via covenant) at a ratio of approximately 1.88 spaces per 1,000 SF of building area. As of the August 27, 2025 underwritten rent roll, the 400 S Beverly Property was 93.1% occupied by 16 tenants.

***Major Tenants*.** The top three tenants at the 350 S Beverly and 400 S Beverly Crossed Group Properties are Optima Franchising, First Citizens Bank & Trust Co. and American Jewish University.

Optima Franchising ("**<u>Optima</u>**") *(9,392 SF; 21.0% of NRA; 19.5% of underwritten base rent)*: Optima Franchising, the franchisor of Optima Salon Suites, offers suites from 95 SF and up, with salon suites starting at $295/week. Optima Salon Suites offers private, turnkey salon-suite rentals to beauticians, hairstylists, estheticians, nail techs, massage therapists and more. Optima's lease began in November 2024 and expires in October 2039, with no extension options. Optima may terminate its lease if a hazardous substance condition occurs during the term and the tenant is not legally responsible for it.

First Citizens Bank & Trust Co. ("**<u>First Citizens Bank</u>**") *(8,335 SF; 13.4% of NRA; 15.3% of underwritten base rent, Moody's/S&P/Fitch: Baa1/BBB+/NR)*: Founded in 1898 as the Bank of Smithfield, First Citizens Bank (through its financial

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 42 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| **No. 4 & 5 – 350 S Beverly & 400 S Beverly Crossed Group** | **No. 4 & 5 – 350 S Beverly & 400 S Beverly Crossed Group** |

---

holding company First Citizens BancShares) provides a broad array of banking and financial services. First Citizens Bank offers personal banking, business/commercial banking, wealth-management and trust services. First Citizens BancShares is a top 20 U.S. financial institution with more than $200 billion in assets and a member of the Fortune 500. First Citizens Bank has been a tenant at the 350 S Beverly Property since June 2015, and extended its lease in December 2022 to December 2028. First Citizens Bank has one, five-year extension option remaining.

*American Jewish University* ("**<u>AJU</u>**") *(7,719 SF; 12.4% of NRA; 13.0% of underwritten base rent):* AJU is a private Jewish university in Los Angeles, California that was formed in 2007 from the merger of the University of Judaism and Brandeis-Bardin Institute. AJU's lease commenced in March 2024 and expires in September 2034, with a one-time termination option allowed on or after the 88th month of the lease (June 2031) pursuant to satisfaction of certain conditions described in the lease documents.

***Environmental.*** According to the Phase I environmental assessments dated November 13, 2025 (350 S Beverly Property) and September 15, 2025 (400 S Beverly Property), there was no evidence of any recognized environmental conditions at the 350 S Beverly and 400 S Beverly Crossed Group Properties.

***Appraisals.*** According to the appraisals, the 350 S Beverly and 400 S Beverly Crossed Group Properties had an "as-is" appraised value of $74,750,000 as of October 30, 2025 (350 S Beverly) and September 11, 2025 (400 S Beverly). The table below shows the appraisal's "as-is" and "as-stabilized" value conclusions.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Appraisal Valuation Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Appraisal Valuation Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Appraisal Valuation Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Appraisal Valuation Summary<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property** | &nbsp;&nbsp;**Appraisal Approach** | &nbsp;&nbsp;**Appraised Value** | &nbsp;&nbsp;**Capitalization Rate<sup>(2)</sup>** |
| &nbsp;&nbsp;350 S Beverly | &nbsp;&nbsp;Income Capitalization Approach | &nbsp;&nbsp;$47000000 | &nbsp;&nbsp;6.25% |
| &nbsp;&nbsp;400 S Beverly | &nbsp;&nbsp;Income Capitalization Approach | &nbsp;&nbsp;$27750000 | &nbsp;&nbsp;6.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Source: Appraisal.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The appraisal placed primary emphasis on the discounted cash flow approach to arrive
at the appraised value. The capitalization rate shown above represents the direct capitalization rate.

The following table presents certain information relating to the historical and current occupancy of the 350 S Beverly and 400 S Beverly Crossed Group Properties:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Historical and Current Occupancy** | &nbsp;&nbsp;**Historical and Current Occupancy** | &nbsp;&nbsp;**Historical and Current Occupancy** | &nbsp;&nbsp;**Historical and Current Occupancy** |
|  | &nbsp;&nbsp;**2023<sup>(1)</sup>** | &nbsp;&nbsp;**2024<sup>(1)</sup>** | &nbsp;&nbsp;**Current<sup>(1)</sup>** |
| &nbsp;&nbsp;350 S Beverly | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;92.7% |
| &nbsp;&nbsp;400 S Beverly | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;93.1% |
| &nbsp;&nbsp;**Crossed Group Wtd. Avg.** | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;92.9% |

---

(1) Current occupancy is as of September 30, 2025 for 350 S Beverly and July 9, 2025
for 400 S Beverly.

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 43 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| **No. 4 & 5 – 350 S Beverly & 400 S Beverly Crossed Group** | **No. 4 & 5 – 350 S Beverly & 400 S Beverly Crossed Group** |

---

The following table presents certain information relating to the largest tenants based on the net rentable area of the 350 S Beverly and 400 S Beverly Crossed Group Properties:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Top Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Top Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Top Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Top Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Top Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Top Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Top Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Top Tenant Summary<sup>(1)</sup>** |
| &nbsp;&nbsp;**Tenant** | &nbsp;&nbsp;**Ratings<sup></sup> Moody's/S&P/**<br> **Fitch<sup>(2)</sup>** | &nbsp;&nbsp;**Net Rentable Area (SF)** | &nbsp;&nbsp;**% of<br> Total NRA** | &nbsp;&nbsp;**UW Base Rent PSF<sup>(3)</sup>** | &nbsp;&nbsp;**UW Base Rent<sup>(3)</sup>** | &nbsp;&nbsp;**% of Total<br> UW Base Rent<sup>(3)</sup>** | &nbsp;&nbsp;**Lease <br> Expiration Date** |
| &nbsp;&nbsp;Optima Franchising | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;9392 | &nbsp;&nbsp;21.0% | &nbsp;&nbsp;$46.35 | &nbsp;&nbsp;$435319 | &nbsp;&nbsp;11.8% | &nbsp;&nbsp;10/31/2039 |
| &nbsp;&nbsp;First Citizens Bank & Trust Co. | &nbsp;&nbsp;Baa1/BBB+/NR | &nbsp;&nbsp;8335 | &nbsp;&nbsp;13.4 | &nbsp;&nbsp;$67.49 | &nbsp;&nbsp;562492 | &nbsp;&nbsp;15.3 | &nbsp;&nbsp;12/31/2028 |
| &nbsp;&nbsp;American Jewish University | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;7719 | &nbsp;&nbsp;12.4 | &nbsp;&nbsp;$61.74 | &nbsp;&nbsp;476605 | &nbsp;&nbsp;13.0 | &nbsp;&nbsp;9/30/2034 |
| &nbsp;&nbsp;Sam Najmabadi, M.D. | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;7064 | &nbsp;&nbsp;11.3 | &nbsp;&nbsp;$63.59 | &nbsp;&nbsp;449215 | &nbsp;&nbsp;12.2 | &nbsp;&nbsp;11/30/2033 |
| &nbsp;&nbsp;Set Active | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;5075 | &nbsp;&nbsp;11.3 | &nbsp;&nbsp;$55.37 | &nbsp;&nbsp;281003 | &nbsp;&nbsp;7.6 | &nbsp;&nbsp;9/30/2027 |
| &nbsp;&nbsp;**Major Tenants** |  | &nbsp;&nbsp;**37585** | &nbsp;&nbsp;**60.2%** | &nbsp;&nbsp;**$58.66** | &nbsp;&nbsp;**$2204635** | &nbsp;&nbsp;**59.9%** |  |
| &nbsp;&nbsp;**Other Tenants** |  | &nbsp;&nbsp;**61927** | &nbsp;&nbsp;**62.2%** | &nbsp;&nbsp;**$59.82** | &nbsp;&nbsp;**$3704531** | &nbsp;&nbsp;**62.7%** |  |
| &nbsp;&nbsp;**Occupied Collateral Total / Wtd. Avg.** |  | &nbsp;&nbsp;**99512** | &nbsp;&nbsp;**92.9%** | &nbsp;&nbsp;**$63.58** | &nbsp;&nbsp;**$5909165** | &nbsp;&nbsp;**100.0%** |  |
| &nbsp;&nbsp;Vacant Space |  | &nbsp;&nbsp;7627 | &nbsp;&nbsp;7.1% |  |  |  |  |
| &nbsp;&nbsp;**Collateral Total** |  | &nbsp;&nbsp;**107139** | &nbsp;&nbsp;**100.0%** |  |  |  |  |

---

(1) Based on the underwritten rent roll dated December 1, 2025 for the 350 S Beverly
Property and as of August 27, 2025 for the 400 S Beverly Property.

(2) In certain instances, ratings provided are those of the parent company of the entity
shown, whether or not the parent company guarantees the lease.

(3) UW Base Rent PSF, UW Base Rent and % of Total UW Base Rent includes contractual
rent steps totaling $94,989 through November 2026.

The following table presents certain information relating to the tenant lease expirations at the 350 S Beverly and 400 S Beverly Crossed Group Properties:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** |
| &nbsp;&nbsp;**Year** | &nbsp;&nbsp;**Number of Leases Expiring** | &nbsp;&nbsp;**Net Rentable Area Expiring** | &nbsp;&nbsp;**% of NRA Expiring** | &nbsp;&nbsp;**UW Base Rent Expiring<sup>(3)</sup>** | &nbsp;&nbsp;**% of UW Base Rent Expiring<sup>(3)</sup>** | &nbsp;&nbsp;**% of UW Base Rent Expiring<sup>(3)</sup>** | &nbsp;&nbsp;**Cumulative Net Rentable Area Expiring** | &nbsp;&nbsp;**Cumulative % of NRA Expiring** | &nbsp;&nbsp;**Cumulative UW Base Rent Expiring<sup>(3)</sup>** | &nbsp;&nbsp;**Cumulative % of UW Base Rent Expiring<sup>(3)</sup>** |
| &nbsp;&nbsp;Vacant | &nbsp;&nbsp;NAP | &nbsp;&nbsp;7627 | &nbsp;&nbsp;7.1% | &nbsp;&nbsp;NAP | &nbsp;&nbsp; NA | P | &nbsp;&nbsp;4558 | &nbsp;&nbsp;7.1% | &nbsp;&nbsp;NAP | &nbsp;&nbsp; NAP |
| &nbsp;&nbsp;2025 & MTM | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0 | % | &nbsp;&nbsp;7627 | &nbsp;&nbsp;7.1% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% |
| &nbsp;&nbsp;2026 | &nbsp;&nbsp;6 | &nbsp;&nbsp;14124 | &nbsp;&nbsp;13.2 | &nbsp;&nbsp;756083 | &nbsp;&nbsp;12.8 |  | &nbsp;&nbsp;21751 | &nbsp;&nbsp;20.3% | &nbsp;&nbsp;$756083 | &nbsp;&nbsp;12.8% |
| &nbsp;&nbsp;2027 | &nbsp;&nbsp;5 | &nbsp;&nbsp;11054 | &nbsp;&nbsp;10.3 | &nbsp;&nbsp;605260 | &nbsp;&nbsp;10.2 |  | &nbsp;&nbsp;32805 | &nbsp;&nbsp;30.6% | &nbsp;&nbsp;$1361343 | &nbsp;&nbsp;23.0% |
| &nbsp;&nbsp;2028 | &nbsp;&nbsp;5 | &nbsp;&nbsp;17920 | &nbsp;&nbsp;16.7 | &nbsp;&nbsp;1148393 | &nbsp;&nbsp;19.4 |  | &nbsp;&nbsp;50725 | &nbsp;&nbsp;47.3% | &nbsp;&nbsp;$2509736 | &nbsp;&nbsp;42.5% |
| &nbsp;&nbsp;2029 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8927 | &nbsp;&nbsp;8.3 | &nbsp;&nbsp;573189 | &nbsp;&nbsp;9.7 |  | &nbsp;&nbsp;59652 | &nbsp;&nbsp;55.7% | &nbsp;&nbsp;$3082925 | &nbsp;&nbsp;52.2% |
| &nbsp;&nbsp;2030 | &nbsp;&nbsp;1 | &nbsp;&nbsp;2717 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;161390 | &nbsp;&nbsp;2.7 |  | &nbsp;&nbsp;62369 | &nbsp;&nbsp;58.2% | &nbsp;&nbsp;$3244315 | &nbsp;&nbsp;54.9% |
| &nbsp;&nbsp;2031 | &nbsp;&nbsp;1 | &nbsp;&nbsp;4280 | &nbsp;&nbsp;4.0 | &nbsp;&nbsp;256800 | &nbsp;&nbsp;4.3 |  | &nbsp;&nbsp;66649 | &nbsp;&nbsp;62.2% | &nbsp;&nbsp;$3501115 | &nbsp;&nbsp;59.2% |
| &nbsp;&nbsp;2032 | &nbsp;&nbsp;2 | &nbsp;&nbsp;5069 | &nbsp;&nbsp;4.7 | &nbsp;&nbsp;352596 | &nbsp;&nbsp;6.0 |  | &nbsp;&nbsp;71718 | &nbsp;&nbsp;66.9% | &nbsp;&nbsp;$3853711 | &nbsp;&nbsp;65.2% |
| &nbsp;&nbsp;2033 | &nbsp;&nbsp;2 | &nbsp;&nbsp;10312 | &nbsp;&nbsp;9.6 | &nbsp;&nbsp;664006 | &nbsp;&nbsp;11.2 |  | &nbsp;&nbsp;82030 | &nbsp;&nbsp;76.6% | &nbsp;&nbsp;$4517717 | &nbsp;&nbsp;76.5% |
| &nbsp;&nbsp;2034 | &nbsp;&nbsp;3 | &nbsp;&nbsp;12927 | &nbsp;&nbsp;12.1 | &nbsp;&nbsp;783707 | &nbsp;&nbsp;13.3 |  | &nbsp;&nbsp;94957 | &nbsp;&nbsp;88.6% | &nbsp;&nbsp;$5301424 | &nbsp;&nbsp;89.7% |
| &nbsp;&nbsp;2035 | &nbsp;&nbsp;1 | &nbsp;&nbsp;2790 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;172422 | &nbsp;&nbsp;2.9 |  | &nbsp;&nbsp;97747 | &nbsp;&nbsp;91.2% | &nbsp;&nbsp;$5473846 | &nbsp;&nbsp;92.6% |
| &nbsp;&nbsp;2036 & Beyond | &nbsp;&nbsp;1 | &nbsp;&nbsp;9392 | &nbsp;&nbsp;8.8 | &nbsp;&nbsp;435319 | &nbsp;&nbsp;7.4 |  | &nbsp;&nbsp;107139 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$5909165 | &nbsp;&nbsp;100.0% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**30** | &nbsp;&nbsp;**107139** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$5909165** | &nbsp;&nbsp;**100.0** | **%** |  |  |  |  |

---

(1) Based on the underwritten rent roll dated December 1, 2025 for the 350 S Beverly Property and as of August
27, 2025 for the 400 S Beverly Property.

(2) Certain leases may have termination options that are exercisable prior to the originally stated expiration
date of the lease and that are not considered in this Lease Rollover Schedule.

(3) UW Base Rent Expiring and % of Total UW Base Rent Expiring includes contractual rent steps totaling $94,989
through November 2026.

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 44 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| **No. 4 & 5 – 350 S Beverly & 400 S Beverly Crossed Group** | **No. 4 & 5 – 350 S Beverly & 400 S Beverly Crossed Group** |

---

The following table presents certain information relating to the operating history and underwritten cash flows of the 350 S Beverly and 400 S Beverly Crossed Group Properties:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Operating History and Underwritten Net Cash Flow\*** | **Operating History and Underwritten Net Cash Flow\*** | **Operating History and Underwritten Net Cash Flow\*** | **Operating History and Underwritten Net Cash Flow\*** | **Operating History and Underwritten Net Cash Flow\*** | **Operating History and Underwritten Net Cash Flow\*** |
|  | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**TTM 9/30/2025<sup>(1)</sup>** | &nbsp;&nbsp;**Underwritten** | &nbsp;&nbsp;**Per SF** | &nbsp;&nbsp;**%<sup>(2)</sup>** |
| &nbsp;&nbsp;Rents In-Place | &nbsp;&nbsp;$4816315 | &nbsp;&nbsp;$5189507 | &nbsp;&nbsp;$5761121 | &nbsp;&nbsp;$53.77 | &nbsp;&nbsp;78.7% |
| &nbsp;&nbsp;Rent Steps | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;148044 | &nbsp;&nbsp;1.38 | &nbsp;&nbsp;2.0 |
| &nbsp;&nbsp;Vacant Income | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;406179 | &nbsp;&nbsp;3.79 | &nbsp;&nbsp;5.5 |
| &nbsp;&nbsp;**Gross Potential Rent** | &nbsp;&nbsp;**$4816315** | &nbsp;&nbsp;**$5189507** | &nbsp;&nbsp;**$6315344** | &nbsp;&nbsp;**$58.95** | &nbsp;&nbsp;**86.3%** |
| &nbsp;&nbsp;Total Reimbursements | &nbsp;&nbsp;77393 | &nbsp;&nbsp;43962 | &nbsp;&nbsp;120998 | &nbsp;&nbsp;1.13 | &nbsp;&nbsp;1.7 |
| &nbsp;&nbsp;Other Income<sup>(3)</sup> | &nbsp;&nbsp;449539 | &nbsp;&nbsp;506885 | &nbsp;&nbsp;885612 | &nbsp;&nbsp;8.27 | &nbsp;&nbsp;12.1 |
| &nbsp;&nbsp;**Net Rental Income** | &nbsp;&nbsp;**$5343246** | &nbsp;&nbsp;**$5740354** | &nbsp;&nbsp;**$7321954** | &nbsp;&nbsp;**$68.34** | &nbsp;&nbsp;**100.0%** |
| &nbsp;&nbsp;(Vacancy/Credit Loss) | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;(406179) | &nbsp;&nbsp;(3.79) | &nbsp;&nbsp;(5.9) |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$5343246** | &nbsp;&nbsp;**$5740354** | &nbsp;&nbsp;**$6915775** | &nbsp;&nbsp;**$64.55** | &nbsp;&nbsp;**100.0%** |
| &nbsp;&nbsp;**Total Expenses** | &nbsp;&nbsp;**$2066413** | &nbsp;&nbsp;**$2048529** | &nbsp;&nbsp;**$2093450** | &nbsp;&nbsp;**$19.54** | &nbsp;&nbsp;**30.3%** |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$3276833** | &nbsp;&nbsp;**$3691825** | &nbsp;&nbsp;**$4822325** | &nbsp;&nbsp;**$45.01** | &nbsp;&nbsp;**69.7%** |
| &nbsp;&nbsp;Replacement Reserves | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;21428 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;TI/LC | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;92139 | &nbsp;&nbsp;0.86 | &nbsp;&nbsp;1.3 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$3276833** | &nbsp;&nbsp;**$3691825** | &nbsp;&nbsp;**$4708758** | &nbsp;&nbsp;**$43.95** | &nbsp;&nbsp;**68.1%** |

---

(1) Represents the combined cash flows of the 350 S Beverly and 400 S Beverly Crossed
Group Properties.

(2) % column represents percentage of Net Rental Income for all revenue lines and represents
percentage of Effective Gross Income for the remaining fields.

(3) Other Income is comprised of parking income, and miscellaneous income.

(4) \*NTD: FN to explain why information prior to 2024 is not available.

 ****

***The Markets.*** The 350 S Beverly and 400 S Beverly Crossed Group Properties are located within Beverly Hills and Los Angeles County, California, forming part of the Los Angeles-Long Beach-Glendale metropolitan statistical area (the "**<u>Los Angeles MSA</u>**"). The industry employment totals for the Los Angeles MSA indicate higher proportions within the Manufacturing, Transportation/Utilities, Retail Trade, Construction, Public Administration, and Agriculture/Mining sectors. Major employers with the Los Angeles MSA include Cedars-Sinai Medical Center, Los Angeles Intl Airport-LAX, University of California Los Angeles, VXI Global Solutions, The Walt Disney Co. and Northrop Grumman Corp.

The 350 S Beverly Property is located along the east side of South Beverly Boulevard, just north of the intersection corner of South Beverly Drive and West Olympic Boulevard. The 400 S Beverly Property is located on the southeast corner of South Beverly Drive and West Olympic Boulevard. The neighborhood is bounded by California Route 2 to the north, Interstate 10 to the south, La Cienega Boulevard to the east and California Route 2 to the west. The closest local rail facility is the Palms Station on the Metro E (Yellow) Line, which is within three miles southwest from the 350 S Beverly and 400 S Beverly Crossed Group Properties. Land use predominantly consists of residential developments followed by office, retail, and specialty developments.

According to the appraisals, the 350 S Beverly and 400 S Beverly Crossed Group Properties are located in the Beverly Hills submarket within the Los Angeles market. As of the third quarter of 2025, the Los Angeles office market had an inventory of 468.1 MM SF, with a vacancy rate of 15.7%. A total of 34,054-SF was completed and delivered in the current quarter. The overall rental rate in the market stood at $40.66 PSF, a fall from $40.86 PSF as of the previous quarter. The Beverly Hills office submarket had an inventory of 11.5 MM SF, with a vacancy rate of 15.1%. No space was completed and delivered in the current quarter. The overall rental rate in the submarket stood at $71.80 PSF, an increase from $66.14 PSF as of the previous quarter.

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 45 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| **No. 4 & 5 – 350 S Beverly & 400 S Beverly Crossed Group** | **No. 4 & 5 – 350 S Beverly & 400 S Beverly Crossed Group** |

---

The following table presents certain information relating to comparable office leases for the 350 S Beverly and 400 S Beverly Crossed Group Properties:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Comparable Office Leases<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Office Leases<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Office Leases<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Office Leases<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Office Leases<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Office Leases<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Office Leases<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Office Leases<sup>(1)</sup>** |
| **Property / Location** | **Year Built / Renovated** | **Tenant Name** | **Lease Start Date** | **Term (yrs.)** | **Lease Type** | **Tenant SF** | **Rent PSF** |
| | &nbsp;&nbsp;**1989 / N/A** | &nbsp;&nbsp;**First Citizens Bank &** | &nbsp;&nbsp;**Jun-15<sup>(2)</sup>** | &nbsp;&nbsp;**13.6<sup>(2)</sup>** | &nbsp;&nbsp;**Base Year Stop<sup>(2)</sup>** | &nbsp;&nbsp;**8335<sup>(2)</sup>** | &nbsp;&nbsp;**$67.49<sup>(2)</sup>** |
| |  | &nbsp;&nbsp;**Trust Co.<sup>(2)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;**350 S Beverly**<br>&nbsp;&nbsp;**350 South Beverly Drive**<br>&nbsp;&nbsp;**Beverly Hills, CA** |  |  |  |  |  |  |  |
| | &nbsp;&nbsp;**1956 / 2013** | &nbsp;&nbsp;**Optima Franchising<sup>(2)</sup>** | &nbsp;&nbsp;**Nov-24<sup>(2)</sup>** | &nbsp;&nbsp;**15.0<sup>(2)</sup>** | &nbsp;&nbsp;**Base Year Stop<sup>(2)</sup>** | &nbsp;&nbsp;**9392<sup>(2)</sup>** | &nbsp;&nbsp;**$46.35<sup>(2)</sup>** |
| &nbsp;&nbsp;**400 S Beverly**<br>&nbsp;&nbsp;**400 South Beverly Drive** <br>&nbsp;&nbsp;**Beverly Hills, CA** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;315 South Beverly Drive | &nbsp;&nbsp;1961 / 2006 | &nbsp;&nbsp;Reif Law Group | &nbsp;&nbsp;Jan-24 | &nbsp;&nbsp;5 | &nbsp;&nbsp;Full Service | &nbsp;&nbsp;3930 | &nbsp;&nbsp;$50.40 |
| &nbsp;&nbsp;315 South Beverly Drive |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Beverly Hills, CA |  |  |  |  |  |  |  |
| &nbsp;&nbsp;280 South Beverly Drive | &nbsp;&nbsp;1964 / 1989 | &nbsp;&nbsp;Confidential | &nbsp;&nbsp;May-25 | &nbsp;&nbsp;3 | &nbsp;&nbsp;Full Service | &nbsp;&nbsp;750 | &nbsp;&nbsp;$48.00 |
| &nbsp;&nbsp;280 South Beverly Drive |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Beverly Hills, CA |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Wilshire Palm Building | &nbsp;&nbsp;1968 / 1997 | &nbsp;&nbsp;Concord Music Group | &nbsp;&nbsp;Oct-24 | &nbsp;&nbsp;11 | &nbsp;&nbsp;Full Service | &nbsp;&nbsp;32000 | &nbsp;&nbsp;$73.80 |
| &nbsp;&nbsp;9171 Wilshire Boulevard |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Beverly Hills, CA |  |  |  |  |  |  |  |
| &nbsp;&nbsp;9720 Wilshire | &nbsp;&nbsp;1962 / 2022 | &nbsp;&nbsp;Checchi Capital Advisors | &nbsp;&nbsp;May-24 | &nbsp;&nbsp;10 | &nbsp;&nbsp;Full Service | &nbsp;&nbsp;6137 | &nbsp;&nbsp;$90.00 |
| &nbsp;&nbsp;9720 Wilshire Boulevard |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Beverly Hills, CA |  |  |  |  |  |  |  |
| &nbsp;&nbsp;150 South Rodeo | &nbsp;&nbsp;1991 / N/A | &nbsp;&nbsp;Industrious | &nbsp;&nbsp;Jan-25 | &nbsp;&nbsp;10 | &nbsp;&nbsp;Full Service | &nbsp;&nbsp;16042 | &nbsp;&nbsp;$36.00 |
| &nbsp;&nbsp;150 South Rodeo |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Beverly Hills, CA |  |  |  |  |  |  |  |

---

(1) Source: Appraisal.

(2) Based on the in place rent roll dated September 30, 2025 (350 S Beverly Property)
and July 9, 2025 (400 S Beverly Property).

***The Borrowers.*** The borrower with respect to the 350 S Beverly Mortgage Loan is Beverly Capital Ventures, LLC, a special purpose, bankruptcy remote California limited liability company with one independent director. The borrower with respect to the 400 S Beverly Mortgage Loan is Beverly Hills Offices, LLC, a special purpose, bankruptcy remote California limited liability company with one independent director. Legal counsel to the borrowers delivered a non-consolidation opinion in connection with the origination of the 350 S Beverly and 400 S Beverly Crossed Group Mortgage Loans.

***The Borrower Sponsors.*** The borrower sponsors of the 350 S Beverly S Beverly Mortgage Loan and 400 S Beverly Mortgage Loan are David Taban and Jacob Taban, respectively. The Taban family runs JADE Enterprises, a private family-owned developer, operator and owner with a real estate holdings footprint primarily in Los Angeles. The non-recourse carveout guarantor of the 350 S Beverly Mortgage Loan is Jacob Taban and the non-recourse carveout guarantor of the 400 S Beverly Mortgage Loan is David Taban.

***Property Management.*** The 350 S Beverly and 400 S Beverly Crossed Group Properties are managed by Beverly Management Group, Inc., an affiliate of the borrower sponsors.

***Escrows and Reserves.*** At origination, the borrowers deposited approximately (i) $146,152 for real estate taxes (approximately $118,043 with respect to the 350 S Beverly Mortgage Loan and approximately $28,108 with respect to the 400 S Beverly Mortgage Loan); (ii) $150,000 for tenant improvements and leasing commissions with respect to the 400 S Beverly Mortgage Loan; and (iii) $64,200 for a gap rent reserve with respect to the 350 S Beverly Mortgage Loan.

*Tax Escrows* – On each monthly payment date, the borrowers are required to deposit 1/12th of the real estate taxes that the lender estimates will be payable during the next 12 months, which currently estimated to approximately $59,022 with respect to the 350 S Beverly Mortgage Loan and $14,054 with respect to the 400 S Beverly Mortgage Loan.

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 46 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| **No. 4 & 5 – 350 S Beverly & 400 S Beverly Crossed Group** | **No. 4 & 5 – 350 S Beverly & 400 S Beverly Crossed Group** |

---

*Insurance Escrows* – On each monthly payment date, the borrowers are required to deposit 1/12th of the insurance premiums that the lender estimates will be payable during the next 12 months. The borrowers will not be required to make monthly insurance deposits with any insurance coverage carried under a blanket insurance policy pursuant to the 350 S Beverly and 400 S Beverly Crossed Group Properties Mortgage Loan documents so long as (i) no event of default has occurred and is continuing and (ii) the policies maintained by the borrowers covering the 350 S Beverly and 400 S Beverly Crossed Group Properties are part of a blanket or umbrella policy approved by the lender in its reasonable discretion, and (iii) the borrowers provide lender with evidence of the renewal of such policies. As of the closing of the loan, these requirements were satisfied, and an acceptable blanket insurance policy was in place at origination.

*Replacement Reserve* – On each monthly payment date, the borrowers are required to deposit approximately $1,248 with respect to the 350 S Beverly Mortgage Loan, subject to a cap of $44,945, and $857 with respect to the 400 S Beverly Mortgage Loan, subject to a cap of $30,853, for replacement reserves.

*Leasing Reserve –* On each monthly payment date, the borrowers are required to deposit $5,202 with respect to the 350 S Beverly Mortgage Loan, subject to a cap of $250,000, and approximately $3,726 with respect to the 400 S Beverly Mortgage Loan, subject to a cap of $300,000, for tenant improvements and leasing commissions.

***Lockbox / Cash Management.*** The 350 S Beverly and 400 S Beverly Crossed Group Mortgage Loans are structured with springing lockbox and springing cash management. Upon the first occurrence of a Cash Trap Event Period (as defined below), the borrowers are required to (or are required to cause the property manager to) cause all rents to be transmitted directly by non-residential tenants of the 350 S Beverly and 400 S Beverly Crossed Group Properties into the lockbox account and deliver a tenant direction letter to each existing non-residential tenant at the 350 S Beverly and 400 S Beverly Crossed Group Properties directing each such tenant to remit its rental payments directly into the lockbox account. Upon the occurrence and during the continuance of a Cash Trap Event Period, all funds in the lockbox account are required to be swept on each business day to a cash management account under the control of the lender to be applied and disbursed in accordance with the 350 S Beverly and 400 S Beverly Crossed Group Mortgage Loans documents, and all excess cash flow funds remaining in the cash management account after the application of such funds in accordance with the 350 S Beverly and 400 S Beverly Crossed Group Mortgage Loans documents are required to be held by the lender in an excess cash flow reserve account as additional collateral for the 350 S Beverly and 400 S Beverly Crossed Group Mortgage Loans.

A "**<u>Cash Trap Event Period</u>**" will (x) commence upon: (i) the occurrence of an event of default, (ii) the debt yield being less than 8.25%, or (iii) the commencement of a Lease Sweep Period (as defined below) and (y) terminate (A) with respect to clause (i) above, upon the lender's acceptance of the cure (if applicable) of such event of default, (B) with respect to clause (ii) above, upon the date that the debt yield is equal to or greater than 8.25% for one calendar quarter, or (C) with respect to clause (iii) above, if such Lease Sweep Period has ended pursuant to the terms of the 350 S Beverly and 400 S Beverly Crossed Group Mortgage Loans documents.

A "**<u>Lease Sweep Period</u>**" will commence on the first payment date following the occurrence of any of the following: (a) with respect to each Lease Sweep Lease (as defined below), the earlier to occur of: (i) 12 months prior to the earliest stated expiration of a Lease Sweep Lease, (ii) upon the date required under a Lease Sweep Lease by which the tenant thereunder is required to give notice of its exercise of a renewal option thereunder, and (iii) the date that any tenant under a Lease Sweep Lease gives notice of its intention not to renew or extend its Lease Sweep Lease, (b) the receipt by the borrowers or the property manager of notice from any tenant under a Lease Sweep Lease exercising its right to terminate its Lease Sweep Lease, (c) the date that a Lease Sweep Lease is surrendered, cancelled or terminated prior to its then-current expiration date, or the date the borrowers or the property manager receive notice from any tenant under a Lease Sweep Lease of its intent to so surrender, cancel or terminate prior to its then-current expiration date, (d) the date that any tenant under a Lease Sweep Lease has ceased occupying its Lease Sweep Lease space at a 350 S Beverly and 400 S Beverly Crossed Group Property and has ceased paying rent pursuant to the Lease Sweep Lease, other than temporary cessation of operations in connection with remodeling, renovation or restoration of the applicable Lease Sweep Lease space at a 350 S Beverly and 400 S Beverly Crossed Group Property in accordance with the terms of the applicable Lease Sweep Lease, or gives notice that it intends to do the foregoing, (e) upon a monetary or non-material non-monetary default under a Lease Sweep Lease by the tenant thereunder that continues beyond the date which is 30 days beyond any applicable notice and cure period, or (f) the occurrence of a Lease Sweep Tenant Party (as defined below) insolvency proceeding.

