# EDGAR Filing Document

**Accession Number:** 0001004158
**File Stem:** 0001539497-25-002640
**Filing Date:** 2025-10
**Character Count:** 3720656
**Document Hash:** e82392aa42dd1747f75447368957e093
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001539497-25-002640.hdr.sgml**: 20251007

**ACCESSION NUMBER**: 0001539497-25-002640

**CONFORMED SUBMISSION TYPE**: 424H

**PUBLIC DOCUMENT COUNT**: 46

**FILED AS OF DATE**: 20251007

**DATE AS OF CHANGE**: 20251007

**ABS ASSET CLASS**: Commercial mortgages

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GS MORTGAGE SECURITIES CORP II
- **CENTRAL INDEX KEY:** 0001004158
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 223442024
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424H
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-286173
- **FILM NUMBER:** 251380374

**BUSINESS ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282
- **BUSINESS PHONE:** 2129021000

**MAIL ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Benchmark 2025-V18 Mortgage Trust
- **CENTRAL INDEX KEY:** 0002089470
- **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:** 424H
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-286173-02
- **FILM NUMBER:** 251380375

**BUSINESS ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282
- **BUSINESS PHONE:** 2129021000

**MAIL ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282

****

<br> ---

| |
|:---|
| FILED PURSUANT TO RULE 424(h) |
| REGISTRATION FILE NO.: 333-286173-02 |

---

**The information in this preliminary prospectus is not complete and may be changed. This preliminary prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.**

<br> **This preliminary prospectus, dated October 6, 2025, may be amended or completed prior to time of sale**

**PROSPECTUS**

**$1,109,922,000 (Approximate)**

**Benchmark 2025-V18 Mortgage Trust**

**(Central Index Key Number 0002089470)**

**as Issuing Entity**

**GS Mortgage Securities Corporation II**

**(Central Index Key Number 0001004158)**

**as Depositor**

**Goldman Sachs Mortgage Company**

**(Central Index Key Number 0001541502)**

**German American Capital Corporation**

**(Central Index Key Number 0001541294)**

**Citi Real Estate Funding Inc.**

**(Central Index Key Number 0001701238)**

**Bank of Montreal**

**(Central Index Key Number 0000927971)**

**Barclays Capital Real Estate Inc.**

**(Central Index Key Number 0001549574)**

**as Sponsors and Mortgage Loan Sellers**

**Commercial Mortgage Pass-Through Certificates, Series 2025-V18**

GS Mortgage Securities Corporation II is offering certain classes of the Commercial Mortgage Pass-Through Certificates, Series 2025-V18 consisting of the certificate classes identified in the table below. The certificates being offered by this prospectus (and the non-offered Class X-D, Class X-F, Class X-G, Class X-J, Class D, Class F, Class G, Class J, Class R and Class RR certificates) and the RR interest represent the ownership interests in the issuing entity, which will be a New York common law trust named Benchmark 2025-V18 Mortgage Trust. The assets of the issuing entity will primarily consist of a pool of fixed rate commercial mortgage loans, which are generally the sole source of payment on the certificates and the RR interest. Credit enhancement will be provided solely by certain classes of subordinate certificates that will be subordinate to certain classes of senior certificates as described under "*Description of the Certificates—Subordination; Allocation of Realized Losses*". Each class of certificates and the RR interest will be entitled to receive monthly distributions of interest and/or principal on the 4th business day following the 11th day of each month (or if the 11th day is not a business day, the next business day), commencing in November 2025. The rated final distribution date for the offered certificates is the distribution date in October 2058.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Class** | &nbsp;&nbsp; **Approximate Initial Certificate<br> Balance or<br> Notional Amount<sup>(1)</sup>** | &nbsp;&nbsp; **Approximate Initial<br> Pass-Through<br> Rate** | &nbsp;&nbsp; **Assumed<br> Final<br> Distribution<br> Date<sup>(2)</sup>** |
| &nbsp;&nbsp;Class A-1 | &nbsp;&nbsp;$3291000 | &nbsp;&nbsp;[__]% &nbsp;&nbsp;<sup>(3)</sup> | &nbsp;&nbsp;December 2029 |
| &nbsp;&nbsp;Class A-2 | &nbsp;&nbsp;<sup>(4)</sup> | &nbsp;&nbsp;[__]% &nbsp;&nbsp;<sup>(3)</sup> | &nbsp;&nbsp;<sup>(4)</sup> |
| &nbsp;&nbsp;Class A-3 | &nbsp;&nbsp;<sup>(4)</sup> | &nbsp;&nbsp;[__]% &nbsp;&nbsp;<sup>(3)</sup> | &nbsp;&nbsp;<sup>(4)</sup> |
| &nbsp;&nbsp;Class X-A | &nbsp;&nbsp;$998930000<sup>(5)</sup> | &nbsp;&nbsp;[__]% &nbsp;&nbsp;Variable IO<sup>(6)</sup> | &nbsp;&nbsp;October 2030 |
| &nbsp;&nbsp;Class X-B | &nbsp;&nbsp;$110992000<sup>(5)</sup> | &nbsp;&nbsp;[__]% &nbsp;&nbsp;Variable IO<sup>(6)</sup> | &nbsp;&nbsp;October 2030 |
| &nbsp;&nbsp;Class A-S | &nbsp;&nbsp;$123499000 | &nbsp;&nbsp;[__]% &nbsp;&nbsp;<sup>(3)</sup> | &nbsp;&nbsp;October 2030 |
| &nbsp;&nbsp;Class B | &nbsp;&nbsp;$62531000 | &nbsp;&nbsp;[__]% &nbsp;&nbsp;<sup>(3)</sup> | &nbsp;&nbsp;October 2030 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$48461000 | &nbsp;&nbsp;[__]% &nbsp;&nbsp;<sup>(3)</sup> | &nbsp;&nbsp;October 2030 |

---

*(Footnotes on table on pages 3-4)*

**You should carefully consider the summary of risk factors and the risk factors beginning on page 61 and page 63, respectively, of this prospectus**.

None of the certificates, the RR interest or the mortgage loans are insured or guaranteed by any governmental agency, instrumentality or private issuer or any other person or entity.

The certificates and the RR interest will represent interests in the issuing entity only. They will not represent interests in or obligations of the sponsors, depositor, any of their affiliates or any other entity.

**The United States Securities and Exchange Commission and state regulators have not approved or disapproved of the offered certificates or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense. GS Mortgage Securities Corporation II will not list the offered certificates on any securities exchange or on any automated quotation system of any securities association.**

The issuing entity will be relying on an exclusion or exemption from the definition of "investment company" under the Investment Company Act of 1940, as amended, contained in Section 3(c)(5) of the Investment Company Act or Rule 3a-7 under the Investment Company Act, although there may be additional exclusions or exemptions available to the issuing entity. The issuing entity is being structured so as not to constitute a "covered fund" for purposes of the Volcker Rule under the Dodd-Frank Act (both as defined in this prospectus).

The underwriters, Goldman Sachs & Co. LLC, Deutsche Bank Securities Inc., Citigroup Global Markets Inc., BMO Capital Markets Corp., Barclays Capital Inc., Academy Securities, Inc. and Drexel Hamilton, LLC will purchase the offered certificates from GS Mortgage Securities Corporation II and will offer them to the public at negotiated prices, plus, in certain cases, accrued interest, determined at the time of sale. Goldman Sachs & Co. LLC, Deutsche Bank Securities Inc., Citigroup Global Markets Inc., BMO Capital Markets Corp. and Barclays Capital Inc. are acting as co-lead managers and joint bookrunners in the following manner: Goldman Sachs & Co. LLC is acting as sole bookrunning manager with respect to approximately 20.0% of each class of offered certificates, Deutsche Bank Securities Inc. is acting as sole bookrunning manager with respect to approximately 36.7% of each class of offered certificates, Citigroup Global Markets Inc. is acting as sole bookrunning manager with respect to approximately 32.7% of each class of offered certificates, BMO Capital Markets Corp. is acting as sole bookrunning manager with respect to approximately 6.9% of each class of offered certificates and Barclays Capital Inc. is acting as sole bookrunning manager with respect to approximately 3.6% of each class of offered certificates. Academy Securities, Inc. and Drexel Hamilton, LLC are acting as co-managers.

The underwriters expect to deliver the offered certificates to purchasers in book-entry form only through the facilities of The Depository Trust Company in the United States and Clearstream Banking, Luxembourg and Euroclear Bank, as operator of the Euroclear System, in Europe, against payment in New York, New York on or about October 30, 2025. We expect to receive from this offering approximately [__]% of the initial aggregate principal balance of the offered certificates, plus accrued interest from October 1, 2025, before deducting expenses payable by us.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Goldman Sachs & Co. LLC** | &nbsp;&nbsp;**Citigroup** | &nbsp;&nbsp;**Barclays** | &nbsp;&nbsp;**BMO Capital Markets** | &nbsp;&nbsp;**BMO Capital Markets** | &nbsp;&nbsp;**Deutsche Bank Securities** |
| &nbsp;&nbsp;***Co-Lead Managers and Joint Bookrunners*** | &nbsp;&nbsp;***Co-Lead Managers and Joint Bookrunners*** | &nbsp;&nbsp;***Co-Lead Managers and Joint Bookrunners*** | &nbsp;&nbsp;***Co-Lead Managers and Joint Bookrunners*** | &nbsp;&nbsp;***Co-Lead Managers and Joint Bookrunners*** | &nbsp;&nbsp;***Co-Lead Managers and Joint Bookrunners*** |
| &nbsp;&nbsp;**Academy Securities** | &nbsp;&nbsp;**Academy Securities** | &nbsp;&nbsp;**Academy Securities** |  | &nbsp;&nbsp;**Drexel Hamilton** | &nbsp;&nbsp;**Drexel Hamilton** |
| &nbsp;&nbsp;***Co-Manager*** | &nbsp;&nbsp;***Co-Manager*** | &nbsp;&nbsp;***Co-Manager*** |  | &nbsp;&nbsp;***Co-Manager*** | &nbsp;&nbsp;***Co-Manager*** |

---

**October [__], 2025**

![](n5335prepros_img001.jpg)

**Summary of Certificates and VRR Interest**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Class** | &nbsp;&nbsp; **Approximate<br> Initial Certificate Balance or Notional Amount<sup>(1)</sup>** | &nbsp;&nbsp; **Approximate Initial Credit Support<sup>(7)</sup>** | &nbsp;&nbsp; **Approximate Initial Pass-Through Rate** | &nbsp;&nbsp; **Pass-Through Rate Description** | &nbsp;&nbsp; **Assumed<br> Final Distribution Date<sup>(2)</sup>** | &nbsp;&nbsp; **Weighted Average Life (Years)<sup>(8)</sup>** | &nbsp;&nbsp; **Principal Window<sup>(8)</sup>** |
| *Offered Certificates* | *Offered Certificates* | *Offered Certificates* | *Offered Certificates* | *Offered Certificates* | *Offered Certificates* | *Offered Certificates* | *Offered Certificates* |
| &nbsp;&nbsp;Class A-1 | &nbsp;&nbsp;$3291000 | &nbsp;&nbsp;30.000% | &nbsp;&nbsp;[__]% | &nbsp;&nbsp;<sup>(3)</sup> | &nbsp;&nbsp;December 2029 | &nbsp;&nbsp;2.18 | &nbsp;&nbsp;11/25 – 12/29 |
| &nbsp;&nbsp;Class A-2 | &nbsp;&nbsp;<sup>(4)</sup> | &nbsp;&nbsp;30.000% | &nbsp;&nbsp;[__]% | &nbsp;&nbsp;<sup>(3)</sup> | &nbsp;&nbsp;<sup>(4)</sup> | &nbsp;&nbsp;<sup>(4)</sup> | &nbsp;&nbsp;<sup>(4)</sup> |
| &nbsp;&nbsp;Class A-3 | &nbsp;&nbsp;<sup>(4)</sup> | &nbsp;&nbsp;30.000% | &nbsp;&nbsp;[__]% | &nbsp;&nbsp;<sup>(3)</sup> | &nbsp;&nbsp;<sup>(4)</sup> | &nbsp;&nbsp;<sup>(4)</sup> | &nbsp;&nbsp;<sup>(4)</sup> |
| &nbsp;&nbsp;Class X-A | &nbsp;&nbsp;$998930000<sup>(5)</sup> | &nbsp;&nbsp;NAP | &nbsp;&nbsp;[__]% | &nbsp;&nbsp;Variable IO<sup>(6)</sup> | &nbsp;&nbsp;October 2030 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;Class X-B | &nbsp;&nbsp;$110992000<sup>(5)</sup> | &nbsp;&nbsp;NAP | &nbsp;&nbsp;[__]% | &nbsp;&nbsp;Variable IO<sup>(6)</sup> | &nbsp;&nbsp;October 2030 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;Class A-S | &nbsp;&nbsp;$123499000 | &nbsp;&nbsp;20.125% | &nbsp;&nbsp;[__]% | &nbsp;&nbsp;<sup>(3)</sup> | &nbsp;&nbsp;October 2030 | &nbsp;&nbsp;4.96 | &nbsp;&nbsp;10/30 – 10/30 |
| &nbsp;&nbsp;Class B | &nbsp;&nbsp;$62531000 | &nbsp;&nbsp;15.125% | &nbsp;&nbsp;[__]% | &nbsp;&nbsp;<sup>(3)</sup> | &nbsp;&nbsp;October 2030 | &nbsp;&nbsp;4.96 | &nbsp;&nbsp;10/30 – 10/30 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$48461000 | &nbsp;&nbsp;11.250% | &nbsp;&nbsp;[__]% | &nbsp;&nbsp;<sup>(3)</sup> | &nbsp;&nbsp;October 2030 | &nbsp;&nbsp;4.96 | &nbsp;&nbsp;10/30 – 10/30 |
| *Non-Offered Certificates* | *Non-Offered Certificates* |  |  |  |  |  |  |
| &nbsp;&nbsp;Class X-D | &nbsp;&nbsp;$39082000<sup>(5)</sup> | &nbsp;&nbsp;NAP | &nbsp;&nbsp;[__]% | &nbsp;&nbsp;Variable IO<sup>(6)</sup> | &nbsp;&nbsp;October 2030 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;Class X-F | &nbsp;&nbsp;$25012000<sup>(5)</sup> | &nbsp;&nbsp;NAP | &nbsp;&nbsp;[__]% | &nbsp;&nbsp;Variable IO<sup>(6)</sup> | &nbsp;&nbsp;October 2030 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;Class X-G | &nbsp;&nbsp;$15633000<sup>(5)</sup> | &nbsp;&nbsp;NAP | &nbsp;&nbsp;[__]% | &nbsp;&nbsp;Variable IO<sup>(6)</sup> | &nbsp;&nbsp;October 2030 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;Class X-J | &nbsp;&nbsp;$60967860<sup>(5)</sup> | &nbsp;&nbsp;NAP | &nbsp;&nbsp;[__]% | &nbsp;&nbsp;Variable IO<sup>(6)</sup> | &nbsp;&nbsp;October 2030 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;Class D | &nbsp;&nbsp;$39082000 | &nbsp;&nbsp;8.125% | &nbsp;&nbsp;[__]% | &nbsp;&nbsp;<sup>(3)</sup> | &nbsp;&nbsp;October 2030 | &nbsp;&nbsp;4.96 | &nbsp;&nbsp;10/30 – 10/30 |
| &nbsp;&nbsp;Class F | &nbsp;&nbsp;$25012000 | &nbsp;&nbsp;6.125% | &nbsp;&nbsp;[__]% | &nbsp;&nbsp;<sup>(3)</sup> | &nbsp;&nbsp;October 2030 | &nbsp;&nbsp;4.96 | &nbsp;&nbsp;10/30 – 10/30 |
| &nbsp;&nbsp;Class G | &nbsp;&nbsp;$15633000 | &nbsp;&nbsp;4.875% | &nbsp;&nbsp;[__]% | &nbsp;&nbsp;<sup>(3)</sup> | &nbsp;&nbsp;October 2030 | &nbsp;&nbsp;4.96 | &nbsp;&nbsp;10/30 – 10/30 |
| &nbsp;&nbsp;Class J | &nbsp;&nbsp;$60967860 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;[__]% | &nbsp;&nbsp;<sup>(3)</sup> | &nbsp;&nbsp;October 2030 | &nbsp;&nbsp;4.96 | &nbsp;&nbsp;10/30 – 10/30 |
| &nbsp;&nbsp;Class R<sup>(9)</sup> | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |

---

(1) Approximate, subject to a variance of plus or minus 5%. The notional amount of each class of the Class X-A, Class X-B, Class X-D,
Class X-F, Class X-G and Class X-J certificates (collectively the " <u>Class X certificates</u> ") is subject to change depending
upon the final pricing of the Class A-1, Class A-2, Class A-3, Class A-S, Class B, Class C, Class D, Class F, Class G and Class
J certificates (collectively, the " <u>principal balance certificates</u> " and, together with the Class X certificates,
the " <u>non-VRR certificates</u> "), as follows: (1) if as a result of such pricing the pass-through rate of any class of principal
balance certificates whose certificate balance comprises such notional amount is equal to the weighted average of the net mortgage rates
on the mortgage loans (in each case, adjusted, if necessary, to accrue on the basis of a 360-day year consisting of twelve 30-day months),
the certificate balance of such class of principal balance certificates may not be part of, and reduce accordingly, such notional amount
of the related Class X certificates (or, if as a result of such pricing the pass-through rate of the related Class X certificates is equal
to zero, such Class X certificates may not be issued on the closing date), and/or (2) if as a result of such pricing the pass-through
rate of any class of principal balance certificates that does not comprise such notional amount of the related Class X certificates is
less than the weighted average of the net mortgage rates on the mortgage loans (in each case, adjusted, if necessary, to accrue on the
basis of a 360-day year consisting of twelve 30-day months), such class of principal balance certificates may become a part of, and increase
accordingly, such notional amount of the related Class X certificates.

(2) The assumed final distribution dates set forth in this prospectus have been determined on the basis of the assumptions described in
" *Description of the Certificates—Assumed Final Distribution Date; Rated Final Distribution Date* ".

(3) The pass-through rates of each class of principal balance certificates for each distribution date will generally be a *per annum* rate equal to one of (i) a fixed rate, (ii) the weighted average of the net mortgage interest rates on the mortgage loans (in each case,
adjusted, if necessary, to accrue on the basis of a 360-day year consisting of twelve 30-day months) as of their respective due
dates in the month preceding the month in which the related distribution date occurs, (iii) the lesser of a specified pass-through rate
and the rate described in clause (ii), or (iv) the rate described in clause (ii) less a specified percentage.

(4) The exact initial certificate balances of the Class A-2 and Class A-3 certificates are unknown and will be determined based on the
final pricing of those classes of certificates. However, the respective initial certificate balances, assumed final distribution dates,
weighted average lives and principal windows of the Class A-2 and Class A-3 certificates are expected to be within the applicable ranges
reflected in the following chart. The initial aggregate certificate balance of the Class A-2 and Class A-3 certificates is expected to
be approximately $872,140,000, subject to a variance of plus or minus 5%.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class** | **Expected Range of Initial Certificate Balance** | **Expected Range of Assumed Final Distribution Date** | **Expected Range of Weighted Average Life (Years)** | **Expected Range of Principal Window** |
| Class A-2 | $0 – $348650000 | NAP – September 2030 | NAP – 4.76 | NAP / 12/29 – 09/30 |
| Class A-3 | $523490000 – $872140000 | October 2030 | 4.95 – 4.87 | 09/30 – 10/30 / 12/29 – 10/30 |

---

(5) The Class X certificates will not have certificate balances and will not be entitled to receive distributions of principal. Interest
will accrue on each of the Class X certificates at its respective pass-through rate based upon its respective notional amount. The notional
amount of each Class of the Class X certificates will be equal to the aggregate certificate balances of the related class(es) of certificates
(the " <u>related Class X class</u> ") indicated below:

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class** | &nbsp;&nbsp; **Related Class X Class(es)** |
| &nbsp;&nbsp;Class X-A | &nbsp;&nbsp;Class A-1, Class A-2, Class A-3 and Class A-S certificates |
| &nbsp;&nbsp;Class X-B | &nbsp;&nbsp;Class B and Class C certificates |
| &nbsp;&nbsp;Class X-D | &nbsp;&nbsp;Class D certificates |
| &nbsp;&nbsp;Class X-F | &nbsp;&nbsp;Class F certificates |
| &nbsp;&nbsp;Class X-G | &nbsp;&nbsp;Class G certificates |
| &nbsp;&nbsp;Class X-J | &nbsp;&nbsp;Class J certificates |

---

(6) The pass-through rate of each Class of the Class X certificates for any distribution date will equal the excess, if any, of (i)
the weighted average of the net mortgage interest rates on the mortgage loans (in each case adjusted, if necessary, to accrue on the basis
of a 360-day year consisting of twelve 30-day months) as of their respective due dates in the month preceding the month in which
the related distribution date occurs, over (ii) the pass-through rate (or the weighted average of the pass-through rates, if applicable)
of the related Class X class(es) for that distribution date. See "*Description of the Certificates—Distributions—Pass-Through Rates* ".

(7) The initial credit support percentages set forth for the certificates are approximate and, for the Class A-1, Class A-2 and Class
A-3 certificates, are represented in the aggregate. The approximate initial credit support percentages shown in the table above do not
take into account the VRR interest. However, losses incurred on the mortgage loans will be allocated between the VRR interest and the
principal balance certificates, *pro rata* in accordance with their respective outstanding balances. See "*Credit Risk Retention* "
and "*Description of the Certificates* ".

(8) The weighted average life and period during which distributions of principal would be received as set forth in the foregoing table
with respect to each class of certificates having a certificate balance are based on the assumptions set forth under "*Yield, Prepayment and Maturity Considerations—Weighted Average Life*" and on the assumptions that there are no prepayments,
modifications or losses in respect of the mortgage loans or whole loans and that there are no extensions or forbearances of maturity dates
of the mortgage loans or whole loans.

(9) The Class R certificates will not have a certificate balance, notional amount, pass-through rate, rating or rated final distribution
date. The Class R certificates will represent the residual interests in each of two (2) separate real estate mortgage investment conduits
(each, a " <u>REMIC</u> "), as further described in this prospectus. The Class R certificates will not be entitled to distributions
of principal or interest.

**VRR Interest Summary**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Non-Offered Eligible Vertical Interests<sup>(1)</sup>** | **Approximate Initial VRR<br> Interest Balance** | **Approximate Initial VRR Interest Rate** | **Assumed Final Distribution Date<sup>(2)</sup>** | **Weighted Average<br> Life (Yrs.)<sup>(3)</sup>** | **Principal Window<sup>(3)</sup>** |
| RR Interest | $13178815 | [__]%<sup>(4)</sup> | October 2030 | 4.89 | 11/25 – 10/30 |
| Class RR certificates | $52643125 | [__]%<sup>(4)</sup> | October 2030 | 4.89 | 11/25 – 10/30 |

---

(1) Each of the Class RR certificates and the RR interest will constitute an "eligible vertical interest" (as such term is
defined in the Credit Risk Retention Rules) (the Class RR certificates and the RR interest collectively, the <u>"VRR Interest</u> ")
and is expected to be acquired and retained by the applicable sponsors (or their "majority-owned affiliates") as such term
is defined in the Credit Risk Retention Rules as described under "*Credit Risk Retention* ". The VRR interest represents
the right to receive approximately 5.0% of all amounts collected on the mortgage loans (net of all expenses of the issuing entity) that
are available for distribution to the certificates (other than the Class R certificates) and the RR interest on each distribution date,
as further described under "*Credit Risk Retention* ". The owner of the RR interest is referred to in this prospectus
as the " <u>RR interest owner</u> " and the RR interest owner and the holders of the Class RR certificates (the " <u>Class RR certificateholders</u> ") are referred to collectively in this prospectus as the " <u>VRR interest owners</u> ".

(2) The assumed final distribution dates set forth in this prospectus have been determined on the basis of the assumptions described in
" *Description of the Certificates—Assumed Final Distribution Date; Rated Final Distribution Date* ".

(3) The weighted average life and period during which distributions of principal would be received as set forth in the foregoing table
with respect to the VRR interest are based on the assumptions set forth under "*Yield and Maturity Considerations—Weighted Average Life*" and on the assumptions that there are no prepayments, modifications
or losses in respect of the mortgage loans or whole loans and that there are no extensions or forbearances of maturity dates of the mortgage
loans or whole loans.

(4) Although it does not have a specified pass-through rate (other than for tax reporting purposes), the effective interest rate for the
RR interest and the Class RR certificates will be a *per annum* rate equal to the weighted average of the net mortgage interest
rates on the mortgage loans (in each case adjusted, if necessary, to accrue on the basis of a 360-day year consisting of twelve 30-day
months) as of their respective due dates in the month preceding the month in which the related distribution date occurs.

**The Class X-D, Class X-F, Class X-G, Class X-J, Class D, Class F, Class G, Class J, Class R and Class RR certificates and the RR interest are not offered by this prospectus. Any information in this prospectus concerning such non-offered certificates or the RR interest is presented solely to enhance your understanding of the offered certificates.**

**TABLE OF CONTENTS**

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| | |
|:---|:---|
| Summary of Certificates and VRR Interest | 3 |
| Important Notice Regarding the Offered Certificates | 13 |
| Important Notice About Information Presented in This Prospectus | 14 |
| Summary of Terms | 25 |
| Summary of Risk Factors | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risks Relating to the Mortgage Loans | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risks Relating to Conflicts of Interest | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Risks Relating to the Certificates | 62 |
| Risk Factors | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special Risks | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cyberattacks or Other Security Breaches Could Have a Material Adverse Effect on the Business of the Transaction Parties | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risks Relating to the Mortgage Loans | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage Loans Are Non-Recourse and Are Not Insured or Guaranteed | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risks of Commercial, Multifamily and Manufactured Housing Lending Generally | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance of the Mortgage Loans Will Be Highly Dependent on the Performance of Tenants and Tenant Leases | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multifamily Properties Have Special Risks | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Office Properties Have Special Risks | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hospitality Properties Have Special Risks | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risks Relating to Affiliation with a Franchise or Hotel Management Company | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mixed Use Properties Have Special Risks | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Properties Have Special Risks | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial Properties Have Special Risks | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leased Fee Properties Have Special Risks | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Self Storage Properties Have Special Risks | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manufactured Housing Properties Have Special Risks | 85 |

---

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Condominium and Other Shared Interest Ownership May Limit Use and Improvements | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Master Leased Properties Have Special Risks | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operation of a Mortgaged Property Depends on the Property Manager's Performance | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concentrations Based on Property Type, Geography, Related Borrowers and Other Factors May Disproportionately Increase Losses | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Climate Change May Directly or Indirectly Have an Adverse Effect on the Mortgage Pool | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adverse Environmental Conditions at or Near Mortgaged Properties May Result in Losses | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risks Related to Redevelopment, Expansion and Renovation at Mortgaged Properties | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Some Mortgaged Properties May Not Be Readily Convertible to Alternative Uses | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risks Related to Zoning Non-Compliance and Use Restrictions | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risks Relating to Inspections of Properties | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risks Relating to Costs of Compliance with Applicable Laws and Regulations | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance May Not Be Available or Adequate | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inadequacy of Title Insurers May Adversely Affect Distributions on Your Certificates | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terrorism Insurance May Not Be Available for All Mortgaged Properties | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risks Associated with Blanket Insurance Policies or Self-Insurance | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Condemnation of a Mortgaged Property May Adversely Affect Distributions on Certificates | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limited Information Causes Uncertainty | 102 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underwritten Net Cash Flow Could Be Based On Incorrect or Failed Assumptions | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frequent and Early Occurrence of Borrower Delinquencies and Defaults May Adversely Affect Your Investment | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Mortgage Loans Have Not Been Reviewed or Re-Underwritten by Us; Some Mortgage Loans May Not Have Complied With Another Originator's Underwriting Criteria | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Static Pool Data Would Not Be Indicative of the Performance of this Pool | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appraisals May Not Reflect Current or Future Market Value of Each Property | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seasoned Mortgage Loans Present Additional Risk of Repayment | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Performance of a Mortgage Loan and Its Related Mortgaged Property Depends in Part on Who Controls the Borrower and Mortgaged Property | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Borrower's Form of Entity May Cause Special Risks | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Bankruptcy Proceeding May Result in Losses and Delays in Realizing on the Mortgage Loans | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Litigation Regarding the Mortgaged Properties or Borrowers May Impair Your Distributions | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Financings or Ability To Incur Other Indebtedness Entails Risk | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenancies-in-Common May Hinder Recovery | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risks Relating to Enforceability of Cross-Collateralization | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risks Relating to Enforceability of Yield Maintenance Charges, Prepayment Premiums or Defeasance Provisions | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risks Associated with One Action Rules | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Law Limitations on Assignments of Leases and Rents May Entail Risks | 114 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Various Other Laws Could Affect the Exercise of Lender's Rights | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Absence of Lockboxes Entails Risks That Could Adversely Affect Distributions on Your Certificates | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower May Be Unable To Repay Remaining Principal Balance on Maturity Date; Longer Amortization Schedules and Interest-Only Provisions Increase Risk | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risks Related to Ground Leases and Other Leasehold Interests | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increases in Real Estate Taxes May Reduce Available Funds | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collective Bargaining Activity May Disrupt Operations, Increase Labor Costs or Interfere with Business Strategies | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State and Local Mortgage Recording Taxes May Apply Upon a Foreclosure or Deed-in-Lieu of Foreclosure and Reduce Net Proceeds | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risks Relating to Shari'ah Compliant Loans | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risks Relating to Conflicts of Interest | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interests and Incentives of the Originators, the Sponsors and Their Affiliates May Not Be Aligned With Your Interests | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Servicing of the Servicing Shift Whole Loans Will Shift to Other Servicers | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interests and Incentives of the Underwriter Entities May Not Be Aligned With Your Interests | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Potential Conflicts of Interest of the Master Servicer and the Special Servicer | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Potential Conflicts of Interest of the Operating Advisor | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Potential Conflicts of Interest of the Asset Representations Reviewer | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Potential Conflicts of Interest of the Directing Holder and the Companion Loan Holders | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Potential Conflicts of Interest in the Selection of the Underlying Mortgage Loans | 130 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conflicts of Interest May Occur as a Result of the Rights of the Applicable Directing Holder To Terminate the Special Servicer of the Applicable Whole Loan | 131.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Potential Conflicts of Interest May Affect Your Investment | 131.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Risks Relating to the Certificates | 132.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Certificates Are Limited Obligations | 132.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Certificates May Have Limited Liquidity and the Market Value of the Certificates May Decline | 132.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nationally Recognized Statistical Rating Organizations May Assign Different Ratings to the Certificates; Ratings of the Certificates Reflect Only the Views of the Applicable Rating Agencies as of the Dates Such Ratings Were Issued; Ratings May Affect ERISA Eligibility; Ratings May Be Downgraded | 133.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your Yield May Be Affected by Defaults, Prepayments and Other Factors | 136.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subordination of the Subordinated Certificates Will Affect the Timing of Distributions and the Application of Losses on the Subordinated Certificates | 140.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments Allocated to the VRR Interest or the Non-VRR Certificates Will Not Be Available to the Non-VRR Certificates or the VRR Interest, Respectively | 140.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your Lack of Control Over the Issuing Entity and the Mortgage Loans Can Impact Your Investment | 141.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risks Relating to Modifications of the Mortgage Loans | 146.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Sponsors May Not Make Required Repurchases or Substitutions of Defective Mortgage Loans or Pay Any Loss of Value Payment Sufficient to Cover All Losses |  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on a Defective Mortgage Loan | 147.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risks Relating to Interest on Advances and Special Servicing Compensation | 147.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bankruptcy of a Servicer May Adversely Affect Collections on the Mortgage Loans and the Ability to Replace the Servicer | 148.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risks Relating to a Bankruptcy of an Originator, a Sponsor or the Depositor, or a Receivership or Conservatorship of Goldman Sachs Bank USA | 148.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Requirement of the Special Servicer to Obtain FIRREA-Compliant Appraisals May Result in an Increased Cost to the Issuing Entity | 150.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realization on the Mortgage Loans That Are Part of a Serviced Whole Loan May Be Adversely Affected by the Rights of the Holder of the Related Serviced Companion Loan | 150.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax Matters and Changes in Tax Law May Adversely Impact the Mortgage Loans or Your Investment | 150.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Risk Factors | 153.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Combination or "Layering" of Multiple Risks May Significantly Increase Risk of Loss | 153.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Certificates May Not Be a Suitable Investment for You | 153.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Volatile Economy, Credit Crisis and Downturn in the Real Estate Market Have Adversely Affected and May Continue To Adversely Affect the Value of CMBS | 153.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Events May Affect the Value and Liquidity of Your Investment | 154.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal and Regulatory Provisions Affecting Investors Could Adversely Affect the Liquidity of the Offered Certificates | 154.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Master Servicer, any Sub-Servicer, the Special Servicer, the Trustee, the Certificate Administrator or |  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Custodian May Have Difficulty Performing Under the Pooling and Servicing Agreement or a Related Sub-Servicing Agreement | 158.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Book-Entry Securities May Delay Receipt of Payment and Reports and Limit Liquidity and Your Ability to Pledge Certificates | 159.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Book-Entry Registration Will Mean You Will Not Be Recognized as a Holder of Record | 159.0 |
| Description of the Mortgage Pool | 159.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General | 159.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Co-Originated or Unaffiliated Third-Party Originated Mortgage Loans | 161.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain Calculations and Definitions | 161.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definitions | 162.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage Pool Characteristics | 170.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overview | 170.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property Types | 172.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage Loan Concentrations | 181.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multi-Property Mortgage Loans and Related Borrower Mortgage Loans | 182.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geographic Concentrations | 183.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgaged Properties With Limited Prior Operating History | 184.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenancies-in-Common or Diversified Ownership | 184.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Condominium Interests and Other Shared Interests | 184.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fee & Leasehold Estates; Ground Leases | 185.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Environmental Considerations | 188.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redevelopment, Renovation and Expansion | 191.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assessments of Property Value and Condition | 192.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appraisals 192 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Engineering Reports | 192.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zoning and Building Code Compliance and Condemnation | 192.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Litigation and Other Considerations | 193.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan Purpose; Default History, Bankruptcy Issues and Other Proceedings | 194.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan Purpose | 194.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Default History, Bankruptcy Issues and Other Proceedings | 195.0 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenant Issues | 198.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenant Concentrations | 198.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease Expirations and Terminations | 198.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase Options and Rights of First Refusal | 202.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Leases | 204.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance Considerations | 205.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Use Restrictions | 206.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appraised Value | 207.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Recourse Carveout Limitations | 208.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate and Other Tax Considerations | 209.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delinquency Information | 212.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain Terms of the Mortgage Loans | 212.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of Principal | 212.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due Dates; Mortgage Rates; Calculations of Interest | 212.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Single Purpose Entity Covenants | 212.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepayment Protections and Certain Involuntary Prepayments | 213.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Due-On-Sale" and "Due-On-Encumbrance" Provisions | 215.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Defeasance; Collateral Substitution | 216.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partial Releases | 217.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Escrows 219 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgaged Property Accounts | 220.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shari'ah Compliant Lending Structure | 220.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exceptions to Underwriting Guidelines | 220.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional Indebtedness | 221.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General 221 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whole Loans | 221.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mezzanine Indebtedness | 222.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Secured Indebtedness | 223.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Equity | 224.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Unsecured Indebtedness | 226.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Whole Loans | 226.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General | 226.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Serviced Pari Passu Whole Loans | 230.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Non-Serviced Pari Passu Whole Loans | 233.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Non-Serviced AB Whole Loan | 236.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional Information | 244.0 |
| Transaction Parties | 244.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Sponsors and Mortgage Loan Sellers | 244.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Mortgage Company | 245.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;German American Capital Corporation | 254.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citi Real Estate Funding Inc. | 263.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal | 272.0 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays Capital Real Estate Inc. | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation of the Sponsors | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Depositor | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuing Entity | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee and Certificate Administrator | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Master Servicer | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Special Servicer | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Operating Advisor and Asset Representations Reviewer | 298 |
| Credit Risk Retention | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qualifying CRE Loans | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The VRR Interest | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRR Available Funds | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Priority of Distributions on the VRR Interest | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allocation of VRR Realized Losses | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yield Maintenance Charges and Prepayment Premiums | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Material Terms | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hedging, Transfer and Financing Restrictions | 303 |
| Description of the Certificates | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Method, Timing and Amount | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Available Funds | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Priority of Distributions | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass-Through Rates | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Distribution Amount | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Distribution Amount | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain Calculations with Respect to Individual Mortgage Loans | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Application Priority of Mortgage Loan Collections or Whole Loan Collections | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allocation of Yield Maintenance Charges and Prepayment Premiums | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assumed Final Distribution Date; Rated Final Distribution Date | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepayment Interest Shortfalls | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subordination; Allocation of Realized Losses | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reports to Certificateholders and the RR Interest Owner; Certain Available Information | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificate Administrator Reports | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Available Electronically | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voting Rights | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delivery, Form, Transfer and Denomination | 333 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Book-Entry Registration | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definitive Certificates | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificateholder Communication | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Access to Certificateholders' Names and Addresses | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Requests to Communicate | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;List of Certificateholders | 337 |
| Description of the Mortgage Loan Purchase Agreements | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dispute Resolution Provisions | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset Review Obligations | 347 |
| Pooling and Servicing Agreement | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assignment of the Mortgage Loans | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Servicing Standard | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subservicing | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advances | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P&I Advances | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property Protection Advances | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nonrecoverable Advances | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recovery of Advances | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withdrawals from the Collection Account | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Servicing and Other Compensation and Payment of Expenses | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Master Servicing Compensation | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special Servicing Compensation | 367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disclosable Special Servicer Fees | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificate Administrator and Trustee Compensation | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating Advisor Compensation | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset Representations Reviewer Compensation | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CREFC<sup>®</sup> Intellectual Property Royalty License Fee | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appraisal Reduction Amounts | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maintenance of Insurance | 381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Modifications, Waivers and Amendments | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enforcement of "Due-on-Sale" and "Due-on-Encumbrance" Provisions | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inspections | 388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collection of Operating Information | 388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special Servicing Transfer Event | 388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset Status Report | 390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realization Upon Mortgage Loans | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of Defaulted Loans and REO Properties | 396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Directing Holder | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Major Decisions | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset Status Report | 404 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Replacement of Special Servicer | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Control Termination Event and Consultation Termination Event | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Servicing Override | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rights of Holders of Companion Loans | 408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limitation on Liability of Directing Holder | 408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Operating Advisor | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duties of the Operating Advisor While No Control Termination Event is Continuing | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duties of the Operating Advisor While a Control Termination Event is Continuing | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual Report | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recommendation of the Replacement of the Special Servicer | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eligibility of Operating Advisor | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Obligations of Operating Advisor | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delegation of Operating Advisor's Duties | 414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Termination of the Operating Advisor With Cause | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rights Upon Operating Advisor Termination Event | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waiver of Operating Advisor Termination Event | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Termination of the Operating Advisor Without Cause | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resignation of the Operating Advisor | 417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating Advisor Compensation | 417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Asset Representations Reviewer | 417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset Review | 417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eligibility of Asset Representations Reviewer | 422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Obligations of Asset Representations Reviewer | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delegation of Asset Representations Reviewer's Duties | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assignment of Asset Representations Reviewer's Rights and Obligations | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset Representations Reviewer Termination Events | 424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rights Upon Asset Representations Reviewer Termination Event | 424 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Termination of the Asset Representations Reviewer Without Cause | 425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resignation of Asset Representations Reviewer | 425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset Representations Reviewer Compensation | 425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limitation on Liability of the Risk Retention Consultation Parties | 426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Replacement of the Special Servicer Without Cause | 426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Replacement of the Special Servicer After Operating Advisor Recommendation and Investor Vote | 428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Termination of Master Servicer and Special Servicer for Cause | 430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Servicer Termination Events | 430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rights Upon Servicer Termination Event | 431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waiver of Servicer Termination Event | 432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resignation of the Master Servicer or Special Servicer | 433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limitation on Liability; Indemnification | 433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enforcement of Mortgage Loan Seller's Obligations Under the MLPA | 436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dispute Resolution Provisions | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificateholder's Rights When a Repurchase Request is Initially Delivered by a Certificateholder | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase Request Delivered by a Party to the PSA | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resolution of a Repurchase Request | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mediation and Arbitration Provisions | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Servicing of the Non-Serviced Mortgage Loans | 441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General | 441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Servicing of the 180 Water Whole Loan | 445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rating Agency Confirmations | 445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evidence as to Compliance | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limitation on Rights of Certificateholders and the RR Interest Owner to Institute a Proceeding | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Termination; Retirement of Certificates | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendment | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resignation and Removal of the Trustee and the Certificate Administrator | 452 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Governing Law; Waiver of Jury Trial; and Consent to Jurisdiction | 453 |
| Certain Legal Aspects of Mortgage Loans | 453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Types of Mortgage Instruments | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leases and Rents | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personalty | 456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreclosure | 456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General | 456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreclosure Procedures Vary from State to State | 456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Judicial Foreclosure | 456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equitable and Other Limitations on Enforceability of Certain Provisions | 456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nonjudicial Foreclosure/Power of Sale | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Sale | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rights of Redemption | 458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anti-Deficiency Legislation | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leasehold Considerations | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cooperative Shares | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bankruptcy Laws | 460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Environmental Considerations | 466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General | 466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Superlien Laws | 466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CERCLA | 466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain Other Federal and State Laws | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional Considerations | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due-on-Sale and Due-on-Encumbrance Provisions | 468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subordinate Financing | 468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Default Interest and Limitations on Prepayments | 468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applicability of Usury Laws | 468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Americans with Disabilities Act | 469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Servicemembers Civil Relief Act | 469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anti-Money Laundering, Economic Sanctions and Bribery | 469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Potential Forfeiture of Assets | 470 |
| Certain Affiliations, Relationships and Related Transactions Involving Transaction Parties | 470 |
| Pending Legal Proceedings Involving Transaction Parties | 472 |
| Use of Proceeds | 472 |
| Yield, Prepayment and Maturity Considerations | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yield Considerations | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate and Timing of Principal Payments | 472 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Losses and Shortfalls | 473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain Relevant Factors Affecting Loan Payments and Defaults | 474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delay in Payment of Distributions | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yield on the Certificates with Notional Amounts | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted Average Life | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Tax Yield to Maturity Tables | 480 |
| Material Federal Income Tax Considerations | 483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General | 483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qualification as a REMIC | 484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Status of Offered Certificates | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxation of Regular Interests | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Original Issue Discount | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition Premium | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market Discount | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premium | 489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Election To Treat All Interest Under the Constant Yield Method | 489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treatment of Losses | 490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yield Maintenance Charges and Prepayment Premiums | 490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale or Exchange of Regular Interests | 491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes That May Be Imposed on a REMIC | 491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prohibited Transactions | 491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contributions to a REMIC After the Startup Day | 492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Income from Foreclosure Property | 492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REMIC Partnership Representative | 492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxation of Certain Foreign Investors | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FATCA | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Backup Withholding | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Reporting | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8% Medicare Tax on "Net Investment Income" | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reporting Requirements | 494 |
| Certain State and Local and Foreign Tax Considerations | 495 |
| Method of Distribution (Conflicts of Interest) | 496 |
| Incorporation of Certain Information by Reference | 498 |
| Where You Can Find More Information | 499 |
| Financial Information | 499 |
| Certain ERISA Considerations | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plan Asset Regulations | 500 |

---

Administrative Exemptions 500 <br> Insurance Company General Accounts 502 <br> Legal Investment 503

Legal Matters 504 <br> Ratings 504 <br> Index of Defined Terms 507

---

| | |
|:---|:---|
| ANNEX A-1 | CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES |
| ANNEX A-2 | MORTGAGE POOL INFORMATION |
| ANNEX A-3 | DESCRIPTION OF THE TOP 15 MORTGAGE LOANS |
| ANNEX B | FORM OF DISTRIBUTION DATE STATEMENT |
| ANNEX C | FORM OF OPERATING ADVISOR ANNUAL REPORT |
| ANNEX D-1 | GOLDMAN SACHS MORTGAGE COMPANY REPRESENTATIONS AND WARRANTIES |
| ANNEX D-2 | EXCEPTIONS TO GOLDMAN SACHS MORTGAGE COMPANY REPRESENTATIONS AND WARRANTIES |
| ANNEX E-1 | GERMAN AMERICAN CAPITAL CORPORATION, CITI REAL ESTATE FUNDING INC., BANK OF MONTREAL AND BARCLAYS CAPITAL REAL ESTATE INC. REPRESENTATIONS AND WARRANTIES |
| ANNEX E-2 | EXCEPTIONS TO GERMAN AMERICAN CAPITAL CORPORATION REPRESENTATIONS AND WARRANTIES |
| ANNEX E-3 | EXCEPTIONS TO CITI REAL ESTATE FUNDING INC. REPRESENTATIONS AND WARRANTIES |
| ANNEX E-4 | EXCEPTIONS TO BANK OF MONTREAL REPRESENTATIONS AND WARRANTIES |
| ANNEX E-5 | EXCEPTIONS TO BARCLAYS CAPITAL REAL ESTATE INC. REPRESENTATIONS AND WARRANTIES |

---

**Important Notice Regarding the Offered Certificates**

WE HAVE FILED WITH THE SECURITIES AND EXCHANGE COMMISSION A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED, WITH RESPECT TO THE CERTIFICATES OFFERED IN THIS PROSPECTUS. HOWEVER, THIS PROSPECTUS DOES NOT CONTAIN ALL OF THE INFORMATION CONTAINED IN OUR REGISTRATION STATEMENT. FOR FURTHER INFORMATION REGARDING THE DOCUMENTS REFERRED TO IN THIS PROSPECTUS, YOU SHOULD REFER TO OUR REGISTRATION STATEMENT AND THE EXHIBITS TO IT. OUR REGISTRATION STATEMENT AND THE EXHIBITS TO IT CAN BE OBTAINED ELECTRONICALLY THROUGH THE SEC'S INTERNET WEBSITE AT HTTP://WWW.SEC.GOV.

THIS PROSPECTUS IS NOT AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY STATE OR OTHER JURISDICTION WHERE SUCH OFFER, SOLICITATION OR SALE IS NOT PERMITTED.

THE INFORMATION IN THIS PROSPECTUS IS PRELIMINARY AND MAY BE SUPPLEMENTED OR AMENDED PRIOR TO THE TIME OF SALE.

IN ADDITION, THE OFFERED CERTIFICATES REFERRED TO IN THIS PROSPECTUS, AND THE ASSET POOL BACKING THEM, ARE SUBJECT TO MODIFICATION OR REVISION (INCLUDING THE POSSIBILITY THAT ONE OR MORE CLASSES OF OFFERED CERTIFICATES MAY BE SPLIT, COMBINED OR ELIMINATED) AT ANY TIME PRIOR TO ISSUANCE, AND ARE OFFERED ON A "WHEN, AS AND IF ISSUED" BASIS.

THE UNDERWRITERS DESCRIBED IN THESE MATERIALS 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 RESPECTIVE EMPLOYEES MAY FROM TIME TO TIME HAVE A LONG OR SHORT POSITION IN ANY CONTRACT OR CERTIFICATE DISCUSSED IN THESE MATERIALS.

THE INFORMATION CONTAINED IN THIS PROSPECTUS SUPERSEDES ANY PREVIOUS SUCH INFORMATION DELIVERED TO ANY PROSPECTIVE INVESTOR AND MAY BE SUPERSEDED BY INFORMATION DELIVERED TO SUCH PROSPECTIVE INVESTOR PRIOR TO THE TIME OF SALE.

THE OFFERED CERTIFICATES DO NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE MORTGAGE LOAN SELLERS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE CERTIFICATE ADMINISTRATOR, THE DIRECTING HOLDER, THE RISK RETENTION CONSULTATION PARTIES, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE OFFERED CERTIFICATES NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

THERE IS CURRENTLY NO SECONDARY MARKET FOR THE OFFERED CERTIFICATES. WE CANNOT ASSURE YOU THAT A SECONDARY MARKET WILL DEVELOP OR, IF A SECONDARY MARKET DOES DEVELOP, THAT IT WILL PROVIDE HOLDERS OF THE OFFERED CERTIFICATES WITH LIQUIDITY OF INVESTMENT OR THAT IT WILL CONTINUE FOR THE TERM OF THE OFFERED CERTIFICATES. THE UNDERWRITERS CURRENTLY INTEND TO MAKE A MARKET IN THE OFFERED CERTIFICATES BUT ARE UNDER NO OBLIGATION TO DO SO. THE ABILITY OF THE UNDERWRITERS TO MAKE A MARKET IN THE OFFERED CERTIFICATES MAY BE IMPACTED BY CHANGES IN ANY REGULATORY REQUIREMENTS APPLICABLE TO THE MARKETING, HOLDING AND SELLING OF, AND ISSUING QUOTATIONS WITH RESPECT TO, THE OFFERED CERTIFICATES OR CMBS GENERALLY. ACCORDINGLY, PURCHASERS MUST BE PREPARED TO BEAR THE RISKS OF THEIR INVESTMENTS FOR AN INDEFINITE PERIOD. SEE "*RISK FACTORS—OTHER RISKS RELATING TO THE CERTIFICATES—THE CERTIFICATES MAY HAVE LIMITED LIQUIDITY AND THE MARKET VALUE OF THE CERTIFICATES MAY DECLINE*".

**Important Notice About Information Presented in This Prospectus**

**You should rely only on the information contained in this prospectus. We have not authorized anyone to provide you with information that is different from that contained in this prospectus. The information contained in this prospectus is accurate only as of the date of this prospectus.**

This prospectus begins with several introductory sections describing the offered certificates and the issuing entity in abbreviated form:

● "*Summary of Certificates and VRR Interest* ", which sets forth important statistical information relating to the certificates;

● "*Summary of Terms* ", which gives a brief introduction of the key features of the certificates and a description of the mortgage loans; and

● "*Summary of Risk Factors*" and *"Risk Factors* ", which describe risks that apply to the certificates.

This prospectus includes cross references to sections in this prospectus where you can find further related discussions. The table of contents in this prospectus identifies the pages where these sections are located.

Certain capitalized terms are defined and used in this prospectus to assist you in understanding the terms of the offered certificates and this offering. The capitalized terms used in this prospectus are defined on the pages indicated under the caption "*Index of Defined Terms*".

All annexes and schedules attached to this prospectus are a part of this prospectus**.**

In this prospectus:

● the terms " <u>depositor</u> ", " <u>we</u> ", " <u>us</u> " and " <u>our</u> " refer to GS Mortgage Securities Corporation II.

● references to " <u>lender</u> " or " <u>mortgage lender</u> " with respect to a mortgage loan generally should be construed to mean, from and after the date of initial issuance of the offered certificates, the trustee on behalf of the issuing entity as the holder of record title to the mortgage loans or the master servicer or special servicer, as applicable, with respect to the obligations and rights of the lender as described under "*Pooling and Servicing Agreement* ".

● unless otherwise specified, (i) references to a mortgaged property (or portfolio of mortgaged properties) by name refer to such mortgaged property (or portfolio of mortgaged properties) so identified on Annex A-1, (ii) references to a mortgage loan by name refer to such mortgage loan secured by the related mortgaged property (or portfolio of mortgaged properties) so identified on Annex A-1, (iii) any parenthetical with a percent next to a mortgaged property name (or portfolio of mortgaged properties name) indicates the approximate percent (or approximate aggregate percent) that the outstanding principal balance of the related mortgage loan (or, if applicable, the allocated loan amount with respect to such mortgaged property) represents of the aggregate outstanding principal balance of the pool of mortgage loans as of the cut-off date for this securitization, and (iv) any parenthetical with a percent next to a mortgage loan name or a group of mortgage loans indicates the approximate percent (or approximate aggregate percent) that the outstanding principal balance of such mortgage loan or the aggregate outstanding principal balance of such group of mortgage loans, as applicable, represents of the aggregate outstanding principal balance of the pool of mortgage loans as of the cut-off date for this securitization.

Until ninety days after the date of this prospectus, all dealers that buy, sell or trade the offered certificates, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealers' obligation to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.

*This prospectus is not an offer to sell or a solicitation of an offer to buy these securities in any state or other jurisdiction where such offer, solicitation or sale is not permitted.*

**NOTICE TO INVESTORS IN THE EUROPEAN ECONOMIC AREA**

*PROHIBITION ON SALES TO EEA RETAIL INVESTORS*

THE OFFERED CERTIFICATES ARE NOT INTENDED TO BE OFFERED, SOLD OR OTHERWISE MADE AVAILABLE TO AND SHOULD NOT BE OFFERED, SOLD OR OTHERWISE MADE AVAILABLE TO ANY EEA RETAIL INVESTOR IN THE EUROPEAN ECONOMIC AREA ("<u>EEA</u>"). FOR THESE PURPOSES, AN "EEA RETAIL INVESTOR" MEANS A PERSON WHO IS ONE (OR MORE) OF THE FOLLOWING: (I) A RETAIL CLIENT AS DEFINED IN POINT (11) OF ARTICLE 4(1) OF DIRECTIVE 2014/65/EU (AS AMENDED, "<u>MIFID II</u>"); OR (II) A CUSTOMER WITHIN THE MEANING OF DIRECTIVE (EU) 2016/97 (AS AMENDED), WHERE THAT CUSTOMER WOULD NOT QUALIFY AS A PROFESSIONAL CLIENT AS DEFINED IN POINT (10) OF ARTICLE 4(1) OF MIFID II; OR (III) NOT A QUALIFIED INVESTOR AS DEFINED IN ARTICLE 2 OF REGULATION (EU) 2017/1129 (AS AMENDED, THE "<u>EU Prospectus Regulation</u>").

CONSEQUENTLY NO KEY INFORMATION DOCUMENT REQUIRED BY REGULATION (EU) NO 1286/2014 (AS AMENDED, THE "<u>EU PRIIPS Regulation</u>") FOR OFFERING OR SELLING THE OFFERED CERTIFICATES OR OTHERWISE MAKING THEM AVAILABLE TO EEA RETAIL INVESTORS IN THE EEA HAS BEEN PREPARED AND THEREFORE OFFERING OR SELLING THE OFFERED CERTIFICATES OR OTHERWISE MAKING THEM AVAILABLE TO ANY EEA RETAIL INVESTOR IN THE EEA MAY BE UNLAWFUL UNDER THE EU PRIIPS REGULATION.

THIS PROSPECTUS IS NOT A PROSPECTUS FOR THE PURPOSES OF THE EU PROSPECTUS REGULATION.

**MIFID II PRODUCT GOVERNANCE**

ANY PERSON OFFERING, SELLING OR RECOMMENDING THE OFFERED CERTIFICATES (A "<u>DISTRIBUTOR</u>") SUBJECT TO MIFID II IS RESPONSIBLE FOR UNDERTAKING ITS OWN TARGET MARKET ASSESSMENT IN RESPECT OF THE OFFERED CERTIFICATES AND DETERMINING APPROPRIATE DISTRIBUTION CHANNELS. FOR THE PURPOSES OF THE MIFID II PRODUCT GOVERNANCE RULES UNDER COMMISSION DELEGATED DIRECTIVE (EU) 2017/593 (AS AMENDED, THE "<u>DELEGATED DIRECTIVE</u>"). NONE OF THE ISSUING ENTITY, THE DEPOSITOR OR (EXCEPT AS REGARDS ITSELF OR AGENTS ACTING ON ITS BEHALF, TO THE EXTENT RELEVANT) ANY UNDERWRITER MAKE ANY REPRESENTATIONS OR WARRANTIES AS TO A DISTRIBUTOR'S COMPLIANCE WITH THE DELEGATED DIRECTIVE.

**NOTICE TO INVESTORS IN THE UNITED KINGDOM**

*PROHIBITION ON SALES TO UK RETAIL INVESTORS*

THE OFFERED CERTIFICATES ARE NOT INTENDED TO BE OFFERED, SOLD OR OTHERWISE MADE AVAILABLE TO AND SHOULD NOT BE OFFERED, SOLD OR OTHERWISE MADE AVAILABLE TO ANY UK RETAIL INVESTOR IN THE UNITED KINGDOM (THE "<u>UK</u>"). FOR THESE PURPOSES, A "<u>UK RETAIL INVESTOR</u>" MEANS A PERSON WHO IS ONE (OR MORE) OF THE FOLLOWING: (I) A RETAIL CLIENT AS DEFINED IN POINT (8) OF ARTICLE 2 OF COMMISSION DELEGATED REGULATION (EU) 2017/565 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (AS AMENDED, THE "<u>EUWA</u>") AND AS AMENDED; OR (II) A CUSTOMER WITHIN THE MEANING OF THE PROVISIONS OF THE FINANCIAL SERVICES

AND MARKETS ACT 2000 (AS AMENDED, THE "<u>FSMA</u>") AND ANY RULES OR REGULATIONS MADE UNDER THE FSMA (SUCH RULES AND REGULATIONS AS AMENDED) TO IMPLEMENT DIRECTIVE (EU) 2016/97, WHERE THAT CUSTOMER WOULD NOT QUALIFY AS A PROFESSIONAL CLIENT, AS DEFINED IN POINT (8) OF ARTICLE 2(1) OF REGULATION (EU) NO 600/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUWA AND AS AMENDED; OR (III) NOT A QUALIFIED INVESTOR AS DEFINED IN ARTICLE 2 OF REGULATION (EU) 2017/1129 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUWA AND AS AMENDED (THE "<u>UK PROSPECTUS REGULATION</u>").

CONSEQUENTLY NO KEY INFORMATION DOCUMENT REQUIRED BY REGULATION (EU) NO 1286/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUWA AND AS AMENDED (THE "<u>UK PRIIPS REGULATION</u>") FOR OFFERING OR SELLING THE OFFERED CERTIFICATES OR OTHERWISE MAKING THEM AVAILABLE TO UK RETAIL INVESTORS IN THE UK HAS BEEN PREPARED AND THEREFORE OFFERING OR SELLING THE OFFERED CERTIFICATES OR OTHERWISE MAKING THEM AVAILABLE TO UK RETAIL INVESTORS IN THE UK MAY BE UNLAWFUL UNDER THE UK PRIIPS REGULATION.

THIS PROSPECTUS IS NOT A PROSPECTUS FOR THE PURPOSES OF THE UK PROSPECTUS REGULATION.

*UK PRODUCT GOVERNANCE*

ANY PERSON OFFERING, SELLING OR RECOMMENDING THE OFFERED CERTIFICATES (A "<u>DISTRIBUTOR</u>") THAT IS SUBJECT TO THE FCA HANDBOOK PRODUCT INTERVENTION AND PRODUCT GOVERNANCE SOURCEBOOK (THE "<u>UK MIFIR PRODUCT GOVERNANCE RULES</u>") THAT IS OFFERING, SELLING OR RECOMMENDING THE OFFERED CERTIFICATES IS RESPONSIBLE FOR UNDERTAKING ITS OWN TARGET MARKET ASSESSMENT IN RESPECT OF THE OFFERED CERTIFICATES AND DETERMINING APPROPRIATE DISTRIBUTION CHANNELS. NONE OF THE ISSUING ENTITY, THE DEPOSITOR OR (EXCEPT AS REGARDS ITSELF OR AGENTS ACTING ON ITS BEHALF, TO THE EXTENT RELEVANT) ANY UNDERWRITER MAKE ANY REPRESENTATIONS OR WARRANTIES AS TO A DISTRIBUTOR'S COMPLIANCE WITH THE UK MIFIR PRODUCT GOVERNANCE RULES.

**EEA AND UK SELLING RESTRICTIONS**

EACH UNDERWRITER HAS REPRESENTED AND AGREED THAT:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) IT HAS NOT OFFERED, SOLD OR OTHERWISE MADE AVAILABLE AND WILL NOT OFFER, SELL OR OTHERWISE MAKE AVAILABLE ANY OFFERED CERTIFICATES TO ANY EEA RETAIL INVESTOR IN THE EUROPEAN ECONOMIC AREA. FOR THE PURPOSES OF THIS PROVISION:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) THE EXPRESSION "EEA RETAIL INVESTOR" MEANS A PERSON WHO IS ONE (OR MORE) OF THE FOLLOWING:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) A RETAIL CLIENT AS DEFINED IN POINT (11) OF ARTICLE 4(1) OF DIRECTIVE 2014/65/EU (AS AMENDED, "<u>MIFID II</u>"); OR

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) A CUSTOMER WITHIN THE MEANING OF DIRECTIVE (EU) 2016/97 (AS AMENDED), WHERE THAT CUSTOMER WOULD NOT QUALIFY AS A PROFESSIONAL CLIENT AS DEFINED IN POINT (10) OF ARTICLE 4(1) OF MIFID II; OR

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) NOT A QUALIFIED INVESTOR AS DEFINED IN ARTICLE 2 OF REGULATION (EU) 2017/1129 (AS AMENDED); AND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) THE EXPRESSION "OFFER" INCLUDES THE COMMUNICATION IN ANY FORM AND BY ANY MEANS OF SUFFICIENT INFORMATION ON THE TERMS OF THE OFFER AND THE

OFFERED CERTIFICATES TO BE OFFERED SO AS TO ENABLE AN INVESTOR TO DECIDE TO PURCHASE OR SUBSCRIBE FOR THE OFFERED CERTIFICATES;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) IT HAS NOT OFFERED, SOLD OR OTHERWISE MADE AVAILABLE AND WILL NOT OFFER, SELL OR OTHERWISE MAKE AVAILABLE ANY OFFERED CERTIFICATES TO ANY UK RETAIL INVESTOR IN THE UNITED KINGDOM (THE "<u>UK</u>"). FOR THE PURPOSES OF THIS PROVISION:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) THE EXPRESSION "UK RETAIL INVESTOR" MEANS A PERSON WHO IS ONE (OR MORE) OF THE FOLLOWING:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) A RETAIL CLIENT AS DEFINED IN POINT (8) OF ARTICLE 2 OF COMMISSION DELEGATED REGULATION (EU) 2017/565 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (AS AMENDED, THE "<u>EUWA</u>") AND AS AMENDED; OR

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) A CUSTOMER WITHIN THE MEANING OF THE PROVISIONS OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (AS AMENDED, THE "<u>FSMA</u>") AND ANY RULES OR REGULATIONS MADE UNDER THE FSMA (SUCH RULES AND REGULATIONS AS AMENDED) TO IMPLEMENT DIRECTIVE (EU) 2016/97, WHERE THAT CUSTOMER WOULD NOT QUALIFY AS A PROFESSIONAL CLIENT, AS DEFINED IN POINT (8) OF ARTICLE 2(1) OF REGULATION (EU) NO 600/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUWA AND AS AMENDED; OR

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) NOT A QUALIFIED INVESTOR AS DEFINED IN ARTICLE 2 OF REGULATION (EU) 2017/1129 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUWA AND AS AMENDED; AND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) THE EXPRESSION "OFFER" INCLUDES THE COMMUNICATION IN ANY FORM AND BY ANY MEANS OF SUFFICIENT INFORMATION ON THE TERMS OF THE OFFER AND THE OFFERED CERTIFICATES TO BE OFFERED SO AS TO ENABLE AN INVESTOR TO DECIDE TO PURCHASE OR SUBSCRIBE FOR THE OFFERED CERTIFICATES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) IT HAS ONLY COMMUNICATED OR CAUSED TO BE COMMUNICATED AND WILL ONLY COMMUNICATE OR CAUSE TO BE COMMUNICATED AN INVITATION OR INDUCEMENT TO ENGAGE IN INVESTMENT ACTIVITY (WITHIN THE MEANING OF SECTION 21 OF THE FSMA) RECEIVED BY IT IN CONNECTION WITH THE ISSUE OR SALE OF THE OFFERED CERTIFICATES IN CIRCUMSTANCES IN WHICH SECTION 21(1) OF THE FSMA DOES NOT APPLY TO THE ISSUING ENTITY OR THE DEPOSITOR; AND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) IT HAS COMPLIED AND WILL COMPLY WITH ALL APPLICABLE PROVISIONS OF THE FSMA WITH RESPECT TO ANYTHING DONE BY IT IN RELATION TO THE OFFERED CERTIFICATES IN, FROM OR OTHERWISE INVOLVING THE UK.

**EU SECURITIZATION REGULATION AND UK SECURITIZATION FRAMEWORK**

NONE OF THE SPONSORS, THE DEPOSITOR, THE ISSUING ENTITY, THE UNDERWRITERS OR ANY OTHER PARTY TO THE TRANSACTION INTENDS TO RETAIN A MATERIAL NET ECONOMIC INTEREST IN THE SECURITIZATION TRANSACTION CONSTITUTED BY THE ISSUE OF THE CERTIFICATES, OR TAKE ANY OTHER ACTION, IN A MANNER PRESCRIBED BY (A) EUROPEAN UNION REGULATION 2017/2402 (THE "<u>EU SECURITIZATION REGULATION</u>") OR (B) THE SECURITISATION REGULATIONS 2024 (SI 2024/102) OF THE UK, AS AMENDED FROM TIME TO TIME, THE SECURITISATION SOURCEBOOK OF THE HANDBOOK OF RULES AND GUIDANCE ADOPTED BY THE UK FINANCIAL CONDUCT AUTHORITY ("<u>SECN</u>") AND THE SECURITISATION PART OF THE RULEBOOK OF PUBLISHED POLICY OF THE PRUDENTIAL REGULATION AUTHORITY OF THE BANK OF ENGLAND (THE "<u>PRASR</u>"), TOGETHER WITH THE RELEVANT PROVISIONS OF THE UK FINANCIAL SERVICES AND MARKETS ACT 2000 (TOGETHER, THE "<u>UK</u>

<u>SECURITIZATION FRAMEWORK</u>"). IN PARTICULAR, NO SUCH PARTY WILL TAKE ANY ACTION THAT MAY BE REQUIRED BY ANY PARTICULAR INVESTOR OR CERTIFICATEHOLDER FOR THE PURPOSES OF ITS COMPLIANCE WITH ANY REQUIREMENT OF THE EU SECURITIZATION REGULATION OR THE UK SECURITIZATION FRAMEWORK. FURTHERMORE, THE ARRANGEMENTS DESCRIBED UNDER "CREDIT RISK RETENTION" HAVE NOT BEEN STRUCTURED WITH THE OBJECTIVE OF ENSURING COMPLIANCE BY ANY PERSON WITH ANY REQUIREMENTS OF THE EU SECURITIZATION REGULATION OR THE UK SECURITIZATION FRAMEWORK.

CONSEQUENTLY, THE OFFERED CERTIFICATES MAY NOT BE A SUITABLE INVESTMENT FOR ANY PERSON THAT IS NOW OR MAY IN THE FUTURE BE SUBJECT TO ANY REQUIREMENT OF THE EU SECURITIZATION REGULATION OR THE UK SECURITIZATION FRAMEWORK.

FOR ADDITIONAL INFORMATION REGARDING THE EU SECURITIZATION REGULATION AND THE UK SECURITIZATION FRAMEWORK, SEE "*RISK FACTORS—GENERAL RISK FACTORS—LEGAL AND REGULATORY PROVISIONS AFFECTING INVESTORS COULD ADVERSELY AFFECT THE LIQUIDITY OF THE OFFERED CERTIFICATES*".

**UK FINANCIAL PROMOTION REGIME AND PROMOTION OF COLLECTIVE INVESTMENT <br> SCHEMES REGIME**

THE ISSUING ENTITY MAY CONSTITUTE A "COLLECTIVE INVESTMENT SCHEME" AS DEFINED BY SECTION 235 OF THE FSMA THAT IS NOT A "RECOGNISED COLLECTIVE INVESTMENT SCHEME" FOR THE PURPOSES OF THE FSMA AND THAT HAS NOT BEEN AUTHORIZED, REGULATED OR OTHERWISE RECOGNIZED OR APPROVED. AS AN UNREGULATED SCHEME, THE OFFERED CERTIFICATES CANNOT BE MARKETED IN THE UK TO THE GENERAL PUBLIC, EXCEPT IN ACCORDANCE WITH THE FSMA.

THE COMMUNICATION OF THIS PROSPECTUS (A) IF MADE BY A PERSON WHO IS NOT AN AUTHORIZED PERSON UNDER THE FSMA, IS BEING MADE ONLY TO, OR DIRECTED ONLY AT, PERSONS WHO (I) ARE OUTSIDE THE UK, OR (II) HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS AND QUALIFY AS INVESTMENT PROFESSIONALS IN ACCORDANCE WITH ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 (AS AMENDED, THE "<u>FINANCIAL PROMOTION ORDER</u>"), OR (III) ARE PERSONS FALLING WITHIN ARTICLE 49(2)(A) THROUGH (D) ("HIGH NET WORTH COMPANIES, UNINCORPORATED ASSOCIATIONS, ETC.") OF THE FINANCIAL PROMOTION ORDER, (IV) OTHERWISE FALL WITHIN AN EXEMPTION SET FORTH IN SUCH ORDER SUCH THAT SECTION 21(1) OF THE FSMA DOES NOT APPLY TO THE ISSUING ENTITY OR (V) ARE PERSONS TO WHICH THIS PROSPECTUS MAY OTHERWISE LAWFULLY BE COMMUNICATED OR DIRECTED (ALL SUCH PERSONS TOGETHER BEING REFERRED TO AS "<u>FPO PERSONS</u>"); AND (B) IF MADE BY A PERSON WHO IS AN AUTHORIZED PERSON UNDER THE FSMA, IS BEING MADE ONLY TO, AND DIRECTED ONLY AT, PERSONS WHO (I) ARE OUTSIDE THE UK, OR (II) HAVE PROFESSIONAL EXPERIENCE OF PARTICIPATING IN UNREGULATED SCHEMES (AS DEFINED FOR PURPOSES OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (PROMOTION OF COLLECTIVE INVESTMENT SCHEMES) (EXEMPTIONS) ORDER 2001 (AS AMENDED, THE "<u>PROMOTION OF COLLECTIVE INVESTMENT SCHEMES EXEMPTIONS ORDER</u>")) AND QUALIFY AS INVESTMENT PROFESSIONALS IN ACCORDANCE WITH ARTICLE 14(5) OF THE PROMOTION OF COLLECTIVE INVESTMENT SCHEMES EXEMPTIONS ORDER, OR (III) ARE PERSONS FALLING WITHIN ARTICLE 22(2)(A) THROUGH (D) ("HIGH NET WORTH COMPANIES, UNINCORPORATED ASSOCIATIONS, ETC.") OF THE PROMOTION OF COLLECTIVE INVESTMENT SCHEMES EXEMPTIONS ORDER, OR (IV) ARE PERSONS TO WHOM THE ISSUING ENTITY MAY LAWFULLY BE PROMOTED IN ACCORDANCE WITH CHAPTER 4.12 OF THE FCA HANDBOOK CONDUCT AUTHORITY'S CONDUCT OF BUSINESS SOURCEBOOK (ALL SUCH PERSONS TOGETHER WITH FPO PERSONS, "<u>RELEVANT PERSONS</u>").

THIS PROSPECTUS MUST NOT BE ACTED ON OR RELIED ON BY PERSONS WHO ARE NOT RELEVANT PERSONS. ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS PROSPECTUS RELATES, INCLUDING THE OFFERED CERTIFICATES, IS AVAILABLE ONLY TO RELEVANT PERSONS AND WILL BE ENGAGED IN ONLY WITH RELEVANT PERSONS. ANY PERSONS OTHER THAN RELEVANT PERSONS SHOULD NOT ACT OR RELY ON THIS PROSPECTUS.

POTENTIAL INVESTORS IN THE UK ARE ADVISED THAT ALL, OR MOST, OF THE PROTECTIONS AFFORDED BY THE UK REGULATORY SYSTEM WILL NOT APPLY TO AN INVESTMENT IN THE OFFERED CERTIFICATES AND THAT COMPENSATION WILL NOT BE AVAILABLE UNDER THE UK FINANCIAL SERVICES COMPENSATION SCHEME.

**PEOPLE'S REPUBLIC OF CHINA**

THE OFFERED CERTIFICATES WILL NOT BE OFFERED OR SOLD IN THE PEOPLE'S REPUBLIC OF CHINA (EXCLUDING HONG KONG, MACAU AND TAIWAN, THE "<u>PRC</u>") AS PART OF THE INITIAL DISTRIBUTION OF THE OFFERED CERTIFICATES BUT MAY BE AVAILABLE FOR PURCHASE BY INVESTORS RESIDENT IN THE PRC FROM OUTSIDE THE PRC.

THIS PROSPECTUS DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES IN THE PRC TO ANY PERSON TO WHOM IT IS UNLAWFUL TO MAKE THE OFFER OR SOLICITATION IN THE PRC.

THE DEPOSITOR DOES NOT REPRESENT THAT THIS PROSPECTUS MAY BE LAWFULLY DISTRIBUTED, OR THAT ANY OFFERED CERTIFICATES MAY BE LAWFULLY OFFERED, IN COMPLIANCE WITH ANY APPLICABLE REGISTRATION OR OTHER REQUIREMENTS IN THE PRC, OR PURSUANT TO AN EXEMPTION AVAILABLE THEREUNDER, OR ASSUME ANY RESPONSIBILITY FOR FACILITATING ANY SUCH DISTRIBUTION OR OFFERING. IN PARTICULAR, NO ACTION HAS BEEN TAKEN BY THE DEPOSITOR WHICH WOULD PERMIT AN OFFERING OF ANY OFFERED CERTIFICATES OR THE DISTRIBUTION OF THIS PROSPECTUS IN THE PRC.

ACCORDINGLY, THE OFFERED CERTIFICATES ARE NOT BEING OFFERED OR SOLD WITHIN THE PRC BY MEANS OF THIS PROSPECTUS OR ANY OTHER DOCUMENT. NEITHER THIS PROSPECTUS NOR ANY ADVERTISEMENT OR OTHER OFFERING MATERIAL MAY BE DISTRIBUTED OR PUBLISHED IN THE PRC, EXCEPT UNDER CIRCUMSTANCES THAT WILL RESULT IN COMPLIANCE WITH ANY APPLICABLE LAWS AND REGULATIONS.

**HONG KONG**

NO PERSON HAS ISSUED OR DISTRIBUTED OR HAD IN ITS POSSESSION FOR THE PURPOSES OF ISSUE OR DISTRIBUTION, OR WILL ISSUE OR DISTRIBUTE OR HAVE IN ITS POSSESSION FOR THE PURPOSES OF ISSUE OR DISTRIBUTION, WHETHER IN HONG KONG OR ELSEWHERE, ANY ADVERTISEMENT, INVITATION OR DOCUMENT RELATING TO THE OFFERED CERTIFICATES, WHICH IS DIRECTED AT, OR THE CONTENTS OF WHICH ARE LIKELY TO BE ACCESSED OR READ BY, THE PUBLIC OF HONG KONG (EXCEPT IF PERMITTED TO DO SO UNDER THE SECURITIES LAWS OF HONG KONG) OTHER THAN WITH RESPECT TO OFFERED CERTIFICATES WHICH ARE OR ARE INTENDED TO BE DISPOSED OF (A) ONLY TO PERSONS OUTSIDE HONG KONG OR (B) ONLY TO "PROFESSIONAL INVESTORS" WITHIN THE MEANING OF THE SECURITIES AND FUTURES ORDINANCE (CAP. 571 OF THE LAWS OF HONG KONG) (THE "<u>SFO</u>") AND ANY RULES OR REGULATIONS MADE UNDER THE SFO.

THE OFFERED CERTIFICATES (IF THEY ARE NOT A "STRUCTURED PRODUCT" AS DEFINED IN THE SECURITIES AND FUTURES ORDINANCE (CAP. 571 OF THE LAWS OF HONG KONG)) HAVE NOT BEEN OFFERED OR SOLD AND WILL NOT BE OFFERED OR SOLD, BY MEANS OF ANY DOCUMENT, OTHER THAN (A) TO "PROFESSIONAL INVESTORS" AS DEFINED IN THE SFO AND ANY RULES OR REGULATIONS MADE UNDER THE SFO, OR (B) IN OTHER CIRCUMSTANCES WHICH DO NOT RESULT IN THE DOCUMENT CONSTITUTING A "PROSPECTUS" AS DEFINED IN

THE COMPANIES (WINDING UP AND MISCELLANEOUS PROVISIONS) ORDINANCE (CAP. 32 OF THE LAWS OF HONG KONG) OR WHICH DO NOT CONSTITUTE AN OFFER TO THE PUBLIC WITHIN THE MEANING OF THE COMPANIES ORDINANCE (CAP. 622 OF THE LAWS OF HONG KONG). FURTHER, THE CONTENTS OF THIS PROSPECTUS HAVE NOT BEEN REVIEWED OR APPROVED BY THE SECURITIES AND FUTURES COMMISSION OF HONG KONG OR ANY OTHER REGULATORY AUTHORITY IN HONG KONG. YOU ARE ADVISED TO EXERCISE CAUTION IN RELATION TO THE OFFERING CONTEMPLATED IN THIS PROSPECTUS.

W A R N I N G

IF YOU ARE IN ANY DOUBT ABOUT ANY OF THE CONTENTS OF THIS PROSPECTUS, YOU SHOULD OBTAIN INDEPENDENT PROFESSIONAL ADVICE.

**SINGAPORE**

NEITHER THIS PROSPECTUS NOR ANY OTHER DOCUMENT OR MATERIAL IN CONNECTION WITH ANY OFFER OF THE OFFERED CERTIFICATES HAS BEEN OR WILL BE LODGED OR REGISTERED AS A PROSPECTUS WITH THE MONETARY AUTHORITY OF SINGAPORE ("<u>MAS</u>") UNDER THE SECURITIES AND FUTURES ACT (CAP. 289) OF SINGAPORE (THE "<u>SFA</u>"). ACCORDINGLY, MAS ASSUMES NO RESPONSIBILITY FOR THE CONTENTS OF THIS PROSPECTUS. THIS PROSPECTUS IS NOT A PROSPECTUS AS DEFINED IN THE SFA AND STATUTORY LIABILITY UNDER THE SFA IN RELATION TO THE CONTENTS OF PROSPECTUSES WOULD NOT APPLY. PROSPECTIVE INVESTORS SHOULD CONSIDER CAREFULLY WHETHER THE INVESTMENT IS SUITABLE FOR IT.

THIS PROSPECTUS AND ANY OTHER DOCUMENTS OR MATERIALS IN CONNECTION WITH THE OFFER OR SALE, OR INVITATION FOR SUBSCRIPTION OR PURCHASE, OF THE OFFERED CERTIFICATES MAY NOT BE DIRECTLY OR INDIRECTLY ISSUED, CIRCULATED OR DISTRIBUTED, NOR MAY THE OFFERED CERTIFICATES BE OFFERED OR SOLD, OR BE MADE THE SUBJECT OF AN INVITATION FOR SUBSCRIPTION OR PURCHASE, WHETHER DIRECTLY OR INDIRECTLY, TO PERSONS IN SINGAPORE OTHER THAN TO AN INSTITUTIONAL INVESTOR (AS DEFINED IN SECTION 4A(1)(C) OF THE SFA) ("<u>INSTITUTIONAL INVESTOR</u>") PURSUANT TO SECTION 304 OF THE SFA.

UNLESS SUCH OFFERED CERTIFICATES ARE OF THE SAME CLASS AS OTHER OFFERED CERTIFICATES OF THE ISSUING ENTITY THAT ARE LISTED FOR QUOTATION ON AN APPROVED EXCHANGE (AS DEFINED IN SECTION 2(1) OF THE SFA) ("<u>APPROVED EXCHANGE</u>") AND IN RESPECT OF WHICH ANY OFFER, INFORMATION, STATEMENT, INTRODUCTORY DOCUMENT, SHAREHOLDERS' CIRCULAR FOR A REVERSE TAKE-OVER DOCUMENT ISSUED FOR THE PURPOSES OF A TRUST SCHEME OR ANY OTHER SIMILAR DOCUMENT APPROVED BY AN APPROVED EXCHANGE WAS ISSUED IN CONNECTION WITH AN OFFER OR THE LISTING FOR QUOTATION OF THOSE OFFERED CERTIFICATES, ANY SUBSEQUENT OFFERS IN SINGAPORE OF OFFERED CERTIFICATES ACQUIRED PURSUANT TO AN INITIAL OFFER MADE HEREUNDER MAY ONLY BE MADE, PURSUANT TO THE REQUIREMENTS OF SECTION 304A, TO PERSONS WHO ARE INSTITUTIONAL INVESTORS.

AS THE OFFERED CERTIFICATES ARE ONLY OFFERED TO PERSONS IN SINGAPORE WHO QUALIFY AS AN INSTITUTIONAL INVESTOR, THE ISSUING ENTITY IS NOT REQUIRED TO DETERMINE THE CLASSIFICATION OF THE OFFERED CERTIFICATES PURSUANT TO SECTION 309B OF THE SFA.

NOTHING SET OUT IN THIS NOTICE SHALL BE CONSTRUED AS LEGAL ADVICE AND EACH PROSPECTIVE INVESTOR SHOULD CONSULT ITS OWN LEGAL COUNSEL. THIS NOTICE IS FURTHER SUBJECT TO THE PROVISIONS OF THE SFA AND ITS REGULATIONS AS THE SAME MAY BE AMENDED OR CONSOLIDATED FROM TIME TO TIME AND DOES NOT PURPORT TO BE EXHAUSTIVE IN ANY RESPECT.

**THE REPUBLIC OF KOREA**

THIS PROSPECTUS IS NOT, AND UNDER NO CIRCUMSTANCES IS THIS PROSPECTUS TO BE CONSTRUED AS, A PUBLIC OFFERING OF SECURITIES IN KOREA. NEITHER THE ISSUER NOR ANY OF ITS AGENTS MAKE ANY REPRESENTATION WITH RESPECT TO THE ELIGIBILITY OF ANY RECIPIENTS OF THIS PROSPECTUS TO ACQUIRE THE OFFERED CERTIFICATES UNDER THE LAWS OF KOREA, INCLUDING, BUT WITHOUT LIMITATION, THE FOREIGN EXCHANGE TRANSACTION LAW AND REGULATIONS THEREUNDER (THE "<u>FETL</u>"). THE OFFERED CERTIFICATES HAVE NOT BEEN REGISTERED WITH THE FINANCIAL SERVICES COMMISSION OF KOREA FOR PUBLIC OFFERING IN KOREA, AND NONE OF THE OFFERED CERTIFICATES MAY BE OFFERED, SOLD OR DELIVERED, DIRECTLY OR INDIRECTLY, OR OFFERED OR SOLD TO ANY PERSON FOR RE-OFFERING OR RESALE, DIRECTLY OR INDIRECTLY IN KOREA OR TO ANY RESIDENT OF KOREA EXCEPT PURSUANT TO THE FINANCIAL INVESTMENT SERVICES AND CAPITAL MARKETS ACT AND THE DECREES AND REGULATIONS THEREUNDER, THE FETL AND ANY OTHER APPLICABLE LAWS, REGULATIONS AND MINISTERIAL GUIDELINES IN KOREA. WITHOUT PREJUDICE TO THE FOREGOING, THE NUMBER OF OFFERED CERTIFICATES OFFERED IN KOREA OR TO A RESIDENT OF KOREA SHALL BE LESS THAN FIFTY AND FOR A PERIOD OF ONE YEAR FROM THE ISSUE DATE OF THE OFFERED CERTIFICATES, NONE OF THE OFFERED CERTIFICATES MAY BE DIVIDED RESULTING IN AN INCREASED NUMBER OF OFFERED CERTIFICATES. FURTHERMORE, THE OFFERED CERTIFICATES MAY NOT BE RESOLD TO KOREAN RESIDENTS UNLESS THE PURCHASER OF THE OFFERED CERTIFICATES COMPLIES WITH ALL APPLICABLE REGULATORY REQUIREMENTS (INCLUDING, BUT NOT LIMITED TO, GOVERNMENT REPORTING APPROVAL REQUIREMENTS UNDER THE FETL AND ITS SUBORDINATE DECREES AND REGULATIONS) IN CONNECTION WITH THE PURCHASE OF THE OFFERED CERTIFICATES.

**JAPAN**

THE OFFERED CERTIFICATES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE FINANCIAL INSTRUMENTS AND EXCHANGE LAW OF JAPAN, AS AMENDED (THE "<u>FIEL</u>"), AND DISCLOSURE UNDER THE FIEL HAS NOT BEEN AND WILL NOT BE MADE WITH RESPECT TO THE OFFERED CERTIFICATES. ACCORDINGLY, EACH UNDERWRITER HAS REPRESENTED AND AGREED THAT IT HAS NOT, DIRECTLY OR INDIRECTLY, OFFERED OR SOLD AND WILL NOT, DIRECTLY OR INDIRECTLY, OFFER OR SELL ANY OFFERED CERTIFICATES IN JAPAN OR TO, OR FOR THE BENEFIT OF, ANY RESIDENT OF JAPAN (WHICH TERM AS USED IN THIS PROSPECTUS MEANS ANY PERSON RESIDENT IN JAPAN, INCLUDING ANY CORPORATION OR OTHER ENTITY ORGANIZED UNDER THE LAWS OF JAPAN) OR TO OTHERS FOR REOFFERING OR RE-SALE, DIRECTLY OR INDIRECTLY, IN JAPAN OR TO, OR FOR THE BENEFIT OF, ANY RESIDENT OF JAPAN EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF, AND OTHERWISE IN COMPLIANCE WITH, THE FIEL AND OTHER RELEVANT LAWS, REGULATIONS AND MINISTERIAL GUIDELINES OF JAPAN.

**JAPANESE RETENTION REQUIREMENT**

The JAPANESE Financial Services Agency published a risk retention rule as part of the regulatory capital regulation of certain categories of Japanese investors seeking to invest in securitization transactions (the "<u>JRR RULE</u>"). The JRR Rule mandates an "indirect" compliance requirement, meaning that certain categories of Japanese investors will be required to apply higher risk weighting to securitization exposures they hold unless the relevant originator commits to hold a retention interest in the securities issued in the securitization transaction equal to at least 5% of the exposure of the total underlying assets in the securitization transaction (the "<u>JAPANESE RETENTION REQUIREMENT</u>"), or such investors determine that the underlying assets were not "inappropriately originated." In the absence of such a determination by such investors that such underlying assets were not "inappropriately originated", the Japanese Retention Requirement would apply to an investment by such investors in such securities.

No party to the transaction described in this Prospectus has committed to hold a risk retention interest in compliance with the Japanese Retention Requirement, and we make no representation as to whether the transaction described in this prospectus would otherwise comply with the JRR Rule.

**NOTICE TO RESIDENTS OF CANADA**

THE OFFERED CERTIFICATES MAY BE SOLD IN CANADA ONLY TO PURCHASERS PURCHASING, OR DEEMED TO BE PURCHASING, AS PRINCIPAL THAT ARE ACCREDITED INVESTORS, AS DEFINED IN NATIONAL INSTRUMENT 45-106 PROSPECTUS EXEMPTIONS OR SUBSECTION 73.3(1) OF THE SECURITIES ACT (ONTARIO), AND ARE PERMITTED CLIENTS, AS DEFINED IN NATIONAL INSTRUMENT 31-103 REGISTRATION REQUIREMENTS, EXEMPTIONS AND ONGOING REGISTRANT OBLIGATIONS. ANY RESALE OF THE OFFERED CERTIFICATES MUST BE MADE IN ACCORDANCE WITH AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE PROSPECTUS REQUIREMENTS OF APPLICABLE SECURITIES LAWS.

SECURITIES LEGISLATION IN CERTAIN PROVINCES OR TERRITORIES OF CANADA MAY PROVIDE A PURCHASER WITH REMEDIES FOR RESCISSION OR DAMAGES IF THIS PROSPECTUS (INCLUDING ANY AMENDMENT THERETO) CONTAINS A MISREPRESENTATION, PROVIDED THAT THE REMEDIES FOR RESCISSION OR DAMAGES ARE EXERCISED BY THE PURCHASER WITHIN THE TIME LIMIT PRESCRIBED BY THE SECURITIES LEGISLATION OF THE PURCHASER'S PROVINCE OR TERRITORY. THE PURCHASER SHOULD REFER TO ANY APPLICABLE PROVISIONS OF THE SECURITIES LEGISLATION OF THE PURCHASER'S PROVINCE OR TERRITORY FOR PARTICULARS OF THESE RIGHTS OR CONSULT WITH A LEGAL ADVISOR.

PURSUANT TO SECTION 3A.3 OF NATIONAL INSTRUMENT 33-105 UNDERWRITING CONFLICTS ("<u>NI 33-105</u>"), THE UNDERWRITERS ARE NOT REQUIRED TO COMPLY WITH THE DISCLOSURE REQUIREMENTS OF NI 33-105 REGARDING UNDERWRITER CONFLICTS OF INTEREST IN CONNECTION WITH THIS OFFERING.

**MEXICO**

THIS PROSPECTUS HAS NOT BEEN REVIEWED NOR APPROVED BY THE MEXICAN NATIONAL BANKING AND SECURITIES COMMISSION (*COMISIÓN NACIONAL BANCARIA Y DE VALORES*, OR THE "<u>CNBV</u>"). THIS OFFERING DOES NOT CONSTITUTE A PUBLIC OFFERING IN MEXICO AND THIS PROSPECTUS MAY NOT BE PUBLICLY DISTRIBUTED IN MEXICO.

THE OFFERED CERTIFICATES HAVE NOT BEEN AND WILL NOT BE REGISTERED WITH THE MEXICAN NATIONAL SECURITIES REGISTRY (*REGISTRO NACIONAL DE VALORES*, OR "<u>RNV</u>") MAINTAINED BY THE CNBV, AND MAY NOT BE OFFERED PUBLICLY IN MEXICO EXCEPT TO MEXICAN INSTITUTIONAL AND QUALIFIED INVESTORS PURSUANT TO THE PRIVATE PLACEMENT EXCEPTIONS SET FORTH IN THE MEXICAN SECURITIES MARKET LAW (*LEY DEL MERCADO DE VALORES*). THIS PROSPECTUS DOES NOT CONSTITUTE OR IMPLY ANY CERTIFICATION AS TO THE INVESTMENT QUALITY OF THE OFFERED CERTIFICATES, OUR SOLVENCY, LIQUIDITY OR CREDIT QUALITY OR THE ACCURACY OR COMPLETENESS OF THE INFORMATION SET FORTH HEREIN. THE INFORMATION CONTAINED IN THIS PROSPECTUS IS EXCLUSIVELY OUR RESPONSIBILITY AND HAS NOT BEEN REVIEWED OR AUTHORIZED BY THE CNBV. THE ACQUISITION OF THE OFFERED CERTIFICATES BY AN INVESTOR WHO IS A RESIDENT OF MEXICO WILL BE MADE UNDER SUCH INVESTOR'S OWN RESPONSIBILITY.

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**Summary of Terms**

*This summary highlights selected information from this prospectus. It does not contain all of the information you need to consider in making your investment decision. To understand all of the terms of the offering of the offered certificates, read this entire document carefully.*

**Relevant Parties**

Depositor GS Mortgage Securities Corporation II, a Delaware corporation. The depositor's address is 200 West Street, New York, New York 10282 and its telephone number is (212) 902-1000. See "*Transaction Parties—The Depositor*".

Issuing Entity Benchmark 2025-V18 Mortgage Trust, a New York common law trust, to be established on the closing date under the pooling and servicing agreement. For more detailed information, see "*Transaction Parties—The Issuing Entity*".

Sponsors The sponsors of this transaction are:

Goldman Sachs Mortgage Company, a New York limited partnership;

German American Capital Corporation, a Maryland corporation;

Citi Real Estate Funding Inc., a New York corporation;

Bank of Montreal, a Canadian chartered bank; and

Barclays Capital Real Estate Inc., a Delaware corporation.

The sponsors are sometimes also referred to in this prospectus as the "<u>mortgage loan sellers</u>".

Goldman Sachs Mortgage Company is an affiliate of each of the depositor and Goldman Sachs & Co. LLC, one of the underwriters and an initial purchaser of certain of the non-offered certificates, and Goldman Sachs Bank USA, an originator. German American Capital Corporation is an affiliate of Deutsche Bank Securities Inc., one of the underwriters and an initial purchaser of certain of the non-offered certificates, and Deutsche Bank AG, New York Branch and DBR Investments Co. Limited, each an originator. Citi Real Estate Funding Inc. is an affiliate of Citigroup Global Markets Inc., one of the underwriters and an initial purchaser of certain of the non-offered certificates. Bank of Montreal is an affiliate of BMO Capital Markets Corp., one of the underwriters and an initial purchaser of certain of the non-offered certificates. Barclays Capital Real Estate Inc. is an affiliate of Barclays Capital Inc., one of the underwriters and an initial purchaser of certain of the non-offered certificates. See "*Transaction Parties—The Sponsors and Mortgage Loan Sellers*".

The sponsors originated, co-originated or acquired (or, on or prior to the closing date, will acquire) and will transfer to the depositor the mortgage loans set forth in the following chart:

**Sellers of the Mortgage Loans**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Sponsor<sup>(1)</sup>** | &nbsp;&nbsp; **Number of Mortgage Loans** | &nbsp;&nbsp; **Aggregate Principal Balance of Mortgage Loans** | &nbsp;&nbsp; **Approx. % of Initial Pool Balance** |
| &nbsp;&nbsp;Goldman Sachs Mortgage Company | &nbsp;&nbsp;10 | &nbsp;&nbsp;$248576300 | &nbsp;&nbsp;18.9% |
| &nbsp;&nbsp;Citi Real Estate Funding Inc. | &nbsp;&nbsp;18 | &nbsp;&nbsp;430490000 | &nbsp;&nbsp;32.7 |
| &nbsp;&nbsp;German American Capital Corporation | &nbsp;&nbsp;13 | &nbsp;&nbsp;428532500 | &nbsp;&nbsp;32.6 |
| &nbsp;&nbsp;Bank of Montreal | &nbsp;&nbsp; 3 | &nbsp;&nbsp;90800000 | &nbsp;&nbsp;6.9 |
| &nbsp;&nbsp;German American Capital Corporation / Barclays Capital Real Estate Inc.<sup>(2)</sup> | &nbsp;&nbsp; 1 | &nbsp;&nbsp;80000000 | &nbsp;&nbsp;6.1 |
| &nbsp;&nbsp;Goldman Sachs Mortgage Company / Barclays Capital Real Estate Inc.<sup>(3)</sup> | &nbsp;&nbsp; 1 | &nbsp;&nbsp;25000000 | &nbsp;&nbsp;1.9 |
| &nbsp;&nbsp;Barclays Capital Real Estate Inc. | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp; 13040000 | &nbsp;&nbsp; 1.0 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp; **47** | &nbsp;&nbsp; **$1316438800** | &nbsp;&nbsp; **100.0%** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Each mortgage loan was originated by its respective mortgage loan seller or its affiliate, except those certain mortgage loans that
were acquired from unaffiliated third-party originators or are part of larger whole loan structures that were co-originated by the applicable
mortgage loan seller or its affiliate with one or more other lenders. See "*Description of the Mortgage Pool—Co-Originated or Unaffiliated Third-Party Originated Mortgage Loans*" below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) German American Capital Corporation and Barclays Capital Real Estate Inc. are co-sponsors with respect to the 9911 Belward mortgage
loan (6.1%). The 9911 Belward mortgage loan is evidenced by two promissory notes: (i) note A-1, with an outstanding principal balance
of $55,000,000 as of the cut-off date, as to which German American Capital Corporation is acting as mortgage loan seller and (ii) note
A-4, with an outstanding principal balance of $25,000,000 as of the cut-off date, as to which Barclays Capital Real Estate Inc. is acting
as mortgage loan seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Goldman Sachs Mortgage Company and Barclays Capital Real Estate Inc. are co-sponsors with respect to the Springfield Town Center mortgage
loan (1.9%). The Springfield Town Center mortgage loan is evidenced by two (2) promissory notes: (i) note A-1-3-b, with an outstanding
principal balance of $15,000,000 as of the cut-off date, as to which Goldman Sachs Mortgage Company is acting as mortgage loan seller
and (ii) note A-2-5, with an outstanding principal balance of $10,000,000 as of the cut-off date, as to which Barclays Capital Real Estate
Inc. is acting as mortgage loan seller.

See "*Transaction Parties—The Sponsors and Mortgage Loan Sellers*".

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| | |
|:---|:---|
| Master Servicer | Trimont LLC, a Georgia limited liability company, is expected to act as the master servicer and will be responsible for the master servicing and administration of the mortgage loans and any related companion loans pursuant to the pooling and servicing agreement (other than any mortgage loan and companion loan identified in the table titled "Non-Serviced Whole Loans" under "*The Mortgage Pool—Whole Loans*" below that is part of a whole loan and serviced under the servicing agreement indicated in that table and any servicing shift mortgage loan on and after the related servicing shift securitization date). The principal servicing offices of Trimont LLC are located at Two Alliance Center, 3560 Lenox Road NE, Suite 2200, Atlanta, Georgia 30326 and 550 |

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South Tryon Street, Charlotte, North Carolina 28202. See "*Transaction Parties—The Master Servicer*" and "*Pooling and Servicing Agreement*".

Prior to its respective servicing shift securitization date, each servicing shift whole loan will be serviced by the master servicer under the pooling and servicing agreement. From and after its respective servicing shift securitization date, the related servicing shift whole loan will be serviced under, and by the master servicer designated in, the related servicing shift pooling and servicing agreement. See "*Description of the Mortgage Pool—The Whole Loans—The Serviced Pari Passu Whole Loans*", "*—The Non-Serviced Pari Passu Whole Loans*" and "*Pooling and Servicing Agreement—Servicing of the Non-Serviced Mortgage Loans*".

The master servicer of each non-serviced mortgage loan is set forth in the table titled "Non-Serviced Whole Loans" under "*The Mortgage Pool—Whole Loans*" below. See "*Pooling and Servicing Agreement—Servicing of the Non-Serviced Mortgage Loans*".

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| | |
|:---|:---|
| Special Servicer | Torchlight Loan Services, LLC, a Delaware limited liability company, is expected to act as the special servicer with respect to the mortgage loans (other than any excluded special servicer loan and any servicing shift mortgage loan on and after the related servicing shift securitization date) and any related companion loans other than with respect to any non-serviced whole loan set forth in the table titled "Non-Serviced Whole Loans" under "—*The Mortgage Pool—Whole Loans*" below. The special servicer will be primarily responsible for (i) making decisions and performing certain servicing functions with respect to such mortgage loans and any related companion loans as to which a special servicing transfer event (such as a default or an imminent default) has occurred and (ii) generally, reviewing, evaluating, processing and/or providing or withholding consent as to certain major decisions relating to such mortgage loans and any related companion loans for which a special servicing transfer event has not occurred, in each case pursuant to the pooling and servicing agreement for this transaction. The principal servicing office of the special servicer is located at 90 Park Avenue, 20th floor, New York, New York 10016. See "*Transaction Parties—The Special Servicer*" and "*Pooling and Servicing Agreement*". |

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Prior to its respective servicing shift securitization date, each servicing shift whole loan, if necessary, will be specially serviced by the special servicer under the pooling and servicing agreement. From and after its respective servicing shift securitization date, the related servicing shift whole loan will be specially serviced, if necessary, under, and by the special servicer designated in, the related servicing shift pooling and servicing agreement. See "*Description of the Mortgage Pool—The Whole Loans—The Serviced Pari Passu Whole Loans*", "*—The Non-Serviced Pari Passu Whole Loans*" and "*Pooling and*

*Servicing Agreement—Servicing of the Non-Serviced Mortgage Loans*".

If the special servicer obtains knowledge that it is a borrower party with respect to any mortgage loan (other than a non-serviced mortgage loan) or serviced whole loan (such mortgage loan or serviced whole loan, referred to in this prospectus as an "<u>excluded special servicer loan</u>"), the special servicer will be required to resign as special servicer of that excluded special servicer loan and will be replaced as discussed under "*Pooling and Servicing Agreement—Replacement of the Special Servicer Without Cause*".

Torchlight Loan Services, LLC is expected to be appointed as the special servicer with respect to the mortgage loans (other than any non-serviced mortgage loan and any applicable excluded special servicer loan) and any related serviced companion loan by Torchlight Debt Fund VIII Holdings (US), LLC or its affiliate. Torchlight Debt Fund VIII Holdings (US), LLC and affiliates are expected to purchase each of the Class X-F, Class X-G, Class X-J, Class F, Class G and Class J certificates. An affiliate of Torchlight Debt Fund VIII Holdings (US), LLC may also purchase one or more other classes of additional certificates. On the closing date, Torchlight Debt Fund VIII Holdings (US), LLC is expected to be appointed as the initial directing holder with respect to each mortgage loan (other than any non-serviced mortgage loan, any servicing shift mortgage loan and any applicable excluded loan) and any related serviced companion loans. See "*Pooling and Servicing Agreement—The Directing Holder*".

Torchlight Loan Services, LLC, or its affiliate, assisted Torchlight Debt Fund VIII Holdings (US), LLC with due diligence relating to the mortgage loans to be included in the mortgage pool.

The special servicer of each non-serviced mortgage loan is set forth in the table titled "Non-Serviced Whole Loans" under "*The Mortgage Pool—Whole Loans*" below. See "*Pooling and Servicing Agreement—Servicing of the Non-Serviced Mortgage Loans*"*.*

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| | |
|:---|:---|
| Trustee | Computershare Trust Company, National Association, a national banking association, will act as trustee. The corporate trust office of the trustee is located at 9062 Old Annapolis Road, Columbia, Maryland 21045. Following the transfer of the mortgage loans to the issuing entity, the trustee, on behalf of the issuing entity, will become the mortgagee of record for each mortgage loan (other than any non-serviced mortgage loan) and any related companion loans. See "*Transaction Parties— The Trustee and Certificate Administrator*" and "*Pooling and Servicing Agreement*". |

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The initial mortgagee of record with respect to each servicing shift mortgage loan will be the trustee under the pooling and servicing agreement. From and after its respective servicing shift securitization date, the mortgagee of record with respect to the related servicing shift mortgage loan will be the trustee

designated in the related servicing shift pooling and servicing agreement. See "*Description of the Mortgage Pool—The Whole Loans—The Serviced Pari Passu Whole Loans*" and "*—The Non-Serviced Pari Passu Whole Loans*".

With respect to each non-serviced mortgage loan, the entity set forth in the table titled "Non-Serviced Whole Loans" under "*The Mortgage Pool—Whole Loans*" below, in its capacity as trustee under the pooling and servicing agreement for the indicated transaction, is the mortgagee of record for that non-serviced mortgage loan and any related companion loan. See "*Pooling and Servicing Agreement—Servicing of the Non-Serviced Mortgage Loans*".

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| | |
|:---|:---|
| Certificate Administrator | Computershare Trust Company, National Association, a national banking association, will act as certificate administrator. The certificate administrator will also be required to act as custodian, certificate registrar, REMIC administrator, 17g-5 information provider and authenticating agent. The corporate trust offices of Computershare Trust Company, National Association, in its capacity as certificate administrator, are located at 9062 Old Annapolis Road, Columbia, Maryland 21045, and for certificate transfer services, Computershare Trust Company, National Association, 1505 Energy Park Drive, St. Paul, Minnesota 55108. See "*Transaction Parties— The Trustee and Certificate Administrator*" and "*Pooling and Servicing Agreement*". |

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The custodian with respect to each servicing shift mortgage loan will initially be the certificate administrator, in its capacity as custodian under the pooling and servicing agreement. From and after the related servicing shift securitization date, the custodian of the mortgage file (other than the promissory note evidencing the related servicing shift mortgage loan) will be the custodian under the related servicing shift pooling and servicing agreement. See "*Description of the Mortgage Pool—The Whole Loans*" and "*Pooling and Servicing Agreement—Servicing of the Non-Serviced Mortgage Loans*".

The custodian with respect to each non-serviced mortgage loan will be the entity set forth in the table titled "Non-Serviced Whole Loans" under "*The Mortgage Pool—Whole Loans*" below, the custodian under the pooling and servicing agreement for the indicated transaction. See "*Pooling and Servicing Agreement—Servicing of the Non-Serviced Mortgage Loans*".

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| | |
|:---|:---|
| Operating Advisor | Park Bridge Lender Services LLC, a New York limited liability company and an indirect wholly owned subsidiary of Park Bridge Financial LLC, will be the operating advisor. The operating advisor will have certain review and reporting responsibilities with respect to the performance of the special servicer, and in certain circumstances may recommend to the certificateholders that the special servicer be replaced. The operating advisor will generally have no obligations or consultation rights as operating advisor under the pooling and servicing agreement for this transaction with respect to any non-serviced mortgage loan or any related REO property. See "*Transaction Parties—The* |

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*Operating Advisor and Asset Representations Reviewer*" and "*Pooling and Servicing Agreement—The Operating Advisor*"*.*

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| | |
|:---|:---|
| Asset Representations Reviewer | Park Bridge Lender Services LLC, a New York limited liability company and an indirect wholly owned subsidiary of Park Bridge Financial LLC, will also be serving as the asset representations reviewer. The asset representations reviewer will be required to review certain delinquent mortgage loans after a specified delinquency threshold has been exceeded and receipt of notification from the certificate administrator that the required percentage of voting rights have voted to direct a review of such delinquent mortgage loans. |

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See "*Transaction Parties—The Operating Advisor and Asset Representations Reviewer*" and "*Pooling and Servicing Agreement—The Asset Representations Reviewer*".

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| | |
|:---|:---|
| Directing Holder | The directing holder will have certain consent and consultation rights in certain circumstances with respect to the mortgage loans (other than any non-serviced mortgage loan and any applicable excluded loan), as further described in this prospectus. The directing holder (other than with respect to the servicing shift whole loans, any non-serviced mortgage loan and any applicable excluded loan) will generally be the controlling class certificateholder (or its representative, the "<u>controlling class representative</u>") selected by a majority of the controlling class certificateholders (by certificate balance, as certified by the certificate registrar from time to time as provided for in the pooling and servicing agreement). See "*Pooling and Servicing Agreement—The Directing Holder*"*.* However, in certain circumstances there may be no directing holder even if there is a controlling class, and in other circumstances there will be no controlling class. |

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The controlling class will be the most subordinate class of the Class F, Class G and Class J certificates then-outstanding that has an aggregate certificate balance, as notionally reduced by any cumulative appraisal reductions allocable to such class, at least equal to 25% of the initial certificate balance of that class; *provided*, *however*, that during such time as the most senior class of control eligible certificates would be the controlling class, the holders of such certificates will have the right to irrevocably waive their right to appoint a controlling class representative or to exercise any of the rights of the holder of the majority of the controlling class certificates. No class of certificates, other than as described above, will be eligible to act as the controlling class or appoint a controlling class representative.

On the closing date it is expected that Torchlight Debt Fund VIII Holdings (US), LLC, or its affiliate, will (i) purchase the Class X-F, Class X-G, Class X-J, Class F, Class G and Class J certificates, and (ii) be appointed as the initial controlling class representative and, therefore, the initial directing holder with respect to each mortgage loan (other than any non-serviced mortgage loan, any servicing shift mortgage loan and any applicable excluded loan) and any related serviced companion loans.

With respect to each of the servicing shift whole loans, the holder of the related companion loan identified in the related co-lender agreement as the controlling note will be the directing holder with respect to the related servicing shift whole loan. From and after the date such controlling note is included in a securitization transaction (a "<u>servicing shift securitization date</u>"), the directing holder of the related servicing shift whole loan is expected to be the directing holder (or its equivalent) under the related servicing shift pooling and servicing agreement, and will be entitled to certain consent and consultation rights with respect to such servicing shift whole loan, which are substantially similar to, but not necessarily identical to, those of the controlling class representative under the pooling and servicing agreement for this securitization. The controlling class representative of this securitization will only have limited consultation rights with respect to certain servicing matters or mortgage loan modifications affecting the servicing shift mortgage loans. See "*Description of the Mortgage Pool—The Whole Loans—The Serviced Pari Passu Whole Loans*" and "*—The Non-Serviced Pari Passu Whole Loans*".

With respect to the controlling class representative, an "excluded loan" is a mortgage loan or whole loan with respect to which the controlling class representative or the holder of the majority of the controlling class certificates (by certificate balance) is a borrower, a manager of a mortgaged property, the holder of a mezzanine loan that has accelerated the related mezzanine loan or commenced foreclosure or enforcement proceedings against the equity collateral pledged to secure the related mezzanine loan (subject to certain exceptions), or any borrower party affiliate thereof.

Each entity identified in the table titled "Non-Serviced Whole Loans" under "*The Mortgage Pool—Whole Loans*" below is the initial directing holder (or the equivalent) under the pooling and servicing agreement for the indicated transaction and will have certain consent and consultation rights with respect to the related non-serviced whole loan, which are substantially similar, but not identical, to those of the controlling class representative under the pooling and servicing agreement for this securitization, subject to similar appraisal mechanics. See "*Description of the Mortgage Pool—The Whole Loans*" and "*Pooling and Servicing Agreement—Servicing of the Non-Serviced Mortgage Loans*".

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| | |
|:---|:---|
| Risk Retention Consultation Parties | The risk retention consultation parties will be (i) a party selected by Deutsche Bank AG, New York Branch, (ii) a party selected by Goldman Sachs Bank USA and (iii) a party selected by Citi Real Estate Funding Inc., in each case, as an owner of the VRR interest. Each risk retention consultation party will have certain non-binding consultation rights in certain circumstances (i) for so long as no consultation termination event is continuing, with respect to any specially serviced loan (other than the servicing shift mortgage loans, any non-serviced mortgage loan and any applicable excluded loan), and (ii) during the continuance of a consultation termination event, with respect to any mortgage loan (other than the servicing shift whole loans, any non-serviced |

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mortgage loan and any applicable excluded loan), as further described in this prospectus. Each of Deutsche Bank AG, New York Branch (or an affiliate), Goldman Sachs Mortgage Company (or an affiliate) and Citi Real Estate Funding Inc. (or an affiliate) is expected to be appointed as an initial risk retention consultation party and are collectively referred to as the "<u>risk retention consultation parties</u>".

With respect to a risk retention consultation party, an "excluded loan" is a mortgage loan or whole loan with respect to which such risk retention consultation party or the person entitled to appoint such risk retention consultation party is a borrower, a mortgagor, a manager of a mortgaged property, the holder of a mezzanine loan that has accelerated the related mezzanine loan or commenced foreclosure or enforcement proceedings against the equity collateral pledged to secure the related mezzanine loan, or any borrower party affiliate thereof.

Certain Affiliations and

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| | |
|:---|:---|
| Relationships | The originators, the sponsors, the underwriters, and the parties to the pooling and servicing agreement have various roles in this transaction as well as certain relationships with parties to this transaction and certain of their affiliates. These roles and other potential relationships may give rise to conflicts of interest as further described in this prospectus under "*Risk Factors—Risks Relating to Conflicts of Interest*" and "*Certain Affiliations, Relationships and Related Transactions Involving Transaction Parties*". |

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**Relevant Dates and Periods**

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| | |
|:---|:---|
| Cut-off Date | With respect to each mortgage loan and whole loan, the related due date in October 2025 for that mortgage loan or whole loan (or, in the case of any mortgage loan or whole loan that has its first due date after October 2025, the date that would have been its due date in October 2025 under the terms of that mortgage loan or whole loan if a monthly payment were scheduled to be due in that month). |

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Closing Date On or about October 30, 2025.

Distribution Date The fourth (4<sup>th</sup>) business day following each determination date. The first distribution date will be in November 2025.

Determination Date The eleventh (11<sup>th</sup>) day of each month or, if the eleventh (11<sup>th</sup>) day is not a business day, then the business day immediately following such eleventh (11<sup>th</sup>) day.

Record Date With respect to any distribution date, the last business day of the month preceding the month in which that distribution date occurs.

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| | |
|:---|:---|
| Interest Accrual Period | The interest accrual period for each class of offered certificates for each distribution date will be the calendar month immediately preceding the month in which that distribution date occurs. Interest on the offered certificates will be calculated assuming that each month has 30 days and each year has 360 days. |

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| | |
|:---|:---|
| Collection Period | For any mortgage loan to be held by the issuing entity and any distribution date, the period commencing on the day immediately following the due date for such mortgage loan in the month preceding the month in which that distribution date occurs and ending on and including the due date for such mortgage loan in the month in which that distribution date occurs. However, in the event that the last day of a collection period (or applicable grace period) is not a business day, any periodic payments received with respect to the mortgage loans relating to that collection period on the business day immediately following that last day will be deemed to have been received during that collection period and not during any other collection period. |

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Assumed Final Distribution Date;

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| | |
|:---|:---|
| Rated Final Distribution Date | The assumed final distribution dates set forth below for each class of offered certificates have been determined on the basis of the assumptions described in "*Description of the Certificates— Assumed Final Distribution Date; Rated Final Distribution Date*": |

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| | |
|:---|:---|
| &nbsp;&nbsp;Class A-1 | &nbsp;&nbsp;December 2029 |
| &nbsp;&nbsp;Class A-2 | &nbsp;&nbsp;NAP – September 2030<sup>(1)</sup> |
| &nbsp;&nbsp;Class A-3 | &nbsp;&nbsp;October 2030 |
| &nbsp;&nbsp;Class X-A | &nbsp;&nbsp;October 2030 |
| &nbsp;&nbsp;Class X-B | &nbsp;&nbsp;October 2030 |
| &nbsp;&nbsp;Class A-S | &nbsp;&nbsp;October 2030 |
| &nbsp;&nbsp;Class B | &nbsp;&nbsp;October 2030 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;October 2030 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The range of Assumed Final Distribution Dates is based on the initial certificate balance of the Class A-2 certificates ranging from
$0 to $348,650,000.

The rated final distribution date for the offered certificates will be the distribution date in October 2058.

**Transaction Overview**

On the closing date, each sponsor will sell its respective mortgage loans to the depositor, which will in turn deposit the mortgage loans into the issuing entity, a common law trust created on the closing date. The issuing entity will be formed by a pooling and servicing agreement to be entered into among the depositor, the master servicer, the special servicer, the certificate administrator, the trustee, the operating advisor and the asset representations reviewer.

The transfers of the mortgage loans from the sponsors to the depositor and from the depositor to the issuing entity in exchange for the offered certificates are illustrated below:

![](n5335prepros_img002.jpg)

The foregoing illustration does not take into account the sale of any non-offered certificates or the RR interest.

**Offered Certificates**

General We are offering the following classes of commercial mortgage pass-through certificates as part of Series 2025-V18:

● Class A-1

● Class A-2

● Class A-3

● Class X-A

● Class X-B

● Class A-S

● Class B

● Class C

The certificates of this Series will consist of the above classes and the following classes that are not being offered by this prospectus: Class X-D, Class X-F, Class X-G, Class X-J, Class D, Class F, Class G, Class J, Class RR and Class R (collectively, the "<u>non-offered certificates</u>"). In addition, the RR interest, an uncertificated interest, is not being offered by this prospectus. The Class A-1, Class A-2, Class A-3, Class X-A, Class X-B, Class X-D, Class X-F, Class X-G, Class X-J, Class A-S, Class B, Class C, Class D, Class F, Class G and Class J certificates are collectively referred to as the "<u>non-VRR certificates</u>".

Certificate Balances and

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| | |
|:---|:---|
| Notional Amounts | Your certificates will have the approximate aggregate initial certificate balance or notional amount set forth below, subject to a variance of plus or minus 5%: |

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| | |
|:---|:---|
| &nbsp;&nbsp;Class A-1 | &nbsp;&nbsp;$3291000 |
| &nbsp;&nbsp;Class A-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0 - $348650000<sup>(1)</sup> |
| &nbsp;&nbsp;Class A-3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$523490000 - $872140000<sup>(1)</sup> |
| &nbsp;&nbsp;Class X-A | &nbsp;&nbsp;$998930000<sup>(2)</sup> |
| &nbsp;&nbsp;Class X-B | &nbsp;&nbsp;$110992000<sup>(2)</sup> |
| &nbsp;&nbsp;Class A-S | &nbsp;&nbsp;$123499000 |
| &nbsp;&nbsp;Class B | &nbsp;&nbsp;$62531000 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$48461000 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The exact initial certificate balances of the Class A-2 and Class A-3 certificates are unknown and will be determined based on the
final pricing of those classes of certificates. However, the respective initial certificate balances of the Class A-2 and Class A-3 certificates
are expected to be within the applicable ranges reflected in the chart above. The initial aggregate certificate balance of the Class A-2
and Class A-3 certificates is expected to be approximately $872,140,000, subject to a variance of plus or minus 5%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Notional amount. The notional amount of each class of the Class X certificates is subject to change depending upon the final pricing
of the principal balance certificates, as follows: (1) if as a result of such pricing the pass-through rate of any class of principal
balance certificates whose certificate balance comprises such notional amount is equal to the weighted average of the net mortgage rates
on the mortgage loans (in each case, adjusted, if necessary, to accrue on the basis of a 360-day year consisting of twelve 30-day months),
the certificate balance of such class of principal balance certificates may not be part of, and reduce accordingly, such notional amount
of the related Class X certificates (or, if as a result of such pricing the pass-through rate of the related Class X certificates is equal
to zero, such Class X certificates may not be issued on the closing date), and/or (2) if as a result of such pricing the pass-through
rate of any class of principal balance certificates that does not comprise such notional amount of the related Class X certificates is
less than the weighted average of the net mortgage rates on the mortgage loans (in each case, adjusted, if necessary, to accrue on the
basis of a 360-day year consisting of twelve 30-day months), such class of principal balance certificates may become a part of, and increase
accordingly, such notional amount of the related Class X certificates.

**Pass-Through Rates**

A. Offered Certificates Your certificates will accrue interest at an annual rate called a pass-through rate. The initial approximate pass-through rate is set forth below for each class of offered certificates:

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| |
|:---|
| &nbsp;&nbsp;Class A-1 |
| &nbsp;&nbsp;Class A-2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[__]%<sup>(1)</sup> |
| &nbsp;&nbsp;Class A-3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[__]%<sup>(1)</sup> |
| &nbsp;&nbsp;Class X-A&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[__]%<sup>(2)</sup> |
| &nbsp;&nbsp;Class X-B&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[__]%<sup>(2)</sup> |
| &nbsp;&nbsp;Class A-S&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[__]%<sup>(1)</sup> |
| &nbsp;&nbsp;Class B&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[__]%<sup>(1)</sup> |
| &nbsp;&nbsp;Class C&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[__]%<sup>(1)</sup> |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The pass-through rates of the Class A-1, Class A-2, Class A-3, Class A-S, Class B and Class C certificates for each distribution
date will each generally be a *per annum* rate equal to one of (i) a fixed rate, (ii) the weighted average of the net mortgage interest
rates on the mortgage loans (in each case, adjusted, if necessary, to accrue on the basis of a 360-day year consisting of twelve 30-day
months) as of their respective due dates in the month preceding the month in which the related distribution date occurs, (iii) a rate
equal to the lesser of a specified pass-through rate and the rate described in clause (ii), or (iv) the rate described in clause (ii)
less a specified percentage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The pass-through rate of the Class X-A certificates for each distribution date will equal the excess, if any, of (a) the weighted
average of the net mortgage interest rates on the mortgage loans (in each case adjusted, if necessary, to accrue on the basis of a 360-day
year consisting of twelve 30-day months) as of their respective due dates in the month preceding the month in which the related distribution
date occurs, over (b) the weighted average of the pass-through rates of the Class A-1, Class A-2, Class A-3 and Class A-S certificates
for that distribution date, weighted on the basis of their respective certificate balances immediately prior to that distribution date.
The pass-through rate of the Class X-B certificates for any distribution date will equal the excess, if any, of (a) the weighted average
of the net mortgage interest rates on the mortgage loans (in each case adjusted, if necessary, to accrue on the basis of a 360-day year
consisting of twelve 30-day months) as of their respective due dates in the month preceding the month in which the related distribution
date occurs, over (b) the weighted average of the pass-through rates of the Class B and Class C certificates for that distribution date,
weighted on the basis of their respective certificate balances immediately prior to that distribution date.

B**.** Interest Rate Calculation

Convention Interest on the offered certificates at their applicable pass-through rates will be calculated based on a 360-day year consisting of twelve 30-day months, or a "<u>30/360 basis</u>".

For purposes of calculating the pass-through rates on the Class X-A and Class X-B certificates and any other class of offered certificates that has a pass-through rate limited by, equal to or based on the weighted average net mortgage interest rate (which calculation does not include any companion loan interest rate), the mortgage loan interest rates will not reflect any default interest rate, any loan term modifications agreed to by the special servicer or any modifications resulting from a borrower's bankruptcy or insolvency.

For purposes of calculating the pass-through rates on the offered certificates, the interest rate for each mortgage loan that accrues interest based on the actual number of days in each month and assuming a 360-day year, or an "<u>actual/360 basis</u>", will be recalculated, if necessary, so that the amount of interest that

would accrue at that recalculated rate in the applicable month, calculated on a 30/360 basis, will equal the amount of interest that is required to be paid on that mortgage loan in that month, subject to certain adjustments as described in "*Description of the Certificates—Distributions—Pass-Through Rates*" and "*—Interest Distribution Amount*".

C**.** Servicing and

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| | |
|:---|:---|
| Administration Fees | The master servicer and the special servicer are entitled to a servicing fee and a special servicing fee, respectively, from the interest payments on each mortgage loan (other than any non-serviced mortgage loan with respect to the special servicing fee only), any serviced companion loan and any related REO loans and (a) with respect to the servicing fee, if unpaid after final recovery on the related mortgage loan, out of general collections with respect to the other mortgage loans and (b) with respect to the special servicing fees, if the related mortgage loan interest payments (or other collections in respect of the related mortgage loan or mortgaged property) are insufficient, then from general collections on all mortgage loans. The servicing fee for each distribution date, including the master servicing fee and the portion of the servicing fee payable to any primary servicer or subservicer, is calculated on the outstanding principal amount of each mortgage loan (including any non-serviced mortgage loan) and any related serviced companion loans at the servicing fee rate equal to a *per annum* rate ranging from 0.00165% to 0.10125%. |

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The principal compensation to be paid to the special servicer in respect of its special servicing activities will be the special servicing fee, the workout fee and the liquidation fee.

The special servicing fee for each distribution date is calculated based on the outstanding principal amount of each mortgage loan (other than any non-serviced mortgage loan) and any related serviced companion loans as to which a special servicing transfer event has occurred (including any related REO loans), on a loan-by-loan basis at the special servicing fee rate equal to the greater of 0.25% *per annum* and the rate that would result in a special servicing fee for the related month of (i) $3,500 or (ii) $5,000 with respect to any mortgage loan with respect to which the risk retention consultation party is entitled to consult with the special servicer. The special servicer will not be entitled to a special servicing fee with respect to any non-serviced mortgage loan.

The workout fee will generally be payable with respect to each specially serviced loan (other than a non-serviced whole loan) which has become a "<u>corrected loan</u>" (which will occur (i) with respect to a specially serviced loan as to which there has been a payment default, when the borrower has brought the mortgage loan current and thereafter made three (3) consecutive full and timely monthly payments, including pursuant to any workout and (ii) with respect to any other specially serviced loan, when the related default is cured or the other circumstances pursuant to which it became a specially serviced loan cease to exist in the

commercially reasonable judgment of the special servicer). The workout fee will be payable out of each collection (other than penalty charges) of interest and principal (including scheduled payments, prepayments, balloon payments and payments at maturity) received on the related corrected loan for so long as it remains a corrected mortgage loan, in an amount equal to the lesser of (1) 1.00% of each such collection of interest and principal (or such higher rate as would result in a workout fee equal to $25,000) and (2) such lower rate as would result in a workout fee of $1,000,000.

A liquidation fee will generally be payable with respect to each specially serviced loan and any related REO property as to which the special servicer obtains a full, partial or discounted payoff from the related borrower and, except as otherwise described in this prospectus, with respect to any specially serviced loan or REO property as to which the special servicer receives any liquidation proceeds or insurance and condemnation proceeds. The liquidation fee for each specially serviced loan and any related REO property will be payable from the related payment or proceeds in an amount equal to the lesser of (1) 1.00% (or 0.50%, in the case of the 9911 Belward mortgage loan) of such payment or proceeds and (2) such lower rate as would result in a liquidation fee of $1,000,000; *provided*, *however*, that, except as described under "*Pooling and Servicing Agreement*—*Servicing and Other Compensation and Payment of Expenses*", no liquidation fee will be less than $25,000.

Any primary servicing fees or sub-servicing fees with respect to each mortgage loan (other than any non-serviced mortgage loan) and any related serviced companion loans will be paid by the master servicer out of the servicing fee described above.

The master servicer and the special servicer are also entitled to additional fees and amounts, including income on the amounts held in certain accounts and certain permitted investments, liquidation fees and workout fees. See "*Pooling and Servicing Agreement*—*Servicing and Other Compensation and Payment of Expenses*".

The certificate administrator/trustee fee for each distribution date is calculated on the outstanding principal amount of each mortgage loan and each REO loan (including any non-serviced mortgage loan) at a *per annum* rate equal to 0.007159%.

The operating advisor will be entitled to a fee on each distribution date calculated on the outstanding principal amount of each mortgage loan and each REO loan (including any non-serviced mortgage loan, but not any companion loan) at a *per annum* rate equal to 0.001238%. The operating advisor will also be entitled under certain circumstances to a consulting fee.

As compensation for the performance of its routine duties, the asset representations reviewer will be entitled to a fee on each distribution date calculated on the outstanding principal amount of each mortgage loan and REO loan (including any non-serviced mortgage loan, but not any companion loan) at a *per*

*annum* rate equal to 0.000189%. Upon the completion of any asset review with respect to each delinquent loan, the asset representations reviewer will be entitled to a per loan fee in an amount described in "*Pooling and Servicing Agreement—Servicing and Other Compensation and Payment of Expenses—Asset Representations Reviewer Compensation*".

Each party to the pooling and servicing agreement will also be entitled to be reimbursed by the issuing entity for costs, expenses and liabilities borne by them in certain circumstances. Fees and expenses payable by the issuing entity to any party to the pooling and servicing agreement are generally payable prior to any distributions to certificateholders and the RR interest owner.

Additionally, with respect to each distribution date, an amount equal to the product of 0.00050% *per annum* multiplied by the outstanding principal amount of each mortgage loan and any REO loan will be payable to Commercial Real Estate Finance Council<sup>®</sup> as a license fee for use of its name and trademarks, including an investor reporting package. This fee will be payable prior to any distributions to certificateholders and the RR interest owner.

Payment of the fees and reimbursement of the costs and expenses described above will generally have priority over the distribution of amounts payable to the certificateholders and the RR interest owner. See "*Pooling and Servicing Agreement—Servicing and Other Compensation and Payment of Expenses"* and "—*Limitation on Liability; Indemnification".*

With respect to each non-serviced mortgage loan set forth in the following table, the related master servicer and/or sub-servicer under the related pooling and servicing agreement governing the servicing of that mortgage loan will be entitled to a primary servicing fee (which includes any subservicing fee) at a rate equal to a *per annum* rate set forth in the following table, and the related special servicer under the related pooling and servicing agreement will be entitled to a special servicing fee at a rate equal to the *per annum* rate set forth below. In addition, each party to the related pooling and servicing agreement governing the servicing of the related non-serviced whole loan will be entitled to receive other fees and reimbursements with respect to the related non-serviced mortgage loan in amounts, from sources, and at frequencies, that are similar, but not necessarily identical, to those described above and, in certain cases (for example, with respect to unreimbursed special servicing fees and property protection advances with respect to the related non-serviced whole loan), such amounts will be reimbursable from general collections on the mortgage loans to the extent not recoverable from the related non-serviced whole loan and to the extent allocable to the related non-serviced mortgage loan pursuant to the related co-lender agreement. See "*Description of the Mortgage Pool—The Whole Loans*" and "*Pooling and Servicing Agreement—Servicing of the Non-Serviced Mortgage Loans*".

**NON-SERVICED MORTGAGE LOANS**<sup>(1)(2)</sup>

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Non-Serviced Mortgage Loan** | &nbsp;&nbsp; **Primary Servicing Fee Rate and Sub-Servicing Fee Rate** | &nbsp;&nbsp; **Special Servicing Fee Rate<sup>(3)</sup>** |
| &nbsp;&nbsp;180 Water | &nbsp;&nbsp;0.00040% | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Yosemite Hospitality Portfolio | &nbsp;&nbsp;0.001250% | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Springfield Town Center | &nbsp;&nbsp;0.00125% | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Pacifica Hotel Portfolio (4-Pack) | &nbsp;&nbsp;0.00125% | &nbsp;&nbsp;0.25% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Does not reflect the ESA Portfolio mortgage loan, the 80-02 Kew Gardens mortgage loan, the 161 Washington Street mortgage loan or
the CFS Industrial HQ mortgage loan, each of which is part of a split loan structure comprised of the related mortgage loan and one or
more *pari passu* companion loans that may be included in one or more future securitizations. After the securitization of the related
controlling *pari passu* companion loan, the related mortgage loan will also be a non-serviced mortgage loan, and the related servicing
shift master servicer and related servicing shift special servicer under the related servicing shift pooling and servicing agreement will
be entitled to a primary servicing fee and special servicing fee, respectively, as will be set forth in such related servicing shift pooling
and servicing agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The fees related to the whole loans listed in the above chart relate to securitization transactions that have either closed or are
expected to close on or prior to the closing date, and, in certain instances are based on publicly available information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) In the case of certain mortgage loans, the Special Servicing Fee Rate will be subject to a cap or floor amount.

 **Distributions**

A**.** Allocation Between the<br> Non-VRR Certificates and

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| | |
|:---|:---|
| the VRR Interest | On each distribution date, the aggregate amount available for distributions to holders of the non-VRR certificates and the VRR interest owners on each distribution date (net of specified expenses of the issuing entity, including fees payable to, and costs and expenses reimbursable to, the master servicer, the special servicer, the certificate administrator, the trustee, the operating advisor and the asset representations reviewer) will be allocated to (a) the VRR interest, in an amount equal to the product of such amount multiplied by approximately 5% and (b) the non-VRR certificates, in an amount equal to the product of such amount multiplied by the difference between 100% and the percentage referenced in clause (a), in each case such percentages being referred to in this prospectus as their respective "<u>percentage allocation entitlement</u>". |

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B**.** Amount and Order of

Distributions on the

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| | |
|:---|:---|
| Certificates | On each distribution date, funds available for distribution to the holders of the non-VRR certificates, net of any yield maintenance charges and prepayment premiums, will be distributed in the following amounts and order of priority (in each case, to the extent of remaining available funds allocated to the non-VRR certificates): |

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*First*, to the Class A-1, Class A-2, Class A-3, Class X-A, Class X-B, Class X-D, Class X-F, Class X-G and Class X-J certificates, in respect of interest, up to an amount equal to, and *pro rata* in accordance with, the interest entitlements for those classes;

*Second*, to the Class A-1, Class A-2 and Class A-3 certificates, to the extent of funds available for distribution of principal, in reduction of the then-outstanding certificate balances of those classes, in the following priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) to the Class A-1 certificates until their certificate balance has been reduced to zero; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) to the Class A-2 certificates until their certificate balance has been reduced to zero, all remaining funds available for distribution
of principal after the distributions pursuant to clause (A) above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) to the Class A-3 certificates until their certificate balance has been reduced to zero, all remaining funds available for distribution
of principal after the distributions pursuant to clauses (A) and (B) above.

However, if the certificate balances of each class of principal balance certificates other than the Class A-1, Class A-2 and Class A-3 certificates have been reduced to zero, funds available for distributions of principal will be distributed to the Class A-1, Class A-2 and Class A-3 certificates, pro rata, based on their respective certificate balances.

*Third*, to the Class A-1, Class A-2 and Class A-3 certificates, first (i) up to an amount equal to, and *pro rata* based upon, the aggregate unreimbursed realized losses previously allocated to each such class, then (ii) up to an amount equal to all accrued and unpaid interest on the amount set forth above at the pass-through rate for such class compounded monthly from the date the related realized loss was allocated to such class until the date such realized loss is reimbursed;

*Fourth*, to the Class A-S certificates as follows: (a) to interest on the Class A-S certificates in the amount of their interest entitlement; (b) to the extent of funds available for distributions of principal remaining after distributions in respect of principal to each class with a higher priority (in this case, the Class A-1, Class A-2 and Class A-3 certificates), to the Class A-S certificates until their certificate balance has been reduced to zero; and (c) to reimburse the Class A-S certificates first (i) up to an amount equal to the aggregate unreimbursed realized losses previously allocated to such class, then (ii) up to an amount equal to all accrued and unpaid interest on the amount set forth above at the pass-through rate for such class compounded monthly from the date the related realized loss was allocated to such class until the date such realized loss is reimbursed;

*Fifth*, to the Class B certificates as follows: (a) to interest on the Class B certificates in the amount of its interest entitlement; (b) to the extent of funds available for distributions of principal remaining after distributions in respect of principal to each class with a higher priority (in this case, the Class A-1, Class A-2, Class A-3 and Class A-S certificates), to the Class B certificates until their certificate balance has been reduced to zero; and (c) to reimburse the Class B certificates first (i) up to an amount equal

to the aggregate unreimbursed realized losses previously allocated to such class, then (ii) up to an amount equal to all accrued and unpaid interest on the amount set forth above at the pass-through rate for such class compounded monthly from the date the related realized loss was allocated to such class until the date such realized loss is reimbursed; and

*Sixth*, to the Class C certificates as follows: (a) to interest on the Class C certificates in the amount of its interest entitlement; (b) to the extent of funds available for distributions of principal remaining after distributions in respect of principal to each class with a higher priority (in this case, the Class A-1, Class A-2, Class A-3, Class A-S and Class B certificates), to the Class C certificates until their certificate balance has been reduced to zero; and (c) to reimburse the Class C certificates first (i) up to an amount equal to the aggregate unreimbursed realized losses previously allocated to such class, then (ii) up to an amount equal to all accrued and unpaid interest on the amount set forth above at the pass-through rate for such class compounded monthly from the date the related realized loss was allocated to such class until the date such realized loss is reimbursed;

*Seventh*, to the non-offered certificates (other than the Class X-D, Class X-F, Class X-G, Class X-J and Class RR certificates), in the amounts and order of priority described in "*Description of the Certificates—Distributions—Priority of Distributions*".

For more detailed information regarding distributions on the certificates, see "*Description of the Certificates—Distributions—Priority of Distributions*".

C**.** Interest and Principal

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| | |
|:---|:---|
| Entitlements | A description of the interest entitlement of each class of non-VRR certificates and the VRR interest can be found in "*Description of the Certificates—Distributions—Interest Distribution Amount*" and "*Credit Risk Retention—The VRR Interest*", respectively. As described in those sections, there are circumstances in which your interest entitlement for a distribution date could be less than one full month's interest at the pass-through rate on your certificate's balance or notional amount. |

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A description of the amount of principal required to be distributed to each class of non-VRR certificates entitled to principal and the VRR interest on a particular distribution date can be found in "*Description of the Certificates—Distributions—Principal Distribution Amount*" and "*Credit Risk Retention—The VRR Interest*", respectively.

D**.** Yield Maintenance Charges,

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| | |
|:---|:---|
| Prepayment Premiums | Yield maintenance charges and prepayment premiums with respect to the mortgage loans will be allocated to the VRR interest, on the one hand, and to the non-VRR certificates, on the other hand, in accordance with their respective percentage allocation entitlement. Yield maintenance charges and prepayment premiums with respect to the mortgage loans allocated to the non-VRR certificates will be further allocated as |

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described in "*Description of the Certificates—Allocation of Yield Maintenance Charges and Prepayment Premiums*".

For an explanation of the calculation of yield maintenance charges, see "*Description of the Mortgage Pool—Certain Terms of the Mortgage Loans*".

E**.** Subordination, Allocation of

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| | |
|:---|:---|
| Losses and Certain Expenses | The following chart describes the manner in which the payment rights of certain classes of non-VRR certificates will be senior or subordinate, as the case may be, to the payment rights of other classes of non-VRR certificates. The chart also shows the allocation between the VRR interest and the non-VRR certificates and the corresponding entitlement to receive principal and interest on any distribution date in descending order (beginning with the Class A-1, Class A-2, Class A-3, Class X-A, Class X-B, Class X-D, Class X-F, Class X-G and Class X-J certificates). Among the Class A-1, Class A-2, Class A-3, Class X-A, Class X-B, Class X-D, Class X-F, Class X-G and Class X-J certificates, payment rights of certain classes will be as more particularly described in "*Description of the Certificates—Distributions*" in this prospectus. It also shows the manner in which mortgage loan losses are allocated between the VRR interest and the non-VRR certificates and the manner in which the certificate allocations are further allocated in ascending order (beginning with certain non-VRR certificates that are not being offered by this prospectus). Principal losses on the mortgage loans allocated to a class of certificates will reduce the related certificate balance of that class. Principal losses on the mortgage loans allocated to the VRR interest will reduce the VRR interest balance. Although no principal payments or mortgage loan losses will be allocated to the Class X-A, Class X-B, Class X-D, Class X-F, Class X-G and Class X-J or Class R certificates, principal payments or mortgage loan losses will reduce the notional amount of the Class X-A certificates (to the extent such principal payments or mortgage loan losses are allocated to the Class A-1, Class A-2, Class A-3 or Class A-S certificates), the Class X-B certificates (to the extent such principal payments or mortgage loan losses are allocated to the Class B or Class C certificates), the Class X-D certificates (to the extent such principal payments or mortgage loan losses are allocated to the Class D certificates), the Class X-F certificates (to the extent such principal payments or mortgage loan losses are allocated to the Class F certificates), the Class X-G certificates (to the extent such principal payments or mortgage loan losses are allocated to the Class G certificates), and the Class X-J certificates (to the extent such principal payments or mortgage loan losses are allocated to the Class J certificates), and, therefore, the amount of interest they accrue. |

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![](n5335prepros_img003.jpg)

\* Class X-A, Class X-B, Class X-D, Class X-F, Class X-G and Class X-J certificates are interest-only certificates, and the Class X-D, Class X-F, Class X-G and Class X-J certificates are not offered by this prospectus.

\*\* Other than the Class X-D, Class X-F, Class X-G and Class X-J, Class R and Class RR certificates.

Other than the subordination of certain classes of certificates, as described above, no other form of credit enhancement will be available for the benefit of the holders of the offered certificates. The right to payment of owners of the VRR interest will be *pro rata* and *pari passu* with the right to payment of holders of the non-VRR certificates (as a collective whole), and, as described above, any losses incurred on the mortgage loans will be allocated between the VRR interest and the non-VRR certificates *pro rata* in accordance with their respective percentage allocation entitlement.

Principal losses and principal payments, if any, on mortgage loans that are allocated to a class of non-VRR certificates (other than the Class X-A, Class X-B, Class X-D, Class X-F, Class X-G or Class X-J certificates) will reduce the certificate balance of that class of certificates. Principal losses and principal payments, if any, on mortgage loans that are allocated to the VRR interest will reduce the VRR interest balance.

The notional amount of the Class X-A certificates will be reduced by the aggregate amount of principal losses or principal payments, if any, allocated to the Class A-1, Class A-2, Class A-3 and Class A-S certificates. The notional amount of the Class X-B certificates will be reduced by the aggregate amount of principal losses or principal payments, if any, allocated to the Class B or Class C certificates. The notional amount of the Class X-D certificates will be reduced by the amount of principal losses or principal payments, if any, allocated to the Class D certificates. The notional amount of the Class X-F certificates will be reduced by the amount of principal losses or principal payments, if any, allocated to the Class F certificates. The

notional amount of the Class X-G certificates will be reduced by the amount of principal losses or principal payments, if any, allocated to the Class G certificates. The notional amount of the Class X-J certificates will be reduced by the amount of principal losses or principal payments, if any, allocated to the Class J certificates.

To the extent funds are available on a subsequent distribution date for distribution on your offered certificates, you will be reimbursed for any losses allocated to your offered certificates with interest at the pass-through rate on those offered certificates in accordance with the distribution priorities.

See "*Description of the Certificates—Subordination; Allocation of Realized Losses*" and "*Credit Risk Retention—The VRR Interest*" for more detailed information regarding the subordination provisions applicable to the non-VRR certificates and the VRR interest and the allocation of losses to the non-VRR certificates and the VRR interest.

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| | |
|:---|:---|
| F**.** Shortfalls in Available Funds | Shortfalls will reduce the aggregate available funds and will correspondingly reduce the amount allocated to the VRR interest and the non-VRR certificates. The reduction in amounts available for distribution to the non-VRR certificates will reduce distributions to the classes of non-VRR certificates with the lowest payment priorities: |

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● shortfalls resulting from the payment of special servicing fees and other additional compensation that the special servicer is entitled to receive;

● shortfalls resulting from interest on advances made by the master servicer, the special servicer or the trustee (to the extent not covered by late payment charges or default interest paid by the related borrower);

● shortfalls resulting from the application of appraisal reductions to reduce interest advances;

● shortfalls resulting from extraordinary expenses of the issuing entity including indemnification payments payable to the parties to the pooling and servicing agreement;

● shortfalls resulting from a modification of a mortgage loan's interest rate or principal balance; and

● shortfalls resulting from other unanticipated or default-related expenses of the issuing entity.

In addition, prepayment interest shortfalls on the mortgage loans that are not covered by certain compensating interest payments made by the master servicer will be allocated between the VRR interest, on the one hand, and the non-VRR certificates, on the other hand, in accordance with their respective percentage allocation entitlement. The prepayment interest shortfalls allocated to the non-VRR certificates are required to be further allocated among the classes of non-VRR certificates, on a *pro*

*rata* basis, to reduce the amount of interest payable on each such class of certificates to the extent described in this prospectus. See "*Description of the Certificates—Distributions—Priority of Distributions*".

With respect to a whole loan that is comprised of a mortgage loan, in some cases, one or more *pari passu* companion loans and, in some cases, one or more subordinate companion loans, shortfalls in available funds resulting from any of the foregoing will result *first* in a reduction in amounts distributable in accordance with the related co-lender agreement in respect of the related subordinate companion loan(s), if any, and *then*, result in a reduction in amounts distributable in accordance with the related co-lender agreement in respect of the related mortgage loan (and any *pari passu* companion loans, on a *pro rata* basis), which allocations to the related mortgage loan will in turn reduce distributions in respect of the certificates as described above. See "*Description of the Mortgage Pool—The Whole Loans—The Serviced Pari Passu Whole Loans—Co-Lender Agreement*", "*—The Non-Serviced Pari Passu Whole Loans—Co-Lender Agreement*", "—*The Non-Serviced AB Whole Loan*" and "*Yield, Prepayment and Maturity Considerations—Yield Considerations—Losses and Shortfalls*".

 **Advances**

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| | |
|:---|:---|
| A**.** P&I Advances | The master servicer is required to advance a delinquent periodic payment on each mortgage loan, including any non-serviced mortgage loan or REO loan (other than any portion of an REO loan related to a companion loan), unless the master servicer, the trustee or the special servicer determines that the advance would be non-recoverable. Neither the master servicer nor the trustee will be required to advance balloon payments due at maturity in excess of the regular periodic payment, interest in excess of a mortgage loan's regular interest rate, default interest, late payment charges, prepayment premiums or yield maintenance charges. |

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The amount of the interest portion of any advance will be subject to reduction to the extent that an appraisal reduction of the related mortgage loan has occurred (and with respect to any mortgage loan that is part of a whole loan, to the extent such appraisal reduction amount is allocated to the related mortgage loan). There may be other circumstances in which the master servicer will not be required to advance a full month of principal and/or interest. If the master servicer fails to make a required advance, the trustee will be required to make the advance, unless the trustee determines that the advance would be non-recoverable. If an interest advance is made by the master servicer, the master servicer will not advance the portion of interest that constitutes its servicing fee, but will advance the portion of interest that constitutes the monthly fees payable to the certificate administrator, the trustee, the operating advisor and the asset representations reviewer and the CREFC<sup>®</sup> license fee.

Neither of the master servicer nor the trustee will make, or be permitted to make, any principal or interest advance with respect to any companion loan. The special servicer is under no obligation to, and will not make, any principal or interest advance with respect to any mortgage loan or companion loan.

See "*Pooling and Servicing Agreement—Advances*".

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| | |
|:---|:---|
| B**.** Property Protection Advances | The master servicer may be required to make advances with respect to mortgage loans and related companion loans that it is required to service to pay delinquent real estate taxes, assessments and hazard insurance premiums and similar expenses necessary to: |

---

● protect and maintain (and in the case of REO properties, lease and manage) the related mortgaged property;

● maintain the lien on the related mortgaged property; and/or

● enforce the related mortgage loan documents.

The special servicer will have no obligation to make any property protection advances (although it may elect to make them in an emergency circumstance). If the special servicer makes a property protection advance, the master servicer will be required to reimburse the special servicer for that advance (unless the master servicer determines that the advance would be nonrecoverable in which case it will be reimbursed out of the collection account) and the master servicer will be deemed to have made that advance as of the date made by the special servicer.

If the master servicer fails to make a required advance of this type, the trustee will be required to make this advance. None of the master servicer, the special servicer or the trustee is required to advance amounts determined by such party to be nonrecoverable.

None of the master servicer, special servicer or trustee will make or be permitted to make any advance of this type in connection with the exercise of any cure rights or purchase rights granted to the holder of any subordinate companion loan under the related co-lender agreement.

See "*Pooling and Servicing Agreement—Advances*".

With respect to any non-serviced mortgage loan, the master servicer (and the trustee, as applicable) under the pooling and servicing agreement governing the servicing of that non-serviced whole loan will be required to make similar advances with respect to delinquent real estate taxes, assessments and hazard insurance premiums as described above.

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| | |
|:---|:---|
| C**.** Interest on Advances | The master servicer, the special servicer and the trustee, as applicable, will be entitled to interest on the above described advances at the "<u>Prime Rate</u>" (and solely with respect to the master servicer and the special servicer, subject to a floor rate of 2.0%), compounded annually, as published in *The Wall Street Journal*, as described in this prospectus. Interest accrued on outstanding advances may result in reductions in amounts otherwise payable on the certificates. Neither the master servicer nor the trustee will be entitled to interest on advances made with respect to principal and interest due on a mortgage loan until the related due date has passed and any grace period for late payments applicable to the mortgage loan has expired. See "*Pooling and Servicing Agreement—Advances*". |

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With respect to a non-serviced mortgage loan, the applicable makers of advances under the related pooling and servicing agreement governing the servicing of such non-serviced whole loan will similarly be entitled to interest on advances, and any accrued and unpaid interest on property protection advances made in respect of such non-serviced mortgage loan may be reimbursed from general collections on the other mortgage loans included in the issuing entity to the extent not recoverable from such non-serviced whole loan and to the extent allocable to the related non-serviced mortgage loan in accordance with the related co-lender agreement.

**The Mortgage Pool**

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| | |
|:---|:---|
| The Mortgage Pool | The issuing entity's primary assets will be forty-seven (47) fixed rate commercial mortgage loans, each evidenced by one or more promissory notes secured by first mortgages, deeds of trust, deeds to secure debt or similar security instruments on the fee and/or leasehold estate of the related borrower in eighty-eight (88) commercial, multifamily and/or manufactured housing properties. See "*Description of the Mortgage Pool—Additional Indebtedness*". |

---

The aggregate principal balance of the mortgage loans as of the cut-off date will be approximately $1,316,438,800.

In this prospectus, unless otherwise specified, (i) references to a mortgaged property (or portfolio of mortgaged properties) by name refer to such mortgaged property (or portfolio of mortgaged properties) so identified on Annex A-1, (ii) references to a mortgage loan by name refer to such mortgage loan secured by the related mortgaged property (or portfolio of mortgaged properties) so identified on Annex A-1, (iii) any parenthetical with a percent next to a mortgaged property name (or portfolio of mortgaged properties name) indicates the approximate percent (or approximate aggregate percent) that the outstanding principal balance of the related mortgage loan (or, if applicable, the allocated loan amount with respect to such mortgaged property) represents of the aggregate outstanding principal balance of the pool of mortgage loans as of the cut-off date for this securitization, and (iv) any parenthetical with a percent next to a mortgage loan name or a group of mortgage loans indicates the

approximate percent (or approximate aggregate percent) that the outstanding principal balance of such mortgage loan or the aggregate outstanding principal balance of such group of mortgage loans, as applicable, represents of the aggregate outstanding principal balance of the pool of mortgage loans as of the cut-off date for this securitization.

**Whole Loans**

Unless otherwise expressly stated in this prospectus, the term "<u>mortgage loan</u>" refers to each of the forty-seven (47) commercial mortgage loans to be held by the issuing entity. Of the mortgage loans, each of the mortgage loans in the table below is part of a larger whole loan, each of which is comprised of the related mortgage loan and/or one or more loans that are *pari passu* in right of payment to the related mortgage loan (each referred to in this prospectus as a "<u>pari passu companion loan</u>") and/or are subordinate in right of payment to the related mortgage loan (if any) (each referred to in this prospectus as a "<u>subordinate companion loan</u>", and together with the *pari passu* companion loans, the "<u>companion loans</u>"). The companion loans, together with their related mortgage loan, are each referred to in this prospectus as a "<u>whole loan</u>".

**Whole Loan Summary**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Mortgage Loan Name** | **Mortgage Loan Cut-off Date Balance** | **% of Initial Pool Balance** | **Aggregate Pari Passu Companion Loan Cut-off Date Balance** | **Aggregate Subordinate Companion Loan Cut-off Date Balance** | **Mortgage Loan Cut-off Date LTV Ratio<sup>(1)(2)</sup>** | **Whole Loan Cut-off Date LTV Ratio<sup>(1)(3)</sup>** | **Mortgage Loan Underwritten NCF DSCR<sup>(2)</sup>** | **Whole Loan Underwritten NCF DSCR<sup>(3)</sup>** |
| 9911 Belward | &nbsp;&nbsp;$80000000 | &nbsp;&nbsp;6.1% | &nbsp;&nbsp;$48740000 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;40.6% | &nbsp;&nbsp;40.6% | &nbsp;&nbsp;3.41x | &nbsp;&nbsp;3.41x |
| 180 Water | &nbsp;&nbsp;$60000000 | &nbsp;&nbsp;4.6% | &nbsp;&nbsp;$88000000 | &nbsp;&nbsp;$132000000 | &nbsp;&nbsp;39.2% | &nbsp;&nbsp;74.1% | &nbsp;&nbsp;2.50x | &nbsp;&nbsp;1.12x |
| 1010 Pacific Street | &nbsp;&nbsp;$54500000 | &nbsp;&nbsp;4.1% | &nbsp;&nbsp;$30000000 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;68.7% | &nbsp;&nbsp;68.7% | &nbsp;&nbsp;1.32x | &nbsp;&nbsp;1.32x |
| Yosemite Hospitality Portfolio | &nbsp;&nbsp;$31650000 | &nbsp;&nbsp;2.4% | &nbsp;&nbsp;$63350000 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;62.7% | &nbsp;&nbsp;62.7% | &nbsp;&nbsp;1.80x | &nbsp;&nbsp;1.80x |
| ESA Portfolio | &nbsp;&nbsp;$30000000 | &nbsp;&nbsp;2.3% | &nbsp;&nbsp;$60160000 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;64.0% | &nbsp;&nbsp;64.0% | &nbsp;&nbsp;1.68x | &nbsp;&nbsp;1.68x |
| 80-02 Kew Gardens | &nbsp;&nbsp;$30000000 | &nbsp;&nbsp;2.3% | &nbsp;&nbsp;$40000000 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;60.9% | &nbsp;&nbsp;60.9% | &nbsp;&nbsp;1.58x | &nbsp;&nbsp;1.58x |
| Springfield Town Center | &nbsp;&nbsp;$25000000 | &nbsp;&nbsp;1.9% | &nbsp;&nbsp;$125000000 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;54.6% | &nbsp;&nbsp;54.6% | &nbsp;&nbsp;1.86x | &nbsp;&nbsp;1.86x |
| 161 Washington Street | &nbsp;&nbsp;$22500000 | &nbsp;&nbsp;1.7% | &nbsp;&nbsp;$31520000 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;69.3% | &nbsp;&nbsp;69.3% | &nbsp;&nbsp;2.13x | &nbsp;&nbsp;2.13x |
| Pacifica Hotel Portfolio<br> (4-Pack)  | &nbsp;&nbsp;$11420000 | &nbsp;&nbsp;0.9% | &nbsp;&nbsp;$60000000 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;57.2% | &nbsp;&nbsp;57.2% | &nbsp;&nbsp;1.76x | &nbsp;&nbsp;1.76x |
| CFS Industrial HQ | &nbsp;&nbsp;$10000000 | &nbsp;&nbsp;0.8% | &nbsp;&nbsp;$42800000 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;70.5% | &nbsp;&nbsp;70.5% | &nbsp;&nbsp;1.57x | &nbsp;&nbsp;1.57x |

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(1) With respect to certain of the mortgage loans identified above, the Cut-off Date LTV Ratios have been calculated using "as-stabilized",
"portfolio premium" or similar hypothetical values, as described under the definition of "Appraised Value" set
forth under *"Description of the Mortgage Pool—Certain Calculations and Definitions* ".

(2) Calculated including the related *pari passu* companion loans but excluding any related subordinate companion loan(s), any related
mezzanine loan(s) and any other subordinate indebtedness.

(3) Calculated including the related *pari passu* companion loans and any related subordinate companion loan(s) but excluding any
related mezzanine loan(s) and any other subordinate indebtedness.

The 9911 Belward whole loan and the 1010 Pacific Street whole loan will be serviced by the master servicer and the special servicer pursuant to the pooling and servicing agreement for this transaction. Each such whole loan, as well as each servicing shift whole loan prior to the related servicing shift securitization date, is referred to in this prospectus as a "<u>serviced whole loan</u>", and any related companion loan that is *pari passu* in right of payment to the related mortgage loan is referred to in this prospectus as a "<u>serviced pari passu companion loan</u>" or a "<u>serviced companion loan</u>".

Each servicing shift whole loan (each, a "<u>servicing shift whole loan</u>") will initially be serviced by the master servicer and the special servicer pursuant to the pooling and servicing agreement for this transaction. From and after the date on which the related controlling companion loan is securitized (the "<u>servicing shift securitization date</u>"), it is anticipated that each servicing shift whole loan will be serviced under, and by the master servicer designated in, the related pooling and servicing agreement entered into in connection with such securitization (each, a "<u>servicing shift pooling and servicing agreement</u>").

The whole loans identified in the table below will not be serviced under the pooling and servicing agreement and instead are each being serviced under a separate servicing agreement identified below relating to a related companion loan. Each of the whole loans identified in the table below, as well as each servicing shift whole loan on and after the related servicing shift securitization date, is referred to in this prospectus as a "<u>non-serviced whole loan</u>". The related mortgage loans are each referred to as a "non-serviced mortgage loan" and any related companion loans are each referred to in this prospectus as a "<u>non-serviced companion loan</u>" or collectively as the "<u>non-serviced companion loans</u>". See "*Pooling and Servicing Agreement—Servicing of the Non-Serviced Mortgage Loans*".

**Non-Serviced Whole Loans<sup>(1)</sup>**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Mortgage Loan Name** | **Transaction/ Pooling and Servicing Agreement<sup>(2)</sup>** | **% of Initial Pool Balance** | **Master Servicer** | **Special Servicer** | **Trustee** | **Certificate Administrator and Custodian** | **Initial Directing Party** | **Operating Advisor** | **Asset Representations Reviewer** |
| 180 Water | COMM 2025-180W | 4.6% | Trimont LLC | Mount Street US (Georgia) LLP | Computershare Trust Company, National Association | Deutsche Bank National Trust Company | RHYCF 2025-180 Water, LLC | Park Bridge Lender Services LLC | N/A<sup>(3)</sup> |
| Yosemite Hospitality Portfolio | BANK5 2025-5YR17<sup>(4)</sup> | 2.4% | Trimont LLC | Torchlight Loan Services, LLC | Computershare Trust Company, National Association | Deutsche Bank National Trust Company | Torchlight Debt Fund VIII Holdings (US), LLC | Pentalpha Surveillance LLC | Pentalpha Surveillance LLC |
| Springfield Town Center | BBCMS 2025-5C37 | 1.9% | Midland Loan Services, a Division of PNC Bank, National Association | 3650 REIT Loan Servicing LLC | Computershare Trust Company, National Association | Computershare Trust Company, National Association | 3650 Real Estate Investment Trust 2 LLC | Pentalpha Surveillance LLC | Pentalpha Surveillance LLC |
|  Pacifica Hotel Portfolio<br> (4-Pack)  | Benchmark 2025-V17 | 0.9% | Trimont LLC | Greystone Servicing Company LLC | Computershare Trust Company, National Association | Computershare Trust Company, National Association | 660 RR Holdings LLC | Park Bridge Lender Services LLC | Park Bridge Lender Services LLC |

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(1) Does not reflect any servicing shift mortgage loan. With respect to each servicing shift mortgage loan, on and after the related servicing
shift securitization date, each servicing shift mortgage loan will also be a non-serviced mortgage loan and the related whole loan will
be a non-serviced whole loan. The initial controlling noteholder and initial directing party of the ESA Portfolio whole loan will be GSMC,
as the holder of the related controlling companion loan. The initial controlling noteholder and initial directing party of the 80-02 Kew
Gardens whole loan will be Citi Real Estate Funding Inc., as the holder of the related controlling companion loan. The initial controlling
noteholder and initial directing party of the 161 Washington Street whole loan will be GSMC, as the holder of the related controlling
companion loan. The initial controlling noteholder and initial directing party of the CFS Industrial HQ whole loan will be GSMC, as the
holder of the related controlling companion loan.

(2) The identification of a "Transaction/Pooling and Servicing Agreement" above indicates that we have identified a securitization
trust that has closed or priced or as to which a preliminary prospectus or final prospectus has printed, or otherwise based on publicly
available information, and that has included, or is expected to include, the related controlling note for such whole loan.

(3) The COMM 2025-180W trust and servicing agreement does not provide for any asset representations reviewer or similar entity.

(4) The BANK5 2025-5YR17 securitization is expected to close on October 17, 2025.

For further information regarding the whole loans, see "*Description of the Mortgage Pool*—*The Whole Loans*", and for information regarding the servicing of the non-serviced whole loans, see "*Pooling and Servicing Agreement—Servicing of the Non-Serviced Mortgage Loans*".

**Mortgage Loan Characteristics**

The following table sets forth certain anticipated characteristics of the mortgage loans as of the cut-off date (unless otherwise indicated). Except as specifically provided in this prospectus, various information presented in this prospectus (including loan-to-value ratios, debt service coverage ratios, debt yields and cut-off date balances per net rentable square foot, room, pad or unit, as applicable) with respect to any mortgage loan with a *pari passu* companion loan or subordinate companion loan is calculated including the principal balance and debt service payment of the related *pari passu* companion loan(s), but is calculated excluding the principal balance and debt service payment of any related subordinate companion loan(s) (or any other subordinate debt encumbering the related mortgaged property or any related mezzanine debt or preferred equity). However, unless specifically indicated, for the purpose of numerical and statistical information with respect to the composition of the mortgage pool contained in this prospectus (including any tables, charts and information set forth on Annex A-1, Annex A-2 and Annex A-3), no subordinate companion loan is reflected in this prospectus.

The sum of the numerical data in any column may not equal the indicated total due to rounding. Unless otherwise indicated, all figures and percentages presented in this "*Summary of Terms*" are calculated as described under "*Description of the Mortgage Pool—Additional Information*" and, unless otherwise indicated, such figures and percentages are approximate and, in each case, represent the indicated figure or percentage of the aggregate principal balance of the pool of mortgage loans as of the cut-off date. The principal balance of each mortgage loan as of the cut-off date assumes (or, in the case of each mortgage loan with a due date prior to the date of this prospectus, reflects) the timely receipt of principal scheduled to be paid on or before the cut-off date and no defaults, delinquencies or prepayments on, or modifications of, any mortgage loan on or prior to the cut-off date. Whenever percentages and other information in this prospectus are presented on the mortgaged property level rather than the mortgage loan level, the information for mortgage loans secured by more than one mortgaged property is based on allocated loan amounts as stated on Annex A-1.

The mortgage loans will have the following approximate characteristics as of the cut-off date:

**Cut-off Date Mortgage Loan Characteristics**

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| | |
|:---|:---|
|  | &nbsp;&nbsp; **All Mortgage Loans** |
| Initial Pool Balance<sup>(1)</sup> | &nbsp;&nbsp;$1316438800 |
| Number of Mortgage Loans | &nbsp;&nbsp;47 |
| Number of Mortgaged Properties | &nbsp;&nbsp;88 |
| Range of Cut-off Date Balances | &nbsp;&nbsp;$4100000 - $80000000 |
| Average Cut-off Date Balance | &nbsp;&nbsp;$28009336 |
| Range of Mortgage Rates<sup>(2)</sup> | &nbsp;&nbsp;5.00000% to 7.61300% |
| Weighted Average Mortgage Rate<sup>(2)</sup> | &nbsp;&nbsp;6.46236% |
| Range of original terms to maturity | &nbsp;&nbsp;58 to 60 months |
| Weighted average original term to maturity | &nbsp;&nbsp;60 months |
| Range of remaining terms to maturity | &nbsp;&nbsp;51 to 60 months |
| Weighted average remaining term to maturity | &nbsp;&nbsp;59 months |
| Range of original amortization terms<sup>(3)</sup> | &nbsp;&nbsp;360 to 360 months |
| Weighted average original amortization term<sup>(3)</sup> | &nbsp;&nbsp;360 months |
| Range of remaining amortization terms<sup>(3)</sup> | &nbsp;&nbsp;360 to 360 months |
| Weighted average remaining amortization term<sup>(3)</sup> | &nbsp;&nbsp;360 months |
| Range of Cut-off Date LTV Ratios<sup>(2)(4)</sup> | &nbsp;&nbsp;39.2% to 78.6% |
| Weighted average Cut-off Date LTV Ratio<sup>(2)(4)</sup> | &nbsp;&nbsp;60.4% |
| Range of Maturity Date LTV Ratios<sup>(2)(5)</sup> | &nbsp;&nbsp;39.2% to 78.6% |
| Weighted average Maturity Date LTV Ratio<sup>(2)(5)</sup> | &nbsp;&nbsp;60.2% |
| Range of UW NCF DSCR<sup>(2)(6)</sup> | &nbsp;&nbsp;1.10x to 3.41x |
| Weighted average UW NCF DSCR<sup>(2)(6)</sup> | &nbsp;&nbsp;1.80x |
| Range of UW NOI Debt Yield<sup>(2)(7)</sup> | &nbsp;&nbsp;7.2% to 26.3% |
| Weighted average UW NOI Debt Yield<sup>(2)(7)</sup> | &nbsp;&nbsp;12.3% |
| Percentage of Initial Pool Balance consisting of: |  |
| &nbsp;&nbsp;&nbsp;Interest-Only Balloon | &nbsp;&nbsp;94.3% |
| &nbsp;&nbsp;&nbsp;Full-Term Amortizing Balloon | &nbsp;&nbsp;5.7% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Subject to a variance of plus or minus 5%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) With respect to each mortgage loan that is part of a whole loan, such mortgage loan and the related *pari passu* companion loan,
if any (but not any related subordinate companion loan) are included for the purposes of calculating the Mortgage Rate, Cut-off Date LTV
Ratio, Maturity Date LTV Ratio, UW NCF DSCR and UW NOI Debt Yield unless otherwise expressly stated. Other than as specifically noted,
the Mortgage Rate, Cut-off Date LTV Ratio, Maturity Date LTV Ratio, UW NCF DSCR and UW NOI Debt Yield information for each mortgage loan
is presented in this prospectus without regard to any other indebtedness (whether or not secured by the related mortgaged property, ownership
interests in the related borrower or otherwise) that currently exists or that may be incurred by the related borrower or its owners in
the future, in order to present statistics for the related mortgage loan without combination with the other indebtedness. With respect
to the 180 Water mortgage loan (4.6%), (a) the related mortgage loan and *pari passu* Companion Loans have varying interest rates,
and the debt service coverage ratio is calculated using the weighted average interest rate of such mortgage loan and *pari passu* companion loans of 5.34703378378378%, and (b) the Cut-off Date LTV Ratio, Maturity Date LTV Ratio, UW NCF DSCR and UW NOI Debt Yield including
the related Subordinate Companion Loans are 74.1%, 74.1%, 1.12x and 7.2%, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Does not include mortgage loans that pay interest-only until their maturity dates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Cut-off Date LTV Ratio for each mortgage loan is generally calculated utilizing the "as-is" appraised value; *provided* that (a) such loan-to-value ratios may be calculated based on (i) "as-stabilized" or similar values for a mortgaged property
in certain cases where the completion of certain hypothetical conditions or other events at the mortgaged property are assumed and/or
where reserves have been established at origination to satisfy the applicable condition or event that is expected to occur, or (ii) the
cut-off date balance net of a related earnout or holdback reserve, or (b) the "as-is" appraised value for a portfolio of mortgaged
properties may include a premium relating to the valuation of the portfolio of mortgaged properties as a whole rather than as the sum
of individually valued mortgaged properties, in each case as further described in the definitions of "Cut-off Date LTV Ratio"
under "*Description of the Mortgage Pool—Certain Calculations and Definitions* ". The weighted average Cut-off Date
LTV Ratio for the mortgage pool without making any adjustments is 61.4%.

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The Maturity Date LTV Ratio for each mortgage loan is generally calculated utilizing the "as-is" appraised value; *provided* that (a) such loan-to-value ratios may be calculated based on (i) "as-stabilized" or similar values for a mortgaged property
in certain cases where the completion of certain hypothetical conditions or other events at the mortgaged property are assumed and/or
where reserves have been established at origination to satisfy the applicable condition or event that is expected to occur, or (ii) the
maturity balance net of a related earnout or holdback reserve, or (b) the "as-is" appraised value for a portfolio of mortgaged
properties may include a premium relating to the valuation of the portfolio of mortgaged properties as a whole rather than as the sum
of individually valued mortgaged properties, in each case as further described in the definitions of "Maturity Date LTV Ratio"
under "*Description of the Mortgage Pool—Certain Calculations and Definitions* ". The weighted average Maturity
Date LTV Ratio for the mortgage pool without making such adjustments is 61.3%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The UW NCF DSCR is generally calculated using the average of the principal and interest payments for the first twelve payment periods
of the mortgage loan following the cut-off date; *provided* that (i) in the case of a mortgage loan that provides for interest-only
payments through maturity, such items are calculated based on the interest payments scheduled to be due on the first due date following
the cut-off date and the 11 due dates thereafter for such mortgage loan, (ii) in the case of a mortgage loan that provides for an initial
interest-only period that ends prior to maturity and provides for scheduled amortization payments thereafter, such items are calculated
based on the monthly payment of principal and interest payable immediately following the expiration of the interest-only period and (iii)
with respect to any mortgage loan structured with an earnout or economic holdback reserve, the UW NCF DSCR for such mortgage loan may
be calculated based on the annual debt service that would be in effect for such mortgage loan assuming that the related cut-off date balance(s)
are net of the related economic holdback reserve. See the definition of "UW NCF DSCR" under "*Description of the Mortgage Pool—Certain Calculations and Definitions* ".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) The Debt Yield on Underwritten NOI for each mortgage loan is generally the related mortgaged property's Underwritten NOI divided
by the cut-off date balance of such mortgage loan; *provided* that with respect to any mortgage loan with an earnout or economic
holdback reserve, the Debt Yield on Underwritten NOI for such mortgage loan may be calculated based on the related cut-off date balance(s)
net of the related earnout or economic holdback reserve. See the definitions of "Debt Yield on Underwritten NOI" under "*Description of the Mortgage Pool—Certain Calculations and Definitions* ".

All of the mortgage loans accrue interest on an actual/360 basis.

For further information regarding the mortgage loans, see "*Description of the Mortgage Pool*".

Modified and Refinanced Loans As of the cut-off date, none of the mortgage loans were modified due to a delinquency.

Six (6) of the mortgage loans (17.8%) (i) were refinancings in whole or in part of prior loans (or refinancings of bridge loans that in turn refinanced prior loans) that were secured by, or mezzanine loans that were secured by interests in the owner of, the related mortgaged property, which prior loan was in default at the time of refinancing and/or otherwise involved a discounted pay-off, maturity extension, short sale or other restructuring or (ii) provided acquisition financing for the related borrower's purchase of the related mortgaged property at a foreclosure sale or after becoming an REO property.

With respect to the 180 Water mortgage loan (4.6%), a $265.0 million senior mortgage, previously encumbered the mortgaged property and secured a mortgage loan that was securitized in the COMM 2019-GC44 transaction (the "<u>Prior 180 Water Loan</u>"), and the prior debt capitalization of the mortgaged property also included a $100.0 million mezzanine loan held by a separate mezzanine lender. The Prior 180 Water Loan matured on

November 6, 2024, and failed to be repaid upon its maturity, and the mezzanine loan likewise defaulted at its maturity. Due to the maturity default on the Prior 180 Water Loan, the Prior 180 Water Loan was transferred to special servicing, and the special servicer of the Prior 180 Water Loan instituted foreclosure proceedings with respect to the mortgaged property. Upon the origination of the 180 Water whole loan on July 29, 2025, the current common equity ownership of the borrower (i) acquired the outstanding aforementioned mezzanine loan (at a 19.8% discount, paying $80.2 million for the $100.0 million balance), (ii) extended the term of such mezzanine loan by approximately 15 years, (iii) acquired 49% of the equity of the borrower, and (iv) repaid the Prior 180 Water Loan in full. The mezzanine loan remains outstanding, and the holder of the mezzanine loan entered into a subordination and standstill agreement with the mortgage lender. Foreclosure proceedings on the Prior 180 Water Loan were terminated in connection with the origination of the 180 Water whole loan.

With respect to the REVA Portfolio mortgage loan (4.0%), one of the seven related mortgaged properties, the Southpark at Westgate mortgaged property, secured a prior securitized mortgage loan that matured in 2024, experienced a maturity default, and was extended to a maturity date in 2026. Two of the other related mortgaged properties, The Fairfax Building mortgaged property and the Sabal 6 mortgaged property, each secured a separate prior securitized mortgage loan, each of which went into maturity default in June 2025, and received a forbearance agreement. At origination, such prior mortgage loans were repaid in full from the proceeds of the current mortgage loan.

With respect to the Royal Ledges Apartments mortgage loan (3.8%), a mezzanine loan secured by ownership interests in the related borrower experienced a maturity default in 2024, and the related lender filed a complaint against the debtor. According to the borrower sponsor, an extension was agreed to on the mezzanine debt, and the mezzanine lender terminated the related litigation. The mezzanine loan was repaid with the proceeds of the current mortgage loan at origination of the mortgage loan.

With respect to the Providence at Champions mortgage loan (2.1%), the mortgaged property secured a prior loan that went into maturity default in January 2025. Upon a $1,970,047 paydown of the prior loan by the related borrower sponsor, the prior lender extended the prior loan maturity date to June 6, 2025. The prior loan was paid off in full in connection with the May 16, 2025 origination of the Providence at Champions mortgage loan. In addition, in connection with the foregoing events, the current borrower sponsor of the Providence at Champions mortgage loan (which had a preferred equity investment in the mortgaged property) took control of the mortgaged property from the prior borrower sponsor.

With respect to the 365 West Passaic mortgage loan (1.7%), the mortgage loan refinanced a prior mortgage loan that was in maturity default after the extended maturity date of such prior mortgage loan expired in July 2025. Such prior mortgage loan was originated on July 5, 2019 for $20,000,000 and was transferred to special servicing in September 2024 for maturity default. The lender of such prior mortgage loan provided loan modifications extending the maturity date from July 2024 to January 2025, and a second extension until February 2025, and finally a third extension until July 15, 2025. The prior mortgage loan was in maturity default at the time of origination of the current mortgage loan on September 18, 2025, since it had not been extended beyond the July 15, 2025 maturity date and no forbearance agreement was executed. The borrower otherwise remained current on monthly loan payments due to the lender of the prior mortgage loan until such loan was fully repaid out of the current mortgage loan proceeds, including $247,918 in default interest and $192,710 in liquidation fees.

With respect to the Village Square mortgage loan (1.6%), the mortgaged property secured a prior loan that went into maturity default in August 2025. The prior servicer agreed to a 60-day extension, extending the maturity date to October 2025. The prior loan was paid off in full in connection with the origination of the mortgage loan.

See *"Description of the Mortgage Pool—Loan Purpose; Default History, Bankruptcy Issues and Other Proceedings".*

Loans Underwritten Based on

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| Projections of Future Income | With respect to nineteen (19) mortgaged properties (13.3%), such mortgaged properties (i) were constructed, in a lease-up period or were the subject of a major renovation that was completed within 12 calendar months prior to the cut-off date and, therefore, the related mortgaged property has no or limited prior operating history or the related mortgage loan seller did not take the operating history into account in the underwriting of the related mortgage loan, (ii) were acquired by the related borrower or any affiliate of the borrower within 12 calendar months prior to the cut-off date and such borrower or affiliate was unable to provide the related mortgage loan seller with historical financial information (or provided limited historical financial information) for such acquired mortgaged property or (iii) are secured by the borrower's leased fee interest in land and the related mortgage loan was underwritten based on the triple net ground lease. |

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See "*Description of the Mortgage Pool—Mortgage Pool Characteristics—Mortgaged Properties With Limited Prior Operating History*".

Certain Variances from

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| Underwriting Standards | Eight (8) of the mortgage loans (23.1%) vary from the underwriting guidelines described under "*Transaction Parties—The Sponsors and Mortgage Loan Sellers*". See "*Transaction Parties—The Sponsors and Mortgage Loan Sellers*—*Goldman Sachs Mortgage Company—Goldman Originator's Underwriting Guidelines and Processes—Exceptions to Goldman Originator's Disclosed Underwriting Guidelines*", "—*German American* |

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*Capital Corporation—DB Originators' Underwriting Guidelines and Processes—Exceptions*", "*—Citi Real Estate Funding Inc.—CREFI's Underwriting Guidelines and Processes—Exceptions to CREFI's Disclosed Underwriting Guidelines*", "—*Bank of Montreal—BMO's Origination Procedures and Underwriting Guidelines—Exceptions to Underwriting Guidelines*" and "*—Barclays Capital Real Estate Inc.—Barclays' Underwriting Guidelines and Processes—Exceptions*".

**Additional Aspects of Certificates**

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| Denominations | The offered certificates with certificate balances that are initially offered and sold to purchasers will be issued in minimum denominations of $10,000 and integral multiples of $1 in excess of $10,000. The offered certificates with notional amounts will be issued, maintained and transferred only in minimum denominations of authorized initial notional amounts of not less than $1,000,000 and in integral multiples of $1 in excess of $1,000,000. |

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Registration, Clearance and

Settlement Each class of offered certificates will initially be registered in the name of Cede & Co., as nominee of The Depository Trust Company, or DTC.

You may hold offered certificates through: (1) DTC in the United States; or (2) Clearstream Banking, Luxembourg or Euroclear Bank, as operator of the Euroclear System. Transfers within DTC, Clearstream Banking, Luxembourg or Euroclear Bank, as operator of the Euroclear System, will be made in accordance with the usual rules and operating procedures of those systems.

We may elect to terminate the book-entry system through DTC (with the consent of the DTC participants), Clearstream Banking, Luxembourg or Euroclear Bank, as operator of the Euroclear System, with respect to all or any portion of any class of the offered certificates.

See "*Description of the Certificates—Delivery, Form, Transfer and Denomination—Book-Entry Registration*".

Credit Risk Retention For a discussion of the manner by which German American Capital Corporation, as retaining sponsor, intends to satisfy the credit risk retention requirements of the Credit Risk Retention Rules, see "*Credit Risk Retention*".

None of the sponsors, the depositor, the underwriters, the issuing entity or any other party to the transaction intends to retain a material net economic interest in the securitization constituted by the issuance of the offered certificates, or take any other action, in a manner prescribed by the EU Securitization Regulation or the UK Securitization Framework (as each such term is defined herein). In addition, no such person undertakes to take any other action which may be required by any investor for the purposes of its compliance with any applicable requirement of the EU Securitization Regulation or the UK Securitization Framework. Furthermore, the arrangements

described under "*Credit Risk Retention*" have not been structured with the objective of ensuring compliance by any person with any requirements of the EU Securitization Regulation or the UK Securitization Framework. Consequently, the certificates may not be a suitable investment for investors which are subject to any such requirements. See "*Risk Factors—General Risk Factors—Legal and Regulatory Provisions Affecting Investors Could Adversely Affect the Liquidity of the Offered Certificates*".

Information Available to

Certificateholders and

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| the RR Interest Owner | On each distribution date, the certificate administrator will prepare and make available to each certificateholder of record and the RR interest owner a statement as to the distributions being made on that date. Additionally, under certain circumstances, certificateholders of record and the RR interest owner may be entitled to certain other information regarding the issuing entity. See "*Description of the Certificates—Reports to Certificateholders and the RR Interest Owner; Certain Available Information*". |

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Deal Information/Analytics Certain information concerning the mortgage loans and the certificates may be available to subscribers through the following services:

● Bloomberg Financial Markets, L.P., Trepp, LLC, Intex Solutions, Inc., Moody's Analytics, CMBS.com, Inc., BlackRock Financial Management, Inc., Markit Group Limited, RealINSIGHT, LSEG, Intercontinental Exchange \| ICE Data Services, KBRA Analytics, LLC, DealX, Fintech Data LLC, d.b.a. CRED iQ and redIQ LLC;

● The certificate administrator's website initially located at www.ctslink.com; and

● The master servicer's website initially located at https://cmsview.trimont.com/tcms.

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| Optional Termination | On any distribution date on which the aggregate principal balance of the pool of mortgage loans remaining in the issuing entity is less than 1.0% of the aggregate principal balance of the mortgage loans as of the cut-off date, certain entities specified in this prospectus will have the option to purchase all of the remaining mortgage loans (and all REO property acquired through exercise of remedies in respect of any mortgage loan) at the price specified in this prospectus. |

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The issuing entity may also be terminated in connection with a voluntary exchange of all the then-outstanding certificates (other than the Class R certificates) and the RR interest for the mortgage loans, and all REO property held by the issuing entity, *provided* that (i) the Class A-1, Class A-2, Class A-3, Class A-S, Class B, Class C and Class D certificates are no longer outstanding, (ii) there is only one holder (or multiple holders acting unanimously) of the outstanding certificates (other than the Class R certificates) and the RR interest, and (iii) certain

other conditions are satisfied as described under "*Pooling and Servicing Agreement—Termination; Retirement of Certificates*".

See "*Pooling and Servicing Agreement—Termination; Retirement of Certificates*".

Required Repurchases or <br> Substitutions of Mortgage

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| Loans; Loss of Value Payment | Under certain circumstances, the related mortgage loan seller (or Barclays Capital Holdings Inc., with respect to the repurchase and substitution obligations of Barclays Capital Real Estate Inc. to the same extent as Barclays Capital Real Estate Inc.) may be obligated to (i) repurchase (without payment of any yield maintenance charge or prepayment premium) or substitute for an affected mortgage loan from the issuing entity or (ii) make a cash payment that would be deemed sufficient to compensate the issuing entity in the event of a document defect or a breach of a representation and warranty made by the related mortgage loan seller with respect to the mortgage loan in the mortgage loan purchase agreement that materially and adversely affects the value of the mortgage loan, the value of the related REO property or the interests of the trustee, any certificateholders or the RR interest owner in the mortgage loan or REO property or causes the mortgage loan to be other than a "qualified mortgage" within the meaning of Section 860G(a)(3) of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>") (but without regard to the rule of Treasury Regulations Section 1.860G-2(f)(2) that causes a defective loan to be treated as a "qualified mortgage"); *provided* that with respect to each of the 9911 Belward mortgage loan and the Springfield Town Center mortgage loan, each related mortgage loan seller will be obligated to take the above remedial actions only with respect to the related promissory note sold by it to the depositor as if the note contributed by each mortgage loan seller and evidencing such mortgage loan were a separate mortgage loan. See "*Description of the Mortgage Loan Purchase Agreements*". |

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| Sale of Defaulted Loans | Pursuant to the pooling and servicing agreement, under certain circumstances the special servicer is required to solicit offers for defaulted mortgage loans (other than non-serviced mortgage loans) or defaulted serviced whole loans and/or related REO property and may accept the first (and, if multiple offers are received, the highest) cash offer from any person that constitutes a fair price for the defaulted mortgage loan (or defaulted serviced whole loan) and/or related REO property, determined as described in "*Pooling and Servicing Agreement—Realization Upon Mortgage Loans"* and *"—Sale of Defaulted Loans and REO Properties*", unless the special servicer determines, in accordance with the servicing standard, that rejection of such offer would be in the best interests of the certificateholders, the RR interest owner and any related companion loan holders (as a collective whole as if such certificateholders, the RR interest owner and such companion loan holders constituted a single lender and, with respect to a whole loan with a subordinate companion loan, taking into account the subordinate nature of such subordinate companion loan). |

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If a non-serviced mortgage loan with a related *pari passu* companion loan becomes a defaulted mortgage loan and the special servicer under the related pooling and servicing agreement for the related *pari passu* companion loan determines to sell such *pari passu* companion loan, then that special servicer will be required to sell such non-serviced mortgage loan together with the related *pari passu* companion loan and any related subordinate companion loans, in a manner similar to that described above. See "*Description of the Mortgage Pool—The Whole Loans*".

Tax Status Elections will be made to treat designated portions of the issuing entity as two (2) separate REMICs (the "<u>lower-tier REMIC</u>" and the "<u>upper-tier REMIC</u>" and each, a "<u>trust REMIC</u>") for federal income tax purposes.

Pertinent federal income tax consequences of an investment in the offered certificates include:

● Each class of offered certificates will constitute REMIC "regular interests".

● The offered certificates will be treated as newly originated debt instruments for federal income tax purposes.

● You will be required to report income on your offered certificates using the accrual method of accounting.

● It is anticipated that the Class [__] certificates will be issued with original issue discount and that the Class [__] certificates will be issued at a premium for federal income tax purposes.

See "*Material Federal Income Tax Considerations*".

Certain ERISA Considerations Subject to important considerations described under "*Certain ERISA Considerations*", the offered certificates are eligible for purchase by persons investing assets of employee benefit plans or individual retirement accounts.

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| Legal Investment | No class of the offered certificates will constitute "mortgage related securities" for purposes of the Secondary Mortgage Market Enhancement Act of 1984, as amended. If your investment activities are subject to legal investment laws and regulations, regulatory capital requirements, or review by regulatory authorities, then you may be subject to restrictions on investment in the certificates. You should consult your own legal advisors for assistance in determining the suitability of and consequences to you of the purchase, ownership, and sale of the certificates. |

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The issuing entity will not be registered under the Investment Company Act of 1940, as amended. The issuing entity will be relying on an exclusion or exemption from the definition of "investment company" under the Investment Company Act of 1940, as amended contained in Section 3(c)(5) of the Investment Company Act of 1940, as amended, or Rule 3a-7 under the Investment Company Act of 1940, as amended, although there may be additional exclusions or exemptions available to the issuing entity. The issuing entity is being structured so as not to constitute a "covered fund" for purposes of the Volcker Rule under the Dodd-Frank Act (both as defined in this prospectus).

See "*Legal Investment*".

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| Ratings | The offered certificates will not be issued unless each of the offered classes receives a credit rating from one or more of the nationally recognized statistical rating organizations engaged by the depositor to rate the offered certificates. The decision not to engage one or more other rating agencies in the rating of certain classes of certificates to be issued in connection with this transaction, may negatively impact the liquidity, market value and regulatory characteristics of those classes of certificates. Neither the depositor nor any other person or entity will have any duty to notify you if any other nationally recognized statistical rating organization issues, or delivers notice of its intention to issue, unsolicited ratings on one or more classes of certificates after the date of this prospectus. |

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See "*Risk Factors—Other Risks Relating to the Certificates—Nationally Recognized Statistical Rating Organizations May Assign Different Ratings to the Certificates; Ratings of the Certificates Reflect Only the Views of the Applicable Rating Agencies as of the Dates Such Ratings Were Issued; Ratings May Affect ERISA Eligibility; Ratings May Be Downgraded*" and "*Ratings*".

**Summary of Risk Factors**

Investing in the certificates involves risks. Any of the risks set forth in this prospectus under the heading "*Risk Factors*" may have a material adverse effect on the cash flow on one or more mortgaged properties, the related borrowers' ability to meet their respective payment obligations under the mortgage loans, and/or on your certificates. As a result, the market price of the certificates could decline significantly and you could lose a part or all of your investment. You should carefully consider all the information set forth in this prospectus and, in particular, evaluate the risks set forth in this prospectus under the heading "*Risk Factors*" before deciding to invest in the certificates. The following is a summary of some of the principal risks associated with an investment in the certificates:

**Risks Relating to the Mortgage Loans**

● **Non-Recourse Loans:** The mortgage loans are non-recourse loans, and in the event of a default on a mortgage loan, recourse generally may only be had against the specific mortgaged property(ies) and other assets that have been pledged to secure the mortgage loan. Consequently, payment on the certificates is dependent primarily on the sufficiency of the net operating income or market value of the mortgaged properties, each of which may be volatile.

● **Borrowers:** Frequent and early occurrence of borrower delinquencies and defaults may adversely affect your investment. Bankruptcy proceedings involving borrowers, borrower organizational structures and additional debt incurred by a borrower or its sponsors may increase risk of loss. In addition, borrowers may be unable to refinance or repay their mortgage loans at the maturity date.

● **Property Performance:** Certificateholders and the RR interest owner are exposed to risks associated with the performance of the mortgaged properties, including location, competition, condition (including environmental conditions), maintenance, ownership, management, and litigation. Property values may decrease even when current operating income does not. The property type (e.g., multifamily, office, hospitality, mixed use, retail, industrial, leased fee, self storage and manufactured housing) may present additional risks.

● **Loan Concentration:** Certain of the mortgage loans represent significant concentrations of the mortgage pool as of the cut-off date. A default on one or more of such mortgage loans may have a disproportionate impact on the performance of the certificates.

● **Property Type Concentration:** Certain property types represent significant concentrations of the mortgaged properties securing the mortgage pool as of the cut-off date, based on allocated loan amounts. Adverse developments with respect to those property types or related industries may have a disproportionate impact on the performance of the certificates.

● **Other Concentrations:** Losses on loans to related borrowers or cross-collateralized and cross-defaulted loan groups, geographical concentration of the mortgaged properties, and concentration of tenants among the mortgaged properties, may disproportionately affect distributions on the offered certificates.

● **Tenant Performance:** The repayment of a commercial, multifamily or manufactured housing mortgage loan is typically dependent upon the ability of the related mortgaged property to produce cash flow through the collection of rents. Therefore, the performance of the mortgage loans will be highly dependent on the performance of tenants and tenant leases.

● **Significant Tenants:** Properties that are leased to a single tenant or a tenant that comprises a significant portion of the rental income are disproportionately susceptible to interruptions of cash flow in the event of a lease expiration or termination or a downturn in the tenant's business.

● **Underwritten Net Cash Flow:** Underwritten net cash flow for the mortgaged properties could be based on incorrect or flawed assumptions.

● **Appraisals:** Appraisals may not reflect the current or future market value of the mortgaged properties.

● **Inspections:** Property inspections may not identify all conditions requiring repair or replacement.

● **Insurance:** The absence or inadequacy of terrorism, fire, flood, earthquake and other insurance may adversely affect payment on the certificates.

● **Zoning:** Changes in zoning laws may affect the ability to repair or restore a mortgaged property. Properties or structures considered to be "legal non-conforming" may not be able to be restored or rebuilt "as-is" following a casualty or loss.

**Risks Relating to Conflicts of Interest**

● **Transaction Parties:** Conflicts of interest may arise from the transaction parties' relationships with each other or their economic interests in the transaction.

● **Directing Holder and Companion Holders:** Certain certificateholders and companion loan holders have control and/or consent rights regarding the servicing of the mortgage loans and related whole loans. Such rights include rights, subject to certain limitations, to remove and replace the special servicer without cause and/or to direct or recommend the special servicer or non-serviced special servicer to take actions that conflict with the interests of holders of certain classes of certificates. The right to remove and replace the special servicer may give the directing holder the ability to influence the special servicer's servicing actions in a manner that may be more favorable to the directing holder relative to other certificateholders and the RR interest owner.

**Other Risks Relating to the Certificates**

● **Limited Obligations:** The certificates will only represent ownership interests in the issuing entity, and will not be guaranteed by the sponsors, the depositor or any other person. The issuing entity's assets may be insufficient to repay the offered certificates in full.

● **Uncertain Yields to Maturity:** The offered certificates have uncertain yields to maturity. Prepayments on the underlying mortgage loans will affect the average lives of the certificates; and the rate and timing of prepayments may be highly unpredictable. Optional early termination of the issuing entity may also adversely impact your yield or may result in a loss.

● **Rating Agency Feedback:** Future events could adversely impact the credit ratings and value of your certificates.

● **Limited Credit Support:** Credit support provided by subordination of certain certificates is limited and may not be sufficient to prevent loss on the offered certificates.

**Risk Factors**

*You should carefully consider the following risks before making an investment decision. In particular, distributions on your certificates will depend on payments received on, and other recoveries with respect to, the mortgage loans. Therefore, you should carefully consider the risk factors relating to the mortgage loans and the mortgaged properties.*

*If any of the following events or circumstances identified as risks actually occur or materialize, your investment could be materially and adversely affected. We note that additional risks and uncertainties not presently known to us may also impair your investment.*

*This prospectus also contains forward-looking statements that involve risks and uncertainties. Actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including the risks described below and elsewhere in this prospectus.*

**Special Risks**

**Cyberattacks or Other Security Breaches Could Have a Material Adverse Effect on the Business of the Transaction Parties**

In the normal course of business, the sponsors, the master servicer, the special servicer, the borrowers and the other transaction parties may collect, process and retain confidential or sensitive information regarding their customers (including mortgage loan borrowers and applicants). The sharing, use, disclosure and protection of this information is governed by the privacy and data security policies of such parties. Moreover, there are federal, state and international laws regarding privacy and the storing, sharing, use, disclosure and protection of personally identifiable information and user data. Although the transaction parties may devote significant resources and management focus to ensuring the integrity of their systems through information security and business continuity programs, their facilities and systems, and those of their third-party service providers, may be subject to external or internal security breaches, acts of vandalism, computer viruses, misplaced or lost data, programming or human errors, or other similar events. The access by unauthorized persons to, or the improper disclosure by the sponsors, the master servicer, the special servicer, the borrowers or any other transaction party of, confidential information regarding their customers or their own proprietary information, software, methodologies and business secrets could result in business disruptions, legal or regulatory proceedings, reputational damage, or other adverse consequences, any of which could materially adversely affect their financial condition or results of operations (including the servicing of the mortgage loans). Cybersecurity risks for organizations like the sponsors, the master servicer, the special servicer, the borrowers and the other transaction parties have increased recently in part because of new technologies, the use of the internet and telecommunications technologies (including mobile and other connected devices) to conduct financial and other business transactions, the increased sophistication and activities of organized crime, perpetrators of fraud, hackers, terrorists and others, and the evolving nature of these threats. For example, hackers recently have engaged in attacks against organizations that are designed to disrupt key business services. We cannot assure you that the sponsors, the master servicer, the special servicer, the borrowers or the other transaction parties will not suffer any such losses in the future.

Cyberattacks or other breaches, whether affecting the sponsors, the master servicer, the special servicer, the borrowers or other transaction parties, could result in heightened consumer concern and regulatory focus and increased costs, which could have a material adverse effect on the sponsors', the master servicer's, the special servicer's, a borrower's or another transaction party's businesses. If the business of the sponsors or any of their affiliates is materially adversely affected by such events, the sponsors may not be able to fulfill their remedy obligations with respect to a mortgage loan.

**Risks Relating to the Mortgage Loans**

**Mortgage Loans Are Non-Recourse and Are Not Insured or Guaranteed**

The mortgage loans are not insured or guaranteed by any person or entity, governmental or otherwise.

Investors should treat each mortgage loan as a non-recourse loan. If a default occurs, recourse generally may be had only against the specific mortgaged properties and other assets that have been pledged to secure the mortgage loan. Consequently, payment prior to maturity is dependent primarily on the sufficiency of the net operating income of the mortgaged property. Payment at maturity is primarily dependent upon the market value of the mortgaged property or the borrower's ability to refinance or sell the mortgaged property.

Although the mortgage loans generally are non-recourse in nature, certain mortgage loans contain non-recourse carveouts for liabilities such as a result of fraud by the borrower, certain voluntary insolvency proceedings or other matters. Certain mortgage loans set forth under "*Description of the Mortgage Pool—Non-Recourse Carveout Limitations*" either do not contain non-recourse carveouts or contain material limitations to non-recourse carveouts. Often these obligations are guaranteed by an affiliate of the related borrower, although liability under any such guaranty may be capped or otherwise limited in amount or scope. Furthermore, the guarantor's net worth and liquidity may be less (and in some cases, materially less) than amounts due under the related mortgage loan or the guarantor's sole asset may be its interest in the related borrower. In addition, the related guarantees may expire upon certain events, including upon the lender taking title to the related mortgaged property or a mezzanine lender taking title to equity in the borrower, or in the case of guarantees for environmental items, upon payment in full of the related mortgage loan and provision of a clean environmental report. Certain mortgage loans may have the benefit of a general payment guaranty of a portion of the indebtedness under the mortgage loan. In addition, certain non-recourse carveout guarantors may not be United States citizens. We cannot assure you that the lender will be able to collect on a guaranty from non-US citizens as such individuals or entities may be beyond the jurisdiction of United States courts. In all cases, however, the mortgage loans should be considered to be non-recourse obligations because neither the depositor nor the sponsors make any representation or warranty as to the obligation or ability of any borrower or guarantor to pay any deficiencies between any foreclosure proceeds and the mortgage loan indebtedness. No mortgage loan will be insured or guaranteed by any government, governmental instrumentality, private insurer or (except as described above) other person or entity.

**Risks of Commercial, Multifamily and Manufactured Housing Lending Generally**

The mortgage loans will be secured by various income producing commercial, multifamily and manufactured housing properties. The repayment of a commercial, multifamily or manufactured housing loan is typically dependent upon the ability of the related mortgaged property to produce cash flow through the collection of rents. Even the liquidation value of a commercial property is determined, in substantial part, by the capitalization of the property's ability to produce cash flow. However, net operating income can be volatile and may be insufficient to cover debt service on the loan at any given time.

The net operating incomes and property values of the mortgaged properties may be adversely affected by a large number of factors. Some of these factors relate to the properties themselves, such as:

● the age, design and construction quality of the properties;

● perceptions regarding the safety, convenience and attractiveness of the properties;

● the characteristics and desirability of the area where the property is located;

● the strength and nature of the local economy, including labor costs and quality, tax environment and quality of life for employees;

● the proximity and attractiveness of competing properties;

● the adequacy of the property's management and maintenance;

● increases in interest rates, real estate taxes and operating expenses at the property and in relation to competing properties;

● an increase in the capital expenditures needed to maintain the properties or make improvements;

● a decline in the businesses operated by tenants or in their financial condition;

● an increase in vacancy rates; and

● a decline in rental rates as leases are renewed or entered into with new tenants.

Other factors are more general in nature, such as:

● national, regional or local economic conditions, including plant closings, military base closings, industry slowdowns, oil and/or gas drilling facility slowdowns or closings and unemployment rates;

● local real estate conditions, such as an oversupply of competing properties, retail space, office space, multifamily housing or hotel capacity;

● demographic factors;

● consumer confidence;

● political factors;

● environmental factors;

● seismic activity risk;

● consumer tastes and preferences;

● retroactive changes in building codes;

● changes or continued weakness in specific industry segments;

● location of certain mortgaged properties in less densely populated or less affluent areas; and

● the public perception of safety for customers and clients.

The volatility of net operating income will be influenced by many of the foregoing factors, as well as by:

● the length of tenant leases (including that in certain cases, all or substantially all of the tenants, or one or more sole, anchor or other major tenants, at a particular mortgaged property may have leases that expire or permit the tenant(s) to terminate its lease during the term of the loan);

● the quality and creditworthiness of tenants;

● tenant defaults;

● in the case of rental properties, the rate at which new rentals occur; and

● the property's "operating leverage", which is generally the percentage of total property expenses in relation to revenue, the ratio of fixed operating expenses to those that vary with revenues, and the level of capital expenditures required to maintain the property and to retain or replace tenants.

A decline in the real estate market or in the financial condition of a major tenant will tend to have a more immediate effect on the net operating income of properties with relatively higher operating leverage or short-term revenue sources, such as short-term or month-to-month leases, and may lead to higher rates of delinquency or defaults.

**Performance of the Mortgage Loans Will Be Highly Dependent on the Performance of Tenants and Tenant Leases**

 <u>General</u>

Any tenant may, from time to time, experience a downturn in its business, which may weaken its financial condition and result in a reduction or failure to make rental payments when due. If tenants' sales were to decline, percentage rents may decline and, further, tenants may be unable to pay their base rent or other occupancy costs. If a tenant defaults in its obligations to a property owner, that property owner may experience delays in enforcing its rights as lessor and may incur substantial costs and experience significant delays associated with protecting its investment, including costs incurred in renovating and reletting the property. Additionally, the income from, and market value of, the mortgaged properties leased to various tenants would be adversely affected if:

● space in the mortgaged properties could not be leased or re-leased or substantial re-leasing costs were required and/or the cost of performing landlord obligations under existing leases materially increased;

● leasing or re-leasing is restricted by exclusive rights of tenants to lease the mortgaged properties or other covenants not to lease space for certain uses or activities, or covenants limiting the types of tenants to which space may be leased;

● a significant tenant were to become a debtor in a bankruptcy case;

● rental payments could not be collected for any other reason; or

● a borrower fails to perform its obligations under a lease resulting in the related tenant having a right to terminate such lease.

Certain tenants currently may be in a rent abatement period. We cannot assure you that such tenants will be in a position to pay full rent when the abatement period expires. We cannot assure you that the net operating income contributed by the mortgaged properties will remain at its current or past levels.

<u>A Tenant Concentration May Result in Increased Losses</u>

Mortgaged properties that are owner-occupied or leased to a single tenant, or a tenant that makes up a significant portion of the rental income, also are more susceptible to interruptions of cash flow if that tenant's business operations are negatively impacted or if such tenant fails to renew its lease. This is so because:

● the financial effect of the absence of rental income may be severe;

● more time may be required to re-lease the space; and

● substantial capital costs may be incurred to make the space appropriate for replacement tenants.

In the event of a default by that tenant, if the related lease expires prior to the mortgage loan maturity date and the related tenant fails to renew its lease or if such tenant exercises an early termination option, there would likely be an interruption of rental payments under the lease and, accordingly, insufficient funds available to the borrower to pay the debt service on the mortgage loan. In certain cases where the tenant owns the improvements on the mortgaged property, the related borrower may be required to purchase such improvements in connection with the exercise of its remedies.

With respect to certain of these mortgaged properties that are leased to a single tenant, the related leases may expire prior to, or soon after, the maturity dates of the mortgage loans or the related tenant may have the right to terminate the lease prior to the maturity date of the mortgage loan. If the current tenant does not renew its lease on comparable economic terms to the expired lease, if a single tenant terminates its lease or if a suitable replacement tenant does not enter into a new lease on similar economic terms, there could be a negative impact on the payments on the related mortgage loan.

A deterioration in the financial condition of a tenant, the failure of a tenant to renew its lease or the exercise by a tenant of an early termination right can be particularly significant if a mortgaged property is owner-occupied, leased to a single tenant, or if any tenant makes up a significant portion of the rental income at the mortgaged property.

Concentrations of particular tenants among the mortgaged properties or within a particular business or industry at one or multiple mortgaged properties increase the possibility that financial problems with such tenants or such business or industry sectors could affect the mortgage loans. In addition, the mortgage loans may be adversely affected if a tenant at the mortgaged property is highly specialized, or dependent on a single industry or only a few customers for its revenue. See "*—Tenant Bankruptcy Could Result in a Rejection of the Related Lease*" below, and "*Description of the Mortgage Pool—Tenant Issues—Tenant Concentrations*" for information on tenant concentrations in the mortgage pool.

<u>Mortgaged Properties Leased to Multiple Tenants Also Have Risks</u>

If a mortgaged property has multiple tenants, re-leasing expenditures may be more frequent than in the case of mortgaged properties with fewer tenants, thereby reducing the cash flow available for payments on the related mortgage loan. Multi-tenant mortgaged properties also may experience higher continuing vacancy rates and greater volatility in rental income and expenses. See Annex A-1 for tenant lease expiration dates for the five largest tenants at each mortgaged property.

<u>Mortgaged Properties Leased to Borrowers or Borrower Affiliated Entities Also Have Risks</u>

If a mortgaged property is leased in whole or substantial part to the borrower under the mortgage loan or to an affiliate of the borrower, there may be conflicts. For instance, it is more likely a landlord will waive lease conditions for an affiliated tenant than it would for an unaffiliated tenant. We cannot assure you that the conflicts arising where a borrower is affiliated with a tenant at a mortgaged property will not adversely impact the value of the related mortgage loan.

In certain cases, an affiliated lessee may be a tenant under a master lease with the related borrower, under which the tenant is obligated to make rent payments but does not occupy any space at the mortgaged property. Master leases in these circumstances may be used to bring occupancy to a "stabilized" level with the intent of finding additional tenants to occupy some or all of the master leased space, but may not provide additional economic support for the mortgage loan. If a mortgaged property is leased in whole or substantial part to the borrower or to an affiliate of the borrower, a deterioration in the financial condition of the borrower or its affiliates could significantly affect the borrower's ability to perform under the mortgage loan as it would directly interrupt the cash flow from the mortgaged property if the borrower's or its affiliate's financial condition worsens. We cannot assure you that any space leased by a borrower or an affiliate of the borrower will eventually be occupied by third-party tenants.

See "*Description of the Mortgage Pool—Tenant Issues—Affiliated Leases*" for information on properties leased in whole or in part to borrowers and their affiliates.

<u>Tenant Bankruptcy Could Result in a Rejection of the Related Lease</u>

The bankruptcy or insolvency of a major tenant or a number of smaller tenants, such as in retail properties, may have an adverse impact on the mortgaged properties affected and the income produced by such mortgaged properties. Under the federal bankruptcy code codified in Title 11 of the United States Code, as amended from time to time ("<u>Bankruptcy Code</u>"), a tenant has the option of assuming or rejecting or, subject to certain conditions, assuming and assigning to a third party, any unexpired lease. If the tenant rejects the lease, the landlord's claim for breach of the lease would (absent collateral securing the claim) be treated as a general unsecured claim against the tenant and a lessor's damages for lease rejection are generally subject to certain limitations. We cannot assure you that tenants of the mortgaged properties will continue making payments under their leases or that tenants will not file for bankruptcy protection in the future or, if any tenants do file, that they will continue to make rental payments in a timely manner. See "*Certain Legal Aspects of Mortgage Loans—Bankruptcy Laws*". See "*Description of the Mortgage Pool—Loan Purpose; Default History, Bankruptcy Issues and Other Proceedings*" for information regarding bankruptcy issues with respect to certain mortgage loans.

In the case of certain mortgage loans included in the mortgage pool, it may be possible that the related master lease or lease to a borrower affiliate could be construed in a bankruptcy as a financing lease or other arrangement under which the related master or affiliated lessee (and/or its affiliates) would be deemed as effectively the owner of the related mortgaged property, rather than a tenant, which could result in potentially adverse consequences for the trust, as the holder of such mortgage loan, including treatment of the mortgage loan as an unsecured obligation, a potentially greater risk of an unfavorable plan of reorganization and competing claims of creditors of the related master or affiliated lessee and/or its affiliates.

<u>Sale-Leaseback Transactions Also Have Risks</u>

Each of the 9911 Belward mortgaged property (6.1%) and the MetLife Solutions Tampa mortgaged property (2.2%) was the subject of a sale-leaseback transaction in connection with the acquisition of such property by the related borrower or an affiliate prior to origination of the related mortgage loan. A mortgaged property that is the subject of a sale-leaseback transaction is leased to a tenant, who is the former owner of the mortgaged property (or is affiliated with the former owner of the mortgaged property), pursuant to a lease. We cannot assure you that the tenant at the related mortgaged property will not file for bankruptcy protection.

A bankruptcy with respect to a tenant in a sale-leaseback transaction could result in the related lease being recharacterized as a loan from the borrower to the tenant. If the lease were recharacterized as a loan, the lease would be a deemed loan and the tenant would gain a number of potential benefits in a bankruptcy case. The tenant could retain possession of the mortgaged property during the pendency of its bankruptcy case without having to comply with the ongoing post-petition rent requirements of section 365(d)(3) of the Bankruptcy Code, which requires a tenant to start paying rent within 60 days following the commencement of its bankruptcy case, while deciding whether to assume or reject a lease of nonresidential real property. The tenant desiring to remain in possession of the mortgaged property would not have to assume the lease within 120 days following the commencement of its bankruptcy case pursuant to section 365(d)(4) of the Bankruptcy Code or comply with the conditions precedent to assumption, including curing all defaults, compensating for damages and giving adequate assurance of future performance. To the extent the deemed loan is under-secured, the tenant would be able to limit the secured claim to the then-current value of the mortgaged property and treat the balance as a general unsecured claim. The tenant also might assert that the entire claim on the deemed loan is an unsecured claim. In *Liona Corp., Inc. v. PCH Associates (In re PCH Associates)*, 949 F.2d 585 (2d Cir. 1991), the court considered the effect of recharacterizing a sale-leaseback transaction as a financing rather than a true lease. The court held that the landlord's record title to the leased property should be treated as an equitable mortgage securing the deemed loan. Under the reasoning of that case, if a lease were recharacterized as a loan, the related borrower would have a claim against the tenant secured by an

equitable mortgage. Here, that secured claim has been collaterally assigned to the mortgagees. However, the legal authority considering the effects of such a recharacterization is limited, and we cannot assure you that a bankruptcy court would follow the reasoning of the *PCH Associates* case.

There is also a risk that a tenant that files for bankruptcy protection may reject the related lease. It is likely that each lease constitutes an "unexpired lease" for purposes of the Bankruptcy Code. The Bankruptcy Code provides generally that rights and obligations under an unexpired lease of a debtor may not be terminated or modified at any time after the commencement of a case under the Bankruptcy Code solely on the basis of a provision in such lease providing for the termination or modification of such rights or obligations upon the filing of a bankruptcy petition or the occurrence of certain other similar events. This prohibition on so called "ipso facto clauses" could limit the ability of a borrower to exercise certain contractual remedies with respect to a lease. In addition, the Bankruptcy Code provides that a trustee in bankruptcy or debtor in possession may, subject to approval of the court, (a) assume an unexpired lease and (i) retain it or (ii) unless applicable law excuses a party other than the debtor from accepting performance from or rendering performance to an entity other than the debtor, assign it to a third party (notwithstanding any other restrictions or prohibitions on assignment) or (b) reject such contract. In a bankruptcy case of a tenant, if the lease were to be assumed, the trustee in bankruptcy on behalf of the tenant, or the tenant as debtor in possession, or the assignee, if applicable, must cure any defaults under the lease, compensate the related borrower for its losses and provide such borrower with "adequate assurance" of future performance. Such remedies may be insufficient, however, as the borrower may be forced to continue under the lease with a tenant that is a poor credit risk or an unfamiliar tenant if the lease was assigned (if applicable state law does not otherwise prevent such an assignment), and any assurances provided to the borrower may, in fact, be inadequate. If the lease is rejected, such rejection generally constitutes a breach of the lease immediately before the date of the filing of the petition. As a consequence, the borrower would have only an unsecured claim against the tenant for damages resulting from such breach, which could adversely affect the security for the certificates.

Furthermore, there is likely to be a period of time between the date upon which a tenant files a bankruptcy petition and the date upon which the lease is assumed or rejected. Although the tenant is obligated to make all lease payments within 60 days following the commencement of the bankruptcy case, there is a risk that such payments will not be made due to the tenant's poor financial condition. If the lease is rejected, the lessor will be treated as an unsecured creditor with respect to its claim for damages for termination of the lease and the borrower must re-let the mortgaged property before the flow of lease payments will recommence. Pursuant to section 502(b)(6) of the Bankruptcy Code, a lessor's damages for lease rejection are limited to the amount owed for the unpaid rent reserved under the lease for the periods prior to the bankruptcy petition (or earlier surrender of the leased premises) which are unrelated to the rejection, plus the greater of one year's rent or 15% of the remaining rent reserved under the lease (but not to exceed three (3) years' rent).

As discussed above, bankruptcy courts, in the exercise of their equitable powers, have the authority to recharacterize a lease as a financing. We cannot assure you such recharacterization would not occur with respect to the mortgage loans that are subject to a sale-leaseback transaction.

The application of any of these doctrines to any of the sale-leaseback transactions could result in substantial, direct and material impairment of the rights of the certificateholders.

<u>Leases That Are Not Subordinated to the Lien of the Mortgage or Do Not Contain Attornment Provisions May Have an Adverse Impact at Foreclosure</u>

mortgage, the issuing entity will not possess the right to dispossess the tenant upon foreclosure of the mortgaged property (unless otherwise agreed to with the tenant). Also, if the lease contains provisions inconsistent with the mortgage (*e.g.*, provisions relating to application of insurance proceeds or condemnation awards) or which could affect the enforcement of the lender's rights (*e.g.*, a right of first refusal to purchase the property), the provisions of the lease will take precedence over the provisions of the mortgage. Not all leases were reviewed to ascertain the existence of attornment or subordination provisions.

With respect to certain of the mortgage loans, the related borrower may have given to certain tenants or others an option to purchase, a right of first refusal and/or a right of first offer to purchase all or a portion of the mortgaged property in the event a sale is contemplated, and such right is not subordinate to the related mortgage. This may impede the mortgagee's ability to sell the related mortgaged property at foreclosure, or, upon foreclosure, this may affect the value and/or marketability of the related mortgaged property. See "*Description of the Mortgage Pool—Tenant Issues—Purchase Options and Rights of First Refusal*" for information regarding material purchase options and/or rights of first refusal, if any, with respect to mortgaged properties securing certain mortgage loans.

<u>Early Lease Termination Options May Reduce Cash Flow</u>

Leases often give tenants the right to terminate the related lease, abate or reduce the related rent, and/or exercise certain remedies against the related borrower for various reasons or upon various conditions, including:

● if the borrower for the applicable mortgaged property allows uses at the mortgaged property in violation of use restrictions in current tenant leases,

● if the borrower or any of its affiliates owns other properties within a certain radius of the mortgaged property and allows uses at those properties in violation of use restrictions,

● if the related borrower fails to provide a designated number of parking spaces,

● if there is construction at the related mortgaged property or an adjacent property (whether or not such adjacent property is owned or controlled by the borrower or any of its affiliates) that may interfere with visibility of, access to or a tenant's use of the mortgaged property or otherwise violate the terms of a tenant's lease,

● upon casualty or condemnation with respect to all or a portion of the mortgaged property that renders such mortgaged property unsuitable for a tenant's use or if the borrower fails to rebuild such mortgaged property within a certain time,

● if a tenant's use is not permitted by zoning or applicable law,

● if the tenant is unable to exercise an expansion right,

● if the landlord defaults on its obligations under the lease,

● if a landlord leases space at the mortgaged property or within a certain radius of the mortgaged property to a competitor,

● if the tenant fails to meet certain sales targets or other business objectives for a specified period of time,

● if significant tenants at the subject property go dark or terminate their leases, or if a specified percentage of the mortgaged property is unoccupied,

● if the landlord violates the tenant's exclusive use rights for a specified period of time,

● if the related borrower violates covenants under the related lease or if third parties take certain actions that adversely affect such tenants' business or operations,

● in the case of government sponsored tenants, any time or for lack of appropriations,

● if an authorized retailer is no longer authorized by a parent or unaffiliated corporate entity, or

● if the related borrower violates covenants under the related lease or if third parties take certain actions that adversely affect such tenants' business or operations.

In certain cases, compliance or satisfaction of landlord covenants may be the responsibility of a third party affiliated with the borrower or, in the event that partial releases of the applicable mortgaged property are permitted, an unaffiliated or affiliated third party.

Any exercise of a termination right by a tenant at a mortgaged property could result in vacant space at the related mortgaged property, renegotiation of the lease with the related tenant or re-letting of the space. Any such vacated space may not be re-let. Furthermore, such foregoing termination and/or abatement rights may arise in the future or materially adversely affect the related borrower's ability to meet its obligations under the related mortgage loan documents. See "*Description of the Mortgage Pool—Tenant Issues—Lease Expirations and Terminations*" for information on material tenant lease expirations and early termination options.

<u>Mortgaged Properties Leased to Not-for-Profit Tenants Also Have Risks</u>

Certain mortgaged properties may have tenants that are charitable institutions that generally rely on contributions from individuals and government grants or other subsidies to pay rent on office space and other operating expenses. We cannot assure you that the rate, frequency and level of individual contributions or governmental grants and subsidies will continue with respect to any such institution. A reduction in contributions or grants may impact the ability of the related institution to pay rent, and we cannot assure you that the related borrower will be in a position to meet its obligations under the related mortgage loan documents if such tenant fails to pay its rent.

<u>Mortgaged Properties Leased to Startup Companies Have Special Risks</u>

Certain mortgaged properties may have tenants that are startup companies. Startup companies are new companies that are seeking to develop a scalable business model. Startup companies have heightened risks. Many startup companies do not generate positive cash flow, and may in fact experience significant negative cash flow. Startup companies that operate at a loss may experience rapid growth through venture capital investments; however, if the source of funding loses confidence in the business model, or is unwilling or unable to continue funding for other reasons, the startup company may be faced with significant losses and be without a source of funding to continue its business or pay its obligations. Furthermore, valuations based on venture capital investment may rapidly decline. Many startups may produce only a single product or service, and therefore face a binary risk of failure if such product or service does not find market acceptance, meets with competition or is otherwise unsuccessful. Further, startup companies may be run by founders who lack significant business or finance experience. Startup companies generally have a low success rate. Accordingly, mortgaged properties leased to startup companies face the risk the tenant may be unable to pay rent under its lease and may default on its lease.

**Multifamily Properties Have Special Risks**

In addition to the factors discussed in "*—Risks of Commercial, Multifamily and Manufactured Housing Lending Generally*" above, other factors may adversely affect the financial performance and value of multifamily properties, including:

● the physical attributes of the apartment building such as its age, condition, design, appearance, access to transportation and construction quality;

● the quality of property management;

● the ability of management to provide adequate maintenance and insurance;

● the types of services or amenities that the property provides;

● the property's reputation;

● the level of mortgage interest rates, which may encourage tenants to purchase rather than lease housing;

● the generally short terms of residential leases and the need for continued reletting;

● rent concessions and month-to-month leases, which may impact cash flow at the property;

● the presence of competing properties and residential developments in the local market;

● the tenant mix, such as the tenant population being predominantly students or being heavily dependent on workers from a particular business or industry or personnel from or workers related to a local military base or oil and/or gas drilling industries;

● outstanding building code violations or tenant complaints at the property;

● in the case of student housing facilities or properties leased primarily to students, which may be more susceptible to damage or wear and tear than other types of multifamily housing, the reliance on the financial well-being of the college or university to which it relates, competition from on campus housing units and new competitive student housing properties, which may adversely affect occupancy, the physical layout of the housing, which may not be readily convertible to traditional multifamily use, and that student tenants have a higher turnover rate than other types of multifamily tenants, which in certain cases is compounded by the fact that student leases are available for periods of less than 12 months;

● certain multifamily properties may be considered to be "flexible apartment properties". Such properties have a significant percentage of units leased to tenants under short-term leases (less than one year in term), which creates a higher turnover rate than for other types of multifamily properties;

● certain multifamily properties may be master leased in whole or part to a hotel operator which leases out such properties for short term stays similar to an extended stay hotel. In the event such operator were to terminate or default on its lease, or fail to renew such lease, such properties would be subject to the risk of concentrated vacancy, and may incur significant costs in order to convert to use as traditional multifamily properties.

● restrictions on the age of tenants who may reside at the property;

● dependence upon governmental programs that provide rent subsidies to tenants pursuant to tenant voucher programs, which vouchers may be used at other properties and influence tenant mobility;

● adverse local, regional or national economic conditions, which may limit the amount of rent that may be charged and may result in a reduction of timely rent payments or a reduction in occupancy levels;

● state and local regulations, which may affect the building owner's ability to increase rent to market rent for an equivalent apartment; and

● the existence of government assistance/rent subsidy programs, and whether or not they continue and provide the same level of assistance or subsidies.

Certain of the mortgage loans are secured by multifamily properties that have been the site of criminal activities. Perceptions by prospective tenants of the safety and reputation of the mortgaged real property may influence the cash flow produced by these mortgaged properties, particularly in the case of student housing facilities or properties leased primarily to students. In addition, litigation may be brought against a borrower in connection with any criminal activities that occur at the related mortgaged property.

Certain states regulate the relationship of an owner and its tenants. Commonly, these laws require a written lease, good cause for eviction, disclosure of fees, and notification to residents of changed land use, while prohibiting unreasonable rules, retaliatory evictions, and restrictions on a resident's choice of unit vendors. Apartment building owners have been the subject of suits under state "Unfair and Deceptive Practices Acts" and other general consumer protection statutes for coercive, abusive or unconscionable leasing and sales practices. A few states offer more significant protection. For example, there are provisions that limit the bases on which a landlord may terminate a tenancy or increase its rent or prohibit a landlord from terminating a tenancy solely by reason of the sale of the owner's building.

In addition to state regulation of the landlord tenant relationship, numerous counties and municipalities impose rent control on apartment buildings. These ordinances may limit rent increases to fixed percentages, to percentages of increases in the consumer price index, to increases set or approved by a governmental agency, or to increases determined through mediation or binding arbitration. Any limitations on a borrower's ability to raise property rents may impair such borrower's ability to repay its multifamily loan from its net operating income or the proceeds of a sale or refinancing of the related multifamily property.

Certain of the mortgage loans may be secured in the future by mortgaged properties that are subject to certain affordable housing covenants and other covenants and restrictions with respect to various tax credit, city, state and federal housing subsidies, rent stabilization or similar programs, in respect of various units within the mortgaged properties. The limitations and restrictions imposed by these programs could result in losses on the mortgage loans. In addition, in the event that the program is cancelled, it could result in less income for the project. These programs may include, among others:

● rent limitations that would adversely affect the ability of borrowers to increase rents to maintain the condition of their mortgaged properties and satisfy operating expense; and

● tenant income restrictions that may reduce the number of eligible tenants in those mortgaged properties and result in a reduction in occupancy rates.

The difference in rents between subsidized or supported properties and other multifamily rental properties in the same area may not be a sufficient economic incentive for some eligible tenants to reside at a subsidized or supported property that may have fewer amenities or be less attractive as a residence. As a result, occupancy levels at a subsidized or supported property may decline, which may adversely affect the value and successful operation of such property.

Certain of the mortgage loans may be subject to New York's Section 421-a (16) Program, which provides, among other things, that a market rate residential unit will be subject to rent stabilization unless the owner would be entitled to remove such market rate residential unit from rent stabilization upon vacancy of such unit by reason of the monthly rent exceeding any limit established under the rent stabilization laws. In general, in Section 421-a (16) Program buildings, apartments initially rented at a rent amount in excess of the high rent threshold qualify for permanent exemption from the rent regulations. Rent concessions given to a particular tenant may be relevant in determining whether a unit has been initially rented at a rent that is at or above the high rent threshold. However, there is currently no governing statute, judicial decision, or governmental authority regulatory guidance as to whether rent

concessions such as free rent, should be included or excluded in determining whether a unit has been initially rented at a rent that is at or above the high rent threshold. Accordingly, if the lower net effective rent (taking any rent concessions into consideration) is used as the relevant rent (rather than the higher contractual stated rent), more units at such property could be subject to rent stabilization.

In addition, some counties and municipalities may later impose stricter rent control regulations on apartment buildings. For example, the Housing Stability and Tenant Protection Act of 2019 (the "<u>HSTP Act</u>"), among other things, limits the ability of landlords to increase rents in rent stabilized apartments at the time of lease renewal and after a vacancy. The HSTP Act also limits potential rent increases for major capital improvements and for individual apartment improvements. In addition, the HSTP Act permits certain qualified localities in the State of New York to implement the rent stabilization system. In particular, the impact of the HSTP Act on the appraised value of mortgaged real properties located in the City of New York that have significant numbers of rent stabilized units is uncertain. See "*Description of the Mortgage Pool—Real Estate and Other Tax Considerations"*.

We cannot assure you that the rent stabilization laws or regulations will not cause a reduction in rental income or the appraised value of mortgage real properties. If rents are reduced, we cannot assure you that any such mortgaged real property will be able to generate sufficient cash flow to satisfy debt service payments and operating expenses.

In addition, certain mortgaged properties in New York City may have tenants that benefit from the New York City Family Homelessness and Eviction Supplement ("<u>CityFHEPS</u>"), a rental assistance program administered by the New York City Department of Social Services. Eligible families can participate in the CityFHEPS program for up to five years, and they must reapply annually. If families still need help after the initial five-year period, they can apply for an extension. Families may lose eligibility for the CityFHEPS program for various reasons, including, among other reasons, the household no longer has a child under 18 years of age (or under 19 years of age who is a full time student), changes in the income of household members, or changes in a cash assistance case of household members. The CityFHEPS program is subject to the availability of funding. Rents paid by the CityFHEPS may be above market. The related mortgaged property may lose significant income if tenants are unable to continue to qualify for such program, or the borrower is unable to continue leasing units to tenants who qualify for such program or if the program is changed or terminated. With respect to any mortgaged property with tenants that benefit from CityFHEPS, we cannot assure you that tenants at the related mortgaged property will be able to continue to qualify for such program, that the related borrower will be able to continue leasing units at such mortgaged property to tenants who qualify for such program or that the CityFHEPS program will continue.

Certain of the multifamily properties may be residential cooperative buildings and the land under the building are owned or leased by a non-profit residential cooperative corporation. The cooperative owns all the units in the building and all common areas. Its tenants own stock, shares or membership certificates in the corporation. This ownership entitles the tenant-stockholders to proprietary leases or occupancy agreements which confer exclusive rights to occupy specific units. Generally, the tenant-stockholders make monthly maintenance payments which represent their share of the cooperative corporation's mortgage loan payments, real property taxes, reserve contributions and capital expenditures, maintenance and other expenses, less any income the corporation may receive. These payments are in addition to any payments of principal and interest the tenant-stockholder may be required to make on any loans secured by its shares in the cooperative.

A number of factors may adversely affect the value and successful operation of a residential cooperative property. Some of these factors include:

● the primary dependence of a borrower upon maintenance payments and any rental income from units or commercial areas to meet debt service obligations;

● the initial concentration of shares relating to occupied rental units of the sponsor, owner or investor after conversion from rental housing, which may result in an inability to meet debt

service obligations on the residential cooperative corporation's mortgage loan if the sponsor, owner or investor is unable to make the required maintenance payments;

● the failure of a borrower to qualify for favorable tax treatment as a "cooperative housing corporation" each year, which may reduce the cash flow available to make payments on the related mortgage loan; and

● that, upon foreclosure, in the event a cooperative property becomes a rental property, certain units could be subject to rent control, stabilization and tenants' rights laws, at below market rents, which may affect rental income levels and the marketability and sale proceeds of the rental property as a whole.

Certain of the mortgage loans may be secured currently or in the future by mortgaged properties as to which the borrower has, or plans to enter into, an agreement with a housing finance corporation (the "<u>HFC</u>"), pursuant to which a specified number of units will be reserved for tenants whose household income does not exceed certain thresholds and the rent charged with respect to the reserved units will be limited in exchange for certain tax abatements and temporary transfer of ownership of such mortgaged properties to the HFC. On May 28, 2025, the Governor of the State of Texas signed into law House Bill 21 ("<u>House Bill 21</u>"). House Bill 21, among other things, significantly restricts the usage of so-called "traveling HFCs". "<u>Traveling HFCs</u>" are HFCs that are sponsored by one municipality or county and own real property in another municipality or county that are nevertheless exempted from taxation in the municipality or county where the real property is located. House Bill 21 generally restricts HFC ownership of real property to the boundaries of the municipalities and/or counties sponsoring the HFC. In addition, while House Bill 21 provides that multifamily residential developments that have entered into agreements with traveling HFCs prior to May 28, 2025 will generally be governed by the law that was in effect on the date the real property was acquired by the HFC, it also provides that such residential developments must obtain the consents of the municipalities and counties in which such real property is located, as well as HFCs sponsored by such municipalities and counties, by January 1, 2027 or lose the benefits of the *ad valorem* tax exemptions.

In addition, House Bill 21 imposes various additional requirements for a multifamily residential development owned by an HFC to qualify for *ad valorem* tax exemptions, including (i) more specific requirements as to the percentages of units that must be reserved for very low, low, moderate and middle income housing units, (ii) a requirement that generally at least 50% of the tax saving be passed through as rent reductions allocated to income-restricted housing units, (iii) caps on rent that may be charged to income-restricted housing units and (iv) audit requirements to ensure compliance. Although House Bill 21 requires compliance with certain administrative requirements by January 1, 2026, many of the more substantive requirements such as those described in clauses (i) through (iii) of the preceding sentence do not require compliance until the end of 2036 or, if earlier, the year following the year in which the mortgage indebtedness is refinanced, title to the real property is conveyed, or there is a sale or other transfer of a majority of the beneficial ownership interests in the HFC. Compliance with the audit requirements will be required as early as June 2026. Each of these requirements may have an adverse impact on the ability of borrowers to refinance underlying mortgage loans benefiting from HFC-related tax abatements.

We cannot predict what effect, if any, House Bill 21 will have on the continued viability of the current housing finance corporation programs or the tax abatements currently enjoyed by the Providence at Champions mortgaged property. We cannot assure you that House Bill 21 will not adversely affect cash flow at the related mortgaged properties, whether through potential loss of tax abatements, costs associated with compliance with House Bill 21 or reductions in rental income. In addition, we cannot assure you that House Bill 21 will not adversely affect the ability of the related borrowers to refinance their underlying mortgage loan prior to maturity or sell the mortgaged properties for a price sufficient to repay the underlying mortgage loan at maturity.

See *"Description of the Mortgage Pool—Mortgage Pool Characteristics—Property Types—Multifamily Properties"*.

**Office Properties Have Special Risks**

In addition to the factors discussed in "*—Risks of Commercial, Multifamily and Manufactured Housing Lending Generally*" and "*—Performance of the Mortgage Loans Will Be Highly Dependent on the Performance of Tenants and Tenant Leases*" above, other factors may adversely affect the financial performance and value of office properties, including:

● the quality of an office building's tenants;

● an economic decline in the business operated by the tenant;

● the physical attributes of the building in relation to competing buildings (*e.g.*, age, condition, design, appearance, access to transportation and ability to offer certain amenities, such as sophisticated building systems and/or business wiring requirements);

● the physical attributes of the building with respect to the technological needs of the tenants, including the adaptability of the building to changes in the technological needs of the tenants;

● the diversity of an office building's tenants (or reliance on a single or dominant tenant);

● an adverse change in population, patterns of telecommuting or sharing of office space, and employment growth (which creates demand for office space);

● the desirability of the area as a business location; and

● the strength and nature of the local economy, including labor costs and quality, tax environment and quality of life for employees.

In the case of medical office properties, the performance of a medical office property may depend on (a) the proximity of such property to a hospital or other healthcare establishment, (b) reimbursements for patient fees from private or government sponsored insurers, (c) its ability to attract doctors and nurses to be on staff, and (d) its ability to afford and acquire the latest medical equipment. Issues related to reimbursement (ranging from nonpayment to delays in payment) from such insurers could adversely impact cash flow at medical office properties. Furthermore, the healthcare industry is highly regulated by federal, state and/or local authorities. Any change in applicable laws and regulations, as well as the costs and administrative burdens associated with complying with applicable laws and regulations, may adversely affect the operating income of medical office properties and the property values of such properties and the related borrower's ability to make debt service payments on the related mortgage loan.

Moreover, the cost of refitting office space for a new tenant is often higher than the cost of refitting other types of properties for new tenants.

In addition, as a result of the COVID-19 pandemic office properties have been experiencing lower than normal utilization levels and it is uncertain whether utilization levels will return to levels experienced prior to the COVID-19 pandemic. In the event that office tenants continue to utilize partial "work from home" or other remote work policies, the overall demand for office space may be adversely affected for a significant time, which may impact the ability of the borrowers to lease their properties, and may impact the operation and cash flow of the properties and/or the borrowers' ability to refinance the mortgage loans at maturity.

If one or more major tenants at a particular office property were to close or remain vacant, we cannot assure you that such tenants would be replaced in a timely manner or without incurring material additional costs to the related borrower and resulting in an adverse effect on the financial performance of the property.

Certain office tenants may operate co-working businesses through which they sublease their space to sublessees under subleases of varying duration. The ability of any such co-working tenants to make

payments under their respective leases may depend on the availability of such sublessees and the ability of such sublessees to make payments under their respective subleases. Further, some of these subleases may be short-term, or may be to individuals or entities that are more susceptible to economic downturns, in which case their short-term nature, or the nature of the underlying sublessees, may lead to income volatility for any such co-working tenants. In addition, office tenants that operate co-working businesses may principally generate revenues through the sale of memberships, most of which have short-term commitments. In many cases, the members may terminate their membership agreements at any time upon as little notice as one calendar month. Demand for such memberships may be negatively affected by a number of factors, including geopolitical uncertainty, competition, cybersecurity incidents, decline in the co-working tenant's reputation and saturation in the markets where the co-working tenant operates.

Certain of the office mortgaged properties are leased to a tenant in the life science industry. Properties with life science tenants have unique risk factors that may affect their performance, revenues and/or value. Life science tenants are subject to a number of risks unique to the life science industry, including (but not limited to): (i) high levels of regulation; (ii) failures in the safety and efficacy of their products; (iii) significant funding requirements for product research and development; and (iv) changes in technology, patent expiration, and intellectual property protection. Such risks may adversely affect a life science tenant's ability to make payments under its lease, and consequently, may materially adversely affect a borrower's ability to make payments on the related mortgage loan.

See "*Description of the Mortgage Pool—Mortgage Pool Characteristics—Property Types—Office Properties*".

**Hospitality Properties Have Special Risks**

In addition to the factors discussed in "*—Risks of Commercial, Multifamily and Manufactured Housing Lending Generally*" above, various other factors may adversely affect the financial performance and value of hospitality properties, including:

● adverse economic and social conditions, either local, regional or national (which may limit the amount that can be charged for a room and reduce occupancy levels);

● the quality of hospitality property management;

● the presence or construction of competing hotels or resorts;

● continuing expenditures for modernizing, refurbishing and maintaining existing facilities prior to the expiration of their anticipated useful lives;

● ability to convert to alternative uses which may not be readily made;

● the lack of a franchise affiliation or the loss of a franchise affiliation or a deterioration in the reputation of a franchise;

● a deterioration in the financial strength or managerial capabilities of the owner or operator of a hospitality property;

● changes in travel patterns caused by general adverse economic conditions, fear of terrorist attacks, increased border security measures, adverse weather conditions, pandemics and changes in access, energy prices, strikes, travel costs, relocation of highways, the construction of additional highways, concerns about travel safety or other factors;

● whether management contracts or franchise agreements are renewed or extended upon expiration;

● desirability of particular locations;

● location, quality and management company or franchise affiliation, each of which affects the economic performance of a hospitality property; and

● relative illiquidity of hospitality investments which limits the ability of the borrowers and property managers to respond to changes in economic or other conditions.

Because rooms are generally rented for short periods of time, the financial performance of hospitality properties tends to be affected by adverse economic conditions and competition more quickly than other commercial properties. Additionally, as a result of high operating costs, relatively small decreases in revenue can cause significant stress on a property's cash flow.

Moreover, the hospitality and lodging industry is generally seasonal in nature and different seasons affect different hospitality properties differently depending on type and location. This seasonality can be expected to cause periodic fluctuations in a hospitality property's room and entertainment revenues, occupancy levels, room rates and operating expenses. We cannot assure you that cash flow will be sufficient to offset any shortfalls that occur at the mortgaged property during slower periods or that the related mortgage loans provide for seasonality reserves, or if seasonality reserves are provided for, that such reserves will be funded or will be sufficient or available to fund such shortfalls.

In addition, some of the hospitality properties are limited-service, select service or extended stay hotels. Hospitality properties that are limited-service, select service or extended stay hotels may subject a lender to more risk than full-service hospitality properties as they generally require less capital for construction than full-service hospitality properties. In addition, as limited-service, select service or extended stay hotels generally offer fewer amenities than full-service hospitality properties, they are less distinguishable from each other. As a result, it is easier for limited-service, select service or extended stay hotels to experience increased or unforeseen competition.

In addition to hotel operations, some hospitality properties also operate entertainment and sports complexes that include restaurants, theaters, lounges, bars, nightclubs and/or banquet and meeting spaces and may derive a significant portion of the related property's revenue from such operations. Consumer demand for entertainment resorts is particularly sensitive to downturns in the economy and the corresponding impact on discretionary spending on leisure activities. Changes in discretionary consumer spending or consumer preferences could be driven by factors such as perceived or actual general economic conditions, high energy, fuel and food costs, the increased cost of travel, the weakened job market, perceived or actual disposable consumer income and wealth, fears of recession and changes in consumer confidence in the economy, or fears of war and future acts of terrorism. These factors could reduce consumer demand for the leisure activities that the property offers, thus imposing practical limits on pricing and harming operations. Restaurants and nightclubs are particularly vulnerable to changes in consumer preferences. In addition, a nightclub's, restaurant's or bar's revenue is extremely dependent on its popularity and perception. These characteristics are subject to change rapidly and we cannot assure you that any of a hospitality property's restaurants, theaters, lounges, bars or nightclubs will maintain their current level of popularity or perception in the market. With respect to mortgaged properties that operate entertainment venues, the entertainment industry's brand perception of the mortgaged property's entertainment venue may have a significant impact on the ability to book talent and sell shows at the property. Any change in perception of entertainment venues by consumers or by the entertainment industry could have a material adverse effect on the net cash flow of the property. Furthermore, because of the unique construction requirements of restaurants, theaters, lounges, bars or nightclubs, the space at those hospitality properties would not easily be converted to other uses.

In addition, some hospitality properties may also operate a casino business at the property, which is subject to a number of risks.

Some of the hospitality properties have liquor licenses associated with the mortgaged property. The liquor licenses for these mortgaged properties are generally held by affiliates of the related borrowers, unaffiliated managers or operating lessees. The laws and regulations relating to liquor licenses generally prohibit the transfer of such licenses to any person, or condition such transfer on the prior approval of the governmental authority that issued the license. In the event of a foreclosure of a hospitality property that

holds a liquor license, the special servicer on behalf of the issuing entity or a purchaser in a foreclosure sale would likely have to apply for a new license, which might not be granted or might be granted only after a delay that could be significant. We cannot assure you that a new license could be obtained promptly or at all. The lack of a liquor license in a hospitality property could have an adverse impact on the revenue from the related mortgaged property or on the hospitality property's occupancy rate. In addition, certain state laws prohibit the assignment of liquor revenues. In such case, the lender may not be able to obtain a security interest in such revenues, which may constitute a material portion of the revenues at the related hospitality property. As a result, the lender may lose its ability to obtain such revenues in a foreclosure in certain scenarios, including if there is bankruptcy of the liquor license holder. In certain cases, the liquor license holder may not be a single purpose entity.

In addition, hospitality properties may be structured with a master lease (or operating lease) in order to minimize potential liabilities of the borrower. Under the master lease structure, an operating lessee (typically affiliated with the borrower) is also an obligor under the related mortgage loan and the operating lessee borrower pays rent to the fee owner borrower.

Further, liquor licenses are subject to extensive regulation. A revocation of the liquor license at a hospitality property, particularly a property with significant revenues from nightclubs, casinos, other entertainment venues, restaurants and lounges, could have a material adverse effect on revenues from such property.

In addition, there may be risks associated with hospitality properties that have not entered into or become a party to any franchise agreement, license agreement or other "flag". Hospitality properties often enter into these types of agreements in order to align the hospitality property with a certain public perception or to benefit from a centralized reservation system. We cannot assure you that hospitality properties that lack such benefits will be able to operate successfully on an independent basis.

With respect to certain hospitality properties, including hospitality properties that are unflagged, the collateral may include the collateral assignment of the rights of the borrower in certain intellectual property and brand names used in connection with the operation of the properties. The success of the operation of the mortgaged property depends in part on the borrower's continued ability to use this intellectual property and on adequate protection and enforcement of this intellectual property, as well as related brands, logos and branded merchandise, including to increase brand awareness and further develop the property's brand. Not all of the trademarks, copyrights, proprietary technology or other intellectual property rights used in the operation of such a mortgaged property may have been registered, and some of these trademarks and other intellectual property rights may never be registered. Despite the borrower's efforts to protect their proprietary rights, third parties may infringe or otherwise violate such intellectual property rights, and use information that the borrower regards as proprietary, and the borrower's rights may be invalidated or rendered unenforceable.

In addition, multiple countries, including the United Kingdom and Germany, have updated travel guidance for their citizens to reflect the strict enforcement of entry rules by the United States (including the possibility of arrest or detention). We cannot assure you that such actions will not adversely affect the perception of the United States as a destination for international tourism, and a reduction in travel to the United States could negatively impact hospitality properties that currently derive a significant portion of their revenue from international guests.

Portions of certain mortgaged properties may be used as event spaces. Mortgaged properties used as event space derive their income from one-time events and do not have long-term leases with third parties. Therefore, these properties may be sensitive to declines in general economic and business conditions. Demand for event space may be seasonal. Event center properties may also be subject to competition from other property types that provide similar services, such as hospitality properties or restaurants. In addition, mortgaged properties used as event space may not be readily convertible to alternative uses if these properties were to become unprofitable.

See *"Description of the Mortgage Pool—Mortgage Pool Characteristics—Property Types—Hospitality Properties"*.

**Risks Relating to Affiliation with a Franchise or Hotel Management Company**

The performance of a hospitality property affiliated with a franchise or hotel management company depends in part on:

● the continued existence and financial strength of the franchisor or hotel management company;

● the public perception of the franchise or hotel chain service mark; and

● the duration of the franchise licensing or management agreements.

The continuation of a franchise agreement, license agreement or management agreement is subject to specified operating standards and other terms and conditions set forth in such agreements. The failure of a borrower to maintain such standards or adhere to other applicable terms and conditions, such as property improvement plans, could result in the loss or cancellation of their rights under the franchise, license or management agreement. We cannot assure you that a replacement franchise could be obtained in the event of termination or that such replacement franchise affiliation would be of equal quality to the terminated franchise affiliation. In addition, replacement franchises, licenses and/or hospitality property managers may require significantly higher fees as well as the investment of capital to bring the hospitality property into compliance with the requirements of the replacement franchisor, licensor and/or hospitality property managers. Any provision in a franchise agreement, license agreement or management agreement providing for termination because of a bankruptcy of a franchisor, licensor or manager generally will not be enforceable.

The transferability of franchise agreements, license agreements and the property management agreements is restricted. In the event of a foreclosure, the lender may not have the right to use the franchise license without the franchisor's consent or the manager might be able to terminate the management agreement. Conversely, in the case of certain mortgage loans, the lender may be unable to remove a franchisor/licensor or a hotel management company that it desires to replace following a foreclosure and, further, may be limited as regards the pool of potential transferees for a foreclosure or real estate owned property.

In some cases where a hospitality property is subject to a license, franchise or management agreement, the licensor, franchisor or property manager has required or may in the future require the completion of various repairs and/or renovations pursuant to a property improvement plan issued by the licensor, franchisor or property manager. See "*Description of the Mortgage Pool—Redevelopment, Renovation and Expansion*". Failure to complete those repairs and/or renovations in accordance with the plan could result in the hospitality property losing its license or franchise or result in termination of the management agreement. Annex A-1 and the related footnotes set forth the amount of reserves, if any, established under the related mortgage loans in connection with any of those repairs and/or renovations. We cannot assure you that any amounts reserved will be sufficient to complete the repairs and/or renovations required with respect to any affected hospitality property. In addition, in some cases, those reserves will be maintained by the licensor, franchisor or property manager. Furthermore, the lender may not require a reserve for repairs and/or renovations in all instances.

See *"Description of the Mortgage Pool—Mortgage Pool Characteristics—Property Types—Hospitality Properties"*.

**Mixed Use Properties Have Special Risks**

Certain properties are mixed use properties. Such mortgaged properties are subject to the risks relating to the property types described in "*—Office Properties Have Special Risks*", "*—Retail Properties Have Special Risks*" and "*—Multifamily Properties Have Special Risks*". See Annex A-2 for the 5 largest tenants (by net rentable area leased) at each mixed use property. A mixed use property may be subject to additional risks, including the property manager's inexperience in managing the different property types that comprise such mixed use property.

See *"Description of the Mortgage Pool—Mortgage Pool Characteristics—Property Types—Mixed Use Properties"*.

**Retail Properties Have Special Risks**

The value of retail properties is significantly affected by the quality of the tenants as well as fundamental aspects of real estate, such as location and market demographics, as well as changes in shopping methods and choices. Some of the risks related to these matters are further described in "*—Risks of Commercial, Multifamily and Manufactured Housing Lending Generally*" and "—*Performance of the Mortgage Loans Will Be Highly Dependent on the Performance of Tenants and Tenant Leases*" above, and "*—Changes in the Retail Sector, Such as Online Shopping and Other Uses of Technology, Could Affect the Business Models and Viability of Retailers*", "*—The Performance of the Retail Properties is Subject to Conditions Affecting the Retail Sector*" and "*—Some Retail Properties Depend on Anchor Stores or Major Tenants to Attract Shoppers and Could be Materially Adversely Affected by the Loss of, or a Store Closure by, One or More of These Anchor Stores or Major Tenants*" below.

Rental payments from tenants of retail properties typically comprise the largest portion of the net operating income of those mortgaged properties. We cannot assure you that the net operating income contributed by the mortgaged retail properties or the rates of occupancy at the retail stores will remain at the levels specified in this prospectus or remain consistent with past performance. In addition, some or all of the rental payments from tenants may be tied to that tenant's gross sales, so the success of that tenant's business directly correlates to the value of the retail property. To the extent that a tenant changes the manner in which its gross sales are reported it could result in lower rent paid by that tenant. For example, if a tenant takes into account customer returns of merchandise purchased online and reduces the gross sales, this could result in lower gross sales relative to gross sales previously reported at that location even if the actual performance of the store remains unchanged.

<u>Changes in the Retail Sector, Such as Online Shopping and Other Uses of Technology, Could Affect the Business Models and Viability of Retailers</u>

Online shopping and the use of technology, such as smartphone shopping applications, to transact purchases or to aid purchasing decisions have increased in recent years and are expected to continue to increase in the future. This trend is affecting business models, sales and profitability of some retailers and could adversely affect the demand for retail real estate and occupancy at retail properties securing the mortgage loans. Any resulting decreases in rental revenue could have a material adverse effect on the value of retail properties securing the mortgage loans.

Some of these developments in the retail sector have led to retail companies, including several national retailers, filing for bankruptcy and/or voluntarily closing certain of their stores. Borrowers may be unable to re-lease such space or to re-lease it on comparable or more favorable terms. As a result, the bankruptcy or closure of a national tenant may adversely affect a retail borrower's revenues. In addition, such closings may allow other tenants to modify their leases to terms that are less favorable for borrowers or to terminate their leases, also adversely impacting their revenues. See also "*—Some Retail Properties Depend on Anchor Stores or Major Tenants to Attract Shoppers and Could be Materially Adversely Affected by the Loss of, or a Store Closure by, One or More of These Anchor Stores or Major Tenants*" below.

In addition to competition from online shopping, retail properties face competition from sources outside a specific geographical real estate market. For example, all of the following compete with more traditional retail properties for consumer dollars: factory outlet centers, discount shopping centers and clubs, catalogue retailers, home shopping networks, and telemarketing. Continued growth of these alternative retail outlets (which often have lower operating costs) could adversely affect the rents collectible at the retail properties included in the pool of mortgage loans, as well as the income from, and market value of, the mortgaged properties and the related borrower's ability to refinance such property. Moreover, additional competing retail properties may be built in the areas where the retail properties are located.

We cannot assure you that these developments in the retail sector will not adversely affect the performance of retail properties securing the mortgage loans.

<u>The Performance of the Retail Properties is Subject to Conditions Affecting the Retail Sector</u>

Retail properties are also subject to conditions that could negatively affect the retail sector, such as increased unemployment, increased federal income and payroll taxes, increased health care costs, increased state and local taxes, increased real estate taxes, industry slowdowns, lack of availability of consumer credit, weak income growth, increased levels of consumer debt, poor housing market conditions, adverse weather conditions, natural disasters, plant closings, and other factors. Similarly, local real estate conditions, such as an oversupply of, or a reduction in demand for, retail space or retail goods, and the supply and creditworthiness of current and prospective tenants may negatively impact those retail properties.

In addition, the limited adaptability of certain shopping malls that have proven unprofitable may result in high (and possibly extremely high) loss severities on mortgage loans secured by those shopping malls. For example, it is possible that a significant amount of advances made by the applicable servicer(s) of a mortgage loan secured by a shopping mall property, combined with low liquidation proceeds in respect of that property, may result in a loss severity exceeding 100% of the outstanding principal balance of that mortgage loan.

<u>Some Retail Properties Depend on Anchor Stores or Major Tenants to Attract Shoppers and Could be Materially Adversely Affected by the Loss of, or a Store Closure by, One or More of These Anchor Stores or Major Tenants</u>

The presence or absence of an "anchor tenant" or a "shadow anchor tenant" in or near a retail property also can be important to the performance of a retail property because anchors play a key role in generating customer traffic and making a retail property desirable for other tenants. Retail properties may also have shadow anchor tenants. An "anchor tenant" is located on the related mortgaged property, usually proportionately larger in size than most or all other tenants in the mortgaged property, and is vital in attracting customers to a retail property. A "shadow anchor tenant" is usually proportionally larger in size than most tenants in the mortgaged property, is important in attracting customers to a retail property and is located sufficiently close and convenient to the mortgaged property so as to influence and attract potential customers, but is not located on the mortgaged property.

If anchor stores in a mortgaged property were to close, the related borrower may be unable to replace those anchors in a timely manner or without suffering adverse economic consequences. In addition, anchor tenants and non-anchor tenants at anchored or shadow anchored retail centers may have co-tenancy clauses and/or operating covenants in their leases or operating agreements that permit those tenants or anchor stores to cease operating, reduce rent or terminate their leases if the anchor or shadow anchor tenant goes dark or if the subject store is not meeting the minimum sales requirement under its lease. Even if non-anchor tenants do not have termination or rent abatement rights, the loss of an anchor tenant or a shadow anchor tenant may have a material adverse impact on the non-anchor tenant's ability to operate because the anchor or shadow anchor tenant plays a key role in generating customer traffic and making a center desirable for other tenants. This, in turn, may adversely impact the borrower's ability to meet its obligations under the related mortgage loan. In addition, in the event that a "shadow anchor" fails to renew its lease, terminates its lease or otherwise ceases to conduct business within a close proximity to the mortgaged property, customer traffic at the mortgaged property may be substantially reduced. If an anchor tenant goes dark, generally the borrower's only remedy may be to terminate that lease after the anchor tenant has been dark for a specified amount of time.

If anchor tenants or shadow anchor tenants at a particular mortgaged property were to close or otherwise become vacant or remain vacant, we cannot assure you that the related borrower's ability to repay its mortgage loan would not be materially and adversely affected.

Certain anchor tenant and tenant estoppels will have been obtained in connection with the origination of the mortgage loans. These estoppels may identify disputes between the related borrower and the

applicable anchor tenant or tenant, or alleged defaults or potential defaults by the applicable property owner under the lease or a reciprocal easement and/or operating agreement (each, an "<u>REA</u>"). Such disputes, defaults or potential defaults, could lead to a termination or attempted termination of the applicable lease or REA by the anchor tenant or tenant or to the tenant withholding some or all of its rental payments or to litigation against the related borrower. We cannot assure you that the anchor tenant or tenant estoppels obtained identify all potential disputes that may arise with respect to the mortgaged retail properties, or that anchor tenant or tenant disputes will not have a material adverse effect on the ability of borrowers to repay their mortgage loans.

Certain retail properties have specialty use tenants. See "*—Some Mortgaged Properties May Not Be Readily Convertible to Alternative Uses*" below.

See "*Description of the Mortgage Pool—Mortgage Pool Characteristics—Property Types—Retail Properties*".

**Industrial Properties Have Special Risks**

In addition to the factors discussed in *"—Risks of Commercial, Multifamily and Manufactured Housing Lending Generally"* and *"—Performance of the Mortgage Loans Will Be Highly Dependent on the Performance of Tenants and Tenant Leases"* above, other factors may adversely affect the financial performance and value of industrial properties, including:

● reduced demand for industrial space because of a decline in a particular industry segment;

● the property becoming functionally obsolete;

● building design and adaptability;

● unavailability of labor sources;

● changes in access, energy prices, strikes, relocation of highways, the construction of additional highways or other factors;

● changes in proximity of supply sources;

● the expenses of converting a previously adapted space to general use;

● the location of the property; and

● the property may be leased pursuant to a master lease with the related borrower.

Industrial properties may be adversely affected by reduced demand for industrial space occasioned by a decline in a particular industry segment in which the related tenant(s) conduct their businesses (for example, a decline in consumer demand for products sold by a tenant using the property as a distribution center). In addition, a particular industrial or warehouse property that suited the needs of its original tenant may be difficult to relet to another tenant or may become functionally obsolete relative to newer properties. Furthermore, lease terms with respect to industrial properties are generally for shorter periods of time and may result in a substantial percentage of leases expiring in the same year at any particular industrial property. In addition, mortgaged properties used for many industrial purposes are more prone to environmental concerns than other property types.

Aspects of building site design and adaptability affect the value of an industrial property. Site characteristics that are generally desirable to a warehouse/industrial property include high clear ceiling heights, wide column spacing, a large number of bays (loading docks) and large bay depths, divisibility, a layout that can accommodate large truck minimum turning radii and overall functionality and accessibility.

In addition, because of unique construction requirements of many industrial properties, any vacant industrial property space may not be easily converted to other uses. Thus, if the operation of any of the industrial properties becomes unprofitable due to competition, age of the improvements or other factors such that the borrower becomes unable to meet its obligations on the related mortgage loan, the liquidation value of that industrial property may be substantially less, relative to the amount owing on the related mortgage loan, than would be the case if the industrial property were readily adaptable to other uses.

Location is also important because an industrial property requires the availability of labor sources, proximity to supply sources and customers and accessibility to rail lines, major roadways and other distribution channels.

Further, certain of the industrial properties may have tenants that are subject to risks unique to their business, such as cold storage facilities. Cold storage facilities may have unique risks such as short lease terms due to seasonal use, making income potentially more volatile than for properties with longer term leases, and customized refrigeration design, rendering such facilities less readily convertible to alternative uses. Because of seasonal use, leases at such facilities are customarily for shorter terms, making income potentially more volatile than for properties with longer term leases. In addition, such facilities require customized refrigeration design, rendering them less readily convertible to alternative uses.

See *"Description of the Mortgage Pool—Mortgage Pool Characteristics—Property Types—Industrial Properties"*.

**Leased Fee Properties Have Special Risks**

Land subject to a ground lease presents special risks. In such cases, where the borrower owns the fee interest but not the related improvements, such borrower will only receive the rental income from the ground lease and not from the operation of any related improvements. Any default by the ground lessee would adversely affect the borrower's ability to make payments on the related mortgage loan. While ground leases may contain certain restrictions on the use and operation of the related mortgaged property, the ground lessee generally enjoys the rights and privileges of a fee owner, including the right to construct, alter and remove improvements and fixtures from the land and to assign and sublet the ground leasehold interest. However, the borrower has the same risk of interruptions in cash flow if such ground lessee defaults under its lease as it would on another single tenant commercial property, without the control over the premises that it would ordinarily have as landlord. In addition, in the event of a condemnation, the borrower would only be entitled to an allocable share of the condemnation proceeds. Furthermore, the insurance requirements are often governed by the terms of the ground lease and, in some cases, certain tenants or subtenants may be allowed to self-insure. The ground lessee is commonly permitted to mortgage its ground leasehold interest, and the leasehold lender will often have notice and cure rights with respect to material defaults under the ground lease. In addition, leased fee interests are less frequently purchased and sold than other interests in commercial real property. It may be difficult for the issuing entity, if it became a foreclosing lender, to sell the fee interests if the tenant and its improvements remain on the land. In addition, if the improvements are nearing the end of their useful life, there could be a risk that the tenant defaults in lieu of performing any obligations it may otherwise have to raze the structure and return the land in raw form to the developer. Furthermore, leased fee interests are generally subject to the same risks associated with the property type of the ground lessee's use of the premises because that use is a source of revenue for the payment of ground rent.

See "*Description of the Mortgage Pool—Mortgage Pool Characteristics—Property Types*".

**Self Storage Properties Have Special Risks**

In addition to the factors discussed in "*—Risks of Commercial, Multifamily and Manufactured Housing Lending Generally*" above, other factors may adversely affect the financial performance and value of self-storage properties, including:

● decreased demand;

● lack of proximity to apartment complexes or commercial users;

● apartment tenants moving to single family homes;

● decline in services rendered, including security;

● dependence on business activity ancillary to renting units;

● security concerns;

● age of improvements; and

● competition or other factors.

Self-storage properties are considered vulnerable to competition, because both acquisition costs and break-even occupancy are relatively low. The conversion of self-storage facilities to alternative uses would generally require substantial capital expenditures. Thus, if the operation of any of the self-storage properties becomes unprofitable, the liquidation value of that self-storage mortgaged property may be substantially less, relative to the amount owing on the mortgage loan, than if the self-storage mortgaged property were readily adaptable to other uses.

Tenants at self-storage properties tend to require and receive privacy, anonymity and efficient access, each of which may heighten environmental and other risks related to such property as the borrower may be unaware of the contents in any self-storage unit. No environmental assessment of a self-storage mortgaged property included an inspection of the contents of the self-storage units at that mortgaged property, and we cannot assure you that all of the units included in the self-storage mortgaged properties are free from hazardous substances or other pollutants or contaminants or will remain so in the future.

Certain mortgage loans secured by self-storage properties may be affiliated with a franchise company through a franchise agreement. The performance of a self-storage property affiliated with a franchise company may be affected by the continued existence and financial strength of the franchisor, the public perception of a service mark, and the duration of the franchise agreement. The transferability of franchise license agreements is restricted. In the event of a foreclosure, the lender or its agent would not have the right to use the franchise license without the franchisor's consent. In addition, certain self-storage properties may derive a material portion of revenue from business activities ancillary to self-storage such as truck rentals, parking fees and similar activities which require special use permits or other discretionary zoning approvals.

In addition, certain of the mortgage loans secured by self-storage properties may be specialized facilities, such as art storage facilities, that may be subject to certain risks that are different from those of other types of storage facilities, including the need to maintain climate controlled environments and enhanced security systems, increased risk of liability for loss, theft or destruction due to the value of the items stored, and lack of a large market for such facilities.

See *"Description of the Mortgage Pool—Mortgage Pool Characteristics—Property Types—Self-Storage Properties*".

**Manufactured Housing Properties Have Special Risks**

In addition to the factors discussed in "*—Risks of Commercial, Multifamily and Manufactured Housing Lending Generally*" and "*—Performance of the Mortgage Loans Will Be Highly Dependent on the Performance of Tenants and Tenant Leases*" above, other factors may adversely affect the financial performance and value of manufactured housing properties, including:

● the number of competing residential developments in the local market, such as: other manufactured housing properties apartment buildings and site built single family homes;

● the physical attributes of the community, including its age and appearance;

● the location of the manufactured housing property;

● the presence and/or continued presence of sufficient manufactured homes at the manufactured housing property (manufactured homes are not generally part of the collateral for a mortgage loan secured by a manufactured housing property; rather, the pads upon which manufactured homes are located are leased to the owners of such manufactured homes; manufactured homes may be moved from a manufactured housing property);

● the type of services or amenities it provides;

● any age restrictions;

● the property's reputation; and

● state and local regulations, including rent control and rent stabilization.

The manufactured housing properties have few improvements (which are highly specialized) and are "single purpose" properties that could not be readily converted to general residential, retail or office use. Thus, if the operation of any of the manufactured housing properties becomes unprofitable due to competition, age of the improvements or other factors such that the borrower becomes unable to meet its obligations on the related mortgage loan, the liquidation value of that manufactured housing property may be substantially less, relative to the amount owing on the related mortgage loan, than would be the case if the manufactured housing property were readily adaptable to other uses.

Manufactured housing and recreational vehicle communities have few or no insurable buildings or improvements and thus do not have casualty insurance or have very low limits of casualty insurance in comparison with the related mortgage loan balances. In the event that a manufactured housing or recreational vehicle community property constitutes a nonconforming use or has other zoning non-conformities, and a casualty or other event occurs with respect to which the applicable zoning ordinance does not permit continuance of the manufactured housing community use, or requires the community to operate with a lower number of tenants, it is anticipated that the insurance proceeds, if any, in connection with such event would be substantially lower than the principal balance of the related mortgage loan or the allocated loan balance of the related property. Further, since many manufactured housing communities are located in areas with low land value, the lender would generally not be able to recover the shortfall by foreclosing on the land. Accordingly, the issuing entity could experience a substantial loss.

Some manufactured housing properties are either recreational vehicle resorts or have a significant portion of the properties that are intended for short-term recreational vehicle hook-ups, and tenancy of these communities may vary significantly by season. This seasonality may cause periodic fluctuations in revenues, tenancy levels, rental rates and operating expenses for these properties.

Some of the manufactured housing community mortgaged properties securing the mortgage loans in the trust may have a material number of leased homes that are currently owned by the related borrower or an affiliate thereof and rented by the respective tenants like apartments. In circumstances where the leased homes are owned by an affiliate of the borrower, the related pads may, in some cases, be subject to a master lease with that affiliate. In such cases, the tenants will tend to be more transient and less tied to the property than if they owned their own home. Such leased homes do not, in all (or, possibly, in any) such cases, constitute collateral for the related mortgage loan. Some of the leased homes that are not collateral for the related mortgage loan are rented on a lease-to-own basis. In some cases, the borrower itself owns, leases, sells and/or finances the sale of homes, although generally the related income therefrom will be excluded for loan underwriting purposes. Some of the leased homes owned by a borrower or its affiliate may be financed and a default on that financing may materially adversely affect the performance of the manufactured housing community mortgaged property.

Certain of the manufactured housing mortgaged properties may not be connected in their entirety to public water and/or sewer systems. In such cases, the borrower could incur a substantial expense if it were required to connect the property to such systems in the future. In addition, the use of well water enhances the likelihood that the property could be adversely affected by a recognized environmental condition that impacts soil and groundwater.

Certain jurisdictions may give the related homeowner's association or even individual homeowners a right of first refusal with respect to a proposed sale of the manufactured housing community property

See "*Description of the Mortgage Pool—Mortgage Pool Characteristics—Property Types—Manufactured Housing Properties*".

**Condominium and Other Shared Interest Ownership May Limit Use and Improvements**

The management and operation of a condominium is generally controlled by a condominium board representing the owners of the individual condominium units, subject to the terms of the related condominium rules or by-laws. Generally, the consent of a majority of the board members is required for any actions of the condominium board and a unit owner's ability to control decisions of the board are generally related to the number of units owned by such owner as a percentage of the total number of units in the condominium. In certain cases, the related borrower does not have a majority of votes on the condominium board, which result in the related borrower not having control of the related condominium or owners association.

The board of managers or directors of the related condominium generally has discretion to make decisions affecting the condominium, and we cannot assure you that the related borrower under a mortgage loan secured by one or more interests in that condominium will have any control over decisions made by the related board of managers or directors. Even if a borrower or its designated board members, either through control of the appointment and voting of sufficient members of the related condominium board or by virtue of other provisions in the related condominium documents, has consent rights over actions by the related condominium associations or owners, we cannot assure you that the related condominium board will not take actions that would materially adversely affect the related borrower's unit. Thus, decisions made by that board of managers or directors, including regarding assessments to be paid by the unit owners, insurance to be maintained on the condominium and many other decisions affecting the maintenance of that condominium, may have a significant adverse impact on the related mortgage loans in the issuing entity that are secured by mortgaged properties consisting of such condominium interests. We cannot assure you that the related board of managers or directors will always act in the best interests of the related borrower under the related mortgage loans.

The condominium board is generally responsible for administration of the affairs of the condominium, including providing for maintenance and repair of common areas, adopting rules and regulations regarding common areas, and obtaining insurance and repairing and restoring the common areas of the property after a casualty. Notwithstanding the insurance and casualty provisions of the related mortgage loan documents, the condominium board may have the right to control the use of casualty proceeds.

In addition, the condominium board generally has the right to assess individual unit owners for their share of expenses related to the operation and maintenance of the common elements. In the event that an owner of another unit fails to pay its allocated assessments, the related borrower may be required to pay such assessments in order to properly maintain and operate the common elements of the property. Although the condominium board generally may obtain a lien against any unit owner for common expenses that are not paid, such lien generally is extinguished if a lender takes possession pursuant to a foreclosure. Each unit owner is responsible for maintenance of its respective unit and retains essential operational control over its unit.

In addition, due to the nature of condominiums, a default on the part of the borrower with respect to such mortgaged properties will not allow the special servicer the same flexibility in realizing on the collateral as-is generally available with respect to commercial properties that are not condominium units. The rights of other unit or property owners, the documents governing the management of the

condominium units and the state and local laws applicable to condominium units must be considered. In addition, in the event of a casualty with respect to a condominium, due to the possible existence of multiple loss payees on any insurance policy covering such property, there could be a delay in the allocation of related insurance proceeds, if any. Consequently, servicing and realizing upon the collateral described above could subject the certificateholders and the RR interest owner to a greater delay, expense and risk than with respect to a mortgage loan secured by a commercial property that is not a condominium unit.

Certain condominium declarations and/or local laws provide for the withdrawal of a property from a condominium structure under certain circumstances. For example, the New York Condominium Act provides for a withdrawal of the property from a condominium structure by vote of 80% of unit owners. If the condominium is terminated, the building will be subject to an action for partition by any unit owner or lienor as if owned in common. This could cause an early and unanticipated prepayment of the mortgage loan. We cannot assure you that the proceeds from partition would be sufficient to satisfy borrower's obligations under the mortgage loan. See also "*—Risks Related to Zoning Non-Compliance and Use Restrictions*" for certain risks relating to use restrictions imposed pursuant to condominium declarations or other condominium especially in a situation where the mortgaged property does not represent the entire condominium building.

In addition, mortgaged properties that are parties to other shared interest structures, such as vertical separation structures, in which multiple parties own interests in different portions of the same building, or in connected buildings, with the relationship between such parties governed by reciprocal easement agreements or similar agreements, present some of the same risks as condominiums, including lesser control over the related mortgaged property, and the related mortgaged property being subject to expenses and obligations relating to the other interests in the building or buildings.

See "*Description of the Mortgage Pool—Mortgage Pool Characteristics—Condominium Interests and Other Shared Interests*".

<u>Shared Interest Structures</u>

Vertical subdivisions and "fee above a plane" structures are property ownership structures in which owners have a fee simple interest in certain ground-level and above-ground parcels. A vertical subdivision or "fee above a plane" structure is generally governed by a declaration or similar agreement defining the respective owner's fee estates and relationship where one or more owners typically relies on one or more other owners' parcels for structural support. Each owner is responsible for maintenance of its respective parcel and retains essential operational control over its parcel. We cannot assure you that owners of parcels supporting collateral interests in vertical subdivision and "fee above a plane" parcels will perform any maintenance and repair obligations that may be required under the declaration with respect to the supporting parcel, or that proceeds following a casualty would be used to reconstruct a supporting parcel. Owners of interests in a vertical subdivision or "fee above a plane" structure may be required under the related declaration to pay certain assessments relating to any shared interests in the related property, and a lien may be attached for failure to pay such assessments. See "*Description of the Mortgage Pool—Mortgage Pool Characteristics—Condominium Interests and Other Shared Interests*".

**Master Leased Properties Have Special Risks**

Properties subject to a master lease present special risks. In such cases, where the borrower owns the fee interest but does not operate the related improvements, such borrower will only receive the rental income from the master lease and not from the operation of any related improvements. Any default by the master lessee would adversely affect the borrower's ability to make payments on the related mortgage loan. While master leases may contain certain restrictions on the use and operation of the related mortgaged property, the master lessee often enjoys certain of the rights and privileges of a fee owner, including the right to assign and sublet the master leasehold interest. However, the borrower has the same risk of interruptions in cash flow if such master lessee defaults under its lease as it would on another single tenant commercial property, without the control over the premises that it would ordinarily have as landlord. In addition, in the event of a condemnation, the landlord would only be entitled to an

allocable share of the condemnation proceeds. Furthermore, the insurance requirements are often governed by the terms of the master lease and, in some cases, certain tenants or subtenants may be allowed to self-insure. The master lessee is commonly permitted to mortgage its master leasehold interest without restriction, and the leasehold lender will often have notice and cure rights with respect to material defaults under the master lease. In addition, master leased interests are less frequently purchased and sold than other interests in commercial real property. It may be difficult for the issuing entity, if it became a foreclosing lender, to sell the fee interests if the tenant and its improvements remains in place. Furthermore, master leased interests are generally subject to the same risks associated with the property type of the master lessee's use of the premises because that use is a source of revenue for the payment of master lease rent.

***Mortgaged Properties Leased to School Tenants Also Have Risks***

Certain of the mortgaged properties may be occupied by a tenant operating a school. The cash flows generated from private schools are generally dependent on student enrollment and the ability of enrolled students to pay tuition, which in some cases is dependent on the ability to obtain financial aid or loans. Enrollment at a private school may decrease due to, among other factors:

● changing local demographics;

● competition from other schools;

● increases in tuition and/or reductions in availability of student loans, government grants or scholarships;

● poor performance by teachers, administrative staff or students; or

● mismanagement at the private school.

Some school tenants are for-profit institutions that rely on tuition from students, many of which finance their education by utilizing the federal financial assistance Title IV of the Higher Education Act of 1965 ("<u>Title IV Financial Aid</u>"). A for-profit education company will become ineligible for enrolling students that utilize the Title IV Financial Aid for at least two fiscal years, if during the immediately preceding two consecutive fiscal years such institution derives more than 90% of its revenues from the enrollment of students that obtain Title IV Financial Aid. A reduction in student enrollment may impact the ability of the school to pay rent, and we cannot assure you that the related borrower will be in a position to meet its obligations under the related mortgage loan documents if such tenant fails to pay its rent. In addition, there is proposed legislation that could potentially change the Title IV Financial Aid funding methods, which may negatively affect the for-profit education companies.

**Operation of a Mortgaged Property Depends on the Property Manager's Performance**

The successful operation of a real estate project depends upon the property manager's performance and viability. The property manager is responsible for:

● responding to changes in the local market;

● planning and implementing the rental structure;

● operating the property and providing building services;

● managing operating expenses; and

● assuring that maintenance and capital improvements are carried out in a timely fashion.

Properties deriving revenues primarily from short-term sources, such as hotel guests or short-term or month to month leases, are generally more management intensive than properties leased to creditworthy tenants under long-term leases.

Certain of the mortgaged properties will be managed by affiliates of the related borrower. If a mortgage loan is in default or undergoing special servicing, such relationship could disrupt the management of the related mortgaged property, which may adversely affect cash flow. However, the related mortgage loans will generally permit, in the case of mortgaged properties managed by borrower affiliates, the lender to remove the related property manager upon the occurrence of an event of default under the related mortgage loan beyond applicable cure periods (or, in some cases, in the event of a foreclosure following such default), and in some cases a decline in cash flow below a specified level or the failure to satisfy some other specified performance trigger.

We make no representation or warranty as to the skills of any present or future managers. In many cases, the property manager will be an affiliate of the borrower and many not manage properties for non-affiliates. Additionally, we cannot assure you that the property managers will be in a financial condition to fulfill their management responsibilities throughout the terms of their respective management agreements. Further, certain individuals involved in the management or general business development at certain mortgaged properties may engage in unlawful activities or otherwise exhibit poor business judgment that adversely affect operations and ultimately cash flow at such properties.

**Concentrations Based on Property Type, Geography, Related Borrowers and Other Factors May Disproportionately Increase Losses**

The effect of mortgage pool loan losses will be more severe if the losses relate to mortgage loans that account for a disproportionately large percentage of the pool's aggregate principal balance. As mortgage loans pay down or properties are released, the remaining mortgage loans may face a higher risk with respect to the diversity of property types and property characteristics and with respect to the number of borrowers.

See the table titled "Distribution of Remaining Terms to Maturity" on Annex A-2 for a stratification of the remaining terms to maturity of the mortgage loans. Because principal on the certificates is payable in sequential order of payment priority, and a class receives principal only after the preceding class(es) have been paid in full, classes that have a lower sequential priority are more likely to face these types of risk of concentration than classes with a higher sequential priority.

Several of the mortgage loans have cut-off date balances that are substantially higher than the average cut-off date balance. In general, concentrations in mortgage loans with larger-than-average balances can result in losses that are more severe, relative to the size of the mortgage loan pool, than would be the case if the aggregate balance of the mortgage loan pool were more evenly distributed.

A concentration of mortgage loans secured by the same mortgaged property types can increase the risk that a decline in a particular industry or business would have a disproportionately large impact on the pool of mortgage loans. Mortgaged property types representing at least 5.0% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date (based on allocated loan amount) are multifamily, office, hospitality, mixed use and retail. See "*Description of the Mortgage Pool—Mortgage Pool Characteristics—Property Types*" for information on the types of mortgaged properties securing the mortgage loans in the mortgage pool.

Repayments by borrowers and the market value of the related mortgaged properties could be affected by economic conditions generally or specific to particular geographic areas or regions of the United States, and concentrations of mortgaged properties in particular geographic areas may increase the risk that conditions in the real estate market where the mortgaged property is located, or other adverse economic or other developments or natural disasters (*e.g.*, earthquakes, floods, forest fires, tornadoes or hurricanes or changes in governmental rules or fiscal policies) affecting a particular region of the country, could increase the frequency and severity of losses on mortgage loans secured by those mortgaged properties.

Mortgaged properties securing approximately 5.0% or more of the aggregate principal balance of the pool of mortgage loans as of the cut-off date (based on allocated loan amount) are located in New York, California, New Jersey, Texas, Virginia, Florida and Maryland. See "*Description of the Mortgage Pool—Mortgage Pool Characteristics—Geographic Concentrations*".

Some of the mortgaged properties are located in areas that, based on low population density, poor economic demographics (such as higher than average unemployment rates, lower than average annual household income and/or overall loss of jobs) and/or negative trends in such regards, would be considered secondary or tertiary markets.

A concentration of mortgage loans with the same borrower or related borrowers also can pose increased risks:

● if a borrower that owns or controls several mortgaged properties (whether or not all of them secure mortgage loans in the mortgage pool) experiences financial difficulty at one mortgaged property, it could defer maintenance at another mortgaged property in order to satisfy current expenses with respect to the first mortgaged property;

● a borrower could also attempt to avert foreclosure by filing a bankruptcy petition that might have the effect of interrupting debt service payments on the mortgage loans in the mortgage pool secured by that borrower's mortgaged properties (subject to the master servicer's and the trustee's obligation to make advances for monthly payments) for an indefinite period; and

● mortgaged properties owned by the same borrower or related borrowers are likely to have common management, common general partners and/or common managing members increasing the risk that financial or other difficulties experienced by such related parties could have a greater impact on the pool of mortgage loans. See "*—A Bankruptcy Proceeding May Result in Losses and Delays in Realizing on the Mortgage Loans*" below.

See "*Description of the Mortgage Pool—Mortgage Pool Characteristics*" for information on the composition of the mortgage pool by property type and geographic distribution and loan concentration.

**Climate Change May Directly or Indirectly Have an Adverse Effect on the Mortgage Pool**

Climate change and legal, technological and political developments related to climate change could have an adverse effect on the underlying mortgaged properties and borrowers and consequently on an investment in the certificates. Such developments include the adoption of local laws or regulations designed to improve energy efficiency or reduce greenhouse gas emissions that have been linked to climate change, which could require borrowers to incur significant costs to retrofit the related properties to comply or subject the borrowers to fines. For example, New York City Local Law 97 of 2019 generally requires, with some exceptions, that (i) buildings that exceed 25,000 gross square feet, (ii) two (2) or more buildings on the same tax lot that together exceed 50,000 square feet and (iii) two (2) or more buildings owned by a condominium association that are governed by the same board of managers and that together exceed 50,000 square feet meet new energy efficiency and greenhouse gas emissions limits by 2024, with stricter limits coming into effect in 2030. Noncompliant building owners may face fines starting in 2025, unless they are able to bring their building into timely compliance by retrofitting their buildings.

Also, properties that are less energy efficient or that produce higher greenhouse gas emissions may be at a competitive disadvantage to more efficient or cleaner properties in attracting potential tenants.

Similarly, tenants at certain properties may be in, or may be dependent upon, industries, such as oil and gas, that are or may become subject to heightened regulation due to climate change or the development of competing "green" technologies, which may have a material adverse effect on such tenants and lead to, among other things, vacancies or tenant bankruptcies at certain mortgaged properties.

Climate change may also have other effects, such as increasing the likelihood of extreme weather and natural disasters in certain geographic areas. See "*—Concentrations Based on Property Type, Geography, Related Borrowers and Other Factors May Disproportionately Increase Losses*".

We cannot assure you that any retrofitting of properties to comply with new laws or regulations or any change in tenant mix due to the characteristics of the mortgaged property will improve the operations at, or increase the value of, the related mortgaged property. However, failure to comply with any required retrofitting or a concentration of tenants in industries subject to heightened regulation or "green" competition could have a material negative impact on the related mortgaged property, which could affect the ability of the related borrower to repay the related mortgage loan.

**Adverse Environmental Conditions at or Near Mortgaged Properties May Result in Losses**

The issuing entity could become liable for a material adverse environmental condition at an underlying mortgaged property. Any such potential liability could reduce or delay payments on the offered certificates.

Each of the mortgaged properties was either (i) subject to environmental site assessments prior to the time of origination of the related mortgage loan (or, in certain limited cases, after origination) including Phase I environmental site assessments or updates of previously performed Phase I environmental site assessments, or (ii) subject to a secured creditor environmental insurance policy or other environmental insurance policy. See "*Description of the Mortgage Pool—Environmental Considerations*".

We cannot assure you that the environmental assessments revealed all existing or potential environmental risks or that all adverse environmental conditions have been or will be completely abated or remediated or that any reserves, insurance or operations and maintenance plans will be sufficient to remediate the environmental conditions. Moreover, we cannot assure you that:

● future laws, ordinances or regulations will not impose any material environmental liability; or

● the current environmental condition of the mortgaged properties will not be adversely affected by tenants or by the condition of land or operations in the vicinity of the mortgaged properties (such as underground storage tanks).

We cannot assure you that any remediation plan or any projected remedial costs or time is accurate or sufficient to complete the remediation objectives, or that no additional contamination requiring environmental investigation or remediation will be discovered on any mortgaged property. Likewise, all environmental policies naming the lender as named insured cover certain risks or events specifically identified in the policy, but the coverage is limited by its terms, conditions, limitations and exclusions, and does not purport to cover all environmental conditions whatsoever affecting the applicable mortgaged property, and we cannot assure you that any environmental conditions currently known, suspected, or unknown and discovered in the future will be covered by the terms of the policy.

Before the trustee, the special servicer or the master servicer, as applicable, acquires title to a mortgaged property on behalf of the issuing entity or assumes operation of the property, it will be required to obtain an environmental assessment of such mortgaged property, or rely on a recent environmental assessment. This requirement is intended to mitigate the risk that the issuing entity will become liable under any environmental law. There is accordingly some risk that the mortgaged property will decline in value while this assessment is being obtained or remedial action is being taken. Moreover, we cannot assure you that this requirement will effectively insulate the issuing entity from potential liability under environmental laws. Any such potential liability could reduce or delay distributions to certificateholders and the RR interest owner.

See "*Description of the Mortgage Pool—Environmental Considerations*" for additional information on environmental conditions at mortgaged properties securing certain mortgage loans in the issuing entity. See also representation and warranty number (40) on Annex D-1 and representation and warranty

number (40) in Annex E-1 and the identified exceptions to those representations and warranties, if any, on Annex D-2, Annex E-2, Annex E-3, Annex E-4 and Annex E-5, respectively, for additional information.

See "*Transaction Parties—The Sponsors and Mortgage Loan Sellers—Goldman Sachs Mortgage Company—Goldman Originator's Underwriting Guidelines and Processes*", *"—German American Capital Corporation—DB Originators' Underwriting Guidelines and Processes"*, "—*Citi Real Estate Funding Inc.—CREFI's Underwriting Guidelines and Processes "*, "*—Bank of Montreal—BMO's Origination Procedures and Underwriting Guidelines*", "*—Barclays Capital Real Estate Inc.—Barclays' Underwriting Guidelines and Processes*" and *"Certain Legal Aspects of Mortgage Loans*".

See "*Certain Legal Aspects of Mortgage Loans—Environmental Considerations*".

**Risks Related to Redevelopment, Expansion and Renovation at Mortgaged Properties**

Certain of the mortgaged properties are currently undergoing or, in the future, are expected to undergo redevelopment, expansion or renovation. To the extent applicable, we cannot assure you that any escrow or reserve collected, if any, will be sufficient to complete the current renovation or be otherwise sufficient to satisfy any tenant improvement expenses at a mortgaged property. Failure to complete those planned improvements may have a material adverse effect on the cash flow at the mortgaged property and the related borrower's ability to meet its payment obligations under the mortgage loan documents.

Certain of the hospitality properties securing the mortgage loans are currently undergoing or are scheduled to undergo renovations or property improvement plans ("<u>PIPs</u>"). In some circumstances, these renovations or PIPs may necessitate taking a portion of the available guest rooms temporarily offline, temporarily decreasing the number of available rooms and the revenue generating capacity of the related hospitality property. In other cases, these renovations may involve renovations of common spaces or external features of the related hospitality property, which may cause disruptions or otherwise decrease the attractiveness of the related hospitality property to potential guests. These PIPs may be required under the related franchise or management agreement and a failure to timely complete them may result in a termination or expiration of a franchise or management agreement and may be an event of default under the related mortgage loan.

Certain of the mortgaged properties are currently undergoing or are scheduled to undergo renovations or property expansions. Such renovations or expansions may be required under tenant leases and a failure to timely complete such renovations or expansions may result in a termination of such lease and may have a material adverse effect on the cash flow at the mortgaged property and the related borrower's ability to meet its payment obligations under the mortgage loan documents.

We cannot assure you that current or planned redevelopment, expansion or renovation will be completed at all, that such redevelopment, expansion or renovation will be completed in the time frame contemplated, or that, when and if such redevelopment, expansion or renovation is completed, such redevelopment, expansion or renovation will improve the operations at, or increase the value of, the related mortgaged property. Failure of any of the foregoing to occur could have a material negative impact on the related mortgaged property, which could affect the ability of the related borrower to repay the related mortgage loan.

In the event the related borrower fails to pay the costs for work completed or material delivered in connection with such ongoing redevelopment, expansion or renovation, the portion of the mortgaged property on which there are renovations may be subject to mechanic's or materialmen's liens that may be senior to the lien of the related mortgage loan.

The existence of construction or renovation at a mortgaged property may take rental units or rooms or leasable space "off-line" or otherwise make space unavailable for rental, impair access or traffic at or near the mortgaged property, or, in general, make that mortgaged property less attractive to tenants or their customers, and accordingly could have a negative effect on net operating income. In addition, any such construction or renovation at a mortgaged property may temporarily interfere with the use and operation

of any portion of such mortgaged property. See "*Description of the Mortgage Pool—Redevelopment, Renovation and Expansion*" for information regarding mortgaged properties which are currently undergoing or, in the future, are expected to undergo redevelopment, expansion or renovation. See also Annex A-3 for any additional information on redevelopment, renovation and expansion at the mortgaged properties securing the ten largest mortgage loans.

**Some Mortgaged Properties May Not Be Readily Convertible to Alternative Uses**

Certain mortgaged properties securing the mortgage loans may have specialty use tenants and may not be readily convertible (or convertible at all) to alternative uses if those properties were to become unprofitable for any reason.

For example, retail, mixed use or office properties may have theater tenants. Properties with theater tenants are exposed to certain unique risks. Aspects of building site design and adaptability affect the value of a theater. In addition, decreasing attendance at a theater could adversely affect revenue of the theater, which may, in turn, cause the tenant to experience financial difficulties, resulting in downgrades in their credit ratings and, in certain cases, bankruptcy filings. In addition, because of unique construction requirements of theaters, any vacant theater space would not easily be converted to other uses.

Retail, mixed use or office properties may also have health clubs as tenants. Several factors may adversely affect the value and successful operation of a health club, including:

● the physical attributes of the health club (*e.g.*, its age, appearance and layout);

● the reputation, safety, convenience and attractiveness of the property to users;

● management's ability to control membership growth and attrition;

● competition in the tenant's marketplace from other health clubs and alternatives to health clubs; and

● adverse changes in economic and social conditions and demographic changes (*e.g.*, population decreases or changes in average age or income), which may result in decreased demand.

In addition, there may be significant costs associated with changing consumer preferences (*e.g.*, multipurpose clubs from single-purpose clubs or varieties of equipment, classes, services and amenities). In addition, health clubs may not be readily convertible to alternative uses if those properties were to become unprofitable for any reason. The liquidation value of any such health club consequently may be less than would be the case if the property were readily adaptable to changing consumer preferences for other uses.

Certain retail, mixed use or office properties may be partially comprised of a parking garage. Parking garages and parking lots present risks not associated with other properties. The primary source of income for parking lots and garages is the rental fees charged for parking spaces.

Factors affecting the success of a parking lot or garage include:

● the number of rentable parking spaces and rates charged;

● the location of the lot or garage and, in particular, its proximity to places where large numbers of people work, shop or live;

● the amount of alternative parking spaces in the area;

● the availability of mass transit; and

● the perceptions of the safety, convenience and services of the lot or garage.

Aspects of building site design and adaptability affect the value of a parking garage facility. Site characteristics that are valuable to a parking garage facility include location, clear ceiling heights, column spacing, zoning restrictions, number of spaces and overall functionality and accessibility.

In addition, because of the unique construction requirements of many parking garages and because a parking lot is often vacant paved land without any structure, a vacant parking garage facility or parking lot may not be easily converted to other uses.

Mortgaged properties may have other specialty use tenants, such as medical and dental offices, fitness centers, lab space, gas stations, dry cleaners, bank branches, data centers, urgent care facilities, schools, daycare centers and/or restaurants, as part of the mortgaged property. Re-tenanting certain specialty use tenants, such as gas stations and dry cleaners, may also involve substantial costs related to environmental remediation.

In the case of specialty use tenants such as restaurants and theaters, aspects of building site design and adaptability affect the value of such properties and other retailers at the mortgaged property. Decreasing patronage at such properties could adversely affect revenue of the property, which may, in turn, cause the tenants to experience financial difficulties, resulting in downgrades in their credit ratings, lease defaults and, in certain cases, bankruptcy filings. See "*—Performance of the Mortgage Loans Will Be Highly Dependent on the Performance of Tenants and Tenant Leases—Tenant Bankruptcy Could Result in a Rejection of the Related Lease*" above. Additionally, receipts at such properties are also affected not only by objective factors but by subjective factors. For instance, restaurant receipts are affected by such varied influences as the current personal income levels in the community, an individual consumer's preference for type of food, style of dining and restaurant atmosphere, the perceived popularity of the restaurant, food safety concerns related to personal health with the handling of food items at the restaurant or by food suppliers and the actions and/or behaviors of staff and management and level of service to the customers. In addition, because of unique construction requirements of such properties, any vacant space would not easily be converted to other uses.

Mortgaged properties with specialty use tenants may not be readily convertible (or convertible at all) to alternative uses if those properties were to become unprofitable, or the leased spaces were to become vacant, for any reason due to their unique construction requirements. In addition, converting commercial properties to alternate uses generally requires substantial capital expenditures and could result in a significant adverse effect on, or interruption of, the revenues generated by such properties.

In addition, a mortgaged property may not be readily convertible due to restrictive covenants related to such mortgaged property, including in the case of mortgaged properties that are subject to a condominium regime or subject to a ground lease, the use and other restrictions imposed by the condominium declaration and other related documents, especially in a situation where a mortgaged property does not represent the entire condominium regime. See "*—Condominium and Other Shared Interest Ownership May Limit Use and Improvements*" above*.*

Some of the mortgaged properties may be part of tax-reduction programs that apply only if the mortgaged properties are used for certain purposes. Such properties may be restricted from being converted to alternative uses because of such restrictions.

Some of the mortgaged properties have government tenants or other tenants which may have space that was "built to suit" that particular tenant's uses and needs. For example, a government tenant may require enhanced security features that required additional construction or renovation costs and for which the related tenant may pay above market rent. However, such enhanced features may not be necessary for a new tenant (and such new tenant may not be willing to pay the higher rent associated with such features). While a government office building or government leased space may be usable as a regular office building or tenant space, the rents that may be collected in the event the government tenant does not renew its lease may be significantly lower than the rent currently collected.

Additionally, zoning, historical preservation or other restrictions also may prevent alternative uses. See "*—Risks Related to Zoning Non-Compliance and Use Restrictions*" below.

**Risks Related to Zoning Non-Compliance and Use Restrictions**

Certain of the mortgaged properties may not comply with current zoning laws, including density, use, parking, height, landscaping, open space and set back requirements, due to changes in zoning requirements after such mortgaged properties were constructed. These properties, as well as those for which variances or special permits were issued or for which non-conformity with current zoning laws is otherwise permitted, are considered to be a "legal non-conforming use" and/or the improvements are considered to be "legal non-conforming structures". This means that the borrower is not required to alter its structure to comply with the existing or new law; however, the borrower may not be able to rebuild the premises "as-is" in the event of a substantial casualty loss. This may adversely affect the cash flow of the property following the loss. If a substantial casualty were to occur, we cannot assure you that insurance proceeds would be available to pay the mortgage loan in full. In addition, if a non-conforming use were to be discontinued and/or the property were repaired or restored in conformity with the current law, the value of the property or the revenue-producing potential of the property may not be equal to that before the casualty.

In addition, certain of the mortgaged properties that do not conform to current zoning laws may not be "legal non-conforming uses" or "legal non-conforming structures". The failure of a mortgaged property to comply with zoning laws or to be a "legal non-conforming use" or "legal non-conforming structure" may adversely affect the market value of the mortgaged property or the borrower's ability to continue to use it in the manner it is currently being used or may necessitate material additional expenditures to remedy non-conformities. In some cases, the related borrower has obtained law and ordinance insurance to cover additional costs that result from rebuilding the mortgaged property in accordance with current zoning requirements. However, if as a result of the applicable zoning laws the rebuilt improvements are smaller or less attractive to tenants than the original improvements, the resulting loss in income will generally not be covered by law and ordinance insurance. Zoning protection insurance will generally reimburse the lender for the difference between (i) the mortgage loan balance on the date of damage loss to the mortgaged property from an insured peril and (ii) the total insurance proceeds at the time of the damage to the mortgaged property if such mortgaged property cannot be rebuilt to its former use due to new zoning ordinances.

The limited availability of zoning information and/or extent of zoning diligence may also present risks. Zoning information contained in appraisals may be based on limited investigation, and zoning comfort letters obtained from jurisdictions, while based on available records, do not customarily involve any contemporaneous site inspection. The extent of zoning diligence will also be determined based on perceived risk and the cost and benefit of obtaining additional information. Even if law and ordinance insurance is required to mitigate rebuilding-related risks, we cannot assure you that other risks related to material zoning violations will have been identified under such circumstances, and that appropriate borrower covenants or other structural mitigants will have been required as a result.

In addition, certain of the mortgaged properties may be subject to certain use restrictions, building restrictions and/or operational requirements imposed pursuant to development agreements, ground leases, restrictive covenants, reciprocal easement agreements or operating agreements or historical landmark designations or, in the case of those mortgaged properties that are condominiums, condominium declarations or other condominium use restrictions or regulations, especially in a situation where the mortgaged property does not represent the entire condominium building. Such use restrictions could include, for example, limitations on the character of the improvements or the properties, limitations affecting noise and parking requirements, among other things, and limitations on the borrowers' right to operate certain types of facilities within a prescribed radius. These limitations impose upon the borrower stricter requirements with respect to repairs and alterations, including following a casualty loss. These limitations could adversely affect the ability of the related borrower to lease the mortgaged property on favorable terms, thus adversely affecting the borrower's ability to fulfill its obligations under the related mortgage loan. In addition, any alteration, reconstruction, demolition, or new construction affecting a

mortgaged property designated a historical landmark may require prior approval. Any such approval process, even if successful, could delay any redevelopment or alteration of a related property. The liquidation value of such property, to the extent subject to limitations of the kind described above or other limitations on convertibility of use, may be substantially less than would be the case if such property was readily adaptable to other uses or redevelopment. See "*Description of the Mortgage Pool—Use Restrictions*" for examples of mortgaged properties that are subject to restrictions relating to the use of the mortgaged properties.

<u>Energy Efficiency and Greenhouse Gas Emission Standards Set By New York City's Local Law 97 May Adversely Affect Future Net Operating Income at Mortgaged Real Properties Located in New York City</u>

With respect to any of the underlying mortgage loans secured by mortgaged real properties located in New York City, the related borrowers may face fines or retrofitting costs related to compliance with New York City Local Law 97 of 2019 ("<u>Local Law 97</u>"). Local Law 97 generally requires, with some exceptions, that (i) buildings that exceed 25,000 gross square feet, (ii) two or more buildings on the same tax lot that together exceed 50,000 square feet and (iii) two or more buildings owned by a condominium association that are governed by the same board of managers and that together exceed 50,000 square feet meet new energy efficiency and greenhouse gas emissions limits by 2024, with stricter limits coming into effect in 2030. Noncompliant building owners may face fines starting in 2025, unless they are able to bring their building into timely compliance by retrofitting their buildings. We cannot assure you that fines or retrofitting costs as a result of Local Law 97 will not adversely affect the future net operating income at any of the mortgaged real properties located in New York City.

**Risks Relating to Inspections of Properties**

Licensed engineers or consultants inspected the mortgaged properties at or about the time of the origination of the mortgage loans to assess items such as structural integrity of the buildings and other improvements on the mortgaged property, including exterior walls, roofing, interior construction, mechanical and electrical systems and general condition of the site, buildings and other improvements. However, we cannot assure you that all conditions requiring repair or replacement were identified. No additional property inspections were conducted in connection with the issuance of the offered certificates.

**Risks Relating to Costs of Compliance with Applicable Laws and Regulations**

A borrower may be required to incur costs to comply with various existing and future federal, state or local laws and regulations applicable to the related mortgaged property, for example, zoning laws and the Americans with Disabilities Act of 1990, as amended, which requires all public accommodations to meet certain federal requirements related to access and use by persons with disabilities. See "*Certain Legal Aspects of Mortgage Loans—Americans with Disabilities Act*". The expenditure of these costs or the imposition of injunctive relief, penalties or fines in connection with the borrower's noncompliance could negatively impact the borrower's cash flow and, consequently, its ability to pay its mortgage loan.

**Insurance May Not Be Available or Adequate**

Although the mortgaged properties are required to be insured, or self-insured by a sole tenant of a related building or group of buildings, against certain risks, there is a possibility of casualty loss with respect to the mortgaged properties for which insurance proceeds may not be adequate or which may result from risks not covered by insurance. In addition, certain types of mortgaged properties have few or no insurable buildings or improvements and thus do not have casualty insurance or low limits of casualty insurance in comparison with the related mortgage loan balances.

<u>Certain Risks Are Not Covered under Standard Insurance Policies</u>

In general (other than where the mortgage loan documents permit the borrower to rely on a tenant (including a ground tenant) or other third party (such as a condominium association, if applicable) to obtain the insurance coverage on self-insurance provided by a tenant or on a tenant's agreement to

rebuild or continue paying rent), the master servicer and special servicer will be required to cause the borrower on each mortgage loan to maintain such insurance coverage in respect of the related mortgaged property as is required under the related mortgage loan documents. See "*Description of the Mortgage Pool—Insurance Considerations*". In general, the standard form of fire and extended coverage policy covers physical damage to or destruction of the improvements of a property by fire, lightning, explosion, smoke, windstorm and hail, and riot, strike and civil commotion, subject to the conditions and exclusions specified in each policy (windstorm is a common exclusion for properties located in certain locations). Most policies typically do not cover any physical damage resulting from, among other things:

● war;

● revolution;

● terrorism;

● nuclear, biological or chemical materials;

● governmental actions;

● floods and other water related causes;

● earth movement, including earthquakes, landslides, sinkholes and mudflows;

● wet or dry rot;

● vermin; and

● domestic animals.

Unless the related mortgage loan documents specifically require the borrower to insure against physical damage arising from such causes, then, the resulting losses may be borne by you as a holder of certificates.

<u>Standard Insurance May Be Inadequate Even for Types of Losses That Are Insured Against</u>

Even if a type of loss is covered by the insurance policies required to be in place at the mortgaged properties, the mortgaged properties may suffer losses for which the insurance coverage is inadequate. For example:

● in a case where terrorism coverage is included under a policy, if the terrorist attack is for example, nuclear, biological or chemical in nature, the policy may include an exclusion that precludes coverage for such terrorist attack;

● in certain cases, particularly where land values are high, the insurable value (at the time of origination of the mortgage loan) of the mortgaged property may be significantly lower than the principal balance of the mortgage loan;

● with respect to mortgaged properties located in flood prone areas where flood insurance is required, the related mortgaged property may only have federal flood insurance (which only covers up to $500,000), not private flood insurance, and the related mortgaged property may suffer losses that exceed the amounts covered by the federal flood insurance;

● the mortgage loan documents may limit the requirement to obtain related insurance to where the premium amounts are "commercially reasonable" or a similar limitation; and

● if reconstruction or major repairs are required, changes in laws may materially affect the borrower's ability to effect any reconstruction or major repairs and/or may materially increase

the costs of the reconstruction or repairs and insurance may not cover or sufficiently compensate the insured.

<u>We Cannot Assure You That Required Insurance Will Be Maintained</u>

We cannot assure you that borrowers have maintained or will maintain the insurance required under the mortgage loan documents or that such insurance will be adequate.

Even if the mortgage loan documents specify that the related borrower must maintain standard extended coverage casualty insurance or other insurance that covers acts of terrorism, the borrower may fail to maintain such insurance and the master servicer or the special servicer may not enforce such default or cause the borrower to obtain such insurance if the special servicer has determined, in accordance with the servicing standard and subject to the discussion under "*Pooling and Servicing Agreement—The Directing Holder*" and "*—The Operating Advisor*", that either (a) such insurance is not available at commercially reasonable rates and the subject hazards are not commonly insured against by prudent owners of similar real properties located in or near the geographic region in which the mortgaged property is located (but only by reference to such insurance that has been obtained by such owners at current market rates), or (b) such insurance is not available at any rate. Additionally, if the related borrower fails to maintain such terrorism insurance coverage, neither the applicable master servicer nor the special servicer will be required to maintain such terrorism insurance coverage if the special servicer determines, in accordance with the servicing standard, that such terrorism insurance coverage is not available for the reasons set forth in (a) or (b) of the preceding sentence. Furthermore, at the time existing insurance policies are subject to renewal, we cannot assure you that terrorism insurance coverage will be available and covered under the new policies or, if covered, whether such coverage will be adequate. Most insurance policies covering commercial real properties such as the mortgaged properties are subject to renewal on an annual basis. If this coverage is not currently in effect, is not adequate or is ultimately not continued with respect to some of the mortgaged properties and one of those properties suffers a casualty loss as a result of a terrorist act, then the resulting casualty loss could reduce the amount available to make distributions on your certificates.

In addition, hazard insurance policies will typically contain co-insurance clauses that in effect require an insured at all times to carry insurance of a specified percentage, generally 80% to 90%, of the full replacement value of the improvements on the related mortgaged property in order to recover the full amount of any partial loss. As a result, even if insurance coverage is maintained, if the insured's coverage falls below this specified percentage, those clauses generally provide that the insurer's liability in the event of partial loss does not exceed the lesser of (1) the replacement cost of the improvements less physical depreciation and (2) that proportion of the loss as the amount of insurance carried bears to the specified percentage of the full replacement cost of those improvements.

Certain of the mortgaged properties may be located in areas that are considered a high earthquake risk (seismic zones 3 or 4). For example, twelve (12) mortgaged properties (13.7%) are located in an area with a high degree of seismic activity. Seismic reports were prepared for each of the mortgaged properties and no mortgaged property has a seismic expected loss (SEL) greater than 20%. Material damage to the mortgaged properties as a result of an earthquake could adversely affect the operations and revenues at the mortgaged properties, as well as the borrowers' ability make payments with respect to the related mortgage loan. The borrowers have not obtained a separate earthquake insurance policy covering the mortgaged properties. See "*Description of the Mortgage Pool—Mortgage Pool Characteristics—Geographic Concentrations*".

Furthermore, with respect to certain mortgage loans, the insurable value of the related mortgaged property as of the origination date of the related mortgage loan was lower than the principal balance of the related mortgage loan. In the event of a casualty when a borrower is not required to rebuild or cannot rebuild, we cannot assure you that the insurance required with respect to the related mortgaged property will be sufficient to pay the related mortgage loan in full and there is no "gap" insurance required under such mortgage loan to cover any difference. In those circumstances, a casualty that occurs near the maturity date may result in an extension of the maturity date of the mortgage loan if the master servicer,

in accordance with the servicing standard, determines that such extension was in the best interest of certificateholders and the RR interest owner.

The mortgage loans do not all require flood insurance on the related mortgaged properties unless they are in a flood zone and flood insurance is available and, in certain instances, even where the related mortgaged property was in a flood zone and flood insurance was available, flood insurance was not required.

The National Flood Insurance Program ("<u>NFIP</u>") expired on September 30, 2025. We cannot assure you if or when NFIP will be reauthorized by Congress. If NFIP is not reauthorized, it could have an adverse effect on the value of properties in flood zones or their ability to repair or rebuild after flood damage.

We cannot assure you that the borrowers will in the future be able to comply with requirements to maintain adequate insurance with respect to the mortgaged properties, and any uninsured loss could have a material adverse impact on the amount available to make payments on the related mortgage loan, and consequently, the offered certificates. As with all real estate, if reconstruction (for example, following fire or other casualty) or any major repair or improvement is required to the damaged property, changes in laws and governmental regulations may be applicable and may materially affect the cost to, or ability of, the borrowers to effect such reconstruction, major repair or improvement. As a result, the amount realized with respect to the mortgaged properties, and the amount available to make payments on the related mortgage loan, and consequently, the offered certificates, could be reduced. In addition, we cannot assure you that the amount of insurance required or provided would be sufficient to cover damages caused by any casualty, or that such insurance will be available in the future at commercially reasonable rates. See representation and warranty number 16 on Annex D-1 and representation and warranty number 16 on Annex E-1 and the identified exceptions to those representations and warranties, if any, on Annex D-2, Annex E-2, Annex E-3, Annex E-4 and Annex E-5, respectively, for additional information.

**Inadequacy of Title Insurers May Adversely Affect Distributions on Your Certificates**

Title insurance for a mortgaged property generally insures a lender against risks relating to a lender not having a first lien with respect to a mortgaged property, and in some cases can insure a lender against specific other risks. The protection afforded by title insurance depends on the ability of the title insurer to pay claims made upon it. We cannot assure you that with respect to any mortgage loan:

● a title insurer will have the ability to pay title insurance claims made upon it;

● the title insurer will maintain its present financial strength; or

● a title insurer will not contest claims made upon it.

Certain of the mortgaged properties are either completing initial construction or undergoing renovation or redevelopment. Under such circumstances, there may be limitations to the amount of coverage or other exceptions to coverage that could adversely affect the issuing entity if losses are suffered.

**Terrorism Insurance May Not Be Available for All Mortgaged Properties**

The occurrence or the possibility of terrorist attacks could (1) lead to damage to one or more of the mortgaged properties if any terrorist attacks occur or (2) result in higher costs for security and insurance premiums or diminish the availability of insurance coverage for losses related to terrorist attacks, particularly for large properties, which could adversely affect the cash flow at those mortgaged properties.

After the September 11, 2001 terrorist attacks in New York City and the Washington, D.C. area, all forms of insurance were impacted, particularly from a cost and availability perspective, including comprehensive general liability and business interruption or rent loss insurance policies required by

typical mortgage loans. To give time for private markets to develop a pricing mechanism for terrorism risk and to build capacity to absorb future losses that may occur due to terrorism, the Terrorism Risk Insurance Act of 2002 was enacted on November 26, 2002, establishing the Terrorism Insurance Program. The Terrorism Insurance Program was reauthorized on December 20, 2019 through December 31, 2027 pursuant to the Terrorism Risk Insurance Program Reauthorization Act of 2019 ("<u>TRIPRA</u>").

The Terrorism Insurance Program requires insurance carriers to provide terrorism coverage in their basic "all-risk" policies. Any commercial property and casualty terrorism insurance exclusion that was in force on November 26, 2002 is automatically void to the extent that it excluded losses that would otherwise be insured losses. Any state approval of those types of exclusions in force on November 26, 2002 is also void.

Under the Terrorism Insurance Program, the federal government shares in the risk of losses occurring within the United States resulting from acts committed in an effort to influence or coerce United States civilians or the United States government. The federal share of compensation for insured losses of an insurer will be equal to 80% of the portion of such insured losses that exceed a deductible equal to 20% of the value of the insurer's direct earned premiums over the calendar year immediately preceding that program year. Federal compensation in any program year is capped at $100 billion (with insurers being liable for any amount that exceeds such cap), and no compensation is payable with respect to a terrorist act unless the aggregate industry losses relating to such act exceed $200 million. The Terrorism Insurance Program does not cover nuclear, biological, chemical or radiological attacks. Unless a borrower obtains separate coverage for events that do not meet the thresholds or other requirements above, such events will not be covered.

If the Terrorism Insurance Program is not reenacted after its expiration in 2027, premiums for terrorism insurance coverage will likely increase and the terms of such insurance policies may be materially amended to increase stated exclusions or to otherwise effectively decrease the scope of coverage available (perhaps to the point where it is effectively not available). In addition, to the extent that any insurance policies contain a "sunset clause" (*i.e.*, clauses that void terrorism coverage if the federal insurance backstop program is not renewed), then such policies may cease to provide terrorism insurance upon the expiration of the Terrorism Insurance Program. We cannot assure you that the Terrorism Insurance Program or any successor program will create any long-term changes in the availability and cost of such insurance. Moreover, future legislation, including regulations expected to be adopted by the Treasury Department pursuant to TRIPRA, may have a material effect on the availability of federal assistance in the terrorism insurance market. To the extent that uninsured or underinsured casualty losses occur with respect to the related mortgaged properties, losses on the mortgage loans may result. In addition, the failure to maintain such terrorism insurance may constitute a default under the related mortgage loan.

Some of the mortgage loans may not require the related borrower to maintain terrorism insurance. In addition, most of the mortgage loans contain limitations on the related borrower's obligation to obtain terrorism insurance, such as (i) waiving the requirement that such borrower maintain terrorism insurance if such insurance is not available at commercially reasonable rates, (ii) providing that the related borrower is not required to spend in excess of a specified dollar amount (or in some cases, a specified multiple of what is spent on other insurance) in order to obtain such terrorism insurance, (iii) requiring coverage only for as long as the TRIPRA is in effect, or (iv) requiring coverage only for losses arising from domestic acts of terrorism or from terrorist acts certified by the federal government as "acts of terrorism" under the TRIPRA. See "*Annex A-3—Description of the Top 15 Mortgage Loans*" for a summary of the terrorism insurance requirements under each of the ten largest mortgage loans.

Other mortgaged properties securing mortgage loans may also be insured under a blanket policy or self-insured or insured by a sole tenant. See "*—Risks Associated with Blanket Insurance Policies or Self-Insurance*" below.

We cannot assure you that all of the mortgaged properties will be insured against the risks of terrorism and similar acts. As a result of any of the foregoing, the amount available to make distributions on your certificates could be reduced.

**Risks Associated with Blanket Insurance Policies or Self-Insurance**

Certain of the mortgaged properties are covered by blanket insurance policies, which also cover other properties of the related borrower or its affiliates (including certain properties in close proximity to the mortgaged properties). In the event that such policies are drawn on to cover losses on such other properties, the amount of insurance coverage available under such policies would thereby be reduced and could be insufficient to cover each mortgaged property's insurable risks. In addition, with respect to some of the mortgaged properties, a sole or significant tenant is allowed to provide self-insurance against risks.

Additionally, if the mortgage loans that allow coverage under blanket insurance policies are part of a group of mortgage loans with related borrowers, then all of the related mortgaged properties may be covered under the same blanket policy, which may also cover other properties owned by affiliates of such borrowers.

Certain mortgaged properties may also be insured or self-insured by a sole or significant tenant, as further described under "*Description of the Mortgage Pool—Insurance Considerations*".

**Condemnation of a Mortgaged Property May Adversely Affect Distributions on Certificates**

From time to time, there may be condemnations pending or threatened against one or more of the mortgaged properties securing the mortgage loans. The proceeds payable in connection with a total condemnation may not be sufficient to restore the related mortgaged property or to satisfy the remaining indebtedness of the related mortgage loan. The occurrence of a partial condemnation may have a material adverse effect on the continued use of, or income generated by, the affected mortgaged property. Therefore, we cannot assure you that the occurrence of any condemnation will not have a negative impact upon distributions on your offered certificates.

**Limited Information Causes Uncertainty**

<u>Historical Information</u>

Some of the mortgage loans that we intend to include in the issuing entity are secured in whole or in part by mortgaged properties for which limited or no historical operating information is available. As a result, you may find it difficult to analyze the historical performance of those mortgaged properties.

A mortgaged property may lack prior operating history or historical financial information because it is newly constructed or renovated, it is a recent acquisition by the related borrower or it is a single-tenant property that is subject to a triple net lease. In addition, a tenant's lease may contain confidentiality provisions that restrict the sponsors' access to or disclosure of such tenant's financial information. The underwritten net cash flows and underwritten net operating income for such mortgaged properties are derived principally from current rent rolls or tenant leases and historical expenses, adjusted to account for inflation, significant occupancy increases and a market rate management fee. In some cases, underwritten net cash flows and underwritten net operating income for mortgaged properties are based all or in part on leases (or letters of intent) that are not yet in place (and may still be under negotiation) or on tenants that may have signed a lease (or letter of intent), or lease amendment expanding the leased space, but are not yet in occupancy and/or paying rent, which present certain risks described in "*—Underwritten Net Cash Flow Could Be Based On Incorrect or Failed Assumptions*" below.

See Annex A-1 for certain historical financial information relating to the mortgaged properties, including net operating income for the most recent reporting period and prior three (3) calendar years, to the extent available.

<u>Ongoing Information</u>

The primary source of ongoing information regarding the offered certificates, including information regarding the status of the related mortgage loans and any credit support for the offered certificates, will

be the periodic reports delivered to you. See "*Description of the Certificates—Reports to Certificateholders and the RR Interest Owner; Certain Available Information*". We cannot assure you that any additional ongoing information regarding the offered certificates will be available through any other source. The limited nature of the available information in respect of the offered certificates may adversely affect their liquidity, even if a secondary market for the offered certificates does develop.

We are not aware of any source through which pricing information regarding the offered certificates will be generally available on an ongoing basis or on any particular date.

**Underwritten Net Cash Flow Could Be Based On Incorrect or Failed Assumptions**

As described under "*Description of the Mortgage Pool—Certain Terms of the Mortgage Loans*", underwritten net cash flow generally includes cash flow (including any cash flow from master leases) adjusted based on a number of assumptions used by the sponsors. We make no representation that the underwritten net cash flow set forth in this prospectus as of the cut-off date or any other date represents actual future net cash flows. For example, with respect to certain mortgage loans included in the issuing entity, the occupancy of the related mortgaged property reflects tenants that (i) may not have yet actually executed leases (or letters of intent), (ii) have signed leases but have not yet taken occupancy and/or are not paying full contractual rent, (iii) are seeking or may in the future seek to sublet all or a portion of their respective spaces, (iv) are "dark" tenants but paying rent, or (v) are affiliates of the related borrower and are leasing space pursuant to a master lease or a space lease. Similarly, with respect to certain mortgage loans included in the issuing entity, the underwritten net cash flow may be based on certain tenants that have not yet executed leases or that have signed leases but are not yet in place and/or are not yet paying rent, or have a signed lease or lease amendment expanding the leased space, but are not yet in occupancy in all or a portion of their space and/or paying rent, or may assume that future contractual rent steps (during some or all of the remaining term of a lease) have occurred. In many cases, co-tenancy provisions were assumed to be satisfied and vacant space was assumed to be occupied and space that was due to expire was assumed to have been re-let, in each case at market rates that may have exceeded current rent. You should review these and other similar assumptions and make your own determination of the appropriate assumptions to be used in determining underwritten net cash flow.

In addition, underwritten or adjusted cash flows, by their nature, are speculative and are based upon certain assumptions and projections. The failure of these assumptions or projections in whole or in part could cause the underwritten net operating income (calculated as described in "*Description of the Mortgage Pool—Certain Terms of the Mortgage Loans*") to vary substantially from the actual net operating income of a mortgaged property.

In the event of the inaccuracy of any assumptions or projections used in connection with the calculation of underwritten net cash flow, the actual net cash flow could be significantly different (and, in some cases, may be materially less) than the underwritten net cash flow presented in this prospectus, and this would change other numerical information presented in this prospectus based on or derived from the underwritten net cash flow, such as the debt service coverage ratios or debt yield presented in this prospectus. We cannot assure you that any such assumptions or projections made with respect to any mortgaged property will, in fact, be consistent with that mortgaged property's actual performance.

In addition, the debt service coverage ratios set forth in this prospectus for the mortgage loans and the mortgaged properties vary, and may vary substantially, from the debt service coverage ratios for the mortgage loans and the mortgaged properties as calculated pursuant to the definition of such ratios as set forth in the related mortgage loan documents. See "*Description of the Mortgage Pool—Certain Calculations and Definitions*" in this prospectus for additional information on certain of the mortgage loans in the issuing entity.

**Frequent and Early Occurrence of Borrower Delinquencies and Defaults May Adversely Affect Your Investment**

If you calculate the anticipated yield of your offered certificates based on a rate of default or amount of losses lower than that actually experienced on the mortgage loans and those additional losses result in a reduction of the total distributions on, or the certificate balance of, your offered certificates, your actual yield to maturity will be lower than expected and could be negative under certain extreme scenarios. The timing of any loss on a liquidated mortgage loan that results in a reduction of the total distributions on or the certificate balance of your offered certificates will also affect the actual yield to maturity of your offered certificates, even if the rate of defaults and severity of losses are consistent with your expectations. In general, the earlier a loss is borne by you, the greater the effect on your yield to maturity.

Delinquencies on the mortgage loans, if the delinquent amounts are not advanced, may result in shortfalls in distributions of interest and/or principal to the holders of the offered certificates for the current month. Furthermore, no interest will accrue on this shortfall during the period of time that the payment is delinquent. Additionally, in instances where the principal portion of any balloon payment scheduled with respect to a mortgage loan is collected by the master servicer following the end of the related collection period, no portion of the principal received on such payment will be passed through for distribution to the certificateholders and the RR interest owner until the subsequent distribution date, which may result in shortfalls in distributions of interest to the holders of the offered certificates in the following month. Furthermore, in such instances no provision is made for the master servicer or any other party to cover any such interest shortfalls that may occur as a result. In addition, if interest and/or principal advances and/or property protection advances are made with respect to a mortgage loan after a default and the related mortgage loan is thereafter worked out under terms that do not provide for the repayment of those advances in full at the time of the workout, then any reimbursements of those advances prior to the actual collection of the amount for which the advance was made may also result in shortfalls in distributions of principal to the holders of the offered certificates with certificate balances for the current month. Even if losses on the mortgage loans are not allocated to a particular class of offered certificates with certificate balances, the losses may affect the weighted average life and yield to maturity of that class of offered certificates. In the case of any material monetary or material non-monetary default, the special servicer may accelerate the maturity of the related mortgage loan, which could result in an acceleration of principal distributions to the certificateholders and the RR interest owner. The special servicer may also extend or modify a mortgage loan, which could result in a substantial delay in principal distributions to the certificateholders and the RR interest owner. In addition, losses on the mortgage loans, even if not allocated to a class of offered certificates with certificate balances, may result in a higher percentage ownership interest evidenced by those offered certificates in the remaining mortgage loans than would otherwise have resulted absent the loss. The consequent effect on the weighted average life and yield to maturity of the offered certificates will depend upon the characteristics of those remaining mortgage loans in the issuing entity.

**The Mortgage Loans Have Not Been Reviewed or Re-Underwritten by Us; Some Mortgage Loans May Not Have Complied With Another Originator's Underwriting Criteria**

Although the sponsors have conducted a review of the mortgage loans to be sold to us for this securitization transaction, we, as the depositor for this securitization transaction, have neither originated the mortgage loans nor conducted a review or re-underwriting of the mortgage loans. Instead, we have relied on the representations and warranties made by the applicable sponsor and the remedies for breach of a representation and warranty as described under "*Description of the Mortgage Loan Purchase Agreements*" and each sponsor's description of its underwriting criteria described under "*Transaction Parties—The Sponsors and Mortgage Loan Sellers—Goldman Sachs Mortgage Company—Goldman Originator's Underwriting Guidelines and Processes*", "*—German American Capital Corporation— DB Originators' Underwriting Guidelines and Processes*", "*—Citi Real Estate Funding Inc.—CREFI's Underwriting Guidelines and Processes*", "*—Bank of Montreal—BMO's Origination Procedures and Underwriting Guidelines*" and "*—Barclays Capital Real Estate Inc.—Barclays' Underwriting Guidelines and Processes*".

A description of the review conducted by each sponsor for this securitization transaction is set forth under "*Transaction Parties—The Sponsors and Mortgage Loan Sellers—Goldman Sachs Mortgage Company—Review of GSMC Mortgage Loans*", "*—German American Capital Corporation—Review of GACC Mortgage Loans*", "—*Citi Real Estate Funding Inc.—Review of CREFI Mortgage Loans*", "*—Bank of Montreal—Review of BMO Mortgage Loans*" and "*—Barclays Capital Real Estate Inc.—Review of Barclays Mortgage Loans*".

The representations and warranties made by the sponsors may not cover all of the matters that one would review in underwriting a mortgage loan and you should not view them as a substitute for re-underwriting the mortgage loans. Furthermore, these representations and warranties in some respects represent an allocation of risk rather than a confirmed description of the mortgage loans. If we had re-underwritten the mortgage loans, it is possible that the re-underwriting process may have revealed problems with a mortgage loan not covered by a representation or warranty or may have revealed inaccuracies in the representations and warranties. See "*—Other Risks Relating to the Certificates—The Sponsors May Not Make Required Repurchases or Substitutions of Defective Mortgage Loans or Pay Any Loss of Value Payment Sufficient to Cover All Losses on a Defective Mortgage Loan*" below, and "*Description of the Mortgage Loan Purchase Agreements*".

As a result of the foregoing, you are advised and encouraged to make your own investment decision based on a careful review of the information set forth in this prospectus and your own view of the mortgage pool.

**Static Pool Data Would Not Be Indicative of the Performance of this Pool**

As a result of the distinct nature of each pool of commercial mortgage loans, and the separate mortgage loans within the pool, this prospectus does not include disclosure concerning the delinquency and loss experience of static pools of periodic originations by any sponsor of assets of the type to be securitized (known as "<u>static pool data</u>"). In particular, static pool data showing a low level of delinquencies and defaults would not be indicative of the performance of this pool or any other pools of mortgage loans originated by the same sponsor or sponsors.

While there may be certain common factors affecting the performance and value of income-producing real properties in general, those factors do not apply equally to all income-producing real properties and, in many cases, there are unique factors that will affect the performance and/or value of a particular income-producing real property. Moreover, the effect of a given factor on a particular real property will depend on a number of variables, including but not limited to property type, geographic location, competition, sponsorship and other characteristics of the property and the related commercial mortgage loan. Each income-producing real property represents a separate and distinct business venture and, as a result, each of the mortgage loans requires a unique underwriting analysis. Furthermore, economic and other conditions affecting real properties, whether worldwide, national, regional or local, vary over time. The performance of a pool of mortgage loans originated and outstanding under a given set of economic conditions may vary significantly from the performance of an otherwise comparable mortgage pool originated and outstanding under a different set of economic conditions.

Therefore, you should evaluate this offering on the basis of the information set forth in this prospectus with respect to the mortgage loans, and not on the basis of any successful performance of other pools of securitized commercial mortgage loans.

**Appraisals May Not Reflect Current or Future Market Value of Each Property**

Appraisals were obtained with respect to each of the mortgaged properties at or about the time of origination of the applicable mortgage loan (or whole loan, if applicable) or at or around the time of the acquisition of the mortgage loan (or whole loan, if applicable) by the related originator or sponsor. See Annex A-1 for the dates of the latest appraisals for the mortgaged properties. We have not obtained new appraisals of the mortgaged properties or assigned new valuations to the mortgage loans in connection with the offering of the offered certificates. The market values of the mortgaged properties could have declined since the origination of the related mortgage loans.

In general, appraisals represent the analysis and opinion of qualified appraisers and are not guarantees of present or future value. One appraiser may reach a different conclusion than that of a different appraiser with respect to the same property. The appraisals seek to establish the amount a typically motivated buyer would pay a typically motivated seller and, in certain cases, may have taken into consideration the purchase price paid by the borrower. The amount could be significantly higher than the amount obtained from the sale of a mortgaged property in a distress or liquidation sale.

Information regarding the appraised values of the mortgaged properties (including loan-to-value ratios) presented in this prospectus is not intended to be a representation as to the past, present or future market values of the mortgaged properties. For example, in some cases, a borrower or its affiliate may have acquired the related mortgaged property for a price or otherwise for consideration in an amount that is less than the related appraised value specified on Annex A-1, including at a foreclosure sale or through acceptance of a deed-in-lieu of foreclosure. Historical operating results of the mortgaged properties used in these appraisals, as adjusted by various assumptions, estimates and subjective judgments on the part of the appraiser, may not be comparable to future operating results. In addition, certain appraisals may be based on extraordinary assumptions, including without limitation, that certain tenants are in-place and paying rent when such tenants have not yet taken occupancy or that certain renovations or property improvement plans have been completed. Such capital expenditures are not required and have not been reserved for under the mortgage loan documents, and we cannot assure you that they will be made. Additionally, certain appraisals with respect to mortgage loans secured by multiple mortgaged properties may have been conducted on a portfolio basis rather than on an individual property basis, and the sum of the values of the individual properties may be different from (and in some cases may be less than) the appraised value of the aggregate of such properties on a portfolio basis. In addition, other factors may impair the mortgaged properties' value without affecting their current net operating income, including:

● changes in governmental regulations, zoning or tax laws;

● potential environmental or other legal liabilities;

● the availability of refinancing; and

● changes in interest rate levels.

In certain cases, appraisals may reflect "as-is" or other than "as-is" values. However, the appraised value reflected in this prospectus with respect to each mortgaged property, except as described under "*Description of the Mortgage Pool—Certain Calculations and Definitions*", reflects only the "as-is" value (or, in certain cases, may reflect the value other than "as-is" as a result of the satisfaction of the related conditions or assumptions unless otherwise specified), which may contain certain assumptions, such as future construction completion, projected re-tenanting or increased tenant occupancies. See "*Description of the Mortgage Pool—Appraised Value*".

Additionally, with respect to the appraisals setting forth assumptions, particularly those setting forth extraordinary assumptions, as to the "as-is" and other than "as-is" values, we cannot assure you that those assumptions are or will be accurate or that the "as-stabilized" value will be the value of the related mortgaged property at the indicated stabilization date or at maturity. Any engineering report, site inspection or appraisal represents only the analysis of the individual consultant, engineer or inspector preparing such report at the time of such report, and may not reveal all necessary or desirable repairs, maintenance and capital improvement items. See "*Transaction Parties—The Sponsors and Mortgage Loan Sellers—Goldman Sachs Mortgage Company—Goldman Originator's Underwriting Guidelines and Processes*", "—*German American Capital Corporation— DB Originators' Underwriting Guidelines and Processes*", "—*Citi Real Estate Funding Inc.—CREFI's Underwriting Guidelines and Processes*", "*—Bank of Montreal—BMO's Origination Procedures and Underwriting Guidelines*" and "*—Barclays Capital Real Estate Inc.—Barclays' Underwriting Guidelines and Processes*" for additional information regarding the appraisals. We cannot assure you that the information set forth in this prospectus regarding the appraised values or loan-to-value ratios accurately reflects past, present or future market values of the mortgaged properties or the amount that would be realized upon a sale of the related mortgaged property.

**Seasoned Mortgage Loans Present Additional Risk of Repayment**

Certain of the mortgage loans are seasoned mortgage loans. For example, with respect to the MetLife Solutions Tampa (2.2%) mortgage loan, the related mortgage loan was originated 9 months prior to the cut-off date. There are a number of risks associated with seasoned mortgage loans that are not present, or are present to a lesser degree, with more recently originated mortgage loans.

For example:

● property values and surrounding areas have likely changed since origination; origination standards at the time the mortgage loans were originated may have been different than current origination standards;

● the business circumstances and financial condition of the related borrowers and tenants may have changed since the mortgage loans were originated;

● the environmental circumstances at the mortgaged properties may have changed since the mortgage loans were originated;

● the physical condition of the mortgaged properties or improvements may have changed since origination; and

● the circumstances of the mortgaged properties, the borrower and the tenants may have changed in other respects since the mortgage loans were originated.

In addition, any seasoned mortgage loan may not satisfy all of the related sponsor's underwriting standards. See "*Transaction Parties—The Sponsors and Mortgage Loan Sellers*".

**The Performance of a Mortgage Loan and Its Related Mortgaged Property Depends in Part on Who Controls the Borrower and Mortgaged Property**

The operation and performance of a mortgage loan (or whole loan) will depend in part on the identity of the persons or entities who control the borrower and the mortgaged property. The performance of a mortgage loan (or whole loan) may be adversely affected if control of a borrower changes, which may occur, for example, by means of transfers of direct or indirect ownership interests in the borrower, or if the mortgage loan (or whole loan) is assigned to and assumed by another person or entity along with a transfer of the property to that person or entity.

Many of the mortgage loans generally place certain restrictions on the transfer and/or pledging of general partnership and managing member equity interests in a borrower, such as specific percentage or control limitations, although some have current or permit future mezzanine or subordinate debt. We cannot assure you the ownership of any of the borrowers would not change during the term of the related mortgage loan and result in a material adverse effect on your certificates. See "*Description of the Mortgage Pool—Additional Indebtedness*" and "*—Certain Terms of the Mortgage Loans—'Due-On-Sale' and 'Due-On-Encumbrance' Provisions*".

**The Borrower's Form of Entity May Cause Special Risks**

The borrowers are legal entities rather than individuals. Mortgage loans made to legal entities may entail greater risks of loss than those associated with mortgage loans made to individuals. For example, a legal entity, as opposed to an individual, may be more inclined to seek legal protection from its creditors under the bankruptcy laws. Unlike individuals involved in bankruptcies, most legal entities generally, but not in all cases, do not have personal assets and creditworthiness at stake.

The terms of certain of the mortgage loans require that the borrowers be single-purpose entities and, in most cases, such borrowers' organizational documents or the terms of the mortgage loans limit their activities to the ownership of only the related mortgaged property or mortgaged properties and limit the

borrowers' ability to incur additional indebtedness. Such provisions are designed to mitigate the possibility that the borrower's financial condition would be adversely impacted by factors unrelated to the related mortgaged property and mortgage loan. Such borrower may also have previously owned property other than the related mortgaged property or may be a so-called "recycled" single-purpose entity that previously had other business activities and liabilities. However, we cannot assure you that such borrowers have in the past complied, and will comply, with such requirements. Additionally, in some cases unsecured debt exists and/or is allowed in the future. Furthermore, in many cases such borrowers are not required to observe all covenants and conditions which typically are required in order for such borrowers to be viewed under standard rating agency criteria as "single purpose entities".

Although a borrower may currently be a single purpose entity, in certain cases the borrowers were not originally formed as single purpose entities, but at origination of the related mortgage loan (or whole loan, as applicable) their organizational documents were amended. That borrower may have previously owned property other than the related mortgaged property and may not have observed all covenants that typically are required to consider a borrower a "single purpose entity" and thus may have liabilities arising from events prior to becoming a single purpose entity.

The organizational documents of a borrower or the direct or indirect general partner or managing member of a borrower may also contain requirements that there be one or two independent directors, managers or trustees (depending on the entity form of such borrower) whose vote is required before the borrower files a voluntary bankruptcy or insolvency petition or otherwise institutes insolvency proceedings. Generally, but not always, the independent directors, managers or trustees may only be replaced with certain other independent successors. Although the requirement of having independent directors, managers or trustees is designed to mitigate the risk of a voluntary bankruptcy filing by a solvent borrower, a borrower could file for bankruptcy without obtaining the consent of its independent director(s) (and we cannot assure you that such bankruptcy would be dismissed as an unauthorized filing), and in any case the independent directors, managers or trustees may determine that a bankruptcy filing is an appropriate course of action to be taken by such borrower. Although the independent directors, managers or trustees generally owe no fiduciary duties to entities other than the borrower itself, such determination might take into account the interests and financial condition of such borrower's parent entities and such parent entities' other subsidiaries in addition to those of the borrower. Consequently, the financial distress of an affiliate of a borrower might increase the likelihood of a bankruptcy filing by a borrower.

The bankruptcy of a borrower, or a general partner or managing member of a borrower, may impair the ability of the lender to enforce its rights and remedies under the related mortgage loan. Certain of the mortgage loans may have been made to single purpose limited partnerships that have a general partner or general partners that are not themselves single purpose entities. Such loans are subject to additional bankruptcy risk. The organizational documents of the general partner in such cases do not limit it to acting as the general partner of the partnership. Accordingly there is a greater risk that the general partner may become insolvent for reasons unrelated to the mortgaged property. The bankruptcy of a general partner may dissolve the partnership under applicable state law. In addition, even if the partnership itself is not insolvent, actions by the partnership and/or a bankrupt general partner that are outside the ordinary course of their business, such as refinancing the related mortgage loan, may require prior approval of the bankruptcy court in the general partner's bankruptcy case. The proceedings required to resolve these issues may be costly and time-consuming.

Any borrower, even an entity structured as a single purpose entity, as an owner of real estate, will be subject to certain potential liabilities and risks. We cannot assure you that any borrower will not file for bankruptcy protection or that creditors of a borrower or a corporate or individual general partner or managing member of a borrower will not initiate a bankruptcy or similar proceeding against such borrower or corporate or individual general partner or managing member.

Certain mortgage loans may have the benefit of a general payment guaranty of a portion of the indebtedness under the mortgage loan. A payment guaranty for a portion of the indebtedness under the mortgage loan that is greater than ten percent (10%) presents a risk for consolidation of the assets of a borrower and the guarantor. In addition, certain borrowers' organizational documents or the terms of

certain mortgage loans may permit an affiliated property manager to maintain a custodial account on behalf of such borrower and certain affiliates of such borrower into which funds available to such borrower under the terms of the related mortgage loans and funds of such affiliates are held, but which funds are and will continue to be separately accounted for as to each item of income and expense for each related mortgaged property and each related borrower. A custodial account structure for affiliated entities, while common among certain REITs, institutions or independent owners of multiple properties, presents a risk for consolidation of the assets of such affiliates as commingling of funds is a factor a court may consider in considering a request by other creditors for substantive consolidation. Substantive consolidation is an equitable remedy that could result in an otherwise solvent company becoming subject to the bankruptcy proceedings of an insolvent affiliate, making its assets available to repay the debts of affiliated companies. A court has the discretion to order substantive consolidation in whole or in part and may include non-debtor affiliates of the bankrupt entity in the proceedings. In particular, consolidation may be ordered when corporate funds are commingled and used for a principal's personal purposes, inadequate records of transfers are made and corporate entities are deemed an alter ego of a principal. Strict adherence to maintaining separate books and records, avoiding commingling of assets and otherwise maintaining corporate policies designed to preserve the separateness of corporate assets and liabilities make it less likely that a court would order substantive consolidation, but we cannot assure you that the related borrowers, property managers or affiliates will comply with these requirements as set forth in the related mortgage loans.

Furthermore, with respect to any affiliated borrowers, creditors of a common parent in bankruptcy may seek to consolidate the assets of such borrowers with those of the parent. Consolidation of the assets of such borrowers would likely have an adverse effect on the funds available to make distributions on your certificates, and may lead to a downgrade, withdrawal or qualification of the ratings of your certificates.

See "*Description of the Mortgage Pool—Loan Purpose; Default History, Bankruptcy Issues and Other Proceedings*" and "*Certain Legal Aspects of Mortgage Loans—Bankruptcy Laws*".

In addition, borrowers may own a mortgaged property as a Delaware statutory trust or as tenants-in-common. Delaware statutory trusts may be restricted in their ability to actively operate a property, and in the case of a mortgaged property that is owned by a Delaware statutory trust or by tenants-in-common, there is a risk that obtaining the consent of the holders of the beneficial interests in the Delaware statutory trust or the consent of the tenants-in-common will be time consuming and cause delays with respect to the taking of certain actions by or on behalf of the borrower, including with respect to the related mortgaged property. See "*—Tenancies-in-Common May Hinder Recovery*" below. See also "*Description of the Mortgage Pool—Mortgage Pool Characteristics—Tenancies-in-Common or Diversified Ownership*".

In addition, certain of the mortgage loans may have borrowers that are wholly or partially (directly or indirectly) owned by one or more crowd funding investor groups or other diversified ownership structures. Investments in the commercial real estate market through crowd funding investor groups are a relatively recent development and there may be certain unanticipated risks to this new ownership structure which may adversely affect the related mortgage loan. Typically, the crowd funding investor group is made up of a large number of individual investors who invest relatively small amounts in the group pursuant to a securities offering. With respect to an equity investment in the borrower, the crowd funding investor group in turn purchases a stake in the borrower. Accordingly, equity in the borrower is indirectly held by the individual investors in the crowd funding group. We cannot assure you that either the crowd funding investor group or the individual investors in the crowd funding investor group or other diversified ownership structure have relevant expertise in the commercial real estate market. Additionally, crowd funding investor groups are required to comply with various securities regulations related to offerings of securities and we cannot assure you that any enforcement action or legal proceeding regarding failure to comply with such securities regulations would not delay enforcement of the related mortgage loan. Furthermore, we cannot assure you that a bankruptcy proceeding by the crowd funding investor group or other diversified ownership structure will not delay enforcement of the related mortgage loan or otherwise impair the borrower's ability to operate the related mortgaged property. See "*Description of the Mortgage Pool—Mortgage Pool Characteristics—Tenancies-in-Common or Diversified Ownership*". See "*—*

*Litigation Regarding the Mortgaged Properties or Borrowers May Impair Your Distributions"*, "*—Frequent and Early Occurrence of Borrower Delinquencies and Defaults May Adversely Affect Your Investment*" and "*—The Performance of a Mortgage Loan and Its Related Mortgaged Property Depends in Part on Who Controls the Borrower and Mortgaged Property*".

See representation and warranty number 31 on Annex D-1 and representation and warranty number 31 on Annex E-1 and any identified exceptions to those representations and warranties, if any, on Annex D-2, Annex E-2, Annex E-3, Annex E-4 and Annex E-5, respectively, for additional information.

**A Bankruptcy Proceeding May Result in Losses and Delays in Realizing on the Mortgage Loans**

Numerous statutory provisions, including the Bankruptcy Code and state laws affording relief to debtors, may interfere with and delay the ability of a secured mortgage lender to obtain payment of a loan, to realize upon collateral and/or to enforce a deficiency judgment. For example, under the Bankruptcy Code, virtually all actions (including foreclosure actions and deficiency judgment proceedings) are automatically stayed upon the filing of a bankruptcy petition, and, often, no interest or principal payments are made during the course of the bankruptcy proceeding. Also, under federal bankruptcy law, the filing of a petition in bankruptcy by or on behalf of a junior lien holder may stay the senior lender from taking action to foreclose out such junior lien. Certain of the mortgage loans have borrower sponsors that have previously filed bankruptcy and we cannot assure you that such borrower sponsors will not be more likely than other borrower sponsors to utilize their rights in bankruptcy in the event of any threatened action by the mortgagee to enforce its rights under the related mortgage loan documents. As a result, the issuing entity's recovery with respect to borrowers in bankruptcy proceedings may be significantly delayed, and the aggregate amount ultimately collected may be substantially less than the amount owed. See "*—Other Financings or Ability To Incur Other Indebtedness Entails Risk*" below, "*Description of the Mortgage Pool—Loan Purpose; Default History, Bankruptcy Issues and Other Proceedings*" and "*Certain Legal Aspects of Mortgage Loans—Bankruptcy Laws*".

Additionally, the courts of any state may refuse the foreclosure of a mortgage or deed of trust when an acceleration of the indebtedness would be inequitable or unjust or the circumstances would render the action unconscionable. See "*Certain Legal Aspects of Mortgage Loans—Foreclosure*".

See also "*—Performance of the Mortgage Loans Will Be Highly Dependent on the Performance of Tenants and Tenant Leases—Tenant Bankruptcy Could Result in a Rejection of the Related Lease*" above.

**Litigation Regarding the Mortgaged Properties or Borrowers May Impair Your Distributions**

There may be (and there may exist from time to time) pending or threatened legal proceedings against, or disputes with, the borrowers, the borrower sponsors and the managers of the mortgaged properties and their respective affiliates arising out of their ordinary business. We have not undertaken a search for all legal proceedings that relate to the borrowers, borrower sponsors or managers for the mortgaged properties and their respective affiliates. Potential investors are advised and encouraged to perform their own searches related to such matters to the extent relevant to their investment decision. Any such litigation or dispute may materially impair distributions to certificateholders and the RR interest owner if borrowers must use property income to pay judgments, legal fees or litigation costs. We cannot assure you that any litigation or dispute or any settlement of any litigation or dispute will not have a material adverse effect on your investment.

Additionally, a borrower or a principal of a borrower or affiliate may have been a party to a bankruptcy, foreclosure, litigation or other proceeding, particularly against a lender, or has been convicted of a crime in the past. In addition, certain of the borrower sponsors, property managers, affiliates of any of the foregoing and/or entities controlled thereby have been a party to bankruptcy proceedings, mortgage loan defaults and restructures, discounted payoffs, foreclosure proceedings or deed-in-lieu of foreclosure transactions, or other material proceedings (including criminal proceedings) in the past, whether or not related to the mortgaged property securing a mortgage loan in this securitization transaction. In some

cases, mortgaged properties securing certain of the mortgage loans may have previously secured other loans that had been in default, restructured or the subject of a discounted payoff, foreclosure or deed-in-lieu of foreclosure.

Certain of the borrower sponsors may have a history of litigation or other proceedings against their lender, in some cases involving various parties to a securitization transaction. We cannot assure you that the borrower sponsors that have engaged in litigation or other proceedings in the past will not commence action against the issuing entity in the future upon any attempt by the special servicer to enforce the mortgage loan documents. Any such actions by the borrower or borrower sponsor may result in significant expense and potential loss to the issuing entity and a shortfall in funds available to make payments on the offered certificates. In addition, certain principals or borrower sponsors may have in the past been convicted of, or pled guilty to, a felony. We cannot assure you that the borrower or principal will not be more likely than other borrowers or principals to avail itself or cause a borrower to avail itself of its legal rights, under the Bankruptcy Code or otherwise, in the event of an action or threatened action by the lender or its servicer to enforce the related mortgage loan documents, or otherwise conduct its operations in a manner that is in the best interests of the lender and/or the mortgaged property. We cannot assure you that any such proceedings or actions will not have a material adverse effect upon distributions on your certificates. Further, borrowers, principals of borrowers, property managers and affiliates of such parties may, in the future, be involved in bankruptcy proceedings, foreclosure proceedings or other material proceedings (including criminal proceedings), whether or not related to the mortgage loans. We cannot assure you that any such proceedings will not negatively impact a borrower's or borrower sponsor's ability to meet its obligations under the related mortgage loan and, as a result could have a material adverse effect upon your certificates.

Often it is difficult to confirm the identity of owners of all of the equity in a borrower, which means that past issues may not be discovered as to such owners. See "*Description of the Mortgage Pool—Litigation and Other Considerations*" and "*—Loan Purpose; Default History, Bankruptcy Issues and Other Proceedings*" for additional information on certain mortgage loans in the issuing entity. However, we cannot assure you that there are no undisclosed bankruptcy proceedings, foreclosure proceedings, deed-in-lieu-of-foreclosure transaction and/or mortgage loan workout matters that involved one or more mortgage loans or mortgaged properties, and/or a guarantor, borrower sponsor or other party to a mortgage loan.

In addition, in the event the owner of a borrower experiences financial problems, we cannot assure you that such owner would not attempt to take actions with respect to the mortgaged property that may adversely affect the borrower's ability to fulfill its obligations under the related mortgage loan. See "*Description of the Mortgage Pool—Litigation and Other Considerations*" for information regarding litigation matters with respect to certain mortgage loans.

**Other Financings or Ability To Incur Other Indebtedness Entails Risk**

When a borrower (or its constituent members) also has one or more other outstanding loans (even if they are *pari passu*, subordinated, mezzanine, preferred equity or unsecured loans or another type of equity pledge), the issuing entity is subjected to additional risk such as:

● the borrower (or its constituent members) may have difficulty servicing and repaying multiple financings;

● the existence of other financings will generally also make it more difficult for the borrower to obtain refinancing of the related mortgage loan (or whole loan, if applicable) or sell the related mortgaged property and may thereby jeopardize repayment of the mortgage loan (or whole loan, if applicable);

● the need to service additional financings may reduce the cash flow available to the borrower to operate and maintain the mortgaged property and the value of the mortgaged property may decline as a result;

● if a borrower (or its constituent members) defaults on its mortgage loan and/or any other financing, actions taken by other lenders such as a suit for collection, foreclosure or an involuntary petition for bankruptcy against the borrower could impair the security available to the issuing entity, including the mortgaged property, or stay the issuing entity's ability to foreclose during the course of the bankruptcy case;

● the bankruptcy of another lender also may operate to stay foreclosure by the issuing entity; and

● the issuing entity may also be subject to the costs and administrative burdens of involvement in foreclosure or bankruptcy proceedings or related litigation.

Although the companion loans related to a serviced whole loan and any non-serviced mortgage loan are not assets of the issuing entity, each related borrower is still obligated to make interest and principal payments on such companion loans. As a result, the issuing entity is subject to additional risks, including:

● the risk that the necessary maintenance of the related mortgaged property could be deferred to allow the borrower to pay the required debt service on these other obligations and that the value of the mortgaged property may fall as a result; and

● the risk that it may be more difficult for the borrower to refinance these loans or to sell the related mortgaged property for purposes of making any balloon payment on the entire balance of such loans and the related additional debt at maturity.

With respect to mezzanine financing (if any), while a mezzanine lender has no security interest in the related mortgaged properties, a default under a mezzanine loan could cause a change in control of the related borrower. With respect to mortgage loans that permit mezzanine financing, the relative rights of the mortgagee and the related mezzanine lender will generally be set forth in an intercreditor agreement, which agreements typically provide that the rights of the mezzanine lender (including the right to payment) against the borrower and mortgaged property are subordinate to the rights of the mortgage lender and that the mezzanine lender may not take any enforcement action against the mortgage borrower and mortgaged property.

In addition, the mortgage loan documents related to certain mortgage loans may have or permit future "preferred equity" structures, where one or more special limited partners or members receive a preferred return in exchange for an infusion of capital or other type of equity pledge that may require payments of a specified return or of excess cash flow. Such arrangements can present risks that resemble mezzanine debt, including dilution of the borrower's equity in the mortgaged property, stress on the cash flow in the form of a preferred return or excess cash payments, and/or potential changes in the management of the related mortgaged property in the event the preferred return is not satisfied.

Additionally, the terms of certain mortgage loans permit or require the borrowers to post letters of credit and/or surety bonds for the benefit of the related mortgage loan, which may constitute a contingent reimbursement obligation of the related borrower or an affiliate. The issuing bank or surety will not typically agree to subordination and standstill protection benefiting the mortgagee.

In addition, borrowers under most of the mortgage loans are generally permitted to incur trade payables and equipment financing, which may not be limited or may be significant, in order to operate the related mortgaged properties. Also, with respect to certain mortgage loans the related borrower either has incurred or is permitted to incur unsecured debt from an affiliate of either the borrower or the borrower sponsor. See "*Description of the Mortgage Pool—Additional Indebtedness—Other Unsecured Indebtedness*".

For additional information, see "*Description of the Mortgage Pool—Additional Indebtedness*" and "*Pooling and Servicing Agreement—Servicing of the Non-Serviced Mortgage Loans*".

**Tenancies-in-Common May Hinder Recovery**

Certain of the mortgage loans included in the issuing entity have borrowers that own the related mortgaged properties as tenants-in-common. In general, with respect to a tenant-in-common ownership structure, each tenant-in-common owns an undivided share in the property and if such tenant-in-common desires to sell its interest in the property (and is unable to find a buyer or otherwise needs to force a partition) the tenant-in-common has the ability to request that a court order a sale of the property and distribute the proceeds to each tenant in common proportionally. As a result, if a tenant-in-common that has not waived its right of partition or similar right exercises a right of partition, the related mortgage loan may be subject to prepayment. The bankruptcy, dissolution or action for partition by one or more of the tenants-in-common could result in an early repayment of the related mortgage loan, significant delay in recovery against the tenant-in-common borrowers, particularly if the tenant-in-common borrowers file for bankruptcy separately or in series (because each time a tenant-in-common borrower files for bankruptcy, the bankruptcy court stay will be reinstated), a material impairment in property management and a substantial decrease in the amount recoverable upon the related mortgage loan. Not all tenants-in-common under the mortgage loans will be single purpose entities. Each tenant-in-common borrower has waived its right to partition, reducing the risk of partition. However, we cannot assure you that, if challenged, this waiver would be enforceable. In addition, in some cases, the related mortgage loan documents may provide for full recourse (or in an amount equal to its pro rata share of the debt) to the related tenant-in-common borrower or the guarantor if a tenant-in-common files for partition. See "*Description of the Mortgage Pool—Mortgage Pool Characteristics—Tenancies-in-Common or Diversified Ownership*."

**Risks Relating to Enforceability of Cross-Collateralization**

Cross-collateralization arrangements may be terminated in certain circumstances under the terms of the related mortgage loan documents. Cross-collateralization arrangements whereby multiple borrowers grant their respective mortgaged properties as security for one or more mortgage loans could be challenged as fraudulent conveyances by the creditors or the bankruptcy estate of any of the related borrowers.

Among other things, a legal challenge to the granting of the liens may focus on the benefits realized by that borrower from the respective mortgage loan proceeds, as well as the overall cross-collateralization. If a court were to conclude that the granting of the liens was an avoidable fraudulent conveyance, that court could subordinate all or part of the mortgage loan to other debt of that borrower, recover prior payments made on that mortgage loan, or take other actions such as invalidating the mortgage loan or the mortgages securing the cross-collateralization. See "*Certain Legal Aspects of Mortgage Loans—Bankruptcy Laws*".

In addition, when multiple real properties secure a mortgage loan, the amount of the mortgage encumbering any particular one of those properties may be less than the full amount of the related aggregate mortgage loan indebtedness, to minimize recording tax. This mortgage amount is generally established at 100% to 150% of the appraised value or allocated loan amount for the mortgaged property and will limit the extent to which proceeds from the property will be available to offset declines in value of the other properties securing the same mortgage loan.

See "*Description of the Mortgage Pool—Mortgage Pool Characteristics*" for a description of any mortgage loans that are cross-collateralized and cross-defaulted with each other or that are secured by multiple properties owned by multiple borrowers.

**Risks Relating to Enforceability of Yield Maintenance Charges, Prepayment Premiums or Defeasance Provisions**

Provisions requiring yield maintenance charges, prepayment premiums or lockout periods may not be enforceable in some states and under federal bankruptcy law. Provisions requiring prepayment premiums or yield maintenance charges also may be interpreted as constituting the collection of interest for usury purposes. Accordingly, we cannot assure you that the obligation to pay a yield maintenance charge or

prepayment premium will be enforceable. Also, we cannot assure you that foreclosure proceeds will be sufficient to pay an enforceable yield maintenance charge or prepayment premium.

Additionally, although the collateral substitution provisions related to defeasance do not have the same effect on the certificateholders and the RR interest owner as prepayment, we cannot assure you that a court would not interpret those provisions as the equivalent of a yield maintenance charge or prepayment premium. In certain jurisdictions those collateral substitution provisions might therefore be deemed unenforceable or usurious under applicable law or public policy.

**Risks Associated with One Action Rules**

Several states (such as California) have laws that prohibit more than one "judicial action" to enforce a mortgage obligation, and some courts have construed the term "judicial action" broadly. Accordingly, the special servicer will be required to obtain advice of counsel prior to enforcing any of the issuing entity's rights under any of the mortgage loans that include mortgaged properties where a "one action" rule could be applicable. In the case of a multi property mortgage loan which is secured by mortgaged properties located in multiple states, the special servicer may be required to foreclose first on properties located in states where "one action" rules apply (and where non judicial foreclosure is permitted) before foreclosing on properties located in states where judicial foreclosure is the only permitted method of foreclosure. See "*Certain Legal Aspects of Mortgage Loans—Foreclosure*".

**State Law Limitations on Assignments of Leases and Rents May Entail Risks**

Generally mortgage loans included in an issuing entity secured by mortgaged properties that are subject to leases typically will be secured by an assignment of leases and rents pursuant to which the related borrower (or with respect to any indemnity deed of trust structure, the related property owner) assigns to the lender its right, title and interest as landlord under the leases of the related mortgaged properties, and the income derived from those leases, as further security for the related mortgage loan, while retaining a license to collect rents for so long as there is no default. If the borrower defaults, the license terminates and the lender is entitled to collect rents. Some state laws may require that the lender take possession of the related property and obtain a judicial appointment of a receiver before becoming entitled to collect the rents. In addition, if bankruptcy or similar proceedings are commenced by or in respect of the borrower, the lender's ability to collect the rents may be adversely affected. In particular, with respect to properties that are master leased, state law may provide that the lender will not have a perfected security interest in the underlying rents (even if covered by an assignment of leases and rents), unless there is also a mortgage on the master tenant's leasehold interest. Such a mortgage is not typically obtained. See "*Certain Legal Aspects of Mortgage Loans—Leases and Rents*" and "*—Bankruptcy Laws*".

**Various Other Laws Could Affect the Exercise of Lender's Rights**

The laws of the jurisdictions in which the mortgaged properties are located (which laws may vary substantially) govern many of the legal aspects of the mortgage loans. These laws may affect the ability to foreclose on, and, in turn the ability to realize value from, the mortgaged properties securing the mortgage loans. For example, state law determines:

● what proceedings are required for foreclosure;

● whether the borrower and any foreclosed junior lienors may redeem the property and the conditions under which these rights of redemption may be exercised;

● whether and to what extent recourse to the borrower is permitted; and

● what rights junior mortgagees have and whether the amount of fees and interest that lenders may charge is limited.

In addition, the laws of some jurisdictions may render certain provisions of the mortgage loans unenforceable or subject to limitations which may affect lender's rights under the mortgage loans. Delays in liquidations of defaulted mortgage loans and shortfalls in amounts realized upon liquidation as a result of the application of these laws may create delays and shortfalls in payments to certificateholders and the RR interest owner. See "*Certain Legal Aspects of Mortgage Loans*".

For example, Florida statutes render unenforceable provisions that allow for acceleration and other unilateral modifications solely as a result of a property owner entering into an agreement for a property-assessed clean energy ("<u>PACE</u>") financing. Consequently, given that certain remedies in connection therewith are not enforceable in Florida, we cannot assure you that any borrower owning assets in Florida will not obtain PACE financing notwithstanding any prohibition on such financing set forth in the related mortgage loan documents. See "*Certain Legal Aspects of Mortgage Loans*".

**The Absence of Lockboxes Entails Risks That Could Adversely Affect Distributions on Your Certificates**

On March 10, 2023, the California Department of Financial Protection and Innovation appointed the Federal Deposit Insurance Corporation (the "<u>FDIC</u>") as receiver for Silicon Valley Bank ("<u>SVB</u>"). To protect insured depositors, the FDIC ultimately transferred all the deposits and substantially all of the assets of SVB to Silicon Valley Bridge Bank, N.A., a full-service bridge bank that will be operated by the FDIC as it stabilizes the institution and implements an orderly resolution. On March 12, 2023, Signature Bank was closed by the New York State Department of Financial Services, which appointed the FDIC as receiver. To protect depositors, the FDIC transferred all the deposits and substantially all of the assets of Signature Bank to Signature Bridge Bank, N.A. ("<u>Bridge Bank</u>"), a full-service bank that will be operated by the FDIC as it markets the institution to potential bidders. On March 20, 2023, the FDIC announced that it had entered into a purchase and assumption agreement for substantially all deposits and certain loan portfolios of Bridge Bank by Flagstar Bank, National Association ("<u>Flagstar</u>"). On May 1, 2023, the FDIC announced that it entered into a purchase and assumption agreement with JPMorgan Chase Bank, National Association, to assume all of the deposits and substantially all of the assets of First Republic Bank. Other banks have also come under pressure as a result of the failure of SVB, Signature Bank and First Republic and we cannot assure you whether or not the FDIC will take similar or different actions with respect to other banking institutions. Under the related mortgage loan documents, all accounts, including the lockbox accounts, are required to be held at institutions meeting certain financial and ratings requirements. In many cases, Flagstar does not meet the requirements for an eligible institution to act as a lockbox bank under the applicable mortgage loan documents. Recently, a number of rating agencies have downgraded certain regional banks and other financial institutions and have put others on watch for possible downgrade. Such downgrades may trigger the obligation to transfer accounts held at certain institutions if any such downgrades cause them not to meet the requirements of the loan documents. Failure to meet those requirements could result in a default by the related borrower until the lockbox account is transferred to an institution meeting the necessary financial and ratings requirements. We cannot assure you that the operation of any lockbox accounts at Bridge Bank or Flagstar, or the transfer of those lockbox accounts (or other accounts held at other institutions) to other qualified institutions, if required, will not have an adverse impact on the operational cash flows from the related mortgaged properties or the related borrowers' ability to meet their respective obligations under the mortgage loan documents during that time.

In addition, certain of the mortgage loans may not require the related borrower to cause rent and other payments to be made into a lockbox account maintained on behalf of the mortgagee, although some of those mortgage loans do provide for a springing lockbox. If rental payments are not required to be made directly into a lockbox account, there is a risk that the borrower will divert such funds for other purposes. Furthermore, there is no guarantee that a springing lockbox will be able to be implemented in the future as may be required by the loan documents.

**Borrower May Be Unable To Repay Remaining Principal Balance on Maturity Date; Longer Amortization Schedules and Interest-Only Provisions Increase Risk**

Mortgage loans with substantial remaining principal balances at their stated maturity date involve greater risk than fully-amortizing mortgage loans. This is because the borrower may be unable to repay the mortgage loan at that time. In addition, fully amortizing mortgage loans which may pay interest on an "actual/360" basis but have fixed monthly payments may, in effect, have a small balloon payment due at maturity.

All of the mortgage loans that provide for amortization have amortization schedules that are significantly longer than their respective terms to maturity, and many of the mortgage loans require only payments of interest for part or all of their respective terms. See "*Description of the Mortgage Pool—Certain Terms of the Mortgage Loans—Due Dates; Mortgage Rates; Calculations of Interest*". A longer amortization schedule or an interest-only provision in a mortgage loan will result in a higher amount of principal outstanding under the mortgage loan at any particular time, including at the maturity date of the mortgage loan, than would have otherwise been the case had a shorter amortization schedule been used or had the mortgage loan had a shorter interest-only period or not included an interest-only provision at all. That higher principal amount outstanding could both (i) make it more difficult for the related borrower to make the required balloon payment at maturity and (ii) lead to increased losses for the issuing entity either during the loan term or at maturity if the mortgage loan becomes a defaulted mortgage loan.

A borrower's ability to repay a mortgage loan (or whole loan) on its stated maturity date typically will depend upon its ability either to refinance the mortgage loan (or whole loan) or to sell the mortgaged property at a price sufficient to permit repayment. A borrower's ability to achieve either of these goals will be affected by a number of factors, including:

● the availability of, and competition for, credit for commercial or multifamily real estate projects, which fluctuate over time;

● the prevailing interest rates;

● the net operating income generated by the mortgaged property;

● the fair market value of the related mortgaged property;

● the borrower's equity in the related mortgaged property;

● significant tenant rollover at the related mortgaged properties (see "*—Office Properties Have Special Risks*" and "*—Retail Properties Have Special Risks*" above);

● the borrower's financial condition;

● the operating history and occupancy level of the mortgaged property;

● reductions in applicable government assistance/rent subsidy programs;

● the tax laws; and

● prevailing general and regional economic conditions.

With respect to any mortgage loan that is part of a whole loan, the risks relating to balloon payment obligations are enhanced by the existence and amount of any related companion loans.

None of the sponsors, any party to the pooling and servicing agreement or any other person will be under any obligation to refinance any mortgage loan. However, in order to maximize recoveries on defaulted mortgage loans, the pooling and servicing agreement permits the special servicer (and each pooling and servicing agreement governing the servicing of a non-serviced whole loan may permit the

related special servicer) to extend and modify mortgage loans in a manner consistent with the servicing standard, subject to the limitations described under "*Pooling and Servicing Agreement—Realization Upon Mortgage Loans*" and "*—Modifications, Waivers and Amendments*".

Neither the master servicer nor the special servicer will have the ability to extend or modify a non-serviced mortgage loan because such mortgage loan is being serviced by a master servicer or the special servicer pursuant to the pooling and servicing agreement governing the servicing of the applicable non-serviced whole loan. See "*Pooling and Servicing Agreement—Servicing of the Non-Serviced Mortgage Loans*".

We cannot assure you that any extension or modification will increase the present value of recoveries in a given case. Whether or not losses are ultimately sustained, any delay in collection of a balloon payment that would otherwise be distributable on your certificates, whether such delay is due to borrower default or to modification of the related mortgage loan, will likely extend the weighted average life of your certificates.

In addition, compliance with legal requirements, such as the credit risk retention regulations under the Dodd-Frank Act, could cause commercial real estate lenders to tighten their lending standards and reduce the availability of debt financing for commercial real estate borrowers. This, in turn, may adversely affect the borrower's ability to refinance the mortgage loans or sell the mortgaged property on the stated maturity date. We cannot assure you that each borrower under a balloon loan will have the ability to repay the principal balance of such mortgage loan on the related maturity date.

See "*Description of the Mortgage Pool—Mortgage Pool Characteristics*".

**Risks Related to Ground Leases and Other Leasehold Interests**

With respect to certain mortgaged properties, the encumbered interest will be characterized as a "fee interest" if (i) the borrower has a fee interest in all or substantially all of the mortgaged property (*provided* that if the borrower has a leasehold interest in any portion of the mortgaged property, such portion is not material to the use or operation of the mortgaged property), or (ii) the mortgage loan is secured by the borrower's leasehold interest in the mortgaged property as well as the borrower's (or other fee owner's) overlapping fee interest in the related mortgaged property.

Leasehold mortgage loans are subject to certain risks not associated with mortgage loans secured by a lien on the fee estate of the borrower. The most significant of these risks is that if the related borrower's leasehold were to be terminated upon a lease default, the lender would lose its security in the leasehold interest. Generally, each related ground lease or a lessor estoppel requires the lessor to give the lender notice of the borrower's defaults under the ground lease and an opportunity to cure them, permits the leasehold interest to be assigned to the lender or the purchaser at a foreclosure sale, in some cases only upon the consent of the lessor, and contains certain other protective provisions typically included in a "mortgageable" ground lease, although not all these protective provisions are included in each case.

Upon the bankruptcy of a lessor or a lessee under a ground lease, the debtor has the right to assume or reject the lease. If a debtor lessor rejects the lease, the lessee has the right pursuant to the Bankruptcy Code to treat such lease as terminated by rejection or remain in possession of its leased premises for the rent otherwise payable under the lease for the remaining term of the ground lease (including renewals) and to offset against such rent any damages incurred due to the landlord's failure to perform its obligations under the lease. If a debtor lessee/borrower rejects any or all of the lease, the leasehold lender could succeed to the lessee/borrower's position under the lease only if the lease specifically grants the lender such right. If both the lessor and the lessee/borrower are involved in bankruptcy proceedings, the issuing entity may be unable to enforce the bankrupt lessee/borrower's pre-petition agreement to refuse to treat a ground lease rejected by a bankrupt lessor as terminated. In such circumstances, a ground lease could be terminated notwithstanding lender protection provisions contained in the ground lease or in the mortgage.

Some of the ground leases securing the mortgage loans may provide that the ground rent payable under the related ground lease increases during the term of the mortgage loan. These increases may adversely affect the cash flow and net income of the related borrower.

In the event a ground lessee is a debtor in a bankruptcy proceeding, a leasehold lender could lose its security unless (i) the leasehold lender holds a fee mortgage, (ii) the ground lease requires the lessor to enter into a new lease with the leasehold lender upon termination or rejection of the ground lease, or (iii) the bankruptcy court, as a court of equity, allows the leasehold lender to assume the ground lessee's obligations under the ground lease and succeed to the ground lessee's position. Although not directly covered by the 1994 amendments to the Bankruptcy Code, such a result would be consistent with the purpose of the 1994 amendments to the Bankruptcy Code granting the holders of leasehold mortgages permitted under the terms of the lease the right to succeed to the position of a leasehold mortgagor. Although consistent with the Bankruptcy Code, such position may not be adopted by the applicable bankruptcy court.

Further, in a decision by the United States Court of Appeals for the Seventh Circuit (*Precision Indus. v. Qualitech Steel SBQ, LLC*, 327 F.3d 537 (7th Cir. 2003)) the court ruled with respect to an unrecorded lease of real property that where a sale of the fee interest in leased property occurs under the Bankruptcy Code upon the bankruptcy of a landlord, such sale terminates a lessee's possessory interest in the property, and the purchaser assumes title free and clear of any interest, including any leasehold estates. Pursuant to the Bankruptcy Code, a lessee may request the bankruptcy court to prohibit or condition the sale of the property so as to provide adequate protection of the leasehold interest; however, the court ruled that this provision does not ensure continued possession of the property, but rather entitles the lessee to compensation for the value of its leasehold interest, typically from the sale proceeds. While there are certain circumstances under which a "free and clear" sale under the Bankruptcy Code would not be authorized (including that the lessee could not be compelled in a legal or equitable proceeding to accept a monetary satisfaction of his possessory interest, and that none of the other conditions of the Bankruptcy Code otherwise permits the sale), we cannot assure you that those circumstances would be present in any proposed sale of a leased premises. As a result, we cannot assure you that, in the event of a sale of leased property pursuant to the Bankruptcy Code, the lessee will be able to maintain possession of the property under the ground lease. In addition, we cannot assure you that the lessee and/or the lender will be able to recoup the full value of the leasehold interest in bankruptcy court. Most of the ground leases contain standard protections typically obtained by securitization lenders. Certain of the ground leases with respect to a mortgage loan included in the issuing entity may not.

See representation and warranty number 34 on Annex D-1 and representation and warranty number 34 on Annex E-1 and the identified exceptions to those representations and warranties, if any, on Annex D-2, Annex E-2, Annex E-3, Annex E-4 and Annex E-5, respectively, for additional information.

Except as noted in this prospectus, each of the ground leases has a term that extends at least 20 years beyond the maturity date of the mortgage loan (taking into account all freely exercisable extension options) and contains customary mortgagee protection provisions, including notice and cure rights and the right to enter into a new lease with the applicable ground lessor in the event a ground lease is rejected or terminated.

With respect to certain of the mortgage loans, the related borrower may have given to certain lessors under the related ground lease a right of first refusal in the event a sale is contemplated or an option to purchase all or a portion of the mortgaged property and these provisions, if not waived, may impede the mortgagee's ability to sell the related mortgaged property at foreclosure or adversely affect the foreclosure process.

See "*Certain Legal Aspects of Mortgage Loans—Bankruptcy Laws*".

**Increases in Real Estate Taxes May Reduce Available Funds**

Certain of the mortgaged properties securing the mortgage loans have or may in the future have the benefit of reduced real estate taxes in connection with a local government "payment in lieu of taxes" program or other tax abatement arrangements. Upon expiration of such program or if such programs were otherwise terminated, the related borrower would be required to pay higher, and in some cases substantially higher, real estate taxes. Prior to expiration of such program, the tax benefit to the mortgaged property may decrease throughout the term of the expiration date until the expiration of such program. An increase in real estate taxes may impact the ability of the borrower to pay debt service on the mortgage loan.

See "*Description of the Mortgage Pool—Real Estate and Other Tax Considerations*" for descriptions of real estate tax matters relating to certain mortgaged properties.

**Collective Bargaining Activity May Disrupt Operations, Increase Labor Costs or Interfere with Business Strategies**

A number of employees at certain of the mortgaged properties are covered by a collective bargaining agreement. If relationships with such employees or the unions that represent them become adverse, such mortgaged properties could experience labor disruptions such as strikes, lockouts, boycotts and public demonstrations. Labor disputes, which may be more likely when collective bargaining agreements are being negotiated, could harm relationships with employees, result in increased regulatory inquiries and enforcement by governmental authorities. Further, adverse publicity related to a labor dispute could harm such mortgaged properties' reputation and reduce customer demand for related services. Labor regulation and the negotiation of new or existing collective bargaining agreements could lead to higher wage and benefit costs, changes in work rules that raise operating expenses, legal costs, and limitations on the related borrower's ability to take cost saving measures during economic downturns. We cannot assure you that the related borrower will be able to control the negotiations of collective bargaining agreements covering unionized labor employed at such mortgaged properties.

In addition, certain union employees working at a borrower's premises may participate in multiemployer pension plans. In the event that the borrower or property manager, as applicable, were to withdraw from one or more of these pension plans with respect to the employees working at the borrower's premises, the borrower could be subject to substantial withdrawal liability under ERISA, including without limitation for any unfunded or underfunded pension liability. Members of a borrower's controlled group could also be liable for the borrower's pension obligations.

**State and Local Mortgage Recording Taxes May Apply Upon a Foreclosure or Deed-in-Lieu of Foreclosure and Reduce Net Proceeds**

Many jurisdictions impose recording taxes on mortgages which, if not paid at the time of the recording of the mortgage, may impair the ability of the lender to foreclose the mortgage. Such taxes, interest, and penalties could be significant in amount and would, if imposed, reduce the net proceeds realized by the issuing entity in liquidating the real property securing the related mortgage loan.

**Risks Relating to Shari'ah Compliant Loans**

Certain of the mortgage loans may be structured to comply with Islamic law (Shari'ah). The related borrower, which is a non-Shari'ah compliant party, holds the fee interest in the mortgaged property and is owned by a U.S. division of the borrower sponsor. The related borrower has master leased the related mortgaged property to a master lessee, which is directly or indirectly owned in whole or in part by certain investors of the Islamic faith. The rent payable pursuant to the applicable master lease is intended to cover the debt service payments required under the related mortgage loan, as well as (in some cases) reserve payments and any other sums due under the mortgage loan. By its terms, the master lease is expressly subordinate to the related mortgage loan. However, in some cases, the master lease may not provide that the lender is a beneficiary of the subordination provisions or may provide that the master tenant has no responsibility under the loan documents or to the lender. In such circumstances the master

tenant may be able to assert defenses in the event that the lender seeks to terminate the master lease upon a foreclosure, which, if successful, could allow the master lease to remain in place and the master tenant to remain in control of the related property.

There is a risk that in a bankruptcy case of a master lessee, the master lease could be recharacterized as a financing lease in connection with an acquisition of the mortgaged property by the master lessee. If such recharacterization occurred, the master lessee could be deemed to own the fee interest in the related mortgaged property and the master lease would be viewed as a loan. In Shari'ah compliant mortgage loans, the master lessee typically does not grant a leasehold mortgage to the lender. Therefore, there is a risk that if the master lease were recharacterized as a financing lease, the lender could lose its mortgage on the property. To mitigate the effect of such recharacterization, (i) each master lessee has been formed and is obligated to continue as a single purpose entity, (ii) a bankruptcy by a master lessee is a "bad act" that would trigger guarantor liability under the recourse carveout guaranty for the related mortgage loan, (iii) the master lease is expressly subordinate to the related mortgage loan, and (iv) title insurance was obtained insuring that the related borrower is the fee owner of the related mortgaged property.

Shari'ah compliant loans may in some instances provide for an assignment of leases and rents from the related master tenant to the borrower, as landlord under the master lease, and a collateral assignment of such assignment of leases and rents from the borrower to the lender. However, under applicable state law, an assignment of leases and rents without a mortgage may not be enforceable. Accordingly, the lender may not have a perfected security interest in the leases and rents of the underlying tenants.

The foregoing arrangements may adversely affect the ability of the lender to enforce the related mortgage loan or the amount received upon enforcement, particularly in the event of a bankruptcy of the borrower or master tenant.

**Risks Relating to Conflicts of Interest**

**Interests and Incentives of the Originators, the Sponsors and Their Affiliates May Not Be Aligned With Your Interests**

The originators, the sponsors and their affiliates (including certain of the underwriters) expect to derive ancillary benefits from this offering and their respective incentives may not be aligned with those of purchasers of the offered certificates. The sponsors originated or purchased the mortgage loans in order to securitize the mortgage loans by means of a transaction such as the offering of the offered certificates. The sponsors will sell the mortgage loans to the depositor (an affiliate of Goldman Sachs Mortgage Company, one of the sponsors and an initial risk retention consultation party, and of Goldman Sachs Bank USA, one of the originators and the initial RR interest owner, and of Goldman Sachs & Co. LLC, one of the underwriters) on the closing date in exchange for cash, derived from the sale of the offered certificates to investors and/or in exchange for offered certificates. A completed offering would reduce the originators' exposure to the mortgage loans. The originators made the mortgage loans with a view toward securitizing them and distributing the exposure by means of a transaction such as this offering of offered certificates. The originators may also earn origination fees in connection with the origination of the mortgage loans to be included in the mortgage pool. In certain cases, additional upfront fees may be earned in connection with a reduction of the mortgage rate of the related mortgage loan, in light of the other credit characteristics of such mortgage loan. In addition, certain mortgaged properties may have tenants that are affiliated with the related originator. See "*Description of the Mortgage Pool—Tenant Issues—Affiliated Leases*". This offering of offered certificates will effectively transfer the originators' exposure to the mortgage loans to purchasers of the offered certificates.

The originators, the sponsors and their affiliates expect to receive various benefits, including compensation, commissions, payments, rebates, remuneration and business opportunities, in connection with or as a result of this offering of offered certificates and their interests in the mortgage loans. The sponsors and their affiliates will effectively receive compensation, and may record a profit, in an amount

based on, among other things, the amount of proceeds (net of transaction expenses) received from the sale of the offered certificates to investors relative to their investment in the mortgage loans. The benefits to the originators, the sponsors and their affiliates arising from the decision to securitize the mortgage loans may be greater than they would have been had other assets been selected.

Furthermore, the sponsors and/or their affiliates may benefit from a completed offering of the offered certificates because the offering would establish a market precedent and a valuation data point for securities similar to the offered certificates, thus enhancing the ability of the sponsors and their affiliates to conduct similar offerings in the future and permitting them to adjust the fair value of the mortgage loans or other similar assets or securities held on their balance sheet, including increasing the carrying value or avoiding decreasing the carrying value of some or all of such similar positions.

In some cases, the originators or their affiliates are the holders of mezzanine loans, subordinate loans, unsecured loans and/or companion loans related to their mortgage loans. The originators and/or their respective affiliates may retain existing mezzanine loans, subordinate loans, unsecured loans and/or companion loans or originate future permitted mezzanine indebtedness, subordinate indebtedness or unsecured indebtedness with respect to the mortgage loans. These transactions may cause the originators and their affiliates or their clients or counterparties who purchase the mezzanine loans, subordinate loans, unsecured loans and/or companion loans, as applicable, to have economic interests and incentives that do not align with, and that may be directly contrary to, those of an investor in the offered certificates. In addition, these transactions or actions taken to maintain, adjust or unwind any positions in the future, may, individually or in the aggregate, have a material effect on the market for the offered certificates (if any), including adversely affecting the value of the offered certificates, particularly in illiquid markets. The originators, the sponsors and their affiliates will have no obligation to take, refrain from taking or cease taking any action with respect to such companion loans or any existing or future mezzanine loans, subordinate loans and/or unsecured loans based on the potential effect on an investor in the offered certificates, and may receive substantial returns from these transactions. In addition, the originators, the sponsors or any of their respective affiliates may benefit from certain relationships, including financial dealings, with any borrower, any non-recourse carveout guarantor or any of their respective affiliates, aside from the origination of mortgage loans or contribution of mortgage loans into this securitization. Conflicts may also arise because the sponsors and their respective affiliates intend to continue to actively acquire, develop, operate, finance and dispose of real estate-related assets in the ordinary course of their businesses. During the course of their business activities, the sponsors and their respective affiliates may acquire, sell or lease properties, or finance loans secured by properties, which may include the properties securing the mortgage loans or properties that are in the same markets as the mortgaged properties. Such other properties, similar to other third-party owned real estate, may compete with the mortgaged properties for existing and potential tenants. The sponsors may also, from time to time, be among the tenants at the mortgaged properties, and they should be expected to make occupancy-related decisions based on their self-interest and not that of the issuing entity. We cannot assure you that the activities of these parties with respect to such other properties will not adversely impact the performance of the mortgaged properties.

In addition, certain of the mortgage loans included in the issuing entity may have been refinancings of debt previously held by a sponsor, an originator or one of their respective affiliates, or a sponsor, an originator or one of their respective affiliates may have or have had equity investments in the borrowers or mortgaged properties under certain of the mortgage loans included in the issuing entity. Each of the sponsors, the originators and their respective affiliates have made and/or may make loans to, or equity investments in, affiliates of the borrowers under the related mortgage loans. In the circumstances described above, the interests of the sponsors, the originators and their respective affiliates may differ from, and compete with, the interests of the issuing entity.

In addition, each of German American Capital Corporation, Goldman Sachs Bank USA and Citi Real Estate Funding Inc. (or its respective MOA) is expected to hold a portion of the VRR interest as described in "*Credit Risk Retention*", and each of Deutsche Bank AG, New York Branch, Goldman Sachs Mortgage Company and Citi Real Estate Funding Inc. (or its respective affiliate) is expected to be appointed as an initial risk retention consultation party. Each risk retention consultation party may, on a strictly non-binding

basis, consult with the special servicer and recommend that the special servicer take actions that conflict with the interests of holders of certain classes of the certificates. However, the special servicer is not required to follow any such recommendations or take directions from a risk retention consultation party and is not permitted to take actions that are prohibited by law or that violate the servicing standard or the terms of the mortgage loan documents. Each risk retention consultation party and the VRR interest owner by whom it is appointed may have interests that are in conflict with those of certain certificateholders, in particular if a risk retention consultation party or such VRR interest owner holds companion loan securities, or has financial interests in or other financial dealings (as a lender or otherwise) with a borrower or an affiliate of a borrower under any of the mortgage loans. In order to minimize the effect of certain of these conflicts of interest, for so long as any borrower party is a risk retention consultation party or a VRR interest owner by whom such risk retention consultation party was appointed (any such mortgage loan referred to in this context as an "excluded loan" as to such party), then such risk retention consultation party will not have consultation rights solely with respect to any such excluded loan.

Further, various originators, sponsors and their respective affiliates are acting in multiple capacities in or with respect to this transaction, which may include, without limitation, acting as one or more transaction parties or a subcontractor or vendor of such party, participating in or contracting for interim servicing and/or custodial services with certain transaction parties, providing warehouse financing to, or receiving warehouse financing from, certain other originators or sponsors prior to transfer of the related mortgage loans to the issuing entity, and/or conducting due diligence on behalf of an investor with respect to the mortgage loans prior to their transfer to the issuing entity.

For a description of certain of the foregoing relationships and arrangements that exist among the parties to this securitization, see "*Certain Affiliations, Relationships And Related Transactions Involving Transaction Parties*" and "*Transaction Parties*".

These roles and other potential relationships may give rise to conflicts of interest as described in "*—Interests and Incentives of the Underwriter Entities May Not Be Aligned With Your Interests*", "*—Potential Conflicts of Interest in the Selection of the Underlying Mortgage Loans*" and "*—Other Potential Conflicts of Interest May Affect Your Investment*" below. Each of the foregoing relationships and related interests should be considered carefully by you before you invest in any offered certificates.

**The Servicing of the Servicing Shift Whole Loans Will Shift to Other Servicers**

The servicing of each of the ESA Portfolio whole loan, the 80-02 Kew Gardens whole loan, the 161 Washington Street whole loan and the CFS Industrial HQ whole loan, each a servicing shift whole loan, is expected to be governed by the pooling and servicing agreement for this securitization only temporarily, until such whole loan's servicing shift securitization date. At that time, the servicing and administration of the related servicing shift whole loan will shift to the master servicer and special servicer under the related servicing shift pooling and servicing agreement and will be governed exclusively by such servicing shift pooling and servicing agreement and the related co-lender agreement. Neither the closing dates of such securitizations nor the identity of such servicing shift master servicers or servicing shift special servicers has been determined. In addition, the provisions of each servicing shift pooling and servicing agreement have not yet been determined. Prospective investors should be aware that they will not have any control over the identity of the servicing shift master servicers or servicing shift special servicers, nor can we assure you as to the particular terms of such servicing shift pooling and servicing agreements except to the extent of compliance with certain requirements set forth in the related co-lender agreements. Moreover, the controlling class representative for this securitization will not have any consent or consultation rights with respect to the servicing of the servicing shift whole loans other than those limited consent and consultation rights as are provided in the related co-lender agreement, and the holder of the related controlling companion loan or the controlling party in the related securitization of such controlling companion loan or such other party specified in the related co-lender agreement may have rights similar to, or more expansive than, those granted to the directing holder with regard to the other Serviced Mortgage Loans in this transaction. See "*Description of the Mortgage Pool—The Whole Loans—The Serviced Pari Passu Whole Loans*", "*—The Non-Serviced Pari Passu Whole Loans*" and "*Pooling and Servicing Agreement—Servicing of the Non-Serviced Mortgage Loans*".

**Interests and Incentives of the Underwriter Entities May Not Be Aligned With Your Interests**

The activities and interests of the underwriters and their respective affiliates (collectively, the "<u>Underwriter Entities</u>") will not align with, and may in fact be directly contrary to, those of the certificateholders. The Underwriter Entities are each part of separate global investment banking, securities and investment management firms that provide a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. As such, they actively make markets in and trade financial instruments for their own account and for the accounts of customers. These financial instruments include debt and equity securities, currencies, commodities, bank loans, indices, baskets and other products. The Underwriter Entities' activities include, among other things, executing large block trades and taking long and short positions directly and indirectly, through derivative instruments or otherwise. The securities and instruments in which the Underwriter Entities take positions, or expect to take positions, include loans similar to the mortgage loans, securities and instruments similar to the offered certificates and other securities and instruments. Underwriter Entities hold or may hold companion loans and/or mezzanine loans related to a mortgage loan in this securitization. Market making is an activity where the Underwriter Entities buy and sell on behalf of customers, or for their own account, to satisfy the expected demand of customers. By its nature, market making involves facilitating transactions among market participants that have differing views of securities and instruments. Any short positions taken by the Underwriter Entities and/or their clients through marketing or otherwise will increase in value if the related securities or other instruments decrease in value, while positions taken by the Underwriter Entities and/or their clients in credit derivative or other derivative transactions with other parties, pursuant to which the Underwriter Entities and/or their clients sell or buy credit protection with respect to one or more classes of the offered certificates, may increase in value if the offered certificates default, are expected to default, or decrease in value.

The Underwriter Entities and their clients acting through them may execute such transactions, modify or terminate such derivative positions and otherwise act with respect to such transactions, and may exercise or enforce, or refrain from exercising or enforcing, any or all of their rights and powers in connection therewith, consistent with applicable laws, including Rule 192 described below, without regard to whether any such action might have an adverse effect on the offered certificates or the certificateholders. Additionally, none of the Underwriter Entities will have any obligation to disclose any of these securities or derivatives transactions to you in your capacity as a certificateholder. Although Securities Act Rule 192 (Prohibition Against Conflicts of Interest in Certain Securitizations) prohibits underwriters, sponsors and certain other securitization participants from engaging in certain "conflicted transactions", including certain short sale and credit derivatives transactions, that rule contains exceptions for certain market-making transactions, risk-mitigating hedging transactions and liquidity commitment transactions. As a result, you should expect that the Underwriter Entities, consistent with applicable laws, including Rule 192, nonetheless will take positions that are inconsistent with, or adverse to, the investment objectives of investors in the offered certificates.

As a result of the Underwriter Entities' various financial market activities, including acting as a research provider, investment advisor, market maker or principal investor, you should expect that personnel in various businesses throughout the Underwriter Entities will have and express research or investment views and make recommendations that are inconsistent with, or adverse to, the objectives of investors in the offered certificates.

If an Underwriter Entity becomes a holder of any of the certificates, through market-making activity or otherwise, any actions that it takes in its capacity as a certificateholder, including voting, providing consents or otherwise will not necessarily be aligned with the interests of other holders of the same class or other classes of the certificates. Similarly, the expected VRR interest owners and the parties expected to be designated to consult with the special servicer on their behalf as the risk retention consultation parties are each an Underwriter Entity. We cannot assure you that any actions that such party takes in either such capacity will necessarily be aligned with the interests of the holders of other classes of any certificates. To the extent an Underwriter Entity makes a market in the certificates (which it is under no obligation to do), it would expect to receive income from the spreads between its bid and offer prices for

the certificates. The price at which an Underwriter Entity may be willing to purchase certificates, if it makes a market, will depend on market conditions and other relevant factors and may be significantly lower than the issue price for the certificates and significantly lower than the price at which it may be willing to sell certificates.

In addition, none of the Underwriter Entities will have any obligation to monitor the performance of the certificates or the actions of the parties to the pooling and servicing agreement and will have no authority to advise any party to the pooling and servicing agreement or to direct their actions.

Furthermore, each Underwriter Entity expects that a completed offering will enhance its ability to assist clients and counterparties in the transaction or in related transactions (including assisting clients in additional purchases and sales of the certificates and hedging transactions). The Underwriter Entities expect to derive fees and other revenues from these transactions. In addition, participating in a successful offering and providing related services to clients may enhance the Underwriter Entities' relationships with various parties, facilitate additional business development, and enable them to obtain additional business and generate additional revenue.

The Underwriter Entities are playing several roles in this transaction. Goldman Sachs & Co. LLC, one of the underwriters, is an affiliate of GS Mortgage Securities Corporation II, the depositor, Goldman Sachs Bank USA, an originator, the initial RR interest owner and the holder of the companion loans (if any) for which the noteholder is identified as "GS Bank" in the table titled "Whole Loan Control Notes and Non-Control Notes" under "*Description of the Mortgage Pool—The Whole Loans—General*", and Goldman Sachs Mortgage Company, a sponsor and an initial risk retention consultation party. Deutsche Bank Securities Inc., one of the underwriters, is an affiliate of (i) DBR Investments Co. Limited, an originator and the holder of the companion loans (if any) for which the noteholder is identified as "DBRI" in the table titled "Whole Loan Control Notes and Non-Control Notes" under "*Description of the Mortgage Pool—The Whole Loans—General*", (ii) German American Capital Corporation, an originator, a sponsor and the retaining sponsor, and the holder of the companion loans (if any) for which the noteholder is identified as "GACC" in the table titled "Whole Loan Control Notes and Non-Control Notes" under "*Description of the Mortgage Pool—The Whole Loans—General*" and (iii) Deutsche Bank AG, New York Branch, an originator, a holder of a portion of the Class RR Certificates, an initial risk retention consultation party and the holder of the companion loans (if any) for which the noteholder is identified as "DBNY" in the table titled "Whole Loan Control Notes and Non-Control Notes" under "*Description of the Mortgage Pool—The Whole Loans—General*". See "*Description of the Mortgage Pool—The Whole Loans—General*". Citigroup Global Markets Inc., one of the underwriters, is an affiliate of Citi Real Estate Funding Inc., a sponsor, an originator, an initial risk retention consultation party and the holder of the companion loans (if any) for which the noteholder is identified as "CREFI" in the table titled "Whole Loan Control Notes and Non-Control Notes" under "*Description of the Mortgage Pool—The Whole Loans—General*". BMO Capital Markets Corp., one of the underwriters, is an affiliate of BMO, a sponsor, an originator and the holder of the companion loans (if any) for which the noteholder is identified as "BMO" in the table titled "*Whole Loan Control Notes and Non-Control Notes*" under "*Description of the Mortgage Pool—The Whole Loans—General*". Barclays Capital Inc., one of the underwriters, is an affiliate of Barclays Capital Real Estate Inc., a sponsor, an originator and the holder of the companion loans (if any) for which the noteholder is identified as "Barclays" in the table titled "Whole Loan Control Notes and Non-Control Notes" under "*Description of the Mortgage Pool—The Whole Loans—General*". See "*Transaction Parties—The Sponsors and Mortgage Loan Sellers*". Each of the foregoing relationships should be considered carefully by you before you invest in any certificates.

**Potential Conflicts of Interest of the Master Servicer and the Special Servicer**

The pooling and servicing agreement provides that the mortgage loans serviced thereunder are required to be administered in accordance with the servicing standard without regard to ownership of any certificate by the master servicer or the special servicer or any of their respective affiliates. See "*Pooling and Servicing Agreement—Servicing Standard*". Each pooling and servicing agreement or trust and servicing agreement governing the servicing of a non-serviced whole loan provides that such non-serviced whole loan is required to be administered in accordance with a servicing standard that is

generally similar to the servicing standard set forth in the pooling and servicing agreement. See "*Pooling and Servicing Agreement—Servicing of the Non-Serviced Mortgage Loans*".

Notwithstanding the foregoing, the master servicer, a sub-servicer, the special servicer or any of their respective affiliates and, as it relates to servicing and administration of a non-serviced mortgage loan, the master servicer, a sub-servicer, the special servicer or any of their respective affiliates under the pooling and servicing agreement or trust and servicing agreement governing the servicing of a non-serviced whole loan, may have interests when dealing with the mortgage loans that are in conflict with those of holders of the certificates, especially if the master servicer, a sub-servicer, the special servicer or any of their respective affiliates holds certificates or securities relating to any of the applicable companion loans, or has financial interests in or financial dealings with a borrower or a borrower sponsor.

Furthermore, nothing in the pooling and servicing agreement or otherwise will prohibit the master servicer or special servicer or an affiliate thereof from soliciting the refinancing of any of the mortgage loans. In the event that the master servicer or special servicer or an affiliate thereof refinances any of the mortgage loans included in the mortgage pool, an earlier than expected payoff of any such mortgage loan could occur, which would result in a prepayment, which such prepayment could have an adverse effect on the yield of the certificates or the RR interest. See "—*Other Risks Relating to the Certificates—Your Yield May Be Affected by Defaults, Prepayments and Other Factors*".

In order to minimize the effect of certain of these conflicts of interest as they relate to the special servicer, for so long as the special servicer obtains knowledge that it is a borrower party with respect to a mortgage loan (other than a non-serviced mortgage loan) or serviced whole loan, the special servicer will be required to resign as special servicer with respect to that mortgage loan or serviced whole loan (referred to in this prospectus as an "excluded special servicer loan") and a separate special servicer that is not a borrower party (referred to in this prospectus as an "excluded special servicer") will be appointed as special servicer for such excluded special servicer loan as described under "*Pooling and Servicing Agreement—Replacement of the Special Servicer Without Cause*". Any excluded special servicer will be required to perform all of the obligations of the special servicer with respect to such excluded special servicer loan and will be entitled to all special servicing compensation with respect to such excluded special servicer loan earned during such time as the related mortgage loan is an excluded special servicer loan. While the special servicer will have the same access to information related to the excluded special servicer loan as it does with respect to the other mortgage loans, the special servicer will covenant in the pooling and servicing agreement that it will not directly or indirectly provide any information related to any excluded special servicer loan to the related borrower party, any of the special servicer's employees or personnel or any of its affiliates involved in the management of any investment in the related borrower party or the related mortgaged property or, to its actual knowledge, any non-affiliate that holds a direct or indirect ownership interest in the related borrower party, and will maintain sufficient internal controls and appropriate policies and procedures in place in order to comply with those obligations. Notwithstanding those restrictions, we cannot assure you that the related borrower party will not obtain sensitive information related to the strategy of any contemplated workout or liquidation related to an excluded special servicer loan.

Each of these relationships may create a conflict of interest. For instance, if the special servicer or its affiliate holds a subordinate class of certificates, the special servicer might seek to reduce the potential for losses allocable to those certificates from the mortgage loans by deferring acceleration in hope of maximizing future proceeds. However, that action could result in less proceeds to the issuing entity than would be realized if earlier action had been taken. The initial special servicer is an affiliate of the entities that are expected to be the holders of the Class X-F, Class X-G, Class X-J, Class F, Class G and Class J certificates. In addition, no servicer is required to act in a manner more favorable to the offered certificates or any particular class of certificates than to the non-offered certificates, the RR interest, any serviced companion loan holder or the holder of any serviced companion loan securities. Additionally, in some cases, the master servicer or special servicer or their respective affiliates may be the holder of a mezzanine or subordinate loan related to a mortgage loan in the mortgage pool. Any such interest in a mezzanine or subordinate loan may result in economic interests and incentives that do not align with, and that may be directly contrary to, those of an investor in the offered certificates. In addition, these

transactions or actions taken to maintain, adjust or unwind any positions in the future may, individually or in the aggregate, have a material effect on the market for the offered certificates (if any), including adversely affecting the value of the offered certificates, particularly in illiquid markets. In any such instance, neither the master servicer nor the special servicer will have any obligation to take, refrain from taking or cease taking any action with respect to any existing or future mezzanine or subordinate loans based on the potential effect on an investor in the offered certificates, and may receive substantial returns from these transactions.

Each of the master servicer and the special servicer services and is expected to continue to service, in the ordinary course of its respective business, existing and new mortgage loans for third parties, including portfolios of mortgage loans similar to the mortgage loans. The real properties securing these other mortgage loans may be in the same markets as, and compete with, certain of the mortgaged properties securing the mortgage loans. Consequently, personnel of the master servicer or the special servicer, as applicable, may perform services, on behalf of the issuing entity, with respect to the mortgage loans at the same time as they are performing services, on behalf of other persons, with respect to other mortgage loans secured by properties that compete with the mortgaged properties securing the mortgage loans. In addition, the mortgage loan sellers will determine who will service mortgage loans that the mortgage loan sellers originate in the future, and that determination may be influenced by the mortgage loan seller's opinion of servicing decisions made by the master servicer or the special servicer under the pooling and servicing agreement including, among their things, the manner in which the master servicer or the special servicer enforces breaches of representations and warranties against the related mortgage loan seller. This may pose inherent conflicts for the master servicer or the special servicer.

The special servicer may enter into one or more arrangements with the controlling class representative, a controlling class certificateholder, a serviced companion loan holder or other certificateholders (or an affiliate or a third party representative of one or more of the preceding parties) to provide for a discount and/or revenue sharing with respect to certain of the special servicer compensation in consideration of, among other things, the special servicer's appointment (or continuance) as special servicer under the pooling and servicing agreement and/or the related co-lender agreement and limitations on the right of such person to replace the special servicer. See "*—Other Potential Conflicts of Interest May Affect Your Investment*" below.

The special servicer is affiliated with Torchlight Debt Fund VIII Holdings (US), LLC, which is expected to (i) be appointed as the initial controlling class representative and, therefore, the initial directing holder with respect to each mortgage loan (other than any non-serviced mortgage loan, any servicing shift mortgage loan and any applicable excluded loan) and any related serviced companion loans and (ii) purchase the Class X-F, Class X-G, Class X-J, Class F, Class G and Class J certificates. An affiliate of Torchlight Debt Fund VIII Holdings (US), LLC may also purchase one or more other classes of additional certificates. Torchlight Loan Services, LLC is expected to act as the special servicer with respect to each mortgage loan (other than any non-serviced mortgage loan and any applicable excluded special servicer loan) and any related serviced companion loans and it or an affiliate assisted Torchlight Debt Fund VIII Holdings (US), LLC, or its affiliate, with its due diligence on the mortgage loans prior to the closing date.

Although the master servicer and the special servicer will be required to service and administer the mortgage loan pool in accordance with the servicing standard and, accordingly, without regard to their rights to receive compensation under the pooling and servicing agreement and without regard to any potential obligation to repurchase or substitute a mortgage loan if the master servicer or the special servicer is a mortgage loan seller, the possibility of receiving additional servicing compensation in the nature of assumption and modification fees, the continuation of receiving fees to service or specially service a mortgage loan, or the desire to avoid a repurchase demand resulting from a breach of a representation and warranty or material document default may under certain circumstances provide the master servicer or the special servicer, as the case may be, with an economic disincentive to comply with this standard.

Pursuant to an interim servicing agreement between LMF Commercial, LLC or one of its affiliates, on the one hand, and Trimont LLC, on the other hand, Trimont LLC acts as interim servicer with respect to

the Torrey Ridge Apartments mortgage loan, which was subsequently acquired by Bank of Montreal prior to the date hereof and is being contributed to this securitization by Bank of Montreal.

Each of the foregoing relationships should be considered carefully by you before you invest in any certificates.

**Potential Conflicts of Interest of the Operating Advisor**

Park Bridge Lender Services LLC, a New York limited liability company, has been appointed as the initial operating advisor with respect to all of the mortgage loans (other than any non-serviced mortgage loan). See "*Transaction Parties—The Operating Advisor and Asset Representations Reviewer*". In the normal course of conducting its business, the initial operating advisor and its affiliates may have rendered services to, performed surveillance of, provided valuation services to, and negotiated with, numerous parties engaged in activities related to structured finance and commercial mortgage securitization. These parties may have included institutional investors, the depositor, the sponsors, the mortgage loan sellers, the originators, the certificate administrator, the trustee, the master servicer, the special servicer, the directing holder, the risk retention consultation parties, collateral property owners or affiliates of any of those parties. These relationships may continue in the future. Each of these relationships, to the extent they exist, may continue in the future, and may involve a conflict of interest with respect to the initial operating advisor's duties as operating advisor. We cannot assure you that the existence of these relationships and other relationships in the future will not impact the manner in which the initial operating advisor performs its duties under the pooling and servicing agreement.

In addition, the operating advisor and its affiliates may have interests that are in conflict with those of certificateholders and the RR interest owner, especially if the operating advisor or any of its affiliates holds certificates or has financial interests in or other financial dealings with any of the parties to this transaction, a borrower or a parent of a borrower.

Additionally, Park Bridge Lender Services LLC or its affiliates, in the ordinary course of their business, may in the future (a) perform for third parties contract underwriting services and advisory services as well as service or specially service mortgage loans and (b) acquire mortgage loans for their own account, including, in each such case, mortgage loans similar to the mortgage loans that will be included in the issuing entity. The real properties securing these other mortgage loans may be in the same markets as, and compete with, certain of the mortgaged properties securing the mortgage loans that will be included in the issuing entity. Consequently, personnel of Park Bridge Lender Services LLC may perform services, on behalf of the issuing entity, with respect to the mortgage loans included in the issuing entity at the same time as they are performing services with respect to, or while Park Bridge Lender Services LLC or its affiliates are holding, other mortgage loans secured by properties that compete with the mortgaged properties securing the mortgage loans included in the issuing entity. Although the operating advisor is required to consider the servicing standard in connection with its activities under the pooling and servicing agreement, the operating advisor will not itself be bound by the servicing standard. In addition, the operating advisor and its affiliates may have interests that are in conflict with those of certificateholders and the RR interest owner, if the operating advisor or any of its affiliates holds certificates or has financial interests in or financial dealings with a borrower, a parent of a borrower, a borrower sponsor or any of their affiliates. Each of these relationships may pose inherent conflicts of interest for Park Bridge Lender Services LLC.

**Potential Conflicts of Interest of the Asset Representations Reviewer**

Park Bridge Lender Services LLC, a New York limited liability company, has been appointed as the initial asset representations reviewer with respect to all of the mortgage loans. See "*Transaction Parties—The Operating Advisor and Asset Representations Reviewer*". In the normal course of conducting its business, the initial asset representations reviewer and its affiliates may have rendered services to, performed surveillance of, provided valuation services to, and negotiated with, numerous parties engaged in activities related to structured finance and commercial mortgage securitization. These parties may have included institutional investors, the depositor, the sponsors, the mortgage loan sellers, the originators, the

certificate administrator, the trustee, the master servicer, the special servicer, the directing holder, the risk retention consultation parties, collateral property owners and their vendors or affiliates of any of those parties. These relationships may continue in the future. Each of these relationships, to the extent they exist, may involve a conflict of interest with respect to the initial asset representations reviewer's duties as asset representations reviewer. We cannot assure you that the existence of these relationships and other relationships in the future will not impact the manner in which the initial asset representations reviewer performs its duties under the pooling and servicing agreement.

In addition, the asset representations reviewer and its affiliates may have interests that are in conflict with those of certificateholders and the RR interest owner, especially if the asset representations reviewer or any of its affiliates holds certificates or has financial interests in or other financial dealings with any of the parties to this transaction, a borrower or a parent of a borrower.

Additionally, Park Bridge Lender Services LLC or its affiliates, in the ordinary course of their business, may in the future (a) perform for third parties contract underwriting services and advisory services as well as service or specially service mortgage loans and (b) acquire mortgage loans for their own account, including, in each such case, mortgage loans similar to the mortgage loans that will be included in the issuing entity. The real properties securing these other mortgage loans may be in the same markets as, and compete with, certain of the mortgaged properties securing the mortgage loans that will be included in the issuing entity. Consequently, personnel of Park Bridge Lender Services LLC may perform services, on behalf of the issuing entity, with respect to the mortgage loans included in the issuing entity at the same time as they are performing services with respect to, or while Park Bridge Lender Services LLC or its affiliates are holding, other mortgage loans secured by properties that compete with the mortgaged properties securing the mortgage loans included in the issuing entity. This may pose inherent conflicts of interest for Park Bridge Lender Services LLC.

In addition, the asset representations reviewer and its affiliates may have interests that are in conflict with those of certificateholders and the RR interest owner if the asset representations reviewer or any of its affiliates has financial interests in or financial dealings with a borrower, a parent of a borrower, a borrower sponsor or any of their affiliates. Each of these relationships may also create a conflict of interest.

**Potential Conflicts of Interest of the Directing Holder and the Companion Loan Holders**

On the closing date, it is expected that Torchlight Debt Fund VIII Holdings (US), LLC (or its affiliate), will be appointed as the initial controlling class representative and, therefore, as the initial directing holder with respect to each mortgage loan (other than any non-serviced mortgage loan, any servicing shift mortgage loan and any applicable excluded loan) and any related serviced companion loans. The special servicer is affiliated with Torchlight Debt Fund VIII Holdings (US), LLC, which is (i) expected to be appointed as the initial controlling class representative and, therefore, the initial directing holder with respect to each mortgage loan (other than any non-serviced mortgage loan, any servicing shift mortgage loan and any applicable excluded loan) and any related serviced companion loans and (ii) expected to purchase the Class X-F, Class X-G, Class X-J, Class F, Class G and Class J certificates. The special servicer may, at the direction of the directing holder (for so long as a control termination event does not exist and other than with respect to any applicable excluded special servicer loan), take actions with respect to the specially serviced loans under the pooling and servicing agreement that could adversely affect the holders of some or all of the classes of certificates. The controlling class representative will be controlled by the majority of the controlling class certificateholders.

The controlling class certificateholders and the holders of the companion loans or securities backed by such companion loans may have interests in conflict with those of the other certificateholders and the RR interest owner. As a result, it is possible that the directing holder on behalf of the controlling class certificateholders (for so long as a control termination event does not exist and other than with respect to any applicable excluded loan and the servicing shift mortgage loans), or the directing holder (or equivalent entity) under the pooling and servicing agreement or trust and servicing agreement, as applicable, governing the servicing of a non-serviced whole loan, may direct the special servicer under

such pooling and servicing agreement or trust and servicing agreement, as applicable, relating to the other securitization transaction, as the case may be, to take actions that conflict with the interests of holders of certain classes of the certificates and the interests of the RR interest owner.

The table titled "*Non-Serviced Whole Loans*" under "*Summary of Terms—The Mortgage Pool*" provides the identity of the initial directing holder (or equivalent entity) for each non-serviced whole loan, the expected securitization trust or other entity holding the controlling note in such non-serviced whole loan and the trust and servicing agreement or pooling and servicing agreement, as applicable, under which it is expected to be serviced.

The special servicer, upon non-binding consultation with a serviced companion loan holder or its representative, may take actions with respect to the related serviced whole loan that could adversely affect the holders of some or all of the classes of certificates or the RR interest, to the extent described under "*Description of the Mortgage Pool—The Whole Loans*". In connection with the whole loans serviced under the pooling and servicing agreement for this securitization, the serviced companion loan holders do not have any duties to the holders of any class of certificates or the RR interest, and they may have interests in conflict with those of the certificateholders and the RR interest owner. As a result, it is possible that such non-binding consultation with a serviced companion loan holder (solely with respect to the related serviced whole loan) may advise the special servicer to take actions that conflict with the interests of holders of certain classes of the certificates or the interests of the RR interest owner. However, the special servicer is not permitted to take actions that are prohibited by law or violate the servicing standard or the terms of the mortgage loan documents. In addition, except as limited by certain conditions described under *"Pooling and Servicing Agreement—Termination of Master Servicer and Special Servicer for Cause—Servicer Termination Events"*, the special servicer may be replaced by the directing holder for cause at any time and without cause (for so long as a control termination event does not exist and other than with respect to any applicable excluded loan). See "*Pooling and Servicing Agreement—The Directing Holder*" and *"—Termination of Master Servicer and Special Servicer for Cause—Servicer Termination Events*".

Similarly, the applicable controlling class related to the securitization trust indicated in the chart above as the controlling noteholder (or, on and after the related servicing shift securitization date, the securitization trust for the related controlling companion loan) has certain consent and/or consultation rights with respect to any non-serviced mortgage loan under the pooling and servicing agreement or trust and servicing agreement, as applicable, governing the servicing of that related non-serviced whole loan and have similar conflicts of interest with the holders of other certificates backed by the companion loans. See "*Pooling and Servicing Agreement—Servicing of the Non-Serviced Mortgage Loans*".

The directing holder and its affiliates (and the directing holder (or equivalent entity) under the pooling and servicing agreement or trust and servicing agreement, as applicable, governing the servicing of any non-serviced whole loan and their respective affiliates) may have interests that are in conflict with those of certain certificateholders and the RR interest owner, especially if the applicable directing holder or any of its affiliates holds certificates or companion loan securities, or has financial interests in or other financial dealings (as lender or otherwise) with a borrower or an affiliate of a borrower. In order to minimize the effect of certain of these conflicts of interest, for so long as any borrower party is the controlling class representative or the holder of the majority of the controlling class certificates (by certificate balance) (any such loan referred to in this prospectus as an "excluded loan" as to such party), the directing holder will not have consent or consultation rights solely with respect to the related excluded loan (however, the directing holder will be provided certain notices and certain information relating to such excluded loan as described in the pooling and servicing agreement). In addition, for so long as any borrower party is the directing holder or a controlling class certificateholder, as applicable, the directing holder or such controlling class certificateholder, as applicable, will not be given access to any excluded information solely relating to the related excluded loan and/or the related mortgaged properties pursuant to the terms of the pooling and servicing agreement. Notwithstanding those restrictions, we cannot assure you that the directing holder or any controlling class certificateholder will not obtain sensitive information related to the strategy of any contemplated workout or liquidation related to the applicable excluded loan or otherwise seek to exert its influence over the special servicer in the event an applicable excluded loan becomes

subject to a workout or liquidation. See "*Description of the Certificates—Reports to Certificateholders and the RR Interest Owner; Certain Available Information*" in this prospectus. Each of these relationships may create a conflict of interest.

On the closing date, Torchlight Debt Fund VIII Holdings (US), LLC, or its affiliate, is expected to (i) be appointed as the initial controlling class representative and, therefore, as the initial directing holder with respect to each mortgage loan (other than any non-serviced mortgage loan, any servicing shift mortgage loan and any applicable excluded loan) and any related serviced companion loans and (ii) purchase the Class X-F, Class X-G, Class X-J, Class F, Class G and Class J certificates. An affiliate of Torchlight Debt Fund VIII Holdings (US), LLC may also purchase one or more other classes of additional certificates. Torchlight Loan Services, LLC is expected to act as the special servicer with respect to each mortgage loan (other than any non-serviced mortgage loan and any applicable excluded loan) and any related serviced companion loans and it or an affiliate assisted Torchlight Debt Fund VIII Holdings (US), LLC, or its affiliate, with its due diligence on the mortgage loans prior to the closing date.

The special servicer, in connection with obtaining the consent of, or upon consultation with, the directing holder or a serviced companion loan holder or its representative, may take actions with respect to the related serviced whole loan that could adversely affect the holders of some or all of the classes of certificates, to the extent described under "*Description of the Mortgage Pool—The Whole Loans*". In connection with the serviced whole loan, the serviced companion loan holder does not have any duties to the holders of any class of certificates or the RR interest, and it may have interests in conflict with those of the certificateholders and the RR interest owner. As a result, it is possible that the serviced companion loan holder may advise the special servicer to take actions with respect to the related serviced whole loan that conflict with the interests of holders of certain classes of the certificates or the RR interest.

**Potential Conflicts of Interest in the Selection of the Underlying Mortgage Loans**

The anticipated initial investor in the Class X-F, Class X-G Class X-J, Class F, Class G and Class J certificates, which is referred to in this prospectus as the "<u>B-piece buyer</u>" (see "*Pooling and Servicing Agreement—The Directing Holder—General*"), were given the opportunity by the sponsors to perform due diligence on the mortgage loans originally identified by the sponsors for inclusion in the issuing entity, and to request the removal, re-sizing, decrease in the principal balance of the mortgage loan, reduction of the time during which the loan pays interest-only, increase in the amount of required reserves or change in the expected repayment dates or other features of some or all of the mortgage loans. The mortgage pool as originally proposed by the sponsors was adjusted based on certain of these requests. In addition, the B-piece buyer received or may receive price adjustments or cost mitigation arrangements in connection with accepting certain mortgage loans in the mortgage pool.

We cannot assure you that you or another investor would have made the same requests to modify the original pool as the B-piece buyer or that the final pool as influenced by the B-piece buyer's feedback will not adversely affect the performance of your certificates and benefit the performance of the B-piece buyer's certificates. Because of the differing subordination levels, the B-piece buyer has interests that may, in some circumstances, differ from those of purchasers of other classes of certificates, and may desire a portfolio composition that benefits the B-piece buyer but that does not benefit other investors. In addition, although Securities Act Rule 192 (Prohibition Against Conflicts of Interest in Certain Securitizations) may be applicable to actions taken by any entity with a contractual right to direct or cause the direction of the structure, design or assembly of any asset-backed security, or the composition of the underlying asset pool, the B-piece buyer may enter into hedging or other transactions or otherwise have business objectives that also could cause its interests with respect to the mortgage pool to diverge from those of other purchasers of the certificates. The B-piece buyer performed due diligence solely for its own benefit and has no liability to any person or entity for conducting its due diligence. The B-piece buyer is not required to take into account the interests of any other investor in the certificates in exercising remedies or voting or other rights in its capacity as owner of its certificates or in making requests or recommendations to the sponsors as to the selection of the mortgage loans and the establishment of other transaction terms. Investors are not entitled to rely on in any way the B-piece buyer's acceptance of a mortgage loan. The B-piece buyer's acceptance of a mortgage loan does not constitute, and may not

be construed as, an endorsement of such mortgage loan, the underwriting for such mortgage loan or the originator of such mortgage loan.

The B-piece buyer will have no liability to any certificateholder for any actions taken by it as described in the preceding two (2) paragraphs and the pooling and servicing agreement will provide that each certificateholder, by its acceptance of a certificate, waives any claims against such buyers in respect of such actions.

It is anticipated that Torchlight Debt Fund VIII Holdings (US), LLC, or its affiliate, will be the B-piece buyer, and it, or an affiliate, will constitute the initial controlling class representative and, therefore, the initial directing holder with respect to the mortgage loans (other than any non-serviced mortgage loan, any servicing shift mortgage loan and any applicable excluded loan) and the related serviced companion loans. The directing holder will have certain rights to direct and consult with the special servicer. In addition, the controlling class representative will generally have certain consultation rights with regard to a non-serviced mortgage loan under the pooling and servicing agreement or trust and servicing agreement, as applicable, governing the servicing of such non-serviced whole loan and the related co-lender agreement and with regard to the servicing shift whole loan following the servicing shift date, under the pooling and servicing agreement governing the servicing of the servicing shift whole loan. See "*Pooling and Servicing Agreement—The Directing Holder*", "*Description of the Mortgage Pool—The Whole Loans—The Non-Serviced Pari Passu Whole Loans—Certain Rights of each Non-Controlling Holder*" and "*Description of the Mortgage Pool—The Whole Loans—The Non-Serviced AB Whole Loan*".

Torchlight Loan Services, LLC is expected to act as the special servicer with respect to each mortgage loan (other than any non-serviced mortgage loan and any applicable excluded special servicer loan) and any related serviced companion loans and it or an affiliate assisted Torchlight Debt Fund VIII Holdings (US), LLC (or its affiliate) with its due diligence on the mortgage loans prior to the closing date.

Because the incentives and actions of the B-piece buyer may, in some circumstances, differ from or be adverse to those of purchasers of the offered certificates, you are advised and encouraged to make your own investment decision based on a careful review of the information set forth in this prospectus and your own view of the mortgage pool and should not rely upon the B-piece buyer's due diligence or investment decision (or due diligence or the investment decision of its affiliates).

**Conflicts of Interest May Occur as a Result of the Rights of the Applicable Directing Holder To Terminate the Special Servicer of the Applicable Whole Loan**

With respect to each whole loan, the directing holder exercising control rights over that whole loan will be entitled, under certain circumstances, to remove the special servicer under the applicable pooling and servicing agreement or trust and servicing agreement, as applicable, governing the servicing of such whole loan and, in such circumstances, appoint a successor special servicer for such whole loan (or have certain consent rights with respect to such removal or replacement). The party with this appointment power may have special relationships or interests that conflict with those of the holders of one or more classes of certificates. In addition, that party does not have any duties to the holders of any class of certificates, may act solely in its own interests, and will have no liability to any certificateholders for having done so. No certificateholder may take any action against the directing holder under the pooling and servicing agreement for this securitization or under any pooling and servicing agreement governing the servicing of any non-serviced whole loan, or against any other parties for having acted solely in their respective interests. See "*Description of the Mortgage Pool—The Whole Loans*" for a description of these rights to terminate the special servicer.

**Other Potential Conflicts of Interest May Affect Your Investment**

The special servicer (whether the special servicer or a successor) may enter into one or more arrangements with the controlling class representative, a controlling class certificateholder, a companion loan holder, the VRR interest owners, a holder of a companion loan security or other certificateholders (or an affiliate or a third party representative of one or more of the preceding) to provide for a discount and/or revenue sharing with respect to certain of the special servicer compensation in consideration of, among

other things, the appointment (or continuance) of the special servicer under the pooling and servicing agreement and the co-lender agreements and limitations on the right of such person to replace the special servicer.

Each of the foregoing relationships should be considered carefully by you before you invest in any certificates.

The managers of the mortgaged properties and the borrowers may experience conflicts of interest in the management and/or ownership of the mortgaged properties because:

● a substantial number of the mortgaged properties are managed by property managers affiliated with the respective borrowers;

● these property managers also may manage and/or franchise additional properties, including properties that may compete with the mortgaged properties;

● affiliates of the managers and/or the borrowers, or the managers and/or the borrowers themselves, also may own other properties, including properties that compete with the mortgaged property for tenants and/or customers; and

● tenants at the mortgaged property may have signed leases or letters of intent at a competing property controlled by the borrower sponsor.

None of the borrowers, property managers or any of their affiliates or any employees of the foregoing has any duty to favor the leasing of space in the mortgaged properties over the leasing of space in other properties, one or more of which may be adjacent to or near the mortgaged properties.

Each of the foregoing relationships should be considered carefully by you before you invest in any certificates.

**Other Risks Relating to the Certificates**

**The Certificates Are Limited Obligations**

The certificates, when issued, and the RR interest, when created, will only represent ownership interests in the issuing entity. The certificates and the RR interest will not represent an interest in or obligation of, and will not be guaranteed by, the sponsors, the depositor, or any other person. The primary assets of the issuing entity will be the mortgage loans, and distributions on any class of non-VRR certificates and the VRR interest will depend solely on the amount and timing of payments and other collections in respect of the mortgage loans, and the subsequent allocation of such amounts between the VRR interest, on the one hand, and the non-VRR certificates, on the other hand. We cannot assure you that the cash flow from the mortgaged properties and the proceeds of any sale or refinancing of the mortgaged properties will be sufficient to pay the principal of, and interest on, the mortgage loans or to distribute in full the amounts of interest and principal to which the certificateholders and the RR interest owner will be entitled. See "*Description of the Certificates—General*".

**The Certificates May Have Limited Liquidity and the Market Value of the Certificates May Decline**

Your certificates will not be listed on any national securities exchange or traded on any automated quotation systems of any registered securities association, and there is currently no secondary market for your certificates. While we have been advised by the underwriters that one or more of them, or one or more of their affiliates, currently intend to make a market in the certificates, none of the underwriters has any obligation to do so, any market-making may be discontinued at any time, and we cannot assure you than an active secondary market for the certificates will develop. In addition, the ability of the underwriters to make a market in the offered certificates may be impacted by changes in any regulatory requirements applicable to the marketing, holding and selling of, and issuing quotations with respect to, the offered

certificates and other CMBS generally. Additionally, one or more investors may purchase substantial portions of one or more classes of certificates. Accordingly, you may not have an active or liquid secondary market for your certificates. Lack of liquidity could result in a substantial decrease in the market value of your certificates.

The market value of the certificates will also be influenced by the supply of and demand for CMBS generally. The supply of CMBS will depend on, among other things, the amount of commercial, multifamily and manufactured housing mortgage loans, whether newly originated or held in portfolios, that are available for securitization. A number of factors will affect investors' demand for CMBS, including:

● the availability of alternative investments that offer higher yields or are perceived as being a better credit risk than CMBS, or as having a less volatile market value or being more liquid than CMBS;

● legal and other restrictions that prohibit a particular entity from investing in CMBS or limit the amount or types of CMBS that it may acquire or require it to maintain increased capital or reserves as a result of its investment in CMBS;

● accounting standards that may affect an investor's characterization or treatment of an investment in CMBS for financial reporting purposes;

● increased regulatory compliance burdens imposed on CMBS or securitizations generally, or on classes of securitizers, that may make securitization a less attractive financing option for commercial mortgage loans;

● investors' perceptions of commercial real estate lending or CMBS, which may be adversely affected by, among other things, a decline in real estate values or an increase in defaults and foreclosures on commercial mortgage loans;

● investors' perceptions regarding the capital markets in general, which may be adversely affected by political, social and economic events completely unrelated to the commercial real estate markets; and

● the impact on demand generally for CMBS as a result of the existence or cancellation of government-sponsored economic programs.

If you decide to sell any certificates, the ability to sell your certificates will depend on, among other things, whether and to what extent a secondary market then exists for these certificates, and you may have to sell at a discount from the price you paid for reasons unrelated to the performance of the certificates or the mortgage loans. We cannot assure you that your certificates will not decline in value.

**Nationally Recognized Statistical Rating Organizations May Assign Different Ratings to the Certificates; Ratings of the Certificates Reflect Only the Views of the Applicable Rating Agencies as of the Dates Such Ratings Were Issued; Ratings May Affect ERISA Eligibility; Ratings May Be Downgraded**

Ratings assigned to the offered certificates by the nationally recognized statistical rating organizations engaged by the depositor:

● are based on, among other things, the economic characteristics of the mortgaged properties and other relevant structural features of the transaction;

● do not represent any assessment of the yield to maturity that a certificateholder or the RR interest owner may experience;

● reflect only the views of the respective rating agencies as of the date such ratings were issued;

● may be reviewed, revised, suspended, downgraded, qualified or withdrawn entirely by the applicable rating agency as a result of changes in or unavailability of information;

● may have been determined based on criteria that included an analysis of historical mortgage loan data that may not reflect future experience;

● may reflect assumptions by such rating agencies regarding performance of the mortgage loans that are not accurate, as evidenced by the significant amount of downgrades, qualifications and withdrawals of ratings assigned to previously issued CMBS by the hired rating agencies and other nationally recognized statistical rating organizations during the recent credit crisis; and

● do not consider to what extent the offered certificates will be subject to prepayment or that the outstanding principal amount of any class of offered certificates will be prepaid.

The nationally recognized statistical rating organizations that assign ratings to any class of offered certificates will establish the amount of credit support, if any, for such class of offered certificates based on, among other things, an assumed level of defaults, delinquencies and losses with respect to the related mortgage assets. Actual losses may, however, exceed the assumed levels. If actual losses on the related mortgage assets exceed the assumed levels, you may be required to bear the additional losses.

In addition, the rating of any class of offered certificates below an investment grade rating by any nationally recognized statistical rating organization, whether upon initial issuance of such class of certificates or as a result of a ratings downgrade, could adversely affect the ability of an employee benefit plan or other investor to purchase or retain those offered certificates. See "*Certain ERISA Considerations*" and "*Legal Investment*".

Nationally recognized statistical rating organizations that were not engaged by the depositor to rate the offered certificates may nevertheless issue unsolicited credit ratings on one or more classes of offered certificates, relying on information they receive pursuant to Rule 17g-5 under the Securities Exchange Act of 1934, as amended, or otherwise. If any such unsolicited ratings are issued, we cannot assure you that they will not be different from any ratings assigned by a rating agency engaged by the depositor. The issuance of unsolicited ratings by any nationally recognized statistical rating organization on a class of the offered certificates that are lower than ratings assigned by a rating agency engaged by the depositor may adversely impact the liquidity, market value and regulatory characteristics of that class.

As part of the process of obtaining ratings for the offered certificates, the depositor (or its affiliate) had initial discussions with and submitted certain materials to five (5) nationally recognized statistical rating organizations. Based on preliminary feedback from those nationally recognized statistical rating organizations at that time, the depositor selected three (3) of those nationally recognized statistical rating organizations to rate certain classes of the certificates and not the other nationally recognized statistical rating organizations, due in part to their initial subordination levels for the various classes of the certificates. If the depositor had selected the other nationally recognized statistical rating organizations to rate the certificates, we cannot assure you that the ratings such other nationally recognized statistical rating organizations would have assigned to the certificates would not have been lower than the ratings assigned by the nationally recognized statistical rating organizations engaged by the depositor. Further, in the case of one (1) nationally recognized statistical rating organization, engaged by the depositor, the depositor only requested ratings for certain classes of rated certificates, due in part to the final subordination levels provided by such nationally recognized statistical rating organization for the classes of certificates. If the depositor had selected such nationally recognized statistical rating organizations to rate those other classes of rated certificates not rated by it, its ratings of those other certificates may have been different, and potentially lower, than those ratings ultimately assigned to those certificates by the other nationally recognized statistical rating organizations engaged to rate such certificates. In addition, the decision not to engage one or more other rating agencies in the rating of certain classes of certificates to be issued in connection with this transaction may negatively impact the liquidity, market value and regulatory characteristics of those classes of certificates. Although unsolicited ratings may be issued by any nationally recognized statistical rating organization, a nationally recognized statistical rating

organization might be more likely to issue an unsolicited rating if it was not selected after having provided preliminary feedback to the depositor. Neither the depositor nor any other person or entity will have any duty to notify you if any other nationally recognized statistical rating organization issues, or delivers notice of its intention to issue, consolidated ratings on one or more classes of certificates after the date of this prospectus.

Furthermore, the Securities and Exchange Commission may determine that any or all of the rating agencies engaged by the depositor to rate the certificates no longer qualifies as a nationally recognized statistical rating organization, or is no longer qualified to rate the certificates or may no longer rate similar securities for a limited period as a result of an enforcement action, and that determination may also have an adverse effect on the liquidity, market value and regulatory characteristics of the offered certificates. The Securities and Exchange Commission may also take other types of enforcement actions against any or all of such rating agencies. To the extent that the provisions of any mortgage loan or the pooling and servicing agreement condition any action, event or circumstance on the delivery of a rating agency confirmation, the pooling and servicing agreement will require delivery or deemed delivery of a rating agency confirmation only from the rating agencies engaged by the depositor to rate the certificates or, in the case of a serviced whole loan, any related companion loan securities.

On September 29, 2020, a settlement was reached between Kroll Bond Rating Agency, LLC and the Securities and Exchange Commission in connection with an investigation into the policies and procedures deployed by Kroll Bond Rating Agency, LLC to establish, maintain, enforce and document an effective internal control structure governing the implementation of and adherence to policies, procedures, and methodologies for determining credit ratings for conduit/fusion commercial mortgage-backed securities in accordance with Section 15E(c)(3)(A) of the Exchange Act. The Securities and Exchange Commission found that Kroll Bond Rating Agency, LLC's internal controls relating to its rating of conduit/fusion commercial mortgage-backed securities had deficiencies that resulted in material weaknesses in its internal control structure. Under the settlement, Kroll Bond Rating Agency, LLC, without admitting or denying the findings of the Securities and Exchange Commission, agreed (a) to pay a civil penalty of $1.25 million, (b) to undertake, among other things, a review of the application of its internal processes, policies and procedures regarding the implementation of and adherence to procedures and methodologies for determining credit ratings, and (c) to take the necessary actions to ensure that such internal processes, policies and procedures accurately reflect the strictures of Section 15E(c)(3)(A) of the Exchange Act. Any change in Kroll Bond Rating Agency, LLC's rating criteria or methodology could result in a downgrade, withdrawal or qualification of any rating assigned to any class of certificates, despite the fact that such class might still be performing fully to the specifications described in this prospectus and set forth in the pooling and servicing agreement.

We are not obligated to maintain any particular rating with respect to the certificates, and the ratings initially assigned to the certificates by any or all of the rating agencies engaged by the depositor to rate the certificates could change adversely as a result of changes affecting, among other things, the mortgage loans, the mortgaged properties, the parties to the pooling and servicing agreement, or as a result of changes to ratings criteria employed by any or all of the rating agencies engaged by the depositor to rate the certificates. Although these changes would not necessarily be or result from an event of default on any mortgage loan, any adverse change to the ratings of the offered certificates would likely have an adverse effect on the market value, liquidity and/or regulatory characteristics of those certificates.

Further, certain actions provided for in loan agreements may require a rating agency confirmation be obtained from the rating agencies engaged by the depositor to rate the certificates and, in the case of a serviced whole loan, any companion loan securities as a precondition to taking such action. In certain circumstances, this condition may be deemed to have been met or waived without such a rating agency confirmation being obtained. In the event such an action is taken without a rating agency confirmation being obtained, we cannot assure you that the applicable rating agency will not downgrade, qualify or withdraw its ratings as a result of the taking of such action. See "*Description of the Mortgage Pool—Certain Terms of the Mortgage Loans—'Due-On-Sale' and 'Due-On-Encumbrance' Provisions*", "*Pooling and Servicing Agreement—Rating Agency Confirmations*" and "*Ratings*" for additional considerations

regarding the ratings, including a description of the process of obtaining confirmations of ratings for the offered certificates.

Recently, a number of rating agencies have downgraded certain regional banks and other financial institutions and have put others on watch for possible downgrade. Under the terms of the pooling and servicing agreement, the certificate administrator and trustee are required to maintain certain minimum credit ratings, which may be satisfied in certain cases by the master servicer maintaining specified minimum credit ratings or by the backup advancing party entering into a supplemental agreement with a third party providing for certain backup advancing functions. Computershare Trust Company, National Association ("<u>Computershare Trust Company</u>") has entered into a backup advancing agreement with a national banking association that meets the rating requirements provided for in the pooling and servicing agreement which will apply to this securitization transaction. Subject to the terms and conditions of such backup advancing agreement, upon a failure by the Master Servicer to make any advance required to be made under the pooling and servicing agreement, such national banking association has agreed to fund such amount to or on behalf of Computershare Trust Company if, pursuant to the pooling and servicing agreement, Computershare Trust Company, in its capacity as backup advancing party, is required to but does not make such advance. Failure to maintain the ongoing rating requirements may require the certificate administrator and trustee, as applicable, to resign and be replaced with an entity meeting those required ratings. See "*Pooling and Servicing Agreement—Resignation and Removal of the Trustee and the Certificate Administrator*". If the certificate administrator and/or trustee were required to resign due to a credit rating downgrade or otherwise, we cannot assure you that an appropriate replacement could be identified or that a replacement would agree to the appointment or would be appointed within the time periods required in the pooling and servicing agreement. In addition, accounts established and maintained under the pooling and servicing agreement by the master servicer, the special servicer, the certificate administrator or any institution designated by those parties on behalf of the parties to the pooling and servicing agreement, including, in certain circumstances, borrower reserve accounts, are required to be held at institutions meeting certain eligibility criteria, that may include minimum long term and/or short term credit ratings depending on the time period funds will be held in those accounts. If an institution holding accounts established and maintained under the pooling and servicing agreement no longer meets such eligibility criteria and a rating agency confirmation was not delivered, those accounts may be required to be transferred to an institution satisfying the applicable eligibility criteria. Any downgrade or required replacement of the certificate administrator and/or trustee or required transfer of accounts may negatively impact the servicing and administration of the mortgage loans and may also adversely impact the performance, ratings, liquidity and/or value of your certificates.

**Your Yield May Be Affected by Defaults, Prepayments and Other Factors**

<u>General</u>

The yield to maturity on each class of offered certificates will depend in part on the following:

● the purchase price for the certificates;

● the rate and timing of principal payments on the mortgage loans (both voluntary and involuntary), and the allocation of principal prepayments to the respective classes of offered certificates with certificate balances; and

● the allocation of shortfalls and losses on the mortgage loans to the respective classes of offered certificates.

For this purpose, principal payments include voluntary and involuntary prepayments, such as prepayments resulting from the application of loan reserves, property releases, casualty or condemnation, defaults and liquidations as well as principal payments resulting from repurchases due to material breaches of representations and warranties or material document defects or purchases by a companion loan holder or mezzanine lender (if any) pursuant to a purchase option or sales of defaulted mortgage loans.

Any changes in the weighted average lives of your principal balance certificates may adversely affect your yield. In general, if you buy a certificate at a premium or if you buy the Class X certificates, and principal distributions occur faster than expected, your actual yield to maturity will be lower than expected. If principal distributions are very high, holders of certificates purchased at a premium or holders of the Class X certificates might not fully recover their initial investment. Conversely, if you buy a certificate at a discount other than a Class X certificate and principal distributions occur more slowly than expected, your actual yield to maturity will be lower than expected.

Prepayments resulting in a shortening of weighted average lives of your principal balance certificates may be made at a time of low interest rates when you may be unable to reinvest the resulting payment of principal on your certificates at a rate comparable to the effective yield anticipated by you in making your investment in the certificates, while delays and extensions resulting in a lengthening of those weighted average lives may occur at a time of high interest rates when you may have been able to reinvest principal payments that would otherwise have been received by you at higher rates.

In addition, the extent to which prepayments on the mortgage loans in the issuing entity ultimately affect the weighted average life of the principal balance certificates will depend on the terms of the certificates, more particularly:

● a class of certificates that entitles the holders of those certificates to a disproportionately larger share of the prepayments on the mortgage loans increases the "call risk" or the likelihood of early retirement of that class if the rate of prepayment is relatively fast; and

● a class of certificates that entitles the holders of the certificates to a disproportionately smaller share of the prepayments on the mortgage loans increases the likelihood of "extension risk" or an extended average life of that class if the rate of prepayment is relatively slow.

<u>The Timing of Prepayments and Repurchases May Change Your Anticipated Yield</u>

We are not aware of any relevant publicly available or authoritative statistics with respect to the historical prepayment experiences of commercial mortgage loans. For this purpose, principal payments include both voluntary prepayments, if permitted, and involuntary prepayments, such as prepayments resulting from the application of loan reserves, property releases, casualty or condemnation, defaults and liquidations or repurchases upon breaches of representations and warranties or material document defects or purchases by a companion loan holder or mezzanine loan lender (if any) pursuant to a purchase option or sales of defaulted mortgage loans. The rate at which voluntary prepayments occur on the mortgage loans will be affected by a variety of factors, including:

● the terms of the mortgage loans, including, the length of any prepayment lockout period and the applicable yield maintenance charges and prepayment premiums and the extent to which the related mortgage loan terms may be practically enforced;

● the level of prevailing interest rates;

● the availability of credit for commercial real estate;

● the master servicer's or special servicer's ability to enforce yield maintenance charges and prepayment premiums;

● the failure to meet certain requirements for the release of escrows;

● the occurrence of casualties or natural disasters; and

● economic, demographic, tax, legal or other factors.

Although a yield maintenance charge or other prepayment premium provision of a mortgage loan is intended to create an economic disincentive for a borrower to prepay voluntarily a mortgage loan, we cannot assure you that mortgage loans that have such provisions will not prepay.

The extent to which the master servicer or the special servicer forecloses upon, takes title to and disposes of any mortgaged property related to a mortgage loan or sells defaulted mortgage loans will affect the weighted average lives of your certificates. If the master servicer or the special servicer forecloses upon a significant number of the related mortgage loans, and depending upon the amount and timing of recoveries from the related mortgaged properties or sells defaulted mortgage loans, your certificates may have a shorter weighted average life.

Delays in liquidations of defaulted mortgage loans and modifications extending the maturity of mortgage loans will tend to delay the payment of principal on the mortgage loans. The ability of the related borrower to make any required balloon payment typically will depend upon its ability either to refinance the mortgage loan or to sell the related mortgaged property. A significant number of the mortgage loans require balloon payments at maturity and there is a risk that a number of those mortgage loans may default at maturity, or that the master servicer or the special servicer may extend the maturity of a number of those mortgage loans in connection with workouts. We cannot assure you as to the borrowers' abilities to make mortgage loan payments on a full and timely basis, including any balloon payments at maturity. Bankruptcy of the borrower or adverse conditions in the market where the mortgaged property is located may, among other things, delay the recovery of proceeds in the case of defaults. Losses on the mortgage loans due to uninsured risks or insufficient hazard insurance proceeds may create shortfalls in distributions to certificateholders and the RR interest owner. Any required indemnification of a party to the pooling and servicing agreement in connection with legal actions relating to the issuing entity, the related agreements or the certificates may also result in shortfalls.

See "—*Risks Relating to the Mortgage Loans—Risks Relating to Enforceability of Yield Maintenance Charges, Prepayment Premiums or Defeasance Provisions*" above and "*Description of the Mortgage Pool—Certain Terms of the Mortgage Loans—Prepayment Protections and Certain Involuntary Prepayments*".

In addition, if a sponsor repurchases a mortgage loan from the issuing entity due to a material breach of one or more of its representations or warranties or a material document defect, the repurchase price paid will be passed through to the holders of the certificates with the same effect as if the mortgage loan had been prepaid in part or in full, and no yield maintenance charge or other prepayment premium would be payable. Additionally, any mezzanine lender (if any) or the holder of a subordinate companion loan may have the option to purchase the related mortgage loan after certain defaults, and the purchase price may not include any yield maintenance charges or prepayment premiums. As a result of such a repurchase or purchase, investors in the Class X certificates and any other certificates purchased at a premium might not fully recoup their initial investment. A repurchase, a prepayment or the exercise of a purchase option may adversely affect the yield to maturity on your certificates. In this respect, see "*Description of the Mortgage Loan Purchase Agreements*" and "*Pooling and Servicing Agreement—Realization Upon Mortgage Loans*".

The certificates with notional amounts will not be entitled to distributions of principal but instead will accrue interest on their respective notional amounts. Because the notional amount of the certificates indicated in the table below is based upon the outstanding certificate balances of the related class or classes of certificates, the yield to maturity on the indicated certificates will be extremely sensitive to the rate and timing of prepayments of principal, liquidations and principal losses on the mortgage loans to the extent allocated to the related certificate(s).

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| | |
|:---|:---|
| &nbsp;&nbsp; **Interest-Only Class of Certificates** | &nbsp;&nbsp; **Related Class X Class(es)** |
| &nbsp;&nbsp;Class X-A | &nbsp;&nbsp;Class A-1, Class A-2, Class A-3 and Class A-S certificates |
| &nbsp;&nbsp;Class X-B | &nbsp;&nbsp;Class B and Class C certificates |
| &nbsp;&nbsp;Class X-D | &nbsp;&nbsp;Class D certificates |
| &nbsp;&nbsp;Class X-F | &nbsp;&nbsp;Class F certificates |
| &nbsp;&nbsp;Class X-G | &nbsp;&nbsp;Class G certificates |
| &nbsp;&nbsp;Class X-J | &nbsp;&nbsp;Class J certificates |

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A rapid rate of principal prepayments, liquidations and/or principal losses on the mortgage loans could result in the failure to recoup the initial investment in the Class X certificates. Investors in the Class X certificates should fully consider the associated risks, including the risk that an extremely rapid rate of amortization, prepayment or other liquidation of the mortgage loans (in the case of the Class X-A, Class X-B, Class X-D, Class X-F, Class X-G and Class X-J certificates) could result in the failure of such investors to recoup fully their initial investments. The yield to maturity of the Class X-A, Class X-B, Class X-D, Class X-F, Class X-G and Class X-J certificates may be adversely affected by the prepayment of mortgage loans with higher net mortgage loan rates. See "*Yield, Prepayment and Maturity Considerations—Yield on the Certificates with Notional Amounts*".

<u>Your Yield May Be Adversely Affected By Prepayments Resulting From Earnout Reserves</u>

With respect to certain mortgage loans, earnout escrows may have been established at origination, which funds may be released to the related borrower upon satisfaction of certain conditions. If such conditions with respect to any such mortgage loan are not satisfied, the amounts reserved in such escrows are required to be applied to the payment of the mortgage loan, which would have the same effect on the offered certificates as a prepayment of the mortgage loan, except that such application of funds would not be accompanied by any prepayment premium or yield maintenance charge. See "*Description of the Mortgage Pool—Certain Calculations and Definitions*". The pooling and servicing agreement will provide that unless required by the mortgage loan documents, the master servicer will not apply such amounts as a prepayment if no event of default has occurred.

<u>Losses and Shortfalls May Change Your Anticipated Yield</u>

If losses on the mortgage loans exceed the aggregate certificate balance of the classes of certificates subordinated to a particular class, that class will suffer a loss equal to the full amount of the excess (up to the outstanding certificate balance of that class). Even if losses on the mortgage loans are not borne by your certificates, those losses may affect the weighted average life and yield to maturity of your certificates.

For example, certain shortfalls in interest as a result of involuntary prepayments may reduce the funds available to make payments on your certificates. In addition, if the master servicer, the special servicer or the trustee reimburses itself (or a master servicer, special servicer, trustee or other party to a trust and servicing agreement or pooling and servicing agreement, as applicable, governing the servicing of any non-serviced whole loan) out of general collections on the mortgage loans included in the issuing entity for any advance that it (or any such other party) has determined is not recoverable out of collections on the related mortgage loan, then to the extent that this reimbursement is made from collections of principal on the mortgage loans in the issuing entity, that reimbursement will reduce the amount of principal available to be distributed on the certificates and will result in a reduction of the certificate balance (or notional amount) of a class of non-VRR certificates and the interest balance of the VRR interest, *pro rata*, based on their respective percentage allocation entitlement as described in this prospectus. See "*Description of the Certificates—Distributions*". Likewise, if the master servicer or the trustee reimburses itself out of principal collections on the mortgage loans for any workout-delayed reimbursement amounts, that reimbursement will reduce the amount of principal available to be distributed on the non-VRR certificates and the VRR interest, *pro rata*, based on their respective percentage allocation entitlement as described in this prospectus, on that distribution date. This reimbursement would have the effect of reducing current payments of principal on the offered certificates

(other than the certificates with notional amounts) and extending the weighted average lives of the offered certificates with certificate balances. See "*Description of the Certificates—Distributions*".

In addition, to the extent losses are realized on the mortgage loans and allocated to the non-VRR certificates, first to the Class J certificates, then the Class G certificates, then the Class F certificates, then the Class D certificates, then the Class C certificates, then the Class B certificates, then the Class A-S certificates and, then *pro rata*, the Class A-1, Class A-2 and Class A-3 certificates, based on their respective certificate balances, will bear such losses up to an amount equal to the respective outstanding certificate balance thereof. A reduction in the certificate balance of the Class A-1, Class A-2, Class A-3 and Class A-S certificates will result in a corresponding reduction in the notional amount of the Class X-A certificates. A reduction in the certificate balance of the Class B or Class C certificates will result in a corresponding reduction in the notional amount of the Class X-B certificates. A reduction in the certificate balance of the Class D certificates will result in a corresponding reduction in the notional amount of the Class X-D certificates. A reduction in the certificate balance of the Class F certificates will result in a corresponding reduction in the notional amount of the Class X-F certificates. A reduction in the certificate balance of the Class G certificates will result in a corresponding reduction in the notional amount of the Class X-G certificates. A reduction in the certificate balance of the Class J certificates will result in a corresponding reduction in the notional amount of the Class X-J certificates. No representation is made as to the anticipated rate or timing of prepayments (voluntary or involuntary) or rate, timing or amount of liquidations or losses on the mortgage loans or as to the anticipated yield to maturity of any such offered certificate. See "*Yield, Prepayment and Maturity Considerations*".

<u>Risk of Early Termination</u>

The issuing entity is subject to optional termination under certain circumstances. See "*Pooling and Servicing Agreement—Termination; Retirement of Certificates*". In the event of this termination, you might receive some principal payments earlier than otherwise expected, which could adversely affect your anticipated yield to maturity.

**Subordination of the Subordinated Certificates Will Affect the Timing of Distributions and the Application of Losses on the Subordinated Certificates**

As described in this prospectus, the rights of the holders of the Class A-S, Class B, Class C, Class D, Class F, Class G and Class J certificates to receive payments of principal and interest otherwise payable on their certificates will be subordinated to such rights of the holders of the more senior certificates having an earlier alphabetical or alphanumeric class designation.

If you acquire Class A-S, Class B or Class C certificates, then your rights to receive distributions of amounts collected or advanced on or in respect of the mortgage loans that are allocated to the non-VRR certificates will be subordinated to those of the holders of the Class A-1, Class A-2, Class A-3, Class X-A, Class X-B, Class X-D, Class X-F, Class X-G and Class X-J certificates. The Class A-S certificates will likewise be protected by the subordination of the Class B, Class C, Class D, Class F, Class G and Class J certificates. The Class B certificates will likewise be protected by the subordination of the Class C, Class D, Class F, Class G and Class J certificates. The Class C certificates will likewise be protected by the subordination of the Class D, Class F, Class G and Class J certificates. As a result, investors in those classes of certificates that are subordinated in whole or part to other classes of certificates will generally bear the effects of losses on the mortgage loans and unreimbursed expenses of the issuing entity before the holders of those other classes of certificates. See "*Description of the Certificates—Distributions*" and "*—Subordination; Allocation of Realized Losses*".

**Payments Allocated to the VRR Interest or the Non-VRR Certificates Will Not Be Available to the Non-VRR Certificates or the VRR Interest, Respectively**

As described in this prospectus, payments of principal and interest in respect of the mortgage loans will be distributed to the holders of the non-VRR certificates and the VRR interest owners, *pro rata*, based upon their respective percentage allocation entitlement. Amounts received and allocated to the non-VRR certificates will not be available to satisfy any amounts due and payable to the VRR interest. Likewise,

amounts received and allocated to the VRR interest will not be available to satisfy any amounts due and payable to the non-VRR certificates. As a result of this allocation of payments, any losses incurred by the issuing entity will also be effectively allocated between the non-VRR certificates and the VRR interest, *pro rata*, based upon their respective percentage allocation entitlement. See "*Description of the Certificates—Distributions" and* "*Credit Risk Retention—The VRR Interest"*.

**Your Lack of Control Over the Issuing Entity and the Mortgage Loans Can Impact Your Investment**

<u>You Have Limited Voting Rights</u>

Except as described in this prospectus, you and other certificateholders and the RR interest owner generally do not have a right to vote and do not have the right to make decisions with respect to the administration of the issuing entity and the mortgage loans. With respect to mortgage loans (other than mortgage loans that will be serviced under a separate pooling and servicing agreement), those decisions are generally made, subject to the express terms of the pooling and servicing agreement for this transaction, by the master servicer, the special servicer, the trustee or the certificate administrator, as applicable, subject to any rights of the directing holder or a risk retention consultation party under the pooling and servicing agreement for this transaction and the rights of the holders of any related companion loans and mezzanine debt under the related co-lender agreement and/or intercreditor agreement. With respect to any non-serviced mortgage loan, you will generally not have any right to vote or make decisions with respect any non-serviced mortgage loan, and those decisions will generally be made by the master servicer or the special servicer under the pooling and servicing agreement governing the servicing of the related non-serviced mortgage loan and any related companion loan, subject to the rights of the directing holder appointed under such pooling and servicing agreement or trust and servicing agreement, as applicable, or any risk retention consultation party (if any) under such pooling and servicing agreement or trust and servicing agreement, as applicable. See "*Pooling and Servicing Agreement*" and *"Description of the Mortgage Pool—The Whole Loans*". In particular, with respect to the risks relating to a modification of a mortgage loan, see "*—Risks Relating to Modifications of the Mortgage Loans*" below.

In certain limited circumstances where certificateholders have the right to vote on matters affecting the issuing entity, in some cases, these votes are by certificateholders taken as a whole and in others the vote is by class. Your interests as an owner of certificates of a particular class may not be aligned with the interests of owners of one or more other classes of certificates in connection with any such vote. In all cases certificateholder voting is based on the outstanding certificate balance, which is reduced by realized losses. In certain cases with respect to the termination of the special servicer and the operating advisor, certain voting rights will also be reduced by appraisal reductions, as described below. These limitations on voting could adversely affect your ability to protect your interests with respect to matters voted on by certificateholders. See "*Description of the Certificates—Voting Rights*". You will have no rights to vote on any servicing matters related to the mortgage loans that will be serviced under a trust and servicing agreement or pooling and servicing agreement, as applicable, governing the servicing of any non-serviced whole loan.

In general, a certificate beneficially owned by the master servicer, the special servicer (including, for the avoidance of doubt, any Excluded Special Servicer), the trustee, the certificate administrator, the depositor, the mortgage loan seller, a mortgagor, a Borrower Party or any affiliate of any of such persons will be deemed not to be outstanding and a holder of such certificate will not have the right to vote, subject to certain exceptions, as further described in the definition of "Certificateholder" under "*Description of the Certificates—Reports to Certificateholders and the RR Interest Owner; Certain Available Information*" in this prospectus.

<u>The Rights of the Directing Holder, the Risk Retention Consultation Parties and the Operating Advisor Could Adversely Affect Your Investment</u>

The controlling class representative will have certain consent and consultation rights with respect to certain matters relating to the mortgage loans as the directing holder (other than with respect to a non-serviced mortgage loan, any servicing shift mortgage loan and any applicable excluded loan) and the right to replace the special servicer with or without cause, except that if a control termination event (*i.e.*, an event in which the certificate balance of the most senior class of certificates that is eligible to be a controlling class, as reduced by the application of appraisal reductions and realized losses, is less than 25% of its initial certificate balance) is continuing, the controlling class representative will lose the consent rights and the right to replace the special servicer, and if a consultation termination event (*i.e.*, an event in which the certificate balance of the most senior class of certificates that is eligible to be a controlling class (as reduced by the application of realized losses) is less than 25% of its initial certificate balance) is continuing, then the controlling class representative will lose the consultation rights. See "*Pooling and Servicing Agreement—The Directing Holder*".

In addition, the risk retention consultation parties will have certain non-binding consultation rights with respect to certain matters relating to the mortgage loans (other than any non-serviced mortgage loan and any applicable excluded loan). See "*Pooling and Servicing Agreement—The Directing Holder—Major Decisions*".

These actions and decisions with respect to which the controlling class representative has consent or consultation rights and the risk retention consultation parties have consultation rights include, among others, certain modifications to the mortgage loans or serviced whole loans (other than the servicing shift whole loans), including modifications of monetary terms, foreclosure or comparable conversion of the related mortgaged properties, and certain sales of mortgage loans or REO properties for less than the outstanding principal amount plus accrued interest, fees and expenses. As a result of the exercise of these rights by the directing holder and the risk retention consultation parties, the special servicer may take actions with respect to a mortgage loan that could adversely affect the interests of investors in one or more classes of offered certificates.

Similarly, with respect to a non-serviced mortgage loan, the special servicer under the pooling and servicing agreement governing the servicing of such non-serviced mortgage loan may, at the direction or upon the advice of the directing holder of the related securitization trust holding the controlling note for the related non-serviced whole loan, take actions with respect to such non-serviced mortgage loan and related companion loan that could adversely affect such non-serviced mortgage loan, and therefore, the holders of some or all of the classes of certificates. The issuing entity (as the holder of a non-controlling note) will have limited consultation rights with respect to major decisions relating to a non-serviced whole loan and in connection with a sale of a defaulted loan, and such rights will be exercised by the directing holder for this transaction so long as no control termination event is continuing and by the special servicer if a control termination event is continuing. See "*Description of the Mortgage Pool—The Whole Loans—The Non-Serviced Pari Passu Whole Loans—Certain Rights of each Non-Controlling Holder*" and "*Pooling and Servicing Agreement—Servicing of the Non-Serviced Mortgage Loans*".

Similarly, with respect to the servicing shift whole loans, prior to the related servicing shift securitization date, the special servicer may, at the direction or upon the advice of the holder of the related controlling companion loan, take actions with respect to such whole loan that could adversely affect such whole loan, and therefore, the holders of some or all of the classes of certificates.

The issuing entity (as the holder of a non-controlling note) will have limited consultation rights with respect to major decisions relating to a non-serviced whole loan or the servicing shift whole loans and in connection with a sale of a defaulted loan, and such rights will be exercised by the controlling class representative for this transaction so long as no consultation termination event is continuing and by the special servicer if a consultation termination event is continuing. See "*Description of the Mortgage Pool—The Whole Loans—The Serviced Pari Passu Whole Loans—Certain Rights of each Non-Controlling Holder*".

Although the special servicer under the pooling and servicing agreement and the special servicer for each non-serviced mortgage loan are not permitted to take actions which are prohibited by law or violate the servicing standard under the applicable pooling and servicing agreement or the terms of the related loan documents, it is possible that the directing holder (or equivalent entity) under such pooling and servicing agreement may direct or advise, as applicable, the related special servicer to take actions with respect to such mortgage loan that conflict with the interests of the holders of certain classes of the certificates.

You will be acknowledging and agreeing, by your purchase of offered certificates, that the directing holder and the risk retention consultation parties under this securitization transaction, as well as the directing holder (or equivalent entity) and the risk retention consultation parties (or equivalent entities) under the pooling and servicing agreement governing the servicing of each non-serviced mortgage loan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) may have special relationships and interests that conflict with those of holders of one or more classes of certificates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) may act solely in the interests of the holders of the controlling class or the VRR interest owners, as applicable (or, in the case of a non-serviced mortgage loan, the controlling class of the securitization trust formed under the pooling and servicing agreement governing the servicing of such non-serviced mortgage loan);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) does not have any duties to the holders of any class of certificates other than the controlling class or the VRR interest owners, as applicable (or, in the case of a non-serviced mortgage loan, the controlling class of the securitization trust formed under the pooling and servicing agreement governing the servicing of such non-serviced mortgage loan);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) may take actions that favor the interests of the holders of the controlling class or the VRR interest owners (or, in the case of a non-serviced mortgage loan, the controlling class of the securitization trust formed under the pooling and servicing agreement governing the servicing of such non-serviced mortgage loan), over the interests of the holders of one or more other classes of certificates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) will have no liability whatsoever (other than to a controlling class certificateholder) for having so acted as set forth in clauses (i) – (iv) above, and that no certificateholder may take any action whatsoever against the directing holder or a risk retention consultation party under this securitization transaction, as well as the directing holder (or equivalent entity) or a risk retention consultation party (or equivalent entities) under the pooling and servicing agreement governing the servicing of a non-serviced mortgage loan or any of their respective affiliates, directors, officers, employees, shareholders, members, partners, agents or principals for having so acted.

In addition, for so long as a control termination event is continuing, the operating advisor will have certain consultation rights with respect to certain matters relating to the mortgage loans (other than a non-serviced mortgage loan). Further, for so long as a consultation termination event is continuing, the operating advisor will have the right to recommend a replacement of the special servicer, as described under "*Pooling and Servicing Agreement—The Operating Advisor*" and "*—Replacement of the Special Servicer After Operating Advisor Recommendation and Investor Vote*". The operating advisor is generally required to act on behalf of the issuing entity and in the best interest of, and for the benefit of, the certificateholders and the RR interest owner and, with respect to any serviced whole loan (other than the servicing shift whole loans), for the benefit of the holders of any related companion loan (as a collective whole as if the certificateholders, RR interest owner and companion loan holders constituted a single lender and taking into account the *pari passu* or subordinate nature of any such related companion loan). We cannot assure you that any actions taken by the special servicer as a result of a recommendation or consultation by the operating advisor will not adversely affect the interests of investors in one or more classes of certificates. With respect to a non-serviced mortgage loan, the operating advisor (if any) appointed under the pooling and servicing agreement governing the servicing of such non-serviced mortgage loan will have similar rights and duties under such pooling and servicing agreement. Further, the operating advisor will generally have no obligations or consultation rights under the pooling and

servicing agreement for this transaction with respect to any non-serviced mortgage loan or any related REO property. See "*Pooling and Servicing Agreement—Servicing of the Non-Serviced Mortgage Loans*".

<u>You Have Limited Rights to Replace the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor or the Asset Representations Reviewer</u>

In general, the directing holder will have the right to terminate and replace the special servicer with or without cause (provided, however, that for so long as Torchlight Debt Fund VIII Holdings (US), LLC or its affiliate owns 15% or more of the outstanding Certificate Balance of the then-Controlling Class of Certificates, Torchlight Loan Services, LLC, may only be removed as special servicer for cause) so long as no control termination event is continuing and other than in respect of any applicable excluded loan as described in this prospectus.

At any time a control termination event is continuing, the holders of the principal balance certificates and the Class RR certificates may generally replace the special servicer without cause, as described in this paragraph. Holders of principal balance certificates and Class RR certificates evidencing not less than 25% of the voting rights (taking into account the application of appraisal reductions to notionally reduce the respective certificate balances) of all principal balance certificates and the Class RR certificates on an aggregate basis may request a vote to replace the special servicer. The special servicer will be terminated and replaced upon receipt of approval by holders of principal balance certificates and Class RR certificates evidencing (i) at least 75% of a quorum of the certificateholders (which, for this purpose, is the holders of principal balance certificates and Class RR certificates evidencing at least 75% of the voting rights (taking into account the application of realized losses and the application of appraisal reductions to notionally reduce the respective certificate balances) of all principal balance certificates and Class RR certificates on an aggregate basis) or (ii) more than 50% of each class of "non-reduced interests" (each class of principal balance certificates and Class RR certificates outstanding that has not been reduced to less than 25% of its initial certificate balance through the application of appraisal reduction amounts and realized losses).

In addition, if, during the continuance of a control termination event, the operating advisor determines, in its sole discretion exercised in good faith, that (1) the special servicer is not performing its duties as required under the pooling and servicing agreement or is otherwise not acting in accordance with the servicing standard, and (2) the replacement of the special servicer would be in the best interest of the certificateholders and the RR interest owner as a collective whole, then the operating advisor will have the right to recommend the replacement of the special servicer and deliver a report supporting such recommendation in the manner described in "*Pooling and Servicing Agreement—Replacement of the Special Servicer After Operating Advisor Recommendation and Investor Vote*". The operating advisor's recommendation to replace the special servicer must be confirmed by an affirmative vote of holders of certificates representing a majority of the voting rights (taking into account the application of appraisal reductions to notionally reduce the respective certificate balances) of all principal balance certificates and Class RR certificates whose holders voted on the matter; *provided that* holders of principal balance certificates and Class RR certificates that so voted on the matter (i) hold principal balance certificates and Class RR certificates representing at least 20% of the voting rights (taking into account the application of appraisal reductions to notionally reduce the respective certificate balances) of all principal balance certificates and Class RR certificates on an aggregate basis, and (ii) consist of at least three (3) certificateholders or certificate owners that are not affiliated with each other.

The certificateholders will generally have no right to replace and terminate the master servicer, the trustee and the certificate administrator without cause. The vote of the requisite percentage of voting rights may terminate the operating advisor or the asset representations reviewer without cause. The vote of the requisite percentage of the voting rights will be required to replace the master servicer, the special servicer, the operating advisor and the asset representations reviewer even for cause, and certain termination events may be waived by the vote of the requisite percentage of the voting rights. The certificateholders will have no right to replace the master servicer or the special servicer of the pooling and servicing agreement relating to any non-serviced mortgage loan. We cannot assure that your lack of control over the replacement of these parties will not have an adverse impact on your investment.

<u>The Rights of Companion Loan Holders and Mezzanine Debt Could Adversely Affect Your Investment</u>

The holders of a *pari passu* companion loan relating to the serviced mortgage loans will have certain consultation rights (on a non-binding basis) with respect to major decisions relating to the related whole loan under the related co-lender agreement. Such companion loan holder and its representative may have interests in conflict with those of the holders of some or all of the classes of certificates, and may advise the special servicer to take actions that conflict with the interests of the holders of certain classes of the certificates. Although any such consultation is non-binding and the special servicer is not obligated to consult with the companion loan holder if required under the servicing standard, we cannot assure you that the exercise of the rights of such companion loan holder will not delay any action to be taken by the special servicer and will not adversely affect your investment.

With respect to any mortgage loan that is subject to one or more subordinate companion loans, the holders of such companion loan(s) will generally have the right under limited circumstances to (i) cure certain defaults with respect to the related mortgage loan and to purchase (without payment of any yield maintenance charge or prepayment premium) the related mortgage loan and (ii) prior to the occurrence and continuance of a "control appraisal period" or a "control termination event" applicable to such subordinate companion loan, approve certain modifications and consent to certain actions to be taken with respect to the related whole loan. The rights of the holder of a subordinate companion loan could adversely affect your ability to protect your interests with respect to matters relating to the related mortgage loan. See "*Description of the Mortgage Pool—The Whole Loans*".

With respect to mortgage loans that have mezzanine debt or permit mezzanine debt in the future, the related mezzanine lender will have the right under certain limited circumstances to (i) cure certain defaults with respect to, and under certain default scenarios, purchase (without payment of any yield maintenance charge or prepayment premium) the related mortgage loan and (ii) so long as no event of default with respect to the related mortgage loan continues after the mezzanine lender's cure right has expired, approve certain modifications and consent to certain actions to be taken with respect to the related mortgage loan. See "*Description of the Mortgage Pool—Mortgage Pool Characteristics*" and "*—Additional Indebtedness*".

The purchase option that the holder of a subordinate companion loan or mezzanine debt holds pursuant to the related intercreditor agreement or co-lender agreement generally permits such holder to purchase its related defaulted mortgage loan for a purchase price generally equal to the outstanding principal balance of the related defaulted mortgage loan, together with accrued and unpaid interest (exclusive of default interest) on, and unpaid servicing expenses, protective advances and interest on advances related to, such defaulted mortgage loan. However, in the event such holder is not obligated to pay some or all of those fees and additional expenses, including any liquidation fee payable to the special servicer under the terms of the pooling and servicing agreement, then the exercise of such holder's rights under the intercreditor agreement or co-lender agreement to purchase the related mortgage loan from the issuing entity may result in a loss to the issuing entity in the amount of those fees and additional expenses. In addition, such holder's right to cure defaults under the related defaulted mortgage loan could delay the issuing entity's ability to realize on or otherwise take action with respect to such defaulted mortgage loan.

In addition, with respect to a non-serviced mortgage loan, you will not have any right to vote with respect to any matters relating to the servicing and administration of any non-serviced mortgage loan. See "*Description of the Mortgage Pool—The Whole Loans*" and "*Pooling and Servicing Agreement—Servicing of the Non-Serviced Mortgage Loans*".

You will be acknowledging and agreeing, by your purchase of offered certificates, that the companion loan holders:

● may have special relationships and interests that conflict with those of holders of one or more classes of certificates or the RR interest;

● may act solely in its own interests, without regard to your interests;

● do not have any duties to any other person, including the holders of any class of certificates or the RR interest owner;

● may take actions that favor its interests over the interests of the holders of one or more classes of certificates; and

● will have no liability whatsoever for having so acted and that no certificateholder or the RR interest owner may take any action whatsoever against the companion loan holder or its representative or any director, officer, employee, agent or principal of the companion loan holder or its representative for having so acted.

**Risks Relating to Modifications of the Mortgage Loans**

As delinquencies or defaults occur, the special servicer and any sub-servicer will be required to utilize an increasing amount of resources to work with borrowers to maximize collections on the mortgage loans serviced by it. This may include modifying the terms of such mortgage loans that are in default or whose default is reasonably foreseeable. At each step in the process of trying to bring a defaulted mortgage loan current or in maximizing proceeds to the issuing entity, the special servicer and any sub-servicer will be required to invest time and resources not otherwise required when collecting payments on performing mortgage loans. Modifications of mortgage loans implemented by the special servicer or any sub-servicer in order to maximize ultimate proceeds of such mortgage loans to issuing entity may have the effect of, among other things, reducing or otherwise changing the mortgage rate, forgiving or forbearing payments of principal, interest or other amounts owed under the mortgage loan, extending the final maturity date of the mortgage loan, capitalizing or deferring delinquent interest and other amounts owed under the mortgage loan, forbearing payment of a portion of the principal balance of the mortgage loan or any combination of these or other modifications.

Any modified mortgage loan may remain in the issuing entity, and the modification may result in a reduction in (or may eliminate) the funds received with respect of such mortgage loan. In particular, any modification to reduce or forgive the amount of interest payable on the mortgage loan will reduce the amount cash flow available to make distributions of interest on the certificates, which will likely impact the most subordinated classes of certificates that suffer the shortfall. To the extent the modification defers principal payments on the mortgage loan (including as a result of an extension of its stated maturity date), certificates entitled to principal distributions will likely be repaid more slowly than anticipated, and if principal payments on the mortgage loan are forgiven, the reduction will cause a write-down of the certificate balances of the certificates in reverse order of seniority. See "*Description of the Certificates—Subordination; Allocation of Realized Losses*".

The ability to modify mortgage loans by the special servicer may be limited by several factors. First, if the special servicer has to consider a large number of modifications, operational constraints may affect the ability of the special servicer to adequately address all of the needs of the borrowers. Furthermore, the terms of the related servicing agreement may prohibit the special servicer from taking certain actions in connection with a loan modification, such as an extension of the loan term beyond a specified date such as a specified number of years prior to the rated final distribution date. You should consider the importance of the role of the special servicer in maximizing collections for the transaction and the impediments the special servicer may encounter when servicing delinquent or defaulted mortgage loans. In some cases, failure by the special servicer to timely modify the terms of a defaulted mortgage loan may reduce amounts available for distribution on the certificates in respect of such mortgage loan, and consequently may reduce amounts available for distribution to the related certificates. In addition, even if a loan modification is successfully completed, we cannot assure you that the related borrower will continue to perform under the terms of the modified mortgage loan.

Modifications that are designed to maximize collections in the aggregate may adversely affect a particular class of certificates or the RR interest. The pooling and servicing agreement obligates the

special servicer not to consider the interests of individual classes of certificates. You should note that in connection with considering a modification or other type of loss mitigation, the special servicer may incur or bear related out-of-pocket expenses, such as appraisal fees, which would be reimbursed to the special servicer from the transaction as property protection advances and paid from amounts received on the modified loan or from other mortgage loans in the mortgage pool but in each case, prior to distributions being made on the certificates and the RR interest.

**The Sponsors May Not Make Required Repurchases or Substitutions of Defective Mortgage Loans or Pay Any Loss of Value Payment Sufficient to Cover All Losses on a Defective Mortgage Loan**

Each sponsor is the sole warranting party in respect of the mortgage loans sold by such sponsor. Neither we nor any of our affiliates (except Goldman Sachs Mortgage Company in its capacity as a sponsor) is obligated to repurchase or substitute any mortgage loan or make any payment to compensate the issuing entity in connection with a breach of any representation or warranty of a sponsor or any document defect, if the related sponsor defaults on its obligation to do so. Notwithstanding the foregoing, pursuant to the related mortgage loan purchase agreement, Barclays Capital Holdings Inc. will agree in the related mortgage loan purchase agreement to repurchase or replace defective Barclays Capital Real Estate Inc. Mortgage Loans to the same extent as Barclays Capital Real Estate Inc. in connection with any repurchase by Barclays Capital Real Estate Inc. We cannot assure you that the sponsors will effect such repurchases or substitutions or make such payment to compensate the issuing entity. Although a loss of value payment may only be made to the extent that the special servicer deems such amount to be sufficient to compensate the issuing entity for such material defect or material breach, we cannot assure you that such loss of value payment will fully compensate the issuing entity for such material defect or material breach in all respects. In addition, the sponsors (or Barclays Capital Holdings Inc., with respect to the repurchase and substitution obligations of Barclays Capital Real Estate Inc. to the same extent as Barclays Capital Real Estate Inc.) may have various legal defenses available to them in connection with a repurchase or substitution obligation or an obligation to pay the loss of value payment. In particular, in the case of a non-serviced mortgage loan that is serviced under the pooling and servicing agreement entered into in connection with the securitization of the related *pari passu* companion loan, the asset representations reviewer under that pooling and servicing agreement may review the diligence file relating to such *pari passu* companion loan concurrently with the review of the asset representations reviewer of the related mortgage loan for this transaction, and their findings may be inconsistent, and such inconsistency may allow the related mortgage loan seller to challenge the findings of the asset representations reviewer of the affected mortgage loan. Any mortgage loan that is not repurchased or substituted and that is not a "qualified mortgage" for a REMIC may cause the Trust REMICs to fail to qualify as REMICs or cause the issuing entity to incur a tax. See "*Description of the Mortgage Loan Purchase Agreements*".

In addition, with respect to a mortgage loan that is comprised of more than one promissory note contributed to this securitization by more than one mortgage loan seller, each such mortgage loan seller will be obligated to take the above remedial actions as a result of a breach of any representation or warranty or any document defect only with respect to the related promissory note(s) sold by it to the depositor as if the notes contributed by each such mortgage loan seller and evidencing such mortgage loan was a separate mortgage loan. Accordingly, it is possible that, under certain circumstances, only one mortgage loan seller contributing a promissory note evidencing such mortgage loan will repurchase, or otherwise comply with any remedial obligations with respect to, its interest in such mortgage loan if there is a breach of any representation or warranty of or any document defect.

**Risks Relating to Interest on Advances and Special Servicing Compensation**

To the extent described in this prospectus, the master servicer, the special servicer and the trustee will each be entitled to receive interest on unreimbursed advances made by it at the "Prime Rate" (and solely with respect to the master servicer, subject to a floor rate of 2.0%), compounded annually, as published in *The Wall Street Journal*. This interest will generally accrue from the date on which the related advance is made or the related expense is incurred to the date of reimbursement. In addition, under

certain circumstances, including delinquencies in the payment of principal and/or interest, a mortgage loan will be specially serviced and the special servicer will be entitled to compensation for special servicing activities. The right to receive interest on advances or special servicing compensation is senior to the rights of certificateholders and the RR interest owner to receive distributions on the offered certificates and the RR interest, respectively. The payment of interest on advances and the payment of compensation to the special servicer may lead to shortfalls in amounts otherwise distributable on your certificates.

**Bankruptcy of a Servicer May Adversely Affect Collections on the Mortgage Loans and the Ability to Replace the Servicer**

The master servicer or the special servicer may be eligible to become a debtor under the Bankruptcy Code or enter into receivership under the Federal Deposit Insurance Act ("<u>FDIA</u>"). If a master servicer or special servicer, as applicable, were to become a debtor under the Bankruptcy Code or enter into receivership under the FDIA, although the pooling and servicing agreement provides that such an event would entitle the issuing entity to terminate the master servicer or the special servicer, as applicable, such an "ipso facto" provision would most likely not be enforceable. However, a rejection of the pooling and servicing agreement by a master servicer or the special servicer, as applicable, in a bankruptcy proceeding or repudiation of the pooling and servicing agreement in a receivership under the FDIA would be treated as a breach of the pooling and servicing agreement and give the issuing entity a claim for damages and the ability to appoint a successor master servicer or special servicer, as applicable. An assumption under the Bankruptcy Code would require the master servicer or the special servicer, as applicable, to cure its pre-bankruptcy defaults, if any, and demonstrate that it is able to perform following assumption. The bankruptcy court may permit the master servicer or the special servicer, as applicable, to assume the servicing agreement and assign it to a third party. An insolvency by an entity governed by state insolvency law would vary depending on the laws of the particular state. We cannot assure you that a bankruptcy or receivership of the master servicer or special servicer, as applicable, would not adversely impact the servicing of the mortgage loans or the issuing entity would be entitled to terminate the master servicer or the special servicer, as applicable, in a timely manner or at all.

If any master servicer or special servicer, as applicable, becomes the subject of bankruptcy or similar proceedings, the issuing entity claim to collections in that master servicer or special servicer's, as applicable, possession at the time of the bankruptcy filing or other similar filing may not be perfected. In this event, funds available to pay principal and interest on your certificates may be delayed or reduced.

**Risks Relating to a Bankruptcy of an Originator, a Sponsor or the Depositor, or a Receivership or Conservatorship of Goldman Sachs Bank USA**

In the event of the bankruptcy or insolvency of an originator, a sponsor or the depositor, it is possible that the issuing entity's right to payment from or ownership of certain of the mortgage loans could be challenged. If such challenge is successful, payments on the offered certificates would be reduced or delayed. Even if the challenge is not successful, payments on the offered certificates would be delayed while a court resolves the claim.

Goldman Sachs Mortgage Company, a sponsor, is an indirect, wholly-owned subsidiary of GS Bank, a New York State chartered bank, and an originator. The deposits of GS Bank are insured by the Federal Deposit Insurance Corporation (the "<u>FDIC</u>"). If GS Bank were to become subject to receivership, the proceeding would be administered by the FDIC under the FDIA; likewise, if GS Bank were to become subject to conservatorship, the agency appointed as conservator would likely be the FDIC as well. The FDIA gives the FDIC the power to disaffirm or repudiate contracts to which a bank is party at the time of receivership or conservatorship and the performance of which the FDIC determines to be burdensome, in which case the counterparty to the contract has a claim for payment by the receivership or conservatorship estate of "actual direct compensatory damages" as of the date of receivership or conservatorship.

The FDIC has adopted a rule, substantially revised and effective January 1, 2011, establishing a safe harbor (the "<u>FDIC Safe Harbor</u>") from its repudiation powers for securitizations meeting the requirements of the rule (12 C.F.R. § 360.6). The transfers of the applicable mortgage loans by GS Bank to Goldman Sachs Mortgage Company, by and among Deutsche Bank AG, New York Branch, DBR Investments Co. Limited, German American Capital Corporation and by the sponsors to the depositor are not expected to qualify for the FDIC Safe Harbor. The transfers by Goldman Sachs Mortgage Company, Deutsche Bank AG, New York Branch, DBR Investments Co. Limited, German American Capital Corporation, Citi Real Estate Funding Inc., Bank of Montreal and Barclays Capital Real Estate Inc. are not transfers by a bank, and in any event, the FDIC Safe Harbor is non-exclusive. Additionally, in the case of GS Bank, Deutsche Bank AG, New York Branch, DBR Investments Co. Limited, each sponsor and the depositor, an opinion of counsel will be rendered on the closing date, based on certain facts and assumptions and subject to certain qualifications, to the effect that the transfer of the applicable mortgage loans by GS Bank to Goldman Sachs Mortgage Company, by and among Deutsche Bank AG, New York Branch, DBR Investment Co. Limited, and German American Capital Corporation, by a sponsor to the depositor and by the depositor to the issuing entity would generally be respected as a sale in the event of a bankruptcy or insolvency of GS Bank, Deutsche Bank AG, New York Branch, DBR Investments Co. Limited, a sponsor or the depositor, as applicable.

A legal opinion is not a guaranty as to what any particular court would actually decide, but rather an opinion as to the decision a court would reach if the issues are competently presented and the court followed existing precedent as to legal and equitable principles applicable in bankruptcy or bank insolvency cases. In this regard, legal opinions on bankruptcy and bank insolvency law matters unavoidably have inherent limitations primarily because of the pervasive equity powers of bankruptcy courts, the overriding goal of reorganization to which other legal rights and policies may be subordinated, the potential relevance to the exercise of judicial discretion of future arising facts and circumstances, and the nature of the bankruptcy or bank insolvency process. As a result, the FDIC, a creditor, bankruptcy trustee or another interested party, including an entity transferring a mortgage loan, as debtor-in-possession, could still attempt to assert that the transfer of a mortgage loan was not a sale. If such party's challenge is successful, payments on the offered certificates would be reduced or delayed. Even if the challenge is not successful payments on the offered certificates would be delayed while a court resolves the claim.

In addition, since the issuing entity is a New York common law trust, it may not be eligible for relief under the federal bankruptcy laws, unless it can be characterized as a "business trust" for purposes of the federal bankruptcy laws. Bankruptcy courts look at various considerations in making this determination, so it is not possible to predict with any certainty whether or not the issuing entity would be characterized as a "business trust". Regardless of whether a bankruptcy court ultimately determines that the issuing entity is a "business trust", it is possible that payments on the offered certificates would be delayed while the court resolved the issue.

Bank of Montreal is a Schedule I bank under the Bank Act (Canada) and subject to Canadian bankruptcy and insolvency laws. The Superintendent of Financial Institutions and other Canadian regulatory authorities have broad powers under the Bank Act (Canada) and other applicable Canadian federal legislation to take control of BMO or its assets to protect the rights and interests of the depositors and creditors of BMO, including making an application for a winding-up of BMO or a restructuring of its assets under applicable Canadian federal legislation. There is considerable uncertainty about the scope of the powers afforded to these Canadian regulatory authorities and how they may choose to exercise such powers. Actions taken by such authorities may affect the ability of BMO to satisfy its ongoing obligations under the related mortgage loan purchase agreement and/or result in the cancellation, modification or conversion of certain unsecured liabilities of BMO under the transaction documents or in other modifications to such documents without BMO's or your consent, which could in turn affect the ability of the issuing entity to meet its obligations in respect of the offered certificates.

Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act provides for an orderly liquidation authority ("<u>OLA</u>") under which the FDIC can be appointed as receiver of certain systemically important non-bank financial companies and their direct or indirect subsidiaries in certain cases. We

make no representation as to whether this would apply to any of the sponsors. In January 2011, the former acting general counsel of the FDIC issued a letter (the "<u>Former Acting General Counsel's Letter</u>") in which he expressed his view that, under then-existing regulations, the FDIC, as receiver under the OLA, would not, in the exercise of its OLA repudiation powers, recover as property of a financial company assets transferred by the financial company, *provided* that the transfer satisfies the conditions for the exclusion of assets from the financial company's estate under the Bankruptcy Code. The letter further noted that, while the FDIC staff may be considering recommending further regulations under OLA, the former acting general counsel would recommend that such regulations incorporate a 90-day transition period for any provisions affecting the FDIC's statutory power to disaffirm or repudiate contracts. If, however, the FDIC were to adopt a different approach than that described in the Former Acting General Counsel's Letter, delays or reductions in payments on the offered certificates would occur.

**The Requirement of the Special Servicer to Obtain FIRREA-Compliant Appraisals May Result in an Increased Cost to the Issuing Entity**

Each appraisal obtained pursuant to the pooling and servicing agreement is required to contain a statement, or is accompanied by a letter from the appraiser, to the effect that the appraisal was performed in accordance with the requirements of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 ("<u>FIRREA</u>"), as in effect on the date such appraisal was obtained. Any such appraisal is likely to be more expensive than an appraisal that is not FIRREA compliant. Such increased cost could result in losses to the issuing entity. Additionally, FIRREA compliant appraisals are required to assume a value determined by a typically motivated buyer and seller, and could result in a higher appraised value than one not prepared assuming a forced liquidation or other distress situation. In addition, because a FIRREA compliant appraisal may result in a higher valuation than a non-FIRREA compliant appraisal, there may be a delay in calculating and applying appraisal reductions, which could result in the holders of a given class of certificates or the RR interest owner continuing to hold the full non-notionally reduced amount of such certificates or the RR interest or for a longer period of time than would be the case if a non-FIRREA compliant appraisal were obtained.

**Realization on the Mortgage Loans That Are Part of a Serviced Whole Loan May Be Adversely Affected by the Rights of the Holder of the Related Serviced Companion Loan**

If a serviced whole loan were to become defaulted, the related co-lender agreement requires the special servicer, in the event it determines to sell the related mortgage loan in accordance with the terms of the pooling and servicing agreement, to sell the related serviced companion loan(s) together with such defaulted mortgage loan. We cannot assure you that such a required sale of a defaulted serviced whole loan would not adversely affect the ability of the special servicer to sell such mortgage loan, or the price realized for such mortgage loan, following a default on the related serviced whole loan. Further, given that, pursuant to the co-lender agreements for the serviced whole loans, the related serviced companion loan holders will not be the related whole loan controlling noteholder, and the trust as holder of the related mortgage loan will be the controlling noteholder (with the right to consent to material servicing decisions and replace the special servicer, as described in this prospectus), with respect to each serviced whole loan, the related serviced companion loan(s) may not be as marketable as the related mortgage loan held by the issuing entity. Accordingly, if any such sale does occur with respect to a defaulted mortgage loan and the related serviced companion loans, then the net proceeds realized by the certificateholders and the RR interest owner in connection with such sale may be less than would be the case if only the related mortgage loan were subject to such sale.

**Tax Matters and Changes in Tax Law May Adversely Impact the Mortgage Loans or Your Investment**

<u>Tax Considerations Relating to Foreclosure</u>

If the issuing entity acquires a mortgaged property (or, in the case of a non-serviced mortgage loan, a beneficial interest in a mortgaged property) subsequent to a default on the related mortgage loan (other than a non-serviced mortgage loan) or whole loan pursuant to a foreclosure or deed-in-lieu of foreclosure,

the special servicer (or, in the case of a non-serviced mortgage loan, the related non-serviced special servicer) would be required to retain an independent contractor to operate and manage such mortgaged property. Among other limitations, the independent contractor generally will not be able to perform construction work other than repair, maintenance or certain types of tenant buildouts, unless the construction was more than 10% completed when the mortgage loan defaulted or when the default of the mortgage loan became imminent. Generally, any (i) net income from such operation (other than qualifying "rents from real property"), (ii) rental income based on the net profits of a tenant or sub-tenant or allocable to a service that is non-customary in the area and for the type of property involved and (iii) rental income attributable to personal property leased in connection with a lease of real property, if the rent attributable to the personal property exceeds 15% of the total rent for the taxable year, will subject the Lower-Tier REMIC to federal tax (and possibly state or local tax) on such income at the corporate tax rate. No determination has been made whether any portion of the income from the mortgaged properties constitutes "rent from real property". Any such imposition of tax will reduce the net proceeds available for distribution to certificateholders and the RR interest owner. The special servicer (or, in the case of a non-serviced mortgage loan, the related non-serviced special servicer) may permit the Lower-Tier REMIC to earn "net income from foreclosure property" that is subject to tax if it determines that the net after-tax benefit to certificateholders, the RR interest owner and any related companion loan holder(s), as a collective whole, could reasonably be expected to be greater than under another method of operating or leasing the mortgaged property. See "*Pooling and Servicing Agreement—Realization Upon Mortgage Loans*". In addition, if the issuing entity were to acquire one or more mortgaged properties (or, in the case of a non-serviced mortgage loan, a beneficial interest in a mortgaged property) pursuant to a foreclosure or deed-in-lieu of foreclosure, upon acquisition of those mortgaged properties (or, in the case of a non-serviced mortgage loan, a beneficial interest in a mortgaged property), the issuing entity may in certain jurisdictions, particularly in New York, be required to pay state or local transfer or excise taxes upon liquidation of such properties. Such state or local taxes may reduce net proceeds available for distribution to the certificateholders and the RR interest owner.

In addition, proceeds received from any Mortgaged Property located in a foreign jurisdiction may be reduced by the application of the applicable foreign taxes. In most circumstances, the special servicer (or in the case of a non-serviced mortgage loan, the related non-serviced special servicer) will be required to sell such mortgaged property prior to the close of the third calendar year beginning after the year of acquisition.

When foreclosing on a real estate mortgage, a REMIC is generally limited to taking only the collateral that will qualify as "foreclosure property" within the meaning of applicable Treasury regulations. Foreclosure property includes only the real property (ordinarily the land and structures) securing the real estate mortgage and personal property incident to such real property.

In addition, the PSA will provide that the special servicer may not foreclose upon or otherwise cause the issuing entity to acquire ownership of the membership interests in the borrower relating to the Haven at Bellaire mortgage loan or the Providence at Champions mortgage loan (as described below under "*Description of the Mortgage Pool—Real Estate and Other Tax Considerations*") on behalf of any Trust REMIC unless the special servicer obtains an opinion of counsel to the effect that holding such membership interests will not cause any Trust REMIC to fail to qualify as a REMIC under the Code. Such opinion of counsel may be premised on the designation under the PSA of such membership interests as being deemed part of an "outside reserve fund" within the meaning of Treasury Regulations Section 1.860G-2(h). In the event the issuing entity is unable to obtain an opinion of counsel, the issuing entity may be required to exercise the legal remedies available to it under applicable laws, including the sale of such membership interests and application of the proceeds toward the repayment of the Haven at Bellaire mortgage loan or the Providence at Champions mortgage loan. Depending on market conditions, the proceeds from the sale of such membership interests could be less than the proceeds that would be received if the special servicer would have foreclosed on such membership interests and sold such membership interests at a later date.

<u>Changes to REMIC Restrictions on Loan Modifications May Impact an Investment in the Certificates</u>

Ordinarily, a REMIC that modifies a mortgage loan jeopardizes its tax status as a REMIC and risks having a 100% penalty tax being imposed on any income from the mortgage loan. A REMIC may avoid such adverse REMIC consequences, however, if such mortgage loan is in default, the default of such mortgage loan is "reasonably foreseeable" or other special circumstances apply.

The Internal Revenue Service ("<u>IRS</u>") has issued guidance easing the tax requirements for a servicer to modify a commercial, multifamily or manufactured housing mortgage loan held in a REMIC by interpreting the circumstances when default is "reasonably foreseeable" to include those where the servicer reasonably believes that there is a "significant risk of default" with respect to the underlying mortgage loan upon maturity of the loan or at an earlier date, and that by making such modification the risk of default is substantially reduced. Accordingly, if the master servicer or the special servicer determined that a Mortgage Loan was at significant risk of default and permitted one or more modifications otherwise consistent with the terms of the Pooling and Servicing Agreement, any such modification may impact the timing of payments and ultimate recovery on the underlying mortgage loan, and likewise on one or more classes of certificates.

In addition, the IRS has issued final regulations that modify the tax restrictions imposed on a servicer's ability to modify the terms of the underlying mortgage loans held by a REMIC relating to changes in the collateral, credit enhancement and recourse features. The IRS has also issued Revenue Procedure 2010-30, describing circumstances in which it will not challenge the treatment of mortgage loans as "qualified mortgages" on the grounds that the underlying mortgage loan is not "principally secured by real property", that is, has a real property loan-to-value ratio greater than 125% following a release of liens on some or all of the real property securing such underlying mortgage loan. The general rule is that a mortgage loan must continue to be "principally secured by real property" following any such lien release, unless the lien release is pursuant to a defeasance permitted under the original loan documents and occurs more than two (2) years after the startup day of the REMIC, all in accordance with applicable Treasury regulations. Revenue Procedure 2010-30 also allows lien releases in certain "grandfathered transactions" and transactions in which the release is part of a "qualified pay-down transaction" even if the underlying mortgage loan after the transaction might not otherwise be treated as principally secured by a lien on real property. If the value of the real property securing a mortgage loan were to decline, the need to comply with the rules of Revenue Procedure 2010-30 could restrict the servicers' actions in negotiating the terms of a workout or in allowing minor lien releases in circumstances in which, after giving effect to the release, the underlying mortgage loan would not have a real property loan-to-value ratio of 125% or less (calculated as described above). This could impact the timing of payments and ultimate recovery on a Mortgage Loan, and likewise on one or more classes of certificates.

You should consider the possible impact on your investment of any existing REMIC restrictions as well as any potential changes to the REMIC rules.

<u>REMIC Status</u>

If an entity intended to qualify as a REMIC fails to satisfy one or more of the REMIC provisions of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"), during any taxable year, the Code provides that such entity will not be treated as a REMIC for such year and any year thereafter. In such event, the issuing entity, including the Upper-Tier REMIC and the Lower-Tier REMIC, would likely be treated as one or more separate associations taxable as corporations under Treasury regulations, and the offered certificates may be treated as stock interests in those associations and not as debt instruments.

<u>Material Federal Tax Considerations Regarding Original Issue Discount</u>

One or more classes of the offered certificates may be issued with "original issue discount" for federal income tax purposes, which generally would result in the holder recognizing taxable income in advance of the receipt of cash attributable to that income. Accordingly, investors must have sufficient sources of cash to pay any federal, state or local income taxes with respect to the original issue discount. In addition, such

original issue discount will be required to be accrued and included in income based on the assumption that no defaults will occur and no losses will be incurred with respect to the mortgage loans. This could lead to the inclusion of amounts in ordinary income early in the term of the certificate that later prove uncollectible, giving rise to a bad debt deduction. In the alternative, an investor may be required to treat such uncollectible amount as a capital loss under Section 165 of the Code.

**General Risk Factors**

**Combination or "Layering" of Multiple Risks May Significantly Increase Risk of Loss**

Although the various risks discussed in this prospectus are generally described separately, you should consider the potential effects of the interplay of multiple risk factors. Where more than one significant risk factor is present, the risk of loss to an investor in the certificates may be significantly increased.

**The Certificates May Not Be a Suitable Investment for You**

The certificates will not be suitable investments for all investors. In particular, you should not purchase any class of certificates unless you understand and are able to bear the risk that the yield to maturity and the aggregate amount and timing of distributions on the certificates will be subject to material variability from period to period and give rise to the potential for significant loss over the life of the certificates. The interaction of the foregoing factors and their effects are impossible to predict and are likely to change from time to time. As a result, an investment in the certificates involves substantial risks and uncertainties and should be considered only by sophisticated institutional investors with substantial investment experience with similar types of securities and who have conducted appropriate due diligence on the mortgage loans, the mortgaged properties and the certificates.

**The Volatile Economy, Credit Crisis and Downturn in the Real Estate Market Have Adversely Affected and May Continue To Adversely Affect the Value of CMBS**

The real estate and securitization markets, including the market for commercial mortgage-backed securities ("<u>CMBS</u>"), have from time to time experienced significant dislocations, illiquidity and volatility. We cannot assure you that another dislocation in CMBS will not occur.

Any economic downturn may adversely affect the financial resources of borrowers under commercial mortgage loans and may result in their inability to make payments on, or refinance, their outstanding mortgage debt when due or to sell their mortgaged properties for an aggregate amount sufficient to pay off the outstanding debt when due. As a result, distributions of principal and interest on your certificates, and the value of your certificates, could be adversely affected.

Furthermore, consumer and producer prices in the United States are experiencing steep increases and may continue to do so as a result of recently imposed tariffs. The general effects of inflation on the economy of the United States can be wide ranging, as evidenced by rising interest rates, wages and costs of goods and services. If a borrower's operating income growth fails to keep pace with the rising costs of operating the related mortgaged property, then such borrower may have less funds available to make its mortgage payments. In addition, rising interest rates may hinder a borrower's ability to refinance, and provide a borrower with less incentive to cure delinquencies and avoid foreclosure. The foregoing may have a material adverse impact on the amounts available to make payments on the mortgage loans, and consequently, the certificates.

The United States has imposed tariffs on certain imports from certain foreign countries in the last few years and may in the future impose additional tariffs or increase tariffs on imports from foreign countries. On February 1, 2025, President Donald Trump signed an executive order announcing and implementing new tariffs on Canada, China and Mexico, some of which have gone into effect and others have been on hold temporarily. The imposition of these tariffs or any additional future tariffs could have the effect of, among other things, raising prices to consumers and potentially eliciting reciprocal tariffs, which could

slow the global economy, and the removal of tariffs may or may not yield the intended results. In addition, impacts on tariffs may have a material adverse impact on certain of the mortgaged properties, as businesses work through the impact of tariffs and how to change, if at all, the sourcing of products and materials as a result of these and other potential tariffs.

The federal government has instituted a broad review of federal spending, including freezing of previously promised funds. Certain tenants may receive income from the federal government, including in the form of grants or as reimbursement for services such as medical care under Medicare and in the form of rent subsidies under various government funded programs such as the Section 8 Tenant-Based Assistance Rental Certificate Program of the U.S. Department of Housing and Urban Development, and such funds may no longer be available. Furthermore, a widespread reduction in federal spending could have an adverse effect on the economy as a whole.

**Other Events May Affect the Value and Liquidity of Your Investment**

Moreover, other types of events, domestic or international, may affect general economic conditions and financial markets:

● Wars, revolts, terrorist attacks, armed conflicts, energy supply or price disruptions, political crises, natural disasters, civil unrest and/or protests and man-made disasters (including without limitation, the invasion of Ukraine by Russia and the economic sanctions triggered thereby and the military conflict between Israel and Hamas), may have an adverse effect on the mortgaged properties and/or your certificates;

● The imposition of economic tariffs, or the threat of such tariffs, by the United States may have adverse economic effects on the economy. Similarly, any retaliatory actions taken by countries affected by those tariffs, both threatened and actual, may have adverse economic effects. The impact of any tariffs is uncertain, but may result in inflation in the United States, which may affect consumer demand for products, as well as increased cost of operations at the mortgaged properties. Any of the foregoing impacts on the economy or the supply chain may negatively impact the tenants at certain of the mortgaged properties, which may adversely affect the borrowers' ability to pay the related mortgage loans.

● Trading activity associated with indices of CMBS may drive spreads on those indices wider than spreads on CMBS, thereby resulting in a decrease in value of such CMBS, including your certificates, and spreads on those indices may be affected by a variety of factors, and may or may not be affected for reasons involving the commercial and multifamily real estate markets and may be affected for reasons that are unknown and cannot be discerned; and

● The market value of your certificates also may be affected by many other factors, including the then-prevailing interest rates and market perceptions of risks associated with commercial mortgage lending. A change in the market value of the certificates may be disproportionately impacted by upward or downward movements in the current interest rates.

You should consider that the foregoing factors may adversely affect the performance of the mortgage loans and accordingly the performance of the offered certificates.

**Legal and Regulatory Provisions Affecting Investors Could Adversely Affect the Liquidity of the Offered Certificates**

We make no representation as to the proper characterization of the offered certificates for legal investment, financial institution regulatory, financial reporting or other purposes, as to the ability of particular investors to purchase the offered certificates under applicable legal investment or other restrictions or as to the consequences of an investment in the offered certificates for such purposes or under such restrictions. Changes in federal banking and securities laws and other laws and regulations may have an adverse effect on issuers, investors, or other participants in the asset-backed securities markets including the CMBS market. While the general effects of such changes are uncertain, regulatory

or legislative provisions applicable to certain investors may have the effect of limiting or restricting their ability to hold or acquire CMBS, which in turn may adversely affect the ability of investors in the offered certificates who are not subject to those provisions to resell their certificates in the secondary market. For example:

● Investors should be aware, and in some cases are required to be aware, of the investor diligence requirements that apply in the EU under the EU Securitization Regulation (the " <u>EU Due Diligence Requirements</u> "), and in the UK under the UK Securitization Framework (the " <u>UK Due Diligence Requirements</u> "), in addition to any other regulatory requirements that are (or may become) applicable to them and/or with respect to their investment in the certificates.

● The EU Due Diligence Requirements apply to "institutional investors" (as defined in the EU Securitization Regulation), being (subject to certain conditions and exceptions) (a) institutions for occupational retirement provision; (b) credit institutions (as defined in Regulation (EU) No 575/2013, as amended (the " <u>CRR</u> ")); (c) alternative investment fund managers who manage and/or market alternative investment funds in the EU; (d) investment firms (as defined in the CRR); (e) insurance and reinsurance undertakings; and (f) management companies of UCITS funds (or internally managed UCITS); and the EU Due Diligence Requirements apply also to certain consolidated affiliates of such credit institutions and investment firms. Each such institutional investor and each relevant affiliate is referred to herein as an " <u>EU Institutional Investor</u> ".

● The UK Due Diligence Requirements apply to "institutional investors" (as defined in the UK Securitization Framework) being (subject to certain conditions and exceptions): (a) insurance undertakings and reinsurance undertakings as defined in the FSMA; (b) trustees or managers of an occupational pension scheme as defined in the FSMA, and certain fund managers appointed under the UK Pensions Act 1995 in respect of such schemes; (c) alternative investment fund managers as defined in the UK Alternative Investment Fund Managers Regulations 2013 with permission under Part 4A of FSMA (in respect of managing an alternative investment fund), who market or manage alternative investment funds in the UK (and additionally, small registered UK alternative investment fund managers as defined in the UK Alternative Investment Fund Managers Regulations 2013); (d) UCITS as defined in the FSMA, which are authorized open ended investment companies as defined in the FSMA, and management companies as defined in the FSMA; (e) FCA investment firms as defined in Regulation (EU) No 575/2013 as it forms part of UK domestic law by virtue of the EUWA and as amended (the " <u>UK CRR</u> "); and (f) CRR firms as defined in the UK CRR; and the UK Due Diligence Requirements apply also to certain consolidated affiliates of such CRR firms. Each such institutional investor and each relevant affiliate is referred to herein as a " <u>UK Institutional Investor</u>."

● EU Institutional Investors and UK Institutional Investors are referred to together as "Institutional Investors." EU Securitization Regulation and UK Securitization Framework are each a "Securitization Regulation" and EU Due Diligence Requirements and UK Due Diligence Requirements are each " <u>Due Diligence Requirements</u> ", and a reference to the "applicable Due Diligence Requirements" means, in relation to an Institutional Investor the Due Diligence Requirements to which such Institutional Investor is subject. In addition, for the purpose of the following paragraph, a reference to a "third country" means (i) in respect of an EU Institutional Investor and the EU Securitization Regulation, a country other than an EU member state, or (ii) in respect of a UK Institutional Investor and the UK Securitization Framework, a country other than the UK.

● The applicable Due Diligence Requirements restrict an Institutional Investor from investing in a securitization unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in each case, it has verified that the originator, sponsor or original lender will retain, on an ongoing basis, a material net economic interest of not less than five per cent. in the securitization, in

accordance with the risk retention requirement under (i) Article 6 of the EU Securitization Regulation (the "<u>EU Retention Requirements</u>") and (ii) Article 6 of Chapter 2 and Chapter 4 of the PRASR and SECN 5 (the "<u>UK Retention Requirements</u>" and, together with the EU Retention Requirements, the "<u>EU/UK Risk Retention Requirements</u>"), and the risk retention is disclosed to the Institutional Investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of an EU Institutional Investor, it has verified that the originator, sponsor or SSPE has, where applicable, made available the information required by Article 7 of the EU Securitization Regulation (the "<u>EU Transparency Requirements</u>") in accordance with the frequency and modalities provided for thereunder. In its report to the European Parliament and Council on the functioning of the EU Securitization Regulation on October 10, 2022, the European Commission stated that it is of the view that an EU Institutional Investor assuming an exposure to any securitization (including where the SSPE and any originator and sponsor are outside of the European Union, as is the case in the transaction contemplated herein) is required to verify compliance in full by the relevant originator, sponsor or SSPE with Article 7 of the EU Securitization Regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of a UK Institutional Investor, it has verified that the originator, sponsor or original lender has, has made available sufficient information to enable the investor to independently assess the risks of holding the securitisation position and has committed to make further information available on an ongoing basis, as appropriate, including (but not limited to) details relating to the underlying exposures on a quarterly basis and quarterly investor reports providing updates on the credit quality and performance of the underlying exposures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in each case, it has verified that, where the originator or original lender either (i) is not a credit institution or an investment firm (each as defined in the EU Securitization Regulation or the UK Securitization Framework, as applicable) or (ii) is established in a third country, the originator or original lender grants all the credits giving rise to the underlying exposures on the basis of sound and well-defined criteria and clearly established processes for approving, amending, renewing and financing those credits and has effective systems in place to apply those criteria and processes in order to ensure that credit-granting is based on a thorough assessment of the obligor's creditworthiness.

● The applicable Due Diligence Requirements further require that an Institutional Investor carry out a due diligence assessment which enables it to assess the risks involved prior to investing, including but not limited to the risk characteristics of the individual investment position and the underlying assets and all the structural features of the securitization that can materially impact the performance of the investment. In addition, pursuant to the applicable Due Diligence Requirements, while holding an exposure to a securitization, an Institutional Investor is subject to various monitoring obligations in relation to such exposure, including but not limited to: (i) establishing appropriate written procedures to monitor compliance with the due diligence requirements and the performance of the investment and of the underlying assets; (ii) performing stress tests on the cash flows and collateral values supporting the underlying assets; (iii) ensuring internal reporting to its management body; and (iv) being able to demonstrate to its competent authorities, upon request, that it has a comprehensive and thorough understanding of the investment and underlying assets and that it has implemented written policies and procedures for the risk management and as otherwise required by the applicable Due Diligence Requirements.

● Failure on the part of an Institutional Investor to comply with the applicable Due Diligence Requirements may result in various penalties including, in the case of those investors subject to regulatory capital requirements, the imposition of a punitive capital charge in respect of the investment in the securitization acquired by the relevant investor. Aspects of the requirements and what is or will be required to demonstrate compliance to national regulators remain unclear.

● Prospective investors should make themselves aware of the applicable Due Diligence Requirements described above (and any corresponding implementing rules of their regulator), where applicable to them, in addition to any other applicable regulatory requirements with respect to their investment in the certificates.

● None of the sponsors, the depositor, nor any other party to the transaction described in this prospectus intends to retain a material net economic interest in the securitization constituted by the issuance of the certificates in a manner that would satisfy the any of the EU/UK Risk Retention Requirements or to take any other action that may be required by Institutional Investors for the purposes of their compliance with any of the Due Diligence Requirements and no such person assumes (i) any obligation to so retain or take any such other action or (ii) any liability whatsoever in connection with any certificateholder's non-compliance with the applicable Due Diligence Requirements. Consequently, the certificates are not a suitable investment for Institutional Investors. As a result, a certificateholder's ability to transfer its certificates, or the price it may receive upon its sale of certificates, may be adversely affected.

● Changes in federal banking and securities laws, including those resulting from the Dodd-Frank Wall Street Reform and Consumer Protection Act (the " <u>Dodd-Frank Act</u> ") enacted in the United States, may have an adverse effect on issuers, investors or other participants in the asset-backed securities markets. In particular, capital regulations issued by the U.S. banking regulators in 2013 implement the increased capital requirements established under the Basel Accord and are being phased in over time. These capital regulations eliminate reliance on credit ratings and otherwise alter, and in most cases increase, the capital requirements imposed on depository institutions and their holding companies, including with respect to ownership of asset-backed securities such as CMBS. Further changes in capital requirements have been announced by the Basel Committee on Banking Supervision and it is uncertain when such changes will be implemented in the United States. When fully implemented in the United States, these changes may have an adverse effect with respect to investments in asset-backed securities, including CMBS. As a result of these regulations, investments in CMBS such as the certificates by financial institutions subject to bank capital regulations may result in greater capital charges to these financial institutions and these new regulations may otherwise adversely affect the treatment of CMBS for their regulatory capital purposes.

● Section 619 of the Dodd-Frank Act (such statutory provision together with the implementing regulations, the " <u>Volcker Rule</u> ") generally prohibits "banking entities" (which is broadly defined to include U.S. banks and bank holding companies and many non-U.S. banking entities, together with their respective subsidiaries and other affiliates) from (i) engaging in proprietary trading, (ii) acquiring or retaining an ownership interest in or sponsoring a "covered fund" and (iii) entering into certain relationships with such funds. Under the Volcker Rule, unless otherwise jointly determined otherwise by specified federal regulators, a "covered fund" does not include an issuer that may rely on an exclusion or exemption from the definition of "investment company" under the Investment Company Act other than the exclusions contained in Section 3(c)(1) and Section 3(c)(7) of the Investment Company Act.

● The issuing entity will be relying on an exclusion or exemption under the Investment Company Act contained in Section 3(c)(5) of the Investment Company Act or Rule 3a-7 under the Investment Company Act, although there may be additional exclusions or exemptions available to the issuing entity. Accordingly, the issuing entity is being structured so as not to constitute a "covered fund" for purposes of the Volcker Rule. The general effects of the Volcker Rule remain uncertain. Any prospective investor in the certificates, including a U.S. or foreign bank or a subsidiary or other bank affiliate, should consult its own legal advisors regarding such matters and other effects of the Volcker Rule.

● The Financial Accounting Standards Board has adopted changes to the accounting standards for structured products. These changes, or any future changes, may affect the

accounting for entities such as the issuing entity, could under certain circumstances require an investor or its owner generally to consolidate the assets of the issuing entity in its financial statements and record third parties' investments in the issuing entity as liabilities of that investor or owner or could otherwise adversely affect the manner in which the investor or its owner must report an investment in CMBS for financial reporting purposes.

● For purposes of the Secondary Mortgage Market Enhancement Act of 1984, as amended, no class of certificates will constitute "mortgage related securities".

● In addition, compliance with legal requirements, such as the credit risk retention regulations under the Dodd-Frank Act, could cause commercial real estate lenders to tighten their lending standards and reduce the availability of debt financing for commercial real estate borrowers. This, in turn, may adversely affect the borrower's ability to refinance the mortgage loan or sell the mortgaged property on the maturity date. We cannot assure you that the borrower will be able to generate sufficient cash from the sale or refinancing of the mortgaged property to make the balloon payment on the mortgage loan.

Further changes in federal banking and securities laws and other laws and regulations may have an adverse effect on issuers, investors, or other participants in the asset-backed securities markets (including the CMBS market) and may have adverse effect on the liquidity, market value and regulatory characteristics of the offered certificates.

Accordingly, all investors whose investment activities are subject to legal investment laws and regulations, regulatory capital requirements, or review by regulatory authorities should consult with their own legal, accounting and other advisors in determining whether, and to what extent, the offered certificates will constitute legal investments for them or are subject to investment or other restrictions, unfavorable accounting treatment, capital charges or reserve requirements. See "*Legal Investment*".

In addition, this transaction is structured to comply with the Credit Risk Retention Rules as and to the extent set forth under "*Credit Risk Retention*". We cannot assure you that the retaining sponsor will at times satisfy such credit risk retention requirements. At this time, it is unclear what effect a failure of the retaining sponsor to be in compliance with the Credit Risk Retention Rules at any time will have on the certificateholders or the market value or liquidity of the certificates.

**The Master Servicer, any Sub-Servicer, the Special Servicer, the Trustee, the Certificate Administrator or the Custodian May Have Difficulty Performing Under the Pooling and Servicing Agreement or a Related Sub-Servicing Agreement**

The issuing entity relies on the ability of the master servicer, any sub-servicer, the special servicer, the trustee, the certificate administrator and the custodian to perform their respective duties under the pooling and servicing agreement. Any economic downturn or recession may adversely affect the master servicer's, any sub-servicer's or special servicer's ability to perform its duties under the Pooling and Servicing Agreement or the related sub-servicing agreement, including, if applicable, performance as it relates to the making of debt service or property protection advances or the ability to effectively service the underlying mortgage loans. Any economic downturn or recession may similarly adversely affect the ability of the trustee, the certificate administrator and the custodian to perform their respective duties, including the duty of the trustee to make principal and interest advances in the event that the master servicer fails to make such advances and the duties of the certificate administrator relating to securities administration.

The performance of such parties may also be affected by future events that occur with respect to each such party. For example, as described under "*Transaction Parties—The Master Servicer*", Wells Fargo Bank, N.A. ("<u>Wells Fargo Bank</u>") transferred its third-party master servicing and primary servicing business (exclusive of Wells Fargo Bank's rights and obligations related to the servicing of loans that Wells Fargo Bank originated for Fannie Mae, Freddie Mac, and FHA/Ginnie Mae) to Trimont LLC ("<u>Trimont</u>") on March 1, 2025. A business combination transaction of the size and nature of the transaction between Wells Fargo and Trimont may present risks related to the performance of such

parties. Such risks might include potential delays or disruptions resulting from integration of operations, integration of information technology and accounting systems, loss of key personnel, failure to attract new employees, difficulties in maintaining continuity of management or other changes associated with the implementation of such transaction. We cannot assure you that the transfer by Wells Fargo of this master and primary servicing business to Trimont, will not cause disruptions in the performance by Trimont of its duties and obligations as master servicer under the Pooling and Servicing Agreement.

Any of the above-described factors may adversely affect the performance of the underlying mortgage loans or the performance of the certificates.

**Book-Entry Securities May Delay Receipt of Payment and Reports and Limit Liquidity and Your Ability to Pledge Certificates**

If a trust or trust fund issues certificates in book-entry form, you may experience delays in receipt of your payments and/or reports, since payments and reports will initially be made to the book-entry depository or its nominee. In addition, the issuance of certificates in book-entry form may reduce the liquidity of certificates so issued in the secondary trading market, since some investors may be unwilling to purchase certificates for which they cannot receive physical certificates. Additionally, your ability to pledge certificates to persons or entities that do not participate in The Depository Trust Company system, or otherwise to take action in respect of the certificates, may be limited due to lack of a physical security representing the certificates.

**Book-Entry Registration Will Mean You Will Not Be Recognized as a Holder of Record**

Your certificates will be initially represented by one or more certificates registered in the name of Cede & Co., as the nominee for The Depository Trust Company, and will not be registered in your name. As a result, you will not be recognized as a certificateholder, or holder of record of your certificates. See "*Description of the Certificates—Delivery, Form, Transfer and Denomination—Book-Entry Registration*" in this prospectus and "*Risk Factors—General Risk Factors—Book-Entry Securities May Delay Receipt of Payment and Reports and Limit Liquidity and Your Ability to Pledge Certificates*" in this prospectus for a discussion of important considerations relating to not being a certificateholder of record.

**Description of the Mortgage Pool**

 **General**

The assets of the issuing entity will consist of a pool of 47 fixed rate mortgage loans (the "<u>Mortgage Loans</u>" or, collectively, the "<u>Mortgage Pool</u>") with an aggregate principal balance as of the Cut-off Date of approximately $1,316,438,800 (the "<u>Initial Pool Balance</u>"). The "<u>Cut-off Date</u>" means with respect to each Mortgage Loan and Whole Loan, the related Due Date in October 2025 (or with respect to any Mortgage Loan or Whole Loan that has its first Due Date after October 2025, the date that would otherwise have been the related Due Date in October 2025 under the terms of that Mortgage Loan or Whole Loan if a monthly payment were scheduled to be due in that month).

Ten (10) of the Mortgage Loans (27.0%), are each part of a larger whole loan, each of which is comprised of the related Mortgage Loan and/or one or more loans that are *pari passu* in right of payment to the related Mortgage Loan (collectively referred to in this prospectus as "<u>Pari Passu Companion Loans</u>") and/or are subordinate in right of payment to the related Mortgage Loan (referred to in this prospectus as a "<u>Subordinate Companion Loan</u>"). Each Pari Passu Companion Loan and Subordinate Companion Loan is referred to as a "<u>Companion Loan</u>" in this prospectus. Each Mortgage Loan and any related Companion Loans are collectively referred to as a "<u>Whole Loan</u>". Each Companion Loan is secured by the same mortgage and the same single assignment of leases and rents securing the related Mortgage Loan. See "*—The Whole Loans*" below for more information regarding the rights of the holders of the Companion Loans and the servicing and administration of the Whole Loans that will not be serviced under the pooling and servicing agreement for this transaction.

The Mortgage Loans and Whole Loans were originated, co-originated or acquired (or, on or prior to the Closing Date, will be acquired) by the mortgage loan sellers set forth in the following chart and such entities will sell their respective Mortgage Loans to the depositor, which will in turn sell the Mortgage Loans to the issuing entity:

**Sellers of the Mortgage Loans**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Seller<sup>(1)</sup>** | &nbsp;&nbsp; **Number of Mortgage Loans** | &nbsp;&nbsp; **Aggregate Cut-off Date Balance of Mortgage Loans** | &nbsp;&nbsp; **Approx. % of Initial Pool Balance** |
| &nbsp;&nbsp;Goldman Sachs Mortgage Company | &nbsp;&nbsp;10 | &nbsp;&nbsp;$248576300 | &nbsp;&nbsp;18.9% |
| &nbsp;&nbsp;Citi Real Estate Funding Inc. | &nbsp;&nbsp;18 | &nbsp;&nbsp;430490000 | &nbsp;&nbsp;32.7 |
| &nbsp;&nbsp;German American Capital Corporation | &nbsp;&nbsp;13 | &nbsp;&nbsp;428532500 | &nbsp;&nbsp;32.6 |
| &nbsp;&nbsp;Bank of Montreal | &nbsp;&nbsp; 3 | &nbsp;&nbsp;90800000 | &nbsp;&nbsp;6.9 |
| &nbsp;&nbsp;German American Capital Corporation / Barclays Capital Real Estate Inc.<sup>(2)</sup> | &nbsp;&nbsp; 1 | &nbsp;&nbsp;80000000 | &nbsp;&nbsp;6.1 |
| &nbsp;&nbsp;Goldman Sachs Mortgage Company / Barclays Capital Real Estate Inc.<sup>(3)</sup> | &nbsp;&nbsp; 1 | &nbsp;&nbsp;25000000 | &nbsp;&nbsp;1.9 |
| &nbsp;&nbsp;Barclays Capital Real Estate Inc. | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp; 13040000 | &nbsp;&nbsp; 1.0 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp; **47** | &nbsp;&nbsp; **$1316438800** | &nbsp;&nbsp; **100.0%** |

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(1) Each Mortgage Loan was originated by its respective Mortgage Loan Seller or its affiliate, except those certain Mortgage Loans that
were acquired from unaffiliated third-party originators or are part of larger whole loan structures that were co-originated by the applicable
Mortgage Loan Seller or its affiliate with one or more other lenders. See "*—Co-Originated or Unaffiliated Third-Party Originated Mortgage Loans*" below.

(2) German American Capital Corporation and Barclays Capital Real Estate Inc. are co-sponsors with respect to the 9911 Belward Mortgage
Loan (6.1%). The 9911 Belward Mortgage Loan is evidenced by two promissory notes: (i) note A-1, with an outstanding principal balance
of $55,000,000 as of the Cut-off Date, as to which German American Capital Corporation is acting as Mortgage Loan Seller, and (ii) note
A-4, with an outstanding principal balance of $25,000,000 as of the Cut-off Date, as to which Barclays Capital Real Estate Inc. is acting
as Mortgage Loan Seller.

(3) Goldman Sachs Mortgage Company and Barclays Capital Real Estate Inc. are co-sponsors with respect to the Springfield Town Center Mortgage
Loan (1.9%). The Springfield Town Center Mortgage Loan is evidenced by two (2) promissory notes: (i) note A-1-3-b, with an outstanding
principal balance of $15,000,000 as of the Cut-off Date, as to which Goldman Sachs Mortgage Company is acting as Mortgage Loan Seller,
and (ii) note A-2-5, with an outstanding principal balance of $10,000,000 as of the Cut-off Date, as to which Barclays Capital Real Estate
Inc. is acting as Mortgage Loan Seller.

Each of the Mortgage Loans or Whole Loans is evidenced by one or more promissory notes or similar evidence of indebtedness (each a "<u>Mortgage Note</u>") and, in each case, secured by (or, in the case of an indemnity deed of trust, backed by a guaranty that is secured by) one or more mortgages, deeds of trust or other similar security instruments (each, a "<u>Mortgage</u>") creating a first lien on a fee simple and/or leasehold interest in one or more commercial, multifamily or manufactured housing real properties (each, a "<u>Mortgaged Property</u>").

The Mortgage Loans and Whole Loans are generally non-recourse loans. In the event of a borrower default on a non-recourse Mortgage Loan or Whole Loan, recourse may be had only against the specific Mortgaged Property or Mortgaged Properties and the other limited assets securing such Mortgage Loan or Whole Loan, and not against the related borrower's other assets. The Mortgage Loans and Whole Loans are not insured or guaranteed by the sponsors, the mortgage loan sellers or any other person or entity unrelated to the respective borrower. You should consider all of the Mortgage Loans and Whole Loans to be nonrecourse loans as to which recourse in the case of default will be limited to the specific property and other assets, if any, pledged to secure the related Mortgage Loan or Whole Loans.

**Co-Originated or Unaffiliated Third-Party Originated Mortgage Loans**

The following Mortgage Loans are component promissory notes of whole loans co-originated by the related mortgage loan seller (or an affiliate) and another entity or were originated by an unaffiliated third party and transferred to the related mortgage loan seller:

● The 9911 Belward Mortgage Loan (6.1%), for which German American Capital Corporation and Barclays Capital Real Estate Inc. are the mortgage loan sellers, is part of a Whole Loan that was co-originated by German American Capital Corporation and Barclays Capital Real Estate Inc.

● The 1010 Pacific Street Mortgage Loan (4.1%), for which Citi Real Estate Funding Inc. is the mortgage loan seller, is part of a Whole Loan that was co-originated by Citi Real Estate Funding Inc. and Morgan Stanley Bank, N.A.

● The Yosemite Hospitality Portfolio Mortgage Loan (2.4%), for which Citi Real Estate Funding Inc. is the mortgage loan seller, is part of a Whole Loan that was co-originated by Citi Real Estate Funding Inc. and Wells Fargo Bank, N.A.

● The Springfield Town Center Mortgage Loan (1.9%), for which Goldman Sachs Mortgage Company and Barclays Capital Real Estate Inc. are the mortgage loan sellers, is part of a Whole Loan that was co-originated by Goldman Sachs Bank USA and Barclays Capital Real Estate Inc.

● The Torrey Ridge Apartments Mortgage Loan (3.3%), for which Bank of Montreal is the mortgage loan seller, was originated by LMF Commercial, LLC, an unaffiliated third-party, and subsequently acquired by Bank of Montreal prior to the date hereof.

● The MetLife Solutions Tampa Mortgage Loan (2.2%), for which Bank of Montreal is the mortgage loan seller, was originated by Greystone Select Company II LLC, an unaffiliated third-party, and subsequently acquired by Bank of Montreal prior to the date hereof.

**Certain Calculations and Definitions**

This prospectus sets forth certain information with respect to the Mortgage Loans and the Mortgaged Properties. The sum in any column of the tables presented on Annex A-2 and Annex A-3 may not equal the indicated total due to rounding. The information on Annex A-1 with respect to the Mortgage Loans (or Whole Loans, if applicable) and the Mortgaged Properties is based upon the pool of the Mortgage Loans as it is expected to be constituted as of the close of business on October 30, 2025 (the "<u>Closing Date</u>"), assuming that (i) all scheduled principal and interest payments due on or before the Cut-off Date will be made; (ii) there will be no principal prepayments on or before the Closing Date; and (iii) with respect to each of the Mortgage Loans identified in the table below (each such Mortgage Loan, a "<u>Joint Mortgage Loan</u>"), each applicable mortgage loan seller will sell the indicated number of promissory notes that together comprise the applicable Joint Mortgage Loan.

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| | |
|:---|:---|
| &nbsp;&nbsp; **Joint Mortgage Loan (Total Number of Promissory Notes Comprising Applicable Mortgage Loan)** | &nbsp;&nbsp; **Applicable Mortgage Loan Sellers<br> and Number of Promissory Notes Sold** |
| &nbsp;&nbsp;9911 Belward (2) | &nbsp;&nbsp;GACC (1); Barclays (1) |
| &nbsp;&nbsp;Springfield Town Center (2) | &nbsp;&nbsp;GSMC (1); Barclays (1) |

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The statistics on Annex A-1, Annex A-2 and Annex A-3 were primarily derived from information provided to the depositor by each sponsor, which information may have been obtained from the borrowers.

All percentages of the Mortgage Loans and Mortgaged Properties, or of any specified group of Mortgage Loans and Mortgaged Properties, referred to in this prospectus without further description are approximate percentages of the Initial Pool Balance by Cut-off Date Balances and/or the allocated loan amount allocated to such Mortgaged Properties as of the Cut-off Date.

All information presented in this prospectus with respect to each Mortgage Loan with one or more Pari Passu Companion Loans is calculated in a manner that reflects the aggregate indebtedness evidenced by that Mortgage Loan and the related Pari Passu Companion Loan(s), unless otherwise indicated. All information presented in this prospectus with respect to each Mortgage Loan with one or more Subordinate Companion Loans is calculated without regard to such Subordinate Companion Loans, unless otherwise indicated.

Unless otherwise specified, (i) references to a Mortgaged Property (or portfolio of Mortgaged Properties) by name refer to such Mortgaged Property (or portfolio of Mortgaged Properties) so identified on Annex A-1, (ii) references to a Mortgage Loan by name refer to such Mortgage Loan secured by the related Mortgaged Property (or portfolio of Mortgaged Properties) so identified on Annex A-1, (iii) any parenthetical with a percent next to a Mortgaged Property name (or portfolio of Mortgaged Properties name) indicates the approximate percent (or approximate aggregate percent) that the outstanding principal balance of the related Mortgage Loan (or, if applicable, the allocated loan amount with respect to such Mortgaged Property) represents of the Initial Pool Balance, and (iv) any parenthetical with a percent next to a Mortgage Loan name or a group of Mortgage Loans indicates the approximate percent (or approximate aggregate percent) that the outstanding principal balance of such Mortgage Loan or the aggregate outstanding principal balance of such group of Mortgage Loans, as applicable, represents of the Initial Pool Balance.

A Mortgage Loan's Mortgage Rate may be less than the interest rate initially proposed to the related borrower at the loan application stage. Such interest rate may have been reduced in connection with the payment of an upfront fee from the borrower to the related originator, in light of the other credit characteristics of the Mortgage Loan. See Annex A-1 for certain information regarding each Mortgage Loan that was considered in connection with its origination, as well as the descriptions of the underwriting standards for each mortgage loan seller under "*Transaction Parties—The Sponsors and Mortgage Loan Sellers*".

 **Definitions**

For purposes of this prospectus, including the information presented in the Annexes, to this prospectus, the indicated terms have the meanings set forth below. In reviewing such definitions, investors should be aware that the appraisals for the Mortgaged Properties were prepared prior to origination, and generally have not been updated. Similarly, net operating income and occupancy information used in underwriting the Mortgage Loans may not reflect current conditions. As a result, appraised values, net operating income, occupancy, and related metrics, such as loan-to-value ratios, debt service coverage ratios and debt yields, may not accurately reflect the current conditions at the Mortgaged Properties. See "*Risk Factors—Risks Relating to the Mortgage Loans—Appraisals May Not Reflect Current or Future Market Value of Each Property*" and "*—Risks Relating to the Mortgage Loans—Underwritten Net Cash Flow Could Be Based On Incorrect or Failed Assumptions*."

"<u>ADR</u>" means, for any hospitality property, average daily rate.

"<u>Allocated Cut-off Date Loan Amount</u>" means, in the case of Mortgage Loans secured by multiple Mortgaged Properties, the allocated Cut-off Date Balance for each Mortgaged Property based on an allocated loan amount that has been assigned to the related Mortgaged Properties based upon one or more of the related appraised values, the related underwritten net cash flow or prior allocations reflected in the related Mortgage Loan documents; *provided* that with respect to any Whole Loan secured by a portfolio of Mortgaged Properties, the Allocated Cut-off Date Loan Amount represents only the *pro rata* portion of the related Mortgage Loan principal balance amount relative to the related Whole Loan principal balance. Information presented in this prospectus with respect to the Mortgaged Properties expressed as a percentage of the Initial Pool Balance reflects the Allocated Cut-off Date Loan Amount allocated to such Mortgaged Property as of the Cut-off Date.

"<u>Annual Debt Service</u>" generally means, for any Mortgage Loan, 12 times the average of the principal and interest payments due for the first 12 payment periods of the Mortgage Loan following the Cut-off Date (but without regard to any leap year adjustments), *provided* that:

● in the case of a Mortgage Loan that provides for scheduled amortization payments through maturity, Annual Debt Service (or "Annual Debt Service (P&I)" as shown on Annex A-1) means 12 times the monthly payment of principal and interest payable during the amortization period;

● in the case of a Mortgage Loan that provides for interest only payments through maturity, Annual Debt Service (or "Annual Debt Service (IO)" as shown on Annex A-1) means the aggregate interest payments scheduled to be due for the first 12 payment periods of the Mortgage Loan following the Cut-off Date; and

● in the case of a Mortgage Loan that provides for an initial interest-only period and provides for scheduled amortization payments after the expiration of such interest-only period, Annual Debt Service (or "Annual Debt Service (P&I)" as shown on Annex A-1) means 12 times the monthly payment of principal and interest payable during the amortization period.

Debt service and debt service coverage ratios set forth in this prospectus are calculated using the aggregate of the principal and interest payments due for the first 12 payment periods of the Mortgage Loan or Companion Loan, as applicable, following the Cut-off Date (but without regard to any leap year adjustments), subject to the exceptions set forth in the prior sentence. In the case of any Whole Loan, debt service coverage ratios set forth in this prospectus are calculated with respect to the Mortgage Loan including any related Pari Passu Companion Loan but without regard to any related Subordinate Companion Loan.

"<u>Appraised Value</u>" means, for each of the Mortgaged Properties and any date of determination, the most current appraised value of such Mortgaged Property available to the related mortgage loan seller as determined by an appraisal of the Mortgaged Property. With respect to each Mortgaged Property, the Appraised Value set forth on Annex A-1 to this prospectus is the "as-is" appraised value unless otherwise specified under "*Description of the Mortgage Pool—Appraised Value*", and is in each case as determined by an appraisal made not more than five (5) months from the origination date of the related Mortgage Loan or Whole Loan as described under "Appraisal Date" on Annex A-1 to this prospectus. The appraisals for certain of the Mortgaged Properties may state an appraised value based on hypothetical or other projected values as well as an "as-is" value for such Mortgaged Properties that assumes that certain events will occur with respect to the re-tenanting, construction, renovation or repairs or other repositioning of the Mortgaged Property or which in certain cases may reflect a portfolio premium valuation, and such "retrospective" or other similar values may, to the extent indicated, be reflected elsewhere in this prospectus, on Annex A-1 to this prospectus. For such Appraised Values and other values on a property-by-property basis, see Annex A-1 of this prospectus and the related footnotes. In certain cases, with respect to a Mortgage Loan secured by a portfolio of Mortgaged Properties, the Appraised Value represents the "as-is" value for the portfolio of Mortgaged Properties as a collective whole, which may be higher than the aggregate of the "as-is" appraised value of the individual Mortgaged Properties. In addition, for certain Mortgage Loans, the LTV Ratio at Maturity was calculated based on the "as stabilized" appraised value for the related Mortgaged Property. We cannot assure you that the value of any particular Mortgaged Property will not have declined from the Appraised Value shown on Annex A-1 to this prospectus. We make no representation that any Appraised Value presented in this prospectus would approximate either the value that would be determined in a current appraisal of the Mortgaged Property or the amount that would be realized upon a sale of Mortgaged Property as described under the definition of "LTV Ratio at Maturity".

"<u>Crossed Group</u>" identifies each group of Mortgage Loans in the Mortgage Pool that are cross-collateralized and cross-defaulted with each other. There are no Crossed Groups in the Mortgage Pool.

"<u>Cut-off Date Balance</u>" of any Mortgage Loan or Companion Loan, will be the unpaid principal balance of that Mortgage Loan or Companion Loan, as of the Cut-off Date after application of all payments due on or before that date, whether or not received.

"<u>Cut-off Date LTV Ratio</u>" or "<u>Cut-off Date Loan-to-Value Ratio</u>" generally means, with respect to any Mortgage Loan, the ratio, expressed as a percentage of (1) the Cut-off Date Balance of that Mortgage Loan set forth on Annex A-1 to this prospectus divided by (2) the Appraised Value (which in certain cases, may reflect a portfolio premium valuation) of the related Mortgaged Property or Mortgaged Properties set forth on Annex A-1 to this prospectus, except as set forth below:

● with respect to each Mortgage Loan that is part of a Whole Loan, the calculation of Cut-off Date LTV Ratio is based on the aggregate principal balance of such Mortgage Loan and the related Pari Passu Companion Loan(s), but not any related Subordinate Companion Loan(s) unless expressly stated otherwise.

● with respect to the Mortgage Loans listed in the following table, the respective Cut-off Date LTV Ratio was calculated using the related values other than the "as-is" Appraised Values, each as set forth in the following table:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Mortgage Loan Name** | &nbsp;&nbsp; **% of Initial Pool Balance** | &nbsp;&nbsp; **Cut-off Date LTV Ratio<br> (Other Than "As-Is")** | &nbsp;&nbsp; **Appraised Value (Other Than "As-Is")** | &nbsp;&nbsp; **Cut-off Date LTV Ratio<br> ("As-Is")** | &nbsp;&nbsp; **Appraised Value ("As-Is")** |
| &nbsp;&nbsp;9911 Belward<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.6% | &nbsp;&nbsp;$317000000 | &nbsp;&nbsp;43.3% | &nbsp;&nbsp;$297000000 |
| &nbsp;&nbsp;Haven at Bellaire<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72.5% | &nbsp;&nbsp;$57400000 | &nbsp;&nbsp;87.9% | &nbsp;&nbsp;$47300000 |
| &nbsp;&nbsp;Providence at Champions<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.4% | &nbsp;&nbsp;$42700000 | &nbsp;&nbsp;82.8% | &nbsp;&nbsp;$33200000 |

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(1) The related Other Than "As-Is" Appraised Value represents the "Market Value - Assuming Outstanding TIs Funded"
value of the 9911 Belward Mortgaged Property, which assumes that the outstanding $21,743,000 of tenant improvement allowance was reserved
with the lender. At origination, the then-outstanding amount of tenant improvement allowances of $19,292,063 was reserved, as certain
of the allowances were already provided between the appraisal date and the origination date.

(2) The related Other Than "As-Is" Appraised Value represents the "Hypothetical As If PFC" value of the Haven
at Bellaire Mortgaged Property, which assumes that the Haven at Bellaire Mortgaged Property will transition to a public facility corporation
(" <u>PFC</u> ") ownership structure whereby the Haven at Bellaire Mortgaged Property would be transferred to a PFC and then
ground leased back to the borrower, and, the leasehold estate owner would qualify for a 100% real estate tax exemption so long as at least
88 of the 297 multifamily units are set aside for occupancy by households with annual incomes of 80% of the area median income and at
least 60 of the 297 multifamily units are set aside for occupancy by households with annual incomes of 60% of the area median income or
less. Pursuant to the actual regulatory agreement entered into by the borrower with the PFC, 87 units are required to be reserved for
households earning less than 80% of AMI, and 62 units for households earning 60% of AMI or less.

(3) The related Other Than "As-Is" Appraised Value represents the "Hypothetical Market Value with Restricted Rents"
value of the Providence at Champions Mortgaged Property, which assumes that the Providence at Champions Mortgaged Property will transition
to an HFC ownership structure whereby the Providence at Champions Mortgaged Property would be transferred to an HFC and then ground leased
back to the borrower, and pursuant to Chapter 394 of the Texas Local Government Code, the leasehold estate owner would qualify for a 100%
real estate tax exemption so long as 90% of the units are set aside for occupancy by households with annual incomes of 140% of the area
median income or less, including 50% of the units are set aside for occupancy by households with annual incomes of 80% of area median
income or less.

"<u>Debt Yield on Underwritten Net Cash Flow</u>" or "<u>Debt Yield on Underwritten NCF</u>" means, with respect to any Mortgage Loan, the related Underwritten Net Cash Flow divided by the Cut-off Date Balance of that Mortgage Loan, except as set forth below:

● with respect to each Mortgage Loan that is part of a Whole Loan, the calculation of Debt Yield on Underwritten Net Cash Flow is based on the aggregate principal balance of such Mortgage Loan and the related Pari Passu Companion Loan(s), but not any related Subordinate Companion Loan(s) unless expressly stated otherwise.

● With respect to each of the Haven at Bellaire Mortgage Loan (3.2%), the Providence at Champions Mortgage Loan (2.1%) and the 250-254 Winthrop Street Mortgage Loan (1.4%), the Debt Yield on Underwritten Net Cash Flow takes into account an applied-for tax exemption. We cannot assure you that a tax exemption will be approved. See "*Description of the Mortgage Pool—Real Estate and Other Tax Considerations* ".

"<u>Debt Yield on Underwritten Net Operating Income</u>", "<u>UW NOI Debt Yield</u>" or "<u>Debt Yield on Underwritten NOI</u>" means, with respect to any Mortgage Loan, the related Underwritten Net Operating Income divided by the Cut-off Date Balance of that Mortgage Loan, except as set forth below:

● with respect to each Mortgage Loan that is part of a Whole Loan, the calculation of Debt Yield on Underwritten Net Operating Income is based on the aggregate principal balance of such Mortgage Loan and the related Pari Passu Companion Loan(s), but not any related Subordinate Companion Loan(s) unless expressly stated otherwise.

● With respect to the Haven at Bellaire Mortgage Loan (3.2%), the Providence at Champions Mortgage Loan (2.1%), and the 250-254 Winthrop Street Mortgage Loan (1.4%), the Underwritten NOI Debt Yield takes into account an applied-for tax exemption. We cannot assure you that a tax exemption will be approved. See "*Description of the Mortgage Pool—Real Estate and Other Tax Considerations* ".

"<u>DSCR"</u>, "<u>Debt Service Coverage Ratio</u>", "<u>Cut-off Date DSCR</u>", "<u>UW NCF DSCR</u>" or "<u>Underwritten NCF DSCR</u>" generally means, for any Mortgage Loan, the ratio of Underwritten Net Cash Flow produced by the related Mortgaged Property or Mortgaged Properties to the aggregate amount of the Annual Debt Service, except as set forth below:

● with respect to each Mortgage Loan that is part of a Whole Loan, the calculation of the DSCR is based on the aggregate Annual Debt Service that is due in connection with such Mortgage Loan and the related Pari Passu Companion Loan(s), but not any related Subordinate Companion Loan(s) unless expressly stated otherwise.

● With respect to the Haven at Bellaire Mortgage Loan (3.2%), the Providence at Champions Mortgage Loan (2.1%) and the 250-254 Winthrop Street Mortgage Loan (1.4%), the Underwritten NCF DSCR takes into account an applied-for tax exemption. We cannot assure you that a tax exemption will be approved. See "*Description of the Mortgage Pool—Real Estate and Other Tax Considerations* ". In addition, with respect to the 250-254 Winthrop Street Mortgage Loan (1.4%), the Underwritten NCF DSCR takes into account a $11,200 residential replacement reserve representing $200 per unit.

"<u>Underwritten Net Operating Income DSCR</u>", "<u>Underwritten NOI DSCR</u>" or "<u>UW NOI DSCR</u>" means, with respect to any Mortgage Loan, (a) the Underwritten Net Operating Income for the related Mortgaged Property or Mortgaged Properties, divided by (b) the Annual Debt Service for such Mortgage Loan; provided that:

● In the case of a Mortgage Loan that is part of a Whole Loan, unless otherwise indicated, Underwritten Net Operating Income DSCR was calculated with respect to such Mortgage Loan including any related Pari Passu Companion Loan(s) and without regard to any related Subordinate Companion Loan(s).

● With respect to the Haven at Bellaire Mortgage Loan (3.2%), the Providence at Champions Mortgage Loan (2.1%) and the 250-254 Winthrop Street Mortgage Loan (1.4%), the Underwritten NOI DSCR takes into account an applied-for tax exemption. We cannot assure you that a tax exemption will be approved. See "*—Real Estate and Other Tax Considerations* ".

The Underwritten Net Operating Income DSCRs are presented in this prospectus for illustrative purposes only and, as discussed above, are limited in their usefulness in assessing the current, or predicting the future, ability of a Mortgaged Property to generate sufficient cash flow to repay the related Mortgage Loan. Accordingly, we cannot assure you, and no representation is made, that the Underwritten Net Operating Income DSCRs accurately reflect that ability. See the definition of "Underwritten Net Cash Flow DSCR" for more information regarding the evaluation of debt service coverage ratios.

"<u>Hard Lockbox</u>" means that the borrower is required to direct the tenants to pay rents directly to a lockbox account controlled by the lender. Hospitality and multifamily properties are considered to have a hard lockbox if credit card receivables are required to be deposited directly into the lockbox account even though cash, checks or "over the counter" receipts are deposited by the manager of the related Mortgaged Property into the lockbox account controlled by the lender.

"<u>In-Place Cash Management</u>" means, for funds directed into a lockbox, such funds are generally not made immediately available to the related borrower, but instead are forwarded to a cash management account controlled by the lender and the funds are disbursed according to the related loan documents with any excess remitted to the related borrower (unless an event of default under the Mortgage Loan documents or one or more specified trigger events have occurred and are outstanding) generally on a daily basis.

"<u>Largest Tenant</u>" means, with respect to any Mortgaged Property, the tenant occupying the largest amount of net rentable square feet.

"<u>Largest Tenant Lease Expiration</u>" means the date at which the applicable Largest Tenant's lease is scheduled to expire.

"<u>Loan Per Unit</u>" means the principal balance per unit of measure as of the Cut-off Date.

"<u>LTV Ratio at Maturity</u>", "<u>Maturity Date Loan-to-Value Ratio</u>" or "<u>Maturity Date LTV Ratio</u>" with respect to any Mortgage Loan, the ratio, expressed as a percentage of (1) the Maturity Balance of such Mortgage Loan as adjusted to give effect to the amortization of the applicable Mortgage Loan as of its maturity date, assuming no prepayments or defaults, divided by (2) the Appraised Value (which, in certain cases may reflect a portfolio premium valuation) of the related Mortgaged Property or Mortgaged Properties shown on Annex A-1 to this prospectus, except as set forth below:

● with respect to each Mortgage Loan that is part of a Whole Loan, the calculation of the LTV Ratio at Maturity is based on the aggregate Maturity Balance at maturity and the related Pari Passu Companion Loan(s), but not any related Subordinate Companion Loan(s) unless expressly stated otherwise.

● with respect to the Mortgage Loans listed in the following table, the respective LTV Ratio at Maturity was calculated using the related values other than the "as-is" Appraised Values, each as set forth in the following table:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Mortgage Loan Name** | &nbsp;&nbsp; **% of Initial Pool Balance** | &nbsp;&nbsp; **Maturity Date LTV Ratio (Other Than "As-Is")** | &nbsp;&nbsp; **Appraised Value (Other Than "As-Is")** | &nbsp;&nbsp; **Maturity Date LTV Ratio ("As-Is")** | &nbsp;&nbsp; **Appraised Value ("As-Is")** |
| &nbsp;&nbsp;9911 Belward<sup>(1)</sup> | &nbsp;&nbsp;6.1% | &nbsp;&nbsp;40.6% | &nbsp;&nbsp;$317000000 | &nbsp;&nbsp;43.3% | &nbsp;&nbsp;$297000000 |
| &nbsp;&nbsp;Haven at Bellaire<sup>(2)</sup> | &nbsp;&nbsp;3.2% | &nbsp;&nbsp;72.5% | &nbsp;&nbsp;$57400000 | &nbsp;&nbsp;87.9% | &nbsp;&nbsp;$47300000 |
| &nbsp;&nbsp;Providence at Champions<sup>(3)</sup> | &nbsp;&nbsp;2.1% | &nbsp;&nbsp;64.4% | &nbsp;&nbsp;$42700000 | &nbsp;&nbsp;82.8% | &nbsp;&nbsp;$33200000 |

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(1) The related Other Than "As-Is" Appraised Value represents the "Market Value - Assuming Outstanding TIs Funded"
value of the 9911 Belward Mortgaged Property, which assumes that the outstanding $21,743,000 of tenant improvement allowance was reserved
with the lender. At origination, the then-outstanding amount of tenant improvement allowances of $19,292,063 was reserved, as certain
of the allowances were already provided between the appraisal date and the origination date.

(2) The related Other Than "As-Is" Appraised Value represents the "Hypothetical As If PFC" value of the Haven
at Bellaire Mortgaged Property, which assumes that the Haven at Bellaire Mortgaged Property will transition to a PFC ownership structure
whereby the Haven at Bellaire Mortgaged Property would be transferred to a PFC and then ground leased back to the borrower, and, the leasehold
estate owner would qualify for a 100% real estate tax exemption so long as at least 88 of the 297 multifamily units are set aside for
occupancy by households with annual incomes of 80% of the area median income and at least 60 of the 297 multifamily units are set aside
for occupancy by households with annual incomes of 60% of the area median income or less. Pursuant to the actual regulatory agreement
entered into by the borrower with the PFC, 87 units are required to be reserved for households earning less than 80% of AMI, and 62 units
for households earning 60% of AMI or less.

(3) The related Other Than "As-Is" Appraised Value represents the "Hypothetical Market Value with Restricted Rents"
value of the Providence at Champions Mortgaged Property, which assumes that the Providence at Champions Mortgaged Property will transition
to an HFC ownership structure whereby the Providence at Champions Mortgaged Property would be transferred to an HFC and then ground leased
back to the borrower, and pursuant to Chapter 394 of the Texas Local Government Code, the leasehold estate owner would qualify for a 100%
real estate tax exemption so long as 90% of the units are set aside for occupancy by households with annual

incomes of 140% of the area median income or less, including 50% of the units are set aside for occupancy by households with annual incomes of 80% of area median income or less.

"<u>Maturity Balance</u>" means, with respect to any Mortgage Loan or Companion Loan, the principal balance scheduled to be due on such Mortgage Loan or Companion Loan at maturity assuming that all monthly debt service payments are timely received and there are no prepayments or defaults.

"<u>Most Recent NOI</u>" and "<u>Trailing 12 NOI</u>" (which is for the period ending as of the date specified on Annex A-1 to this prospectus) is the net operating income for a Mortgaged Property as established by information provided by the borrowers, except that in certain cases such net operating income has been adjusted by removing certain non-recurring expenses and revenue or by certain other normalizations. Most Recent NOI and Trailing 12 NOI do not necessarily reflect accrual of certain costs such as taxes and capital expenditures and do not reflect non-cash items such as depreciation or amortization. In some cases, capital expenditures may have been treated by a borrower as an expense or expenses treated as capital expenditures. Most Recent NOI and Trailing 12 NOI were not necessarily determined in accordance with generally accepted accounting principles. Moreover, Most Recent NOI and Trailing 12 NOI are not a substitute for net income determined in accordance with generally accepted accounting principles as a measure of the results of a property's operations or a substitute for cash flows from operating activities determined in accordance with generally accepted accounting principles as a measure of liquidity and in certain cases may reflect partial year annualizations.

"<u>Occupancy</u>" means, unless the context clearly indicates otherwise, (i) in the case of multifamily, rental and mixed use (to the extent the related Mortgaged Property includes multifamily space) properties, the percentage of rental Units, rooms or beds, as applicable, that are rented as of the Occupancy Date; (ii) in the case of retail, office, industrial and mixed use (to the extent the related Mortgaged Property includes retail or office space) properties, the percentage of the net rentable square footage rented as of the Occupancy Date (subject to, in the case of certain Mortgage Loans, one or more of the additional leasing assumptions); and (iii) in the case of hospitality properties, the percentage of available Rooms occupied for the trailing 12-month period ending on the Occupancy Date. In some cases, occupancy was calculated based on assumptions regarding occupancy, such as the assumption that a certain tenant at the Mortgaged Property that has executed a lease, but has not yet taken occupancy and/or has not yet commenced paying rent, will take occupancy on a future date generally expected to occur within twelve months of the Cut-off Date; assumptions regarding the renewal of particular leases and/or the re-leasing of certain space at the related Mortgaged Property; in some cases, assumptions regarding leases under negotiation being executed; in some cases, assumptions regarding tenants taking additional space in the future if currently committed to do so or, in some cases, the exclusion of dark tenants, tenants with material aged receivables, tenants that may have already given notice to vacate their space, bankrupt tenants that have not yet affirmed their lease and certain additional leasing assumptions. See footnotes to Annex A-1 to this prospectus for additional occupancy assumptions. We cannot assure you that the assumptions made with respect to any Mortgaged Property will, in fact, be consistent with that Mortgaged Property's actual occupancy. See "*—Tenant Issues*" below.

"<u>Occupancy Date</u>" means the date of determination of the Occupancy of a Mortgaged Property.

"<u>Original Balance</u>" means the principal balance of the Mortgage Loan or Companion Loan as of the date of origination.

"<u>Prepayment Penalty Description</u>" or "<u>Prepayment Provision</u>" means the number of payments from the first due date through and including the maturity date for which a Mortgage Loan is, as applicable, (i) locked out from prepayment, (ii) provides for payment of a prepayment premium or yield maintenance charge in connection with a prepayment, (iii) permits defeasance and/or (iv) permits prepayment without a payment of a prepayment premium or a yield maintenance charge.

"<u>Qualified Opportunity Zone</u>" means as of the Cut-off Date, six (6) of the Mortgaged Properties (1.9%) are located in a qualified opportunity zone ("<u>QOZ</u>") under Code Section 1400Z-2 - Notice 2018-48 and Notice 2019-42. According to the IRS, (1) a QOZ is an economically distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment, and (2) localities

qualify as QOZs if they have been nominated for that designation by a state, the District of Columbia, or a U.S. territory and that nomination has been certified by the Secretary of the Treasury via his delegation of authority to the IRS. No representation is made as to whether any Mortgaged Properties located in QOZs or the related borrowers are eligible for such preferential tax treatment or whether any qualifying investment has been made in a QOZ. See Annex A-1 for information regarding which Mortgaged Properties are located in QOZs as of the Cut-off Date.

"<u>Related Group</u>" identifies each group of Mortgage Loans in the Mortgage Pool with borrower sponsors affiliated with other borrower sponsors in the Mortgage Pool. Each Related Group is identified by a separate number on Annex A-1 to this prospectus.

"<u>RevPAR</u>" means, with respect to any hospitality property, revenues per available room.

"<u>Soft Lockbox</u>" means that the related borrower is required to deposit or cause the property manager to deposit all rents collected into a lockbox account. Hospitality and multifamily properties are considered to have a soft lockbox if credit card receivables, cash, checks or "over the counter" receipts are deposited into the lockbox account by the borrower or property manager.

"<u>Square Feet</u>", "<u>SF</u>" or "<u>Sq. Ft.</u>" means, in the case of a Mortgaged Property operated as a retail center, office, industrial/warehouse facility, combination retail/office or other single purpose property, the square footage of the net rentable or leasable area.

"<u>Springing Cash Management</u>" means, until the occurrence of an event of default or one or more specified trigger events under the Mortgage Loan documents, revenue from the lockbox is forwarded to an account controlled by the related borrower or is otherwise made available to the related borrower. Upon the occurrence of an event of default or such a trigger event, the Mortgage Loan documents require the related revenue to be forwarded to a cash management account controlled by the lender and the funds are disbursed according to the related loan documents.

"<u>Springing Lockbox</u>" means a lockbox that is not currently in place, but the related loan documents require the imposition of a lockbox account upon the occurrence of an event of default or one or more specified trigger events under the loan documents. In certain cases, the account agreement establishing the lockbox account is required to be delivered upon the occurrence of such trigger event(s), rather than at origination.

"<u>Underwritten Expenses</u>" with respect to any Mortgage Loan or Mortgaged Property, means an estimate of operating expenses, as determined by the related originator and generally derived from historical expenses at the Mortgaged Property, the borrower's budget or appraiser's estimate, in some cases adjusted for significant occupancy increases and a market-rate management fee. We cannot assure you that the assumptions made with respect to any Mortgaged Property will, in fact, be consistent with that Mortgaged Property's actual performance.

The "<u>Underwritten Net Cash Flow</u>", "<u>Net Cash Flow</u>" or "<u>Underwritten NCF</u>" with respect to any Mortgage Loan or Mortgaged Property, means cash flow available for debt service, generally equal to the Underwritten NOI decreased by an amount that the applicable mortgage loan seller has determined for tenant improvement and leasing commissions and / or replacement reserves for capital items. Underwritten NCF does not reflect debt service or non-cash items such as depreciation or amortization.

The Underwritten Net Cash Flow for each Mortgaged Property is calculated on the basis of numerous assumptions and subjective judgments (including, but not limited to, with respect to future occupancy and rental rates), which, if ultimately proved erroneous, could cause the actual net cash flow for the Mortgaged Property to differ materially from the Underwritten Net Cash Flow set forth in this prospectus. In some cases, historical net cash flow for a particular Mortgaged Property, and/or the net cash flow assumed by the applicable appraiser in determining the Appraised Value of the Mortgaged Property, may be less (and, perhaps, materially less) than the Underwritten Net Cash Flow shown in this prospectus for such Mortgaged Property. For certain of the investment grade-rated or institutional tenants at the Mortgaged Properties, Underwritten Net Cash Flow is based on the "straight line" rent of those tenants

generally over the lesser of the term of the related lease (which, in certain cases, may be calculated through the date of an early termination option) and the term of the related Mortgage Loan.

"<u>Underwritten Net Operating Income</u>" or "<u>Underwritten NOI</u>" with respect to any Mortgage Loan or Mortgaged Property, means Underwritten Revenues less Underwritten Expenses, as both are determined by the applicable mortgage loan seller, based in part upon borrower supplied information (including but not limited to a rent roll, leases, operating statements and budget) for a recent period which is generally the 12 months prior to the origination date or acquisition date of the Mortgage Loan (or Whole Loan, if applicable), adjusted for specific property, tenant and market considerations. Historical operating statements may not be available for newly constructed Mortgaged Properties, Mortgaged Properties with triple net leases, Mortgaged Properties that have recently undergone substantial renovations and/or newly acquired Mortgaged Properties.

The Underwritten NOI for each Mortgaged Property is calculated based on the basis of numerous assumptions and subjective judgments (including, but not limited to, with respect to future occupancy and rental rates), which, if ultimately proved erroneous, could cause the actual net operating income for the Mortgaged Property to differ materially from the Underwritten NOI set forth in this prospectus. In some cases, historical net operating income for a particular Mortgaged Property, and/or the net operating income assumed by the applicable appraiser in determining the Appraised Value of the Mortgaged Property, may be less (and, perhaps, materially less) than the Underwritten NOI shown in this prospectus for such Mortgaged Property. For certain of the investment grade-rated or institutional tenants at the Mortgaged Properties, Underwritten Net Operating Income is based on the "straight line" rent of those tenants generally over the lesser of the term of the related lease (which, in certain cases, may be calculated through the date of an early termination option) and the term of the related Mortgage Loan.

"<u>Underwritten Revenues</u>" or "<u>Underwritten EGI</u>" with respect to any Mortgage Loan or Mortgaged Property, means an estimate of operating revenues, as determined by the applicable mortgage loan seller and generally derived from the rental revenue based on leases in place, leases that have been executed but the tenant is not yet paying rent, leases that are being negotiated and expected to be signed, additional space that a tenant has committed to take and in certain cases contractual rent steps generally within 12 months past the Cut-off Date, in certain cases an appraiser's estimates of rental income, and in some cases adjusted downward to market rates, with vacancy rates equal to the Mortgaged Property's historical rate, current rate, market rate or an assumed vacancy as determined by the related mortgage loan seller; plus any additional recurring revenue fees. Additionally, in determining rental revenue for multifamily rental and self storage properties, the applicable mortgage loan seller either reviewed rental revenue shown on the certified rolling 12-month operating statements or annualized the rental revenue and reimbursement of expenses shown on rent rolls or recent partial year operating statements with respect to the prior one- to 12-month periods or in some cases may have relied on information provided in the appraisal for market rental rates and vacancy. In some cases the applicable mortgage loan seller included revenue otherwise payable by a tenant but for the existence of an initial "free rent" period or a permitted rent abatement while the leased space is built out. See "*—Tenant Issues*" below.

"<u>Units</u>", "<u>Rooms</u>", "<u>Beds</u>" or "<u>Pads</u>" means (a) in the case of a Mortgaged Property operated as multifamily housing, the number of apartments, regardless of the size of or number of rooms in such apartment, (b) in the case of a Mortgaged Property operated as a hospitality property, the number of guest rooms, (c) in the case of a Mortgaged Property operated as a self storage property, the number of units for self storage, (d) in the case of a Mortgaged Property operated as a student housing property, the number of beds leased to students or (e) in the case of a Mortgaged Property operated as a manufactured housing property, the number of pads for manufactured homes.

"<u>Weighted Average Mortgage Loan Rate</u>" means the weighted average of the Mortgage Rates as of the Cut-off Date.

**Mortgage Pool Characteristics**

 **Overview**

**Cut-off Date Mortgage Loan Characteristics**

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| | |
|:---|:---|
|  | &nbsp;&nbsp; **All Mortgage Loans** |
| &nbsp;&nbsp;Initial Pool Balance<sup>(1)</sup> | &nbsp;&nbsp;$1316438800 |
| &nbsp;&nbsp;Number of Mortgage Loans | &nbsp;&nbsp;47 |
| &nbsp;&nbsp;Number of Mortgaged Properties | &nbsp;&nbsp;88 |
| &nbsp;&nbsp;Range of Cut-off Date Balances | &nbsp;&nbsp;$4100000 - $80000000 |
| &nbsp;&nbsp;Average Cut-off Date Balance | &nbsp;&nbsp;$28009336 |
| &nbsp;&nbsp;Range of Mortgage Rates<sup>(2)</sup> | &nbsp;&nbsp;5.00000% to 7.61300% |
| &nbsp;&nbsp;Weighted Average Mortgage Rate<sup>(2)</sup> | &nbsp;&nbsp;6.46236% |
| &nbsp;&nbsp;Range of original terms to maturity | &nbsp;&nbsp;58 to 60 months |
| &nbsp;&nbsp;Weighted average original term to maturity | &nbsp;&nbsp;60 months |
| &nbsp;&nbsp;Range of remaining terms to maturity | &nbsp;&nbsp;51 to 60 months |
| &nbsp;&nbsp;Weighted average remaining term to maturity | &nbsp;&nbsp;59 months |
| &nbsp;&nbsp;Range of original amortization terms<sup>(3)</sup> | &nbsp;&nbsp;360 to 360 months |
| &nbsp;&nbsp;Weighted average original amortization term<sup>(3)</sup> | &nbsp;&nbsp;360 months |
| &nbsp;&nbsp;Range of remaining amortization terms<sup>(3)</sup> | &nbsp;&nbsp;360 to 360 months |
| &nbsp;&nbsp;Weighted average remaining amortization term<sup>(3)</sup> | &nbsp;&nbsp;360 months |
| &nbsp;&nbsp;Range of Cut-off Date LTV Ratios<sup>(2)(4)</sup> | &nbsp;&nbsp;39.2% to 78.6% |
| &nbsp;&nbsp;Weighted average Cut-off Date LTV Ratio<sup>(2)(4)</sup> | &nbsp;&nbsp;60.4% |
| &nbsp;&nbsp;Range of Maturity Date LTV Ratios<sup>(2)(5)</sup> | &nbsp;&nbsp;39.2% to 78.6% |
| &nbsp;&nbsp;Weighted average Maturity Date LTV Ratio<sup>(2)(5)</sup> | &nbsp;&nbsp;60.2% |
| &nbsp;&nbsp;Range of UW NCF DSCR<sup>(2)(6)</sup> | &nbsp;&nbsp;1.10x to 3.41x |
| &nbsp;&nbsp;Weighted average UW NCF DSCR<sup>(2)(6)</sup> | &nbsp;&nbsp;1.80x |
| &nbsp;&nbsp;Range of UW NOI Debt Yield<sup>(2)(7)</sup> | &nbsp;&nbsp;7.2% to 26.3% |
| &nbsp;&nbsp;Weighted average UW NOI Debt Yield<sup>(2)(7)</sup> | &nbsp;&nbsp;12.3% |
| &nbsp;&nbsp;Percentage of Initial Pool Balance consisting of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-Only Balloon | &nbsp;&nbsp;94.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Full-Term Amortizing Balloon | &nbsp;&nbsp;5.7% |

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(1) Subject to a variance of plus or minus 5%.

(2) With respect to each Mortgage Loan that is part of a Whole Loan, such Mortgage Loan and the related *Pari Passu* Companion Loan,
if any (but not any related Subordinate Companion Loan) are included for the purposes of calculating the Mortgage Rate, Cut-off Date LTV
Ratio, Maturity Date LTV Ratio, UW NCF DSCR and UW NOI Debt Yield unless otherwise expressly stated. Other than as specifically noted,
the Mortgage Rate, Cut-off Date LTV Ratio, Maturity Date LTV Ratio, UW NCF DSCR and UW NOI Debt Yield information for each Mortgage Loan
is presented in this prospectus without regard to any other indebtedness (whether or not secured by the related Mortgaged Property, ownership
interests in the related borrower or otherwise) that currently exists or that may be incurred by the related borrower or its owners in
the future, in order to present statistics for the related Mortgage Loan without combination with the other indebtedness. With respect
to the 180 Water Mortgage Loan (4.6%), (a) the related Mortgage Loan and *Pari Passu* Companion Loans have varying interest rates,
and the UW NCF DSCR is calculated using the weighted average interest rate of such Mortgage Loan and *Pari Passu* Companion Loans
of 5.34703378378378%, and (b) the Cut-off Date LTV Ratio, Maturity Date LTV Ratio, UW NCF DSCR and UW NOI Debt Yield including the related
Subordinate Companion Loans are 74.1%, 74.1%, 1.12x and 7.2%, respectively.

(3) Does not include Mortgage Loans that pay interest-only until their maturity dates.

(4) The Cut-off Date LTV Ratio for each Mortgage Loan is generally calculated utilizing the "as-is" appraised value; *provided* that (a) such loan-to-value ratios may be calculated based on (i) "as-stabilized" or similar values for a mortgaged property
in certain cases where the completion of certain hypothetical conditions or other events at the Mortgaged Property are assumed and/or
where reserves have been established at origination to satisfy the applicable condition or event that is expected to occur, or (ii) the
Cut-off Date Balance net of a related earnout or holdback reserve, or (b) the "as-is" appraised value for a portfolio of Mortgaged
Properties may include a premium relating to the valuation of the portfolio of Mortgaged Properties as a whole rather than as the sum
of individually valued Mortgaged Properties, in each case as further described in the definitions of "Cut-off Date LTV Ratio"
under "*Description of the Mortgage Pool—Certain Calculations and Definitions* ". The weighted average Cut-off Date
LTV Ratio for the Mortgage Pool without making any adjustments is 61.4%.

(5) The Maturity Date LTV Ratio for each Mortgage Loan is generally calculated utilizing the "as-is" appraised value; *provided* that (a) such loan-to-value ratios may be calculated based on (i) "as-stabilized" or similar values for a Mortgaged Property
in certain cases where the

completion of certain hypothetical conditions or other events at the Mortgaged Property are assumed and/or where reserves have been established at origination to satisfy the applicable condition or event that is expected to occur, or (ii) the Maturity Balance net of a related earnout or holdback reserve, or (b) the "as-is" appraised value for a portfolio of Mortgaged Properties may include a premium relating to the valuation of the portfolio of Mortgaged Properties as a whole rather than as the sum of individually valued Mortgaged Properties, in each case as further described in the definitions of "Maturity Date LTV Ratio" under "*Description of the Mortgage Pool—Certain Calculations and Definitions*". The weighted average Maturity Date LTV Ratio for the Mortgage Pool without making such adjustments is 61.3%.

(6) The UW NCF DSCR is generally calculated using the average of the principal and interest payments for the first twelve payment periods
of the mortgage loan following the Cut-off Date; *provided* that (i) in the case of a Mortgage Loan that provides for interest-only
payments through maturity, such items are calculated based on the interest payments scheduled to be due on the first due date following
the Cut-off Date and the 11 due dates thereafter for such Mortgage Loan, (ii) in the case of a Mortgage Loan that provides for an initial
interest-only period that ends prior to maturity and provides for scheduled amortization payments thereafter, such items are calculated
based on the monthly payment of principal and interest payable immediately following the expiration of the interest-only period and (iii)
with respect to any Mortgage Loan structured with an earnout or economic holdback reserve, the UW NCF DSCR for such Mortgage Loan may
be calculated based on the Annual Debt Service that would be in effect for such Mortgage Loan assuming that the related Cut-off Date Balance(s)
are net of the related economic holdback reserve. See the definition of "UW NCF DSCR" under "*Description of the Mortgage Pool—Certain Calculations and Definitions* ".

(7) The Debt Yield on Underwritten NOI for each Mortgage Loan is generally the related Mortgaged Property's Underwritten NOI divided
by the Cut-off Date Balance of such Mortgage Loan; *provided* that with respect to any Mortgage Loan with an earnout or economic
holdback reserve, the Debt Yield on Underwritten NOI for such Mortgage Loan may be calculated based on the related Cut-off Date Balance(s)
net of the related earnout or economic holdback reserve. See the definitions of "Debt Yield on Underwritten NOI" under "*Description of the Mortgage Pool—Certain Calculations and Definitions* ".

The issuing entity will include twelve (12) Mortgage Loans (22.0%) that represent the obligations of multiple borrowers that are liable on a joint and several basis for the repayment of the entire indebtedness evidenced by the related Mortgage Loan and/or represent separate obligations of each borrower that are cross-collateralized and cross-defaulted with each other.

See also "*—Certain Calculations and Definitions*" above for important general and specific information regarding the manner of calculation of the underwritten debt service coverage ratios and loan-to-value ratios. See also "*—Certain Terms of the Mortgage Loans*" below for important information relating to certain payment and other terms of the Mortgage Loans.

**Property Types**

The table below shows the property type concentrations of the Mortgaged Properties:

**Property Type Distribution<sup>(1)</sup>**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Property Types** | &nbsp;&nbsp; **Number of Mortgaged Properties** | &nbsp;&nbsp; **Aggregate Cut-off Date Balance<sup>(1)</sup>** | &nbsp;&nbsp; **Approx. % of Initial Pool Balance** |
| &nbsp;&nbsp;***Multifamily*** | &nbsp;&nbsp;***26*** | &nbsp;&nbsp; ***$456516587*** | &nbsp;&nbsp;***34.7*** *%*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garden | &nbsp;&nbsp;10 | &nbsp;&nbsp; 277410000 | &nbsp;&nbsp; 21.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;High Rise | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 114500000 | &nbsp;&nbsp; 8.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid Rise | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 53396242 | &nbsp;&nbsp; 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Low Rise | &nbsp;&nbsp; 5 | &nbsp;&nbsp;11210345 | &nbsp;&nbsp;0.9 |
| &nbsp;&nbsp;***Office*** | &nbsp;&nbsp;***15*** | &nbsp;&nbsp; ***$327190000*** | &nbsp;&nbsp;***24.9*** *%*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suburban | &nbsp;&nbsp;11 | &nbsp;&nbsp; 178440000 | &nbsp;&nbsp; 13.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lab/R&D | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 80000000 | &nbsp;&nbsp; 6.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBD | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 68750000 | &nbsp;&nbsp; 5.2 |
| &nbsp;&nbsp;***Hospitality*** | &nbsp;&nbsp;***29*** | &nbsp;&nbsp; ***$211976300*** | &nbsp;&nbsp;***16.1*** *%*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Full Service | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 132590000 | &nbsp;&nbsp; 10.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limited Service | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 39672424 | &nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extended Stay | &nbsp;&nbsp;17 | &nbsp;&nbsp;30000000 | &nbsp;&nbsp;2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Select Service | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 9713876 | &nbsp;&nbsp; 0.7 |
| &nbsp;&nbsp;***Mixed Use*** | &nbsp;&nbsp; ***6*** | &nbsp;&nbsp; ***$149865913*** | &nbsp;&nbsp;***11.4*** *%*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Office/Retail | &nbsp;&nbsp; 4 | &nbsp;&nbsp;127453050 | &nbsp;&nbsp; 9.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multifamily/Retail | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 22412863 | &nbsp;&nbsp; 1.7 |
| &nbsp;&nbsp;***Retail*** | &nbsp;&nbsp; ***5*** | &nbsp;&nbsp; ***$122700000*** | &nbsp;&nbsp;***9.3*** *%*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anchored | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 97700000 | &nbsp;&nbsp; 7.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Super Regional Mall | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 25000000 | &nbsp;&nbsp; 1.9 |
| &nbsp;&nbsp;***Industrial*** | &nbsp;&nbsp; ***2*** | &nbsp;&nbsp; ***$16350000*** | &nbsp;&nbsp;***1.2*** *%*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manufacturing | &nbsp;&nbsp; 1 | &nbsp;&nbsp;10000000 | &nbsp;&nbsp; 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flex | &nbsp;&nbsp; 1 | &nbsp;&nbsp;6350000 | &nbsp;&nbsp;0.5 |
| &nbsp;&nbsp;***Other*** | &nbsp;&nbsp; ***2*** | &nbsp;&nbsp;***$13040000*** | &nbsp;&nbsp;***1.0*** *%*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leased Fee | &nbsp;&nbsp; 2 | &nbsp;&nbsp;13040000 | &nbsp;&nbsp; 1 |
| &nbsp;&nbsp;***Self Storage*** | &nbsp;&nbsp; ***2*** | &nbsp;&nbsp; ***$11800000*** | &nbsp;&nbsp;***0.9*** *%*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Self Storage | &nbsp;&nbsp; 2 | &nbsp;&nbsp;11800000 | &nbsp;&nbsp; 0.9 |
| &nbsp;&nbsp;***Manufactured Housing*** | &nbsp;&nbsp; ***1*** | &nbsp;&nbsp; ***$7000000*** | &nbsp;&nbsp;***0.5*** *%*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manufactured Housing | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp; 0.5 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp; **88** | &nbsp;&nbsp; **$1316438800** | &nbsp;&nbsp; **100.0%** |

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(1) Because this table presents information relating to Mortgaged Properties and not Mortgage Loans, the
information for Mortgage Loans secured by more than one Mortgaged Property is based on allocated loan amounts as set forth on Annex A-1.

<u>Multifamily Properties</u>

With respect to the multifamily properties and mixed use properties with multifamily components set forth in the above chart:

● With respect to the 180 Water Mortgage Loan (4.6%), a significant number of employees at the Mortgaged Property are covered by collective bargaining agreements between the borrower and Service Employees International Union, Local 32BJ. If the relationships with such employees or the unions that represent them become adverse, the Mortgaged Property could experience labor disruptions such as strikes, lockouts, boycotts and public demonstrations. We cannot assure you that the relationship between the borrower and the labor union will not become adverse, or that similar demonstrations will not transpire. The collective bargaining agreement covering a significant number of employees at the Mortgaged Property requires the borrower to participate with other companies in a multiemployer pension plan. To the extent the plan is underfunded, ERISA, as amended by the Multiemployer Pension Plan Amendments Act of 1980, may subject the borrower to substantial liabilities under the plan if the borrower withdraws from the plan or the plan is terminated or experiences a mass withdrawal.

● In addition, with respect to the 180 Water Mortgaged Property (4.6%), the borrower sponsor owns competing properties within a five mile radius of the Mortgaged Property.

● With respect to the Waterford Multifamily Portfolio Mortgage Loan (4.2%), 30 of the 166 residential units at the Parkview Apartments Mortgaged Property and 19 of the 128 residential units at the Yorkshire Apartments Mortgaged Property are either (i) leased to tenants which receive either Section 8 or other rental assistance or (ii) are rent controlled. In addition, a portion of the tenants at the Holly Brook Apartments Mortgaged Property are post-graduate students at the nearby University of Binghamton.

● With respect to the Waterford Multifamily Portfolio Mortgage Loan (4.2%), the borrower sponsor owns a lot adjacent to the Holly Brook Apartments Mortgaged Property (0.9%) on which it is developing a multifamily property that may compete with the Holly Brook Apartments Mortgaged Property. Such development requires an easement from the borrower, and the lender is required to consent to such an easement, subject to certain conditions, including confirmation that the creation of the easement would not materially interfere with the Holly Brook Apartments Mortgaged Property or its tenants, including their rights of ingress and egress and parking. The Waterford Multifamily Portfolio Mortgage Loan documents prohibit the borrower, the borrower sponsors or any affiliates thereof from actively and specifically soliciting any tenant at the Holly Brook Apartments Mortgaged Property to lease space at any adjacent property owned by any guarantor or any affiliate of any borrower or guarantor if leasing such space would result in such tenant reducing or vacating its space at the Holly Brook Apartments Mortgaged Property.

● With respect to the 1010 Pacific Street Mortgage Loan (4.1%), in connection with a New York State 421-a real estate tax exemption, 30% of the units at the related Mortgaged Property (53 units) are required to be leased to tenants earning not more than 130% of Area Median Income (" <u>AMI</u> "). In addition, the related Mortgaged Property is subject to a Mandatory Inclusionary Housing Restrictive Declaration (the "1 <u>010 Pacific Declaration</u> ") pursuant to which 52 of the 175 units at the 1010 Pacific Street Mortgaged Property must be affordable housing units. Under the 1010 Pacific Street Declaration, such 52 units are restricted to tenants earning not more than 80% of AMI. The 1010 Pacific Street Declaration also requires the affordable units to be rent stabilized. Maximum rent for each affordable unit is 30% of the related percentage of AMI. The 52 affordable units under the 1010 Pacific Street Declaration are also counted toward the 53 affordable units required in connection with the 421-a tax exemption, with one additional unit leased to tenants with a maximum income of 130% of AMI to satisfy the requirements of the 421-a tax exemption.

The 1010 Pacific Declaration runs with the land, and is superior to the related Mortgage. In addition, pursuant to the 1010 Pacific Declaration, the lender was required to, and did, enter into a subordination agreement with the New York City Department of Housing Preservation and Development ("<u>HPD</u>") to confirm that the 1010 Pacific Street Mortgage Loan and Mortgage Loan documents are and remain subject and subordinate to the 1010 Pacific Declaration (the "<u>1010 Pacific Subordination Agreement</u>", and together with the 1010 Pacific Declaration, the "<u>1010 Pacific Regulatory Documents</u>"). The 1010 Pacific Regulatory Documents contain various provisions that affect the rights of the issuing entity as holder of the 1010 Pacific Street Mortgage Loan, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The 1010 Pacific Subordination Agreement allows the HPD to appoint a replacement manager for the affordable housing units (and if
it is not feasible to have a separate manager for the affordable housing units, then of all of the units) at the Mortgaged Property as
a remedy for violation of the 1010 Pacific Declaration. Such manager is subject to the consent of the lender, not to be unreasonably withheld
or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The 1010 Pacific Subordination Agreement also provides that any appointment of a replacement manager by the lender is subject to the
consent of the HPD, not to be unreasonably withheld or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The 1010 Pacific Subordination Agreement provides that upon a casualty to the Mortgaged Property where the repair or reconstruction
cost is less than or equal to 35% of the replacement value of the building on the Mortgaged Property, the HPD will determine how insurance
proceeds will be applied, which it is required to do within 60 days after it is notified of the casualty. If the HPD determines not to
apply the insurance proceeds to reconstruction or repair, then the proceeds are to be retained by the lender to the extent of sums then
due under the Mortgage Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The 1010 Pacific Declaration prohibits the Mortgaged Property from being mortgaged unless (i) the HPD has been notified, (ii) the
lender is a local, state, or federal agency, savings bank, commercial bank, life insurance company, public real estate investment company,
pension fund, Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) or other lender
approved by the HPD (the " <u>Lender Requirements</u> "), (iii) if the debt service coverage ratio would be less than 1.10x,
the HPD consents, and (iv) the lender enters into a subordination agreement. At origination, the lender entered into the 1010 Pacific
Subordination Agreement, pursuant to which the HPD consented to the Mortgage Loan documents. The 1010 Pacific Subordination Agreement
provides that references to the Mortgagee include its successors and assigns. To the extent that the Lender Requirements would apply to
an assignee of the Mortgage Loan, it is not clear that the issuing entity fits within one of the designated categories. However, the HPD's
consent to the Mortgage Loan documents, which documents expressly contemplate securitization, runs to the successors and assigns of the
original lender, which include the issuing entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The 1010 Pacific Subordination Agreement provides that in the event of any inconsistency between the terms of the Mortgage Loan documents
and the provisions of the 1010 Pacific Declaration, the provisions of the 1010 Pacific Declaration will govern, except as provided in
the 1010 Pacific Subordination Agreement.

The 1010 Pacific Declaration provides for various remedies of the HPD in the event of a default by the borrower under such documents. The 1010 Pacific Declaration provides that the HPD may enforce such document through the exercise of remedies at law or in equity. The 1010 Pacific Subordination Agreement provides that upon a declaration of default under the 1010 Pacific Declaration, the HPD must give the lender notice and a reasonable opportunity to cure (if such default can be cured). If the lender cures the default during the cure period (if any) or has commenced to cure the default within such period and is diligently pursuing completion of such cure, or has commenced the exercise of remedies under the Mortgage Loan documents within such period, the HPD may not exercise its remedies under the 1010 Pacific Declaration by reason of such default; *provided* that the foregoing does not limit its right to consent to a replacement manager.

● With respect to the Royal Ledges Apartments Mortgage Loan (3.8%), 25 tenants receive Section 8 rental assistance housing vouchers.

● With respect to the Brookside Gardens Mortgage Loan (3.8%), the 336 residential units at the Mortgaged Property include (i) 44 Section 8 units, (ii) 23 rental assistance units and (iii) 22 rent controlled units.

● With respect to the Torrey Ridge Apartments Mortgage Loan (3.3%), the borrower sponsor owns two competing properties located approximately 2.4 miles and approximately 13.1 miles, respectively, from the Mortgaged Property.

● With respect to the Torrey Ridge Apartments Mortgage Loan (3.3%), the Mortgaged Property is subject to California rent control provisions.

● With respect to the Haven at Bellaire Mortgage Loan (3.2%), as a condition to the entry of the Mortgaged Property into the related Public Facility Corporation Program (the " <u>PFC Program</u> ") in the State of Texas as part of an application to benefit from an exemption from property taxes under Chapter 392 of the Texas Local Government Code, pursuant to which the borrowers entered into a regulatory agreement with the Housing Authority of the City of Rosenburg, Texas, a Texas public housing authority (the " <u>Rosenburg Housing Authority</u> "), pursuant to which the Mortgaged Property is required to set aside or rent at least (a) 62 units to households earning 60% or less of the area median income (" <u>AMI</u> "), with at least 5 of such 60% units to be reserved for rental to low income households that utilize or intend to utilize a housing choice voucher allocated by the Rosenburg Housing Authority, and (b) 87 units to households earning less than 80% of AMI. Rent charged to such households is limited to 30% of the applicable level of AMI, and for the housing choice rent households, is limited to the standard published by the Rosenburg Housing Authority for the applicable year.

● With respect to the Providence at Champions Mortgage Loan (2.1%), as a condition to the entry of the Mortgaged Property into the La Villa Housing Finance Corporation (" <u>LVHFC</u> ") program, as part of an application to benefit from a housing finance corporation (" <u>HFC</u> ") exemption from property taxes, the borrowers entered into regulatory agreements with the LVHFC pursuant to which the Providence at Champions Mortgaged Property is required to reserve (i) at least 144 units of the 288 units to households earning incomes not exceeding 80% of the AMI and (ii) 116 units of the 288 units to households earning incomes not exceeding 140% of AMI (the " <u>LVHFC Program Affordable Components</u> "). In addition, rents charged to such tenants may not exceed 30% of the applicable level of AMI. See "*—Real Estate and Other Tax Considerations*" below.

● With respect to the NYC Mixed-Use Portfolio Mortgage Loan (1.8%), 39 of the 57 multifamily units at the related Mortgaged Properties are rent stabilized. In addition, tenants with respect to four units at the related Mortgaged Properties have cases with the New York State Division of Housing and Community Renewal (" <u>DHCR</u> ") alleging that their apartments are rent-stabilized instead of deregulated. For three of the cases, while the applicable lease has not been renewed, the borrower and the applicable tenants have entered into either a stipulation or another agreement to continue to make rent payments at a specified rate. For the remaining case, no rent is being collected and the borrower is awaiting the issuance of a warrant to evict the tenant. We cannot assure you of what the outcome of such cases will be or what the effect will be on the Mortgaged Properties. In addition, with respect to two units at the Mortgaged Properties, although rent stabilized, such units are being leased to not-for-profit entities at rents substantially in excess of the stabilized rents. The borrower provided a legal memorandum stating that such excess rent was permitted by an exemption from rent stabilization laws; however, the lender was not able to verify such legal analysis. In the event that the DHCR determined any of the four units claimed to be rent stabilized to have been improperly deregulated, it would be required to be returned to its prior status as rent stabilized, and in addition, the landlord would be liable for up to three times the excess of the rent charged over the rent that would have been charged as a rent stabilized unit, subject to a six year rolling statute of limitations. Similarly, if the landlord is found to have improperly charged rent in excess of the rent stabilized rate to the two units leased to not-for-profit entities, it would be liable for three times the amount of the applicable overcharge, subject to the applicable statute of limitations.

● With respect to the 250-254 Winthrop Street Mortgage Loan (1.4%), the borrower has applied for a 35-year 421-a tax abatement under NYC Department of Housing Preservation and Development's 421-a tax abatement program. In connection with the expected 421-a tax abatement, the borrower will be required to reserve at least 30% of the units at the Mortgaged Property for tenants earning no more than 130% of the area median income,

subject to certain rental restrictions. The borrower has designated 27 out of the 56 units at the Mortgaged Property as affordable. See "—*Real Estate and Other Tax Consideration*s". In addition, three of the apartment units at the Mortgaged Property are leased to tenants through the CityFHEPS program. See "*Risk Factors—Risks Relating to the Mortgage Loans—Multifamily Properties Have Special Risks*".

● With respect to the 250-254 Winthrop Street Mortgage Loan (1.4%), 27 units at the Mortgaged Property are rented under the Affordable Independent Residence for Seniors Program administered by the Department of Housing Preservation and Development pursuant that certain Affordable Housing Regulatory Agreement, dated as of June 30, 2021 (as amended on May 3, 2024, the " <u>AHR Agreement</u> "). The AHR Agreement generally requires that (i) 27 of the units be reserved for tenants at least 62 years of age and (ii) 27 of the units be reserved for tenants earning no more than 80% of the area median income, subject to certain rental restrictions. In addition, the AHR Agreement requires the establishment of (i) a replacement reserve, requiring annual payments of $300 per unit subject to the AHR Agreement, with 2% *per annum* increases, and (ii) an operating reserve in the amount of $47,543.19. Of the remaining 29 units at the Mortgaged Property, 22 are free market and seven are rent stabilized.

● With respect to the 2105-2109 1st Avenue Mortgage Loan (1.3%), 63 of the 67 units at the Mortgaged Property are rent stabilized.

● With respect to the Jacov Portfolio Mortgage Loan (0.8%), in connection with a 421-a tax exemption, all 6 of the multifamily units at the 977 East 12th Street Mortgaged Property (0.2%) are rent stabilized.

● With respect to the Orchard Street Portfolio Mortgage Loan (0.7%), 24 of the 42 multifamily units at the related Mortgaged Properties are rent stabilized.

● With respect to the Bronx Multifamily Portfolio Mortgage Loan (0.7%), 15 of the 38 multifamily units at the related Mortgaged Properties are rented pursuant to the CityFHEPS program, 21 of the 38 multifamily units at the related Mortgaged Properties are rented pursuant to the HIV/AIDS Services Administration (HASA) program and 2 of the 38 multifamily units are rented to tenants who pay all or a portion of their rent using New York City Housing Authority Section 8 vouchers.

● With respect to the 1701 Clay Mortgage Loan (0.4%), 16 of the 17 multifamily units at the related Mortgaged Properties are rented pursuant to the CityFHEPS program and all 17 multifamily units are rent stabilized. In addition, 16 of the 17 multifamily units, in connection with a 35-year 421-a tax exemption from the NYC Department of Housing Preservation & Development, are required to be affordable to tenants earning 130% of area median income. See "*—Real Estate and Other Tax Considerations*" below.

● With respect to The Raleigh Mortgage Loan (0.4%), tenants at 3 of the 52 units at the related Mortgaged Property use rental assistance payments to pay rent.

See "*Risk Factors—Risks Relating to the Mortgage Loans—Multifamily Properties Have Special Risks"*.

<u>Office Properties</u>

With respect to the office properties and mixed use properties with office components set forth in the above chart, see "*Risk Factors—Risks Relating to the Mortgage Loans—Office Properties Have Special Risks*", "*Risk Factors—Risks Relating to the Mortgage Loans—Some Mortgaged Properties May Not Be Readily Convertible to Alternative Uses*" and "*—Specialty Use Concentrations*" below.

<u>Hospitality Properties</u>

With respect to the hospitality properties set forth in the above chart:

● The following table shows the breakdown of each Mortgaged Property associated with a hotel brand through a license, franchise agreement, operating agreement or management agreement. If terminated, securing a new franchise license may require significant capital investment for renovations and upgrades necessary to satisfy a franchisor's requirements.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Mortgaged Property Name** | &nbsp;&nbsp; **Allocated Mortgage Loan Cut-off Date Balance** | &nbsp;&nbsp; **Percentage (%) of the Initial Pool Balance by Allocated Loan Amount** | &nbsp;&nbsp; **Expiration of Related License, Franchise Agreement, Operating Agreement or Management Agreement** | &nbsp;&nbsp; **Maturity Date of the related Mortgage Loan** |
| &nbsp;&nbsp;ESA Portfolio | &nbsp;&nbsp;$30000000 | &nbsp;&nbsp;2.3% | &nbsp;&nbsp;2/21/2038 | &nbsp;&nbsp;10/6/2030 |
| &nbsp;&nbsp;Fort Wayne South | &nbsp;&nbsp; $2301136 | &nbsp;&nbsp;0.2% | &nbsp;&nbsp;2/21/2038 | &nbsp;&nbsp;10/6/2030 |
| &nbsp;&nbsp;Waco - Woodway | &nbsp;&nbsp; $2237216 | &nbsp;&nbsp;0.2% | &nbsp;&nbsp;2/21/2038 | &nbsp;&nbsp;10/6/2030 |
| &nbsp;&nbsp;Cincinnati Blue Ash Kenwood Rd | &nbsp;&nbsp; $2024148 | &nbsp;&nbsp;0.2% | &nbsp;&nbsp;2/21/2038 | &nbsp;&nbsp;10/6/2030 |
| &nbsp;&nbsp;Dayton - North | &nbsp;&nbsp; $2024148 | &nbsp;&nbsp;0.2% | &nbsp;&nbsp;2/21/2038 | &nbsp;&nbsp;10/6/2030 |
| &nbsp;&nbsp;Indianapolis Northwest I-465 | &nbsp;&nbsp; $1981534 | &nbsp;&nbsp;0.2% | &nbsp;&nbsp;2/21/2038 | &nbsp;&nbsp;10/6/2030 |
| &nbsp;&nbsp;Cincinnati Blue Ash Reed Hartman | &nbsp;&nbsp; $1875000 | &nbsp;&nbsp;0.1% | &nbsp;&nbsp;2/21/2038 | &nbsp;&nbsp;10/6/2030 |
| &nbsp;&nbsp;El Paso - Airport | &nbsp;&nbsp; $1875000 | &nbsp;&nbsp;0.1% | &nbsp;&nbsp;2/21/2038 | &nbsp;&nbsp;10/6/2030 |
| &nbsp;&nbsp;Dallas - Greenville Ave | &nbsp;&nbsp; $1789773 | &nbsp;&nbsp;0.1% | &nbsp;&nbsp;2/21/2038 | &nbsp;&nbsp;10/6/2030 |
| &nbsp;&nbsp;Indianapolis - Airport - W Southern Ave | &nbsp;&nbsp; $1789773 | &nbsp;&nbsp;0.1% | &nbsp;&nbsp;2/21/2038 | &nbsp;&nbsp;10/6/2030 |
| &nbsp;&nbsp;El Paso - West | &nbsp;&nbsp; $1789773 | &nbsp;&nbsp;0.1% | &nbsp;&nbsp;2/21/2038 | &nbsp;&nbsp;10/6/2030 |
| &nbsp;&nbsp;Fort Worth - Fossil Creek | &nbsp;&nbsp; $1704545 | &nbsp;&nbsp;0.1% | &nbsp;&nbsp;2/21/2038 | &nbsp;&nbsp;10/6/2030 |
| &nbsp;&nbsp;Dallas - Plano Parkway | &nbsp;&nbsp; $1683239 | &nbsp;&nbsp;0.1% | &nbsp;&nbsp;2/21/2038 | &nbsp;&nbsp;10/6/2030 |
| &nbsp;&nbsp;Fort Worth - City View | &nbsp;&nbsp; $1661932 | &nbsp;&nbsp;0.1% | &nbsp;&nbsp;2/21/2038 | &nbsp;&nbsp;10/6/2030 |
| &nbsp;&nbsp;Fort Wayne North | &nbsp;&nbsp; $1598011 | &nbsp;&nbsp;0.1% | &nbsp;&nbsp;2/21/2038 | &nbsp;&nbsp;10/6/2030 |
| &nbsp;&nbsp;Dayton - Fairborn | &nbsp;&nbsp; $1342330 | &nbsp;&nbsp;0.1% | &nbsp;&nbsp;2/21/2038 | &nbsp;&nbsp;10/6/2030 |
| &nbsp;&nbsp;Fort Worth - Southwest | &nbsp;&nbsp; $1257102 | &nbsp;&nbsp;0.1% | &nbsp;&nbsp;2/21/2038 | &nbsp;&nbsp;10/6/2030 |
| &nbsp;&nbsp;Dayton - South | &nbsp;&nbsp; $1065341 | &nbsp;&nbsp;0.1% | &nbsp;&nbsp;2/21/2038 | &nbsp;&nbsp;10/6/2030 |
| &nbsp;&nbsp;Wyndham Garden Norfolk Downtown | &nbsp;&nbsp; $8940000 | &nbsp;&nbsp;0.7% | &nbsp;&nbsp;12/31/2033 | &nbsp;&nbsp;10/6/2030 |
| &nbsp;&nbsp;Best Western Seven Seas | &nbsp;&nbsp; $5750000 | &nbsp;&nbsp;0.4% | &nbsp;&nbsp;11/30/2025<sup>(1)</sup> | &nbsp;&nbsp;9/6/2030 |

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(1) With respect to the Best Western Seven Seas Mortgage Loan (0.4%), the related franchise membership agreement was executed on June
30, 2013 and is subject to annual expiration on November 30 of each year, and annual renewal, subject to the terms of such membership
agreement and the by-laws of the franchisor. The franchise also terminates (i) upon sale or lease of the hotel, or transfer of control
of the hotel or (ii) upon default of any obligation to Best Western.

● In each case described above, we cannot assure you the related franchise or management agreement will be renewed or will not be terminated.

● In certain cases, Mortgage Loans secured by hospitality properties may derive a significant percentage of their underwritten revenue from food and beverage sales or membership sales. For example, with respect to the following Mortgaged Properties, food and beverage revenue or membership sales comprises greater than 20% of Underwritten Revenues:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Mortgaged Property Name** | &nbsp;&nbsp; **% of Initial Pool Balance by Allocated Loan Amount** | &nbsp;&nbsp; **Food and Beverage Revenue as % of Underwritten Revenues** |
| &nbsp;&nbsp;Hotel Valencia Santana Row | &nbsp;&nbsp;3.8% | &nbsp;&nbsp;29.2% |
| &nbsp;&nbsp;The DeSoto | &nbsp;&nbsp;3.2% | &nbsp;&nbsp;31.9% |

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● Hotel properties may be particularly affected by seasonality. The DeSoto and the Yosemite Hospitality Portfolio Mortgage Loans (collectively, 5.6%) each require seasonality reserves to be funded at origination and/or on an ongoing basis to the extent of available excess cash

flow (and/or from a monthly deposit by the borrower during specified months) in an amount specified in the related loan documents.

● With respect to the Hotel Valencia Santana Row Mortgage Loan (3.8%), The DeSoto Mortgage Loan (3.2%), the Yosemite Hospitality Portfolio Mortgage Loan (2.4%), the Spyglass Inn Mortgage Loan (1.3%) and the Cottage Inn by the Sea Mortgage Loan (1.2%) and the Pacifica Hotel Portfolio (4-Pack) Mortgage Loan (0.9%), the related Mortgaged Property is unflagged.

● With respect to the Spyglass Inn Mortgage Loan (1.3%), the Cottage Inn by the Sea Mortgage Loan (1.2%) and the Pacifica Hotel Portfolio (4-Pack) Mortgage Loan (0.9%), the related borrower sponsor owns competing hospitality properties within a five mile radius of each of the related Mortgaged Properties.

Renovations, replacements and other work is ongoing at certain of the hospitality properties in connection with, among other things, franchise agreement and franchisor program requirements. See "*—Redevelopment, Renovation and Expansion*" below.

Certain of the hospitality Mortgaged Properties may have a parking garage or include restaurants (either as part of the hotel or as tenants). These Mortgaged Properties and the related leased space may not be readily convertible (or convertible at all) to alternative uses if those properties were to become unprofitable, or the leased spaces were to become vacant, for any reason. See "*—Specialty Use Concentrations*" below and "*Risk Factors—Risks Relating to the Mortgage Loans—Some Mortgaged Properties May Not Be Readily Convertible to Alternative Uses*" in this prospectus.

See "*Risk Factors—Risks Relating to the Mortgage Loans—Risks Relating to Affiliation with a Franchise or Hotel Management Company*" and "*—Hospitality Properties Have Special Risks*" and "*—Specialty Use Concentrations*" below and "*Risk Factors—Risks Relating to the Mortgage Loans—Some Mortgaged Properties May Not Be Readily Convertible to Alternative Uses*".

<u>Mixed Use Properties</u>

With respect to the mixed-used properties set forth in the above chart, the mixed use Mortgaged Properties have one or more office, retail and/or multifamily components set forth in the above chart:

● With respect to the City Center at Oyster Point Mortgage Loan (4.4%), the Mortgaged Property has access to parking spaces in parking garages owned by the Economic Development Authority of Newport News, Virginia (the " <u>EDA</u> ") pursuant to a parking agreement related to the larger mixed use development of which the Mortgaged Property is a part. The parking agreement provides that the borrower and other parties may offer reserved monthly parking in such parking garages to its tenants and other occupants at an initial fee of $80 per month per space to be paid to the EDA. No sooner than August 1, 2031, the EDA and the various other parties to such parking agreement are required to consider and negotiate a parking fee for all users of the parking garages, and thereafter any charge for use will be at amounts not greater than the amounts charged to the general public.

See "*Risk Factors—Risks Relating to the Mortgage Loans—Retail Properties Have Special Risks*", "*—Multifamily Properties Have Special Risks*" and "*—Office Properties Have Special Risks*", as applicable.

Certain of the mixed use Mortgaged Properties may have specialty uses. See "—*Specialty Use Concentrations*" below.

See "*Risk Factors—Risks Relating to the Mortgage Loans—Some Mortgaged Properties May Not Be Readily Convertible to Alternative Uses*".

<u>Retail Properties</u>

With respect to the retail properties and mixed use properties with retail components set forth in the above chart:

● With respect to the Pavilion at Port Orange Mortgage Loan (3.3%), the borrower sponsor sold a portion of the Mortgaged Property containing detention ponds and sanitary sewer system infrastructure to the local SWI Community Development District (" <u>CDD</u> "), which was created for the purpose of delivering certain community development services and facilities to the local community. The sale occurred in 2010 and the CDD entered into a promissory note in the principal amount of $14,300,000, with an interest rate of 3.80% and a 40-year payment schedule (maturing November 1, 2056) (the " <u>CDD Note</u> "). The CDD Note is currently held by the borrower and serves as collateral for the Mortgage Loan.

See "*Risk Factors—Risks Relating to the Mortgage Loans—Retail Properties Have Special Risks*", "*Risk Factors—Risks Relating to the Mortgage Loans—Some Mortgaged Properties May Not Be Readily Convertible to Alternative Uses*" and "*—Specialty Use Concentrations*" below.

*<u>Industrial Properties</u>*

With respect to the industrial properties set forth in the above chart:

● With respect to the CFS Industrial HQ Mortgage Loan (0.8%), the borrower is required to deliver a $5,945,479 letter of credit (the " <u>CFS LOC</u> ") from the sole tenant, Commonwealth Fusion Systems, to the lender as additional collateral for the Mortgage Loan. Pursuant to the terms of the Mortgage Loan agreement, the borrower had five business days after the origination date of the Mortgage Loan to submit a request to that the issuer of the CFS LOC reissue the CFS LOC in the name of the borrower, which the borrower has submitted. Upon borrower's receipt of the reissued CFS LOC, the borrower has five business days to submit a request to the issuer of the CFS LOC to have the beneficiary rights under the CFS LOC transferred to the lender. The borrower must use commercially reasonable efforts to deliver the CFS LOC (and any applicable assignments) delivered to the lender within 30 days of the origination date of the Mortgage Loan. We cannot assure you that the borrower will fulfill the requirements of the CFS LOC transfer in accordance with the terms of the Mortgage Loan agreement.

See "*Risk Factors—Risks Relating to the Mortgage Loans—Industrial Properties Have Special Risks*".

Leased Fee Properties

With respect to leased fee properties set forth in the above chart:

● With respect to the Leeton Leased Fee Pool B Portfolio Mortgage Loan (1.0%), the Mortgage Loan is secured by the borrowers' leased fee interest in each of the related Mortgaged Properties and not the underlying improvements, including the lease with At Home (leasing approximately 49.8% of the net rentable area at the Augusta West Mortgaged Property). At Home commenced voluntary Chapter 11 bankruptcy proceedings in June 2025 and entered into a restructuring support agreement (" <u>RSA</u> ") with its lenders that sets forth a restructuring plan for the company. The RSA provides for financing to the company during and after bankruptcy and the conversion of over $1.6 billion of the company's debt to equity so long as the company satisfies certain conditions. As part of the agreement, At Home expects to transition ownership of the company to its pool of lenders who hold more than 95% of the company's debt. At Home's restructuring plans have been approved by the related bankruptcy court but will include the closure of approximately 30 stores. The store closure list does not include the location at the Augusta West Mortgaged Property. However, we cannot assure you that At Home will emerge from bankruptcy as expected or at all or that the

store at the Augusta West Mortgaged Property will not ultimately close. In addition, although the At Home lease is not part of the security for the Mortgage Loan and neither the borrower nor the lender have an interest in the underlying rents, we cannot assure you that the foregoing proceedings (including any potential closure of the At Home store at the August West Mortgaged Property) will not have a material adverse impact on the related Mortgaged Property or the ability of the related ground tenant to pay rent under the related ground lease.

See "*Risk Factors—Risks Relating to the Mortgage Loans—Leased Fee Properties Have Special Risks*".

<u>Self Storage Properties</u>

With respect to the self storage properties set forth in the above chart:

● Certain of the self-storage Mortgaged Properties also derive a portion of the Underwritten Revenue from one or more of (a) rent derived from retail operations and/or (b) the leasing of certain parking spaces located at the related Mortgaged Properties for purposes of recreational vehicle, other vehicle and/or boat storage.

See "*Risk Factors—Risks Relating to the Mortgage Loans—Self Storage Properties Have Special Risks*".

<u>Manufactured Housing Community Properties</u>

With respect to the manufactured housing community properties set forth in the above chart:

● With respect to the Scottish Traveler RV Park Mortgage Loan (0.5%), the Mortgaged Property is restricted to tenants of 55 years of age or older. In addition, the Mortgaged Property operates primarily as a recreational vehicle (" <u>RV</u> ") park, with 85.4% of the pads at the Mortgaged Property used for RV parking, while the remaining 14.6% of the pads at the Mortgaged Property contain a manufactured housing unit. In addition, all of the leases at the Mortgaged Property are month to month or shorter.

See "*Risk Factors—Risks Relating to the Mortgage Loans—Manufactured Housing Properties Have Special Risks*".

Specialty Use Concentrations

Certain Mortgaged Properties have one of the 5 largest tenants that operates its space as a specialty use that may not allow the space to be readily converted to be suitable for another type of tenant, as set forth in the following table.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Specialty Use** | &nbsp;&nbsp; **Number of Mortgaged Properties** | &nbsp;&nbsp; **Approx. % of Initial Pool Balance** |
| &nbsp;&nbsp;Restaurant | &nbsp;&nbsp;6 | &nbsp;&nbsp;10.4% |
| &nbsp;&nbsp;Medical, Dental, Physical Therapy or Veterinary Offices or Clinics, Outpatient Facilities, Research or Diagnostic Laboratories or Health Management Services and/or Health Professional Schools | &nbsp;&nbsp;2 | &nbsp;&nbsp;7.8% |
| &nbsp;&nbsp;Theater | &nbsp;&nbsp;2 | &nbsp;&nbsp;5.2% |
| &nbsp;&nbsp;Gym, Fitness Center or Health Club | &nbsp;&nbsp;2 | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;Grocery Store | &nbsp;&nbsp;2 | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Entertainment Center | &nbsp;&nbsp;1 | &nbsp;&nbsp;1.9% |

---

See "*Risk Factors—Risks Relating to the Mortgage Loans—Some Mortgaged Properties May Not Be Readily Convertible to Alternative Uses*".

**Mortgage Loan Concentrations**

**Top 10 Mortgage Loans**

The following table shows certain information regarding the 10 largest Mortgage Loans by Cut-off Date Balance:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Mortgage Loan Name** | &nbsp;&nbsp; **Mortgage Loan Cut-off Date Balance** | &nbsp;&nbsp; **Approx. % of Initial Pool Balance** | &nbsp;&nbsp; **Cut-off Date Balance per SF/Room/Unit<sup>(1)</sup>** | &nbsp;&nbsp; **UW NCF DSCR<sup>(1)</sup>** | &nbsp;&nbsp; **Cut-off Date LTV Ratio<sup>(1)</sup>** | &nbsp;&nbsp; **Property Type** |
| &nbsp;&nbsp;9911 Belward | &nbsp;&nbsp;$80000000 | &nbsp;&nbsp;6.1% | &nbsp;&nbsp; 444 | &nbsp;&nbsp;3.41x | &nbsp;&nbsp;40.6% | &nbsp;&nbsp;Office |
| &nbsp;&nbsp;Park Place Village | &nbsp;&nbsp;$62000000 | &nbsp;&nbsp;4.7% | &nbsp;&nbsp; 128 | &nbsp;&nbsp;2.28x | &nbsp;&nbsp;61.0% | &nbsp;&nbsp;Mixed Use |
| &nbsp;&nbsp;180 Water | &nbsp;&nbsp;$60000000 | &nbsp;&nbsp;4.6% | &nbsp;&nbsp;254733 | &nbsp;&nbsp;2.50x | &nbsp;&nbsp;39.2% | &nbsp;&nbsp;Multifamily |
| &nbsp;&nbsp;City Center at Oyster Point | &nbsp;&nbsp;$57785000 | &nbsp;&nbsp;4.4% | &nbsp;&nbsp; 101 | &nbsp;&nbsp;1.55x | &nbsp;&nbsp;65.3% | &nbsp;&nbsp;Mixed Use |
| &nbsp;&nbsp;1515 West Webster | &nbsp;&nbsp;$56440000 | &nbsp;&nbsp;4.3% | &nbsp;&nbsp; 273 | &nbsp;&nbsp;1.84x | &nbsp;&nbsp;64.9% | &nbsp;&nbsp;Office |
| &nbsp;&nbsp;Waterford Multifamily Portfolio | &nbsp;&nbsp;$55110000 | &nbsp;&nbsp;4.2% | &nbsp;&nbsp;138467 | &nbsp;&nbsp;1.32x | &nbsp;&nbsp;70.0% | &nbsp;&nbsp;Multifamily |
| &nbsp;&nbsp;1010 Pacific Street | &nbsp;&nbsp;$54500000 | &nbsp;&nbsp;4.1% | &nbsp;&nbsp;482857 | &nbsp;&nbsp;1.32x | &nbsp;&nbsp;68.7% | &nbsp;&nbsp;Multifamily |
| &nbsp;&nbsp;REVA Portfolio | &nbsp;&nbsp;$53000000 | &nbsp;&nbsp;4.0% | &nbsp;&nbsp; 63 | &nbsp;&nbsp;2.32x | &nbsp;&nbsp;46.0% | &nbsp;&nbsp;Office |
| &nbsp;&nbsp;Hotel Valencia Santana Row | &nbsp;&nbsp;$50000000 | &nbsp;&nbsp;3.8% | &nbsp;&nbsp;231481 | &nbsp;&nbsp;2.01x | &nbsp;&nbsp;53.2% | &nbsp;&nbsp;Hospitality |
| &nbsp;&nbsp;Royal Ledges Apartments | &nbsp;&nbsp; $50000000 | &nbsp;&nbsp; 3.8% | &nbsp;&nbsp;183824 | &nbsp;&nbsp; 1.28x | &nbsp;&nbsp; 67.9% | &nbsp;&nbsp;Multifamily |
| &nbsp;&nbsp;**Top 5 Total/Weighted Average** | &nbsp;&nbsp; **$316225000** | &nbsp;&nbsp; **24.0%** |  | &nbsp;&nbsp; **2.40x** | &nbsp;&nbsp; **53.2%** |  |
| &nbsp;&nbsp;**Top 10 Total/Weighted Average** | &nbsp;&nbsp; **$578835000**  | &nbsp;&nbsp; **44.0%** |  | &nbsp;&nbsp; **2.40x** | &nbsp;&nbsp; **56.9%** |  |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) In the case of each of the Mortgage Loans that is part of a Whole Loan, the calculation of the Cut-off Date Balance Per SF/Room/Unit,
UW NCF DSCR and Cut-off Date LTV Ratio for each such Mortgage Loan is calculated based on the principal balance, debt service payment
and Underwritten Net Cash Flow for the Mortgage Loan included in the issuing entity and the related Pari Passu Companion Loan(s) in the
aggregate, but excludes the principal balance and debt service payment of any related Subordinate Companion Loan. The UW NCF DSCR and
the Cut-off Date LTV Ratio including the related Subordinate Companion Loan(s) but excluding any related mezzanine loans with respect
to the 180 Water Mortgage Loan, are 1.12x and 74.1%, respectively.

See "*—Assessments of Property Value and Condition*" for additional information.

For more information regarding the ten largest Mortgage Loans and related Mortgaged Properties, see the individual Mortgage Loan and portfolio descriptions under "*Description of the Top 15 Mortgage Loans*" on Annex A-3. Other than with respect to the top 10 Mortgage Loans identified in the table above, each of the other Mortgage Loans represents no more than approximately 3.8% of the Initial Pool Balance.

See "*Risk Factors—Risks Relating to the Mortgage Loans—Concentrations Based on Property Type, Geography, Related Borrowers and Other Factors May Disproportionately Increase Losses*".

**Multi-Property Mortgage Loans and Related Borrower Mortgage Loans**

The pool of Mortgage Loans will include ten (10) Mortgage Loans (19.0%), set forth in the table below titled "Multi-Property Mortgage Loans", which are each secured by two (2) or more properties.

The table below shows each individual Mortgage Loan that is secured by two (2) or more Mortgaged Properties.

**Multi-Property Mortgage Loans**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Mortgage Loan/Property Portfolio Names** | &nbsp;&nbsp; **Cut-off Date Balance** | &nbsp;&nbsp; **Approx. % of Initial Pool Balance** |
| &nbsp;&nbsp;Waterford Multifamily Portfolio | &nbsp;&nbsp; $55110000 | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;REVA Portfolio | &nbsp;&nbsp; $53000000 | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;Yosemite Hospitality Portfolio | &nbsp;&nbsp; $31650000 | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;ESA Portfolio | &nbsp;&nbsp; $30000000 | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;NYC Mixed-Use Portfolio | &nbsp;&nbsp; $24000000 | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;Leeton Leased Fee Pool B Portfolio | &nbsp;&nbsp; $13040000 | &nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;Compass Sunbelt Storage Portfolio | &nbsp;&nbsp; $11800000 | &nbsp;&nbsp;0.9% |
| &nbsp;&nbsp;Pacifica Hotel Portfolio (4-Pack) | &nbsp;&nbsp; $11420000 | &nbsp;&nbsp;0.9% |
| &nbsp;&nbsp;Jacov Portfolio | &nbsp;&nbsp; $10500000 | &nbsp;&nbsp;0.8% |
| &nbsp;&nbsp;Bronx Multifamily Portfolio | &nbsp;&nbsp; $9400000 | &nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp; **$249920000** | &nbsp;&nbsp; **19.0%** |

---

In some cases, an individual Mortgaged Property may be comprised of two (2) or more parcels that may not be contiguous or may be owned by separate borrowers. For example, with respect to the City Center at Oyster Point Mortgage Loan (4.4%), the related Mortgaged Property is comprised of more than one parcel.

Two (2) groups of Mortgage Loans (11.3%), set forth in the table below entitled "Related Borrower Loans", are not cross-collateralized but have borrower sponsors related to each other, but no group of Mortgage Loans having borrower sponsors that are related to each other represents more than approximately 8.0% of the Initial Pool Balance. The following table shows each group of Mortgage Loans having borrowers that are related to each other. See "*Risk Factors—Risks Relating to the Mortgage Loans—Concentrations Based on Property Type, Geography, Related Borrowers and Other Factors May Disproportionately Increase Losses*" in addition to Annex A-1.

**Related Borrower Loans**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Mortgage Loan** | &nbsp;&nbsp; **Aggregate Cut-off Date Balance** | &nbsp;&nbsp; **Approx. % of Initial Pool Balance** |
| &nbsp;&nbsp;*Group 1:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Waterford Multifamily Portfolio | &nbsp;&nbsp;$55110000 | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brookside Gardens | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp; 3.8 |
| &nbsp;&nbsp;**Total for Group 1:** | &nbsp;&nbsp; **$105110000** | &nbsp;&nbsp; **8.0%** |
| &nbsp;&nbsp;*Group 2*: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Spyglass Inn | &nbsp;&nbsp;$16566300 | &nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cottage Inn by the Sea | &nbsp;&nbsp; 15650000 | &nbsp;&nbsp;1.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pacifica Hotel Portfolio (4-Pack) | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11420000 | &nbsp;&nbsp;0.9 |
| &nbsp;&nbsp;**Total for Group 2:** | &nbsp;&nbsp; **$43636300** | &nbsp;&nbsp; **3.3%** |

---

Mortgage Loans with related borrowers are identified under "Related Group" on Annex A-1. See "*Risk Factors—Risks Relating to the Mortgage Loans—Concentrations Based on Property Type, Geography, Related Borrowers and Other Factors May Disproportionately Increase Losses*" in addition to Annex A-1 and the related footnotes.

**Geographic Concentrations**

The following table shows the states that have concentrations of Mortgaged Properties that secure approximately 5.0% or more of the Initial Pool Balance:

**Geographic Distribution<sup>(1)</sup>**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **State** | &nbsp;&nbsp; **Number of Mortgaged Properties** | &nbsp;&nbsp; **Aggregate Cut-off Date Balance** | &nbsp;&nbsp; **% of Initial Pool Balance** |
| &nbsp;&nbsp;New York | &nbsp;&nbsp;25 | &nbsp;&nbsp;$312287500 | &nbsp;&nbsp;23.7% |
| &nbsp;&nbsp;California | &nbsp;&nbsp;11 | &nbsp;&nbsp;$175036300 | &nbsp;&nbsp;13.3% |
| &nbsp;&nbsp;New Jersey | &nbsp;&nbsp; 4 | &nbsp;&nbsp;$115910000 | &nbsp;&nbsp; 8.8% |
| &nbsp;&nbsp;Texas | &nbsp;&nbsp;12 | &nbsp;&nbsp;$111448579 | &nbsp;&nbsp; 8.5% |
| &nbsp;&nbsp;Virginia | &nbsp;&nbsp; 5 | &nbsp;&nbsp;$105875000 | &nbsp;&nbsp; 8.0% |
| &nbsp;&nbsp;Florida | &nbsp;&nbsp; 6 | &nbsp;&nbsp;$100150000 | &nbsp;&nbsp; 7.6% |
| &nbsp;&nbsp;Maryland | &nbsp;&nbsp; 1 | &nbsp;&nbsp; $80000000 | &nbsp;&nbsp; 6.1% |

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(1) Because this table presents information relating to Mortgaged Properties and not the Mortgage Loans, the information for any Mortgaged
Property that is one of multiple Mortgaged Properties securing a particular Mortgage Loan is based on an allocated loan amount as stated
on Annex A-1.

The remaining Mortgaged Properties are located throughout twelve (12) other states and the District of Columbia, with no more than approximately 4.7% of the Initial Pool Balance secured by Mortgaged Properties located in any such jurisdiction.

Repayments by borrowers and the market value of the related Mortgaged Properties could be affected by economic conditions generally or specific to particular geographic areas or the regions of the United States, and concentrations of Mortgaged Properties in particular geographic areas may increase the risk that conditions in the real estate market where the Mortgaged Property is located, or other adverse economic or other developments or natural disasters (e.g., earthquakes, floods, forest fires, tornadoes or hurricanes, terrorist attacks or changes in governmental rules or fiscal policies) affecting a particular region of the country, could increase the frequency and severity of losses on Mortgage Loans secured by those Mortgaged Properties. For example:

● Mortgaged Properties located in California and Texas are more susceptible to certain hazards (such as earthquakes and/or wildfires) than properties in other parts of the country.

● Mortgaged Properties located in coastal states, which include Mortgaged Properties located in, for example, New York, California, Texas, Florida, North Carolina and South Carolina, among others, also may be more generally susceptible to floods or hurricanes than properties in other parts of the country. Hurricanes in the Northeast and Mid-Atlantic States and in the Gulf Coast region, have resulted in severe property damage as a result of the winds and the associated flooding. The Mortgage Loans do not require flood insurance on the related Mortgaged Properties unless they are in a flood zone and flood insurance is available. We cannot assure you that any hurricane damage would be covered by insurance.

● Mortgaged Properties located in an area covering the states that stretch from Texas to Canada, with its core centered in northern Texas, as well as in the southern United States, are prone to tornados.

● In addition, certain of the Mortgaged Properties are located in cities or states that are currently facing or may face a depressed real estate market, which is not due to any natural disaster but which may cause an overall decline in property values.

● Twelve (12) Mortgaged Properties (13.7%) are located in areas that are considered a high earthquake risk (seismic zones 3 or 4), and seismic reports were prepared with respect to these Mortgaged Properties, and based on those reports, no Mortgaged Property has a seismic expected loss greater than 20%.

**Mortgaged Properties With Limited Prior Operating History**

Nineteen (19) Mortgaged Properties (13.3%) have a limited operating history (*i.e.*, less than 18 most recent months of recent historical financials), as follows:

● Each of the Brookside Gardens (3.8%), 250-254 Winthrop Street (1.4%), NYC Mixed-Use Portfolio (1.8%), Bronx Multifamily Portfolio (0.7%), Orchard Street Portfolio (0.7%) and 1701 Clay (0.4%) Mortgage Loans is secured, in whole or in part, by Mortgaged Properties that were constructed, in a lease-up period or were the subject of a major renovation that was completed within 12 calendar months prior to the Cut-off Date and, therefore, the related Mortgaged Property has no or limited prior operating history or the related Mortgage Loan Seller did not take the operating history into account in the underwriting of the related Mortgage Loan. See "*Risk Factors—Risks Relating to the Mortgage Loans—Limited Information Causes Uncertainty* ".

● Each of the MetLife Solutions Tampa (2.2%), CFS Industrial HQ (0.8%) and Windsong Industrial (0.5%) Mortgage Loans is secured by Mortgaged Properties that were acquired by the related borrower or an affiliate of the borrower within 12 calendar months prior to the Cut-off Date and such borrower or affiliate was unable to provide the related Mortgage Loan Seller with historical financial information (or provided limited historical financial information) for such acquired Mortgaged Property.

● Each of the Leeton Leased Fee Pool B Portfolio (1.0%), Thruway Plaza (0.6%) and Augusta West (0.4%) Mortgaged Properties is secured by the borrower's leased fee interest in land and the related Mortgage Loan was underwritten based on the triple net ground lease.

**Tenancies-in-Common or Diversified Ownership**

Each of the 365 West Passaic Mortgage Loan (1.7%) and The Market on Cherry Road Mortgage Loan (0.9%) has one or more borrowers that own all or a portion of the related Mortgaged Property as tenants-in-common, and the respective tenants-in-common have agreed to a waiver of their rights of partition.

See "*Risk Factors—Risks Relating to the Mortgage Loans—The Borrower's Form of Entity May Cause Special Risks*" and "*—Tenancies-in-Common May Hinder Recovery*".

**Condominium Interests and Other Shared Interests**

Each of the City Center at Oyster Point Mortgage Loan (4.4%), the Royal Ledges Apartments Mortgage Loan (3.8%) and the Wyndham Garden Norfolk Downtown Mortgage Loan (0.7%) is secured, in whole or in part, by the related borrower's interest in one or more units in a condominium. With respect to all such Mortgage Loans (other than as described below), the borrower generally controls the appointment and voting of the condominium board or the condominium owners cannot take actions or cause the condominium association to take actions that would affect the borrower's unit without the borrower's consent.

● With respect to the City Center at Oyster Point Mortgage Loan (4.4%), a portion of the collateral for such Mortgage Loan consists of three condominium units under two separate condominium regimes, (i) an office unit in a condominium known as the Fountain Plaza One Condominium and (ii) two retail units in a condominium known as the Fountain Way Parking Garage Condominium.

The Fountain Plaza One Condominium consists of two units; (i) a 108,707 square foot office building, which is included in the collateral for the Mortgage Loan, and (ii) a parking garage with 1,080 vehicle spaces owned by the EDA, which is not included in the collateral. The office unit that is part of the collateral is located partly above and partly adjacent to the non-collateral garage unit in such condominium. The office unit included in the collateral owns

38% of the common interest in the Fountain Plaza One Condominium, has the right to appoint one of two board members of such condominium, and has an easement for ingress, egress and parking from the non-collateral garage unit in such condominium.

The Fountain Way Parking Garage Condominium is comprised of three units: (i) two retail units which are included in the collateral for the Mortgage Loan and are comprised of 29,206 and 6,192 square feet, respectively, and (ii) a parking garage with 887 vehicle spaces, which is owned by the EDA and is not included in the collateral. Each retail unit is located on the ground floor of the non-collateral garage unit in such condominium. The two collateral retail units in the Fountain Way Parking Garage Condominium together own 50% of the common interest in such condominium, have the right to appoint one of two board members for such condominium, and have an easement for ingress, egress and parking from the non-collateral garage unit in such condominium.

Accordingly, the related borrower does not control either of the above condominiums.

● With respect to the Wyndham Garden Norfolk Downtown Mortgage Loan (0.7%), the Mortgaged Property is part of a condominium comprised of the Mortgaged Property, as Unit 1, and the parking lot, as Unit 2, which is owned by an affiliate of the borrower. The related borrower controls the condominium.

See "*Risk Factors—Risks Relating to the Mortgage Loans*—*Condominium and Other Shared Interest Ownership May Limit Use and Improvements*".

**Fee & Leasehold Estates; Ground Leases**

The table below shows the distribution of underlying interests encumbered by the mortgages related to the Mortgaged Properties:

**Property Ownership Interest<sup>(1)</sup>**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Property Ownership Interest** | &nbsp;&nbsp; **Number of Mortgaged Properties** | &nbsp;&nbsp; **Aggregate Cut-off Date Balance** | &nbsp;&nbsp; **Approx. % of Initial Pool Balance** |
| &nbsp;&nbsp;Fee Simple<sup>(2)</sup> | &nbsp;&nbsp;83 | &nbsp;&nbsp;$1166588800 | &nbsp;&nbsp;88.6% |
| &nbsp;&nbsp;Fee/Leasehold | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 94100000 | &nbsp;&nbsp;7.1 |
| &nbsp;&nbsp;Leasehold | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55750000 | &nbsp;&nbsp; 4.2 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp; **88** | &nbsp;&nbsp; **$1316438800** | &nbsp;&nbsp; **100.0%** |

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(1) Because this table presents information relating to Mortgaged Properties and not Mortgage Loans, the information for Mortgage Loans
secured by more than one Mortgaged Property is based on allocated loan amounts as set forth on Annex A-1.

(2) For purposes of this prospectus, an encumbered interest will be characterized as "fee" or "fee simple" and
not a leasehold interest if (i) the borrower has a fee interest in all or substantially all of the Mortgaged Property (*provided* that if the borrower has a leasehold interest in any portion of the Mortgaged Property, such portion is not, individually or in the aggregate,
material to the use or operation of the Mortgaged Property), or (ii) the Mortgage Loan is secured by the borrower's leasehold interest
in the Mortgaged Property as well as the borrower's (or other fee owner's) overlapping fee interest in the related Mortgaged
Property.

In general, unless the related fee interest is also encumbered by the related Mortgage, each of the ground leases, except as noted below or in the exceptions, if any, to representation and warranty number 34 on Annex D-1 and representation and warranty number 34 on Annex E-1 located on Annex D-2, Annex E-2, Annex E-3, Annex E-4 and Annex E-5, respectively, (i) has a term that extends at least 20 years beyond the maturity date of the Mortgage Loan (taking into account all freely exercisable options) and (ii) contains customary mortgagee protection provisions, including notice and cure rights and the right to enter into a new lease with the applicable ground lessor in the event a ground lease is rejected or terminated.

With respect to the Hotel Valencia Santana Row Mortgage Loan (3.8%), the borrower's interest in the Hotel Valencia Santana Row Property is a leasehold interest in an air rights lease between the borrower and the owner of the first two floors of the seven floor building in which the Hotel Valencia Santana Row Property is located, covering a defined vertical segment of the improvements located above the second floor of such building (the "Air Rights Lease"). The Air Rights Lease expires March 20, 2100, with no extension options. The Air Rights Lease, together with a declaration between the borrower and the fee owner, provides for nonexclusive easements on, over, across and through jointly used elements, including hotel access through a common area in the retail building, and regulates common area access and maintenance costs. The retail building and the Hotel Valencia Santana Row Property represent separate tax parcels. The annual rent payable by the borrower under the Air Rights Lease consists of four components: (1) base rent, (2) percentage rent, (3) supplemental percentage rent, and (4) parking rent. The annual base rent is currently $1,269,668.28. Base rent increases every five years of the remaining term to an amount equal to the greater of 112% of the prior base rent and 80% of the annual average of the sum of the base rent and percentage rent paid for the immediately preceding three years. The next base rent increase is scheduled to occur on May 1, 2028. Percentage rent equals (i) 11.74% of the amount by which the gross room revenues exceed the gross room revenue threshold during any lease year and (ii) from and after the date upon which the gross room revenues exceed the gross room revenue threshold, an amount equal to 5.87% of other gross revenue for the remainder of such lease year. The gross room revenue threshold is currently $28,214,852. The gross room revenue threshold is adjusted every five years, with the next adjustment to take place on May 1, 2028, by dividing the adjusted minimum base rent then in effect by 4.5%. The ground lessor has represented that the percentage rent payable by the borrower for the lease year ending April 30, 2025 was $0. Supplemental percentage rent equals 7.63% of the amount by which gross rooms revenues exceed the supplemental gross revenue threshold. The supplemental gross revenue threshold is currently $14,751,744. The supplemental gross room revenue threshold is a adjusted every five years, with the next adjustment to take place on May 1, 2028, by multiplying the supplemental gross room revenue threshold in effect during the immediately preceding lease year by 112%. The ground lessor has represented that supplemental percentage rent payable for the lease year ending April 30, 2025 was $365,907.42. Parking rent equals 15% of the gross income received from parking rents or valet parking revenue. The ground lessor has represented that parking rent payable for the lease year ending April 30, 2025 was $64,422.05. Ground rent was underwritten to the average of the estimated ground rent expense over the term of the Hotel Valencia Santana Row Mortgage Loan (based on assumptions regarding the various types of hotel revenues and the rent reset in 2028) which equates to approximately $1,768,901. The Air Rights Lease controls the application of casualty and condemnation proceeds, and generally provides that such proceeds will be applied to restoration, except in the event of a casualty or condemnation of such a substantial part of the property that it is no longer economical or practical for the lessor and lessee, in their mutual judgment, to continue their respective businesses on their respective parcels and both parties mutually agree not to restore.

With respect to the Haven at Bellaire Mortgage Loan (3.2%), the Mortgaged Property is encumbered by a 99-year ground lease with the Rosenburg Housing Authority, as lessor, and the borrower, as lessee, in connection with the borrower's application for an exemption from all property taxes (the "<u>Tax Exemption</u>"), as part of the related Public Facility Corporation Program. The ground lease has a scheduled lease expiration of October 1, 2124, with no extensions. The borrower was required to pay the Rosenburg Housing Authority, among other fees, a one-time upfront rent payment of $440,783 due at execution of the ground lease. Any successor to the interest of the entity that holds the 99.9% membership interest in the sole member of the borrower or a successor lessee under the ground lease will be required to pay the Rosenburg Housing Authority as lessor under the ground lease an annual payment of 10% of the real property taxes that would otherwise be payable on the Mortgaged Property in the absence of the Tax Exemption on each real property tax due date for Fort Bend County, Texas (the "<u>AVT Fee</u>"). In the event that the lender succeeds to the leasehold interest in the ground lease or acquires the membership interest of the entity that holds the 99.9% membership interest in the sole member of the borrower, the lender would be required to pay the AVT Fee. Under the operating agreement of the sole member of the borrower, its Rosenburg Housing Authority affiliated managing member is entitled to receive an administrative fee payment from such sole member in an amount equal to the greater of (i) $25,000 *per annum* increased by 3% each year or (ii) 0.50% of annual effective gross

operating revenues at the Mortgaged Property. Additionally, the Rosenburg Housing Authority affiliated managing member will receive an asset management fee payment from such sole member in an amount equal to the greater of (i) $25,000 *per annum* increased by 3% each year or (ii) 0.50% of annual effective gross operating revenues at the Mortgaged Property. Such sole member is also responsible for the payment of invoices received by the Rosenburg Housing Authority from its third-party asset management and compliance consultant in an amount up to $45,000 annually, which amount may increase no more than 3% each year.

In addition, with respect to the Haven at Bellaire Mortgage Loan (3.2%), in the event that the lender takes title to the leasehold interest in the Mortgaged Property pursuant to a foreclosure or deed in lieu of foreclosure, the consent of the Rosenburg Housing Authority is required to any transfer of the leasehold interest in the Mortgaged Property by the lender. The Mortgage Loan is also secured by the fee interest of the Rosenburg Housing Authority; however, a foreclosure on such fee interest would result in the loss of the related tax exemption. In addition, a minimum exit fee of 1.00% will be due to the Rosenburg Housing Authority in connection with a sale of the fee or leasehold interest in the Mortgaged Property based on the gross purchase price of such interest.

With respect to the Providence at Champions Mortgage Loan (2.1%), the Mortgaged Property is encumbered by a ground lease between the LVHFC, as ground lessor, and the borrower, as ground lessee, in connection with the borrower's application for an exemption from property taxes. The ground lease is scheduled to terminate on May 31, 2124, with no extensions. Pursuant to the ground lease and other documents and agreements entered into in relation to the related tax exemption, the borrower is required to pay, among other amounts, (i) to LVHFC, an annual fee in an amount equal to 10% of the ad valorem property tax savings for the Mortgaged Property based on the final, non-appealable resolution of any contest of the ad valorem tax value for the Mortgaged Property for 2025, with such tax value to be increased annually by 3% and (ii) to Affordable Housing Compliance Services, LLC, an annual compliance fee for annual oversight and accountability compliance management functions in an amount equal to $125 per unit per year adjusted for inflation at 3.0% *per annum*.

With respect to the Best Western Seven Seas Mortgage Loan (0.4%), the Mortgaged Property is encumbered by a ground lease between Wells Fargo Bank, N.A., as trustee of the Joseph B. Jennings and Lillian McMahon Jennings Trust, as ground lessor, and the borrower. The ground lease is scheduled to terminate on September 30, 2073. Pursuant to the ground lease, the borrower is required to pay the greater of (i) base rent and (ii) the following percentage rents on guest room rentals (7.5%), food (3%), beverages (5%), parking (15%) and other activities (10%). Base rent through October 2025 is $75,455. For each successive year thereafter, the base rent is increased by reference to the Consumer Price Index, which can be no less than 3% and no more than 6%. Starting in October 2033 and at the end of each 10th lease year thereafter, the minimum rent is required to be adjusted to the fair market rent agreed on by the ground lessor and the borrower (the <u>"Decade Rent Adjustment</u>"). If the ground lessor and the borrower do not agree on the Decade Rent Adjustment, each party may engage, at their sole expense, a licensed MAI appraiser with no less than ten years' experience in commercial ground leases in San Diego County to provide its independent opinion as to the fair market rent. If the fair market rent determination of each appraiser is within 10% of each other, then the results will be averaged to determine the Decade Rent Adjustment; otherwise, the two licensed MAI appraisers will select a third MAI appraiser whose determination of the Decade Rent Adjustment will be final.

Mortgage loans secured by ground leases present certain bankruptcy and foreclosure risks not present with Mortgage Loans secured by fee simple estates. See "*Risk Factors—Risks Relating to the Mortgage Loans—Risks Related to Ground Leases and Other Leasehold Interests*", "*Certain Legal Aspects of Mortgage Loans—Foreclosure*" and "*Certain Legal Aspects of Mortgage Loans—Bankruptcy Laws*".

**Environmental Considerations**

An environmental report was prepared for each Mortgaged Property securing a Mortgage Loan no more than eleven (11) months prior to the Cut-off Date. See Annex A-1 for the date of the environmental report for each Mortgaged Property. The environmental reports were generally prepared pursuant to the American Society for Testing and Materials standard for a "Phase I" environmental site assessment (the "<u>ESA</u>"). In addition to the Phase I standards, some of the environmental reports will include additional research, such as limited sampling for asbestos-containing material, lead-based paint, radon or water damage with limited areas of potential or identified mold, and such ESAs may have recommended continuing implementation of an operations and maintenance plan and, in some cases, minor abatements, additional testing and/or remediation depending on the property use and/or age. For some of the mortgaged real properties, the related ESAs may have noted that onsite underground storage tanks or leaking underground storage tanks previously had been removed or closed in place or other types of potential or actual spills or releases may have occurred, and based on criteria such as experience with past investigations, cleanups or other response actions, the quantities or types of hazardous materials involved, the absence of significant risk, tank test results or other records, and/or other circumstances including regulatory closure, the ESAs did not recommend any further investigation or other action. In some such cases, even where regulatory closure was documented for past incidents the ESAs may have reported that requests to governmental agencies for any related files are pending. However, those ESAs nevertheless concluded that such incidents were not likely to be significant at the time they were prepared. Additionally, as needed pursuant to American Society for Testing and Materials standards, supplemental "Phase II" site investigations have been completed for some Mortgaged Properties to further evaluate certain environmental issues, including certain recognized environmental conditions (each, a "<u>REC</u>"). A Phase II investigation generally consists of sampling and/or testing.

With respect to the 1515 West Webster Mortgage Loan (4.3%), the related ESA identified a controlled recognized environmental condition ("<u>CREC</u>") at the Mortgaged Property related to a tannery that operated on the Mortgaged Property from the late 1800s until 2007. Prior to the demolition of the structures associated with the tannery, a REC was identified at the Mortgaged Property and subsequent sampling indicated levels of arsenic, barium, cadmium, chromium, lead, mercury, selenium, and silver above background levels, but no volatile organic compounds were revealed. Remediation was completed in 2011, which included the extraction of 225 cubic yards of contaminated soil and the implementation of a potable water well prohibition. A No Further Remediation letter was issued on November 7, 2011, approving the Mortgaged Property for residential or industrial/commercial land use, contingent on the continued prohibition on the installation of potable water wells.

With respect to the 1010 Pacific Street Mortgage Loan (4.1%), the Phase I ESA identifies as a CREC for the Mortgaged Property impacts to soil caused by a long history of onsite manufacturing operations and by other operations that included the use of at least one underground storage tank. Subsurface investigations were conducted at the Mortgaged Property from 2015 to 2020 pursuant to a Voluntary Cleanup Program ("<u>VCP</u>") agreement entered into with the New York City Office of Environmental Remediation ("<u>NYCOER</u>"). As a result of the investigative findings, various excavation activities were performed, and the Mortgaged Property received a Notice of Completion from the NYCOER under the VCP. The Notice of Completion allows some residual soil impacts to remain in place, which have been addressed through the installation of engineering controls, including a composite cover and a vapor barrier system beneath the current building. Given the completed status of the Mortgaged Property in the VCP and the engineering controls in place to address exposure to any residual impacts, the Phase I ESA consultant determined that no further action in relation to this matter was necessary with the exception of maintaining the engineering controls.

With respect to the REVA Portfolio Mortgage Loan (4.0%), as to the One Independence Mortgaged Property (0.9%), the Phase I ESA identifies as a REC for the Mortgaged Property its general location within a larger Brownfields Redevelopment Area. The larger Brownfields Redevelopment Area was formerly occupied by the Rocky Point Golf Course, which was enrolled in the Florida Department of Environmental Protection ("<u>FDEP</u>") VCP in October 2021. The Mortgaged Property was historically part of the golf course until it was redeveloped in 1983. Although no VCP-related sampling appears to have

been completed on the Mortgaged Property, the Phase I ESA consultant determined that no further action was necessary in relation to this matter given that: any contaminated surface soils that may have been present on the Mortgaged Property would have been removed during its redevelopment in 1983; the Mortgaged Property is connected to the municipal water system with no onsite groundwater use; and contaminants historically identified at nearby properties do not present a vapor intrusion concern.

With respect to the Hotel Valencia Santana Row Mortgage Loan (3.8%), the Phase I ESA identifies as a CREC for the Mortgaged Property impacts to site soils discovered during redevelopment in the 1990s. These impacts were determined to have resulted from historic use of the Mortgaged Property (and the surrounding properties) as an orchard from at least the 1930s through the 1960s. Some excavation of soils was conducted at the Mortgaged Property during the early 2000s, and an engineered cap was installed on the Mortgaged Property to prevent contact with any remaining impacted soils. A Covenant to Restrict the Use of Property (the "<u>Covenant</u>") was placed on the Mortgaged Property in 2005, which prohibits use of the Mortgaged Property as a hospital, school, or daycare, or for residential purposes (with the exception of townhouses, multifamily residences, and hotels). The Covenant also prohibits the disturbance of soils below the cap without a Soil Management Plan. Given the Covenant and institutional and engineering controls placed upon the Mortgaged Property, the Phase I ESA consultant determined that no further action was necessary in relation to this matter with the exception of maintaining the institutional and engineering controls.

With respect to the 365 West Passaic Mortgage Loan (1.7%), a groundwater Classification Exception Area ("<u>CEA</u>") was established as an institutional control for a 0.58-acre area associated with the neighboring 378 West Passaic Street property, referred to as the Rochelle Park Mogas Service Station, in June 2015, and the Mortgaged Property lies partially within such CEA. A CEA serves as an institutional control by providing notice that there is groundwater pollution in a localized area caused by a discharge at a contaminated site. A groundwater CEA is established as part of a remedial action for groundwater that does not meet the groundwater quality standards of the New Jersey Department of Environmental Protection ("<u>NJDEP</u>"). One downgradient sentinel well is installed to monitor the downgradient direction of the CEA extent and ensure that the plume does not move past known areas. At the time of the environmental site assessment for the Mortgaged Property, monitoring wells were observed in the northeastern corner of the Mortgaged Property's eastern parking lot. According to a review of the NJDEP DataMiner website, four monitoring wells were installed at the Mortgaged Property as part of the investigation of the Rochelle Park Mogas Service Station site between 2021 and 2024. Gasoline volatile organic compounds ("<u>VOCs</u>") were originally identified as the primary contaminants of concern at the Rochelle Park Mogas Service Station site and were first detected in 1994. According to the environmental site assessment for the Mortgaged Property, the Rochelle Park Mogas Service Station site is still undergoing remediation. There was a gasoline release when such site was a service station, but that has been remediated. A few years ago, solvents were detected at the Rochelle Park Mogas Service Station site, and according to the environmental site assessment for the subject property, a New Jersey licensed site remediation professional ("<u>LSRP</u>") is in the process of remediating such solvent contamination. The ESA states that according to the related LSRP, the CEA encompasses a portion of the Mortgaged Property but none of the wells on the Mortgaged Property have been impacted above a standard for any length of time. For the most part, target analytes have only been occasionally detected at trace concentrations at the Mortgaged Property, and only in the wells closest to the Rochelle Park Mogas Service Station site. The related LSRP considers all of the wells on the Mortgaged Property to be sentinel wells and located just beyond the periphery of the current groundwater contamination plume. The plume is stable to shrinking, and the related LSRP does not expect anything to change and further noted that a remedial action workplan should be submitted to the NJDEP within approximately one month, after which the LSRP expects to proceed with treatment. The responsible party for this release has been identified. The location of a portion of the Mortgaged Property within a CEA for a release at an adjacent property is considered a CREC.

With respect to the 2105-2109 1st Avenue Mortgage Loan (1.3%), the Phase I ESA identifies as a REC for the Mortgaged Property an historic onsite dry-cleaning facility which had operations that included the use of chlorinated solvents. While no known releases were identified in relation to these historic operations, the nature of these operations is such that small, frequent releases of solvents through floor

drains, cracked concrete, and sewer systems can occur even when the solvents are properly stored and handled. Dry cleaning solvents are highly mobile and can accumulate in the soil and migrate to the groundwater beneath a facility. Ultimately, given the presence of an historic dry-cleaning facility onsite that involved the use of chlorinated solvents and for which limited additional information is available, the Phase I ESA consultant recommended conducting a limited subsurface investigation in order to determine the presence or absence of soil, soil vapor, and/or groundwater contamination. The Phase I ESA consultant estimated the cost to conduct such limited subsurface investigation and any remediation, if necessary, to be $430,000 to $750,000. In lieu of conducting any additional subsurface investigation, a Pollution Legal Liability Plus ("<u>PLLP</u>") environmental insurance policy, issued by SiriusPoint, was purchased at origination with the lender and its successors and assigns as their interests may appear as the named insured. The PLLP, which has a term of eight years expiring September 30, 2033, includes a limit of liability of $2 million (per claim and in the aggregate) and a $25,000 deductible.

With respect to the Village Square Mortgage Loan (1.6%), the related ESA identified a CREC at the Mortgaged Property related to a former dry cleaner facility that operated on the Mortgaged Property from at least 1961 until the 1980s. Following subsurface sampling in the 1990s or early 2000s, the prior owner of the Mortgaged Property entered into an environmental covenant ("<u>EC</u>"). The EC places activity and use limitations ("<u>AULs</u>") on the Mortgaged Property to protect future occupants from residual contamination, including, limiting the use of the Mortgaged Property to commercial or industrial use, a prohibition on groundwater extraction and use and a prohibition on the construction of basements or other underground structures. In May 2003, the Ohio Environmental Protection Agency issued a covenant not to sue, indicating that no further action is necessary as long as the AULs remain in effect.

With respect to The Market on Cherry Road Mortgage Loan (0.9%), the Phase I ESA identifies as a CREC for the Mortgaged Property impacts to groundwater beneath a portion of the Mortgaged Property's parking lot caused by a 1992 leaking underground storage tank ("<u>LUST</u>") incident at a gas station adjoining the Mortgaged Property to the south. Impacts to groundwater at the Mortgaged Property were specifically identified during a sampling event associated with the south adjoining LUST in 2011. On March 24, 2011, the South Carolina Department of Environmental Services ("<u>SCDES</u>") issued the LUST incident Conditional No Further Action ("<u>CNFA</u>") status. The CNFA includes various use restrictions that cover the Mortgaged Property such as, but not limited to, prohibiting the use of the Mortgaged Property for residential purposes without first notifying the SCDES, as well as prohibiting the use of groundwater at the Mortgaged Property for drinking or irrigation. Given the issuance of the CNFA and the placement of use restrictions on the Mortgaged Property, the Phase I ESA consultant concluded that no further action was necessary in relation to this matter with the exception of continued implementation and adherence to the site use restrictions imposed by the CNFA.

With respect to the Orchard Street Portfolio Mortgage Loan (0.7%), as to the 39 Park Hill Mortgaged Property, the Phase I ESA identifies as a REC for the Mortgaged Property the operation of a dry-cleaning facility on an adjacent property from at least the early 1970s to 2019. Given that this adjacent dry cleaner was active prior to the implementation of modern environmental regulation, the Phase I ESA consultant highlighted the elevated potential of releases from the improper usage, storage, handling, and disposal of dry-cleaning solvents, which are highly mobile and can accumulate in the soil and migrate to the groundwater beneath a facility, resulting in a Vapor Encroachment Condition. Accordingly, the Phase I ESA consultant recommended conducting a limited subsurface investigation to determine if the adjacent, historical dry cleaner has impacted the Mortgaged Property. The consultant estimated such limited subsurface investigation and any remediation, if necessary, to cost between $23,000 and $109,250. In lieu of conducting any additional subsurface investigation, a Site Lender Environmental Asset Protection ("<u>SLEAP</u>") insurance policy, issued by Beazley, was purchased at origination with the lender and its successors and assigns as their interests may appear as the named insured. The SLEAP, which has a term of eight years expiring on September 18, 2033, includes a limit of liability of $1,000,000 (per claim and in the aggregate) and a $25,000 deductible.

**Redevelopment, Renovation and Expansion**

Certain of the Mortgaged Properties are properties which are currently undergoing or are expected to undergo redevelopment, renovation or expansion, including with respect to hospitality properties, executing property improvement plans ("<u>PIPs</u>") required by the franchisors.

Below are descriptions of (a) certain of such Mortgaged Properties that are undergoing (or are required or expected to undergo) redevelopment, expansion and/or renovation where the approximate estimated cost thereof is equal to or greater than the lesser of $1,000,000 and 10% of the related Mortgage Loan's principal balance and (b) certain of such Mortgaged Properties that are subject to material PIPs.

● With respect to the 180 Water Mortgage Loan (4.6%), at origination, $4,600,000 was deposited into a reserve account for amenity space work including renovation of the 28th floor resident lounge, yoga room, gym, kids' room and terraces, and converting 9,382 SF of ground floor retail space into a resident lounge, including installation of new walls, ceilings, lighting and finishes, furniture and audiovisual systems. However, the borrower is not required to complete such work under the Mortgage Loan documents. We cannot assure you that these capital improvements will be completed as expected or at all.

● With respect to the Waterford Multifamily Portfolio Mortgage Loan (4.2%), the Parkview Apartments Mortgaged Property has 44 renovated and 16 premium units (out of a total of 166 units) and the borrower plans to renovate the remaining 106 units at such Mortgaged Property upon turnover. The Yorkshire Apartments Mortgaged Property has 38 renovated and 9 premium units (out of a total of 128 units) and the borrower plans to renovate the remaining 81 units at such Mortgaged Property upon turnover. The Holly Brook Apartments Mortgaged Property has 39 renovated and 8 premium units (out of a total of 104 units) and the borrower plans to renovate the remaining 57 units at such property upon turnover. None of the foregoing renovations are required or reserved for under the Waterford Multifamily Portfolio Mortgage Loan documents, and we cannot assure you whether or not such renovations will occur or what effect they would have on the related Mortgaged Properties.

● With respect to the Brookside Gardens Mortgage Loan (3.8%), 39.0% of the units at the related Mortgaged Property either have been renovated or are designated as premium units, and the borrower plans to renovate the remaining units at such Mortgaged Property upon turnover. The foregoing renovations are not required or reserved for under the Mortgage Loan documents, and we cannot assure you whether or not such renovations will occur or what effect they would have on the related Mortgaged Property.

● With respect to The DeSoto Mortgage Loan (3.2%), the borrower intends to perform upgrades to carpeting and soft goods, for which $1,000,000 has been reserved, and balcony repairs, for which $214,915.50 has been reserved.

● With respect to the Yosemite Hospitality Portfolio Mortgage Loan (2.4%), the Yosemite View Lodge Mortgaged Property is expected to undergo a $6.5 million renovation which is required to be completed on or before December 31, 2026 and includes (i) the demolition of the Del Hart building, which currently houses seven outdated guest rooms and a fitness center, and the construction of a new three-story structure with meeting space and three upgraded guest rooms, and (ii) the development of a new fitness center and expanded pool deck adjacent to the Sequoia building. To isolate construction risk, the construction is required under the Mortgage Loan documents to be performed by a borrower-affiliated single-purpose entity under a ground lease, which will collapse upon completion of the capital expenditures plan. The Mortgage Loan documents required a reserve in the amount of the renovations and the borrower sponsor entered into a completion guaranty for the required capital expenditures.

● With respect to the ESA Portfolio Mortgage Loan (2.3%), the Indianapolis Northwest I-495 Mortgaged Property is anticipated to undergo renovations exceeding $1,000,000 in 2026.

Certain risks related to redevelopment, renovation and expansion at a Mortgaged Property are described in "*Risk Factors—Risks Relating to the Mortgage Loans—Risks Related to Redevelopment, Expansion and Renovation at Mortgaged Properties*".

**Assessments of Property Value and Condition**

 **Appraisals**

For each Mortgaged Property, the related mortgage loan seller or other originator obtained a current (within five (5) months of the origination date of the Mortgage Loan, full narrative appraisal conforming at least to the requirements of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ("<u>FIRREA</u>"). See "*Transaction Parties—The Sponsors and Mortgage Loan Sellers—Goldman Sachs Mortgage Company—Goldman Originator's Underwriting Guidelines and Processes*", "*—German American Capital Corporation— DB Originators' Underwriting Guidelines and Processes*", "—*Citi Real Estate Funding Inc.—CREFI's Underwriting Guidelines and Processes*", "*—Bank of Montreal—BMO's Origination Procedures and Underwriting Guidelines*" and "*—Barclays Capital Real Estate Inc.—Barclays' Underwriting Guidelines and Processes*".

See "*Risk Factors*—*Risks Relating to the Mortgage Loans—Appraisals May Not Reflect Current or Future Market Value of Each Property*" and "*Description of the Mortgage Pool—Appraised Value*".

**Engineering Reports**

In connection with the origination of each Mortgage Loan included in the trust, other than as identified below, the related mortgage loan seller or other originator obtained an engineering report with respect to the related Mortgaged Property with an engineering report dated within eleven (11) months of the Cut-off Date. See "*Transaction Parties—The Sponsors and Mortgage Loan Sellers—Goldman Sachs Mortgage Company—Goldman Originator's Underwriting Guidelines and Processes*", "*—German American Capital Corporation— DB Originators' Underwriting Guidelines and Processes*", "—*Citi Real Estate Funding Inc.—CREFI's Underwriting Guidelines and Processes*", "*—Bank of Montreal—BMO's Origination Procedures and Underwriting Guidelines*" and "*—Barclays Capital Real Estate Inc.—Barclays' Underwriting Guidelines and Processes*".

See "*Risk Factors—Risks Relating to the Mortgage Loans—Appraisals May Not Reflect Current or Future Market Value of Each Property*".

**Zoning and Building Code Compliance and Condemnation**

In connection with the origination of each Mortgage Loan included in the trust, the related mortgage loan seller or other originator generally examined whether the use and occupancy of the related real property collateral was in material compliance with zoning, land-use, building rules, regulations and orders then applicable to that property. In addition, certain Mortgaged Properties may be legal non-conforming uses that may be restricted after certain events, such as casualties, at the Mortgaged Properties. See "*Transaction Parties—The Sponsors and Mortgage Loan Sellers—Goldman Sachs Mortgage Company—Goldman Originator's Underwriting Guidelines and Processes*", "*—German American Capital Corporation— DB Originators' Underwriting Guidelines and Processes*", "—*Citi Real Estate Funding Inc.—CREFI's Underwriting Guidelines and Processes*", "*—Bank of Montreal—BMO's Origination Procedures and Underwriting Guidelines*" and "*—Barclays Capital Real Estate Inc.—Barclays' Underwriting Guidelines and Processes*".

See "*Risk Factors—Risks Relating to the Mortgage Loans—Risks Related to Zoning Non-Compliance and Use Restrictions*" and see representation and warranty number 24 on Annex D-1 and representation and warranty number 24 on Annex E-1 and the identified exceptions to those representations and warranties, if any, on Annex D-2, Annex E-2, Annex E-3, Annex E-4 and Annex E-5, respectively, for additional information.

**Litigation and Other Considerations**

There may be pending or threatened legal proceedings against, or other past or present criminal or adverse regulatory circumstances experienced by, the borrowers, the borrower sponsors and managers of the Mortgaged Properties and their respective affiliates arising out of the ordinary business of the borrowers, their sponsors, managers and affiliates. In addition, the Mortgaged Properties may be subject to ongoing litigation or condemnation proceedings.

With respect to the Yosemite Hospitality Portfolio Mortgage Loan (2.4%), both borrower sponsors are defendants in a civil wrongful death suit arising from a tenant's carbon monoxide poisoning at an unrelated rental property. The case has been referred to insurance and is still active.

With respect to the Providence at Champions Mortgage Loan (2.1%), the collateral includes a pledge of the equity interests in the borrower (other than a 0.01% equity interest held by an affiliate of LVHFC) by the indirect owner of such equity interests, Providence at Champions Apartments LLC (the "<u>Pledgor</u>"). In November 2024 a lawsuit was commenced against the Pledgor in which an individual plaintiff alleges that the Pledgor sent unsolicited telemarketing text messages to the plaintiff on the plaintiff's cellular phone in violation of the Telephone Consumer Protection Act ("<u>TCPA</u>"). The plaintiff claims that such violation gives rise to a class action claim and seeks to recover damages ranging between $500 and $1,500 per violative text, in accordance with the TCPA.

With respect to the NYC Mixed-Use Portfolio Mortgage Loan (1.8%), the lender's litigation searches identified multiple legal cases against the borrower sponsor, including foreclosure suits by various lenders, actions by the City of New York and by tenants alleging various violations of housing laws, eviction actions and actions for unpaid rent against the sponsor or its affiliates as a tenant, and an action by the City of New York relating to the illegal sale of cannabis by a tenant at one of the Mortgaged Properties (which was settled). In addition, there are media reports of multiple tenant complaints against the borrower sponsor relating to rodent and insect infestation at properties owned by the borrower sponsor and his affiliates, failure to maintain properties, unsafe conditions and other violations.

With respect to the Village Square Mortgage Loan (1.6%), the Mortgaged Property is subject to a condemnation of approximately 0.08 acres along the southern boundary of the Mortgaged Property. No improvements on the Mortgaged Property are impacted by the condemnation and the related governmental authority is in the process of recording the applicable documentation to evidence the transfer of ownership. A condemnation award was granted to the borrower prior to the origination of the Mortgage Loan, and the borrower was not required to deposit the related award with the lender.

With respect to the Leeton Leased Fee Pool B Portfolio Mortgage Loan (1.0%), the related borrower sponsors are defendants in a civil action filed by certain minority owners of a recreational summer camp for children in which the borrower sponsors acquired a controlling ownership interest on or around August 28, 2013. The plaintiffs allege that the borrower sponsors partook in a hostile takeover of the operating company of the camp by demanding 51% of the ownership interests in the operating company even though plaintiffs claim the defendants initially agreed to only take a 50% ownership interest (with the plaintiffs owning the other 50%) and are seeking an undetermined amount of damages and to compel the operating company of the summer camp to make disbursements. Although an initial action filed by the plaintiffs in January 2020 which contained causes of action for: (a) breaches of (i) employment contracts due to the plaintiffs being discharged and (ii) various other side letters, purchase agreements and contracts, (b) fraud by scheming to defraud the plaintiffs of their ownership in the camp and (c) breach of fiduciary duty by (i) denying access to books and records and (ii) failing to cause the operating company to make disbursements, the parties agreed to dismiss the action with prejudice. The plaintiffs filed a new action in May 2021 which contained causes of action for (a) breach of fiduciary duty in connection with (i) granting William Yahr (the camp director) an ownership interest in the operating company and (ii) failing to cause the operating company of the camp to make distributions and (b) breach of contract by granting Yahr an ownership interest in operating company. The borrower sponsors filed a motion for summary judgment in which the court dismissed the cause of action claiming a breach of fiduciary duty by granting Yahr an ownership interest in the operating company, but denied the remainder of the motion. In addition, the borrower sponsors are defendants in a civil action filed in 2024. The plaintiff alleges he was retained

by the borrower sponsors to identify certain commercial properties for acquisition in exchange for a salary of $50,000 and a 20% interest in any entities formed to own such properties. The plaintiff alleges that the borrower sponsors fraudulently induced the plaintiff into locating properties for the borrower sponsors by promising a 20% interest in any entities which were formed to own properties found by the plaintiff, breached their fiduciary duty by failing to give plaintiff 20% ownership interest in the entities formed to own the properties and excluded the plaintiff from management and is seeking 20% ownership in the entities formed to own the properties and damages in excess of $3,500,000. Oral arguments were held in April 2025 on a motion to dismiss filed by the borrower sponsor. The court entered a decision on the borrower sponsor's motion to dismiss and the breach of contract claim was dismissed with prejudice. The plaintiff's fraudulent inducement, promissory estoppel and unjust enrichments claims remain viable. The plaintiff's breach of fiduciary duty claim was dismissed without prejudice and can be refiled pending the outcome of the other viable claims. The matter is scheduled for preliminary conference on November 19, 2025. We cannot assure you that an adverse judgment in either of the foregoing actions will not have a material adverse impact on the related borrowers, the related Mortgaged Properties or the ability of the borrower sponsors to perform under the related guaranty.

With respect to the Scottish Traveler RV Park Mortgage Loan (0.5%), there are two active cases against the non-recourse carveout guarantor for such Mortgage Loan, filed by various investors (who are also extended family members of such guarantor), that relate to properties owned and managed by such guarantor. Both such cases stem from similar allegations that such guarantor (i) failed to disclose the structure of the related companies, which include different classes of membership and limit the control and participation of certain classes (*i.e.*, those owned by the related plaintiffs) and give other certain classes (*i.e.*, those owned by the related guarantor and his wife) full control of such companies, (ii) mismanaged the related companies and properties through various improper actions and (iii) threatened the plaintiffs with financial and reputational harm if they continued the lawsuit. One such case involves investors in the Scottish Traveler RV Park Mortgaged Property, who collectively have a 4.42% ownership interest in such Mortgaged Property. Each such case seeks damages (in an unspecified amount) as supported by the evidence, equitable accounting, pre- and/or post-judgement interest, and in certain instances attorney's fees and/or treble damages. The guarantor is seeking to settle such cases. We cannot assure you of what the outcome of such cases will be or of what effect they may have on the non-recourse carveout guarantor or the Mortgaged Property.

We cannot assure you that any such proceeding would not have an adverse effect on, or provide any indication of the future performance of the borrowers, borrower sponsors and managers related to, the Mortgage Loans.

With respect to certain of the Mortgage Loans, the related borrower, borrower sponsor, guarantor and/or their respective affiliates may be subject to multiple pending lawsuits, for claims related to, among other things, torts, negligence, personal injury, and premises liability. Such legal proceedings and other disputes may be covered by insurance. We cannot assure you that any such insurance will be adequate to cover litigation, disputes and related expenses. In addition, certain types of litigation may not be covered by insurance.

See "*Risk Factors—Risks Relating to the Mortgage Loans—Litigation Regarding the Mortgaged Properties or Borrowers May Impair Your Distributions*".

**Loan Purpose; Default History, Bankruptcy Issues and Other Proceedings**

**Loan Purpose**

Forty (40) of the Mortgage Loans (84.0%) were, in whole or in part, originated in connection with the borrower's refinancing of a previous mortgage loan secured by the Mortgaged Property.

One (1) of the Mortgage Loans (4.0%) was, in whole or in part, originated in connection with the borrower's refinancing and recapitalization of the related Mortgaged Property.

Six (6) of the Mortgage Loans (11.9%) were, in whole or in part, originated in connection with the borrower's acquisition of the related Mortgaged Property.

**Default History, Bankruptcy Issues and Other Proceedings**

With respect to certain of the Mortgage Loans prior to the date of origination, (a) related borrowers, borrower sponsors and/or key principals (or affiliates thereof) have previously sponsored, been a key principal with respect to, or been a payment or non-recourse carveout guarantor on mortgage loans secured by, real estate projects (including in some such cases, the particular Mortgaged Property or Mortgaged Properties referenced above in this sentence) that became the subject of foreclosure proceedings or a deed-in-lieu of foreclosure, short sale, loan restructuring, forbearance agreement, or bankruptcy proceedings or directly or indirectly secured a real estate loan or a real estate related mezzanine loan that was the subject of a discounted payoff or (b) a Mortgaged Property was acquired by the related borrower or an affiliate thereof through foreclosure or a deed-in-lieu of foreclosure, as part of an REO transaction, at a foreclosure sale or out of receivership or the related Mortgage Loan refinanced a prior loan secured by, or a mezzanine loan secured by interests in the owner of, the Mortgaged Property which prior loan was the subject of a maturity default, a maturity extension or a discounted payoff, short sale or other restructuring or provided acquisition financing for the related borrower's purchase of the related Mortgaged Property at a foreclosure sale or after becoming an REO property. For example, within approximately the last 10 years, with respect to the 20 largest Mortgage Loans:

● With respect to the 9911 Belward Mortgage Loan (6.1%), a commercial mortgage loan sponsored by GI Partners, the controlling member of the borrower sponsor, was foreclosed in 2024, resulting in an approximately $13 million loss to the lender.

● With respect to each of the Waterford Multifamily Portfolio Mortgage Loan and the Brookside Gardens Mortgage Loan (collectively, 8.0%), as to which the borrowers are affiliated, one of the borrower sponsors is the managing member of and carveout guarantor for a special purpose entity that received a $13 million loan from the Federal Home Loan Mortgage Corporation (the " <u>FHLMC</u> ") to finance the acquisition of an unrelated multifamily property. On August 2, 2023, the FHLMC commenced a mortgage foreclosure action seeking the appointment of a receiver in connection with such loan and the borrower sponsor consented to the appointment of a receiver for such multifamily property in July 2024. The foreclosure action is still pending.

● With respect to the 1010 Pacific Street Mortgage Loan (4.1%), the borrower sponsor is also the sponsor with respect to two securitized commercial mortgage loans as to which the related special servicer has alleged various defaults and filed suit seeking the appointment of a receiver and/or foreclosure or other remedies.

● With respect to the REVA Portfolio Mortgage Loan (4.0%), the borrower sponsor previously filed for Chapter 7 bankruptcy protection in connection with a $500,000 recourse loan. In addition, the borrower sponsor previously experienced maturity defaults and other defaults on several securitized mortgage loans, including prior mortgage loans secured by certain of the related Mortgaged Properties, as described further below.

● With respect to the Royal Ledges Apartments Mortgage Loan (3.8%), in addition to the mezzanine loan default related to the Mortgaged Property described below, the borrower sponsors have also sponsored another property that was subject to a loan foreclosure action.

● With respect to The DeSoto Mortgage Loan (3.2%), the borrower sponsor is the sponsor of a securitized commercial mortgage loan which experienced a maturity default in June 2025.

● With respect to the Yosemite Hospitality Portfolio Mortgage Loan (2.4%), the borrower sponsors entered into a settlement agreement with Comerica Bank following a foreclosure action on a construction loan securing a property unrelated to the Mortgaged Property, and a

deficiency judgment was entered in favor of Comerica Bank, and the borrower sponsors paid approximately $109,198 in settlement. The borrower sponsors also entered into a settlement agreement with Columbia State Bank following a foreclosure action on a mortgage loan and a deficiency judgment was entered in favor of Columbia State Bank on a property unrelated to the Mortgaged Property. The borrower sponsors have paid in settlement of the judgment and a satisfaction of judgment is in process.

● With respect to the Yosemite Hospitality Portfolio Mortgage Loan (2.4%), the Mortgage Loan refinanced a prior mortgage loan that was placed into special servicing in 2020 due to a payment default. The prior loan was returned to the master servicer in 2022 and was current and performing at origination of the Mortgage Loan.

Six (6) of the Mortgage Loans (17.8%) (i) were refinancings in whole or in part of prior loans (or refinancings of bridge loans that in turn refinanced prior loans) that were secured by, or mezzanine loans that were secured by interests in the owner of, the related Mortgaged Property, which prior loan was in default at the time of refinancing and/or otherwise involved a discounted pay-off, maturity extension, short sale or other restructuring or (ii) provided acquisition financing for the related borrower's purchase of the related Mortgaged Property at a foreclosure sale or after becoming an REO property, as described below:

● With respect to the 180 Water Mortgage Loan (4.6%), a $265.0 million senior mortgage, previously encumbered the Mortgaged Property and secured a mortgage loan that was securitized in the COMM 2019-GC44 transaction (the " <u>Prior 180 Water Loan</u> "), and the prior debt capitalization of the Mortgaged Property also included a $100.0 million mezzanine loan held by a separate mezzanine lender. The Prior 180 Water Loan matured on November 6, 2024, and failed to be repaid upon its maturity, and the mezzanine loan likewise defaulted at its maturity. Due to the maturity default on the Prior 180 Water Loan, the Prior 180 Water Loan was transferred to special servicing, and the special servicer of the Prior 180 Water Loan instituted foreclosure proceedings with respect to the Mortgaged Property. Upon the origination of the 180 Water Whole Loan on July 29, 2025, the current common equity ownership of the borrower (i) acquired the outstanding aforementioned mezzanine loan (at a 19.8% discount, paying $80.2 million for the $100.0 million balance), (ii) extended the term of such mezzanine loan by approximately 15 years, (iii) acquired 49% of the equity of the borrower, and (iv) repaid the Prior 180 Water Loan in full. The mezzanine loan remains outstanding, and the holder of the mezzanine loan entered into a subordination and standstill agreement with the mortgage lender. Foreclosure proceedings on the Prior 180 Water Loan were terminated in connection with the origination of the 180 Water Whole Loan.

● With respect to the REVA Portfolio Mortgage Loan (4.0%), one of the seven related Mortgaged Properties, the Southpark at Westgate Mortgaged Property, secured a prior securitized mortgage loan that matured in 2024, experienced a maturity default, and was extended to a maturity date in 2026. Two of the other related Mortgaged Properties, The Fairfax Building Mortgaged Property and the Sabal 6 Mortgaged Property, each secured a separate prior securitized mortgage loan, each of which went into maturity default in June 2025, and received a forbearance agreement. At origination, such prior mortgage loans were repaid in full from the proceeds of the current Mortgage Loan.

● With respect to the Royal Ledges Apartments Mortgage Loan (3.8%), a mezzanine loan secured by ownership interests in the related borrower experienced a maturity default in 2024, and the related lender filed a complaint against the debtor. According to the borrower sponsor, an extension was agreed to on the mezzanine debt, and the mezzanine lender terminated the related litigation. The mezzanine loan was repaid with the proceeds of the current Mortgage Loan at origination of the Mortgage Loan.

● With respect to the Providence at Champions Mortgage Loan (2.1%), the Mortgaged Property secured a prior loan that went into maturity default in January 2025. Upon a $1,970,047 paydown of the prior loan by the related borrower sponsor, the prior lender extended the prior

loan maturity date to June 6, 2025. The prior loan was paid off in full in connection with the May 16, 2025 origination of the Providence at Champions Mortgage Loan. In addition, in connection with the foregoing events, the current borrower sponsor of the Providence at Champions Mortgage Loan (which had a preferred equity investment in the Mortgaged Property) took control of the Mortgaged Property from the prior borrower sponsor.

● With respect to the 365 West Passaic Mortgage Loan (1.7%), the Mortgage Loan refinanced a prior mortgage loan that was in maturity default after the extended maturity date of such prior mortgage loan expired in July 2025. Such prior mortgage loan was originated on July 5, 2019 for $20,000,000 and was transferred to special servicing in September 2024 for maturity default. The lender of such prior mortgage loan provided loan modifications extending the maturity date of such loan from July 2024 to January 2025, and a second extension until February 2025, and finally a third extension until July 15, 2025. The prior mortgage loan was in maturity default at the time of origination of the current Mortgage Loan on September 18, 2025, since it had not been extended beyond the July 15, 2025 maturity date and no forbearance agreement was executed. The borrower otherwise remained current on monthly loan payments due to the lender of the prior mortgage loan until such loan was fully repaid out of the current Mortgage Loan proceeds, including $247,918 in default interest and $192,710 in liquidation fees.

● With respect to the Village Square Mortgage Loan (1.6%), the Mortgaged Property secured a prior loan that went into maturity default in August 2025. The prior servicer agreed to a 60-day extension, extending the maturity date to October 2025. The prior loan was paid off in full in connection with the September 30, 2025 origination of the Mortgage Loan.

With respect to certain of the Mortgage Loans, related borrowers, borrower sponsors and/or key principals (or affiliates thereof) may previously have been the subject of personal bankruptcy proceedings, or a related Mortgaged Property has previously been involved in a borrower, principal or tenant bankruptcy. For example, within approximately the last 10 years, with respect to the 20 largest Mortgage Loans:

● With respect to the Pavilion at Port Orange Mortgage Loan (3.3%), the related borrower sponsor, along with other borrower sponsor affiliates, filed a voluntary Chapter 11 bankruptcy on November 1, 2020. On November 1, 2021 the borrower sponsor emerged from bankruptcy with all matters in the bankruptcy having been resolved, except for the resolution of some disputed claims, which claims have been separately reserved for with an independent third party. As a result of the bankruptcy, outstanding loans guaranteed by the borrower sponsor were deemed to be in default; however, the borrower sponsor worked with servicers to obtain waiver agreements with regard to all loans deemed to have been in default due to the bankruptcy filing.

● With respect to the Springfield Town Center Mortgage Loan (1.9%), the borrower sponsor, PREIT Realty, LLC, f/k/a Pennsylvania Real Estate Investment Trust (" <u>PREIT</u> "), the borrower and the related guarantor were previously subject to bankruptcy filings in November 2020 and December 2023. PREIT recently emerged from the bankruptcy as a private Delaware LLC. The borrower and the related guarantor also emerged from the bankruptcy. PREIT, the borrower, and the related guarantor embarked on the pre-packaged reorganization plan (the " <u>Plan</u> "), which was supported by 100% of PREIT's secured lenders. Through the Plan, PREIT reduced its total debt by approximately $835 million, extended its maturity, and received commitments of approximately $130 million of new money debtor-in-possession financing and exit revolver financing. As a result of its corporate reorganization and consolidation of equity holders, PREIT is no longer an SEC reporting company.

In addition, certain borrower sponsors of mortgage loans secured by office properties have been the subject of concentrated and material stress-related events with respect to their office properties in the recent past that, in the aggregate, pose a unique risk to such sponsor, including, that a related borrower

sponsor has been the sponsor with respect to a number of mortgage loans secured by office properties which have recently experienced, or are currently subject to, servicer monitoring/watchlists, cash traps, delinquency events, transfers to special servicing, and/or foreclosures/deeds-in lieu.

We cannot assure you that there are no other bankruptcy proceedings, foreclosure proceedings, deed-in-lieu of foreclosure transactions and/or mortgage loan workout matters that involved one or more Mortgage Loans or Mortgaged Properties, and/or a guarantor, borrower, borrower sponsor or other party to a Mortgage Loan.

Certain risks relating to bankruptcy proceedings are described in "*Risk Factors—Risks Relating to the Mortgage Loans—A Bankruptcy Proceeding May Result in Losses and Delays in Realizing on the Mortgage Loans*", "—*Litigation Regarding the Mortgaged Properties or Borrowers May Impair Your Distributions*" and "*Certain Legal Aspects of Mortgage Loans—Bankruptcy Laws*".

**Tenant Issues**

**Tenant Concentrations**

The Mortgaged Properties have single tenants as set forth below:

● Six (6) of the Mortgaged Properties (14.0%) securing, in whole or in part, five (5) Mortgage Loans, are leased to a single tenant.

● Excluding Mortgaged Properties that are part of a portfolio of Mortgaged Properties, no Mortgaged Property leased to a single tenant secures a Mortgage Loan representing more than approximately 6.1% of the Initial Pool Balance.

With respect to certain of these Mortgaged Properties that are leased to a single tenant, the related leases may expire prior to, or soon after, the maturity dates of the Mortgage Loans or the related tenant may have the right to terminate the lease prior to the maturity date of the Mortgage Loan. If the current tenant does not renew its lease on comparable economic terms to the expired lease, if a single tenant terminates its lease or if a suitable replacement tenant does not enter into a new lease on similar economic terms, there could be a negative impact on the payments on the related Mortgage Loans.

The Mortgaged Properties have certain tenant concentrations (among the five (5) largest tenants (based on net rentable area)) across multiple Mortgaged Properties securing 5.0% or more of the Initial Pool Balance (based on allocated loan amount), as set forth below:

● Regal Cinemas is a tenant at each of the Pavilion at Port Orange and the Springfield Town Center Mortgaged Properties (collectively, 5.2%)

See *"—Lease Expirations and Terminations*" below, "*Risk Factors—Risks Relating to the Mortgage Loans—Risks of Commercial, Multifamily and Manufactured Housing Lending Generally*", "*—Performance of the Mortgage Loans Will Be Highly Dependent on the Performance of Tenants and Tenant Leases—A Tenant Concentration May Result in Increased Losses*" and "*—Concentrations Based on Property Type, Geography, Related Borrowers and Other Factors May Disproportionately Increase Losses*".

**Lease Expirations and Terminations**

 <u>Expirations</u>

Certain of the Mortgaged Properties are subject to tenant leases that expire before the maturity date of the related Mortgage Loan. For tenant lease expiration information in the form of a lease rollover chart relating to each of the top 15 Mortgage Loans, see the related summaries attached as Annex A-3 to this prospectus. In addition, see Annex A-1 for tenant lease expiration dates for the five (5) largest tenants (based on net rentable area leased) at each retail, office, mixed use and industrial Mortgaged Property. Even if none of the top 5 tenants at a particular Mortgaged Property, as identified on Annex A-1, have

leases that expire before, or shortly after, the maturity of the related Mortgage Loan, there may still be a significant percentage of leases at a particular Mortgaged Property that expire in a single calendar year, a rolling 12-month period or prior to, or shortly after, the maturity of a Mortgage Loan. Furthermore, some of the Mortgaged Properties have significant leases or a significant concentration of leases that expire before, or shortly after, the maturity of the related Mortgage Loan. Identified below are certain material lease expirations or concentrations of lease expirations with respect to the retail, office, mixed use (excluding any multifamily component) and industrial Mortgaged Properties:

● In certain cases, the lease of a single tenant, major tenant or anchor tenant at a multi-tenanted Mortgaged Property expires prior to the maturity date of the related Mortgage Loan.

● With respect to the Mortgage Loans secured, in whole or in part, by the Mortgaged Properties identified in the table below, such Mortgaged Properties are occupied by a single tenant under a lease that expires prior to, or within one year of, the maturity date of the related Mortgage Loan.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Mortgaged Property Name** | &nbsp;&nbsp; **% of the Initial Pool Balance by Allocated Loan Amount** | &nbsp;&nbsp; **Lease Expiration Date** | &nbsp;&nbsp; **Mortgage Loan Maturity Date** |
| &nbsp;&nbsp;One Independence | &nbsp;&nbsp;0.9% | &nbsp;&nbsp;1/31/2030 | &nbsp;&nbsp;10/6/2030 |

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● Certain of the Mortgaged Properties may have one or more leases representing 50% or greater of the net rentable square footage of the related Mortgaged Property or portfolio of Mortgaged Properties (excluding Mortgaged Properties leased to a single tenant set forth in the bullet above) that expire in a single calendar year prior to, or within one year of the maturity date of the related Mortgage Loan. There may also be Mortgaged Properties as to which leases representing at least 50% or greater of the net rentable square footage of the related Mortgaged Property expire over several calendar years prior to the maturity date of the related Mortgage Loan. In addition, with respect to certain Mortgaged Properties, there are leases that represent in the aggregate a material portion (but less than 50%) of the net rentable square footage of the related Mortgaged Property that expire in a single calendar year prior to, or shortly after, the maturity date of the related Mortgage Loan.

Furthermore, tenants under certain leases included in the Underwritten Net Cash Flow, Underwritten Net Operating Income and/or Occupancy may be in financial distress, may have filed for bankruptcy or may be part of a chain or corporate group that is in financial distress as a whole, or the tenant's parent company may have implemented or expressed an intent to implement a plan to consolidate or reorganize its operations, close a number of stores, offices or locations in the chain, reduce exposure, relocate stores, offices or locations, or otherwise reorganize its business to cut costs. In addition, certain shadow anchor tenants may be in financial distress or may be experiencing adverse business conditions, which could have a negative effect on the operations of certain tenants at the Mortgaged Properties. Furthermore, commercial tenants having multiple leases may experience adverse business conditions that result in their deciding to close under-performing stores, offices or locations.

We cannot assure you that any other tenant or anchor tenant or shadow anchor at a Mortgaged Property will not close stores, offices or locations, including stores, offices or locations at or near the Mortgaged Property.