A Lease Sweep Period will end upon the earlier to occur of (A) in the case of clauses (i)(a), (i)(b), (i)(c), and (i)(d) above, upon the occurrence of an acceptable Lease Sweep Lease event, (B) in the case of clause (i)(b) above, if such termination option is not validly exercised by the tenant under the applicable Lease Sweep Lease by the latest exercise date specified

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 47 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| **No. 4 & 5 – 350 S Beverly & 400 S Beverly Crossed Group** | **No. 4 & 5 – 350 S Beverly & 400 S Beverly Crossed Group** |

---

in such Lease Sweep Lease or is otherwise validly and irrevocably waived in writing by the related tenant, (C) in the case of clause (i)(d) above, the applicable tenant under the Lease Sweep Lease has re-commenced operations at its Lease Sweep Lease space at a 350 S Beverly and 400 S Beverly Crossed Group Property during normal business hours, in accordance with the terms of its Lease Sweep Lease, for a period of one (1) calendar quarter following such cure, (D) in the case of clause (i)(e) above, the date on which the subject default has been cured, and no other default under such Lease Sweep Lease occurs for a period of one (1) calendar quarter following such cure; and (E) in the case of clause (i)(f) above, either (a) the applicable Lease Sweep Lease tenant party insolvency proceeding has terminated and the applicable Lease Sweep Lease has been affirmed, assumed or assigned in a manner reasonably satisfactory to the lender or (b) the applicable Lease Sweep Lease has been assumed and assigned to a third party in a manner reasonably satisfactory to the lender.

A "**<u>Lease Sweep Lease</u>**" means (i) the First Citizens Bank lease, as the same may be amended, supplemented or otherwise modified from time to time in accordance with the 350 S Beverly and 400 S Beverly Crossed Group Mortgage Loans documents, (ii) the Optima Salon lease, as the same may be amended, supplemented or otherwise modified from time in accordance with the 350 S Beverly and 400 S Beverly Crossed Group Mortgage Loans documents, or (iii) any renewal or replacement lease with respect to all or a portion of the lease sweep space that constitutes a qualified lease.

A "**<u>Lease Sweep Tenant Party</u>**" means a tenant under a Lease Sweep Lease (or its direct or indirect parent company (if any)) or the lease guarantor under any Lease Sweep Lease.

***Subordinate Debt and Mezzanine Debt.*** None.

***Permitted Future Mezzanine Debt.*** Not permitted.

***Partial Release.*** The borrowers may obtain the release of either the 350 S Beverly or 400 S Beverly Property (each, a "**<u>Release Property</u>**") from the cross-default and cross-collateralization agreement and from the lien of the other security instrument, in connection with the sale of such Release Property or refinancing or repayment and satisfaction in full of such 350 S Beverly and 400 S Beverly Crossed Group Mortgage Loan, upon satisfaction of the following conditions: (a) the borrowers pay an amount equal to the sum of (i) the Other Property Release Price (as defined below) for the Release Property, plus (ii) all interest that would have accrued on the principal amount prepaid through (but not including) the next monthly payment date, plus (iii) the yield maintenance premium due with respect to the prepaid principal amount, if any, plus (iv) all other sums due and payable under the 350 S Beverly and 400 S Beverly Crossed Group Mortgage Loan documents, (b) after giving effect to such release, the debt yield for the remaining 350 S Beverly and 400 S Beverly Crossed Group Property is no less than the greater of (a) the debt yield immediately preceding such release and (b) 11%, (c) after giving effect to such release, the loan-to-value ratio for the remaining 350 S Beverly and 400 S Beverly Crossed Group Property is no more than the lesser of (a) the loan to value ratio immediately preceding such release and (b) 60% and (d) satisfaction of customary REMIC requirements.

A "**<u>Other Property Release Price</u>**" means (A) in connection with a refinancing, an amount equal to the greater of (x) 100% of the net refinancing proceeds and (y) 125% of the outstanding balance of the 350 S Beverly and 400 S Beverly Crossed Group Mortgage Loan being released, and (B) in connection with a sale, an amount equal to the greater of (x) 100% of the net sale proceeds and (y) 125% of the outstanding balance of the 350 S Beverly and 400 S Beverly Crossed Group Mortgage Loan being released.

***Ground Lease.*** None.

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 48 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| **No. 7 – Springfield Town Center** | **No. 7 – Springfield Town Center** |

---

![](n5505prets_img010.jpg)

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 49 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| **No. 7 – Springfield Town Center** | **No. 7 – Springfield Town Center** |

---

![](n5505prets_img011.jpg)

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 50 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| **No. 7 – Springfield Town Center** | **No. 7 – Springfield Town Center** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Mortgage Loan Seller:** | &nbsp;&nbsp;3650 Capital | &nbsp;&nbsp;**Single Asset / Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Original Principal Balance<sup>(1)</sup>:** | &nbsp;&nbsp;$29000000 | &nbsp;&nbsp;**Title:** | &nbsp;&nbsp;Fee / Leasehold |
| &nbsp;&nbsp;**Cut-off Date Principal Balance<sup>(1)</sup>:** | &nbsp;&nbsp;$29000000 | &nbsp;&nbsp;**Property Type – Subtype:** | &nbsp;&nbsp;Retail – Super Regional Mall |
| &nbsp;&nbsp;**% of IPB:** | &nbsp;&nbsp;5.3% | &nbsp;&nbsp;**Net Rentable Area (SF):** | &nbsp;&nbsp;981463 |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;Springfield, VA |
| &nbsp;&nbsp;**Borrower:** | &nbsp;&nbsp;PR Springfield Town Center LLC | &nbsp;&nbsp;**Year Built / Renovated:** | &nbsp;&nbsp;1972, 1975, 1979, 1996 / 2014 |
| &nbsp;&nbsp;**Borrower Sponsor:** | &nbsp;&nbsp;PREIT Realty, LLC | &nbsp;&nbsp;**Occupancy:** | &nbsp;&nbsp;93.2% |
| &nbsp;&nbsp;**Interest Rate:** | &nbsp;&nbsp;7.11500% | &nbsp;&nbsp;**Occupancy Date:** | &nbsp;&nbsp;5/31/2025 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;6/20/2025 | &nbsp;&nbsp;**4<sup>th</sup> Most Recent NOI (As of):** | &nbsp;&nbsp;$20,006,654 (12/31/2022) |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;7/6/2030 | &nbsp;&nbsp;**3<sup>rd</sup> Most Recent NOI (As of):** | &nbsp;&nbsp;$20,584,353 (12/31/2023) |
| &nbsp;&nbsp;**Interest-only Period:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**2<sup>nd</sup> Most Recent NOI (As of):** | &nbsp;&nbsp;$20,930,217 (12/31/2024) |
| &nbsp;&nbsp;**Original Term:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**Most Recent NOI (As of):** | &nbsp;&nbsp;$20,464,386 (TTM 2/28/2025) |
| &nbsp;&nbsp;**Original Amortization Term:** |  | &nbsp;&nbsp;**UW Economic Occupancy:** | &nbsp;&nbsp;93.7% |
| &nbsp;&nbsp;**Amortization Type:** | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;**UW Revenues:** | &nbsp;&nbsp;$34303091 |
| &nbsp;&nbsp;**Call Protection<sup>(2)</sup>:** | &nbsp;&nbsp;L(29),DorYM1(24),O(7) | &nbsp;&nbsp;**UW Expenses:** | &nbsp;&nbsp;$13313358 |
| &nbsp;&nbsp;**Lockbox / Cash Management:** | &nbsp;&nbsp;Hard / Springing | &nbsp;&nbsp;**UW NOI:** | &nbsp;&nbsp;$20989733 |
| &nbsp;&nbsp;**Additional Debt<sup>(1)</sup>:** | &nbsp;&nbsp;Yes | &nbsp;&nbsp;**UW NCF:** | &nbsp;&nbsp;$20080870 |
| &nbsp;&nbsp;**Additional Debt Balance<sup>(1)</sup>:** | &nbsp;&nbsp;$121000000 | &nbsp;&nbsp;**Appraised Value / Per SF:** | &nbsp;&nbsp;$274,600,000 / $280 |
| &nbsp;&nbsp;**Additional Debt Type<sup>(1)</sup>:** | &nbsp;&nbsp;*Pari Passu* | &nbsp;&nbsp;**Appraisal Date:** | &nbsp;&nbsp;4/1/2025 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Escrows and Reserves<sup>(3)</sup>** | &nbsp;&nbsp;**Escrows and Reserves<sup>(3)</sup>** | &nbsp;&nbsp;**Escrows and Reserves<sup>(3)</sup>** | &nbsp;&nbsp;**Escrows and Reserves<sup>(3)</sup>** | &nbsp;&nbsp;**Financial Information<sup>(1)</sup>** | &nbsp;&nbsp;**Financial Information<sup>(1)</sup>** |
|  | &nbsp;&nbsp;**Initial** | &nbsp;&nbsp;**Monthly** | &nbsp;&nbsp;**Initial Cap** | &nbsp;&nbsp;**Cut-off Date Loan / SF:** | &nbsp;&nbsp;$153 |
| &nbsp;&nbsp;**Taxes:** | &nbsp;&nbsp;$440784 | &nbsp;&nbsp;$440784 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;**Maturity Date Loan / SF:** | &nbsp;&nbsp;$153 |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;N/A | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;54.6% |
| &nbsp;&nbsp;**Replacement Reserves:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;$392585<sup>(4)</sup> | &nbsp;&nbsp;**Maturity Date LTV:** | &nbsp;&nbsp;54.6% |
| &nbsp;&nbsp;**TI / LC Reserve:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$171431 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.86x |
| &nbsp;&nbsp;**Additional TI / LC Reserve:** | &nbsp;&nbsp;$1500000 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;14.0% |
| &nbsp;&nbsp;**Unfunded Obligations Reserve:** | &nbsp;&nbsp;$980567 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;N/A |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** |
| &nbsp;&nbsp;**Sources** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** | &nbsp;&nbsp;**Uses** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** |
| &nbsp;&nbsp;Whole Loan<sup>(1)</sup> | &nbsp;&nbsp;$150000000 | &nbsp;&nbsp;99.8% | &nbsp;&nbsp;Loan Payoff | &nbsp;&nbsp;$143057024 | &nbsp;&nbsp;95.2% |
| &nbsp;&nbsp;Principal Cash Contribution | &nbsp;&nbsp;250000 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;Closing Costs | &nbsp;&nbsp;4271624 | &nbsp;&nbsp;2.8 |
|  |  |  | &nbsp;&nbsp;Upfront Reserves | &nbsp;&nbsp;2921351 | &nbsp;&nbsp;1.9 |
| &nbsp;&nbsp;**Total Sources** | &nbsp;&nbsp;**$150250000** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses** | &nbsp;&nbsp;**$150250000** | &nbsp;&nbsp;**100.0%** |

---

(1) The Springfield Town Center Mortgage Loan (as defined below) is part of a whole loan evidenced by nine *pari passu* promissory notes with an aggregate outstanding principal balance as of the Cut-off Date of $150.0 million (the "  **<u>Springfield Town Center Whole Loan</u>** "). The Financial Information in the chart above reflects the Springfield Town Center Whole Loan.

(2) The lockout period will be at least 29 payment dates beginning with and including the first payment date
on August 6, 2025. Defeasance of the Springfield Town Center Whole Loan in full is permitted at any time after the earlier to occur of
(i) July 6, 2028 and (ii) the date that is two years from the closing date of the securitization that includes the last *pari passu* note to be securitized (the "  **<u>Lockout Release Date</u>** "). In addition, on any business day from and after the Lockout
Release Date, voluntary prepayment of the Springfield Town Center Whole Loan is permitted in whole (but not in part), together with, if
such voluntary prepayment occurs prior to the monthly payment date that occurs in January 2030, a prepayment fee equal to the greater
of (x) 1.00% of the principal amount of the Springfield Town Center Whole Loan being prepaid and (y) a yield maintenance premium. The
assumed lockout period of 29 payments is based on the anticipated closing date of the BMO 2025-5C13 securitization in December 2025. The
actual lockout period may be longer.

(3) For a full description of Escrows and Reserves, see "*Escrows and Reserves*" below.

(4) The Replacement Reserves Initial Cap equals 24 times the required monthly deposit amount.

***The Loan.*** The seventh largest loan (the "**<u>Springfield Town Center Mortgage Loan</u>**") is part of the Springfield Town Center Whole Loan secured by the borrower's fee and leasehold interest in an approximately 981,463 SF portion of a super-regional mall located in Springfield, Virginia (such portion, the "**<u>Springfield Town Center Property</u>**"). The Springfield Town Center Whole Loan is evidenced by nine *pari passu* promissory notes and accrues interest at a rate of 7.115% *per annum* on an Actual/360 basis. The Springfield Town Center Whole Loan has a 5-year term and is interest only for the entire duration of the term. The Springfield Town Center Whole Loan was co-originated on June 20, 2025 by Goldman Sachs

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 51 |

---

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| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| **No. 7 – Springfield Town Center** | **No. 7 – Springfield Town Center** |

---

Bank USA ("**<u>GSBI</u>**") and Barclays Capital Real Estate Inc. ("**<u>BCREI</u>**"). The Springfield Town Center Mortgage Loan is evidenced by the non-controlling Note A-1-3-a and non-controlling Note A-2-3 , which were acquired from Goldman Sachs Mortgage Company and BCREI, respectively, with an aggregate original principal balance of $29,000,000, and which are being contributed by 3650 Capital. The Springfield Town Center Whole Loan is serviced pursuant to the pooling and servicing agreement for the BBCMS 2025-5C37 trust. See "*Description of the Mortgage Pool—The Whole Loans—The Outside Serviced Pari Passu Whole Loans*" and "*The Pooling and Servicing Agreement—Servicing of the Outside Serviced Mortgage Loans*" in the Preliminary Prospectus.

The table below identifies the promissory notes that comprise the Springfield Town Center Whole Loan:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Whole Loan Summary** | &nbsp;&nbsp;**Whole Loan Summary** | &nbsp;&nbsp;**Whole Loan Summary** | &nbsp;&nbsp;**Whole Loan Summary** | &nbsp;&nbsp;**Whole Loan Summary** |
| &nbsp;&nbsp;**Note** | &nbsp;&nbsp;**Original Balance** | &nbsp;&nbsp;**Cut-off Date Balance** | &nbsp;&nbsp;**Note Holder** | &nbsp;&nbsp;**Controlling Piece** |
| &nbsp;&nbsp;A-1-1 | &nbsp;&nbsp;$27600000 | &nbsp;&nbsp;$27600000 | &nbsp;&nbsp;BBCMS 2025-5C37 | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;A-1-2 | &nbsp;&nbsp;$30000000 | &nbsp;&nbsp;$30000000 | &nbsp;&nbsp;Benchmark 2025-V17 | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**A-1-3-a** | &nbsp;&nbsp;**$17400000** | &nbsp;&nbsp;**$17400000** | &nbsp;&nbsp;**BMO 2025-5C13** | &nbsp;&nbsp;**No** |
| &nbsp;&nbsp;A-1-3-b | &nbsp;&nbsp;$15000000 | &nbsp;&nbsp;$15000000 | &nbsp;&nbsp;Benchmark 2025-V18 | &nbsp;&nbsp;No |
| &nbsp;&nbsp;A-2-1 | &nbsp;&nbsp;$18400000 | &nbsp;&nbsp;$18400000 | &nbsp;&nbsp;BBCMS 2025-5C37 | &nbsp;&nbsp;No |
| &nbsp;&nbsp;A-2-2 | &nbsp;&nbsp;$16000000 | &nbsp;&nbsp;$16000000 | &nbsp;&nbsp;Benchmark 2025-V17 | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**A-2-3** | &nbsp;&nbsp;**$11600000** | &nbsp;&nbsp;**$11600000** | &nbsp;&nbsp;**BMO 2025-5C13** | &nbsp;&nbsp;**No** |
| &nbsp;&nbsp;A-2-4 | &nbsp;&nbsp;$4000000 | &nbsp;&nbsp;$4000000 | &nbsp;&nbsp;Benchmark 2025-V17 | &nbsp;&nbsp;No |
| &nbsp;&nbsp;A-2-5 | &nbsp;&nbsp;$10000000 | &nbsp;&nbsp;$10000000 | &nbsp;&nbsp;Benchmark 2025-V18 | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**Whole Loan** | &nbsp;&nbsp;**$150000000** | &nbsp;&nbsp;**$150000000** |  |  |

---

 ****

***The Property.*** The Springfield Town Center Property is an approximately 981,463 SF portion of a super-regional mall located at 6500 Springfield Mall in Springfield, Fairfax County, VA (the "Mall"). The Mall is a two-story, enclosed super-regional mall that encompasses approximately 1,372,594 square feet of gross leasable area ("**<u>GLA</u>**") on a 75.99-acre parcel. The borrower owns the fee interest in the Springfield Town Center Property, except for a portion of the parking lot which is owned in fee by a third party, and ground leased by the borrower. The Mall includes non-collateral JC Penney (third-party owned) and Target who owns their store and underlying land. Constructed between 1972 and 1996, the Springfield Town Center Property underwent extensive remodeling in 2014.

The Mall is anchored by JC Penney (non-collateral), Macy's, and Target (non-collateral), and complemented by junior anchor tenants including Burlington, Dave & Buster's, Dick's Sporting Goods, H & M, LA Fitness, Lego Discovery Center, Nordstrom Rack, and Regal Cinemas. All junior anchor stores and the cinema are owned by the borrower as part of the Springfield Town Center Property.

Its location in the northeast quadrant of the intersection of Interstates 95, 395, and 495 provides regional accessibility. The center also benefits from local access via Franconia-Springfield Parkway and South Van Dorn Street, and mass transit access through the nearby Franconia-Spring Metrorail Station and Virginia Railway Express station. The surrounding area is experiencing developments such as the new TSA headquarters, the proposed Springfield Gateway project, and Inova's medical campus expansion. A 2.42-acre parcel was recently sold for a 450-unit multifamily complex, further contributing to the mixed-use vision for the area, which is scheduled to be delivered by the end of 2025. Additionally, the borrower sponsor has designated a parcel for a multifamily Phase II project (approximately 400 units), and the borrower sponsor plans to sell the land to a third-party developer. There is also a parcel slated for a 150-key hotel adjacent to the JCPenney parking garage on the western border of the site, and this parcel is owned by a non-affiliated third party.

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 52 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| **No. 7 – Springfield Town Center** | **No. 7 – Springfield Town Center** |

---

The following table presents certain information relating to the historical capital Investment at the Springfield Town Center Property:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Historical Capital Investment<sup>(1)</sup>** | &nbsp;&nbsp;**Historical Capital Investment<sup>(1)</sup>** | &nbsp;&nbsp;**Historical Capital Investment<sup>(1)</sup>** | &nbsp;&nbsp;**Historical Capital Investment<sup>(1)</sup>** | &nbsp;&nbsp;**Historical Capital Investment<sup>(1)</sup>** | &nbsp;&nbsp;**Historical Capital Investment<sup>(1)</sup>** | &nbsp;&nbsp;**Historical Capital Investment<sup>(1)</sup>** | &nbsp;&nbsp;**Historical Capital Investment<sup>(1)</sup>** | &nbsp;&nbsp;**Historical Capital Investment<sup>(1)</sup>** |
|  | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2025 YTD** | &nbsp;&nbsp;**Grand Total** |
| &nbsp;&nbsp;General CapEx | &nbsp;&nbsp;$1288791 | &nbsp;&nbsp;$61675 | &nbsp;&nbsp;$468120 | &nbsp;&nbsp;$3643530 | &nbsp;&nbsp;$1381107 | &nbsp;&nbsp;$840846 | &nbsp;&nbsp;$230466 | &nbsp;&nbsp;$7914534 |
| &nbsp;&nbsp;Tenant Improvements | &nbsp;&nbsp;$1552301 | &nbsp;&nbsp;$139258 | &nbsp;&nbsp;$871290 | &nbsp;&nbsp;$1282012 | &nbsp;&nbsp;$3835134 | &nbsp;&nbsp;$880377 | &nbsp;&nbsp;$88281 | &nbsp;&nbsp;$8648653 |
| &nbsp;&nbsp;Development | &nbsp;&nbsp;$65798 | &nbsp;&nbsp;$143203 | &nbsp;&nbsp;$69846 | &nbsp;&nbsp;$736862 | &nbsp;&nbsp;$2460801 | &nbsp;&nbsp;$486476 | &nbsp;&nbsp;$22854 | &nbsp;&nbsp;$3985840 |
| &nbsp;&nbsp;**Grand Total** | &nbsp;&nbsp;**$2906890** | &nbsp;&nbsp;**$344136** | &nbsp;&nbsp;**$1409255** | &nbsp;&nbsp;**$5662404** | &nbsp;&nbsp;**$7677042** | &nbsp;&nbsp;**$2207699** | &nbsp;&nbsp;**$341601** | &nbsp;&nbsp;**$20549028** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Source: Borrower.

The following tables presents certain information relating to the historical inline tenant sales and anchor tenant sales at the Springfield Town Center Property:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sales Performance History (In-Line Tenancy)** | &nbsp;&nbsp;**Sales Performance History (In-Line Tenancy)** | &nbsp;&nbsp;**Sales Performance History (In-Line Tenancy)** | &nbsp;&nbsp;**Sales Performance History (In-Line Tenancy)** | &nbsp;&nbsp;**Sales Performance History (In-Line Tenancy)** | &nbsp;&nbsp;**Sales Performance History (In-Line Tenancy)** | &nbsp;&nbsp;**Sales Performance History (In-Line Tenancy)** |
| &nbsp;&nbsp;**Sales** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**April 2025 TTM** |
| &nbsp;&nbsp;Total Property Sales<sup>(1)</sup> | &nbsp;&nbsp;$213322922 | &nbsp;&nbsp;$188864207 | &nbsp;&nbsp;$203787331 | &nbsp;&nbsp;$214051968 | &nbsp;&nbsp;$214523519 | &nbsp;&nbsp;$209180482 |
| &nbsp;&nbsp;Total Comp Sales (<10,000 SF) | &nbsp;&nbsp;$118823657 | &nbsp;&nbsp;$116228797 | &nbsp;&nbsp;$121806507 | &nbsp;&nbsp;$125307781 | &nbsp;&nbsp;$125939047 | &nbsp;&nbsp;$115489324 |
| &nbsp;&nbsp;Comp Sales (<10,000 SF) PSF | &nbsp;&nbsp;$555 | &nbsp;&nbsp;$558 | &nbsp;&nbsp;$572 | &nbsp;&nbsp;$601 | &nbsp;&nbsp;$607 | &nbsp;&nbsp;$614 |
| &nbsp;&nbsp;Occupancy Cost | &nbsp;&nbsp;13.9% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;13.2% | &nbsp;&nbsp;12.5% | &nbsp;&nbsp;12.3% | &nbsp;&nbsp;11.3% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Total sales are based on reporting inline tenants only.

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sales Performance History (Anchor Tenancy)** | &nbsp;&nbsp;**Sales Performance History (Anchor Tenancy)** | &nbsp;&nbsp;**Sales Performance History (Anchor Tenancy)** | &nbsp;&nbsp;**Sales Performance History (Anchor Tenancy)** | &nbsp;&nbsp;**Sales Performance History (Anchor Tenancy)** | &nbsp;&nbsp;**Sales Performance History (Anchor Tenancy)** | &nbsp;&nbsp;**Sales Performance History (Anchor Tenancy)** | &nbsp;&nbsp;**Sales Performance History (Anchor Tenancy)** | &nbsp;&nbsp;**Sales Performance History (Anchor Tenancy)** | &nbsp;&nbsp;**Sales Performance History (Anchor Tenancy)** | &nbsp;&nbsp;**Sales Performance History (Anchor Tenancy)** | &nbsp;&nbsp;**Sales Performance History (Anchor Tenancy)** | &nbsp;&nbsp;**Sales Performance History (Anchor Tenancy)** | &nbsp;&nbsp;**Sales Performance History (Anchor Tenancy)** |
| | | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**April 2025 TTM** | &nbsp;&nbsp;**April 2025 TTM** |
| <br>&nbsp;&nbsp;**Anchor** | <br>&nbsp;&nbsp;**SF** | &nbsp;&nbsp;**Amt.** | &nbsp;&nbsp;**PSF** | &nbsp;&nbsp;**Amt.** | &nbsp;&nbsp;**PSF** | &nbsp;&nbsp;**Amt.** | &nbsp;&nbsp;**PSF** | &nbsp;&nbsp;**Amt.** | &nbsp;&nbsp;**PSF** | &nbsp;&nbsp;**Amt.** | &nbsp;&nbsp;**PSF** | &nbsp;&nbsp;**Amt.** | &nbsp;&nbsp;**PSF** |
| &nbsp;&nbsp;Macy's | &nbsp;&nbsp;252245 | &nbsp;&nbsp;$39800000 | &nbsp;&nbsp;$157.78 | &nbsp;&nbsp;$37000000 | &nbsp;&nbsp;$146.68 | &nbsp;&nbsp;$38600000 | &nbsp;&nbsp;$153.03 | &nbsp;&nbsp;$37500000 | &nbsp;&nbsp;$148.66 | &nbsp;&nbsp;$36967677 | &nbsp;&nbsp;$146.55 | &nbsp;&nbsp;$36580403 | &nbsp;&nbsp;$145.02 |
| &nbsp;&nbsp;JCPenney<sup>(1)</sup> | &nbsp;&nbsp;209144 | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;$14000000 | &nbsp;&nbsp;$55.50 | &nbsp;&nbsp;$13000000 | &nbsp;&nbsp;$51.54 | &nbsp;&nbsp;$12500000 | &nbsp;&nbsp;$49.55 | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;Target | &nbsp;&nbsp;180841 | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;$52000000 | &nbsp;&nbsp;$206.15 | &nbsp;&nbsp;$52000000 | &nbsp;&nbsp;$206.15 | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Sales for JCPenney are estimated.

***Major Tenants***.

*Dave & Buster's (38,778 SF; 4.0% of NRA; 7.6% of underwritten base rent):* Dave & Buster's Entertainment, Inc. operates entertainment and dining venues across North America. Their establishments offer food and beverages, along with entertainment attractions such as games, live sports, and other televised events. Dave & Buster's began its lease at Springfield Town Center in December 2015. Their lease is scheduled to expire in December 2030.

*Dick's Sporting Goods (53,891 SF; 5.5% of NRA; 6.3% of underwritten base rent):* DICK'S Sporting Goods, Inc. operates as an omni-channel sporting goods retailer across the United States. The company provides a selection of authentic sports equipment, apparel, footwear, and accessories. In addition to its primary brand, DICK'S Sporting Goods, the company also owns and operates specialty concept stores such as Golf Galaxy, Public Lands, Moosejaw, and Going Going Gone!, along with offering products online and through mobile applications. This junior anchor store is owned by the borrower as part of the Springfield Town Center Property. The company's lease is scheduled to expire in January 2030, with an in place rent of $25.00 per square foot.

*Regal Cinemas (49,788 SF; 5.1% of NRA; 6.1% of underwritten base rent):* Regal Cinemas, Inc., a subsidiary of Cineworld Group, operates one of the largest and most geographically diverse movie theater circuits in the United States, spanning over 40 states, the District of Columbia, and Guam. It manages 425 theaters and 5,774 screens under the Regal Cinemas, Edwards Theatres, and United Artists Theatres banners. This cinema is owned by the borrower as part of the Springfield Town Center Property.

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 53 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| **No. 7 – Springfield Town Center** | **No. 7 – Springfield Town Center** |

---

The following table presents certain information relating to the historical and current occupancy of the Springfield Town Center Property:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Historical and Current Occupancy<sup>(1)</sup>** | &nbsp;&nbsp;**Historical and Current Occupancy<sup>(1)</sup>** | &nbsp;&nbsp;**Historical and Current Occupancy<sup>(1)</sup>** | &nbsp;&nbsp;**Historical and Current Occupancy<sup>(1)</sup>** | &nbsp;&nbsp;**Historical and Current Occupancy<sup>(1)</sup>** | &nbsp;&nbsp;**Historical and Current Occupancy<sup>(1)</sup>** | &nbsp;&nbsp;**Historical and Current Occupancy<sup>(1)</sup>** |
| &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**TTM** | &nbsp;&nbsp;**Current<sup>(2)</sup>** |
| &nbsp;&nbsp;90.2% | &nbsp;&nbsp;91.7% | &nbsp;&nbsp;91.1% | &nbsp;&nbsp;96.1% | &nbsp;&nbsp;96.2% | &nbsp;&nbsp;95.8% | &nbsp;&nbsp;93.2% |

---

(1) Based on December 31 of each respective year unless otherwise specified. TTM Occupancy
is as of February 28, 2025.

(2) Based on the underwritten rent roll as of May 31, 2025.

The following table presents certain information relating to the largest tenants by net rentable area at the Springfield Town Center Property:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Top Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Top Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Top Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Top Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Top Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Top Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Top Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Top Tenant Summary<sup>(1)</sup>** |
| &nbsp;&nbsp;**Tenant** | &nbsp;&nbsp;**Ratings<sup></sup> (Fitch/Moody's/S&P)<sup>(2)</sup>** | &nbsp;&nbsp;**Net Rentable Area (SF)** | &nbsp;&nbsp;**% of<br> Total NRA** | &nbsp;&nbsp;**UW Base Rent PSF** | &nbsp;&nbsp;**UW Base Rent** | &nbsp;&nbsp;**% of Total<br> UW Base Rent** | &nbsp;&nbsp;<br>**Lease<br> Expiration Date** |
| &nbsp;&nbsp;**Retail Anchor Tenants** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;JCPenney | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;209144 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;8/8/2041 |
| &nbsp;&nbsp;Target | &nbsp;&nbsp;A/A2/A | &nbsp;&nbsp;180841 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;8/8/2041 |
| &nbsp;&nbsp;**Non-Collateral Anchor Tenants Subtotal / Wtd. Avg.** |  | &nbsp;&nbsp;**389985** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**$0.00** | &nbsp;&nbsp;**$0** | &nbsp;&nbsp;**0.0%** |  |
| &nbsp;&nbsp;**Remaining Tenants** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Dave & Buster's | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;38778 | &nbsp;&nbsp;4.0% | &nbsp;&nbsp;$41.50 | &nbsp;&nbsp;$1609260 | &nbsp;&nbsp;7.6% | &nbsp;&nbsp;12/31/2030 |
| &nbsp;&nbsp;Dick's Sporting Goods | &nbsp;&nbsp;NR/Baa2/BBB | &nbsp;&nbsp;53891 | &nbsp;&nbsp;5.5% | &nbsp;&nbsp;$25.00 | &nbsp;&nbsp;1347275 | &nbsp;&nbsp;6.3 | &nbsp;&nbsp;1/31/2030 |
| &nbsp;&nbsp;Regal Cinemas | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;49788 | &nbsp;&nbsp;5.1% | &nbsp;&nbsp;$25.83 | &nbsp;&nbsp;1286024 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;10/31/2031 |
| &nbsp;&nbsp;LA Fitness | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;41173 | &nbsp;&nbsp;4.2% | &nbsp;&nbsp;$30.17 | &nbsp;&nbsp;1242189 | &nbsp;&nbsp;5.8 | &nbsp;&nbsp;10/31/2029 |
| &nbsp;&nbsp;Nordstrom Rack | &nbsp;&nbsp;BB+/Ba2/BB | &nbsp;&nbsp;33107 | &nbsp;&nbsp;3.4% | &nbsp;&nbsp;$25.41 | &nbsp;&nbsp;841249 | &nbsp;&nbsp;4.0 | &nbsp;&nbsp;4/30/2030 |
| &nbsp;&nbsp;Burlington | &nbsp;&nbsp;NR/NR/BB+ | &nbsp;&nbsp;29909 | &nbsp;&nbsp;3.0% | &nbsp;&nbsp;$26.00 | &nbsp;&nbsp;777634 | &nbsp;&nbsp;3.7 | &nbsp;&nbsp;2/28/2034 |
| &nbsp;&nbsp;Macy's | &nbsp;&nbsp;BBB-/Ba2/BB+ | &nbsp;&nbsp;252245 | &nbsp;&nbsp;25.7% | &nbsp;&nbsp;$2.28 | &nbsp;&nbsp;575000 | &nbsp;&nbsp;2.7 | &nbsp;&nbsp;2/28/2035 |
| &nbsp;&nbsp;Yard House | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;10296 | &nbsp;&nbsp;1.0% | &nbsp;&nbsp;$50.82 | &nbsp;&nbsp;523243 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;11/30/2029 |
| &nbsp;&nbsp;Chuy's | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;7864 | &nbsp;&nbsp;0.8% | &nbsp;&nbsp;$50.82 | &nbsp;&nbsp;399648 | &nbsp;&nbsp;1.9 | &nbsp;&nbsp;12/31/2029 |
| &nbsp;&nbsp;Maggiano's Little Italy | &nbsp;&nbsp;NR/B1/BB+ | &nbsp;&nbsp;10750 | &nbsp;&nbsp;1.1% | &nbsp;&nbsp;$36.50 | &nbsp;&nbsp;392394 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;10/31/2029 |
| &nbsp;&nbsp;**Major Tenants Subtotal / Wtd. Avg.** |  | &nbsp;&nbsp;**527801** | &nbsp;&nbsp;**53.8%** | &nbsp;&nbsp;**$17.04** | &nbsp;&nbsp;**$8993916** | &nbsp;&nbsp;**42.3%** |  |
| &nbsp;&nbsp;**Non Major Tenants Collateral Total / Wtd. Avg.** |  | &nbsp;&nbsp;**386530** | &nbsp;&nbsp;**39.4%** | &nbsp;&nbsp;**$31.71** | &nbsp;&nbsp;**$12256630** | &nbsp;&nbsp;**57.7%** |  |
| &nbsp;&nbsp;**Occupied Collateral Total / Wtd. Avg.** |  | &nbsp;&nbsp;**914331** | &nbsp;&nbsp;**93.2%** | &nbsp;&nbsp;**$23.24** | &nbsp;&nbsp;**$21250546** |  |  |
| &nbsp;&nbsp;Vacant Space |  | &nbsp;&nbsp;67132 | &nbsp;&nbsp;6.8% |  |  |  |  |
| &nbsp;&nbsp;**Collateral Total** |  | &nbsp;&nbsp;**981463** | &nbsp;&nbsp;**100.0%** |  |  |  |  |

---

(1) Based on the underwritten rent roll dated May 31, 2025 (including signed not open tenants), with rent
steps through June 1, 2026.