 <u>Terminations</u>

Certain Mortgage Loans have material lease early termination options. Leases often give tenants the right to terminate the related lease, abate or reduce the related rent, and/or exercise certain remedies against the related borrower for various reasons or upon various conditions, including (i) if the borrower for the applicable Mortgaged Property allows uses at the Mortgaged Property in violation of use restrictions in current tenant leases, (ii) if the borrower or any of its affiliates owns other properties within a certain radius of the Mortgaged Property and allows uses at those properties in violation of use restrictions, (iii) if the related borrower fails to provide a designated number of parking spaces, (iv) if there

is construction at the related Mortgaged Property or an adjacent property (whether or not such adjacent property is owned or controlled by the borrower or any of its affiliates) that may interfere with visibility of, access to or a tenant's use of the Mortgaged Property or otherwise violate the terms of a tenant's lease, (v) upon casualty or condemnation with respect to all or a portion of the Mortgaged Property that renders such Mortgaged Property unsuitable for a tenant's use or if the borrower fails to rebuild such Mortgaged Property, or the Mortgaged Property is not (or is estimated not to be) capable of being rebuilt, within a certain time, (vi) if a tenant's use is not permitted by zoning or applicable law, (vii) if the tenant is unable to exercise an expansion right, (viii) if the landlord defaults on its obligations under the lease, (ix) if a landlord leases space at the mortgaged property or within a certain radius of the mortgaged property to a competitor, (x) if the tenant fails to meet certain sales targets or other business objectives for a specified period of time, (xi) if certain anchor or significant tenants at the subject property go dark or terminate their leases, (xii) if the landlord violates the tenant's exclusive use rights for a specified period of time, or (xiii) based upon contingencies other than those set forth in this "—*Lease Expirations and Terminations*" section. In certain cases, compliance or satisfaction of landlord covenants may be the responsibility of a third party affiliated with the borrower or, in the event that partial releases of the applicable Mortgaged Property are permitted, an unaffiliated or affiliated third party. We cannot assure you that all or any of the borrowers will comply with their lease covenants or such third parties will act in a manner required to avoid any termination and/or abatement rights of the related tenant.

Identified below are certain termination rights or situations in which the tenant may no longer occupy its leased space rights or pay full rent.

In addition, certain of the tenant leases permit the related tenant, effective prior to (or within one year of) the maturity date of the related Mortgage Loan, to unilaterally terminate its lease or otherwise reduce its leased space upon providing notice of such termination within a specified period prior to the termination date of the related lease. For example, among the 5 largest tenants by net rentable square footage at the Mortgaged Properties securing the largest 15 Mortgage Loans by aggregate Cut-off Date Balance, or those Mortgaged Properties with a tenant that leases at least 20% of the net rentable square footage at the related Mortgaged Property (in each case excluding government tenants, which are described further below):

● With respect to the REVA Portfolio Mortgage Loan (4.0%), the largest tenant, Health Plan Services, Inc., and its affiliate, Wipro, LLC, collectively representing approximately 13.4% of the net rentable area at the Mortgaged Property, each has the right to terminate its lease, effective as of January 31, 2028, *provided* it gives the landlord 12 months' written notice and pays an early termination fee. The second largest tenant, Indivior, Inc., representing approximately 8.6% of the net rentable area at the Mortgaged Property, has the right to terminate its lease as to 8,303 square feet of its total of 72,602 square feet at any time, *provided* it gives the landlord six months' written notice and pays a termination fee.

● With respect to the Landings I & II Mortgage Loan (1.8%), the largest tenant, American Structurepoint Inc., representing approximately 42.1% of the net rentable square footage at the Mortgaged Property, has the right to terminate its lease with respect to the third floor space (approximately 29,841 square feet representing approximately 29% of the tenant's net rentable square footage), effective on August 31, 2030, upon at least nine months' prior written notice and payment of a termination fee.

Certain of the tenant leases may permit the related tenant, effective prior to (or within one year of) the maturity date of the related Mortgage Loan, to terminate its lease and/or abate or reduce rent if the tenant fails to meet certain sales targets or other business objectives for a specified period of time. We cannot assure you that all or any of these tenants will meet the sales targets or business objectives required to avoid any termination and/or abatement rights.

Certain of the tenant leases for the Mortgaged Properties may permit affected tenants to terminate their leases and/or abate or reduce rent if another tenant at the Mortgaged Property or a tenant at an adjacent or nearby property terminates its lease or goes dark, or if a specified percentage of the Mortgaged Property is unoccupied.

● With respect to the Pavilion at Port Orange Mortgage Loan (3.3%), the fourth largest tenant at the Mortgaged Property, Michaels, representing approximately 5.3% of the net rentable area of the Mortgaged Property, and the fifth largest tenant at the Mortgaged Property, Petco, representing approximately 3.4% of the net rentable area of the Mortgaged Property, may each pay reduced rent or terminate its respective lease if a specified percentage of the Mortgaged Property is unoccupied or certain tenants terminate their leases or go dark.

In addition, certain of the tenant leases may permit a tenant to go dark at any time.

Certain Mortgaged Properties may have tenants or sub-tenants that are charitable institutions that generally rely on contributions from individuals and government grants or other subsidies to pay rent on office space and other operating expenses.

Certain of the Mortgaged Properties may be leased in whole or in part by government sponsored tenants. Government sponsored tenants frequently have the right to cancel their leases at any time or after a specific time (in some cases after the delivery of notice) or for lack of appropriations. For example, set forth below are certain government leases that individually represent more than 5% of the base rent at the related Mortgaged Property and have these types of risks. In addition, one or more leases at certain Mortgaged Properties representing less than 5% of the base rent could also have these types of risks.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Mortgaged Property Name** | **% of Initial Pool Balance by Allocated Loan Amount** | **Tenant(s)** | **% of Net Rentable Area** | **% of U/W Base Rent** |
| City Center at Oyster Point<sup>(1)</sup> | 4.4% | United States General Services Administration ("<u>GSA</u>") | &nbsp;&nbsp;&nbsp;&nbsp;8.7% | 12.3% |
| 80-02 Kew Gardens | 2.3% | Queens DA's Office | 17.5% | 28.7% |
| 80-02 Kew Gardens | 2.3% | FBI | 11.0% | 16.0% |

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(1) GSA tenants include the United States Attorney's Office (3.1% of NRA and 3.3% of underwritten rent), the Federal Bureau of Investigation
(2.5% of NRA and 3.7% of underwritten rent) and the Drug Enforcement Administration (1.7% of NRA and 3.5% of underwritten rent). The United
States Attorney's Office lease can be terminated any time effective after November 15, 2038, the Federal Bureau of Investigation
lease can be terminated any time effective after August 7, 2029 and the Drug Enforcement Administration lease can be terminated any time
effective after April 26, 2028. In addition, a total of 26.9% of net rentable area and 32.2% of underwritten base rent is leased by all
government tenants, including both GSA tenants and other government tenants.

Certain other tenants may have the right to terminate the related lease or abate or reduce the related rent if the related borrower violates covenants under the related lease or if third parties take certain actions that adversely affect such tenants' business or operations.

Certain of the tenant leases may permit the related tenant to terminate its lease based upon contingencies other than those set forth above in this "*—Terminations*" section.

See "*Description of the Top 15 Mortgage Loans*" on Annex A-3 to this prospectus for more information on material termination options relating to the largest 15 Mortgage Loans.

<u>Other</u> 

Tenants under certain leases included in the Underwritten Net Cash Flow, Underwritten NOI and/or Occupancy may not be in physical occupancy, may not have begun paying rent or may be in negotiation or may be underwritten based on straight-line rents. For example, with respect to (i) tenants that are one of the 5 largest tenants by net rentable square footage at a Mortgaged Property securing one of the largest 15 Mortgage Loans by aggregate Cut-off Date Balance or (ii) tenants individually or in the aggregate representing more than 25% of the net rentable square footage at any Mortgaged Property:

● With respect to the City Center at Oyster Point Mortgage Loan (4.4%), the largest tenant, The City of Newport, which leases 14.0% of the net rentable area at the related Mortgaged Property, has subleased 6,458 square feet (out of a total of 80,473 square feet) to the EDA, which in turn subleases such space to Citizen's & Farmer's Bank and Sate restaurant.

See "*Risk Factors*—*Risks Relating to the Mortgage Loans—Underwritten Net Cash Flow Could Be Based On Incorrect or Failed Assumptions*".

Certain of the Mortgaged Properties may have tenants that sublet a portion of their space or have provided notice of their intent to sublet out a portion of their space in the future.

See Annex A-3 for more information on other tenant matters relating to the largest 15 Mortgage Loans.

**Purchase Options and Rights of First Refusal**

Below are certain purchase options, rights of first offer and rights of first refusal to purchase all or a portion of the Mortgaged Property with respect to certain of the Mortgaged Properties.

With respect to the 15 largest Mortgage Loans, we note the following:

● With respect to the City Center at Oyster Point Mortgage Loan (4.4%), the EDA, which owns the non-collateral unit in the Fountain Plaza One Condominium, has a right of first refusal to purchase the borrower's collateral unit in such condominium, which consists of a 108,707 square foot office building that contains 18.9% of the NRA of the Mortgaged Property. Pursuant to an estoppel delivered by the EDA and the Fountain Plaza One Condominium association, such right of first refusal is not exercisable in connection with any exercise of remedies pursuant to the Mortgage Loan, including (i) a purchase of the borrower's collateral unit at a foreclosure sale, (ii) a transfer of the borrower's collateral unit (or any portion thereof) to the lender or its designee pursuant to a deed in lieu of foreclosure, or (iii) any subsequent sale of the borrower's collateral unit (or any portion thereof) by the lender or its designee after such foreclosure or deed in lieu of foreclosure.

● In addition, with respect to the City Center at Oyster Point Mortgage Loan (4.4%), the city of Newport News, Virginia, which leases a single 80,473 square foot office building (known as Fountain Plaza II) included in the related Mortgaged Property, which contains 14.0% of the NRA of the Mortgaged Property, has a right of first refusal to purchase its related leased premises. Pursuant to a side letter among such tenant, the borrower and the lender, such right of first refusal has been subordinated to the Mortgage Loan and is not exercisable in connection with any exercise of remedies pursuant to the Mortgage Loan, including (i) a purchase of the Mortgaged Property at a foreclosure sale, (ii) a transfer of the Mortgaged Property (or any portion thereof) to the lender or its designee pursuant to a deed in lieu of foreclosure, or (iii) any subsequent sale of the Mortgaged Property (or any portion thereof) by the lender or its designee after such foreclosure or deed in lieu of foreclosure.

● With respect to the 1515 West Webster Mortgage Loan (4.3%), the sole tenant at the Mortgaged Property holds a right of first offer and a right of first refusal regarding the purchase of the Mortgaged Property or a controlling interest in the borrower, both of which

are subject to the terms of the lease agreement. If the borrower or a parent entity intends to sell the Mortgaged Property or a controlling interest in the borrower, the tenant has the right to purchase the Mortgaged Property or such interest, as applicable, upon 30 days' notice of such offer ("<u>CHRW ROFO</u>"). If the tenant does not exercise its CHRW ROFO, the CHRW ROFO terminates upon the completion of a subsequent sale. Should the tenant decline the initial offer, and the borrower or a parent entity intends to sell the Mortgaged Property or a controlling interest in the borrower to a third party, the tenant has a secondary right to purchase the Mortgaged Property or such interest, as applicable, upon five days' notice of the intended sale and on the terms of the third-party offer ("<u>CHRW ROFR</u>"). If the tenant does not exercise its CHRW ROFR, the CHRW ROFR terminates upon the completion of the sale to the third party. Both the CHRW ROFO and CHRW ROFR are subordinate to the terms of the Mortgage Loan and are not exercisable in the event of a foreclosure or deed-in-lieu related to the Mortgage Loan.

● With respect to the Haven at Bellaire Mortgage Loan (3.2%), the Rosenburg Housing Authority, as lessor under the ground lease, has a purchase option, which option is subordinated to the Mortgage Loan, to acquire the leasehold estate at any time upon 30 days' advance written notice and payment of: (i) the fair market value of the borrower's property, plus (ii) an amount, on an after tax basis, equal to the ‎diminution of economic value to the entity that holds the 99.9% interest in the sole member of the borrower (or a successor entity) as a result of the purchase of the ‎borrower's property by the landlord, which includes (A) all capital contributions of any members of the borrower, (B) the outstanding balance of all loans (and any accrued interest thereon and yield maintenance) made to the borrower by its members and the permitted leasehold mortgagees including any fees or other amounts that are due in connection with any indebtedness of borrower including any indebtedness secured by a permitted leasehold mortgage, which will not otherwise be repaid at the time of the purchase, (C) a 15% internal rate of return on the capital contributions made by the entity that holds the 99.9% interest in the sole member of the borrower, and (D) all costs and expenses incurred by or on behalf of the borrower's members with respect to (1) admission to the borrower, (2) such member's activities with respect to the Mortgaged Property prior to the Rosenburg Housing Authority's purchase of the borrower's property under the purchase option, and (3) an amount to distribute to the borrower's members cash proceeds sufficient to enable its members to pay, after any and all taxes imposed on such distribution, the taxes projected to be imposed on the borrower's members as a result of the sale pursuant to such purchase option. In addition, upon (i) the first submission to the Rosenburg Housing Authority of evidence that the project has been leased in compliance with the requirements of the related regulatory agreement and (ii) beginning on the (a) 20th anniversary of the commencement date with respect to the sale of the fee and leasehold estates, and (b) 10th anniversary of the commencement date with respect to the sale of the leasehold estate, the Rosenburg Housing Authority, as ground lessor under the ground lease, has a right of first refusal to purchase the fee and leasehold interests or the leasehold interest (as applicable) in the Mortgaged Property in the event the borrower plans to sell the fee and leasehold interests or leasehold interest in the Mortgaged Property to a bona fide purchaser on the same terms and conditions as such bona fide purchaser. However, in the event the lender exercises remedies pursuant to the Mortgage Loan documents, the lender or its designee will not be a bona fide purchaser. Further, upon the first submission to the Rosenburg Housing Authority of evidence that the project has been leased in compliance with the requirements of the related regulatory agreement, the managing member of the sole member of the borrower, which managing member is wholly owned by the Rosenburg Housing Authority, has a right of first refusal to purchase the membership interest of the entity that holds the 99.9% interest in the sole member of the borrower, in the event the borrower plans to sell such membership interest to a bona fide purchaser, on the same terms and conditions as such bona fide purchaser. However, in the event the lender exercises remedies pursuant to the Mortgage Loan documents, the lender or its designee will not be a bona fide purchaser.

In addition, with respect to the Mortgage Loans not included in the 15 largest Mortgage Loans, the Providence at Champions (2.1%), CFS Industrial HQ (0.8%) and Wyndham Garden Norfolk Downtown (0.7%) Mortgaged Properties are each subject to a purchase option, a right of first refusal and/or a right of first offer, upon satisfaction of certain conditions, to purchase all or a portion of the related Mortgaged Property in the event the related borrower decides to sell the related Mortgaged Property or its leased premises. Such rights are held by certain tenants, subtenants, sellers, franchisors, property managers, ground lessors, developers or owners' associations at such Mortgaged Properties or other parties. The related right generally does not apply in the context of a foreclosure, deed-in-lieu or other exercise of remedies under the Mortgage Loan documents, though such rights may apply to subsequent purchasers following a foreclosure, deed-in-lieu or other exercise of remedies under the mortgage loan documents.

See "*Risk Factors*—*Risks Relating to the Mortgage Loans—Performance of the Mortgage Loans Will Be Highly Dependent on the Performance of Tenants and Tenant Leases—Leases That Are Not Subordinated to the Lien of the Mortgage or Do Not Contain Attornment Provisions May Have an Adverse Impact at Foreclosure*".

**Affiliated Leases**

Certain of the Mortgaged Properties may be leased in whole or in part by borrowers or borrower affiliates. Set forth below are examples of Mortgaged Properties or portfolios of Mortgaged Properties at which at least 5.0% of (i) the gross income at the Mortgaged Property or portfolio of Mortgaged Properties relates to leases between the borrower and an affiliate of the borrower or (ii) the net rentable area at the Mortgaged Property or portfolio of Mortgaged Properties is leased to an affiliate of the borrower:

● With respect to the Yosemite Hospitality Portfolio Mortgage Loan (2.4%), the borrower is obligated to enter into a ground lease with an affiliated, single-purpose entity that will perform and complete the planned capital expenditures at the Mortgaged Property as described under "*—Redevelopment, Renovation and Expansion*" above.

● With respect to the Leeton Leased Fee Pool B Portfolio Mortgage Loan (1.0%), the Mortgage Loan is secured by the related borrowers' leased fee interest in each of the related Mortgaged Properties. The ground tenant under each respective ground lease is an affiliate of the borrowers.

● With respect to the Davis Building Mortgage Loan (0.7%), two of the borrower sponsors operate out of two separate suites in the related Mortgaged Property totaling 8.0% of the net rentable area and 9.5% of the underwritten rent. Such borrower sponsors have signed ten-year lease extensions for their respective spaces through October 2035. Each lease is personally guaranteed by the respective borrower sponsor's family's respective loan guarantor.

● With respect to the Windsong Industrial Mortgage Loan (0.5%), the second largest tenant, Sade Construction, representing approximately 7.7% of the net rentable square footage and approximately 11.0% of underwritten rent at the Mortgaged Property, is an affiliate of the borrower. The lease expires in August 2033 and is guaranteed by the borrower sponsor.

Other Mortgaged Properties may have tenants that are affiliated with the related borrower but those tenants do not represent more than 5.0% of the gross income or net rentable area of the related Mortgaged Property.

See "*Risk Factors—Risks Relating to the Mortgage Loans—Performance of the Mortgage Loans Will Be Highly Dependent on the Performance of Tenants and Tenant Leases—Mortgaged Properties Leased to Borrowers or Borrower Affiliated Entities Also Have Risks*" and "*—Tenant Bankruptcy Could Result in a Rejection of the Related Lease.*"

See "*Risk Factors—Risks Relating to the Mortgage Loans—Performance of the Mortgage Loans Will Be Highly Dependent on the Performance of Tenants and Tenant Leases—Mortgaged Properties Leased to Borrowers or Borrower Affiliated Entities Also Have Risks*" and "*—Tenant Bankruptcy Could Result in a Rejection of the Related Lease*".

See "*Risk Factors—Risks Relating to Conflicts of Interest—Interests and Incentives of the Originators, the Sponsors and Their Affiliates May Not Be Aligned With Your Interests*".

**Insurance Considerations**

The Mortgage Loans generally require that each Mortgaged Property be insured by a hazard insurance policy in an amount (subject to an approved deductible) at least equal to the lesser of the outstanding principal balance of the related Mortgage Loan and 100% of the replacement cost of the improvements located on the related Mortgaged Property, and if applicable, that the related hazard insurance policy contain appropriate endorsements or have been issued in an amount sufficient to avoid the application of co-insurance and not permit reduction in insurance proceeds for depreciation; *provided* that, in the case of certain of the Mortgage Loans, the hazard insurance may be in such other amounts as was required by the related originators.

In general, the standard form of hazard insurance policy covers physical damage to, or destruction of, the improvements on the Mortgaged Property by fire, lightning, explosion, smoke, windstorm and hail, riot or strike and civil commotion, subject to the conditions and exclusions set forth in each policy. Each Mortgage Loan generally also requires the related borrower to maintain comprehensive general liability insurance against claims for personal and bodily injury, death or property damage occurring on, in or about the related Mortgaged Property in an amount generally equal to at least $1,000,000. Each Mortgage Loan generally further requires the related borrower to maintain business interruption insurance in an amount not less than approximately 100% of the projected gross rental income from the related Mortgaged Property for not less than 12 months. In general, the Mortgage Loans do not require earthquake insurance. Twelve (12) of the Mortgaged Properties (13.7%), are located in areas that are considered a high earthquake risk (seismic zone 3 or 4). Seismic reports were prepared with respect to these Mortgaged Properties, and based on those reports, no Mortgaged Property has a seismic expected loss greater than 20%.

In the case of fifty-three (53) Mortgaged Properties (60.2%) which secure in whole or in part twenty-five (25) Mortgage Loans (60.2%), the related borrowers maintain insurance under blanket policies. In addition, each of the Spyglass Inn, Cottage Inn by the Sea and Pacifica Hotel Portfolio (4-Pack) Mortgaged Properties (collectively, 3.3%) are covered by the same blanket insurance policy.

Certain of the Mortgaged Properties may be insured by, or subject to self-insurance on the part of, a sole or significant tenant or the property manager, as described below:

● With respect to the 9911 Belward Mortgage Loan (6.1%), the borrower may rely on blanket insurance policies maintained by the California Public Employees Retirement System (" <u>CalPERS</u> "), an indirect 99.5% owner of the borrower, so long as such coverage is equal to or greater than the CalPERS blanket policy in effect as of the origination date or otherwise satisfies the requirements set forth in the loan documents.

● With respect to the MetLife Solutions Tampa Mortgaged Property (2.2%), the related borrower may rely on the insurance or self-insurance provided by the single tenant for all or a portion of the insurance coverage under the related Mortgage Loans, so long as the tenant's lease is in effect and no default (or in certain cases, no monetary default) has occurred under the lease and the tenant's insurance meets the requirements under the related loan documents and/or the applicable lease documents. If the tenant fails to provide acceptable insurance coverage, the borrower must obtain or provide supplemental coverage to meet the requirements under the loan documents.

● With respect to the Leeton Leased Fee Pool B Portfolio Mortgage Loan (1.0%), the Mortgage Loan documents permit the borrowers to rely on insurance provided by the ground tenants for each of the related Mortgaged Properties provided that, among other conditions, such insurance satisfies the requirements set forth in the Mortgage Loan documents and the borrowers submit or cause such ground tenants to submit proof to the lender of payment of each monthly insurance premium installment. Notwithstanding the foregoing, the Mortgage Loan documents permit the ground tenants to pay insurance premiums through a third-party financing company so long as (i) the borrowers submit or cause such ground tenant to submit to the lender evidence of payment of each installment due under the insurance premium financing documents and (ii) the borrowers fund any amounts required under the Mortgage Loan documents into the "Force Place Insurance Reserve Account" established in connection with such insurance premium financing arrangement. At origination, the borrowers deposited $427,409.99 with the lender into such reserve, representing approximately one year of annual premiums for the financed policies. In addition, the Mortgage Loan documents provide recourse to the guarantor for any losses to the lender arising out of or in connection with any insurance premium financing or the borrower failing to provide the lender with at least ten days prior notice of the cancellation of any insurance policies.

Many Mortgage Loans contain limitations on the obligation to obtain terrorism insurance. See "*Risk Factors—Risks Relating to the Mortgage Loans—Terrorism Insurance May Not Be Available for All Mortgaged Properties*".

See "*Risk Factors*—*Risks Relating to the Mortgage Loans—Risks Associated with Blanket Insurance Policies or Self-Insurance*" and see representation and warranty number 16 on Annex D-1 and representation and warranty number 16 on Annex E-1 and the identified exceptions to those representations and warranties, if any, on Annex D-2, Annex E-2, Annex E-3, Annex E-4 and Annex E-5, respectively, for additional information.

**Use Restrictions**

Certain of the Mortgaged Properties are subject to restrictions that restrict the use of such Mortgaged Properties to its current use, place other use restrictions on such Mortgaged Property or limit the related borrower's ability to make changes to such Mortgaged Property.

Further, the Mortgaged Properties securing the Mortgage Loans may have zoning, building code, or other local law issues in addition to the issues described above. In addition, certain of the Mortgaged Properties are or may be subject to a temporary certificate of occupancy (the "<u>TCO</u>"). In such cases, the related Mortgage Loan documents require the related borrower to continue to comply with applicable law and/or to use commercially reasonable efforts to maintain the TCO, or cause the borrower sponsor of the Mortgage Loan to maintain the TCO, and to cause the TCO to be continuously renewed at all times until a permanent certificate of occupancy is obtained for the related Mortgaged Property or contain general covenants to similar effect.

In addition, (i) certain of the Mortgaged Properties may be subject to zoning violations relating to maintenance and inspection requirements with respect to the Mortgaged Properties, for which the related Mortgage Loan documents generally require the related borrowers to reserve funds to remedy the violations, and (ii) certain of the Mortgaged Properties are legal non-conforming uses that may be restricted after certain events, such as casualties, or may restrict renovations at the Mortgaged Properties.

See "*Risk Factors*—*Risks Relating to the Mortgage Loans—Risks Related to Zoning Non-Compliance and Use Restrictions*" and see representation and warranty numbers 24 and 25 on Annex D-1 and representation and warranty numbers 24 and 25 on Annex E-1 and the identified exceptions to those representations and warranties, if any, on Annex D-2, Annex E-2, Annex E-3, Annex E-4 and Annex E-5, respectively, for additional information.

**Appraised Value**

The appraised values presented in this prospectus and used in the calculation of financial metrics presented in this prospectus are based on appraisals obtained on the dates specified on Annex A-1, and do not reflect any changes in economic circumstances after the respective dates of the appraisals. See "*Risk Factors*—*Risks Relating to the Mortgage Loans—Appraisals May Not Reflect Current or Future Market Value of Each Property"*.

In certain cases, in addition to an "as-is" value, the appraisal states a value other than the "as-is" value that assumes that certain events will occur with respect to re-tenanting, construction, renovation or repairs at such Mortgaged Property or states an "as portfolio" value that assigns a premium to the value of the Mortgaged Properties as a whole, which value exceeds the sum of their individual appraised values. However, other than as set forth below, the Appraised Value reflected in this prospectus with respect to each Mortgaged Property reflects only the "as-is" value.

With respect to the Mortgage Loans secured by the Mortgaged Properties identified in the definition of "Maturity Date LTV Ratio" under "*Description of the Mortgage Pool—Certain Calculations and Definitions*", the related Maturity Date LTV Ratio is calculated using an Appraised Value other than the "as-is" Appraised Value. With respect to the Mortgage Loans secured by the Mortgaged Properties identified in the definition of "Cut-off Date LTV Ratio" under "*Description of the Mortgage Pool—Certain Calculations and Definitions*", the related Cut-off Date LTV Ratio is calculated using an Appraised Value other than the "as-is" Appraised Value.

In addition, the Appraised Value may be based on certain "extraordinary assumptions", such as future construction completion, projected re-tenanting, payment of tenant improvement or leasing commissions allowances, free or abated rent periods or increased tenant occupancies. For example:

● With respect to the ESA Portfolio Mortgage Loan (2.3%), the appraised value ("As-Is") is subject to the extraordinary assumption, among others, that renovations in the following estimated amounts will be completed in year one of the appraisal projection period (*i.e.*, 2026) at the following Mortgaged Properties: (i) with respect to the Indianapolis Northwest I-465 Mortgaged Property, an estimated $1,042,500 in renovations, (ii) with respect to the Cincinnati Blue Ash Kenwood Rd Mortgaged Property, an estimated $997,500 in renovations, (iii) with respect to the Dayton - South Mortgaged Property, an estimated $540,000 in renovations, (iv) with respect to the Dayton - Fairborn Mortgaged Property, an estimated $540,000 in renovations, (v) with respect to the Fort Wayne North Mortgaged Property, an estimated $540,000 in renovations, (vi) with respect to the Dallas – Greenville Ave Mortgaged Property, an estimated $870,000 in renovations, (vii) with respect to the Fort Worth - Southwest Mortgaged Property, an estimated $547,500 in renovations, (viii) with respect to the Fort Worth – Fossil Creek Mortgaged Property, an estimated $637,500 in renovations, (ix) with respect to the Dallas – Plano Parkway Mortgaged Property, an estimated $727,500 in renovations, (x) with respect to the Waco - Woodway Mortgaged Property, an estimated $712,500 in renovations, (xi) with respect to the El Paso - West Mortgaged Property, an estimated $547,500 in renovations, and (xii) with respect to the El Paso - Airport Mortgaged Property, an estimated $900,000 in renovations. Each appraisal assumes that the related estimated renovation amount is sufficient to maintain brand standards and that following the completion of the renovation, any reserves for replacement would cover all future required renovations.

● With respect to the 161 Washington Street Mortgage Loan (1.7%), the appraised value ("As-Is") is subject to the extraordinary assumption that as of the origination date of the Mortgage Loan, approximately $2,715,800 was deposited into a reserve for the payment of tenant improvement costs, leasing commissions and free rent under certain leases entered into prior to the effective date of the related purchase and sale agreement. As of the origination date, more than $2,715,800 was deposited in an escrow for tenant improvement costs, leasing commissions and free rent.

● With respect to the 1515 West Webster Mortgage Loan (4.3%), the appraised value ("As-Is") is subject to the extraordinary assumption that the square footage of the Mortgaged Property does not include the subterranean parking garage for which the Mortgaged Property does not generate revenue.

● With respect to the Quail Creek Crossing Mortgage Loan (1.7%), the appraised value ("As-Is") is subject to the extraordinary assumption that, after the origination date of the Mortgage Loan, the borrower plans to charge tenants for management and margin tax, which is expected to equate to approximately to 59% of the gross management fee and 30% of the gross margin tax. The underwritten cash flow analysis and direct capitalization summary table in the appraisal reflect these figures. We cannot assure you that the borrower will charge tenants for management and margin tax.

● With respect to the 250-254 Winthrop Street Mortgage Loan (1.4%), the borrower is in the process of applying for a 421-a tax exemption for the Mortgaged Property which has not been approved. See "*—Real Estate and Other Tax Considerations* ". The appraisal for the Mortgaged Property takes into account the extraordinary assumption of the Mortgaged Property's eligibility for the 421-a tax exemption, and calculates the net present value of such applied for 421-a tax exemption to be approximately $8,100,000. If such net present value were to be subtracted from the "as-is" Appraised Value of $27,400,000, the Appraised Value of the Mortgaged Property would be $19,300,000. We cannot assure you that a 421-a tax exemption will be approved, or of what the appraised value or actual value of the Mortgaged Property would be if the exemption were not approved.

Appraised Values are further calculated based on certain other assumptions and considerations set forth in the definition of "Appraised Value" under "*Description of the Mortgage Pool—Certain Calculations and Definitions*" in this prospectus.

See "*Risk Factors*—*Risks Relating to the Mortgage Loans—Appraisals May Not Reflect Current or Future Market Value of Each Property*".

**Non-Recourse Carveout Limitations**

While the Mortgage Loans generally contain non-recourse carveouts for liabilities such as a result of fraud by the borrower, certain voluntary insolvency proceedings or other matters, certain of the Mortgage Loans may not contain such carveouts or contain limitations to such carveouts. In general, the liquidity and net worth of a non-recourse guarantor under a Mortgage Loan will be less, and may be materially less, than the outstanding principal amount of that Mortgage Loan. In addition, certain Mortgage Loans have additional limitations to the non-recourse carveouts. See Annex D-2, Annex E-2, Annex E-3, Annex E-4 and Annex E-5 and the exceptions thereto for additional information.

The non-recourse carveout provisions contained in certain of the Mortgage Loan documents may also limit the liability of the non-recourse carveout guarantor for certain monetary obligations or covenants related to the use and operation of the Mortgaged Property to the extent that there is sufficient cash flow generated by the Mortgaged Property and made available to the related borrower and/or non-recourse carveout guarantor to take or prevent such required action. In addition, certain Mortgage Loans may require the lender to seek payment from an environmental insurance policy prior to seeking payment under an environmental indemnity.

Consequently, payment prior to maturity is dependent primarily on the sufficiency of the net operating income of the Mortgaged Property, whereas payment at maturity is primarily dependent upon the market value of the Mortgaged Property or the related borrower's ability to refinance the Mortgage Loan. Moreover, the absence of a guarantor may increase likelihood that the related borrower will take actions triggering recourse liability under such non-recourse carveout provisions than if there was a guarantor that would become liable were such non-recourse carveout provisions triggered.

In addition, there may be impediments and/or difficulties in enforcing some or all of the non-recourse carveout liability obligations of individual guarantors depending on the domicile or citizenship of the guarantor.

See "*Risk Factors*—*Risks Relating to the Mortgage Loans—Mortgage Loans Are Non-Recourse and Are Not Insured or Guaranteed*".

**Real Estate and Other Tax Considerations**

Below are descriptions of real estate tax matters relating to certain Mortgaged Properties:

● With respect to the 1010 Pacific Street Mortgage Loan (4.1%), the related Mortgaged Property benefits from a 35-year 421-a Affordable New York Housing Tax Exemption Program exemption. For years one through 25 of such exemption, 100% of the projected assessed value of the 1010 Pacific Street Property improvements on the tax lot would be exempt from real estate taxes. The exemption falls to 30% in years 26 through 35 of such exemption. Taxes were underwritten to the appraisal's estimated abated 2025/2026 taxes of $88,223. The appraisal's estimated full tax liability for the 2025/2026 tax year is $2,136,409.

● With respect to the Haven at Bellaire Mortgage Loan (3.2%), the borrower has applied to enter the related Mortgaged Property in a PFC Program in the State of Texas, pursuant to which, a property will be exempt from all property taxes. Concurrent with the origination of the Mortgage Loan, and as a condition to such tax exemption, (i) the borrower transferred the fee interest in the Mortgaged Property to the Rosenburg Housing Authority, (ii) the Rosenburg Housing Authority ground leased the Mortgaged Property back to the borrower and (iii) the borrower entered into a regulatory agreement with the Rosenburg Housing Authority, pursuant to which the Mortgaged Property is required to satisfy certain affordability requirements, and the borrower is required to pay certain amounts as described under "*—Mortgage Pool Characteristics—Fee & Leasehold Estates; Ground Leases*" above.

Based on estimated unabated taxes of $821,752, in the event that the tax exemption was not received for the Haven at Bellaire Mortgaged Property, the Cut-off Date LTV Ratio and LTV at Maturity would be 87.9%, the UW NOI DSCR would be 0.99x, UW NCF DSCR would be 0.96x, UW NOI Debt Yield would be 6.30% and U/W NCF Debt Yield would be 6.10%. In the event that either (x) the related tax exemption is not obtained for the Mortgaged Property by September 24, 2026 or (y) the Mortgaged Property loses its tax exemption during the term of the Mortgage Loan, the borrower is required to, within ten business days after such event, prepay a portion of the Mortgage Loan (the "<u>Haven Mandatory Prepayment</u>") such that, after giving effect to such prepayment the debt service coverage ratio of the Mortgage Loan is no less than 1.30x and the debt yield is no less than 8.0%. In connection with the Haven Mandatory Prepayment the borrower will be required to pay a prepayment fee equal to the greater of a yield maintenance premium and 2.00% of the amount prepaid.

In addition, with respect to the Haven at Bellaire Mortgage Loan (3.2%), the mortgage lender has taken UCC pledges of the membership interests in the sole member of the borrower (the "<u>Haven Borrower Sole Member</u>") held by Haven Pref Joint Venture, LLC ("<u>Haven Pledgor</u>"), which is the 99.99% member of the Haven Borrower Sole Member so that a foreclosure would not affect the in-place structure that would provide for the tax benefit. The remaining 0.01% membership interest in the Haven Borrower Sole Member is held by an affiliate of the Rosenburg Housing Authority in connection with the tax exemption. However, the Lower-Tier REMIC will not be able to directly exercise its rights under the pledge agreement as the issuing entity would be foreclosing into a partnership. In the event that the lender exercises its remedies pursuant to such related pledge and security agreement and acquires the membership interests in the Haven Borrower Sole Member, any subsequent transfer of such membership interests will be subject to the prior written consent of the managing member of the Haven Borrower Sole Member, which is an affiliate of the Rosenburg Housing Authority,

and a minimum exit fee of 1% of the gross purchase price of such membership interest would be payable to the Rosenburg Housing Authority. The Haven Pledgor, which is also the PE Issuer (as described below under "*Additional Indebtedness—Preferred Equity*"), has also pledged its 99.99% membership interests in the Haven Borrower Sole Member to the PE Member to secure the Preferred Equity Investment. However, pursuant to the Haven at Bellaire Mortgage Loan documents, no transfer of interests in the borrower is permitted unless the Haven Pledgor continues to own 100% of its interest in the Haven Borrower Sole Member pledged pursuant to the pledge agreement with the mortgage lender.

● With respect to the Providence at Champions Mortgage Loan (2.1%), the borrower has applied to enter the related Mortgaged Property in a housing finance corporation program (" <u>HFC Program</u> "), pursuant to which, in the State of Texas, pursuant to Chapter 394 of the Texas Local Government Code and Section 1.11 of the Texas Tax Code, a property will be exempt from all property taxes. Concurrent with the origination of the Mortgage Loan, and as a condition to such tax exemption (i) the borrower transferred the fee interest in the Mortgaged Property to LVHFC, (ii) LVHFC ground leased the Mortgaged Property back to the borrower and (iii) the borrower entered into a regulatory agreement with LVHFC, pursuant to which the Mortgaged Property is required to satisfy the LVHFC Program Affordable Components. In connection with the ground lease, the borrower is required to pay certain amounts as described under "*—Mortgage Pool Characteristics—Fee & Leasehold Estates; Ground Leases*" above.

The borrower under the Providence at Champions Mortgage Loan is seeking eligibility for its tax exemption from a county other than the one in which the Mortgaged Property resides from a "traveling HFC" (i.e., one that does not have a nexus to the Mortgaged Property's location). On May 28, 2025, the Governor of the State of Texas signed into law House Bill 21 ("<u>House Bill 21</u>"). House Bill 21, among other things, significantly restricts the usage of so-called "traveling HFCs". See "*Risk Factors—Risks Relating to the Mortgage Loans—Multifamily Properties Have Special Risks*". We cannot predict what effect, if any, House Bill 21 will have on the continuation of the current housing finance corporation programs or the Mortgaged Property's eligibility. Accordingly, there is no assurance that the Mortgaged Property will successfully achieve this tax exempt status, nor maintain the same over the course of the loan (or post-foreclosure). In order to mitigate the risk of losing the benefits of the tax exemption due to repeal of the "traveling HFC" loophole, the mortgage lender has taken UCC pledges of the membership interests in the borrower (other than a 0.01% membership interest in the borrower held by an affiliate of the LVHFC in connection with the applied-for tax exemption) so that a foreclosure would not affect the in-place structure that would provide for the tax benefit (*i.e.*, the ground lease with the traveling HFC). However, the Lower-Tier REMIC will not be able to directly exercise its rights under the pledge agreement as the Trust would be foreclosing into a partnership. There are also rights to a new lease should the mortgage lender foreclose, however, given the current political climate it is more likely that a new lease will not be available to retain the real estate tax exemption benefits.

Based on estimated unabated taxes of $452,299, in the event that the tax exemption was not received for the Providence at Champions Mortgaged Property, the Cut-off Date LTV Ratio and LTV at Maturity would be 82.8%, the UW NOI DSCR would be 1.22x, UW NCF DSCR would be 1.18x, UW NOI Debt Yield would be 8.0% and U/W NCF Debt Yield would be 7.8%. In the event that either (x) the related tax exemption is not obtained for the Mortgaged Property by May 16, 2026 or (y) the Mortgaged Property loses its tax exemption during the term of the Mortgage Loan, the borrower is required to, within ten business days after such event, prepay a portion of the Mortgage Loan (the "<u>Mandatory Prepayment</u>") such that, after giving effect to such prepayment the debt service coverage ratio of the Mortgage Loan is no less than 1.30x and the debt yield is no less than 8.75%. In connection with the Mandatory Prepayment the borrower will be required to pay a prepayment fee equal to the greater of a yield maintenance premium and 2.00% of the amount prepaid (the "<u>Prepayment Fee</u>"). In lieu of making the Mandatory Prepayment, the borrower may deposit the amount of the

Mandatory Prepayment into a cash collateral account until such time as any of the following occur: (i) the borrower elects to apply such funds to make the Mandatory Prepayment, (ii) the lender determines that the tax exemption is in effect with respect to the Mortgaged Property, in which case such amount will be deposited into the lockbox account on the next monthly payment date on which no cash management trigger event is in effect and released to the borrower, or (iii) upon the lender's election, on the date that is one year after the deposit of such amount, to be applied to make the Mandatory Prepayment.

● With respect to the 250-254 Winthrop Street Mortgage Loan (1.4%), the borrower has applied for a 35-year 421-a tax exemption under the NYC Department of Housing Preservation and Development's 421-a tax abatement program. In connection with the applied-for 421-a tax exemption, the borrower will be required to, among other things, reserve at least 30% of the units at the Mortgaged Property for tenants earning no more than 130% of the area median income. The borrower has designated 27 out of the 56 apartment units as affordable. The exemption would be effective for a period of 35 years and consist of a 100% exemption for the first 25 years and an exemption for the percentage of affordable units for the remaining 10 years. The appraised value of the Mortgaged Property includes the net present value of such 421-a exemption, which amount was estimated to be approximately $8,100,000. If such net present value were to be subtracted from the appraised value of $27,400,000, the appraised value of the Mortgaged Property would be $19,300,000. The loan-to-value ratio, debt service coverage ratios and debt yields set forth in this prospectus have been calculated assuming the 421-a tax exemption is approved. If the 421-a tax exemption were not approved, the Cut-off Date LTV Ratio and LTV Ratio at Maturity would be 92.2%, the Underwritten NCF DSCR would be 0.91x, and Debt Yield on Underwritten Net Cash Flow would be 5.7%. We cannot assure you that a 421-a exemption will be approved. According to the appraisal, the full unabated taxes for the Mortgaged Property for the 2025/2026 tax year are approximately $407,981 compared to the underwritten abated taxes of approximately $4,949. At origination, the borrower was required to deposit approximately $203,991 into an upfront real estate tax reserve.

● With respect to the Jacov Portfolio Mortgage Loan (0.8)%, the 977 East 12th Street Mortgaged Property, one of the four related Mortgaged Properties, benefits from a 421-a tax exemption which expires at the end of the 2033-2034 tax year. The Mortgaged Property was underwritten based on 2025/2026 abated taxes of $14,320, compared to the appraisal's estimated full taxes of $70,440.

● With respect to the 1701 Clay Mortgage Loan (0.4%), the Mortgaged Property benefits from a 35-year 421-a tax exemption program (providing a 100% exemption for the first 25 years of the abatement period, which began in tax year 2022/2023, and a 94% exemption for the last 10 years of the abatement period) from the NYC Department of Housing Preservation & Development. The 421-a tax abatement phases out after 2057/2058. According to the appraisal, estimated unabated taxes for the 2025/2026 tax year would be $125,560, compared to abated taxes of $1,396. The Mortgage Loan was underwritten based on the estimated 2025/2026 abated taxes of $1,396.

See "*Risk Factors*—*Risks Relating to the Mortgage Loans—Increases in Real Estate Taxes May Reduce Available Funds*" and see representation and warranty number 17 on Annex D-1 and representation and warranty number 17 on Annex E-1 and the identified exceptions to those representations and warranties, if any, on Annex D-2, Annex E-2, Annex E-3, Annex E-4 and Annex E-5, respectively, for additional information.

**Delinquency Information**

As of the Cut-off Date, none of the Mortgage Loans will be 30 days or more delinquent and none of the Mortgage Loans have been 30 days or more delinquent since origination. A Mortgage Loan will be treated as 30 days delinquent if the scheduled payment for a due date is not received from the related borrower by the immediately following due date.

**Certain Terms of the Mortgage Loans**

**Amortization of Principal**

The Mortgage Loans provide for one or more of the following:

● Forty-five (45) Mortgage Loans (94.3%) are interest only until the maturity date and therefore have an expected Maturity Balance at the related maturity date.

● Two (2) Mortgage Loans (5.7%) are amortizing until the maturity date and therefore have an expected Maturity Balance at the related maturity date.

**Due Dates; Mortgage Rates; Calculations of Interest**

Subject in some cases to a next business day convention, all of the Mortgage Loans have due dates upon which scheduled payments of principal, interest or both are required to be made by the related borrower under the related Mortgage Note (each such date, a "<u>Due Date</u>") that occur as described in the following table:

**Overview of Due Dates**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Due Date** | &nbsp;&nbsp; **Default Grace Period (Days)** | &nbsp;&nbsp; **Number of Mortgage Loans** | &nbsp;&nbsp; **Approx. % of Initial Pool Balance** |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;0 | &nbsp;&nbsp;40 | &nbsp;&nbsp;90.2% |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;2 (Once per trailing 12-month period) | &nbsp;&nbsp; 1 | &nbsp;&nbsp;1.6 |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;3 (Once per trailing 12-month period) | &nbsp;&nbsp; 1 | &nbsp;&nbsp;0.8 |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;5 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;1.7 |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;5 (Once per trailing 12-month period) | &nbsp;&nbsp; 3 | &nbsp;&nbsp;3.3 |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;2.4 |
| &nbsp;&nbsp;**Total** |  | &nbsp;&nbsp; **47** | &nbsp;&nbsp; **100.0%** |

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As used in this prospectus, "grace period" is the number of days before a payment default is an event of default under the terms of each Mortgage Loan. See Annex A-1 for information on the number of days before late payment charges are due under the Mortgage Loans. The information on Annex A-1 regarding the number of days before a late payment charge is due is based on the express terms of the Mortgage Loans. Some jurisdictions may impose a statutorily longer period.

All of the Mortgage Loans (100%) are secured by first liens on fee simple and/or leasehold interests in the related Mortgaged Properties, subject to the permitted exceptions reflected in the related title insurance policy. All of the Mortgage Loans bear fixed interest rates.

All of the Mortgage Loans accrue interest on the basis of the actual number of days in a month, assuming a 360-day year ("<u>Actual/360 Basis</u>").

**Single Purpose Entity Covenants**

With respect to the Haven at Bellaire Mortgage Loan (3.2%) and the Providence at Champions Mortgage Loan (2.1%), until the related applied-for tax exemption has been obtained, the Mortgage Loan is recourse to the related non-recourse carveout guarantor for a portion of such Mortgage Loan equal to

the amount of the prepayment required to be made if such tax exemption is not obtained within a one year period from origination, as described under "*—Real Estate and Other Tax Considerations*".

With respect to the Quail Creek Crossing Mortgage Loan (1.7%), the original principal balance of such Mortgage Loan is greater than $20,000,000 and the borrower did not deliver a non-consolidation opinion in connection with the origination of the Mortgage Loan.

With respect to the Village Square Mortgage Loan (1.6%), the original principal balance of such Mortgage Loan is greater than $20,000,000 and the borrower did not deliver a non-consolidation opinion in connection with the origination of the Mortgage Loan.

With respect to the Scottish Traveler RV Park Mortgage Loan (0.5%), there is a payment guaranty by the non-recourse carveout guarantor for 25% of the Mortgage Loan amount.

We cannot assure you that the borrower sponsor will satisfy such obligation in the event it is called upon to do so. Conversely, the existence of such payment guaranty may increase the risk of consolidation of the borrower with the related guarantor in the event of a bankruptcy of the guarantor or its affiliates.

See "*Risk Factors—Risks Relating to the Mortgage Loans—The Borrower's Form of Entity May Cause Special Risks*", "*—Additional Indebtedness*" and "*Certain Legal Aspects of Mortgage Loans—Bankruptcy Laws*".

**Prepayment Protections and Certain Involuntary Prepayments**

All of the Mortgage Loans have a degree of voluntary prepayment protection in the form of prepayment lockout, prepayment fee, defeasance and/or yield maintenance provisions. Voluntary prepayments, if permitted, generally require the payment of a yield maintenance charge or a prepayment premium unless the Mortgage Loan (or Whole Loan, if applicable) is prepaid within a specified period (ranging from approximately 3 to 7 payments) up to and including the stated maturity date. See Annex A-1 and Annex A-2 for more information on the prepayment protections attributable to the Mortgage Loans on a loan-by-loan basis and a pool basis.

Additionally, certain Mortgage Loans may provide that in the event of the exercise of a purchase option by a tenant or the sale of real property or the release of a portion of the Mortgaged Property, that the related Mortgage Loans may be prepaid in part prior to the expiration of a prepayment/defeasance lockout provision. See "*—Partial Releases*" below.

Generally, no yield maintenance charge will be required for prepayments in connection with a casualty or condemnation, unless, in the case of most of the Mortgage Loans, an event of default has occurred and is continuing. See "*Risk Factors—Risks Relating to the Mortgage Loans—Risks Relating to Enforceability of Yield Maintenance Charges, Prepayment Premiums or Defeasance Provisions*" in this prospectus. In addition, certain of the Mortgage Loans permit the related borrower, after a total or partial casualty or partial condemnation, to prepay the remaining principal balance of the Mortgage Loan or the allocated loan amount of the related Mortgaged Property (after application of the related insurance proceeds or condemnation award to pay the principal balance of the Mortgage Loan), which may not be accompanied by any prepayment consideration.

Certain of the Mortgage Loans are secured in part by letters of credit and/or cash reserves that in each such case:

● will be released to the related borrower upon satisfaction by the related borrower of certain performance related conditions, which may include, in some cases, meeting debt service coverage ratio levels and/or satisfying leasing conditions; and

● if not so released, may, at the discretion of the lender, prior to loan maturity (or earlier loan default or loan acceleration), be drawn on and/or applied to prepay the subject Mortgage Loan if such performance related conditions are not satisfied within specified time periods.

See Annex A-1 and Annex A-3 for more information on reserves relating to the Mortgage Loans.

In addition, certain of the Mortgage Loans may permit the related borrower to paydown a Mortgage Loan in the event that the related loan fails to satisfy a minimum debt service requirement.

<u>Voluntary Prepayments</u>

As of the Cut-off Date, the following prepayment restrictions and defeasance provisions applied to the Mortgage Loans:

With respect to four (4) Mortgage Loans (9.9%) (the "<u>YM/Defeasance Loans</u>"):

● Two (2) Mortgage Loans (5.7%) permit the related borrower after a lockout period of 24 or more payments following the origination date, for a specified period of time to prepay the Mortgage Loan with the payment of the greater of a yield maintenance charge and a prepayment premium of 1%, as applicable, of the prepaid amount, and also, for a specified period of time, (i) to substitute U.S. government securities as collateral and obtain a release of the related Mortgaged Property after a lockout period of at least two (2) years from the Closing Date and prior to the open prepayment period, or (ii) prepay the Mortgage Loan in whole or in part with the payment of the greater of a yield maintenance charge or a prepayment premium of 1% of the prepaid amount, subject to a lockout, and prior to the open prepayment period;

● One (1) Mortgage Loan (3.8%) permits the related borrower after a lockout period of 24 payments following the origination date, for a specified period of time to prepay the Mortgage Loan with the payment of the greater of a yield maintenance charge and a prepayment premium of 2%, as applicable, of the prepaid amount, and also, for a specified period of time, (i) to substitute U.S. government securities as collateral and obtain a release of the related Mortgaged Property after a lockout period of at least two (2) years from the Closing Date and prior to the open prepayment period, or (ii) prepay the Mortgage Loan in whole or in part with the payment of the greater of a yield maintenance charge or a prepayment premium of 2% of the prepaid amount, subject to a lockout, and prior to the open prepayment period; and

● The Best Western Seven Seas Mortgage Loan (0.4%) permits voluntary prepayment with the payment of the greater of a yield maintenance premium and a 1% prepayment fee, but does not provide for any lock-out period, and also, for a specified period of time permits the borrower, (i) to substitute U.S. government securities as collateral and obtain a release of the related Mortgaged Property after a lockout period of at least two (2) years from the Closing Date and prior to the open prepayment period, or (ii) prepay the Mortgage Loan in whole or in part with the payment of the greater of a yield maintenance charge or a prepayment premium of 1% of the prepaid amount, and prior to the open prepayment period.

The Mortgage Loans that permit voluntary prepayment with yield maintenance have the following lock-out periods as indicated in the following table:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Mortgage Loan** | &nbsp;&nbsp; **Cut-off Date Principal Balance** | &nbsp;&nbsp; **% of Initial Outstanding Pool Balance** | &nbsp;&nbsp; **Lock-Out Period** |
| &nbsp;&nbsp;9911 Belward | &nbsp;&nbsp;$80000000 | &nbsp;&nbsp;6.1% | &nbsp;&nbsp;24 |
| &nbsp;&nbsp;Waterford Multifamily Portfolio | &nbsp;&nbsp;$55110000 | &nbsp;&nbsp;4.2% | &nbsp;&nbsp;23 |
| &nbsp;&nbsp;Hotel Valencia Santana Row | &nbsp;&nbsp;$50000000 | &nbsp;&nbsp;3.8% | &nbsp;&nbsp;24 |
| &nbsp;&nbsp;Royal Ledges Apartments | &nbsp;&nbsp;$50000000 | &nbsp;&nbsp;3.8% | &nbsp;&nbsp;24 |
| &nbsp;&nbsp;Brookside Gardens | &nbsp;&nbsp;$50000000 | &nbsp;&nbsp;3.8% | &nbsp;&nbsp;24 |
| &nbsp;&nbsp;Haven at Bellaire | &nbsp;&nbsp;$41600000 | &nbsp;&nbsp;3.2% | &nbsp;&nbsp;12 |
| &nbsp;&nbsp;ESA Portfolio | &nbsp;&nbsp;$30000000 | &nbsp;&nbsp;2.3% | &nbsp;&nbsp;17 |
| &nbsp;&nbsp;MetLife Solutions Tampa | &nbsp;&nbsp;$29000000 | &nbsp;&nbsp;2.2% | &nbsp;&nbsp;23 |
| &nbsp;&nbsp;Providence at Champions | &nbsp;&nbsp;$27500000 | &nbsp;&nbsp;2.1% | &nbsp;&nbsp;12 |
| &nbsp;&nbsp;Springfield Town Center | &nbsp;&nbsp;$25000000 | &nbsp;&nbsp;1.9% | &nbsp;&nbsp;27 |
| &nbsp;&nbsp;161 Washington Street | &nbsp;&nbsp;$22500000 | &nbsp;&nbsp;1.7% | &nbsp;&nbsp;23 |
| &nbsp;&nbsp;Spyglass Inn | &nbsp;&nbsp;$16566300 | &nbsp;&nbsp;1.3% | &nbsp;&nbsp;24 |
| &nbsp;&nbsp;Cottage Inn by the Sea | &nbsp;&nbsp;$15650000 | &nbsp;&nbsp;1.2% | &nbsp;&nbsp;24 |
| &nbsp;&nbsp;Leeton Leased Fee Pool B Portfolio | &nbsp;&nbsp;$13040000 | &nbsp;&nbsp;1.0% | &nbsp;&nbsp;24 |
| &nbsp;&nbsp;Pacifica Hotel Portfolio (4-Pack) | &nbsp;&nbsp;$11420000 | &nbsp;&nbsp;0.9% | &nbsp;&nbsp;24 |
| &nbsp;&nbsp;Scottish Traveler RV Park | &nbsp;&nbsp;$7000000 | &nbsp;&nbsp;0.5% | &nbsp;&nbsp;24 |
| &nbsp;&nbsp;The Raleigh | &nbsp;&nbsp;$5100000 | &nbsp;&nbsp;0.4% | &nbsp;&nbsp;25 |

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The Mortgage Loans generally permit voluntary prepayment without payment of a yield maintenance charge or any prepayment premium during a limited "open period" immediately prior to and including the stated maturity date, as follows:

**Prepayment Open Periods<sup>(1)</sup>**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Open Periods (Payments)** | &nbsp;&nbsp; **Number of Mortgage Loans** | &nbsp;&nbsp; **% of Initial Pool Balance** |
| &nbsp;&nbsp;3 | &nbsp;&nbsp; 2 | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;4 | &nbsp;&nbsp; 7 | &nbsp;&nbsp;14.5 |
| &nbsp;&nbsp;5 | &nbsp;&nbsp; 4 | &nbsp;&nbsp;13.7 |
| &nbsp;&nbsp;7 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 69.3 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp; **47** | &nbsp;&nbsp; **100.0%** |

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(1) See Annex A-1 for specific criteria applicable to the Mortgage Loans.

See *"Risk Factors—Risks Relating to the Mortgage Loans—Risks Relating to Enforceability of Yield Maintenance Charges, Prepayment Premiums or Defeasance Provisions*".

**"Due-On-Sale" and "Due-On-Encumbrance" Provisions**

The Mortgage Loans generally contain "due-on-sale" and "due-on-encumbrance" clauses, which in each case permits the holder of the Mortgage Loan to accelerate the maturity of the related Mortgage Loan if the related borrower sells or otherwise transfers or encumbers (subject to certain exceptions set forth in the Mortgage Loan documents) the related Mortgaged Property or a controlling interest in the borrower without the consent of the mortgagee (which, in some cases, may not be unreasonably withheld). Many of the Mortgage Loans place certain restrictions (subject to certain exceptions set forth in the Mortgage Loan documents) on the transfer and/or pledging of general partnership and managing member equity interests in a borrower such as specific percentage or control limitations. The terms of the mortgages generally permit, subject to certain limitations, affiliate, estate planning and family transfers, transfers at death, transfers of interest in a public company, the transfer or pledge of less than a controlling portion of the partnership, members' or other equity interests in a borrower, the transfer or pledge of passive equity interests in a borrower (such as limited partnership interests and non-managing member interests in a limited liability company) and transfers to persons satisfying qualification criteria set forth in the related loan documents. Certain of the Mortgage Loans do not restrict the pledging of direct or

indirect ownership interests in the related borrower, but do restrict the transfer of ownership interests in the related borrower by imposing a specific percentage, a control limitation or requiring the consent of the mortgagee to any such transfer. Generally, the Mortgage Loans do not prohibit transfers of non-controlling interests so long as no change of control results or, with respect to Mortgage Loans to tenant-in-common borrowers, transfers to new tenant-in-common borrowers. Certain of the Mortgage Loans do not prohibit the pledge by direct or indirect owners of the related borrower of equity distributions that may be made from time to time by the borrower to its equity owners.

Additionally, certain of the Mortgage Loans provide that transfers of the Mortgaged Property are permitted if certain conditions are satisfied, which may include one or more of the following:

● no event of default has occurred;

● the proposed transferee is creditworthy and has sufficient experience in the ownership and management of properties similar to the Mortgaged Property;

● a Rating Agency Confirmation has been obtained from each of the Rating Agencies;

● the transferee has executed and delivered an assumption agreement evidencing its agreement to abide by the terms of the Mortgage Loan together with legal opinions and title insurance endorsements; and

● the assumption fee has been received (which assumption fee will be paid as described under "*Pooling and Servicing Agreement—Servicing and Other Compensation and Payment of Expenses* ", but will in no event be paid to the Certificateholders); however, certain of the Mortgage Loans allow the borrower to sell or otherwise transfer the related Mortgaged Property a limited number of times without paying an assumption fee.

Transfers resulting from the foreclosure of a pledge of the collateral for a mezzanine loan (if any) will also result in a permitted transfer. See "*—Additional Indebtedness*" below.

**Defeasance; Collateral Substitution**

The terms of twenty-nine (29) of the Mortgage Loans (the "<u>Defeasance Loans</u>") (59.3%) permit the applicable borrower at any time (*provided* no event of default exists) after a specified period (the "<u>Defeasance Lock-Out Period</u>") to obtain a release of a Mortgaged Property from the lien of the Mortgage Loan (a "<u>Defeasance Option</u>") in connection with a defeasance. With respect to all of the Defeasance Loans, the Defeasance Lock-Out Period ends at least two (2) years after the Closing Date.

As described under "*—Prepayment Protections and Certain Involuntary Prepayments*" above, four (4) of the Mortgage Loans (9.9%) are YM/Defeasance Loans.

Exercise of a Defeasance Option is also generally conditioned on, among other things, (a) the borrower providing the mortgagee with at least 30 days prior written notice of the date on which such defeasance will occur (such date, the "<u>Release Date</u>"), and (b) the borrower (A) paying on any Release Date (i) all accrued and unpaid interest on the principal balance of the Mortgage Loan (or, the related Whole Loan) up to and including the Release Date, (ii) all other sums (excluding scheduled interest or principal payments due following the Release Date), due under the Mortgage Loan (or Whole Loan, if applicable) and under all other loan documents executed in connection with the Defeasance Option, and (iii) an amount (the "<u>Defeasance Deposit</u>") that will be sufficient to (x) purchase non-callable obligations of, or backed by the full faith and credit of, the United States of America or, in certain cases, other "government securities" (within the meaning of Section 2(a)(16) of the Investment Company Act of 1940 and otherwise satisfying REMIC requirements for defeasance collateral), that provide payments (1) on or prior to, but as close as possible to, all successive scheduled due dates occurring during the period from the Release Date to the related maturity date (or to the first day of the open period for such Mortgage Loan) (or Whole Loan, if applicable) and (2) in amounts equal to the scheduled payments due on such due dates under the Mortgage Loan (or Whole Loan, if applicable), or under the defeased portion of the

Mortgage Loan (or Whole Loan, if applicable) in the case of a partial defeasance, including in the case of a Mortgage Loan with a balloon payment due at maturity, the balloon payment, and (y) pay any costs and expenses incurred in connection with the purchase of such government securities, and (B) delivering a security agreement granting the issuing entity a first priority lien on the Defeasance Deposit and, in certain cases, the government securities purchased with the Defeasance Deposit and an opinion of counsel to such effect.

For additional information on Mortgage Loans that permit partial defeasance, see "—*Partial Releases*" below.

In general, if consistent with the related loan documents, a successor borrower established, designated or approved by the master servicer will assume the obligations of the related borrower exercising a Defeasance Option and the borrower will be relieved of its obligations under the Mortgage Loan. If a Mortgage Loan (or Whole Loan, if applicable) is partially defeased, if consistent with the related loan documents, generally the related promissory note will be split and only the defeased portion of the borrower's obligations will be transferred to the successor borrower.

**Partial Releases**

The Mortgage Loans described below permit the release of one or more of the Mortgaged Properties or a portion of a single Mortgaged Property in connection with a partial defeasance, a partial prepayment, a partial substitution, or for no consideration in the case of parcels that are vacant, non-income producing or were not taken into account in the underwriting of the Mortgage Loan, subject to the satisfaction of certain specified conditions, including the REMIC requirements. Additionally, certain Mortgage Loans may permit the addition of real property to the Mortgage Loan collateral.

<u>Partial Releases; Partial Defeasance or Prepayment</u>

With respect to the Waterford Multifamily Portfolio Mortgage Loan (4.2%), the borrowers have the right to obtain the release of one or more individual Mortgaged Properties after September 6, 2027, *provided* that, among other conditions, (i) the Waterford Multifamily Portfolio Mortgage Loan is prepaid in an amount equal to 110% of the allocated loan amount for the individual Mortgaged Property or Mortgaged Properties being released, (ii) the borrowers deliver a REMIC opinion, (iii) if such release is prior to the monthly payment date occurring in March 2030, the borrowers pay a prepayment fee equal to the greater of (x) 1.0% (or if an event of default exists, 2.0%) of the amount of principal being prepaid and (y) a yield maintenance premium and (iv) after giving effect to the release and prepayment, (I) the debt service coverage ratio with respect to the remaining Mortgaged Properties is no less than the greater of (a) 1.30x and (b) the debt service coverage ratio for all of the individual Waterford Multifamily Portfolio Mortgaged Properties immediately prior to the release. A release may occur during an event of default under the Waterford Multifamily Portfolio Mortgage Loan, so long as (1) after giving effect to the release, such event of default is cured and no other event of default is continuing, and (2) any outstanding amounts due to the lender or its servicer in connection with or as a result of such prior event of default have been repaid in full, including, but not limited to, special servicing fees and default interest.

With respect to the REVA Portfolio Mortgage Loan (4.0%), at any time after the date that is two years after the Closing Date, and prior to October 6, 2030, the borrowers may deliver defeasance collateral and obtain the release of one or more individual Mortgaged Properties, *provided* that, among other conditions, (i) the portion of the REVA Portfolio Mortgage Loan that is defeased is in an amount equal to the greater of (a) 125% of the allocated loan amount for the individual Mortgaged Property or Mortgaged Properties being released and (b) the net sales proceeds applicable to such individual Mortgaged Property or Mortgaged Properties, (ii) the borrowers deliver a REMIC opinion and (iii) after giving effect to the release, (I) the debt service coverage ratio with respect to the remaining Mortgaged Properties is greater than the greater of (a) 2.29x and (b) the debt service coverage ratio for all of the individual Mortgaged Properties immediately prior to the release, (II) the debt yield with respect to the remaining Mortgaged Properties is greater than the greater of (a) 17.70% and (b) the debt yield for all of the individual Mortgaged Properties immediately prior to the release and (III) the loan-to-value ratio with respect to the remaining Mortgaged

Properties is no greater than the lesser of (a) 46.01% and (b) the loan-to-value ratio for all of the individual Mortgaged Properties immediately prior to the release.

With respect to the Pavilion at Port Orange Mortgage Loan (3.3%), the borrower has the right to obtain releases of one or more release parcels designated in the Mortgage Loan documents from the lien of the related mortgage (each such parcel, a "<u>Pavilion at Port Orange Release Parcel</u>"), subject to the satisfaction of certain conditions including, among others, (i) delivery by the borrower of evidence reasonably satisfactory to the lender that the Pavilion at Port Orange Release Parcel is legally subdivided from the remaining Mortgaged Property, (x) complies with all subdivision laws, ordinances and regulations, (y) conforms to and is in compliance with all applicable laws and (z) the remaining Mortgaged Property is not and will not be subject to any lien for taxes due or not yet due attributable to the Pavilion at Port Orange Release Parcel; (ii) after giving effect to such release, (x) the debt yield for the remaining Mortgaged Property is equal to or greater than the greater of 13.9% and the debt yield immediately prior to release, (y) the debt service coverage ratio for the remaining Mortgaged Property is equal to or greater than the greater of 2.34x and the debt service coverage ratio immediately prior to release and (z) the loan-to-value ratio for the remaining Mortgaged Property is equal to or less than the lesser of 41.4% and the loan-to-value ratio immediately prior to release; and (iii) delivery by the borrower, at the lender's election, of a REMIC opinion.

With respect to the ESA Portfolio Mortgage Loan (2.3%), at any time after the lockout period, the borrower has the right to obtain releases of one of more of the Mortgaged Properties from the lien of the related mortgage in connection with a sale to an unaffiliated third party, provided, that, among other things, the borrower prepays a portion of the Mortgage Loan in an amount equal to (x) 100% of the allocated loan amount for the Dallas - Greenville Ave Mortgaged Property, and (y) for all other Mortgaged Properties (i) until such time as the balance of the Mortgage Loan is $73,320,000.00 or less, 110% of the allocated loan amount for such Mortgaged Property, and (ii) thereafter, 120% of the allocated loan amount for such Mortgaged Property.

With respect to the Springfield Town Center Mortgage Loan (1.9%), the borrower has the right to obtain releases of one or more outparcels meeting certain requirements set forth in the Mortgage Loan documents from the lien of the related mortgage, which includes certain non-income producing, unimproved and/or vacant outparcels and the Multifamily Release Parcel (as defined below) (each such parcel, a "<u>Springfield Town Center Release Parcel</u>"), subject to the satisfaction of certain conditions including, among others, (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 15% or would not otherwise be reasonably expected to have a material adverse effect (as certified by the borrower) on the remaining Mortgaged 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, (iii) compliance with applicable laws, and (iv) satisfaction of customary REMIC-related requirements. The "<u>Multifamily Release Parcel</u>" means that certain portion of the Mortgaged Property identified in the related Mortgage Loan documents, consisting of approximately four acres, which is expected to be redeveloped by an affiliate of the related borrower for multifamily purposes.

With respect to the Pacifica Hotel Portfolio (4-Pack) Mortgage Loan (0.9%), at any time after September 5, 2027, the borrowers may obtain the release of one or more individual Mortgaged Properties from the lien of the Whole Loan upon satisfaction of certain conditions including, among others: (i) the prepayment of a release price equal to the greater of (a) 115% of the Allocated Loan Amount of such Mortgaged Property being released and (b) 85% of the net sales proceeds attributable to such Mortgaged Property being released, together with any yield maintenance premium; (ii) after giving effect to such release, (x) the debt yield for the remaining Mortgaged Property(ies) is equal to or greater than the greater of 12.85% and the debt yield immediately prior to release and (y) the debt service coverage ratio for the remaining Mortgaged Property(ies) is equal to or greater than the greater of 1.76x and the debt service coverage ratio immediately prior to release; (iii) no partial release is permitted whereby the sole

individual Mortgaged Property which remains as collateral for the Whole Loan is the Inn at Venice Beach Mortgaged Property; and (iv) satisfaction of customary REMIC requirements.

Furthermore, some of the Mortgage Loans permit the release or substitution of specified parcels of real estate or improvements that secure the Mortgage Loans but were not assigned any material value or considered a source of any material cash flow for purposes of determining the related Appraised Value or Underwritten Net Cash Flow or considered material to the use or operation of the property, or permit the general right to release as yet unidentified parcels if they are non-income producing so long as such release does not materially adversely affect the use or value of the remaining property, among other things. Such real estate may be permitted to be released, subject to certain REMIC rules, without payment of a release price and consequent reduction of the principal balance of the subject Mortgage Loan or substitution of additional collateral if zoning and other conditions are satisfied. We cannot assure you that the development of a release parcel, even if approved by the special servicer as having no material adverse effect to the remaining property, may not for some period of time either disrupt operations or lessen the value of the remaining property.

See "*Risk Factors*—*Risks Relating to the Mortgage Loans—Risks Relating to Enforceability of Yield Maintenance Charges, Prepayment Premiums or Defeasance Provisions*".

 **Escrows**

Seventeen (17) of the Mortgage Loans (84.8%) secured by retail, office, industrial or mixed use properties, provide for upfront or monthly escrows (or credit) for the full term or a portion of the term of the related Mortgage Loan to cover anticipated re-leasing costs, including tenant improvements and leasing commissions or other lease termination or occupancy issues. Such escrows are typically considered for retail, office, industrial and mixed use properties only.

Forty-four (44) of the Mortgage Loans (90.7%) provide for monthly or upfront escrows to cover property taxes on the Mortgaged Properties.

Forty-one (41) of the Mortgage Loans (85.5%) provide for monthly or upfront escrows to cover ongoing replacements, capital repairs and FF&E.

Twenty-five (25) of the Mortgage Loans (41.6%) provide for monthly or upfront escrows to cover insurance premiums on the Mortgaged Properties.

Each of The DeSoto Mortgage Loan and the Yosemite Hospitality Portfolio Mortgage Loan (collectively, 5.6%) requires a seasonality reserve that was deposited in connection with the origination of such Mortgage Loan and/or that is required to be funded on an ongoing basis or, in certain cases, is required to be funded upon specified trigger events. See "*Risk Factors—Risks Relating to the Mortgage Loans—Hospitality Properties Have Special Risks*".

With respect to the Scottish Traveler RV Park Mortgage Loan (0.5%), the borrower deposited $365,684 in an upfront debt service reserve as additional collateral for such Mortgage Loan. If such debt service reserve falls below $365,684, excess cash flow is required to be deposited into such account to replenish it.

Certain of the Mortgage Loans described above permit the related borrower to post a letter of credit or guaranty in lieu of maintaining cash reserves. In addition, in certain cases, the related borrower may not be required to maintain the escrows described above until the occurrence of a specified trigger.

Many of the Mortgage Loans provide for other escrows and reserves, including, in certain cases, reserves for debt service, operating expenses, vacancies at the related Mortgaged Property and other shortfalls or reserves to be released under circumstances described in the related Mortgage Loan documents.

**Mortgaged Property Accounts**

<u>Lockbox Accounts</u>

The Mortgage Loan documents prescribe the manner in which the related borrowers are permitted to collect rents from tenants at each Mortgaged Property. The following table sets forth the manner in which tenant rent is transferred to a lockbox account, in some cases, only upon the occurrence of a trigger event:

**Lockbox Account Types**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Lockbox Type** | &nbsp;&nbsp; **Number of Mortgage Loans** | &nbsp;&nbsp; **Aggregate Cut-off Date Balance** | &nbsp;&nbsp; **Approx. % of Initial Pool Balance** |
| &nbsp;&nbsp;Hard | &nbsp;&nbsp;22 | &nbsp;&nbsp;$654151300 | &nbsp;&nbsp;49.7% |
| &nbsp;&nbsp;Springing | &nbsp;&nbsp;20 | &nbsp;&nbsp; 465687500 | &nbsp;&nbsp;35.4 |
| &nbsp;&nbsp;Soft | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 119100000 | &nbsp;&nbsp;9.0 |
| &nbsp;&nbsp;Soft (Residential); Hard (Commercial) | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77500000 | &nbsp;&nbsp; 5.9 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp; **47** | &nbsp;&nbsp; **$1316438800** | &nbsp;&nbsp; **100.0%** |

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The lockbox accounts will not be assets of the issuing entity. See "*Description of the Mortgage Pool—Certain Calculations and Definitions—Definitions*" or Annex A-1 to this prospectus for a description of lockbox and cash management accounts.

**Shari'ah Compliant Lending Structure**

The 1515 West Webster Mortgage Loan (4.3%) was structured as a Shari'ah compliant loan. See "*Risk Factors—Risks Relating to the Mortgage Loans—Risks Relating to Shari'ah Compliant Loans*".

The purpose of Shari'ah compliant lending structures is to provide financing to those that follow the Islamic faith and want to comply with the Shari'ah laws propagated thereunder. Although there are many requirements under the Shari'ah laws that affect lending, the rule most affecting the standard loan structure is that Shari'ah rules prohibit transactions involving interest. This is based on the Shari'ah principle that it is unacceptable, in and of itself, for money to increase in value merely by being lent to another person. To accommodate the prohibition on interest, the structure is generally set up so that, although the Shari'ah compliant party is paying the amount that the lender would expect to receive as principal and interest payments, the payments themselves are characterized as rent. This is accomplished through the use of a non-compliant party that receives a traditional loan, and leases the property to the Shari'ah compliant party using a master lease (with the Shari'ah compliant party having an option to purchase).

Title to the related Mortgaged Property is held by the borrower, who master leases the related Mortgaged Property to a master lessee, which is indirectly owned by certain investors understood to be of the Islamic faith. The rent payable pursuant to the master lease is intended to cover the debt service payments required under the related Mortgage Loan, as well as reserve payments and any other sums due under the related mortgage loan. At origination, the lender received a fee mortgage from the borrower on its interest in the related Mortgaged Property. The lender also secured a full subordination of the master lease which permits the lender (or the related borrower, at lender's election), after an event of default, to terminate the master lease. In addition, the related master tenant entered into an assignment of leases and rents in favor of the borrower as security for the obligations under the master lease and the borrower collaterally assigned the rights under this assignment to the lender pursuant to an assignment of assignment of leases and rents.

**Exceptions to Underwriting Guidelines**

See "*Transaction Parties—The Sponsors and Mortgage Loan Sellers—Goldman Sachs Mortgage Company—Goldman Originator's Underwriting Guidelines and Processes—Exceptions to Goldman Originator's Disclosed Underwriting Guidelines*", "*—German American Capital Corporation— DB*

*Originators'* *Underwriting Guidelines and Processes—Exceptions*", "—*Citi Real Estate Funding Inc.—CREFI's Underwriting Guidelines and Processes—Exceptions to CREFI's Disclosed Underwriting Guidelines*", "*—Bank of Montreal—BMO's Origination Procedures and Underwriting Guidelines—Exceptions to Underwriting Guidelines*" and "*—Barclays Capital Real Estate Inc.—Barclays' Underwriting Guidelines and Processes—Exceptions*".

**Additional Indebtedness**

 **General**

The Mortgage Loans generally prohibit borrowers from incurring any additional debt secured by their Mortgaged Property without the consent of the lender. However:

● substantially all of the Mortgage Loans permit the related borrower to incur limited indebtedness in the ordinary course of business that is not secured by the related Mortgaged Property;

● the borrowers under certain of the Mortgage Loans have incurred and/or may incur in the future unsecured debt other than in the ordinary course of business;

● any borrower that is not required pursuant to the terms of the applicable Mortgage Loan documents to meet single purpose entity criteria may not be restricted from incurring unsecured debt or mezzanine debt;

● the terms of certain Mortgage Loans permit the borrowers to post letters of credit and/or surety bonds for the benefit of the mortgagee under the Mortgage Loans, which may constitute a contingent reimbursement obligation of the related borrower or an affiliate. The issuing bank or surety will not typically agree to subordination and standstill protection benefiting the mortgagee;

● although the Mortgage Loans generally place certain restrictions on incurring mezzanine debt by the pledging of general partnership and managing member equity interests in a borrower, such as specific percentage or control limitations, the terms of the Mortgage Loan documents generally permit, subject to certain limitations, the pledge of the limited partnership or non-managing membership equity interests in a borrower or less than a controlling interest of any other equity interests in a borrower; and

● certain of the Mortgage Loans do not restrict the pledging of ownership interests in the borrower, but do restrict the transfer of ownership interests in a borrower by imposing limitations on transfer of control or a specific percentage of ownership interests.

**Whole Loans**

Certain Mortgage Loans are subject to the rights of a holder of one or more related Companion Loans, as further described in "*—The Whole Loans*" below.

**Mezzanine Indebtedness**

As of the Cut-off Date, each sponsor has informed us that it is aware of the following existing mezzanine indebtedness with respect to the Mortgage Loans it is selling to the depositor:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Mortgage Loan Name** | **Mortgage Loan<br> Cut-off Date Balance** | **Pari Passu Companion Loan Cut-off Date Balance** | **Subordinate Companion Loan Cut-off Date Balance** | **Mezzanine Debt Cut-off Date Balance** | **Cut-off Date Total Debt Balance<sup>(1)</sup>** | **Cut-off Date Mortgage Loan LTV Ratio<sup>(3)</sup>** | **Cut-off Date Total Debt LTV Ratio<sup>(1)</sup>** | **Cut-off Date Mortgage Loan Underwritten NCF DSCR<sup>(3)</sup>** | **Cut-off Date Total Debt Underwritten NCF DSCR<sup>(1)</sup>** |
| 180 Water | $60000000 | $88000000 | $132000000 | $100000000 | $3800000009.39337%<sup>(2)</sup> | 39.2% | 100.5% | 2.50x | 0.55x |

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(1) Calculated including the mezzanine debt and any related Companion Loan (including any related Subordinate Companion Loan).

(2) The total debt interest rate for the 180 Water Mortgage Loan to full precision is 9.39337105263158%.

(3) Calculated including any related Pari Passu Companion Loan (but without regard to any Subordinate Companion Loan or mezzanine debt).

The Mortgage Loans generally place certain restrictions on the transfer and/or pledging of general partnership and managing member equity interests in a borrower such as specific percentage or control limitations as described under "*—Certain Terms of the Mortgage Loans—'Due-On-Sale' and 'Due-On-Encumbrance' Provisions*" above. Certain of the Mortgage Loans do not prohibit the pledge by direct or indirect owners of the related borrower of equity distributions that may be made from time to time by the borrower to its equity owners.

With respect to the 180 Water Mortgage Loan (4.6%), the related mezzanine loan (the "<u>180 Water Mezzanine Loan</u>") was originated in 2019 and was outstanding and in maturity default at the time of the origination of the related Whole Loan. An affiliate of the borrower of the 180 Water Mortgage Loan (the "<u>180 Water New Mezzanine Holder</u>") acquired the 180 Water Mezzanine Loan at a 19.8% discount, paying $80.2 million for the $100.0 million existing 180 Water Mezzanine Loan on or prior to the origination of the 180 Water Whole Loan. Accordingly, both the mezzanine borrower and the mezzanine lender are under common control with the borrower under the 180 Water Whole Loan. Simultaneously with its acquisition of the 180 Water Mezzanine Loan, the 180 Water New Mezzanine Holder entered into an amendment to the mezzanine loan documents with the mezzanine loan borrower to, among other things, extend the term of the 180 Water Mezzanine Loan by approximately 15 years (approximately 10 years past the Mortgage Loan maturity date), and also entered into a subordination and standstill agreement with the lender under the 180 Water Whole Loan (the "<u>Subordination Agreement</u>").

Pursuant to the Subordination Agreement, the 180 Water New Mezzanine Holder has agreed that the 180 Water Mezzanine Loan, the related mezzanine loan documents and all rights, remedies, terms and covenants therein are subordinate to the 180 Water Mortgage Loan, the related Mortgage Loan documents, and all rights, remedies, terms and covenants therein. Except to the extent there is excess cash flow for any month to pay current debt service under the 180 Water Mezzanine Loan (provided no cash sweep period then exists under the 180 Water Mortgage Loan), all of the mezzanine lender's rights to payment of the 180 Water Mezzanine Loan are subordinated to all of the mortgage lender's rights to payment, and the mezzanine lender may not accept or receive payments prior to the date that all obligations of the borrower under the Mortgage Loan documents are paid in full in cash. If a proceeding has occurred or there is an event of default under the Mortgage Loan, the mortgage lender will be entitled to receive payment and performance in full of all amounts due or to become due to the mortgage lender under the 180 Water Whole Loan before the mezzanine lender is entitled to receive any payment on account of the 180 Water Mezzanine Loan. The mortgage lender may enter into amendments, modifications, increases or extensions of the 180 Water Whole Loan without the consent of the mezzanine lender, and no such action will affect the subordination of the 180 Water Mezzanine Loan. The mezzanine lender may not, without the prior consent of the mortgage lender, in its sole discretion, enter into any amendment, modification, increase or extension of the 180 Water Mezzanine Loan; provided that it has the right to waive a default under the 180 Water Mezzanine Loan. Unless and until the 180 Water Whole Loan and all obligations thereunder have been paid in full and satisfied, the mezzanine lender is prohibited from (i) exercising any rights under the 180 Water Mezzanine Loan or applicable law to foreclose upon the equity interests in the borrower pledged to secure the 180 Water Mezzanine Loan, including without limitation obtaining title to such equity interests, obtaining control of

the borrower, or transferring such equity interests, or (ii) enforcing all or any part of the 180 Water Mezzanine Loan or the obligations thereunder, or taking any enforcement action against the mezzanine borrower or guarantor. Notwithstanding the foregoing, the mezzanine lender may, with the consent of the mortgage lender, convert all but not a portion of the 180 Water Mezzanine Loan interest into indirect common equity ownership interests in the mezzanine borrower, so long as the conditions to permitted transfers under the Mortgage Loan are satisfied and the 180 Water Mezzanine Loan is extinguished. No portion of the 180 Water Mezzanine Loan or the legal or beneficial interest in the mezzanine lender may be transferred, and no change in control of the mezzanine lender may be consummated, without the consent of the mortgage lender (in its sole discretion) and receipt of a rating agency confirmation, unless such transfer is of an interest in the mezzanine lender effectuated in accordance with the Whole Loan agreement. Any such transferee must assume in writing the obligations of the mezzanine lender under the Subordination Agreement. The mezzanine lender does not have any cure rights or purchase options with respect to the 180 Water Whole Loan.

With respect to the Mortgage Loans listed in the following chart, the direct and indirect equity owners of the borrower are permitted to incur future mezzanine debt, subject to the satisfaction of conditions contained in the related loan documents, including, among other things, a combined maximum loan-to-value ratio, a combined minimum debt service coverage ratio and/or a combined minimum debt yield, as listed in the following chart and determined in accordance with the related Mortgage Loan documents:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Mortgage Loan Name** | &nbsp;&nbsp; **Mortgage Loan Cut-off Date Balance** | &nbsp;&nbsp; **Combined Maximum LTV Ratio** | &nbsp;&nbsp; **Combined Minimum DSCR** | &nbsp;&nbsp; **Combined Minimum Debt Yield** | &nbsp;&nbsp; **Intercreditor Agreement Required** |
| &nbsp;&nbsp;ESA Portfolio | &nbsp;&nbsp;$30000000 | &nbsp;&nbsp;61.3% | &nbsp;&nbsp;1.68x | &nbsp;&nbsp;11.5% | &nbsp;&nbsp;Yes |

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The specific rights of the related mezzanine lender with respect to any such future mezzanine loan will be specified in the related intercreditor agreement and may include certain cure and repurchase rights of the mezzanine lender. The intercreditor agreement required to be entered into in connection with any future mezzanine loan will be subject to receipt of a Rating Agency Confirmation. The direct and/or indirect owners of a borrower under a Mortgage Loan are also generally permitted to pledge their interest in such borrower as security for a mezzanine loan in circumstances where the ultimate transfer of such interest to the mezzanine lender would be a permitted transfer under the related Mortgage Loan documents.

Generally, upon a default under a mezzanine loan, subject to the terms of any applicable intercreditor or subordination agreement, the holder of the mezzanine loan would be entitled to foreclose upon the equity in the related borrower, which has been pledged to secure payment of such debt. Although this transfer of equity may not trigger the due on sale clause under the related Mortgage Loan, it could cause a change in control of the borrower and/or cause the obligor under the mezzanine loan to file for bankruptcy, which could negatively affect the operation of the related Mortgaged Property and the related borrower's ability to make payments on the related Mortgage Loan in a timely manner.

See "*Risk Factors*—*Risks Relating to the Mortgage Loans—Other Financings or Ability To Incur Other Indebtedness Entails Risk*".

**Other Secured Indebtedness**

Some of the Mortgage Loans permit certain affiliates of the related borrower to pledge their indirect ownership interests in the borrower including, but not limited to, pledges to an institutional lender providing a corporate line of credit or corporate credit facility as collateral for such corporate line of credit or corporate credit facility. In connection with those pledges, the Mortgage Loan documents for such Mortgage Loans may: (i) contain limitations on the amounts that such collateral may secure and prohibit foreclosure of such pledges unless such foreclosure would represent a transfer otherwise permitted under the Mortgage Loan documents but do not prohibit a change in control in the event of a permitted foreclosure; or (ii) require that such financing be secured by all or substantially all of the pledgor's assets or by at least a certain number of assets other than such ownership interests in the related borrower.

**Preferred Equity**

Because preferred equity often provides for a higher rate of return to be paid to the holders of such preferred equity, preferred equity in some respects functions like mezzanine indebtedness, and reduces a principal's economic stake in the related Mortgaged Property, reduces cash flow on the borrower's Mortgaged Property after the payment of debt service and payments on the preferred equity and may increase the likelihood that the owner of a borrower will permit the value or income-producing potential of a Mortgaged Property to fall and may create a greater risk that a borrower will default on the Mortgage Loan secured by a Mortgaged Property whose value or income is relatively weak.

With respect to the 180 Water Mortgage Loan (4.6%), as part of the origination of the 180 Water Whole Loan, (i) SVP 180 Water Preferred Investor LLC (the "<u>Holdco Preferred Equity Holder</u>") has contributed $50,000,000 in preferred equity (the "<u>Preferred Equity Investment</u>") to 180 Water Holdco JV LLC, one of the indirect parents of the borrower and the mezzanine borrower, and the indirect parent of the mezzanine lender, and (ii) 180 Water Investors LLC (the "<u>Holdco Common Equity Holder</u>"), an entity which is controlled by the related non-recourse carveout guarantors, has contributed or will contribute approximately $39,473,848.60 in common equity. The preferred equity provides for a preferred return of 16% and has a required redemption date (the "<u>Mandatory Redemption Date</u>") of the earlier of August 6, 2030 and such other date on which the Preferred Equity Investment becomes due and payable under the Holdco LLC Agreement (as defined below). To the extent there is sufficient cash flow and no Trigger Event (as described below) is continuing, 6.0% of the 16.0% preferred rate will be paid monthly. From July 2028 until June 2029, the current pay amount will increase to 7.0% and from and after July 2029, the current pay amount will increase to 8.0%. In the event that there is insufficient cash flow, the current pay amount will accrue and will be added to the Preferred Equity Investment. After a Trigger Event, the preferred rate will be 21.0%, compounded annually, and from and after the date that is 90 days following the Mandatory Redemption Date, the preferred return is 25.0%, compounded annually.

The mortgage lender has entered into a recognition agreement (the "<u>Recognition Agreement</u>") with the Holdco Preferred Equity Holder, which provides, among other things, that (i) the mortgage lender will not make certain modifications to the Mortgage Loan documents without the consent of the Holdco Preferred Equity Holder, (ii) the Holdco Preferred Equity Holder may undertake an indirect change of control of the borrower and obtain all of the common equity holder's indirect interests in the borrower in the event of a default under the preferred equity documents or a Trigger Event, (iii) the Holdco Preferred Equity Holder has the right to cure defaults under the 180 Water Whole Loan and has an additional 10 business days to cure monetary defaults and at least an additional 30 days to cure non-monetary defaults, in each case, after the later of notice and the expiration of the borrower's cure period, plus, in the case, of non-monetary defaults, an extended cure period of an additional 180 days and the waiver of certain non-monetary defaults that are not susceptible of cure, (iv) the right of the Holdco Preferred Equity Holder to purchase the 180 Water Whole Loan at a price equal to its outstanding principal amount and accrued interest, without the payment of any yield maintenance premiums, prepayment fees or premiums, any exit fees, any liquidated damage amount, any spread maintenance charges, any late charges or late fees, any default interest or, if the 180 Water Whole Loan is purchased within 90 days of the first purchase option notice, any workout and liquidation fees, provided that "liquidation fees" are not permitted to exceed a rate of 1.00% of liquidation proceeds and "workout fees" are not permitted to exceed a rate of 1.00% of interest and principal collections on the 180 Water Whole Loan, (v) the Holdco Preferred Equity Holder has the right to transfer the preferred equity investment to a Qualified Preferred Equity Holder (as such term is defined in the Recognition Agreement) and to make certain direct and indirect transfers in the Holdco Preferred Equity Holder and (vi) the Holdco Preferred Equity Holder has certain other rights.

A "<u>Trigger Event</u>" under the 180 Water Whole Loan includes (as more fully defined in the Recognition Agreement) (i) the failure to pay the unpaid Preferred Equity Investment, accrued preferred return and other amounts due in full on the Mandatory Redemption Date, (ii) the failure of the Holdco Common Equity Holder to cure a failure to meet certain debt yield targets by depositing cash with the mortgage lender which if applied to reduce the preferred equity capital account should cause such debt yield target to be met, (iii) the Holdco Common Equity Holder takes an action which requires the consent of the Holdco Preferred Equity Holder without obtaining such consent, (iv) the Common Equity Holder otherwise

breaches the Holdco LLC Agreement or other preferred equity documents beyond applicable notice and cure periods, or (v) an event of default under the 180 Water Whole Loan. The applicable debt yield targets are calculated based on net operating income divided by the aggregate outstanding balance of the 180 Water Whole Loan and the preferred equity capital account, and begin at 5.75% for the period from October 28, 2025 through January 28, 2026, and increase thereafter such that the final debt yield target commencing July 29, 2028 is 6.80%. Furthermore, the Holdco Common Equity Holder and the Holdco Preferred Equity Holder entered into a limited liability company agreement (the "<u>Holdco LLC Agreement</u>"), pursuant to which the Holdco Preferred Equity Holder has consent rights over major decisions related to the borrower sponsor, the borrower and the Mortgaged Property, including the ability to replace the Holdco Common Equity Holder and acquire its interests upon a Trigger Event. As a result, it is possible that the parties empowered with the management and operation of the borrower and the Mortgaged Property will change at a time when the Mortgaged Property is otherwise not performing well. Furthermore, pursuant to the Holdco LLC Agreement, the written consent of the Holdco Preferred Equity Holder is required with respect to a number of major decisions, including, among other decisions, (i) decisions pertaining to matters that require the consent of the mortgage lender or the mezzanine lender under the related loan documents and (ii) any sale, conveyance, alienation, disposition, encumbrance, mortgage, pledge, finance, refinance, issuance, lease, assignment, or other transfer including, without limitation, any deed-in-lieu of foreclosure or assignment-in-lieu of foreclosure (with respect to (a) the Whole Loan, (b) the mezzanine loan and (c) any refinance of (a) or (b)), of the Mortgaged Property. In addition, under the Recognition Agreement, if the Holdco Preferred Equity Holder assumes or exercises direct or indirect control of the borrower, or acquires direct or indirect ownership interests in the borrower, the list of events which originally constitute events of default under the loan agreement for the Mortgage Loan will no longer govern. Upon such change in control or acquisition of ownership interests, a different, and shorter, list of events will determine whether an event of default has occurred under the Mortgage Loan. In addition under the Recognition Agreement, upon such a change in control, subject to certain limited exceptions, the initial non-recourse carveout guarantors will not be liable for recourse events occurring after such change of control if both (i) the event, action, circumstance or condition first arose after the change of control and (ii) that such event, action, circumstance or condition was not caused by the actions of the Holdco Common Equity Holder, the initial guarantor or any of their respective affiliates (other than the Holdco Preferred Equity Holder). Upon such a change in control, the Holdco Preferred Equity Holder will be required to provide a replacement non-recourse carveout guaranty; however, such guaranty is required to contain a different, and shorter, list of non-recourse carveout obligations.

With respect to the Haven at Bellaire Mortgage Loan (3.2%), AXCS Haven Pref Member, LLC, a subsidiary of Conversant AXCS JV LLC, is the preferred equity investor (the "<u>PE Member</u>") in Haven Pref Joint Venture, LLC (the "<u>PE Issuer</u>"), an entity which owns 99.99% of the equity in the Haven Borrower Sole Member. The PE Member invested $8,435,581 in the PE Issuer at origination of the Mortgage Loan and is required to invest an additional $525,969 upon, among other things, the Mortgaged Property achieving a 1.45x DSCR for 12 months (collectively, the "<u>Preferred Equity Investment</u>"). The Preferred Equity Investment is entitled to an 8% accrued rate of return, compounded quarterly, with an amount equal to the greater of (i) a 1.5 times minimum multiple on the aggregate capital contributions made by the PE Member and (ii) an 18% preferred rate of return on the aggregate capital contributions made by the PE Member, due at the time of redemption. An amount of the Preferred Return equal to an 8.00% annual rate is payable to the PE Member monthly from cash funds available to the PE Issuer, with the remainder due upon redemption. The Preferred Equity Investment provides for a redemption date on September 24, 2030 (shortly before the Mortgage Loan maturity date of October 6, 2030), *provided* that redemption is also required upon any date the Mortgaged Property is sold, and the PE Member has the right to require redemption upon an event of default of the common member. Upon redemption, the Preferred Equity Investment is entitled to an exit fee equal to 2.00% of the required redemption amount. To secure the Preferred Equity Investment, the PE Member received a pledge from the common member of the PE Issuer (which is affiliated with the borrower sponsor) of its membership interests in the PE Issuer and received a pledge from the PE Issuer of all assets held by it, including its ownership interest in the Haven Borrower Sole Member. Additionally, from and after an event of default under the Preferred Equity Investment, the PE Member has the right to deliver a control shift notice, upon which the PE Member may take remedial action, including (1) subject to the Mortgage Loan documents, effectuating a sale of the Mortgaged Property; (2) operating the Mortgaged Property; (3) terminating any common

member or affiliate agreements or contracts (subject to the Mortgage Loan documents); (4) subject to the Mortgage Loan documents, removing the common member as managing member of the PE Issuer and appointing itself or an affiliate as such managing member; (5) subject to the Mortgage Loan documents, foreclose on the foregoing pledged assets, (6) unilaterally amend the PE Issuer's operating agreement to reallocate distributions by the common member to redeem the PE Member or remedy a default at the Mortgaged Property; and (7) appointing a new third party property manager to manage the Mortgaged Property (subject to the Mortgage Loan documents), in each case as the PE Member determines in its sole discretion. If the PE Member exercises its rights pursuant to the preceding fourth clause, such action will not constitute a permitted transfer under the Mortgage Loan documents, unless the PE Member or an affiliate executes a replacement guaranty of recourse obligations and a replacement environmental indemnity agreement. An event of default will occur under the Preferred Equity Investment, upon the occurrence, among other events, of (i) failing to redeem the preferred equity when required, (ii) the common member implementing a major decision without the consent of the PE Member, (ii) a default under the Mortgage Loan documents, (iii) any breach under the related ground lease documents and (iv) the failure to pay the PE Member its required preferred rate of return on or prior to the redemption date. The PE Member entered into a subordination and acknowledgement agreement with the lender under the Mortgage Loan, in which it agreed to unconditionally subordinate the Preferred Equity Investment to the Mortgage Loan and gave the lender unilateral consent rights over any amendments or modifications to the Preferred Equity Investment documents other than those that are immaterial in nature.

**Other Unsecured Indebtedness**

Certain Mortgage Loans permit the borrower (or an affiliate thereof) to incur certain other subordinate indebtedness as described below:

● With respect to the Best Western Seven Seas Mortgage Loan (0.4%), the borrower incurred a subordinate intercompany loan in the amount of $2,252,000 from Markev Realty Corporation, the non-member manager of the borrower, as the agent for certain individuals with ownership interests in the borrower. The Mortgage Loan documents permit such loan provided that such loan is unsecured, does not mature prior to the date that is 18 months after the term of the Mortgage Loan, is paid and payable only from excess cash flow actually distributed to the borrower in accordance with the Mortgage Loan documents, and is fully subordinate to the Mortgage Loan. The lender of this subordinate intercompany loan has entered into a Subordination and Standstill Agreement, which provides that the intercompany loan is and must remain, among other things, unsecured, subordinate, unenforceable during the term of the Mortgage Loan and non-transferrable.

Certain risks relating to additional debt are described in "Risk Factors—Risks Relating to the Mortgage Loans—Other Financings or Ability To Incur Other Indebtedness Entails Risk".

**The Whole Loans**

 **General**

Each of the 9911 Belward Mortgage Loan, the 180 Water Mortgage Loan, the 1010 Pacific Street Mortgage Loan, the Yosemite Hospitality Portfolio Mortgage Loan, the ESA Portfolio Mortgage Loan, the 80-02 Kew Gardens Mortgage Loan, the Springfield Town Center Mortgage Loan, the 161 Washington Street Mortgage Loan, the Pacifica Hotel Portfolio (4-Pack) Mortgage Loan and the CFS Industrial HQ Mortgage Loan is part of a Whole Loan consisting of such Mortgage Loan and the related Pari Passu Companion Loan(s) and/or in certain cases, the related Subordinate Companion Loan(s). In connection with each Whole Loan, the rights between the trustee on behalf of the issuing entity and the holder(s) of the related Companion Loan(s) (the "<u>Companion Loan Holder</u>" or "<u>Companion Loan Holders</u>") are generally governed by a co-lender agreement (each, a "<u>Co-Lender Agreement</u>"). With respect to each of the Whole Loans, the related Mortgage Loan and the related Companion Loan(s) are cross-collateralized and cross-defaulted.

The following terms are used in reference to the Whole Loans:

"<u>AB Whole Loan</u>" means the 180 Water Whole Loan.

"<u>BANK5 2025-5YR17 PSA</u>" means the pooling and servicing agreement expected to govern the servicing of the Yosemite Hospitality Portfolio Whole Loan.

"<u>BBCMS 2025-5C37 PSA</u>" means the pooling and servicing agreement governing the servicing of the Springfield Town Center Whole Loan.

"<u>Benchmark 2025-V17 PSA</u>" means the pooling and servicing agreement governing the servicing of the Pacifica Hotel Portfolio (4-Pack) Whole Loan.

"<u>COMM 2025-180W TSA</u>" means the trust and servicing agreement governing the servicing of the 180 Water Whole Loan.

"<u>Control Note</u>" means, with respect to any Whole Loan, the "Controlling Note" or other similar term or concept specified in the related Co-Lender Agreement. As of the Closing Date, the Control Note with respect to each Whole Loan will be the promissory note(s) listed as the "Control Note" in the column "Control Note/Non-Control Note" in the table below titled "Whole Loan Control Notes and Non-Control Notes".

"<u>Controlling Companion Loan</u>" means, with respect to any Servicing Shift Whole Loan, the related Pari Passu Companion Loan related to which, upon the securitization of such Pari Passu Companion Loan, servicing is expected to shift to the related Servicing Shift PSA entered into in connection with such securitization. GSMC is currently the holder of the "Controlling Companion Loan" with respect to the ESA Portfolio Whole Loan. CREFI is currently the holder of the "Controlling Companion Loan" with respect to the 80-02 Kew Gardens Whole Loan. GSMC is currently the holder of the "Controlling Companion Loan" with respect to the 161 Washington Street Whole Loan. GSMC is currently the holder of the "Controlling Companion Loan" with respect to the CFS Industrial HQ Whole Loan.

"<u>Controlling Holder</u>" means, with respect to any Whole Loan, the holder of the related Control Note. As of the Closing Date, the Controlling Holder with respect to each Whole Loan will be the holder listed next to the related Control Note in the column "Note Holder" in the table below titled "Whole Loan Control Notes and Non-Control Notes".

"<u>Non-Control Note</u>" means, with respect to any Whole Loan, any "Non-Controlling Note" or other similar term or concept specified in the related Co-Lender Agreement. As of the Closing Date, the Non-Control Notes with respect to each Whole Loan will be the promissory notes listed as the "Non-Control Notes" in the column "Control Note/Non-Control Note" in the table below titled "Whole Loan Control Notes and Non-Control Notes".

"<u>Non-Controlling Holder</u>" means, with respect to any Whole Loan, the holder of a Non-Control Note. As of the Closing Date, the Non-Controlling Holders with respect to each Whole Loan will be the holders listed next to the related Non-Control Notes in the column "Note Holder" in the table below titled "Whole Loan Control Notes and Non-Control Notes".

"<u>Non-Serviced AB Whole Loan</u>" means the 180 Water Whole Loan.

"<u>Non-Serviced Certificate Administrator</u>" means, with respect to any Non-Serviced Whole Loan, the certificate administrator under the related Non-Serviced PSA.

"<u>Non-Serviced Co-Lender Agreement</u>" means, with respect to any Non-Serviced Whole Loan, the related Co-Lender Agreement.

"<u>Non-Serviced Companion Loan</u>" means each of the Companion Loans identified as "Non-Serviced" under the column titled "Mortgage Loan Type" in the table titled "Whole Loan Control Notes and Non-Control Notes" below.

"<u>Non-Serviced Custodian</u>" means with respect to any Non-Serviced Whole Loan, the custodian (or its equivalent) under the related Non-Serviced PSA.

"<u>Non-Serviced Directing Holder</u>" means, with respect to any Non-Serviced Whole Loan, the directing holder (or its equivalent) under the related Non-Serviced PSA.

"<u>Non-Serviced Master Servicer</u>" means, with respect to any Non-Serviced Whole Loan, the master servicer under the related Non-Serviced PSA.

"<u>Non-Serviced Mortgage Loan</u>" means each of the Mortgage Loans identified as "Non-Serviced" under the column titled "Mortgage Loan Type" in the table titled "Whole Loan Control Notes and Non-Control Notes" below and, after the applicable Servicing Shift Securitization Date, the related Servicing Shift Mortgage Loan.

"<u>Non-Serviced Pari Passu Companion Loan</u>" means each of the Companion Loans identified as "Non-Serviced" (or "Servicing Shift" after the related Servicing Shift Securitization Date) under the column titled "Mortgage Loan Type" that is *pari passu* in right of payment with the related Mortgage Loan in the table titled "Whole Loan Control Notes and Non-Control Notes" below.

"<u>Non-Serviced Pari Passu Whole Loan</u>" means each of the Whole Loans identified as "Non-Serviced" under the column titled "Mortgage Loan Type" with one or more Non-Serviced Pari Passu Companion Loans and no Subordinate Companion Loans in the table titled "Whole Loan Control Notes and Non-Control Notes" below and, after the applicable Servicing Shift Securitization Date, the related Servicing Shift Whole Loan.

"<u>Non-Serviced PSA</u>" means each of the pooling and servicing agreements or trust and servicing agreements, as applicable, identified under the column titled "Non-Serviced PSA/TSA" in the table titled "Whole Loan Control Notes and Non-Control Notes" below.

"<u>Non-Serviced Securitization Trust</u>" means a securitization trust that is created and governed by a Non-Serviced PSA.

"<u>Non-Serviced Special Servicer</u>" means, with respect to any Non-Serviced Whole Loan, the special servicer under the related Non-Serviced PSA.

"<u>Non-Serviced Trustee</u>" means, with respect to any Non-Serviced Whole Loan, the trustee under the related Non-Serviced PSA.

"<u>Non-Serviced Whole Loan</u>" means each of the Non-Serviced Pari Passu Whole Loans, the Non-Serviced AB Whole Loan and, after the related Servicing Shift Securitization Date, the related Servicing Shift Whole Loans.

"<u>Serviced Companion Loan</u>" means each of the Serviced Pari Passu Companion Loans.

"<u>Serviced Mortgage Loan</u>" means each of the Mortgage Loans identified as "Serviced" under the column titled "Mortgage Loan Type" in the table titled "Whole Loan Control Notes and Non-Control Notes" below and, prior to the related Servicing Shift Securitization Date, the related Servicing Shift Mortgage Loan.

"<u>Serviced Pari Passu Companion Loan</u>" means each of the Companion Loans identified as "Serviced" (or "Servicing Shift" prior to the related Servicing Shift Securitization Date) under the column titled "Mortgage Loan Type" that is *pari passu* in right of payment with the related Mortgage Loan in the table titled "Whole Loan Control Notes and Non-Control Notes" below.

"<u>Serviced Pari Passu Mortgage Loan</u>" means each Mortgage Loan related to a Serviced Pari Passu Whole Loan.

"<u>Serviced Pari Passu Whole Loan</u>" means each of the Whole Loans identified as "Serviced" under the column titled "Mortgage Loan Type" with one or more Serviced Pari Passu Companion Loans in the table titled "Whole Loan Control Notes and Non-Control Notes" below and, prior to the related Servicing Shift Securitization Date, the related Servicing Shift Whole Loan.

"<u>Serviced Whole Loan</u>" means each of the Whole Loans identified as "Serviced" under the column titled "Mortgage Loan Type" in the table titled "Whole Loan Control Notes and Non-Control Notes" below and, prior to the related Servicing Shift Securitization Date, the related Servicing Shift Whole Loan.

"<u>Servicing Shift Mortgage Loan</u>" means each of the Mortgage Loans identified as "Servicing Shift" under the column titled "Mortgage Loan Type" in the table titled "Whole Loan Control Notes and Non-Control Notes" below.

"<u>Servicing Shift PSA</u>" means, with respect to each Servicing Shift Whole Loan, the pooling and servicing agreement governing the servicing of such Servicing Shift Whole Loan following the related Servicing Shift Securitization Date.

"<u>Servicing Shift Securitization Date</u>" means, with respect to each Servicing Shift Whole Loan, the closing date of the securitization of the related Controlling Companion Loan.

"<u>Servicing Shift Whole Loan</u>" means each of the Whole Loans identified as "Servicing Shift" under the column titled "Mortgage Loan Type" in the table titled "Whole Loan Control Notes and Non-Control Notes" below.

"<u>Subordinate Companion Loan</u>" means with respect to any AB Whole Loan, any related subordinated note not included in the issuing entity, which is generally subordinated in right of payment to the related Mortgage Loan to the extent set forth in the related Co-Lender Agreement.

"<u>Whole Loan</u>" means each of the 9911 Belward Whole Loan, the 180 Water Whole Loan, the 1010 Pacific Street Whole Loan, the Yosemite Hospitality Portfolio Whole Loan, the ESA Portfolio Whole Loan, the 80-02 Kew Gardens Whole Loan, the Springfield Town Center Whole Loan, the 161 Washington Street Whole Loan, the Pacifica Hotel Portfolio (4-Pack) Whole Loan and the CFS Industrial HQ Whole Loan, as the context may require and as applicable.

The table below provides certain information with respect to each Mortgage Loan that has a corresponding Companion Loan:

**Whole Loan Summary**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Mortgage Loan Name** | **Mortgage Loan Cut-off Date Balance** | **% of Initial Pool Balance** | **Aggregate Pari Passu Companion Loan Cut-off Date Balance** | **Aggregate Subordinate Companion Loan Cut-off Date Balance** | **Mortgage Loan Cut-off Date LTV Ratio<sup>(1)(2)</sup>** | **Whole Loan Cut-off Date LTV Ratio<sup>(1)(3)</sup>** | **Mortgage Loan Underwritten NCF DSCR<sup>(2)</sup>** | **Whole Loan Underwritten NCF DSCR<sup>(3)</sup>** |
| &nbsp;&nbsp;9911 Belward | $80000000 | 6.1% | &nbsp;&nbsp;&nbsp;&nbsp;$48740000 | NAP | 40.6% | 40.6% | 3.41x | 3.41x |
| &nbsp;&nbsp;180 Water | $60000000 | 4.6% | &nbsp;&nbsp;&nbsp;&nbsp;$88000000 | $132000000 | 39.2% | 74.1% | 2.50x | 1.12x |
| &nbsp;&nbsp;1010 Pacific Street | $54500000 | 4.1% | &nbsp;&nbsp;&nbsp;&nbsp;$30000000 | NAP | 68.7% | 68.7% | 1.32x | 1.32x |
| &nbsp;&nbsp;Yosemite Hospitality Portfolio | $31650000 | 2.4% | &nbsp;&nbsp;&nbsp;&nbsp;$63350000 | NAP | 62.7% | 62.7% | 1.80x | 1.80x |
| &nbsp;&nbsp;ESA Portfolio | $30000000 | 2.3% | &nbsp;&nbsp;&nbsp;&nbsp;$60160000 | NAP | 64.0% | 64.0% | 1.68x | 1.68x |
| &nbsp;&nbsp;80-02 Kew Gardens | $30000000 | 2.3% | &nbsp;&nbsp;&nbsp;&nbsp;$40000000 | NAP | 60.9% | 60.9% | 1.58x | 1.58x |
| &nbsp;&nbsp;Springfield Town Center | $25000000 | 1.9% | $125000000 | NAP | 54.6% | 54.6% | 1.86x | 1.86x |
| &nbsp;&nbsp;161 Washington Street | $22500000 | 1.7% | &nbsp;&nbsp;&nbsp;&nbsp;$31520000 | NAP | 69.3% | 69.3% | 2.13x | 2.13x |
| &nbsp;&nbsp;Pacifica Hotel Portfolio (4-Pack) | $11420000 | 0.9% | &nbsp;&nbsp;&nbsp;&nbsp;$60000000 | NAP | 57.2% | 57.2% | 1.76x | 1.76x |
| &nbsp;&nbsp;CFS Industrial HQ | $10000000 | 0.8% | &nbsp;&nbsp;&nbsp;&nbsp;$42800000 | NAP | 70.5% | 70.5% | 1.57x | 1.57x |

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(1) With respect to certain of the Mortgage Loans identified above, the Cut-off Date LTV Ratios have been calculated using "as-stabilized",
"portfolio premium" or similar hypothetical values, as described under the definition of "Appraised Value" set
forth under "*Description of the Mortgage Pool—Certain Calculations and Definitions* ".

(2) Calculated including the related Pari Passu Companion Loan(s) but excluding the related Subordinate Companion Loan(s), any related
mezzanine loan(s) and any other subordinate indebtedness.

(3) Calculated including the related Pari Passu Companion Loan(s) and the related Subordinate Companion Loan(s) but excluding any related
mezzanine loan(s) and any other subordinate indebtedness.

**Whole Loan Control Notes and Non-Control Notes**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan** | &nbsp;&nbsp;**Mortgage Loan Type** | &nbsp;&nbsp;**Non-Serviced PSA/TSA<sup>(1)</sup>** | &nbsp;&nbsp;**Note Name** | &nbsp;&nbsp;**Control Note / Non-Control Note** | &nbsp;&nbsp;**Note Type** | &nbsp;&nbsp;**Note Cut-off Date Balance** | &nbsp;&nbsp;**Note Holder** |
| &nbsp;&nbsp;9911 Belward | &nbsp;&nbsp;Serviced | &nbsp;&nbsp;NAP | &nbsp;&nbsp;A-1 | &nbsp;&nbsp;Control Note | &nbsp;&nbsp;Pari Passu | &nbsp;&nbsp;$55000000 | &nbsp;&nbsp;Benchmark 2025-V18 |
| &nbsp;&nbsp;9911 Belward | &nbsp;&nbsp;Serviced | &nbsp;&nbsp;NAP | &nbsp;&nbsp;A-2 | &nbsp;&nbsp;Non-Control Note | &nbsp;&nbsp;Pari Passu | &nbsp;&nbsp;$16500000 | &nbsp;&nbsp;GACC |
| &nbsp;&nbsp;9911 Belward | &nbsp;&nbsp;Serviced | &nbsp;&nbsp;NAP | &nbsp;&nbsp;A-3 | &nbsp;&nbsp;Non-Control Note | &nbsp;&nbsp;Pari Passu | &nbsp;&nbsp;$17240000 | &nbsp;&nbsp;GACC |
| &nbsp;&nbsp;9911 Belward | &nbsp;&nbsp;Serviced | &nbsp;&nbsp;NAP | &nbsp;&nbsp;A-4 | &nbsp;&nbsp;Non-Control Note | &nbsp;&nbsp;Pari Passu | &nbsp;&nbsp;$25000000 | &nbsp;&nbsp;Benchmark 2025-V18 |
| &nbsp;&nbsp;9911 Belward | &nbsp;&nbsp;Serviced | &nbsp;&nbsp;NAP | &nbsp;&nbsp;A-5 | &nbsp;&nbsp;Non-Control Note | &nbsp;&nbsp;Pari Passu | &nbsp;&nbsp;$7500000 | &nbsp;&nbsp;Barclays (or an affiliate) |
| &nbsp;&nbsp;9911 Belward | &nbsp;&nbsp;Serviced | &nbsp;&nbsp;NAP | &nbsp;&nbsp;A-6 | &nbsp;&nbsp;Non-Control Note | &nbsp;&nbsp;Pari Passu | &nbsp;&nbsp;$7500000 | &nbsp;&nbsp;Barclays (or an affiliate) |
| &nbsp;&nbsp;180 Water | &nbsp;&nbsp;Non-Serviced | &nbsp;&nbsp;COMM 2025-180W | &nbsp;&nbsp;A-1 | &nbsp;&nbsp;Control Note | &nbsp;&nbsp;Pari Passu | &nbsp;&nbsp;$1000000 | &nbsp;&nbsp;COMM 2025-180W |
| &nbsp;&nbsp;180 Water | &nbsp;&nbsp;Non-Serviced | &nbsp;&nbsp;COMM 2025-180W | &nbsp;&nbsp;A-2 | &nbsp;&nbsp;Non-Control Note | &nbsp;&nbsp;Pari Passu | &nbsp;&nbsp;$50000000 | &nbsp;&nbsp;Benchmark 2025-V17 |
| &nbsp;&nbsp;180 Water | &nbsp;&nbsp;Non-Serviced | &nbsp;&nbsp;COMM 2025-180W | &nbsp;&nbsp;A-3 | &nbsp;&nbsp;Non-Control Note | &nbsp;&nbsp;Pari Passu | &nbsp;&nbsp;$40000000 | &nbsp;&nbsp;Benchmark 2025-V18 |
| &nbsp;&nbsp;180 Water | &nbsp;&nbsp;Non-Serviced | &nbsp;&nbsp;COMM 2025-180W | &nbsp;&nbsp;A-4 | &nbsp;&nbsp;Non-Control Note | &nbsp;&nbsp;Pari Passu | &nbsp;&nbsp;$20000000 | &nbsp;&nbsp;Benchmark 2025-V18 |
| &nbsp;&nbsp;180 Water | &nbsp;&nbsp;Non-Serviced | &nbsp;&nbsp;COMM 2025-180W | &nbsp;&nbsp;A-5 | &nbsp;&nbsp;Non-Control Note | &nbsp;&nbsp;Pari Passu | &nbsp;&nbsp;$15000000 | &nbsp;&nbsp;BMO 2025-5C12 |
| &nbsp;&nbsp;180 Water | &nbsp;&nbsp;Non-Serviced | &nbsp;&nbsp;COMM 2025-180W | &nbsp;&nbsp;A-6 | &nbsp;&nbsp;Non-Control Note | &nbsp;&nbsp;Pari Passu | &nbsp;&nbsp;$12000000 | &nbsp;&nbsp;BMO 2025-5C12 |
| &nbsp;&nbsp;180 Water | &nbsp;&nbsp;Non-Serviced | &nbsp;&nbsp;COMM 2025-180W | &nbsp;&nbsp;A-7 | &nbsp;&nbsp;Non-Control Note | &nbsp;&nbsp;Pari Passu | &nbsp;&nbsp;$10000000 | &nbsp;&nbsp;Benchmark 2025-V17 |
| &nbsp;&nbsp;180 Water | &nbsp;&nbsp;Non-Serviced | &nbsp;&nbsp;COMM 2025-180W | &nbsp;&nbsp;B | &nbsp;&nbsp;Control Note | &nbsp;&nbsp;Subordinate | &nbsp;&nbsp;$132000000 | &nbsp;&nbsp;COMM 2025-180W |
| &nbsp;&nbsp;1010 Pacific Street | &nbsp;&nbsp;Serviced | &nbsp;&nbsp;NAP | &nbsp;&nbsp;A-1 | &nbsp;&nbsp;Control Note | &nbsp;&nbsp;Pari Passu | &nbsp;&nbsp;$54500000 | &nbsp;&nbsp;Benchmark 2025-V18 |
| &nbsp;&nbsp;1010 Pacific Street | &nbsp;&nbsp;Serviced | &nbsp;&nbsp;NAP | &nbsp;&nbsp;A-2 | &nbsp;&nbsp;Non-Control Note | &nbsp;&nbsp;Pari Passu | &nbsp;&nbsp;$30000000 | &nbsp;&nbsp;Morgan Stanley Bank, N.A. |
| &nbsp;&nbsp;Yosemite Hospitality Portfolio | &nbsp;&nbsp;Non-Serviced | &nbsp;&nbsp;BANK5 2025-5YR17<sup>(2)</sup> | &nbsp;&nbsp;A-1 | &nbsp;&nbsp;Control Note | &nbsp;&nbsp;Pari Passu | &nbsp;&nbsp;$63350000 | &nbsp;&nbsp;BANK5 2025-5YR17<sup>(2)</sup> |
| &nbsp;&nbsp;Yosemite Hospitality Portfolio | &nbsp;&nbsp;Non-Serviced | &nbsp;&nbsp;BANK5 2025-5YR17<sup>(2)</sup> | &nbsp;&nbsp;A-2 | &nbsp;&nbsp;Non-Control Note | &nbsp;&nbsp;Pari Passu | &nbsp;&nbsp;$31650000 | &nbsp;&nbsp;Benchmark 2025-V18 |
| &nbsp;&nbsp;ESA Portfolio | &nbsp;&nbsp;Servicing Shift | &nbsp;&nbsp;NAP<sup>(3)</sup> | &nbsp;&nbsp;A-1 | &nbsp;&nbsp;Control Note | &nbsp;&nbsp;Pari Passu | &nbsp;&nbsp;$60160000 | &nbsp;&nbsp;GS Bank |
| &nbsp;&nbsp;ESA Portfolio | &nbsp;&nbsp;Servicing Shift | &nbsp;&nbsp;NAP<sup>(3)</sup> | &nbsp;&nbsp;A-2 | &nbsp;&nbsp;Non-Control Note | &nbsp;&nbsp;Pari Passu | &nbsp;&nbsp;$30000000 | &nbsp;&nbsp;Benchmark 2025-V18 |
| &nbsp;&nbsp;80-02 Kew Gardens | &nbsp;&nbsp;Servicing Shift | &nbsp;&nbsp;NAP<sup>(3)</sup> | &nbsp;&nbsp;A-1 | &nbsp;&nbsp;Control Note | &nbsp;&nbsp;Pari Passu | &nbsp;&nbsp;$40000000 | &nbsp;&nbsp;CREFI |
| &nbsp;&nbsp;80-02 Kew Gardens | &nbsp;&nbsp;Servicing Shift | &nbsp;&nbsp;NAP<sup>(3)</sup> | &nbsp;&nbsp;A-2 | &nbsp;&nbsp;Non-Control Note | &nbsp;&nbsp;Pari Passu | &nbsp;&nbsp;$30000000 | &nbsp;&nbsp;Benchmark 2025-V18 |
| &nbsp;&nbsp;Springfield Town Center | &nbsp;&nbsp;Non-Serviced | &nbsp;&nbsp;BBCMS 2025-5C37 | &nbsp;&nbsp;A-1-1 | &nbsp;&nbsp;Control Note | &nbsp;&nbsp;Pari Passu | &nbsp;&nbsp;$27600000 | &nbsp;&nbsp;BBCMS 2025-5C37 |
| &nbsp;&nbsp;Springfield Town Center | &nbsp;&nbsp;Non-Serviced | &nbsp;&nbsp;BBCMS 2025-5C37 | &nbsp;&nbsp;A-1-2 | &nbsp;&nbsp;Non-Control Note | &nbsp;&nbsp;Pari Passu | &nbsp;&nbsp;$30000000 | &nbsp;&nbsp;Benchmark 2025-V17 |
| &nbsp;&nbsp;Springfield Town Center | &nbsp;&nbsp;Non-Serviced | &nbsp;&nbsp;BBCMS 2025-5C37 | &nbsp;&nbsp;A-1-3-a | &nbsp;&nbsp;Non-Control Note | &nbsp;&nbsp;Pari Passu | &nbsp;&nbsp;$17400000 | &nbsp;&nbsp;GS Bank |
| &nbsp;&nbsp;Springfield Town Center | &nbsp;&nbsp;Non-Serviced | &nbsp;&nbsp;BBCMS 2025-5C37 | &nbsp;&nbsp;A-1-3-b | &nbsp;&nbsp;Non-Control Note | &nbsp;&nbsp;Pari Passu | &nbsp;&nbsp;$15000000 | &nbsp;&nbsp;Benchmark 2025-V18 |
| &nbsp;&nbsp;Springfield Town Center | &nbsp;&nbsp;Non-Serviced | &nbsp;&nbsp;BBCMS 2025-5C37 | &nbsp;&nbsp;A-2-1 | &nbsp;&nbsp;Non-Control Note | &nbsp;&nbsp;Pari Passu | &nbsp;&nbsp;$18400000 | &nbsp;&nbsp;BBCMS 2025-5C37 |
| &nbsp;&nbsp;Springfield Town Center | &nbsp;&nbsp;Non-Serviced | &nbsp;&nbsp;BBCMS 2025-5C37 | &nbsp;&nbsp;A-2-2 | &nbsp;&nbsp;Non-Control Note | &nbsp;&nbsp;Pari Passu | &nbsp;&nbsp;$16000000 | &nbsp;&nbsp;Benchmark 2025-V17 |
| &nbsp;&nbsp;Springfield Town Center | &nbsp;&nbsp;Non-Serviced | &nbsp;&nbsp;BBCMS 2025-5C37 | &nbsp;&nbsp;A-2-3 | &nbsp;&nbsp;Non-Control Note | &nbsp;&nbsp;Pari Passu | &nbsp;&nbsp;$11600000 | &nbsp;&nbsp;Barclays (or an affiliate) |
| &nbsp;&nbsp;Springfield Town Center | &nbsp;&nbsp;Non-Serviced | &nbsp;&nbsp;BBCMS 2025-5C37 | &nbsp;&nbsp;A-2-4 | &nbsp;&nbsp;Non-Control Note | &nbsp;&nbsp;Pari Passu | &nbsp;&nbsp;$4000000 | &nbsp;&nbsp;Benchmark 2025-V17 |
| &nbsp;&nbsp;Springfield Town Center | &nbsp;&nbsp;Non-Serviced | &nbsp;&nbsp;BBCMS 2025-5C37 | &nbsp;&nbsp;A-2-5 | &nbsp;&nbsp;Non-Control Note | &nbsp;&nbsp;Pari Passu | &nbsp;&nbsp;$10000000 | &nbsp;&nbsp;Benchmark 2025-V18 |
| &nbsp;&nbsp;161 Washington Street | &nbsp;&nbsp;Servicing Shift | &nbsp;&nbsp;NAP<sup>(3)</sup> | &nbsp;&nbsp;A-1 | &nbsp;&nbsp;Control Note | &nbsp;&nbsp;Pari Passu | &nbsp;&nbsp;$31520000 | &nbsp;&nbsp;GS Bank |
| &nbsp;&nbsp;161 Washington Street | &nbsp;&nbsp;Servicing Shift | &nbsp;&nbsp;NAP<sup>(3)</sup> | &nbsp;&nbsp;A-2 | &nbsp;&nbsp;Non-Control Note | &nbsp;&nbsp;Pari Passu | &nbsp;&nbsp;$22500000 | &nbsp;&nbsp;Benchmark 2025-V18 |
| &nbsp;&nbsp;Pacifica Hotel Portfolio (4-Pack) | &nbsp;&nbsp;Non-Serviced | &nbsp;&nbsp;Benchmark 2025-V17 | &nbsp;&nbsp;A-1 | &nbsp;&nbsp;Control Note | &nbsp;&nbsp;Pari Passu | &nbsp;&nbsp;$60000000 | &nbsp;&nbsp;Benchmark 2025-V17 |
| &nbsp;&nbsp;Pacifica Hotel Portfolio (4-Pack) | &nbsp;&nbsp;Non-Serviced | &nbsp;&nbsp;Benchmark 2025-V17 | &nbsp;&nbsp;A-2 | &nbsp;&nbsp;Non-Control Note | &nbsp;&nbsp;Pari Passu | &nbsp;&nbsp;$11420000 | &nbsp;&nbsp;Benchmark 2025-V18 |
| &nbsp;&nbsp;CFS Industrial HQ | &nbsp;&nbsp;Servicing Shift | &nbsp;&nbsp;NAP<sup>(3)</sup> | &nbsp;&nbsp;A-1 | &nbsp;&nbsp;Control Note | &nbsp;&nbsp;Pari Passu | &nbsp;&nbsp;$42800000 | &nbsp;&nbsp;GS Bank |
| &nbsp;&nbsp;CFS Industrial HQ | &nbsp;&nbsp;Servicing Shift | &nbsp;&nbsp;NAP<sup>(3)</sup> | &nbsp;&nbsp;A-2 | &nbsp;&nbsp;Non-Control Note | &nbsp;&nbsp;Pari Passu | &nbsp;&nbsp;$10000000 | &nbsp;&nbsp;Benchmark 2025-V18 |

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(1) The identification of a "Non-Serviced PSA/TSA" above indicates that we have identified a securitization trust that has
closed or priced or as to which a preliminary prospectus or final prospectus, or preliminary offering circular or final offering circular,
as applicable, has printed, or otherwise based on publicly available information, and that has included, or is expected to include, the
related controlling note for such whole loan.

(2) The BANK 2025-5YR17 securitization is expected to close on October 17, 2025.

(3) From and after the related Servicing Shift Securitization Date, each of the ESA Portfolio Mortgage Loan, the 80-02 Kew Gardens Mortgage
Loan, the 161 Washington Street Mortgage Loan and the CFS Industrial HQ Mortgage Loan will be serviced pursuant to the Servicing Shift
PSA entered into in connection with the securitization of the related Controlling Companion Loan.

**The Serviced Pari Passu Whole Loans**

The Serviced Pari Passu Whole Loans will be serviced pursuant to the PSA in accordance with the terms of the PSA and the related Co-Lender Agreement. None of the master servicer, the special servicer or the trustee will be required to make a monthly payment advance on any Serviced Pari Passu Companion Loan, but the master servicer or the trustee, as applicable, will be required to (and the special servicer, at its option in emergency situations, may) make Property Protection Advances in respect of the Serviced Pari Passu Whole Loans unless such advancing party (or, even if it is not the advancing party, the special servicer) determines that such a Property Protection Advance would be a Nonrecoverable Advance.

Each Servicing Shift Whole Loan will be serviced pursuant to the PSA (and, accordingly, will be a Serviced Pari Passu Whole Loan) prior to the related Servicing Shift Securitization Date, after which such Whole Loan will be serviced pursuant to the related Non-Serviced PSA (and, accordingly, will be a Non-Serviced Pari Passu Whole Loan). With respect to each Servicing Shift Whole Loan, the discussion under this section only applies to the period prior to the related Servicing Shift Securitization Date.

<u>Co-Lender Agreement</u>

The Co-Lender Agreement related to each Serviced Pari Passu Whole Loan provides that:

● The promissory notes comprising such Serviced Pari Passu Whole Loan (and consequently, the related Serviced Mortgage Loan and each related Serviced Pari Passu Companion Loan) are of equal priority with each other and none of such promissory notes (or mortgage loans) will have priority or preference over any other such promissory note (or mortgage loan).

● All payments, proceeds and other recoveries on the Serviced Pari Passu Whole Loan will be applied to the promissory notes comprising such Serviced Pari Passu Whole Loan on a *pro rata* and *pari passu* basis (subject, in each case, to (a) the allocation of certain amounts to escrows and reserves, certain repairs or restorations or payments to the applicable borrower required by the Mortgage Loan documents and (b) certain payment and reimbursement rights of the parties to the PSA, in accordance with the terms of the PSA).

● The transfer of up to 49% of the beneficial interest of a promissory note comprising the Serviced Pari Passu Whole Loan is generally permitted. The transfer of more than 49% of the beneficial interest of any such promissory note is generally prohibited unless (i) the transferee is a large institutional lender or investment fund (other than, without the consent of the non-transferring noteholder or a rating agency, as applicable, a related borrower or an affiliate thereof) that satisfies minimum net worth and/or experience requirements or certain securitization vehicles that satisfy certain ratings and other requirements or (ii)(a) each non-transferring holder has consented to such transfer (which consent may not be unreasonably withheld), and (b) if any such non-transferring holder's interest in the related Serviced Pari Passu Whole Loan is held in a securitization, a rating agency communication is provided to each applicable rating agency (or, in certain cases, a rating agency confirmation is obtained from each applicable rating agency). The foregoing restrictions do not apply to a sale of the related Serviced Mortgage Loan together with the related Serviced Pari Passu Companion Loans in accordance with the terms of the PSA.

With respect to each Serviced Pari Passu Whole Loan, certain costs, fees and expenses (such as a *pro rata* share of a Property Protection Advance) allocable to a related Serviced Pari Passu Companion Loan may be paid or reimbursed out of payments and other collections on the Mortgage Pool, subject to the issuing entity's right to reimbursement from future payments and other collections on such Serviced Pari Passu Companion Loan or from general collections with respect to any securitization of such Serviced Pari Passu Companion Loan.

<u>Control Rights with respect to Serviced Pari Passu Whole Loans Other than the Servicing Shift Whole Loans</u>

With respect to any Serviced Pari Passu Whole Loan (other than the Servicing Shift Whole Loans), the related Control Note will be included in the issuing entity, and the Directing Holder will have certain consent rights (if no Control Termination Event is continuing) and consultation rights (during a Control Termination Event, but while no Consultation Termination Event is continuing) with respect to such Whole Loan as described under "*Pooling and Servicing Agreement—The Directing Holder*".

<u>Control Rights with respect to the Servicing Shift Whole Loans</u>

With respect to each Servicing Shift Whole Loan prior to the related Servicing Shift Securitization Date, the related Control Note will be held as of the Closing Date by the Controlling Holder listed in the table titled "Whole Loan Control Notes and Non-Control Notes" above under *"—General*". The related Controlling Holder will be entitled (i) to direct the servicing of such Whole Loan in a manner that is substantially similar to the rights of the Directing Holder appointed by the Controlling Class pursuant to the PSA, (ii) to consent to certain servicing decisions in respect of such Whole Loan and actions set forth in a related asset status report and (iii) to replace the special servicer with respect to such Whole Loan with or without cause; *provided* that with respect to the related Servicing Shift Whole Loan, in general,

neither the related borrower nor an affiliate thereof will be entitled to exercise the rights of such "Controlling Holder" under the related Co-Lender Agreement.

<u>Certain Rights of each Non-Controlling Holder</u>

With respect to each Serviced Pari Passu Whole Loan, the holder of any related Non-Control Note (or if such Non-Control Note has been securitized, the directing holder (or equivalent party) with respect to such securitization or other designated party under the related pooling and servicing agreement) will be entitled to certain consent and consultation rights described below; *provided* that if such party or its representative is (or is an affiliate of) the related borrower or if all or a specified portion of the subject Non-Control Note is held by the borrower or an affiliate thereof, such party will not be entitled to exercise the right of a Non-Controlling Holder, and/or there will be deemed to be no such Non-Controlling Holder under the related Co-Lender Agreement with respect to such Non-Control Note. With respect to each Servicing Shift Whole Loan, a related Non-Control Note will be included in the issuing entity, and, prior to the related Servicing Shift Securitization Date, pursuant to the PSA, the Controlling Class Representative appointed by the Controlling Class, prior to the occurrence and continuance of a Consultation Termination Event, or the special servicer (consistent with the Servicing Standard), following the occurrence and during the continuance of a Consultation Termination Event, will be entitled to exercise the consultation rights, if any, of the Non-Controlling Holder under the related Co-Lender Agreement.

The master servicer or the special servicer, as the case may be, will be required to (i) provide each Non-Controlling Holder or its representative copies of any notice, information and report that it is required to provide to the Directing Holder with respect to the implementation of any recommended actions outlined in an Asset Status Report relating to such Serviced Pari Passu Whole Loan or any proposed action to be taken in respect of a Major Decision with respect to such Serviced Pari Passu Whole Loan (for this purpose, without regard to whether such items are actually required to be provided to the Directing Holder due to the occurrence of a Control Termination Event or Consultation Termination Event) and (ii) use reasonable efforts to consult each Non-Controlling Holder or its representative on a strictly non-binding basis (to the extent such party requests consultation after having received the aforementioned notices, information and reports) with respect to any such recommended actions outlined in an Asset Status Report by the special servicer or any proposed action to be taken by the special servicer in respect of such Serviced Pari Passu Whole Loan that constitutes a Major Decision, and consider on a non-binding basis alternative actions recommended by such Non-Controlling Holder.

Such consultation right will generally expire in a specified period (generally five or ten business days) (or, in certain cases, with respect to an "acceptable insurance default", 30 days) after the delivery to such Non-Controlling Holder of written notice of a proposed action (together with copies of the notices, information and reports required to be delivered thereto) (unless the special servicer proposes a new course of action that is materially different from the action previously proposed, in which case such specified period (generally five or ten business days) will be deemed to begin anew). In no event will the special servicer be obligated to follow or take any alternative actions recommended by any Non-Controlling Holder (or its representative). In addition, if the special servicer determines that immediate action is necessary to protect the interests of the holders of the promissory notes comprising a Serviced Pari Passu Whole Loan, it may take, in accordance with the Servicing Standard, any action constituting a Major Decision with respect to such Serviced Pari Passu Whole Loan or any action set forth in any applicable Asset Status Report before the expiration of the aforementioned specified period (generally five or ten business days).

In addition to the aforementioned consultation right, each Non-Controlling Holder will have the right to attend annual meetings (which may be held telephonically) with the master servicer or special servicer, as applicable, upon reasonable notice and at times reasonably acceptable to the master servicer or special servicer, as applicable, in which servicing issues related to the related Serviced Pari Passu Whole Loan are discussed.

If a Servicer Termination Event has occurred with respect to the special servicer that affects a Non-Controlling Holder, such Non-Controlling Holder will have the right to direct the trustee to terminate the special servicer under the PSA solely with respect to the related Serviced Pari Passu Whole Loan, other

than with respect to any rights such special servicer may have as a Certificateholder, entitlements to amounts payable to such special servicer at the time of termination, entitlements to indemnification amounts and any other entitlements of the terminated party that survive the termination.

<u>Sale of Defaulted Mortgage Loan</u>

If any Serviced Pari Passu Whole Loan becomes a Defaulted Loan, and if the special servicer decides to sell the related Serviced Pari Passu Mortgage Loan, the special servicer will be required to sell such Serviced Pari Passu Mortgage Loan and each related Serviced Pari Passu Companion Loan together as interests evidencing one whole loan. Notwithstanding the foregoing, the special servicer will not be permitted to sell a Serviced Pari Passu Whole Loan without the consent of each Non-Controlling Holder (*provided* that such consent will not be required if the related Non-Controlling Holder is a borrower or an affiliate thereof) unless special servicer has delivered to such holder (a) at least 15 business days prior written notice of any decision to attempt to sell the related Serviced Pari Passu Whole Loan, (b) at least ten days prior to the proposed sale date, a copy of each bid package (together with any material amendments to such bid packages) received by the special servicer in connection with any such proposed sale, a copy of the most recent appraisal and certain other supplementary documents (if requested by such Non-Controlling Holder), and (c) until the sale is completed, and a reasonable period (but no less time than is afforded to other offerors and the Directing Holder) prior to the proposed sale date, all information and documents being provided to offerors or otherwise approved by the master servicer or special servicer in connection with the proposed sale.

**The Non-Serviced Pari Passu Whole Loans**

Each Non-Serviced Pari Passu Whole Loan will be serviced pursuant to the related Non-Serviced PSA in accordance with the terms of such Non-Serviced PSA and the related Co-Lender Agreement. No Non-Serviced Master Servicer, Non-Serviced Special Servicer or Non-Serviced Trustee will be required to make monthly payment advances on a Non-Serviced Mortgage Loan, but the related Non-Serviced Master Servicer or Non-Serviced Trustee, as applicable, will be required to (and the Non-Serviced Special Servicer, at its option in certain cases, may) make property protection advances (or equivalent term) in respect of the related Non-Serviced Pari Passu Whole Loan in accordance with the terms of the related Non-Serviced PSA unless such advancing party (or, in certain cases, the related Non-Serviced Special Servicer, even if it is not the advancing party) determines that such a property protection advance (or equivalent term) would be a nonrecoverable advance. Monthly payment advances on each Non-Serviced Mortgage Loan will be made by the master servicer or the trustee, as applicable, to the extent provided under the PSA. None of the master servicer, the special servicer or the trustee will be obligated to make property protection advances (or equivalent term) with respect to a Non-Serviced Pari Passu Whole Loan. See "*Pooling and Servicing Agreement—Servicing of the Non-Serviced Mortgage Loans*" for a description of the material servicing terms of the Non-Serviced PSAs.

With respect to each Servicing Shift Whole Loan, the discussion under this "*—The Non-Serviced Pari Passu Whole Loans*" section only applies to the period on or after the related Servicing Shift Securitization Date.

<u>Co-Lender Agreement</u>

The Co-Lender Agreement related to each Non-Serviced Pari Passu Whole Loan provides that:

● The promissory notes comprising such Non-Serviced Pari Passu Whole Loan (and consequently, the related Non-Serviced Mortgage Loan and each related Non-Serviced Pari Passu Companion Loan) are of equal priority with each other and none of such promissory notes (or mortgage loans) will have priority or preference over any other such promissory note (or mortgage loan).

● All payments, proceeds and other recoveries on the Non-Serviced Pari Passu Whole Loan will be applied to the promissory notes comprising such Non-Serviced Pari Passu Whole Loan on a *pro rata* and *pari passu* basis (subject, in each case, to (a) the allocation of certain

amounts to escrows and reserves, certain repairs or restorations or payments to the applicable borrower required by the Mortgage Loan documents and (b) certain payment and reimbursement rights of the parties to the related Non-Serviced PSA, in accordance with the terms of the related Non-Serviced PSA).

● The transfer of up to 49% of the beneficial interest of a promissory note comprising the Non-Serviced Pari Passu Whole Loan is generally permitted. The transfer of more than 49% of the beneficial interest of any such promissory note is generally prohibited unless (i) the transferee is a large institutional lender or investment fund (other than, without the consent of the non-transferring noteholder or a rating agency, as applicable, a related borrower or an affiliate thereof) that satisfies minimum net worth and/or experience requirements or certain securitization vehicles that satisfy certain ratings and other requirements or (ii)(a) each non-transferring holder has consented to such transfer (which consent may not be unreasonably withheld), and (b) if any such non-transferring holder's interest in the related Non-Serviced Pari Passu Whole Loan is held in a securitization, a rating agency communication is provided to each applicable rating agency (or, in certain cases, a rating agency confirmation is obtained from each applicable rating agency). The foregoing restrictions do not apply to a sale of the related Non-Serviced Mortgage Loan together with the related Non-Serviced Pari Passu Companion Loans in accordance with the terms of the related Non-Serviced PSA.

● Any losses, liabilities, claims, fees, costs and expenses incurred in connection with a Non-Serviced Pari Passu Whole Loan that are not otherwise paid out of collections on such Whole Loan may, to the extent allocable to the related Non-Serviced Mortgage Loan, be payable or reimbursable out of general collections on the mortgage pool for this securitization.

<u>Control Rights</u>

With respect to each Non-Serviced Pari Passu Whole Loan (other than any Servicing Shift Whole Loan on or after the related Servicing Shift Securitization Date), the related Control Note will be held as of the Closing Date by the Controlling Holder listed in the table titled "Whole Loan Control Notes and Non-Control Notes" above under "*—General*". The related Controlling Holder (or a designated representative) will be entitled to (i) direct the servicing of such Whole Loan in a manner that is substantially similar to the rights of the directing holder (or equivalent party) under the related Non-Serviced PSA, (ii) consent to certain servicing decisions in respect of such Whole Loan and actions set forth in a related asset status report and (iii) replace the special servicer with respect to such Whole Loan with or without cause; *provided* that with respect to each Non-Serviced Pari Passu Whole Loan, if such holder (or its designated representative) is (or is an affiliate of) the related borrower or if all or a specified portion of the subject Control Note is held by the borrower or an affiliate thereof, such party will not be entitled to exercise the rights of the "Controlling Holder", and/or there will be deemed to be no such "Controlling Holder" under the related Co-Lender Agreement.

<u>Certain Rights of each Non-Controlling Holder</u>

With respect to any Non-Serviced Pari Passu Whole Loan, the holder of any related Non-Control Note (or if such Non-Control Note has been securitized, the directing holder (or equivalent party)) with respect to such securitization (or other designated party under the related Non-Serviced PSA) will be entitled to certain consent and consultation rights described below; *provided* that if such party or its representative is (or is an affiliate of) the related borrower or if all or a specified portion of the subject Non-Control Note is held by the borrower or an affiliate thereof, such party will not be entitled to exercise the rights of a Non-Controlling Holder, and/or there will be deemed to be no "Non-Controlling Holder" with respect to such Non-Control Note under the related Co-Lender Agreement. With respect to each Non-Serviced Pari Passu Whole Loan (including each Servicing Shift Whole Loan on and after the related Servicing Shift Securitization Date), one or more related Non-Control Notes will be included in the issuing entity, and the Controlling Class Representative, if no Consultation Termination Event is continuing, or the special servicer (consistent with the Servicing Standard), following the occurrence and during the continuance of a Consultation Termination Event will be entitled to exercise the consultation rights described below.

With respect to any Non-Serviced Pari Passu Whole Loan, the related Non-Serviced Special Servicer or Non-Serviced Master Servicer, as applicable, pursuant to the related Co-Lender Agreement, will be required to (i) provide each Non-Controlling Holder or its representative copies of any notice, information and report that it is required to provide to the related Non-Serviced Directing Holder under the related Non-Serviced PSA with respect to the implementation of any recommended actions outlined in an asset status report relating to the related Non-Serviced Pari Passu Whole Loan or any proposed action to be taken in respect of a major decision under the related Non-Serviced PSA with respect to such Non-Serviced Pari Passu Whole Loan (for this purpose, without regard to whether such items are actually required to be provided to the related Non-Serviced Directing Holder due to the occurrence and continuance of a "control termination event" or a "consultation termination event" (or analogous concepts) under such Non-Serviced PSA) and (ii) consult (or to use reasonable efforts to consult) each Non-Controlling Holder or its representative on a strictly non-binding basis (to the extent such party requests consultation after having received the aforementioned notices, information and reports) with respect to any such recommended actions outlined in an asset status report by such Non-Serviced Special Servicer or Non-Serviced Master Servicer or any proposed action to be taken by such Non-Serviced Special Servicer or Non-Serviced Master Servicer, as applicable, in respect of the applicable major decision.

Such consultation right will generally expire five or ten business days (or, in certain cases, with respect to an "acceptable insurance default", 30 days) after the delivery to such Non-Controlling Holder of written notice of a proposed action (together with copies of the notices, information and reports required to be delivered thereto), whether or not such Non-Controlling Holder has responded within such period (unless the related Non-Serviced Special Servicer or Non-Serviced Master Servicer, as applicable, proposes a new course of action that is materially different from the action previously proposed, in which case such five or ten business day (or 30-day) period will be deemed to begin anew). In no event will the related Non-Serviced Special Servicer or Non-Serviced Master Servicer, as applicable, be obligated to follow or take any alternative actions recommended by any Non-Controlling Holder (or its representative).

If the related Non-Serviced Special Servicer or Non-Serviced Master Servicer, as applicable, determines that immediate action is necessary to protect the interests of the holders of the promissory notes comprising a Non-Serviced Pari Passu Whole Loan, it may take, in accordance with the servicing standard under the related Non-Serviced PSA, any action constituting a major decision with respect to such Non-Serviced Pari Passu Whole Loan or any action set forth in any applicable asset status report before the expiration of the aforementioned ten business day period.

In addition to the aforementioned consultation right, each Non-Controlling Holder will have the right to annual meetings (which may be held telephonically) with the related Non-Serviced Master Servicer or the related Non-Serviced Special Servicer, as applicable, upon reasonable notice and at times reasonably acceptable to such Non-Serviced Master Servicer or Non-Serviced Special Servicer, as applicable, in which servicing issues related to the related Non-Serviced Pari Passu Whole Loan are discussed.

If a special servicer termination event (or analogous term) under the related Non-Serviced PSA has occurred that affects a Non-Controlling Holder, such Non-Controlling Holder will have the right to direct the related Non-Serviced Trustee to terminate the related Non-Serviced Special Servicer under such Non-Serviced PSA solely with respect to the related Non-Serviced Pari Passu Whole Loan, other than with respect to any rights such Non-Serviced Special Servicer may have as a certificateholder under such Non-Serviced PSA, entitlements to amounts payable to such Non-Serviced Special Servicer at the time of termination, entitlements to indemnification amounts and any other entitlements of the terminated party that survive the termination.

<u>Custody of the Mortgage File</u>

The related Non-Serviced Custodian is expected to be the custodian of the mortgage file with respect to each Non-Serviced Pari Passu Whole Loan (other than any promissory notes not contributed to the related Non-Serviced Securitization Trust).

<u>Sale of Defaulted Mortgage Loan</u>

If any Non-Serviced Whole Loan becomes a defaulted mortgage loan, and if the related Non-Serviced Special Servicer decides to sell the related Control Note contributed to the related Non-Serviced Securitization Trust, such Non-Serviced Special Servicer will be required to sell the related Non-Serviced Mortgage Loan and each Non-Serviced Pari Passu Companion Loan together as interests evidencing one whole loan. Notwithstanding the foregoing, the related Non-Serviced Special Servicer will not be permitted to sell a Non-Serviced Pari Passu Whole Loan without the consent of each Non-Controlling Holder (or its representative under the related pooling and servicing agreement) (except, in certain cases, if the Non-Controlling Holder is the borrower or an affiliate of the borrower) unless it has delivered to such holder (a) at least 15 business days prior written notice of any decision to attempt to sell the related Non-Serviced Pari Passu Whole Loan, (b) at least ten days prior to the proposed sale date, a copy of each bid package (together with any material amendments to such bid packages) received by the related Non-Serviced Special Servicer in connection with any such proposed sale, a copy of the most recent appraisal and certain other supplementary documents (if requested by such Non-Controlling Holder), and (c) until the sale is completed, and a reasonable period (but no less time than is afforded to other offerors and the applicable Non-Serviced Directing Holder) prior to the proposed sale date, all information and documents being provided to offerors or otherwise approved by the related Non-Serviced Master Servicer or Non-Serviced Special Servicer in connection with the proposed sale.

**The Non-Serviced AB Whole Loan**

<u>The 180 Water Whole Loan</u>

<u>General</u>

The 180 Water Mortgage Loan (4.6%) is part of a split loan structure comprised of seven senior promissory notes (the "<u>180 Water A Notes</u>") and one subordinate promissory note (the "<u>180 Water B Note</u>" and, together with the 180 Water A Notes, the "<u>180 Water Notes</u>"), each of which is secured by the same mortgage instruments on the same underlying Mortgaged Property, with an aggregate initial principal balance of $280,000,000. Two such senior promissory notes designated Note A-3 and Note A-4, with an aggregate initial principal balance of $60,000,000 (the "<u>180 Water Mortgage Loan</u>"), will be deposited into this securitization. The 180 Water Whole Loan is evidenced by (i) the 180 Water Mortgage Loan, (ii) one senior promissory note designated Note A-1 (the "<u>180 Water Standalone Pari Passu Companion Loan</u>"), which has an initial principal balance of $1,000,000, (iii) four senior promissory notes designated Note A-2, Note A-5, Note A-6 and Note A-7, which have an aggregate initial principal balance of $87,000,000 (the "<u>180 Water Non-Standalone Pari Passu Companion Loans</u>" and, together with the 180 Water Standalone Pari Passu Companion Loan, the "<u>180 Water Pari Passu Companion Loans</u>"; the 180 Water Non-Standalone Pari Passu Companion Loans together with the 180 Water Mortgage Loan, the "<u>180 Water Non-Standalone Loans</u>"), and (iv) one subordinate promissory note designated Note B (the "<u>180 Water Subordinate Companion Loan</u>" and, together with the 180 Water Standalone Pari Passu Companion Loan, the "<u>180 Water Standalone Companion Loans</u>"), which has an initial principal balance of $132,000,000.

As of the origination date of the 180 Water Whole Loan, the interest rate of each of the 180 Water Notes is as follows:

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| | |
|:---|:---|
| &nbsp;&nbsp; **Note** | &nbsp;&nbsp; **Interest Rate** |
| &nbsp;&nbsp;Note A-1 | &nbsp;&nbsp;7.410% |
| &nbsp;&nbsp;Note A-2 | &nbsp;&nbsp;5.333% |
| &nbsp;&nbsp;Note A-3 | &nbsp;&nbsp;5.333% |
| &nbsp;&nbsp;Note A-4 | &nbsp;&nbsp;5.333% |
| &nbsp;&nbsp;Note A-5 | &nbsp;&nbsp;5.333% |
| &nbsp;&nbsp;Note A-6 | &nbsp;&nbsp;5.333% |
| &nbsp;&nbsp;Note A-7 | &nbsp;&nbsp;5.333% |
| &nbsp;&nbsp;Note B | &nbsp;&nbsp;7.410% |

---

The weighted average interest rate for the 180 Water Whole Loan is 6.319575% *per annum*.

The 180 Water Mortgage Loan, the 180 Water Pari Passu Companion Loans and the 180 Water Subordinate Companion Loan are referred to herein, collectively, as the "<u>180 Water Whole Loan</u>", and the 180 Water Pari Passu Companion Loans and the 180 Water Subordinate Companion Loan are referred to herein as the "<u>180 Water Companion Loans</u>". The 180 Water Pari Passu Companion Loans are generally *pari passu* in right of payment with each other and with the 180 Water Mortgage Loan. The 180 Water Subordinate Companion Loan is generally subordinate in right of payment with respect to the 180 Water Mortgage Loan and 180 Water Pari Passu Companion Loans.

Only the 180 Water Mortgage Loan is included in the issuing entity. The 180 Water Standalone Companion Loans were contributed to a securitization trust (the "<u>COMM 2025-180W Securitization</u>") governed by the COMM 2025-180W Trust and Servicing Agreement (the "<u>COMM 2025-180W TSA</u>"). The 180 Water Non-Standalone Pari Passu Companion Loans have either been contributed to other securitizations or are expected to be contributed to other securitizations from time to time in the future; however, the holders of the unsecuritized 180 Water Non-Standalone Pari Passu Companion Loans are under no obligation to do so.

The rights of the holders of the promissory notes evidencing the 180 Water Whole Loan are subject to a Co-Lender Agreement (the "<u>180 Water Co-Lender Agreement</u>"). The following summaries describe certain provisions of the 180 Water Co-Lender Agreement.

<u>Servicing</u>

The 180 Water Whole Loan (including the 180 Water Mortgage Loan) and any related foreclosed property will be serviced and administered pursuant to the terms of the COMM 2025-180W TSA by Trimont LLC, as master servicer (in such capacity, the "<u>180 Water Servicer</u>"), and, if necessary, Mount Street (US) Georgia LLP, as special servicer (in such capacity, the "<u>180 Water Special Servicer</u>"), in the manner described in "*Pooling and Servicing Agreement—Servicing of the Non-Serviced Mortgage Loans*", but subject to the terms of the 180 Water Co-Lender Agreement.

<u>Custody of the Mortgage File</u>

Deutsche Bank National Trust Company is the custodian of the 180 Water Whole Loan (including the 180 Water Mortgage Loan) pursuant to the terms of the COMM 2025-180W TSA.

<u>Advances</u>

The master servicer or the trustee will be responsible for making any required principal and interest advances on the 180 Water Mortgage Loan (but not on the 180 Water Companion Loans) pursuant to the terms of the PSA unless the master servicer, the special servicer or the trustee, as applicable, determines that such an advance would not be recoverable from collections on the 180 Water Mortgage Loan.

Property protection advances in respect of the 180 Water Whole Loan will be made by the 180 Water Servicer or Computershare Trust Company, National Association, as the trustee (in such capacity, the "<u>180 Water Trustee</u>"), as applicable, unless a determination of non-recoverability is made under the COMM 2025-180W TSA.

<u>Application of Payments</u>

The 180 Water Co-Lender Agreement sets forth the respective rights of the holder of the 180 Water Mortgage Loan, the holders of the 180 Water Pari Passu Companion Loans and the holder of the 180 Water Subordinate Companion Loan with respect to distributions of funds received in respect of the 180 Water Whole Loan.

If no (a) event of default under the 180 Water Whole Loan with respect to an obligation of the mortgage borrower (the "<u>180 Water Borrower</u>") to pay money due under the 180 Water Whole Loan or (b) non-monetary event of default pursuant to which the 180 Water Whole Loan becomes a specially serviced loan (a "<u>180 Water Triggering Event of Default</u>") has occurred or if a 180 Water Triggering Event

of Default has occurred but is no longer continuing, then all amounts tendered by the 180 Water Borrower (net of certain amounts payable or reimbursable to the 180 Water Servicer or the 180 Water Special Servicer, as applicable) will be distributed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *first*, (a) initially, to the holders of the 180 Water Standalone Companion Loans (or the 180 Water Servicer or the 180 Water Trustee) and, if applicable, to the 180 Water Non-Standalone Loans (or the master servicers of the related securitization trust containing a 180 Water Non-Standalone Loan (each, a "<u>180 Water Non-Standalone Loan Securitization Trust</u>")), on a pro rata and pari passu basis (based on their respective outstanding principal balances), up to the amount of any nonrecoverable property advances (or in the case of a master servicer of any 180 Water Non-Standalone Loan Securitization Trust, if applicable, its pro rata share of any nonrecoverable property advances previously reimbursed to the 180 Water Servicer or the 180 Water Trustee from general collections of the related 180 Water Non-Standalone Loan Securitization Trust) that remain unreimbursed (together with interest thereon at the applicable advance rate), (b) then, to the holders of the 180 Water A Notes (or the 180 Water Servicer or the 180 Water Trustee and, if applicable, the master servicers of the related 180 Water Non-Standalone Loan Securitization Trusts), on a pro rata and pari passu basis (based on their respective outstanding principal balances), up to the amount of any nonrecoverable monthly payment advances or analogous concept under the 180 Water Non-Standalone Loan Securitization Trusts, as applicable, that remain unreimbursed (together with interest thereon at the applicable advance rate or analogous advance rate under such 180 Water Non-Standalone Loan Securitization Trust), (c) then, to the holder of the 180 Water B Note (or the 180 Water Servicer or the 180 Water Trustee), up to the amount of any nonrecoverable monthly payment advances that remain unreimbursed (together with interest thereon at the applicable advance rate), and (d) finally, on a pro rata and pari passu basis (based on the outstanding principal balance of the 180 Water Standalone Companion Loans), to the holders of the 180 Water Standalone Companion Loans (or the 180 Water Servicer or the 180 Water Trustee), up to the amount of any nonrecoverable administrative advances that remain unreimbursed (together with interest thereon at the applicable advance rate).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *second*, to the holders of the 180 Water Standalone Companion Loans (or the 180 Water Servicer, the 180 Water Special Servicer or the 180 Water Trustee (if any), as applicable), on a pro rata and pari passu basis (based on the unreimbursed amount of costs paid or payable), up to the amount of any unreimbursed costs paid or any costs currently payable or paid or advanced by the holders of such 180 Water Standalone Companion Loans (or the 180 Water Servicer, 180 Water Special Servicer or the 180 Water Trustee, as applicable), with respect to the 180 Water Whole Loan, including, without limitation, unreimbursed property advances and administrative advances and interest thereon at the applicable advance rate, to the extent such costs, property advances and administrative advances and interest thereon are then payable or reimbursable under the COMM 2025-180W TSA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *third*, (a) initially, to the holders of the 180 Water A Notes and the 180 Water B Note (or the 180 Water Servicer), the applicable accrued and unpaid servicing fee on the related 180 Water A Note or the 180 Water B Note (without duplication of any portion of the servicing fee paid by the 180 Water Borrower), as the case may be, and (b) then, to the holders of the 180 Water A Notes and the 180 Water B Note (or the 180 Water Special Servicer), any special servicing fees, any work-out fees and liquidation fees earned by it with respect to the 180 Water Whole Loan under the COMM 2025-180W TSA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) *fourth*, pari passu to the holders of the 180 Water A Notes, up to an amount equal to the accrued and unpaid interest on the related principal balance at the related interest rate on such 180 Water A Note, net of the applicable servicing fee rate, with the aggregate amount so payable to be allocated between the holders of the 180 Water A Notes on a pro rata basis according to the amount of accrued and unpaid interest due to each such holder of a 180 Water A Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) *fifth*, pari passu, in respect of principal, to the holders of the 180 Water A Notes all payments and prepayments of amounts allocable to the reduction of the principal balance of the 180 Water Whole Loan in accordance with the loan documents for the 180 Water Whole Loan (the "<u>180 Water Loan Documents</u>") until the principal balances of the 180 Water A Notes have been reduced to zero, with the aggregate amount so payable to be allocated between the holders of the 180 Water A Notes on a pro rata basis (based on their respective outstanding principal balances);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) *sixth*, if the proceeds of any foreclosure sale or any liquidation of the 180 Water Whole Loan or the 180 Water Mortgaged Property exceed the amounts required to be applied in accordance with the foregoing clauses (i)-(v), pari passu to each holder of a 180 Water A Note, in each case, an amount equal to the aggregate of unreimbursed realized losses previously allocated to such holder of a 180 Water A Note, plus interest thereon at the related 180 Water A Note interest rate minus the servicing fee, with the aggregate amount so payable to be allocated between the holders of the 180 Water A Notes on a pro rata basis according to the amount of realized losses previously allocated to each such holder of a 180 Water A Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) *seventh*, to the holder of the 180 Water B Note, if the 180 Water B Note is not included in the COMM 2025-180W Securitization (or the 180 Water Servicer, the 180 Water Special Servicer or the 180 Water Trustee (if any), as applicable), up to the amount of any unreimbursed costs paid or any costs currently payable or paid or advanced by the holder of the 180 Water B Note (or the 180 Water Servicer, the 180 Water Special Servicer or the 180 Water Trustee (if any), as applicable), with respect to the 180 Water Whole Loan, including, without limitation, unreimbursed property advances and administrative advances and interest thereon at the applicable advance rate, to the extent such costs, property advances and administrative advances and interest thereon are then payable or reimbursable under the COMM 2025-180W TSA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) *eighth*, to the holder of the 180 Water B Note, up to an amount equal to the accrued and unpaid interest on the principal balance of the 180 Water B Note at the related interest rate on such 180 Water B Note, net of the applicable servicing fee rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) *ninth*, in respect of principal to the holder of the 180 Water B Note, all payments and prepayments of amounts allocable to the reduction of the principal balance of the 180 Water Whole Loan in accordance with the 180 Water Loan Documents until the principal balance of the 180 Water B Note has been reduced to zero;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) *tenth*, if the proceeds of any foreclosure sale or any liquidation of the 180 Water Whole Loan or the 180 Water Mortgaged Property exceed the amounts required to be applied in accordance with the foregoing clauses (i)-(ix), to the holder of the 180 Water B Note, in each case, in an amount equal to the aggregate of unreimbursed realized losses previously allocated to the holder of the 180 Water B Note, plus interest thereon at the 180 Water B Note interest rate minus the applicable servicing fee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) *eleventh*, any interest accrued at the default rate under the 180 Water Loan Documents on the principal balance to the extent such default interest amount is (a) actually paid by the 180 Water Borrower, (b) in excess of interest accrued on the principal balance of the 180 Water Whole Loan at the interest rate of the 180 Water Whole Loan and (c) not required to be paid to the 180 Water Servicer, the 180 Water Trustee or the 180 Water Special Servicer, or the master servicer or trustee under a servicing agreement relating to any 180 Water Non-Standalone Loan Securitization Trust, pari passu, to each holder of a 180 Water A Note and the holder of the 180 Water B Note in an amount calculated on the principal balance of the related 180 Water Note at the excess of (x) the related default rate for such 180 Water Note over (y) the note rate for such 180 Water Note with the aggregate amount so payable to be allocated between the holders of the 180 Water Notes on a pro rata basis according to the respective amounts due to such holders of the 180 Water Notes under the 180 Water Co-Lender Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) *twelfth*, pro rata and pari passu, to each holder of a 180 Water A Note (other than the holder of the promissory note designated Note A-1), any prepayment charge, to the extent actually paid by the 180 Water Borrower and allocable to any prepayment of the related 180 Water A Note under the 180 Water Loan Documents pro rata based on the applicable prepayment charge entitlement of such 180 Water A Note, with the aggregate amount so payable to be allocated between the holders of the 180 Water A Notes (other than the holder of the promissory note designated Note A-1) according to the respective amounts due to them under the 180 Water Co-Lender Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) *thirteenth*, to the holder of the 180 Water B Note any prepayment charge, to the extent actually paid by the 180 Water Borrower and allocable to any prepayment of the 180 Water B Note under the 180 Water Loan Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) *fourteenth*, pro rata and pari passu (in the case of penalty charges, only to the extent not required to be paid to the 180 Water Servicer, the 180 Water Trustee or the 180 Water Special Servicer or the master servicer or trustee under a trust and servicing agreement relating to any 180 Water Non-Standalone Loan Securitization Trust), to each holder of a 180 Water A Note and the holder of the 180 Water B Note its percentage interest of any assumption fees and penalty charges, in each case to the extent actually paid by the 180 Water Borrower; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) *fifteenth*, any excess amount not otherwise applied pursuant to the foregoing clauses (i)-(xiv) above to the holders of the 180 Water Notes pro rata and pari passu in accordance with their respective initial percentage interests.

Notwithstanding clause (xiv) above, to the extent that the 180 Water Borrower actually pays any assumption fees, such assumption fees otherwise allocable to the holders of the 180 Water Notes instead will be payable as additional servicing compensation as provided in the COMM 2025-180W TSA.

The 180 Water Servicer and the 180 Water Special Servicer, as applicable, will have no obligation to deposit any amounts that are additional servicing compensation into the applicable collection account or foreclosed property account, as applicable, and are entitled to retain any such amount that such party is entitled to under the COMM 2025-180W TSA.

After the occurrence of and during the continuance of a 180 Water Triggering Event of Default, all amounts tendered by the 180 Water Borrower (net of certain amounts payable or reimbursable to the 180 Water Servicer or the 180 Water Special Servicer, as applicable) will be distributed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *first*, (a) initially, to the holders of the 180 Water Standalone Companion Loans (or the 180 Water Servicer or the 180 Water Trustee) and, if applicable, to the 180 Water Non-Standalone Loans (or the master servicers of the related 180 Water Non-Standalone Loan Securitization Trusts), on a pro rata and pari passu basis (based on their respective outstanding principal balances), up to the amount of any nonrecoverable property advances (or in the case of a master servicer of any 180 Water Non-Standalone Loan Securitization Trust, if applicable, its pro rata share of any nonrecoverable property advances previously reimbursed to the 180 Water Servicer or the 180 Water Trustee from general collections of the related 180 Water Non-Standalone Loan Securitization Trust) that remain unreimbursed (together with interest thereon at the applicable advance rate), (b) then, to the holders of the 180 Water A Notes (or the 180 Water Servicer or the 180 Water Trustee and, if applicable, the master servicers of the related 180 Water Non-Standalone Loan Securitization Trusts), on a pro rata and pari passu basis (based on their respective outstanding principal balances), up to the amount of any nonrecoverable monthly payment advances or analogous concept under the 180 Water Non-Standalone Loan Securitization Trusts, as applicable, that remain unreimbursed (together with interest thereon at the applicable advance rate or analogous advance rate under such 180 Water Non-Standalone Loan Securitization Trust), (c) then, to the holder of the 180 Water B Note (or the 180 Water Servicer or the 180 Water Trustee), up to the amount of any nonrecoverable monthly payment advances that remain unreimbursed (together with interest thereon at the applicable

advance rate), and (d) finally, on a pro rata and pari passu basis (based on the outstanding principal balance of the 180 Water Standalone Companion Loans), to the holders of the 180 Water Standalone Companion Loans (or the 180 Water Servicer or the 180 Water Trustee), up to the amount of any nonrecoverable administrative advances that remain unreimbursed (together with interest thereon at the applicable advance rate);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *second*, to the holders of the 180 Water Standalone Companion Loans (or the 180 Water Servicer, the 180 Water Special Servicer or the 180 Water Trustee (if any), as applicable), on a pro rata and pari passu basis (based on the unreimbursed amount of costs paid or payable), up to the amount of any unreimbursed costs paid or any costs currently payable or paid or advanced by the holders of such 180 Water Standalone Companion Loans (or the 180 Water Servicer, 180 Water Special Servicer or the 180 Water Trustee, as applicable), with respect to the 180 Water Whole Loan, including, without limitation, unreimbursed property advances and administrative advances and interest thereon at the applicable advance rate, to the extent such costs, property advances and administrative advances and interest thereon are then payable or reimbursable under the COMM 2025-180W TSA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *third*, (a) initially, to the holders of the 180 Water A Notes and the 180 Water B Note (or the 180 Water Servicer), the applicable accrued and unpaid servicing fee on the related 180 Water A Note or the 180 Water B Note (without duplication of any portion of the servicing fee paid by the 180 Water Borrower), as the case may be, and (b) then, to the holders of the 180 Water A Notes and the 180 Water B Note (or the 180 Water Special Servicer), any special servicing fees, any work-out fees and liquidation fees earned by it with respect to the 180 Water Whole Loan under the COMM 2025-180W TSA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) *fourth*, pari passu to the holders of the 180 Water A Notes, up to an amount equal to the accrued and unpaid interest on the related principal balance at the related interest rate on such 180 Water A Note, net of the applicable servicing fee rate, with the aggregate amount so payable to be allocated between the holders of the 180 Water A Notes on a pro rata basis according to the amount of accrued and unpaid interest due to each such holder of a 180 Water A Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) *fifth*, to the holder of the 180 Water B Note, up to an amount equal to the accrued and unpaid interest on the principal balance of the 180 Water B Note at the related interest rate on such 180 Water B Note, net of the applicable servicing fee rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) *sixth*, pari passu, in respect of principal, to the holders of the 180 Water A Notes, all remaining funds until the principal balances of the 180 Water A Notes have been reduced to zero, with the aggregate amount so payable to be allocated between the holders of the 180 Water A Notes on a pro rata basis (based on their respective outstanding principal balances);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) *seventh*, if the proceeds of any foreclosure sale or any liquidation of the 180 Water Whole Loan or the 180 Water Mortgaged Property exceed the amounts required to be applied in accordance with the foregoing clauses (i)-(vi), pari passu to each holder of a 180 Water A Note, in each case, an amount equal to the aggregate of unreimbursed realized losses previously allocated to such holder of a 180 Water A Note, plus interest thereon at the related 180 Water A Note interest rate minus the servicing fee, with the aggregate amount so payable to be allocated between the holders of the 180 Water A Notes on a pro rata basis according to the amount of realized losses previously allocated to each such holder of a 180 Water A Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) *eighth*, to the holder of the 180 Water B Note, if the 180 Water B Note is not included in the COMM 2025-180W Securitization (or the 180 Water Servicer, the 180 Water Special Servicer or the 180 Water Trustee (if any), as applicable), up to the amount of any unreimbursed costs paid or any costs currently payable or paid or advanced by the holder of the 180 Water B Note (or the 180 Water Servicer, the 180 Water Special Servicer or the 180 Water Trustee (if any), as applicable), with

respect to the 180 Water Whole Loan, including, without limitation, unreimbursed property advances and administrative advances and interest thereon at the applicable advance rate, to the extent such costs, property advances and administrative advances and interest thereon are then payable or reimbursable under the COMM 2025-180W TSA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) *ninth*, in respect of principal to the holder of the 180 Water B Note, all remaining funds until the principal balance of the 180 Water B Note has been reduced to zero;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) *tenth*, if the proceeds of any foreclosure sale or any liquidation of the 180 Water Whole Loan or the 180 Water Mortgaged Property exceed the amounts required to be applied in accordance with the foregoing clauses (i)-(ix), to the holder of the 180 Water B Note, in each case, in an amount equal to the aggregate of unreimbursed realized losses previously allocated to the holder of the 180 Water B Note, plus interest thereon at the 180 Water B Note interest rate minus the applicable servicing fee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) *eleventh*, pro rata and pari passu, to each holder of a 180 Water A Note (other than the holder of the promissory note designated Note A-1), any prepayment charge, to the extent actually paid by the 180 Water Borrower and allocable to any prepayment of the related 180 Water A Note under the 180 Water Loan Documents pro rata based on the applicable prepayment charge entitlement of such 180 Water A Note, with the aggregate amount so payable to be allocated between the holders of the 180 Water A Notes on a pro rata basis (other than the holder of the promissory note designated Note A-1) according to the respective amounts due to them under the 180 Water Co-Lender Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) *twelfth*, to the holder of the 180 Water B Note, any prepayment charge, to the extent actually paid by the 180 Water Borrower and allocable to any prepayment of the 180 Water B Note under the 180 Water Loan Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) *thirteenth*, any interest accrued at the default rate under the 180 Water Loan Documents on the principal balance to the extent such default interest amount is (a) actually paid by the 180 Water Borrower, (b) in excess of interest accrued on the principal balance of the 180 Water Whole Loan at the interest rate of the 180 Water Whole Loan and (c) not required to be paid to the 180 Water Servicer, the 180 Water Trustee or the 180 Water Special Servicer, or the master servicer or trustee under a servicing agreement relating to any 180 Water Non-Standalone Loan Securitization Trust, pari passu, to each holder of a 180 Water A Note and the holder of the 180 Water B Note in an amount calculated on the principal balance of the related 180 Water Note at the excess of (x) the related default rate for such 180 Water Note over (y) the note rate for such 180 Water Note with the aggregate amount so payable to be allocated between the holders of the 180 Water Notes on a pro rata basis according to the respective amounts due to such holders of the 180 Water Notes under the 180 Water Co-Lender Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) *fourteenth*, pro rata and pari passu (in the case of penalty charges, only to the extent not required to be paid to the 180 Water Servicer, the 180 Water Trustee or the 180 Water Special Servicer or the master servicer or trustee under a trust and servicing agreement relating to any 180 Water Non-Standalone Loan Securitization Trust), to each holder of a 180 Water A Note and the holder of the 180 Water B Note its percentage interest of any assumption fees and penalty charges, in each case to the extent actually paid by the 180 Water Borrower; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) *fifteenth*, any excess amount not otherwise applied pursuant to the foregoing clauses (i)–(xiv) above will be distributed to the holders of the 180 Water Notes pro rata and pari passu in accordance with their respective initial percentage interests.

<u>Consultation and Control</u>

The "controlling holder" under the 180 Water Co-Lender Agreement will be the COMM 2025-180W Trust, whose rights in such capacity will be generally exercised by the directing holder under the COMM

2025-180W TSA so long as a subordinate control period under the COMM 2025-180W TSA is in effect (subject to other terms and conditions in the COMM 2025-180W TSA). At any time a subordinate control period is not in effect, the rights of the "controlling holder" under the 180 Water Co-Lender Agreement will be generally exercised by the 180 Water Special Servicer or the certificateholders of the COMM 2025-180W Trust. For the avoidance of doubt, so long as the 180 Water Subordinate Companion Loan is included in the COMM 2025-180W Trust, any purchase option or cure rights of the holder of the 180 Water Subordinate Companion Loan under the 180 Water Co-Lender Agreement will not apply.

In addition, the holders of the 180 Water Non-Standalone Pari Passu Companion Loans and 180 Water Mortgage Loan (or its representative) will have the right under the COMM 2025-180W TSA to receive all documents, certificates, instruments, notices, reports, operating statements, rent rolls and other information provided to the certificateholders of the COMM 2025-180W Trust.

No objection, direction or advice by any noteholder under the 180 Water Co-Lender Agreement may require or cause the 180 Water Servicer or the 180 Water Special Servicer, as applicable, to violate any provision of the 180 Water Loan Documents, applicable law, the COMM 2025-180W TSA, the 180 Water Co-Lender Agreement, the REMIC provisions of the Code or the 180 Water Servicer or 180 Water Special Servicer's obligation to act in accordance with the servicing standard under the COMM 2025-180W TSA.

<u>Workout</u>

Notwithstanding anything to the contrary, if the 180 Water Special Servicer, in connection with a workout of the 180 Water Whole Loan, modifies the terms thereof such that (i) the principal balance of the 180 Water Whole Loan is decreased, (ii) the applicable note interest on any 180 Water Note is reduced, (iii) payments of interest or principal on any 180 Water Note are waived, reduced or deferred or (iv) any other adjustment is made to any of the payment terms of the related loan documents, all payments to each of the 180 Water A Notes as described above under "—*Application of Payments*" will be made as though such workout did not occur, with the payment terms of each 180 Water A Note remaining the same as they were on the date of the 180 Water Co-Lender Agreement, and the full economic effect of all waivers, reductions or deferrals of amounts due on the Mortgage Loan attributable to such workout will be borne, first, by the holder of the 180 Water B Note (up to the principal balance of the 180 Water B Note, together with accrued interest thereon at the related interest rate on the 180 Water B Note and any other amounts due to the 180 Water B Note), and second, pro rata by the holders of the 180 Water A Notes (in each case up to the principal balance of the related 180 Water A Note, together with accrued interest thereon at the related interest rate on such 180 Water A Note, and any other amounts due to such 180 Water A Note).

<u>Sale of Defaulted Loan</u>

Pursuant to the terms of the 180 Water Co-Lender Agreement, if the 180 Water Whole Loan becomes a defaulted loan, and if the 180 Water Special Servicer determines to sell the 180 Water Whole Loan that has become a specially serviced loan in accordance with the COMM 2025-180W TSA, then the 180 Water Special Servicer will be required to sell the 180 Water Standalone Companion Loans, 180 Water Non-Standalone Pari Passu Companion Loans and the 180 Water Mortgage Loan together as one whole loan. The 180 Water Special Servicer is required to give the holder of the 180 Water Non-Standalone Pari Passu Companion Loans and the holder of the 180 Water Mortgage Loan 10 Business Days' notice of its intention to sell the 180 Water Whole Loan. In connection with any such sale, the 180 Water Special Servicer will be required to follow the procedures in the COMM 2025-180W TSA.

<u>Special Servicer Appointment Rights</u>

Pursuant to the terms of the 180 Water Co-Lender Agreement, the "controlling noteholder" with respect to the 180 Water Whole Loan (which will be the COMM 2025-180W Trust) will have the right, with or without cause, to replace the special servicer then acting with respect to the 180 Water Whole Loan and appoint a replacement special servicer without the consent of the holder of the 180 Water Non-Standalone Companion Loan or the 180 Water Mortgage Loan. The directing holder under the COMM

2025-180W TSA (during a subordinate control period under the COMM 2025-180W TSA), and the applicable certificateholders with the requisite percentage of voting rights under the COMM 2025-180W TSA (after a subordinate control period under the COMM 2025-180W TSA) will exercise the rights of the COMM 2025-180W Trust as controlling noteholder, and will have the right, with or without cause, to replace the special servicer then acting with respect to the 180 Water Whole Loan and appoint a replacement special servicer pursuant to the COMM 2025-180W TSA.

**Additional Information**

Each of the tables presented on Annex A-2 sets forth selected characteristics of the pool of Mortgage Loans as of the Cut-off Date, if applicable. For a detailed presentation of certain additional characteristics of the Mortgage Loans and the Mortgaged Properties on an individual basis, see Annex A-1. For a brief summary of the 15 largest Mortgage Loans in the pool of Mortgage Loans, see Annex A-3.

The description in this prospectus, including Annex A-1, Annex A-2 and Annex A-3, of the Mortgage Pool and the Mortgaged Properties is based upon the Mortgage Pool as expected to be constituted at the close of business on the Cut-off Date, as adjusted for the scheduled principal payments due on the Mortgage Loans on or before the Cut-off Date. Prior to the issuance of the Offered Certificates, a Mortgage Loan may be removed from the Mortgage Pool if the depositor deems such removal necessary or appropriate or if it is prepaid. This may cause the range of Mortgage Rates and maturities as well as the other characteristics of the Mortgage Loans to vary from those described in this prospectus.

A Form ABS-EE with the information required by Item 1125 of Regulation AB (17 CFR 2219.1125), Schedule AL – Asset-Level Information will be filed or caused to be filed by the depositor with respect to the issuing entity on or prior to the date of the filing of this prospectus and will provide such information for a reporting period commencing on the day after the hypothetical Determination Date in September 2025 and ending on the hypothetical Determination Date in October 2025. In addition, a Current Report on Form 8-K containing detailed information regarding the Mortgage Loans will be available to persons (including beneficial owners of the Offered Certificates) who receive this prospectus and will be filed pursuant to the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), together with the PSA, with the United States Securities and Exchange Commission (the "<u>SEC</u>") on or prior to the date of the filing of the final prospectus.

**Transaction Parties**

**The Sponsors and Mortgage Loan Sellers**

Goldman Sachs Mortgage Company, German American Capital Corporation, Citi Real Estate Funding Inc., Bank of Montreal and Barclays Capital Real Estate Inc. are sponsors and mortgage loan sellers in this securitization transaction.

None of the mortgage loan sellers nor any of their respective affiliates will insure or guarantee distributions on the certificates. The Certificateholders will have no rights or remedies against any mortgage loan seller for any losses or other claims in connection with the certificates or the Mortgage Loans except in respect of the cure, repurchase and substitution obligations for material document defects or the material breaches of representations and warranties made by each mortgage loan seller in the related MLPA as described under "*Description of the Mortgage Loan Purchase Agreements*".

For a description of certain affiliations, relationships and related transactions between the sponsors and the other transaction parties, see "*Risk Factors—Risks Relating to Conflicts of Interest*" and "*Certain Affiliations, Relationships and Related Transactions Involving Transaction Parties*".

**Goldman Sachs Mortgage Company**

 <u>General</u>

Goldman Sachs Mortgage Company ("<u>GSMC</u>") is a New York limited partnership, is a sponsor and a mortgage loan seller. The respective Mortgage Loans or portions thereof that GSMC is selling to the depositor in this securitization transaction are collectively referred to in this prospectus as the "<u>GSMC Mortgage Loans</u>".

GSMC was formed in 1984. Its general partner is Goldman Sachs Real Estate Funding Corp. and its limited partner is Goldman Sachs Bank USA ("<u>GS Bank</u>"). GSMC's executive offices are located at 200 West Street, New York, New York 10282, telephone number (212) 902-1000. GSMC is an initial Risk Retention Consultation Party and an affiliate of the depositor, GS Bank, an originator and the initial RR Interest Owner, and Goldman Sachs & Co. LLC, an underwriter.

GS Bank is the originator (or co-originator) of all of the GSMC Mortgage Loans. See "*Description of the Mortgage Pool—Co-Originated or Unaffiliated Third-Party Originated Mortgage Loans*" for additional information.

*<u>GSMC's Commercial Mortgage Securitization Program</u>*

As a sponsor, GSMC originates and acquires fixed and floating rate commercial mortgage loans and either by itself or together with other sponsors or mortgage loan sellers, organizes and initiates the public and/or private securitization of such commercial mortgage loans by transferring the commercial mortgage loans to a securitization depositor, including GS Mortgage Securities Corporation II or another entity that acts in a similar capacity. In coordination with its affiliates, Goldman Sachs Commercial Mortgage Capital, L.P., GS Bank and other unaffiliated underwriters, GSMC works with rating agencies, investors, unaffiliated mortgage loan sellers and servicers in structuring the securitization transaction.

From the beginning of its participation in commercial mortgage securitization programs in 1996 through December 31, 2024, GSMC originated or acquired approximately 3,443 fixed and floating rate commercial and multifamily mortgage loans with an aggregate original principal balance of approximately $179.9 billion. As of December 31, 2024, GSMC had acted as a sponsor and mortgage loan seller on approximately 501 fixed and floating-rate commercial mortgage-backed securitization transactions. From 2011 through 2024, GSMC securitized approximately $110.1 billion of commercial mortgage loans in public and private offerings.

<u>Review of GSMC Mortgage Loans</u>

<u>Overview</u>. GSMC, in its capacity as the sponsor of the GSMC Mortgage Loans, has conducted a review of the GSMC Mortgage Loans in connection with the securitization described in this prospectus. The review of the GSMC Mortgage Loans was performed by a deal team comprised of real estate and securitization professionals who are employees of one or more of GSMC's affiliates or, in certain circumstances, are consultants engaged by or on behalf of GSMC (the "<u>GSMC Deal Team</u>"). The review procedures described below were employed with respect to all of the GSMC Mortgage Loans, except that certain review procedures only were relevant to the large loan disclosures in this prospectus, as further described below. No sampling procedures were used in the review process.

<u>Database</u>. To prepare for securitization, members of the GSMC Deal Team created a database of loan-level and property-level information relating to each GSMC Mortgage Loan. The database was compiled from, among other sources, the related Mortgage Loan documents, third party reports, zoning reports, insurance policies, borrower supplied information (including, but not limited to, rent rolls, leases, operating statements and budgets) and information collected by the Goldman Originator during the underwriting process. After origination of each GSMC Mortgage Loan, the GSMC Deal Team updated the information in the database with respect to the GSMC Mortgage Loan based on updates provided by the related servicer relating to loan payment status and escrows, updated operating statements, rent rolls and leasing activity, and information otherwise brought to the attention of the GSMC Deal Team.

A data tape (the "<u>GSMC Data Tape</u>") containing detailed information regarding each GSMC Mortgage Loan was created from the information in the database referred to in the prior paragraph. The GSMC Data Tape was used by the GSMC Deal Team to provide certain numerical information regarding the GSMC Mortgage Loans in this prospectus.

<u>Data Comparison and Recalculation</u>. GSMC engaged a third party accounting firm to perform certain data comparison and recalculation procedures designed by GSMC, relating to information in this prospectus regarding the GSMC Mortgage Loans. These procedures included:

● comparing certain information in the GSMC Data Tape against various source documents provided by GSMC that are described above under "*—Database* ";

● comparing numerical information regarding the GSMC Mortgage Loans and the related Mortgaged Properties disclosed in this prospectus against the GSMC Data Tape; and

● recalculating certain percentages, ratios and other formulae relating to the GSMC Mortgage Loans disclosed in this prospectus.

<u>Legal Review</u>. GSMC engaged various law firms to conduct certain legal reviews of the GSMC Mortgage Loans for disclosure in this prospectus. In anticipation of the securitization of each GSMC Mortgage Loan, origination counsel prepared a loan and property summary that sets forth salient loan terms and summarizes material deviations from GSMC's standard form loan documents. In addition, origination counsel for each GSMC Mortgage Loan reviewed GSMC's representations and warranties set forth on Annex D-1 and, if applicable, identified exceptions to those representations and warranties.

Securitization counsel was also engaged to assist in the review of the GSMC Mortgage Loans. Such assistance included, among other things, (i) a review of sections of the loan agreement relating to certain GSMC Mortgage Loans marked against the standard form document, (ii) a review of the loan and property summaries referred to above relating to the GSMC Mortgage Loans prepared by origination counsel and (iii) a review of a due diligence questionnaire completed by the GSMC Deal Team. Securitization counsel also reviewed the property release provisions, if any, for each GSMC Mortgage Loan with multiple Mortgaged Properties for compliance with the REMIC provisions of the Code. In addition, for each GSMC Mortgage Loan originated by GSMC or its affiliates, GSMC prepared and delivered to its securitization counsel for review an asset summary, which summary includes important loan terms and certain property level information obtained during the origination process.

Based on their respective reviews of pertinent sections of the related Mortgage Loan documents, origination counsel or securitization counsel also assisted in the preparation of the Mortgage Loan summaries of those of the GSMC Mortgage Loans included in the ten largest Mortgage Loans in the Mortgage Pool, and the abbreviated Mortgage Loan summaries for those of the GSMC Mortgage Loans included in the next five (5) largest Mortgage Loans in the Mortgage Pool, which summaries are incorporated in "*Description of the Top 15 Mortgage Loans*" on Annex A-3. The applicable borrowers and borrowers' counsel reviewed these GSMC Mortgage Loan summaries as well.

<u>Other Review Procedures</u>. With respect to any pending litigation that existed at the origination of any GSMC Mortgage Loan, GSMC requested updates from the related borrower, origination counsel and/or borrower's litigation counsel. GSMC conducted a search with respect to each borrower under a GSMC Mortgage Loan to determine whether it filed for bankruptcy after origination of the GSMC Mortgage Loan. If GSMC became aware of a significant natural disaster in the vicinity of any Mortgaged Property securing a GSMC Mortgage Loan, GSMC obtained information on the status of the Mortgaged Property from the related borrower to confirm no material damage to the Mortgaged Property.

The GSMC Deal Team also consulted with the Goldman Originator to confirm that the GSMC Mortgage Loans were originated in compliance with the origination and underwriting criteria described below under "*—Goldman Originator's Underwriting Guidelines and Processes*", as well as to identify any material deviations from those origination and underwriting criteria. See "—*Exceptions to Goldman Originator's Disclosed Underwriting Guidelines*" below.

<u>Findings and Conclusions</u>. Based on the foregoing review procedures, GSMC determined that the disclosure regarding the GSMC Mortgage Loans in this prospectus is accurate in all material respects. GSMC also determined that the GSMC Mortgage Loans were originated or acquired in accordance with GSMC's origination procedures and underwriting criteria except as described under "*—Exceptions to Goldman Originator's Disclosed Underwriting Guidelines*" below. GSMC attributes to itself all findings and conclusions resulting from the foregoing review procedures.

<u>The Goldman Originator</u>

GS Bank, an originator, is affiliated with GSMC, one of the sponsors, Goldman Sachs & Co. LLC, one of the underwriters, and the depositor. GS Bank is referred to as the "<u>Goldman Originator</u>" in this prospectus.

The primary business of the Goldman Originator is the underwriting and origination, either by itself or <u>together</u> with another originator, of mortgage loans secured by commercial or multifamily properties. The commercial mortgage loans originated by the Goldman Originator include both fixed and floating rate commercial mortgage loans and such commercial mortgage loans are often included in both public and private securitizations. Many of the commercial mortgage loans originated by GS Bank are acquired by GSMC and sold to securitizations in which GSMC acts as sponsor and/or loan seller.

**Fixed Rate Commercial Mortgage Loans<sup>(1)</sup>**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Year** | &nbsp;&nbsp; **Total Goldman Originator<br> Fixed Rate Loans Originated<br> (approximate)** | &nbsp;&nbsp; **Total Goldman Originator<br> Fixed Rate Loans Securitized<br> (approximate)** |
| &nbsp;&nbsp;2024 | &nbsp;&nbsp;$7.2 billion | &nbsp;&nbsp;$7.3 billion |
| &nbsp;&nbsp;2023 | &nbsp;&nbsp;$4.2 billion | &nbsp;&nbsp;$3.8 billion |
| &nbsp;&nbsp;2022 | &nbsp;&nbsp;$770 million | &nbsp;&nbsp;$1.8 billion |
| &nbsp;&nbsp;2021 | &nbsp;&nbsp;$4.2 billion | &nbsp;&nbsp;$2.6 billion |
| &nbsp;&nbsp;2020 | &nbsp;&nbsp;$2.7 billion | &nbsp;&nbsp;$3.7 billion |
| &nbsp;&nbsp;2019 | &nbsp;&nbsp;$6.0 billion | &nbsp;&nbsp;$5.3 billion |
| &nbsp;&nbsp;2018 | &nbsp;&nbsp;$3.1 billion | &nbsp;&nbsp;$2.6 billion |
| &nbsp;&nbsp;2017 | &nbsp;&nbsp;$7.3 billion | &nbsp;&nbsp;$7.7 billion |
| &nbsp;&nbsp;2016 | &nbsp;&nbsp;$6.1 billion | &nbsp;&nbsp;$5.2 billion |
| &nbsp;&nbsp;2015 | &nbsp;&nbsp;$6.2 billion | &nbsp;&nbsp;$6.0 billion |
| &nbsp;&nbsp;2014 | &nbsp;&nbsp;$2.9 billion | &nbsp;&nbsp;$3.1 billion |
| &nbsp;&nbsp;2013 | &nbsp;&nbsp;$5.0 billion | &nbsp;&nbsp;$5.3 billion |
| &nbsp;&nbsp;2012 | &nbsp;&nbsp;$5.6 billion | &nbsp;&nbsp;$4.6 billion |
| &nbsp;&nbsp;2011 | &nbsp;&nbsp;$2.3 billion | &nbsp;&nbsp;$2.2 billion |
| &nbsp;&nbsp;2010 | &nbsp;&nbsp;$1.6 billion | &nbsp;&nbsp;$1.1 billion |
| &nbsp;&nbsp;2009 | &nbsp;&nbsp;$400 million | &nbsp;&nbsp;$400 million |

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(1) Represents origination for the Goldman Originator and affiliates of the Goldman Originator originating commercial mortgage loans.

**Floating Rate Commercial Mortgage Loans<sup>(1)</sup>**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Year** | &nbsp;&nbsp; **Total Goldman Originator<br> Floating Rate Loans Originated<br> (approximate)** | &nbsp;&nbsp; **Total Goldman Originator<br> Floating Rate Loans Securitized<br> (approximate)** |
| &nbsp;&nbsp;2024 | &nbsp;&nbsp;$5.9 billion | &nbsp;&nbsp;$5.9 billion |
| &nbsp;&nbsp;2023 | &nbsp;&nbsp;$2.1 billion | &nbsp;&nbsp;$2.1 billion |
| &nbsp;&nbsp;2022 | &nbsp;&nbsp;$4.8 billion | &nbsp;&nbsp;$5.4 billion |
| &nbsp;&nbsp;2021 | &nbsp;&nbsp;$9.5 billion | &nbsp;&nbsp;$12.4 billion |
| &nbsp;&nbsp;2020 | &nbsp;&nbsp;$4.8 billion | &nbsp;&nbsp;$3.1 billion |
| &nbsp;&nbsp;2019 | &nbsp;&nbsp;$6.4 billion | &nbsp;&nbsp;$4.7 billion |
| &nbsp;&nbsp;2018 | &nbsp;&nbsp;$8.1 billion | &nbsp;&nbsp;$5.9 billion |
| &nbsp;&nbsp;2017 | &nbsp;&nbsp;$5.6 billion | &nbsp;&nbsp;$4.0 million |
| &nbsp;&nbsp;2016 | &nbsp;&nbsp;$2.3 billion | &nbsp;&nbsp;$1.6 million |
| &nbsp;&nbsp;2015 | &nbsp;&nbsp;$2.0 billion | &nbsp;&nbsp;$261.0 million |
| &nbsp;&nbsp;2014 | &nbsp;&nbsp;$3.2 billion | &nbsp;&nbsp;$2.0 billion |
| &nbsp;&nbsp;2013 | &nbsp;&nbsp;$777 million | &nbsp;&nbsp;$1.3 billion |
| &nbsp;&nbsp;2012 | &nbsp;&nbsp;$1.9 billion | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;2011 | &nbsp;&nbsp;$140 million | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;2010 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;2009 | &nbsp;&nbsp;$40 million | &nbsp;&nbsp;$0 |

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(1) Represents origination for the Goldman Originator and affiliates of the Goldman Originator originating commercial mortgage loans.

<u>Goldman Originator's Underwriting Guidelines and Processes</u>

The Goldman Originator's commercial mortgage loans are primarily originated in accordance with the origination procedures and underwriting criteria described below. However, variations from these procedures and criteria may occur as a result of various conditions including each loan's specific terms, the quality or location of the underlying real estate, the property's tenancy profile, the background or financial strength of the borrower/sponsor, or any other pertinent information deemed material by the Goldman Originator. Therefore, this general description of the Goldman Originator's origination procedures and underwriting criteria is not intended as a representation that every commercial mortgage loan originated by it complies entirely with all procedures and criteria set forth below. For important information about the circumstances that have affected the underwriting of a GSMC Mortgage Loan in the mortgage pool, see "*—Exceptions to Goldman Originator's Disclosed Underwriting Guidelines*" below and "*Annex D-2— Exceptions to Goldman Sachs Mortgage Company Representations and Warranties*".

The underwriting process for each mortgage loan originated by the Goldman Originator is performed by an origination team comprised of real estate professionals which typically includes an originator, analyst, loan officer and commercial closer. This team conducts a review of the related mortgaged property, which typically includes an examination of historical operating statements (if available), rent rolls, certain tenant leases, current and historical real estate tax information, insurance policies and/or schedules, and third party reports pertaining to appraisal/valuation, zoning, environmental status and physical condition/seismic/engineering. In certain cases, the Goldman Originator may engage an independent third party due diligence provider, pursuant to a program of specified procedures, to assist in the underwriting and preparation of analyses required by such procedures, subject to the oversight and ultimate review and approval by the Goldman Originator origination team.

A member of the Goldman Originator origination team performs or engages a third party to perform an inspection of the property in order to assess the physical quality of the collateral, confirm tenancy, and determine visibility and accessibility of the property as well as proximity to major thoroughfares, transportation centers, employment sources, retail areas, educational facilities and recreational areas. Such site inspections are also generally used to assess the submarket in which the property is located and to evaluate the property's competitiveness within its market.

The Goldman Originator origination team also performs a review of the financial status, credit history and background of the borrower and certain key principals of the borrower. Among the items generally reviewed are financial statements, independent credit reports, criminal/background investigations, and specific searches in select jurisdictions for judgments, liens, bankruptcy and pending litigation.

After the compilation and review of all documentation and other relevant considerations, the origination team finalizes its underwriting analysis of the property's cash flow in accordance with the property specific cash flow underwriting guidelines of the Goldman Originator. Determinations are also made regarding the implementation of appropriate loan terms to structure around risks, resulting in features such as ongoing escrows or up front reserves, letters of credit, lockboxes/cash management agreements or guarantees. A complete credit committee package is prepared to summarize all of the above referenced information.

All commercial mortgage loans must be presented to one or more credit committees which consist of senior real estate professionals, among others. After a review of the credit committee package and a discussion of the loan, the committee may approve the loan as recommended or request additional due diligence, modify the terms, or reject the loan entirely.

The Goldman Originator's underwriting guidelines generally require that a mortgage loan have, at origination, a minimum underwritten debt service coverage ratio of 1.20x for multifamily properties, 1.40x for hospitality properties and 1.25x for all other property types and maximum loan-to-value ratio of 80% for multifamily properties and 75% for all other property types. However these thresholds are guidelines and exceptions may be made on the merits of each individual loan taking into account such factors as reserves, letters of credit and/ or guarantees, the Goldman Originator's judgment of the property and/or market performance in the future. In addition, a Goldman Originator may in some instances have reduced the term interest rate that such Goldman Originator would otherwise charge on a mortgage loan based on the credit and collateral characteristics of the related mortgaged property and structural features of the mortgage loan by collecting an upfront fee from the related borrower on the origination date. The decrease in the interest rate would have correspondingly increased the debt service coverage ratio, and, in certain cases, may have increased the debt service coverage ratio sufficiently such that the related mortgage loan satisfied such Goldman Originator's minimum debt service coverage ratio underwriting requirements for such mortgage loan.

Certain properties may also be encumbered by, or otherwise support payments on, subordinate debt and/or mezzanine debt secured by direct or indirect ownership interests in the borrower. It is possible that the Goldman Originator or an affiliate will be a lender on that additional debt, and may either sell such debt to an unaffiliated third party or hold it in inventory. When such additional debt is taken into account, the aggregate debt may not conform to the aforementioned debt service coverage ratio and loan-to-value ratio parameters.

The Goldman Originator may require borrowers to fund various escrows for taxes, insurance, capital expenses and replacement reserves. In addition, the Goldman Originator may identify certain risks that warrant additional escrows or holdbacks for items such as leasing-related matters, deferred maintenance, environmental remediation or unfunded obligations, which escrows or holdbacks would be released upon satisfaction of the applicable conditions. Springing escrows may also be structured for identified risks such as specific rollover exposure, to be triggered upon the non-renewal of one or more key tenants. In some cases, the borrower may be allowed to post a letter of credit or guaranty in lieu of a cash reserve, or provide periodic evidence of timely payment of a typical escrow item. Escrows are evaluated on a case-by-case basis and are not required for all commercial mortgage loans originated by the Goldman Originator.

Generally, the required escrows for GSMC Mortgage Loans are as follows:

● Taxes—An initial deposit and monthly escrow deposits equal to 1/12<sup>th</sup> of the annual property taxes (based on the most recent property assessment and the current millage rate) are typically required to satisfy all taxes and assessments, except that such escrows are not required in certain circumstances, including, but not limited to, (i) if there is an institutional or high net-worth individual property sponsor or (ii) if the related mortgaged property is a single tenant property in which the related tenant is required to pay taxes directly.

● Insurance—An initial deposit and monthly escrow deposits equal to 1/12<sup>th</sup> of the annual property insurance premium are typically required to pay all insurance premiums, except that

such escrows are not required in certain circumstances, including, but not limited to, (i) if the related borrower maintains a blanket insurance policy or (ii) if the related mortgaged property is a single tenant property and the related tenant is required to obtain insurance directly or self-insures.

● Replacement Reserves—Replacement reserves are generally calculated in accordance with the expected useful life of the components of the property during the term of the mortgage loan. Annual replacement reserves are generally underwritten to the suggested replacement reserve amount from an independent, third party property condition or engineering report, or to certain minimum requirements by property type, except that such escrows are not required in certain circumstances, including, but not limited to, if the related mortgaged property is a single tenant property and the related tenant is responsible for all repairs and maintenance, including those required with respect to the roof and improvement structure.

● Tenant Improvement / Leasing Commissions—Tenant improvement / leasing commission reserves may be required to be funded either at loan origination and/or during the related mortgage loan term to cover certain anticipated leasing commissions or tenant improvement costs which might be associated with re-leasing the space, except that such escrows are not required in certain circumstances, including, but not limited to, (i) if the related mortgaged property is a single tenant property and the related tenant's lease extends beyond the loan term or (ii) where rent at the related mortgaged property is considered below market.

● Deferred Maintenance—A deferred maintenance reserve may be required to be funded at loan origination in an amount equal to 100% to 125% of the estimated cost of material immediate repairs or replacements identified in the property condition or engineering report, except that such escrows are not required in certain circumstances, including, but not limited to, (i) the sponsor of the borrower delivers a guarantee to complete the immediate repairs in a specified amount of time, (ii) the deferred maintenance amount does not materially impact the function, performance or value of the property or (iii) if the related mortgaged property is a single tenant property the tenant is responsible for the repairs.

● Environmental Remediation—An environmental remediation reserve may be required at loan origination in an amount equal to 100% to 125% of the estimated remediation cost identified in the environmental report, except that such escrows are not required in certain circumstances, including, but not limited to, (i) the sponsor of the borrower delivers a guarantee agreeing to take responsibility and pay for the identified environmental issues or (ii) environmental insurance is obtained or already in place.

For a description of the escrows collected with respect to the GSMC Mortgage Loans, please see Annex A-1.

The Goldman Originator and its origination counsel will generally examine whether the use and occupancy of the property is in material compliance with zoning, land-use, building rules, regulations and orders then applicable to that property. Evidence of this compliance may be in the form of one or more of the following: legal opinions, surveys, recorded documents, temporary or permanent certificates of occupancy, letters from government officials or agencies, title insurance endorsements, engineering or consulting reports, zoning reports and/or representations by the related borrower. In some cases, a mortgaged property may constitute a legal non-conforming use or structure. In such cases, the Goldman Originator may require an endorsement to the title insurance policy and/or the acquisition of law and ordinance coverage in the casualty insurance policy with respect to the particular non-conformity unless it determines that: (i) the non-conformity should not have a material adverse effect on the ability of the borrower to rebuild; or (ii) if the improvements are rebuilt in accordance with currently applicable law, the value and performance of the property would be acceptable; or (iii) any major casualty that would prevent rebuilding has a sufficiently remote likelihood of occurring; or (iv) a cash reserve, a letter of credit or an agreement imposing recourse liability from a principal of the borrower is provided to cover losses.

The borrower is required to provide, and the Goldman Originator or its origination counsel typically will review, a title insurance policy for each property. The title insurance policies provided typically must meet the following requirements: (i) written by a title insurer licensed to do business in the jurisdiction where the mortgaged property is located, (ii) in an amount at least equal to the original principal balance of the mortgage loan, (iii) protection and benefits run to the mortgagee and its successors and assigns, (iv) written on an American Land Title Association form or equivalent policy promulgated in the jurisdiction where the mortgaged property is located and (v) if a survey was prepared, the legal description of the mortgaged property in the title policy conforms to that shown on the survey.

Except in certain instances where credit rated tenants are required to obtain insurance or may self-insure, the Goldman Originator typically requires that the related mortgaged property be insured by a hazard insurance policy with a customary deductible and in an amount at least equal to the lesser (x) of the outstanding principal balance of the mortgage loan and (y) 100% of the full insurable replacement cost of the improvements located on the property. If applicable, the policy contains appropriate endorsements to avoid the application of coinsurance and does not permit reduction in insurance proceeds for depreciation, except that the policy may permit a deduction for depreciation in connection with a cash settlement after a casualty if the insurance proceeds are not being applied to rebuild or repair the damaged improvements.

Flood insurance, if available, must be in effect for any mortgaged property that at the time of origination included material improvements in any area identified in the Federal Register by the Federal Emergency Management Agency as a special flood hazard area. The flood insurance policy must meet the requirements of the then-current guidelines of the Federal Insurance Administration, be provided by a generally acceptable insurance carrier and be in an amount representing coverage not less than the least of: (i) the outstanding principal balance of the mortgage loan, (ii) the full insurable value of the property and (iii) the maximum amount of insurance available under the National Flood Insurance Act of 1968, except in some cases where self-insurance is permitted.

The standard form of hazard insurance policy typically covers physical damage or destruction of the improvements on the mortgaged property caused by fire, lightning, explosion, smoke, windstorm and hail, riot or strike and civil commotion. The policies may contain some conditions and exclusions to coverage, including exclusions related to acts of terrorism. Generally, each of the mortgage loans requires that the related property have coverage for terrorism or terrorist acts, if such coverage is available at commercially reasonable rates. In some cases, there is a cap on the amount that the related borrower will be required to expend on terrorism insurance.

Each mortgage typically also requires the borrower to maintain comprehensive general liability insurance against claims for personal and bodily injury, death or property damage occurring on, in or about the property in an amount customarily required by institutional lenders.

Each mortgage typically further requires the related borrower to maintain business interruption or rent loss insurance in an amount not less than 100% of the projected rental income from the related property for not less than twelve months.

Although properties are typically not insured for earthquake risk, a borrower will be required to obtain earthquake insurance if the seismic report indicates that the PML or SEL is greater than 20%.

In the course of originating the GSMC Mortgage Loans, the Goldman Originator generally considered the results of third party reports as described below:

● Appraisal—The Goldman Originator obtains an appraisal or an update of an existing appraisal for each mortgaged property prepared by an appraisal firm approved in accordance with the Goldman Originator's internal documented appraisal policy. The Goldman Originator origination team and a third party consultant engaged by the Goldman Originator typically reviews the appraisal. All appraisals are conducted by an independent appraiser that is state certified, an appraiser belonging to the Appraisal Institute, a member association of professional real estate appraisers, or any otherwise qualified appraiser. All appraisals are

conducted in accordance with the Uniform Standards of Professional Appraisal Practices. In addition, the appraisal report (or a separate letter) includes a statement by the appraiser that the guidelines in Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, as amended, were followed in preparing the appraisal.

● Environmental Report—The Goldman Originator obtains a Phase I site assessment or an update of a previously obtained site assessment for each mortgaged property prepared by an environmental firm approved by the Goldman Originator. In certain cases, the borrower may have obtained the Phase I site assessment, and the assessment is then re-addressed to the Goldman Originator. The Goldman Originator origination team and a third party environmental consultant engaged by the Goldman Originator or the borrower typically reviews the Phase I site assessment to verify the presence or absence of potential adverse environmental conditions. Furthermore, an environmental assessment conducted at any particular real property collateral will not necessarily cover all potential environmental issues. For example, an analysis for radon, lead-based paint, mold and lead in drinking water will usually be conducted only at multifamily rental properties and only when the Goldman Originator or the environmental consultant believes that such an analysis is warranted under the circumstances. In cases in which the Phase I site assessment identifies any potential adverse environmental conditions and no third party is identified as responsible for such condition, or the condition has not otherwise been satisfactorily mitigated, the Goldman Originator generally requires additional environmental testing, such as a Phase II environmental assessment on the related mortgaged property, an environmental insurance policy, the borrower to conduct remediation activities or to establish an operations and maintenance plan, or to place funds in escrow to be used to address any required remediation.

● Physical Condition Report—The Goldman Originator obtains a physical condition report (" <u>PCR</u> ") or an update of a previously obtained PCR for each mortgaged property prepared by a structural engineering firm approved by the Goldman Originator to assess the structure, exterior walls, roofing, interior structure and/ or mechanical and electrical systems. In certain cases, the borrower may have obtained the PCR, and the PCR is then re-addressed to the Goldman Originator. The Goldman Originator and a third party structural consultant engaged by the Goldman Originator or the borrower typically reviews the PCR to determine the physical condition of the property, and to determine the anticipated costs of necessary repair, replacement and major maintenance or capital expenditure over the term of the mortgage loan. In cases in which the PCR identifies an immediate need for material repairs or replacements with an anticipated cost that is over a certain minimum threshold or percentage of loan balance, the Goldman Originator generally requires that funds be put in escrow at the time of origination of the mortgage loan to complete such repairs or replacements or obtains a guarantee from a sponsor of the borrower in lieu of reserves.

● Seismic—The Goldman Originator generally obtains a seismic report or an update of a previously obtained seismic report for all mortgaged properties located in seismic zone 3 or 4 to assess probable maximum loss (" <u>PML</u> ") or scenario expected loss (" <u>SEL</u> ") for the related mortgaged property. In certain cases, the borrower may have obtained the seismic report and the seismic report is then re-addressed to the Goldman Originator.

From time to time, the Goldman Originator originates mortgage loans together with other financial institutions. The resulting mortgage loans are evidenced by two or more promissory notes, at least one of which will reflect the Goldman Originator as the payee. GSMC has in the past and may in the future deposit such promissory notes for which the Goldman Originator is named as payee with one or more securitization trusts, while the co-originators have in the past and may in the future deposit such promissory notes for which they are named payee into other securitization trusts.

The Springfield Town Center Mortgage Loan (1.9%) was (together with any related Companion Loans) co-originated by Goldman Sachs Bank USA and Barclays Capital Real Estate Inc. Such Mortgage

Loan and each related Companion Loan was co-originated in accordance with the underwriting guidelines described above.

 <u>Servicing</u>

Interim servicing for all of GSMC's loans prior to securitization is typically performed by a nationally recognized rated third party interim servicer. In addition, primary servicing is occasionally retained by certain qualified mortgage brokerage firms under established sub-servicing agreements with GSMC, which firms may continue primary servicing certain loans following the securitization closing date. Otherwise, servicing responsibilities are transferred from the interim servicer to the master servicer of the securitization trust (and a primary servicer when applicable) at closing of the securitization. From time to time, the interim servicer may retain primary servicing.

<u>Exceptions to Goldman Originator's Disclosed Underwriting Guidelines</u>

The Goldman Originator has disclosed generally its underwriting guidelines with respect to the GSMC Mortgage Loans. However, one or more of the GSMC Mortgage Loans may vary from the specific Goldman Originator underwriting guidelines described above when additional credit positive characteristics are present as discussed above. In addition, in the case of one or more of the GSMC Mortgage Loans, the Goldman Originator may not have applied each of the specific underwriting guidelines described above as the result of case-by-case permitted flexibility based upon other compensating factors. In certain cases, the Goldman Originator may have made exceptions and the underwriting of a particular mortgage loan did not comply with all aspects of the disclosed criteria.

The GSMC Mortgage Loans were originated in accordance with the underwriting standards set forth above.

Certain characteristics of the GSMC Mortgage Loans can be found on Annex A-1.

<u>Compliance with Rule 15Ga-1 under the Exchange Act</u>

GSMC most recently filed a Form ABS-15G pursuant to Rule 15Ga-1 under the Exchange Act on August 14, 2025. GSMC's Central Index Key is 0001541502. With respect to the period from and including July 1, 2022 to and including June 30, 2025, GSMC has the following activity to report as required by Rule 15Ga-1 under the Exchange Act with respect to repurchase or replacement requests in connection with breaches of representations and warranties made by it as a sponsor of commercial mortgage securitizations.

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Total Assets in ABS by Originator** | **Total Assets in ABS by Originator** | **Total Assets in ABS by Originator** | **Assets That Were Subject of Demand** | **Assets That Were Subject of Demand** | **Assets That Were Subject of Demand** | **Assets That Were Repurchased or Replaced** | **Assets That Were Repurchased or Replaced** | **Assets That Were Repurchased or Replaced** | **Assets Pending Repurchase or Replacement (due to expired cure period)** | **Assets Pending Repurchase or Replacement (due to expired cure period)** | **Assets Pending Repurchase or Replacement (due to expired cure period)** | **Demand in Dispute** | **Demand in Dispute** | **Demand in Dispute** | **Demand Withdrawn** | **Demand Withdrawn** | **Demand Withdrawn** | **Demand Rejected** | **Demand Rejected** | **Demand Rejected** | **Demand Rejected** |
| **% of principal balance**<br>**(a)** | **Check if Regis-<br> tered** <br>**(b)** | **Name of Originator**<br>**(c)** | **#<br> (d)** | **$(e)** | **% of principal balance<br> (f)** | **#<br> (g)** | **$(h)** | **% of principal balance<br> (i)** | **#<br> (j)** | **$(k)** | **% of principal balance<br> (l)** | **#<br> (m)** | **$(n)** | **% of principal balance<br> (o)** | **#<br> (p)** | **$(q)** | **% of principal balance<br> (r)** | **#<br> (s)** | **$(t)** | **% of principal balance<br> (u)** | **% of principal balance<br> (u)** | **#<br> (v)** | **$(w)** | **% of principal balance<br> (x)** |
| **Asset Class: Commercial Mortgage Backed Securities** | **Asset Class: Commercial Mortgage Backed Securities** | **Asset Class: Commercial Mortgage Backed Securities** | **Asset Class: Commercial Mortgage Backed Securities** | **Asset Class: Commercial Mortgage Backed Securities** | **Asset Class: Commercial Mortgage Backed Securities** | **Asset Class: Commercial Mortgage Backed Securities** | **Asset Class: Commercial Mortgage Backed Securities** | **Asset Class: Commercial Mortgage Backed Securities** | **Asset Class: Commercial Mortgage Backed Securities** | **Asset Class: Commercial Mortgage Backed Securities** | **Asset Class: Commercial Mortgage Backed Securities** | **Asset Class: Commercial Mortgage Backed Securities** | **Asset Class: Commercial Mortgage Backed Securities** | **Asset Class: Commercial Mortgage Backed Securities** | **Asset Class: Commercial Mortgage Backed Securities** | **Asset Class: Commercial Mortgage Backed Securities** | **Asset Class: Commercial Mortgage Backed Securities** | **Asset Class: Commercial Mortgage Backed Securities** | **Asset Class: Commercial Mortgage Backed Securities** | **Asset Class: Commercial Mortgage Backed Securities** | **Asset Class: Commercial Mortgage Backed Securities** | **Asset Class: Commercial Mortgage Backed Securities** | **Asset Class: Commercial Mortgage Backed Securities** | **Asset Class: Commercial Mortgage Backed Securities** |
| GS Mortgage Securities Trust 2012-GCJ9<br> (CIK 0001560456) | X | Goldman Sachs Mortgage Company | 12 | 411105625 | 29.6 | 1 | 0 | 0.00 | 0 | 0 | 0.00 | 0 | 0 | 0.00 | 1 | 0 | 0.00 | 0 | 0 | 0.00 | 0.00 | 0 | 0 | 0.00 |
| GS Mortgage Securities Trust 2012-GCJ9<br> (CIK 0001560456) | X | Citigroup Global Markets Realty Corp. | 30 | 313430906 | 22.6 | 0 | 0 | 0.00 | 0 | 0 | 0.00 | 0 | 0 | 0.00 | 0 | 0 | 0.00 | 0 | 0 | 0.00 | 0.00 | 0 | 0 | 0.00 |
| GS Mortgage Securities Trust 2012-GCJ9<br> (CIK 0001560456) | X | Archetype Mortgage Funding I LLC | 14 | 137272372 | 9.9 | 0 | 0 | 0.00 | 0 | 0 | 0.00 | 0 | 0 | 0.00 | 0 | 0 | 0.00 | 0 | 0 | 0.00 | 0.00 | 0 | 0 | 0.00 |
| GS Mortgage Securities Trust 2012-GCJ9<br> (CIK 0001560456) | X | Jefferies LoanCore LLC | 18 | 527119321 | 38.0 | 0 | 0 | 0.00 | 0 | 0 | 0.00 | 0 | 0 | 0.00 | 0 | 0 | 0.00 | 0 | 0 | 0.00 | 0.00 | 0 | 0 | 0.00 |
| **Total by Asset Class** | **Total by Asset Class** | **Total by Asset Class** | 74 | 1388928224 | 100% | 1 | 0 | 0.00 | 0 | 0 | 0.00 | 0 | 0 | 0.00 | 1 | 0 | 0.00 | 0 | 0 | 0.00 | 0.00 | 0 | 0 | 0.00 |

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<u>Retained Interests in This Securitization</u>

As of the date of this prospectus, neither GSMC nor any of its affiliates intends to retain any certificates issued by the issuing entity or any other economic interest in this securitization, other than the RR Interest. However, GSMC and/or its affiliates may retain on the Closing Date or own in the future certain classes of certificates. Any such party will have the right to dispose of any such certificates at any time. GSMC (or its MOA) will be required to retain the RR Interest as described under "*Credit Risk Retention*".

The information set forth under "*—Goldman Sachs Mortgage Company*" has been provided by GSMC.

**German American Capital Corporation**

*<u>General</u>*. German American Capital Corporation, a Maryland corporation ("<u>GACC</u>"), is a sponsor, the retaining sponsor, an originator and a mortgage loan seller in this securitization transaction. Deutsche Bank AG, New York Branch ("<u>DBNY</u>") and DBR Investments Co. Limited, an exempted company incorporated in the Cayman Islands ("<u>DBRI</u>"), each an affiliate of GACC, or GACC, originated or co-originated (either directly or, in some cases, through table funding arrangements) all of the GACC Mortgage Loans, except with respect to the Mortgage Loans set forth under "*Description of the Mortgage Pool—Co-Originated or Unaffiliated Third-Party Originated Mortgage Loans*" for which GACC is identified as a Mortgage Loan Seller.

GACC is a wholly-owned subsidiary of Deutsche Bank Americas Holding Corp., which in turn is a wholly-owned subsidiary of Deutsche Bank AG, a German corporation. GACC is an affiliate of (i) DBRI, an originator, (ii) Deutsche Bank Securities Inc., an underwriter, and (iii) DBNY, an originator, an initial holder of a portion of the Class RR certificates and an initial Risk Retention Consultation Party. The principal offices of GACC are located at 1 Columbus Circle, New York, New York 10019.

Prior to the date of this prospectus, DBRI purchased for cash from DBNY a 100% equity participation interest in the Providence at Champions Mortgage Loan (the "<u>DBNY Originated Loan</u>") originated by DBNY. DBNY and DBRI will sell their interests in the DBNY Originated Loan to GACC on or prior to the Closing Date. During the period from DBRI's purchase of such participation interests to the Closing Date, DBRI will have borne the credit risk in respect of the DBNY Originated Loan.

Prior to the date of this prospectus, DBRI purchased for cash from GACC a 100% equity participation interest in each of the portion of the 9911 Belward Mortgage Loan to be contributed by GACC, the Park Place Village Mortgage Loan, the 180 Water Mortgage Loan, the City Center at Oyster Point Mortgage Loan and the Best Western Seven Seas Mortgage Loan (the "<u>GACC Originated Loans</u>"). DBRI will sell its interest in the GACC Originated Loans to GACC on or prior to the Closing Date. During the period from DBRI's purchase of such participation interests to the Closing Date, DBRI will have borne the credit risk in respect of the GACC Originated Loans.

It is also expected that GACC, DBRI or DBNY will be the holder of the companion loans (if any) for which the noteholder is identified as "GACC", "DBRI" or "DBNY", as applicable, in the table titled "Whole Loan Control Notes and Non-Control Notes" under *"Description of the Mortgage Pool—The Whole Loans—General*" after the Closing Date in the ordinary course of business and such Companion Loans may be securitized in one or more future securitization transactions or otherwise transferred at any time.

Deutsche Bank AG (together with certain affiliates, "<u>Deutsche Bank</u>") filed a Form 6-K with the SEC on December 23, 2016. The Form 6-K states that Deutsche Bank "has reached a settlement in principle with the Department of Justice in the United States ("<u>DOJ</u>") regarding civil claims that the DOJ considered in connection with the bank's issuance and underwriting of residential mortgage-backed securities (RMBS) and related securitization activities between 2005 and 2007. Under the terms of the settlement agreement, Deutsche Bank agreed to pay a civil monetary penalty of US dollar 3.1 billion and to provide US dollar 4.1 billion in consumer relief in the United States. The consumer relief is expected to be primarily in the form of loan modifications and other assistance to homeowners and borrowers, and other

similar initiatives to be determined, and delivered over a period of at least five years." On January 17, 2017, the DOJ issued a press release officially announcing a $7.2 billion settlement with Deutsche Bank "resolving federal civil claims that Deutsche Bank misled investors in the packaging, securitization, marketing, sale and issuance of residential mortgage-backed securities (RMBS) between 2006 and 2007. The settlement requires Deutsche Bank to pay a $3.1 billion civil penalty under the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA). Under the settlement, Deutsche Bank will also provide $4.1 billion in relief to underwater homeowners, distressed borrowers and affected communities."

*<u>GACC's Securitization Program</u>*. GACC has been engaged as an originator and/or seller/contributor of loans into CMBS securitizations for more than ten years.

GACC has been a seller of loans into securitization programs including (i) the "COMM" program, in which its affiliate Deutsche Mortgage & Asset Receiving Corporation ("<u>DMARC</u>") is the depositor, (ii) the "CD" program in which DMARC is the depositor on a rotating basis with Citigroup Commercial Mortgage Securities Inc., (iii) the "Benchmark" program in which DMARC is the depositor on a rotating basis with Citigroup Commercial Mortgage Securities Inc. and GS Mortgage Securities Corporation II and (iv) programs where third party entities, including affiliates of General Electric Capital Corporation, Capmark Finance Inc. (formerly GMAC Commercial Mortgage Corporation) and others, have acted as depositors.

Under the COMM name, GACC has had two primary securitization programs, the "COMM FL" program, into which large ﬂoating rate commercial mortgage loans were securitized, and the "COMM Conduit/Fusion" program, into which both fixed rate conduit loans and large loans were securitized.

GACC acquires both ﬁxed rate and ﬂoating rate commercial mortgage loans backed by a range of commercial real estate properties including office buildings, apartments, shopping malls, hotels, and industrial/warehouse properties. The total amount of loans securitized by GACC from October 1, 2010 through September 30, 2025 is approximately $123.871 billion.

GACC or its affiliates have purchased loans for securitization in the past and it may elect to purchase loans for securitization in the future. If GACC or its affiliates purchase loans for securitization, GACC or such affiliate will either reunderwrite the mortgage loans it purchases, or perform other procedures to ascertain the quality of such loans, which procedures will be subject to approval by credit risk management officers.

In coordination with Deutsche Bank Securities Inc. and other underwriters or initial purchasers, GACC works with NRSROs, other loan sellers, servicers and investors in structuring a securitization transaction to maximize the overall value and capital structure, taking into account numerous factors, including without limitation geographic and property type diversity and NRSRO criteria.

For the most part, GACC and its affiliates rely on independent rated third parties to service loans held pending sale or securitization. It maintains interim servicing agreements with large, institutional commercial mortgage loan servicers who are highly rated by the NRSROs. Periodic financial review and analysis, including monitoring of ratings, of each of the servicers with which GACC and its affiliates have servicing arrangements is conducted under the purview of loan underwriting personnel.

Pursuant to an MLPA, GACC will make certain representations and warranties, subject to certain exceptions set forth therein (and in Annex E-2), to the depositor and will covenant to provide certain documents regarding the Mortgage Loans it is selling to the depositor (the "<u>GACC Mortgage Loans</u>") and, in connection with certain breaches of such representations and warranties or certain defects with respect to such documents, which breaches or defects are determined to have a material adverse effect on the value of the subject GACC Mortgage Loans or such other standard as is described in the related MLPA, may have an obligation to repurchase such Mortgage Loan, cure the subject defect or breach, replace the subject Mortgage Loan with a Qualified Substitute Mortgage Loan or make a Loss of Value Payment, as the case may be. The depositor will assign certain of its rights under each MLPA to the issuing entity. In addition, GACC has agreed to indemnify the depositor, the underwriters and/or certain of their respective affiliates with respect to certain liabilities arising in connection with the issuance and sale of the certificates. See "*Pooling and Servicing Agreement—Assignment of the Mortgage Loans*".

<u>Review of GACC Mortgage Loans.</u>

<u>Overview</u>*.* GACC, in its capacity as the sponsor and the mortgage loan seller of the GACC Mortgage Loans, has conducted a review of the GACC Mortgage Loans in connection with the securitization described in this prospectus. GACC determined the nature, extent and timing of the review and the level of assistance provided by any third parties. The review of the GACC Mortgage Loans was performed by a deal team comprised of real estate and securitization professionals who are employees of one or more of GACC's affiliates (the "<u>GACC Deal Team</u>"). The review procedures described below were employed with respect to all of the GACC Mortgage Loans, except that certain review procedures only were relevant to the large loan disclosures in this prospectus, as further described below. No sampling procedures were used in the review process.

<u>Data Tape</u>*.* To prepare for securitization, members of the GACC Deal Team created a data tape (the "<u>GACC Data Tape</u>") containing detailed loan-level and property-level information regarding each GACC Mortgage Loan. The GACC Data Tape was compiled from, among other sources, the related Mortgage Loan documents, appraisals, environmental reports, seismic reports, property condition reports, zoning reports, insurance policies, borrower supplied information (including, but not limited to, rent rolls, leases, operating statements and budgets) and information collected by the DB Originators during the underwriting process. After origination of each GACC Mortgage Loan, the GACC Deal Team updated the information in the GACC Data Tape with respect to the GACC Mortgage Loan based on updates provided by the related loan servicer relating to loan payment status and escrows, updated operating statements, rent rolls and leasing activity, and information otherwise brought to the attention of the GACC Deal Team. The GACC Data Tape was used by the GACC Deal Team to provide the numerical information regarding the GACC Mortgage Loans in this prospectus.

<u>Data Comparison and Recalculation</u>. GACC engaged a third party accounting firm to perform certain data comparison and recalculation procedures designed by GACC relating to information in this prospectus regarding the GACC Mortgage Loans. These procedures included:

● comparing the information in the GACC Data Tape against various source documents provided by GACC that are described above under "*—Data Tape* ";

● comparing numerical information regarding the GACC Mortgage Loans and the related Mortgaged Properties disclosed in this prospectus against the GACC Data Tape; and

● recalculating certain percentages, ratios and other formulae relating to the GACC Mortgage Loans disclosed in this prospectus.

<u>Legal Review</u>*.* GACC engaged various law firms to conduct certain legal reviews of the GACC Mortgage Loans for disclosure in this prospectus. In anticipation of securitization of each GACC Mortgage Loan originated by the applicable DB Originator, origination counsel prepared a loan summary that sets forth salient loan terms and summarizes material deviations from GACC's standard form loan documents. In addition, origination counsel for each GACC Mortgage Loan reviewed GACC's representations and warranties set forth on Annex E-1 and, if applicable, identified exceptions to those representations and warranties set forth on Annex E-2.

Securitization counsel was also engaged to assist in the review of the GACC Mortgage Loans. Such assistance included, among other things, (i) a review of sections of the loan documents with respect to certain of the GACC Mortgage Loans that deviate materially from GACC's standard form document, (ii) a review of the loan summaries referred to above relating to the GACC Mortgage Loans prepared by origination counsel, and (iii) a review of a due diligence questionnaire completed by the origination counsel. Securitization counsel also reviewed the property release provisions (other than the partial defeasance provisions), if any, for each GACC Mortgage Loan with multiple Mortgaged Properties or, to the extent identified by origination counsel, for each GACC Mortgage Loan with permitted outparcel releases or similar releases for compliance with the REMIC provisions of the Code.

GACC prepared, and reviewed with origination counsel and/or securitization counsel, the loan summaries for those of the GACC Mortgage Loans included in the 10 largest Mortgage Loans in the mortgage pool, and the abbreviated loan summaries for those of the GACC Mortgage Loans included in the next 5 largest Mortgage Loans in the mortgage pool, which loan summaries and abbreviated loan summaries are incorporated in Annex A-3.

<u>Other Review Procedures</u>. With respect to any pending litigation that existed at the origination of any GACC Mortgage Loan, GACC requested updates from the related borrower, origination counsel and/or borrower's litigation counsel. In connection with the origination of each GACC Mortgage Loan, GACC, together with origination counsel, conducted a search with respect to each borrower under the related GACC Mortgage Loan to determine whether it filed for bankruptcy. If GACC became aware of a significant natural disaster in the vicinity of any Mortgaged Property securing a GACC Mortgage Loan, GACC obtained information on the status of the Mortgaged Property from the related borrower to confirm no material damage to the Mortgaged Property.

With respect to the GACC Mortgage Loans originated by a DB Originator, the GACC Deal Team also consulted with the applicable GACC Mortgage Loan origination team to confirm that the GACC Mortgage Loans were originated in compliance with the origination and underwriting criteria described below under "*—DB Originators' Underwriting Guidelines and Processes",* as well as to identify any material deviations from those origination and underwriting criteria. See "*—Exceptions*" below.

<u>Findings and Conclusions</u>. Based on the foregoing review procedures, GACC determined that the disclosure regarding the GACC Mortgage Loans in this prospectus is accurate in all material respects. GACC also determined that the GACC Mortgage Loans were originated (or acquired and re-underwritten) in accordance with the applicable DB Originator's origination procedures and underwriting criteria, except as described below under "*—Exceptions".* GACC attributes to itself all findings and conclusions resulting from the foregoing review procedures.

<u>DB Originators' Underwriting Guidelines and Processes.</u>

<u>General</u>. DBRI, DBNY and GACC are each an originator and are affiliated with each other and with Deutsche Bank Securities Inc., one of the underwriters. DBRI, DBNY and GACC are referred to as the "<u>DB Originators</u>" in this prospectus. Each DB Originator originates loans located in the United States that are secured by retail, multifamily, office, hotel and industrial/warehouse properties. All of the mortgage loans originated by a DB Originator generally are originated in accordance with the underwriting criteria described below. However, each lending situation is unique, and the facts and circumstance surrounding the mortgage loan, such as the quality and location of the real estate, the sponsorship of the borrower and the tenancy of the property, will impact the extent to which the general guidelines below are applied to a specific loan. This underwriting criteria is general, and we cannot assure you that every mortgage loan will conform in all respects with the guidelines.

<u>Loan Analysis</u>. In connection with the origination of mortgage loans (or, in connection with the applicable DB Originator's acquisition and reunderwriting of a mortgage loan), the applicable DB Originator conducts an extensive review of the related mortgaged property, including an analysis of the appraisal, environmental report, property operating statements, financial data, rent rolls, sales where applicable and related information or statements of occupancy rates provided by the borrower and, with respect to the mortgage loans secured by retail and office properties, certain major tenant leases and the tenant's credit. Generally, borrowers are required to be single purpose entities which do not have a credit history; therefore, the financial strength and character of certain of the borrower's key principals are examined prior to approval of the mortgage loan through a review of available financial statements and public records searches. A member of the applicable DB Originator's underwriting or due diligence team, or a consultant or other designee, visits the mortgaged property for a site inspection to confirm the occupancy rates of the mortgaged property, and analyzes the mortgaged property's sub-market and the utility of the mortgaged property within the sub-market. Unless otherwise specified in this prospectus, all financial, occupancy and other information contained in this prospectus is based on such information and we cannot assure you that such financial, occupancy and other information remains accurate.

<u>Cash Flow Analysis</u>. The applicable DB Originator reviews, among other things, historical operating statements, rent rolls, tenant leases and/or budgeted income and expense statements provided by the borrower and makes adjustments in order to determine a debt service coverage ratio, including taking into account the benefits of any governmental assistance programs. See "*Description of the Mortgage Pool—Additional Information*".

<u>Debt Service Coverage Ratio and Loan-to-Value Ratio</u>. The underwriting includes a calculation of the debt service coverage ratio and the loan-to-value ratio in connection with the origination of each loan.

The debt service coverage ratio will generally be calculated based on the ratio of the underwritten net cash flow from the property in question as determined by the applicable DB Originator and payments on the loan based on actual principal and/or interest due on the loan. However, underwritten net cash flow is often a highly subjective number based on a variety of assumptions regarding, and adjustments to, revenues and expenses with respect to the related real property collateral. For example, when calculating the debt service coverage ratio for a multifamily or commercial mortgage loan, annual net cash flow that was calculated based on assumptions regarding projected future rental income, expenses and/or occupancy may be utilized. We cannot assure you that the foregoing assumptions made with respect to any prospective multifamily or commercial mortgage loan will, in fact, be consistent with actual property performance. For specific discussions on the particular assumptions and adjustments, see "*Description of the Mortgage Pool*" and Annex A-1 and Annex A-3. The loan-to-value ratio, in general, is the ratio, expressed as a percentage, of the then-outstanding principal balance of the mortgage loan divided by the estimated value of the related property based on an appraisal obtained in accordance with the guidelines described under "*—Appraisal and Loan-to-Value Ratio*" below. In addition, a DB Originator may in some instances have reduced the term interest rate that such DB Originator would otherwise charge on a mortgage loan based on the credit and collateral characteristics of the related mortgaged property and structural features of the mortgage loan by collecting an upfront fee from the related borrower on the origination date. The decrease in the interest rate would have correspondingly increased the debt service coverage ratio, and, in certain cases, may have increased the debt service coverage ratio sufficiently such that the related mortgage loan satisfied such DB Originator's minimum debt service coverage ratio underwriting requirements for such mortgage loan. In addition, with respect to certain mortgage loans, there may exist subordinate mortgage debt or mezzanine debt. Such mortgage loans will have a lower combined debt service coverage ratio and/or a higher combined loan-to-value ratio when such subordinate or mezzanine debt is taken into account. Additionally, certain mortgage loans may provide for interest only payments prior to maturity, or for an interest-only period during a portion of the term of the mortgage loan.

<u>Appraisal and Loan-to-Value Ratio</u>. For each Mortgaged Property, the applicable DB Originator obtains (or, in connection with the applicable DB Originator's acquisition and reunderwriting of a mortgage loan, the related originator obtains and the applicable DB Originator relies upon) a current (within 6 months of the origination date of the mortgage loan) comprehensive narrative appraisal conforming to the requirements of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ("<u>FIRREA</u>") and Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation. The appraisal is based on the "as-is" market value of the Mortgaged Property as of the date of value in its then-current condition, and in accordance with the Mortgaged Property's highest and best use as determined within the appraisal. In certain cases, the applicable DB Originator may also obtain prospective or hypothetical values on an "as-stabilized", "as-complete" and/or "hypothetical as-is" basis, reflecting stipulated assumptions including, but not limited to, leasing, occupancy, income normalization, construction, renovation, restoration and/or repairs at the Mortgaged Property. The applicable DB Originator then determines the loan-to-value ratio of the mortgage loan for origination or, if applicable, in connection with its acquisition of the mortgage loan, in each case based on the value and effective value dates set forth in the appraisal. In connection with the applicable DB Originator's acquisition and reunderwriting of a mortgage loan, the applicable DB Originator relies upon the appraisal(s) obtained by the related originator. Such appraisal(s) may reflect a value for a particular Mortgaged Property that varies from an opinion of value of the applicable DB Originator. The information in this prospectus regarding such acquired mortgage loans, including, but not limited to, appraised values and loan-to-value ratios, reflects the information contained in such originator's appraisal. We cannot assure you that the information set

forth in this prospectus regarding the appraised values or loan-to-value ratios of such acquired mortgage loans would not be different if a DB Originator had originated such mortgage loans. See "*Risk Factors—Risks Relating to the Mortgage Loans—Appraisals May Not Reflect Current or Future Market Value of Each Property*".

<u>Evaluation of Borrower</u>. The applicable DB Originator evaluates the borrower and its principals with respect to credit history and prior experience as an owner and operator of commercial real estate properties. The evaluation will generally include obtaining and reviewing a credit report or other reliable indication of the borrower's financial capacity; obtaining and verifying credit references and/or business and trade references; and obtaining and reviewing certifications provided by the borrower as to prior real estate experience and current contingent liabilities. Finally, although the mortgage loans generally are non-recourse in nature, in the case of certain mortgage loans, the borrower and certain principals of the borrower may be required to assume legal responsibility for liabilities as a result of, among other things, fraud, misrepresentation, misappropriation or conversion of funds and breach of environmental or hazardous materials requirements. The applicable DB Originator evaluates the financial capacity of the borrower and such principals to meet any obligations that may arise with respect to such liabilities.

<u>Environmental Site Assessment</u>. Prior to origination, the applicable DB Originator either (i) obtains or updates (or, in connection with the applicable DB Originator's acquisition and reunderwriting of a mortgage loan, the related originator obtains or updates and the applicable DB Originator relies upon) an environmental site assessment ("<u>ESA</u>") for a Mortgaged Property prepared by a qualified environmental firm or (ii) obtains (or, in connection with the applicable DB Originator's acquisition and reunderwriting of a mortgage loan, the related originator obtains or updates and the applicable DB Originator relies upon) an environmental insurance policy for a Mortgaged Property. If an ESA is obtained or updated, the applicable DB Originator reviews the ESA to verify the absence of reported violations of applicable laws and regulations relating to environmental protection and hazardous materials or other material adverse environmental condition or circumstance. In cases in which the ESA identifies conditions that would require cleanup, remedial action or any other response estimated to cost in excess of 5% of the outstanding principal balance of the mortgage loan, the applicable DB Originator either (i) determines that another party with sufficient assets is responsible for taking remedial actions directed by an applicable regulatory authority or (ii) requires the borrower to do one of the following: (A) carry out satisfactory remediation activities or other responses prior to the origination of the mortgage loan, (B) establish an operations and maintenance plan, (C) place sufficient funds in escrow or establish a letter of credit at the time of origination of the mortgage loan to complete such remediation within a specified period of time, (D) obtain an environmental insurance policy for the Mortgaged Property, (E) provide or obtain an indemnity agreement or a guaranty with respect to such condition or circumstance, or (F) receive appropriate assurances that significant remediation activities or other significant responses are not necessary or required.

Certain of the mortgage loans may also have environmental insurance policies. See "*Description of the Mortgage Pool—Insurance Considerations"*.

<u>Physical Assessment Report</u>. Prior to origination, the applicable DB Originator obtains (or, in connection with the applicable DB Originator's acquisition and reunderwriting of a mortgage loan, the related originator obtains and the applicable DB Originator relies upon) a physical assessment report ("<u>PAR</u>") for each Mortgaged Property prepared by a qualified structural engineering firm. The applicable DB Originator reviews the PAR to verify that the property is reported to be in satisfactory physical condition, and to determine the anticipated costs of necessary repair, replacement and major maintenance or capital expenditure needs over the term of the mortgage loan. In cases in which the PAR identifies material repairs or replacements needed immediately, the applicable DB Originator generally requires the borrower to carry out such repairs or replacements prior to the origination of the mortgage loan, or, in many cases, requires the borrower to place sufficient funds in escrow at the time of origination of the mortgage loan to complete such repairs or replacements within not more than twelve months. In certain instances, the applicable DB Originator may waive such escrows but require the related borrower to complete such repairs within a stated period of time in the related Mortgage Loan documents.

<u>Title Insurance Policy</u>. The borrower is required to provide, and the applicable DB Originator reviews, a title insurance policy for each Mortgaged Property. The title insurance policy must meet the following requirements: (a) the policy must be written by a title insurer licensed to do business in the jurisdiction where the Mortgaged Property is located; (b) the policy must be in an amount equal to the original principal balance of the mortgage loan; (c) the protection and benefits must run to the mortgagee and its successors and assigns; (d) the policy should be written on a standard policy form of the American Land Title Association or equivalent policy promulgated in the jurisdiction where the Mortgaged Property is located; and (e) the legal description of the Mortgaged Property in the title policy must conform to that shown on the survey of the Mortgaged Property, where a survey has been required.

<u>Property Insurance</u>. The borrower is required to provide, and the applicable DB Originator reviews, certificates of required insurance with respect to the Mortgaged Property. Such insurance may include: (1) commercial general liability insurance for bodily injury or death and property damage; (2) a fire and extended perils insurance policy providing "special" form coverage including coverage against loss or damage by fire, lightning, explosion, smoke, windstorm and hail, riot or strike and civil commotion; (3) if applicable, boiler and machinery coverage; (4) if the Mortgaged Property is located in a flood hazard area, flood insurance; and (5) such other coverage as the applicable DB Originator may require based on the specific characteristics of the Mortgaged Property.

<u>Seismic Report</u>. A seismic report is required for all properties located in seismic zones 3 or 4.

<u>Zoning and Building Code Compliance</u>. In connection with the origination of a multifamily or commercial mortgage loan, the originator will examine whether the use and occupancy of the related real property collateral is in material compliance with zoning, land-use, building rules, regulations and orders then applicable to that property. Evidence of this compliance may be in the form of one or more of the following: a zoning report, legal opinions, surveys, recorded documents, temporary or permanent certificates of occupancy, letters from government officials or agencies, title insurance endorsements, engineering or consulting reports and/or representations by the related borrower.

<u>Escrow Requirements</u>. The applicable DB Originator may require borrowers to fund various escrows for taxes, insurance, capital expenses and replacement reserves, which reserves in many instances will be limited to certain capped amounts. In addition, the applicable DB Originator may identify certain risks that warrant additional escrows or holdbacks for items such as leasing-related matters, deferred maintenance, environmental remediation or unfunded obligations, which escrows or holdbacks would be released upon satisfaction of the applicable conditions. Springing escrows may also be structured for identified risks such as specific rollover exposure, to be triggered upon the non-renewal of one or more key tenants. Escrows are evaluated on a case-by-case basis and are not required for all commercial mortgage loans originated by a DB Originator. The typical required escrows for mortgage loans originated by a DB Originator are as follows:

● Taxes – An initial deposit and monthly escrow deposits equal to approximately 1/12th of the estimated annual property taxes (based on the most recent property assessment and the current millage rate) are required to provide the applicable DB Originator with sufficient funds to satisfy all taxes and assessments. The applicable DB Originator may waive this escrow requirement in certain circumstances, including, but not limited to: (i) the Mortgaged Property is a single tenant property (or substantially leased to single tenant) and the tenant pays taxes directly (or the applicable DB Originator may waive the escrow for a portion of the Mortgaged Property which is leased to a tenant that pays taxes for its portion of the Mortgaged Property directly); or (ii) any Escrow/Reserve Mitigating Circumstances.

● Insurance – An initial deposit and monthly escrow deposits equal to approximately 1/12th of the estimated annual property insurance premium are required to provide the applicable DB Originator with sufficient funds to pay all insurance premiums. The applicable DB Originator may waive this escrow requirement in certain circumstances, including, but not limited to: (i) the borrower maintains a blanket insurance policy; (ii) the Mortgaged Property is a single tenant property (or substantially leased to single tenant) and the tenant maintains the property insurance or self-insures (or may waive the escrow for a portion of the Mortgaged

Property which is leased to a tenant that maintains property insurance for its portion of the Mortgaged Property or self-insures); or (iii) any Escrow/Reserve Mitigating Circumstances.

● Replacement Reserves – Replacement reserves are generally calculated in accordance with the expected useful life of the components of the property during the term of the mortgage loan. Annual replacement reserves are generally underwritten to the suggested replacement reserve amount from an independent, third-party property condition or engineering report, or to certain minimum requirements by property type. The applicable DB Originator may waive this escrow requirement in certain circumstances, including, but not limited to: (i) the Mortgaged Property is a single tenant property (or substantially leased to single tenant) and the tenant repairs and maintains the Mortgaged Property (or may waive the escrow for a portion of the Mortgaged Property which is leased to a tenant that repairs and maintains its portion of the Mortgaged Property); or (ii) any Escrow/Reserve Mitigating Circumstances.

● Tenant Improvement/Lease Commissions – A tenant improvement/leasing commission reserve may be required to be funded either at loan origination and/or during the related mortgage loan term and/or springing upon certain tenant events to cover certain anticipated leasing commissions, free rent periods or tenant improvement costs which might be associated with re-leasing the space occupied by such tenants. The applicable DB Originator may waive this escrow requirement in certain circumstances, including, but not limited to: (i) the Mortgaged Property is a single tenant property (or substantially leased to single tenant), with a lease that extends beyond the loan term; or (ii) any Escrow/Reserve Mitigating Circumstances.

● Deferred Maintenance – A deferred maintenance reserve may be required to be funded at loan origination in an amount equal to 100% to 125% of the estimated cost of material immediate repairs or replacements identified in the property condition or engineering report. The applicable DB Originator may waive this escrow requirement in certain circumstances, including, but not limited to: (i) the sponsor of the borrower delivers a guarantee to complete the immediate repairs; (ii) the deferred maintenance items do not materially impact the function, performance or value of the property; (iii) the deferred maintenance cost does not exceed $50,000; (iv) the Mortgaged Property is a single tenant property (or substantially leased to single tenant), and the tenant is responsible for the repairs; or (v) any Escrow/Reserve Mitigating Circumstances.

● Environmental Remediation – An environmental remediation reserve may be required at loan origination in an amount equal to 100% to 125% of the estimated remediation cost identified in the environmental report. The applicable DB Originator may waive this escrow requirement in certain circumstances, including, but not limited to: (i) the sponsor of the borrower delivers a guarantee agreeing to complete the remediation; (ii) environmental insurance is in place or obtained; or (iii) any Escrow/Reserve Mitigating Circumstances.

The applicable DB Originator may determine that establishing any of the foregoing escrows or reserves is not warranted in one or more of the following instances (collectively, the "<u>Escrow/Reserve Mitigating Circumstances</u>"): (i) the amounts involved are *de minimis*, (ii) the applicable DB Originator's evaluation of the ability of the Mortgaged Property, the borrower or a holder of direct or indirect ownership interests in the borrower to bear the subject expense or cost absent creation of an escrow or reserve, (iii) based on the Mortgaged Property maintaining a specified debt service coverage ratio, (iv) the applicable DB Originator has structured springing escrows that arise for identified risks, (v) the applicable DB Originator has an alternative to a cash escrow or reserve, such as a letter of credit or a guarantee from the borrower or an affiliate of the borrower; (vi) the applicable DB Originator believes there are credit positive characteristics of the borrower, the sponsor of the borrower and/or the Mortgaged Property that would offset the need for the escrow or reserve; or (vii) the reserves are being collected and held by a third party, such as a management company, a franchisor, or an association.

Notwithstanding the foregoing discussion under this caption "*—DB Originators' Underwriting Guidelines and Processes*", one or more of the mortgage loans contributed to this securitization by GACC may vary from, or may not comply with, the applicable DB Originator's underwriting guidelines described above. In addition, in the case of one or more of the mortgage loans contributed to this securitization by GACC, the applicable DB Originator may not have strictly applied these underwriting guidelines as the result of a case-by-case permitted exception based upon other compensating or mitigating factors.

<u>Exceptions</u>. Disclosed above are the applicable DB Originator's general underwriting guidelines with respect to the GACC Mortgage Loans. One or more GACC Mortgage Loans may vary from the specific DB Originator's underwriting guidelines described above when additional credit positive characteristics are present as discussed above. In addition, in the case of one or more GACC Mortgage Loans, the applicable DB Originator may not have applied each of the specific underwriting guidelines described above as the result of case-by-case permitted flexibility based upon other compensating factors. In certain cases set forth below, the applicable DB Originator made exceptions and the underwriting of a particular GACC Mortgage Loan did not comply with all aspects of the disclosed criteria.

Other than as described in the following paragraph, the GACC Mortgage Loans were originated in accordance with the underwriting standards set forth above.

With respect to the 180 Water Mortgage Loan (4.6%), there exists an underwriting exception from the applicable DB Originator's underwriting criteria because the related Whole Loan has an UW NCF DSCR of 1.12x, which is less than the minimum UW NCF DSCR of 1.20x required by such DB Originator's underwriting criteria. GACC determined to include such Mortgage Loan in this securitization based on the following factors: (i) the Mortgage Loan constitutes the senior portion of the related Whole Loan, and has an UW NCF DSCR of 2.50x, an UW NOI Debt Yield of 13.6% and a loan-to-value ratio of 39.2%, (ii) there has been a significant decline in economic vacancy for the 180 Water Mortgaged Property, which has decreased significantly from 19.3% of net rental income in 2022 to 7.4% of net rental income in 2024, and 6.7% of net rental income in the trailing twelve months ended May 31, 2025, (iii) concessions at the 180 Water Mortgaged Property have decreased from 19.6% of net rental income in 2022 to 3.7% of net rental income in 2024 and 3.5% of net rental income in the trailing twelve months ended May 31, 2025 and (iv) net operating income has increased from $12.5 million in 2022 to $15.5 million in 2023, to $17.3 million in 2024.

With respect to each of the City Center at Oyster Point Mortgage Loan, the Waterford Multifamily Portfolio Mortgage Loan, the Royal Ledges Apartments Mortgage Loan, the Haven at Bellaire Mortgage Loan, the NYC Mixed-Use Portfolio Mortgage Loan, the Bronx Multifamily Portfolio Mortgage Loan and the 1701 Clay Mortgage Loan, there exists an underwriting exception from the applicable DB Originator's underwriting criteria because the related Mortgage Loans have a Cut-off Date LTV Ratio of 65.3%, 70.0%, 67.9%, 72.5%, 66.4%, 69.6% and 75.0%, respectively, which in each case is higher than the maximum loan-to-value ratio of 65.0% required by the applicable DB Originator's underwriting criteria for a full term interest-only loan. In each case, the applicable DB Originator and GACC determined to include each such Mortgage Loan in this securitization based on the following mitigating factors: (i) in the case of the City Center at Oyster Point Mortgage Loan, (1) the related Mortgaged Property is a Class A mixed use office and retail development, which is part of a larger development that is diversified with office, restaurants, retail shops, several multifamily buildings, a movie theater, a 256-key Marriott hotel and conference center and free parking, (2) the sponsorship is experienced and (3) the sponsorship committed over $3 million of equity at closing; (ii) in the case of the Waterford Multifamily Portfolio Mortgage Loan, (1) the Yorkshire Apartments and Parkview Apartments Mortgaged Properties are located in a submarket with a 4.7% vacancy rate, (2) the Holly Brook Apartments Mortgaged Property is located in a submarket with a 4.6% vacancy rate, (3) the sponsorship is experienced and (4) the related portfolio of Mortgaged Properties is 93.2% occupied; (iii) in the case of the Royal Ledges Apartments Mortgage Loan, (1) the related Mortgaged Property is located in a submarket with a 2.9% vacancy rate, (2) since acquisition in 2018, the sponsorship has invested nearly $12 million on the related Mortgaged Property and (3) the sponsorship is experienced; (iv) with respect to the Haven at Bellaire Mortgage Loan, (1) the related Mortgaged Property is a Class A multifamily property built in 2020 with favorable amenities, (2) the sponsorship is experienced and (3) the related Mortgaged Property has averaged at

least 91% occupancy since 2022; (v) with respect to the NYC Mixed-Use Portfolio Mortgage Loan, (1) such Mortgage Loan has a 1.43x Underwritten NCF DSCR and a 9.6% Debt Yield on Underwritten NCF, (2) according to the related appraisals the aggregate land value as if vacant of the portfolio is $20,225,000 and (3) the related portfolio is diversified, with 57 residential units and 25,349 square feet of commercial space across six Mortgaged Properties in New York City; (vi) with respect to the Bronx Multifamily Portfolio Mortgage Loan, (1) such Mortgage Loan has a 1.48x UW NCF DSCR and a 9.8% Debt Yield on Underwritten NCF, (2) the sponsorship has spent over $4 million to renovate the portfolio in 2024-2025 and (3) the related portfolio is 100% occupied; (vii) with respect to the 1701 Clay Mortgage Loan, (1) such Mortgage Loan has a 1.52x UW NCF DSCR and a 10.7% Debt Yield on Underwritten NCF, (2) the sponsorship is experienced and (3) the related Mortgaged Property is located in a submarket with a 2.7% vacancy rate.

*<u>Compliance with Rule 15Ga-1 under the Exchange Act</u>*. GACC most recently filed a Form ABS-15G with the Securities and Exchange Commission (the "<u>SEC</u>") pursuant to Rule 15Ga-1 under the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), on February 13, 2025. GACC's "Central Index Key" number is 0001541294. With respect to the period from and including July 1, 2022 to and including June 30, 2025, GACC did not have any activity to report as required by Rule 15Ga-1 under the Exchange Act with respect to repurchase or replacement requests in connection with breaches of representations and warranties made by it as a sponsor of commercial mortgage securitizations.

*<u>Retained Interests in This Securitization</u>.* Neither GACC nor any of its affiliates intends to retain on the Closing Date any certificates issued by the issuing entity or any other economic interest in this securitization, other than the DBNY VRR Interest Portion. However, GACC and/or its affiliates may acquire or own in the future certain classes of certificates issued by the issuing entity. Any such party will have the right to dispose of any such certificates (other than the DBNY VRR Interest Portion held thereby) at any time. GACC (or its MOA) will be required to retain the DBNY VRR Interest Portion as described under "*Credit Risk Retention*".

The information set forth under "—*German American Capital Corporation*" has been provided by GACC.

**Citi Real Estate Funding Inc.**

Citi Real Estate Funding Inc. ("<u>CREFI</u>") is a sponsor and a mortgage loan seller. The respective Mortgage Loans that CREFI is selling to the depositor in this securitization transaction are collectively referred to in this prospectus as the "<u>CREFI Mortgage Loans</u>". CREFI originated or co-originated all of the CREFI Mortgage Loans.

CREFI is a New York corporation organized in 2014 and is a wholly-owned subsidiary of Citibank, N.A., a national banking association, which is in turn a wholly-owned subsidiary of Citicorp LLC, a Delaware limited liability company, which is in turn a wholly-owned subsidiary of Citigroup Inc., a Delaware corporation. CREFI maintains its principal office at 388 Greenwich Street, New York, New York 10013, Attention: Mortgage Finance Group, and its facsimile number is (212) 723-8604. CREFI is an initial holder of the Class RR certificates and is expected to be an initial Risk Retention Consultation Party and an affiliate of Citigroup Global Markets Inc. (one of the underwriters). CREFI makes, and purchases (or may purchase) from lenders, commercial and multifamily mortgage loans primarily for the purpose of securitizing them in CMBS transactions.

<u>CREFI's Commercial Mortgage Origination and Securitization Program</u> 

CREFI, directly or through correspondents or affiliates, originates multifamily and commercial mortgage loans throughout the United States. CREFI has been engaged in the origination of multifamily and commercial mortgage loans for securitization since January 2017, and in the securitization of multifamily and commercial mortgage loans since April 2017. The multifamily and commercial mortgage loans originated by CREFI may include both fixed rate loans and floating rate loans. CREFI is an affiliate of Citigroup Global Markets Realty Corp. ("<u>CGMRC</u>"), which was engaged in the origination of multifamily and commercial mortgage loans for securitization from 1996 to 2017. Many CREFI staff worked for

CGMRC, and CREFI's underwriting guidelines, credit committee approval process and loan documentation are substantially similar to CGMRC's. CREFI securitized approximately $4.4 billion, $7.3 billion, $11.4 billion, $7.8 billion, $15.9 billion, $11.1 billion, $6.7 billion and $13.8 billion of multifamily and commercial mortgage loans in public and private offerings during the calendar years 2017, 2018, 2019, 2020, 2021, 2022, 2023 and 2024, respectively.

In addition, in the normal course of its business, CREFI may also acquire multifamily and commercial mortgage loans from various third-party originators. These mortgage loans may have been originated using underwriting guidelines not established by CREFI.

In connection with the commercial mortgage securitization transactions in which it participates, CREFI generally transfers the subject mortgage assets to a depositor, who then transfers those mortgage assets to the issuing entity for the related securitization. In return for the transfer of the subject mortgage assets by the depositor to the issuing entity, the issuing entity issues commercial mortgage pass-through certificates that are in whole or in part backed by, and supported by the cash flows generated by, those mortgage assets.

CREFI will generally act as a sponsor, originator and/or mortgage loan seller in the commercial mortgage securitization transactions in which it participates. In such transactions there may be a co-sponsor and/or other mortgage loan sellers and originators.

CREFI generally works with rating agencies, unaffiliated mortgage loan sellers, servicers, affiliates and underwriters in structuring a securitization transaction. Generally, CREFI and/or the related depositor contract with other entities to service the multifamily and commercial mortgage loans following their transfer into a trust fund in exchange for a series of certificates and, in certain cases, uncertificated interests.

<u>Review of the CREFI Mortgage Loans</u>

<u>Overview</u>. In connection with the preparation of this prospectus, CREFI conducted a review of the Mortgage Loans or portions thereof that it is selling to the depositor. The review was conducted as set forth below and was conducted with respect to each of the CREFI Mortgage Loans. No sampling procedures were used in the review process.

<u>Database</u>. First, CREFI created a database of information (the "<u>CREFI Securitization Database</u>") obtained in connection with the origination of the CREFI Mortgage Loans, including:

● certain information from the CREFI Mortgage Loan documents;

● certain information from the rent rolls and operating statements for, and certain leases relating to, the related Mortgaged Properties (in each case to the extent applicable);

● insurance information for the related Mortgaged Properties;

● information from third party reports such as the appraisals, environmental and property condition reports, seismic reports, zoning reports and other zoning information;

● bankruptcy searches with respect to the related borrowers; and

● certain information and other search results obtained by CREFI's deal team for each of the CREFI Mortgage Loans during the underwriting process.

CREFI also included in the CREFI Securitization Database certain updates to such information received by CREFI's securitization team after origination, such as information from the interim servicer regarding loan payment status and current escrows, updated rent rolls and leasing activity information provided pursuant to the Mortgage Loan documents, and information otherwise brought to the attention of

CREFI's securitization team. Such updates were not intended to be, and do not serve as, a re-underwriting of any CREFI Mortgage Loan.

Using the information in the CREFI Securitization Database, CREFI created a Microsoft Excel file (the "<u>CREFI Data File</u>") and *provided* that file to the depositor for the inclusion in this prospectus (particularly in Annexes A-1, A-2 and A-3 to this prospectus) of information regarding the CREFI Mortgage Loans.

<u>Data Comparison and Recalculation</u>. CREFI engaged a third-party accounting firm to perform certain data comparison and recalculation procedures designed by CREFI, relating to information in this prospectus regarding the CREFI Mortgage Loans. These procedures included:

● comparing the information in the CREFI Data File against various source documents provided by CREFI that are described above under "— *Database*" above;

● comparing numerical information regarding the CREFI Mortgage Loans and the related Mortgaged Properties disclosed in this prospectus against the CREFI Data File; and

● recalculating certain percentages, ratios and other formulae relating to the CREFI Mortgage Loans disclosed in this prospectus.

<u>Legal Review</u>. CREFI also reviewed and responded to a Due Diligence Questionnaire (as defined below) relating to the CREFI Mortgage Loans, which questionnaire was prepared by the depositor's legal counsel for use in eliciting information relating to the CREFI Mortgage Loans and including such information in this prospectus to the extent material.

Although the Due Diligence Questionnaire may be revised from time to time, it typically contains various questions regarding the CREFI Mortgage Loans, the related Mortgaged Properties, the related borrowers, sponsors and tenants, and any related additional debt. For example, the due diligence questionnaire (a "<u>Due Diligence Questionnaire</u>") may seek to elicit, among other things, the following information:

● whether any mortgage loans were originated by third party originators and the names of such originators, and whether such mortgage loans were underwritten or re-underwritten in accordance with CREFI's (or the applicable mortgage loan seller's) criteria;

● whether any mortgage loans are not first liens, or have a loan-to-value ratio greater than 80%;

● whether any mortgage loans are 30 days or more delinquent with respect to any monthly debt service payment as of the Cut-off Date or have been 30 days or more delinquent at any time during the 12-month period immediately preceding the Cut-off Date;

● a description of any material issues with respect to any of the mortgage loans;

● whether any mortgage loans permit, or have existing, mezzanine debt, additional debt secured by the related mortgaged properties or other material debt, and the material terms and conditions for such debt;

● whether any mortgaged properties have additional debt that is included in another securitization transaction and information related to such other securitization transaction;

● whether intercreditor agreements, subordination and standstill agreements or similar agreements are in place with respect to secured debt, mezzanine debt or additional debt and the terms of such agreements;

● whether any mortgage loans are interest-only for their entire term or a portion of their term;

● whether any mortgage loans permit prepayment or defeasance (in whole or in part), or provide for yield maintenance, and the types of prepayment lock-out provisions and prepayment charges that apply;

● whether any mortgage loans permit the release of all or a portion of the related mortgaged properties, and the material terms of any partial release, substitution and condemnation/casualty provisions;

● whether any mortgage loans are cross-collateralized or secured by multiple properties, or have related borrowers with other mortgage loans in the subject securitization;

● whether any mortgage loans have a right of first refusal or right of first offer or similar options, in favor of a tenant or any other party;

● whether there are post-close escrows or earn-out reserves that could be used to pay down the mortgage loan, or whether there are escrows or holdbacks that have not been fully funded;

● information regarding lockbox arrangements, grace periods interest accrual and amortization provisions, non-recourse carveouts, and any other material provisions with respect to the mortgage loan;

● whether the borrower or sponsor of any related borrower has been subject to bankruptcy proceedings, or has a past or present material criminal charge or record;

● whether any borrower is not a special purpose entity;

● whether any borrowers or sponsors of related borrowers have been subject to litigation or similar proceedings and the material terms thereof;

● whether any borrower under a mortgage loan is affiliated with a borrower under another mortgage loan to be included in the issuing entity;

● whether any of the mortgage loans is a leasehold mortgage, the terms of the related ground lease, and whether the term of the related ground lease extends at least 20 years beyond the stated loan maturity;

● a list of any related Mortgaged Properties for which a single tenant occupies over 50% of such property, and whether there are any significant lease rollovers at a particular Mortgaged Property;

● a list of any significant tenant concentrations or material tenant issues, e.g., dark tenants, subsidized tenants, government or student tenants, or Section 8 tenants, etc.;

● a description of any material leasing issues at the related Mortgaged Properties;

● whether any related Mortgaged Properties are subject to condemnation proceedings or litigation;

● a list of related Mortgaged Properties for which a Phase I environmental site assessment has not been completed, or for which a Phase II environmental site assessment was performed, and whether any environmental site assessment reveals any material adverse environmental condition or circumstance at any related Mortgaged Property except for those which will be remediated by the Cut-off Date;

● whether there is any terrorism, earthquake, tornado, flood, fire or hurricane damage with respect to any of the related Mortgaged Properties, or whether there are any zoning issues at the mortgaged properties;

● a list of Mortgaged Properties for which an engineering inspection has not been completed and whether any property inspection revealed material issues; and/or

● general information regarding property type, condition, use, plans for renovation, etc.

CREFI also provided to origination counsel a set of mortgage loan representations and warranties substantially similar to those attached as Annex E-1 to this prospectus and requested that origination counsel identify exceptions to such representations and warranties. CREFI compiled and reviewed the draft exceptions received from origination counsel, engaged separate counsel to review the exceptions, revised the exceptions and provided them to the depositor for inclusion on Annex E-3 to this prospectus. In addition, for each CREFI Mortgage Loan originated by CREFI or one of its affiliates, CREFI prepared and delivered to its securitization counsel for review an asset summary, which summary includes important loan terms and certain property level information obtained during the origination process. The loan terms included in each asset summary may include, without limitation, the principal amount, the interest rate, the loan term, the interest calculation method, the due date, any applicable interest-only period, any applicable amortization period, a summary of any prepayment and/or defeasance provisions, a summary of any lockbox and/or cash management provisions, a summary of any release provisions, and a summary of any requirement for the related borrower to fund up-front and/or on-going reserves. The property level information obtained during the origination process included in each asset summary may include, without limitation, a description of the related Mortgaged Property (including property type, ownership structure, use, location, size, renovations, age and physical attributes), information relating to the commercial real estate market in which the Mortgaged Property is located, information relating to the related borrower and sponsor of the related borrower, an underwriter's assessment of strengths and risks of the loan transaction, tenant analysis, and summaries of third party reports such as appraisal, environmental and property condition reports.

For each CREFI Mortgage Loan, if any, purchased by CREFI or its affiliates from a third-party originator of such CREFI Mortgage Loan, CREFI reviewed the purchase agreement and related representations and warranties, and exceptions to those representations and warranties, made by the seller of such CREFI Mortgage Loan to CREFI or its affiliates, reviewed certain provisions of the related Mortgage Loan documents and third party reports concerning the related Mortgaged Property provided by the originator of such CREFI Mortgage Loan, prepared exceptions to the representations and warranties in the MLPA based upon such review, and provided them to the depositor for inclusion on Annex E-3 to this prospectus. With respect to any CREFI Mortgage Loan that is purchased by CREFI or its affiliates from a third party originator, the representations and warranties made by the third party originator in the related purchase agreement between CREFI or its affiliates, on the one hand, and the third party originator, on the other hand, are solely for the benefit of CREFI or its affiliates. The rights, if any, that CREFI or its affiliates may have under such purchase agreement upon a breach of such representations and warranties made by the third party originator will not be assigned to the trustee for this securitization, and the Certificateholders and the trustee for this securitization will not have any recourse against the third party originator in connection with any breach of the representations and warranties made by such third party originator. As described under "*Description of the Mortgage Loan Purchase Agreements—General*", the substitution or repurchase obligation of, or the obligation to make a Loss of Value Payment on the part of, CREFI, as mortgage loan seller, with respect to the CREFI Mortgage Loans under the related MLPA constitutes the sole remedy available to the Certificateholders and the trustee for this securitization for any uncured material breach of any of CREFI's representations and warranties regarding the CREFI Mortgage Loans, including any CREFI Mortgage Loans that were purchased by CREFI or its affiliates from a third party originator.

In addition, with respect to each CREFI Mortgage Loan, CREFI reviewed, and in certain cases requested that its counsel review, certain Mortgage Loan document provisions as necessary for

disclosure of such provisions in this prospectus, such as property release provisions and other provisions specifically disclosed in this prospectus.

<u>Certain Updates</u>. Furthermore, CREFI requested the borrowers under the CREFI Mortgage Loans (or the borrowers' respective counsel) for updates on any significant pending litigation that existed at origination. Moreover, if CREFI became aware of a significant natural disaster in the vicinity of a Mortgaged Property relating to a CREFI Mortgage Loan, CREFI requested information on the property status from the related borrower in order to confirm whether any material damage to the property had occurred.

<u>Large Loan Summaries</u>. Finally, CREFI prepared, and reviewed with origination counsel and/or securitization counsel, the Mortgage Loan summaries for those of the CREFI Mortgage Loans included in the ten largest Mortgage Loans in the Mortgage Pool, and the abbreviated Mortgage Loan summaries for those of the CREFI Mortgage Loans included in the next five (5) largest Mortgage Loans in the Mortgage Pool, which summaries are incorporated in "*Description of the Top 15 Mortgage Loans*" on Annex A-3.

<u>Findings and Conclusions</u>. Based on the foregoing review procedures, CREFI found and concluded that the disclosure regarding the CREFI Mortgage Loans in this prospectus is accurate in all material respects. CREFI also found and concluded that the CREFI Mortgage Loans were originated in accordance with CREFI's origination procedures and underwriting criteria, except for any material deviations described under "*—CREFI's Underwriting Guidelines and Processes—Exceptions to CREFI's Disclosed Underwriting Guidelines*" below. CREFI attributes to itself all findings and conclusions resulting from the foregoing review procedures.

<u>CREFI's Underwriting Guidelines and Processes</u>

*<u>General</u>*. CREFI's commercial mortgage loans (including any co-originated mortgage loans) are primarily originated in accordance with the procedures and underwriting criteria described below. However, variations from the procedures and criteria described below may be implemented as a result of various conditions including each loan's specific terms, the quality or location of the underlying real estate, the property's tenancy profile, the background or financial strength of the borrower/sponsor or any other pertinent information deemed material by CREFI. Therefore, this general description of CREFI's origination procedures and underwriting criteria is not intended as a representation that every commercial mortgage loan originated by it or on its behalf complies entirely with all criteria set forth below.

*<u>Process</u>*. The credit underwriting process for each of CREFI's loans is performed by a deal team comprised of real estate professionals which typically includes an originator, an underwriter, a commercial closer and a third party due diligence provider operating under the review of CREFI. This team conducts a thorough review of the related mortgaged property, which in most cases includes an examination of the following information, to the extent both applicable and available: historical operating statements, rent rolls, tenant leases, current and historical real estate tax information, insurance policies and/or schedules, and third party reports pertaining to appraisal/valuation, zoning, environmental status and physical condition/seismic condition/engineering (see "*—Escrow Requirements*", "*—Title Insurance Policy*", "*—Property Insurance*", "*—Third Party Reports—Appraisal*", "*—Third Party Reports—Environmental Report*" and "*—Third Party Reports—Property Condition Report*" below). In some cases (such as a property having a limited operating history or having been recently acquired by its current owner), historical operating statements may not be available. Rent rolls would not be examined for certain property types, such as hospitality properties or single tenant properties, and tenant leases would not be examined for certain property types, such as hospitality, self storage, multifamily and manufactured housing community properties.

A member of CREFI's deal team or one of its agents performs an inspection of the property as well as a review of the surrounding market environment, including demand generators and competing properties (if any), in order to confirm tenancy information, assess the physical quality of the collateral, determine visibility and access characteristics, and evaluate the property's competitiveness within its market.

CREFI's deal team or one of its agents also performs a detailed review of the financial status, credit history, credit references and background of the borrower and certain key principals using financial statements, income tax returns, credit reports, criminal/background investigations, and specific searches for judgments, liens, bankruptcy and pending litigation. Circumstances may also warrant an examination of the financial strength and credit of key tenants as well as other factors that may impact the tenants' ongoing occupancy or ability to pay rent.

After the compilation and review of all documentation and other relevant considerations, the deal team finalizes its detailed underwriting analysis of the property's cash flow in accordance with CREFI's property-specific, cash flow underwriting guidelines. Determinations are also made regarding the implementation of appropriate loan terms to structure around risks, resulting in features such as ongoing escrows or up-front reserves, letters of credit, lockboxes/cash management agreements or guarantees. A complete credit committee package is prepared to summarize all of the above referenced information.

*<u>Credit Approval</u>.* All commercial mortgage loans must be presented to one or more credit committees that include senior real estate professionals among others. After a review of the credit committee package and a discussion of the loan, the committee may approve the loan as recommended or request additional due diligence, modify the terms, or reject the loan entirely.

*<u>Debt Service Coverage Ratio and Loan-to-Value Ratio Requirements</u>*. CREFI's underwriting standards generally require a minimum debt service coverage ratio of 1.20x and a maximum loan-to-value ratio of 80%. However, these thresholds are guidelines and exceptions are permitted under the guidelines on the merits of each individual loan, such as reserves, letters of credit and/or guarantees and CREFI's assessment of the property's future prospects. Property and loan information is not updated for securitization unless CREFI determines that information in its possession has become stale.

Certain properties may also be encumbered by subordinate debt secured by such property and/or mezzanine debt secured by direct or indirect ownership interests in the borrower and, when such mezzanine or subordinate debt is taken into account, may result in aggregate debt that does not conform to the aforementioned debt service coverage ratio and loan-to-value ratio parameters.

*<u>Amortization Requirements</u>*. While CREFI's underwriting guidelines generally permit a maximum amortization period of 30 years, certain loans may provide for interest-only payments through maturity or for a portion of the loan term. If the loan entails only a partial interest-only period, the monthly debt service, annual debt service and debt service coverage ratio set forth in this prospectus and Annex A-1 to this prospectus reflect a calculation on the future (larger) amortizing loan payment. See "*Description of the Mortgage Pool*" in this prospectus.

*<u>Escrow Requirements</u>*. CREFI may require borrowers to fund escrows for taxes, insurance, capital expenditures and replacement reserves. In addition, CREFI may identify certain risks that warrant additional escrows or holdbacks for items to be released to the borrower upon the satisfaction of certain conditions. Such escrows or holdbacks may cover tenant improvements/leasing commissions, deferred maintenance, environmental remediation or unfunded obligations, among other things. Springing escrows may also be structured for identified risks such as specific rollover exposure, to be triggered upon the non-renewal of one or more key tenants. In some cases, the borrower may be allowed to post a letter of credit or guaranty in lieu of a cash reserve, or provide periodic evidence of timely payment of a typical escrow item. Escrows are evaluated on a case-by-case basis and are not required for all of CREFI's commercial mortgage loans.

Generally, CREFI requires escrows as follows:

● *Taxes* —An initial deposit and monthly escrow deposits equal to 1/12th of the annual property taxes (based on the most recent property assessment and the current millage rate) are typically required to satisfy all taxes and assessments, except that such escrows are not required in certain circumstances, including, but not limited to, (i) if there is an institutional sponsor or the sponsor is a high net worth individual or (ii) if and to the extent that a single or

major tenant (which may be a ground tenant) at the related mortgaged property is required to pay taxes directly or reimburse the landlord for the real estate taxes paid.

● *Insurance* —An initial deposit and monthly escrow deposits equal to 1/12th of the annual property insurance premium are typically required to pay all insurance premiums, except that such escrows are not required in certain circumstances, including, but not limited to, (i) if the related borrower or an affiliate thereof maintains a blanket insurance policy, (ii) if and to the extent that a single or major tenant (which may be a ground tenant) at the related mortgaged property is obligated to maintain the insurance or is permitted to self-insure, or (iii) if and to the extent that another third party unrelated to the borrower (such as a condominium board, if applicable) is obligated to maintain the insurance.

● *Replacement Reserves* —Replacement reserves are generally calculated in accordance with the expected useful life of the components of the mortgaged property during the term of the mortgage loan. Annual replacement reserves are generally underwritten to the suggested replacement reserve amount from an independent, third-party property condition or engineering report, or to certain minimum requirements depending on the property type, except that such escrows are not required in certain circumstances, including, but not limited to, if and to the extent that a single or major tenant (which may be a ground tenant) at the related mortgaged property is responsible for all repairs and maintenance, including those required with respect to the roof and structure of the improvements.

● *Tenant Improvement / Leasing Commissions* —In the case of retail, office and industrial properties, a tenant improvement / leasing commission reserve may be required to be funded either at loan origination and/or during the term of the mortgage loan to cover anticipated leasing commissions or tenant improvement costs that might be associated with re-leasing certain space involving major tenants, except that such escrows are not required in certain circumstances, including, but not limited to, (i) if the tenant's lease extends beyond the loan term or (ii) if the rent for the space in question is considered below market.

● *Deferred Maintenance* —A deferred maintenance reserve may be required to be funded at loan origination in an amount equal to 125% of the estimated cost of material immediate repairs or replacements identified in the property condition report, except that such escrows are not required in certain circumstances, including, but not limited to, (i) if the sponsor of the borrower delivers a guarantee to complete the immediate repairs in a specified amount of time, (ii) if the deferred maintenance amount does not materially impact the related mortgaged property's function, performance or value or (iii) if a single or major tenant (which may be a ground tenant) at the related mortgaged property is responsible for the repairs.

● *Environmental Remediation* —An environmental remediation reserve may be required to be funded at loan origination in an amount equal to 100% to 125% of the estimated remediation cost identified in the environmental report, except that such escrows are not required in certain circumstances, including, but not limited to, (i) if the sponsor of the borrower delivers a guarantee wherein it agrees to take responsibility and pay for the identified environmental issues, (ii) if environmental insurance is obtained or already in place or (iii) if a third party unrelated to the borrower is identified as the responsible party.

For a description of the escrows collected with respect to the CREFI Mortgage Loans, please see Annex A-1 to this prospectus.

*<u>Title Insurance Policy</u>*. The borrower is required to provide, and CREFI or its counsel typically will review, a title insurance policy for each property. The provisions of the title insurance policy are required to comply with the mortgage loan representation and warranty set forth in paragraph (7) on Annex E-1 to this prospectus without any exceptions that CREFI deems material.

*<u>Property Insurance</u>*. CREFI requires the borrower to provide, or authorizes the borrower to rely on a tenant or other third party to obtain, insurance policies meeting the requirements set forth in the mortgage loan representations and warranties in paragraphs (17) and (30) on Annex E-1 to this prospectus without any exceptions that CREFI deems material (other than with respect to deductibles and allowing a tenant to self-insure).

*<u>Third Party Reports</u>*. In addition to or as part of applicable origination guidelines or reviews described above, in the course of originating the CREFI Mortgage Loans, CREFI generally considered the results of third party reports as described below. In many instances, however, one or more provisions of the guidelines were waived or modified in light of the circumstances of the relevant loan or property.

*<u>Appraisal</u>*

CREFI obtains an appraisal meeting the requirements described in the mortgage loan representation and warranty set forth in paragraph (42) on Annex E-1 to this prospectus without any exceptions that CREFI deems material. In addition, the appraisal (or a separate letter) includes a statement by the appraiser that the guidelines in Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, as amended, were followed in preparing the appraisal.

*<u>Environmental Report</u>*

CREFI generally obtains a Phase I site assessment or an update of a previously obtained site assessment for each mortgaged property prepared by an environmental firm approved by CREFI. CREFI or its designated agent typically reviews the Phase I site assessment to verify the presence or absence of potential adverse environmental conditions. In cases in which the Phase I site assessment identifies any such conditions, CREFI generally requires that the condition be addressed in a manner that complies with the mortgage loan representation and warranty set forth in paragraph (41) on Annex E-1 to this prospectus without any exceptions that CREFI deems material.

*<u>Property Condition Report</u>*

CREFI generally obtains a current property condition report (a "<u>PCR</u>") for each mortgaged property prepared by a structural engineering firm approved by CREFI. CREFI or an agent typically reviews the PCR to determine the physical condition of the property and to determine the anticipated costs of necessary repair, replacement and major maintenance or capital expenditure over the term of the mortgage loan. In cases in which the PCR identifies an immediate need for material repairs or replacements with an anticipated cost that is over a certain minimum threshold or percentage of loan balance, CREFI often requires that funds be put in escrow at the time of origination of the mortgage loan to complete such repairs or replacements or obtains a guarantee from a sponsor of the borrower in lieu of reserves. See "—*Escrow Requirements*" above.

*<u>Servicing</u>*

Interim servicing for all of CREFI's loans prior to securitization is typically performed by a nationally recognized rated third party interim servicer. In addition, primary servicing is occasionally retained by certain qualified mortgage brokerage firms under established sub-servicing agreements with CREFI, which firms may continue primary servicing certain loans following the securitization closing date. Otherwise, servicing responsibilities are transferred from the interim servicer to the master servicer of the securitization trust (and a primary servicer when applicable) at closing of the securitization. From time to time, the interim servicer may retain primary servicing.

*<u>Exceptions to CREFI's Disclosed Underwriting Guidelines</u>*

One or more of the CREFI Mortgage Loans may vary from the specific CREFI underwriting guidelines described above when additional credit positive characteristics are present as discussed above. In addition, in the case of one or more of the CREFI Mortgage Loans, CREFI may not have applied each of

the specific underwriting guidelines described above as the result of case-by-case permitted flexibility based upon other compensating factors.

The CREFI Mortgage Loans were originated in accordance with the underwriting standards set forth above.

Certain characteristics of the CREFI Mortgage Loans can be found on Annex A-1.

<u>Compliance with Rule 15Ga-1 under the Exchange Act</u> 

CREFI most recently filed a Form ABS-15G pursuant to Rule 15Ga-1 under the Exchange Act on February 13, 2025. CREFI's Central Index Key is 0001701238. With respect to the period from and including October 1, 2022 to and including September 30, 2025, CREFI has no demand, repurchase or replacement history to report as required by Rule 15Ga-1 under the Exchange Act with respect to repurchase or replacement requests in connection with breaches of representations and warranties made by it as a sponsor of commercial mortgage securitizations.

<u>Retained Interests in This Securitization</u> 

Neither CREFI nor any of its affiliates intends to retain on the Closing Date any certificates issued by the issuing entity or any other economic interest in this securitization, other than the CREFI VRR Interest Portion and except that an affiliate of CREFI may purchase the Class R certificates. However, CREFI and/or its affiliates may retain on the Closing Date, or own in the future certain additional classes of certificates. Any such party will have the right to dispose of any such certificates (other than the CREFI VRR Interest Portion held thereby) at any time. CREFI (or its MOA) will be required to retain the CREFI VRR Interest Portion as described under "*Credit Risk Retention*".

The information set forth under "—*Citi Real Estate Funding Inc.*" has been provided by CREFI.

**Bank of Montreal**

<u>General</u>

Bank of Montreal ("<u>BMO</u>") started its business in Montreal in 1817 and was incorporated in 1821 by an Act of Lower Canada as the first Canadian chartered bank. Since 1871, BMO has been a chartered bank under the Bank Act (Canada) (the "<u>Bank Act</u>"), and is named in Schedule I of the Bank Act. The Bank Act is the charter of BMO and governs its operations. BMO is a registered bank holding company and is a financial holding company under the United States Bank Holding Company Act of 1956. BMO's head office is located at 129 rue Saint Jacques, Montreal, Quebec, H2Y 1L6. Its executive offices are located at 100 King Street West, 1 First Canadian Place, Toronto, Ontario, M5X 1A1. BMO offers a broad range of products and services directly and through Canadian and non-Canadian subsidiaries, offices, and branches. BMO has bank branches in Canada and the United States and operates internationally in major financial markets and trading areas through its offices in other jurisdictions, including the United States.

BMO originated, co-originated or acquired all of the Mortgage Loans or portions thereof that it is contributing to this securitization (the "<u>BMO Mortgage Loans</u>"), and funded the origination or acquisition of such BMO Mortgage Loans through its Chicago branch. BMO originates, and may purchase from other lenders, commercial and multifamily mortgage loans primarily for the purpose of securitizing them in CMBS transactions. Since 1984, BMO's Chicago branch has been chartered as a United States branch of the Bank of Montreal with the Illinois Department of Financial and Professional Regulation ("<u>IDFPR</u>") and, accordingly, is regulated by the IDFPR and the Federal Reserve Board under the United States International Banking Act. BMO's Chicago branch maintains its principal office at 320 South Canal Street, 8th Floor, Chicago, Illinois 60606.

In addition to CMBS, BMO has been engaged in the securitization of other asset classes, including auto leases and/or auto loans, consumer installment loans, credit card receivables, student loans, and residential mortgages, among others.

BMO is an affiliate of BMO Capital Markets Corp., one of the underwriters and a wholly-owned subsidiary of BMO Financial Corp. ("<u>BMO Financial</u>"). BMO Financial is a wholly-owned subsidiary of BMO. As a financial holding company, BMO Financial is subject to the supervision of the Federal Reserve Board. BMO Financial and its subsidiaries provide retail and commercial financial products and services through more than 1,000 banking offices located throughout the United States. BMO Financial is required to file with the Federal Reserve Board reports and other information regarding its business operations and business operations of its subsidiaries.

<u>BMO's Commercial Mortgage Origination and Securitization Program</u>

BMO, directly or through correspondents or affiliates, originates or co-originates multifamily and commercial mortgage loans throughout the United States. Although BMO did not originate multifamily and commercial mortgage loans prior to 2021, BMO is an affiliate of BMO Bank, N.A. ("<u>BBNA</u>"), which has been engaged in the origination of multifamily and commercial mortgage for over ten years. In addition, since 2019, BBNA has originated or co-originated several large commercial mortgage loans that were contributed to single asset single borrower (SASB) securitizations, and BBNA acted as loan seller and sponsor in such securitizations. Many BMO staff – such as members of the BMO Credit and Corporate Banking teams – provide services on an enterprise level, including to both BBNA and BMO. Further, BMO's securitization financing guidelines, underwriting guidelines, and credit approval process are substantially similar to those utilized for other securitization programs within the BMO enterprise.

The total amount of loans securitized by BMO from December 17, 2019 through April 30, 2025 is approximately $14.644 billion.

In addition, in the normal course of its business, BMO may also acquire multifamily and commercial mortgage loans from various third-party originators. These mortgage loans may have been originated using underwriting guidelines not established by BMO.

The multifamily and commercial mortgage loans originated, co-originated or acquired by BMO include both fixed rate and floating-rate loans and both smaller "conduit" loans and large loans.

In connection with the commercial mortgage securitization transactions in which it participates, BMO generally transfers the subject mortgage assets to a depositor, who then transfers those mortgage assets to the issuing entity for the related securitization. In return for the transfer of the subject mortgage assets by the depositor to the issuing entity, the issuing entity issues commercial mortgage pass-through certificates that are in whole or in part backed by, and supported by the cash flows generated by, those mortgage assets.

BMO will generally act as a sponsor, originator and/or mortgage loan seller in the commercial mortgage securitization transactions in which it participates. In such transactions there may be a co-sponsor and/or other mortgage loan sellers and originators.

BMO generally works with rating agencies, unaffiliated mortgage loan sellers, servicers, affiliates and underwriters in structuring a securitization transaction. Generally BMO and/or the related depositor contract with other entities to service the multifamily and commercial mortgage loans following their transfer into a trust fund in exchange for a series of certificates and, in certain cases, uncertificated interests.

<u>Review of the BMO Mortgage Loans</u>

*<u>General</u>*. In connection with the preparation of this prospectus, BMO conducted a review of the Mortgage Loans that it is selling to the depositor. The review was conducted as set forth below and was

conducted with respect to each of the BMO Mortgage Loans. No sampling procedures were used in the review process.

*<u>Database</u>*. First, BMO created a database of information (the "<u>BMO Securitization Database</u>") obtained in connection with the origination or acquisition of the BMO Mortgage Loans, including:

● certain information from the BMO Mortgage Loan documents;

● certain information from the rent rolls and operating statements for, and certain leases relating to, the related Mortgaged Properties (in each case to the extent applicable);

● insurance information for the related Mortgaged Properties;

● information from third party reports such as the appraisals, environmental and property condition reports, seismic reports, zoning reports and other zoning information;

● bankruptcy searches with respect to the related borrowers; and

● certain information and other search results obtained by BMO's deal team for each of the BMO Mortgage Loans during the underwriting process.

BMO also included in the BMO Securitization Database certain updates to such information received by BMO's securitization team after origination or acquisition, such as information from the interim servicer regarding loan payment status and current escrows, updated rent rolls and leasing activity information provided pursuant to the Mortgage Loan documents, and information otherwise brought to the attention of BMO's securitization team. Such updates were not intended to be, and do not serve as, a re-underwriting of any BMO Mortgage Loan.

Using the information in the BMO Securitization Database, BMO created a Microsoft Excel file (the "<u>BMO Data File</u>") and provided that file to the depositor for the inclusion in this prospectus (particularly in Annexes A-1, A-2 and A-3 to this prospectus) of information regarding the BMO Mortgage Loans, except as otherwise indicated below.

*<u>Data Comparison and Recalculation</u>*. BMO engaged a third-party accounting firm to perform certain data comparison and recalculation procedures designed by BMO, relating to information in this prospectus regarding the BMO Mortgage Loans. These procedures included:

● comparing the information in the BMO Data File against various source documents provided by BMO that are described above under *"—Database* ";

● comparing numerical information regarding the BMO Mortgage Loans and the related Mortgaged Properties disclosed in this prospectus against the BMO Data File; and

● recalculating certain percentages, ratios and other formulae relating to the BMO Mortgage Loans disclosed in this prospectus.

*<u>Legal Review</u>*. BMO also reviewed and responded to a due diligence questionnaire (a "<u>Due Diligence Questionnaire</u>") relating to the BMO Mortgage Loans, which questionnaire was prepared by the depositor's legal counsel for use in eliciting information relating to the BMO Mortgage Loans and including such information in this prospectus to the extent material.

Although the Due Diligence Questionnaire may be revised from time to time, it typically contains various questions regarding the BMO Mortgage Loans, the related Mortgaged Properties, the related borrowers, sponsors and tenants, and any related additional debt.

BMO also provided to origination counsel a set of mortgage loan representations and warranties substantially similar to those attached as Annex E-1 to this prospectus and requested that origination

counsel identify exceptions to such representations and warranties. BMO compiled and reviewed the draft exceptions received from origination counsel, engaged separate counsel to review the exceptions, revised the exceptions and provided them to the depositor for inclusion on Annex E-4 to this prospectus. In addition, for each BMO Mortgage Loan originated by BMO or one of its affiliates, BMO prepared and delivered to its securitization counsel for review an asset summary, which summary includes important loan terms and certain property level information obtained during the origination process. The loan terms included in each asset summary may include, without limitation, the principal amount, the interest rate, the loan term, the interest calculation method, the due date, any applicable interest-only period, any applicable amortization period, a summary of any prepayment and/or defeasance provisions, a summary of any lockbox and/or cash management provisions, a summary of any release provisions, and a summary of any requirement for the related borrower to fund up-front and/or on-going reserves. The property level information obtained during the origination process included in each asset summary may include, without limitation, a description of the related Mortgaged Property (including property type, ownership structure, use, location, size, renovations, age and physical attributes), information relating to the commercial real estate market in which the Mortgaged Property is located, information relating to the related borrower and sponsor of the related borrower, an underwriter's assessment of strengths and risks of the loan transaction, tenant analysis, and summaries of third party reports such as appraisal, environmental and property condition reports.

For each BMO Mortgage Loan, if any, purchased by BMO or its affiliates from a third-party originator of such Mortgage Loan, BMO reviewed the purchase agreement and related representations and warranties, and exceptions to those representations and warranties, made by the seller of such BMO Mortgage Loan to BMO or its affiliates, reviewed certain provisions of the related Mortgage Loan documents and third party reports concerning the related mortgaged property provided by the originator of such BMO Mortgage Loan, prepared exceptions to the representations and warranties in the Mortgage Loan Purchase Agreement based upon such review, and provided them to the depositor for inclusion on Annex E-4 to this prospectus. With respect to any BMO Mortgage Loan that is purchased by BMO or its affiliates from a third party originator, the representations and warranties made by the third party originator in the related purchase agreement between BMO or its affiliates, on the one hand, and the third party originator, on the other hand, are solely for the benefit of BMO or its affiliates. The rights, if any, that BMO or its affiliates may have under such purchase agreement upon a breach of such representations and warranties made by the third party originator will not be assigned to the Trustee, and none of the Certificateholders or the Trustee will have any recourse against the third party originator in connection with any breach of the representations and warranties made by such third party originator. As described under "*Description of the Mortgage Loan Purchase Agreements—General*", the substitution or repurchase obligation of, or the obligation to make a Loss of Value Payment on the part of, BMO, as Mortgage Loan Seller, with respect to the BMO Mortgage Loans under the related Mortgage Loan Purchase Agreement constitutes the sole remedy available to the Certificateholders and the Trustee for any uncured material breach of any BMO's representations and warranties regarding the BMO Mortgage Loans, including any BMO Mortgage Loan that is purchased by BMO or its affiliates from a third party originator.

In addition, with respect to each BMO Mortgage Loan, BMO reviewed, and in certain cases requested that its counsel review, certain Mortgage Loan document provisions as necessary for disclosure of such provisions in this prospectus, such as property release provisions and other provisions specifically disclosed in this prospectus.

*<u>Certain Updates</u>*. Furthermore, BMO requested the borrowers under the BMO Mortgage Loans (or the borrowers' respective counsel) for updates on any significant pending litigation that existed at origination. Moreover, if BMO became aware of a significant natural disaster in the vicinity of a mortgaged property relating to a BMO Mortgage Loan, BMO requested information on the property status from the related borrower in order to confirm whether any material damage to the property had occurred.

*<u>Large Loan Summaries</u>*. Finally, BMO prepared, and reviewed with origination counsel and/or securitization counsel, the loan summaries for those of the BMO Mortgage Loans included in the 10 largest Mortgage Loans (considering any Crossed Group as a single Mortgage Loan) in the mortgage

pool, and the abbreviated loan summaries for those of the BMO Mortgage Loans included in the next 5 largest Mortgage Loans (considering any Crossed Group as a single Mortgage Loan) in the mortgage pool, which loan summaries and abbreviated loan summaries are incorporated in the "*Description of the Top 15 Mortgage Loans*" in Annex A-3 to this prospectus.

*<u>Findings and Conclusions</u>*. Based on the foregoing review procedures, BMO found and concluded with reasonable assurance that the disclosure regarding the BMO Mortgage Loans in this prospectus is accurate in all material respects. BMO also found and concluded with reasonable assurance that the BMO Mortgage Loans were originated (or acquired and reunderwritten) in accordance with BMO's origination procedures and underwriting guidelines, except for any material deviations described under "*—Exceptions to Underwriting Guidelines*" below. BMO attributes to itself all findings and conclusions resulting from the foregoing review procedures.

<u>BMO's Origination Procedures and Underwriting Guidelines</u>

*<u>General</u>*. BMO's commercial mortgage loans (including any co-originated mortgage loans) are primarily originated in accordance with the origination procedures and underwriting guidelines described below. Furthermore, with respect to the BMO Mortgage Loans that were acquired by BMO, BMO reviewed such BMO Mortgage Loans to ensure that each such BMO Mortgage Loan complied with the underwriting guidelines described below. However, variations from these origination procedures and underwriting guidelines may be implemented as a result of various conditions including each loan's specific terms, the quality or location of the underlying real estate, the property's tenancy profile, the background or financial strength of the borrower/sponsor or any other pertinent information deemed material by BMO. Therefore, this general description of BMO's origination procedures and underwriting guidelines is not intended as a representation that every commercial mortgage loan originated by it or on its behalf complies entirely with all procedures and guidelines set forth below.

*<u>Process</u>*. The credit underwriting process for each of the BMO Mortgage Loans is performed by a deal team comprised of real estate professionals which typically includes an originator, an underwriter, a commercial closer and a third party due diligence provider operating under the review of BMO or an affiliate thereof. This team conducts a thorough review of the related mortgaged property, which in most cases includes an examination of the following information, to the extent both applicable and available: historical operating statements, rent rolls, tenant leases, current and historical real estate tax information, insurance policies and/or schedules, and third party reports pertaining to appraisal/valuation, zoning, environmental status and physical condition/seismic condition/engineering (see "*—Escrow Requirements", "—Title Insurance Policy", "—Property Insurance", "—Third Party Reports—Appraisal", "—Third Party Reports—Environmental Report" and "—Third Party Reports—Property Condition Report*" below). In some cases (such as a property having a limited operating history or having been recently acquired by its current owner), historical operating statements may not be available. Rent rolls would not be examined for certain property types, such as hospitality properties or single tenant properties, and tenant leases would not be examined for certain property types, such as hospitality, self storage, multifamily and manufactured housing community properties.

A member of BMO's deal team or one of its agents or designees performs an inspection of the property as well as a review of the surrounding market environment, including demand generators and competing properties (if any), in order to confirm tenancy information, assess the physical quality of the collateral, determine visibility and access characteristics, and evaluate the property's competitiveness within its market. In the case of a mortgage loan acquired by BMO from a third party originator, a member of BMO's deal team or one of its agents or designees will either perform an inspection of the property or review a third party inspection report.

BMO's deal team or one of its agents or designees also performs a detailed review of the financial status, credit history, credit references and background of the borrower and certain key principals using financial statements, income tax returns, credit reports, criminal/background investigations, and specific searches for judgments, liens, bankruptcy and pending litigation. Circumstances may also warrant an examination of the financial strength and credit of key tenants as well as other factors that may impact the tenants' ongoing occupancy or ability to pay rent.

After the compilation and review of all documentation and other relevant considerations, the deal team finalizes its detailed underwriting analysis of the property's cash flow in accordance with BMO's property-specific, cash flow underwriting guidelines. Determinations are also made regarding the implementation of appropriate loan terms to structure in a manner to mitigate risks, resulting in features such as ongoing escrows or up-front reserves, letters of credit, lockboxes/cash management agreements or guarantees. A complete credit approval package is prepared to summarize all of the above referenced information.

*<u>Credit Approval</u>*. As part of the mortgage loan approval process, all commercial mortgage loans must be presented to one or more senior real estate professionals (which may consist of the group head, the securitization finance head, and/or representatives from underwriting, securitization, capital markets or closing) for review. After a review of the credit package and/or term sheet and a discussion of the loan, the designated reviewer(s) may approve the loan as recommended or request additional due diligence or loan structure, modify the terms, or reject the loan entirely.

*<u>Debt Service Coverage Ratio and Loan-to-Value Ratio Requirements</u>*. BMO's underwriting guidelines generally require a minimum debt service coverage ratio (DSCR) of 1.20x and a maximum loan-to-value ratio (LTV) of 80%. However, these thresholds are guidelines and exceptions are permitted under the guidelines on the merits of each individual loan, such as reserves, letters of credit and/or guarantees and BMO's assessment of the property's future prospects. Property and loan information is not updated for securitization unless BMO determines that information in its possession has become stale.

In addition, BMO may in some instances have reduced the term interest rate that BMO would otherwise charge on a BMO mortgage loan based on the credit and collateral characteristics of the related mortgaged property and structural features of the BMO mortgage loan by collecting an upfront fee from the related borrower on the origination date. The decrease in the interest rate would have correspondingly increased the debt service coverage ratio, and, in certain cases, may have increased the debt service coverage ratio sufficiently such that the related BMO mortgage loan satisfied BMO's minimum debt service coverage ratio underwriting requirements for such BMO mortgage loan.

Certain properties may also be encumbered by subordinate debt secured by such property and/or mezzanine debt secured by direct or indirect ownership interests in the borrower and when such mezzanine or subordinate debt is taken into account, may result in aggregate debt that does not conform to the aforementioned DSCR and LTV parameters.

*<u>Amortization Requirements</u>*. While BMO's underwriting guidelines generally permit a maximum amortization period of 30 years, certain loans may provide for interest-only payments through maturity or for a portion of the loan term. If the loan entails only a partial interest-only period, the monthly debt service, annual debt service and DSCR set forth in this prospectus and Annex A-1 to this prospectus reflect a calculation on the future (larger) amortizing loan payment. See "*Description of the Mortgage Pool*".

*<u>Escrow Requirements</u>*. BMO may require borrowers to fund escrows for taxes, insurance, capital expenditures and replacement reserves. In addition, BMO may identify certain risks that warrant additional escrows or holdbacks for items to be released to the borrower upon the satisfaction of certain conditions. Such escrows or holdbacks may cover tenant improvements/leasing commissions, deferred maintenance, environmental remediation or unfunded obligations, among other things. Springing escrows may also be structured for identified risks such as specific rollover exposure, to be triggered upon the non-renewal of one or more key tenants. In some cases, the borrower may be allowed to post a letter of credit or guaranty in lieu of a cash reserve, or provide periodic evidence of timely payment of a typical escrow item. Escrows are evaluated on a case-by-case basis and are not required for all of BMO's commercial mortgage loans.

Generally, subject to the discussion in the prior paragraph, BMO requires escrows as follows:

● <u>Taxes</u> —An initial deposit and monthly escrow deposits equal to 1/12th of the annual property taxes (based on the most recent property assessment and the current millage rate) are

typically required to satisfy real estate taxes and assessments, except that such escrows are not required in certain circumstances, including, but not limited to, (i) if there is an institutional property sponsor or the sponsor is a high net-worth individual or (ii) if and to the extent that a single or major tenant (which may be a ground tenant) at the related mortgaged property is required to pay taxes directly or to reimburse the landlord for real estate taxes paid.

● <u>Insurance</u> —An initial deposit and monthly escrow deposits equal to 1/12th of the annual property insurance premium are typically required to pay all insurance premiums, except that such escrows are not required in certain circumstances, including, but not limited to, (i) if there is an institutional property sponsor or the sponsor is a high net-worth individual, (ii) if the related borrower or an affiliate thereof maintains a blanket insurance policy, (iii) if and to the extent that a single or major tenant (which may be a ground tenant) at the related mortgaged property is obligated to maintain the insurance or is permitted to self-insure, or (iv) if and to the extent that another third party unrelated to the borrower (such as a condominium board, if applicable) is obligated to maintain the insurance.

● <u>Replacement Reserves</u> —Replacement reserves are generally calculated in accordance with the expected useful life of the components of the mortgaged property during the term of the mortgage loan. Annual replacement reserves are generally underwritten to the suggested replacement reserve amount from an independent, third-party property condition or engineering report, or to certain minimum requirements depending on the property type, except that such escrows are not required in certain circumstances, including, but not limited to, if and to the extent that a single or major tenant (which may be a ground tenant) at the related mortgaged property is responsible for all repairs and maintenance, including those required with respect to the roof and structure of the improvements.

● <u>Tenant Improvement / Leasing Commissions</u> —In the case of retail, office, mixed use and industrial properties, a tenant improvement / leasing commission reserve may be required to be funded either at loan origination and/or during the term of the mortgage loan to cover anticipated leasing commissions or tenant improvement costs that might be associated with re-leasing certain space involving major tenants, except that such escrows are not required in certain circumstances, including, but not limited to, (i) if the tenant's lease extends beyond the loan term or (ii) if the rent for the space in question is considered below market.

● <u>Deferred Maintenance</u> —A deferred maintenance reserve may be required to be funded at loan origination in an amount equal to 100% of the estimated cost of material immediate repairs or replacements identified in the property condition report, except that such escrows are not required in certain circumstances, including, but not limited to, (i) if the sponsor of the borrower delivers a guarantee to complete the immediate repairs in a specified amount of time, (ii) if the deferred maintenance amount does not materially impact the related mortgaged property's function, performance or value or (iii) if a single or major tenant (which may be a ground tenant) at the related mortgaged property is responsible for the repairs.

● <u>Environmental Remediation</u> —An environmental remediation reserve may be required to be funded at loan origination in an amount equal to 100% of the estimated remediation cost identified in the environmental report, except that such escrows are not required in certain circumstances, including, but not limited to, (i) if the sponsor of the borrower delivers a guarantee wherein it agrees to take responsibility and pay for the identified environmental issues, (ii) if environmental insurance is obtained or already in place or (iii) if a third party unrelated to the borrower is identified as the responsible party.

For a description of the escrows collected with respect to the BMO Mortgage Loans, please see Annex A-1 to this prospectus.

*<u>Title Insurance Policy</u>*. The borrower is required to provide, and BMO or its counsel typically will review, a title insurance policy for each property. The provisions of the title insurance policy are required

to comply with the Mortgage Loan representation and warranty set forth in paragraph (6) on Annex E-1 to this prospectus without any exceptions that BMO deems material.

*<u>Property Insurance</u>*. BMO requires the borrower to provide, or authorizes the borrower to rely on a tenant or other third party to obtain, insurance policies meeting the requirements set forth in the Mortgage Loan representations and warranties in paragraphs (16) and (29) on Annex E-1 to this prospectus without any exceptions that BMO deems material (other than with respect to deductibles and allowing a tenant to self-insure).

*<u>Third Party Reports</u>*. In addition to or as part of applicable origination guidelines or reviews described above, in the course of originating the BMO Mortgage Loans, BMO generally considered the results of third party reports as described below. In many instances, however, one or more provisions of the guidelines were waived or modified in light of the circumstances of the relevant loan or property.

*<u>Appraisal</u>*. BMO (or, in the case of a mortgage loan acquired by BMO from a third party originator, the related originator) obtains an appraisal meeting the requirements described in the Mortgage Loan representation and warranty set forth in paragraph (41) on Annex E-1 to this prospectus without any exceptions that BMO deems material. In addition, the appraisal (or a separate letter) includes a statement by the appraiser that the guidelines in Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, as amended, were followed in preparing the appraisal.

*<u>Environmental Report</u>*. BMO (or, in the case of a mortgage loan acquired by BMO from a third party originator, the related originator) generally obtains a Phase I site assessment or an update of a previously obtained site assessment for each mortgaged property prepared by an environmental firm approved by BMO. BMO or its designated agent (or, in the case of a mortgage loan acquired by BMO from a third party originator, the related originator) typically reviews the Phase I site assessment to verify the presence or absence of potential adverse environmental conditions. In cases in which the Phase I site assessment identifies any such conditions, BMO generally requires that the condition be addressed in a manner that complies with the Mortgage Loan representation and warranty set forth in paragraph (40) on Annex E-1 to this prospectus without any exceptions that BMO deems material.

*<u>Property Condition Report</u>*. BMO (or, in the case of a mortgage loan acquired by BMO from a third party originator, the related originator) generally obtains a current property condition report (a "<u>PCR</u>") for each mortgaged property prepared by a structural engineering firm approved by BMO. BMO or an agent (or, in the case of a mortgage loan acquired by BMO from a third party originator, the related originator) typically reviews the PCR to determine the physical condition of the property and to determine the anticipated costs of necessary repair, replacement and major maintenance or capital expenditure over the term of the mortgage loan. In cases in which the PCR identifies an immediate need for material repairs or replacements with an anticipated cost that is over a certain minimum threshold or percentage of loan balance, BMO often requires that funds be put in escrow at the time of origination of the mortgage loan to complete such repairs or replacements or obtains a guarantee from a sponsor of the borrower in lieu of reserves. See "—Escrow Requirements" above.

*<u>Servicing</u>*. Interim servicing for all BMO's mortgage loans prior to securitization is typically performed by a nationally recognized rated third party interim servicer. In addition, primary servicing is occasionally retained by certain qualified mortgage brokerage firms under established sub-servicing agreements with BMO, which firms may continue primary servicing certain loans following the securitization closing date. Otherwise, servicing responsibilities are transferred from the interim servicer to the master servicer of the securitization trust (and a primary servicer when applicable) at closing of the securitization. From time to time, the interim servicer may retain primary servicing.

*<u>Exceptions to Underwriting Guidelines</u>*. One or more of the BMO Mortgage Loans may vary from the specific BMO underwriting guidelines described above when additional credit positive characteristics are present as discussed above. In addition, in the case of one or more of the BMO Mortgage Loans, BMO may not have applied each of the specific underwriting guidelines described above as the result of case-by-case permitted flexibility based upon other compensating factors.

None of the BMO Mortgage Loans have exceptions to the related underwriting guidelines.

<u>Compliance with Rule 15Ga-1 under the Exchange Act</u>

BMO most recently filed a Form ABS-15G pursuant to Rule 15Ga-1 under the Exchange Act on February 12, 2025. BMO's Central Index Key is 0000927971. As of June 30, 2025, BMO had no demand, repurchase or replacement history to report as required by Rule 15Ga-1 under the Exchange Act with respect to repurchase or replacement requests in connection with breaches of representations and warranties made by it as a sponsor of commercial mortgage securitizations.

<u>Retained Interests in This Securitization</u>

Neither BMO nor any of its affiliates will retain any certificates issued by the issuing entity or any other economic interest in this securitization as of the Closing Date. However, BMO and/or its affiliates may retain on the Closing Date or own in the future certain classes of certificates. Any such party will have the right to dispose of any such certificates at any time.

The information set forth under "*—Bank of Montreal*" has been provided by BMO.

**Barclays Capital Real Estate Inc.**

<u>General</u>

Barclays Capital Real Estate Inc., a Delaware corporation ("<u>Barclays</u>"), a sponsor and a mortgage loan seller, is an affiliate of Barclays Capital Inc., one of the underwriters. Barclays is an indirect subsidiary of Barclays Capital Holdings Inc., a Delaware corporation ("<u>Barclays Holdings</u>"). The principal offices of Barclays in the United States are located at 745 Seventh Avenue, New York, New York 10019, telephone number (212) 412-4000.

<u>Barclays' Securitization Program</u>

As a sponsor, Barclays originates or acquires mortgage loans and initiates a securitization transaction by selecting the portfolio of mortgage loans to be securitized and transferring those mortgage loans to a securitization depositor who in turn transfers those mortgage loans to the issuing entity. In selecting a portfolio to be securitized, consideration is given to geographic concentration, property type concentration and rating agency models and criteria. Barclays' role also includes leading and participating in the selection of third-party service providers such as the master servicer, the special servicer, the trustee and the certificate administrator, and engaging the rating agencies. In coordination with the underwriters for the related offering, Barclays works with rating agencies, investors, mortgage loan sellers and servicers in structuring the securitization transaction.

Barclays was engaged in commercial mortgage loan securitization in the United States from 2004 through 2008 and reengaged in commercial mortgage loan securitization in the United States in 2018. Certain affiliates of Barclays have been engaged in commercial mortgage loan securitization in the United States since 2011. The vast majority of commercial mortgage loans originated by Barclays are intended to be either sold through securitization transactions in which Barclays acts as a sponsor or sold to third parties in individual loan sale transactions. The following is a general description of the types of commercial mortgage loans that Barclays originates for securitization:

● Fixed rate mortgage loans generally having maturities between five and ten years and secured by commercial real estate such as office, retail, hotel, multifamily, manufactured housing, healthcare, self storage and industrial properties. These loans are primarily originated for the purpose of securitization.

● Floating rate loans generally having shorter maturities and secured by stabilized and non-stabilized commercial real estate properties. These loans are primarily originated for

securitization, though in certain cases only a senior interest in the loan is intended to be securitized.

● Subordinate mortgage loans and mezzanine loans. These loans are generally not originated for securitization and are sold in individual loan sale transactions.

In general, Barclays does not hold the loans it originates until maturity.

Neither Barclays nor any of its affiliates act as servicer of the commercial mortgage loans in its securitization transactions. Instead, Barclays contracts with other entities to service the mortgage loans in the securitization transactions.

Barclays commenced selling commercial mortgage loans into U.S. securitizations in 2004. During the period commencing in 2004 and ending on August 15, 2025, Barclays or its affiliates were the loan sellers in approximately 269 commercial mortgage-backed securitization transactions. Approximately $66.3 billion of the mortgage loans included in those transactions were originated or acquired by Barclays.

The following table sets forth information with respect to originations and securitizations of fixed rate and floating rate commercial and multifamily mortgage loans by Barclays or its affiliates for the years ending on December 31, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023, 2024 and through August 15, 2025.

**Fixed and Floating Rate Commercial Loans**

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| | |
|:---|:---|
| &nbsp;&nbsp; **Year** | &nbsp;&nbsp; **Aggregate Principal Balance of Fixed and Floating Rate Loans <br> Securitized in CMBS by Barclays or its Affiliates (as loan seller) <br> (approximate)** |
| &nbsp;&nbsp;2025\* | &nbsp;&nbsp;$4547694693 |
| &nbsp;&nbsp;2024 | &nbsp;&nbsp;$5885080762 |
| &nbsp;&nbsp;2023 | &nbsp;&nbsp;$2463932012 |
| &nbsp;&nbsp;2022 | &nbsp;&nbsp;$5482697941 |
| &nbsp;&nbsp;2021 | &nbsp;&nbsp;$7251700536 |
| &nbsp;&nbsp;2020 | &nbsp;&nbsp;$3078111026 |
| &nbsp;&nbsp;2019 | &nbsp;&nbsp;$4982776203 |
| &nbsp;&nbsp;2018 | &nbsp;&nbsp;$3916450689 |
| &nbsp;&nbsp;2017 | &nbsp;&nbsp;$4970884850 |
| &nbsp;&nbsp;2016 | &nbsp;&nbsp;$3035842410 |
| &nbsp;&nbsp;2015 | &nbsp;&nbsp;$5275015201 |
| &nbsp;&nbsp;2014 | &nbsp;&nbsp;$3227137803 |
| &nbsp;&nbsp;2013 | &nbsp;&nbsp;$2794488744 |
| &nbsp;&nbsp;2012 | &nbsp;&nbsp;$1919346250 |
| &nbsp;&nbsp;\*Through August 15, 2025 |  |

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<u>Review of Barclays Mortgage Loans</u>

*Overview*. Barclays has conducted a review of the Mortgage Loans (or portions thereof) for which Barclays is a sponsor in this securitization (the "<u>Barclays Mortgage Loans</u>") in connection with the securitization described in this prospectus. The review of the Barclays Mortgage Loans was performed by a team comprised of real estate and securitization professionals at Barclays' offices (in certain cases remotely) (the "<u>Barclays Review Team</u>"). The review procedures described below were employed with respect to all of the Barclays Mortgage Loans. No sampling procedures were used in the review process.

*<u>Database</u>*. To prepare for securitization, members of the Barclays Review Team created a database of loan-level and property-level information relating to each Barclays Mortgage Loan. The database was compiled from, among other sources, the related loan documents, underwriting cash flow file, appraisals, environmental assessment reports, property condition reports, seismic studies, zoning reports, insurance review summaries, borrower-supplied information (including, but not limited to, rent rolls, leases, operating statements and budgets) and information collected by the Barclays Review Team during the underwriting process. After origination of each Barclays Mortgage Loan, the Barclays Review Team

updated the information in the database with respect to such Barclays Mortgage Loan based on updates provided by the related servicer relating to loan payment status and escrows, updated operating statements, rent rolls and leasing activity, and information otherwise brought to the attention of the Barclays Review Team.

A data tape (the "<u>Barclays Data Tape</u>") containing detailed information regarding each Barclays Mortgage Loan was created from the information in the database referred to in the prior paragraph. The Barclays Data Tape was used to provide the numerical information regarding the Barclays Mortgage Loans in this prospectus.

With respect to the 9911 Belward Whole Loan (6.1%), which was co-originated by GACC and Barclays, portions of which are being sold by GACC and Barclays, the GSMC Data Tape was used to provide the numerical information regarding the related Mortgage Loan in this prospectus.

With respect to the Springfield Town Center Whole Loan (1.9%), which was co-originated by GS Bank and Barclays, portions of which are being sold by GSMC and Barclays, the GSMC Data Tape was used to provide the numerical information regarding the related Mortgage Loan in this prospectus.

*<u>Data Comparison and Recalculation</u>*. Barclays and Barclays Capital Inc. engaged a third party accounting firm to perform certain data comparison and recalculation procedures, the nature, extent and timing of which were designed by Barclays, relating to information in this prospectus regarding the Barclays Mortgage Loans. These procedures included:

● comparing the information in the Barclays Data Tape against various source documents provided by Barclays that are described above under "*—Database* ";

● comparing numerical information regarding the Barclays Mortgage Loans and the related Mortgaged Properties disclosed in this prospectus against the Barclays Data Tape; and

● recalculating certain percentages, ratios and other formulae relating to the Barclays Mortgage Loans disclosed in this prospectus.

*<u>Legal Review</u>*. Barclays and the other originators of the Barclays Mortgage Loans engaged various law firms to conduct certain legal reviews of the Barclays Mortgage Loans for disclosure in this prospectus. In anticipation of the securitization of each Barclays Mortgage Loan, Barclays' and the other originators' origination counsel reviewed a form of securitization representations and warranties at origination and, if applicable, identified exceptions to those representations and warranties. Barclays' and the other originators' origination and underwriting staff also performed a review of the representations and warranties.

Legal counsel was also engaged in connection with this securitization to assist in the review of the Barclays Mortgage Loans. Such assistance included, among other things, (i) a review of Barclays' asset summary reports for each Barclays Mortgage Loan, (ii) a review of the representations and warranties and exception reports referred to above relating to the Barclays Mortgage Loans prepared by origination counsel, (iii) the review and assistance in the completion by the Barclays Review Team of a due diligence questionnaire relating to the Barclays Mortgage Loans, and (iv) the review of certain loan documents with respect to the Barclays Mortgage Loans.

*<u>Other Review Procedures</u>*. With respect to any material pending litigation of which Barclays was aware at the origination of any Barclays Mortgage Loan, Barclays requested updates from the related borrower, origination counsel and/or borrower's litigation counsel.

The Barclays Review Team, with the assistance of counsel engaged in connection with this securitization, also reviewed the Barclays Mortgage Loans to determine whether any Barclays Mortgage Loan materially deviated from the underwriting guidelines set forth under "*—Barclays' Underwriting Guidelines and Processes—Exceptions*" below.

*<u>Findings and Conclusions</u>*. Based on the foregoing review procedures, Barclays determined that the disclosure regarding the Barclays Mortgage Loans in this prospectus is accurate in all material respects. Barclays also determined that the Barclays Mortgage Loans were originated in accordance with Barclays' origination procedures and underwriting criteria, except as described under "*—Barclays' Underwriting Guidelines and Processes—Exceptions*" below. Barclays attributes to itself all findings and conclusions resulting from the foregoing review procedures.

*<u>Review Procedures in the Event of a Mortgage Loan Substitution</u>*. Barclays will perform a review of any mortgage loan that it elects to substitute for a mortgage loan in the pool in connection with a material breach of a representation or warranty or a material document defect. Barclays, and if appropriate its legal counsel, will review the mortgage loan documents and servicing history of the substitute mortgage loan to confirm it meets each of the criteria required under the terms of the related mortgage loan purchase agreement and the pooling and servicing agreement ("<u>Barclays' Qualification Criteria</u>"). Barclays will engage a third party accounting firm to compare the Barclays' Qualification Criteria against the underlying source documentation to verify the accuracy of the review by Barclays and to confirm any numerical and/or statistical information to be disclosed in any required filings under the Exchange Act. Legal counsel will also be engaged by Barclays to render any tax opinion required in connection with the substitution.

<u>Barclays' Underwriting Guidelines and Processes</u>

After review and participation in the pre-closing due diligence and closing process by Barclays, each of the Barclays Mortgage Loans was generally originated in accordance with the underwriting criteria described below. Additionally, Barclays reviews the underwriting guidelines of the applicable originator for any Barclays Mortgage Loans that were acquired by Barclays to ensure that each acquired Barclays Mortgage Loan was underwritten pursuant to the underwriting criteria described below. Each lending situation is unique, however, and the facts and circumstances surrounding a particular mortgage loan, such as the quality and location of the real estate collateral, the sponsorship of the borrower and the tenancy of the collateral, will impact the extent to which the general guidelines below are applied to that specific loan. These underwriting criteria are general, and we cannot assure you that every loan will comply in all respects with the guidelines. For additional information with respect to exceptions to the underwriting guidelines, see "*—Exceptions*" below. Barclays originates mortgage loans principally for securitization.

*<u>General</u>*. Barclays originates commercial mortgage loans from its headquarters in New York and its West Coast office. Barclays may use table funding arrangements through third party origination platforms that have origination offices in additional locations. Bankers at Barclays and at any table funded lenders focus on sourcing, structuring, underwriting and performing due diligence on their loans. Structured finance bankers work closely with the loans' originators to ensure that the loans are suitable for securitization and satisfy rating agency criteria. All mortgage loans, including any originated by table funded lenders, must be approved by Barclays' credit department, as described below under "*—Loan Approval*".

*<u>Loan Analysis</u>*. Generally, Barclays performs both a credit analysis and collateral analysis with respect to a loan applicant and the real estate that will secure a mortgage loan. In general, the analysis of a borrower includes a review of anti-money laundering or OFAC checks, as well as background checks and the analysis of its loan sponsor includes a review of money laundering and background checks, third-party credit reports, bankruptcy and lien searches, general banking references and commercial mortgage related references. In general, the analysis of the collateral includes a site visit (in certain cases by a third party) and a review of the property's historical operating statements (if available), independent market research, an appraisal with an emphasis on rental and sales comparables, engineering and environmental reports, the property's historic and current occupancy, financial strengths of tenants, the duration and terms of tenant leases and the use of the property. Each report is reviewed for acceptability by a real estate finance loan underwriter. The borrower's and property manager's experience and presence in the subject market are also reviewed. Consideration is also given to anticipated changes in cash flow that may result from changes in lease terms or market considerations.

Borrowers are generally required to be single purpose entities although they are generally not required to be structured to reduce the possibility of becoming insolvent or bankrupt unless the loan has a principal balance of greater than $20 million, in which case additional limitations including the requirement that the borrower have at least one independent director are generally required.

*<u>Loan Approval</u>*. All mortgage loans originated or table funded by Barclays must be approved by a credit committee. The credit committee may approve a mortgage loan as recommended, request additional due diligence, modify the loan terms or decline a loan transaction.

*<u>Debt Service Coverage Ratio and LTV Ratio</u>*. Barclays' underwriting standards generally mandate minimum debt service coverage ratios and maximum loan-to-value ratios. A loan to value ratio, generally based upon the appraiser's determination of value as well as the value derived using a stressed capitalization rate, is considered. The debt service coverage ratio is based upon the underwritten net cash flow and is given particular importance. However, notwithstanding such guidelines, in certain circumstances the actual debt service coverage ratios, loan-to-value ratios and amortization periods for the mortgage loans originated by Barclays may vary from these guidelines.

In addition, Barclays may in some instances have reduced the term interest rate that Barclays would otherwise charge on a Barclays Mortgage Loan based on the credit and collateral characteristics of the related Mortgaged Property and structural features of the Barclays Mortgage Loan by collecting an upfront fee from the related borrower on the origination date. The decrease in the interest rate would have correspondingly increased the debt service coverage ratio, and, in certain cases, may have increased the debt service coverage ratio sufficiently such that the related Barclays Mortgage Loan satisfied Barclays' minimum debt service coverage ratio underwriting requirements for such Barclays Mortgage Loan.

*<u>Escrow Requirements</u>*. Generally, Barclays requires most borrowers to fund escrows for expenses such as taxes and insurance, capital expenses and replacement reserves, in some cases upon the occurrence of a trigger event. In the case of certain hotel loans, FF&E reserves may be held by the franchisor or manager rather than the lender. Generally, the required escrows for mortgage loans originated or acquired by Barclays are as follows (see Annex A-1 for instances in which reserves were not taken):

● Taxes—Typically an initial deposit and monthly escrow deposits equal to 1/12 of the annual property taxes (based on the most recent property assessment and the current millage rate) are required to provide the lender with sufficient funds to satisfy all taxes and assessments. Barclays may waive this escrow requirement under appropriate circumstances including, but not limited to, (i) where a tenant is required to pay the taxes directly, (ii) where there is institutional sponsorship or a high net worth individual, (iii) where there is a low loan-to-value ratio or (iv) any Escrow/Reserve Mitigating Circumstances.

● Insurance—If the property is insured under an individual policy (i.e., the property is not covered by a blanket policy), typically an initial deposit and monthly escrow deposits equal to 1/12 of the annual property insurance premium are required to provide the lender with sufficient funds to pay all insurance premiums. Barclays may waive this escrow requirement under appropriate circumstances, including, but not limited to, (i) where a property is covered by a blanket insurance policy maintained by the borrower or loan sponsor, (ii) where there is institutional sponsorship or a high net worth individual, (iii) where an investment grade or creditworthy tenant is responsible for paying all insurance premiums, (iv) the Mortgaged Property is a single tenant property (or substantially leased to a single tenant) and the tenant maintains the property insurance or self-insures (or may waive the escrow for a portion of the Mortgaged Property which is leased to a tenant that maintains property insurance for its portion of the Mortgaged Property),(v) where there is a low loan-to-value ratio or (vi) any Escrow/Reserve Mitigating Circumstances.

● Replacement Reserves—Replacement reserves are generally calculated in accordance with the expected useful life of the components of the property during the term of the mortgage loan plus two years. Barclays relies on information provided by an independent engineer to

make this determination. Barclays may waive this escrow requirement under appropriate circumstances, including, but not limited to, (i) where an investment grade or creditworthy tenant is responsible for replacements under the terms of its lease, (ii) the Mortgaged Property is a single tenant property (or substantially leased to a single tenant) and the tenant repairs and maintains the Mortgaged Property (or may waive the escrow for a portion of the Mortgaged Property which is leased to a tenant that repairs and maintains its portion of the Mortgaged Property), (iii) where there is institutional sponsorship or a high net worth individual, (iv) where there is a low loan-to-value ratio or (v) any Escrow/Reserve Mitigating Circumstances.

● Completion Repair/Environmental Remediation—Typically, a completion repair or remediation reserve is required where an environmental or engineering report suggests that such reserve is necessary. Upon funding of the applicable mortgage loan, Barclays generally requires that at least 100% – 125% of the estimated costs of repairs or replacements be reserved and generally requires that repairs or replacements be completed within a year after the funding of the applicable mortgage loan. Barclays may waive this escrow requirement under appropriate circumstances, including, but not limited to, (i) where a secured creditor insurance policy or borrower insurance policy is in place, (ii) where an investment grade or creditworthy party has agreed to take responsibility, and pay, for any required repair or remediation, (iii) the Mortgaged Property is a single tenant property (or substantially leased to a single tenant) and the tenant is responsible for the repairs, (iv) the amount recommended is less than $50,000, (v) a repair or replacement item that does not materially impact the function, performance or value of the property or (vi) any Escrow/Reserve Mitigating Circumstances.

● Tenant Improvement/Lease Commissions—In most cases, various tenants have lease expirations within the mortgage loan term. To mitigate this risk, special reserves may be required to be funded either at origination of the mortgage loan and/or during the mortgage loan term to cover certain anticipated leasing commissions or tenant improvement costs which might be associated with re-leasing the space occupied by such tenants. Barclays may waive this escrow requirement under appropriate circumstances, including, but not limited to, (i) where there is institutional sponsorship or a high net worth individual, (ii) where tenant improvement costs are the responsibility of tenants, (iii) where rents at the Mortgaged Property are considered to be sufficiently below market, (iv) where no material leases expire within the mortgage loan term, or the lease roll is not concentrated,(v) where there is a low loan-to-value ratio or (vi) any Escrow/Reserve Mitigating Circumstances.

● For certain mortgage loans, Barclays requires reserves only upon the occurrence of certain trigger events, such as debt service coverage ratios or tenant-specific tests or occurrences.

● Other Factors—Other factors that are considered in the origination of a commercial mortgage loan include current operations, occupancy and tenant base.

Barclays may determine that establishing any of the foregoing escrows or reserves is not warranted in one or more of the following instances (collectively, the "<u>Escrow/Reserve Mitigating Circumstances</u>"): (i) the amounts involved are de minimis, (ii) Barclays' evaluation of the ability of the Mortgaged Property, the borrower or a holder of direct or indirect ownership interests in the borrower to bear the subject expense or cost absent creation of an escrow or reserve, (iii) based on the Mortgaged Property maintaining a specified debt service coverage ratio, (iv) Barclays has structured springing escrows that arise for identified risks, (v) Barclays has an alternative to a cash escrow or reserve, such as a letter of credit or a guarantee from the borrower or an affiliate of the borrower; (vi) Barclays believes there are credit positive characteristics of the borrower, the sponsor of the borrower and/or the Mortgaged Property that would offset the need for the escrow or reserve; or (vii) the reserves are being collected and held by a third party, such as a management company, a franchisor, or an association.

*<u>Servicing</u>*. Interim servicing for all loans originated or acquired by Barclays prior to securitization is typically performed by Midland Loan Services, a Division of PNC Bank, National Association.

*<u>Exceptions</u>*. Notwithstanding the discussion under "*—Barclays' Underwriting Guidelines and Processes*" above, one or more of the Barclays Mortgage Loans may vary from, or do not comply with, Barclays underwriting guidelines described above. In addition, in the case of one or more of the Barclays Mortgage Loans, Barclays may not have strictly applied the underwriting guidelines described above as the result of a case by case permitted exception based upon other compensating factors. In some cases, due to the impact of COVID-19, some tenants may have received rent relief/forbearances or may not have paid their rent when due. On a case-by-case basis, the lender may be adjusting underwritten rent to reflect these situations. None of the Barclays Mortgage Loans have exceptions to the related underwriting criteria.

<u>Compliance with Rule 15Ga-1 under the Exchange Act</u>

Barclays has most recently filed a Form ABS-15G on February 13, 2025 in connection with it being a securitizer of certain types of mortgage loans. Barclays' Central Index Key is 0001549574. As of June 30, 2025, it has no history of repurchases or repurchase requests required to be reported by Barclays under Rule 15Ga-1 under the Exchange Act, as amended, with respect to breaches of representations and warranties made by it as a sponsor of commercial mortgage loan securitizations.

<u>Retained Interests in This Securitization</u>

Neither Barclays nor any of its affiliates intends to retain on the Closing Date any certificates issued by the issuing entity or any other economic interest in this securitization. However, Barclays and/or its affiliates may retain on the Closing Date, or own in the future certain additional classes of certificates. Any such party will have the right to dispose of any such certificates at any time.

Neither Barclays nor any of its affiliates will insure or guarantee distributions on the certificates. The Certificateholders will have no rights or remedies against Barclays for any losses or other claims in connection with the certificates or the mortgage loans except in respect of the repurchase and substitution obligations for material document defects or the material breaches of representations and warranties made by Barclays in the related Mortgage Loan Purchase Agreement as described under "*Description of the Mortgage Loan Purchase Agreements*". Barclays Holdings will agree to repurchase or substitute Barclays Mortgage Loans with material document defects or material breaches of representations and warranties to the same extent as Barclays. Notwithstanding the existence of any such agreement, we cannot assure you that Barclays or Barclays Holdings will have the financial ability to effect or cause any such repurchase or substitution and no other entity will be responsible for doing so if Barclays and Barclays Holdings fail with respect to such obligations.

From time to time, Barclays is engaged in various legal and/or regulatory matters, which may include legal proceedings by or against Barclays, enquiries and examinations, requests for information, audits, investigations and legal and other proceedings by regulators, governmental and other public bodies in connection with areas of banking and business activities in which Barclays is or has been engaged.

The information set forth under "*—Barclays Capital Real Estate Inc.*" has been provided by Barclays.

**Compensation of the Sponsors**

In connection with the offering and sale of the certificates contemplated by this prospectus, the sponsors (including affiliates of the sponsors) will be compensated for the sale of their respective percentage interest in the Mortgage Loans in an amount equal to the excess, if any, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the sum of any proceeds received from the sale of the certificates to investors and the sale of servicing rights to Trimont LLC for the servicing of the Mortgage Loans, over

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sum of the costs and expense of originating or acquiring the Mortgage Loans and the costs and expenses related to the issuance, offering and sale of the certificates as described in this prospectus.

The mortgage servicing rights were sold to the master servicer for a price based on the value of the Servicing Fee to be paid to the master servicer with respect to each Mortgage Loan and, which may include, among other things, the value of the right to earn income on investments on amounts held by the master servicer with respect to the Mortgage Loans.

**The Depositor**

GS Mortgage Securities Corporation II, the depositor, is a Delaware corporation and was formed in 1995 for the purpose of engaging in the business, among other things, of acquiring and depositing mortgage assets in trusts in exchange for certificates evidencing interests in the trusts and selling or otherwise distributing the certificates. The sole shareholder of the depositor is The Goldman Sachs Group, Inc. (NYSE: GS). The depositor's executive offices are located at 200 West Street, New York, New York 10282, telephone number (212) 902-1000. The depositor will not have any material assets. The depositor is an affiliate of GSMC, a sponsor, a mortgage loan seller and an initial Risk Retention Consultation Party, GS Bank, an originator and the initial RR Interest Owner, and Goldman Sachs & Co. LLC, an underwriter.

After establishing the issuing entity, the depositor will have minimal ongoing duties with respect to the certificates and the Mortgage Loans. The depositor's ongoing duties will include: (i) appointing a successor trustee or certificate administrator in the event of the removal of the trustee or certificate administrator, (ii) paying any ongoing fees (such as surveillance fees) of the Rating Agencies, (iii) promptly delivering to the certificate administrator any document that comes into the depositor's possession that constitutes part of the mortgage file or servicing file for any mortgage loan, (iv) upon discovery of a breach of any of the representations and warranties of the master servicer, the special servicer or the operating advisor which materially and adversely affects the interests of the Certificateholders and the RR Interest Owner, giving prompt written notice of such breach to the affected parties, (v) providing information in its possession with respect to the certificates to the certificate administrator to the extent necessary to perform REMIC administration, (vi) indemnifying the issuing entity, the trustee, the certificate administrator, the operating advisor, the asset representations reviewer, the master servicer and the special servicer for any loss, liability or reasonable expense (including, without limitation, reasonable attorneys' fees and expenses) incurred by such parties arising from the depositor's willful misconduct, bad faith, fraud and/or negligence in the performance of its duties contained in the PSA or by reason of negligent disregard of its obligations and duties under the PSA, and (vii) signing any annual report on Form 10-K, including the required certification in Form 10-K under the Sarbanes-Oxley Act of 2002, and any distribution reports on Form 10-D and Current Reports on Form 8-K required to be filed by the issuing entity.

The depositor purchases commercial mortgage loans and interests in commercial mortgage loans for the purpose of selling those assets to trusts created in connection with the securitization of pools of assets and does not engage in any activities unrelated to those securitizations. On the Closing Date, the depositor will acquire the mortgage loans from the mortgage loan sellers and will simultaneously transfer them, without recourse, to the trustee for the benefit of the Certificateholders and the RR Interest Owner.

The depositor remains responsible under the PSA for providing the master servicer, the special servicer, certificate administrator and trustee with certain information and other assistance requested by those parties and reasonably necessary to performing their duties under the PSA. The depositor also remains responsible for mailing notices to the Certificateholders and the RR Interest Owner upon the appointment of certain successor entities under the PSA.

**The Issuing Entity**

The issuing entity, Benchmark 2025-V18 Mortgage Trust, will be a New York common law trust, formed on the Closing Date pursuant to the PSA.

The only activities that the issuing entity may perform are those set forth in the PSA, which are generally limited to owning and administering the Mortgage Loans and any REO Property (which includes, with respect to any Non-Serviced Whole Loan, the trust's interest in any REO Property acquired with respect to such Non-Serviced Whole Loan pursuant to the applicable pooling and servicing agreement, but does not include the Serviced Companion Loan's *pro rata* interest in any such REO Property), disposing of defaulted mortgage loans and REO Property, issuing the certificates, making distributions, providing reports to Certificateholders and the RR Interest Owner and other activities described in this prospectus. Accordingly, the issuing entity may not issue securities other than the certificates, or invest in securities, other than investing of funds in the Collection Account and other accounts maintained under the PSA in certain short-term high-quality investments. The issuing entity may not lend or borrow money, except that the master servicer and the trustee may make advances of delinquent monthly debt service payments to the issuing entity, and the master servicer, the special servicer and the trustee may make property protection advances to the issuing entity, but in each case only to the extent it deems such advances to be recoverable from the related mortgage loan; such advances are intended to provide liquidity, rather than credit support. The PSA may be amended as set forth under "*Pooling and Servicing Agreement—Amendment*" in this prospectus. The issuing entity administers the mortgage loans through the trustee, the certificate administrator, the master servicer and the special servicer. A discussion of the duties of the trustee, the certificate administrator, the master servicer and the special servicer, including any discretionary activities performed by each of them, is set forth under "*Transaction Parties—The Trustee and the Certificate Administrator*", "*—The Master Servicer*", "*—The Special Servicer"* and "*Pooling and Servicing Agreement*".

The only assets of the issuing entity other than the Mortgage Loans and any REO Properties (which includes, with respect to any Non-Serviced Whole Loan, the trust's interest in any REO property acquired with respect to such Non-Serviced Whole Loan pursuant to the applicable pooling and servicing agreement but does not include the Serviced Companion Loan's *pro rata* interest in any such REO Property) are the Distribution Accounts and other accounts maintained pursuant to the PSA and the short-term investments in which funds in the Collection Account and other accounts are invested. The issuing entity has no present liabilities, but has potential liability relating to ownership of the mortgage loans and any REO Properties, including, with respect to the Non-Serviced Whole Loans, the trust's interest in any REO Property acquired pursuant to the applicable pooling and servicing agreement and the other activities described in this prospectus, and indemnity obligations to the depositor, the trustee, the certificate administrator, the master servicer, the special servicer, the asset representations reviewer and the operating advisor and various related persons. The fiscal year of the issuing entity is the calendar year. The issuing entity has no executive officers or board of directors and acts through the trustee, the certificate administrator, the master servicer and the special servicer.

The depositor will be contributing the mortgage loans to the issuing entity. The depositor will be purchasing the mortgage loans from the mortgage loan sellers, as described under "*Description of the Mortgage Loan Purchase Agreements*".

**The Trustee and Certificate Administrator**

Computershare Trust Company, National Association ("<u>Computershare Trust Company</u>") will act as trustee, certificate administrator and custodian under the PSA. Computershare Trust Company is a national banking association and a wholly-owned subsidiary of Computershare Limited ("<u>Computershare Limited</u>"), an Australian financial services company with approximately $5.3 billion (USD) in assets as of June 30, 2025. Computershare Limited and its affiliates have been engaging in financial service activities, including stock transfer related services, since 1997, and corporate trust related services since 2000. Computershare Trust Company provides corporate trust, custody, securities transfer, cash management, investment management and other financial and fiduciary services, and has been engaged in providing financial services, including corporate trust services, since 2000. The transaction parties may maintain commercial relationships with Computershare Trust Company and its affiliates. Computershare Trust Company maintains corporate trust offices at 9062 Old Annapolis Road, Columbia, Maryland 21045-1951 (among other locations), and its office for certificate transfer services is located at 1505 Energy Park Drive, St. Paul, Minnesota 55108.

On November 1, 2021, Wells Fargo Bank, N.A. ("<u>Wells Fargo Bank</u>") and Wells Fargo Delaware Trust Company, N.A. (together with Wells Fargo Bank, collectively "<u>Wells Fargo</u>") sold substantially all of its Corporate Trust Services ("<u>CTS</u>") business to Computershare Limited, Computershare Trust Company, and Computershare Delaware Trust Company (collectively, "<u>Computershare</u>"). Virtually all CTS employees of Wells Fargo, along with most existing CTS systems, technology, and offices transferred to Computershare as part of the sale. On and after November 1, 2021, Wells Fargo has been transferring its roles, duties, rights, and liabilities under the relevant transaction agreements to Computershare. For any transaction where the roles of Wells Fargo have not yet transferred to Computershare, Computershare, as of November 1, 2021, performs all or virtually all of the obligations of Wells Fargo as its agent as of such date.

Computershare Trust Company will act as trustee pursuant to the PSA. Computershare Trust Company has provided corporate trust related services since 2000 through its predecessors and affiliates. Computershare Trust Company provides trustee services for a variety of transactions and asset types, including corporate and municipal bonds, mortgage-backed and asset-backed securities, and collateralized debt obligations. As of June 30, 2025, Computershare Trust Company was acting in some cases as the named trustee or indenture trustee, and in most cases as agent for the named trustee or indenture trustee, on approximately 614 commercial mortgage-backed securities transactions with an aggregate outstanding principal balance of approximately $401 billion (USD).

In its capacity as trustee on commercial mortgage securitizations, Computershare Trust Company is generally required to make an advance if the related master servicer or special servicer fails to make a required advance. In the past three years, neither Computershare Trust Company, nor the CTS business it acquired from Wells Fargo Bank, has been required to make an advance on a commercial mortgage-backed securities transaction.

Under the terms of the PSA, Computershare Trust Company is responsible for securities administration, which includes pool performance calculations, distribution calculations, and the preparation of monthly distribution reports. As certificate administrator, Computershare Trust Company is responsible for the preparation and filing of all REMIC tax returns on behalf of the Trust REMICs and, to the extent required under the PSA, the preparation of monthly reports on Form 10-D, certain current reports on Form 8-K, and annual reports on Form 10-K that are required to be filed with the Securities and Exchange Commission on behalf of the issuing entity. With its acquisition of the CTS business from Wells Fargo Bank on November 1, 2021, Computershare Trust Company acquired a business that has been engaged in the business of securities administration since June 30, 1995. As of June 30, 2025, Computershare Trust Company was acting in some cases as the certificate administrator, and in most cases as agent for the certificate administrator, on approximately 1,301 commercial mortgage-backed securities transactions with an aggregate outstanding principal balance of more than $739 billion (USD).

As a result of Computershare Trust Company not being a deposit-taking institution, any cash credited to the accounts that the certificate administrator is required to maintain pursuant to the PSA will be held by one or more institutions in a manner satisfying the requirements of the PSA, including any applicable eligibility criteria for account banks set forth in the PSA.

Computershare Trust Company is acting as the custodian of the mortgage loan files pursuant to the PSA. In that capacity, Computershare Trust Company is responsible to hold and safeguard the mortgage notes and other contents of the mortgage files on behalf of the trustee and for the benefit of the Certificateholders. Computershare Trust Company maintains each mortgage loan file in a separate file folder marked with a unique bar code to assure loan-level file integrity and to assist in inventory management. Files are segregated by transaction or investor. With its acquisition of the CTS business from Wells Fargo Bank on November 1, 2021, Computershare Trust Company acquired a business that has been engaged in the mortgage document custody business for more than 25 years. As of June 30, 2025, Computershare Trust Company was acting in some cases as custodian, and in most cases as agent for the custodian, for approximately 450,880 commercial mortgage loan files.

Computershare Trust Company, through the CTS business acquired from Wells Fargo Bank, serves or may have served within the past two years as loan file custodian or the agent of the loan file custodian

for various mortgage loans owned by the sponsors or an affiliate of the sponsors and anticipates that one or more of those mortgage loans may be included in the issuing entity. The terms of any custodial agreement under which those services are provided are customary for the mortgage-backed securitization industry and provide for the delivery, receipt, review, and safekeeping of mortgage loan files.

For three CMBS transactions, Computershare Trust Company disclosed transaction-level material noncompliance related to its CMBS bond administration function on its 2024 Annual Statement of Compliance furnished pursuant to Item 1123 of Regulation AB for each such transaction (each, a "<u>Subject 2024 Computershare CMBS Annual Statement of Compliance</u>").

For one CMBS transaction, the related Subject 2024 Computershare CMBS Annual Statement of Compliance disclosed an administrative error relating to adjusted coupon rates and allocation of additional cash that resulted in an overpayment to one class of certificates with a corresponding underpayment to another class of certificates. Computershare Trust Company corrected the error within five days of the distribution.

For one CMBS transaction, the related Subject 2024 Computershare CMBS Annual Statement of Compliance disclosed an administrative error processing an interest adjustment in the servicer's report that resulted in an underpayment to one class of certificates with a corresponding aggregate overpayment to three different classes of certificates. Computershare Trust Company revised the distribution to correct the payment error two months after the payment error occurred and distributed the funds the next month.

For one CMBS transaction, the related Subject 2024 Computershare CMBS Annual Statement of Compliance disclosed an administrative error processing the Initial Month's Interest Deposit Amount that resulted in an underpayment to several classes of certificates with no corresponding overpayment. Computershare Trust Company revised the distribution to correct the payment error prior to the next distribution.

For each of the three CMBS transactions, the related Subject 2024 Computershare CMBS Annual Statement of Compliance states that Computershare Trust Company has reinforced its policies or implemented necessary changes to its procedures and controls in an effort to prevent a reoccurrence of the errors.

Neither Computershare Trust Company nor any of its affiliates intends to retain any economic interest in this securitization, including without limitation any certificates issued by the issuing entity. However, each of Computershare Trust Company and its affiliates will be entitled at their discretion to acquire certificates issued by the issuing entity, and in each such case will have the right to dispose of any such certificates at any time.

The foregoing information regarding Computershare Trust Company set forth under this heading "—*The Trustee and Certificate Administrator*" has been provided by Computershare Trust Company. None of the depositor, the underwriters or any other person, other than Computershare Trust Company, makes any representation or warranty as to the accuracy or completeness of such information.

For a description of any material affiliations, relationships and related transactions between Computershare Trust Company and the other transaction parties, see "*Certain Affiliations, Relationships and Related Transactions Involving Transaction Parties*".

The trustee and certificate administrator will only be liable under the PSA to the extent of the obligations specifically imposed by the PSA. For further information regarding the duties, responsibilities, rights and obligations of the trustee and the certificate administrator under the PSA, including those related to indemnification, see "*Pooling and Servicing Agreement—Limitation on Liability; Indemnification*". Certain terms of the PSA regarding the trustee's and the certificate administrator's removal, replacement or resignation are described under "*Pooling and Servicing Agreement—Resignation and Removal of the Trustee and the Certificate Administrator*" in this prospectus.

**The Master Servicer**

*General* 

Trimont LLC, a Georgia limited liability company ("<u>Trimont</u>"), will act as the master servicer for the Mortgage Loans and as the primary servicer for the Serviced Companion Loans, subject to any primary servicing agreements with other servicers, under the PSA (in such capacity, the "<u>Master Servicer</u>"). Trimont is a provider of loan servicing, asset management, due diligence, and customized advisory solutions. Trimont is also the Non-Serviced Master Servicer for the 180 Water Whole Loan under the COMM 2025-180W TSA, (ii) the Non-Serviced Master Servicer for the Pacifica Hotel Portfolio (4-Pack) Whole Loan under the Benchmark 2025-V17 PSA and (iii) expected to be the Non-Serviced Master Servicer for the Yosemite Hospital Portfolio Whole Loan under the BANK5 2025-5YR17 PSA.

The principal servicing offices of Trimont are located at 550 South Tryon Street, Charlotte, North Carolina 28202 and Two Alliance Center, 3560 Lenox Road NE, Suite 2200, Atlanta, Georgia 30326. Trimont also has offices in the US located in Overland Park, Kansas, New York, New York, and Dallas, Texas.

As of March 1, 2025 ("<u>CMS Acquisition Closing Date</u>"), Trimont purchased the third-party servicing segment ("<u>CMS</u>") of Wells Fargo Bank, National Association's commercial mortgage servicing business (the "<u>CMS Transaction</u>"). See "*—CMS Transaction*" below. As of the CMS Acquisition Closing Date, Trimont is rated (ranked) by Fitch, S&P and Morningstar DBRS as a master servicer, a primary servicer and a special servicer of commercial mortgage loans in the US. Trimont's servicer ratings (rankings) by each of these agencies are outlined below:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **US Servicer Ratings** | &nbsp;&nbsp; **Fitch<sup>1</sup>** | &nbsp;&nbsp; **S&P** | &nbsp;&nbsp; **Morningstar DBRS<sup>2</sup>** |
| &nbsp;&nbsp;Primary Servicer: | &nbsp;&nbsp;CPS2 | &nbsp;&nbsp;Strong | &nbsp;&nbsp;MOR CS2 |
| &nbsp;&nbsp;Master Servicer: | &nbsp;&nbsp;CMS3+ | &nbsp;&nbsp;Average<sup>3</sup> | &nbsp;&nbsp;MOR CS3 |
| &nbsp;&nbsp;Special Servicer: | &nbsp;&nbsp;CSS2 | &nbsp;&nbsp;Strong | &nbsp;&nbsp;MOR CS2 |

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<sup>1</sup> The Fitch primary servicer and special servicer ratings of Trimont have been placed on "Rating Watch Negative" during the integration period associated with the CMS Transaction as is consistent with Fitch's criteria and historical practice.

<sup>2</sup> Morningstar DBRS has designated the trends for the primary servicer and special servicer rankings of Trimont as "Stable" and the trend for the master servicer ranking as "Positive".

<sup>3</sup> The S&P master servicer rating of Trimont has been placed on "Rating Watch Positive" during the integration period associated with the CMS Transaction.

Trimont is also rated 'Strong' as a Construction Loan Servicer by S&P in the US.

Prior to the CMS Acquisition Closing Date, Trimont had been primary servicing and special servicing securitized and non-securitized commercial and multifamily loans in excess of 15 years.

The following table sets forth information prior to the CMS Acquisition Closing Date about Trimont's portfolio of primary serviced commercial and multifamily loans (securitized and non-securitized) as of the dates indicated.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Commercial and<br> Multifamily Mortgage Loans** | &nbsp;&nbsp; **As of 12/31/2022** | &nbsp;&nbsp; **As of 12/31/2023** | &nbsp;&nbsp; **As of 12/31/2024** |
| &nbsp;&nbsp;By Approximate Number: | &nbsp;&nbsp;2574 | &nbsp;&nbsp;2529 | &nbsp;&nbsp;2301 |
| &nbsp;&nbsp;By Approximate Aggregate Unpaid Principal Balance (in billions): | &nbsp;&nbsp;$100.4 | &nbsp;&nbsp;$110.1 | &nbsp;&nbsp;$114.6 |

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The following table sets forth information as of June 30, 2025 showing the portfolio of Trimont master or primary serviced commercial and multifamily loans (securitized and non-securitized).

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| | |
|:---|:---|
| &nbsp;&nbsp;**<u>Commercial and Multifamily Mortgage Loans</u>** | &nbsp;&nbsp;**<u>As of 6/30/2025</u>** |
| &nbsp;&nbsp;By Approximate Number: | &nbsp;&nbsp;20735 |
| &nbsp;&nbsp;By Approximate Aggregate UPB\* (in billions): | &nbsp;&nbsp;$599.74 |

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 <br> (\*) "UPB" means unpaid principal balance

The properties securing the loans in Trimont's servicing portfolio include multifamily, office, retail, hospitality, industrial and other income producing properties.

Within this servicing portfolio, as of June 30, 2025, approximately 16,676 commercial and multifamily loans with an unpaid principal balance of approximately $422.02 billion were loans that back commercial mortgage-backed securities or commercial real estate collateralized debt obligation securities.

Trimont has operating procedures across the various servicing functions to maintain compliance with its servicing obligations and servicing standards under Trimont's servicing agreements. The only significant changes in Trimont's policies and procedures over the past three years have come in response to changes in federal or state law or investor requirements. Since the CMS Acquisition Closing Date, Trimont has been incorporating CMS master, special and primary servicing policies and procedures into its best practices for servicing CMS Loans and newly originated commercial and multifamily loans, including procedures for handling delinquent loans during the period prior to the occurrence of a special servicing transfer event.

Trimont's servicing platform allows Trimont to process loan servicing activities including, but not limited to: (i) performing account maintenance; (ii) tracking borrower communications; (iii) tracking real estate tax escrows and payments, insurance escrows and payments, replacement reserve escrows and operating statement data and rent rolls; (iv) entering and updating transaction data; and (v) generating various reports.

Prior to the CMS Acquisition Closing Date, Trimont was not the designated primary advancing agent for any of the mortgage loans it serviced. In connection with the CMS Transaction, Trimont acquired the outstanding CMS servicer advances using funding from a Wells Fargo Bank, National Association credit facility and other capital sources and expects to use such credit facility and other capital sources to fund the future advancing obligations of Trimont as servicer under the servicing agreements that transferred to Trimont on, or that Trimont enters into following, the CMS Acquisition Closing Date.

The following table sets forth information as of June 30, 2025 showing the approximate principal and interest advances and protective property advances held by Trimont, as master servicer, on commercial and multifamily mortgage loans included in commercial mortgage-backed securitizations.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>As of\*</u>** | &nbsp;&nbsp;**Approximate Securitized <br> Master-Serviced <br> <u>Portfolio (UPB)\*</u>** | &nbsp;&nbsp;**Approximate <br> Outstanding Advances <br> <u>(P&I and PPA)</u>\*** | &nbsp;&nbsp;**Approximate <br> Outstanding <br> <u>Advances as % of UPB\*</u>** |
| &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;$412508380703 | &nbsp;&nbsp;$958602236 | &nbsp;&nbsp;0.23% |

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 <br> (\*) "UPB" means unpaid principal balance, "P&I" means principal and interest advances and "PPA" means property protection advances.

Trimont may perform some of its obligations under the PSA through one or more third-party vendors, affiliates or subsidiaries, including the engagement of third-party vendors to provide technology or process efficiencies. Trimont monitors its third-party vendors in compliance with its internal procedures and applicable law. Trimont has entered into contracts directly with third-party vendors and may also obtain services from third party vendors through Wells Fargo Bank, National Association under the Transition Agreement (as hereinafter defined) for some or all of the following functions:

● provision of Strategy and Strategy CS software;

● audit services;

● tracking and reporting of flood zone changes;

● abstracting of leasing consent requirements contained in loan documents;

● legal representation;

● assembly of data regarding buyer and seller (borrower) with respect to proposed loan assumptions and preparation and underwriting of loan assumption package for review by Trimont;

● performance of property inspections;

● performance of tax parcel searches based on property legal description, monitoring and reporting of delinquent taxes, and collection and payment of taxes;

● Uniform Commercial Code searches and filings;

● insurance tracking and compliance;

● onboarding-new loan setup;

● lien release-filing and tracking;

● credit investigation and background checks; and

● defeasance calculations.

Trimont may also enter into agreements with certain firms to act as a primary servicer (or sub-servicer) and to provide cashiering or non-cashiering subservicing on the Mortgage Loans and Serviced Companion Loans. Trimont will monitor and review the performance of sub-servicers appointed by it. Generally, all amounts received by Trimont on the Mortgage Loans and Serviced Companion Loans will initially be deposited into a common clearing account with collections on other mortgage loans serviced by Trimont and will then be allocated and transferred to the appropriate account as described in this prospectus. On the day any amount is to be disbursed by Trimont, that amount may be transferred to a common disbursement account prior to disbursement.

Trimont will not have primary responsibility for custody services of original documents evidencing the Mortgage Loans or Serviced Companion Loans. On occasion, Trimont may have custody of certain of such documents as are necessary for enforcement actions involving the Mortgage Loans, the Serviced Companion Loans or otherwise. To the extent Trimont performs custodial functions as a servicer, documents will be maintained in a manner consistent with the Servicing Standard.

There are, to the actual current knowledge of Trimont, no special or unique factors of a material nature involved in servicing the Mortgage Loans and Serviced Companion Loans, as compared to the types of assets serviced by Trimont in other commercial real estate securitization pools generally.

Trimont does not believe that its financial condition will have any adverse effect on the performance of its duties under the PSA and, accordingly, Trimont believes that its financial condition will not have any material impact on the performance of the Mortgage Loans, the Serviced Companion Loans or the Certificates.

No securitization involving commercial or multifamily real estate loans in which Trimont was acting as servicer has experienced a servicer event of default as a result of any action or inaction of Trimont in such capacity, including as a result of Trimont's failure to comply with the applicable servicing criteria in connection with any securitization.

From time to time, Trimont is a party to lawsuits and other legal proceedings as part of its duties as a loan servicer (e.g., enforcement of loan obligations) and/or arising in the ordinary course of business. Trimont does not believe that any such lawsuits or legal proceedings, individually or in the aggregate, would be material to the Certificateholders. There are no legal proceedings pending against Trimont, or to which any property of Trimont is subject, that are material to the Certificateholders, nor does Trimont have actual knowledge of any proceedings of this type contemplated by governmental authorities.

A Trimont website (https://cmsview.trimont.com/tcms) provides investors with access to investor reports for commercial mortgage-backed securitization transactions for which Trimont is master servicer, and also provides borrowers with access to current and historical loan and property information for these transactions.

Trimont will enter into one or more agreements with the mortgage loan sellers (1) to purchase the master servicing rights to the related Mortgage Loans and the primary servicing rights with respect to certain of the related Mortgage Loans (other than any Non-Serviced Mortgage Loans) and Serviced Companion Loans and/or (2) to be appointed as the master servicer or primary servicer, as the case may be, with respect to such Mortgage Loans and Serviced Companion Loans.

Pursuant to certain interim servicing arrangements between GSMC (and/or certain of its affiliates) and Trimont, Trimont acts as an interim servicer with respect to certain mortgage loans owned by GSMC (and/or certain of its affiliates) from time to time, which may include certain of the Mortgage Loans for which GSMC is acting as Mortgage Loan Seller.

Pursuant to certain interim servicing arrangements between GACC (and/or certain of its affiliates) and Trimont, Trimont acts as an interim servicer with respect to certain mortgage loans owned by GACC (and/or certain of its affiliates) from time to time, which may include certain of the Mortgage Loans for which GACC is acting as Mortgage Loan Seller.

Pursuant to certain interim servicing arrangements between CREFI (and/or certain of its affiliates) and Trimont, Trimont acts as an interim servicer with respect to certain mortgage loans owned by CREFI (and/or certain of its affiliates) from time to time, which may include certain of the Mortgage Loans for which CREFI is acting as Mortgage Loan Seller.

Pursuant to certain interim servicing arrangements between Barclays (and/or certain of its affiliates) and Trimont, Trimont acts as an interim servicer with respect to certain mortgage loans owned by Barclays (and/or certain of its affiliates) from time to time, which may include certain of the Mortgage Loans for which Barclays is acting as Mortgage Loan Seller.

Pursuant to an interim servicing arrangement between LMF Commercial, LLC or one of its affiliates, on the one hand, and Trimont, on the other hand, Trimont acts as an interim servicer with respect to the Torrey Ridge Apartments Mortgage Loan, which was subsequently acquired by Bank of Montreal prior to the date hereof and is being contributed to this securitization by Bank of Montreal.

Neither Trimont nor any of its affiliates intends to retain any certificates issued by the issuing entity or any other economic interest in this securitization. However, Trimont or its affiliates may acquire certain classes of certificates on the Closing Date or pursuant to secondary market transactions in the future. Any such party will have the right to dispose of any such certificates at any time.

*CMS Transaction*

As of the CMS Acquisition Closing Date, Trimont purchased the third party servicing segment ("<u>CMS</u>") of Wells Fargo Bank, National Association's ("<u>Wells Fargo</u>") commercial mortgage servicing business. The CMS Transaction did not include Wells Fargo's rights and obligations related to the servicing of loans that Wells Fargo originated for Fannie Mae, Freddie Mac, and FHA/Ginnie Mae, which will continue to be serviced by Wells Fargo.

Senior leadership of Trimont and CMS and certain Trimont and former Wells Fargo corporate functions that supported CMS were generally integrated within Trimont on or shortly following the CMS Acquisition Closing Date. Most of the CMS employees along with relevant CMS systems, technologies and operating procedures and guidelines supporting CMS were transferred to Trimont as part of the CMS Transaction. Further, as of the CMS Acquisition Closing Date, Wells Fargo's duties, obligations, and rights as servicer, under the related servicing agreements were transferred to Trimont, subject to the terms and conditions of such servicing agreements.

In order to facilitate the transition of CMS to Trimont, Wells Fargo and Trimont entered into a Transition Services Agreement ("<u>Transition Agreement</u>") pursuant to which Wells Fargo agreed to provide certain support services, or cause such services to be provided, to Trimont for 12 months from the CMS Acquisition Closing Date (with two 3-month extension options) (the "<u>Transition Period</u>").

Trimont operates two loan servicing technology platforms with each using a separate instance of McCracken Financial Solutions software, Strategy CS. During a portion or all of the Transition Period, Trimont expects to continue to service the loans it was servicing prior to the CMS Acquisition Closing Date using operating guidelines, procedures and the servicing technology platform that Trimont was using prior to the CMS Acquisition Closing Date. During a portion or all of the Transition Period, Trimont expects to service loans serviced under the servicing agreements transferred in connection with the CMS Transaction and certain loans serviced under CMBS servicing agreements entered into by Trimont after the CMS Acquisition Closing Date ("<u>CMS Loans</u>") including the Mortgage Loans in accordance with the CMS operating guidelines, procedures and servicing technology platform.

The foregoing information set forth under this heading "—*The Master Servicer*" has been provided by Trimont.

Trimont will have various duties under the PSA. Certain duties and obligations of Trimont are described under "*Pooling and Servicing Agreement*", "—*Enforcement of 'Due-On-Sale' and 'Due-On-Encumbrance' Provisions*", "—*Inspections*", "—*Collection of Operating Information*" and "*—Appraisal Reduction Amounts*" in this prospectus. The ability of a master servicer to waive or modify any terms, fees, penalties or payments on the underlying Mortgage Loans and the effect of that ability on the potential cash flows from the underlying Mortgage Loans are described under "*Pooling and Servicing Agreement—Modifications, Waivers and Amendments*" below. The master servicer's obligations as the servicer to make advances, and the interest or other fees charged for those advances and the terms of the master servicer's recovery of those advances, are described under "*Pooling and Servicing Agreement—Advances*".

The master servicer will not have primary responsibility for custody services of original documents evidencing the Mortgage Loans or the Serviced Companion Loans. On occasion, the master servicer may have custody of certain of such documents as are necessary for enforcement actions involving the Mortgage Loans or the Serviced Companion Loans or otherwise. To the extent master servicer performs custodial functions as a servicer, documents will be maintained in a manner consistent with the Servicing Standard.

Trimont, in its capacity as master servicer, will only be liable under the PSA to the extent of the obligations specifically imposed by the PSA. Certain terms of the PSA regarding the master servicer's removal, replacement, resignation or transfer are described under "*Pooling and Servicing Agreement—Limitation on Liability; Indemnification*", "—*Termination of Master Servicer and Special Servicer for Cause—Servicer Termination Events*" and "—*Rights Upon Servicer Termination Event*". Trimont's rights and obligations with respect to indemnification, and certain limitations on Trimont's liability under the PSA are described under "*Pooling and Servicing Agreement—Limitation on Liability; Indemnification*".

For a description of any material affiliations, relationships and related transactions between the master servicer and the other transaction parties, see "*Certain Affiliations, Relationships and Related Transactions Involving Transaction Parties*".

**The Special Servicer**

Torchlight Loan Services, LLC ("<u>Torchlight</u>") is a Delaware limited liability company and will act as the initial special servicer (the "<u>Special Servicer</u>") under the PSA. Its executive office and principal special servicing office are located at 90 Park Avenue, 20<sup>th</sup> Floor, New York, New York 10016. Torchlight is wholly owned by Torchlight Investors, LLC, which invests across a broad array of commercial real estate investments, including senior and mezzanine loans, preferred equity, equity and investment grade and non-investment grade CMBS on behalf of institutional investors.

Torchlight has substantial experience in working out loans and has been engaged in servicing CMBS assets since December 2007. Torchlight's then affiliated predecessor had been engaged in servicing CMBS assets since 1998. In the past twenty-six years, Torchlight has resolved over $11.8 billion of U.S. commercial and multifamily loans.

The table below sets forth information about Torchlight's portfolio of specially serviced commercial and multifamily mortgage loans as of the dates indicated:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CMBS Pools** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**As of 12/31/2022** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**As of 12/31/2023** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**As of 12/31/2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**As of 06/30/2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By Approximate Number | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Named Specially Serviced Portfolio By Approximate Aggregate Unpaid Principal Balance<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6677010984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8187369702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9980161249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15418121278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actively Specially Serviced Portfolio By Approximate Number of Loans<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actively Specially Serviced Portfolio By Approximate Aggregate Unpaid Principal Balance<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$461535412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2555583096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2756939609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3105933376 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes all loans in Torchlight's portfolio for which Torchlight is the named special servicer, regardless of whether such loans are, as of the specified date, specially serviced loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Includes only those loans in the portfolio that, as of the specified date, are specially serviced loans, including REO loans.

As of June 30, 2025, 21 personnel were involved in the special servicing of commercial real estate assets for Torchlight, of which 4 were dedicated to the special servicing business unit. As of June 30, 2025, Torchlight specially serviced a portfolio that included approximately 49 loans secured by properties throughout the United States, the District of Columbia and Puerto Rico with a then-current face value in excess of $3.1 billion, all of which are commercial or multifamily real estate assets. The portfolio includes commercial real estate mortgage loans secured by the same types of income producing properties as those securing the Mortgage Loan backing the Certificates. Accordingly, the assets that Torchlight services as well as assets owned by its affiliates may, depending upon the particular circumstances, including the nature and location of such assets, compete with the mortgaged real properties securing the Mortgage Loans for tenants, purchasers, financing and so forth. Torchlight does not service or manage any assets other than commercial and multifamily real estate assets.

Torchlight has developed policies and procedures for the performance of its special servicing obligations in compliance with applicable servicing criteria set forth in Item 1122 of Regulation AB, including managing delinquent loans and loans subject to the bankruptcy of the borrower. Torchlight has recognized that technology can greatly improve its performance as a special servicer, and Torchlight's intranet-based infrastructure provides improved controls for compliance with trust/pooling and servicing agreements, loan administration and procedures in workout/resolution. Standardization and automation have been pursued, and continue to be pursued, wherever practicable to provide for improved accuracy, efficiency, transparency, monitoring and controls.

Torchlight utilizes the services of certain contractors to augment its personnel. Such contractors are included in the personnel numbers above. Torchlight does not have any material primary advancing obligations with respect to the CMBS pools as to which it acts as special servicer and accordingly Torchlight does not believe that its financial condition will have any adverse effect on the performance of its duties under the TSA nor any material impact on the mortgage pool performance or the performance of the certificates.

Torchlight will not have primary responsibility for custody services of original documents evidencing the Mortgage Loans. On occasion, Torchlight may have custody of certain of such documents as necessary for enforcement actions involving the Mortgage Loans or otherwise. To the extent that Torchlight has custody of any such documents, such documents will be maintained in a manner consistent with the servicing standard. There are currently no legal proceedings pending against Torchlight, nor are any known to be contemplated by governmental authorities, that are material to the Certificateholders.

No securitization transaction involving commercial or multifamily mortgage loans in which Torchlight was acting as special servicer has experienced an event of default as a result of any action or inaction performed by Torchlight as special servicer. In addition, there has been no previous disclosure of material non-compliance with servicing criteria by Torchlight with respect to any other securitization transaction involving commercial or multifamily mortgage loans in which Torchlight was acting as special servicer.

From time to time, Torchlight and its affiliates are parties to lawsuits and other legal proceedings arising in the ordinary course of business. Torchlight does not believe that any such lawsuits or legal proceedings would, individually or in the aggregate, have a material adverse effect on its business or its ability to serve as special servicer.

Torchlight is not an affiliate of the Depositor, the Mortgage Loan Sellers, the Issuing Entity, the Servicer, the Trustee, the Certificate Administrator, the Operating Advisor, or any Originator of the Mortgage Loans. There are no specific relationships involving or relating to this transaction or the securitized mortgage loans between Torchlight or any of its affiliates, on the one hand, and the Depositor or the Issuing Entity, on the other hand, that currently exist or that existed during the past two years.

Torchlight Loan Services, LLC, the Special Servicer, is an affiliate of (i) Torchlight Debt Fund VIII Holdings (US), LLC, the entity expected to purchase the Class X-F, Class X-G, Class X-J, Class F, Class G and Class J Certificates and be appointed as the initial Directing Holder. Additionally, from time to time, Torchlight or its affiliates may acquire additional Certificates in the secondary market and will also be able to dispose of those Certificates at any time.

Torchlight may enter into one or more arrangements with the initial Controlling Class Representative or any person with the right to appoint or remove and replace the special servicer to provide for a discount and/or revenue sharing with respect to certain of the special servicer compensation in consideration of, among other things, Torchlight's appointment as special servicer under the PSA and any related intercreditor agreement and limitations on such person's right to replace the special servicer.

The Depositor, the Sponsors, the Servicer, the Trustee and the Certificate Administrator may maintain banking and other commercial relationships with Torchlight and its affiliates.

The information set forth in this prospectus regarding Torchlight under this heading "*—Special Servicer*" has been provided by Torchlight. Torchlight does not make any representations as to the validity or sufficiency of the PSA (other than as to it being a valid obligation of Torchlight as Special Servicer), the Certificates, the Mortgage Loans, this prospectus (other than as to the accuracy of the information provided by Torchlight) or any related documents.

The special servicer will be required to pay all expenses incurred in connection with its responsibilities under the PSA (subject to reimbursement as described in this prospectus).

The special servicer may be terminated, with respect to the Mortgage Loans and Serviced Companion Loans, without cause, by (i) the applicable Certificateholders (if a Control Termination Event has occurred and is continuing) and (ii) the Directing Certificateholder (for so long as a Control Termination Event does not exist), as described and to the extent in "*Pooling and Servicing Agreement— Replacement of Special Servicer Without Cause*" in this prospectus.

The special servicer may resign under the PSA as described under "*Pooling and Servicing Agreement—Resignation of the Master Servicer and Special Servicer*" in this prospectus.

Certain duties and obligations of Torchlight as the special servicer and the provisions of the PSA are described under "*Pooling and Servicing Agreement*", "*—Enforcement of "Due-On-Sale" and "Due-On-Encumbrance" Provisions*" and "*—Inspections"* in this prospectus. Torchlight's ability to waive or modify any terms, fees, penalties or payments on the Mortgage Loans and the potential effect of that ability on the potential cash flows from the Mortgage Loans are described under "*Pooling and Servicing Agreement—Modifications, Waivers and Amendments*" below.

The special servicer and various related persons and entities will be entitled to be indemnified by the issuing entity for certain losses and liabilities incurred by the special servicer as described under "*Pooling and Servicing Agreement—Limitation on Liability; Indemnification*" in this prospectus.

Torchlight, in its capacity as special servicer, will only be liable under the PSA to the extent of the obligations specifically imposed by the PSA. Certain terms of the PSA regarding the special servicer's removal, replacement, resignation or transfer are described under "*Pooling and Servicing Agreement—Limitation on Liability; Indemnification*", "*—Termination of the Master Servicer or Special Servicer for Cause—Servicer Termination Events*" and "*—Rights Upon Servicer Termination Event*". The special servicer's rights and obligations with respect to indemnification, and certain limitations on the special servicer's liability under the PSA, are described under *"Pooling and Servicing Agreement—Limitation on Liability; Indemnification"*.

**The Operating Advisor and Asset Representations Reviewer**

Park Bridge Lender Services LLC ("<u>Park Bridge Lender Services</u>"), a New York limited liability company and an indirect, wholly owned subsidiary of Park Bridge Financial LLC ("<u>Park Bridge Financial</u>"), will act as operating advisor under the PSA with respect to each Serviced Mortgage Loan. Park Bridge Lender Services will also act as asset representations reviewer under the PSA with respect to each Mortgage Loan and each Serviced Whole Loan. Park Bridge Lender Services has an address at 600 Third Avenue, 40th Floor, New York, New York 10016 and its telephone number is (212) 230-9090.

Park Bridge Financial is a privately held commercial real estate finance advisory firm headquartered in New York, New York. Since its founding in 2009, Park Bridge Financial and its affiliates have been engaged by commercial banks (community, regional and multi-national), opportunity funds, REITs, investment banks, insurance companies, entrepreneurs and hedge funds on a wide variety of advisory assignments. These engagements have included: mortgage brokerage, loan syndication, contract underwriting, valuations, risk assessments, surveillance, litigation support, expert testimony, loan restructures as well as the disposition of commercial mortgages and related collateral.

Park Bridge Financial's technology platform is server-based with back-up, disaster-recovery and encryption services performed by vendors and data centers that comply with industry and regulatory standards.

As of June 30, 2025, Park Bridge Lender Services was acting as operating advisor or trust advisor for commercial mortgage-backed securities transactions or other similar transactions with an approximate aggregate initial principal balance of $418.4 billion issued in 482 transactions.

As of June 30, 2025, Park Bridge Lender Services was acting as asset representations reviewer for commercial mortgage-backed securities transactions with an approximate aggregate initial principal balance of $181.2 billion issued in 203 transactions.

There are no legal proceedings pending against Park Bridge Lender Services, or to which any property of Park Bridge Lender Services is subject, that are material to the Certificateholders, nor does Park Bridge Lender Services have actual knowledge of any proceedings of this type contemplated by governmental authorities.

The foregoing information under this heading "*Transaction Parties—The Operating Advisor and Asset Representations Reviewer*" has been provided by Park Bridge Lender Services.

For a description of any material affiliations, relationships and related transactions between the operating advisor, the asset representations reviewer and the other transaction parties, see "*Certain Affiliations, Relationships and Related Transactions Involving Transaction Parties*".

The operating advisor and the asset representations reviewer will only be liable under the PSA to the extent of their respective obligations specifically imposed by the PSA, and no implied duties or obligations may be asserted against the operating advisor or the asset representations reviewer. For further information regarding the duties, responsibilities, rights and obligations of the operating advisor and the asset representations reviewer, as the case may be, under the PSA, including those related to indemnification, see "*Pooling and Servicing Agreement—The Operating Advisor*", "*—The Asset Representations Reviewer*" and "*—Limitation on Liability; Indemnification*". Certain terms of the PSA regarding the operating advisor's or the asset representations reviewer's, as the case may be, removal, replacement, resignation or transfer are described under "*Pooling and Servicing Agreement—The Operating Advisor*" and "*—The Asset Representations Reviewer*".

**Credit Risk Retention**

 **General**

This transaction is required to comply with the Credit Risk Retention Rules. German American Capital Corporation has been designated by the sponsors to act as the "retaining sponsor" (as such term is defined in the Credit Risk Retention Rules) (in such capacity, the "<u>Retaining Sponsor</u>") and intends to satisfy the credit risk retention requirements of the Credit Risk Retention Rules as follows:

● The " <u>VRR Interest</u> " is an interest in the issuing entity representing the right to receive approximately 5.0% (the " <u>VRR Percentage</u> ") of all amounts collected on the Mortgage Loans, net of all expenses of the issuing entity, and distributed on the certificates (other than the Class R certificates) and the RR Interest (*i.e.*, representing the right to receive the VRR Allocation Percentage of all amounts distributed on the Non-VRR Certificates on each Distribution Date). The two types of interests comprising the VRR Interest will be the uncertificated interest retained by GSMC (or its MOA) as described below (the " <u>RR Interest</u> ") and the definitive Class RR certificates acquired by GACC and CREFI (or their respective MOAs) as described below. The VRR Interest will constitute an "eligible vertical interest" (as such term is defined in the Credit Risk Retention Rules) in the issuing entity and will have an aggregate initial VRR Interest Balance of $65,821,940. The owner of the RR Interest is referred to in this prospectus as the " <u>RR Interest Owner</u> ", and the RR Interest Owner and the holders of the Class RR certificates (the " <u>Class RR Certificateholders</u> ") are referred to collectively in this prospectus as the " <u>VRR Interest Owners</u> ".

● The Retaining Sponsor (or DBNY, as its MOA) is expected to retain a portion of the VRR Interest, in the form of a portion of the Class RR certificates, with a VRR Interest Balance equal to $31,118,625 and representing approximately 47.3% of the VRR Interest on the Closing Date (the " <u>DBNY VRR Interest Portion</u> ").

● The Retaining Sponsor is also expected to offset a portion of its risk retention requirements under the Credit Risk Retention Rules by the portion of the VRR Interest acquired by GS Bank. GS Bank is expected to acquire on the Closing Date and retain (or cause its MOA to retain) a portion of the VRR Interest, in the form of the RR Interest, with a VRR Interest Balance equal to $13,178,815 (the " <u>Original RR Interest Balance</u> "), representing approximately 20.0% of the VRR Interest on the Closing Date. GS Bank originated Mortgage Loans representing approximately 20.0% of the Initial Pool Balance, which is at least 20% of the Initial Pool Balance and is equal to or greater than its percentage ownership of the VRR Interest (which percentage ownership is at least 20% of the initial VRR Interest Balance) in accordance with Rule 11(a)(1) of the Credit Risk Retention Rules. GS Bank will acquire the RR Interest from the depositor (through GSMC) by selling to the depositor the GSMC Mortgage Loans in exchange for cash consideration and the RR Interest. The VRR Interest

Balance of the RR Interest (i) will represent a reduction in the price received by GSMC from the depositor for the GSMC Mortgage Loans sold by GSMC to the depositor for transfer to the issuing entity and (ii) will equal the amount by which the Retaining Sponsor's required risk retention under the Credit Risk Retention Rules is reduced by GS Bank's acquisition in accordance with the Credit Risk Retention Rules.

● The Retaining Sponsor is also expected to offset a portion of its risk retention requirements under the Credit Risk Retention Rules by the portion of the VRR Interest acquired by CREFI. CREFI is expected to acquire on the Closing Date and retain (or cause its MOA to retain) a portion of the VRR Interest, in the form of a portion of the Class RR certificates, with a VRR Interest Balance equal to $21,524,500 of the VRR Interest, representing approximately 32.7% of the VRR Interest on the Closing Date (the " <u>CREFI VRR Interest Portion</u> "). CREFI originated Mortgage Loans representing approximately 32.7% of the Initial Pool Balance, which is at least 20% of the Initial Pool Balance and is equal to or greater than its percentage ownership of the VRR Interest (which percentage ownership is at least 20% of the initial VRR Interest Balance) in accordance with Rule 11(a)(1) of the Credit Risk Retention Rules. CREFI will acquire the CREFI VRR Interest Portion from the depositor by selling to the depositor the CREFI Mortgage Loans in exchange for cash consideration and the CREFI VRR Interest Portion. The VRR Interest Balance of the CREFI VRR Interest Portion (i) will represent a reduction in the price received by CREFI from the depositor for the CREFI Mortgage Loans sold by CREFI to the depositor for transfer to the issuing entity and (ii) will equal the amount by which the Retaining Sponsor's required risk retention under the Credit Risk Retention Rules is reduced by CREFI's acquisition in accordance with the Credit Risk Retention Rules.

The percentage of all amounts collected on the Mortgage Loans, net of all expenses of the issuing entity, and distributed to the certificates (other than the Class R certificates) and the RR Interest represented by the VRR Interest will equal at least 5% as of the Closing Date.

"<u>Credit Risk Retention Rules</u>" means Regulation RR, 12 C.F.R. Part 244.

"<u>MOA</u>" means a "majority-owned affiliate" (as defined in the Credit Risk Retention Rules).

**Qualifying CRE Loans**

The sponsors have determined that for purposes of this transaction 0.0% of the Initial Pool Balance (the "<u>Qualifying CRE Loan Percentage</u>") is comprised of mortgage loans that are "qualifying CRE loans" as such term is described in §244.17 of the Credit Risk Retention Rules.

The total required credit risk retention percentage (the "<u>Required Risk Retention Percentage</u>") for this transaction is 5.0%. The Required Risk Retention Percentage is equal to the product of (i) 1 minus the Qualifying CRE Loan Percentage (expressed as a decimal) and (ii) 5%; subject to a minimum Required Risk Retention Percentage of no less than 2.50% if the issuing entity includes any non-qualifying CRE loans.

**The VRR Interest**

 **General**

The right to payment of VRR Interest Owners is *pro rata* and *pari passu* with the right to payment of holders of the Non-VRR Certificates (as a collective whole). On each Distribution Date, the portion of Aggregate Available Funds allocable to: (a) the VRR Interest will be the product of such Aggregate Available Funds multiplied by the VRR Percentage; and (b) the Non-VRR Certificates will be the product of such Aggregate Available Funds multiplied by the Non-VRR Percentage. In addition, any losses incurred on the Mortgage Loans will be allocated between the VRR Interest, on the one hand, and the Principal Balance Certificates, on the other hand, *pro rata* in accordance with the VRR Percentage and the Non-VRR Percentage, respectively.

**VRR Available Funds**

The aggregate amount available for distribution to the VRR Interest Owners on each Distribution Date will, in general, equal the sum of (i) the VRR Percentage of the Aggregate Available Funds for such Distribution Date and (ii) the VRR Interest Gain-on-Sale Remittance Amount (collectively, the "<u>VRR Available Funds</u>").

The "<u>VRR Interest Gain-on-Sale Remittance Amount</u>" for each Distribution Date will equal the lesser of, (i) the amount on deposit in the VRR Interest Gain-on-Sale Reserve Account on such Distribution Date, and (ii) the amount distributable from the VRR Interest Gain-on-Sale Reserve Account.

**Priority of Distributions on the VRR Interest**

On each Distribution Date, for so long as the aggregate VRR Interest Balance has not been reduced to zero, the certificate administrator is required to apply amounts on deposit in the Distribution Account, to the extent of the VRR Available Funds, in the following order of priority:

*First*, to the RR Interest and the Class RR certificates, *pro rata* based on their respective VRR Interest Balances, in respect of interest, up to an amount equal to the VRR Interest Distribution Amount for such Distribution Date;

*Second*, to the RR Interest and the Class RR certificates, *pro rata* based on their respective VRR Interest Balances, in reduction of the VRR Interest Balance thereof, up to an amount equal to the VRR Principal Distribution Amount for such Distribution Date, until the VRR Interest Balance has been reduced to zero; and

*Third*, to the RR Interest and the Class RR certificates, *pro rata* based on their respective VRR Interest Balances, up to an amount equal to the unreimbursed VRR Realized Losses previously allocated to the VRR Interest, plus interest on that amount equal to the VRR Realized Loss Interest Distribution Amount for such Distribution Date;

*provided*, *however*, that to the extent any VRR Available Funds remain in the Distribution Account after applying amounts as set forth in clauses *First* through *Third* above, any such amounts will be disbursed to the Class R certificates, which evidence the REMIC residual interest in each Trust REMIC, in compliance with the Code and applicable Treasury regulations.

Except for tax reporting purposes, the VRR Interest does not have a specified pass-through rate; however, the effective interest rate on the VRR Interest will be a *per annum* rate equal to the WAC Rate for the related Distribution Date (the "<u>VRR Interest Rate</u>").

Reimbursement of previously allocated VRR Realized Losses will not constitute distributions of principal for any purpose and will not result in an additional reduction in the VRR Interest Balance in respect of which a reimbursement is made.

The "<u>Non-VRR Percentage</u>" is an amount expressed as a percentage equal to 100% minus the VRR Percentage. For the avoidance of doubt, at all times, the sum of the VRR Percentage and the Non-VRR Percentage will equal 100%.

"<u>RR Interest Balance</u>" means, with respect to the RR Interest (i) on or prior to the first Distribution Date, an amount equal to the Original RR Interest Balance and (ii) as of any date of determination after the first Distribution Date, the RR Interest Balance on the Distribution Date immediately prior to such date of determination after giving effect to (a) any distributions made on such Distribution Date as described in clauses *First*, *Second* and *Third* above in this "—*Priority of Distributions on the VRR Interest*", (b) any VRR Realized Losses allocated to the RR Interest on such Distribution Date, and (c) any recoveries on the Mortgage Loans of Nonrecoverable Advances (plus interest on such Nonrecoverable Advances) that were previously reimbursed from principal collections on the related Mortgage Loans, that resulted in a

reduction of the VRR Principal Distribution Amount, which recoveries are allocated to the RR Interest and added to the RR Interest Balance.

The "<u>VRR Allocation Percentage</u>" will equal a fraction, expressed as a percentage, equal to the VRR Percentage divided by the Non-VRR Percentage.

The "<u>VRR Interest Balance</u>" means the Certificate Balance of the Class RR certificates and/or the RR Interest Balance of the RR Interest, as applicable.

The "<u>VRR Interest Distribution Amount</u>" with respect to any Distribution Date and the VRR Interest will equal the product of (a) the VRR Allocation Percentage and (b) the aggregate amount distributed to the Non-VRR Certificates according to clauses *First*, *Fourth*, *Seventh*, *Tenth*, *Thirteenth*, *Sixteenth*, *Nineteenth* and *Twenty-second* in "*Description of the Certificates*—*Distributions*—*Priority of Distributions*".

The "<u>VRR Principal Distribution Amount</u>" with respect to any Distribution Date and the VRR Interest will equal the product of (a) the VRR Allocation Percentage and (b) the aggregate amount distributed to the Non-VRR Certificates according to clauses *Second*, *Fifth*, *Eighth*, *Eleventh*, *Fourteenth*, *Seventeenth*, *Twentieth* and *Twenty-third* in "*Description of the Certificates*—*Distributions*—*Priority of Distributions*".

The "<u>VRR Realized Loss Interest Distribution Amount</u>" with respect to any Distribution Date and the VRR Interest will equal the product of (a) the VRR Allocation Percentage and (b) the aggregate amount of interest on unreimbursed Realized Losses distributed to the Non-VRR Certificates according to clauses *Third*, *Sixth*, *Ninth*, *Twelfth*, *Fifteenth*, *Eighteenth, Twenty-first* and *Twenty-fourth* in "*Description of the Certificates*—*Distributions*—*Priority of Distributions*".

**Allocation of VRR Realized Losses**

On each Distribution Date, the certificate administrator will be required to reduce the VRR Interest Balance *pro rata* based on the VRR Interest Balances of each of the RR Interest and the Class RR certificates, by the amount of any VRR Realized Losses for such Distribution Date.

The "<u>VRR Realized Loss</u>", with respect to each Distribution Date, is the amount, if any, by which (i) the aggregate VRR Interest Balance, after giving effect to distributions of principal on such Distribution Date, exceeds (ii) the product of (A) the VRR Percentage and (B) the aggregate Stated Principal Balance of the Mortgage Loans in the Mortgage Pool (for purposes of this calculation, the aggregate Stated Principal Balance will not be reduced by the amount of principal payments received on the Mortgage Loans that were used to reimburse the master servicer or the trustee from general collections of principal on the Mortgage Loans for Workout-Delayed Reimbursement Amounts, to the extent those amounts are not otherwise determined to be Nonrecoverable Advances), including any REO Loans (but in each case, excluding any Companion Loan), as of the end of the last day of the related Collection Period.

In the event that VRR Realized Losses previously allocated to the VRR Interest in reduction of its VRR Interest Balance are recovered subsequent to such VRR Interest Balance being reduced to zero, VRR Interest Owners may receive distributions in respect of such recoveries (with interest) in accordance with the distribution priorities described under "—*The VRR Interest*—*Priority of Distributions on the VRR Interest*".

**Yield Maintenance Charges and Prepayment Premiums**

On each Distribution Date, the VRR Interest Owners will be entitled to the VRR Percentage of any yield maintenance charge and prepayment premium collected on the Mortgage Loans as of the related Determination Date, as described in "*Description of the Certificates*—*Allocation of Yield Maintenance Charges and Prepayment Premiums*".

**Material Terms**

For a description of the material terms of the VRR Interest, see "*Description of the Certificates*" and "*Pooling and Servicing Agreement*".

**Hedging, Transfer and Financing Restrictions**

No VRR Interest Owner or its affiliates will be permitted to transfer its respective VRR Interest or enter into any hedging, financing, pledging, hypothecation or any other similar transaction or activity with respect to its respective VRR Interest, unless such transaction complies with the Credit Risk Retention Rules (as then in effect).

**Description of the Certificates**

 **General**

The Commercial Mortgage Pass-Through Certificates, Series 2025-V18 will be issued pursuant to a pooling and servicing agreement, among the depositor, the master servicer, the special servicer, the trustee, the certificate administrator, the operating advisor and the asset representations reviewer (the "<u>PSA</u>") and will consist of the following classes to be designated as set forth in the table below:

One or more of such classes and the RR Interest will also be collectively referred to as follows:

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| | |
|:---|:---|
| &nbsp;&nbsp; **Designation** | &nbsp;&nbsp; **Classes** |
| &nbsp;&nbsp;"<u>Offered Certificates</u>" | &nbsp;&nbsp;The Class A-1, Class A-2, Class A-3, Class X-A, Class X-B, Class A-S, Class B and Class C certificates |
| &nbsp;&nbsp;"<u>Senior Certificates</u>" | &nbsp;&nbsp;The Class A-1, Class A-2, Class A-3, Class X-A, Class X-B, Class X-D, Class X-F, Class X-G and Class X-J certificates |
| &nbsp;&nbsp;"<u>Subordinate Certificates</u>" | &nbsp;&nbsp;The Class A-S, Class B, Class C, Class D, Class F, Class G and Class J certificates |
| &nbsp;&nbsp;"<u>Principal Balance Certificates</u>" | &nbsp;&nbsp;The Class A-1, Class A-2, Class A-3, Class A-S, Class B, Class C, Class D, Class F, Class G and Class J certificates |
| &nbsp;&nbsp;"<u>Class X Certificates</u>" | &nbsp;&nbsp;The Class X-A, Class X-B, Class X-D, Class X-F, Class X-G and Class X-J certificates |
| &nbsp;&nbsp;"<u>Regular Certificates</u>" | &nbsp;&nbsp;The Senior Certificates and the Subordinate Certificates |
| &nbsp;&nbsp;"<u>Residual Certificates</u>" | &nbsp;&nbsp;The Class R certificates |
| &nbsp;&nbsp;"<u>Non-VRR Certificates</u>" | &nbsp;&nbsp;The Class X Certificates and the Principal Balance Certificates |
| &nbsp;&nbsp;"<u>VRR Interest</u>" | &nbsp;&nbsp;Class RR certificates and RR Interest |

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The certificates and the RR Interest will represent in the aggregate the entire ownership interest in the issuing entity. The assets of the issuing entity will consist of: (1) the Mortgage Loans and all payments under and proceeds of the Mortgage Loans received after the Cut-off Date (exclusive of payments of principal and/or interest due on or before the Cut-off Date and interest relating to periods prior to, but due after, the Cut-off Date); (2) any REO Property but, with respect to any Whole Loan, only to the extent of the issuing entity's interest in such Whole Loan; (3) those funds or assets as from time to time are deposited in the accounts discussed in "*Pooling and Servicing Agreement—Accounts*" (such accounts collectively, the "<u>Securitization Accounts</u>") (but, with respect to any Whole Loan, only to the extent of the issuing entity's interest in such Whole Loan), if established; (4) the rights of the mortgagee under all insurance policies with respect to any Whole Loan, only to the extent of the issuing entity's interest in such Whole Loan; (5) certain rights of the depositor under each MLPA relating to Mortgage Loan document delivery requirements and the representations and warranties of each mortgage loan seller regarding the Mortgage Loans it sold to the depositor; and (6) the "regular interests" in the Lower-Tier REMIC.

As further described in this prospectus, the primary source for payments of principal and interest on the Non-VRR Certificates and the VRR Interest will be amounts received by the issuing entity in respect of the Mortgage Loans.

Upon initial issuance, the Principal Balance Certificates will have the respective Certificate Balances, and the Class X Certificates will have the respective Notional Amounts, shown below (in each case, subject to a variance of plus or minus 5%):

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| | |
|:---|:---|
| &nbsp;&nbsp; **Class** | &nbsp;&nbsp; **Initial Certificate Balance or Notional Amount** |
| &nbsp;&nbsp;Class A-1 | &nbsp;&nbsp;$3291000 |
| &nbsp;&nbsp;Class A-2 | &nbsp;&nbsp;$0 - $348650000<sup>(1)</sup> |
| &nbsp;&nbsp;Class A-3 | &nbsp;&nbsp;$523490000 - $872140000<sup>(1)</sup> |
| &nbsp;&nbsp;Class X-A | &nbsp;&nbsp;$998930000<sup>(2)</sup> |
| &nbsp;&nbsp;Class X-B | &nbsp;&nbsp;$110992000<sup>(2)</sup> |
| &nbsp;&nbsp;Class X-D | &nbsp;&nbsp;$39082000<sup>(2)</sup> |
| &nbsp;&nbsp;Class X-F | &nbsp;&nbsp;$25012000<sup>(2)</sup> |
| &nbsp;&nbsp;Class X-G | &nbsp;&nbsp;$15633000<sup>(2)</sup> |
| &nbsp;&nbsp;Class X-J | &nbsp;&nbsp;$60967860<sup>(2)</sup> |
| &nbsp;&nbsp;Class A-S | &nbsp;&nbsp;$123499000 |
| &nbsp;&nbsp;Class B | &nbsp;&nbsp;$62531000 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$48461000 |
| &nbsp;&nbsp;Class D | &nbsp;&nbsp;$39082000 |
| &nbsp;&nbsp;Class F | &nbsp;&nbsp;$25012000 |
| &nbsp;&nbsp;Class G | &nbsp;&nbsp;$15633000 |
| &nbsp;&nbsp;Class J | &nbsp;&nbsp;$60967860 |

---

<sup>(1)</sup> The exact initial Certificate Balances of the Class A-2 and Class A-3 certificates are unknown and will be determined based on the final pricing of those classes of certificates. However, the respective initial Certificate Balances of the Class A-2 and Class A-3 certificates are expected to be within the applicable ranges reflected in the chart above. The initial aggregate Certificate Balance of the Class A-2 and Class A-3 certificates is expected to be approximately $872,140,000, subject to a variance of plus or minus 5%.

(2) The Notional Amount of each class of the Class X Certificates is subject to change depending upon the final pricing of the Principal
Balance Certificates, as follows: (1) if as a result of such pricing the Pass-Through Rate of any class of Principal Balance Certificates
whose Certificate Balance comprises such Notional Amount is equal to the weighted average of the Net Mortgage Rates on the Mortgage Loans
(in each case, adjusted, if necessary, to accrue on the basis of a 360-day year consisting of twelve 30-day months), the certificate balance
of such class of Principal Balance Certificates may not be part of, and reduce accordingly, such Notional Amount of the related Class
X Certificates (or, if as a result of such pricing the Pass-Through Rate of the related Class X Certificates is equal to zero, such Class
X Certificates may not be issued on the Closing Date), and/or (2) if as a result of such pricing the Pass-Through Rate of any class of
Principal Balance Certificates that does not comprise such notional amount of the related Class X Certificates is less than the weighted
average of the Net Mortgage Rates on the Mortgage Loans (in each case, adjusted, if necessary, to accrue on the basis of a 360-day year
consisting of twelve 30-day months), such class of Principal Balance Certificates may become a part of, and increase accordingly, such
Notional Amount of the related Class X Certificates.

The "<u>Certificate Balance</u>" of any class of Principal Balance Certificates or Class RR certificates outstanding at any time represents the maximum amount that its holders are entitled to receive as distributions allocable to principal from the cash flow on the Mortgage Loans and the other assets in the issuing entity, all as described in this prospectus. On each Distribution Date, the Certificate Balance of each class of Principal Balance Certificates and Class RR certificates will be reduced by any distributions of principal actually made on, and by any Realized Losses actually allocated to, such class of certificates on that Distribution Date and increased by the amount of any subsequent recovery of Nonrecoverable Advances that was added to the Certificate Balance of such class for such Distribution Date. In the event that Realized Losses previously allocated to a class of certificates, in reduction of its Certificate Balance are recovered subsequent to such Certificate Balance being reduced to zero, holders of such class of certificates may receive distributions in respect of such recoveries in accordance with the distribution priorities described under "*—Distributions—Priority of Distributions*" below.

The Residual Certificates will not have a Certificate Balance or entitle their holders to distributions of principal or interest.

The Class X Certificates will not have Certificate Balances, nor will they entitle their holders to distributions of principal, but the Class X Certificates will represent the right to receive distributions of interest in an amount equal to the aggregate interest accrued on their respective notional amounts (each, a "<u>Notional Amount</u>"). The Notional Amounts of the Class X Certificates will be equal to the aggregate certificate balances of the related class(es) of certificates (the "<u>Related Class X Class</u>") indicated below:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Interest-Only<br> Class of Certificates** | &nbsp;&nbsp; **Class Notional Amount** | &nbsp;&nbsp; **Related Class X Class(es)** |
| &nbsp;&nbsp;Class X-A | &nbsp;&nbsp;$998930000 | &nbsp;&nbsp;Class A-1, Class A-2, Class A-3 and Class A-S certificates |
| &nbsp;&nbsp;Class X-B | &nbsp;&nbsp;$110992000 | &nbsp;&nbsp;Class B and Class C certificates |
| &nbsp;&nbsp;Class X-D | &nbsp;&nbsp;$39082000 | &nbsp;&nbsp;Class D certificates |
| &nbsp;&nbsp;Class X-F | &nbsp;&nbsp;$25012000 | &nbsp;&nbsp;Class F certificates |
| &nbsp;&nbsp;Class X-G | &nbsp;&nbsp;$15633000 | &nbsp;&nbsp;Class G certificates |
| &nbsp;&nbsp;Class X-J | &nbsp;&nbsp;$60967860 | &nbsp;&nbsp;Class J certificates |

---

 **Distributions**

**Method, Timing and Amount**

Distributions on the certificates and the RR Interest are required to be made by the certificate administrator, to the extent of available funds as described in this prospectus, on the 4th business day following each Determination Date (each, a "<u>Distribution Date</u>"). The "<u>Determination Date</u>" will be the 11th day of each calendar month (or, if the 11th calendar day of that month is not a business day, then the next business day) commencing in November 2025.

All distributions to Certificateholders (other than the final distribution on any certificate) are required to be made to the Certificateholders in whose names the certificates are registered at the close of business on each Record Date. With respect to any Distribution Date, the "<u>Record Date</u>" will be the last business day of the month immediately preceding the month in which that Distribution Date occurs. These distributions to Certificateholders are required to be made by wire transfer in immediately available funds to the account specified by the Certificateholder at a bank or other entity having appropriate facilities to accept such funds, if the Certificateholder has provided the certificate administrator with written wiring instructions no less than five (5) business days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions) or otherwise by check mailed to the Certificateholder. The final distribution on any certificate is required to be made in like manner, but only upon presentation and surrender of the certificate at the location that will be specified in a notice of the pendency of the final distribution. All distributions made with respect to a class of certificates will be allocated *pro rata* among the outstanding certificates of that class based on their respective Percentage Interests.

The "<u>Percentage Interest</u>" evidenced by any certificate (other than a Class R certificate) will equal its initial denomination as of the Closing Date divided by the initial Certificate Balance or Notional Amount, as applicable, of the related class.

**Available Funds**

The aggregate amount available for distribution to holders of the certificates and the RR Interest on each Distribution Date (the "<u>Aggregate Available Funds</u>") will, in general, equal the sum of the following amounts (without duplication):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the aggregate amount of all cash received on the Mortgage Loans (in the case of a Non-Serviced Mortgage Loan, only to the extent received by the issuing entity pursuant to the related Non-Serviced PSA) and any REO Property that is on deposit in the Collection Account (in each case, exclusive of any amount on deposit in or credited to any portion of the Collection Account that is held

for the benefit of the holder of any related Companion Loan), as of the Master Servicer Remittance Date, exclusive of (without duplication):

● all Periodic Payments that are due on a Due Date after the end of the related Collection Period, excluding interest relating to periods prior to, but due after, the Cut-off Date;

● all unscheduled payments of principal (including prepayments), unscheduled interest, liquidation proceeds, net insurance proceeds and net condemnation proceeds and other unscheduled recoveries received subsequent to the related Determination Date (or, with respect to voluntary prepayments of principal of each Mortgage Loan with a Due Date occurring after the related Determination Date, subsequent to the related Due Date) allocable to the Mortgage Loans;

● all amounts in the Collection Account that are due or reimbursable to any person other than the Certificateholders and the RR Interest Owner;

● with respect to each Mortgage Loan that is an Actual/360 Loan and any Distribution Date occurring in each February and in any January occurring in a year that is not a leap year (unless such Distribution Date is the final Distribution Date), the Withheld Amounts related to the Mortgage Loans to the extent those funds are on deposit in the Collection Account;

● all yield maintenance charges and prepayment premiums;

● all amounts deposited in the Collection Account in error; and

● any late payment charges or accrued interest on a Mortgage Loan allocable to the default interest rate for such Mortgage Loan, to the extent permitted by law, excluding any interest calculated at the Mortgage Rate for the related Mortgage Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if and to the extent not already included in clause (a), the aggregate amount transferred from the applicable REO Account allocable to the Mortgage Loans to the Collection Account for such Distribution Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all Compensating Interest Payments made by the master servicer with respect to the Mortgage Loans with respect to such Distribution Date and P&I Advances on the Mortgage Loans made by the master servicer or the trustee, as applicable, with respect to the Distribution Date (net of certain amounts that are due or reimbursable to persons other than the Certificateholders); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) with respect to each Mortgage Loan that is an Actual/360 Loan and any Distribution Date occurring in each March (or February, if such Distribution Date is the final Distribution Date), the Withheld Amounts related to the Mortgage Loans as required to be deposited in the Lower-Tier REMIC Distribution Account pursuant to the PSA.

The "<u>Collection Period</u>" for each Distribution Date and any Mortgage Loan or Whole Loan will be the period commencing on the day immediately following the Due Date for such Mortgage Loan or Whole Loan in the month preceding the month in which that Distribution Date occurs or the date that would have been the Due Date if such Mortgage Loan or Whole Loan had a Due Date in such preceding month and ending on and including the Due Date for such Mortgage Loan or Whole Loan occurring in the month in which that Distribution Date occurs. Notwithstanding the foregoing, in the event that the last day of a Collection Period (or applicable grace period) is not a business day, any Periodic Payments received with respect to Mortgage Loans or Whole Loans relating to such Collection Period on the business day immediately following such day will be deemed to have been received during such Collection Period and not during any other Collection Period.

"<u>Due Date</u>" means, with respect to each Mortgage Loan or Whole Loan, the date on which scheduled payments of principal, interest or both are required to be made by the related borrower.

"<u>Periodic Payment</u>" means, with respect to any Mortgage Loan or the related Companion Loan, the scheduled monthly payment of principal and/or interest on such Mortgage Loan or Companion Loan, including any balloon payment, which is payable by a borrower from time to time under the related Mortgage Note and applicable law, without regard to any acceleration of principal of such Mortgage Loan or Companion Loan by reason of a default.

"<u>Non-VRR Available Funds</u>" means, as to any Distribution Date, an amount equal to the sum of (i) the Non-VRR Percentage of the Aggregate Available Funds for such Distribution Date and (ii) the Non-VRR Gain-on-Sale Remittance Amount withdrawn from the Non-VRR Gain-on-Sale Reserve Account for distribution on such Distribution Date.

The "<u>Non-VRR Gain-on-Sale Remittance Amount</u>" for each Distribution Date, is the lesser of (i) the amount on deposit in the Non-VRR Gain-on-Sale Reserve Account on such Distribution Date, and (ii) the amount distributable from the Non-VRR Gain-on-Sale Reserve Account.

**Priority of Distributions**

On each Distribution Date, for so long as the Certificate Balances or Notional Amounts of the Non-VRR Certificates have not been reduced to zero, the certificate administrator is required to apply amounts on deposit in the Distribution Account, to the extent of the Non-VRR Available Funds, in the following order of priority:

*First,* to the Class A-1, Class A-2, Class A-3, Class X-A, Class X-B, Class X-D, Class X-F, Class X-G and Class X-J certificates, in respect of interest, up to an amount equal to, and *pro rata* in accordance with, the respective Interest Distribution Amounts for those classes;

*Second,* to the Class A-1, Class A-2 and Class A-3 certificates, in reduction of the Certificate Balances of those classes, in the following priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) prior to the Cross-Over Date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to the Class A-1 certificates, in an amount equal to the Non-VRR Principal Distribution Amount for such Distribution Date, until the Certificate Balance of the Class A-1 certificates is reduced to zero;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to the Class A-2 certificates, in an amount equal to the Non-VRR Principal Distribution Amount (or the portion of it remaining after the distributions specified in clause (a) above) for such Distribution Date, until the Certificate Balance of the Class A-2 certificates is reduced to zero; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to the Class A-3 certificates, in an amount equal to the Non-VRR Principal Distribution Amount (or the portion of it remaining after the distributions specified in clauses (a) and (b) above) for such Distribution Date, until the Certificate Balance of the Class A-3 certificates is reduced to zero;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) on or after the Cross-Over Date, to the Class A-1, Class A-2 and Class A-3 certificates, *pro rata* (based upon their respective Certificate Balance), in an amount equal to the Non-VRR Principal Distribution Amount for such Distribution Date, until the Certificate Balances of the Class A-1, Class A-2 and Class A-3 certificates are reduced to zero;

*Third,* to the Class A-1, Class A-2 and Class A-3 certificates, first (i) up to an amount equal to, and *pro rata* based upon, the aggregate unreimbursed Non-VRR Realized Losses previously allocated to each such class, then (ii) up to an amount equal to all accrued and unpaid interest on the amount set forth in <u>clause (i)</u> at the Pass-Through Rate for such class compounded monthly from the date the related Non-VRR Realized Loss was allocated to such class until the date such Non-VRR Realized Loss is reimbursed;

*Fourth,* to the Class A-S certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount of such class;

*Fifth,* after the Certificate Balances of the Class A-1, Class A-2 and Class A-3 certificates have been reduced to zero, to the Class A-S certificates, in reduction of their Certificate Balance, up to an amount equal to the Non-VRR Principal Distribution Amount for such Distribution Date, less the portion of such Non-VRR Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such class is reduced to zero;

*Sixth,* to the Class A-S certificates, first (i) up to an amount equal to the aggregate of unreimbursed Non-VRR Realized Losses previously allocated to such class, then (ii) up to an amount equal to all accrued and unpaid interest on the amount set forth in <u>clause (i)</u> at the Pass-Through Rate for such class compounded monthly from the date the related Non-VRR Realized Loss was allocated to such class until the date such Non-VRR Realized Loss is reimbursed;

*Seventh,* to the Class B certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount of such class;

*Eighth,* after the Certificate Balances of the Class A-1, Class A-2, Class A-3 and Class A-S certificates have been reduced to zero, to the Class B certificates, in reduction of their Certificate Balance, up to an amount equal to the Non-VRR Principal Distribution Amount for such Distribution Date, less the portion of such Non-VRR Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such class is reduced to zero;

*Ninth,* to the Class B certificates, first (i) up to an amount equal to the aggregate of unreimbursed Non-VRR Realized Losses previously allocated to such class, then (ii) up to an amount equal to all accrued and unpaid interest on the amount set forth in <u>clause (i)</u> at the Pass-Through Rate for such class compounded monthly from the date the related Non-VRR Realized Loss was allocated to such class until the date such Non-VRR Realized Loss is reimbursed;

*Tenth,* to the Class C certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount of such class;

*Eleventh,* after the Certificate Balances of the Class A-1, Class A-2, Class A-3, Class A-S and Class B certificates have been reduced to zero, to the Class C certificates, in reduction of their Certificate Balance, up to an amount equal to the Non-VRR Principal Distribution Amount for such Distribution Date, less the portion of such Non-VRR Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such class is reduced to zero;

*Twelfth,* to the Class C certificates, first (i) up to an amount equal to the aggregate of unreimbursed Non-VRR Realized Losses previously allocated to such class, then (ii) up to an amount equal to all accrued and unpaid interest on the amount set forth in <u>clause (i)</u> at the Pass-Through Rate for such class compounded monthly from the date the related Non-VRR Realized Loss was allocated to such class until the date such Non-VRR Realized Loss is reimbursed;

*Thirteenth,* to the Class D certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount of such class;

*Fourteenth,* after the Certificate Balances of the Class A-1, Class A-2, Class A-3, Class A-S, Class B and Class C certificates have been reduced to zero, to the Class D certificates, in reduction of their Certificate Balance, up to an amount equal to the Non-VRR Principal Distribution Amount for such Distribution Date, less the portion of such Non-VRR Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such class is reduced to zero;

*Fifteenth,* to the Class D certificates, first (i) up to an amount equal to the aggregate of unreimbursed Non-VRR Realized Losses previously allocated to such class, then (ii) up to an amount equal to all accrued and unpaid interest on the amount set forth in <u>clause (i)</u> at the Pass-Through

Rate for such class compounded monthly from the date the related Non-VRR Realized Loss was allocated to such class until the date such Non-VRR Realized Loss is reimbursed;

*Sixteenth,* to the Class F certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount of such class;

*Seventeenth,* after the Certificate Balances of the Class A-1, Class A-2, Class A-3, Class A-S, Class B, Class C and Class D certificates have been reduced to zero, to the Class F certificates, in reduction of their Certificate Balance, up to an amount equal to the Non-VRR Principal Distribution Amount for such Distribution Date, less the portion of such Non-VRR Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such class is reduced to zero;

*Eighteenth,* to the Class F certificates, first (i) up to an amount equal to the aggregate of unreimbursed Non-VRR Realized Losses previously allocated to such class, then (ii) up to an amount equal to all accrued and unpaid interest on the amount set forth in <u>clause (i)</u> at the Pass-Through Rate for such class compounded monthly from the date the related Non-VRR Realized Loss was allocated to such class until the date such Non-VRR Realized Loss is reimbursed;

*Nineteenth,* to the Class G certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount of such class;

*Twentieth,* after the Certificate Balances of the Class A-1, Class A-2, Class A-3, Class A-S, Class B, Class C, Class D and Class F certificates have been reduced to zero, to the Class G certificates, in reduction of their Certificate Balance, up to an amount equal to the Non-VRR Principal Distribution Amount for such Distribution Date, less the portion of such Non-VRR Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such class is reduced to zero;

*Twenty-first,* to the Class G certificates, first (i) up to an amount equal to the aggregate of unreimbursed Non-VRR Realized Losses previously allocated to such class, then (ii) up to an amount equal to all accrued and unpaid interest on the amount set forth in <u>clause (i)</u> at the Pass-Through Rate for such class compounded monthly from the date the related Non-VRR Realized Loss was allocated to such class until the date such Non-VRR Realized Loss is reimbursed;

*Twenty-second,* to the Class J certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount of such class;

*Twenty-third,* after the Certificate Balances of the Class A-1, Class A-2, Class A-3, Class A-S, Class B, Class C, Class D, Class F and Class G certificates have been reduced to zero, to the Class J certificates, in reduction of their Certificate Balance, up to an amount equal to the Non-VRR Principal Distribution Amount for such Distribution Date, less the portion of such Non-VRR Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such class is reduced to zero;

*Twenty-fourth,* to the Class J certificates, first (i) up to an amount equal to the aggregate of unreimbursed Non-VRR Realized Losses previously allocated to such class, then (ii) up to an amount equal to all accrued and unpaid interest on the amount set forth in <u>clause (i)</u> at the Pass-Through Rate for such class compounded monthly from the date the related Non-VRR Realized Loss was allocated to such class until the date such Non-VRR Realized Loss is reimbursed; and

*Twenty-fifth,* to the Class R certificates, any remaining amounts.

The "<u>Cross-Over Date</u>" means the Distribution Date on which the Certificate Balances of all the Subordinate Certificates are (or are expected to be) reduced to zero as a result of the allocation of Non-VRR Realized Losses to those certificates.

Reimbursement of previously allocated Non-VRR Realized Losses will not constitute distributions of principal for any purpose and will not result in an additional reduction in the Certificate Balance of the class of certificates in respect of which a reimbursement is made.

**Pass-Through Rates**

The interest rate (the "<u>Pass-Through Rate</u>") applicable to each class of Non-VRR Certificates for any Distribution Date will equal the rates set forth below:

The Pass-Through Rate on the Class A-1 certificates is a *per annum* rate equal to [__]%.

The Pass-Through Rate on the Class A-2 certificates is a *per annum* rate equal to [__]%.

The Pass-Through Rate on the Class A-3 certificates is a *per annum* rate equal to [__]%.

The Pass-Through Rate on the Class A-S certificates is a *per annum* rate equal to [__]%.

The Pass-Through Rate on the Class B certificates is a *per annum* rate equal to [__]%.

The Pass-Through Rate on the Class C certificates is a *per annum* rate equal to [__]%.

The Pass-Through Rate on the Class D certificates is a *per annum* rate equal to [__]%.

The Pass-Through Rate on the Class F certificates is a *per annum* rate equal to [__]%.

The Pass-Through Rate on the Class G certificates is a *per annum* rate equal to [__]%.

The Pass-Through Rate on the Class J certificates is a *per annum* rate equal to [__]%.

Although it does not have a specified Pass-Through Rate (other than for tax reporting purposes), the effective interest rate for the VRR Interest will be the VRR Interest Rate.

The Pass-Through Rate for each class of Class X Certificates for any Distribution Date will equal the excess, if any of (a) the WAC Rate for the related Distribution Date, over (b) the weighted average of the Pass-Through Rates on the Related Class X Class (or the Pass-Through Rate on the Related Class X Class, if only one) for such Distribution Date, weighted on the basis of their respective Certificate Balances immediately prior to that Distribution Date.

The "<u>WAC Rate</u>" with respect to any Distribution Date is equal to the weighted average of the applicable Net Mortgage Rates of the Mortgage Loans (including any Non-Serviced Mortgage Loan) and REO Loan (other than the portion of the REO Loan related to any Companion Loan) as of their respective Due Dates in the month preceding the month in which such Distribution Date occurs, weighted on the basis of their respective Stated Principal Balances immediately following the Distribution Date (or, if applicable, the Closing Date) in such preceding month.

The "<u>Net Mortgage Rate</u>" for each Mortgage Loan (including any Non-Serviced Mortgage Loan) and REO Loan (other than the portion of the REO Loan related to any Companion Loan) is equal to the related Mortgage Rate then in effect, less the related Administrative Cost Rate; *provided*, *however*, that for purposes of calculating Pass-Through Rates and Withheld Amounts, the Net Mortgage Rate for any Mortgage Loan will be determined without regard to any modification, waiver or amendment of the terms of the related Mortgage Loan, whether agreed to by the master servicer, the special servicer or resulting from a bankruptcy, insolvency or similar proceeding involving the related borrower or otherwise. Notwithstanding the foregoing, for Mortgage Loans that accrue interest on an Actual/360 Basis, then, solely for purposes of calculating the Pass-Through Rate on the Regular Certificates, the Net Mortgage Rate of any Mortgage Loan for any one-month period preceding a related Due Date will be the annualized rate at which interest would have to accrue in respect of the Mortgage Loan on the basis of a 360-day year consisting of twelve 30-day months in order to produce the aggregate amount of interest actually required to be paid in respect of the Mortgage Loan during the one-month period at the related Net

Mortgage Rate; provided, however, that with respect to each Actual/360 Loan, the Net Mortgage Rate for the one-month period (1) prior to the Due Dates in January and February in any year which is not a leap year or in February in any year which is a leap year (in either case, unless the related Distribution Date is the final Distribution Date) will be determined exclusive of Withheld Amounts and (2) prior to the Due Date in March (or February, if the related Distribution Date is the final Distribution Date) in any year, will be determined inclusive of Withheld Amounts for the immediately preceding February and January, as applicable. With respect to any REO Loan, the Net Mortgage Rate will be calculated as described above, as if the predecessor Mortgage Loan had remained outstanding.

"<u>Administrative Cost Rate</u>" as of any date of determination will be a *per annum* rate equal to the sum of the Servicing Fee Rate, the Certificate Administrator/Trustee Fee Rate, the Operating Advisor Fee Rate, the Asset Representations Reviewer Fee Rate and the CREFC<sup>®</sup> Intellectual Property Royalty License Fee Rate.

"<u>Mortgage Rate</u>" with respect to any Mortgage Loan (including any Non-Serviced Mortgage Loan), REO Loan, Companion Loan or Whole Loan, is the annual rate at which interest accrues on such Mortgage Loan, REO Loan, Companion Loan or Whole Loan during such period (in the absence of a default), as stated in the related Mortgage Note, promissory note or componentization notice evidencing such Mortgage Loan (including any Non-Serviced Mortgage Loan), REO Loan, Companion Loan or Whole Loan without giving effect to any default rate.

With respect to the 180 Water Mortgage Loan (4.6%), the Mortgage Rate of the 180 Water Whole Loan is the weighted average interest rate of the respective notes of the 180 Water Whole Loan, as follows:

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| | |
|:---|:---|
| &nbsp;&nbsp; **Note** | &nbsp;&nbsp; **Interest Rate** |
| &nbsp;&nbsp;Note A-1 | &nbsp;&nbsp;7.410% |
| &nbsp;&nbsp;Note A-2 | &nbsp;&nbsp;5.333% |
| &nbsp;&nbsp;Note A-3 | &nbsp;&nbsp;5.333% |
| &nbsp;&nbsp;Note A-4 | &nbsp;&nbsp;5.333% |
| &nbsp;&nbsp;Note A-5 | &nbsp;&nbsp;5.333% |
| &nbsp;&nbsp;Note A-6 | &nbsp;&nbsp;5.333% |
| &nbsp;&nbsp;Note A-7 | &nbsp;&nbsp;5.333% |
| &nbsp;&nbsp;Note B | &nbsp;&nbsp;7.410% |

---

The Mortgage Rate of the 180 Water Mortgage Loan (4.6%) is 5.333%, the weighted average Mortgage Rate of the 180 Water senior notes is 5.34703378378378% *per annum* and the weighted average Mortgage Rate for the 180 Water Whole Loan is 6.319575% *per annum*. The weighted average Mortgage Rate for the 180 Water Whole Loan may increase if voluntary or involuntary prepayments occur and such principal is applied to the notes sequentially in accordance with the related Whole Loan documents. See "*Description of the Mortgage Pool—The Whole Loans—The Non-Serviced AB Whole Loan—The 180 Water Whole Loan*".

**Interest Distribution Amount**

The "<u>Interest Distribution Amount</u>" with respect to any Distribution Date and each class of Non-VRR Certificates will equal (A) the sum of (i) the Interest Accrual Amount with respect to such class for such Distribution Date and (ii) the Interest Shortfall, if any, with respect to such class for such Distribution Date, less (B) any Non-VRR Excess Prepayment Interest Shortfall allocated to such class on such Distribution Date.

The "<u>Interest Accrual Amount</u>" with respect to any Distribution Date and any class of Non-VRR Certificates is equal to the interest for the related Interest Accrual Period accrued at the Pass-Through Rate for such class on the Certificate Balance or Notional Amount, as applicable, for such class immediately prior to that Distribution Date. Calculations of interest for each Interest Accrual Period will be made on 30/360 Basis.

An "<u>Interest Shortfall</u>" with respect to any Distribution Date for any class of Non-VRR Certificates is the sum of (a) the portion of the Interest Distribution Amount for such class remaining unpaid as of the

close of business on the preceding Distribution Date, and (b) to the extent permitted by applicable law, (i) in the case of Principal Balance Certificates, one month's interest on that amount remaining unpaid at the Pass-Through Rate applicable to such class for the current Distribution Date and (ii) in the case of the Class X Certificates, one-month's interest on that amount remaining unpaid at the WAC Rate for such Distribution Date.

The "<u>Interest Accrual Period</u>" for each Distribution Date will be the calendar month prior to the month in which that Distribution Date occurs.

"<u>Non-VRR Excess Prepayment Interest Shortfall</u>" means, for any Distribution Date, the Non-VRR Percentage of the Excess Prepayment Interest Shortfall for such Distribution Date.

**Principal Distribution Amount**

The "<u>Aggregate Principal Distribution Amount</u>" for any Distribution Date will be equal to the sum of the following amounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Aggregate Principal Shortfall for that Distribution Date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Scheduled Principal Distribution Amount for that Distribution Date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Unscheduled Principal Distribution Amount for that Distribution Date;

*provided* that the Aggregate Principal Distribution Amount for any Distribution Date will be reduced, to not less than zero, by the amount of any reimbursements of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Nonrecoverable Advances (including any property protection advance with respect to any Non-Serviced Mortgage Loan under the related Non-Serviced PSA reimbursed out of general collections on the Mortgage Loans), with interest on such Nonrecoverable Advances at the Reimbursement Rate, that are paid or reimbursed from principal collections on the Mortgage Loans in a period during which such principal collections would have otherwise been included in the Aggregate Principal Distribution Amount for such Distribution Date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Workout-Delayed Reimbursement Amounts paid or reimbursed from principal collections on the Mortgage Loans in a period during which such principal collections would have otherwise been included in the Aggregate Principal Distribution Amount for such Distribution Date,

*provided*, *further*, that in the case of clauses (A) and (B) above, if any of the amounts that were reimbursed from principal collections on the Mortgage Loans (including REO Loans) are subsequently recovered on the related Mortgage Loan (or REO Loan), such recovery will increase the Aggregate Principal Distribution Amount for the Distribution Date related to the period in which such recovery occurs.

The "<u>Non-VRR Principal Distribution Amount</u>" with respect to any Distribution Date and the Principal Balance Certificates will equal the Non-VRR Percentage of the Aggregate Principal Distribution Amount for such Distribution Date.

The "<u>Scheduled Principal Distribution Amount</u>" for each Distribution Date will equal the aggregate of the principal portions of (a) all Periodic Payments (excluding balloon payments) with respect to the Mortgage Loans due during or, if and to the extent not previously received or advanced and distributed to Certificateholders on a preceding Distribution Date, prior to the related Collection Period and all Assumed Scheduled Payments with respect to the Mortgage Loans for the related Collection Period, in each case to the extent paid by the related borrower as of the related Determination Date (or, with respect to each Mortgage Loan with a Due Date occurring, or a grace period ending, after the related Determination Date, the related Due Date or, last day of such grace period, as applicable, to the extent received by the master servicer as of the business day preceding the Master Servicer Remittance Date) or advanced by the master servicer or the trustee, as applicable, and (b) all balloon payments with respect to the Mortgage

Loans to the extent received on or prior to the related Determination Date (or, with respect to each Mortgage Loan with a Due Date occurring, or a grace period ending, after the related Determination Date, the related Due Date or, last day of such grace period, as applicable, to the extent received by the master servicer as of the business day preceding the Master Servicer Remittance Date), and to the extent not included in clause (a) above. The Scheduled Principal Distribution Amount from time to time will include all late payments of principal made by a borrower with respect to the Mortgage Loans, including late payments in respect of a delinquent balloon payment, received by the times described above in this definition, except to the extent those late payments are otherwise available to reimburse the master servicer or the trustee, as the case may be, for prior Advances, as described above.

The "<u>Unscheduled Principal Distribution Amount</u>" for each Distribution Date will equal the aggregate of the following: (a) all prepayments of principal received on the Mortgage Loans on or prior to the related Determination Date; and (b) the principal portions of all Liquidation Proceeds, Insurance and Condemnation Proceeds and, if applicable, income, rents, and profits from REO Property or otherwise, received with respect to such Mortgage Loan and any REO Loan on or prior to the related Determination Date, but in each case only to the extent that such principal portion represents a recovery of principal for which no advance was previously made pursuant to "*Pooling and Servicing Agreement—Advances*" in respect of a preceding Distribution Date; *provided* that all such Liquidation Proceeds and Insurance and Condemnation Proceeds will be reduced by any Special Servicing Fees, Liquidation Fees, accrued interest on Advances and other additional expenses of the issuing entity incurred in connection with the related Mortgage Loan.

The "<u>Assumed Scheduled Payment</u>" for any Collection Period and with respect to any Mortgage Loan (including any Non-Serviced Mortgage Loan) that is delinquent in respect of its balloon payment or any REO Loan (excluding, for purposes of any P&I Advances, the portion allocable to any related Companion Loan), is an amount equal to the sum of (a) the principal portion of the Periodic Payment that would have been due on such Mortgage Loan or REO Loan on the related Due Date based on the constant payment required by such related Mortgage Note or the original amortization schedule of the Mortgage Loan (as calculated with interest at the related Mortgage Rate), if applicable, assuming the related balloon payment has not become due, after giving effect to any reduction in the principal balance occurring in connection with a modification of such Mortgage Loan in connection with a default or a bankruptcy modification (or similar proceeding), and (b) interest on the Stated Principal Balance of that Mortgage Loan or REO Loan (excluding, for purposes of any P&I Advances, the portion allocable to any related Companion Loan) at its Mortgage Rate (net of interest at the applicable rate at which the Servicing Fee is calculated).

The "<u>Aggregate Principal Shortfall</u>" for any Distribution Date means the amount, if any, by which (1) the Aggregate Principal Distribution Amount for the preceding Distribution Date exceeds (2) the aggregate amount actually distributed on the preceding Distribution Date in respect of such Aggregate Principal Distribution Amount.

**Certain Calculations with Respect to Individual Mortgage Loans**

The "<u>Stated Principal Balance</u>" of each Mortgage Loan will initially equal its Cut-off Date Balance (or in the case of a Qualified Substitute Mortgage Loan, the unpaid principal balance of such Mortgage Loan after application of all scheduled payments of principal and interest due during or prior to the month of substitution, whether or not received) and, on each Distribution Date, will be reduced by the amount of principal payments received on such Mortgage Loan or advanced for such Distribution Date. With respect to any Companion Loan on any date of determination, the Stated Principal Balance will equal the unpaid principal balance of such Companion Loan as of such date. With respect to any Whole Loan on any date of determination, the Stated Principal Balance of such Whole Loan will be the sum of the Stated Principal Balance of the related Mortgage Loan and each related Companion Loan on such date. The Stated Principal Balance of a Mortgage Loan or Whole Loan may also be reduced in connection with any modification that reduces the principal amount due on such Mortgage Loan or Whole Loan, as the case may be, or any forced reduction of its actual unpaid principal balance imposed by a court presiding over a bankruptcy proceeding in which the related borrower is the debtor. See "*Certain Legal Aspects of Mortgage Loans*". If any Mortgage Loan or Whole Loan is paid in full or the Mortgage Loan or Whole Loan

(or any Mortgaged Property acquired in respect of the Mortgage Loan or Whole Loan) is otherwise liquidated, then, as of the first Distribution Date that follows the end of the Collection Period in which that payment in full or liquidation occurred and notwithstanding that a loss may have occurred in connection with any liquidation, the Stated Principal Balance of the Mortgage Loan or Whole Loan will be zero.

For purposes of calculating allocations of, or recoveries in respect of, Realized Losses, as well as for purposes of calculating the Servicing Fee and Certificate Administrator/Trustee Fee payable each month, each REO Property (including any REO Property with respect to any Non-Serviced Mortgage Loan held pursuant to the related Non-Serviced PSA) will be treated as if there exists with respect to such REO Property an outstanding Mortgage Loan and, if applicable, each related Companion Loan (an "<u>REO Loan</u>"), and all references to Mortgage Loan or Companion Loan and pool of Mortgage Loans in this prospectus, when used in that context, will be deemed to also be references to or to also include, as the case may be, any REO Loans. Each REO Loan will generally be deemed to have the same characteristics as its actual predecessor Mortgage Loan (including related Companion Loan), including the same fixed Mortgage Rate (and, accordingly, the same Net Mortgage Rate) and the same unpaid principal balance and Stated Principal Balance. Amounts due on the predecessor Mortgage Loan (including related Companion Loan) including any portion of it payable or reimbursable to the master servicer, the special servicer, the operating advisor, the asset representations reviewer, the certificate administrator or the trustee, as applicable, will continue to be "due" in respect of the REO Loan; and amounts received in respect of the related REO Property, net of payments to be made, or reimbursement to the master servicer or the special servicer for payments previously advanced, in connection with the operation and management of that property, generally will be applied by the master servicer as if received on the predecessor Mortgage Loan or related Companion Loan.

With respect to each Serviced Whole Loan, no amounts relating to the related REO Property or REO Loan allocable to any related Companion Loan will be available for amounts due to the Certificateholders and the RR Interest Owner or to reimburse the issuing entity, other than in the limited circumstances related to Property Protection Advances, indemnification, Special Servicing Fees and other reimbursable expenses related to such Serviced Whole Loan incurred with respect to such Serviced Whole Loan in accordance with the PSA.

With respect to an AB Whole Loan, no amounts relating to the related REO Property or REO Loan allocable to a Subordinate Companion Loan will be available for amounts due to the holders of the certificates, other than indirectly in the limited circumstances related to reimbursement of Property Protection Advances, indemnification, Special Servicing Fees and other reimbursable expenses related to an AB Whole Loan incurred with respect to an AB Whole Loan in accordance with the PSA.

**Application Priority of Mortgage Loan Collections or Whole Loan Collections**

Absent express provisions in the related Mortgage Loan documents (and, with respect to each Serviced Whole Loan, the related Co-Lender Agreement), all amounts collected by or on behalf of the issuing entity in respect of any Mortgage Loan in the form of payments from the related borrower, Liquidation Proceeds, condemnation proceeds or insurance proceeds (excluding, if applicable, in the case of each Serviced Whole Loan, any amounts payable to the holder of any related Companion Loan(s) pursuant to the related Co-Lender Agreement) will be deemed to be allocated for purposes of collecting amounts due under the Mortgage Loan, pursuant to the PSA, in the following order of priority:

*First,* as a recovery of any unreimbursed Advances (including any Workout-Delayed Reimbursement Amount) with respect to the related Mortgage Loan and unpaid interest at the Reimbursement Rate on such Advances and, if applicable, unreimbursed and unpaid expenses of the issuing entity (including Special Servicing Fees, Liquidation Fees and Workout Fees previously paid by the issuing entity from general collections) with respect to the related Mortgage Loan;

*Second,* as a recovery of Nonrecoverable Advances and any interest on those Nonrecoverable Advances at the Reimbursement Rate, to the extent previously paid or reimbursed from principal collections on the Mortgage Loans (as described in the first proviso in the definition of Aggregate Principal Distribution Amount);

*Third,* to the extent not previously allocated pursuant to clause *First*, as a recovery of accrued and unpaid interest on such Mortgage Loan (exclusive of default interest) to the extent of the excess of (i) accrued and unpaid interest on such Mortgage Loan at the related Mortgage Rate in effect from time to time through and including the end of the applicable Mortgage Loan interest accrual period in which such collections are received by or on behalf of the issuing entity, over (ii) the sum of (a) (x) the cumulative amount of the reductions (if any) in the amount of related P&I Advances for such Mortgage Loan that have occurred in connection with related Appraisal Reduction Amounts (to the extent collections have not been allocated as recovery of accrued and unpaid interest pursuant to clause *Fifth* below on earlier dates) or (y) with respect to any accrued and unpaid interest that was not advanced due to a determination that the related P&I Advance would be a Nonrecoverable Advance, the amount of interest that (absent such determination of nonrecoverability preventing such P&I Advance from being made) would not have been advanced because of the reductions in the amount of related P&I Advances for such Mortgage Loan that would have occurred in connection with related Appraisal Reduction Amounts and (b) Accrued AB Loan Interest;

*Fourth,* to the extent not previously allocated pursuant to clause *First*, as a recovery of principal of such Mortgage Loan then due and owing, including by reason of acceleration of such Mortgage Loan following a default thereunder (or, if the Mortgage Loan has been liquidated, as a recovery of principal to the extent of its entire remaining unpaid principal balance);

*Fifth,* as a recovery of (i) accrued and unpaid interest on such Mortgage Loan to the extent of the cumulative amount of the reductions (if any) in the amount of related P&I Advances for such Mortgage Loan that have occurred in connection with related Appraisal Reduction Amounts or would have occurred in connection with related Appraisal Reduction Amounts but for such P&I Advance not having been made as a result of a determination by the master servicer that such P&I Advance would have been a Nonrecoverable Advance and (ii) Accrued AB Loan Interest (in each of clause (i) and (ii), to the extent collections have not been allocated as recovery of accrued and unpaid interest pursuant to this clause *Fifth* on earlier dates);

*Sixth,* as a recovery of amounts to be currently allocated to the payment of, or escrowed for the future payment of, real estate taxes, assessments and insurance premiums and similar items relating to such Mortgage Loan;

*Seventh,* as a recovery of any other reserves to the extent then required to be held in escrow with respect to such Mortgage Loan;

*Eighth,* as a recovery of any yield maintenance charge or prepayment premium then due and owing under such Mortgage Loan;

*Ninth,* as a recovery of any late payment charges and default interest then due and owing under such Mortgage Loan;

*Tenth,* as a recovery of any assumption fees and Modification Fees then due and owing under such Mortgage Loan;

*Eleventh,* as a recovery of any other amounts then due and owing under such Mortgage Loan other than remaining unpaid principal (if both consent fees and Operating Advisor Consulting Fees are due and owing, first, allocated to consent fees and then, allocated to Operating Advisor Consulting Fees); and

*Twelfth,* as a recovery of any remaining principal of such Mortgage Loan to the extent of its entire remaining unpaid principal balance;

*provided* that, to the extent required under the REMIC provisions of the Code, payments or proceeds received (or receivable by exercise of the lender's rights under the related Mortgage Loan documents) with respect to any partial release of a Mortgaged Property (including in connection with a condemnation) at a time when the loan-to-value ratio of the related Mortgage Loan or Serviced Whole Loan exceeds

125%, or would exceed 125% following any partial release (based solely on the value of real property and excluding personal property and going concern value, if any) must be collected and allocated to reduce the principal balance of the Mortgage Loan or Serviced Whole Loan in the manner permitted by such REMIC provisions.

"<u>Accrued AB Loan Interest</u>" means, with respect to any AB Modified Loan and any date of determination, accrued and unpaid interest that remains unpaid with respect to the junior note(s) of such AB Modified Loan.

Collections by or on behalf of the issuing entity in respect of any REO Property (exclusive of the amounts to be allocated to the payment of the costs of operating, managing, leasing, maintaining and disposing of such REO Property and, if applicable, in the case of each Serviced Whole Loan, exclusive of any amounts payable to the holder of any related Companion Loan(s), as applicable, pursuant to the related Co-Lender Agreement) will be deemed to be allocated for purposes of collecting amounts due under the Mortgage Loan, pursuant to the PSA, in the following order of priority:

*First,* as a recovery of any unreimbursed Advances (including any Workout-Delayed Reimbursement Amount) with respect to the related Mortgage Loan and interest at the Reimbursement Rate on all Advances and, if applicable, unreimbursed and unpaid expenses of the issuing entity (including Special Servicing Fees, Liquidation Fees and Workout Fees previously paid by the issuing entity from general collections) with respect to the related Mortgage Loan;

*Second,* as a recovery of Nonrecoverable Advances and any interest on those Nonrecoverable Advances at the Reimbursement Rate, to the extent previously paid or reimbursed from principal collections on the Mortgage Loans (as described in the first proviso in the definition of Aggregate Principal Distribution Amount);

*Third,* to the extent not previously allocated pursuant to clause *First*, as a recovery of accrued and unpaid interest on such Mortgage Loan (exclusive of default interest) to the extent of the excess of (i) accrued and unpaid interest on such Mortgage Loan at the applicable Mortgage Rate in effect from time to time through and including the end of the applicable Mortgage Loan interest accrual period in which such collections are received by or on behalf of the issuing entity, over (ii) the sum of (a) (x) the cumulative amount of the reductions (if any) in the amount of related P&I Advances for such Mortgage Loan that have occurred in connection with related Appraisal Reduction Amounts (to the extent collections have not been allocated as a recovery of accrued and unpaid interest pursuant to clause *Fifth* below or clause *Fifth* of the prior waterfall under this "*—Application Priority of Mortgage Loan Collections or Whole Loan Collections*" above on earlier dates) or (y) with respect to any accrued and unpaid interest that was not advanced due to a determination that the related P&I Advance would be a Nonrecoverable Advance, the amount of interest that (absent such determination of nonrecoverability preventing such P&I Advance from being made) would not have been advanced because of the reductions in the amount of related P&I Advances for such Mortgage Loan that would have occurred in connection with related Appraisal Reduction Amounts and (b) Accrued AB Loan Interest;

*Fourth,* to the extent not previously allocated pursuant to clause *First*, as a recovery of principal of such Mortgage Loan to the extent of its entire unpaid principal balance;

*Fifth,* as a recovery of (i) accrued and unpaid interest on such Mortgage Loan to the extent of the cumulative amount of the reductions (if any) in the amount of related P&I Advances for such Mortgage Loan that have occurred in connection with related Appraisal Reduction Amounts or would have occurred in connection with related Appraisal Reduction Amounts but for such P&I Advance not having been made as a result of a determination by the master servicer that such P&I Advance would have been a Nonrecoverable Advance and (ii) Accrued AB Loan Interest (in each of clause (i) and (ii), to the extent collections have not been allocated as recovery of accrued and unpaid interest pursuant to this clause *Fifth* or clause *Fifth* of the prior waterfall under this "*—Application Priority of Mortgage Loan Collections or Whole Loan Collections*" above on earlier dates);

*Sixth,* as a recovery of any yield maintenance charge or prepayment premium then due and owing under such Mortgage Loan;

*Seventh,* as a recovery of any late payment charges and default interest then due and owing under such Mortgage Loan;

*Eighth,* as a recovery of any assumption fees and Modification Fees then due and owing under such Mortgage Loan; and

*Ninth,* as a recovery of any other amounts then due and owing under such Mortgage Loan other than remaining unpaid principal (if both consent fees and Operating Advisor Consulting Fees are due and owing, *first,* allocated to consent fees and *then,* allocated to Operating Advisor Consulting Fees).

**Allocation of Yield Maintenance Charges and Prepayment Premiums**

On each Distribution Date, prepayment premiums and yield maintenance charges collected as of the related Determination Date are required to be distributed to the holders of the classes of certificates and the VRR Interest Owners as described below.

On each Distribution Date, the VRR Percentage of any yield maintenance charge collected on the Mortgage Loans during the one-month period ending on the related Determination Date is required to be distributed to the VRR Interest Owners, and the Non-VRR Percentage of any yield maintenance charge collected on the Mortgage Loans during the one-month period ending on the related Determination Date is required to be distributed as follows: (a) *pro rata*, between (i) the group (the "<u>YM Group A</u>") of the Class A-1, Class A-2, Class A-3, Class A-S and Class X-A certificates, (ii) the group (the "<u>YM Group B</u>") of the Class X-B, Class B and Class C certificates, and (iii) the group (together with the YM Group A and the YM Group B, the "<u>YM Groups</u>") of the Class X-D and Class D certificates based upon the aggregate amount of principal distributed to the classes of Principal Balance Certificates in each YM Group on such Distribution Date; and (b) as among the respective classes of Principal Balance Certificates in each YM Group in the following manner: (i) each class of Principal Balance Certificates in such YM Group will be entitled to receive on each Distribution Date the portion of such yield maintenance charge in an amount equal to the product of (x) a fraction whose numerator is the amount of principal distributed to such class of Principal Balance Certificates on such Distribution Date and whose denominator is the total amount of principal distributed to all of the Principal Balance Certificates in such YM Group on such Distribution Date, (y) the Base Interest Fraction for the related principal prepayment and such class of certificates, and (z) the aggregate amount of such yield maintenance charge allocated to such YM Group and (ii) the portion of such yield maintenance charge allocated to such YM Group remaining after such distributions to the applicable classes of Principal Balance Certificates, will be distributed to the class of Class X Certificates in such YM Group. If there is more than one class of Principal Balance Certificates in either YM Group entitled to distributions of principal on any particular Distribution Date on which yield maintenance charges are distributable to such classes, the aggregate amount of such yield maintenance charges will be allocated among all such classes of Principal Balance Certificates up to, and on a *pro rata* basis in accordance with, their respective entitlements in those yield maintenance charges in accordance with the first sentence of this paragraph.

No prepayment premiums or yield maintenance charges will be distributed to holders of the Class X-F, Class X-G, Class X-J or Class R certificates. Instead, after the Notional Amounts of the Class X-A, Class X-B and Class X-D certificates, and the Certificate Balances of the Class A-1, Class A-2, Class A-3, Class A-S, Class B, Class C and Class D certificates have been reduced to zero, the Non-VRR Percentage of all prepayment premiums and yield maintenance charges with respect to Mortgage Loans allocated to the Certificateholders will be distributed by the certificate administrator *pro rata* to holders of the Class F, Class G and Class J certificates (based on their respective Certificate Balances).

The "<u>Base Interest Fraction</u>" with respect to any principal prepayment on any Mortgage Loan and with respect to any class of Class A-1, Class A-2, Class A-3, Class A-S, Class B, Class C and Class D certificates is a fraction (a) whose numerator is the amount, if any, by which (i) the Pass-Through Rate on such class of certificates exceeds (ii) the discount rate used in accordance with the related loan

documents in calculating the yield maintenance charge with respect to such principal prepayment and (b) whose denominator is the amount, if any, by which the (i) Mortgage Rate on such Mortgage Loan exceeds (ii) the discount rate used in accordance with the related loan documents in calculating the yield maintenance charge with respect to such principal prepayment; *provided, however*, that under no circumstances will the Base Interest Fraction be greater than one. However, if such discount rate is greater than or equal to the lesser of (x) the Mortgage Rate on such Mortgage Loan and (y) the Pass-Through Rate described in the preceding sentence, then the Base Interest Fraction will equal zero; *provided* that if such discount rate is greater than or equal to the Mortgage Rate on such Mortgage Loan, but less than the Pass-Through Rate described in the preceding sentence, then the Base Interest Fraction will equal one.

If a prepayment premium is imposed in connection with a prepayment rather than a yield maintenance charge, then the prepayment premium so collected will be allocated as described above. For this purpose, the discount rate used to calculate the Base Interest Fraction will be the discount rate used to determine the yield maintenance charge for Mortgage Loans that require payment at the greater of a yield maintenance charge and a minimum amount equal to a fixed percentage of the principal balance of the Mortgage Loan or, for Mortgage Loans that only have a prepayment premium based on a fixed percentage of the principal balance of the Mortgage Loan, such other discount rate as may be specified in the related Mortgage Loan documents.

For a description of yield maintenance charges, see "*Description of the Mortgage Pool—Certain Terms of the Mortgage Loans*" and "*Certain Legal Aspects of Mortgage Loans—Default Interest and Limitations on Prepayments*".

**Assumed Final Distribution Date; Rated Final Distribution Date**

The "<u>Assumed Final Distribution Date</u>" with respect to any class of certificates is the Distribution Date on which the aggregate Certificate Balance or Notional Amount of that class of certificates would be reduced to zero based on the assumptions set forth below. The Assumed Final Distribution Date with respect to each class of Offered Certificates will in each case be as follows:

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| | |
|:---|:---|
| &nbsp;&nbsp; **Class Designation** | &nbsp;&nbsp; **Assumed Final Distribution Date** |
| &nbsp;&nbsp;Class A-1 | &nbsp;&nbsp;December 2029 |
| &nbsp;&nbsp;Class A-2 | &nbsp;&nbsp;NAP – September 2030<sup>(1)</sup> |
| &nbsp;&nbsp;Class A-3 | &nbsp;&nbsp;October 2030 |
| &nbsp;&nbsp;Class X-A | &nbsp;&nbsp;October 2030 |
| &nbsp;&nbsp;Class X-B | &nbsp;&nbsp;October 2030 |
| &nbsp;&nbsp;Class A-S | &nbsp;&nbsp;October 2030 |
| &nbsp;&nbsp;Class B | &nbsp;&nbsp;October 2030 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;October 2030 |

---

<sup>(1)</sup> The range of Assumed Final Distribution Dates is based on the initial Certificate Balance of the Class A-2 certificates ranging from $0 to $348,650,000.

The Assumed Final Distribution Dates set forth above were calculated without regard to any delays in the collection of balloon payments and without regard to delinquencies, defaults or liquidations. Accordingly, in the event of defaults on the Mortgage Loans, the actual final Distribution Date for one or more classes of the Offered Certificates may be later, and could be substantially later, than the related Assumed Final Distribution Date(s).

In addition, the Assumed Final Distribution Dates set forth above were calculated on the basis of a 0% CPY prepayment rate and the Modeling Assumptions. Since the rate of payment (including prepayments) of the Mortgage Loans may exceed the scheduled rate of payments, and could exceed the scheduled rate by a substantial amount, the actual final Distribution Date for one or more classes of the Offered Certificates may be earlier, and could be substantially earlier, than the related Assumed Final Distribution Date(s). The rate of payments (including prepayments) on the Mortgage Loans will depend on the characteristics of the Mortgage Loans, as well as on the prevailing level of interest rates and other economic factors, and we cannot assure you as to actual payment experience.

The "<u>Rated Final Distribution Date</u>" for each class of Offered Certificates will be the Distribution Date in October 2058. See "*Ratings*".

**Prepayment Interest Shortfalls**

If a borrower prepays a Mortgage Loan or Serviced Whole Loan in whole or in part, after the due date but on or before the Determination Date in any calendar month, the amount of interest (net of related Servicing Fees) accrued on such prepayment from such due date to, but not including, the date of prepayment (or any later date through which interest accrues) will, to the extent actually collected (without regard to any prepayment premium or yield maintenance charge actually collected) constitute a "<u>Prepayment Interest Excess</u>". Conversely, if a borrower prepays a Mortgage Loan or Serviced Whole Loan (with such prepayment allocated between the related Mortgage Loan and Serviced Companion Loan in accordance with the related Co-Lender Agreement) in whole or in part after the Determination Date (or, with respect to each Mortgage Loan or Serviced Companion Loan, as applicable, with a due date occurring after the related Determination Date, the related Due Date) in any calendar month and does not pay interest on such prepayment through the following Due Date, then the shortfall in a full month's interest (net of related Servicing Fees) on such prepayment will constitute a "<u>Prepayment Interest Shortfall</u>". Prepayment Interest Shortfalls for each Distribution Date with respect to each AB Whole Loan will generally be allocated first, to the related Subordinate Companion Loans in accordance with the related Co-Lender Agreement and then, *pro rata* to the related Mortgage Loan and any related Pari Passu Companion Loan. Prepayment Interest Excesses (to the extent not offset by Prepayment Interest Shortfalls or required to be paid as Compensating Interest Payments) collected on the Mortgage Loans (other than any non-serviced mortgage loan) and any related Serviced Companion Loan, will be retained by the master servicer as additional servicing compensation.

The master servicer will be required to deliver to the certificate administrator for deposit in the Distribution Account (other than the portion of any Compensating Interest Payment described below that is allocable to a Serviced Companion Loan and is required to be made to the holder of such Serviced Companion Loan) on each Master Servicer Remittance Date, without any right of reimbursement thereafter, a cash payment (a "<u>Compensating Interest Payment</u>") in an amount, with respect to each Mortgage Loan (other than any Non-Serviced Mortgage Loan), any related Serviced Pari Passu Companion Loan, equal to the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the aggregate amount of Prepayment Interest Shortfalls incurred in connection with voluntary principal prepayments received in respect of the Mortgage Loans (other than any Non-Serviced Mortgage Loan) and any related Serviced Pari Passu Companion Loan (in each case other than a Specially Serviced Loan or if the special servicer allowed a prepayment on such Mortgage Loan or Serviced Pari Passu Companion Loan on a date other than the applicable Due Date) for the related Distribution Date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the aggregate of (A) a portion of the master servicer's Servicing Fees to be paid under the PSA for the related Distribution Date calculated at a *per annum* rate equal to (1) 0.00125% for each Mortgage Loan (other than a Non-Serviced Mortgage Loan), Serviced Companion Loan and related REO Loan without an initial sub-servicer, and (2) 0.000625% for each Mortgage Loan (other than a Non-Serviced Mortgage Loan), Serviced Companion Loan and the related REO Loan where servicing functions are performed by an initial sub-servicer, (B) all Prepayment Interest Excesses received by the master servicer during such Collection Period with respect to the Mortgage Loans (other than the Non-Serviced Mortgage Loan) (and, so long as a Whole Loan is serviced under the PSA, any related Serviced Whole Loan) subject to such prepayment and (C) to the extent earned on principal prepayments, net investment earnings payable to the master servicer for such Collection Period received by the master servicer during such Collection Period with respect to the Mortgage Loan (other than any Non-Serviced Mortgage Loan) (and, so long as a Whole Loan is serviced under the PSA, any related Serviced Whole Loan), as applicable, subject to such prepayment. In no event will the rights of the Certificateholders and the RR Interest Owner to the offset of the aggregate Prepayment Interest Shortfalls be cumulative.

If a Prepayment Interest Shortfall occurs with respect to a Mortgage Loan as a result of the master servicer allowing the related borrower to deviate (a "<u>Prohibited Prepayment</u>") from the terms of the related Mortgage Loan documents regarding principal prepayments (other than (v) any Non-Serviced Mortgage Loan, (w) subsequent to a default under the related Mortgage Loan documents or if the Mortgage Loan is a Specially Serviced Loan, (x) pursuant to applicable law or a court order or otherwise in such circumstances where the master servicer is required to accept such principal prepayment in accordance with the Servicing Standard, (y) at the request or with the consent of the special servicer or, so long as no Control Termination Event is continuing, and only with respect to the Mortgage Loans other than any applicable Excluded Loan or any Servicing Shift Mortgage Loan, the Directing Holder or (z) in connection with the payment of any insurance proceeds or condemnation awards, unless the master servicer did not apply the proceeds thereof in accordance with the terms of the related loan documents and such failure causes the shortfall), then for purposes of calculating the Compensating Interest Payment for the related Distribution Date, master servicer will pay, without regard to clause (ii) above, the aggregate amount of Prepayment Interest Shortfalls with respect to such Mortgage Loan otherwise described in clause (i) above in connection with such Prohibited Prepayments.

Compensating Interest Payments with respect to the Serviced Whole Loans will be allocated among the related Mortgage Loan and the related Serviced Pari Passu Companion Loan, *pro rata*, in accordance with their respective principal amounts, and the master servicer will be required to pay the portion of such Compensating Interest Payments allocable to the related Serviced Pari Passu Companion Loan to the applicable master servicer under the related other pooling and servicing agreement.

The aggregate of any Excess Prepayment Interest Shortfall allocated to the Mortgage Loans for any Distribution Date will, to the extent of the Non-VRR Percentage thereof, be allocated on such Distribution Date among each class of Non-VRR Certificates *pro rata* in accordance with their respective Interest Accrual Amounts for that Distribution Date, with the remaining portion thereof being deemed allocated to the VRR Interest.

"<u>Excess Prepayment Interest Shortfall</u>" means, with respect to any Distribution Date, the aggregate of any Prepayment Interest Shortfalls resulting from any principal prepayments made on the Mortgage Loans to be included in the Aggregate Available Funds for such Distribution Date that are not covered by the master servicer's Compensating Interest Payment for such Distribution Date and the portion of the compensating interest payments allocable to any Non-Serviced Mortgage Loan to the extent received from the related Non-Serviced Master Servicer.

**Subordination; Allocation of Realized Losses**

The rights of holders of the Subordinate Certificates to receive the Non-VRR Percentage of distributions of amounts collected or advanced on the Mortgage Loans will be subordinated, to the extent described in this prospectus, to the rights of holders of the Senior Certificates. In particular, the rights of the holders of the Class A-S, Class B, Class C, Class D, Class F, Class G and Class J certificates to receive distributions of interest and principal, as applicable, will be subordinated to such rights of the holders of the Senior Certificates. The Class A-S certificates will likewise be protected by the subordination of the Class B, Class C, Class D, Class F, Class G and Class J certificates. The Class B certificates will likewise be protected by the subordination of the Class C, Class D, Class F, Class G and Class J certificates. The Class C certificates will likewise be protected by the subordination of the Class D, Class F, Class G and Class J certificates.

This subordination will be effected in two (2) ways: (i) by the preferential right of the holders of a class of certificates to receive on any Distribution Date the amounts of interest and/or principal distributable to them prior to any distribution being made on such Distribution Date in respect of any classes of certificates subordinate to that class (as described above under "*—Distributions—Priority of Distributions*") and (ii) by the allocation of Non-VRR Realized Losses to classes of Principal Balance Certificates that are subordinate to more senior classes, as described below.

Other than the subordination of certain classes of certificates, as described above, no other form of credit support will be available for the benefit of the Offered Certificates.

Prior to the Cross-Over Date, allocation of principal allocable to the Non-VRR Certificates on any Distribution Date will be made as described under "*—Distributions—Priority of Distributions*" above. On or after the Cross-Over Date, allocation of principal will be made to the Class A-1, Class A-2 and Class A-3 certificates that are still outstanding, *pro rata*, until their Certificate Balances have been reduced to zero. See "*—Distributions—Priority of Distributions*" above.

Allocation to the Class A-1, Class A-2 and Class A-3 certificates, for so long as they are outstanding, of the entire Non-VRR Principal Distribution Amount for each Distribution Date will have the effect of reducing the aggregate Certificate Balance of the Class A-1, Class A-2 and Class A-3 certificates at a proportionately faster rate than the rate at which the aggregate Stated Principal Balance of the pool of Mortgage Loans will decline. Therefore, as principal is distributed to the holders of the Class A-1, Class A-2 and Class A-3 certificates, the percentage interest in the issuing entity evidenced by the Class A-1, Class A-2 and Class A-3 certificates will be decreased (with a corresponding increase in the percentage interest in the issuing entity evidenced by the Subordinate Certificates), thereby increasing, relative to their respective Certificate Balances, the subordination afforded to the Class A-1, Class A-2 and Class A-3 certificates by the Subordinate Certificates.

Following retirement of the Class A-1, Class A-2 and Class A-3 certificates, the successive allocation on each Distribution Date of the remaining Non-VRR Principal Distribution Amount to the Class A-S certificates, the Class B certificates, the Class C certificates, the Class D certificates, the Class F certificates, the Class G certificates and the Class J certificates, in that order, for so long as they are outstanding, will provide a similar, but diminishing benefit to those certificates as to the relative amount of subordination afforded by the outstanding classes of certificates with later sequential designations.

On each Distribution Date, immediately following the distributions to be made to the Certificateholders and the RR Interest Owner on that date, the certificate administrator is required to calculate the Non-VRR Realized Loss and the VRR Realized Loss for such Distribution Date.

The "<u>Non-VRR Realized Loss</u>" with respect to any Distribution Date is the amount, if any, by which (i) the aggregate Certificate Balance of the Principal Balance Certificates, after giving effect to distributions of principal on such Distribution Date, exceeds (ii) the product of (A) the Non-VRR Percentage and (B) the aggregate Stated Principal Balance (for purposes of this calculation only, the aggregate Stated Principal Balance will not be reduced by the amount of principal payments received on the Mortgage Loans that were used to reimburse the master servicer, the special servicer or the trustee from general collections of principal on the Mortgage Loans for Workout-Delayed Reimbursement Amounts, to the extent those amounts are not otherwise determined to be Nonrecoverable Advances) of the Mortgage Loans, including any REO Loans (but in each case, excluding any Companion Loan) as of the end of the last day of the related Collection Period.

The certificate administrator will be required to allocate any Non-VRR Realized Losses among the respective classes of Principal Balance Certificates in the following order, until the Certificate Balance of each such class is reduced to zero:

*first*, to the Class J certificates;

*second*, to the Class G certificates;

*third*, to the Class F certificates;

*fourth*, to the Class D certificates;

*fifth*, to the Class C certificates;

*sixth*, to the Class B certificates; and

*seventh*, to the Class A-S certificates.

Following the reduction of the Certificate Balances of all classes of Subordinate Certificates to zero, the certificate administrator will be required to allocate Non-VRR Realized Losses among the Senior Certificates (other than the Class X-A, Class X-B, Class X-D, Class X-F, Class X-G and Class X-J certificates), *pro rata*, based upon their respective Certificate Balances, until their respective Certificate Balances have been reduced to zero.

Realized Losses will not be allocated to the Class R certificates and will not be directly allocated to the Class X Certificates. However, the Notional Amounts of the classes of Class X Certificates will be reduced if any Related Class X Class is reduced by such Realized Losses.

VRR Realized Losses will be allocated to the VRR Interest. Non-VRR Realized Losses will be allocated to the Principal Balance Certificates.

The VRR Realized Losses and the Non-VRR Realized Losses are referred to in this prospectus as "<u>Realized Losses</u>".

In general, Realized Losses could result from the occurrence of: (1) losses and other shortfalls on or in respect of the Mortgage Loans, including as a result of defaults and delinquencies on the related Mortgage Loans, Nonrecoverable Advances made in respect of the Mortgage Loans, the payment to the special servicer of any compensation as described in "*Pooling and Servicing Agreement—Servicing and Other Compensation and Payment of Expenses*", and the payment of interest on Advances and certain servicing expenses; and (2) certain unanticipated, non-Mortgage Loan specific expenses of the issuing entity, including certain reimbursements to the certificate administrator or trustee as described under "*Transaction Parties—The Trustee and Certificate Administrator*" or "*—The Operating Advisor and Asset Representations Reviewer*", and certain federal, state and local taxes, and certain tax-related expenses, payable out of the issuing entity, as described under "*Material Federal Income Tax Considerations*".

A class of Regular Certificates or the VRR Interest will be considered outstanding until its Certificate Balance, Notional Amount or VRR Interest Balance, as applicable, is reduced to zero. However, notwithstanding a reduction of its Certificate Balance or VRR Interest Balance to zero, reimbursements of any previously allocated Non-VRR Realized Losses and VRR Realized Losses are required thereafter to be made to a class of Principal Balance Certificates and the VRR Interest, as applicable, in accordance with the payment priorities set forth in "*—Distributions—Priority of Distributions*" and "*Credit Risk Retention—The VRR Interest*".

**Reports to Certificateholders and the RR Interest Owner; Certain Available Information**

**Certificate Administrator Reports**

On each Distribution Date, the certificate administrator will be required to prepare and make available to each Certificateholder and the RR Interest Owner of record a Distribution Date Statement based in part on the information delivered to it by the master servicer in the form of Annex B (the "<u>Distribution Date Statement</u>") and providing all information required under Regulation AB relating to distributions made on that date for the relevant class and the recent status of the Mortgage Loans. The certificate administrator will include on each Distribution Date statement a statement that each Certificateholder and the RR Interest Owner may access such notices via the certificate administrator's website and that each Certificateholder and the RR Interest Owner may register to receive electronic mail notifications when such notices are posted thereon.

In addition, the certificate administrator will include (to the extent it receives such information) (i) the identity of any Mortgage Loans permitting additional secured debt, identifying (A) the amount of any additional secured debt incurred during the related Collection Period, (B) the total debt service coverage ratio calculated on the basis of the mortgage loan and such additional secured debt and (C) the aggregate loan-to-value ratio calculated on the basis of the mortgage loan and the additional secured debt in each applicable Form 10-D filed on behalf of the issuing entity and (ii) the beginning and ending account balances for each of the Securitization Accounts (for the applicable period) in each Form 10-D filed on behalf of the issuing entity.

Within a reasonable period of time after the end of each calendar year, the certificate administrator is required to furnish to each person or entity who at any time during the calendar year was a holder of a certificate and the RR Interest Owner, a statement containing information as to (i) the amount of the distribution on each Distribution Date in reduction of the Certificate Balance of the certificates and a reduction in the RR Interest Balance of the RR Interest, as applicable, and (ii) the amount of the distribution on each Distribution Date of the applicable Interest Accrual Amount, in each case, as to the applicable class, aggregated for the related calendar year or applicable partial year during which that person was a Certificateholder or the RR Interest Owner, together with any other information that the certificate administrator deems necessary or desirable, or that a Certificateholder, the RR Interest Owner or a Certificate Owner reasonably requests, to enable Certificateholders and the RR Interest Owner to prepare their tax returns for that calendar year. This obligation of the certificate administrator will be deemed to have been satisfied to the extent that substantially comparable information will be provided by the certificate administrator pursuant to any requirements of the Code as from time to time are in force.

In addition, the certificate administrator will make available on its website (www.ctslink.com), to the extent received from the applicable person, on each Distribution Date to each Privileged Person the following reports (other than clause (1) below, the "<u>CREFC<sup>®</sup> Reports</u>") prepared by the master servicer, the certificate administrator or the special servicer, as applicable, substantially in the form provided in the PSA, in the case of the Distribution Date Statement (which form is subject to change) and as required under the PSA in the case of the CREFC<sup>®</sup> Reports, and including substantially the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a report as of the close of business on the immediately preceding Determination Date, containing some categories of information regarding the Mortgage Loans provided on Annex A-2, calculated, where applicable, on the basis of the most recent relevant information provided by the borrowers to the master servicer and by the master servicer to the certificate administrator, and presented in a loan-by-loan and tabular format substantially similar to the formats utilized on Annex B;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a Commercial Real Estate Finance Council ("<u>CREFC<sup>®</sup></u>") delinquent loan status report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a CREFC<sup>®</sup> historical loan modification and corrected loan report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) a CREFC<sup>®</sup> advance recovery report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) a CREFC<sup>®</sup> total loan report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) a CREFC<sup>®</sup> operating statement analysis report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) a CREFC<sup>®</sup> comparative financial status report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) a CREFC<sup>®</sup> net operating income adjustment worksheet;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) a CREFC<sup>®</sup> real estate owned status report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) a CREFC<sup>®</sup> servicer watch list;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) a CREFC<sup>®</sup> loan level reserve and letter of credit report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) a CREFC<sup>®</sup> property file;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) a CREFC<sup>®</sup> financial file;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) a CREFC<sup>®</sup> loan setup file; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) a CREFC<sup>®</sup> loan periodic update file.

The master servicer or the special servicer, as applicable, may omit any information from these reports that the master servicer or the special servicer regards as confidential, so long as such information is not required to be disclosed pursuant to Item 1125 of Regulation AB. Subject to any

potential liability for willful misconduct, bad faith or negligence as described under "*Pooling and Servicing Agreement—Limitation on Liability; Indemnification*", none of the master servicer, the special servicer, the trustee or the certificate administrator will be responsible for the accuracy or completeness of any information supplied to it by a borrower, a mortgage loan seller or another party to the PSA or a party under a Non-Serviced PSA that is included in any reports, statements, materials or information prepared or provided by it. Some information will be made available to Certificateholders and the RR Interest Owner by electronic transmission as may be agreed upon between the depositor and the certificate administrator.

Before each Distribution Date, the master servicer will deliver to the certificate administrator by electronic means, as required under the PSA:

● a CREFC<sup>®</sup> property file;

● a CREFC<sup>®</sup> financial file;

● a CREFC<sup>®</sup> loan setup file;

● a CREFC<sup>®</sup> loan periodic update file; and

● a CREFC<sup>®</sup> appraisal reduction amount template (if any Appraisal Reduction Amount has been calculated).

No later than two (2) business days following each Distribution Date, the master servicer will deliver to the certificate administrator by electronic means a CREFC<sup>®</sup> Schedule AL file.

In addition, the master servicer (with respect to a Mortgage Loan that is not a Specially Serviced Loan) or special servicer (with respect to Specially Serviced Loans and REO Properties), as applicable, is also required to prepare the following for each Mortgaged Property and REO Property:

● Within 45 days after receipt of a quarterly operating statement, if any, commencing for the quarter ending March 31, 2026, a CREFC<sup>®</sup>operating statement analysis report but only to the extent the related borrower is required by the Mortgage Loan documents to deliver and does deliver, or otherwise agrees to provide and does provide, that information, for the Mortgaged Property or REO Property as of the end of that calendar quarter, *provided, however*, that any analysis or report with respect to the first calendar quarter of each year will not be required to the extent provided in the then current applicable CREFC<sup>®</sup> guidelines (it being understood that as of the date of this prospectus, the applicable CREFC<sup>®</sup> guidelines provide that such analysis or report with respect to the first calendar quarter (in each year) is not required for a Mortgaged Property unless such Mortgaged Property is analyzed on a trailing 12 month basis, or if the related Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan is on the CREFC<sup>®</sup> servicer watch list). The master servicer (with respect to non-Specially Serviced Loans) or the special servicer (with respect to Specially Serviced Loans and REO Properties), as applicable, will deliver to the certificate administrator, the operating advisor and each holder of a Serviced Companion Loan by electronic means the operating statement analysis upon request.

● Within 45 days after receipt by the special servicer (with respect to Specially Serviced Loans and REO Properties) or the master servicer (with respect to a Mortgage Loan or Serviced Whole Loan that is not a Specially Serviced Loan) of any annual operating statements or rent rolls commencing for the calendar year ending December 31, 2026, a CREFC<sup>®</sup>net operating income adjustment worksheet, but only to the extent the related borrower is required by the Mortgage Loan documents to deliver and does deliver, or otherwise agrees to provide and does provide, that information, presenting the computation made in accordance with the methodology described in the PSA to "normalize" the full year net operating income and debt service coverage numbers used by the master servicer to satisfy its obligation to deliver the CREFC<sup>®</sup> net operating income adjustment worksheet described above. The special servicer

or the master servicer will deliver to the certificate administrator, the operating advisor and each holder of a related Serviced Companion Loan by electronic means the CREFC<sup>®</sup> net operating income adjustment worksheet upon request.

Certificate Owners and any holder of a Serviced Companion Loan who are also Privileged Persons may also obtain access to any of the certificate administrator reports upon request and pursuant to the provisions of the PSA. Otherwise, until the time Definitive Certificates are issued to evidence the certificates, the information described above will be available to the related Certificate Owners only if DTC and its participants provide the information to the Certificate Owners. See "*Risk Factors—General Risk Factors—Book-Entry Registration Will Mean You Will Not Be Recognized as a Holder of Record*".

"<u>Privileged Person</u>" includes the depositor and its designees, the initial purchasers, the underwriters, the sponsors, the master servicer, the special servicer, any Excluded Special Servicer, the trustee, the certificate administrator, any additional servicer designated by the master servicer or the special servicer, the operating advisor, any affiliate of the operating advisor designated by the operating advisor, the asset representations reviewer, any holder of a Companion Loan who provides an Investor Certification, any person (including the Directing Holder, the Controlling Class Representative, a Risk Retention Consultation Party or a VRR Interest Owner) who provides the certificate administrator with an Investor Certification and any nationally recognized statistical rating organization within the meaning of Section 3(a)(62) of the Exchange Act ("<u>NRSRO</u>"), including any Rating Agency, that delivers an NRSRO Certification to the certificate administrator, which Investor Certification and NRSRO Certification may be submitted electronically via the certificate administrator's website; *provided* that in no event may a Borrower Party (other than a Borrower Party that is a Risk Retention Consultation Party or a special servicer) be entitled to receive (i) if such party is the Directing Holder or any Controlling Class Certificateholder, any Excluded Information via the certificate administrator's website (unless a loan-by-loan segregation is later performed by the certificate administrator in which case such access will only be prohibited with respect to the related Excluded Controlling Class Loan(s)), and (ii) if such party is not the Directing Holder or any Controlling Class Certificateholder, any information other than the Distribution Date Statement; *provided*, *however*, that, if the special servicer obtains knowledge that it is a Borrower Party, the special servicer will nevertheless be a Privileged Person; *provided*, *further*, *however*, that the special servicer may not directly or indirectly provide any information related to any Excluded Special Servicer Loan (which may include any asset status reports, Final Asset Status Reports (or summaries thereof), and such other information as may be specified in the PSA pertaining to such Excluded Special Servicer Loan) to the related Borrower Party, any of the special servicer's employees or personnel or any of its affiliates involved in the management of any investment in the related Borrower Party or the related Mortgaged Property or, to its actual knowledge, any non-affiliate that holds a direct or indirect ownership interest in the related Borrower Party, and will maintain sufficient internal controls and appropriate policies and procedures in place in order to comply with those obligations; *provided*, *further*, *however*, that any Excluded Controlling Class Holder will be permitted to reasonably request and obtain, in accordance with terms of the PSA, any Excluded Information relating to any Excluded Controlling Class Loan with respect to which such Excluded Controlling Class Holder is not a Borrower Party (if such Excluded Information is not otherwise available to such Excluded Controlling Class Holder via the certificate administrator's website on account of it constituting Excluded Information) from the master servicer or the special servicer, as the case may be. Notwithstanding any provision to the contrary in this prospectus, neither the master servicer nor the certificate administrator will have any obligation to take separate action to restrict access by the special servicer or any Excluded Special Servicer to any information related to any Excluded Special Servicer Loan solely because it is an Excluded Special Servicer Loan.

In determining whether any person is an additional servicer or an affiliate of the operating advisor, the certificate administrator may rely on a certification by the master servicer, the special servicer, a mortgage loan seller or the operating advisor, as the case may be.

The "<u>Risk Retention Consultation Parties</u>" will be (i) a party selected by Deutsche Bank AG, New York Branch, (ii) a party selected by Goldman Sachs Bank USA and (iii) a party selected by Citi Real Estate Funding Inc., in each case, as an owner of the VRR Interest. The depositor will promptly provide the name and contact information for each initial Risk Retention Consultation Party upon request and any

such requesting party may conclusively rely on the name and contact information provided by the depositor. The certificate administrator and the other parties to the PSA will be entitled to assume that the identity of a Risk Retention Consultation Party has not changed until such parties receive written notice of (including the identity and contact information for) a replacement of the Risk Retention Consultation Party from the RR Interest Owner or the applicable Class RR Certificateholder, as applicable. Notwithstanding the foregoing, no Risk Retention Consultation Party will have any consultation rights with respect to any related Excluded Loan. Each of DBNY, GSMC and CREFI (or their respective affiliate) is expected to be an initial Risk Retention Consultation Party.

"<u>Borrower Party</u>" means a borrower, a manager of a Mortgaged Property, a Restricted Mezzanine Holder or a Borrower Party Affiliate.

"<u>Borrower Party Affiliate</u>" means, with respect to a borrower, a manager of a Mortgaged Property or a Restricted Mezzanine Holder, (a) any other person controlling or controlled by or under common control with such borrower, manager or Restricted Mezzanine Holder, as applicable, or (b) any other person owning, directly or indirectly, twenty-five percent (25%) or more of the beneficial interests in such borrower, manager or Restricted Mezzanine Holder, as applicable. For the purposes of this definition, "control" when used with respect to any specified person means the power to direct the management and policies of such person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise and the terms "controlling" and "controlled" have meanings correlative to the foregoing.

"<u>Excluded Controlling Class Loan</u>" means a Mortgage Loan or Whole Loan with respect to which, as of any date of determination, the Controlling Class Representative or any Controlling Class Certificateholder, as applicable, is a Borrower Party.

"<u>Excluded Information</u>" means, with respect to any Excluded Controlling Class Loan, any information solely related to such Excluded Controlling Class Loan and/or the related Mortgaged Properties, which may include any asset status reports, Final Asset Status Reports (or summaries thereof), and such other information as may be specified in the PSA pertaining to such Excluded Controlling Class Loan and/or the related Mortgaged Properties, other than any such information with respect to such Excluded Controlling Class Loan that is aggregated with information of other Mortgage Loans at a pool level and other than CREFC<sup>®</sup> Reports (other than the CREFC<sup>®</sup> special servicer loan file for the related Excluded Controlling Class Loan).

"<u>Excluded Loan</u>" means with respect to (i) the Controlling Class Representative, any Mortgage Loan or Whole Loan with respect to which the Controlling Class Representative or the holder of the majority of the Controlling Class (by Certificate Balance) is a Borrower Party, or (ii) a Risk Retention Consultation Party, any Mortgage Loan or Whole Loan if, as of any date of determination, such Risk Retention Consultation Party or the person entitled to appoint such Risk Retention Consultation Party is a Borrower Party.

"<u>Investor Certification</u>" means a certificate (which may be in electronic form), substantially in the form attached to the PSA or in the form of an electronic certification contained on the certificate administrator's website (which may be a click through confirmation), representing (i) that such person executing the certificate is a Certificateholder, the RR Interest Owner, the Directing Holder or a Risk Retention Consultation Party (in each case, to the extent such person is not a Certificateholder), a beneficial owner of a certificate, a Companion Loan Holder or a prospective purchaser of a certificate (or any investment advisor or manager of the foregoing), (ii) that either (a) such person is a Risk Retention Consultation Party or is not a Borrower Party, in which case such person will have access to all the reports and information made available to Certificateholders via the certificate administrator's website under the PSA, or (b) such person is a Borrower Party (other than a Risk Retention Consultation Party), in which case (1) if such person is the Directing Holder or a Controlling Class Certificateholder, such person will have access to all the reports and information made available to Certificateholders via the certificate administrator's website under the PSA other than any Excluded Information relating to an Excluded Controlling Class Loan applicable to such party as set forth in the PSA or (2) if such person is not the Directing Holder or a Controlling Class Certificateholder, such person will only receive access to the

Distribution Date Statements prepared by the certificate administrator, (iii) such person has received a copy of the final prospectus and (iv) such person agrees to keep any Privileged Information confidential and will not violate any securities laws; *provided, however*, that any Excluded Controlling Class Holder (i) will be permitted to obtain, upon request in accordance with terms of PSA, any Excluded Information relating to any Excluded Controlling Class Loan with respect to which such Excluded Controlling Class Holder is not a Borrower Party (if such Excluded Information is not otherwise available to such Excluded Controlling Class Holder via the certificate administrator's website on account of it constituting Excluded Information) from the master servicer or the special servicer, as the case may be, and (ii) will be considered a Privileged Person for all other purposes, except with respect to its ability to obtain information with respect to any related Excluded Controlling Class Loan.

"<u>Restricted Mezzanine Holder</u>" means a holder of a related mezzanine loan that has been accelerated or as to which the mezzanine lender has initiated foreclosure or enforcement proceedings against the equity collateral pledged to secure such mezzanine loan.

A "<u>Certificateholder</u>" is the person in whose name a certificate (including the Class RR certificates) is registered in the certificate register or any beneficial owner thereof; *provided, however*, that solely for the purposes of giving any consent, approval, waiver or taking any action pursuant to the PSA, any certificate (including the Class RR certificates) registered in the name of or beneficially owned by the master servicer, the special servicer (including, for the avoidance of doubt, any Excluded Special Servicer), the trustee, the certificate administrator, the depositor, a mortgage loan seller, a mortgagor, a Borrower Party or any affiliate of any of such persons will be deemed to be not outstanding (*provided* that notwithstanding the foregoing, any Controlling Class certificates owned by an Excluded Controlling Class Holder will be deemed to be not outstanding as to such Excluded Controlling Class Holder solely with respect to any related Excluded Controlling Class Loan; and *provided, further*, that any Controlling Class certificates owned by the special servicer or an affiliate thereof will be deemed to be not outstanding as to the special servicer or such affiliate solely with respect to any related Excluded Special Servicer Loan), and the Voting Rights to which it is entitled will not be taken into account in determining whether the requisite percentage of Voting Rights necessary to effect any such consent, approval, waiver or take any such action has been obtained; *provided, however*, that the foregoing restrictions will not apply in the case of the master servicer, the special servicer (including, for the avoidance of doubt, any Excluded Special Servicer), the trustee, the certificate administrator, the depositor, the mortgage loan sellers or any affiliate of any of such persons unless such consent, approval or waiver sought from such party would in any way increase its compensation or limit its obligations in the named capacities under the PSA or waive a Servicer Termination Event or trigger an Asset Review with respect to such Mortgage Loan; *provided, further*, that so long as there is no Servicer Termination Event with respect to the master servicer or special servicer, the master servicer and the special servicer or such affiliate of either will be entitled to exercise such Voting Rights with respect to any issue which could reasonably be believed to adversely affect such party's compensation or increase its obligations or liabilities under the PSA; and *provided, further*, that such restrictions will not apply to (i) the exercise of the special servicer's, the master servicer's or the related mortgage loan seller's rights, if any, or any of their affiliates as a member of the Controlling Class or (ii) any affiliate of the depositor, the master servicer, the special servicer, the trustee or the certificate administrator that has provided an Investor Certification in which it has certified as to the existence of certain policies and procedures restricting the flow of information between it and the depositor, the master servicer, the special servicer, the trustee or the certificate administrator, as applicable.

"<u>NRSRO Certification</u>" means a certification (a) executed by an NRSRO or (b) provided electronically and executed by such NRSRO by means of a "click-through" confirmation on the 17g-5 Information Provider's website in favor of the 17g-5 Information Provider that states that such NRSRO is a Rating Agency as such term is defined in the PSA or that such NRSRO has provided the depositor with the appropriate certifications pursuant to paragraph (e) of Rule 17g-5 under the Exchange Act ("<u>Rule 17g-5</u>"), that such NRSRO has access to the depositor's 17g-5 website, and that such NRSRO will keep such information confidential except to the extent such information has been made available to the general public.

Under the PSA, the master servicer or the special servicer, as applicable, is required to provide to the holders of any Companion Loan (or their designee including any master servicer or any special servicer) certain other reports, copies and information relating to the related Serviced Whole Loan to the extent required under the related Co-Lender Agreement.

Certain information concerning the Mortgage Loans and the certificates, including the Distribution Date Statements, CREFC<sup>®</sup> Reports and supplemental notices with respect to such Distribution Date Statements and CREFC<sup>®</sup> Reports, may be provided by the certificate administrator at the direction of the depositor (which may be in the form of a standing order) to certain market data providers, such as Bloomberg Financial Markets, L.P., Trepp, LLC, Intex Solutions, Inc., Moody's Analytics, CMBS.com, Inc., BlackRock Financial Management, Inc., Markit Group Limited, RealINSIGHT, LSEG, Intercontinental Exchange \| ICE Data Services, KBRA Analytics, LLC, DealX, Fintech Data LLC, d.b.a. CRED iQ and redIQ LLC (each, a "<u>Financial Market Publisher</u>"), pursuant to the terms of the PSA.

Upon the reasonable request of any Certificateholder or the RR Interest Owner that is a Privileged Person identified to the master servicer's reasonable satisfaction, the master servicer may provide (or forward electronically) at the expense of such Certificateholder or the RR Interest Owner copies of any appraisals, operating statements, rent rolls and financial statements obtained by the master servicer; *provided*, that in connection with such request, the master servicer may require a written confirmation executed by the requesting person substantially in such form as may be reasonably acceptable to the master servicer, generally to the effect that such person is a Certificateholder, the RR Interest Owner or a Certificate Owner and a Privileged Person, will keep such information confidential and will use such information only for the purpose of analyzing asset performance and evaluating any continuing rights the Certificateholder and the RR Interest Owner may have under the PSA. Certificateholders and the RR Interest Owner will not, however, be given access to or be provided copies of, any Mortgage Files or Diligence Files.

**Information Available Electronically**

The certificate administrator will make available to any Privileged Person via the certificate administrator's website and will make available to the general public this prospectus, Distribution Date Statements, the PSA, each MLPA and the SEC EDGAR filings referred to below:

● the following "deal documents":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the PSA, each sub-servicing agreement delivered to the certificate administrator from and after the Closing Date, if any, and each
MLPA and any amendments and exhibits to those agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the CREFC<sup>®</sup> loan setup file delivered to the certificate administrator by the master servicer;

● the following "SEC EDGAR filings":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o any reports on Forms 10-D, 10-K, 8-K and ABS-EE that have been filed by the certificate administrator with respect to
the issuing entity through the SEC's Electronic Data Gathering and Retrieval (EDGAR) system;

● the following documents, which will be made available under a tab or heading designated "periodic reports":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the Distribution Date Statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the CREFC<sup>®</sup> bond level files;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the CREFC<sup>®</sup> collateral summary files;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the CREFC<sup>®</sup> Reports, other than the CREFC<sup>®</sup> loan setup file and CREFC<sup>®</sup> special servicer
loan file (provided that they are received by the certificate administrator);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the CREFC<sup>®</sup> appraisal reduction amount template;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the annual reports prepared by the operating advisor;

● the following documents, which will be made available under a tab or heading designated "additional documents":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the summary of any Final Asset Status Report as provided by the special servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o any property inspection reports, any environmental reports and appraisals delivered to the certificate administrator in electronic
format;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o any notice or documents provided to the certificate administrator by the depositor, the master servicer or the special servicer directing
the certificate administrator to post to the "additional documents" tab;

● the following documents, which will be made available under a tab or heading designated "special notices":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o notice of any release based on an environmental release under the PSA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o notice of any waiver, modification or amendment of any term of any Mortgage Loan or Whole Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o notice of final payment on the certificates or the RR Interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o all notices of the occurrence of any Servicer Termination Event received by the certificate administrator or any notice to Certificateholders
or the RR Interest Owner of the termination of the master servicer or the special servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o any notice of resignation or termination of the master servicer or the special servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o notice of resignation of the trustee or the certificate administrator, and notice of the acceptance of appointment by the successor
trustee or the successor certificate administrator, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o any notice of any request by requisite percentage of Voting Rights for a vote to terminate the special servicer, the operating advisor
or the asset representations reviewer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o any notice to Certificateholders or the RR Interest Owner of the operating advisor's recommendation to replace the special servicer
and the related report prepared by the operating advisor in connection with such recommendation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o notice of resignation or termination of the operating advisor or the asset representations reviewer and notice of the acceptance of
appointment by the successor operating advisor or the successor asset representations reviewer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o notice of the certificate administrator's determination that an Asset Review Trigger has occurred and a copy of any Asset Review
Report Summary received by the certificate administrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o officer's certificates supporting any determination that any Advance was (or, if made, would be) a Nonrecoverable Advance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o any notice of the termination of the issuing entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o any notice that a Control Termination Event has occurred or is terminated or that a Consultation Termination Event has occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o any notice of the occurrence of an Operating Advisor Termination Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o any notice of the occurrence of an Asset Representations Reviewer Termination Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o any Proposed Course of Action Notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o any assessment of compliance delivered to the certificate administrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o any Attestation Reports delivered to the certificate administrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o any document provided by the master servicer or the depositor directing the certificate administrator to post same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o any "special notices" requested by a Certificateholder to be posted on the certificate administrator's website described
under "*—Certificateholder Communication*" below;

● the "Investor Q&A Forum";

● solely to Certificateholders and Certificate Owners that are Privileged Persons, the "Investor Registry"; and

● the "U.S. Risk Retention Special Notices" tab;

*provided* that with respect to a Control Termination Event or a Consultation Termination Event deemed to exist due solely to the existence of any applicable Excluded Loan, the certificate administrator will only be required to make available such notice of the occurrence and continuance of a Control Termination Event or the notice of the occurrence and continuance of a Consultation Termination Event to the extent the certificate administrator has been notified of such Excluded Loan.

The certificate administrator will be required to, in addition to posting the applicable notices on the "U.S. Risk Retention Special Notices" tab described above, provide email notification to any Privileged Person (other than Financial Market Publishers) that has registered to receive access to the certificate administrator's website that a notice has been posted to the "U.S. Risk Retention Special Notices" tab.

Notwithstanding the foregoing, if the Controlling Class Representative or any Controlling Class Certificateholder, as applicable, is a Borrower Party with respect to any related Excluded Controlling Class Loan (such party, an "<u>Excluded Controlling Class Holder</u>"), such Excluded Controlling Class Holder is required to promptly notify each of the master servicer, the special servicer, the operating advisor, the trustee and the certificate administrator pursuant to the PSA and provide a new Investor Certification pursuant to the PSA and will not be entitled to access any Excluded Information (unless a loan-by-loan segregation is later performed by the certificate administrator in which case such access will only be prohibited with respect to the related Excluded Controlling Class Loan(s)) made available on the certificate administrator's website for so long as it is an Excluded Controlling Class Holder. The PSA will require each Excluded Controlling Class Holder in such new Investor Certification to certify that it acknowledges and agrees that it is prohibited from accessing and reviewing (and it agrees not to access and review) any Excluded Information. In addition, if the Directing Holder or any Controlling Class Certificateholder is not an Excluded Controlling Class Holder, such person will certify and agree that they will not share any Excluded Information with any Excluded Controlling Class Holder.

Notwithstanding the foregoing, nothing set forth in the PSA will prohibit the Directing Holder or any Controlling Class Certificateholder from receiving, requesting or reviewing any Excluded Information relating to any Excluded Controlling Class Loan with respect to which the Directing Holder or such Controlling Class Certificateholder is not a Borrower Party and, if such Excluded Information is not available to such Excluded Controlling Class Holder via the certificate administrator's website on account of it constituting Excluded Information, such Directing Holder or Controlling Class Certificateholder that is not a Borrower Party with respect to the related Excluded Controlling Class Loan will be permitted to reasonably request and obtain such information in accordance with terms of the PSA and the master servicer and the special servicer, as applicable, may require and rely on certifications and other reasonable information prior to releasing any such information.

To the extent the Directing Holder or any Controlling Class Certificateholder receives access pursuant to the PSA to any Excluded Information on the certificate administrator's website or otherwise receives access to such Excluded Information, such Directing Holder or any Controlling Class Certificateholder will be deemed to have agreed that it (i) will not directly or indirectly provide any such Excluded Information to (A) the related Borrower Party, (B) any related Excluded Controlling Class Holder, (C) any employees or personnel of such Directing Holder or any Controlling Class Certificateholder or any of its affiliates involved in the management of any investment in the related Borrower Party or the related Mortgaged Property or (D) to its actual knowledge, any non-affiliate that holds a direct or indirect ownership interest in the related Borrower Party, and (ii) will maintain sufficient internal controls and appropriate policies and procedures in place in order to comply with the obligations described in <u>clause (i)</u> above.

Any reports on Form 10-D filed by the certificate administrator will contain (i) the information required by Rule 15Ga-1(a) concerning all Mortgage Loans held by the issuing entity that were the subject of a demand to repurchase or replace due to a breach or alleged breach of one or more representations and warranties made by the related mortgage loan seller, (ii) a reference to the most recent Form ABS-15G filed by the depositor and the mortgage loan sellers, if applicable, and the SEC's assigned "Central Index Key" for each such filer and (iii) certain account balances to the extent available to the certificate administrator.

The certificate administrator will not make any representation or warranty as to the accuracy or completeness of any report, document or other information made available on the certificate administrator's website or its filing of such information pursuant to the PSA, including, but not limited to, filing via EDGAR, and will assume no responsibility for any such report, document or other information, other than with respect to such reports, documents or other information prepared by the certificate administrator. In addition, the certificate administrator may disclaim responsibility for any information distributed by it or filed by it, as applicable, for which it is not the original source.

In connection with providing access to the certificate administrator's website (other than with respect to access provided to the general public in accordance with the PSA), the certificate administrator may require registration and the acceptance of a disclaimer, including an agreement to keep certain nonpublic information made available on the website confidential, as required under the PSA. The certificate administrator will not be liable for the dissemination of information in accordance with the PSA.

The certificate administrator will make the "Investor Q&A Forum" available to Privileged Persons via the certificate administrator's website under a tab or heading designated "Investor Q&A Forum", where (i) Certificateholders, the RR Interest Owner and beneficial owners that are Privileged Persons may submit inquiries to (a) the certificate administrator relating to the Distribution Date Statements, (b) the master servicer or the special servicer relating to servicing reports, the Mortgage Loans (excluding any Non-Serviced Mortgage Loan) or the related Mortgaged Properties or (c) the operating advisor relating to annual or other reports prepared by the operating advisor or actions by the special servicer referenced in such reports, and (ii) Privileged Persons may view previously submitted inquiries and related answers. The certificate administrator will forward such inquiries to the appropriate person and, in the case of an inquiry relating to a Non-Serviced Mortgage Loan, to the applicable party under the related Non-Serviced PSA. The certificate administrator, the master servicer, the special servicer or the operating advisor, as applicable, will be required to answer each inquiry, unless such party determines (i) the question is beyond the scope of the topics detailed above, (ii) that answering the inquiry would not be in the best

interests of the issuing entity and/or the Certificateholders and/or the RR Interest Owner, (iii) that answering the inquiry would be in violation of applicable law, the PSA (including requirements in respect of non-disclosure of Privileged Information) or the Mortgage Loan documents, (iv) that answering the inquiry would materially increase the duties of, or result in significant additional cost or expense to, the certificate administrator, the master servicer, the special servicer or the operating advisor, as applicable, (v) that answering the inquiry would require the disclosure of Privileged Information (subject to the Privileged Information Exception) or (vi) that answering the inquiry is otherwise, for any reason, not advisable. In addition, no party will post or otherwise disclose any direct communications with the Directing Holder or a Risk Retention Consultation Party as part of its responses to any inquiries. In the case of an inquiry relating to any Non-Serviced Mortgage Loan, the certificate administrator is required to make reasonable efforts to obtain an answer from the applicable party under the related Non-Serviced PSA; *provided* that the certificate administrator will not be responsible for the content of such answer, or any delay or failure to obtain such answer. The certificate administrator will be required to post the inquiries and related answers, if any, on the Investor Q&A Forum, subject to and in accordance with the PSA. The Investor Q&A Forum may not reflect questions, answers and other communications that are not submitted through the certificate administrator's website. Answers posted on the Investor Q&A Forum will be attributable only to the respondent, and will not be deemed to be answers from any of the depositor, the underwriters or any of their respective affiliates. None of the underwriters, depositor, any of their respective affiliates or any other person will certify as to the accuracy of any of the information posted in the Investor Q&A Forum and no such person will have any responsibility or liability for the content of any such information.

The certificate administrator will make the "Investor Registry" available to any Certificateholder, the RR Interest Owner and beneficial owner that is a Privileged Person via the certificate administrator's website. Certificateholders, the RR Interest Owner and beneficial owners may register on a voluntary basis for the "Investor Registry" and obtain contact information for any other Certificateholder, the RR Interest Owner or beneficial owner that has also registered, *provided* that they comply with certain requirements as provided for in the PSA.

The certificate administrator's website will initially be located at "www.ctslink.com". Access will be provided by the certificate administrator to such persons upon receipt by the certificate administrator from such person of an Investor Certification or NRSRO Certification in the form(s) attached to the PSA, which form(s) will also be located on and may be submitted electronically via the certificate administrator's website. The parties to the PSA will not be required to provide that certification. In connection with providing access to the certificate administrator's website, the certificate administrator may require registration and the acceptance of a disclaimer. The certificate administrator will not be liable for the dissemination of information in accordance with the terms of the PSA. The certificate administrator will make no representation or warranty as to the accuracy or completeness of such documents and will assume no responsibility for them. In addition, the certificate administrator may disclaim responsibility for any information distributed by the certificate administrator for which it is not the original source. Assistance in using the certificate administrator's website can be obtained by calling the certificate administrator's customer service desk at 866-846-4526.

The certificate administrator is responsible for the preparation of tax returns on behalf of the issuing entity and the preparation of Distribution Reports on Form 10-D (based on information included in each monthly Distribution Date Statement and other information provided by other transaction parties) and Annual Reports on Form 10-K and certain other reports on Form 8-K that are required to be filed with the SEC on behalf of the issuing entity.

"<u>17g-5 Information Provider</u>" means the certificate administrator.

The PSA will require the master servicer and the special servicer, subject to certain restrictions (including execution and delivery of a confidentiality agreement) set forth in the PSA, to provide certain of the reports or, in the case of the master servicer and the Controlling Class Certificateholder, access to the reports available as set forth above, as well as certain other information received by the master servicer, to any Privileged Person so identified by a Certificate Owner or an underwriter, that requests reports or information. However, the master servicer and the special servicer will be permitted to require payment of

a sum sufficient to cover the reasonable costs and expenses of providing copies of these reports or information (which such amounts in any event are not reimbursable as additional trust fund expenses), except that, other than for extraordinary or duplicate requests, prior to the occurrence of a Consultation Termination Event, the Directing Holder will be entitled to reports and information free of charge. Except as otherwise set forth in this paragraph, until the time definitive certificates are issued, notices and statements required to be mailed to Certificateholders will be available to Certificate Owners of certificates only to the extent they are forwarded by or otherwise available through DTC and its Participants. Conveyance of notices and other communications by DTC to Participants, and by Participants to Certificate Owners, will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time. Except as otherwise set forth in this paragraph, the master servicer, the special servicer, the trustee, the certificate administrator and the depositor are required to recognize as Certificateholders or the RR Interest Owner only those persons in whose names the certificates or the RR Interest, as applicable, are registered on the books and records of the certificate registrar. The initial registered holder of the Offered Certificates will be Cede & Co., as nominee for DTC.

**Voting Rights**

At all times during the term of the PSA, the voting rights for the certificates (the "<u>Voting Rights</u>") will be allocated among the respective classes of Certificateholders as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) 1% in the case of the Class X Certificates, allocated *pro rata*, based upon their respective Notional Amounts as of the date of determination, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 99% in the case of the Principal Balance Certificates and the Class RR certificates, allocated among the holders of such respective classes of certificates in proportion to the Certificate Balances of their certificates (and solely in connection with certain votes relating to the replacement of the special servicer and the operating advisor as described in this prospectus, taking into account any notional reduction in the Certificate Balance for Appraisal Reduction Amounts allocated to such certificates).

The Voting Rights of any class of certificates are required to be allocated among Certificateholders of such class in proportion to their respective Percentage Interests.

Neither the Class R certificates nor the RR Interest will be entitled to any Voting Rights.

**Delivery, Form, Transfer and Denomination**

The Offered Certificates (other than the Class X-A and Class X-B certificates) will be issued, maintained and transferred in the book-entry form only in minimum denominations of $10,000 initial Certificate Balance, and in multiples of $1 in excess of $10,000. The Class X-A and Class X-B certificates will be issued, maintained and transferred only in minimum denominations of authorized initial Notional Amounts of not less than $1,000,000 and in integral multiples of $1 in excess of $1,000,000.

**Book-Entry Registration**

The Offered Certificates will initially be represented by one or more global certificates for each such class registered in the name of a nominee of The Depository Trust Company ("<u>DTC</u>"). The depositor has been informed by DTC that DTC's nominee will be Cede & Co. No holder of an Offered Certificate will be entitled to receive a certificate issued in fully registered, certificated form (each, a "<u>Definitive Certificate</u>") representing its interest in such class, except under the limited circumstances described under "*―Definitive Certificates*" below. Unless and until Definitive Certificates are issued, all references to actions by holders of the Offered Certificates will refer to actions taken by DTC upon instructions received from holders of Offered Certificates through its participating organizations (together with Clearstream Banking, Luxembourg ("<u>Clearstream</u>") and Euroclear Bank, as operator of the Euroclear System ("<u>Euroclear</u>") participating organizations, the "<u>Participants</u>"), and all references in this prospectus to payments, notices, reports, statements and other information to holders of Offered Certificates will refer to payments, notices, reports and statements to DTC or Cede & Co., as the registered holder of the Offered Certificates, for distribution to holders of Offered Certificates through its Participants in accordance with

DTC procedures; *provided*, *however*, that to the extent that the party to the PSA responsible for distributing any report, statement or other information has been provided in writing with the name of the Certificate Owner of such an Offered Certificate (or the prospective transferee of such Certificate Owner), such report, statement or other information will be provided to such Certificate Owner (or prospective transferee).

Until Definitive Certificates are issued in respect of the Offered Certificates, interests in the Offered Certificates will be transferred on the book-entry records of DTC and its Participants. The certificate administrator will initially serve as certificate registrar for purposes of recording and otherwise providing for the registration of the Offered Certificates.

Holders of Offered Certificates may hold their certificates through DTC (in the United States) or Clearstream or Euroclear (in Europe) if they are Participants of such system, or indirectly through organizations that are participants in such systems. Clearstream and Euroclear will hold omnibus positions on behalf of the Clearstream Participants and the Euroclear Participants, respectively, through customers' securities accounts in Clearstream's and Euroclear's names on the books of their respective depositaries (collectively, the "<u>Depositaries</u>"), which in turn will hold such positions in customers' securities accounts in the Depositaries' names on the books of DTC. DTC is a limited purpose trust company organized under the New York Banking Law, a "banking organization" within the meaning of the New York Banking Law, a member of the Federal Reserve System, a "clearing corporation" within the meaning of the New York Uniform Commercial Code and a "clearing agency" registered pursuant to Section 17A of the Exchange Act. DTC was created to hold securities for its Participants and to facilitate the clearance and settlement of securities transactions between Participants through electronic computerized book-entries, thereby eliminating the need for physical movement of certificates. Participants ("<u>DTC Participants</u>") include securities brokers and dealers, banks, trust companies and clearing corporations. Indirect access to the DTC system also is available to others such as banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a Participant, either directly or indirectly ("<u>Indirect Participants</u>").

Transfers between DTC Participants will occur in accordance with DTC Rules. Transfers between Clearstream Participants and Euroclear Participants will occur in accordance with the applicable rules and operating procedures of Clearstream and Euroclear.

Cross-market transfers between persons holding directly or indirectly through DTC, on the one hand, and directly through Clearstream Participants or Euroclear Participants, on the other, will be effected in DTC in accordance with DTC Rules on behalf of the relevant European international clearing system by its Depositary; however, such cross-market transactions will require delivery of instructions to the relevant European international clearing system by the counterparty in such system in accordance with its rules and procedures and within its established deadlines (European time). The relevant European international clearing system will, if the transaction meets its settlement requirements, deliver instructions to its Depositary to take action to effect final settlement on its behalf by delivering or receiving securities in DTC, and making or receiving payment in accordance with normal procedures for same-day funds settlement applicable to DTC. Clearstream Participants and Euroclear Participants may not deliver instructions directly to the Depositaries.

Because of time-zone differences, credits of securities in Clearstream or Euroclear as a result of a transaction with a DTC Participant will be made during the subsequent securities settlement processing, dated the business day following the DTC settlement date, and such credits or any transactions in such securities settled during such processing will be reported to the relevant Clearstream Participant or Euroclear Participant on such business day. Cash received in Clearstream or Euroclear as a result of sales of securities by or through a Clearstream Participant or a Euroclear Participant to a DTC Participant will be received with value on the DTC settlement date but will be available in the relevant Clearstream or Euroclear cash account only as of the business day following settlement in DTC.

The holders of Offered Certificates that are not Participants or Indirect Participants but desire to purchase, sell or otherwise transfer ownership of, or other interests in, such Offered Certificates may do so only through Participants and Indirect Participants. In addition, holders of Offered Certificates in global

form ("<u>Certificate Owners</u>") will receive all distributions of principal and interest through the Participants who in turn will receive them from DTC. Under a book-entry format, holders of such Offered Certificates may experience some delay in their receipt of payments, since such payments will be forwarded by the certificate administrator to Cede & Co., as nominee for DTC. DTC will forward such payments to its Participants, which thereafter will forward them to Indirect Participants or the applicable Certificate Owners. Certificate Owners will not be recognized by the trustee, the certificate administrator, the certificate registrar, the operating advisor, the special servicer or the master servicer as holders of record of certificates and Certificate Owners will be permitted to receive information furnished to Certificateholders and to exercise the rights of Certificateholders only indirectly through DTC and its Participants and Indirect Participants, except that Certificate Owners will be entitled to receive or have access to notices and information and to exercise certain rights as holders of beneficial interests in the certificates through the certificate administrator and the trustee to the extent described in "*—Reports to Certificateholders and the RR Interest Owner; Certain Available Information*"*,* "*—Certificateholder Communication*" and "*—List of Certificateholders*" and "*Pooling and Servicing Agreement—The Operating Advisor*"*,* "*—The Asset Representations Reviewer*"*,* "*—Replacement of the Special Servicer After Operating Advisor Recommendation and Investor Vote*"*,* "*—Limitation on Rights of Certificateholders and the RR Interest Owner to Institute a Proceeding", "—Termination; Retirement of Certificates" and* "*—Resignation and Removal of the Trustee and the Certificate Administrator*".

Under the rules, regulations and procedures creating and affecting DTC and its operations (the "<u>DTC Rules</u>"), DTC is required to make book-entry transfers of Offered Certificates in global form among Participants on whose behalf it acts with respect to such Offered Certificates and to receive and transmit distributions of principal of, and interest on, such Offered Certificates. Participants and Indirect Participants with which the Certificate Owners have accounts with respect to the Offered Certificates similarly are required to make book-entry transfers and receive and transmit such payments on behalf of their respective Certificate Owners. Accordingly, although the Certificate Owners will not possess the Offered Certificates, the DTC Rules provide a mechanism by which Certificate Owners will receive payments on Offered Certificates and will be able to transfer their interest.

Because DTC can only act on behalf of Participants, who in turn act on behalf of Indirect Participants and certain banks, the ability of a holder of Offered Certificates in global form to pledge such Offered Certificates to persons or entities that do not participate in the DTC system, or to otherwise act with respect to such Offered Certificates, may be limited due to the lack of a physical certificate for such Offered Certificates.

DTC has advised the depositor that it will take any action permitted to be taken by a holder of an Offered Certificate under the PSA only at the direction of one or more Participants to whose accounts with DTC such certificate is credited. DTC may take conflicting actions with respect to other undivided interests to the extent that such actions are taken on behalf of Participants whose holdings include such undivided interests.

Clearstream is incorporated under the laws of Luxembourg and is a global securities settlement clearing house. Clearstream holds securities for its participating organizations ("<u>Clearstream Participants</u>") and facilitates the clearance and settlement of securities transactions between Clearstream Participants through electronic book-entry changes in accounts of Clearstream Participants, thereby eliminating the need for physical movement of certificates. Transactions may be settled in Clearstream in numerous currencies, including United States dollars. Clearstream provides to its Clearstream Participants, among other things, services for safekeeping, administration, clearance and settlement of internationally traded securities and securities lending and borrowing. Clearstream interfaces with domestic markets in several countries. Clearstream is regulated as a bank by the Luxembourg Monetary Institute. Clearstream Participants are recognized financial institutions around the world, including underwriters, securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations and may include the underwriters. Indirect access to Clearstream is also available to others, such as banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a Clearstream Participant, either directly or indirectly.

Euroclear was created in 1968 to hold securities for participants of the Euroclear system ("<u>Euroclear Participants</u>") and to clear and settle transactions between Euroclear Participants through simultaneous electronic book-entry delivery against payment, thereby eliminating the need for physical movement of certificates and any risk from lack of simultaneous transfers of securities and cash. Transactions may now be settled in any of numerous currencies, including United States dollars. The Euroclear system includes various other services, including securities lending and borrowing and interfaces with domestic markets in several countries generally similar to the arrangements for cross-market transfers with DTC described above. Euroclear is operated by Euroclear Bank S.A./N.V. (the "<u>Euroclear Operator</u>"). All operations are conducted by the Euroclear Operator, and all Euroclear securities clearance accounts and Euroclear cash accounts are accounts with the Euroclear Operator. Euroclear Participants include banks (including central banks), securities brokers and dealers and other professional financial intermediaries and may include the underwriters. Indirect access to the Euroclear system is also available to other firms that clear through or maintain a custodial relationship with a Euroclear Participant, either directly or indirectly.

Securities clearance accounts and cash accounts with the Euroclear Operator are governed by the Terms and Conditions Governing Use of Euroclear and the related operating procedures of the Euroclear System and applicable Belgian law (collectively, the "<u>Terms and Conditions</u>"). The Terms and Conditions govern transfers of securities and cash within the Euroclear system, withdrawal of securities and cash from the Euroclear system, and receipts of payments with respect to securities in the Euroclear system. All securities in the Euroclear system are held on a fungible basis without attribution of specific certificates to specific securities clearance accounts. The Euroclear Operator acts under the Terms and Conditions only on behalf of Euroclear Participants and has no record of or relationship with persons holding through Euroclear Participants.

Although DTC, Euroclear and Clearstream have implemented the foregoing procedures in order to facilitate transfers of interests in book-entry securities among Participants of DTC, Euroclear and Clearstream, they are under no obligation to perform or to continue to comply with such procedures, and such procedures may be discontinued at any time. None of the depositor, the trustee, the certificate administrator, the master servicer, the special servicer or the underwriters will have any responsibility for the performance by DTC, Euroclear or Clearstream or their respective direct or indirect Participants of their respective obligations under the rules and procedures governing their operations.

**Definitive Certificates**

Owners of beneficial interests in book-entry certificates of any class will not be entitled to receive physical delivery of Definitive Certificates unless: (i) DTC advises the certificate registrar in writing that DTC is no longer willing or able to discharge properly its responsibilities as depository with respect to the book-entry certificates of such class or ceases to be a clearing agency, and the certificate administrator and the depositor are unable to locate a qualified successor within 90 days of such notice or (ii) the trustee has instituted or has been directed to institute any judicial proceeding to enforce the rights of the Certificateholders of such class and the trustee has been advised by counsel that in connection with such proceeding it is necessary or appropriate for the trustee to obtain possession of the certificates of such class.

The Class RR certificates are expected to be held at all times in definitive form by the certificate administrator on behalf of the beneficial owners of the Class RR certificates.

**Certificateholder Communication**

**Access to Certificateholders' Names and Addresses**

Upon the written request of any Certificateholder or Certificate Owner that has delivered an executed Investor Certification to the trustee or the certificate administrator, the certificate administrator (in its capacity as certificate registrar) will promptly furnish or cause to be furnished to such requesting party a list of the names and addresses of the Certificateholders as of the most recent Record Date as they appear in the certificate register, at the expense of the requesting party.

**Requests to Communicate**

The PSA will require that the certificate administrator include on any Form 10–D any request received prior to the Distribution Date to which such Form 10-D relates (and on or after the Distribution Date preceding such Distribution Date) from a Certificateholder or Certificate Owner to communicate with other Certificateholders or Certificate Owners related to Certificateholders or Certificate Owners exercising their rights under the terms of the PSA. Any Form 10-D containing such disclosure regarding the request to communicate is required to include the following and no more than the following: (i) the name of the Certificateholder or Certificate Owner making the request, (ii) the date the request was received, (iii) a statement to the effect that the certificate administrator has received such request, stating that such Certificateholder or Certificate Owner is interested in communicating with other Certificateholders or Certificate Owners with regard to the possible exercise of rights under the PSA, and (iv) a description of the method other Certificateholders or Certificate Owners may use to contact the requesting Certificateholder or Certificate Owner.

Any Certificateholder or Certificate Owner wishing to communicate with other Certificateholders and Certificate Owners regarding the exercise of its rights under the terms of the PSA (such party, a "<u>Requesting Investor</u>") should deliver a written request (a "<u>Communication Request</u>") signed by an authorized representative of the Requesting Investor to the certificate administrator at the address below:

Computershare Trust Company, National Association<br> 9062 Old Annapolis Road<br> Columbia, Maryland 21045<br> Attention: Corporate Trust Administration Group – Benchmark 2025-V18<br> with a copy to: trustadministrationgroup@computershare.com

Any Communication Request must contain the name of the Requesting Investor and the method other Certificateholders and Certificate Owners should use to contact the Requesting Investor, and, if the Requesting Investors is not the registered holder of a class of certificates, then the Communication Request must contain (i) a written certification from the Requesting Investor that it is a beneficial owner of a class of certificates, and (ii) one of the following forms of documentation evidencing its beneficial ownership in such class of certificates: (A) a trade confirmation, (B) an account statement, (C) a medallion stamp guaranteed letter from a broker or dealer stating the Requesting Investor is the beneficial owner, or (D) a document acceptable to the certificate administrator that is similar to any of the documents identified in clauses (A) through (C). The certificate administrator will not be permitted to require any information other than the foregoing in verifying a certificateholder's or certificate owner's identity in connection with a Communication Request. Requesting Investors will be responsible for their own expenses in making any Communication Request, but will not be required to bear any expenses of the certificate administrator.

**List of Certificateholders**

Upon the written request of any Certificateholder, which is required to include a copy of the communication the Certificateholder proposes to transmit, that has provided an Investor Certification, which request is made for purposes of communicating with other holders of certificates of the same series with respect to their rights under the PSA or the certificates, the certificate registrar or other specified person will, within 10 business days after receipt of such request afford such Certificateholder (at such Certificateholder's sole cost and expense) access during normal business hours to the most recent list of Certificateholders related to the class of certificates.

**Description of the Mortgage Loan Purchase Agreements**

 **General**

On the Closing Date, the depositor will acquire the Mortgage Loans from each mortgage loan seller pursuant to a separate mortgage loan purchase agreement (each, an "<u>MLPA</u>"), between the applicable mortgage loan seller and the depositor. Each of the Joint Mortgage Loans are being sold by two or more mortgage loan sellers. For purposes of the respective MLPAs pursuant to which the applicable mortgage loan sellers are selling Mortgage Loans and the related discussion below, each Joint Mortgage Loan will constitute a "Mortgage Loan" under each such MLPA only to the extent of the portion thereof to be sold to the depositor by the applicable mortgage loan seller.

Under the applicable MLPA, the depositor will require each mortgage loan seller to deliver (or cause to be delivered) to the certificate administrator, in its capacity as custodian, among other things, the following documents (except that the documents with respect to any Non-Serviced Whole Loan (other than the original promissory note) will be held by the custodian under the related Non-Serviced PSA) with respect to each Mortgage Loan sold by such mortgage loan seller (collectively, as to each Mortgage Loan, the "<u>Mortgage File</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the original executed Mortgage Note for such Mortgage Loan, endorsed (without recourse, representation or warranty, express or implied) to the order of the trustee for the benefit of the registered Certificateholders and the RR Interest Owner or in blank, and further showing a complete, unbroken chain of endorsement from the originator (if such originator is not the applicable mortgage loan seller) (or, alternatively, if the original executed Mortgage Note has been lost, a lost note affidavit and indemnity with a copy of such Mortgage Note), and in the case of a Serviced Whole Loan, a copy of the executed Mortgage Note for any related Companion Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an original or copy of the Mortgage, together with an original or copy of any intervening assignments of the Mortgage, in each case (unless the particular item has not been returned from the applicable recording office) with evidence of recording indicated thereon or certified by the applicable recorder's office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an original or copy of any related assignment of leases (if such item is a document separate from the Mortgage), together with originals or copies of any intervening assignments thereof, in each case (unless the particular item has not been returned from the applicable recording office) with evidence of recording indicated thereon or certified by the applicable recorder's office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an original executed assignment, in recordable form (except for missing recording information not yet available if the instrument being assigned has not been returned from the applicable recording office), of (A) the Mortgage and (B) any related assignment of leases (if such item is a document separate from the Mortgage), in favor of the trustee, for the benefit of the registered Certificateholders and the RR Interest Owner and the holder of any related Companion Loan, as their interests may appear or a copy of such assignment (if the applicable mortgage loan seller or its designee, rather than the trustee or certificate administrator, is responsible for the recording thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) an original or copy of the assignment of all unrecorded documents relating to the Mortgage Loan, in favor of the trustee, for the benefit of the registered holders of the certificates, the RR Interest Owner and the holder of any related Companion Loan, as their interests may appear;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) originals or copies of final written modification, consolidation, assumption, written assurance and substitution agreements in those instances where the terms or provisions of the Mortgage Note for such Mortgage Loan (or, if applicable, any Mortgage Note of a Whole Loan) or the related Mortgage have been modified or the Mortgage Loan has been assumed or

consolidated, in each case (unless the particular item has not been returned from the applicable recording office) with evidence of recording indicated thereon if the instrument being modified is a recordable document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the original (which may be in the form of an electronically issued title policy) or a copy of the policy or certificate of lender's title insurance issued in connection with such Mortgage Loan or the related Serviced Whole Loan (or, if such policy has not been issued, a "marked up" pro forma title policy marked as binding and countersigned by the title insurer or its authorized agent, or an irrevocable, binding commitment to issue such title insurance policy);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) an original or copy of the related ground lease relating to such Mortgage Loan (or the related Serviced Whole Loan, if applicable), if any, and any ground lessor estoppel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) an original or copy of the related Mortgage Loan agreement, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) an original of any guaranty under such Mortgage Loan or the related Whole Loan, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) an original or copy of the environmental indemnity from the related mortgagor, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) an original or copy of the related escrow agreement and the related security agreement (in each case, if such item is a document separate from the Mortgage) and, if applicable, the originals or copies of any intervening assignments thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) an original assignment of the related security agreement (if such item is a document separate from the Mortgage and if such item is not included in the assignment described in clause (v)), in favor of the trustee for the benefit of the Certificateholders, the RR Interest Owner and the holder of the related Companion Loan, as their interests may appear;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) any filed copies (bearing evidence of filing) or evidence of filing of any UCC financing statements in favor of the originator of such Mortgage Loan or the related Whole Loan or in favor of any assignee prior to the trustee, and an original UCC-3 assignment thereof, in form suitable for filing, in favor of the trustee (or, in each case, a copy thereof, certified to be the copy of such assignment submitted or to be submitted for filing);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) an original or copy of the lockbox agreement or cash management agreement relating to a Mortgage Loan or a Serviced Whole Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) in the case of any Mortgage Loan or the related Whole Loan as to which there exists a related mezzanine loan, an original or a copy of any related mezzanine intercreditor agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) an original or copy of any related environmental insurance policy or environmental guaranty relating to a Mortgage Loan or a Serviced Whole Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) a copy of any letter of credit relating to such Mortgage Loan or the related Whole Loan and any related assignment thereof (with the original to be delivered to the master servicer);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) copies of any franchise agreement, property management agreement or hotel management agreement and related comfort letters (together with (i) copies of any notices of transfer that are necessary to transfer or assign to the issuing entity or the trustee the benefits of such comfort letter or (ii) if the related comfort letter contemplates that a request be made of the related franchisor to issue a replacement comfort letter for the benefit of the issuing entity or trustee, a copy of the notice requesting the issuance of such replacement comfort letter (the copy of such notice is required to be delivered by the applicable mortgage loan seller to the custodian for inclusion in the Mortgage File within the time period set forth in the PSA and/or estoppel letters relating to such Mortgage Loan or the related Serviced Whole Loan and any related assignment thereof)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) in the case of a Whole Loan, an original or a copy of the related Co-Lender Agreement;

*provided* that with respect to (A) any Mortgage Loan which is a Non-Serviced Mortgage Loan on the Closing Date, the foregoing documents (other than the documents described in clause (i) above) will be delivered to and held by the custodian under the related Non-Serviced PSA on or prior to the Closing Date and (B) any Servicing Shift Mortgage Loan, the foregoing documents will be delivered to the custodian on or prior to the Closing Date and such documents (other than the documents described in clause (i) above) will be transferred to the custodian related to the securitization that includes the related Controlling Companion Loan on or about the related Servicing Shift Securitization Date.

Notwithstanding anything to the contrary contained herein, with respect to each of the Joint Mortgage Loans, the obligation of each of the applicable mortgage loan sellers to deliver mortgage note(s) as part of the related Mortgage File will be limited to delivery of only the mortgage notes held by such party. In addition, each mortgage loan seller will be required to deliver or cause to be delivered an electronic copy of the Diligence File for each of its Mortgage Loans within 60 days after the Closing Date to the depositor and the depositor will deliver to the certificate administrator an electronic copy of such Diligence Files to be posted to the secure data room.

"<u>Diligence File</u>" means with respect to each Mortgage Loan, if applicable, generally the following documents in electronic format:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A copy of each of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (A) for each Mortgage Loan, the Mortgage Note, endorsed on its face or by allonge attached thereto, without recourse, to the order of the trustee or in blank (or, if the original Mortgage Note has been lost, an affidavit to such effect from the applicable mortgage loan seller or another prior holder, together with a copy of the Mortgage Note), and (B) if such Mortgage is part of a Serviced Whole Loan, the executed promissory note for each related Serviced Companion Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Mortgage, together with any intervening assignments of the Mortgage, in each case (unless the particular item has not been returned from the applicable recording office) with evidence of recording indicated thereon or certified by the applicable recorder's office (if in the possession of the related mortgage loan seller);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any related assignment of leases (if such item is a document separate from the Mortgage) and any intervening assignments of such assignment of leases, in each case (unless the particular item has not been returned from the applicable recording office) with evidence of recording indicated thereon or certified by the applicable recorder's office (if in the possession of the related mortgage loan seller);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) final written modification agreements in those instances in which the terms or provisions of the Mortgage or the Mortgage Note have been modified, in each case (unless the particular item has not been returned from the applicable recording office) with evidence of recording indicated thereon if the instrument being modified is a recordable document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the policy or certificate of lender's title insurance issued in connection with such Mortgage Loan (or the related Serviced Whole Loan, if applicable) or, if such policy has not been issued or located, an irrevocable, binding commitment (which may be a marked version of the policy that has been executed by an authorized representative of the title company or an agreement to provide the same pursuant to binding escrow instructions executed by an authorized representative of the title company) to issue such title insurance policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the related ground lease, if any, and any ground lessor estoppel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the related loan agreement, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the guaranty under such Mortgage Loan (or Serviced Whole Loan, if applicable), if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the related lockbox agreement or cash management agreement, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the environmental indemnity from the related borrower, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the related escrow agreement and the related security agreement (in each case, if such item is a document separate from the related Mortgage) and, if applicable, any intervening assignments thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) in the case of a Mortgage Loan that is a part of a Whole Loan, the related Co-Lender Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) any filed copies (bearing evidence of filing) or evidence of filing of any UCC financing statements in favor of the originator of such Mortgage Loan (or the related Serviced Whole Loan, if applicable) or in favor of any assignee prior to the trustee and UCC-3 assignment financing statements in favor of the trustee (or, in each case, a copy thereof certified to be the copy of such assignment submitted or to be submitted for filing), if in the possession of the related mortgage loan seller;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) any mezzanine loan intercreditor agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) any related environmental insurance policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) any related letter of credit and any related assignment thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) any related franchise agreement, property management agreement or hotel management agreement and related comfort letters and/or estoppel letters, and any related assignment thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a copy of any engineering reports or property condition reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) other than with respect to a hotel property (except with respect to tenanted commercial space within a hotel property), copies of a rent roll;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for any office, retail, industrial or warehouse property, a copy of all leases and estoppels and subordination and non-disturbance agreements delivered to the related mortgage loan seller;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a copy of all legal opinions (excluding attorney-client communications between the related mortgage loan seller, and its counsel that are privileged communications or constitute legal or other due diligence analyses), if any, delivered in connection with the closing of the related Mortgage Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a copy of all mortgagor's certificates of hazard insurance and/or hazard insurance policies or other applicable insurance policies (to the extent not previously included as part of this definition), if any, delivered in connection with the origination of the related Mortgage Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a copy of the appraisal for the related Mortgaged Property or Mortgaged Properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) for any Mortgage Loan that the related Mortgaged Property is leased to a single tenant, a copy of the lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a copy of the applicable mortgage loan seller's asset summary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a copy of all surveys for the related Mortgaged Property or Mortgaged Properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) a copy of all zoning reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) a copy of financial statements of the related mortgagor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) a copy of operating statements for the related Mortgaged Property or Mortgaged Properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) a copy of all UCC searches;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) a copy of all litigation searches;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) a copy of all bankruptcy searches;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) a copy of origination settlement statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) a copy of insurance summary report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) a copy of organizational documents of the related mortgagor and any guarantor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) a copy of escrow statements related to the escrow account balances as of the Mortgage Loan origination date, if not included in the origination settlement statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) the original or a copy of all related environmental reports that were received by the related mortgage loan seller;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) unless already included as part of the environmental reports, a copy of any closure letter (environmental); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) unless already included as part of the environmental reports, a copy of any environmental remediation agreement for the related Mortgaged Property or Mortgaged Properties,

in each case, to the extent that the related mortgage loan seller received such documents or information in connection with the origination of such Mortgage Loan. In the event any of the items identified above were not received in connection with the origination of such Mortgage Loan (other than documents that would not be included in connection with the origination of the Mortgage Loan because such document is inapplicable to the origination of the Mortgage Loan of that structure or type, taking into account whether or not such Mortgage Loan has any additional debt), the Diligence File will be required to include a statement to that effect. No information that is proprietary to the mortgage loan sellers or any draft documents, privileged or internal communications, credit underwriting or due diligence analysis will constitute part of the Diligence File. It is generally not required to include any of the same items identified above again if such items have already been included under another clause of the definition of Diligence File, and the Diligence File will be required to include a statement to that effect. Each mortgage loan seller may, without any obligation to do so, include such other documents or information as part of the Diligence File that such mortgage loan seller believes should be included to enable the asset representations reviewer to perform the Asset Review on a Mortgage Loan; *provided* that such documents or information are clearly labeled and identified.

Each MLPA will contain certain representations and warranties of the related mortgage loan seller with respect to each Mortgage Loan sold by such mortgage loan seller. Those representations and warranties with respect to the Mortgage Loans are set forth on Annex D-1 and Annex E-1, and will be made as of the Closing Date, or as of another date specifically provided in the representation and warranty, subject to certain exceptions to such representations and warranties as set forth on Annex D-2, Annex E-2, Annex E-3, Annex E-4 and Annex E-5.

If the depositor, the master servicer, the special servicer, the trustee, the certificate administrator or the operating advisor (solely in its capacity as operating advisor) discovers or receives notice alleging that any of the documents required to be included by (or on behalf of) the related mortgage loan seller in the Mortgage File for any Mortgage Loan is missing from the Mortgage File or defective or if there is a breach of a representation or warranty relating to any Mortgage Loan, then such party is required to give notice of such omission, breach or defect to each other party to the PSA and the applicable mortgage loan seller. The master servicer (with respect to a non-Specially Serviced Loan) or special servicer (with respect to a Specially Serviced Loan), as applicable, will be required to determine whether such omission, breach or defect materially and adversely affects the value of the related Mortgage Loan, the value of the related REO Property or the interests of the trustee or any Certificateholders or the RR Interest Owner in

the Mortgage Loan or REO Property or causes the Mortgage Loan to be other than a "qualified mortgage" within the meaning of Code Section 860G(a)(3), but without regard to the rule of Treasury Regulations Section 1.860G-2(f)(2) that causes a defective Mortgage Loan to be treated as a qualified mortgage (a "<u>Material Defect</u>"). The master servicer or the special servicer may (but will not be obligated to) consult with the master servicer or the special servicer regarding any determination of a Material Defect for a non-Specially Serviced Loan. The Enforcing Servicer will be required to give notice of any such Material Defect to the other parties to the PSA, the applicable mortgage loan seller and (for so long as no Consultation Termination Event is continuing), the Directing Holder.

The applicable mortgage loan seller (or Barclays Holdings, with respect to the repurchase and substitution obligations of Barclays to the same extent as Barclays) will be required to, no later than 90 days following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the earlier of (i) the mortgage loan seller's discovery of the Material Defect and (ii) the mortgage loan seller's receipt of notice of the Material Defect from any party listed above and receipt of a demand to take action with respect to such Material Defect, except in the case of the following clause (y); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) in the case of such Material Defect relating to a Mortgage Loan not being a "qualified mortgage" within the meaning of Code Section 860G(a)(3), but without regard to the rule of Treasury Regulations Section 1.860G-2(f)(2) that causes a defective Mortgage Loan to be treated as a qualified mortgage, the discovery by any party to the PSA of such Material Defect,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) cure such Material Defect in all material respects, at its own expense,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) repurchase the affected Mortgage Loan (or, in the case of each Joint Mortgage Loan, the applicable portion thereof) or REO Loan at the Purchase Price, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) substitute a Qualified Substitute Mortgage Loan (other than with respect to the Whole Loans, as applicable, for which no substitution will be permitted) for such affected Mortgage Loan, and pay a shortfall amount in connection with such substitution; *provided* that no such substitution may occur on or after the second anniversary of the Closing Date;

*provided, however*, that the applicable mortgage loan seller (or Barclays Holdings, with respect to the repurchase and substitution obligations of Barclays to the same extent as Barclays) will generally have an additional 90-day period to cure such Material Defect (or, failing such cure, to repurchase the affected Mortgage Loan or REO Loan (or, in the case of a Joint Mortgage Loan, the applicable portion thereof) or, if applicable, substitute a Qualified Substitute Mortgage Loan (other than with respect to the Whole Loans, for which no substitution will be permitted)), if it is diligently proceeding toward that cure, and has delivered to the master servicer, the special servicer, the certificate administrator, the trustee and the operating advisor, an officer's certificate that describes the reasons such Material Defect was not cured within the initial 90-day period. Notwithstanding the foregoing, there will be no such 90-day extension, if such Material Defect would cause the related Mortgage Loan not to be a "qualified mortgage" within the meaning of Code Section 860G(a)(3), but without regard to the rule of Treasury Regulations Section 1.860G-2(f)(2) that causes a defective Mortgage Loan to be treated as a qualified mortgage.

No delay in either the discovery of a Material Defect or in providing notice of such Material Defect will relieve the applicable mortgage loan seller (or Barclays Holdings, with respect to the repurchase and substitution obligations of Barclays to the same extent as Barclays) of its obligation to repurchase the related Mortgage Loan unless (i) such mortgage loan seller did not otherwise discover or have knowledge of such Material Defect, (ii) such delay is the result of the failure by a party to the PSA to promptly provide prompt notice as required by the terms of the PSA after such party has actual knowledge of such defect or breach (knowledge will not be deemed to exist by reason of the custodian's exception report) and such delay precludes the related mortgage loan seller from curing such Material Defect and (iii) such Material Defect did not relate to a Mortgage Loan not being a "qualified mortgage" within the meaning of Code Section 860G(a)(3), but without regard to the rule of Treasury Regulations Section 1.860G-2(f)(2) that

causes a defective obligation to be treated as a qualified mortgage. Notwithstanding the foregoing, if a Mortgage Loan is not secured by a Mortgaged Property that is, in whole or in part, a hotel, restaurant (operated by a borrower), healthcare facility, nursing home, assisted living facility, theater or fitness center (operated by a borrower), then the failure to deliver copies of the UCC financing statements with respect to such Mortgage Loan will not be a Material Defect.

If there is a Material Defect with respect to one or more Mortgaged Properties with respect to a Mortgage Loan, the applicable mortgage loan seller (or Barclays Holdings, with respect to the repurchase and substitution obligations of Barclays to the same extent as Barclays) will not be obligated to repurchase the Mortgage Loan (or, in the case of a Joint Mortgage Loan, the applicable portion thereof) if (i) the affected Mortgaged Property may be released pursuant to the terms of any partial release provisions in the related Mortgage Loan documents (and such Mortgaged Property is, in fact, released), (ii) the remaining Mortgaged Property(ies) satisfy the requirements, if any, set forth in the Mortgage Loan documents and the related mortgage loan seller provides an opinion of counsel to the effect that such release would not (A) cause either Trust REMIC to fail to qualify as a REMIC or (B) result in the imposition of a tax upon either Trust REMIC or the issuing entity and (iii) each applicable Rating Agency has provided a Rating Agency Confirmation.

Notwithstanding the foregoing, in lieu of a mortgage loan seller (or Barclays Holdings, with respect to the repurchase and substitution obligations of Barclays to the same extent as Barclays) repurchasing, substituting or curing such Material Defect, to the extent that such mortgage loan seller (or, in the case of Barclays, Barclays Holdings to the same extent as Barclays) and the special servicer (with the consent of the Directing Holder in respect of any Mortgage Loan that is not an applicable Excluded Loan and for so long as no Control Termination Event is continuing) are able to agree upon a cash payment payable by the related mortgage loan seller (or, in the case of Barclays, Barclays Holdings to the same extent as Barclays) to the issuing entity that would be deemed sufficient to compensate the issuing entity for such Material Defect (a "<u>Loss of Value Payment</u>"), the related mortgage loan seller (or, in the case of Barclays, Barclays Holdings to the same extent as Barclays) may elect, in its sole discretion, to pay such Loss of Value Payment. The special servicer will determine the amount of any applicable Loss of Value Payment (with the consent of the Directing Holder in respect of any Mortgage Loan that is not an applicable Excluded Loan and for so long as no Control Termination Event is continuing) and, in the case of any PSA Party Repurchase Request with respect to non-Specially Serviced Loans prior to the occurrence of a Resolution Failure, will communicate such amount to the master servicer for its enforcement action with the related mortgage loan seller. In connection with any such determination with respect to any non-Specially Serviced Loan, the master servicer will promptly provide the special servicer, but in any event within the time frame and in the manner provided in the PSA, with the servicing file and all information, documents and records (including records stored electronically on computer tapes, magnetic discs and the like) relating to such non-Specially Serviced Loan and, if applicable, the related Serviced Companion Loan, either in the master servicer's possession or otherwise reasonably available to the master servicer without undue burden or expense, and reasonably requested by the special servicer to the extent set forth in the PSA in order to permit the special servicer to calculate the Loss of Value Payment as set forth in the PSA. Upon its making such payment, the applicable mortgage loan seller will be deemed to have cured such Material Defect in all respects. A Loss of Value Payment may not be made with respect to any such Material Defect that would cause the applicable Mortgage Loan not to be a "qualified mortgage" within the meaning of Code Section 860G(a)(3), but without regard to the rule of Treasury Regulations Section 1.860G-2(f)(2) that causes a defective Mortgage Loan to be treated as a qualified mortgage.

In addition, each MLPA provides that, with respect to any Non-Serviced Whole Loan, if a material document defect exists under the related Non-Serviced PSA, and the related mortgage loan seller (or Barclays Holdings, with respect to the repurchase obligations of Barclays to the same extent as Barclays) repurchases the related Non-Serviced Companion Loan from the related Non-Serviced Securitization Trust, such seller (or Barclays Holdings, with respect to the repurchase obligations of Barclays to the same extent as Barclays) is required to repurchase the related Non-Serviced Mortgage Loan; *provided, however*, that no such repurchase obligation will apply to any material document defect related solely to the promissory notes for any Pari Passu Companion Loan contained in the related Non-Serviced Securitization Trust.

With respect to any Mortgage Loan, the "<u>Purchase Price</u>" equals the sum of (1) the outstanding principal balance of such Mortgage Loan (or related REO Loan (excluding, for the purposes of a repurchase pursuant to the related MLPA, any related Companion Loan)), as of the date of purchase, (2) all accrued and unpaid interest on the Mortgage Loan (or any related REO Loan (excluding, for such purpose, any related Companion Loan)) at the related Mortgage Rate in effect from time to time (excluding any portion of such interest that represents default interest), to, but not including, the due date immediately preceding or coinciding with the Determination Date for the Collection Period of purchase, (3) all related unreimbursed Property Protection Advances (including any Property Protection Advances and advance interest amounts that were reimbursed out of general collections on the Mortgage Loans) (or, in the case of any Non-Serviced Mortgage Loan, the *pro rata* portion of any comparable amounts allocable to such Mortgage Loan and payable with respect thereto pursuant to the related Co-Lender Agreement), (4) all accrued and unpaid advance interest amounts in respect of related Advances (or, in the case of any Non-Serviced Mortgage Loan, all comparable amounts with respect to P&I Advances related to such Non-Serviced Mortgage Loan and, with respect to outstanding Property Protection Advances, the *pro rata* portion of any comparable amounts payable with respect thereto pursuant to the related Co-Lender Agreement), (5) any unpaid Special Servicing Fees, unpaid Asset Representations Reviewer Fees and any other unpaid additional trust fund expenses outstanding (which, for the avoidance of doubt, include any unpaid Workout Fees and Liquidation Fees) or previously incurred in respect of the related Mortgage Loan (or, in the case of any Non-Serviced Mortgage Loan, the *pro rata* portion of any comparable amounts allocable to such Mortgage Loan and payable with respect thereto pursuant to the related Co-Lender Agreement), and if such Mortgage Loan is being purchased by a mortgage loan seller (or Barclays Holdings, with respect to the repurchase and substitution obligations of Barclays to the same extent as Barclays) pursuant to the related MLPA, all expenses incurred or to be incurred by the master servicer, the special servicer, the asset representations reviewer, the depositor, the certificate administrator and the trustee in respect of the Material Defect giving rise to the repurchase or substitution obligation (to the extent not otherwise included in the amount described in clause (3) above), (6) if the applicable mortgage loan seller (or Barclays Holdings, with respect to the repurchase and substitution obligations of Barclays, to the same extent as Barclays) repurchases or substitutes for such Mortgage Loan, any related Asset Representations Reviewer Asset Review Fee to the extent not previously paid by such mortgage loan seller (or Barclays Holdings, with respect to Barclays), and (7) if a mortgage loan seller (or Barclays Holdings, with respect to Barclays) repurchases or substitutes for such Mortgage Loan more than 90 days following the earlier of the responsible party's discovery or receipt of notice of the subject material breach or material document defect, as the case may be, a Liquidation Fee. With respect to each of the Joint Mortgage Loans, the Purchase Price that would be payable by each of the applicable mortgage loan sellers for its related promissory note(s) will be equal to its respective percentage interest in such Mortgage Loan as of the Closing Date multiplied by the total Purchase Price for such Mortgage Loan.

A "<u>Qualified Substitute Mortgage Loan</u>" is a substitute mortgage loan (other than with respect to the Whole Loans, for which no substitution will be permitted) replacing a Mortgage Loan with respect to which a material breach or document defect exists that must, on the date of substitution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) have an outstanding principal balance, after application of all scheduled payments of principal and interest due during or prior to the month of substitution, whether or not received, not in excess of the Stated Principal Balance of the removed Mortgage Loan as of the due date in the calendar month during which the substitution occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) have a Mortgage Rate not less than the Mortgage Rate of the removed Mortgage Loan (determined without regard to any prior modification, waiver or amendment of the terms of the removed Mortgage Loan);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) have the same due date and a grace period no longer than that of the removed Mortgage Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) accrue interest on the same basis as the removed Mortgage Loan (for example, on the basis of a 360-day year consisting of twelve 30-day months);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) have a remaining term to stated maturity not greater than, and not more than two (2) years less than, the remaining term to stated maturity of the removed Mortgage Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) have a then-current loan-to-value ratio equal to or less than the lesser of (i) the loan-to-value ratio for the removed Mortgage Loan as of the Closing Date and (ii) 75%, in each case using a "value" for the Mortgaged Property as determined using an appraisal conducted by an appraiser who is a Member of the Appraisal Institute ("<u>MAI</u>") prepared in accordance with the requirements of the FIRREA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) comply (except in a manner that would not be adverse to the interests of the Certificateholders and the RR Interest Owner) as of the date of substitution in all material respects with all of the representations and warranties set forth in the related MLPA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) have an environmental report that indicates no material adverse environmental conditions with respect to the related Mortgaged Property and that will be delivered as a part of the related Mortgage File;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) have a then-current debt service coverage ratio at least equal to the greater of (i) the original debt service coverage ratio of the removed Mortgage Loan as of the Closing Date and (ii) 1.25x;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) constitute a "qualified replacement mortgage" within the meaning of Code Section 860G(a)(4) as evidenced by an opinion of counsel (provided at the applicable mortgage loan seller's expense);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) not have a maturity date or an amortization period that extends (or has the effect of extending) to a date that is after the date five (5) years prior to the Rated Final Distribution Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) have comparable prepayment restrictions to those of the removed Mortgage Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) not be substituted for a removed Mortgage Loan unless the trustee and the certificate administrator have received a Rating Agency Confirmation from each of the Rating Agencies (the cost, if any, of obtaining such Rating Agency Confirmation to be paid by the applicable mortgage loan seller);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) have been approved, so long as no Control Termination Event is continuing and the affected Mortgage Loan is not an applicable Excluded Loan, by the Directing Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) prohibit defeasance within two (2) years of the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) not be substituted for a removed Mortgage Loan if it would result in the termination of the REMIC status of either Trust REMIC or the imposition of tax on either Trust REMIC or the issuing entity other than a tax on income expressly permitted or contemplated to be imposed by the terms of the PSA, as determined by an opinion of counsel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) have an engineering report that indicates no material adverse property condition or deferred maintenance with respect to the related Mortgaged Property that will be delivered as a part of the related servicing file; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) be current in the payment of all scheduled payments of principal and interest then due.

In the event that more than one Mortgage Loan is substituted for a removed Mortgage Loan, then (x) the amounts described in clause (a) are required to be determined on the basis of aggregate principal balances and (y) each such proposed Qualified Substitute Mortgage Loan must individually satisfy each of the requirements specified in clauses (b) through (r) of the preceding sentence, except (z) the rates described in clause (b) above and the remaining term to stated maturity referred to in clause (e) above are required to be determined on a weighted average basis, *provided* that no individual Mortgage Rate (net of the Servicing Fee Rate, the Certificate Administrator/Trustee Fee Rate, the Operating Advisor Fee Rate, the Asset Representations Reviewer Fee Rate and the CREFC<sup>®</sup> Intellectual Property Royalty License Fee Rate and, in the case of a Non-Serviced Mortgage Loan, the related primary servicing fee

rate) may be lower than the highest fixed Pass-Through Rate (not based on or subject to a cap equal to the WAC Rate) of any class of Principal Balance Certificates having a principal balance then-outstanding. When a Qualified Substitute Mortgage Loan is substituted for a removed Mortgage Loan, the applicable mortgage loan seller will be required to certify that the Mortgage Loan meets all of the requirements of the above definition and send the certification to the trustee the certificate administrator and, prior to the occurrence of a Consultation Termination Event, the Directing Holder.

The cure, repurchase and substitution obligations or the obligation to pay the Loss of Value Payment described above will constitute the sole remedy available to the Certificateholders and the RR Interest Owner in connection with a material breach of any representation or warranty or a material document defect with respect to any Mortgage Loan. None of the depositor, the underwriters, the master servicer, the special servicer, the trustee, the certificate administrator or any other person will be obligated to repurchase or replace any affected Mortgage Loan or make a Loss of Value Payment in connection with a breach of any of the representations and warranties or a document defect if the applicable mortgage loan seller defaults on its obligations to do so. We cannot assure you that a mortgage loan seller will have sufficient assets to repurchase or substitute a Mortgage Loan if required to do so.

As stated above, with respect to a Material Defect related to a Joint Mortgage Loan, each of the related mortgage loan sellers will only be a mortgage loan seller with respect to, and will only be obligated to take the remedial actions described above with respect to, its percentage interest in such Mortgage Loan that it sold to the depositor. It is possible that under certain circumstances only one of the applicable mortgage loan sellers will repurchase, or otherwise comply with any repurchase obligations with respect to, its interest in such Mortgage Loan if there is a Material Defect. If for any reason, one of those mortgage loan sellers repurchases its interest in such Mortgage Loan and the other mortgage loan seller does not, (i) the non-repurchased portion of the Mortgage Loan will be deemed to constitute a "Mortgage Loan" under the PSA, the repurchasing mortgage loan seller's interest in such Mortgage Loan will be deemed to constitute a "Non-Serviced Pari Passu Companion Loan" with respect such Mortgage Loan, (ii) the related Whole Loan will continue to be serviced and administered under the related Non-Serviced PSA and the related intercreditor agreement, (iii) all amounts applied in respect of interest, principal and yield maintenance premiums in respect of the related Whole Loan from time to time will be allocated pursuant to the related intercreditor agreement between the issuing entity, the repurchasing mortgage loan seller and the other related Companion Loan Holders and (iv) the repurchasing mortgage loan seller will be entitled to receive remittances of allocated collections monthly to the same extent as any other related Companion Loan Holder.

**Dispute Resolution Provisions**

Each mortgage loan seller will be subject to the dispute resolution provisions described under "*Pooling and Servicing Agreement—Dispute Resolution Provisions*" to the extent those provisions are triggered with respect to any mortgage loan sold to the depositor by the related mortgage loan seller and will be obligated under the related MLPA to comply with all applicable provisions and to take part in any mediation or arbitration proceedings that may result.

**Asset Review Obligations**

Each mortgage loan seller will be obligated to perform its obligations described under "*Pooling and Servicing Agreement—The Asset Representations Reviewer—Asset Review*" relating to any Asset Reviews performed by the asset representations reviewer, and each mortgage loan seller will have the rights described under that heading.

**Pooling and Servicing Agreement**

 **General**

The servicing and administration of the Mortgage Loans (other than any Non-Serviced Mortgage Loan), any related Serviced Companion Loans and any related REO Properties (including any interest of the holder of any Companion Loan in the REO Property acquired with respect to any Serviced Whole Loan) will be governed by the PSA and any related Co-Lender Agreement.

Each Non-Serviced Mortgage Loan, any related Non-Serviced Companion Loans and any related REO Properties (including the issuing entity's interest in any REO Property acquired with respect to any Non-Serviced Whole Loan) will be serviced by the related Non-Serviced Master Servicer and the related Non-Serviced Special Servicer under the related Non-Serviced PSA in accordance with such Non-Serviced PSA and the related Co-Lender Agreement. Unless otherwise specifically stated and except where the context otherwise indicates (such as with respect to P&I Advances), discussions in this section or in any other section of this prospectus regarding the servicing and administration of the Mortgage Loans should be deemed to include the servicing and administration of any related Serviced Companion Loans but do not include any Non-Serviced Mortgage Loan, any related Non-Serviced Companion Loan and any related REO Property.

The following summaries describe certain provisions of the PSA relating to the servicing and administration of the Mortgage Loans (excluding any Non-Serviced Mortgage Loan), any related Companion Loans and any related REO Properties. In the case of the Serviced Whole Loans, certain provisions of the related Co-Lender Agreement are described under "*Description of the Mortgage Pool—The Whole Loans*".

Certain provisions of each Non-Serviced PSA relating to the servicing and administration of the related Non-Serviced Mortgage Loan, the related Non-Serviced Companion Loan and the related REO Properties and the related Co-Lender Agreement are summarized under "*Description of the Mortgage Pool—The Whole Loans*" and "*—Servicing of the Non-Serviced Mortgage Loans*" below.

As to particular servicing matters, the discussion under this heading "*Pooling and Servicing Agreement*" is applicable with respect to the Servicing Shift Whole Loans only while the PSA governs the servicing of such Servicing Shift Whole Loan. As described in "*Risk Factors—Risks Relating to Conflicts of Interest—The Servicing of the Servicing Shift Whole Loans Will Shift to Other Servicers*", on or after the related Servicing Shift Securitization Date, the related Servicing Shift Whole Loan will be serviced pursuant to the related Servicing Shift PSA, and the provisions of such Servicing Shift PSA may be different than the terms of the PSA, although such Servicing Shift Whole Loan will still need to be serviced in compliance with the requirements of the related Co-Lender Agreement, as described in "*Description of the Mortgage Pool—The Whole Loans—The Serviced Pari Passu Whole Loans*" and "*—The Non-Serviced Pari Passu Whole Loans*".

The PSA does not include an obligation for any party of the PSA to advise a Certificateholder or the RR Interest Owner with respect to its rights and protections relative to the issuing entity.

**Assignment of the Mortgage Loans**

The depositor will purchase the Mortgage Loans to be included in the issuing entity on or before the Closing Date from each of the mortgage loan sellers pursuant to separate MLPAs. See "*Transaction Parties—The Sponsors and Mortgage Loan Sellers*" and "*Description of the Mortgage Loan Purchase Agreements*".

On the Closing Date, the depositor will sell, transfer or otherwise convey, assign or cause the assignment of the Mortgage Loans, without recourse, together with the depositor's rights and remedies against the mortgage loan sellers under the MLPAs, to the trustee, for the benefit of the holders of the certificates and the RR Interest Owner. On or prior to the Closing Date, the depositor will require each mortgage loan seller to deliver to the certificate administrator, in its capacity as custodian, the Mortgage

Notes and certain other documents and instruments with respect to each Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole Loan. The custodian will hold such documents in trust for the benefit of the holders of the certificates and the RR Interest Owner. The custodian is obligated to review certain documents for each Mortgage Loan within 60 days of the Closing Date and report any missing documents or certain types of document defects to the parties to the PSA and the Directing Holder (so long as no Consultation Termination Event is continuing and other than in respect of any applicable Excluded Loan) and the mortgage loan seller.

In addition, pursuant to the related MLPA, each mortgage loan seller will be required to deliver (or cause to be delivered) an electronic copy of the Diligence Files for each of its Mortgage Loans within 60 days after the Closing Date to the depositor by uploading such Diligence Files to the designated Intralinks website, and the depositor will deliver to the certificate administrator an electronic copy of such Diligence Files to be posted to the secure data room.

Pursuant to the PSA, the depositor will assign to the trustee for the benefit of Certificateholders and the RR Interest Owner the representations and warranties made by the mortgage loan sellers to the depositor in the MLPAs and any rights and remedies that the depositor has against the mortgage loan sellers under the MLPAs with respect to any Material Defect. See "*—Enforcement of Mortgage Loan Seller's Obligations Under the MLPA*" below and "*Description of the Mortgage Loan Purchase Agreements*".

**Servicing Standard**

The master servicer and the special servicer will each be required to diligently service and administer the Mortgage Loans (excluding any Non-Serviced Mortgage Loan), any related Serviced Companion Loans and the related REO Properties (other than any REO Property related to a Non-Serviced Mortgage Loan), for which it is responsible in accordance with applicable law, the terms of the PSA, the Mortgage Loan documents, and the related Co-Lender Agreements and, to the extent consistent with the foregoing, in accordance with the higher of the following standards of care:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the same manner in which, and with the same care, skill, prudence and diligence with which the master servicer or the special servicer, as the case may be, services and administers similar mortgage loans for other third-party portfolios, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the same care, skill, prudence and diligence with which the master servicer or the special servicer, as the case may be, services and administers similar mortgage loans owned by the master servicer or the special servicer,

as the case may be, with a view to: (A) the timely recovery of all payments of principal and interest under the Mortgage Loans or Serviced Whole Loans or (B) in the case of a Specially Serviced Loan or an REO Property, the maximization of recovery of principal and interest on a net present value basis on the Mortgage Loans and any related Serviced Companion Loans, and the best interests of the issuing entity and the Certificateholders and the RR Interest Owner (as a collective whole as if such Certificateholders and the RR Interest Owner constituted a single lender) (and, in the case of any Whole Loan, the best interests of the issuing entity, the Certificateholders, the RR Interest Owner and the holder of any related Companion Loan (as a collective whole as if such Certificateholders, the RR Interest Owner and the holder or holders of any related Companion Loan constituted a single lender), taking into account the *pari passu* or subordinate nature of any related Companion Loan) as determined by the master servicer or the special servicer, as the case may be, in its reasonable judgment, in either case giving due consideration to the customary and usual standards of practice of prudent, institutional commercial, multifamily and manufactured housing mortgage loan servicers, but without regard to any conflict of interest arising from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any relationship that the master servicer or the special servicer, as the case may be, or any of their respective affiliates, as the case may be, may have with any of the underlying borrowers, the sponsors, the mortgage loan sellers, the originators, any party to the PSA or any affiliate of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the ownership of any certificate (or any interest in any Companion Loan, mezzanine loan or subordinate debt relating to a Mortgage Loan) by the master servicer or the special servicer, as the case may be, or any of their respective affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the obligation, if any, of the master servicer to make Advances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the right of the master servicer or the special servicer, as the case may be, or any of its affiliates to receive compensation or reimbursement of costs under the PSA generally or with respect to any particular transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) the ownership, servicing or management for others of (i) any Non-Serviced Mortgage Loan and any related Non-Serviced Companion Loan or (ii) any other mortgage loans, subordinate debt, mezzanine loans or properties not covered by the PSA or held by the issuing entity by the master servicer or special servicer, as the case may be, or any of its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) any debt that the master servicer or the special servicer, as the case may be, or any of its affiliates, has extended to any underlying borrower or an affiliate of any borrower (including, without limitation, any mezzanine financing);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) any option to purchase any Mortgage Loan or any related Companion Loan the master servicer or special servicer, as the case may be, or any of their affiliates, may have; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) any obligation of the master servicer, the special servicer, or one of their respective affiliates, to repurchase or substitute for a Mortgage Loan as a mortgage loan seller (if the master servicer or the special servicer or any of their respective affiliates is a mortgage loan seller) (the foregoing, collectively referred to as the "<u>Servicing Standard</u>").

All net present value calculations and determinations made under the PSA with respect to any Mortgage Loan, Mortgaged Property or REO Property (including for purposes of the definition of "Servicing Standard" set forth above) will be made in accordance with the Mortgage Loan documents or, in the event the Mortgage Loan documents are silent, by using a discount rate (i) for principal and interest payments on the Mortgage Loan or Serviced Companion Loan or sale of a Defaulted Loan, the highest of (1) the rate determined by the master servicer or special servicer, as applicable, that approximates the market rate that would be obtainable by the related borrower on similar non-defaulted debt of the related borrower as of such date of determination, (2) the Mortgage Rate and (3) the yield on 5-year U.S. treasuries as of such date of determination and (ii) for all other cash flows, including property cash flow, the "discount rate" set forth in the most recent appraisal (or updated appraisal) of the related Mortgaged Property.

In the case of any Non-Serviced Mortgage Loan, the master servicer and the special servicer will be required to act in accordance with the Servicing Standard with respect to any action required to be taken regarding such Non-Serviced Mortgage Loan pursuant to their respective obligations under the PSA.

 **Subservicing**

The master servicer may delegate and/or assign some or all of its servicing obligations and duties with respect to some or all of the Mortgage Loans (other than any Non-Serviced Mortgage Loan) and any Serviced Companion Loan to one or more third-party sub-servicers *provided* that the master servicer will remain obligated under the PSA. A sub-servicer may be an affiliate of the depositor, the master servicer or the special servicer.

Each sub-servicing agreement between the master servicer and a sub-servicer (a "<u>Sub-Servicing Agreement</u>") will generally be required to provide that (i) if for any reason the master servicer is no longer acting in that capacity (including, without limitation, by reason of a Servicer Termination Event), the trustee or any successor master servicer may assume or terminate such party's rights and obligations under such Sub-Servicing Agreement and (ii) the sub-servicer will be in default under such Sub-Servicing Agreement and such Sub-Servicing Agreement will be terminated (following the expiration of any

applicable grace period) if the sub-servicer fails (A) to deliver by the due date any Exchange Act reporting items required to be delivered to the master servicer pursuant to the PSA or such Sub-Servicing Agreement or to the master servicer under any other pooling and servicing agreement that the depositor is a party to, (B) to perform in any material respect any of its covenants or obligations contained in such Sub-Servicing Agreement regarding creating, obtaining or delivering any Exchange Act reporting items required in order for any party to the PSA to perform its obligations under the PSA or under the Exchange Act reporting requirements of any other pooling and servicing agreement that the depositor is a party to or (C) to perform other covenants and obligations set forth in such Sub-Servicing Agreement in accordance with the terms of such Sub-Servicing Agreement. The master servicer will be required to monitor the performance of sub-servicers retained by it and will have the right to remove a sub-servicer retained by it (other than any sub-servicer retained by it at the request of a mortgage loan seller, which is only removable for cause) at any time it considers removal to be in the best interests of Certificateholders and the RR Interest Owner. However, no sub-servicer will be permitted under any Sub-Servicing Agreement to make material servicing decisions, such as loan modifications or determinations as to the manner or timing of enforcing remedies under the Mortgage Loan documents, without the consent of the master servicer. The master servicer's consent may also be required for certain other servicing decisions as provided in the related Sub-Servicing Agreement.

Generally, the master servicer will be solely liable for all fees owed by it to any sub-servicer retained by the master servicer, without regard to whether the master servicer's compensation pursuant to the PSA is sufficient to pay those fees. Each sub-servicer will be required to be reimbursed by the master servicer for certain expenditures which such sub-servicer makes, generally to the same extent the master servicer would be reimbursed under the PSA.

Notwithstanding anything to the contrary, each of the initial master servicer and any initial special servicer may delegate certain of its duties and obligations under the PSA to an affiliate of the master servicer or a special servicer, as applicable. Such delegation will not be considered a sub-servicing agreement under the PSA, and the requirements and obligations set forth in the PSA applicable to sub-servicing agreements, sub-servicers or servicing function participants will not be applicable to such arrangement. Notwithstanding any such delegation, the master servicer and a special servicer, as applicable, will remain obligated and liable for the performance of their respective obligations and duties under the PSA in accordance with the provisions thereof to the same extent and under the same terms and conditions as if each alone were servicing and administering the Mortgage Loan as required by the PSA.

 **Advances**

**P&I Advances**

On the business day immediately preceding each Distribution Date (the "<u>Master Servicer Remittance Date</u>"), except as otherwise described below, the master servicer will be obligated, unless determined to be nonrecoverable as described below, to make advances (each, a "<u>P&I Advance</u>") out of its own funds or, subject to the replacement of those funds as provided in the PSA, certain funds held in the Collection Account that are not required to be part of the Aggregate Available Funds for that Distribution Date, in an amount equal to (but subject to reduction as described below) the aggregate of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) all Periodic Payments (other than balloon payments) (net of any applicable Servicing Fees) that were due on the Mortgage Loans (including any Non-Serviced Mortgage Loans) and any REO Loan (other than any portion of an REO Loan related to a Companion Loan) during the related Collection Period and not received as of the business day preceding the Master Servicer Remittance Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) in the case of each Mortgage Loan delinquent in respect of its balloon payment as of the Master Servicer Remittance Date (including any REO Loan (other than any portion of an REO Loan related to a Companion Loan) as to which the balloon payment would have been past due), an amount equal to its Assumed Scheduled Payment.

The master servicer's obligations to make P&I Advances in respect of any Mortgage Loan (including any Non-Serviced Mortgage Loan) or REO Loan (other than any portion of an REO Loan related to a Companion Loan) will continue, except if a determination as to non-recoverability is made, through and up to liquidation of the Mortgage Loan or disposition of the REO Property, as the case may be. For the avoidance of doubt, the master servicer will make P&I Advances on the basis of the original terms of any Mortgage Loan, including Mortgage Loans subject to forbearance agreements or other temporary deferrals or payment accommodations, unless (a) the terms of the Mortgage Loan have been permanently modified to change or forgive a monetary obligation or (b) such advance has been determined to be non-recoverable. However, no interest will accrue on any P&I Advance made with respect to a Mortgage Loan unless the related Periodic Payment is received after the related Due Date has passed and any applicable grace period has expired or if the related Periodic Payment is received after the Determination Date but on or prior to the Master Servicer Remittance Date. To the extent that the master servicer fails to make a P&I Advance that it is required to make under the PSA, the trustee will be required to make the required P&I Advance in accordance with the terms of the PSA.

If an Appraisal Reduction Amount has been assessed with respect to any Mortgage Loan (or, in the case of any Non-Serviced Whole Loan, an appraisal reduction has been made in accordance with the related Non-Serviced PSA and the master servicer has notice of such appraisal reduction amount), then the interest portion of any P&I Advance in respect of that Mortgage Loan for the related Distribution Date will be reduced (there will be no reduction in the principal portion, if any, of such P&I Advance) to equal the product of (x) the amount of the interest portion of the P&I Advance for that Mortgage Loan for the related Distribution Date without regard to this sentence, and (y) a fraction, expressed as a percentage, the numerator of which is equal to the Stated Principal Balance of that Mortgage Loan immediately prior to the related Distribution Date, net of the related Appraisal Reduction Amount (or, in the case of any Whole Loan, the portion of such Appraisal Reduction Amount allocated to the related Mortgage Loan), if any, and the denominator of which is equal to the Stated Principal Balance of that Mortgage Loan immediately prior to the related Distribution Date.

Neither the master servicer nor the trustee will make or be permitted to make a P&I Advance for balloon payments, default interest, late payment charges, yield maintenance charges or prepayment premiums, or with respect to any Companion Loan.

Advances are intended to maintain a regular flow of scheduled interest and principal payments to holders of the class or classes of certificates entitled thereto, and are not credit support for the certificates and will not act to guarantee or insure against losses on the mortgage loans or otherwise.

**Property Protection Advances**

In addition to P&I Advances, except as otherwise described under "*—Recovery of Advances*" below and except in certain limited circumstances described below, the master servicer will also be obligated (subject to the limitations described in this prospectus), to make advances ("<u>Property Protection Advances</u>" and, collectively with P&I Advances, "<u>Advances</u>") in connection with the servicing and administration of any Mortgage Loan (other than any Non-Serviced Mortgage Loan) and related Companion Loan, as applicable, in respect of which a default, delinquency or other unanticipated event has occurred or is reasonably foreseeable, or, in connection with the servicing and administration of any Mortgaged Property or REO Property, in order to pay delinquent real estate taxes, assessments and hazard insurance premiums and to cover other similar costs and expenses necessary to preserve the priority of or enforce the related Mortgage Loan documents or to protect, lease, manage and maintain the related Mortgaged Property. To the extent that the master servicer fails to make a Property Protection Advance that it is required to make under the PSA and the trustee has received notice or otherwise has actual knowledge of this failure, the trustee will be required to make the required Property Protection Advance in accordance with the terms of the PSA.

However, none of the master servicer, the special servicer or the trustee will make or be permitted to make any Property Protection Advance in connection with the exercise of any cure rights or purchase rights granted to the holder of a Serviced Companion Loan under the related Co-Lender Agreement or the PSA.

The special servicer will have no obligation to make any Property Protection Advances. However, in an urgent or emergency situation requiring the making of a Property Protection Advance, the special servicer may make such Property Protection Advance, and the master servicer will be required to reimburse the special servicer for such Advance (with interest on that Advance) within a specified number of days as set forth in the PSA, unless such Advance is determined to be nonrecoverable by the master servicer in its reasonable judgment (in which case it will be reimbursed out of the collection account). Once the special servicer is reimbursed, the master servicer will be deemed to have made the special servicer's Property Protection Advance as of the date made by the special servicer, and will be entitled to reimbursement with interest on that Advance in accordance with the terms of the PSA.

No Property Protection Advances will be made with respect to any Serviced Whole Loan if the related Mortgage Loan is no longer held by the issuing entity or if such Serviced Whole Loan is no longer serviced under the PSA and no Property Protection Advances will be made for any Non-Serviced Whole Loan under the PSA. Any requirement of the master servicer or the trustee to make an Advance in the PSA is intended solely to provide liquidity for the benefit of the Certificateholders and the RR Interest Owner and not as credit support or otherwise to impose on any such person the risk of loss with respect to one or more Mortgage Loans or any related Companion Loan.

The master servicer will also be obligated to make Property Protection Advances with respect to Serviced Whole Loans. With respect to any Non-Serviced Whole Loan, the applicable servicer under the related Non-Serviced PSA will be obligated to make property protection advances with respect to such Non-Serviced Whole Loan. See "*—Servicing of the Non-Serviced Mortgage Loans*" below and "*Description of the Mortgage Pool—The Whole Loans*".

**Nonrecoverable Advances**

Notwithstanding the foregoing, none of the master servicer, the special servicer or the trustee will be obligated to make any Advance that the master servicer or the special servicer, in accordance with the Servicing Standard, or the trustee, in its good faith business judgment, determines, would, if made, be non-recoverable (including recovery of interest on the Advance) out of Related Proceeds (a "<u>Nonrecoverable Advance</u>"). In addition, the special servicer may, at its option, make a determination in accordance with the Servicing Standard that any P&I Advance or Property Protection Advance, if made, would be a Nonrecoverable Advance, and if it makes such a determination, must deliver to the master servicer (and, with respect to a Serviced Whole Loan, to any master servicer or special servicer under the pooling and servicing agreement governing any securitization trust into which the related Serviced Pari Passu Companion Loan is deposited, and, with respect to any Non-Serviced Mortgage Loan, the related master servicer under the related Non-Serviced PSA), the certificate administrator, the trustee, the operating advisor and the 17g-5 Information Provider notice of such determination, which determination will be binding upon the master servicer and the trustee. No special servicer will have any obligation to make an affirmative determination that any P&I Advance or Property Protection Advance is, or would be, recoverable or non-recoverable; however, if the special servicer makes any such determination, such determination will not be binding upon the master servicer or the trustee. In the absence of a determination by the special servicer that such an Advance is non-recoverable, each such decision will remain with the master servicer or the trustee, as applicable. If the special servicer makes a determination that only a portion, and not all, of any previously made or proposed P&I Advance or Property Protection Advance is non-recoverable, the master servicer and the trustee will have the right to make its own subsequent determination that any remaining portion of any such previously made or proposed P&I Advance or Property Protection Advance is non-recoverable.

In making such non-recoverability determination, each person will be entitled to consider (among other things): (a) the obligations of the borrower under the terms of the related Mortgage Loan or Companion Loan, as applicable, as it may have been modified, (b) the related Mortgaged Properties in their "as-is" or then-current conditions and occupancies, as modified by such party's assumptions regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties, (c) estimated future expenses and (d) estimated timing of recoveries, and will be entitled to give due regard to the existence of any Nonrecoverable Advances which, at the time of such consideration, the recovery of which are being deferred or delayed by the master servicer or the trustee, in light of the fact that Related Proceeds are a source of recovery not only for the Advance under consideration but also a potential source of recovery for such delayed or deferred Advance. In addition, any such person may update or change its recoverability determinations (but not reverse any other person's determination that an Advance is non-recoverable) at any time and may obtain, promptly upon request, from the special servicer at the expense of the issuing entity any analysis, appraisals or market value estimates or other information for such purposes. Absent bad faith, any non-recoverability determination described in this paragraph will be conclusive and binding on the Certificateholders and the RR Interest Owner, and will be binding upon, the master servicer and the trustee. Nonrecoverable Advances will represent a portion of the losses to be borne by the Certificateholders and the RR Interest Owner.

With respect to any Non-Serviced Whole Loan, if any servicer under the related Non-Serviced PSA determines that a principal and interest advance with respect to the related Non-Serviced Companion Loan, if made, would be non-recoverable, such determination will not be binding on the master servicer and the trustee as it relates to any proposed P&I Advance with respect to the related Non-Serviced Mortgage Loan; provided, however, the master servicer and the trustee may rely on the non-recoverability determination of the other master servicer or other trustee under the related Non-Serviced PSA. Similarly, with respect to any Non-Serviced Mortgage Loan, if the master servicer or the special servicer determines that any P&I Advance with respect to such Non-Serviced Mortgage Loan, if made, would be non-recoverable, such determination will not be binding on the related master servicer and related trustee under the related Non-Serviced PSA as such determination relates to any proposed P&I Advance with respect to any related Non-Serviced Companion Loan (unless the related Non-Serviced PSA provides otherwise); *provided*, *however*, the other master servicer and other trustee under the related Non-Serviced PSA may rely on the non-recoverability determination of the master servicer or the trustee.

**Recovery of Advances**

The master servicer, the special servicer or the trustee, as applicable, will be entitled to recover (a) any Property Protection Advance made out of its own funds from any amounts collected in respect of a Mortgage Loan (or, consistent with the related Co-Lender Agreement, a Serviced Whole Loan) or REO Loan as to which such Property Protection Advance was made, and (b) any P&I Advance made out of its own funds from any amounts collected in respect of a Mortgage Loan (including a Non-Serviced Mortgage Loan) or REO Loan as to which such P&I Advance was made, whether in the form of late payments, insurance and condemnation proceeds, liquidation proceeds or otherwise from the related Mortgage Loan ("<u>Related Proceeds</u>"). Each of the master servicer, the special servicer and the trustee will be entitled to recover any Advance by it that it subsequently determines to be a Nonrecoverable Advance out of general collections relating to the Mortgage Loans in the Mortgage Pool on deposit in the Collection Account (*first* from principal collections and *then* from any other collections). Amounts payable in respect of each Serviced Companion Loan pursuant to the related Co-Lender Agreement will not be available for distributions on the certificates or for the reimbursement of Nonrecoverable Advances that are P&I Advances of principal or interest with respect to the related Mortgage Loan. However, amounts payable in respect of each Serviced Companion Loan will be available, in accordance with the PSA and related Co-Lender Agreement, for the reimbursement of any Property Protection Advances with respect to the related Serviced Whole Loan. Notwithstanding the above, with respect to a Property Protection Advance on a Serviced Whole Loan the master servicer will be entitled to reimbursement *first*, out of amounts allocable to any Subordinate Companion Loan(s), *then*, from amounts that would have been allocable to the holder of the related Mortgage Loan and any related Serviced Pari Passu Companion Loan, on a *pro rata* basis (based on each such loan's outstanding principal balance), and *then*, if the Property Protection Advance is a Nonrecoverable Advance, from general collections of the issuing entity; *provided* that the

master servicer will be required, after receiving payment from amounts on deposit in the Collection Account, if any, to (i) promptly notify the holder of any related Companion Loan and (ii) use commercially reasonable efforts to exercise on behalf of the issuing entity the rights of the issuing entity under the related Co-Lender Agreement to obtain reimbursement for a *pro rata* portion of such amount allocable to any related Pari Passu Companion Loans from the holders of such Companion Loans.

If the funds in the Collection Account relating to the Mortgage Loans allocable to principal on the Mortgage Loans are insufficient to fully reimburse the party entitled to reimbursement, then such party as an accommodation may elect, on a monthly basis, at its sole option and discretion to defer reimbursement of the portion that exceeds such amount allocable to principal (in which case interest will continue to accrue on the unreimbursed portion of the advance) for a time as required to reimburse the excess portion from principal for a consecutive period up to 12 months (*provided* that, with respect to any Mortgage Loan other than an applicable Excluded Loan, any such deferral exceeding 6 months will require, prior to the occurrence and continuance of any Control Termination Event, the consent of the Directing Holder) and any election to so defer will be deemed to be in accordance with the Servicing Standard; *provided* that no such deferral may occur at any time to the extent that amounts otherwise distributable as principal are available for such reimbursement.

In connection with a potential election by the master servicer or the trustee to refrain from the reimbursement of all or a portion of a particular Nonrecoverable Advance during the one month collection period ending on the related Determination Date for any Distribution Date, the master servicer or the trustee will be authorized to wait for principal collections on the Mortgage Loans to be received until the end of such collection period before making its determination of whether to refrain from the reimbursement of all or a portion of a particular Nonrecoverable Advance; *provided, however*, that if, at any time the master servicer or the trustee, as applicable, elects, in its sole discretion, not to refrain from obtaining such reimbursement or otherwise determines that the reimbursement of a Nonrecoverable Advance during a one month collection period will exceed the full amount of the principal portion of general collections deposited in the Collection Account for such Distribution Date, then the master servicer or the trustee, as applicable, will be required to use its reasonable efforts to give the 17g-5 Information Provider 15 days' notice of such determination for posting on the 17g-5 Information Provider's website, unless extraordinary circumstances make such notice impractical, and thereafter will be required to deliver copies of such notice to the 17g-5 Information Provider as soon as practical. Notwithstanding the foregoing, failure to give such notice will in no way affect the master servicer's or the trustee's election whether to refrain from obtaining such reimbursement.

Each of the master servicer, the special servicer and the trustee will be entitled to recover any Advance that is outstanding at the time that a Mortgage Loan is modified but is not repaid in full by the borrower in connection with such modification but becomes an obligation of the borrower to pay such amounts in the future (such Advance, together with interest on that Advance, a "<u>Workout-Delayed Reimbursement Amount</u>") out of principal collections on the Mortgage Loans in the Collection Account.

Any amount that constitutes all or a portion of any Workout-Delayed Reimbursement Amount may in the future be determined to constitute a Nonrecoverable Advance and thereafter will be recoverable as any other Nonrecoverable Advance.

In connection with its recovery of any Advance, each of the master servicer, the special servicer and the trustee will be entitled to be paid, out of any amounts relating to the Mortgage Loans then on deposit in the Collection Account, interest at the Prime Rate (and solely with respect to the master servicer and the special servicer, subject to a floor rate of 2.0%), compounded annually (the "<u>Reimbursement Rate</u>"), accrued on the amount of the Advance from the date made to, but not including, the date of reimbursement. Neither the master servicer nor the trustee will be entitled to interest on P&I Advances that accrues before the related due date has passed and any applicable grace period has expired. The "<u>Prime Rate</u>" will be the prime rate, for any day, set forth in *The Wall Street Journal*, New York edition.

See "*—Servicing of the Non-Serviced Mortgage Loans*" for reimbursements of property protection advances made in respect of each Non-Serviced Whole Loan under the related Non-Serviced PSA.

 **Accounts**

Under the PSA, the special servicer will be required to establish and maintain one or more accounts (collectively, the "<u>Loss of Value Reserve Fund</u>") for the purposes of holding Loss of Value Payments. Additionally, the master servicer is required to establish and maintain, or cause to be established and maintained, one or more accounts and subaccounts (collectively, the "<u>Collection Account</u>") in its own name on behalf of the trustee and for the benefit of the Certificateholders and the RR Interest Owner. The master servicer is required to deposit in the Collection Account (and in no event later than the 2nd business day following receipt of properly identified and available funds) all properly identified payments and collections due after the Cut-off Date and other amounts received or advanced with respect to the Mortgage Loans (including, without limitation, all proceeds (the "<u>Insurance and Condemnation Proceeds</u>") received under any hazard, title or other insurance policy that provides coverage with respect to a Mortgaged Property or the related Mortgage Loan or in connection with the full or partial condemnation of a Mortgaged Property (other than proceeds applied to the restoration of the Mortgaged Property or released to the related borrower in accordance with the Servicing Standard (or, if applicable, the special servicer) and/or the terms and conditions of the related Mortgage))) and all other amounts received and retained in connection with the liquidation of any Mortgage Loan that is defaulted and any related defaulted Companion Loans or property acquired by foreclosure or otherwise (the "<u>Liquidation Proceeds</u>") together with the net operating income (less reasonable reserves for future expenses) derived from the operation of any REO Properties. Notwithstanding the foregoing, the collections on the Whole Loans deposited into the Collection Account will be limited to the portion of such amounts that are payable to the holder of the related Mortgage Loan pursuant to the related Co-Lender Agreement.

The master servicer will also be required to establish and maintain a segregated custodial account (the "<u>Serviced Whole Loan Custodial Account</u>") with respect to each Serviced Whole Loan, which may be a sub-account or ledger account of the Collection Account, and deposit amounts collected in respect of each Serviced Whole Loan in the related Serviced Whole Loan Custodial Account. The issuing entity will only be entitled to amounts on deposit in a Serviced Whole Loan Custodial Account to the extent these funds are not otherwise payable to the holder of a related Serviced Companion Loan or payable or reimbursable to any party to the PSA. Any amounts in a Serviced Whole Loan Custodial Account to which the issuing entity is entitled will be transferred on a monthly basis to the Collection Account.

With respect to each Distribution Date, on the related Master Servicer Remittance Date, the master servicer will be required to disburse from the Collection Account and remit to the certificate administrator for deposit into the Lower-Tier REMIC Distribution Account in respect of the related Mortgage Loans, to the extent of funds on deposit in the Collection Account, the Aggregate Available Funds for such Distribution Date and any yield maintenance charges or prepayment premiums received as of the related Determination Date. The certificate administrator is required to establish and maintain various accounts, including a "<u>Lower-Tier REMIC Distribution Account</u>" and an "<u>Upper-Tier REMIC Distribution Account</u>", each of which may be sub-accounts of a single account (collectively, the "<u>Distribution Accounts</u>"), in its own name on behalf of the trustee and for the benefit of the Certificateholders and the RR Interest Owner.

On each Distribution Date, the certificate administrator is required to apply amounts on deposit in the Upper-Tier REMIC Distribution Account (which will include all funds that were remitted by the master servicer from the Collection Account), plus, among other things, any related P&I Advances less amounts, if any, distributable to the Class R certificates as set forth in the PSA generally to make distributions of interest and principal from (i) Non-VRR Available Funds to the holders of the Non-VRR Certificates and (ii) VRR Available Funds to the VRR Interest Owners, as described under "*Description of the Certificates—Distributions*" and "*Credit Risk Retention—The VRR Interest*".

The certificate administrator is also required to establish and maintain an account (the "<u>Interest Reserve Account</u>") which may be a sub-account of the Distribution Account, in its own name on behalf of the trustee for the benefit of the Certificateholders and the RR Interest Owner. On the Master Servicer Remittance Date occurring each February and on any Master Servicer Remittance Date occurring in any January which occurs in a year that is not a leap year (in each case, unless the related Distribution Date is the final Distribution Date), the certificate administrator will be required to deposit amounts remitted by the master servicer or P&I Advances made on the related Mortgage Loans into the Interest Reserve

Account during the related interest period, in respect of the Mortgage Loans that accrue interest on an Actual/360 Basis (collectively, the "<u>Actual/360 Loans</u>"), in an amount equal to one day's interest at the Net Mortgage Rate for each such Actual/360 Loan on its Stated Principal Balance and as of the Distribution Date in the month preceding the month in which the Master Servicer Remittance Date occurs, to the extent a Periodic Payment or P&I Advance or other deposit is made in respect of the Mortgage Loans (all amounts so deposited in any consecutive January (if applicable) and February, "<u>Withheld Amounts</u>"). On the Master Servicer Remittance Date occurring each March (or February, if the related Distribution Date is the final Distribution Date), the certificate administrator will be required to withdraw from the Interest Reserve Account an amount equal to the Withheld Amounts from the preceding January (if applicable) and February, if any, and deposit that amount into the Lower-Tier REMIC Distribution Account.

The certificate administrator may be required to establish and maintain accounts (the "<u>Non-VRR Gain-on-Sale Reserve Account</u>" and the "<u>VRR Interest Gain-on-Sale Reserve Account</u>"), each of which may be a sub-account of the Distribution Account, in its own name on behalf of the trustee for the benefit of the holders of the Non-VRR Certificates and the VRR Interest Owners, respectively. To the extent that any gains are realized on sales of Mortgaged Properties (or, with respect to any Whole Loan, the portion of such amounts that are payable on the related Mortgage Loan pursuant to the related Co-Lender Agreement), such gains will be deposited (i) into the Non-VRR Gain-on-Sale Reserve Account in an amount equal to the Non-VRR Percentage multiplied by such gains and (ii) into the VRR Interest Gain-on-Sale Reserve Account in an amount equal to the VRR Percentage multiplied by such gains.

Amounts in the Non-VRR Gain-on-Sale Reserve Account will be applied on each Distribution Date to reimburse the Principal Balance Certificates up to an amount equal to all Non-VRR Realized Losses, if any, previously deemed allocated to them and unreimbursed after application of the Non-VRR Available Funds for such Distribution Date, and amounts in the VRR Interest Gain-on-Sale Reserve Account will be applied on each Distribution Date to reimburse the VRR Interest Owners up to an amount equal to all VRR Realized Losses, if any, previously deemed allocated to the VRR Interest and unreimbursed after application of the VRR Available Funds for such Distribution Date. To the extent not so applied, such gains will be held and applied to offset future Realized Losses, if any (as determined by the special servicer). Upon termination of the issuing entity, any remaining amounts in the Non-VRR Gain-on-Sale Reserve Account and the VRR Interest Gain-on-Sale Reserve Account will be distributed on the Class R certificates.

Other accounts to be established pursuant to the PSA are one or more segregated custodial accounts (the "<u>REO Account</u>") for collections from REO Properties. Each REO Account will be maintained by the special servicer in its own name on behalf of the trustee and for the benefit of the Certificateholders and the RR Interest Owner.

The Collection Account, the Serviced Whole Loan Custodial Account, the Distribution Accounts, the Interest Reserve Account, the Non-VRR Gain-on-Sale Reserve Account, the VRR Interest Gain-on-Sale Reserve Account, the Loss of Value Reserve Fund and the REO Account are collectively referred to as the "<u>Securitization Accounts</u>" (but with respect to any Whole Loan, only to the extent of the issuing entity's interest in the Whole Loan). Each of the foregoing accounts will be held at a depository institution or trust company meeting the requirements of the PSA.

The party maintaining any of the foregoing accounts is authorized (but not required) to direct the investment of amounts on deposit in such account into certain United States government securities and other investments meeting the requirements of the PSA ("<u>Permitted Investments</u>"). Interest or other income earned on funds in the accounts maintained by the master servicer, the certificate administrator or the special servicer, as the case may be, will be payable to such person as additional compensation, and such person will be required to bear any losses resulting from their investment of such funds, except as set forth in the PSA.

**Withdrawals from the Collection Account**

The master servicer may, from time to time, make withdrawals from the Collection Account (or the applicable subaccount of the Collection Account, exclusive of the Serviced Whole Loan Custodial

Account that may be a subaccount of the Collection Account) for any of the following purposes, in each case only to the extent permitted under the PSA and with respect to the Serviced Whole Loan, subject to the terms of the related Co-Lender Agreement, without duplication (the order set forth below not constituting an order of priority for such withdrawals):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to remit on each Master Servicer Remittance Date (A) to the certificate administrator for deposit into the Lower-Tier REMIC Distribution Account certain portions of the Aggregate Available Funds and any prepayment premiums or yield maintenance charges attributable to the Mortgage Loans on the related Distribution Date or (B) to the certificate administrator for deposit into the Interest Reserve Account an amount required to be withheld as described above under "*—Accounts*";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to pay or reimburse the master servicer, the special servicer and the trustee, as applicable, pursuant to the terms of the PSA for Advances made by any of them and interest on Advances (the master servicer's, the special servicer's or the trustee's respective right, as applicable, to reimbursement for items described in this clause (ii) being limited as described above under "*—Advances*") (*provided* that with respect to each Serviced Whole Loan, such reimbursements are subject to the terms of the related Co-Lender Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to pay to the master servicer and the special servicer, as compensation, the aggregate unpaid servicing compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to pay to the operating advisor the Operating Advisor Consulting Fee (but only to the extent actually received from the related borrower) or the Operating Advisor Fee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to pay to the asset representations reviewer the Asset Representations Reviewer Fee and any unpaid Asset Representations Reviewer Asset Review Fee to the extent payable as a trust fund expense;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to reimburse the trustee, the special servicer and the master servicer, as applicable, for Nonrecoverable Advances or Workout-Delayed Reimbursement Amounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) to reimburse the master servicer, the special servicer or the trustee, as applicable, for any unreimbursed expenses reasonably incurred with respect to each related Mortgage Loan that has been repurchased or substituted by such person pursuant to the PSA or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) to reimburse the master servicer, the special servicer, the asset representations reviewer or the trustee for any unreimbursed expenses reasonably incurred by such person in connection with the enforcement of the applicable mortgage loan seller's obligations under the applicable section of the related MLPA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) to pay for any unpaid costs and expenses incurred by the issuing entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) to pay the master servicer and the special servicer, as applicable, as additional servicing compensation, (A) interest and investment income earned in respect of amounts relating to the issuing entity held in the Collection Account and the Serviced Whole Loan Custodial Account (but only to the extent of the net investment earnings during the applicable one month period ending on the related Distribution Date), (B) certain penalty charges and default interest and (C) the difference, if positive, between Prepayment Interest Excess and Prepayment Interest Shortfalls collected on the Mortgage Loans (other than the Non-Serviced Mortgage Loans) and any Serviced Companion Loan, during the related Collection Period to the extent not required to be paid as Compensating Interest Payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) to recoup any amounts deposited in the Collection Account in error;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) to the extent not reimbursed or paid pursuant to any of the above clauses, (A) to reimburse or pay the master servicer, the special servicer, the operating advisor, the asset

representations reviewer, the depositor or any of their respective directors, officers, members, managers, employees and agents, unpaid additional expenses of the issuing entity and certain other unreimbursed expenses incurred by such person pursuant to and to the extent reimbursable under the PSA and to satisfy any indemnification obligations of the issuing entity under the PSA and (B) to reimburse or pay any party to the PSA any unpaid expenses specifically reimbursable from the Collection Account under the PSA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) to pay for the cost of the opinions of counsel or the cost of obtaining any extension to the time in which the issuing entity is permitted to hold REO Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) to pay any applicable federal, state or local taxes imposed on each Trust REMIC or any of their assets or transactions, together with all incidental costs and expenses, to the extent that none of the master servicer, the special servicer, the certificate administrator or the trustee is liable under the PSA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) to pay the CREFC<sup>®</sup> Intellectual Property Royalty License Fee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) to reimburse the certificate administrator out of general collections on the Mortgage Loans and REO Properties for legal expenses incurred by and reimbursable to it by the issuing entity of any administrative or judicial proceedings related to an examination or audit by any governmental taxing authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) to pay the applicable mortgage loan seller or any other person, with respect to each Mortgage Loan, if any, previously purchased or replaced by such person pursuant to the PSA, all amounts received thereon subsequent to the date of purchase or replacement relating to periods after the date of purchase or replacement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) to remit to the companion paying agent for deposit into the Serviced Whole Loan Custodial Account the amounts required to be deposited pursuant to the PSA; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) to clear and terminate the Collection Account pursuant to a plan for termination and liquidation of the issuing entity.

No amounts payable or reimbursable to the parties to the PSA out of general collections that do not specifically relate to a Serviced Whole Loan may be reimbursable from amounts that would otherwise be payable to any related Companion Loan.

Certain costs and expenses (such as a *pro rata* share of any related Property Protection Advances) allocable to the Mortgage Loan (other than any Non-Serviced Mortgage Loan) that is part of a Serviced Whole Loan may be paid or reimbursed out of payments and other collections on the other Mortgage Loans, subject to the issuing entity's right to reimbursement from future payments and other collections on any related Companion Loan or from general collections with respect to the securitization of any related Companion Loan. If the master servicer makes, with respect to any Serviced Whole Loan, any reimbursement or payment out of the Collection Account to cover the related Serviced Companion Loan's share of any cost, expense, indemnity, Property Protection Advance or interest on such Property Protection Advance, or fee with respect to such Serviced Whole Loan, then the master servicer (with respect to non-Specially Serviced Loans) and the special servicer (with respect to Specially Serviced Loans) must use efforts consistent with the Servicing Standard to collect such amount out of collections on such Serviced Companion Loan or, if and to the extent permitted under the related Co-Lender Agreement, from the holder of the related Serviced Companion Loan.

The master servicer will also be entitled to make withdrawals, from time to time, from the Collection Account of amounts necessary for the payments or reimbursements required to be paid to the parties to the applicable Non-Serviced PSA, pursuant to the applicable Non-Serviced Co-Lender Agreement and the applicable Non-Serviced PSA. See "*—Servicing of the Non-Serviced Mortgage Loans*"*.*

If a P&I Advance is made with respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan) that is part of a Whole Loan, then that P&I Advance, together with interest on such P&I Advance,

may only be reimbursed out of future payments and collections on that Mortgage Loan or, as and to the extent described under "*—Advances*" above, on other Mortgage Loans, but not out of payments or other collections on the related Serviced Pari Passu Companion Loan. Likewise, the Certificate Administrator/Trustee Fee, the Operating Advisor Fee and the Asset Representations Reviewer Fee that accrue with respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) that is part of a Whole Loan and any other amounts payable to the operating advisor may only be paid out of payments and other collections on such Mortgage Loan and/or the Mortgage Pool generally, but not out of payments or other collections on the related Serviced Pari Passu Companion Loan.

**Servicing and Other Compensation and Payment of Expenses**

 **General**

The parties to the PSA other than the depositor will be entitled to payment of certain fees as compensation for services performed under the PSA. Below is a summary of the fees payable to the parties to the PSA from amounts that the issuing entity is entitled to receive. In addition, CREFC<sup>®</sup> will be entitled to a license fee for use of its name and trademarks, including a collection of reports specified by the CREFC<sup>®</sup> from time to time as described in the PSA (the "<u>CREFC<sup>®</sup> Investor Reporting Package</u>"). Certain additional fees and costs payable by the related borrowers are allocable to the parties to the PSA other than the depositor, but such amounts are not payable from amounts that the issuing entity is entitled to receive.

The amounts available for distribution on the certificates and the RR Interest on any Distribution Date will generally be net of the following amounts:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Type/Recipient<sup>(1)</sup>** | &nbsp;&nbsp; **Amount<sup>(1)</sup>** | &nbsp;&nbsp; **Source<sup>(1)</sup>** | &nbsp;&nbsp; **Frequency** |
| &nbsp;&nbsp;***Fees*** |  |  |  |
| &nbsp;&nbsp;Master Servicing Fee /<br> Master Servicer | With respect to the Mortgage Loans and any related Serviced Companion Loans, the product of the monthly portion of the related annual Servicing Fee Rate calculated on the Stated Principal Balance of such Mortgage Loan and Serviced Companion Loan. | Out of recoveries of interest with respect to the related Mortgage Loan (and any related Serviced Companion Loans) or if unpaid after final recovery on the related Mortgage Loan, out of general collections on deposit in the Collection Account with respect to the other Mortgage Loans. | Monthly |
| &nbsp;&nbsp;Special Servicing Fee / Special Servicer | With respect to each Mortgage Loan (other than any Non-Serviced Mortgage Loan) and the related Serviced Companion Loan that is a Specially Serviced Loan, the product of the monthly portion of the related annual Special Servicing Fee Rate calculated on the Stated Principal Balance of such Specially Serviced Loan. | *First*, from liquidation proceeds, insurance and condemnation proceeds, and collections in respect of the related Mortgage Loan (and any related Serviced Companion Loans), and *then* from general collections on deposit in the Collection Account with respect to the other Mortgage Loans. | Monthly |

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| | | | |
|:---|:---|:---|:---|
| **Type/Recipient<sup>(1)</sup>** | **Amount<sup>(1)</sup>** | **Source<sup>(1)</sup>** | **Frequency** |
| &nbsp;&nbsp;Workout Fee /<br> Special Servicer<sup>(2)</sup> | With respect to each Mortgage Loan (other than any Non-Serviced Mortgage Loan) and the related Serviced Companion Loan that is a Corrected Loan, the Workout Fee Rate multiplied by all payments of interest and principal received on such Mortgage Loan and the related Serviced Companion Loan for so long as they remain a Corrected Loan. | Out of each collection of interest, principal, and prepayment consideration received on the related Mortgage Loan (and each related Serviced Companion Loan) and then from general collections on deposit in the Collection Account with respect to the other Mortgage Loans. | Time to time |
| &nbsp;&nbsp;Liquidation Fee /<br> Special Servicer<sup>(2)</sup> | With respect to each Mortgage Loan (other than any Non-Serviced Mortgage Loan) and the related Serviced Companion Loan that is a Specially Serviced Loan for which the special servicer obtains a full, partial or discounted payoff or any liquidation proceeds, insurance proceeds and condemnation proceeds an amount calculated by application of a Liquidation Fee Rate to the related payment or proceeds (exclusive of default interest). | From any liquidation proceeds, insurance proceeds, condemnation proceeds and any other revenues received with respect to the related Mortgage Loan (and each related Serviced Companion Loan) and then from general collections on deposit in the Collection Account with respect to the other Mortgage Loans. | Time to time |
| &nbsp;&nbsp;Additional Servicing Compensation / Master Servicer and/or Special Servicer<sup>(3)</sup> | All modification fees, assumption application fees, defeasance fees, assumption, waiver, consent and earnout fees, late payment charges, default interest, review fees and similar fees actually collected on the Mortgage Loans (other than any Non-Serviced Mortgage Loan) and related Serviced Companion Loans. | Related payments made by borrowers with respect to the related Mortgage Loans and related Serviced Companion Loans. | Time to time |
| &nbsp;&nbsp;Certificate Administrator/Trustee Fee/Certificate Administrator | With respect to each Distribution Date, an amount equal to the product of the monthly portion of the annual Certificate Administrator/Trustee Fee Rate multiplied by the Stated Principal Balance of each Mortgage Loan. | Out of general collections on deposit in the Collection Account or the Distribution Account. | Monthly |
| &nbsp;&nbsp;Certificate Administrator/Trustee Fee/Trustee | With respect to each Distribution Date, an amount equal to the monthly portion of the annual Certificate Administrator/Trustee Fee | Out of general collections on deposit in the Collection Account or the Distribution Account. | Monthly |

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| | | | |
|:---|:---|:---|:---|
| **Type/Recipient<sup>(1)</sup>** | **Amount<sup>(1)</sup>** | **Source<sup>(1)</sup>** | **Frequency** |
| &nbsp;&nbsp;Operating Advisor Fee / Operating Advisor | With respect to each Distribution Date, an amount equal to the product of the monthly portion of the annual Operating Advisor Fee Rate multiplied by the Stated Principal Balance of each Mortgage Loan and REO Loan. | *First*, out of recoveries of interest with respect to the related Mortgage Loan and *then*, if the related Mortgage Loan has been liquidated, out of general collections on deposit in the Collection Account with respect to the other Mortgage Loans. | Monthly |
| &nbsp;&nbsp;Operating Advisor Consulting Fee / Operating Advisor | $10,000 for each Major Decision made with respect to a Mortgage Loan (or, such lesser amount as the related borrower pays with respect to such Mortgage Loan). | Payable by the related borrower. | Time to time |
| &nbsp;&nbsp;Asset Representations Reviewer Fee / Asset Representations Reviewer | With respect to each Distribution Date, an amount equal to the product of the monthly portion of the annual Asset Representations Reviewer Fee Rate multiplied by the Stated Principal Balance of each Mortgage Loan. | Out of general collections with respect to Mortgage Loans on deposit in the Collection Account. | Monthly |
| &nbsp;&nbsp;Asset Representations Reviewer Asset Review Fee | The sum of: (i) $21,750 multiplied by the number of Subject Loans, plus (ii) $2,175 per Mortgaged Property relating to the Subject Loans in excess of one Mortgaged Property per Subject Loan, plus (iii) $2,875 per Mortgaged Property relating to a Subject Loan subject to a ground lease, plus (iv) $1,600 per Mortgaged Property relating to a Subject Loan subject to a franchise agreement, hotel management agreement or hotel license agreement, subject, in the case of each of clauses (i) through (iv), to adjustments on the basis of the year-end Consumer Price Index for All Urban Consumers, or other similar index if the Consumer Price Index for All Urban Consumers is no longer calculated for the year of the Closing Date and for the year of the occurrence of the Asset Review. | By the mortgage loan seller; *provided*, *however*, that if the mortgage loan seller is insolvent, such fee will become an expense of the issuing entity. | Upon the completion of each Asset Review with respect to a Delinquent Loan. |

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| | | | |
|:---|:---|:---|:---|
| **Type/Recipient<sup>(1)</sup>** | **Amount<sup>(1)</sup>** | **Source<sup>(1)</sup>** | **Frequency** |
| &nbsp;&nbsp;Property Protection Advances / Master Servicer, Special Servicer or Trustee | To the extent of funds available, the amount of any Property Protection Advances. | *First*, from funds collected with respect to the related Mortgage Loan (and any related Serviced Companion Loans), and with respect to any Nonrecoverable Advance or a Workout-Delayed Reimbursement Amount, *then* out of general collections on deposit in the Collection Account, subject to certain limitations. | Time to time |
| &nbsp;&nbsp;Interest on Property Protection<br> Advances / Master Servicer, Special Servicer or Trustee | At a rate *per annum* equal to the Reimbursement Rate, compounded annually, calculated on the number of days the related Advance remains unreimbursed. | *First*, out of late payment charges and default interest on the related Mortgage Loan (and any related Serviced Companion Loans), and *then*, after or at the same time that advance is reimbursed, out of any other amounts then on deposit in the Collection Account, subject to certain limitations. | Time to time |
| &nbsp;&nbsp;P&I Advances on the Mortgage Loans /<br> Master Servicer and Trustee | To the extent of funds available, the amount of any P&I Advances. | *First*, from funds collected with respect to the related Mortgage Loan and *then*, with respect to a Nonrecoverable Advance or a Workout-Delayed Reimbursement Amount, out of general collections on deposit in the Collection Account. | Time to time |
| &nbsp;&nbsp;Interest on P&I Advances on the Mortgage Loans/ Master Servicer and Trustee | At a rate *per annum* equal to the Reimbursement Rate calculated on the number of days the related Advance remains unreimbursed. | *First*, out of default interest and late payment charges on the related Mortgage Loan and *then*, after or at the same time that advance is reimbursed, out of general collections on deposit in the Collection Account with respect to the other Mortgage Loans. | Monthly |
| &nbsp;&nbsp;Indemnification Expenses /<br> Trustee, Certificate Administrator, Depositor, Master Servicer, Operating Advisor, Asset Representations Reviewer or Special Servicer and any director, officer, employee or agent of any of the foregoing parties | Amount to which such party is entitled for indemnification under the PSA. | Out of general collections on deposit in the Collection Account or the Distribution Account (and, under certain circumstances, from collections on Serviced Companion Loans) | Time to time |
| &nbsp;&nbsp;CREFC<sup>®</sup> Intellectual Property Royalty License Fee / CREFC<sup>®</sup> | With respect to each Distribution Date, an amount equal to the product of the CREFC<sup>®</sup> Intellectual Property Royalty License Fee Rate multiplied by the outstanding principal amount of each Mortgage Loan. | Out of general collections on deposit in the Collection Account. | Monthly |

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| | | | |
|:---|:---|:---|:---|
| **Type/Recipient<sup>(1)</sup>** | **Amount<sup>(1)</sup>** | **Source<sup>(1)</sup>** | **Frequency** |
| &nbsp;&nbsp;Expenses of the issuing entity not advanced (which may include reimbursable expenses incurred by the Operating Advisor or Asset Representations Reviewer, expenses relating to environmental remediation or appraisals, expenses of operating REO Property and expense incurred by any independent contractor hired to operate REO Property) | &nbsp;&nbsp;Based on third party charges. | &nbsp;&nbsp;*First* from collections on the related Mortgage Loan (income on the related REO Property), if applicable, and *then* from general collections, in the Collection Account (and custodial account with respect to a Serviced Companion Loan, if applicable), subject to certain limitations. | &nbsp;&nbsp;Time to time |

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(1) With respect to any Mortgage Loan and any related Serviced Companion Loan (or any Specially Serviced Loan) in respect of which an
REO Property was acquired, and all references to Mortgage Loan, Companion Loan, and Specially Serviced Loan in this table will be deemed
to also be references to or to also include any REO Loans.

With respect to any Non-Serviced Mortgage Loan, the related master servicer, special servicer, certificate administrator, trustee, operating advisor and/or asset representations reviewer under the related Non-Serviced PSA governing the servicing of such Non-Serviced Mortgage Loan will be entitled to receive similar fees and reimbursements with respect to such Non-Serviced Mortgage Loan in amounts, from sources and at frequencies that are similar, but not necessarily identical, to those described above and, in certain cases (for example, with respect to unreimbursed special servicing fees and property protection advances with respect to the related Non-Serviced Whole Loan), such amounts may be reimbursable from general collections on the other Mortgage Loans to the extent not recoverable from the related Non-Serviced Whole Loan.

In connection with the servicing and administration of each Serviced Whole Loan pursuant to the terms of the PSA and the related Co-Lender Agreement, the master servicer and the special servicer will be entitled to servicing compensation, without duplication, with respect to any related Serviced Companion Loan as well as the related Mortgage Loan to the extent consistent with the PSA and not prohibited by the related Co-Lender Agreement.

(2) Subject to certain offsets as described below. Circumstances as to when a Liquidation Fee is not payable are set forth in this "*Pooling and Servicing Agreement—Servicing and Other Compensation and Payment of Expenses*" section.

(3) Allocable between the master servicer and the special servicer as provided in the PSA.

**Master Servicing Compensation**

The fee of the master servicer including the fee of any primary or other sub-servicer (the "<u>Servicing Fee</u>") will be payable monthly from amounts allocable in respect of interest received in respect of each Mortgage Loan or Serviced Whole Loan (to the extent not prohibited under the related Co-Lender Agreement), and will accrue at a rate (the "<u>Servicing Fee Rate</u>") on the Stated Principal Balance of such Mortgage Loan or Whole Loan, equal to a *per annum* rate ranging from 0.00165% to 0.10125%. The Servicing Fee payable to the master servicer with respect to each Serviced Companion Loan will be payable, subject to the terms of the related Co-Lender Agreement, from amounts payable in respect of any related Companion Loan or if unpaid after final recovery on the related Mortgage Loan, out of general collections on deposit in the Collection Account with respect to the other Mortgage Loans.

In addition to the Servicing Fee, the master servicer will be entitled to retain, as additional servicing compensation (other than with respect to any Non-Serviced Mortgage Loan), the following amounts to the extent collected from the related borrower:

● 100% of Excess Modification Fees related to any modifications, waivers, extensions or amendments of any Mortgage Loans (other than any Non-Serviced Mortgage Loan) and any related Serviced Companion Loans that are not Specially Serviced Loans consented to by the master servicer that did not require the approval of the special servicer and to the extent not prohibited by the related Co-Lender Agreement and that do not involve a Major Decision and 50% of Excess Modification Fees related to any modifications, waivers, extensions or amendments of any Mortgage Loans (other than any Non-Serviced Mortgage Loan) and any related Serviced Companion Loans that are not Specially Serviced Loans with respect to any Major Decision or if the consent of the special servicer is otherwise required (whether or not

the special servicer elects to handle any related processing) and to the extent not prohibited by the related Co-Lender Agreement;

● 100% of all assumption application fees received on any non-Specially Serviced Loans, only for which the master servicer is processing the underlying assumption related transaction (including any related Serviced Companion Loan to the extent not prohibited by the related Co-Lender Agreement) (whether or not the consent of the special servicer is required) and 100% of all defeasance fees (*provided* that for the avoidance of doubt, any such defeasance fee will not include any Modification Fees or waiver fees in connection with a defeasance that the special servicer is entitled to under the PSA);

● 100% of assumption, waiver, consent and earnout fees and similar fees pursuant to the PSA on any Mortgage Loans that are not Specially Serviced Loans (including any related Serviced Companion Loan, to the extent not prohibited by the related Co-Lender Agreement) consented to by the master servicer that did not require the approval of the special servicer which do not involve a Major Decision;

● 50% of all assumption, waiver, consent and earnout fees and similar fees (other than assumption application and defeasance fees), in each case, with respect to all Mortgage Loans that are not Specially Serviced Loans (including any related Serviced Companion Loan, to the extent not prohibited by the related Co-Lender Agreement) with respect to any Major Decision or if the consent of the special servicer is otherwise required and only to the extent that all amounts then due and payable with respect to the related Mortgage Loan have been paid (whether or not the special servicer elects to handle any related processing);

● late payment charges and default interest paid by the borrowers (that were accrued while the related Mortgage Loans (other than any Non-Serviced Mortgage Loan) or any related Serviced Companion Loan (to the extent not prohibited by the related Co-Lender Agreement) were not Specially Serviced Loans), but only to the extent such late payment charges and default interest are not needed to pay interest on Advances or certain additional trust fund expenses incurred with respect to the related Mortgage Loan or, if provided under the related Co-Lender Agreement, any related Serviced Companion Loan since the Closing Date;

● with respect to accounts held by the master servicer, 100% of the charges by the master servicer collected for checks returned for insufficient funds; and

● 100% of charges for beneficiary statements or demands actually paid by the borrowers to the extent such beneficiary statements or demands were prepared by the master servicer.

Notwithstanding anything to the contrary, the master servicer and the special servicer will each be entitled to charge and retain reasonable review fees in connection with any borrower request to the extent such fees are (1) not prohibited under the related Mortgage Loan documents and (2) actually paid by or on behalf of the related borrower.

Notwithstanding anything to the contrary, with respect to penalty charges (part of which accrued when any Mortgage Loan was not subject to a Special Servicing Transfer Event and part of which accrued when such Mortgage Loan was subject to a Special Servicing Transfer Event), (a) the master servicer will be entitled to waive all or a portion of the penalty charges when such Mortgage Loan is not subject to a Special Servicing Transfer Event and the special servicer will be entitled to waive all or a portion of the penalty charges when such Mortgage Loan is subject to a Special Servicing Transfer Event, and (b) if either the master servicer or the special servicer has partially waived any such penalty charges, any collections in respect of such penalty charges will be shared pro rata by the master servicer and the special servicer based on the respective portions of such penalty charges to which each would otherwise have been entitled (provided that neither the master servicer nor the special servicer will be permitted to waive only the penalty charges to which the other would be entitled, but not waive penalty charges to which it is entitled).

With respect to any of the preceding fees as to which both the master servicer and the special servicer are entitled to receive a portion thereof (other than a split fee with respect to penalty charges), the master servicer and the special servicer will each have the right in their sole discretion, but not any obligation, to reduce or elect not to charge its respective portion of such fee (in the case of a split fee with respect to penalty charges, subject to certain limitations set forth in the PSA); *provided* that (A) neither the master servicer nor the special servicer will have the right to reduce or elect not to charge the portion of any such fee due to the other and (B) to the extent either the master servicer or the special servicer exercises its right to reduce or elect not to charge its respective portion in any such fee, the party that reduced or elected not to charge its respective portion of such fee will not have any right to share in any part of the other party's portion of such fee. If the master servicer decides not to charge any fee (other than penalty charges), the special servicer will nevertheless be entitled to charge its portion of the related fee to which the special servicer would have been entitled if the master servicer had charged a fee and the master servicer will not be entitled to any of such fee charged by the special servicer.

In addition, the master servicer also is authorized but not required to invest or direct the investment of funds held in the Collection Account in Permitted Investments, and the master servicer will be entitled to retain any interest or other income earned on those funds and will bear any losses resulting from the investment of these funds, except as set forth in the PSA. The master servicer also is entitled to retain any interest earned on any servicing escrow account, to the extent the interest is not required to be paid to the related borrowers.

See "*—Modifications, Waivers and Amendments*".

"<u>Modification Fees</u>" means, with respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Companion Loans, any and all fees with respect to a modification, extension, waiver or amendment that modifies, extends, amends or waives any term of such Mortgage Loan documents and/or related Serviced Companion Loan documents (as evidenced by a signed writing) agreed to by the master servicer or the special servicer, as applicable (other than all assumption fees, assumption application fees, consent fees, defeasance fees, Special Servicing Fees, Liquidation Fees or Workout Fees).

With respect to each of the master servicer and the special servicer, the Excess Modification Fees collected and earned by such person from the related borrower (taken in the aggregate with any other Excess Modification Fees collected and earned by such person from the related borrower within the prior 12-months of the collection of the current Excess Modification Fees) will be subject to a cap equal to the greater of (i) 1.0% of the outstanding principal balance of the related Mortgage Loan or Serviced Whole Loan after giving effect to such transaction and (ii) $25,000.

The Servicing Fee is calculated on the Stated Principal Balance of each Mortgage Loan (including any Non-Serviced Mortgage Loan) and each related Serviced Companion Loan in the same manner as interest is calculated on such Mortgage Loans and Serviced Companion Loans. The Servicing Fee for each Mortgage Loan is included in the Administrative Cost Rate listed for that Mortgage Loan on Annex A-1. Any Servicing Fee Rate calculated on an Actual/360 Basis will be recomputed on the basis of twelve 30-day months, assuming a 360-day year ("<u>30/360 Basis</u>") for purposes of calculating the Net Mortgage Rate.

The master servicer will be required to pay its overhead and any general and administrative expenses incurred by it in connection with its servicing activities under the PSA. The master servicer will not be entitled to reimbursement for any expenses incurred by it except as expressly provided in the PSA. The master servicer will be responsible for all fees payable to any sub-servicers. See "*Description of the Certificates—Distributions—Method, Timing and Amount*".

With respect to each Non-Serviced Mortgage Loan and pursuant to the terms of the related Non-Serviced PSA, the primary servicer of such Non-Serviced Mortgage Loan will be entitled to a primary servicing fee accruing at a rate equal to the rate set forth under the table titled "Non-Serviced Mortgage Loans" under "*Summary of Terms*".

**Special Servicing Compensation**

The principal compensation to be paid to the special servicer in respect of its special servicing activities will be the Special Servicing Fee, the Workout Fee and the Liquidation Fee.

The "<u>Special Servicing Fee</u>" will accrue with respect to each Specially Serviced Loan and each REO Loan (other than a Non-Serviced Mortgage Loan) on a loan-by-loan basis at the Special Servicing Fee Rate calculated on the basis of the Stated Principal Balance of the related Mortgage Loan and Companion Loan (including any REO Loan), as applicable, and in the same manner as interest is calculated on the Specially Serviced Loans, and will be payable monthly, *first* from Liquidation Proceeds, Insurance and Condemnation Proceeds, and collections in respect of the related REO Property or Specially Serviced Loan and *then* from general collections on all the Mortgage Loans and any REO Properties. The Non-Serviced Whole Loans will be subject to a similar special servicing fee pursuant to the related Non-Serviced PSA. For further detail, see "*Description of the Mortgage Pool—The Whole Loans*".

"<u>Special Servicing Fee Rate</u>" means (a) 0.25% *per annum* or (b) if such rate in clause (a) would result in a Special Servicing Fee with respect to a Specially Serviced Loan or REO Property (other than any interest in REO Property acquired with respect to any Non-Serviced Whole Loan) that would be less than (i) $3,500 in any given month or (ii) $5,000 in any given month with respect to any mortgage loan with respect to which the risk retention consultation party is entitled to consult with the special servicer, then the Special Servicing Fee Rate for such month for such Specially Serviced Loan or REO Property will be the higher *per annum* rate as would result in a Special Servicing Fee equal to $3,500 (or $5,000, as applicable) for such month with respect to such Specially Serviced Loan or REO Property.

The "<u>Workout Fee</u>" will generally be payable with respect to each Corrected Loan (other than a Non-Serviced Whole Loan) and will be calculated by application of a "<u>Workout Fee Rate</u>" equal to the lesser of (a) 1.00% to each collection (other than penalty charges) of interest and principal (other than any amount for which a Liquidation Fee would be paid) (including scheduled payments, prepayments, balloon payments, and payments at maturity) received on the Corrected Loan for so long as it remains a Corrected Loan and (b) such lower rate as would result in a Workout Fee of $1,000,000 when applied to each expected payment of principal and interest (other than default interest) on any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan, as applicable, from the date such Mortgage Loan (or Whole Loan, if applicable) becomes a Corrected Loan through and including the related maturity date (or if the rate in clause (a) above would result in a Workout Fee that would be less than $25,000 when applied to each expected payment of principal and interest (other than default interest) on the related Mortgage Loan (or Serviced Whole Loan, if applicable) from the date such Mortgage Loan (or Serviced Whole Loan, if applicable) becomes a Corrected Loan through and including the then related maturity date, then the Workout Fee Rate will be a rate equal to such higher rate as would result in a Workout Fee equal to $25,000 when applied to each expected payment of principal and interest (other than default interest) on the related Mortgage Loan (or Serviced Whole Loan, if applicable) from the date such Mortgage Loan (or Serviced Whole Loan, if applicable) becomes a Corrected Loan through and including the then related maturity date); *provided* that no Workout Fee will be payable by the issuing entity with respect to any Corrected Loan if and to the extent that the Corrected Loan became a Specially Serviced Loan under clause (5) or clause (7) of the definition of "Special Servicing Transfer Event" (and no other clause of that definition) and no event of default actually occurs, unless the related Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan is modified by the special servicer in accordance with the terms of the PSA; *provided, further* that if a Mortgage Loan or Serviced Companion Loan becomes a Specially Serviced Loan only because of an event described in clause (1) of the definition of "Special Servicing Transfer Event" as a result of a payment default at maturity and the related collection of interest and principal is received within 90 days following the related maturity date in connection with the full and final pay-off or refinancing of the related Mortgage Loan or Serviced Whole Loan, the special servicer will not be entitled to collect a Workout Fee, but may collect and retain commercially reasonable fees from the related borrower in connection with such workout. The Workout Fee with respect to any Specially Serviced Loan that becomes a Corrected Loan will be reduced by any Excess Modification Fees paid by or on behalf of the related borrower with respect to such

Mortgage Loan or Serviced Whole Loan as described in the definition of "Excess Modification Fees", but only to the extent those fees have not previously been deducted from a Workout Fee or Liquidation Fee.

The Non-Serviced Whole Loans will be subject to a similar workout fee pursuant to the Non-Serviced PSA. For further details, see "*Description of the Mortgage Pool—The Whole Loans*" and "*Pooling and Servicing Agreement—Servicing of the Non-Serviced Mortgage Loans*".

The Workout Fee with respect to any Corrected Loan will cease to be payable if the Corrected Loan again becomes a Specially Serviced Loan but will become payable again if and when the Mortgage Loan (including a Serviced Companion Loan) again becomes a Corrected Loan. The Workout Fee with respect to any Specially Serviced Loan that becomes a Corrected Loan will be reduced by any Excess Modification Fees paid by or on behalf of the related borrower with respect to a related Mortgage Loan, Serviced Companion Loan or REO Loan and received by the special servicer as compensation within the prior 18 months, but only to the extent those fees have not previously been deducted from a Workout Fee or Liquidation Fee.

If the special servicer is terminated (other than for cause) or resigns, it will retain the right to receive any and all Workout Fees payable with respect to a Mortgage Loan or Serviced Companion Loan that became a Corrected Loan during the period that it acted as special servicer and remained a Corrected Loan at the time of that termination or resignation, except that such Workout Fees will cease to be payable if the Corrected Loan again becomes a Specially Serviced Loan. The successor special servicer will not be entitled to any portion of those Workout Fees. If the special servicer resigns or is terminated (other than for cause), it will receive any Workout Fees payable on Specially Serviced Loans for which the resigning or terminated special servicer had determined to grant a forbearance or cured the event of default through a modification, restructuring or workout negotiated by the special servicer and evidenced by a signed writing, but which had not as of the time the special servicer resigned or was terminated become a Corrected Loan solely because the borrower had not made three (3) consecutive timely Periodic Payments and which subsequently becomes a Corrected Loan as a result of the borrower making such three (3) consecutive timely Periodic Payments.

A "<u>Liquidation Fee</u>" will be payable to the special servicer with respect to (i) each Specially Serviced Loan or REO Property (except with respect to any Non-Serviced Mortgage Loan) as to which the special servicer receives (a) a full, partial or discounted payoff from the related borrower or (b) any Liquidation Proceeds or Insurance and Condemnation Proceeds (including with respect to any related Companion Loan, if applicable), and (ii) except as otherwise described below, any Mortgage Loan and any related Serviced Companion Loan (with respect to any Serviced Companion Loan, only to the extent that (i) the special servicer is enforcing the applicable mortgage loan seller's obligations under the applicable mortgage loan purchase agreement with respect to such Serviced Companion Loan and (ii) the related Liquidation Fee is not otherwise required to be paid to the special servicer engaged with respect to such Serviced Companion Loan securitization trust or otherwise prohibited from being paid to the special servicer (in each case, under the related pooling and servicing agreement for the securitization trust that owns such Serviced Companion Loan)) for which the special servicer is the Enforcing Servicer and either (A) such Mortgage Loan (and Serviced Companion Loan, if applicable) is repurchased or substituted for by the applicable mortgage loan seller or (B) a Loss of Value Payment has been made with respect to such Mortgage Loan (and Serviced Companion Loan, if applicable). The Liquidation Fee for each such repurchased or substituted Mortgage Loan, Specially Serviced Loan or REO Property will be payable from, and will be calculated by application of the Liquidation Fee Rate, to the related payment or proceeds; *provided* that the Liquidation Fee with respect to any Specially Serviced Loan or REO Property will be reduced by the amount of any Excess Modification Fees paid by or on behalf of the related borrower with respect to the Specially Serviced Loan or REO Property as described in the definition of "Excess Modification Fees", but only to the extent those fees have not previously been deducted from a Workout Fee or Liquidation Fee; *provided*, *however*, that any such fee payable with respect to the Serviced Companion Loan will be payable solely from proceeds on such Serviced Companion Loan; *provided*, *further*, that except as contemplated by each of the immediately preceding provisos and the second following paragraph, no Liquidation Fee will be less than $25,000.

The "<u>Liquidation Fee Rate</u>" will be a rate equal to the lesser of (a) such rate as would result in a Liquidation Fee of $1,000,000 and (b) 1.00% (or 0.50%, in the case of the 9911 Belward Mortgage Loan) with respect to each Mortgage Loan (including with respect to any related Serviced Companion Loan, to the extent provided in the definition of "Liquidation Fee") repurchased, substituted or for which a Loss of Value Payment has been made, each Specially Serviced Loan and each REO Property.

Notwithstanding anything to the contrary described above, no Liquidation Fee will be payable based upon, or out of, Liquidation Proceeds received in connection with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (A) the repurchase of, or substitution for, any Mortgage Loan or Serviced Companion Loan by a mortgage loan seller for a breach of representation or warranty or for defective or deficient Mortgage Loan documentation within the initial 90 day time period (as may be extended) provided for such repurchase or substitution if such repurchase or substitution occurs prior to the termination of such extended period, or (B) the payment of a Loss of Value Payment in connection with any such breach or document defect within the initial 90-day time period (as may be extended) provided for the Loss of Value Payment, if such Loss of Value Payment occurs prior to the termination of such extended period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the purchase of (A) any Specially Serviced Loan that is an AB Whole Loan or related REO Property by the holder of a Subordinate Companion Loan or (B) any Specially Serviced Loan or an REO Property that is subject to mezzanine indebtedness by the holder of the related mezzanine loan, in each case described in clause (ii)(A) or (B) above, within 90 days of such holder's purchase option first becoming exercisable during the period prior to such Mortgage Loan becoming a Corrected Loan,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the purchase of all of the Mortgage Loans and REO Properties, in connection with an optional termination of the issuing entity,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) with respect to a Serviced Pari Passu Companion Loan, (A) a repurchase of such Serviced Pari Passu Companion Loan by the related mortgage loan seller for a breach of representation or warranty or for defective or deficient Mortgage Loan documentation under the pooling and servicing agreement for the securitization trust that owns such Serviced Pari Passu Companion Loan within the time period (or extension of such time period) provided for such repurchase if such repurchase occurs prior to the termination of such extended period provided in such pooling and servicing agreement or (B) a purchase of such Serviced Pari Passu Companion Loan by an applicable party to a pooling and servicing agreement pursuant to a clean-up call or similar liquidation of another securitization entity,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the purchase of any Specially Serviced Loan by the special servicer or its affiliate (except if such affiliate purchaser is the Directing Holder or its affiliate; *provided, however*, that if no Control Termination Event is continuing, such affiliated Directing Holder or its affiliate purchases any Specially Serviced Loan within 90 days after the special servicer delivers to such Directing Holder for approval the initial asset status report with respect to such Specially Serviced Loan, the special servicer will not be entitled to a liquidation fee in connection with such purchase by the Directing Holder or its affiliates), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) if a Mortgage Loan or Serviced Whole Loan becomes a Specially Serviced Loan only because of an event described in clause (1) of the definition of "Special Servicing Transfer Event" under the heading "*—Special Servicing Transfer Event*" and the related Liquidation Proceeds are received within 90 days following the related maturity date as a result of the related Mortgage Loan or the Serviced Whole Loan being refinanced or otherwise repaid in full. Notwithstanding the foregoing, in the event that a liquidation fee is not payable due to the application of any of clauses (i) through (v) above, the special servicer may still collect and retain a liquidation fee and similar fees from the related borrower to the extent provided for in, or not prohibited by, the related Mortgage Loan documents. The Non-Serviced Whole Loans will be subject to a similar liquidation fee pursuant to the related Non-Serviced PSA. For further detail, see "*Description of the Mortgage Pool—The Whole Loans*".

The special servicer will also be entitled to additional servicing compensation with respect to each Mortgage Loan for which it acts as special servicer (other than with respect to any Non-Serviced Mortgage Loan), in the following amounts to the extent collected from the related borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 100% of all Excess Modification Fees related to any modifications, waivers, extensions or amendments of any Specially Serviced Loans,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 100% of all assumption application fees received on any Mortgage Loans and any related Serviced Companion Loan (to the extent not prohibited by the related Co-Lender Agreement), only for which the special servicer is processing the underlying assumption related transaction,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) 100% of assumption, waiver, consent and earnout fees and similar fees on any Specially Serviced Loan or certain other similar fees paid by the related borrower,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) 50% of all Excess Modification Fees and 50% of all assumption, waiver, consent and earnout fees and similar fees (other than assumption application and defeasance fees) received with respect to all Mortgage Loans (including any Serviced Companion Loan, to the extent not prohibited by the related Co-Lender Agreements, if applicable) (excluding any Non-Serviced Mortgage Loan) that are not Specially Serviced Loans with respect to any Major Decision or if the consent of the Special Servicer is otherwise required (whether or not the special servicer elects to handle any related processing),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) with respect to accounts held by the special servicer, 100% of charges by the special servicer collected for checks returned for insufficient funds,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) 100% of charges for beneficiary statements or demands actually paid by the borrowers to the extent such beneficiary statements or demands were prepared by the special servicer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) 100% of charges collected for checks intended for deposit in the applicable REO account maintained by the special servicer and returned for insufficient funds.

Notwithstanding anything to the contrary, with respect to penalty charges (part of which accrued when any Mortgage Loan was not subject to a Special Servicing Transfer Event and part of which accrued when such Mortgage Loan was subject to a Special Servicing Transfer Event), (a) the master servicer will be entitled to waive all or a portion of the penalty charges when such Mortgage Loan is not subject to a Special Servicing Transfer Event and the special servicer will be entitled to waive all or a portion of the penalty charges when such Mortgage Loan is subject to a Special Servicing Transfer Event, and (b) if either the master servicer or the special servicer has partially waived any such penalty charges, any collections in respect of such penalty charges will be shared pro rata by the master servicer and the special servicer based on the respective portions of such penalty charges to which each would otherwise have been entitled (provided that neither the master servicer nor the special servicer will be permitted to waive only the penalty charges to which the other would be entitled, but not waive penalty charges to which it is entitled).

With respect to any of the preceding fees as to which both the master servicer and the special servicer are entitled to receive a portion thereof (other than a split fee with respect to penalty charges), the master servicer and the special servicer will each have the right in their sole discretion, but not any obligation, to reduce or elect not to charge its respective portion of such fee (in the case of a split fee with respect to penalty charges, subject to certain limitations set forth in the PSA); *provided* that (A) neither the master servicer nor the special servicer will have the right to reduce or elect not to charge the portion of any such fee due to the other and (B) to the extent either the master servicer or the special servicer exercises its right to reduce or elect not to charge its respective portion in any such fee, the party that reduced or elected not to charge its respective portion of such fee will not have any right to share in any part of the other party's portion of such fee. If the special servicer decides not to charge any fee (other than penalty charges), the master servicer will nevertheless be entitled to charge its portion of the related fee to which the master servicer would have been entitled if the special servicer had charged a fee and the special servicer will not be entitled to any of such fee charged by the master servicer.

The special servicer will also be entitled to late payment charges and default interest paid by the borrowers and accrued while the related Mortgage Loans (including any related Serviced Companion Loan, if applicable, and to the extent not prohibited by the related Co-Lender Agreement) were Specially Serviced Loans and that are not needed to pay interest on Advances or certain additional trust fund expenses with respect to the related Mortgage Loan (including any related Serviced Companion Loan, if applicable, to the extent not prohibited by the related Co-Lender Agreement) since the Closing Date. The special servicer also is authorized but not required to invest or direct the investment of funds held in the applicable REO Account or Loss of Value Payment reserve fund in Permitted Investments, and the special servicer will be entitled to retain any interest or other income earned on those funds and will bear any losses resulting from the investment of these funds, except as set forth in the PSA.

Each Non-Serviced Mortgage Loan is serviced under the related Non-Serviced PSA (including those occasions under the related Non-Serviced PSA when the servicing of such Non-Serviced Mortgage Loan has been transferred from the related Non-Serviced Master Servicer to the related Non-Serviced Special Servicer). Accordingly, in its capacity as special servicer under the PSA, the special servicer will not be entitled to receive any special servicing compensation for any Non-Serviced Mortgage Loan. Only the related Non-Serviced Special Servicer will be entitled to special servicing compensation on the related Non-Serviced Mortgage Loan and only the related Non-Serviced Special Servicer will be entitled to special servicing compensation on the related Non-Serviced Whole Loan.

"<u>Excess Modification Fees</u>" means, with respect to any Mortgage Loan or Serviced Whole Loan, if applicable (but not with respect to any Non-Serviced Mortgage Loan), the sum of (A) the excess of (i) any and all Modification Fees with respect to a modification, waiver, extension or amendment of any of the terms of the related Mortgage Loan (or Serviced Whole Loan, if applicable), over (ii) all unpaid or unreimbursed Advances and additional expenses of the issuing entity (including, without limitation, interest on Advances to the extent not otherwise paid or reimbursed by or on behalf of the borrower (including indirect reimbursement from penalty charges or otherwise) with respect to such Mortgage Loan (or Serviced Whole Loan, if applicable), but excluding (1) Special Servicing Fees, Workout Fees and Liquidation Fees and (2) borrower delayed reimbursements) outstanding or previously incurred on behalf of the issuing entity with respect to the related Mortgage Loan (or Serviced Whole Loan, if applicable) and reimbursed from such Modification Fees (which additional expenses will be reimbursed from such Modification Fees) and (B) expenses previously paid or reimbursed from Modification Fees as described in the preceding clause (A), which expenses have been recovered from the related borrower as penalty charges, specific reimbursements or otherwise. All Excess Modification Fees earned by the special servicer will be required to offset any future Workout Fees or Liquidation Fees payable with respect to the related Mortgage Loan (or Whole Loan) or REO Property; *provided* that if the related Mortgage Loan (or Serviced Whole Loan) ceases being a Corrected Loan, and is subject to a subsequent modification, any Excess Modification Fees earned by the special servicer prior to such Mortgage Loan (or Serviced Whole Loan) ceasing to be a Corrected Loan will no longer be offset against future Liquidation Fees and Workout Fees unless such Mortgage Loan (or Serviced Whole Loan) ceased to be a Corrected Loan within 18 months of it becoming a modified Mortgage Loan (or Serviced Whole Loan). If such Mortgage Loan (or Serviced Whole Loan) ceases to be a Corrected Loan, the special servicer will be entitled to a Liquidation Fee or Workout Fee (to the extent not previously offset) with respect to the new modification, waiver, extension or amendment or future liquidation of the Specially Serviced Loan or related REO Property (including in connection with a repurchase, sale, refinance, discounted or final payoff or other liquidation); *provided* that any Excess Modification Fees earned and paid to the special servicer in connection with such subsequent modification, waiver, extension or amendment will be applied to offset such Liquidation Fee or Workout Fee to the extent described above. Within any prior 12-month period, all Excess Modification Fees earned by the master servicer or the special servicer (after taking into account any offset described above applied during such prior 12-month period) with respect to any Mortgage Loan (or Serviced Whole Loan, if applicable) will be subject to a cap equal to the greater of (i) 1% of the outstanding principal balance of such Mortgage Loan (or Serviced Whole Loan, if applicable) after giving effect to such transaction, and (ii) $25,000.

**Disclosable Special Servicer Fees**

The PSA will provide that the special servicer and its affiliates will be prohibited from receiving or retaining any Disclosable Special Servicer Fees in connection with the disposition, workout or foreclosure of any Mortgage Loan and Serviced Companion Loan, the management or disposition of any REO Property, or the performance of any other special servicing duties under the PSA. The PSA will also provide that, with respect to each Distribution Date, the special servicer must deliver or cause to be delivered to the master servicer within two (2) business days following the Determination Date, and the master servicer must deliver, to the extent it has received, to the certificate administrator, without charge and on the same day as the master servicer is required to deliver the CREFC<sup>®</sup> Investor Reporting Package for such Distribution Date, an electronic report which discloses and contains an itemized listing of any Disclosable Special Servicer Fees received by the special servicer or any of its affiliates with respect to such Distribution Date, *provided* that no such report will be due in any month during which no Disclosable Special Servicer Fees were received.

"<u>Disclosable Special Servicer Fees</u>" means, with respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan), Serviced Whole Loan or REO Property (other than any interest in REO Property acquired with respect to any Non-Serviced Mortgage Loan), any compensation and other remuneration (including, without limitation, in the form of commissions, brokerage fees and rebates) received or retained by the special servicer or any of its affiliates that is paid by any person or entity (including, without limitation, the issuing entity, any borrower, any property manager, any guarantor or indemnitor in respect of the related Mortgage Loan or Serviced Whole Loan and any purchaser of the related Mortgage Loan, Serviced Whole Loan or REO Property) in connection with the disposition, workout or foreclosure of the related Mortgage Loan (or Serviced Whole Loan, if applicable), the management or disposition of the related REO Property, and the performance by the special servicer or any such affiliate of any other special servicing duties under the PSA other than (1) any compensation which is payable to the special servicer under the PSA or (2) any Permitted Special Servicer/Affiliate Fees.

"<u>Permitted Special Servicer/Affiliate Fees</u>" means any commercially reasonable treasury management fees, banking fees, title insurance and/or other insurance commissions and fees and title agency fees received or retained by the special servicer or any of its affiliates in connection with any services performed by such party with respect to any Mortgage Loan, Serviced Whole Loan or REO Property, in each case, in accordance with the PSA.

The special servicer will be required to pay its overhead and any general and administrative expenses incurred by it in connection with its servicing activities under the PSA. The special servicer will not be entitled to reimbursement for any expenses incurred by it except as expressly provided in the PSA. See "*Description of the Certificates—Distributions—Method, Timing and Amount*."

**Certificate Administrator and Trustee Compensation**

As compensation for the performance of its routine duties, the trustee and the certificate administrator will be paid a fee (collectively, the "<u>Certificate Administrator/Trustee Fee</u>"); *provided* that the Certificate Administrator/Trustee Fee includes the trustee fee. The Certificate Administrator/Trustee Fee will be payable monthly from amounts received in respect of the Mortgage Loans will be equal to the product of a rate equal to 0.007159% *per annum* (the "<u>Certificate Administrator/Trustee Fee Rate</u>") and the Stated Principal Balance of the Mortgage Loans and any REO Loans (including any Non-Serviced Mortgage Loan, but not any Companion Loan) and will be calculated in the same manner as interest is calculated on such Mortgage Loans. The Certificate Administrator/Trustee Fee includes the trustee fee.

**Operating Advisor Compensation**

The fee of the operating advisor (the "<u>Operating Advisor Fee</u>") will be payable monthly from amounts received in respect of each Mortgage Loan and REO Loan (including any Non-Serviced Mortgage Loan but not any Companion Loan), and will accrue at a rate (the "<u>Operating Advisor Fee Rate</u>"), equal to a *per annum* rate of 0.001238%, and the Stated Principal Balance of the Mortgage Loans and any REO Loans and will be calculated in the same manner as interest is calculated on such Mortgage Loans.

An "<u>Operating Advisor Consulting Fee</u>" will be payable to the operating advisor with respect to each Major Decision on which the operating advisor has consultation obligations and performed its duties with respect to that Major Decision. The Operating Advisor Consulting Fee will be a fee for each such Major Decision equal to $10,000 (or such lesser amount as the related borrower pays with respect to such Mortgage Loan) (other than any Non-Serviced Mortgage Loan); *provided* that the operating advisor may in its sole discretion reduce the Operating Advisor Consulting Fee with respect to any Major Decision; *provided, further*, that the master servicer or the special servicer, as applicable, will each be permitted to waive or reduce the amount of any such Operating Advisor Consulting Fee payable by the related borrower if it determines that such full or partial waiver is in accordance with the Servicing Standard, but may in no event take any enforcement action with respect to the collection of such Operating Advisor Consulting Fee other than requests for collection (*provided* that the master servicer or the special servicer, as applicable, will be required to consult, on a non-binding basis, with the operating advisor prior to any such waiver or reduction).

Each of the Operating Advisor Fee and the Operating Advisor Consulting Fee will be payable from funds on deposit in the Collection Account out of amounts otherwise available to make distributions on the Offered Certificates as described in "*Description of the Certificates—Distributions*", but with respect to the Operating Advisor Consulting Fee only as and to the extent that such fee is actually received from the related borrower. If the operating advisor has consultation rights with respect to a Major Decision, the PSA will require the master servicer or the special servicer processing the Major Decision, to use efforts to collect the applicable Operating Advisor Consulting Fee from the related borrower in connection with such Major Decision that are consistent with the efforts that the master servicer or the special servicer, as applicable, would use to collect any borrower-paid fees owed to it in accordance with the Servicing Standard (taking into account whether or not such fees are provided for in the related loan agreement), but only to the extent not prohibited by the related Mortgage Loan documents.

In addition to the Operating Advisor Fee and the Operating Advisor Consulting Fee, the operating advisor will be entitled to reimbursement of Operating Advisor Expenses in accordance with the terms of the PSA. "<u>Operating Advisor Expenses</u>" for each Distribution Date will equal any unreimbursed indemnification amounts or additional trust fund expenses payable to the operating advisor pursuant to the PSA (other than the Operating Advisor Fee and the Operating Advisor Consulting Fee).

**Asset Representations Reviewer Compensation**

As compensation for the performance of its routine duties, the asset representations reviewer will be paid a fee (the "<u>Asset Representations Reviewer Fee</u>"), payable monthly from amounts received in respect of the Mortgage Loans and will be equal to the product of a rate equal to 0.000189% *per annum* (the "<u>Asset Representations Reviewer Fee Rate</u>") and the Stated Principal Balance of the Mortgage Loans and any REO Loans (including any Non-Serviced Mortgage Loan, but not any Companion Loan) and will be calculated in the same manner as interest is calculated on such Mortgage Loans. Upon the completion of any Asset Review with respect to each Delinquent Loan (in such case, a "<u>Subject Loan</u>"), the asset representations reviewer will be required to be paid a fee equal to the sum of: (i) $21,750 multiplied by the number of Subject Loans, plus (ii) $2,175 per Mortgaged Property relating to the Subject Loans in excess of one Mortgaged Property per Subject Loan, plus (iii) $2,875 per Mortgaged Property relating to a Subject Loan subject to a ground lease, plus (iv) $1,600 per Mortgaged Property relating to a Subject Loan subject to a franchise agreement, hotel management agreement or hotel license agreement, subject, in the case of each of clauses (i) through (iv), to adjustments on the basis of the year-end "Consumer Price Index for All Urban Consumers" as published by the U.S. Department of

Labor, or other similar index if the Consumer Price Index for All Urban Consumers is no longer calculated, for the year of the Closing Date and for the year of the occurrence of the Asset Review (any such fee, the "<u>Asset Representations Reviewer Asset Review Fee</u>").

The Asset Representations Reviewer Fee will be payable from funds on deposit in the Collection Account out of amounts otherwise available to make distributions on the certificates as described above in "*—Withdrawals from the Collection Account*". The Asset Representations Reviewer Asset Review Fee with respect to each Delinquent Loan will be required to be paid by the mortgage loan sellers; *provided*, *however*, that if the related mortgage loan seller is insolvent, such fee will become an expense of the issuing entity following delivery by the asset representations reviewer of evidence reasonably satisfactory to the master servicer or the special servicer, as the case may be, of such insolvency; *provided*, *further*, that notwithstanding any payment of such fee by the issuing entity to the asset representations reviewer, such fee will remain an obligation of the related mortgage loan seller and the master servicer or the special servicer, as applicable, will be required to pursue remedies against such mortgage loan seller in accordance with the servicing standard in order to seek recovery of such amounts from such mortgage loan seller or its insolvency estate. The Asset Representations Reviewer Asset Review Fee with respect to a Delinquent Loan is required to be included in the Purchase Price for any Mortgage Loan that was the subject of a completed Asset Review and that is repurchased by the related mortgage loan seller to the extent such fee was not already paid by such mortgage loan seller, and such portion of the Purchase Price received will be used to reimburse the trust for such fees paid to the asset representations reviewer pursuant to the terms of the PSA.

**CREFC<sup>®</sup> Intellectual Property Royalty License Fee**

CREFC<sup>®</sup> Intellectual Property Royalty License Fee will be paid to CREFC<sup>®</sup> on a monthly basis.

"<u>CREFC<sup>®</sup> Intellectual Property Royalty License Fee</u>" with respect to each Mortgage Loan and REO Loan (other than the portion of an REO Loan related to any Serviced Companion Loan) and for any Distribution Date is the amount accrued during the related Interest Accrual Period at the CREFC® Intellectual Property Royalty License Fee Rate on the Stated Principal Balance of such Mortgage Loan or REO Loan as of the close of business on the Distribution Date in such Interest Accrual Period; *provided* that such amounts will be computed for the same period and on the same interest accrual basis respecting which any related interest payment due or deemed due on the related Mortgage Loan or REO Loan is computed and will be prorated for partial periods. The CREFC<sup>®</sup> Intellectual Property Royalty License Fee is a fee payable to CREFC<sup>®</sup> for a license to use the CREFC<sup>®</sup> Investor Reporting Package in connection with the servicing and administration, including delivery of periodic reports to the Certificateholders and the RR Interest Owner, of the issuing entity pursuant to the PSA. No CREFC<sup>®</sup> Intellectual Property Royalty License Fee will be paid on any Companion Loan.

"<u>CREFC<sup>®</sup> Intellectual Property Royalty License Fee Rate</u>" with respect to each Mortgage Loan and REO Loan is a rate equal to 0.00050% *per annum*.

**Appraisal Reduction Amounts**

After an Appraisal Reduction Event has occurred with respect to a Mortgage Loan (other than any Non-Serviced Mortgage Loan) or a Serviced Whole Loan, an Appraisal Reduction Amount is required to be calculated. An "<u>Appraisal Reduction Event</u>" will occur on the earliest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the date on which a reduction in the amount of Periodic Payments on the Mortgage Loan or related Companion Loan, as applicable, or a change in any other material economic term of the Mortgage Loan or the related Companion Loan, as applicable (other than an extension of its maturity), becomes effective as a result of a modification of the related Mortgage Loan or the related Companion Loan, as applicable, by the special servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the 120<sup>th</sup> day after an uncured delinquency (without regard to the application of any grace period), other than any uncured delinquency in respect of a balloon payment, occurs in respect of the Mortgage Loan or a related Companion Loan, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) solely in the case of a delinquent balloon payment, (A) the date occurring 60 days beyond the date on which that balloon payment was due (except as described in clause B below) or (B) if the related borrower has delivered to the master servicer (and the master servicer will be required to promptly deliver a copy of such document to the special servicer, if it is not evident that a copy has been delivered to the special servicer), on or prior to the date on which that balloon payment was due, a written and fully executed (subject only to customary final closing conditions) commitment, letter of intent, or otherwise binding application for refinancing or similar document that is, in each case, binding upon an acceptable lender or signed purchase agreement, in each case reasonably satisfactory in form and substance to the master servicer or special servicer, which provides that such refinancing or purchase will occur within 120 days of such related maturity date, the date occurring 120 days after the date on which that balloon payment was due (or for such shorter period beyond the date on which that balloon payment was due during which the refinancing or purchase is scheduled to occur pursuant to the commitment for refinancing or signed purchase agreement or on which such commitment or signed purchase agreement terminates);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the date on which the related Mortgaged Property became an REO Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the 60<sup>th</sup> day after a receiver or similar official is appointed (and continues in that capacity) in respect of the related Mortgaged Property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) the 60<sup>th</sup> day after the date the related borrower or the tenant at a single tenant property is subject to a bankruptcy, insolvency or similar proceedings (if not dismissed within those 60 days).

No Appraisal Reduction Event may occur at any time when the Certificate Balances of all classes of Subordinate Certificates have been reduced to zero.

The "<u>Appraisal Reduction Amount</u>" for any Distribution Date and for any Mortgage Loan (other than any Non-Serviced Mortgage Loan) or any Serviced Whole Loan as to which any Appraisal Reduction Event has occurred, will be an amount, calculated by the special servicer in consultation with the Directing Holder (for so long as no Consultation Termination Event is continuing and only with respect to any Mortgage Loan or Serviced Whole Loan other than any applicable Excluded Loan), and in consultation with the operating advisor (during the continuance of a Control Termination Event), as of the first Determination Date that is at least 10 business days following the later of (i) the date the special servicer receives an appraisal or conducts a valuation described below and (ii) the occurrence of such Appraisal Reduction Event equal to the excess of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Stated Principal Balance of that Mortgage Loan or Serviced Whole Loan, as the case may be, over

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the excess of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the sum of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) 90% of the appraised value of the related Mortgaged Property as determined (A) by one or more MAI appraisals obtained by the special
servicer with respect to that Mortgage Loan (together with any other Mortgage Loan cross-collateralized with such Mortgage Loan) or Serviced
Whole Loan with an outstanding principal balance equal to or in excess of $2,000,000 (the costs of which will be paid by the master servicer
as an Advance), or (B) by an internal valuation performed by the special servicer with respect to any Mortgage Loan (together with any
other Mortgage Loan cross-collateralized with such Mortgage Loan) or Serviced Whole Loan with an outstanding principal balance less than
$2,000,000, minus with respect to any MAI appraisals such downward adjustments as the special servicer may make (without implying any
obligation to do so) based upon its review of the appraisals and any other information it deems relevant, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) all escrows, letters of credit and reserves in respect of that Mortgage Loan or Serviced Whole Loan as of the date of calculation;
over

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the sum as of the Due Date occurring in the month of the date of determination of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) to the extent not previously advanced by the master servicer or the trustee, all unpaid interest due on that Mortgage Loan or Serviced
Whole Loan at a *per annum* rate equal to the Mortgage Rate (and any accrued and unpaid interest on any Subordinate Companion Loan),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) all P&I Advances on the related Mortgage Loan and all Property Protection Advances on the related Mortgage Loan or Serviced Whole
Loan not reimbursed from the proceeds of such Mortgage Loan or Serviced Whole Loan and interest on those Advances at the Reimbursement
Rate in respect of that Mortgage Loan or Serviced Whole Loan,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) all currently due and unpaid real estate taxes and assessments, insurance premiums and ground rents, unpaid Special Servicing Fees
and all other amounts due and unpaid (including any capitalized interest whether or not then due and payable) with respect to such Mortgage
Loan, Serviced Whole Loan (which tax, premiums, ground rents and other amounts have not been the subject of an Advance by the master servicer,
the special servicer or the trustee, as applicable); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) any other unpaid additional expenses of the issuing entity in respect of such Mortgage Loan or Serviced Whole Loan.

Each Serviced Whole Loan will be treated as a single Mortgage Loan for purposes of calculating an Appraisal Reduction Amount with respect to the Mortgage Loan and Companion Loan(s), as applicable, that comprise such Serviced Whole Loan. Any Appraisal Reduction Amount in respect of any Serviced Pari Passu Whole Loan will be allocated, *pro rata*, between the related Serviced Pari Passu Mortgage Loan and the related Serviced Pari Passu Companion Loan based upon their respective Stated Principal Balances. For a summary of the provisions in the related Non-Serviced PSA relating to appraisal reductions, see "*—Servicing of the Non-Serviced Mortgage Loans"* below.

The special servicer will be required to order an appraisal or conduct a valuation, promptly upon the occurrence of an Appraisal Reduction Event (other than with respect to a Non-Serviced Whole Loan). On the first Determination Date occurring on or after the tenth business day following the later of (a) receipt of the MAI appraisal or the completion of the valuation and (b) the occurrence of such Appraisal Reduction Event, the special servicer will be required to calculate and report to the master servicer, the trustee, the certificate administrator, the operating advisor and, prior to the occurrence of any Consultation Termination Event, the Directing Holder, the Appraisal Reduction Amount, taking into account the results of such appraisal or valuation and receipt of information requested by the special servicer from such master servicer reasonably necessary to calculate the Appraisal Reduction Amount. Such report will also be forwarded by the master servicer (or the special servicer if the related Mortgage Loan is a Specially Serviced Loan), to the extent the related Serviced Companion Loan has been included in a securitization transaction, to the master servicer of such securitization into which the related Serviced Companion Loan has been sold, or to the holder of any related Serviced Companion Loan by the master servicer (or the special servicer if the related Mortgage Loan is a Specially Serviced Loan).

In the event that the special servicer has not received any required MAI appraisal within 120 days after the event described in the definition of "Appraisal Reduction Event" (without regard to the time periods set forth in the definition), then solely for purposes of determining the amounts of the P&I Advances, the Appraisal Reduction Amount will be deemed to be an amount equal to 25% of the current Stated Principal Balance of the related Mortgage Loan (or Serviced Whole Loan) until an MAI appraisal is received by the special servicer. The Appraisal Reduction Amount is calculated as of the first Determination Date that is at least 10 business days after the later of (a) the special servicer's receipt of

such MAI appraisal or the completion of the valuation and (b) the occurrence of such Appraisal Reduction Event. The master servicer will provide (via electronic delivery) the special servicer with any information in its possession that is reasonably required to determine, redetermine, calculate or recalculate any Appraisal Reduction Amount pursuant to its definition using reasonable efforts to deliver such information within 4 business days of the special servicer's reasonable request; *provided, however*, that the special servicer's failure to timely make such a request will not relieve the master servicer of its obligation to use reasonable efforts to provide such information to the special servicer within 4 business days following the special servicer's reasonable request. The master servicer will not calculate Appraisal Reduction Amounts.

With respect to each Mortgage Loan (other than any Non-Serviced Mortgage Loan) and each Serviced Whole Loan as to which an Appraisal Reduction Event has occurred (unless the Mortgage Loan or Serviced Whole Loan has remained current for three (3) consecutive Periodic Payments, and with respect to which no other Appraisal Reduction Event has occurred with respect to that Mortgage Loan during the preceding 3 months (for such purposes taking into account any amendment or modification of such Mortgage Loan, any related Serviced Companion Loan or Serviced Whole Loan)), the special servicer is required (i) within 30 days of the end of each 9-month period following the related Appraisal Reduction Event and (ii) upon its determination that the value of the related Mortgaged Property has materially changed, to notify the master servicer of the occurrence of such 9-month period or determination and to order an appraisal (which may be an update of a prior appraisal), the cost of which will be paid by the master servicer as a Property Protection Advance (or to the extent it would be a Nonrecoverable Advance, an expense of the issuing entity paid out of the Collection Account), or to conduct an internal valuation, as applicable. Based upon the appraisal or valuation and receipt of information reasonably requested by the special servicer from the master servicer necessary to calculate the Appraisal Reduction Amount, the special servicer is required to determine or redetermine, as applicable, and calculate or recalculate, as applicable, and report to the master servicer, the trustee, the certificate administrator, the operating advisor and, with respect to any Mortgage Loan other than an applicable Excluded Loan, prior to the occurrence of a Consultation Termination Event, the Directing Holder, the calculated or recalculated amount of the Appraisal Reduction Amount with respect to the Mortgage Loan or Serviced Whole Loan, as applicable. Such report will also be forwarded to the holder of any related Companion Loan by the master servicer (or the special servicer if the related Mortgage Loan is a Specially Serviced Loan). With respect to any Mortgage Loan or Serviced Whole Loan other than an applicable Excluded Loan, prior to the occurrence of a Consultation Termination Event, the special servicer will consult with the Directing Holder, with respect to any appraisal, valuation or downward adjustment in connection with an Appraisal Reduction Amount. Notwithstanding the foregoing, the special servicer will not be required to obtain an appraisal or valuation with respect to a Mortgage Loan or Serviced Whole Loan that is the subject of an Appraisal Reduction Event to the extent the special servicer has obtained an appraisal or valuation with respect to the related Mortgaged Property within the 9-month period prior to the occurrence of the Appraisal Reduction Event. Instead, the special servicer may use the prior appraisal or valuation in calculating any Appraisal Reduction Amount with respect to the Mortgage Loan or Serviced Whole Loan, *provided* that the special servicer has no knowledge of any material change to the Mortgaged Property that has occurred that would affect the validity of the appraisal or valuation.

Each Non-Serviced Mortgage Loan is subject to the provisions in the related Non-Serviced PSA relating to appraisal reductions that are similar, but not necessarily identical, to the provisions described above, and appraisal reduction amounts calculated under the related Non-Serviced PSA will be applied to such Non-Serviced Mortgage Loan in a manner that is similar to the provisions described above. The existence of an appraisal reduction under the related Non-Serviced PSA in respect of a Non-Serviced Mortgage Loan will proportionately reduce the master servicer's or the trustee's, as the case may be, obligation to make P&I Advances on such Non-Serviced Mortgage Loan and will generally have the effect of reducing the amount otherwise available for distributions to the Certificateholders and the RR Interest Owner. Pursuant to the related Non-Serviced PSA, each Non-Serviced Mortgage Loan will be treated, together with the related Non-Serviced Companion Loan, as a single mortgage loan for purposes of calculating an appraisal reduction amount with respect to the loans that comprise a Non-Serviced Whole Loan. Any appraisal reduction calculated with respect to the related Non-Serviced Whole Loan will

generally be allocated first to any related Subordinate Companion Loan and then to the related Non-Serviced Mortgage Loan and any related Non-Serviced Pari Passu Companion Loan, on a *pro rata* basis based upon their respective Stated Principal Balances.

If any Mortgage Loan (other than any Non-Serviced Mortgage Loan) or any Serviced Whole Loan previously subject to an Appraisal Reduction Amount becomes a Corrected Loan, and with respect to which no other Appraisal Reduction Event has occurred and is continuing, then such Mortgage Loan or Serviced Whole Loan will no longer be subject to an Appraisal Reduction Amount and the related Appraisal Reduction Event will cease to exist. Similarly, when a Non-Serviced Mortgage Loan is no longer subject to appraisal reduction amounts under the related Non-Serviced PSA, then such appraisal reduction amounts will no longer be applied to such Non-Serviced Mortgage Loan.

As a result of calculating one or more Appraisal Reduction Amounts (and, in the case of any Whole Loan, to the extent allocated in the related Mortgage Loan), the amount of any required P&I Advance with respect to the related Mortgage Loan will be reduced, which will have the effect of reducing the amount of interest available to the VRR Interest (to the extent of the VRR Percentage of the reduction in such P&I Advance), on the one hand, and to the most subordinate class of Non-VRR Certificates then-outstanding (*i.e.*, *first*, to the Class J certificates; *then*, to the Class G certificates*; then*, to the Class F certificates; *then*, to the Class D certificates; *then*, to the Class C certificates; *then*, to the Class B certificates; *then*, to the Class A-S certificates, and *finally*, *pro rata* based on their respective interest entitlements, to the Senior Certificates) to the extent of the Non-VRR Percentage of the reduction in such P&I Advance, on the other hand. See "*Pooling and Servicing Agreement—Advances*".

Appraisal Reduction Amounts and Cumulative Appraisal Reduction Amounts allocated to a related Mortgage Loan will be allocated between the VRR Interest on the one hand and the Non-VRR Certificates, on the other hand, based on the VRR Percentage and the Non-VRR Percentage, respectively.

As of the first Determination Date following a Mortgage Loan (other than a Non-Serviced Mortgage Loan) becoming an AB Modified Loan, the special servicer will be required to calculate whether a Collateral Deficiency Amount exists with respect to such AB Modified Loan, taking into account the most recent appraisal obtained by the special servicer with respect to such Mortgage Loan and all other information relevant to a Collateral Deficiency Amount determination. The master servicer will be required to provide (via electronic delivery) the special servicer with any information in its possession that is reasonably required to determine, redetermine, calculate or recalculate any Collateral Deficiency Amount for any Mortgage Loan (other than any Non-Serviced Mortgage Loan) and any Serviced Companion Loan using reasonable efforts to deliver such information within 5 business days of the special servicer's reasonable request. Upon reasonable prior written request, the master servicer will be required to use reasonable efforts to assist the special servicer in obtaining information reasonably required to calculate or recalculate any Collateral Deficiency Amount with respect to an Non-Serviced Mortgage Loan in the event that the special servicer is unsuccessful in obtaining such information from the related Non-Serviced Master Servicer, Non-Serviced Special Servicer and Non-Serviced Trustee. Upon obtaining knowledge or receipt of notice by the master servicer that a Non-Serviced Mortgage Loan has become an AB Modified Loan, the master servicer will be required to (i) promptly request from the related Non-Serviced Master Servicer, Non-Serviced Special Servicer and Non-Serviced Trustee the most recent appraisal with respect to such AB Modified Loan, in addition to all other information reasonably required by the master servicer to calculate whether a Collateral Deficiency Amount exists with respect to such AB Modified Loan, and (ii) as of the first Determination Date following receipt by the master servicer of the appraisal and any other information set forth in the immediately preceding clause (i) that the master servicer reasonably expects to receive, calculate whether a Collateral Deficiency Amount exists with respect to such AB Modified Loan, taking into account the most recent appraisal obtained by the Non-Serviced Special Servicer with respect to such Non-Serviced Mortgage Loan, and all other information relevant to a Collateral Deficiency Amount determination. Upon obtaining actual knowledge or receipt of notice by any other party to the PSA that a Non-Serviced Mortgage Loan has become an AB Modified Loan, such party will be required to promptly notify the master servicer thereof. None of the master servicer (with respect to Mortgage Loans other than any Non-Serviced Mortgage Loan), the special

servicer (with respect to Non-Serviced Mortgage Loans), the trustee, the operating advisor or the certificate administrator will calculate or verify any Collateral Deficiency Amount.

"<u>AB Modified Loan</u>" means any Corrected Loan (1) that became a Corrected Loan (which includes for purposes of this definition any Non-Serviced Mortgage Loan that became a "corrected loan" (or any term substantially similar thereto) pursuant to the related Non-Serviced PSA) due to a modification thereto that resulted in the creation of an A/B note structure (or similar structure) and as to which the new junior note(s) did not previously exist or the principal amount of the new junior note(s) was previously part of either an A note held by the issuing entity or the original unmodified Mortgage Loan and (2) as to which an Appraisal Reduction Amount is not in effect.

"<u>Collateral Deficiency Amount</u>" means, with respect to any AB Modified Loan as of any date of determination, the excess of (i) the Stated Principal Balance of such AB Modified Loan (taking into account the related junior note(s)), over (ii) the sum of (in the case of a Whole Loan, solely to the extent allocable to the subject Mortgage Loan) (x) the most recent appraised value for the related Mortgaged Property or Mortgaged Properties, plus (y) solely to the extent not reflected or taken into account in such appraised value and to the extent on deposit with, or otherwise under the control of, the lender as of the date of such determination, any capital or additional collateral contributed by the related borrower at the time the Mortgage Loan became (and as part of the modification related to) such AB Modified Loan for the benefit of the related Mortgaged Property or Mortgaged Properties (*provided* that in the case of a Non-Serviced Mortgage Loan, the amounts set forth in this clause (y) will be taken into account solely to the extent relevant information is received by the master servicer), plus (z) any other escrows or reserves (in addition to any amounts set forth in the immediately preceding clause (y)) held by the lender in respect of such AB Modified Loan as of the date of such determination. The certificate administrator, the operating advisor and the master servicer will be entitled to conclusively rely on the special servicer's calculation or determination of any Collateral Deficiency Amount with respect to Mortgage Loans (other than any Non-Serviced Mortgage Loan). The certificate administrator, the operating advisor and the master servicer will be entitled to conclusively rely on the special servicer's determination of any Collateral Deficiency Amount with respect to Non-Serviced Mortgage Loans.

A "<u>Cumulative Appraisal Reduction Amount</u>" with respect to each Mortgage Loan as of any date of determination is equal to the sum of (i) all Appraisal Reduction Amounts then in effect, and (ii) with respect to any AB Modified Loan, any Collateral Deficiency Amount then in effect. The certificate administrator and the master servicer will be entitled to conclusively rely on the special servicer's calculation or determination of any Cumulative Appraisal Reduction Amount with respect to a Mortgage Loan (other than a Non-Serviced Mortgage Loan). With respect to a Non-Serviced Mortgage Loan, the special servicer and the certificate administrator will be entitled to conclusively rely on the applicable Non-Serviced Special Servicer's calculation of any Appraisal Reduction Amount with respect to such Non-Serviced Mortgage Loan and on the special servicer's calculation or determination of any Collateral Deficiency Amount with respect to such Non-Serviced Mortgage Loan.

For purposes of determining the Non-Reduced Interests, the Controlling Class and the occurrence of a Control Termination Event, the VRR Percentage of any Appraisal Reduction Amounts allocated to a Mortgage Loan will be allocated to the VRR Interest to notionally reduce (to not less than zero) the VRR Interest Balance thereof, and the Non-VRR Percentage of any Appraisal Reduction Amounts allocated to a Mortgage Loan will be allocated to each class of Principal Balance Certificates in reverse sequential order to notionally reduce the Certificate Balance thereof until the related Certificate Balance of each such class is reduced to zero (i.e., first, to the Class J certificates, then, to the Class G certificates, then, to the Class F certificates, then, to the Class D certificates, then, to the Class C certificates; then, to the Class B certificates; then, to the Class A-S certificates, and finally, *pro rata* based on their respective interest entitlements, to the Senior Certificates). In addition, for purposes of determining the Controlling Class and the occurrence of a Control Termination Event, the Non-VRR Percentage of Collateral Deficiency Amounts allocated to a related Mortgage Loan that is an AB Modified Loan will be allocated to each class of Control Eligible Certificates in reverse sequential order to notionally reduce the Certificate Balance thereof until the related Certificate Balance of each such class is reduced to zero (i.e., first, to the Class J certificates, then, to the Class G certificates, and then, to the Class F certificates). For the avoidance of

doubt, for purposes of determining the Controlling Class and the occurrence of a Control Termination Event, any class of Control Eligible Certificates will be allocated the Non-VRR Percentage of both applicable Appraisal Reduction Amounts and applicable Collateral Deficiency Amounts, as described in this paragraph.

The appraised value of any applicable Mortgaged Property is required to be determined on an "as-is" basis for purposes of determining all Appraisal Reduction Amounts. The special servicer will be required to promptly notify the master servicer and the certificate administrator of (i) any Appraisal Reduction Amount, (ii) any Collateral Deficiency Amount, and (iii) any resulting Cumulative Appraisal Reduction Amount, and the certificate administrator will be required to promptly post notice of such Appraisal Reduction Amount, as applicable, to the certificate administrator's website.

Any class of Control Eligible Certificates, the Certificate Balance of which (taking into account the application of any Appraisal Reduction Amounts or Collateral Deficiency Amounts to notionally reduce the Certificate Balance of such class) has been reduced to less than 25% of its initial Certificate Balance, is referred to as an "Appraised-Out Class". The holders of the majority (by Certificate Balance) of an Appraised-Out Class will have the right, at their sole expense, to require the special servicer to order (or, with respect to a Collateral Deficiency Amount calculation for a Non-Serviced Mortgage Loan, require the master servicer to request from the applicable Non-Serviced Special Servicer) a second appraisal of any related Mortgage Loan (or Serviced Whole Loan) for which an Appraisal Reduction Event has occurred or as to which there exists a Collateral Deficiency Amount (such holders, the "<u>Requesting Holders</u>"). With respect to any such Mortgage Loan (other than with respect to a Non-Serviced Mortgage Loan) or Serviced Whole Loan, the special servicer will use its reasonable efforts to cause such appraisal to be (i) delivered within 30 days from receipt of the Requesting Holders' written request and (ii) prepared on an "as-is" basis by an MAI appraiser. With respect to any such Non-Serviced Mortgage Loan, the master servicer will be required to use commercially reasonable efforts to obtain such second appraisal from the applicable Non-Serviced Special Servicer. Upon receipt of such supplemental appraisal, the master servicer (for Collateral Deficiency Amounts on Non-Serviced Mortgage Loans), the applicable Non-Serviced Special Servicer (for Appraisal Reduction Amounts on Non-Serviced Mortgage Loans to the extent provided for in the applicable Non-Serviced PSA and applicable Co-Lender Agreement) and the special servicer (for Mortgage Loans other than Non-Serviced Mortgage Loans) will be required to determine, in accordance with the Servicing Standard, whether, based on its assessment of such supplemental appraisal, any recalculation of the Appraisal Reduction Amount or Collateral Deficiency Amount, as applicable, is warranted and, if so warranted will recalculate such Appraisal Reduction Amount or Collateral Deficiency Amount, as applicable, based upon such supplemental appraisal and (for Mortgage Loans (other than Non-Serviced Mortgage Loans) or Serviced Whole Loans) receipt of information requested by the special servicer from the master servicer as described above. If required by any such recalculation, the applicable Appraised-Out Class will be reinstated as the Controlling Class and each other Appraised-Out Class will, if applicable, have its related Certificate Balance notionally restored to the extent required by such recalculation of the Appraisal Reduction Amount or Collateral Deficiency Amount, if applicable.

In addition, the holders of certificates representing the majority of the Certificate Balance of any Appraised-Out Class will have the right, at their sole expense, to require the special servicer to order an additional appraisal of any Mortgage Loan or Serviced Whole Loan for which an Appraisal Reduction Event has occurred or as to which there exists a Collateral Deficiency Amount if an event has occurred at or with regard to the related Mortgaged Property or Mortgaged Properties that would have a material effect on its appraised value, and the special servicer is required to use its reasonable efforts to cause such appraisal to be (i) delivered within 30 days from receipt of the Requesting Holders' written request and (ii) prepared on an "as-is" basis by an MAI appraiser; provided that the special servicer will not be required to obtain such appraisal if it determines in accordance with the Servicing Standard that no events at or with regard to the related Mortgaged Property or Mortgaged Properties have occurred that would have a material effect on the appraised value of the related Mortgaged Property or Mortgaged Properties.

Any Appraised-Out Class for which the Requesting Holders are challenging the master servicer's or the special servicer's, as applicable, Appraisal Reduction Amount or Collateral Deficiency Amount determination may not exercise any direction, control, consent and/or similar rights of the Controlling Class, until such time, if any, as such class is reinstated as the Controlling Class. The rights of the Controlling Class will be exercised by the next most senior Control Eligible Certificates, if any, during such period.

With respect to each Non-Serviced Mortgage Loan, the related directing holder will be subject to provisions similar to those described above. See "*Description of the Mortgage Pool—The Whole Loans*" and "—*Servicing of the Non-Serviced Mortgage Loans*". With respect to an AB Whole Loan, the holder of the related Subordinate Companion Loan may in certain circumstances post collateral to avoid a change of control as described in "*Description of the Mortgage Pool—The Whole Loans*".

**Maintenance of Insurance**

To the extent permitted by the related Mortgage Loan or Serviced Whole Loan and required by the Servicing Standard, the master servicer (with respect to the Mortgage Loans and any related Serviced Companion Loan, but excluding any Non-Serviced Mortgage Loan) will be required to use efforts consistent with the Servicing Standard to cause each borrower to maintain, and the special servicer (with respect to REO Properties other than a Mortgaged Property securing a related Non-Serviced Whole Loan and subject to the conditions set forth in the following sentence) will maintain, for the related Mortgaged Property all insurance coverage required by the terms of the related Mortgage Loan documents; *provided, however*, that the master servicer (with respect to Mortgage Loans and Serviced Companion Loans) will not be required to cause the borrower to maintain and the special servicer (with respect to REO Properties) will not be required to maintain terrorism insurance to the extent that the failure of the related borrower to do so is an Acceptable Insurance Default (as defined below) or if the trustee does not have an insurable interest. Insurance coverage is required to be in the amounts (which, in the case of casualty insurance, is generally equal to the lesser of the outstanding principal balance of the related Mortgage Loan or Whole Loan and the replacement cost of the related Mortgaged Property), and from an insurer meeting the requirements, set forth in the related Mortgage Loan documents. If the borrower does not maintain such coverage, the master servicer (with respect to such Mortgage Loans and any related Serviced Companion Loan) or the special servicer (with respect to REO Properties other than a Mortgaged Property securing a related Non-Serviced Whole Loan), as the case may be, will be required to maintain such coverage to the extent such coverage is available at commercially reasonable rates and the trustee has an insurable interest, as determined ((i) prior to the occurrence and continuance of any Control Termination Event and (ii) other than with respect to any applicable Excluded Loan, any determination that such insurance coverage is not available or not available at commercially reasonable rates to be made with the consent of the Directing Holder) by the master servicer (with respect to the Mortgage Loans and any related Serviced Companion Loan) or special servicer (with respect to REO Properties other than a Mortgaged Property securing a related Non-Serviced Whole Loan), as applicable, in accordance with the Servicing Standard; *provided* that the master servicer will be obligated to use efforts consistent with the Servicing Standard to cause the borrower to maintain (or to itself maintain) insurance against property damage resulting from terrorist or similar acts unless the borrower's failure is an Acceptable Insurance Default as determined by the master servicer (with respect to non-Specially Serviced Loans) or the special servicer (with respect to Specially Serviced Loans) (i) with (in respect of any Mortgage Loan other than an applicable Excluded Loan and unless a Control Termination Event is continuing) the consent of the Directing Holder and (ii) (other than with respect to any applicable Excluded Loan) after consultation by the special servicer with the Risk Retention Consultation Parties. See "*Description of the Mortgage Pool—Certain Terms of the Mortgage Loans*" and "*Risk Factors—Risks Relating to the Mortgage Loans—Terrorism Insurance May Not Be Available for All Mortgaged Properties*".

Notwithstanding any contrary provision above, the master servicer will not be required to maintain, and will not be in default for failing to obtain, any earthquake or environmental insurance on any Mortgaged Property unless (other than with respect to a Mortgaged Property securing any Non-Serviced Mortgage Loan) such insurance was required at the time of origination of the related Mortgage Loan, the

trustee has an insurable interest and such insurance is currently available at commercially reasonable rates. In addition, the master servicer and special servicer will be entitled to rely on insurance consultants (at the applicable servicer's expense) in determining whether any insurance is available at commercially reasonable rates. After the master servicer determines that a Mortgaged Property other than the Mortgaged Property securing a Non-Serviced Mortgage Loan is located in an area identified as a federally designated special flood hazard area (and flood insurance has been made available), the master servicer will be required to use efforts consistent with the Servicing Standard (1) to cause each borrower to maintain (to the extent required by the related Mortgage Loan documents), and (2) if the borrower does not so maintain, to itself maintain to the extent the trustee, as mortgagee, has an insurable interest in the Mortgaged Property and such insurance is available at commercially reasonable rates (as determined by the master servicer in accordance with the Servicing Standard) a flood insurance policy in an amount representing coverage not less than the lesser of (x) the outstanding principal balance of the related Mortgage Loan (and any related Serviced Companion Loan) and (y) the maximum amount of insurance which is available under the National Flood Insurance Act of 1968, as amended, plus such additional excess flood coverage with respect to the Mortgaged Property, if any, in an amount consistent with the Servicing Standard, but only to the extent that the related Mortgage Loan permits the lender to require the coverage and maintaining coverage is consistent with the Servicing Standard.

Notwithstanding the foregoing, with respect to the Mortgage Loans (other than any Non-Serviced Mortgage Loan) and any related Serviced Companion Loan, that either (x) require the borrower to maintain "all-risk" property insurance (and do not expressly permit an exclusion for terrorism) or (y) contain provisions generally requiring the applicable borrower to maintain insurance in types and against such risks as the holder of such Mortgage Loan and any related Serviced Companion Loan reasonably requires from time to time in order to protect its interests, the master servicer will be required to, consistent with the Servicing Standard, (A) monitor in accordance with the Servicing Standard whether the insurance policies for the related Mortgaged Property contain exclusions in addition to those customarily found in insurance policies for mortgaged properties similar to the Mortgaged Properties on or prior to September 11, 2001 ("<u>Additional Exclusions</u>"), (B) request the borrower to either purchase insurance against the risks specified in the Additional Exclusions or provide an explanation as to its reasons for failing to purchase such insurance, and (C) notify the special servicer if it has knowledge that any insurance policy contains Additional Exclusions or if it has knowledge that any borrower fails to purchase the insurance requested to be purchased by the master servicer pursuant to clause (B) above. If the master servicer or the special servicer, as applicable, determines in accordance with the Servicing Standard that such failure is not an Acceptable Insurance Default, the master servicer will be required to use efforts consistent with the Servicing Standard to cause such insurance to be maintained following such determination (if made by the master servicer) or following notice of such determination (if made by the special servicer). If the master servicer or the special servicer, as applicable, determines that such failure is an Acceptable Insurance Default, it will be required to promptly deliver such conclusions in writing to the 17g-5 Information Provider for posting to the 17g-5 Information Provider's website for those Mortgage Loans that (i) have one of the 10 highest outstanding principal balances of the Mortgage Loans then included in the issuing entity or (ii) comprise more than 5% of the outstanding principal balance of the Mortgage Loans then included in the issuing entity.

"<u>Acceptable Insurance Default</u>" means, with respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole Loan, a default under the related Mortgage Loan documents arising by reason of (i) any failure on the part of the related borrower to maintain with respect to the related Mortgaged Property specific insurance coverage with respect to, or an all-risk casualty insurance policy that does not specifically exclude, terrorist or similar acts, and/or (ii) any failure on the part of the related borrower to maintain with respect to the related Mortgaged Property, insurance coverage with respect to damages or casualties caused by terrorist or similar acts upon terms not materially less favorable than those in place as of the Closing Date, in each case, as to which default the master servicer and the special servicer may forbear taking any enforcement action; *provided* that, subject to the consent or consultation rights of the Directing Holder and/or the consultation rights of the Risk Retention Consultation Parties or the holder of any Companion Loan as described under "*—The Directing Holder—Major Decisions*"*,* the master servicer (with respect to non-Specially Serviced Loans) or the special servicer (with respect to Specially Serviced Loans) has determined in its reasonable judgment based on

inquiry consistent with the Servicing Standard that either (a) such insurance is not available at commercially reasonable rates and that such hazards are not at the time commonly insured against for properties similar to the related Mortgaged Property and located in or around the region in which such related Mortgaged Property is located, or (b) such insurance is not available at any rate.