(2) In certain instances, ratings provided are those of the parent company of the entity shown, whether or
not the parent company guarantees the lease.

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 54 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| **No. 7 – Springfield Town Center** | **No. 7 – Springfield Town Center** |

---

The following table presents certain information relating to the lease rollover schedule at the Springfield Town Center Property:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** |
| &nbsp;&nbsp;**Year** | &nbsp;&nbsp;**Number of Leases Expiring** | &nbsp;&nbsp;**Net Rentable Area Expiring** | &nbsp;&nbsp;**% of NRA Expiring** | &nbsp;&nbsp;**UW Base Rent Expiring** | &nbsp;&nbsp;**% of UW Base Rent Expiring** | &nbsp;&nbsp;**Cumulative Net Rentable Area Expiring** | &nbsp;&nbsp;**Cumulative % of NRA Expiring** | &nbsp;&nbsp;**Cumulative UW Base Rent Expiring** | &nbsp;&nbsp;**Cumulative % of UW Base Rent Expiring** | &nbsp;&nbsp;**Cumulative % of UW Base Rent Expiring** |
| &nbsp;&nbsp;Vacant | &nbsp;&nbsp;NAP | &nbsp;&nbsp;67132 | &nbsp;&nbsp;6.8% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;67132 | &nbsp;&nbsp;6.8% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NA | P |
| &nbsp;&nbsp;2025 & MTM | &nbsp;&nbsp;20 | &nbsp;&nbsp;56228 | &nbsp;&nbsp;5.7 | &nbsp;&nbsp;$704629 | &nbsp;&nbsp;3.3% | &nbsp;&nbsp;123360 | &nbsp;&nbsp;12.6% | &nbsp;&nbsp;$704629 | &nbsp;&nbsp;3.3% |  |
| &nbsp;&nbsp;2026 | &nbsp;&nbsp;26 | &nbsp;&nbsp;73960 | &nbsp;&nbsp;7.5 | &nbsp;&nbsp;2514696 | &nbsp;&nbsp;11.8 | &nbsp;&nbsp;197320 | &nbsp;&nbsp;20.1% | &nbsp;&nbsp;$3219325 | &nbsp;&nbsp;15.1% |  |
| &nbsp;&nbsp;2027 | &nbsp;&nbsp;26 | &nbsp;&nbsp;59728 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;2208379 | &nbsp;&nbsp;10.4 | &nbsp;&nbsp;257048 | &nbsp;&nbsp;26.2% | &nbsp;&nbsp;$5427703 | &nbsp;&nbsp;25.5% |  |
| &nbsp;&nbsp;2028 | &nbsp;&nbsp;19 | &nbsp;&nbsp;50106 | &nbsp;&nbsp;5.1 | &nbsp;&nbsp;1649121 | &nbsp;&nbsp;7.8 | &nbsp;&nbsp;307154 | &nbsp;&nbsp;31.3% | &nbsp;&nbsp;$7076824 | &nbsp;&nbsp;33.3% |  |
| &nbsp;&nbsp;2029 | &nbsp;&nbsp;17 | &nbsp;&nbsp;89680 | &nbsp;&nbsp;9.1 | &nbsp;&nbsp;3994177 | &nbsp;&nbsp;18.8 | &nbsp;&nbsp;396834 | &nbsp;&nbsp;40.4% | &nbsp;&nbsp;$11071001 | &nbsp;&nbsp;52.1% |  |
| &nbsp;&nbsp;2030 | &nbsp;&nbsp;13 | &nbsp;&nbsp;152790 | &nbsp;&nbsp;15.6 | &nbsp;&nbsp;4742122 | &nbsp;&nbsp;22.3 | &nbsp;&nbsp;549624 | &nbsp;&nbsp;56.0% | &nbsp;&nbsp;$15813123 | &nbsp;&nbsp;74.4% |  |
| &nbsp;&nbsp;2031 | &nbsp;&nbsp;3 | &nbsp;&nbsp;57238 | &nbsp;&nbsp;5.8 | &nbsp;&nbsp;1551774 | &nbsp;&nbsp;7.3 | &nbsp;&nbsp;606862 | &nbsp;&nbsp;61.8% | &nbsp;&nbsp;$17364897 | &nbsp;&nbsp;81.7% |  |
| &nbsp;&nbsp;2032 | &nbsp;&nbsp;2 | &nbsp;&nbsp;7958 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;289941 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;614820 | &nbsp;&nbsp;62.6% | &nbsp;&nbsp;$17654838 | &nbsp;&nbsp;83.1% |  |
| &nbsp;&nbsp;2033 | &nbsp;&nbsp;2 | &nbsp;&nbsp;8770 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;258600 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;623590 | &nbsp;&nbsp;63.5% | &nbsp;&nbsp;$17913438 | &nbsp;&nbsp;84.3% |  |
| &nbsp;&nbsp;2034 | &nbsp;&nbsp;5 | &nbsp;&nbsp;56726 | &nbsp;&nbsp;5.8 | &nbsp;&nbsp;1099157 | &nbsp;&nbsp;5.2 | &nbsp;&nbsp;680316 | &nbsp;&nbsp;69.3% | &nbsp;&nbsp;$19012595 | &nbsp;&nbsp;89.5% |  |
| &nbsp;&nbsp;2035 | &nbsp;&nbsp;13 | &nbsp;&nbsp;266322 | &nbsp;&nbsp;27.1 | &nbsp;&nbsp;1977951 | &nbsp;&nbsp;9.3 | &nbsp;&nbsp;946638 | &nbsp;&nbsp;96.5% | &nbsp;&nbsp;$20990546 | &nbsp;&nbsp;98.8% |  |
| &nbsp;&nbsp;2036 & Thereafter | &nbsp;&nbsp;2 | &nbsp;&nbsp;34825 | &nbsp;&nbsp;3.5 | &nbsp;&nbsp;260000 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;981463 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$21250546 | &nbsp;&nbsp;100.0% |  |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**148** | &nbsp;&nbsp;**981463** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$21250546** | &nbsp;&nbsp;**100.0%** |  |  |  |  |  |

---

(1) Based on the underwritten rent roll dated May 31, 2025 (including signed not open tenants), with rent
steps through June 1, 2026.

(2) Certain tenants may have lease termination options that are exercisable prior to the originally stated
expiration date of the subject lease and that are not considered in the Lease Rollover Schedule.

 ****

***Environmental.*** According to the Phase I environmental site assessment dated May 20, 2025 there was a historical recognized environmental condition at the Springfield Town Center Property but no investigation was warranted.

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 55 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| **No. 7 – Springfield Town Center** | **No. 7 – Springfield Town Center** |

---

The following table presents certain information relating to the historical and underwritten cash flows of the Springfield Town Center Property:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Operating History and Underwritten Net Cash Flow** | &nbsp;&nbsp;**Operating History and Underwritten Net Cash Flow** | &nbsp;&nbsp;**Operating History and Underwritten Net Cash Flow** | &nbsp;&nbsp;**Operating History and Underwritten Net Cash Flow** | &nbsp;&nbsp;**Operating History and Underwritten Net Cash Flow** | &nbsp;&nbsp;**Operating History and Underwritten Net Cash Flow** | &nbsp;&nbsp;**Operating History and Underwritten Net Cash Flow** | &nbsp;&nbsp;**Operating History and Underwritten Net Cash Flow** | &nbsp;&nbsp;**Operating History and Underwritten Net Cash Flow** | &nbsp;&nbsp;**Operating History and Underwritten Net Cash Flow** | &nbsp;&nbsp;**Operating History and Underwritten Net Cash Flow** |
|  | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**TTM 2/28/2025** | &nbsp;&nbsp;**Underwritten<sup>(1)</sup>** | &nbsp;&nbsp;**Per SF** | &nbsp;&nbsp;**%<sup>(2)</sup>** |
| &nbsp;&nbsp;Base Rental Revenue | &nbsp;&nbsp;$20290398 | &nbsp;&nbsp;$17728285 | &nbsp;&nbsp;$18936817 | &nbsp;&nbsp;$18580264 | &nbsp;&nbsp;$19451131 | &nbsp;&nbsp;$20648719 | &nbsp;&nbsp;$20593476 | &nbsp;&nbsp;$21250546 | &nbsp;&nbsp;$21.65 | &nbsp;&nbsp;57.5% |
| &nbsp;&nbsp;Overage / Percentage Rent | &nbsp;&nbsp;1262532 | &nbsp;&nbsp;1095975 | &nbsp;&nbsp;1860505 | &nbsp;&nbsp;2822619 | &nbsp;&nbsp;2152620 | &nbsp;&nbsp;1978200 | &nbsp;&nbsp;1872471 | &nbsp;&nbsp;1091796 | &nbsp;&nbsp;1.11 | &nbsp;&nbsp;3.0 |
| &nbsp;&nbsp;Kiosks / Temporary / Specialty | &nbsp;&nbsp;1803883 | &nbsp;&nbsp;1481663 | &nbsp;&nbsp;1484491 | &nbsp;&nbsp;1571179 | &nbsp;&nbsp;1433896 | &nbsp;&nbsp;1541411 | &nbsp;&nbsp;1517944 | &nbsp;&nbsp;1573424 | &nbsp;&nbsp;1.60 | &nbsp;&nbsp;4.3 |
| &nbsp;&nbsp;Utility Reimbursement | &nbsp;&nbsp;2437658 | &nbsp;&nbsp;1927392 | &nbsp;&nbsp;2078531 | &nbsp;&nbsp;2085006 | &nbsp;&nbsp;2295632 | &nbsp;&nbsp;2470278 | &nbsp;&nbsp;2480799 | &nbsp;&nbsp;2480799 | &nbsp;&nbsp;2.53 | &nbsp;&nbsp;6.7 |
| &nbsp;&nbsp;Total Commercial Reimbursement Revenue | &nbsp;&nbsp;9400840 | &nbsp;&nbsp;8364633 | &nbsp;&nbsp;7136206 | &nbsp;&nbsp;6909354 | &nbsp;&nbsp;6966106 | &nbsp;&nbsp;6864889 | &nbsp;&nbsp;6880189 | &nbsp;&nbsp;7091877 | &nbsp;&nbsp;7.23 | &nbsp;&nbsp;19.2 |
| &nbsp;&nbsp;Market Revenue from Vacant Units | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;2321134 | &nbsp;&nbsp;2.36 | &nbsp;&nbsp;6.3 |
| &nbsp;&nbsp;Other Revenue | &nbsp;&nbsp;1242933 | &nbsp;&nbsp;1233339 | &nbsp;&nbsp;886119 | &nbsp;&nbsp;1082931 | &nbsp;&nbsp;1308836 | &nbsp;&nbsp;1124050 | &nbsp;&nbsp;1113027 | &nbsp;&nbsp;1115790 | &nbsp;&nbsp;1.14 | &nbsp;&nbsp;3.0 |
| &nbsp;&nbsp;**Potential Gross Revenue** | &nbsp;&nbsp;**$36438245** | &nbsp;&nbsp;**$31831287** | &nbsp;&nbsp;**$32382670** | &nbsp;&nbsp;**$33051353** | &nbsp;&nbsp;**$33608221** | &nbsp;&nbsp;**$34627547** | &nbsp;&nbsp;**$34457908** | &nbsp;&nbsp;**$36925366** | &nbsp;&nbsp;**$37.62** | &nbsp;&nbsp;**100.0%** |
| &nbsp;&nbsp;Vacancy Loss | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;(2321134) | &nbsp;&nbsp;(2.36) | &nbsp;&nbsp;(6.3) |
| &nbsp;&nbsp;Commercial Credit Loss | &nbsp;&nbsp;(561468) | &nbsp;&nbsp;(3478183) | &nbsp;&nbsp;(451689) | &nbsp;&nbsp;262775 | &nbsp;&nbsp;305678 | &nbsp;&nbsp;(381347) | &nbsp;&nbsp;(360626) | &nbsp;&nbsp;(301141) | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;(0.8) |
| &nbsp;&nbsp;**Effective Gross Revenue** | &nbsp;&nbsp;**$35876777** | &nbsp;&nbsp;**$28353105** | &nbsp;&nbsp;**$31930981** | &nbsp;&nbsp;**$33314128** | &nbsp;&nbsp;**$33913899** | &nbsp;&nbsp;**$34246200** | &nbsp;&nbsp;**$34097281** | &nbsp;&nbsp;**$34303091** | &nbsp;&nbsp;**$34.95** | &nbsp;&nbsp;**92.9%** |
| &nbsp;&nbsp;Real Estate Taxes | &nbsp;&nbsp;6336690 | &nbsp;&nbsp;6085151 | &nbsp;&nbsp;4932178 | &nbsp;&nbsp;5043056 | &nbsp;&nbsp;4532027 | &nbsp;&nbsp;4418655 | &nbsp;&nbsp;4471781 | &nbsp;&nbsp;4506048 | &nbsp;&nbsp;4.59 | &nbsp;&nbsp;13.1 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;276921 | &nbsp;&nbsp;323396 | &nbsp;&nbsp;391793 | &nbsp;&nbsp;443424 | &nbsp;&nbsp;484349 | &nbsp;&nbsp;501495 | &nbsp;&nbsp;512936 | &nbsp;&nbsp;604078 | &nbsp;&nbsp;0.62 | &nbsp;&nbsp;1.8 |
| &nbsp;&nbsp;Ground Rent | &nbsp;&nbsp;611727 | &nbsp;&nbsp;611727 | &nbsp;&nbsp;611727 | &nbsp;&nbsp;611727 | &nbsp;&nbsp;611727 | &nbsp;&nbsp;611727 | &nbsp;&nbsp;611727 | &nbsp;&nbsp;884373 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;2.6 |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;2701093 | &nbsp;&nbsp;2318003 | &nbsp;&nbsp;2207875 | &nbsp;&nbsp;2654308 | &nbsp;&nbsp;2823475 | &nbsp;&nbsp;2792089 | &nbsp;&nbsp;2790814 | &nbsp;&nbsp;2558472 | &nbsp;&nbsp;2.61 | &nbsp;&nbsp;7.5 |
| &nbsp;&nbsp;Repairs & Maintenance | &nbsp;&nbsp;2479309 | &nbsp;&nbsp;2183816 | &nbsp;&nbsp;2380294 | &nbsp;&nbsp;2472661 | &nbsp;&nbsp;2757984 | &nbsp;&nbsp;2811441 | &nbsp;&nbsp;2675171 | &nbsp;&nbsp;859899 | &nbsp;&nbsp;0.88 | &nbsp;&nbsp;2.5 |
| &nbsp;&nbsp;Janitorial | &nbsp;&nbsp;524758 | &nbsp;&nbsp;447434 | &nbsp;&nbsp;488343 | &nbsp;&nbsp;515238 | &nbsp;&nbsp;545720 | &nbsp;&nbsp;563695 | &nbsp;&nbsp;552684 | &nbsp;&nbsp;437450 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;1.3 |
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;424647 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1.02 | &nbsp;&nbsp;2.9 |
| &nbsp;&nbsp;Payroll (Office, Security, Maintenance) | &nbsp;&nbsp;445994 | &nbsp;&nbsp;355202 | &nbsp;&nbsp;327554 | &nbsp;&nbsp;378253 | &nbsp;&nbsp;395111 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;441158 | &nbsp;&nbsp;1438206 | &nbsp;&nbsp;1.47 | &nbsp;&nbsp;4.2 |
| &nbsp;&nbsp;Advertising | &nbsp;&nbsp;350532 | &nbsp;&nbsp;313486 | &nbsp;&nbsp;248083 | &nbsp;&nbsp;421175 | &nbsp;&nbsp;306527 | &nbsp;&nbsp;250702 | &nbsp;&nbsp;250645 | &nbsp;&nbsp;250000 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;0.7 |
| &nbsp;&nbsp;General and Administrative - Direct | &nbsp;&nbsp;768568 | &nbsp;&nbsp;768111 | &nbsp;&nbsp;759129 | &nbsp;&nbsp;767631 | &nbsp;&nbsp;872627 | &nbsp;&nbsp;1266179 | &nbsp;&nbsp;901333 | &nbsp;&nbsp;774832 | &nbsp;&nbsp;0.79 | &nbsp;&nbsp;2.3 |
| &nbsp;&nbsp;**Total Expenses** | &nbsp;&nbsp;14495594 | &nbsp;&nbsp;13406327 | &nbsp;&nbsp;12346976 | &nbsp;&nbsp;13307474 | &nbsp;&nbsp;13329546 | &nbsp;&nbsp;13315983 | &nbsp;&nbsp;13632895 | &nbsp;&nbsp;13313358 | &nbsp;&nbsp;13.56 | &nbsp;&nbsp;38.8 |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$21381183** | &nbsp;&nbsp;**$14946778** | &nbsp;&nbsp;**$19584005** | &nbsp;&nbsp;**$20006654** | &nbsp;&nbsp;**$20584353** | &nbsp;&nbsp;**$20930217** | &nbsp;&nbsp;**$20464386** | &nbsp;&nbsp;**$20989733** | &nbsp;&nbsp;**$21.39** | &nbsp;&nbsp;**61.2%** |
| &nbsp;&nbsp;Replacement Reserves | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;196293 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;0.6 |
| &nbsp;&nbsp;TI/LC | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;712570 | &nbsp;&nbsp;0.73 | &nbsp;&nbsp;2.1 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$21381183** | &nbsp;&nbsp;**$14946778** | &nbsp;&nbsp;**$19584005** | &nbsp;&nbsp;**$20006654** | &nbsp;&nbsp;**$20584353** | &nbsp;&nbsp;**$20930217** | &nbsp;&nbsp;**$20464386** | &nbsp;&nbsp;**$20080870** | &nbsp;&nbsp;**$20.46** | &nbsp;&nbsp;**58.5%** |

---

(1) Based on the underwritten rent roll dated May 31, 2025 (including signed not open tenants), with rent
steps through June 1, 2026.

(2) % column represents percentage
of Potential Gross Revenue for all revenue lines and represents percentage of Effective Gross Income for the remaining fields .

***The Market.*** The Springfield Town Center Property is located in the Springfield-Interstate Corridor, which is subdivided into three sub-regions: Burke, Newington/Lorton, and Springfield Franconia, with Springfield Town Center located in the Springfield Franconia sub-region. According to the appraisal, the vacancy rate for neighborhood and community centers was 10.3% in the fourth quarter of 2024. Asking and effective rents grew 0.3% to $21.85 PSF and $19.15 PSF, respectively, during the fourth quarter of 2024. The immediate area is going through a development of the new TSA headquarters and the proposed Springfield Gateway project as well as the expansion by Inova for a medical campus and full-service hospital.

 **

 ****

 

 **

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 56 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| **No. 7 – Springfield Town Center** | **No. 7 – Springfield Town Center** |

---

***Appraisal.*** According to the appraisal, the Springfield Town Center Property had an "As-Is" value of $274,600,000 as of April 1, 2025.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Appraisal Valuation Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Appraisal Valuation Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Appraisal Valuation Summary<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property** | &nbsp;&nbsp;**Appraised Value** | &nbsp;&nbsp;**Capitalization Rate** |
| &nbsp;&nbsp;Springfield Town Center | &nbsp;&nbsp;$274600000 | &nbsp;&nbsp;7.50% |

---

(1) Source: Appraisal.

***The Borrower.*** The borrower for the Springfield Town Center Whole Loan is PR Springfield Town Center LLC, a Delaware limited liability company and single purpose entity with two independent directors. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Springfield Town Center Whole Loan.

***The Borrower Sponsor.*** The borrower sponsor is PREIT Realty, LLC ("**<u>PREIT</u>**"). PREIT is a leading owner and operator of retail real estate located in the eastern half of the United States. Headquartered in Philadelphia, PA, the company owns over 16.5 million square feet of retail space in the eastern half of the United States with a concentration in the Mid-Atlantic region's top metropolitan statistical areas. Recently, the company has driven a transformation guided by an emphasis on balance sheet strength, disciplined asset management and implementing efficiencies to improve enterprise cash flow. PREIT recently emerged from bankruptcy as a private Delaware LLC and embarked on the pre-packaged reorganization plan which was supported by 100% of PREIT's secured lenders. See "*Description of the Mortgage Pool—Mortgage Pool Characteristics—Loan Purpose; Default History, Bankruptcy Issues and Other Proceedings" in the Preliminary Prospectus.*

***Property Management.*** The Springfield Town Center Property is managed by PREIT Services, LLC, an affiliate of the borrower sponsor.

***Escrows and Reserves.*** At origination, the borrower was required to deposit into escrow (i) $1,500,000 for outstanding tenant improvements and leasing costs, (ii) $980,567 for unfunded obligations and (iii) $440,784 for one month of real estate taxes.

*Tax Escrows* – On a monthly basis, the borrower is required to escrow 1/12th of the annual estimated tax payments payable during the next ensuing 12 months.

*Insurance Escrows* – During the continuance of a Trigger Period (as defined below), except if the Springfield Town Center Property is insured under an acceptable blanket policy and no event of default for which the lender has commenced or an enforcement action is continuing, the borrower is required to escrow 1/12th of the annual estimated insurance payments on a monthly basis. An acceptable blanket policy was in place at origination.

*Replacement Reserves* – During the continuance of a Trigger Period, the borrower is required to escrow an amount equal to the gross leasable area of the Springfield Town Center Property (excluding non-collateral square footage, excluded replacement reserve premises, which are the premises leased by Macy's Retail Holdings, LLC, and any other tenant that is required to pay for all repairs and maintenance costs for its entire leased premises, roof and structural components) multiplied by $0.20 and divided by 12 on a monthly basis for ongoing replacement reserves. The replacement reserve ongoing deposits are capped at an amount equal to 24 times the required monthly deposit.

*Rollover Reserves* – On a monthly basis, the borrower is required to escrow an amount equal to the gross leasable area of the Springfield Town Center Property (excluding non-collateral square footage and excluded rollover premises, which are premises leased by Macy's Retail Holdings, LLC) multiplied by $1.50 and divided by 12 on a monthly basis for ongoing rollover reserves. During a Trigger Period, the borrower is also required to escrow any lease termination payments in excess of $2,000,000.

A "**<u>Trigger Period</u>**" commences upon the occurrence of (i) an event of default or (ii) a Low Debt Yield Period (as defined below) and will end if, (a) with respect to clause (i), the lender has waived the event of default or the borrower have cured the event of default (and the lender has accepted such cure in its sole discretion) and no other event of default is then continuing, and (b) with respect to clause (ii), the Low Debt Yield Period has ended pursuant to the definition thereof, or, after the Lockout Release Date, the borrower has prepaid the Springfield Town Center Whole Loan in an amount that would result in a debt yield of at least 11% in accordance with the Springfield Town Center Whole Loan documents or provided

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 57 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| **No. 7 – Springfield Town Center** | **No. 7 – Springfield Town Center** |

---

additional credit support in an amount such that when added to the underwritten net operating income, would result in a debt yield of 11% or above.

A "**<u>Low Debt Yield Period</u>**" commences upon the debt yield coverage being less than 11% for two consecutive calendar quarters, and will end upon the Springfield Town Center Whole Loan achieving a debt yield of at least 11% for two consecutive calendar quarters.

***Lockbox / Cash Management.*** The Springfield Town Center Whole Loan is structured with a hard lockbox and springing cash management. The borrower and property manager are required to direct the tenants to pay rent directly into the lockbox account, and to deposit any rents otherwise received into such account within three business days after receipt. During the continuance of a Trigger Period, all funds in the lockbox account are required to be swept on a weekly basis, and on the second business day preceding each monthly payment date, to a lender-controlled cash management account. Funds in the cash management account are required to be applied to debt service and the reserves and escrows described above, with any excess funds (i) to be deposited into an excess cash flow reserve account held by the lenders as cash collateral for the Springfield Town Center Whole Loan or (ii) if no Trigger Period is continuing, disbursed to the borrower. ****

***Subordinate and Mezzanine Debt.*** None.

***Permitted Future Subordinate or Mezzanine Debt.*** Not permitted.

***Partial Release.*** The borrower has the right to obtain releases of outparcels, which include specified portions of the Springfield Town Center Property each identified in the Springfield Town Center Whole Loan documents as a "Release Parcel" and as the "Multifamily Release Parcel", it being acknowledged and agreed that (i) the boundary lines of such Multifamily Release Parcel are not yet final and may be subject to further adjustments to address city or county approval requirements and/or redevelopment needs, which boundary line adjustments may be permitted without further approval of the lender or the applicable servicer, provided the same do not increase the size of the parcel by more than fifteen percent (15%) or would not otherwise be reasonably expected to have a material adverse effect (as certified by the borrower) on the remaining Springfield Town Center Property and (ii) such Multifamily Release Parcel may be subdivided into two or more separate parcels prior to or concurrently with a potential release of the same. In addition, the Springfield Town Center Whole Loan permits release of unspecified outparcels that are either (A) non-income producing and unimproved for tenant occupancy, the release of which does not have a material adverse effect on (i) the business, operations, or financial condition of the borrower, (ii) the ability of the borrower to repay the Springfield Town Center Whole Loan or (iii) the ongoing operations and (B) real property that is as of the date of any potential release non-income producing and improved by structures that (i) were vacant as of the Springfield Town Center Whole Loan origination date and (ii) have been vacant and non-income producing continuously since the origination date and for at least 3 years prior to the date of any potential release. All of such releases are subject to various conditions, including but not limited to (i) the borrower certifies that the release will not materially and adversely affect the use, operations, economic value of, or the revenue produced by (exclusive of the economic value or revenue lost attributable to the Release Parcel) the remaining improvements located on the Springfield Town Center Property as a retail shopping center, (ii) compliance with applicable laws, and (iii) satisfaction of REMIC-related conditions.

***Ground Lease.*** Part of the collateral represents the borrower's leasehold interest in a 4.367-acre surface parking area, which sits between the future hotel parcel and the office building on the corner of Loisdale Road and Franconia Road. The ground lease's initial expiration is October 22, 2030, with two, 20-year automatic renewal options resulting in a fully-extended maturity date of October 22, 2070. Additionally, the borrower sponsor has a right of first refusal to purchase the fee interest in the parcel in the event that the ground landlord is selling the fee interest. The Springfield Town Center Whole Loan documents generally contain language such that in the event the right of first refusal is exercised, such parcel will be included as collateral for the Springfield Town Center Whole Loan. There is recourse for any termination of the ground lease, except if the borrower acquires title and the mortgage covers such portion. The landlord has agreed to accept the lender's exercise of any renewal or purchase option as if it had been exercised by the borrower. The actual ground rent is $784,000 from January 2017 - December 2026, and there is a fair market value reset in January 2027, and every 10 years thereafter. The ground rent last reset in January 2017. The fair market value reset will be calculated by 8% of the appraised value of the ground lease area. The lender is currently underwriting to the average of the ground rent payable over the loan term, which incorporates the borrower sponsor's budgeted increase in 2027.

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 58 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| **No. 8 – Lake Mead Crossing** | **No. 8 – Lake Mead Crossing** |

---

![](n5505prets_img012.jpg)

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 59 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| **No. 8 – Lake Mead Crossing** | **No. 8 – Lake Mead Crossing** |

---

![](n5505prets_img013.jpg)

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 60 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| **No. 8 – Lake Mead Crossing** | **No. 8 – Lake Mead Crossing** |

---

![](n5505prets_img021.jpg)

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 61 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| **No. 8 – Lake Mead Crossing** | **No. 8 – Lake Mead Crossing** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Mortgage Loan Seller:** | &nbsp;&nbsp;ZBNA | &nbsp;&nbsp;**Single Asset / Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Original Principal Balance:** | &nbsp;&nbsp;$28000000 | &nbsp;&nbsp;**Title:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Cut-off Date Principal Balance:** | &nbsp;&nbsp;$28000000 | &nbsp;&nbsp;**Property Type – Subtype:** | &nbsp;&nbsp;Retail – Anchored |
| &nbsp;&nbsp;**% of IPB:** | &nbsp;&nbsp;5.1% | &nbsp;&nbsp;**Net Rentable Area (SF):** | &nbsp;&nbsp;136156 |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;Henderson, NV |
| &nbsp;&nbsp;**Borrower:** | &nbsp;&nbsp;Lake Mead Partners SPE LLC | &nbsp;&nbsp;**Year Built / Renovated:** | &nbsp;&nbsp;2008, 2009 / NAP |
| &nbsp;&nbsp;**Borrower Sponsor:** | &nbsp;&nbsp;Garo Kholamian | &nbsp;&nbsp;**Occupancy:** | &nbsp;&nbsp;97.7% |
| &nbsp;&nbsp;**Interest Rate:** | &nbsp;&nbsp;6.71000% | &nbsp;&nbsp;**Occupancy Date:** | &nbsp;&nbsp;11/1/2025 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;11/12/2025 | &nbsp;&nbsp;**4<sup>th</sup> Most Recent NOI (As of)**<sup>(2)</sup>**:** | &nbsp;&nbsp;$1,553,039 (12/31/2022) |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;12/6/2030 | &nbsp;&nbsp;**3<sup>rd</sup> Most Recent NOI (As of)**<sup>(2)(3)</sup>**:** | &nbsp;&nbsp;$1,878,677 (12/31/2023) |
| &nbsp;&nbsp;**Interest-only Period:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**2<sup>nd</sup> Most Recent NOI (As of)**<sup>(3)</sup>**:** | &nbsp;&nbsp;$2,498,400 (12/31/2024) |
| &nbsp;&nbsp;**Original Term:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**Most Recent NOI (As of):** | &nbsp;&nbsp;$2,451,397 (TTM 9/30/2025) |
| &nbsp;&nbsp;**Original Amortization Term:** |  | &nbsp;&nbsp;**UW Economic Occupancy:** | &nbsp;&nbsp;95.0% |
| &nbsp;&nbsp;**Amortization Type:** | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;**UW Revenues:** | &nbsp;&nbsp;$3859188 |
| &nbsp;&nbsp;**Call Protection:** | &nbsp;&nbsp;L(24),D(29),O(7) | &nbsp;&nbsp;**UW Expenses:** | &nbsp;&nbsp;$1272955 |
| &nbsp;&nbsp;**Lockbox / Cash Management:** | &nbsp;&nbsp;Springing / Springing | &nbsp;&nbsp;**UW NOI:** | &nbsp;&nbsp;$2586234 |
| &nbsp;&nbsp;**Additional Debt:** | &nbsp;&nbsp;No | &nbsp;&nbsp;**UW NCF:** | &nbsp;&nbsp;$2497732 |
| &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value / Per SF:** | &nbsp;&nbsp;$41,000,000 / $301 |
| &nbsp;&nbsp;**Additional Debt Type:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraisal Date:** | &nbsp;&nbsp;10/3/2025 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Escrows and Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Escrows and Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Escrows and Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Escrows and Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Financial Information** | &nbsp;&nbsp;**Financial Information** |
|  | &nbsp;&nbsp;**Initial** | &nbsp;&nbsp;**Monthly** | &nbsp;&nbsp;**Initial Cap** | &nbsp;&nbsp;**Cut-off Date Loan / SF:** | &nbsp;&nbsp;$206 |
| &nbsp;&nbsp;**Taxes:** | &nbsp;&nbsp;$68192 | &nbsp;&nbsp;$17048 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;**Maturity Date Loan / SF:** | &nbsp;&nbsp;$206 |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;N/A | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;68.3% |
| &nbsp;&nbsp;**Replacement Reserves:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$1702 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;**Maturity Date LTV:** | &nbsp;&nbsp;68.3% |
| &nbsp;&nbsp;**TI / LC:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$5673 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.31x |
|  |  |  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;9.2% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** |
| &nbsp;&nbsp;**Sources** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** | &nbsp;&nbsp;**Uses** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** |
| &nbsp;&nbsp;Mortgage Loan | &nbsp;&nbsp;$28000000 | &nbsp;&nbsp;73.3% | &nbsp;&nbsp;Loan Payoff<sup>(4)</sup> | &nbsp;&nbsp;$37246127 | &nbsp;&nbsp;97.6% |
| &nbsp;&nbsp;Borrower Sponsor Equity | &nbsp;&nbsp;10176310 | &nbsp;&nbsp; 26.7 | &nbsp;&nbsp;Closing Costs<sup>(5)</sup> | &nbsp;&nbsp;854617 | &nbsp;&nbsp;2.2 |
|  |  |  | &nbsp;&nbsp;Upfront Reserves<sup>(6)</sup> | &nbsp;&nbsp;75567 | &nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;**Total Sources** | &nbsp;&nbsp;**$38176310** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses** | &nbsp;&nbsp;**$38176310** | &nbsp;&nbsp;**100.0%** |

---

(1) For a full description of escrows and reserves, see "*Escrows and Reserves* "
below.

(2) The increase in the 4th Most Recent NOI to the 3rd Most Recent NOI is due, in part,
to a new lease with Hibbetts Sports in August 2022, representing approximately 4.0% of the net rentable area and 4.4% of underwritten
base rent, and also three renewal leases from May 2022 to October 2023 totaling approximately 5.6% of net rentable area and 11.0% of underwritten
base rent.

(3) The increase in the 3rd Most Recent NOI to the 2nd Most Recent NOI is due, in part,
to a new lease with Sprouts in March 2023, representing approximately 14.7% of the net rentable area and 17.5% of underwritten base rent,
the first full year of Hibbetts Sports being in place and also two renewal leases from April 2024 to December 2024 totaling approximately
22.3% of net rentable area and 28.2% of underwritten base rent.