During the period that the master servicer or the special servicer is evaluating the availability of such insurance, or waiting for a response from the Directing Holder or to consult with a Risk Retention Consultation Party, neither the master servicer nor the special servicer will be liable for any loss related to its failure to require the borrower to maintain such insurance and neither will be in default of its obligations as a result of such failure unless the master servicer or the special servicer is required to take any immediate action pursuant to the Servicing Standard and other servicing requirements under the PSA as described under "*—The Directing Holder—Control Termination Event and Consultation Termination Event*" and "*—Servicing Override".*

The special servicer will be required to maintain (or cause to be maintained), fire and hazard insurance on each REO Property (other than any REO Property with respect to any Non-Serviced Mortgage Loan), to the extent obtainable at commercially reasonable rates and the trustee has an insurable interest, in an amount that is at least equal to the lesser of (1) the full replacement cost of the improvements on the REO Property, and (2) the outstanding principal balance owing on the related REO Loan, and in any event, the amount necessary to avoid the operation of any co-insurance provisions. In addition, if the REO Property is located in an area identified as a federally designated special flood hazard area, the special servicer will be required to cause to be maintained, to the extent available at commercially reasonable rates (as determined by the special servicer (with the consent of the Directing Holder (prior to the occurrence and continuance of a Control Termination Event and other than in respect of any applicable Excluded Loan), in consultation with the Risk Retention Consultation Parties (other than with respect to any applicable Excluded Loan) and in accordance with the Servicing Standard)), a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration in an amount representing coverage not less than the maximum amount of insurance that is available under the National Flood Insurance Act of 1968, as amended.

The PSA provides that the master servicer may satisfy its obligation to cause each borrower to maintain a hazard insurance policy and the master servicer or the special servicer may satisfy their respective obligation to maintain hazard insurance by maintaining a blanket or master single interest or force-placed policy insuring against hazard losses on the Mortgage Loans and related Serviced Companion Loan and REO Properties (other than the Mortgaged Property securing the related Non-Serviced Whole Loan), as applicable. Any losses incurred with respect to Mortgage Loans (and any related Serviced Companion Loan) or REO Properties due to uninsured risks (including earthquakes, mudflows and floods) or insufficient hazard insurance proceeds may adversely affect payments to Certificateholders and the RR Interest Owner. Any cost incurred by the master servicer or the special servicer in maintaining a hazard insurance policy, if the borrower defaults on its obligation to do so, will be advanced by the master servicer as a Property Protection Advance and will be charged to the related borrower. Generally, no borrower is required by the Mortgage Loan documents to maintain earthquake insurance on any Mortgaged Property and the special servicer will not be required to maintain earthquake insurance on any REO Properties. Any cost of maintaining that kind of required insurance or other earthquake insurance obtained by the special servicer will be paid out of the applicable REO Account or advanced by the master servicer as a Property Protection Advance.

The costs of the insurance may be recovered by the master servicer or the trustee, as the case may be, from reimbursements received from the borrower or, if the borrower does not pay those amounts, as a Property Protection Advance as set forth in the PSA. All costs and expenses incurred by the special servicer in maintaining the insurance described above on REO Properties will be paid out of the related REO Account or, if the amount in such account is insufficient, such costs and expenses will be advanced by the master servicer to the special servicer as a Property Protection Advance to the extent that such Property Protection Advance is not determined to be a Nonrecoverable Advance.

No pool insurance policy, special hazard insurance policy, bankruptcy bond, repurchase bond or certificate guarantee insurance will be maintained with respect to the Mortgage Loans, nor will any Mortgage Loan be subject to FHA insurance.

**Modifications, Waivers and Amendments**

Subject to the immediately succeeding paragraph, (i) the special servicer will be responsible for processing waivers, modifications, amendments and consents with respect to (a) any Specially Serviced Loan and (b) any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan with respect to which the matter involves a Major Decision, and (ii) the master servicer will be responsible for processing waivers, modifications, amendments and consents with respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan that is not a Specially Serviced Loan that does not involve a Major Decision; *provided* that, except as otherwise set forth in this paragraph, neither the special servicer nor the master servicer may waive, modify or amend (or consent to waive, modify or amend) any provision of a Mortgage Loan and Serviced Companion Loan that is not in default or as to which default is not reasonably foreseeable except for (1) the waiver of any due-on-sale clause or due-on-encumbrance clause to the extent permitted in the PSA, and (2) any waiver, modification or amendment more than three (3) months after the Closing Date that would not be a "significant modification" of the Mortgage Loan and/or Serviced Companion Loan within the meaning of Treasury Regulations Section 1.860G-2(b) or that otherwise does not (i) cause any Trust REMIC to fail to qualify as a REMIC or (ii) result in the imposition of a tax upon any Trust REMIC or the issuing entity. Subject to the immediately succeeding paragraph, the master servicer will not be permitted under the PSA to agree to any modifications, waivers and amendments that constitute Major Decisions without the consent of the special servicer (which such consent may be deemed received by the master servicer if the special servicer does not respond within 10 business days of delivery to the special servicer of the analysis and all information in the master servicer's possession that is reasonably requested by the special servicer in order to grant or withhold such consent, plus, if applicable, any additional time provided to the Directing Holder or other relevant party under the PSA and, if applicable, any additional time period provided to a holder of a Companion Loan under a related Co-Lender Agreement), except certain non-material consents and waivers described in the PSA and as permitted under the Mortgage Loan documents.

With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan that is not a Specially Serviced Loan, the processing of, and the determination to consent to or approve a request by a borrower with respect to any Major Decision or making any determination that would constitute a Major Decision with respect to any such Mortgage Loan will be made by the special servicer or (if the master servicer and the special servicer mutually agree that the master servicer will process any such request by a borrower or make any such determination) will be made by the master servicer subject to the special servicer's consent. The special servicer will also be required to obtain the consent of the Directing Holder and will be required to consult with the Directing Holder in connection with any Major Decisions, to the extent described under "*—The Directing Holder*" and "*—The Operating Advisor*" below.

With respect to non-Specially Serviced Loans, if the master servicer and the special servicer mutually agree that the master servicer will process any Major Decision, the master servicer, prior to taking any action with respect to any such Major Decision, will be required unless otherwise agreed by the master servicer and the special servicer, to prepare and submit its written analysis and recommendation to the special servicer, together with all information in the possession of the master servicer that the special servicer may reasonably request in order to withhold or grant its consent.

If, and only if, the special servicer determines that a modification, waiver or amendment (including the forgiveness or deferral of interest or principal or the substitution or release of collateral or the pledge of additional collateral) of the terms of a Specially Serviced Loan with respect to which a payment default or other material default has occurred or a payment default or other material default is, in the special servicer's judgment, reasonably foreseeable, is reasonably likely to produce a greater recovery on a net present value basis (the relevant discounting to be performed at the related Mortgage Rate) to the issuing entity and, if applicable, the holders of any applicable Companion Loan, than liquidation of such Specially

Serviced Loan, then the special servicer may, but is not required to, agree to a modification, waiver or amendment of the Specially Serviced Loan, subject to (w) the restrictions and limitations described below, (x) with respect to any Major Decision, with respect to any Mortgage Loan other than any applicable Excluded Loan, for so long as no Control Termination Event is continuing, the approval of the Directing Holder (or after the occurrence and continuance of a Control Termination Event, but prior to a Consultation Termination Event, upon consultation with the Controlling Class Representative), and consultation with the Risk Retention Consultation Parties, as provided in the PSA and described in this prospectus, (y) with respect to any Major Decision, after the occurrence and during the continuance of a Control Termination Event, consultation with the operating advisor and (z) with respect to a Serviced Whole Loan, the rights of the holder of the related Serviced Companion Loan, as applicable, to advise or consult with the special servicer with respect to, or consent to, such modification, waiver or amendment, in each case, pursuant to the terms of the related Co-Lender Agreement and, with respect to a Mortgage Loan that has mezzanine debt, the rights of the mezzanine lender, if any, to consent to such modification, waiver or amendment, in each case, pursuant to the terms of the related intercreditor agreement.

In connection with (i) the release of a Mortgaged Property (other than a Mortgaged Property securing the related Non-Serviced Whole Loan) or any portion of a Mortgaged Property from the lien of the related Mortgage or (ii) the taking of a Mortgaged Property (other than a Mortgaged Property securing the related Non-Serviced Whole Loan) or any portion of a Mortgaged Property by exercise of the power of eminent domain or condemnation, if the related Mortgage Loan documents require the master servicer or the special servicer, as applicable, to calculate (or to approve the calculation of the related borrower of) the loan-to-value ratio of the remaining Mortgaged Property or Mortgaged Properties or the fair market value of the real property constituting the remaining Mortgaged Property or Mortgaged Properties, for purposes of REMIC qualification of the related Mortgage Loan, then such calculation will, unless then permitted by the REMIC provisions of the Code, exclude the value of personal property and going concern value, if any, as determined by an appropriate third party.

The special servicer is required to use its reasonable efforts to the extent reasonably possible to fully amortize a modified Mortgage Loan prior to the Rated Final Distribution Date. The special servicer may not agree to a modification, waiver, amendment or forbearance of any term of any Specially Serviced Loan if that modification, waiver, amendment or forbearance would:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) extend (or have the effect of extending) the maturity date of the Specially Serviced Loan to a date occurring later than the earlier of (A) five (5) years prior to the Rated Final Distribution Date and (B) if the Specially Serviced Loan is secured solely or primarily by a leasehold estate and not the related fee interest, the date occurring twenty years or, to the extent consistent with the Servicing Standard giving due consideration to the remaining term of the ground lease and (A) prior to the occurrence and continuance of a Control Termination Event, with the consent of the Directing Holder, (B) after the occurrence and during the continuance of a Control Termination Event, after consulting with the operating advisor if and to the extent required under the PSA and (C) to the extent such modification, waiver or amendment constitutes a Major Decision, after consultation with the Risk Retention Consultation Parties (in each case, other than with respect to a Mortgage Loan that is an applicable Excluded Loan as to such party), ten years, prior to the end of the current term of the ground lease, plus any options to extend exercisable unilaterally by the borrower; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) provide for the deferral of interest unless interest accrues on the Mortgage Loan or the Serviced Whole Loans, generally, at the related Mortgage Rate.

If the special servicer gives notice of any modification, waiver or amendment of any term of any Mortgage Loan (other than any Non-Serviced Whole Loan) or related Companion Loan, the special servicer will be required to notify the master servicer, the holder of any related Companion Loan, the certificate administrator, the trustee, the Directing Holder (other than following the occurrence of a Consultation Termination Event and with respect to an applicable Excluded Loan), the Risk Retention Consultation Parties (other than with respect to any applicable Excluded Loan), the operating advisor (for so long as a Control Termination Event is continuing) and the 17g-5 Information Provider, who will thereafter post any such notice to the 17g-5 Information Provider's website. If the master servicer gives notice of any modification, waiver or amendment of any term of any such Mortgage Loan or related

Companion Loan, the master servicer will be required to notify the certificate administrator, trustee, the special servicer (and, the special servicer will forward such notice to the Directing Holder (other than following the occurrence of a Consultation Termination Event and with respect to an applicable Excluded Loan)), the Risk Retention Consultation Parties (other than with respect to an applicable Excluded Loan), the holder of any related Companion Loan and the 17g-5 Information Provider, who will be required to thereafter post any such notice to the 17g-5 Information Provider's website. The party providing notice will be required to deliver to the custodian for deposit in the related Mortgage File, an original counterpart of the agreement related to the modification, waiver or amendment, promptly following the execution of that agreement, and if required, a copy to the master servicer and to the holder of any related Companion Loan, all as set forth in the PSA. Copies of each agreement whereby the modification, waiver or amendment of any term of any Mortgage Loan is effected are required to be available for review during normal business hours at the offices of the custodian. See "*Description of the Certificates—Reports to Certificateholders and the RR Interest Owner; Certain Available Information*".

The modification, waiver or amendment of a Serviced Whole Loan or a Mortgage Loan that has a related mezzanine loan will be subject to certain limitations set forth in the related intercreditor agreement. See "*Risk Factors—Risks Relating to the Mortgage Loans—Other Financings or Ability To Incur Other Indebtedness Entails Risk*".

Neither the master servicer nor the special servicer will be permitted to enter into any modification, waiver, amendment, work-out, consent or approval with respect to any Mortgage Loan or Serviced Whole Loan, restructure any Mortgage Loan or Serviced Whole Loan, or restructure any borrower equity (in each case, including, without limitation, by way of the application of credits, discounts, forgiveness or otherwise) in a manner that would have the effect of placing amounts payable as compensation, or otherwise reimbursable, to the master servicer or special servicer in a higher priority than that which is provided in the allocation and payment priorities described under "*Description of the Certificates*—*Distributions*—*Application Priority of Mortgage Loan Collections or Whole Loan Collections*" or in the related Co-Lender Agreement.

Any modification, extension, waiver or amendment of the payment terms of any Non-Serviced Whole Loan will be required to be structured so as to be consistent with the Servicing Standard and the allocation and payment priorities in the related loan documents and the related Co-Lender Agreement, such that neither the issuing entity as holder of such Non-Serviced Mortgage Loan nor any holder of any related Companion Loan gains a priority over the other holder that is not reflected in the related loan documents and the related Co-Lender Agreement.

**Enforcement of "Due-on-Sale" and "Due-on-Encumbrance" Provisions**

The special servicer will be required to determine (with respect to any Specially Serviced Loan or, to the extent such action is a Major Decision, any non-Specially Serviced Loan (other than any Non-Serviced Mortgage Loan) and any related Serviced Companion Loan), and the master servicer will be required to determine (with respect to any non-Specially Serviced Loan, to the extent such action is not a Major Decision), in each case, in a manner consistent with the Servicing Standard (or, in the case of any non-Specially Serviced Loan, if mutually agreed to by the master servicer and the special servicer, the master servicer will determine in a manner consistent with the Servicing Standard and subject to the consent (or deemed consent) of the special servicer to the extent such action is a Major Decision), whether to (a) exercise any right it may have with respect to such Mortgage Loan or Serviced Companion Loan containing a "due-on-sale" clause (1) to accelerate the payments on such Mortgage Loan or Companion Loan, as applicable, or (2) to grant or withhold its consent to any sale or transfer, consistent with the Servicing Standard or to (b) waive its right to exercise such rights; *provided*, *however*, that (i) with respect to such consent or waiver of rights that is a Major Decision, prior to the occurrence and continuance of any Control Termination Event and other than with respect to any applicable Excluded Loan, the master servicer or the special servicer, as applicable, has obtained the prior written consent (or deemed consent) of the Directing Holder (or after the occurrence and continuance of a Control Termination Event, but prior to a Consultation Termination Event and other than with respect to any applicable Excluded Loan, upon consultation with the Directing Holder), and (ii) with respect to any

Mortgage Loan that (A) represents at least 5.0% of the aggregate Stated Principal Balance of the Mortgage Loans then outstanding and has a Stated Principal Balance of at least $10,000,000, (B) represents one of the 10 largest Mortgage Loans based on Stated Principal Balance and has a Stated Principal Balance of at least $10,000,000, (C) has a Stated Principal Balance that is more than $35,000,000 or (D) is a Mortgage Loan as to which the related Serviced Companion Loan represents one of the 10 largest mortgage loans in the related other securitization (*provided* that the master servicer or special servicer, as applicable, will be entitled to reasonably rely upon the written notification provided by the master servicer, special servicer, trustee or certificate administrator of such other securitization as to whether such Serviced Companion Loan is one of the 10 largest mortgage loans in such other securitization, or if no timely response is received, permitted to rely upon the most recent CREFC<sup>®</sup> Reports from such other securitization), a Rating Agency Confirmation is received by the master servicer or the special servicer, as the case may be, from each Rating Agency and a confirmation of any applicable rating agency that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any class of securities backed, wholly or partially, by any Serviced Pari Passu Companion Loan (if any).

The special servicer will be required to determine (with respect to a Specially Serviced Loan or, to the extent such action is a Major Decision), any non-Specially Serviced Loan (other than any Non-Serviced Mortgage Loan) and any related Serviced Companion Loan with a "due-on-encumbrance" clause) and the master servicer will be required to determine (with respect to any non-Specially Serviced Loan, to the extent such action is not a Special Servicer Major Decision, in a manner consistent with the Servicing Standard (or, in the case of any non-Specially Serviced Loan, if mutually agreed to by the master servicer and the special servicer, the master servicer will determine, in a manner consistent with the Servicing Standard and subject to the consent (or deemed consent) of the special servicer to the extent such action is a Major Decision), whether to (a) exercise any right it may have with respect to such Mortgage Loan or Serviced Companion Loan containing a "due-on-encumbrance" clause (1) to accelerate the payments thereon, or (2) to grant or withhold its consent to the creation of any additional lien or other encumbrance, consistent with the Servicing Standard or (b) waive its right to exercise such rights, *provided*, *however*, (i) with respect to such consent or waiver of rights that is a Major Decision, prior to the occurrence and continuance of any Control Termination Event and other than with respect to any applicable Excluded Loan, the master servicer or the special servicer, as applicable, has obtained the prior written consent (or deemed consent) of the Directing Holder (or after the occurrence and continuance of a Control Termination Event, but prior to a Consultation Termination Event and other than with respect to any applicable Excluded Loan, upon consultation with the Directing Holder), and (ii) with respect to any Mortgage Loan that (A) represents at least 2.0% of the aggregate Stated Principal Balance of the Mortgage Loans then outstanding and has a Stated Principal Balance of at least $10,000,000, (B) represents one of the 10 largest Mortgage Loans based on Stated Principal Balance and has a Stated Principal Balance of at least $10,000,000, (C) has a Stated Principal Balance that is more than $35,000,000, (D) has a loan-to-value ratio that is equal to or greater than 85% (including any existing and proposed debt) and has a Stated Principal Balance of at least $10,000,000, (E) has a debt service coverage ratio that is less than 1.20x (in each case, determined based upon the aggregate of the principal balance of the Mortgage Loan (or Serviced Whole Loan, if applicable) and the principal amount of the proposed additional lien) and has a Stated Principal Balance of at least $10,000,000, or (F) is a Mortgage Loan as to which the related Serviced Companion Loan represents one of the 10 largest mortgage loans in the related other securitization (*provided* that the master servicer or special servicer, as applicable, will be entitled to reasonably rely upon the written notification provided by the master servicer, special servicer, trustee or certificate administrator of such other securitization as to whether such Serviced Companion Loan is one of the 10 largest mortgage loans in such other securitization, or if no timely response is received, permitted to rely upon the most recent CREFC<sup>®</sup> Reports from such other securitization), a Rating Agency Confirmation is received by the master servicer or the special servicer, as the case may be, from each Rating Agency and a confirmation of any applicable rating agency that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any class of securities backed, wholly or partially, by any Serviced Pari Passu Companion Loan (if any).

With respect to any matter described in the preceding two (2) paragraphs, with respect to any non-Specially Serviced Loan as to which such action is a Major Decision, the special servicer and the master

servicer may mutually agree that the master servicer will process such action in accordance with the terms and conditions reasonably agreed to by the master servicer and the special servicer, including the special servicer's consent and subject to the rights of the Directing Holder discussed under "*—The Directing Holder*".

 **Inspections**

The master servicer will be required to perform (at its own expense) or cause to be performed (at its own expense) physical inspections of each Mortgaged Property relating to a Mortgage Loan (other than the Mortgaged Property securing a Non-Serviced Mortgage Loan, which is subject to inspection pursuant to the related Non-Serviced PSA, and other than a Specially Serviced Loan) with a Stated Principal Balance of (A) $2,000,000 or more at least once every 12 months and (B) less than $2,000,000 at least once every 24 months, in each case commencing in the calendar year 2026 unless a physical inspection has been performed by the special servicer within the previous 12 months and the master servicer has no knowledge of a material change in the Mortgaged Property since such physical inspection; *provided* that if any scheduled payment becomes more than 60 days delinquent on the related Mortgage Loan, the special servicer is required to inspect or cause to be inspected the related Mortgaged Property as soon as practicable after the Mortgage Loan becomes a Specially Serviced Loan and annually thereafter for so long as the Mortgage Loan remains a Specially Serviced Loan (the cost of which inspection, to the extent not paid by the related borrower, will be reimbursed *first* from default interest and late charges constituting additional compensation of the special servicer on the related Mortgage Loan (but with respect to a Serviced Whole Loan, only amounts available for such purpose under the related Co-Lender Agreement) and *then* from the Collection Account as an expense of the issuing entity, and in the case of a Serviced Whole Loan, as an expense of the holders of the related Mortgage Loan and Serviced Pari Passu Companion Loan, *pro rata* and *pari passu,* to the extent provided in the related Co-Lender Agreement). The special servicer or the master servicer, as applicable, will be required to prepare or cause to be prepared a written report of the inspection describing, among other things, the condition of and any damage to the Mortgaged Property to the extent evident from the inspection and specifying the existence of any vacancies in the Mortgaged Property of which it has knowledge and deems material, of any sale, transfer or abandonment of the Mortgaged Property of which it has knowledge or that is evident from the inspection, of any adverse change in the condition of the Mortgaged Property of which the preparer of such report has knowledge or that is evident from the inspection, and that the preparer of such report deems material, or of any material waste committed on the Mortgaged Property to the extent evident from the inspection.

Copies of the inspection reports referred to above that are delivered to the certificate administrator will be posted to the certificate administrator's website for review by Privileged Persons pursuant to the PSA. See "*Description of the Certificates—Reports to Certificateholders and the RR Interest Owner; Certain Available Information*".

**Collection of Operating Information**

With respect to each Mortgage Loan that requires the borrower to deliver operating statements, the special servicer or the master servicer, as applicable, is also required to use reasonable efforts to collect and review the quarterly and annual operating statements beginning with the calendar quarter ending on March 31, 2026 and the calendar year ending on December 31, 2026, of the related Mortgaged Property. Most of the Mortgage Loan documents obligate the related borrower to deliver annual property operating statements. However, we cannot assure you that any operating statements required to be delivered will in fact be delivered, nor is the special servicer or the master servicer likely to have any practical means of compelling the delivery in the case of an otherwise performing Mortgage Loan.

**Special Servicing Transfer Event**

The Mortgage Loans (other than any Non-Serviced Mortgage Loan) any related Serviced Companion Loans and any related REO Properties will be serviced by the special servicer under the PSA in the event that the servicing responsibilities of the master servicer are transferred to the special servicer as

described below. Such Mortgage Loans and related Serviced Companion Loans (including those loans that have become REO Properties) serviced by the special servicer are referred to in this prospectus collectively as the "<u>Specially Serviced Loans</u>". The master servicer will be required to transfer certain of the servicing responsibilities to the special servicer with respect to any Mortgage Loan (including any related Serviced Companion Loan) for which the master servicer is responsible for servicing (each, a "<u>Special Servicing Transfer Event</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) as to which a payment default has occurred at its original maturity date, or, if the original maturity date has been extended, at its extended maturity date; and in the case of a balloon payment, if the balloon payment is delinquent and the related borrower has not provided the master servicer (and the master servicer will be required to promptly forward a copy of such document to the special servicer, if it is not evident that a copy has been delivered to the special servicer), on or prior to the related maturity date, with (a) a written and fully executed (subject only to customary final closing conditions) commitment, letter of intent, or otherwise binding application for refinancing or similar document that is, in each case, binding upon an acceptable lender or (b) a signed purchase agreement, in the case of clause (a) or (b), reasonably satisfactory in form and substance to the master servicer or special servicer (and the party receiving such document will be required to promptly forward a copy of such document to the master servicer or the special servicer, as applicable, if it is not evident that a copy has been delivered to such other party), which provides that such refinancing or purchase will occur within 120 days of such related maturity date; *provided* that such Mortgage Loan and any related Companion Loan will become a Specially Serviced Loan immediately if the related borrower fails to diligently pursue such financing or purchase or to pay any Assumed Scheduled Payment on the related due date (subject to any applicable grace period) at any time before the refinancing or purchase or, if such refinancing or purchase does not occur, such Mortgage Loan and any related Companion Loan at the end of such 120-day period (or for such shorter period beyond the date on which the related balloon payment was due within which the refinancing or purchase is scheduled to occur pursuant to the commitment for refinancing or signed purchase agreement or on which such commitment or signed purchase agreement terminates);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) as to which any Periodic Payment is more than 60 days delinquent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) as to which (i) the borrower has entered into or consented to bankruptcy, appointment of a receiver or conservator or a similar insolvency proceeding, (ii) the borrower has become the subject of a decree or order for that proceeding and it has not been stayed or discharged or dismissed within 60 days (or a shorter period if the master servicer or the special servicer (and, in the case of the special servicer, with the consent of the Directing Holder, unless a Control Termination Event is continuing) determines in accordance with the Servicing Standard that the circumstances warrant that the related Mortgage Loan or Serviced Whole Loan (or REO Loan) be transferred to special servicing), or (iii) the related borrower makes an assignment for the benefit of its creditors, has admitted in writing its inability to pay its debts generally as they become due, or voluntarily suspends payment of its obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) as to which the master servicer or special servicer has received notice of the commencement of foreclosure or foreclosure or proposed foreclosure or similar proceedings of any lien other than the Mortgage on the Mortgaged Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) as to which, in the judgment of the master servicer or the special servicer (and, in the case of the special servicer, with respect to any Mortgage Loan other than any Excluded Special Servicer Loan and for so long as no Control Termination Event is continuing, with the consent of the Directing Holder in accordance with the provisions under "—*The Directing Holder—Control Termination Event and Consultation Termination Event*"), a payment default is imminent or reasonably foreseeable and is not likely to be cured by the borrower within 30 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) as to which a default that the master servicer or special servicer has notice (other than a failure by the related borrower to pay principal or interest) and which the master servicer or the special servicer determines, in its good faith reasonable judgment, may materially and adversely affect the interests of the Certificateholders and the RR Interest Owner (and, with respect to any Whole Loan, the holders of any related Companion Loan, as a collective whole (taking into account the subordinate or *pari passu* or subordinate nature of any Companion Loan, as applicable)), has occurred and remains unremedied for

the applicable grace period specified in the Mortgage Loan or related Companion Loan documents, other than in certain circumstances the failure to maintain terrorism insurance (or if no grace period is specified for events of default that are capable of cure, 30 days); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) as to which the master servicer or the special servicer (and, in the case of the special servicer, with respect to any Mortgage Loan other than any Excluded Special Servicer Loan and for so long as no Control Termination Event is continuing, with the consent of the Directing Holder in accordance with the provisions under "*—The Directing Holder—Control Termination Event and Consultation Termination Event*") determines that (i) a default (other than as described in clause (5) above) under the Mortgage Loan or related Companion Loan is imminent or reasonably foreseeable, (ii) such default will materially impair the value of the corresponding Mortgaged Property as security for the Mortgage Loan or related Companion Loan or otherwise materially adversely affect the interests of Certificateholders and the RR Interest Owner (and, with respect to a Whole Loan, the holders of any related Companion Loan as a collective whole (taking into account the *pari passu* or subordinate nature of any Companion Loans)), and (iii) the default will continue unremedied for the applicable cure period under the terms of the Mortgage Loan or related Companion Loan, or, if no cure period is specified and the default is capable of being cured, for 30 days (*provided* that such 30-day grace period does not apply to a default that gives rise to immediate acceleration without application of a grace period under the terms of the Mortgage Loan or related Companion Loan); *provided* that any determination that a special servicing transfer event has occurred under this clause (7) with respect to any Mortgage Loan or related Companion Loan solely by reason of the failure (or imminent failure) of the related borrower to maintain or cause to be maintained insurance coverage against damages or losses arising from acts of terrorism may only be made by the special servicer (and with respect to any Mortgage Loan other than any applicable Excluded Loan, prior to the occurrence and continuance of any Control Termination Event, with the consent of the Directing Holder) as described under "*—Maintenance of Insurance*" above.

However, the master servicer will be required to continue to (x) receive payments on the Mortgage Loans (and any related Serviced Companion Loan) (including amounts collected by the special servicer), (y) make certain calculations with respect to the Mortgage Loans and any related Serviced Companion Loan and (z) make remittances and prepare certain reports to the Certificateholders and the RR Interest Owner with respect to the Mortgage Loans and any related Serviced Companion Loan. Additionally, the master servicer will continue to receive the Servicing Fee in respect of the Mortgage Loans (and any related Serviced Companion Loan) and any related REO Loan at the Servicing Fee Rate.

If the related Mortgaged Property is acquired in respect of any Mortgage Loan (and any related Serviced Companion Loan) (upon acquisition, an "<u>REO Property</u>") whether through foreclosure, deed-in-lieu of foreclosure or otherwise, the special servicer will continue to be responsible for its operation and management. If any Serviced Companion Loan becomes specially serviced, then the related Mortgage Loan will also become a Specially Serviced Loan. If any Mortgage Loan becomes a Specially Serviced Loan, then the related Serviced Companion Loan will also become a Specially Serviced Loan. The master servicer will have no responsibility for the performance by the special servicer of its duties under the PSA. Any Mortgage Loan (excluding any Non-Serviced Mortgage Loan), that is or becomes a cross-collateralized Mortgage Loan and is cross-collateralized with a Specially Serviced Loan will become a Specially Serviced Loan.

If any Specially Serviced Loan, in accordance with its original terms or as modified in accordance with the PSA, becomes performing for at least three (3) consecutive Periodic Payments (*provided* that no additional event of default is foreseeable in the reasonable judgment of the special servicer and no other event or circumstance exists that causes such Mortgage Loan or related Companion Loan to otherwise constitute a Specially Serviced Loan), the special servicer will be required to transfer servicing of such Specially Serviced Loan (a "<u>Corrected Loan</u>") to the master servicer.

**Asset Status Report**

The special servicer will be required to prepare a report (an "<u>Asset Status Report</u>") for each Mortgage Loan (other than any Non-Serviced Mortgage Loan) and, if applicable, any Serviced Whole Loan that

becomes a Specially Serviced Loan upon the earlier of (i) 60 days after the servicing of such Mortgage Loan is transferred to the special servicer and (ii) prior to taking action with respect to any Major Decision (or making a determination not to take action with respect to a Major Decision) with respect to a Specially Serviced Loan (the "<u>Initial Delivery Date</u>") and will be required to prepare one or more additional Asset Status Reports with respect to any such Specially Serviced Loan subsequent to the issuance of a Final Asset Status Report to the extent that during the course of the resolution of such Specially Serviced Loan changes in strategy reflected in the initial Asset Status Report (or subsequent Final Asset Status Report) are necessary to reflect the then current recommendation as to how the Specially Serviced Loan might be returned to performing status or otherwise liquidated in accordance with the Servicing Standard (each such report a "<u>Subsequent Asset Status Report</u>"). Each Asset Status Report will be required to be delivered in electronic form to:

● the Directing Holder (but only with respect to any Mortgage Loan other than an applicable Excluded Loan and for so long as no Consultation Termination Event is continuing);

● the Risk Retention Consultation Parties (but only with respect to any Mortgage Loan other than an applicable Excluded Loan);

● with respect to any related Serviced Companion Loan, to the extent such Serviced Companion Loan has been included in a securitization transaction, to the master servicer of such securitization into which such Serviced Companion Loan has been sold or, to the extent such Serviced Companion Loan has not been included in a securitization transaction, to the holder of such Serviced Companion Loan;

● the operating advisor (but only for so long as a Control Termination Event is continuing);

● the master servicer; and

● the 17g-5 Information Provider, which will be required to post such report to the 17g-5 Information Provider's website.

A summary of each Final Asset Status Report will be provided to the certificate administrator and the trustee.

An Asset Status Report prepared for each Specially Serviced Loan will be required to include, among other things, the following information:

● summary of the status of such Specially Serviced Loan and any negotiations with the related borrower;

● a discussion of the legal and environmental considerations reasonably known to the special servicer, consistent with the Servicing Standard, that are applicable to the exercise of remedies and to the enforcement of any related guaranties or other collateral for the related Specially Serviced Loan and whether outside legal counsel has been retained;

● the most current rent roll and income or operating statement available for the related Mortgaged Property;

● (A) the special servicer's recommendations on how such Specially Serviced Loan might be returned to performing status (including the modification of a monetary term, and any workout, restructure or debt forgiveness) and returned to the master servicer for regular servicing or foreclosed or otherwise realized upon (including any proposed sale of a Defaulted Loan or REO Property), (B) a description of any such proposed or taken actions, and (C) the alternative courses of action that were or are being considered by the special servicer in connection with the proposed or taken actions;

● the status of any foreclosure actions or other proceedings undertaken with respect to the Specially Serviced Loan, any proposed workouts and the status of any negotiations with respect to such workouts, and an assessment of the likelihood of additional defaults under the related Mortgage Loan or Serviced Whole Loan;

● a description of any amendment, modification or waiver of a material term of any ground lease (or any space lease or air rights lease, if applicable) or franchise agreement;

● the decision that the special servicer made, or intends or proposes to make, including a narrative analysis setting forth the special servicer's rationale for its proposed decision, including its rejection of the alternatives;

● an analysis of whether or not taking such proposed action is reasonably likely to produce a greater recovery on a present value basis than not taking such action, setting forth (x) the basis on which the special servicer made such determination and (y) the net present value calculation and all related assumptions;

● the appraised value of the related Mortgaged Property (and a copy of the last obtained appraisal of such Mortgaged Property) together with a description of any adjustments to the valuation of such Mortgaged Property made by the special servicer together with an explanation of those adjustments; and

● such other information as the special servicer deems relevant in light of the Servicing Standard.

With respect to any Mortgage Loan or Serviced Whole Loan, other than any applicable Excluded Loan, if no Control Termination Event is continuing, the Directing Holder will have the right to disapprove the Asset Status Report prepared by the special servicer with respect to a Specially Serviced Loan within 10 business days after receipt of the Asset Status Report. If the Directing Holder does not disapprove an Asset Status Report within 10 business days or if the special servicer makes a determination, in accordance with the Servicing Standard, that the disapproval by the Directing Holder (communicated to the special servicer within ten business days) is not in the best interest of all the Certificateholders and the RR Interest Owner (taken as a collective whole), the special servicer will be required to implement the recommended action as outlined in the Asset Status Report. If the Directing Holder disapproves the Asset Status Report within the 10 business day period and the special servicer has not made the affirmative determination described above, the special servicer will be required to revise the Asset Status Report as soon as practicable thereafter, but in no event later than 30 days after the disapproval. The special servicer will be required to continue to revise the Asset Status Report until the Directing Holder fails to disapprove the revised Asset Status Report or until the special servicer makes a determination, in accordance with the Servicing Standard, that the disapproval is not in the best interests of the Certificateholders and the RR Interest Owner (taken as a collective whole); *provided* that, if the Directing Holder has not approved the Asset Status Report for a period of 60 business days following the first submission of an Asset Status Report, the special servicer may act upon the most recently submitted form of Asset Status Report, if consistent with the Servicing Standard. The procedures described in this paragraph are collectively referred to as the "<u>Directing Holder Approval Process</u>".

A "<u>Final Asset Status Report</u>" means, with respect to any Specially Serviced Loan, the initial Asset Status Report, together with such other data or supporting information provided by the special servicer to the Directing Holder that does not include any communication (other than the Final Asset Status Report) between the special servicer and the Directing Holder or a Risk Retention Consultation Party with respect to such Specially Serviced Loan required to be delivered by the special servicer by the Initial Delivery Date or any Subsequent Asset Status Report, in each case, in the form fully approved or deemed approved, if applicable, by the Directing Holder pursuant to the Directing Holder Approval Process or following completion of the ASR Consultation Process, as applicable, and labeled or otherwise communicated as being "final". For the avoidance of doubt, the special servicer may issue more than one

Final Asset Status Report with respect to any Specially Serviced Loan in accordance with the procedures described above.

The special servicer will be required to notify the operating advisor of whether any Asset Status Report delivered to the operating advisor is a Final Asset Status Report, which notification may be satisfied by (i) delivery of an Asset Status Report that is either signed by the Directing Holder or that otherwise includes an indication that such Asset Status Report is deemed approved due to the passage of any required consent or consultation time period or (ii) such other method as reasonably agreed to by the operating advisor and the special servicer.

For so long as no Control Termination Event is continuing, the special servicer will be required to promptly deliver each Final Asset Status Report to the operating advisor after the completion of the Directing Holder Approval Process.

While a Control Termination Event is continuing, the operating advisor will be required to provide comments to the special servicer in respect of each Asset Status Report, if any, within 10 business days following the later of (i) receipt of such asset status report or (ii) receipt of such related additional information reasonably requested by the operating advisor, and propose possible alternative courses of action to the extent it determines such alternatives to be in the best interest of the Certificateholders (including any Certificateholders that are holders of the Controlling Class certificates) and the RR Interest Owner, as a collective whole. The special servicer will be required to consider such alternative courses of action on a non-binding basis, if any, and any other feedback provided by the operating advisor (and for so long as no Consultation Termination Event is continuing, the Directing Holder) in connection with the special servicer's preparation of any asset status report that is provided while a Control Termination Event is continuing. The special servicer may revise the asset status report as it deems necessary to take into account any input and/or comments from the operating advisor (and for so long as no Consultation Termination Event is continuing, the Directing Holder), to the extent the special servicer determines that the operating advisor's and/or Directing Holder's input and/or recommendations are consistent with the Servicing Standard and in the best interest of the Certificateholders and the RR Interest Owner, as a collective whole. If the special servicer determines to revise any asset status report to take into account any input and/or comments from the operating advisor or the Directing Holder, the special servicer will be required to promptly deliver to the operating advisor and the Directing Holder the revised asset status report (until a Final Asset Status Report is issued). The procedures described in this paragraph are collectively referred to as the "<u>ASR Consultation Process</u>". For additional information, see "*—The Operating Advisor—Duties of the Operating Advisor While a Control Termination Event is Continuing*".

The special servicer will not be required to take or to refrain from taking any action because of any proposal, objection or comment by the operating advisor or, during the continuance of a Control Termination Event, the Directing Holder, or a recommendation of the operating advisor or, during the continuance of a Control Termination Event, the Directing Holder.

During the continuance of a Control Termination Event but for so long as no Consultation Termination Event is continuing, the Directing Holder (except with respect to any applicable Excluded Loan) will be entitled to consult on a non-binding basis with the special servicer and propose alternative courses of action and provide other feedback in respect of any Asset Status Report. In addition, during the continuance of a Control Termination Event, the operating advisor will consult on a non-binding basis with the special servicer and propose alternative courses of action and provide other feedback in respect of any Asset Status Report. After the occurrence of a Consultation Termination Event, the Directing Holder will have no right to consult with the special servicer with respect to Asset Status Reports and the special servicer will send the Asset Status Report to the operating advisor and will only be obligated to consult with the operating advisor with respect to any Asset Status Report as described above. The special servicer may choose to revise the Asset Status Report as it deems reasonably necessary in accordance with the Servicing Standard to take into account any input and/or recommendations of the operating advisor or the Directing Holder during the applicable periods described above, but is under no obligation to follow any particular recommendation of the operating advisor or the Directing Holder.

The special servicer will implement the Final Asset Status Report.

With respect to each Non-Serviced Mortgage Loan, the related directing holder under the related Non-Serviced PSA will have approval and consultation rights with respect to any asset status report prepared by the related Non-Serviced Special Servicer with respect to the related Non-Serviced Whole Loan under the related Non-Serviced PSA that are substantially similar, but not identical, to the approval and consultation rights of the Directing Holder with respect to the Mortgage Loans and the Serviced Whole Loans. See "*—Servicing of the Non-Serviced Mortgage Loans*".

**Realization Upon Mortgage Loans**

If a payment default or material non-monetary default on a Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole Loan has occurred and such Mortgage Loan or Serviced Whole Loan is a Specially Serviced Loan, then, pursuant to the PSA, the special servicer, on behalf of the trustee, may, in accordance with the terms and provisions of the PSA, at any time institute foreclosure proceedings, exercise any power of sale contained in the related Mortgage, obtain a deed-in-lieu of foreclosure, or otherwise acquire title to the related Mortgaged Property, by operation of law or otherwise. The special servicer is not permitted, however, to cause the trustee to acquire title to any Mortgaged Property, have a receiver of rents appointed with respect to any Mortgaged Property or take any other action with respect to any Mortgaged Property that would cause the trustee, for the benefit of the Certificateholders and the RR Interest Owner, or any other specified person to be considered to hold title to, to be a "mortgagee-in-possession" of, or to be an "owner" or an "operator" of such Mortgaged Property within the meaning of certain federal environmental laws, unless the special servicer has determined in accordance with the Servicing Standard, based on an updated environmental assessment report prepared by a person who regularly conducts environmental audits and performed within six (6) months prior to any such acquisition of title or other action (which report will be an expense of the issuing entity subject to the terms of the PSA) that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such Mortgaged Property is in compliance with applicable environmental laws or, if not, after consultation with an environmental consultant, that it would be in the best economic interest of the Certificateholders and the RR Interest Owner (and with respect to any Serviced Whole Loan, the holder of each related Serviced Companion Loan), as a collective whole as if such Certificateholders and the RR Interest Owner and, if applicable, Serviced Companion Loan holders constituted a single lender, taking into account the *pari passu* or subordinate nature of any related Companion Loan, to take such actions as are necessary to bring such Mortgaged Property in compliance with such laws, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) there are no circumstances present at such Mortgaged Property relating to the use, management or disposal of any hazardous materials for which investigation, testing, monitoring, containment, clean-up or remediation could be required under any currently effective federal, state or local law or regulation, or that, if any such hazardous materials are present for which such action could be required, after consultation with an environmental consultant, it would be in the best economic interest of the Certificateholders and the RR Interest Owner (and with respect to any Serviced Whole Loan, the holder of each related Serviced Companion Loan), as a collective whole as if such Certificateholders and the RR Interest Owner and, if applicable, the Serviced Companion Loan holders constituted a single lender, taking into account the *pari passu* or subordinate nature of any related Companion Loan, to take such actions with respect to the affected Mortgaged Property.

Such requirement precludes enforcement of the security for the related Mortgage Loan or Serviced Whole Loan until a satisfactory environmental site assessment is obtained (or until any required remedial action is taken), but will decrease the likelihood that the issuing entity will become liable for a material adverse environmental condition at the Mortgaged Property. However, we cannot assure you that the requirements of the PSA will effectively insulate the issuing entity from potential liability for a materially adverse environmental condition at any Mortgaged Property.

If title to any Mortgaged Property is acquired by the issuing entity (directly or through a single member limited liability company established for that purpose), the special servicer will be required to sell the Mortgaged Property prior to the close of the third calendar year beginning after the year of acquisition,

unless (1) the IRS grants (or has not denied) an extension of time to sell the property or (2) the special servicer, the certificate administrator and the trustee receive an opinion of independent counsel to the effect that the holding of the property by the Lower-Tier REMIC longer than the above-referenced three (3) year period will not result in the imposition of a tax on any Trust REMIC or cause any Trust REMIC to fail to qualify as a REMIC under the Code at any time that any certificate is outstanding. Subject to the foregoing and any other tax-related limitations, pursuant to the PSA, the special servicer will generally be required to attempt to sell any Mortgaged Property so acquired in accordance with the Servicing Standard. The special servicer will also be required to cause any Mortgaged Property acquired by the issuing entity to be administered so that it constitutes "foreclosure property" within the meaning of Code Section 860G(a)(8) at all times, and that the sale of the property does not result in the receipt by the issuing entity of any income from nonpermitted assets as described in Code Section 860F(a)(2)(B). If the Lower-Tier REMIC acquires title to any Mortgaged Property, the special servicer, on behalf of the Lower-Tier REMIC, will retain, at the expense of the issuing entity, an independent contractor to manage and operate the property. The independent contractor generally will be permitted to perform construction (including renovation) on a foreclosed property only if the construction was more than 10% completed at the time default on the related Mortgage Loan became imminent. The retention of an independent contractor, however, will not relieve the special servicer of its obligation to manage the Mortgaged Property as required under the PSA.

In general, the special servicer will be obligated to cause any Mortgaged Property acquired as an REO Property to be operated and managed in a manner that would, in its reasonable judgment and in accordance with the Servicing Standard, maximize the issuing entity's net after-tax proceeds from such property. Generally, none of the Trust REMICs will be taxable on income received with respect to a Mortgaged Property acquired by the issuing entity to the extent that it constitutes "rents from real property", within the meaning of Code Section 856(d) and Treasury regulations under the Code. Rents from real property include fixed rents and rents based on the gross receipts or sales of a tenant but do not include the portion of any rental based on the net income or profit of any tenant or sub-tenant. No determination has been made whether rent on any of the Mortgaged Properties meets this requirement. Rents from real property include charges for services customarily furnished or rendered in connection with the rental of real property, whether or not the charges are separately stated. Services furnished to the tenants of a particular building will be considered as customary if, in the geographic market in which the building is located, tenants in buildings which are of similar class are customarily provided with the service. No determination has been made whether the services furnished to the tenants of the Mortgaged Properties are "customary" within the meaning of applicable regulations. It is therefore possible that a portion of the rental income with respect to a Mortgaged Property owned by the issuing entity would not constitute rents from real property, or that none of such income would qualify if a separate charge is not stated for such non-customary services or they are not performed by an independent contractor. Rents from real property also do not include income from the operation of a trade or business on the Mortgaged Property, such as a hospitality property, or rental income attributable to personal property leased in connection with a lease of real property if the rent attributable to personal property exceeds 15% of the total net rent for the taxable year. Any of the foregoing types of income may instead constitute "net income from foreclosure property", which would be taxable to the Lower-Tier REMIC at the federal corporate rate (which, currently, is 21%) and may also be subject to state or local taxes. The PSA provides that the special servicer will be permitted to cause the Lower-Tier REMIC to earn "net income from foreclosure property" that is subject to tax if it determines that the net after-tax benefit to Certificateholders and the RR Interest Owner is greater than another method of operating or net leasing the Mortgaged Property. Because these sources of income, if they exist, are already in place with respect to the Mortgaged Properties, it is generally viewed as beneficial to Certificateholders and the RR Interest Owner to permit the issuing entity to continue to earn them if it acquires a Mortgaged Property, even at the cost of this tax. These taxes would be chargeable against the related income for purposes of determining the proceeds available for distribution to holders of certificates and the RR Interest Owner. See "*Material Federal Income Tax Considerations—Taxes That May Be Imposed on a REMIC—Prohibited Transactions*".

Under the PSA, the special servicer is required to establish and maintain one or more REO Accounts, to be held on behalf of the trustee for the benefit of the Certificateholders and the RR Interest Owner and

with respect to a Serviced Whole Loan, the holder of each related Serviced Companion Loan, for the retention of revenues and insurance proceeds derived from each REO Property. The special servicer is required to use the funds in the applicable REO Account to pay for the proper operation, management, maintenance and disposition of any REO Property, but only to the extent of amounts on deposit in the applicable REO Account relate to such REO Property. To the extent that amounts in the applicable REO Account in respect of any REO Property are insufficient to make such payments, the master servicer is required to make a Property Protection Advance, unless it determines such Property Protection Advance would be nonrecoverable. On the later of the date that is (x) on or prior to the Determination Date or (y) 2 business days after such amounts are received and properly identified and determined to be available, the special servicer is required to deposit all amounts received in respect of each REO Property during such Collection Period, net of any amounts withdrawn to make any permitted disbursements, to the Collection Account; *provided* that the special servicer may retain in the applicable REO Account permitted reserves.

**Sale of Defaulted Loans and REO Properties**

If the special servicer determines in accordance with the Servicing Standard that it would be in the best economic interests of the Certificateholders and the RR Interest Owner or, in the case of a Serviced Pari Passu Whole Loan, Certificateholders, the RR Interest Owner and any holder of the related Serviced Pari Passu Companion Loan (as a collective whole as if such Certificateholders, the RR Interest Owner and Serviced Companion Loan holder constituted a single lender, taking into account the *pari passu* or subordinate nature of any related Companion Loan) to attempt to sell a Defaulted Loan (other than a Non-Serviced Mortgage Loan) and any related Serviced Pari Passu Companion Loan as described below, the special servicer will be required to use reasonable efforts to solicit offers for each Defaulted Loan on behalf of the Certificateholders, the RR Interest Owner and the holder of any related Serviced Pari Passu Companion Loan in such manner as will be reasonably likely to maximize the value of the Defaulted Loan on a net present value basis. In the case of certain Non-Serviced Mortgage Loans, under certain limited circumstances permitted under the related Co-Lender Agreement, to the extent that such Non-Serviced Mortgage Loan is not sold together with the related Non-Serviced Companion Loan by the special servicer for the related Non-Serviced Whole Loan, the special servicer will be entitled to sell (with respect to any Mortgage Loan other than any applicable Excluded Loan, (i) with the consent of the Directing Holder, if no Control Termination Event is continuing and (ii) after consultation with the Risk Retention Consultation Parties) such Non-Serviced Mortgage Loan if it determines in accordance with the Servicing Standard that such action would be in the best interests of the Certificateholders and the RR Interest Owner. The special servicer is required to accept the first cash offer received from any person that constitutes a fair price for the Defaulted Loan. If multiple offers are received during the period designated by the special servicer for receipt of offers, the special servicer is required to select the highest offer. The special servicer is generally required to give the trustee, the certificate administrator, the master servicer, the operating advisor and (other than in respect of any applicable Excluded Loan) the Directing Holder and the Risk Retention Consultation Parties not less than 10 business days' prior written notice of its intention to sell any such Defaulted Loan. Neither the trustee nor any of its affiliates may make an offer for or purchase any Defaulted Loan. "<u>Defaulted Loan</u>" means a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan that is a Specially Serviced Loan and (i) that is delinquent at least 60 days in respect of its Periodic Payments or delinquent in respect of its balloon payment, if any; *provided* that in respect of a balloon payment, such period will be 120 days after the related maturity date (or for such shorter period beyond the date on which the related balloon payment was due within which the refinancing or purchase referred to below is scheduled to occur pursuant to the commitment for refinancing or signed purchase agreement or on which such commitment or signed purchase agreement terminates) if the related borrower has provided the special servicer, within 60 days after the related maturity date, with (a) a written and fully executed (subject only to customary final closing conditions) commitment, letter of intent, or otherwise binding application for refinancing or similar document that is, in each case, binding upon an acceptable lender or (b) a signed purchase agreement, in the case of clause (a) or (b), reasonably satisfactory in form and substance to the special servicer (and the special servicer will be required to promptly forward a copy of such document to the master servicer, if it is not evident that a copy has been delivered to such other party) and (for so long as no Control Termination Event is continuing) the Directing Holder, which provides that such refinancing or purchase

will occur within 120 days of such related maturity date; and, in either case, such delinquency is to be determined without giving effect to any grace period permitted by the related Mortgage or Mortgage Note and without regard to any acceleration of payments under the related Mortgage and Mortgage Note or (ii) as to which the master servicer or the special servicer has, by written notice to the related borrower, accelerated the maturity of the indebtedness evidenced by the related Mortgage Note.

The special servicer will be required to determine whether any cash offer constitutes a fair price for any Defaulted Loan if the highest offeror is a person other than an Interested Person. In determining whether any offer from a person other than an Interested Person constitutes a fair price for any Defaulted Loan, the special servicer will be required to take into account (in addition to the results of any appraisal, updated appraisal or narrative appraisal that it may have obtained pursuant to the PSA within the prior 9 months), among other factors, the period and amount of the occupancy level and physical condition of the related Mortgaged Property and the state of the local economy.

If the highest offeror is an Interested Person (*provided* that the trustee may not be a offeror), then the trustee, subject to any additional conditions in an applicable Co-Lender Agreement, will be required to determine whether the cash offer constitutes a fair price; *provided, however*, that no offer from an Interested Person will constitute a fair price unless (A) it is the highest offer received and (B) if the offer is less than the applicable Purchase Price, at least two (2) other offers are received from independent third parties. In determining whether any offer received from an Interested Person represents a fair price for any such Defaulted Loan, the trustee will be supplied with and will be required to rely on the most recent appraisal or updated appraisal conducted in accordance with the PSA within the preceding 9-month period or, in the absence of any such appraisal, on a new appraisal. Except as provided in the following paragraph, the cost of any appraisal will be covered by, and will be reimbursable as, a Property Protection Advance by the master servicer.

Notwithstanding anything contained in the preceding paragraph to the contrary, if the trustee is required to determine whether a cash offer by an Interested Person constitutes a fair price, the trustee may (at its option and at the expense of the Interested Person) designate an independent third party expert in real estate or commercial mortgage loan matters with at least 5 years' experience in valuing or investing in loans similar to the subject Mortgage Loan or Serviced Whole Loan, as the case may be, that has been selected with reasonable care by the trustee to determine if such cash offer constitutes a fair price for such Mortgage Loan or Serviced Whole Loan. If the trustee designates such a third party to make such determination, the trustee will be entitled to rely conclusively upon such third party's determination. The reasonable costs of all appraisals, inspection reports and broker opinions of value incurred by any such third party pursuant to this paragraph will be covered by, and will be paid in advance of any such determination by the Interested Person; *provided* that the trustee will not engage a third party expert whose fees exceed a commercially reasonable amount as determined by the trustee.

The special servicer is required to use reasonable efforts to solicit offers for each REO Property on behalf of the Certificateholders and the RR Interest Owner and any related holders(s) of any Serviced Pari Passu Companion Loan (if applicable) and to sell each REO Property in the same manner as with respect to a Defaulted Loan.

Notwithstanding any of the foregoing paragraphs, the special servicer will not be required to accept the highest cash offer for a Defaulted Loan or REO Property if the special servicer determines (with respect to any Mortgage Loan other than an applicable Excluded Loan, in consultation with the Directing Holder (unless a Consultation Termination Event exists), the Risk Retention Consultation Parties, and, in the case of a Serviced Pari Passu Whole Loan or an REO Property related to a Serviced Pari Passu Whole Loan, any related Companion Loan Holder(s)), in accordance with the Servicing Standard, that rejection of such offer would be in the best interests of the Certificateholders and the RR Interest Owner and, in the case of a sale of a Serviced Pari Passu Whole Loan or an REO Property related to a Serviced Pari Passu Whole Loan, any related Companion Loan Holder(s) (as a collective whole as if such Certificateholders, the RR Interest Owner and, if applicable, any related Companion Loan Holder(s) constituted a single lender, taking into account the *pari passu* or subordinate nature of any related Companion Loan), and the special servicer may accept a lower offer (from any person other than itself or an affiliate) if it determines, in accordance with the Servicing Standard, that acceptance of such offer

would be in the best interests of the Certificateholders, the RR Interest Owner and, in the case of a Serviced Pari Passu Whole Loan or an REO Property related to a Serviced Pari Passu Whole Loan, any related Companion Loan Holder(s) (as a collective whole as if such Certificateholders, the RR Interest Owner and, if applicable, any related Companion Loan Holder(s) constituted a single lender, taking into account the *pari passu* or subordinate nature of any related Companion Loan).

An "<u>Interested Person</u>" is the depositor, the master servicer, the special servicer, the operating advisor, the asset representations reviewer, the certificate administrator, the trustee, the Directing Holder, the Risk Retention Consultation Parties, any borrower sponsor, any Borrower Party, any independent contractor engaged by the special servicer or any known affiliate of any of the preceding entities, and, with respect to a Whole Loan if it is a Defaulted Loan, the depositor, the master servicer, the special servicer (or any independent contractor engaged by the special servicer), or the trustee for the securitization of a Companion Loan, and each related Companion Loan Holder or its representative, any holder of a related mezzanine loan, or any known affiliate of any such party described above.

With respect to each Serviced Pari Passu Whole Loan, pursuant to the terms of the related Co-Lender Agreement(s), if such Serviced Pari Passu Whole Loan becomes a Defaulted Loan, and if the special servicer determines to sell the related Mortgage Loan in accordance with the discussion in this "*—Sale of Defaulted Loans and REO Properties*" section, then the special servicer will be required to sell any related Pari Passu Companion Loan together with such Mortgage Loan as one whole loan. The special servicer will not be permitted to sell the related Mortgage Loan together with the related Pari Passu Companion Loan if such Serviced Pari Passu Whole Loan becomes a Defaulted Loan without the consent of the holder of the related Pari Passu Companion Loan, unless the special servicer complies with certain notice and delivery requirements set forth in the PSA. See "*Description of the Mortgage Pool—The Whole Loans*."

In addition, with respect to each Non-Serviced Mortgage Loan, if such Mortgage Loan has become a defaulted loan under the related Non-Serviced PSA, the related Non-Serviced Special Servicer will generally have the right to sell such Mortgage Loan together with any related Companion Loan as notes evidencing one whole loan. The issuing entity, as the holder of such Non-Serviced Mortgage Loan, will have the right to consent to such sale, *provided* that the Non-Serviced Special Servicer may sell the related Non-Serviced Whole Loan without such consent if the required notices and information regarding such sale are provided to the issuing entity in accordance with the related Co-Lender Agreement. The Controlling Class Representative will be entitled to exercise such consent right so long as no Control Termination Event is continuing, and if a Control Termination Event is continuing, the special servicer will exercise such consent rights. See "*Description of the Mortgage Pool—The Whole Loans—The Non-Serviced Pari Passu Whole Loans—Certain Rights of each Non-Controlling Holder*".

In addition, with respect to the Servicing Shift Mortgage Loans, if a Servicing Shift Mortgage Loan becomes a Defaulted Loan, the special servicer (or, on or after the applicable Servicing Shift Securitization Date, the special servicer under the related Servicing Shift PSA) will be required to sell such Mortgage Loan together with the related Companion Loans as notes evidencing one whole loan, in accordance with the provisions of the related Co-Lender Agreement and the PSA or the related Servicing Shift PSA, as the case may be.

To the extent that Liquidation Proceeds collected with respect to any Mortgage Loan are less than the sum of (1) the outstanding principal balance of the Mortgage Loan, (2) interest accrued thereon and (3) the aggregate amount of outstanding reimbursable expenses (including any (i) unpaid servicing compensation, (ii) unreimbursed Property Protection Advances, (iii) accrued and unpaid interest on all Advances and (iv) additional expenses of the issuing entity) incurred with respect to the Mortgage Loan, the issuing entity will realize a loss in the amount of the shortfall. The trustee, the master servicer and/or the special servicer will be entitled to reimbursement out of the Liquidation Proceeds recovered on any Mortgage Loan, prior to the distribution of those Liquidation Proceeds to Certificateholders and the RR Interest Owner, of any and all amounts that represent unpaid servicing compensation in respect of the related Mortgage Loan, certain unreimbursed expenses incurred with respect to the Mortgage Loan and any unreimbursed Advances (including interest on Advances) made with respect to the Mortgage Loan. In

addition, amounts otherwise distributable on the certificates will be further reduced by interest payable to the master servicer, the special servicer or trustee on these Advances.

**The Directing Holder**

 **General**

Subject to the rights of the holder of any related Companion Loan under the related Co-Lender Agreement as described under "*—Rights of Holders of Companion Loans*" below, for so long as no Control Termination Event is continuing, the Directing Holder (a) will be entitled to advise (1) the special servicer, with respect to the applicable Specially Serviced Loans other than any applicable Excluded Loan or any Servicing Shift Mortgage Loan, as to all Major Decisions and (2) the special servicer, with respect to the applicable non-Specially Serviced Loans other than any applicable Excluded Loan or any Servicing Shift Mortgage Loan, as to all Major Decisions, and (b) will have the right to replace the special servicer with or without cause (*provided*, *however*, that for so long as Torchlight Debt Fund VIII Holdings (US), LLC or its affiliate owns 15% or more of the outstanding Certificate Balance of the then-Controlling Class of Certificates, Torchlight Loan Services, LLC, may only be removed as special servicer for cause) and have certain other rights under the PSA, each as described below. With respect to any Mortgage Loan or Serviced Whole Loan other than any applicable Excluded Loan or any Servicing Shift Mortgage Loan, during the continuance of a Control Termination Event, the Directing Holder will have certain consultation rights only, and upon the occurrence of a Consultation Termination Event, the Directing Holder will not have any consent or consultation rights, as further described below.

The "<u>Controlling Class Representative</u>" will be the Controlling Class Certificateholder (or its representative) selected by more than 50% of the Controlling Class Certificateholders, by Certificate Balance, as determined by the certificate registrar from time to time; *provided, however*, that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) absent that selection, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) until a Controlling Class Representative is so selected, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) upon receipt of a notice from a majority of the Controlling Class Certificateholders, by Certificate Balance, that a Controlling Class Representative is no longer designated, then the Controlling Class Certificateholder that represents that it owns the largest aggregate Certificate Balance of the Controlling Class (with evidence of ownership), or its representative, will be the Controlling Class Representative;

*provided, however*, that (i) in the case of clause (3), in the event no one holder owns the largest aggregate Certificate Balance of the Controlling Class, then there will be no Controlling Class Representative until appointed in accordance with the terms of the PSA, and (ii) the certificate administrator and the other parties to the PSA will be entitled to assume that the identity of the Controlling Class Representative has not changed until such parties receive written notice of a replacement of the Controlling Class Representative from a party holding the requisite interest in the Controlling Class, or the resignation of the then-current Controlling Class Representative.

The initial Controlling Class Representative is expected to be Torchlight Debt Fund VIII Holdings (US), LLC or its affiliate.

The initial Controlling Class Representative, and any subsequent Controlling Class Representative, is hereby deemed to have agreed and acknowledged by virtue of its purchase of a Control Eligible Certificate (or beneficial ownership interest in such certificate) that its identity will be reported monthly by the certificate administrator in the Distribution Date Statement.

The "<u>Directing Holder</u>" means (1) with respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan, any applicable Excluded Loan and any Servicing Shift Mortgage Loan) or Serviced Whole Loan (other than any Servicing Shift Whole Loan), the Controlling Class Representative and (2)

with respect to any Servicing Shift Mortgage Loan, prior to the occurrence of the related Servicing Shift Securitization Date, the related Loan-Specific Directing Holder.

The "<u>Loan-Specific Directing Holder</u>" means, with respect to any Servicing Shift Whole Loan, the "controlling holder", the "directing certificateholder", the "directing holder", "directing lender" or any analogous concept under the related Co-Lender Agreement.

Prior to the applicable Servicing Shift Securitization Date, the "Loan-Specific Directing Holder" with respect to a Servicing Shift Whole Loan will initially be the holder of the related Controlling Companion Loan, which is (i) GSMC (or an affiliate) with respect to the ESA Portfolio Whole Loan, (ii) CREFI (or an affiliate) with respect to the 80-02 Kew Gardens Whole Loan, (iii) GSMC (or an affiliate) with respect to the 161 Washington Street Whole Loan and (iv) GSMC (or an affiliate) with respect to the CFS Industrial HQ Whole Loan. On or after the applicable Servicing Shift Securitization Date, there will be no Loan-Specific Directing Holder under the PSA with respect to the related Servicing Shift Whole Loan.

A "<u>Controlling Class Certificateholder</u>" is each holder (or Certificate Owner, if applicable) of a certificate of the Controlling Class as determined by the certificate registrar from time to time, upon request by any party to the PSA.

The "<u>Controlling Class</u>" will be, as of any time of determination, the most subordinate class of Control Eligible Certificates then-outstanding that has an aggregate Certificate Balance (as notionally reduced by any Cumulative Appraisal Reduction Amounts allocable to such class) at least equal to 25% of the initial Certificate Balance of that class; *provided* that if, at any time, the Certificate Balances of all Control Eligible Certificates, as notionally reduced by any Appraisal Reduction Amounts (but without regard to any Collateral Deficiency Amount) allocable to such classes, have been reduced to zero, the Controlling Class will be the most senior class of Control Eligible Certificates that has a principal balance greater than zero; *provided, further*, that if at any time the Certificate Balance of each Class of Principal Balance Certificates other than the Control Eligible Certificates has been reduced to zero as a result of the allocation of principal payments on the Mortgage Loans, then the "Controlling Class" will be the most subordinate class of Control Eligible Certificates that has an aggregate Certificate Balance greater than zero without regard to the application of Appraisal Reduction Amounts (or any Collateral Deficiency Amount) to notionally reduce the Certificate Balance of such Class. The Controlling Class as of the Closing Date will be the Class J certificates.

The "<u>Control Eligible Certificates</u>" will be the Class F, Class G and Class J certificates.

The master servicer, the special servicer, the operating advisor, the certificate administrator, the trustee or any Certificateholder or the RR Interest Owner may request that the certificate registrar determine which class of Control Eligible Certificates is the then-current Controlling Class and the certificate registrar must thereafter provide such information to the requesting party. The depositor, the trustee, the master servicer, the special servicer, the operating advisor and, for so long as no Consultation Termination Event is continuing, the Controlling Class Representative, may request that the certificate administrator provide, and the certificate administrator must so provide, a list of the holders (or Certificate Owners, if applicable) of the Controlling Class. The trustee, the certificate administrator, the master servicer, the special servicer and the operating advisor may each rely on any such list so provided.

In the event that no Directing Holder has been appointed or identified to the master servicer or the special servicer, as applicable, and the master servicer or the special servicer, as applicable, has attempted to obtain such information from the certificate administrator and no such entity has been identified to the master servicer or the special servicer, as applicable, then until such time as the new Directing Holder is identified, the master servicer or the special servicer, as applicable, will have no duty to consult with, provide notice to, or seek the approval or consent of any such Directing Holder, as the case may be.

With respect to any matter for which the consent or consultation of the Directing Holder is required, to the extent no specific time period for deemed consent or deemed waiver of consultation rights is

expressly stated in the PSA, in the event no response from the Directing Holder is received within ten (10) business days following the written request for input or any required consent or consultation, the Directing Holder will be deemed to have consented to or approved the specific matter; provided, however, that the failure of the Directing Holder to respond will not affect any future matters with respect to the applicable Mortgage Loan or any other Mortgage Loan.

The Class F certificateholders that are the Controlling Class Certificateholders may waive their rights as the Controlling Class Certificateholders as described in "*—Control Termination Event and Consultation Termination Event*" below.

**Major Decisions**

Except as otherwise described under "*—Control Termination Event and Consultation Termination Event*" and "*—Servicing Override*" below and subject to the rights of the holder of any related Companion Loan under the related Co-Lender Agreement as described under "*—Rights of Holders of Companion Loans*" below, for so long as no Control Termination Event is continuing, neither the master servicer nor the special servicer will be permitted to take any of the following actions, as to which the Directing Holder has objected in writing within ten business days (or thirty (30) days with respect to an Acceptable Insurance Default) after receipt of the related Major Decision Reporting Package (*provided* that if such written objection has not been received by the master servicer or the special servicer, as applicable, within such ten-business-day (or 30-day) period, the Directing Holder will be deemed to have approved such action) (each of the following, a "<u>Major Decision</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any proposed or actual foreclosure upon or comparable conversion (which may include acquisition of an REO Property) of the ownership of properties securing such of the Mortgage Loans (other than a Non-Serviced Mortgage Loan) and/or Serviced Whole Loans as come into and continue in default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any modification, consent to a modification or waiver of any monetary term (other than penalty charges (which the master servicer or the special servicer, as applicable, is permitted to waive pursuant to the PSA)) or material non-monetary term (including, without limitation, the timing of payments and acceptance of discounted pay-offs, but excluding the waiver of penalty charges) of a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan or any extension of the maturity date of such Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any sale of a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan that is a Defaulted Loan (and any related Serviced Companion Loan) or an REO Property (other than in connection with the termination of the issuing entity as described under "—*Termination; Retirement of Certificates*") for less than the applicable Purchase Price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any determination to bring an REO Property into compliance with applicable environmental laws or to otherwise address hazardous material located at an REO Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any release of collateral or any acceptance of substitute or additional collateral for a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan or any consent to either of the foregoing, other than immaterial condemnation actions and other similar takings, the release of collateral securing any Mortgage Loan in connection with defeasance of the collateral for such Mortgage Loan, or if otherwise required pursuant to the specific terms of the related Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan and for which there is no lender discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any waiver of a "due-on-sale" or "due-on-encumbrance" clause with respect to a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan, if lender consent is required, any consent to such a waiver or consent to a transfer of the Mortgaged Property or interests in the borrower or consent to the incurrence of additional debt, other than any such transfer or incurrence of debt as may be effected without the consent of the lender under the related loan agreement and for which there is no lender discretion or related to an immaterial easement, right of way or similar agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any approval of property management company changes or franchise changes (to the extent the lender is required to consent or approve under the related Mortgage Loan documents), *provided* that with respect to property management company changes (a) the Serviced Mortgage Loan has outstanding principal balance greater than $5,000,000, or (b) the successor property manager is affiliated with the borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) releases of amounts from any escrow accounts, reserve accounts or letters of credit held as performance or "earn-out" escrows or reserves, other than those required pursuant to the specific terms of the related Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan and for which there is no lender discretion, but solely with respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan specifically identified on an exhibit to the PSA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any acceptance of an assumption agreement or any other agreement permitting transfers of interests in a borrower or guarantor or releasing a borrower or guarantor from liability under a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan other than pursuant to the specific terms of such Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan and for which there is no lender discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) following a default or an event of default with respect to a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan, any exercise of remedies, including acceleration of the Mortgage Loan or Serviced Whole Loan, as the case may be, or initiation of judicial, bankruptcy or similar proceedings under the related Mortgage Loan documents or with respect to the related borrower or Mortgaged Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the determination of the special servicer pursuant to clause (7) of the definition of "Special Servicing Transfer Event";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) any modification, waiver or amendment of a Co-Lender Agreement, intercreditor agreement or similar agreement (other than with respect to amendments to split or re-size notes consistent with the terms of the subject Co-Lender Agreement and as to which the consent of the issuing entity is not required), with any mezzanine lender, holder of a Pari Passu Companion Loan or subordinate debt holder related to a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan, or an action to enforce rights (or decision not to enforce rights) with respect thereto; *provided*, *however*, any such modification or amendment to any such agreement that would adversely impact the master servicer will additionally require the consent of the master servicer as a condition to its effectiveness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) any determination of an Acceptable Insurance Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) any proposed modification or waiver of any material provision in the related Mortgage Loan documents governing the type, nature or amount of insurance coverage required to be obtained and maintained by the related borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) other than in the case of a non-Specially Serviced Loan, any modification, waiver or amendment of any lease, the execution of any new lease or the granting of a subordination, non-disturbance and attornment agreement in connection with any lease (other than for ground leases), at a Mortgaged Property if (a) the lease affects an area greater than or equal to the lesser of (1) 30% of the net rentable area of the improvements at the Mortgaged Property and (2) 30,000 square feet or (b) such transaction is not a routine leasing matter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) any consent to incurrence of additional debt by the borrower or mezzanine debt by a direct or indirect parent of a borrower, to the extent the lender's approval is required under the related Mortgage Loan documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) requests for property or other collateral releases or substitutions, other than (a) grants of easements or rights of way, (b) releases of non-material, non-income producing parcels of a Mortgaged Property (including, without limitation, any such releases as to which the related Mortgage Loan documents expressly require the mortgagee thereunder to make such releases), (c) consents to releases

related to condemnation of parcels of a Mortgaged Property or (d) the release of collateral securing any Mortgage Loan in connection with defeasance of the collateral for such Mortgage Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) determining whether to cure any default by a borrower under a ground lease or permit any ground lease modification, amendment or subordination, non-disturbance and attornment agreement or entry into a new ground lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) other than in the case of any non-Specially Serviced Loan, approval of any waiver regarding the receipt of financial statements (other than immaterial timing waivers including late financial statements which in no event relieve any borrower of the obligation to provide financial statements on at least a quarterly basis) following three consecutive late deliveries of financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) the voting on any plan of reorganization, restructuring or similar plan in the bankruptcy of a borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) agreeing to any modification, waiver, consent or amendment of the related Mortgage Loan or Serviced Whole Loan in connection with a defeasance if such proposed modification, waiver, consent or amendment is with respect to (a) a modification of the type of defeasance collateral required under the Mortgage Loan documents such that defeasance collateral other than direct, non-callable obligations of the United States of America would be permitted or (b) a modification that would permit a principal prepayment instead of defeasance if the applicable loan documents do not otherwise permit such principal prepayment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) other than in the case of a Non-Specially Serviced Loan, consent to actions and releases related to condemnation of parcels of a Mortgaged Property with respect to a material parcel or a material income producing parcel or any condemnation that materially affects the use or value of the related Mortgaged Property or the ability of the related borrower to pay amounts due in respect of the related Mortgage Loan or any related Companion Loan when due; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) any approval of any casualty insurance settlements or condemnation settlements, and any determination to apply casualty proceeds or condemnation awards to the reduction of the debt rather than to the restoration of the Mortgaged Property, in each case, to the extent the lender has discretion under the related Mortgage Loan documents.

Subject to the terms and conditions of this section, (a) the special servicer will process all requests for any matter that constitutes a "Major Decision" with respect to any Specially Serviced Loan or non-Specially Serviced Loan (in each case, other than with respect to any Non-Serviced Mortgage Loan), unless the master servicer and the special servicer have mutually agreed to have the master servicer process such request in accordance with the terms and conditions reasonably agreed to by the master servicer and special servicer, including the special servicer's consent and (b) the master servicer will process all requests for any matter that constitutes a "Major Decision" with respect to any non-Specially Serviced Loan (other than a Non-Serviced Mortgage Loan) if the master servicer and the special servicer have mutually agreed to have the master servicer process such request in accordance with the terms and conditions reasonably agreed to by the master servicer and special servicer, including the special servicer's consent. Upon receiving a request for any matter that constitutes a Major Decision, the master servicer will be required to forward such request to the special servicer and, unless the master servicer and the special servicer mutually agree that the master servicer will process such request in accordance with the terms and conditions reasonably agreed to by the master servicer and special servicer, including the special servicer's consent, the special servicer will be required to process such request and the master servicer will have no further obligation with respect to such request or the related Major Decision.

Prior to the occurrence and continuance of a Control Termination Event with respect to any Major Decisions processed by the special servicer, the special servicer will be required to provide each Major Decision Reporting Package to the operating advisor promptly after the special servicer receives the Directing Holder's approval or deemed approval of such Major Decision Reporting Package; *provided*, *however*, that with respect to any non-Specially Serviced Loan, no Major Decision Reporting Package will be required to be delivered (and the special servicer will use reasonable efforts not to deliver such Major

Decision Reporting Package) prior to the occurrence and continuance of a Control Termination Event. During the continuance of a Control Termination Event, the master servicer or the special servicer that is processing the related Major Decision will be required to provide each Major Decision Reporting Package to the operating advisor simultaneously with the master servicer's or the special servicer's written request, as applicable, for the operating advisor's input regarding the related Major Decision (which written request and Major Decision Reporting Package may be delivered in one notice), as set forth under "*—Control Termination Event and Consultation Termination Event*" below. For so long as a Control Termination Event is continuing, with respect to any particular Major Decision and/or related Major Decision Reporting Package or any Asset Status Report required to be delivered by the master servicer or the special servicer, to the operating advisor, the master servicer or the special servicer, as applicable, will be required to make available to the operating advisor a servicing officer with the relevant knowledge regarding the applicable Mortgage Loan and such Major Decision and/or Asset Status Report in order to address reasonable questions that the operating advisor may have relating to, among other things, such Major Decision and/or Asset Status Report.

"<u>Major Decision Reporting Package</u>" means, with respect to any Major Decision which it is processing, a written report by the master servicer or the special servicer (which in the discretion of the special servicer may be in the form of an Asset Status Report), as applicable, describing in reasonable detail (i) the background and circumstances requiring action of the master servicer or the special servicer, as applicable, and (ii) the proposed course of action recommended.

**Asset Status Report**

So long as no Control Termination Event is continuing, the Directing Holder will have the right to disapprove the Asset Status Report prepared by the special servicer with respect to a Specially Serviced Loan. If a Consultation Termination Event is continuing, the Controlling Class Representative will have no right to consult with the special servicer with respect to the Asset Status Reports.

**Replacement of Special Servicer**

So long as no Control Termination Event is continuing, the Directing Holder will have the right to replace the special servicer with or without cause (provided, however, that for so long as Torchlight Debt Fund VIII Holdings (US), LLC or its affiliate owns 15% or more of the outstanding Certificate Balance of the then-Controlling Class of Certificates, Torchlight Loan Services, LLC, may only be removed as special servicer for cause) as described under "*—Replacement of the Special Servicer Without Cause*" and "*—Termination of Master Servicer and Special Servicer for Cause—Servicer Termination Events*" below.

**Control Termination Event and Consultation Termination Event**

If a Control Termination Event is continuing, but for so long as no Consultation Termination Event is continuing, neither the master servicer nor the special servicer will be required to obtain the consent of the Directing Holder with respect to any of the Major Decisions or Asset Status Reports, but will be required to consult with the Directing Holder in connection with any Major Decision that it is processing or, in the case of the special servicer, any Asset Status Report (or any other matter for which the consent of the Directing Holder would have been required or for which the Directing Holder would have the right to direct the master servicer or the special servicer if no Control Termination Event was continuing) and to consider alternative actions recommended by the Directing Holder in respect of such Major Decision or Asset Status Report (or such other matter). Such consultation will not be binding on the master servicer or the special servicer. In the event the master servicer or the special servicer, as applicable, receives no response from the Directing Holder within 10 days following the master servicer's or the special servicer's written request for input (which initial request is required to include the related Major Decision Reporting Package) on any required consultation, the master servicer or the special servicer, as applicable, will not be obligated to consult with the Directing Holder on the specific matter; *provided, however,* that the failure of the Directing Holder to respond will not relieve the master servicer or the special servicer, as applicable, from consulting with the Directing Holder on any future matters with respect to the applicable Mortgage Loan or Serviced Whole Loan or any other Mortgage Loan. With respect to any Excluded

Special Servicer Loan (that is not also an applicable Excluded Loan), if any, the Directing Holder (prior to the occurrence and continuance of a Control Termination Event) will be required to select an Excluded Special Servicer with respect to such Excluded Special Servicer Loan. During the continuance of a Control Termination Event or if at any time the applicable Excluded Special Servicer Loan is also an applicable Excluded Loan, the resigning special servicer will be required to use reasonable efforts to select the related Excluded Special Servicer.

In addition, if a Control Termination Event is continuing, the master servicer or the special servicer will also be required to consult with the operating advisor in connection with any Major Decision that it is processing (and such other matters that are subject to consultation rights of the operating advisor pursuant to the PSA) and to consider alternative actions recommended by the operating advisor in respect of such Major Decision; *provided* that such consultation is on a non-binding basis. In the event the master servicer or the special servicer, as applicable, receives no response from the operating advisor within 10 days following the later of (i) its written request for input (which request is required to include the related Major Decision Reporting Package) on any required consultation and (ii) delivery of all such additional information reasonably requested by the operating advisor that is in possession of the master servicer or the special servicer, as applicable, related to the subject matter of such consultation, the master servicer or the special servicer, as applicable, will not be obligated to consult with the operating advisor on the specific matter; *provided, however*, that the failure of the operating advisor to respond will not relieve the master servicer or the special servicer, as applicable, from consulting with the operating advisor on any future matters with respect to the applicable Mortgage Loan or Serviced Whole Loan or any other Mortgage Loan. Notwithstanding anything to the contrary contained in this prospectus, with respect to any applicable Excluded Loan related to the Controlling Class Representative, the master servicer, the special servicer or the related Excluded Special Servicer, as applicable, will be required to consult with the operating advisor, on a non-binding basis, in connection with the related transactions involving proposed Major Decisions that it is processing and consider alternative actions recommended by the operating advisor, in respect thereof, in accordance with the procedures set forth in the PSA for consulting with the operating advisor.

In addition, (i) for so long as no Consultation Termination Event is continuing, with respect to any Specially Serviced Loan (other than any Servicing Shift Mortgage Loan, any Non-Serviced Mortgage Loan or any applicable Excluded Loan), and (ii) during the continuance of a Consultation Termination Event, with respect to any Mortgage Loan (other than any Servicing Shift Mortgage Loan, any Non-Serviced Mortgage Loan or any applicable Excluded Loan), the master servicer or the special servicer will also be required to consult with the Risk Retention Consultation Parties in connection with any Major Decision it is processing (and such other matters that are subject to consultation rights of such Risk Retention Consultation Party pursuant to the PSA) and to consider alternative actions recommended by the Risk Retention Consultation Parties in respect of such Major Decision; *provided* that such consultation is on a non-binding basis. In the event the master servicer or the special servicer, as applicable, receives no response from any such Risk Retention Consultation Party within 10 days following the later of (i) the master servicer's or the special servicer's written request for input (which request is required to include the related Major Decision Reporting Package) on any required consultation and (ii) delivery of all such additional information reasonably requested by such Risk Retention Consultation Party related to the subject matter of such consultation, the master servicer or the special servicer, as applicable, will not be obligated to consult with such Risk Retention Consultation Party on the specific matter; *provided*, *however*, that the failure of such Risk Retention Consultation Party to respond will not relieve the master servicer or the special servicer, as applicable using reasonable efforts to consult with such Risk Retention Consultation Party on any future matters with respect to the applicable Mortgage Loan or Serviced Whole Loan or any other Mortgage Loan.

If a Consultation Termination Event is continuing, no class of certificates will act as the Controlling Class, and the Controlling Class Representative will have no consultation or consent rights under the PSA and will have no right to receive any notices, reports or information (other than notices, reports or information required to be delivered to all Certificateholders) or any other rights as Controlling Class Representative under the PSA. The master servicer or the special servicer, as applicable, will nonetheless be required to consult with the operating advisor in connection with Major Decisions that it is

processing, asset status reports and other material special servicing actions to the extent set forth in the PSA, and no Controlling Class Certificateholder will be recognized or have any right to approve or be consulted with respect to asset status reports or material special servicer actions.

A "<u>Control Termination Event</u>" will occur with respect to any Mortgage Loan or Serviced Whole Loan, in each case excluding any Servicing Shift Whole Loan (and the Mortgage Loan and Companion Loans, if applicable, composing each such Whole Loan), when one or more of the following is true: (i) there is no Class of Control Eligible Certificates that has a Certificate Balance (taking into account the application of any Cumulative Appraisal Reduction Amounts to notionally reduce the Certificate Balance of such class) at least equal to 25% of the initial Certificate Balance of that class, (ii) a holder of the most senior Class of Control Eligible Certificates is the majority Controlling Class Certificateholder and has irrevocably waived its right, in writing, to exercise any of the rights of the Controlling Class Certificateholder and such rights have not been reinstated to a successor controlling class certificateholder pursuant to the terms of the PSA; *provided* that no Control Termination Event resulting solely from the operation of clause (ii) will be deemed to have existed or be in continuance with respect to a successor holder of the most senior Class of Control Eligible Certificates that has not irrevocably waived its right to exercise any of the rights of the Controlling Class Certificateholder, or (iii) when such Mortgage Loan or Whole Loan is an applicable Excluded Loan; *provided*, *further*, that no Control Termination Event may occur with respect to the applicable Loan-Specific Directing Holder related to a Servicing Shift Whole Loan and the term "Control Termination Event" will not be applicable to such Loan-Specific Directing Holder related to such Servicing Shift Whole Loan; *provided further*, that, if at any time, the Certificate Balance of each Class of Principal Balance Certificates other than the Control Eligible Certificates has been reduced to zero as a result of the allocation of principal payments on the Mortgage Loans, then no Control Termination Event will be deemed to occur.

A "<u>Consultation Termination Event</u>" will occur with respect to any Mortgage Loan or Serviced Whole Loan, in each case excluding any Servicing Shift Whole Loan (and the Mortgage Loan and Companion Loans, if applicable, composing each such Whole Loan), when one or more of the following is true: (i) there is no class of Control Eligible Certificates that has a then-outstanding Certificate Balance at least equal to 25% of the initial Certificate Balance of that class, in each case, without regard to the application of any Cumulative Appraisal Reduction Amounts, (ii) a holder of the most senior Class of Control Eligible Certificates is the majority Controlling Class Certificateholder and has irrevocably waived its right, in writing, to exercise any of the rights of the Controlling Class Certificateholder and such rights have not been reinstated to a successor controlling class certificateholder pursuant to the terms of the PSA; *provided* that no Consultation Termination Event resulting solely from the operation of clause (ii) will be deemed to have existed or be in continuance with respect to a successor holder of the most senior Class of Control Eligible Certificates that has not irrevocably waived its right to exercise any of the rights of the Controlling Class Certificateholder or (iii) such Mortgage Loan or Whole Loan is an applicable Excluded Loan; and *provided*, *further*, that, no Consultation Termination Event may occur with respect to the applicable Loan-Specific Directing Holder related to a Servicing Shift Whole Loan and the term "Consultation Termination Event" will not be applicable to such Loan-Specific Directing Holder related to such Servicing Shift Whole Loan; *provided further*, that if at any time, the Certificate Balance of each Class of Principal Balance Certificates other than the Control Eligible Certificates has been reduced to zero as a result of the allocation of principal payments on the Mortgage Loans, then no Consultation Termination Event will be deemed to occur.

With respect to any applicable Excluded Loan, the Controlling Class Representative or any Controlling Class Certificateholder will not have any consent or consultation rights with respect to the servicing of such Excluded Loan and a Control Termination Event and Consultation Termination Event will be deemed to have occurred with respect to such Excluded Loan.

For a description of certain restrictions on any modification, waiver or amendment to the Mortgage Loan documents, see "*—Modifications, Waivers and Amendments*" above.

At any time when the most senior Class of Control Eligible Certificates are the Controlling Class, the holder of more than 50% of the Controlling Class (by Certificate Balance) may waive its right to act as or appoint a Controlling Class Representative and to exercise any of the rights of the Controlling Class

Representative or cause the exercise of any of the rights of the Controlling Class Representative set forth in the PSA, by irrevocable written notice delivered to the depositor, the certificate administrator, the trustee, the master servicer, the special servicer and the operating advisor. Any such waiver will remain effective with respect to such holder and the most senior Class of Control Eligible Certificates until such time as that Certificateholder has (i) sold a majority of the most senior Class of Control Eligible Certificates (by Certificate Balance) to an unaffiliated third party and (ii)certified to the depositor, the certificate administrator, the trustee, the master servicer, the special servicer and the operating advisor that (a) the transferor retains no direct or indirect voting rights with respect to the most senior Class of Control Eligible Certificates that it does not own, (b) there is no voting agreement between the transferee and the transferor and (c) the transferor retains no direct or indirect economic interest in the most senior Class of Control Eligible Certificates. Following any such transfer, the successor holder of more than 50% of the most senior Class of Control Eligible Certificates (by Certificate Balance), if the most senior Class of Control Eligible Certificates are the Controlling Class certificates, will again have the rights of the Controlling Class Representative as described in this prospectus without regard to any prior waiver by the predecessor Certificateholder. Such successor Certificateholder will also have the right to irrevocably waive its right to act as or appoint a Controlling Class Representative or to exercise any of the rights of the Controlling Class Representative or cause the exercise of any of the rights of the Controlling Class Representative. No such successor Certificateholder described above in this paragraph will have any consent rights with respect to any Mortgage Loan that became a Specially Serviced Loan prior to its acquisition of a majority of the most senior Class of Control Eligible Certificates that had not also become a Corrected Loan prior to such acquisition until such Mortgage Loan becomes a Corrected Loan.

Whenever such an "opt-out" by a Controlling Class Certificateholder is in effect:

● a Consultation Termination Event will be deemed to have occurred and continue; and

● the rights of the holder of more than 50% of the most senior Class of Control Eligible Certificates (by Certificate Balance), if they are the Controlling Class, to act as or appoint a Controlling Class Representative and the rights of the Controlling Class Representative will not be operative (notwithstanding whether a Control Termination Event or a Consultation Termination Event is or would otherwise then be in effect).

For a description of certain restrictions on any modification, waiver or amendment to the Mortgage Loan documents, see "*—Modifications, Waivers and Amendments*" above.

***Servicing Override***

In the event that the master servicer or the special servicer, as applicable, determines that immediate action with respect to any Major Decision (or any other matter requiring consent of the Directing Holder with respect to any Mortgage Loan or Serviced Whole Loan other than any applicable Excluded Loan, prior to the occurrence and continuance of a Control Termination Event in the PSA (or any matter requiring consultation with the Directing Holder, the Risk Retention Consultation Parties or the operating advisor)) is necessary to protect the interests of the Certificateholders and the RR Interest Owner (and, with respect to a Serviced Whole Loan, the interest of the Certificateholders, the RR Interest Owner and the holders of any related Serviced Companion Loan), as a collective whole (taking into account the *pari passu* or subordinate nature of any Companion Loans), the master servicer or the special servicer, as the case may be, may take any such action without waiting for the Directing Holder's response (or without waiting to consult with the Directing Holder, the Risk Retention Consultation Parties or the operating advisor, as the case may be); *provided* that the special servicer or master servicer, as applicable, provides the Directing Holder (or the operating advisor, if applicable) with prompt written notice following such action including a reasonably detailed explanation of the basis for such action.

In addition, neither the master servicer nor the special servicer (i) will be required to take or refrain from taking any action pursuant to instructions or objections from the Directing Holder or Controlling Class Representative or (ii) may follow any advice or consultation provided by the Directing Holder or Controlling Class Representative or the holder of a Serviced Pari Passu Companion Loan (or its

representative) that would (1) cause it to violate any applicable law, the related Mortgage Loan documents, any related Co-Lender Agreement, the PSA, including the Servicing Standard, or the REMIC provisions of the Code, (2) expose the master servicer, the special servicer, the certificate administrator, the operating advisor, the asset representations reviewer, the issuing entity or the trustee to liability, (3) materially expand the scope of responsibilities of the master servicer or the special servicer, as applicable, under the PSA or (4) cause the master servicer or the special servicer, as applicable, to act, or fail to act, in a manner which in the reasonable judgment of the master servicer or the special servicer, as applicable, is not in the best interests of the Certificateholders and the RR Interest Owner (and, with respect to a Serviced Whole Loan, subject to the rights of the holders of any related Companion Loan, as described under "*Description of the Mortgage Pool—The Whole Loans*").

**Rights of Holders of Companion Loans**

With respect to any Non-Serviced Whole Loan or Servicing Shift Whole Loan, the Controlling Class Representative will not be entitled to exercise the rights described above, but such rights, or rights substantially similar to those rights, will be exercisable by the related directing holder under the related Non-Serviced PSA. The issuing entity, as the holder of each Non-Serviced Mortgage Loan and each Servicing Shift Mortgage Loan, has non-binding consultation rights with respect to certain major decisions relating to each Non-Serviced Whole Loan or each Servicing Shift Whole Loan, as applicable, and, other than in respect of any applicable Excluded Loan, so long as no Consultation Termination Event is continuing, the Controlling Class Representative will be entitled to exercise such consultation rights of the issuing entity pursuant to the terms of the related Co-Lender Agreement. In the event a Consultation Termination Event is continuing, the special servicer will be required to exercise such consultation rights of the issuing entity pursuant to the terms of the related Co-Lender Agreement. See also "*Description of the Mortgage Pool—The Whole Loans—The Non-Serviced Pari Passu Whole Loans—Certain Rights of each Non-Controlling Holder*" and "*—Servicing of the Non-Serviced Mortgage Loans*".

With respect to a Serviced Pari Passu Mortgage Loan that is subject to a Pari Passu Companion Loan, the holder of the Pari Passu Companion Loan has non-binding consultation rights with respect to certain major decisions and certain rights in connection with the sale of such Serviced Whole Loan if it has become a Defaulted Loan, as provided in the applicable Co-Lender Agreement. See "*Description of the Mortgage Pool—The Whole Loans*" and "*—Sale of Defaulted Loans and REO Properties*".

**Limitation on Liability of Directing Holder**

The Directing Holder will not be liable to the issuing entity or the Certificateholders or the RR Interest Owner for any action taken, or for refraining from the taking of any action, or for errors in judgment. However, the Directing Holder will not be protected against any liability to the Controlling Class Certificateholders that would otherwise be imposed by reason of willful misconduct, bad faith or gross negligence in the performance of duties or by reason of reckless disregard of obligations or duties owed to the Controlling Class Certificateholders.

Each Certificateholder and the RR Interest Owner will acknowledge and agree, by its acceptance of its certificates or the RR Interest, as applicable, that the Directing Holder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) may have special relationships and interests that conflict with those of holders of one or more classes of certificates or the RR Interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) may act solely in the interests of the Controlling Class Certificateholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) does not have any liability or duties to the holders of any class of certificates other than the Controlling Class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) may take actions that favor the interests of the Controlling Class Certificateholders over the interests of the holders of one or more other classes of certificates or the RR Interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) will have no liability whatsoever (other than to a Controlling Class Certificateholder, to the extent the Controlling Class Representative is the Directing Holder) for having so acted as set forth in (a) through (d) above, and no Certificateholder or the RR Interest Owner may take any action whatsoever against the Directing Holder or any director, officer, employee, agent or principal of the Directing Holder for having so acted.

The taking of, or refraining from taking, any action by the master servicer or special servicer in accordance with the direction of or approval of the Directing Holder, which does not violate the terms of any Mortgage Loan, any law or the Servicing Standard or the provisions of the PSA or the related Co-Lender Agreement, will not result in any liability on the part of the master servicer or the special servicer.

Each Certificateholder will acknowledge and agree, by its acceptance of its certificates, that the Loan-Specific Directing Holder and the holders of the Non-Serviced Companion Loan(s) or a Companion Loan that is part of a Servicing Shift Whole Loan or their respective designees (*e.g.* the related directing holder under the related Non-Serviced PSA) will have limitations on liability with respect to actions taken in connection with the related Mortgage Loan similar to the limitations of the Directing Holder described above pursuant to the terms of the related Co-Lender Agreement and the related Non-Serviced PSA. See "*Description of the Mortgage Pool—The Whole Loans*".

**The Operating Advisor**

 **General**

The operating advisor will act solely as a contracting party to the extent set forth in the PSA, and in accordance with the Operating Advisor Standard, and will have no fiduciary duty to any party. The operating advisor's duties will be limited to its specific duties under the PSA, and the operating advisor will have no duty or liability to any particular class of certificates, any Certificateholder, the RR Interest or the RR Interest Owner. The operating advisor is not the special servicer, the master servicer or a sub-servicer and will not be charged with changing the outcome on any particular decision with respect to a Mortgage Loan. By purchasing a certificate, potential investors acknowledge and agree that there could be a variety of activities or decisions made with respect to, or multiple strategies to resolve a Mortgage Loan and that the goal of the operating advisor's participation is to provide additional oversight with respect to the special servicer's compliance with the Servicing Standard in making its determinations as to which strategy to execute.

Potential investors should note that the operating advisor is not an "advisor" for any purpose other than as specifically set forth in the PSA and is not an advisor to any person, including without limitation any Certificateholder and the RR Interest Owner. For the avoidance of doubt, the operating advisor is not an "investment adviser" within the meaning of the Investment Advisers Act of 1940, as amended, or a "broker" or "dealer" within the meaning of the Securities Exchange Act of 1934, as amended. See "*Risk Factors—Other Risks Relating to the Certificates—Your Lack of Control Over the Issuing Entity and the Mortgage Loans Can Impact Your Investment*".

Notwithstanding the foregoing, the operating advisor will generally have no obligations or consultation rights as operating advisor under the PSA for this transaction with respect to any Non-Serviced Whole Loan (each of which will be serviced pursuant to the related Non-Serviced PSA) or any related REO Properties.

In addition and for the avoidance of doubt, although the operating advisor may have certain consultation duties with the master servicer with respect to certain Major Decisions processed by the master servicer (as later described), the operating advisor will have no obligations or responsibility at any time to review or assess the actions of the master servicer for compliance with the Servicing Standard, and the operating advisor will not be required to consider such master servicer actions in connection with any Operating Advisor Annual Report. Meanwhile, the operating advisors or equivalent parties (if any) under the applicable Non-Serviced PSA have certain obligations and consultation rights with respect to the related Non-Serviced Whole Loan. Furthermore, the operating advisor will have no obligation or responsibility at any time to review or assess the actions of the master servicer for compliance with the

Servicing Standard, and the operating advisor will not be required to consider such master servicer actions in connection with any annual report.

**Duties of the Operating Advisor While No Control Termination Event is Continuing**

With respect to each Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole Loan, unless a Control Termination Event is continuing, the operating advisor's obligations will be limited to the following and generally will not involve an assessment of specific actions of the special servicer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) promptly reviewing information available to Privileged Persons on the certificate administrator's website that is relevant to the operating advisor's obligations under the PSA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) promptly reviewing each Final Asset Status Report; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) reviewing any Appraisal Reduction Amount and net present value calculations used in the special servicer's determination of what course of action to take in connection with the workout or liquidation of a Specially Serviced Loan (after they have been finalized); provided, however, that the operating advisor may not opine on, or otherwise call into question, such Appraisal Reduction Amount calculations and/or net present value calculations (except that if the operating advisor discovers a mathematical error contained in such calculations, then the operating advisor will be required to notify the special servicer and the Directing Holder of such error).

The operating advisor's review of information (other than a Final Asset Status Report and information accompanying such report) or interaction with the special servicer related to any specific Specially Serviced Loan is only to provide background information to support the operating advisor's duties following a servicing transfer, if needed, or to allow more meaningful interaction with the special servicer.

**Duties of the Operating Advisor While a Control Termination Event is Continuing**

With respect to each Mortgage Loan (other than any Non-Serviced Mortgage Loan) and Serviced Whole Loan, while a Control Termination Event is continuing, the operating advisor's obligations will consist of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the operating advisor will be required to consult (on a non-binding basis) with the special servicer in respect of the Asset Status Reports in accordance with the Operating Advisor Standard, as described under "—*The Directing Holder—Asset Status Report*" above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the operating advisor will be required to consult (on a non-binding basis) with the master servicer or the special servicer, as applicable, in accordance with the Operating Advisor Standard with respect to Major Decisions as described under "—*The Directing Holder—Control Termination Event and Consultation Termination Event*";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the operating advisor will be required to prepare an annual report (if any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or any Serviced Whole Loan was a Specially Serviced Loan during the prior calendar year) generally in the form attached as <u>Annex C</u> to be provided to the depositor, the certificate administrator (and made available through the certificate administrator's website) and the 17g-5 Information Provider (and made available through the 17g-5 Information Provider's website) in accordance with the Operating Advisor Standard, as described below under "—*Annual Report*"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the operating advisor will be required to promptly recalculate and verify the accuracy of the mathematical calculations and the corresponding application of the non-discretionary portion of the applicable formulas required to be utilized in connection with: (1) any Appraisal Reduction Amount or (2) net present value calculation used in the special servicer's determination of what course of action to take in connection with the workout or liquidation of a Specially Serviced Loan prior to utilization by the special servicer.

In connection with the performance of the duties described in <u>clause (d)</u> above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) after the calculation but prior to the utilization by the special servicer, the special servicer will be required to deliver the foregoing
calculations together with information and support materials (including such additional information reasonably requested by the operating
advisor to confirm the mathematical accuracy of such calculations, but not including any Privileged Information and, in the case of the
Appraisal Reduction Amount, only to the extent the master servicer has provided such information to the special servicer) to the operating
advisor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the operating advisor does not agree with the mathematical calculations or the application of the applicable non-discretionary
portions of the formula required to be utilized for such calculation in any material respect, the operating advisor and the special servicer
will be required to consult with each other in order to resolve any material inaccuracy in the mathematical calculations or the application
of the non-discretionary portions of the related formula in arriving at those mathematical calculations or any disagreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if the operating advisor and the special servicer are not able to resolve such matters, the operating advisor will be required to
promptly notify the certificate administrator and the certificate administrator will be required to examine the calculations and supporting
materials provided by the special servicer and the operating advisor and determine which calculation is to apply.

Prior to the occurrence and continuance of a Control Termination Event, the operating advisor review will be limited to an after-the-action review of the reports and material described above (together with any additional information and material reviewed by the operating advisor), and, therefore, it will have no involvement with respect to collateral substitutions, assignments, workouts, modifications, consents, waivers, lockbox management, insurance policies, borrower substitutions, lease changes, additional borrower debt, defeasances, property management changes, releases from escrow, assumptions and other similar actions that the special servicer may perform under the PSA and will have no obligations at any time with respect to any Non-Serviced Mortgage Loan.

With respect to the determination of whether a Control Termination Event has occurred and is continuing, or has terminated, the operating advisor is entitled to rely solely on its receipt from the certificate administrator of notice pursuant to the PSA (which includes notices posted to the certificate administrator's website), and, with respect to any obligations of the operating advisor that are performed only after the occurrence and continuance of a Control Termination Event, the operating advisor will have no obligation to perform any such duties until the receipt of such notice or actual knowledge of the occurrence of a Control Termination Event.

The "<u>Operating Advisor Standard</u>" means the requirement that the operating advisor must act solely on behalf of the issuing entity and in the best interest of, and for the benefit of, the Certificateholders, the RR Interest Owner and, with respect to any Serviced Whole Loan for the benefit of the holders of any related Companion Loan (as a collective whole as if such Certificateholders, the RR Interest Owner and Companion Loan Holders constituted a single lender, taking into account the *pari passu* nature of any related Pari Passu Companion Loan and the subordinate nature of any related Subordinate Companion Loan), and not to holders of any particular class of certificates (as determined by the operating advisor in the exercise of its good faith and reasonable judgment), but without regard to any conflict of interest arising from any relationship that the operating advisor or any of its affiliates may have with any of the underlying borrowers, property managers, any sponsor, any mortgage loan seller, the depositor, the master servicer, the special servicer, the asset representations reviewer, the Directing Holder, any Risk Retention Consultation Party, any Certificateholder, the RR Interest Owner or any of their respective affiliates.

**Annual Report**

For so long as a Control Termination Event is continuing, based on the operating advisor's review of any Assessment of Compliance, any Attestation Report, any Major Decision Reporting Package and/or Asset Status Report, any Final Asset Status Report and other reports by the special servicer made available to Privileged Persons that are posted on the certificate administrator's website during the prior calendar year, the operating advisor will (if, at any time during the prior calendar year any Mortgage Loan (other than a Non-Serviced Mortgage Loan) was a Specially Serviced Loan) prepare an annual report substantially in the form attached to this prospectus as <u>Annex C</u> (the "<u>Operating Advisor Annual Report</u>") to be provided to the special servicer, the depositor, the 17g-5 Information Provider (and made available through the 17g-5 Information Provider's website) and the certificate administrator for the benefit of the Certificateholders and the RR Interest Owner (and made available through the certificate administrator's website) within 120 days of the end of the prior calendar year for which a Control Termination Event was continuing as of December 31, that sets forth the operating advisor's assessment of whether the operating advisor believes that the special servicer is operating in compliance with the Servicing Standard with respect to its performance of its duties under the PSA during the prior calendar year on an "asset-level basis" with respect to the resolution or liquidation of any Specially Serviced Loan or REO Property (other than with respect to any REO Property related to any Non-Serviced Mortgage Loan); *provided*, *however*, that in the event the special servicer is replaced, the Operating Advisor Annual Report will only relate to the entity that was acting as special servicer as of December 31 in the prior calendar year and is continuing in such capacity through the date of such Operating Advisor Annual Report. In preparing the annual report, the operating advisor (i) will not be required to report on instances of non-compliance with, or deviations from, the Servicing Standard or the special servicer's obligations under the PSA that the operating advisor determines, in accordance with the Operating Advisor Standard, to be immaterial and (ii) will not be required to provide or obtain a legal opinion, legal review or legal conclusion. Only as used in connection with the Operating Advisor Annual Report, the term "asset-level basis" refers to the special servicer's performance of its duties with respect to the pool of Specially Serviced Loans and, with respect to Major Decisions and Special Servicer Decisions on non-Specially Serviced Loans and Serviced Companion Loans in each case processed by the special servicer under the PSA taking into account the special servicer's specific duties under the PSA as well as the extent to which those duties were performed in accordance with the Servicing Standard, with reasonable consideration by the operating advisor of any Assessment of Compliance, Attestation Report, Major Decision Reporting Package, Asset Status Report (during the continuance of a Control Termination Event), Final Asset Status Report and other information, in each case, delivered to the operating advisor by the special servicer (other than any communications between the Directing Holder and the special servicer that would be Privileged Information) pursuant to the PSA. Notwithstanding the foregoing, no annual report will be required from the operating advisor with respect to the special servicer, if during the prior calendar year, no Final Asset Status Report was prepared by the special servicer in connection with a Specially Serviced Loan or REO Property.

The special servicer must be given an opportunity to review any Operating Advisor Annual Report at least 5 business days prior to such Operating Advisor Annual Report's delivery to the certificate administrator and the 17g-5 Information Provider; *provided* that the operating advisor will have no obligation to adopt any comments to such Operating Advisor Annual Report that are provided by the special servicer.

In each Operating Advisor Annual Report, the operating advisor will identify any material deviations (i) from the Servicing Standard and (ii) from the special servicer's obligations under the PSA with respect to the resolution or liquidation of Specially Serviced Loans or REO Properties that the special servicer is responsible for servicing under the PSA (other than with respect to any REO Property related to the Non-Serviced Mortgage Loan) based on the limited review required in the PSA. Each Operating Advisor Annual Report will be required to comply with the confidentiality requirements, subject to certain exceptions, each as described in this prospectus and as provided in the PSA regarding Privileged Information.

The ability to perform the duties of the operating advisor and the quality and the depth of any Operating Advisor Annual Report will be dependent upon the timely receipt of information prepared or made available by others and the accuracy and the completeness of such information. In addition, in no event will the operating advisor have the power to compel any transaction party to take, or refrain from taking, any action. It is possible that the lack of access to Privileged Information may limit or prohibit the operating advisor from performing its duties under the PSA, in which case any Operating Advisor Annual Report will describe any resulting limitations, and the operating advisor will not be subject to any liability arising from such limitations or prohibitions. The operating advisor will be entitled to conclusively rely on the accuracy and completeness of any information it is provided without liability for any such reliance thereunder.

**Recommendation of the Replacement of the Special Servicer**

During the continuance of a Control Termination Event, if the operating advisor determines in its sole discretion exercised in good faith that (1) the special servicer is not performing its duties as required under the PSA or is otherwise not acting in accordance with the Servicing Standard and (2) the replacement of the special servicer would be in the best interest of the Certificateholders and the RR Interest Owner as a collective whole, then the operating advisor may recommend the replacement of the special servicer and deliver a report supporting such recommendation in the manner described in "*—Replacement of the Special Servicer After Operating Advisor Recommendation and Investor Vote*".

**Eligibility of Operating Advisor**

The operating advisor will be required to be an Eligible Operating Advisor at all times during the term of the PSA. "<u>Eligible Operating Advisor</u>" means an entity:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that is a special servicer or operating advisor on a commercial mortgage-backed securities transaction rated by the Rating Agencies (including, in the case of the operating advisor, this transaction) but has not been special servicer or operating advisor on a transaction for which any Rating Agency has qualified, downgraded or withdrawn its rating or ratings of, one or more classes of certificates for such transaction citing servicing concerns with the special servicer or operating advisor as the sole or a material factor in such rating action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that can and will make the representations and warranties of the operating advisor set forth in the PSA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) that is not (and is not affiliated with) the depositor, the trustee, the certificate administrator, the master servicer, the special servicer, a sponsor, any Borrower Party, the Controlling Class Representative, the Directing Holder, a Risk Retention Consultation Party or a depositor, a trustee, a certificate administrator, a master servicer or a special servicer with respect to the securitization of a Companion Loan, or any of their respective affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) that has not been paid by the special servicer or successor special servicer any fees, compensation or other remuneration (x) in respect of its obligations under the PSA or (y) for the appointment or recommendation for replacement of a successor special servicer to become the special servicer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) that (x) has been regularly engaged in the business of analyzing and advising clients in commercial mortgage-backed securities matters and has at least five (5) years of experience in collateral analysis and loss projections, and (y) has at least five (5) years of experience in commercial real estate asset management and experience in the workout and management of distressed commercial real estate assets.

**Other Obligations of Operating Advisor**

At all times, subject to the Privileged Information Exception, the operating advisor and its affiliates will be obligated to keep confidential any information appropriately labeled as "Privileged Information"

received from the special servicer or Directing Holder in connection with the Directing Holder's exercise of any rights under the PSA (including, without limitation, in connection with any Asset Status Report) or otherwise in connection with the transaction, except under the circumstances described below. As used in this prospectus, "<u>Privileged Information</u>" means (i) any correspondence between the Directing Holder or a Risk Retention Consultation Party and the special servicer related to any Specially Serviced Loan (other than with respect to any applicable Excluded Loan) or the exercise of the Directing Holder's consent or consultation rights or a Risk Retention Consultation Party's consultation rights under the PSA, (ii) any strategically sensitive information (including information contained within any Asset Status Report) that the special servicer has reasonably determined could compromise the issuing entity's position in any ongoing or future negotiations with the related borrower or other interested party and (iii) information subject to attorney-client privilege (and which the special servicer has labeled or otherwise communicated as being subject to privilege).

The operating advisor is required to keep all such labeled Privileged Information confidential and may not, without the prior written consent of the special servicer and (for so long as no Consultation Termination Event is continuing) the Directing Holder (with respect to any Mortgage Loan other than a Non-Serviced Whole Loan and any applicable Excluded Loan), disclose such Privileged Information to any person (including the RR Interest Owner and the Certificateholders other than the Controlling Class Representative), other than (1) to the extent expressly required by the PSA, to the other parties to the PSA with a notice indicating that such information is Privileged Information, (2) pursuant to a Privileged Information Exception, or (3) where necessary to support specific findings or conclusions concerning allegations of deviations from the Servicing Standard or the Special Servicer's obligations under the PSA (i) in the Operating Advisor Annual Report or (ii) in connection with a recommendation by the operating advisor to replace the special servicer. Each party to the PSA that receives Privileged Information from the operating advisor with a notice stating that such information is Privileged Information may not without the prior written consent of the special servicer and, unless a Consultation Termination Event is continuing, the Directing Holder (with respect to any Mortgage Loan other than a Non-Serviced Whole Loan and any applicable Excluded Loan) and the Controlling Class Representative, disclose such Privileged Information to any person other than pursuant to a Privileged Information Exception. In addition and for the avoidance of doubt, while the operating advisor may serve in a similar capacity with respect to other securitizations that involve the same parties or borrowers involved in this securitization, any experience or knowledge gained by the operating advisor from such other engagements may not be imputed to the operating advisor or its employees for this transaction; *provided, however*, the operating advisor may consider such experience or knowledge as pertinent information for discussion with the special servicer during its periodic meetings.

"<u>Privileged Information Exception</u>" means, with respect to any Privileged Information, at any time (a) such Privileged Information becomes generally available and known to the public other than as a result of a disclosure directly or indirectly by the party restricted from disclosing such Privileged Information (the "<u>Restricted Party</u>"), (b) it is reasonable and necessary for the Restricted Party to disclose such Privileged Information in working with legal counsel, auditors, arbitration parties, taxing authorities or other governmental agencies, (c) such Privileged Information was already known to such Restricted Party and not otherwise subject to a confidentiality obligation and/or (d) the Restricted Party is (in the case of the master servicer, the special servicer, the operating advisor, the asset representations reviewer, the certificate administrator and the trustee, as evidenced by written advice of counsel (which will be an additional expense of the issuing entity) delivered to each of the master servicer, the special servicer, the Directing Holder (other than with respect to any applicable Excluded Loan), the operating advisor, the asset representations reviewer, the certificate administrator and the trustee), required by law, rule, regulation, order, judgment or decree to disclose such information.

**Delegation of Operating Advisor's Duties**

The operating advisor may delegate its duties to agents or subcontractors in accordance with the PSA; *provided*, *however*, the operating advisor will remain obligated and primarily liable for any actions required to be performed by it under the PSA without diminution of such obligation or liability or related obligation or liability by virtue of such delegation or arrangements or by virtue of indemnification from any

person acting as its agents or subcontractor to the same extent and under the same terms and conditions as if the operating advisor alone were performing its obligations under the PSA.

**Termination of the Operating Advisor With Cause**

The following constitute operating advisor termination events under the PSA (each, an "<u>Operating Advisor Termination Event</u>"), whether any such event is voluntary or involuntary or is effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any failure by the operating advisor to observe or perform in any material respect any of its covenants or agreements or the material
breach of any of its representations or warranties under the PSA, which failure continues unremedied for a period of 30 days after the
date on which written notice of such failure, requiring the same to be remedied, is given to the operating advisor by any party to the
PSA or to the operating advisor, the certificate administrator and the trustee by the holders of certificates evidencing greater than
25% of the aggregate Voting Rights; *provided* that with respect to any such failure that is not curable within such 30 day period,
the operating advisor will have an additional cure period of 30 days to effect such cure so long as it has commenced to cure such failure
within the initial 30 day period and has provided the trustee and the certificate administrator with an officer's certificate certifying
that it has diligently pursued, and is continuing to pursue, such cure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any failure by the operating advisor to perform in accordance with the Operating Advisor Standard which failure continues unremedied
for a period of 30 days after the date on which written notice of such failure, requiring the same to be remedied, is given in writing
to the operating advisor by any party to the PSA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any failure by the operating advisor to be an Eligible Operating Advisor, which failure continues unremedied for a period of 30 days
after the date on which written notice of such failure, requiring the same to be remedied, is given in writing to the operating advisor
by any party to the PSA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under any
present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator or receiver or liquidator
in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the winding up or liquidation
of its affairs, is entered against the operating advisor, and such decree or order remains in force undischarged or unstayed for a period
of 60 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the operating advisor consents to the appointment of a conservator or receiver or liquidator or liquidation committee in any insolvency,
readjustment of debt, marshaling of assets and liabilities, voluntary liquidation, or similar proceedings of or relating to the operating
advisor or of or relating to all or substantially all of its property; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the operating advisor admits in writing its inability to pay its debts generally as they become due, files a petition to take advantage
of any applicable insolvency or reorganization statute, makes an assignment for the benefit of its creditors, or voluntarily suspends
payment of its obligations.

Upon receipt by the certificate administrator of notice of the occurrence of any Operating Advisor Termination Event, the certificate administrator will be required to promptly provide written notice to all Certificateholders and the RR Interest Owner electronically by posting such notice on its internet website and by mail, unless the certificate administrator has received notice that such Operating Advisor Termination Event has been remedied.

**Rights Upon Operating Advisor Termination Event**

After the occurrence of an Operating Advisor Termination Event, the trustee may, and upon the written direction of holders of certificates evidencing at least 25% of the Voting Rights (taking into account the application of any Appraisal Reduction Amounts to notionally reduce the Certificate Balance of the classes of certificates), the trustee will, promptly terminate the operating advisor for cause and appoint a replacement operating advisor that is an Eligible Operating Advisor; *provided* that no such termination will be effective until a successor operating advisor has been appointed and has assumed all of the obligations of the operating advisor under the PSA. The trustee may rely on a certification by the replacement operating advisor that it is an Eligible Operating Advisor. If the trustee is unable to find a replacement operating advisor that is an Eligible Operating Advisor within 30 days of the termination of the operating advisor, the depositor will be permitted to find a replacement.

Upon any termination of the operating advisor and appointment of a successor operating advisor, the trustee will, as soon as possible, be required to give written notice of the termination and appointment to the special servicer, the master servicer, the certificate administrator, the depositor, the Controlling Class Representative (for any Mortgage Loan other than any applicable Excluded Loan and only for so long as no Consultation Termination Event is continuing), any Companion Loan noteholder, the Certificateholders, the Risk Retention Consultation Parties, the RR Interest Owner and the 17g-5 Information Provider (and made available through the 17g-5 Information Provider's website).

**Waiver of Operating Advisor Termination Event**

The holders of certificates evidencing at least 25% of the Voting Rights affected by any Operating Advisor Termination Event may waive such Operating Advisor Termination Event within twenty (20) days of the receipt of notice from the certificate administrator of the occurrence of such Operating Advisor Termination Event. Upon any such waiver of an Operating Advisor Termination Event, such Operating Advisor Termination Event will cease to exist and will be deemed to have been remedied. Upon any such waiver of an Operating Advisor Termination Event, the trustee and the certificate administrator will be entitled to recover all costs and expenses incurred by it in connection with enforcement action taken with respect to such Operating Advisor Termination Event prior to such waiver from the issuing entity.

**Termination of the Operating Advisor Without Cause**

Upon (i) the written direction of holders of Non-Reduced Interests evidencing not less than 15% of the Voting Rights of the Non-Reduced Interests requesting a vote to terminate and replace the operating advisor with a proposed successor operating advisor that is an Eligible Operating Advisor, and (ii) payment by such holders to the certificate administrator of the reasonable fees and expenses to be incurred by the certificate administrator in connection with administering such vote, the certificate administrator will promptly provide written notice to all Certificateholders, the RR Interest Owner and the operating advisor of such request by posting such notice on its internet website, and by mailing such notice to all Certificateholders, the RR Interest Owner and the operating advisor.

Upon the written direction of holders of Non-Reduced Interests evidencing more than 50% of the Voting Rights of the Non-Reduced Interests that exercise their right to vote (*provided* that holders of Non-Reduced Interests evidencing at least 50% of the Voting Rights of the Non-Reduced Interests exercise their right to vote), the trustee will terminate all of the rights and obligations of the operating advisor under the PSA (other than any rights or obligations that accrued prior to the date of such termination (including accrued and unpaid compensation) and other than indemnification rights (arising out of events occurring prior to such termination)) by written notice to the operating advisor, and the proposed successor operating advisor will be appointed.

The certificate administrator will include on each Distribution Date Statement a statement that each Certificateholder, the RR Interest Owner and beneficial owner may access such notices on the certificate administrator's website and each Certificateholder, the RR Interest Owner and beneficial owner may register to receive email notifications when such notices are posted on the website. The certificate administrator will be entitled to reimbursement from the requesting Certificateholders or the RR Interest

Owner for the reasonable expenses of posting notices of such requests. In addition, in the event there are no classes of certificates outstanding or interest in the issuing entity other than the Control Eligible Certificates, the VRR Interest and the Class R certificates, then all of the rights and obligations of the operating advisor under the PSA will terminate without payment of any penalty or termination fee (other than any rights or obligations that accrued prior to the date of such termination (including accrued and unpaid compensation) and other than indemnification rights arising out of events occurring prior to such termination). If the operating advisor is terminated pursuant to the foregoing sentence, then no replacement operating advisor will be appointed.

**Resignation of the Operating Advisor**

The operating advisor may resign upon 30 days' prior written notice to the depositor, the master servicer, the special servicer, the trustee, the certificate administrator, the asset representations reviewer, the Controlling Class Representative and the Risk Retention Consultation Parties, if the operating advisor has secured a replacement operating advisor that is an Eligible Operating Advisor and such replacement operating advisor has accepted its appointment as the replacement operating advisor and receipt by the trustee of a Rating Agency Confirmation from each Rating Agency. If no successor operating advisor has been so appointed and accepted the appointment within 30 days after the notice of resignation, the resigning operating advisor may petition any court of competent jurisdiction for the appointment of a successor operating advisor that is an Eligible Operating Advisor. The resigning operating advisor must pay all costs and expenses associated with the transfer of its duties.

**Operating Advisor Compensation**

Certain fees will be payable to the operating advisor, and the operating advisor will be entitled to be reimbursed for certain expenses, as described under "*—Servicing and Other Compensation and Payment of Expenses—Operating Advisor Compensation*".

In the event the operating advisor resigns or is terminated for any reason it will remain entitled to any accrued and unpaid fees and reimbursement of Operating Advisor Expenses and any rights to indemnification provided under the PSA with respect to the period for which it acted as operating advisor.

The operating advisor will be entitled to reimbursement of certain expenses incurred by the operating advisor in the event that the operating advisor is terminated without cause. See "*—Termination of the Operating Advisor Without Cause*" above.

**The Asset Representations Reviewer**

**Asset Review**

<u>Asset Review Trigger</u>

On or prior to each Distribution Date, based on the CREFC<sup>®</sup> delinquent loan status report and/or the CREFC<sup>®</sup> loan periodic update file delivered by the master servicer for such Distribution Date, the certificate administrator will be required to determine if an Asset Review Trigger has occurred. If an Asset Review Trigger is determined to have occurred, the certificate administrator will be required to promptly provide notice to the asset representations reviewer, the master servicer, the special servicer, the Controlling Class Representative, all Certificateholders and the RR Interest Owner in accordance with the terms of the PSA. On each Distribution Date after providing such notice to Certificateholders and the RR Interest Owner, the certificate administrator, based on information provided to it by the master servicer, will be required to determine whether (1) any additional Mortgage Loan has become a Delinquent Loan, (2) any Mortgage Loan has ceased to be a Delinquent Loan and (3) an Asset Review Trigger has ceased to exist, and, if there is an occurrence of any of the events or circumstances identified in clauses (1), (2) and/or (3), deliver written notice of such information (which may be via email) within 2 business days of such determination to the master servicer, the special servicer, the operating advisor and the asset representations reviewer. An "<u>Asset Review Trigger</u>" will occur when either (1) Mortgage Loans with an

aggregate outstanding principal balance of 25% or more of the aggregate outstanding principal balance of all of the Mortgage Loans (including any REO Loans (or a portion of any REO Loan in the case of a Whole Loan) held by the issuing entity) as of the end of the applicable Collection Period are Delinquent Loans as of the end of the related Collection Period or (2) at least 15 Mortgage Loans are Delinquent Loans as of the end of the related Collection Period and the outstanding principal balance of such Delinquent Loans in the aggregate constitutes at least 20% of the aggregate outstanding principal balance of all of the Mortgage Loans (including any REO Loans (or a portion of any REO Loan in the case of a Whole Loan)) held by the issuing entity as of the end of the applicable Collection Period. The PSA will require that the certificate administrator include in the Distribution Date Statement on Form 10-D relating to the distribution period in which the Asset Review Trigger occurred a description of the events that caused the Asset Review Trigger to occur.

We believe this Asset Review Trigger is appropriate considering the unique characteristics of pools of Mortgage Loans underlying CMBS. See "*Risk Factors—Risks Relating to the Mortgage Loans—Static Pool Data Would Not Be Indicative of the Performance of this Pool*". While we do not believe static pool information is relevant to CMBS transactions as a general matter, as a point of relative context, with respect to the 217 prior pools of commercial mortgage loans for which GSMC (or its predecessors) was sponsor in a public offering of CMBS with a securitization closing date on or after January 1, 2006 (excluding 31 of such 217 pools with an outstanding aggregate pool balance that is equal to or less than 20% of the initial pool balance), the highest percentage of loans, based on the aggregate outstanding principal balance of delinquent mortgage loans in an individual CMBS transaction, that were delinquent at least 60 days at the end of any reporting period between January 1, 2020 and June 30, 2025 was approximately 40.1%; however, the average of the delinquency percentages based on the aggregate outstanding principal balance of 60-day delinquent mortgage loans in the 217 reviewed transactions was approximately 12.4%.

This pool of Mortgage Loans is not homogeneous or granular, and there are individual Mortgage Loans that each represent a significant percentage, by outstanding principal balance, of the Mortgage Pool. For example, the five (5) largest Mortgage Loans in the pool represent approximately 24.0% of the Initial Pool Balance. Given this mortgage pool composition and the fact that CMBS pools as a general matter include a small relative number of larger mortgage loans, we believe it would not be appropriate for the delinquency of the five (5) largest Mortgage Loans, in the case of this mortgage pool, to cause the Asset Review Trigger to be met, as that would not necessarily be indicative of the overall quality of the Mortgage Pool. On the other hand, a significant number of Delinquent Loans by loan count, but representing a smaller percentage of the aggregate outstanding principal balance of the Mortgage Loans than the percentage set forth in clause (1) of the definition of "Asset Review Trigger", could indicate an issue with the quality of the Mortgage Pool. As a result, we believe it would be appropriate to have the alternative test as set forth in clause (2) of the definition of "Asset Review Trigger", namely to have the Asset Review Trigger be met if 15 Mortgage Loans are Delinquent Loans, assuming those Delinquent Loans represent at least 20% of aggregate outstanding principal balance of all of the Mortgage Loans (including any REO Loans (or a portion of any REO Loan in the case of a Whole Loan)) held by the issuing entity as of the end of the applicable Collection Period.

CMBS as an asset class has historically not had a large number of claims for, or repurchases based on, breaches of representations and warranties. While the Asset Review Trigger we have selected is less than this historical peak, we feel it remains at a level that avoids a trigger based on market variability while providing an appropriate threshold to capture delinquencies that may have resulted from an underlying deficiency in a mortgage loan seller's Mortgage Loans that could be the basis for claims against the related mortgage loan seller based on breaches of the representations and warranties.

"<u>Delinquent Loan</u>" means a Mortgage Loan that is delinquent at least 60 days in respect of its Periodic Payments or balloon payment, if any, in either case such delinquency to be determined without giving effect to any grace period.

<u>Asset Review Vote</u>

If holders of certificates evidencing not less than 5.0% of the Voting Rights deliver to the certificate administrator, within 90 days after the filing of the Form 10-D reporting the occurrence of an Asset Review Trigger, a written direction requesting a vote to commence an Asset Review (an "<u>Asset Review Vote Election</u>"), the certificate administrator will be required to promptly provide written notice of such direction to the asset representations reviewer and all Certificateholders and the RR Interest Owner, and to conduct a solicitation of votes to authorize an Asset Review. Upon the affirmative vote to authorize an Asset Review evidencing at least a majority of the votes cast but in any event at least a majority of an Asset Review Quorum within 150 days of the receipt of the Asset Review Vote Election (an "<u>Affirmative Asset Review Vote</u>"), the certificate administrator will be required to promptly provide written notice of such Affirmative Asset Review Vote to all parties to the PSA, the underwriters, the mortgage loan sellers, the Controlling Class Representative, the Risk Retention Consultation Parties, the RR Interest Owner and the Certificateholders. In the event an Affirmative Asset Review Vote has not occurred within such 150-day period following the receipt of the Asset Review Vote Election, no Certificateholder may request a vote or cast a vote for an Asset Review and the asset representations reviewer will not be required to review any Delinquent Loan unless and until (A) an additional Mortgage Loan has become a Delinquent Loan after the expiration of such 150-day period, (B) an additional Asset Review Trigger has occurred as a result or an Asset Review Trigger is otherwise in effect, (C) the certificate administrator has timely received an Asset Review Vote Election after the occurrence of the events described in clauses (A) and (B) above and (D) an Affirmative Asset Review Vote has occurred within 150 days after the Asset Review Vote Election described in clause (C) above. After the occurrence of any Asset Review Vote Election or an Affirmative Asset Review Vote, no Certificateholder may make any additional Asset Review Vote Election except as described in the immediately preceding sentence. Any reasonable out-of-pocket expenses incurred by the certificate administrator in connection with administering such vote will be paid as an expense of the issuing entity from the Collection Account.

An "<u>Asset Review Quorum</u>" means, in connection with any solicitation of votes to authorize an Asset Review as described above, the holders of certificates evidencing at least 5.0% of the aggregate Voting Rights.

<u>Review Materials</u> 

Upon receipt of notice from the certificate administrator of an Affirmative Asset Review Vote (the "<u>Asset Review Notice</u>"), the custodian (with respect to clauses (i) through (v) below for non-Specially Serviced Loans), the master servicer (with respect to clauses (vi) and (vii) below for non-Specially Serviced Loans) and the special servicer (with respect to Specially Serviced Loans), in each case to the extent in such party's possession, will be required to promptly, but in no event later than 10 business days (except with respect to clause (vii)) after receipt of such notice from the certificate administrator, provide, or make available, the following materials for each Delinquent Loan (in electronic format) to the asset representations reviewer (collectively, with the Diligence Files, any notice of a breach of a representation or warranty relating to any Delinquent Loan received by the asset representations reviewer from any other party to the PSA, a copy of the prospectus, a copy of the applicable MLPA and a copy of the PSA, the "<u>Review Materials</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a copy of an assignment of the Mortgage in favor of the trustee, with evidence of recording thereon, for each Delinquent Loan that is subject to an Asset Review;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a copy of an assignment of any related assignment of leases (if such item is a document separate from the Mortgage) in favor of the trustee, with evidence of recording thereon, related to each Delinquent Loan that is subject to an Asset Review;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a copy of the assignment of all unrecorded documents relating to each Delinquent Loan that is subject to an Asset Review, if not already covered pursuant to items (i) or (ii) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a copy of all filed copies (bearing evidence of filing) or evidence of filing of any UCC financing statements related to each Delinquent Loan that is subject to an Asset Review;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a copy of an assignment in favor of the trustee of any financing statement executed and filed in the relevant jurisdiction related to each Delinquent Loan that is subject to an Asset Review;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a copy of any notice previously delivered by the master servicer or the special servicer, as applicable, of any alleged defect or breach with respect to any Delinquent Loan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any other related documents that were entered into or delivered in connection with the origination of such Mortgage Loan that are necessary in connection with the asset representations reviewer's completion of any Asset Review and that are requested (in writing in accordance with the PSA) by the asset representations reviewer, in the time frames and as otherwise described below.

In addition, in the event that, as part of an Asset Review of any Delinquent Loan, the asset representations reviewer determines that the Review Materials provided to it with respect to such Delinquent Loan are missing any documents that are required to be part of the Review Materials for such Mortgage Loan or which were entered into or delivered in connection with the origination of such Mortgage Loan that, in either case, are necessary in connection with its completion of any Test in connection with such Asset Review, the asset representations reviewer will promptly, but in no event later than 10 business days after receipt of the Review Materials, notify the master servicer (with respect to non-Specially Serviced Loans) or the special servicer (with respect to Specially Serviced Loans), as applicable, of such missing documents, and request the master servicer or the special servicer, as applicable, promptly, but in no event later than 10 business days after receipt of such notification from the asset representations reviewer, to deliver to the asset representations reviewer such missing documents to the extent in its possession. In the event any missing documents are not provided by the master servicer or special servicer, as applicable, within such 10-business day period, the asset representations reviewer will request such documents from the related mortgage loan seller. Each mortgage loan seller will be required under each MLPA to deliver such additional documents only to the extent such documents are in the possession of such mortgage loan seller.

In addition, with respect to any Delinquent Loan that is a Non-Serviced Mortgage Loan, to the extent any documents required by the asset representations reviewer to complete a Test are missing or have not been received from the related mortgage loan seller, the asset representations reviewer will request such document(s) from the related Non-Serviced Master Servicer (if such Non-Serviced Mortgage Loan is being serviced by a Non-Serviced Master Servicer) or the related Non-Serviced Special Servicer (if such Non-Serviced Mortgage Loan is being serviced by a Non-Serviced Special Servicer).

The asset representations reviewer may, but is under no obligation to, consider and rely upon information furnished to it by a person that is not a party to the PSA or the related mortgage loan seller, and will do so only if such information can be independently verified (without unreasonable effort or expense to the asset representations reviewer) and is determined by the asset representations reviewer in its good faith and sole discretion to be relevant to the Asset Review (any such information, "<u>Unsolicited Information</u>"), as described below.

<u>Asset Review</u>

Upon its receipt of the Asset Review Notice and access to the Diligence Files posted to the secure data room with respect to a Delinquent Loan, the asset representations reviewer, as an independent contractor, will be required to commence a review of the compliance of each Delinquent Loan with the representations and warranties related to that Delinquent Loan (such review, the "<u>Asset Review</u>"). An Asset Review of each Delinquent Loan will consist of the application of a set of pre-determined review procedures (the "<u>Tests</u>") for each representation and warranty made by the related mortgage loan seller with respect to such Delinquent Loan, *provided*, *however*, the asset representations reviewer may, but is under no obligation to, modify any Test and/or associated Review Materials if, and only to the extent, the asset representations reviewer determines pursuant to the Asset Review Standard that it is necessary to modify such Test and/or such associated Review Materials in order to facilitate its Asset Review in accordance with the Asset Review Standard. Once an Asset Review of a Mortgage Loan is completed, no

further Asset Review will be required of or performed on that Mortgage Loan notwithstanding that such Mortgage Loan may continue to be a Delinquent Loan or become a Delinquent Loan again at the time when a new Asset Review Trigger occurs and a new Affirmative Asset Review Vote is obtained subsequent to the occurrence of such Asset Review Trigger.

"<u>Asset Review Standard</u>" means the performance by the asset representations reviewer of its duties under the PSA in good faith subject to the express terms of the PSA. All determinations or assumptions made by the asset representations reviewer in connection with an Asset Review are required to be made in the asset representations reviewer's good faith discretion and judgment based on the facts and circumstances known to it at the time of such determination or assumption.

No Certificateholder or the RR Interest Owner will have the right to change the scope of the asset representations reviewer's review, and the asset representations reviewer will not be required to review any information other than (i) the Review Materials and (ii) if applicable, Unsolicited Information.

The asset representations reviewer may, absent manifest error and subject to the Asset Review Standard, (i) assume, without independent investigation or verification, that the Review Materials are accurate and complete in all material respects and (ii) conclusively rely on such Review Materials.

In the event that the asset representations reviewer determines that the Review Materials are insufficient to complete a Test and such missing documentation is not delivered to the asset representations reviewer by the applicable mortgage loan seller, the master servicer (with respect to non-Specially Serviced Loans) or the special servicer (with respect to Specially Serviced Loans) to the extent in the master servicer's or the special servicer's possession within 10 business days upon request as described above, the asset representations reviewer will list such missing documents in a preliminary report setting forth the preliminary results of the application of the Tests and the reasons why such missing documents are necessary to complete a Test and (if the asset representations reviewer has so concluded) that the absence of such documents will be deemed to be a failure of such Test (the "<u>Preliminary Asset Review Report</u>"). The asset representations reviewer will be required to provide such Preliminary Asset Review Report to the master servicer (with respect to non-Specially Serviced Loans) or the special servicer (with respect to Specially Serviced Loans) and the applicable mortgage loan seller no later than 60 days after the date on which access to the Diligence Files in the secure data room is made available to the asset representations reviewer by the certificate administrator. If the Preliminary Asset Review Report indicates that any of the representations and warranties fails or is deemed to fail any Test, the applicable mortgage loan seller will have 90 days from receipt of the Preliminary Asset Review Report (the "<u>Cure/Contest Period</u>") to remedy or otherwise refute the failure. Any information and documents provided or explanations given to support the applicable mortgage loan seller's claim that the representation and warranty has not failed a Test or that any missing documents in the Review Materials are not required to complete a Test will be required to be promptly delivered by such mortgage loan seller to the asset representations reviewer. For avoidance of doubt, the asset representations reviewer will not be required to prepare a Preliminary Asset Review Report in the event the asset representations reviewer determines that there is no Test failure with respect to the related Delinquent Loan.

The asset representations reviewer will be required, within the later of (x) 60 days after the date on which access to the Diligence Files posted to the secure data room is provided to the asset representations reviewer by the certificate administrator or (y) 10 days after the expiration of the Cure/Contest Period to complete an Asset Review with respect to each Delinquent Loan and deliver (i) a report setting forth the asset representations reviewer's findings and conclusions as to whether or not it has determined there is any evidence of a failure of any Test based on the Asset Review and a statement that the asset representations reviewer's findings and conclusions set forth in such report were not influenced by any third party (an "<u>Asset Review Report</u>") to each party to the PSA and the related mortgage loan seller, and (ii) a summary of the asset representations reviewer's conclusions included in such Asset Review Report (an "<u>Asset Review Report Summary</u>") to the trustee and certificate administrator. The period of time by which the Asset Review Report must be completed and delivered may be extended by up to an additional 30 days, upon written notice to the parties to the PSA and the related mortgage loan seller, if the asset representations reviewer determines pursuant to the Asset Review Standard that such additional time is required due to the characteristics of the Delinquent Loans

and/or the Mortgaged Property or Mortgaged Properties. In no event may the asset representations reviewer determine whether any Test failure constitutes a Material Defect, or whether the issuing entity should enforce any rights it may have against the related mortgage loan seller (or Barclays Capital Holdings Inc., with respect to the repurchase and substitution obligations of Barclays to the same extent as Barclays), which, in each such case, will be the responsibility of the master servicer or the special servicer, as applicable. See "*—Enforcement of Mortgage Loan Seller's Obligations Under the MLPA*" below. In addition, in the event that the asset representations reviewer does not receive any documentation that it requested from the master servicer (with respect to non-Specially Serviced Loans), the special servicer (with respect to Specially Serviced Loans) or the related mortgage loan seller in sufficient time to allow the asset representations reviewer to complete its Asset Review and deliver an Asset Review Report, the asset representations reviewer will be required to prepare the Asset Review Report solely based on the documentation received by the asset representations reviewer with respect to the related Delinquent Loan, and the asset representations reviewer will have no responsibility to independently obtain any such documentation from any party to the PSA or otherwise. The PSA will require that the certificate administrator (i) include the Asset Review Report Summary in the Distribution Date Statement on Form 10–D relating to the distribution period in which such Asset Review Report Summary was received by the certificate administrator, and (ii) post such Asset Review Report Summary to the certificate administrator's website not later than 2 business days after receipt of such Asset Review Report Summary from the asset representations reviewer.

**Eligibility of Asset Representations Reviewer**

The asset representations reviewer will be required to represent and warrant in the PSA that it is an Eligible Asset Representations Reviewer. The asset representations reviewer is required to be at all times an Eligible Asset Representations Reviewer. If the asset representations reviewer ceases to be an Eligible Asset Representations Reviewer, the asset representations reviewer is required to immediately notify the master servicer, the special servicer, the trustee, the operating advisor, the certificate administrator, the Controlling Class Representative and the Directing Holder of such disqualification and immediately resign under the PSA as described under the "*—Resignation of Asset Representations Reviewer*" below.

An "<u>Eligible Asset Representations Reviewer</u>" is an entity that (i) is a special servicer, operating advisor or asset representations reviewer on a transaction rated by any of DBRS, Inc. ("<u>Morningstar DBRS</u>"), Fitch Ratings, Inc. ("<u>Fitch</u>"), Kroll Bond Rating Agency, LLC ("<u>KBRA</u>"), Moody's Investors Service, Inc. ("<u>Moody's</u>") or S&P Global Ratings, acting through Standard & Poor's Financial Services LLC ("<u>S&P</u>") and that has not been the special servicer, operating advisor or asset representations reviewer on a transaction for which Morningstar DBRS, Fitch, KBRA, Moody's or S&P has qualified, downgraded or withdrawn its rating or ratings of, one or more classes of certificates for such transaction citing servicing or other relevant concerns with the special servicer, the operating advisor or the asset representations reviewer, as applicable, as the sole or material factor in such rating action, (ii) can and will make the representations and warranties of the asset representations reviewer set forth in the PSA, (iii) is not (and is not affiliated with) a sponsor, a mortgage loan seller, the master servicer, the special servicer, the depositor, the certificate administrator, the trustee, the Controlling Class Representative, the Directing Holder, a Risk Retention Consultation Party or any of their respective affiliates, (iv) has not performed (and is not affiliated with any party hired to perform) any due diligence, loan underwriting, brokerage, borrower advisory or similar services with respect to any Mortgage Loan or any related Companion Loan prior to the Closing Date for or on behalf of a sponsor, a mortgage loan seller, any underwriter, any party to the PSA, the Controlling Class Representative, a Risk Retention Consultation Party or the Directing Holder or any of their respective affiliates, or have been paid any fees, compensation or other remuneration by any of them in connection with any such services and (v) that does not directly or indirectly, through one or more affiliates or otherwise, own any interest in any certificates, the RR Interest, any Mortgage Loans, any Companion Loan or any securities backed by a Companion Loan or otherwise have any financial interest in the securitization transaction to which the PSA relates, other than in fees from its role as asset representations reviewer (or as operating advisor, if applicable) and except as otherwise set forth in the PSA.

**Other Obligations of Asset Representations Reviewer**

The asset representations reviewer and its affiliates are required to keep confidential any information appropriately labeled as "Privileged Information" received from any party to the PSA or any sponsor under the PSA (including, without limitation, in connection with the review of the Mortgage Loans) and not disclose such Privileged Information to any person (including Certificateholders or the RR Interest Owner), other than (1) to the extent expressly required by the PSA in an Asset Review Report or otherwise, to the other parties to the PSA with a notice indicating that such information is Privileged Information or (2) pursuant to a Privileged Information Exception. Each party to the PSA that receives such Privileged Information from the asset representations reviewer with a notice stating that such information is Privileged Information may not disclose such Privileged Information to any person without the prior written consent of the special servicer other than pursuant to a Privileged Information Exception. In addition, the asset representations reviewer will be required to keep all documents received by the asset representations reviewer in connection with an Asset Review that are provided by the applicable mortgage loan seller, the master servicer and the special servicer confidential and will not be permitted to disclose such documents except (i) for purposes of complying with its duties and obligations under the PSA, (ii) if such documents become generally available and known to the public other than as a result of a disclosure directly or indirectly by the asset representations reviewer, (iii) if it is reasonable and necessary for the asset representations reviewer to disclose such documents in working with legal counsel, auditors, taxing authorities or other governmental agencies, (iv) if such documents or information was already known to the asset representations reviewer and not otherwise subject to a confidentiality obligation and/or (v) if the asset representations reviewer is required by law, rule, regulation, order, judgment or decree to disclose such document.

Neither the asset representations reviewer nor any of its affiliates may make any investment in any class of certificates or the RR Interest; *provided, however*, that such prohibition will not apply to (i) riskless principal transactions effected by a broker dealer affiliate of the asset representations reviewer or (ii) investments by an affiliate of the asset representations reviewer if the asset representations reviewer and such affiliate maintain policies and procedures that (A) segregate personnel involved in the activities of the asset representations reviewer under the PSA from personnel involved in such affiliate's investment activities and (B) prevent such affiliate and its personnel from gaining access to information regarding the issuing entity and the asset representations reviewer and its personnel from gaining access to such affiliate's information regarding its investment activities.

**Delegation of Asset Representations Reviewer's Duties**

The asset representations reviewer may delegate its duties to agents or subcontractors in accordance with the PSA, however, the asset representations reviewer will remain obligated and primarily liable for any Asset Review required in accordance with the provisions of the PSA without diminution of such obligation or liability by virtue of such delegation or arrangements or by virtue of indemnification from any person acting as its agents or subcontractor to the same extent and under the same terms and conditions as if the asset representations reviewer alone were performing its obligations under the PSA.

**Assignment of Asset Representations Reviewer's Rights and Obligations**

The asset representations reviewer may assign its rights and obligations under the PSA in connection with the sale or transfer of all or substantially all of its asset representations reviewer portfolio, *provided* that: (i) the purchaser or transferee accepting such assignment and delegation (A) is an Eligible Asset Representations Reviewer resulting from a merger, consolidation or succession that is permitted under the PSA, (B) assumes in writing each covenant and condition to be performed or observed by the asset representations reviewer under the PSA and (C) is not a prohibited party under the PSA; (ii) the asset representations reviewer will not be released from its obligations under the PSA that arose prior to the effective date of such assignment and delegation; (iii) the rate at which each of the Asset Representations Reviewer Fee and the Asset Representations Reviewer Asset Review Fee (or any component thereof) is calculated may not exceed the rate then in effect and (iv) the resigning asset representations reviewer will be required to be responsible for the reasonable costs and expenses of each other party to the PSA and

the Rating Agencies in connection with such transfer. Upon acceptance of such assignment and delegation, the purchaser or transferee will be required to provide notice to each party to the PSA and then will be the successor asset representations reviewer under the PSA.

**Asset Representations Reviewer Termination Events**

The following constitute asset representations reviewer termination events under the PSA (each, an "<u>Asset Representations Reviewer Termination Event</u>") whether any such event is voluntary or involuntary or is effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any failure by the asset representations reviewer to observe or perform in any material respect any of its covenants or agreements or the material breach of any of its representations or warranties under the PSA, which failure continues unremedied for a period of 30 days after the date on which written notice of such failure, requiring the same to be remedied, is given to the asset representations reviewer by the trustee or to the asset representations reviewer and the trustee by the holders of certificates evidencing at least 25% of the Voting Rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any failure by the asset representations reviewer to perform its obligations set forth in the PSA in accordance with the Asset Review Standard in any material respect, which failure continues unremedied for a period of 30 days after the date written notice of such failure, requiring the same to be remedied, is given to the asset representations reviewer by any party to the PSA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any failure by the asset representations reviewer to be an Eligible Asset Representations Reviewer, which failure continues unremedied for a period of 30 days after the date written notice of such failure, requiring the same to be remedied, is given to the asset representations reviewer by any party to the PSA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, has been entered against the asset representations reviewer, and such decree or order has remained in force undischarged or unstayed for a period of 60 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the asset representations reviewer consents to the appointment of a conservator or receiver or liquidator or liquidation committee in any insolvency, readjustment of debt, marshaling of assets and liabilities, voluntary liquidation, or similar proceedings of or relating to the asset representations reviewer or of or relating to all or substantially all of its property; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the asset representations reviewer admits in writing its inability to pay its debts generally as they become due, files a petition to take advantage of any applicable insolvency or reorganization statute, makes an assignment for the benefit of its creditors, or voluntarily suspends payment of its obligations.

Upon receipt by the certificate administrator of written notice of the occurrence of any Asset Representations Reviewer Termination Event, the certificate administrator will be required to promptly provide written notice to all Certificateholders and the RR Interest Owner electronically by posting such notice on its internet website and by mail, unless the certificate administrator has received notice that such Asset Representations Reviewer Termination Event has been remedied.

**Rights Upon Asset Representations Reviewer Termination Event**

If an Asset Representations Reviewer Termination Event occurs, and in each and every such case, so long as such Asset Representations Reviewer Termination Event has not been remedied, then either

the trustee (i) may or (ii) upon the written direction of holders of certificates evidencing at least 25% of the Voting Rights (without regard to the application of any Appraisal Reduction Amounts) will be required to, terminate all of the rights and obligations of the asset representations reviewer under the PSA, other than rights and obligations accrued prior to such termination and other than indemnification rights (arising out of events occurring prior to such termination), by written notice to the asset representations reviewer. The asset representations reviewer is required to bear all reasonable costs and expenses of each other party to the PSA in connection with its termination for cause.

**Termination of the Asset Representations Reviewer Without Cause**

Upon (i) the written direction of holders of certificates evidencing not less than 25% of the Voting Rights (without regard to the application of any Appraisal Reduction Amounts) requesting a vote to terminate and replace the asset representations reviewer with a proposed successor asset representations reviewer that is an Eligible Asset Representations Reviewer, and (ii) payment by such holders to the certificate administrator of the reasonable fees and expenses to be incurred by the certificate administrator in connection with administering such vote, the certificate administrator will promptly provide notice to all Certificateholders, the RR Interest Owner and the asset representations reviewer of such request by posting such notice on its internet website, and by mailing to all Certificateholders, the RR Interest Owner and the asset representations reviewer. Upon the written direction of holders of Principal Balance Certificates and the Class RR certificates evidencing at least 75% of a Quorum (without regard to the application of any Appraisal Reduction Amounts), the trustee will be required to terminate all of the rights and obligations of the asset representations reviewer under the PSA (other than any rights or obligations that accrued prior to the date of such termination and other than indemnification rights (arising out of events occurring prior to such termination)) by written notice to the asset representations reviewer, and the proposed successor asset representations reviewer will be appointed.

In the event that holders of the Principal Balance Certificates and the Class RR certificates evidencing at least 75% of a Quorum (without regard to the application of any Appraisal Reduction Amounts) elect to remove the asset representations reviewer without cause and appoint a successor, the successor asset representations reviewer will be responsible for all expenses necessary to effect the transfer of responsibilities from its predecessor.

**Resignation of Asset Representations Reviewer**

The asset representations reviewer may at any time resign by giving written notice to the other parties to the PSA. In addition, the asset representations reviewer will at all times be required to be an Eligible Asset Representations Reviewer, and will be required to resign if it fails to be an Eligible Asset Representations Reviewer by giving written notice to the other parties. Upon such notice of resignation, the depositor will be required to promptly appoint a successor asset representations reviewer that is an Eligible Asset Representations Reviewer. No resignation of the asset representations reviewer will be effective until a successor asset representations reviewer that is an Eligible Asset Representations Reviewer has been appointed and accepted the appointment. If no successor asset representations reviewer has been so appointed and accepted the appointment within 30 days after the notice of resignation, the resigning asset representations reviewer may petition any court of competent jurisdiction for the appointment of a successor asset representations reviewer that is an Eligible Asset Representations Reviewer. The resigning asset representations reviewer must pay all costs and expenses of each other party to the PSA and each Rating Agency in connection with its resignation and the transfer of its duties.

**Asset Representations Reviewer Compensation**

Certain fees will be payable to the asset representations reviewer, and the asset representations reviewer will be entitled to be reimbursed for certain expenses*,* as described under "*—Servicing and Other Compensation and Payment of Expenses*".

**Limitation on Liability of the Risk Retention Consultation Parties**

No Risk Retention Consultation Party will be liable to the issuing entity or the Certificateholders for any action taken, or for refraining from the taking of any action, or for errors in judgment. However, the Risk Retention Consultation Parties will not be protected against any liability to the VRR Interest Owners that would otherwise be imposed by reason of willful misconduct, bad faith or gross negligence in the performance of duties or by reason of reckless disregard of obligations or duties owed to the VRR Interest Owners.

Each Certificateholder will acknowledge and agree, by its acceptance of its certificates and each VRR Interest Owner with respect to each other VRR Interest, that a Risk Retention Consultation Party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) may have special relationships and interests that conflict with those of holders of one or more classes of certificates or VRR Interest Owners other than the applicable VRR Interest Owner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) may act solely in the interests of the applicable VRR Interest Owner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) does not have any liability or duties to the holders of any class of certificates or VRR Interest Owner other than the applicable VRR Interest Owner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) may take actions that favor the interests of the holders of one or more classes of certificates or, the applicable VRR Interest Owner, over the interests of the holders of one or more other classes of certificates or other VRR Interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) will have no liability whatsoever (other than to the applicable VRR Interest Owner) for having so acted as set forth in (a) – (d) above, and no Certificateholder or other VRR Interest Owner may take any action whatsoever against the applicable Risk Retention Consultation Party or any director, officer, employee, agent or principal of the applicable Risk Retention Consultation Party for having so acted.

The taking of, or refraining from taking, any action by any master servicer or any special servicer in accordance with the recommendation of a Risk Retention Consultation Party, which does not violate the terms of any Mortgage Loan, any law, the Servicing Standard or the provisions of the PSA or the related Co-Lender Agreement, will not result in any liability on the part of such master servicer or special servicer.

**Replacement of the Special Servicer Without Cause**

Except as limited by certain conditions described in this prospectus and subject to the rights of the holder of any related Companion Loan under the related Co-Lender Agreement, the special servicer may generally be replaced, prior to the occurrence and continuance of a Control Termination Event, at any time and without cause, by the Directing Holder so long as, among other things, the Directing Holder appoints a replacement special servicer that meets the requirements of the PSA, including that the trustee and the certificate administrator receive a Rating Agency Confirmation from each Rating Agency and that such replacement special servicer may not be the asset representations reviewer or any of its affiliates. The reasonable fees and out-of-pocket expenses of any such termination incurred by the Directing Holder without cause (including the costs of obtaining a Rating Agency Confirmation) will be paid by the holders of the Controlling Class.

If at any time a Control Termination Event is continuing, the holders of the Principal Balance Certificates and the Class RR certificates may generally replace the special servicer without cause, as described in this paragraph. Upon (i) the written direction of holders of Principal Balance Certificates and/or Class RR certificates evidencing not less than 25% of the Voting Rights (taking into account the application of any Appraisal Reduction Amounts to notionally reduce the Certificate Balances of such certificates) of the Principal Balance Certificates and Class RR certificates on an aggregate basis requesting a vote to replace the special servicer with a new special servicer, (ii) payment by such holders to the certificate administrator of the reasonable fees and expenses (including any legal fees and any Rating Agency fees and expenses) to be incurred by the certificate administrator in connection with

administering such vote (which fees and expenses will not be additional trust fund expenses), and (iii) delivery by such holders to the certificate administrator and the trustee of Rating Agency Confirmation from each Rating Agency (such Rating Agency Confirmation will be obtained at the expense of those holders requesting such vote), the certificate administrator will be required to notify the Special Servicer by e-mail, post notice of the same on the certificate administrator's website and concurrently by mail and conduct the solicitation of votes of all Voting Rights in such regard, which requisite affirmative votes must be received within 180 days of the posting of such notice. Upon the written direction of holders of certificates evidencing at least 75% of a Quorum or holders of certificates evidencing more than 50% of the aggregate Voting Rights of each class of Non-Reduced Interests on an aggregate basis, the trustee will be required to terminate all of the rights and obligations of the special servicer under the PSA and appoint the successor special servicer (which must be a Qualified Replacement Special Servicer) designated by such holders, subject to indemnification, right to outstanding fees, reimbursement of Advances and other rights set forth in the PSA, which survive such termination.

The certificate administrator will include on each Distribution Date Statement a statement that each Certificateholder or the RR Interest Owner may access such notices via the certificate administrator's website and that each Certificateholder or the RR Interest Owner may register to receive electronic mail notifications when such notices are posted thereon.

A "<u>Quorum</u>" means, in connection with any solicitation of votes in connection with the replacement of the special servicer or the asset representations reviewer described above, the holders of Voting Rights evidencing at least 75% of the aggregate Voting Rights (taking into account the application of Realized Losses and, other than with respect to the termination of the asset representations reviewer, the application of any Appraisal Reduction Amounts to notionally reduce the Certificate Balance of the certificates) of all Principal Balance Certificates and Class RR certificates on an aggregate basis.

Notwithstanding the foregoing, if the special servicer obtains knowledge that it is a Borrower Party with respect to any Mortgage Loan or Serviced Whole Loan (any such Mortgage Loan or Serviced Whole Loan, an "<u>Excluded Special Servicer Loan</u>"), the special servicer will be required to resign as special servicer of that Excluded Special Servicer Loan. Prior to the occurrence and continuance of a Control Termination Event, the Directing Holder will be entitled to select a successor special servicer that is not a Borrower Party in accordance with the terms of the PSA (the "<u>Excluded Special Servicer</u>") for the related Excluded Special Servicer Loan, unless such Excluded Special Servicer Loan is also an applicable Excluded Loan. After the occurrence and during the continuance of a Control Termination Event or if at any time the Excluded Special Servicer Loan is also an applicable Excluded Loan, the resigning special servicer will be required to use reasonable efforts to select the related Excluded Special Servicer. The special servicer will not have any liability with respect to the actions or inactions of the applicable Excluded Special Servicer or with respect to the identity of the applicable Excluded Special Servicer (as so long as, on the date of the appointment, such appointment of such Excluded Special Servicer meets the criteria of the PSA). It will be a condition to any such appointment that (i) the Rating Agencies confirm that the appointment would not result in a qualification, downgrade or withdrawal of any of their then current ratings of the certificates and the equivalent from each NRSRO hired to provide ratings with respect to any class of securities backed, wholly or partially, by any Serviced Pari Passu Companion Loan, (ii) the applicable Excluded Special Servicer is a Qualified Replacement Special Servicer and (iii) the applicable Excluded Special Servicer delivers to the depositor and the certificate administrator and any applicable depositor and applicable certificate administrator of any other securitization, if applicable, that contains a Serviced Pari Passu Companion Loan, the information, if any, required pursuant to Item 6.02 of the Form 8-K regarding itself in its role as Excluded Special Servicer.

If at any time the special servicer is no longer a Borrower Party (including, without limitation, as a result of the related Mortgaged Property becoming an REO Property) with respect to an Excluded Special Servicer Loan, (1) the related Excluded Special Servicer will be required to resign, (2) the related Mortgage Loan or Serviced Whole Loan will no longer be an Excluded Special Servicer Loan, (3) the special servicer will become the special servicer again for such related Mortgage Loan or Serviced Whole Loan and (4) the special servicer will be entitled to all special servicing compensation with respect to such

Mortgage Loan or Serviced Whole Loan earned during such time on and after such Mortgage Loan or Serviced Whole Loan is no longer an Excluded Special Servicer Loan.

The applicable Excluded Special Servicer will be required to perform all of the obligations of the special servicer for the related Excluded Special Servicer Loan and will be entitled to all special servicing compensation with respect to such Excluded Special Servicer Loan earned during such time as the related Mortgage Loan or Serviced Whole Loan is an Excluded Special Servicer Loan (*provided* that the special servicer will remain entitled to all other special servicing compensation with respect to all Mortgage Loans and Serviced Whole Loans that are not Excluded Special Servicer Loans during such time).

"<u>Non-Reduced Interests"</u> means any class of Principal Balance Certificates or the Class RR certificates then-outstanding for which (a)(1) the initial Certificate Balance of such class of certificates, minus (2) the sum (without duplication) of (x) any payments of principal (whether as principal prepayments or otherwise) distributed to the Certificateholders of such class of certificates, (y) any Appraisal Reduction Amounts allocated to such class of certificates, and (z) any Realized Losses previously allocated to such class of certificates, is equal to or greater than (b) 25% of the remainder of (1) the initial Certificate Balance of such class of certificates, less (2) any payments of principal (whether as principal prepayments or otherwise) previously distributed to the Certificateholders of such class of certificates.

A "<u>Qualified Replacement Special Servicer</u>" is a replacement special servicer that (i) satisfies all of the eligibility requirements applicable to special servicers in the PSA, (ii) is not the operating advisor, the asset representations reviewer or an affiliate of the operating advisor or the asset representations reviewer, (iii) is not obligated to pay the operating advisor (x) any fees or otherwise compensate the operating advisor in respect of its obligations under the PSA, or (y) for the appointment of the successor special servicer or the recommendation by the operating advisor for the replacement special servicer to become a special servicer, (iv) is not entitled to receive any compensation from the operating advisor other than compensation that is not material and is unrelated to the operating advisor's recommendation that such party be appointed as the replacement special servicer, (v) is not entitled to receive any fee from the operating advisor for its appointment as successor special servicer, in each case, unless expressly approved by 100% of the Certificateholders and the RR Interest Owner, (vi) is included on S&P's Select Servicer List as a U.S. Commercial Mortgage Special Servicer, (vii) currently has a special servicer rating of at least "CSS3" from Fitch, and (viii) is not a special servicer that has been cited by KBRA as having servicing concerns as the sole or a material factor in any qualification, downgrade or withdrawal of the ratings (or placement on "watch status" in contemplation of a ratings downgrade or withdrawal) of securities in a transaction serviced by the applicable servicer prior to the time of determination.

**Replacement of the Special Servicer After Operating Advisor Recommendation and Investor Vote**

If, during the continuance of a Control Termination Event, the operating advisor determines, in its sole discretion exercised in good faith, that (1) the special servicer is not performing its duties as required under the PSA or is otherwise not acting in accordance with the Servicing Standard and (2) the replacement of the special servicer would be in the best interest of the Certificateholders and the RR Interest Owner as a collective whole, then the operating advisor will have the right to recommend the replacement of the special servicer. In such event, the operating advisor will be required to deliver to the trustee and the certificate administrator, with a copy to the special servicer, a written recommendation detailing the reasons supporting its position (*provided* that the operating advisor will not be permitted to recommend the replacement of the special servicer for any Whole Loan so long as the holder of the related Companion Loan is the Directing Holder under the related Co-Lender Agreement) (along with relevant information justifying its recommendation) and recommending a suggested replacement special servicer (which must be a Qualified Replacement Special Servicer). The certificate administrator will be required to promptly notify each Certificateholder and the RR Interest Owner of the recommendation and post such notice and report on the certificate administrator's website, and to conduct the solicitation of votes with respect to such recommendation.

The operating advisor's recommendation to replace the special servicer must be confirmed within 180 days of after the notice is posted to the certificate administrator's website by an affirmative vote of holders of certificates representing at least a majority of the Voting Rights (taking into account the application of Appraisal Reduction Amounts to notionally reduce the respective Certificate Balances) of all Principal Balance Certificates and Class RR certificates whose holders voted on the matter; *provided* that holders of Principal Balance Certificates and Class RR certificates that so voted on the matter (i) hold Principal Balance Certificates and Class RR certificates representing 20% of the aggregate Voting Rights (taking into account the application of any Appraisal Reduction Amounts to notionally reduce the respective Certificate Balances) of all Principal Balance Certificates and Class RR certificates on an aggregate basis, and (ii) consist of at least three (3) Certificateholders or Certificate Owners that are not affiliated with each other.

In the event the holders of such Principal Balance Certificates and Class RR certificates evidencing the requisite Voting Rights elect to remove and replace the special servicer (which requisite affirmative votes must be received within 180 days of the posting of the notice of the operating advisor's recommendation to replace the special servicer to the certificate administrator's website), the certificate administrator will be required to receive a Rating Agency Confirmation from each of the Rating Agencies at that time. In the event the certificate administrator receives such a Rating Agency Confirmation from each of the Rating Agencies (and the successor special servicer agrees to be bound by the terms of the PSA), the trustee (upon receipt of written confirmation from the certificate administrator, if the certificate administrator and the trustee are different entities) will then be required to terminate all of the rights and obligations of the special servicer under the PSA and to appoint the successor special servicer approved by the Certificateholders, *provided* that such successor special servicer is a Qualified Replacement Special Servicer, subject to the terminated special servicer's rights to indemnification, payment of outstanding fees, reimbursement of Advances and other rights set forth in the PSA that survive termination. The reasonable out-of-pocket costs and expenses associated with obtaining such Rating Agency Confirmations and administering the vote of the applicable holders of the Principal Balance Certificates and Class RR certificates and the operating advisor's identification of a Qualified Replacement Special Servicer will be an additional trust fund expense.

In any case, the trustee will notify the outgoing special servicer promptly of the effective date of its termination. Any replacement special servicer recommended by the operating advisor must be a Qualified Replacement Special Servicer.

In the event the special servicer is terminated as a result of the recommendation of the operating advisor described in this "—*Replacement of the Special Servicer After Operating Advisor Recommendation and Investor Vote*", the Directing Holder may not subsequently reappoint as special servicer such terminated special servicer or any affiliate of such terminated special servicer.

No appointment of the special servicer will be effective until the depositor or the depositor for the securitization of a Companion Loan has filed any required Exchange Act filings related to the removal and replacement of the special servicer.

With respect to any Non-Serviced Whole Loan, the related Non-Serviced Special Servicer may be removed, and a successor special servicer appointed at any time by the related directing holder appointed under the related Non-Serviced PSA (and not by the Controlling Class Representative for this transaction) to the extent set forth in the related Non-Serviced PSA and the related Co-Lender Agreement for such Non-Serviced Whole Loan. See "*Description of the Mortgage Pool—The Whole Loans*" and "*—Servicing of the Non-Serviced Mortgage Loans*" below.

**Termination of Master Servicer and Special Servicer for Cause**

**Servicer Termination Events**

A "<u>Servicer Termination Event</u>" under the PSA with respect to the master servicer or the special servicer, as the case may be, will include, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) any failure by the master servicer to make a required deposit to the Collection Account, to the companion paying agent for deposit into the related Serviced Whole Loan Custodial Account or to a holder of a Companion Loan, on the day and by the time such deposit or remittance was first required to be made, which failure is not remedied within one business day, or (ii) any failure by the master servicer to deposit into, or remit to the certificate administrator for deposit into, the Distribution Account any amount required to be so deposited or remitted, which failure is not remedied by 11:00 a.m. New York City time on the relevant Distribution Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any failure by the special servicer to deposit into the applicable REO Account within two (2) business days after the day such deposit is required to be made, or to remit to the master servicer for deposit in the Collection Account, or any other account required under the PSA, any such deposit or remittance required to be made by the special servicer pursuant to, and at the time specified by, the PSA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any failure by the master servicer or the special servicer duly to observe or perform in any material respect any of its other covenants or obligations under the PSA, which failure continues unremedied for 30 days (or (i) 5 business days in the case of certain of the master servicer's or special servicer's, as applicable, obligations regarding the Exchange Act reporting required under the PSA (except as otherwise provided under clause (i) of this definition of "Servicer Termination Event"), (ii) 10 days in the case of the master servicer's failure to make a Property Protection Advance or (iii) 15 days in the case of a failure to pay the premium for any property insurance policy required to be maintained under the PSA) after written notice of the failure has been given to the master servicer or the special servicer, as the case may be, by any other party to the PSA, or to the master servicer or the special servicer, as the case may be, with a copy to each other party to the related PSA, by the holders of certificates evidencing not less than 25% of the Voting Rights or, with respect to a Serviced Whole Loan if affected by such failure, by the holder of the related Serviced Pari Passu Companion Loan; *provided, however*, that if that failure is capable of being cured and the master servicer or the special servicer, as the case may be, is diligently pursuing that cure, that such period will be extended an additional 30 days; *provided*, *further*, *however*, that such extended period will not apply to the obligations regarding Exchange Act reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any breach on the part of the master servicer or the special servicer, as the case may be, of any representation or warranty in the PSA that materially and adversely affects the interests of any class of Certificateholders, the RR Interest Owner or holders of any Serviced Companion Loan and which continues unremedied for a period of 30 days after the date on which notice of that breach, requiring the same to be remedied, will have been given to the master servicer or the special servicer, as the case may be, by the depositor, the certificate administrator or the trustee, or to the master servicer, the special servicer, the depositor, the certificate administrator and the trustee by the holders of certificates evidencing not less than 25% of the Voting Rights or, with respect to a Serviced Whole Loan if affected by such breach, by the holder of the related Serviced Pari Passu Companion Loan; *provided, however*, that if that breach is capable of being cured and the master servicer or the special servicer, as the case may be, is diligently pursuing that cure, that 30-day period will be extended an additional 30 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) certain events of insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings in respect of or relating to the master servicer or the special servicer, and certain actions by or on behalf of the master servicer or the special servicer indicating its insolvency or inability to pay its obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the master servicer or the special servicer, as applicable, is removed from S&P's Select Servicer List as a U.S. Commercial Mortgage Master Servicer or a U.S. Commercial Mortgage Special Servicer, as applicable, and is not restored to such status on such list within sixty (60) days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the master servicer or the special servicer is no longer rated at least "CMS3" or "CSS3", respectively, by Fitch and such master servicer or special servicer is not reinstated to at least that rating within 60 days of the delisting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) KBRA (or, in the case of serviced companion loan securities, any companion loan rating agency) (i) has qualified, downgraded or withdrawn its rating or ratings of one or more classes of certificates or one or more classes of serviced companion loan securities, or (ii) has placed one or more classes of certificates or one or more classes of serviced companion loan securities on "watch status" in contemplation of a ratings downgrade or withdrawal (and in the case of clause (i) and (ii), such action has not been withdrawn by KBRA (or, in the case of serviced companion loan securities, any companion loan rating agency) within 60 days of such event) and, in the case of either of clauses (i) or (ii), publicly citing servicing concerns with the master servicer or the special servicer, as the case may be, as the sole or a material factor in such rating action; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any failure by the master servicer or the special servicer to deliver (a) any Exchange Act reporting items required to be delivered by the master servicer or the special servicer to the trustee or the certificate administrator under the PSA (other than items to be delivered by a sub-servicer retained by a mortgage loan seller) by the time required under the PSA after any applicable grace periods or (b) any Exchange Act reporting items that a primary servicer, sub-servicer or servicing function participant retained by the master servicer is required to deliver (any such primary servicer, sub-servicer or servicing function participant will be terminated if it defaults in accordance with the provision of this clause (i)), which failure (other than in the case of Form 8-K reporting requirements) is not remedied within 3 business days.

**Rights Upon Servicer Termination Event**

If a Servicer Termination Event occurs with respect to the master servicer or the special servicer under the PSA, then, so long as the Servicer Termination Event remains unremedied, the depositor or the trustee will be authorized, and at the written direction of (i) the holders of certificates evidencing at least 25% of the Voting Rights, or (ii) for so long as no Control Termination Event is continuing, the Directing Holder (solely with respect to the special servicer and other than with respect to any applicable Excluded Loan), the trustee will be required to terminate all of the rights and obligations of the defaulting party as master servicer or the special servicer, as the case may be; *provided*, *however*, that rights in respect of indemnification, entitlement to be paid any outstanding servicing or special servicing compensation and entitlement to reimbursement of amounts due, including Advances and interest thereon, will survive such termination under the PSA. The trustee will then succeed to all of the responsibilities, duties and liabilities of the defaulting party as master servicer or special servicer, as the case may be, under the PSA and will be entitled to similar compensation arrangements. If the trustee is unwilling or unable to so act, it may (or, at the written direction of the holders of certificates evidencing at least 25% of the Voting Rights, or for so long as no Control Termination Event is continuing and other than in respect of any applicable Excluded Loan, the Directing Holder will be required to) appoint, or petition a court of competent jurisdiction to appoint, a loan servicing institution or other entity, subject to the trustee's receipt of a Rating Agency Confirmation from each of the Rating Agencies and, for so long as no Control Termination Event is continuing, that has been approved by the Controlling Class Representative which approval may not be unreasonably withheld. In addition, none of the asset representations reviewer, the operating advisor and their respective affiliates may be appointed as a successor master servicer or special servicer.

Notwithstanding anything to the contrary contained in the section described above, if a Servicer Termination Event on the part of the special servicer remains unremedied and affects the holder of a Serviced Pari Passu Companion Loan, and the special servicer has not otherwise been terminated, the holder of such Serviced Pari Passu Companion Loan (or, if applicable, the related trustee, acting at the direction of the related directing holder (or similar entity)) will be entitled to direct the trustee to terminate

the special servicer solely with respect to the related Serviced Pari Passu Mortgage Loan. The appointment (or replacement) of the special servicer with respect to a Serviced Whole Loan will in any event be subject to Rating Agency Confirmation from each Rating Agency. A replacement special servicer will be selected by the trustee or, prior to a Control Termination Event, by the Controlling Class Representative; *provided, however*, that any successor special servicer appointed to replace the special servicer with respect to a Serviced Pari Passu Mortgage Loan cannot at any time be the person (or an affiliate of such person) that was terminated at the direction of the holder of the related Serviced Pari Passu Companion Loan, without the prior written consent of such holder of the related Serviced Pari Passu Companion Loan.

Notwithstanding anything to the contrary contained in the section described above, if a servicer termination event on the part of a Non-Serviced Special Servicer remains unremedied and affects the holder of the related Non-Serviced Mortgage Loan, and such Non-Serviced Special Servicer has not otherwise been terminated, the trustee (or, prior to a Control Termination Event, the trustee acting at the direction of the Controlling Class Representative) will generally be entitled to direct the related Non-Serviced Trustee to terminate such Non-Serviced Special Servicer solely with respect to the related Non-Serviced Whole Loan(s), and a successor will be appointed in accordance with the related Non-Serviced PSA.

In addition, notwithstanding anything to the contrary contained in the section described above, if the master servicer receives notice of termination solely due to a Servicer Termination Event described in clauses (f), (g) or (h) under "*—Termination of Master Servicer and Special Servicer for Cause—Servicer Termination Events*" above, and prior to being replaced as described in the third preceding paragraph, the master servicer will have 45 days after receipt of the notice of termination to find, and sell its rights and obligations to, a successor master servicer that meets the requirements of a master servicer under the PSA; *provided* that the Rating Agencies have each provided a Rating Agency Confirmation. The termination of the master servicer will be effective when such successor master servicer has succeeded the terminated master servicer, as successor master servicer and such successor master servicer has assumed the terminated master servicer's servicing obligations and responsibilities under the PSA. If a successor has not entered into the PSA as successor master servicer within 45 days after notice of the termination of the master servicer, the master servicer will be replaced by the trustee as described above.

Notwithstanding the foregoing, (1) if any Servicer Termination Event on the part of the master servicer affects a Serviced Companion Loan, the related holder of a Serviced Companion Loan or the rating on any class of certificates backed, wholly or partially, by any Serviced Companion Loan, and if the master servicer is not otherwise terminated, or (2) if a Servicer Termination Event on the part of the master servicer affects only a Serviced Companion Loan, the related holder of a Serviced Companion Loan or the rating on any class of certificates backed, wholly or partially, by any Serviced Companion Loan, then the master servicer may not be terminated by or at the direction of the related holder of such Serviced Companion Loan or the holders of any certificates backed, wholly or partially, by such Serviced Companion Loan, but upon the written direction of the related holder of such Serviced Companion Loan, the master servicer will be required to appoint a sub-servicer that will be responsible for servicing the related Serviced Whole Loan.

Further, if replaced as a result of a Servicer Termination Event, the master servicer or special servicer, as the case may be, will be responsible for the costs and expenses associated with the transfer of its duties.

In addition, the depositor may terminate each of the master servicer and the special servicer upon five (5) business days' notice if the master servicer or the special servicer, as the case may be, fails to comply with certain of its reporting obligations under the PSA.

**Waiver of Servicer Termination Event**

A Servicer Termination Event may be waived by the holders of certificates evidencing not less than (a) 66 2/3% of the aggregate Voting Rights of the certificates (and, if such Servicer Termination Event is on the part of the special servicer with respect to a Serviced Whole Loan only, by the related Serviced

Companion Loan holder). Notwithstanding the foregoing, (1) a Servicer Termination Event under clause (a) or (b) under "*—Servicer Termination Events*" above may be waived only with the consent of all of the Certificateholders of the affected classes and any Serviced Companion Loan holder affected by such Servicer Termination Event, and (2) a Servicer Termination Event under clause (c) or clause (i) under "*—Servicer Termination Events*" above may be waived only with the consent of the depositor and any Serviced Companion Loan holder affected by such Servicer Termination Event. Upon any such waiver of a Servicer Termination Event by Certificateholders, the trustee and the certificate administrator will be entitled to recover all costs and expenses incurred by it in connection with an enforcement action taken with respect to such Servicer Termination Event prior to such waiver from the issuing entity.

**Resignation of the Master Servicer or Special Servicer**

The PSA permits the master servicer and the special servicer to resign from their respective obligations only upon (a) the appointment of, and the acceptance of the appointment by, a successor and receipt by the certificate administrator and the trustee of a Rating Agency Confirmation from each of the Rating Agencies and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Serviced Companion Loan (*provided* that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation required under the PSA may be considered satisfied with respect to the certificates as described in this prospectus); and, as to the special servicer only, for so long as no Control Termination Event is continuing, the approval of such successor by the Directing Holder, which approval will not be unreasonably withheld or (b) a determination that their respective obligations are no longer permissible with respect to the master servicer or the special servicer, as the case may be, under applicable law or are in material conflict by reason of applicable law with any other activities carried on by it. In the event that the master servicer or the special servicer resigns as a result of the determination that their respective obligations are no longer permissible under applicable law or are in material conflict by reason of applicable law with any other activities carried on by it, the trustee will then succeed to all of the responsibilities, duties and liabilities of the resigning party as master servicer or special servicer, as the case may be, under the PSA and will be entitled to similar compensation arrangements. If the trustee is unwilling or unable to so act, it may appoint, or petition a court of competent jurisdiction to appoint, a loan servicing institution or other entity, subject to the trustee's receipt of a Rating Agency Confirmation from each of the Rating Agencies.

No resignation will become effective until the trustee or other successor has assumed the obligations and duties of the resigning master servicer or special servicer, as the case may be, under the PSA. Further, the resigning master servicer or special servicer, as the case may be, must pay all costs and expenses associated with the transfer of its duties; *provided*, *however*, that rights in respect of indemnification, entitlement to be paid any outstanding servicing or special servicing compensation and entitlement to reimbursement of amounts due, including Advances and interest thereon, will survive such resignation under the PSA. Other than as described under "*—Termination of Master Servicer and Special Servicer for Cause—Servicer Termination Events*" above, in no event will the master servicer or the special servicer have the right to appoint any successor master servicer or special servicer if such master servicer or special servicer, as applicable, is terminated or removed pursuant to the PSA. In addition, the PSA will prohibit the appointment of the asset representations reviewer, the operating advisor or one of their respective affiliates as successor to the master servicer or the special servicer.

**Limitation on Liability; Indemnification**

The PSA will provide that none of the master servicer (including in its capacity as the paying agent for any Companion Loan), the special servicer, the depositor, the operating advisor, the asset representations reviewer or any partner, shareholder, member, manager, director, officer, employee or agent of any of them will be under any liability to the issuing entity, Certificateholders or holders of any related Companion Loan or the RR Interest Owner, as applicable, for any action taken, or not taken, in good faith pursuant to the PSA or for errors in judgment; *provided, however*, that none of the master servicer (including in its capacity as the paying agent for any Companion Loan), the special servicer, the depositor, the operating advisor, the asset representations reviewer or similar person will be protected

against any breach of a representation or warranty made by such party, as applicable, in the PSA or any liability that would otherwise be imposed by reason of willful misconduct, bad faith or negligence in the performance of such party's obligations or duties under the PSA or by reason of negligent disregard of such obligations and duties. For the purposes of indemnification of the master servicer or special servicer and limitation of liability, the master servicer or special servicer will be deemed not to have engaged in willful misconduct or committed bad faith or negligence in the performance of its respective obligations and duties under the PSA or acted in negligent disregard of such obligations and duties if the master servicer or special servicer, as applicable, fails to follow the terms of the Mortgage Loan documents because the master servicer or special servicer, as applicable, in accordance with the Servicing Standard, determines that compliance with any Mortgage Loan documents would or potentially would (i) cause any Trust REMIC to fail to qualify as a REMIC or (ii) cause a tax to be imposed on the trust or any Trust REMIC under the relevant provisions of the Code (for any such determination in clauses (i) or (ii), the master servicer and the special servicer will be entitled to rely on advice of counsel, the cost of which will be reimbursed as an additional trust fund expense). The PSA will also provide that the master servicer (including in its capacity as the paying agent for any Companion Loan), the special servicer, the depositor, the operating advisor, the asset representations reviewer and their respective affiliates and any partner, shareholder, member, manager, director, officer, employee or agent of any of them will be entitled to indemnification by the issuing entity against any claims, losses, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments, and other costs, liabilities, fees and expenses incurred in connection with any actual or threatened legal or regulatory action or claim that relates to the PSA, the Mortgage Loans, any related Companion Loan or the certificates; *provided, however*, that the indemnification will not extend to any loss, liability or expense incurred in connection with any breach of a representation or warranty made by such party, as applicable, in the PSA or incurred by reason of willful misconduct, bad faith or negligence in the performance of such party's obligations or duties under the PSA, by reason of negligent disregard of such party's obligations or duties, or in the case of the depositor and any of its partners, shareholders, directors, officers, members, managers, employees and agents, any violation by any of them of any state or federal securities law. In addition, absent actual fraud (as determined by a final non-appealable court order), neither the trustee nor the certificate administrator (including in its capacity as custodian) will be liable for special, punitive, indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the trustee or the certificate administrator has been advised of the likelihood of such loss or damage and regardless of the form of action. The PSA will also provide that any related master servicer, depositor, special servicer, operating advisor (or the equivalent), asset representations reviewer, certificate administrator or trustee under the related Non-Serviced PSA with respect to a Non-Serviced Companion Loan and any partner, director, officer, shareholder, member, manager, employee or agent of any of them and the applicable Non-Serviced Securitization Trust will be entitled to indemnification by the issuing entity and held harmless against the issuing entity's *pro rata* share of any and all claims, losses, penalties, fines, forfeitures, legal fees and related costs, judgments and any other costs, liabilities, fees and expenses incurred in connection with servicing and administration of such Non-Serviced Mortgage Loan and the related non-serviced Mortgaged Property under the related Non-Serviced PSA or the PSA (as and to the same extent the securitization trust formed under the related Non-Serviced PSA is required to indemnify such parties in respect of other mortgage loans in the securitization trust formed under the related Non-Serviced PSA pursuant to the terms of the related Non-Serviced PSA).

In addition, the PSA will provide that none of the master servicer (including in its capacity as the paying agent for any Companion Loans), the special servicer, the depositor, the operating advisor or the asset representations reviewer will be under any obligation to appear in, prosecute or defend any legal action that is not incidental to its respective responsibilities under the PSA or that in its opinion may involve it in any expense or liability not reimbursed by the issuing entity. However, each of the master servicer, the special servicer, the depositor, the operating advisor and the asset representations reviewer will be permitted, in the exercise of its discretion, to undertake any action that it may deem necessary or desirable with respect to the enforcement and/or protection of the rights and duties of the parties to the PSA and the interests of the Certificateholders and the RR Interest Owner (and, in the case of a Serviced Whole Loan, the rights of the Certificateholders, the RR Interest Owner and the holders of the related Serviced Companion Loan (as a collective whole), taking into account the *pari passu* or subordinate nature of such Serviced Companion Loan) under the PSA; *provided, however*, that if a Serviced Whole

Loan and/or the holder of any related Companion Loan are involved, such expenses, costs and liabilities will be payable out of funds related to such Serviced Whole Loan in accordance with the related Co-Lender Agreement and will also be payable out of the other funds in the Collection Account if amounts on deposit with respect to such Serviced Whole Loan are insufficient therefor. If any such expenses, costs or liabilities relate to a Mortgage Loan, Companion Loan, then any subsequent recovery on that Mortgage Loan or Companion Loan, as applicable, will be used to reimburse the issuing entity for any amounts advanced for the payment of such expenses, costs or liabilities. In that event, the legal expenses and costs of the action, and any liability resulting from the action, will be expenses, costs and liabilities of the issuing entity, and the master servicer (including in its capacity as the paying agent for any Companion Loans), the special servicer, the depositor, the asset representations reviewer or the operating advisor, as the case may be, will be entitled to be reimbursed out of the Collection Account for the expenses.

Pursuant to the PSA, the master servicer and the special servicer will each be required to maintain a fidelity bond and errors and omissions policy or their equivalent that provides coverage against losses that may be sustained as a result of an officer's or employee's misappropriation of funds or errors and omissions, subject to certain limitations as to amount of coverage, deductible amounts, conditions, exclusions and exceptions permitted by the PSA. Notwithstanding the foregoing, the master servicer and the special servicer will be allowed to self-insure with respect to an errors and omissions policy and a fidelity bond so long as certain conditions set forth in the PSA are met.

Any person into which the master servicer, the special servicer, the depositor, operating advisor, asset representations reviewer may be merged or consolidated, or any person resulting from any merger or consolidation to which the master servicer, the special servicer, the depositor, operating advisor or asset representations reviewer is a party, or any person succeeding to the business of the master servicer, the special servicer, the depositor, operating advisor or asset representations reviewer, will be the successor of the master servicer, the special servicer, the depositor, operating advisor or asset representations reviewer, as the case may be, under the PSA. The master servicer, the special servicer, the operating advisor and the asset representations reviewer may have other normal business relationships with the depositor or the depositor's affiliates.

The trustee and the certificate administrator make no representations as to the validity or sufficiency of the PSA (other than as to it being a valid obligation of the trustee and the certificate administrator), the certificates, the Mortgage Loans, this prospectus (other than as to the accuracy of the information provided by the trustee and the certificate administrator as set forth above) or any related documents and will not be accountable for the use or application by or on behalf of the master servicer or the special servicer of any funds paid to the master servicer or the special servicer in respect of the certificates or the Mortgage Loans, or any funds deposited into or withdrawn from the Collection Account or any other account by or on behalf of the master servicer or the special servicer. The PSA provides that no provision of such agreement will be construed to relieve the trustee and the certificate administrator from liability for their own negligent action, their own negligent failure to act or their own willful misconduct or bad faith.

The PSA provides that neither the trustee nor the certificate administrator, as applicable, will be liable for an error of judgment made in good faith by a responsible officer of the trustee or the certificate administrator, unless it is proven that the trustee or the certificate administrator, as applicable, was negligent in ascertaining the pertinent facts. In addition, neither the trustee nor the certificate administrator, as applicable, will be liable with respect to any action taken, suffered or omitted to be taken by it in good faith in accordance with the direction of holders of certificates entitled to greater than 25% of the percentage interest of each affected class, or of the aggregate Voting Rights of the certificates, relating to the time, method and place of conducting any proceeding for any remedy available to the trustee and the certificate administrator, or exercising any trust or power conferred upon the trustee and the certificate administrator, under the PSA (unless a higher percentage of Voting Rights is required for such action).

The trustee and the certificate administrator and any director, officer, employee, representative or agent of the trustee and the certificate administrator, will be entitled to indemnification by the issuing entity, to the extent of amounts held in the Collection Account or the Lower-Tier REMIC Distribution Account from time to time, for any loss, liability, damages, claims or unanticipated expenses (including

reasonable attorneys' fees and expenses) arising out of or incurred by the trustee or the certificate administrator in connection with their participation in the transaction and any act or omission of the trustee or the certificate administrator relating to the exercise and performance of any of the powers and duties of the trustee and the certificate administrator (including in any capacities in which they serve, *e.g.*, paying agent, REMIC administrator, authenticating agent, custodian, certificate registrar and the 17g-5 Information Provider) under the PSA. However, the indemnification will not extend to any loss, liability or expense that constitutes a specific liability imposed on the trustee or the certificate administrator pursuant to the PSA, or to any loss, liability or expense incurred by reason of willful misconduct, bad faith or negligence on the part of the trustee or the certificate administrator in the performance of their obligations and duties under the PSA, or by reason of their negligent disregard of those obligations or duties, or as may arise from a breach of any representation or warranty of the trustee or the certificate administrator made in the PSA.

For the avoidance of doubt, with respect to any indemnification provisions in the PSA providing that the issuing entity or a party to the PSA is required to indemnify another party to the PSA for costs, fees and expenses, such costs, fees and expenses are intended to include costs (including, but not limited to, reasonable attorney's fees and expenses) of the enforcement of such indemnity.

**Enforcement of Mortgage Loan Seller's Obligations Under the MLPA**

In the event the depositor, the master servicer, the special servicer, the trustee, the certificate administrator or the operating advisor (solely in its capacity as operating advisor) receives a request or demand from a Requesting Investor to the effect that a Mortgage Loan should be repurchased or replaced due to a Material Defect, or if such party to the PSA determines that a Mortgage Loan should be repurchased or replaced due to a Material Defect, that party to the PSA will be required to promptly forward such request or demand to the master servicer or the special servicer, as applicable, which will in turn be required to promptly forward it to the applicable mortgage loan seller. The Enforcing Servicer will be required to enforce the obligations of the mortgage loan sellers under the MLPAs pursuant to the terms of the PSA and the MLPA. These obligations include obligations resulting from a Material Defect. Subject to the provisions of the applicable MLPA relating to the dispute resolutions as described under "*Description of the Mortgage Loan Purchase Agreements—Dispute Resolution Provisions*", such enforcement, including, without limitation, the legal prosecution of claims, if any, will be required to be carried out in such form, to such extent and at such time as the master servicer or the special servicer, as applicable, would require were it, in its individual capacity, the owner of the affected Mortgage Loan.

Within 45 days after receipt of an Asset Review Report with respect to any Mortgage Loan, the master servicer (with respect to non-Specially Serviced Loans) or the special servicer (with respect to Specially Serviced Loans) will be required to determine whether at that time, based on the Servicing Standard, there exists a Material Defect with respect to such Mortgage Loan. If the master servicer (with respect to non-Specially Serviced Loans) or the special servicer (with respect to Specially Serviced Loans) determines that a Material Defect exists, the master servicer or the special servicer, as applicable, will be required to enforce the obligations of the applicable mortgage loan seller under the MLPA with respect to such Material Defect as discussed in the preceding paragraph. See "*—The Asset Representations Reviewer—Asset Review*" above.

Any costs incurred by the master servicer or the special servicer with respect to the enforcement of the obligations of a mortgage loan seller under the applicable MLPA will be deemed to be Property Protection Advances, to the extent not recovered from the related mortgage loan seller or the Requesting Investor. See "*Description of the Mortgage Loan Purchase Agreements—Dispute Resolution Provisions*".

**Dispute Resolution Provisions**

**Certificateholder's Rights When a Repurchase Request is Initially Delivered by a Certificateholder**

In the event an Initial Requesting Certificateholder delivers a written request to the depositor, the master servicer, the special servicer, the trustee, the certificate administrator, the certificate registrar, the operating advisor (solely in its capacity as the operating advisor) or the custodian that a Mortgage Loan be repurchased by the applicable mortgage loan seller alleging the existence of a Material Defect with respect to such Mortgage Loan and setting forth the basis for such allegation (a "<u>Owner Repurchase Request</u>"), the receiving party will be required to promptly forward that Owner Repurchase Request to the master servicer and the special servicer. The Enforcing Servicer will then be required to promptly forward that Owner Repurchase Request to the applicable mortgage loan seller and each other party to the PSA. An "<u>Initial Requesting Certificateholder</u>" is the first Certificateholder or Certificate Owner (in either case, other than a holder of the Class RR certificates) to deliver an Owner Repurchase Request as described above with respect to a Mortgage Loan, and there may not be more than one Initial Requesting Certificateholder with respect to any Mortgage Loan. Subject to the provisions described below under this heading "*—Dispute Resolution Provisions*", the Enforcing Servicer will be the Enforcing Party with respect to the Owner Repurchase Request.

The "<u>Enforcing Servicer</u>" will be the special servicer.

An "<u>Enforcing Party</u>" is the person obligated to or that elects pursuant to the terms of the PSA to enforce the rights of the issuing entity against the related mortgage loan seller with respect to a Repurchase Request.

**Repurchase Request Delivered by a Party to the PSA**

In the event that the depositor, the master servicer, the special servicer, the trustee, the certificate administrator or the operating advisor (solely in its capacity as operating advisor) has knowledge of a Material Defect with respect to a Mortgage Loan, that party will be required to deliver prompt written notice of such Material Defect to each other party to the PSA, identifying the applicable Mortgage Loan and setting forth the basis for such allegation (a "<u>PSA Party Repurchase Request</u>" and, each of an Owner Repurchase Request or a PSA Party Repurchase Request, a "<u>Repurchase Request</u>"), and the Enforcing Servicer will be required to promptly send the PSA Party Repurchase Request to the related mortgage loan seller. The Enforcing Servicer will be required to act as the Enforcing Party and enforce the rights of the issuing entity against the related mortgage loan seller with respect to the PSA Party Repurchase Request. However, if a Resolution Failure occurs with respect to the PSA Party Repurchase Request, the provisions described below under "*—Resolution of a Repurchase Request*" will apply.

In the event the Repurchase Request is not Resolved within 180 days after the applicable mortgage loan seller receives the Repurchase Request as described in "*—Certificateholder's Rights When a Repurchase Request is Initially Delivered by a Certificateholder*" or "*—Repurchase Request Delivered by a Party to the PSA*" above, a "<u>Resolution Failure</u>" will be deemed to have occurred. Receipt of the Repurchase Request will be deemed to occur 2 business days after the Repurchase Request is sent to the applicable mortgage loan seller. "<u>Resolved</u>" means, with respect to a Repurchase Request, that (i) the related Material Defect has been cured, (ii) the related Mortgage Loan has been repurchased in accordance with the related MLPA, (iii) a mortgage loan has been substituted for the related Mortgage Loan in accordance with the related MLPA, (iv) the applicable mortgage loan seller has made the Loss of Value Payment, (v) a contractually binding agreement is entered into between the Enforcing Servicer, on behalf of the issuing entity, and the related mortgage loan seller that settles the related mortgage loan seller's obligations under the related MLPA or (vi) the related Mortgage Loan is no longer property of the issuing entity as a result of a sale or other disposition in accordance with the PSA.

**Resolution of a Repurchase Request**

Within 2 business days after a Resolution Failure occurs with respect to a Repurchase Request made by any person other than the special servicer, the Controlling Class Representative or a Controlling Class Certificateholder relating to a non-Specially Serviced Loan, the master servicer will be required to send a written notice (a "<u>Master Servicer Proposed Course of Action Notice</u>") to the special servicer, indicating the master servicer's analysis and recommended course of action with respect to such Repurchase Request. The master servicer will also be required to deliver to the special servicer the servicing file and all information, documents and records (including records stored electronically on computer tapes, magnetic discs and the like) relating to such non-Specially Serviced Loan and, if applicable, the related Serviced Companion Loan, either in the master servicer's possession or otherwise reasonably available to the master servicer without undue burden or expense, and reasonably requested by the special servicer to the extent set forth in the PSA for such non-Specially Serviced Loan. Upon receipt of such Master Servicer Proposed Course of Action Notice and such servicing file, information, documents and records, the special servicer will become the Enforcing Servicer with respect to such Repurchase Request.

After a Resolution Failure occurs with respect to a Repurchase Request regarding a Mortgage Loan (whether the Repurchase Request was initiated by an Initial Requesting Certificateholder or by a party to the PSA), the Enforcing Servicer will be required to send a notice (a "<u>Proposed Course of Action Notice</u>") to the Initial Requesting Certificateholder, if any, at the address specified in the Initial Requesting Certificateholder's Repurchase Request, and to the certificate administrator. The certificate administrator will be required to make the Proposed Course of Action Notice available to all other Certificateholders, the RR Interest Owner and Certificate Owners by posting such notice on the certificate administrator's website, indicating the Enforcing Servicer's intended course of action with respect to the Repurchase Request (the "<u>Proposed Course of Action</u>").

The Proposed Course of Action Notice will be required to include (a) a request to Certificateholders to indicate their agreement with or dissent from such Proposed Course of Action by clearly marking "agree" or "disagree" to the Proposed Course of Action on such notice within 30 days of the date of such notice and a disclaimer that responses received after such 30-day period will not be taken into consideration, (b) a statement that if any Certificateholder disagrees with the Proposed Course of Action, the Enforcing Servicer will be compelled to follow (either as the Enforcing Party or as the Enforcing Servicer in circumstances where a Certificateholder is acting as the Enforcing Party) the course of action agreed to and/or proposed by the majority, by Certificate Balance of the responding Certificateholders that involves referring the matter to mediation or arbitration, as the case may be, in accordance with the procedures described below relating to the delivery of Preliminary Dispute Resolution Election Notices and Final Dispute Resolution Election Notices, (c) a statement that responding Certificateholders will be required to certify their holdings in connection with such response, (d) a statement that only responses clearly marked "agree" or "disagree" with such Proposed Course of Action will be taken into consideration and (e) instructions for responding Certificateholders to send their responses to the Enforcing Servicer and the certificate administrator. Within three (3) business days after the expiration of the 30-day response period, the certificate administrator will be required to tabulate the responses received from the Certificateholders and share the results with the Enforcing Servicer. The certificate administrator will only count responses timely received that clearly indicate agreement or dissent with the related Proposed Course of Action and additional verbiage or qualifying language will not be taken into consideration for purposes of determining whether the applicable Certificateholder agrees or disagrees with the Proposed Course of Action. The certificate administrator will be under no obligation to answer questions from Certificateholders regarding such Proposed Course of Action. For the avoidance of doubt, the certificate administrator's obligations in connection with this heading "*—Resolution of a Repurchase Request*" will be limited solely to tabulating Certificateholder responses of "agree" or "disagree" to the Proposed Course of Action, and such obligation will not be construed to impose any enforcement obligation on the certificate administrator. The Enforcing Servicer may conclusively rely (without investigation) on the certificate administrator's tabulation of the majority, by Certificate Balance of the responding Certificateholders.

If (a) the Enforcing Servicer's intended course of action with respect to the Repurchase Request does not involve pursuing further action to exercise rights against the applicable mortgage loan seller with respect to the Repurchase Request and the Initial Requesting Certificateholder, if any, or any other Certificateholder or Certificate Owner wishes to exercise its right to refer the matter to mediation (including nonbinding arbitration) or arbitration, as discussed below under "—*Mediation and Arbitration Provisions*", or (b) the Enforcing Servicer's intended course of action is to pursue further action to exercise rights against the applicable mortgage loan seller with respect to the Repurchase Request but the Initial Requesting Certificateholder, if any, or any other Certificateholder or Certificate Owner does not agree with the dispute resolution method selected by the Enforcing Servicer, then the Initial Requesting Certificateholder, if any, or such other Certificateholder or Certificate Owner may deliver to the Enforcing Servicer a written notice (a "<u>Preliminary Dispute Resolution Election Notice</u>") within 30 days after the date the Proposed Course of Action Notice is posted on the certificate administrator's website (the "<u>Dispute Resolution Cut-off Date</u>") indicating its intent to exercise its right to refer the matter to either mediation (including nonbinding arbitration) or arbitration. In the event that (a) the Enforcing Servicer's initial Proposed Course of Action indicated a recommendation to undertake mediation (including nonbinding arbitration) or arbitration, (b) any Certificateholder or Certificate Owner delivers a Preliminary Dispute Resolution Election Notice and (c) the Enforcing Servicer also received responses from other Certificateholders or Certificate Owners supporting the Enforcing Servicer's initial Proposed Course of Action, such additional responses from other Certificateholders and Certificate Owners will also be considered Preliminary Dispute Resolution Election Notices supporting such Proposed Course of Action for purposes of determining the course of action approved by the majority, by Certificate Balance, of Certificateholders.

If neither the Initial Requesting Certificateholder, if any, nor any other Certificateholder or Certificate Owner delivers a Preliminary Dispute Resolution Election Notice prior to the Dispute Resolution Cut-off Date, no Certificateholder or Certificate Owner will have the right to refer the Repurchase Request to mediation or arbitration, and the Enforcing Servicer, as the Enforcing Party, will be the sole party obligated and entitled to determine a course of action, including but not limited to, enforcing the issuing entity's rights against the related mortgage loan seller, subject to any consent or consultation rights of the Directing Holder.

Promptly and in any event within 10 business days following receipt of a Preliminary Dispute Resolution Election Notice from (i) the Initial Requesting Certificateholder, if any, or (ii) any other Certificateholder or Certificate Owner (other than the Class RR certificates) (each of clauses (i) or (ii), a "<u>Requesting Certificateholder</u>"), the Enforcing Servicer will be required to consult with each Requesting Certificateholder regarding such Requesting Certificateholder's intention to elect either mediation (including nonbinding arbitration) or arbitration as the dispute resolution method with respect to the Repurchase Request (the "<u>Dispute Resolution Consultation</u>") so that such Requesting Certificateholder may consider the views of the Enforcing Servicer as to the claims underlying the Repurchase Request and possible dispute resolution methods, such discussions to occur and be completed no later than 10 business days following the Dispute Resolution Cut-off Date. The Enforcing Servicer will be entitled to establish procedures the Enforcing Servicer deems in good faith to be in accordance with the Servicing Standard relating to the timing and extent of such consultations. No later than 5 business days after completion of the Dispute Resolution Consultation, a Requesting Certificateholder may provide a final notice to the Enforcing Servicer indicating its decision to exercise its right to refer the matter to either mediation or arbitration ("<u>Final Dispute Resolution Election Notice</u>").

If, following the Dispute Resolution Consultation, no Requesting Certificateholder timely delivers a Final Dispute Resolution Election Notice to the Enforcing Servicer, then the Enforcing Servicer will continue to act as the Enforcing Party and remain obligated under the PSA to determine a course of action, including but not limited to, enforcing the rights of the issuing entity with respect to the Repurchase Request and no Certificateholder or RR Interest Owner will have any further right to elect to refer the matter to mediation or arbitration.

If a Requesting Certificateholder timely delivers a Final Dispute Resolution Election Notice to the Enforcing Servicer, then such Requesting Certificateholder will become the Enforcing Party and must

promptly submit the matter to mediation (including nonbinding arbitration) or arbitration. If there is more than one Requesting Certificateholder that timely delivers a Final Dispute Resolution Election Notice, then such Requesting Certificateholders will collectively become the Enforcing Party, and the holder or holders of a majority of the Voting Rights among such Requesting Certificateholders will be entitled to make all decisions relating to such mediation or arbitration. If, however, no Requesting Certificateholder commences arbitration or mediation pursuant to the terms of the PSA within 30 days after delivery of its Final Dispute Resolution Election Notice to the Enforcing Servicer, then (i) the rights of a Requesting Certificateholder to act as the Enforcing Party will terminate and no Certificateholder or Certificate Owner will have any further right to elect to refer the matter to mediation or arbitration; (ii) if the Proposed Course of Action Notice indicated that the Enforcing Servicer will take no further action with respect to the Repurchase Request, then the related Material Defect will be deemed waived for all purposes under the PSA and the related MLPA; *provided*, *however*, that such Material Defect will not be deemed waived with respect to a Requesting Certificateholder, any other Certificateholder or Certificate Owner or the Enforcing Servicer to the extent there is a material change in the facts and circumstances known to such party; and (iii) if the Proposed Course of Action Notice had indicated a course of action other than the course of action under clause (ii), then the Enforcing Servicer will again become the Enforcing Party and, as such, will be the sole party obligated and entitled to determine a course of action, including but not limited to, enforcing the issuing entity's rights against the related mortgage loan seller.

Notwithstanding the foregoing, the dispute resolution provisions described under this heading "—*Resolution of a Repurchase Request*" will not apply, and the Enforcing Servicer will remain the Enforcing Party, if the Enforcing Servicer has commenced litigation with respect to the Repurchase Request, or determines in accordance with the Servicing Standard that it is in the best interest of Certificateholders and the RR Interest Owner to commence litigation with respect to the Repurchase Request to avoid the running of any applicable statute of limitations.

In the event a Requesting Certificateholder becomes the Enforcing Party, the Enforcing Servicer, on behalf of the issuing entity, will remain a party to any proceedings against the related mortgage loan seller as further described below. For the avoidance of doubt, none of the depositor, the mortgage loan seller with respect to the subject mortgage loan or any of their respective affiliates (except for any holders of the Controlling Class) will be entitled to be an Initial Requesting Certificateholder or a Requesting Certificateholder to act as a Certificateholder for purposes of delivering any Preliminary Dispute Resolution Election Notice or Final Dispute Resolution Election Notice or otherwise to vote certificates owned by it or such affiliate(s) with respect to a course of action proposed or undertaken pursuant to the procedures described under this "*—Dispute Resolution Provisions*" heading.

**Mediation and Arbitration Provisions**

If the Enforcing Party elects mediation (including nonbinding arbitration) or arbitration, the mediation or arbitration will be administered by a nationally recognized arbitration or mediation organization selected by the related mortgage loan seller. A single mediator or arbitrator will be selected by the mediation or arbitration organization from a list of neutrals maintained by it according to its mediation or arbitration rules then in effect. The mediator or arbitrator must be impartial, an attorney admitted to practice in the State of New York and have at least 15 years of experience in commercial litigation and either commercial real estate finance or commercial mortgage-backed securitization matters or other complex commercial transactions.

The expenses of any mediation will be allocated among the parties to the mediation including, if applicable, between the Enforcing Party and Enforcing Servicer, as mutually agreed by the parties as part of the mediation.

In any arbitration, the arbitrator will be required to resolve the dispute in accordance with the MLPA and PSA, and may not modify or change those agreements in any way or award remedies not consistent with those agreements. The arbitrator will not have the power to award punitive or consequential damages. In its final determination, the arbitrator will determine and award the costs of the arbitration to the parties to the arbitration in its reasonable discretion. In the event a Requesting Certificateholder is the

Enforcing Party, the Requesting Certificateholder will be required to pay any expenses allocated to the Enforcing Party in the arbitration proceedings or any expenses that the Enforcing Party agrees to bear in the mediation proceedings.

The final determination of the arbitrator will be final and non-appealable, except for actions to confirm or vacate the determination permitted under federal or state law, and may be entered and enforced in any court with jurisdiction over the parties and the matter. By selecting arbitration, the Enforcing Party would be waiving its right to sue in court, including the right to a trial by jury.

In the event a Requesting Certificateholder is the Enforcing Party, the agreement with the arbitrator or mediator, as the case may be, will be required under the PSA to contain an acknowledgment that the issuing entity, or the Enforcing Servicer on its behalf, will be a party to any arbitration or mediation proceedings solely for the purpose of being the beneficiary of any award in favor of the Enforcing Party; *provided* that the degree and extent to which the Enforcing Servicer actively prepares for and participates in such proceeding will be determined by such Enforcing Servicer in consultation with the Directing Holder, *provided* that no Consultation Termination Event is continuing and any applicable Excluded Loan is not involved, and in accordance with the Servicing Standard. All amounts recovered by the Enforcing Party will be required to be paid to the issuing entity, or the Enforcing Servicer on its behalf, and deposited in the Collection Account. The agreement with the arbitrator or mediator, as the case may be, will provide that in the event a Requesting Certificateholder is allocated any related costs and expenses pursuant to the terms of the arbitrator's decision or the agreement reached in mediation, neither the issuing entity nor the Enforcing Servicer acting on its behalf will be responsible for any such costs and expenses allocated to the Requesting Certificateholder.

The issuing entity (or the Enforcing Servicer or the trustee, acting on its behalf), the depositor or any mortgage loan seller will be permitted to redact any personally identifiable customer information included in any information provided for purposes of any mediation or arbitration. Each party to the proceedings will be required to agree to keep confidential the details related to the Repurchase Request and the dispute resolution identified in connection with such proceedings; *provided, however*, the Certificateholders and Certificate Owners will be permitted to communicate prior to the commencement of any such proceedings to the extent described under "*Description of the Certificates—Certificateholder Communication*".

For avoidance of doubt, in no event will the exercise of any right of a Requesting Certificateholder to refer a Repurchase Request to mediation or arbitration or participation in such mediation or arbitration affect in any manner the ability of the master servicer or the special servicer to perform its obligations with respect to a Mortgage Loan or the exercise of any rights of a Directing Holder.

Any out-of-pocket expenses required to be borne by or allocated to the Enforcing Servicer in a mediation or arbitration will be reimbursable as trust fund expenses.

**Servicing of the Non-Serviced Mortgage Loans**

 **General**

Each Non-Serviced Mortgage Loan is expected to be serviced pursuant to the related Non-Serviced PSA and the related Co-Lender Agreement. See "*Description of the Mortgage Pool—The Whole Loans—The Non-Serviced Pari Passu Whole Loans*".

The servicing terms of each such Non-Serviced PSA are expected to be similar in all material respects to the servicing terms of the PSA applicable to the Serviced Mortgage Loans; however, the servicing arrangements under such agreements will differ in certain respects. For example:

● Each Non-Serviced Master Servicer and Non-Serviced Special Servicer will be required to service the related Non-Serviced Mortgage Loan pursuant to a servicing standard set forth in the related Non-Serviced PSA that is substantially similar to, but may not be identical to, the Servicing Standard.

● Any party to the related Non-Serviced PSA that makes a property protection advance with respect to the related Non-Serviced Mortgage Loan will be entitled to reimbursement for that advance, with interest at the prime rate, in a manner substantially similar to the reimbursement of Property Protection Advances under the PSA. The issuing entity, as holder of the related Non-Serviced Mortgage Loan, will be responsible for its *pro rata* share of any such advance reimbursement amounts (including out of general collections on the Benchmark 2025-V18 mortgage pool, if necessary); *provided* that, in the case of the Non-Serviced PSA for the 180 Water Whole Loan, there are no mortgage loans other than the related Non-Serviced Whole Loan serviced under the related Non-Serviced PSA.

● Pursuant to the related Non-Serviced PSA, the liquidation fee, the special servicing fee and the workout fee with respect to the related Non-Serviced Mortgage Loan are similar to the corresponding fees payable under the PSA, except that caps, floors and offsets may differ or not apply.

● In connection with a workout of the 180 Water Whole Loan, the related Non-Serviced Special Servicer will be entitled to a workout fee equal to 1.00% of each collection (other than penalty charges) of principal and interest (other than any amount for which a liquidation fee would be paid) made by the related borrower on the applicable corrected Whole Loan for so long as it remains a corrected Whole Loan.

● In the case of the 180 Water Whole Loan, the related Non-Serviced Special Servicer will be entitled to a liquidation fee equal to 1.00% of the related payments or proceeds received in connection with the liquidation of the related Whole Loan or related REO Property.

● The extent to which modification fees or other fee items with respect to the related Whole Loan may be applied to offset interest on advances, servicer expenses and servicing compensation may, in certain circumstances, be less than is the case under the PSA.

● Items with respect to the related Non-Serviced Whole Loan that are the equivalent of assumption application fees, defeasance fees, assumption, waiver, consent and earnout fees, late payment charges, default interest and/or modification fees and that constitute additional servicing compensation under the related Non-Serviced PSA will not be payable to the master servicer or the special servicer under the PSA and one or more of such items will be allocated between the related Non-Serviced Master Servicer and the related Non-Serviced Special Servicer under the related Non-Serviced PSA in proportions that may be different than the allocation of similar fees under the PSA between the master servicer and the special servicer for this transaction.

● The Non-Serviced Directing Holder under the related Non-Serviced PSA will have or is expected to have rights substantially similar to the Directing Holder under the PSA with respect to the servicing and administration of the related Non-Serviced Whole Loan, including consenting to the substantial equivalent of Major Decisions under such Non-Serviced PSA proposed by the related Non-Serviced Master Servicer or Non-Serviced Special Servicer, as applicable, and reviewing and consenting to asset status reports prepared by such Non-Serviced Special Servicer in respect of the related Non-Serviced Whole Loan. "Major Decisions" under the related Non-Serviced PSA may differ in certain respects from those actions that constitute Major Decisions under the PSA, and therefore the specific types of servicer actions with respect to which the applicable Non-Serviced Directing Holder will be permitted to consent may correspondingly differ. The related Non-Serviced PSA also provides or is expected to provide for the removal of the applicable Non-Serviced Special Servicer by the related Non-Serviced Directing Holder under such Non-Serviced PSA under certain conditions that are similar to the conditions under which the Directing Holder is permitted to replace the special servicer under the PSA.

● The termination events that will result in the termination of the related Non-Serviced Master Servicer or Non-Serviced Special Servicer are or are expected to be substantially similar to, but not necessarily identical to, the Servicer Termination Events under the PSA applicable to the master servicer and special servicer, as applicable.

● Servicing transfer events under the related Non-Serviced PSA that would cause the related Non-Serviced Whole Loan to become specially serviced will be or are expected to be substantially similar to, but not necessarily identical to, the corresponding provisions under the PSA.

● The related Non-Serviced Special Servicer will be required to take actions with respect to the related Non-Serviced Whole Loan if it becomes the equivalent of a defaulted mortgage loan, which actions are or are expected to be substantially similar, but not necessarily identical, to the actions described under "*—Sale of Defaulted Loans and REO Properties* ".

● Appraisal reduction amounts in respect of the related Non-Serviced Mortgage Loan will be calculated by the related Non-Serviced Master Servicer or the Non-Serviced Special Servicer under the related Non-Serviced PSA in a manner substantially similar to, but not necessarily identical to, calculations of such amounts by the special servicer under the PSA in respect of Serviced Mortgage Loans.

● The requirement of the related Non-Serviced Master Servicer to make compensating interest payments in respect of the related Non-Serviced Mortgage Loan is similar, but not necessarily identical, to the requirement of the master servicer to make Compensating Interest Payments in respect of the Serviced Mortgage Loans under the PSA (although the portion of the servicing fee to be applied to make such payments may be less).

● The servicing provisions under the related Non-Serviced PSA relating to performing inspections and collecting operating information are or are expected to be substantially similar but not necessarily identical to those of the PSA.

● While the special servicer under the PSA and the Non-Serviced Special Servicer under the related Non-Serviced PSA must each resign as special servicer with respect to a mortgage loan if it obtains knowledge that it has (or, in certain cases, if it has) become affiliated with the related borrower under such mortgage loan, the particular types of affiliations that trigger such resignation obligation, as well as the parties that are entitled to appoint a successor special servicer, may differ as between the PSA and the related Non-Serviced PSA.

● The parties to the related Non-Serviced PSA (and their related directors, officers and other agents) will be entitled to reimbursement and/or indemnification for losses, liabilities, costs and expenses associated with the servicing of the related Non-Serviced Whole Loan under such Non-Serviced PSA to the same extent that parties to the PSA performing similar functions (and their related directors, officers and other agents) are entitled to reimbursement and/or indemnification for losses, liabilities, costs and expenses associated with their obligations under the PSA. The issuing entity, as holder of the related Non-Serviced Mortgage Loan, will be responsible for its *pro rata* share of any such indemnification amounts (including out of general collections on the Benchmark 2025-V18 mortgage pool, if necessary).

● The matters as to which notice or rating agency confirmation with respect to the rating agencies under the related Non-Serviced PSA are required are or are expected to be similar, but not necessarily identical to, similar matters with respect to the Rating Agencies under the PSA (and such agreements may differ as to whether it is notice or rating agency confirmation that is required and whether a notice to, or a confirmation from, the rating agencies under the related Non-Serviced PSA in connection with an action involving the subject Non-Serviced

Whole Loan would also be required to be made to or obtained from the Rating Agencies under the PSA).

● With respect to non-specially serviced mortgage loans, the related Non-Serviced PSA may differ with respect to whether the related Non-Serviced Master Servicer or related Non-Serviced Special Servicer will be responsible for conducting or managing certain litigation related to such mortgage loans.

● Each of the related Non-Serviced Master Servicer and related Non-Serviced Special Servicer will be liable in accordance with the related Non-Serviced PSA only to the extent of its obligations specifically imposed by that agreement. Accordingly, in general, each of the related Non-Serviced Master Servicer and related Non-Serviced Special Servicer will not be liable for any action taken, or for refraining from the taking of any action, in good faith pursuant to the related Non-Serviced PSA or for errors in judgment; *provided* that neither such party will be protected against any breach of representations or warranties made by it in the related Non-Serviced PSA or against any liability which would otherwise be imposed by reason of willful misconduct, bad faith or negligence in the performance of duties or by reason of negligent disregard of obligations and duties under the related Non-Serviced PSA.

● With respect to each Non-Serviced Mortgage Loan as to which the related lead securitization that includes the controlling Pari Passu Companion Loan does not involve the issuance of "eligible vertical interests" (as defined in the Credit Risk Retention Rules), the related Non-Serviced PSA does not provide for "risk retention consultation parties" with certain consultation rights.

● With respect to the 180 Water Whole Loan, there is no (i) asset representations reviewer under the related Non-Serviced PSA or (ii) certificateholder-directed dispute resolution procedures similar to those described under "*—Dispute Resolution Provisions*" with respect to the Companion Loan(s) securitized under the related Non-Serviced PSA.

● The provisions of the related Non-Serviced PSA may also vary from the PSA with respect to one or more of the following: timing, control or consultation triggers or thresholds, terminology, allocation of ministerial duties between multiple servicers or other service providers or certificateholder or investor voting or consent thresholds, master servicer and special servicer termination events, rating requirements for accounts and permitted investments, eligibility requirements applicable to servicers and other service providers, and the circumstances under which approvals, consents, consultation, notices or rating agency confirmations may be required.

The master servicer, the special servicer, the certificate administrator and the trustee under the PSA have no obligation or authority to (a) supervise any related Non-Serviced Master Servicer, Non-Serviced Special Servicer, Non-Serviced Certificate Administrator or Non-Serviced Trustee or (b) make servicing advances with respect to any Non-Serviced Whole Loan. The obligation of the master servicer to provide information and collections and make P&I Advances to the certificate administrator for the benefit of the Certificateholders with respect to each Non-Serviced Mortgage Loan is dependent on its receipt of the corresponding information and/or collections from the applicable Non-Serviced Master Servicer or Non-Serviced Special Servicer.

Furthermore, the Yosemite Hospitality Portfolio Whole Loan is expected to be included in a securitization that is expected to close prior to the Closing Date. The servicing terms of the related pooling and servicing agreement or trust and servicing agreement, as applicable, for such securitization are not definitively known and may not be wholly consistent with the description of the Non-Serviced PSAs above.

Notwithstanding the foregoing, the servicing of each Servicing Shift Whole Loan is expected to be governed by the PSA only temporarily, until the securitization of the related Controlling Companion Loan. Thereafter, such Servicing Shift Whole Loan will be serviced by the related master servicer and, if and to

the extent necessary, the related special servicer under and pursuant to the terms of the related Servicing Shift PSA governing such future securitization. Although, in the case of each Servicing Shift Whole Loan, the related Co-Lender Agreement imposes some requirements regarding the terms of the related Servicing Shift PSA governing such future securitization, the securitization to which the related Controlling Companion Loan is to be contributed has not been determined, and accordingly, the servicing terms of such future Servicing Shift PSA are unknown and may not be consistent with the description of Non-Serviced PSAs above.

**Servicing of the 180 Water Whole Loan**

The 180 Water Mortgage Loan is being serviced pursuant to the COMM 2025-180W TSA. The servicing terms of the COMM 2025-180W TSA are similar in all material respects to the servicing terms of the PSA applicable to the Serviced Whole Loans; however, the servicing arrangements under such agreements will differ in certain respects, including as set forth above under "—*General*" and the following:

● The related Non-Serviced Master Servicer under the COMM 2025-180W TSA will earn a primary servicing fee with respect to the 180 Water Mortgage Loan equal to 0.00040% per annum.

● Upon the 180 Water Mortgage Loan becoming a specially serviced loan under the COMM 2025-180W TSA, the related Non-Serviced Special Servicer under the COMM 2025-180W TSA will earn a special servicing fee payable monthly with respect to the 180 Water Mortgage Loan accruing at a rate equal to 0.25% per annum.

● The related Non-Serviced Special Servicer under the COMM 2025-180W TSA will be entitled to a workout fee determined, with respect to each applicable principal and interest collection, at a workout fee rate equal to 1.00%.

● The related Non-Serviced Special Servicer under the COMM 2025-180W TSA will be entitled to a liquidation fee determined, with respect to the applicable liquidation proceeds, at a liquidation fee rate equal to 1.00%.

*S*ee also "*Description of the Mortgage Pool—*The *Whole Loans—The Non-Serviced AB Whole Loan—The 180 Water Whole Loan*"*.*

**Rating Agency Confirmations**

The PSA will provide that, notwithstanding the terms of the related Mortgage Loan documents or other provisions of the PSA, if any action under such Mortgage Loan documents or the PSA requires a Rating Agency Confirmation from each of the Rating Agencies as a condition precedent to such action, if the party (the "<u>Requesting Party</u>") required to obtain such Rating Agency Confirmations has made a request to any Rating Agency for such Rating Agency Confirmation and, within 10 business days of such request being posted to the 17g-5 Information Provider's website, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then such Requesting Party will be required to confirm (through direct communication and not by posting any confirmation on the 17g-5 Information Provider's website) that the applicable Rating Agency has received the Rating Agency Confirmation request, and, if it has not, promptly request the related Rating Agency Confirmation again. The circumstances described in the preceding sentence are referred to in this prospectus as a "<u>RAC No-Response Scenario</u>".

If there is no response to either such Rating Agency Confirmation request within 5 business days of such second request in a RAC No-Response Scenario or if such Rating Agency has responded in a manner that indicates such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (x) with respect to any condition in any Mortgage Loan document requiring such Rating Agency Confirmation, or with respect to any other matter under the PSA relating to the servicing of the Mortgage Loans (other than as set forth in clause (y) below), the requirement to

obtain a Rating Agency Confirmation will be deemed not to apply (as if such requirement did not exist) with respect to such Rating Agency, and the master servicer or the special servicer, as the case may be, may then take such action if the master servicer or the special servicer, as applicable, confirms its original determination (made prior to making such request) that taking the action with respect to which it requested the Rating Agency Confirmation would still be consistent with the Servicing Standard, and (y) with respect to a replacement of the master servicer or the special servicer, such condition will be deemed not to apply (as if such requirement did not exist) if (i) the replacement master servicer or special servicer is on S&P's Select Servicer List as a U.S. Commercial Mortgage Master Servicer or U.S. Commercial Mortgage Special Servicer, as applicable, if S&P is the non-responding Rating Agency, (ii) the applicable replacement master servicer or special servicer is rated at least "CMS3" (in the case of the master servicer) or "CSS3" (in the case of the special servicer), if Fitch is the non-responding Rating Agency, or (iii) KBRA has not publicly cited servicing concerns of the applicable replacement master servicer or special servicer as the sole or a material factor in any qualification, downgrade or withdrawal of the ratings (or placement on "watch status" in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed securitization transaction serviced by the master servicer or special servicer prior to the time of determination, if KBRA is the non-responding Rating Agency. Promptly following the master servicer's or special servicer's determination to take any action discussed above following any requirement to obtain Rating Agency Confirmation being deemed not to apply (as if such requirement did not exist) as described in clause (x) above, the master servicer or the special servicer will be required to provide electronic written notice to the 17g-5 Information Provider, who will promptly post such notice to the 17g-5 Information Provider's website pursuant to the PSA, of the action taken.

For all other matters or actions not specifically discussed above, the applicable Requesting Party will be required to obtain a Rating Agency Confirmation from each of the Rating Agencies. In the event an action otherwise requires a Rating Agency Confirmation from each of the Rating Agencies, in absence of such Rating Agency Confirmation, we cannot assure you that any Rating Agency will not downgrade, qualify or withdraw its ratings as a result of any such action taken by the master servicer or the special servicer in accordance with the procedures discussed above.

As used above, "<u>Rating Agency Confirmation</u>" means, with respect to any matter, confirmation in writing (which may be in electronic form) by each applicable Rating Agency that a proposed action, failure to act or other event specified in this prospectus will not, in and of itself, result in the downgrade, withdrawal or qualification of the then-current rating assigned to any class of certificates (if then rated by the Rating Agency); *provided* that a written waiver or acknowledgment from the Rating Agency indicating its decision not to review the matter for which the Rating Agency Confirmation is sought will be deemed to satisfy the requirement for the Rating Agency Confirmation from the Rating Agency with respect to such matter. The "<u>Rating Agencies</u>" mean each of S&P Global Ratings, acting through Standard & Poor's Financial Services LLC ("<u>S&P</u>"), Fitch Ratings, Inc. ("<u>Fitch</u>") and Kroll Bond Rating Agency, LLC ("<u>KBRA</u>").

Any Rating Agency Confirmation requests made by the master servicer, the special servicer, certificate administrator, or trustee, as applicable, pursuant to the PSA, will be required to be made in writing, which writing must contain a cover page indicating the nature of the Rating Agency Confirmation request, and must contain all back-up material necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation requests must be provided in electronic format to the 17g-5 Information Provider (who will be required to post such request on the 17g-5 Information Provider's website in accordance with the PSA).

The master servicer, the special servicer, the certificate administrator and the trustee will be permitted (but not obligated) to orally communicate with the Rating Agencies regarding any of the Mortgage Loan documents or any matter related to the Mortgage Loans, the related Mortgaged Properties, the related borrowers or any other matters relating to the PSA or any related Co-Lender Agreement; *provided* that such party summarizes the information provided to the Rating Agencies in such communication in writing and provides the 17g-5 Information Provider with such written summary the same day such communication takes place; *provided*, *further*, that the summary of such oral communications will not identify with which Rating Agency the communication was. The 17g-5 Information Provider will be

required to post such written summary on the 17g-5 Information Provider's website in accordance with the provisions of the PSA. All other information required to be delivered to the Rating Agencies pursuant to the PSA or requested by the Rating Agencies, will first be provided in electronic format to the 17g-5 Information Provider, who will be required to post such information to the 17g-5 Information Provider's website in accordance with the PSA. The operating advisor will have no obligation or authority to communicate directly with the Rating Agencies, but may deliver required information to the Rating Agencies to the extent set forth in this prospectus.

The PSA will provide that the PSA may be amended to change the procedures regarding compliance with Rule 17g-5 without any Certificateholder or RR Interest Owner consent; *provided* that notice of any such amendment must be provided to the 17g-5 Information Provider (who will post such notice to the 17g-5 Information Provider's website) and to the certificate administrator (which will post such report to the certificate administrator's website).

To the extent required under the PSA, in the event a rating agency confirmation is required by the applicable rating agencies that any action under any Mortgage Loan documents or the PSA will not result in the downgrade, withdrawal or qualification of any such rating agency's then-current ratings of any securities related to a Companion Loan, then such rating agency confirmation may be considered satisfied in the same manner as described above with respect to any Rating Agency Confirmation from a Rating Agency.

**Evidence as to Compliance**

Each of the master servicer, the special servicer (regardless of whether the special servicer has commenced special servicing of a Mortgage Loan), the custodian, the trustee (*provided*, *however*, that the trustee will not be required to deliver an assessment of compliance with respect to any period during which there was no relevant servicing criteria applicable to it) and the certificate administrator will be required to furnish (and each such party will be required, with respect to each sub-servicer (required to provide such officer's certificate under Regulation AB) with which it has entered into a servicing relationship with respect to the Mortgage Loans, to cause (or, in the case of a sub-servicer (required to provide such officer's certificate under Regulation AB) that a mortgage loan seller requires the master servicer to retain, to use commercially reasonable efforts to cause) such sub-servicer to furnish) to the depositor, the certificate administrator, the trustee and the 17g-5 Information Provider, an officer's certificate of the officer responsible for the servicing activities of such party stating, as to the signer thereof, among other things, that (i) a review of that party's activities during the preceding calendar year or portion of that year and of performance under the PSA or any sub-servicing agreement in the case of an additional master servicer or special servicer, as applicable, has been made under such officer's supervision and (ii) to the best of such officer's knowledge, based on the review, such party has fulfilled all of its obligations under the PSA or the sub-servicing agreement in the case of an additional master servicer or special servicer, as applicable, in all material respects throughout the preceding calendar year or portion of such year, or, if there has been a failure to fulfill any such obligation in any material respect, specifying each such failure known to such officer and the nature and status of the failure.

In addition, each of the master servicer, the special servicer (regardless of whether the special servicer has commenced special servicing of any Mortgage Loan), the trustee (*provided*, *however*, that the trustee will not be required to deliver an assessment of compliance with respect to any period during which there was no relevant servicing criteria applicable to it), the custodian, the certificate administrator and the operating advisor, each at its own expense, will be required to furnish (and each such party will be required, with respect to each servicing function participant with which it has entered into a servicing relationship with respect to the Mortgage Loans to cause (or, in the case of a sub-servicer that is also a servicing function participant that a mortgage loan seller requires the master servicer to retain, to use commercially reasonable efforts to cause) such servicing function participant to furnish) to the trustee, the certificate administrator, the 17g-5 Information Provider and the depositor (and, with respect to the special servicer, also to the operating advisor) a report (an "<u>Assessment of Compliance</u>") assessing compliance

by that party with the servicing criteria set forth in Item 1122(d) of Regulation AB (as described below) under the Securities Act of 1933, as amended (the "<u>Securities Act</u>") that contains the following:

● a statement of the party's responsibility for assessing compliance with the servicing criteria set forth in Item 1122 of Regulation AB applicable to it;

● a statement that the party used the criteria in Item 1122(d) of Regulation AB to assess compliance with the applicable servicing criteria;

● the party's assessment of compliance with the applicable servicing criteria during and as of the end of the fiscal year, covered by the Form 10-K required to be filed pursuant to the PSA setting forth any material instance of noncompliance identified by the party, a discussion of each such failure and the nature and status of such failure; and

● a statement that a registered public accounting firm has issued an attestation report (an " <u>Attestation Report</u> ") on the party's assessment of compliance with the applicable servicing criteria during and as of the end of the prior fiscal year.

Each party that is required to deliver an Assessment of Compliance will also be required to simultaneously deliver an Attestation Report of a registered public accounting firm, prepared in accordance with the standards for attestation engagements issued or adopted by the public company accounting oversight board, that expresses an opinion, or states that an opinion cannot be expressed (and the reasons for this), concerning the party's assessment of compliance with the applicable servicing criteria set forth in Item 1122(d) of Regulation AB.

With respect to any Non-Serviced Whole Loan, each of the related Non-Serviced Master Servicer, the related Non-Serviced Special Servicer, the related Non-Serviced Trustee and the related Non-Serviced Certificate Administrator will have obligations under the related Non-Serviced PSA similar to those described above.

"<u>Regulation AB</u>" means subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100–229.1125, as such may be amended from time to time, and subject to such clarification and interpretation as have been provided by the SEC or by the staff of the SEC, or as may be provided by the SEC or its staff from time to time.

**Limitation on Rights of Certificateholders and the RR Interest Owner to Institute a Proceeding**

Other than with respect to any rights to deliver an Owner Repurchase Request and exercise the rights described under "*—Dispute Resolution Provisions*", no Certificateholder or the RR Interest Owner will have any right under the PSA to institute any proceeding with respect to the PSA or with respect to the certificates or the RR Interest, unless the holder or RR Interest Owner previously has given to the trustee and the certificate administrator written notice of default and the continuance of the default and unless the holders of certificates evidencing not less than 25% of the aggregate Percentage Interests constituting the class have made written request upon the trustee to institute a proceeding in its own name (as trustee) and have offered to the trustee indemnity reasonably satisfactory to it, and the trustee for 60 days after receipt of the request and indemnity has neglected or refused to institute the proceeding. However, the trustee will be under no obligation to exercise any of the trusts or powers vested in it by the PSA or the certificates or the RR Interest or to institute, conduct or defend any related litigation at the request, order or direction of any of the Certificateholders or the RR Interest Owner, unless the Certificateholders or the RR Interest Owner have offered to the trustee reasonable security or indemnity against the costs, expenses and liabilities that may be incurred as a result.

**Termination; Retirement of Certificates**

(or related Advance) or other liquidation of the last Mortgage Loan and REO Property (as applicable) subject to the PSA, (2) the voluntary exchange of all the then-outstanding certificates (other than the Class R certificates) and the RR Interest for the Mortgage Loans and each REO Property remaining in the issuing entity (*provided, however*, that (a) the aggregate certificate balance of the Class A-1, Class A-2, Class A-3, Class A-S, Class B, Class C and Class D certificates and the Notional Amounts of the Class X-A, Class X-B, Class X-D, Class X-F, Class X-G and Class X-J certificates have been reduced to zero, (b) there is only one holder (or multiple holders acting unanimously) of the then-outstanding certificates (other than the Class R certificates) and the RR Interest and (c) the master servicer is paid a fee equal to (i) the product of (x) the Prime Rate, (y) the aggregate Certificate Balance and the RR Interest Balance (as applicable) of the then-outstanding certificates (other than the Class X Certificates and Class R certificates) and the RR Interest as of the date of the exchange and (z) three (3), divided by (ii) 360) or (3) the purchase or other liquidation of all of the assets of the issuing entity as described below by the holders of the Controlling Class, the special servicer, the master servicer or the holders of the Class R certificates, in that order of priority. Written notice of termination of the PSA will be given by the certificate administrator to each Certificateholder and the 17g-5 Information Provider (who will promptly post such notice to the 17g-5 Information Provider's website). The final distribution will be made only upon surrender and cancellation of the certificates at the office of the certificate registrar or other location specified in the notice of termination.

The holders of the Controlling Class representing greater than 50% of the Certificate Balance of the Controlling Class, the special servicer, the master servicer and the holders of the Class R certificates representing greater than 50% of the Percentage Interest of such class (in that order) will have the right to purchase all of the assets of the issuing entity. This purchase of all the Mortgage Loans and other assets in the issuing entity is required to be made at a price equal to (a) the sum of (1) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Loans) then included in the issuing entity, (2) the appraised value of the issuing entity's portion of all REO Properties then included in the issuing entity (which fair market value for any REO Property may be less than the Purchase Price for the corresponding REO Loan), as determined by an appraiser selected by the master servicer and approved by certain classes of certificates, (3) the reasonable out of pocket expenses of the master servicer and special servicer related to such purchase, unless the master servicer or special servicer, as applicable, is the purchaser and (4) if the Mortgaged Property secures a Non-Serviced Mortgage Loan and is an REO Property under the terms of the related Non-Serviced PSA, the *pro rata* portion of the fair market value of the related property, as determined by the Non-Serviced Master Servicer in accordance with clause (2) above, less (b) solely in the case where the master servicer is exercising such purchase right, the aggregate amount of unreimbursed Advances, and interest thereon, and unpaid Servicing Fees remaining outstanding and payable solely to the master servicer (which items will be deemed to have been paid or reimbursed to the master servicer in connection with such purchase). This purchase will effect early retirement of the then-outstanding certificates, but the rights of the holders of the Controlling Class, the special servicer, the master servicer or the holders of the Class R certificates to effect the termination is subject to the requirements that the then aggregate Stated Principal Balance of the Mortgage Loans remaining in the issuing entity is less than 1.0% of the aggregate Cut-off Date Balance of all of the Mortgage Loans. The voluntary exchange of certificates (other than the Class R certificates), for the remaining Mortgage Loans is not subject to the above described percentage limits but is limited to each such class of outstanding certificates being held by one Certificateholder (or group of Certificateholders acting unanimously) who must voluntarily participate.

On the applicable Distribution Date, the aggregate amount paid by the holders of the Controlling Class, the special servicer, the master servicer or the holders of the Class R certificates, as the case may be, for the Mortgage Loans and other applicable assets in the issuing entity, together with all other amounts on deposit in the Collection Account and not otherwise payable to a person other than the Certificateholders and the RR Interest Owner, will be applied generally as described above under "*Description of the Certificates—Distributions—Priority of Distributions*".

 **Amendment**

The PSA may be amended by the parties to the PSA, without the consent of any of the Certificateholders, the RR Interest Owner or holders of any Companion Loan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to correct any defect or ambiguity in the PSA in order to address any manifest error in any provision of the PSA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to cause the provisions in the PSA to conform or be consistent with or in furtherance of the statements made in the prospectus (or in an offering document for any related non-offered certificates) with respect to the certificates, the RR Interest, the issuing entity or the PSA or to correct or supplement any of its provisions which may be defective or inconsistent with any other provisions in the PSA or to correct any error;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account, *provided* that (A) the Master Servicer Remittance Date will in no event be later than the business day prior to the related Distribution Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder or the RR Interest Owner, as evidenced in writing by an opinion of counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to modify, eliminate or add to any of its provisions to the extent as will be necessary to maintain the qualification of any Trust REMIC as a REMIC under the relevant provisions of the Code at all times that any certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the issuing entity or any Trust REMIC; *provided* that the trustee and the certificate administrator have received an opinion of counsel (at the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of imposition of any such tax and (2) the action will not adversely affect in any material respect the interests of any Certificateholder, the RR Interest Owner or holder of a Companion Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to modify, eliminate or add to any of its provisions to restrict (or to remove any existing restrictions with respect to) the transfer of the Residual Certificates; *provided* that the depositor has determined that the amendment will not, as evidenced by an opinion of counsel, give rise to any federal tax with respect to the transfer of the Residual Certificates to a non-permitted transferee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to revise or add any other provisions with respect to matters or questions arising under the PSA or any other change, *provided* that the required action will not adversely affect in any material respect the interests of any Certificateholder, the RR Interest Owner or any holder of a Serviced Companion Loan not consenting to such revision or addition, as evidenced in writing by an opinion of counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (*provided* that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the certificates as described in this prospectus);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to amend or supplement any provision of the PSA to the extent necessary to maintain the then-current ratings assigned to each class of Offered Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (*provided* that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the certificates as described in this prospectus); *provided* that such amendment or supplement would not adversely affect in any material

respect the interests of any Certificateholder or the RR Interest Owner not consenting to such amendment or supplement, as evidenced by an opinion of counsel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to modify the provisions of the PSA with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts if (a) the depositor, the master servicer, the trustee and, with respect to any Mortgage Loan other than any applicable Excluded Loan and for so long as no Control Termination Event is continuing, the Directing Holder, determine that the commercial mortgage-backed securities industry standard for such provisions has changed, in order to conform to such industry standard, (b) such modification does not cause either Trust REMIC to fail to qualify as a REMIC under the relevant provisions of the Code, as evidenced by an opinion of counsel and (c) a Rating Agency Confirmation and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Serviced Pari Passu Companion Loan, if any (*provided* that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the certificates as described in this prospectus);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to modify the procedures set forth in the PSA relating to compliance with Rule 17g-5, *provided* that the change would not adversely affect in any material respect the interests of any Certificateholder, as evidenced by (A) an opinion of counsel or (B) if any certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such certificates; and *provided*, *further*, that the certificate administrator must give notice of any such amendment to the 17g-5 Information Provider for posting on the 17g-5 Information Provider's website and the certificate administration must post such notice to its website;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) to modify, eliminate or add to any of its provisions to such extent as will be necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) to modify, eliminate or add to any of its provisions (i) to such extent as will be necessary to comply with the requirements of the Credit Risk Retention Rules, as evidenced by an opinion of counsel, or (ii) in the event the Credit Risk Retention Rules or any other regulations applicable to the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced by an opinion of counsel.

The PSA may also be amended by the parties to the PSA with the consent of the RR Interest Owner (if affected by such amendment) and the holders of certificates of each class affected by such amendment evidencing, in the case of Certificateholders, a majority of the aggregate Percentage Interests constituting the class for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the PSA or of modifying in any manner the rights of the holders of the certificates or the RR Interest Owner, except that the amendment may not directly (1) reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans that are required to be distributed on a certificate of any class or the RR Interest without the consent of the holder of such certificate or the RR Interest Owner, as applicable, or which are required to be distributed to a holder of a Companion Loan without the consent of such holder, (2) reduce the aforesaid percentage of certificates of any class the holders of which are required to consent to the amendment or remove the requirement to obtain consent of any holder of a Companion Loan, without the consent of the holders of all certificates of that class then-outstanding or such holder of any related Companion Loan, (3) adversely affect the Voting Rights of any class of certificates, without the consent of the holders of all certificates of that class then-outstanding, (4) change in any manner any defined term used in any MLPA or the obligations or rights of a mortgage loan seller under the related MLPA without the consent of such mortgage loan seller, or (5) amend the Servicing Standard without, in each case, the consent of 100% of the holders of certificates and the RR Interest Owner or a Rating Agency Confirmation by each Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (*provided* that such rating

agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the certificates as described in this prospectus).

Notwithstanding the foregoing, no amendment to the PSA may be made that changes in any manner the obligations of a mortgage loan seller under the related MLPA or the rights of such mortgage loan seller, including as a third party beneficiary, under the PSA, without the consent of such mortgage loan seller. In addition, no amendment to the PSA may be made that changes any provisions specifically required to be included in the PSA by any Non-Serviced Co-Lender Agreement without the consent of the holder of the related Non-Serviced Companion Loan. Further, no amendment to the PSA may be made that materially and adversely affects the RR Interest Owner without the consent of the RR Interest Owner.

Also, notwithstanding the foregoing, no party will be required to consent to any amendment to the PSA without the trustee, the certificate administrator, the master servicer, the special servicer, the asset representations reviewer and the operating advisor having first received an opinion of counsel (at the issuing entity's expense) to the effect that the amendment does not conflict with the terms of the PSA, and that the amendment or the exercise of any power granted to the master servicer, the special servicer, the depositor, the certificate administrator, the trustee, the operating advisor, the asset representations reviewer or any other specified person in accordance with the amendment will not result in the imposition of a tax on any portion of the issuing entity or cause any Trust REMIC to fail to qualify as a REMIC under the relevant provisions of the Code.

**Resignation and Removal of the Trustee and the Certificate Administrator**

Each of the trustee and the certificate administrator will at all times be, and will be required to resign if it fails to be, (i) a corporation, national bank, national banking association or a trust company, organized and doing business under the laws of any state or the United States of America, authorized under such laws to exercise corporate trust powers and to accept the trust conferred under the PSA, having a combined capital and surplus of at least $100,000,000, subject to supervision or examination by federal or state authority, an entity that is not on the depositor's "prohibited party" list, and (ii)(A) in the case of the trustee (1) will not be an affiliate of the master servicer or the special servicer (except during any period when the trustee is acting as, or has become successor to, the master servicer or the special servicer, as the case may be) and (2) an institution whose long-term senior unsecured debt rating or issuer credit rating is at least (x) "BBB" by S&P, (y) "A" by Fitch (or short-term debt rating of "F1" by Fitch) (*provided*, *however*, that, in the case of this clause (y), the trustee may maintain a rating of "BBB-" by Fitch as long as either (1) the master servicer has a rating on its long-term senior unsecured debt of at least "A" by Fitch or has a short-term rating of at least "F1" by Fitch, or (2) the trustee maintains an agreement that is either (I) the agreement dated February 20, 2025, which was previously delivered to Fitch, or (II) another agreement as to which Fitch has provided a Rating Agency Confirmation, in either case, with a national banking association with a rating of at least "A" on its long-term senior unsecured debt or issuer credit rating by Fitch or a short-term rating of "F1" by Fitch which agreement provides for such national banking association to make advances if the trustee, in its capacity as backup advancing party, is unable to do so; *provided*, *further*, that the trustee will notify Fitch within thirty (30) days in the event there is a downgrade of such banking association's Fitch rating, the agreement is terminated, or any other changes that may limit the agreement) and (z) if rated by KBRA, a long-term senior unsecured debt rating or issuer credit rating of at least "BBB-" by KBRA (or if not rated by KBRA, then at least an equivalent rating by two (2) other NRSROs, which may include S&P and Fitch), (B) in the case of the certificate administrator, an institution whose long-term senior unsecured debt or issuer credit rating is rated at least "BBB-" by KBRA (or an investment grade rating by any other NRSRO, which may include S&P or Fitch) or (C) in the case of each of the certificate administrator and the trustee, as otherwise acceptable to each Rating Agency as evidenced by the receipt of a Rating Agency Confirmation.

The trustee and the certificate administrator will be also permitted at any time to resign from their obligations and duties under the PSA by giving 30 days' prior written notice (which notice will be posted to the certificate administrator's website pursuant to the PSA) to the depositor, the master servicer, the special servicer, the trustee or the certificate administrator, as applicable, all Certificateholders, the RR Interest Owner, the operating advisor, the asset representations reviewer and the 17g-5 Information

Provider (who will promptly post such notice to the 17g-5 Information Provider's website). Upon receiving this notice of resignation, the depositor will be required to use its reasonable best efforts to promptly appoint a successor trustee or certificate administrator. If no successor trustee or certificate administrator has accepted an appointment within 120 days after the giving of notice of resignation, the resigning trustee or certificate administrator, as applicable, may petition any court of competent jurisdiction to appoint a successor trustee or certificate administrator, as applicable, and such petition will be an expense of the issuing entity.

If at any time the trustee or certificate administrator ceases to be eligible to continue as trustee or certificate administrator, as applicable, under the PSA, and fails to resign after written request therefor by the depositor or the master servicer, or if at any time the trustee or certificate administrator becomes incapable of acting, or if certain events of, or proceedings in respect of, bankruptcy or insolvency occur with respect to the trustee or certificate administrator, or if the trustee or certificate administrator fails to timely publish any report to be delivered, published, or otherwise made available by the certificate administrator pursuant to the PSA, and such failure continues unremedied for a period of 5 days, or if the certificate administrator fails to make distributions required pursuant to the PSA, the depositor will be authorized to remove the trustee or certificate administrator, as applicable, and appoint a successor trustee or certificate administrator reasonably acceptable to the master servicer.

In addition, holders of certificates entitled to at least 50% of the Voting Rights may at any time upon 30 days' written notice, with or without cause, remove the trustee or certificate administrator under the PSA and appoint a successor trustee or certificate administrator. In the event that holders of certificates entitled to at least 50% of the Voting Rights elect to remove the trustee or certificate administrator without cause and appoint a successor, the successor trustee or certificate administrator, as applicable, will be responsible for all expenses necessary to effect the transfer of responsibilities from its predecessor.

Any resignation or removal of the trustee or certificate administrator and appointment of a successor trustee or certificate administrator will not become effective until (i) acceptance of appointment by the successor trustee or certificate administrator, as applicable, and (ii) the certificate administrator files any required Form 8-K. Further, the resigning trustee or certificate administrator, as the case may be, must pay all costs and expenses associated with the transfer of its duties.

The trustee or certificate administrator will be required to bear all reasonable out-of-pocket costs and expenses of each other party to the PSA and each Rating Agency in connection with any removal for cause or resignation of such trustee or certificate administrator as and to the extent required under the PSA.

The PSA will prohibit the appointment of the asset representations reviewer or one of its affiliates as successor to the trustee or certificate administrator.

**Governing Law; Waiver of Jury Trial; and Consent to Jurisdiction**

The PSA will be governed by the laws of the State of New York. Each party to the PSA will waive its respective right to a jury trial for any claim or cause of action based upon or arising out of or related to the PSA or certificates. Additionally each party to the PSA will consent to the jurisdiction of any New York State and Federal courts sitting in New York City with respect to matters arising out of or related to the PSA.

**Certain Legal Aspects of Mortgage Loans**

The following discussion contains general summaries of certain legal aspects of mortgage loans secured by commercial, multifamily residential and manufactured housing properties. Because such legal aspects are governed by applicable local law (which laws may differ substantially), the summaries do not purport to be complete, to reflect the laws of any particular jurisdiction, or to encompass the laws of all jurisdictions in which the security for the mortgage loans is situated.

**New York**

Twenty-five (25) Mortgaged Properties (23.7%) are located in New York. Mortgage loans in New York are generally secured by mortgages on the related real estate. Foreclosure of a mortgage is usually accomplished in judicial proceedings. After an action for foreclosure is commenced, and if the lender secures a ruling that is entitled to foreclosure ordinarily by motion for summary judgment, the court then appoints a referee to compute the amount owed together with certain costs, expenses and legal fees of the action. The lender then moves to confirm the referee's report and enter a final judgment of foreclosure and sale. Public notice of the foreclosure sale, including the amount of the judgment, is given for a statutory period of time, after which the mortgaged real estate is sold by a referee at public auction. There is no right of redemption after the foreclosure of sale. In certain circumstances, deficiency judgments may be obtained. Under mortgages containing a statutorily sanctioned covenant, the lender has a right to have a receiver appointed without notice and without regard to the adequacy of the mortgaged real estate as security for the amount owed.

 **California**

Eleven (11) Mortgaged Properties (13.3%) are located in California. Mortgage loans in California are generally secured by deeds of trust on the related real estate. Foreclosure of a deed of trust in California may be accomplished by a non-judicial trustee's sale (so long as it is permitted under a specific provision in the deed of trust) or by judicial foreclosure, in each case subject to and accordance with the applicable procedures and requirements of California law. Public notice of either the trustee's sale or the judgment of foreclosure is given for a statutory period of time after which the mortgaged real estate may be sold by the trustee, if foreclosed pursuant to the trustee's power of sale, or by court appointed sheriff under a judicial foreclosure. Following a judicial foreclosure sale, the borrower or its successor-in-interest may, for a period of up to one year, redeem the property; however, there is no redemption following a trustee's power of sale. California's "security first" and "one action" rules require the lender to complete foreclosure of all real estate provided as security under the deed of trust in a single action in an attempt to satisfy the full debt before bringing a personal action (if otherwise permitted) against the borrower for recovery of the debt, except in certain cases involving environmentally impaired real property where foreclosure of the real property is not required before making a claim under the indemnity. This restriction may apply to property which is not located in California if a single promissory note is secured by property located in California and other jurisdictions. California case law has held that acts such as (but not limited to) an offset of an unpledged account constitute violations of such statutes. Violations of such statutes may result in the loss of some or all of the security under the mortgage loan and a loss of the ability to sue for the debt. A sale by the trustee under the deed of trust does not constitute an "action" for purposes of the "one action rule". Other statutory provisions in California limit any deficiency judgment (if otherwise permitted) against the borrower following a judicial foreclosure to the amount by which the indebtedness exceeds the fair value at the time of the public sale and in no event greater than the difference between the foreclosure sale price and the amount of the indebtedness. Further, under California law, once a property has been sold pursuant to a power of sale clause contained in a deed of trust (and in the case of certain types of purchase money acquisition financings, under all circumstances), the lender is precluded from seeking a deficiency judgment from the borrower or, under certain circumstances, guarantors.

On the other hand, under certain circumstances, California law permits separate and even contemporaneous actions against both the borrower (as to the enforcement of the interests in the collateral securing the loan) and any guarantors. California statutory provisions regarding assignments of rents and leases require that a lender whose loan is secured by such an assignment must exercise a remedy with respect to rents as authorized by statute in order to establish its right to receive the rents after an event of default. Among the remedies authorized by statute is the lender's right to have a receiver appointed under certain circumstances.

 **General**

Each mortgage loan will be evidenced by a promissory note and secured by an instrument granting a security interest in real property, which may be a mortgage, deed of trust or a deed to secure debt,

depending upon the prevailing practice and law in the state in which the related Mortgaged Property is located. Mortgages, deeds of trust and deeds to secure debt are in this prospectus collectively referred to as "mortgages". A mortgage creates a lien upon, or grants a title interest in, the real property covered thereby, and represents the security for the repayment of the indebtedness customarily evidenced by a promissory note. The priority of the lien created or interest granted will depend on the terms of the mortgage and, in some cases, on the terms of separate subordination agreements or co-lender agreements with others that hold interests in the real property, the knowledge of the parties to the mortgage and, generally, the order of recordation of the mortgage in the appropriate public recording office. However, the lien of a recorded mortgage will generally be subordinate to later-arising liens for real estate taxes and assessments and other charges imposed under governmental police powers.

**Types of Mortgage Instruments**

There are two (2) parties to a mortgage: a mortgagor (the borrower and usually the owner of the applicable property) and a mortgagee (the lender). In contrast, a deed of trust is a three-party instrument, among a trustor (the equivalent of a borrower), a trustee to whom the real property is conveyed, and a beneficiary (the lender) for whose benefit the conveyance is made. Under a deed of trust, the trustor grants the property, irrevocably until the debt is paid, in trust and generally with a power of sale, to the trustee to secure repayment of the indebtedness evidenced by the related note. A deed to secure debt typically has two (2) parties, pursuant to which the borrower, or grantor, conveys title to the real property to the grantee, or lender generally with a power of sale, until such time as the debt is repaid. In a case where the borrower is a land trust, there would be an additional party because legal title to the property is held by a land trustee under a land trust agreement for the benefit of the borrower. At origination of a mortgage loan involving a land trust, the borrower may execute a separate undertaking to make payments on the promissory note. The land trustee would not be personally liable for the promissory note obligation. The mortgagee's authority under a mortgage, the trustee's authority under a deed of trust and the grantee's authority under a deed to secure debt are governed by the express provisions of the related instrument, the law of the state in which the real property is located, certain federal laws and, in some deed of trust transactions, the directions of the beneficiary.

**Leases and Rents**

Mortgages that encumber income-producing property often contain an assignment of rents and leases, and/or may be accompanied by a separate assignment of rents and leases, pursuant to which the borrower assigns to the lender the borrower's right, title and interest as landlord under each lease and the income derived from the lease, while (unless rents are to be paid directly to the lender) retaining a revocable license to collect the rents for so long as there is no default. If the borrower defaults, the license terminates and the lender is entitled to collect the rents. Local law may require that the lender take possession of the property and/or obtain a court-appointed receiver before becoming entitled to collect the rents.

In most states, hospitality property and motel room rates are considered accounts receivable under the Uniform Commercial Code ("<u>UCC</u>"). In cases where hospitality properties or motels constitute loan security, the revenues are generally pledged by the borrower as additional security for the loan. In general, the lender must file financing statements in order to perfect its security interest in the room revenues and must file continuation statements, generally every five (5) years, to maintain perfection of such security interest. In certain cases, mortgage loans secured by hospitality properties or motels may be included in the issuing entity even if the security interest in the room revenues was not perfected. Even if the lender's security interest in room revenues is perfected under applicable nonbankruptcy law, it will generally be required to commence a foreclosure action or otherwise take possession of the property in order to enforce its rights to collect the room revenues following a default. In the bankruptcy setting, however, the lender will be stayed from enforcing its rights to collect room revenues, but those room revenues constitute "cash collateral" and therefore generally cannot be used by the bankruptcy debtor without a hearing or lender's consent or unless the lender's interest in the room revenues is given adequate protection (*e.g.*, cash payment for otherwise encumbered funds or a replacement lien on

unencumbered property, in either case in value equivalent to the amount of room revenues that the debtor proposes to use, or other similar relief). See "*—Bankruptcy Laws*" below.

 **Personalty**

In the case of certain types of mortgaged properties, such as hospitality properties, motels, nursing homes and manufactured housing, personal property (to the extent owned by the borrower and not previously pledged) may constitute a signiﬁcant portion of the property's value as security. The creation and enforcement of liens on personal property are governed by the UCC. Accordingly, if a borrower pledges personal property as security for a mortgage loan, the lender generally must ﬁle UCC ﬁnancing statements in order to perfect its security interest in that personal property, and must ﬁle continuation statements, generally every ﬁve years, to maintain that perfection. Certain mortgage loans secured in part by personal property may be included in the issuing entity even if the security interest in such personal property was not perfected.

 **Foreclosure**

 **General**

Foreclosure is a legal procedure that allows the lender to recover its mortgage debt by enforcing its rights and available legal remedies under the mortgage. If the borrower defaults in payment or performance of its obligations under the promissory note or mortgage, the lender has the right to institute foreclosure proceedings to sell the real property at public auction to satisfy the indebtedness.

**Foreclosure Procedures Vary from State to State**

Two (2) primary methods of foreclosing a mortgage are judicial foreclosure, involving court proceedings, and nonjudicial foreclosure pursuant to a power of sale granted in the mortgage instrument. Other foreclosure procedures are available in some states, but they are either infrequently used or available only in limited circumstances.

A foreclosure action is subject to most of the delays and expenses of other lawsuits if defenses are raised or counterclaims are interposed, and sometimes requires several years to complete.

**Judicial Foreclosure**

A judicial foreclosure proceeding is conducted in a court having jurisdiction over the mortgaged property. Generally, the action is initiated by the service of legal pleadings upon all parties having a subordinate interest of record in the real property and all parties in possession of the property, under leases or otherwise, whose interests are subordinate to the mortgage. Delays in completion of the foreclosure may occasionally result from difficulties in locating defendants. When the lender's right to foreclose is contested, the legal proceedings can be time-consuming. Upon successful completion of a judicial foreclosure proceeding, the court generally issues a judgment of foreclosure and appoints a referee or other officer to conduct a public sale of the mortgaged property, the proceeds of which are used to satisfy the judgment. Such sales are made in accordance with procedures that vary from state to state.

**Equitable and Other Limitations on Enforceability of Certain Provisions**

United States courts have traditionally imposed general equitable principles to limit the remedies available to lenders in foreclosure actions. These principles are generally designed to relieve borrowers from the effects of mortgage defaults perceived as harsh or unfair. Relying on such principles, a court may alter the speciﬁc terms of a loan to the extent it considers necessary to prevent or remedy an injustice, undue oppression or overreaching, or may require the lender to undertake affirmative actions to determine the cause of the borrower's default and the likelihood that the borrower will be able to reinstate the loan. In some cases, courts have substituted their judgment for the lender's and have required that

lenders reinstate loans or recast payment schedules in order to accommodate borrowers who are suffering from a temporary ﬁnancial disability. In other cases, courts have limited the right of the lender to foreclose in the case of a nonmonetary default, such as a failure to adequately maintain the mortgaged property or an impermissible further encumbrance of the mortgaged property. Finally, some courts have addressed the issue of whether federal or state constitutional provisions reﬂecting due process concerns for adequate notice require that a borrower receive notice in addition to statutorily-prescribed minimum notice. For the most part, these cases have upheld the reasonableness of the notice provisions or have found that a public sale under a mortgage providing for a power of sale does not involve sufﬁcient state action to trigger constitutional protections.

In addition, some states may have statutory protection such as the right of the borrower to reinstate a mortgage loan after commencement of foreclosure proceedings but prior to a foreclosure sale.

**Nonjudicial Foreclosure/Power of Sale**

In states permitting nonjudicial foreclosure proceedings, foreclosure of a deed of trust is generally accomplished by a nonjudicial trustee's sale pursuant to a power of sale typically granted in the deed of trust. A power of sale may also be contained in any other type of mortgage instrument if applicable law so permits. A power of sale under a deed of trust allows a nonjudicial public sale to be conducted generally following a request from the beneﬁciary/lender to the trustee to sell the property upon default by the borrower and after notice of sale is given in accordance with the terms of the mortgage and applicable state law. In some states, prior to such sale, the trustee under the deed of trust must record a notice of default and notice of sale and send a copy to the borrower and to any other party who has recorded a request for a copy of a notice of default and notice of sale. In addition, in some states the trustee must provide notice to any other party having an interest of record in the real property, including junior lienholders. A notice of sale must be posted in a public place and, in most states, published for a speciﬁed period of time in one or more newspapers. The borrower or junior lienholder may then have the right, during a reinstatement period required in some states, to cure the default by paying the entire actual amount in arrears (without regard to the acceleration of the indebtedness), plus the lender's expenses incurred in enforcing the obligation. In other states, the borrower or the junior lienholder is not provided a period to reinstate the loan, but has only the right to pay off the entire debt to prevent the foreclosure sale. Generally, state law governs the procedure for public sale, the parties entitled to notice, the method of giving notice and the applicable time periods.

**Public Sale**

A third party may be unwilling to purchase a mortgaged property at a public sale because of the difficulty in determining the exact status of title to the property (due to, among other things, redemption rights that may exist) and because of the possibility that physical deterioration of the mortgaged property may have occurred during the foreclosure proceedings. Potential buyers may also be reluctant to purchase mortgaged property at a foreclosure sale as a result of the 1980 decision of the United States Court of Appeals for the Fifth Circuit in *Durrett v. Washington National Insurance Co.*, 621 F.2d 2001 (5th Cir. 1980) and other decisions that have followed its reasoning. The court in *Durrett* held that even a non-collusive, regularly conducted foreclosure sale was a fraudulent transfer under the Bankruptcy Code and, thus, could be rescinded in favor of the bankrupt's estate, if (1) the foreclosure sale was held while the debtor was insolvent and not more than one year prior to the filing of the bankruptcy petition and (2) the price paid for the foreclosed property did not represent "fair consideration", which is "reasonably equivalent value" under the Bankruptcy Code. Although the reasoning and result of *Durrett* in respect of the Bankruptcy Code was rejected by the United States Supreme Court in *BFP v. Resolution Trust Corp.*, 511 U.S. 531 (1994), the case could nonetheless be persuasive to a court applying a state fraudulent conveyance law which has provisions similar to those construed in *Durrett*. Therefore, it is common for the lender to purchase the mortgaged property for an amount equal to the secured indebtedness and accrued and unpaid interest plus the expenses of foreclosure, in which event the borrower's debt will be extinguished, or for a lesser amount in order to preserve its right to seek a deﬁciency judgment if such is available under state law and under the terms of the mortgage loan documents. Thereafter, subject to the borrower's right in some states to remain in possession during a redemption period, the lender will

become the owner of the property and have both the beneﬁts and burdens of ownership, including the obligation to pay debt service on any senior mortgages, to pay taxes, to obtain casualty insurance and to make such repairs as are necessary to render the property suitable for sale. Frequently, the lender employs a third-party management company to manage and operate the property. The costs of operating and maintaining a property may be signiﬁcant and may be greater than the income derived from that property. The costs of management and operation of those mortgaged properties which are hotels, motels, restaurants, nursing or convalescent homes, hospitals or casinos may be particularly significant because of the expertise, knowledge and, with respect to certain property types, regulatory compliance, required to run those operations and the effect which foreclosure and a change in ownership may have on the public's and the industry's, including franchisors', perception of the quality of those operations. The lender also will commonly obtain the services of a real estate broker and pay the broker's commission in connection with the sale or lease of the property. Depending upon market conditions, the ultimate proceeds of the sale of a property may not equal the lender's investment in the property. Moreover, a lender commonly incurs substantial legal fees and court costs in acquiring a mortgaged property through contested foreclosure and/or bankruptcy proceedings. Because of the expenses associated with acquiring, owning and selling a mortgaged property, a lender could realize an overall loss on a mortgage loan even if the mortgaged property is sold at foreclosure, or resold after it is acquired through foreclosure, for an amount equal to the full outstanding principal amount of the loan plus accrued interest.

Furthermore, an increasing number of states require that any environmental contamination at certain types of properties be cleaned up before a property may be resold. In addition, a lender may be responsible under federal or state law for the cost of cleaning up a mortgaged property that is environmentally contaminated. See "*—Environmental Considerations*" below.

The holder of a junior mortgage that forecloses on a mortgaged property does so subject to senior mortgages and any other prior liens, and may be obliged to keep senior mortgage loans current in order to avoid foreclosure of its interest in the property. In addition, if the foreclosure of a junior mortgage triggers the enforcement of a "due-on-sale" clause contained in a senior mortgage, the junior mortgagee could be required to pay the full amount of the senior mortgage indebtedness or face foreclosure.

**Rights of Redemption**

The purposes of a foreclosure action are to enable the lender to realize upon its security and to bar the borrower, and all persons who have interests in the property that are subordinate to that of the foreclosing lender, from exercise of their "equity of redemption". The doctrine of equity of redemption provides that, until the property encumbered by a mortgage has been sold in accordance with a properly conducted foreclosure and foreclosure sale, those having interests that are subordinate to that of the foreclosing lender have an equity of redemption and may redeem the property by paying the entire debt with interest. Those having an equity of redemption must generally be made parties and joined in the foreclosure proceeding in order for their equity of redemption to be terminated.

The equity of redemption is a common-law (nonstatutory) right which should be distinguished from post-sale statutory rights of redemption. In some states, after sale pursuant to a deed of trust or foreclosure of a mortgage, the borrower and foreclosed junior lienors are given a statutory period in which to redeem the property. In some states, statutory redemption may occur only upon payment of the foreclosure sale price. In other states, redemption may be permitted if the former borrower pays only a portion of the sums due. The effect of a statutory right of redemption is to diminish the ability of the lender to sell the foreclosed property because the exercise of a right of redemption would defeat the title of any purchaser through a foreclosure. Consequently, the practical effect of the redemption right is to force the lender to maintain the property and pay the expenses of ownership until the redemption period has expired. In some states, a post-sale statutory right of redemption may exist following a judicial foreclosure, but not following a trustee's sale under a deed of trust.

**Anti-Deficiency Legislation**

Some or all of the mortgage loans are nonrecourse loans, as to which recourse in the case of default will be limited to the mortgaged property and such other assets, if any, that were pledged to secure the mortgage loan. However, even if a mortgage loan by its terms provides for recourse to the borrower's other assets, a lender's ability to realize upon those assets may be limited by state law. For example, in some states a lender cannot obtain a deﬁciency judgment against the borrower following foreclosure or sale under a deed of trust.

A deﬁciency judgment is a personal judgment against the former borrower equal to the difference between the net amount realized upon the public sale of the real property and the amount due to the lender. Other statutes may require the lender to exhaust the security afforded under a mortgage before bringing a personal action against the borrower. In certain other states, the lender has the option of bringing a personal action against the borrower on the debt without ﬁrst exhausting that security; however, in some of those states, the lender, following judgment on that personal action, may be deemed to have elected a remedy and thus may be precluded from foreclosing upon the security. Consequently, lenders in those states where such an election of remedy provision exists will usually proceed ﬁrst against the security. Finally, other statutory provisions, designed to protect borrowers from exposure to large deﬁciency judgments that might result from bidding at below-market values at the foreclosure sale, limit any deﬁciency judgment to the excess of the outstanding debt over the fair market value of the property at the time of the sale.

**Leasehold Considerations**

Mortgage loans may be secured by a mortgage on the borrower's leasehold interest in a ground lease. Leasehold mortgage loans are subject to certain risks not associated with mortgage loans secured by a lien on the fee estate of the borrower. The most signiﬁcant of these risks is that if the borrower's leasehold were to be terminated upon a lease default, the leasehold mortgagee would lose its security. This risk may be lessened if the ground lease requires the lessor to give the leasehold mortgagee notices of lessee defaults and an opportunity to cure them, permits the leasehold estate to be assigned to and by the leasehold mortgagee or the purchaser at a foreclosure sale, and contains certain other protective provisions typically included in a "mortgageable" ground lease. Certain mortgage loans, however, may be secured by ground leases which do not contain these provisions.

In addition, where a lender has as its security both the fee and leasehold interest in the same property, the grant of a mortgage lien on its fee interest by the land owner/ground lessor to secure the debt of a borrower/ground lessee may be subject to challenge as a fraudulent conveyance. Among other things, a legal challenge to the granting of the liens may focus on the beneﬁts realized by the land owner/ground lessor from the loan. If a court concluded that the granting of the mortgage lien was an avoidable fraudulent conveyance, it might take actions detrimental to the holders of the offered certiﬁcates, including, under certain circumstances, invalidating the mortgage lien on the fee interest of the land owner/ground lessor.

**Cooperative Shares**

Mortgage loans may be secured by a security interest on the borrower's ownership interest in shares, and the related proprietary leases, allocable to cooperative dwelling units that may be vacant or occupied by non-owner tenants. Such loans are subject to certain risks not associated with mortgage loans secured by a lien on the fee estate of a borrower in real property. Such a loan typically is subordinate to the mortgage, if any, on the cooperative's building which, if foreclosed, could extinguish the equity in the building and the proprietary leases of the dwelling units derived from ownership of the shares of the cooperative. Further, transfer of shares in a cooperative are subject to various regulations as well as to restrictions under the governing documents of the cooperative, and the shares may be cancelled in the event that associated maintenance charges due under the related proprietary leases are not paid. Typically, a recognition agreement between the lender and the cooperative provides, among other things, the lender with an opportunity to cure a default under a proprietary lease.

Under the laws applicable in many states, "foreclosure" on cooperative shares is accomplished by a sale in accordance with the provisions of Article 9 of the UCC and the security agreement relating to the shares. Article 9 of the UCC requires that a sale be conducted in a "commercially reasonable" manner, which may be dependent upon, among other things, the notice given the debtor and the method, manner, time, place and terms of the sale. Article 9 of the UCC provides that the proceeds of the sale will be applied ﬁrst to pay the costs and expenses of the sale and then to satisfy the indebtedness secured by the lender's security interest. A recognition agreement, however, generally provides that the lender's right to reimbursement is subject to the right of the cooperative to receive sums due under the proprietary leases.

**Bankruptcy Laws**

Operation of the Bankruptcy Code and related state laws may interfere with or affect the ability of a lender to obtain payment of a loan, realize upon collateral and/or to enforce a deﬁciency judgment. For example, under the Bankruptcy Code, virtually all actions (including foreclosure actions and deﬁciency judgment proceedings) are automatically stayed upon the ﬁling of the bankruptcy petition, and, usually, no interest or principal payments are made during the course of the bankruptcy case. The delay and the consequences of a delay caused by an automatic stay can be signiﬁcant. For example, the filing of a petition in bankruptcy by or on behalf of a junior mortgage lien holder may stay the senior lender from taking action to foreclose out such junior lien. At a minimum, the senior lender would suffer delay due to its need to seek bankruptcy court approval before taking any foreclosure or other action that could be deemed in violation of the automatic stay under the Bankruptcy Code.

Under the Bankruptcy Code, a bankruptcy trustee, or a borrower as debtor-in-possession, may under certain circumstances sell the related mortgaged property or other collateral free and clear of all liens, claims, encumbrances and interests, which liens would then attach to the proceeds of such sale, despite the provisions of the related mortgage or other security agreement to the contrary. Such a sale may be approved by a bankruptcy court even if the proceeds are insufficient to pay the secured debt in full.

Under the Bankruptcy Code, provided certain substantive and procedural safeguards for a lender are met, the amount and terms of a mortgage or other security agreement secured by property of a debtor may be modified under certain circumstances. Pursuant to a confirmed plan of reorganization, lien avoidance or claim objection proceeding, the secured claim arising from a loan secured by real property or other collateral may be reduced to the then-current value of the property (with a corresponding partial reduction of the amount of lender's security interest), thus leaving the lender a secured creditor to the extent of the then current value of the property and a general unsecured creditor for the difference between such value and the outstanding balance of the loan. Such general unsecured claims may be paid less than 100% of the amount of the debt or not at all, depending upon the circumstances. Other modifications may include the reduction in the amount of each scheduled payment, which reduction may result from a reduction in the rate of interest and/or the alteration of the repayment schedule (with or without affecting the unpaid principal balance of the loan), and/or an extension (or reduction) of the final maturity date. Some courts have approved bankruptcy plans, based on the particular facts of the reorganization case, that effected the curing of a mortgage loan default by paying arrearages over a number of years. Also, under the Bankruptcy Code, a bankruptcy court may permit a debtor through its plan of reorganization to reinstate the loan even though the lender accelerated the mortgage loan and final judgment of foreclosure had been entered in state court prior to the filing of the debtor's petition (provided no sale of the property had yet occurred). This may be done even if the plan of reorganization does not provide for payment of the full amount due under the original loan. Thus, the full amount due under the original loan may never be repaid. Other types of significant modifications to the terms of a mortgage loan may be acceptable to the bankruptcy court, such as making distributions to the mortgage holder of property other than cash, or the substitution of collateral which is the "indubitable equivalent" of the real property subject to the mortgage, or the subordination of the mortgage to liens securing new debt (*provided* that the lender's secured claim is "adequately protected" as such term is defined and interpreted under the Bankruptcy Code), often depending on the particular facts and circumstances of the specific case.

Federal bankruptcy law may also interfere with or otherwise adversely affect the ability of a secured mortgage lender to enforce an assignment by a borrower of rents and leases (which "rents" may include revenues from hotels and other lodging facilities specified in the Bankruptcy Code) related to a mortgaged property if the related borrower is in a bankruptcy proceeding. Under the Bankruptcy Code, a lender may be stayed from enforcing the assignment, and the legal proceedings necessary to resolve the issue can be time consuming and may result in significant delays in the receipt of the rents. Rents (including applicable hotel and other lodging revenues) and leases may also escape such an assignment, among other reasons, (i) if the assignment is not fully perfected under state law prior to commencement of the bankruptcy proceeding, (ii) to the extent such rents and leases are used by the borrower to maintain the mortgaged property, or for other court authorized expenses, (iii) to the extent other collateral may be substituted for the rents and leases, (iv) to the extent the bankruptcy court determines that the lender is adequately protected, or (v) to the extent the court determines based on the equities of the case that the post-petition rents are not subject to the lender's pre-petition security interest.

Under the Bankruptcy Code, a security interest in real property acquired before the commencement of the bankruptcy case does not extend to income received after the commencement of the bankruptcy case unless such income is a proceed, product or rent of such property. Therefore, to the extent a business conducted on the mortgaged property creates accounts receivable rather than rents or results from payments under a license rather than payments under a lease, a valid and perfected pre-bankruptcy lien on such accounts receivable or license income generally would not continue as to post-bankruptcy accounts receivable or license income.

The Bankruptcy Code provides that a lender's perfected pre-petition security interest in leases, rents and hotel revenues continues in the post-petition leases, rents and hotel revenues, unless a bankruptcy court orders to the contrary "based on the equities of the case". Thus, unless a court orders otherwise, revenues from a mortgaged property generated after the date the bankruptcy petition is ﬁled will constitute "cash collateral" under the Bankruptcy Code. Debtors may only use cash collateral upon obtaining the lender's consent or a prior court order ﬁnding that the lender's interest in the mortgaged hotel, motel or other lodging property and the cash collateral is "adequately protected" as the term is defined and interpreted under the Bankruptcy Code. In addition to post-petition rents, any cash held by a lender in a lockbox or reserve account generally would also constitute "cash collateral" under the Bankruptcy Code. So long as the lender is adequately protected, a debtor's use of cash collateral may be for its own benefit or for the benefit of any affiliated entity group that is also subject to bankruptcy proceedings, including use as collateral for new debt. It should be noted, however, that the court may ﬁnd that the lender has no security interest in either pre-petition or post-petition revenues if the court ﬁnds that the loan documents do not contain language covering accounts, room rents, or other forms of personalty necessary for a security interest to attach to such revenues.

The Bankruptcy Code provides generally that rights and obligations under an unexpired lease of the debtor/lessee may not be terminated or modiﬁed at any time after the commencement of a case under the Bankruptcy Code solely because of a provision in the lease providing for the termination or modification of such rights or obligations upon the filing of a bankruptcy petition or the occurrence of certain other similar events. This prohibition on so-called "ipso facto" clauses could limit the ability of a lender to exercise certain contractual remedies with respect to the leases on any mortgaged property. In addition, section 362 of the Bankruptcy Code operates as an automatic stay of, among other things, any act to obtain possession of property from a debtor's estate, which may delay a lender's exercise of those remedies, including foreclosure, in the event that a lessee becomes the subject of a proceeding under the Bankruptcy Code. Thus, the ﬁling of a petition in bankruptcy by or on behalf of a lessee of a mortgaged property would result in a stay against the commencement or continuation of any state court proceeding for past due rent, for accelerated rent, for damages or for a summary eviction order with respect to a default under the related lease that occurred prior to the ﬁling of the lessee's petition. While relief from the automatic stay to enforce remedies may be requested by a creditor and granted by a bankruptcy court in certain circumstances, it can be denied for a number of reasons, including where the collateral is "necessary to an effective reorganization" for the debtor, and if a debtor's case has been administratively consolidated with those of its affiliates, the court may also consider whether the property is "necessary to an effective reorganization" of the debtor and its affiliates, taken as a whole.

The Bankruptcy Code generally provides that a trustee in bankruptcy or debtor-in-possession may, with respect to an unexpired lease of non-residential real property under which the debtor is a lessee, before the earlier of (i) 120 days after the filing of a bankruptcy case or (ii) the entry of an order confirming a plan, subject to approval of the court, (a) assume the lease and retain it or assign it to a third party or (b) reject the lease. If the trustee or debtor-in-possession fails to assume or reject the lease within the time specified in the preceding sentence, subject to any extensions by the bankruptcy court, the lease will be deemed rejected and the property will be surrendered to the lessor. The bankruptcy court may for cause shown extend the 120-day period up to 90 days for a total of 210 days. If the lease is assumed, the trustee in bankruptcy on behalf of the lessee, or the lessee as debtor-in-possession, or the assignee, if applicable, must cure any defaults under the lease, compensate the lessor for its losses and provide the lessor with "adequate assurance" of future performance. These remedies may be insufficient, however, as the lessor may be forced to continue under the lease with a lessee that is a poor credit risk or an unfamiliar tenant (if the lease was assigned), and any assurances provided to the lessor may, in fact, be inadequate. If the lease is rejected, the rejection generally constitutes a breach of the executory contract or unexpired lease as of the date immediately preceding the filing date of the bankruptcy petition. As a consequence, the other party or parties to the lease, such as the borrower, as lessor under a lease, generally would have only an unsecured claim against the debtor, as lessee, for damages resulting from the breach, which could adversely affect the security for the related mortgage loan. In addition, under the Bankruptcy Code, a lease rejection damages claim is limited to the "(a) rent reserved by the lease, without acceleration, for the greater of one year, or 15 percent, not to exceed three (3) years, of the remaining term of such lease, following the earlier of the date of the bankruptcy petition and the date on which the lessor regained possession of the real property, (b) plus any unpaid rent due under such lease, without acceleration, on the earlier of such dates."

If a trustee in bankruptcy on behalf of a lessor, or a lessor as debtor-in-possession, rejects an unexpired lease of real property, the lessee may treat the lease as terminated by the rejection or, in the alternative, the lessee may remain in possession of the leasehold for the balance of the term and for any renewal or extension of the term that is enforceable by the lessee under applicable non-bankruptcy law. The Bankruptcy Code provides that if a lessee elects to remain in possession after a rejection of a lease, the lessee may offset against rents reserved under the lease for the balance of the term after the date of rejection of the lease, and the related renewal or extension of the lease, any damages occurring after that date caused by the nonperformance of any obligation of the lessor under the lease after that date.

Similarly, there is risk associated with a borrower ground lessee or ground lessor becoming a debtor in a proceeding under the Bankruptcy Code. In general, upon the bankruptcy of a lessor or a lessee under a lease of nonresidential real property, including a ground lease, that has not been terminated prior to the bankruptcy filing date, the debtor entity has the statutory right to assume or reject the lease. Given that the Bankruptcy Code generally invalidates clauses that terminate contracts automatically upon the filing by one of the parties of a bankruptcy petition or that are conditioned on a party's insolvency, following the filing of a bankruptcy petition, a debtor would ordinarily be required to perform its obligations under such lease until the debtor decides whether to assume or reject the lease. The Bankruptcy Code provides certain additional protections with respect to non-residential real property leases, such as establishing a specific timeframe in which a debtor must determine whether to assume or reject the lease. Additionally, the Bankruptcy Code requires a debtor lessee to timely perform any obligations under a non-residential real property lease arising after the petition date, until the debtor determines whether to assume or reject the lease. The bankruptcy court may defer the time for the debtor lessee to perform under the lease until 60 days following the petition date for cause shown. Even if the agreements were terminated prior to bankruptcy, a bankruptcy court may determine that the agreement was improperly terminated and therefore remains part of the debtor's bankruptcy estate. The debtor also can seek bankruptcy court approval to assume and assign the lease to a third party, and to modify the lease in connection with such assignment. In order to assume the lease, the debtor or assignee generally will have to cure outstanding defaults and provide "adequate assurance of future performance" in addition to satisfying other requirements imposed under the Bankruptcy Code. Under the Bankruptcy Code, subject to certain exceptions, once a lease is rejected by a debtor lessee, it is deemed breached, and the non-debtor lessor will have a claim for lease rejection damages, as described above.

If the ground lessor files for bankruptcy, it may wait until the confirmation of its plan of reorganization to determine whether to reject the ground lease. On request of any party to the lease, the bankruptcy court may order the debtor to determine within a specific period of time whether to assume or reject the lease or to comply with the terms of the lease pending its decision to assume or reject. In the event of rejection, the non-debtor lessee will have the right to treat the lease as terminated by virtue of its terms, applicable nonbankruptcy law, or any agreement made by the lessee. The non-debtor lessee may also, if the lease term has begun, retain its rights under the lease, including its rights to remain in possession of the leased premises under the rent reserved in the lease for the balance of the term of the lease (including renewals). The term "lessee" includes any "successor, assign or mortgagee permitted under the terms of such lease". If, pre-petition, the ground lessor had specifically granted the leasehold mortgagee such right, the leasehold mortgagee may have the right to succeed to the lessee/borrower's position under the lease.

In the event of concurrent bankruptcy proceedings involving the ground lessor and the lessee/borrower, actions by creditors against the lessee/borrower debtor would be subject to the automatic stay, and a lender may be unable to enforce both the bankrupt lessee/borrower's pre-petition agreement to refuse to treat a ground lease rejected by a bankrupt lessor as terminated and any agreement by the ground lessor to grant the lender a new lease upon such termination. In such circumstances, a lease could be terminated notwithstanding lender protection provisions contained in that lease or in the mortgage. A lender could lose its security unless the lender holds a fee mortgage or the bankruptcy court, as a court of equity, allows the mortgagee to assume the ground lessee's obligations under the ground lease and succeed to the ground lessee's position. Although consistent with the Bankruptcy Code, such position may not be adopted by the bankruptcy court.

Further, in an appellate decision by the United States Court of Appeals for the Seventh Circuit (*Precision Indus. v. Qualitech Steel SBQ, LLC*, 327 F.3d 537 (7th Cir, 2003)), the court ruled with respect to an unrecorded lease of real property that where a sale of leased property occurs under the Bankruptcy Code upon the bankruptcy of a landlord, that sale terminates a lessee's possessory interest in the property, and the purchaser assumes title free and clear of any interest, including any leasehold estates. Pursuant to the Bankruptcy Code, a lessee may request the bankruptcy court to prohibit or condition the sale of the property so as to provide adequate protection of the leasehold interest; however, the court ruled that, at least where a memorandum of lease had not been recorded, this provision does not ensure continued possession of the property, but rather entitles the lessee to compensation for the value of its leasehold interest, typically from the sale proceeds. As a result, we cannot assure you that, in the event of a sale of leased property pursuant to the Bankruptcy Code, the lessee would be able to maintain possession of the property under the ground lease. In addition, we cannot assure you that a leasehold mortgagor and/or a leasehold mortgagee (to the extent it has standing to intervene) would be able to recover the full value of the leasehold interest in bankruptcy court.

Because of the possible termination of the related ground lease, whether arising from a bankruptcy, the expiration of a lease term or an uncured defect under the related ground lease, lending on a leasehold interest in a real property is riskier than lending on the fee interest in the property.

Although the borrowers under the Mortgage Loans may be special purpose entities, special purpose entities can become debtors in bankruptcy under various circumstances. For example, in the bankruptcy case of General Growth Properties, notwithstanding that such subsidiaries were special purpose entities with independent directors, numerous property-level, special purpose subsidiaries were filed for bankruptcy protection by their parent entity. Nonetheless, the United States Bankruptcy Court for the Southern District of New York denied various lenders' motions to dismiss the special purpose entity subsidiaries' cases as bad faith filings. In denying the motions, the bankruptcy court stated that the fundamental and bargained for creditor protections embedded in the special purpose entity structures at the property level would remain in place during the pendency of the chapter 11 cases. Those protections included adequate protection of the lenders' interest in their collateral and protection against the substantive consolidation of the property-level debtors with any other entities.

The moving lenders in the General Growth Properties case had argued that the 21 property-level bankruptcy filings were premature and improperly sought to restructure the debt of solvent entities for the

benefit of equity holders. However, the Bankruptcy Code does not require that a voluntary debtor be insolvent or unable to pay its debts currently in order to be eligible for relief and generally a bankruptcy petition will not be dismissed for bad faith if the debtor has a legitimate rehabilitation objective. Accordingly, after finding that the relevant debtors were experiencing varying degrees of financial distress due to factors such as cross defaults, a need to refinance in the near term (i.e., within 1 to 4 years), and other considerations, the bankruptcy court noted that it was not required to analyze in isolation each debtor's basis for filing. In the court's view, the critical issue was whether a parent company that had filed its bankruptcy case in good faith could include in the filing subsidiaries that were necessary for the parent's reorganization. As demonstrated in the General Growth Properties bankruptcy case, although special purpose entities are designed to mitigate the bankruptcy risk of a borrower, special purpose entities can become debtors in bankruptcy under various circumstances.

Generally, pursuant to the doctrine of substantive consolidation, a bankruptcy court, in the exercise of its broad equitable powers, has the authority to order that the assets and liabilities of a borrower be substantively consolidated with those of an affiliate (i.e., even a non-debtor), including for the purposes of making distributions under a plan of reorganization or liquidation. Thus, property that is ostensibly the property of a borrower may become subject to the bankruptcy case of an affiliate, the automatic stay applicable to such bankrupt affiliate may be extended to a borrower, and the rights of creditors of a borrower may become impaired. Substantive consolidation is generally viewed as an equitable remedy that could result in an otherwise solvent company becoming subject to the bankruptcy proceedings of an insolvent affiliate, making the solvent company's assets available to repay the debts of affiliated companies. A court has the discretion to order substantive consolidation in whole or in part and may include nondebtor affiliates of the bankrupt entity in the proceedings. The interrelationship among a borrower and other affiliates may pose a heightened risk of substantive consolidation and other bankruptcy risks in the event that any one or more of them were to become a debtor under the Bankruptcy Code. In the event of the bankruptcy of the applicable parent entities of any borrower, the assets of such borrower may be treated as part of the bankruptcy estates of such parent entities. In addition, in the event of the institution of voluntary or involuntary bankruptcy proceedings involving a borrower and certain of its affiliates, to serve judicial economy, it is likely that a court would jointly administer the respective bankruptcy proceedings. Furthermore, with respect to any affiliated borrowers, creditors of a common parent in bankruptcy may seek to substantively consolidate the assets of such borrowers with those of the parent.

In a bankruptcy or similar proceeding involving a borrower, action may be taken seeking the recovery as a preferential transfer of any payments made by such borrower, or made directly by the related lessee, under the related mortgage loan to the issuing entity. Payments on long-term debt may be protected from recovery as preferences if they qualify for the "ordinary course" exception under the Bankruptcy Code or if certain other defenses in the Bankruptcy Code are applicable. Whether any particular payment would be protected depends upon the facts speciﬁc to a particular transaction.

In addition, in a bankruptcy or similar proceeding involving any borrower or an affiliate, action may be taken to avoid the transaction (or any component of the transaction, such as joint and several liability on the related mortgage loan) as an actual or constructive fraudulent conveyance under state or federal law. Any payment by a borrower in excess of its allocated share of the loan could be challenged as a fraudulent conveyance by creditors of that borrower in an action outside a bankruptcy case or by the representative of the borrower's bankruptcy estate in a bankruptcy case. Generally, under most fraudulent conveyance statutes, the incurrence of an obligation or the transfer of property by a person will be subject to avoidance under certain circumstances if the person transferred such property with the intent to hinder, delay or defraud its creditors or the person did not receive fair consideration or reasonably equivalent value in exchange for such obligation or transfer and (i) was insolvent or was rendered insolvent by such obligation or transfer, (ii) was engaged in business or a transaction, or was about to engage in business or a transaction, for which any property remaining with the person constituted unreasonably small capital, or (iii) intended to, believed or reasonably should have believed that it would, incur debts that would be beyond the person's ability to pay as such debts matured. The measure of insolvency will vary depending on the law of the applicable jurisdiction. However, an entity will generally be considered insolvent if the present fair salable value of its assets is less than (x) the sum of

its debts or (y) the amount that would be required to pay its probable liabilities on its existing debts as they become absolute and matured. Under certain fraudulent transfer statutes, a debtor that is generally not paying its debts as they become due other than as a result of a bona fide dispute is presumed to be insolvent. Accordingly, a lien granted by a borrower to secure repayment of the loan in excess of its allocated share could be avoided if a court were to determine that (i) such borrower was insolvent at the time of granting the lien, was rendered insolvent by the granting of the lien, was left with inadequate capital, or intended to, believed or reasonably should have believed that it would incur debts that would render it unable to pay its debts as they matured and (ii) the borrower did not, when it allowed its property to be encumbered by a lien securing the entire indebtedness represented by the loan, receive fair consideration or reasonably equivalent value for pledging such property for the equal benefit of each other borrower.

A bankruptcy court may, under certain circumstances, authorize a debtor to obtain credit after the commencement of a bankruptcy case, secured by, among other things, senior, equal or junior liens on property that is already subject to a lien. In the bankruptcy case of General Growth Properties filed on April 16, 2009, the debtors initially sought approval of a debtor-in-possession loan to the corporate parent entities guaranteed by the property-level single purpose entities and secured by second liens on their properties. Although the debtor-in-possession loan subsequently was modified to eliminate the subsidiary guarantees and second liens, we cannot assure you that, in the event of a bankruptcy of the borrower sponsor, the borrower sponsor would not seek approval of a similar debtor-in-possession loan, or that a bankruptcy court would not approve a debtor-in-possession loan that included such subsidiary guarantees and second liens on such subsidiaries' properties.

Certain of the borrowers may be partnerships. The laws governing limited partnerships in certain states provide that the commencement of a case under the Bankruptcy Code with respect to a general partner will cause a person to cease to be a general partner of the limited partnership, unless otherwise provided in writing in the limited partnership agreement. This provision may be construed as an "ipso facto" clause and, in the event of the general partner's bankruptcy, may not be enforceable. Certain limited partnership agreements of the borrowers may provide that the commencement of a case under the Bankruptcy Code with respect to the related general partner constitutes an event of withdrawal (assuming the enforceability of the clause is not challenged in bankruptcy proceedings or, if challenged, is upheld) that might trigger the dissolution of the limited partnership, the winding up of its affairs and the distribution of its assets, unless (i) at the time there was at least one other general partner and the written provisions of the limited partnership permit the business of the limited partnership to be carried on by the remaining general partner and that general partner does so or (ii) the written provisions of the limited partnership agreement permit the limited partners to agree within a speciﬁed time frame (often 60 days) after the withdrawal to continue the business of the limited partnership and to the appointment of one or more general partners and the limited partners do so. In addition, the laws governing general partnerships in certain states provide that the commencement of a case under the Bankruptcy Code or state bankruptcy laws with respect to a general partner of the partnership triggers the dissolution of the partnership, the winding up of its affairs and the distribution of its assets. Those state laws, however, may not be enforceable or effective in a bankruptcy case. Limited liability companies may be subjected to similar treatment as that described in this prospectus with respect to limited partnerships. The dissolution of a borrower, the winding up of its affairs and the distribution of its assets could result in an acceleration of its payment obligation under the borrower's mortgage loan, which may reduce the yield on the Offered Certificates in the same manner as a principal prepayment.

In addition, the bankruptcy of the general or limited partner of a borrower that is a partnership, or the bankruptcy of a member of a borrower that is a limited liability company or the bankruptcy of a shareholder of a borrower that is a corporation may provide the opportunity in the bankruptcy case of the partner, member or shareholder to obtain an order from a court consolidating the assets and liabilities of the partner, member or shareholder with those of the mortgagor pursuant to the doctrines of substantive consolidation or piercing the corporate veil. In such a case, the respective mortgaged property, for example, would become property of the estate of the bankrupt partner, member or shareholder. Not only would the mortgaged property be available to satisfy the claims of creditors of the partner, member or shareholder, but an automatic stay would apply to any attempt by the trustee to exercise remedies with

respect to the mortgaged property. However, such an occurrence should not affect a lender's status as a secured creditor with respect to the mortgagor or its security interest in the mortgaged property.

A borrower that is a limited partnership, in many cases, may be required by the loan documents to have a single purpose entity as its sole general partner, and a borrower that is a general partnership, in many cases, may be required by the loan documents to have as its general partners only entities that are single purpose entities. A borrower that is a limited liability company may be required by the loan documents to have a single purpose member or a springing member. All borrowers that are tenants-in-common may be required by the loan documents to be single purpose entities. These provisions are designed to mitigate the risk of the dissolution or bankruptcy of the borrower partnership or its general partner, a borrower limited liability company or its member (if applicable), or a borrower that is a tenant-in-common. However, we cannot assure you that any borrower partnership or its general partner, or any borrower limited liability company or its member (if applicable), or a borrower that is a tenant-in-common, will not dissolve or become a debtor under the Bankruptcy Code.

A debtor in possession or trustee in a bankruptcy proceeding may in some cases be entitled to collect its costs and expenses in preserving or selling the mortgaged property ahead of payment to a secured mortgage lender. Moreover, the laws of certain states also give priority to certain tax liens over the lien of a mortgage or deed of trust. Under the Bankruptcy Code, if the court finds that actions of mortgagees have been inequitable, the claims of the mortgagees may be subordinated to the claims of other creditors and the liens securing the mortgagees' claims may be transferred to the debtor's estate.

**Environmental Considerations**

 **General**

A lender may be subject to environmental risks when taking a security interest in real property. Of particular concern may be properties that are or have been used for industrial, manufacturing, military or disposal activity. Such environmental risks include the possible diminution of the value of a contaminated property or, as discussed below, potential liability for clean-up costs or other remedial actions that could exceed the value of the property or the amount of the lender's loan. In certain circumstances, a lender may decide to abandon a contaminated mortgaged property as collateral for its loan rather than foreclose and risk liability for clean-up costs.

**Superlien Laws**

Under the laws of many states, contamination on a property may give rise to a lien on the property for clean-up costs. In several states, such a lien has priority over all existing liens, including those of existing mortgages. In these states, the lien of a mortgage may lose its priority to such a "superlien."

 **CERCLA**

The federal Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended ("<u>CERCLA</u>"), imposes strict liability on present and past "owners" and "operators" of contaminated real property for the costs of clean-up. A secured lender may be liable as an "owner" or "operator" of a contaminated mortgaged property if agents or employees of the lender have participated in the management or operation of such mortgaged property. Such liability may exist even if the lender did not cause or contribute to the contamination and regardless of whether the lender has actually taken possession of a mortgaged property through foreclosure, deed-in-lieu of foreclosure or otherwise. Moreover, such liability is not limited to the original or unamortized principal balance of a loan or to the value of the property securing a loan. Excluded from CERCLA's deﬁnition of "owner" or "operator", however, is a person "who, without participating in the management of the facility, holds indicia of ownership primarily to protect his security interest". This is the so called "secured creditor exemption."

The Asset Conservation, Lender Liability and Deposit Insurance Protection Act of 1996 (the "<u>1996 Act</u>") amended, among other things, the provisions of CERCLA with respect to lender liability and the

secured creditor exemption. The 1996 Act offers protection to lenders by deﬁning the activities in which a lender can engage and still have the beneﬁt of the secured creditor exemption. In order for a lender to be deemed to have participated in the management of a mortgaged property, the lender must actually participate in the operational affairs of the property of the borrower. The 1996 Act provides that "merely having the capacity to inﬂuence, or unexercised right to control" operations does not constitute participation in management. A lender will lose the protection of the secured creditor exemption if it exercises decision-making control over the borrower's environmental compliance and hazardous substance handling or disposal practices, or assumes day-to-day management of environmental or substantially all other operational functions of the mortgaged property. The 1996 Act also provides that a lender will continue to have the beneﬁt of the secured creditor exemption even if it forecloses on a mortgaged property, purchases it at a foreclosure sale or accepts a deed-in-lieu of foreclosure *provided* that the lender seeks to sell the mortgaged property at the earliest practicable commercially reasonable time on commercially reasonable terms.

**Certain Other Federal and State Laws**

Many states have statutes similar to CERCLA, and not all of those statutes provide for a secured creditor exemption. In addition, under federal law, there is potential liability relating to hazardous wastes and underground storage tanks under the federal Resource Conservation and Recovery Act.

Some federal, state and local laws, regulations and ordinances govern the management, removal, encapsulation or disturbance of asbestos-containing materials. These laws, as well as common law standards, may impose liability for releases of or exposure to asbestos-containing materials, and provide for third parties to seek recovery from owners or operators of real properties for personal injuries associated with those releases.

Federal legislation requires owners of residential housing constructed prior to 1978 to disclose to potential residents or purchasers any known lead-based paint hazards and will impose treble damages for any failure to disclose. In addition, the ingestion of lead-based paint chips or dust particles by children can result in lead poisoning. If lead-based paint hazards exist at a property, then the owner of that property may be held liable for injuries and for the costs of removal or encapsulation of the lead-based paint.

In a few states, transfers of some types of properties are conditioned upon clean-up of contamination prior to transfer. In these cases, a lender that becomes the owner of a property through foreclosure, deed-in-lieu of foreclosure or otherwise, may be required to clean-up the contamination before selling or otherwise transferring the property.

Beyond statute-based environmental liability, there exist common law causes of action (for example, actions based on nuisance or on toxic tort resulting in death, personal injury or damage to property) related to hazardous environmental conditions on a property. While it may be more difficult to hold a lender liable under common law causes of action, unanticipated or uninsured liabilities of the borrower may jeopardize the borrower's ability to meet its loan obligations or may decrease the re-sale value of the collateral.

**Additional Considerations**

The cost of remediating hazardous substance contamination at a property can be substantial. If a lender becomes liable, it can bring an action for contribution against the owner or operator who created the environmental hazard, but that individual or entity may be without substantial assets. Accordingly, it is possible that such costs could become a liability of the issuing entity and occasion a loss to the certiﬁcateholders.

If a lender forecloses on a mortgage secured by a property, the operations on which are subject to environmental laws and regulations, the lender will be required to operate the property in accordance with those laws and regulations. Such compliance may entail substantial expense, especially in the case of industrial or manufacturing properties.

In addition, a lender may be obligated to disclose environmental conditions on a property to government entities and/or to prospective buyers (including prospective buyers at a foreclosure sale or following foreclosure). Such disclosure may decrease the amount that prospective buyers are willing to pay for the affected property, sometimes substantially, and thereby decrease the ability of the lender to recover its investment in a loan upon foreclosure.

**Due-on-Sale and Due-on-Encumbrance Provisions**

Certain of the mortgage loans may contain "due-on-sale" and "due-on-encumbrance" clauses that purport to permit the lender to accelerate the maturity of the loan if the borrower transfers or encumbers the related mortgaged property. The Garn-St Germain Depository Institutions Act of 1982 (the "<u>Garn Act</u>") generally preempts state laws that prohibit the enforcement of due-on-sale clauses and permits lenders to enforce these clauses in accordance with their terms, subject to certain limitations as set forth in the Garn Act and related regulations. Accordingly, a lender may nevertheless have the right to accelerate the maturity of a mortgage loan that contains a "due-on-sale" provision upon transfer of an interest in the property, without regard to the lender's ability to demonstrate that a sale threatens its legitimate security interest.

**Subordinate Financing**

The terms of certain of the mortgage loans may not restrict the ability of the borrower to use the mortgaged property as security for one or more additional loans, or such restrictions may be unenforceable. Where a borrower encumbers a mortgaged property with one or more junior liens, the senior lender is subjected to additional risk. First, the borrower may have difficulty servicing and repaying multiple loans. Moreover, if the subordinate ﬁnancing permits recourse to the borrower (as-is frequently the case) and the senior loan does not, a borrower may have more incentive to repay sums due on the subordinate loan. Second, acts of the senior lender that prejudice the junior lender or impair the junior lender's security may create a superior equity in favor of the junior lender. For example, if the borrower and the senior lender agree to an increase in the principal amount of or the interest rate payable on the senior loan, the senior lender may lose its priority to the extent any existing junior lender is harmed or the borrower is additionally burdened. Third, if the borrower defaults on the senior loan and/or any junior loan or loans, the existence of junior loans and actions taken by junior lenders can impair the security available to the senior lender and can interfere with or delay the taking of action by the senior lender. Moreover, the bankruptcy of a junior lender may operate to stay foreclosure or similar proceedings by the senior lender.

**Default Interest and Limitations on Prepayments**

Promissory notes and mortgages may contain provisions that obligate the borrower to pay a late charge or additional interest if payments are not timely made, and in some circumstances, may prohibit prepayments for a speciﬁed period and/or condition prepayments upon the borrower's payment of prepayment fees or yield maintenance penalties. In certain states, there are or may be speciﬁc limitations upon the late charges which a lender may collect from a borrower for delinquent payments. Certain states also limit the amounts that a lender may collect from a borrower as an additional charge if the loan is prepaid. In addition, the enforceability of provisions that provide for prepayment fees or penalties upon an involuntary prepayment is unclear under the laws of many states.

**Applicability of Usury Laws**

Title V of the Depository Institutions Deregulation and Monetary Control Act of 1980 ("<u>Title V</u>") provides that state usury limitations will not apply to certain types of residential (including multifamily) ﬁrst mortgage loans originated by certain lenders after March 31, 1980. Title V authorized any state to reimpose interest rate limits by adopting, before April 1, 1983, a law or constitutional provision that expressly rejects application of the federal law. In addition, even where Title V is not so rejected, any state is authorized by the law to adopt a provision limiting discount points or other charges on mortgage loans covered by Title V. Certain states have taken action to reimpose interest rate limits and/or to limit discount points or other charges.

Statutes differ in their provisions as to the consequences of a usurious loan. One group of statutes requires the lender to forfeit the interest due above the applicable limit or impose a speciﬁed penalty. Under this statutory scheme, the borrower may cancel the recorded mortgage or deed of trust upon paying its debt with lawful interest, and the lender may foreclose, but only for the debt plus lawful interest. A second group of statutes is more severe. A violation of this type of usury law results in the invalidation of the transaction, thereby permitting the borrower to cancel the recorded mortgage or deed of trust without any payment or prohibiting the lender from foreclosing.

**Americans with Disabilities Act**

Under Title III of the Americans with Disabilities Act of 1990 and related regulations (collectively, the "<u>ADA</u>"), in order to protect individuals with disabilities, public accommodations (such as hospitality properties, restaurants, shopping centers, hospitals, schools and social service center establishments) must remove architectural and communication barriers which are structural in nature from existing places of public accommodation to the extent "readily achievable". In addition, under the ADA, alterations to a place of public accommodation or a commercial facility are to be made so that, to the maximum extent feasible, such altered portions are readily accessible to and usable by disabled individuals. The "readily achievable" standard takes into account, among other factors, the ﬁnancial resources of the affected site, owner, landlord or other applicable person. In addition to imposing a possible ﬁnancial burden on the borrower in its capacity as owner or landlord, the ADA may also impose such requirements on a foreclosing lender who succeeds to the interest of the borrower as owner or landlord. Furthermore, since the "readily achievable" standard may vary depending on the ﬁnancial condition of the owner or landlord, a foreclosing lender who is ﬁnancially more capable than the borrower of complying with the requirements of the ADA may be subject to more stringent requirements than those to which the borrower is subject.

**Servicemembers Civil Relief Act**

Under the terms of the Servicemembers Civil Relief Act as amended (the "<u>Relief Act</u>"), a borrower who enters military service after the origination of such borrower's mortgage loan (including a borrower who was in reserve status and is called to active duty after origination of the mortgage loan), upon notiﬁcation by such borrower, will not be charged interest, including fees and charges, in excess of 6% *per annum* during the period of such borrower's active duty status. In addition to adjusting the interest, the lender must forgive any such interest in excess of 6% unless a court or administrative agency orders otherwise upon application of the lender. The Relief Act applies to individuals who are members of the Army, Navy, Air Force, Marines, National Guard, Reserves, Coast Guard and officers of the U.S. Public Health Service or the National Oceanic and Atmospheric Administration assigned to duty with the military. Because the Relief Act applies to individuals who enter military service (including reservists who are called to active duty) after origination of the related mortgage loan, no information can be provided as to the number of loans with individuals as borrowers that may be affected by the Relief Act. Application of the Relief Act would adversely affect, for an indeterminate period of time, the ability of a master servicer or special servicer to collect full amounts of interest on certain of the mortgage loans. Any shortfalls in interest collections resulting from the application of the Relief Act would result in a reduction of the amounts distributable to the holders of certiﬁcates, and would not be covered by advances or, any form of credit support provided in connection with the certiﬁcates. In addition, the Relief Act imposes limitations that would impair the ability of a lender to foreclose on an affected mortgage loan during the borrower's period of active duty status, and, under certain circumstances, during an additional three-month period thereafter.

**Anti-Money Laundering, Economic Sanctions and Bribery**

Many jurisdictions have adopted wide-ranging anti-money laundering, economic and trade sanctions, and anti-corruption and anti-bribery laws, and regulations (collectively, the "<u>Requirements</u>"). Any of the depositor, the issuing entity, the underwriters or other party to the PSA could be requested or required to obtain certain assurances from prospective investors intending to purchase certificates and to retain such information or to disclose information pertaining to them to governmental, regulatory or other authorities or to financial intermediaries or engage in due diligence or take other related actions in the future. Failure

to honor any request by the depositor, the issuing entity, the underwriters or other party to the PSA to provide requested information or take such other actions as may be necessary or advisable for the depositor, the issuing entity, the underwriters or other party to the PSA to comply with any Requirements, related legal process or appropriate requests (whether formal or informal) may result in, among other things, a forced sale to another investor of such investor's certificates. In addition, it is expected that each of the depositor, the issuing entity, the underwriters and the other parties to the PSA will comply with the U.S. Bank Secrecy Act, U.S. Bank Secrecy Act, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (also known as the "<u>Patriot Act"</u>) and any other anti-money laundering and anti-terrorism, economic and trade sanctions, and anti-corruption or anti-bribery laws, and regulations of the United States and other countries, and will disclose any information required or requested by authorities in connection with such compliance.

**Potential Forfeiture of Assets**

Federal law provides that assets (including property purchased or improved with assets) derived from criminal activity or otherwise tainted, or used in the commission of certain offenses, is subject to the blocking requirements of economic sanctions laws and regulations, and can be blocked and/or seized and ordered forfeited to the United States of America. The offenses that can trigger such a blocking and/or seizure and forfeiture include, among others, violations of the Racketeer Influenced and Corrupt Organizations Act, the U.S. Bank Secrecy Act, the anti-money laundering, anti-terrorism, economic sanctions, and anti-bribery laws and regulations, including the Patriot Act and the regulations issued pursuant to that act, as well as the narcotic drug laws. In many instances, the United States may seize the property even before a conviction occurs.

In the event of a forfeiture proceeding, a lender may be able to establish its interest in the property by proving that (a) its mortgage was executed and recorded before the commission of the illegal conduct from which the assets used to purchase or improve the property were derived or before the commission of any other crime upon which the forfeiture is based, or (b) the lender, at the time of the execution of the mortgage, "did not know or was reasonably without cause to believe that the property was subject to forfeiture". However, we cannot assure you that such a defense will be successful.

**Certain Affiliations, Relationships and Related Transactions Involving <br> Transaction Parties**

GSMC and its affiliates are playing several roles in this transaction. GS Mortgage Securities Corporation II is the depositor and a wholly-owned subsidiary of GSMC. GSMC, a sponsor and an initial Risk Retention Consultation Party, is an affiliate of GS Bank, an originator and the initial RR Interest Owner, and Goldman Sachs & Co. LLC, an underwriter for the offering of the offered certificates. GS Bank currently holds the Companion Loans (if any) for which the noteholder is identified as "GS Bank" in the table titled "Whole Loan Control Notes and Non-Control Notes" under "*Description of the Mortgage Pool—The Whole Loans—General*".

GACC, an originator, a sponsor and the Retaining Sponsor, is an affiliate of Deutsche Bank Securities Inc., an underwriter for the offering of the offered certificates, and DBNY and DBRI, each an originator and the holder of the Companion Loans (if any) for which the noteholder is identified as "DBRI" or "DBNY", as applicable, in the table titled "Whole Loan Control Notes and Non-Control Notes" under "*Description of the Mortgage Pool—The Whole Loans—General*". In addition, DBNY is expected to be an initial holder of a portion of the Class RR certificates and is expected to be an initial Risk Retention Consultation Party.

CREFI, an originator and a sponsor, is an affiliate of Citigroup Global Markets Inc., an underwriter for the offering of the offered certificates. In addition, CREFI is expected to be an initial holder of the Class RR certificates and is expected to be an initial Risk Retention Consultation Party. CREFI currently holds the Companion Loans (if any) for which the noteholder is identified as "CREFI" in the table titled "Whole Loan Control Notes and Non-Control Notes" under "*Description of the Mortgage Pool—The Whole Loans—General*".

BMO, a sponsor, is an affiliate of BMO Capital Markets Corp., an underwriter for the offering of the offered certificates. BMO currently holds the Companion Loans (if any) for which the noteholder is identified as "BMO" in the table titled "Whole Loan Control Notes and Non-Control Notes" under "*Description of the Mortgage Pool—The Whole Loans—General*".

Barclays, an originator and a sponsor, is an affiliate of Barclays Capital Inc., an underwriter for the offering of the offered certificates. Barclays currently holds the Companion Loans (if any) for which the noteholder is identified as "Barclays" in the table titled "Whole Loan Control Notes and Non-Control Notes" under "*Description of the Mortgage Pool—The Whole Loans—General*".

Trimont LLC, the master servicer, is also (i) the Non-Serviced Master Servicer for the 180 Water Whole Loan under the COMM 2025-180W TSA, (ii) the Non-Serviced Master Servicer for the Pacifica Hotel Portfolio (4-Pack) Whole Loan under the Benchmark 2025-V17 PSA and (iii) expected to be the Non-Serviced Master Servicer for the Yosemite Hospital Portfolio Whole Loan under the BANK5 2025-5YR17 PSA.

Computershare Trust Company, National Association, the trustee, certificate administrator and custodian, is also (i) the trustee under the COMM 2025-180W TSA with respect to the 180 Water Whole Loan, (ii) the trustee under the BANK5 2025-5YR17 PSA with respect to the Yosemite Hospitality Portfolio Whole Loan, (iii) the trustee, the certificate administrator and the custodian under the BBCMS 2025-5C37 PSA with respect to the Springfield Town Center Whole Loan and (iv) the trustee, the certificate administrator and the custodian under the Benchmark 2025-V17 PSA with respect to the Pacifica Hotel Portfolio (4-Pack) Whole Loan.

Park Bridge Lender Services LLC, the operating advisor and asset representations reviewer, is also (i) the operating advisor under the COMM 2025-180W TSA with respect to the 180 Water Whole Loan and (ii) the operating advisor and asset representations reviewer under the Benchmark 2025-V17 PSA with respect to the Pacifica Hotel Portfolio (4-Pack) Whole Loan.

Torchlight Debt Fund VIII Holdings (US), LLC, or its affiliate, is expected to be appointed as the initial Controlling Class Representative and, therefore, the initial Directing Holder with respect to each Mortgage Loan (other than any Non-Serviced Mortgage Loan, any Servicing Shift Mortgage Loan and any applicable Excluded Loan) and any related Serviced Companion Loan. Torchlight Loan Services, LLC, the expected special servicer for this transaction, is an affiliate of Torchlight Debt Fund VIII Holdings (US), LLC, which is expected to purchase the Class X-F, Class X-G, Class X-J, Class F, Class G and Class J certificates. An affiliate of Torchlight Debt Fund VIII Holdings (US), LLC may also purchase one or more other classes of additional certificates. Torchlight Loan Services, LLC is also (a) expected to be the initial special servicer with respect to the Yosemite Hospitality Portfolio Whole Loan pursuant to the BANK5 2025-5YR17 PSA and (b) an affiliate of Torchlight Debt Fund VIII Holdings (US), LLC, the entity that is expected to be appointed the initial controlling class representative under the BANK5 2025-5YR17 PSA.

Pursuant to an interim servicing agreement between LMF Commercial, LLC or one of its affiliates, on the one hand, and Trimont LLC, on the other hand, Trimont LLC acts as interim servicer with respect to the Torrey Ridge Apartments Mortgage Loan, which was subsequently acquired by Bank of Montreal prior to the date hereof and is being contributed to this securitization by Bank of Montreal.

Computershare Trust Company, National Association acts as interim custodian of the loan documents with respect to all the GSMC Mortgage Loans, the GACC Mortgage Loans, the CREFI Mortgage Loans, the BMO Mortgage Loans and the Barclays Mortgage Loans except with respect to any GSMC Mortgage Loan, GACC Mortgage Loan, CREFI Mortgage Loan, BMO Mortgage Loan or Barclays Mortgage Loan that is a Non-Serviced Mortgage Loan, for which it acts as interim custodian of the related note.

See "*Risk Factors—Risks Relating to Conflicts of Interest—Potential Conflicts of Interest of the Master Servicer and the Special Servicer*", "*—Potential Conflicts of Interest of the Asset Representations Reviewer*", "*—Potential Conflicts of Interest of the Directing Holder and the Companion Loan Holders*" and "*—Risks Relating to the Mortgage Loans—Performance of the Mortgage Loans Will Be Highly*

*Dependent on the Performance of Tenants and Tenant Leases—Mortgaged Properties Leased to Borrowers or Borrower Affiliated Entities Also Have Risks"*. For a description of certain other affiliations, relationships and related transactions, to the extent known and material, among the transaction parties, see the individual descriptions of the transaction parties under "*Transaction Parties*".

**Pending Legal Proceedings Involving Transaction Parties**

While the sponsors have been involved in, and are currently involved in, certain litigation or potential litigation, including actions relating to repurchase claims, there are no legal proceedings pending, or any proceedings known to be contemplated by any governmental authorities, against the sponsors that are material to Certificateholders.

For a description of certain other material legal proceedings pending against the transaction parties, see the individual descriptions of the transaction parties under "*Transaction Parties*".

**Use of Proceeds**

Certain of the net proceeds from the sale of the Offered Certificates, together with the net proceeds from the sale of the other certificates not being offered by this prospectus, will be used by the depositor to purchase the mortgage loans from the mortgage loan sellers and to pay certain expenses in connection with the issuance of the certificates.

**Yield, Prepayment and Maturity Considerations**

**Yield Considerations**

 **General**

The yield to maturity on the Offered Certificates will depend upon the price paid by the investors, the rate and timing of the distributions in reduction of the Certificate Balance or Notional Amount of the applicable class of Offered Certificates, the extent to which yield maintenance charges and prepayment premiums allocated to the class of Offered Certificates are collected, and the rate, timing and severity of losses on the Mortgage Loans and the extent to which such losses are allocable in reduction of the Certificate Balance or Notional Amount of the class of Offered Certificates, as well as prevailing interest rates at the time of payment or loss realization.

**Rate and Timing of Principal Payments**

The rate and amount of distributions in reduction of the Certificate Balance of any class of Offered Certificates that are also Principal Balance Certificates and the yield to maturity of any class of Offered Certificates will be directly related to the rate of payments of principal (both scheduled and unscheduled) on the Mortgage Loans, as well as borrower defaults and the severity of losses occurring upon a default and the resulting rate and timing of collections made in connection with liquidations of Mortgage Loans due to these defaults. Principal payments on the Mortgage Loans will be affected by their amortization schedules, lockout periods, defeasance provisions, provisions relating to the release and/or application of earnout reserves, provisions requiring prepayments in connection with the release of real property collateral, requirements to pay yield maintenance charges or prepayment premiums in connection with principal payments, the dates on which balloon payments are due, property release provisions, provisions relating to the application or release of earnout reserves, and any extensions of maturity dates by the master servicer or the special servicer. While voluntary prepayments of some Mortgage Loans are generally prohibited during applicable prepayment lockout periods, effective prepayments may occur if a sufficiently significant portion of a mortgaged property is lost due to casualty or condemnation. In addition, such distributions in reduction of Certificate Balances of the respective classes of Offered Certificates that are also Principal Balance Certificates may result from repurchases of, or substitutions for, Mortgage Loans made by the sponsors due to missing or defective documentation or breaches of representations

and warranties with respect to the Mortgage Loans as described under "*Description of the Mortgage Loan Purchase Agreements*", purchases of the Mortgage Loans in the manner described under "*Pooling and Servicing Agreement—Termination; Retirement of Certificates*", or the exercise of purchase options by the holder of a Subordinate Companion Loan or mezzanine loan, if any. To the extent a Mortgage Loan requires payment of a yield maintenance charge or prepayment premium in connection with a voluntary prepayment, any such yield maintenance charge or prepayment premium generally is not due in connection with a prepayment due to casualty or condemnation, is not included in the purchase price of a Mortgage Loan purchased or repurchased due to a breach of a representation or warranty or otherwise, and may not be enforceable or collectible upon a default.

Because the certificates with Notional Amounts are not entitled to distributions of principal, the yield on such certificates will be extremely sensitive to prepayments received in respect of the Mortgage Loans to the extent distributed to reduce the related Notional Amount of the applicable class of certificates.

The extent to which the yield to maturity of any class of Offered Certificates may vary from the anticipated yield will depend upon the degree to which the certificates are purchased at a discount or premium and when, and to what degree, payments of principal on the Mortgage Loans are in turn distributed on the certificates or, in the case of the Class X-A and Class X-B certificates, applied to reduce their Notional Amounts. An investor should consider, in the case of any certificate (other than a certificate with a Notional Amount) purchased at a discount, the risk that a slower than anticipated rate of principal payments on the Mortgage Loans could result in an actual yield to such investor that is lower than the anticipated yield and, in the case of any certificate purchased at a premium and certificates with Notional Amounts, the risk that a faster than anticipated rate of principal payments could result in an actual yield to such investor that is lower than the anticipated yield. In general, the earlier a payment of principal on the Mortgage Loans is distributed or otherwise results in reduction of the Certificate Balance or Notional Amount of a certificate purchased at a discount or premium, the greater will be the effect on an investor's yield to maturity. As a result, the effect on an investor's yield of principal payments distributed on an investor's certificates occurring at a rate higher (or lower) than the rate anticipated by the investor during any particular period would not be fully offset by a subsequent like reduction (or increase) in the rate of principal payments.

The yield on each of the classes of certificates that have a Pass-Through Rate equal to, limited by, or based on, the WAC Rate could (or in the case of any class of certificates with a Pass-Through Rate equal to, or based on, the WAC Rate, would) be adversely affected if the Mortgage Loans with higher Mortgage Rates prepay faster than the Mortgage Loans with lower Mortgage Rates. The Pass-Through Rates on these classes of certificates may be adversely affected by a decrease in the WAC Rate even if principal prepayments do not occur.

**Losses and Shortfalls**

The Certificate Balance or Notional Amount of any class of Offered Certificates may be reduced without distributions of principal as a result of the occurrence and allocation of Realized Losses, reducing the maximum amount distributable in respect of principal on the Offered Certificates that are Principal Balance Certificates as well as the amount of interest that would have otherwise been payable on the Offered Certificates in the absence of such reduction. In general, a Non-VRR Realized Loss (and a corresponding VRR Realized Loss) occurs when the principal balance of a Mortgage Loan is reduced without an equal distribution (based on the allocation of amounts among the Principal Balance Certificates, on the one hand, and the VRR Interest, on the other hand) to applicable Certificateholders and the RR Interest Owner in reduction of the Certificate Balances of the Principal Balance Certificates and the VRR Interest Balance. Realized Losses and the corresponding VRR Realized Losses may occur in connection with a default on a Mortgage Loan, acceptance of a discounted pay-off, the liquidation of the related Mortgaged Properties, a reduction in the principal balance of a Mortgage Loan by a bankruptcy court or pursuant to a modification, a recovery by the master servicer or trustee of a Nonrecoverable Advance on a Distribution Date or the incurrence of certain unanticipated or default-related costs and expenses (such as interest on Advances, Workout Fees, Liquidation Fees and Special Servicing Fees). Any reduction of the Certificate Balances of the class or classes of certificates indicated

in the table below as a result of the application of Non-VRR Realized Losses will also reduce the Notional Amount of the related certificates.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Interest-Only<br> Class of Certificates** | &nbsp;&nbsp; **Class Notional Amount** | &nbsp;&nbsp; **Related Class X Class(es)** |
| &nbsp;&nbsp;Class X-A | &nbsp;&nbsp;$998930000 | &nbsp;&nbsp;Class A-1, Class A-2, Class A-3 and Class A-S certificates |
| &nbsp;&nbsp;Class X-B | &nbsp;&nbsp;$110992000 | &nbsp;&nbsp;Class B and Class C certificates |
| &nbsp;&nbsp;Class X-D | &nbsp;&nbsp; $39082000 | &nbsp;&nbsp;Class D certificates |
| &nbsp;&nbsp;Class X-F | &nbsp;&nbsp; $25012000 | &nbsp;&nbsp;Class F certificates |
| &nbsp;&nbsp;Class X-G | &nbsp;&nbsp; $15633000 | &nbsp;&nbsp;Class G certificates |
| &nbsp;&nbsp;Class X-J | &nbsp;&nbsp; $60967860 | &nbsp;&nbsp;Class J certificates |

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Certificateholders and the RR Interest Owner are not entitled to receive distributions of Periodic Payments when due except to the extent they are either covered by a P&I Advance or actually received. Consequently, any defaulted Periodic Payment for which no such P&I Advance is made will tend to extend the weighted average lives of the Offered Certificates that are also Principal Balance Certificates, whether or not a permitted extension of the due date of the related Mortgage Loan has been completed.

Losses and shortfalls on any AB Whole Loan and Prepayment Interest Shortfalls for each Distribution Date with respect to an AB Whole Loan will generally be allocated first to the related Subordinate Companion Loan and then to the related Mortgage Loan (and correspondingly to the certificates and the RR Interest to the extent not covered by the master servicer's Compensating Interest Payment for such Distribution Date in the case of any Prepayment Interest Shortfall) and any Pari Passu Companion Loans on a *pro rata* basis.

**Certain Relevant Factors Affecting Loan Payments and Defaults**

The rate and timing of principal payments and defaults and the severity of losses on the Mortgage Loans may be affected by a number of factors, including, without limitation, the availability of credit for commercial or multifamily real estate, prevailing interest rates, the terms of the Mortgage Loans (for example, due-on-sale clauses, lockout periods or yield maintenance charges, release of property provisions and amortization terms that require balloon payments), the demographics and relative economic vitality of the areas in which the Mortgaged Properties are located and the general supply and demand for rental properties in those areas, the quality of management of the Mortgaged Properties, the servicing of the Mortgage Loans, possible changes in tax laws and other opportunities for investment. See "*Risk Factors*" and "*Description of the Mortgage Pool*".

The rate of prepayment on the pool of Mortgage Loans is likely to be affected by prevailing market interest rates for Mortgage Loans of a comparable type, term and risk level as the Mortgage Loans. When the prevailing market interest rate is below a mortgage interest rate, a borrower may have an increased incentive to refinance its Mortgage Loan. Although the Mortgage Loans contain provisions designed to mitigate the likelihood of an early loan repayment, we cannot assure you that the related borrowers will refrain from prepaying their Mortgage Loans due to the existence of these provisions, or that involuntary prepayments will not occur. See "*Description of the Mortgage Pool—Certain Terms of the Mortgage Loans*".

With respect to certain Mortgage Loans, the related Mortgage Loan documents allow for the sale of individual properties and the severance of the related debt and the assumption by the transferee of such portion of the Mortgage Loan as-is allocable to the individual property acquired by that transferee, subject to the satisfaction of certain conditions. In addition, with respect to certain Mortgage Loans, the related Mortgage Loan documents allow for partial releases of individual Mortgaged Properties during a lockout period or during such time as a yield maintenance charge would otherwise be payable, which could result in a prepayment of a portion of the initial principal balance of the related Mortgage Loan without payment of a yield maintenance charge or prepayment premium. Additionally, in the case of a partial release of an individual Mortgaged Property, the related release amount in many cases is greater than the allocated loan amount for the Mortgaged Property being released, which would result in a greater than

proportionate paydown of the Mortgage Loan. See "*Description of the Mortgage Pool—Certain Terms of the Mortgage Loans—Partial Releases*".

Depending on prevailing market interest rates, the outlook for market interest rates and economic conditions generally, some borrowers may sell Mortgaged Properties in order to realize their equity in the Mortgaged Property, to meet cash flow needs or to make other investments. In addition, some borrowers may be motivated by federal and state tax laws (which are subject to change) to sell Mortgaged Properties prior to the exhaustion of tax depreciation benefits.

We make no representation as to the particular factors that will affect the rate and timing of prepayments and defaults on the Mortgage Loans, as to the relative importance of those factors, as to the percentage of the principal balance of the Mortgage Loans that will be prepaid or as to which a default will have occurred as of any date or as to the overall rate of prepayment or default on the Mortgage Loans.

**Delay in Payment of Distributions**

Because each monthly distribution is made on each Distribution Date, which is at least 15 days after the end of the related Interest Accrual Period for the certificates, the effective yield to the holders of such certificates will be lower than the yield that would otherwise be produced by the applicable Pass-Through Rates and purchase prices (assuming the prices did not account for the delay).

**Yield on the Certificates with Notional Amounts**

The yield to maturity of the certificates with Notional Amounts will be highly sensitive to the rate and timing of reductions made to the Certificate Balances of the related class or classes of certificates indicated in the table below, including by reason of prepayments and principal losses on the Mortgage Loans and other factors described above.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Interest-Only<br> Class of Certificates** | &nbsp;&nbsp; **Class Notional Amount** | &nbsp;&nbsp; **Related Class X Classes** |
| &nbsp;&nbsp;Class X-A | &nbsp;&nbsp;$998930000 | &nbsp;&nbsp;Class A-1, Class A-2, Class A-3 and Class A-S certificates |
| &nbsp;&nbsp;Class X-B | &nbsp;&nbsp;$110992000 | &nbsp;&nbsp;Class B and Class C certificates |
| &nbsp;&nbsp;Class X-D | &nbsp;&nbsp; $39082000 | &nbsp;&nbsp;Class D certificates |
| &nbsp;&nbsp;Class X-F | &nbsp;&nbsp; $25012000 | &nbsp;&nbsp;Class F certificates |
| &nbsp;&nbsp;Class X-G | &nbsp;&nbsp; $15633000 | &nbsp;&nbsp;Class G certificates |
| &nbsp;&nbsp;Class X-J | &nbsp;&nbsp; $60967860 | &nbsp;&nbsp;Class J certificates |

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Any optional termination by the holders of the Controlling Class, the special servicer, the master servicer or the holders of the Class R certificates would result in prepayment in full of the Offered Certificates and would have an adverse effect on the yield of a class of the certificates with Notional Amounts because a termination would have an effect similar to a principal prepayment in full of the Mortgage Loans and, as a result, investors in these certificates and any other Offered Certificates purchased at premium might not fully recoup their initial investment. See "*Pooling and Servicing Agreement —Termination; Retirement of Certificates*".

Investors in the certificates with Notional Amounts should fully consider the associated risks, including the risk that an extremely rapid rate of prepayment or other liquidation of the Mortgage Loans could result in the failure of such investors to recoup fully their initial investments.

**Weighted Average Life**

The weighted average life of a Principal Balance Certificate refers to the average amount of time that will elapse from the date of its issuance until each dollar allocable to principal of the certificate is distributed to the related investor. The weighted average life of a Principal Balance Certificate will be influenced by, among other things, the rate at which principal on the Mortgage Loans is paid or otherwise received, which may be in the form of scheduled amortization, voluntary prepayments, Insurance and Condemnation Proceeds and Liquidation Proceeds. Distributions among the various classes of Non-VRR Certificates and the VRR Interest will be made as set forth under "*Description of the Certificates—*

*Distributions—Priority of Distributions"* and "*Credit Risk Retention—The VRR Interest—Priority of Distributions on the VRR Interest*".

Prepayments may be measured by a prepayment standard or model. The "<u>Constant Prepayment Rate</u>" or "<u>CPR</u>" model represents an assumed constant annual rate of prepayment each month, expressed as a *per annum* percentage of the then-scheduled principal balance of the pool of Mortgage Loans. The "<u>CPY</u>" model represents an assumed CPR prepayment rate after any applicable lockout period, any applicable period in which defeasance is permitted and any applicable yield maintenance period has expired. The model used in this prospectus is the CPY model. As used in each of the following tables, the column headed "0% CPY" assumes that none of the Mortgage Loans is prepaid before its maturity date. The columns headed "25% CPY", "50% CPY", "75% CPY" and "100% CPY" assume prepayments on the Mortgage Loans at those levels of CPR following the expiration of any applicable lockout period, any applicable period in which defeasance is permitted and any applicable yield maintenance period (except as described below). We cannot assure you, however, that prepayments of the Mortgage Loans will conform to any level of CPY, and we make no representation that the Mortgage Loans will prepay at the levels of CPY shown or at any other prepayment rate.

The following tables indicate the percentage of the initial Certificate Balance (or, in the case of each Class of the Class A-2 and Class A-3 certificates, the percentage of the related potential maximum and minimum initial Certificate Balances, respectively) of each class of the Offered Certificates that are also Principal Balance Certificates that would be outstanding after each of the dates shown at various CPYs and the corresponding weighted average life of each class of Offered Certificates that are also Principal Balance Certificates. The tables have been prepared on the basis of the following assumptions (the "<u>Modeling Assumptions</u>"), among others:

● scheduled Periodic Payments including payments due at maturity of principal and/or interest on the Mortgage Loans will be received on a timely basis and will be distributed on the 15th day (each assumed to be a business day) of the related month, beginning in November 2025;

● the Mortgage Rate in effect for each Mortgage Loan as of the Cut-off Date will remain in effect to the related maturity date and will be adjusted, if necessary, as required pursuant to the definition of Mortgage Rate;

● there are no delinquencies;

● the mortgage loan sellers will not be required to repurchase any Mortgage Loan, and none of the holders of the Controlling Class (or any other Certificateholder), the RR Interest Owner, the special servicer or the master servicer will exercise its option to purchase all the Mortgage Loans and thereby cause an early termination of the issuing entity and no holder of any mezzanine debt or other indebtedness will exercise its option to purchase the related Mortgage Loan;

● any principal prepayments on the Mortgage Loans will be received on their respective Due Dates after the expiration of any applicable lockout period, any applicable period in which defeasance is permitted, and any applicable yield maintenance period, in each case, at the respective levels of CPY set forth in the tables (without regard to any limitations in such Mortgage Loans on partial voluntary principal prepayment);

● all prepayments are assumed to be voluntary prepayments and will not include, without limitation, Liquidation Proceeds, condemnation proceeds, insurance proceeds, proceeds from the purchase of a Mortgage Loan from the issuing entity or any prepayment that is accepted by the master servicer or the special servicer pursuant to a workout, settlement or loan modification;

● no Prepayment Interest Shortfalls are incurred and no prepayment premiums or yield maintenance charges are collected;

● the Closing Date occurs on October 30, 2025;

● the Pass-Through Rates, initial Certificate Balances and initial Notional Amounts of the respective classes of Offered Certificates are as described in this prospectus;

● the Administrative Cost Rate is calculated on the Stated Principal Balance of the Mortgage Loans and in the same manner as interest is calculated on the Mortgage Loans;

● no reserves, earnouts, holdbacks, insurance proceeds or condemnation proceeds are applied to prepay any related Mortgage Loan in whole or in part;

● no additional trust fund expenses are incurred;

● no property releases (or yield maintenance charge or other prepayment premium or related re-amortizations) occur;

● the optional termination is not exercised;

● there are no modifications or maturity date extensions in respect of the Mortgage Loans; and

● with respect to each Mortgage Loan that is part of a Whole Loan that includes one or more Subordinate Companion Loan, for purposes of assumed CPR prepayment rates, prepayments are determined on the basis of the principal balance of that Mortgage Loan only, without regard to the related Subordinate Companion Loan(s).

To the extent that the Mortgage Loans have characteristics that differ from those assumed in preparing the tables set forth below, a class of Offered Certificates that is also a Principal Balance Certificate may mature earlier or later than indicated by the tables. The tables set forth below are for illustrative purposes only and it is highly unlikely that the Mortgage Loans will actually prepay at any constant rate until maturity or that all the Mortgage Loans will prepay at the same rate. In addition, variations in the actual prepayment experience and the balance of the Mortgage Loans that prepay may increase or decrease the percentages of initial Certificate Balances (and weighted average lives) shown in the following tables. These variations may occur even if the average prepayment experience of the Mortgage Loans were to equal any of the specified CPY percentages. Investors should not rely on the prepayment assumptions set forth in this prospectus and are urged to conduct their own analyses of the rates at which the Mortgage Loans may be expected to prepay, based on their own assumptions. Based on the foregoing assumptions, the following tables indicate the resulting weighted average lives of each class of Offered Certificates that is also a Principal Balance Certificate and set forth the percentage of the initial Certificate Balance of each class of Offered Certificates that is also a Principal Balance Certificate that would be outstanding after each of the dates shown at the indicated CPYs.