(4) A portion of the Loan Payoff includes unsecured debt that was utilized in the borrower
sponsor's 2015 acquisition of the Lake Mead Crossing Property (as defined below), which was inclusive of non-collateral parcels.

(5) Closing Costs include an interest rate buydown fee of $280,000.

(6) Upfront Reserves include the initial and first monthly collection, as both were
collected at the time of origination of the Lake Mead Crossing Mortgage Loan (as defined below).

***The Loan.*** The eighth largest mortgage loan (the "**<u>Lake Mead Crossing Mortgage Loan</u>**") is evidenced by a single promissory note in the original principal amount of $28,000,000 and is secured by the borrower's fee interest in a 136,156 anchored retail center located in Henderson, Nevada (the "**<u>Lake Mead Crossing Property</u>**"). The Lake Mead Crossing Mortgage Loan was originated on November 12, 2025 by Zions Bancorporation, N.A. and proceeds, along with approximately $10.2 million of equity contributed by the borrower sponsor, were used to refinance existing debt, fund upfront reserves, and pay closing costs. The Lake Mead Crossing Mortgage Loan accrues interest at a fixed rate of 6.71000% *per*

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 62 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| **No. 8 – Lake Mead Crossing** | **No. 8 – Lake Mead Crossing** |

---

*annum* on an Actual/360 basis, has a 5-year term and is interest-only for the full term. The scheduled maturity date of the Lake Mead Crossing Mortgage Loan is December 6, 2030.

***The Property.*** The Lake Mead Crossing Property is a three building, anchored retail shopping center totaling 136,156 square feet, situated on the north side of Lake Mead Parkway, west of Boulder Highway and east of US Highway 95, in Henderson, Nevada. The Lake Mead Crossing Property was originally constructed from 2008 to 2009 and is situated on a 19.1-acre parcel and contains 1,537 surface parking spaces, which results in a parking ratio of 11.3 per 1,000 square feet. According to the appraisal, combined traffic counts at the Lake Mead Crossing Property feature approximately 50,263 vehicles per day.

As of November 1, 2025, the Lake Mead Crossing Property was 97.7% occupied by a mix of 12 national and regional tenants. The Lake Mead Crossing Property is anchored by Ross Dress for Less, PetSmart, Marshalls, Sprouts, and a non-collateral Target. Additional notable in-line tenants include Supercuts, Sally Beauty Salon, Verizon Wireless, T-Mobile, and Massage Envy. In total, four tenants totaling approximately 44.9% of the net rentable area and 33.5% of the underwritten base rent are investment-grade rated by S&P, Moody's and/or Fitch. As of the Cut-off Date, tenants have been in occupancy at the Lake Mead Crossing Property for a weighted average of 12.9 years.

The borrower sponsor, Garo Kholamian, acquired the Lake Mead Crossing Property, inclusive of certain non-collateral parcels, in November 2015 for approximately $40.5 million. The borrower sponsor completed approximately $2.9 million in capital expenditures at the Lake Mead Crossing Property from 2021 to 2024, including capital roofing, water irrigation system repairs, landscaping, irrigation and other general improvements.

***Major Tenants.*** The three largest tenants based on underwritten base rent are PetSmart, Sprouts and Marshalls 

*PetSmart (28,851 square feet; 21.2% NRA, 26.3% of underwritten base rent, Moody's/S&P/Fitch: B2/B+/NR):* PetSmart is a pet retailer that provides a variety of pet food, treats, toys, apparel, and services including training, grooming, and boarding. The company has more than 1,680 pet stores and grooming salons in the United States, Canada, and Puerto Rico. PetSmart has been a tenant since 2009 and the current lease expiration date is in March 2039 and has two, 5-year extension options remaining, with no unilateral termination options. The base rental rate for the next renewal option, if exercised, would increase to $33.28 per square foot from April 2039 to March 2044.

*Sprouts (20,060 square feet; 14.7% NRA; 17.5% of underwritten base rent):* Sprouts is a specialty supermarket chain that offers fresh, natural and organic food in the United States. The company operates 430 stores and employs 33,000 people in 24 states nationwide. Sprouts has been a tenant since 2023 and the current lease expiration date is in November 2038 and has three, 5-year extension options and one, 4-year and 11 month extension option remaining, with no unilateral termination options. The base rental rate for the next renewal option, if exercised, would increase to $30.80 per square foot from December 2038 to November 2043. 

*Marshalls (26,221 square feet; 19.3% NRA; 13.7% of underwritten base rent, Moody's/ S&P/Fitch: A2/A/NR):* Marshalls is an off-price retailer of apparel and home décor. The company was acquired by TJX Companies Inc. in 1995 and currently operates 1,234 stores in the United States. Marshalls has been a tenant since 2009 and the current lease expiration date is January 2030 and has three, 5-year extension options remaining, with no unilateral termination options. The base rental rate for the next renewal option, if exercised, would increase to $15.00 per square foot from February 2030 to January 2035.

The following table presents certain information relating to the historical and current occupancy of the Lake Mead Crossing Property:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Historical and Current Occupancy<sup>(1)</sup>** | &nbsp;&nbsp;**Historical and Current Occupancy<sup>(1)</sup>** | &nbsp;&nbsp;**Historical and Current Occupancy<sup>(1)</sup>** | &nbsp;&nbsp;**Historical and Current Occupancy<sup>(1)</sup>** |
| &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**Current<sup>(2)</sup>** |
| &nbsp;&nbsp;98.5% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;99.3% | &nbsp;&nbsp;97.7% |

---

(1) Historical Occupancies are as of December 31 of each respective year.

(2) Current Occupancy is as of November 1, 2025.

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 63 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| **No. 8 – Lake Mead Crossing** | **No. 8 – Lake Mead Crossing** |

---

The following table presents certain information relating to the tenants at the Lake Mead Crossing Property:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Top Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Top Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Top Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Top Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Top Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Top Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Top Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Top Tenant Summary<sup>(1)</sup>** |
| &nbsp;&nbsp;**Tenant** | &nbsp;&nbsp;**Ratings<br> (Moody's/S&P/Fitch)<sup>(2)</sup>** | &nbsp;&nbsp;**Net Rentable Area (SF)** | &nbsp;&nbsp;**% of<br> Total NRA** | &nbsp;&nbsp;**UW Base Rent PSF<sup>(3)</sup>** | &nbsp;&nbsp;**UW Base Rent<sup>(3)</sup>** | &nbsp;&nbsp;**% of Total<br> UW Base Rent<sup>(3)</sup>** | &nbsp;&nbsp;**Lease <br> Exp. Date** |
| &nbsp;&nbsp;PetSmart | &nbsp;&nbsp;B2/B+/NR | &nbsp;&nbsp;28851 | &nbsp;&nbsp;21.2% | &nbsp;&nbsp;$25.00 | &nbsp;&nbsp;$721275 | &nbsp;&nbsp; 26.3% | &nbsp;&nbsp;3/31/2039 |
| &nbsp;&nbsp;Sprouts | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;20060 | &nbsp;&nbsp;14.7 | &nbsp;&nbsp; $24.00 | &nbsp;&nbsp;481440 | &nbsp;&nbsp;17.5 | &nbsp;&nbsp;11/30/2038 |
| &nbsp;&nbsp;Marshalls | &nbsp;&nbsp;A2/A/NR | &nbsp;&nbsp;26221 | &nbsp;&nbsp;19.3 | &nbsp;&nbsp;$14.38 | &nbsp;&nbsp;377000 | &nbsp;&nbsp;13.7 | &nbsp;&nbsp;1/31/2030 |
| &nbsp;&nbsp;Ross Dress for Less | &nbsp;&nbsp;A2/BBB+/NR | &nbsp;&nbsp;30187 | &nbsp;&nbsp;22.2 | &nbsp;&nbsp;$11.50 | &nbsp;&nbsp;347151 | &nbsp;&nbsp;12.6 | &nbsp;&nbsp;1/31/2030 |
| &nbsp;&nbsp;Ulta Salon | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;10970 | &nbsp;&nbsp;8.1 | &nbsp;&nbsp; $22.50 | &nbsp;&nbsp;246825 | &nbsp;&nbsp;9.0 | &nbsp;&nbsp;2/28/2030 |
| &nbsp;&nbsp;**Total 5 Tenants** |  | &nbsp;&nbsp;**116289** | &nbsp;&nbsp;**85.4%** | &nbsp;&nbsp;**$18.69** | &nbsp;&nbsp;**$2173691** | &nbsp;&nbsp;**79.2%** |  |
| &nbsp;&nbsp;**Other Tenants** |  | &nbsp;&nbsp;**16747** | &nbsp;&nbsp;**12.3%** | &nbsp;&nbsp;**$34.10** | &nbsp;&nbsp;**$571155** | &nbsp;&nbsp;**20.8%** |  |
| &nbsp;&nbsp;**Occupied Collateral Total** |  | &nbsp;&nbsp;**133036** | &nbsp;&nbsp;**97.7%** | &nbsp;&nbsp;**$20.63** | &nbsp;&nbsp;**$2744845** | &nbsp;&nbsp;**100.0%** |  |
| &nbsp;&nbsp;**Vacant Space** |  | &nbsp;&nbsp;**3120** | &nbsp;&nbsp;**2.3%** |  |  |  |  |
| &nbsp;&nbsp;**Collateral Total** |  | &nbsp;&nbsp;**136156** | &nbsp;&nbsp;**100.0%** |  |  |  |  |

---

(1) Based on the underwritten rent roll as of November 1, 2025.

(2) In certain instances, ratings provided are those of the parent company of the entity
shown, whether or not the parent company guarantees the lease.

(3) UW Base Rent PSF, UW Base Rent, and % of Total UW Base Rent include contractual
rent steps through December 2026 for five tenants totaling $10,601.

The following table presents certain information relating to tenant lease expirations at the Lake Mead Crossing Property:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** |
| &nbsp;&nbsp;**Year** | &nbsp;&nbsp;**Number of Leases Expiring** | &nbsp;&nbsp;**Net Rentable Area Expiring** | &nbsp;&nbsp;**% of NRA Expiring** | &nbsp;&nbsp;**UW Base Rent Expiring<sup>(2)</sup>** | &nbsp;&nbsp;**% of UW Base Rent Expiring<sup>(2)</sup>** | &nbsp;&nbsp;**Cumulative Net Rentable Area Expiring** | &nbsp;&nbsp;**Cumulative % of NRA Expiring** | &nbsp;&nbsp;**Cumulative UW Base Rent Expiring<sup>(2)</sup>** | &nbsp;&nbsp;**Cumulative % of UW Base Rent Expiring<sup>(2)</sup>** |
| &nbsp;&nbsp;Vacant | &nbsp;&nbsp;NAP | &nbsp;&nbsp;3120 | &nbsp;&nbsp; 2.3% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;3120 | &nbsp;&nbsp;2.3% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;2025 & MTM | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp; 0.0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;3120 | &nbsp;&nbsp;2.3% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% |
| &nbsp;&nbsp;2026 | &nbsp;&nbsp;1 | &nbsp;&nbsp;900 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;35453 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;4020 | &nbsp;&nbsp;3.0% | &nbsp;&nbsp;$35453 | &nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;2027 | &nbsp;&nbsp;3 | &nbsp;&nbsp;10462 | &nbsp;&nbsp;7.7 | &nbsp;&nbsp;303687 | &nbsp;&nbsp;11.1 | &nbsp;&nbsp;14482 | &nbsp;&nbsp;10.6% | &nbsp;&nbsp;$339140 | &nbsp;&nbsp;12.4% |
| &nbsp;&nbsp;2028 | &nbsp;&nbsp;2 | &nbsp;&nbsp;3885 | &nbsp;&nbsp;2.9 | &nbsp;&nbsp;178300 | &nbsp;&nbsp;6.5 | &nbsp;&nbsp;18367 | &nbsp;&nbsp;13.5% | &nbsp;&nbsp;$517440 | &nbsp;&nbsp;18.9% |
| &nbsp;&nbsp;2029 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;53715 | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;19867 | &nbsp;&nbsp;14.6% | &nbsp;&nbsp;$571155 | &nbsp;&nbsp;20.8% |
| &nbsp;&nbsp;2030 | &nbsp;&nbsp;3 | &nbsp;&nbsp;67378 | &nbsp;&nbsp;49.5 | &nbsp;&nbsp;970976 | &nbsp;&nbsp;35.4 | &nbsp;&nbsp;87245 | &nbsp;&nbsp;64.1% | &nbsp;&nbsp;$1542130 | &nbsp;&nbsp;56.2% |
| &nbsp;&nbsp;2031 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;87245 | &nbsp;&nbsp;64.1% | &nbsp;&nbsp;$1542130 | &nbsp;&nbsp;56.2% |
| &nbsp;&nbsp;2032 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;87245 | &nbsp;&nbsp;64.1% | &nbsp;&nbsp;$1542130 | &nbsp;&nbsp;56.2% |
| &nbsp;&nbsp;2033 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;87245 | &nbsp;&nbsp;64.1% | &nbsp;&nbsp;$1542130 | &nbsp;&nbsp;56.2% |
| &nbsp;&nbsp;2034 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;87245 | &nbsp;&nbsp;64.1% | &nbsp;&nbsp;$1542130 | &nbsp;&nbsp;56.2% |
| &nbsp;&nbsp;2035 & Beyond | &nbsp;&nbsp;2 | &nbsp;&nbsp;48911 | &nbsp;&nbsp;35.9 | &nbsp;&nbsp;1202715 | &nbsp;&nbsp;43.8 | &nbsp;&nbsp;136156 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$2744845 | &nbsp;&nbsp;100.0% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**12** | &nbsp;&nbsp;**136156** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$2744845** | &nbsp;&nbsp; **100.0%** |  |  |  |  |

---

(1) Based on the underwritten rent roll as of November 1, 2025.

(2) UW Base Rent Expiring, % of UW Base Rent Expiring, Cumulative UW Base Rent Expiring and Cumulative % of
UW Base Rent Expiring include contractual rent steps through December 2026 for five tenants totaling $10,601.

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 64 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| **No. 8 – Lake Mead Crossing** | **No. 8 – Lake Mead Crossing** |

---

The following table presents certain information relating to the operating performance and underwritten net cash flow of the Lake Mead Crossing Property:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Operating History and Underwritten Net Cash Flow** | &nbsp;&nbsp;**Operating History and Underwritten Net Cash Flow** | &nbsp;&nbsp;**Operating History and Underwritten Net Cash Flow** | &nbsp;&nbsp;**Operating History and Underwritten Net Cash Flow** | &nbsp;&nbsp;**Operating History and Underwritten Net Cash Flow** | &nbsp;&nbsp;**Operating History and Underwritten Net Cash Flow** | &nbsp;&nbsp;**Operating History and Underwritten Net Cash Flow** | &nbsp;&nbsp;**Operating History and Underwritten Net Cash Flow** |
|  | &nbsp;&nbsp;**2022<sup>(1)</sup>** | &nbsp;&nbsp;**2023<sup>(1)(2)</sup>** | &nbsp;&nbsp;**2024<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TTM**<br> **9/30/2025** | &nbsp;&nbsp;**Underwritten** | &nbsp;&nbsp;**Per Square Foot** | &nbsp;&nbsp;**%<sup>(3)</sup>** |
| &nbsp;&nbsp;Base Rent<sup>(4)</sup> | &nbsp;&nbsp;$1910277 | &nbsp;&nbsp;$2126290 | &nbsp;&nbsp;$2677505 | &nbsp;&nbsp;$2768618 | &nbsp;&nbsp;$2744845 | &nbsp;&nbsp;$20.16 | &nbsp;&nbsp; 67.6% |
| &nbsp;&nbsp;Grossed Up Vacant Space | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;127980 | &nbsp;&nbsp;0.94 | &nbsp;&nbsp;3.2 |
| &nbsp;&nbsp;Reimbursements | &nbsp;&nbsp;692494 | &nbsp;&nbsp;874281 | &nbsp;&nbsp;1036519 | &nbsp;&nbsp;839477 | &nbsp;&nbsp;1189479 | &nbsp;&nbsp;8.74 | &nbsp;&nbsp;29.3 |
| &nbsp;&nbsp;**Gross Potential Income** | &nbsp;&nbsp;**$2602771** | &nbsp;&nbsp;**$3000571** | &nbsp;&nbsp;**$3714024** | &nbsp;&nbsp;**$3608095** | &nbsp;&nbsp;**$4062304** | &nbsp;&nbsp;**$29.84** | &nbsp;&nbsp;**100.0%** |
| &nbsp;&nbsp;(Vacancy & Credit Loss)<sup>(5)</sup> | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;(203115) | &nbsp;&nbsp;(1.49) | &nbsp;&nbsp;(5.0) |
| &nbsp;&nbsp;Other Income<sup>(6)</sup> | &nbsp;&nbsp;2689 | &nbsp;&nbsp;2132 | &nbsp;&nbsp;4248 | &nbsp;&nbsp;731 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0 |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$2605460** | &nbsp;&nbsp;**$3002703** | &nbsp;&nbsp;**$3718272** | &nbsp;&nbsp;**$3608826** | &nbsp;&nbsp;**$3859188** | &nbsp;&nbsp;**$28.34** | &nbsp;&nbsp;**95.0%** |
| &nbsp;&nbsp;**Total Expenses<sup>(7)</sup>** | &nbsp;&nbsp;**$1052421** | &nbsp;&nbsp;**$1124026** | &nbsp;&nbsp;**$1219872** | &nbsp;&nbsp;**$1157429** | &nbsp;&nbsp;**$1272955** | &nbsp;&nbsp;**$9.35** | &nbsp;&nbsp;**33.0%** |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$1553039** | &nbsp;&nbsp;**$1878677** | &nbsp;&nbsp;**$2498400** | &nbsp;&nbsp;**$2451397** | &nbsp;&nbsp;**$2586234** | &nbsp;&nbsp;**$18.99** | &nbsp;&nbsp;**67.0%** |
| &nbsp;&nbsp;Capital Expenditures | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;20423 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;0.5 |
| &nbsp;&nbsp;TI/LC | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;68078 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;1.8 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$1553039** | &nbsp;&nbsp;**$1878677** | &nbsp;&nbsp;**$2498400** | &nbsp;&nbsp;**$2451397** | &nbsp;&nbsp;**$2497732** | &nbsp;&nbsp;**$18.34** | &nbsp;&nbsp;**64.7%** |

---

(1) The increase in the 2022 Net Operating Income to the 2023 Net Operating Income is due, in part, to a new
lease with Hibbetts Sports in August 2022, representing approximately 4.0% of the net rentable area and 4.4% of underwritten base rent
and also three renewal leases from May 2022 to October 2023 totaling approximately 5.6% of net rentable area and 11.0% of underwritten
base rent.

(2) The increase in the 2023 Net Operating Income to the 2024 Net Operating Income is due, in part, to a new
lease with Sprouts in March 2023, representing approximately 14.7% of the net rentable area and 17.5% of underwritten base rent, the first
full year of Hibbetts Sports being in place and also two renewal leases from April 2024 to December 2024 totaling approximately 22.3%
of net rentable area and 28.2% of underwritten base rent.

(3) % column represents percent of Gross Potential Income for all revenue lines and represents percent of
Effective Gross Income for the remainder of fields.

(4) Underwritten Base Rent includes contractual rent steps through December 1, 2026, for five tenants totaling
10,601.

(5) The underwritten economic occupancy is 95.0%, based on Gross Potential Income. The Lake Mead Crossing
Property was 97.7% leased based on the November 1, 2025 rent roll.

(6) Historically, Other Income reflects miscellaneous income, and non-recurring administrative charges, late
fees, and legal fee income. 2024 Other Income excludes lease termination, interest, and assignment income.

(7) The management fee is underwritten to reflect 3.0% of Effective Gross Income. The Lake Mead Crossing Property
is managed by an affiliate of the borrower sponsor.

***Appraisal.*** According to the appraisal, the Lake Mead Crossing Property had an "as-is" appraised value of $41,000,000 as of October 3, 2025, as shown in the table below.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Appraisal Valuation Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Appraisal Valuation Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Appraisal Valuation Summary<sup>(1)</sup>** |
| **Appraisal Approach** | **Appraised Value** | &nbsp;&nbsp;**Capitalization Rate** |
| &nbsp;&nbsp;Direct Capitalization Approach | &nbsp;&nbsp;$41000000 | &nbsp;&nbsp;6.50% |

---

(1) Source: Appraisal.

***Environmental.*** According to a Phase I environmental assessment dated October 10, 2025, there was no evidence of any recognized environmental conditions at the Lake Mead Crossing Property.

***The Market.*** The Lake Mead Crossing Property is located in Henderson, Nevada, on the north side of Lake Mead Parkway, west of Boulder Highway and east of US Highway 95. The Lake Mead Crossing Property is located 17.0 miles from the Las Vegas Strip and 15.3 miles from Downtown Las Vegas. Per a third-party market research report, traffic counts total approximately 50,263 vehicles per day at the Lake Mead Crossing Property.

According to the appraisal, the southeast area within a five-mile radius of the Lake Mead Crossing Property contains a significant amount of industrial development and essentially contains all of the industrial development within the City of Henderson. A significant amount of residential and commercial development has also taken place within the neighborhood, mostly along roadways such as Horizon Ridge Parkway and the major north/south roadways to the west of the Lake Mead Crossing Property .

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 65 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| **No. 8 – Lake Mead Crossing** | **No. 8 – Lake Mead Crossing** |

---

According to the appraisal, recent development near the Lake Mead Crossing Property includes the Cadence master planned community, located east of the Lake Mead Crossing Property. The Cadence master planned community spans 2,200 acres and is planned to have 13,250 homes, featuring an anchored retail center along with some limited office space. Additional projects underway include Union Village, a 228-acre integrated healthcare, living and retail/cultural community situated at US highway 95 and Galleria Drive, and the proposed Four Seasons Private Residences in MacDonald Highlands, which will offer 171 condominium units and 90,000 square feet of resort style amenities.

According to a third-party market research report, within a one-, three- and five mile radius of the Lake Mead Crossing Property, the reported estimated population was 7,898, 101,301, and 219,690, respectively, and within the same radii, the average household income was $68,882, $93,854, and $98,851, respectively. According to a third-party market research report, the Lake Mead Crossing Property is situated in the East Las Vegas submarket. As of November 9, 2025, the submarket reported a total inventory of approximately 6.0 million square feet with a 3.0% vacancy rate and average asking rents of $24.72 per square foot.

The following table presents certain information relating to comparable box retail leases for the Lake Mead Crossing Property: 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Comparable Box Retail Lease Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Box Retail Lease Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Box Retail Lease Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Box Retail Lease Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Box Retail Lease Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Box Retail Lease Summary<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property Name/Location** | &nbsp;&nbsp;**Year Built / Renovated** | &nbsp;&nbsp;**Tenant** | &nbsp;&nbsp;**Suite Size (SF)** | &nbsp;&nbsp;**Annual Base Rent PSF** | &nbsp;&nbsp;**Lease Term (Years)** |
| &nbsp;&nbsp; **Lake Mead Crossing**<br> **Henderson, NV** | &nbsp;&nbsp;**2008, 2009 / NAP** | &nbsp;&nbsp; **Ross Dress for Less**<br> **Marshalls** | &nbsp;&nbsp; **30187<sup>(2)</sup>**<br> **26221<sup>(2)</sup>** | &nbsp;&nbsp; **$11.50<sup>(2)</sup>**<br> **$14.38<sup>(2)</sup>** | &nbsp;&nbsp; **5.0<sup>(2)</sup>**<br> **5.0<sup>(2)</sup>**<br>&nbsp;&nbsp;**NNN<sup>(2)</sup>** |
| &nbsp;&nbsp; Crunch Fitness<br> 390 West Lake Mead Parkway<br> Henderson, NV | &nbsp;&nbsp;2008 / 2025 | &nbsp;&nbsp;Crunch Fitness | &nbsp;&nbsp;30000 | &nbsp;&nbsp;$16.00 | &nbsp;&nbsp;15.0 &nbsp;&nbsp;NNN |
| &nbsp;&nbsp; Whole Foods Market<br> 2475 South Town Center Drive<br> Las Vegas, NV | &nbsp;&nbsp;2024 / NAP | &nbsp;&nbsp;Whole Foods Market | &nbsp;&nbsp;47075 | &nbsp;&nbsp;$20.00 | &nbsp;&nbsp;20.0 &nbsp;&nbsp;NNN |
| &nbsp;&nbsp; Box Retail Indoor Recreation<br> SE/Henderson Submarket #N/A<br> Henderson, NV | &nbsp;&nbsp;2008 / 2024 | &nbsp;&nbsp;Indoor Recreation | &nbsp;&nbsp;30000 | &nbsp;&nbsp;$17.00 | &nbsp;&nbsp;10.0 &nbsp;&nbsp;NNN |
| &nbsp;&nbsp; EOS Fitness<br> 35 South Stephanie Street<br> Henderson, NV | &nbsp;&nbsp;2006 / NAP | &nbsp;&nbsp;Fitness Alliance (EOS Fitness) | &nbsp;&nbsp;29727 | &nbsp;&nbsp;$16.91 | &nbsp;&nbsp;10.0 &nbsp;&nbsp;NNN |
| &nbsp;&nbsp; Arroyo Market Square<br> 6920-7335 Arroyo Crossing Parkway<br> Las Vegas, NV | &nbsp;&nbsp;2007 / NAP | &nbsp;&nbsp;Macy's | &nbsp;&nbsp;34175 | &nbsp;&nbsp;$15.80 | &nbsp;&nbsp;10.0 &nbsp;&nbsp;NNN |
| &nbsp;&nbsp; El Super Grocery Store<br> 2475 East Tropicana Avenue<br> Las Vegas, NV | &nbsp;&nbsp;1987 / 2023 | &nbsp;&nbsp;El Super Grocery Store | &nbsp;&nbsp;43056 | &nbsp;&nbsp;$12.00 | &nbsp;&nbsp;10.0 &nbsp;&nbsp;NNN |
| &nbsp;&nbsp; Seafood City Grocer<br> 10485 South Eastern Avenue<br> Henderson, NV | &nbsp;&nbsp;2001 / 2017 | &nbsp;&nbsp;Seafood City | &nbsp;&nbsp;32183 | &nbsp;&nbsp;$16.50 | &nbsp;&nbsp;11.0 &nbsp;&nbsp;NNN |
| &nbsp;&nbsp; Arroyo Market Square<br> 6920-7335 Arroyo Crossing Parkway<br> Las Vegas, NV | &nbsp;&nbsp;2007 / NAP | &nbsp;&nbsp;Best Buy | &nbsp;&nbsp;45000 | &nbsp;&nbsp;$19.66 | &nbsp;&nbsp;5.0 &nbsp;&nbsp;NNN |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Source: Appraisal.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Based on the underwritten rent roll dated November 1, 2025.

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 66 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| **No. 8 – Lake Mead Crossing** | **No. 8 – Lake Mead Crossing** |

---

The following table presents certain information relating to comparable retail leases for the Lake Mead Crossing Property:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Comparable Retail Lease Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Retail Lease Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Retail Lease Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Retail Lease Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Retail Lease Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Retail Lease Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Retail Lease Summary<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property Name/Location** | &nbsp;&nbsp;**Year Built / Renovated** | &nbsp;&nbsp;**Tenant** | &nbsp;&nbsp;**Suite Size (SF)** | | &nbsp;&nbsp;**Annual Base Rent PSF** | &nbsp;&nbsp;**Lease Term (Years)** |
| &nbsp;&nbsp; **Lake Mead Crossing**<br> **Henderson, NV** | &nbsp;&nbsp;**2008, 2009 / NAP** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**Various** | **<sup>(2)</sup>** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**Various<sup>(2)</sup>**&nbsp;&nbsp;**NNN<sup>(2)</sup>** |
| &nbsp;&nbsp; Whitney Ranch Center<br> 629-689 N Stephanie St #Suite 665<br> Henderson, NV | &nbsp;&nbsp;1992 / NAP | &nbsp;&nbsp;KOS Allure | &nbsp;&nbsp;1300 |  | &nbsp;&nbsp;$30.00 | &nbsp;&nbsp;5.3 &nbsp;&nbsp;NNN |
| &nbsp;&nbsp; Stephanie Promenade<br> 249 Stephanie Street<br> Henderson, NV | &nbsp;&nbsp;2002 / NAP | &nbsp;&nbsp;Smoothie King | &nbsp;&nbsp;1934 |  | &nbsp;&nbsp;$36.00 | &nbsp;&nbsp;10.0 &nbsp;&nbsp;NNN |
| &nbsp;&nbsp; Eastern Commons<br> 10575 S. Eastern Avenue #170<br> Henderson, NV | &nbsp;&nbsp;2005 / NAP | &nbsp;&nbsp;World of Sourdough | &nbsp;&nbsp;1412 |  | &nbsp;&nbsp;$42.00 | &nbsp;&nbsp;10.0 &nbsp;&nbsp;NNN |
| &nbsp;&nbsp; Beltway Marketplace<br> 9210 South Eastern Avenue<br> Las Vegas, NV | &nbsp;&nbsp;2002 / NAP | &nbsp;&nbsp;Pho King | &nbsp;&nbsp;1615 |  | &nbsp;&nbsp;$39.00 | &nbsp;&nbsp;7.0 &nbsp;&nbsp;NNN |
| &nbsp;&nbsp; Retail Restaurant<br> Southeast Submarket<br> Henderson, NV | &nbsp;&nbsp;2017 / NAP | &nbsp;&nbsp;Restaurant Tenant | &nbsp;&nbsp;2000 |  | &nbsp;&nbsp;$42.00 | &nbsp;&nbsp;5.0 &nbsp;&nbsp;NNN |
| &nbsp;&nbsp; Retail Restaurant<br> 1720 East Serene Avenue #100<br> Las Vegas, NV | &nbsp;&nbsp;2020 / NAP | &nbsp;&nbsp;Smokin Sammich | &nbsp;&nbsp;1918 |  | &nbsp;&nbsp;$40.80 | &nbsp;&nbsp;5.0 &nbsp;&nbsp;NNN |
| &nbsp;&nbsp; Retail Restaurant<br> 55 North Stephanie Street<br> Henderson, NV | &nbsp;&nbsp;2006 / NAP | &nbsp;&nbsp;Restaurant Tenant | &nbsp;&nbsp;2015 |  | &nbsp;&nbsp;$45.60 | &nbsp;&nbsp;9.0 &nbsp;&nbsp;NNN |
| &nbsp;&nbsp; Green Valley Crossing<br> 695 South Green Valley Parkway<br> Henderson, NV | &nbsp;&nbsp;2009 / 2015 | &nbsp;&nbsp;California Closets | &nbsp;&nbsp;2200 |  | &nbsp;&nbsp;$36.00 | &nbsp;&nbsp;6.0 &nbsp;&nbsp;NNN |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Source: Appraisal.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Based on the underwritten rent roll dated November 1, 2025.

The following table presents certain information relating to comparable sales to the Lake Mead Crossing Property, identified by the appraisal:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Comparable Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Sales<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Location** | &nbsp;&nbsp;**Rentable Area (SF)** | &nbsp;&nbsp;**Sale Date** | &nbsp;&nbsp;**Sale Price (PSF)** |
| &nbsp;&nbsp; Summerhill Plaza<br> Stephanie Beltway Plaza<br> Shops at Grand Canyon<br> Mountain's Edge Marketplace<br> Nellis Plaza<br> Galleria Pavilion<br> Craig Marketplace | &nbsp;&nbsp; Las Vegas, NV<br> Henderson, NV<br> Las Vegas, NV<br> Las Vegas, NV<br> Las Vegas, NV<br> Henderson, NV<br> Las Vegas, NV | &nbsp;&nbsp; 91163<br> 91001<br> 64649<br> 115037<br> 83930<br> 64598<br> 119280 | &nbsp;&nbsp; May-2025<br> Feb-2025<br> Jan-2025<br> Dec-2024<br> Oct-2022<br> Oct-2022<br> Sep-2022 | &nbsp;&nbsp; $357<br> $336<br> $216<br> $437<br> $298<br> $341<br> $345 |

---

(1) Source: Appraisal.

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 67 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| **No. 8 – Lake Mead Crossing** | **No. 8 – Lake Mead Crossing** |

---

The following table presents certain information relating to the appraisal's market rent conclusion for the Lake Mead Crossing Property:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Market Rent Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Market Rent Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Market Rent Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Market Rent Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Market Rent Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Market Rent Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Market Rent Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Market Rent Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Market Rent Summary<sup>(1)</sup>** |
|  | &nbsp;&nbsp;**General Retail** | &nbsp;&nbsp;**Back In Line** | &nbsp;&nbsp;**Box Retail** | &nbsp;&nbsp; <br>**End Cap Retail** | &nbsp;&nbsp; <br>**PetSmart** | &nbsp;&nbsp; <br>**Grocery** | &nbsp;&nbsp; <br>**Hair and Nails** | &nbsp;&nbsp;**Small Back In Line** |
| &nbsp;&nbsp; Market Rent (PSF)<br> Lease Term (Years)<br> Lease Type (Reimbursements)<br> Tenant Improvements (New)<br> Tenant Improvements (Renewal)<br> Free Rent (New / Renewal) | &nbsp;&nbsp; $39.00<br> 5<br> NNN<br> $10.00<br> $5.00<br> 2 / 0 months | &nbsp;&nbsp; $24.00<br> 5<br> NNN<br> $10.00<br> $5.00<br> 2 / 0 months | &nbsp;&nbsp; $15.00<br> 10<br> NNN<br> $10.00<br> $5.00<br> 3 / 0 months | &nbsp;&nbsp; $42.00<br> 5<br> NNN<br> $10.00<br> $5.00<br> 2 / 0 months | &nbsp;&nbsp; $24.00<br> 10<br> NNN<br> $10.00<br> $5.00<br> 3 / 0 months | &nbsp;&nbsp; $24.00<br> 10<br> NNN<br> $10.00<br> $5.00<br> 3 / 0 months | &nbsp;&nbsp; $45.00<br> 5<br> NNN<br> $10.00<br> $5.00<br> 2 / 0 months | &nbsp;&nbsp; $27.00<br> 5<br> NNN<br> $10.00<br> $5.00<br> 2 / 0 months |

---

(1) Source: Appraisal.