**Percentages of the Initial Certificate Balance of<br> the Class A-1 certificates at the Respective CPYs Set Forth Below:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** |
| **Distribution Date** | &nbsp;&nbsp; **0% CPY** | &nbsp;&nbsp; **25% CPY** | &nbsp;&nbsp; **50% CPY** | &nbsp;&nbsp; **75% CPY** | &nbsp;&nbsp; **100% CPY** |
| &nbsp;&nbsp;Closing Date | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;October 2026 | &nbsp;&nbsp;78% | &nbsp;&nbsp;78% | &nbsp;&nbsp;78% | &nbsp;&nbsp;78% | &nbsp;&nbsp;78% |
| &nbsp;&nbsp;October 2027 | &nbsp;&nbsp;55% | &nbsp;&nbsp;55% | &nbsp;&nbsp;55% | &nbsp;&nbsp;55% | &nbsp;&nbsp;55% |
| &nbsp;&nbsp;October 2028 | &nbsp;&nbsp;31% | &nbsp;&nbsp;31% | &nbsp;&nbsp;31% | &nbsp;&nbsp;31% | &nbsp;&nbsp;31% |
| &nbsp;&nbsp;October 2029 | &nbsp;&nbsp;4% | &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;0% |
| &nbsp;&nbsp;October 2030 and thereafter | &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;0% |
| &nbsp;&nbsp;Weighted Average Life (in years) | &nbsp;&nbsp;2.18 | &nbsp;&nbsp;2.15 | &nbsp;&nbsp;2.15 | &nbsp;&nbsp;2.15 | &nbsp;&nbsp;2.15 |
| &nbsp;&nbsp;First Principal Payment Date | &nbsp;&nbsp;November 2025 | &nbsp;&nbsp;November 2025 | &nbsp;&nbsp;November 2025 | &nbsp;&nbsp;November 2025 | &nbsp;&nbsp;November 2025 |
| &nbsp;&nbsp;Last Principal Payment Date | &nbsp;&nbsp;December 2029 | &nbsp;&nbsp;July 2029 | &nbsp;&nbsp;July 2029 | &nbsp;&nbsp;July 2029 | &nbsp;&nbsp;July 2029 |

---

**Percentages of the <u>Maximum</u> Initial Certificate Balance ($348,650,000)<sup>(1)</sup> of<br> the Class A-2 certificates at the Respective CPYs Set Forth Below:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** |
| **Distribution Date** | &nbsp;&nbsp; **0% CPY** | &nbsp;&nbsp; **25% CPY** | &nbsp;&nbsp; **50% CPY** | &nbsp;&nbsp; **75% CPY** | &nbsp;&nbsp; **100% CPY** |
| &nbsp;&nbsp;Closing Date | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;October 2026 | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;October 2027 | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;October 2028 | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;October 2029 | &nbsp;&nbsp;100% | &nbsp;&nbsp;99% | &nbsp;&nbsp;98% | &nbsp;&nbsp;97% | &nbsp;&nbsp;92% |
| &nbsp;&nbsp;October 2030 and thereafter | &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;0% |
| &nbsp;&nbsp;Weighted Average Life (in years) | &nbsp;&nbsp;4.76 | &nbsp;&nbsp;4.66 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;4.48 | &nbsp;&nbsp;4.29 |
| &nbsp;&nbsp;First Principal Payment Date | &nbsp;&nbsp;December 2029 | &nbsp;&nbsp;July 2029 | &nbsp;&nbsp;July 2029 | &nbsp;&nbsp;July 2029 | &nbsp;&nbsp;July 2029 |
| &nbsp;&nbsp;Last Principal Payment Date | &nbsp;&nbsp;September 2030 | &nbsp;&nbsp;September 2030 | &nbsp;&nbsp;August 2030 | &nbsp;&nbsp;June 2030 | &nbsp;&nbsp;March 2030 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The exact initial Certificate Balance of the Class A-2 certificates is
unknown and will be determined based on final pricing of that Class. The information in the chart above is based on the maximum potential
initial Certificate Balance of the Class A-2 certificates, however, the actual Certificate Balance may be less than the maximum shown,
in which case the Weighted Average Lives, First Principal Payment Dates and Last Principal Payment Dates may be different than those shown
above.

**Percentages of the <u>Minimum</u> Initial Certificate Balance ($0)<sup>(1)</sup> of<br> the Class A-2 certificates at the Respective CPYs Set Forth Below:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** |
| **Distribution Date** | &nbsp;&nbsp; **0% CPY** | &nbsp;&nbsp; **25% CPY** | &nbsp;&nbsp; **50% CPY** | &nbsp;&nbsp; **75% CPY** | &nbsp;&nbsp; **100% CPY** |
| &nbsp;&nbsp;Closing Date | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;October 2026 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;October 2027 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;October 2028 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;October 2029 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;October 2030 and thereafter | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;Weighted Average Life (in years) | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;First Principal Payment Date | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;Last Principal Payment Date | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The exact initial Certificate Balance of the Class A-2 certificates is
unknown and will be determined based on final pricing of that Class. The information in the chart above is based on the minimum potential
initial Certificate Balance of the Class A-2 certificates, which is $0, in which case the Class A-2 certificates will not be issued.

**Percentages of the Initial <u>Maximum</u> Certificate Balance ($872,140,000)<sup>(1)</sup> of<br> the Class A-3 certificates at the Respective CPYs Set Forth Below:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** |
| **Distribution Date** | &nbsp;&nbsp; **0% CPY** | &nbsp;&nbsp; **25% CPY** | &nbsp;&nbsp; **50% CPY** | &nbsp;&nbsp; **75% CPY** | &nbsp;&nbsp; **100% CPY** |
| &nbsp;&nbsp;Closing Date | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;October 2026 | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;October 2027 | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;October 2028 | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;October 2029 | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;99% | &nbsp;&nbsp;99% | &nbsp;&nbsp;97% |
| &nbsp;&nbsp;October 2030 and thereafter | &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;0% |
| &nbsp;&nbsp;Weighted Average Life (in years) | &nbsp;&nbsp;4.87 | &nbsp;&nbsp;4.82 | &nbsp;&nbsp;4.77 | &nbsp;&nbsp;4.69 | &nbsp;&nbsp;4.39 |
| &nbsp;&nbsp;First Principal Payment Date | &nbsp;&nbsp;December 2029 | &nbsp;&nbsp;July 2029 | &nbsp;&nbsp;July 2029 | &nbsp;&nbsp;July 2029 | &nbsp;&nbsp;July 2029 |
| &nbsp;&nbsp;Last Principal Payment Date | &nbsp;&nbsp;October 2030 | &nbsp;&nbsp;October 2030 | &nbsp;&nbsp;October 2030 | &nbsp;&nbsp;October 2030 | &nbsp;&nbsp;April 2030 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The exact initial Certificate Balance of the Class A-3 certificates is
unknown and will be determined based on final pricing of that Class. The information in the chart above is based on the maximum potential
initial Certificate Balance of the Class A-3 certificates, however, the actual Certificate Balance may be less than the maximum shown,
in which case the Weighted Average Lives, First Principal Payment Dates and Last Principal Payment Dates may be different than those shown
above.

**Percentages of the Initial <u>Minimum</u> Certificate Balance ($523,490,000)<sup>(1)</sup> of<br> the Class A-3 certificates at the Respective CPYs Set Forth Below:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** |
| **Distribution Date** | &nbsp;&nbsp; **0% CPY** | &nbsp;&nbsp; **25% CPY** | &nbsp;&nbsp; **50% CPY** | &nbsp;&nbsp; **75% CPY** | &nbsp;&nbsp; **100% CPY** |
| &nbsp;&nbsp;Closing Date | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;October 2026 | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;October 2027 | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;October 2028 | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;October 2029 | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;October 2030 and thereafter | &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;0% |
| &nbsp;&nbsp;Weighted Average Life (in years) | &nbsp;&nbsp;4.95 | &nbsp;&nbsp;4.93 | &nbsp;&nbsp;4.90 | &nbsp;&nbsp;4.82 | &nbsp;&nbsp;4.46 |
| &nbsp;&nbsp;First Principal Payment Date | &nbsp;&nbsp;September 2030 | &nbsp;&nbsp;September 2030 | &nbsp;&nbsp;August 2030 | &nbsp;&nbsp;June 2030 | &nbsp;&nbsp;March 2030 |
| &nbsp;&nbsp;Last Principal Payment Date | &nbsp;&nbsp;October 2030 | &nbsp;&nbsp;October 2030 | &nbsp;&nbsp;October 2030 | &nbsp;&nbsp;October 2030 | &nbsp;&nbsp;April 2030 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The exact initial Certificate Balance of the Class A-3 certificates is
unknown and will be determined based on final pricing of that Class. The information in the chart above is based on the minimum potential
initial Certificate Balance of the Class A-3 certificates, however, the actual Certificate Balance may be more than the minimum shown,
in which case the Weighted Average Lives, First Principal Payment Dates and Last Principal Payment Dates may be different than those shown
above.

**Percentages of the Initial Certificate Balance of<br> the Class A-S certificates at the Respective CPYs Set Forth Below:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** |
| **Distribution Date** | &nbsp;&nbsp; **0% CPY** | &nbsp;&nbsp; **25% CPY** | &nbsp;&nbsp; **50% CPY** | &nbsp;&nbsp; **75% CPY** | &nbsp;&nbsp; **100% CPY** |
| &nbsp;&nbsp;Closing Date | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;October 2026 | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;October 2027 | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;October 2028 | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;October 2029 | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;October 2030 and thereafter | &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;0% |
| &nbsp;&nbsp;Weighted Average Life (in years) | &nbsp;&nbsp;4.96 | &nbsp;&nbsp;4.96 | &nbsp;&nbsp;4.96 | &nbsp;&nbsp;4.96 | &nbsp;&nbsp;4.56 |
| &nbsp;&nbsp;First Principal Payment Date | &nbsp;&nbsp;October 2030 | &nbsp;&nbsp;October 2030 | &nbsp;&nbsp;October 2030 | &nbsp;&nbsp;October 2030 | &nbsp;&nbsp;April 2030 |
| &nbsp;&nbsp;Last Principal Payment Date | &nbsp;&nbsp;October 2030 | &nbsp;&nbsp;October 2030 | &nbsp;&nbsp;October 2030 | &nbsp;&nbsp;October 2030 | &nbsp;&nbsp;June 2030 |

---

**Percentages of the Initial Certificate Balance of<br> the Class B certificates at the Respective CPYs Set Forth Below:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** |
| **Distribution Date** | &nbsp;&nbsp; **0% CPY** | &nbsp;&nbsp; **25% CPY** | &nbsp;&nbsp; **50% CPY** | &nbsp;&nbsp; **75% CPY** | &nbsp;&nbsp; **100% CPY** |
| &nbsp;&nbsp;Closing Date | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;October 2026 | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;October 2027 | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;October 2028 | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;October 2029 | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;October 2030 and thereafter | &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;0% |
| &nbsp;&nbsp;Weighted Average Life (in years) | &nbsp;&nbsp;4.96 | &nbsp;&nbsp;4.96 | &nbsp;&nbsp;4.96 | &nbsp;&nbsp;4.96 | &nbsp;&nbsp;4.63 |
| &nbsp;&nbsp;First Principal Payment Date | &nbsp;&nbsp;October 2030 | &nbsp;&nbsp;October 2030 | &nbsp;&nbsp;October 2030 | &nbsp;&nbsp;October 2030 | &nbsp;&nbsp;June 2030 |
| &nbsp;&nbsp;Last Principal Payment Date | &nbsp;&nbsp;October 2030 | &nbsp;&nbsp;October 2030 | &nbsp;&nbsp;October 2030 | &nbsp;&nbsp;October 2030 | &nbsp;&nbsp;June 2030 |

---

**Percentages of the Initial Certificate Balance of<br> the Class C certificates at the Respective CPYs Set Forth Below:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** |
| **Distribution Date** | &nbsp;&nbsp; **0% CPY** | &nbsp;&nbsp; **25% CPY** | &nbsp;&nbsp; **50% CPY** | &nbsp;&nbsp; **75% CPY** | &nbsp;&nbsp; **100% CPY** |
| &nbsp;&nbsp;Closing Date | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;October 2026 | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;October 2027 | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;October 2028 | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;October 2029 | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;October 2030 and thereafter | &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;0% |
| &nbsp;&nbsp;Weighted Average Life (in years) | &nbsp;&nbsp;4.96 | &nbsp;&nbsp;4.96 | &nbsp;&nbsp;4.96 | &nbsp;&nbsp;4.96 | &nbsp;&nbsp;4.63 |
| &nbsp;&nbsp;First Principal Payment Date | &nbsp;&nbsp;October 2030 | &nbsp;&nbsp;October 2030 | &nbsp;&nbsp;October 2030 | &nbsp;&nbsp;October 2030 | &nbsp;&nbsp;June 2030 |
| &nbsp;&nbsp;Last Principal Payment Date | &nbsp;&nbsp;October 2030 | &nbsp;&nbsp;October 2030 | &nbsp;&nbsp;October 2030 | &nbsp;&nbsp;October 2030 | &nbsp;&nbsp;June 2030 |

---

**Pre-Tax Yield to Maturity Tables**

The following tables indicate the approximate pre-tax yield to maturity on a corporate bond equivalent basis on the Offered Certificates for the specified CPYs based on the assumptions set forth under "*—Weighted Average Life*" above. It was further assumed that the purchase price of the Offered Certificates is as specified in the tables below, expressed as a percentage of the initial Certificate Balance or Notional Amount, as applicable, plus accrued interest from October 1, 2025 to the Closing Date.

The yields set forth in the following tables were calculated by determining the monthly discount rates that, when applied to the assumed streams of cash flows to be paid on the applicable class of Offered Certificates, would cause the discounted present value of such assumed stream of cash flows to equal the assumed purchase price of such class, and by converting such monthly rates to semi-annual corporate bond equivalent rates. Such calculations do not take into account shortfalls in collection of interest due to prepayments (or other liquidations) of the Mortgage Loans or the interest rates at which investors may be able to reinvest funds received by them as distributions on the applicable class of certificates (and, accordingly, do not purport to reflect the return on any investment in the applicable class of Offered Certificates when such reinvestment rates are considered).

The characteristics of the Mortgage Loans may differ from those assumed in preparing the tables below. In addition, we cannot assure you that the Mortgage Loans will prepay in accordance with the above assumptions at any of the rates shown in the tables or at any other particular rate, that the cash flows on the applicable class of Offered Certificates will correspond to the cash flows shown in this prospectus or that the aggregate purchase price of such class of Offered Certificates will be as assumed. In addition, it is unlikely that the Mortgage Loans will prepay in accordance with the above assumptions at any of the specified CPYs until maturity or that all the Mortgage Loans will so prepay at the same rate. Timing of changes in the rate of prepayments may significantly affect the actual yield to maturity to investors, even if the average rate of principal prepayments is consistent with the expectations of investors. Investors must make their own decisions as to the appropriate prepayment assumption to be used in deciding whether to purchase any class of Offered Certificates.

For purposes of this prospectus, prepayment assumptions with respect to the Mortgage Loans are presented in terms of the CPY model described under "*—Weighted Average Life*" above.

**Pre-Tax Yield to Maturity (CBE) for the Class A-1 certificates<br> at the Respective CPYs Set Forth Below:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** |
| &nbsp;&nbsp; **Assumed Price (% of Initial Certificate Balance of Class A-1 certificates)** | &nbsp;&nbsp; **0% CPY** | &nbsp;&nbsp; **25% CPY** | &nbsp;&nbsp; **50% CPY** | &nbsp;&nbsp; **75% CPY** | &nbsp;&nbsp; **100% CPY** |

---

**Pre-Tax Yield to Maturity (CBE) for the Class A-2 certificates<br> at the Respective CPYs Set Forth Below:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** |
| &nbsp;&nbsp; **Assumed Price (% of Initial Certificate Balance of Class A-2 certificates)** | &nbsp;&nbsp; **0% CPY** | &nbsp;&nbsp; **25% CPY** | &nbsp;&nbsp; **50% CPY** | &nbsp;&nbsp; **75% CPY** | &nbsp;&nbsp; **100% CPY** |

---

**Pre-Tax Yield to Maturity (CBE) for the Class A-3 certificates<br> at the Respective CPYs Set Forth Below:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** |
| &nbsp;&nbsp; **Assumed Price (% of Initial Certificate Balance of Class A-3 certificates)** | &nbsp;&nbsp; **0% CPY** | &nbsp;&nbsp; **25% CPY** | &nbsp;&nbsp; **50% CPY** | &nbsp;&nbsp; **75% CPY** | &nbsp;&nbsp; **100% CPY** |

---

**Pre-Tax Yield to Maturity (CBE) for the Class X-A certificates<br> at the Respective CPYs Set Forth Below:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** |
| &nbsp;&nbsp; **Assumed Price (% of Initial Notional Amount of Class X-A certificates)** | &nbsp;&nbsp; **0% CPY** | &nbsp;&nbsp; **25% CPY** | &nbsp;&nbsp; **50% CPY** | &nbsp;&nbsp; **75% CPY** | &nbsp;&nbsp; **100% CPY** |

---

**Pre-Tax Yield to Maturity (CBE) for the Class X-B certificates<br> at the Respective CPYs Set Forth Below:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** |
| &nbsp;&nbsp; **Assumed Price (% of Initial Notional Amount of Class X-B certificates)** | &nbsp;&nbsp; **0% CPY** | &nbsp;&nbsp; **25% CPY** | &nbsp;&nbsp; **50% CPY** | &nbsp;&nbsp; **75% CPY** | &nbsp;&nbsp; **100% CPY** |

---

**Pre-Tax Yield to Maturity (CBE) for the Class A-S certificates<br> at the Respective CPYs Set Forth Below:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** |
| &nbsp;&nbsp; **Assumed Price (% of Initial Certificate Balance of Class A-S certificates)** | &nbsp;&nbsp; **0% CPY** | &nbsp;&nbsp; **25% CPY** | &nbsp;&nbsp; **50% CPY** | &nbsp;&nbsp; **75% CPY** | &nbsp;&nbsp; **100% CPY** |

---

**Pre-Tax Yield to Maturity (CBE) for the Class B certificates<br> at the Respective CPYs Set Forth Below:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** |
| &nbsp;&nbsp; **Assumed Price (% of Initial Certificate Balance of Class B certificates)** | &nbsp;&nbsp; **0% CPY** | &nbsp;&nbsp; **25% CPY** | &nbsp;&nbsp; **50% CPY** | &nbsp;&nbsp; **75% CPY** | &nbsp;&nbsp; **100% CPY** |

---

**Pre-Tax Yield to Maturity (CBE) for the Class C certificates<br> at the Respective CPYs Set Forth Below:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** | &nbsp;&nbsp; **Prepayment Assumption (CPY)** |
| &nbsp;&nbsp; **Assumed Price (% of Initial Certificate Balance of Class C certificates)** | &nbsp;&nbsp; **0% CPY** | &nbsp;&nbsp; **25% CPY** | &nbsp;&nbsp; **50% CPY** | &nbsp;&nbsp; **75% CPY** | &nbsp;&nbsp; **100% CPY** |

---

**Material Federal Income Tax Considerations**

 **General**

The following is a general discussion of the anticipated material federal income tax consequences of the purchase, ownership and disposition of the certificates. The discussion below does not purport to address all federal income tax consequences that may be applicable to particular categories of investors (such as banks, insurance companies, securities dealers, foreign persons, investors whose functional currency is not the U.S. dollar, investors subject to the alternative minimum tax and investors that hold the certificates as part of a "straddle" or "conversion transaction"), some of which may be subject to special rules. The authorities on which this discussion is based are subject to change or differing interpretations, and any such change or interpretation could apply retroactively. This discussion reflects the applicable provisions of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"), as well as regulations (the "<u>REMIC Regulations</u>") promulgated by the U.S. Department of the Treasury and the IRS. Investors are encouraged to consult their tax advisors in determining the federal, state, local or any other tax consequences to them of the purchase, ownership and disposition of the certificates.

Two (2) separate real estate mortgage investment conduit ("<u>REMIC</u>") elections will be made with respect to designated portions of the issuing entity (the "<u>Lower-Tier REMIC</u>" and the "<u>Upper-Tier REMIC</u>", and, together, the "<u>Trust REMICs</u>"). The Lower-Tier REMIC will hold the Mortgage Loans and certain other assets and will issue (i) certain classes of regular interests (the "<u>Lower-Tier Regular Interests</u>") to the Upper-Tier REMIC and (ii) an uncertificated interest represented by the Class R certificates as the sole class of "residual interests" in the Lower-Tier REMIC.

The Upper-Tier REMIC will hold the Lower-Tier Regular Interests and will issue (i) the Class A-1, Class A-2, Class A-3, Class X-A, Class X-B, Class X-D, Class X-F, Class X-G, Class X-J, Class A-S, Class B, Class C, Class D, Class F, Class G and Class J certificates and the VRR Interest (collectively, the "<u>Regular Interests</u>"), each of which represents a regular interest in the Upper-Tier REMIC and (ii) an uncertificated interest represented by the Class R certificates as the sole class of "residual interests" in the Upper-Tier REMIC.

Qualification as a REMIC requires ongoing compliance with certain conditions. Assuming (i) the making of appropriate elections, (ii) compliance with the PSA and each Co-Lender Agreement, (iii) compliance with the provisions of each Non-Serviced PSA and any amendments thereto and the continued qualification of the REMICs formed under each Non-Serviced PSA and (iv) compliance with any changes in the law, including any amendments to the Code or applicable Treasury regulations thereunder, in the opinion of Cadwalader, Wickersham & Taft LLP, special tax counsel to the depositor, (a) each Trust REMIC will qualify as a REMIC on the Closing Date and thereafter, (b) each of the Lower-Tier Regular Interests will constitute a "regular interest" in the Lower-Tier REMIC, (c) each of the Regular Interests will constitute a "regular interest" in the Upper-Tier REMIC and (d) the Class R certificates will evidence the sole class of "residual interests" in each Trust REMIC.

**Qualification as a REMIC**

In order for each Trust REMIC to qualify as a REMIC, there must be ongoing compliance on the part of such Trust REMIC with the requirements set forth in the Code. Each Trust REMIC must fulfill an asset test, which requires that no more than a *de minimis* portion of the assets of such Trust REMIC, as of the close of the third calendar month beginning after the Closing Date (which for purposes of this discussion is the date of the issuance of the Regular Interests, the "<u>Startup Day</u>") and at all times thereafter, may consist of assets other than "qualified mortgages" and "permitted investments". The REMIC Regulations provide a safe harbor pursuant to which the *de minimis* requirements will be met if at all times the aggregate adjusted basis of the nonqualified assets is less than 1% of the aggregate adjusted basis of all such Trust REMIC's assets. Each Trust REMIC also must provide "reasonable arrangements" to prevent its residual interest from being held by "disqualified organizations" or their agents and must furnish applicable tax information to transferors or agents that violate this restriction. The PSA will provide that no legal or beneficial interest in the Class R certificates may be transferred or registered unless certain conditions, designed to prevent violation of this restriction, are met. It is expected that each Trust REMIC will qualify as a REMIC at all times that any of the Regular Interests are outstanding.

A qualified mortgage is any obligation that is principally secured by an interest in real property and that is either transferred to a REMIC on the Startup Day or is purchased by a REMIC within a three (3) month period thereafter pursuant to a fixed price contract in effect on the Startup Day. Qualified mortgages include (i) whole mortgage loans or split note interests in such mortgage loans, such as the Mortgage Loans; *provided* that, in general, (a) the fair market value of the real property security (including buildings and structural components of the real property security) (reduced by (1) the amount of any lien on the real property security that is senior to the Mortgage Loan and (2) a proportionate amount of any lien on the real property security that is in parity with the Mortgage Loan) is at least 80% of the aggregate principal balance of such Mortgage Loan either at origination or as of the Startup Day (a loan-to-value ratio of not more than 125% with respect to the real property security) or (b) substantially all the proceeds of the Mortgage Loan or the underlying mortgages were used to acquire, improve or protect an interest in real property that, at the date of origination, was the only security for the Mortgage Loan, and (ii) regular interests in another REMIC, such as the Lower-Tier Regular Interests that will be held by the Upper-Tier REMIC. If a Mortgage Loan was not in fact principally secured by real property or is otherwise not a qualified mortgage, it must be disposed of within 90 days of discovery of such defect, or otherwise ceases to be a qualified mortgage after such 90-day period.

Permitted investments include "cash flow investments", "qualified reserve assets" and "foreclosure property". A cash flow investment is an investment, earning a return in the nature of interest, of amounts received on or with respect to qualified mortgages for a temporary period, not exceeding 13 months, until the next scheduled distribution to holders of interests in the REMIC. A qualified reserve asset is any intangible property held for investment that is part of any reasonably required reserve maintained by the REMIC to provide for payments of expenses of the REMIC or amounts due on its regular or residual interests in the event of defaults (including delinquencies) on the qualified mortgages, lower than expected reinvestment returns, Prepayment Interest Shortfalls and certain other contingencies. The Trust REMICs will not hold any qualified reserve assets. Foreclosure property is real property acquired by a REMIC in connection with the default or imminent default of a qualified mortgage and maintained by the REMIC in compliance with applicable rules and personal property that is incidental to such real property; *provided* that the mortgage loan sellers had no knowledge or reason to know, as of the Startup Day, that such a default had occurred or would occur. Foreclosure property may generally not be held after the close of the third calendar year beginning after the date the issuing entity acquires such property, with one extension that may be granted by the IRS.

A mortgage loan held by a REMIC will fail to be a qualified mortgage if it is "significantly modified" unless default is "reasonably foreseeable" or where the servicer believes there is a "significant risk of default" upon maturity of the mortgage loan or at an earlier date, and that by making such modification the risk of default is substantially reduced. A mortgage loan held by a REMIC will not be considered to have been "significantly modified" following the release of the lien on a portion of the real property collateral if (a) the release is pursuant to a defeasance permitted under the mortgage loan documents that occurs

more than two (2) years after the Startup Day of the REMIC or (b) following the release the loan-to-value ratio for the mortgage loan is not more than 125% with respect to the real property security. Furthermore, if the release is not pursuant to a defeasance and following the release the loan-to-value ratio for the mortgage loan is greater than 125%, the mortgage loan will continue to be a qualified mortgage if the release is part of a "qualified paydown transaction" in accordance with Revenue Procedure 2010-30.

In addition to the foregoing requirements, the various interests in a REMIC also must meet certain requirements. All of the interests in a REMIC must be either of the following: (i) one or more classes of regular interests or (ii) a single class of residual interests on which distributions, if any, are made *pro rata*. A regular interest is an interest in a REMIC that is issued on the Startup Day with fixed terms, is designated as a regular interest, and unconditionally entitles the holder to receive a specified principal amount (or other similar amount), and provides that interest payments (or other similar amounts), if any, at or before maturity either are payable based on a fixed rate or a qualified variable rate, or consist of a specified, nonvarying portion of the interest payments on the qualified mortgages. The rate on the specified portion may be a fixed rate, a variable rate, or the difference between one fixed or qualified variable rate and another fixed or qualified variable rate. The specified principal amount of a regular interest that provides for interest payments consisting of a specified, nonvarying portion of interest payments on qualified mortgages may be zero. An interest in a REMIC may be treated as a regular interest even if payments of principal with respect to such interest are subordinated to payments on other regular interests or the residual interest in the REMIC, and are dependent on the absence of defaults or delinquencies on qualified mortgages or permitted investments, lower than reasonably expected returns on permitted investments, expenses incurred by the REMIC or Prepayment Interest Shortfalls. A residual interest is an interest in a REMIC other than a regular interest that is issued on the Startup Day that is designated as a residual interest. Accordingly, each class of Lower-Tier Regular Interests will constitute a class of regular interests in the Lower-Tier REMIC, each class of Regular Interests will constitute a class of regular interests in the Upper-Tier REMIC, and the Class R certificates will represent the sole class of residual interests in each Trust REMIC.

If an entity fails to comply with one or more of the ongoing requirements of the Code for status as a REMIC during any taxable year, the Code provides that the entity or applicable portion of it will not be treated as a REMIC for such year and thereafter. In this event, any entity with debt obligations with two (2) or more maturities, such as the Trust REMICs, may be treated as a separate association taxable as a corporation under Treasury regulations, and the certificates may be treated as equity interests in such an association. The Code, however, authorizes the Treasury Department to issue regulations that address situations where failure to meet one or more of the requirements for REMIC status occurs inadvertently and in good faith. Investors should be aware, however, that the Conference Committee Report to the Tax Reform Act of 1986 (the "<u>1986 Act</u>") indicates that the relief may be accompanied by sanctions, such as the imposition of a corporate tax on all or a portion of a REMIC's income for the period of time in which the requirements for REMIC status are not satisfied.

**Status of Offered Certificates**

Offered Certificates held by a real estate investment trust will constitute "real estate assets" within the meaning of Code Section 856(c)(5)(B), and interest (including original issue discount) on the Offered Certificates will be considered "interest on obligations secured by mortgages on real property or on interests in real property" within the meaning of Code Section 856(c)(3)(B) in the same proportion that, for both purposes, the assets of the issuing entity would be so treated. For purposes of Code Section 856(c)(5)(B), payments of principal and interest on the Mortgage Loans that are reinvested pending distribution to holders of Offered Certificates qualify for such treatment. Offered Certificates held by a domestic building and loan association will be treated as "loans . . . secured by an interest in real property which is . . . residential real property" within the meaning of Code Section 7701(a)(19)(C)(v) or as other assets described in Code Section 7701(a)(19)(C) only to the extent the applicable loans are secured by residential real property. As of the Cut-off Date, twenty-eight (28) of the Mortgaged Properties (36.4%) securing seventeen (17) Mortgage Loans (in whole or in part) are multifamily properties or mixed use properties with a multifamily component. Holders of Offered Certificates should consult their tax advisors whether the foregoing percentage or some other percentage applies to their Offered Certificates. If at all

times 95% or more of the assets of the issuing entity qualify for each of the foregoing treatments, the Offered Certificates will qualify for the corresponding status in their entirety. For the purposes of the foregoing determinations, the Trust REMICs will be treated as a single REMIC. In addition, the Mortgage Loans that have been defeased with government securities will not qualify for such treatment. Offered Certificates will be "qualified mortgages" within the meaning of Code Section 860G(a)(3) for another REMIC if transferred to that REMIC within a prescribed time period in exchange for regular or residual interests in that REMIC. Moreover, Offered Certificates held by certain financial institutions will constitute an "evidence of indebtedness" within the meaning of Code Section 582(c)(1).

**Taxation of Regular Interests**

 **General**

Each class of Regular Interests represents a class of regular interests in the Upper-Tier REMIC. The Regular Interests will represent newly originated debt instruments for federal income tax purposes. In general, interest, original issue discount and market discount on a Regular Interest will be treated as ordinary income to the holder of a Regular Interest (a "<u>Regular Interestholder</u>"), and principal payments on a Regular Interest will be treated as a return of capital to the extent of the Regular Interestholder's basis in the Regular Interest. Regular Interestholders must use the accrual method of accounting with regard to the Regular Interests, regardless of the method of accounting otherwise used by such Regular Interestholders.

**Original Issue Discount**

Holders of Regular Interests issued with original issue discount generally must include original issue discount in ordinary income for federal income tax purposes as it accrues in accordance with the constant yield method, which takes into account the compounding of interest, in advance of receipt of the cash attributable to such income. The following discussion is based in part on temporary and final Treasury regulations (the "<u>OID Regulations</u>") under Code Sections 1271 through 1273 and 1275 and in part on the provisions of the 1986 Act. Regular Interestholders should be aware, however, that the OID Regulations do not adequately address certain issues relevant to prepayable securities, such as the Regular Interests. To the extent such issues are not addressed in the OID Regulations, the certificate administrator will apply the methodology described in the Conference Committee Report to the 1986 Act. We cannot assure you that the IRS will not take a different position as to those matters not currently addressed by the OID Regulations. Moreover, the OID Regulations include an anti-abuse rule allowing the IRS to apply or depart from the OID Regulations if necessary or appropriate to ensure a reasonable tax result in light of the applicable statutory provisions. A tax result will not be considered unreasonable under the anti-abuse rule, however, in the absence of a substantial effect on the present value of a taxpayer's tax liability. Investors are advised to consult their own tax advisors as to the discussion in this prospectus and the appropriate method for reporting interest and original issue discount with respect to the Regular Interests.

Each Regular Interest will be treated as a single installment obligation for purposes of determining the original issue discount includible in a Regular Interestholder's income. The total amount of original issue discount on a Regular Interest is the excess of the "stated redemption price at maturity" of the Regular Interest over its "issue price". The issue price of a class of Regular Interests is the first price at which a substantial amount of Regular Interests of such class is sold to investors (excluding bond houses, brokers and underwriters). Although unclear under the OID Regulations, the certificate administrator will treat the issue price of Regular Interests for which there is no substantial sale as of the issue date as the fair market value of such Regular Interests as of the issue date. The issue price of the Regular Interests also includes the amount paid by an initial Regular Interestholder for accrued interest that relates to a period prior to the issue date of such class of Regular Interests. The stated redemption price at maturity of a Regular Interest is the sum of all payments provided by the debt instrument other than any qualified stated interest payments. Under the OID Regulations, qualified stated interest generally means interest payable at a single fixed rate or a qualified variable rate; *provided* that such interest payments are unconditionally payable at intervals of one year or less during the entire term of the obligation. Because

there is no penalty or default remedy in the case of nonpayment of interest with respect to a Regular Interest, it is possible that no interest on any class of Regular Interests will be treated as qualified stated interest. However, because the Mortgage Loans provide for remedies in the event of default, the certificate administrator will treat all payments of stated interest on the Regular Interests (other than the Class X Certificates) as qualified stated interest (other than accrued interest distributed on the first Distribution Date for the number of days that exceed the interval between the Closing Date and the first Distribution Date). Based upon the anticipated issue price of each such class and a stated redemption price equal to the par amount of each such class (plus such excess interest accrued thereon), it is anticipated that the Class [__] certificates will be issued with original issue discount for federal income tax purposes.

It is anticipated that the certificate administrator will treat the Class X Certificates as having no qualified stated interest. Accordingly, such classes will be considered to be issued with original issue discount in an amount equal to the excess of all distributions of interest expected to be received on such classes over their respective issue prices (including interest accrued prior to the Closing Date). Any "negative" amounts of original issue discount on such classes attributable to rapid prepayments with respect to the Mortgage Loans will not be deductible currently. The holder of a Class X Certificate may be entitled to a deduction for a loss, which may be a capital loss, to the extent it becomes certain that such holder will not recover a portion of its basis in such certificate, assuming no further prepayments.

Under a *de minimis* rule, original issue discount on a Regular Interest will be considered to be zero if such original issue discount is less than 0.25% of the stated redemption price at maturity of the Regular Interest multiplied by the weighted average maturity of the Regular Interest. For this purpose, the weighted average maturity of the Regular Interest is computed as the sum of the amounts determined by multiplying the number of full years (*i.e.*, rounding down partial years) from the issue date until each distribution in reduction of stated redemption price at maturity is scheduled to be made by a fraction, the numerator of which is the amount of each distribution included in the stated redemption price at maturity of the Regular Interest and the denominator of which is the stated redemption price at maturity of the Regular Interest. The Conference Committee Report to the 1986 Act provides that the schedule of such distributions should be determined in accordance with the assumed rate of prepayment on the Mortgage Loans used in pricing the transaction, *i.e.*, the assumption that subsequent to the date of any determination the mortgage loans will prepay at a rate equal to a CPY of 0% (the "<u>Prepayment Assumption</u>"). See "*Yield, Prepayment and Maturity Considerations—Weighted Average Life*". Holders generally must report *de minimis* original issue discount *pro rata* as principal payments are received, and such income will be capital gain if the Regular Interest is held as a capital asset. Under the OID Regulations, however, Regular Interestholders may elect to accrue all *de minimis* original issue discount, as well as market discount and premium, under the constant yield method. See "*—Election To Treat All Interest Under the Constant Yield Method*" below. Based on the foregoing, it is anticipated that the Class [__] certificates will be issued with *de minimis* original issue discount for federal income tax purposes.

A holder of a Regular Interest issued with original issue discount generally must include in gross income for any taxable year the sum of the "daily portions", as defined below, of the original issue discount on the Regular Interest accrued during an accrual period for each day on which it holds the Regular Interest, including the date of purchase but excluding the date of disposition. With respect to each such Regular Interest, a calculation will be made of the original issue discount that accrues during each successive full accrual period that ends on the day prior to each Distribution Date with respect to the Regular Interests, assuming that prepayments and extensions with respect to the Mortgage Loans will be made in accordance with the Prepayment Assumption. The original issue discount accruing in a full accrual period will be the excess, if any, of (i) the sum of (a) the present value of all of the remaining distributions to be made on the Regular Interest as of the end of that accrual period and (b) the distributions made on the Regular Interest during the accrual period that are included in the Regular Interest's stated redemption price at maturity, over (ii) the adjusted issue price of the Regular Interest at the beginning of the accrual period. The present value of the remaining distributions referred to in the preceding sentence is calculated based on (i) the yield to maturity of the Regular Interest as of the Startup Day, (ii) events (including actual prepayments) that have occurred prior to the end of the accrual period, and (iii) the assumption that the remaining payments will be made in accordance with the original

Prepayment Assumption. For these purposes, the adjusted issue price of a Regular Interest at the beginning of any accrual period equals the issue price of the Regular Interest, increased by the aggregate amount of original issue discount with respect to the Regular Interest that accrued in all prior accrual periods and reduced by the amount of distributions included in the Regular Interest's stated redemption price at maturity that were made on the Regular Interest that were attributable to such prior periods. The original issue discount accruing during any accrual period (as determined in this paragraph) will then be divided by the number of days in the period to determine the daily portion of original issue discount for each day in the period.

Under the method described above, the daily portions of original issue discount required to be included as ordinary income by a Regular Interestholder (other than a holder of a Class X Certificate) generally will increase to take into account prepayments on the Regular Interests as a result of prepayments on the Mortgage Loans that exceed the Prepayment Assumption, and generally will decrease (but not below zero for any period) if the prepayments are slower than the Prepayment Assumption. Due to the unique nature of interest-only certificates, the preceding sentence may not apply in the case of the Class X Certificates.

**Acquisition Premium**

A purchaser of a Regular Interest at a price greater than its adjusted issue price and less than its remaining stated redemption price at maturity will be required to include in gross income the daily portions of the original issue discount on the Regular Interest reduced *pro rata* by a fraction, the numerator of which is the excess of its purchase price over such adjusted issue price and the denominator of which is the excess of the remaining stated redemption price at maturity over the adjusted issue price. Alternatively, such a purchaser may elect to treat all such acquisition premium under the constant yield method, as described under "*—Election To Treat All Interest Under the Constant Yield Method*" below.

**Market Discount**

A purchaser of a Regular Interest also may be subject to the market discount rules of Code Sections 1276 through 1278. Under these Code sections and the principles applied by the OID Regulations in the context of original issue discount, "market discount" is the amount by which the purchaser's original basis in the Regular Interest (i) is exceeded by the remaining outstanding principal payments and non-qualified stated interest payments due on the Regular Interest, or (ii) in the case of a Regular Interest having original issue discount, is exceeded by the adjusted issue price of such Regular Interest at the time of purchase. Such purchaser generally will be required to recognize ordinary income to the extent of accrued market discount on such Regular Interest as distributions includible in its stated redemption price at maturity are received, in an amount not exceeding any such distribution. Such market discount would accrue in a manner to be provided in Treasury regulations and should take into account the Prepayment Assumption. The Conference Committee Report to the 1986 Act provides that until such regulations are issued, such market discount would accrue, at the election of the holder, either (i) on the basis of a constant interest rate or (ii) in the ratio of interest accrued for the relevant period to the sum of the interest accrued for such period plus the remaining interest after the end of such period, or, in the case of classes issued with original issue discount, in the ratio of original issue discount accrued for the relevant period to the sum of the original issue discount accrued for such period plus the remaining original issue discount after the end of such period. Such purchaser also generally will be required to treat a portion of any gain on a sale or exchange of the Regular Interest as ordinary income to the extent of the market discount accrued to the date of disposition under one of the foregoing methods, less any accrued market discount previously reported as ordinary income as partial distributions in reduction of the stated redemption price at maturity were received. Such purchaser will be required to defer deduction of a portion of the excess of the interest paid or accrued on indebtedness incurred to purchase or carry the Regular Interest over the interest (including original issue discount) distributable on the Regular Interest. The deferred portion of such interest expense in any taxable year generally will not exceed the accrued market discount on the Regular Interest for such year. Any such deferred interest expense is, in general, allowed as a deduction not later than the year in which the related market discount income is recognized or the Regular Interest is disposed of. As an alternative to the inclusion of market discount in income on the foregoing basis, the

Regular Interestholder may elect to include market discount in income currently as it accrues, in which case the interest deferral rule will not apply. The election, if made, will apply to all market discount instruments acquired by such Regular Interestholder as of the first day of the taxable year for which the election is made and to all market discount instruments acquired thereafter. It is irrevocable except with the approval of the IRS. See "—*Election To Treat All Interest Under the Constant Yield Method*" below regarding making the election under Code Section 1278 and an alternative manner in which such election may be deemed to be made.

Market discount with respect to a Regular Interest will be considered to be zero if such market discount is less than 0.25% of the remaining stated redemption price at maturity of such Regular Interest multiplied by the weighted average maturity of the Regular Interest remaining after the date of purchase. For this purpose, the weighted average maturity is determined by multiplying the number of full years (*i.e.*, rounding down partial years) from the issue date until each distribution in reduction of stated redemption price at maturity is scheduled to be made by a fraction, the numerator of which is the amount of each such distribution included in the stated redemption price at maturity of the Regular Interest and the denominator of which is the total stated redemption price at maturity of the Regular Interest. It appears that *de minimis* market discount would be reported *pro rata* as principal payments are received. Treasury regulations implementing the market discount rules have not yet been proposed, and investors should therefore consult their own tax advisors regarding the application of these rules as well as the advisability of making any of the elections with respect to such rules. Investors should also consult Revenue Procedure 92-67 concerning the elections to include market discount in income currently and to accrue market discount on the basis of the constant yield method.

 **Premium**

A Regular Interest purchased upon initial issuance or in the secondary market at a cost greater than its remaining stated redemption price at maturity generally is considered to be purchased at a premium. If the Regular Interestholder holds such Regular Interest as a "capital asset" within the meaning of Code Section 1221, the Regular Interestholder may elect under Code Section 171 to amortize such premium under the constant yield method. The election, if made, will apply to all premium bonds (other than tax exempt bonds) held by such Regular Interestholder as of the first day of the taxable year for which the election is made and to all market discount instruments acquired thereafter. It is irrevocable except with the approval of the IRS. See "*—Election To Treat All Interest Under the Constant Yield Method*" below regarding making the election under Code Section 171 and an alternative manner in which the Code Section 171 election may be deemed to be made. Final Treasury regulations under Code Section 171 do not, by their terms, apply to prepayable obligations such as the Regular Interests. The Conference Committee Report to the 1986 Act indicates a congressional intent that the same rules that will apply to the accrual of market discount on installment obligations will also apply to amortizing bond premium under Code Section 171 on installment obligations such as the Regular Interests, although it is unclear whether the alternatives to the constant interest method described above under "*—Market Discount*" are available. Amortizable bond premium will be treated as an offset to interest income on a Regular Interest rather than as a separate deduction item. It is anticipated that the Class [__] certificates will be issued at a premium for federal income tax purposes.

**Election To Treat All Interest Under the Constant Yield Method**

A holder of a debt instrument such as a Regular Interest may elect to treat all interest that accrues on the instrument using the constant yield method, with none of the interest being treated as qualified stated interest. For purposes of applying the constant yield method to a debt instrument subject to such an election, (i) "interest" includes stated interest, original issue discount, *de minimis* original issue discount, market discount and *de minimis* market discount, as adjusted by any amortizable bond premium or acquisition premium and (ii) the debt instrument is treated as if the instrument were issued on the holder's acquisition date in the amount of the holder's adjusted basis immediately after acquisition. It is unclear whether, for this purpose, the initial Prepayment Assumption would continue to apply or if a new prepayment assumption as of the date of the holder's acquisition would apply. A holder generally may make such an election on an instrument by instrument basis or for a class or group of debt instruments.

However, if the holder makes such an election with respect to a debt instrument with amortizable bond premium or with market discount, such holder is deemed to have made an election to amortize bond premium or to report market discount income currently as it accrues under the constant yield method, respectively, for all taxable premium bonds held or acquired or market discount bonds acquired by the holder on the first day of the year of the election or thereafter. The election is made on the holder's federal income tax return for the year in which the debt instrument is acquired and is irrevocable except with the approval of the IRS. Investors are encouraged to consult their tax advisors regarding the advisability of making such an election.

**Treatment of Losses**

Holders of the Regular Interests will be required to report income with respect to the Regular Interests on the accrual method of accounting, without giving effect to delays or reductions in distributions attributable to defaults or delinquencies on the Mortgage Loans, except to the extent it can be established that such losses are uncollectible. Accordingly, a Regular Interestholder may have income, or may incur a diminution in cash flow as a result of a default or delinquency, but may not be able to take a deduction (subject to the discussion below) for the corresponding loss until a subsequent taxable year. In this regard, investors are cautioned that while they generally may cease to accrue interest income if it reasonably appears that the interest will be uncollectible, the IRS may take the position that original issue discount must continue to be accrued in spite of its uncollectibility until the debt instrument is disposed of in a taxable transaction or becomes worthless in accordance with the rules of Code Section 166. The following discussion does not apply to holders of interest-only Regular Interests. Under Code Section 166, it appears that the holders of Principal Balance Certificates that are corporations or that otherwise hold the Principal Balance Certificates in connection with a trade or business should in general be allowed to deduct as an ordinary loss any such loss sustained (and not previously deducted) during the taxable year on account of any such Principal Balance Certificates becoming wholly or partially worthless, and that, in general, the holders of Principal Balance Certificates that are not corporations and do not hold the Principal Balance Certificates in connection with a trade or business will be allowed to deduct as a short-term capital loss any loss with respect to principal sustained during the taxable year on account of such Principal Balance Certificates becoming wholly worthless. Although the matter is not free from doubt, such non-corporate holders of Principal Balance Certificates should be allowed a bad debt deduction at such time as the principal balance of any class of such Principal Balance Certificates is reduced to reflect losses on the Mortgage Loans below such holder's basis in the Principal Balance Certificates. The IRS, however, could take the position that non-corporate holders will be allowed a bad debt deduction to reflect such losses only after the classes of Principal Balance Certificates have been otherwise retired. The IRS could also assert that losses on a class of Principal Balance Certificates are deductible based on some other method that may defer such deductions for all holders, such as reducing future cash flow for purposes of computing original issue discount. This may have the effect of creating "negative" original issue discount that, with the possible exception of the method discussed in the following sentence, would be deductible only against future positive original issue discount or otherwise upon termination of the applicable class. Although not free from doubt, a holder of Principal Balance Certificates with negative original issue discount may be entitled to deduct a loss to the extent that its remaining basis would exceed the maximum amount of future payments to which such holder was entitled, assuming no further prepayments. No bad debt losses will be allowed with respect to the Class X Certificates. Regular Interestholders are urged to consult their own tax advisors regarding the appropriate timing, amount and character of any loss sustained with respect to such Regular Interests. Special loss rules are applicable to banks and thrift institutions, including rules regarding reserves for bad debts. Such taxpayers are advised to consult their tax advisors regarding the treatment of losses on the Regular Interests.

**Yield Maintenance Charges and Prepayment Premiums**

Yield maintenance charges and prepayment premiums actually collected on the Mortgage Loans will be distributed to the certificates as described in "*Description of the Certificates—Allocation of Yield Maintenance Charges and Prepayment Premiums*". It is not entirely clear under the Code when the amount of yield maintenance charges or prepayment premiums so allocated should be taxed to the

holder of an Offered Certificate entitled to receive such payments, but it is not expected, for federal income tax reporting purposes, that yield maintenance charges and prepayment premiums will be treated as giving rise to any income to the holder of an Offered Certificate prior to the master servicer's actual receipt of a yield maintenance charge or prepayment premiums. Yield maintenance charges and prepayment premiums, if any, may be treated as paid upon the retirement or partial retirement of an Offered Certificate entitled to receive such payments. The IRS may disagree with these positions. Certificateholders should consult their own tax advisors concerning the treatment of yield maintenance charges and prepayment premiums.

**Sale or Exchange of Regular Interests**

If a Regular Interestholder sells or exchanges a Regular Interest, such Regular Interestholder will recognize gain or loss equal to the difference, if any, between the amount received and its adjusted basis in the Regular Interest. The adjusted basis of a Regular Interest generally will equal the cost of the Regular Interest to the seller, increased by any original issue discount, market discount or other amounts previously included in the seller's gross income with respect to the Regular Interest and reduced by amounts included in the stated redemption price at maturity of the Regular Interest that were previously received by the seller, by any amortized premium, and by any deductible losses on the Regular Interest.

Except as described above with respect to market discount, and except as provided in this paragraph, any gain or loss on the sale or exchange of a Regular Interest realized by an investor that holds the Regular Interest as a capital asset will be capital gain or loss and will be long-term or short-term depending on whether the Regular Interest has been held for the long-term capital gain holding period (more than one year). Such gain will be treated as ordinary income: (i) if the Regular Interest is held as part of a "conversion transaction" as defined in Code Section 1258(c), up to the amount of interest that would have accrued on the Regular Interestholder's net investment in the conversion transaction at 120% of the appropriate applicable federal rate under Code Section 1274(d) in effect at the time the taxpayer entered into the transaction minus any amount previously treated as ordinary income with respect to any prior disposition of property that was held as part of such transaction; (ii) in the case of a non-corporate taxpayer, to the extent such taxpayer has made an election under Code Section 163(d)(4) to have net capital gains taxed as investment income at ordinary income rates; or (iii) to the extent that such gain does not exceed the excess, if any, of (a) the amount that would have been includible in the gross income of the Regular Interestholder if his yield on such Regular Interest were 110% of the applicable federal rate as of the date of purchase, over (b) the amount of income actually includible in the gross income of such Regular Interestholder with respect to the Regular Interest. In addition, gain or loss recognized from the sale or exchange of a Regular Interest by certain banks or thrift institutions will be treated as ordinary income or loss pursuant to Code Section 582(c). Long-term capital gains of certain non-corporate taxpayers generally are subject to a lower maximum tax rate than ordinary income of such taxpayers for property held for more than one year. The tax rate for corporations is the same with respect to both ordinary income and capital gains.

**Taxes That May Be Imposed on a REMIC**

**Prohibited Transactions**

Income from certain transactions by either Trust REMIC, called prohibited transactions, will not be part of the calculation of income or loss includible in the federal income tax returns of holders of the Class R certificates, but rather will be taxed directly to the applicable Trust REMIC at a 100% rate. Prohibited transactions generally include (i) the disposition of a qualified mortgage other than for (a) substitution within two (2) years of the Startup Day for a defective (including a defaulted) obligation (or repurchase in lieu of substitution of a defective (including a defaulted) obligation at any time) or for any qualified mortgage within three (3) months of the Startup Day, (b) foreclosure, default or imminent default of a qualified mortgage, (c) bankruptcy or insolvency of the REMIC, or (d) a qualified (complete) liquidation, (ii) the receipt of income from assets that are not the type of mortgages or investments that the REMIC is permitted to hold, (iii) the receipt of compensation for services or (iv) the receipt of gain from disposition of cash flow investments other than pursuant to a qualified liquidation. Notwithstanding (i) and (iv), it is not a

prohibited transaction to sell REMIC property to prevent a default on regular interests as a result of a default on qualified mortgages or to facilitate a qualified liquidation or a clean-up call. The REMIC Regulations indicate that the modification of a mortgage loan generally will not be treated as a disposition if it is occasioned by a default or reasonably foreseeable default, an assumption of a mortgage loan or the waiver of a "due-on-sale" or "due-on-encumbrance" clause. It is not anticipated that the Trust REMICs will engage in any prohibited transactions.

**Contributions to a REMIC After the Startup Day**

In general, a REMIC will be subject to a tax at a 100% rate on the value of any property contributed to the REMIC after the Startup Day. Exceptions are provided for cash contributions to the REMIC (i) during the three (3) months following the Startup Day, (ii) made to a qualified reserve fund by a holder of a Class R certificate, (iii) in the nature of a guarantee, (iv) made to facilitate a qualified liquidation or clean-up call, and (v) as otherwise permitted in Treasury regulations yet to be issued. It is not anticipated that there will be any taxable contributions to the Trust REMICs.

**Net Income from Foreclosure Property**

The Lower-Tier REMIC will be subject to federal income tax at the corporate rate on "net income from foreclosure property", determined by reference to the rules applicable to real estate investment trusts. Generally, property acquired by foreclosure or deed-in-lieu of foreclosure would be treated as "foreclosure property" until the close of the third calendar year beginning after the Lower-Tier REMIC's acquisition of an REO Property with a possible extension. Net income from foreclosure property generally means gain from the sale of a foreclosure property that is inventory property and gross income from foreclosure property other than qualifying rents and other qualifying income for a real estate investment trust.

In order for a foreclosed property to qualify as foreclosure property, any operation of the foreclosed property by the Lower-Tier REMIC generally must be conducted through an independent contractor. Further, such operation, even if conducted through an independent contractor, may give rise to "net income from foreclosure property", taxable at the corporate rate. Payment of such tax by the Lower-Tier REMIC would reduce amounts available for distribution to Certificateholders and the RR Interest Owner.

The special servicer will be required to determine generally whether the operation of foreclosed property in a manner that would subject the Lower-Tier REMIC to such tax would be expected to result in higher after-tax proceeds than an alternative method of operating such property that would not subject the Lower-Tier REMIC to such tax.

**REMIC Partnership Representative**

A "partnership representative" (as defined in Section 6223 of the Code) will represent each Trust REMIC in connection with any IRS and judicial proceeding relating to the Trust REMICs and the PSA will designate the certificate administrator as such representative. Under the audit rules applicable to REMICs, (1) unless a REMIC elects otherwise, taxes arising from IRS audit adjustments are required to be paid by the REMIC rather than by its residual interest holders, (2) the partnership representative acts as a REMIC's sole representative and its actions, including agreeing to adjustments to REMIC taxable income, are binding on the residual interest holders and (3) if the IRS makes an adjustment to a REMIC's taxable year, the holders of residual interests for the audited taxable year may have to take the adjustment into account for the taxable year in which the adjustment is made rather than for the audited taxable year.

The partnership representative will be directed to utilize any election or other exception available to make the holders of the Class R certificates, rather than the Trust REMICs, liable for any taxes arising from audit adjustments to the related Trust REMIC's taxable income. It is unclear how any such elections may affect the procedural rules available to challenge any audit adjustment that would otherwise be available in the absence of any such elections. Investors should discuss with their own tax advisors the possible effect of these rules on them.

**Taxation of Certain Foreign Investors**

Interest, including original issue discount, distributable to the Regular Interestholders that are nonresident aliens, foreign corporations or other Non-U.S. Tax Persons will be considered "portfolio interest" and, therefore, generally will not be subject to a 30% United States withholding tax; *provided* that such Non-U.S. Tax Person (i) is not a "10-percent shareholder" within the meaning of Code Section 871(h)(3)(B) or a "controlled foreign corporation" described in Code Section 881(c)(3)(C) with respect to the Trust REMICs and (ii) provides the certificate administrator, or the person that would otherwise be required to withhold tax from such distributions under Code Section 1441 or 1442, with an appropriate statement, signed under penalties of perjury, identifying the beneficial owner and stating, among other things, that the beneficial owner of the Regular Interest is a Non-U.S. Tax Person. The appropriate documentation includes IRS Form W-8BEN-E or W-8BEN, if the Non-U.S. Tax Person is an entity (such as a corporation) or individual, respectively, eligible for the benefits of the portfolio interest exemption or an exemption based on a treaty; IRS Form W-8ECI if the Non-U.S. Tax Person is eligible for an exemption on the basis of its income from the Regular Interest being effectively connected to a United States trade or business; IRS Form W-8BEN-E or W-8IMY if the Non-U.S. Tax Person is a trust, depending on whether such trust is classified as the beneficial owner of the Regular Interest; and IRS Form W-8IMY, with supporting documentation as specified in the Treasury regulations, required to substantiate exemptions from withholding on behalf of its partners, if the Non-U.S. Tax Person is a partnership. With respect to IRS Forms W-8BEN, W-8BEN-E, W-8IMY and W-8ECI, each (other than IRS Form W-8IMY) expires after three (3) full calendar years or as otherwise provided by applicable law. An intermediary (other than a partnership) must provide IRS Form W-8IMY, revealing all required information, including its name, address, taxpayer identification number, the country under the laws of which it is created, and certification that it is not acting for its own account. A "qualified intermediary" must certify that it has provided, or will provide, a withholding statement as required under Treasury Regulations Section 1.1441-1(e)(5)(v), but need not disclose the identity of its account holders on its IRS Form W-8IMY, and may certify its account holders' status without including each beneficial owner's certification. A "non-qualified intermediary" must additionally certify that it has provided, or will provide, a withholding statement that is associated with the appropriate IRS Forms W-8 and W-9 required to substantiate exemptions from withholding on behalf of its beneficial owners. The term "intermediary" means a person acting as a custodian, a broker, nominee or otherwise as an agent for the beneficial owner of a Regular Interest. A "qualified intermediary" is generally a foreign financial institution or clearing organization or a non-U.S. branch or office of a U.S. financial institution or clearing organization that is a party to a withholding agreement with the IRS.

If such statement, or any other required statement, is not provided, 30% withholding will apply unless reduced or eliminated pursuant to an applicable tax treaty or unless the interest on the Regular Interest is effectively connected with the conduct of a trade or business within the United States by such Non-U.S. Tax Person. In the latter case, such Non-U.S. Tax Person will be subject to United States federal income tax at regular rates. Investors that are Non-U.S. Tax Persons should consult their own tax advisors regarding the specific tax consequences to them of owning a Regular Interest.

A "<u>Non-U.S. Tax Person</u>" is a person other than a U.S. Tax Person.

A "<u>U.S. Tax Person</u>" is a citizen or resident of the United States, a corporation, partnership (except to the extent provided in applicable Treasury regulations) or other entity created or organized in or under the laws of the United States, any state of the United States or the District of Columbia, including any entity treated as a corporation or partnership for federal income tax purposes, an estate whose income is subject to United States federal income tax regardless of its source or a trust if a court within the United States is able to exercise primary supervision over the administration of such trust, and one or more such U.S. Tax Persons have the authority to control all substantial decisions of such trust (or, to the extent provided in applicable Treasury regulations, certain trusts in existence on August 20, 1996 that have elected to be treated as U.S. Tax Persons).

 **FATCA**

Under the "Foreign Account Tax Compliance Act" ("<u>FATCA</u>") provisions of the Hiring Incentives to Restore Employment Act, a 30% withholding tax is generally imposed on certain payments, including payments of U.S.-source interest to "foreign financial institutions" and certain other foreign financial entities if those foreign entities fail to comply with the requirements of FATCA. The certificate administrator will be required to withhold amounts under FATCA on payments made to holders who are subject to the FATCA requirements and that fail to provide the certificate administrator with proof that they have complied with such requirements. Prospective investors should consult their tax advisors regarding the applicability of FATCA to their certificates.

**Backup Withholding**

Distributions made on the certificates, and proceeds from the sale of the certificates to or through certain brokers, may be subject to a "backup" withholding tax under Code Section 3406 on "reportable payments" (including interest distributions, original issue discount and, under certain circumstances, principal distributions) unless the Certificateholder or the RR Interest Owner (i) is a U.S. Tax Person and provides IRS Form W-9 with the correct taxpayer identification number, or (ii) other than a holder of a Class R certificate, is a Non-U.S. Tax Person and provides IRS Form W-8BEN or W-8BEN-E, as applicable, identifying the Non-U.S. Tax Person and stating that the beneficial owner is not a U.S. Tax Person or can be treated as an exempt recipient within the meaning of Treasury Regulations Section 1.6049-4(c)(1)(ii). Any amounts to be withheld from distribution on the certificates would be refunded by the IRS or allowed as a credit against the Certificateholder's federal income tax liability. Information reporting requirements may also apply regardless of whether withholding is required. Holders are urged to contact their own tax advisors regarding the application to them of backup withholding and information reporting.

**Information Reporting**

Holders who are individuals (and certain domestic entities that are formed or availed of for purposes of holding, directly or indirectly, "specified foreign financial assets") may be subject to certain foreign financial asset reporting obligations with respect to their certificates held through a financial account maintained by a foreign financial institution if the aggregate value of their certificates and their other "specified foreign financial assets" exceeds $50,000. Significant penalties can apply if a holder fails to disclose its specified foreign financial assets. We urge you to consult your tax advisor with respect to this and other reporting obligations with respect to your certificates.

**3.8% Medicare Tax on "Net Investment Income"**

Certain non-corporate Certificateholders that are U.S. Tax Persons will be subject to an additional 3.8% tax on all or a portion of their "net investment income", which may include the interest payments and any gain realized with respect to the certificates, to the extent of their net investment income that, when added to their other modified adjusted gross income, exceeds $200,000 for an unmarried individual, $250,000 for a married taxpayer filing a joint return (or a surviving spouse), or $125,000 for a married individual filing a separate return. The 3.8% Medicare tax is determined in a different manner than the regular income tax. Certificateholders should consult their tax advisors with respect to their consequences with respect to the 3.8% Medicare tax.

**Reporting Requirements**

Each Trust REMIC will be required to maintain its books on a calendar year basis and to file federal income tax returns in a manner similar to a partnership. The form for such returns is IRS Form 1066, U.S. Real Estate Mortgage Investment Conduit (REMIC) Income Tax Return. The trustee will be required to sign each Trust REMIC's returns.

Reports of accrued interest, original issue discount, if any, and information necessary to compute the accrual of any market discount on the Regular Interests will be made annually to the IRS and to individuals, estates, non-exempt and non-charitable trusts, and partnerships that are either Regular Interestholders or beneficial owners that own Regular Interests through a broker or middleman as nominee. All brokers, nominees and all other nonexempt Regular Interestholders (including corporations, non-calendar year taxpayers, securities or commodities dealers, placement agents, real estate investment trusts, investment companies, common trusts, thrift institutions and charitable trusts) may request such information for any calendar quarter by telephone or in writing by contacting the person designated in IRS Publication 938 with respect to the REMIC. Holders through nominees must request such information from the nominee.

Treasury regulations require that, in addition to the foregoing requirements, information must be furnished annually to the Regular Interestholders and filed annually with the IRS concerning the percentage of each Trust REMIC's assets meeting the qualified asset tests described under "—*Qualification as a REMIC*" above.

**DUE TO THE COMPLEXITY OF THESE RULES AND THE CURRENT UNCERTAINTY AS TO THE MANNER OF THEIR APPLICATION TO THE ISSUING ENTITY AND CERTIFICATEHOLDERS, IT IS PARTICULARLY IMPORTANT THAT POTENTIAL INVESTORS CONSULT THEIR OWN TAX ADVISORS REGARDING THE TAX TREATMENT OF THEIR ACQUISITION, OWNERSHIP AND DISPOSITION OF THE CERTIFICATES.**

**Certain State and Local and Foreign Tax Considerations**

In addition to the federal income tax consequences described in "*Material Federal Income Tax Considerations*" above, purchasers of Offered Certificates should consider the state and local and foreign income tax consequences of the acquisition, ownership, and disposition of the Offered Certificates. State and local and foreign income tax law may differ substantially from the corresponding federal law, and this discussion does not purport to describe any aspect of the income tax laws of any state, locality or foreign jurisdiction.

It is possible that one or more jurisdictions may attempt to tax nonresident holders of Offered Certificates solely by reason of the location in that jurisdiction of the depositor, the trustee, the certificate administrator, a sponsor, a related borrower or a mortgaged property or on some other basis, may require nonresident holders of certificates or the RR Interest Owner to file returns in such jurisdiction or may attempt to impose penalties for failure to file such returns; and it is possible that any such jurisdiction will ultimately succeed in collecting such taxes or penalties from nonresident holders of Offered Certificates. We cannot assure you that holders of Offered Certificates will not be subject to tax in any particular state, local, foreign or other taxing jurisdiction.

You should consult with your tax advisor with respect to the various state, local and foreign, and any other, tax consequences of an investment in the Offered Certificates.

**Method of Distribution (Conflicts of Interest)**

Subject to the terms and conditions set forth in an underwriting agreement (the "<u>Underwriting Agreement</u>"), among the depositor and the underwriters, the depositor has agreed to sell to the underwriters, and the underwriters have severally, but not jointly, agreed to purchase from the depositor the respective Certificate Balance or the Notional Amount, as applicable, of each class of Offered Certificates set forth below subject in each case to a variance of 5%.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Class** | &nbsp;&nbsp; **Goldman Sachs & Co. LLC** | &nbsp;&nbsp; **Deutsche Bank Securities Inc.** | &nbsp;&nbsp; **Citigroup Global Markets Inc.** | &nbsp;&nbsp; **BMO Capital Markets Corp.** | &nbsp;&nbsp; **Barclays<br> Capital Inc.** |
| &nbsp;&nbsp;Class A-1 | &nbsp;&nbsp;$[__] | &nbsp;&nbsp;$[__] | &nbsp;&nbsp;$[__] | &nbsp;&nbsp;$[__] | &nbsp;&nbsp;$[__] |
| &nbsp;&nbsp;Class A-2 | &nbsp;&nbsp;$[__] | &nbsp;&nbsp;$[__] | &nbsp;&nbsp;$[__] | &nbsp;&nbsp;$[__] | &nbsp;&nbsp;$[__] |
| &nbsp;&nbsp;Class A-3 | &nbsp;&nbsp;$[__] | &nbsp;&nbsp;$[__] | &nbsp;&nbsp;$[__] | &nbsp;&nbsp;$[__] | &nbsp;&nbsp;$[__] |
| &nbsp;&nbsp;Class X-A | &nbsp;&nbsp;$[__] | &nbsp;&nbsp;$[__] | &nbsp;&nbsp;$[__] | &nbsp;&nbsp;$[__] | &nbsp;&nbsp;$[__] |
| &nbsp;&nbsp;Class X-B | &nbsp;&nbsp;$[__] | &nbsp;&nbsp;$[__] | &nbsp;&nbsp;$[__] | &nbsp;&nbsp;$[__] | &nbsp;&nbsp;$[__] |
| &nbsp;&nbsp;Class A-S | &nbsp;&nbsp;$[__] | &nbsp;&nbsp;$[__] | &nbsp;&nbsp;$[__] | &nbsp;&nbsp;$[__] | &nbsp;&nbsp;$[__] |
| &nbsp;&nbsp;Class B | &nbsp;&nbsp;$[__] | &nbsp;&nbsp;$[__] | &nbsp;&nbsp;$[__] | &nbsp;&nbsp;$[__] | &nbsp;&nbsp;$[__] |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$[__] | &nbsp;&nbsp;$[__] | &nbsp;&nbsp;$[__] | &nbsp;&nbsp;$[__] | &nbsp;&nbsp;$[__] |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Class** | &nbsp;&nbsp; **Academy Securities, Inc.** | &nbsp;&nbsp; **Drexel Hamilton, LLC** |
| &nbsp;&nbsp;Class A-1 | &nbsp;&nbsp;$[__] | &nbsp;&nbsp;$[__] |
| &nbsp;&nbsp;Class A-2 | &nbsp;&nbsp;$[__] | &nbsp;&nbsp;$[__] |
| &nbsp;&nbsp;Class A-3 | &nbsp;&nbsp;$[__] | &nbsp;&nbsp;$[__] |
| &nbsp;&nbsp;Class X-A | &nbsp;&nbsp;$[__] | &nbsp;&nbsp;$[__] |
| &nbsp;&nbsp;Class X-B | &nbsp;&nbsp;$[__] | &nbsp;&nbsp;$[__] |
| &nbsp;&nbsp;Class A-S | &nbsp;&nbsp;$[__] | &nbsp;&nbsp;$[__] |
| &nbsp;&nbsp;Class B | &nbsp;&nbsp;$[__] | &nbsp;&nbsp;$[__] |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$[__] | &nbsp;&nbsp;$[__] |

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The Underwriting Agreement provides that the obligations of the underwriters will be subject to certain conditions precedent and that the underwriters will be obligated to purchase all Offered Certificates if any are purchased. In the event of a default by any underwriter, the Underwriting Agreement provides that, in certain circumstances, purchase commitments of the non-defaulting underwriter(s) may be increased or the Underwriting Agreement may be terminated.

The parties to the PSA have severally agreed to indemnify the underwriters, and the underwriters have agreed to indemnify the depositor and controlling persons of the depositor, against certain liabilities, including liabilities under the Securities Act, and have agreed, if required, to contribute to payments required to be made in respect of these liabilities.

The depositor has been advised by the underwriters that they propose to offer the Offered Certificates to the public from time to time in one or more negotiated transactions, or otherwise, at varying prices to be determined at the time of sale. Proceeds to the depositor from the sale of Offered Certificates will be approximately [__]% of the initial aggregate Certificate Balance of the Offered Certificates, plus accrued interest on the Offered Certificates from October 1, 2025, before deducting expenses payable by the depositor. The underwriters may effect the transactions by selling the Offered Certificates to or through dealers, and the dealers may receive compensation in the form of underwriting discounts, concessions or commissions from the underwriters. In connection with the purchase and sale of the Offered Certificates, the underwriters and dealers may be deemed to have received compensation from the depositor in the form of underwriting discounts and commissions.

Expenses payable by the depositor are estimated at approximately $[__], excluding underwriting discounts and commissions.

We anticipate that the Offered Certificates will be sold primarily to institutional investors. Purchasers of Offered Certificates, including dealers, may, depending on the facts and circumstances of those purchases, be deemed to be "underwriters" within the meaning of the Securities Act in connection with reoffers and resales by them of Offered Certificates. If you purchase Offered Certificates, you should consult with your legal advisors in this regard prior to any reoffer or resale. The underwriters expect to make, but are not obligated to make, a secondary market in the Offered Certificates. The ability of the underwriters to make a market in the Offered Certificates may be impacted by changes in any regulatory requirements applicable to the marketing, holding and selling of, and issuing quotations with respect to, the Offered Certificates or CMBS generally. See "*Risk Factors—Other Risks Relating to the Certificates—The Certificates May Have Limited Liquidity and the Market Value of the Certificates May Decline*".

Pursuant to Rule 15c6-1 under the Exchange Act, trades in the secondary market generally are required to settle in 1 business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade Offered Certificates in the secondary market prior to such delivery should specify a longer settlement cycle, or should refrain from specifying a shorter settlement cycle, to the extent that failing to do so would result in a settlement date that is earlier than the date of delivery of such Offered Certificates.

The primary source of ongoing information available to investors concerning the Offered Certificates will be the monthly statements discussed under "*Description of the Certificates—Reports to Certificateholders and the RR Interest Owner; Certain Available Information*". We cannot assure you that any additional information regarding the Offered Certificates will be available through any other source. In addition, we are not aware of any source through which price information about the Offered Certificates will be generally available on an ongoing basis. The limited nature of that information regarding the Offered Certificates may adversely affect the liquidity of the Offered Certificates, even if a secondary market for the Offered Certificates becomes available.

Goldman Sachs & Co. LLC, one of the underwriters, is an affiliate of the depositor, an affiliate of GSMC (a sponsor and an initial Risk Retention Consultation Party), and an affiliate of GS Bank (an originator, the initial RR Interest Owner and the holder of the Companion Loans (if any) for which the noteholder is identified as "GS Bank" in the table titled "Whole Loan Control Notes and Non-Control Notes" under "*Description of the Mortgage Pool—The Whole Loans—General*").

Deutsche Bank Securities Inc., one of the underwriters, is an affiliate of (i) GACC (a sponsor, the Retaining Sponsor and an originator), (ii) DBRI (an originator and the holder of the Companion Loans (if any) for which the noteholder is identified as "DBRI" (if any) in the table titled "Whole Loan Control Notes and Non-Control Notes" under "*Description of the Mortgage Pool—The Whole Loans—General*") and (iii) DBNY (an originator, an initial Risk Retention Consultation Party, an initial Class RR Certificateholder and the holder of the Companion Loans (if any) for which the noteholder is identified as "DBNY" (if any) in the table titled "Whole Loan Control Notes and Non-Control Notes" under "*Description of the Mortgage Pool—The Whole Loans—General*").

Citigroup Global Markets Inc., one of the underwriters, is an affiliate of CREFI (a sponsor, an originator, an initial Risk Retention Consultation Party, an initial Class RR Certificateholder and the holder of the Companion Loans (if any) for which the noteholder is identified as "CREFI" in the table titled "Whole Loan Control Notes and Non-Control Notes" under "*Description of the Mortgage Pool—The Whole Loans—General*").

BMO Capital Markets Corp., one of the underwriters, is an affiliate of BMO (a sponsor, an originator and the holder of the Companion Loans (if any) for which the noteholder is identified as "BMO" in the table titled "Whole Loan Control Notes and Non-Control Notes" under "*Description of the Mortgage Pool—The Whole Loans—General*").

Barclays Capital Inc., one of the underwriters, is an affiliate of Barclays (a sponsor, an originator and the holder of the Companion Loans (if any) for which the noteholder is identified as "Barclays" in the table titled "Whole Loan Control Notes and Non-Control Notes" under "*Description of the Mortgage Pool—The Whole Loans—General*").

A substantial portion of the net proceeds of this offering (after the payment of underwriting compensation and transaction expenses) is intended to be directed to affiliates of Goldman Sachs & Co. LLC, Deutsche Bank Securities Inc., Citigroup Global Markets Inc., BMO Capital Markets Corp. and Barclays Capital Inc., which are underwriters for this offering. That flow of funds will occur by means of the collective effect of the payment by the underwriters to the depositor, an affiliate of Goldman Sachs & Co. LLC, of the purchase price for the Offered Certificates, and the following payments: (i) the payment by the depositor to GSMC, an affiliate of Goldman Sachs & Co. LLC, in its capacity as a sponsor, of the purchase price for the mortgage loans (or portions thereof) to be sold to the depositor by GSMC, (ii) the payment by the depositor to GACC, an affiliate of Deutsche Bank Securities Inc., in its capacity as a sponsor, of the purchase price for the mortgage loans (or portions thereof) to be sold to the depositor by GACC, (iii) the payment by the depositor to CREFI, an affiliate of Citigroup Global Markets Inc., in its capacity as a sponsor, of the purchase price for the mortgage loans (or portions thereof) to be sold to the depositor by CREFI, (iv) the payment by the depositor to BMO, an affiliate of BMO Capital Markets Corp., in its capacity as a sponsor, of the purchase price for the mortgage loans (or portions thereof) to be sold to the depositor by BMO and (v) the payment by the depositor to Barclays, an affiliate of Barclays Capital Inc., in its capacity as a sponsor, of the purchase price for the mortgage loans (or portions thereof) to be sold to the depositor by Barclays. See "*Transaction Parties—The Sponsors and Mortgage Loan Sellers*".

As a result of the circumstances described above in this paragraph and the prior paragraph, Goldman Sachs & Co. LLC, Deutsche Bank Securities Inc., Citigroup Global Markets Inc., BMO Capital Markets Corp. and Barclays Capital Inc. each have a "conflict of interest" within the meaning of Rule 5121 of the consolidated rules of The Financial Industry Regulatory Authority, Inc. In addition, other circumstances exist that result in the underwriters or their affiliates having conflicts of interest, notwithstanding that such circumstances may not constitute a "conflict of interest" within the meaning of such Rule 5121. See "*Risk Factors—Risks Relating to Conflicts of Interest—Interests and Incentives of the Underwriter Entities May Not Be Aligned With Your Interests*".

**Incorporation of Certain Information by Reference**

All reports filed or caused to be filed by the depositor with respect to the issuing entity before the termination of this offering pursuant to Section 13(a), 13(c) or 15(d) of the Securities Exchange Act of 1934, as amended, that relate to the Offered Certificates (other than Annual Reports on Form 10-K) will be deemed to be incorporated by reference into this prospectus, except that if a Non-Serviced PSA is entered into after termination of this offering, any Current Report on Form 8-K filed after termination of this offering that includes as an exhibit such Non-Serviced PSA will be deemed to be incorporated by reference into this prospectus.

In addition, the disclosures filed as exhibits to the most recent Form ABS-EE filed on or prior to the date of the filing of this prospectus by or on behalf of the depositor with respect to the issuing entity (file number 333-286173-02) – in accordance with Item 601(b)(102) and Item 601(b)(103) of Regulation S-K (17 C.F.R. 601(b)(102) and 601(b)(103)) – are hereby incorporated by reference into this prospectus.

The depositor will provide or cause to be provided without charge to each person to whom this prospectus is delivered in connection with this offering (including beneficial owners of the Offered Certificates), upon written or oral request of that person, a copy of any or all documents or reports incorporated in this prospectus by reference, in each case to the extent the documents or reports relate to the Offered Certificates, other than the exhibits to those documents (unless the exhibits are specifically incorporated by reference in those documents). Requests to the depositor should be directed in writing to its principal executive offices at 200 West Street, New York, New York 10282, Attention: Scott Epperson, or by telephone at (212) 902-1000.

**Where You Can Find More Information**

The depositor has filed a Registration Statement on Form SF-3 (SEC File No. 333-286173) (the "<u>Registration Statement</u>") relating to multiple series of CMBS, including the Offered Certificates, with the SEC. This prospectus will form a part of the Registration Statement, but the Registration Statement includes additional information. Copies of the Registration Statement and other materials filed with or furnished to the SEC, including Distribution Reports on Form 10-D, Annual Reports on Form 10-K, Current Reports on Form 8-K, Forms ABS-15G, and any amendments to these reports may be accessed electronically at "http://www.sec.gov" at which you can view and download copies of reports, proxy and information statements and other information filed or furnished electronically through the Electronic Data Gathering, Analysis and Retrieval ("<u>EDGAR</u>") system.

The depositor has met the registrant requirements of Section I.A.1. of the General Instructions to the Registration Statement.

Copies of all reports of the issuing entity on Forms 10-D, 10-K, 8-K and ABS-EE will also be made available on the website of the certificate administrator as soon as reasonably practicable after these materials are electronically filed with or furnished to the SEC through the EDGAR system.

**Financial Information**

The issuing entity will be newly formed and will not have engaged in any business activities or have any assets or obligations prior to the issuance of the Offered Certificates. Accordingly, no financial statements with respect to the issuing entity are included in this prospectus.

The depositor has determined that its financial statements will not be material to the offering of the Offered Certificates.

**Certain ERISA Considerations**

 **General**

The Employee Retirement Income Security Act of 1974, as amended, ("<u>ERISA</u>"), and Code Section 4975 impose certain requirements on retirement plans, and on certain other employee benefit plans and arrangements, including individual retirement accounts and annuities, Keogh plans, collective investment funds, insurance company separate accounts and some insurance company general accounts in which those plans, accounts or arrangements are invested that are subject to the fiduciary responsibility provisions of ERISA or to Code Section 4975 (all of which are referred to as "<u>Plans</u>"), and on persons who are fiduciaries with respect to Plans, in connection with the investment of Plan assets. Certain employee benefit plans, such as governmental plans (as defined in ERISA Section 3(32)), and, if no election has been made under Code Section 410(d), church plans (as defined in Section 3(33) of ERISA) are not subject to ERISA requirements. However, those plans may be subject to the provisions of other applicable federal, state or local law ("<u>Similar Law</u>") materially similar to the foregoing provisions of ERISA or the Code. Moreover, those plans, if qualified and exempt from taxation under Code Sections 401(a) and 501(a), are subject to the prohibited transaction rules set forth in Code Section 503.

ERISA generally imposes on Plan fiduciaries certain general fiduciary requirements, including those of investment prudence and diversification and the requirement that a Plan's investments be made in accordance with the documents governing the Plan. In addition, ERISA and the Code prohibit a broad range of transactions involving assets of a Plan and persons ("<u>Parties in Interest</u>") who have certain specified relationships to the Plan, unless a statutory, regulatory or administrative exemption is available. Certain Parties in Interest that participate in a prohibited transaction may be subject to an excise tax imposed pursuant to Code Section 4975, unless a statutory, regulatory or administrative exemption is available. These prohibited transactions generally are set forth in Section 406 of ERISA and Code Section 4975. Special caution should be exercised before the assets of a Plan are used to purchase an offered certificate if, with respect to those assets, the depositor, any servicer or the trustee or any of their

affiliates, either: (a) has investment discretion with respect to the investment of those assets of that Plan; (b) has authority or responsibility to give, or regularly gives, investment advice within the meaning of ERISA and Section 4975 of the Code with respect to those assets for a fee or other compensation; or (c) is an employer maintaining or contributing to the Plan.

Before purchasing any Offered Certificates with Plan assets, a Plan fiduciary should consult with its counsel and determine whether there exists any prohibition to that purchase under the requirements of ERISA or Code Section 4975, whether any prohibited transaction class exemption or any individual administrative prohibited transaction exemption (as described below) applies, including whether the appropriate conditions set forth in those exemptions would be met, or whether any statutory prohibited transaction exemption is applicable. Fiduciaries of plans subject to a Similar Law should consider the need for, and the availability of, an exemption under such applicable Similar Law.

Prospective investors should note that the California Public Employees Retirement System ("<u>CalPERS</u>"), a governmental plan, is an indirect 99.5% owner of the borrower under the 9911 Belward Mortgage Loan. Persons who have an ongoing relationship with CalPERS should consult with counsel regarding whether such a relationship would affect their ability to purchase and hold Certificates.

**Plan Asset Regulations**

A Plan's investment in Offered Certificates may cause the assets of the issuing entity to be deemed Plan assets. Section 2510.3-101 of the regulations of the United States Department of Labor ("<u>DOL</u>"), as modified by Section 3(42) of ERISA, provides that when a Plan acquires an equity interest in an entity, the Plan's assets include both the equity interest and an undivided interest in each of the underlying assets of the entity, unless certain exceptions not applicable to this discussion apply, or unless the equity participation in the entity by "benefit plan investors" (that is, Plans and entities whose underlying assets include plan assets) is not "significant". For this purpose, in general, equity participation in an entity will be "significant" on any date if, immediately after the most recent acquisition of any certificate, 25% or more of any class of certificates is held by benefit plan investors.

In general, any person who has discretionary authority or control respecting the management or disposition of Plan assets, and any person who provides investment advice with respect to those assets for a fee, is a fiduciary of the investing Plan. If the assets of the issuing entity constitute Plan assets, then any party exercising management or discretionary control regarding those assets, such as a master servicer, a special servicer or any sub-servicer, may be deemed to be a Plan "fiduciary" with respect to the investing Plan, and thus subject to the fiduciary responsibility provisions and prohibited transaction provisions of ERISA and Code Section 4975. In addition, if the assets of the issuing entity constitute Plan assets, the purchase of Offered Certificates by a Plan, as well as the operation of the issuing entity, may constitute or involve a prohibited transaction under ERISA or the Code.

**Administrative Exemptions**

The U.S. Department of Labor has issued to Goldman Sachs & Co. LLC an individual prohibited transaction exemption, Prohibited Transaction Exemption 89-88 (October 17, 1989) as amended by PTE 2013-08 (July 9, 2013) (the "<u>Exemption</u>"). The Exemption generally exempts from the application of the prohibited transaction provisions of Sections 406 and 407 of ERISA, and the excise taxes imposed on prohibited transactions pursuant to Code Sections 4975(a) and (b), certain transactions, among others, relating to the servicing and operation of pools of mortgage loans, such as the pool of mortgage loans held by the issuing entity, and the purchase, sale and holding of mortgage pass-through certificates, such as the Offered Certificates, underwritten by Goldman Sachs & Co. LLC, *provided* that certain conditions set forth in the Exemption are satisfied. The depositor expects that the Exemption generally will apply to the Offered Certificates.

The Exemption sets forth five general conditions that must be satisfied for a transaction involving the purchase, sale and holding of the Offered Certificates to be eligible for exemptive relief. First, the acquisition of the Offered Certificates by a Plan must be on terms (including the price paid for the Offered Certificates) that are at least as favorable to the Plan as they would be in an arm's-length transaction with

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an unrelated party. Second, the Offered Certificates at the time of acquisition by the Plan must be rated in one of the four (4) highest generic rating categories by at least one NRSRO that meets the requirements of the Exemption (an "<u>Exemption Rating Agency</u>"). Third, the trustee cannot be an affiliate of any other member of the Restricted Group other than an underwriter. The "<u>Restricted Group</u>" consists of any underwriter, the depositor, the trustee, the master servicer, the special servicer, any sub-servicer, any entity that provides insurance or other credit support to the issuing entity and any borrower with respect to mortgage loans constituting more than 5% of the aggregate unamortized principal balance of the mortgage loans as of the date of initial issuance of the Offered Certificates, and any affiliate of any of the foregoing entities. Fourth, the sum of all payments made to and retained by the underwriters must represent not more than reasonable compensation for underwriting the Offered Certificates, the sum of all payments made to and retained by the depositor pursuant to the assignment of the mortgage loans to the issuing entity must represent not more than the fair market value of the mortgage loans and the sum of all payments made to and retained by the master servicer, the special servicer and any sub-servicer must represent not more than reasonable compensation for that person's services under the PSA and reimbursement of the person's reasonable expenses in connection therewith. Fifth, the investing Plan must be an accredited investor as defined in Rule 501(a)(1) of Regulation D under the Securities Act.

It is a condition of the issuance of the Offered Certificates that they have the ratings described above required by the Exemption and the depositor believes that each of the Rating Agencies qualifies as an Exemption Rating Agency. Consequently, the second general condition set forth above will be satisfied with respect to the Offered Certificates as of the Closing Date. As of the Closing Date, the third general condition set forth above will be satisfied with respect to the Offered Certificates. In addition, the depositor believes that the fourth general condition set forth above will be satisfied with respect to the Offered Certificates. A fiduciary of a Plan contemplating purchasing an Offered Certificate in the secondary market must make its own determination that, at the time of purchase, the Offered Certificates continue to satisfy the second general condition set forth above. A fiduciary of a Plan contemplating purchasing an Offered Certificate, whether in the initial issuance of the Offered Certificates or in the secondary market, must make its own determination that the first and fifth general conditions set forth above will be satisfied with respect to the related Offered Certificate.

The Exemption also requires that the issuing entity meet the following requirements: (1) the issuing entity must consist solely of assets of the type that have been included in other investment pools; (2) certificates in those other investment pools must have been rated in one of the four (4) highest categories by at least one of the Exemption Rating Agencies for at least one year prior to the Plan's acquisition of Offered Certificates; and (3) certificates in those other investment pools must have been purchased by investors other than Plans for at least one year prior to any Plan's acquisition of Offered Certificates.

The depositor believes that the conditions to the applicability of the Exemption will generally be met with respect to the Offered Certificates, other than those conditions which are dependent on facts unknown to the depositor or which it cannot control, such as those relating to the circumstances of the Plan purchaser or the Plan fiduciary making the decision to purchase any such Offered Certificates.

If the general conditions of the Exemption are satisfied, the Exemption may provide an exemption from the restrictions imposed by Sections 406(a) and 407(a) of ERISA (as well as the excise taxes imposed by Code Sections 4975(a) and (b) by reason of Code Sections 4975(c)(1)(A) through (D)) in connection with (1) the direct or indirect sale, exchange or transfer of Offered Certificates in the initial issuance of certificates between the depositor or the underwriters and a Plan when the depositor, any of the underwriters, the trustee, the master servicer, the special servicer, a sub-servicer or a borrower is a party in interest with respect to the investing Plan, (2) the direct or indirect acquisition or disposition in the secondary market of the Offered Certificates by a Plan and (3) the holding of Offered Certificates by a Plan. However, no exemption is provided from the restrictions of Sections 406(a)(1)(E), 406(a)(2) and 407 of ERISA for the acquisition or holding of an Offered Certificate on behalf of an "Excluded Plan" by any person who has discretionary authority or renders investment advice with respect to the assets of the Excluded Plan. For purposes of this prospectus, an "Excluded Plan" is a Plan sponsored by any member of the Restricted Group.

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If certain specific conditions of the Exemption are also satisfied, the Exemption may provide an exemption from the restrictions imposed by Sections 406(b)(1) and (b)(2) of ERISA and the taxes imposed by Code Section 4975(c)(1)(E) in connection with (1) the direct or indirect sale, exchange or transfer of Offered Certificates in the initial issuance of certificates between the depositor or the underwriters and a Plan when the person who has discretionary authority or renders investment advice with respect to the investment of Plan assets in those certificates is (a) a borrower with respect to 5% or less of the fair market value of the mortgage loans or (b) an affiliate of that person, (2) the direct or indirect acquisition or disposition in the secondary market of Offered Certificates by a Plan and (3) the holding of Offered Certificates by a Plan.

Further, if certain specific conditions of the Exemption are satisfied, the Exemption may provide an exemption from the restrictions imposed by Sections 406(a), 406(b) and 407(a) of ERISA, and the taxes imposed by Code Sections 4975(a) and (b) by reason of Code Section 4975(c) for transactions in connection with the servicing, management and operation of the pool of mortgage loans.

A fiduciary of a Plan should consult with its counsel with respect to the applicability of the Exemption. The fiduciary of a plan not subject to ERISA or Code Section 4975, such as a governmental plan, should determine the need for and availability of exemptive relief under applicable Similar Law. A purchaser of an Offered Certificate should be aware, however, that even if the conditions specified in one or more exemptions are satisfied, the scope of relief provided by an exemption may not cover all acts which might be construed as prohibited transactions.

**Insurance Company General Accounts**

Sections I and III of Prohibited Transaction Class Exemption ("<u>PTCE</u>") 95-60 exempt from the application of the prohibited transaction provisions of Sections 406(a), 406(b) and 407(a) of ERISA and Code Section 4975 transactions in connection with the acquisition of a security (such as a certificate issued by the issuing entity) as well as the servicing, management and operation of a trust (such as the issuing entity) in which an insurance company general account has an interest as a result of its acquisition of certificates issued by the issuing entity, *provided* that certain conditions are satisfied. If these conditions are met, insurance company general accounts investing assets that are treated as assets of Plans would be allowed to purchase certain classes of certificates which do not meet the ratings requirements of the Exemption. All other conditions of the Exemption would have to be satisfied in order for PTCE 95-60 to be available. Before purchasing any class of Offered Certificates, an insurance company general account seeking to rely on Sections I and III of PTCE 95-60 should itself confirm that all applicable conditions and other requirements have been satisfied.

Section 401(c) of ERISA provides certain exemptive relief from the provisions of Part 4 of Title I of ERISA and Code Section 4975, including the prohibited transaction restrictions imposed by ERISA and the related excise taxes imposed by the Code, for transactions involving an insurance company general account. Pursuant to Section 401(c) of ERISA, the DOL issued regulations ("<u>401(c) Regulations</u>"), generally effective July 5, 2001, to provide guidance for the purpose of determining, in cases where insurance policies supported by an insurance company's general account are issued to or for the benefit of a Plan on or before December 31, 1998, which general account assets constitute Plan assets. Any assets of an insurance company general account which support insurance policies issued to a Plan after December 31, 1998 or issued to Plans on or before December 31, 1998 for which the insurance company does not comply with the 401(c) Regulations may be treated as Plan assets. In addition, because Section 401(c) of ERISA does not relate to insurance company separate accounts, separate account assets are still generally treated as Plan assets of any Plan invested in that separate account. Insurance companies contemplating the investment of general account assets in the Offered Certificates should consult with their counsel with respect to the applicability of Section 401(c) of ERISA.

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Each purchaser of Offered Certificates that is a Plan will be deemed to have represented and warranted that (i) none of the depositor, the issuing entity, the sponsors, the underwriters, the trustee, the certificate administrator, the master servicer, the special servicer, the operating advisor, the asset representations reviewer or any of their respective affiliated entities, has provided any investment recommendation or investment advice to the Plan or the fiduciary making the investment decision for the Plan in connection with the decision to acquire Offered Certificates, and they are not otherwise acting as a fiduciary (within the meaning of Section 3(21) of ERISA or Section 4975(e)(3) of the Code) to the Plan in connection with the Plan's acquisition of Offered Certificates (except where an exemption applies (all of the conditions of which are satisfied) or it would not otherwise result in a non-exempt prohibited transaction under ERISA or Section 4975 of the Code), and (ii) the Plan fiduciary making the decision to acquire the Offered Certificates is exercising its own independent judgment in evaluating the investment in the Offered Certificates.

Due to the complexity of these rules and the penalties imposed upon persons involved in prohibited transactions, it is particularly important that potential investors who are Plan fiduciaries or who are investing Plan assets consult with their counsel regarding the consequences under ERISA and the Code of their acquisition and ownership of certificates.

**THE SALE OF OFFERED CERTIFICATES TO A PLAN IS IN NO RESPECT A REPRESENTATION BY THE DEPOSITOR OR ANY OF THE UNDERWRITERS THAT THIS INVESTMENT MEETS ANY RELEVANT LEGAL REQUIREMENTS WITH RESPECT TO INVESTMENTS BY PLANS GENERALLY OR ANY PARTICULAR PLAN, OR THAT THIS INVESTMENT IS APPROPRIATE FOR PLANS GENERALLY OR ANY PARTICULAR PLAN.**

**Legal Investment**

No class of Offered Certificates will constitute "mortgage related securities" for purposes of the Secondary Mortgage Market Enhancement Act of 1984, as amended ("<u>SMMEA</u>"). Generally, the only classes of Offered Certificates which will qualify as "mortgage related securities" will be those that (1) are rated in one of the two (2) highest rating categories by at least one NRSRO; and (2) are part of a series evidencing interests in a trust consisting of loans originated by certain types of originators specified in SMMEA and secured by first liens on real estate.

Although Section 939(e) of the Dodd-Frank Act amended SMMEA, effective July 21, 2012, so as to require the SEC to establish creditworthiness standards by that date in substitution for the foregoing ratings test, the SEC has neither proposed nor adopted a rule establishing new creditworthiness standards for purposes of SMMEA as of the date of this prospectus. However, the SEC has issued a transitional interpretation (Release No. 34-67448 (effective July 20, 2012)), which provides that, until such time as final rules establishing new standards of creditworthiness become effective, the standard of creditworthiness for purposes of the definition of the term "mortgage related security" is a security that is rated in one of the two (2) highest rating categories by at least one NRSRO. Depending on the standards of creditworthiness that are ultimately established by the SEC, it is possible that even certain classes of Offered Certificates that may be specified in this prospectus to be "mortgage related securities" for purposes of SMMEA may no longer qualify as such as of the time such new standards are effective.

The appropriate characterization of the Offered Certificates under various legal investment restrictions, and thus the ability of investors subject to those restrictions to purchase the Offered Certificates, are subject to significant interpretive uncertainties. We make no representation as to the proper characterization of the Offered Certificates for legal investment, financial institution regulatory, or other purposes, or as to the ability of particular investors to purchase any Offered Certificates under applicable legal investment restrictions. Further, any ratings downgrade of a class of Offered Certificates by an NRSRO to less than an "investment grade" rating (*i.e.*, lower than the top four (4) rating categories) may adversely affect the ability of an investor to purchase or retain, or otherwise impact the regulatory characteristics of, that class. The uncertainties described above (and any unfavorable future determinations concerning the legal investment or financial institution regulatory characteristics of the Offered Certificates) may adversely affect the liquidity and market value of the Offered Certificates.

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Accordingly, if your investment activities are subject to legal investment laws and regulations, regulatory capital requirements, or review by regulatory authorities, you should consult with your own legal advisors in determining whether and to what extent the Offered Certificates constitute legal investments or are subject to investment, capital, or other regulatory restrictions.

The issuing entity will not be registered under the Investment Company Act of 1940, as amended. The issuing entity will be relying on an exclusion or exemption from the definition of "investment company" under the Investment Company Act of 1940, as amended contained in Section 3(c)(5) of the Investment Company Act of 1940, as amended, or Rule 3a-7 under the Investment Company Act of 1940, as amended, although there may be additional exclusions or exemptions available to the issuing entity. The issuing entity is being structured so as not to constitute a "covered fund" for purposes of the Volcker Rule under the Dodd-Frank Act.

**Legal Matters**

The validity of the Offered Certificates and certain federal income tax matters will be passed upon for the depositor by Cadwalader, Wickersham & Taft LLP, New York, New York. Certain legal matters will be passed upon for the underwriters by Sidley Austin LLP, New York, New York.

**Ratings**

It is a condition to their issuance that the Offered Certificates receive investment grade credit ratings from each of the Rating Agencies engaged by the depositor to rate the Offered Certificates.

We are not obligated to maintain any particular rating with respect to any class of Offered Certificates. Changes affecting the Mortgage Loans, the Mortgaged Properties, the parties to the PSA or another person may have an adverse effect on the ratings of the Offered Certificates, and thus on the liquidity, market value and regulatory characteristics of the Offered Certificates, although such adverse changes would not necessarily be an event of default under the applicable Mortgage Loan.

The ratings address the likelihood of full and timely receipt by the Certificateholders and the RR Interest Owner of all distributions of interest at the applicable Pass-Through Rate on the Offered Certificates to which they are entitled on each distribution date and, except in the case of the Class X-A and Class X-B certificates, the ultimate payment in full of the Certificate Balance of each class of Offered Certificates on a date that it not later than the Rated Final Distribution Date with respect to such class of certificates. The Rated Final Distribution Date for the Offered Certificates will be the distribution date in October 2058. See "*Yield, Prepayment and Maturity Considerations*" and "*Pooling and Servicing Agreement—Advances*". Any ratings of each Offered Certificates should be evaluated independently from similar ratings on other types of securities.

The ratings are not a recommendation to buy, sell or hold securities, a measure of asset value or an indication of the suitability of an investment, and may be subject to revision or withdrawal at any time by any Rating Agency. In addition, these ratings do not address: (a) the likelihood, timing, or frequency of prepayments (both voluntary and involuntary) and their impact on interest payments or the degree to which such prepayments might differ from those originally anticipated, (b) the possibility that a Certificateholder or the RR Interest Owner might suffer a lower than anticipated yield, (c) the likelihood of receipt of yield maintenance charges, prepayment charges, prepayment premiums, prepayment fees or penalties or default interest, (d) the likelihood of experiencing any Prepayment Interest Shortfalls, an assessment of whether or to what extent the interest payable on any class of Offered Certificates may be reduced in connection with any Prepayment Interest Shortfalls, or of receiving Compensating Interest Payments, (e) the tax treatment of the Offered Certificates or effect of taxes on the payments received, (f) the likelihood or willingness of the parties to the respective documents to meet their contractual obligations or the likelihood or willingness of any party or court to enforce, or hold enforceable, the documents in whole or in part, (g) an assessment of the yield to maturity that investors may experience, (h) the likelihood, timing or receipt of any payments of interest to the holders of the Offered Certificates resulting from an increase in the interest rate on any Mortgage Loan in connection with a Mortgage Loan

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modification, waiver or amendment or (i) other non-credit risks, including, without limitation, market risks or liquidity.

The ratings take into consideration the credit quality of the underlying Mortgaged Properties and the Mortgage Loans, structural and legal aspects associated with the Offered Certificates, and the extent to which the payment stream of the Mortgage Loans is adequate to make payments required under the Offered Certificates. However, as noted above, the ratings do not represent an assessment of the likelihood, timing or frequency of principal prepayments (both voluntary and involuntary) by the borrowers, or the degree to which such prepayments might differ from those originally anticipated. In general, the ratings address credit risk and not prepayment risk. Ratings are forward-looking opinions about credit risk and express an agency's opinion about the ability and willingness of an issuer of securities to meet its financial obligations in full and on time. Ratings are not indications of investment merit. In addition, the ratings do not represent an assessment of the yield to maturity that investors may experience or the possibility that investors might not fully recover their initial investment in the event of delinquencies or defaults or rapid prepayments on the Mortgage Loans (including both voluntary and involuntary prepayments) or the application of any realized losses. In the event that holders of such certificates do not fully recover their investment as a result of rapid principal prepayments on the Mortgage Loans, all amounts "due" to such holders will nevertheless have been paid, and such result is consistent with the ratings assigned to such certificates. As indicated in this prospectus, holders of the certificates with Notional Amounts are entitled only to payments of interest on the related Mortgage Loans. If the Mortgage Loans were to prepay in the initial month, with the result that the holders of the certificates with Notional Amounts receive only a single month's interest and therefore, suffer a nearly complete loss of their investment, all amounts "due" to such holders will nevertheless have been paid, and such result is consistent with the rating received on those certificates. The Notional Amounts of the certificates with Notional Amounts on which interest is calculated may be reduced by the allocation of realized losses and prepayments, whether voluntary or involuntary. The ratings do not address the timing or magnitude of reductions of such Notional Amount, but only the obligation to pay interest timely on the Notional Amount, as so reduced from time to time. Therefore, the ratings of the certificates with Notional Amounts should be evaluated independently from similar ratings on other types of securities. See "*Risk Factors—Other Risks Relating to the Certificates—Your Yield May Be Affected by Defaults, Prepayments and Other Factors*" and "*Yield, Prepayment and Maturity Considerations*".

Although the depositor will prepay fees for ongoing rating surveillance by certain of the Rating Agencies, the depositor has no obligation or ability to ensure that any Rating Agency performs ratings surveillance. In addition, a Rating Agency may cease ratings surveillance if the information furnished to that Rating Agency is insufficient to allow it to perform surveillance.

Any of the three (3) NRSROs that we hired may issue unsolicited credit ratings on one or more classes of certificates that we did not hire it to rate. Additionally, other NRSROs that we have not engaged to rate the certificates may nevertheless issue unsolicited credit ratings on one or more classes of certificates relying on information they receive pursuant to Rule 17g-5 or otherwise. If any such unsolicited ratings are issued, we cannot assure you that they will not be different from those ratings assigned by the Rating Agencies. The issuance of unsolicited ratings of a class of the certificates that are lower than the ratings assigned by the Rating Agencies may adversely impact the liquidity, market value and regulatory characteristics of that class. As part of the process of obtaining ratings for the certificates, the depositor (or its affiliate) had initial discussions with and submitted certain materials to five (5) NRSROs. Based on preliminary feedback from those NRSROs at that time, the depositor hired three (3) of the NRSROs to rate certain classes of the certificates and not the other NRSROs due, in part, to their initial subordination levels for the various classes of certificates. Had the depositor selected such other NRSROs to rate the certificates, we cannot assure you as to the ratings that such other NRSROs would ultimately have assigned to the certificates. Further, in the case of one (1) NRSRO hired by the depositor, the depositor only requested ratings for certain classes of rated certificates, due in part to the final subordination levels provided by that NRSRO for those classes of certificates. If the depositor had selected such NRSRO to rate those other classes of certificates not rated by it, its ratings of those other certificates may have been different, and potentially lower, than those ratings ultimately assigned to those certificates by the other NRSROs engaged to rate such certificates. In addition, the decision not to

505

engage one or more other rating agencies in the rating of certain classes of certificates to be issued in connection with this transaction may negatively impact the liquidity, market value and regulatory characteristics of those classes of certificates. Although unsolicited ratings may be issued by any NRSRO, an NRSRO might be more likely to issue an unsolicited rating if it was not selected after having provided preliminary feedback to the depositor.

506

**Index of Defined Terms**

---

| | |
|:---|:---|
| **1** |  |
| 1010 Pacific Declaration | 173.0 |
| 1010 Pacific Regulatory Documents | 173.0 |
| 1010 Pacific Subordination Agreement | 173.0 |
| 17g-5 Information Provider | 332.0 |
| 180 Water A Notes | 236.0 |
| 180 Water B Note | 236.0 |
| 180 Water Borrower | 237.0 |
| 180 Water Co-Lender Agreement | 237.0 |
| 180 Water Companion Loans | 237.0 |
| 180 Water Loan Documents | 239.0 |
| 180 Water Mortgage Loan | 236.0 |
| 180 Water New Mezzanine Holder | 222.0 |
| 180 Water Non-Standalone Loan Securitization Trust | 238.0 |
| 180 Water Non-Standalone Loans | 236.0 |
| 180 Water Non-Standalone Pari Passu Companion Loans | 236.0 |
| 180 Water Notes | 236.0 |
| 180 Water Pari Passu Companion Loans | 236.0 |
| 180 Water Servicer | 237.0 |
| 180 Water Special Servicer | 237.0 |
| 180 Water Standalone Companion Loans | 236.0 |
| 180 Water Standalone Pari Passu Companion Loan | 236.0 |
| 180 Water Subordinate Companion Loan | 236.0 |
| 180 Water Triggering Event of Default | 237.0 |
| 180 Water Trustee | 237.0 |
| 180 Water Whole Loan | 237.0 |
| 1986 Act | 485.0 |
| 1996 Act | 466.0 |
| **3** |  |
| 30/360 basis | 36.0 |
| 30/360 Basis | 366.0 |
| **4** |  |
| 401(c) Regulations | 502.0 |
| **A** |  |
| AB Modified Loan | 379.0 |
| AB Whole Loan | 227.0 |

---

---

| | |
|:---|:---|
| Acceptable Insurance Default | 382 |
| Accrued AB Loan Interest | 316 |
| Actual/360 Basis | 36, 212 |
| Actual/360 Loans | 357 |
| ADA | 469 |
| Additional Exclusions | 382 |
| Administrative Cost Rate | 311 |
| ADR | 162 |
| Advances | 352 |
| Affirmative Asset Review Vote | 419 |
| Aggregate Available Funds | 305 |
| Aggregate Principal Distribution Amount | 312 |
| Aggregate Principal Shortfall | 313 |
| AHR Agreement | 176 |
| Air Rights Lease | 186 |
| Allocated Cut-off Date Loan Amount | 162 |
| AMI | 173, 175 |
| Annual Debt Service | 163 |
| Appraisal Reduction Amount | 375 |
| Appraisal Reduction Event | 374 |
| Appraised Value | 163 |
| Approved Exchange | 20 |
| ASR Consultation Process | 393 |
| Assessment of Compliance | 447 |
| Asset Representations Reviewer Asset Review Fee | 374 |
| Asset Representations Reviewer Fee | 373 |
| Asset Representations Reviewer Fee Rate | 373 |
| Asset Representations Reviewer Termination Event | 424 |
| Asset Review | 420 |
| Asset Review Notice | 419 |
| Asset Review Quorum | 419 |
| Asset Review Report | 421 |
| Asset Review Report Summary | 421 |
| Asset Review Standard | 421 |
| Asset Review Trigger | 417 |
| Asset Review Vote Election | 419 |
| Asset Status Report | 390 |
| Assumed Final Distribution Date | 318 |
| Assumed Scheduled Payment | 313 |
| Attestation Report | 448 |
| AULs | 190 |
| AVT Fee | 186 |
| **B** |  |
| Bank Act | 272 |
| BANK5 2025-5YR17 PSA | 227 |

---

507

---

| | |
|:---|:---|
| Bankruptcy Code | 68 |
| Barclays | 280 |
| Barclays Data Tape | 282 |
| Barclays Holdings | 280 |
| Barclays Mortgage Loans | 281 |
| Barclays Review Team | 281 |
| Barclays' Qualification Criteria | 283 |
| Base Interest Fraction | 317 |
| BBCMS 2025-5C37 PSA | 227 |
| BBNA | 273 |
| Beds | 169 |
| Benchmark 2025-V17 PSA | 227 |
| BMO | 272 |
| BMO Data File | 274 |
| BMO Financial | 273 |
| BMO Mortgage Loans | 272 |
| BMO Securitization Database | 274 |
| Borrower Party | 326 |
| Borrower Party Affiliate | 326 |
| B-piece buyer | 130 |
| Bridge Bank | 115 |
| **C** |  |
| CalPERS | 205, 500 |
| CDD | 179 |
| CDD Note | 179 |
| CEA | 189 |
| CERCLA | 466 |
| Certificate Administrator/Trustee Fee | 372 |
| Certificate Administrator/Trustee Fee Rate | 372 |
| Certificate Balance | 304 |
| Certificate Owners | 335 |
| Certificateholder | 327 |
| CFS LOC | 179 |
| CGMRC | 263 |
| CHRW ROFO | 203 |
| CHRW ROFR | 203 |
| CityFHEPS | 74 |
| Class RR certificateholders | 4 |
| Class RR Certificateholders | 299 |
| Class X Certificates | 3, 303 |
| Clearstream | 333 |
| Clearstream Participants | 335 |
| Closing Date | 161 |
| CMBS | 153 |
| CMS | 291, 294 |
| CMS Acquisition Closing Date | 291 |
| CMS Loans | 295 |
| CMS Transaction | 291 |
| CNBV | 23 |
| CNFA | 190 |
| Code | 58, 152, 483 |
| Collateral Deficiency Amount | 379 |

---

---

| | |
|:---|:---|
| Collection Account | 356 |
| Collection Period | 306 |
| COMM 2025-180W Securitization | 237 |
| COMM 2025-180W TSA | 227, 237 |
| Communication Request | 337 |
| Companion Loan | 159 |
| companion loans | 49 |
| Compensating Interest Payment | 319 |
| Computershare | 289 |
| Computershare Limited | 288 |
| Computershare Trust Company | 136, 288 |
| Constant Prepayment Rate | 476 |
| Consultation Termination Event | 406 |
| Control Eligible Certificates | 400 |
| Control Note | 227 |
| Control Termination Event | 406 |
| Controlling Class | 400 |
| Controlling Class Certificateholder | 400 |
| Controlling Class Representative | 30, 399 |
| Controlling Companion Loan | 227 |
| Controlling Holder | 227 |
| corrected loan | 37 |
| Corrected Loan | 390 |
| Covenant | 189 |
| CPR | 476 |
| CPY | 476 |
| CREC | 188 |
| Credit Risk Retention Rules | 300 |
| CREFC<sup>®</sup> | 323 |
| CREFC<sup>®</sup> Intellectual Property Royalty License Fee | 374 |
| CREFC<sup>®</sup> Intellectual Property Royalty License Fee Rate | 374 |
| CREFC<sup>®</sup> Investor Reporting Package | 360 |
| CREFC<sup>®</sup> Reports | 323 |
| CREFI | 263 |
| CREFI Data File | 265 |
| CREFI Mortgage Loans | 263 |
| CREFI Securitization Database | 264 |
| CREFI VRR Interest Portion | 300 |
| Crossed Group | 163 |
| Cross-Over Date | 309 |
| CRR | 155 |
| CTS | 289 |
| Cumulative Appraisal Reduction Amount | 379 |
| Cure/Contest Period | 421 |
| Cut-off Date | 159 |
| Cut-off Date Balance | 164 |
| Cut-off Date DSCR | 165 |
| Cut-off Date Loan-to-Value Ratio | 164 |
| Cut-off Date LTV Ratio | 164 |

---

508

---

| | |
|:---|:---|
| **D** |  |
| DB Originators | 257 |
| DBNY | 254 |
| DBNY Originated Loan | 254 |
| DBNY VRR Interest Portion | 299 |
| DBRI | 254 |
| Debt Service Coverage Ratio | 165 |
| Debt Yield on Underwritten NCF | 164 |
| Debt Yield on Underwritten Net Cash Flow | 164 |
| Debt Yield on Underwritten Net Operating Income | 165 |
| Debt Yield on Underwritten NOI | 165 |
| Defaulted Loan | 396 |
| Defeasance Deposit | 216 |
| Defeasance Loans | 216 |
| Defeasance Lock-Out Period | 216 |
| Defeasance Option | 216 |
| Definitive Certificate | 333 |
| Delegated Directive | 15 |
| Delinquent Loan | 418 |
| Depositaries | 334 |
| Determination Date | 305 |
| Deutsche Bank | 254 |
| DHCR | 175 |
| Diligence File | 340 |
| Directing Holder | 399 |
| Directing Holder Approval Process | 392 |
| Disclosable Special Servicer Fees | 372 |
| Dispute Resolution Consultation | 439 |
| Dispute Resolution Cut-off Date | 439 |
| Distribution Accounts | 356 |
| Distribution Date | 305 |
| Distribution Date Statement | 322 |
| Distributor | 15, 16 |
| DMARC | 255 |
| Dodd-Frank Act | 157 |
| DOJ | 254 |
| DOL | 500 |
| DSCR | 165 |
| DTC | 333 |
| DTC Participants | 334 |
| DTC Rules | 335 |
| Due Date | 212, 306 |
| Due Diligence Questionnaire | 265, 274 |
| Due Diligence Requirements | 155 |
| **E** |  |
| EC | 190 |
| EDA | 178 |
| EDGAR | 499 |
| EEA | 15 |
| Eligible Asset Representations Reviewer | 422 |

---

---

| | |
|:---|:---|
| Eligible Operating Advisor | 413 |
| Enforcing Party | 437 |
| Enforcing Servicer | 437 |
| ERISA | 499 |
| ESA | 188, 259 |
| Escrow/Reserve Mitigating Circumstances | 261, 285 |
| EU Due Diligence Requirements | 155 |
| EU Institutional Investor | 155 |
| EU PRIIPs Regulation | 15 |
| EU Prospectus Regulation | 15 |
| EU Retention Requirements | 156 |
| EU Securitization Regulation | 17 |
| EU Transparency Requirements | 156 |
| EU/UK Risk Retention Requirements | 156 |
| Euroclear | 333 |
| Euroclear Operator | 336 |
| Euroclear Participants | 336 |
| EUWA | 15, 17 |
| Excess Modification Fees | 371 |
| Excess Prepayment Interest Shortfall | 320 |
| Exchange Act | 244, 263 |
| Excluded Controlling Class Holder | 330 |
| Excluded Controlling Class Loan | 326 |
| Excluded Information | 326 |
| Excluded Loan | 326 |
| Excluded Special Servicer | 427 |
| excluded special servicer loan | 28 |
| Excluded Special Servicer Loan | 427 |
| Exemption | 500 |
| Exemption Rating Agency | 501 |
| **F** |  |
| FATCA | 494 |
| FDEP | 188 |
| FDIA | 148 |
| FDIC | 148 |
| FDIC Safe Harbor | 149 |
| FETL | 21 |
| FHLMC | 195 |
| FIEL | 21 |
| Final Asset Status Report | 392 |
| Final Dispute Resolution Election Notice | 439 |
| Financial Market Publisher | 328 |
| Financial Promotion Order | 18 |
| FIRREA | 150, 192, 258 |
| Fitch | 422, 446 |
| Former Acting General Counsel's Letter | 150 |
| FPO Persons | 18 |
| FSMA | 16, 17 |

---

509

---

| | |
|:---|:---|
| **G** |  |
| GACC | 254 |
| GACC Data Tape | 256 |
| GACC Deal Team | 256 |
| GACC Mortgage Loans | 255 |
| GACC Originated Loans | 254 |
| Garn Act | 468 |
| Goldman Originator | 247 |
| GS Bank | 245 |
| GSA | 201 |
| GSMC | 245 |
| GSMC Data Tape | 246 |
| GSMC Deal Team | 245 |
| GSMC Mortgage Loans | 245 |
| **H** |  |
| Hard Lockbox | 166 |
| Haven Borrower Sole Member | 209 |
| Haven Mandatory Prepayment | 209 |
| Haven Pledgor | 209 |
| HFC | 75 |
| HFC Program | 210 |
| Holdco Common Equity Holder | 224 |
| Holdco LLC Agreement | 225 |
| Holdco Preferred Equity Holder | 224 |
| House Bill 21 | 75, 210 |
| HPD | 173 |
| HSTP Act | 74 |
| **I** |  |
| IDFPR | 272 |
| Indirect Participants | 334 |
| Initial Delivery Date | 391 |
| Initial Pool Balance | 159 |
| Initial Requesting Certificateholder | 437 |
| In-Place Cash Management | 166 |
| Institutional Investor | 20 |
| Insurance and Condemnation Proceeds | 356 |
| Interest Accrual Amount | 311 |
| Interest Accrual Period | 312 |
| Interest Distribution Amount | 311 |
| Interest Reserve Account | 356 |
| Interest Shortfall | 311 |
| Interested Person | 398 |
| Investor Certification | 326 |
| IRS | 152 |
| **J** |  |
| Japanese Retention Requirement | 22 |
| Joint Mortgage Loan | 161 |
| JRR Rule | 22 |

---

---

| | |
|:---|:---|
| **K** |  |
| KBRA | 422, 446 |
| **L** |  |
| Largest Tenant | 166 |
| Largest Tenant Lease Expiration | 166 |
| Lender Requirement | 174 |
| Liquidation Fee | 368 |
| Liquidation Fee Rate | 369 |
| Liquidation Proceeds | 356 |
| Loan Per Unit | 166 |
| Loan-Specific Directing Holder | 400 |
| Local Law 97 | 97 |
| Loss of Value Payment | 344 |
| Loss of Value Reserve Fund | 356 |
| Lower-Tier Regular Interests | 483 |
| lower-tier REMIC | 59 |
| Lower-Tier REMIC | 483 |
| Lower-Tier REMIC Distribution Account | 356 |
| LSRP | 189 |
| LTV Ratio at Maturity | 166 |
| LUST | 190 |
| LVHFC | 175 |
| LVHFC Program Affordable Components | 175 |
| **M** |  |
| MAI | 346 |
| Major Decision | 401 |
| Major Decision Reporting Package | 404 |
| Mandatory Prepayment | 210 |
| Mandatory Redemption Date | 224 |
| MAS | 20 |
| Master Servicer | 291 |
| Master Servicer Proposed Course of Action Notice | 438 |
| Master Servicer Remittance Date | 351 |
| Material Defect | 343 |
| Maturity Balance | 167 |
| Maturity Date Loan-to-Value Ratio | 166 |
| Maturity Date LTV Ratio | 166 |
| Mezzanine Loan | 222 |
| MiFID II | 15, 16 |
| MLPA | 338 |
| MOA | 300 |
| Modeling Assumptions | 476 |
| Modification Fees | 366 |
| Moody's | 422 |
| Morningstar DBRS | 422 |
| Mortgage | 160 |
| Mortgage File | 338 |
| mortgage loan | 49 |
| mortgage loan sellers | 25 |

---

510

---

| | |
|:---|:---|
| Mortgage Loans | 159.0 |
| Mortgage Note | 160.0 |
| Mortgage Pool | 159.0 |
| Mortgage Rate | 311.0 |
| Mortgaged Property | 160.0 |
| Most Recent NOI | 167.0 |
| Multifamily Release Parcel | 218.0 |
| **N** |  |
| Net Cash Flow | 168.0 |
| Net Mortgage Rate | 310.0 |
| NFIP | 100.0 |
| NI 33-105 | 22.0 |
| NJDEP | 189.0 |
| Non-Control Note | 227.0 |
| Non-Controlling Holder | 227.0 |
| non-offered certificates | 34.0 |
| Nonrecoverable Advance | 353.0 |
| Non-Reduced Interests | 428.0 |
| Non-Serviced AB Whole Loan | 227.0 |
| Non-Serviced Certificate Administrator | 227.0 |
| Non-Serviced Co-Lender Agreement | 227.0 |
| non-serviced companion loan | 50.0 |
| Non-Serviced Companion Loan | 227.0 |
| non-serviced companion loans | 50.0 |
| Non-Serviced Custodian | 228.0 |
| Non-Serviced Directing Holder | 228.0 |
| Non-Serviced Master Servicer | 228.0 |
| Non-Serviced Mortgage Loan | 228.0 |
| Non-Serviced Pari Passu Companion Loan | 228.0 |
| Non-Serviced Pari Passu Whole Loan | 228.0 |
| Non-Serviced PSA | 228.0 |
| Non-Serviced Securitization Trust | 228.0 |
| Non-Serviced Special Servicer | 228.0 |
| Non-Serviced Trustee | 228.0 |
| non-serviced whole loan | 50.0 |
| Non-Serviced Whole Loan | 228.0 |
| Non-U.S. Tax Person | 493.0 |
| Non-VRR Available Funds | 307.0 |
| non-VRR certificates | 3.0 |
| Non-VRR Certificates | 303.0 |
| Non-VRR Excess Prepayment Interest Shortfall | 312.0 |
| Non-VRR Gain-on-Sale Remittance Amount | 307.0 |
| Non-VRR Gain-on-Sale Reserve Account | 357.0 |
| Non-VRR Percentage | 301.0 |
| Non-VRR Principal Distribution Amount | 312.0 |
| Non-VRR Realized Loss | 321.0 |

---

---

| | |
|:---|:---|
| Notional Amount | 305 |
| NRSRO | 325 |
| NRSRO Certification | 327 |
| NYCOER | 188 |
| **O** |  |
| Occupancy | 167 |
| Occupancy Date | 167 |
| Offered Certificates | 303 |
| OID Regulations | 486 |
| OLA | 149 |
| Operating Advisor Annual Report | 412 |
| Operating Advisor Consulting Fee | 373 |
| Operating Advisor Expenses | 373 |
| Operating Advisor Fee | 373 |
| Operating Advisor Fee Rate | 373 |
| Operating Advisor Standard | 411 |
| Operating Advisor Termination Event | 415 |
| Original Balance | 167 |
| Original RR Interest Balance | 299 |
| Owner Repurchase Request | 437 |
| **P** |  |
| P&I Advance | 351 |
| PACE | 115 |
| Pads | 169 |
| PAR | 259 |
| pari passu companion loan | 49 |
| Pari Passu Companion Loans | 159 |
| Park Bridge Financial | 298 |
| Park Bridge Lender Services | 298 |
| Participants | 333 |
| Parties in Interest | 499 |
| Pass-Through Rate | 310 |
| Patriot Act | 470 |
| Pavilion at Port Orange Release Parcel | 218 |
| PCR | 252, 271, 279 |
| PE Issuer | 225 |
| PE Member | 225 |
| Percentage Interest | 305 |
| Periodic Payment | 307 |
| Permitted Investments | 357 |
| Permitted Special Servicer/Affiliate Fees | 372 |
| PFC | 164 |
| PFC Program | 175 |
| PIPs | 93, 191 |
| Plan | 197 |
| Plans | 499 |
| Pledgor | 193 |
| PML | 252 |
| PRASR | 17 |

---

511

---

| | |
|:---|:---|
| PRC | 19 |
| Preferred Equity Investment | 224, 225 |
| PREIT | 197 |
| Preliminary Asset Review Report | 421 |
| Preliminary Dispute Resolution Election Notice | 439 |
| Prepayment Assumption | 487 |
| Prepayment Fee | 210 |
| Prepayment Interest Excess | 319 |
| Prepayment Interest Shortfall | 319 |
| Prepayment Penalty Description | 167 |
| Prepayment Provision | 167 |
| Prime Rate | 48, 355 |
| principal balance certificates | 3 |
| Principal Balance Certificates | 303 |
| Prior 180 Water Loan | 53 |
| Prior 180 Water Loan | 196 |
| Privileged Information | 414 |
| Privileged Information Exception | 414 |
| Privileged Person | 325 |
| Prohibited Prepayment | 320 |
| Promotion Of Collective Investment Schemes Exemptions Order | 18 |
| Property Protection Advances | 352 |
| Proposed Course of Action | 438 |
| Proposed Course of Action Notice | 438 |
| PSA | 303 |
| PSA Party Repurchase Request | 437 |
| PTCE | 502 |
| Purchase Price | 345 |
| **Q** |  |
| QOZ | 167 |
| Qualified Opportunity Zone | 167 |
| Qualified Replacement Special Servicer | 428 |
| Qualified Substitute Mortgage Loan | 345 |
| Qualifying CRE Loan Percentage | 300 |
| Quorum | 427 |
| **R** |  |
| RAC No-Response Scenario | 445 |
| Rated Final Distribution Date | 319 |
| Rating Agencies | 446 |
| Rating Agency Confirmation | 446 |
| REA | 83 |
| Realized Losses | 322 |
| REC | 188 |
| Recognition Agreement | 224 |
| Record Date | 305 |
| Registration Statement | 499 |
| Regular Certificates | 303 |
| Regular Interestholder | 486 |
| Regular Interests | 483 |

---

---

| | |
|:---|:---|
| Regulation AB | 448 |
| Reimbursement Rate | 355 |
| related Class X class | 4 |
| Related Class X Class | 305 |
| Related Group | 168 |
| Related Proceeds | 354 |
| Release Date | 216 |
| Relevant Persons | 18 |
| Relief Act | 469 |
| REMIC | 4, 483 |
| REMIC Regulations | 483 |
| REO Account | 357 |
| REO Loan | 314 |
| REO Property | 390 |
| Repurchase Request | 437 |
| Requesting Certificateholder | 439 |
| Requesting Holders | 380 |
| Requesting Investor | 337 |
| Requesting Party | 445 |
| Required Risk Retention Percentage | 300 |
| Requirements | 469 |
| Residual Certificates | 303 |
| Resolution Failure | 437 |
| Resolved | 437 |
| Restricted Group | 501 |
| Restricted Mezzanine Holder | 327 |
| Restricted Party | 414 |
| Retaining Sponsor | 299 |
| Review Materials | 419 |
| RevPAR | 168 |
| Risk Retention Consultation Parties | 325 |
| RNV | 23 |
| Rooms | 169 |
| Rosenburg Housing Authority | 175 |
| RR Interest | 299 |
| RR Interest Balance | 301 |
| RR interest owner | 4 |
| RR Interest Owner | 299 |
| RSA | 179 |
| Rule 17g-5 | 327 |
| RV | 180 |
| **S** |  |
| S&P | 422, 446 |
| SCDES | 190 |
| Scheduled Principal Distribution Amount | 312 |
| SEC | 244, 263 |
| SECN | 17 |
| Securities Act | 448 |
| Securitization Accounts | 303, 357 |
| SEL | 252 |
| Senior Certificates | 303 |
| serviced companion loan | 49 |

---

512

---

| | |
|:---|:---|
| Serviced Companion Loan | 228 |
| Serviced Mortgage Loan | 228 |
| serviced pari passu companion loan | 49 |
| Serviced Pari Passu Companion Loan | 228 |
| Serviced Pari Passu Mortgage Loan | 228 |
| Serviced Pari Passu Whole Loan | 229 |
| serviced whole loan | 49 |
| Serviced Whole Loan | 229 |
| Serviced Whole Loan Custodial Account | 356 |
| Servicer Termination Event | 430 |
| Servicing Fee | 364 |
| Servicing Fee Rate | 364 |
| Servicing Shift Mortgage Loan | 229 |
| servicing shift pooling and servicing agreement | 50 |
| Servicing Shift PSA | 229 |
| servicing shift securitization date | 31, 50 |
| Servicing Shift Securitization Date | 229 |
| servicing shift whole loan | 50 |
| Servicing Shift Whole Loan | 229 |
| Servicing Standard | 350 |
| SF | 168 |
| SFA | 20 |
| SFO | 19 |
| Similar Law | 499 |
| SLEAP | 190 |
| SMMEA | 503 |
| Soft Lockbox | 168 |
| Special Servicer | 295 |
| Special Servicing Fee | 367 |
| Special Servicing Fee Rate | 367 |
| Special Servicing Transfer Event | 389 |
| Specially Serviced Loans | 389 |
| Springfield Town Center Release Parcel | 218 |
| Springing Cash Management | 168 |
| Springing Lockbox | 168 |
| Sq. Ft. | 168 |
| Square Feet | 168 |
| Startup Day | 484 |
| Stated Principal Balance | 313 |
| static pool data | 105 |
| Subject 2024 Computershare CMBS Annual Statement of Compliance | 290 |
| Subject Loan | 373 |
| Subordinate Certificates | 303 |
| subordinate companion loan | 49 |
| Subordinate Companion Loan | 159, 229 |
| Subordination Agreement | 222 |
| Subsequent Asset Status Report | 391 |
| Sub-Servicing Agreement | 350 |

---

---

| | |
|:---|:---|
| SVB | 115 |
| **T** |  |
| Tax Exemption | 186 |
| TCO | 206 |
| TCPA | 193 |
| Terms and Conditions | 336 |
| Tests | 420 |
| Title IV Financial Aid | 89 |
| Title V | 468 |
| Torchlight | 295 |
| Trailing 12 NOI | 167 |
| Transition Agreement | 295 |
| Transition Period | 295 |
| Traveling HFCs | 75 |
| Trigger Event | 224 |
| Trimont | 158, 291 |
| TRIPRA | 101 |
| trust REMIC | 59 |
| Trust REMICs | 483 |
| **U** |  |
| U.S. Tax Person | 493 |
| UCC | 455 |
| UK | 15, 17 |
| UK CRR | 155 |
| UK Due Diligence Requirements | 155 |
| UK Institutional Investor | 155 |
| UK MIFIR Product Governance Rules | 16 |
| UK PRIIPs Regulation | 16 |
| UK Prospectus Regulation | 16 |
| UK Retail Investor | 15 |
| UK Retention Requirements | 156 |
| UK SECURITIZATION FRAMEWORK | 18 |
| Underwriter Entities | 123 |
| Underwriting Agreement | 496 |
| Underwritten EGI | 169 |
| Underwritten Expenses | 168 |
| Underwritten NCF | 168 |
| Underwritten NCF DSCR | 165 |
| Underwritten Net Cash Flow | 168 |
| Underwritten Net Operating Income | 169 |
| Underwritten Net Operating Income DSCR | 165 |
| Underwritten NOI | 169 |
| Underwritten NOI DSCR | 165 |
| Underwritten Revenues | 169 |
| Units | 169 |
| Unscheduled Principal Distribution Amount | 313 |
| Unsolicited Information | 420 |
| upper-tier REMIC | 59 |

---

513

---

| | |
|:---|:---|
| Upper-Tier REMIC | 483 |
| Upper-Tier REMIC Distribution Account | 356 |
| UW NCF DSCR | 165 |
| UW NOI Debt Yield | 165 |
| UW NOI DSCR | 165 |
| **V** |  |
| VCP | 188 |
| VOCs | 189 |
| Volcker Rule | 157 |
| Voting Rights | 333 |
| VRR Allocation Percentage | 302 |
| VRR Available Funds | 301 |
| VRR Interest | 299, 303 |
| VRR Interest Balance | 302 |
| VRR Interest Distribution Amount | 302 |
| VRR Interest Gain-on-Sale Remittance Amount | 301 |
| VRR Interest Gain-on-Sale Reserve Account | 357 |
| VRR interest owners | 4 |
| VRR Interest Owners | 299 |
| VRR Interest Rate | 301 |
| VRR Percentage | 299 |

---

---

| | |
|:---|:---|
| VRR Principal Distribution Amount | 302 |
| VRR Realized Loss | 302 |
| VRR Realized Loss Interest Distribution Amount | 302 |
| **W** |  |
| WAC Rate | 310 |
| Weighted Average Mortgage Loan Rate | 169 |
| Wells Fargo | 289, 294 |
| Wells Fargo Bank | 158, 289 |
| whole loan | 49 |
| Whole Loan | 159, 229 |
| Withheld Amounts | 357 |
| Workout Fee | 367 |
| Workout Fee Rate | 367 |
| Workout-Delayed Reimbursement Amount | 355 |
| **Y** |  |
| YM Group A | 317 |
| YM Group B | 317 |
| YM Groups | 317 |
| YM/Defeasance Loans | 214 |

---

514

**ANNEX A-1**

**CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS<br> AND MORTGAGED PROPERTIES**

(THIS PAGE INTENTIONALLY LEFT BLANK)

**Benchmark 2025-V18**

**Annex A-1**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Loan ID Number** | &nbsp;&nbsp;**Loan / Property Flag** | &nbsp;&nbsp;**Footnotes (for Loan and Property Information)** | &nbsp;&nbsp;**# of Properties** | &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**% of Initial Pool Balance** | &nbsp;&nbsp;**% of Loan Balance** | &nbsp;&nbsp;**Mortgage Loan Originator** | &nbsp;&nbsp;**Mortgage Loan Seller** | &nbsp;&nbsp;**Related Group** | &nbsp;&nbsp;**Crossed Group** | &nbsp;&nbsp;**Address** | &nbsp;&nbsp;**City** | &nbsp;&nbsp;**County** | &nbsp;&nbsp;**State** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 10, 11, 12, 13 | &nbsp;&nbsp;1 | &nbsp;&nbsp;9911 Belward | &nbsp;&nbsp;6.1% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;GACC, Barclays | &nbsp;&nbsp;GACC, Barclays | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;9911 Belward Campus Drive | &nbsp;&nbsp;Rockville | &nbsp;&nbsp;Montgomery | &nbsp;&nbsp;MD |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;14, 15, 16 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Park Place Village | &nbsp;&nbsp;4.7% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;GACC | &nbsp;&nbsp;GACC | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;11549 Ash Street | &nbsp;&nbsp;Leawood | &nbsp;&nbsp;Johnson | &nbsp;&nbsp;KS |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 17, 18, 19, 20, 21, 22, 23 | &nbsp;&nbsp;1 | &nbsp;&nbsp;180 Water | &nbsp;&nbsp;4.6% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;GACC | &nbsp;&nbsp;GACC | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;180 Water Street | &nbsp;&nbsp;New York | &nbsp;&nbsp;New York | &nbsp;&nbsp;NY |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;24, 25 | &nbsp;&nbsp;1 | &nbsp;&nbsp;City Center at Oyster Point | &nbsp;&nbsp;4.4% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;GACC | &nbsp;&nbsp;GACC | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;701 Town Center Drive | &nbsp;&nbsp;Newport News | &nbsp;&nbsp;Newport News City | &nbsp;&nbsp;VA |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1515 West Webster | &nbsp;&nbsp;4.3% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;GSBI | &nbsp;&nbsp;GSMC | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;1515 West Webster Avenue | &nbsp;&nbsp;Chicago | &nbsp;&nbsp;Cook | &nbsp;&nbsp;IL |
| &nbsp;&nbsp;**6** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**26, 27** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**Waterford Multifamily Portfolio** | &nbsp;&nbsp;**4.2%** |  | &nbsp;&nbsp;**DBRI** | &nbsp;&nbsp;**GACC** | &nbsp;&nbsp;**Group 1** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**Various** |
| &nbsp;&nbsp;6.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Parkview Apartments | &nbsp;&nbsp;1.9% | &nbsp;&nbsp;44.9% |  |  |  |  | &nbsp;&nbsp;1424 Nottingham Way | &nbsp;&nbsp;Hamilton | &nbsp;&nbsp;Mercer | &nbsp;&nbsp;NJ |
| &nbsp;&nbsp;6.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yorkshire Apartments | &nbsp;&nbsp;1.4% | &nbsp;&nbsp;33.9% |  |  |  |  | &nbsp;&nbsp;3201 East State Street | &nbsp;&nbsp;Hamilton | &nbsp;&nbsp;Mercer | &nbsp;&nbsp;NJ |
| &nbsp;&nbsp;6.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Holly Brook Apartments | &nbsp;&nbsp;0.9% | &nbsp;&nbsp;21.2% |  |  |  |  | &nbsp;&nbsp;3111-3131 Burris Road | &nbsp;&nbsp;Vestal | &nbsp;&nbsp;Broome | &nbsp;&nbsp;NY |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 28, 29, 30, 31 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1010 Pacific Street | &nbsp;&nbsp;4.1% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;CREFI, MSBNA | &nbsp;&nbsp;CREFI | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;1010 Pacific Street | &nbsp;&nbsp;Brooklyn | &nbsp;&nbsp;Kings | &nbsp;&nbsp;NY |
| &nbsp;&nbsp;**8** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**32, 33, 34, 35, 36, 37, 38** | &nbsp;&nbsp;**7** | &nbsp;&nbsp;**REVA Portfolio** | &nbsp;&nbsp;**4.0%** |  | &nbsp;&nbsp;**CREFI** | &nbsp;&nbsp;**CREFI** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**Various** |
| &nbsp;&nbsp;8.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Signature Place | &nbsp;&nbsp;1.1% | &nbsp;&nbsp;27.7% |  |  |  |  | &nbsp;&nbsp;3200 Northline Avenue | &nbsp;&nbsp;Greensboro | &nbsp;&nbsp;Guilford | &nbsp;&nbsp;NC |
| &nbsp;&nbsp;8.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;One Independence | &nbsp;&nbsp;0.9% | &nbsp;&nbsp;21.2% |  |  |  |  | &nbsp;&nbsp;4110 George Road | &nbsp;&nbsp;Tampa | &nbsp;&nbsp;Hillsborough | &nbsp;&nbsp;FL |
| &nbsp;&nbsp;8.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Fairfax Building | &nbsp;&nbsp;0.8% | &nbsp;&nbsp;19.2% |  |  |  |  | &nbsp;&nbsp;10710 Midlothian Turnpike | &nbsp;&nbsp;Richmond | &nbsp;&nbsp;Chesterfield | &nbsp;&nbsp;VA |
| &nbsp;&nbsp;8.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Universal Building | &nbsp;&nbsp;0.4% | &nbsp;&nbsp;10.0% |  |  |  |  | &nbsp;&nbsp;6100 Old Park Lane | &nbsp;&nbsp;Orlando | &nbsp;&nbsp;Orange | &nbsp;&nbsp;FL |
| &nbsp;&nbsp;8.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Sabal 6 | &nbsp;&nbsp;0.3% | &nbsp;&nbsp;8.7% |  |  |  |  | &nbsp;&nbsp;3611 Queen Palm Drive | &nbsp;&nbsp;Tampa | &nbsp;&nbsp;Hillsborough | &nbsp;&nbsp;FL |
| &nbsp;&nbsp;8.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;150 Corporate | &nbsp;&nbsp;0.3% | &nbsp;&nbsp;7.5% |  |  |  |  | &nbsp;&nbsp;150 Corporate Boulevard | &nbsp;&nbsp;Norfolk | &nbsp;&nbsp;Norfolk City | &nbsp;&nbsp;VA |
| &nbsp;&nbsp;8.07 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Southpark at Westgate | &nbsp;&nbsp;0.2% | &nbsp;&nbsp;5.7% |  |  |  |  | &nbsp;&nbsp;3518 Westgate Drive | &nbsp;&nbsp;Durham | &nbsp;&nbsp;Durham | &nbsp;&nbsp;NC |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;39, 40, 41 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Hotel Valencia Santana Row | &nbsp;&nbsp;3.8% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;CREFI | &nbsp;&nbsp;CREFI | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;355 Santana Row | &nbsp;&nbsp;San Jose | &nbsp;&nbsp;Santa Clara | &nbsp;&nbsp;CA |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;44 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Royal Ledges Apartments | &nbsp;&nbsp;3.8% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;DBRI | &nbsp;&nbsp;GACC | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;4676 Albany Post Road | &nbsp;&nbsp;Hyde Park | &nbsp;&nbsp;Dutchess | &nbsp;&nbsp;NY |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;42, 43 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Brookside Gardens | &nbsp;&nbsp;3.8% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;CREFI | &nbsp;&nbsp;CREFI | &nbsp;&nbsp;Group 1 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;1 Bradford Avenue | &nbsp;&nbsp;Hamilton | &nbsp;&nbsp;Mercer | &nbsp;&nbsp;NJ |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;45 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Torrey Ridge Apartments | &nbsp;&nbsp;3.3% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;LMF | &nbsp;&nbsp;BMO | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;222 South Clovis Avenue | &nbsp;&nbsp;Fresno | &nbsp;&nbsp;Fresno | &nbsp;&nbsp;CA |
| &nbsp;&nbsp;13 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Pavilion at Port Orange | &nbsp;&nbsp;3.3% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;GSBI | &nbsp;&nbsp;GSMC | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;5501 South Williamson Boulevard | &nbsp;&nbsp;Port Orange | &nbsp;&nbsp;Volusia | &nbsp;&nbsp;FL |
| &nbsp;&nbsp;14 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;46, 47 | &nbsp;&nbsp;1 | &nbsp;&nbsp;The DeSoto | &nbsp;&nbsp;3.2% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;CREFI | &nbsp;&nbsp;CREFI | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;15 East Liberty Street | &nbsp;&nbsp;Savannah | &nbsp;&nbsp;Chatham | &nbsp;&nbsp;GA |
| &nbsp;&nbsp;15 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;48, 49, 50, 51, 52 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Haven at Bellaire | &nbsp;&nbsp;3.2% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;DBRI | &nbsp;&nbsp;GACC | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;20220 Bellaire Boulevard | &nbsp;&nbsp;Richmond | &nbsp;&nbsp;Fort Bend | &nbsp;&nbsp;TX |
| &nbsp;&nbsp;**16** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9, 53** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Yosemite Hospitality Portfolio** | &nbsp;&nbsp;**2.4%** |  | &nbsp;&nbsp;**CREFI, WFB** | &nbsp;&nbsp;**CREFI** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**El Portal** | &nbsp;&nbsp;**Mariposa** | &nbsp;&nbsp;**CA** |
| &nbsp;&nbsp;16.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yosemite View Lodge | &nbsp;&nbsp;2.0% | &nbsp;&nbsp;82.4% |  |  |  |  | &nbsp;&nbsp;11112, 11120, 11128, 11138, 11152, 11156 and 11160 Highway 140 | &nbsp;&nbsp;El Portal | &nbsp;&nbsp;Mariposa | &nbsp;&nbsp;CA |
| &nbsp;&nbsp;16.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yosemite Cedar Lodge | &nbsp;&nbsp;0.4% | &nbsp;&nbsp;17.6% |  |  |  |  | &nbsp;&nbsp;9937, 9938 and 9966 Highway 140 | &nbsp;&nbsp;El Portal | &nbsp;&nbsp;Mariposa | &nbsp;&nbsp;CA |
| &nbsp;&nbsp;**17** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9** | &nbsp;&nbsp;**17** | &nbsp;&nbsp;**ESA Portfolio** | &nbsp;&nbsp;**2.3%** |  | &nbsp;&nbsp;**GSBI** | &nbsp;&nbsp;**GSMC** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**Various** |
| &nbsp;&nbsp;17.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Wayne South | &nbsp;&nbsp;0.2% | &nbsp;&nbsp;7.7% |  |  |  |  | &nbsp;&nbsp;8309 West Jefferson Boulevard | &nbsp;&nbsp;Fort Wayne | &nbsp;&nbsp;Allen | &nbsp;&nbsp;IN |
| &nbsp;&nbsp;17.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Waco - Woodway | &nbsp;&nbsp;0.2% | &nbsp;&nbsp;7.5% |  |  |  |  | &nbsp;&nbsp;5903 Woodway Drive | &nbsp;&nbsp;Waco | &nbsp;&nbsp;McLennan | &nbsp;&nbsp;TX |
| &nbsp;&nbsp;17.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cincinnati Blue Ash Kenwood Rd | &nbsp;&nbsp;0.2% | &nbsp;&nbsp;6.7% |  |  |  |  | &nbsp;&nbsp;11145 Kenwood Road | &nbsp;&nbsp;Cincinnati | &nbsp;&nbsp;Hamilton | &nbsp;&nbsp;OH |
| &nbsp;&nbsp;17.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - North | &nbsp;&nbsp;0.2% | &nbsp;&nbsp;6.7% |  |  |  |  | &nbsp;&nbsp;6688 Miller Lane | &nbsp;&nbsp;Dayton | &nbsp;&nbsp;Montgomery | &nbsp;&nbsp;OH |
| &nbsp;&nbsp;17.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Indianapolis Northwest I-465 | &nbsp;&nbsp;0.2% | &nbsp;&nbsp;6.6% |  |  |  |  | &nbsp;&nbsp;9370 Waldemar Road | &nbsp;&nbsp;Indianapolis | &nbsp;&nbsp;Marion | &nbsp;&nbsp;IN |
| &nbsp;&nbsp;17.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cincinnati Blue Ash Reed Hartman | &nbsp;&nbsp;0.1% | &nbsp;&nbsp;6.3% |  |  |  |  | &nbsp;&nbsp;4630 Creek Road | &nbsp;&nbsp;Cincinnati | &nbsp;&nbsp;Hamilton | &nbsp;&nbsp;OH |
| &nbsp;&nbsp;17.07 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;El Paso - Airport | &nbsp;&nbsp;0.1% | &nbsp;&nbsp;6.3% |  |  |  |  | &nbsp;&nbsp;6580 Montana Avenue | &nbsp;&nbsp;El Paso | &nbsp;&nbsp;El Paso | &nbsp;&nbsp;TX |
| &nbsp;&nbsp;17.08 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dallas - Greenville Ave | &nbsp;&nbsp;0.1% | &nbsp;&nbsp;6.0% |  |  |  |  | &nbsp;&nbsp;12270 Greenville Avenue | &nbsp;&nbsp;Dallas | &nbsp;&nbsp;Dallas | &nbsp;&nbsp;TX |
| &nbsp;&nbsp;17.09 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Indianapolis - Airport - W Southern Ave | &nbsp;&nbsp;0.1% | &nbsp;&nbsp;6.0% |  |  |  |  | &nbsp;&nbsp;5350 West Southern Avenue | &nbsp;&nbsp;Indianapolis | &nbsp;&nbsp;Marion | &nbsp;&nbsp;IN |
| &nbsp;&nbsp;17.10 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;El Paso - West | &nbsp;&nbsp;0.1% | &nbsp;&nbsp;6.0% |  |  |  |  | &nbsp;&nbsp;990 Sunland Park Drive | &nbsp;&nbsp;El Paso | &nbsp;&nbsp;El Paso | &nbsp;&nbsp;TX |
| &nbsp;&nbsp;17.11 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - Fossil Creek | &nbsp;&nbsp;0.1% | &nbsp;&nbsp;5.7% |  |  |  |  | &nbsp;&nbsp;3261 Northeast Loop 820 | &nbsp;&nbsp;Fort Worth | &nbsp;&nbsp;Tarrant | &nbsp;&nbsp;TX |
| &nbsp;&nbsp;17.12 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dallas - Plano Parkway | &nbsp;&nbsp;0.1% | &nbsp;&nbsp;5.6% |  |  |  |  | &nbsp;&nbsp;4709 West Plano Parkway | &nbsp;&nbsp;Plano | &nbsp;&nbsp;Collin | &nbsp;&nbsp;TX |
| &nbsp;&nbsp;17.13 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - City View | &nbsp;&nbsp;0.1% | &nbsp;&nbsp;5.5% |  |  |  |  | &nbsp;&nbsp;5831 Overton Ridge Boulevard | &nbsp;&nbsp;Fort Worth | &nbsp;&nbsp;Tarrant | &nbsp;&nbsp;TX |
| &nbsp;&nbsp;17.14 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Wayne North | &nbsp;&nbsp;0.1% | &nbsp;&nbsp;5.3% |  |  |  |  | &nbsp;&nbsp;5810 Challenger Parkway | &nbsp;&nbsp;Fort Wayne | &nbsp;&nbsp;Allen | &nbsp;&nbsp;IN |
| &nbsp;&nbsp;17.15 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - Fairborn | &nbsp;&nbsp;0.1% | &nbsp;&nbsp;4.5% |  |  |  |  | &nbsp;&nbsp;3131 Presidential Drive | &nbsp;&nbsp;Fairborn | &nbsp;&nbsp;Greene | &nbsp;&nbsp;OH |
| &nbsp;&nbsp;17.16 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - Southwest | &nbsp;&nbsp;0.1% | &nbsp;&nbsp;4.2% |  |  |  |  | &nbsp;&nbsp;4701 Citylake Boulevard | &nbsp;&nbsp;Fort Worth | &nbsp;&nbsp;Tarrant | &nbsp;&nbsp;TX |
| &nbsp;&nbsp;17.17 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - South | &nbsp;&nbsp;0.1% | &nbsp;&nbsp;3.6% |  |  |  |  | &nbsp;&nbsp;7851 Lois Circle | &nbsp;&nbsp;Dayton | &nbsp;&nbsp;Montgomery | &nbsp;&nbsp;OH |
| &nbsp;&nbsp;18 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 54, 55 | &nbsp;&nbsp;1 | &nbsp;&nbsp;80-02 Kew Gardens | &nbsp;&nbsp;2.3% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;CREFI | &nbsp;&nbsp;CREFI | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;80-02 Kew Gardens Road | &nbsp;&nbsp;Kew Gardens | &nbsp;&nbsp;Queens | &nbsp;&nbsp;NY |
| &nbsp;&nbsp;19 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;56, 57 | &nbsp;&nbsp;1 | &nbsp;&nbsp;MetLife Solutions Tampa | &nbsp;&nbsp;2.2% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;GSC2 | &nbsp;&nbsp;BMO | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;18206 and 18210 Crane Nest Drive | &nbsp;&nbsp;Tampa | &nbsp;&nbsp;Hillsborough | &nbsp;&nbsp;FL |
| &nbsp;&nbsp;20 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;58, 59, 60, 61, 62, 63, 64 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Providence at Champions | &nbsp;&nbsp;2.1% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;DBNY | &nbsp;&nbsp;GACC | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;5100 Farm To Market 1960 Road West | &nbsp;&nbsp;Houston | &nbsp;&nbsp;Harris | &nbsp;&nbsp;TX |
| &nbsp;&nbsp;21 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 72, 73, 74, 75 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Springfield Town Center | &nbsp;&nbsp;1.9% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;GSBI, Barclays | &nbsp;&nbsp;GSMC, Barclays | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;6500 Springfield Mall | &nbsp;&nbsp;Springfield | &nbsp;&nbsp;Fairfax | &nbsp;&nbsp;VA |
| &nbsp;&nbsp;22 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Landings I & II | &nbsp;&nbsp;1.8% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;CREFI | &nbsp;&nbsp;CREFI | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;9025 and 9045 River Road | &nbsp;&nbsp;Indianapolis | &nbsp;&nbsp;Marion | &nbsp;&nbsp;IN |
| &nbsp;&nbsp;**23** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**65** | &nbsp;&nbsp;**6** | &nbsp;&nbsp;**NYC Mixed-Use Portfolio** | &nbsp;&nbsp;**1.8%** |  | &nbsp;&nbsp;**DBRI** | &nbsp;&nbsp;**GACC** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**NY** |
| &nbsp;&nbsp;23.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;14 1st Avenue | &nbsp;&nbsp;0.4% | &nbsp;&nbsp;20.5% |  |  |  |  | &nbsp;&nbsp;14 1st Avenue | &nbsp;&nbsp;New York | &nbsp;&nbsp;New York | &nbsp;&nbsp;NY |
| &nbsp;&nbsp;23.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;313 West 92nd Street | &nbsp;&nbsp;0.3% | &nbsp;&nbsp;19.1% |  |  |  |  | &nbsp;&nbsp;313 West 92nd Street | &nbsp;&nbsp;New York | &nbsp;&nbsp;New York | &nbsp;&nbsp;NY |
| &nbsp;&nbsp;23.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;316-322 East 149th Street | &nbsp;&nbsp;0.3% | &nbsp;&nbsp;18.1% |  |  |  |  | &nbsp;&nbsp;316-322 East 149th Street | &nbsp;&nbsp;Bronx | &nbsp;&nbsp;Bronx | &nbsp;&nbsp;NY |
| &nbsp;&nbsp;23.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;445 West 46th Street | &nbsp;&nbsp;0.3% | &nbsp;&nbsp;15.5% |  |  |  |  | &nbsp;&nbsp;445 West 46th Street | &nbsp;&nbsp;New York | &nbsp;&nbsp;New York | &nbsp;&nbsp;NY |
| &nbsp;&nbsp;23.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;296 & 298 East 149th Street | &nbsp;&nbsp;0.3% | &nbsp;&nbsp;13.8% |  |  |  |  | &nbsp;&nbsp;296 & 298 East 149th Street | &nbsp;&nbsp;Bronx | &nbsp;&nbsp;Bronx | &nbsp;&nbsp;NY |
| &nbsp;&nbsp;23.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;219 East 5th Street | &nbsp;&nbsp;0.2% | &nbsp;&nbsp;13.0% |  |  |  |  | &nbsp;&nbsp;219 East 5th Street | &nbsp;&nbsp;New York | &nbsp;&nbsp;New York | &nbsp;&nbsp;NY |
| &nbsp;&nbsp;24 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 76, 77 | &nbsp;&nbsp;1 | &nbsp;&nbsp;161 Washington Street | &nbsp;&nbsp;1.7% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;GSBI | &nbsp;&nbsp;GSMC | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;161 Washington Street | &nbsp;&nbsp;Conshohocken | &nbsp;&nbsp;Montgomery | &nbsp;&nbsp;PA |
| &nbsp;&nbsp;25 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;66, 67, 68, 69, 70, 71 | &nbsp;&nbsp;1 | &nbsp;&nbsp;365 West Passaic | &nbsp;&nbsp;1.7% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;DBRI | &nbsp;&nbsp;GACC | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;365 West Passaic Street | &nbsp;&nbsp;Rochelle Park | &nbsp;&nbsp;Bergen | &nbsp;&nbsp;NJ |
| &nbsp;&nbsp;26 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Quail Creek Crossing | &nbsp;&nbsp;1.7% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;GSBI | &nbsp;&nbsp;GSMC | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;3201 Lawrence Road | &nbsp;&nbsp;Wichita Falls | &nbsp;&nbsp;Wichita | &nbsp;&nbsp;TX |
| &nbsp;&nbsp;27 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;78 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Village Square | &nbsp;&nbsp;1.6% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;GSBI | &nbsp;&nbsp;GSMC | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;27079-27299 Chagrin Boulevard | &nbsp;&nbsp;Woodmere | &nbsp;&nbsp;Cuyahoga | &nbsp;&nbsp;OH |
| &nbsp;&nbsp;28 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;79, 80 | &nbsp;&nbsp;1 | &nbsp;&nbsp;250-254 Winthrop Street | &nbsp;&nbsp;1.4% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;BMO | &nbsp;&nbsp;BMO | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;250-254 Winthrop Street | &nbsp;&nbsp;Brooklyn | &nbsp;&nbsp;Kings | &nbsp;&nbsp;NY |
| &nbsp;&nbsp;29 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;81 | &nbsp;&nbsp;1 | &nbsp;&nbsp;2105-2109 1st Avenue | &nbsp;&nbsp;1.3% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;CREFI | &nbsp;&nbsp;CREFI | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;2105-2109 1st Avenue | &nbsp;&nbsp;New York | &nbsp;&nbsp;New York | &nbsp;&nbsp;NY |
| &nbsp;&nbsp;30 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Spyglass Inn | &nbsp;&nbsp;1.3% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;GSBI | &nbsp;&nbsp;GSMC | &nbsp;&nbsp;Group 2 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;2705 Spyglass Drive | &nbsp;&nbsp;Pismo Beach | &nbsp;&nbsp;San Luis Obispo | &nbsp;&nbsp;CA |
| &nbsp;&nbsp;31 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cottage Inn by the Sea | &nbsp;&nbsp;1.2% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;GSBI | &nbsp;&nbsp;GSMC | &nbsp;&nbsp;Group 2 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;2351 Price Street | &nbsp;&nbsp;Pismo Beach | &nbsp;&nbsp;San Luis Obispo | &nbsp;&nbsp;CA |
| &nbsp;&nbsp;**32** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**82, 83, 84, 85** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Leeton Leased Fee Pool B Portfolio** | &nbsp;&nbsp;**1.0%** |  | &nbsp;&nbsp;**Barclays** | &nbsp;&nbsp;**Barclays** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**Various** |
| &nbsp;&nbsp;32.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Thruway Plaza | &nbsp;&nbsp;0.6% | &nbsp;&nbsp;56.0% |  |  |  |  | &nbsp;&nbsp;100, 130-850, 500, 900 and 950 Thruway Plaza Drive | &nbsp;&nbsp;Cheektowaga | &nbsp;&nbsp;Erie | &nbsp;&nbsp;NY |
| &nbsp;&nbsp;32.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Augusta West | &nbsp;&nbsp;0.4% | &nbsp;&nbsp;44.0% |  |  |  |  | &nbsp;&nbsp;1323-1347 Augusta West Parkway | &nbsp;&nbsp;Augusta | &nbsp;&nbsp;Richmond | &nbsp;&nbsp;GA |
| &nbsp;&nbsp;**33** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Compass Sunbelt Storage Portfolio** | &nbsp;&nbsp;**0.9%** |  | &nbsp;&nbsp;**CREFI** | &nbsp;&nbsp;**CREFI** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**Various** |
| &nbsp;&nbsp;33.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Laplace | &nbsp;&nbsp;0.5% | &nbsp;&nbsp;55.5% |  |  |  |  | &nbsp;&nbsp;131 Percy Hebert Road | &nbsp;&nbsp;La Place | &nbsp;&nbsp;St. John the Baptist | &nbsp;&nbsp;LA |
| &nbsp;&nbsp;33.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Gulfport | &nbsp;&nbsp;0.4% | &nbsp;&nbsp;44.5% |  |  |  |  | &nbsp;&nbsp;1111 Ford Street | &nbsp;&nbsp;Gulfport | &nbsp;&nbsp;Harrison | &nbsp;&nbsp;MS |
| &nbsp;&nbsp;34 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Market on Cherry Road | &nbsp;&nbsp;0.9% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;CREFI | &nbsp;&nbsp;CREFI | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;2349-2353 Cherry Road | &nbsp;&nbsp;Rock Hill | &nbsp;&nbsp;York | &nbsp;&nbsp;SC |
| &nbsp;&nbsp;**35** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9, 86, 87, 88** | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Pacifica Hotel Portfolio (4-Pack)** | &nbsp;&nbsp;**0.9%** |  | &nbsp;&nbsp;**GSBI** | &nbsp;&nbsp;**GSMC** | &nbsp;&nbsp;**Group 2** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**CA** |
| &nbsp;&nbsp;35.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Wayfarer San Diego | &nbsp;&nbsp;0.5% | &nbsp;&nbsp;54.0% |  |  |  |  | &nbsp;&nbsp;707 Pacific Beach Drive | &nbsp;&nbsp;San Diego | &nbsp;&nbsp;San Diego | &nbsp;&nbsp;CA |
| &nbsp;&nbsp;35.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Sandcastle Inn | &nbsp;&nbsp;0.3% | &nbsp;&nbsp;31.0% |  |  |  |  | &nbsp;&nbsp;100 Stimson Avenue | &nbsp;&nbsp;Pismo Beach | &nbsp;&nbsp;San Luis Obispo | &nbsp;&nbsp;CA |
| &nbsp;&nbsp;35.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Kinney Venice Beach | &nbsp;&nbsp;0.1% | &nbsp;&nbsp;8.1% |  |  |  |  | &nbsp;&nbsp;737 Washington Boulevard | &nbsp;&nbsp;Venice | &nbsp;&nbsp;Los Angeles | &nbsp;&nbsp;CA |
| &nbsp;&nbsp;35.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Inn at Venice Beach | &nbsp;&nbsp;0.1% | &nbsp;&nbsp;6.9% |  |  |  |  | &nbsp;&nbsp;327 Washington Boulevard | &nbsp;&nbsp;Venice | &nbsp;&nbsp;Los Angeles | &nbsp;&nbsp;CA |
| &nbsp;&nbsp;**36** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Jacov Portfolio** | &nbsp;&nbsp;**0.8%** |  | &nbsp;&nbsp;**CREFI** | &nbsp;&nbsp;**CREFI** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**NY** |
| &nbsp;&nbsp;36.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;462 West 146th Street | &nbsp;&nbsp;0.3% | &nbsp;&nbsp;34.5% |  |  |  |  | &nbsp;&nbsp;462 West 146th Street | &nbsp;&nbsp;New York | &nbsp;&nbsp;New York | &nbsp;&nbsp;NY |
| &nbsp;&nbsp;36.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1156 Dean Street | &nbsp;&nbsp;0.2% | &nbsp;&nbsp;27.6% |  |  |  |  | &nbsp;&nbsp;1156 Dean Street | &nbsp;&nbsp;Brooklyn | &nbsp;&nbsp;Kings | &nbsp;&nbsp;NY |
| &nbsp;&nbsp;36.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;977 East 12th Street | &nbsp;&nbsp;0.2% | &nbsp;&nbsp;20.7% |  |  |  |  | &nbsp;&nbsp;977 East 12th Street | &nbsp;&nbsp;Brooklyn | &nbsp;&nbsp;Kings | &nbsp;&nbsp;NY |
| &nbsp;&nbsp;36.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;608 West 148th Street | &nbsp;&nbsp;0.1% | &nbsp;&nbsp;17.2% |  |  |  |  | &nbsp;&nbsp;608 West 148th Street | &nbsp;&nbsp;New York | &nbsp;&nbsp;New York | &nbsp;&nbsp;NY |
| &nbsp;&nbsp;37 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 89 | &nbsp;&nbsp;1 | &nbsp;&nbsp;CFS Industrial HQ | &nbsp;&nbsp;0.8% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;GSBI | &nbsp;&nbsp;GSMC | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;117 Hospital Road | &nbsp;&nbsp;Devens | &nbsp;&nbsp;Worcester | &nbsp;&nbsp;MA |

---

A-1-1

**Benchmark 2025-V18**

**Annex A-1**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Loan ID Number** | &nbsp;&nbsp;**Loan / Property Flag** | &nbsp;&nbsp;**Footnotes (for Loan and Property Information)** | &nbsp;&nbsp;**# of Properties** | &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**% of Initial Pool Balance** | &nbsp;&nbsp;**% of Loan Balance** | &nbsp;&nbsp;**Mortgage Loan Originator** | &nbsp;&nbsp;**Mortgage Loan Seller** | &nbsp;&nbsp;**Related Group** | &nbsp;&nbsp;**Crossed Group** | &nbsp;&nbsp;**Address** | &nbsp;&nbsp;**City** | &nbsp;&nbsp;**County** | &nbsp;&nbsp;**State** |
| &nbsp;&nbsp;38 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;90, 91, 92 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Davis Building | &nbsp;&nbsp;0.7% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;CREFI | &nbsp;&nbsp;CREFI | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;1629 K Street North West | &nbsp;&nbsp;Washington | &nbsp;&nbsp;District of Columbia | &nbsp;&nbsp;DC |
| &nbsp;&nbsp;39 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;93 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Orchard Street Portfolio | &nbsp;&nbsp;0.7% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;CREFI | &nbsp;&nbsp;CREFI | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;12 Orchard Place, 20 Orchard Place, 28 Orchard Place, 138 Orchard Street, <br> 39 Park Hill Avenue | &nbsp;&nbsp;Yonkers | &nbsp;&nbsp;Westchester | &nbsp;&nbsp;NY |
| &nbsp;&nbsp;**40** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Bronx Multifamily Portfolio** | &nbsp;&nbsp;**0.7%** |  | &nbsp;&nbsp;**DBRI** | &nbsp;&nbsp;**GACC** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**Bronx** | &nbsp;&nbsp;**Bronx** | &nbsp;&nbsp;**NY** |
| &nbsp;&nbsp;40.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;856 East 175th Street | &nbsp;&nbsp;0.2% | &nbsp;&nbsp;26.3% |  |  |  |  | &nbsp;&nbsp;856 East 175th Street | &nbsp;&nbsp;Bronx | &nbsp;&nbsp;Bronx | &nbsp;&nbsp;NY |
| &nbsp;&nbsp;40.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1534 Nelson Avenue | &nbsp;&nbsp;0.2% | &nbsp;&nbsp;26.3% |  |  |  |  | &nbsp;&nbsp;1534 Nelson Avenue | &nbsp;&nbsp;Bronx | &nbsp;&nbsp;Bronx | &nbsp;&nbsp;NY |
| &nbsp;&nbsp;40.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1269 Findlay Avenue | &nbsp;&nbsp;0.2% | &nbsp;&nbsp;26.3% |  |  |  |  | &nbsp;&nbsp;1269 Findlay Avenue | &nbsp;&nbsp;Bronx | &nbsp;&nbsp;Bronx | &nbsp;&nbsp;NY |
| &nbsp;&nbsp;40.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;742 East 183rd Street | &nbsp;&nbsp;0.2% | &nbsp;&nbsp;21.1% |  |  |  |  | &nbsp;&nbsp;742 East 183rd Street | &nbsp;&nbsp;Bronx | &nbsp;&nbsp;Bronx | &nbsp;&nbsp;NY |
| &nbsp;&nbsp;41 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;94 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Wyndham Garden Norfolk Downtown | &nbsp;&nbsp;0.7% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;CREFI | &nbsp;&nbsp;CREFI | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;700 Monticello Avenue | &nbsp;&nbsp;Norfolk | &nbsp;&nbsp;Norfolk City | &nbsp;&nbsp;VA |
| &nbsp;&nbsp;42 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;95 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Scottish Traveler RV Park | &nbsp;&nbsp;0.5% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;DBRI | &nbsp;&nbsp;GACC | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;1610 Belcher Road South | &nbsp;&nbsp;Largo | &nbsp;&nbsp;Pinellas | &nbsp;&nbsp;FL |
| &nbsp;&nbsp;43 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;96, 97 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Windsong Industrial | &nbsp;&nbsp;0.5% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;CREFI | &nbsp;&nbsp;CREFI | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;17939 Kieth Harrow Boulevard | &nbsp;&nbsp;Houston | &nbsp;&nbsp;Harris | &nbsp;&nbsp;TX |
| &nbsp;&nbsp;44 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1701 Clay | &nbsp;&nbsp;0.4% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;DBRI | &nbsp;&nbsp;GACC | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;1701 Clay Avenue | &nbsp;&nbsp;Bronx | &nbsp;&nbsp;Bronx | &nbsp;&nbsp;NY |
| &nbsp;&nbsp;45 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;98, 99 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Best Western Seven Seas | &nbsp;&nbsp;0.4% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;GACC | &nbsp;&nbsp;GACC | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;411 Hotel Circle South | &nbsp;&nbsp;San Diego | &nbsp;&nbsp;San Diego | &nbsp;&nbsp;CA |
| &nbsp;&nbsp;46 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Raleigh | &nbsp;&nbsp;0.4% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;CREFI | &nbsp;&nbsp;CREFI | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;12415 Ambaum Boulevard Southwest | &nbsp;&nbsp;Burien | &nbsp;&nbsp;King | &nbsp;&nbsp;WA |
| &nbsp;&nbsp;47 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;632 Sterling Place | &nbsp;&nbsp;0.3% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;CREFI | &nbsp;&nbsp;CREFI | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;632 Sterling Place | &nbsp;&nbsp;Brooklyn | &nbsp;&nbsp;Kings | &nbsp;&nbsp;NY |

---

A-1-2

**Benchmark 2025-V18**

**Annex A-1**

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Loan ID Number** | &nbsp;&nbsp;**Loan / Property Flag** | &nbsp;&nbsp;**Footnotes (for Loan and Property Information)** | &nbsp;&nbsp;**# of Properties** | &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Zip Code** | &nbsp;&nbsp;**General Property Type** | &nbsp;&nbsp;**Detailed Property Type** | &nbsp;&nbsp;**Year Built** | &nbsp;&nbsp;**Year Renovated** | &nbsp;&nbsp;**Number of Units** | &nbsp;&nbsp;**Unit of Measure** | &nbsp;&nbsp;**Loan Per Unit ($)** | &nbsp;&nbsp;**Original Balance ($)** | &nbsp;&nbsp;**Cut-off Date Balance ($)** | &nbsp;&nbsp;**Maturity/ARD Balance ($)** | &nbsp;&nbsp;**Interest Rate %** | &nbsp;&nbsp;**Administrative Fee Rate %** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;**1** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 10, 11, 12, 13 | &nbsp;&nbsp;1 | &nbsp;&nbsp;9911 Belward | &nbsp;&nbsp;20850 | &nbsp;&nbsp;Office | &nbsp;&nbsp;Lab/R&D | &nbsp;&nbsp;2005 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;289912 | &nbsp;&nbsp;SF | &nbsp;&nbsp;444.07 | &nbsp;&nbsp;80000000 | &nbsp;&nbsp;80000000 | &nbsp;&nbsp;80000000 | &nbsp;&nbsp;5.00000% | &nbsp;&nbsp;0.011586% |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;14, 15, 16 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Park Place Village | &nbsp;&nbsp;66211 | &nbsp;&nbsp;Mixed Use | &nbsp;&nbsp;Office/Retail | &nbsp;&nbsp;2007-2013 | &nbsp;&nbsp;2016 | &nbsp;&nbsp;484980 | &nbsp;&nbsp;SF | &nbsp;&nbsp;127.84 | &nbsp;&nbsp;62000000 | &nbsp;&nbsp;62000000 | &nbsp;&nbsp;62000000 | &nbsp;&nbsp;6.54000% | &nbsp;&nbsp;0.011586% |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 17, 18, 19, 20, 21, 22, 23 | &nbsp;&nbsp;1 | &nbsp;&nbsp;180 Water | &nbsp;&nbsp;10038 | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;High Rise | &nbsp;&nbsp;1971 | &nbsp;&nbsp;2017 | &nbsp;&nbsp;581 | &nbsp;&nbsp;Units | &nbsp;&nbsp;254733.22 | &nbsp;&nbsp;60000000 | &nbsp;&nbsp;60000000 | &nbsp;&nbsp;60000000 | &nbsp;&nbsp;5.33300% | &nbsp;&nbsp;0.010736% |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;24, 25 | &nbsp;&nbsp;1 | &nbsp;&nbsp;City Center at Oyster Point | &nbsp;&nbsp;23606 | &nbsp;&nbsp;Mixed Use | &nbsp;&nbsp;Office/Retail | &nbsp;&nbsp;2002-2009 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;573931 | &nbsp;&nbsp;SF | &nbsp;&nbsp;100.68 | &nbsp;&nbsp;57785000 | &nbsp;&nbsp;57785000 | &nbsp;&nbsp;57785000 | &nbsp;&nbsp;6.82000% | &nbsp;&nbsp;0.011586% |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1515 West Webster | &nbsp;&nbsp;60614 | &nbsp;&nbsp;Office | &nbsp;&nbsp;Suburban | &nbsp;&nbsp;2018 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;207000 | &nbsp;&nbsp;SF | &nbsp;&nbsp;272.66 | &nbsp;&nbsp;56440000 | &nbsp;&nbsp;56440000 | &nbsp;&nbsp;56440000 | &nbsp;&nbsp;6.52500% | &nbsp;&nbsp;0.011586% |
| &nbsp;&nbsp;**6** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**26, 27** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**Waterford Multifamily Portfolio** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**Multifamily** | &nbsp;&nbsp;**Garden** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**398** | &nbsp;&nbsp;**Units** | &nbsp;&nbsp;**138467.34** | &nbsp;&nbsp;**55110000** | &nbsp;&nbsp;**55110000** | &nbsp;&nbsp;**55110000** | &nbsp;&nbsp;**6.35300%** | &nbsp;&nbsp;**0.011586%** |
| &nbsp;&nbsp;6.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Parkview Apartments | &nbsp;&nbsp;08609 | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;Garden | &nbsp;&nbsp;1969 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;166 | &nbsp;&nbsp;Units |  | &nbsp;&nbsp;24750000 | &nbsp;&nbsp;24750000 | &nbsp;&nbsp;24750000 |  |  |
| &nbsp;&nbsp;6.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yorkshire Apartments | &nbsp;&nbsp;08619 | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;Garden | &nbsp;&nbsp;1968 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;128 | &nbsp;&nbsp;Units |  | &nbsp;&nbsp;18660000 | &nbsp;&nbsp;18660000 | &nbsp;&nbsp;18660000 |  |  |
| &nbsp;&nbsp;6.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Holly Brook Apartments | &nbsp;&nbsp;13850 | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;Garden | &nbsp;&nbsp;1980 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;104 | &nbsp;&nbsp;Units |  | &nbsp;&nbsp;11700000 | &nbsp;&nbsp;11700000 | &nbsp;&nbsp;11700000 |  |  |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 28, 29, 30, 31 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1010 Pacific Street | &nbsp;&nbsp;11238 | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;High Rise | &nbsp;&nbsp;2023 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;175 | &nbsp;&nbsp;Units | &nbsp;&nbsp;482857.14 | &nbsp;&nbsp;54500000 | &nbsp;&nbsp;54500000 | &nbsp;&nbsp;54500000 | &nbsp;&nbsp;5.73000% | &nbsp;&nbsp;0.011586% |
| &nbsp;&nbsp;**8** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**32, 33, 34, 35, 36, 37, 38** | &nbsp;&nbsp;**7** | &nbsp;&nbsp;**REVA Portfolio** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**Office** | &nbsp;&nbsp;**Suburban** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**846765** | &nbsp;&nbsp;**SF** | &nbsp;&nbsp;**62.59** | &nbsp;&nbsp;**53000000** | &nbsp;&nbsp;**53000000** | &nbsp;&nbsp;**49936519** | &nbsp;&nbsp;**6.56000%** | &nbsp;&nbsp;**0.011586%** |
| &nbsp;&nbsp;8.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Signature Place | &nbsp;&nbsp;27408 | &nbsp;&nbsp;Office | &nbsp;&nbsp;Suburban | &nbsp;&nbsp;1975 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;299035 | &nbsp;&nbsp;SF |  | &nbsp;&nbsp;14700000 | &nbsp;&nbsp;14700000 | &nbsp;&nbsp;13850317 |  |  |
| &nbsp;&nbsp;8.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;One Independence | &nbsp;&nbsp;33634 | &nbsp;&nbsp;Office | &nbsp;&nbsp;Suburban | &nbsp;&nbsp;1983 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;115740 | &nbsp;&nbsp;SF |  | &nbsp;&nbsp;11250000 | &nbsp;&nbsp;11250000 | &nbsp;&nbsp;10599733 |  |  |
| &nbsp;&nbsp;8.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Fairfax Building | &nbsp;&nbsp;23235 | &nbsp;&nbsp;Office | &nbsp;&nbsp;Suburban | &nbsp;&nbsp;1989 | &nbsp;&nbsp;2024, 2025 | &nbsp;&nbsp;152396 | &nbsp;&nbsp;SF |  | &nbsp;&nbsp;10200000 | &nbsp;&nbsp;10200000 | &nbsp;&nbsp;9610424 |  |  |
| &nbsp;&nbsp;8.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Universal Building | &nbsp;&nbsp;32835 | &nbsp;&nbsp;Office | &nbsp;&nbsp;Suburban | &nbsp;&nbsp;1998 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;63000 | &nbsp;&nbsp;SF |  | &nbsp;&nbsp;5300000 | &nbsp;&nbsp;5300000 | &nbsp;&nbsp;4993652 |  |  |
| &nbsp;&nbsp;8.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Sabal 6 | &nbsp;&nbsp;33619 | &nbsp;&nbsp;Office | &nbsp;&nbsp;Suburban | &nbsp;&nbsp;1988 | &nbsp;&nbsp;2006, 2024, 2025 | &nbsp;&nbsp;100001 | &nbsp;&nbsp;SF |  | &nbsp;&nbsp;4600000 | &nbsp;&nbsp;4600000 | &nbsp;&nbsp;4334113 |  |  |
| &nbsp;&nbsp;8.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;150 Corporate | &nbsp;&nbsp;23502 | &nbsp;&nbsp;Office | &nbsp;&nbsp;Suburban | &nbsp;&nbsp;1994 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;56052 | &nbsp;&nbsp;SF |  | &nbsp;&nbsp;3950000 | &nbsp;&nbsp;3950000 | &nbsp;&nbsp;3721684 |  |  |
| &nbsp;&nbsp;8.07 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Southpark at Westgate | &nbsp;&nbsp;27707 | &nbsp;&nbsp;Office | &nbsp;&nbsp;Suburban | &nbsp;&nbsp;1988 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;60541 | &nbsp;&nbsp;SF |  | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;2826595 |  |  |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;39, 40, 41 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Hotel Valencia Santana Row | &nbsp;&nbsp;95128 | &nbsp;&nbsp;Hospitality | &nbsp;&nbsp;Full Service | &nbsp;&nbsp;2003 | &nbsp;&nbsp;2014 | &nbsp;&nbsp;216 | &nbsp;&nbsp;Rooms | &nbsp;&nbsp;231481.48 | &nbsp;&nbsp;50000000 | &nbsp;&nbsp;50000000 | &nbsp;&nbsp;50000000 | &nbsp;&nbsp;6.97000% | &nbsp;&nbsp;0.011586% |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;44 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Royal Ledges Apartments | &nbsp;&nbsp;12538 | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;Garden | &nbsp;&nbsp;1974 | &nbsp;&nbsp;2018 | &nbsp;&nbsp;272 | &nbsp;&nbsp;Units | &nbsp;&nbsp;183823.53 | &nbsp;&nbsp;50000000 | &nbsp;&nbsp;50000000 | &nbsp;&nbsp;50000000 | &nbsp;&nbsp;6.41400% | &nbsp;&nbsp;0.011586% |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;42, 43 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Brookside Gardens | &nbsp;&nbsp;08610 | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;Garden | &nbsp;&nbsp;1963 | &nbsp;&nbsp;2023-2025 | &nbsp;&nbsp;336 | &nbsp;&nbsp;Units | &nbsp;&nbsp;148809.52 | &nbsp;&nbsp;50000000 | &nbsp;&nbsp;50000000 | &nbsp;&nbsp;50000000 | &nbsp;&nbsp;6.54000% | &nbsp;&nbsp;0.011586% |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;45 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Torrey Ridge Apartments | &nbsp;&nbsp;93727 | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;Garden | &nbsp;&nbsp;1976 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;418 | &nbsp;&nbsp;Units | &nbsp;&nbsp;105263.16 | &nbsp;&nbsp;44000000 | &nbsp;&nbsp;44000000 | &nbsp;&nbsp;44000000 | &nbsp;&nbsp;6.49000% | &nbsp;&nbsp;0.011586% |
| &nbsp;&nbsp;13 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Pavilion at Port Orange | &nbsp;&nbsp;32128 | &nbsp;&nbsp;Retail | &nbsp;&nbsp;Anchored | &nbsp;&nbsp;2009 | &nbsp;&nbsp;2013 | &nbsp;&nbsp;398331 | &nbsp;&nbsp;SF | &nbsp;&nbsp;107.95 | &nbsp;&nbsp;43000000 | &nbsp;&nbsp;43000000 | &nbsp;&nbsp;43000000 | &nbsp;&nbsp;5.93300% | &nbsp;&nbsp;0.011586% |
| &nbsp;&nbsp;14 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;46, 47 | &nbsp;&nbsp;1 | &nbsp;&nbsp;The DeSoto | &nbsp;&nbsp;31401 | &nbsp;&nbsp;Hospitality | &nbsp;&nbsp;Full Service | &nbsp;&nbsp;1968 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;246 | &nbsp;&nbsp;Rooms | &nbsp;&nbsp;170731.71 | &nbsp;&nbsp;42000000 | &nbsp;&nbsp;42000000 | &nbsp;&nbsp;42000000 | &nbsp;&nbsp;7.13000% | &nbsp;&nbsp;0.040336% |
| &nbsp;&nbsp;15 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;48, 49, 50, 51, 52 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Haven at Bellaire | &nbsp;&nbsp;77407 | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;Garden | &nbsp;&nbsp;2020 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;297 | &nbsp;&nbsp;Units | &nbsp;&nbsp;140067.34 | &nbsp;&nbsp;41600000 | &nbsp;&nbsp;41600000 | &nbsp;&nbsp;41600000 | &nbsp;&nbsp;6.26200% | &nbsp;&nbsp;0.011586% |
| &nbsp;&nbsp;**16** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9, 53** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Yosemite Hospitality Portfolio** | &nbsp;&nbsp;**95318** | &nbsp;&nbsp;**Hospitality** | &nbsp;&nbsp;**Full Service** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**2022-2024** | &nbsp;&nbsp;**536** | &nbsp;&nbsp;**Rooms** | &nbsp;&nbsp;**177238.81** | &nbsp;&nbsp;**31650000** | &nbsp;&nbsp;**31650000** | &nbsp;&nbsp;**31650000** | &nbsp;&nbsp;**7.30000%** | &nbsp;&nbsp;**0.022836%** |
| &nbsp;&nbsp;16.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yosemite View Lodge | &nbsp;&nbsp;95318 | &nbsp;&nbsp;Hospitality | &nbsp;&nbsp;Full Service | &nbsp;&nbsp;1950-2010 | &nbsp;&nbsp;2022-2024 | &nbsp;&nbsp;327 | &nbsp;&nbsp;Rooms |  | &nbsp;&nbsp;26086263 | &nbsp;&nbsp;26086263 | &nbsp;&nbsp;26086263 |  |  |
| &nbsp;&nbsp;16.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yosemite Cedar Lodge | &nbsp;&nbsp;95318 | &nbsp;&nbsp;Hospitality | &nbsp;&nbsp;Full Service | &nbsp;&nbsp;1960-1993 | &nbsp;&nbsp;2022-2024 | &nbsp;&nbsp;209 | &nbsp;&nbsp;Rooms |  | &nbsp;&nbsp;5563737 | &nbsp;&nbsp;5563737 | &nbsp;&nbsp;5563737 |  |  |
| &nbsp;&nbsp;**17** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9** | &nbsp;&nbsp;**17** | &nbsp;&nbsp;**ESA Portfolio** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**Hospitality** | &nbsp;&nbsp;**Extended Stay** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**1678** | &nbsp;&nbsp;**Rooms** | &nbsp;&nbsp;**53730.63** | &nbsp;&nbsp;**30000000** | &nbsp;&nbsp;**30000000** | &nbsp;&nbsp;**30000000** | &nbsp;&nbsp;**6.73600%** | &nbsp;&nbsp;**0.011586%** |
| &nbsp;&nbsp;17.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Wayne South | &nbsp;&nbsp;46804 | &nbsp;&nbsp;Hospitality | &nbsp;&nbsp;Extended Stay | &nbsp;&nbsp;1997 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;101 | &nbsp;&nbsp;Rooms |  | &nbsp;&nbsp;2301136 | &nbsp;&nbsp;2301136 | &nbsp;&nbsp;2301136 |  |  |
| &nbsp;&nbsp;17.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Waco - Woodway | &nbsp;&nbsp;76712 | &nbsp;&nbsp;Hospitality | &nbsp;&nbsp;Extended Stay | &nbsp;&nbsp;2001 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;95 | &nbsp;&nbsp;Rooms |  | &nbsp;&nbsp;2237216 | &nbsp;&nbsp;2237216 | &nbsp;&nbsp;2237216 |  |  |
| &nbsp;&nbsp;17.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cincinnati Blue Ash Kenwood Rd | &nbsp;&nbsp;45242 | &nbsp;&nbsp;Hospitality | &nbsp;&nbsp;Extended Stay | &nbsp;&nbsp;1998 | &nbsp;&nbsp;2005 | &nbsp;&nbsp;133 | &nbsp;&nbsp;Rooms |  | &nbsp;&nbsp;2024148 | &nbsp;&nbsp;2024148 | &nbsp;&nbsp;2024148 |  |  |
| &nbsp;&nbsp;17.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - North | &nbsp;&nbsp;45414 | &nbsp;&nbsp;Hospitality | &nbsp;&nbsp;Extended Stay | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;104 | &nbsp;&nbsp;Rooms |  | &nbsp;&nbsp;2024148 | &nbsp;&nbsp;2024148 | &nbsp;&nbsp;2024148 |  |  |
| &nbsp;&nbsp;17.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Indianapolis Northwest I-465 | &nbsp;&nbsp;46268 | &nbsp;&nbsp;Hospitality | &nbsp;&nbsp;Extended Stay | &nbsp;&nbsp;1998 | &nbsp;&nbsp;2014 | &nbsp;&nbsp;139 | &nbsp;&nbsp;Rooms |  | &nbsp;&nbsp;1981534 | &nbsp;&nbsp;1981534 | &nbsp;&nbsp;1981534 |  |  |
| &nbsp;&nbsp;17.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cincinnati Blue Ash Reed Hartman | &nbsp;&nbsp;45242 | &nbsp;&nbsp;Hospitality | &nbsp;&nbsp;Extended Stay | &nbsp;&nbsp;1997 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;101 | &nbsp;&nbsp;Rooms |  | &nbsp;&nbsp;1875000 | &nbsp;&nbsp;1875000 | &nbsp;&nbsp;1875000 |  |  |
| &nbsp;&nbsp;17.07 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;El Paso - Airport | &nbsp;&nbsp;79925 | &nbsp;&nbsp;Hospitality | &nbsp;&nbsp;Extended Stay | &nbsp;&nbsp;1997 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;120 | &nbsp;&nbsp;Rooms |  | &nbsp;&nbsp;1875000 | &nbsp;&nbsp;1875000 | &nbsp;&nbsp;1875000 |  |  |
| &nbsp;&nbsp;17.08 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dallas - Greenville Ave | &nbsp;&nbsp;75243 | &nbsp;&nbsp;Hospitality | &nbsp;&nbsp;Extended Stay | &nbsp;&nbsp;1998 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;116 | &nbsp;&nbsp;Rooms |  | &nbsp;&nbsp;1789773 | &nbsp;&nbsp;1789773 | &nbsp;&nbsp;1789773 |  |  |
| &nbsp;&nbsp;17.09 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Indianapolis - Airport - W Southern Ave | &nbsp;&nbsp;46241 | &nbsp;&nbsp;Hospitality | &nbsp;&nbsp;Extended Stay | &nbsp;&nbsp;1998 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;121 | &nbsp;&nbsp;Rooms |  | &nbsp;&nbsp;1789773 | &nbsp;&nbsp;1789773 | &nbsp;&nbsp;1789773 |  |  |
| &nbsp;&nbsp;17.10 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;El Paso - West | &nbsp;&nbsp;79922 | &nbsp;&nbsp;Hospitality | &nbsp;&nbsp;Extended Stay | &nbsp;&nbsp;1997 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;73 | &nbsp;&nbsp;Rooms |  | &nbsp;&nbsp;1789773 | &nbsp;&nbsp;1789773 | &nbsp;&nbsp;1789773 |  |  |
| &nbsp;&nbsp;17.11 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - Fossil Creek | &nbsp;&nbsp;76137 | &nbsp;&nbsp;Hospitality | &nbsp;&nbsp;Extended Stay | &nbsp;&nbsp;1998 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;85 | &nbsp;&nbsp;Rooms |  | &nbsp;&nbsp;1704545 | &nbsp;&nbsp;1704545 | &nbsp;&nbsp;1704545 |  |  |
| &nbsp;&nbsp;17.12 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dallas - Plano Parkway | &nbsp;&nbsp;75093 | &nbsp;&nbsp;Hospitality | &nbsp;&nbsp;Extended Stay | &nbsp;&nbsp;1996 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;97 | &nbsp;&nbsp;Rooms |  | &nbsp;&nbsp;1683239 | &nbsp;&nbsp;1683239 | &nbsp;&nbsp;1683239 |  |  |
| &nbsp;&nbsp;17.13 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - City View | &nbsp;&nbsp;76132 | &nbsp;&nbsp;Hospitality | &nbsp;&nbsp;Extended Stay | &nbsp;&nbsp;1999 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;104 | &nbsp;&nbsp;Rooms |  | &nbsp;&nbsp;1661932 | &nbsp;&nbsp;1661932 | &nbsp;&nbsp;1661932 |  |  |
| &nbsp;&nbsp;17.14 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Wayne North | &nbsp;&nbsp;46818 | &nbsp;&nbsp;Hospitality | &nbsp;&nbsp;Extended Stay | &nbsp;&nbsp;1996 | &nbsp;&nbsp;2014 | &nbsp;&nbsp;72 | &nbsp;&nbsp;Rooms |  | &nbsp;&nbsp;1598011 | &nbsp;&nbsp;1598011 | &nbsp;&nbsp;1598011 |  |  |
| &nbsp;&nbsp;17.15 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - Fairborn | &nbsp;&nbsp;45324 | &nbsp;&nbsp;Hospitality | &nbsp;&nbsp;Extended Stay | &nbsp;&nbsp;1996 | &nbsp;&nbsp;2005 | &nbsp;&nbsp;72 | &nbsp;&nbsp;Rooms |  | &nbsp;&nbsp;1342330 | &nbsp;&nbsp;1342330 | &nbsp;&nbsp;1342330 |  |  |
| &nbsp;&nbsp;17.16 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - Southwest | &nbsp;&nbsp;76132 | &nbsp;&nbsp;Hospitality | &nbsp;&nbsp;Extended Stay | &nbsp;&nbsp;1998 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;73 | &nbsp;&nbsp;Rooms |  | &nbsp;&nbsp;1257102 | &nbsp;&nbsp;1257102 | &nbsp;&nbsp;1257102 |  |  |
| &nbsp;&nbsp;17.17 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - South | &nbsp;&nbsp;45459 | &nbsp;&nbsp;Hospitality | &nbsp;&nbsp;Extended Stay | &nbsp;&nbsp;1989 | &nbsp;&nbsp;2005 | &nbsp;&nbsp;72 | &nbsp;&nbsp;Rooms |  | &nbsp;&nbsp;1065341 | &nbsp;&nbsp;1065341 | &nbsp;&nbsp;1065341 |  |  |
| &nbsp;&nbsp;18 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 54, 55 | &nbsp;&nbsp;1 | &nbsp;&nbsp;80-02 Kew Gardens | &nbsp;&nbsp;11415 | &nbsp;&nbsp;Office | &nbsp;&nbsp;CBD | &nbsp;&nbsp;1989 | &nbsp;&nbsp;2018 | &nbsp;&nbsp;502129 | &nbsp;&nbsp;SF | &nbsp;&nbsp;139.41 | &nbsp;&nbsp;30000000 | &nbsp;&nbsp;30000000 | &nbsp;&nbsp;30000000 | &nbsp;&nbsp;6.99000% | &nbsp;&nbsp;0.022836% |
| &nbsp;&nbsp;19 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;56, 57 | &nbsp;&nbsp;1 | &nbsp;&nbsp;MetLife Solutions Tampa | &nbsp;&nbsp;33647 | &nbsp;&nbsp;Office | &nbsp;&nbsp;CBD | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;247371 | &nbsp;&nbsp;SF | &nbsp;&nbsp;117.23 | &nbsp;&nbsp;29000000 | &nbsp;&nbsp;29000000 | &nbsp;&nbsp;29000000 | &nbsp;&nbsp;7.07700% | &nbsp;&nbsp;0.011586% |
| &nbsp;&nbsp;20 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;58, 59, 60, 61, 62, 63, 64 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Providence at Champions | &nbsp;&nbsp;77069 | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;Garden | &nbsp;&nbsp;1979 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;288 | &nbsp;&nbsp;Units | &nbsp;&nbsp;95486.11 | &nbsp;&nbsp;27500000 | &nbsp;&nbsp;27500000 | &nbsp;&nbsp;27500000 | &nbsp;&nbsp;6.49000% | &nbsp;&nbsp;0.011586% |
| &nbsp;&nbsp;21 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 72, 73, 74, 75 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Springfield Town Center | &nbsp;&nbsp;22150 | &nbsp;&nbsp;Retail | &nbsp;&nbsp;Super Regional Mall | &nbsp;&nbsp;1972, 1975, 1979, 1996 | &nbsp;&nbsp;2014 | &nbsp;&nbsp;981463 | &nbsp;&nbsp;SF | &nbsp;&nbsp;152.83 | &nbsp;&nbsp;25000000 | &nbsp;&nbsp;25000000 | &nbsp;&nbsp;25000000 | &nbsp;&nbsp;7.11500% | &nbsp;&nbsp;0.011586% |
| &nbsp;&nbsp;22 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Landings I & II | &nbsp;&nbsp;46240 | &nbsp;&nbsp;Office | &nbsp;&nbsp;Suburban | &nbsp;&nbsp;1997, 2007 | &nbsp;&nbsp;2022 | &nbsp;&nbsp;233979 | &nbsp;&nbsp;SF | &nbsp;&nbsp;102.57 | &nbsp;&nbsp;24000000 | &nbsp;&nbsp;24000000 | &nbsp;&nbsp;24000000 | &nbsp;&nbsp;6.65000% | &nbsp;&nbsp;0.011586% |
| &nbsp;&nbsp;**23** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**65** | &nbsp;&nbsp;**6** | &nbsp;&nbsp;**NYC Mixed-Use Portfolio** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**54013** | &nbsp;&nbsp;**SF** | &nbsp;&nbsp;**444.34** | &nbsp;&nbsp;**24000000** | &nbsp;&nbsp;**24000000** | &nbsp;&nbsp;**24000000** | &nbsp;&nbsp;**6.65000%** | &nbsp;&nbsp;**0.011586%** |
| &nbsp;&nbsp;23.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;14 1st Avenue | &nbsp;&nbsp;10009 | &nbsp;&nbsp;Mixed Use | &nbsp;&nbsp;Multifamily/Retail | &nbsp;&nbsp;1920 | &nbsp;&nbsp;2022 | &nbsp;&nbsp;15 | &nbsp;&nbsp;Units |  | &nbsp;&nbsp;4912863 | &nbsp;&nbsp;4912863 | &nbsp;&nbsp;4912863 |  |  |
| &nbsp;&nbsp;23.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;313 West 92nd Street | &nbsp;&nbsp;10025 | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;Mid Rise | &nbsp;&nbsp;1907 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;8 | &nbsp;&nbsp;Units |  | &nbsp;&nbsp;4580913 | &nbsp;&nbsp;4580913 | &nbsp;&nbsp;4580913 |  |  |
| &nbsp;&nbsp;23.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;316-322 East 149th Street | &nbsp;&nbsp;10451 | &nbsp;&nbsp;Mixed Use | &nbsp;&nbsp;Office/Retail | &nbsp;&nbsp;1931 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;12800 | &nbsp;&nbsp;SF |  | &nbsp;&nbsp;4348548 | &nbsp;&nbsp;4348548 | &nbsp;&nbsp;4348548 |  |  |
| &nbsp;&nbsp;23.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;445 West 46th Street | &nbsp;&nbsp;10036 | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;Mid Rise | &nbsp;&nbsp;1920 | &nbsp;&nbsp;2022 | &nbsp;&nbsp;22 | &nbsp;&nbsp;Units |  | &nbsp;&nbsp;3717842 | &nbsp;&nbsp;3717842 | &nbsp;&nbsp;3717842 |  |  |
| &nbsp;&nbsp;23.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;296 & 298 East 149th Street | &nbsp;&nbsp;10451 | &nbsp;&nbsp;Mixed Use | &nbsp;&nbsp;Office/Retail | &nbsp;&nbsp;1931 | &nbsp;&nbsp;2022 | &nbsp;&nbsp;10549 | &nbsp;&nbsp;SF |  | &nbsp;&nbsp;3319502 | &nbsp;&nbsp;3319502 | &nbsp;&nbsp;3319502 |  |  |
| &nbsp;&nbsp;23.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;219 East 5th Street | &nbsp;&nbsp;10003 | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;Mid Rise | &nbsp;&nbsp;1900 | &nbsp;&nbsp;2022 | &nbsp;&nbsp;12 | &nbsp;&nbsp;Units |  | &nbsp;&nbsp;3120332 | &nbsp;&nbsp;3120332 | &nbsp;&nbsp;3120332 |  |  |
| &nbsp;&nbsp;24 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 76, 77 | &nbsp;&nbsp;1 | &nbsp;&nbsp;161 Washington Street | &nbsp;&nbsp;19428 | &nbsp;&nbsp;Office | &nbsp;&nbsp;Suburban | &nbsp;&nbsp;2002 | &nbsp;&nbsp;2023 | &nbsp;&nbsp;349659 | &nbsp;&nbsp;SF | &nbsp;&nbsp;154.49 | &nbsp;&nbsp;22500000 | &nbsp;&nbsp;22500000 | &nbsp;&nbsp;22500000 | &nbsp;&nbsp;6.30200% | &nbsp;&nbsp;0.011586% |
| &nbsp;&nbsp;25 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;66, 67, 68, 69, 70, 71 | &nbsp;&nbsp;1 | &nbsp;&nbsp;365 West Passaic | &nbsp;&nbsp;07662 | &nbsp;&nbsp;Office | &nbsp;&nbsp;Suburban | &nbsp;&nbsp;1976 | &nbsp;&nbsp;2016, 2021-2023 | &nbsp;&nbsp;220313 | &nbsp;&nbsp;SF | &nbsp;&nbsp;102.13 | &nbsp;&nbsp;22500000 | &nbsp;&nbsp;22500000 | &nbsp;&nbsp;22500000 | &nbsp;&nbsp;6.71000% | &nbsp;&nbsp;0.011586% |
| &nbsp;&nbsp;26 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Quail Creek Crossing | &nbsp;&nbsp;76308 | &nbsp;&nbsp;Retail | &nbsp;&nbsp;Anchored | &nbsp;&nbsp;2006 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;157927 | &nbsp;&nbsp;SF | &nbsp;&nbsp;139.30 | &nbsp;&nbsp;22000000 | &nbsp;&nbsp;22000000 | &nbsp;&nbsp;20775400 | &nbsp;&nbsp;6.74500% | &nbsp;&nbsp;0.011586% |
| &nbsp;&nbsp;27 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;78 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Village Square | &nbsp;&nbsp;44122 | &nbsp;&nbsp;Retail | &nbsp;&nbsp;Anchored | &nbsp;&nbsp;1960 | &nbsp;&nbsp;2021 | &nbsp;&nbsp;113170 | &nbsp;&nbsp;SF | &nbsp;&nbsp;185.56 | &nbsp;&nbsp;21000000 | &nbsp;&nbsp;21000000 | &nbsp;&nbsp;21000000 | &nbsp;&nbsp;6.44700% | &nbsp;&nbsp;0.011586% |
| &nbsp;&nbsp;28 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;79, 80 | &nbsp;&nbsp;1 | &nbsp;&nbsp;250-254 Winthrop Street | &nbsp;&nbsp;11225 | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;Mid Rise | &nbsp;&nbsp;2023 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;56 | &nbsp;&nbsp;Units | &nbsp;&nbsp;317857.14 | &nbsp;&nbsp;17800000 | &nbsp;&nbsp;17800000 | &nbsp;&nbsp;17800000 | &nbsp;&nbsp;6.15440% | &nbsp;&nbsp;0.011586% |
| &nbsp;&nbsp;29 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;81 | &nbsp;&nbsp;1 | &nbsp;&nbsp;2105-2109 1st Avenue | &nbsp;&nbsp;10029 | &nbsp;&nbsp;Mixed Use | &nbsp;&nbsp;Multifamily/Retail | &nbsp;&nbsp;1930, 1940 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;67 | &nbsp;&nbsp;Units | &nbsp;&nbsp;261194.03 | &nbsp;&nbsp;17500000 | &nbsp;&nbsp;17500000 | &nbsp;&nbsp;17500000 | &nbsp;&nbsp;6.49000% | &nbsp;&nbsp;0.011586% |
| &nbsp;&nbsp;30 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Spyglass Inn | &nbsp;&nbsp;93449 | &nbsp;&nbsp;Hospitality | &nbsp;&nbsp;Limited Service | &nbsp;&nbsp;1971 | &nbsp;&nbsp;2015 | &nbsp;&nbsp;82 | &nbsp;&nbsp;Rooms | &nbsp;&nbsp;202028.05 | &nbsp;&nbsp;16566300 | &nbsp;&nbsp;16566300 | &nbsp;&nbsp;16566300 | &nbsp;&nbsp;7.61300% | &nbsp;&nbsp;0.011586% |
| &nbsp;&nbsp;31 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cottage Inn by the Sea | &nbsp;&nbsp;93449 | &nbsp;&nbsp;Hospitality | &nbsp;&nbsp;Limited Service | &nbsp;&nbsp;1998 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;80 | &nbsp;&nbsp;Rooms | &nbsp;&nbsp;195625.00 | &nbsp;&nbsp;15650000 | &nbsp;&nbsp;15650000 | &nbsp;&nbsp;15650000 | &nbsp;&nbsp;7.61300% | &nbsp;&nbsp;0.011586% |
| &nbsp;&nbsp;**32** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**82, 83, 84, 85** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Leeton Leased Fee Pool B Portfolio** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**Other** | &nbsp;&nbsp;**Leased Fee** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**1293732** | &nbsp;&nbsp;**SF** | &nbsp;&nbsp;**10.08** | &nbsp;&nbsp;**13040000** | &nbsp;&nbsp;**13040000** | &nbsp;&nbsp;**13040000** | &nbsp;&nbsp;**6.50000%** | &nbsp;&nbsp;**0.011586%** |
| &nbsp;&nbsp;32.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Thruway Plaza | &nbsp;&nbsp;14225 | &nbsp;&nbsp;Other | &nbsp;&nbsp;Leased Fee | &nbsp;&nbsp;1952 | &nbsp;&nbsp;2004 | &nbsp;&nbsp;479160 | &nbsp;&nbsp;SF |  | &nbsp;&nbsp;7300000 | &nbsp;&nbsp;7300000 | &nbsp;&nbsp;7300000 |  |  |
| &nbsp;&nbsp;32.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Augusta West | &nbsp;&nbsp;30909 | &nbsp;&nbsp;Other | &nbsp;&nbsp;Leased Fee | &nbsp;&nbsp;1991 | &nbsp;&nbsp;2006 | &nbsp;&nbsp;814572 | &nbsp;&nbsp;SF |  | &nbsp;&nbsp;5740000 | &nbsp;&nbsp;5740000 | &nbsp;&nbsp;5740000 |  |  |
| &nbsp;&nbsp;**33** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Compass Sunbelt Storage Portfolio** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**Self Storage** | &nbsp;&nbsp;**Self Storage** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**145896** | &nbsp;&nbsp;**SF** | &nbsp;&nbsp;**80.88** | &nbsp;&nbsp;**11800000** | &nbsp;&nbsp;**11800000** | &nbsp;&nbsp;**11800000** | &nbsp;&nbsp;**6.35000%** | &nbsp;&nbsp;**0.060336%** |
| &nbsp;&nbsp;33.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Laplace | &nbsp;&nbsp;70068 | &nbsp;&nbsp;Self Storage | &nbsp;&nbsp;Self Storage | &nbsp;&nbsp;2006 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;74568 | &nbsp;&nbsp;SF |  | &nbsp;&nbsp;6550000 | &nbsp;&nbsp;6550000 | &nbsp;&nbsp;6550000 |  |  |
| &nbsp;&nbsp;33.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Gulfport | &nbsp;&nbsp;39507 | &nbsp;&nbsp;Self Storage | &nbsp;&nbsp;Self Storage | &nbsp;&nbsp;2007 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;71328 | &nbsp;&nbsp;SF |  | &nbsp;&nbsp;5250000 | &nbsp;&nbsp;5250000 | &nbsp;&nbsp;5250000 |  |  |
| &nbsp;&nbsp;34 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Market on Cherry Road | &nbsp;&nbsp;29732 | &nbsp;&nbsp;Retail | &nbsp;&nbsp;Anchored | &nbsp;&nbsp;1965, 2021 | &nbsp;&nbsp;1998, 2014, 2016 | &nbsp;&nbsp;132550 | &nbsp;&nbsp;SF | &nbsp;&nbsp;88.27 | &nbsp;&nbsp;11700000 | &nbsp;&nbsp;11700000 | &nbsp;&nbsp;11700000 | &nbsp;&nbsp;6.68000% | &nbsp;&nbsp;0.011586% |
| &nbsp;&nbsp;**35** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9, 86, 87, 88** | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Pacifica Hotel Portfolio (4-Pack)** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**Hospitality** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**312** | &nbsp;&nbsp;**Rooms** | &nbsp;&nbsp;**228910.26** | &nbsp;&nbsp;**11420000** | &nbsp;&nbsp;**11420000** | &nbsp;&nbsp;**11420000** | &nbsp;&nbsp;**7.21500%** | &nbsp;&nbsp;**0.011586%** |
| &nbsp;&nbsp;35.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Wayfarer San Diego | &nbsp;&nbsp;92109 | &nbsp;&nbsp;Hospitality | &nbsp;&nbsp;Select Service | &nbsp;&nbsp;1980 | &nbsp;&nbsp;2014, 2022 | &nbsp;&nbsp;126 | &nbsp;&nbsp;Rooms |  | &nbsp;&nbsp;6172109 | &nbsp;&nbsp;6172109 | &nbsp;&nbsp;6172109 |  |  |
| &nbsp;&nbsp;35.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Sandcastle Inn | &nbsp;&nbsp;93449 | &nbsp;&nbsp;Hospitality | &nbsp;&nbsp;Select Service | &nbsp;&nbsp;1986, 1999 | &nbsp;&nbsp;2011, 2012 | &nbsp;&nbsp;75 | &nbsp;&nbsp;Rooms |  | &nbsp;&nbsp;3541767 | &nbsp;&nbsp;3541767 | &nbsp;&nbsp;3541767 |  |  |
| &nbsp;&nbsp;35.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Kinney Venice Beach | &nbsp;&nbsp;90292 | &nbsp;&nbsp;Hospitality | &nbsp;&nbsp;Limited Service | &nbsp;&nbsp;1992 | &nbsp;&nbsp;2011 | &nbsp;&nbsp;68 | &nbsp;&nbsp;Rooms |  | &nbsp;&nbsp;919420 | &nbsp;&nbsp;919420 | &nbsp;&nbsp;919420 |  |  |
| &nbsp;&nbsp;35.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Inn at Venice Beach | &nbsp;&nbsp;90291 | &nbsp;&nbsp;Hospitality | &nbsp;&nbsp;Limited Service | &nbsp;&nbsp;1957 | &nbsp;&nbsp;2012 | &nbsp;&nbsp;43 | &nbsp;&nbsp;Rooms |  | &nbsp;&nbsp;786704 | &nbsp;&nbsp;786704 | &nbsp;&nbsp;786704 |  |  |
| &nbsp;&nbsp;**36** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Jacov Portfolio** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**Multifamily** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**29** | &nbsp;&nbsp;**Units** | &nbsp;&nbsp;**362068.97** | &nbsp;&nbsp;**10500000** | &nbsp;&nbsp;**10500000** | &nbsp;&nbsp;**10500000** | &nbsp;&nbsp;**6.04000%** | &nbsp;&nbsp;**0.011586%** |
| &nbsp;&nbsp;36.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;462 West 146th Street | &nbsp;&nbsp;10031 | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;Mid Rise | &nbsp;&nbsp;1926 | &nbsp;&nbsp;2017 | &nbsp;&nbsp;10 | &nbsp;&nbsp;Units |  | &nbsp;&nbsp;3620690 | &nbsp;&nbsp;3620690 | &nbsp;&nbsp;3620690 |  |  |
| &nbsp;&nbsp;36.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1156 Dean Street | &nbsp;&nbsp;11216 | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;Mid Rise | &nbsp;&nbsp;1931 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;8 | &nbsp;&nbsp;Units |  | &nbsp;&nbsp;2896551 | &nbsp;&nbsp;2896551 | &nbsp;&nbsp;2896551 |  |  |
| &nbsp;&nbsp;36.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;977 East 12th Street | &nbsp;&nbsp;11230 | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;Mid Rise | &nbsp;&nbsp;2006 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;6 | &nbsp;&nbsp;Units |  | &nbsp;&nbsp;2172414 | &nbsp;&nbsp;2172414 | &nbsp;&nbsp;2172414 |  |  |
| &nbsp;&nbsp;36.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;608 West 148th Street | &nbsp;&nbsp;10031 | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;Low Rise | &nbsp;&nbsp;1926 | &nbsp;&nbsp;2017 | &nbsp;&nbsp;5 | &nbsp;&nbsp;Units |  | &nbsp;&nbsp;1810345 | &nbsp;&nbsp;1810345 | &nbsp;&nbsp;1810345 |  |  |
| &nbsp;&nbsp;37 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 89 | &nbsp;&nbsp;1 | &nbsp;&nbsp;CFS Industrial HQ | &nbsp;&nbsp;01434 | &nbsp;&nbsp;Industrial | &nbsp;&nbsp;Manufacturing | &nbsp;&nbsp;2023 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;165335 | &nbsp;&nbsp;SF | &nbsp;&nbsp;319.35 | &nbsp;&nbsp;10000000 | &nbsp;&nbsp;10000000 | &nbsp;&nbsp;10000000 | &nbsp;&nbsp;6.74600% | &nbsp;&nbsp;0.011586% |

---

A-1-3

**Benchmark 2025-V18**

**Annex A-1**

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Loan ID Number** | &nbsp;&nbsp;**Loan / Property Flag** | &nbsp;&nbsp;**Footnotes (for Loan and Property Information)** | &nbsp;&nbsp;**# of Properties** | &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Zip Code** | &nbsp;&nbsp;**General Property Type** | &nbsp;&nbsp;**Detailed Property Type** | &nbsp;&nbsp;**Year Built** | &nbsp;&nbsp;**Year Renovated** | &nbsp;&nbsp;**Number of Units** | &nbsp;&nbsp;**Unit of Measure** | &nbsp;&nbsp;**Loan Per Unit ($)** | &nbsp;&nbsp;**Original Balance ($)** | &nbsp;&nbsp;**Cut-off Date Balance ($)** | &nbsp;&nbsp;**Maturity/ARD Balance ($)** | &nbsp;&nbsp;**Interest Rate %** | &nbsp;&nbsp;**Administrative Fee Rate %** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;**1** |
| &nbsp;&nbsp;38 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;90, 91, 92 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Davis Building | &nbsp;&nbsp;20006 | &nbsp;&nbsp;Office | &nbsp;&nbsp;CBD | &nbsp;&nbsp;1964 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;98049 | &nbsp;&nbsp;SF | &nbsp;&nbsp;99.44 | &nbsp;&nbsp;9750000 | &nbsp;&nbsp;9750000 | &nbsp;&nbsp;9750000 | &nbsp;&nbsp;7.39000% | &nbsp;&nbsp;0.011586% |
| &nbsp;&nbsp;39 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;93 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Orchard Street Portfolio | &nbsp;&nbsp;10703, 10701 | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;Mid Rise | &nbsp;&nbsp;1890, 1900, 1910, 1914 | &nbsp;&nbsp;2023 | &nbsp;&nbsp;42 | &nbsp;&nbsp;Units | &nbsp;&nbsp;228571.43 | &nbsp;&nbsp;9600000 | &nbsp;&nbsp;9600000 | &nbsp;&nbsp;9600000 | &nbsp;&nbsp;6.77000% | &nbsp;&nbsp;0.011586% |
| &nbsp;&nbsp;**40** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Bronx Multifamily Portfolio** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**Multifamily** | &nbsp;&nbsp;**Low Rise** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**38** | &nbsp;&nbsp;**Units** | &nbsp;&nbsp;**247368.42** | &nbsp;&nbsp;**9400000** | &nbsp;&nbsp;**9400000** | &nbsp;&nbsp;**9400000** | &nbsp;&nbsp;**6.55900%** | &nbsp;&nbsp;**0.011586%** |
| &nbsp;&nbsp;40.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;856 East 175th Street | &nbsp;&nbsp;10460 | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;Low Rise | &nbsp;&nbsp;1997 | &nbsp;&nbsp;2025 | &nbsp;&nbsp;10 | &nbsp;&nbsp;Units |  | &nbsp;&nbsp;2473684 | &nbsp;&nbsp;2473684 | &nbsp;&nbsp;2473684 |  |  |
| &nbsp;&nbsp;40.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1534 Nelson Avenue | &nbsp;&nbsp;10452 | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;Low Rise | &nbsp;&nbsp;1920 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;10 | &nbsp;&nbsp;Units |  | &nbsp;&nbsp;2473684 | &nbsp;&nbsp;2473684 | &nbsp;&nbsp;2473684 |  |  |
| &nbsp;&nbsp;40.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1269 Findlay Avenue | &nbsp;&nbsp;10456 | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;Low Rise | &nbsp;&nbsp;1930 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;10 | &nbsp;&nbsp;Units |  | &nbsp;&nbsp;2473684 | &nbsp;&nbsp;2473684 | &nbsp;&nbsp;2473684 |  |  |
| &nbsp;&nbsp;40.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;742 East 183rd Street | &nbsp;&nbsp;10458 | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;Low Rise | &nbsp;&nbsp;1901 | &nbsp;&nbsp;2025 | &nbsp;&nbsp;8 | &nbsp;&nbsp;Units |  | &nbsp;&nbsp;1978947 | &nbsp;&nbsp;1978947 | &nbsp;&nbsp;1978947 |  |  |
| &nbsp;&nbsp;41 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;94 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Wyndham Garden Norfolk Downtown | &nbsp;&nbsp;23510 | &nbsp;&nbsp;Hospitality | &nbsp;&nbsp;Full Service | &nbsp;&nbsp;1951 | &nbsp;&nbsp;2023, 2024 | &nbsp;&nbsp;204 | &nbsp;&nbsp;Rooms | &nbsp;&nbsp;43823.53 | &nbsp;&nbsp;8940000 | &nbsp;&nbsp;8940000 | &nbsp;&nbsp;8940000 | &nbsp;&nbsp;7.07000% | &nbsp;&nbsp;0.011586% |
| &nbsp;&nbsp;42 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;95 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Scottish Traveler RV Park | &nbsp;&nbsp;33771 | &nbsp;&nbsp;Manufactured Housing | &nbsp;&nbsp;Manufactured Housing | &nbsp;&nbsp;1972 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;158 | &nbsp;&nbsp;Pads | &nbsp;&nbsp;44303.80 | &nbsp;&nbsp;7000000 | &nbsp;&nbsp;7000000 | &nbsp;&nbsp;7000000 | &nbsp;&nbsp;6.74100% | &nbsp;&nbsp;0.011586% |
| &nbsp;&nbsp;43 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;96, 97 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Windsong Industrial | &nbsp;&nbsp;77084 | &nbsp;&nbsp;Industrial | &nbsp;&nbsp;Flex | &nbsp;&nbsp;2019, 2022 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;64800 | &nbsp;&nbsp;SF | &nbsp;&nbsp;97.99 | &nbsp;&nbsp;6350000 | &nbsp;&nbsp;6350000 | &nbsp;&nbsp;6350000 | &nbsp;&nbsp;6.69000% | &nbsp;&nbsp;0.011586% |
| &nbsp;&nbsp;44 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1701 Clay | &nbsp;&nbsp;10457 | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;Mid Rise | &nbsp;&nbsp;2023 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;17 | &nbsp;&nbsp;Units | &nbsp;&nbsp;346323.53 | &nbsp;&nbsp;5887500 | &nbsp;&nbsp;5887500 | &nbsp;&nbsp;5887500 | &nbsp;&nbsp;6.90500% | &nbsp;&nbsp;0.011586% |
| &nbsp;&nbsp;45 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;98, 99 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Best Western Seven Seas | &nbsp;&nbsp;92108 | &nbsp;&nbsp;Hospitality | &nbsp;&nbsp;Limited Service | &nbsp;&nbsp;1967 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;307 | &nbsp;&nbsp;Rooms | &nbsp;&nbsp;18729.64 | &nbsp;&nbsp;5750000 | &nbsp;&nbsp;5750000 | &nbsp;&nbsp;5750000 | &nbsp;&nbsp;7.34800% | &nbsp;&nbsp;0.011586% |
| &nbsp;&nbsp;46 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Raleigh | &nbsp;&nbsp;98146 | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;Garden | &nbsp;&nbsp;1967 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;52 | &nbsp;&nbsp;Units | &nbsp;&nbsp;98076.92 | &nbsp;&nbsp;5100000 | &nbsp;&nbsp;5100000 | &nbsp;&nbsp;5100000 | &nbsp;&nbsp;6.56000% | &nbsp;&nbsp;0.110336% |
| &nbsp;&nbsp;47 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;632 Sterling Place | &nbsp;&nbsp;11238 | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;Garden | &nbsp;&nbsp;1906 | &nbsp;&nbsp;2021 | &nbsp;&nbsp;10 | &nbsp;&nbsp;Units | &nbsp;&nbsp;410000.00 | &nbsp;&nbsp;4100000 | &nbsp;&nbsp;4100000 | &nbsp;&nbsp;4100000 | &nbsp;&nbsp;6.09000% | &nbsp;&nbsp;0.011586% |

---

A-1-4

**Benchmark 2025-V18**

**Annex A-1**

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Loan ID Number** | &nbsp;&nbsp;**Loan / Property Flag** | &nbsp;&nbsp;**Footnotes (for Loan and Property Information)** | &nbsp;&nbsp;**# of Properties** | &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Net Mortgage Rate %** | &nbsp;&nbsp;**Monthly Debt Service (P&I) ($)** | &nbsp;&nbsp;**Monthly Debt Service (IO) ($)** | &nbsp;&nbsp;**Annual Debt Service (P&I) ($)** | &nbsp;&nbsp;**Annual Debt Service (IO) ($)** | &nbsp;&nbsp;**Amortization Type** | &nbsp;&nbsp;**ARD Loan (Yes / No)** | &nbsp;&nbsp;**Interest Accrual Method** | &nbsp;&nbsp;**Original Interest-Only Period (Mos.)** | &nbsp;&nbsp;**Remaining Interest-Only Period (Mos.)** | &nbsp;&nbsp;**Original Term To Maturity / ARD (Mos.)** | &nbsp;&nbsp;**Remaining Term To Maturity / ARD (Mos.)** |
|  |  |  |  |  |  | &nbsp;&nbsp;**2** |  | &nbsp;&nbsp;**2** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 10, 11, 12, 13 | &nbsp;&nbsp;1 | &nbsp;&nbsp;9911 Belward | &nbsp;&nbsp;4.988414% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;337962.96 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;4055555.52 | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;No | &nbsp;&nbsp;Actual/360 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;14, 15, 16 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Park Place Village | &nbsp;&nbsp;6.528414% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;342593.06 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;4111116.72 | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;No | &nbsp;&nbsp;Actual/360 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 17, 18, 19, 20, 21, 22, 23 | &nbsp;&nbsp;1 | &nbsp;&nbsp;180 Water | &nbsp;&nbsp;5.322264% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;270353.47 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;3244241.64 | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;No | &nbsp;&nbsp;Actual/360 | &nbsp;&nbsp;60 | &nbsp;&nbsp;58 | &nbsp;&nbsp;60 | &nbsp;&nbsp;58 |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;24, 25 | &nbsp;&nbsp;1 | &nbsp;&nbsp;City Center at Oyster Point | &nbsp;&nbsp;6.808414% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;332972.69 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;3995672.28 | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;No | &nbsp;&nbsp;Actual/360 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1515 West Webster | &nbsp;&nbsp;6.513414% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;311154.90 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;3733858.80 | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;No | &nbsp;&nbsp;Actual/360 | &nbsp;&nbsp;58 | &nbsp;&nbsp;58 | &nbsp;&nbsp;58 | &nbsp;&nbsp;58 |
| &nbsp;&nbsp;**6** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**26, 27** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**Waterford Multifamily Portfolio** | &nbsp;&nbsp;**6.341414%** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**295813.77** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**3549765.24** | &nbsp;&nbsp;**Interest Only** | &nbsp;&nbsp;**No** | &nbsp;&nbsp;**Actual/360** | &nbsp;&nbsp;**60** | &nbsp;&nbsp;**59** | &nbsp;&nbsp;**60** | &nbsp;&nbsp;**59** |
| &nbsp;&nbsp;6.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Parkview Apartments |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;6.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yorkshire Apartments |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;6.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Holly Brook Apartments |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 28, 29, 30, 31 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1010 Pacific Street | &nbsp;&nbsp;5.718414% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;263851.91 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;3166222.92 | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;No | &nbsp;&nbsp;Actual/360 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 |
| &nbsp;&nbsp;**8** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**32, 33, 34, 35, 36, 37, 38** | &nbsp;&nbsp;**7** | &nbsp;&nbsp;**REVA Portfolio** | &nbsp;&nbsp;**6.548414%** | &nbsp;&nbsp;**337090.11** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**4045081.32** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**Amortizing Balloon** | &nbsp;&nbsp;**No** | &nbsp;&nbsp;**Actual/360** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**60** | &nbsp;&nbsp;**60** |
| &nbsp;&nbsp;8.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Signature Place |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;8.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;One Independence |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;8.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Fairfax Building |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;8.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Universal Building |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;8.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Sabal 6 |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;8.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;150 Corporate |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;8.07 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Southpark at Westgate |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;39, 40, 41 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Hotel Valencia Santana Row | &nbsp;&nbsp;6.958414% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;294450.23 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;3533402.76 | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;No | &nbsp;&nbsp;Actual/360 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;44 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Royal Ledges Apartments | &nbsp;&nbsp;6.402414% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;270961.81 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;3251541.72 | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;No | &nbsp;&nbsp;Actual/360 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;42, 43 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Brookside Gardens | &nbsp;&nbsp;6.528414% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;276284.72 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;3315416.64 | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;No | &nbsp;&nbsp;Actual/360 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;45 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Torrey Ridge Apartments | &nbsp;&nbsp;6.478414% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;241271.76 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;2895261.12 | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;No | &nbsp;&nbsp;Actual/360 | &nbsp;&nbsp;60 | &nbsp;&nbsp;59 | &nbsp;&nbsp;60 | &nbsp;&nbsp;59 |
| &nbsp;&nbsp;13 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Pavilion at Port Orange | &nbsp;&nbsp;5.921414% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;215551.93 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;2586623.16 | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;No | &nbsp;&nbsp;Actual/360 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 |
| &nbsp;&nbsp;14 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;46, 47 | &nbsp;&nbsp;1 | &nbsp;&nbsp;The DeSoto | &nbsp;&nbsp;7.089664% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;253015.97 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;3036191.64 | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;No | &nbsp;&nbsp;Actual/360 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 |
| &nbsp;&nbsp;15 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;48, 49, 50, 51, 52 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Haven at Bellaire | &nbsp;&nbsp;6.250414% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;220097.70 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;2641172.40 | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;No | &nbsp;&nbsp;Actual/360 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 |
| &nbsp;&nbsp;**16** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9, 53** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Yosemite Hospitality Portfolio** | &nbsp;&nbsp;**7.277164%** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**195211.63** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**2342539.56** | &nbsp;&nbsp;**Interest Only** | &nbsp;&nbsp;**No** | &nbsp;&nbsp;**Actual/360** | &nbsp;&nbsp;**60** | &nbsp;&nbsp;**59** | &nbsp;&nbsp;**60** | &nbsp;&nbsp;**59** |
| &nbsp;&nbsp;16.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yosemite View Lodge |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;16.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yosemite Cedar Lodge |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**17** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9** | &nbsp;&nbsp;**17** | &nbsp;&nbsp;**ESA Portfolio** | &nbsp;&nbsp;**6.724414%** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**170738.89** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**2048866.68** | &nbsp;&nbsp;**Interest Only** | &nbsp;&nbsp;**No** | &nbsp;&nbsp;**Actual/360** | &nbsp;&nbsp;**60** | &nbsp;&nbsp;**60** | &nbsp;&nbsp;**60** | &nbsp;&nbsp;**60** |
| &nbsp;&nbsp;17.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Wayne South |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Waco - Woodway |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cincinnati Blue Ash Kenwood Rd |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - North |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Indianapolis Northwest I-465 |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cincinnati Blue Ash Reed Hartman |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.07 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;El Paso - Airport |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.08 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dallas - Greenville Ave |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.09 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Indianapolis - Airport - W Southern Ave |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.10 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;El Paso - West |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.11 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - Fossil Creek |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.12 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dallas - Plano Parkway |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.13 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - City View |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.14 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Wayne North |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.15 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - Fairborn |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.16 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - Southwest |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.17 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - South |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;18 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 54, 55 | &nbsp;&nbsp;1 | &nbsp;&nbsp;80-02 Kew Gardens | &nbsp;&nbsp;6.967164% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;177177.08 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;2126124.96 | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;No | &nbsp;&nbsp;Actual/360 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 |
| &nbsp;&nbsp;19 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;56, 57 | &nbsp;&nbsp;1 | &nbsp;&nbsp;MetLife Solutions Tampa | &nbsp;&nbsp;7.065414% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;173402.88 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;2080834.56 | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;No | &nbsp;&nbsp;Actual/360 | &nbsp;&nbsp;60 | &nbsp;&nbsp;51 | &nbsp;&nbsp;60 | &nbsp;&nbsp;51 |
| &nbsp;&nbsp;20 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;58, 59, 60, 61, 62, 63, 64 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Providence at Champions | &nbsp;&nbsp;6.478414% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;150794.85 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;1809538.20 | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;No | &nbsp;&nbsp;Actual/360 | &nbsp;&nbsp;60 | &nbsp;&nbsp;56 | &nbsp;&nbsp;60 | &nbsp;&nbsp;56 |
| &nbsp;&nbsp;21 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 72, 73, 74, 75 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Springfield Town Center | &nbsp;&nbsp;7.103414% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;150287.91 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;1803454.92 | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;No | &nbsp;&nbsp;Actual/360 | &nbsp;&nbsp;60 | &nbsp;&nbsp;57 | &nbsp;&nbsp;60 | &nbsp;&nbsp;57 |
| &nbsp;&nbsp;22 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Landings I & II | &nbsp;&nbsp;6.638414% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;134847.22 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;1618166.64 | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;No | &nbsp;&nbsp;Actual/360 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 |
| &nbsp;&nbsp;**23** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**65** | &nbsp;&nbsp;**6** | &nbsp;&nbsp;**NYC Mixed-Use Portfolio** | &nbsp;&nbsp;**6.638414%** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**134847.22** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**1618166.64** | &nbsp;&nbsp;**Interest Only** | &nbsp;&nbsp;**No** | &nbsp;&nbsp;**Actual/360** | &nbsp;&nbsp;**60** | &nbsp;&nbsp;**60** | &nbsp;&nbsp;**60** | &nbsp;&nbsp;**60** |
| &nbsp;&nbsp;23.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;14 1st Avenue |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;23.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;313 West 92nd Street |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;23.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;316-322 East 149th Street |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;23.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;445 West 46th Street |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;23.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;296 & 298 East 149th Street |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;23.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;219 East 5th Street |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;24 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 76, 77 | &nbsp;&nbsp;1 | &nbsp;&nbsp;161 Washington Street | &nbsp;&nbsp;6.290414% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;119803.65 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;1437643.80 | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;No | &nbsp;&nbsp;Actual/360 | &nbsp;&nbsp;60 | &nbsp;&nbsp;59 | &nbsp;&nbsp;60 | &nbsp;&nbsp;59 |
| &nbsp;&nbsp;25 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;66, 67, 68, 69, 70, 71 | &nbsp;&nbsp;1 | &nbsp;&nbsp;365 West Passaic | &nbsp;&nbsp;6.698414% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;127559.90 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;1530718.80 | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;No | &nbsp;&nbsp;Actual/360 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 |
| &nbsp;&nbsp;26 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Quail Creek Crossing | &nbsp;&nbsp;6.733414% | &nbsp;&nbsp;142618.47 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;1711421.64 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;Amortizing Balloon | &nbsp;&nbsp;No | &nbsp;&nbsp;Actual/360 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 |
| &nbsp;&nbsp;27 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;78 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Village Square | &nbsp;&nbsp;6.435414% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;114389.48 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;1372673.76 | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;No | &nbsp;&nbsp;Actual/360 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 |
| &nbsp;&nbsp;28 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;79, 80 | &nbsp;&nbsp;1 | &nbsp;&nbsp;250-254 Winthrop Street | &nbsp;&nbsp;6.142814% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;92558.19 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;1110698.28 | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;No | &nbsp;&nbsp;Actual/360 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 |
| &nbsp;&nbsp;29 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;81 | &nbsp;&nbsp;1 | &nbsp;&nbsp;2105-2109 1st Avenue | &nbsp;&nbsp;6.478414% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;95960.36 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;1151524.32 | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;No | &nbsp;&nbsp;Actual/360 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 |
| &nbsp;&nbsp;30 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Spyglass Inn | &nbsp;&nbsp;7.601414% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;106559.08 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;1278708.96 | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;No | &nbsp;&nbsp;Actual/360 | &nbsp;&nbsp;60 | &nbsp;&nbsp;58 | &nbsp;&nbsp;60 | &nbsp;&nbsp;58 |
| &nbsp;&nbsp;31 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cottage Inn by the Sea | &nbsp;&nbsp;7.601414% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;100665.18 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;1207982.16 | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;No | &nbsp;&nbsp;Actual/360 | &nbsp;&nbsp;60 | &nbsp;&nbsp;58 | &nbsp;&nbsp;60 | &nbsp;&nbsp;58 |
| &nbsp;&nbsp;**32** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**82, 83, 84, 85** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Leeton Leased Fee Pool B Portfolio** | &nbsp;&nbsp;**6.488414%** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**71614.35** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**859372.20** | &nbsp;&nbsp;**Interest Only** | &nbsp;&nbsp;**No** | &nbsp;&nbsp;**Actual/360** | &nbsp;&nbsp;**60** | &nbsp;&nbsp;**60** | &nbsp;&nbsp;**60** | &nbsp;&nbsp;**60** |
| &nbsp;&nbsp;32.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Thruway Plaza |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;32.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Augusta West |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**33** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Compass Sunbelt Storage Portfolio** | &nbsp;&nbsp;**6.289664%** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**63308.91** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**759706.92** | &nbsp;&nbsp;**Interest Only** | &nbsp;&nbsp;**No** | &nbsp;&nbsp;**Actual/360** | &nbsp;&nbsp;**60** | &nbsp;&nbsp;**59** | &nbsp;&nbsp;**60** | &nbsp;&nbsp;**59** |
| &nbsp;&nbsp;33.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Laplace |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;33.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Gulfport |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;34 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Market on Cherry Road | &nbsp;&nbsp;6.668414% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;66034.58 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;792414.96 | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;No | &nbsp;&nbsp;Actual/360 | &nbsp;&nbsp;60 | &nbsp;&nbsp;59 | &nbsp;&nbsp;60 | &nbsp;&nbsp;59 |
| &nbsp;&nbsp;**35** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9, 86, 87, 88** | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Pacifica Hotel Portfolio (4-Pack)** | &nbsp;&nbsp;**7.203414%** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**69616.40** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**835396.80** | &nbsp;&nbsp;**Interest Only** | &nbsp;&nbsp;**No** | &nbsp;&nbsp;**Actual/360** | &nbsp;&nbsp;**60** | &nbsp;&nbsp;**58** | &nbsp;&nbsp;**60** | &nbsp;&nbsp;**58** |
| &nbsp;&nbsp;35.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Wayfarer San Diego |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;35.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Sandcastle Inn |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;35.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Kinney Venice Beach |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;35.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Inn at Venice Beach |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**36** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Jacov Portfolio** | &nbsp;&nbsp;**6.028414%** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**53584.03** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**643008.36** | &nbsp;&nbsp;**Interest Only** | &nbsp;&nbsp;**No** | &nbsp;&nbsp;**Actual/360** | &nbsp;&nbsp;**60** | &nbsp;&nbsp;**60** | &nbsp;&nbsp;**60** | &nbsp;&nbsp;**60** |
| &nbsp;&nbsp;36.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;462 West 146th Street |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;36.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1156 Dean Street |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;36.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;977 East 12th Street |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;36.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;608 West 148th Street |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;37 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 89 | &nbsp;&nbsp;1 | &nbsp;&nbsp;CFS Industrial HQ | &nbsp;&nbsp;6.734414% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;56997.45 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;683969.40 | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;No | &nbsp;&nbsp;Actual/360 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 |

---

A-1-5

**Benchmark 2025-V18**

**Annex A-1**

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Loan ID Number** | &nbsp;&nbsp;**Loan / Property Flag** | &nbsp;&nbsp;**Footnotes (for Loan and Property Information)** | &nbsp;&nbsp;**# of Properties** | &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Net Mortgage Rate %** | &nbsp;&nbsp;**Monthly Debt Service (P&I) ($)** | &nbsp;&nbsp;**Monthly Debt Service (IO) ($)** | &nbsp;&nbsp;**Annual Debt Service (P&I) ($)** | &nbsp;&nbsp;**Annual Debt Service (IO) ($)** | &nbsp;&nbsp;**Amortization Type** | &nbsp;&nbsp;**ARD Loan (Yes / No)** | &nbsp;&nbsp;**Interest Accrual Method** | &nbsp;&nbsp;**Original Interest-Only Period (Mos.)** | &nbsp;&nbsp;**Remaining Interest-Only Period (Mos.)** | &nbsp;&nbsp;**Original Term To Maturity / ARD (Mos.)** | &nbsp;&nbsp;**Remaining Term To Maturity / ARD (Mos.)** |
|  |  |  |  |  |  | &nbsp;&nbsp;**2** |  | &nbsp;&nbsp;**2** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;38 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;90, 91, 92 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Davis Building | &nbsp;&nbsp;7.378414% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;60877.69 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;730532.28 | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;No | &nbsp;&nbsp;Actual/360 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 |
| &nbsp;&nbsp;39 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;93 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Orchard Street Portfolio | &nbsp;&nbsp;6.758414% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;54912.22 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;658946.64 | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;No | &nbsp;&nbsp;Actual/360 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 |
| &nbsp;&nbsp;**40** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Bronx Multifamily Portfolio** | &nbsp;&nbsp;**6.547414%** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**52092.43** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**625109.16** | &nbsp;&nbsp;**Interest Only** | &nbsp;&nbsp;**No** | &nbsp;&nbsp;**Actual/360** | &nbsp;&nbsp;**60** | &nbsp;&nbsp;**60** | &nbsp;&nbsp;**60** | &nbsp;&nbsp;**60** |
| &nbsp;&nbsp;40.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;856 East 175th Street |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;40.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1534 Nelson Avenue |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;40.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1269 Findlay Avenue |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;40.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;742 East 183rd Street |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;41 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;94 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Wyndham Garden Norfolk Downtown | &nbsp;&nbsp;7.058414% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;53403.05 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;640836.60 | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;No | &nbsp;&nbsp;Actual/360 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 |
| &nbsp;&nbsp;42 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;95 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Scottish Traveler RV Park | &nbsp;&nbsp;6.729414% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;39868.65 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;478423.80 | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;No | &nbsp;&nbsp;Actual/360 | &nbsp;&nbsp;60 | &nbsp;&nbsp;59 | &nbsp;&nbsp;60 | &nbsp;&nbsp;59 |
| &nbsp;&nbsp;43 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;96, 97 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Windsong Industrial | &nbsp;&nbsp;6.678414% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;35892.93 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;430715.16 | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;No | &nbsp;&nbsp;Actual/360 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 |
| &nbsp;&nbsp;44 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1701 Clay | &nbsp;&nbsp;6.893414% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;34348.18 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;412178.16 | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;No | &nbsp;&nbsp;Actual/360 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 |
| &nbsp;&nbsp;45 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;98, 99 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Best Western Seven Seas | &nbsp;&nbsp;7.336414% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;35698.18 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;428378.16 | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;No | &nbsp;&nbsp;Actual/360 | &nbsp;&nbsp;60 | &nbsp;&nbsp;59 | &nbsp;&nbsp;60 | &nbsp;&nbsp;59 |
| &nbsp;&nbsp;46 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Raleigh | &nbsp;&nbsp;6.449664% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;28267.22 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;339206.64 | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;No | &nbsp;&nbsp;Actual/360 | &nbsp;&nbsp;60 | &nbsp;&nbsp;59 | &nbsp;&nbsp;60 | &nbsp;&nbsp;59 |
| &nbsp;&nbsp;47 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;632 Sterling Place | &nbsp;&nbsp;6.078414% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;21096.49 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;253157.88 | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;No | &nbsp;&nbsp;Actual/360 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 |

---

A-1-6

**Benchmark 2025-V18**

**Annex A-1**

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Loan ID Number** | &nbsp;&nbsp;**Loan / Property Flag** | &nbsp;&nbsp;**Footnotes (for Loan and Property Information)** | &nbsp;&nbsp;**# of Properties** | &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Original Amortization Term (Mos.)** | &nbsp;&nbsp;**Remaining Amortization Term (Mos.)** | &nbsp;&nbsp;**Origination Date** | &nbsp;&nbsp;**Seasoning (Mos.)** | &nbsp;&nbsp;**Payment Due Date** | &nbsp;&nbsp;**First Payment Date** | &nbsp;&nbsp;**First P&I Payment Date** | &nbsp;&nbsp;**Maturity Date or Anticipated Repayment Date** | &nbsp;&nbsp;**Final Maturity Date** | &nbsp;&nbsp;**Grace Period - Late Fee (Days)** | &nbsp;&nbsp;**Grace Period - Default (Days)** | &nbsp;&nbsp;**Prepayment Provision** | &nbsp;&nbsp;**Most Recent EGI ($)** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;**3** |  |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 10, 11, 12, 13 | &nbsp;&nbsp;1 | &nbsp;&nbsp;9911 Belward | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;9/30/2025 | &nbsp;&nbsp;0 | &nbsp;&nbsp;6 | &nbsp;&nbsp;11/6/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;10/6/2030 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;5 (Once per trailing 12-month period) | &nbsp;&nbsp;0 | &nbsp;&nbsp;L(24),YM1(29),O(7) | &nbsp;&nbsp;25296793 |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;14, 15, 16 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Park Place Village | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;9/23/2025 | &nbsp;&nbsp;0 | &nbsp;&nbsp;6 | &nbsp;&nbsp;11/6/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;10/6/2030 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;L(24),D(31),O(5) | &nbsp;&nbsp;18125947 |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 17, 18, 19, 20, 21, 22, 23 | &nbsp;&nbsp;1 | &nbsp;&nbsp;180 Water | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;7/29/2025 | &nbsp;&nbsp;2 | &nbsp;&nbsp;6 | &nbsp;&nbsp;9/6/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;8/6/2030 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;L(26),D(30),O(4) | &nbsp;&nbsp;34365738 |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;24, 25 | &nbsp;&nbsp;1 | &nbsp;&nbsp;City Center at Oyster Point | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;9/22/2025 | &nbsp;&nbsp;0 | &nbsp;&nbsp;6 | &nbsp;&nbsp;11/6/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;10/6/2030 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;L(24),D(31),O(5) | &nbsp;&nbsp;10452878 |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1515 West Webster | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;9/30/2025 | &nbsp;&nbsp;0 | &nbsp;&nbsp;6 | &nbsp;&nbsp;11/6/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;8/6/2030 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;L(24),D(27),O(7) | &nbsp;&nbsp;12902498 |
| &nbsp;&nbsp;**6** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**26, 27** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**Waterford Multifamily Portfolio** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**9/4/2025** | &nbsp;&nbsp;**1** | &nbsp;&nbsp;**6** | &nbsp;&nbsp;**10/6/2025** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**9/6/2030** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**L(23),YM1(30),O(7)** | &nbsp;&nbsp;**6784631** |
| &nbsp;&nbsp;6.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Parkview Apartments |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;2994743 |
| &nbsp;&nbsp;6.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yorkshire Apartments |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;2239536 |
| &nbsp;&nbsp;6.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Holly Brook Apartments |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;1550352 |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 28, 29, 30, 31 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1010 Pacific Street | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;10/1/2025 | &nbsp;&nbsp;0 | &nbsp;&nbsp;6 | &nbsp;&nbsp;11/6/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;10/6/2030 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;3 (once per any 366 day period) | &nbsp;&nbsp;0 | &nbsp;&nbsp;L(24),D(29),O(7) | &nbsp;&nbsp;6928601 |
| &nbsp;&nbsp;**8** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**32, 33, 34, 35, 36, 37, 38** | &nbsp;&nbsp;**7** | &nbsp;&nbsp;**REVA Portfolio** | &nbsp;&nbsp;**360** | &nbsp;&nbsp;**360** | &nbsp;&nbsp;**9/25/2025** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**6** | &nbsp;&nbsp;**11/6/2025** | &nbsp;&nbsp;**11/6/2025** | &nbsp;&nbsp;**10/6/2030** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**L(24),D(31),O(5)** | &nbsp;&nbsp;**16413936** |
| &nbsp;&nbsp;8.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Signature Place |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;5214782 |
| &nbsp;&nbsp;8.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;One Independence |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;3094119 |
| &nbsp;&nbsp;8.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Fairfax Building |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;2705625 |
| &nbsp;&nbsp;8.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Universal Building |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;1237948 |
| &nbsp;&nbsp;8.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Sabal 6 |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;2091685 |
| &nbsp;&nbsp;8.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;150 Corporate |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;1018583 |
| &nbsp;&nbsp;8.07 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Southpark at Westgate |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;1051194 |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;39, 40, 41 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Hotel Valencia Santana Row | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;9/30/2025 | &nbsp;&nbsp;0 | &nbsp;&nbsp;6 | &nbsp;&nbsp;11/6/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;10/6/2030 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;L(24),DorYM1(29),O(7) | &nbsp;&nbsp;28100049 |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;44 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Royal Ledges Apartments | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;9/30/2025 | &nbsp;&nbsp;0 | &nbsp;&nbsp;6 | &nbsp;&nbsp;11/6/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;10/6/2030 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;L(24),DorYM2(29),O(7) | &nbsp;&nbsp;5754850 |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;42, 43 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Brookside Gardens | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;9/30/2025 | &nbsp;&nbsp;0 | &nbsp;&nbsp;6 | &nbsp;&nbsp;11/6/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;10/6/2030 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;L(24),YM1(29),O(7) | &nbsp;&nbsp;6009148 |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;45 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Torrey Ridge Apartments | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;9/8/2025 | &nbsp;&nbsp;1 | &nbsp;&nbsp;6 | &nbsp;&nbsp;10/6/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;9/6/2030 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;L(25),D(28),O(7) | &nbsp;&nbsp;7511106 |
| &nbsp;&nbsp;13 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Pavilion at Port Orange | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;9/30/2025 | &nbsp;&nbsp;0 | &nbsp;&nbsp;6 | &nbsp;&nbsp;11/6/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;10/6/2030 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;5 (Once per trailing 12-month period) | &nbsp;&nbsp;0 | &nbsp;&nbsp;L(24),D(29),O(7) | &nbsp;&nbsp;7888109 |
| &nbsp;&nbsp;14 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;46, 47 | &nbsp;&nbsp;1 | &nbsp;&nbsp;The DeSoto | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;9/12/2025 | &nbsp;&nbsp;0 | &nbsp;&nbsp;6 | &nbsp;&nbsp;11/6/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;10/6/2030 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;L(24),D(29),O(7) | &nbsp;&nbsp;22012086 |
| &nbsp;&nbsp;15 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;48, 49, 50, 51, 52 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Haven at Bellaire | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;9/24/2025 | &nbsp;&nbsp;0 | &nbsp;&nbsp;6 | &nbsp;&nbsp;11/6/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;10/6/2030 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;L(12),YM2(44),O(4) | &nbsp;&nbsp;5156010 |
| &nbsp;&nbsp;**16** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9, 53** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Yosemite Hospitality Portfolio** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**9/5/2025** | &nbsp;&nbsp;**1** | &nbsp;&nbsp;**11** | &nbsp;&nbsp;**10/11/2025** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**9/11/2030** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**L(25),D(28),O(7)** | &nbsp;&nbsp;**32907772** |
| &nbsp;&nbsp;16.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yosemite View Lodge |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;24660968 |
| &nbsp;&nbsp;16.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yosemite Cedar Lodge |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;8246804 |
| &nbsp;&nbsp;**17** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9** | &nbsp;&nbsp;**17** | &nbsp;&nbsp;**ESA Portfolio** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**10/1/2025** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**6** | &nbsp;&nbsp;**11/6/2025** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**10/6/2030** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**L(17),YM1(36),O(7)** | &nbsp;&nbsp;**30746295** |
| &nbsp;&nbsp;17.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Wayne South |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;1947841 |
| &nbsp;&nbsp;17.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Waco - Woodway |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;2134185 |
| &nbsp;&nbsp;17.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cincinnati Blue Ash Kenwood Rd |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;1988313 |
| &nbsp;&nbsp;17.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - North |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;1960641 |
| &nbsp;&nbsp;17.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Indianapolis Northwest I-465 |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;2272548 |
| &nbsp;&nbsp;17.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cincinnati Blue Ash Reed Hartman |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;1737947 |
| &nbsp;&nbsp;17.07 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;El Paso - Airport |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;1912731 |
| &nbsp;&nbsp;17.08 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dallas - Greenville Ave |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;1967390 |
| &nbsp;&nbsp;17.09 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Indianapolis - Airport - W Southern Ave |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;1945616 |
| &nbsp;&nbsp;17.10 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;El Paso - West |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;1549768 |
| &nbsp;&nbsp;17.11 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - Fossil Creek |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;1849062 |
| &nbsp;&nbsp;17.12 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dallas - Plano Parkway |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;1900026 |
| &nbsp;&nbsp;17.13 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - City View |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;1798729 |
| &nbsp;&nbsp;17.14 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Wayne North |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;1543417 |
| &nbsp;&nbsp;17.15 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - Fairborn |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;1508045 |
| &nbsp;&nbsp;17.16 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - Southwest |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;1460259 |
| &nbsp;&nbsp;17.17 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - South |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;1269777 |
| &nbsp;&nbsp;18 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 54, 55 | &nbsp;&nbsp;1 | &nbsp;&nbsp;80-02 Kew Gardens | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;10/1/2025 | &nbsp;&nbsp;0 | &nbsp;&nbsp;6 | &nbsp;&nbsp;11/6/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;10/6/2030 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;L(24),D(29),O(7) | &nbsp;&nbsp;16199177 |
| &nbsp;&nbsp;19 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;56, 57 | &nbsp;&nbsp;1 | &nbsp;&nbsp;MetLife Solutions Tampa | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;12/13/2024 | &nbsp;&nbsp;9 | &nbsp;&nbsp;6 | &nbsp;&nbsp;2/6/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;1/6/2030 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;L(23),YM1(30),O(7) | &nbsp;&nbsp;3463194 |
| &nbsp;&nbsp;20 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;58, 59, 60, 61, 62, 63, 64 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Providence at Champions | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;5/16/2025 | &nbsp;&nbsp;4 | &nbsp;&nbsp;6 | &nbsp;&nbsp;7/6/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;6/6/2030 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;L(12),YM2(44),O(4) | &nbsp;&nbsp;3486050 |
| &nbsp;&nbsp;21 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 72, 73, 74, 75 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Springfield Town Center | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;6/20/2025 | &nbsp;&nbsp;3 | &nbsp;&nbsp;6 | &nbsp;&nbsp;8/6/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;7/6/2030 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;5 | &nbsp;&nbsp;0 | &nbsp;&nbsp;L(27),DorYM1(26),O(7) | &nbsp;&nbsp;34097281 |
| &nbsp;&nbsp;22 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Landings I & II | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;9/19/2025 | &nbsp;&nbsp;0 | &nbsp;&nbsp;6 | &nbsp;&nbsp;11/6/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;10/6/2030 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;L(24),D(33),O(3) | &nbsp;&nbsp;4719440 |
| &nbsp;&nbsp;**23** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**65** | &nbsp;&nbsp;**6** | &nbsp;&nbsp;**NYC Mixed-Use Portfolio** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**9/9/2025** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**6** | &nbsp;&nbsp;**11/6/2025** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**10/6/2030** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**L(24),D(32),O(4)** | &nbsp;&nbsp;**2897515** |
| &nbsp;&nbsp;23.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;14 1st Avenue |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;23.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;313 West 92nd Street |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;23.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;316-322 East 149th Street |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;23.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;445 West 46th Street |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;23.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;296 & 298 East 149th Street |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;23.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;219 East 5th Street |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;24 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 76, 77 | &nbsp;&nbsp;1 | &nbsp;&nbsp;161 Washington Street | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;9/4/2025 | &nbsp;&nbsp;1 | &nbsp;&nbsp;6 | &nbsp;&nbsp;10/6/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;9/6/2030 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;0 | &nbsp;&nbsp;5 | &nbsp;&nbsp;L(23),YM1(30),O(7) | &nbsp;&nbsp;11226364 |
| &nbsp;&nbsp;25 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;66, 67, 68, 69, 70, 71 | &nbsp;&nbsp;1 | &nbsp;&nbsp;365 West Passaic | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;9/18/2025 | &nbsp;&nbsp;0 | &nbsp;&nbsp;6 | &nbsp;&nbsp;11/6/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;10/6/2030 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;L(24),D(32),O(4) | &nbsp;&nbsp;4407500 |
| &nbsp;&nbsp;26 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Quail Creek Crossing | &nbsp;&nbsp;360 | &nbsp;&nbsp;360 | &nbsp;&nbsp;9/24/2025 | &nbsp;&nbsp;0 | &nbsp;&nbsp;6 | &nbsp;&nbsp;11/6/2025 | &nbsp;&nbsp;11/6/2025 | &nbsp;&nbsp;10/6/2030 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;5 (Once per trailing 12-month period) | &nbsp;&nbsp;0 | &nbsp;&nbsp;L(24),D(29),O(7) | &nbsp;&nbsp;3296768 |
| &nbsp;&nbsp;27 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;78 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Village Square | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;9/30/2025 | &nbsp;&nbsp;0 | &nbsp;&nbsp;6 | &nbsp;&nbsp;11/6/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;10/6/2030 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;0 | &nbsp;&nbsp;2 (Once per trailing 12-month period) | &nbsp;&nbsp;L(24),D(29),O(7) | &nbsp;&nbsp;3162315 |
| &nbsp;&nbsp;28 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;79, 80 | &nbsp;&nbsp;1 | &nbsp;&nbsp;250-254 Winthrop Street | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;9/18/2025 | &nbsp;&nbsp;0 | &nbsp;&nbsp;6 | &nbsp;&nbsp;11/6/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;10/6/2030 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;5 (Twice per loan term) | &nbsp;&nbsp;0 | &nbsp;&nbsp;L(24),D(29),O(7) | &nbsp;&nbsp;1622954 |
| &nbsp;&nbsp;29 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;81 | &nbsp;&nbsp;1 | &nbsp;&nbsp;2105-2109 1st Avenue | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;9/30/2025 | &nbsp;&nbsp;0 | &nbsp;&nbsp;6 | &nbsp;&nbsp;11/6/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;10/6/2030 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;L(24),D(29),O(7) | &nbsp;&nbsp;2280762 |
| &nbsp;&nbsp;30 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Spyglass Inn | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;8/6/2025 | &nbsp;&nbsp;2 | &nbsp;&nbsp;6 | &nbsp;&nbsp;9/6/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;8/6/2030 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;5 (Once per trailing 12-month period) | &nbsp;&nbsp;5 (Once per trailing 12-month period) | &nbsp;&nbsp;L(24),YM1(29),O(7) | &nbsp;&nbsp;4759563 |
| &nbsp;&nbsp;31 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cottage Inn by the Sea | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;8/6/2025 | &nbsp;&nbsp;2 | &nbsp;&nbsp;6 | &nbsp;&nbsp;9/6/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;8/6/2030 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;5 (Once per trailing 12-month period) | &nbsp;&nbsp;5 (Once per trailing 12-month period) | &nbsp;&nbsp;L(24),YM1(29),O(7) | &nbsp;&nbsp;5050263 |
| &nbsp;&nbsp;**32** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**82, 83, 84, 85** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Leeton Leased Fee Pool B Portfolio** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**9/30/2025** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**6** | &nbsp;&nbsp;**11/6/2025** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**10/6/2030** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**L(24),YM1(29),O(7)** | &nbsp;&nbsp;**NAV** |
| &nbsp;&nbsp;32.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Thruway Plaza |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;32.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Augusta West |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;**33** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Compass Sunbelt Storage Portfolio** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**9/4/2025** | &nbsp;&nbsp;**1** | &nbsp;&nbsp;**6** | &nbsp;&nbsp;**10/6/2025** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**9/6/2030** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**L(25),D(28),O(7)** | &nbsp;&nbsp;**1825010** |
| &nbsp;&nbsp;33.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Laplace |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;987186 |
| &nbsp;&nbsp;33.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Gulfport |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;837825 |
| &nbsp;&nbsp;34 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Market on Cherry Road | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;8/20/2025 | &nbsp;&nbsp;1 | &nbsp;&nbsp;6 | &nbsp;&nbsp;10/6/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;9/6/2030 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;L(25),D(28),O(7) | &nbsp;&nbsp;1903536 |
| &nbsp;&nbsp;**35** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9, 86, 87, 88** | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Pacifica Hotel Portfolio (4-Pack)** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**8/6/2025** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**6** | &nbsp;&nbsp;**9/6/2025** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**8/6/2030** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**5 (Once per trailing 12-month period)** | &nbsp;&nbsp;**5 (Once per trailing 12-month period)** | &nbsp;&nbsp;**L(24),YM1(29),O(7)** | &nbsp;&nbsp;**25159375** |
| &nbsp;&nbsp;35.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Wayfarer San Diego |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;10937614 |
| &nbsp;&nbsp;35.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Sandcastle Inn |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;7323381 |
| &nbsp;&nbsp;35.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Kinney Venice Beach |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;4063973 |
| &nbsp;&nbsp;35.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Inn at Venice Beach |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;2834407 |
| &nbsp;&nbsp;**36** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Jacov Portfolio** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**9/30/2025** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**6** | &nbsp;&nbsp;**11/6/2025** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**10/6/2030** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**L(24),D(29),O(7)** | &nbsp;&nbsp;**1047248** |
| &nbsp;&nbsp;36.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;462 West 146th Street |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;367331 |
| &nbsp;&nbsp;36.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1156 Dean Street |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;191273 |
| &nbsp;&nbsp;36.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;977 East 12th Street |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;258919 |
| &nbsp;&nbsp;36.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;608 West 148th Street |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;229725 |
| &nbsp;&nbsp;37 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 89 | &nbsp;&nbsp;1 | &nbsp;&nbsp;CFS Industrial HQ | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;9/22/2025 | &nbsp;&nbsp;0 | &nbsp;&nbsp;6 | &nbsp;&nbsp;11/6/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;10/6/2030 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;5 (Once per trailing 12-month period) | &nbsp;&nbsp;3 (Once per trailing 12-month period) | &nbsp;&nbsp;L(24),D(29),O(7) | &nbsp;&nbsp;NAV |

---

A-1-7

**Benchmark 2025-V18**

**Annex A-1**

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Loan ID Number** | &nbsp;&nbsp;**Loan / Property Flag** | &nbsp;&nbsp;**Footnotes (for Loan and Property Information)** | &nbsp;&nbsp;**# of Properties** | &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Original Amortization Term (Mos.)** | &nbsp;&nbsp;**Remaining Amortization Term (Mos.)** | &nbsp;&nbsp;**Origination Date** | &nbsp;&nbsp;**Seasoning (Mos.)** | &nbsp;&nbsp;**Payment Due Date** | &nbsp;&nbsp;**First Payment Date** | &nbsp;&nbsp;**First P&I Payment Date** | &nbsp;&nbsp;**Maturity Date or Anticipated Repayment Date** | &nbsp;&nbsp;**Final Maturity Date** | &nbsp;&nbsp;**Grace Period - Late Fee (Days)** | &nbsp;&nbsp;**Grace Period - Default (Days)** | &nbsp;&nbsp;**Prepayment Provision** | &nbsp;&nbsp;**Most Recent EGI ($)** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;**3** |  |
| &nbsp;&nbsp;38 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;90, 91, 92 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Davis Building | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;9/30/2025 | &nbsp;&nbsp;0 | &nbsp;&nbsp;6 | &nbsp;&nbsp;11/6/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;10/6/2030 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;L(24),D(29),O(7) | &nbsp;&nbsp;3118690 |
| &nbsp;&nbsp;39 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;93 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Orchard Street Portfolio | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;9/18/2025 | &nbsp;&nbsp;0 | &nbsp;&nbsp;6 | &nbsp;&nbsp;11/6/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;10/6/2030 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;L(24),D(33),O(3) | &nbsp;&nbsp;1164367 |
| &nbsp;&nbsp;**40** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Bronx Multifamily Portfolio** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**9/19/2025** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**6** | &nbsp;&nbsp;**11/6/2025** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**10/6/2030** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**L(24),D(32),O(4)** | &nbsp;&nbsp;**NAV** |
| &nbsp;&nbsp;40.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;856 East 175th Street |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;40.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1534 Nelson Avenue |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;40.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1269 Findlay Avenue |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;40.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;742 East 183rd Street |  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;41 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;94 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Wyndham Garden Norfolk Downtown | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;9/26/2025 | &nbsp;&nbsp;0 | &nbsp;&nbsp;6 | &nbsp;&nbsp;11/6/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;10/6/2030 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;L(24),D(29),O(7) | &nbsp;&nbsp;5523920 |
| &nbsp;&nbsp;42 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;95 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Scottish Traveler RV Park | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;8/7/2025 | &nbsp;&nbsp;1 | &nbsp;&nbsp;6 | &nbsp;&nbsp;10/6/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;9/6/2030 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;L(24),YM1(31),O(5) | &nbsp;&nbsp;1342759 |
| &nbsp;&nbsp;43 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;96, 97 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Windsong Industrial | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;9/29/2025 | &nbsp;&nbsp;0 | &nbsp;&nbsp;6 | &nbsp;&nbsp;11/6/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;10/6/2030 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;L(24),D(29),O(7) | &nbsp;&nbsp;829285 |
| &nbsp;&nbsp;44 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1701 Clay | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;9/18/2025 | &nbsp;&nbsp;0 | &nbsp;&nbsp;6 | &nbsp;&nbsp;11/6/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;10/6/2030 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;L(24),D(32),O(4) | &nbsp;&nbsp;663658 |
| &nbsp;&nbsp;45 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;98, 99 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Best Western Seven Seas | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;8/8/2025 | &nbsp;&nbsp;1 | &nbsp;&nbsp;6 | &nbsp;&nbsp;10/6/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;9/6/2030 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;5 (Twice per loan term) | &nbsp;&nbsp;0 | &nbsp;&nbsp;YM1(25),DorYM1(28),O(7) | &nbsp;&nbsp;10194059 |
| &nbsp;&nbsp;46 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Raleigh | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;8/28/2025 | &nbsp;&nbsp;1 | &nbsp;&nbsp;6 | &nbsp;&nbsp;10/6/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;9/6/2030 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;L(25),YM1(28),O(7) | &nbsp;&nbsp;1061481 |
| &nbsp;&nbsp;47 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;632 Sterling Place | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;9/16/2025 | &nbsp;&nbsp;0 | &nbsp;&nbsp;6 | &nbsp;&nbsp;11/6/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;10/6/2030 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;L(24),D(29),O(7) | &nbsp;&nbsp;419363 |

---

A-1-8

**Benchmark 2025-V18**

**Annex A-1**

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Loan ID Number** | &nbsp;&nbsp;**Loan / Property Flag** | &nbsp;&nbsp;**Footnotes (for Loan and Property Information)** | &nbsp;&nbsp;**# of Properties** | &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Most Recent Expenses ($)** | &nbsp;&nbsp;**Most Recent NOI ($)** | &nbsp;&nbsp;**Most Recent NOI Date** | &nbsp;&nbsp;**Most Recent Description** | &nbsp;&nbsp;**Second Most Recent EGI ($)** | &nbsp;&nbsp;**Second Most Recent Expenses ($)** | &nbsp;&nbsp;**Second Most Recent NOI ($)** | &nbsp;&nbsp;**Second Most Recent NOI Date** | &nbsp;&nbsp;**Second Most Recent Description** | &nbsp;&nbsp;**Third Most Recent EGI ($)** | &nbsp;&nbsp;**Third Most Recent Expenses ($)** | &nbsp;&nbsp;**Third Most Recent NOI ($)** | &nbsp;&nbsp;**Third Most Recent NOI Date** | &nbsp;&nbsp;**Third Most Recent Description** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 10, 11, 12, 13 | &nbsp;&nbsp;1 | &nbsp;&nbsp;9911 Belward | &nbsp;&nbsp;2551730 | &nbsp;&nbsp;22745063 | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;27056316 | &nbsp;&nbsp;2402254 | &nbsp;&nbsp;24654063 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;29410650 | &nbsp;&nbsp;1979563 | &nbsp;&nbsp;27431087 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;14, 15, 16 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Park Place Village | &nbsp;&nbsp;7835889 | &nbsp;&nbsp;10290058 | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;18085243 | &nbsp;&nbsp;7511882 | &nbsp;&nbsp;10573361 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;16712156 | &nbsp;&nbsp;7609146 | &nbsp;&nbsp;9103010 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 17, 18, 19, 20, 21, 22, 23 | &nbsp;&nbsp;1 | &nbsp;&nbsp;180 Water | &nbsp;&nbsp;16303717 | &nbsp;&nbsp;18062021 | &nbsp;&nbsp;5/31/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;33678198 | &nbsp;&nbsp;16364690 | &nbsp;&nbsp;17313508 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;31605097 | &nbsp;&nbsp;16076190 | &nbsp;&nbsp;15528907 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;24, 25 | &nbsp;&nbsp;1 | &nbsp;&nbsp;City Center at Oyster Point | &nbsp;&nbsp;4733408 | &nbsp;&nbsp;5719470 | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;9986854 | &nbsp;&nbsp;4805776 | &nbsp;&nbsp;5181078 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;9531174 | &nbsp;&nbsp;4797889 | &nbsp;&nbsp;4733285 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1515 West Webster | &nbsp;&nbsp;6524170 | &nbsp;&nbsp;6378328 | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;12690427 | &nbsp;&nbsp;6342851 | &nbsp;&nbsp;6347576 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;12387977 | &nbsp;&nbsp;6164886 | &nbsp;&nbsp;6223091 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;**6** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**26, 27** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**Waterford Multifamily Portfolio** | &nbsp;&nbsp;**2449657** | &nbsp;&nbsp;**4334974** | &nbsp;&nbsp;**6/30/2025** | &nbsp;&nbsp;**T-12** | &nbsp;&nbsp;**6167662** | &nbsp;&nbsp;**2414862** | &nbsp;&nbsp;**3752800** | &nbsp;&nbsp;**12/31/2024** | &nbsp;&nbsp;**T-12** | &nbsp;&nbsp;**4021539** | &nbsp;&nbsp;**2210341** | &nbsp;&nbsp;**1811198** | &nbsp;&nbsp;**10/31/2023** | &nbsp;&nbsp;**T-12** |
| &nbsp;&nbsp;6.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Parkview Apartments | &nbsp;&nbsp;958389 | &nbsp;&nbsp;2036354 | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;2692356 | &nbsp;&nbsp;956568 | &nbsp;&nbsp;1735788 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;2239415 | &nbsp;&nbsp;1217131 | &nbsp;&nbsp;1022284 | &nbsp;&nbsp;10/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;6.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yorkshire Apartments | &nbsp;&nbsp;893083 | &nbsp;&nbsp;1346453 | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;2065239 | &nbsp;&nbsp;861699 | &nbsp;&nbsp;1203540 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;1782124 | &nbsp;&nbsp;993210 | &nbsp;&nbsp;788913 | &nbsp;&nbsp;10/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;6.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Holly Brook Apartments | &nbsp;&nbsp;598185 | &nbsp;&nbsp;952167 | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;1410067 | &nbsp;&nbsp;596595 | &nbsp;&nbsp;813472 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 28, 29, 30, 31 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1010 Pacific Street | &nbsp;&nbsp;893106 | &nbsp;&nbsp;6035495 | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;7104741 | &nbsp;&nbsp;895964 | &nbsp;&nbsp;6208777 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;**8** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**32, 33, 34, 35, 36, 37, 38** | &nbsp;&nbsp;**7** | &nbsp;&nbsp;**REVA Portfolio** | &nbsp;&nbsp;**6347563** | &nbsp;&nbsp;**10066373** | &nbsp;&nbsp;**7/31/2025** | &nbsp;&nbsp;**T-12** | &nbsp;&nbsp;**16022521** | &nbsp;&nbsp;**6233938** | &nbsp;&nbsp;**9788583** | &nbsp;&nbsp;**12/31/2024** | &nbsp;&nbsp;**T-12** | &nbsp;&nbsp;**13948631** | &nbsp;&nbsp;**6001342** | &nbsp;&nbsp;**7947289** | &nbsp;&nbsp;**12/31/2023** | &nbsp;&nbsp;**T-12** |
| &nbsp;&nbsp;8.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Signature Place | &nbsp;&nbsp;2307058 | &nbsp;&nbsp;2907724 | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;5028969 | &nbsp;&nbsp;2136436 | &nbsp;&nbsp;2892533 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;4911869 | &nbsp;&nbsp;2321978 | &nbsp;&nbsp;2589892 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;8.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;One Independence | &nbsp;&nbsp;1128733 | &nbsp;&nbsp;1965386 | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;3123916 | &nbsp;&nbsp;1254970 | &nbsp;&nbsp;1868945 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;1818539 | &nbsp;&nbsp;755790 | &nbsp;&nbsp;1062750 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;8.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Fairfax Building | &nbsp;&nbsp;909879 | &nbsp;&nbsp;1795746 | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;2464296 | &nbsp;&nbsp;986928 | &nbsp;&nbsp;1477368 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;1957457 | &nbsp;&nbsp;896547 | &nbsp;&nbsp;1060910 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;8.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Universal Building | &nbsp;&nbsp;342885 | &nbsp;&nbsp;895062 | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;1225135 | &nbsp;&nbsp;359392 | &nbsp;&nbsp;865743 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;1245469 | &nbsp;&nbsp;369763 | &nbsp;&nbsp;875705 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;8.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Sabal 6 | &nbsp;&nbsp;886729 | &nbsp;&nbsp;1204956 | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;1984080 | &nbsp;&nbsp;785688 | &nbsp;&nbsp;1198391 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;1844137 | &nbsp;&nbsp;817988 | &nbsp;&nbsp;1026148 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;8.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;150 Corporate | &nbsp;&nbsp;278525 | &nbsp;&nbsp;740058 | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;1074105 | &nbsp;&nbsp;302634 | &nbsp;&nbsp;771472 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;963019 | &nbsp;&nbsp;330323 | &nbsp;&nbsp;632696 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;8.07 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Southpark at Westgate | &nbsp;&nbsp;493754 | &nbsp;&nbsp;557439 | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;1122020 | &nbsp;&nbsp;407890 | &nbsp;&nbsp;714130 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;1208141 | &nbsp;&nbsp;508953 | &nbsp;&nbsp;699188 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;39, 40, 41 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Hotel Valencia Santana Row | &nbsp;&nbsp;20054615 | &nbsp;&nbsp;8045434 | &nbsp;&nbsp;8/31/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;26902311 | &nbsp;&nbsp;20014238 | &nbsp;&nbsp;6888074 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;24495455 | &nbsp;&nbsp;18751804 | &nbsp;&nbsp;5743651 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;44 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Royal Ledges Apartments | &nbsp;&nbsp;1709426 | &nbsp;&nbsp;4045424 | &nbsp;&nbsp;8/31/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;5603497 | &nbsp;&nbsp;1551724 | &nbsp;&nbsp;4051773 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;5121963 | &nbsp;&nbsp;1680526 | &nbsp;&nbsp;3441437 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;42, 43 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Brookside Gardens | &nbsp;&nbsp;1982726 | &nbsp;&nbsp;4026422 | &nbsp;&nbsp;8/31/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;5286664 | &nbsp;&nbsp;2026108 | &nbsp;&nbsp;3260557 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;45 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Torrey Ridge Apartments | &nbsp;&nbsp;3261929 | &nbsp;&nbsp;4249177 | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;7424415 | &nbsp;&nbsp;3129565 | &nbsp;&nbsp;4294850 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;6966135 | &nbsp;&nbsp;2710103 | &nbsp;&nbsp;4256032 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;13 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Pavilion at Port Orange | &nbsp;&nbsp;2051683 | &nbsp;&nbsp;5836427 | &nbsp;&nbsp;8/31/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;7683772 | &nbsp;&nbsp;2202628 | &nbsp;&nbsp;5481144 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;7815559 | &nbsp;&nbsp;1995229 | &nbsp;&nbsp;5820330 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;14 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;46, 47 | &nbsp;&nbsp;1 | &nbsp;&nbsp;The DeSoto | &nbsp;&nbsp;16132368 | &nbsp;&nbsp;5879718 | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;22597283 | &nbsp;&nbsp;16164726 | &nbsp;&nbsp;6432557 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;21449908 | &nbsp;&nbsp;15440848 | &nbsp;&nbsp;6009060 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;15 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;48, 49, 50, 51, 52 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Haven at Bellaire | &nbsp;&nbsp;2260942 | &nbsp;&nbsp;2895068 | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;4810952 | &nbsp;&nbsp;2282664 | &nbsp;&nbsp;2528289 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;5212210 | &nbsp;&nbsp;2485803 | &nbsp;&nbsp;2726407 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;**16** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9, 53** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Yosemite Hospitality Portfolio** | &nbsp;&nbsp;**17307108** | &nbsp;&nbsp;**15600664** | &nbsp;&nbsp;**6/30/2025** | &nbsp;&nbsp;**T-12** | &nbsp;&nbsp;**32115327** | &nbsp;&nbsp;**17859108** | &nbsp;&nbsp;**14256218** | &nbsp;&nbsp;**12/31/2024** | &nbsp;&nbsp;**T-12** | &nbsp;&nbsp;**29173253** | &nbsp;&nbsp;**16490380** | &nbsp;&nbsp;**12682873** | &nbsp;&nbsp;**12/31/2023** | &nbsp;&nbsp;**T-12** |
| &nbsp;&nbsp;16.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yosemite View Lodge | &nbsp;&nbsp;11764768 | &nbsp;&nbsp;12896200 | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;24054976 | &nbsp;&nbsp;12306597 | &nbsp;&nbsp;11748379 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;22051394 | &nbsp;&nbsp;11448607 | &nbsp;&nbsp;10602787 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;16.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yosemite Cedar Lodge | &nbsp;&nbsp;5542339 | &nbsp;&nbsp;2704465 | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;8060351 | &nbsp;&nbsp;5552511 | &nbsp;&nbsp;2507840 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;7121860 | &nbsp;&nbsp;5041773 | &nbsp;&nbsp;2080087 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;**17** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9** | &nbsp;&nbsp;**17** | &nbsp;&nbsp;**ESA Portfolio** | &nbsp;&nbsp;**18819853** | &nbsp;&nbsp;**11926442** | &nbsp;&nbsp;**7/31/2025** | &nbsp;&nbsp;**T-12** | &nbsp;&nbsp;**31118371** | &nbsp;&nbsp;**19749456** | &nbsp;&nbsp;**11368915** | &nbsp;&nbsp;**12/31/2024** | &nbsp;&nbsp;**T-12** | &nbsp;&nbsp;**31327921** | &nbsp;&nbsp;**18603308** | &nbsp;&nbsp;**12724613** | &nbsp;&nbsp;**12/31/2023** | &nbsp;&nbsp;**T-12** |
| &nbsp;&nbsp;17.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Wayne South | &nbsp;&nbsp;1055883 | &nbsp;&nbsp;891959 | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;1898553 | &nbsp;&nbsp;1067113 | &nbsp;&nbsp;831440 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;1990722 | &nbsp;&nbsp;1106799 | &nbsp;&nbsp;883923 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;17.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Waco - Woodway | &nbsp;&nbsp;1061504 | &nbsp;&nbsp;1072681 | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;2294641 | &nbsp;&nbsp;1162219 | &nbsp;&nbsp;1132422 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;2089362 | &nbsp;&nbsp;1142857 | &nbsp;&nbsp;946505 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;17.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cincinnati Blue Ash Kenwood Rd | &nbsp;&nbsp;1157203 | &nbsp;&nbsp;831110 | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;1946866 | &nbsp;&nbsp;1169631 | &nbsp;&nbsp;777235 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;2020134 | &nbsp;&nbsp;1106995 | &nbsp;&nbsp;913139 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;17.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - North | &nbsp;&nbsp;1232676 | &nbsp;&nbsp;727965 | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;1977832 | &nbsp;&nbsp;1394001 | &nbsp;&nbsp;583831 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;2107677 | &nbsp;&nbsp;1260741 | &nbsp;&nbsp;846936 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;17.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Indianapolis Northwest I-465 | &nbsp;&nbsp;1351575 | &nbsp;&nbsp;920973 | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;2225340 | &nbsp;&nbsp;1368103 | &nbsp;&nbsp;857237 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;1892121 | &nbsp;&nbsp;1219578 | &nbsp;&nbsp;672543 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;17.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cincinnati Blue Ash Reed Hartman | &nbsp;&nbsp;1113661 | &nbsp;&nbsp;624286 | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;1731636 | &nbsp;&nbsp;1124752 | &nbsp;&nbsp;606885 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;1850086 | &nbsp;&nbsp;1072050 | &nbsp;&nbsp;778036 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;17.07 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;El Paso - Airport | &nbsp;&nbsp;1110441 | &nbsp;&nbsp;802290 | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;1906926 | &nbsp;&nbsp;1166139 | &nbsp;&nbsp;740787 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;2277074 | &nbsp;&nbsp;1183793 | &nbsp;&nbsp;1093281 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;17.08 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dallas - Greenville Ave | &nbsp;&nbsp;1343328 | &nbsp;&nbsp;624062 | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;2198538 | &nbsp;&nbsp;1422969 | &nbsp;&nbsp;775569 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;2327691 | &nbsp;&nbsp;1329205 | &nbsp;&nbsp;998487 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;17.09 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Indianapolis - Airport - W Southern Ave | &nbsp;&nbsp;1353203 | &nbsp;&nbsp;592413 | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;1892074 | &nbsp;&nbsp;1462820 | &nbsp;&nbsp;429254 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;2007939 | &nbsp;&nbsp;1336543 | &nbsp;&nbsp;671395 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;17.10 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;El Paso - West | &nbsp;&nbsp;913614 | &nbsp;&nbsp;636154 | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;1682918 | &nbsp;&nbsp;937567 | &nbsp;&nbsp;745352 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;1604873 | &nbsp;&nbsp;904508 | &nbsp;&nbsp;700365 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;17.11 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - Fossil Creek | &nbsp;&nbsp;1081376 | &nbsp;&nbsp;767686 | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;1852376 | &nbsp;&nbsp;1088356 | &nbsp;&nbsp;764020 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;1794171 | &nbsp;&nbsp;1099199 | &nbsp;&nbsp;694972 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;17.12 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dallas - Plano Parkway | &nbsp;&nbsp;1144368 | &nbsp;&nbsp;755657 | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;1894430 | &nbsp;&nbsp;1190293 | &nbsp;&nbsp;704137 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;1999384 | &nbsp;&nbsp;1085257 | &nbsp;&nbsp;914126 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;17.13 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - City View | &nbsp;&nbsp;1429629 | &nbsp;&nbsp;369100 | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;1844371 | &nbsp;&nbsp;1510093 | &nbsp;&nbsp;334278 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;1886400 | &nbsp;&nbsp;1281312 | &nbsp;&nbsp;605088 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;17.14 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Wayne North | &nbsp;&nbsp;882320 | &nbsp;&nbsp;661097 | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;1529099 | &nbsp;&nbsp;896706 | &nbsp;&nbsp;632392 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;1386958 | &nbsp;&nbsp;856163 | &nbsp;&nbsp;530795 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;17.15 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - Fairborn | &nbsp;&nbsp;830209 | &nbsp;&nbsp;677836 | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;1525601 | &nbsp;&nbsp;888865 | &nbsp;&nbsp;636736 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;1395401 | &nbsp;&nbsp;778157 | &nbsp;&nbsp;617244 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;17.16 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - Southwest | &nbsp;&nbsp;998995 | &nbsp;&nbsp;461264 | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;1469170 | &nbsp;&nbsp;1026717 | &nbsp;&nbsp;442453 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;1470780 | &nbsp;&nbsp;994958 | &nbsp;&nbsp;475822 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;17.17 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - South | &nbsp;&nbsp;759868 | &nbsp;&nbsp;509908 | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;1248000 | &nbsp;&nbsp;873111 | &nbsp;&nbsp;374888 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;1227146 | &nbsp;&nbsp;845191 | &nbsp;&nbsp;381955 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;18 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 54, 55 | &nbsp;&nbsp;1 | &nbsp;&nbsp;80-02 Kew Gardens | &nbsp;&nbsp;8621781 | &nbsp;&nbsp;7577397 | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;16122781 | &nbsp;&nbsp;8352752 | &nbsp;&nbsp;7770030 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;16723834 | &nbsp;&nbsp;8337766 | &nbsp;&nbsp;8386068 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;19 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;56, 57 | &nbsp;&nbsp;1 | &nbsp;&nbsp;MetLife Solutions Tampa | &nbsp;&nbsp;0 | &nbsp;&nbsp;3463194 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;In-Place | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;20 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;58, 59, 60, 61, 62, 63, 64 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Providence at Champions | &nbsp;&nbsp;1626349 | &nbsp;&nbsp;1859701 | &nbsp;&nbsp;3/31/2025 | &nbsp;&nbsp;T-12 Adjusted | &nbsp;&nbsp;3421445 | &nbsp;&nbsp;1745071 | &nbsp;&nbsp;1676374 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;3363677 | &nbsp;&nbsp;2020801 | &nbsp;&nbsp;1342876 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;21 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 72, 73, 74, 75 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Springfield Town Center | &nbsp;&nbsp;13632895 | &nbsp;&nbsp;20464386 | &nbsp;&nbsp;2/28/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;34246200 | &nbsp;&nbsp;13315983 | &nbsp;&nbsp;20930217 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;33913899 | &nbsp;&nbsp;13329546 | &nbsp;&nbsp;20584353 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;22 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Landings I & II | &nbsp;&nbsp;2012084 | &nbsp;&nbsp;2707356 | &nbsp;&nbsp;5/31/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;4578892 | &nbsp;&nbsp;1892119 | &nbsp;&nbsp;2686773 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;4414593 | &nbsp;&nbsp;1894480 | &nbsp;&nbsp;2520113 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;**23** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**65** | &nbsp;&nbsp;**6** | &nbsp;&nbsp;**NYC Mixed-Use Portfolio** | &nbsp;&nbsp;**797467** | &nbsp;&nbsp;**2100048** | &nbsp;&nbsp;**7/31/2025** | &nbsp;&nbsp;**T-12** | &nbsp;&nbsp;**NAV** | &nbsp;&nbsp;**NAV** | &nbsp;&nbsp;**NAV** | &nbsp;&nbsp;**NAV** | &nbsp;&nbsp;**NAV** | &nbsp;&nbsp;**NAV** | &nbsp;&nbsp;**NAV** | &nbsp;&nbsp;**NAV** | &nbsp;&nbsp;**NAV** | &nbsp;&nbsp;**NAV** |
| &nbsp;&nbsp;23.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;14 1st Avenue | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;23.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;313 West 92nd Street | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;23.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;316-322 East 149th Street | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;23.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;445 West 46th Street | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;23.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;296 & 298 East 149th Street | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;23.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;219 East 5th Street | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;24 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 76, 77 | &nbsp;&nbsp;1 | &nbsp;&nbsp;161 Washington Street | &nbsp;&nbsp;5145640 | &nbsp;&nbsp;6080724 | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;11221119 | &nbsp;&nbsp;5043938 | &nbsp;&nbsp;6177182 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;10682244 | &nbsp;&nbsp;4904350 | &nbsp;&nbsp;5777894 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;25 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;66, 67, 68, 69, 70, 71 | &nbsp;&nbsp;1 | &nbsp;&nbsp;365 West Passaic | &nbsp;&nbsp;2046856 | &nbsp;&nbsp;2360644 | &nbsp;&nbsp;5/31/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;4183280 | &nbsp;&nbsp;2082454 | &nbsp;&nbsp;2100826 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;3682583 | &nbsp;&nbsp;1918682 | &nbsp;&nbsp;1763901 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;26 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Quail Creek Crossing | &nbsp;&nbsp;611421 | &nbsp;&nbsp;2685347 | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;3288255 | &nbsp;&nbsp;849159 | &nbsp;&nbsp;2439095 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;2887220 | &nbsp;&nbsp;759629 | &nbsp;&nbsp;2127590 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;27 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;78 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Village Square | &nbsp;&nbsp;1083673 | &nbsp;&nbsp;2078642 | &nbsp;&nbsp;8/31/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;2803044 | &nbsp;&nbsp;1160983 | &nbsp;&nbsp;1642061 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;2827636 | &nbsp;&nbsp;1102264 | &nbsp;&nbsp;1725372 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;28 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;79, 80 | &nbsp;&nbsp;1 | &nbsp;&nbsp;250-254 Winthrop Street | &nbsp;&nbsp;231861 | &nbsp;&nbsp;1391093 | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;T-1 Ann | &nbsp;&nbsp;741208 | &nbsp;&nbsp;168710 | &nbsp;&nbsp;572497 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;29 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;81 | &nbsp;&nbsp;1 | &nbsp;&nbsp;2105-2109 1st Avenue | &nbsp;&nbsp;585626 | &nbsp;&nbsp;1695136 | &nbsp;&nbsp;8/31/2025 | &nbsp;&nbsp;T-8 Ann | &nbsp;&nbsp;2196115 | &nbsp;&nbsp;537686 | &nbsp;&nbsp;1658429 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;2076030 | &nbsp;&nbsp;561001 | &nbsp;&nbsp;1515029 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;30 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Spyglass Inn | &nbsp;&nbsp;2694427 | &nbsp;&nbsp;2065136 | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;4714322 | &nbsp;&nbsp;2658563 | &nbsp;&nbsp;2055759 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;4752248 | &nbsp;&nbsp;2441764 | &nbsp;&nbsp;2310484 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;31 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cottage Inn by the Sea | &nbsp;&nbsp;3054009 | &nbsp;&nbsp;1996254 | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;4732104 | &nbsp;&nbsp;2963888 | &nbsp;&nbsp;1768216 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;4729241 | &nbsp;&nbsp;2880153 | &nbsp;&nbsp;1849088 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;**32** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**82, 83, 84, 85** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Leeton Leased Fee Pool B Portfolio** | &nbsp;&nbsp;**NAV** | &nbsp;&nbsp;**NAV** | &nbsp;&nbsp;**NAV** | &nbsp;&nbsp;**NAV** | &nbsp;&nbsp;**NAV** | &nbsp;&nbsp;**NAV** | &nbsp;&nbsp;**NAV** | &nbsp;&nbsp;**NAV** | &nbsp;&nbsp;**NAV** | &nbsp;&nbsp;**NAV** | &nbsp;&nbsp;**NAV** | &nbsp;&nbsp;**NAV** | &nbsp;&nbsp;**NAV** | &nbsp;&nbsp;**NAV** |
| &nbsp;&nbsp;32.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Thruway Plaza | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;32.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Augusta West | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;**33** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Compass Sunbelt Storage Portfolio** | &nbsp;&nbsp;**568013** | &nbsp;&nbsp;**1256998** | &nbsp;&nbsp;**6/30/2025** | &nbsp;&nbsp;**T-12** | &nbsp;&nbsp;**1814931** | &nbsp;&nbsp;**574698** | &nbsp;&nbsp;**1240233** | &nbsp;&nbsp;**12/31/2024** | &nbsp;&nbsp;**T-12** | &nbsp;&nbsp;**1779398** | &nbsp;&nbsp;**560345** | &nbsp;&nbsp;**1219053** | &nbsp;&nbsp;**12/31/2023** | &nbsp;&nbsp;**T-12** |
| &nbsp;&nbsp;33.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Laplace | &nbsp;&nbsp;288311 | &nbsp;&nbsp;698874 | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;982167 | &nbsp;&nbsp;288521 | &nbsp;&nbsp;693646 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;926867 | &nbsp;&nbsp;266787 | &nbsp;&nbsp;660079 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;33.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Gulfport | &nbsp;&nbsp;279701 | &nbsp;&nbsp;558123 | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;832764 | &nbsp;&nbsp;286177 | &nbsp;&nbsp;546587 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;852531 | &nbsp;&nbsp;293558 | &nbsp;&nbsp;558974 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;34 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Market on Cherry Road | &nbsp;&nbsp;428298 | &nbsp;&nbsp;1475239 | &nbsp;&nbsp;5/31/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;1887664 | &nbsp;&nbsp;406517 | &nbsp;&nbsp;1481147 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;1816108 | &nbsp;&nbsp;362250 | &nbsp;&nbsp;1453858 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;**35** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9, 86, 87, 88** | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Pacifica Hotel Portfolio (4-Pack)** | &nbsp;&nbsp;**14945351** | &nbsp;&nbsp;**10214025** | &nbsp;&nbsp;**6/30/2025** | &nbsp;&nbsp;**T-12** | &nbsp;&nbsp;**24852885** | &nbsp;&nbsp;**14843010** | &nbsp;&nbsp;**10009875** | &nbsp;&nbsp;**12/31/2024** | &nbsp;&nbsp;**T-12** | &nbsp;&nbsp;**24055382** | &nbsp;&nbsp;**14483650** | &nbsp;&nbsp;**9571732** | &nbsp;&nbsp;**12/31/2023** | &nbsp;&nbsp;**T-12** |
| &nbsp;&nbsp;35.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Wayfarer San Diego | &nbsp;&nbsp;5865305 | &nbsp;&nbsp;5072309 | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;10802154 | &nbsp;&nbsp;5741199 | &nbsp;&nbsp;5060955 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;9436279 | &nbsp;&nbsp;5321181 | &nbsp;&nbsp;4115098 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;35.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Sandcastle Inn | &nbsp;&nbsp;4060211 | &nbsp;&nbsp;3263169 | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;6982697 | &nbsp;&nbsp;3981080 | &nbsp;&nbsp;3001617 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;6783404 | &nbsp;&nbsp;4005909 | &nbsp;&nbsp;2777495 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;35.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Kinney Venice Beach | &nbsp;&nbsp;3034619 | &nbsp;&nbsp;1029354 | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;4195121 | &nbsp;&nbsp;3069494 | &nbsp;&nbsp;1125627 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;4916749 | &nbsp;&nbsp;3146643 | &nbsp;&nbsp;1770106 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;35.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Inn at Venice Beach | &nbsp;&nbsp;1985215 | &nbsp;&nbsp;849192 | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;2872913 | &nbsp;&nbsp;2051237 | &nbsp;&nbsp;821676 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;2918950 | &nbsp;&nbsp;2009917 | &nbsp;&nbsp;909034 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;**36** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Jacov Portfolio** | &nbsp;&nbsp;**185612** | &nbsp;&nbsp;**861636** | &nbsp;&nbsp;**7/31/2025** | &nbsp;&nbsp;**T-12** | &nbsp;&nbsp;**1025570** | &nbsp;&nbsp;**178695** | &nbsp;&nbsp;**846875** | &nbsp;&nbsp;**12/31/2024** | &nbsp;&nbsp;**T-12** | &nbsp;&nbsp;**949228** | &nbsp;&nbsp;**153081** | &nbsp;&nbsp;**796147** | &nbsp;&nbsp;**12/31/2023** | &nbsp;&nbsp;**T-12** |
| &nbsp;&nbsp;36.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;462 West 146th Street | &nbsp;&nbsp;62711 | &nbsp;&nbsp;304620 | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;354437 | &nbsp;&nbsp;63207 | &nbsp;&nbsp;291230 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;336440 | &nbsp;&nbsp;52000 | &nbsp;&nbsp;284440 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;36.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1156 Dean Street | &nbsp;&nbsp;42787 | &nbsp;&nbsp;148487 | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;179050 | &nbsp;&nbsp;39199 | &nbsp;&nbsp;139851 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;180143 | &nbsp;&nbsp;36113 | &nbsp;&nbsp;144030 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;36.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;977 East 12th Street | &nbsp;&nbsp;50137 | &nbsp;&nbsp;208782 | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;254512 | &nbsp;&nbsp;46070 | &nbsp;&nbsp;208442 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;216801 | &nbsp;&nbsp;40767 | &nbsp;&nbsp;176034 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;36.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;608 West 148th Street | &nbsp;&nbsp;29977 | &nbsp;&nbsp;199748 | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;237572 | &nbsp;&nbsp;30220 | &nbsp;&nbsp;207352 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;215844 | &nbsp;&nbsp;24202 | &nbsp;&nbsp;191642 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;37 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 89 | &nbsp;&nbsp;1 | &nbsp;&nbsp;CFS Industrial HQ | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV |

---

A-1-9

**Benchmark 2025-V18**

**Annex A-1**

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Loan ID Number** | &nbsp;&nbsp;**Loan / Property Flag** | &nbsp;&nbsp;**Footnotes (for Loan and Property Information)** | &nbsp;&nbsp;**# of Properties** | &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Most Recent Expenses ($)** | &nbsp;&nbsp;**Most Recent NOI ($)** | &nbsp;&nbsp;**Most Recent NOI Date** | &nbsp;&nbsp;**Most Recent Description** | &nbsp;&nbsp;**Second Most Recent EGI ($)** | &nbsp;&nbsp;**Second Most Recent Expenses ($)** | &nbsp;&nbsp;**Second Most Recent NOI ($)** | &nbsp;&nbsp;**Second Most Recent NOI Date** | &nbsp;&nbsp;**Second Most Recent Description** | &nbsp;&nbsp;**Third Most Recent EGI ($)** | &nbsp;&nbsp;**Third Most Recent Expenses ($)** | &nbsp;&nbsp;**Third Most Recent NOI ($)** | &nbsp;&nbsp;**Third Most Recent NOI Date** | &nbsp;&nbsp;**Third Most Recent Description** |
| &nbsp;&nbsp;38 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;90, 91, 92 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Davis Building | &nbsp;&nbsp;1844049 | &nbsp;&nbsp;1274641 | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;2713305 | &nbsp;&nbsp;1910048 | &nbsp;&nbsp;803257 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;3019546 | &nbsp;&nbsp;1850291 | &nbsp;&nbsp;1169255 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;39 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;93 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Orchard Street Portfolio | &nbsp;&nbsp;138631 | &nbsp;&nbsp;1025737 | &nbsp;&nbsp;8/31/2025 | &nbsp;&nbsp;T-3 Ann | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;**40** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Bronx Multifamily Portfolio** | &nbsp;&nbsp;**NAV** | &nbsp;&nbsp;**NAV** | &nbsp;&nbsp;**NAV** | &nbsp;&nbsp;**NAV** | &nbsp;&nbsp;**NAV** | &nbsp;&nbsp;**NAV** | &nbsp;&nbsp;**NAV** | &nbsp;&nbsp;**NAV** | &nbsp;&nbsp;**NAV** | &nbsp;&nbsp;**NAV** | &nbsp;&nbsp;**NAV** | &nbsp;&nbsp;**NAV** | &nbsp;&nbsp;**NAV** | &nbsp;&nbsp;**NAV** |
| &nbsp;&nbsp;40.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;856 East 175th Street | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;40.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1534 Nelson Avenue | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;40.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1269 Findlay Avenue | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;40.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;742 East 183rd Street | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;41 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;94 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Wyndham Garden Norfolk Downtown | &nbsp;&nbsp;3736842 | &nbsp;&nbsp;1787078 | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;5096302 | &nbsp;&nbsp;3741477 | &nbsp;&nbsp;1354826 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;5836548 | &nbsp;&nbsp;3957170 | &nbsp;&nbsp;1879379 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;42 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;95 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Scottish Traveler RV Park | &nbsp;&nbsp;533507 | &nbsp;&nbsp;809252 | &nbsp;&nbsp;3/31/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;1219199 | &nbsp;&nbsp;500385 | &nbsp;&nbsp;718814 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;1199309 | &nbsp;&nbsp;543855 | &nbsp;&nbsp;655454 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;43 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;96, 97 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Windsong Industrial | &nbsp;&nbsp;266101 | &nbsp;&nbsp;563184 | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;T-5 Ann | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;44 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1701 Clay | &nbsp;&nbsp;87299 | &nbsp;&nbsp;576360 | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;T-10 Ann | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;45 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;98, 99 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Best Western Seven Seas | &nbsp;&nbsp;8760454 | &nbsp;&nbsp;1433605 | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;10471903 | &nbsp;&nbsp;8842463 | &nbsp;&nbsp;1629440 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;9962840 | &nbsp;&nbsp;8113097 | &nbsp;&nbsp;1849743 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;46 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Raleigh | &nbsp;&nbsp;554861 | &nbsp;&nbsp;506620 | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;993314 | &nbsp;&nbsp;588729 | &nbsp;&nbsp;404586 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;973437 | &nbsp;&nbsp;479109 | &nbsp;&nbsp;494328 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |
| &nbsp;&nbsp;47 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;632 Sterling Place | &nbsp;&nbsp;73853 | &nbsp;&nbsp;345509 | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;417188 | &nbsp;&nbsp;68810 | &nbsp;&nbsp;348377 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;T-12 | &nbsp;&nbsp;401536 | &nbsp;&nbsp;69220 | &nbsp;&nbsp;332316 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;T-12 |

---

A-1-10

**Benchmark 2025-V18**

**Annex A-1**

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Loan ID Number** | &nbsp;&nbsp;**Loan / Property Flag** | &nbsp;&nbsp;**Footnotes (for Loan and Property Information)** | &nbsp;&nbsp;**# of Properties** | &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Underwritten Economic Occupancy (%)** | &nbsp;&nbsp;**Underwritten EGI ($)** | &nbsp;&nbsp;**Underwritten Expenses ($)** | &nbsp;&nbsp;**Underwritten Net Operating Income ($)** | &nbsp;&nbsp;**Underwritten Replacement / FF&E Reserve ($)** | &nbsp;&nbsp;**Underwritten TI / LC ($)** | &nbsp;&nbsp;**Underwritten Net Cash Flow ($)** | &nbsp;&nbsp;**Underwritten NOI DSCR (x)** | &nbsp;&nbsp;**Underwritten NCF DSCR (x)** | &nbsp;&nbsp;**Underwritten NOI Debt Yield (%)** | &nbsp;&nbsp;**Underwritten NCF Debt Yield (%)** | &nbsp;&nbsp;**Appraised Value ($)** |
|  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**4** |  |  |  |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 10, 11, 12, 13 | &nbsp;&nbsp;1 | &nbsp;&nbsp;9911 Belward | &nbsp;&nbsp;99.0% | &nbsp;&nbsp;27852899 | &nbsp;&nbsp;5570580 | &nbsp;&nbsp;22282319 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;22282319 | &nbsp;&nbsp;3.41 | &nbsp;&nbsp;3.41 | &nbsp;&nbsp;17.3% | &nbsp;&nbsp;17.3% | &nbsp;&nbsp;317000000 |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;14, 15, 16 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Park Place Village | &nbsp;&nbsp;94.4% | &nbsp;&nbsp;18339273 | &nbsp;&nbsp;8503259 | &nbsp;&nbsp;9836014 | &nbsp;&nbsp;223091 | &nbsp;&nbsp;227470 | &nbsp;&nbsp;9385453 | &nbsp;&nbsp;2.39 | &nbsp;&nbsp;2.28 | &nbsp;&nbsp;15.9% | &nbsp;&nbsp;15.1% | &nbsp;&nbsp;101700000 |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 17, 18, 19, 20, 21, 22, 23 | &nbsp;&nbsp;1 | &nbsp;&nbsp;180 Water | &nbsp;&nbsp;94.7% | &nbsp;&nbsp;36402924 | &nbsp;&nbsp;16332560 | &nbsp;&nbsp;20070365 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;20070365 | &nbsp;&nbsp;2.50 | &nbsp;&nbsp;2.50 | &nbsp;&nbsp;13.6% | &nbsp;&nbsp;13.6% | &nbsp;&nbsp;378000000 |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;24, 25 | &nbsp;&nbsp;1 | &nbsp;&nbsp;City Center at Oyster Point | &nbsp;&nbsp;83.7% | &nbsp;&nbsp;11375618 | &nbsp;&nbsp;4704782 | &nbsp;&nbsp;6670837 | &nbsp;&nbsp;120526 | &nbsp;&nbsp;373931 | &nbsp;&nbsp;6176380 | &nbsp;&nbsp;1.67 | &nbsp;&nbsp;1.55 | &nbsp;&nbsp;11.5% | &nbsp;&nbsp;10.7% | &nbsp;&nbsp;88500000 |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1515 West Webster | &nbsp;&nbsp;97.5% | &nbsp;&nbsp;12914082 | &nbsp;&nbsp;5994927 | &nbsp;&nbsp;6919154 | &nbsp;&nbsp;41400 | &nbsp;&nbsp;0 | &nbsp;&nbsp;6877754 | &nbsp;&nbsp;1.85 | &nbsp;&nbsp;1.84 | &nbsp;&nbsp;12.3% | &nbsp;&nbsp;12.2% | &nbsp;&nbsp;87000000 |
| &nbsp;&nbsp;**6** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**26, 27** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**Waterford Multifamily Portfolio** | &nbsp;&nbsp;**93.0%** | &nbsp;&nbsp;**7219225** | &nbsp;&nbsp;**2442349** | &nbsp;&nbsp;**4776876** | &nbsp;&nbsp;**79600** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**4697276** | &nbsp;&nbsp;**1.35** | &nbsp;&nbsp;**1.32** | &nbsp;&nbsp;**8.7%** | &nbsp;&nbsp;**8.5%** | &nbsp;&nbsp;**78750000** |
| &nbsp;&nbsp;6.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Parkview Apartments | &nbsp;&nbsp;91.8% | &nbsp;&nbsp;3135691 | &nbsp;&nbsp;1024578 | &nbsp;&nbsp;2111112 | &nbsp;&nbsp;33200 | &nbsp;&nbsp;0 | &nbsp;&nbsp;2077912 |  |  |  |  | &nbsp;&nbsp;35000000 |
| &nbsp;&nbsp;6.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yorkshire Apartments | &nbsp;&nbsp;93.3% | &nbsp;&nbsp;2419309 | &nbsp;&nbsp;871874 | &nbsp;&nbsp;1547435 | &nbsp;&nbsp;25600 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1521835 |  |  |  |  | &nbsp;&nbsp;27250000 |
| &nbsp;&nbsp;6.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Holly Brook Apartments | &nbsp;&nbsp;95.0% | &nbsp;&nbsp;1664225 | &nbsp;&nbsp;545896 | &nbsp;&nbsp;1118329 | &nbsp;&nbsp;20800 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1097529 |  |  |  |  | &nbsp;&nbsp;16500000 |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 28, 29, 30, 31 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1010 Pacific Street | &nbsp;&nbsp;97.0% | &nbsp;&nbsp;7587975 | &nbsp;&nbsp;1078502 | &nbsp;&nbsp;6509472 | &nbsp;&nbsp;43750 | &nbsp;&nbsp;0 | &nbsp;&nbsp;6465722 | &nbsp;&nbsp;1.33 | &nbsp;&nbsp;1.32 | &nbsp;&nbsp;7.7% | &nbsp;&nbsp;7.7% | &nbsp;&nbsp;123000000 |
| &nbsp;&nbsp;**8** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**32, 33, 34, 35, 36, 37, 38** | &nbsp;&nbsp;**7** | &nbsp;&nbsp;**REVA Portfolio** | &nbsp;&nbsp;**79.8%** | &nbsp;&nbsp;**16047317** | &nbsp;&nbsp;**6394472** | &nbsp;&nbsp;**9652845** | &nbsp;&nbsp;**270444** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**9382401** | &nbsp;&nbsp;**2.39** | &nbsp;&nbsp;**2.32** | &nbsp;&nbsp;**18.2%** | &nbsp;&nbsp;**17.7%** | &nbsp;&nbsp;**115200000** |
| &nbsp;&nbsp;8.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Signature Place | &nbsp;&nbsp;67.4% | &nbsp;&nbsp;4893441 | &nbsp;&nbsp;2296417 | &nbsp;&nbsp;2597024 | &nbsp;&nbsp;61196 | &nbsp;&nbsp;0 | &nbsp;&nbsp;2535828 |  |  |  |  | &nbsp;&nbsp;42100000 |
| &nbsp;&nbsp;8.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;One Independence | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;3303592 | &nbsp;&nbsp;1156315 | &nbsp;&nbsp;2147276 | &nbsp;&nbsp;58657 | &nbsp;&nbsp;0 | &nbsp;&nbsp;2088619 |  |  |  |  | &nbsp;&nbsp;20100000 |
| &nbsp;&nbsp;8.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Fairfax Building | &nbsp;&nbsp;88.2% | &nbsp;&nbsp;2866905 | &nbsp;&nbsp;925826 | &nbsp;&nbsp;1941079 | &nbsp;&nbsp;76062 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1865016 |  |  |  |  | &nbsp;&nbsp;17100000 |
| &nbsp;&nbsp;8.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Universal Building | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;1334800 | &nbsp;&nbsp;351516 | &nbsp;&nbsp;983284 | &nbsp;&nbsp;17007 | &nbsp;&nbsp;0 | &nbsp;&nbsp;966277 |  |  |  |  | &nbsp;&nbsp;11100000 |
| &nbsp;&nbsp;8.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Sabal 6 | &nbsp;&nbsp;65.9% | &nbsp;&nbsp;1579080 | &nbsp;&nbsp;878684 | &nbsp;&nbsp;700396 | &nbsp;&nbsp;28893 | &nbsp;&nbsp;0 | &nbsp;&nbsp;671503 |  |  |  |  | &nbsp;&nbsp;10700000 |
| &nbsp;&nbsp;8.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;150 Corporate | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;1013749 | &nbsp;&nbsp;277692 | &nbsp;&nbsp;736056 | &nbsp;&nbsp;10964 | &nbsp;&nbsp;0 | &nbsp;&nbsp;725092 |  |  |  |  | &nbsp;&nbsp;6400000 |
| &nbsp;&nbsp;8.07 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Southpark at Westgate | &nbsp;&nbsp;68.2% | &nbsp;&nbsp;1055751 | &nbsp;&nbsp;508022 | &nbsp;&nbsp;547729 | &nbsp;&nbsp;17664 | &nbsp;&nbsp;0 | &nbsp;&nbsp;530065 |  |  |  |  | &nbsp;&nbsp;7700000 |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;39, 40, 41 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Hotel Valencia Santana Row | &nbsp;&nbsp;65.0% | &nbsp;&nbsp;28100049 | &nbsp;&nbsp;19895240 | &nbsp;&nbsp;8204809 | &nbsp;&nbsp;1105133 | &nbsp;&nbsp;0 | &nbsp;&nbsp;7099675 | &nbsp;&nbsp;2.32 | &nbsp;&nbsp;2.01 | &nbsp;&nbsp;16.4% | &nbsp;&nbsp;14.2% | &nbsp;&nbsp;94000000 |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;44 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Royal Ledges Apartments | &nbsp;&nbsp;95.0% | &nbsp;&nbsp;5925149 | &nbsp;&nbsp;1702884 | &nbsp;&nbsp;4222265 | &nbsp;&nbsp;68000 | &nbsp;&nbsp;0 | &nbsp;&nbsp;4154265 | &nbsp;&nbsp;1.30 | &nbsp;&nbsp;1.28 | &nbsp;&nbsp;8.4% | &nbsp;&nbsp;8.3% | &nbsp;&nbsp;73600000 |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;42, 43 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Brookside Gardens | &nbsp;&nbsp;95.0% | &nbsp;&nbsp;6517358 | &nbsp;&nbsp;2201577 | &nbsp;&nbsp;4315781 | &nbsp;&nbsp;84000 | &nbsp;&nbsp;0 | &nbsp;&nbsp;4231781 | &nbsp;&nbsp;1.30 | &nbsp;&nbsp;1.28 | &nbsp;&nbsp;8.6% | &nbsp;&nbsp;8.5% | &nbsp;&nbsp;68900000 |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;45 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Torrey Ridge Apartments | &nbsp;&nbsp;87.4% | &nbsp;&nbsp;7511191 | &nbsp;&nbsp;3663565 | &nbsp;&nbsp;3847626 | &nbsp;&nbsp;104500 | &nbsp;&nbsp;0 | &nbsp;&nbsp;3743126 | &nbsp;&nbsp;1.33 | &nbsp;&nbsp;1.29 | &nbsp;&nbsp;8.7% | &nbsp;&nbsp;8.5% | &nbsp;&nbsp;68700000 |
| &nbsp;&nbsp;13 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Pavilion at Port Orange | &nbsp;&nbsp;90.0% | &nbsp;&nbsp;8482756 | &nbsp;&nbsp;2015452 | &nbsp;&nbsp;6467304 | &nbsp;&nbsp;108321 | &nbsp;&nbsp;469453 | &nbsp;&nbsp;5889531 | &nbsp;&nbsp;2.50 | &nbsp;&nbsp;2.28 | &nbsp;&nbsp;15.0% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;103900000 |
| &nbsp;&nbsp;14 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;46, 47 | &nbsp;&nbsp;1 | &nbsp;&nbsp;The DeSoto | &nbsp;&nbsp;71.2% | &nbsp;&nbsp;22012086 | &nbsp;&nbsp;15910299 | &nbsp;&nbsp;6101787 | &nbsp;&nbsp;888029 | &nbsp;&nbsp;0 | &nbsp;&nbsp;5213757 | &nbsp;&nbsp;2.01 | &nbsp;&nbsp;1.72 | &nbsp;&nbsp;14.5% | &nbsp;&nbsp;12.4% | &nbsp;&nbsp;75100000 |
| &nbsp;&nbsp;15 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;48, 49, 50, 51, 52 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Haven at Bellaire | &nbsp;&nbsp;92.7% | &nbsp;&nbsp;5114037 | &nbsp;&nbsp;1697040 | &nbsp;&nbsp;3416998 | &nbsp;&nbsp;74250 | &nbsp;&nbsp;0 | &nbsp;&nbsp;3342748 | &nbsp;&nbsp;1.29 | &nbsp;&nbsp;1.27 | &nbsp;&nbsp;8.2% | &nbsp;&nbsp;8.0% | &nbsp;&nbsp;57400000 |
| &nbsp;&nbsp;**16** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9, 53** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Yosemite Hospitality Portfolio** | &nbsp;&nbsp;**57.6%** | &nbsp;&nbsp;**32907772** | &nbsp;&nbsp;**18967695** | &nbsp;&nbsp;**13940077** | &nbsp;&nbsp;**1316311** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**12623766** | &nbsp;&nbsp;**1.98** | &nbsp;&nbsp;**1.80** | &nbsp;&nbsp;**14.7%** | &nbsp;&nbsp;**13.3%** | &nbsp;&nbsp;**151600000** |
| &nbsp;&nbsp;16.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yosemite View Lodge | &nbsp;&nbsp;63.4% | &nbsp;&nbsp;24660968 | &nbsp;&nbsp;12840896 | &nbsp;&nbsp;11820072 | &nbsp;&nbsp;986439 | &nbsp;&nbsp;0 | &nbsp;&nbsp;10833633 |  |  |  |  | &nbsp;&nbsp;119900000 |
| &nbsp;&nbsp;16.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yosemite Cedar Lodge | &nbsp;&nbsp;48.4% | &nbsp;&nbsp;8246804 | &nbsp;&nbsp;6126799 | &nbsp;&nbsp;2120005 | &nbsp;&nbsp;329872 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1790133 |  |  |  |  | &nbsp;&nbsp;31700000 |
| &nbsp;&nbsp;**17** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9** | &nbsp;&nbsp;**17** | &nbsp;&nbsp;**ESA Portfolio** | &nbsp;&nbsp;**81.2%** | &nbsp;&nbsp;**30746295** | &nbsp;&nbsp;**19147934** | &nbsp;&nbsp;**11598361** | &nbsp;&nbsp;**1229852** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**10368509** | &nbsp;&nbsp;**1.88** | &nbsp;&nbsp;**1.68** | &nbsp;&nbsp;**12.9%** | &nbsp;&nbsp;**11.5%** | &nbsp;&nbsp;**140800000** |
| &nbsp;&nbsp;17.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Wayne South | &nbsp;&nbsp;89.3% | &nbsp;&nbsp;1947841 | &nbsp;&nbsp;1045994 | &nbsp;&nbsp;901848 | &nbsp;&nbsp;77914 | &nbsp;&nbsp;0 | &nbsp;&nbsp;823934 |  |  |  |  | &nbsp;&nbsp;10800000 |
| &nbsp;&nbsp;17.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Waco - Woodway | &nbsp;&nbsp;87.9% | &nbsp;&nbsp;2134185 | &nbsp;&nbsp;1099646 | &nbsp;&nbsp;1034538 | &nbsp;&nbsp;85367 | &nbsp;&nbsp;0 | &nbsp;&nbsp;949171 |  |  |  |  | &nbsp;&nbsp;10500000 |
| &nbsp;&nbsp;17.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cincinnati Blue Ash Kenwood Rd | &nbsp;&nbsp;74.7% | &nbsp;&nbsp;1988313 | &nbsp;&nbsp;1172963 | &nbsp;&nbsp;815349 | &nbsp;&nbsp;79533 | &nbsp;&nbsp;0 | &nbsp;&nbsp;735817 |  |  |  |  | &nbsp;&nbsp;9500000 |
| &nbsp;&nbsp;17.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - North | &nbsp;&nbsp;82.8% | &nbsp;&nbsp;1960641 | &nbsp;&nbsp;1287231 | &nbsp;&nbsp;673410 | &nbsp;&nbsp;78426 | &nbsp;&nbsp;0 | &nbsp;&nbsp;594984 |  |  |  |  | &nbsp;&nbsp;9500000 |
| &nbsp;&nbsp;17.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Indianapolis Northwest I-465 | &nbsp;&nbsp;76.7% | &nbsp;&nbsp;2272548 | &nbsp;&nbsp;1341541 | &nbsp;&nbsp;931007 | &nbsp;&nbsp;90902 | &nbsp;&nbsp;0 | &nbsp;&nbsp;840106 |  |  |  |  | &nbsp;&nbsp;9300000 |
| &nbsp;&nbsp;17.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cincinnati Blue Ash Reed Hartman | &nbsp;&nbsp;74.1% | &nbsp;&nbsp;1737947 | &nbsp;&nbsp;1129076 | &nbsp;&nbsp;608871 | &nbsp;&nbsp;69518 | &nbsp;&nbsp;0 | &nbsp;&nbsp;539353 |  |  |  |  | &nbsp;&nbsp;8800000 |
| &nbsp;&nbsp;17.07 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;El Paso - Airport | &nbsp;&nbsp;69.8% | &nbsp;&nbsp;1912731 | &nbsp;&nbsp;1129331 | &nbsp;&nbsp;783400 | &nbsp;&nbsp;76509 | &nbsp;&nbsp;0 | &nbsp;&nbsp;706891 |  |  |  |  | &nbsp;&nbsp;8800000 |
| &nbsp;&nbsp;17.08 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dallas - Greenville Ave | &nbsp;&nbsp;83.0% | &nbsp;&nbsp;1967390 | &nbsp;&nbsp;1377278 | &nbsp;&nbsp;590113 | &nbsp;&nbsp;78696 | &nbsp;&nbsp;0 | &nbsp;&nbsp;511417 |  |  |  |  | &nbsp;&nbsp;8400000 |
| &nbsp;&nbsp;17.09 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Indianapolis - Airport - W Southern Ave | &nbsp;&nbsp;68.9% | &nbsp;&nbsp;1945616 | &nbsp;&nbsp;1355220 | &nbsp;&nbsp;590395 | &nbsp;&nbsp;77825 | &nbsp;&nbsp;0 | &nbsp;&nbsp;512571 |  |  |  |  | &nbsp;&nbsp;8400000 |
| &nbsp;&nbsp;17.10 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;El Paso - West | &nbsp;&nbsp;79.6% | &nbsp;&nbsp;1549768 | &nbsp;&nbsp;914918 | &nbsp;&nbsp;634851 | &nbsp;&nbsp;61991 | &nbsp;&nbsp;0 | &nbsp;&nbsp;572860 |  |  |  |  | &nbsp;&nbsp;8400000 |
| &nbsp;&nbsp;17.11 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - Fossil Creek | &nbsp;&nbsp;90.9% | &nbsp;&nbsp;1849062 | &nbsp;&nbsp;1104885 | &nbsp;&nbsp;744177 | &nbsp;&nbsp;73962 | &nbsp;&nbsp;0 | &nbsp;&nbsp;670214 |  |  |  |  | &nbsp;&nbsp;8000000 |
| &nbsp;&nbsp;17.12 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dallas - Plano Parkway | &nbsp;&nbsp;84.9% | &nbsp;&nbsp;1900026 | &nbsp;&nbsp;1185863 | &nbsp;&nbsp;714163 | &nbsp;&nbsp;76001 | &nbsp;&nbsp;0 | &nbsp;&nbsp;638162 |  |  |  |  | &nbsp;&nbsp;7900000 |
| &nbsp;&nbsp;17.13 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - City View | &nbsp;&nbsp;83.4% | &nbsp;&nbsp;1798729 | &nbsp;&nbsp;1451005 | &nbsp;&nbsp;347724 | &nbsp;&nbsp;71949 | &nbsp;&nbsp;0 | &nbsp;&nbsp;275775 |  |  |  |  | &nbsp;&nbsp;7800000 |
| &nbsp;&nbsp;17.14 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Wayne North | &nbsp;&nbsp;91.1% | &nbsp;&nbsp;1543417 | &nbsp;&nbsp;879278 | &nbsp;&nbsp;664140 | &nbsp;&nbsp;61737 | &nbsp;&nbsp;0 | &nbsp;&nbsp;602403 |  |  |  |  | &nbsp;&nbsp;7500000 |
| &nbsp;&nbsp;17.15 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - Fairborn | &nbsp;&nbsp;85.0% | &nbsp;&nbsp;1508045 | &nbsp;&nbsp;842514 | &nbsp;&nbsp;665531 | &nbsp;&nbsp;60322 | &nbsp;&nbsp;0 | &nbsp;&nbsp;605210 |  |  |  |  | &nbsp;&nbsp;6300000 |
| &nbsp;&nbsp;17.16 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - Southwest | &nbsp;&nbsp;87.5% | &nbsp;&nbsp;1460259 | &nbsp;&nbsp;1013023 | &nbsp;&nbsp;447236 | &nbsp;&nbsp;58410 | &nbsp;&nbsp;0 | &nbsp;&nbsp;388826 |  |  |  |  | &nbsp;&nbsp;5900000 |
| &nbsp;&nbsp;17.17 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - South | &nbsp;&nbsp;87.0% | &nbsp;&nbsp;1269777 | &nbsp;&nbsp;818169 | &nbsp;&nbsp;451608 | &nbsp;&nbsp;50791 | &nbsp;&nbsp;0 | &nbsp;&nbsp;400817 |  |  |  |  | &nbsp;&nbsp;5000000 |
| &nbsp;&nbsp;18 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 54, 55 | &nbsp;&nbsp;1 | &nbsp;&nbsp;80-02 Kew Gardens | &nbsp;&nbsp;95.0% | &nbsp;&nbsp;17053010 | &nbsp;&nbsp;8602198 | &nbsp;&nbsp;8450812 | &nbsp;&nbsp;100426 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;7850386 | &nbsp;&nbsp;1.70 | &nbsp;&nbsp;1.58 | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;11.2% | &nbsp;&nbsp;115000000 |
| &nbsp;&nbsp;19 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;56, 57 | &nbsp;&nbsp;1 | &nbsp;&nbsp;MetLife Solutions Tampa | &nbsp;&nbsp;95.0% | &nbsp;&nbsp;4390051 | &nbsp;&nbsp;972190 | &nbsp;&nbsp;3417862 | &nbsp;&nbsp;12369 | &nbsp;&nbsp;0 | &nbsp;&nbsp;3405493 | &nbsp;&nbsp;1.64 | &nbsp;&nbsp;1.64 | &nbsp;&nbsp;11.8% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;44100000 |
| &nbsp;&nbsp;20 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;58, 59, 60, 61, 62, 63, 64 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Providence at Champions | &nbsp;&nbsp;92.8% | &nbsp;&nbsp;3960872 | &nbsp;&nbsp;1346892 | &nbsp;&nbsp;2613980 | &nbsp;&nbsp;72000 | &nbsp;&nbsp;0 | &nbsp;&nbsp;2541980 | &nbsp;&nbsp;1.44 | &nbsp;&nbsp;1.40 | &nbsp;&nbsp;9.5% | &nbsp;&nbsp;9.2% | &nbsp;&nbsp;42700000 |
| &nbsp;&nbsp;21 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 72, 73, 74, 75 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Springfield Town Center | &nbsp;&nbsp;93.7% | &nbsp;&nbsp;34303091 | &nbsp;&nbsp;13313358 | &nbsp;&nbsp;20989733 | &nbsp;&nbsp;196293 | &nbsp;&nbsp;712570 | &nbsp;&nbsp;20080870 | &nbsp;&nbsp;1.94 | &nbsp;&nbsp;1.86 | &nbsp;&nbsp;14.0% | &nbsp;&nbsp;13.4% | &nbsp;&nbsp;274600000 |
| &nbsp;&nbsp;22 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Landings I & II | &nbsp;&nbsp;86.5% | &nbsp;&nbsp;4956904 | &nbsp;&nbsp;1732055 | &nbsp;&nbsp;3224848 | &nbsp;&nbsp;46796 | &nbsp;&nbsp;215798 | &nbsp;&nbsp;2962255 | &nbsp;&nbsp;1.99 | &nbsp;&nbsp;1.83 | &nbsp;&nbsp;13.4% | &nbsp;&nbsp;12.3% | &nbsp;&nbsp;39000000 |
| &nbsp;&nbsp;**23** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**65** | &nbsp;&nbsp;**6** | &nbsp;&nbsp;**NYC Mixed-Use Portfolio** | &nbsp;&nbsp;**94.2%** | &nbsp;&nbsp;**3295329** | &nbsp;&nbsp;**937562** | &nbsp;&nbsp;**2357767** | &nbsp;&nbsp;**44669** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**2313098** | &nbsp;&nbsp;**1.46** | &nbsp;&nbsp;**1.43** | &nbsp;&nbsp;**9.8%** | &nbsp;&nbsp;**9.6%** | &nbsp;&nbsp;**36150000** |
| &nbsp;&nbsp;23.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;14 1st Avenue | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV |  |  |  |  | &nbsp;&nbsp;7400000 |
| &nbsp;&nbsp;23.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;313 West 92nd Street | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV |  |  |  |  | &nbsp;&nbsp;6900000 |
| &nbsp;&nbsp;23.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;316-322 East 149th Street | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV |  |  |  |  | &nbsp;&nbsp;6550000 |
| &nbsp;&nbsp;23.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;445 West 46th Street | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV |  |  |  |  | &nbsp;&nbsp;5600000 |
| &nbsp;&nbsp;23.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;296 & 298 East 149th Street | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV |  |  |  |  | &nbsp;&nbsp;5000000 |
| &nbsp;&nbsp;23.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;219 East 5th Street | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV |  |  |  |  | &nbsp;&nbsp;4700000 |
| &nbsp;&nbsp;24 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 76, 77 | &nbsp;&nbsp;1 | &nbsp;&nbsp;161 Washington Street | &nbsp;&nbsp;91.6% | &nbsp;&nbsp;13224195 | &nbsp;&nbsp;5066417 | &nbsp;&nbsp;8157778 | &nbsp;&nbsp;178326 | &nbsp;&nbsp;633417 | &nbsp;&nbsp;7346035 | &nbsp;&nbsp;2.36 | &nbsp;&nbsp;2.13 | &nbsp;&nbsp;15.1% | &nbsp;&nbsp;13.6% | &nbsp;&nbsp;78000000 |
| &nbsp;&nbsp;25 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;66, 67, 68, 69, 70, 71 | &nbsp;&nbsp;1 | &nbsp;&nbsp;365 West Passaic | &nbsp;&nbsp;86.0% | &nbsp;&nbsp;5269373 | &nbsp;&nbsp;2180999 | &nbsp;&nbsp;3088375 | &nbsp;&nbsp;55078 | &nbsp;&nbsp;192344 | &nbsp;&nbsp;2840952 | &nbsp;&nbsp;2.02 | &nbsp;&nbsp;1.86 | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;12.6% | &nbsp;&nbsp;36500000 |
| &nbsp;&nbsp;26 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Quail Creek Crossing | &nbsp;&nbsp;95.2% | &nbsp;&nbsp;3139867 | &nbsp;&nbsp;826890 | &nbsp;&nbsp;2312977 | &nbsp;&nbsp;31585 | &nbsp;&nbsp;72914 | &nbsp;&nbsp;2208478 | &nbsp;&nbsp;1.35 | &nbsp;&nbsp;1.29 | &nbsp;&nbsp;10.5% | &nbsp;&nbsp;10.0% | &nbsp;&nbsp;32600000 |
| &nbsp;&nbsp;27 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;78 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Village Square | &nbsp;&nbsp;94.6% | &nbsp;&nbsp;3135098 | &nbsp;&nbsp;1135992 | &nbsp;&nbsp;1999106 | &nbsp;&nbsp;22634 | &nbsp;&nbsp;7915 | &nbsp;&nbsp;1968557 | &nbsp;&nbsp;1.46 | &nbsp;&nbsp;1.43 | &nbsp;&nbsp;9.5% | &nbsp;&nbsp;9.4% | &nbsp;&nbsp;32900000 |
| &nbsp;&nbsp;28 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;79, 80 | &nbsp;&nbsp;1 | &nbsp;&nbsp;250-254 Winthrop Street | &nbsp;&nbsp;95.0% | &nbsp;&nbsp;1688840 | &nbsp;&nbsp;260661 | &nbsp;&nbsp;1428179 | &nbsp;&nbsp;11200 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1416979 | &nbsp;&nbsp;1.29 | &nbsp;&nbsp;1.28 | &nbsp;&nbsp;8.0% | &nbsp;&nbsp;8.0% | &nbsp;&nbsp;27400000 |
| &nbsp;&nbsp;29 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;81 | &nbsp;&nbsp;1 | &nbsp;&nbsp;2105-2109 1st Avenue | &nbsp;&nbsp;97.0% | &nbsp;&nbsp;2164448 | &nbsp;&nbsp;624137 | &nbsp;&nbsp;1540310 | &nbsp;&nbsp;17950 | &nbsp;&nbsp;20452 | &nbsp;&nbsp;1501909 | &nbsp;&nbsp;1.34 | &nbsp;&nbsp;1.30 | &nbsp;&nbsp;8.8% | &nbsp;&nbsp;8.6% | &nbsp;&nbsp;24000000 |
| &nbsp;&nbsp;30 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Spyglass Inn | &nbsp;&nbsp;66.6% | &nbsp;&nbsp;4867563 | &nbsp;&nbsp;2762894 | &nbsp;&nbsp;2104669 | &nbsp;&nbsp;194703 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1909966 | &nbsp;&nbsp;1.65 | &nbsp;&nbsp;1.49 | &nbsp;&nbsp;12.7% | &nbsp;&nbsp;11.5% | &nbsp;&nbsp;29800000 |
| &nbsp;&nbsp;31 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cottage Inn by the Sea | &nbsp;&nbsp;72.3% | &nbsp;&nbsp;5050263 | &nbsp;&nbsp;3060233 | &nbsp;&nbsp;1990030 | &nbsp;&nbsp;202011 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1788019 | &nbsp;&nbsp;1.65 | &nbsp;&nbsp;1.48 | &nbsp;&nbsp;12.7% | &nbsp;&nbsp;11.4% | &nbsp;&nbsp;25500000 |
| &nbsp;&nbsp;**32** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**82, 83, 84, 85** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Leeton Leased Fee Pool B Portfolio** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**945000** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**945000** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**945000** | &nbsp;&nbsp;**1.10** | &nbsp;&nbsp;**1.10** | &nbsp;&nbsp;**7.2%** | &nbsp;&nbsp;**7.2%** | &nbsp;&nbsp;**16600000** |
| &nbsp;&nbsp;32.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Thruway Plaza | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV |  |  |  |  | &nbsp;&nbsp;9900000 |
| &nbsp;&nbsp;32.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Augusta West | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV |  |  |  |  | &nbsp;&nbsp;6700000 |
| &nbsp;&nbsp;**33** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Compass Sunbelt Storage Portfolio** | &nbsp;&nbsp;**87.3%** | &nbsp;&nbsp;**1830448** | &nbsp;&nbsp;**737756** | &nbsp;&nbsp;**1092692** | &nbsp;&nbsp;**14590** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**1078102** | &nbsp;&nbsp;**1.44** | &nbsp;&nbsp;**1.42** | &nbsp;&nbsp;**9.3%** | &nbsp;&nbsp;**9.1%** | &nbsp;&nbsp;**18200000** |
| &nbsp;&nbsp;33.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Laplace | &nbsp;&nbsp;88.6% | &nbsp;&nbsp;989208 | &nbsp;&nbsp;380725 | &nbsp;&nbsp;608483 | &nbsp;&nbsp;7457 | &nbsp;&nbsp;0 | &nbsp;&nbsp;601026 |  |  |  |  | &nbsp;&nbsp;9500000 |
| &nbsp;&nbsp;33.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Gulfport | &nbsp;&nbsp;86.0% | &nbsp;&nbsp;841240 | &nbsp;&nbsp;357032 | &nbsp;&nbsp;484209 | &nbsp;&nbsp;7133 | &nbsp;&nbsp;0 | &nbsp;&nbsp;477076 |  |  |  |  | &nbsp;&nbsp;8700000 |
| &nbsp;&nbsp;34 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Market on Cherry Road | &nbsp;&nbsp;95.0% | &nbsp;&nbsp;1892439 | &nbsp;&nbsp;454325 | &nbsp;&nbsp;1438113 | &nbsp;&nbsp;19883 | &nbsp;&nbsp;59804 | &nbsp;&nbsp;1358427 | &nbsp;&nbsp;1.81 | &nbsp;&nbsp;1.71 | &nbsp;&nbsp;12.3% | &nbsp;&nbsp;11.6% | &nbsp;&nbsp;18700000 |
| &nbsp;&nbsp;**35** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9, 86, 87, 88** | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Pacifica Hotel Portfolio (4-Pack)** | &nbsp;&nbsp;**73.8%** | &nbsp;&nbsp;**25159375** | &nbsp;&nbsp;**14974278** | &nbsp;&nbsp;**10185098** | &nbsp;&nbsp;**1006375** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**9178723** | &nbsp;&nbsp;**1.95** | &nbsp;&nbsp;**1.76** | &nbsp;&nbsp;**14.3%** | &nbsp;&nbsp;**12.9%** | &nbsp;&nbsp;**124800000** |
| &nbsp;&nbsp;35.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Wayfarer San Diego | &nbsp;&nbsp;66.2% | &nbsp;&nbsp;10937614 | &nbsp;&nbsp;5916260 | &nbsp;&nbsp;5021353 | &nbsp;&nbsp;437505 | &nbsp;&nbsp;0 | &nbsp;&nbsp;4583849 |  |  |  |  | &nbsp;&nbsp;63800000 |
| &nbsp;&nbsp;35.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Sandcastle Inn | &nbsp;&nbsp;81.1% | &nbsp;&nbsp;7323381 | &nbsp;&nbsp;4104275 | &nbsp;&nbsp;3219105 | &nbsp;&nbsp;292935 | &nbsp;&nbsp;0 | &nbsp;&nbsp;2926170 |  |  |  |  | &nbsp;&nbsp;36800000 |
| &nbsp;&nbsp;35.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Kinney Venice Beach | &nbsp;&nbsp;75.8% | &nbsp;&nbsp;4063973 | &nbsp;&nbsp;2988106 | &nbsp;&nbsp;1075868 | &nbsp;&nbsp;162559 | &nbsp;&nbsp;0 | &nbsp;&nbsp;913309 |  |  |  |  | &nbsp;&nbsp;14500000 |
| &nbsp;&nbsp;35.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Inn at Venice Beach | &nbsp;&nbsp;80.5% | &nbsp;&nbsp;2834407 | &nbsp;&nbsp;1965636 | &nbsp;&nbsp;868771 | &nbsp;&nbsp;113376 | &nbsp;&nbsp;0 | &nbsp;&nbsp;755395 |  |  |  |  | &nbsp;&nbsp;9700000 |
| &nbsp;&nbsp;**36** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Jacov Portfolio** | &nbsp;&nbsp;**95.0%** | &nbsp;&nbsp;**1034443** | &nbsp;&nbsp;**182509** | &nbsp;&nbsp;**851934** | &nbsp;&nbsp;**16421** | &nbsp;&nbsp;**2500** | &nbsp;&nbsp;**833013** | &nbsp;&nbsp;**1.32** | &nbsp;&nbsp;**1.30** | &nbsp;&nbsp;**8.1%** | &nbsp;&nbsp;**7.9%** | &nbsp;&nbsp;**15800000** |
| &nbsp;&nbsp;36.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;462 West 146th Street | &nbsp;&nbsp;95.0% | &nbsp;&nbsp;362326 | &nbsp;&nbsp;64722 | &nbsp;&nbsp;297605 | &nbsp;&nbsp;3360 | &nbsp;&nbsp;0 | &nbsp;&nbsp;294245 |  |  |  |  | &nbsp;&nbsp;5800000 |
| &nbsp;&nbsp;36.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1156 Dean Street | &nbsp;&nbsp;95.0% | &nbsp;&nbsp;186402 | &nbsp;&nbsp;38268 | &nbsp;&nbsp;148135 | &nbsp;&nbsp;3640 | &nbsp;&nbsp;0 | &nbsp;&nbsp;144495 |  |  |  |  | &nbsp;&nbsp;2300000 |
| &nbsp;&nbsp;36.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;977 East 12th Street | &nbsp;&nbsp;95.0% | &nbsp;&nbsp;264954 | &nbsp;&nbsp;51018 | &nbsp;&nbsp;213936 | &nbsp;&nbsp;6816 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;204620 |  |  |  |  | &nbsp;&nbsp;3900000 |
| &nbsp;&nbsp;36.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;608 West 148th Street | &nbsp;&nbsp;95.0% | &nbsp;&nbsp;220761 | &nbsp;&nbsp;28502 | &nbsp;&nbsp;192259 | &nbsp;&nbsp;2605 | &nbsp;&nbsp;0 | &nbsp;&nbsp;189654 |  |  |  |  | &nbsp;&nbsp;3800000 |
| &nbsp;&nbsp;37 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 89 | &nbsp;&nbsp;1 | &nbsp;&nbsp;CFS Industrial HQ | &nbsp;&nbsp;93.2% | &nbsp;&nbsp;7328370 | &nbsp;&nbsp;1465674 | &nbsp;&nbsp;5862696 | &nbsp;&nbsp;30160 | &nbsp;&nbsp;165335 | &nbsp;&nbsp;5667200 | &nbsp;&nbsp;1.62 | &nbsp;&nbsp;1.57 | &nbsp;&nbsp;11.1% | &nbsp;&nbsp;10.7% | &nbsp;&nbsp;74900000 |