 ****

***The Borrower.*** The borrower is Lake Mead Partners SPE LLC, a Delaware limited liability company and special purpose entity with one independent director. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Lake Mead Crossing Mortgage Loan.

***The Borrower Sponsor.*** The non-recourse carveout guarantor is Garo Kholamian. Mr. Kholamian founded GK Real Estate in 1994, an investment management company that focuses on acquiring, redeveloping, and managing real estate assets in national real estate markets. GK Real Estate's portfolio includes sixteen retail assets (including a real estate development project), two office properties, one self-storage development, one land development site, one multifamily development, and an undisclosed parcel of land with mineral rights across eight states.

Garo Kholamian has been involved in various previous loan foreclosures, deed-in-lieu of foreclosures and discounted payoffs, unrelated to the Lake Mead Crossing Property. See "*Description of the Mortgage Pool—Default History, Bankruptcy Issues and Other Proceedings*" in the Preliminary Prospectus.

***Property Management.*** The Lake Mead Crossing Property is managed by GK Development Inc., an affiliate of the borrower sponsor.

***Escrows and Reserves.*** As of the date of origination of the Lake Mead Crossing Mortgage Loan, the borrower was required to deposit (i) $68,192 in a real estate tax reserve account, which includes approximately $17,048 of the first monthly deposit. Certain reserves may have been drawn upon between the origination date and the Cut-off Date.

*Tax Escrows –* The borrower is required to deposit into a real estate tax reserve, on a monthly basis, an amount equal to 1/12th of the real estate taxes that the lender estimates will be payable during the next 12 months (initially approximately $17,048).

*Insurance Escrows –* The Lake Mead Crossing Mortgage Loan documents do not require ongoing monthly insurance reserve deposits as long as (i) no event of default is continuing; (ii) the Lake Mead Crossing Property is covered under a blanket or umbrella policy reasonably acceptable to the lender; (iii) the borrower provides the lender with evidence of renewal of such policies; and (iv) the borrower provides the lender with paid receipts for payment of the insurance premiums by no later than ten business days prior to the policy expiration dates. As of the Cut-off Date, an acceptable blanket insurance policy was in place covering the Lake Mead Crossing Property.

*Replacement Reserves –* The Lake Mead Crossing Mortgage Loan documents require ongoing monthly replacement reserve deposits of $1,072, which the lender may require the borrower to increase (not more than once per year) upon 30 days' notice to the borrower if the lender reasonably determines such increase is necessary to maintain the proper operation of the Lake Mead Crossing Property.

*TI/LC Reserves –* The Lake Mead Crossing Mortgage Loan documents require ongoing monthly general tenant improvements and leasing commissions reserves of $5,673.

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 68 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| **No. 8 – Lake Mead Crossing** | **No. 8 – Lake Mead Crossing** |

---

***Lockbox / Cash Management.*** The Lake Mead Crossing Mortgage Loan is structured with a springing lockbox and springing cash management. Within 30 days from receipt of written notice from the lender that a Cash Trap Event Period (as defined below) has commenced, the borrower is required to, among other things, (i) execute a deposit account control agreement to establish a deposit account with a clearing bank and (ii) send executed letters directing all tenants to deposit all sums due under their respective leases directly into such deposit account. During the continuance of a Cash Trap Event Period, all funds in the deposit account are required to be swept periodically to a lender-controlled cash management account. If the borrower or property manager receive any rents or income directly, each is required to deposit such amounts into the deposit account within one business day of receipt. So long as a Cash Trap Event Period is in effect, all excess funds will be swept to an excess cash flow subaccount controlled by the lender and held for so long as such a Cash Trap Event Period is continuing, in accordance with the terms and provisions of the Lake Mead Crossing Mortgage Loan documents.

A "**<u>Cash Trap Event Period</u>**" will commence upon the earlier of the following:

&nbsp;&nbsp;&nbsp;&nbsp;(i) the occurrence of an event of default;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) the net cash flow debt service coverage ratio ("  **<u>NCF DSCR</u>**") falling below 1.15x
(tested quarterly) (a "  **<u>Low DSCR Event</u>** "), provided, however, if within five business days of written notice from
the lender, the borrower has delivered cash and cash equivalents or a letter of credit equal to an amount which, if applied to pay down
the initial principal amount of the Lake Mead Crossing Mortgage Loan irrespective of any amortization or other prepayments, would result
in the NCF DSCR being equal to or greater than 1.20x (with such deposit being required every subsequent six month period in which a Low
DSCR Event is continuing), no Low DSCR Event will be deemed to have occurred; or

&nbsp;&nbsp;&nbsp;&nbsp;(iii) a Major Tenant Event Period (as defined below) provided, however, if within five business days of written
notice from the lender of the occurrence of a Major Tenant Event Period caused solely by a Major Tenant Occupancy Event (as defined below),
if the borrower has delivered cash and cash equivalents or a letter of credit in an amount equal to the product of $25.00 multiplied by
the number of square feet occupied by such Major Tenant (as defined below) as of the date of origination of the Lake Mead Crossing Mortgage
Loan, no Major Tenant Event Period will be deemed to have occurred.

A Cash Trap Event Period will end upon the occurrence of the following:

● with regard to clause (i), the cure of such event of default and the lender's acceptance of such cure;

● with regard to clause (ii), the NCF DSCR being equal to or greater than 1.20x for two consecutive calendar quarters; or

● with regard to clause (iii), a Major Tenant Event Period Cure (as defined below) and the termination of all Major Tenant Event Periods;

A "**<u>Major Tenant Event Period</u>**" will commence upon the earliest to occur of the following with respect to PetSmart, Sprouts and Marshalls, as well as said tenant's successors and assigns, and any replacement tenant(s) that enters into a lease for 20,000 square feet or more of said space (individually or collectively, as applicable, "**<u>Major Tenant</u>**"):

&nbsp;&nbsp;&nbsp;&nbsp;(i) a Major Tenant, or its parent or guarantor filing, or otherwise becoming involved as debtor in a bankruptcy
or similar insolvency proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Major Tenant "going dark", vacating or otherwise failing to continuously occupy its space
(or any material portion thereof), failing to be open for business at the Lake Mead Crossing Property during customary hours, or giving
notice of its intent to commence any of the foregoing (a "  **<u>Major Tenant Occupancy Event</u>** ");

&nbsp;&nbsp;&nbsp;&nbsp;(iii) a Major Tenant surrendering, terminating or canceling its lease (or any material portion thereof), or
otherwise failing or ceasing to be in full force and effect, or a Major Tenant giving notice of, or commencing a legal proceeding asserting
any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;(iv) a default occurring (beyond any applicable notice and cure period) under a Major Tenant's lease;
or

&nbsp;&nbsp;&nbsp;&nbsp;(v) a Major Tenant failing to renew or extend the term of its lease on or prior to the date that is the earlier
of (x) six months prior to the date of scheduled expiration, (y) the deadline to renew such lease as set forth therein and (z) the date
the Major Tenant provides actual notice of its intent not to renew such lease.

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 69 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| **No. 8 – Lake Mead Crossing** | **No. 8 – Lake Mead Crossing** |

---

A "**<u>Major Tenant Event Period Cure</u>**" will occur upon:

● solely with regards to clause (i) above, (x) a Major Tenant Re-Tenanting Event (as defined below) having occurred or (y) two consecutive calendar quarters after the bankruptcy or insolvency proceeding having terminated in a manner satisfactory to the lender, such Major Tenant's lease having been affirmed and the terms of such lease, as affirmed, being satisfactory to the lender;

● solely with regards to clause (ii) above, (x) a Major Tenant Re-Tenanting Event having occurred or (y) the applicable Major Tenant having resumed its normal business operations in its entire space for a period of two consecutive calendar quarters;

● solely with regards to clause (iii) above, (x) a Major Tenant Re-Tenanting Event having occurred or (y) such Major Tenant having (A) revoked any notification of any such termination, cancellation, or surrender of such lease and (B) delivered to the lender a tenant estoppel certificate reasonably acceptable to the lender;

● solely with regards to clause (iv) above, (x) a Major Tenant Re-Tenanting Event having occurred or (y) the subject default having been cured and no other default under the related lease having occurred (beyond any applicable notice and cure period) for a period of two consecutive calendar quarters; or

● solely with regards to clauses (v) above, (x) a Major Tenant Re-Tenanting Event having occurred or (y) the lender having received evidence that the Major Tenant extended the term of its lease pursuant to the terms thereof (or on terms and conditions otherwise acceptable to the lender), such evidence to include, without limitation, a tenant estoppel certificate from the applicable Major Tenant acceptable to the lender, confirming that all obligations of the borrower to such Major Tenant with respect to tenant improvements and leasing commissions having been satisfied in full and that such Major Tenant is then paying full, unabated rent pursuant to the terms thereof.

A "**<u>Major Tenant Re-Tenanting Event</u>**" will occur upon the lender receiving satisfactory evidence (including, without limitation, a satisfactory tenant estoppel) that (i) all of the applicable Major Tenant space at the Lake Mead Crossing Property has been leased to one or more satisfactory replacement tenants, each pursuant to a satisfactory replacement lease; (ii) each such tenant is in occupancy of its premises, is open for normal business and is paying full, unabated rent pursuant to the terms of its lease (or such abatement having been reserved in the aggregate); and (iii) all tenant improvement costs and leasing commissions provided in each such replacement lease having been paid (or sufficient funds having been deposited into the leasing reserve subaccount for payment of such amounts).

***Subordinate and Mezzanine Debt.*** None.

***Permitted Future Subordinate or Mezzanine Debt***: Not permitted.

***Partial Release.*** Not permitted.

***Ground Lease.*** None.

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 70 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 9 – Marriott Ann Arbor Ypsilanti** | &nbsp;&nbsp;**No. 9 – Marriott Ann Arbor Ypsilanti** |

---

![](n5505prets_img014.jpg)

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 70 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 9 – Marriott Ann Arbor Ypsilanti** | &nbsp;&nbsp;**No. 9 – Marriott Ann Arbor Ypsilanti** |

---

![](n5505prets_img015.jpg)

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 71 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 9 – Marriott Ann Arbor Ypsilanti** | &nbsp;&nbsp;**No. 9 – Marriott Ann Arbor Ypsilanti** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Mortgage Loan Seller:** | &nbsp;&nbsp;BSPRT | &nbsp;&nbsp;**Single Asset / Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Original Principal Balance:** | &nbsp;&nbsp;$27500000 | &nbsp;&nbsp;**Title:** | &nbsp;&nbsp;Fee Simple |
| &nbsp;&nbsp;**Cut-off Date Principal Balance:** | &nbsp;&nbsp;$27500000 | &nbsp;&nbsp;**Property Type – Subtype:** | &nbsp;&nbsp;Hospitality – Full Service |
| &nbsp;&nbsp;**% of IPB:** | &nbsp;&nbsp;5.0% | &nbsp;&nbsp;**Net Rentable Area (Rooms):** | &nbsp;&nbsp;243 |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;Ypsilanti, MI |
| &nbsp;&nbsp;**Borrower(s):** | &nbsp;&nbsp;MFS Ypsilanti Holdings, LLC | &nbsp;&nbsp;**Year Built / Renovated:** | &nbsp;&nbsp;1989 / 2023 |
| &nbsp;&nbsp;**Borrower Sponsor(s):** | &nbsp;&nbsp;Steven David Hurowitz and Jeffrey David Cornfeld | &nbsp;&nbsp;**Occupancy:** | &nbsp;&nbsp;61.7% |
| &nbsp;&nbsp;**Interest Rate:** | &nbsp;&nbsp;7.0550% | &nbsp;&nbsp;**Occupancy Date:** | &nbsp;&nbsp;10/31/2025 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;12/9/2025 | &nbsp;&nbsp;**4<sup>th</sup> Most Recent NOI (As of):** | &nbsp;&nbsp;$3,176,670 (12/31/2022) |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;1/6/2031 | &nbsp;&nbsp;**3<sup>rd</sup> Most Recent NOI (As of):** | &nbsp;&nbsp;$4,631,117 (12/31/2023) |
| &nbsp;&nbsp;**Interest-only Period:** | &nbsp;&nbsp;61 | &nbsp;&nbsp;**2<sup>nd</sup> Most Recent NOI (As of):** | &nbsp;&nbsp;$4,261,521 (12/31/2024) |
| &nbsp;&nbsp;**Original Term:** | &nbsp;&nbsp;61 | &nbsp;&nbsp;**Most Recent NOI (As of):** | &nbsp;&nbsp;$4,070,968 (TTM 10/31/2025) |
| &nbsp;&nbsp;**Original Amortization Term:** |  | &nbsp;&nbsp;**UW Economic Occupancy:** | &nbsp;&nbsp;61.7% |
| &nbsp;&nbsp;**Amortization Type:** | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;**UW Revenues:** | &nbsp;&nbsp;$19936649 |
| &nbsp;&nbsp;**Call Protection:** | &nbsp;&nbsp;L(24), D(30), O(7) | &nbsp;&nbsp;**UW Expenses:** | &nbsp;&nbsp;$15980089 |
| &nbsp;&nbsp;**Lockbox / Cash Management:** | &nbsp;&nbsp;Hard / Springing | &nbsp;&nbsp;**UW NOI:** | &nbsp;&nbsp;$3956561 |
| &nbsp;&nbsp;**Additional Debt:** | &nbsp;&nbsp;No | &nbsp;&nbsp;**UW NCF:** | &nbsp;&nbsp;$2959728 |
| &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;N/A | &nbsp;&nbsp;**Appraised Value / Per Room<sup>(2)</sup>:** | &nbsp;&nbsp;$54,000,000 / $222,222 |
| &nbsp;&nbsp;**Additional Debt Type:** | &nbsp;&nbsp;N/A | &nbsp;&nbsp;**Appraisal Date:** | &nbsp;&nbsp;9/1/2026 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Escrows and Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Escrows and Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Escrows and Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Escrows and Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Financial Information** | &nbsp;&nbsp;**Financial Information** |
|  | &nbsp;&nbsp;**Initial** | &nbsp;&nbsp;**Monthly** | &nbsp;&nbsp;**Initial Cap** | &nbsp;&nbsp;**Cut-off Date Loan / Room:** | &nbsp;&nbsp;$113169 |
| &nbsp;&nbsp;**Taxes:** | &nbsp;&nbsp;100497 | &nbsp;&nbsp;50249 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;**Maturity Date Loan / Room:** | &nbsp;&nbsp;$113169 |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;19922 | &nbsp;&nbsp;19922 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;**Cut-off Date LTV<sup>(3)</sup>:** | &nbsp;&nbsp;50.9% |
| &nbsp;&nbsp;**FF&E Reserve:** | &nbsp;&nbsp;0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;N/A | &nbsp;&nbsp;**Maturity Date LTV<sup>(3)</sup>:** | &nbsp;&nbsp;50.9% |
| &nbsp;&nbsp;**Seasonality Reserve:** | &nbsp;&nbsp;780000 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;N/A | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.50x |
| &nbsp;&nbsp;**PIP Reserve:** | &nbsp;&nbsp;8482264 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;N/A | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;14.4% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** |
| &nbsp;&nbsp;**Sources** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** | &nbsp;&nbsp;**Uses** | &nbsp;&nbsp;**Proceeds** | **% of Total** |
| &nbsp;&nbsp;Mortgage Loan: | &nbsp;&nbsp;$27500000 | &nbsp;&nbsp;98.1% | &nbsp;&nbsp;Loan Payoff | &nbsp;&nbsp;$16507015 | &nbsp;&nbsp;58.9% |
| &nbsp;&nbsp;Borrowers' Equity: | &nbsp;&nbsp;534303 | &nbsp;&nbsp;1.9 | &nbsp;&nbsp;Upfront Reserves | &nbsp;&nbsp;$9382683 | &nbsp;&nbsp;33.5 |
|  |  |  | &nbsp;&nbsp;Closing Costs | &nbsp;&nbsp;$2144605 | &nbsp;&nbsp;7.6 |
| &nbsp;&nbsp;**Total Sources** | &nbsp;&nbsp;**$28034303** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses:** | &nbsp;&nbsp;**$28034303** | &nbsp;&nbsp;**100.0%** |

---

(1) For a full description of escrows and reserves see "*Escrows and Reserves*" below.

(2) Represents the "prospective market value upon completion of renovation of $54,000,000. The "as-is"
appraised value is equal to $39,000,000 and the appraiser also concluded to a "prospective market value upon completion of stabilization"
of $57,000,000.

(3) LTV is determined using the "prospective market value upon completion of renovation" of $54,000,000.
The LTV using the "as is" value of $39,000,000, calculated based on the loan amount less the upfront PIP reserve, is 48.8%.

 ****

***The Loan.*** The ninth largest mortgage loan (the "**<u>Marriott Ann Arbor Ypsilanti Mortgage Loan</u>**") is secured by the borrower's fee simple interest in a 243-room full-service hotel located in Ypsilanti, Michigan (the "**<u>Marriott Ann Arbor Ypsilanti Property</u>**"). The Marriott Ann Arbor Ypsilanti Mortgage Loan was originated by BSPRT CMBS Finance, LLC on December 9, 2025, has a 5-year interest-only term and accrues interest at a rate of 7.0550% *per* annum on an Actual/360 basis. The Marriott Ann Arbor Ypsilanti Mortgage Loan had an original term of 61 months and has a remaining term of 61 months as of the Cut-off Date. The scheduled maturity date of the Marriott Ann Arbor Ypsilanti Mortgage Loan is the payment date in January 2031.

***The Property.*** The Marriott Ann Arbor Ypsilanti Property is a 243-room, 8-story full-service hotel under a long-term franchise agreement with Marriott International, Inc. that expires on February 1, 2049. The Marriott Ann Arbor Ypsilanti Property was originally built in 1989, and was most recently renovated in 2023. Since acquisition of the property in 2006, the borrower

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 72 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 9 – Marriott Ann Arbor Ypsilanti** | &nbsp;&nbsp;**No. 9 – Marriott Ann Arbor Ypsilanti** |

---

sponsors have invested over $25 million on capital expenditures and franchise-required property improvement plans ("**<u>PIP</u>**"). The Marriott Ann Arbor Ypsilanti Property is currently undergoing an approximately $12.2 million PIP which commenced in April 2025 and the borrower sponsor has paid approximately $2.5 million towards completion. At the origination of the Marriott Ann Arbor Ypsilanti Mortgage Loan, the borrower sponsors delivered a completion guaranty for the PIP work with a completion date of December 9, 2027. The Marriott Ann Arbor Ypsilanti Property is situated on an approximately 12-acre site with 501 parking spaces. The Marriott Ann Arbor Ypsilanti Property includes approximately 53,000 square feet of meeting and event space, including a 15,000 square foot corporate education center.

The Marriott Ann Arbor Ypsilanti Property contains 118 king rooms and 125 double/double rooms. Amenities include two restaurants, a business center, fitness center, and sundry shop. The Marriott Ann Arbor Ypsilanti Property is surrounded by the Eagle Crest Club, a non-collateral, 135-acre, 18-hole golf club.

The following table presents the guestroom mix of the Marriott Ann Arbor Ypsilanti Property:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Guestroom Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Guestroom Mix<sup>(1)</sup>** |
| &nbsp;&nbsp;**Room Type** | &nbsp;&nbsp;**Room Count** |
| &nbsp;&nbsp;King | &nbsp;&nbsp;118 |
| &nbsp;&nbsp;Double / Double | &nbsp;&nbsp;125 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**243** |

---

(1) Source: Appraisal.

 

The following table presents certain information relating to the performance of the Marriott Ann Arbor Ypsilanti Property:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Historical Occupancy, ADR, RevPAR** | &nbsp;&nbsp;**Historical Occupancy, ADR, RevPAR** | &nbsp;&nbsp;**Historical Occupancy, ADR, RevPAR** | &nbsp;&nbsp;**Historical Occupancy, ADR, RevPAR** | &nbsp;&nbsp;**Historical Occupancy, ADR, RevPAR** | &nbsp;&nbsp;**Historical Occupancy, ADR, RevPAR** | &nbsp;&nbsp;**Historical Occupancy, ADR, RevPAR** | &nbsp;&nbsp;**Historical Occupancy, ADR, RevPAR** | &nbsp;&nbsp;**Historical Occupancy, ADR, RevPAR** | &nbsp;&nbsp;**Historical Occupancy, ADR, RevPAR** |
|  | &nbsp;&nbsp;**Marriott Ann Arbor Ypsilanti<sup>(1)</sup>** | &nbsp;&nbsp;**Marriott Ann Arbor Ypsilanti<sup>(1)</sup>** | &nbsp;&nbsp;**Marriott Ann Arbor Ypsilanti<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Set<sup>(2)(3)</sup>** | &nbsp;&nbsp;**Competitive Set<sup>(2)(3)</sup>** | &nbsp;&nbsp;**Competitive Set<sup>(2)(3)</sup>** | &nbsp;&nbsp;**Penetration Factor<sup>(4)</sup>** | &nbsp;&nbsp;**Penetration Factor<sup>(4)</sup>** | &nbsp;&nbsp;**Penetration Factor<sup>(4)</sup>** |
| **Year** | &nbsp;&nbsp;**Occupancy** | &nbsp;&nbsp;**ADR** | &nbsp;&nbsp;**RevPAR** | &nbsp;&nbsp;**Occupancy** | &nbsp;&nbsp;**ADR** | &nbsp;&nbsp;**RevPAR** | &nbsp;&nbsp;**Occupancy** | &nbsp;&nbsp;**ADR** | &nbsp;&nbsp;**RevPAR** |
| 2022 | &nbsp;&nbsp;56.1% | &nbsp;&nbsp;$159.07 | &nbsp;&nbsp;$89.18 | &nbsp;&nbsp;63.3% | &nbsp;&nbsp;$143.80 | &nbsp;&nbsp;$91.09 | &nbsp;&nbsp;88.5% | &nbsp;&nbsp;110.6% | &nbsp;&nbsp;97.9% |
| 2023 | &nbsp;&nbsp;60.8% | &nbsp;&nbsp;$172.57 | &nbsp;&nbsp;$105.00 | &nbsp;&nbsp;65.5% | &nbsp;&nbsp;$154.79 | &nbsp;&nbsp;$101.36 | &nbsp;&nbsp;92.9% | &nbsp;&nbsp;111.5% | &nbsp;&nbsp;103.6% |
| 2024 | &nbsp;&nbsp;60.3% | &nbsp;&nbsp;$180.87 | &nbsp;&nbsp;$109.01 | &nbsp;&nbsp;65.6% | &nbsp;&nbsp;$162.57 | &nbsp;&nbsp;$106.71 | &nbsp;&nbsp;91.8% | &nbsp;&nbsp;111.3% | &nbsp;&nbsp;102.2% |
| TTM 10/31/2025 | &nbsp;&nbsp;61.7% | &nbsp;&nbsp;$183.60 | &nbsp;&nbsp;$113.32 | &nbsp;&nbsp;68.6% | &nbsp;&nbsp;$160.25 | &nbsp;&nbsp;$109.91 | &nbsp;&nbsp;90.0% | &nbsp;&nbsp;114.6% | &nbsp;&nbsp;103.1% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Occupancy, ADR and RevPAR for the Marriott
Ann Arbor Ypsilanti Property are based on the underwritten cash flow.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Data obtained from a third-party hotel trend
report. Variances between the underwriting, the appraisal and the above table with respect to Occupancy, ADR and RevPAR at the Marriott
Ann Arbor Ypsilanti Property are attributable to variances in reporting methodologies and/or timing differences.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Occupancy, ADR and RevPAR for the Competitive
Set are based on data provided by a third-party hospitality research report. The Competitive Set for years 2022-TTM 10/31/2025 includes
Sheraton Ann Arbor Hotel, DoubleTree by Hilton Ann Arbor North, Sheraton Detroit Metro Airport, Ann Arbor Regent Hotel & Suites, Courtyard
Ann Arbor, Saint John's Resort, Hyatt Place Ann Arbor, and Hampton Inn & Suites Ypsilanti

&nbsp;&nbsp;&nbsp;&nbsp;(4) Penetration Factor is calculated based on
the underwritten cash flow and competitive set data provided by a third-party hospitality research report.

 ****

***Appraisal.*** According to the appraisal, the Marriott Ann Arbor Ypsilanti Property had an "as-is" appraised value of $39,000,000 as of September 1, 2025, a "prospective market value upon completion of renovation" of $54,000,000 as of September 1, 2026, and a "prospective market value upon stabilization" of $57,000,000 as of September 1, 2027, which assume completion of the $12.2 million PIP.

 ****

***Environmental.*** According to the Phase I environmental report dated September 22, 2025, there are no recognized environmental conditions at the Marriott Ann Arbor Ypsilanti Property.

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 73 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 9 – Marriott Ann Arbor Ypsilanti** | &nbsp;&nbsp;**No. 9 – Marriott Ann Arbor Ypsilanti** |

---

The following table presents certain information relating to the historical operating performance and underwritten net cash flow at the Marriott Ann Arbor Ypsilanti Property:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Operating History and Underwritten Net Cash Flow** | &nbsp;&nbsp;**Operating History and Underwritten Net Cash Flow** | &nbsp;&nbsp;**Operating History and Underwritten Net Cash Flow** | &nbsp;&nbsp;**Operating History and Underwritten Net Cash Flow** | &nbsp;&nbsp;**Operating History and Underwritten Net Cash Flow** | &nbsp;&nbsp;**Operating History and Underwritten Net Cash Flow** | &nbsp;&nbsp;**Operating History and Underwritten Net Cash Flow** | &nbsp;&nbsp;**Operating History and Underwritten Net Cash Flow** |
|  | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**TTM 10/31/2025** | &nbsp;&nbsp;**U/W** | &nbsp;&nbsp;**U/W Per Room<sup>(1)</sup>** | &nbsp;&nbsp;**%<sup>(2)</sup>** |
| &nbsp;&nbsp;**Occupancy** | &nbsp;&nbsp;**56.1%** | &nbsp;&nbsp;**60.8%** | &nbsp;&nbsp;**60.3%** | &nbsp;&nbsp;**61.7%** | &nbsp;&nbsp;**61.7%** |  |  |
| &nbsp;&nbsp;**ADR** | &nbsp;&nbsp;**$159.07** | &nbsp;&nbsp;**$172.57** | &nbsp;&nbsp;**$180.87** | &nbsp;&nbsp;**$183.60** | &nbsp;&nbsp;**$183.60** |  |  |
| &nbsp;&nbsp;**RevPAR** | &nbsp;&nbsp;**$89.18** | &nbsp;&nbsp;**$105.00** | &nbsp;&nbsp;**$109.01** | &nbsp;&nbsp;**$113.32** | &nbsp;&nbsp;**$113.32** |  |  |
| &nbsp;&nbsp;Rooms Revenue | &nbsp;&nbsp;$7909404 | &nbsp;&nbsp;$9313391 | &nbsp;&nbsp;$9695200 | &nbsp;&nbsp;$10050538 | &nbsp;&nbsp;$10050538 | &nbsp;&nbsp;$41360 | &nbsp;&nbsp;50.4% |
| &nbsp;&nbsp;Food & Beverage Revenue | &nbsp;&nbsp;6175553 | &nbsp;&nbsp;9042726 | &nbsp;&nbsp;8484899 | &nbsp;&nbsp;8900180 | &nbsp;&nbsp;8900180 | &nbsp;&nbsp;36626 | &nbsp;&nbsp;44.6 |
| &nbsp;&nbsp;Other Revenue<sup>(3)</sup> | &nbsp;&nbsp;261674 | &nbsp;&nbsp;455485 | &nbsp;&nbsp;885355 | &nbsp;&nbsp;985931 | &nbsp;&nbsp;985931 | &nbsp;&nbsp;4057 | &nbsp;&nbsp;4.9 |
| &nbsp;&nbsp;**Total Operating Revenue** | &nbsp;&nbsp;**$14346631** | &nbsp;&nbsp;**$18811602** | &nbsp;&nbsp;**$19065454** | &nbsp;&nbsp;**$19936649** | &nbsp;&nbsp;**$19936649** | &nbsp;&nbsp;**$82044** | &nbsp;&nbsp;**100.0%** |
| &nbsp;&nbsp;Rooms Expense | &nbsp;&nbsp;1776066 | &nbsp;&nbsp;2288468 | &nbsp;&nbsp;2292054 | &nbsp;&nbsp;2360468 | &nbsp;&nbsp;2360468 | &nbsp;&nbsp;9714 | &nbsp;&nbsp;23.5 |
| &nbsp;&nbsp;Food & Beverage Expense | &nbsp;&nbsp;3288248 | &nbsp;&nbsp;4853306 | &nbsp;&nbsp;4694939 | &nbsp;&nbsp;5251153 | &nbsp;&nbsp;5251153 | &nbsp;&nbsp;21610 | &nbsp;&nbsp;59.0 |
| &nbsp;&nbsp;Other Departmental Expense<sup>(4)</sup> | &nbsp;&nbsp;40330 | &nbsp;&nbsp;89072 | &nbsp;&nbsp;263377 | &nbsp;&nbsp;286847 | &nbsp;&nbsp;286847 | &nbsp;&nbsp;1180 | &nbsp;&nbsp;29.1 |
| &nbsp;&nbsp;**Total Departmental Expenses** | &nbsp;&nbsp;**$5104645** | &nbsp;&nbsp;**$7230845** | &nbsp;&nbsp;**$7250370** | &nbsp;&nbsp;**$7898468** | &nbsp;&nbsp;**$7898468** | &nbsp;&nbsp;**$32504** | &nbsp;&nbsp;**39.6%** |
| &nbsp;&nbsp;Administrative and General | &nbsp;&nbsp;1031168 | &nbsp;&nbsp;1446817 | &nbsp;&nbsp;1579843 | &nbsp;&nbsp;1846034 | &nbsp;&nbsp;1846034 | &nbsp;&nbsp;7597 | &nbsp;&nbsp;9.3 |
| &nbsp;&nbsp;Information and Telecommunications Systems | &nbsp;&nbsp;119920 | &nbsp;&nbsp;132415 | &nbsp;&nbsp;191794 | &nbsp;&nbsp;181450 | &nbsp;&nbsp;181450 | &nbsp;&nbsp;747 | &nbsp;&nbsp;0.9 |
| &nbsp;&nbsp;Sales and Marketing | &nbsp;&nbsp;1602725 | &nbsp;&nbsp;1991456 | &nbsp;&nbsp;2182959 | &nbsp;&nbsp;2282720 | &nbsp;&nbsp;2282720 | &nbsp;&nbsp;9394 | &nbsp;&nbsp;11.4 |
| &nbsp;&nbsp;Franchise Fees | &nbsp;&nbsp;886930 | &nbsp;&nbsp;1076509 | &nbsp;&nbsp;1087412 | &nbsp;&nbsp;1126385 | &nbsp;&nbsp;1106281 | &nbsp;&nbsp;4553 | &nbsp;&nbsp;5.5 |
| &nbsp;&nbsp;Property Operation and Maintenance | &nbsp;&nbsp;999768 | &nbsp;&nbsp;606107 | &nbsp;&nbsp;810471 | &nbsp;&nbsp;764069 | &nbsp;&nbsp;764069 | &nbsp;&nbsp;3144 | &nbsp;&nbsp;3.8 |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;458359 | &nbsp;&nbsp;508645 | &nbsp;&nbsp;462598 | &nbsp;&nbsp;472713 | &nbsp;&nbsp;472713 | &nbsp;&nbsp;1945 | &nbsp;&nbsp;2.4 |
| &nbsp;&nbsp;Base Management Fee | &nbsp;&nbsp;347159 | &nbsp;&nbsp;455643 | &nbsp;&nbsp;460959 | &nbsp;&nbsp;482541 | &nbsp;&nbsp;598099 | &nbsp;&nbsp;2461 | &nbsp;&nbsp;3.0 |
| &nbsp;&nbsp;Equipment Lease Expense | &nbsp;&nbsp;0 | &nbsp;&nbsp;176 | &nbsp;&nbsp;12641 | &nbsp;&nbsp;12735 | &nbsp;&nbsp;12735 | &nbsp;&nbsp;52 | &nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Property and Other Taxes | &nbsp;&nbsp;487485 | &nbsp;&nbsp;583558 | &nbsp;&nbsp;589622 | &nbsp;&nbsp;598663 | &nbsp;&nbsp;585421 | &nbsp;&nbsp;2409 | &nbsp;&nbsp;2.9 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;131802 | &nbsp;&nbsp;148314 | &nbsp;&nbsp;175263 | &nbsp;&nbsp;199903 | &nbsp;&nbsp;232098 | &nbsp;&nbsp;955 | &nbsp;&nbsp;1.2 |
| &nbsp;&nbsp;**Total Expenses** | &nbsp;&nbsp;**$11169961** | &nbsp;&nbsp;**$14180485** | &nbsp;&nbsp;**$14803933** | &nbsp;&nbsp;**$15865681** | &nbsp;&nbsp;**$15980089** | &nbsp;&nbsp;**$65762** | &nbsp;&nbsp;**80.2%** |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$3176670** | &nbsp;&nbsp;**$4631117** | &nbsp;&nbsp;**$4261521** | &nbsp;&nbsp;**$4070968** | &nbsp;&nbsp;**$3956561** | &nbsp;&nbsp;**$16282** | &nbsp;&nbsp;**19.8%** |
| &nbsp;&nbsp;FF&E | &nbsp;&nbsp;573865 | &nbsp;&nbsp;752464 | &nbsp;&nbsp;762618 | &nbsp;&nbsp;394644 | &nbsp;&nbsp;996832 | &nbsp;&nbsp;4102 | &nbsp;&nbsp;5.0 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$2602805** | &nbsp;&nbsp;**$3878653** | &nbsp;&nbsp;**$3498903** | &nbsp;&nbsp;**$3676324** | &nbsp;&nbsp;**$2959728** | &nbsp;&nbsp;**$12180** | &nbsp;&nbsp;**14.8%** |

---

(1) U/W Per Room is based on 243 rooms

(2) % of Total Revenue for each expense line item is based on its corresponding revenue
line item. All other line items are based on Total Revenue

(3) Other Revenue includes proceeds from parking, guest store, attrition revenue, and
cancellation fees.

(4) Other Departmental Expenses includes expenses from parking, gift shop, laundry,
and miscellaneous expenses.

***The Market.*** The Marriott Ann Arbor Ypsilanti Property is located in the Ann Arbor / Jackson submarket in Ypsilanti, MI. As of October 2025, the Ann Arbor / Jackson submarket occupancy rate was 57.8%, the average ADR was $139.09, and the average RevPAR was $80.43, per a third-party report.

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 74 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 9 – Marriott Ann Arbor Ypsilanti** | &nbsp;&nbsp;**No. 9 – Marriott Ann Arbor Ypsilanti** |

---

The following table presents certain information regarding competitive properties of the Marriott Ann Arbor Ypsilanti Property:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Competitive Properties<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Properties<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Properties<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Properties<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Properties<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Properties<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Properties<sup>(1)</sup>** |
|  |  |  | &nbsp;&nbsp;**Demand Segmentation** | &nbsp;&nbsp;**Demand Segmentation** | &nbsp;&nbsp;**Demand Segmentation** | &nbsp;&nbsp;**Demand Segmentation** |
| &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Year Built** | &nbsp;&nbsp;**# of Rooms** | &nbsp;&nbsp;**Commercial** | &nbsp;&nbsp;**Meeting & Group** | &nbsp;&nbsp;**Leisure** | &nbsp;&nbsp;**Total Meeting Space (SF)** |
| &nbsp;&nbsp;**Marriott Ann Arbor Ypsilanti** | &nbsp;&nbsp;**1989** | &nbsp;&nbsp;**243** | &nbsp;&nbsp;**25.0%** | &nbsp;&nbsp;**55.0%** | &nbsp;&nbsp;**20.0%** | &nbsp;&nbsp;**52995** |
| &nbsp;&nbsp;Sheraton Hotel Detroit Metro Airport | &nbsp;&nbsp;1989 | &nbsp;&nbsp;358 | &nbsp;&nbsp;45.0% | &nbsp;&nbsp;30.0% | &nbsp;&nbsp;25.0% | &nbsp;&nbsp;18000 |
| &nbsp;&nbsp;Courtyard Ann Arbor | &nbsp;&nbsp;1989 | &nbsp;&nbsp;160 | &nbsp;&nbsp;55.0% | &nbsp;&nbsp;20.0% | &nbsp;&nbsp;25.0% | &nbsp;&nbsp;6132 |
| &nbsp;&nbsp;Ann Arbor Regent Hotel & Suites | &nbsp;&nbsp;1989 | &nbsp;&nbsp;125 | &nbsp;&nbsp;40.0% | &nbsp;&nbsp;25.0% | &nbsp;&nbsp;35.0% | &nbsp;&nbsp;7500 |
| &nbsp;&nbsp;Sheraton Ann Arbor | &nbsp;&nbsp;1981 | &nbsp;&nbsp;198 | &nbsp;&nbsp;45.0% | &nbsp;&nbsp;30.0% | &nbsp;&nbsp;25.0% | &nbsp;&nbsp;19078 |
| &nbsp;&nbsp;DoubleTree by Hilton Ann Arbor North | &nbsp;&nbsp;1971 | &nbsp;&nbsp;227 | &nbsp;&nbsp;40.0% | &nbsp;&nbsp;25.0% | &nbsp;&nbsp;35.0% | &nbsp;&nbsp;7113 |
| &nbsp;&nbsp;Saint John's Resort | &nbsp;&nbsp;2006 | &nbsp;&nbsp;118 | &nbsp;&nbsp;35.0% | &nbsp;&nbsp;45.0% | &nbsp;&nbsp;20.0% | &nbsp;&nbsp;40405 |
| &nbsp;&nbsp;Hyatt Place Ann Arbor | &nbsp;&nbsp;2017 | &nbsp;&nbsp;142 | &nbsp;&nbsp;55.0% | &nbsp;&nbsp;20.0% | &nbsp;&nbsp;25.0% | &nbsp;&nbsp;1144 |
| &nbsp;&nbsp;Hampton Inn & Suites Ypsilanti | &nbsp;&nbsp;2021 | &nbsp;&nbsp;88 | &nbsp;&nbsp;55.0% | &nbsp;&nbsp;20.0% | &nbsp;&nbsp;25.0% | &nbsp;&nbsp;642 |
| &nbsp;&nbsp;**Total / Wtd. Avg.** |  | &nbsp;&nbsp;**1659** | &nbsp;&nbsp;**43.0%** | &nbsp;&nbsp;**31.0%** | &nbsp;&nbsp;**26.0%** | &nbsp;&nbsp;**153009** |

---

(1) Source: Appraisal.

***The Borrower.*** The borrower is MFS Ypsilanti Holdings, LLC, a Georgia limited liability company and special purpose entity with one independent director. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Marriott Ann Arbor Ypsilanti Mortgage Loan.

***The Borrower Sponsors.*** The borrower sponsors and non-recourse guarantors are Steven David Hurowitz and Jeffrey David Cornfeld. Steven Hurowitz is the founder and principal of HB Capital, which specializes in the acquisition, development, and management of value-add hospitality, residential, retail, industrial, and office assets throughout the United States. Jeffrey Cornfeld is the founder and principal of Cornfeld Group, a Florida-based family-owned real estate investment and management firm that invests across a variety of multi-tenant commercial, office, multifamily, and hospitality assets. At origination of the Marriott Ann Arbor Ypsilanti Mortgage Loan, the borrower sponsors delivered a completion guaranty for the PIP work. The completion date under the completion guaranty is December 9, 2027.

***Property Management.*** The Marriott Ann Arbor Ypsilanti Property is managed by Interstate Management Company, LLC ("**<u>Interstate</u>**"), which merged with Aimbridge Hospitality in 2019. Aimbridge Hospitality ("**<u>Aimbridge</u>**") is one of the preeminent global leaders in hotel management with a portfolio that spans over 80 hotel brands and includes full-service, select-service, luxury hotels, destination resorts, convention centers, and lifestyle properties. Aimbridge specializes in operations, sales and marketing, business development, procurement, accounting and finance, and design and construction services. The merger with Interstate added a portfolio of more than 1,400 branded, independent and resort properties across 49 states and 20 countries.

***Escrows and Reserves.*** At origination, the borrower deposited $100,497 into a tax reserve account, $19,922 into an insurance reserve account, $8,482,264 into a PIP reserve account, and $780,000 (the "**<u>Seasonality Initial Deposit Amount</u>**") into a seasonality account.

*Tax Reserve* – On a monthly basis, the borrower is required to deposit into a property tax reserve an amount equal to 1/12th of the property taxes for the Marriott Ann Arbor Ypsilanti Property that the lender reasonably estimates will be payable during the next ensuing 12 months.

 

*Insurance Reserve* – On a monthly basis, the borrower is required to deposit into an insurance reserve an amount equal to 1/12th of the insurance premiums that the lender reasonably estimates will be payable during the next ensuing 12 months; *provided*, *however*, that monthly deposits into the insurance reserve will be waived for so long as (i) insurance satisfying the requirements of the Marriott Ann Arbor Ypsilanti Mortgage Loan documents has been obtained under one or more blanket policies of insurance and the borrower provides the lender with evidence of the payment of premiums in respect thereof prior to the expiration of such policies, and (ii) no event of default is continuing under Marriott Ann Arbor Ypsilanti Mortgage Loan documents. A blanket insurance policy is currently in place.

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 75 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 9 – Marriott Ann Arbor Ypsilanti** | &nbsp;&nbsp;**No. 9 – Marriott Ann Arbor Ypsilanti** |

---

*FF&E Reserve* – On a monthly basis, the borrower is required to deposit into an FF&E reserve an amount equal to: (x) for the first two years of the Marriott Ann Arbor Ypsilanti Mortgage Loan term, 1/12th of 4% of the greater of (a) gross rents of the Marriott Ann Arbor Ypsilanti Property for the previous 12-month period or (b) the projected gross rents of the Marriott Ann Arbor Ypsilanti Property for the current calendar year according to the most recently submitted annual budget, and (y) commencing December 9, 2027, 1/12th of 5% of the greater of (a) gross rents of the Marriott Ann Arbor Ypsilanti Property for the previous 12-month period or (b) the projected gross rents of the Marriott Ann Arbor Ypsilanti Property for the current calendar year according to the most recently submitted annual budget.

*Seasonality Reserve* – On each monthly payment date occurring in May, June, July, August, September, and November, the borrower is required to deposit into a Seasonality Reserve the following amounts:

---

| | |
|:---|:---|
| **Seasonality Reserve** | **Seasonality Reserve** |
| &nbsp;&nbsp;**Month** | &nbsp;&nbsp;**Deposit** |
| &nbsp;&nbsp;May | &nbsp;&nbsp;$90000 |
| &nbsp;&nbsp;June | &nbsp;&nbsp;$400000 |
| &nbsp;&nbsp;July | &nbsp;&nbsp;$150000 |
| &nbsp;&nbsp;August | &nbsp;&nbsp;$180000 |
| &nbsp;&nbsp;September | &nbsp;&nbsp;$230000 |
| &nbsp;&nbsp;November | &nbsp;&nbsp;The amount determined by calculating the positive difference between (x) the Seasonality Reserve Threshold Amount (as defined below) for such calendar year, and (y) the aggregate amount of deposits previously made by the borrower into the Seasonality Reserve in such calendar year. |

---

"**<u>Seasonality Reserve Threshold Amount</u>**" means an amount determined by the lender in April of each calendar year which is equal to the aggregate amount of funds from the Seasonality Reserve that are disbursed by the lender on behalf of the borrower for the immediately preceding Off Season Months (as defined below). In calculating the Seasonality Reserve Threshold Amount for calendar year 2026, the lender will make adjustments to account for the fact that the Marriott Ann Arbor Ypsilanti Mortgage Loan has not been in place for a full 12-month period.

"**<u>Off Season Months</u>**" means the calendar months of December, January, February, and March.

 

*PIP Reserve* – On the date in which any new PIP is imposed by Marriott pursuant to the franchise agreement, the borrowers are required to deposit an amount equal to 110% of the sum required to pay for such new PIP less the amount of FF&E reserves available (the "**<u>PIP Reserve Deposit Amount</u>**"). If the work related to the new PIP is not required to be completed within 12 months of the date of such notice, the borrowers will be required to deposit the PIP Reserve Deposit Amount on or prior to the date that is 12 months prior to the required completion date of such PIP related work.

**Lockbox / Cash Management.** The Marriott Ann Arbor Ypsilanti Mortgage Loan is structured with a hard lockbox and springing cash management. On the origination date, the borrower directed each of the credit card companies or credit card clearing banks with which the borrower or property manager has entered into merchant's or other credit card agreements to make all payments into a lender-controlled lockbox account. The borrower is required to cause all cash revenues and all other money received by the borrower or the property manager (other than tenant security deposits) to be deposited into the lockbox account or a lender-controlled cash management account (to the extent there is a continuing Cash Management Period (as defined below)) immediately. On each payment date during the continuance of a Cash Sweep Period (as defined below) (or, at the lender's discretion, during an event of default under the Marriott Ann Arbor Ypsilanti Mortgage Loan documents), all funds on deposit in the cash management account after payment of taxes, insurance premiums and debt service on the Marriott Ann Arbor Ypsilanti Mortgage Loan will (w) to the extent the Cash Sweep Period commenced in connection with clause (A) of the below definition of "Cash Sweep Period", be deposited into the PIP Reserve Account, (x) to the extent that a Cash Sweep Period has occurred and is continuing solely as a result of a PIP True-UP Event (New PIP), be deposited into the PIP Reserve, (y) to the extent that any other Cash Sweep Period has occurred and is continuing, be deposited into the excess cash flow account to be held as additional collateral for the Marriott Ann Arbor Ypsilanti Mortgage

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 76 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 9 – Marriott Ann Arbor Ypsilanti** | &nbsp;&nbsp;**No. 9 – Marriott Ann Arbor Ypsilanti** |

---

Loan or (z) to the extent that no Cash Sweep Period has occurred and is continuing, be disbursed to the borrower. The Marriott Ann Arbor Ypsilanti Mortgage Loan is currently in a Cash Management Period.

A "**<u>Cash Sweep Period</u>**" means a period (i) commencing upon any of (A) the origination date of the Marriott Ann Arbor Ypsilanti Mortgage Loan; (B) the occurrence and continuance of an event of default; (C) the debt service coverage ratio being less than the applicable DSCR Cash Sweep Threshold (as defined below); (D) the occurrence of a bankruptcy event occurs; (E) if the property manager becomes insolvent or a debtor in any involuntary bankruptcy event; and (F) the occurrence of a PIP True-Up Event (New PIP) (as defined below); and (ii) expiring upon (u) with regard to the Cash Sweep Period commenced in connection with clause (A) above, the occurrence of a PIP True-Up Event Cure; (v) with regard to any Cash Sweep Period commenced in connection with clause (B) above, the cure (if applicable) of such event of default; (w) with regard to any Cash Sweep Period commenced in connection with clause (C) above, the date that the debt service coverage ratio is equal to or greater than the DSCR Cash Sweep Threshold for three consecutive calendar months; (x) with regard to any Cash Sweep Period commenced in connection with clause (E) above, the date that the borrower has replaced the property manager with a qualified property manager in accordance with the terms and conditions of the Marriott Ann Arbor Ypsilanti Mortgage Loan agreement; and (y) with regard to any Cash Sweep Period commenced in connection with clause (F) above, the occurrence of a PIP True-Up Event (New PIP) Cure (as defined below). Notwithstanding the foregoing, a Cash Sweep Period will not be deemed to expire in the event that a Cash Sweep Period then exists for any other reason.

"**<u>DSCR Cash Sweep Threshold</u>**" means, as applicable, (i) for the period beginning on the December 10, 2025, and ending December 9, 2027, 1.10x, and (ii) for the period beginning on the December 10, 2027, and at all times thereafter, 1.30x.

"**<u>PIP True-Up Event Cure</u>**" will occur if the lender determines that the sum of the FF&E Reserve plus the PIP Reserve with respect to the PIP is equal to or greater than $9,496,929.00 (the "**Scheduled PIP True-Up Threshold**"); provided, that, the Scheduled PIP True-Up Threshold will be reduced on a dollar for dollar basis for the cost of any portion of the PIP with respect to which the lender has received satisfactory evidence that the same has previously been performed and paid for by the borrower in accordance with the terms of the Marriott Ann Arbor Ypsilanti Mortgage Loan agreement and the related franchise agreement as determined by the lender in its reasonable discretion.

"**<u>PIP True-Up Event (New PIP)</u>**" means the borrower's failure to make a deposit into the PIP Reserve for any new PIP imposed by the franchisor, in accordance with the Marriott Ann Arbor Ypsilanti Mortgage Loan agreement.

"**<u>PIP True-Up Event (New PIP) Cure</u>**" will occur if the lender determines that the sum of the FF&E Reserve plus the PIP Reserve with respect to the new PIP that has yet to be completed as of such date (as determined by the lender in its reasonable discretion after taking into account any portion of the new PIP with respect to which the lender has received satisfactory evidence that the same has previously been performed and paid for by the borrower in accordance with the terms of the Marriott Ann Arbor Ypsilanti Mortgage Loan agreement and the related franchise agreement) is an amount greater than or equal to 110% of the estimated costs required to complete such new PIP that has yet to be completed as of such date.

**Subordinate and Mezzanine Debt.** None.

**Permitted Future Subordinate or Mezzanine Debt.** Not permitted.

**Partial Release.** Not permitted.

**Ground Lease.** None.

**Franchise Agreement.** The Marriott Ann Arbor Ypsilanti Property is subject to a long-term franchise agreement between the related borrower, as franchisee, and Marriott International, Inc., as franchisor, which was renewed in connection with the origination of the Marriott Ann Arbor Ypsilanti Mortgage Loan. The term of the related franchise agreement commenced on December 9, 2025 and expires on February 1, 2049, without any renewal options.

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 77 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 10 – Imperial Valley Mall** | &nbsp;&nbsp;**No. 10 – Imperial Valley Mall** |

---

![](n5505prets_img016.jpg)

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 78 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 10 – Imperial Valley Mall** | &nbsp;&nbsp;**No. 10 – Imperial Valley Mall** |

---

![](n5505prets_img017.jpg)

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 79 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 10 – Imperial Valley Mall** | &nbsp;&nbsp;**No. 10 – Imperial Valley Mall** |

---

![](n5505prets_img018.jpg)

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 80 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 10 – Imperial Valley Mall** | &nbsp;&nbsp;**No. 10 – Imperial Valley Mall** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Mortgage Loan Seller:** | &nbsp;&nbsp;3650 Capital | &nbsp;&nbsp;**Single Asset / Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Original Principal Balance:** | &nbsp;&nbsp;$25000000 | &nbsp;&nbsp;**Title:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Cut-off Date Principal Balance:** | &nbsp;&nbsp;$25000000 | &nbsp;&nbsp;**Property Type – Subtype:** | &nbsp;&nbsp;Retail – Regional Mall |
| &nbsp;&nbsp;**% of IPB:** | &nbsp;&nbsp;4.5% | &nbsp;&nbsp;**Net Rentable Area (SF)<sup>(2)</sup>:** | &nbsp;&nbsp;270275 |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;El Centro, CA |
| &nbsp;&nbsp;**Borrower:** | &nbsp;&nbsp;IVM Mallco LLC | &nbsp;&nbsp;**Year Built / Renovated:** | &nbsp;&nbsp;2005 / NAP |
| &nbsp;&nbsp;**Borrower Sponsor:** | &nbsp;&nbsp;Tryperion Re Fund IV, LP | &nbsp;&nbsp;**Occupancy:** | &nbsp;&nbsp;90.4% |
| &nbsp;&nbsp;**Interest Rate:** | &nbsp;&nbsp;7.17000% | &nbsp;&nbsp;**Occupancy Date:** | &nbsp;&nbsp;10/31/2025 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;12/5/2025 | &nbsp;&nbsp;**4<sup>th</sup> Most Recent NOI (As of):** | &nbsp;&nbsp;$6,115,301 (12/31/2021) |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;12/5/2030 | &nbsp;&nbsp;**3<sup>rd</sup> Most Recent NOI (As of):** | &nbsp;&nbsp;$6,231,982 (12/31/2022) |
| &nbsp;&nbsp;**Interest-only Period:** | &nbsp;&nbsp;12 months | &nbsp;&nbsp;**2<sup>nd</sup> Most Recent NOI (As of):** | &nbsp;&nbsp;$6,574,445 (12/31/2023) |
| &nbsp;&nbsp;**Original Term:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**Most Recent NOI (As of):** | &nbsp;&nbsp;$6,520,335 (12/31/2024) |
| &nbsp;&nbsp;**Original Amortization Term:** | &nbsp;&nbsp;360 months | &nbsp;&nbsp;**UW Economic Occupancy:** | &nbsp;&nbsp;92.3% |
| &nbsp;&nbsp;**Amortization Type:** | &nbsp;&nbsp;Interest Only, Amortizing Balloon | &nbsp;&nbsp;**UW Revenues:** | &nbsp;&nbsp;$10653709 |
| &nbsp;&nbsp;**Call Protection:** | &nbsp;&nbsp;L(11),YM1(42),O(7) | &nbsp;&nbsp;**UW Expenses:** | &nbsp;&nbsp;$4104834 |
| &nbsp;&nbsp;**Lockbox / Cash Management:** | &nbsp;&nbsp;Hard / In Place | &nbsp;&nbsp;**UW NOI<sup>(3)</sup>:** | &nbsp;&nbsp;$6548876 |
| &nbsp;&nbsp;**Additional Debt:** | &nbsp;&nbsp;No | &nbsp;&nbsp;**UW NCF:** | &nbsp;&nbsp;$6531766 |
| &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value / Per SF:** | &nbsp;&nbsp;$42,000,000 / $155 |
| &nbsp;&nbsp;**Additional Debt Type:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraisal Date:** | &nbsp;&nbsp;10/14/2025 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Escrows and Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Escrows and Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Escrows and Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Escrows and Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Financial Information** | &nbsp;&nbsp;**Financial Information** |
|  | &nbsp;&nbsp;**Initial** | &nbsp;&nbsp;**Monthly** | &nbsp;&nbsp;**Initial Cap** | &nbsp;&nbsp;**Cut-off Date Loan / SF:** | &nbsp;&nbsp;$93 |
| &nbsp;&nbsp;**Taxes:** | &nbsp;&nbsp;$258649 | &nbsp;&nbsp;$51730 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;**Maturity Date Loan / SF:** | &nbsp;&nbsp;$89 |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;N/A | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;59.5% |
| &nbsp;&nbsp;**Deferred Maintenance:** | &nbsp;&nbsp;$3750 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;**Maturity Date LTV:** | &nbsp;&nbsp;57.2% |
| &nbsp;&nbsp;**Replacement Reserves:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$4505 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;3.22x |
| &nbsp;&nbsp;**TI / LC Reserve<sup>(3)</sup>:** | &nbsp;&nbsp;$3831947 | &nbsp;&nbsp;$22523 | &nbsp;&nbsp;$540550 | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;26.2% |
| &nbsp;&nbsp;**Capital Reserve:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$41667 | &nbsp;&nbsp;N/A |  |  |
| &nbsp;&nbsp;**Candee Land Gap Rent Reserve:** | &nbsp;&nbsp;$136950 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;N/A |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** |
| &nbsp;&nbsp;**Sources** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** | &nbsp;&nbsp;**Uses** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** |
| &nbsp;&nbsp;Mortgage Loan | &nbsp;&nbsp;$25000000 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;Loan Payoff | &nbsp;&nbsp;$15519913 | &nbsp;&nbsp;62.1% |
|  |  |  | &nbsp;&nbsp;Reserves | &nbsp;&nbsp;4227546 | &nbsp;&nbsp;16.9 |
|  |  |  | &nbsp;&nbsp;Return of Equity | &nbsp;&nbsp;4053819 | &nbsp;&nbsp;16.2 |
|  |  |  | &nbsp;&nbsp;Closing Costs<sup>(4)</sup> | &nbsp;&nbsp;1198721 | &nbsp;&nbsp;4.8 |
| &nbsp;&nbsp;**Total Sources** | &nbsp;&nbsp;**$25000000** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses** | &nbsp;&nbsp;**$25000000** | &nbsp;&nbsp;**100.0%** |

---

(1) For a full description of escrows and reserves, see "*Escrows and Reserves*" below.

(2) The Imperial Valley Mall Property (as defined below) is part of a larger mall containing 762,630 square
feet.

(3) TI/LC Reserve Cap excludes upfront collections and includes $759,747 of leasing reserves for the Candee
Land lease.

(4) Closing costs includes $125,000 in origination fees.

***The Loan.*** The tenth largest mortgage loan (the "**<u>Imperial Valley Mall Mortgage Loan</u>**") is secured by a first lien mortgage on the borrower's fee interest in a 270,275 square foot regional mall retail property located in El Centro, California (the "**<u>Imperial Valley Mall Property</u>**"). The Imperial Valley Mall Mortgage Loan was originated by 3650 Capital SCF LOE I(A), LLC. The Imperial Valley Mall Mortgage Loan has a five-year term with twelve months of interest only and amortizes on a 30-year amortization schedule accruing interest at a rate of 7.17000% *per annum* on an Actual/360 basis.

***The Property.*** The Imperial Valley Mall Property is part of a 762,630 SF single-story regional mall located in El Centro, California, that was constructed in 2005, is situated on approximately 54-acres and which includes the following anchor tenants that are not part of the collateral for the Imperial Valley Mortgage Loan: Dillard's (145,193 square feet), Macy's (138,193 square feet), JC Penney (78,751 square feet) and Cabinetry Depot (130,220 square feet) (such tenants, the "Non-Collateral Anchor Tenants"). The collateral for the Imperial Valley Mall Mortgage Loan is comprised of 270,275 square feet,

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 81 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 10 – Imperial Valley Mall** | &nbsp;&nbsp;**No. 10 – Imperial Valley Mall** |

---

including a 14-screen AMC movie theater leased to Cinemark, and excludes the portions of the mall that are leased to the Non-Collateral Anchor Tenants. The Imperial Valley Mall Property contains 1,564 parking spaces resulting in a parking ratio of approximately 5.8 spaces per 1,000 square feet.

The Imperial Valley Mall Property is the sole regional mall within an 80-mile trade area and is situated less than 10-miles from the United States-Mexico border. The Imperial Valley Mall Property is located approximately 14 miles north of Mexicali, Mexico and draws cross border traffic. Mexicali is the capital of Baja California with a population of over 1 million residents (6x El Centro's population) and offers three border points of entry that serve the Imperial Valley. The Imperial Valley Mall Property serves as the primary retail destination in the market with surrounding land uses consisting of retail, agricultural and industrial uses with single-family and multifamily residential uses to the peripherals and is in one of the major retail nodes in El Centro, benefiting from access to 24,000 vehicles per day. Traditional retail offerings in the market are limited and mainly consist of big box retailers including Costco, Target and Home Depot, all of which are located approximately six miles north of the Imperial Valley Mall Property.

As of October 31, 2025, the Imperial Valley Mall Property was 90.4% occupied by 106 tenants. The tenant mix consists of in-line, cinema, specialty licenses, cart, kiosk, storage and food court/snack bar tenants. In February 2025, the borrower sponsor, in a joint venture with Peak Financial Partners & Tryperion Holdings, acquired the Imperial Valley Mall Property from CBL Properties (NYSE: CBL), which owned the Imperial Valley Mall Property since 2005, for a purchase price of $38.0 million ($141 per square feet) along with 63 acres of developable land for $1.0 million.

 ****

***Major Tenants***. The five largest tenants by net rentable area at the Imperial Valley Mall Property are Cinemark, Candee Land, Express Factory, Victoria's Secret / Pink and Charlotte Russe.

*Cinemark (56,283* square feet*; 20.8% of NRA; 15.9% of underwritten base rent*): Cinemark is a leading national movie theater chain known for its modern facilities, advanced projection technology, and comfortable seating. The company operates hundreds of theaters across the United States and Latin America, offering a mix of blockbuster films, independent releases, and special events. Cinemark has been a tenant at the Imperial Valley Mall Property since February 2008 and has a lease expiration of February 2028. Cinemark has three, five-year renewal options remaining and no termination options.

 

*Candee Land (10,956* square feet*; 4.1% of NRA; 5.1% of underwritten base rent):* Candee Land is a children's themed indoor playground and candy store with 10 open locations in the U.S. and four more under construction, including at the Imperial Valley Mall Property. Candee Land offers a variety of attractions including soft play zones, climbing structures, slides, toddler areas, arcade games, a café for parents, and themed birthday party packages. Candee Land recently executed a 10-year lease expiring in June 2036. Candee Land has one, five-year renewal option remaining and no termination options. Candee Land is expected to take occupancy and open for business in July 2026. Candee Land will begin paying rent in July 2026 and the lender has escrowed all related gap rent as well as tenant improvements and leasing commissions.

 

*Express Factory (9,000* square feet*; 3.3% of NRA; 0.0% of underwritten base rent):* Express Factory is a national apparel retailer offering modern clothing and accessories at discounted prices. As part of the Express brand, the outlet concept focuses on delivering trend-driven styles for men and women, including workwear, casual attire, and accessories. The store appeals to a broad customer base seeking fashionable options at affordable prices. The tenant is not required to pay base rent and pays percent in lieu rent. Express Factory has been a tenant at the Imperial Valley Mall Property since March of 2005 and has a lease expiration of January 2029. Express Factory has no renewal options and no termination options.

*Victoria's Secret / Pink (8,320* square feet*; 3.1% of NRA; 5.0% of underwritten base rent):* Victoria's Secret / Pink is a global retailer specializing in women's lingerie, sleepwear, beauty products, and lifestyle accessories. The company combines fashion-forward design with a focus on comfort and quality. As of July 31, 2025 TTM sales were $5,430,245 ($653 per square feet). The borrower sponsor has negotiated a lease renewal through January 2036 and the lease renewal is pending execution. Victoria's Secret / Pink has been a tenant since February 2016. Victoria's Secret / Pink has no renewal options and no termination options.

 

*Charlotte Russe (7,134* square feet*; 2.6% of NRA; 0.9% of underwritten base rent):* Charlotte Russe is a global fashion retailer specializing in women's apparel, footwear, and accessories. The company focuses on trend-driven, affordable styles

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 82 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 10 – Imperial Valley Mall** | &nbsp;&nbsp;**No. 10 – Imperial Valley Mall** |

---

designed to appeal to young adults. Charlotte Russe has been a tenant since September of 2020 and has a lease expiration of September 2027. Charlotte Russe has no renewal options and no termination options.

 

The following information presents certain information relating to the historical and current occupancy of the Imperial Valley Mall Property:

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Historical and Current Occupancy** | &nbsp;&nbsp;**Historical and Current Occupancy** | &nbsp;&nbsp;**Historical and Current Occupancy** | &nbsp;&nbsp;**Historical and Current Occupancy** | &nbsp;&nbsp;**Historical and Current Occupancy** | &nbsp;&nbsp;**Historical and Current Occupancy** | &nbsp;&nbsp;**Historical and Current Occupancy** | &nbsp;&nbsp;**Historical and Current Occupancy** | &nbsp;&nbsp;**Historical and Current Occupancy** | &nbsp;&nbsp;**Historical and Current Occupancy** | &nbsp;&nbsp;**Historical and Current Occupancy** | &nbsp;&nbsp;**Historical and Current Occupancy** | &nbsp;&nbsp;**Historical and Current Occupancy** | &nbsp;&nbsp;**Historical and Current Occupancy** | &nbsp;&nbsp;**Historical and Current Occupancy** | &nbsp;&nbsp;**Historical and Current Occupancy** | &nbsp;&nbsp;**Historical and Current Occupancy** | &nbsp;&nbsp;**Historical and Current Occupancy** | &nbsp;&nbsp;**Historical and Current Occupancy** | &nbsp;&nbsp;**Historical and Current Occupancy** |
| &nbsp;&nbsp;**2006** | &nbsp;&nbsp;**2007** | &nbsp;&nbsp;**2008** | &nbsp;&nbsp;**2009** | &nbsp;&nbsp;**2010** | &nbsp;&nbsp;**2011** | &nbsp;&nbsp;**2012** | &nbsp;&nbsp;**2013** | &nbsp;&nbsp;**2014** | &nbsp;&nbsp;**2015** | &nbsp;&nbsp;**2016** | &nbsp;&nbsp;**2017** | &nbsp;&nbsp;**2018** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**Current** |
| &nbsp;&nbsp;100.0% | &nbsp;&nbsp;96.0% | &nbsp;&nbsp;96.0% | &nbsp;&nbsp;99.0% | &nbsp;&nbsp;97.0% | &nbsp;&nbsp;97.0% | &nbsp;&nbsp;99.0% | &nbsp;&nbsp;99.0% | &nbsp;&nbsp;97.0% | &nbsp;&nbsp;97.0% | &nbsp;&nbsp;98.0% | &nbsp;&nbsp;91.0% | &nbsp;&nbsp;93.0% | &nbsp;&nbsp;92.0% | &nbsp;&nbsp;90.0% | &nbsp;&nbsp;95.3% | &nbsp;&nbsp;98.3% | &nbsp;&nbsp;98.4% | &nbsp;&nbsp;97.0% | &nbsp;&nbsp;90.4% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Historical occupancies are as of December 31 of each respective year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Current occupancy is based on the underwritten rent roll as of October 31, 2025.