---

A-1-11

**Benchmark 2025-V18**

**Annex A-1**

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Loan ID Number** | &nbsp;&nbsp;**Loan / Property Flag** | &nbsp;&nbsp;**Footnotes (for Loan and Property Information)** | &nbsp;&nbsp;**# of Properties** | &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Underwritten Economic Occupancy (%)** | &nbsp;&nbsp;**Underwritten EGI ($)** | &nbsp;&nbsp;**Underwritten Expenses ($)** | &nbsp;&nbsp;**Underwritten Net Operating Income ($)** | &nbsp;&nbsp;**Underwritten Replacement / FF&E Reserve ($)** | &nbsp;&nbsp;**Underwritten TI / LC ($)** | &nbsp;&nbsp;**Underwritten Net Cash Flow ($)** | &nbsp;&nbsp;**Underwritten NOI DSCR (x)** | &nbsp;&nbsp;**Underwritten NCF DSCR (x)** | &nbsp;&nbsp;**Underwritten NOI Debt Yield (%)** | &nbsp;&nbsp;**Underwritten NCF Debt Yield (%)** | &nbsp;&nbsp;**Appraised Value ($)** |
|  |  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**4** |  |  |  |
| &nbsp;&nbsp;38 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;90, 91, 92 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Davis Building | &nbsp;&nbsp;78.2% | &nbsp;&nbsp;3403240 | &nbsp;&nbsp;1837968 | &nbsp;&nbsp;1565272 | &nbsp;&nbsp;20371 | &nbsp;&nbsp;88058 | &nbsp;&nbsp;1456843 | &nbsp;&nbsp;2.14 | &nbsp;&nbsp;1.99 | &nbsp;&nbsp;16.1% | &nbsp;&nbsp;14.9% | &nbsp;&nbsp;15200000 |
| &nbsp;&nbsp;39 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;93 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Orchard Street Portfolio | &nbsp;&nbsp;95.0% | &nbsp;&nbsp;1161383 | &nbsp;&nbsp;285616 | &nbsp;&nbsp;875767 | &nbsp;&nbsp;10740 | &nbsp;&nbsp;1431 | &nbsp;&nbsp;863596 | &nbsp;&nbsp;1.33 | &nbsp;&nbsp;1.31 | &nbsp;&nbsp;9.1% | &nbsp;&nbsp;9.0% | &nbsp;&nbsp;14550000 |
| &nbsp;&nbsp;**40** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Bronx Multifamily Portfolio** | &nbsp;&nbsp;**95.0%** | &nbsp;&nbsp;**1106302** | &nbsp;&nbsp;**171737** | &nbsp;&nbsp;**934565** | &nbsp;&nbsp;**9500** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**925065** | &nbsp;&nbsp;**1.50** | &nbsp;&nbsp;**1.48** | &nbsp;&nbsp;**9.9%** | &nbsp;&nbsp;**9.8%** | &nbsp;&nbsp;**13500000** |
| &nbsp;&nbsp;40.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;856 East 175th Street | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV |  |  |  |  | &nbsp;&nbsp;3500000 |
| &nbsp;&nbsp;40.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1534 Nelson Avenue | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV |  |  |  |  | &nbsp;&nbsp;3500000 |
| &nbsp;&nbsp;40.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1269 Findlay Avenue | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV |  |  |  |  | &nbsp;&nbsp;3700000 |
| &nbsp;&nbsp;40.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;742 East 183rd Street | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV |  |  |  |  | &nbsp;&nbsp;2800000 |
| &nbsp;&nbsp;41 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;94 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Wyndham Garden Norfolk Downtown | &nbsp;&nbsp;56.7% | &nbsp;&nbsp;5523920 | &nbsp;&nbsp;3729086 | &nbsp;&nbsp;1794834 | &nbsp;&nbsp;232560 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1562274 | &nbsp;&nbsp;2.80 | &nbsp;&nbsp;2.44 | &nbsp;&nbsp;20.1% | &nbsp;&nbsp;17.5% | &nbsp;&nbsp;15500000 |
| &nbsp;&nbsp;42 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;95 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Scottish Traveler RV Park | &nbsp;&nbsp;87.8% | &nbsp;&nbsp;1342752 | &nbsp;&nbsp;559944 | &nbsp;&nbsp;782808 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;782808 | &nbsp;&nbsp;1.64 | &nbsp;&nbsp;1.64 | &nbsp;&nbsp;11.2% | &nbsp;&nbsp;11.2% | &nbsp;&nbsp;12600000 |
| &nbsp;&nbsp;43 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;96, 97 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Windsong Industrial | &nbsp;&nbsp;95.0% | &nbsp;&nbsp;1006838 | &nbsp;&nbsp;323984 | &nbsp;&nbsp;682855 | &nbsp;&nbsp;6480 | &nbsp;&nbsp;0 | &nbsp;&nbsp;676375 | &nbsp;&nbsp;1.59 | &nbsp;&nbsp;1.57 | &nbsp;&nbsp;10.8% | &nbsp;&nbsp;10.7% | &nbsp;&nbsp;10300000 |
| &nbsp;&nbsp;44 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1701 Clay | &nbsp;&nbsp;95.0% | &nbsp;&nbsp;707362 | &nbsp;&nbsp;75210 | &nbsp;&nbsp;632152 | &nbsp;&nbsp;4250 | &nbsp;&nbsp;0 | &nbsp;&nbsp;627902 | &nbsp;&nbsp;1.53 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;10.7% | &nbsp;&nbsp;10.7% | &nbsp;&nbsp;7850000 |
| &nbsp;&nbsp;45 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;98, 99 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Best Western Seven Seas | &nbsp;&nbsp;73.6% | &nbsp;&nbsp;10194059 | &nbsp;&nbsp;8680202 | &nbsp;&nbsp;1513857 | &nbsp;&nbsp;407762 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1106094 | &nbsp;&nbsp;3.53 | &nbsp;&nbsp;2.58 | &nbsp;&nbsp;26.3% | &nbsp;&nbsp;19.2% | &nbsp;&nbsp;10700000 |
| &nbsp;&nbsp;46 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Raleigh | &nbsp;&nbsp;85.8% | &nbsp;&nbsp;1062318 | &nbsp;&nbsp;567576 | &nbsp;&nbsp;494742 | &nbsp;&nbsp;14239 | &nbsp;&nbsp;0 | &nbsp;&nbsp;480503 | &nbsp;&nbsp;1.46 | &nbsp;&nbsp;1.42 | &nbsp;&nbsp;9.7% | &nbsp;&nbsp;9.4% | &nbsp;&nbsp;9100000 |
| &nbsp;&nbsp;47 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;632 Sterling Place | &nbsp;&nbsp;95.0% | &nbsp;&nbsp;432301 | &nbsp;&nbsp;75657 | &nbsp;&nbsp;356644 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;0 | &nbsp;&nbsp;354144 | &nbsp;&nbsp;1.41 | &nbsp;&nbsp;1.40 | &nbsp;&nbsp;8.7% | &nbsp;&nbsp;8.6% | &nbsp;&nbsp;6200000 |

---

A-1-12

**Benchmark 2025-V18**

**Annex A-1**

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Loan ID Number** | &nbsp;&nbsp;**Loan / Property Flag** | &nbsp;&nbsp;**Footnotes (for Loan and Property Information)** | &nbsp;&nbsp;**# of Properties** | &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Appraised Value Type** | &nbsp;&nbsp;**Appraisal Date** | &nbsp;&nbsp;**Cut-off Date LTV Ratio (%)** | &nbsp;&nbsp;**LTV Ratio at Maturity / ARD (%)** | &nbsp;&nbsp;**Leased Occupancy (%)** | &nbsp;&nbsp;**Occupancy Date** | &nbsp;&nbsp;**Single Tenant (Y/N)** | &nbsp;&nbsp;**Largest Tenant** | &nbsp;&nbsp;**Largest Tenant SF** | &nbsp;&nbsp;**Largest Tenant % of NRA** | &nbsp;&nbsp;**Largest Tenant Lease Expiration Date** |
|  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;**5** |  |  |  |  |  | &nbsp;&nbsp;**6** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 10, 11, 12, 13 | &nbsp;&nbsp;1 | &nbsp;&nbsp;9911 Belward | &nbsp;&nbsp;Market Value - Assuming Outstanding TIs Funded | &nbsp;&nbsp;8/25/2025 | &nbsp;&nbsp;40.6% | &nbsp;&nbsp;40.6% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;10/6/2025 | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Human Genome Sciences, Inc. | &nbsp;&nbsp;289912 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;5/31/2034 |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;14, 15, 16 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Park Place Village | &nbsp;&nbsp;As Is | &nbsp;&nbsp;7/16/2025 | &nbsp;&nbsp;61.0% | &nbsp;&nbsp;61.0% | &nbsp;&nbsp;93.4% | &nbsp;&nbsp;8/1/2025 | &nbsp;&nbsp;No | &nbsp;&nbsp;American Multi-Cinema | &nbsp;&nbsp;127340 | &nbsp;&nbsp;26.3% | &nbsp;&nbsp;12/31/2035 |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 17, 18, 19, 20, 21, 22, 23 | &nbsp;&nbsp;1 | &nbsp;&nbsp;180 Water | &nbsp;&nbsp;As Is | &nbsp;&nbsp;4/30/2025 | &nbsp;&nbsp;39.2% | &nbsp;&nbsp;39.2% | &nbsp;&nbsp;97.6% | &nbsp;&nbsp;7/2/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;24, 25 | &nbsp;&nbsp;1 | &nbsp;&nbsp;City Center at Oyster Point | &nbsp;&nbsp;As Is | &nbsp;&nbsp;6/27/2025 | &nbsp;&nbsp;65.3% | &nbsp;&nbsp;65.3% | &nbsp;&nbsp;82.6% | &nbsp;&nbsp;9/9/2025 | &nbsp;&nbsp;No | &nbsp;&nbsp;The City of Newport News | &nbsp;&nbsp;80473 | &nbsp;&nbsp;14.0% | &nbsp;&nbsp;7/31/2027 |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1515 West Webster | &nbsp;&nbsp;As Is | &nbsp;&nbsp;5/22/2025 | &nbsp;&nbsp;64.9% | &nbsp;&nbsp;64.9% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;9/6/2025 | &nbsp;&nbsp;Yes | &nbsp;&nbsp;C.H. Robinson Worldwide | &nbsp;&nbsp;207000 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;8/31/2033 |
| &nbsp;&nbsp;**6** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**26, 27** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**Waterford Multifamily Portfolio** | &nbsp;&nbsp;**As Is** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**70.0%** | &nbsp;&nbsp;**70.0%** | &nbsp;&nbsp;**93.2%** |  |  |  |  |  |  |
| &nbsp;&nbsp;6.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Parkview Apartments | &nbsp;&nbsp;As Is | &nbsp;&nbsp;6/19/2025 |  |  | &nbsp;&nbsp;91.6% | &nbsp;&nbsp;8/1/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;6.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yorkshire Apartments | &nbsp;&nbsp;As Is | &nbsp;&nbsp;6/19/2025 |  |  | &nbsp;&nbsp;93.8% | &nbsp;&nbsp;8/1/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;6.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Holly Brook Apartments | &nbsp;&nbsp;As Is | &nbsp;&nbsp;6/18/2025 |  |  | &nbsp;&nbsp;95.2% | &nbsp;&nbsp;8/1/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 28, 29, 30, 31 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1010 Pacific Street | &nbsp;&nbsp;As Is | &nbsp;&nbsp;8/28/2025 | &nbsp;&nbsp;68.7% | &nbsp;&nbsp;68.7% | &nbsp;&nbsp;97.7% | &nbsp;&nbsp;9/29/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**8** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**32, 33, 34, 35, 36, 37, 38** | &nbsp;&nbsp;**7** | &nbsp;&nbsp;**REVA Portfolio** | &nbsp;&nbsp;**As Is** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**46.0%** | &nbsp;&nbsp;**43.3%** | &nbsp;&nbsp;**80.0%** |  |  |  |  |  |  |
| &nbsp;&nbsp;8.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Signature Place | &nbsp;&nbsp;As Is | &nbsp;&nbsp;4/16/2025 |  |  | &nbsp;&nbsp;68.3% | &nbsp;&nbsp;9/3/2025 | &nbsp;&nbsp;No | &nbsp;&nbsp;EmergeOrtho, Triad Region | &nbsp;&nbsp;58398 | &nbsp;&nbsp;19.5% | &nbsp;&nbsp;8/31/2035 |
| &nbsp;&nbsp;8.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;One Independence | &nbsp;&nbsp;As Is | &nbsp;&nbsp;4/11/2025 |  |  | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;9/3/2025 | &nbsp;&nbsp;No | &nbsp;&nbsp;Health Plan Services, Inc. | &nbsp;&nbsp;79415 | &nbsp;&nbsp;68.6% | &nbsp;&nbsp;1/31/2030 |
| &nbsp;&nbsp;8.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Fairfax Building | &nbsp;&nbsp;As Is | &nbsp;&nbsp;4/15/2025 |  |  | &nbsp;&nbsp;88.0% | &nbsp;&nbsp;9/3/2025 | &nbsp;&nbsp;No | &nbsp;&nbsp;Indivior, Inc. | &nbsp;&nbsp;72602 | &nbsp;&nbsp;47.6% | &nbsp;&nbsp;6/30/2028 |
| &nbsp;&nbsp;8.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Universal Building | &nbsp;&nbsp;As Is | &nbsp;&nbsp;4/10/2025 |  |  | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;10/6/2025 | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Universal City Development Partners, Ltd. | &nbsp;&nbsp;63000 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;1/31/2030 |
| &nbsp;&nbsp;8.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Sabal 6 | &nbsp;&nbsp;As Is | &nbsp;&nbsp;4/10/2025 |  |  | &nbsp;&nbsp;64.4% | &nbsp;&nbsp;9/3/2025 | &nbsp;&nbsp;No | &nbsp;&nbsp;Spectrum Sunshine State, LLC | &nbsp;&nbsp;51768 | &nbsp;&nbsp;51.8% | &nbsp;&nbsp;1/31/2031 |
| &nbsp;&nbsp;8.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;150 Corporate | &nbsp;&nbsp;As Is | &nbsp;&nbsp;4/14/2025 |  |  | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;10/6/2025 | &nbsp;&nbsp;Yes | &nbsp;&nbsp;PRA Holding I, LLC | &nbsp;&nbsp;56052 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;12/31/2032 |
| &nbsp;&nbsp;8.07 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Southpark at Westgate | &nbsp;&nbsp;As Is | &nbsp;&nbsp;4/9/2025 |  |  | &nbsp;&nbsp;66.1% | &nbsp;&nbsp;9/3/2025 | &nbsp;&nbsp;No | &nbsp;&nbsp;Department of Veterans Affairs | &nbsp;&nbsp;15340 | &nbsp;&nbsp;25.3% | &nbsp;&nbsp;3/31/2027 |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;39, 40, 41 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Hotel Valencia Santana Row | &nbsp;&nbsp;As Is | &nbsp;&nbsp;8/20/2025 | &nbsp;&nbsp;53.2% | &nbsp;&nbsp;53.2% | &nbsp;&nbsp;65.0% | &nbsp;&nbsp;8/31/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;44 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Royal Ledges Apartments | &nbsp;&nbsp;As Is | &nbsp;&nbsp;7/24/2025 | &nbsp;&nbsp;67.9% | &nbsp;&nbsp;67.9% | &nbsp;&nbsp;96.7% | &nbsp;&nbsp;8/31/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;42, 43 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Brookside Gardens | &nbsp;&nbsp;As Is | &nbsp;&nbsp;7/1/2025 | &nbsp;&nbsp;72.6% | &nbsp;&nbsp;72.6% | &nbsp;&nbsp;95.8% | &nbsp;&nbsp;9/1/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;45 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Torrey Ridge Apartments | &nbsp;&nbsp;As Is | &nbsp;&nbsp;7/10/2025 | &nbsp;&nbsp;64.0% | &nbsp;&nbsp;64.0% | &nbsp;&nbsp;93.1% | &nbsp;&nbsp;8/4/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;13 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Pavilion at Port Orange | &nbsp;&nbsp;As Is | &nbsp;&nbsp;8/29/2025 | &nbsp;&nbsp;41.4% | &nbsp;&nbsp;41.4% | &nbsp;&nbsp;92.2% | &nbsp;&nbsp;9/30/2025 | &nbsp;&nbsp;No | &nbsp;&nbsp;Belk | &nbsp;&nbsp;75473 | &nbsp;&nbsp;18.9% | &nbsp;&nbsp;3/4/2030 |
| &nbsp;&nbsp;14 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;46, 47 | &nbsp;&nbsp;1 | &nbsp;&nbsp;The DeSoto | &nbsp;&nbsp;As Is | &nbsp;&nbsp;8/18/2025 | &nbsp;&nbsp;55.9% | &nbsp;&nbsp;55.9% | &nbsp;&nbsp;71.2% | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;15 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;48, 49, 50, 51, 52 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Haven at Bellaire | &nbsp;&nbsp;Hypothetical As If PFC | &nbsp;&nbsp;7/7/2025 | &nbsp;&nbsp;72.5% | &nbsp;&nbsp;72.5% | &nbsp;&nbsp;92.3% | &nbsp;&nbsp;7/28/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**16** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9, 53** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Yosemite Hospitality Portfolio** | &nbsp;&nbsp;**As Is** | &nbsp;&nbsp;**6/25/2025** | &nbsp;&nbsp;**62.7%** | &nbsp;&nbsp;**62.7%** | &nbsp;&nbsp;**57.6%** |  |  |  |  |  |  |
| &nbsp;&nbsp;16.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yosemite View Lodge | &nbsp;&nbsp;As Is | &nbsp;&nbsp;6/25/2025 |  |  | &nbsp;&nbsp;63.4% | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;16.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yosemite Cedar Lodge | &nbsp;&nbsp;As Is | &nbsp;&nbsp;6/25/2025 |  |  | &nbsp;&nbsp;48.4% | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**17** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9** | &nbsp;&nbsp;**17** | &nbsp;&nbsp;**ESA Portfolio** | &nbsp;&nbsp;**As Is** | &nbsp;&nbsp;**6/1/2025** | &nbsp;&nbsp;**64.0%** | &nbsp;&nbsp;**64.0%** | &nbsp;&nbsp;**81.2%** |  |  |  |  |  |  |
| &nbsp;&nbsp;17.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Wayne South | &nbsp;&nbsp;As Is | &nbsp;&nbsp;6/1/2025 |  |  | &nbsp;&nbsp;89.3% | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Waco - Woodway | &nbsp;&nbsp;As Is | &nbsp;&nbsp;6/1/2025 |  |  | &nbsp;&nbsp;87.9% | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cincinnati Blue Ash Kenwood Rd | &nbsp;&nbsp;As Is | &nbsp;&nbsp;6/1/2025 |  |  | &nbsp;&nbsp;74.7% | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - North | &nbsp;&nbsp;As Is | &nbsp;&nbsp;6/1/2025 |  |  | &nbsp;&nbsp;82.8% | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Indianapolis Northwest I-465 | &nbsp;&nbsp;As Is | &nbsp;&nbsp;6/1/2025 |  |  | &nbsp;&nbsp;76.7% | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cincinnati Blue Ash Reed Hartman | &nbsp;&nbsp;As Is | &nbsp;&nbsp;6/1/2025 |  |  | &nbsp;&nbsp;74.1% | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.07 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;El Paso - Airport | &nbsp;&nbsp;As Is | &nbsp;&nbsp;6/1/2025 |  |  | &nbsp;&nbsp;69.8% | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.08 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dallas - Greenville Ave | &nbsp;&nbsp;As Is | &nbsp;&nbsp;6/1/2025 |  |  | &nbsp;&nbsp;83.0% | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.09 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Indianapolis - Airport - W Southern Ave | &nbsp;&nbsp;As Is | &nbsp;&nbsp;6/1/2025 |  |  | &nbsp;&nbsp;68.9% | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.10 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;El Paso - West | &nbsp;&nbsp;As Is | &nbsp;&nbsp;6/1/2025 |  |  | &nbsp;&nbsp;79.6% | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.11 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - Fossil Creek | &nbsp;&nbsp;As Is | &nbsp;&nbsp;6/1/2025 |  |  | &nbsp;&nbsp;90.9% | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.12 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dallas - Plano Parkway | &nbsp;&nbsp;As Is | &nbsp;&nbsp;6/1/2025 |  |  | &nbsp;&nbsp;84.9% | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.13 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - City View | &nbsp;&nbsp;As Is | &nbsp;&nbsp;6/1/2025 |  |  | &nbsp;&nbsp;83.4% | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.14 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Wayne North | &nbsp;&nbsp;As Is | &nbsp;&nbsp;6/1/2025 |  |  | &nbsp;&nbsp;91.1% | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.15 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - Fairborn | &nbsp;&nbsp;As Is | &nbsp;&nbsp;6/1/2025 |  |  | &nbsp;&nbsp;85.0% | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.16 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - Southwest | &nbsp;&nbsp;As Is | &nbsp;&nbsp;6/1/2025 |  |  | &nbsp;&nbsp;87.5% | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.17 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - South | &nbsp;&nbsp;As Is | &nbsp;&nbsp;6/1/2025 |  |  | &nbsp;&nbsp;87.0% | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;18 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 54, 55 | &nbsp;&nbsp;1 | &nbsp;&nbsp;80-02 Kew Gardens | &nbsp;&nbsp;As Is | &nbsp;&nbsp;7/14/2025 | &nbsp;&nbsp;60.9% | &nbsp;&nbsp;60.9% | &nbsp;&nbsp;95.7% | &nbsp;&nbsp;7/7/2025 | &nbsp;&nbsp;No | &nbsp;&nbsp;Sylvan Kew Garage LLC | &nbsp;&nbsp;114632 | &nbsp;&nbsp;22.8% | &nbsp;&nbsp;7/31/2036 |
| &nbsp;&nbsp;19 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;56, 57 | &nbsp;&nbsp;1 | &nbsp;&nbsp;MetLife Solutions Tampa | &nbsp;&nbsp;As Is | &nbsp;&nbsp;10/28/2024 | &nbsp;&nbsp;65.8% | &nbsp;&nbsp;65.8% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;10/6/2025 | &nbsp;&nbsp;Yes | &nbsp;&nbsp;MetLife Services and Solutions, LLC | &nbsp;&nbsp;247371 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;12/13/2034 |
| &nbsp;&nbsp;20 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;58, 59, 60, 61, 62, 63, 64 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Providence at Champions | &nbsp;&nbsp;Hypothetical Market Value with Restricted Rents | &nbsp;&nbsp;4/17/2025 | &nbsp;&nbsp;64.4% | &nbsp;&nbsp;64.4% | &nbsp;&nbsp;92.7% | &nbsp;&nbsp;5/14/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;21 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 72, 73, 74, 75 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Springfield Town Center | &nbsp;&nbsp;As Is | &nbsp;&nbsp;4/1/2025 | &nbsp;&nbsp;54.6% | &nbsp;&nbsp;54.6% | &nbsp;&nbsp;93.2% | &nbsp;&nbsp;5/31/2025 | &nbsp;&nbsp;No | &nbsp;&nbsp;Macy's | &nbsp;&nbsp;252245 | &nbsp;&nbsp;25.7% | &nbsp;&nbsp;2/28/2035 |
| &nbsp;&nbsp;22 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Landings I & II | &nbsp;&nbsp;As Is | &nbsp;&nbsp;7/11/2025 | &nbsp;&nbsp;61.5% | &nbsp;&nbsp;61.5% | &nbsp;&nbsp;86.9% | &nbsp;&nbsp;6/1/2025 | &nbsp;&nbsp;No | &nbsp;&nbsp;American Structurepoint, Inc. | &nbsp;&nbsp;98447 | &nbsp;&nbsp;42.1% | &nbsp;&nbsp;8/31/2033 |
| &nbsp;&nbsp;**23** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**65** | &nbsp;&nbsp;**6** | &nbsp;&nbsp;**NYC Mixed-Use Portfolio** | &nbsp;&nbsp;**As Is** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**66.4%** | &nbsp;&nbsp;**66.4%** | &nbsp;&nbsp;**97.5%** |  |  |  |  |  |  |
| &nbsp;&nbsp;23.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;14 1st Avenue | &nbsp;&nbsp;As Is | &nbsp;&nbsp;6/24/2025 |  |  | &nbsp;&nbsp;93.3% | &nbsp;&nbsp;8/13/2025 | &nbsp;&nbsp;No | &nbsp;&nbsp;Lucien's Restaurant | &nbsp;&nbsp;1300 | &nbsp;&nbsp;65.0% | &nbsp;&nbsp;6/30/2027 |
| &nbsp;&nbsp;23.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;313 West 92nd Street | &nbsp;&nbsp;As Is | &nbsp;&nbsp;6/23/2025 |  |  | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;8/13/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;23.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;316-322 East 149th Street | &nbsp;&nbsp;As Is | &nbsp;&nbsp;6/23/2025 |  |  | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;8/13/2025 | &nbsp;&nbsp;No | &nbsp;&nbsp;Alfredo Floresmoreno | &nbsp;&nbsp;6400 | &nbsp;&nbsp;50.0% | &nbsp;&nbsp;9/30/2028 |
| &nbsp;&nbsp;23.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;445 West 46th Street | &nbsp;&nbsp;As Is | &nbsp;&nbsp;6/24/2025 |  |  | &nbsp;&nbsp;95.5% | &nbsp;&nbsp;8/13/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;23.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;296 & 298 East 149th Street | &nbsp;&nbsp;As Is | &nbsp;&nbsp;6/23/2025 |  |  | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;8/13/2025 | &nbsp;&nbsp;No | &nbsp;&nbsp;Darou Salam Islamic | &nbsp;&nbsp;6600 | &nbsp;&nbsp;62.6% | &nbsp;&nbsp;5/31/2030 |
| &nbsp;&nbsp;23.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;219 East 5th Street | &nbsp;&nbsp;As Is | &nbsp;&nbsp;6/24/2025 |  |  | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;8/13/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;24 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 76, 77 | &nbsp;&nbsp;1 | &nbsp;&nbsp;161 Washington Street | &nbsp;&nbsp;As Is | &nbsp;&nbsp;7/17/2025 | &nbsp;&nbsp;69.3% | &nbsp;&nbsp;69.3% | &nbsp;&nbsp;91.4% | &nbsp;&nbsp;8/31/2025 | &nbsp;&nbsp;No | &nbsp;&nbsp;Marsh & McLennan Agency | &nbsp;&nbsp;35383 | &nbsp;&nbsp;10.1% | &nbsp;&nbsp;5/31/2027 |
| &nbsp;&nbsp;25 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;66, 67, 68, 69, 70, 71 | &nbsp;&nbsp;1 | &nbsp;&nbsp;365 West Passaic | &nbsp;&nbsp;As Is | &nbsp;&nbsp;5/6/2025 | &nbsp;&nbsp;61.6% | &nbsp;&nbsp;61.6% | &nbsp;&nbsp;84.5% | &nbsp;&nbsp;9/8/2025 | &nbsp;&nbsp;No | &nbsp;&nbsp;Botwinick & Co | &nbsp;&nbsp;21994 | &nbsp;&nbsp;10.0% | &nbsp;&nbsp;2/28/2034 |
| &nbsp;&nbsp;26 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Quail Creek Crossing | &nbsp;&nbsp;As Is | &nbsp;&nbsp;7/11/2025 | &nbsp;&nbsp;67.5% | &nbsp;&nbsp;63.7% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;7/1/2025 | &nbsp;&nbsp;No | &nbsp;&nbsp;Homegoods, Inc. | &nbsp;&nbsp;23400 | &nbsp;&nbsp;14.8% | &nbsp;&nbsp;11/30/2033 |
| &nbsp;&nbsp;27 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;78 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Village Square | &nbsp;&nbsp;As Is | &nbsp;&nbsp;8/14/2025 | &nbsp;&nbsp;63.8% | &nbsp;&nbsp;63.8% | &nbsp;&nbsp;95.5% | &nbsp;&nbsp;9/1/2025 | &nbsp;&nbsp;No | &nbsp;&nbsp;Target | &nbsp;&nbsp;33065 | &nbsp;&nbsp;29.2% | &nbsp;&nbsp;1/31/2033 |
| &nbsp;&nbsp;28 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;79, 80 | &nbsp;&nbsp;1 | &nbsp;&nbsp;250-254 Winthrop Street | &nbsp;&nbsp;As Is | &nbsp;&nbsp;4/24/2025 | &nbsp;&nbsp;65.0% | &nbsp;&nbsp;65.0% | &nbsp;&nbsp;96.4% | &nbsp;&nbsp;9/1/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;29 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;81 | &nbsp;&nbsp;1 | &nbsp;&nbsp;2105-2109 1st Avenue | &nbsp;&nbsp;As Is | &nbsp;&nbsp;5/30/2025 | &nbsp;&nbsp;72.9% | &nbsp;&nbsp;72.9% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;8/31/2025 | &nbsp;&nbsp;No | &nbsp;&nbsp;Hazzam R. Al Nagar | &nbsp;&nbsp;1490 | &nbsp;&nbsp;18.6% | &nbsp;&nbsp;6/30/2039 |
| &nbsp;&nbsp;30 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Spyglass Inn | &nbsp;&nbsp;As Is | &nbsp;&nbsp;6/24/2025 | &nbsp;&nbsp;55.6% | &nbsp;&nbsp;55.6% | &nbsp;&nbsp;66.6% | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;31 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cottage Inn by the Sea | &nbsp;&nbsp;As Is | &nbsp;&nbsp;6/24/2025 | &nbsp;&nbsp;61.4% | &nbsp;&nbsp;61.4% | &nbsp;&nbsp;72.3% | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**32** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**82, 83, 84, 85** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Leeton Leased Fee Pool B Portfolio** | &nbsp;&nbsp;**Leased Fee Value of the Ground Lease** | &nbsp;&nbsp;**9/1/2025** | &nbsp;&nbsp;**78.6%** | &nbsp;&nbsp;**78.6%** | &nbsp;&nbsp;**100.0%** |  |  |  |  |  |  |
| &nbsp;&nbsp;32.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Thruway Plaza | &nbsp;&nbsp;Leased Fee Value of the Ground Lease | &nbsp;&nbsp;9/1/2025 |  |  | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;9/30/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;32.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Augusta West | &nbsp;&nbsp;Leased Fee Value of the Ground Lease | &nbsp;&nbsp;9/1/2025 |  |  | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;9/30/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**33** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Compass Sunbelt Storage Portfolio** | &nbsp;&nbsp;**As Is** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**64.8%** | &nbsp;&nbsp;**64.8%** | &nbsp;&nbsp;**92.7%** |  |  |  |  |  |  |
| &nbsp;&nbsp;33.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Laplace | &nbsp;&nbsp;As Is | &nbsp;&nbsp;8/1/2025 |  |  | &nbsp;&nbsp;94.8% | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;33.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Gulfport | &nbsp;&nbsp;As Is | &nbsp;&nbsp;8/4/2025 |  |  | &nbsp;&nbsp;90.5% | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;34 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Market on Cherry Road | &nbsp;&nbsp;As Is | &nbsp;&nbsp;7/3/2025 | &nbsp;&nbsp;62.6% | &nbsp;&nbsp;62.6% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;7/1/2025 | &nbsp;&nbsp;No | &nbsp;&nbsp;Big Lots Stores, Inc. | &nbsp;&nbsp;31180 | &nbsp;&nbsp;23.5% | &nbsp;&nbsp;1/31/2030 |
| &nbsp;&nbsp;**35** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9, 86, 87, 88** | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Pacifica Hotel Portfolio (4-Pack)** | &nbsp;&nbsp;**As Is** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**57.2%** | &nbsp;&nbsp;**57.2%** | &nbsp;&nbsp;**73.8%** |  |  |  |  |  |  |
| &nbsp;&nbsp;35.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Wayfarer San Diego | &nbsp;&nbsp;As Is | &nbsp;&nbsp;6/17/2025 |  |  | &nbsp;&nbsp;66.2% | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;35.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Sandcastle Inn | &nbsp;&nbsp;As Is | &nbsp;&nbsp;6/24/2025 |  |  | &nbsp;&nbsp;81.1% | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;35.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Kinney Venice Beach | &nbsp;&nbsp;As Is | &nbsp;&nbsp;6/23/2025 |  |  | &nbsp;&nbsp;75.8% | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;35.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Inn at Venice Beach | &nbsp;&nbsp;As Is | &nbsp;&nbsp;6/23/2025 |  |  | &nbsp;&nbsp;80.5% | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**36** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Jacov Portfolio** | &nbsp;&nbsp;**As Is** | &nbsp;&nbsp;**Various** | &nbsp;&nbsp;**66.5%** | &nbsp;&nbsp;**66.5%** | &nbsp;&nbsp;**100.0%** |  |  |  |  |  |  |
| &nbsp;&nbsp;36.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;462 West 146th Street | &nbsp;&nbsp;As Is | &nbsp;&nbsp;7/15/2025 |  |  | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;9/15/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;36.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1156 Dean Street | &nbsp;&nbsp;As Is | &nbsp;&nbsp;7/16/2025 |  |  | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;9/15/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;36.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;977 East 12th Street | &nbsp;&nbsp;As Is | &nbsp;&nbsp;7/16/2025 |  |  | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;9/15/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;36.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;608 West 148th Street | &nbsp;&nbsp;As Is | &nbsp;&nbsp;7/15/2025 |  |  | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;9/15/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;37 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 89 | &nbsp;&nbsp;1 | &nbsp;&nbsp;CFS Industrial HQ | &nbsp;&nbsp;As Is | &nbsp;&nbsp;7/30/2025 | &nbsp;&nbsp;70.5% | &nbsp;&nbsp;70.5% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;9/6/2025 | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Commonwealth Fusion Systems | &nbsp;&nbsp;165335 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;10/31/2037 |

---

A-1-13

**Benchmark 2025-V18**

**Annex A-1**

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Loan ID Number** | &nbsp;&nbsp;**Loan / Property Flag** | &nbsp;&nbsp;**Footnotes (for Loan and Property Information)** | &nbsp;&nbsp;**# of Properties** | &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Appraised Value Type** | &nbsp;&nbsp;**Appraisal Date** | &nbsp;&nbsp;**Cut-off Date LTV Ratio (%)** | &nbsp;&nbsp;**LTV Ratio at Maturity / ARD (%)** | &nbsp;&nbsp;**Leased Occupancy (%)** | &nbsp;&nbsp;**Occupancy Date** | &nbsp;&nbsp;**Single Tenant (Y/N)** | &nbsp;&nbsp;**Largest Tenant** | &nbsp;&nbsp;**Largest Tenant SF** | &nbsp;&nbsp;**Largest Tenant % of NRA** | &nbsp;&nbsp;**Largest Tenant Lease Expiration Date** |
|  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;**5** |  |  |  |  |  | &nbsp;&nbsp;**6** |
| &nbsp;&nbsp;38 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;90, 91, 92 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Davis Building | &nbsp;&nbsp;As Is | &nbsp;&nbsp;9/12/2025 | &nbsp;&nbsp;64.1% | &nbsp;&nbsp;64.1% | &nbsp;&nbsp;78.5% | &nbsp;&nbsp;9/25/2025 | &nbsp;&nbsp;No | &nbsp;&nbsp;OSI Management Inc | &nbsp;&nbsp;14387 | &nbsp;&nbsp;14.7% | &nbsp;&nbsp;11/30/2031 |
| &nbsp;&nbsp;39 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;93 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Orchard Street Portfolio | &nbsp;&nbsp;As Is | &nbsp;&nbsp;4/10/2025 | &nbsp;&nbsp;66.0% | &nbsp;&nbsp;66.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;8/25/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**40** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Bronx Multifamily Portfolio** | &nbsp;&nbsp;**As Is** | &nbsp;&nbsp;**4/29/2025** | &nbsp;&nbsp;**69.6%** | &nbsp;&nbsp;**69.6%** | &nbsp;&nbsp;**100.0%** |  |  |  |  |  |  |
| &nbsp;&nbsp;40.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;856 East 175th Street | &nbsp;&nbsp;As Is | &nbsp;&nbsp;4/29/2025 |  |  | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;5/1/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;40.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1534 Nelson Avenue | &nbsp;&nbsp;As Is | &nbsp;&nbsp;4/29/2025 |  |  | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;5/1/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;40.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1269 Findlay Avenue | &nbsp;&nbsp;As Is | &nbsp;&nbsp;4/29/2025 |  |  | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;5/1/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;40.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;742 East 183rd Street | &nbsp;&nbsp;As Is | &nbsp;&nbsp;4/29/2025 |  |  | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;5/1/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;41 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;94 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Wyndham Garden Norfolk Downtown | &nbsp;&nbsp;As Is | &nbsp;&nbsp;8/5/2025 | &nbsp;&nbsp;57.7% | &nbsp;&nbsp;57.7% | &nbsp;&nbsp;56.7% | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;42 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;95 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Scottish Traveler RV Park | &nbsp;&nbsp;As Is | &nbsp;&nbsp;5/12/2025 | &nbsp;&nbsp;55.6% | &nbsp;&nbsp;55.6% | &nbsp;&nbsp;77.2% | &nbsp;&nbsp;5/31/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;43 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;96, 97 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Windsong Industrial | &nbsp;&nbsp;As Is | &nbsp;&nbsp;7/17/2025 | &nbsp;&nbsp;61.7% | &nbsp;&nbsp;61.7% | &nbsp;&nbsp;95.8% | &nbsp;&nbsp;10/1/2025 | &nbsp;&nbsp;No | &nbsp;&nbsp;Flip Wholesale | &nbsp;&nbsp;10000 | &nbsp;&nbsp;15.4% | &nbsp;&nbsp;12/31/2028 |
| &nbsp;&nbsp;44 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1701 Clay | &nbsp;&nbsp;As Is | &nbsp;&nbsp;6/10/2025 | &nbsp;&nbsp;75.0% | &nbsp;&nbsp;75.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;9/1/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;45 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;98, 99 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Best Western Seven Seas | &nbsp;&nbsp;As Is | &nbsp;&nbsp;6/17/2025 | &nbsp;&nbsp;53.7% | &nbsp;&nbsp;53.7% | &nbsp;&nbsp;73.6% | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;46 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Raleigh | &nbsp;&nbsp;As Is | &nbsp;&nbsp;8/1/2025 | &nbsp;&nbsp;56.0% | &nbsp;&nbsp;56.0% | &nbsp;&nbsp;92.3% | &nbsp;&nbsp;8/20/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;47 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;632 Sterling Place | &nbsp;&nbsp;As Is | &nbsp;&nbsp;8/14/2025 | &nbsp;&nbsp;66.1% | &nbsp;&nbsp;66.1% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;9/10/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |

---

A-1-14

**Benchmark 2025-V18**

**Annex A-1**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Loan ID Number** | &nbsp;&nbsp;**Loan / Property Flag** | &nbsp;&nbsp;**Footnotes (for Loan and Property Information)** | &nbsp;&nbsp;**# of Properties** | &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Second Largest Tenant** | &nbsp;&nbsp;**Second Largest Tenant SF** | &nbsp;&nbsp;**Second Largest Tenant % of NRA** | &nbsp;&nbsp;**Second Largest Tenant Lease Expiration Date** | &nbsp;&nbsp;**Third Largest Tenant** | &nbsp;&nbsp;**Third Largest Tenant SF** | &nbsp;&nbsp;**Third Largest Tenant % of NRA** | &nbsp;&nbsp;**Third Largest Tenant Lease Expiration Date** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**6** |  |  |  | &nbsp;&nbsp;**6** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 10, 11, 12, 13 | &nbsp;&nbsp;1 | &nbsp;&nbsp;9911 Belward | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;14, 15, 16 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Park Place Village | &nbsp;&nbsp;SCOR Global Life USA | &nbsp;&nbsp;40286 | &nbsp;&nbsp;8.3% | &nbsp;&nbsp;11/30/2026 | &nbsp;&nbsp;Northwestern Mutual | &nbsp;&nbsp;32523 | &nbsp;&nbsp;6.7% | &nbsp;&nbsp;4/30/2030 |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 17, 18, 19, 20, 21, 22, 23 | &nbsp;&nbsp;1 | &nbsp;&nbsp;180 Water | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;24, 25 | &nbsp;&nbsp;1 | &nbsp;&nbsp;City Center at Oyster Point | &nbsp;&nbsp;Riverside Healthcare | &nbsp;&nbsp;19372 | &nbsp;&nbsp;3.4% | &nbsp;&nbsp;5/31/2035 | &nbsp;&nbsp;US Attorney's Office | &nbsp;&nbsp;17671 | &nbsp;&nbsp;3.1% | &nbsp;&nbsp;11/14/2043 |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1515 West Webster | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**6** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**26, 27** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**Waterford Multifamily Portfolio** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;6.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Parkview Apartments | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;6.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yorkshire Apartments | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;6.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Holly Brook Apartments | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 28, 29, 30, 31 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1010 Pacific Street | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**8** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**32, 33, 34, 35, 36, 37, 38** | &nbsp;&nbsp;**7** | &nbsp;&nbsp;**REVA Portfolio** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;8.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Signature Place | &nbsp;&nbsp;Tanger Properties Limited Partnership | &nbsp;&nbsp;45918 | &nbsp;&nbsp;15.4% | &nbsp;&nbsp;3/31/2028 | &nbsp;&nbsp;Pennsylvania National Mutual Casualty Insurance Company | &nbsp;&nbsp;32910 | &nbsp;&nbsp;11.0% | &nbsp;&nbsp;1/31/2029 |
| &nbsp;&nbsp;8.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;One Independence | &nbsp;&nbsp;Wipro, LLC | &nbsp;&nbsp;34350 | &nbsp;&nbsp;29.7% | &nbsp;&nbsp;1/31/2030 | &nbsp;&nbsp;Nature's Table Franchise Co. | &nbsp;&nbsp;1975 | &nbsp;&nbsp;1.7% | &nbsp;&nbsp;MTM |
| &nbsp;&nbsp;8.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Fairfax Building | &nbsp;&nbsp;ARMS Software, LLC | &nbsp;&nbsp;16129 | &nbsp;&nbsp;10.6% | &nbsp;&nbsp;8/31/2033 | &nbsp;&nbsp;Commonwealth of Virginia, Department of General Services | &nbsp;&nbsp;15514 | &nbsp;&nbsp;10.2% | &nbsp;&nbsp;7/31/2033 |
| &nbsp;&nbsp;8.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Universal Building | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;8.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Sabal 6 | &nbsp;&nbsp;Hatch Associates Consultants, Inc. | &nbsp;&nbsp;12634 | &nbsp;&nbsp;12.6% | &nbsp;&nbsp;4/30/2027 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;8.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;150 Corporate | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;8.07 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Southpark at Westgate | &nbsp;&nbsp;Care in the Community - Dept of Veteran Affairs | &nbsp;&nbsp;9967 | &nbsp;&nbsp;16.5% | &nbsp;&nbsp;10/31/2029 | &nbsp;&nbsp;State of North Carolina | &nbsp;&nbsp;9812 | &nbsp;&nbsp;16.2% | &nbsp;&nbsp;12/19/2026 |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;39, 40, 41 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Hotel Valencia Santana Row | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;44 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Royal Ledges Apartments | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;42, 43 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Brookside Gardens | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;45 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Torrey Ridge Apartments | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;13 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Pavilion at Port Orange | &nbsp;&nbsp;Marshalls/HomeGoods | &nbsp;&nbsp;50000 | &nbsp;&nbsp;12.6% | &nbsp;&nbsp;3/31/2030 | &nbsp;&nbsp;Regal Cinemas | &nbsp;&nbsp;46504 | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;12/31/2031 |
| &nbsp;&nbsp;14 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;46, 47 | &nbsp;&nbsp;1 | &nbsp;&nbsp;The DeSoto | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;15 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;48, 49, 50, 51, 52 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Haven at Bellaire | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**16** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9, 53** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Yosemite Hospitality Portfolio** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;16.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yosemite View Lodge | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;16.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yosemite Cedar Lodge | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**17** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9** | &nbsp;&nbsp;**17** | &nbsp;&nbsp;**ESA Portfolio** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Wayne South | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Waco - Woodway | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cincinnati Blue Ash Kenwood Rd | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - North | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Indianapolis Northwest I-465 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cincinnati Blue Ash Reed Hartman | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.07 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;El Paso - Airport | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.08 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dallas - Greenville Ave | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.09 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Indianapolis - Airport - W Southern Ave | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.10 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;El Paso - West | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.11 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - Fossil Creek | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.12 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dallas - Plano Parkway | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.13 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - City View | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.14 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Wayne North | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.15 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - Fairborn | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.16 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - Southwest | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.17 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - South | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;18 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 54, 55 | &nbsp;&nbsp;1 | &nbsp;&nbsp;80-02 Kew Gardens | &nbsp;&nbsp;Queens DA's Office | &nbsp;&nbsp;87957 | &nbsp;&nbsp;17.5% | &nbsp;&nbsp;11/21/2031 | &nbsp;&nbsp;FBI | &nbsp;&nbsp;55088 | &nbsp;&nbsp;11.0% | &nbsp;&nbsp;8/31/2029 |
| &nbsp;&nbsp;19 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;56, 57 | &nbsp;&nbsp;1 | &nbsp;&nbsp;MetLife Solutions Tampa | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;20 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;58, 59, 60, 61, 62, 63, 64 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Providence at Champions | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;21 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 72, 73, 74, 75 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Springfield Town Center | &nbsp;&nbsp;Dick's Sporting Goods | &nbsp;&nbsp;53891 | &nbsp;&nbsp;5.5% | &nbsp;&nbsp;1/31/2030 | &nbsp;&nbsp;Regal Cinemas | &nbsp;&nbsp;49788 | &nbsp;&nbsp;5.1% | &nbsp;&nbsp;10/31/2031 |
| &nbsp;&nbsp;22 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Landings I & II | &nbsp;&nbsp;United States Infrastructure Corporation | &nbsp;&nbsp;47056 | &nbsp;&nbsp;20.1% | &nbsp;&nbsp;10/31/2029 | &nbsp;&nbsp;WGU Corporation | &nbsp;&nbsp;16357 | &nbsp;&nbsp;7.0% | &nbsp;&nbsp;9/30/2032 |
| &nbsp;&nbsp;**23** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**65** | &nbsp;&nbsp;**6** | &nbsp;&nbsp;**NYC Mixed-Use Portfolio** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;23.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;14 1st Avenue | &nbsp;&nbsp;Chocolate Gore Corporation | &nbsp;&nbsp;700 | &nbsp;&nbsp;35.0% | &nbsp;&nbsp;4/30/2035 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;23.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;313 West 92nd Street | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;23.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;316-322 East 149th Street | &nbsp;&nbsp;Special Touch Beauty | &nbsp;&nbsp;1800 | &nbsp;&nbsp;14.1% | &nbsp;&nbsp;4/30/2026 | &nbsp;&nbsp;OZ Pharmacy Inc. | &nbsp;&nbsp;1200 | &nbsp;&nbsp;9.4% | &nbsp;&nbsp;3/31/2030 |
| &nbsp;&nbsp;23.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;445 West 46th Street | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;23.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;296 & 298 East 149th Street | &nbsp;&nbsp;Remedy Mart Pharmacy Inc. | &nbsp;&nbsp;1700 | &nbsp;&nbsp;16.1% | &nbsp;&nbsp;4/30/2033 | &nbsp;&nbsp;King Bag | &nbsp;&nbsp;1249 | &nbsp;&nbsp;11.8% | &nbsp;&nbsp;7/30/2027 |
| &nbsp;&nbsp;23.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;219 East 5th Street | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;24 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 76, 77 | &nbsp;&nbsp;1 | &nbsp;&nbsp;161 Washington Street | &nbsp;&nbsp;Allied Barton (HQ) | &nbsp;&nbsp;34033 | &nbsp;&nbsp;9.7% | &nbsp;&nbsp;1/31/2029 | &nbsp;&nbsp;CenterSquare Investment Mgmt. (HQ) | &nbsp;&nbsp;24273 | &nbsp;&nbsp;6.9% | &nbsp;&nbsp;4/30/2034 |
| &nbsp;&nbsp;25 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;66, 67, 68, 69, 70, 71 | &nbsp;&nbsp;1 | &nbsp;&nbsp;365 West Passaic | &nbsp;&nbsp;Care Plus NJ | &nbsp;&nbsp;17816 | &nbsp;&nbsp;8.1% | &nbsp;&nbsp;3/31/2034 | &nbsp;&nbsp;Stantec Consulting Services | &nbsp;&nbsp;13425 | &nbsp;&nbsp;6.1% | &nbsp;&nbsp;11/30/2030 |
| &nbsp;&nbsp;26 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Quail Creek Crossing | &nbsp;&nbsp;Office Depot | &nbsp;&nbsp;20300 | &nbsp;&nbsp;12.9% | &nbsp;&nbsp;12/31/2031 | &nbsp;&nbsp;PetSmart | &nbsp;&nbsp;20087 | &nbsp;&nbsp;12.7% | &nbsp;&nbsp;7/31/2027 |
| &nbsp;&nbsp;27 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;78 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Village Square | &nbsp;&nbsp;TJX Companies | &nbsp;&nbsp;27120 | &nbsp;&nbsp;24.0% | &nbsp;&nbsp;1/31/2029 | &nbsp;&nbsp;DXL | &nbsp;&nbsp;11495 | &nbsp;&nbsp;10.2% | &nbsp;&nbsp;11/30/2031 |
| &nbsp;&nbsp;28 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;79, 80 | &nbsp;&nbsp;1 | &nbsp;&nbsp;250-254 Winthrop Street | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;29 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;81 | &nbsp;&nbsp;1 | &nbsp;&nbsp;2105-2109 1st Avenue | &nbsp;&nbsp;Mr. Yur Julian Reyes and Mr. Geovani Julian | &nbsp;&nbsp;1300 | &nbsp;&nbsp;16.3% | &nbsp;&nbsp;6/30/2030 | &nbsp;&nbsp;Beck's Wine and Spirits, Inc. | &nbsp;&nbsp;1150 | &nbsp;&nbsp;14.4% | &nbsp;&nbsp;1/31/2028 |
| &nbsp;&nbsp;30 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Spyglass Inn | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;31 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cottage Inn by the Sea | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**32** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**82, 83, 84, 85** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Leeton Leased Fee Pool B Portfolio** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;32.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Thruway Plaza | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;32.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Augusta West | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**33** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Compass Sunbelt Storage Portfolio** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;33.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Laplace | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;33.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Gulfport | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;34 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Market on Cherry Road | &nbsp;&nbsp;Office Depot, Inc. | &nbsp;&nbsp;16400 | &nbsp;&nbsp;12.4% | &nbsp;&nbsp;4/30/2030 | &nbsp;&nbsp;Harbor Freight Tools USA, Inc. | &nbsp;&nbsp;15000 | &nbsp;&nbsp;11.3% | &nbsp;&nbsp;9/30/2030 |
| &nbsp;&nbsp;**35** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9, 86, 87, 88** | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Pacifica Hotel Portfolio (4-Pack)** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;35.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Wayfarer San Diego | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;35.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Sandcastle Inn | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;35.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Kinney Venice Beach | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;35.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Inn at Venice Beach | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**36** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Jacov Portfolio** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;36.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;462 West 146th Street | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;36.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1156 Dean Street | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;36.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;977 East 12th Street | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;36.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;608 West 148th Street | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;37 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 89 | &nbsp;&nbsp;1 | &nbsp;&nbsp;CFS Industrial HQ | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |

---

A-1-15

**Benchmark 2025-V18**

**Annex A-1**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Loan ID Number** | &nbsp;&nbsp;**Loan / Property Flag** | &nbsp;&nbsp;**Footnotes (for Loan and Property Information)** | &nbsp;&nbsp;**# of Properties** | &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Second Largest Tenant** | &nbsp;&nbsp;**Second Largest Tenant SF** | &nbsp;&nbsp;**Second Largest Tenant % of NRA** | &nbsp;&nbsp;**Second Largest Tenant Lease Expiration Date** | &nbsp;&nbsp;**Third Largest Tenant** | &nbsp;&nbsp;**Third Largest Tenant SF** | &nbsp;&nbsp;**Third Largest Tenant % of NRA** | &nbsp;&nbsp;**Third Largest Tenant Lease Expiration Date** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**6** |  |  |  | &nbsp;&nbsp;**6** |
| &nbsp;&nbsp;38 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;90, 91, 92 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Davis Building | &nbsp;&nbsp;McClendon Center | &nbsp;&nbsp;8133 | &nbsp;&nbsp;8.3% | &nbsp;&nbsp;3/31/2035 | &nbsp;&nbsp;Center Immigration Studies | &nbsp;&nbsp;4734 | &nbsp;&nbsp;4.8% | &nbsp;&nbsp;7/31/2033 |
| &nbsp;&nbsp;39 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;93 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Orchard Street Portfolio | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**40** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Bronx Multifamily Portfolio** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;40.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;856 East 175th Street | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;40.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1534 Nelson Avenue | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;40.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1269 Findlay Avenue | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;40.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;742 East 183rd Street | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;41 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;94 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Wyndham Garden Norfolk Downtown | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;42 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;95 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Scottish Traveler RV Park | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;43 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;96, 97 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Windsong Industrial | &nbsp;&nbsp;Sade Construction | &nbsp;&nbsp;5000 | &nbsp;&nbsp;7.7% | &nbsp;&nbsp;8/14/2033 | &nbsp;&nbsp;KEM Power | &nbsp;&nbsp;5000 | &nbsp;&nbsp;7.7% | &nbsp;&nbsp;12/31/2027 |
| &nbsp;&nbsp;44 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1701 Clay | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;45 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;98, 99 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Best Western Seven Seas | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;46 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Raleigh | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;47 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;632 Sterling Place | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |

---

A-1-16

**Benchmark 2025-V18**

**Annex A-1**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Loan ID Number** | &nbsp;&nbsp;**Loan / Property Flag** | &nbsp;&nbsp;**Footnotes (for Loan and Property Information)** | &nbsp;&nbsp;**# of Properties** | &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Fourth Largest Tenant** | &nbsp;&nbsp;**Fourth Largest Tenant SF** | &nbsp;&nbsp;**Fourth Largest Tenant % of NRA** | &nbsp;&nbsp;**Fourth Largest Tenant Lease Expiration Date** | &nbsp;&nbsp;**Fifth Largest Tenant** | &nbsp;&nbsp;**Fifth Largest Tenant SF** | &nbsp;&nbsp;**Fifth Largest Tenant % of NRA** | &nbsp;&nbsp;**Fifth Largest Tenant Lease Expiration Date** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**6** |  |  |  | &nbsp;&nbsp;**6** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 10, 11, 12, 13 | &nbsp;&nbsp;1 | &nbsp;&nbsp;9911 Belward | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;14, 15, 16 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Park Place Village | &nbsp;&nbsp;First Federal Bank of KC | &nbsp;&nbsp;24146 | &nbsp;&nbsp;5.0% | &nbsp;&nbsp;7/31/2032 | &nbsp;&nbsp;Rouse Frets White Goss Gentile Rhodes | &nbsp;&nbsp;23437 | &nbsp;&nbsp;4.8% | &nbsp;&nbsp;7/31/2032 |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 17, 18, 19, 20, 21, 22, 23 | &nbsp;&nbsp;1 | &nbsp;&nbsp;180 Water | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;24, 25 | &nbsp;&nbsp;1 | &nbsp;&nbsp;City Center at Oyster Point | &nbsp;&nbsp;Regus Suites | &nbsp;&nbsp;17544 | &nbsp;&nbsp;3.1% | &nbsp;&nbsp;9/30/2029 | &nbsp;&nbsp;HII Nuclear Inc. | &nbsp;&nbsp;17163 | &nbsp;&nbsp;3.0% | &nbsp;&nbsp;9/30/2027 |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1515 West Webster | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**6** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**26, 27** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**Waterford Multifamily Portfolio** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;6.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Parkview Apartments | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;6.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yorkshire Apartments | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;6.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Holly Brook Apartments | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 28, 29, 30, 31 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1010 Pacific Street | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**8** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**32, 33, 34, 35, 36, 37, 38** | &nbsp;&nbsp;**7** | &nbsp;&nbsp;**REVA Portfolio** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;8.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Signature Place | &nbsp;&nbsp;K & W Cafeterias, Inc. | &nbsp;&nbsp;20694 | &nbsp;&nbsp;6.9% | &nbsp;&nbsp;9/30/2028 | &nbsp;&nbsp;Central Carolina OB/GYN | &nbsp;&nbsp;16370 | &nbsp;&nbsp;5.5% | &nbsp;&nbsp;3/31/2029 |
| &nbsp;&nbsp;8.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;One Independence | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;8.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Fairfax Building | &nbsp;&nbsp;Virginia State Police/Commonwealth of VA. Department of Special Services | &nbsp;&nbsp;10014 | &nbsp;&nbsp;6.6% | &nbsp;&nbsp;8/31/2035 | &nbsp;&nbsp;Virginia Cancer Institute Incorporated | &nbsp;&nbsp;5941 | &nbsp;&nbsp;3.9% | &nbsp;&nbsp;6/30/2027 |
| &nbsp;&nbsp;8.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Universal Building | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;8.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Sabal 6 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;8.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;150 Corporate | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;8.07 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Southpark at Westgate | &nbsp;&nbsp;Clay G. Vanderwall, D.D.S, P.A | &nbsp;&nbsp;2281 | &nbsp;&nbsp;3.8% | &nbsp;&nbsp;11/30/2028 | &nbsp;&nbsp;McGill & Noble | &nbsp;&nbsp;2053 | &nbsp;&nbsp;3.4% | &nbsp;&nbsp;11/30/2027 |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;39, 40, 41 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Hotel Valencia Santana Row | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;44 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Royal Ledges Apartments | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;42, 43 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Brookside Gardens | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;45 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Torrey Ridge Apartments | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;13 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Pavilion at Port Orange | &nbsp;&nbsp;Michaels | &nbsp;&nbsp;21300 | &nbsp;&nbsp;5.3% | &nbsp;&nbsp;3/31/2030 | &nbsp;&nbsp;Petco | &nbsp;&nbsp;13500 | &nbsp;&nbsp;3.4% | &nbsp;&nbsp;3/31/2030 |
| &nbsp;&nbsp;14 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;46, 47 | &nbsp;&nbsp;1 | &nbsp;&nbsp;The DeSoto | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;15 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;48, 49, 50, 51, 52 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Haven at Bellaire | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**16** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9, 53** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Yosemite Hospitality Portfolio** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;16.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yosemite View Lodge | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;16.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yosemite Cedar Lodge | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**17** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9** | &nbsp;&nbsp;**17** | &nbsp;&nbsp;**ESA Portfolio** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Wayne South | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Waco - Woodway | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cincinnati Blue Ash Kenwood Rd | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - North | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Indianapolis Northwest I-465 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cincinnati Blue Ash Reed Hartman | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.07 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;El Paso - Airport | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.08 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dallas - Greenville Ave | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.09 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Indianapolis - Airport - W Southern Ave | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.10 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;El Paso - West | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.11 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - Fossil Creek | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.12 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dallas - Plano Parkway | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.13 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - City View | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.14 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Wayne North | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.15 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - Fairborn | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.16 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - Southwest | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.17 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - South | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;18 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 54, 55 | &nbsp;&nbsp;1 | &nbsp;&nbsp;80-02 Kew Gardens | &nbsp;&nbsp;24 HOUR FITNESS | &nbsp;&nbsp;25545 | &nbsp;&nbsp;5.1% | &nbsp;&nbsp;12/31/2030 | &nbsp;&nbsp;Department Of Tax & Finance | &nbsp;&nbsp;18853 | &nbsp;&nbsp;3.8% | &nbsp;&nbsp;5/31/2026 |
| &nbsp;&nbsp;19 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;56, 57 | &nbsp;&nbsp;1 | &nbsp;&nbsp;MetLife Solutions Tampa | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;20 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;58, 59, 60, 61, 62, 63, 64 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Providence at Champions | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;21 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 72, 73, 74, 75 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Springfield Town Center | &nbsp;&nbsp;LA Fitness | &nbsp;&nbsp;41173 | &nbsp;&nbsp;4.2% | &nbsp;&nbsp;10/31/2029 | &nbsp;&nbsp;Dave & Buster's | &nbsp;&nbsp;38778 | &nbsp;&nbsp;4.0% | &nbsp;&nbsp;12/31/2030 |
| &nbsp;&nbsp;22 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Landings I & II | &nbsp;&nbsp;Word Systems Inc. | &nbsp;&nbsp;7783 | &nbsp;&nbsp;3.3% | &nbsp;&nbsp;4/30/2028 | &nbsp;&nbsp;Kodiak Solutions LLC | &nbsp;&nbsp;6956 | &nbsp;&nbsp;3.0% | &nbsp;&nbsp;12/31/2029 |
| &nbsp;&nbsp;**23** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**65** | &nbsp;&nbsp;**6** | &nbsp;&nbsp;**NYC Mixed-Use Portfolio** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;23.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;14 1st Avenue | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;23.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;313 West 92nd Street | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;23.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;316-322 East 149th Street | &nbsp;&nbsp;Way Tech Inc. | &nbsp;&nbsp;1200 | &nbsp;&nbsp;9.4% | &nbsp;&nbsp;2/28/2029 | &nbsp;&nbsp;American Cellular Inc. | &nbsp;&nbsp;750 | &nbsp;&nbsp;5.9% | &nbsp;&nbsp;2/28/2029 |
| &nbsp;&nbsp;23.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;445 West 46th Street | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;23.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;296 & 298 East 149th Street | &nbsp;&nbsp;Burkina Business Center | &nbsp;&nbsp;1000 | &nbsp;&nbsp;9.5% | &nbsp;&nbsp;10/31/2027 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;23.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;219 East 5th Street | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;24 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 76, 77 | &nbsp;&nbsp;1 | &nbsp;&nbsp;161 Washington Street | &nbsp;&nbsp;SOMPO/Endurance Assurance Association | &nbsp;&nbsp;21066 | &nbsp;&nbsp;6.0% | &nbsp;&nbsp;6/30/2027 | &nbsp;&nbsp;Penn Mutual Life Insurance Co. | &nbsp;&nbsp;16048 | &nbsp;&nbsp;4.6% | &nbsp;&nbsp;4/30/2026 |
| &nbsp;&nbsp;25 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;66, 67, 68, 69, 70, 71 | &nbsp;&nbsp;1 | &nbsp;&nbsp;365 West Passaic | &nbsp;&nbsp;Warehouse Solutions (Intelligent Audit) | &nbsp;&nbsp;11213 | &nbsp;&nbsp;5.1% | &nbsp;&nbsp;3/31/2029 | &nbsp;&nbsp;Regulus Group, LLC | &nbsp;&nbsp;11209 | &nbsp;&nbsp;5.1% | &nbsp;&nbsp;7/31/2027 |
| &nbsp;&nbsp;26 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Quail Creek Crossing | &nbsp;&nbsp;Michael's | &nbsp;&nbsp;18115 | &nbsp;&nbsp;11.5% | &nbsp;&nbsp;5/31/2028 | &nbsp;&nbsp;Old Navy | &nbsp;&nbsp;14467 | &nbsp;&nbsp;9.2% | &nbsp;&nbsp;2/28/2027 |
| &nbsp;&nbsp;27 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;78 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Village Square | &nbsp;&nbsp;Kintaro | &nbsp;&nbsp;7672 | &nbsp;&nbsp;6.8% | &nbsp;&nbsp;3/31/2035 | &nbsp;&nbsp;Hollywood Feed | &nbsp;&nbsp;7500 | &nbsp;&nbsp;6.6% | &nbsp;&nbsp;4/30/2029 |
| &nbsp;&nbsp;28 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;79, 80 | &nbsp;&nbsp;1 | &nbsp;&nbsp;250-254 Winthrop Street | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;29 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;81 | &nbsp;&nbsp;1 | &nbsp;&nbsp;2105-2109 1st Avenue | &nbsp;&nbsp;First Avenue Grocery and Beer Corp. | &nbsp;&nbsp;970 | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;2/28/2030 | &nbsp;&nbsp;Leonel Perez Oajaca Yoselin Escalante | &nbsp;&nbsp;950 | &nbsp;&nbsp;11.9% | &nbsp;&nbsp;7/31/2033 |
| &nbsp;&nbsp;30 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Spyglass Inn | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;31 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cottage Inn by the Sea | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**32** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**82, 83, 84, 85** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Leeton Leased Fee Pool B Portfolio** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;32.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Thruway Plaza | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;32.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Augusta West | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**33** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Compass Sunbelt Storage Portfolio** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;33.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Laplace | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;33.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Gulfport | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;34 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Market on Cherry Road | &nbsp;&nbsp;Dollar Tree Stores, Inc. | &nbsp;&nbsp;10500 | &nbsp;&nbsp;7.9% | &nbsp;&nbsp;8/31/2035 | &nbsp;&nbsp;It's Fashion Metro | &nbsp;&nbsp;9635 | &nbsp;&nbsp;7.3% | &nbsp;&nbsp;1/31/2029 |
| &nbsp;&nbsp;**35** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9, 86, 87, 88** | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Pacifica Hotel Portfolio (4-Pack)** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;35.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Wayfarer San Diego | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;35.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Sandcastle Inn | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;35.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Kinney Venice Beach | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;35.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Inn at Venice Beach | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**36** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Jacov Portfolio** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;36.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;462 West 146th Street | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;36.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1156 Dean Street | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;36.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;977 East 12th Street | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;36.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;608 West 148th Street | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;37 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 89 | &nbsp;&nbsp;1 | &nbsp;&nbsp;CFS Industrial HQ | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |

---

A-1-17

**Benchmark 2025-V18**

**Annex A-1**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Loan ID Number** | &nbsp;&nbsp;**Loan / Property Flag** | &nbsp;&nbsp;**Footnotes (for Loan and Property Information)** | &nbsp;&nbsp;**# of Properties** | &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Fourth Largest Tenant** | &nbsp;&nbsp;**Fourth Largest Tenant SF** | &nbsp;&nbsp;**Fourth Largest Tenant % of NRA** | &nbsp;&nbsp;**Fourth Largest Tenant Lease Expiration Date** | &nbsp;&nbsp;**Fifth Largest Tenant** | &nbsp;&nbsp;**Fifth Largest Tenant SF** | &nbsp;&nbsp;**Fifth Largest Tenant % of NRA** | &nbsp;&nbsp;**Fifth Largest Tenant Lease Expiration Date** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**6** |  |  |  | &nbsp;&nbsp;**6** |
| &nbsp;&nbsp;38 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;90, 91, 92 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Davis Building | &nbsp;&nbsp;Eccleston and Wolf | &nbsp;&nbsp;4084 | &nbsp;&nbsp;4.2% | &nbsp;&nbsp;7/31/2028 | &nbsp;&nbsp;IMA Management Group | &nbsp;&nbsp;4039 | &nbsp;&nbsp;4.1% | &nbsp;&nbsp;7/1/2031 |
| &nbsp;&nbsp;39 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;93 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Orchard Street Portfolio | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**40** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Bronx Multifamily Portfolio** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;40.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;856 East 175th Street | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;40.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1534 Nelson Avenue | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;40.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1269 Findlay Avenue | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;40.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;742 East 183rd Street | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;41 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;94 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Wyndham Garden Norfolk Downtown | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;42 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;95 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Scottish Traveler RV Park | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;43 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;96, 97 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Windsong Industrial | &nbsp;&nbsp;ARHTX | &nbsp;&nbsp;4000 | &nbsp;&nbsp;6.2% | &nbsp;&nbsp;12/31/2026 | &nbsp;&nbsp;New Millineum Security Advisors | &nbsp;&nbsp;4000 | &nbsp;&nbsp;6.2% | &nbsp;&nbsp;4/30/2027 |
| &nbsp;&nbsp;44 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1701 Clay | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;45 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;98, 99 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Best Western Seven Seas | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;46 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Raleigh | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;47 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;632 Sterling Place | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |

---

A-1-18

**Benchmark 2025-V18**

**Annex A-1**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Loan ID Number** | &nbsp;&nbsp;**Loan / Property Flag** | &nbsp;&nbsp;**Footnotes (for Loan and Property Information)** | &nbsp;&nbsp;**# of Properties** | &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Environmental Phase I Report Date** | &nbsp;&nbsp;**Environmental Phase II Report Date** | &nbsp;&nbsp;**Engineering Report Date** | &nbsp;&nbsp;**Seismic Report Date** | &nbsp;&nbsp;**PML or SEL (%)** | &nbsp;&nbsp;**Flood Zone** | &nbsp;&nbsp;**Ownership Interest** | &nbsp;&nbsp;**Ground Lease Expiration Date** | &nbsp;&nbsp;**Ground Lease Extension Terms** | &nbsp;&nbsp;**Annual Ground Lease Payment as of the Cut-off Date ($)** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 10, 11, 12, 13 | &nbsp;&nbsp;1 | &nbsp;&nbsp;9911 Belward | &nbsp;&nbsp;9/11/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;9/11/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;14, 15, 16 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Park Place Village | &nbsp;&nbsp;7/8/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;7/16/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 17, 18, 19, 20, 21, 22, 23 | &nbsp;&nbsp;1 | &nbsp;&nbsp;180 Water | &nbsp;&nbsp;5/9/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;5/9/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;Yes - AE | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;24, 25 | &nbsp;&nbsp;1 | &nbsp;&nbsp;City Center at Oyster Point | &nbsp;&nbsp;8/5/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;8/5/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1515 West Webster | &nbsp;&nbsp;5/28/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;5/28/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**6** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**26, 27** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**Waterford Multifamily Portfolio** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;6.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Parkview Apartments | &nbsp;&nbsp;6/12/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;6/5/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;6.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yorkshire Apartments | &nbsp;&nbsp;6/12/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;6/12/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;6.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Holly Brook Apartments | &nbsp;&nbsp;6/12/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;6/12/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 28, 29, 30, 31 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1010 Pacific Street | &nbsp;&nbsp;9/12/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;9/12/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**8** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**32, 33, 34, 35, 36, 37, 38** | &nbsp;&nbsp;**7** | &nbsp;&nbsp;**REVA Portfolio** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;8.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Signature Place | &nbsp;&nbsp;4/22/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;4/22/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;Yes - AE | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;8.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;One Independence | &nbsp;&nbsp;4/22/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;4/22/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;Yes - AE | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;8.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Fairfax Building | &nbsp;&nbsp;4/22/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;4/22/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;8.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Universal Building | &nbsp;&nbsp;4/22/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;4/22/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;8.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Sabal 6 | &nbsp;&nbsp;4/23/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;4/22/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;8.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;150 Corporate | &nbsp;&nbsp;4/22/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;4/22/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;8.07 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Southpark at Westgate | &nbsp;&nbsp;4/22/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;4/22/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;39, 40, 41 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Hotel Valencia Santana Row | &nbsp;&nbsp;9/2/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;9/2/2025 | &nbsp;&nbsp;9/2/2025 | &nbsp;&nbsp;11% | &nbsp;&nbsp;No | &nbsp;&nbsp;Leasehold | &nbsp;&nbsp;3/20/2100 |  | &nbsp;&nbsp;1787675 |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;44 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Royal Ledges Apartments | &nbsp;&nbsp;9/3/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;9/3/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;42, 43 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Brookside Gardens | &nbsp;&nbsp;6/12/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;6/12/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;45 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Torrey Ridge Apartments | &nbsp;&nbsp;7/14/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;7/11/2025 | &nbsp;&nbsp;7/11/2025 | &nbsp;&nbsp;4% | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;13 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Pavilion at Port Orange | &nbsp;&nbsp;9/10/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;9/10/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;Yes - AE | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;14 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;46, 47 | &nbsp;&nbsp;1 | &nbsp;&nbsp;The DeSoto | &nbsp;&nbsp;8/27/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;8/28/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;15 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;48, 49, 50, 51, 52 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Haven at Bellaire | &nbsp;&nbsp;7/18/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;7/18/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee / Leasehold | &nbsp;&nbsp;10/1/2124 |  | &nbsp;&nbsp;10% of the ad valorem property tax savings |
| &nbsp;&nbsp;**16** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9, 53** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Yosemite Hospitality Portfolio** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;16.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yosemite View Lodge | &nbsp;&nbsp;7/16/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;6/17/2025 | &nbsp;&nbsp;7/11/2025 | &nbsp;&nbsp;5% | &nbsp;&nbsp;Yes - AE | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;16.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yosemite Cedar Lodge | &nbsp;&nbsp;7/16/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;6/17/2025 | &nbsp;&nbsp;7/11/2025 | &nbsp;&nbsp;4% | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**17** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9** | &nbsp;&nbsp;**17** | &nbsp;&nbsp;**ESA Portfolio** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Wayne South | &nbsp;&nbsp;6/23/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;6/23/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Waco - Woodway | &nbsp;&nbsp;6/23/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;6/23/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cincinnati Blue Ash Kenwood Rd | &nbsp;&nbsp;6/23/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;6/23/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - North | &nbsp;&nbsp;6/23/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;6/23/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Indianapolis Northwest I-465 | &nbsp;&nbsp;6/23/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;6/23/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cincinnati Blue Ash Reed Hartman | &nbsp;&nbsp;6/23/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;6/23/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.07 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;El Paso - Airport | &nbsp;&nbsp;6/23/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;6/23/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.08 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dallas - Greenville Ave | &nbsp;&nbsp;6/23/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;6/23/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.09 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Indianapolis - Airport - W Southern Ave | &nbsp;&nbsp;6/23/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;6/23/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.10 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;El Paso - West | &nbsp;&nbsp;6/23/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;6/23/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.11 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - Fossil Creek | &nbsp;&nbsp;6/23/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;6/23/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.12 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dallas - Plano Parkway | &nbsp;&nbsp;6/23/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;6/23/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.13 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - City View | &nbsp;&nbsp;6/23/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;6/23/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.14 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Wayne North | &nbsp;&nbsp;6/23/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;6/23/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.15 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - Fairborn | &nbsp;&nbsp;6/23/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;6/23/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.16 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - Southwest | &nbsp;&nbsp;6/23/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;6/23/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;Yes - A, AE | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;17.17 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - South | &nbsp;&nbsp;6/23/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;6/23/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;18 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 54, 55 | &nbsp;&nbsp;1 | &nbsp;&nbsp;80-02 Kew Gardens | &nbsp;&nbsp;7/18/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;7/18/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;19 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;56, 57 | &nbsp;&nbsp;1 | &nbsp;&nbsp;MetLife Solutions Tampa | &nbsp;&nbsp;11/6/2024 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;11/6/2024 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;20 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;58, 59, 60, 61, 62, 63, 64 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Providence at Champions | &nbsp;&nbsp;4/25/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;4/25/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee / Leasehold | &nbsp;&nbsp;5/31/2124 |  | &nbsp;&nbsp;10% of the ad valorem property tax savings |
| &nbsp;&nbsp;21 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 72, 73, 74, 75 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Springfield Town Center | &nbsp;&nbsp;5/20/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;5/20/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee / Leasehold | &nbsp;&nbsp;10/22/2030 | &nbsp;&nbsp;2, 20-year extension options | &nbsp;&nbsp;784000 |
| &nbsp;&nbsp;22 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Landings I & II | &nbsp;&nbsp;7/14/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;7/14/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;Yes - AE | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**23** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**65** | &nbsp;&nbsp;**6** | &nbsp;&nbsp;**NYC Mixed-Use Portfolio** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;23.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;14 1st Avenue | &nbsp;&nbsp;6/26/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;23.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;313 West 92nd Street | &nbsp;&nbsp;6/26/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;23.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;316-322 East 149th Street | &nbsp;&nbsp;6/27/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;6/27/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;23.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;445 West 46th Street | &nbsp;&nbsp;6/26/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;6/26/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;23.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;296 & 298 East 149th Street | &nbsp;&nbsp;6/27/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;6/26/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;23.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;219 East 5th Street | &nbsp;&nbsp;6/26/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;24 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 76, 77 | &nbsp;&nbsp;1 | &nbsp;&nbsp;161 Washington Street | &nbsp;&nbsp;5/23/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;5/23/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;Yes - AE | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;25 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;66, 67, 68, 69, 70, 71 | &nbsp;&nbsp;1 | &nbsp;&nbsp;365 West Passaic | &nbsp;&nbsp;5/19/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;5/19/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;26 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Quail Creek Crossing | &nbsp;&nbsp;7/9/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;7/9/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;27 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;78 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Village Square | &nbsp;&nbsp;8/18/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;8/18/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;28 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;79, 80 | &nbsp;&nbsp;1 | &nbsp;&nbsp;250-254 Winthrop Street | &nbsp;&nbsp;5/6/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;5/7/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;29 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;81 | &nbsp;&nbsp;1 | &nbsp;&nbsp;2105-2109 1st Avenue | &nbsp;&nbsp;9/25/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;9/26/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;Yes - AE | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;30 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Spyglass Inn | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;7% | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;31 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cottage Inn by the Sea | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;6% | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**32** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**82, 83, 84, 85** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Leeton Leased Fee Pool B Portfolio** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;32.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Thruway Plaza | &nbsp;&nbsp;9/4/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;8/28/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;32.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Augusta West | &nbsp;&nbsp;3/28/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;3/28/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**33** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Compass Sunbelt Storage Portfolio** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;33.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Laplace | &nbsp;&nbsp;7/10/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;7/10/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;33.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Gulfport | &nbsp;&nbsp;7/10/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;7/10/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;34 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Market on Cherry Road | &nbsp;&nbsp;5/1/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;5/2/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**35** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9, 86, 87, 88** | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Pacifica Hotel Portfolio (4-Pack)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;35.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Wayfarer San Diego | &nbsp;&nbsp;7/2/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;7/2/2025 | &nbsp;&nbsp;7/2/2025 | &nbsp;&nbsp;11% | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;35.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Sandcastle Inn | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;7/1/2025 | &nbsp;&nbsp;9% | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;35.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Kinney Venice Beach | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;14% | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;35.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Inn at Venice Beach | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;18% | &nbsp;&nbsp;Yes - AE | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**36** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Jacov Portfolio** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;36.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;462 West 146th Street | &nbsp;&nbsp;8/27/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;8/27/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;36.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1156 Dean Street | &nbsp;&nbsp;8/27/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;8/27/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;36.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;977 East 12th Street | &nbsp;&nbsp;8/27/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;8/27/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;36.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;608 West 148th Street | &nbsp;&nbsp;8/27/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;8/27/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;37 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 89 | &nbsp;&nbsp;1 | &nbsp;&nbsp;CFS Industrial HQ | &nbsp;&nbsp;8/12/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;8/12/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |

---

A-1-19

**Benchmark 2025-V18**

**Annex A-1**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Loan ID Number** | &nbsp;&nbsp;**Loan / Property Flag** | &nbsp;&nbsp;**Footnotes (for Loan and Property Information)** | &nbsp;&nbsp;**# of Properties** | &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Environmental Phase I Report Date** | &nbsp;&nbsp;**Environmental Phase II Report Date** | &nbsp;&nbsp;**Engineering Report Date** | &nbsp;&nbsp;**Seismic Report Date** | &nbsp;&nbsp;**PML or SEL (%)** | &nbsp;&nbsp;**Flood Zone** | &nbsp;&nbsp;**Ownership Interest** | &nbsp;&nbsp;**Ground Lease Expiration Date** | &nbsp;&nbsp;**Ground Lease Extension Terms** | &nbsp;&nbsp;**Annual Ground Lease Payment as of the Cut-off Date ($)** |
| &nbsp;&nbsp;38 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;90, 91, 92 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Davis Building | &nbsp;&nbsp;8/14/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;8/13/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;39 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;93 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Orchard Street Portfolio | &nbsp;&nbsp;5/7/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;5/7/2025, 5/9/2025, 5/11/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**40** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Bronx Multifamily Portfolio** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;40.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;856 East 175th Street | &nbsp;&nbsp;6/20/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;6/24/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;40.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1534 Nelson Avenue | &nbsp;&nbsp;6/20/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;6/23/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;40.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1269 Findlay Avenue | &nbsp;&nbsp;6/20/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;6/24/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;40.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;742 East 183rd Street | &nbsp;&nbsp;6/20/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;6/23/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;41 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;94 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Wyndham Garden Norfolk Downtown | &nbsp;&nbsp;8/11/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;8/14/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;Yes - AE | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;42 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;95 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Scottish Traveler RV Park | &nbsp;&nbsp;5/9/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;5/8/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;43 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;96, 97 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Windsong Industrial | &nbsp;&nbsp;7/22/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;7/22/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;44 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1701 Clay | &nbsp;&nbsp;8/11/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;8/11/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;45 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;98, 99 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Best Western Seven Seas | &nbsp;&nbsp;6/27/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;6/27/2025 | &nbsp;&nbsp;7/11/2025 | &nbsp;&nbsp;7% | &nbsp;&nbsp;Yes - AE | &nbsp;&nbsp;Leasehold | &nbsp;&nbsp;9/30/2073 |  | &nbsp;&nbsp;905456 |
| &nbsp;&nbsp;46 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Raleigh | &nbsp;&nbsp;8/7/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;8/7/2025 | &nbsp;&nbsp;8/7/2025 | &nbsp;&nbsp;20% | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;47 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;632 Sterling Place | &nbsp;&nbsp;8/22/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;8/22/2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No | &nbsp;&nbsp;Fee | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |

---

A-1-20

**Benchmark 2025-V18**

**Annex A-1**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Loan ID Number** | &nbsp;&nbsp;**Loan / Property Flag** | &nbsp;&nbsp;**Footnotes (for Loan and Property Information)** | &nbsp;&nbsp;**# of Properties** | &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Annual Ground Rent Increases (Y/N)** | &nbsp;&nbsp;**Upfront RE Tax Reserve ($)** | &nbsp;&nbsp;**Monthly RE Tax Reserve ($)** | &nbsp;&nbsp;**Upfront Insurance Reserve ($)** | &nbsp;&nbsp;**Monthly Insurance Reserve ($)** | &nbsp;&nbsp;**Upfront Replacement / PIP Reserve ($)** | &nbsp;&nbsp;**Monthly Replacement / FF&E Reserve ($)** | &nbsp;&nbsp;**Replacement Reserve Caps ($)** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 10, 11, 12, 13 | &nbsp;&nbsp;1 | &nbsp;&nbsp;9911 Belward | &nbsp;&nbsp;NAP | &nbsp;&nbsp;0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;14, 15, 16 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Park Place Village | &nbsp;&nbsp;NAP | &nbsp;&nbsp;1654568 | &nbsp;&nbsp;275761 | &nbsp;&nbsp;0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;0 | &nbsp;&nbsp;18591 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 17, 18, 19, 20, 21, 22, 23 | &nbsp;&nbsp;1 | &nbsp;&nbsp;180 Water | &nbsp;&nbsp;NAP | &nbsp;&nbsp;726573 | &nbsp;&nbsp;908216 | &nbsp;&nbsp;197336 | &nbsp;&nbsp;101195 | &nbsp;&nbsp;0 | &nbsp;&nbsp;12104 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;24, 25 | &nbsp;&nbsp;1 | &nbsp;&nbsp;City Center at Oyster Point | &nbsp;&nbsp;NAP | &nbsp;&nbsp;417484 | &nbsp;&nbsp;83497 | &nbsp;&nbsp;0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;0 | &nbsp;&nbsp;10044 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1515 West Webster | &nbsp;&nbsp;NAP | &nbsp;&nbsp;2436613 | &nbsp;&nbsp;304577 | &nbsp;&nbsp;0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;**6** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**26, 27** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**Waterford Multifamily Portfolio** |  | &nbsp;&nbsp;**156347** | &nbsp;&nbsp;**64281** | &nbsp;&nbsp;**191495** | &nbsp;&nbsp;**17409** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**6633** | &nbsp;&nbsp;**0** |
| &nbsp;&nbsp;6.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Parkview Apartments | &nbsp;&nbsp;NAP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;6.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yorkshire Apartments | &nbsp;&nbsp;NAP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;6.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Holly Brook Apartments | &nbsp;&nbsp;NAP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 28, 29, 30, 31 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1010 Pacific Street | &nbsp;&nbsp;NAP | &nbsp;&nbsp;39070 | &nbsp;&nbsp;7814 | &nbsp;&nbsp;81576 | &nbsp;&nbsp;13596 | &nbsp;&nbsp;0 | &nbsp;&nbsp;3646 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;**8** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**32, 33, 34, 35, 36, 37, 38** | &nbsp;&nbsp;**7** | &nbsp;&nbsp;**REVA Portfolio** |  | &nbsp;&nbsp;**694930** | &nbsp;&nbsp;**138986** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**Springing** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**22537** | &nbsp;&nbsp;**0** |
| &nbsp;&nbsp;8.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Signature Place | &nbsp;&nbsp;NAP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;8.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;One Independence | &nbsp;&nbsp;NAP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;8.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Fairfax Building | &nbsp;&nbsp;NAP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;8.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Universal Building | &nbsp;&nbsp;NAP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;8.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Sabal 6 | &nbsp;&nbsp;NAP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;8.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;150 Corporate | &nbsp;&nbsp;NAP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;8.07 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Southpark at Westgate | &nbsp;&nbsp;NAP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;39, 40, 41 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Hotel Valencia Santana Row | &nbsp;&nbsp;Yes | &nbsp;&nbsp;221560 | &nbsp;&nbsp;31651 | &nbsp;&nbsp;0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;0 | &nbsp;&nbsp;92094 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;44 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Royal Ledges Apartments | &nbsp;&nbsp;NAP | &nbsp;&nbsp;0 | &nbsp;&nbsp;75000 | &nbsp;&nbsp;207925 | &nbsp;&nbsp;17790 | &nbsp;&nbsp;0 | &nbsp;&nbsp;5667 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;42, 43 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Brookside Gardens | &nbsp;&nbsp;NAP | &nbsp;&nbsp;58668 | &nbsp;&nbsp;58668 | &nbsp;&nbsp;59037 | &nbsp;&nbsp;19679 | &nbsp;&nbsp;0 | &nbsp;&nbsp;6300 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;45 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Torrey Ridge Apartments | &nbsp;&nbsp;NAP | &nbsp;&nbsp;298679 | &nbsp;&nbsp;47409 | &nbsp;&nbsp;220282 | &nbsp;&nbsp;52448 | &nbsp;&nbsp;0 | &nbsp;&nbsp;8708 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;13 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Pavilion at Port Orange | &nbsp;&nbsp;NAP | &nbsp;&nbsp;677035 | &nbsp;&nbsp;67704 | &nbsp;&nbsp;0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;0 | &nbsp;&nbsp;11618 | &nbsp;&nbsp;348540 |
| &nbsp;&nbsp;14 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;46, 47 | &nbsp;&nbsp;1 | &nbsp;&nbsp;The DeSoto | &nbsp;&nbsp;NAP | &nbsp;&nbsp;0 | &nbsp;&nbsp;23679 | &nbsp;&nbsp;0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;73225 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;15 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;48, 49, 50, 51, 52 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Haven at Bellaire | &nbsp;&nbsp;No | &nbsp;&nbsp;0 | &nbsp;&nbsp;132901 | &nbsp;&nbsp;0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;0 | &nbsp;&nbsp;6188 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;**16** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9, 53** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Yosemite Hospitality Portfolio** |  | &nbsp;&nbsp;**267876** | &nbsp;&nbsp;**44646** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**Springing** | &nbsp;&nbsp;**9600000** | &nbsp;&nbsp;**Springing** | &nbsp;&nbsp;**0** |
| &nbsp;&nbsp;16.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yosemite View Lodge | &nbsp;&nbsp;NAP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;16.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yosemite Cedar Lodge | &nbsp;&nbsp;NAP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**17** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9** | &nbsp;&nbsp;**17** | &nbsp;&nbsp;**ESA Portfolio** |  | &nbsp;&nbsp;**1042825** | &nbsp;&nbsp;**Springing** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**Springing** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**102488** | &nbsp;&nbsp;**0** |
| &nbsp;&nbsp;17.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Wayne South | &nbsp;&nbsp;NAP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Waco - Woodway | &nbsp;&nbsp;NAP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cincinnati Blue Ash Kenwood Rd | &nbsp;&nbsp;NAP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - North | &nbsp;&nbsp;NAP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Indianapolis Northwest I-465 | &nbsp;&nbsp;NAP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cincinnati Blue Ash Reed Hartman | &nbsp;&nbsp;NAP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.07 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;El Paso - Airport | &nbsp;&nbsp;NAP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.08 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dallas - Greenville Ave | &nbsp;&nbsp;NAP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.09 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Indianapolis - Airport - W Southern Ave | &nbsp;&nbsp;NAP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.10 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;El Paso - West | &nbsp;&nbsp;NAP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.11 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - Fossil Creek | &nbsp;&nbsp;NAP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.12 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dallas - Plano Parkway | &nbsp;&nbsp;NAP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.13 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - City View | &nbsp;&nbsp;NAP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.14 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Wayne North | &nbsp;&nbsp;NAP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.15 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - Fairborn | &nbsp;&nbsp;NAP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.16 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - Southwest | &nbsp;&nbsp;NAP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.17 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - South | &nbsp;&nbsp;NAP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;18 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 54, 55 | &nbsp;&nbsp;1 | &nbsp;&nbsp;80-02 Kew Gardens | &nbsp;&nbsp;NAP | &nbsp;&nbsp;983544 | &nbsp;&nbsp;245886 | &nbsp;&nbsp;0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;0 | &nbsp;&nbsp;8369 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;19 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;56, 57 | &nbsp;&nbsp;1 | &nbsp;&nbsp;MetLife Solutions Tampa | &nbsp;&nbsp;NAP | &nbsp;&nbsp;0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;0 | &nbsp;&nbsp;1031 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;20 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;58, 59, 60, 61, 62, 63, 64 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Providence at Champions | &nbsp;&nbsp;Yes | &nbsp;&nbsp;226262 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;0 | &nbsp;&nbsp;6000 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;21 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 72, 73, 74, 75 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Springfield Town Center | &nbsp;&nbsp;No | &nbsp;&nbsp;440784 | &nbsp;&nbsp;440784 | &nbsp;&nbsp;0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;An amount equal to twenty-four (24) times the required monthly deposit. |
| &nbsp;&nbsp;22 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Landings I & II | &nbsp;&nbsp;NAP | &nbsp;&nbsp;37420 | &nbsp;&nbsp;37420 | &nbsp;&nbsp;15598 | &nbsp;&nbsp;7799 | &nbsp;&nbsp;0 | &nbsp;&nbsp;3900 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;**23** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**65** | &nbsp;&nbsp;**6** | &nbsp;&nbsp;**NYC Mixed-Use Portfolio** |  | &nbsp;&nbsp;**175424** | &nbsp;&nbsp;**45438** | &nbsp;&nbsp;**39591** | &nbsp;&nbsp;**7719** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**1610** | &nbsp;&nbsp;**0** |
| &nbsp;&nbsp;23.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;14 1st Avenue | &nbsp;&nbsp;NAP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;23.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;313 West 92nd Street | &nbsp;&nbsp;NAP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;23.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;316-322 East 149th Street | &nbsp;&nbsp;NAP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;23.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;445 West 46th Street | &nbsp;&nbsp;NAP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;23.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;296 & 298 East 149th Street | &nbsp;&nbsp;NAP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;23.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;219 East 5th Street | &nbsp;&nbsp;NAP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;24 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 76, 77 | &nbsp;&nbsp;1 | &nbsp;&nbsp;161 Washington Street | &nbsp;&nbsp;NAP | &nbsp;&nbsp;0 | &nbsp;&nbsp;122800 | &nbsp;&nbsp;0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;0 | &nbsp;&nbsp;14863 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;25 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;66, 67, 68, 69, 70, 71 | &nbsp;&nbsp;1 | &nbsp;&nbsp;365 West Passaic | &nbsp;&nbsp;NAP | &nbsp;&nbsp;189201 | &nbsp;&nbsp;63067 | &nbsp;&nbsp;0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;0 | &nbsp;&nbsp;4590 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;26 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Quail Creek Crossing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;396885 | &nbsp;&nbsp;29199 | &nbsp;&nbsp;16747 | &nbsp;&nbsp;8373 | &nbsp;&nbsp;0 | &nbsp;&nbsp;2632 | &nbsp;&nbsp;52462 |
| &nbsp;&nbsp;27 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;78 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Village Square | &nbsp;&nbsp;NAP | &nbsp;&nbsp;182027 | &nbsp;&nbsp;45507 | &nbsp;&nbsp;24159 | &nbsp;&nbsp;4832 | &nbsp;&nbsp;200000 | &nbsp;&nbsp;1886 | &nbsp;&nbsp;200000 |
| &nbsp;&nbsp;28 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;79, 80 | &nbsp;&nbsp;1 | &nbsp;&nbsp;250-254 Winthrop Street | &nbsp;&nbsp;NAP | &nbsp;&nbsp;203991 | &nbsp;&nbsp;433 | &nbsp;&nbsp;45402 | &nbsp;&nbsp;4092 | &nbsp;&nbsp;0 | &nbsp;&nbsp;933 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;29 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;81 | &nbsp;&nbsp;1 | &nbsp;&nbsp;2105-2109 1st Avenue | &nbsp;&nbsp;NAP | &nbsp;&nbsp;94441 | &nbsp;&nbsp;23610 | &nbsp;&nbsp;18407 | &nbsp;&nbsp;9204 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1496 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;30 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Spyglass Inn | &nbsp;&nbsp;NAP | &nbsp;&nbsp;29520 | &nbsp;&nbsp;5904 | &nbsp;&nbsp;0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;0 | &nbsp;&nbsp;15865 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;31 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cottage Inn by the Sea | &nbsp;&nbsp;NAP | &nbsp;&nbsp;48499 | &nbsp;&nbsp;9700 | &nbsp;&nbsp;0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;0 | &nbsp;&nbsp;16834 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;**32** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**82, 83, 84, 85** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Leeton Leased Fee Pool B Portfolio** |  | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**427410** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** |
| &nbsp;&nbsp;32.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Thruway Plaza | &nbsp;&nbsp;NAP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;32.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Augusta West | &nbsp;&nbsp;NAP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**33** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Compass Sunbelt Storage Portfolio** |  | &nbsp;&nbsp;**65977** | &nbsp;&nbsp;**7331** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**Springing** | &nbsp;&nbsp;**90360** | &nbsp;&nbsp;**Springing** | &nbsp;&nbsp;**43770** |
| &nbsp;&nbsp;33.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Laplace | &nbsp;&nbsp;NAP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;33.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Gulfport | &nbsp;&nbsp;NAP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;34 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Market on Cherry Road | &nbsp;&nbsp;NAP | &nbsp;&nbsp;159746 | &nbsp;&nbsp;17750 | &nbsp;&nbsp;8610 | &nbsp;&nbsp;4305 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1657 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;**35** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9, 86, 87, 88** | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Pacifica Hotel Portfolio (4-Pack)** |  | &nbsp;&nbsp;**268847** | &nbsp;&nbsp;**45686** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**Springing** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**83865** | &nbsp;&nbsp;**0** |
| &nbsp;&nbsp;35.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Wayfarer San Diego | &nbsp;&nbsp;NAP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;35.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Sandcastle Inn | &nbsp;&nbsp;NAP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;35.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Kinney Venice Beach | &nbsp;&nbsp;NAP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;35.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Inn at Venice Beach | &nbsp;&nbsp;NAP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**36** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Jacov Portfolio** |  | &nbsp;&nbsp;**10401** | &nbsp;&nbsp;**5200** | &nbsp;&nbsp;**6955** | &nbsp;&nbsp;**2318** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**1368** | &nbsp;&nbsp;**0** |
| &nbsp;&nbsp;36.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;462 West 146th Street | &nbsp;&nbsp;NAP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;36.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1156 Dean Street | &nbsp;&nbsp;NAP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;36.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;977 East 12th Street | &nbsp;&nbsp;NAP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;36.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;608 West 148th Street | &nbsp;&nbsp;NAP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;37 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 89 | &nbsp;&nbsp;1 | &nbsp;&nbsp;CFS Industrial HQ | &nbsp;&nbsp;NAP | &nbsp;&nbsp;105017 | &nbsp;&nbsp;105017 | &nbsp;&nbsp;0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;124001 |

---

A-1-21

**Benchmark 2025-V18**

**Annex A-1**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Loan ID Number** | &nbsp;&nbsp;**Loan / Property Flag** | &nbsp;&nbsp;**Footnotes (for Loan and Property Information)** | &nbsp;&nbsp;**# of Properties** | &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Annual Ground Rent Increases (Y/N)** | &nbsp;&nbsp;**Upfront RE Tax Reserve ($)** | &nbsp;&nbsp;**Monthly RE Tax Reserve ($)** | &nbsp;&nbsp;**Upfront Insurance Reserve ($)** | &nbsp;&nbsp;**Monthly Insurance Reserve ($)** | &nbsp;&nbsp;**Upfront Replacement / PIP Reserve ($)** | &nbsp;&nbsp;**Monthly Replacement / FF&E Reserve ($)** | &nbsp;&nbsp;**Replacement Reserve Caps ($)** |
| &nbsp;&nbsp;38 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;90, 91, 92 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Davis Building | &nbsp;&nbsp;NAP | &nbsp;&nbsp;58463 | &nbsp;&nbsp;29232 | &nbsp;&nbsp;28202 | &nbsp;&nbsp;7050 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1698 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;39 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;93 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Orchard Street Portfolio | &nbsp;&nbsp;NAP | &nbsp;&nbsp;16970 | &nbsp;&nbsp;8485 | &nbsp;&nbsp;4091 | &nbsp;&nbsp;4091 | &nbsp;&nbsp;0 | &nbsp;&nbsp;895 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;**40** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Bronx Multifamily Portfolio** |  | &nbsp;&nbsp;**7657** | &nbsp;&nbsp;**1914** | &nbsp;&nbsp;**36598** | &nbsp;&nbsp;**4535** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**792** | &nbsp;&nbsp;**0** |
| &nbsp;&nbsp;40.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;856 East 175th Street | &nbsp;&nbsp;NAP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;40.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1534 Nelson Avenue | &nbsp;&nbsp;NAP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;40.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1269 Findlay Avenue | &nbsp;&nbsp;NAP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;40.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;742 East 183rd Street | &nbsp;&nbsp;NAP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;41 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;94 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Wyndham Garden Norfolk Downtown | &nbsp;&nbsp;NAP | &nbsp;&nbsp;19814 | &nbsp;&nbsp;9907 | &nbsp;&nbsp;75320 | &nbsp;&nbsp;10760 | &nbsp;&nbsp;0 | &nbsp;&nbsp;19077 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;42 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;95 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Scottish Traveler RV Park | &nbsp;&nbsp;NAP | &nbsp;&nbsp;28634 | &nbsp;&nbsp;5727 | &nbsp;&nbsp;58021 | &nbsp;&nbsp;5275 | &nbsp;&nbsp;39500 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;43 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;96, 97 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Windsong Industrial | &nbsp;&nbsp;NAP | &nbsp;&nbsp;112176 | &nbsp;&nbsp;12464 | &nbsp;&nbsp;35310 | &nbsp;&nbsp;3923 | &nbsp;&nbsp;0 | &nbsp;&nbsp;540 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;44 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1701 Clay | &nbsp;&nbsp;NAP | &nbsp;&nbsp;486 | &nbsp;&nbsp;116 | &nbsp;&nbsp;5757 | &nbsp;&nbsp;1439 | &nbsp;&nbsp;0 | &nbsp;&nbsp;354 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;45 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;98, 99 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Best Western Seven Seas | &nbsp;&nbsp;No | &nbsp;&nbsp;113954 | &nbsp;&nbsp;37985 | &nbsp;&nbsp;120789 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;0 | &nbsp;&nbsp;4% of Gross Revenue | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;46 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Raleigh | &nbsp;&nbsp;NAP | &nbsp;&nbsp;10464 | &nbsp;&nbsp;10464 | &nbsp;&nbsp;10044 | &nbsp;&nbsp;5022 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1187 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;47 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;632 Sterling Place | &nbsp;&nbsp;NAP | &nbsp;&nbsp;11045 | &nbsp;&nbsp;2761 | &nbsp;&nbsp;5291 | &nbsp;&nbsp;756 | &nbsp;&nbsp;0 | &nbsp;&nbsp;208 | &nbsp;&nbsp;0 |

---

A-1-22

**Benchmark 2025-V18**

**Annex A-1**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Loan ID Number** | &nbsp;&nbsp;**Loan / Property Flag** | &nbsp;&nbsp;**Footnotes (for Loan and Property Information)** | &nbsp;&nbsp;**# of Properties** | &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Upfront TI/LC Reserve ($)** | &nbsp;&nbsp;**Monthly TI/LC Reserve ($)** | &nbsp;&nbsp;**TI/LC Caps ($)** | &nbsp;&nbsp;**Upfront Debt Service Reserve ($)** | &nbsp;&nbsp;**Monthly Debt Service Reserve ($)** | &nbsp;&nbsp;**Debt Service Reserve Cap ($)** | &nbsp;&nbsp;**Upfront Deferred Maintenance Reserve ($)** | &nbsp;&nbsp;**Upfront Other Reserve ($)** | &nbsp;&nbsp;**Monthly Other Reserve ($)** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 10, 11, 12, 13 | &nbsp;&nbsp;1 | &nbsp;&nbsp;9911 Belward | &nbsp;&nbsp;19292063 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;14, 15, 16 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Park Place Village | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;25800 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 17, 18, 19, 20, 21, 22, 23 | &nbsp;&nbsp;1 | &nbsp;&nbsp;180 Water | &nbsp;&nbsp;0 | &nbsp;&nbsp;3178 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1209250 | &nbsp;&nbsp;4600000 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;24, 25 | &nbsp;&nbsp;1 | &nbsp;&nbsp;City Center at Oyster Point | &nbsp;&nbsp;382960 | &nbsp;&nbsp;47828 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1078607 | &nbsp;&nbsp;Springing |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1515 West Webster | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;**6** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**26, 27** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**Waterford Multifamily Portfolio** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** |
| &nbsp;&nbsp;6.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Parkview Apartments |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;6.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yorkshire Apartments |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;6.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Holly Brook Apartments |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 28, 29, 30, 31 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1010 Pacific Street | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;120793 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;**8** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**32, 33, 34, 35, 36, 37, 38** | &nbsp;&nbsp;**7** | &nbsp;&nbsp;**REVA Portfolio** | &nbsp;&nbsp;**4000000** | &nbsp;&nbsp;**84677** | &nbsp;&nbsp;**5000000** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**7500** | &nbsp;&nbsp;**4886328** | &nbsp;&nbsp;**0** |
| &nbsp;&nbsp;8.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Signature Place |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;8.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;One Independence |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;8.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Fairfax Building |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;8.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Universal Building |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;8.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Sabal 6 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;8.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;150 Corporate |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;8.07 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Southpark at Westgate |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;39, 40, 41 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Hotel Valencia Santana Row | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;141666 | &nbsp;&nbsp;Springing |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;44 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Royal Ledges Apartments | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;22283 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;42, 43 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Brookside Gardens | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1650 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;45 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Torrey Ridge Apartments | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;13 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Pavilion at Port Orange | &nbsp;&nbsp;0 | &nbsp;&nbsp;66389 | &nbsp;&nbsp;1991655 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1427898 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;14 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;46, 47 | &nbsp;&nbsp;1 | &nbsp;&nbsp;The DeSoto | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;39025 | &nbsp;&nbsp;829532 | &nbsp;&nbsp;Springing |
| &nbsp;&nbsp;15 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;48, 49, 50, 51, 52 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Haven at Bellaire | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;**16** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9, 53** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Yosemite Hospitality Portfolio** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**4299114** | &nbsp;&nbsp;**Springing** |
| &nbsp;&nbsp;16.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yosemite View Lodge |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;16.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yosemite Cedar Lodge |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**17** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9** | &nbsp;&nbsp;**17** | &nbsp;&nbsp;**ESA Portfolio** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** |
| &nbsp;&nbsp;17.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Wayne South |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Waco - Woodway |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cincinnati Blue Ash Kenwood Rd |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - North |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Indianapolis Northwest I-465 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cincinnati Blue Ash Reed Hartman |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.07 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;El Paso - Airport |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.08 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dallas - Greenville Ave |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.09 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Indianapolis - Airport - W Southern Ave |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.10 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;El Paso - West |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.11 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - Fossil Creek |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.12 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dallas - Plano Parkway |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.13 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - City View |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.14 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Wayne North |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.15 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - Fairborn |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.16 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - Southwest |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.17 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - South |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;18 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 54, 55 | &nbsp;&nbsp;1 | &nbsp;&nbsp;80-02 Kew Gardens | &nbsp;&nbsp;1250000 | &nbsp;&nbsp;41667 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;181375 | &nbsp;&nbsp;337746 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;19 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;56, 57 | &nbsp;&nbsp;1 | &nbsp;&nbsp;MetLife Solutions Tampa | &nbsp;&nbsp;0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;20 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;58, 59, 60, 61, 62, 63, 64 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Providence at Champions | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;229563 | &nbsp;&nbsp;81230 | &nbsp;&nbsp;Springing |
| &nbsp;&nbsp;21 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 72, 73, 74, 75 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Springfield Town Center | &nbsp;&nbsp;0 | &nbsp;&nbsp;171431 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;2480567 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;22 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Landings I & II | &nbsp;&nbsp;500000 | &nbsp;&nbsp;19498 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;**23** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**65** | &nbsp;&nbsp;**6** | &nbsp;&nbsp;**NYC Mixed-Use Portfolio** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**2112** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**81531** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** |
| &nbsp;&nbsp;23.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;14 1st Avenue |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;23.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;313 West 92nd Street |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;23.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;316-322 East 149th Street |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;23.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;445 West 46th Street |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;23.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;296 & 298 East 149th Street |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;23.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;219 East 5th Street |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;24 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 76, 77 | &nbsp;&nbsp;1 | &nbsp;&nbsp;161 Washington Street | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1638599 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;25 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;66, 67, 68, 69, 70, 71 | &nbsp;&nbsp;1 | &nbsp;&nbsp;365 West Passaic | &nbsp;&nbsp;500000 | &nbsp;&nbsp;20195 | &nbsp;&nbsp;610000 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;56250 | &nbsp;&nbsp;1883198 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;26 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Quail Creek Crossing | &nbsp;&nbsp;250000 | &nbsp;&nbsp;26320 | &nbsp;&nbsp;600000 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;214596 | &nbsp;&nbsp;Springing |
| &nbsp;&nbsp;27 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;78 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Village Square | &nbsp;&nbsp;380000 | &nbsp;&nbsp;23577 | &nbsp;&nbsp;800000 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;191200 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;28 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;79, 80 | &nbsp;&nbsp;1 | &nbsp;&nbsp;250-254 Winthrop Street | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;8250 | &nbsp;&nbsp;136668 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;29 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;81 | &nbsp;&nbsp;1 | &nbsp;&nbsp;2105-2109 1st Avenue | &nbsp;&nbsp;0 | &nbsp;&nbsp;667 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;225675 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;30 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Spyglass Inn | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;561000 | &nbsp;&nbsp;Springing |
| &nbsp;&nbsp;31 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cottage Inn by the Sea | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;Springing |
| &nbsp;&nbsp;**32** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**82, 83, 84, 85** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Leeton Leased Fee Pool B Portfolio** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** |
| &nbsp;&nbsp;32.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Thruway Plaza |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;32.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Augusta West |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**33** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Compass Sunbelt Storage Portfolio** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**6150** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** |
| &nbsp;&nbsp;33.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Laplace |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;33.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Gulfport |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;34 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Market on Cherry Road | &nbsp;&nbsp;200000 | &nbsp;&nbsp;8284 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;196286 | &nbsp;&nbsp;193704 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;**35** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9, 86, 87, 88** | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Pacifica Hotel Portfolio (4-Pack)** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**Springing** |
| &nbsp;&nbsp;35.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Wayfarer San Diego |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;35.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Sandcastle Inn |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;35.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Kinney Venice Beach |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;35.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Inn at Venice Beach |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**36** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Jacov Portfolio** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**208** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**2950** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** |
| &nbsp;&nbsp;36.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;462 West 146th Street |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;36.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1156 Dean Street |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;36.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;977 East 12th Street |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;36.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;608 West 148th Street |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;37 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 89 | &nbsp;&nbsp;1 | &nbsp;&nbsp;CFS Industrial HQ | &nbsp;&nbsp;0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;496005 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |

---

A-1-23

**Benchmark 2025-V18**

**Annex A-1**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Loan ID Number** | &nbsp;&nbsp;**Loan / Property Flag** | &nbsp;&nbsp;**Footnotes (for Loan and Property Information)** | &nbsp;&nbsp;**# of Properties** | &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Upfront TI/LC Reserve ($)** | &nbsp;&nbsp;**Monthly TI/LC Reserve ($)** | &nbsp;&nbsp;**TI/LC Caps ($)** | &nbsp;&nbsp;**Upfront Debt Service Reserve ($)** | &nbsp;&nbsp;**Monthly Debt Service Reserve ($)** | &nbsp;&nbsp;**Debt Service Reserve Cap ($)** | &nbsp;&nbsp;**Upfront Deferred Maintenance Reserve ($)** | &nbsp;&nbsp;**Upfront Other Reserve ($)** | &nbsp;&nbsp;**Monthly Other Reserve ($)** |
| &nbsp;&nbsp;38 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;90, 91, 92 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Davis Building | &nbsp;&nbsp;1300000 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;1300000 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;45250 | &nbsp;&nbsp;654396 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;39 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;93 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Orchard Street Portfolio | &nbsp;&nbsp;0 | &nbsp;&nbsp;119 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;157410 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;**40** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Bronx Multifamily Portfolio** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**10313** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** |
| &nbsp;&nbsp;40.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;856 East 175th Street |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;40.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1534 Nelson Avenue |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;40.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1269 Findlay Avenue |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;40.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;742 East 183rd Street |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;41 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;94 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Wyndham Garden Norfolk Downtown | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;39744 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;26563 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;42 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;95 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Scottish Traveler RV Park | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;365684 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;15450 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;43 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;96, 97 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Windsong Industrial | &nbsp;&nbsp;200000 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1900 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;44 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1701 Clay | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;45 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;98, 99 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Best Western Seven Seas | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;Springing |
| &nbsp;&nbsp;46 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Raleigh | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;64156 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;47 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;632 Sterling Place | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;3750 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |

---

A-1-24

**Benchmark 2025-V18**

**Annex A-1**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Loan ID Number** | &nbsp;&nbsp;**Loan / Property Flag** | &nbsp;&nbsp;**Footnotes (for Loan and Property Information)** | &nbsp;&nbsp;**# of Properties** | &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Other Reserve Description** | &nbsp;&nbsp;**Other Reserve Cap ($)** | &nbsp;&nbsp;**Holdback/ Earnout Amount ($)** | &nbsp;&nbsp;**Holdback/ Earnout Description** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 10, 11, 12, 13 | &nbsp;&nbsp;1 | &nbsp;&nbsp;9911 Belward | &nbsp;&nbsp;NAP | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;14, 15, 16 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Park Place Village | &nbsp;&nbsp;NAP | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 17, 18, 19, 20, 21, 22, 23 | &nbsp;&nbsp;1 | &nbsp;&nbsp;180 Water | &nbsp;&nbsp;Amenity Space Reserve | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;24, 25 | &nbsp;&nbsp;1 | &nbsp;&nbsp;City Center at Oyster Point | &nbsp;&nbsp;Outstanding TI/LC Reserve ($1000000), Rent Replication Reserve (Upfront: $78,607.31), Common Charges Reserve (Monthly: Springing) | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1515 West Webster | &nbsp;&nbsp;NAP | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**6** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**26, 27** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**Waterford Multifamily Portfolio** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**NAP** |
| &nbsp;&nbsp;6.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Parkview Apartments |  |  |  |  |
| &nbsp;&nbsp;6.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yorkshire Apartments |  |  |  |  |
| &nbsp;&nbsp;6.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Holly Brook Apartments |  |  |  |  |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 28, 29, 30, 31 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1010 Pacific Street | &nbsp;&nbsp;Rent Holdback Reserve | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**8** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**32, 33, 34, 35, 36, 37, 38** | &nbsp;&nbsp;**7** | &nbsp;&nbsp;**REVA Portfolio** | &nbsp;&nbsp;**Unfunded Obligations Reserve** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**NAP** |
| &nbsp;&nbsp;8.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Signature Place |  |  |  |  |
| &nbsp;&nbsp;8.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;One Independence |  |  |  |  |
| &nbsp;&nbsp;8.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Fairfax Building |  |  |  |  |
| &nbsp;&nbsp;8.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Universal Building |  |  |  |  |
| &nbsp;&nbsp;8.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Sabal 6 |  |  |  |  |
| &nbsp;&nbsp;8.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;150 Corporate |  |  |  |  |
| &nbsp;&nbsp;8.07 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Southpark at Westgate |  |  |  |  |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;39, 40, 41 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Hotel Valencia Santana Row | &nbsp;&nbsp;PIP Reserve (Monthly: Springing), Ground Rent Reserve (Upfront: $141,666.48, Monthly: Springing) | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;44 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Royal Ledges Apartments | &nbsp;&nbsp;NAP | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;42, 43 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Brookside Gardens | &nbsp;&nbsp;NAP | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;45 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Torrey Ridge Apartments | &nbsp;&nbsp;Law and Ordinance Insurance Reserve | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;13 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Pavilion at Port Orange | &nbsp;&nbsp;Outstanding TI/LC Reserve | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;14 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;46, 47 | &nbsp;&nbsp;1 | &nbsp;&nbsp;The DeSoto | &nbsp;&nbsp;Seasonality Reserve (Upfront: $614,616, Monthly: Springing), Balcony Renovation Reserve (Upfront: $214,915.50) | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;15 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;48, 49, 50, 51, 52 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Haven at Bellaire | &nbsp;&nbsp;NAP | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**16** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9, 53** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Yosemite Hospitality Portfolio** | &nbsp;&nbsp;**Seasonality Reserve Funds (Upfront: $4,000,000, Monthly: Springing), Fair Plan Reserve (Upfront: $299,114), PIP Reserve (Monthly: Springing)** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**NAP** |
| &nbsp;&nbsp;16.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yosemite View Lodge |  |  |  |  |
| &nbsp;&nbsp;16.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yosemite Cedar Lodge |  |  |  |  |
| &nbsp;&nbsp;**17** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9** | &nbsp;&nbsp;**17** | &nbsp;&nbsp;**ESA Portfolio** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**NAP** |
| &nbsp;&nbsp;17.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Wayne South |  |  |  |  |
| &nbsp;&nbsp;17.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Waco - Woodway |  |  |  |  |
| &nbsp;&nbsp;17.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cincinnati Blue Ash Kenwood Rd |  |  |  |  |
| &nbsp;&nbsp;17.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - North |  |  |  |  |
| &nbsp;&nbsp;17.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Indianapolis Northwest I-465 |  |  |  |  |
| &nbsp;&nbsp;17.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cincinnati Blue Ash Reed Hartman |  |  |  |  |
| &nbsp;&nbsp;17.07 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;El Paso - Airport |  |  |  |  |
| &nbsp;&nbsp;17.08 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dallas - Greenville Ave |  |  |  |  |
| &nbsp;&nbsp;17.09 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Indianapolis - Airport - W Southern Ave |  |  |  |  |
| &nbsp;&nbsp;17.10 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;El Paso - West |  |  |  |  |
| &nbsp;&nbsp;17.11 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - Fossil Creek |  |  |  |  |
| &nbsp;&nbsp;17.12 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dallas - Plano Parkway |  |  |  |  |
| &nbsp;&nbsp;17.13 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - City View |  |  |  |  |
| &nbsp;&nbsp;17.14 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Wayne North |  |  |  |  |
| &nbsp;&nbsp;17.15 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - Fairborn |  |  |  |  |
| &nbsp;&nbsp;17.16 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - Southwest |  |  |  |  |
| &nbsp;&nbsp;17.17 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - South |  |  |  |  |
| &nbsp;&nbsp;18 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 54, 55 | &nbsp;&nbsp;1 | &nbsp;&nbsp;80-02 Kew Gardens | &nbsp;&nbsp;Unfunded Obligations Reserve | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;19 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;56, 57 | &nbsp;&nbsp;1 | &nbsp;&nbsp;MetLife Solutions Tampa | &nbsp;&nbsp;NAP | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;20 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;58, 59, 60, 61, 62, 63, 64 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Providence at Champions | &nbsp;&nbsp;Ground Rent Reserve | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;21 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 72, 73, 74, 75 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Springfield Town Center | &nbsp;&nbsp;Additional TI/LC Reserve ($1500000), Unfunded Obligations Reserve ($980567) | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;22 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Landings I & II | &nbsp;&nbsp;NAP | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**23** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**65** | &nbsp;&nbsp;**6** | &nbsp;&nbsp;**NYC Mixed-Use Portfolio** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**NAP** |
| &nbsp;&nbsp;23.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;14 1st Avenue |  |  |  |  |
| &nbsp;&nbsp;23.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;313 West 92nd Street |  |  |  |  |
| &nbsp;&nbsp;23.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;316-322 East 149th Street |  |  |  |  |
| &nbsp;&nbsp;23.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;445 West 46th Street |  |  |  |  |
| &nbsp;&nbsp;23.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;296 & 298 East 149th Street |  |  |  |  |
| &nbsp;&nbsp;23.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;219 East 5th Street |  |  |  |  |
| &nbsp;&nbsp;24 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 76, 77 | &nbsp;&nbsp;1 | &nbsp;&nbsp;161 Washington Street | &nbsp;&nbsp;Unfunded Obligations Reserve | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;25 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;66, 67, 68, 69, 70, 71 | &nbsp;&nbsp;1 | &nbsp;&nbsp;365 West Passaic | &nbsp;&nbsp;Outstanding TI/LC Reserve ($1,283,432.24), Free Rent Reserve ($444,545.88) Gap Rent Reserve ($155,219.42) | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;26 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Quail Creek Crossing | &nbsp;&nbsp;Unfunded Obligations Reserve (Upfront: $214,595.98), Critical Tenant Reserve (Monthly: Springing) | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;27 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;78 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Village Square | &nbsp;&nbsp;Unfunded Obligations Reserve | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;28 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;79, 80 | &nbsp;&nbsp;1 | &nbsp;&nbsp;250-254 Winthrop Street | &nbsp;&nbsp;Rent Reserve ($70400), Rent Concession Reserve ($66,268.21) | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;29 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;81 | &nbsp;&nbsp;1 | &nbsp;&nbsp;2105-2109 1st Avenue | &nbsp;&nbsp;NAP | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;30 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Spyglass Inn | &nbsp;&nbsp;Unfunded Obligations Reserve (Upfront: $561,000), PIP Reserve (Monthly: Springing) | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;31 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cottage Inn by the Sea | &nbsp;&nbsp;PIP Reserve | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**32** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**82, 83, 84, 85** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Leeton Leased Fee Pool B Portfolio** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**NAP** |
| &nbsp;&nbsp;32.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Thruway Plaza |  |  |  |  |
| &nbsp;&nbsp;32.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Augusta West |  |  |  |  |
| &nbsp;&nbsp;**33** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Compass Sunbelt Storage Portfolio** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**NAP** |
| &nbsp;&nbsp;33.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Laplace |  |  |  |  |
| &nbsp;&nbsp;33.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Gulfport |  |  |  |  |
| &nbsp;&nbsp;34 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Market on Cherry Road | &nbsp;&nbsp;Unfunded Obligations Reserve ($125000), Free Rent Reserve ($68,703.74) | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**35** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9, 86, 87, 88** | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Pacifica Hotel Portfolio (4-Pack)** | &nbsp;&nbsp;**PIP Reserve** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**NAP** |
| &nbsp;&nbsp;35.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Wayfarer San Diego |  |  |  |  |
| &nbsp;&nbsp;35.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Sandcastle Inn |  |  |  |  |
| &nbsp;&nbsp;35.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Kinney Venice Beach |  |  |  |  |
| &nbsp;&nbsp;35.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Inn at Venice Beach |  |  |  |  |
| &nbsp;&nbsp;**36** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Jacov Portfolio** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**NAP** |
| &nbsp;&nbsp;36.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;462 West 146th Street |  |  |  |  |
| &nbsp;&nbsp;36.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1156 Dean Street |  |  |  |  |
| &nbsp;&nbsp;36.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;977 East 12th Street |  |  |  |  |
| &nbsp;&nbsp;36.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;608 West 148th Street |  |  |  |  |
| &nbsp;&nbsp;37 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 89 | &nbsp;&nbsp;1 | &nbsp;&nbsp;CFS Industrial HQ | &nbsp;&nbsp;NAP | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;NAP |

---

A-1-25

**Benchmark 2025-V18**

**Annex A-1**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Loan ID Number** | &nbsp;&nbsp;**Loan / Property Flag** | &nbsp;&nbsp;**Footnotes (for Loan and Property Information)** | &nbsp;&nbsp;**# of Properties** | &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Other Reserve Description** | &nbsp;&nbsp;**Other Reserve Cap ($)** | &nbsp;&nbsp;**Holdback/ Earnout Amount ($)** | &nbsp;&nbsp;**Holdback/ Earnout Description** |
| &nbsp;&nbsp;38 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;90, 91, 92 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Davis Building | &nbsp;&nbsp;Unfunded Obligations Reserve ($90225), Free Rent Reserve ($564171) | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;39 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;93 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Orchard Street Portfolio | &nbsp;&nbsp;NAP | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**40** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Bronx Multifamily Portfolio** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**NAP** |
| &nbsp;&nbsp;40.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;856 East 175th Street |  |  |  |  |
| &nbsp;&nbsp;40.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1534 Nelson Avenue |  |  |  |  |
| &nbsp;&nbsp;40.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1269 Findlay Avenue |  |  |  |  |
| &nbsp;&nbsp;40.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;742 East 183rd Street |  |  |  |  |
| &nbsp;&nbsp;41 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;94 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Wyndham Garden Norfolk Downtown | &nbsp;&nbsp;NAP | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;42 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;95 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Scottish Traveler RV Park | &nbsp;&nbsp;NAP | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;43 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;96, 97 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Windsong Industrial | &nbsp;&nbsp;Unfunded Obligations Reserve | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;44 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1701 Clay | &nbsp;&nbsp;NAP | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;45 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;98, 99 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Best Western Seven Seas | &nbsp;&nbsp;Existing PIP Reserve, Future PIP Reserve, Ground Rent Reserve | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;46 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Raleigh | &nbsp;&nbsp;NAP | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;47 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;632 Sterling Place | &nbsp;&nbsp;NAP | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;NAP |

---

A-1-26

**Benchmark 2025-V18**

**Annex A-1**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Loan ID Number** | &nbsp;&nbsp;**Loan / Property Flag** | &nbsp;&nbsp;**Footnotes (for Loan and Property Information)** | &nbsp;&nbsp;**# of Properties** | &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Lockbox Type** | &nbsp;&nbsp;**Cash Management** | &nbsp;&nbsp;**Excess Cash Trap Triggered by DSCR and/or Debt Yield Test (Y/N)** | &nbsp;&nbsp;**Tenant Specific Excess Cash Trap Trigger (Y/N)** | &nbsp;&nbsp;**Pari Passu (Y/N)** | &nbsp;&nbsp;**Pari Passu in Trust Controlling (Y/N)** | &nbsp;&nbsp;**Trust Pari Passu Cut-off Date Balance ($)** | &nbsp;&nbsp;**Non-Trust Pari Passu Companion Loan Cut-off Date Balance ($)** | &nbsp;&nbsp;**Non-Trust Pari Passu Companion Loan Monthly Debt Service ($)** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 10, 11, 12, 13 | &nbsp;&nbsp;1 | &nbsp;&nbsp;9911 Belward | &nbsp;&nbsp;Hard | &nbsp;&nbsp;Springing | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;80000000 | &nbsp;&nbsp;48740000 | &nbsp;&nbsp;205903.94 |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;14, 15, 16 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Park Place Village | &nbsp;&nbsp;Hard | &nbsp;&nbsp;Springing | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 17, 18, 19, 20, 21, 22, 23 | &nbsp;&nbsp;1 | &nbsp;&nbsp;180 Water | &nbsp;&nbsp;Soft (Residential); Hard (Commercial) | &nbsp;&nbsp;Springing | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;60000000 | &nbsp;&nbsp;88000000 | &nbsp;&nbsp;398273.30 |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;24, 25 | &nbsp;&nbsp;1 | &nbsp;&nbsp;City Center at Oyster Point | &nbsp;&nbsp;Hard | &nbsp;&nbsp;Springing | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1515 West Webster | &nbsp;&nbsp;Hard | &nbsp;&nbsp;Springing | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**6** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**26, 27** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**Waterford Multifamily Portfolio** | &nbsp;&nbsp;**Springing** | &nbsp;&nbsp;**Springing** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**No** | &nbsp;&nbsp;**No** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** |
| &nbsp;&nbsp;6.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Parkview Apartments |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;6.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yorkshire Apartments |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;6.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Holly Brook Apartments |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 28, 29, 30, 31 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1010 Pacific Street | &nbsp;&nbsp;Springing | &nbsp;&nbsp;Springing | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;54500000 | &nbsp;&nbsp;30000000 | &nbsp;&nbsp;145239.58 |
| &nbsp;&nbsp;**8** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**32, 33, 34, 35, 36, 37, 38** | &nbsp;&nbsp;**7** | &nbsp;&nbsp;**REVA Portfolio** | &nbsp;&nbsp;**Springing** | &nbsp;&nbsp;**Springing** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**No** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** |
| &nbsp;&nbsp;8.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Signature Place |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;8.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;One Independence |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;8.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Fairfax Building |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;8.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Universal Building |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;8.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Sabal 6 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;8.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;150 Corporate |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;8.07 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Southpark at Westgate |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;39, 40, 41 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Hotel Valencia Santana Row | &nbsp;&nbsp;Springing | &nbsp;&nbsp;Springing | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;44 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Royal Ledges Apartments | &nbsp;&nbsp;Soft | &nbsp;&nbsp;Springing | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;42, 43 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Brookside Gardens | &nbsp;&nbsp;Springing | &nbsp;&nbsp;Springing | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;45 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Torrey Ridge Apartments | &nbsp;&nbsp;Springing | &nbsp;&nbsp;Springing | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;13 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Pavilion at Port Orange | &nbsp;&nbsp;Hard | &nbsp;&nbsp;Springing | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;14 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;46, 47 | &nbsp;&nbsp;1 | &nbsp;&nbsp;The DeSoto | &nbsp;&nbsp;Hard | &nbsp;&nbsp;Springing | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;15 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;48, 49, 50, 51, 52 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Haven at Bellaire | &nbsp;&nbsp;Soft | &nbsp;&nbsp;In Place | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**16** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9, 53** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Yosemite Hospitality Portfolio** | &nbsp;&nbsp;**Hard** | &nbsp;&nbsp;**Springing** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**No** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**No** | &nbsp;&nbsp;**31650000** | &nbsp;&nbsp;**63350000** | &nbsp;&nbsp;**390731.66** |
| &nbsp;&nbsp;16.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yosemite View Lodge |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;16.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yosemite Cedar Lodge |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**17** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9** | &nbsp;&nbsp;**17** | &nbsp;&nbsp;**ESA Portfolio** | &nbsp;&nbsp;**Hard** | &nbsp;&nbsp;**Springing** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**No** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**No** | &nbsp;&nbsp;**30000000** | &nbsp;&nbsp;**60160000** | &nbsp;&nbsp;**342388.38** |
| &nbsp;&nbsp;17.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Wayne South |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Waco - Woodway |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cincinnati Blue Ash Kenwood Rd |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - North |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Indianapolis Northwest I-465 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cincinnati Blue Ash Reed Hartman |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.07 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;El Paso - Airport |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.08 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dallas - Greenville Ave |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.09 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Indianapolis - Airport - W Southern Ave |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.10 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;El Paso - West |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.11 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - Fossil Creek |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.12 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dallas - Plano Parkway |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.13 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - City View |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.14 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Wayne North |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.15 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - Fairborn |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.16 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - Southwest |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.17 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - South |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;18 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 54, 55 | &nbsp;&nbsp;1 | &nbsp;&nbsp;80-02 Kew Gardens | &nbsp;&nbsp;Hard | &nbsp;&nbsp;Springing | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;30000000 | &nbsp;&nbsp;40000000 | &nbsp;&nbsp;236236.11 |
| &nbsp;&nbsp;19 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;56, 57 | &nbsp;&nbsp;1 | &nbsp;&nbsp;MetLife Solutions Tampa | &nbsp;&nbsp;Springing | &nbsp;&nbsp;Springing | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;20 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;58, 59, 60, 61, 62, 63, 64 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Providence at Champions | &nbsp;&nbsp;Soft | &nbsp;&nbsp;In Place | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;21 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 72, 73, 74, 75 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Springfield Town Center | &nbsp;&nbsp;Hard | &nbsp;&nbsp;Springing | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;25000000 | &nbsp;&nbsp;125000000 | &nbsp;&nbsp;751439.52 |
| &nbsp;&nbsp;22 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Landings I & II | &nbsp;&nbsp;Hard | &nbsp;&nbsp;Springing | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**23** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**65** | &nbsp;&nbsp;**6** | &nbsp;&nbsp;**NYC Mixed-Use Portfolio** | &nbsp;&nbsp;**Hard** | &nbsp;&nbsp;**Springing** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**No** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** |
| &nbsp;&nbsp;23.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;14 1st Avenue |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;23.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;313 West 92nd Street |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;23.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;316-322 East 149th Street |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;23.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;445 West 46th Street |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;23.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;296 & 298 East 149th Street |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;23.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;219 East 5th Street |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;24 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 76, 77 | &nbsp;&nbsp;1 | &nbsp;&nbsp;161 Washington Street | &nbsp;&nbsp;Hard | &nbsp;&nbsp;Springing | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;22500000 | &nbsp;&nbsp;31520000 | &nbsp;&nbsp;167831.59 |
| &nbsp;&nbsp;25 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;66, 67, 68, 69, 70, 71 | &nbsp;&nbsp;1 | &nbsp;&nbsp;365 West Passaic | &nbsp;&nbsp;Springing | &nbsp;&nbsp;Springing | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;26 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Quail Creek Crossing | &nbsp;&nbsp;Hard | &nbsp;&nbsp;Springing | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;27 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;78 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Village Square | &nbsp;&nbsp;Hard | &nbsp;&nbsp;Springing | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;28 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;79, 80 | &nbsp;&nbsp;1 | &nbsp;&nbsp;250-254 Winthrop Street | &nbsp;&nbsp;Springing | &nbsp;&nbsp;Springing | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;29 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;81 | &nbsp;&nbsp;1 | &nbsp;&nbsp;2105-2109 1st Avenue | &nbsp;&nbsp;Soft (Residential); Hard (Commercial) | &nbsp;&nbsp;Springing | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;30 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Spyglass Inn | &nbsp;&nbsp;Hard | &nbsp;&nbsp;Springing | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;31 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cottage Inn by the Sea | &nbsp;&nbsp;Hard | &nbsp;&nbsp;Springing | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**32** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**82, 83, 84, 85** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Leeton Leased Fee Pool B Portfolio** | &nbsp;&nbsp;**Hard** | &nbsp;&nbsp;**In Place** | &nbsp;&nbsp;**No** | &nbsp;&nbsp;**No** | &nbsp;&nbsp;**No** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** |
| &nbsp;&nbsp;32.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Thruway Plaza |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;32.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Augusta West |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**33** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Compass Sunbelt Storage Portfolio** | &nbsp;&nbsp;**Springing** | &nbsp;&nbsp;**Springing** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**No** | &nbsp;&nbsp;**No** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** |
| &nbsp;&nbsp;33.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Laplace |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;33.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Gulfport |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;34 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Market on Cherry Road | &nbsp;&nbsp;Springing | &nbsp;&nbsp;Springing | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**35** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9, 86, 87, 88** | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Pacifica Hotel Portfolio (4-Pack)** | &nbsp;&nbsp;**Hard** | &nbsp;&nbsp;**Springing** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**No** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**No** | &nbsp;&nbsp;**11420000** | &nbsp;&nbsp;**60000000** | &nbsp;&nbsp;**365760.42** |
| &nbsp;&nbsp;35.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Wayfarer San Diego |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;35.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Sandcastle Inn |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;35.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Kinney Venice Beach |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;35.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Inn at Venice Beach |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**36** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Jacov Portfolio** | &nbsp;&nbsp;**Springing** | &nbsp;&nbsp;**Springing** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**No** | &nbsp;&nbsp;**No** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** |
| &nbsp;&nbsp;36.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;462 West 146th Street |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;36.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1156 Dean Street |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;36.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;977 East 12th Street |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;36.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;608 West 148th Street |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;37 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 89 | &nbsp;&nbsp;1 | &nbsp;&nbsp;CFS Industrial HQ | &nbsp;&nbsp;Hard | &nbsp;&nbsp;Springing | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;10000000 | &nbsp;&nbsp;42800000 | &nbsp;&nbsp;243949.11 |

---

A-1-27

**Benchmark 2025-V18**

**Annex A-1**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Loan ID Number** | &nbsp;&nbsp;**Loan / Property Flag** | &nbsp;&nbsp;**Footnotes (for Loan and Property Information)** | &nbsp;&nbsp;**# of Properties** | &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Lockbox Type** | &nbsp;&nbsp;**Cash Management** | &nbsp;&nbsp;**Excess Cash Trap Triggered by DSCR and/or Debt Yield Test (Y/N)** | &nbsp;&nbsp;**Tenant Specific Excess Cash Trap Trigger (Y/N)** | &nbsp;&nbsp;**Pari Passu (Y/N)** | &nbsp;&nbsp;**Pari Passu in Trust Controlling (Y/N)** | &nbsp;&nbsp;**Trust Pari Passu Cut-off Date Balance ($)** | &nbsp;&nbsp;**Non-Trust Pari Passu Companion Loan Cut-off Date Balance ($)** | &nbsp;&nbsp;**Non-Trust Pari Passu Companion Loan Monthly Debt Service ($)** |
| &nbsp;&nbsp;38 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;90, 91, 92 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Davis Building | &nbsp;&nbsp;Hard | &nbsp;&nbsp;Springing | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;39 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;93 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Orchard Street Portfolio | &nbsp;&nbsp;Springing | &nbsp;&nbsp;Springing | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**40** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Bronx Multifamily Portfolio** | &nbsp;&nbsp;**Springing** | &nbsp;&nbsp;**Springing** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**No** | &nbsp;&nbsp;**No** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** |
| &nbsp;&nbsp;40.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;856 East 175th Street |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;40.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1534 Nelson Avenue |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;40.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1269 Findlay Avenue |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;40.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;742 East 183rd Street |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;41 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;94 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Wyndham Garden Norfolk Downtown | &nbsp;&nbsp;Springing | &nbsp;&nbsp;Springing | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;42 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;95 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Scottish Traveler RV Park | &nbsp;&nbsp;Springing | &nbsp;&nbsp;Springing | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;43 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;96, 97 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Windsong Industrial | &nbsp;&nbsp;Hard | &nbsp;&nbsp;Springing | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;44 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1701 Clay | &nbsp;&nbsp;Springing | &nbsp;&nbsp;Springing | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;45 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;98, 99 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Best Western Seven Seas | &nbsp;&nbsp;Springing | &nbsp;&nbsp;Springing | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;46 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Raleigh | &nbsp;&nbsp;Springing | &nbsp;&nbsp;Springing | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;47 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;632 Sterling Place | &nbsp;&nbsp;Springing | &nbsp;&nbsp;Springing | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |

---

A-1-28

**Benchmark 2025-V18**

**Annex A-1**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Loan ID Number** | &nbsp;&nbsp;**Loan / Property Flag** | &nbsp;&nbsp;**Footnotes (for Loan and Property Information)** | &nbsp;&nbsp;**# of Properties** | &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Total Trust and Non-Trust Pari Passu Companion Loan Monthly Debt Service ($)** | &nbsp;&nbsp;**Subordinate Companion Loan Cut-off Date Balance ($)** | &nbsp;&nbsp;**Subordinate Companion Loan Interest Rate** | &nbsp;&nbsp;**Whole Loan Cut-off Date Balance ($)** | &nbsp;&nbsp;**Whole Loan Monthly Debt Service ($)** | &nbsp;&nbsp;**Whole Loan Cut-off Date LTV Ratio (%)** | &nbsp;&nbsp;**Whole Loan Underwritten NCF DSCR (x)** | &nbsp;&nbsp;**Whole Loan Underwritten NOI Debt Yield (%)** | &nbsp;&nbsp;**Mezzanine Debt Cut-off Date Balance($)** |
|  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;**4** |  |  |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 10, 11, 12, 13 | &nbsp;&nbsp;1 | &nbsp;&nbsp;9911 Belward | &nbsp;&nbsp;543866.90 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;128740000 | &nbsp;&nbsp;543866.90 | &nbsp;&nbsp;40.6% | &nbsp;&nbsp;3.41 | &nbsp;&nbsp;17.3% | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;14, 15, 16 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Park Place Village | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 17, 18, 19, 20, 21, 22, 23 | &nbsp;&nbsp;1 | &nbsp;&nbsp;180 Water | &nbsp;&nbsp;668626.77 | &nbsp;&nbsp;132000000 | &nbsp;&nbsp;7.41000% | &nbsp;&nbsp;280000000 | &nbsp;&nbsp;1495047.60 | &nbsp;&nbsp;74.1% | &nbsp;&nbsp;1.12 | &nbsp;&nbsp;7.2% | &nbsp;&nbsp;100000000 |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;24, 25 | &nbsp;&nbsp;1 | &nbsp;&nbsp;City Center at Oyster Point | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1515 West Webster | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**6** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**26, 27** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**Waterford Multifamily Portfolio** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** |
| &nbsp;&nbsp;6.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Parkview Apartments |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;6.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yorkshire Apartments |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;6.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Holly Brook Apartments |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 28, 29, 30, 31 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1010 Pacific Street | &nbsp;&nbsp;409091.49 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;84500000 | &nbsp;&nbsp;409091.49 | &nbsp;&nbsp;68.7% | &nbsp;&nbsp;1.32 | &nbsp;&nbsp;7.7% | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**8** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**32, 33, 34, 35, 36, 37, 38** | &nbsp;&nbsp;**7** | &nbsp;&nbsp;**REVA Portfolio** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** |
| &nbsp;&nbsp;8.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Signature Place |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;8.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;One Independence |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;8.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Fairfax Building |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;8.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Universal Building |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;8.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Sabal 6 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;8.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;150 Corporate |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;8.07 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Southpark at Westgate |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;39, 40, 41 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Hotel Valencia Santana Row | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;44 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Royal Ledges Apartments | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;42, 43 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Brookside Gardens | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;45 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Torrey Ridge Apartments | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;13 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Pavilion at Port Orange | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;14 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;46, 47 | &nbsp;&nbsp;1 | &nbsp;&nbsp;The DeSoto | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;15 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;48, 49, 50, 51, 52 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Haven at Bellaire | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**16** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9, 53** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Yosemite Hospitality Portfolio** | &nbsp;&nbsp;**585943.29** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**95000000** | &nbsp;&nbsp;**585943.29** | &nbsp;&nbsp;**62.7%** | &nbsp;&nbsp;**1.80** | &nbsp;&nbsp;**14.7%** | &nbsp;&nbsp;**NAP** |
| &nbsp;&nbsp;16.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yosemite View Lodge |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;16.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yosemite Cedar Lodge |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**17** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9** | &nbsp;&nbsp;**17** | &nbsp;&nbsp;**ESA Portfolio** | &nbsp;&nbsp;**513127.27** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**90160000** | &nbsp;&nbsp;**513127.27** | &nbsp;&nbsp;**64.0%** | &nbsp;&nbsp;**1.68** | &nbsp;&nbsp;**12.9%** | &nbsp;&nbsp;**NAP** |
| &nbsp;&nbsp;17.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Wayne South |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Waco - Woodway |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cincinnati Blue Ash Kenwood Rd |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - North |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Indianapolis Northwest I-465 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cincinnati Blue Ash Reed Hartman |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.07 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;El Paso - Airport |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.08 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dallas - Greenville Ave |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.09 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Indianapolis - Airport - W Southern Ave |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.10 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;El Paso - West |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.11 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - Fossil Creek |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.12 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dallas - Plano Parkway |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.13 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - City View |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.14 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Wayne North |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.15 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - Fairborn |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.16 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - Southwest |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.17 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - South |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;18 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 54, 55 | &nbsp;&nbsp;1 | &nbsp;&nbsp;80-02 Kew Gardens | &nbsp;&nbsp;413413.19 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;70000000 | &nbsp;&nbsp;413413.19 | &nbsp;&nbsp;60.9% | &nbsp;&nbsp;1.58 | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;19 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;56, 57 | &nbsp;&nbsp;1 | &nbsp;&nbsp;MetLife Solutions Tampa | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;20 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;58, 59, 60, 61, 62, 63, 64 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Providence at Champions | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;21 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 72, 73, 74, 75 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Springfield Town Center | &nbsp;&nbsp;901727.43 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;150000000 | &nbsp;&nbsp;901727.43 | &nbsp;&nbsp;54.6% | &nbsp;&nbsp;1.86 | &nbsp;&nbsp;14.0% | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;22 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Landings I & II | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**23** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**65** | &nbsp;&nbsp;**6** | &nbsp;&nbsp;**NYC Mixed-Use Portfolio** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** |
| &nbsp;&nbsp;23.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;14 1st Avenue |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;23.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;313 West 92nd Street |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;23.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;316-322 East 149th Street |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;23.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;445 West 46th Street |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;23.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;296 & 298 East 149th Street |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;23.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;219 East 5th Street |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;24 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 76, 77 | &nbsp;&nbsp;1 | &nbsp;&nbsp;161 Washington Street | &nbsp;&nbsp;287635.24 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;54020000 | &nbsp;&nbsp;287635.24 | &nbsp;&nbsp;69.3% | &nbsp;&nbsp;2.13 | &nbsp;&nbsp;15.1% | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;25 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;66, 67, 68, 69, 70, 71 | &nbsp;&nbsp;1 | &nbsp;&nbsp;365 West Passaic | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;26 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Quail Creek Crossing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;27 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;78 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Village Square | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;28 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;79, 80 | &nbsp;&nbsp;1 | &nbsp;&nbsp;250-254 Winthrop Street | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;29 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;81 | &nbsp;&nbsp;1 | &nbsp;&nbsp;2105-2109 1st Avenue | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;30 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Spyglass Inn | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;31 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cottage Inn by the Sea | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**32** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**82, 83, 84, 85** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Leeton Leased Fee Pool B Portfolio** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** |
| &nbsp;&nbsp;32.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Thruway Plaza |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;32.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Augusta West |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**33** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Compass Sunbelt Storage Portfolio** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** |
| &nbsp;&nbsp;33.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Laplace |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;33.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Gulfport |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;34 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Market on Cherry Road | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**35** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9, 86, 87, 88** | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Pacifica Hotel Portfolio (4-Pack)** | &nbsp;&nbsp;**435376.82** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**71420000** | &nbsp;&nbsp;**435376.82** | &nbsp;&nbsp;**57.2%** | &nbsp;&nbsp;**1.76** | &nbsp;&nbsp;**14.3%** | &nbsp;&nbsp;**NAP** |
| &nbsp;&nbsp;35.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Wayfarer San Diego |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;35.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Sandcastle Inn |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;35.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Kinney Venice Beach |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;35.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Inn at Venice Beach |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**36** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Jacov Portfolio** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** |
| &nbsp;&nbsp;36.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;462 West 146th Street |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;36.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1156 Dean Street |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;36.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;977 East 12th Street |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;36.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;608 West 148th Street |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;37 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 89 | &nbsp;&nbsp;1 | &nbsp;&nbsp;CFS Industrial HQ | &nbsp;&nbsp;300946.56 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;52800000 | &nbsp;&nbsp;300946.56 | &nbsp;&nbsp;70.5% | &nbsp;&nbsp;1.57 | &nbsp;&nbsp;11.1% | &nbsp;&nbsp;NAP |

---

A-1-29

**Benchmark 2025-V18**

**Annex A-1**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Loan ID Number** | &nbsp;&nbsp;**Loan / Property Flag** | &nbsp;&nbsp;**Footnotes (for Loan and Property Information)** | &nbsp;&nbsp;**# of Properties** | &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Total Trust and Non-Trust Pari Passu Companion Loan Monthly Debt Service ($)** | &nbsp;&nbsp;**Subordinate Companion Loan Cut-off Date Balance ($)** | &nbsp;&nbsp;**Subordinate Companion Loan Interest Rate** | &nbsp;&nbsp;**Whole Loan Cut-off Date Balance ($)** | &nbsp;&nbsp;**Whole Loan Monthly Debt Service ($)** | &nbsp;&nbsp;**Whole Loan Cut-off Date LTV Ratio (%)** | &nbsp;&nbsp;**Whole Loan Underwritten NCF DSCR (x)** | &nbsp;&nbsp;**Whole Loan Underwritten NOI Debt Yield (%)** | &nbsp;&nbsp;**Mezzanine Debt Cut-off Date Balance($)** |
|  |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;**4** |  |  |
| &nbsp;&nbsp;38 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;90, 91, 92 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Davis Building | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;39 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;93 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Orchard Street Portfolio | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**40** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Bronx Multifamily Portfolio** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** |
| &nbsp;&nbsp;40.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;856 East 175th Street |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;40.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1534 Nelson Avenue |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;40.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1269 Findlay Avenue |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;40.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;742 East 183rd Street |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;41 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;94 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Wyndham Garden Norfolk Downtown | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;42 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;95 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Scottish Traveler RV Park | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;43 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;96, 97 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Windsong Industrial | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;44 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1701 Clay | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;45 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;98, 99 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Best Western Seven Seas | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;46 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Raleigh | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;47 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;632 Sterling Place | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |

---

A-1-30

**Benchmark 2025-V18**

**Annex A-1**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Loan ID Number** | &nbsp;&nbsp;**Loan / Property Flag** | &nbsp;&nbsp;**Footnotes (for Loan and Property Information)** | &nbsp;&nbsp;**# of Properties** | &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Mezzanine Debt Interest Rate (%)** | &nbsp;&nbsp;**Total Debt Cut-off Date Balance ($)** | &nbsp;&nbsp;**Total Debt Monthly Debt Service ($)** | &nbsp;&nbsp;**Total Debt Cut-off Date LTV Ratio (%)** | &nbsp;&nbsp;**Total Debt Underwritten NCF DSCR (x)** | &nbsp;&nbsp;**Total Debt Underwritten NOI Debt Yield (%)** | &nbsp;&nbsp;**Future Additional Debt Permitted (Y/N)** |
|  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;**4** |  |  |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 10, 11, 12, 13 | &nbsp;&nbsp;1 | &nbsp;&nbsp;9911 Belward | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;14, 15, 16 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Park Place Village | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 17, 18, 19, 20, 21, 22, 23 | &nbsp;&nbsp;1 | &nbsp;&nbsp;180 Water | &nbsp;&nbsp;18.00000% | &nbsp;&nbsp;380000000 | &nbsp;&nbsp;3015880.93 | &nbsp;&nbsp;100.5% | &nbsp;&nbsp;0.55 | &nbsp;&nbsp;5.3% | &nbsp;&nbsp;No |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;24, 25 | &nbsp;&nbsp;1 | &nbsp;&nbsp;City Center at Oyster Point | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1515 West Webster | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**6** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**26, 27** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**Waterford Multifamily Portfolio** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**No** |
| &nbsp;&nbsp;6.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Parkview Apartments |  |  |  |  |  |  |  |
| &nbsp;&nbsp;6.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yorkshire Apartments |  |  |  |  |  |  |  |
| &nbsp;&nbsp;6.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Holly Brook Apartments |  |  |  |  |  |  |  |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 28, 29, 30, 31 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1010 Pacific Street | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**8** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**32, 33, 34, 35, 36, 37, 38** | &nbsp;&nbsp;**7** | &nbsp;&nbsp;**REVA Portfolio** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**No** |
| &nbsp;&nbsp;8.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Signature Place |  |  |  |  |  |  |  |
| &nbsp;&nbsp;8.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;One Independence |  |  |  |  |  |  |  |
| &nbsp;&nbsp;8.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Fairfax Building |  |  |  |  |  |  |  |
| &nbsp;&nbsp;8.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Universal Building |  |  |  |  |  |  |  |
| &nbsp;&nbsp;8.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Sabal 6 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;8.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;150 Corporate |  |  |  |  |  |  |  |
| &nbsp;&nbsp;8.07 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Southpark at Westgate |  |  |  |  |  |  |  |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;39, 40, 41 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Hotel Valencia Santana Row | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;44 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Royal Ledges Apartments | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;42, 43 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Brookside Gardens | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;45 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Torrey Ridge Apartments | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No |
| &nbsp;&nbsp;13 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Pavilion at Port Orange | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No |
| &nbsp;&nbsp;14 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;46, 47 | &nbsp;&nbsp;1 | &nbsp;&nbsp;The DeSoto | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No |
| &nbsp;&nbsp;15 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;48, 49, 50, 51, 52 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Haven at Bellaire | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**16** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9, 53** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Yosemite Hospitality Portfolio** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**No** |
| &nbsp;&nbsp;16.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yosemite View Lodge |  |  |  |  |  |  |  |
| &nbsp;&nbsp;16.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yosemite Cedar Lodge |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**17** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9** | &nbsp;&nbsp;**17** | &nbsp;&nbsp;**ESA Portfolio** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;17.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Wayne South |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Waco - Woodway |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cincinnati Blue Ash Kenwood Rd |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - North |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Indianapolis Northwest I-465 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cincinnati Blue Ash Reed Hartman |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.07 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;El Paso - Airport |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.08 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dallas - Greenville Ave |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.09 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Indianapolis - Airport - W Southern Ave |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.10 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;El Paso - West |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.11 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - Fossil Creek |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.12 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dallas - Plano Parkway |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.13 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - City View |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.14 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Wayne North |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.15 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - Fairborn |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.16 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - Southwest |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.17 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - South |  |  |  |  |  |  |  |
| &nbsp;&nbsp;18 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 54, 55 | &nbsp;&nbsp;1 | &nbsp;&nbsp;80-02 Kew Gardens | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No |
| &nbsp;&nbsp;19 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;56, 57 | &nbsp;&nbsp;1 | &nbsp;&nbsp;MetLife Solutions Tampa | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No |
| &nbsp;&nbsp;20 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;58, 59, 60, 61, 62, 63, 64 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Providence at Champions | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No |
| &nbsp;&nbsp;21 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 72, 73, 74, 75 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Springfield Town Center | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No |
| &nbsp;&nbsp;22 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Landings I & II | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**23** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**65** | &nbsp;&nbsp;**6** | &nbsp;&nbsp;**NYC Mixed-Use Portfolio** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**No** |
| &nbsp;&nbsp;23.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;14 1st Avenue |  |  |  |  |  |  |  |
| &nbsp;&nbsp;23.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;313 West 92nd Street |  |  |  |  |  |  |  |
| &nbsp;&nbsp;23.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;316-322 East 149th Street |  |  |  |  |  |  |  |
| &nbsp;&nbsp;23.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;445 West 46th Street |  |  |  |  |  |  |  |
| &nbsp;&nbsp;23.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;296 & 298 East 149th Street |  |  |  |  |  |  |  |
| &nbsp;&nbsp;23.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;219 East 5th Street |  |  |  |  |  |  |  |
| &nbsp;&nbsp;24 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 76, 77 | &nbsp;&nbsp;1 | &nbsp;&nbsp;161 Washington Street | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No |
| &nbsp;&nbsp;25 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;66, 67, 68, 69, 70, 71 | &nbsp;&nbsp;1 | &nbsp;&nbsp;365 West Passaic | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No |
| &nbsp;&nbsp;26 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Quail Creek Crossing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No |
| &nbsp;&nbsp;27 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;78 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Village Square | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No |
| &nbsp;&nbsp;28 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;79, 80 | &nbsp;&nbsp;1 | &nbsp;&nbsp;250-254 Winthrop Street | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No |
| &nbsp;&nbsp;29 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;81 | &nbsp;&nbsp;1 | &nbsp;&nbsp;2105-2109 1st Avenue | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No |
| &nbsp;&nbsp;30 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Spyglass Inn | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No |
| &nbsp;&nbsp;31 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cottage Inn by the Sea | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**32** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**82, 83, 84, 85** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Leeton Leased Fee Pool B Portfolio** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**No** |
| &nbsp;&nbsp;32.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Thruway Plaza |  |  |  |  |  |  |  |
| &nbsp;&nbsp;32.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Augusta West |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**33** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Compass Sunbelt Storage Portfolio** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**No** |
| &nbsp;&nbsp;33.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Laplace |  |  |  |  |  |  |  |
| &nbsp;&nbsp;33.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Gulfport |  |  |  |  |  |  |  |
| &nbsp;&nbsp;34 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Market on Cherry Road | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**35** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9, 86, 87, 88** | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Pacifica Hotel Portfolio (4-Pack)** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**No** |
| &nbsp;&nbsp;35.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Wayfarer San Diego |  |  |  |  |  |  |  |
| &nbsp;&nbsp;35.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Sandcastle Inn |  |  |  |  |  |  |  |
| &nbsp;&nbsp;35.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Kinney Venice Beach |  |  |  |  |  |  |  |
| &nbsp;&nbsp;35.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Inn at Venice Beach |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**36** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Jacov Portfolio** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**No** |
| &nbsp;&nbsp;36.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;462 West 146th Street |  |  |  |  |  |  |  |
| &nbsp;&nbsp;36.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1156 Dean Street |  |  |  |  |  |  |  |
| &nbsp;&nbsp;36.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;977 East 12th Street |  |  |  |  |  |  |  |
| &nbsp;&nbsp;36.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;608 West 148th Street |  |  |  |  |  |  |  |
| &nbsp;&nbsp;37 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 89 | &nbsp;&nbsp;1 | &nbsp;&nbsp;CFS Industrial HQ | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No |

---

A-1-31

**Benchmark 2025-V18**

**Annex A-1**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Loan ID Number** | &nbsp;&nbsp;**Loan / Property Flag** | &nbsp;&nbsp;**Footnotes (for Loan and Property Information)** | &nbsp;&nbsp;**# of Properties** | &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Mezzanine Debt Interest Rate (%)** | &nbsp;&nbsp;**Total Debt Cut-off Date Balance ($)** | &nbsp;&nbsp;**Total Debt Monthly Debt Service ($)** | &nbsp;&nbsp;**Total Debt Cut-off Date LTV Ratio (%)** | &nbsp;&nbsp;**Total Debt Underwritten NCF DSCR (x)** | &nbsp;&nbsp;**Total Debt Underwritten NOI Debt Yield (%)** | &nbsp;&nbsp;**Future Additional Debt Permitted (Y/N)** |
|  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;**4** |  |  |
| &nbsp;&nbsp;38 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;90, 91, 92 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Davis Building | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No |
| &nbsp;&nbsp;39 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;93 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Orchard Street Portfolio | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**40** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Bronx Multifamily Portfolio** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**No** |
| &nbsp;&nbsp;40.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;856 East 175th Street |  |  |  |  |  |  |  |
| &nbsp;&nbsp;40.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1534 Nelson Avenue |  |  |  |  |  |  |  |
| &nbsp;&nbsp;40.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1269 Findlay Avenue |  |  |  |  |  |  |  |
| &nbsp;&nbsp;40.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;742 East 183rd Street |  |  |  |  |  |  |  |
| &nbsp;&nbsp;41 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;94 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Wyndham Garden Norfolk Downtown | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No |
| &nbsp;&nbsp;42 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;95 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Scottish Traveler RV Park | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No |
| &nbsp;&nbsp;43 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;96, 97 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Windsong Industrial | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No |
| &nbsp;&nbsp;44 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1701 Clay | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No |
| &nbsp;&nbsp;45 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;98, 99 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Best Western Seven Seas | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No |
| &nbsp;&nbsp;46 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Raleigh | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No |
| &nbsp;&nbsp;47 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;632 Sterling Place | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;No |

---

A-1-32

**Benchmark 2025-V18**

**Annex A-1**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Loan ID Number** | &nbsp;&nbsp;**Loan / Property Flag** | &nbsp;&nbsp;**Footnotes (for Loan and Property Information)** | &nbsp;&nbsp;**# of Properties** | &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Future Debt Permitted Type** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 10, 11, 12, 13 | &nbsp;&nbsp;1 | &nbsp;&nbsp;9911 Belward | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;14, 15, 16 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Park Place Village | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 17, 18, 19, 20, 21, 22, 23 | &nbsp;&nbsp;1 | &nbsp;&nbsp;180 Water | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;24, 25 | &nbsp;&nbsp;1 | &nbsp;&nbsp;City Center at Oyster Point | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1515 West Webster | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**6** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**26, 27** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**Waterford Multifamily Portfolio** | &nbsp;&nbsp;**NAP** |
| &nbsp;&nbsp;6.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Parkview Apartments |  |
| &nbsp;&nbsp;6.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yorkshire Apartments |  |
| &nbsp;&nbsp;6.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Holly Brook Apartments |  |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 28, 29, 30, 31 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1010 Pacific Street | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**8** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**32, 33, 34, 35, 36, 37, 38** | &nbsp;&nbsp;**7** | &nbsp;&nbsp;**REVA Portfolio** | &nbsp;&nbsp;**NAP** |
| &nbsp;&nbsp;8.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Signature Place |  |
| &nbsp;&nbsp;8.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;One Independence |  |
| &nbsp;&nbsp;8.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Fairfax Building |  |
| &nbsp;&nbsp;8.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Universal Building |  |
| &nbsp;&nbsp;8.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Sabal 6 |  |
| &nbsp;&nbsp;8.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;150 Corporate |  |
| &nbsp;&nbsp;8.07 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Southpark at Westgate |  |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;39, 40, 41 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Hotel Valencia Santana Row | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;44 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Royal Ledges Apartments | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;42, 43 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Brookside Gardens | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;45 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Torrey Ridge Apartments | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;13 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Pavilion at Port Orange | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;14 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;46, 47 | &nbsp;&nbsp;1 | &nbsp;&nbsp;The DeSoto | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;15 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;48, 49, 50, 51, 52 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Haven at Bellaire | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**16** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9, 53** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Yosemite Hospitality Portfolio** | &nbsp;&nbsp;**NAP** |
| &nbsp;&nbsp;16.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yosemite View Lodge |  |
| &nbsp;&nbsp;16.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yosemite Cedar Lodge |  |
| &nbsp;&nbsp;**17** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9** | &nbsp;&nbsp;**17** | &nbsp;&nbsp;**ESA Portfolio** | &nbsp;&nbsp;**Mezzanine (Max Principal of $13,747,500; Max Combined LTV of 61.3%; Min Combined Debt Yield of 11.5%; Min Combined DSCR of 1.68x; Intercreditor Agreement is required)** |
| &nbsp;&nbsp;17.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Wayne South |  |
| &nbsp;&nbsp;17.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Waco - Woodway |  |
| &nbsp;&nbsp;17.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cincinnati Blue Ash Kenwood Rd |  |
| &nbsp;&nbsp;17.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - North |  |
| &nbsp;&nbsp;17.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Indianapolis Northwest I-465 |  |
| &nbsp;&nbsp;17.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cincinnati Blue Ash Reed Hartman |  |
| &nbsp;&nbsp;17.07 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;El Paso - Airport |  |
| &nbsp;&nbsp;17.08 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dallas - Greenville Ave |  |
| &nbsp;&nbsp;17.09 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Indianapolis - Airport - W Southern Ave |  |
| &nbsp;&nbsp;17.10 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;El Paso - West |  |
| &nbsp;&nbsp;17.11 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - Fossil Creek |  |
| &nbsp;&nbsp;17.12 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dallas - Plano Parkway |  |
| &nbsp;&nbsp;17.13 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - City View |  |
| &nbsp;&nbsp;17.14 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Wayne North |  |
| &nbsp;&nbsp;17.15 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - Fairborn |  |
| &nbsp;&nbsp;17.16 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - Southwest |  |
| &nbsp;&nbsp;17.17 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - South |  |
| &nbsp;&nbsp;18 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 54, 55 | &nbsp;&nbsp;1 | &nbsp;&nbsp;80-02 Kew Gardens | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;19 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;56, 57 | &nbsp;&nbsp;1 | &nbsp;&nbsp;MetLife Solutions Tampa | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;20 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;58, 59, 60, 61, 62, 63, 64 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Providence at Champions | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;21 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 72, 73, 74, 75 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Springfield Town Center | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;22 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Landings I & II | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**23** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**65** | &nbsp;&nbsp;**6** | &nbsp;&nbsp;**NYC Mixed-Use Portfolio** | &nbsp;&nbsp;**NAP** |
| &nbsp;&nbsp;23.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;14 1st Avenue |  |
| &nbsp;&nbsp;23.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;313 West 92nd Street |  |
| &nbsp;&nbsp;23.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;316-322 East 149th Street |  |
| &nbsp;&nbsp;23.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;445 West 46th Street |  |
| &nbsp;&nbsp;23.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;296 & 298 East 149th Street |  |
| &nbsp;&nbsp;23.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;219 East 5th Street |  |
| &nbsp;&nbsp;24 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 76, 77 | &nbsp;&nbsp;1 | &nbsp;&nbsp;161 Washington Street | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;25 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;66, 67, 68, 69, 70, 71 | &nbsp;&nbsp;1 | &nbsp;&nbsp;365 West Passaic | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;26 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Quail Creek Crossing | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;27 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;78 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Village Square | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;28 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;79, 80 | &nbsp;&nbsp;1 | &nbsp;&nbsp;250-254 Winthrop Street | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;29 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;81 | &nbsp;&nbsp;1 | &nbsp;&nbsp;2105-2109 1st Avenue | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;30 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Spyglass Inn | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;31 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cottage Inn by the Sea | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**32** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**82, 83, 84, 85** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Leeton Leased Fee Pool B Portfolio** | &nbsp;&nbsp;**NAP** |
| &nbsp;&nbsp;32.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Thruway Plaza |  |
| &nbsp;&nbsp;32.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Augusta West |  |
| &nbsp;&nbsp;**33** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Compass Sunbelt Storage Portfolio** | &nbsp;&nbsp;**NAP** |
| &nbsp;&nbsp;33.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Laplace |  |
| &nbsp;&nbsp;33.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Gulfport |  |
| &nbsp;&nbsp;34 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Market on Cherry Road | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**35** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9, 86, 87, 88** | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Pacifica Hotel Portfolio (4-Pack)** | &nbsp;&nbsp;**NAP** |
| &nbsp;&nbsp;35.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Wayfarer San Diego |  |
| &nbsp;&nbsp;35.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Sandcastle Inn |  |
| &nbsp;&nbsp;35.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Kinney Venice Beach |  |
| &nbsp;&nbsp;35.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Inn at Venice Beach |  |
| &nbsp;&nbsp;**36** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Jacov Portfolio** | &nbsp;&nbsp;**NAP** |
| &nbsp;&nbsp;36.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;462 West 146th Street |  |
| &nbsp;&nbsp;36.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1156 Dean Street |  |
| &nbsp;&nbsp;36.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;977 East 12th Street |  |
| &nbsp;&nbsp;36.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;608 West 148th Street |  |
| &nbsp;&nbsp;37 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 89 | &nbsp;&nbsp;1 | &nbsp;&nbsp;CFS Industrial HQ | &nbsp;&nbsp;NAP |

---

A-1-33

**Benchmark 2025-V18**

**Annex A-1**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Loan ID Number** | &nbsp;&nbsp;**Loan / Property Flag** | &nbsp;&nbsp;**Footnotes (for Loan and Property Information)** | &nbsp;&nbsp;**# of Properties** | &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Future Debt Permitted Type** |
| &nbsp;&nbsp;38 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;90, 91, 92 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Davis Building | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;39 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;93 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Orchard Street Portfolio | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**40** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Bronx Multifamily Portfolio** | &nbsp;&nbsp;**NAP** |
| &nbsp;&nbsp;40.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;856 East 175th Street |  |
| &nbsp;&nbsp;40.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1534 Nelson Avenue |  |
| &nbsp;&nbsp;40.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1269 Findlay Avenue |  |
| &nbsp;&nbsp;40.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;742 East 183rd Street |  |
| &nbsp;&nbsp;41 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;94 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Wyndham Garden Norfolk Downtown | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;42 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;95 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Scottish Traveler RV Park | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;43 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;96, 97 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Windsong Industrial | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;44 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1701 Clay | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;45 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;98, 99 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Best Western Seven Seas | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;46 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Raleigh | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;47 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;632 Sterling Place | &nbsp;&nbsp;NAP |

---

A-1-34

**Benchmark 2025-V18**

**Annex A-1**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Loan ID Number** | &nbsp;&nbsp;**Loan / Property Flag** | &nbsp;&nbsp;**Footnotes (for Loan and Property Information)** | &nbsp;&nbsp;**# of Properties** | &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Sponsor** | &nbsp;&nbsp;**Non-Recourse Carveout Guarantor** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 10, 11, 12, 13 | &nbsp;&nbsp;1 | &nbsp;&nbsp;9911 Belward | &nbsp;&nbsp;TechCore, LLC | &nbsp;&nbsp;TechCore, LLC |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;14, 15, 16 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Park Place Village | &nbsp;&nbsp;Vijaya Borra | &nbsp;&nbsp;Vijaya Borra |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 17, 18, 19, 20, 21, 22, 23 | &nbsp;&nbsp;1 | &nbsp;&nbsp;180 Water | &nbsp;&nbsp;60 Guilders, LLC | &nbsp;&nbsp;Ouni Mamrout and Yousef Althkefati |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;24, 25 | &nbsp;&nbsp;1 | &nbsp;&nbsp;City Center at Oyster Point | &nbsp;&nbsp;William M. Murphy | &nbsp;&nbsp;William M. Murphy |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1515 West Webster | &nbsp;&nbsp;Apex Capital Investments Corporation | &nbsp;&nbsp;Apex Capital Investments Corporation |
| &nbsp;&nbsp;**6** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**26, 27** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**Waterford Multifamily Portfolio** | &nbsp;&nbsp;**David Lubin and Jonathan Greenberg** | &nbsp;&nbsp;**David Lubin and Jonathan Greenberg** |
| &nbsp;&nbsp;6.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Parkview Apartments |  |  |
| &nbsp;&nbsp;6.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yorkshire Apartments |  |  |
| &nbsp;&nbsp;6.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Holly Brook Apartments |  |  |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 28, 29, 30, 31 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1010 Pacific Street | &nbsp;&nbsp;David Bistricer and Sam Levinson | &nbsp;&nbsp;Clipper REIT |
| &nbsp;&nbsp;**8** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**32, 33, 34, 35, 36, 37, 38** | &nbsp;&nbsp;**7** | &nbsp;&nbsp;**REVA Portfolio** | &nbsp;&nbsp;**Stevens M. Sadler and RE Gain Investment Fund, LLC** | &nbsp;&nbsp;**Stevens M. Sadler and RE Gain Investment Fund, LLC** |
| &nbsp;&nbsp;8.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Signature Place |  |  |
| &nbsp;&nbsp;8.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;One Independence |  |  |
| &nbsp;&nbsp;8.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Fairfax Building |  |  |
| &nbsp;&nbsp;8.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Universal Building |  |  |
| &nbsp;&nbsp;8.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Sabal 6 |  |  |
| &nbsp;&nbsp;8.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;150 Corporate |  |  |
| &nbsp;&nbsp;8.07 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Southpark at Westgate |  |  |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;39, 40, 41 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Hotel Valencia Santana Row | &nbsp;&nbsp;Doyle A. Graham, Jr. | &nbsp;&nbsp;Doyle A. Graham, Jr. |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;44 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Royal Ledges Apartments | &nbsp;&nbsp;Shalom Schwartz and Yakov Eisenbach | &nbsp;&nbsp;Shalom Schwartz and Yakov Eisenbach |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;42, 43 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Brookside Gardens | &nbsp;&nbsp;Jonathan Greenberg and David Lubin | &nbsp;&nbsp;Jonathan Greenberg and David Lubin |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;45 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Torrey Ridge Apartments | &nbsp;&nbsp;Patrick De La Torre | &nbsp;&nbsp;Patrick De La Torre |
| &nbsp;&nbsp;13 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Pavilion at Port Orange | &nbsp;&nbsp;CBL & Associates Limited Partnership | &nbsp;&nbsp;CBL & Associates Limited Partnership |
| &nbsp;&nbsp;14 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;46, 47 | &nbsp;&nbsp;1 | &nbsp;&nbsp;The DeSoto | &nbsp;&nbsp;Sotherly Hotels LP | &nbsp;&nbsp;Sotherly Hotels LP |
| &nbsp;&nbsp;15 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;48, 49, 50, 51, 52 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Haven at Bellaire | &nbsp;&nbsp;Samuel Silverman and Jorge Abreu | &nbsp;&nbsp;Samuel Silverman and Jorge Abreu |
| &nbsp;&nbsp;**16** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9, 53** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Yosemite Hospitality Portfolio** | &nbsp;&nbsp;**Gerald D. Fischer** | &nbsp;&nbsp;**Gerald D. Fischer and Karane Fischer** |
| &nbsp;&nbsp;16.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yosemite View Lodge |  |  |
| &nbsp;&nbsp;16.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yosemite Cedar Lodge |  |  |
| &nbsp;&nbsp;**17** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9** | &nbsp;&nbsp;**17** | &nbsp;&nbsp;**ESA Portfolio** | &nbsp;&nbsp;**Three Wall Capital, LLC** | &nbsp;&nbsp;**Three Wall Capital, LLC** |
| &nbsp;&nbsp;17.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Wayne South |  |  |
| &nbsp;&nbsp;17.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Waco - Woodway |  |  |
| &nbsp;&nbsp;17.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cincinnati Blue Ash Kenwood Rd |  |  |
| &nbsp;&nbsp;17.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - North |  |  |
| &nbsp;&nbsp;17.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Indianapolis Northwest I-465 |  |  |
| &nbsp;&nbsp;17.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cincinnati Blue Ash Reed Hartman |  |  |
| &nbsp;&nbsp;17.07 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;El Paso - Airport |  |  |
| &nbsp;&nbsp;17.08 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dallas - Greenville Ave |  |  |
| &nbsp;&nbsp;17.09 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Indianapolis - Airport - W Southern Ave |  |  |
| &nbsp;&nbsp;17.10 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;El Paso - West |  |  |
| &nbsp;&nbsp;17.11 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - Fossil Creek |  |  |
| &nbsp;&nbsp;17.12 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dallas - Plano Parkway |  |  |
| &nbsp;&nbsp;17.13 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - City View |  |  |
| &nbsp;&nbsp;17.14 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Wayne North |  |  |
| &nbsp;&nbsp;17.15 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - Fairborn |  |  |
| &nbsp;&nbsp;17.16 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - Southwest |  |  |
| &nbsp;&nbsp;17.17 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - South |  |  |
| &nbsp;&nbsp;18 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 54, 55 | &nbsp;&nbsp;1 | &nbsp;&nbsp;80-02 Kew Gardens | &nbsp;&nbsp;Edward Zimmerman | &nbsp;&nbsp;Edward Zimmerman |
| &nbsp;&nbsp;19 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;56, 57 | &nbsp;&nbsp;1 | &nbsp;&nbsp;MetLife Solutions Tampa | &nbsp;&nbsp;Shmuel Gorodetsky, a/k/a Stephen Gorodetsky, Chaim Vail and Yakov Borenstein | &nbsp;&nbsp;Shmuel Gorodetsky, a/k/a Stephen Gorodetsky, Chaim Vail and Yakov Borenstein |
| &nbsp;&nbsp;20 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;58, 59, 60, 61, 62, 63, 64 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Providence at Champions | &nbsp;&nbsp;Joseph G. Lubeck | &nbsp;&nbsp;Joseph G. Lubeck |
| &nbsp;&nbsp;21 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 72, 73, 74, 75 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Springfield Town Center | &nbsp;&nbsp;PREIT Realty, LLC | &nbsp;&nbsp;PREIT Associates, L.P. |
| &nbsp;&nbsp;22 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Landings I & II | &nbsp;&nbsp;Shlomo Z. Schwartz and Alexander Scharf | &nbsp;&nbsp;Shlomo Z. Schwartz and Alexander Scharf |
| &nbsp;&nbsp;**23** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**65** | &nbsp;&nbsp;**6** | &nbsp;&nbsp;**NYC Mixed-Use Portfolio** | &nbsp;&nbsp;**Son Dinh Tran** | &nbsp;&nbsp;**Son Dinh Tran and the Son Tran 2021 Family Trust** |
| &nbsp;&nbsp;23.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;14 1st Avenue |  |  |
| &nbsp;&nbsp;23.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;313 West 92nd Street |  |  |
| &nbsp;&nbsp;23.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;316-322 East 149th Street |  |  |
| &nbsp;&nbsp;23.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;445 West 46th Street |  |  |
| &nbsp;&nbsp;23.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;296 & 298 East 149th Street |  |  |
| &nbsp;&nbsp;23.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;219 East 5th Street |  |  |
| &nbsp;&nbsp;24 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 76, 77 | &nbsp;&nbsp;1 | &nbsp;&nbsp;161 Washington Street | &nbsp;&nbsp;Harry Adjmi and Carolyn Dayon | &nbsp;&nbsp;Harry Adjmi and Carolyn Dayon |
| &nbsp;&nbsp;25 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;66, 67, 68, 69, 70, 71 | &nbsp;&nbsp;1 | &nbsp;&nbsp;365 West Passaic | &nbsp;&nbsp;Michael Bergman, Kirti G. Desai and Steven Bergman | &nbsp;&nbsp;Michael Bergman, Kirti G. Desai and Steven Bergman |
| &nbsp;&nbsp;26 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Quail Creek Crossing | &nbsp;&nbsp;Donald M. Swanson II and GLC Legacy Trust, UTA, Dated April 19, 2019 | &nbsp;&nbsp;Donald M. Swanson II and GLC Legacy Trust, UTA, Dated April 19, 2019 |
| &nbsp;&nbsp;27 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;78 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Village Square | &nbsp;&nbsp;John V. Goodman | &nbsp;&nbsp;John V. Goodman |
| &nbsp;&nbsp;28 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;79, 80 | &nbsp;&nbsp;1 | &nbsp;&nbsp;250-254 Winthrop Street | &nbsp;&nbsp;Eliahu Nahman | &nbsp;&nbsp;Eliahu Nahman |
| &nbsp;&nbsp;29 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;81 | &nbsp;&nbsp;1 | &nbsp;&nbsp;2105-2109 1st Avenue | &nbsp;&nbsp;Moujan Vahdat | &nbsp;&nbsp;Moujan Vahdat |
| &nbsp;&nbsp;30 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Spyglass Inn | &nbsp;&nbsp;Invest West Financial Corporation | &nbsp;&nbsp;Invest West Financial Corporation |
| &nbsp;&nbsp;31 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cottage Inn by the Sea | &nbsp;&nbsp;Invest West Financial Corporation | &nbsp;&nbsp;Invest West Financial Corporation |
| &nbsp;&nbsp;**32** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**82, 83, 84, 85** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Leeton Leased Fee Pool B Portfolio** | &nbsp;&nbsp;**Mark Graham, Michael Shabsels and David Shabsels** | &nbsp;&nbsp;**Mark Graham, Michael Shabsels and David Shabsels** |
| &nbsp;&nbsp;32.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Thruway Plaza |  |  |
| &nbsp;&nbsp;32.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Augusta West |  |  |
| &nbsp;&nbsp;**33** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Compass Sunbelt Storage Portfolio** | &nbsp;&nbsp;**Todd C. Amsdell** | &nbsp;&nbsp;**Todd C. Amsdell** |
| &nbsp;&nbsp;33.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Laplace |  |  |
| &nbsp;&nbsp;33.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Gulfport |  |  |
| &nbsp;&nbsp;34 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Market on Cherry Road | &nbsp;&nbsp;Robert Berger, Anthony Passander, Elizabeth D. Haizlip and Matthew D. Wolf | &nbsp;&nbsp;Robert Berger, Anthony Passander, Elizabeth D. Haizlip and Matthew D. Wolf |
| &nbsp;&nbsp;**35** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9, 86, 87, 88** | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Pacifica Hotel Portfolio (4-Pack)** | &nbsp;&nbsp;**Invest West Financial Corporation** | &nbsp;&nbsp;**Invest West Financial Corporation** |
| &nbsp;&nbsp;35.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Wayfarer San Diego |  |  |
| &nbsp;&nbsp;35.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Sandcastle Inn |  |  |
| &nbsp;&nbsp;35.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Kinney Venice Beach |  |  |
| &nbsp;&nbsp;35.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Inn at Venice Beach |  |  |
| &nbsp;&nbsp;**36** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Jacov Portfolio** | &nbsp;&nbsp;**Pete Jacov and Avraham (Rami) Glattman** | &nbsp;&nbsp;**Pete Jacov and Avraham (Rami) Glattman** |
| &nbsp;&nbsp;36.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;462 West 146th Street |  |  |
| &nbsp;&nbsp;36.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1156 Dean Street |  |  |
| &nbsp;&nbsp;36.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;977 East 12th Street |  |  |
| &nbsp;&nbsp;36.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;608 West 148th Street |  |  |
| &nbsp;&nbsp;37 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 89 | &nbsp;&nbsp;1 | &nbsp;&nbsp;CFS Industrial HQ | &nbsp;&nbsp;Pivotal Manufacturing Partners, LLC, Declaration Partners Real Estate Fund II LP and Declaration Partners Real Estate Fund II-A LP | &nbsp;&nbsp;DPREF II HoldCo LLC and PMP HoldCo, LLC |

---

A-1-35

**Benchmark 2025-V18**

**Annex A-1**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Loan ID Number** | &nbsp;&nbsp;**Loan / Property Flag** | &nbsp;&nbsp;**Footnotes (for Loan and Property Information)** | &nbsp;&nbsp;**# of Properties** | &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Sponsor** | &nbsp;&nbsp;**Non-Recourse Carveout Guarantor** |
| &nbsp;&nbsp;38 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;90, 91, 92 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Davis Building | &nbsp;&nbsp;Aqualane Terrace Sub-Entity LLC, Rock Bottom, LLC, Century Investment, LLC, and Millenium Property Holdings, LLC, Anne D. Camalier, Floyd E. Davis III, Charles A. <br> Camalier, III, Floyd Davis Camalier | &nbsp;&nbsp;Aqualane Terrace Sub-Entity LLC, Rock Bottom, LLC, Century Investment, LLC, and Millenium Property <br> Holdings, LLC |
| &nbsp;&nbsp;39 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;93 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Orchard Street Portfolio | &nbsp;&nbsp;Mosche Schik | &nbsp;&nbsp;Mosche Schik |
| &nbsp;&nbsp;**40** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Bronx Multifamily Portfolio** | &nbsp;&nbsp;**Ascher Berkowitz, Abraham Karpen, Rivka Biederman and Yosef Grinbaum** | &nbsp;&nbsp;**Ascher Berkowitz, Abraham Karpen, Rivka Biederman and Yosef Grinbaum** |
| &nbsp;&nbsp;40.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;856 East 175th Street |  |  |
| &nbsp;&nbsp;40.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1534 Nelson Avenue |  |  |
| &nbsp;&nbsp;40.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1269 Findlay Avenue |  |  |
| &nbsp;&nbsp;40.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;742 East 183rd Street |  |  |
| &nbsp;&nbsp;41 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;94 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Wyndham Garden Norfolk Downtown | &nbsp;&nbsp;Parul Randeria | &nbsp;&nbsp;Parul Randeria |
| &nbsp;&nbsp;42 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;95 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Scottish Traveler RV Park | &nbsp;&nbsp;Hugh Reid, Jr. | &nbsp;&nbsp;Hugh Reid, Jr. |
| &nbsp;&nbsp;43 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;96, 97 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Windsong Industrial | &nbsp;&nbsp;Yehonatan Sade | &nbsp;&nbsp;Yehonatan Sade |
| &nbsp;&nbsp;44 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1701 Clay | &nbsp;&nbsp;Chananya Bineth | &nbsp;&nbsp;Chananya Bineth |
| &nbsp;&nbsp;45 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;98, 99 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Best Western Seven Seas | &nbsp;&nbsp;Eric D. Horodas | &nbsp;&nbsp;Eric D. Horodas, Allen Orwitz, Benjamin Eisler, The Horodas Revocable Trust dated April 16, 2001, as <br> amended and restated by that certain Second Restatement of the Horodas Revocable Trust dated January <br> 18, 2023, The Allen and Lea Orwitz Revocable Trusts (1989 Restatement and The Eisler Revocable Trust <br> u/a/d May 16, 1980, as amended and restated by that certain Third Amendment and Restatement of the <br> Eisler Revocable Trust dated February 16, 1993 |
| &nbsp;&nbsp;46 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Raleigh | &nbsp;&nbsp;Michael T. Flaherty and Derek S. Graham | &nbsp;&nbsp;Michael T. Flaherty and Derek S. Graham |
| &nbsp;&nbsp;47 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;632 Sterling Place | &nbsp;&nbsp;Asher Sussman | &nbsp;&nbsp;Asher Sussman |

---

A-1-36

**Benchmark 2025-V18**

**Annex A-1**

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Loan ID Number** | &nbsp;&nbsp;**Loan / Property Flag** | &nbsp;&nbsp;**Footnotes (for Loan and Property Information)** | &nbsp;&nbsp;**# of Properties** | &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Delaware Statutory Trust <br> (Y/N)** | &nbsp;&nbsp;**Tenants-in-common <br> (Y/N)** | &nbsp;&nbsp;**Loan Purpose** | &nbsp;&nbsp;**Property Located Within a Qualified Opportunity Zone (Y/N)** | &nbsp;&nbsp;**Sources: Loan Amount ($)** | &nbsp;&nbsp;**Sources: Principal's New Cash Contribution ($)** | &nbsp;&nbsp;**Sources: Subordinate Debt ($)** | &nbsp;&nbsp;**Sources: Other Sources ($)** | &nbsp;&nbsp;**Sources: Total Sources ($)** | &nbsp;&nbsp;**Uses: Loan Payoff ($)** | &nbsp;&nbsp;**Uses: Purchase Price ($)** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**8** |  | &nbsp;&nbsp;**7** |  |  |  |  |  |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 10, 11, 12, 13 | &nbsp;&nbsp;1 | &nbsp;&nbsp;9911 Belward | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;No | &nbsp;&nbsp;128740000 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;128740000 | &nbsp;&nbsp;101634203 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;14, 15, 16 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Park Place Village | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;Acquisition | &nbsp;&nbsp;No | &nbsp;&nbsp;62000000 | &nbsp;&nbsp;47985728 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;109985728 | &nbsp;&nbsp;0 | &nbsp;&nbsp;100000000 |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 17, 18, 19, 20, 21, 22, 23 | &nbsp;&nbsp;1 | &nbsp;&nbsp;180 Water | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;No | &nbsp;&nbsp;148000000 | &nbsp;&nbsp;38343408 | &nbsp;&nbsp;132000000 | &nbsp;&nbsp;50000000 | &nbsp;&nbsp;368343408 | &nbsp;&nbsp;0 | &nbsp;&nbsp;346635254 |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;24, 25 | &nbsp;&nbsp;1 | &nbsp;&nbsp;City Center at Oyster Point | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;No | &nbsp;&nbsp;57785000 | &nbsp;&nbsp;3133558 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;60918558 | &nbsp;&nbsp;58584450 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1515 West Webster | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;No | &nbsp;&nbsp;56440000 | &nbsp;&nbsp;7206941 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;63646941 | &nbsp;&nbsp;60408977 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;**6** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**26, 27** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**Waterford Multifamily Portfolio** | &nbsp;&nbsp;**No** | &nbsp;&nbsp;**No** | &nbsp;&nbsp;**Refinance** |  | &nbsp;&nbsp;**55110000** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**55110000** | &nbsp;&nbsp;**50269193** | &nbsp;&nbsp;**0** |
| &nbsp;&nbsp;6.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Parkview Apartments |  |  |  | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;6.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yorkshire Apartments |  |  |  | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;6.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Holly Brook Apartments |  |  |  | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 28, 29, 30, 31 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1010 Pacific Street | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;No | &nbsp;&nbsp;84500000 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;84500000 | &nbsp;&nbsp;80396456 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;**8** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**32, 33, 34, 35, 36, 37, 38** | &nbsp;&nbsp;**7** | &nbsp;&nbsp;**REVA Portfolio** | &nbsp;&nbsp;**No** | &nbsp;&nbsp;**No** | &nbsp;&nbsp;**Refinance/Recapitalization** |  | &nbsp;&nbsp;**53000000** | &nbsp;&nbsp;**3049684** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**56049684** | &nbsp;&nbsp;**44436047** | &nbsp;&nbsp;**0** |
| &nbsp;&nbsp;8.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Signature Place |  |  |  | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;8.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;One Independence |  |  |  | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;8.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Fairfax Building |  |  |  | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;8.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Universal Building |  |  |  | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;8.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Sabal 6 |  |  |  | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;8.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;150 Corporate |  |  |  | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;8.07 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Southpark at Westgate |  |  |  | &nbsp;&nbsp;Yes |  |  |  |  |  |  |  |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;39, 40, 41 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Hotel Valencia Santana Row | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;No | &nbsp;&nbsp;50000000 | &nbsp;&nbsp;42024 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;50042024 | &nbsp;&nbsp;48946727 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;44 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Royal Ledges Apartments | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;No | &nbsp;&nbsp;50000000 | &nbsp;&nbsp;390868 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;50390868 | &nbsp;&nbsp;48432042 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;42, 43 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Brookside Gardens | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;No | &nbsp;&nbsp;50000000 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;50000000 | &nbsp;&nbsp;25494242 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;45 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Torrey Ridge Apartments | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;No | &nbsp;&nbsp;44000000 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;44000000 | &nbsp;&nbsp;31126007 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;13 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Pavilion at Port Orange | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;No | &nbsp;&nbsp;43000000 | &nbsp;&nbsp;593365 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;43593365 | &nbsp;&nbsp;41148484 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;14 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;46, 47 | &nbsp;&nbsp;1 | &nbsp;&nbsp;The DeSoto | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;No | &nbsp;&nbsp;42000000 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;42000000 | &nbsp;&nbsp;33472070 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;15 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;48, 49, 50, 51, 52 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Haven at Bellaire | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;No | &nbsp;&nbsp;41600000 | &nbsp;&nbsp;270740 | &nbsp;&nbsp;0 | &nbsp;&nbsp;8435581 | &nbsp;&nbsp;50306321 | &nbsp;&nbsp;46258889 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;**16** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9, 53** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Yosemite Hospitality Portfolio** | &nbsp;&nbsp;**No** | &nbsp;&nbsp;**No** | &nbsp;&nbsp;**Refinance** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;16.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yosemite View Lodge |  |  |  | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;16.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yosemite Cedar Lodge |  |  |  | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**17** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9** | &nbsp;&nbsp;**17** | &nbsp;&nbsp;**ESA Portfolio** | &nbsp;&nbsp;**No** | &nbsp;&nbsp;**No** | &nbsp;&nbsp;**Refinance** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Wayne South |  |  |  | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Waco - Woodway |  |  |  | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cincinnati Blue Ash Kenwood Rd |  |  |  | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - North |  |  |  | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Indianapolis Northwest I-465 |  |  |  | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cincinnati Blue Ash Reed Hartman |  |  |  | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.07 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;El Paso - Airport |  |  |  | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.08 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dallas - Greenville Ave |  |  |  | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.09 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Indianapolis - Airport - W Southern Ave |  |  |  | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.10 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;El Paso - West |  |  |  | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.11 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - Fossil Creek |  |  |  | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.12 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dallas - Plano Parkway |  |  |  | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.13 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - City View |  |  |  | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.14 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Wayne North |  |  |  | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.15 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - Fairborn |  |  |  | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.16 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - Southwest |  |  |  | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;17.17 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - South |  |  |  | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;18 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 54, 55 | &nbsp;&nbsp;1 | &nbsp;&nbsp;80-02 Kew Gardens | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;19 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;56, 57 | &nbsp;&nbsp;1 | &nbsp;&nbsp;MetLife Solutions Tampa | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;Acquisition | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;20 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;58, 59, 60, 61, 62, 63, 64 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Providence at Champions | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;21 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 72, 73, 74, 75 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Springfield Town Center | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;22 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Landings I & II | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**23** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**65** | &nbsp;&nbsp;**6** | &nbsp;&nbsp;**NYC Mixed-Use Portfolio** | &nbsp;&nbsp;**No** | &nbsp;&nbsp;**No** | &nbsp;&nbsp;**Refinance** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;23.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;14 1st Avenue |  |  |  | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;23.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;313 West 92nd Street |  |  |  | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;23.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;316-322 East 149th Street |  |  |  | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;23.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;445 West 46th Street |  |  |  | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;23.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;296 & 298 East 149th Street |  |  |  | &nbsp;&nbsp;Yes |  |  |  |  |  |  |  |
| &nbsp;&nbsp;23.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;219 East 5th Street |  |  |  | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;24 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 76, 77 | &nbsp;&nbsp;1 | &nbsp;&nbsp;161 Washington Street | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;Acquisition | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;25 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;66, 67, 68, 69, 70, 71 | &nbsp;&nbsp;1 | &nbsp;&nbsp;365 West Passaic | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;26 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Quail Creek Crossing | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;Acquisition | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;27 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;78 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Village Square | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;28 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;79, 80 | &nbsp;&nbsp;1 | &nbsp;&nbsp;250-254 Winthrop Street | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;29 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;81 | &nbsp;&nbsp;1 | &nbsp;&nbsp;2105-2109 1st Avenue | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;30 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Spyglass Inn | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;31 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cottage Inn by the Sea | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**32** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**82, 83, 84, 85** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Leeton Leased Fee Pool B Portfolio** | &nbsp;&nbsp;**No** | &nbsp;&nbsp;**No** | &nbsp;&nbsp;**Refinance** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;32.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Thruway Plaza |  |  |  | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;32.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Augusta West |  |  |  | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**33** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Compass Sunbelt Storage Portfolio** | &nbsp;&nbsp;**No** | &nbsp;&nbsp;**No** | &nbsp;&nbsp;**Acquisition** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;33.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Laplace |  |  |  | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;33.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Gulfport |  |  |  | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;34 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Market on Cherry Road | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**35** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9, 86, 87, 88** | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Pacifica Hotel Portfolio (4-Pack)** | &nbsp;&nbsp;**No** | &nbsp;&nbsp;**No** | &nbsp;&nbsp;**Refinance** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;35.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Wayfarer San Diego |  |  |  | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;35.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Sandcastle Inn |  |  |  | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;35.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Kinney Venice Beach |  |  |  | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;35.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Inn at Venice Beach |  |  |  | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**36** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Jacov Portfolio** | &nbsp;&nbsp;**No** | &nbsp;&nbsp;**No** | &nbsp;&nbsp;**Refinance** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;36.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;462 West 146th Street |  |  |  | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;36.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1156 Dean Street |  |  |  | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;36.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;977 East 12th Street |  |  |  | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;36.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;608 West 148th Street |  |  |  | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;37 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 89 | &nbsp;&nbsp;1 | &nbsp;&nbsp;CFS Industrial HQ | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;Acquisition | &nbsp;&nbsp;No |  |  |  |  |  |  |  |

---

A-1-37

**Benchmark 2025-V18**

**Annex A-1**

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Loan ID Number** | &nbsp;&nbsp;**Loan / Property Flag** | &nbsp;&nbsp;**Footnotes (for Loan and Property Information)** | &nbsp;&nbsp;**# of Properties** | &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Delaware Statutory Trust <br> (Y/N)** | &nbsp;&nbsp;**Tenants-in-common <br> (Y/N)** | &nbsp;&nbsp;**Loan Purpose** | &nbsp;&nbsp;**Property Located Within a Qualified Opportunity Zone (Y/N)** | &nbsp;&nbsp;**Sources: Loan Amount ($)** | &nbsp;&nbsp;**Sources: Principal's New Cash Contribution ($)** | &nbsp;&nbsp;**Sources: Subordinate Debt ($)** | &nbsp;&nbsp;**Sources: Other Sources ($)** | &nbsp;&nbsp;**Sources: Total Sources ($)** | &nbsp;&nbsp;**Uses: Loan Payoff ($)** | &nbsp;&nbsp;**Uses: Purchase Price ($)** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**8** |  | &nbsp;&nbsp;**7** |  |  |  |  |  |
| &nbsp;&nbsp;38 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;90, 91, 92 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Davis Building | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;39 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;93 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Orchard Street Portfolio | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;Yes |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**40** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Bronx Multifamily Portfolio** | &nbsp;&nbsp;**No** | &nbsp;&nbsp;**No** | &nbsp;&nbsp;**Refinance** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;40.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;856 East 175th Street |  |  |  | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;40.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1534 Nelson Avenue |  |  |  | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;40.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1269 Findlay Avenue |  |  |  | &nbsp;&nbsp;Yes |  |  |  |  |  |  |  |
| &nbsp;&nbsp;40.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;742 East 183rd Street |  |  |  | &nbsp;&nbsp;Yes |  |  |  |  |  |  |  |
| &nbsp;&nbsp;41 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;94 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Wyndham Garden Norfolk Downtown | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;42 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;95 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Scottish Traveler RV Park | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;43 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;96, 97 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Windsong Industrial | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;44 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1701 Clay | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;45 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;98, 99 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Best Western Seven Seas | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;46 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Raleigh | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;No |  |  |  |  |  |  |  |
| &nbsp;&nbsp;47 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;632 Sterling Place | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;Yes |  |  |  |  |  |  |  |

---

A-1-38

**Benchmark 2025-V18**

**Annex A-1**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Loan ID Number** | &nbsp;&nbsp;**Loan / Property Flag** | &nbsp;&nbsp;**Footnotes (for Loan and Property Information)** | &nbsp;&nbsp;**# of Properties** | &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Uses: Closing Costs ($)** | &nbsp;&nbsp;**Uses: Reserves ($)** | &nbsp;&nbsp;**Uses: Principal Equity Distribution ($)** | &nbsp;&nbsp;**Uses: Other Uses ($)** | &nbsp;&nbsp;**Uses: Total Uses ($)** | &nbsp;&nbsp;**Franchise Agreement Expiration** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 10, 11, 12, 13 | &nbsp;&nbsp;1 | &nbsp;&nbsp;9911 Belward | &nbsp;&nbsp;4514149 | &nbsp;&nbsp;19292063 | &nbsp;&nbsp;3299585 | &nbsp;&nbsp;0 | &nbsp;&nbsp;128740000 | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;14, 15, 16 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Park Place Village | &nbsp;&nbsp;3305360 | &nbsp;&nbsp;6680368 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;109985728 | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 17, 18, 19, 20, 21, 22, 23 | &nbsp;&nbsp;1 | &nbsp;&nbsp;180 Water | &nbsp;&nbsp;14974995 | &nbsp;&nbsp;6733159 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;368343408 | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;24, 25 | &nbsp;&nbsp;1 | &nbsp;&nbsp;City Center at Oyster Point | &nbsp;&nbsp;455057 | &nbsp;&nbsp;1879051 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;60918558 | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1515 West Webster | &nbsp;&nbsp;801352 | &nbsp;&nbsp;2436613 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;63646941 | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**6** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**26, 27** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**Waterford Multifamily Portfolio** | &nbsp;&nbsp;**2063405** | &nbsp;&nbsp;**347841** | &nbsp;&nbsp;**2429561** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**55110000** | &nbsp;&nbsp;**NAP** |
| &nbsp;&nbsp;6.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Parkview Apartments |  |  |  |  |  | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;6.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yorkshire Apartments |  |  |  |  |  | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;6.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Holly Brook Apartments |  |  |  |  |  | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 28, 29, 30, 31 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1010 Pacific Street | &nbsp;&nbsp;1825217 | &nbsp;&nbsp;241439 | &nbsp;&nbsp;2036888 | &nbsp;&nbsp;0 | &nbsp;&nbsp;84500000 | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**8** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**32, 33, 34, 35, 36, 37, 38** | &nbsp;&nbsp;**7** | &nbsp;&nbsp;**REVA Portfolio** | &nbsp;&nbsp;**2024879** | &nbsp;&nbsp;**9588758** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**56049684** | &nbsp;&nbsp;**NAP** |
| &nbsp;&nbsp;8.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Signature Place |  |  |  |  |  | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;8.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;One Independence |  |  |  |  |  | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;8.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Fairfax Building |  |  |  |  |  | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;8.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Universal Building |  |  |  |  |  | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;8.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Sabal 6 |  |  |  |  |  | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;8.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;150 Corporate |  |  |  |  |  | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;8.07 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Southpark at Westgate |  |  |  |  |  | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;39, 40, 41 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Hotel Valencia Santana Row | &nbsp;&nbsp;732071 | &nbsp;&nbsp;363227 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;50042024 | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;44 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Royal Ledges Apartments | &nbsp;&nbsp;1728618 | &nbsp;&nbsp;230207 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;50390868 | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;42, 43 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Brookside Gardens | &nbsp;&nbsp;1328340 | &nbsp;&nbsp;119355 | &nbsp;&nbsp;23058063 | &nbsp;&nbsp;0 | &nbsp;&nbsp;50000000 | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;45 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Torrey Ridge Apartments | &nbsp;&nbsp;1728982 | &nbsp;&nbsp;618961 | &nbsp;&nbsp;10526051 | &nbsp;&nbsp;0 | &nbsp;&nbsp;44000000 | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;13 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Pavilion at Port Orange | &nbsp;&nbsp;339948 | &nbsp;&nbsp;2104933 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;43593365 | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;14 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;46, 47 | &nbsp;&nbsp;1 | &nbsp;&nbsp;The DeSoto | &nbsp;&nbsp;951452 | &nbsp;&nbsp;1868557 | &nbsp;&nbsp;5707921 | &nbsp;&nbsp;0 | &nbsp;&nbsp;42000000 | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;15 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;48, 49, 50, 51, 52 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Haven at Bellaire | &nbsp;&nbsp;3521463 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;525969 | &nbsp;&nbsp;50306321 | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**16** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9, 53** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Yosemite Hospitality Portfolio** |  |  |  |  |  | &nbsp;&nbsp;**NAP** |
| &nbsp;&nbsp;16.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yosemite View Lodge |  |  |  |  |  | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;16.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yosemite Cedar Lodge |  |  |  |  |  | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**17** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9** | &nbsp;&nbsp;**17** | &nbsp;&nbsp;**ESA Portfolio** |  |  |  |  |  | &nbsp;&nbsp;**2/21/2038** |
| &nbsp;&nbsp;17.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Wayne South |  |  |  |  |  | &nbsp;&nbsp;2/21/2038 |
| &nbsp;&nbsp;17.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Waco - Woodway |  |  |  |  |  | &nbsp;&nbsp;2/21/2038 |
| &nbsp;&nbsp;17.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cincinnati Blue Ash Kenwood Rd |  |  |  |  |  | &nbsp;&nbsp;2/21/2038 |
| &nbsp;&nbsp;17.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - North |  |  |  |  |  | &nbsp;&nbsp;2/21/2038 |
| &nbsp;&nbsp;17.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Indianapolis Northwest I-465 |  |  |  |  |  | &nbsp;&nbsp;2/21/2038 |
| &nbsp;&nbsp;17.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cincinnati Blue Ash Reed Hartman |  |  |  |  |  | &nbsp;&nbsp;2/21/2038 |
| &nbsp;&nbsp;17.07 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;El Paso - Airport |  |  |  |  |  | &nbsp;&nbsp;2/21/2038 |
| &nbsp;&nbsp;17.08 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dallas - Greenville Ave |  |  |  |  |  | &nbsp;&nbsp;2/21/2038 |
| &nbsp;&nbsp;17.09 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Indianapolis - Airport - W Southern Ave |  |  |  |  |  | &nbsp;&nbsp;2/21/2038 |
| &nbsp;&nbsp;17.10 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;El Paso - West |  |  |  |  |  | &nbsp;&nbsp;2/21/2038 |
| &nbsp;&nbsp;17.11 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - Fossil Creek |  |  |  |  |  | &nbsp;&nbsp;2/21/2038 |
| &nbsp;&nbsp;17.12 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dallas - Plano Parkway |  |  |  |  |  | &nbsp;&nbsp;2/21/2038 |
| &nbsp;&nbsp;17.13 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - City View |  |  |  |  |  | &nbsp;&nbsp;2/21/2038 |
| &nbsp;&nbsp;17.14 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Wayne North |  |  |  |  |  | &nbsp;&nbsp;2/21/2038 |
| &nbsp;&nbsp;17.15 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - Fairborn |  |  |  |  |  | &nbsp;&nbsp;2/21/2038 |
| &nbsp;&nbsp;17.16 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - Southwest |  |  |  |  |  | &nbsp;&nbsp;2/21/2038 |
| &nbsp;&nbsp;17.17 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - South |  |  |  |  |  | &nbsp;&nbsp;2/21/2038 |
| &nbsp;&nbsp;18 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 54, 55 | &nbsp;&nbsp;1 | &nbsp;&nbsp;80-02 Kew Gardens |  |  |  |  |  | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;19 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;56, 57 | &nbsp;&nbsp;1 | &nbsp;&nbsp;MetLife Solutions Tampa |  |  |  |  |  | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;20 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;58, 59, 60, 61, 62, 63, 64 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Providence at Champions |  |  |  |  |  | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;21 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 72, 73, 74, 75 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Springfield Town Center |  |  |  |  |  | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;22 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Landings I & II |  |  |  |  |  | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**23** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**65** | &nbsp;&nbsp;**6** | &nbsp;&nbsp;**NYC Mixed-Use Portfolio** |  |  |  |  |  | &nbsp;&nbsp;**NAP** |
| &nbsp;&nbsp;23.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;14 1st Avenue |  |  |  |  |  | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;23.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;313 West 92nd Street |  |  |  |  |  | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;23.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;316-322 East 149th Street |  |  |  |  |  | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;23.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;445 West 46th Street |  |  |  |  |  | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;23.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;296 & 298 East 149th Street |  |  |  |  |  | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;23.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;219 East 5th Street |  |  |  |  |  | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;24 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 76, 77 | &nbsp;&nbsp;1 | &nbsp;&nbsp;161 Washington Street |  |  |  |  |  | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;25 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;66, 67, 68, 69, 70, 71 | &nbsp;&nbsp;1 | &nbsp;&nbsp;365 West Passaic |  |  |  |  |  | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;26 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Quail Creek Crossing |  |  |  |  |  | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;27 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;78 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Village Square |  |  |  |  |  | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;28 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;79, 80 | &nbsp;&nbsp;1 | &nbsp;&nbsp;250-254 Winthrop Street |  |  |  |  |  | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;29 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;81 | &nbsp;&nbsp;1 | &nbsp;&nbsp;2105-2109 1st Avenue |  |  |  |  |  | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;30 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Spyglass Inn |  |  |  |  |  | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;31 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cottage Inn by the Sea |  |  |  |  |  | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**32** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**82, 83, 84, 85** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Leeton Leased Fee Pool B Portfolio** |  |  |  |  |  | &nbsp;&nbsp;**NAP** |
| &nbsp;&nbsp;32.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Thruway Plaza |  |  |  |  |  | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;32.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Augusta West |  |  |  |  |  | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**33** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Compass Sunbelt Storage Portfolio** |  |  |  |  |  | &nbsp;&nbsp;**NAP** |
| &nbsp;&nbsp;33.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Laplace |  |  |  |  |  | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;33.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Gulfport |  |  |  |  |  | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;34 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Market on Cherry Road |  |  |  |  |  | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**35** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9, 86, 87, 88** | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Pacifica Hotel Portfolio (4-Pack)** |  |  |  |  |  | &nbsp;&nbsp;**NAP** |
| &nbsp;&nbsp;35.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Wayfarer San Diego |  |  |  |  |  | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;35.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Sandcastle Inn |  |  |  |  |  | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;35.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Kinney Venice Beach |  |  |  |  |  | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;35.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Inn at Venice Beach |  |  |  |  |  | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**36** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Jacov Portfolio** |  |  |  |  |  | &nbsp;&nbsp;**NAP** |
| &nbsp;&nbsp;36.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;462 West 146th Street |  |  |  |  |  | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;36.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1156 Dean Street |  |  |  |  |  | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;36.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;977 East 12th Street |  |  |  |  |  | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;36.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;608 West 148th Street |  |  |  |  |  | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;37 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 89 | &nbsp;&nbsp;1 | &nbsp;&nbsp;CFS Industrial HQ |  |  |  |  |  | &nbsp;&nbsp;NAP |

---

A-1-39

**Benchmark 2025-V18**

**Annex A-1**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Loan ID Number** | &nbsp;&nbsp;**Loan / Property Flag** | &nbsp;&nbsp;**Footnotes (for Loan and Property Information)** | &nbsp;&nbsp;**# of Properties** | &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Uses: Closing Costs ($)** | &nbsp;&nbsp;**Uses: Reserves ($)** | &nbsp;&nbsp;**Uses: Principal Equity Distribution ($)** | &nbsp;&nbsp;**Uses: Other Uses ($)** | &nbsp;&nbsp;**Uses: Total Uses ($)** | &nbsp;&nbsp;**Franchise Agreement Expiration** |
| &nbsp;&nbsp;38 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;90, 91, 92 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Davis Building |  |  |  |  |  | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;39 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;93 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Orchard Street Portfolio |  |  |  |  |  | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**40** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Bronx Multifamily Portfolio** |  |  |  |  |  | &nbsp;&nbsp;**NAP** |
| &nbsp;&nbsp;40.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;856 East 175th Street |  |  |  |  |  | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;40.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1534 Nelson Avenue |  |  |  |  |  | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;40.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1269 Findlay Avenue |  |  |  |  |  | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;40.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;742 East 183rd Street |  |  |  |  |  | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;41 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;94 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Wyndham Garden Norfolk Downtown |  |  |  |  |  | &nbsp;&nbsp;12/31/2033 |
| &nbsp;&nbsp;42 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;95 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Scottish Traveler RV Park |  |  |  |  |  | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;43 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;96, 97 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Windsong Industrial |  |  |  |  |  | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;44 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1701 Clay |  |  |  |  |  | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;45 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;98, 99 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Best Western Seven Seas |  |  |  |  |  | &nbsp;&nbsp;(i) Upon sale or lease of the Hotel, or transfer of control of the Hotel, (ii) upon default of any obligation to Best Western |
| &nbsp;&nbsp;46 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Raleigh |  |  |  |  |  | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;47 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;632 Sterling Place |  |  |  |  |  | &nbsp;&nbsp;NAP |

---

A-1-40

**Benchmark 2025-V18**

**Annex A-1**

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Loan ID Number** | &nbsp;&nbsp;**Loan / Property Flag** | &nbsp;&nbsp;**Footnotes (for Loan and Property Information)** | &nbsp;&nbsp;**# of Properties** | &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Underwritten ADR ($)** | &nbsp;&nbsp;**Underwritten RevPAR ($)** | &nbsp;&nbsp;**Underwritten Hotel Occupancy (%)** | &nbsp;&nbsp;**Most Recent ADR ($)** | &nbsp;&nbsp;**Most Recent RevPAR ($)** | &nbsp;&nbsp;**Most Recent Hotel Occupancy (%)** | &nbsp;&nbsp;**Second Most Recent ADR ($)** | &nbsp;&nbsp;**Second Most Recent RevPAR ($)** | &nbsp;&nbsp;**Second Most Recent Hotel Occupancy (%)** | &nbsp;&nbsp;**Third Most Recent ADR ($)** | &nbsp;&nbsp;**Third Most Recent RevPAR ($)** | &nbsp;&nbsp;**Third Most Recent Hotel Occupancy (%)** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 10, 11, 12, 13 | &nbsp;&nbsp;1 | &nbsp;&nbsp;9911 Belward | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;14, 15, 16 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Park Place Village | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 17, 18, 19, 20, 21, 22, 23 | &nbsp;&nbsp;1 | &nbsp;&nbsp;180 Water | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;24, 25 | &nbsp;&nbsp;1 | &nbsp;&nbsp;City Center at Oyster Point | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1515 West Webster | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**6** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**26, 27** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**Waterford Multifamily Portfolio** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** |
| &nbsp;&nbsp;6.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Parkview Apartments | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;6.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yorkshire Apartments | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;6.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Holly Brook Apartments | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 28, 29, 30, 31 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1010 Pacific Street | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**8** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**32, 33, 34, 35, 36, 37, 38** | &nbsp;&nbsp;**7** | &nbsp;&nbsp;**REVA Portfolio** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** |
| &nbsp;&nbsp;8.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Signature Place | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;8.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;One Independence | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;8.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Fairfax Building | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;8.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Universal Building | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;8.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Sabal 6 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;8.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;150 Corporate | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;8.07 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Southpark at Westgate | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;39, 40, 41 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Hotel Valencia Santana Row | &nbsp;&nbsp;365.32 | &nbsp;&nbsp;237.50 | &nbsp;&nbsp;65.0% | &nbsp;&nbsp;365.32 | &nbsp;&nbsp;237.50 | &nbsp;&nbsp;65.0% | &nbsp;&nbsp;366.57 | &nbsp;&nbsp;223.40 | &nbsp;&nbsp;60.9% | &nbsp;&nbsp;345.38 | &nbsp;&nbsp;204.65 | &nbsp;&nbsp;59.3% |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;44 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Royal Ledges Apartments | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;42, 43 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Brookside Gardens | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;45 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Torrey Ridge Apartments | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;13 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Pavilion at Port Orange | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;14 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;46, 47 | &nbsp;&nbsp;1 | &nbsp;&nbsp;The DeSoto | &nbsp;&nbsp;210.29 | &nbsp;&nbsp;149.75 | &nbsp;&nbsp;71.2% | &nbsp;&nbsp;210.29 | &nbsp;&nbsp;149.75 | &nbsp;&nbsp;71.2% | &nbsp;&nbsp;211.51 | &nbsp;&nbsp;153.15 | &nbsp;&nbsp;72.4% | &nbsp;&nbsp;212.85 | &nbsp;&nbsp;147.34 | &nbsp;&nbsp;69.2% |
| &nbsp;&nbsp;15 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;48, 49, 50, 51, 52 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Haven at Bellaire | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**16** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9, 53** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Yosemite Hospitality Portfolio** | &nbsp;&nbsp;**268.78** | &nbsp;&nbsp;**154.70** | &nbsp;&nbsp;**57.6%** | &nbsp;&nbsp;**268.78** | &nbsp;&nbsp;**154.70** | &nbsp;&nbsp;**57.6%** | &nbsp;&nbsp;**263.68** | &nbsp;&nbsp;**150.25** | &nbsp;&nbsp;**57.0%** | &nbsp;&nbsp;**249.90** | &nbsp;&nbsp;**135.49** | &nbsp;&nbsp;**54.2%** |
| &nbsp;&nbsp;16.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yosemite View Lodge | &nbsp;&nbsp;299.92 | &nbsp;&nbsp;190.16 | &nbsp;&nbsp;63.4% | &nbsp;&nbsp;299.92 | &nbsp;&nbsp;190.16 | &nbsp;&nbsp;63.4% | &nbsp;&nbsp;292.22 | &nbsp;&nbsp;184.44 | &nbsp;&nbsp;63.1% | &nbsp;&nbsp;271.58 | &nbsp;&nbsp;167.69 | &nbsp;&nbsp;61.7% |
| &nbsp;&nbsp;16.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Yosemite Cedar Lodge | &nbsp;&nbsp;204.95 | &nbsp;&nbsp;99.21 | &nbsp;&nbsp;48.4% | &nbsp;&nbsp;204.95 | &nbsp;&nbsp;99.21 | &nbsp;&nbsp;48.4% | &nbsp;&nbsp;204.22 | &nbsp;&nbsp;96.77 | &nbsp;&nbsp;47.4% | &nbsp;&nbsp;200.55 | &nbsp;&nbsp;85.10 | &nbsp;&nbsp;42.4% |
| &nbsp;&nbsp;**17** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9** | &nbsp;&nbsp;**17** | &nbsp;&nbsp;**ESA Portfolio** | &nbsp;&nbsp;**60.92** | &nbsp;&nbsp;**49.45** | &nbsp;&nbsp;**81.2%** | &nbsp;&nbsp;**60.92** | &nbsp;&nbsp;**49.45** | &nbsp;&nbsp;**81.2%** | &nbsp;&nbsp;**62.34** | &nbsp;&nbsp;**49.98** | &nbsp;&nbsp;**80.2%** | &nbsp;&nbsp;**62.92** | &nbsp;&nbsp;**50.28** | &nbsp;&nbsp;**79.9%** |
| &nbsp;&nbsp;17.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Wayne South | &nbsp;&nbsp;58.05 | &nbsp;&nbsp;51.86 | &nbsp;&nbsp;89.3% | &nbsp;&nbsp;58.05 | &nbsp;&nbsp;51.86 | &nbsp;&nbsp;89.3% | &nbsp;&nbsp;60.19 | &nbsp;&nbsp;50.72 | &nbsp;&nbsp;84.3% | &nbsp;&nbsp;61.41 | &nbsp;&nbsp;52.54 | &nbsp;&nbsp;85.5% |
| &nbsp;&nbsp;17.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Waco - Woodway | &nbsp;&nbsp;69.06 | &nbsp;&nbsp;60.71 | &nbsp;&nbsp;87.9% | &nbsp;&nbsp;69.06 | &nbsp;&nbsp;60.71 | &nbsp;&nbsp;87.9% | &nbsp;&nbsp;72.45 | &nbsp;&nbsp;65.04 | &nbsp;&nbsp;89.8% | &nbsp;&nbsp;69.05 | &nbsp;&nbsp;59.38 | &nbsp;&nbsp;86.0% |
| &nbsp;&nbsp;17.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cincinnati Blue Ash Kenwood Rd | &nbsp;&nbsp;54.13 | &nbsp;&nbsp;40.43 | &nbsp;&nbsp;74.7% | &nbsp;&nbsp;54.13 | &nbsp;&nbsp;40.43 | &nbsp;&nbsp;74.7% | &nbsp;&nbsp;53.86 | &nbsp;&nbsp;39.64 | &nbsp;&nbsp;73.6% | &nbsp;&nbsp;52.63 | &nbsp;&nbsp;41.26 | &nbsp;&nbsp;78.4% |
| &nbsp;&nbsp;17.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - North | &nbsp;&nbsp;61.40 | &nbsp;&nbsp;50.83 | &nbsp;&nbsp;82.8% | &nbsp;&nbsp;61.40 | &nbsp;&nbsp;50.83 | &nbsp;&nbsp;82.8% | &nbsp;&nbsp;62.16 | &nbsp;&nbsp;51.39 | &nbsp;&nbsp;82.7% | &nbsp;&nbsp;64.00 | &nbsp;&nbsp;54.89 | &nbsp;&nbsp;85.8% |
| &nbsp;&nbsp;17.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Indianapolis Northwest I-465 | &nbsp;&nbsp;57.61 | &nbsp;&nbsp;44.19 | &nbsp;&nbsp;76.7% | &nbsp;&nbsp;57.61 | &nbsp;&nbsp;44.19 | &nbsp;&nbsp;76.7% | &nbsp;&nbsp;59.53 | &nbsp;&nbsp;43.11 | &nbsp;&nbsp;72.4% | &nbsp;&nbsp;62.05 | &nbsp;&nbsp;36.40 | &nbsp;&nbsp;58.7% |
| &nbsp;&nbsp;17.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cincinnati Blue Ash Reed Hartman | &nbsp;&nbsp;62.33 | &nbsp;&nbsp;46.20 | &nbsp;&nbsp;74.1% | &nbsp;&nbsp;62.33 | &nbsp;&nbsp;46.20 | &nbsp;&nbsp;74.1% | &nbsp;&nbsp;62.56 | &nbsp;&nbsp;46.01 | &nbsp;&nbsp;73.6% | &nbsp;&nbsp;62.65 | &nbsp;&nbsp;49.67 | &nbsp;&nbsp;79.3% |
| &nbsp;&nbsp;17.07 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;El Paso - Airport | &nbsp;&nbsp;61.92 | &nbsp;&nbsp;43.21 | &nbsp;&nbsp;69.8% | &nbsp;&nbsp;61.92 | &nbsp;&nbsp;43.21 | &nbsp;&nbsp;69.8% | &nbsp;&nbsp;61.74 | &nbsp;&nbsp;42.99 | &nbsp;&nbsp;69.6% | &nbsp;&nbsp;65.14 | &nbsp;&nbsp;51.24 | &nbsp;&nbsp;78.7% |
| &nbsp;&nbsp;17.08 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dallas - Greenville Ave | &nbsp;&nbsp;55.03 | &nbsp;&nbsp;45.70 | &nbsp;&nbsp;83.0% | &nbsp;&nbsp;55.03 | &nbsp;&nbsp;45.70 | &nbsp;&nbsp;83.0% | &nbsp;&nbsp;59.26 | &nbsp;&nbsp;50.97 | &nbsp;&nbsp;86.0% | &nbsp;&nbsp;62.00 | &nbsp;&nbsp;53.85 | &nbsp;&nbsp;86.9% |
| &nbsp;&nbsp;17.09 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Indianapolis - Airport - W Southern Ave | &nbsp;&nbsp;63.02 | &nbsp;&nbsp;43.44 | &nbsp;&nbsp;68.9% | &nbsp;&nbsp;63.02 | &nbsp;&nbsp;43.44 | &nbsp;&nbsp;68.9% | &nbsp;&nbsp;62.63 | &nbsp;&nbsp;42.10 | &nbsp;&nbsp;67.2% | &nbsp;&nbsp;63.29 | &nbsp;&nbsp;44.56 | &nbsp;&nbsp;70.4% |
| &nbsp;&nbsp;17.10 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;El Paso - West | &nbsp;&nbsp;72.34 | &nbsp;&nbsp;57.56 | &nbsp;&nbsp;79.6% | &nbsp;&nbsp;72.34 | &nbsp;&nbsp;57.56 | &nbsp;&nbsp;79.6% | &nbsp;&nbsp;75.36 | &nbsp;&nbsp;62.41 | &nbsp;&nbsp;82.8% | &nbsp;&nbsp;74.32 | &nbsp;&nbsp;59.45 | &nbsp;&nbsp;80.0% |
| &nbsp;&nbsp;17.11 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - Fossil Creek | &nbsp;&nbsp;64.32 | &nbsp;&nbsp;58.46 | &nbsp;&nbsp;90.9% | &nbsp;&nbsp;64.32 | &nbsp;&nbsp;58.46 | &nbsp;&nbsp;90.9% | &nbsp;&nbsp;64.93 | &nbsp;&nbsp;58.62 | &nbsp;&nbsp;90.3% | &nbsp;&nbsp;63.93 | &nbsp;&nbsp;56.68 | &nbsp;&nbsp;88.7% |
| &nbsp;&nbsp;17.12 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dallas - Plano Parkway | &nbsp;&nbsp;62.34 | &nbsp;&nbsp;52.92 | &nbsp;&nbsp;84.9% | &nbsp;&nbsp;62.34 | &nbsp;&nbsp;52.92 | &nbsp;&nbsp;84.9% | &nbsp;&nbsp;63.56 | &nbsp;&nbsp;52.53 | &nbsp;&nbsp;82.7% | &nbsp;&nbsp;64.71 | &nbsp;&nbsp;55.70 | &nbsp;&nbsp;86.1% |
| &nbsp;&nbsp;17.13 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - City View | &nbsp;&nbsp;56.37 | &nbsp;&nbsp;47.02 | &nbsp;&nbsp;83.4% | &nbsp;&nbsp;56.37 | &nbsp;&nbsp;47.02 | &nbsp;&nbsp;83.4% | &nbsp;&nbsp;58.35 | &nbsp;&nbsp;47.90 | &nbsp;&nbsp;82.1% | &nbsp;&nbsp;60.29 | &nbsp;&nbsp;48.65 | &nbsp;&nbsp;80.7% |
| &nbsp;&nbsp;17.14 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Wayne North | &nbsp;&nbsp;63.15 | &nbsp;&nbsp;57.53 | &nbsp;&nbsp;91.1% | &nbsp;&nbsp;63.15 | &nbsp;&nbsp;57.53 | &nbsp;&nbsp;91.1% | &nbsp;&nbsp;65.51 | &nbsp;&nbsp;56.95 | &nbsp;&nbsp;86.9% | &nbsp;&nbsp;63.84 | &nbsp;&nbsp;51.13 | &nbsp;&nbsp;80.1% |
| &nbsp;&nbsp;17.15 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - Fairborn | &nbsp;&nbsp;66.29 | &nbsp;&nbsp;56.38 | &nbsp;&nbsp;85.0% | &nbsp;&nbsp;66.29 | &nbsp;&nbsp;56.38 | &nbsp;&nbsp;85.0% | &nbsp;&nbsp;64.22 | &nbsp;&nbsp;57.13 | &nbsp;&nbsp;89.0% | &nbsp;&nbsp;64.60 | &nbsp;&nbsp;52.35 | &nbsp;&nbsp;81.0% |
| &nbsp;&nbsp;17.16 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Fort Worth - Southwest | &nbsp;&nbsp;61.64 | &nbsp;&nbsp;53.92 | &nbsp;&nbsp;87.5% | &nbsp;&nbsp;61.64 | &nbsp;&nbsp;53.92 | &nbsp;&nbsp;87.5% | &nbsp;&nbsp;64.16 | &nbsp;&nbsp;54.06 | &nbsp;&nbsp;84.3% | &nbsp;&nbsp;65.48 | &nbsp;&nbsp;54.31 | &nbsp;&nbsp;82.9% |
| &nbsp;&nbsp;17.17 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Dayton - South | &nbsp;&nbsp;54.61 | &nbsp;&nbsp;47.52 | &nbsp;&nbsp;87.0% | &nbsp;&nbsp;54.61 | &nbsp;&nbsp;47.52 | &nbsp;&nbsp;87.0% | &nbsp;&nbsp;55.59 | &nbsp;&nbsp;46.80 | &nbsp;&nbsp;84.2% | &nbsp;&nbsp;55.52 | &nbsp;&nbsp;46.00 | &nbsp;&nbsp;82.9% |
| &nbsp;&nbsp;18 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 54, 55 | &nbsp;&nbsp;1 | &nbsp;&nbsp;80-02 Kew Gardens | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;19 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;56, 57 | &nbsp;&nbsp;1 | &nbsp;&nbsp;MetLife Solutions Tampa | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;20 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;58, 59, 60, 61, 62, 63, 64 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Providence at Champions | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;21 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 72, 73, 74, 75 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Springfield Town Center | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;22 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Landings I & II | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**23** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**65** | &nbsp;&nbsp;**6** | &nbsp;&nbsp;**NYC Mixed-Use Portfolio** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** |
| &nbsp;&nbsp;23.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;14 1st Avenue | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;23.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;313 West 92nd Street | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;23.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;316-322 East 149th Street | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;23.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;445 West 46th Street | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;23.05 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;296 & 298 East 149th Street | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;23.06 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;219 East 5th Street | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;24 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 76, 77 | &nbsp;&nbsp;1 | &nbsp;&nbsp;161 Washington Street | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;25 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;66, 67, 68, 69, 70, 71 | &nbsp;&nbsp;1 | &nbsp;&nbsp;365 West Passaic | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;26 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Quail Creek Crossing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;27 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;78 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Village Square | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;28 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;79, 80 | &nbsp;&nbsp;1 | &nbsp;&nbsp;250-254 Winthrop Street | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;29 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;81 | &nbsp;&nbsp;1 | &nbsp;&nbsp;2105-2109 1st Avenue | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;30 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Spyglass Inn | &nbsp;&nbsp;229.28 | &nbsp;&nbsp;152.71 | &nbsp;&nbsp;66.6% | &nbsp;&nbsp;229.28 | &nbsp;&nbsp;152.71 | &nbsp;&nbsp;66.6% | &nbsp;&nbsp;228.38 | &nbsp;&nbsp;151.12 | &nbsp;&nbsp;66.2% | &nbsp;&nbsp;230.58 | &nbsp;&nbsp;152.31 | &nbsp;&nbsp;66.1% |
| &nbsp;&nbsp;31 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Cottage Inn by the Sea | &nbsp;&nbsp;227.24 | &nbsp;&nbsp;164.38 | &nbsp;&nbsp;72.3% | &nbsp;&nbsp;227.24 | &nbsp;&nbsp;164.38 | &nbsp;&nbsp;72.3% | &nbsp;&nbsp;225.61 | &nbsp;&nbsp;156.05 | &nbsp;&nbsp;69.2% | &nbsp;&nbsp;233.79 | &nbsp;&nbsp;157.46 | &nbsp;&nbsp;67.3% |
| &nbsp;&nbsp;**32** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**82, 83, 84, 85** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Leeton Leased Fee Pool B Portfolio** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** |
| &nbsp;&nbsp;32.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Thruway Plaza | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;32.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Augusta West | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**33** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Compass Sunbelt Storage Portfolio** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** |
| &nbsp;&nbsp;33.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Laplace | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;33.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Gulfport | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;34 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Market on Cherry Road | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**35** | &nbsp;&nbsp;**Loan** | &nbsp;&nbsp;**9, 86, 87, 88** | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Pacifica Hotel Portfolio (4-Pack)** | &nbsp;&nbsp;**269.40** | &nbsp;&nbsp;**198.93** | &nbsp;&nbsp;**73.8%** | &nbsp;&nbsp;**269.40** | &nbsp;&nbsp;**198.93** | &nbsp;&nbsp;**73.8%** | &nbsp;&nbsp;**271.37** | &nbsp;&nbsp;**196.62** | &nbsp;&nbsp;**72.5%** | &nbsp;&nbsp;**268.70** | &nbsp;&nbsp;**193.15** | &nbsp;&nbsp;**71.9%** |
| &nbsp;&nbsp;35.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Wayfarer San Diego | &nbsp;&nbsp;324.85 | &nbsp;&nbsp;215.14 | &nbsp;&nbsp;66.2% | &nbsp;&nbsp;324.85 | &nbsp;&nbsp;215.14 | &nbsp;&nbsp;66.2% | &nbsp;&nbsp;324.36 | &nbsp;&nbsp;212.71 | &nbsp;&nbsp;65.6% | &nbsp;&nbsp;322.43 | &nbsp;&nbsp;190.81 | &nbsp;&nbsp;59.2% |
| &nbsp;&nbsp;35.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Sandcastle Inn | &nbsp;&nbsp;281.35 | &nbsp;&nbsp;228.09 | &nbsp;&nbsp;81.1% | &nbsp;&nbsp;281.35 | &nbsp;&nbsp;228.09 | &nbsp;&nbsp;81.1% | &nbsp;&nbsp;277.71 | &nbsp;&nbsp;216.39 | &nbsp;&nbsp;77.9% | &nbsp;&nbsp;280.02 | &nbsp;&nbsp;209.81 | &nbsp;&nbsp;74.9% |
| &nbsp;&nbsp;35.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Kinney Venice Beach | &nbsp;&nbsp;203.67 | &nbsp;&nbsp;154.29 | &nbsp;&nbsp;75.8% | &nbsp;&nbsp;203.67 | &nbsp;&nbsp;154.29 | &nbsp;&nbsp;75.8% | &nbsp;&nbsp;214.10 | &nbsp;&nbsp;159.52 | &nbsp;&nbsp;74.5% | &nbsp;&nbsp;218.47 | &nbsp;&nbsp;189.13 | &nbsp;&nbsp;86.6% |
| &nbsp;&nbsp;35.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;Inn at Venice Beach | &nbsp;&nbsp;212.59 | &nbsp;&nbsp;171.19 | &nbsp;&nbsp;80.5% | &nbsp;&nbsp;212.59 | &nbsp;&nbsp;171.19 | &nbsp;&nbsp;80.5% | &nbsp;&nbsp;217.54 | &nbsp;&nbsp;173.64 | &nbsp;&nbsp;79.8% | &nbsp;&nbsp;220.04 | &nbsp;&nbsp;177.30 | &nbsp;&nbsp;80.6% |
| &nbsp;&nbsp;**36** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Jacov Portfolio** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** |
| &nbsp;&nbsp;36.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;462 West 146th Street | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;36.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1156 Dean Street | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;36.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;977 East 12th Street | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;36.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;608 West 148th Street | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;37 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;9, 89 | &nbsp;&nbsp;1 | &nbsp;&nbsp;CFS Industrial HQ | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |

---

A-1-41

**Benchmark 2025-V18**

**Annex A-1**

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Loan ID Number** | &nbsp;&nbsp;**Loan / Property Flag** | &nbsp;&nbsp;**Footnotes (for Loan and Property Information)** | &nbsp;&nbsp;**# of Properties** | &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Underwritten ADR ($)** | &nbsp;&nbsp;**Underwritten RevPAR ($)** | &nbsp;&nbsp;**Underwritten Hotel Occupancy (%)** | &nbsp;&nbsp;**Most Recent ADR ($)** | &nbsp;&nbsp;**Most Recent RevPAR ($)** | &nbsp;&nbsp;**Most Recent Hotel Occupancy (%)** | &nbsp;&nbsp;**Second Most Recent ADR ($)** | &nbsp;&nbsp;**Second Most Recent RevPAR ($)** | &nbsp;&nbsp;**Second Most Recent Hotel Occupancy (%)** | &nbsp;&nbsp;**Third Most Recent ADR ($)** | &nbsp;&nbsp;**Third Most Recent RevPAR ($)** | &nbsp;&nbsp;**Third Most Recent Hotel Occupancy (%)** |
| &nbsp;&nbsp;38 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;90, 91, 92 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Davis Building | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;39 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;93 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Orchard Street Portfolio | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**40** | &nbsp;&nbsp;**Loan** |  | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Bronx Multifamily Portfolio** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**NAP** |
| &nbsp;&nbsp;40.01 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;856 East 175th Street | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;40.02 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1534 Nelson Avenue | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;40.03 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1269 Findlay Avenue | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;40.04 | &nbsp;&nbsp;Property |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;742 East 183rd Street | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;41 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;94 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Wyndham Garden Norfolk Downtown | &nbsp;&nbsp;116.45 | &nbsp;&nbsp;66.03 | &nbsp;&nbsp;56.7% | &nbsp;&nbsp;116.45 | &nbsp;&nbsp;66.03 | &nbsp;&nbsp;56.7% | &nbsp;&nbsp;113.38 | &nbsp;&nbsp;60.88 | &nbsp;&nbsp;53.7% | &nbsp;&nbsp;88.78 | &nbsp;&nbsp;70.67 | &nbsp;&nbsp;79.6% |
| &nbsp;&nbsp;42 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;95 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Scottish Traveler RV Park | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;43 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;96, 97 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Windsong Industrial | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;44 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1701 Clay | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;45 | &nbsp;&nbsp;Loan | &nbsp;&nbsp;98, 99 | &nbsp;&nbsp;1 | &nbsp;&nbsp;Best Western Seven Seas | &nbsp;&nbsp;115.21 | &nbsp;&nbsp;84.79 | &nbsp;&nbsp;73.6% | &nbsp;&nbsp;115.21 | &nbsp;&nbsp;84.79 | &nbsp;&nbsp;73.6% | &nbsp;&nbsp;115.08 | &nbsp;&nbsp;86.65 | &nbsp;&nbsp;75.3% | &nbsp;&nbsp;118.86 | &nbsp;&nbsp;82.61 | &nbsp;&nbsp;69.5% |
| &nbsp;&nbsp;46 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;The Raleigh | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;47 | &nbsp;&nbsp;Loan |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;632 Sterling Place | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |

---

A-1-42

---

| | |
|:---|:---|
| **Footnotes to Annex A-1** | **Footnotes to Annex A-1** |
| (1) | The Administrative Fee Rate % includes the Servicing Fee Rate, the Operating Advisor Fee Rate, the Certificate Administrator/Trustee Fee Rate, the Asset Representations Reviewer Fee Rate and the CREFC® Intellectual Property Royalty License Fee Rate applicable to each Mortgage Loan. |
| (2) | The Monthly Debt Service (P&I) ($) and Annual Debt Service (P&I) ($) shown for Mortgage Loans with a partial interest-only period reflects the amount payable after the expiration of the interest-only period. |
| (3) | The open period is inclusive of the Maturity Date or Anticipated Repayment Date. |
| (4) | Underwritten NOI DSCR (x), Underwritten NCF DSCR (x), Whole Loan Underwritten NCF DSCR (x) and Total Debt Underwritten NCF DSCR (x) are calculated based on amortizing debt service payments (except for interest-only loans). |
| (5) | Leased Occupancy (%) includes tenants that have signed leases, but are not yet in occupancy or may not be paying rent. |
| (6) | The lease expirations shown are based on full lease terms; however, in some instances, the tenant may have the option to terminate its lease prior to the expiration date shown. In addition, in some instances, a tenant may have the right to assign its lease or sublease the leased premises and be released from its obligations under the lease. See "Description of the Mortgage Pool—Tenant Issues" in the Preliminary Prospectus for certain examples of the foregoing. |
| (7) | If the purpose of the Mortgage Loan was to finance an acquisition of the Mortgaged Property, the field "Sources: Principal's New Cash Contribution ($)" reflects the cash investment by one or more of the equity owners in the borrower in connection with such acquisition. If the purpose of the Mortgage Loan was to refinance the Mortgaged Property, the field "Sources: Principal's New Cash Contribution ($)" reflects the cash contributed to the borrower by one or more of the equity owners at the time the Mortgage Loan was originated. |
| (8) | Property Located Within a Qualified Opportunity Zone (Y/N) reflects mortgaged properties that are located in qualified opportunity zones ("QOZs") under Internal Revenue Code § 1400Z-2 - Notice 2018-48 and Notice 2019-42. According to the Internal Revenue Service, (1) a QOZ is an economically distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment, and (2) localities qualify as QOZs if they have been nominated for that designation by a state, the District of Columbia, or a U.S. territory and that nomination has been certified by the Secretary of the Treasury via his or her delegation of authority to the Internal Revenue Service. No representation is made as to whether any mortgaged properties located in QOZs or the related borrowers are eligible for such preferential tax treatment or whether any qualifying investment has been made in a QOZ. |
| (9) | The Cut-off Date Balance ($) reflects only the Mortgage Loan included in the Issuing Entity (which may be evidenced by one or more promissory notes); however, such Mortgage Loan is part of a whole loan comprised of such Mortgage Loan and one or more Pari Passu Companion Loan(s) and/or Subordinate Companion Loan(s) that are held outside the Issuing Entity, each of which is evidenced by one or more separate promissory notes. With respect to each such Mortgage Loan that is part of a whole loan, the Cut-off Date LTV Ratio (%), LTV Ratio at Maturity / ARD (%), Underwritten NCF DSCR (x), Underwritten NOI Debt Yield (%), Underwritten NCF Debt Yield (%) and Loan Per Unit ($) calculations include any related Pari Passu Companion Loan(s) but exclude any related Subordinate Companion Loan(s). See "Description of the Mortgage Pool—The Whole Loans" in the Preliminary Prospectus for additional information regarding the whole loan(s). |
| (10) | Voluntary prepayment of the 9911 Belward Whole Loan is permitted in whole (but not in part) at any time, on and after the first business day immediately following the monthly payment date in October 2027, together with payment of a prepayment fee equal to the greater of 1.0% of the amount prepaid and a yield maintenance premium, if such voluntary prepayment occurs prior to the monthly payment date in April 2030. |

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(11) The Appraised Value ($) represents the Market Value - Assuming Outstanding TIs Funded of the 9911 Belward Mortgaged Property, which assumes that $21,743,000 of outstanding tenant improvement allowances were reserved. At origination, the then outstanding amount of tenant improvement allowances of $19,292,063 was reserved, as certain of the tenant allowances were already provided between the appraisal date and the origination date. The appraisal also provided an "As Is" appraised value of the 9911 Belward Mortgaged Property of $297,000,000, which results in a Cut-off Date LTV Ratio (%) and LTV Ratio at Maturity / ARD (%) of 43.3% and 43.3%, respectively.

(12) Approximately 80% of the net rentable area at the mortgaged property is used for research and development, utility and mechanical or manufacturing space with the remaining 20% of the net rentable area used for office space.

(13) The mortgage loan is part of a whole loan that was co-originated by German American Capital Corporation and Barclays Capital Real Estate Inc.

(14) The mortgaged property is comprised of 381,086 square feet of office space (approximately 78.6% of total NRA and 83.5% of underwritten base rent) and 102,907 square feet of retail space (approximately 21.2% of total NRA and 16.5% of underwritten base rent). The mortgaged property includes two office buildings, three retail buildings, and five mixed use buildings, which are office buildings with retail space on the ground floor.

(15) The Largest Tenant, American Multi-Cinema (AMC), recently executed a lease amendment in July 2025 to extend the term for an additional 5 years through December 31, 2035. As part of the renewal, the tenant relinquished 23,000 square feet of auxiliary office space located in a separate collateral building from its 127,340 square foot standalone headquarters building. The tenant vacated the 23,000 square foot reduction space effective August 1, 2025. As part of the extension, the tenant received a $1,910,110 tenant improvement allowance to be applied toward alterations in the premises.

(16) In addition to the retail component of the mortgaged property, there are five non-collateral parking garages with 1,693 total parking spaces. The parking garages are owned by a third party and are subject to a commercial declaration which provides that the association will exclusively manage and control all commercial parking areas for the benefit of the owners of the retail area.

(17) As of the origination date, a $100,000,000 mezzanine loan secured by equity interests in the borrower was outstanding and in maturity default. An affiliate of the borrower (the "New Mezzanine Holder") acquired the existing mezzanine loan at a 19.8% discount, paying $80.2 million for the $100.0 million existing mezzanine loan on or prior to the origination of the 180 Water whole loan. Accordingly, both the mezzanine borrower and the mezzanine lender are under common control with the borrower. Simultaneously with its acquisition of the mezzanine loan, the New Mezzanine Holder entered into an amendment to the mezzanine loan documents with the mezzanine loan borrower to, among other things, extend the term of the mezzanine loan by approximately 15 years, and also entered into a subordination and standstill agreement with the lender under the 180 Water whole loan. See "Description of the Mortgage Pool—Additional Indebtedness—Mezzanine Indebtedness" in the Preliminary Prospectus.

(18) On the payment dates occurring in each of September 2025, October 2025, November 2025 and December 2025, the borrower will be required to deposit into a real estate tax reserve account an amount equal to 125% multiplied by one-twelfth of the real estate taxes that the lender estimates will be payable during the next ensuing 12 months (initially $908,215.99), and on each payment date thereafter, the borrower will be required to deposit an amount equal to 1/12th of the real estate taxes that the lender estimates will be payable during the next ensuing 12 months (initially $748,369.98).

(19) On the payment dates occurring in each of September 2025, October 2025, November 2025, December 2025, January 2026, February 2026, March 2026, April 2026, May 2026 and June 2026, the borrower will be required to deposit into an insurance reserve account an amount equal to 110% of 1/12th of the insurance premiums that the lender estimates will be payable for the renewal of the coverage afforded by the policies upon the expiration thereof (initially $101,194.66) and on each payment date thereafter the borrower will be required to deposit an amount equal to 1/12th of the

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|:---|:---|
|  | insurance premiums that the lender estimates will be payable for the renewal of the coverage afforded by the policies upon the expiration thereof. However, if the insurance is carried under an acceptable blanket policy, provided that an event of default has not occurred and is continuing, deposits for insurance premiums will be suspended. As of the loan origination date, there is not an acceptable blanket policy in effect. |
| (20) | The mortgage loan is structured with a hard lockbox for commercial tenants, soft lockbox for residential tenants, and springing cash management. All rents from the mortgaged property collected by or on behalf of the borrower must be deposited into a clearing account controlled by the lender (the "Lockbox Account") within two business days. The borrower has agreed to cause all rents from commercial tenants to be deposited directly to the Lockbox Account. |
| (21) | The Mortgage Rate represents the interest rate associated with Note A-3 and Note A-4, which are being contributed to the Benchmark 2025-V18 Mortgage Trust. The weighted average interest rate of Notes A-1, A-2, A-3, A-4, A-5, A-6, and A-7, which constitute the 180 Water senior notes, is 5.34703378378378% per annum and the weighted average interest rate for the 180 Water Whole Loan is 6.319575% per annum. See "Description of the Mortgage Pool—Certain Calculations and Definitions" in the Preliminary Prospectus. |
| (22) | SVP 180 Water Preferred Investor LLC, an affiliate of Strategic Value Partners (the "Holdco Preferred Equity Holder") contributed approximately $50,000,000 in preferred equity to the transaction, and 180 Water Investors LLC contributed approximately $39,473,848.60 in common equity. The lender entered into a recognition agreement with the Holdco Preferred Equity Holder, which provided, among other things, that (i) the lender will not make certain modifications to the 180 Water Whole Loan documents without the consent of the Holdco Preferred Equity Holder, (ii) the Holdco Preferred Equity Holder may undertake an indirect change of control of the borrower and obtain all of the common equity holder's indirect interests in the borrower in the event of a default under the preferred equity documents or preferred equity trigger event under the 180 Water Whole Loan documents), (iii) the Holdco Preferred Equity Holder has the right to cure 180 Water Whole Loan defaults and has an additional 10 business days to cure monetary defaults and at least an additional 30 days to cure non-monetary defaults, in each case, after the later of notice and the expiration of the borrower's cure period, plus, in the case, of non-monetary defaults, an extended cure period of an additional 180 days and the waiver of certain non-monetary defaults that are not susceptible of cure, (iv) the right of the Holdco Preferred Equity Holder to purchase the 180 Water Whole Loan for a price equal to its outstanding principal balance and accrued interest without the payment of any yield maintenance premiums, prepayment fees or premiums, any exit fees, any liquidated damage amount, any spread maintenance charges, any late charges or late fees, any default interest or, if the 180 Water Whole Loan is purchased within 90 days of the first purchase option notice, any workout and liquidation fees, provided that "liquidation fees" are not permitted to exceed a rate of 1.00% of liquidation proceeds and "workout fees" are not permitted to exceed a rate of 1.00% of interest and principal collections on the 180 Water Whole Loan, (v) the Holdco Preferred Equity Holder has the right to transfer the preferred equity investment to a qualified preferred equity holder and to make certain direct and indirect transfers in the Holdco Preferred Equity Holder and (vi) the Holdco Preferred Equity Holder has certain other rights. The Holdco Preferred Equity Holder is entitled to receive a preferred rate of 16.0% per annum, compounded annually. To the extent there is sufficient cash flow and no preferred equity trigger event is continuing, 6.0% of the 16.0% preferred rate will be paid monthly. From July 2028 until June 2029, the current pay amount will increase to 7.0% and from and after July 2029, the current pay amount will increase to 8.0%. In the event that there is insufficient cash flow, the current pay amount will accrue and will be added to the Preferred Equity Investment. After a preferred equity trigger event, the preferred rate will be 21.0%, compounded annually, and from and after the date that is 90 days following the mandatory redemption date, the preferred return is 25.0%, compounded annually. The "mandatory redemption date" will be August 6, 2030 or such earlier date that the Preferred Equity Investment and other amounts becomes due under the terms of the preferred equity documents. See "Description of the Mortgage Pool—Additional Indebtedness— Preferred Equity and Preferred Return Arrangements" in the Preliminary Prospectus. |

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(23) The increase in Underwritten Net Operating Income ($) from Most Recent NOI ($) is primarily due to economic vacancy decreasing associated with a reduction in concessions, along with an increase in in-place rents.

(24) The Largest Tenant, subleases 6,458 square feet of its space at the mortgaged property to the Economic Development Authority of the City of Newport News, which in turn subleases such space to Citizen's & Farmer's Bank and Sate restaurant.

(25) The mortgaged property is comprised of 441,845 square feet of office space (77.0% of NRA and 84.1% of underwritten rent) and 114,969 square feet of urban retail space (20.0% of NRA and 14.4% of underwritten rent).

(26) The 2023 operating statements cover the trailing twelve months through October 31, 2023 and only include operating statements for the Yorkshire Apartments and the Parkview Apartments Mortgaged Properties. Operating statements during 2023 were not provided for the Holly Brook Apartments Mortgaged Property.

(27) The borrowers have the right to obtain the release of one or more individual Waterford Multifamily Portfolio Mortgaged Properties, provided that, among other conditions, (i) the Waterford Multifamily Portfolio Mortgage Loan is prepaid in an amount equal to 110% of the allocated loan amount for the individual Waterford Multifamily Portfolio Mortgaged Property or Mortgaged Properties being released, (ii) the borrowers deliver a REMIC opinion, (iii) if such release is after the payment date on September 6, 2027 and prior to the monthly payment date occurring in March 2030, the borrowers pay a prepayment fee equal to the greater of (x) 1.0% (or if an event of default exists, 2.0%) of the amount of principal being prepaid and (y) a yield maintenance premium and (iv) after giving effect to the release and prepayment, the debt service coverage ratio with respect to the remaining Waterford Multifamily Portfolio Mortgaged Properties is no less than the greater of (a) 1.30x and (b) the debt service coverage ratio for all of the individual Waterford Multifamily Portfolio Mortgaged Properties immediately prior to the release. A release may occur during an event of default under the Waterford Multifamily Portfolio Mortgage Loan, so long as (1) after giving effect to the release, such event of default is cured and no other event of default is then continuing, and (2) any outstanding amounts due to the lender or its servicer in connection with or as a result of such prior event of default have been repaid in full, including but not limited to special servicing fees and default interest.

(28) Historical financial information prior to 2024 is not available because the 1010 Pacific Street Property was recently constructed in 2023.

(29) Defeasance of the 1010 Pacific Street 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 1010 Pacific Street Whole Loan to be securitized and (b) October 1, 2029. The assumed defeasance lockout period of 24 payments is based on the anticipated closing date of the Benchmark 2025-V18 securitization in October 2025. The actual lockout period may be longer.

(30) The mortgaged property benefits from a 35-year 421-a Affordable New York Housing Tax Exemption Program exemption. In order to qualify for the tax exemption, at least 30% of the units at the 1010 Pacific Street Property must be leased as "affordable units," which are defined as affordable to a household whose income does not exceed 130% of the area median income. For years one through 25 of such exemption, 100% of the projected assessed value of the 1010 Pacific Street Property improvements on the tax lot would be exempt from real estate taxes. The exemption falls to 30% in years 26 through 35 of such exemption. Taxes were underwritten to the appraisal's abated 2025/2026 taxes of $88,223. The appraisal's estimated full tax liability for the 2025/2026 tax year is $2,136,409.

(31) There is a grace period of three days per any 366 day period before the late fee will be chargeable.

(32) The Largest Tenant at the One Independence Mortgaged Property, Health Plan Services, Inc. is affiliated to Wipro, LLC, the Second Largest Tenant at the One Independence Mortgaged Property.

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(33) The Largest Tenant at the One Independence Mortgaged Property, Health Plan Services, Inc. has the option to terminate its lease effective as of January 31, 2028 provided it gives the landlord 12 months written notice of its election to exercise the termination option and pays an early termination fee.

(34) The Largest Tenant at the Fairfax Building Mortgaged Property, Indivior, Inc. has the ongoing right to terminate its lease with respect to 8,303 square feet of its space provided it gives the landlord six months prior written notice accompanied by payment of an early termination fee.

(35) The Second Largest Tenant at the One Independence Mortgaged Property, Wipro, LLC has the option to terminate its lease effective as of January 31, 2028 provided it gives the landlord 12 months written notice of its election to exercise the termination option and pays an early termination fee.

(36) The Largest Tenant at the 150 Corporate Mortgaged Property, PRA Holding I, LLC has the one time right to cancel its lease, after December 31, 2030, provided it gives the landlord written notice no later than March 31, 2030, and pays an early termination fee.

(37) The Largest Tenant at the Southpark at Westgate Mortgaged Property, Department of Veterans Affairs's lease may be terminated by the tenant at any time by providing not less than 30 days prior written notice.

(38) The Second Largest Tenant at the Southpark at Westgate Mortgaged Property, Care in the Community - Dept of Veteran Affairs's lease may be terminated by the tenant at any time by providing not less than 90 days' prior written notice.

(39) The loan is secured by a leasehold interest pursuant to an air rights lease between the borrower and the owner of the first two floors of the seven floor building in which the Hotel Valencia Santana Row Property is located, covering a defined vertical segment of the improvements located above the second floor of such building (the "Air Rights Lease"). The Air Rights Lease expires March 20, 2100, with no extension options. The annual rent payable by the borrower under the Air Rights Lease consists of four components: (1) base rent, (2) percentage rent, (3) supplemental percentage rent, and (4) parking rent. Ground rent was underwritten to the average of the estimated ground rent expense over the term of the Hotel Valencia Santana Row Mortgage Loan (based on assumptions regarding the various types of hotel revenues and the rent reset in 2028) which equates to approximately $1,768,901.

(40) The borrower is required to deposit into a property improvement plan ("PIP") reserve an amount equal to 125% of the costs of the related PIP work as estimated by the lender in its reasonable discretion (A) in the case of any new franchise agreement, on or prior to the date such franchise agreement is executed and delivered and (B) in the case of any then existing or renewal franchise agreement, prior to the effective date that any PIP is imposed. As of the origination date, there is no franchise agreement in place.

(41) The borrower is required to deposit into a furniture, fixtures and equipment ("FF&E") reserve, on a monthly basis, an amount equal to the greater of (i) the FF&E Payment (as defined below), and (ii) the amount of the deposit (if any) on account of FF&E under a franchise agreement, if any is entered into. The "FF&E Payment" means with respect to each monthly payment date, an amount equal to 1/12th of 4.0% of the annual gross revenues for the hotel related operations at the applicable mortgaged property for the immediately preceding calendar year as reasonably determined by the lender. The initial monthly FF&E Payment was determined to be approximately $92,094.

(42) Historical financial information prior to 2024 is not available because the Brookside Gardens Property was recently renovated from 2023-2025.

(43) The increase in Most Recent NOI ($) from Second Most Recent NOI ($) is primarily due to the recent renovation of the property and subsequent lease up.

(44) A portion of the mortgaged property revenue is generated from 4,950 square feet of commercial office space. The office space is located on the second floor of the community clubhouse. The space is 100% leased to two tenants: (i) Mountain Brook Apartments LLC, which occupies 1,750 square feet (representing 35.4% of commercial space and 0.8% of total effective gross income) and (ii) Sky

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|:---|:---|
|  | Flooring USA LLC which occupies 3,200 sqaure feet (representing 64.6% of commercial space and 1.0% of total effective gross income). |
| (45) | The mortgage loan was originated by LMF Commercial, LLC, an unaffiliated third-party, and subsequently acquired by Bank of Montreal prior to the date hereof. |
| (46) | The borrower is required to deposit into a Seasonality Reserve Account on (i) the origination date $614,616 and (ii) the monthly payment date occurring in November 2025, $76,827, and (iii) for each monthly payment date occurring in March through December (inclusive) of each year during the term of the Mortgage Loan starting in the year 2026, an amount equal to the quotient obtained on the Monthly Payment Date occurring in February of each calendar year (the "Seasonality Reserve Calculation Date") by dividing (A) the positive difference, if any, between (x) the greater of (1) the sum of the negative monthly amounts occurring in the months of January and December (inclusive) immediately preceding such Seasonality Reserve Calculation Date and (2) the sum of the negative monthly amounts projected in the months of January and December (inclusive) immediately following such Seasonality Reserve Calculation Date, pursuant to the approved annual budget, and (y) the amount of Seasonality Reserve Funds, if any, that are then on deposit in the Seasonality Reserve Account, by (B) ten (10). |
| (47) | The borrower is required to deposit into an FF&E reserve, on a monthly basis, an amount equal to the greater of (i) the FF&E Payment and (ii) the amount of the deposit (if any) on account of FF&E under the franchise agreement, if any is entered into. The initial monthly FF&E Payment was determined to be approximately $73,225. As of the origination date there is no franchise agreement in place. |
| (48) | The Appraised Value represents the "Hypothetical As If PFC" value of the Haven at Bellaire Mortgaged Property as of July 7, 2025, which assumes the borrower will receive a 100% public facility corporation ("PFC") tax exemption ($0 in real estate taxes) and agrees to certain affordability covenants. The borrower entered into a ground lease and regulatory agreement with the Housing Authority of the City of Rosenberg, Texas, a Texas public housing authority, at closing on September 24th, in order to apply for such tax exemption. The appraisal also provided an "As Is" appraised value of the Haven at Bellaire Property of $47,300,000, which results in an Appraised Value/Per Unit of $159,259, and a Cut-off Date LTV and Maturity Date LTV of 87.9% each. |
| (49) | The increase from the Most Recent NOI to the Underwritten NOI is due to the assumption that the Haven at Bellaire Mortgaged Property will receive the tax exemption under the PFC program and will be exempt from all property taxes provided it meets certain conditions further described in "Description of the Mortgage Pool--Mortgage Pool Characteristics--Multifamily Properties" in the Preliminary Prospectus. |
| (50) | AXCS Haven Pref Member, LLC (a key principal under the loan documents), a subsidiary of Conversant AXCS JV LLC is the preferred equity investor in Haven Pref Joint Venture, LLC an entity that indirectly owns 99.99% of the equity in the borrower. The preferred equity investor is entitled to a preferred return on its investment. See "Description of the Mortgage Pool--Additional Indebtedness--Preferred Equity" in the Preliminary Prospectus. |
| (51) | Underwritten net cash flow is inclusive of the applied for Public Facility Corporation Program ("PFC") tax abatement and the ground lease payments and annual compliance fees. See "Description of the Mortgage Pool—Real Estate and Other Tax Considerations" in the Preliminary Prospectus for further discussion on the tax abatement. |
| (52) | In the event that either (x) the related tax exemption is not obtained by September 24, 2026 or (y) the mortgaged property loses its tax exemption during the term of the mortgage loan, the borrower is required to, within ten business days after such event, prepay a portion of the mortgage loan (the "Haven Mandatory Prepayment") such that, after giving effect to such prepayment the debt service coverage ratio of the Mortgage Loan is no less than 1.30x and the debt yield is no less than 8.0%. In connection with the Haven Mandatory Prepayment the borrower will be required to pay a prepayment fee equal to the greater of a yield maintenance premium and 2.00% of the amount prepaid. The Mortgage Loan documents provide recourse to the non-recourse carveout guarantor in an amount |

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|  | equal to the Haven Mandatory Prepayment until the tax exemption is in place or the borrower makes the Haven Mandatory Prepayment. |
| (53) | The FF&E reserve can be adjusted to the greater of the existing amount of the deposit, or the greater one-twelfth of 4.0% of the underwritten revenue for the prior fiscal year and the amount required pursuant to the franchise agreement. |
| (54) | The mortgaged property includes a parking component that accounts for 22.8% of the NRA and 5.5% of underwritten base rent at the property. |
| (55) | Defeasance of the 80-02 Kew Gardens Whole Loan is permitted in full at any time on or after the date that is the earlier to occur of (i) two years after the closing date of the securitization that includes the last 80-02 Kew Gardens Whole Loan note to be securitized and (ii) October 1, 2029. The assumed defeasance lockout period of 24 payments is based on the anticipated closing date of the Benchmark 2025-V18 securitization trust in October 2025. The actual defeasance lockout period may be longer. |
| (56) | The mortgage loan was originated by Greystone Select Company II LLC, an unaffiliated third-party, and subsequently acquired by Bank of Montreal prior to the date hereof. |
| (57) | The mortgage loan is facilitating a sale-leaseback transaction with MetLife and, as a result, historical operating statements are not available. |
| (58) | The Appraised Value represents the "Hypothetical Market Value with Restricted Rents" value of the Providence at Champions Mortgaged Property, which assumes that the Providence at Champions Mortgaged Property will transition to an HFC ownership structure whereby the Providence at Champions Mortgaged Property would be transferred to an HFC and then ground leased back to the borrower, and pursuant to Chapter 394 of the Texas Local Government Code, the leasehold estate owner would qualify for a 100% real estate tax exemption so long as 90% of the units are set aside for occupancy by residents with annual incomes of 140% of the area median income or less, including 50% of the units are set aside for occupancy by residents with annual incomes of 80% of area median income or less. The appraisal also provided an "as is" value of $33,200,000, which results in a Cut-off Date LTV Ratio and Maturity Date LTV Ratio of 82.8%. |
| (59) | In the event that either (x) the related tax exemption is not obtained by May 16, 2026 or (y) the mortgaged property loses its tax exemption during the term of the mortgage loan, the borrower is required to, within ten business days after such event, prepay a portion of the mortgage loan (the "Mandatory Prepayment") such that, after giving effect to such prepayment the debt service coverage ratio of the Mortgage Loan is no less than 1.30x and the debt yield is no less than 8.75%. In connection with the Mandatory Prepayment the borrower will be required to pay a prepayment fee equal to the greater of a yield maintenance premium and 2.00% of the amount prepaid. The mortgage loan documents provide recourse to the non-recourse carveout guarantor in an amount equal to the Mandatory Prepayment until the tax exemption is in place or the borrower makes the Mandatory Prepayment. |
| (60) | The borrower changed management companies in January 2025. As a result of this change, the operating statements are missing five days of information in the month of January 2025 (from January 1st to January 5th). Given that rental payments are due on the first of the month, the gross potential rent reported during the Most Recent EGI does not reflect the full collections. |
| (61) | On each monthly payment date, the borrower is required to deposit into the real estate tax reserve an amount equal to 1/12th of the annual real estate taxes. This monthly amount will be waived to the extent (i) the tax exemption is formally granted by the applicable central appraisal district and remains in effect with respect to the mortgaged property and (ii) the borrower provides the lender on an annual basis a copy of the tax bill or other written evidence reasonably acceptable to the lender to verify the tax exemption is in place and no property taxes are due and owing in relation to the mortgaged property. |
| (62) | On each monthly payment date beginning with the monthly payment date occurring in January 2026, the borrower is required to deposit into a ground rent reserve fund 1/12th of the amount that the lender |

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|  | reasonably determines will be needed in order to accumulate sufficient funds to pay the ground rent at least 30 days prior to the date the same is due. |
| (63) | The increase in UW Net Operating Income ($) from Most Recent NOI ($) is primarily due to (i) the underwriting of the applied-for tax exemption and (ii) the borrower changing management companies in January 2025. |
| (64) | Underwritten net cash flow is inclusive of the applied for Housing Finance Corporation ("HFC") tax abatement and the ground lease payments and annual compliance fees described above. See "Description of the Mortgage Pool—Real Estate and Other Tax Considerations" in the Preliminary Prospectus for further discussion on the tax abatement. |
| (65) | The NYC Mixed-Use Portfolio is comprised of three mixed-use mortgaged properties and three multifamily mortgaged properties. The NYC Mixed-Use Portfolio contains 57 residential units across four properties (the "Residential Component") and 25,349 square feet of commercial space (the "Commercial Component") across three properties. 39 out of the 57 residential units are rent-stabilized. The residential component is 96.5% leased and the commercial component is 100% leased. The Residential Component contributes 57.5% of the underwritten effective gross income, while the commercial component accounts for 41.1%. Within the NYC Mixed-Use Portfolio the 296 & 298 East 149th Street Mortgaged Property is a 10,549 square foot mixed-use property comprised of 3,949 square feet of ground floor retail space and 6,600 square feet of office space. The 316-322 East 149th Street Mortgaged Property is comprised of 6,400 square feet of ground floor retail space and 6,400 square feet of office space. The 14 1st Avenue Mortgaged Property is comprised of 15 residential units and 2,000 square feet of commercial space. |
| (66) | The Outstanding TI/LC Reserve of $1,283,432 was reserved at closing for the following tenants: (i) $55,000 for tenant improvements and $66,211 for leasing commissions were reserved for Mode Global (TTS LLC); (ii) $400,000 for tenant improvements and $120,553 for leasing commissions for CBA Elevator, (iii) $134,550 for tenant improvements and $41,888 for leasing commissions for the Fourth Largest Tenant, Warehouse Solutions (Intelligent Audit), and (iv) $351,206 for tenant improvements and $114,025 for leasing commissions for the Largest Tenant, Botwinick & Co. |
| (67) | The Free Rent Reserve of $444,546 was reserved at closing for the following tenants: (i) $45,275 for Mode Global (TTS LLC), which represents 6 months of half free rent from December 1, 2025 through May 31, 2026, (ii) 110,161 for CBA Elevator, which equates to 6 months of rent from November 1, 2025 through April 30, 2026, (iii) $48,590 for the Fourth Largest Tenant, Warehouse Solutions (Intelligent Audit), which equates to 4 months of half free rent from January 1, 2026 through April 30, 2026; (iv) $122,422 for the Largest Tenant, Botwinick & Co., which represents 7 months of free rent from December 1, 2025 through June 30, 2026, and (v) $118,098 for Stantec, which represents 8 months of half free rent from November 1, 2025 through June 30, 2026. |
| (68) | The Gap Rent Reserve of $155,219 was reserved at closing for the following tenants: (i) $30,183 for Mode Global (TTS LLC), which covers October 1, 2025 through November 30, 2025; (ii) $55,080 for CBA Elevator, which covers rent for October 1, 2025 through October 31, 2025 plus two additional months given the soft commencement date, and (iii) $69,956 for the Largest Tenant, Botwinick & Co., which covers October 1, 2025 through November 30, 2025 plus two additional months given the soft commencement date. |
| (69) | CBA Elevator Consultants, which represents 3.8% of net rentable area and 4.7% of underwritten base rent, has an estimated lease commencement date of November 1, 2025. The tenant has executed its lease and has are no outs. There is no assurance that the tenant will take occupancy or begin to pay rent. |
| (70) | TTS LLC / Mode Global, which represents 3.1% of net rentable area and 3.9% of underwritten base rent, has a lease commencement date of December 1, 2025. The tenant has executed its lease and there are no outs. There is no assurance that the tenant will take occupancy or begin to pay rent. |

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A-1-50

(71) The Second Largest Tenant, Care Plus NJ, which represents 8.1% of net rentable area and 9.4% of underwritten base rent, has the one-time right to terminate the lease effective on September 30, 2032, provided that the tenant gives landlord at least nine months' prior written notice.

(72) 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 sometimes referred to as the "Multifamily Release Parcel", provided 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 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 three 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.

(73) Part of the collateral represents the borrower's leasehold interest in a 4.367-acre surface parking area, which sits between a future hotel parcel and an 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 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; provided, however, any exercise of such right will be a violation of the Springfield Town Center Whole Loan documents unless the lender's prior consent is obtained. 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 actual ground rent is $784,000 per annum 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 underwriting to the average of the ground rent payable over the next five years, which incorporates the borrower sponsor's budgeted increase in 2027.

(74) The lender is insured under an environmental insurance policy obtained (i) in lieu of obtaining a Phase II Environmental Site Assessment, (ii) in lieu of providing an indemnity or guaranty from a sponsor or (iii) to address environmental conditions or concerns. For additional information, see "Risk Factors—Risks Related to the Mortgage Loans—Adverse Environmental Conditions at or Near Mortgaged Properties May Result in Losses" and "Description of the Mortgage Pool—Mortgage Pool Characteristics—Environmental Considerations" in the Preliminary Prospectus.

(75) The lockout period will be at least 27 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 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 "Lockout Release Date"). In addition, on any business day from and after the Lockout Release Date, voluntary

A-1-51

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| | |
|:---|:---|
|  | 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 27 payments is based on the expected Benchmark 2025-V18 securitization closing date in October 2025. The actual lockout period may be longer. |
| (76) | The UW NOI is approximately 34.2% above the Most Recent NOI due to market revenue from vacant units based on the in-place average rents and recoveries. |
| (77) | SOMPO/Endurance Assurance Association is subleasing this space from Marsh & McLennan Agency at $30/SF. |
| (78) | The fourth largest tenant at the mortgaged property, Kintaro, is not currently open for business, but has completed the build out of it leased premises and is current on rent. |
| (79) | A Grace Period- Late Fee of five days is permitted twice per loan term. |
| (80) | Historical cash flows prior to 2024 were not provided because the mortgaged property was constructed in 2023. |
| (81) | The 2105-2109 1st Avenue property consists of a 67 unit multifamily component that accounts for 83.0% of NRA and 68.5% of EGI as well as 8,000 SF of ground floor retail that accounts for 17.0% of NRA and 31.5% of EGI. |
| (82) | The Appraised Value ($) represents the "Leased Fee Interest in Ground Lease" value of the leased fee interest in the related mortgaged properties. |
| (83) | Historical financial information is not available as the related mortgaged properties were ground leased to the tenants between 2023 and 2024. |
| (84) | One of the borrowers, Greentree Augusta Development LLC, has entered into a ground lease, as the ground lessor, with 1323 Augusta West Parkway Real Estate LLC and 1323 Augusta West Parkway Leasing LLC, collectively, as the ground lessee. The ground lease has a term of 99 years that expires on Feb 7, 2122 with no extension options. |
| (85) | One of the borrowers, Equity Holdings of Cheektowaga LLC, has entered into a ground lease, as the ground lessor, with 2195 Harlem Road Real Estate LLC and 2195 Harlem Road Leasing LLC, collectively, as the ground lessee. The ground lease has a term of 99 years that expires on June 26, 2123 with no extension options. |
| (86) | At any time after September 5, 2027, the borrowers may obtain the release of one or more individual Pacifica Hotel Portfolio (4-Pack) Properties from the lien of the Pacifica Hotel Portfolio (4-Pack) Whole Loan upon satisfaction of the terms and conditions set forth in the Pacifica Hotel Portfolio (4-Pack) Whole Loan documents, including, among other things: (i) the prepayment of a release price equal to the greater of (a) 115% of the allocated loan amount of such Pacifica Hotel Portfolio (4-Pack) Property being released and (b) 85% of the net sales proceeds attributable to such Pacifica Hotel Portfolio (4-Pack) Property being released, together with any yield maintenance premium; (ii) after giving effect to such release, (x) the debt yield for the remaining Pacifica Hotel Portfolio (4-Pack) Properties is equal to or greater than the greater of (a) 12.85% and (b) the debt yield immediately prior to release and (y) the debt service coverage ratio for the remaining Pacifica Hotel Portfolio (4-Pack) Properties is equal to or greater than the greater of (a) 1.76x and (b) the debt service coverage ratio immediately prior to release; (iii) no partial release is permitted whereby the sole individual Pacifica Hotel Portfolio (4-Pack) Property which remains as collateral for the Pacifica Hotel Portfolio (4-Pack) Whole Loan is the Inn at Venice Beach Property; and (iv) compliance with REMIC related conditions. |
| (87) | The mortgaged properties operate without a franchise agreement. |
| (88) | To the extent there are any outstanding property improvement plan ("PIP") requirements for any Pacifica Hotel Portfolio (4-Pack) Properties, the borrowers are required to deposit the applicable PIP |

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A-1-52

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| | |
|:---|:---|
|  | Deposit Amount (or an additional amount which, when combined with any other amounts then on deposit in the PIP reserve, is equal to the PIP Deposit Amount) within 10 business days after the PIP requirements are identified and a budget related thereto is agreed to by the borrowers. |
| (89) | No historical financial information is available because the mortgage loan proceeds were used to acquire the mortgaged property. |
| (90) | The Largest Tenant at the Mortgaged Property, OSI Management Inc., has the right to terminate its lease with respect to its additional premises of 6,254 square feet, effective at any time on or after March 31, 2027 and upon at least 12 months of prior written notice. |
| (91) | The Second Largest Tenant at the Mortgaged Property, McClendon Center, has the one-time right to terminate its lease effective on March 31, 2032, provided it gives prior written notice no later than March 31, 2031 and pays an early termination fee. |
| (92) | The Third Largest Tenant at the Mortgaged Property, Center Immigration Studies, has the one-time right to terminate its lease effective on April 30, 2030 provided it gives at least 12 months prior written notice to the landlord and pays an early termination fee. |
| (93) | Historical financial information prior to the annualized trailing three months ending 8/31/25 is not available as the borrower recently acquired the portfolio in 2022 and 2024, renovated four of the buildings during 2023, and subsequently leased up the portfolio from 2024 and on. |
| (94) | The borrower is required to deposit into an FF&E reserve, on a monthly basis, an amount equal to the greater of (i) the FF&E Payment and (ii) the amount of the deposit (if any) on account of FF&E under the franchise agreement. The initial monthly FF&E Payment was determined to be approximately $19,076.75. |
| (95) | Based on the June 2025 rent roll, approximately 65.2% of tenants in occupancy at the mortgaged property were long term RV renters that had been in occupancy at the mortgaged property for more than a year and the remaining 34.8% of tenants were RV transient tenants. In addition to the aforementioned RV tenants, there are also 23 "park model" manufactured homes (approximately 19% of leased pads) which are owned by the tenant and are generally around 400 square feet. |
| (96) | Historical financial information prior to the annualized trailing five months ending 6/30/25 is not available as the borrower recently acquired the property in February 2025. |
| (97) | The increase in Underwritten NOI ($) from Most Recent NOI ($) is primarily due to the recent lease up of the property. After acquisition in February 2025 six new leases were signed which account for $169,268 of underwritten base rent. |
| (98) | The Mortgaged Property is ground leased to the borrower by a third party, Wells Fargo Bank, N.A., as trustee of the Joseph B. Jennings and Lillian McMahon Jennings Trust under an agreement dated January 7, 1983. The ground lease expires September 30, 2073. The current base rent is $75,455 per month through October 2025, and each successive year thereafter, the base rent is increased by the consumer price index, which can be no less than 3% and no more than 6%. At the end of each 10th lease year, the minimum rent is required to be adjusted to the fair market rent agreed on by the lessor and lessee, with the next 10 year mark being October 2033. If the parties do not agree, the rent is determined pursuant to an appraisal process. To the extent in excess of the base rent, the lessee pays a percentage rent of the net sales in the following percentages: guest room rental (7.5%), food (3%), beverages (5%), parking (15%), and all other activities (10%), net of the base rent actually paid. |
| (99) | The mortgaged property currently operates as a Best Western under a membership agreement with Best Western International, Inc. The agreement expires annually at the end of the Best Western fiscal year (November 30) and is renewable for a one-year term on an annual basis. This agreement would terminate upon sale, and a new buyer would be subject to the current terms of Best Western's membership agreement. |

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A-1-53

(THIS PAGE INTENTIONALLY LEFT BLANK)

**ANNEX A-2**

**MORTGAGE POOL INFORMATION**

(THIS PAGE INTENTIONALLY LEFT BLANK)

**BMARK 2025-V18**

**Annex A-2**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Distribution of Loan Purpose** | &nbsp;&nbsp;**Distribution of Loan Purpose** | &nbsp;&nbsp;**Distribution of Loan Purpose** | &nbsp;&nbsp;**Distribution of Loan Purpose** | &nbsp;&nbsp;**Distribution of Loan Purpose** | &nbsp;&nbsp;**Distribution of Loan Purpose** | &nbsp;&nbsp;**Distribution of Loan Purpose** | &nbsp;&nbsp;**Distribution of Loan Purpose** | &nbsp;&nbsp;**Distribution of Loan Purpose** | &nbsp;&nbsp;**Distribution of Loan Purpose** |
| &nbsp;&nbsp;**Loan Purpose** | &nbsp;&nbsp;**Number of Mortgage Loans** | &nbsp;&nbsp;**Cut-off Date Balance** | &nbsp;&nbsp;**% of Initial Pool Balance** | &nbsp;&nbsp;**Average Cut-off Date Balance** | &nbsp;&nbsp;**Weighted Average Debt Service Coverage Ratio** | &nbsp;&nbsp;**Weighted Average Mortgage Interest Rate** | &nbsp;&nbsp;**Weighted Average Remaining Terms to Maturity (Mos)** | &nbsp;&nbsp;**Weighted Average Cut-off Date LTV** | &nbsp;&nbsp;**Weighted Average Maturity Date LTV** |
| &nbsp;&nbsp;Refinance | &nbsp;&nbsp;40 | $&nbsp;&nbsp; 1106138800 | &nbsp;&nbsp;84.0% | $&nbsp;&nbsp; 27653470 | &nbsp;&nbsp;1.76x | &nbsp;&nbsp;6.433% | &nbsp;&nbsp;59 | &nbsp;&nbsp;60.5% | &nbsp;&nbsp;60.5% |
| &nbsp;&nbsp;Acquisition | &nbsp;&nbsp;6 | &nbsp;&nbsp; 157300000 | &nbsp;&nbsp;11.9 | $&nbsp;&nbsp; 26216667 | &nbsp;&nbsp;1.89x | &nbsp;&nbsp;6.632% | &nbsp;&nbsp;58 | &nbsp;&nbsp;64.9% | &nbsp;&nbsp;64.3% |
| &nbsp;&nbsp;Refinance/Recapitalization | &nbsp;&nbsp;1 | &nbsp;&nbsp; 53000000 | &nbsp;&nbsp;4.0 | $&nbsp;&nbsp; 53000000 | &nbsp;&nbsp;2.32x | &nbsp;&nbsp;6.560% | &nbsp;&nbsp;60 | &nbsp;&nbsp;46.0% | &nbsp;&nbsp;43.3% |
| &nbsp;&nbsp;**Total/Avg./Wtd.Avg.** | &nbsp;&nbsp;**47** | $&nbsp;&nbsp; **1316438800** | &nbsp;&nbsp;**100.0%** | $&nbsp;&nbsp; **28009336** | &nbsp;&nbsp;**1.80x** | &nbsp;&nbsp;**6.462%** | &nbsp;&nbsp;**59** | &nbsp;&nbsp;**60.4%** | &nbsp;&nbsp;**60.2%** |
| &nbsp;&nbsp;**Distribution of Amortization Types<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Amortization Types<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Amortization Types<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Amortization Types<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Amortization Types<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Amortization Types<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Amortization Types<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Amortization Types<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Amortization Types<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Amortization Types<sup>(1)</sup>** |
| &nbsp;&nbsp;**Amortization Type** | &nbsp;&nbsp;**Number of Mortgage Loans** | &nbsp;&nbsp;**Cut-off Date Balance** | &nbsp;&nbsp;**% of Initial Pool Balance** | &nbsp;&nbsp;**Average Cut-off Date Balance** | &nbsp;&nbsp;**Weighted Average Debt Service Coverage Ratio** | &nbsp;&nbsp;**Weighted Average Mortgage Interest Rate** | &nbsp;&nbsp;**Weighted Average Remaining Terms to Maturity (Mos)** | &nbsp;&nbsp;**Weighted Average Cut-off Date LTV** | &nbsp;&nbsp;**Weighted Average Maturity Date LTV** |
| &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;45 | $&nbsp;&nbsp; 1241438800 | &nbsp;&nbsp;94.3% | $&nbsp;&nbsp; 27587529 | &nbsp;&nbsp;1.78x | &nbsp;&nbsp;6.453% | &nbsp;&nbsp;59 | &nbsp;&nbsp;60.9% | &nbsp;&nbsp;60.9% |
| &nbsp;&nbsp;Amortizing Balloon | &nbsp;&nbsp;2 | &nbsp;&nbsp; 75000000 | &nbsp;&nbsp;5.7 | $&nbsp;&nbsp; 37500000 | &nbsp;&nbsp;2.02x | &nbsp;&nbsp;6.614% | &nbsp;&nbsp;60 | &nbsp;&nbsp;52.3% | &nbsp;&nbsp;49.3% |
| &nbsp;&nbsp;**Total/Avg./Wtd.Avg.** | &nbsp;&nbsp;**47** | $&nbsp;&nbsp; **1316438800** | &nbsp;&nbsp;**100.0%** | $&nbsp;&nbsp; **28009336** | &nbsp;&nbsp;**1.80x** | &nbsp;&nbsp;**6.462%** | &nbsp;&nbsp;**59** | &nbsp;&nbsp;**60.4%** | &nbsp;&nbsp;**60.2%** |
| &nbsp;&nbsp;(1) All of the mortgage loans will have balloon payments at maturity date. | &nbsp;&nbsp;(1) All of the mortgage loans will have balloon payments at maturity date. | &nbsp;&nbsp;(1) All of the mortgage loans will have balloon payments at maturity date. |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Distribution of Cut-off Date Balances** | &nbsp;&nbsp;**Distribution of Cut-off Date Balances** | &nbsp;&nbsp;**Distribution of Cut-off Date Balances** | &nbsp;&nbsp;**Distribution of Cut-off Date Balances** | &nbsp;&nbsp;**Distribution of Cut-off Date Balances** | &nbsp;&nbsp;**Distribution of Cut-off Date Balances** | &nbsp;&nbsp;**Distribution of Cut-off Date Balances** | &nbsp;&nbsp;**Distribution of Cut-off Date Balances** | &nbsp;&nbsp;**Distribution of Cut-off Date Balances** | &nbsp;&nbsp;**Distribution of Cut-off Date Balances** |
| &nbsp;&nbsp;**Range of Cut-off Balances ($)** | &nbsp;&nbsp;**Number of Mortgage Loans** | &nbsp;&nbsp;**Cut-off Date Balance** | &nbsp;&nbsp;**% of Initial Pool Balance** | &nbsp;&nbsp;**Average Cut-off Date Balance** | &nbsp;&nbsp;**Weighted Average Debt Service Coverage Ratio** | &nbsp;&nbsp;**Weighted Average Mortgage Interest Rate** | &nbsp;&nbsp;**Weighted Average Remaining Terms to Maturity (Mos)** | &nbsp;&nbsp;**Weighted Average Cut-off Date LTV** | &nbsp;&nbsp;**Weighted Average Maturity Date LTV** |
| &nbsp;&nbsp;4100000 - 9999999 | &nbsp;&nbsp;10 | $&nbsp;&nbsp; 71877500 | &nbsp;&nbsp;5.5% | $&nbsp;&nbsp; 7187750 | &nbsp;&nbsp;1.75x | &nbsp;&nbsp;6.858% | &nbsp;&nbsp;60 | &nbsp;&nbsp;62.8% | &nbsp;&nbsp;62.8% |
| &nbsp;&nbsp;10000000 - 19999999 | &nbsp;&nbsp;10 | &nbsp;&nbsp; 135976300 | &nbsp;&nbsp;10.3 | $&nbsp;&nbsp; 13597630 | &nbsp;&nbsp;1.43x | &nbsp;&nbsp;6.762% | &nbsp;&nbsp;59 | &nbsp;&nbsp;65.4% | &nbsp;&nbsp;65.4% |
| &nbsp;&nbsp;20000000 - 29999999 | &nbsp;&nbsp;9 | &nbsp;&nbsp; 217500000 | &nbsp;&nbsp;16.5 | $&nbsp;&nbsp; 24166667 | &nbsp;&nbsp;1.65x | &nbsp;&nbsp;6.700% | &nbsp;&nbsp;58 | &nbsp;&nbsp;63.8% | &nbsp;&nbsp;63.4% |
| &nbsp;&nbsp;30000000 - 39999999 | &nbsp;&nbsp;3 | &nbsp;&nbsp; 91650000 | &nbsp;&nbsp;7.0 | $&nbsp;&nbsp; 30550000 | &nbsp;&nbsp;1.69x | &nbsp;&nbsp;7.014% | &nbsp;&nbsp;60 | &nbsp;&nbsp;62.5% | &nbsp;&nbsp;62.5% |
| &nbsp;&nbsp;40000000 - 49999999 | &nbsp;&nbsp;4 | &nbsp;&nbsp; 170600000 | &nbsp;&nbsp;13.0 | $&nbsp;&nbsp; 42650000 | &nbsp;&nbsp;1.64x | &nbsp;&nbsp;6.452% | &nbsp;&nbsp;60 | &nbsp;&nbsp;58.4% | &nbsp;&nbsp;58.4% |
| &nbsp;&nbsp;50000000 - 80000000 | &nbsp;&nbsp;11 | &nbsp;&nbsp; 628835000 | &nbsp;&nbsp;47.8 | $&nbsp;&nbsp; 57166818 | &nbsp;&nbsp;1.99x | &nbsp;&nbsp;6.193% | &nbsp;&nbsp;60 | &nbsp;&nbsp;58.1% | &nbsp;&nbsp;57.9% |
| &nbsp;&nbsp;**Total/Avg./Wtd.Avg.** | &nbsp;&nbsp;**47** | $&nbsp;&nbsp; **1316438800** | &nbsp;&nbsp;**100.0%** | $&nbsp;&nbsp; **28009336** | &nbsp;&nbsp;**1.80x** | &nbsp;&nbsp;**6.462%** | &nbsp;&nbsp;**59** | &nbsp;&nbsp;**60.4%** | &nbsp;&nbsp;**60.2%** |
|  | &nbsp;&nbsp;**Min** | $&nbsp;&nbsp; 4100000 |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;**Max** | $&nbsp;&nbsp; 80000000 |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;**Average** | $&nbsp;&nbsp; 28009336 |  |  |  |  |  |  |  |

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A-2-1

**BMARK 2025-V18**

**Annex A-2**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Distribution of Underwritten Debt Service Coverage Ratios** | &nbsp;&nbsp;**Distribution of Underwritten Debt Service Coverage Ratios** | &nbsp;&nbsp;**Distribution of Underwritten Debt Service Coverage Ratios** | &nbsp;&nbsp;**Distribution of Underwritten Debt Service Coverage Ratios** | &nbsp;&nbsp;**Distribution of Underwritten Debt Service Coverage Ratios** | &nbsp;&nbsp;**Distribution of Underwritten Debt Service Coverage Ratios** | &nbsp;&nbsp;**Distribution of Underwritten Debt Service Coverage Ratios** | &nbsp;&nbsp;**Distribution of Underwritten Debt Service Coverage Ratios** | &nbsp;&nbsp;**Distribution of Underwritten Debt Service Coverage Ratios** | &nbsp;&nbsp;**Distribution of Underwritten Debt Service Coverage Ratios** |
| &nbsp;&nbsp;**Range of Underwritten Debt Service Coverage Ratios (x)** | &nbsp;&nbsp;**Number of Mortgage Loans** | &nbsp;&nbsp;**Cut-off Date Balance** | &nbsp;&nbsp;**% of Initial Pool Balance** | &nbsp;&nbsp;**Average Cut-off Date Balance** | &nbsp;&nbsp;**Weighted Average Debt Service Coverage Ratio** | &nbsp;&nbsp;**Weighted Average Mortgage Interest Rate** | &nbsp;&nbsp;**Weighted Average Remaining Terms to Maturity (Mos)** | &nbsp;&nbsp;**Weighted Average Cut-off Date LTV** | &nbsp;&nbsp;**Weighted Average Maturity Date LTV** |
| &nbsp;&nbsp;1.10 - 1.49 | &nbsp;&nbsp;21 | $&nbsp;&nbsp; 520766300 | &nbsp;&nbsp;39.6% | &nbsp;&nbsp; 24798395 | &nbsp;&nbsp;1.33x | &nbsp;&nbsp;6.442% | &nbsp;&nbsp;59 | &nbsp;&nbsp;67.8% | &nbsp;&nbsp;67.6% |
| &nbsp;&nbsp;1.50 - 1.99 | &nbsp;&nbsp;17 | &nbsp;&nbsp; 410482500 | &nbsp;&nbsp;31.2 | &nbsp;&nbsp; 24146029 | &nbsp;&nbsp;1.72x | &nbsp;&nbsp;6.891% | &nbsp;&nbsp;59 | &nbsp;&nbsp;62.3% | &nbsp;&nbsp;62.3% |
| &nbsp;&nbsp;2.00 - 2.49 | &nbsp;&nbsp;6 | &nbsp;&nbsp; 239440000 | &nbsp;&nbsp;18.2 | &nbsp;&nbsp; 39906667 | &nbsp;&nbsp;2.22x | &nbsp;&nbsp;6.523% | &nbsp;&nbsp;60 | &nbsp;&nbsp;53.2% | &nbsp;&nbsp;52.6% |
| &nbsp;&nbsp;2.50 - 3.41 | &nbsp;&nbsp;3 | &nbsp;&nbsp; 145750000 | &nbsp;&nbsp;11.1 | &nbsp;&nbsp; 48583333 | &nbsp;&nbsp;3.00x | &nbsp;&nbsp;5.230% | &nbsp;&nbsp;59 | &nbsp;&nbsp;40.5% | &nbsp;&nbsp;40.5% |
| &nbsp;&nbsp;**Total/Avg./Wtd.Avg.** | &nbsp;&nbsp;**47** | $&nbsp;&nbsp; **1316438800** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp; **28009336** | &nbsp;&nbsp;**1.80x** | &nbsp;&nbsp;**6.462%** | &nbsp;&nbsp;**59** | &nbsp;&nbsp;**60.4%** | &nbsp;&nbsp;**60.2%** |
|  | &nbsp;&nbsp;**Min** | &nbsp;&nbsp;1.10x |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;**Max** | &nbsp;&nbsp;3.41x |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;**Average** | &nbsp;&nbsp;1.80x |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Distribution of Mortgage Interest Rates** | &nbsp;&nbsp;**Distribution of Mortgage Interest Rates** | &nbsp;&nbsp;**Distribution of Mortgage Interest Rates** | &nbsp;&nbsp;**Distribution of Mortgage Interest Rates** | &nbsp;&nbsp;**Distribution of Mortgage Interest Rates** | &nbsp;&nbsp;**Distribution of Mortgage Interest Rates** | &nbsp;&nbsp;**Distribution of Mortgage Interest Rates** | &nbsp;&nbsp;**Distribution of Mortgage Interest Rates** | &nbsp;&nbsp;**Distribution of Mortgage Interest Rates** | &nbsp;&nbsp;**Distribution of Mortgage Interest Rates** |
| &nbsp;&nbsp;**Range of Mortgage Interest Rates (%)** | &nbsp;&nbsp;**Number of Mortgage Loans** | &nbsp;&nbsp;**Cut-off Date Balance** | &nbsp;&nbsp;**% of Initial Pool Balance** | &nbsp;&nbsp;**Average Cut-off Date Balance** | &nbsp;&nbsp;**Weighted Average Debt Service Coverage Ratio** | &nbsp;&nbsp;**Weighted Average Mortgage Interest Rate** | &nbsp;&nbsp;**Weighted Average Remaining Terms to Maturity (Mos)** | &nbsp;&nbsp;**Weighted Average Cut-off Date LTV** | &nbsp;&nbsp;**Weighted Average Maturity Date LTV** |
| &nbsp;&nbsp;5.0000 - 5.9999 | &nbsp;&nbsp;4 | $&nbsp;&nbsp; 237500000 | &nbsp;&nbsp;18.0% | &nbsp;&nbsp; 59375000 | &nbsp;&nbsp;2.50x | &nbsp;&nbsp;5.421% | &nbsp;&nbsp;59 | &nbsp;&nbsp;46.8% | &nbsp;&nbsp;46.8% |
| &nbsp;&nbsp;6.0000 - 6.4999 | &nbsp;&nbsp;12 | &nbsp;&nbsp; 323410000 | &nbsp;&nbsp;24.6 | &nbsp;&nbsp; 26950833 | &nbsp;&nbsp;1.37x | &nbsp;&nbsp;6.366% | &nbsp;&nbsp;59 | &nbsp;&nbsp;67.8% | &nbsp;&nbsp;67.8% |
| &nbsp;&nbsp;6.5000 - 6.9999 | &nbsp;&nbsp;21 | &nbsp;&nbsp; 559802500 | &nbsp;&nbsp;42.5 | &nbsp;&nbsp; 26657262 | &nbsp;&nbsp;1.76x | &nbsp;&nbsp;6.685% | &nbsp;&nbsp;60 | &nbsp;&nbsp;62.3% | &nbsp;&nbsp;61.9% |
| &nbsp;&nbsp;7.0000 - 7.4999 | &nbsp;&nbsp;8 | &nbsp;&nbsp; 163510000 | &nbsp;&nbsp;12.4 | &nbsp;&nbsp; 20438750 | &nbsp;&nbsp;1.83x | &nbsp;&nbsp;7.177% | &nbsp;&nbsp;58 | &nbsp;&nbsp;59.4% | &nbsp;&nbsp;59.4% |
| &nbsp;&nbsp;7.5000 - 7.6130 | &nbsp;&nbsp;2 | &nbsp;&nbsp; 32216300 | &nbsp;&nbsp;2.4 | &nbsp;&nbsp; 16108150 | &nbsp;&nbsp;1.49x | &nbsp;&nbsp;7.613% | &nbsp;&nbsp;58 | &nbsp;&nbsp;58.4% | &nbsp;&nbsp;58.4% |
| &nbsp;&nbsp;**Total/Avg./Wtd.Avg.** | &nbsp;&nbsp;**47** | $&nbsp;&nbsp; **1316438800** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp; **28009336** | &nbsp;&nbsp;**1.80x** | &nbsp;&nbsp;**6.462%** | &nbsp;&nbsp;**59** | &nbsp;&nbsp;**60.4%** | &nbsp;&nbsp;**60.2%** |
|  | &nbsp;&nbsp;**Min** | &nbsp;&nbsp;5.000% |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;**Max** | &nbsp;&nbsp;7.613% |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;**Average** | &nbsp;&nbsp;6.462% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Distribution of Cut-off Date Loan-to-Value Ratios<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Cut-off Date Loan-to-Value Ratios<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Cut-off Date Loan-to-Value Ratios<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Cut-off Date Loan-to-Value Ratios<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Cut-off Date Loan-to-Value Ratios<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Cut-off Date Loan-to-Value Ratios<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Cut-off Date Loan-to-Value Ratios<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Cut-off Date Loan-to-Value Ratios<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Cut-off Date Loan-to-Value Ratios<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Cut-off Date Loan-to-Value Ratios<sup>(1)</sup>** |
| &nbsp;&nbsp;**Range of Cut-off Date Loan-to-Value Ratios (%)** | &nbsp;&nbsp;**Number of Mortgage Loans** | &nbsp;&nbsp;**Cut-off Date Balance** | &nbsp;&nbsp;**% of Initial Pool Balance** | &nbsp;&nbsp;**Average Cut-off Date Balance** | &nbsp;&nbsp;**Weighted Average Debt Service Coverage Ratio** | &nbsp;&nbsp;**Weighted Average Mortgage Interest Rate** | &nbsp;&nbsp;**Weighted Average Remaining Terms to Maturity (Mos)** | &nbsp;&nbsp;**Weighted Average Cut-off Date LTV** | &nbsp;&nbsp;**Weighted Average Maturity Date LTV** |
| &nbsp;&nbsp;39.2 - 39.9 | &nbsp;&nbsp;1 | $&nbsp;&nbsp; 60000000 | &nbsp;&nbsp;4.6% | &nbsp;&nbsp; 60000000 | &nbsp;&nbsp;2.50x | &nbsp;&nbsp;5.333% | &nbsp;&nbsp;58 | &nbsp;&nbsp;39.2% | &nbsp;&nbsp;39.2% |
| &nbsp;&nbsp;40.0 - 49.9 | &nbsp;&nbsp;3 | &nbsp;&nbsp; 176000000 | &nbsp;&nbsp;13.4 | &nbsp;&nbsp; 58666667 | &nbsp;&nbsp;2.81x | &nbsp;&nbsp;5.698% | &nbsp;&nbsp;60 | &nbsp;&nbsp;42.4% | &nbsp;&nbsp;41.6% |
| &nbsp;&nbsp;50.0 - 59.9 | &nbsp;&nbsp;9 | &nbsp;&nbsp; 171776300 | &nbsp;&nbsp;13.0 | &nbsp;&nbsp; 19086256 | &nbsp;&nbsp;1.86x | &nbsp;&nbsp;7.105% | &nbsp;&nbsp;59 | &nbsp;&nbsp;55.0% | &nbsp;&nbsp;55.0% |
| &nbsp;&nbsp;60.0 - 78.6 | &nbsp;&nbsp;34 | &nbsp;&nbsp; 908662500 | &nbsp;&nbsp;69.0 | &nbsp;&nbsp; 26725368 | &nbsp;&nbsp;1.55x | &nbsp;&nbsp;6.564% | &nbsp;&nbsp;59 | &nbsp;&nbsp;66.3% | &nbsp;&nbsp;66.2% |
| &nbsp;&nbsp;**Total/Avg./Wtd.Avg.** | &nbsp;&nbsp;**47** | $&nbsp;&nbsp; **1316438800** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp; **28009336** | &nbsp;&nbsp;**1.80x** | &nbsp;&nbsp;**6.462%** | &nbsp;&nbsp;**59** | &nbsp;&nbsp;**60.4%** | &nbsp;&nbsp;**60.2%** |
| &nbsp;&nbsp;(1) Unless otherwise indicated, the Cut-off Date Loan-to-Value Ratio is calculated utilizing the "as-is" appraised value. With respect to four mortgage loans, representing approximately 12.3% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date, the respective Cut-off Date Loan-to-Value Ratio was calculated using either (i) the "market value - assuming outstanding TIs funded" appraised value, (ii) the "hypothetical as if PFC" appraised value, (iii) the "hypothetical market value with restricted rents" appraised value and (iv) the "leased fee value of the ground lease" appraised value. The weighted average Cut-off Date Loan-to-Value Ratio for the mortgage pool without making any of the adjustments described above is 61.4%. | &nbsp;&nbsp;(1) Unless otherwise indicated, the Cut-off Date Loan-to-Value Ratio is calculated utilizing the "as-is" appraised value. With respect to four mortgage loans, representing approximately 12.3% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date, the respective Cut-off Date Loan-to-Value Ratio was calculated using either (i) the "market value - assuming outstanding TIs funded" appraised value, (ii) the "hypothetical as if PFC" appraised value, (iii) the "hypothetical market value with restricted rents" appraised value and (iv) the "leased fee value of the ground lease" appraised value. The weighted average Cut-off Date Loan-to-Value Ratio for the mortgage pool without making any of the adjustments described above is 61.4%. | &nbsp;&nbsp;(1) Unless otherwise indicated, the Cut-off Date Loan-to-Value Ratio is calculated utilizing the "as-is" appraised value. With respect to four mortgage loans, representing approximately 12.3% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date, the respective Cut-off Date Loan-to-Value Ratio was calculated using either (i) the "market value - assuming outstanding TIs funded" appraised value, (ii) the "hypothetical as if PFC" appraised value, (iii) the "hypothetical market value with restricted rents" appraised value and (iv) the "leased fee value of the ground lease" appraised value. The weighted average Cut-off Date Loan-to-Value Ratio for the mortgage pool without making any of the adjustments described above is 61.4%. | &nbsp;&nbsp;(1) Unless otherwise indicated, the Cut-off Date Loan-to-Value Ratio is calculated utilizing the "as-is" appraised value. With respect to four mortgage loans, representing approximately 12.3% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date, the respective Cut-off Date Loan-to-Value Ratio was calculated using either (i) the "market value - assuming outstanding TIs funded" appraised value, (ii) the "hypothetical as if PFC" appraised value, (iii) the "hypothetical market value with restricted rents" appraised value and (iv) the "leased fee value of the ground lease" appraised value. The weighted average Cut-off Date Loan-to-Value Ratio for the mortgage pool without making any of the adjustments described above is 61.4%. | &nbsp;&nbsp;(1) Unless otherwise indicated, the Cut-off Date Loan-to-Value Ratio is calculated utilizing the "as-is" appraised value. With respect to four mortgage loans, representing approximately 12.3% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date, the respective Cut-off Date Loan-to-Value Ratio was calculated using either (i) the "market value - assuming outstanding TIs funded" appraised value, (ii) the "hypothetical as if PFC" appraised value, (iii) the "hypothetical market value with restricted rents" appraised value and (iv) the "leased fee value of the ground lease" appraised value. The weighted average Cut-off Date Loan-to-Value Ratio for the mortgage pool without making any of the adjustments described above is 61.4%. | &nbsp;&nbsp;(1) Unless otherwise indicated, the Cut-off Date Loan-to-Value Ratio is calculated utilizing the "as-is" appraised value. With respect to four mortgage loans, representing approximately 12.3% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date, the respective Cut-off Date Loan-to-Value Ratio was calculated using either (i) the "market value - assuming outstanding TIs funded" appraised value, (ii) the "hypothetical as if PFC" appraised value, (iii) the "hypothetical market value with restricted rents" appraised value and (iv) the "leased fee value of the ground lease" appraised value. The weighted average Cut-off Date Loan-to-Value Ratio for the mortgage pool without making any of the adjustments described above is 61.4%. | &nbsp;&nbsp;(1) Unless otherwise indicated, the Cut-off Date Loan-to-Value Ratio is calculated utilizing the "as-is" appraised value. With respect to four mortgage loans, representing approximately 12.3% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date, the respective Cut-off Date Loan-to-Value Ratio was calculated using either (i) the "market value - assuming outstanding TIs funded" appraised value, (ii) the "hypothetical as if PFC" appraised value, (iii) the "hypothetical market value with restricted rents" appraised value and (iv) the "leased fee value of the ground lease" appraised value. The weighted average Cut-off Date Loan-to-Value Ratio for the mortgage pool without making any of the adjustments described above is 61.4%. | &nbsp;&nbsp;(1) Unless otherwise indicated, the Cut-off Date Loan-to-Value Ratio is calculated utilizing the "as-is" appraised value. With respect to four mortgage loans, representing approximately 12.3% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date, the respective Cut-off Date Loan-to-Value Ratio was calculated using either (i) the "market value - assuming outstanding TIs funded" appraised value, (ii) the "hypothetical as if PFC" appraised value, (iii) the "hypothetical market value with restricted rents" appraised value and (iv) the "leased fee value of the ground lease" appraised value. The weighted average Cut-off Date Loan-to-Value Ratio for the mortgage pool without making any of the adjustments described above is 61.4%. | &nbsp;&nbsp;(1) Unless otherwise indicated, the Cut-off Date Loan-to-Value Ratio is calculated utilizing the "as-is" appraised value. With respect to four mortgage loans, representing approximately 12.3% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date, the respective Cut-off Date Loan-to-Value Ratio was calculated using either (i) the "market value - assuming outstanding TIs funded" appraised value, (ii) the "hypothetical as if PFC" appraised value, (iii) the "hypothetical market value with restricted rents" appraised value and (iv) the "leased fee value of the ground lease" appraised value. The weighted average Cut-off Date Loan-to-Value Ratio for the mortgage pool without making any of the adjustments described above is 61.4%. | &nbsp;&nbsp;(1) Unless otherwise indicated, the Cut-off Date Loan-to-Value Ratio is calculated utilizing the "as-is" appraised value. With respect to four mortgage loans, representing approximately 12.3% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date, the respective Cut-off Date Loan-to-Value Ratio was calculated using either (i) the "market value - assuming outstanding TIs funded" appraised value, (ii) the "hypothetical as if PFC" appraised value, (iii) the "hypothetical market value with restricted rents" appraised value and (iv) the "leased fee value of the ground lease" appraised value. The weighted average Cut-off Date Loan-to-Value Ratio for the mortgage pool without making any of the adjustments described above is 61.4%. |
|  | &nbsp;&nbsp;**Min** | &nbsp;&nbsp;39.2% |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;**Max** | &nbsp;&nbsp;78.6% |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;**Average** | &nbsp;&nbsp;60.4% |  |  |  |  |  |  |  |

---

A-2-2

**BMARK 2025-V18**

**Annex A-2**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Distribution of Maturity Date Loan-to-Value Ratios<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Maturity Date Loan-to-Value Ratios<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Maturity Date Loan-to-Value Ratios<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Maturity Date Loan-to-Value Ratios<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Maturity Date Loan-to-Value Ratios<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Maturity Date Loan-to-Value Ratios<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Maturity Date Loan-to-Value Ratios<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Maturity Date Loan-to-Value Ratios<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Maturity Date Loan-to-Value Ratios<sup>(1)</sup>** |
| &nbsp;&nbsp;**Range of Maturity Date Loan-to-Value Ratios (%)** | &nbsp;&nbsp;**Number of Mortgage Loans** | &nbsp;&nbsp;**Cut-off Date Balance** | &nbsp;&nbsp;**Average Cut-off Date Balance** | &nbsp;&nbsp;**Weighted Average Debt Service Coverage Ratio** | &nbsp;&nbsp;**Weighted Average Mortgage Interest Rate** | &nbsp;&nbsp;**Weighted Average Remaining Terms to Maturity (Mos)** | &nbsp;&nbsp;**Weighted Average Cut-off Date LTV** | &nbsp;&nbsp;**Weighted Average Maturity Date LTV** |
| &nbsp;&nbsp;39.2 - 39.9 | &nbsp;&nbsp;1 | $&nbsp;&nbsp; 60000000 | $&nbsp;&nbsp; 60000000 | &nbsp;&nbsp;2.50x | &nbsp;&nbsp;5.333% | &nbsp;&nbsp;58 | &nbsp;&nbsp;39.2% | &nbsp;&nbsp;39.2% |
| &nbsp;&nbsp;40.0 - 49.9 | &nbsp;&nbsp;3 | &nbsp;&nbsp; 176000000 | $&nbsp;&nbsp; 58666667 | &nbsp;&nbsp;2.81x | &nbsp;&nbsp;5.698% | &nbsp;&nbsp;60 | &nbsp;&nbsp;42.4% | &nbsp;&nbsp;41.6% |
| &nbsp;&nbsp;50.0 - 59.9 | &nbsp;&nbsp;9 | &nbsp;&nbsp; 171776300 | $&nbsp;&nbsp; 19086256 | &nbsp;&nbsp;1.86x | &nbsp;&nbsp;7.105% | &nbsp;&nbsp;59 | &nbsp;&nbsp;55.0% | &nbsp;&nbsp;55.0% |
| &nbsp;&nbsp;60.0 - 78.6 | &nbsp;&nbsp;34 | &nbsp;&nbsp; 908662500 | $&nbsp;&nbsp; 26725368 | &nbsp;&nbsp;1.55x | &nbsp;&nbsp;6.564% | &nbsp;&nbsp;59 | &nbsp;&nbsp;66.3% | &nbsp;&nbsp;66.2% |
| &nbsp;&nbsp;**Total/Avg./Wtd.Avg.** | &nbsp;&nbsp;**47** | $&nbsp;&nbsp; **1316438800** | $&nbsp;&nbsp; **28009336** | &nbsp;&nbsp;**1.80x** | &nbsp;&nbsp;**6.462%** | &nbsp;&nbsp;**59** | &nbsp;&nbsp;**60.4%** | &nbsp;&nbsp;**60.2%** |
| &nbsp;&nbsp;(1) Unless otherwise indicated, the Maturity Date Loan-to-Value Ratio is calculated utilizing the "as-is" appraised value. With respect to four mortgage loans, representing approximately 12.3% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date, the respective Maturity Date Loan-to-Value Ratio was calculated using either (i) the "market value - assuming outstanding TIs funded" appraised value, (ii) the "hypothetical as if PFC" appraised value, (iii) the "hypothetical market value with restricted rents" appraised value and (iv) the "leased fee value of the ground lease" appraised value. The weighted average Maturity Date Loan-to-Value Ratio for the mortgage pool without making any of the adjustments described above is 61.3%. | &nbsp;&nbsp;(1) Unless otherwise indicated, the Maturity Date Loan-to-Value Ratio is calculated utilizing the "as-is" appraised value. With respect to four mortgage loans, representing approximately 12.3% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date, the respective Maturity Date Loan-to-Value Ratio was calculated using either (i) the "market value - assuming outstanding TIs funded" appraised value, (ii) the "hypothetical as if PFC" appraised value, (iii) the "hypothetical market value with restricted rents" appraised value and (iv) the "leased fee value of the ground lease" appraised value. The weighted average Maturity Date Loan-to-Value Ratio for the mortgage pool without making any of the adjustments described above is 61.3%. | &nbsp;&nbsp;(1) Unless otherwise indicated, the Maturity Date Loan-to-Value Ratio is calculated utilizing the "as-is" appraised value. With respect to four mortgage loans, representing approximately 12.3% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date, the respective Maturity Date Loan-to-Value Ratio was calculated using either (i) the "market value - assuming outstanding TIs funded" appraised value, (ii) the "hypothetical as if PFC" appraised value, (iii) the "hypothetical market value with restricted rents" appraised value and (iv) the "leased fee value of the ground lease" appraised value. The weighted average Maturity Date Loan-to-Value Ratio for the mortgage pool without making any of the adjustments described above is 61.3%. | &nbsp;&nbsp;(1) Unless otherwise indicated, the Maturity Date Loan-to-Value Ratio is calculated utilizing the "as-is" appraised value. With respect to four mortgage loans, representing approximately 12.3% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date, the respective Maturity Date Loan-to-Value Ratio was calculated using either (i) the "market value - assuming outstanding TIs funded" appraised value, (ii) the "hypothetical as if PFC" appraised value, (iii) the "hypothetical market value with restricted rents" appraised value and (iv) the "leased fee value of the ground lease" appraised value. The weighted average Maturity Date Loan-to-Value Ratio for the mortgage pool without making any of the adjustments described above is 61.3%. | &nbsp;&nbsp;(1) Unless otherwise indicated, the Maturity Date Loan-to-Value Ratio is calculated utilizing the "as-is" appraised value. With respect to four mortgage loans, representing approximately 12.3% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date, the respective Maturity Date Loan-to-Value Ratio was calculated using either (i) the "market value - assuming outstanding TIs funded" appraised value, (ii) the "hypothetical as if PFC" appraised value, (iii) the "hypothetical market value with restricted rents" appraised value and (iv) the "leased fee value of the ground lease" appraised value. The weighted average Maturity Date Loan-to-Value Ratio for the mortgage pool without making any of the adjustments described above is 61.3%. | &nbsp;&nbsp;(1) Unless otherwise indicated, the Maturity Date Loan-to-Value Ratio is calculated utilizing the "as-is" appraised value. With respect to four mortgage loans, representing approximately 12.3% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date, the respective Maturity Date Loan-to-Value Ratio was calculated using either (i) the "market value - assuming outstanding TIs funded" appraised value, (ii) the "hypothetical as if PFC" appraised value, (iii) the "hypothetical market value with restricted rents" appraised value and (iv) the "leased fee value of the ground lease" appraised value. The weighted average Maturity Date Loan-to-Value Ratio for the mortgage pool without making any of the adjustments described above is 61.3%. | &nbsp;&nbsp;(1) Unless otherwise indicated, the Maturity Date Loan-to-Value Ratio is calculated utilizing the "as-is" appraised value. With respect to four mortgage loans, representing approximately 12.3% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date, the respective Maturity Date Loan-to-Value Ratio was calculated using either (i) the "market value - assuming outstanding TIs funded" appraised value, (ii) the "hypothetical as if PFC" appraised value, (iii) the "hypothetical market value with restricted rents" appraised value and (iv) the "leased fee value of the ground lease" appraised value. The weighted average Maturity Date Loan-to-Value Ratio for the mortgage pool without making any of the adjustments described above is 61.3%. | &nbsp;&nbsp;(1) Unless otherwise indicated, the Maturity Date Loan-to-Value Ratio is calculated utilizing the "as-is" appraised value. With respect to four mortgage loans, representing approximately 12.3% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date, the respective Maturity Date Loan-to-Value Ratio was calculated using either (i) the "market value - assuming outstanding TIs funded" appraised value, (ii) the "hypothetical as if PFC" appraised value, (iii) the "hypothetical market value with restricted rents" appraised value and (iv) the "leased fee value of the ground lease" appraised value. The weighted average Maturity Date Loan-to-Value Ratio for the mortgage pool without making any of the adjustments described above is 61.3%. | &nbsp;&nbsp;(1) Unless otherwise indicated, the Maturity Date Loan-to-Value Ratio is calculated utilizing the "as-is" appraised value. With respect to four mortgage loans, representing approximately 12.3% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date, the respective Maturity Date Loan-to-Value Ratio was calculated using either (i) the "market value - assuming outstanding TIs funded" appraised value, (ii) the "hypothetical as if PFC" appraised value, (iii) the "hypothetical market value with restricted rents" appraised value and (iv) the "leased fee value of the ground lease" appraised value. The weighted average Maturity Date Loan-to-Value Ratio for the mortgage pool without making any of the adjustments described above is 61.3%. |
|  | &nbsp;&nbsp;**Min** | &nbsp;&nbsp;39.2% |  |  |  |  |  |  |
|  | &nbsp;&nbsp;**Max** | &nbsp;&nbsp;78.6% |  |  |  |  |  |  |
|  | &nbsp;&nbsp;**Average** | &nbsp;&nbsp;60.2% |  |  |  |  |  |  |
| &nbsp;&nbsp;**Distribution of Original Terms to Maturity** | &nbsp;&nbsp;**Distribution of Original Terms to Maturity** | &nbsp;&nbsp;**Distribution of Original Terms to Maturity** | &nbsp;&nbsp;**Distribution of Original Terms to Maturity** | &nbsp;&nbsp;**Distribution of Original Terms to Maturity** | &nbsp;&nbsp;**Distribution of Original Terms to Maturity** | &nbsp;&nbsp;**Distribution of Original Terms to Maturity** | &nbsp;&nbsp;**Distribution of Original Terms to Maturity** | &nbsp;&nbsp;**Distribution of Original Terms to Maturity** |
| &nbsp;&nbsp;**Original Term to Maturity (Mos)** | &nbsp;&nbsp;**Number of Mortgage Loans** | &nbsp;&nbsp;**Cut-off Date Balance** | &nbsp;&nbsp;**Average Cut-off Date Balance** | &nbsp;&nbsp;**Weighted Average Debt Service Coverage Ratio** | &nbsp;&nbsp;**Weighted Average Mortgage Interest Rate** | &nbsp;&nbsp;**Weighted Average Remaining Terms to Maturity (Mos)** | &nbsp;&nbsp;**Weighted Average Cut-off Date LTV** | &nbsp;&nbsp;**Weighted Average Maturity Date LTV** |
| &nbsp;&nbsp;58 | &nbsp;&nbsp;1 | $&nbsp;&nbsp; 56440000 | $&nbsp;&nbsp; 56440000 | &nbsp;&nbsp;1.84x | &nbsp;&nbsp;6.525% | &nbsp;&nbsp;58 | &nbsp;&nbsp;64.9% | &nbsp;&nbsp;64.9% |
| &nbsp;&nbsp;60 | &nbsp;&nbsp;46 | &nbsp;&nbsp; 1259998800 | $&nbsp;&nbsp; 27391278 | &nbsp;&nbsp;1.80x | &nbsp;&nbsp;6.460% | &nbsp;&nbsp;59 | &nbsp;&nbsp;60.2% | &nbsp;&nbsp;60.0% |
| &nbsp;&nbsp;**Total/Avg./Wtd.Avg.** | &nbsp;&nbsp;**47** | $&nbsp;&nbsp; **1316438800** | $&nbsp;&nbsp; **28009336** | &nbsp;&nbsp;**1.80x** | &nbsp;&nbsp;**6.462%** | &nbsp;&nbsp;**59** | &nbsp;&nbsp;**60.4%** | &nbsp;&nbsp;**60.2%** |
|  | &nbsp;&nbsp;**Min** | &nbsp;&nbsp; 58 |  |  |  |  |  |  |
|  | &nbsp;&nbsp;**Max** | &nbsp;&nbsp; 60 |  |  |  |  |  |  |
|  | &nbsp;&nbsp;**Average** | &nbsp;&nbsp; 60 |  |  |  |  |  |  |
| &nbsp;&nbsp;**Distribution of Remaining Terms to Maturity** | &nbsp;&nbsp;**Distribution of Remaining Terms to Maturity** | &nbsp;&nbsp;**Distribution of Remaining Terms to Maturity** | &nbsp;&nbsp;**Distribution of Remaining Terms to Maturity** | &nbsp;&nbsp;**Distribution of Remaining Terms to Maturity** | &nbsp;&nbsp;**Distribution of Remaining Terms to Maturity** | &nbsp;&nbsp;**Distribution of Remaining Terms to Maturity** | &nbsp;&nbsp;**Distribution of Remaining Terms to Maturity** | &nbsp;&nbsp;**Distribution of Remaining Terms to Maturity** |
| &nbsp;&nbsp;**Range of Remaining Term to Maturity (Mos)** | &nbsp;&nbsp;**Number of Mortgage Loans** | &nbsp;&nbsp;**Cut-off Date Balance** | &nbsp;&nbsp;**Average Cut-off Date Balance** | &nbsp;&nbsp;**Weighted Average Debt Service Coverage Ratio** | &nbsp;&nbsp;**Weighted Average Mortgage Interest Rate** | &nbsp;&nbsp;**Weighted Average Remaining Terms to Maturity (Mos)** | &nbsp;&nbsp;**Weighted Average Cut-off Date LTV** | &nbsp;&nbsp;**Weighted Average Maturity Date LTV** |
| &nbsp;&nbsp;51 - 59 | &nbsp;&nbsp;17 | $&nbsp;&nbsp; 436186300 | $&nbsp;&nbsp; 25658018 | &nbsp;&nbsp;1.74x | &nbsp;&nbsp;6.561% | &nbsp;&nbsp;58 | &nbsp;&nbsp;60.3% | &nbsp;&nbsp;60.3% |
| &nbsp;&nbsp;60 | &nbsp;&nbsp;30 | &nbsp;&nbsp; 880252500 | $&nbsp;&nbsp; 29341750 | &nbsp;&nbsp;1.83x | &nbsp;&nbsp;6.413% | &nbsp;&nbsp;60 | &nbsp;&nbsp;60.5% | &nbsp;&nbsp;60.2% |
| &nbsp;&nbsp;**Total/Avg./Wtd.Avg.** | &nbsp;&nbsp;**47** | $&nbsp;&nbsp; **1316438800** | $&nbsp;&nbsp; **28009336** | &nbsp;&nbsp;**1.80x** | &nbsp;&nbsp;**6.462%** | &nbsp;&nbsp;**59** | &nbsp;&nbsp;**60.4%** | &nbsp;&nbsp;**60.2%** |
|  | &nbsp;&nbsp;**Min** | &nbsp;&nbsp; 51 |  |  |  |  |  |  |
|  | &nbsp;&nbsp;**Max** | &nbsp;&nbsp; 60 |  |  |  |  |  |  |
|  | &nbsp;&nbsp;**Average** | &nbsp;&nbsp; 59 |  |  |  |  |  |  |

---

A-2-3

**BMARK 2025-V18**

**Annex A-2**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Distribution of Original Amortization Terms** | &nbsp;&nbsp;**Distribution of Original Amortization Terms** | &nbsp;&nbsp;**Distribution of Original Amortization Terms** | &nbsp;&nbsp;**Distribution of Original Amortization Terms** | &nbsp;&nbsp;**Distribution of Original Amortization Terms** | &nbsp;&nbsp;**Distribution of Original Amortization Terms** | &nbsp;&nbsp;**Distribution of Original Amortization Terms** | &nbsp;&nbsp;**Distribution of Original Amortization Terms** | &nbsp;&nbsp;**Distribution of Original Amortization Terms** |
| &nbsp;&nbsp;**Original Amortization Terms (Mos)** | &nbsp;&nbsp;**Number of Mortgage Loans** | &nbsp;&nbsp;**Cut-off Date Balance** | &nbsp;&nbsp;**Average Cut-off Date Balance** | &nbsp;&nbsp;**Weighted Average Debt Service Coverage Ratio** | &nbsp;&nbsp;**Weighted Average Mortgage Interest Rate** | &nbsp;&nbsp;**Weighted Average Remaining Terms to Maturity (Mos)** | &nbsp;&nbsp;**Weighted Average Cut-off Date LTV** | &nbsp;&nbsp;**Weighted Average Maturity Date LTV** |
| &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;45 | $&nbsp;&nbsp; 1241438800 | $&nbsp;&nbsp; 27587529 | &nbsp;&nbsp;1.78x | &nbsp;&nbsp;6.453% | &nbsp;&nbsp;59 | &nbsp;&nbsp;60.9% | &nbsp;&nbsp;60.9% |
| &nbsp;&nbsp;360 | &nbsp;&nbsp;2 | &nbsp;&nbsp; 75000000 | $&nbsp;&nbsp; 37500000 | &nbsp;&nbsp;2.02x | &nbsp;&nbsp;6.614% | &nbsp;&nbsp;60 | &nbsp;&nbsp;52.3% | &nbsp;&nbsp;49.3% |
| &nbsp;&nbsp;**Total/Avg./Wtd.Avg.** | &nbsp;&nbsp;**47** | $&nbsp;&nbsp; **1316438800** | $&nbsp;&nbsp; **28009336** | &nbsp;&nbsp;**1.80x** | &nbsp;&nbsp;**6.462%** | &nbsp;&nbsp;**59** | &nbsp;&nbsp;**60.4%** | &nbsp;&nbsp;**60.2%** |
|  | &nbsp;&nbsp;**Min<sup>(1)</sup>** | &nbsp;&nbsp; 360 |  |  |  |  |  |  |
|  | &nbsp;&nbsp;**Max<sup>(1)</sup>** | &nbsp;&nbsp; 360 |  |  |  |  |  |  |
|  | &nbsp;&nbsp;**Average<sup>(1)</sup>** | &nbsp;&nbsp; 360 |  |  |  |  |  |  |
| &nbsp;&nbsp;(1) Does not include any mortgage loan that pays interest-only until its maturity date or anticipated repayment date. | &nbsp;&nbsp;(1) Does not include any mortgage loan that pays interest-only until its maturity date or anticipated repayment date. | &nbsp;&nbsp;(1) Does not include any mortgage loan that pays interest-only until its maturity date or anticipated repayment date. |  |  |  |  |  |  |
| &nbsp;&nbsp;**Distribution of Remaining Amortization Terms** | &nbsp;&nbsp;**Distribution of Remaining Amortization Terms** | &nbsp;&nbsp;**Distribution of Remaining Amortization Terms** | &nbsp;&nbsp;**Distribution of Remaining Amortization Terms** | &nbsp;&nbsp;**Distribution of Remaining Amortization Terms** | &nbsp;&nbsp;**Distribution of Remaining Amortization Terms** | &nbsp;&nbsp;**Distribution of Remaining Amortization Terms** | &nbsp;&nbsp;**Distribution of Remaining Amortization Terms** | &nbsp;&nbsp;**Distribution of Remaining Amortization Terms** |
| &nbsp;&nbsp;**Range of Remaining Amortization Terms (Mos)** | &nbsp;&nbsp;**Number of Mortgage Loans** | &nbsp;&nbsp;**Cut-off Date Balance** | &nbsp;&nbsp;**Average Cut-off Date Balance** | &nbsp;&nbsp;**Weighted Average Debt Service Coverage Ratio** | &nbsp;&nbsp;**Weighted Average Mortgage Interest Rate** | &nbsp;&nbsp;**Weighted Average Remaining Terms to Maturity (Mos)** | &nbsp;&nbsp;**Weighted Average Cut-off Date LTV** | &nbsp;&nbsp;**Weighted Average Maturity Date LTV** |
| &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;45 | $&nbsp;&nbsp; 1241438800 | $&nbsp;&nbsp; 27587529 | &nbsp;&nbsp;1.78x | &nbsp;&nbsp;6.453% | &nbsp;&nbsp;59 | &nbsp;&nbsp;60.9% | &nbsp;&nbsp;60.9% |
| &nbsp;&nbsp;360 | &nbsp;&nbsp;2 | &nbsp;&nbsp; 75000000 | $&nbsp;&nbsp; 37500000 | &nbsp;&nbsp;2.02x | &nbsp;&nbsp;6.614% | &nbsp;&nbsp;60 | &nbsp;&nbsp;52.3% | &nbsp;&nbsp;49.3% |
| &nbsp;&nbsp;**Total/Avg./Wtd.Avg.** | &nbsp;&nbsp;**47** | $&nbsp;&nbsp; **1316438800** | $&nbsp;&nbsp; **28009336** | &nbsp;&nbsp;**1.80x** | &nbsp;&nbsp;**6.462%** | &nbsp;&nbsp;**59** | &nbsp;&nbsp;**60.4%** | &nbsp;&nbsp;**60.2%** |
|  | &nbsp;&nbsp;**Min<sup>(1)</sup>** | &nbsp;&nbsp; 360 |  |  |  |  |  |  |
|  | &nbsp;&nbsp;**Max<sup>(1)</sup>** | &nbsp;&nbsp; 360 |  |  |  |  |  |  |
|  | &nbsp;&nbsp;**Average<sup>(1)</sup>** | &nbsp;&nbsp; 360 |  |  |  |  |  |  |
| &nbsp;&nbsp;(1) Does not include any mortgage loan that pays interest-only until its maturity date or anticipated repayment date. | &nbsp;&nbsp;(1) Does not include any mortgage loan that pays interest-only until its maturity date or anticipated repayment date. | &nbsp;&nbsp;(1) Does not include any mortgage loan that pays interest-only until its maturity date or anticipated repayment date. |  |  |  |  |  |  |
| &nbsp;&nbsp;**Distribution of Prepayment Provisions** | &nbsp;&nbsp;**Distribution of Prepayment Provisions** | &nbsp;&nbsp;**Distribution of Prepayment Provisions** | &nbsp;&nbsp;**Distribution of Prepayment Provisions** | &nbsp;&nbsp;**Distribution of Prepayment Provisions** | &nbsp;&nbsp;**Distribution of Prepayment Provisions** | &nbsp;&nbsp;**Distribution of Prepayment Provisions** | &nbsp;&nbsp;**Distribution of Prepayment Provisions** | &nbsp;&nbsp;**Distribution of Prepayment Provisions** |
| &nbsp;&nbsp;**Prepayment Provision** | &nbsp;&nbsp;**Number of Mortgage Loans** | &nbsp;&nbsp;**Cut-off Date Balance** | &nbsp;&nbsp;**Average Cut-off Date Balance** | &nbsp;&nbsp;**Weighted Average Debt Service Coverage Ratio** | &nbsp;&nbsp;**Weighted Average Mortgage Interest Rate** | &nbsp;&nbsp;**Weighted Average Remaining Terms to Maturity (Mos)** | &nbsp;&nbsp;**Weighted Average Cut-off Date LTV** | &nbsp;&nbsp;**Weighted Average Maturity Date LTV** |
| &nbsp;&nbsp;Defeasance | &nbsp;&nbsp;29 | $&nbsp;&nbsp; 781202500 | $&nbsp;&nbsp; 26938017 | &nbsp;&nbsp;1.78x | &nbsp;&nbsp;6.477% | &nbsp;&nbsp;60 | &nbsp;&nbsp;59.7% | &nbsp;&nbsp;59.4% |
| &nbsp;&nbsp;Yield Maintenance | &nbsp;&nbsp;14 | &nbsp;&nbsp; 404486300 | $&nbsp;&nbsp; 28891879 | &nbsp;&nbsp;1.85x | &nbsp;&nbsp;6.325% | &nbsp;&nbsp;59 | &nbsp;&nbsp;62.2% | &nbsp;&nbsp;62.2% |
| &nbsp;&nbsp;Yield Maintenance or Defeasance | &nbsp;&nbsp;4 | &nbsp;&nbsp; 130750000 | $&nbsp;&nbsp; 32687500 | &nbsp;&nbsp;1.73x | &nbsp;&nbsp;6.802% | &nbsp;&nbsp;59 | &nbsp;&nbsp;59.1% | &nbsp;&nbsp;59.1% |
| &nbsp;&nbsp;**Total/Avg./Wtd.Avg.** | &nbsp;&nbsp;**47** | $&nbsp;&nbsp; **1316438800** | $&nbsp;&nbsp; **28009336** | &nbsp;&nbsp;**1.80x** | &nbsp;&nbsp;**6.462%** | &nbsp;&nbsp;**59** | &nbsp;&nbsp;**60.4%** | &nbsp;&nbsp;**60.2%** |

---

A-2-4

**BMARK 2025-V18**

**Annex A-2**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Distribution of Debt Yields on Underwritten Net Operating Income** | &nbsp;&nbsp;**Distribution of Debt Yields on Underwritten Net Operating Income** | &nbsp;&nbsp;**Distribution of Debt Yields on Underwritten Net Operating Income** | &nbsp;&nbsp;**Distribution of Debt Yields on Underwritten Net Operating Income** | &nbsp;&nbsp;**Distribution of Debt Yields on Underwritten Net Operating Income** | &nbsp;&nbsp;**Distribution of Debt Yields on Underwritten Net Operating Income** | &nbsp;&nbsp;**Distribution of Debt Yields on Underwritten Net Operating Income** | &nbsp;&nbsp;**Distribution of Debt Yields on Underwritten Net Operating Income** | &nbsp;&nbsp;**Distribution of Debt Yields on Underwritten Net Operating Income** | &nbsp;&nbsp;**Distribution of Debt Yields on Underwritten Net Operating Income** |
| &nbsp;&nbsp;**Range of Debt Yields on Underwritten Net Operating Income (%)** | &nbsp;&nbsp;**Number of Mortgage Loans** | &nbsp;&nbsp;**Cut-off Date Balance** | &nbsp;&nbsp;**% of Initial Pool Balance** | &nbsp;&nbsp;**Average Cut-off Date Balance** | &nbsp;&nbsp;**Weighted Average Debt Service Coverage Ratio** | &nbsp;&nbsp;**Weighted Average Mortgage Interest Rate** | &nbsp;&nbsp;**Weighted Average Remaining Terms to Maturity (Mos)** | &nbsp;&nbsp;**Weighted Average Cut-off Date LTV** | &nbsp;&nbsp;**Weighted Average Maturity Date LTV** |
| &nbsp;&nbsp;7.2 - 8.9 | &nbsp;&nbsp;11 | $&nbsp;&nbsp; 358150000 | &nbsp;&nbsp;27.2% | $&nbsp;&nbsp; 32559091 | &nbsp;&nbsp;1.29x | &nbsp;&nbsp;6.289% | &nbsp;&nbsp;60 | &nbsp;&nbsp;69.5% | &nbsp;&nbsp;69.5% |
| &nbsp;&nbsp;9.0 - 9.9 | &nbsp;&nbsp;7 | &nbsp;&nbsp; 108400000 | &nbsp;&nbsp;8.2 | $&nbsp;&nbsp; 15485714 | &nbsp;&nbsp;1.41x | &nbsp;&nbsp;6.536% | &nbsp;&nbsp;59 | &nbsp;&nbsp;65.0% | &nbsp;&nbsp;65.0% |
| &nbsp;&nbsp;10.0 - 10.9 | &nbsp;&nbsp;3 | &nbsp;&nbsp; 34237500 | &nbsp;&nbsp;2.6 | $&nbsp;&nbsp; 11412500 | &nbsp;&nbsp;1.38x | &nbsp;&nbsp;6.762% | &nbsp;&nbsp;60 | &nbsp;&nbsp;67.7% | &nbsp;&nbsp;65.3% |
| &nbsp;&nbsp;11.0 - 11.9 | &nbsp;&nbsp;4 | &nbsp;&nbsp; 103785000 | &nbsp;&nbsp;7.9 | $&nbsp;&nbsp; 25946250 | &nbsp;&nbsp;1.58x | &nbsp;&nbsp;6.879% | &nbsp;&nbsp;57 | &nbsp;&nbsp;65.3% | &nbsp;&nbsp;65.3% |
| &nbsp;&nbsp;12.0 - 12.9 | &nbsp;&nbsp;6 | &nbsp;&nbsp; 160356300 | &nbsp;&nbsp;12.2 | $&nbsp;&nbsp; 26726050 | &nbsp;&nbsp;1.68x | &nbsp;&nbsp;6.881% | &nbsp;&nbsp;59 | &nbsp;&nbsp;62.5% | &nbsp;&nbsp;62.5% |
| &nbsp;&nbsp;13.0 - 13.9 | &nbsp;&nbsp;3 | &nbsp;&nbsp; 106500000 | &nbsp;&nbsp;8.1 | $&nbsp;&nbsp; 35500000 | &nbsp;&nbsp;2.21x | &nbsp;&nbsp;5.921% | &nbsp;&nbsp;59 | &nbsp;&nbsp;49.0% | &nbsp;&nbsp;49.0% |
| &nbsp;&nbsp;14.0 - 26.3 | &nbsp;&nbsp;13 | &nbsp;&nbsp; 445010000 | &nbsp;&nbsp;33.8 | $&nbsp;&nbsp; 34231538 | &nbsp;&nbsp;2.33x | &nbsp;&nbsp;6.442% | &nbsp;&nbsp;60 | &nbsp;&nbsp;52.3% | &nbsp;&nbsp;52.0% |
| &nbsp;&nbsp;**Total/Avg./Wtd.Avg.** | &nbsp;&nbsp;**47** | $&nbsp;&nbsp; **1316438800** | &nbsp;&nbsp;**100.0%** | $&nbsp;&nbsp; **28009336** | &nbsp;&nbsp;**1.80x** | &nbsp;&nbsp;**6.462%** | &nbsp;&nbsp;**59** | &nbsp;&nbsp;**60.4%** | &nbsp;&nbsp;**60.2%** |
|  | &nbsp;&nbsp;**Min** | &nbsp;&nbsp;7.2% |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;**Max** | &nbsp;&nbsp;26.3% |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;**Average** | &nbsp;&nbsp;12.3% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Distribution of Debt Yields on Underwritten Net Cash Flow** | &nbsp;&nbsp;**Distribution of Debt Yields on Underwritten Net Cash Flow** | &nbsp;&nbsp;**Distribution of Debt Yields on Underwritten Net Cash Flow** | &nbsp;&nbsp;**Distribution of Debt Yields on Underwritten Net Cash Flow** | &nbsp;&nbsp;**Distribution of Debt Yields on Underwritten Net Cash Flow** | &nbsp;&nbsp;**Distribution of Debt Yields on Underwritten Net Cash Flow** | &nbsp;&nbsp;**Distribution of Debt Yields on Underwritten Net Cash Flow** | &nbsp;&nbsp;**Distribution of Debt Yields on Underwritten Net Cash Flow** | &nbsp;&nbsp;**Distribution of Debt Yields on Underwritten Net Cash Flow** | &nbsp;&nbsp;**Distribution of Debt Yields on Underwritten Net Cash Flow** |
| &nbsp;&nbsp;**Range of Debt Yields on Underwritten Net Cash Flow (%)** | &nbsp;&nbsp;**Number of Mortgage Loans** | &nbsp;&nbsp;**Cut-off Date Balance** | &nbsp;&nbsp;**% of Initial Pool Balance** | &nbsp;&nbsp;**Average Cut-off Date Balance** | &nbsp;&nbsp;**Weighted Average Debt Service Coverage Ratio** | &nbsp;&nbsp;**Weighted Average Mortgage Interest Rate** | &nbsp;&nbsp;**Weighted Average Remaining Terms to Maturity (Mos)** | &nbsp;&nbsp;**Weighted Average Cut-off Date LTV** | &nbsp;&nbsp;**Weighted Average Maturity Date LTV** |
| &nbsp;&nbsp;7.2 - 8.9 | &nbsp;&nbsp;11 | $&nbsp;&nbsp; 358150000 | &nbsp;&nbsp;27.2% | $&nbsp;&nbsp; 32559091 | &nbsp;&nbsp;1.29x | &nbsp;&nbsp;6.289% | &nbsp;&nbsp;60 | &nbsp;&nbsp;69.5% | &nbsp;&nbsp;69.5% |
| &nbsp;&nbsp;9.0 - 9.9 | &nbsp;&nbsp;7 | &nbsp;&nbsp; 108400000 | &nbsp;&nbsp;8.2 | $&nbsp;&nbsp; 15485714 | &nbsp;&nbsp;1.41x | &nbsp;&nbsp;6.536% | &nbsp;&nbsp;59 | &nbsp;&nbsp;65.0% | &nbsp;&nbsp;65.0% |
| &nbsp;&nbsp;10.0 - 10.9 | &nbsp;&nbsp;5 | &nbsp;&nbsp; 102022500 | &nbsp;&nbsp;7.7 | $&nbsp;&nbsp; 20404500 | &nbsp;&nbsp;1.50x | &nbsp;&nbsp;6.793% | &nbsp;&nbsp;60 | &nbsp;&nbsp;66.6% | &nbsp;&nbsp;65.8% |
| &nbsp;&nbsp;11.0 - 11.9 | &nbsp;&nbsp;7 | &nbsp;&nbsp; 139916300 | &nbsp;&nbsp;10.6 | $&nbsp;&nbsp; 19988043 | &nbsp;&nbsp;1.61x | &nbsp;&nbsp;7.059% | &nbsp;&nbsp;58 | &nbsp;&nbsp;61.9% | &nbsp;&nbsp;61.9% |
| &nbsp;&nbsp;12.0 - 12.9 | &nbsp;&nbsp;5 | &nbsp;&nbsp; 156360000 | &nbsp;&nbsp;11.9 | $&nbsp;&nbsp; 31272000 | &nbsp;&nbsp;1.80x | &nbsp;&nbsp;6.784% | &nbsp;&nbsp;59 | &nbsp;&nbsp;60.9% | &nbsp;&nbsp;60.9% |
| &nbsp;&nbsp;13.0 - 13.9 | &nbsp;&nbsp;5 | &nbsp;&nbsp; 182150000 | &nbsp;&nbsp;13.8 | $&nbsp;&nbsp; 36430000 | &nbsp;&nbsp;2.19x | &nbsp;&nbsp;6.181% | &nbsp;&nbsp;59 | &nbsp;&nbsp;49.6% | &nbsp;&nbsp;49.6% |
| &nbsp;&nbsp;14.0 - 19.2 | &nbsp;&nbsp;7 | &nbsp;&nbsp; 269440000 | &nbsp;&nbsp;20.5 | $&nbsp;&nbsp; 38491429 | &nbsp;&nbsp;2.57x | &nbsp;&nbsp;6.232% | &nbsp;&nbsp;60 | &nbsp;&nbsp;50.4% | &nbsp;&nbsp;49.9% |
| &nbsp;&nbsp;**Total/Avg./Wtd.Avg.** | &nbsp;&nbsp;**47** | $&nbsp;&nbsp; **1316438800** | &nbsp;&nbsp;**100.0%** | $&nbsp;&nbsp; **28009336** | &nbsp;&nbsp;**1.80x** | &nbsp;&nbsp;**6.462%** | &nbsp;&nbsp;**59** | &nbsp;&nbsp;**60.4%** | &nbsp;&nbsp;**60.2%** |
|  | &nbsp;&nbsp;**Min** | &nbsp;&nbsp;7.2% |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;**Max** | &nbsp;&nbsp;19.2% |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;**Average** | &nbsp;&nbsp;11.7% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Distribution of Lockbox Types** | &nbsp;&nbsp;**Distribution of Lockbox Types** | &nbsp;&nbsp;**Distribution of Lockbox Types** | &nbsp;&nbsp;**Distribution of Lockbox Types** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Lockbox Type** | &nbsp;&nbsp;**Number of Mortgage Loans** | &nbsp;&nbsp;**Cut-off Date Balance** | &nbsp;&nbsp;**% of Initial Pool Balance** |  |  |  |  |  |  |
| &nbsp;&nbsp;Hard | &nbsp;&nbsp;22 | $&nbsp;&nbsp; 654151300 | &nbsp;&nbsp;49.7% |  |  |  |  |  |  |
| &nbsp;&nbsp;Springing | &nbsp;&nbsp;20 | &nbsp;&nbsp; 465687500 | &nbsp;&nbsp;35.4 |  |  |  |  |  |  |
| &nbsp;&nbsp;Soft | &nbsp;&nbsp;3 | &nbsp;&nbsp; 119100000 | &nbsp;&nbsp;9.0 |  |  |  |  |  |  |
| &nbsp;&nbsp;Soft (Residential); Hard (Commercial) | &nbsp;&nbsp;2 | &nbsp;&nbsp; 77500000 | &nbsp;&nbsp;5.9 |  |  |  |  |  |  |
| &nbsp;&nbsp;**Total/Avg./Wtd.Avg.** | &nbsp;&nbsp;**47** | $&nbsp;&nbsp; **1316438800** | &nbsp;&nbsp;**100.0%** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Distribution of Escrows** | &nbsp;&nbsp;**Distribution of Escrows** | &nbsp;&nbsp;**Distribution of Escrows** | &nbsp;&nbsp;**Distribution of Escrows** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Escrow Type** | &nbsp;&nbsp;**Number of Mortgage Loans** | &nbsp;&nbsp;**Cut-off Date Balance** | &nbsp;&nbsp;**% of Initial Pool Balance** |  |  |  |  |  |  |
| &nbsp;&nbsp;Real Estate Tax | &nbsp;&nbsp;44 | $&nbsp;&nbsp; 1194398800 | &nbsp;&nbsp;90.7% |  |  |  |  |  |  |
| &nbsp;&nbsp;Replacement Reserves<sup>(1)</sup> | &nbsp;&nbsp;42 | $&nbsp;&nbsp; 1131958800 | &nbsp;&nbsp;86.0% |  |  |  |  |  |  |
| &nbsp;&nbsp;TI/LC<sup>(2)</sup> | &nbsp;&nbsp;17 | $&nbsp;&nbsp; 532085000 | &nbsp;&nbsp;84.8% |  |  |  |  |  |  |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;25 | $&nbsp;&nbsp; 547027500 | &nbsp;&nbsp;41.6% |  |  |  |  |  |  |
| &nbsp;&nbsp;(1) Includes mortgage loans with FF&E reserves. | &nbsp;&nbsp;(1) Includes mortgage loans with FF&E reserves. |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;(2) Percentage of the portion of the Initial Pool Balance secured by office, retail, industrial and mixed use properties. | &nbsp;&nbsp;(2) Percentage of the portion of the Initial Pool Balance secured by office, retail, industrial and mixed use properties. | &nbsp;&nbsp;(2) Percentage of the portion of the Initial Pool Balance secured by office, retail, industrial and mixed use properties. | &nbsp;&nbsp;(2) Percentage of the portion of the Initial Pool Balance secured by office, retail, industrial and mixed use properties. |  |  |  |  |  |  |

---

A-2-5

**BMARK 2025-V18**

**Annex A-2**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Distribution of Property Types** | &nbsp;&nbsp;**Distribution of Property Types** | &nbsp;&nbsp;**Distribution of Property Types** | &nbsp;&nbsp;**Distribution of Property Types** | &nbsp;&nbsp;**Distribution of Property Types** | &nbsp;&nbsp;**Distribution of Property Types** | &nbsp;&nbsp;**Distribution of Property Types** | &nbsp;&nbsp;**Distribution of Property Types** | &nbsp;&nbsp;**Distribution of Property Types** | &nbsp;&nbsp;**Distribution of Property Types** |
| **Property Type / Detail** | &nbsp;&nbsp;**Number of Mortgaged Properties** | &nbsp;&nbsp;**Cut-off Date Balance<sup>(1)</sup>** | &nbsp;&nbsp;**% of Initial Pool Balance** | &nbsp;&nbsp;**Average Cut-off Date Balance** | &nbsp;&nbsp;**Weighted Average Debt Service Coverage Ratio<sup>(2)</sup>** | &nbsp;&nbsp;**Weighted Average Mortgage Interest Rate<sup>(2)</sup>** | &nbsp;&nbsp;**Weighted Average Remaining Terms to Maturity (Mos)<sup>(2)</sup>** | &nbsp;&nbsp;**Weighted Average Cut-off Date LTV<sup>(2)</sup>** | &nbsp;&nbsp;**Weighted Average Maturity Date LTV<sup>(2)</sup>** |
| **Multifamily** | &nbsp;&nbsp;**26** | $&nbsp;&nbsp; **456516587** | &nbsp;&nbsp;**34.7%** | $&nbsp;&nbsp; **17558330** | &nbsp;&nbsp;**1.47x** | &nbsp;&nbsp;**6.197%** | &nbsp;&nbsp;**59** | &nbsp;&nbsp;**64.6%** | &nbsp;&nbsp;**64.6%** |
| &nbsp;&nbsp;&nbsp;Garden | &nbsp;&nbsp;10 | &nbsp;&nbsp; 277410000 | &nbsp;&nbsp; 21.1 | $&nbsp;&nbsp; 27741000 | &nbsp;&nbsp;1.30x | &nbsp;&nbsp;6.419% | &nbsp;&nbsp;59 | &nbsp;&nbsp;68.6% | &nbsp;&nbsp;68.6% |
| &nbsp;&nbsp;&nbsp;High Rise | &nbsp;&nbsp;2 | &nbsp;&nbsp; 114500000 | &nbsp;&nbsp; 8.7 | $&nbsp;&nbsp; 57250000 | &nbsp;&nbsp;1.94x | &nbsp;&nbsp;5.522% | &nbsp;&nbsp;59 | &nbsp;&nbsp;53.2% | &nbsp;&nbsp;53.2% |
| &nbsp;&nbsp;&nbsp;Mid Rise | &nbsp;&nbsp;9 | &nbsp;&nbsp; 53396242 | &nbsp;&nbsp; 4.1 | $&nbsp;&nbsp; 5932916 | &nbsp;&nbsp;1.35x | &nbsp;&nbsp;6.435% | &nbsp;&nbsp;60 | &nbsp;&nbsp;66.8% | &nbsp;&nbsp;66.8% |
| &nbsp;&nbsp;&nbsp;Low Rise | &nbsp;&nbsp;5 | &nbsp;&nbsp; 11210345 | &nbsp;&nbsp; 0.9 | $&nbsp;&nbsp; 2242069 | &nbsp;&nbsp;1.45x | &nbsp;&nbsp;6.475% | &nbsp;&nbsp;60 | &nbsp;&nbsp;69.1% | &nbsp;&nbsp;69.1% |
| **Office** | &nbsp;&nbsp;**15** | $&nbsp;&nbsp; **327190000** | &nbsp;&nbsp;**24.9%** | $&nbsp;&nbsp; **21812667** | &nbsp;&nbsp;**2.29x** | &nbsp;&nbsp;**6.282%** | &nbsp;&nbsp;**59** | &nbsp;&nbsp;**55.4%** | &nbsp;&nbsp;**55.0%** |
| &nbsp;&nbsp;&nbsp;Suburban | &nbsp;&nbsp;11 | &nbsp;&nbsp; 178440000 | &nbsp;&nbsp; 13.6 | $&nbsp;&nbsp; 16221818 | &nbsp;&nbsp;2.02x | &nbsp;&nbsp;6.547% | &nbsp;&nbsp;59 | &nbsp;&nbsp;59.0% | &nbsp;&nbsp;58.2% |
| &nbsp;&nbsp;&nbsp;Lab/R&D | &nbsp;&nbsp;1 | &nbsp;&nbsp; 80000000 | &nbsp;&nbsp; 6.1 | $&nbsp;&nbsp; 80000000 | &nbsp;&nbsp;3.41x | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;60 | &nbsp;&nbsp;40.6% | &nbsp;&nbsp;40.6% |
| &nbsp;&nbsp;&nbsp;CBD | &nbsp;&nbsp;3 | &nbsp;&nbsp; 68750000 | &nbsp;&nbsp; 5.2 | $&nbsp;&nbsp; 22916667 | &nbsp;&nbsp;1.66x | &nbsp;&nbsp;7.083% | &nbsp;&nbsp;56 | &nbsp;&nbsp;63.4% | &nbsp;&nbsp;63.4% |
| **Hospitality** | &nbsp;&nbsp;**29** | $&nbsp;&nbsp; **211976300** | &nbsp;&nbsp;**16.1%** | $&nbsp;&nbsp; **7309528** | &nbsp;&nbsp;**1.81x** | &nbsp;&nbsp;**7.143%** | &nbsp;&nbsp;**59** | &nbsp;&nbsp;**57.9%** | &nbsp;&nbsp;**57.9%** |
| &nbsp;&nbsp;&nbsp;Full Service | &nbsp;&nbsp;5 | &nbsp;&nbsp; 132590000 | &nbsp;&nbsp; 10.1 | $&nbsp;&nbsp; 26518000 | &nbsp;&nbsp;1.90x | &nbsp;&nbsp;7.106% | &nbsp;&nbsp;60 | &nbsp;&nbsp;56.6% | &nbsp;&nbsp;56.6% |
| &nbsp;&nbsp;&nbsp;Limited Service | &nbsp;&nbsp;5 | &nbsp;&nbsp; 39672424 | &nbsp;&nbsp; 3 | $&nbsp;&nbsp; 7934485 | &nbsp;&nbsp;1.66x | &nbsp;&nbsp;7.557% | &nbsp;&nbsp;58 | &nbsp;&nbsp;57.7% | &nbsp;&nbsp;57.7% |
| &nbsp;&nbsp;&nbsp;Extended Stay | &nbsp;&nbsp;17 | &nbsp;&nbsp; 30000000 | &nbsp;&nbsp; 2.3 | $&nbsp;&nbsp; 1764706 | &nbsp;&nbsp;1.68x | &nbsp;&nbsp;6.736% | &nbsp;&nbsp;60 | &nbsp;&nbsp;64.0% | &nbsp;&nbsp;64.0% |
| &nbsp;&nbsp;&nbsp;Select Service | &nbsp;&nbsp;2 | &nbsp;&nbsp; 9713876 | &nbsp;&nbsp; 0.7 | $&nbsp;&nbsp; 4856938 | &nbsp;&nbsp;1.76x | &nbsp;&nbsp;7.215% | &nbsp;&nbsp;58 | &nbsp;&nbsp;57.2% | &nbsp;&nbsp;57.2% |
| **Mixed Use** | &nbsp;&nbsp;**6** | $&nbsp;&nbsp; **149865913** | &nbsp;&nbsp;**11.4%** | $&nbsp;&nbsp; **24977652** | &nbsp;&nbsp;**1.81x** | &nbsp;&nbsp;**6.651%** | &nbsp;&nbsp;**60** | &nbsp;&nbsp;**64.5%** | &nbsp;&nbsp;**64.5%** |
| &nbsp;&nbsp;&nbsp;Office/Retail | &nbsp;&nbsp;4 | &nbsp;&nbsp; 127453050 | &nbsp;&nbsp; 9.7 | $&nbsp;&nbsp; 31863262 | &nbsp;&nbsp;1.90x | &nbsp;&nbsp;6.674% | &nbsp;&nbsp;60 | &nbsp;&nbsp;63.3% | &nbsp;&nbsp;63.3% |
| &nbsp;&nbsp;&nbsp;Multifamily/Retail | &nbsp;&nbsp;2 | &nbsp;&nbsp; 22412863 | &nbsp;&nbsp; 1.7 | $&nbsp;&nbsp; 11206432 | &nbsp;&nbsp;1.33x | &nbsp;&nbsp;6.525% | &nbsp;&nbsp;60 | &nbsp;&nbsp;71.5% | &nbsp;&nbsp;71.5% |
| **Retail** | &nbsp;&nbsp;**5** | $&nbsp;&nbsp; **122700000** | &nbsp;&nbsp;**9.3%** | $&nbsp;&nbsp; **24540000** | &nbsp;&nbsp;**1.82x** | &nbsp;&nbsp;**6.479%** | &nbsp;&nbsp;**59** | &nbsp;&nbsp;**54.6%** | &nbsp;&nbsp;**53.9%** |
| &nbsp;&nbsp;&nbsp;Anchored | &nbsp;&nbsp;4 | &nbsp;&nbsp; 97700000 | &nbsp;&nbsp; 7.4 | $&nbsp;&nbsp; 24425000 | &nbsp;&nbsp;1.81x | &nbsp;&nbsp;6.316% | &nbsp;&nbsp;60 | &nbsp;&nbsp;54.6% | &nbsp;&nbsp;53.8% |
| &nbsp;&nbsp;&nbsp;Super Regional Mall | &nbsp;&nbsp;1 | &nbsp;&nbsp; 25000000 | &nbsp;&nbsp; 1.9 | $&nbsp;&nbsp; 25000000 | &nbsp;&nbsp;1.86x | &nbsp;&nbsp;7.115% | &nbsp;&nbsp;57 | &nbsp;&nbsp;54.6% | &nbsp;&nbsp;54.6% |
| **Industrial** | &nbsp;&nbsp;**2** | $&nbsp;&nbsp; **16350000** | &nbsp;&nbsp;**1.2%** | $&nbsp;&nbsp; **8175000** | &nbsp;&nbsp;**1.57x** | &nbsp;&nbsp;**6.724%** | &nbsp;&nbsp;**60** | &nbsp;&nbsp;**67.1%** | &nbsp;&nbsp;**67.1%** |
| &nbsp;&nbsp;&nbsp;Manufacturing | &nbsp;&nbsp;1 | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp; 0.8 | $&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;1.57x | &nbsp;&nbsp;6.746% | &nbsp;&nbsp;60 | &nbsp;&nbsp;70.5% | &nbsp;&nbsp;70.5% |
| &nbsp;&nbsp;&nbsp;Flex | &nbsp;&nbsp;1 | &nbsp;&nbsp; 6350000 | &nbsp;&nbsp; 0.5 | $&nbsp;&nbsp; 6350000 | &nbsp;&nbsp;1.57x | &nbsp;&nbsp;6.690% | &nbsp;&nbsp;60 | &nbsp;&nbsp;61.7% | &nbsp;&nbsp;61.7% |
| **Other** | &nbsp;&nbsp;**2** | $&nbsp;&nbsp; **13040000** | &nbsp;&nbsp;**1.0%** | $&nbsp;&nbsp; **6520000** | &nbsp;&nbsp;**1.10x** | &nbsp;&nbsp;**6.500%** | &nbsp;&nbsp;**60** | &nbsp;&nbsp;**78.6%** | &nbsp;&nbsp;**78.6%** |
| &nbsp;&nbsp;&nbsp;Leased Fee | &nbsp;&nbsp;2 | &nbsp;&nbsp; 13040000 | &nbsp;&nbsp; 1 | $&nbsp;&nbsp; 6520000 | &nbsp;&nbsp;1.10x | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;60 | &nbsp;&nbsp;78.6% | &nbsp;&nbsp;78.6% |
| **Self Storage** | &nbsp;&nbsp;**2** | $&nbsp;&nbsp; **11800000** | &nbsp;&nbsp;**0.9%** | $&nbsp;&nbsp; **5900000** | &nbsp;&nbsp;**1.42x** | &nbsp;&nbsp;**6.350%** | &nbsp;&nbsp;**59** | &nbsp;&nbsp;**64.8%** | &nbsp;&nbsp;**64.8%** |
| **Manufactured Housing** | &nbsp;&nbsp;**1** | $&nbsp;&nbsp; **7000000** | &nbsp;&nbsp;**0.5%** | $&nbsp;&nbsp; **7000000** | &nbsp;&nbsp;**1.64x** | &nbsp;&nbsp;**6.741%** | &nbsp;&nbsp;**59** | &nbsp;&nbsp;**55.6%** | &nbsp;&nbsp;**55.6%** |
| **Total / Wtd Avg** | &nbsp;&nbsp;**88** | $&nbsp;&nbsp;**1316438800** | &nbsp;&nbsp;**100.0%** | $&nbsp;&nbsp; **14959532** | &nbsp;&nbsp;**1.80x** | &nbsp;&nbsp;**6.462%** | &nbsp;&nbsp;**59** | &nbsp;&nbsp;**60.4%** | &nbsp;&nbsp;**60.2%** |
| &nbsp;&nbsp;(1) Calculated based on the mortgaged property's allocated loan amount for the mortgage loans secured by more than one mortgaged property. | &nbsp;&nbsp;(1) Calculated based on the mortgaged property's allocated loan amount for the mortgage loans secured by more than one mortgaged property. | &nbsp;&nbsp;(1) Calculated based on the mortgaged property's allocated loan amount for the mortgage loans secured by more than one mortgaged property. | &nbsp;&nbsp;(1) Calculated based on the mortgaged property's allocated loan amount for the mortgage loans secured by more than one mortgaged property. | &nbsp;&nbsp;(1) Calculated based on the mortgaged property's allocated loan amount for the mortgage loans secured by more than one mortgaged property. |  |  |  |  |  |
| &nbsp;&nbsp;(2) Weighted average based on the mortgaged property's allocated loan amount for mortgage loans secured by more than one mortgaged property. | &nbsp;&nbsp;(2) Weighted average based on the mortgaged property's allocated loan amount for mortgage loans secured by more than one mortgaged property. | &nbsp;&nbsp;(2) Weighted average based on the mortgaged property's allocated loan amount for mortgage loans secured by more than one mortgaged property. | &nbsp;&nbsp;(2) Weighted average based on the mortgaged property's allocated loan amount for mortgage loans secured by more than one mortgaged property. | &nbsp;&nbsp;(2) Weighted average based on the mortgaged property's allocated loan amount for mortgage loans secured by more than one mortgaged property. | &nbsp;&nbsp;(2) Weighted average based on the mortgaged property's allocated loan amount for mortgage loans secured by more than one mortgaged property. | &nbsp;&nbsp;(2) Weighted average based on the mortgaged property's allocated loan amount for mortgage loans secured by more than one mortgaged property. | &nbsp;&nbsp;(2) Weighted average based on the mortgaged property's allocated loan amount for mortgage loans secured by more than one mortgaged property. | &nbsp;&nbsp;(2) Weighted average based on the mortgaged property's allocated loan amount for mortgage loans secured by more than one mortgaged property. | &nbsp;&nbsp;(2) Weighted average based on the mortgaged property's allocated loan amount for mortgage loans secured by more than one mortgaged property. |

---

A-2-6

**BMARK 2025-V18**

**Annex A-2**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Geographic Distribution** | &nbsp;&nbsp;**Geographic Distribution** | &nbsp;&nbsp;**Geographic Distribution** | &nbsp;&nbsp;**Geographic Distribution** | &nbsp;&nbsp;**Geographic Distribution** | &nbsp;&nbsp;**Geographic Distribution** | &nbsp;&nbsp;**Geographic Distribution** | &nbsp;&nbsp;**Geographic Distribution** | &nbsp;&nbsp;**Geographic Distribution** | &nbsp;&nbsp;**Geographic Distribution** |
| **Property Location** | &nbsp;&nbsp;**Number of Mortgaged Properties** | &nbsp;&nbsp;**Cut-off Date Balance<sup>(1)</sup>** | &nbsp;&nbsp;**% of Initial Pool Balance** | &nbsp;&nbsp;**Average Cut-off Date Balance** | &nbsp;&nbsp;**Weighted Average Debt Service Coverage Ratio<sup>(2)</sup>** | &nbsp;&nbsp;**Weighted Average Mortgage Interest Rate<sup>(2)</sup>** | &nbsp;&nbsp;**Weighted Average Remaining Terms to Maturity (Mos)<sup>(2)</sup>** | &nbsp;&nbsp;**Weighted Average Cut-off Date LTV<sup>(2)</sup>** | &nbsp;&nbsp;**Weighted Average Maturity Date LTV<sup>(2)</sup>** |
| New York | &nbsp;&nbsp;25 | $&nbsp;&nbsp; 312287500 | &nbsp;&nbsp;23.7% | $&nbsp;&nbsp; 12491500 | &nbsp;&nbsp;1.57x | &nbsp;&nbsp;6.157% | &nbsp;&nbsp;60 | &nbsp;&nbsp;62.2% | &nbsp;&nbsp;62.2% |
| California | &nbsp;&nbsp;11 | &nbsp;&nbsp; 175036300 | &nbsp;&nbsp; 13.3 | $&nbsp;&nbsp; 15912391 | &nbsp;&nbsp;1.70x | &nbsp;&nbsp;7.056% | &nbsp;&nbsp;59 | &nbsp;&nbsp;58.9% | &nbsp;&nbsp;58.9% |
| New Jersey | &nbsp;&nbsp;4 | &nbsp;&nbsp; 115910000 | &nbsp;&nbsp; 8.8 | $&nbsp;&nbsp; 28977500 | &nbsp;&nbsp;1.41x | &nbsp;&nbsp;6.503% | &nbsp;&nbsp;60 | &nbsp;&nbsp;69.5% | &nbsp;&nbsp;69.5% |
| Texas | &nbsp;&nbsp;12 | &nbsp;&nbsp; 111448579 | &nbsp;&nbsp; 8.5 | $&nbsp;&nbsp; 9287382 | &nbsp;&nbsp;1.37x | &nbsp;&nbsp;6.498% | &nbsp;&nbsp;59 | &nbsp;&nbsp;67.8% | &nbsp;&nbsp;67.1% |
| Virginia | &nbsp;&nbsp;5 | &nbsp;&nbsp; 105875000 | &nbsp;&nbsp; 8.0 | $&nbsp;&nbsp; 21175000 | &nbsp;&nbsp;1.80x | &nbsp;&nbsp;6.876% | &nbsp;&nbsp;59 | &nbsp;&nbsp;59.6% | &nbsp;&nbsp;59.2% |
| Florida | &nbsp;&nbsp;6 | &nbsp;&nbsp; 100150000 | &nbsp;&nbsp; 7.6 | $&nbsp;&nbsp; 16691667 | &nbsp;&nbsp;2.06x | &nbsp;&nbsp;6.453% | &nbsp;&nbsp;57 | &nbsp;&nbsp;50.4% | &nbsp;&nbsp;49.9% |
| Maryland | &nbsp;&nbsp;1 | &nbsp;&nbsp; 80000000 | &nbsp;&nbsp; 6.1 | $&nbsp;&nbsp; 80000000 | &nbsp;&nbsp;3.41x | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;60 | &nbsp;&nbsp;40.6% | &nbsp;&nbsp;40.6% |
| Kansas | &nbsp;&nbsp;1 | &nbsp;&nbsp; 62000000 | &nbsp;&nbsp; 4.7 | $&nbsp;&nbsp; 62000000 | &nbsp;&nbsp;2.28x | &nbsp;&nbsp;6.540% | &nbsp;&nbsp;60 | &nbsp;&nbsp;61.0% | &nbsp;&nbsp;61.0% |
| Illinois | &nbsp;&nbsp;1 | &nbsp;&nbsp; 56440000 | &nbsp;&nbsp; 4.3 | $&nbsp;&nbsp; 56440000 | &nbsp;&nbsp;1.84x | &nbsp;&nbsp;6.525% | &nbsp;&nbsp;58 | &nbsp;&nbsp;64.9% | &nbsp;&nbsp;64.9% |
| Georgia | &nbsp;&nbsp;2 | &nbsp;&nbsp; 47740000 | &nbsp;&nbsp; 3.6 | $&nbsp;&nbsp; 23870000 | &nbsp;&nbsp;1.65x | &nbsp;&nbsp;7.054% | &nbsp;&nbsp;60 | &nbsp;&nbsp;58.6% | &nbsp;&nbsp;58.6% |
| Indiana | &nbsp;&nbsp;5 | &nbsp;&nbsp; 31670455 | &nbsp;&nbsp; 2.4 | $&nbsp;&nbsp; 6334091 | &nbsp;&nbsp;1.79x | &nbsp;&nbsp;6.671% | &nbsp;&nbsp;60 | &nbsp;&nbsp;62.1% | &nbsp;&nbsp;62.1% |
| Ohio | &nbsp;&nbsp;6 | &nbsp;&nbsp; 29330966 | &nbsp;&nbsp; 2.2 | $&nbsp;&nbsp; 4888494 | &nbsp;&nbsp;1.50x | &nbsp;&nbsp;6.529% | &nbsp;&nbsp;60 | &nbsp;&nbsp;63.9% | &nbsp;&nbsp;63.9% |
| Pennsylvania | &nbsp;&nbsp;1 | &nbsp;&nbsp; 22500000 | &nbsp;&nbsp; 1.7 | $&nbsp;&nbsp; 22500000 | &nbsp;&nbsp;2.13x | &nbsp;&nbsp;6.302% | &nbsp;&nbsp;59 | &nbsp;&nbsp;69.3% | &nbsp;&nbsp;69.3% |
| North Carolina | &nbsp;&nbsp;2 | &nbsp;&nbsp; 17700000 | &nbsp;&nbsp; 1.3 | $&nbsp;&nbsp; 8850000 | &nbsp;&nbsp;2.32x | &nbsp;&nbsp;6.560% | &nbsp;&nbsp;60 | &nbsp;&nbsp;46.0% | &nbsp;&nbsp;43.3% |
| South Carolina | &nbsp;&nbsp;1 | &nbsp;&nbsp; 11700000 | &nbsp;&nbsp; 0.9 | $&nbsp;&nbsp; 11700000 | &nbsp;&nbsp;1.71x | &nbsp;&nbsp;6.680% | &nbsp;&nbsp;59 | &nbsp;&nbsp;62.6% | &nbsp;&nbsp;62.6% |
| Massachusetts | &nbsp;&nbsp;1 | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp; 0.8 | $&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;1.57x | &nbsp;&nbsp;6.746% | &nbsp;&nbsp;60 | &nbsp;&nbsp;70.5% | &nbsp;&nbsp;70.5% |
| District of Columbia | &nbsp;&nbsp;1 | &nbsp;&nbsp; 9750000 | &nbsp;&nbsp; 0.7 | $&nbsp;&nbsp; 9750000 | &nbsp;&nbsp;1.99x | &nbsp;&nbsp;7.390% | &nbsp;&nbsp;60 | &nbsp;&nbsp;64.1% | &nbsp;&nbsp;64.1% |
| Louisiana | &nbsp;&nbsp;1 | &nbsp;&nbsp; 6550000 | &nbsp;&nbsp; 0.5 | $&nbsp;&nbsp; 6550000 | &nbsp;&nbsp;1.42x | &nbsp;&nbsp;6.350% | &nbsp;&nbsp;59 | &nbsp;&nbsp;64.8% | &nbsp;&nbsp;64.8% |
| Mississippi | &nbsp;&nbsp;1 | &nbsp;&nbsp; 5250000 | &nbsp;&nbsp; 0.4 | $&nbsp;&nbsp; 5250000 | &nbsp;&nbsp;1.42x | &nbsp;&nbsp;6.350% | &nbsp;&nbsp;59 | &nbsp;&nbsp;64.8% | &nbsp;&nbsp;64.8% |
| Washington | &nbsp;&nbsp;1 | &nbsp;&nbsp; 5100000 | &nbsp;&nbsp; 0.4 | $&nbsp;&nbsp; 5100000 | &nbsp;&nbsp;1.42x | &nbsp;&nbsp;6.560% | &nbsp;&nbsp;59 | &nbsp;&nbsp;56.0% | &nbsp;&nbsp;56.0% |
| **Total** | &nbsp;&nbsp;**88** | $&nbsp;&nbsp; **1316438800** | &nbsp;&nbsp;**100.0%** | $&nbsp;&nbsp; **14959532** | &nbsp;&nbsp;**1.80x** | &nbsp;&nbsp;**6.462%** | &nbsp;&nbsp;**59** | &nbsp;&nbsp;**60.4%** | &nbsp;&nbsp;**60.2%** |
| &nbsp;&nbsp;(1) Calculated based on the mortgaged property's allocated loan amount for the mortgage loans secured by more than one mortgaged property. | &nbsp;&nbsp;(1) Calculated based on the mortgaged property's allocated loan amount for the mortgage loans secured by more than one mortgaged property. | &nbsp;&nbsp;(1) Calculated based on the mortgaged property's allocated loan amount for the mortgage loans secured by more than one mortgaged property. | &nbsp;&nbsp;(1) Calculated based on the mortgaged property's allocated loan amount for the mortgage loans secured by more than one mortgaged property. | &nbsp;&nbsp;(1) Calculated based on the mortgaged property's allocated loan amount for the mortgage loans secured by more than one mortgaged property. |  |  |  |  |  |
| &nbsp;&nbsp;(2) Weighted average based on the mortgaged property's allocated loan amount for mortgage loans secured by more than one mortgaged property. | &nbsp;&nbsp;(2) Weighted average based on the mortgaged property's allocated loan amount for mortgage loans secured by more than one mortgaged property. | &nbsp;&nbsp;(2) Weighted average based on the mortgaged property's allocated loan amount for mortgage loans secured by more than one mortgaged property. | &nbsp;&nbsp;(2) Weighted average based on the mortgaged property's allocated loan amount for mortgage loans secured by more than one mortgaged property. | &nbsp;&nbsp;(2) Weighted average based on the mortgaged property's allocated loan amount for mortgage loans secured by more than one mortgaged property. | &nbsp;&nbsp;(2) Weighted average based on the mortgaged property's allocated loan amount for mortgage loans secured by more than one mortgaged property. | &nbsp;&nbsp;(2) Weighted average based on the mortgaged property's allocated loan amount for mortgage loans secured by more than one mortgaged property. | &nbsp;&nbsp;(2) Weighted average based on the mortgaged property's allocated loan amount for mortgage loans secured by more than one mortgaged property. | &nbsp;&nbsp;(2) Weighted average based on the mortgaged property's allocated loan amount for mortgage loans secured by more than one mortgaged property. | &nbsp;&nbsp;(2) Weighted average based on the mortgaged property's allocated loan amount for mortgage loans secured by more than one mortgaged property. |

---

A-2-7

(THIS PAGE INTENTIONALLY LEFT BLANK)

**ANNEX A-3**

**DESCRIPTION OF THE TOP 15 MORTGAGE LOANS**

(THIS PAGE INTENTIONALLY LEFT BLANK)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – Lab/R&D<br> 9911 Belward Campus Drive<br> Rockville, MD 20850 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 1<br> **9911 Belward** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$80,000,000<br> 40.6%<br> 3.41x<br> 17.3% |

---

![](n5335ts_img003.jpg)

A-3-1

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – Lab/R&D<br> 9911 Belward Campus Drive<br> Rockville, MD 20850 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 1<br> **9911 Belward** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$80,000,000<br> 40.6%<br> 3.41x<br> 17.3% |

---

![](n5335ts_img004.jpg)

A-3-2

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – Lab/R&D<br> 9911 Belward Campus Drive<br> Rockville, MD 20850 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 1<br> **9911 Belward** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$80,000,000<br> 40.6%<br> 3.41x<br> 17.3% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Loan Seller:** | &nbsp;&nbsp;GACC, Barclays | &nbsp;&nbsp;**Single Asset / Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;**Property Type – Subtype:** | &nbsp;&nbsp;Office – Lab/R&D |
| &nbsp;&nbsp;**Borrower Sponsor(s):** | &nbsp;&nbsp;TechCore, LLC | &nbsp;&nbsp;**Collateral:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Borrower(s):** | &nbsp;&nbsp;GI TC Rockville, LLC | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;Rockville, MD |
| &nbsp;&nbsp;**Original Balance<sup>(1)</sup>:** | &nbsp;&nbsp;$80000000 | &nbsp;&nbsp;**Year Built / Renovated:** | &nbsp;&nbsp;2005 / NAP |
| &nbsp;&nbsp;**Cut-off Date Balance<sup>(1)</sup>:** | &nbsp;&nbsp;$80000000 | &nbsp;&nbsp;**Property Management:** | &nbsp;&nbsp;GI Property Manager LP |
| &nbsp;&nbsp;**% by Initial UPB:** | &nbsp;&nbsp;6.1% | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;289,912 SF |
| &nbsp;&nbsp;**Interest Rate:** | &nbsp;&nbsp;5.00000% | &nbsp;&nbsp;**Appraised Value / Per SF<sup>(3)</sup>:** | &nbsp;&nbsp;$317,000,000 / $1,093 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;September 30, 2025 | &nbsp;&nbsp;**Appraisal Date:** | &nbsp;&nbsp;August 25, 2025 |
| &nbsp;&nbsp;**Original Term:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**Occupancy:** | &nbsp;&nbsp;100.0% (as of October 6, 2025) |
| &nbsp;&nbsp;**Amortization:** | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;**UW Economic Occupancy:** | &nbsp;&nbsp;99.0% |
| &nbsp;&nbsp;**Original Amortization:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Underwritten NOI:** | &nbsp;&nbsp;$22282319 |
| &nbsp;&nbsp;**Interest Only Period:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**Underwritten NCF:** | &nbsp;&nbsp;$22282319 |
| &nbsp;&nbsp;**First Payment Date:** | &nbsp;&nbsp;November 6, 2025 |  |  |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;October 6, 2030 | &nbsp;&nbsp;**Historical NOI** | &nbsp;&nbsp;**Historical NOI** |
| &nbsp;&nbsp;**Additional Debt Type<sup>(1)</sup>*:*** | &nbsp;&nbsp;*Pari Passu* | &nbsp;&nbsp;**Most Recent NOI:** | &nbsp;&nbsp;$22,745,063 (TTM June 30, 2025) |
| &nbsp;&nbsp;**Additional Debt Balance<sup>(1)</sup>:** | &nbsp;&nbsp;$48740000 | &nbsp;&nbsp;**2024 NOI:** | &nbsp;&nbsp;$24654063 |
| &nbsp;&nbsp;**Call Protection:** | &nbsp;&nbsp;L(24),YM1(29),O(7) | &nbsp;&nbsp;**2023 NOI:** | &nbsp;&nbsp;$27431087 |
| &nbsp;&nbsp;**Lockbox / Cash Management:** | &nbsp;&nbsp;Hard / Springing | &nbsp;&nbsp;**2022 NOI:** | &nbsp;&nbsp;$26884242 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Reserves<sup>(2)</sup>** | &nbsp;&nbsp;**Reserves<sup>(2)</sup>** | &nbsp;&nbsp;**Reserves<sup>(2)</sup>** | &nbsp;&nbsp;**Reserves<sup>(2)</sup>** | &nbsp;&nbsp;**Financial Information<sup>(1)</sup>** | &nbsp;&nbsp;**Financial Information<sup>(1)</sup>** |
|  | &nbsp;&nbsp;**Initial** | &nbsp;&nbsp;**Monthly** | &nbsp;&nbsp;**Cap** | &nbsp;&nbsp;**Cut-off Date Loan / SF:** | &nbsp;&nbsp;$444 |
| &nbsp;&nbsp;**Taxes:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date Loan / SF:** | &nbsp;&nbsp;$444 |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Cut-off Date LTV<sup>(3)</sup>:** | &nbsp;&nbsp;40.6% |
| &nbsp;&nbsp;**Replacement Reserves:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date LTV<sup>(3)</sup>:** | &nbsp;&nbsp;40.6% |
| &nbsp;&nbsp;**TI / LC:** | &nbsp;&nbsp;$19292063 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**UW NOI DY:** | &nbsp;&nbsp;17.3% |
|  |  |  |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;3.41x |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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;$128740000 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;Loan Payoff | &nbsp;&nbsp;$101634203 | &nbsp;&nbsp;78.9% |
|  |  |  | &nbsp;&nbsp;Upfront Reserves | &nbsp;&nbsp;19292063 | &nbsp;&nbsp;15.0 |
|  |  |  | &nbsp;&nbsp;Closing Costs | &nbsp;&nbsp;4514149 | &nbsp;&nbsp;3.5 |
|  |  |  | &nbsp;&nbsp;Principal Equity Distribution | &nbsp;&nbsp;3299585 | &nbsp;&nbsp;2.6 |
| &nbsp;&nbsp;**Total Sources** | &nbsp;&nbsp;**$128740000** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses** | &nbsp;&nbsp;**$128740000** | &nbsp;&nbsp;**100.0%** |

---

(1) The 9911 Belward Mortgage Loan (as defined below) is part of the 9911 Belward Whole Loan (as defined below), which is comprised of
six *pari passu* promissory notes with an aggregate original principal balance of $128,740,000. The Financial Information in the
chart above is based on the 9911 Belward Whole Loan. See "— *The Loan*" below.