The following table presents a summary relating to the major tenants at the Imperial Valley Mall Property:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Top Tenant Summary<sup>(1)</sup>** | **Top Tenant Summary<sup>(1)</sup>** | **Top Tenant Summary<sup>(1)</sup>** | **Top Tenant Summary<sup>(1)</sup>** | **Top Tenant Summary<sup>(1)</sup>** | **Top Tenant Summary<sup>(1)</sup>** | **Top Tenant Summary<sup>(1)</sup>** | **Top Tenant Summary<sup>(1)</sup>** |
| **Tenant Name** | **Credit Rating (Fitch/Moody's/**<br> **S&P)<sup>(2)</sup>** | **Net Rentable Area (SF)** | **% of Total NRA** | <br> **UW**<br> **Base Rent PSF** | **UW Base Rent** | **% of Total UW Base Rent** | **Lease Expiration** |
| Cinemark | B+/NR/BB | 56283 | 20.8% | $15.02 | $845371 | 15.9% | 2/29/2028 |
| Candee Land | NR/NR/NR | 10956 | 4.1 | $25.00 | 273900 | 5.1 | 6/30/2036 |
| Express Factory<sup>(3)</sup> | NR/NR/NR | 9000 | 3.3 | $0.00 | 0 | 0.0 | 1/31/2029 |
| Victoria's Secret / Pink | NR/Ba3/BB- | 8320 | 3.1 | $32.00 | 266240 | 5.0 | 1/31/2026 |
| Charlotte Russe | NR/NR/NR | 7134 | 2.6 | $7.01 | 50000 | 0.9 | 9/30/2027 |
| Hollister California<sup>(3)</sup> | A+/A1/NR | 6904 | 2.6 | $0.00 | 0 | 0.0 | 1/31/2027 |
| Aeropostale | NR/NR/NR | 6187 | 2.3 | $30.55 | 189000 | 3.5 | 1/31/2028 |
| Bath & Body Works<sup>(4)</sup> | NR/Ba2/BB+ | 6174 | 2.3 | $20.22 | 124864 | 2.3 | Various |
| Rack Room Shoes | NR/NR/NR | 6097 | 2.3 | $71.80 | 437784 | 8.2 | 1/31/2029 |
| American Eagle | NR/NR/NR | 5969 | 2.2 | $23.45 | 140000 | 2.6 | 1/31/2031 |
| **Subtotal/Wtd. Avg.** |  | **123024** | **45.5%** | **$18.92** | **$2327159** | **43.6%** |  |
| Other Tenants<sup>(5)</sup> | Other Tenants<sup>(5)</sup> | 121348 | 44.9% | $24.77 | $3006071 | 56.4% |  |
| **Occupied Subtotal/Wtd. Avg.** | **Occupied Subtotal/Wtd. Avg.** | **244372** | **90.4%** | **$21.82** | **$5333229** | **100.0%** |  |
| Vacant Space |  | 25903 | 9.6% |  |  |  |  |
| **Total/Wtd. Avg.** |  | **270275** | **100.0%** |  |  |  |  |

---

(1) Based on the underwritten rent roll as of October 31, 2025.

(2) Certain ratings are those of the parent company whether or not the parent company
guarantees the lease.

(3) Express Factory and Hollister California pay percent in lieu of base rent.

(4) Bath & Body Works leases six spaces within the Imperial Valley Mall Property.
Five of the spaces have a lease expiration date that occurs in January 2026 and the remaining space has a lease expiration date that occurs
in December 2025.

(5) Other Tenants includes specialty license tenants which account for 34,551 square
feet. No underwritten base rent is associated with the specialty license tenants.

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 83 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 10 – Imperial Valley Mall** | &nbsp;&nbsp;**No. 10 – Imperial Valley Mall** |

---

The following table presents certain information relating to tenant sales history in order of square feet:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Top Tenants by Total Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Top Tenants by Total Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Top Tenants by Total Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Top Tenants by Total Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Top Tenants by Total Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Top Tenants by Total Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Top Tenants by Total Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Top Tenants by Total Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Top Tenants by Total Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Top Tenants by Total Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Top Tenants by Total Sales<sup>(1)</sup>** |
| &nbsp;&nbsp;**Tenant** | &nbsp;&nbsp;**Tenant SF** | &nbsp;&nbsp;**2022 Sales** | &nbsp;&nbsp;**2022 Sales PSF** | &nbsp;&nbsp;**2023 Sales** | &nbsp;&nbsp;**2023 Sales PSF** | &nbsp;&nbsp;**2024 Sales** | &nbsp;&nbsp;**2024 Sales PSF** | &nbsp;&nbsp;**T12 Sales** | &nbsp;&nbsp;**T12 Sales PSF** | &nbsp;&nbsp;**Occupancy Cost<sup>(2)</sup>** |
| &nbsp;&nbsp;Express Factory<sup>(3)</sup> | &nbsp;&nbsp;9000 | &nbsp;&nbsp;2592951 | &nbsp;&nbsp;288.11 | &nbsp;&nbsp;2300740 | &nbsp;&nbsp;255.64 | &nbsp;&nbsp;1548598 | &nbsp;&nbsp;172.07 | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;Victoria's Secret / Pink | &nbsp;&nbsp;8320 | &nbsp;&nbsp;5873065 | &nbsp;&nbsp;705.90 | &nbsp;&nbsp;5381385 | &nbsp;&nbsp;646.80 | &nbsp;&nbsp;5694443 | &nbsp;&nbsp;684.43 | &nbsp;&nbsp;5430245 | &nbsp;&nbsp;652.67 | &nbsp;&nbsp;8.5% |
| &nbsp;&nbsp;Charlotte Russe | &nbsp;&nbsp;7134 | &nbsp;&nbsp;814002 | &nbsp;&nbsp;114.10 | &nbsp;&nbsp;875158 | &nbsp;&nbsp;122.67 | &nbsp;&nbsp;960305 | &nbsp;&nbsp;134.61 | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;5.2% |
| &nbsp;&nbsp;Hollister California<sup>(3)</sup> | &nbsp;&nbsp;6904 | &nbsp;&nbsp;2070085 | &nbsp;&nbsp;299.84 | &nbsp;&nbsp;1954561 | &nbsp;&nbsp;283.11 | &nbsp;&nbsp;2050264 | &nbsp;&nbsp;296.97 | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;Aeropostale | &nbsp;&nbsp;6187 | &nbsp;&nbsp;1536918 | &nbsp;&nbsp;248.41 | &nbsp;&nbsp;1429903 | &nbsp;&nbsp;231.11 | &nbsp;&nbsp;1345469 | &nbsp;&nbsp;217.47 | &nbsp;&nbsp;1409907 | &nbsp;&nbsp;227.88 | &nbsp;&nbsp;14.0% |
| &nbsp;&nbsp;Bath & Body Works | &nbsp;&nbsp;6174 | &nbsp;&nbsp;3581690 | &nbsp;&nbsp;580.12 | &nbsp;&nbsp;3308995 | &nbsp;&nbsp;535.96 | &nbsp;&nbsp;3627400 | &nbsp;&nbsp;587.53 | &nbsp;&nbsp;3619011 | &nbsp;&nbsp;586.17 | &nbsp;&nbsp;6.4% |
| &nbsp;&nbsp;Rack Room Shoes | &nbsp;&nbsp;6097 | &nbsp;&nbsp;3408183 | &nbsp;&nbsp;558.99 | &nbsp;&nbsp;3601751 | &nbsp;&nbsp;590.74 | &nbsp;&nbsp;3200675 | &nbsp;&nbsp;524.96 | &nbsp;&nbsp;2933616 | &nbsp;&nbsp;481.16 | &nbsp;&nbsp;15.2% |
| &nbsp;&nbsp;American Eagle | &nbsp;&nbsp;5969 | &nbsp;&nbsp;1554030 | &nbsp;&nbsp;260.35 | &nbsp;&nbsp;1647299 | &nbsp;&nbsp;275.98 | &nbsp;&nbsp;1851063 | &nbsp;&nbsp;310.11 | &nbsp;&nbsp;1873979 | &nbsp;&nbsp;313.95 | &nbsp;&nbsp;7.6% |
| &nbsp;&nbsp;Cal Regional, HarperRand, and GCC Laboratory | &nbsp;&nbsp;5878 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;0.0% |
| &nbsp;&nbsp;Optom-Eyes Vision Care | &nbsp;&nbsp;5706 | &nbsp;&nbsp;4640566 | &nbsp;&nbsp;813.28 | &nbsp;&nbsp;4636491 | &nbsp;&nbsp;812.56 | &nbsp;&nbsp;4444251 | &nbsp;&nbsp;778.87 | &nbsp;&nbsp;5135559 | &nbsp;&nbsp;900.03 | &nbsp;&nbsp;2.1% |

---

(1) Information obtained from the borrower.

(2) Occupancy Cost is based on current underwritten total rent (the sum of underwritten base rent, percentage
rent, overage rent and underwritten reimbursements).

(3) Express Factory and Hollister California pay percent in lieu of base rent.

The following table presents certain information relating to the lease rollover schedule at the Imperial Valley Mall Property:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Lease Rollover Schedule<sup>(1)(2)</sup>** | **Lease Rollover Schedule<sup>(1)(2)</sup>** | **Lease Rollover Schedule<sup>(1)(2)</sup>** | **Lease Rollover Schedule<sup>(1)(2)</sup>** | **Lease Rollover Schedule<sup>(1)(2)</sup>** | **Lease Rollover Schedule<sup>(1)(2)</sup>** | **Lease Rollover Schedule<sup>(1)(2)</sup>** | **Lease Rollover Schedule<sup>(1)(2)</sup>** | **Lease Rollover Schedule<sup>(1)(2)</sup>** | **Lease Rollover Schedule<sup>(1)(2)</sup>** |
| &nbsp;&nbsp;**Year** | &nbsp;&nbsp;**# of Leases Expiring** | &nbsp;&nbsp;**Net Rentable Area Expiring** | &nbsp;&nbsp;**% of NRA Expiring** | &nbsp;&nbsp;**UW Base Rent Expiring<sup>(3)</sup>** | &nbsp;&nbsp;**% of UW Base Rent Expiring<sup>(3)</sup>** | &nbsp;&nbsp;**Cumulative Net Rentable Area Expiring** | &nbsp;&nbsp;**Cumulative % of NRA Expiring** | &nbsp;&nbsp;**Cumulative UW Base Rent Expiring<sup>(3)</sup>** | &nbsp;&nbsp;**Cumulative % of UW Base Rent Expiring<sup>(3)</sup>** |
| &nbsp;&nbsp;Vacant | &nbsp;&nbsp;NAP | &nbsp;&nbsp;25903 | &nbsp;&nbsp;9.6% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;MTM & 2025<sup>(4)</sup> | &nbsp;&nbsp;34 | &nbsp;&nbsp;39111 | &nbsp;&nbsp;14.5 | &nbsp;&nbsp;$225317 | &nbsp;&nbsp;4.2% | &nbsp;&nbsp;39111 | &nbsp;&nbsp;16.0% | &nbsp;&nbsp;$225317 | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;2026<sup>(4)</sup> | &nbsp;&nbsp;32 | &nbsp;&nbsp;36632 | &nbsp;&nbsp;13.6 | &nbsp;&nbsp;976415 | &nbsp;&nbsp;18.3 | &nbsp;&nbsp;75743 | &nbsp;&nbsp;31.0% | &nbsp;&nbsp;$1201733 | &nbsp;&nbsp;22.5% |
| &nbsp;&nbsp;2027 | &nbsp;&nbsp;9 | &nbsp;&nbsp;26986 | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;579913 | &nbsp;&nbsp;10.9 | &nbsp;&nbsp;102729 | &nbsp;&nbsp;42.0% | &nbsp;&nbsp;$1781646 | &nbsp;&nbsp;33.4% |
| &nbsp;&nbsp;2028 | &nbsp;&nbsp;14 | &nbsp;&nbsp;88271 | &nbsp;&nbsp;32.7 | &nbsp;&nbsp;1767379 | &nbsp;&nbsp;33.1 | &nbsp;&nbsp;191000 | &nbsp;&nbsp;78.2% | &nbsp;&nbsp;$3549025 | &nbsp;&nbsp;66.5% |
| &nbsp;&nbsp;2029 | &nbsp;&nbsp;8 | &nbsp;&nbsp;24886 | &nbsp;&nbsp;9.2 | &nbsp;&nbsp;862524 | &nbsp;&nbsp;16.2 | &nbsp;&nbsp;215886 | &nbsp;&nbsp;88.3% | &nbsp;&nbsp;$4411549 | &nbsp;&nbsp;82.7% |
| &nbsp;&nbsp;2030 | &nbsp;&nbsp;4 | &nbsp;&nbsp;6336 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;310610 | &nbsp;&nbsp;5.8 | &nbsp;&nbsp;222222 | &nbsp;&nbsp;90.9% | &nbsp;&nbsp;$4722160 | &nbsp;&nbsp;88.5% |
| &nbsp;&nbsp;2031 | &nbsp;&nbsp;1 | &nbsp;&nbsp;5969 | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;140000 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;228191 | &nbsp;&nbsp;93.4% | &nbsp;&nbsp;$4862160 | &nbsp;&nbsp;91.2% |
| &nbsp;&nbsp;2032 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;228191 | &nbsp;&nbsp;93.4% | &nbsp;&nbsp;$4862160 | &nbsp;&nbsp;91.2% |
| &nbsp;&nbsp;2033 | &nbsp;&nbsp;1 | &nbsp;&nbsp;3960 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;106920 | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;232151 | &nbsp;&nbsp;95.0% | &nbsp;&nbsp;$4969080 | &nbsp;&nbsp;93.2% |
| &nbsp;&nbsp;2034 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1264 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;90250 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;233415 | &nbsp;&nbsp;95.5% | &nbsp;&nbsp;$5059329 | &nbsp;&nbsp;94.9% |
| &nbsp;&nbsp;2035 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;233416 | &nbsp;&nbsp;95.5% | &nbsp;&nbsp;$5059329 | &nbsp;&nbsp;94.9% |
| &nbsp;&nbsp;2036 & Beyond | &nbsp;&nbsp;6 | &nbsp;&nbsp;10956 | &nbsp;&nbsp;4.1 | &nbsp;&nbsp;273900 | &nbsp;&nbsp;5.1 | &nbsp;&nbsp;244372 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$5333229 | &nbsp;&nbsp;100.0% |
| &nbsp;&nbsp;**Total/Wtd. Avg.** | &nbsp;&nbsp;**111** | &nbsp;&nbsp;**270275** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$5333229** | &nbsp;&nbsp;**100.0%** |  |  |  |  |

---

(1) Based on the underwritten rent roll as of October 31, 2025.

(2) Certain tenants may have lease termination options that are exercisable prior to the stated expiration
date of the subject lease or leases which are not considered in the Lease Rollover Schedule.

(3) Total/Wtd. Avg. Base UW Rent PSF Expiring excludes vacant space.

(4) MTM & 2025 includes specialty license tenants which account for 29,711 square feet. 2026 includes
specialty license tenants which account for 4,840 square feet.

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 84 |

---

---

| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 10 – Imperial Valley Mall** | &nbsp;&nbsp;**No. 10 – Imperial Valley Mall** |

---

The following table presents certain information relating to the underwritten cash flows of the Imperial Valley Mall Property:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Operating History and Underwritten Net Cash Flow** | &nbsp;&nbsp;**Operating History and Underwritten Net Cash Flow** | &nbsp;&nbsp;**Operating History and Underwritten Net Cash Flow** | &nbsp;&nbsp;**Operating History and Underwritten Net Cash Flow** | &nbsp;&nbsp;**Operating History and Underwritten Net Cash Flow** | &nbsp;&nbsp;**Operating History and Underwritten Net Cash Flow** | &nbsp;&nbsp;**Operating History and Underwritten Net Cash Flow** | &nbsp;&nbsp;**Operating History and Underwritten Net Cash Flow** |
|  | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**UW** | &nbsp;&nbsp;**UW PSF<sup>(1)</sup>** | &nbsp;&nbsp;**%** **<sup>(2)</sup>** |
| &nbsp;&nbsp;Rents In Place<sup>(3)</sup> | &nbsp;&nbsp;$4963908 | &nbsp;&nbsp;$5501835 | &nbsp;&nbsp;$5331479 | &nbsp;&nbsp;$5645423 | &nbsp;&nbsp;$5333229 | &nbsp;&nbsp;$19.73 | &nbsp;&nbsp;46.8% |
| &nbsp;&nbsp;Rent Steps | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;63168 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;0.6 |
| &nbsp;&nbsp;Vacancy Gross Up<sup>(4)</sup> | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;745636 | &nbsp;&nbsp;2.76 | &nbsp;&nbsp;6.5 |
| &nbsp;&nbsp;**Gross Potential Rent** | &nbsp;&nbsp;**$4963908** | &nbsp;&nbsp;**$5501835** | &nbsp;&nbsp;**$5331479** | &nbsp;&nbsp;**$5645423** | &nbsp;&nbsp;**$6142033** | &nbsp;&nbsp;**$22.73** | &nbsp;&nbsp;**53.9%** |
| &nbsp;&nbsp;Percentage Rent | &nbsp;&nbsp;647628 | &nbsp;&nbsp;848843 | &nbsp;&nbsp;692525 | &nbsp;&nbsp;479360 | &nbsp;&nbsp;479360 | &nbsp;&nbsp;1.77 | &nbsp;&nbsp;4.2 |
| &nbsp;&nbsp;Percent In Lieu | &nbsp;&nbsp;1009731 | &nbsp;&nbsp;775611 | &nbsp;&nbsp;811246 | &nbsp;&nbsp;817185 | &nbsp;&nbsp;817185 | &nbsp;&nbsp;3.02 | &nbsp;&nbsp;7.2 |
| &nbsp;&nbsp;Reimbursements | &nbsp;&nbsp;2128540 | &nbsp;&nbsp;2186655 | &nbsp;&nbsp;2569768 | &nbsp;&nbsp;2351995 | &nbsp;&nbsp;2297976 | &nbsp;&nbsp;8.50 | &nbsp;&nbsp;20.2 |
| &nbsp;&nbsp;Other Income | &nbsp;&nbsp;857640 | &nbsp;&nbsp;1176531 | &nbsp;&nbsp;1618851 | &nbsp;&nbsp;1662791 | &nbsp;&nbsp;1662791 | &nbsp;&nbsp;6.15 | &nbsp;&nbsp;14.6 |
| &nbsp;&nbsp;**Net Rental Income** | &nbsp;&nbsp;**$9607446** | &nbsp;&nbsp;**$10489475** | &nbsp;&nbsp;**$11023868** | &nbsp;&nbsp;**$10956754** | &nbsp;&nbsp;**$11399345** | &nbsp;&nbsp;**$42.18** | &nbsp;&nbsp;**100.0%** |
| &nbsp;&nbsp;(Vacancy & Collection Loss)<sup>(4)</sup> | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;(745636) | &nbsp;&nbsp;(2.76) | &nbsp;&nbsp;(6.5) |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$9607446** | &nbsp;&nbsp;**$10489475** | &nbsp;&nbsp;**$11023868** | &nbsp;&nbsp;**$10956754** | &nbsp;&nbsp;**$10653709** | &nbsp;&nbsp;**$39.42** | &nbsp;&nbsp;**93.5%** |
| &nbsp;&nbsp;Real Estate Taxes | &nbsp;&nbsp;599231 | &nbsp;&nbsp;600916 | &nbsp;&nbsp;618780 | &nbsp;&nbsp;584840 | &nbsp;&nbsp;602677 | &nbsp;&nbsp;2.23 | &nbsp;&nbsp;5.7 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;215272 | &nbsp;&nbsp;282019 | &nbsp;&nbsp;293304 | &nbsp;&nbsp;301221 | &nbsp;&nbsp;76976 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;0.7 |
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp;320961 | &nbsp;&nbsp;444582 | &nbsp;&nbsp;396275 | &nbsp;&nbsp;444789 | &nbsp;&nbsp;319611 | &nbsp;&nbsp;1.18 | &nbsp;&nbsp;3.0 |
| &nbsp;&nbsp;Other Operating Expenses | &nbsp;&nbsp;2356681 | &nbsp;&nbsp;2929975 | &nbsp;&nbsp;3141064 | &nbsp;&nbsp;3105569 | &nbsp;&nbsp;3105569 | &nbsp;&nbsp;11.49 | &nbsp;&nbsp;29.2 |
| &nbsp;&nbsp;**Total Operating Expenses** | &nbsp;&nbsp;**$3492145** | &nbsp;&nbsp;**$4257493** | &nbsp;&nbsp;**$4449423** | &nbsp;&nbsp;**$4436419** | &nbsp;&nbsp;**$4104834** | &nbsp;&nbsp;**$15.19** | &nbsp;&nbsp;**38.5%** |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$6115301** | &nbsp;&nbsp;**$6231982** | &nbsp;&nbsp;**$6574445** | &nbsp;&nbsp;**$6520335** | &nbsp;&nbsp;**$6548876** | &nbsp;&nbsp;**$24.23** | &nbsp;&nbsp;**61.5%** |
| &nbsp;&nbsp;Replacement Reserves | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;(253165) | &nbsp;&nbsp;(0.94) | &nbsp;&nbsp;(2.4) |
| &nbsp;&nbsp;TI/LC | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;270275 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;2.5 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$6115301** | &nbsp;&nbsp;**$6231982** | &nbsp;&nbsp;**$6574445** | &nbsp;&nbsp;**$6520335** | &nbsp;&nbsp;**$6531766** | &nbsp;&nbsp;**$24.17** | &nbsp;&nbsp;**61.3%** |

---

(1) Per square foot column is calculated using the total collateral NRA.

(2) % column represents percent of Gross Potential Rent for all revenue lines and represents percent of Effective
Gross Income for the remainder of fields.

(3) Rents In Place are based on the underwritten rent roll dated October 31, 2025.

(4) The underwritten economic occupancy is 92.3%. The Imperial Valley Mall Property was 90.4% leased based
on the October 31, 2025 underwritten rent roll, including leases executed by the origination date.

***Environmental.*** According to the Phase I environmental assessment dated October 14, 2025, there was no evidence of any recognized environmental conditions at the Imperial Valley Mall Property.

***The Market.*** The Imperial Valley Mall Property is located in El Centro, California, within the El Centro metropolitan statistical area (the "**<u>El Centro MSA</u>**"). The El Centro MSA has an estimated 2025 population of 179,996, experiencing an average population growth of 59 residents per year over the 2020 to 2025 period. Major employers for the El Centro MSA include El Centro Naval Air Facility, Imperial County Government, Central Union High School District, 8A Packing LLC and U.S. Customs and Border Protection representing diversity across the government, military, education and agricultural sectors. Median household income for the El Centro MSA is $62,904, 37.80% less than the median income for the State of California.

The Imperial Valley Mall Property is located approximately 0.8 miles south of an interchange with Interstate 8/Kumeyaay Highway within 15 miles of both the Calexico-East and West ports of entry at the U.S.-Mexico border. The Imperial Valley Mall Property serves as the primary retail destination in the market with surrounding land uses consisting of retail, agricultural and industrial uses. The Imperial Valley Mall Property is the only regional mall within an 80-mile radius. Traditional retail offerings in the market are limited and mainly consist of big box retailers including Costco, Target and Home Depot, all of which are located 6-miles north of the Imperial Valley Mall Property on N Imperial Avenue. The next largest shopping center in El Centro is adjacent to the Imperial Valley Mall Property at the northeast corner of S Dogwood Road and E Danenberg Drive. Built in 2006, The Plaza at Imperial Valley is a power center containing approximately 380,000 SF of rentable area.

---

| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 85 |

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| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 10 – Imperial Valley Mall** | &nbsp;&nbsp;**No. 10 – Imperial Valley Mall** |

---

Notable national tenant brands include Burlington, Marshalls, Ross Dress for Less, HomeGoods and Best Buy. There is also a freestanding Kohl's store located to the northeast along E Danenberg Drive. Development activity in the area has mainly consisted of multifamily, hospitality and fast-food/quick service restaurant uses. Primary access is provided by S Dogwood Road and E Danendberg Drive. Interstate 8 provides access from El Centro to the greater southern California and western Arizona region. The nearest major domestic MSA is San Diego, located approximately 115 miles west of the Imperial Valley Mall Property. According to the appraisal, the estimated 2025 population within a one-mile-, three-mile and five- mile radius of the Imperial Valley Mall Property was 1,071, 36,306 and 60,595, respectively. The 2025 average household income within the same radii was $105,681, $86,035 and $84,457, respectively.

The Imperial Valley Mall Property is located within 15 miles of both the Calexico-East and West ports of entry at the United States-Mexico border and benefits from cross-border shopping. Per the San Diego Workforce Partnership, in 2022 over 13,000 Mexicali residents commuted daily for work in Imperial County, with nearly 4,000 more having crossed for school. These routine crossers comprise most weekday crossings at Calexico. Cross border shopping is a main activity at this crossing. Around 60–70% of Mexicali crossers enter at least weekly, and most cite shopping as a significant reason. The Border Crossing Card ("BCC") is the primary credential for frequent legal crossings by Mexican citizens. The BCC is available to Mexican nationals who pass eligibility and security checks, allowing short-term visits within 25-miles of the US border and up to 30 days per entry. Most shoppers and visitors who cross regularly but do not require expedited processing use the BCC. The SENTRI program provides expedited border crossing through dedicated lanes for pre-screened travelers who have undergone background checks and paid an enrollment fee. SENTRI is preferred by daily commuters, including workers and students, as well as frequent shoppers who value shorter wait times and consistent entry speeds. SENTRI members often also hold a Border Crossing Card.

According to the appraisal, the El Centro MSA Retail Market had an inventory of 8.4 million SF, within 648 buildings, with a vacancy rate of 8.30% higher than the national average of 4.1%. The market experienced a positive net absorption of 52,000 SF reflecting improving tenant demand following years of muted leasing activity with 2,400 SF of deliveries. Average retail asking rents have increased 6.9% year-over-year to $1.04/SF/Month, following a dip in 2023.

The appraisal identified six shopping centers in the Imperial Valley Mall Property's primary competitive set as outlined below:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Competitive Retail Center Summary<sup>(1)</sup>** | **Competitive Retail Center Summary<sup>(1)</sup>** | **Competitive Retail Center Summary<sup>(1)</sup>** | **Competitive Retail Center Summary<sup>(1)</sup>** | **Competitive Retail Center Summary<sup>(1)</sup>** | **Competitive Retail Center Summary<sup>(1)</sup>** | **Competitive Retail Center Summary<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property Name/Location** | &nbsp;&nbsp;**Year Built / Renovated** | &nbsp;&nbsp;**Total GLA (SF)** | &nbsp;&nbsp;**Total Occupancy** | &nbsp;&nbsp;**Distance to Subject** | &nbsp;&nbsp;**Sales PSF** | &nbsp;&nbsp;**Key Tenants** |
| &nbsp;&nbsp;Imperial Valley Mall <br> 3451 South Dogwood Road <br> El Centro, CA | &nbsp;&nbsp;2005 | &nbsp;&nbsp;270275 **<sup>(2)</sup>** | &nbsp;&nbsp;90.4%**<sup>(2)</sup>** | &nbsp;&nbsp;- | &nbsp;&nbsp;$230 **<sup>(3)</sup>** | &nbsp;&nbsp; Cinemark,<br> Candee Land,<br> Express Factory,<br> Victoria's Secret / Pink |
| &nbsp;&nbsp;The Shops at Palm Desert <br> 72840 Highway 111 <br> Palm Desert, CA | &nbsp;&nbsp;1983 / 2004 | &nbsp;&nbsp;494063 | &nbsp;&nbsp;82.0% | &nbsp;&nbsp;83.0 miles | &nbsp;&nbsp;$403 | &nbsp;&nbsp;JCPenney, <br> Macy's, <br> Dick's Sporting Goods, <br> H&M,<br> Barnes & Noble |
| &nbsp;&nbsp;Parkway Plaza <br> 415 Parkway Plaza <br> El Cajon, CA | &nbsp;&nbsp;1972 / 2005 | &nbsp;&nbsp;552420 | &nbsp;&nbsp;99.0% | &nbsp;&nbsp;83.0 miles | &nbsp;&nbsp;$428 | &nbsp;&nbsp;JCPenney, <br> Regal Cinemas, <br> HomeGoods, <br> Best Buy, <br> Dick's Sporting Goods |
| &nbsp;&nbsp;Gran Plaza Outlets <br> 888 W 2nd St <br> Calexico, CA | &nbsp;&nbsp;2013 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;96.0% | &nbsp;&nbsp;7.0 miles | &nbsp;&nbsp;$414 | &nbsp;&nbsp;Burlington, <br> Adidas, <br> H&M, <br> Gap, <br> Michael Kors |
| &nbsp;&nbsp;Otay Ranch Town Center <br> 2015 Brich Road <br> Chula Vista, CA | &nbsp;&nbsp;2006 | &nbsp;&nbsp;535000 | &nbsp;&nbsp;93.0% | &nbsp;&nbsp;84.0 miles | &nbsp;&nbsp;$485 | &nbsp;&nbsp;Apple, <br> DSW, <br> Barnes & Noble, <br> AMC, <br> Best Buy, <br> H&M |

---

(1) Source: Appraisal unless otherwise noted.

(2) Based on the underwritten rent roll dated October 31, 2025.

(3) Sales per square feet as of December 31, 2024.

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| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 86 |

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| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 10 – Imperial Valley Mall** | &nbsp;&nbsp;**No. 10 – Imperial Valley Mall** |

---

***The Borrower.*** The borrower is IVM Mallco LLC, a single-purpose, Delaware limited liability company with one independent director. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Imperial Valley Mall Mortgage Loan.

 ****

***The Borrower Sponsor.*** The borrower sponsor is Tryperion Re Fund IV, LP ("**<u>Tryperion</u>**"). Tryperion is a private real estate investment firm that provides investment management services to a range of foundations, family offices, and high net worth investors. The firm executes value-add strategies through direct and joint venture investments, primarily in existing assets located in inefficiently priced secondary U.S. markets. Tryperion utilizes its extensive real estate expertise and industry relationships to create value through aggressive management and leasing, strategic capital improvements and prudent finance programs.

 ****

***Property Management.*** The Imperial Valley Mall Property is managed by CBRE, Inc., a third-party management company.

***Escrows and Reserves.*** At origination, the borrower deposited $258,649 for real estate taxes, $3,750 for a deferred maintenance reserve, $136,950 for gap rent reserve under the Candee Land lease, and $3,831,947 for all other tenant improvements, leasing commissions reserve, and includes $759,747 for qualified leasing expenses under the Candee Land lease.

 ****

*Tax Escrows* — On each monthly payment date, the borrower is required to deposit 1/12th of the real estate taxes that the lender estimates will be payable during the next 12 months for the Imperial Valley Mall Property (initially, approximately $51,730 per month).

*Insurance Escrows* — On each monthly payment date, the borrower is required to deposit 1/12th of the insurance premiums that the lender estimates will be payable for the renewal of coverage upon the expiration of the insurance policies. Notwithstanding the foregoing, the borrower is not required to deposit monthly insurance deposits, provided that, (i) no event of default has occurred and is continuing, (ii) the policies maintained by the borrower covering the Imperial Valley Mall Property are part of a blanket or umbrella policy approved by the lender, (iii) the borrower provides the lender with evidence of the renewal of such policies, and (iv) the borrower provides the lender paid receipts for the payment of the insurance premiums by no later than ten (10) business days prior to the expiration dates of the policies.

*Replacement Reserve* — On each monthly payment date, the borrower is required to deposit an amount equal to $4,505 for replacement reserves.

*TI/LC Reserve* — On each monthly payment date, the borrower is required to deposit an amount equal to approximately $22,523 for tenant improvements and leasing commissions, subject to a $540,550 cap.

*Capital Reserve* — On each monthly payment date, the borrower is required to deposit an amount equal to approximately $41,667 for capital reserves.

*Advance Rent Reserve —* The borrower is required to deposit all rents received more than one month in advance (other than (i) security deposits, (ii) first month's prepaid rent) and (iii) prepaid common area maintenance charges in amount equal to $415,000 per calendar year) for any advance rent.

***Lockbox / Cash Management.*** The Imperial Valley Mall Mortgage Loan is structured with a hard lockbox and in place cash management. At origination, the borrower delivered a tenant direction letter to each tenant at the Imperial Valley Mall Property instructing tenants to remit all payments to the lockbox account. If the borrower or property manager receives any rent, the borrower or property manager is required to deposit such amounts into the lockbox account within three business days of receipt. Funds deposited into the lockbox account will be swept on a daily basis into the borrower's operating account until a Cash Trap Event Period (as defined below) has commenced, in which event such funds will be swept on a daily basis into a lender-controlled lockbox account and applied and disbursed in accordance with the Imperial Valley Mall Mortgage Loan documents. Available cash on deposit will be applied as follows (a) during the continuance of a Cash Trap Event Period continuing solely as a result of a Lease Sweep Period (as defined below), to the Lease Sweep Reserve Subaccount, (b) during the continuance of a Cash Trap Event Period arising under clauses (i) or (ii) of such definition (or in the event the Leasing Reserve Cap is then reached, to the extent applicable), into a Cash Collateral Subaccount to be held or disbursed by the lender, or (c) to the borrower if no Cash Trap Event Period is in effect.

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| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 87 |

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| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 10 – Imperial Valley Mall** | &nbsp;&nbsp;**No. 10 – Imperial Valley Mall** |

---

Notwithstanding the above, the lender agrees to not provide notice of a Cash Trap Event Period during a Low Debt Yield Trigger Event (as defined below) (provided no other Cash Trap Event Period is continuing) if and for so long as the following conditions are satisfied: (A) the borrower deposits one or more Low Debt Yield Cure Deposits (as defined below) with the lender in cash to avoid the commencement of a Cash Trap Event Period caused solely by a Low Debt Yield Trigger Event as permitted herein, which amounts the lender will transfer into a subaccount. The lender will hold such Low Debt Yield Cure Deposit(s) as additional collateral for the debt, (B) if either (i) the borrower deposits with the lender a letter of credit in the aggregate amount of the Low Debt Yield Cure Deposit funds on deposit in the Low Debt Yield Cure Deposit subaccount, which letter of credit will be held and applied in accordance with the provisions of (C) below and the terms of the Imperial Valley Mall Mortgage Loan documents, or (ii) the Imperial Valley Mall Property has achieved (without taking into account any Low Debt Yield Cure Deposits or cash or letters of credit deposited with the lender) a debt yield of at least 16.00% for two (2) consecutive calendar quarters, in which case funds on deposit in the Low Debt Yield Cure Deposit subaccount not previously disbursed or applied will be disbursed to the borrower. Notwithstanding the foregoing, the lender will have the right, but not the obligation, at any time during the continuance of an event of default, in its sole and absolute discretion, to apply any and all Low Debt Yield Cure Deposit funds then on deposit in the Low Debt Yield Cure Deposit subaccount to the debt, in such order and in such manner as the lender may elect in its sole and absolute discretion, including to make a prepayment of principal (together with the applicable yield maintenance premium, if any, applicable thereto) or any other amounts due under the Imperial Valley Mall Mortgage Loan documents) and (C) if the borrower delivers to the lender one or more letters of credit in an amount equal to the Low Debt Yield Cure Deposits to avoid the commencement of a Cash Trap Event Period caused solely by a Low Debt Yield Trigger Event as permitted within the Imperial Valley Mall Mortgage Loan documents.

A "**<u>Cash Trap Event Period</u>**" means a period commencing upon the earlier of (i) the occurrence of an event of default, (ii) the debt yield being less than 16.00% (a "**<u>Low Debt Yield Trigger Event</u>**"), as of the end of any calendar quarter, or (iii) the commencement of a Lease Sweep Period. A Cash Trap Event Period will expire (A) with respect to clause (i) above, upon the lender's acceptance of the cure (if applicable) of such event of default, (B) with respect to clause (ii) above, upon the date that the debt yield is equal to or greater than 16.00% for two consecutive calendar quarters, or (C) with respect to clause (iii) above, such Lease Sweep Period has ended.

A "**<u>Low Debt Yield Cure Deposit</u>**" means a cash deposit with the lender that, if applied to reduce the then outstanding principal balance of the Imperial Valley Mall Mortgage Loan, would be sufficient to increase the debt yield to an amount equal to or exceeding 16.00%.

A "**<u>Lease Sweep Period</u>**" will commence on the first monthly payment date following the occurrence of any of the following: (a) with respect to each Lease Sweep Lease (as defined below), the earlier to occur of: (i) 12 months prior to the earliest stated expiration (including the stated expiration of any renewal term) of a Lease Sweep Lease; (ii) upon the date required under a Lease Sweep Lease by which the tenant thereunder is required to give notice of its exercise of a renewal option thereunder (and such renewal has not been so exercised); and (iii) the date that any tenant under a Lease Sweep Lease gives notice of its intention not to renew or extend its Lease Sweep Lease, (b) the receipt by the borrower or manager of notice from any tenant under a Lease Sweep Lease exercising its right to terminate its Lease Sweep Lease, (c) (1) the date that a Lease Sweep Lease (or any material portion thereof) is surrendered, cancelled or terminated prior to its then current expiration date or (2) the receipt by the borrower or manager of notice from any tenant under a Lease Sweep Lease of its intent to surrender, cancel or terminate the Lease Sweep Lease (or any material portion thereof) prior to its then current expiration date, (d) the date that any tenant under a Lease Sweep Lease discontinues its business (i.e., "goes dark") in its Lease Sweep Space (as defined below) at the Imperial Valley Mall Property or vacate or cease occupying its Lease Sweep Space at the Imperial Valley Mall Property or gives notice that it intends to do any of the foregoing, (e) upon a monetary or material non-monetary default under a Lease Sweep Lease by the tenant thereunder that continues beyond any applicable notice and cure period; or (f) the occurrence of an insolvency proceeding or bankruptcy proceeding of a Lease Sweep Tenant Party (as defined below).

A Lease Sweep Period will end upon (A) with respect to clause (a) – (d) above, all or a portion of the Lease Sweep Space is leased pursuant to one or more qualified lease(s) (B) with respect to clause (ii) above, (b) (1) if such termination option is not validly exercised by the tenant under the applicable Lease Sweep Lease by the latest exercise date specified in such Lease Sweep Lease or is otherwise validly and irrevocably waived in writing by the related tenant, and/or (2) in the case of clause (c)(2), the applicable tenant validly waived in writing any notice of its intent to surrender, cancel or terminate the Lease Sweep Lease (or any material portion thereof) prior to its then current expiration date, (C) with respect to clause (d) above, the applicable tenant under the Lease Sweep Lease has re-commenced operations at its Lease Sweep Space at

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|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 88 |

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| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 10 – Imperial Valley Mall** | &nbsp;&nbsp;**No. 10 – Imperial Valley Mall** |

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the Imperial Valley Mall Property during normal business hours, in accordance with the terms of its Lease Sweep Lease, for at least one calendar quarter following such cure or the applicable tenant otherwise validly waived in writing any notice of its intent to discontinue its business (i.e., "goes dark") in its Lease Sweep Space at the Imperial Valley Mall Property (or any material portion thereof) or to vacate or cease occupying its Lease Sweep Space at the Imperial Valley Mall Property (or any material portion thereof), (D) with respect to clause (e) above, the date on which the subject default has been cured, and no other default under such Lease Sweep Lease occurs for at least one calendar quarter following such cure or (E) with respect to clause (f) above, either (a) the applicable Lease Sweep Tenant Party insolvency proceeding has terminated for at least two consecutive calendar quarters and the applicable Lease Sweep Lease has been affirmed, assumed or assigned in a manner reasonably satisfactory to lender or (b) the applicable Lease Sweep Lease has been assumed and assigned to a third party in a manner reasonably satisfactory to lender.

A "**<u>Lease Sweep Lease</u>**" means (i) the Cinemark lease or (ii) any renewal or replacement lease with respect to the space demised under the applicable Lease Sweep Lease (the "**<u>Lease Sweep Space</u>**") that constitutes a qualified lease.

A "**<u>Lease Sweep Reserve Fund</u>**" means all cash collected by the lender triggered solely as a result of a Lease Sweep Period.

A "**<u>Lease Sweep Tenant Party</u>**" means a tenant under a Lease Sweep Lease (or its direct or indirect parent company (if any)) or the lease guarantor under any Lease Sweep Lease.

***Subordinate and Mezzanine Debt.*** None.

***Permitted Future Subordinate or Mezzanine Debt.*** Not permitted.

***Partial Release***. Not permitted.

***Ground Lease***. None.

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| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 89 |

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| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 11 – 82 Washington Place** | &nbsp;&nbsp;**No. 11 – 82 Washington Place** |

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![](n5505prets_img019.jpg)

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| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 90 |

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| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 11 – 82 Washington Place** | &nbsp;&nbsp;**No. 11 – 82 Washington Place** |

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![](n5505prets_img020.jpg)

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| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 91 |

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| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 11 – 82 Washington Place** | &nbsp;&nbsp;**No. 11 – 82 Washington Place** |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Mortgage Loan Seller:** | &nbsp;&nbsp;BMO | &nbsp;&nbsp;**Single Asset / Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Original Principal Balance:** | &nbsp;&nbsp;$18750000 | &nbsp;&nbsp;**Title:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Cut-off Date Principal Balance:** | &nbsp;&nbsp;$18750000 | &nbsp;&nbsp;**Property Type** – **Subtype:** | &nbsp;&nbsp;Multifamily – Mid Rise |
| &nbsp;&nbsp;**% of IPB:** | &nbsp;&nbsp;3.4% | &nbsp;&nbsp;**Net Rentable Area (Units):** | &nbsp;&nbsp;36 |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;New York, NY |
| &nbsp;&nbsp;**Borrower:** | &nbsp;&nbsp;Derby General 82, LLC | &nbsp;&nbsp;**Year Built / Renovated:** | &nbsp;&nbsp;1903 / 2024 |
| &nbsp;&nbsp;**Borrower Sponsor:** | &nbsp;&nbsp;Jesse Hutcher | &nbsp;&nbsp;**Occupancy:** | &nbsp;&nbsp;100.0% |
| &nbsp;&nbsp;**Interest Rate:** | &nbsp;&nbsp;5.90000% | &nbsp;&nbsp;**Occupancy Date:** | &nbsp;&nbsp;11/1/2025 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;11/6/2025 | &nbsp;&nbsp;**4<sup>th</sup> Most Recent NOI (As of)<sup>(2)</sup>:** | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;11/6/2030 | &nbsp;&nbsp;**3<sup>rd</sup> Most Recent NOI (As of)<sup>(3)</sup>:** | &nbsp;&nbsp;$522,974 (12/31/2022) |
| &nbsp;&nbsp;**Interest-only Period:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**2<sup>nd</sup> Most Recent NOI (As of)<sup>(3)(4)</sup>:** | &nbsp;&nbsp;$375,799 (T-8 Ann. 12/31/2024) |
| &nbsp;&nbsp;**Original Term**: | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**Most Recent NOI (As of)<sup>(4)</sup>:** | &nbsp;&nbsp;$1,152,981 (T-3 Ann. 8/31/2025) |
| &nbsp;&nbsp;**Original Amortization Term:** |  | &nbsp;&nbsp;**UW Economic Occupancy:** | &nbsp;&nbsp;97.0% |
| &nbsp;&nbsp;**Amortization Type:** | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;**UW Revenues:** | &nbsp;&nbsp;$2193744 |
| &nbsp;&nbsp;**Call Protection:** | &nbsp;&nbsp;YM1(53),O(7) | &nbsp;&nbsp;**UW Expenses:** | &nbsp;&nbsp;$633476 |
| &nbsp;&nbsp;**Lockbox / Cash Management:** | &nbsp;&nbsp;Soft / Springing | &nbsp;&nbsp;**UW NOI<sup>(3)</sup>:** | &nbsp;&nbsp;$1560267 |
| &nbsp;&nbsp;**Additional Debt:** | &nbsp;&nbsp;No | &nbsp;&nbsp;**UW NCF:** | &nbsp;&nbsp;$1560267 |
| &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value / Per Unit:** | &nbsp;&nbsp;$26,800,000 / $744,444 |
| &nbsp;&nbsp;**Additional Debt Type:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraisal Date:** | &nbsp;&nbsp;9/11/2025 |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Escrows and Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Escrows and Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Escrows and Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Escrows and Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Financial Information** | &nbsp;&nbsp;**Financial Information** |
|  | &nbsp;&nbsp;**Initial** | &nbsp;&nbsp;**Monthly** | &nbsp;&nbsp;**Initial Cap** | &nbsp;&nbsp;**Cut-off Date Loan / Unit:** | &nbsp;&nbsp;$520833 |
| &nbsp;&nbsp;**Taxes:** | &nbsp;&nbsp;$183599 | &nbsp;&nbsp;$30396 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;**Maturity Date Loan / Unit:** | &nbsp;&nbsp;$520833 |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$68248 | &nbsp;&nbsp;$7583 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;70.0% |
| &nbsp;&nbsp;**Replacement Reserve:** | &nbsp;&nbsp;$45000 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;N/A | &nbsp;&nbsp;**Maturity Date LTV:** | &nbsp;&nbsp;70.0% |
|  |  |  |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.39x |
|  |  |  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.3% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** |
| &nbsp;&nbsp;**Sources** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** | &nbsp;&nbsp;**Uses** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** |
| &nbsp;&nbsp;Mortgage Loan | &nbsp;&nbsp;$18750000 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;Loan Payoff | &nbsp;&nbsp;$12539040 | &nbsp;&nbsp;66.9% |
|  |  |  | &nbsp;&nbsp;Return of Equity | &nbsp;&nbsp;5180045 | &nbsp;&nbsp;27.6 |
|  |  |  | &nbsp;&nbsp;Closing Costs | &nbsp;&nbsp;734068 | &nbsp;&nbsp;3.9 |
|  |  |  | &nbsp;&nbsp;Reserves | &nbsp;&nbsp;296847 | &nbsp;&nbsp;1.6 |
| &nbsp;&nbsp;**Total Sources** | &nbsp;&nbsp;**$18750000** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses** | &nbsp;&nbsp;**$18750000** | &nbsp;&nbsp;**100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) For a full description of escrows and reserves, see "*Escrows and Reserves*" below.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The 4th Most Recent NOI is unavailable because the 82 Washington
Place Property (as defined below) was acquired by the borrower sponsor in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The decrease from 3rd Most Recent NOI to 2nd Most Recent NOI is primarily
due to renovations to the 82 Washington Place Property after being acquired by the borrower sponsor in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(4) The increase from 2nd Most Recent NOI to Most Recent NOI to UW NOI
is primarily due to an increase in occupancy and corresponding rental income post renovation.

***The Loan.*** The eleventh largest mortgage loan (the "**<u>82 Washington Place Mortgage Loan</u>**") is secured by the borrower's fee simple interest in a 36-unit, multifamily property located in New York, New York (the "**<u>82 Washington Place Property</u>**"). The 82 Washington Place Mortgage Loan is evidenced by one promissory note with an outstanding principal balance as of the Cut-off Date of $18,750,000. The 82 Washington Place Mortgage Loan was originated on November 6, 2025 by Bank of Montreal ("**<u>BMO</u>**") and accrues interest at a fixed rate of 5.90000% *per annum*. The 82 Washington Place Mortgage Loan has an initial term of five years, is interest-only for the full term and accrues interest on an Actual/360 basis. The scheduled maturity date of the 82 Washington Place Mortgage Loan is November 6, 2030.

 ****

***The Property.*** The 82 Washington Place Property is a multifamily development built in 1903 and renovated in 2024, located in the Greenwich Village neighborhood of New York, New York. The 82 Washington Place Property is a single six-story building that includes 36 units on a 6,320 square foot site. The 82 Washington Place Property contains three studio, nine

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| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 92 |

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| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 11 – 82 Washington Place** | &nbsp;&nbsp;**No. 11 – 82 Washington Place** |

---

one-bedroom, one-bathroom, nine two-bedroom, one-bathroom, 14 three-bedroom, two-bathroom and one three-bedroom, one-bathroom residential units. Units feature air conditioning, hardwood floor in living areas, tiled bathrooms, full bathtubs, gas or electric range/oven, dishwasher, microwave, and top freezer refrigerator. As of November 1, 2025, the 82 Washington Place Property was 100.0% occupied.

The following table presents certain information relating to the unit mix at the 82 Washington Place Property:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**82 Washington Place Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**82 Washington Place Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**82 Washington Place Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**82 Washington Place Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**82 Washington Place Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**82 Washington Place Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**82 Washington Place Unit Mix<sup>(1)</sup>** |
| &nbsp;&nbsp;**Unit Type** | &nbsp;&nbsp;**# of Units** | &nbsp;&nbsp;**% of Total** | &nbsp;&nbsp;**Occupied Units** | &nbsp;&nbsp;**Occupancy** | &nbsp;&nbsp;**Average Monthly In-Place Rental Rate Per Unit** | &nbsp;&nbsp;**Average Monthly Market Rental Rate Per Unit** |
| &nbsp;&nbsp;Studio<sup>(2)</sup> | &nbsp;&nbsp;1 | &nbsp;&nbsp;2.8% | &nbsp;&nbsp;1 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$0<sup>(2)</sup> | &nbsp;&nbsp;$3500 |
| &nbsp;&nbsp;Studio - Rent Stabilized | &nbsp;&nbsp;2 | &nbsp;&nbsp;5.6 | &nbsp;&nbsp;2 | &nbsp;&nbsp;100.0 | &nbsp;&nbsp;$1368 | &nbsp;&nbsp;$1368 |
| &nbsp;&nbsp;1BR/1BA | &nbsp;&nbsp;9 | &nbsp;&nbsp;25.0 | &nbsp;&nbsp;9 | &nbsp;&nbsp;100.0 | &nbsp;&nbsp;$4139 | &nbsp;&nbsp;$4150 |
| &nbsp;&nbsp;2BR/1BA - Rent Stabilized | &nbsp;&nbsp;3 | &nbsp;&nbsp;8.3 | &nbsp;&nbsp;3 | &nbsp;&nbsp;100.0 | &nbsp;&nbsp;$1281 | &nbsp;&nbsp;$1281 |
| &nbsp;&nbsp;2BR/1BA - Rent Controlled | &nbsp;&nbsp;6 | &nbsp;&nbsp;16.7 | &nbsp;&nbsp;6 | &nbsp;&nbsp;100.0 | &nbsp;&nbsp;$1818 | &nbsp;&nbsp;$1818 |
| &nbsp;&nbsp;3BR/2BA | &nbsp;&nbsp;13 | &nbsp;&nbsp;36.1 | &nbsp;&nbsp;13 | &nbsp;&nbsp;100.0 | &nbsp;&nbsp;$9109 | &nbsp;&nbsp;$9500 |
| &nbsp;&nbsp;3BR/2BA - Rent Stabilized | &nbsp;&nbsp;1 | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;1 | &nbsp;&nbsp;100.0 | &nbsp;&nbsp;$9300 | &nbsp;&nbsp;$9300 |
| &nbsp;&nbsp;3BR/1BA - Rent Controlled | &nbsp;&nbsp;1 | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;1 | &nbsp;&nbsp;100.0 | &nbsp;&nbsp;$2412 | &nbsp;&nbsp;$2412 |
| &nbsp;&nbsp;**Total/Wtd. Avg.** | &nbsp;&nbsp;**36** | &nbsp;&nbsp; **100.0%** | &nbsp;&nbsp;**36** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$5135** | &nbsp;&nbsp;**$5376** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Based on the underwritten rent roll dated November 1, 2025 .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) One non-stabilized studio unit serves as a superintendent unit.

The following table presents certain information relating to the historical operating performance and underwritten net cash flow of the 82 Washington Place Property:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Operating History and Underwritten Net Cash Flow** | &nbsp;&nbsp;**Operating History and Underwritten Net Cash Flow** | &nbsp;&nbsp;**Operating History and Underwritten Net Cash Flow** | &nbsp;&nbsp;**Operating History and Underwritten Net Cash Flow** | &nbsp;&nbsp;**Operating History and Underwritten Net Cash Flow** | &nbsp;&nbsp;**Operating History and Underwritten Net Cash Flow** | &nbsp;&nbsp;**Operating History and Underwritten Net Cash Flow** |
| | **2022<sup>(1)</sup>** | **T-8 Ann.** <br> **12/31/2024**  | **T-3 Ann.** <br> **8/31/2025**  | **Underwritten** | **Per Unit** | **%<sup>(2)</sup>** |
| &nbsp;&nbsp;Rents in Place | &nbsp;&nbsp;$1302985<sup>(3)</sup> | &nbsp;&nbsp;$930841<sup>(3)(4)</sup> | &nbsp;&nbsp;$1766462<sup>(4)</sup> | &nbsp;&nbsp;$2260380<sup>(4)</sup> | &nbsp;&nbsp;$62788 | &nbsp;&nbsp;103.1% |
| &nbsp;&nbsp;**Gross Potential Rent** | &nbsp;&nbsp;**$1302985** | &nbsp;&nbsp;**$930841** | &nbsp;&nbsp;**$1766462** | &nbsp;&nbsp;**$2260380** | &nbsp;&nbsp;**$62788** | &nbsp;&nbsp;**103.1%** |
| &nbsp;&nbsp;(Vacancy/Credit Loss) | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;(67811) | &nbsp;&nbsp;(1884) | &nbsp;&nbsp;(3.1) |
| &nbsp;&nbsp;**Net Rental Income** | &nbsp;&nbsp;**$1302985** | &nbsp;&nbsp;**$930841** | &nbsp;&nbsp;**$1766462** | &nbsp;&nbsp;**$2192569** | &nbsp;&nbsp;**$60905** | &nbsp;&nbsp;**100.0%** |
| &nbsp;&nbsp;Other Income | &nbsp;&nbsp;0 | &nbsp;&nbsp;1313 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1175 | &nbsp;&nbsp;33 | &nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$1302985** | &nbsp;&nbsp;**$932154** | &nbsp;&nbsp;**$1766462** | &nbsp;&nbsp;**$2193744** | &nbsp;&nbsp;**$60937** | &nbsp;&nbsp;**100.1%** |
| &nbsp;&nbsp;**Total Expenses** | &nbsp;&nbsp;**$780011** | &nbsp;&nbsp;**$556355** | &nbsp;&nbsp;**$613481** | &nbsp;&nbsp;**$633476** | &nbsp;&nbsp;**$17597** | &nbsp;&nbsp;**28.9%** |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$522974** | &nbsp;&nbsp;**$375799** | &nbsp;&nbsp;**$1152981** | &nbsp;&nbsp;**$1560267** | &nbsp;&nbsp;**$43341** | &nbsp;&nbsp;**71.1%** |
| &nbsp;&nbsp;Total TI/LC & CapEx | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$522974** | &nbsp;&nbsp;**$375799** | &nbsp;&nbsp;**$1152981** | &nbsp;&nbsp;**$1560267** | &nbsp;&nbsp;**$43341** | &nbsp;&nbsp;**71.1%** |

---

(1) 2022 operating history was provided by the borrower sponsor.

(2) % column represents percentage of Net Rental Income for all revenue lines and represents
percentage of Effective Gross Income for the remaining fields.

(3) The decrease from 2022 Rents in Place to T-8
Ann. 12/31/2024 Rents in Place is primarily due to renovations to the 82 Washington Place Property after being acquired by the borrower
sponsor in 2024.

(4) The increase from T-8 Ann. 12/31/2024 Rents
in Place to T-3 Ann. 8/31/2025 and Underwritten Rents in Place is primarily due to an increase in occupancy and corresponding rental income
post renovation.

***Appraisal.*** According to the appraisal, the 82 Washington Place Property has an "as-is" appraised value of $26,800,000 as of September 11, 2025.

 ****

***Environmental.*** According to a Phase I environmental assessment dated September 17, 2025, there was no evidence of any recognized environmental conditions at the 82 Washington Place Property.

 ****

***The Market*.** The 82 Washington Place Property is located within the Greenwich Village neighborhood of New York, New York within the New York-White Plains/Kiryas Joel-Poughkeepsie, NY metropolitan statistical area (the "**<u>New York MSA</u>**").

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| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 93 |

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| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 11 – 82 Washington Place** | &nbsp;&nbsp;**No. 11 – 82 Washington Place** |

---

The immediate area surrounding 82 Washington Place Property consists primarily of residential developments with service-oriented retailers and restaurants. The 82 Washington Place Property is 0.1 miles away from the West 4th Street station with subway lines providing access to all of Manhattan.

The 82 Washington Place Property is located in the Lower West Side apartment submarket within the New York MSA apartment market. As of the second quarter of 2025, the New York MSA apartment market had a total inventory of 1,963,555 units, a vacancy rate of 2.7% and an effective rent of $4,540 per unit. As of the second quarter of 2025, the Lower West Side apartment submarket had a total inventory of 56,483 units, a vacancy rate of 2.1% and an effective rent of $5,981 per unit. According to the appraisal, the 2024 total population in the 82 Washington Place Property zip code was 52,231, and the 2024 median household income within the same area was $161,704.

The following table presents certain information relating to comparable multifamily properties to the 82 Washington Place Property:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Multifamily Rent Comparable Rental Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Multifamily Rent Comparable Rental Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Multifamily Rent Comparable Rental Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Multifamily Rent Comparable Rental Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Multifamily Rent Comparable Rental Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Multifamily Rent Comparable Rental Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Multifamily Rent Comparable Rental Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Multifamily Rent Comparable Rental Summary<sup>(1)</sup>** |
| &nbsp;&nbsp; **Property Name** <br> **Location** | &nbsp;&nbsp;**Year Built / Renovated** | &nbsp;&nbsp;**Occupancy** | &nbsp;&nbsp;**# Units** | &nbsp;&nbsp;**Unit Mix** | &nbsp;&nbsp;**Average SF per Unit** | &nbsp;&nbsp;**Average Rent per SF** | &nbsp;&nbsp;**Average Rent per Unit** |
| &nbsp;&nbsp; **82 Washington Place**<br> **New York, NY**  | &nbsp;&nbsp;**1903 / 2024** | &nbsp;&nbsp;**100.0%<sup>(2)</sup>** | &nbsp;&nbsp; **9<sup>(2)</sup>**<br> **13<sup>(2)</sup>** | &nbsp;&nbsp; **1BR/1BA**<br> **3BR/2BA** | &nbsp;&nbsp; **256<sup>(2)</sup>**<br> **732<sup>(2)</sup>** | &nbsp;&nbsp; **16.16<sup>(2)</sup>**<br> **12.44<sup>(2)</sup>** | &nbsp;&nbsp; **$4139<sup>(2)</sup>**<br> **$9109<sup>(2)</sup>** |
| &nbsp;&nbsp; 23 Grove Street<br> New York, NY | &nbsp;&nbsp;1888 / NAV | &nbsp;&nbsp;99.0% | &nbsp;&nbsp;25 | &nbsp;&nbsp; Studio<br> 1BR/1BA | &nbsp;&nbsp; 334<br> 349 | &nbsp;&nbsp; $11.38<br> $11.46 | &nbsp;&nbsp; $3800<br> $4000 |
| &nbsp;&nbsp; 220 Sullivan Street<br> New York, NY | &nbsp;&nbsp;1900 / NAV | &nbsp;&nbsp;97.0% | &nbsp;&nbsp;35 | &nbsp;&nbsp; Studio<br> 1BR/1BA<br> 2BR/1BA<br> 3BR/1BA | &nbsp;&nbsp; NAV<br> NAV<br> NAV<br> NAV | &nbsp;&nbsp; NAV<br> NAV<br> NAV<br> NAV | &nbsp;&nbsp; $3495<br> $4195<br> $6195<br> $9995 |
| &nbsp;&nbsp; 13 Sheridan Square<br> New York, NY | &nbsp;&nbsp;1924 / NAV | &nbsp;&nbsp;99.0% | &nbsp;&nbsp;52 | &nbsp;&nbsp; Studio<br> 1BR/1BA | &nbsp;&nbsp; 332<br> 602 | &nbsp;&nbsp; $10.83<br> $6.98 | &nbsp;&nbsp; $3595<br> $4200 |
| &nbsp;&nbsp; 416 Lafayette Street<br> New York, NY | &nbsp;&nbsp;1910 / NAV | &nbsp;&nbsp;98.0% | &nbsp;&nbsp;41 | &nbsp;&nbsp;Studio | &nbsp;&nbsp;450 | &nbsp;&nbsp;$8.00 | &nbsp;&nbsp;$3600 |
| &nbsp;&nbsp; 107 University Place<br> New York, NY | &nbsp;&nbsp;1940 / NAV | &nbsp;&nbsp;99.0% | &nbsp;&nbsp;45 | &nbsp;&nbsp;Studio | &nbsp;&nbsp;406 | &nbsp;&nbsp;$8.37 | &nbsp;&nbsp;$3400 |
| &nbsp;&nbsp; 22 Jones Street<br> New York, NY | &nbsp;&nbsp;1940 / NAV | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;36 | &nbsp;&nbsp;1BR/1BA | &nbsp;&nbsp;600 | &nbsp;&nbsp;$6.83 | &nbsp;&nbsp;$4100 |
| &nbsp;&nbsp; 7 Cornelia Street<br> New York, NY | &nbsp;&nbsp;1900 / NAV | &nbsp;&nbsp;99.0% | &nbsp;&nbsp;47 | &nbsp;&nbsp;1BR/1BA | &nbsp;&nbsp;464 | &nbsp;&nbsp;$9.16 | &nbsp;&nbsp;$4250 |
| &nbsp;&nbsp; 123 Waverly Place<br> New York, NY | &nbsp;&nbsp;1917 / NAV | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;47 | &nbsp;&nbsp;2BR/1BA | &nbsp;&nbsp;685 | &nbsp;&nbsp;$10.95 | &nbsp;&nbsp;$7500 |
| &nbsp;&nbsp; 184 Thompson Street<br> New York, NY | &nbsp;&nbsp;1910 / NAV | &nbsp;&nbsp;98.0% | &nbsp;&nbsp;135 | &nbsp;&nbsp;2BR/1BA | &nbsp;&nbsp;700 | &nbsp;&nbsp;$8.93 | &nbsp;&nbsp;$6250 |
| &nbsp;&nbsp; 159 Bleecker Street<br> New York, NY | &nbsp;&nbsp;1920 / NAV | &nbsp;&nbsp;99.0% | &nbsp;&nbsp;18 | &nbsp;&nbsp;2BR/2BA | &nbsp;&nbsp;673 | &nbsp;&nbsp;$9.50 | &nbsp;&nbsp;$6395 |
| &nbsp;&nbsp; 1 University Place<br> New York, NY | &nbsp;&nbsp;1930 / NAV | &nbsp;&nbsp;99.0% | &nbsp;&nbsp;263 | &nbsp;&nbsp;2BR/2BA | &nbsp;&nbsp;819 | &nbsp;&nbsp;$8.54 | &nbsp;&nbsp;$6995 |
| &nbsp;&nbsp; 56 MacDougal Street<br> New York, NY | &nbsp;&nbsp;1900 / NAV | &nbsp;&nbsp;98.0% | &nbsp;&nbsp;30 | &nbsp;&nbsp;3BR/2BA | &nbsp;&nbsp;862 | &nbsp;&nbsp;$11.02 | &nbsp;&nbsp;$9500 |
| &nbsp;&nbsp; 142 West 4th Street<br> New York, NY | &nbsp;&nbsp;1900 / NAV | &nbsp;&nbsp;97.0% | &nbsp;&nbsp;24 | &nbsp;&nbsp;3BR/2BA | &nbsp;&nbsp;750 | &nbsp;&nbsp;$11.67 | &nbsp;&nbsp;$8750 |
| &nbsp;&nbsp; 520 La Guardia Place<br> New York, NY | &nbsp;&nbsp;1900 / NAV | &nbsp;&nbsp;99.0% | &nbsp;&nbsp;14 | &nbsp;&nbsp;3BR/2BA | &nbsp;&nbsp;768 | &nbsp;&nbsp;$12.96 | &nbsp;&nbsp;$9950 |
| &nbsp;&nbsp; 56 West 11th Street<br> New York, NY | &nbsp;&nbsp;1912 / NAV | &nbsp;&nbsp;99.0% | &nbsp;&nbsp;36 | &nbsp;&nbsp;3BR/2BA | &nbsp;&nbsp;800 | &nbsp;&nbsp;$11.75 | &nbsp;&nbsp;$9400 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Source: Appraisal.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Based on the underwritten rent roll dated November 1, 2025 for fair market units.

***The Borrower.*** The borrower of the 82 Washington Place Mortgage Loan is Derby General 82, LLC, a single purpose New York limited liability company with no independent directors in its organizational structure.

***The Borrower Sponsor.*** The borrower sponsor is Jesse Hutcher, the managing partner and chief investment officer at Derby Copeland Capital. Derby Copeland Capital is a private middle-market investor in New York City founded in 2015,

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| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 94 |

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| | |
|:---|:---|
| **Collateral Term Sheet** | **BMO 2025-5C13** |
| &nbsp;&nbsp;**No. 11 – 82 Washington Place** | &nbsp;&nbsp;**No. 11 – 82 Washington Place** |

---

having invested in over $1.1 billion of New York City real estate since inception. The non-recourse carveout guarantors are Derby Copeland Fund I, LLC and Derby Tanager DT Holdings, LLC.

 ****

***Property Management*.** The 82 Washington Place Property is managed by Monday Morning Management, LLC, an affiliated property manager.

***Escrows and Reserves*.** At origination of the 82 Washington Place Mortgage Loan, the borrower deposited (i) approximately $183,599 for real estate taxes, (ii) approximately $68,248 for insurance reserves and (iii) $45,000 for replacement reserves.

*Tax Escrows -* On each monthly payment date, the borrower is required to deposit into a reserve for real estate taxes an amount equal to 1/12th of the real estate taxes that the lender estimates will be payable during the next 12 months for the 82 Washington Place Property (currently approximately $30,396 per month).

*Insurance Escrows –* On a monthly basis, the borrower is required to deposit into an insurance reserve an amount equal to 1/12th of the insurance premiums that the lender reasonably estimates will be payable for the renewal of coverage afforded by the insurance policies upon the expiration thereof in order to accumulate in the insurance reserve sufficient funds to pay all such insurance premiums at least thirty days prior to the expiration of the insurance policies (currently approximately $7,583 per month).

*Replacement Reserves –* On each monthly payment date when funds in the replacement reserve account for the first time during the term are less than $18,000, the borrower will be required to deposit $750 on each payment date into the replacement reserve account.

***Lockbox / Cash Management*.** The 82 Washington Place Mortgage Loan is structured with a soft lockbox and springing cash management. The 82 Washington Place Mortgage Loan documents require the borrower to deposit, or cause the property manager to deposit, all rents into the lockbox within two business days of receipt. All amounts in the lockbox account are required to be remitted to the borrower's operating accounts at any time other than during the continuance of a Trigger Period (as defined below). During the continuance of a Trigger Period, all amounts are required to be remitted to a lender-controlled cash management account on a daily basis to be applied and disbursed in accordance with the 82 Washington Place Mortgage Loan documents. During the continuance of a Trigger Period, all excess cash flow funds remaining in the cash management account after the application of such funds in accordance with 82 Washington Place Mortgage Loan documents are required to be held by the lender in an excess cash flow reserve account as additional collateral for 82 Washington Place Mortgage Loan.

A "**<u>Trigger Period</u>**" means a period (A) commencing upon the earlier of (i) the occurrence of an event of default under the 82 Washington Place Mortgage Loan documents, or (ii) the debt service coverage ratio of the 82 Washington Place Mortgage Loan being less than 1.10x for two consecutive calendar quarters (a "**<u>Low DSCR Trigger Period</u>**"); and (B) expiring upon (y) with regard to any Trigger Period commenced in connection with clause (i) above, no event of default is continuing, and (z) with regard to any Trigger Period commenced in connection with clause (ii) above, the date that either (a) the debt service coverage ratio is greater than or equal to 1.15x for two consecutive calendar quarters or (b) within ten days of the borrower's receipt of notice from the lender of the commencement of such Low DSCR Trigger Period, the borrower delivers to the lender a letter of credit that would result in a debt service coverage ratio of at least 1.30x.

***Subordinate and Mezzanine Debt.*** None.

***Permitted Future Subordinate and Mezzanine Debt.*** Not permitted.

 ****

***Partial Release***. Not permitted.

***Ground Lease***. None.

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| |
|:---|
| *THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.* |
| 95 |

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