(2) Please see "— *Initial and Ongoing Reserves*" below for further discussion of reserve
information.

(3) The Appraised Value set forth above is the Market Value - Assuming Outstanding TIs Funded, which assumes that $21,743,000 of outstanding
tenant improvement allowances was reserved. At origination, the then tenant improvement allowances outstanding amount of $19,292,063 was
reserved, as certain of the allowances were already funded between the appraisal date and origination date. The appraisal also provided
an "As Is" appraised value of the 9911 Belward Property of $297,000,000, which results in an Appraised Value Per SF of $1,024.45,
and a Cut-off Date LTV and Maturity Date LTV of 43.3% each.

**The Loan.** The largest mortgage loan (the "**<u>9911 Belward Mortgage Loan</u>**") is part of a whole loan (the "**<u>9911 Belward Whole Loan</u>**") which is comprised of six *pari passu* promissory notes with an aggregate outstanding principal balance as of the Cut-off Date of $128,740,000. The 9911 Belward Whole Loan is secured by the borrower's fee simple interest in a 289,912 square foot lab/R&D office complex located in Rockville, Maryland (the "**<u>9911 Belward Property</u>**"). The 9911 Belward Mortgage Loan is evidenced by the controlling Note A-1 and the non-controlling note A-4 with an aggregate outstanding principal balance as of the Cut-off Date of $80,000,000. The 9911 Belward Whole Loan was originated by German American Capital Corporation ("**<u>GACC</u>**") and Barclays Capital Real Estate Inc. ("**<u>BCREI</u>**"). GACC is contributing Note A-1 and BCREI is contributing Note A-4 to the Benchmark 2025-V18 securitization.

A-3-3

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – Lab/R&D<br> 9911 Belward Campus Drive<br> Rockville, MD 20850 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 1<br> **9911 Belward** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$80,000,000<br> 40.6%<br> 3.41x<br> 17.3% |

---

The relationship between the holders of the 9911 Belward 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 Preliminary Prospectus. The 9911 Belward Whole Loan will be serviced pursuant to the pooling and servicing agreement for the Benchmark 2025-V18 securitization trust. See "*Pooling and Servicing Agreement*" in the Preliminary Prospectus.

The table below identifies the promissory notes that comprise the 9911 Belward 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 <br> Piece** |
| &nbsp;&nbsp;**A-1** | &nbsp;&nbsp;**$55000000** | &nbsp;&nbsp;**$55000000** | &nbsp;&nbsp;**Benchmark 2025-V18** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;A-2<sup>(1)</sup> | &nbsp;&nbsp;$16500000 | &nbsp;&nbsp;$16500000 | &nbsp;&nbsp;GACC | &nbsp;&nbsp;No |
| &nbsp;&nbsp;A-3<sup>(1)</sup> | &nbsp;&nbsp;$17240000 | &nbsp;&nbsp;$17240000 | &nbsp;&nbsp;GACC | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**A-** **4** | &nbsp;&nbsp;**$25000000** | &nbsp;&nbsp;**$25000000** | &nbsp;&nbsp;**Benchmark 2025-V18** | &nbsp;&nbsp;**No** |
| &nbsp;&nbsp;A-5<sup>(1)</sup> | &nbsp;&nbsp;$7500000 | &nbsp;&nbsp;$7500000 | &nbsp;&nbsp;BCREI or an affiliate | &nbsp;&nbsp;No |
| &nbsp;&nbsp;A-6<sup>(1)</sup> | &nbsp;&nbsp;$7500000 | &nbsp;&nbsp;$7500000 | &nbsp;&nbsp;BCREI or an affiliate | &nbsp;&nbsp;No |
| **Total** | &nbsp;&nbsp;**$128740000** | &nbsp;&nbsp;**$128740000** |  |  |

---

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

***The Property.*** The 9911 Belward Property is a 289,912 square foot lab/R&D office building that was originally constructed as a build-to-suit for Human Genome Sciences, Inc. ("**<u>HGSI</u>**") in 2005 for approximately $233.4 million ($805 per square foot). In 2006, BioMed Realty Trust completed a sale leaseback transaction in which it purchased the 9911 Belward Property and leased it back to HGSI on a 20-year, absolute triple net lease expiring in May 2026. In 2012, GlaxoSmithKline plc ("**<u>GSK</u>**") (S&P / Moody's: A / A2) acquired HGSI for $3.6 billion and spent approximately $139 million ($480 per square foot) substantially redeveloping the 9911 Belward Property in 2017. Additionally, from 2023 to 2024, GSK invested approximately an additional $20 million ($69 per square foot) in safety improvements and equipment upgrades. The 9911 Belward Property is 100% leased to HGSI, which lease is fully guaranteed by its investment grade parent company, GSK. HGSI extended its lease for 10 years in May 2024, two years prior to its original lease expiration in May 2026, resulting in a current lease expiration date in May 2034, approximately 3.7 years beyond the maturity date of the 9911 Belward Whole Loan. HGSI currently has one additional 10-year renewal option and no termination or contraction options. The 9911 Belward Property serves as a production point for HGSI's FDA-approved drugs, BENLYSTA and NUCALA, two of GSK's best-selling pharmaceuticals. NUCALA's patent does not expire until after the loan term in 2033. BENLYSTA's patent is set to expire in 2027.

***Sole Tenant.*** The sole tenant at the 9911 Belward Property is HGSI.

*HGSI (289,912 SF, 100.0% of net rentable area, 100.0% of UW base rent)*. HGSI researches and develops proprietary pharmaceutical and diagnostic products. HGSI products predict, prevent, detect, treat, and cure disease based on the discovery of human and microbial genes. In 2012, HGSI was purchased by GSK (ADR NYSE: GSK) for $3.6 billion or $14.25 per share. GSK is a global biopharmaceutical company headquartered in the United Kingdom with a legacy dating back to the 18th century and officially formed through a merger of Glaxo Wellcome and SmithKline Beecham in 2000. The company focuses on the research, development, and manufacturing of innovative medicines and vaccines. GSK's top-selling biopharmaceutical products include Shingrix (a shingles vaccine), Arexvy (the first approved respiratory syncytial virus (RSV) vaccine for adults), and Dovato (a leading human immunodeficiency virus (HIV) treatment). As of 2024, GSK has approximately 70,000 employees globally (approximately 12,000 in the U.S.) and an expanding pipeline of vaccines and specialty medicines. The 9911 Belward Property functions as the primary manufacturing point for BENLYSTA and NUCALA, two key prescription medications for adults with active systemic lupus erythematosus (BENLYSTA) and COPD/asthma (NUCALA). HGSI's lease is fully guaranteed by GSK.

A-3-4

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – Lab/R&D<br> 9911 Belward Campus Drive<br> Rockville, MD 20850 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 1<br> **9911 Belward** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$80,000,000<br> 40.6%<br> 3.41x<br> 17.3% |

---

The following table presents certain information relating to the sole tenant at the 9911 Belward Property:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp; **Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp; **Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp; **Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp; **Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp; **Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp; **Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp; **Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp; **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;**U/W Base Rent** | &nbsp;&nbsp;**UW Base Rent PSF** | &nbsp;&nbsp;**% of Total<br> UW Base Rent** | &nbsp;&nbsp;**Lease <br> Exp. Date** | &nbsp;&nbsp;**Renewal Option** |
| **Sole Tenant** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; HGSI | &nbsp;&nbsp;A2/A/NR | &nbsp;&nbsp;289912 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$23590139 | &nbsp;&nbsp; $81.37 | &nbsp;&nbsp; 100.0% | &nbsp;&nbsp;5/31/2034 &nbsp;&nbsp;N | &nbsp;&nbsp;1 x 10 Yr |
| Vacant Space |  | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0 |  |  |  |  |  |
| **Collateral Total** |  | &nbsp;&nbsp;**289912** | &nbsp;&nbsp;**100.0%** |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Based on the underwritten rent roll as of October 6, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Ratings provided are those of the parent company of the entity shown.

The following table presents certain information relating to the lease rollover schedule at the 9911 Belward Property, based on the initial lease expiration dates:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &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 Ending December 31** | &nbsp;&nbsp;**Expiring Owned GLA** | &nbsp;&nbsp;**% of Owned GLA** | &nbsp;&nbsp;**Cumulative % of Owned GLA** | &nbsp;&nbsp;**U/W Base Rent** | &nbsp;&nbsp;**% of Total U/W Base Rent** | &nbsp;&nbsp;**U/W Base Rent $ per SF** | &nbsp;&nbsp;**# of Expiring Leases** |
| &nbsp;&nbsp;MTM & 2025 | &nbsp;&nbsp;0 | &nbsp;&nbsp; 0.0% | &nbsp;&nbsp; 0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp; 0.0% | &nbsp;&nbsp; $0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2026 | &nbsp;&nbsp;0 | &nbsp;&nbsp; 0.0% | &nbsp;&nbsp; 0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp; 0.0% | &nbsp;&nbsp; $0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2027 | &nbsp;&nbsp;0 | &nbsp;&nbsp; 0.0% | &nbsp;&nbsp; 0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp; 0.0% | &nbsp;&nbsp; $0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2028 | &nbsp;&nbsp;0 | &nbsp;&nbsp; 0.0% | &nbsp;&nbsp; 0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp; 0.0% | &nbsp;&nbsp; $0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2029 | &nbsp;&nbsp;0 | &nbsp;&nbsp; 0.0% | &nbsp;&nbsp; 0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp; 0.0% | &nbsp;&nbsp; $0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2030 | &nbsp;&nbsp;0 | &nbsp;&nbsp; 0.0% | &nbsp;&nbsp; 0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp; 0.0% | &nbsp;&nbsp; $0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2031 | &nbsp;&nbsp;0 | &nbsp;&nbsp; 0.0% | &nbsp;&nbsp; 0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp; 0.0% | &nbsp;&nbsp; $0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2032 | &nbsp;&nbsp;0 | &nbsp;&nbsp; 0.0% | &nbsp;&nbsp; 0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp; 0.0% | &nbsp;&nbsp; $0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2033 | &nbsp;&nbsp;0 | &nbsp;&nbsp; 0.0% | &nbsp;&nbsp; 0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp; 0.0% | &nbsp;&nbsp; $0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2034 | &nbsp;&nbsp;289912 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$23590139 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$81.37 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;2035 & Thereafter | &nbsp;&nbsp;0 | &nbsp;&nbsp; 0.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp; 0.0% | &nbsp;&nbsp; $0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Vacant | &nbsp;&nbsp;0 | &nbsp;&nbsp; 0.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;NAP | &nbsp;&nbsp; NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**Total / Wtd. Avg.** | &nbsp;&nbsp;**289912** | &nbsp;&nbsp;**100.0%** |  | &nbsp;&nbsp;**$23590139** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$81.37** | &nbsp;&nbsp;**1** |

---

(1) Based on the underwritten rent roll as of October 6, 2025.

A-3-5

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – Lab/R&D<br> 9911 Belward Campus Drive<br> Rockville, MD 20850 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 1<br> **9911 Belward** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$80,000,000<br> 40.6%<br> 3.41x<br> 17.3% |

---

The following table presents certain information relating to the historical operating performance and Underwritten Net Cash Flow at the 9911 Belward Property:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Cash Flow Analysis** | **Cash Flow Analysis** | **Cash Flow Analysis** | **Cash Flow Analysis** | **Cash Flow Analysis** | **Cash Flow Analysis** | **Cash Flow Analysis** |
| | **2022** | **2023** | **2024** | **TTM 6/30/2025** | **UW<sup>(1)</sup>** | **UW PSF** |
| Base Rent | $26891010 | $27428830 | $24882931 | $22960306 | $23590139 | $81.37 |
| Credit Tenant Rent Steps<sup>(2)</sup> | 0 | 0 | 0 | 0 | 1619386 | $5.59 |
| Potential Income from Vacant Space | 0 | 0 | 0 | 0 | 0 | $0.00 |
| **Gross Potential Rent** | **$26891010** | **$27428830** | **$24882931** | **$22960306** | **$25209526** | **$86.96** |
| Total Reimbursements | 1824757 | 1981820 | 2173385 | 2240644 | 4790109 | $16.52 |
| **Net Rental Income** | **$28715767** | **$29410650** | **$27056316** | **$25200949** | **29999635** | **$103.48** |
| Other Income | 0 | 0 | 0 | 95844 | 0 | $0.00 |
| (Vacancy & Credit Loss) | 0 | 0 | 0 | 0 | (2146736) | ($7.40) |
| **Effective Gross Income** | **$28715767** | **$29410650** | **$27056316** | **$25296793** | **$27852899** | **$96.07** |
| Real Estate Taxes | 1761955 | 1904155 | 2095699 | 2116949 | 2381011 | $8.21 |
| Insurance | 13633 | 13823 | 19548 | 20333 | 16884 | $0.06 |
| Management Fee<sup>(3)</sup> | 55937 | 61585 | 287006 | 84712 | 835587 | $2.88 |
| Repairs and Maintenance<sup>(3)</sup> | 0 | 0 | 0 | 329736 | 2337098 | $8.06 |
| **Total Expenses** | **$1831526** | **$1979563** | **$2402254** | **$2551730** | **$5570580** | **$19.21** |
| **Net Operating Income** | **$26884242** | **$27431087** | **$24654063** | **$22745063** | **$22282319** | **$76.86** |
| Replacement Reserves | 0 | 0 | 0 | 0 | 0 | $0.00 |
| TI/LC | 0 | 0 | 0 | 0 | 0 | $0.00 |
| **Net Cash Flow** | **$26884242** | **$27431087** | **$24654063** | **$22745063** | **$22282319** | **$76.86** |
| **Occupancy %** | **100.0%** | **100.0%** | **100.0%** | **100.0%** | **99.0%** |  |
| **NCF DSCR** | **4.12x** | **4.20x** | **3.78x** | **3.49x** | **3.41x** |  |
| **NOI Debt Yield** | **20.9%** | **21.3%** | **19.2%** | **17.7%** | **17.3%** |  |

---

(1) Based on the underwritten rent roll dated October 6, 2025.

(2) Represents straight lined rent through the loan term.

(3) The lender is underwriting to a 3% management fee and 20% Repairs and Maintenance expense assumption
and then recovering the assumed Repairs and Maintenance expense and management fee reimbursements up to $72,000 in accordance with the
sole tenant's lease.

**Appraisal.** According to the appraisal, the 9911 Belward Property had an "as-is" appraised value of $297,000,000, as of August 25, 2025. The Appraised Value set forth below is the Market Value - Assuming Outstanding TIs Funded.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**9911 Belward Appraised Value<sup>(1)(2)</sup>** | &nbsp;&nbsp;**9911 Belward Appraised Value<sup>(1)(2)</sup>** | &nbsp;&nbsp;**9911 Belward Appraised Value<sup>(1)(2)</sup>** |
| &nbsp;&nbsp;**Property** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Capitalization Rate** |
| &nbsp;&nbsp;**9911 Belward** | &nbsp;&nbsp;**$317000000** | &nbsp;&nbsp;**7.75%** |

---

(1) Source: Appraisal.

(2) The Appraised Value set forth above is the Market Value - Assuming Outstanding TIs
Funded of the 9911 Belward Property, which assumes that $21,743,000 of outstanding tenant improvement allowances was reserved. At origination,
the then outstanding amount of tenant improvement allowances of $19,292,063 was reserved. The appraisal also provided an "As Is"
appraised value of the 9911 Belward Property of $297,000,000, which results in an Appraised Value Per SF of $1,024.45, and a Cut-off Date
LTV and Maturity Date LTV of 43.3% each.

**Environmental Matters.** According to the Phase I environmental site assessment report dated September 11, 2025, there was no evidence of any recognized environmental conditions at the 9911 Belward Property.

**The Market.** The 9911 Belward Property is located in the I-270 corridor market in the greater market of suburban Maryland within Montgomery County. Montgomery County is the state of Maryland's most populous and affluent area. It is approximately 20 miles from the nation's capital and home to more than 300 biotech companies such as GSK and MedImmune.

The 9911 Belward Property is located in the life sciences cluster known as "DNA Alley" in Montgomery County, Maryland, a nationally recognized center for biotechnology and biomedical companies. Stretching along the I-270 corridor from Bethesda through Rockville, Gaithersburg, Germantown, and up to Frederick, the area earned its nickname from a news magazine in 2000 due to its high concentration

A-3-6

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – Lab/R&D<br> 9911 Belward Campus Drive<br> Rockville, MD 20850 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 1<br> **9911 Belward** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$80,000,000<br> 40.6%<br> 3.41x<br> 17.3% |

---

of genomic and biotech firms. The cluster's growth has been fueled by its proximity to major federal agencies such as the National Institutes of Health (NIH) in Bethesda, the Food and Drug Administration in White Oak and the National Institute of Standards and Technology in Gaithersburg.

The table below presents certain information relating to office leases comparable to those at the 9911 Belward Property identified by the appraisal:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Comparable Life Science Leases<sup>(1)</sup>** | **Comparable Life Science Leases<sup>(1)</sup>** | **Comparable Life Science Leases<sup>(1)</sup>** | **Comparable Life Science Leases<sup>(1)</sup>** | **Comparable Life Science Leases<sup>(1)</sup>** | **Comparable Life Science Leases<sup>(1)</sup>** |
| **Property Name** | **Year Built/Renovated** | **Total NRA** | **Tenant** | **Rent PSF<sup>(3)</sup>** | **Lease Term (Years)** |
| &nbsp;&nbsp;**9911 Belward<sup>(2)</sup>** | &nbsp;&nbsp;**2005 / NAP** | &nbsp;&nbsp;**289912** | &nbsp;&nbsp;**HGSI** | &nbsp;&nbsp;**$81.37** | &nbsp;&nbsp;**8.7** |
| &nbsp;&nbsp;4MLK | &nbsp;&nbsp;2024 / NAP | &nbsp;&nbsp;255830 | &nbsp;&nbsp;UMD – Flex Labs | &nbsp;&nbsp;$47.40 | &nbsp;&nbsp;10.0 |
| &nbsp;&nbsp;9605 Medical Center Drive – Building III | &nbsp;&nbsp;2004 / NAP | &nbsp;&nbsp;115000 | &nbsp;&nbsp;AbelZeta | &nbsp;&nbsp;$43.50 | &nbsp;&nbsp;8.6 |
| &nbsp;&nbsp;Cloverleaf Center IV | &nbsp;&nbsp;1995 / NAP | &nbsp;&nbsp;82728 | &nbsp;&nbsp;UBriGene Biosciences | &nbsp;&nbsp;$45.00 | &nbsp;&nbsp;5.6 |
| &nbsp;&nbsp;7495 New Horizon | &nbsp;&nbsp;2021 / NAP | &nbsp;&nbsp;75000 | &nbsp;&nbsp;Cartesian | &nbsp;&nbsp;$47.00 | &nbsp;&nbsp;7.3 |
| &nbsp;&nbsp;45 West Watkins Mill Road | &nbsp;&nbsp;1989 / NAP | &nbsp;&nbsp;54737 | &nbsp;&nbsp;AstraZeneca | &nbsp;&nbsp;$41.00 | &nbsp;&nbsp;5.0 |

---

(1) Source: Appraisal.

(2) Based on underwritten rent roll as of October 6, 2025.

(3) All rents shown are NNN. The appraiser concluded to a forecast market rent of $65.00 PSF for the 9911
Belward Property.

**The Borrower and the Borrower Sponsor.** The borrower is GI TC Rockville, 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 9911 Belward Whole Loan.

The borrower sponsor and the non-recourse carveout guarantor is TechCore, LLC. TechCore, LLC is a core investment vehicle actively investing in or owning technology-advantaged real estate in the United States, including data centers, carrier hotels, specialized technology corporate campuses, "Always On" facilities, and life sciences properties located in primary markets and leased to industry leading tenants. TechCore, LLC is a real estate fund formed by GI Partners, a private investment firm, and the California Public Employees Retirement System (CalPERS). The fund seeks to acquire technology-advantaged properties, capitalizing on the themes of growing data and connectivity usage, the increase in the importance of complex treatments for human health challenges and the growth of other forms of technology and research in everyday life. Since 2012, TechCore, LLC has acquired 19 properties and invested in over 3.6 million square feet of stabilized core technology-advantaged real estate and continues to actively invest in this sector.

**Property Management.** 9911 Belward is currently managed by GI Property Manager LP, a borrower sponsor affiliated management company.

**Initial and Ongoing Reserves.** At origination, the borrower deposited into escrow approximately $19,292,063 for outstanding tenant improvements and/or leasing commissions for the sole tenant at the 9911 Belward Property.

*Tax Escrows* – During a Cash Sweep Period (as defined below), 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 ensuing twelve months. Notwithstanding the foregoing, deposits to the tax reserve are waived if either (A) (i) no Cash Sweep Period is in effect, (ii) the borrower timely pays taxes prior to delinquency and (iii) the borrower provides evidence of payment acceptable to the lender or the lender independently verifies payment or (B) (i) the tenant is obligated to pay taxes directly, (ii) the tenant pays taxes, (iii) the tenant or borrower furnishes receipts and (iv) the HGSI lease is in full force and effect.

*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 reasonably estimates will be payable for the renewal of the coverage afforded by the policies upon the expiration thereof; provided, however, that the insurance reserve will be conditionally waived for so long as the borrower maintains a blanket policy acceptable to the lender. A blanket policy was in place at origination. Notwithstanding the foregoing, deposits to the insurance reserve are waived if either (A) (i) no Cash Sweep Period is in effect, (ii) the borrower timely pays insurance premiums prior to delinquency (iii) the borrower provides evidence of payment acceptable to the lender or the lender independently verifies payment, and (iv) there is no (x) material monetary or non-monetary default under the HGSI lease that would reasonably be anticipated to have a

A-3-7

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – Lab/R&D<br> 9911 Belward Campus Drive<br> Rockville, MD 20850 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 1<br> **9911 Belward** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$80,000,000<br> 40.6%<br> 3.41x<br> 17.3% |

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material adverse effect or (y) failure to pay base rent under the HGSI lease or (B) the insurance policies consist of blanket policies that satisfy the requirements of the loan documents, or are maintained by any tenant that satisfies the requirements of the loan documents, and the borrower provides proof of payment.

*Replacement Reserves* – During a Cash Sweep Period, the borrower is required to deposit approximately $4,832, on a monthly basis, into a replacement reserve.

*TI/LC Reserves* – During a Cash Sweep Period, the borrower is required to deposit approximately $36,239, on a monthly basis, into a reserve for future tenant improvements and leasing commissions.

***Lockbox / Cash Management.*** The 9911 Belward Whole Loan is structured with a hard lockbox and springing cash management. The borrower and property manager, as applicable, 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 two business days after receipt. So long as no Cash Sweep Period is continuing, the amounts on deposit in the lockbox account will be swept to the borrower's operating account. During the continuance of a Cash Sweep Period, transfers to the borrower's operating account are required to cease and such sums on deposit in the lockbox account are required to be transferred on a daily basis to a cash management account controlled by the lender, at a financial institution selected by the lender (and the borrower is required to cooperate with the lender and the cash management bank in the establishment of such account). Funds swept to the cash management account are required to be applied to payment of all monthly amounts due under the 9911 Belward Whole Loan documents, including deposits to the tax and insurance reserves, payments of monthly debt service, deposits to the replacement reserve and TI/LC reserve, payment of monthly operating expenses set forth in the lender-approved annual budget with such adjustments set forth in the Whole Loan documents and lender-approved, as well as pre-approved, extraordinary expenses, with all excess cash flow remaining after such application to be deposited (i) in the case of a Cash Sweep Period due to a material default, into an excess cash flow account, to be held as additional collateral during the continuance of such Cash Sweep Period (provided that such reserve may be used for leasing expenses, taxes, insurance premiums and certain operating expenses if requested by the borrower, subject, in each case, to satisfaction of certain conditions) and (ii) in the case of a Cash Sweep Period due to a Specified Tenant Sweep Event (as defined below), into a lease sweep reserve (the "**<u>Lease Sweep Reserve</u>**").

A "**<u>Cash Sweep Period</u>**" will commence upon (i) the occurrence of a material event of default (including failure to pay debt service or reserve deposits, taxes or insurance premiums, bankruptcy related defaults or any covenant default that would have a material adverse effect) under the 9911 Belward Whole Loan documents, (ii) a Specified Tenant Sweep Event if the borrower fails to timely make any cash deposit or to provide a letter of credit, in each case in the Lease Sweep Reserve Deposit Amount (as defined below)as described in the 9911 Belward Whole Loan documents, and (B) will expire upon (x) with regard to any Cash Sweep Period commenced in connection with clause (i) above, the cure or waiver (if applicable) of such material event of default, (y) with regard to any Cash Sweep Period commenced in connection with clause (ii) above, the expiration of all Specified Tenant Sweep Periods or borrower makes the cash deposit or provides a letter of credit in the Lease Sweep Reserve Deposit Amount (as defined below).

"**<u>Lease Sweep Reserve Deposit Amount</u>**" means an amount equal to the total rentable square feet of the applicable (portion of the) space leased pursuant to a Specified Tenant (as defined below) lease multiplied by $75.00.

"**<u>Specified Tenant</u>**" means (i) HGSI, (ii) any successor-in-interest to the tenant under the HGSI lease, or (iii) any other tenant or its affiliates under a lease (or combination of leases) covering more than 50% of the premises demised under the HGSI lease.

A "**<u>Specified Tenant Sweep Event"</u>** will commence (a) in the event that, unless the Specified Tenant or its lease guarantor has an IG Rating (as defined below), a Specified Tenant goes dark or ceases operations in all or substantially all of its space at the 9911 Belward Property for more than 30 consecutive days excluding (i) the temporary closure of building amenity space such as cafeterias and gyms pursuant to applicable legal requirements, (ii) a temporary closure as a result of repairs, alterations, or restoration being performed diligently and in accordance with the 9911 Belward Whole Loan documents, and/or (iii) a temporary closure effectuated in order to comply with governmental restrictions which restrict use or occupancy or (iv) a temporary closure caused by force majeure; provided that with respect to clauses (iii) and (iv) the Specified Tenant occupies the applicable space and recommences operations within 60 days following the termination of the event that caused the closure, (b) upon a bankruptcy or insolvency proceeding of a Specified Tenant or the guarantor of its lease (or its parent company to the extent there is no lease guarantor), (c) a Specified Tenant fails to renew its lease by the later of (i) the date that is 12 months prior to the expiration date or (ii) the latest date the Specified Tenant is required under its lease to give notice of its exercise of a renewal option, in each case, unless such event is cured within 5 business days as described below; (d) upon the early termination, surrender or cancellation of a Specified Tenant's lease or Specified Tenant gives notice of its intention to do so, or its intention not to renew its lease; or (e) upon a default by a Specified Tenant under its lease beyond any applicable notice and cure period which such default is (x) a material monetary or non-monetary default that would reasonably be anticipated to have a material

A-3-8

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – Lab/R&D<br> 9911 Belward Campus Drive<br> Rockville, MD 20850 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 1<br> **9911 Belward** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$80,000,000<br> 40.6%<br> 3.41x<br> 17.3% |

---

adverse effect on the value or condition of the 9911 Belward Property and/or the borrower's ability to perform its material obligations under the 9911 Belward Whole Loan documents, and/or (y) a failure (beyond applicable notice and cure periods) to pay base rent.

"**<u>IG Rating</u>**" means (A) with respect to the Specified Tenant lease in place as of the origination date, (a long-term unsecured debt rating of at least "BBB-" from Moody's and S&P, and (B) with respect to any other entity, such entity has a long-term unsecured debt rating of at least "BBB-" from Moody's and S&P and an equivalent rating from each of the other rating agencies which rate such entity.

A Specified Tenant Sweep Event will end once (i) with respect to clause (a) above, the applicable Specified Tenant resumes occupancy and operations in substantially all its space, or with respect to clauses (b) through (e), at least 70% of the space demised under the Specified Tenant's lease has been re-tenanted pursuant to one or more "qualified leases" as defined in the 9911 Belward Whole Loan documents, (ii) with respect to clause (b) above, the applicable Specified Tenant, lease guarantor or parent entity is no longer deemed insolvent or subject to bankruptcy or insolvency proceedings and has affirmed in bankruptcy the applicable lease and any lease guaranty pursuant to final non-appealable order of the bankruptcy court, (iii) in the case of clause (c), the applicable Specified Tenant (A) renews its lease pursuant to its terms, or (B) otherwise extends its lease at the fair market rental rate or otherwise on terms reasonably approved by the lender, with respect to at least 70% of such Specified Tenant's space, together with other qualified leases, (iv) in the case of clause (d), any such notice is rescinded or waived, (v) in the case of clause (e), the subject default has been cured or is otherwise no longer reasonably anticipated to have a material adverse effect, and (vi) in the case of any Specified Tenant Sweep Event, the 9911 Belward Property has achieved a debt yield of at least 10% as the result of re-tenanting all or any portion of the applicable space pursuant to one or more "qualified leases" (calculated to include the replacement "qualified leases" in question), and, in connection with any of the events described in the foregoing clauses(i), (iii) or (vi), in the lender's reasonable judgment, sufficient funds (including any termination payments from any Specified Tenants that have been delivered to the lender in accordance with the terms of the 9911 Belward Whole Loan documents) have been accumulated in the Lease Sweep Reserve to cover all anticipated tenant improvement and leasing commissions and free, gap and/or abated rent in connection therewith (which such free, gap and/or abated rent reserve may not exceed an amount that would be sufficient to cause the debt service coverage ratio to be equal to 1.50x until the commencement of full rent payments) (the

"**<u>Lease Sweep Re-tenanting Costs</u>**"), whereupon (i) any funds remaining in the Lease Sweep Reserve in excess of the amount required to cover all such Lease Sweep Re-tenanting Costs are required to be released to the borrower and (ii) the funds retained in the Lease Sweep Reserve to cover all such Lease Sweep Re-tenanting Costs are required to be disbursed to the borrower to fund such Lease Sweep Re-tenanting Costs. A Specified Tenant Sweep Event will also cease on the date on which the following amounts have accumulated in the Lease Sweep Reserve: (x) the Lease Sweep Reserve Deposit Amount with respect to any portion of the space demised under the applicable lease that has not been re-tenanted and (y) to the extent a portion of the space demised under the applicable Specified Tenant lease has been re-tenanted pursuant to one or more qualified leases, in the lender's judgment, sufficient funds have also been accumulated in the Lease Sweep Reserve, subject to the cap described above, to cover all anticipated Lease Sweep Re-tenanting Costs related to the space that has been re-tenanted.

***Current Mezzanine or Secured Subordinate Indebtedness.*** None.

***Permitted Future Mezzanine or Secured Subordinate Indebtedness.*** Not permitted.

***Release of Collateral.*** Not permitted.

***Ground Lease*.** None.

A-3-9

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Mixed Use – Office/Retail<br> 11549 Ash Street<br> Leawood, KS 66211 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 2<br> **Park Place Village** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$62,000,000<br> 61.0%<br> 2.28x<br> 15.9% |

---

![](n5335ts_img005.jpg)

A-3-10

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Mixed Use – Office/Retail<br> 11549 Ash Street<br> Leawood, KS 66211 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 2<br> **Park Place Village** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$62,000,000<br> 61.0%<br> 2.28x<br> 15.9% |

---

![](n5335ts_img006.jpg)

A-3-11

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Mixed Use – Office/Retail<br> 11549 Ash Street<br> Leawood, KS 66211 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 2<br> **Park Place Village** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$62,000,000<br> 61.0%<br> 2.28x<br> 15.9% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Loan Seller:** | &nbsp;&nbsp;GACC | &nbsp;&nbsp;**Single Asset / Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Acquisition | &nbsp;&nbsp;**Property Type – Subtype:** | &nbsp;&nbsp;Mixed Use - Office/Retail |
| &nbsp;&nbsp;**Borrower Sponsor(s):** | &nbsp;&nbsp;Vijaya Borra | &nbsp;&nbsp;**Collateral:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Borrower(s):** | &nbsp;&nbsp;Park Place Village Holdings LLC | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;Leawood, KS |
| &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;$62000000 | &nbsp;&nbsp;**Year Built / Renovated:** | &nbsp;&nbsp;2007-2013 / 2016 |
| &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$62000000 | &nbsp;&nbsp;**Property Management:** | &nbsp;&nbsp;CBRE, Inc. |
| &nbsp;&nbsp;**% by Initial UPB:** | &nbsp;&nbsp;4.7% | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;484,980 SF |
| &nbsp;&nbsp;**Interest Rate:** | &nbsp;&nbsp;6.54000% | &nbsp;&nbsp;**Appraised Value (As Is) / Per SF:** | &nbsp;&nbsp;$101,700,000 / $210 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;September 23, 2025 | &nbsp;&nbsp;**Appraisal Date:** | &nbsp;&nbsp;July 16, 2025 |
| &nbsp;&nbsp;**Original Term:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**Occupancy:** | &nbsp;&nbsp;93.4% (as of August 1, 2025) |
| &nbsp;&nbsp;**Amortization:** | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;**UW Economic Occupancy:** | &nbsp;&nbsp;94.4% |
| &nbsp;&nbsp;**Original Amortization:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Underwritten NOI:** | &nbsp;&nbsp;$9836014 |
| &nbsp;&nbsp;**Interest Only Period:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**Underwritten NCF:** | &nbsp;&nbsp;$9385453 |
| &nbsp;&nbsp;**First Payment Date:** | &nbsp;&nbsp;November 6, 2025 |  |  |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;October 6, 2030 | &nbsp;&nbsp;**Historical NOI** | &nbsp;&nbsp;**Historical NOI** |
| &nbsp;&nbsp;**Additional Debt Type:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Most Recent NOI:** | &nbsp;&nbsp;$10,290,058 (TTM June 30, 2025) |
| &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**2024 NOI:** | &nbsp;&nbsp;$10573361 |
| &nbsp;&nbsp;**Call Protection:** | &nbsp;&nbsp;L(24),D(31),O(5) | &nbsp;&nbsp;**2023 NOI:** | &nbsp;&nbsp;$9103010 |
| &nbsp;&nbsp;**Lockbox / Cash Management:** | &nbsp;&nbsp;Hard / Springing | &nbsp;&nbsp;**2022 NOI:** | &nbsp;&nbsp;NAV |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Financial Information** | &nbsp;&nbsp;**Financial Information** |
|  | &nbsp;&nbsp;**Initial** | &nbsp;&nbsp;**Monthly** | &nbsp;&nbsp;**Cap** | &nbsp;&nbsp;**Cut-off Date Loan / SF:** | &nbsp;&nbsp;$128 |
| &nbsp;&nbsp;**Taxes:** | &nbsp;&nbsp;$1654568 | &nbsp;&nbsp;$275761 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date Loan / SF:** | &nbsp;&nbsp;$128 |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;61.0% |
| &nbsp;&nbsp;**Replacement Reserves:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$18591 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date LTV:** | &nbsp;&nbsp;61.0% |
| &nbsp;&nbsp;**TI/LC Reserve:** | &nbsp;&nbsp;$5000000 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;$2000000 | &nbsp;&nbsp;**UW NOI DY:** | &nbsp;&nbsp;15.9% |
| &nbsp;&nbsp;**Deferred Maintenance:** | &nbsp;&nbsp;$25800 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.28x |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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; $62000000 | &nbsp;&nbsp;56.4% | &nbsp;&nbsp;Purchase Price | &nbsp;&nbsp;$100000000 | &nbsp;&nbsp;90.9% |
| &nbsp;&nbsp;Borrower Sponsor Equity | &nbsp;&nbsp;47985728 | &nbsp;&nbsp;43.6 | &nbsp;&nbsp;Upfront Reserves | &nbsp;&nbsp;6680368 | &nbsp;&nbsp;6.1 |
|  |  |  | &nbsp;&nbsp;Closing Costs | &nbsp;&nbsp;3305360 | &nbsp;&nbsp;3.0 |
| &nbsp;&nbsp;**Total Sources** | &nbsp;&nbsp;**$109985728** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses** | &nbsp;&nbsp;**$109985728** | &nbsp;&nbsp;**100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) See "*Initial and Ongoing Reserves*" below for further discussion of reserve information.

**The Loan.** The second largest mortgage loan (the "**<u>Park Place Village Mortgage Loan</u>**") is secured by a first lien on the borrower's fee interest in a 484,980 square foot, mixed use, office and retail property located in Leawood, Kansas (the "**<u>Park Place Village Property</u>**"). The Park Place Village Mortgage Loan is evidenced by a single promissory note with an outstanding principal balance as of the Cut-off Date of $62,000,000. The Park Place Village Mortgage Loan was originated by German American Capital Corporation on September 23, 2025 and has an initial term of five years, is interest-only for the full term and accrues interest at a fixed rate of 6.54000% *per annum* on an Actual/360 basis.

**The Property.** The Park Place Village Property is a ten-building, 484,980 square foot, Class A mixed-use office and retail development located at 11549 Ash Street in the city of Leawood, Kansas, within the Kansas City metropolitan area. Constructed in phases between 2007 and 2013, the Park Place Village Property is situated on a 6.07-acre site within the larger Park Place Village development, which features a pedestrian-friendly town square and serves as a suburban destination for business, dining, and retail. The Park Place Village Property benefits from connectivity to Interstate 435 (1.3 miles north), US-69, and other major thoroughfares, providing direct access to downtown Kansas City (20 minutes north), the Country Club Plaza, and Kansas City International Airport (35 minutes north). The

A-3-12

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Mixed Use – Office/Retail<br> 11549 Ash Street<br> Leawood, KS 66211 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 2<br> **Park Place Village** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$62,000,000<br> 61.0%<br> 2.28x<br> 15.9% |

---

surrounding area includes some of the region's most desirable residential communities such as Overland Park, Prairie Village, and Mission Hills.

The Park Place Village Property comprises ten buildings, including two office buildings, three retail buildings, and five mixed-use buildings with office space above ground-floor retail. The property features 381,086 square feet of office space (78.6% of NRA and 83.5% of underwritten base rent) and 102,907 square feet of retail space (21.2% of NRA and 16.5% of underwritten base rent). As of August 1, 2025, the property was 93.4% leased to a diverse roster of 56 tenants, including financial services, legal, technology, and hospitality users.

The Park Place Village Property offers a robust amenity package, including 1,693 parking spaces across five garages (3.49/1,000 SF NRA), high-end restaurants such as 801 Chophouse, Aqua Penny's, Plate Italiano Moderno, and RA Sushi, boutique retail, wellness studios, and nearby non-collateral assets such as a 156-room Aloft Hotel and multifamily residences. Office leases are generally structured on a base-year reimbursement basis, while retail leases are typically net. The tenant roster is granular, with no tenant other than American Multi-Cinema occupying more than 8.3% of NRA, and the average tenant occupying less than 2.0% of NRA.

**Major Tenants.** The three largest tenants based on underwritten base rent are American Multi-Cinema ("**<u>AMC</u>**"), SCOR Global Life USA ("**<u>SCOR</u>**") and Northwestern Mutual.

*American Multi-Cinema (127,340 square feet; 26.3% of net rentable area; 28.2% of underwritten base rent)*. Founded in 1920 in Kansas City, Missouri, American Multi-Cinema (AMC Theatres) is the largest movie theater chain in the United States and globally, operating over 10,000 screens across nearly 900 theaters. Headquartered in Leawood, Kansas, AMC has pioneered numerous innovations in the cinema industry, including the first multiplex in 1962, stadium seating, dine-in theaters, and premium formats like Dolby Cinema and IMAX. AMC's operations span entertainment, hospitality, and retail, with a focus on delivering immersive cinematic experiences. The company went public in 2013 and has since expanded through acquisitions of Carmike Cinemas, Odeon & UCI Cinemas, and Starplex Cinemas. AMC has maintained its corporate headquarters in the Kansas City metropolitan area throughout its 105-year history and is currently headquartered at the Park Place Village Property. The company has been a tenant at the property since June 2013. In July 2025, AMC executed a lease amendment to extend its lease term through December 31, 2035. AMC retains two five-year renewal options at market rates and has no remaining termination options.

*SCOR Global Life USA (40,286 square feet; 8.3% of net rentable area; 10.0% of underwritten base rent)*. Founded in 1970 and headquartered in Paris, France, SCOR Global Life USA is the U.S. subsidiary of SCOR SE, the world's sixth-largest reinsurer and France's largest. SCOR provides property/casualty and life/health reinsurance products globally and is publicly traded on the Euronext Paris stock exchange under the ticker symbol SCR. The company has grown both organically and through acquisitions, including reinsurance portfolios from Allstate, ReMark, Transamerica Re, and Generali US. SCOR operates with approximately 3,500 employees across 35 global offices. SCOR Global has maintained a regional hub at the Park Place Village Property since December 2011. The location serves as SCOR's westernmost outpost in the United States and is one of six U.S. offices. The current lease term for SCOR Global Life USA Reinsurance Company runs through November 2026, with no remaining renewal or termination options. The leased premises support SCOR's regional operations and reinforce its presence in the Kansas City metropolitan area.

*Northwestern Mutual (32,523 square feet; 6.7% of net rentable area; 7.8% of underwritten base rent)*. Founded in 1857 and headquartered in Milwaukee, Wisconsin, Northwestern Mutual is a leading financial services firm ranked 111 on the 2023 Fortune 500. The company is the largest direct provider of individual life insurance in the United States and serves over 5 million customers through a network of more than 22,000 financial professionals. As of fiscal year 2023, Northwestern Mutual reported $359 billion in company assets, $281 billion in investment client assets under management, and $36 billion in annual revenue. The leased premises house financial planners, wealth managers, and insurance professionals. Northwestern Mutual does not have any remaining termination options.

A-3-13

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Mixed Use – Office/Retail<br> 11549 Ash Street<br> Leawood, KS 66211 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 2<br> **Park Place Village** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$62,000,000<br> 61.0%<br> 2.28x<br> 15.9% |

---

The following table presents certain information relating to the largest tenants by underwritten base rent at the Park Place Village Property:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Tenant Summary<sup>(1)</sup>** | **Tenant Summary<sup>(1)</sup>** | **Tenant Summary<sup>(1)</sup>** | **Tenant Summary<sup>(1)</sup>** | **Tenant Summary<sup>(1)</sup>** | **Tenant Summary<sup>(1)</sup>** | **Tenant Summary<sup>(1)</sup>** | **Tenant Summary<sup>(1)</sup>** |
| <br>**Tenant** | **Credit Rating (Moody's / S&P / Fitch)<sup>(2)</sup>** | <br> **Net Rentable Area (SF)** | <br>**% of NRSF** | <br>**U/W Base Rent** | <br> **U/W Base Rent Per SF** | **% Annual U/W Base Rent** | <br>**Lease Expiration** |
| &nbsp;&nbsp;**Major Tenants-Office** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;American Multi-Cinema | &nbsp;&nbsp;Caa2/CCC+/NR | &nbsp;&nbsp;127340 | &nbsp;&nbsp;26.3% | &nbsp;&nbsp;$4026491 | &nbsp;&nbsp;$31.62 | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;12/31/2035 &nbsp;&nbsp; N |
| &nbsp;&nbsp;SCOR Global Life USA | &nbsp;&nbsp;A1/A+/A | &nbsp;&nbsp;40286 | &nbsp;&nbsp;8.3% | &nbsp;&nbsp;$1432974 | &nbsp;&nbsp;$35.57 | &nbsp;&nbsp;10.0% | &nbsp;&nbsp;11/30/2026 &nbsp;&nbsp; N |
| &nbsp;&nbsp;Northwestern Mutual | &nbsp;&nbsp;Aa1/AA+/AA+ | &nbsp;&nbsp;32523 | &nbsp;&nbsp;6.7% | &nbsp;&nbsp;$1113913 | &nbsp;&nbsp;$34.25 | &nbsp;&nbsp;7.8% | &nbsp;&nbsp;4/30/2030 &nbsp;&nbsp; N |
| &nbsp;&nbsp;First Federal Bank of KC | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;24146 | &nbsp;&nbsp;5.0% | &nbsp;&nbsp;$796818 | &nbsp;&nbsp;$33.00 | &nbsp;&nbsp;5.6% | &nbsp;&nbsp;7/31/2032 &nbsp;&nbsp; N |
| &nbsp;&nbsp;Rouse Frets White Goss Gentile Rhodes | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;23437 | &nbsp;&nbsp;4.8% | &nbsp;&nbsp;$790764 | &nbsp;&nbsp;$33.74 | &nbsp;&nbsp;5.5% | &nbsp;&nbsp;7/31/2032 &nbsp;&nbsp; N |
| &nbsp;&nbsp;**Total Major Office Tenants** |  | &nbsp;&nbsp;**247732** | &nbsp;&nbsp;**51.1%** | &nbsp;&nbsp;**$8160960** | &nbsp;&nbsp;**$32.94** | &nbsp;&nbsp;**57.2%** |  |
| &nbsp;&nbsp;**Major Tenants-Retail** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;801 Chophouse - I | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;7793 | &nbsp;&nbsp;1.6% | &nbsp;&nbsp;$219373 | &nbsp;&nbsp;$28.15 | &nbsp;&nbsp;1.5% | &nbsp;&nbsp;3/31/2034 &nbsp;&nbsp; N |
| &nbsp;&nbsp;Aqua Penny's | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;7500 | &nbsp;&nbsp;1.5% | &nbsp;&nbsp;$217500 | &nbsp;&nbsp;$29.00 | &nbsp;&nbsp;1.5% | &nbsp;&nbsp;3/31/2034 &nbsp;&nbsp; N |
| &nbsp;&nbsp;Plate | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;5972 | &nbsp;&nbsp;1.2% | &nbsp;&nbsp;$114662 | &nbsp;&nbsp;$19.20 | &nbsp;&nbsp;0.8% | &nbsp;&nbsp;1/31/2029 &nbsp;&nbsp; N |
| &nbsp;&nbsp;RA Sushi | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;5569 | &nbsp;&nbsp;1.1% | &nbsp;&nbsp;$196953 | &nbsp;&nbsp;$35.37 | &nbsp;&nbsp;1.4% | &nbsp;&nbsp;8/31/2029 &nbsp;&nbsp; N |
| &nbsp;&nbsp;Bamboo Penny's | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;5208 | &nbsp;&nbsp;1.1% | &nbsp;&nbsp;$109941 | &nbsp;&nbsp;$21.11 | &nbsp;&nbsp;0.8% | &nbsp;&nbsp;6/30/2028 &nbsp;&nbsp; N |
| &nbsp;&nbsp;**Total Major Retail Tenants** |  | &nbsp;&nbsp;**32042** | &nbsp;&nbsp;**6.6%** | &nbsp;&nbsp;**$858429** | &nbsp;&nbsp;**$26.79** | &nbsp;&nbsp;**6.0%** |  |
| &nbsp;&nbsp;**Total Major Tenants** |  | &nbsp;&nbsp;**279774** | &nbsp;&nbsp;**57.7%** | &nbsp;&nbsp;**9019389** | &nbsp;&nbsp;**$32.24** | &nbsp;&nbsp;**63.2%** |  |
| &nbsp;&nbsp;Non- Major Tenants |  | &nbsp;&nbsp;173259 | &nbsp;&nbsp;35.7% | &nbsp;&nbsp;$5256816 | &nbsp;&nbsp;$30.34 | &nbsp;&nbsp;36.8% |  |
| &nbsp;&nbsp;**Total Occupied** |  | &nbsp;&nbsp;**453033** | &nbsp;&nbsp;**93.4%** | &nbsp;&nbsp;**$14276206** | &nbsp;&nbsp;**$31.51** | &nbsp;&nbsp;**100.0%** |  |
| &nbsp;&nbsp;Vacant |  | &nbsp;&nbsp;31947 | &nbsp;&nbsp;6.6% |  |  |  |  |
| &nbsp;&nbsp;**Total** |  | &nbsp;&nbsp;**484980** | &nbsp;&nbsp;**100.0%** |  |  |  |  |

---

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

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

A-3-14

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Mixed Use – Office/Retail<br> 11549 Ash Street<br> Leawood, KS 66211 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 2<br> **Park Place Village** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$62,000,000<br> 61.0%<br> 2.28x<br> 15.9% |

---

The following table presents certain information relating to the lease rollover schedule at the Park Place Village Property, based on initial lease expiration dates:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &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 Ending December 31** | &nbsp;&nbsp;**Expiring Owned GLA** | &nbsp;&nbsp;**% of Owned GLA** | &nbsp;&nbsp;**Cumulative % of Owned GLA** | &nbsp;&nbsp;**U/W Base Rent** | &nbsp;&nbsp;**% of Total U/W Base Rent** | &nbsp;&nbsp;**U/W Base Rent $ per SF** | &nbsp;&nbsp;**# of Expiring Leases** |
| &nbsp;&nbsp;2025 & MTM | &nbsp;&nbsp;0 | &nbsp;&nbsp; 0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2026 | &nbsp;&nbsp;69355 | &nbsp;&nbsp; 14.3% | &nbsp;&nbsp;14.3% | &nbsp;&nbsp; $2327861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.3% | &nbsp;&nbsp;$33.56 | &nbsp;&nbsp;10 |
| &nbsp;&nbsp;2027 | &nbsp;&nbsp;27419 | &nbsp;&nbsp; 5.7% | &nbsp;&nbsp;20.0% | &nbsp;&nbsp; $769898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.4% | &nbsp;&nbsp;$28.08 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;2028 | &nbsp;&nbsp;16573 | &nbsp;&nbsp; 3.4% | &nbsp;&nbsp;23.4% | &nbsp;&nbsp; $446483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.1% | &nbsp;&nbsp;$26.94 | &nbsp;&nbsp;10 |
| &nbsp;&nbsp;2029 | &nbsp;&nbsp;28322 | &nbsp;&nbsp; 5.8% | &nbsp;&nbsp;29.2% | &nbsp;&nbsp; $863600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.0% | &nbsp;&nbsp;$30.49 | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;2030 | &nbsp;&nbsp;87818 | &nbsp;&nbsp; 18.1% | &nbsp;&nbsp;47.3% | &nbsp;&nbsp; $2926037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20.5% | &nbsp;&nbsp;$33.32 | &nbsp;&nbsp;14 |
| &nbsp;&nbsp;2031 | &nbsp;&nbsp;8737 | &nbsp;&nbsp; 1.8% | &nbsp;&nbsp;49.1% | &nbsp;&nbsp; $200394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.4% | &nbsp;&nbsp;$22.94 | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;2032 | &nbsp;&nbsp;47583 | &nbsp;&nbsp; 9.8% | &nbsp;&nbsp;58.9% | &nbsp;&nbsp; $1587582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.1% | &nbsp;&nbsp;$33.36 | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;2033 | &nbsp;&nbsp;10707 | &nbsp;&nbsp; 2.2% | &nbsp;&nbsp;61.1% | &nbsp;&nbsp; $364821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.6% | &nbsp;&nbsp;$34.07 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;2034 | &nbsp;&nbsp;26466 | &nbsp;&nbsp; 5.5% | &nbsp;&nbsp;66.6% | &nbsp;&nbsp; $718164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.0% | &nbsp;&nbsp;$27.14 | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;2035 | &nbsp;&nbsp;127340 | &nbsp;&nbsp; 26.3% | &nbsp;&nbsp;92.9% | &nbsp;&nbsp; $4026491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28.2% | &nbsp;&nbsp;$31.62 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;2036 & Thereafter | &nbsp;&nbsp;2713 | &nbsp;&nbsp; 0.6% | &nbsp;&nbsp; 93.4% | &nbsp;&nbsp; $44876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.3% | &nbsp;&nbsp;$16.54 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Vacant | &nbsp;&nbsp;31947 | &nbsp;&nbsp; 6.6% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp; NAP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**Total / Wtd. Avg.** | &nbsp;&nbsp;**484980** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$14276206** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$31.51** | &nbsp;&nbsp;**62** |

---

(1) Based on the underwritten rent roll dated August 1, 2025. Certain tenants may have lease termination
options that are not reflected in the Lease Rollover Schedule.

A-3-15

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Mixed Use – Office/Retail<br> 11549 Ash Street<br> Leawood, KS 66211 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 2<br> **Park Place Village** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$62,000,000<br> 61.0%<br> 2.28x<br> 15.9% |

---

The following table presents certain information relating to the historical operating performance and Underwritten Net Cash Flow at the Park Place Village:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** |
|  | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**TTM 6/30/2025** | &nbsp;&nbsp;**UW<sup>(1)</sup>** | &nbsp;&nbsp;**UW PSF** |
| &nbsp;&nbsp;Base Rent | &nbsp;&nbsp;$14023789 | &nbsp;&nbsp;$14717742 | &nbsp;&nbsp;$14858986 | &nbsp;&nbsp;$14276206 | &nbsp;&nbsp;$29.44 |
| &nbsp;&nbsp;Rent Steps | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;207317 | &nbsp;&nbsp;0.43 |
| &nbsp;&nbsp;Potential Income from Vacant Space | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1094795 | &nbsp;&nbsp;2.26 |
| &nbsp;&nbsp;Reimbursements | &nbsp;&nbsp;2452570 | &nbsp;&nbsp;2820911 | &nbsp;&nbsp;2731476 | &nbsp;&nbsp;3071522 | &nbsp;&nbsp;6.33 |
| &nbsp;&nbsp;**Gross Potential Income** | &nbsp;&nbsp;**$16476359** | &nbsp;&nbsp;**$17538653** | &nbsp;&nbsp;**$17590462** | &nbsp;&nbsp;**$18649840** | &nbsp;&nbsp;**$38.45** |
| &nbsp;&nbsp;Economic Vacancy & Abatements | &nbsp;&nbsp;(504045) | &nbsp;&nbsp;(115313) | &nbsp;&nbsp;(207988) | &nbsp;&nbsp;(1094795) | &nbsp;&nbsp;(2.26) |
| &nbsp;&nbsp;Other Income<sup>(2)</sup> | &nbsp;&nbsp;739842 | &nbsp;&nbsp;661903 | &nbsp;&nbsp;743473 | &nbsp;&nbsp;784228 | &nbsp;&nbsp;1.62 |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$16712156** | &nbsp;&nbsp;**$18085243** | &nbsp;&nbsp;**$18125947** | &nbsp;&nbsp;**$18339273** | &nbsp;&nbsp;**$37.81** |
| &nbsp;&nbsp;Real Estate Taxes | &nbsp;&nbsp;3061980 | &nbsp;&nbsp;2622964 | &nbsp;&nbsp;2847662 | &nbsp;&nbsp;3250000 | &nbsp;&nbsp;6.70 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;125338 | &nbsp;&nbsp;156729 | &nbsp;&nbsp;107283 | &nbsp;&nbsp;359285 | &nbsp;&nbsp;0.74 |
| &nbsp;&nbsp;Other Expenses<sup>(3)</sup> | &nbsp;&nbsp;4421828 | &nbsp;&nbsp;4732189 | &nbsp;&nbsp;4880944 | &nbsp;&nbsp;4893974 | &nbsp;&nbsp;10.09 |
| &nbsp;&nbsp;**Total Operating Expenses** | &nbsp;&nbsp;**$7609146** | &nbsp;&nbsp;**$7511882** | &nbsp;&nbsp;**$7835889** | &nbsp;&nbsp;**$8503259** | &nbsp;&nbsp;**$17.53** |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$9103010** | &nbsp;&nbsp;**$10573361** | &nbsp;&nbsp;**$10290058** | &nbsp;&nbsp;**$9836014** | &nbsp;&nbsp;**$20.28** |
| &nbsp;&nbsp;Replacement Reserves | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;223091 | &nbsp;&nbsp;0.46 |
| &nbsp;&nbsp;TI/LC Reserve Credit | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;(500000) | &nbsp;&nbsp;(1.03) |
| &nbsp;&nbsp;TI/LC | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;727470 | &nbsp;&nbsp;1.50 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$9103010** | &nbsp;&nbsp;**$10573361** | &nbsp;&nbsp;**$10290058** | &nbsp;&nbsp;**$9385453** | &nbsp;&nbsp;**$19.35** |
| &nbsp;&nbsp;**Occupancy (%)** | &nbsp;&nbsp;**98.0%** | &nbsp;&nbsp;**99.0%** | &nbsp;&nbsp;**93.4%<sup>(4)</sup>** | &nbsp;&nbsp;**94.4%<sup>(5)</sup>** |  |
| &nbsp;&nbsp;**NCF DSCR** | &nbsp;&nbsp;**2.21x** | &nbsp;&nbsp;**2.57x** | &nbsp;&nbsp;**2.50x** | &nbsp;&nbsp;**2.28x** |  |
| &nbsp;&nbsp;**NOI Debt Yield** | &nbsp;&nbsp;**14.7%** | &nbsp;&nbsp;**17.1%** | &nbsp;&nbsp;**16.6%** | &nbsp;&nbsp;**15.9%** |  |

---

(1) UW Base Rent is based on the underwritten rent roll dated August 1, 2025.

(2) Other Income includes parking revenue, percentage rent and miscellaneous income.

(3) Other Expenses includes management fees, general and administrative expenses, utilities, janitorial, common
area maintenance, and marketing.

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

(5) Represents economic occupancy.

A-3-16

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Mixed Use – Office/Retail<br> 11549 Ash Street<br> Leawood, KS 66211 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 2<br> **Park Place Village** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$62,000,000<br> 61.0%<br> 2.28x<br> 15.9% |

---

**Appraisal.** According to the appraisal, the Park Place Village Property had an "as-is" appraised value of $101,700,000 as of July 16, 2025, as shown in the table below.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Park Place Village Appraised Value<sup>(1)</sup>** | &nbsp;&nbsp;**Park Place Village Appraised Value<sup>(1)</sup>** | &nbsp;&nbsp;**Park Place Village Appraised Value<sup>(1)</sup>** |
| **Property** | **Value** | **Capitalization Rate** |
| &nbsp;&nbsp;Park Place Village | &nbsp;&nbsp;$101700000 | &nbsp;&nbsp;8.50% |

---

(1) Source: Appraisal.

**Environmental Matters.** According to a Phase I environmental report dated July 8, 2025, there was no evidence of any recognized environmental conditions at the Park Place Village Property.

**The Market.** The Park Place Village Property is located at 11549 Ash Street in Leawood, Kansas, within Johnson County, an affluent submarket in the Kansas City metropolitan area. The Park Place Village Property is part of a mixed-use development that combines office, retail, dining, and entertainment uses across a well-landscaped, pedestrian-friendly environment. The immediate area features a mix of national and local retailers, including Cosentino's Market, Pinstripes, and AMC Theatres, alongside boutique restaurants such as 801 Chophouse and Aixois. The Park Place Village Property benefits from strong regional connectivity via nearby highways and is surrounded by established residential neighborhoods and commercial corridors.

According to the appraisal, Park Place Village Property is located within the Johnson County office and retail submarkets. As of the second quarter of 2025, the local office vacancy rate stood at 22.5%, while retail vacancy was significantly lower at 4.9%, reflecting continued demand for well-located retail space. The broader regional office market reported a vacancy rate of 20.7%, with competitive properties averaging 11.8% vacancy as of July 2025. Asking rents in the area vary by product type and quality. Office space in the Midwest region averaged $27.52 per square foot, while retail rents for small shop space in the Park Place Village area typically range from $30 to $40 per square foot, supported by the property's upscale tenant mix and strong consumer demographics.

The following table presents information relating to comparable sales to the Park Place Village Property:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Comparable Office Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Office Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Office Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Office Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Office Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Office Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Office Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Office Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Office Sales<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property Name/Location** | &nbsp;&nbsp;**Year Built/ Renovated** | &nbsp;&nbsp;**Total GLA (SF)** | &nbsp;&nbsp;**Occupancy (%)** | &nbsp;&nbsp;**Transaction Date** | &nbsp;&nbsp;**Price** | &nbsp;&nbsp;**Price per SF** | &nbsp;&nbsp;**Sale Cap Rate** | &nbsp;&nbsp;**Tenancy** |
| &nbsp;&nbsp;**Park Place Village<br> Leawood, KS** | &nbsp;&nbsp;**2007-2013 / 2016** | &nbsp;&nbsp;**484,980 SF<sup>(2)</sup>** | &nbsp;&nbsp;**93.4%<sup>(2)</sup>** | &nbsp;&nbsp;**September 2025** | &nbsp;&nbsp;**$100000000** | &nbsp;&nbsp;**$206.19** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**Multi-Tenant** |
| &nbsp;&nbsp;Advance Auto Parts Tower | &nbsp;&nbsp;2020 / NAP | &nbsp;&nbsp;346,419 SF | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;March 2025 | &nbsp;&nbsp;$137500000 | &nbsp;&nbsp;$396.92 | &nbsp;&nbsp;8.00% | &nbsp;&nbsp;Multi-Tenant |
| &nbsp;&nbsp;Raleigh, NC | &nbsp;&nbsp;2020 / NAP | &nbsp;&nbsp;346,419 SF | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;March 2025 | &nbsp;&nbsp;$137500000 | &nbsp;&nbsp;$396.92 | &nbsp;&nbsp;8.00% | &nbsp;&nbsp;Multi-Tenant |
| &nbsp;&nbsp;Vantage South End Mixed-Use | &nbsp;&nbsp;2022 / NAP | &nbsp;&nbsp;644,914 SF | &nbsp;&nbsp;97.4% | &nbsp;&nbsp;December 2024 | &nbsp;&nbsp;$328500000 | &nbsp;&nbsp;$509.37 | &nbsp;&nbsp;7.40% | &nbsp;&nbsp;Multi-Tenant |
| &nbsp;&nbsp;Charlotte, NC | &nbsp;&nbsp;2022 / NAP | &nbsp;&nbsp;644,914 SF | &nbsp;&nbsp;97.4% | &nbsp;&nbsp;December 2024 | &nbsp;&nbsp;$328500000 | &nbsp;&nbsp;$509.37 | &nbsp;&nbsp;7.40% | &nbsp;&nbsp;Multi-Tenant |
| &nbsp;&nbsp;One and Two Barton Skyway | &nbsp;&nbsp;1999 / NAP | &nbsp;&nbsp;390,963 SF | &nbsp;&nbsp;78.7% | &nbsp;&nbsp;November 2024 | &nbsp;&nbsp;$107600000 | &nbsp;&nbsp;$275.22 | &nbsp;&nbsp;8.27% | &nbsp;&nbsp;Multi-Tenant |
| &nbsp;&nbsp;Austin, TX | &nbsp;&nbsp;1999 / NAP | &nbsp;&nbsp;390,963 SF | &nbsp;&nbsp;78.7% | &nbsp;&nbsp;November 2024 | &nbsp;&nbsp;$107600000 | &nbsp;&nbsp;$275.22 | &nbsp;&nbsp;8.27% | &nbsp;&nbsp;Multi-Tenant |
| &nbsp;&nbsp;Preston Commons | &nbsp;&nbsp;1986 / 2011 | &nbsp;&nbsp;427,799 SF | &nbsp;&nbsp;95.5% | &nbsp;&nbsp;November 2024 | &nbsp;&nbsp;$152000000 | &nbsp;&nbsp;$355.31 | &nbsp;&nbsp;7.83% | &nbsp;&nbsp;Multi-Tenant |
| &nbsp;&nbsp;Dallas, TX | &nbsp;&nbsp;1986 / 2011 | &nbsp;&nbsp;427,799 SF | &nbsp;&nbsp;95.5% | &nbsp;&nbsp;November 2024 | &nbsp;&nbsp;$152000000 | &nbsp;&nbsp;$355.31 | &nbsp;&nbsp;7.83% | &nbsp;&nbsp;Multi-Tenant |
| &nbsp;&nbsp;The Union | &nbsp;&nbsp;2018 / NAP | &nbsp;&nbsp;506,070 SF | &nbsp;&nbsp;98.0% | &nbsp;&nbsp;July 2024 | &nbsp;&nbsp;$300000000 | &nbsp;&nbsp;$592.80 | &nbsp;&nbsp;7.55% | &nbsp;&nbsp;Multi-Tenant |
| &nbsp;&nbsp;Dallas, TX | &nbsp;&nbsp;2018 / NAP | &nbsp;&nbsp;506,070 SF | &nbsp;&nbsp;98.0% | &nbsp;&nbsp;July 2024 | &nbsp;&nbsp;$300000000 | &nbsp;&nbsp;$592.80 | &nbsp;&nbsp;7.55% | &nbsp;&nbsp;Multi-Tenant |
| &nbsp;&nbsp;The McEwen Building | &nbsp;&nbsp;2009 / NAP | &nbsp;&nbsp;175,262 SF | &nbsp;&nbsp;97.0% | &nbsp;&nbsp;February 2024 | &nbsp;&nbsp;$48750000 | &nbsp;&nbsp;$278.15 | &nbsp;&nbsp;8.50% | &nbsp;&nbsp;Multi-Tenant |
| &nbsp;&nbsp;Franklin, TN | &nbsp;&nbsp;2009 / NAP | &nbsp;&nbsp;175,262 SF | &nbsp;&nbsp;97.0% | &nbsp;&nbsp;February 2024 | &nbsp;&nbsp;$48750000 | &nbsp;&nbsp;$278.15 | &nbsp;&nbsp;8.50% | &nbsp;&nbsp;Multi-Tenant |

---

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

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

**The Borrower and the Borrower Sponsor.** The borrower is Park Place Village Holdings LLC, a Delaware limited liability company, with two independent directors in its organizational structure. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Park Place Village Mortgage Loan.

A-3-17

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Mixed Use – Office/Retail<br> 11549 Ash Street<br> Leawood, KS 66211 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 2<br> **Park Place Village** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$62,000,000<br> 61.0%<br> 2.28x<br> 15.9% |

---

The borrower sponsor and non-recourse carveout guarantor is Vijaya Borra. Mr. Borra is the chief executive officer of DFW Land LLC, a firm based in Dallas Fort Worth that provides land acquisition, development and property management services. Mr. Borra is also the chief executive officer of Paramount Global Solutions Inc., where for over 26 years he has provided internet technology strategy and software development services to a diverse range of clients across various industries.

**Property Management**. The Park Place Village Property is managed by CBRE, Inc., a third-party property management company.

**Initial and Ongoing Reserves**. At origination of the Park Place Village Mortgage Loan, the borrower deposited approximately (i) $1,654,568 in the tax reserve account, (ii) $5,000,000 in an account for future tenant improvements and leasing commission ("**<u>TI/LC</u>**") and (iii) $25,800 into the deferred maintenance account.

*Tax Reserve –* The borrower is required to deposit into a real estate tax reserve, on a monthly basis, 1/12th of the taxes that the lender estimates will be payable over the next-ensuing 12-month period (initially estimated to be approximately $275,761).

*Insurance Reserve –* The borrower is required to deposit into an insurance reserve, on a monthly basis, 1/12th of the amount which will be sufficient to pay the insurance premiums due for the renewal of coverage afforded by such policies upon the expiration thereof. Notwithstanding the foregoing, the borrower will not be required to make such deposits if an acceptable blanket policy is in place. At origination, an acceptable blanket policy was in place.

*Replacement Reserve* – The borrower is required to deposit into a replacement reserve, on a monthly basis, approximately $18,591.

*TI/LC Reserve* – In the event that (i) the amount in the TI/LC reserve account is less than $2,000,000 or (ii) the debt service coverage ratio for the Park Place Village Property is less than 1.45x, the borrower is required to deposit into the TI/LC reserve, on a monthly basis, approximately $727,470.

**Lockbox / Cash Management**. The Park Place Village Mortgage Loan is structured with a hard lockbox and springing cash management. The borrower was required at origination to establish a lender-controlled lockbox account, to deliver a notice to all tenants at the Park Place Village Property directing them to remit rent and all other sums due under the applicable lease directly to the lender-controlled lockbox account, and to cause all rents and other sums received by the borrower or the property manager, as applicable, to be deposited into such lender-controlled lockbox account within one business day of receipt. All funds deposited into the lockbox are required to be transferred on each business day to or at the direction of the borrower unless a Trigger Period (as defined below) exists, in which case 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 Park Place Village Mortgage Loan documents to make the required deposits, if any, into the tax and insurance reserves, pay debt service on the Park Place Village Mortgage Loan, make the required deposits into the replacement reserve and TI/LC reserve, pay operating expenses set forth in the annual budget (which must be reasonably approved by the lender during a Trigger Period) and lender approved extraordinary expenses; and all excess cash flow funds remaining in the cash management account after such application of funds are required to (i) during a Trigger Period due to a Lease Sweep Period (as defined below), and regardless of whether another Trigger Period exists, be deposited into a lease sweep reserve, or (ii) if no Lease Sweep Period exists, be held by the lender in an excess cash flow reserve account as additional collateral for the Park Place Village Mortgage Loan. Upon the cure of the applicable Trigger Period, the lender is required to return any amounts remaining on deposit in the excess cash flow reserve account to the borrower. Upon an event of default under the Park Place Village Mortgage Loan documents, the lender may apply funds to the Park Place Village Mortgage Loan in such priority as it may determine.

"**<u>Trigger Period</u>**" means a period: (A) commencing upon the earliest of (i) the occurrence and continuance of an event of default, (ii) the debt service coverage ratio falling below 1.30x, (iii) if the property manager is a borrower affiliate, certain bankruptcy or insolvency events of the property manager, (iv) certain bankruptcy or insolvency events of the borrower or the guarantor or (v) a Lease Sweep Period; and (B) expiring upon, with regard to any Trigger Period commenced in connection with (v) clause (i) above, the cure (if applicable) of such event of default, (w) clause (ii) above, the Park Place Village achieving a debt service coverage ratio of 1.30x or greater for two consecutive calculation periods, (x) clause (iii) above, a non-affiliated replacement manager approved by the lender being appointed, (y) clause (iv) above, if the bankruptcy or insolvency event was involuntary, upon the same being discharged or dismissed within 30 days of filing or (z) clause (v) above, the Lease Sweep Period ceasing to exist.

"**<u>Lease Sweep Period</u>**" means a period (A) commencing on the first monthly payment date following the earliest to occur of (1) the earlier of (a) twelve months prior to the earliest stated expiration of any Lease Sweep Lease (as defined below) and (b) the date by which the tenant under a Lease Sweep Lease is required to give notice of exercise of a renewal option (if such notice has not been given), (2) 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, (3) a Lease Sweep Lease, or any material portion thereof, is surrendered, canceled or terminated, (4) any tenant under a Lease Sweep Lease goes dark, (5) default under a Lease Sweep Lease by the tenant, or (6) the occurrence of certain bankruptcy or insolvency events for a tenant under a Lease Sweep Lease or its parent or guarantor and (B) terminating upon (v) in the case of clauses (1) and (4), the entirety of the space under the Lease Sweep Lease being leased under one or more qualified leases and, in the lender's

A-3-18

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Mixed Use – Office/Retail<br> 11549 Ash Street<br> Leawood, KS 66211 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 2<br> **Park Place Village** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$62,000,000<br> 61.0%<br> 2.28x<br> 15.9% |

---

judgement, sufficient funds being accumulated in the lease sweep reserve to cover associated costs, (w) in the case of clause (2), the date on which the Lease Sweep Lease tenant exercises its renewal or extension option and enough funds are accumulated to cover associated costs, (x) in the case of clause (3), such termination option is not validly exercised or is otherwise waived in writing by the tenant, (y) in the case of clause (5), the date on which the default has been cured and no other default occurs for a period of six months, and (z) in the case of clause (6) the related bankruptcy or insolvency proceeding has terminated and the Lease Sweep Lease and guarantee thereof has been affirmed or assumed without modification.

"**<u>Lease Sweep Lease</u>**" means (i) the American Multi-Cinema lease or (ii) any replacement lease that covers the majority of the space contained in the American Multi-Cinema lease.

**Current Mezzanine or Secured Subordinate Indebtedness.** None.

**Permitted Future Mezzanine or Secured Subordinate Indebtedness**. Not permitted.

**Release of Collateral.** Not permitted.

**Ground Lease.** None.

A-3-19

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; <br> Multifamily – High Rise<br> 180 Water Street<br> New York, NY 10038<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 3<br> **180 Water** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$60,000,000<br> 39.2%<br> 2.50x<br> 13.6% |

---

![](n5335ts_img007.jpg)

A-3-20

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; <br> Multifamily – High Rise<br> 180 Water Street<br> New York, NY 10038<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 3<br> **180 Water** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$60,000,000<br> 39.2%<br> 2.50x<br> 13.6% |

---

![](n5335ts_img008.jpg)

A-3-21

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; <br> Multifamily – High Rise<br> 180 Water Street<br> New York, NY 10038<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 3<br> **180 Water** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$60,000,000<br> 39.2%<br> 2.50x<br> 13.6% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Loan Seller:** | &nbsp;&nbsp;GACC | &nbsp;&nbsp;**Single Asset / Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;**Property Type – Subtype:** | &nbsp;&nbsp;Multifamily – High Rise |
| &nbsp;&nbsp;**Borrower Sponsor(s):** | &nbsp;&nbsp;60 Guilders, LLC | &nbsp;&nbsp;**Collateral:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Borrower(s):** | &nbsp;&nbsp;180 Water LLC | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;New York, NY |
| &nbsp;&nbsp;**Original Balance<sup>(1)</sup>:** | &nbsp;&nbsp;$60000000 | &nbsp;&nbsp;**Year Built / Renovated:** | &nbsp;&nbsp;1971 / 2017 |
| &nbsp;&nbsp;**Cut-off Date Balance<sup>(1)</sup>:** | &nbsp;&nbsp;$60000000 | &nbsp;&nbsp;**Property Management:** | &nbsp;&nbsp;60G MGMT, LLC |
| &nbsp;&nbsp;**% by Initial UPB:** | &nbsp;&nbsp;4.6% | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;581 Units |
| &nbsp;&nbsp;**Interest Rate<sup>(2)</sup>:** | &nbsp;&nbsp;5.33300% | &nbsp;&nbsp;**Appraised Value / Per Unit:** | &nbsp;&nbsp;$378,000,000 / $650,602 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;July 29, 2025 | &nbsp;&nbsp;**Appraisal Date:** | &nbsp;&nbsp;April 30, 2025 |
| &nbsp;&nbsp;**Original Term:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**Occupancy:** | &nbsp;&nbsp;97.6% (as of July 2, 2025) |
| &nbsp;&nbsp;**Amortization:** | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;**UW Economic Occupancy:** | &nbsp;&nbsp;94.7% |
| &nbsp;&nbsp;**Original Amortization:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Underwritten NOI:** | &nbsp;&nbsp;$20070365 |
| &nbsp;&nbsp;**Interest Only Period:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**Underwritten NCF:** | &nbsp;&nbsp;$20070365 |
| &nbsp;&nbsp;**First Payment Date:** | &nbsp;&nbsp;September 6, 2025 |  |  |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;August 6, 2030 | &nbsp;&nbsp;**Historical NOI** | &nbsp;&nbsp;**Historical NOI** |
| &nbsp;&nbsp;**Additional Debt Type<sup>(1)</sup>*:*** | &nbsp;&nbsp;*Pari Passu* / B-Note / Mezzanine | &nbsp;&nbsp;**Most Recent NOI:** | &nbsp;&nbsp;$18,062,021 (TTM May 31, 2025) |
| &nbsp;&nbsp;**Additional Debt Balance<sup>(1)</sup>:** | &nbsp;&nbsp;$88,000,000 / $132,000,000 / $100,000,000 | &nbsp;&nbsp;**2024 NOI:** | &nbsp;&nbsp;$17313508 |
| &nbsp;&nbsp;**Call Protection:** | &nbsp;&nbsp;L(26),D(30),O(4) | &nbsp;&nbsp;**2023 NOI:** | &nbsp;&nbsp;$15528907 |
| &nbsp;&nbsp;**Lockbox / Cash Management<sup>(3)</sup>:** | &nbsp;&nbsp;Soft (Residential); Hard (Commercial) / Springing | &nbsp;&nbsp;**2022 NOI:** | &nbsp;&nbsp;$12527357 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Reserves<sup>(4)</sup>** | &nbsp;&nbsp;**Reserves<sup>(4)</sup>** | &nbsp;&nbsp;**Reserves<sup>(4)</sup>** | &nbsp;&nbsp;**Reserves<sup>(4)</sup>** | &nbsp;&nbsp;**Financial Information<sup>(1)</sup>** | &nbsp;&nbsp;**Financial Information<sup>(1)</sup>** | &nbsp;&nbsp;**Financial Information<sup>(1)</sup>** |
|  | &nbsp;&nbsp;**Initial** | &nbsp;&nbsp;**Monthly** | &nbsp;&nbsp;**Cap** |  | &nbsp;&nbsp;**Senior Loan** | &nbsp;&nbsp;**Whole Loan** |
| &nbsp;&nbsp;**Taxes<sup>(5)</sup>:** | &nbsp;&nbsp;$726573 | &nbsp;&nbsp;$908216 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Cut-off Date Loan / Unit:** | &nbsp;&nbsp;$254733 | &nbsp;&nbsp;$481928 |
| &nbsp;&nbsp;**Insurance<sup>(5)</sup>:** | &nbsp;&nbsp;$197336 | &nbsp;&nbsp;$101195 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date Loan / Unit:** | &nbsp;&nbsp;$254733 | &nbsp;&nbsp;$481928 |
| &nbsp;&nbsp;**Replacement Reserves:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$12104 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;39.2% | &nbsp;&nbsp;74.1% |
| &nbsp;&nbsp;**TI/LC Reserves:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$3178 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date LTV:** | &nbsp;&nbsp;39.2% | &nbsp;&nbsp;74.1% |
| &nbsp;&nbsp;**Immediate Repairs:** | &nbsp;&nbsp;$1209250 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**UW NOI DY:** | &nbsp;&nbsp;13.6% | &nbsp;&nbsp;7.2% |
| &nbsp;&nbsp;**Amenity Space Reserve:** | &nbsp;&nbsp;$4600000 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.50x | &nbsp;&nbsp;1.12x |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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;Senior Notes | &nbsp;&nbsp;$148000000 | &nbsp;&nbsp;40.2% | &nbsp;&nbsp;Loan Payoff<sup>(6)</sup> | &nbsp;&nbsp;$346635254 | &nbsp;&nbsp;94.1% |
| &nbsp;&nbsp;Junior Note | &nbsp;&nbsp;132000000 | &nbsp;&nbsp;35.8 | &nbsp;&nbsp;Closing Costs | &nbsp;&nbsp;14974995 | &nbsp;&nbsp;4.1 |
| &nbsp;&nbsp;Preferred Equity | &nbsp;&nbsp;50000000 | &nbsp;&nbsp;13.6 | &nbsp;&nbsp;Reserves | &nbsp;&nbsp;6733159 | &nbsp;&nbsp;1.8 |
| &nbsp;&nbsp;Borrower Sponsor Equity | &nbsp;&nbsp;38343408 | &nbsp;&nbsp;10.4 |  |  |  |
| &nbsp;&nbsp;**Total Sources** | &nbsp;&nbsp;**$368343408** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses** | &nbsp;&nbsp;**$368343408** | &nbsp;&nbsp;**100.0%** |

---

(1) The 180 Water Mortgage Loan (as defined below) is part of the 180 Water Whole Loan
(as defined below), which is comprised of seven *pari passu* senior promissory notes and one junior promissory note, with an aggregate
original principal balance and Cut-off Date Balance of $280,000,000. The Financial Information in the chart above under the heading "Senior
Loan" is based solely on the aggregate outstanding principal balance as of the Cut-off Date of the 180 Water Senior Loan (as defined
below) and the Financial Information in the chart above under the heading "Whole Loan" is based on the aggregate outstanding
principal balance as of the Cut-off Date of the 180 Water Whole Loan.

(2) The Mortgage Rate represents the weighted average interest rate of Notes A-3 and
A-4, which constitute the 180 Water Mortgage Loan. The weighted average interest rate for the 180 Water Senior Notes (as defined below)
is 5.34703378378378% *per annum* and the weighted average interest rate for the 180 Water Whole Loan is 6.319575% per annum. See
" *Description of the Mortgage Pool—Definitions*" in the Preliminary Prospectus.

(3) The 180 Water Whole Loan is structured with a hard lockbox for commercial tenants,
soft lockbox for residential tenants, and springing cash management.

(4) See "*Initial and Ongoing Reserves*" below.

(5) For the first four payment dates, the monthly deposit to the Taxes reserve will
be approximately $908,216 and for the first ten payment dates, the deposit to the Insurance reserve will be approximately $101,195. Thereafter
the deposit will be equal to 1/12 of the anticipated annual taxes or insurance premiums.

(6) The prior mortgage loan matured on November 6, 2024, and thereafter was in maturity
default, and a foreclosure action was filed in April 2025. The 180 Water Whole Loan repaid the prior mortgage loan in full and the foreclosure
action was terminated. See "*Description of the Mortgage Pool* — *Mortgage Pool Characteristics* — *Loan Purpose; Default History, Bankruptcy Issues and Other Proceedings*" in the Preliminary Prospectus.

A-3-22

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; <br> Multifamily – High Rise<br> 180 Water Street<br> New York, NY 10038<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 3<br> **180 Water** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$60,000,000<br> 39.2%<br> 2.50x<br> 13.6% |

---

**The Loan.** The third largest loan (the "**<u>180 Water Mortgage Loan</u>**") is part of a whole loan with an outstanding principal balance of $280,000,000 (the "**<u>180 Water Whole Loan</u>**") comprised of (i) seven *pari passu* senior notes with an aggregate outstanding principal balance of $148,000,000 (collectively the "**<u>180 Water Senior Notes</u>**"), which collectively evidence the senior portion of the 180 Water Whole Loan (the "**<u>180 Water Senior Loan</u>**"), and (ii) one junior note with an outstanding principal balance of $132,000,000 (the "**<u>180 Water Junior Note</u>**"). The 180 Water Mortgage Loan is comprised of the non-controlling Notes A-3 and A-4 with an aggregate outstanding principal balance of $60,000,000, which will be contributed to the Benchmark 2025-V18 securitization trust. The 180 Water Whole Loan is secured by the borrower's fee interest in a 581 unit, Class A, multifamily property located in New York, New York (the "**<u>180 Water Property</u>**"). The 180 Water Mortgage Loan has a five-year term, is interest-only for the full term and accrues interest at a fixed rate of 5.33300% *per annum* on an Actual/360 basis.

The relationship between the holders of the 180 Water Whole Loan is governed by a co-lender agreement as described under "*Description of the Mortgage Pool—The Whole Loans—The Non-Serviced AB Whole Loans"* in the Preliminary Prospectus. The 180 Water Whole Loan will be serviced under the trust and servicing agreement for the COMM 2025-180W securitization trust. See "*The Pooling and Servicing Agreement—Servicing of the Non-Serviced Mortgage Loans—Servicing of the 180 Water Mortgage Loan*" in the Preliminary Prospectus.

The table below identifies the promissory notes that comprise the 180 Water Whole Loan:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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 | &nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$1000000 | &nbsp;&nbsp;COMM 2025-180W | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;A-2 | &nbsp;&nbsp;50000000 | &nbsp;&nbsp;50000000 | &nbsp;&nbsp;Benchmark 2025-V17 | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**A-3** | &nbsp;&nbsp;**40000000** | &nbsp;&nbsp;**40000000** | &nbsp;&nbsp;**Benchmark 2025-V18** | &nbsp;&nbsp;**No** |
| &nbsp;&nbsp;**A-4** | &nbsp;&nbsp;**20000000** | &nbsp;&nbsp;**20000000** | &nbsp;&nbsp;**Benchmark 2025-V18** | &nbsp;&nbsp;**No** |
| &nbsp;&nbsp;A-5 | &nbsp;&nbsp;15000000 | &nbsp;&nbsp;15000000 | &nbsp;&nbsp;BMO 2025-5C12 | &nbsp;&nbsp;No |
| &nbsp;&nbsp;A-6 | &nbsp;&nbsp;12000000 | &nbsp;&nbsp;12000000 | &nbsp;&nbsp;BMO 2025-5C12 | &nbsp;&nbsp;No |
| &nbsp;&nbsp;A-7 | &nbsp;&nbsp;10000000 | &nbsp;&nbsp;10000000 | &nbsp;&nbsp;Benchmark 2025-V17 | &nbsp;&nbsp;No |
| &nbsp;&nbsp;B | &nbsp;&nbsp;132000000 | &nbsp;&nbsp;132000000 | &nbsp;&nbsp;COMM 2025-180W | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**$280000000** | &nbsp;&nbsp;**$280000000** |  |  |

---

**The Property*.*** The 180 Water Property is a 581-unit, 29-story, Class A multifamily property located in the Financial District of New York City. The 180 Water Property was constructed in 1971 as an office building, and subsequently converted to multifamily in 2017. The 180 Water Property was designed by CetraRuddy and offers studio to 3-bedroom residences along with an array of amenities, including a rooftop pool and terrace, a full Techno-Gym outfitted fitness center and yoga studio which feature panoramic views of Lower Manhattan, 24-hour concierge and valet services, and a residents' lounge featuring an entertainment kitchen, dining area, and gaming room. Residences offer 10' ceilings, over-sized picture frame windows which provide abundant natural light, white oak finished flooring and modern kitchens accented with custom paneled appliances and white lacquer cabinetry. Additionally, the 180 Water Property features 13,868 SF of grade-level and basement retail space on Water, John and Pearl Streets, of which 67.7% is vacant.

The 180 Water Property is located in Downtown Manhattan's Financial District. Once primarily a 9-to-5 district, the Financial District has transformed into a vibrant mixed-use neighborhood. The Financial District includes restaurants, hotels, shopping malls, renovated waterfront parks, and nightlife. The 180 Water Property is located an approximately 5-minute walk away from Fulton Street Center, which provides access to the 2, 3, 4, 5, A, C, J, and Z trains. Additionally, the Dey Street Passageway, an underground passage to the World Trade Center, provides access to the PATH station to New Jersey and the WTC Cortlandt Street station (1, 2, 3, A, C, E, N, R, W). Finally, the major ferry terminal at Wall Street, approximately a 7-minute walk from the 180 Water Property, offers connections to Brooklyn, Staten Island, Hoboken, and Jersey City.

The 180 Water Property is currently 97.6% physically occupied as of July 2, 2025 and the tenants are primarily comprised of high income, young professionals. Following loan origination, the equity ownership of the borrower anticipates that it will contribute approximately $6.5 million in cash equity to enhance the 180 Water Property's offerings by repurposing currently vacant commercial retail space into additional amenity space, as well as improving lighting in residential units during turnover. Approximately $5.6 million of that investment is planned to be spent transforming 9,382 SF of currently vacant retail space into amenities such as a spa, golf simulator, conference center, bowling alley, game room, and movie theater, although the 180 Water Whole Loan documents do not require the borrower to do such work. We cannot assure you that these capital improvements will be completed as expected or at all.

A-3-23

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; <br> Multifamily – High Rise<br> 180 Water Street<br> New York, NY 10038<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 3<br> **180 Water** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$60,000,000<br> 39.2%<br> 2.50x<br> 13.6% |

---

Economic vacancy at the 180 Water Property has declined from 19.3% in 2022 to 7.4% in 2024, and 4.8% as of the trailing three months ended May 31, 2025 (the "**<u>May 2025 T-3</u>**"). This reduction corresponds with a decrease in rental concessions, which fell from 15.8% of gross potential rent in 2022 to 3.4% in 2024 and 3.3% as of the trailing twelve months ended May 31, 2025 (the "**<u>May 2025 T-12</u>**"). Net rental income increased from $24.4 million in 2022 to $31.8 million in the May 2025 T-12, representing a 30.2% increase. As of the May 2025 T-3, net rental income reached $32.8 million, a 34.0% increase compared to 2022.

In addition to the 180 Water Property's 581 multifamily units and amenities, the 180 Water Property has 13,868 SF of retail space, of which 9,382 SF of currently vacant retail space is expected to be converted into amenities as described above. The 4,486 SF of remaining retail space is occupied by three tenants with a weighted average remaining lease term of 3.6 years. The largest tenant, Citibank, is a credit rated entity (Moody's / Fitch / S&P: A3 / A / BBB+).

The following table presents certain information relating to the unit mix at the 180 Water Property:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Unit Mix Summary<sup>(1)</sup>** | **Unit Mix Summary<sup>(1)</sup>** | **Unit Mix Summary<sup>(1)</sup>** | **Unit Mix Summary<sup>(1)</sup>** | **Unit Mix Summary<sup>(1)</sup>** | **Unit Mix Summary<sup>(1)</sup>** | **Unit Mix Summary<sup>(1)</sup>** | **Unit Mix Summary<sup>(1)</sup>** | **Unit Mix Summary<sup>(1)</sup>** |
| **Type** | **Total Units** | **Occupancy<sup>(2)</sup>** | **Vacant Units** | **Employee Units** | **Total SF** | **Average SF / Unit** | **Rent / Unit / Month** | **Rent / SF / Year** |
| &nbsp;&nbsp;Studio | &nbsp;&nbsp;260 | &nbsp;&nbsp;96.9% | &nbsp;&nbsp;8 | &nbsp;&nbsp;0 | &nbsp;&nbsp;119749 | &nbsp;&nbsp;461 | &nbsp;&nbsp;$3780 | &nbsp;&nbsp;$98.10 |
| &nbsp;&nbsp;1 Bed 1 Bath | &nbsp;&nbsp;174 | &nbsp;&nbsp;97.1% | &nbsp;&nbsp;5 | &nbsp;&nbsp;0 | &nbsp;&nbsp;109347 | &nbsp;&nbsp;628 | &nbsp;&nbsp;$4994 | &nbsp;&nbsp;$95.37 |
| &nbsp;&nbsp;1 Bed 2 Bath | &nbsp;&nbsp;45 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;39981 | &nbsp;&nbsp;888 | &nbsp;&nbsp;$6106 | &nbsp;&nbsp;$82.47 |
| &nbsp;&nbsp;2 Bed 1 Bath | &nbsp;&nbsp;26 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;19240 | &nbsp;&nbsp;740 | &nbsp;&nbsp;$6113 | &nbsp;&nbsp;$99.12 |
| &nbsp;&nbsp;2 Bed 2 Bath | &nbsp;&nbsp;27 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;27303 | &nbsp;&nbsp;1011 | &nbsp;&nbsp;$7131 | &nbsp;&nbsp;$84.63 |
| &nbsp;&nbsp;2 Bed 4 Bath | &nbsp;&nbsp;1 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1317 | &nbsp;&nbsp;1317 | &nbsp;&nbsp;$10695 | &nbsp;&nbsp;$97.45 |
| &nbsp;&nbsp;3 Bed 3 Bath | &nbsp;&nbsp;48 | &nbsp;&nbsp;97.9% | &nbsp;&nbsp;0 | &nbsp;&nbsp;1 | &nbsp;&nbsp;60384 | &nbsp;&nbsp;1258 | &nbsp;&nbsp;$9176 | &nbsp;&nbsp;$87.50 |
| &nbsp;&nbsp;**Total / W.A.** | &nbsp;&nbsp;**581** | &nbsp;&nbsp;**97.6%** | &nbsp;&nbsp;**13** | &nbsp;&nbsp;**1** | &nbsp;&nbsp;**377321** | &nbsp;&nbsp;**649** | &nbsp;&nbsp;**$5053** | &nbsp;&nbsp;**$92.99** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Employee Units treated as vacant for occupancy calculations.

The following table presents certain information relating to commercial tenancy at the 180 Water Property:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** |
| &nbsp;&nbsp;**Tenant** | &nbsp;&nbsp;**SF** | &nbsp;&nbsp;**% of NRA** | &nbsp;&nbsp;**Tenant Type** | &nbsp;&nbsp;**Start Date** | &nbsp;&nbsp;**Expiration Date** | &nbsp;&nbsp;**WALTR** | &nbsp;&nbsp;**UW Base Rent** | &nbsp;&nbsp;**UW Base Rent PSF** |
| &nbsp;&nbsp;Citibank | &nbsp;&nbsp;3496 | &nbsp;&nbsp;77.9% | &nbsp;&nbsp;Commercial | &nbsp;&nbsp;5/1/2019 | &nbsp;&nbsp;4/30/2029 | &nbsp;&nbsp;3.6 | &nbsp;&nbsp;$934559 | &nbsp;&nbsp;$267.32 |
| &nbsp;&nbsp;Dunkin Donuts | &nbsp;&nbsp;750 | &nbsp;&nbsp;16.7% | &nbsp;&nbsp;Commercial | &nbsp;&nbsp;8/18/2019 | &nbsp;&nbsp;8/31/2029 | &nbsp;&nbsp;3.9 | &nbsp;&nbsp;$202989 | &nbsp;&nbsp;$270.65 |
| &nbsp;&nbsp;AT&T Wireless | &nbsp;&nbsp;240 | &nbsp;&nbsp;5.3% | &nbsp;&nbsp;Roof | &nbsp;&nbsp;11/1/2004 | &nbsp;&nbsp;10/31/2029 | &nbsp;&nbsp;4.1 | &nbsp;&nbsp;$38337 | &nbsp;&nbsp;$159.74 |
| &nbsp;&nbsp;**Total / W.A.** | &nbsp;&nbsp;**4486** | &nbsp;&nbsp;**100.0%** |  |  |  | &nbsp;&nbsp;**3.6** | &nbsp;&nbsp;**$1175886** | &nbsp;&nbsp;**$262.12** |

---

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

A-3-24

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; <br> Multifamily – High Rise<br> 180 Water Street<br> New York, NY 10038<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 3<br> **180 Water** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$60,000,000<br> 39.2%<br> 2.50x<br> 13.6% |

---

The following table presents certain information relating to the historical operating performance and Underwritten Net Cash Flow at the 180 Water Property:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** |
|  | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp; **TTM**<br> **May 31, 2025** | &nbsp;&nbsp;**U/W** | &nbsp;&nbsp;**Per Unit** |
| &nbsp;&nbsp;Gross Potential Rent<sup>(1)</sup> | &nbsp;&nbsp;$30313385 | &nbsp;&nbsp;$32071829 | &nbsp;&nbsp;$33609586 | &nbsp;&nbsp;$34119715 | &nbsp;&nbsp;$35501863 | &nbsp;&nbsp;$61105 |
| &nbsp;&nbsp; Vacancy | &nbsp;&nbsp;(958084) | &nbsp;&nbsp;(1066072) | &nbsp;&nbsp;(1347645) | &nbsp;&nbsp;(1172478) | &nbsp;&nbsp;(1775093)<sup>(2)</sup> | &nbsp;&nbsp;(3055) |
| &nbsp;&nbsp; Concessions | &nbsp;&nbsp;(4800975) | &nbsp;&nbsp;(1872203) | &nbsp;&nbsp;(1153995) | &nbsp;&nbsp;(1122155) | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp; Bad Debt | &nbsp;&nbsp;(105934) | &nbsp;&nbsp;(11019) | &nbsp;&nbsp;(1432) | &nbsp;&nbsp;(36) | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp; Employee Units | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;(110117) | &nbsp;&nbsp;(190) |
| &nbsp;&nbsp;**Net Rental Income** | &nbsp;&nbsp;**$24448392** | &nbsp;&nbsp;**$29122535** | &nbsp;&nbsp;**$31106514** | &nbsp;&nbsp;**$31825046** | &nbsp;&nbsp;**$33616653** | &nbsp;&nbsp;**$57860** |
| &nbsp;&nbsp;Other Income<sup>(3)</sup> | &nbsp;&nbsp;3014098 | &nbsp;&nbsp;2482562 | &nbsp;&nbsp;2571684 | &nbsp;&nbsp;2540692 | &nbsp;&nbsp;2786271 | &nbsp;&nbsp;4796 |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$27462490** | &nbsp;&nbsp;**$31605097** | &nbsp;&nbsp;**$33678198** | &nbsp;&nbsp;**$34365738** | &nbsp;&nbsp;**$36402924** | &nbsp;&nbsp;**$62656** |
| &nbsp;&nbsp; Management Fee | &nbsp;&nbsp;1148150 | &nbsp;&nbsp;1262781 | &nbsp;&nbsp;1267627 | &nbsp;&nbsp;1287558 | &nbsp;&nbsp;1092088 | &nbsp;&nbsp;1880 |
| &nbsp;&nbsp; Payroll | &nbsp;&nbsp;2279427 | &nbsp;&nbsp;2441771 | &nbsp;&nbsp;2492085 | &nbsp;&nbsp;2469960 | &nbsp;&nbsp;2571274 | &nbsp;&nbsp;4426 |
| &nbsp;&nbsp; Utilities | &nbsp;&nbsp;1194998 | &nbsp;&nbsp;1124715 | &nbsp;&nbsp;1113845 | &nbsp;&nbsp;1189864 | &nbsp;&nbsp;1149238 | &nbsp;&nbsp;1978 |
| &nbsp;&nbsp; R&M | &nbsp;&nbsp;1021901 | &nbsp;&nbsp;1275061 | &nbsp;&nbsp;1138631 | &nbsp;&nbsp;1066447 | &nbsp;&nbsp;1174812 | &nbsp;&nbsp;2022 |
| &nbsp;&nbsp; G&A | &nbsp;&nbsp;260727 | &nbsp;&nbsp;299641 | &nbsp;&nbsp;353245 | &nbsp;&nbsp;306062 | &nbsp;&nbsp;364469 | &nbsp;&nbsp;627 |
| &nbsp;&nbsp; Advertising | &nbsp;&nbsp;146411 | &nbsp;&nbsp;189279 | &nbsp;&nbsp;186111 | &nbsp;&nbsp;194503 | &nbsp;&nbsp;315838 | &nbsp;&nbsp;544 |
| &nbsp;&nbsp; Real Estate Taxes | &nbsp;&nbsp;7781777 | &nbsp;&nbsp;8292609 | &nbsp;&nbsp;8483601 | &nbsp;&nbsp;8410655 | &nbsp;&nbsp;8715781 | &nbsp;&nbsp;15001 |
| &nbsp;&nbsp; Insurance | &nbsp;&nbsp;1101742 | &nbsp;&nbsp;1190333 | &nbsp;&nbsp;1329545 | &nbsp;&nbsp;1378668 | &nbsp;&nbsp;949060 | &nbsp;&nbsp;1633 |
| &nbsp;&nbsp;**Total Expenses** | &nbsp;&nbsp;**$14935133** | &nbsp;&nbsp;**$16076190** | &nbsp;&nbsp;**$16364690** | &nbsp;&nbsp;**$16303717** | &nbsp;&nbsp;**$16332560** | &nbsp;&nbsp;**$28111** |
| &nbsp;&nbsp;**Net Operating Income<sup>(4)</sup>** | &nbsp;&nbsp;**$12527357** | &nbsp;&nbsp;**$15528907** | &nbsp;&nbsp;**$17313508** | &nbsp;&nbsp;**$18062021** | &nbsp;&nbsp;**$20070365** | &nbsp;&nbsp;**$34545** |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$12527357** | &nbsp;&nbsp;**$15528907** | &nbsp;&nbsp;**$17313508** | &nbsp;&nbsp;**$18062021** | &nbsp;&nbsp;**$20070365** | &nbsp;&nbsp;**$34545** |
| &nbsp;&nbsp;**Occupancy (%)** | &nbsp;&nbsp;**96.8%** | &nbsp;&nbsp;**96.7%** | &nbsp;&nbsp;**96.0%** | &nbsp;&nbsp;**97.6%<sup>(1)</sup>** | &nbsp;&nbsp;**94.7%<sup>(5)</sup>** |  |
| &nbsp;&nbsp;**NCF DSCR<sup>(6)</sup>** | &nbsp;&nbsp;**1.56x** | &nbsp;&nbsp;**1.94x** | &nbsp;&nbsp;**2.16x** | &nbsp;&nbsp;**2.25x** | &nbsp;&nbsp;**2.50x** |  |
| &nbsp;&nbsp;**NOI Debt Yield<sup>(6)</sup>** | &nbsp;&nbsp;**8.5%** | &nbsp;&nbsp;**10.5%** | &nbsp;&nbsp;**11.7%** | &nbsp;&nbsp;**12.2%** | &nbsp;&nbsp;**13.6%** |  |

---

(1) Based on the underwritten rent roll dated July 2, 2025.

(2) Concessions and Bad Debt are included in Vacancy.

(3) Includes commercial income.

(4) The increase from TTM May 31, 2025 Net Operating Income to U/W Net Operating Income
is due to economic vacancy decreasing associated with a reduction in concessions, along with an increase in in-place rents.

(5) Represents economic occupancy.

(6) Based on the 180 Water Senior Notes and excludes the 180 Water Junior Note. Including
the 180 Water Junior Note, U/W NCF DSCR is 1.12x and U/W NOI Debt Yield is 7.2%.

**Appraisal.** According to the appraisal, the 180 Water Property had an "As Is" appraised value of $378,000,000 as of April 30, 2025.

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**180 Water Appraised Value<sup>(1)</sup>** | |
| <br>&nbsp;&nbsp;**Property** | &nbsp;&nbsp;**Appraised Value** | <br>&nbsp;&nbsp;**Capitalization Rate** |
| &nbsp;&nbsp;180 Water | &nbsp;&nbsp;$378000000 | &nbsp;&nbsp;4.75% |

---

(1) Source: Appraisal.

**Environmental Matters.** According to the Phase I environmental report, dated May 9, 2025, there was no evidence of any recognized environmental conditions at the 180 Water Property.

**The Market.** According to an industry report, as of the early second quarter of 2025, New York's apartment market remains strong, characterized by healthy tenant demand and limited new supply. With only 2.8% of the metropolitan area's approximately 1.6 million market-rate units vacant, the New York City area outperforms the broader U.S. multifamily market. The vacancy rate has held steady at 2.8%, reflecting a minor rise of 30 basis points over the past year, while the national vacancy rate has increased to 8.1%, up by 300 basis points within the same timeframe. New York City saw approximately 26,000 units absorbed in the past year; an 18% jump compared to the long-term average of 22,000 units.

A-3-25

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; <br> Multifamily – High Rise<br> 180 Water Street<br> New York, NY 10038<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 3<br> **180 Water** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$60,000,000<br> 39.2%<br> 2.50x<br> 13.6% |

---

Simultaneously, a slowdown in new construction has played a role in maintaining low vacancy levels, with approximately 55,000 units underway as of early 2025, down from a peak of approximately 73,000 at the end of 2023. New York City's historically slow housing expansion, coupled with strong demand, has kept vacancy rates below 4% for over two decades. This market environment has fostered notable rent growth, with annual increases in New York City reaching 2.2% at the start of the second quarter – compared to the national average of 1.1%.

Asking rents in the Financial District stand at $5,880 per month, which is above the metropolitan area average of $3,340 per month. The vacancy rate in the Financial District was 4.8% as of the early second quarter of 2025. Strong demand in the submarket is evidenced by the vacancy rate and rent growth. Annual rent growth in the submarket, measured at 3.0% at the start of the second quarter of 2025, is above the U.S. average of 1.1%. Improved transit access, the presence of significant employers, and a broadening array of retail amenities have contributed to the attractiveness of the neighborhood. The $4 billion World Trade Center Transportation Hub (connecting 13 subway lines, PATH trains, and ferry services) and the $1.4 billion Fulton Street Station (connecting nine subway lines) provide access to employers located within Manhattan, Brooklyn, and New Jersey.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Financial District Housing Rent Comparables<sup>(1)</sup>** | &nbsp;&nbsp;**Financial District Housing Rent Comparables<sup>(1)</sup>** | &nbsp;&nbsp;**Financial District Housing Rent Comparables<sup>(1)</sup>** | &nbsp;&nbsp;**Financial District Housing Rent Comparables<sup>(1)</sup>** | &nbsp;&nbsp;**Financial District Housing Rent Comparables<sup>(1)</sup>** | &nbsp;&nbsp;**Financial District Housing Rent Comparables<sup>(1)</sup>** | &nbsp;&nbsp;**Financial District Housing Rent Comparables<sup>(1)</sup>** | &nbsp;&nbsp;**Financial District Housing Rent Comparables<sup>(1)</sup>** | &nbsp;&nbsp;**Financial District Housing Rent Comparables<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property** | &nbsp;&nbsp;**Address** | &nbsp;&nbsp;**Units** | &nbsp;&nbsp;**Stories** | &nbsp;&nbsp;**Built / Renovated** | &nbsp;&nbsp;**Avg. SF** | &nbsp;&nbsp;**Rent / SF / Mo** | &nbsp;&nbsp;**Rent / Unit** | &nbsp;&nbsp;**Occ %** |
| &nbsp;&nbsp;**180 Water<sup>(2)</sup>** | &nbsp;&nbsp;**180 Water Street** | &nbsp;&nbsp;**581** | &nbsp;&nbsp;**29** | &nbsp;&nbsp;**1971 / 2017** | &nbsp;&nbsp;**649** | &nbsp;&nbsp;**$7.75** | &nbsp;&nbsp;**$5053** | &nbsp;&nbsp;**97.6%** |
| &nbsp;&nbsp;The Crest | &nbsp;&nbsp;63 Wall Street | &nbsp;&nbsp;476 | &nbsp;&nbsp;37 | &nbsp;&nbsp;1929 / 2004 | &nbsp;&nbsp;606 | &nbsp;&nbsp;7.75 | &nbsp;&nbsp;4701 | &nbsp;&nbsp;92.2% |
| &nbsp;&nbsp;19 Dutch | &nbsp;&nbsp;19 Dutch Street | &nbsp;&nbsp;483 | &nbsp;&nbsp;64 | &nbsp;&nbsp;2018 / NAV | &nbsp;&nbsp;681 | &nbsp;&nbsp;7.69 | &nbsp;&nbsp;5238 | &nbsp;&nbsp;98.1% |
| &nbsp;&nbsp;Twenty Exchange | &nbsp;&nbsp;20 Exchange Place | &nbsp;&nbsp;767 | &nbsp;&nbsp;57 | &nbsp;&nbsp;1931 / NAV | &nbsp;&nbsp;629 | &nbsp;&nbsp;7.57 | &nbsp;&nbsp;4763 | &nbsp;&nbsp;97.4% |
| &nbsp;&nbsp;200 Water Street | &nbsp;&nbsp;200 Pearl Street | &nbsp;&nbsp;576 | &nbsp;&nbsp;31 | &nbsp;&nbsp;1973 / 2009 | &nbsp;&nbsp;571 | &nbsp;&nbsp;7.28 | &nbsp;&nbsp;4905 | &nbsp;&nbsp;100.0% |
| &nbsp;&nbsp;100 John | &nbsp;&nbsp;100 John Street | &nbsp;&nbsp;334 | &nbsp;&nbsp;34 | &nbsp;&nbsp;2002 / 2010 | &nbsp;&nbsp;687 | &nbsp;&nbsp;6.79 | &nbsp;&nbsp;5295 | &nbsp;&nbsp;94.3% |
| &nbsp;&nbsp;95 Wall | &nbsp;&nbsp;95 Wall Street | &nbsp;&nbsp;503 | &nbsp;&nbsp;22 | &nbsp;&nbsp;1969 / 2008 | &nbsp;&nbsp;673 | &nbsp;&nbsp;6.71 | &nbsp;&nbsp;4515 | &nbsp;&nbsp;97.0% |
| &nbsp;&nbsp;**Wtd. Average<sup>(3)</sup>** |  |  |  |  | &nbsp;&nbsp;**636** | &nbsp;&nbsp;**$7.34** | &nbsp;&nbsp;**$4870** | &nbsp;&nbsp;**96.8%** |

---

(1) Source: Third party market report.

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

(3) Excludes 180 Water.

**The Borrower and the Borrower Sponsor.** The borrower is 180 Water 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 180 Water Whole Loan.

The borrower sponsor is 60 Guilders, LLC ("**<u>60 Guilders</u>**"), a New York City based real estate management and investment firm founded in 2013 by Kevin Chrisholm, and an affiliate of the property manager of the 180 Water Property. Founder and Chief Executive Officer Chisholm has 30 years of real estate investment and corporate management experience. Since inception in 2013, 60 Guilders has invested approximately $3.2 billion of debt and equity in 27 separate transactions. 60 Guilders' investment management team is experienced in asset management, property management, construction management, leasing, marketing, design, accounting, and finance.

The non-recourse carveout guarantors are Ouni Mamrout and Yousef Althkefati. Mr. Mamrout and Mr. Althkefati are co-founders of Sentry Realty and its President and Chief Executive Officer, respectively, and jointly control the borrower.

**Property Management.** The 180 Water Property is managed by 60G MGMT, LLC, a Delaware limited liability company, an affiliate of 60 Guilders.

**Initial and Ongoing Reserves.** At origination, the borrower deposited approximately (i) $726,573 for real estate taxes, (ii) $197,336 for insurance, (iii) $1,209,250 for immediate repairs, and (iv) $4,600,000 for certain discretionary amenity space work.

*Real Estate Taxes:* On each payment date occurring in each of September 2025, October 2025, November 2025 and December 2025, the borrower will be required to deposit an amount equal to 125% multiplied by 1/12th of the real estate taxes that the lender estimates will be payable during the next ensuing 12 months, initially, approximately $908,216 and on each payment date thereafter, the borrower will be required to deposit an amount equal to 1/12th of the real estate taxes that the lender estimates will be payable during the next ensuing 12 months, initially approximately $748,370.

A-3-26

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; <br> Multifamily – High Rise<br> 180 Water Street<br> New York, NY 10038<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 3<br> **180 Water** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$60,000,000<br> 39.2%<br> 2.50x<br> 13.6% |

---

*Insurance:* On each payment date occurring in each of September 2025, October 2025, November 2025, December 2025, January 2026, February 2026, March 2026, April 2026, May 2026 and June 2026, the borrower will be required to deposit an amount equal to 110% of 1/12th of the insurance premiums that the lender estimates will be payable for the renewal of the coverage afforded by the policies upon the expiration thereof, initially approximately $101,195 and on each payment date thereafter the borrower will be required to deposit an amount equal to 1/12th of the insurance premiums that the lender estimates will be payable for the renewal of the coverage afforded by the policies upon the expiration thereof; provided, however, if the insurance is carried under an acceptable blanket policy, deposits for insurance premiums will be suspended. As of the origination date, there is not an acceptable blanket policy in effect.

*Capital Expenditures:* On each payment date, the borrower will be required to deposit an amount equal to approximately $12,104 for capital expenditures.

*Rollover:* On each payment date, the borrower will be required to deposit an amount equal to approximately $3,178 for tenant improvements and leasing commissions that may be incurred following the origination date.

***Lockbox / Cash Management.*** The 180 Water Whole Loan is structured with a hard lockbox for commercial tenants, soft lockbox for residential tenants, and springing cash management. All rents from the 180 Water Property collected by or on behalf of the borrower must be deposited into a clearing account controlled by the lender (the "**<u>Lockbox Account</u>**") within two business days. The borrower has agreed to cause all rents from commercial tenants to be deposited directly to the Lockbox Account. Funds deposited into the Lockbox Account will be swept by the clearing bank on a daily basis into the borrower's operating account at the clearing bank, unless a Cash Sweep Period (as defined below) is continuing, in which event such funds are required to be swept on a daily basis into a lender controlled cash management account and applied and disbursed in accordance with the 180 Water Whole Loan documents to make deposits into the real estate taxes and insurance reserves, pay debt service on the 180 Water Whole Loan, pay operating expenses set forth in the lender-approved annual budget, make deposits into the rollover and capital expenditures reserves, and pay lender approved extraordinary expenses, with any remainder to be deposited into a cash collateral account to be held as additional collateral for the 180 Water Whole Loan during the continuance of such Cash Sweep Period (provided that upon request of the borrower, the lender is required to release funds in such account to pay taxes, insurance and operating expenses set forth in the annual budget, and tenant improvements and leasing commissions approved by the lender).

A "**<u>Cash Sweep Period</u>**" means each period from (i) the occurrence of either (A) an event of default, (B) the commencement of a Low DSCR Period (as defined below), (C) a failure to deliver the financial statements as required under the 180 Water Whole Loan documents, (D) if the property manager is an affiliate of the borrower or the guarantor and is subject to certain bankruptcy or insolvency events or (E) if the borrower or non-recourse carveout guarantors are subject to certain bankruptcy or insolvency events, and (ii) will terminate, in each case provided no other Cash Sweep Period is then continuing; (A) with respect to a Cash Sweep Period triggered by an event of default, if the lender has accepted in writing a cure of such event of default (in its sole and absolute discretion); (B) with respect to a Low DSCR Period, the Low DSCR Period has ended pursuant to the terms of the 180 Water Whole Loan documents, (C) with respect to a failure to deliver financial statements, such failure is cured within the applicable notice and cure period pursuant to the 180 Water Whole Loan documents, (D) with respect to a Cash Sweep Period due to clause (i)(D), if the property manager is replaced with a non-affiliated manager reasonably approved by the lender, and (E) with respect to a Cash Sweep Event triggered due to clause (i)(E), if such Cash Sweep Event is solely as a result of the filing of an involuntary petition, case or proceeding against the borrower, upon either (x) the same being discharged or dismissed within 90 days of such filing or (y) (1) an approved supplemental guarantor is approved by the lender and the lender receives a rating agency confirmation with respect to such person, (2) the borrower delivers to the lender a joinder to each of the guaranty and the environmental indemnity, executed by such approved supplemental guarantor whereby such approved supplemental guarantor will be liable (on joint and several basis with all other guarantors) for any and all "Guaranteed Obligations" then existing or thereafter arising under the guaranty and any and all obligations then existing or thereafter arising under the environmental indemnity and (3) such approved supplemental guarantor, independent of any then existing guarantor(s), satisfies certain guarantor financial covenants.

A "**<u>Low DSCR Period</u>**" means each period that (I) commences if the debt service coverage ratio of the 180 Water Whole Loan is less than 1.10x as of any calculation date, and (II) ends if the 180 Water Property has achieved a debt service coverage ratio of at least 1.10x for two consecutive calculation dates.

***Current Mezzanine or Secured Subordinate Indebtedness.*** As of the origination date, a $100,000,000 mezzanine loan secured by equity interests in the borrower was outstanding and in maturity default. An affiliate of the borrower (the "**<u>New Mezzanine Holder</u>**") acquired the existing mezzanine loan at a 19.8% discount, paying $80.2 million for the $100.0 million existing mezzanine loan on or prior to the closing of the 180 Water Whole Loan. Accordingly, both the mezzanine borrower and the mezzanine lender are under common control with the borrower. Simultaneously with its acquisition of the mezzanine loan, the New Mezzanine Holder entered into an

A-3-27

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; <br> Multifamily – High Rise<br> 180 Water Street<br> New York, NY 10038<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 3<br> **180 Water** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$60,000,000<br> 39.2%<br> 2.50x<br> 13.6% |

---

amendment to the mezzanine loan documents with the mezzanine loan borrower to, among other things, extend the term of the mezzanine loan by approximately 15 years, and also entered into a subordination and standstill agreement with the lender under the 180 Water Whole Loan. See "*Description of the Mortgage Pool—Additional Indebtedness—Mezzanine Indebtedness*" in the Preliminary Prospectus.

180 Water Holdco JV LLC (the "**<u>Holdco</u>**") is a preferred equity joint venture between SVP 180 Water Preferred Investor LLC, an affiliate of Strategic Value Partners (the "**<u>Holdco Preferred Equity Holder</u>**") and 180 Water Investors LLC. Holdco indirectly owns 49% of the borrower and directly owns 100% of the New Mezzanine Holder. The Holdco Preferred Equity Holder and the lender entered into a preferred equity recognition agreement at origination of the 180 Water Whole Loan.

The Holdco Preferred Equity Holder made a $50,000,000 preferred equity investment in Holdco (the "**<u>Preferred Equity Investment</u>**"), on which it is entitled to receive a preferred rate of 16.0% *per annum*, compounded annually. To the extent there is sufficient cash flow and no preferred equity trigger event is continuing, 6.0% of the 16.0% preferred rate will be paid monthly. From July 2028 until June 2029, the current pay amount will increase to 7.0% and from and after July 2029, the current pay amount will increase to 8.0%. In the event that there is insufficient cash flow, the current pay amount will accrue and will be added to the Preferred Equity Investment. After a preferred equity trigger event, the preferred rate will be 21.0%, compounded annually, and from and after the date that is 90 days following the mandatory redemption date, the preferred return is 25.0%, compounded annually. The "mandatory redemption date" will be August 6, 2030 or such earlier date that the Preferred Equity Investment and other amounts becomes due under the terms of the preferred equity documents. See "*Description of the Mortgage Pool—Additional Indebtedness—Preferred Equity*" in the Preliminary Prospectus.

***Permitted Future Mezzanine or Secured Subordinate Indebtedness.*** Not permitted.

***Release of Collateral.*** Not permitted.

***Ground Lease*.** None.

A-3-28

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Mixed Use – Office/Retail<br> 701 Town Center Drive<br> Newport News, VA 23606 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 4<br> **City Center at Oyster Point** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$57,785,000<br> 65.3%<br> 1.55x<br> 11.5% |

---

![](n5335ts_img009.jpg)

A-3-29

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Mixed Use – Office/Retail<br> 701 Town Center Drive<br> Newport News, VA 23606 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 4<br> **City Center at Oyster Point** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$57,785,000<br> 65.3%<br> 1.55x<br> 11.5% |

---

![](n5335ts_img010.jpg)

A-3-30

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Mixed Use – Office/Retail<br> 701 Town Center Drive<br> Newport News, VA 23606 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 4<br> **City Center at Oyster Point** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$57,785,000<br> 65.3%<br> 1.55x<br> 11.5% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Loan Seller:** | &nbsp;&nbsp;GACC | &nbsp;&nbsp;**Single Asset / Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;**Property Type – Subtype:** | &nbsp;&nbsp;Mixed Use - Office/Retail |
| &nbsp;&nbsp;**Borrower Sponsor(s):** | &nbsp;&nbsp;William M. Murphy | &nbsp;&nbsp;**Collateral:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Borrower(s):** | &nbsp;&nbsp;CCOP LLC | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;Newport News, VA |
| &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;$57785000 | &nbsp;&nbsp;**Year Built / Renovated:** | &nbsp;&nbsp;2002-2009 / NAP |
| &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$57785000 | &nbsp;&nbsp;**Property Management:** | &nbsp;&nbsp;Colliers International Asset Services, LLC |
| &nbsp;&nbsp;**% by Initial UPB:** | &nbsp;&nbsp;4.4% | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;573,931 SF |
| &nbsp;&nbsp;**Interest Rate:** | &nbsp;&nbsp;6.82000% | &nbsp;&nbsp;**Appraised Value (As Is) / Per SF:** | &nbsp;&nbsp;$88,500,000 / $154 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;September 22, 2025 | &nbsp;&nbsp;**Appraisal Date:** | &nbsp;&nbsp;June 27, 2025 |
| &nbsp;&nbsp;**Original Term:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**Occupancy:** | &nbsp;&nbsp;82.6% (as of September 9, 2025) |
| &nbsp;&nbsp;**Amortization:** | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;**UW Economic Occupancy:** | &nbsp;&nbsp;83.7% |
| &nbsp;&nbsp;**Original Amortization:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Underwritten NOI<sup>(2)</sup>:** | &nbsp;&nbsp;$6670837 |
| &nbsp;&nbsp;**Interest Only Period:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**Underwritten NCF:** | &nbsp;&nbsp;$6176380 |
| &nbsp;&nbsp;**First Payment Date:** | &nbsp;&nbsp;November 6, 2025 |  |  |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;October 6, 2030 | &nbsp;&nbsp;**Historical NOI** | &nbsp;&nbsp;**Historical NOI** |
| &nbsp;&nbsp;**Additional Debt Type:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Most Recent NOI<sup>(2)</sup>:** | &nbsp;&nbsp;$5,719,470 (TTM June 30, 2025) |
| &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**2024 NOI:** | &nbsp;&nbsp;$5181078 |
| &nbsp;&nbsp;**Call Protection:** | &nbsp;&nbsp;L(24),D(31),O(5) | &nbsp;&nbsp;**2023 NOI:** | &nbsp;&nbsp;$4733285 |
| &nbsp;&nbsp;**Lockbox / Cash Management:** | &nbsp;&nbsp;Hard / Springing | &nbsp;&nbsp;**2022 NOI:** | &nbsp;&nbsp;$5180774 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Financial Information** | &nbsp;&nbsp;**Financial Information** |
|  | &nbsp;&nbsp;**Initial** | &nbsp;&nbsp;**Monthly** | &nbsp;&nbsp;**Cap** |  |  |
| &nbsp;&nbsp;**Taxes:** | &nbsp;&nbsp;$417484 | &nbsp;&nbsp;$83497 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Cut-off Date Loan / SF:** | &nbsp;&nbsp;$101 |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date Loan / SF:** | &nbsp;&nbsp;$101 |
| &nbsp;&nbsp;**Replacement Reserves:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$10044 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;65.3% |
| &nbsp;&nbsp;**Outstanding Reserve:** | &nbsp;&nbsp;$382960 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date LTV:** | &nbsp;&nbsp;65.3% |
| &nbsp;&nbsp;**Future TI/LC Reserve:** | &nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$47828 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**UW NOI DY:** | &nbsp;&nbsp;11.5% |
| &nbsp;&nbsp;**Rent Replication Reserve:** | &nbsp;&nbsp;$78607 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.55x |
| &nbsp;&nbsp;**Common Charges Reserve:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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;$57785000 | &nbsp;&nbsp;94.9% | &nbsp;&nbsp;Loan Payoff | &nbsp;&nbsp;$58584450 | &nbsp;&nbsp;96.2% |
| &nbsp;&nbsp;Borrower Sponsor Equity | &nbsp;&nbsp;3133558 | &nbsp;&nbsp;5.1 | &nbsp;&nbsp;Upfront Reserves | &nbsp;&nbsp;1879051 | &nbsp;&nbsp;3.1 |
|  |  |  | &nbsp;&nbsp;Closing Costs | &nbsp;&nbsp;455057 | &nbsp;&nbsp;0.7 |
| &nbsp;&nbsp;**Total Sources** | &nbsp;&nbsp;**$60918558** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses** | &nbsp;&nbsp;**$60918558** | &nbsp;&nbsp;**100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) See "*Initial and Ongoing Reserves*" below for further discussion of reserve information.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The increase from Most Recent NOI to Underwritten NOI is mainly attributable to rent increases and additional
leasing.

**The Loan.** The fourth largest mortgage loan (the "**<u>City Center at Oyster Point Mortgage Loan</u>**") is secured by a first lien on the borrower's fee interest in a 573,931 square foot, mixed use, office and retail property located in Newport News, Virginia (the "**<u>City Center at Oyster Point Property</u>**"). The City Center at Oyster Point Mortgage Loan is evidenced by a single promissory note with an outstanding principal balance as of the Cut-off Date of $57,785,000. The City Center at Oyster Point Mortgage Loan was originated by German American Capital Corporation on September 22, 2025 and has an initial term of five years, is interest-only for the full term and accrues interest at a fixed rate of 6.82000% *per annum* on an Actual/360 basis.

A-3-31

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Mixed Use – Office/Retail<br> 701 Town Center Drive<br> Newport News, VA 23606 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 4<br> **City Center at Oyster Point** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$57,785,000<br> 65.3%<br> 1.55x<br> 11.5% |

---

**The Property.** The City Center at Oyster Point Property is a nine-building, 573,931 square foot, Class A mixed-use office and retail development located at 701 Town Center Drive in the Oyster Point Business District of Newport News, Virginia. The City Center at Oyster Point Property was constructed in phases between 2002 and 2009 and is situated on a 7.58-acre site within the larger 52-acre City Center at Oyster Point development. The property benefits from access to Interstate 64, connecting the peninsula to Norfolk/Virginia Beach (30 miles south) and Richmond (68 miles north), and is in close proximity to major retailers, hotels, and residential communities.

The City Center at Oyster Point Property is comprised of nine buildings, office buildings with ground floor retail, multi-tenant retail buildings, and a freestanding restaurant. The property features 441,845 square feet of office space (77.0% of NRA and 84.1% of underwritten rent), and 114,969 square feet of urban retail space (20.0% of NRA and 14.4% of underwritten rent), and 17,117 square feet of large-format retail (3.0% of NRA and 1.5% of underwritten rent). As of September 9, 2025, the City Center at Oyster Point Property was 82.6% leased to a roster of 69 tenants, including public sector, medical, financial, and professional services users. Major tenants include the City of Newport News (14.0% of NRA), Riverside Healthcare (3.4%), the U.S. Attorney's Office (3.1%), and Regus Suites (3.1%). The United States General Services Administration ("**<u>GSA</u>**") and other government tenants at the City Center at Oyster Point Property represent 26.9% of NRA and 32.2% of UW base rent, of which GSA tenants represent 8.7% of NRA and 12.3% of underwritten base rent.

The City Center at Oyster Point Property offers an amenity package that includes floorplates ranging from 11,000 to 18,000 square feet, adjacent city-owned parking garages (2,325 spaces, 4.05/1,000 SF NRA), and walkable access to restaurants, retail, a Marriott hotel and conference center, and a Cinemark movie theater (non-collateral). The City Center at Oyster Point Property's office leases are structured on a full-service basis, while retail leases are typically triple net. The tenant roster is granular, with no tenant other than the GSA (under multiple separate lease) and the City of Newport News occupying more than 3.4% of NRA.

**Major Tenants.** The three largest tenants based on underwritten base rent are The City of Newport News, Regus Suites and Riverside Healthcare.

*The City of Newport News (80,473 square feet; 14.0% of net rentable area; 14.0% of underwritten base rent)*. Founded in 1896, the City of Newport News is an independent city located in southeastern Virginia, forming part of the Hampton Roads metropolitan area. The City of Newport News provides a broad range of municipal services, including public administration, waterworks, public safety, education, and community development. As of 2025, Newport News is home to approximately 181,000 residents and serves as a major employment center in the region, with key sectors including government, defense, shipbuilding, healthcare, and education. The City of Newport News has been a tenant at the City Center at Oyster Point Property since the development was originally completed in 2002. The City's leased premises house the waterworks division and other administrative functions. The current lease for the City of Newport News is on a full-service basis, runs through July 2027, and has no remaining termination options. City of Newport News subleases 6,458 square feet to the Economic Development Authority of the City of Newport News (the "**<u>Newport News EDA</u>**"), which in turn subleases such space to Citizen's & Farmer's Bank and Sate restaurant.

*Regus Suites (17,544 square feet; 3.1% of net rentable area; 4.6% of underwritten base rent)*. Founded in 1989, Regus is a global provider of flexible workspace solutions and serviced offices. Regus Suites offers a wide range of office products and services, including private offices, coworking spaces, virtual offices, and meeting rooms, serving businesses of all sizes across more than 120 countries. Regus Suites has been a tenant at the City Center at Oyster Point Property since 2007. Regus Suites currently leases 17,544 square feet of office space, representing approximately 3.1% of the net rentable area at the City Center at Oyster Point Property. The current lease for Regus Suites runs through September 2029, is structured on a full-service basis, and does not have any remaining termination options.

*Riverside Healthcare (19,372 square feet; 3.4% of net rentable area; 4.5% of underwritten base rent)*. Founded in 1915, Riverside Healthcare is a leading regional healthcare system headquartered in Newport News, Virginia. Riverside Healthcare employs approximately 9,500 people across southeastern Virginia. Riverside Healthcare provides a comprehensive range of medical services, including hospital care, specialty clinics, and outpatient services. Riverside Healthcare has been a tenant at the City Center at Oyster Point Property since it was originally developed in 2002. The company occupies 19,372 square feet at the property, serving as the headquarters location for the corporate offices of Riverside Health. Riverside Healthcare's current lease runs through May 2035, with no remaining termination options. The lease is structured on a full-service basis.

A-3-32

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Mixed Use – Office/Retail<br> 701 Town Center Drive<br> Newport News, VA 23606 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 4<br> **City Center at Oyster Point** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$57,785,000<br> 65.3%<br> 1.55x<br> 11.5% |

---

The following table presents certain information relating to the largest tenants by underwritten base rent at the City Center at Oyster Point Property:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Tenant Summary<sup>(1)</sup>** | **Tenant Summary<sup>(1)</sup>** | **Tenant Summary<sup>(1)</sup>** | **Tenant Summary<sup>(1)</sup>** | **Tenant Summary<sup>(1)</sup>** | **Tenant Summary<sup>(1)</sup>** | **Tenant Summary<sup>(1)</sup>** | **Tenant Summary<sup>(1)</sup>** | **Tenant Summary<sup>(1)</sup>** |
| &nbsp;&nbsp; <br>**Tenant** | &nbsp;&nbsp;**Credit Rating (Moody's / S&P / Fitch)<sup>(2)</sup>** | &nbsp;&nbsp; <br> **Net Rentable Area (SF)** | &nbsp;&nbsp; <br>**% of NRSF** | &nbsp;&nbsp; <br>**U/W Base Rent** | &nbsp;&nbsp; <br> **U/W Base Rent Per SF** | &nbsp;&nbsp;**% Annual U/W Base Rent** | &nbsp;&nbsp; <br>**Lease Expiration<sup>(3)</sup>** | &nbsp;&nbsp; <br>**Termination Option (Y/N)** |
| &nbsp;&nbsp;**Major Tenants-Office** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;The City of Newport News<sup>(4)</sup> | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;80473 | &nbsp;&nbsp;14.0% | &nbsp;&nbsp;$1325297 | &nbsp;&nbsp;$16.47 | &nbsp;&nbsp;14.0% | &nbsp;&nbsp;7/31/2027 | &nbsp;&nbsp;N |
| &nbsp;&nbsp;Riverside Healthcare | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;19372 | &nbsp;&nbsp;3.4% | &nbsp;&nbsp;$426514 | &nbsp;&nbsp;$22.02 | &nbsp;&nbsp;4.5% | &nbsp;&nbsp;5/31/2035 | &nbsp;&nbsp;N |
| &nbsp;&nbsp;US Attorney's Office<sup>(5)</sup> | &nbsp;&nbsp;Aa1/AA+/AA+<sup>(6)</sup> | &nbsp;&nbsp;17671 | &nbsp;&nbsp;3.1% | &nbsp;&nbsp;$307800 | &nbsp;&nbsp;$17.42 | &nbsp;&nbsp;3.3% | &nbsp;&nbsp;11/14/2043 | &nbsp;&nbsp;Y |
| &nbsp;&nbsp;Regus Suites | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;17544 | &nbsp;&nbsp;3.1% | &nbsp;&nbsp;$434565 | &nbsp;&nbsp;$24.77 | &nbsp;&nbsp;4.6% | &nbsp;&nbsp;9/30/2029 | &nbsp;&nbsp;N |
| &nbsp;&nbsp;HII Nuclear Inc. | &nbsp;&nbsp;Baa3/BBB-/BBB | &nbsp;&nbsp;17163 | &nbsp;&nbsp;3.0% | &nbsp;&nbsp;$377586 | &nbsp;&nbsp;$22.00 | &nbsp;&nbsp;4.0% | &nbsp;&nbsp;9/30/2027 | &nbsp;&nbsp;N |
| &nbsp;&nbsp;**Total Major Office Tenants** |  | &nbsp;&nbsp;**152223** | &nbsp;&nbsp;**26.5%** | &nbsp;&nbsp;**$2871762** | &nbsp;&nbsp;**$18.87** | &nbsp;&nbsp;**30.4%** |  |  |
| &nbsp;&nbsp;**Major Tenants-Retail** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Chef's Market, LLC | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;17117 | &nbsp;&nbsp;3.0% | &nbsp;&nbsp;$145494 | &nbsp;&nbsp;$8.50 | &nbsp;&nbsp;1.5% | &nbsp;&nbsp;10/31/2034 | &nbsp;&nbsp;N |
| &nbsp;&nbsp;Hayashi Japanese Cuisine | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;7776 | &nbsp;&nbsp;1.4% | &nbsp;&nbsp;$171072 | &nbsp;&nbsp;$22.00 | &nbsp;&nbsp;1.8% | &nbsp;&nbsp;1/31/2030 | &nbsp;&nbsp;N |
| &nbsp;&nbsp;Cove Tavern | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;6500 | &nbsp;&nbsp;1.1% | &nbsp;&nbsp;$137248 | &nbsp;&nbsp;$21.12 | &nbsp;&nbsp;1.5% | &nbsp;&nbsp;2/28/2034 | &nbsp;&nbsp;N |
| &nbsp;&nbsp;Amaro's Italian Restaurant | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;6400 | &nbsp;&nbsp;1.1% | &nbsp;&nbsp;$121952 | &nbsp;&nbsp;$19.06 | &nbsp;&nbsp;1.3% | &nbsp;&nbsp;2/28/2034 | &nbsp;&nbsp;N |
| &nbsp;&nbsp;Strayer University | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;6165 | &nbsp;&nbsp;1.1% | &nbsp;&nbsp;$66390 | &nbsp;&nbsp;$10.77 | &nbsp;&nbsp;0.7% | &nbsp;&nbsp;12/31/2026 | &nbsp;&nbsp;N |
| &nbsp;&nbsp;**Total Major Retail Tenants** |  | &nbsp;&nbsp;**43958** | &nbsp;&nbsp;**7.7%** | &nbsp;&nbsp;**$642156** | &nbsp;&nbsp;**$14.61** | &nbsp;&nbsp;**6.8%** |  |  |
| &nbsp;&nbsp;**Total Major Tenants** |  | &nbsp;&nbsp;**196181** | &nbsp;&nbsp;**34.2%** | &nbsp;&nbsp;**3513918** | &nbsp;&nbsp;**$17.91** | &nbsp;&nbsp;**37.2%** |  |  |
| &nbsp;&nbsp;Non- Major Tenants |  | &nbsp;&nbsp;277842 | &nbsp;&nbsp;48.4% | &nbsp;&nbsp;$5931585 | &nbsp;&nbsp;$21.35 | &nbsp;&nbsp;62.8% |  |  |
| &nbsp;&nbsp;**Total Occupied** |  | &nbsp;&nbsp;**474023** | &nbsp;&nbsp;**82.6%** | &nbsp;&nbsp;**$9445503** | &nbsp;&nbsp;**$19.93** | &nbsp;&nbsp;**100.0%** |  |  |
| &nbsp;&nbsp;Vacant |  | &nbsp;&nbsp;99908 | &nbsp;&nbsp;17.4% |  |  |  |  |  |
| &nbsp;&nbsp;**Total** |  | &nbsp;&nbsp;**573931** | &nbsp;&nbsp;**100.0%** |  |  |  |  |  |

---

(1) Based on the underwritten rent roll dated September 9, 2025.

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

(3) Certain tenants may have termination options which are exercisable prior to the
stated Lease Expiration.

(4) The City of Newport News subleases 6,458 square feet to the Newport News EDA, which
in turn subleases such space to Citizen's & Farmer's Bank and Sate restaurant.

(5) The US Attorney's Office can terminate its lease at any time effective after
November 15, 2038 upon 90 days' prior written notice.

(6) Reflects credit rating for the United States of America.

A-3-33

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Mixed Use – Office/Retail<br> 701 Town Center Drive<br> Newport News, VA 23606 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 4<br> **City Center at Oyster Point** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$57,785,000<br> 65.3%<br> 1.55x<br> 11.5% |

---

The following table presents certain information relating to the lease rollover schedule at the City Center at Oyster Point Property, based on initial lease expiration dates:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &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 Ending December 31** | &nbsp;&nbsp;**Expiring Owned GLA** | &nbsp;&nbsp;**% of Owned GLA** | &nbsp;&nbsp;**Cumulative % of Owned GLA** | &nbsp;&nbsp;**U/W Base Rent** | &nbsp;&nbsp;**% of Total U/W Base Rent** | &nbsp;&nbsp;**U/W Base Rent $ per SF** | &nbsp;&nbsp;**# of Expiring Leases** |
| &nbsp;&nbsp;2025 & MTM | &nbsp;&nbsp;6222 | &nbsp;&nbsp; 1.1% | &nbsp;&nbsp;1.1% | &nbsp;&nbsp; $33535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.4% | &nbsp;&nbsp;$5.39 | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;2026 | &nbsp;&nbsp;48122 | &nbsp;&nbsp; 8.4% | &nbsp;&nbsp;9.5% | &nbsp;&nbsp; $819119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.7% | &nbsp;&nbsp;$17.02 | &nbsp;&nbsp;12 |
| &nbsp;&nbsp;2027 | &nbsp;&nbsp;117613 | &nbsp;&nbsp; 20.5% | &nbsp;&nbsp;30.0% | &nbsp;&nbsp;$2146137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22.7% | &nbsp;&nbsp;$18.25 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;2028 | &nbsp;&nbsp;45750 | &nbsp;&nbsp; 8.0% | &nbsp;&nbsp;37.9% | &nbsp;&nbsp; $947554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.0% | &nbsp;&nbsp;$20.71 | &nbsp;&nbsp;12 |
| &nbsp;&nbsp;2029 | &nbsp;&nbsp;55296 | &nbsp;&nbsp; 9.6% | &nbsp;&nbsp;47.6% | &nbsp;&nbsp;$1346919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.3% | &nbsp;&nbsp;$24.36 | &nbsp;&nbsp;12 |
| &nbsp;&nbsp;2030 | &nbsp;&nbsp;33068 | &nbsp;&nbsp; 5.8% | &nbsp;&nbsp;53.3% | &nbsp;&nbsp; $659160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.0% | &nbsp;&nbsp;$19.93 | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;2031 | &nbsp;&nbsp;16670 | &nbsp;&nbsp; 2.9% | &nbsp;&nbsp;56.2% | &nbsp;&nbsp; $374151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.0% | &nbsp;&nbsp;$22.44 | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;2032 | &nbsp;&nbsp;17315 | &nbsp;&nbsp; 3.0% | &nbsp;&nbsp;59.3% | &nbsp;&nbsp; $404500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.3% | &nbsp;&nbsp;$23.36 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;2033 | &nbsp;&nbsp;14614 | &nbsp;&nbsp; 2.5% | &nbsp;&nbsp;61.8% | &nbsp;&nbsp; $264663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.8% | &nbsp;&nbsp;$18.11 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;2034 | &nbsp;&nbsp;44461 | &nbsp;&nbsp; 7.7% | &nbsp;&nbsp;69.5% | &nbsp;&nbsp; $753368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.0% | &nbsp;&nbsp;$16.94 | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;2035 | &nbsp;&nbsp;38291 | &nbsp;&nbsp; 6.7% | &nbsp;&nbsp;76.2% | &nbsp;&nbsp; $843302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.9% | &nbsp;&nbsp;$22.02 | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;2036 & Thereafter | &nbsp;&nbsp;36601 | &nbsp;&nbsp; 6.4% | &nbsp;&nbsp;82.6% | &nbsp;&nbsp; $853094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.0% | &nbsp;&nbsp;$23.31 | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Vacant | &nbsp;&nbsp;99908 | &nbsp;&nbsp; 17.4% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp; NAP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**Total / Wtd. Avg.** | &nbsp;&nbsp;**573931** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp; **$9445503** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$19.93** | &nbsp;&nbsp;**70** |

---

(1) Based on the underwritten rent roll dated September 9, 2025. Certain tenants may have lease termination
options that are not reflected in the Lease Rollover Schedule.

A-3-34

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Mixed Use – Office/Retail<br> 701 Town Center Drive<br> Newport News, VA 23606 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 4<br> **City Center at Oyster Point** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$57,785,000<br> 65.3%<br> 1.55x<br> 11.5% |

---

The following table presents certain information relating to the historical operating performance and Underwritten Net Cash Flow at the City Center at Oyster Point Property:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** |
| | **2022** | **2023** | **2024** | **TTM 6/30/2025** | **UW<sup>(1)</sup>** | **UW PSF** |
| &nbsp;&nbsp;Base Rent | &nbsp;&nbsp;$8321753 | &nbsp;&nbsp;$8490011 | &nbsp;&nbsp;$8545628 | &nbsp;&nbsp;$8808365 | &nbsp;&nbsp;$9445503 | &nbsp;&nbsp;$16.46 |
| &nbsp;&nbsp;Rent Steps | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;231751 | &nbsp;&nbsp;0.40 |
| &nbsp;&nbsp;Potential Income from Vacant Space | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;2209860 | &nbsp;&nbsp;3.85 |
| &nbsp;&nbsp;Reimbursements | &nbsp;&nbsp;1024885 | &nbsp;&nbsp;1060807 | &nbsp;&nbsp;1422806 | &nbsp;&nbsp;1484667 | &nbsp;&nbsp;1484667 | &nbsp;&nbsp;2.59 |
| &nbsp;&nbsp;**Gross Potential Income** | &nbsp;&nbsp;**$9346638** | &nbsp;&nbsp;**$9550819** | &nbsp;&nbsp;**$9968434** | &nbsp;&nbsp;**$10293032** | &nbsp;&nbsp;**$13371781** | &nbsp;&nbsp;**$23.30** |
| &nbsp;&nbsp;Economic Vacancy & Abatements | &nbsp;&nbsp;0 | &nbsp;&nbsp;(172650) | &nbsp;&nbsp;(172528) | &nbsp;&nbsp;(63643) | &nbsp;&nbsp;(2219652) | &nbsp;&nbsp;(3.87) |
| &nbsp;&nbsp;Other Income<sup>(2)</sup> | &nbsp;&nbsp;114196 | &nbsp;&nbsp;153006 | &nbsp;&nbsp;190948 | &nbsp;&nbsp;223489 | &nbsp;&nbsp;223489 | &nbsp;&nbsp;0.39 |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$9460834** | &nbsp;&nbsp;**$9531174** | &nbsp;&nbsp;**$9986854** | &nbsp;&nbsp;**$10452878** | &nbsp;&nbsp;**$11375618** | &nbsp;&nbsp;**$19.82** |
| &nbsp;&nbsp;Real Estate Taxes | &nbsp;&nbsp;979810 | &nbsp;&nbsp;944703 | &nbsp;&nbsp;937767 | &nbsp;&nbsp;943334 | &nbsp;&nbsp;932548 | &nbsp;&nbsp;1.62 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;16079 | &nbsp;&nbsp;184794 | &nbsp;&nbsp;267933 | &nbsp;&nbsp;255766 | &nbsp;&nbsp;218484 | &nbsp;&nbsp;0.38 |
| &nbsp;&nbsp;Other Expenses<sup>(3)</sup> | &nbsp;&nbsp;3284171 | &nbsp;&nbsp; 3668392 | &nbsp;&nbsp;3600075 | &nbsp;&nbsp;3534308 | &nbsp;&nbsp;3553750 | &nbsp;&nbsp;6.19 |
| &nbsp;&nbsp;**Total Operating Expenses** | &nbsp;&nbsp;**$4280059** | &nbsp;&nbsp;**$4797889** | &nbsp;&nbsp;**$4805776** | &nbsp;&nbsp;**$4733408** | &nbsp;&nbsp;**$4704782** | &nbsp;&nbsp;**$8.20** |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$5180774** | &nbsp;&nbsp;**$4733285** | &nbsp;&nbsp;**$5181078** | &nbsp;&nbsp;**$5719470<sup>(4)</sup>** | &nbsp;&nbsp;**$6670837<sup>(4)</sup>** | &nbsp;&nbsp;**$11.62** |
| &nbsp;&nbsp;Replacement Reserves | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;120526 | &nbsp;&nbsp;0.21 |
| &nbsp;&nbsp;TI/LC Reserve Credit | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;(200000) | &nbsp;&nbsp;(0.35) |
| &nbsp;&nbsp;TI/LC | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;573931 | &nbsp;&nbsp;1.00 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$5180774** | &nbsp;&nbsp;**$4733285** | &nbsp;&nbsp;**$5181078** | &nbsp;&nbsp;**$5719470** | &nbsp;&nbsp;**$6176380** | &nbsp;&nbsp;**$10.76** |
| &nbsp;&nbsp;**Occupancy (%)** | &nbsp;&nbsp;**NAV** | &nbsp;&nbsp;**73.9%** | &nbsp;&nbsp;**77.7%** | &nbsp;&nbsp;**82.6%** | &nbsp;&nbsp;**83.7%<sup>(5)</sup>** |  |
| &nbsp;&nbsp;**NCF DSCR** | &nbsp;&nbsp;**1.30x** | &nbsp;&nbsp;**1.18x** | &nbsp;&nbsp;**1.30x** | &nbsp;&nbsp;**1.43x** | &nbsp;&nbsp;**1.55x** |  |
| &nbsp;&nbsp;**NOI Debt Yield** | &nbsp;&nbsp;**9.0%** | &nbsp;&nbsp;**8.2%** | &nbsp;&nbsp;**9.0%** | &nbsp;&nbsp;**9.9%** | &nbsp;&nbsp;**11.5%** |  |

---

(1) UW Base Rent is based on the underwritten rent roll dated September 9, 2025.

(2) Other Income includes percentage rent and miscellaneous income.

(3) Other Expenses includes management fees, general and administrative expenses, utilities, repairs and maintenance,
and other miscellaneous expenses.

(4) The increase from TTM Net Operating Income to UW Net Operating Income is primarily attributable to additional
leasing, rent steps and decreases in insurance costs.

(5) Represents economic occupancy.

A-3-35

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Mixed Use – Office/Retail<br> 701 Town Center Drive<br> Newport News, VA 23606 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 4<br> **City Center at Oyster Point** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$57,785,000<br> 65.3%<br> 1.55x<br> 11.5% |

---

**Appraisal.** According to the appraisal, the City Center at Oyster Point Property had an "as-is" appraised value of $88,500,000 as of June 27, 2025, as shown in the table below.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**City Center at Oyster Point Appraised Value<sup>(1)</sup>** | &nbsp;&nbsp;**City Center at Oyster Point Appraised Value<sup>(1)</sup>** | &nbsp;&nbsp;**City Center at Oyster Point Appraised Value<sup>(1)</sup>** |
| **Property** | **Value** | **Capitalization Rate** |
| &nbsp;&nbsp;City Center at Oyster Point | &nbsp;&nbsp;$88500000 | &nbsp;&nbsp;7.75% |

---

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

**Environmental Matters.** According to a Phase I environmental report dated August 5, 2025, there was no evidence of any recognized environmental conditions at the City Center at Oyster Point Property.

**Condominium Regime.** The collateral for the City Center at Oyster Point Mortgage Loan includes three condominium units under separate condominium regimes, (i) an office unit in the Fountain Plaza One Condominium and (ii) retail units 2F and 2G at the Fountain Way Parking Garage Condominium. The office unit in the Fountain Plaza One Condominium consists of a 108,546 square foot office building which is located partly above and partly adjacent to the other (non-collateral) unit in the condominium, a parking garage with 1,080 vehicle spaces owned by the Newport News EDA. The collateral unit in the Fountain Plaza Condominium owns 38% of the common interest in the condominium, has the right to appoint one of two condominium board members, and has an easement for ingress, egress and parking from the garage unit. The two retail units in the Fountain Way Parking Garage Condominium are comprised of 29,206 and 6,192 square feet located on the ground floor of the other (non-collateral) unit in the condominium, a parking garage with 887 vehicle spaces owned by the Newport News EDA. The collateral units in the Fountain Way Parking Garage Condominium own 50% of the common interest in such condominium, have the right to appoint one of two condominium board members, and has an easement for ingress, egress and parking from the garage unit. Accordingly, the borrower does not control either condominium. Both condominium regimes require the borrower to pay its pro rata share of common area expenses for their respective buildings and to keep the units in good repair. For a detailed description of the condominium regimes please see "*Description of the Mortgage Pool—Condominium and Other Shared Interests*" in the Preliminary Prospectus.

**The Market.** The City Center at Oyster Point Property is located at 701 Town Center Drive in the Oyster Point business district in Newport News, Virginia. The property is part of a 52-acre, high-density mixed-use development that has been described as the de facto "downtown" for Newport News, offering a mix of office, retail, dining, entertainment, hotel, and residential uses. The immediate area features open-air shopping, a 256-key Marriott hotel and conference center, a 12-screen Cinemark movie theater, and multiple multifamily residential buildings. The property benefits from access to Interstate 64, which connects Newport News to Norfolk/Virginia Beach (30 miles south) and Richmond (68 miles north) and is surrounded by major commercial corridors including Jefferson Avenue and Thimble Shoals Boulevard.

According to the appraisal, the City Center at Oyster Point Property is located within the Oyster Point Oyster Point office submarket and North Hampton retail submarket of the Hampton Roads region. As of the first quarter of 2025, the Oyster Point office submarket had a total inventory of approximately 6.3 million square feet, an overall vacancy rate of 11.2%, and an average gross asking rent of $20.85 per square foot. The broader Hampton Roads office market reported a vacancy rate of 7.1% and an average gross asking rent of $22.36 per square foot.

The North Hampton retail submarket remains one of the tightest in the region, with a vacancy rate of 4.5% as of the first quarter of 2025, compared to the Hampton Roads retail market's overall vacancy rate of 4.2%. Average triple net asking rent for retail space in the North Hampton area was $19.82 per square foot, above the Hampton Roads market average of $16.58 per square foot.

The City Center at Oyster Point Property's central location is enhanced by its proximity to major employers, including Huntington Ingalls Industries, Riverside Regional Medical Center, Ferguson Enterprises, Canon, and Christopher Newport University. The surrounding area features a dense concentration of national retailers, hotels, and residential communities, including Patrick Henry Mall, Jefferson Plaza (anchored by Costco and World Market), and the Marketplace at Tech Center (anchored by Whole Foods, DSW, and P.F. Chang's). These factors support demand for both office and retail space at the City Center at Oyster Point Property.

A-3-36

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Mixed Use – Office/Retail<br> 701 Town Center Drive<br> Newport News, VA 23606 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 4<br> **City Center at Oyster Point** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$57,785,000<br> 65.3%<br> 1.55x<br> 11.5% |

---

The following table presents information relating to comparable sales to the City Center at Oyster Point Property:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Comparable Office Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Office Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Office Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Office Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Office Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Office Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Office Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Office Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Office Sales<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property Name/Location** | &nbsp;&nbsp;**Year Built/ Renovated** | &nbsp;&nbsp;**Total GLA (SF)** | &nbsp;&nbsp;**Occupancy (%)** | &nbsp;&nbsp;**Transaction Date** | &nbsp;&nbsp;**Price** | &nbsp;&nbsp;**Price per SF** | &nbsp;&nbsp;**Sale Cap Rate** | &nbsp;&nbsp;**Status** |
| &nbsp;&nbsp;**City Center at Oyster Point<sup>(2)</sup><br> Newport News, VA** | &nbsp;&nbsp;**2002-2009 / NAP** | &nbsp;&nbsp;**573,931 SF** | &nbsp;&nbsp;**82.6%** | &nbsp;&nbsp;**June 2025** | &nbsp;&nbsp;**$88500000** | &nbsp;&nbsp;**$154.20** | &nbsp;&nbsp;**7.75%** | &nbsp;&nbsp;**Stabilized** |
| &nbsp;&nbsp;4800 North Park | &nbsp;&nbsp;1985 / NAP | &nbsp;&nbsp;176,886 SF | &nbsp;&nbsp;73% | &nbsp;&nbsp;November 2024 | &nbsp;&nbsp;$21350000 | &nbsp;&nbsp;$120.70 | &nbsp;&nbsp;11.63% | &nbsp;&nbsp;Sub Stabilized |
| &nbsp;&nbsp;Raleigh, NC | &nbsp;&nbsp;1985 / NAP | &nbsp;&nbsp;176,886 SF | &nbsp;&nbsp;73% | &nbsp;&nbsp;November 2024 | &nbsp;&nbsp;$21350000 | &nbsp;&nbsp;$120.70 | &nbsp;&nbsp;11.63% | &nbsp;&nbsp;Sub Stabilized |
| &nbsp;&nbsp;The Landmark at North Hills | &nbsp;&nbsp;1984 / NAP | &nbsp;&nbsp;166,653 SF | &nbsp;&nbsp;84% | &nbsp;&nbsp;July 2024 | &nbsp;&nbsp;$21300000 | &nbsp;&nbsp;$127.81 | &nbsp;&nbsp;12.60% | &nbsp;&nbsp;Sub Stabilized |
| &nbsp;&nbsp;Raleigh, NC | &nbsp;&nbsp;1984 / NAP | &nbsp;&nbsp;166,653 SF | &nbsp;&nbsp;84% | &nbsp;&nbsp;July 2024 | &nbsp;&nbsp;$21300000 | &nbsp;&nbsp;$127.81 | &nbsp;&nbsp;12.60% | &nbsp;&nbsp;Sub Stabilized |
| &nbsp;&nbsp;Innsbrook Office - GSA | &nbsp;&nbsp;1999 / NAP | &nbsp;&nbsp;298,183 SF | &nbsp;&nbsp;84% | &nbsp;&nbsp;July 2024 | &nbsp;&nbsp;$31000000 | &nbsp;&nbsp;$103.96 | &nbsp;&nbsp;10.00% | &nbsp;&nbsp;Sub Stabilized |
| &nbsp;&nbsp;Glen Allen, VA | &nbsp;&nbsp;1999 / NAP | &nbsp;&nbsp;298,183 SF | &nbsp;&nbsp;84% | &nbsp;&nbsp;July 2024 | &nbsp;&nbsp;$31000000 | &nbsp;&nbsp;$103.96 | &nbsp;&nbsp;10.00% | &nbsp;&nbsp;Sub Stabilized |
| &nbsp;&nbsp;Westerre I & II | &nbsp;&nbsp;1998 / NAP | &nbsp;&nbsp;163,187 SF | &nbsp;&nbsp;91% | &nbsp;&nbsp;October 2023 | &nbsp;&nbsp;$25000000 | &nbsp;&nbsp;$153.20 | &nbsp;&nbsp;8.46% | &nbsp;&nbsp;Stabilized |
| &nbsp;&nbsp;Glen Allen, VA | &nbsp;&nbsp;1998 / NAP | &nbsp;&nbsp;163,187 SF | &nbsp;&nbsp;91% | &nbsp;&nbsp;October 2023 | &nbsp;&nbsp;$25000000 | &nbsp;&nbsp;$153.20 | &nbsp;&nbsp;8.46% | &nbsp;&nbsp;Stabilized |
| &nbsp;&nbsp;Innsbrook Portfolio | &nbsp;&nbsp;1984 / 2009 | &nbsp;&nbsp;726,749 SF | &nbsp;&nbsp;82% | &nbsp;&nbsp;December 2022 | &nbsp;&nbsp;$118949232 | &nbsp;&nbsp;$163.67 | &nbsp;&nbsp;6.30% | &nbsp;&nbsp;Stabilized |
| &nbsp;&nbsp;Glen Allen, VA | &nbsp;&nbsp;1984 / 2009 | &nbsp;&nbsp;726,749 SF | &nbsp;&nbsp;82% | &nbsp;&nbsp;December 2022 | &nbsp;&nbsp;$118949232 | &nbsp;&nbsp;$163.67 | &nbsp;&nbsp;6.30% | &nbsp;&nbsp;Stabilized |
| &nbsp;&nbsp;Glen Forest Office Portfolio | &nbsp;&nbsp;1985 / 2001 | &nbsp;&nbsp;567,001 SF | &nbsp;&nbsp;86% | &nbsp;&nbsp;January 2022 | &nbsp;&nbsp;$100000000 | &nbsp;&nbsp;$176.37 | &nbsp;&nbsp;6.65% | &nbsp;&nbsp;Stabilized |
| &nbsp;&nbsp;Richmond, VA | &nbsp;&nbsp;1985 / 2001 | &nbsp;&nbsp;567,001 SF | &nbsp;&nbsp;86% | &nbsp;&nbsp;January 2022 | &nbsp;&nbsp;$100000000 | &nbsp;&nbsp;$176.37 | &nbsp;&nbsp;6.65% | &nbsp;&nbsp;Stabilized |

---

(1) Source: Appraisal.

(2) Based on the underwritten rent roll dated September 9, 2025.

**The Borrower and the Borrower Sponsor.** The borrower is CCOP LLC, a Delaware limited liability company, with two independent directors in its organizational structure. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the City Center at Oyster Point Mortgage Loan.

The borrower sponsor and non-recourse carveout guarantor is William M. Murphy, founder of the Murphy Property Group ("**<u>MPG</u>**"). MPG is a private real estate firm based in Fort Lauderdale, Florida. MPG has a portfolio of approximately 1.5 million square feet of office space and 1,900 multifamily units.

**Property Management**. The City Center at Oyster Point Property is managed by Colliers International Asset Services, LLC, a third-party property management company.

**Initial and Ongoing Reserves.** At origination of the City Center at Oyster Point Mortgage Loan, the borrower deposited approximately (i) $417,484 in a tax reserve account, (ii) $1,000,000 into an account for future tenant improvements and leasing commissions ("**<u>TI/LC</u>**"), (iii) $382,960 into an account for outstanding TI/LC and (iv) $78,607 into a rent replication account.

*Tax Reserve –* The borrower is required to deposit into a real estate tax reserve, on a monthly basis, 1/12th of the taxes that the lender estimates will be payable over the next-ensuing 12-month period (initially estimated to be approximately $83,497).

*Insurance Reserve –* The borrower is required to deposit into an insurance reserve, on a monthly basis, 1/12th of the amount which will be sufficient to pay the insurance premiums due for the renewal of coverage afforded by such policies upon the expiration thereof. Notwithstanding the foregoing, the borrower will not be required to make such deposits if an acceptable blanket policy is in place. At origination, an acceptable blanket policy was in place.

*Replacement Reserve* – The borrower is required to deposit into a replacement reserve, on a monthly basis, approximately $10,044.

*TI/LC Reserve* – The borrower is required to deposit into the TI/LC reserve, on a monthly basis, approximately $47,828.

*Common Charges Reserve* – The borrower is required to deposit into the common charges reserve, on a monthly basis, an amount equal to the monthly amount set forth in the approved annual budget for common charges. Provided that no event of default is continuing, the lender is required to reimburse the borrower for such amounts upon presentation of evidence of payment.

**Lockbox / Cash Management**. The City Center at Oyster Point Mortgage Loan is structured with a hard lockbox and springing cash management. The borrower was required at origination to establish a lender-controlled lockbox account, to deliver a notice to all tenants

A-3-37

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Mixed Use – Office/Retail<br> 701 Town Center Drive<br> Newport News, VA 23606 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 4<br> **City Center at Oyster Point** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$57,785,000<br> 65.3%<br> 1.55x<br> 11.5% |

---

at the City Center at Oyster Point Property directing them to remit rent and all other sums due under the applicable lease directly to the lender-controlled lockbox account, and to cause all rents and other sums received by the borrower or the property manager, as applicable, to be deposited into such lender-controlled lockbox account within one business day of receipt. All funds deposited into the lockbox are required to be transferred on each business day to or at the direction of the borrower unless a Trigger Period (as defined below) exists, in which case 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 City Center at Oyster Point Mortgage Loan documents to make the required deposits, if any, into the tax, insurance and common charges reserves, pay debt service on the City Center at Oyster Point Mortgage Loan, make the required deposits into the replacement reserve and TI/LC reserve, pay operating expenses set forth in the annual budget (which must be reasonably approved by the lender during a Trigger Period) and lender approved extraordinary expenses; and all excess cash flow funds remaining in the cash management account after such application of funds are required to (i) during a Trigger Period due to a Lease Sweep Period (as defined below), and regardless of whether another Trigger Period exists, be deposited into a lease sweep reserve, or (ii) if no Lease Sweep Period exists, be held by the lender in an excess cash flow reserve account as additional collateral for the City Center at Oyster Point Mortgage Loan. Upon the cure of the applicable Trigger Period, the lender is required to return any amounts remaining on deposit in the excess cash flow reserve account to the borrower. Upon an event of default under the City Center at Oyster Point Mortgage Loan documents, the lender may apply funds to the City Center at Oyster Point Mortgage Loan in such priority as it may determine.

"**<u>Trigger Period</u>**" means a period: (A) commencing upon the earliest of (i) the occurrence and continuance of an event of default, (ii) the debt service coverage ratio falling below 1.20x, (iii) if the property manager is a borrower affiliate, certain bankruptcy or insolvency events of the property manager, (iv) certain bankruptcy or insolvency events of the borrower or the guarantor or (v) a Lease Sweep Period; and (B) expiring upon, with regard to any Trigger Period commenced in connection with (v) clause (i) above, the cure (if applicable) of such event of default, (w) clause (ii) above, the City Center at Oyster Point achieving a debt service coverage ratio of 1.20x or greater for two consecutive calculation periods, (x) clause (iii) above, a non-affiliated replacement manager approved by the lender being appointed, (y) clause (iv) above, if the bankruptcy or insolvency event was involuntary, upon the same being discharged or dismissed within 30 days of filing or (z) clause (v) above, the Lease Sweep Period ceasing to exist.

"**<u>Lease Sweep Period</u>**" means a period (A) commencing on the first monthly payment date following the earliest to occur of (1) the earlier of (a) eleven months prior to the earliest stated expiration of any Lease Sweep Lease (as defined below) and (b) the date by which the tenant under a Lease Sweep Lease is required to give notice of exercise of a renewal option (if such notice has not been given), (2) 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, (3) a Lease Sweep Lease, or any material portion thereof, is surrendered, canceled or terminated, (4) any tenant under a Lease Sweep Lease goes dark, (5) default under a Lease Sweep Lease by the tenant, or (6) the occurrence of certain bankruptcy or insolvency events for a tenant under a Lease Sweep Lease or its parent or guarantor and (B) terminating upon (v) in the case of clauses (1) and (4), the entirety of the space under the Lease Sweep Lease being leased under one or more qualified leases and, in the lender's judgement, sufficient funds being accumulated in the lease sweep reserve to cover associated costs, (w) in the case of clause (2), the date on which the Lease Sweep Lease tenant exercises its renewal or extension option and enough funds are accumulated to cover associated costs, (x) in the case of clause (3), such termination option is not validly exercised or is otherwise waived in writing by the tenant, (y) in the case of clause (5), the date on which the default has been cured and no other default occurs for a period of six months, and (z) in the case of clause (6) the related bankruptcy or insolvency proceeding has terminated and the Lease Sweep Lease and guarantee thereof has been affirmed or assumed without modification.

"**<u>Lease Sweep Lease</u>**" means (i) the City of Newport News, Virginia lease or (ii) any replacement lease that covers the majority of the space contained in the City of Newport News, Virginia lease.

**Current Mezzanine or Secured Subordinate Indebtedness.** None.

**Permitted Future Mezzanine or Secured Subordinate Indebtedness**. Not permitted.

**Release of Collateral.** Not Permitted.

**Ground Lease.** None.

A-3-38

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – Suburban<br> 1515 West Webster Avenue<br> Chicago, IL 60614 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 5<br> **1515 West Webster** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$56,440,000<br> 64.9%<br> 1.84x<br> 12.3% |

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![](n5335ts_img011.jpg)

A-3-39

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – Suburban<br> 1515 West Webster Avenue<br> Chicago, IL 60614 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 5<br> **1515 West Webster** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$56,440,000<br> 64.9%<br> 1.84x<br> 12.3% |

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![](n5335ts_img012.jpg)

A-3-40

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – Suburban<br> 1515 West Webster Avenue<br> Chicago, IL 60614 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 5<br> **1515 West Webster** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$56,440,000<br> 64.9%<br> 1.84x<br> 12.3% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Loan Seller:** | &nbsp;&nbsp;GSMC | &nbsp;&nbsp;**Single Asset / Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;**Property Type – Subtype:** | &nbsp;&nbsp;Office – Suburban |
| &nbsp;&nbsp;**Borrower Sponsor:** | &nbsp;&nbsp;Apex Capital Investments Corporation | &nbsp;&nbsp;**Collateral:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Borrower(s):** | &nbsp;&nbsp;1515 West Webster Owner LLC | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;Chicago, IL |
| &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;$56440000 | &nbsp;&nbsp;**Year Built / Renovated:** | &nbsp;&nbsp;2018 / NAP |
| &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$56440000 | &nbsp;&nbsp;**Property Management:** | &nbsp;&nbsp;Sterling Bay Property Management, LLC |
| &nbsp;&nbsp;**% by Initial UPB:** | &nbsp;&nbsp;4.3% | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;207,000 SF |
| &nbsp;&nbsp;**Interest Rate:** | &nbsp;&nbsp;6.52500% | &nbsp;&nbsp;**Appraised Value / Per SF<sup>(1)</sup>:** | &nbsp;&nbsp;$87,000,000 / $420 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;September 30, 2025 | &nbsp;&nbsp;**Appraisal Date<sup>(1)</sup>:** | &nbsp;&nbsp;May 22, 2025 |
| &nbsp;&nbsp;**Original Term:** | &nbsp;&nbsp;58 months | &nbsp;&nbsp;**Occupancy:** | &nbsp;&nbsp;100.0% (as of September 6, 2025) |
| &nbsp;&nbsp;**Amortization:** | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;**UW Economic Occupancy:** | &nbsp;&nbsp;97.5% |
| &nbsp;&nbsp;**Original Amortization:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Underwritten NOI:** | &nbsp;&nbsp;$6919154 |
| &nbsp;&nbsp;**Interest Only Period:** | &nbsp;&nbsp;58 months | &nbsp;&nbsp;**Underwritten NCF:** | &nbsp;&nbsp;$6877754 |
| &nbsp;&nbsp;**First Payment Date:** | &nbsp;&nbsp;November 6, 2025 |  |  |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;August 6, 2030 | &nbsp;&nbsp;**Historical NOI** | &nbsp;&nbsp;**Historical NOI** |
| &nbsp;&nbsp;**Additional Debt Type*:*** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Most Recent NOI:** | &nbsp;&nbsp;$6,378,328 (TTM July 31, 2025) |
| &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**2024 NOI:** | &nbsp;&nbsp;$6347576 |
| &nbsp;&nbsp;**Call Protection:** | &nbsp;&nbsp;L(24),D(27),O(7) | &nbsp;&nbsp;**2023 NOI:** | &nbsp;&nbsp;$6223091 |
| &nbsp;&nbsp;**Lockbox / Cash Management:** | &nbsp;&nbsp;Hard / Springing | &nbsp;&nbsp;**2022 NOI:** | &nbsp;&nbsp;$6099069 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Reserves<sup>(2)</sup>** | &nbsp;&nbsp;**Reserves<sup>(2)</sup>** | &nbsp;&nbsp;**Reserves<sup>(2)</sup>** | &nbsp;&nbsp;**Reserves<sup>(2)</sup>** | &nbsp;&nbsp;**Financial Information** | &nbsp;&nbsp;**Financial Information** |
|  | &nbsp;&nbsp;**Initial** | &nbsp;&nbsp;**Monthly** | &nbsp;&nbsp;**Cap** | &nbsp;&nbsp;**Cut-off Date Loan / SF:** | &nbsp;&nbsp;$273 |
| &nbsp;&nbsp;**Taxes:** | &nbsp;&nbsp;$2436613 | &nbsp;&nbsp;$304577 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date Loan / SF:** | &nbsp;&nbsp;$273 |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;64.9% |
| &nbsp;&nbsp;**Replacement Reserves:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date LTV:** | &nbsp;&nbsp;64.9% |
| &nbsp;&nbsp;**TI/LC Reserve:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**UW NOI DY:** | &nbsp;&nbsp;12.3% |
|  |  |  |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.84x |

---

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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** |
| **Sources** | **Proceeds** | **% of Total** | **Uses** | **Proceeds** | **% of Total** |
| &nbsp;&nbsp;Mortgage Loan | &nbsp;&nbsp;$56440000 | &nbsp;&nbsp;88.7% | &nbsp;&nbsp;Loan Payoff | &nbsp;&nbsp;$60408977 | &nbsp;&nbsp;94.9% |
| &nbsp;&nbsp;Borrower Sponsor Equity | &nbsp;&nbsp;$7206941 | &nbsp;&nbsp;11.3 | &nbsp;&nbsp;Upfront Reserves | &nbsp;&nbsp;$2436613 | &nbsp;&nbsp;3.8 |
|  |  |  | &nbsp;&nbsp;Closing Costs | &nbsp;&nbsp;$801352 | &nbsp;&nbsp;1.3 |
| &nbsp;&nbsp;**Total Sources** | &nbsp;&nbsp;**$63646941** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses** | &nbsp;&nbsp;**$63646941** | &nbsp;&nbsp;**100.0%** |

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(1) A "hypothetical market value as dark" was provided of $36,200,000 as of May 22, 2025.

(2) See "*Initial and Ongoing Reserves*" below for further discussion of reserve information.

***The Loan*.** The fifth largest mortgage loan (the "**<u>1515 West Webster Mortgage Loan</u>**") is secured by the borrower's fee simple interest in an approximately 207,000 square foot Class A office building located in Chicago, Illinois (the "**<u>1515 West Webster Property</u>**"). The 1515 West Webster Mortgage Loan was originated by Goldman Sachs Bank USA on September 30, 2025, has a 58-month interest-only term and accrues interest at a rate of 6.52500% *per annum* on an Actual/360 basis. The scheduled maturity date of the 1515 West Webster Mortgage Loan is the payment date in August 2030. Consistent with the prior loan encumbering the 1515 West Webster Property, the 1515 West Webster Mortgage Loan is structured to allow the sponsor to pursue "Shari'ah" compliance. The structure includes a master lease and ancillary documentation with an affiliate of sponsor. The sponsor is responsible for its own determination as to the Shari'ah compliance of any master lease and related documentation and the lender is not making any representations as to such compliance.

***The Property.*** The 1515 West Webster Property consists of a four-story, 207,000 square foot Class A office building located at 1515 West Webster Avenue, between the Lincoln Park and Bucktown neighborhoods of Chicago, Illinois. The 1515 West Webster Property was constructed as a built-to-suit for C.H. Robinson Worldwide, Inc. ("**<u>CHRW</u>**") and, since delivery in 2018, has served as the CHRW regional headquarters, serving as a regional training, event hub and home to CHRW's North American Surface Transportation business

A-3-41

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – Suburban<br> 1515 West Webster Avenue<br> Chicago, IL 60614 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 5<br> **1515 West Webster** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$56,440,000<br> 64.9%<br> 1.84x<br> 12.3% |

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segment (the "**<u>NAST</u>**"). The NAST is CHRW's largest department and accounts for nearly 50% of all employees and approximately 66% of CHRW's net revenue.

***Sole Tenant.***

*C.H. Robinson Worldwide (approximately 207,000 square feet; 100.0% of NRA; 100.0% of underwritten base rent):* CHRW is an American transportation company that includes third-party logistics ("**<u>3PL</u>**"). The company offers freight transportation, transportation management, brokerage and warehousing. It offers truckload, less than truckload, air freight, intermodal, and ocean transportation. The Property is home to the tenant's North American Surface Transportation ("**<u>NAST</u>**") business line, which is the largest department in the company, accounting for nearly 50% of all employees. Approximately 20% of the company's NAST employees report to the 1515 West Webster Property. The business unit reportedly generates 66% of CHRW net revenue as a company, and 15% of its net operating income.

The following table presents certain information relating to the sole tenant at the 1515 West Webster Property:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sole Tenant Summary<sup>(1)</sup>** | **Sole Tenant Summary<sup>(1)</sup>** | **Sole Tenant Summary<sup>(1)</sup>** | **Sole Tenant Summary<sup>(1)</sup>** | **Sole Tenant Summary<sup>(1)</sup>** | **Sole Tenant Summary<sup>(1)</sup>** | **Sole Tenant Summary<sup>(1)</sup>** | **Sole Tenant Summary<sup>(1)</sup>** |
| <br> **Tenant** | &nbsp;&nbsp;**Credit Rating (Moody's/<br> S&P/Fitch)<sup>(2)</sup>** | &nbsp;&nbsp;**Net Rentable Area (SF)** | &nbsp;&nbsp;**% of Net Rentable Area** | &nbsp;&nbsp;**U/W <br> Base Rent** | &nbsp;&nbsp;**U/W Base Rent <br> Per SF** | &nbsp;&nbsp;**% of Total U/W Base Rent** | &nbsp;&nbsp;**Lease Expiration** |
| C.H. Robinson Worldwide | &nbsp;&nbsp;Baa2/BBB+/A | &nbsp;&nbsp;207000 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$12619934 | &nbsp;&nbsp;$60.97 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;8/31/2033 &nbsp;&nbsp;N &nbsp;&nbsp;2 x 5 yrs<sup>(3)</sup> |
| **Occupied Total Collateral** |  | &nbsp;&nbsp;207000 | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$12619934** | &nbsp;&nbsp;**$60.97** | &nbsp;&nbsp;**100.0%** |  |
| Vacant Space |  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0.0% |  |  |  |  |
| **Totals/ Wtd. Avg. All Owned Tenants** |  | &nbsp;&nbsp;**207000** | &nbsp;&nbsp;**100.0%** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Based on the underwritten rent roll dated September 6, 2025, inclusive of rent
steps through October 31, 2026 and $5,928,470 of recoveries.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The 2 x 5 Year extension options are at 95% of the market rent with 12 months'
notice.

The following table presents certain information relating to the lease rollover schedule at the 1515 West Webster Property, based on the initial lease expiration dates:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &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 Ending December 31** | &nbsp;&nbsp;**Expiring Owned GLA** | &nbsp;&nbsp;**% of Owned GLA** | &nbsp;&nbsp;**Cumulative % of Owned GLA** | &nbsp;&nbsp;**U/W Base Rent** | &nbsp;&nbsp;**% of Total U/W Base Rent** | &nbsp;&nbsp;**U/W Base Rent $ per SF** | &nbsp;&nbsp;**# of Expiring Leases** |
| &nbsp;&nbsp;2025 & MTM | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2026 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2027 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2028 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2029 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2030 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2031 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2032 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2033 | &nbsp;&nbsp;207000 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$12619934 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$60.97 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;2034 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2035 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2036 & Thereafter | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Vacant | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**Total / Wtd. Avg.** | &nbsp;&nbsp;**207000** | &nbsp;&nbsp;**100.0%** |  | &nbsp;&nbsp;**$12619934** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$60.97** | &nbsp;&nbsp;**1** |

---

(1) Based on the underwritten rent roll dated September 6, 2025, inclusive of rent
steps through October 31, 2026 and $5,928,470 of recoveries.

A-3-42

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – Suburban<br> 1515 West Webster Avenue<br> Chicago, IL 60614 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 5<br> **1515 West Webster** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$56,440,000<br> 64.9%<br> 1.84x<br> 12.3% |

---

The following table presents certain information relating to the historical operating performance and Underwritten Net Cash Flow at the 1515 West Webster Property:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Cash Flow Analysis<sup>(1)</sup>** | **Cash Flow Analysis<sup>(1)</sup>** | **Cash Flow Analysis<sup>(1)</sup>** | **Cash Flow Analysis<sup>(1)</sup>** | **Cash Flow Analysis<sup>(1)</sup>** | **Cash Flow Analysis<sup>(1)</sup>** | **Cash Flow Analysis<sup>(1)</sup>** |
| | **2022** | **2023** | **2024** | **TTM July 31, 2025** | **Underwritten** | **U/W Per<br> SF** |
| **Base Rental Revenue** | **$6101069** | **$6223091** | **$6347553** | **$6421117** | **$6691464** | **$32.33** |
| Credit Tenant Rent Steps | $0 | $0 | $0 | $0 | $624346 | $3.02 |
| Total Commercial <br> Reimbursement Revenue | $5959129 | $6164886 | $6342874 | $6466978 | $5928470 | $28.64 |
| Other Revenue | $0 | $0 | $0 | $14403 | $909 | $0.00 |
| **Potential Gross Revenue** | **$12060198** | **$12387977** | **$12690427** | **$12902498** | **$13245189** | **$63.99** |
| Vacancy Loss | $0 | $0 | $0 | $0 | ($331107) | ($1.60) |
| **Effective Gross Revenue** | **$12060198** | **$12387977** | **$12690427** | **$12902498** | **$12914082** | **$62.39** |
| Real Estate Taxes | 3946294 | 3902767 | 4015501 | 4081692 | 3411000 | $16.48 |
| Insurance | 56671 | 58482 | 83566 | 65813 | 68949 | $0.33 |
| Utilities | 242765 | 250837 | 300357 | 370126 | 340785 | $1.65 |
| Repairs & Maintenance | 42582 | 614640 | 562855 | 574522 | 684175 | $3.31 |
| Janitorial | 918011 | 504825 | 550576 | 564544 | 593274 | $2.87 |
| Management Fee | 384733 | 371424 | 0 | 378473 | 387422 | $1.87 |
| General and Administrative -<br> Direct | 177076 | 263989 | 620694 | 248534 | 267208 | $1.29 |
| Other Expenses | 192997 | 197922 | 209301 | 240467 | 242114 | $1.17 |
| **Total Expenses** | **$5961129** | **$6164886** | **$6342851** | **$6524170** | **$5994927** | **$28.96** |
| **Net Operating Income<sup>(2)</sup>** | **$6099069** | **$6223091** | **$6347576** | **$6378328** | **$6919154** | **$33.43** |
| Replacement Reserves | 0 | 0 | 0 | 0 | 41400 | $0.20 |
| TI/LC | 0 | 0 | 0 | 0 | 0 | $0.00 |
| **Net Cash Flow** | **$6099069** | **$6223091** | **$6347576** | **$6378328** | **$6877754** | **$33.23** |
| **Occupancy** | **100.0%** | **100.0%** | **100.0%** | **100.0%** | **97.5%<sup>(3)</sup>** |  |
| **NCF DSCR** | **1.63x** | **1.67x** | **1.70x** | **1.71x** | **1.84x** |  |
| **NOI Debt Yield** | **10.8%** | **11.0%** | **11.2%** | **11.3%** | **12.3%** |  |

---

(1) Based on the underwritten rent roll dated September 6, 2025, inclusive of rent steps through October 31,
2026. (2) The increase between TTM July 31, 2025 Net Operating Income and Underwritten Net Operating Income is largely
driven by the inclusion of credit tenant rent steps.

(3) Represents economic occupancy.

**Appraisal.** According to the appraisal, the 1515 West Webster Property had an "as-is" appraised value of $87,000,000 as of May 22, 2025. Additionally, a "hypothetical market value as dark" was provided of $36,200,000 as of May 22, 2025.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Property** | &nbsp;&nbsp;**Appraised Value<sup>(1)</sup>** | &nbsp;&nbsp;**Capitalization Rate<sup>(1)</sup>** |
| &nbsp;&nbsp;1515 West Webster | &nbsp;&nbsp;$87000000 | &nbsp;&nbsp;7.50% |

---

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

A-3-43

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – Suburban<br> 1515 West Webster Avenue<br> Chicago, IL 60614 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 5<br> **1515 West Webster** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$56,440,000<br> 64.9%<br> 1.84x<br> 12.3% |

---

**Environmental Matters.** According to the Phase I environmental report dated May 28, 2025, there are no recognized environmental conditions at the 1515 West Webster Property.

**The Market.** The 1515 West Webster Property is located in the North Branch / Goose Island submarket in Chicago, Illinois. According to the appraisal, the North Branch / Goose Island submarket has a vacancy rate of 22.0% and average rental rate of $28.87, as of June 2025. There are currently no office buildings under construction in such submarket.

The following table presents competitive properties of the 1515 West Webster 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>** |
| **Property Name** | **Year Built** | **Year Renovated** | **Size (SF)** | **Rent/SF** | **Occupancy (%)** | **Lease Structure** |
| &nbsp;&nbsp;**1515 West Webster** | &nbsp;&nbsp;**2018** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**207000** | &nbsp;&nbsp;**$60.97<sup>(2)</sup>** | &nbsp;&nbsp;**100.0%<sup>(2)</sup>** | &nbsp;&nbsp;**Triple Net** |
| &nbsp;&nbsp;900 N Branch | &nbsp;&nbsp;1912 | &nbsp;&nbsp;1999 | &nbsp;&nbsp;169491 | &nbsp;&nbsp;$3250 | &nbsp;&nbsp;15.9% | &nbsp;&nbsp;Modified Gross |
| &nbsp;&nbsp;1765 N Elston | &nbsp;&nbsp;1889 | &nbsp;&nbsp;2012 | &nbsp;&nbsp;126000 | &nbsp;&nbsp;$25.00 | &nbsp;&nbsp;97.5% | &nbsp;&nbsp;Triple Net |
| &nbsp;&nbsp;770 N Halsted | &nbsp;&nbsp;1903 | &nbsp;&nbsp;1990 | &nbsp;&nbsp;135114 | &nbsp;&nbsp;$22.00 - $36.00 | &nbsp;&nbsp;70.3% | &nbsp;&nbsp;Modified Gross |
| &nbsp;&nbsp;1333 N Kingsbury | &nbsp;&nbsp;1890 | &nbsp;&nbsp;2017 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;$25.00 - $37.00 | &nbsp;&nbsp;41.1% | &nbsp;&nbsp;Modified Gross |
| &nbsp;&nbsp;2545 W Diversey | &nbsp;&nbsp;1913 | &nbsp;&nbsp;2010 | &nbsp;&nbsp;272000 | &nbsp;&nbsp;NAV | &nbsp;&nbsp;98.6% | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;600 W Chicago | &nbsp;&nbsp;1908 | &nbsp;&nbsp;2023 | &nbsp;&nbsp;1631139 | &nbsp;&nbsp;$28.00 - $30.00 | &nbsp;&nbsp;63.2% | &nbsp;&nbsp;Triple Net |
| &nbsp;&nbsp;224 W Hill | &nbsp;&nbsp;2021 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;195272 | &nbsp;&nbsp;$38.00 | &nbsp;&nbsp;87.3% | &nbsp;&nbsp;Modified Gross |
| &nbsp;&nbsp;1400 N Kingsbury | &nbsp;&nbsp;1921 | &nbsp;&nbsp;2001 | &nbsp;&nbsp;103785 | &nbsp;&nbsp;$39.00 | &nbsp;&nbsp;76.4% | &nbsp;&nbsp;Modified Gross |
| &nbsp;&nbsp;1315 N Branch St | &nbsp;&nbsp;1925 | &nbsp;&nbsp;2018 | &nbsp;&nbsp;157450 | &nbsp;&nbsp;NAV | &nbsp;&nbsp;79.6% | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;2718 W Roscoe St | &nbsp;&nbsp;2012 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;214204 | &nbsp;&nbsp;NAV | &nbsp;&nbsp;98.2% | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;1229 W Concord<sup>(3)</sup> | &nbsp;&nbsp;2013 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;336000 | &nbsp;&nbsp;NAV | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;NAV |

---

(1) Source: Appraisal.

(2) Based on the underwritten rent roll dated September 6, 2025, inclusive of rent steps through October 31, 2026 and $5,928,470 of recoveries.

(3) The 1229 W Concord building is a shell office building targeted for lab and life-science users.

**The Borrower and the Borrower Sponsor.** The borrower is 1515 West Webster Owner LLC, a Delaware limited liability company and special purpose entity (with two independent directors). Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the 1515 West Webster Mortgage Loan. The borrower sponsor and non-recourse guarantor is Apex Capital Investments Corporation. Apex Capital Investments Corporation was formed in 2019 as a U.S. subsidiary to Dimah Capital with a focus on assisting clients in creating, protecting, and sustaining value across multiple real estate risk profiles. The Company's capabilities extend to investing in an array of real estate asset classes including office buildings, hotels, warehouses, retail centers, and office spaces. Headquartered in Philadelphia, the management team has spent their careers acting on behalf of U.S. institutions and foreign investors and has invested in over $1.1 billion of projects since 2012.

**Property Management**. The 1515 West Webster Property is managed by Sterling Bay Property Management, LLC, a third-party entity.

**Initial and Ongoing Reserves.** At origination, the borrower deposited approximately $2,436,613 into a tax reserve 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 1515 West Webster Property that the lender reasonably estimates will be payable during the next ensuing 12 months, which is currently estimated at approximately $304,577 per month.

*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 the insurance reserve will be conditionally waived for so long as (i) insurance satisfying the requirements of the 1515 West Webster 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 at least 10 days prior to the date on which such payment would become delinquent, and (ii) no event of default is continuing under the 1515 West Webster Mortgage Loan documents.

A-3-44

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – Suburban<br> 1515 West Webster Avenue<br> Chicago, IL 60614 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 5<br> **1515 West Webster** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$56,440,000<br> 64.9%<br> 1.84x<br> 12.3% |

---

**Lockbox / Cash Management.** The 1515 West Webster Mortgage Loan is structured with a hard lockbox and springing cash management. The borrower was required to deliver to CHRW a notice instructing it that all payments under the lease are to be remitted directly to and deposited directly into the lockbox account. The borrower is required to cause all cash revenues relating to the 1515 West Webster Property and all other money received by the borrower, the master tenant or the 1515 West Webster Property manager (other than tenant security deposits required to be held in escrow accounts) 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)) by the end of the second business day following receipt. On each payment date during the continuance of a Cash Management Period, all funds on deposit in the cash management account after payment of taxes, insurance premiums, debt service on the 1515 West Webster Mortgage Loan, and expenses related to the 1515 West Webster Property and excess cash flow is required to be deposited into an excess cash flow reserve account as additional collateral for the 1515 West Webster Mortgage Loan.

A "**<u>Cash Management Period</u>**" means any of the following periods: (i) the period from the commencement of a Trigger Period (as defined below) until the earlier to occur of the end of such Trigger Period or the indebtedness is paid in full; or (ii) the period from the occurrence of an event of default until the earliest to occur of (x) acceptance by the lender of such event of default (in its sole and absolute discretion or as otherwise required by the applicable legal requirements), (y) the waiver of such event of default by the lender or (z) the indebtedness is paid in full. A Cash Management Period will not be terminated unless, at the time the borrower satisfies the conditions for termination of the applicable Cash Management Period as set forth in clause (i) or clause (ii) above, there is no continuing event of default and no other event has occurred which would cause an additional Cash Management Period to commence or continue as described above. In the event that a Cash Management Period is terminated as set forth in clause (i) or clause (ii) above, a Cash Management Period will be reinstated upon the subsequent occurrence of a Trigger Period or event of default.

**"<u>Trigger Period</u>**" means each of the following: (a) a period that commences when the debt yield, determined as of the first day of any fiscal quarter, is less than 10% and concludes when the debt yield, determined as of the first day of two consecutive fiscal quarters thereafter, is equal to or greater than 10%; (b) if the borrower fails to timely deliver to the lender any financial reports required pursuant to the 1515 West Webster Mortgage Loan documents as and when required, a Trigger Period will commence as of the date that is 15 business days following the lender's delivery of written notice to the borrower of such failure, unless such failure is cured by the borrower's delivery of the applicable required financial report to the lender within such fifteen business day period; upon commencement of any Trigger Period pursuant to this clause (b), the same continues until such reports are delivered to the lender and they indicate that, in fact, no Trigger Period is ongoing; and (c) any period from (i) the occurrence of a Critical Tenant Trigger Event (as defined below) to (ii) the satisfaction of the applicable Critical Tenant Disbursement Conditions with respect thereto in accordance with the terms of the definition thereof.

"**<u>Critical Tenant Trigger Event</u>**" means the occurrence of any of the following: (i) the date of any of the following: (A) the filing of a bankruptcy petition by or against any Critical Tenant (as defined below) under the bankruptcy code, which, in the case of an involuntary filing, is not dismissed within 90 days, (B) any such Critical Tenant is adjudicated legally insolvent or admits in writing to being insolvent or (C) any such Critical Tenant otherwise makes a general assignment for the benefit of creditors (the Critical Tenant Trigger Event described in this <u>clause (i)</u> being sometimes referred to as a "**<u>Critical Tenant Bankruptcy Trigger Event</u>**"); (ii) if any Critical Tenant has not given notice to renew its Critical Tenant Lease as of the date that is the earlier of (a) the date required pursuant to its Critical Tenant Lease (as defined below) or (b) the date that is 24 months prior to the maturity date (the Critical Tenant Trigger Event described in this <u>clause (ii)</u> being sometimes hereinafter referred to as a "**<u>Critical Tenant Non-Renewal Trigger Even</u>**<u>t</u>"); (iii) the date that any Critical Tenant either (a) gives written notice or there is otherwise written evidence (including from publicly available information) of an intent to terminate its Critical Tenant Lease or to vacate 20% or more of its Critical Tenant Space and less than six months remains before such termination or vacation as described in such written notice or written evidence is to be undertaken or (b) discontinues its operations or business in or vacates 20% or more, or is otherwise not in occupancy of at least 80% of, its Critical Tenant Space, excluding any temporary discontinuance of its business (1) for a period not to exceed 60 consecutive days and not more than 90 days in any 12-month period so long as the Critical Tenant is otherwise in compliance with the terms of its Critical Tenant Lease in all material respects, (2) caused solely by casualty or condemnation or renovations or alterations undertaken pursuant to the terms of its Critical Tenant Lease or (3) caused by force majeure (the Critical Tenant Trigger Event described in this <u>clause (iii)</u> being sometimes referred to as a "**<u>Critical Tenant Vacating Trigger Event</u>**"); or (iv) as to any Critical Tenant or the guarantor under a Critical Tenant Lease (in each case, which has a long-term credit rating of BBB- by S&P, Ba3 by Moody's or the equivalent from any other rating agency ("**<u>Investment Grade</u>**")), the date on which the long term credit rating of any such person is downgraded below Investment Grade by two or more rating agencies (in the case where the long term credit rating of the Critical Tenant or the guarantor under a Critical Tenant Lease is removed merely because one of the applicable rating agencies has ceased to rate long term debt, the same will not, in the lender's reasonable discretion, be treated as a decline in the credit rating) (the Critical Tenant Trigger Event described in this <u>clause (iv)</u> being sometimes referred to as a "**<u>Critical Tenant Downgrade Trigger Event</u>**").

A-3-45

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – Suburban<br> 1515 West Webster Avenue<br> Chicago, IL 60614 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 5<br> **1515 West Webster** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$56,440,000<br> 64.9%<br> 1.84x<br> 12.3% |

---

"**<u>Critical Tenant</u>**" means any of the following: (i) CHRW, and (ii) any successor tenant which takes occupancy of a Critical Tenant Space pursuant to a Critical Tenant Lease.

"**<u>Critical Tenant Disbursement Conditions</u>**" means the satisfaction of the following conditions: (a) as it relates to a Critical Tenant Bankruptcy Trigger Event, the occurrence of any of the following: (1)(A) if such Critical Tenant Bankruptcy Trigger Event results from an involuntary bankruptcy case, the same is dismissed within 90 days after commencement, (B) the Critical Tenant and its lease guarantor is no longer deemed legally insolvent, (C) any general assignment for the benefit of creditors is legally withdrawn without, in any case, any materially adverse on the applicable Critical Tenant Lease and (D) the Critical Tenant thereunder is paying normal monthly rent and is otherwise in compliance with the terms of its Critical Tenant Lease and has provided an updated estoppel certificate reasonably acceptable to Lender evidencing (among other things) the foregoing, (2) the applicable Critical Tenant assumed its Critical Tenant Lease during the bankruptcy proceeding, is paying normal monthly rent and is otherwise in material compliance with the terms of thereof and has provided an updated estoppel certificate reasonably acceptable to Lender evidencing (among other things) the foregoing or (3) the Critical Tenant Lease will be terminated and the entirety of the Critical Tenant Space demised thereunder is leased pursuant to one or more approved substitute leases; (b) as it relates to a Critical Tenant Non-Renewal Trigger Event, either (1) such Critical Tenant (A) enters a renewal or extension of its Critical Tenant Lease pursuant to the existing terms contained therein, (B) is in occupancy of all or substantially all of its Critical Tenant Space, (C) is paying full monthly rent and has opened for business in its Critical Tenant Space and (D) has provided an updated estoppel certificate reasonably acceptable to the lender evidencing (among other things) the foregoing or (2) the applicable Critical Tenant Lease terminates and the entirety of the Critical Tenant Space demised thereunder is leased pursuant to one or more approved substitute leases; (c) as it relates to a Critical Tenant Vacating Trigger Event, either (1)(A) the lender is provided with evidence reasonably satisfactory to the lender that the applicable Critical Tenant has recommenced its business and operations in 80% or more of its Critical Tenant Space and is paying full monthly rent, and (B) such Critical Tenant has provided an updated estoppel certificate reasonably acceptable to the lender evidencing (among other things) the foregoing or (2) the applicable Critical Tenant Lease terminates and the entirety of the Critical Tenant Space demised thereunder is leased pursuant to one or more approved substitute leases; and (d) as it relates to a Critical Tenant Downgrade Trigger Event, the long-term credit rating of the applicable Critical Tenant or its lease guarantor is equal to or greater than Investment Grade (in the case where the long-term credit rating of the Critical Tenant or the guarantor under its Critical Tenant Lease have been removed because one of the applicable rating agencies has ceased to rate long term debt, the lender determines in its reasonable discretion whether the condition described in this subsection is satisfied).

"**<u>Critical Tenant Lease</u>**" means any of the following: (i) the CHRW lease and (ii) any future lease which, when aggregated with all other leases at the 1515 West Webster Property with the same tenant (or affiliated tenants), and assuming the exercise of all expansion rights and all preferential rights to lease additional space contained in such lease, is expected to demise more than 50% of the total rentable square footage of space at the 1515 West Webster Property.

"**<u>Critical Tenant Space</u>**" means any of the following: (i) the approximate 207,000 square feet of leasable space subject to the CHRW lease and (ii) the leased premises occupied by any future Critical Tenant pursuant to its Critical Tenant Lease.

**Master Lease*.*** The 1515 West Webster Mortgage Loan was structured with a master lease to be a Shari'ah compliant loan. The borrower, as master lessor, entered into a master lease with 1515 West Webster Operator LLC, as master lessee, for the purpose of entering into an end-user lease for the 1515 West Webster Property. The master lessee is indirectly owned by certain investors. The rent payable pursuant to the master lease is intended to cover the debt service payments required under the 1515 West Webster Mortgage Loan, as well as reserve payments and any other sums due under the 1515 West Webster Mortgage Loan. At origination, the lender received a fee mortgage from the borrower on its fee interest in the 1515 West Webster Property and the master lessee has entered into an assignment of leases and rents in favor of the borrower which has been collaterally assigned to the lender. The lender also secured a full subordination of the master lease. See "*Risk Factors—Risks Relating to the Mortgage Loans—Risks Relating to Shari'ah Compliant Loans*" in the Preliminary Prospectus. See "*Description of the Mortgage Pool—Certain Terms of the Mortgage Loans—Shari'ah Compliant Lending Structure*" in the Preliminary Prospectus.

**Current Mezzanine and Secured Subordinate Indebtedness.** None.

**Permitted Future Mezzanine or Secured Subordinate Indebtedness.** Not permitted.

**Release of Collateral.** Not permitted.

**Ground Lease.** None.

A-3-46

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Garden<br> Various<br> Various, Various<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 6<br> **Waterford Multifamily Portfolio** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$55,110,000<br> 70.0%<br> 1.32x<br> 8.7% |

---

![](n5335ts_img013.jpg)

A-3-47

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Garden<br> Various<br> Various, Various<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 6<br> **Waterford Multifamily Portfolio** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$55,110,000<br> 70.0%<br> 1.32x<br> 8.7% |

---

![](n5335ts_img014.jpg)

A-3-48

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Garden<br> Various<br> Various, Various<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 6<br> **Waterford Multifamily Portfolio** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$55,110,000<br> 70.0%<br> 1.32x<br> 8.7% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Loan Seller:** | &nbsp;&nbsp;GACC | &nbsp;&nbsp;**Single Asset / Portfolio:** | &nbsp;&nbsp;Portfolio |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;**Property Type – Subtype:** | &nbsp;&nbsp;Multifamily – Garden |
| &nbsp;&nbsp;**Borrower Sponsor(s)<sup>(1)</sup>:** | &nbsp;&nbsp;David Lubin and Jonathan Greenberg | &nbsp;&nbsp;**Collateral:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Borrower(s)<sup>(1)</sup>:** | &nbsp;&nbsp;Various | &nbsp;&nbsp;**Location<sup>(3)</sup>:** | &nbsp;&nbsp;Various, Various |
| &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;$55110000 | &nbsp;&nbsp;**Year Built / Renovated<sup>(3)</sup>:** | &nbsp;&nbsp;Various / NAP |
| &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$55110000 | &nbsp;&nbsp;**Property Management:** | &nbsp;&nbsp;Waterford Real Estate Management, LLC |
| &nbsp;&nbsp;**% by Initial UPB:** | &nbsp;&nbsp;4.2% | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;398 Units |
| &nbsp;&nbsp;**Interest Rate:** | &nbsp;&nbsp;6.35300% | &nbsp;&nbsp;**Appraised Value / Per Unit:** | &nbsp;&nbsp;$78,750,000 / $197,864 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;September 4, 2025 | &nbsp;&nbsp;**Appraisal Date:** | &nbsp;&nbsp;Various |
| &nbsp;&nbsp;**Original Term:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**Occupancy:** | &nbsp;&nbsp;93.2% (as of August 1, 2025) |
| &nbsp;&nbsp;**Amortization:** | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;**UW Economic Occupancy:** | &nbsp;&nbsp;93.0% |
| &nbsp;&nbsp;**Original Amortization:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Underwritten NOI:** | &nbsp;&nbsp;$4776876 |
| &nbsp;&nbsp;**Interest Only Period:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**Underwritten NCF:** | &nbsp;&nbsp;$4697276 |
| &nbsp;&nbsp;**First Payment Date:** | &nbsp;&nbsp;October 6, 2025 |  |  |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;September 6, 2030 | &nbsp;&nbsp;**Historical NOI** | &nbsp;&nbsp;**Historical NOI** |
| &nbsp;&nbsp;**Additional Debt Type:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Most Recent NOI:** | &nbsp;&nbsp;$4,334,974 (TTM June 30, 2025) |
| &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**2024 NOI:** | &nbsp;&nbsp;$3752800 |
| &nbsp;&nbsp;**Call Protection:** | &nbsp;&nbsp;L(23),YM1(30),O(7) | &nbsp;&nbsp;**2023 NOI<sup>(4)</sup>:** | &nbsp;&nbsp;$1811198 |
| &nbsp;&nbsp;**Lockbox / Cash Management:** | &nbsp;&nbsp;Springing / Springing | &nbsp;&nbsp;**2022 NOI:** | &nbsp;&nbsp;NAV |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Reserves<sup>(2)</sup>** | &nbsp;&nbsp;**Reserves<sup>(2)</sup>** | &nbsp;&nbsp;**Reserves<sup>(2)</sup>** | &nbsp;&nbsp;**Reserves<sup>(2)</sup>** | &nbsp;&nbsp;**Financial Information** | &nbsp;&nbsp;**Financial Information** |
|  | **Initial** | **Monthly** | **Cap** | &nbsp;&nbsp;**Cut-off Date Loan / Unit:** | &nbsp;&nbsp;$138467 |
| &nbsp;&nbsp;**Taxes:** | &nbsp;&nbsp;$156347 | &nbsp;&nbsp;$64281 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date Loan / Unit:** | &nbsp;&nbsp;$138467 |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$191495 | &nbsp;&nbsp;$17409 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;70.0% |
| &nbsp;&nbsp;**Replacement Reserves:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$6633 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date LTV:** | &nbsp;&nbsp;70.0% |
|  |  |  |  | &nbsp;&nbsp;**UW NOI DY:** | &nbsp;&nbsp;8.7% |
|  |  |  |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.32x |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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** |
| **Sources** | **Proceeds** | **% of Total** | **Uses** | **Proceeds** | **% of Total** |
| &nbsp;&nbsp;Mortgage Loan | &nbsp;&nbsp;$55110000 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;Loan Payoff | &nbsp;&nbsp;$50269193 | &nbsp;&nbsp;91.2% |
|  |  |  | &nbsp;&nbsp;Equity Repatriation | &nbsp;&nbsp;2429561 | &nbsp;&nbsp;4.4 |
|  |  |  | &nbsp;&nbsp;Closing Costs | &nbsp;&nbsp;2063405 | &nbsp;&nbsp;3.7 |
|  |  |  | &nbsp;&nbsp;Upfront Reserves | &nbsp;&nbsp;347841 | &nbsp;&nbsp;0.6 |
| &nbsp;&nbsp;**Total Sources** | &nbsp;&nbsp;**$55110000** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses** | &nbsp;&nbsp;**$55110000** | &nbsp;&nbsp;**100.0%** |

---

(1) See "*The Borrowers and the Borrower Sponsors*" below. The borrower sponsors are also
the borrower sponsors of the Brookside Gardens mortgage loan included in the Benchmark 2025-V18 securitization.

(2) See "*Initial and Ongoing Reserves*" below.

(3) See the chart titled "*Portfolio Summary*" under "*The Properties* "
below.

(4) The 2023 operating statements cover the trailing twelve months through October 31, 2023 and only include
operating statements for Yorkshire Apartments and Parkview Apartments. Operating statements during 2023 were not provided for Holly Brook
Apartments.

**The Loan.** The sixth largest mortgage loan (the "**<u>Waterford Multifamily Portfolio Mortgage Loan</u>**") is secured by the borrowers' fee simple interests in a 398-unit, 3 property portfolio of garden style multifamily properties located in Hamilton, New Jersey and Vestal, New York (collectively, the "**<u>Waterford Multifamily Portfolio Properties</u>**"). The Waterford Multifamily Portfolio Mortgage Loan is evidenced by a promissory note with an outstanding principal balance as of the Cut-off Date of $55,110,000. The Waterford Portfolio Mortgage Loan was originated on September 4, 2025 by DBR Investments Co. Limited and accrues interest at a fixed rate of 6.35300% *per annum*. The Waterford Multifamily Portfolio Mortgage Loan has an initial term of five years and is interest-only for the full term. The scheduled maturity date of the Waterford Portfolio Mortgage Loan is September 6, 2030.

***The Properties.*** The Waterford Multifamily Portfolio Properties are comprised of 3 garden-style multifamily properties: (i) Parkview Apartments (166 residential units) (the "**<u>Parkview Apartments Property</u>**"), (ii) Yorkshire Apartments (128 residential units) (the

A-3-49

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Garden<br> Various<br> Various, Various<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 6<br> **Waterford Multifamily Portfolio** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$55,110,000<br> 70.0%<br> 1.32x<br> 8.7% |

---

"**<u>Yorkshire Apartments Property</u>**"), and (iii) Holly Brook Apartments (104 residential units) (the "**<u>Holly Brook Apartments Property</u>**"), located in Hamilton, New Jersey and Vesta, New York. The borrower sponsors acquired the Waterford Multifamily Portfolio Properties in an off-market transaction in November 2023 as a portfolio transaction, together with two additional non-collateral properties, for a total purchase price of approximately $60.9 million. Allocated purchase prices were not provided due to the portfolio sale. Since acquiring the Waterford Multifamily Portfolio Properties, the borrower sponsors have spent approximately $700,500 in capital expenditures. Historical capital expenditures include unit renovations and mechanical, electrical, and plumbing repairs. 121 renovated units were renovated prior to the acquisition ("**<u>Renovated Units</u>**"), and 33 units have been renovated after the borrower sponsors' acquisition ("**<u>Premium Units</u>**"). The borrowers plan to renovate the remaining 81 units at the Yorkshire Apartments Property, the remaining 106 units at the Parkview Apartments Property, and the remaining 57 units at the Holly Brook Apartments Property upon turnover of such units, at an estimated cost of $18,500 per unit. Such renovations are not required or reserved for under the Waterford Multifamily Portfolio Mortgage Loan, and we cannot assure you that such renovations will be completed. There is not a noticeable difference in quality between Renovated Units and Premium Units.

The Parkview Apartments Property is a garden-style multifamily property consisting of 166 residential units, with an in-place occupancy rate of 91.6% and an average in-place rent of $1,627 per unit per month based on the rent roll dated August 1, 2025. Located at 1424 Nottingham Way in Hamilton, New Jersey, the Parkview Apartments Property benefits from access to local amenities, close proximity to Route 1 and Route 295, in addition to major roads and public transportation. The Parkview Apartments Property also offers 237 parking spaces (1.43 spaces per unit). The unit mix includes 86 one-bedroom units and 80 two-bedroom units. Of the total units, 106 units are categorized as classic, 44 units as Renovated Units, and 16 units as Premium Units. The appraisal concluded to a renovated market rent for the one-bedroom units at $1,800 per month (compared to average in-place rent of $1,427 per month for the non-renovated one-bedroom units) and for the two-bedroom units at $2,200 per month (compared to average in-place rent of $1,725 for the non-renovated two-bedroom units). Overall, the appraisal's concluded weighted average market rent of $1,993 per unit represents a 22.5% premium to the current weighted average in-place rent of $1,627 per unit.

The Yorkshire Apartments Property is a garden-style multifamily property consisting of 128 residential units, with an in-place occupancy rate of 93.8% and an average in-place rent of $1,626 per unit per month based on the rent roll dated August 1, 2025. Located at 3201 East State Street in Hamilton, New Jersey, the Yorkshire Apartments Property offers 187 parking spaces (1.46 spaces per unit) and consists of a unit mix of 104 one-bedroom units and 24 two-bedroom units. Of the total units, 81 units are categorized as classic, 38 units as Renovated Units, and 9 units as Premium Units. The appraisal concluded to a renovated market rent for the one-bedroom units at $1,950 per month (compared to average in-place rent of $1,478 per month for the non-renovated one-bedroom units) and for the two-bedroom units at $2,350 per month (compared to average in-place rent of $1,962 for the non-renovated two-bedroom units). Overall, the appraisal's concluded weighted average market rent of $2,025 per unit represents a 24.6% premium to the current weighted average in-place rent of $1,626 per unit.

The Holly Brook Apartments Property is a garden-style multifamily property consisting of 104 residential units, with an in-place occupancy rate of 95.2% and an average in-place rent of $1,329 per unit per month based on the rent roll dated August 1, 2025. Located at 3111-3131 Burris Road in Vestal, New York, the Holly Brook Apartments Property offers 156 parking spaces (1.50 spaces per unit) and the unit mix includes 31 one-bedroom units, 71 two-bedroom units, and 2 3-bedroom units. Of the total units, 57 units are categorized as classic, 39 units as Renovated Units, and 8 units as Premium Units. The appraisal concluded to a renovated market rent for the one-bedroom units at $1,250 per month (compared to average in-place rent of $1,159 per month for the non-renovated one-bedroom units), for the two-bedroom units at $1,550 per month (compared to average in-place rent of $1,292 for the non-renovated two-bedroom units), and for the three-bedroom units at $2,250 per month (compared to average in-place rent of $2,009 for the non-renovated three-bedroom units).

19 units at the Yorkshire Apartments Property and 30 units at the Parkview Apartments Property are leased to tenants which either (i) receive Section 8 vouchers or other rental assistance or (ii) lease units that are subject to rent control ordinances.

A-3-50

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Garden<br> Various<br> Various, Various<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 6<br> **Waterford Multifamily Portfolio** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$55,110,000<br> 70.0%<br> 1.32x<br> 8.7% |

---

The following table presents certain information relating to the Waterford Multifamily Portfolio Properties:

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Portfolio Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Portfolio Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Portfolio Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Portfolio Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Portfolio Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Portfolio Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Portfolio Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Portfolio Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Portfolio Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Portfolio Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Portfolio Summary<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Property Type** | &nbsp;&nbsp;**Location** | &nbsp;&nbsp;**Year Built / Renovated** | &nbsp;&nbsp;**# of Units<sup>(2)</sup>** | &nbsp;&nbsp;**Occupancy<sup>(2)</sup>** | &nbsp;&nbsp;**Allocated Cut-off Date Balance** | &nbsp;&nbsp;**% of Allocated Cut-off Date Balance** | &nbsp;&nbsp;**UW NOI<sup>(2)</sup>** | &nbsp;&nbsp;**% of UW NOI<sup>(2)</sup>** | &nbsp;&nbsp;**Appraised Value** |
| &nbsp;&nbsp;Parkview Apartments | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;Hamilton, NJ | &nbsp;&nbsp;1969 / NAP | &nbsp;&nbsp;166 | &nbsp;&nbsp;91.6% | &nbsp;&nbsp;$24750000 | &nbsp;&nbsp;44.9% | &nbsp;&nbsp;$2111112 | &nbsp;&nbsp;44.2% | &nbsp;&nbsp;$35000000 |
| &nbsp;&nbsp;Yorkshire Apartments | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;Hamilton, NJ | &nbsp;&nbsp;1968 / NAP | &nbsp;&nbsp;128 | &nbsp;&nbsp;93.8% | &nbsp;&nbsp;$18660000 | &nbsp;&nbsp;33.9% | &nbsp;&nbsp;$1547435 | &nbsp;&nbsp;32.4% | &nbsp;&nbsp;$27250000 |
| &nbsp;&nbsp;Holly Brook Apartments | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;Vestal, NY | &nbsp;&nbsp;1980 / NAP | &nbsp;&nbsp;104 | &nbsp;&nbsp;95.2% | &nbsp;&nbsp;$11700000 | &nbsp;&nbsp;21.2% | &nbsp;&nbsp;$1118329 | &nbsp;&nbsp;23.4% | &nbsp;&nbsp;$16500000 |
| &nbsp;&nbsp;**Total/ Wtd. Avg** |  |  |  | &nbsp;&nbsp;**398** | &nbsp;&nbsp;**93.2%** | &nbsp;&nbsp;**$55110000** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$4776876** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$78750000** |

---

(1) Source: Appraisal

(2) Based on the underwritten rent rolls dated August 1, 2025.

The following table presents certain information relating to the unit mix at the Waterford Multifamily Portfolio Properties:

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Waterford Multifamily Portfolio Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Waterford Multifamily Portfolio Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Waterford Multifamily Portfolio Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Waterford Multifamily Portfolio Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Waterford Multifamily Portfolio Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Waterford Multifamily Portfolio Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Waterford Multifamily Portfolio Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Waterford Multifamily Portfolio Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Waterford Multifamily Portfolio Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Waterford Multifamily Portfolio Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Waterford Multifamily Portfolio Unit Mix<sup>(1)</sup>** |
|  |  |  | &nbsp;&nbsp;**Unit Mix** | &nbsp;&nbsp;**Unit Mix** | &nbsp;&nbsp;**Unit Mix** | &nbsp;&nbsp;**Unit Mix** | &nbsp;&nbsp;**Average Rent per Unit<sup>(2)</sup>** | &nbsp;&nbsp;**Average Rent per Unit<sup>(2)</sup>** | &nbsp;&nbsp;**Average Rent per Unit<sup>(2)</sup>** | &nbsp;&nbsp;**Average Rent per Unit<sup>(2)</sup>** |
| **Property Name** | **# of Units** | **Occupancy** | **1 BR /** <br> **1 Bath** | **2 BR / 1 Bath** | **2 BR /**<br> **1.5 Bath** | **3 BR /** <br> **2 Bath** | **1 BR / 1 Bath** | **2 BR/1 Bath** | **2 BR/1.5 Bath** | **3 BR / 2 Bath** |
| &nbsp;&nbsp;**Holly Brook Apartments** | &nbsp;&nbsp;**104** | &nbsp;&nbsp;**95.2%** | &nbsp;&nbsp;**31** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**71** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**$1211** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**$1348** | &nbsp;&nbsp;**$2009** |
| &nbsp;&nbsp; Classic | &nbsp;&nbsp;57 | &nbsp;&nbsp;96.5% | &nbsp;&nbsp;12 | &nbsp;&nbsp;0 | &nbsp;&nbsp;43 | &nbsp;&nbsp;2 | &nbsp;&nbsp;1159 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;1292 | &nbsp;&nbsp;2009 |
| &nbsp;&nbsp; Premium | &nbsp;&nbsp;8 | &nbsp;&nbsp;87.5% | &nbsp;&nbsp;1 | &nbsp;&nbsp;0 | &nbsp;&nbsp;7 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1275 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;1574 | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp; Renovated | &nbsp;&nbsp;39 | &nbsp;&nbsp;94.9% | &nbsp;&nbsp;18 | &nbsp;&nbsp;0 | &nbsp;&nbsp;21 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1244 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;1394 | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**Yorkshire Apartments** | &nbsp;&nbsp;**128** | &nbsp;&nbsp;**93.8%** | &nbsp;&nbsp;**104** | &nbsp;&nbsp;**24** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**$1537** | &nbsp;&nbsp;**$2025** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp; Classic | &nbsp;&nbsp;81 | &nbsp;&nbsp;92.6% | &nbsp;&nbsp;71 | &nbsp;&nbsp;10 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1478 | &nbsp;&nbsp;1962 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp; Premium | &nbsp;&nbsp;9 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;7 | &nbsp;&nbsp;2 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1738 | &nbsp;&nbsp;2284 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp; Renovated | &nbsp;&nbsp;38 | &nbsp;&nbsp;94.7% | &nbsp;&nbsp;26 | &nbsp;&nbsp;12 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1635 | &nbsp;&nbsp;2025 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**Parkview Apartments** | &nbsp;&nbsp;**166** | &nbsp;&nbsp;**91.6%** | &nbsp;&nbsp;**86** | &nbsp;&nbsp;**80** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**$1484** | &nbsp;&nbsp;**$1782** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp; Classic | &nbsp;&nbsp;106 | &nbsp;&nbsp;91.5% | &nbsp;&nbsp;54 | &nbsp;&nbsp;52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1427 | &nbsp;&nbsp;1725 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp; Premium | &nbsp;&nbsp;16 | &nbsp;&nbsp;93.8% | &nbsp;&nbsp;10 | &nbsp;&nbsp;6 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1710 | &nbsp;&nbsp;2044 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp; Renovated | &nbsp;&nbsp;44 | &nbsp;&nbsp;90.9% | &nbsp;&nbsp;22 | &nbsp;&nbsp;22 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1508 | &nbsp;&nbsp;1851 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**Total/ Wtd. Avg** | &nbsp;&nbsp;**398** | &nbsp;&nbsp;**93.2%** | &nbsp;&nbsp;**221** | &nbsp;&nbsp;**104** | &nbsp;&nbsp;**71** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**$1470** | &nbsp;&nbsp;**$1833** | &nbsp;&nbsp;**$1348** | &nbsp;&nbsp;**$2009** |

---

(1) Based on the underwritten rent rolls dated August 1, 2025.

(2) Average Rent per Unit is based on occupied units.

A-3-51

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Garden<br> Various<br> Various, Various<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 6<br> **Waterford Multifamily Portfolio** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$55,110,000<br> 70.0%<br> 1.32x<br> 8.7% |

---

The following table presents certain information relating to the historical operating performance and Underwritten Net Cash Flow at the Waterford Multifamily Portfolio Properties:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Waterford Multifamily Portfolio Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Waterford Multifamily Portfolio Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Waterford Multifamily Portfolio Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Waterford Multifamily Portfolio Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Waterford Multifamily Portfolio Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Waterford Multifamily Portfolio Cash Flow Analysis<sup>(1)</sup>** |
|  | &nbsp;&nbsp;**2023<sup>(2)</sup>** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**TTM 6/30/2025** | &nbsp;&nbsp;**U/W** | &nbsp;&nbsp;**U/W Per Unit** |
| &nbsp;&nbsp;Gross Potential Rent | &nbsp;&nbsp;$3882357 | &nbsp;&nbsp; $5903854 | &nbsp;&nbsp; $6447196 | &nbsp;&nbsp; $7397296 | &nbsp;&nbsp;$18586.17 |
| &nbsp;&nbsp;Vacancy | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;(515506) | &nbsp;&nbsp;(1295.24) |
| &nbsp;&nbsp;Bad Debt | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Net Rental Income** | &nbsp;&nbsp;**$3882357** | &nbsp;&nbsp;**$5903854** | &nbsp;&nbsp;**$6447196** | &nbsp;&nbsp;**$6881790** | &nbsp;&nbsp;**$17290.93** |
| &nbsp;&nbsp;Utility Reimbursement | &nbsp;&nbsp;0 | &nbsp;&nbsp;32929 | &nbsp;&nbsp;33504 | &nbsp;&nbsp;33504 | &nbsp;&nbsp;84.18 |
| &nbsp;&nbsp;Other Income | &nbsp;&nbsp;139182 | &nbsp;&nbsp;230879 | &nbsp;&nbsp;303931 | &nbsp;&nbsp;303931 | &nbsp;&nbsp;763.65 |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$4021539** | &nbsp;&nbsp;**$6167662** | &nbsp;&nbsp;**$6784631** | &nbsp;&nbsp;**$7219225** | &nbsp;&nbsp;**$18138.76** |
| &nbsp;&nbsp;Real Estate Taxes | &nbsp;&nbsp; 651941 | &nbsp;&nbsp; 659699 | &nbsp;&nbsp; 685009 | &nbsp;&nbsp; 728913 | &nbsp;&nbsp; 1831.44 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp; 80996 | &nbsp;&nbsp; 290509 | &nbsp;&nbsp; 218017 | &nbsp;&nbsp; 241853 | &nbsp;&nbsp; 607.67 |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp; 428963 | &nbsp;&nbsp; 411976 | &nbsp;&nbsp; 472290 | &nbsp;&nbsp; 472290 | &nbsp;&nbsp; 1186.66 |
| &nbsp;&nbsp;Repairs and Maintenance | &nbsp;&nbsp; 407679 | &nbsp;&nbsp; 282791 | &nbsp;&nbsp; 311250 | &nbsp;&nbsp; 311250 | &nbsp;&nbsp; 782.04 |
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp; 197479 | &nbsp;&nbsp; 184039 | &nbsp;&nbsp; 195298 | &nbsp;&nbsp; 216577 | &nbsp;&nbsp; 544.16 |
| &nbsp;&nbsp;Payroll and Benefits | &nbsp;&nbsp; 360507 | &nbsp;&nbsp; 535710 | &nbsp;&nbsp; 516930 | &nbsp;&nbsp; 420604 | &nbsp;&nbsp; 1056.79 |
| &nbsp;&nbsp;Marketing | &nbsp;&nbsp; 7402 | &nbsp;&nbsp; 3084 | &nbsp;&nbsp; 3195 | &nbsp;&nbsp; 3195 | &nbsp;&nbsp; 8.03 |
| &nbsp;&nbsp;General and Administrative | &nbsp;&nbsp; 75374 | &nbsp;&nbsp; 47053 | &nbsp;&nbsp; 47666 | &nbsp;&nbsp; 47666 | &nbsp;&nbsp; 119.76 |
| &nbsp;&nbsp;**Total Expenses** | &nbsp;&nbsp;**$2210341** | &nbsp;&nbsp; **$2414862** | &nbsp;&nbsp;**$2449657** | &nbsp;&nbsp;**$2442349** | &nbsp;&nbsp; **$6136.55** |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$1811198** | &nbsp;&nbsp;**$3752800** | &nbsp;&nbsp;**$4334974** | &nbsp;&nbsp; **$4776876** | &nbsp;&nbsp;**$12002.20** |
| &nbsp;&nbsp;Capital Reserve | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;79600 | &nbsp;&nbsp;200.00 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$1811198** | &nbsp;&nbsp;**$3752800** | &nbsp;&nbsp;**$4334974** | &nbsp;&nbsp; **$4697276** | &nbsp;&nbsp; **$11802.20** |
| &nbsp;&nbsp;**Occupancy** | &nbsp;&nbsp;**91.0%** | &nbsp;&nbsp;**93.7%** | &nbsp;&nbsp;**93.2%<sup>(3)</sup>** | &nbsp;&nbsp;**93.0%<sup>(4)</sup>** |  |
| &nbsp;&nbsp;**NCF DSCR** | &nbsp;&nbsp; **0.51x** | &nbsp;&nbsp; **1.06x** | &nbsp;&nbsp; **1.22x** | &nbsp;&nbsp; **1.32x** |  |
| &nbsp;&nbsp;**NOI Debt Yield** | &nbsp;&nbsp;**3.3%** | &nbsp;&nbsp;**6.8%** | &nbsp;&nbsp;**7.9%** | &nbsp;&nbsp;**8.7%** |  |

---

(1) Based on the underwritten rent rolls dated August 1, 2025.

(2) The 2023 operating statements cover the trailing twelve months through October
31, 2023 and only include operating statements for Yorkshire Apartments and Parkview Apartments. Operating statements during 2023 were
not provided for Holly Brook Apartments.

(3) Reflects the occupancy based on the underwritten rent rolls dated August 1, 2025.

(4) Reflects economic occupancy.

**Appraisals.** The appraisals concluded to an aggregate "As-Is" value of the individual properties comprising the Waterford Multifamily Portfolio Properties of $78,750,000.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Waterford Multifamily Portfolio Appraised Value<sup>(1)</sup>** | &nbsp;&nbsp;**Waterford Multifamily Portfolio Appraised Value<sup>(1)</sup>** | &nbsp;&nbsp;**Waterford Multifamily Portfolio Appraised Value<sup>(1)</sup>** |
| **Property** | **Value** | **Capitalization Rate** |
| &nbsp;&nbsp;Parkview Apartments | &nbsp;&nbsp;$35000000 | &nbsp;&nbsp;6.50% |
| &nbsp;&nbsp;Yorkshire Apartments | &nbsp;&nbsp;$27250000 | &nbsp;&nbsp;6.50% |
| &nbsp;&nbsp;Holly Brook Apartments | &nbsp;&nbsp;$16500000 | &nbsp;&nbsp;6.50% |
| &nbsp;&nbsp;**Total / Wtd. Avg.** | &nbsp;&nbsp;**$78750000** | &nbsp;&nbsp;**6.50%** |

---

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

**Environmental Matters.** The Phase I environmental reports dated June 12, 2025, identified recognized no environmental conditions at the Waterford Multifamily Portfolio Properties.

A-3-52

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Garden<br> Various<br> Various, Various<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 6<br> **Waterford Multifamily Portfolio** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$55,110,000<br> 70.0%<br> 1.32x<br> 8.7% |

---

**The Market.** The Parkview Apartments Property and the Yorkshire Apartments Property are located in Hamilton, New Jersey and the Holly Brook Apartments Property is located in Vestal, New York.

Hamilton, located in Mercer County, sits within the broader Central New Jersey multifamily market and benefits from its location along major transportation corridors including I-295, I-195, and U.S. Route 1. The township is part of the Trenton-Princeton metropolitan area, offering proximity to key employment centers, higher education institutions, and healthcare systems. The market benefits from the presence of two prominent higher education institutions—Princeton University and The College of New Jersey. Princeton University currently enrolls approximately 8,922 students, including both undergraduate and graduate populations. The area's 2025 estimated average household income within a 5-mile radius of the Parkview Apartments Property and Yorkshire Apartments Property is approximately $110,335. Average asking rents for multifamily units at the Parkview Apartments Property in Hamilton are approximately $1,610 per month, with two-bedroom units averaging $1,773 per month. This reflects a stable rental environment, with the Trenton/Hamilton/Ewing submarket reporting a rent growth from the third to fourth quarter of 2024 of 0.9% and average market rents of $1,903 per month. The submarket's vacancy rate remains low at 4.7%, while the Parkview Apartments Property's occupancy rate stands at 91.6% and the Yorkshire Apartments Property's occupancy rate stands at 93.8%, supported by limited new supply and continued demand from the region's healthcare, education, and government employment sectors.

Vestal, located in Broome County and part of the Greater Binghamton area, is a growing multifamily submarket. The town benefits from proximity to SUNY Binghamton, a major economic and demographic driver, and offers access to Route 434, I-86, and Route 26. The 2025 estimated average household income within a mile radius of the Holly Brook Apartments Property is $113,437. The area is known for its high-performing public schools, low crime rates, and a mix of suburban and university-driven housing demand. The region contains a concentration of electronics and defense-manufacturing is home to major employers such as Lockheed Martin, BAE Systems, and i3 Electronics. Average asking rents for multifamily units at the Holly Brook Apartments Property in Vestal are approximately $1,304 per month, with two-bedroom units averaging $1,330 per month. The submarket's vacancy rate remains low at 4.6%, reflecting limited new supply and steady demand from the area's healthcare, education, and government employment base. From the fourth quarter of 2024 to the first quarter of 2025, market rents in the Binghamton submarket increased by 0.4%, with the Holly Brook Apartment Property's occupancy rate at 95.2%, consistent with broader market trends.

A-3-53

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Garden<br> Various<br> Various, Various<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 6<br> **Waterford Multifamily Portfolio** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$55,110,000<br> 70.0%<br> 1.32x<br> 8.7% |

---

The following table presents certain information relating to comparable multifamily properties to the Waterford Multifamily Portfolio Properties:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Multifamily Rent Comparables<sup>(1)</sup>** | &nbsp;&nbsp;**Multifamily Rent Comparables<sup>(1)</sup>** | &nbsp;&nbsp;**Multifamily Rent Comparables<sup>(1)</sup>** | &nbsp;&nbsp;**Multifamily Rent Comparables<sup>(1)</sup>** | &nbsp;&nbsp;**Multifamily Rent Comparables<sup>(1)</sup>** | &nbsp;&nbsp;**Multifamily Rent Comparables<sup>(1)</sup>** | &nbsp;&nbsp;**Multifamily Rent Comparables<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property Name / Address** | &nbsp;&nbsp;**Distance from Subject** | &nbsp;&nbsp;**Year Built / Renovated** | &nbsp;&nbsp;**Number of Units** | &nbsp;&nbsp;**Occupancy** | &nbsp;&nbsp;**Average Unit Size** | &nbsp;&nbsp;**Average Rent Per Unit** |
| &nbsp;&nbsp; **Parkview Apartments<sup>(2)</sup><br> 1424 Nottingham Way**<br> **Hamilton, NJ 08609** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**1969 / NAP** | &nbsp;&nbsp;**166** | &nbsp;&nbsp;**91.6%** | &nbsp;&nbsp;**774** | &nbsp;&nbsp;**$1627** |
| &nbsp;&nbsp; **Yorkshire Apartments<sup>(2)</sup><br> 3201 East State Street**<br> **Hamilton, NJ 08619** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**1968 / NAP** | &nbsp;&nbsp;**128** | &nbsp;&nbsp;**93.8%** | &nbsp;&nbsp;**778** | &nbsp;&nbsp;**$1626** |
| &nbsp;&nbsp;Brookside Gardens<sup>(3)</sup> | &nbsp;&nbsp;3.2 mi | &nbsp;&nbsp;1964 / NAV | &nbsp;&nbsp;336 | &nbsp;&nbsp;92% | &nbsp;&nbsp;793 SF | &nbsp;&nbsp;$1874 |
| &nbsp;&nbsp;Sunnybrae Apartments | &nbsp;&nbsp;4.2 mi | &nbsp;&nbsp;1960 / NAV | &nbsp;&nbsp;176 | &nbsp;&nbsp;98% | &nbsp;&nbsp;898 SF | &nbsp;&nbsp;$1950 |
| &nbsp;&nbsp;Hamilton Estates | &nbsp;&nbsp;2.8 mi | &nbsp;&nbsp;1974 / NAV | &nbsp;&nbsp;316 | &nbsp;&nbsp;96% | &nbsp;&nbsp;739 SF | &nbsp;&nbsp;$1892 |
| &nbsp;&nbsp;Crestwood Square Apartments | &nbsp;&nbsp;1.5 mi | &nbsp;&nbsp;1973 / NAV | &nbsp;&nbsp;128 | &nbsp;&nbsp;94% | &nbsp;&nbsp;689 SF | &nbsp;&nbsp;$1702 |
| &nbsp;&nbsp;Cypress Gardens | &nbsp;&nbsp;1.5 mi | &nbsp;&nbsp;1973 / NAV | &nbsp;&nbsp;239 | &nbsp;&nbsp;94% | &nbsp;&nbsp;906 SF | &nbsp;&nbsp;$2078 |
| &nbsp;&nbsp;Royal Crest Gardens | &nbsp;&nbsp;2.9 mi | &nbsp;&nbsp;1973 / NAV | &nbsp;&nbsp;272 | &nbsp;&nbsp;98% | &nbsp;&nbsp;758 SF | &nbsp;&nbsp;$1904 |
| &nbsp;&nbsp;Kuser Village | &nbsp;&nbsp;2.0 mi | &nbsp;&nbsp;1973 / NAV | &nbsp;&nbsp;336 | &nbsp;&nbsp;98% | &nbsp;&nbsp;773 SF | &nbsp;&nbsp;$2014 |
| &nbsp;&nbsp; **Holly Brook Apartments<sup>(2)</sup><br> 3111-3131 Burris Road**<br> **Vestal, NY 13850** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**1980 / NAP** | &nbsp;&nbsp;**104** | &nbsp;&nbsp;**95.2%** | &nbsp;&nbsp;**754** | &nbsp;&nbsp;**$1329** |
| &nbsp;&nbsp;Summit Chase Apartments | &nbsp;&nbsp;4.1 mi | &nbsp;&nbsp;1970 / NAV | &nbsp;&nbsp;304 | &nbsp;&nbsp;94% | &nbsp;&nbsp;884 SF | &nbsp;&nbsp;$1187 |
| &nbsp;&nbsp;The Meadows Apartments | &nbsp;&nbsp;2.7 mi | &nbsp;&nbsp;1980 / NAV | &nbsp;&nbsp;84 | &nbsp;&nbsp;94% | &nbsp;&nbsp;748 SF | &nbsp;&nbsp;$1363 |
| &nbsp;&nbsp;River House | &nbsp;&nbsp;4.4 mi | &nbsp;&nbsp;1964 / NAV | &nbsp;&nbsp;60 | &nbsp;&nbsp;96% | &nbsp;&nbsp;957 SF | &nbsp;&nbsp;$1682 |
| &nbsp;&nbsp;Indian Ridge Luxury Apartments | &nbsp;&nbsp;3.5 mi | &nbsp;&nbsp;1986 / NAV | &nbsp;&nbsp;274 | &nbsp;&nbsp;96% | &nbsp;&nbsp;906 SF | &nbsp;&nbsp;$1671 |
| &nbsp;&nbsp;Riveria Ridge Apartments | &nbsp;&nbsp;0.3 mi | &nbsp;&nbsp;1975 / NAV | &nbsp;&nbsp;103 | &nbsp;&nbsp;98% | &nbsp;&nbsp;861 SF | &nbsp;&nbsp;$1229 |
| &nbsp;&nbsp;Clayton Village Apartments | &nbsp;&nbsp;2.7 mi | &nbsp;&nbsp;1970 / NAV | &nbsp;&nbsp;75 | &nbsp;&nbsp;98% | &nbsp;&nbsp;831 SF | &nbsp;&nbsp;$1380 |
| &nbsp;&nbsp;Legacy Bay Townhomes | &nbsp;&nbsp;4.5 mi | &nbsp;&nbsp;1971 / NAV | &nbsp;&nbsp;414 | &nbsp;&nbsp;92% | &nbsp;&nbsp;1,072 SF | &nbsp;&nbsp;$1337 |

---

(1) Source: Appraisals, unless otherwise indicated.

(2) Based on the underwritten rent rolls dated August 1, 2025. Average Rent Per Unit reflects the average rent for occupied units.

(3) The Brookside Gardens property secures the Brookside Gardens mortgage loan which is also included in the Benchmark 2025-V18 securitization.

**The Borrowers and the Borrower Sponsors.** The borrowers are Yorkshire Apartment, LLC, Hamilton Arms, LLC, each a New Jersey limited liability company, and Holly Brook Apartments, LLC, a Delaware limited liability company. Yorkshire Apartment, LLC and Hamilton Arms, LLC are both recycled single purpose entities and Holly Brook Apartments, LLC is a newly formed single purpose entity, each having at least one independent director in its organizational structure. Legal counsel to the borrowers delivered a non-consolidation opinion in connection with the origination of the Waterford Multifamily Portfolio Mortgage Loan. The borrower sponsors and non-recourse carveout guarantors are David Lubin and Jonathan Greenberg. David Lubin is the founder of the Clairmont Group, where he oversees fund management, acquisitions, dispositions, development, asset management, and the company's strategic direction. His experience includes investments in core, value-add, opportunistic, distressed real estate, note purchases, development, fund investments, and co-investments across all major asset classes, including multifamily, hospitality, office, industrial, retail, senior living, and real estate operating companies. The borrower sponsors are also the borrower sponsors of the Brookside Gardens mortgage loan included in the Benchmark 2025-V18 securitization.

**Property Management**. The Waterford Multifamily Portfolio Properties are managed by Waterford Real Estate Management, LLC, which is an affiliate of the borrowers.

**Initial and Ongoing Reserves**. At origination of the Waterford Multifamily Portfolio Loan, the borrowers deposited approximately (i) $156,347 into a reserve account for real estate taxes and (ii) $191,495 into a reserve account for insurance premiums.

*Tax Reserve –* The borrowers are required to deposit into a real estate tax reserve, on a monthly basis, 1/12th of the taxes that the lender reasonably estimates will be payable over the next-ensuing 12-month period (initially estimated to be approximately $64,281).

*Insurance Reserve –*The borrowers are required to deposit into an insurance reserve, on a monthly basis, 1/12th of the amount which will be sufficient to pay the insurance premiums due for the renewal of coverage afforded by the insurance policies (initially estimated to

A-3-54

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Garden<br> Various<br> Various, Various<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 6<br> **Waterford Multifamily Portfolio** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$55,110,000<br> 70.0%<br> 1.32x<br> 8.7% |

---

be approximately $17,409); provided that if an acceptable blanket policy reasonably approved by the lender is in effect, such deposits will be suspended. As of the origination date, an acceptable blanket policy was not in effect.

*Replacement Reserve* – The borrowers are required to deposit into a replacement reserve, on a monthly basis, approximately $6,633.

***Lockbox / Cash Management.*** The Waterford Multifamily Portfolio Mortgage Loan is structured with a springing lockbox and springing cash management. Upon the first occurrence of a Trigger Period (as defined below), the borrowers are required to establish a lender-controlled lockbox account, and are thereafter required to deposit, or cause the property manager to deposit, immediately upon receipt, all revenue received by the borrowers or the property manager into such lockbox. All funds deposited into the lockbox are required to be transferred on each business day to or at the direction of the borrowers unless a Trigger Period exists and the lender elects (in its sole and absolute discretion) to deliver a restricted account notice, in which case all funds in the lockbox account are required to be swept on each business day to a lender-controlled cash management account to be applied and disbursed in accordance with the Waterford Multifamily Portfolio Mortgage Loan documents to make the required deposits into the tax and insurance reserves, pay debt service on the Waterford Multifamily Portfolio Mortgage Loan, make the required deposit into the replacement reserve and pay operating expenses set forth in the annual budget (which is required to be approved by the lender during a Trigger Period) and lender-approved extraordinary expenses, and all excess cash flow funds remaining in the cash management account after such application of funds are required to be held by the lender in an excess cash flow reserve account as additional collateral for the Waterford Multifamily Portfolio Mortgage Loan, unless a Trigger Period no longer exists, in which case they are to be disbursed to the borrowers. Upon the cure of the applicable Trigger Period, so long as no other Trigger Period exists, the lender is required to return any amounts remaining on deposit in the excess cash flow reserve account to the borrowers. Upon an event of default under the Waterford Multifamily Portfolio Mortgage Loan documents, the lender may apply funds to the Waterford Multifamily Portfolio Mortgage Loan in such priority as it may determine.

"**<u>Trigger Period</u>**" means a period (A) commencing upon the earliest of (i) the occurrence and continuance of an event of default under the Waterford Multifamily Portfolio Mortgage Loan documents, (ii) the debt service coverage ratio being less than 1.10x or (iii) if the property manager is a borrower or guarantor affiliate, upon certain bankruptcy or insolvency events of the property manager, or (iv) upon certain bankruptcy or insolvency events of the borrower, a special purpose member of the borrower or the guarantor; and (B) expiring upon (w) with regard to clause (i) above, the cure (if applicable) of such event of default under the Waterford Multifamily Portfolio Mortgage Loan documents, (x) with regard to clause (ii) above, the date that the debt service coverage ratio is equal to or greater than 1.15x for two consecutive calendar quarters, (y) with regard to clause (iii) above, the property manager is replaced by a non-affiliated property manager as approved by the lender, or, if due to an involuntary petition, upon the same being discharged or dismissed within 60 days of such filing, and (d) with regard to clause (iv) above, if due to an involuntary petition, upon the same being discharged or dismissed within 60 days of such filing, provided, if commencing under clause (iv) above due solely to an individual guarantor, the Trigger Period will not commence solely as a result of such guarantor if (1) the remaining guarantor(s) independently satisfy the financial covenants applicable to the guarantors, and (2) the guarantor causing the Trigger Period no longer has direct or indirect control of the borrower (jointly or otherwise).

**Current Mezzanine or Secured Subordinate Indebtedness.** None.

**Permitted Future Mezzanine or Secured Subordinate Indebtedness.** Not permitted.

**Release of Collateral.** The borrowers have the right to obtain the release of one or more individual Waterford Multifamily Portfolio Properties, provided that, among other conditions, (i) the Waterford Multifamily Portfolio Mortgage Loan is prepaid in an amount equal to 110% of the allocated loan amount for the individual Waterford Multifamily Portfolio Property or Properties being released, (ii) the borrowers deliver a REMIC opinion, (iii) if such release is after the payment date on September 6, 2027 and prior to the monthly payment date occurring in March 2030, the borrowers pay a prepayment fee equal to the greater of (x) 1.0% (or if an event of default exists, 2.0%) of the amount of principal being prepaid and (y) a yield maintenance premium and (iv) after giving effect to the release and prepayment, the debt service coverage ratio with respect to the remaining Waterford Multifamily Portfolio Properties is no less than the greater of (a) 1.30x and (b) the debt service coverage ratio for all of the individual Waterford Multifamily Portfolio Properties immediately prior to the release. A release may occur during an event of default under the Waterford Multifamily Portfolio Mortgage Loan, so long as (1) after giving effect to the release, such event of default is cured and no other event of default is then continuing, and (2) any outstanding amounts due to the lender or its servicer in connection with or as a result of such prior event of default have been repaid in full, including but not limited to special servicing fees and default interest.

**Ground Lease.** None.

A-3-55

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – High Rise<br> 1010 Pacific Street<br> Brooklyn, NY 11238 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 7<br> **1010 Pacific Street** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$54,500,000<br> 68.7%<br> 1.32x<br> 7.7% |

---

![](n5335ts_img015.jpg)

A-3-56

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – High Rise<br> 1010 Pacific Street<br> Brooklyn, NY 11238 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 7<br> **1010 Pacific Street** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$54,500,000<br> 68.7%<br> 1.32x<br> 7.7% |

---

![](n5335ts_img016.jpg)

A-3-57

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – High Rise<br> 1010 Pacific Street<br> Brooklyn, NY 11238 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 7<br> **1010 Pacific Street** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$54,500,000<br> 68.7%<br> 1.32x<br> 7.7% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Loan Seller:** | &nbsp;&nbsp;CREFI | &nbsp;&nbsp;**Single Asset / Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;**Property Type – Subtype:** | &nbsp;&nbsp;Multifamily - High Rise |
| &nbsp;&nbsp;**Borrower Sponsor(s):** | &nbsp;&nbsp;David Bistricer and Sam Levinson | &nbsp;&nbsp;**Collateral:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Borrower(s):** | &nbsp;&nbsp;1010 Pacific Owner LLC | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;Brooklyn, NY |
| &nbsp;&nbsp;**Original Balance<sup>(1)</sup>:** | &nbsp;&nbsp;$54500000 | &nbsp;&nbsp;**Year Built / Renovated:** | &nbsp;&nbsp;2023 / NAP |
| &nbsp;&nbsp;**Cut-off Date Balance<sup>(1)</sup>:** | &nbsp;&nbsp;$54500000 | &nbsp;&nbsp;**Property Management:** | &nbsp;&nbsp;Clipper Realty L.P. |
| &nbsp;&nbsp;**% by Initial UPB:** | &nbsp;&nbsp;4.1% | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;175 Units |
| &nbsp;&nbsp;**Interest Rate:** | &nbsp;&nbsp;5.73000% | &nbsp;&nbsp;**Appraised Value / Per Unit:** | &nbsp;&nbsp;$123,000,000 / $702,857 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;October 1, 2025 | &nbsp;&nbsp;**Appraisal Date:** | &nbsp;&nbsp;August 28, 2025 |
| &nbsp;&nbsp;**Original Term:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**Occupancy:** | &nbsp;&nbsp;97.7% (as of September 29, 2025) |
| &nbsp;&nbsp;**Amortization:** | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;**UW Economic Occupancy:** | &nbsp;&nbsp;97.0% |
| &nbsp;&nbsp;**Original Amortization:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Underwritten NOI:** | &nbsp;&nbsp;$6509472 |
| &nbsp;&nbsp;**Interest Only Period:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**Underwritten NCF:** | &nbsp;&nbsp;$6465722 |
| &nbsp;&nbsp;**First Payment Date:** | &nbsp;&nbsp;November 6, 2025 |  |  |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;October 6, 2030 | &nbsp;&nbsp;**Historical NOI** | &nbsp;&nbsp;**Historical NOI** |
| &nbsp;&nbsp;**Additional Debt Type<sup>(1)</sup>:** | &nbsp;&nbsp;*Pari Passu* | &nbsp;&nbsp;**Most Recent NOI:** | &nbsp;&nbsp;$6,035,495 (TTM July 31, 2025) |
| &nbsp;&nbsp;**Additional Debt Balance<sup>(1)</sup>:** | &nbsp;&nbsp;$30000000 | &nbsp;&nbsp;**2024 NOI:** | &nbsp;&nbsp;$6208777 |
| &nbsp;&nbsp;**Call Protection<sup>(2)</sup>:** | &nbsp;&nbsp;L(24),D(29),O(7) | &nbsp;&nbsp;**2023 NOI<sup>(5)</sup>:** | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;**Lockbox / Cash Management:** | &nbsp;&nbsp;Springing / Springing | &nbsp;&nbsp;**2022 NOI<sup>(5)</sup>:** | &nbsp;&nbsp;NAV |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Reserves<sup>(3)</sup>** | &nbsp;&nbsp;**Reserves<sup>(3)</sup>** | &nbsp;&nbsp;**Reserves<sup>(3)</sup>** | &nbsp;&nbsp;**Reserves<sup>(3)</sup>** | &nbsp;&nbsp;**Financial Information<sup>(1)</sup>** | &nbsp;&nbsp;**Financial Information<sup>(1)</sup>** |
|  | **Initial** | **Monthly** | **Cap** | &nbsp;&nbsp;**Cut-off Date Loan / Unit:** | &nbsp;&nbsp;$482857 |
| &nbsp;&nbsp;**Taxes:** | &nbsp;&nbsp;$39070 | &nbsp;&nbsp;$7814 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date Loan / Unit:** | &nbsp;&nbsp;$482857 |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$81576 | &nbsp;&nbsp;$13596 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;68.7% |
| &nbsp;&nbsp;**Replacement Reserves:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$3646 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date LTV:** | &nbsp;&nbsp;68.7% |
| &nbsp;&nbsp;**Other Reserves<sup>(4)</sup>:** | &nbsp;&nbsp;$120793 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**UW NOI DY:** | &nbsp;&nbsp;7.7% |
|  |  |  |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.32x |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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** |
| **Sources** | **Proceeds** | **% of Total** | **Uses** | **Proceeds** | **% of Total** |
| &nbsp;&nbsp;Whole Loan<sup>(1)</sup> | &nbsp;&nbsp;$84500000 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;Loan Payoff | &nbsp;&nbsp;$80396456 | &nbsp;&nbsp;95.1% |
|  |  |  | &nbsp;&nbsp;Borrower Sponsor Equity | &nbsp;&nbsp;2036888 | &nbsp;&nbsp;2.4 |
|  |  |  | &nbsp;&nbsp;Closing Costs<sup>(6)</sup> | &nbsp;&nbsp;1825217 | &nbsp;&nbsp;2.2 |
|  |  |  | &nbsp;&nbsp;Upfront Reserves | &nbsp;&nbsp;241439 | &nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;**Total Sources** | &nbsp;&nbsp;**$84500000** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses** | &nbsp;&nbsp;**$84500000** | &nbsp;&nbsp;**100.0%** |

---

(1) The 1010 Pacific Street Mortgage Loan (as defined below) is part of the 1010 Pacific Street Whole Loan
(as defined below), which is comprised of two *pari passu* promissory notes with an aggregate principal balance as of the Cut-off
Date of $84,500,000. Financial Information presented in the chart above is based on the 1010 Pacific Street Whole Loan.

(2) Defeasance of the 1010 Pacific Street 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 1010 Pacific Street Whole Loan to be securitized and (b) October 1, 2029. The assumed defeasance lockout period of 24 payments
is based on the anticipated closing date of the Benchmark 2025-V18 securitization in October 2025. The actual lockout period may be longer.

(3) See "*Initial and Ongoing Reserves*" below.

(4) Other Reserves are comprised of an initial rent holdback reserve of $120,793.

(5) 2022 and 2023 NOI information are not available because the 1010 Pacific Street Property (as defined below)
was constructed in 2023.

(6) Closing Costs include a rate buydown fee of $845,000.

**The Loan.** The seventh largest mortgage loan (the "**<u>1010 Pacific Street Mortgage Loan</u>**") is secured by the borrower's fee simple interest in a 175-unit, high-rise multifamily property located in the Crown Heights neighborhood of Brooklyn, New York (the "**<u>1010 Pacific Street Property</u>**"). The 1010 Pacific Street Mortgage Loan 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 $84,500,000 (the "**<u>1010 Pacific Street Whole Loan</u>**"). The 1010 Pacific Street Whole Loan was co-originated on October 1, 2025 by Citi Real Estate Funding Inc. and Morgan Stanley Bank, N.A. ("**<u>MSBNA</u>**"), and accrues interest at a fixed rate of 5.73000% *per annum*. The 1010 Pacific Street Whole Loan has an initial term of five years and is interest-only for the full term. The scheduled maturity date of the 1010 Pacific Street Whole Loan is October 6, 2030. The 1010 Pacific Street Mortgage Loan is evidenced by the controlling Note A-1 with an outstanding principal balance as of the Cut-off Date of $54,500,000.

A-3-58

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – High Rise<br> 1010 Pacific Street<br> Brooklyn, NY 11238 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 7<br> **1010 Pacific Street** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$54,500,000<br> 68.7%<br> 1.32x<br> 7.7% |

---

The relationship between the holders of the 1010 Pacific Street 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 Preliminary Prospectus. The 1010 Pacific Street Whole Loan will be serviced under the pooling and servicing agreement for the Benchmark 2025-V18 securitization trust. See "*The Pooling and Servicing Agreement*" in the Preliminary Prospectus.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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<br> Piece** |
| &nbsp;&nbsp;**A-1** | &nbsp;&nbsp;**$54500000** | &nbsp;&nbsp;**$54500000** | &nbsp;&nbsp;**Benchmark 2025-V18** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;A-2<sup>(1)</sup> | &nbsp;&nbsp;$30000000 | &nbsp;&nbsp;$30000000 | &nbsp;&nbsp;MSBNA | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**Whole Loan** | &nbsp;&nbsp;**$84500000** | &nbsp;&nbsp;**$84500000** |  |  |

---

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

**The Property.** The 1010 Pacific Street Property is a nine-story, 175 unit, high-rise multifamily property located in the Crown Heights neighborhood of Brooklyn, New York. The 1010 Pacific Street Property was completed in 2023 and includes 62 below-grade parking spaces which are leased to HVPT Icon Parking, LLC. Amenities at the 1010 Pacific Street Property include a fitness center, roof deck, lounge and bar, media room, pet spa, kids' area, and laundry rooms on every floor. Primary access to the Crown Heights Neighborhood is provided by the A, C, 2, 3, and 4 trains, all of which provide direct access to Manhattan.

The unit mix at the 1010 Pacific Street Property consists of 16 studios, 129 one-bedroom units, and 30 two-bedroom units, with an average unit size of 659 square feet. Of the 175-units at the 1010 Pacific Street Property, 53-units are designated as affordable units. Unit amenities include stainless steel appliances, hardwood floors, central air, and quartz countertops. As of September 29, 2025, the 1010 Pacific Street Property was 97.7% leased.

The 1010 Pacific Street Property benefits from a 35-year 421-a Affordable New York Housing Tax Exemption Program exemption. In order to qualify for the tax exemption, at least 30% of the units at the 1010 Pacific Street Property (53 units) must be leased as "affordable units," which are defined as affordable to a household whose income does not exceed 130% of the area median income. For years one through 25 of such exemption, 100% of the projected assessed value of the 1010 Pacific Street Property improvements on the tax lot would be exempt from real estate taxes. The exemption falls to 30% in years 26 through 35 of such exemption. Taxes were underwritten to the appraisal's abated 2025/2026 taxes of $88,223. The appraisal's estimated full tax liability for the 2025/2026 tax year is $2,136,409. See "*Description of the Mortgage Pool—Real Estate and Other Tax Considerations*" in the Preliminary Prospectus.

The 1010 Pacific Street Property is subject to a Mandatory Inclusionary Housing Restrictive Declaration (the "**<u>1010 Pacific Declaration</u>**") pursuant to which 52 of the 175 units at the 1010 Pacific Street Property must be affordable housing units. Under the 1010 Pacific Street Declaration, such 52 units are restricted to tenants earning not more than 80% of AMI. The 1010 Pacific Street Declaration requires the affordable units to be rent stabilized. Maximum rent for each affordable unit is 30% of the related percentage of AMI. The lender entered into a subordination agreement subordinating the 1010 Pacific Street Whole Loan to the 1010 Pacific Street Declaration. See "*Description of the Mortgage Pool—Mortgage Pool Characteristics—Property Types—Multifamily Properties*" in the Preliminary Prospectus. The 52 affordable units under the 1010 Pacific Street Declaration are also counted toward the 53 affordable units required in connection with the 421-a tax exemption, with one additional unit leased to tenants with a maximum income of 130% of AMI to satisfy the requirements of the 421-a tax exemption.

The following table presents certain information relating to the unit mix at the 1010 Pacific Street Property:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** |
| &nbsp;&nbsp;**Unit Type** | &nbsp;&nbsp;**# of Units** | &nbsp;&nbsp;**% of Total Units** | &nbsp;&nbsp;**Occupancy** | &nbsp;&nbsp;**Average Unit Size (Sq. Ft.)** | &nbsp;&nbsp;**Average Monthly Rent Per Unit** | &nbsp;&nbsp;**Average Monthly Market Rent Per Unit<sup>(2)</sup>** |
| &nbsp;&nbsp;Studio Market | &nbsp;&nbsp;11 | &nbsp;&nbsp;6.3% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;427 | &nbsp;&nbsp;$3148 | &nbsp;&nbsp;$3175 |
| &nbsp;&nbsp;Studio 80% AMI | &nbsp;&nbsp;4 | &nbsp;&nbsp;2.3% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;441 | &nbsp;&nbsp;$1655 | &nbsp;&nbsp;$1623 |
| &nbsp;&nbsp;Studio 130% AMI | &nbsp;&nbsp;1 | &nbsp;&nbsp;0.6% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;447 | &nbsp;&nbsp;$2841 | &nbsp;&nbsp;$2841 |
| &nbsp;&nbsp;1 Bedroom Market | &nbsp;&nbsp;90 | &nbsp;&nbsp;51.4% | &nbsp;&nbsp;95.6% | &nbsp;&nbsp;642 | &nbsp;&nbsp;$4191 | &nbsp;&nbsp;$4225 |
| &nbsp;&nbsp;1 Bedroom 80% AMI | &nbsp;&nbsp;39 | &nbsp;&nbsp;22.3% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;630 | &nbsp;&nbsp;$1763 | &nbsp;&nbsp;$1763 |
| &nbsp;&nbsp;2 Bedroom Market | &nbsp;&nbsp;21 | &nbsp;&nbsp;12.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;865 | &nbsp;&nbsp;$5294 | &nbsp;&nbsp;$5275 |
| &nbsp;&nbsp;2 Bedroom 80% AMI | &nbsp;&nbsp;9 | &nbsp;&nbsp;5.1% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;884 | &nbsp;&nbsp;$2110 | &nbsp;&nbsp;$2110 |
| &nbsp;&nbsp;**Total/Wtd. Avg.** | &nbsp;&nbsp;**175** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**97.7%** | &nbsp;&nbsp;**659** | &nbsp;&nbsp;**$3529** | &nbsp;&nbsp;**$3560** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Based on the underwritten rent roll dated September 29, 2025. Average Monthly Rent
Per Unit is based on occupied units.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Source: Appraisal.

A-3-59

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – High Rise<br> 1010 Pacific Street<br> Brooklyn, NY 11238 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 7<br> **1010 Pacific Street** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$54,500,000<br> 68.7%<br> 1.32x<br> 7.7% |

---

The following table presents certain information relating to the historical operating performance and Underwritten Net Cash Flow at 1010 Pacific Street Property:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** |
|  | &nbsp;&nbsp;**12/31/2024<sup>(1)</sup>** | &nbsp;&nbsp;**TTM 7/2025<sup>(1)</sup>** | &nbsp;&nbsp;**U/W** | &nbsp;&nbsp;**U/W Per Unit** |
| &nbsp;&nbsp;Base Rent | &nbsp;&nbsp;$6891184 | &nbsp;&nbsp;$6684945 | &nbsp;&nbsp;$7241518 | &nbsp;&nbsp;$41380 |
| &nbsp;&nbsp;Potential Income from Vacant Units | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;202800 | &nbsp;&nbsp;$1159 |
| &nbsp;&nbsp;**Gross Potential Income** | &nbsp;&nbsp;**$6891184** | &nbsp;&nbsp;**$6684945** | &nbsp;&nbsp;**$7444318** | &nbsp;&nbsp;**$42539** |
| &nbsp;&nbsp;Other Income<sup>(2)</sup> | &nbsp;&nbsp;213557 | &nbsp;&nbsp;243656 | &nbsp;&nbsp;366986 | &nbsp;&nbsp;$2097 |
| &nbsp;&nbsp;**Net Rental Income** | &nbsp;&nbsp;**$7104741** | &nbsp;&nbsp;**$6928601** | &nbsp;&nbsp;**$7811304** | &nbsp;&nbsp;**$44636** |
| &nbsp;&nbsp;(Vacancy / Credit Loss) | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;($223330) | &nbsp;&nbsp;($1276) |
| &nbsp;&nbsp;**Total Effective Gross Income** | &nbsp;&nbsp;**$7104741** | &nbsp;&nbsp;**$6928601** | &nbsp;&nbsp;**$7587975** | &nbsp;&nbsp;**$43360** |
| &nbsp;&nbsp;Real Estate Taxes<sup>(3)</sup> | &nbsp;&nbsp;88533 | &nbsp;&nbsp;88223 | &nbsp;&nbsp;88223 | &nbsp;&nbsp;$504 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;111310 | &nbsp;&nbsp;120615 | &nbsp;&nbsp;155383 | &nbsp;&nbsp;$888 |
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;227639 | &nbsp;&nbsp;$1301 |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;194326 | &nbsp;&nbsp;142227 | &nbsp;&nbsp;142227 | &nbsp;&nbsp;$813 |
| &nbsp;&nbsp;Other Expenses<sup>(4)</sup> | &nbsp;&nbsp;501796 | &nbsp;&nbsp;542041 | &nbsp;&nbsp;465030 | &nbsp;&nbsp;$2657 |
| &nbsp;&nbsp;**Total Expenses** | &nbsp;&nbsp;**$895964** | &nbsp;&nbsp;**$893106** | &nbsp;&nbsp;**$1078502** | &nbsp;&nbsp;**$6163** |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$6208777** | &nbsp;&nbsp;**$6035495** | &nbsp;&nbsp;**$6509472** | &nbsp;&nbsp;**$37197** |
| &nbsp;&nbsp;Replacement Reserves - Residential | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;43750 | &nbsp;&nbsp;$250 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$6208777** | &nbsp;&nbsp;**$6035495** | &nbsp;&nbsp;**$6465722** | &nbsp;&nbsp;**$36947** |
| &nbsp;&nbsp;**Occupancy** | &nbsp;&nbsp;**97.3%** | &nbsp;&nbsp;**96.6%** | &nbsp;&nbsp;**97.0%<sup>(6)</sup>** |  |
| &nbsp;&nbsp;**NCF DSCR<sup>(5)</sup>** | &nbsp;&nbsp;**1.26x** | &nbsp;&nbsp;**1.23x** | &nbsp;&nbsp;**1.32x** |  |
| &nbsp;&nbsp;**NOI Debt Yield<sup>(5)</sup>** | &nbsp;&nbsp;**7.35%** | &nbsp;&nbsp;**7.14%** | &nbsp;&nbsp;**7.70%** |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Historical financial information prior to 2024 is not available because the 1010
Pacific Street Property was constructed in 2023.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Other Income includes parking income, laundry income, and other miscellaneous income.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Real Estate Taxes are underwritten based on the abated taxes for the 2025/2026 tax
year reflecting the 421-a tax abatement.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Other Expenses includes payroll and benefits, repairs and maintenance, and general
and administrative expenses.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Represents the metrics for the 1010 Pacific Street Whole Loan.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Represents economic occupancy.

**Appraisal.** According to the appraisal, the 1010 Pacific Street Property had an "as-is" appraised value of $123,000,000 as of August 28, 2025.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**1010 Pacific Street Appraised Value<sup>(1)</sup>** | &nbsp;&nbsp;**1010 Pacific Street Appraised Value<sup>(1)</sup>** | &nbsp;&nbsp;**1010 Pacific Street Appraised Value<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Capitalization Rate** |
| &nbsp;&nbsp;1010 Pacific Street | &nbsp;&nbsp;$123000000 | &nbsp;&nbsp;5.25% |

---

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

**Environmental Matters.** According to the Phase I environmental report dated September 12, 2025, there was a controlled recognized environmental condition at the 1010 Pacific Street Property related to residual contamination with engineering controls. See "*Description of the Mortgage Pool—Environmental Considerations*" in the Preliminary Prospectus.

**The Market.** The 1010 Pacific Street Property is located at 1010 Pacific Street in the Crown Heights neighborhood of Brooklyn, New York and is situated one block south of Atlantic Avenue and nine blocks north of Prospect Park. The Crown Heights neighborhood offers access to multiple museums and attractions, including the Brooklyn Museum, Brooklyn Botanic Gardens, and Prospect Park. Primary access to the Crown Heights Neighborhood is provided by the A, C, 2, 3, and 4 trains, all of which provide direct access to Manhattan.

According to a third-party market research report, the 1010 Pacific Street Property is located within the Prospect Park multifamily submarket of the New York Metro multifamily market. As of October 2, 2025, the Prospect Park multifamily submarket had inventory of 66,818 units, a vacancy rate of 3.9%, and average asking rent of $3,178 per month.

A-3-60

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – High Rise<br> 1010 Pacific Street<br> Brooklyn, NY 11238 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 7<br> **1010 Pacific Street** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$54,500,000<br> 68.7%<br> 1.32x<br> 7.7% |

---

The following table presents certain information relating to multifamily properties that are comparable to the 1010 Pacific Street Property:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Multifamily Rent Comparables<sup>(1)</sup>** | &nbsp;&nbsp;**Multifamily Rent Comparables<sup>(1)</sup>** | &nbsp;&nbsp;**Multifamily Rent Comparables<sup>(1)</sup>** | &nbsp;&nbsp;**Multifamily Rent Comparables<sup>(1)</sup>** | &nbsp;&nbsp;**Multifamily Rent Comparables<sup>(1)</sup>** | &nbsp;&nbsp;**Multifamily Rent Comparables<sup>(1)</sup>** | &nbsp;&nbsp;**Multifamily Rent Comparables<sup>(1)</sup>** |
| **Property Name / Address** | **Distance from Subject** | **Year Built / Renovated** | **Number of Units** | **Unit Type** | **Average Unit Size** | **Average Rent Per Unit** |
| &nbsp;&nbsp; **1010 Pacific Street** <br> **Brooklyn, NY 11238** | &nbsp;&nbsp;- | &nbsp;&nbsp;**2023 / NAP** | &nbsp;&nbsp;**175<sup>(2)</sup>** | &nbsp;&nbsp;**Studio Market** | &nbsp;&nbsp;**427 SF<sup>(2)</sup>** | &nbsp;&nbsp;**$3148<sup>(2)</sup>** |
| &nbsp;&nbsp; **1010 Pacific Street** <br> **Brooklyn, NY 11238** | &nbsp;&nbsp;- | &nbsp;&nbsp;**2023 / NAP** | &nbsp;&nbsp;**175<sup>(2)</sup>** | &nbsp;&nbsp;**Studio 80% AMI** | &nbsp;&nbsp;**441 SF<sup>(2)</sup>** | &nbsp;&nbsp;**$1655<sup>(2)</sup>** |
| &nbsp;&nbsp; **1010 Pacific Street** <br> **Brooklyn, NY 11238** | &nbsp;&nbsp;- | &nbsp;&nbsp;**2023 / NAP** | &nbsp;&nbsp;**175<sup>(2)</sup>** | &nbsp;&nbsp;**Studio 130% AMI** | &nbsp;&nbsp;**447 SF<sup>(2)</sup>** | &nbsp;&nbsp;**$2841<sup>(2)</sup>** |
| &nbsp;&nbsp; **1010 Pacific Street** <br> **Brooklyn, NY 11238** | &nbsp;&nbsp;- | &nbsp;&nbsp;**2023 / NAP** | &nbsp;&nbsp;**175<sup>(2)</sup>** | &nbsp;&nbsp;**1 Bedroom Market** | &nbsp;&nbsp;**642 SF<sup>(2)</sup>** | &nbsp;&nbsp;**$4191<sup>(2)</sup>** |
| &nbsp;&nbsp; **1010 Pacific Street** <br> **Brooklyn, NY 11238** | &nbsp;&nbsp;- | &nbsp;&nbsp;**2023 / NAP** | &nbsp;&nbsp;**175<sup>(2)</sup>** | &nbsp;&nbsp;**1 Bedroom 80% AMI** | &nbsp;&nbsp;**630 SF<sup>(2)</sup>** | &nbsp;&nbsp;**$1763<sup>(2)</sup>** |
| &nbsp;&nbsp; **1010 Pacific Street** <br> **Brooklyn, NY 11238** | &nbsp;&nbsp;- | &nbsp;&nbsp;**2023 / NAP** | &nbsp;&nbsp;**175<sup>(2)</sup>** | &nbsp;&nbsp;**2 Bedroom Market** | &nbsp;&nbsp;**865 SF<sup>(2)</sup>** | &nbsp;&nbsp;**$5294<sup>(2)</sup>** |
| &nbsp;&nbsp; **1010 Pacific Street** <br> **Brooklyn, NY 11238** | &nbsp;&nbsp;- | &nbsp;&nbsp;**2023 / NAP** | &nbsp;&nbsp;**175<sup>(2)</sup>** | &nbsp;&nbsp;**2 Bedroom 80% AMI** | &nbsp;&nbsp;**884 SF<sup>(2)</sup>** | &nbsp;&nbsp;**$2110<sup>(2)</sup>** |
| &nbsp;&nbsp;545 Washington Avenue<br> Brooklyn, NY 11238 | &nbsp;&nbsp;0.6 mi | &nbsp;&nbsp;2009 / NAP | &nbsp;&nbsp;63 | &nbsp;&nbsp;2 BR / 2 BA | &nbsp;&nbsp;1,014 SF | &nbsp;&nbsp;$5600 |
| &nbsp;&nbsp;550 Vanderbilt Avenue<br> Brooklyn, NY 11238 | &nbsp;&nbsp;0.6 mi | &nbsp;&nbsp;2017 / NAP | &nbsp;&nbsp;278 | &nbsp;&nbsp;Studio | &nbsp;&nbsp;468 SF | &nbsp;&nbsp;$3350 |
| &nbsp;&nbsp;550 Vanderbilt Avenue<br> Brooklyn, NY 11238 | &nbsp;&nbsp;0.6 mi | &nbsp;&nbsp;2017 / NAP | &nbsp;&nbsp;278 | &nbsp;&nbsp;1 BR / 1 BA | &nbsp;&nbsp;646 SF | &nbsp;&nbsp;$4500 |
| &nbsp;&nbsp;550 Vanderbilt Avenue<br> Brooklyn, NY 11238 | &nbsp;&nbsp;0.6 mi | &nbsp;&nbsp;2017 / NAP | &nbsp;&nbsp;278 | &nbsp;&nbsp;2 BR / 2 BA | &nbsp;&nbsp;1,053 SF | &nbsp;&nbsp;$6950 |
| &nbsp;&nbsp;564 Saint John's Place<br> Brooklyn, NY 11238 | &nbsp;&nbsp;0.9 mi | &nbsp;&nbsp;2022 / NAP | &nbsp;&nbsp;193 | &nbsp;&nbsp;1 BR / 1 BA | &nbsp;&nbsp;583 SF | &nbsp;&nbsp;$4306 |
| &nbsp;&nbsp;564 Saint John's Place<br> Brooklyn, NY 11238 | &nbsp;&nbsp;0.9 mi | &nbsp;&nbsp;2022 / NAP | &nbsp;&nbsp;193 | &nbsp;&nbsp;2 BR / 1 BA | &nbsp;&nbsp;612 SF | &nbsp;&nbsp;$4263 |
| &nbsp;&nbsp;461 Dean Street<br> Brooklyn, NY 11217 | &nbsp;&nbsp;1.0 mi | &nbsp;&nbsp;2016 / NAP | &nbsp;&nbsp;365 | &nbsp;&nbsp;Studio | &nbsp;&nbsp;456 SF | &nbsp;&nbsp;$3595 |
| &nbsp;&nbsp;461 Dean Street<br> Brooklyn, NY 11217 | &nbsp;&nbsp;1.0 mi | &nbsp;&nbsp;2016 / NAP | &nbsp;&nbsp;365 | &nbsp;&nbsp;1 BR / 1 BA | &nbsp;&nbsp;729 SF | &nbsp;&nbsp;$4795 |
| &nbsp;&nbsp;461 Dean Street<br> Brooklyn, NY 11217 | &nbsp;&nbsp;1.0 mi | &nbsp;&nbsp;2016 / NAP | &nbsp;&nbsp;365 | &nbsp;&nbsp;2 BR / 2 BA | &nbsp;&nbsp;1,086 SF | &nbsp;&nbsp;$6295 |
| &nbsp;&nbsp;409 Eastern Parkway<br> Brooklyn, NY 11217 | &nbsp;&nbsp;1.0 mi | &nbsp;&nbsp;2018 / NAP | &nbsp;&nbsp;186 | &nbsp;&nbsp;1 BR / 1 BA | &nbsp;&nbsp;602 SF | &nbsp;&nbsp;$3976 |
| &nbsp;&nbsp;409 Eastern Parkway<br> Brooklyn, NY 11217 | &nbsp;&nbsp;1.0 mi | &nbsp;&nbsp;2018 / NAP | &nbsp;&nbsp;186 | &nbsp;&nbsp;2 BR / 2 BA | &nbsp;&nbsp;952 SF | &nbsp;&nbsp;$5995 |
| &nbsp;&nbsp;1120 Saint John's Place<br> Brooklyn, NY 11213 | &nbsp;&nbsp;1.4 mi | &nbsp;&nbsp;2022 / NAP | &nbsp;&nbsp;75 | &nbsp;&nbsp;Studio | &nbsp;&nbsp;423 SF | &nbsp;&nbsp;$2800 |
| &nbsp;&nbsp;66 Rockwell Place<br> Brooklyn, NY 11217 | &nbsp;&nbsp;1.6 mi | &nbsp;&nbsp;2013 / NAP | &nbsp;&nbsp;326 | &nbsp;&nbsp;Studio | &nbsp;&nbsp;521 SF | &nbsp;&nbsp;$3595 |
| &nbsp;&nbsp;262 9th Street<br> Brooklyn, NY 11215 | &nbsp;&nbsp;2.5 mi | &nbsp;&nbsp;2021 / NAP | &nbsp;&nbsp;72 | &nbsp;&nbsp;Studio | &nbsp;&nbsp;367 SF | &nbsp;&nbsp;$3000 |
| &nbsp;&nbsp;262 9th Street<br> Brooklyn, NY 11215 | &nbsp;&nbsp;2.5 mi | &nbsp;&nbsp;2021 / NAP | &nbsp;&nbsp;72 | &nbsp;&nbsp;1 BR / 1 BA | &nbsp;&nbsp;640 SF | &nbsp;&nbsp;$3800 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Based on the underwritten rent roll dated September 29, 2025. Average Rent Per Unit
reflect the average rent for occupied units.

**The Borrower and the Borrower Sponsors.** The borrower is 1010 Pacific Owner LLC, a Delaware limited liability company and single purpose entity having at least one independent director in its organizational structure. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of 1010 Pacific Street Whole Loan.

The borrower sponsors are David Bistricer and Sam Levinson of Clipper Realty Inc. ("**<u>Clipper Realty</u>**"). The non-recourse carveout guarantor is Clipper Realty. Clipper Realty (NYSE: CLPR) is a self-administered and self-managed real estate company that acquires, owns, manages, operates and repositions multifamily residential and commercial properties in the New York metropolitan area with a portfolio of 10 assets in Manhattan and Brooklyn. David Bistricer is a co-chairman and the Chief Executive Officer of Clipper Realty and Sam Levinson is a co-chairman and the head of the investment committee of Clipper Realty.

**Property Management**. The 1010 Pacific Street Property is managed by Clipper Realty L.P., an affiliate of the borrower.

**Initial and Ongoing Reserves**. At origination of the 1010 Pacific Street Mortgage Loan, the borrower deposited (i) approximately $39,070 into a reserve account for real estate taxes, (ii) approximately $81,576 into a reserve account for insurance premiums and (iii) $120,793 into a rent holdback reserve relating to tenants which are delinquent in rent.

A-3-61

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – High Rise<br> 1010 Pacific Street<br> Brooklyn, NY 11238 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 7<br> **1010 Pacific Street** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$54,500,000<br> 68.7%<br> 1.32x<br> 7.7% |

---

*Tax Reserve –* The borrower is required to deposit into a real estate tax reserve, on a monthly basis, 1/12th of the taxes that the lender reasonably estimates will be payable over the next-ensuing 12-month period (initially estimated to be approximately $7,814).

*Insurance Reserve –* At the option of the lender, if the liability or casualty insurance policy maintained by the borrower covering the 1010 Pacific Street Property does not constitute an approved blanket or umbrella policy pursuant to the 1010 Pacific Street Whole Loan documents, the borrower is required to deposit into an insurance reserve, on a monthly basis, 1/12th of the amount which will be sufficient to pay the insurance premiums due for the renewal of coverage afforded by such policies (initially estimated to be approximately $13,596).

*Replacement Reserve –* The borrower is required to deposit into a replacement reserve, on a monthly basis, $3,646.

**Lockbox / Cash Management.** The 1010 Pacific Street Whole Loan is structured with a springing lockbox and springing cash management. Upon the first occurrence of a Trigger Period (as defined below), the borrower is required to establish a lender-controlled lockbox account, and is thereafter required to deposit, or cause the property manager to deposit, immediately upon receipt, all revenue received by the borrower or the property manager into such lockbox. Within five days after the first occurrence of a Trigger Period, the borrower is required to deliver a notice to all non-residential tenants under non-residential leases at the 1010 Pacific Street Property directing them to remit rent and all other sums due under the applicable lease directly to the lender-controlled lockbox account. All funds deposited into the lockbox are required to be transferred on each business day to or at the direction of the borrower unless a Trigger Period exists and the lender elects (in its sole and absolute discretion) to deliver a restricted account notice to the institution maintaining the lockbox account, in which case all funds in the lockbox account are required to be swept on each business day to a lender-controlled cash management account to be applied and disbursed in accordance with the 1010 Pacific Street Whole Loan documents, and all excess cash flow funds remaining in the cash management account after the application of such funds in accordance with the 1010 Pacific Street Whole Loan documents are required to be held by the lender in an excess cash flow reserve account as additional collateral for the 1010 Pacific Street Whole Loan. Upon the cure of the applicable Trigger Period, so long as no other Trigger Period exists, the lender is required to return any amounts remaining on deposit in the excess cash flow reserve account to the borrower. Upon an event of default under the 1010 Pacific Street Whole Loan documents, the lender may apply funds to the debt in such priority as it may determine.

"**<u>Trigger Period</u>**" means a period (A) commencing upon the earlier of (i) the occurrence and continuance of an event of default under the 1010 Pacific Street Whole Loan documents, and (ii) the debt service coverage ratio being less than 1.15x; and (B) expiring upon (x) with regard to clause (i) above, the cure (if applicable) of such event of default under the 1010 Pacific Street Whole Loan documents, and (y) with regard to clause (ii) above, the date that the debt service coverage ratio is equal to or greater than 1.15x for two consecutive calendar quarters.

**Current Mezzanine or Secured Subordinate Indebtedness.** None.

**Permitted Future Mezzanine or Secured Subordinate Indebtedness.** Not permitted.

**Release of Collateral.** Not permitted.

**Ground Lease.** None.

A-3-62

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – Suburban<br> Various<br> Various, Various<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 8<br> **REVA Portfolio** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$53,000,000<br> 46.0%<br> 2.32x<br> 18.2% |

---

![](n5335ts_img017.jpg)

A-3-63

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – Suburban<br> Various<br> Various, Various<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 8<br> **REVA Portfolio** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$53,000,000<br> 46.0%<br> 2.32x<br> 18.2% |

---

![](n5335ts_img018.jpg)

A-3-64

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – Suburban<br> Various<br> Various, Various<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 8<br> **REVA Portfolio** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$53,000,000<br> 46.0%<br> 2.32x<br> 18.2% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Loan Seller:** | &nbsp;&nbsp;CREFI | &nbsp;&nbsp;**Single Asset / Portfolio:** | &nbsp;&nbsp;Portfolio |
| &nbsp;&nbsp;**Loan Purpose<sup>(1)</sup>:** | &nbsp;&nbsp;Refinance / Recapitalization | &nbsp;&nbsp;**Property Type – Subtype:** | &nbsp;&nbsp;Office - Suburban |
| &nbsp;&nbsp;**Borrower Sponsor(s):** | &nbsp;&nbsp;Stevens M. Sadler and RE Gain Investment Fund, LLC | &nbsp;&nbsp;**Collateral:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Borrower(s)<sup>(2)</sup>:** | &nbsp;&nbsp;Various | &nbsp;&nbsp;**Location<sup>(5)</sup>:** | &nbsp;&nbsp;Various, Various |
| &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;$53000000 | &nbsp;&nbsp;**Year Built / Renovated<sup>(5)</sup>:** | &nbsp;&nbsp;Various / Various |
| &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$53000000 | &nbsp;&nbsp;**Property Management:** | &nbsp;&nbsp;RE Gain Investment Fund, LLC |
| &nbsp;&nbsp;**% by Initial UPB:** | &nbsp;&nbsp;4.0% | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;846,765 SF |
| &nbsp;&nbsp;**Interest Rate:** | &nbsp;&nbsp;6.56000% | &nbsp;&nbsp;**Appraised Value / Per SF:** | &nbsp;&nbsp;$115,200,000 / $136 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;September 25, 2025 | &nbsp;&nbsp;**Appraisal Date<sup>(6)</sup>:** | &nbsp;&nbsp;Various |
| &nbsp;&nbsp;**Original Term:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**Occupancy<sup>(7)</sup>:** | &nbsp;&nbsp;80.0% (as of Various) |
| &nbsp;&nbsp;**Amortization:** | &nbsp;&nbsp;Amortizing Balloon | &nbsp;&nbsp;**UW Economic Occupancy:** | &nbsp;&nbsp;79.8% |
| &nbsp;&nbsp;**Original Amortization:** | &nbsp;&nbsp;360 months | &nbsp;&nbsp;**Underwritten NOI:** | &nbsp;&nbsp;$9652845 |
| &nbsp;&nbsp;**Interest Only Period:** |  | &nbsp;&nbsp;**Underwritten NCF:** | &nbsp;&nbsp;$9382401 |
| &nbsp;&nbsp;**First Payment Date:** | &nbsp;&nbsp;November 6, 2025 |  |  |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;October 6, 2030 | &nbsp;&nbsp;**Historical NOI** | &nbsp;&nbsp;**Historical NOI** |
| &nbsp;&nbsp;**Additional Debt Type:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Most Recent NOI:** | &nbsp;&nbsp;$10,066,373 (TTM July 31, 2025) |
| &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**2024 NOI<sup>(8)</sup>:** | &nbsp;&nbsp;$9788583 |
| &nbsp;&nbsp;**Call Protection:** | &nbsp;&nbsp;L(24),D(31),O(5) | &nbsp;&nbsp;**2023 NOI<sup>(8)</sup>:** | &nbsp;&nbsp;$7947289 |
| &nbsp;&nbsp;**Lockbox / Cash Management:** | &nbsp;&nbsp;Springing / Springing | &nbsp;&nbsp;**2022 NOI:** | &nbsp;&nbsp;$8226649 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Reserves<sup>(3)</sup>** | &nbsp;&nbsp;**Reserves<sup>(3)</sup>** | &nbsp;&nbsp;**Reserves<sup>(3)</sup>** | &nbsp;&nbsp;**Reserves<sup>(3)</sup>** | &nbsp;&nbsp;**Financial Information** | &nbsp;&nbsp;**Financial Information** |
|  | **Initial** | **Monthly** | **Cap** | &nbsp;&nbsp;**Cut-off Date Loan / SF:** | $63 |
| &nbsp;&nbsp;**Taxes:** | &nbsp;&nbsp;$694930 | &nbsp;&nbsp;$138986 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date Loan / SF:** | $59 |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Cut-off Date LTV:** | 46.0% |
| &nbsp;&nbsp;**Replacement Reserves:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$22537 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date LTV:** | 43.3% |
| &nbsp;&nbsp;**TI / LC:** | &nbsp;&nbsp;$4000000 | &nbsp;&nbsp;$84677 | &nbsp;&nbsp;$5000000 | &nbsp;&nbsp;**UW NOI DY:** | 18.2% |
| &nbsp;&nbsp;**Deferred Maintenance:** | &nbsp;&nbsp;$7500 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**UW NCF DSCR:** | 2.32x |
| &nbsp;&nbsp;**Other<sup>(4)</sup>:** | &nbsp;&nbsp;$4886328 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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** |
| **Sources** | **Proceeds** | **% of Total** | **Uses** | **Proceeds** | **% of Total** |
| &nbsp;&nbsp;Mortgage Loan | &nbsp;&nbsp;$53000000 | &nbsp;&nbsp;94.6% | &nbsp;&nbsp;Loan Payoff/Recapitalization<sup>(1)</sup> | &nbsp;&nbsp;$44436047 | &nbsp;&nbsp;79.3% |
| &nbsp;&nbsp;Borrower Sponsor Equity: | &nbsp;&nbsp;3049684 | &nbsp;&nbsp;5.4 | &nbsp;&nbsp;Upfront Reserves | &nbsp;&nbsp;9588758 | &nbsp;&nbsp;17.1 |
|  |  |  | &nbsp;&nbsp;Closing Costs | &nbsp;&nbsp;2024879 | &nbsp;&nbsp;3.6 |
| &nbsp;&nbsp;**Total Sources** | &nbsp;&nbsp;**$56049684** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses** | &nbsp;&nbsp;**$56049684** | &nbsp;&nbsp;**100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Reva Portfolio Mortgage Loan (as defined below) was used to refinance loans secured by the Signature
Place, The Fairfax Building, Sabal 6 and Southpark at Westgate properties and to recapitalize the One Independence, Universal Building,
and 150 Corporate properties which were previously unencumbered. Certain of the properties secured loans that were in maturity default.
See "*Description of the Mortgage Pool* — *Mortgage Pool Characteristics* — *Loan Purpose; Default History, Bankruptcy Issues and Other Proceedings*" in the Preliminary Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The borrowers are Fairfax Rollup, LLC, REVA Kay 150 Corporate, LLC, Signature Place Rollup, LLC, RCF Southpark,
LLC, REVA Kay Sabal 6, LLC, Universal Springs, LLC and One Independence Springs, LLC.

&nbsp;&nbsp;&nbsp;&nbsp;(3) See "*Initial and Ongoing Reserves*" below for further discussion of reserve information.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Initial other reserves are comprised of a $4,886,328 unfunded obligations reserve.

&nbsp;&nbsp;&nbsp;&nbsp;(5) See "*Portfolio Summary*" below.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Appraisal Dates are between April 9, 2025 and April 16, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Occupancy is based on the underwritten rent rolls dated between September 3, 2025 and October 6, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(8) The increase from 2023 NOI to 2024 NOI is primarily attributable to free rent burning off from the borrowers
executing seven new leases, which account for $4,029,015 of underwritten base rent, from September 2022 to May 2023.

A-3-65

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – Suburban<br> Various<br> Various, Various<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 8<br> **REVA Portfolio** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$53,000,000<br> 46.0%<br> 2.32x<br> 18.2% |

---

**The Loan.** The eighth largest mortgage loan (the "**<u>REVA Portfolio Mortgage Loan</u>**") is secured by a first lien on the borrowers' fee interests in a seven property, 846,765 square foot, office portfolio located in Florida, North Carolina, and Virginia (the "**<u>REVA Portfolio Properties</u>**"). The REVA Portfolio Mortgage Loan is evidenced by a single promissory note with an outstanding principal balance as of the Cut-off Date of $53,000,000. The REVA Portfolio Mortgage Loan was originated by Citi Real Estate Funding Inc. on September 25, 2025 and has an initial term of five years, amortizes on a 360-month schedule and accrues interest at a fixed rate of 6.56000% *per annum* on an Actual/360 basis.

**The Properties.** The REVA Portfolio Properties are comprised of seven office properties, totaling 846,765 square feet located in Florida, North Carolina, and Virginia. The REVA Portfolio Properties were originally constructed between 1975 and 1998, with six of the seven properties being most recently renovated in 2024 or 2025. The REVA Portfolio Properties range in size from 56,052 square feet to 299,035 square feet with no property accounting for more than 26.9% of underwritten NOI. As of the underwritten rent rolls dated between September 3, 2025 and October 6, 2025, the REVA Portfolio Properties were 80.0% occupied by a granular mix of 38 tenants with no lease accounting for more than 9.4% of net rentable area and 15.0% of underwritten base rent. The tenancy includes tenants in a mixture of the healthcare, insurance, real estate, professional services, and utilities industries amongst others.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** |
| &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Location<sup>(1)</sup>** | &nbsp;&nbsp;**Year Built / Renovated<sup>(1)</sup>** | &nbsp;&nbsp;**Sq. Ft.<sup>(2)</sup>** | &nbsp;&nbsp;**Occupancy<sup>(2)</sup>** | &nbsp;&nbsp;**Allocated Cut-off Date Balance** | &nbsp;&nbsp;**% of Allocated Cut-off Date Balance** | &nbsp;&nbsp;**Appraised Value<sup>(1)</sup>** | &nbsp;&nbsp;**U/W NOI<sup>(2)</sup>** | &nbsp;&nbsp;**% of U/W NOI<sup>(2)</sup>** |
| &nbsp;&nbsp;Signature Place | &nbsp;&nbsp;Greensboro, NC | &nbsp;&nbsp;1975 / 2024 | &nbsp;&nbsp;299035 | &nbsp;&nbsp;68.3% | &nbsp;&nbsp;$14700000 | &nbsp;&nbsp;27.7% | &nbsp;&nbsp;$42100000 | &nbsp;&nbsp;$2597024 | &nbsp;&nbsp;26.9% |
| &nbsp;&nbsp;One<br> Independence | &nbsp;&nbsp;Tampa, FL | &nbsp;&nbsp;1983 / 2024 | &nbsp;&nbsp;115740 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;11250000 | &nbsp;&nbsp;21.2% | &nbsp;&nbsp;20100000 | &nbsp;&nbsp;2147276 | &nbsp;&nbsp;22.2% |
| &nbsp;&nbsp;The Fairfax<br> Building | &nbsp;&nbsp;Richmond, VA | &nbsp;&nbsp;1989 / 2024,<br> 2025 | &nbsp;&nbsp;152396 | &nbsp;&nbsp;88.0% | &nbsp;&nbsp;10200000 | &nbsp;&nbsp;19.2% | &nbsp;&nbsp;17100000 | &nbsp;&nbsp;1941079 | &nbsp;&nbsp;20.1% |
| &nbsp;&nbsp;Universal Building | &nbsp;&nbsp;Orlando, FL | &nbsp;&nbsp;1998 / NAP | &nbsp;&nbsp;63000 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;5300000 | &nbsp;&nbsp;10.0% | &nbsp;&nbsp;11100000 | &nbsp;&nbsp;983284 | &nbsp;&nbsp;10.2% |
| &nbsp;&nbsp;Sabal 6 | &nbsp;&nbsp;Tampa, FL | &nbsp;&nbsp;1988 / 2006, 2024, 2025 | &nbsp;&nbsp;100001 | &nbsp;&nbsp;64.4% | &nbsp;&nbsp;4600000 | &nbsp;&nbsp;8.7% | &nbsp;&nbsp;10700000 | &nbsp;&nbsp;700396 | &nbsp;&nbsp;7.3% |
| &nbsp;&nbsp;150 Corporate | &nbsp;&nbsp;Norfolk, VA | &nbsp;&nbsp;1994 / 2024 | &nbsp;&nbsp;56052 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;3950000 | &nbsp;&nbsp;7.5% | &nbsp;&nbsp;6400000 | &nbsp;&nbsp;736056 | &nbsp;&nbsp;7.6% |
| &nbsp;&nbsp;Southpark at<br> Westgate | &nbsp;&nbsp;Durham, NC | &nbsp;&nbsp;1988 / 2024 | &nbsp;&nbsp;60541 | &nbsp;&nbsp;66.1% | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;5.7% | &nbsp;&nbsp;7700000 | &nbsp;&nbsp;547729 | &nbsp;&nbsp;5.7% |
| &nbsp;&nbsp;**Total / Wtd. Avg.** |  |  | &nbsp;&nbsp;**846765** | &nbsp;&nbsp;**80.0%** | &nbsp;&nbsp;**$53000000** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$115200000** | &nbsp;&nbsp;**$9652845** | &nbsp;&nbsp;**100.0%** |

---

(1) Source: Appraisals.

(2) Based on the underwritten rent rolls dated between September 3, 2025 and October 6, 2025.

**Major Tenants.** The three largest tenants based on underwritten base rent are Health Plan Services, Inc. ("**<u>Health Plan Services</u>**"), Indivior, Inc. ("**<u>Indivior</u>**") and Tanger Properties Limited Partnership ("**<u>Tanger Properties</u>**").

*Health Plan Services (79,415 square feet; 9.4% of net rentable area; 15.0% of underwritten base rent)*. Health Plan Services is a subsidiary of Wipro LLC (NYSE: WIT) and is a technology company that operates in the insurance industry as a partner in managing healthcare enrollment, billing, payments, and data reporting. Health Plan Services operates in 50 states, including Washington DC, and has approximately 4.1 million members under management with over 22 carrier partners. Health Plan Services has been a tenant at the One Independence property since September 2022 and has a current lease term through January 2030 with no renewal options remaining. Health Plan Services has the option to terminate its lease effective as of January 31, 2028, provided it gives the landlord 12 months written notice and pays an early termination fee. Health Plan Services parent entity, Wipro LLC, also leases 34,350 square feet at the One Independence property, giving a combined exposure of 13.4% of net rentable area and 21.5% of underwritten base rent.

*Indivior (72,602 square feet; 8.6% of net rentable area; 9.6% of underwritten base rent)*. Indivior is a global pharmaceutical company, which develops medicines to treat opioid use disorder. Indivior employs over 1,000 individuals globally and offers its portfolio of products in over 30 countries. Indivior has been a tenant at The Fairfax Building property since December 2016 and has a current lease term through June 2028 with two, five-year renewal options. Indivior has the ongoing right to terminate its lease with respect to 8,303 square feet of its space provided it gives the landlord six months prior written notice accompanied by payment of an early termination fee.

*Tanger Properties (45,918 square feet; 5.4% of net rentable area; 8.2% of underwritten base rent)*. Tanger Properties (NYSE: SJT) is an owner and operator of outlet and open-air retail shopping destinations, with over 44 years of expertise in the retail and outlet shopping industries. Tanger Properties' portfolio consists of 38 outlet centers and three open-air lifestyle centers that comprise more than 16 million square feet located across 22 states and Canada. Tanger Properties operates its corporate headquarters out of the Signature Place

A-3-66

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – Suburban<br> Various<br> Various, Various<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 8<br> **REVA Portfolio** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$53,000,000<br> 46.0%<br> 2.32x<br> 18.2% |

---

property and has been a tenant of such property since November 2016 with a current lease term through March 2028 with two, five-year renewal options and no termination options remaining.

The following table presents certain information relating to the largest tenants by underwritten base rent at the REVA Portfolio Properties:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** |
| &nbsp;&nbsp;**Tenant** | &nbsp;&nbsp;**Property** | &nbsp;&nbsp;**Credit Rating (Moody's/ S&P/Fitch)<sup>(2)</sup>** | &nbsp;&nbsp;**Net Rentable Area (SF)** | &nbsp;&nbsp;**% of Portfolio Net Rentable Area** | &nbsp;&nbsp;**U/W Base Rent** | &nbsp;&nbsp;**U/W Base Rent Per SF** | &nbsp;&nbsp;**% of Portfolio U/W Base Rent** | &nbsp;&nbsp;**Lease Expiration** | &nbsp;&nbsp;**Renewal Option** |
| &nbsp;&nbsp;Health Plan Services<sup>(3)</sup> | &nbsp;&nbsp;One Independence | &nbsp;&nbsp;NR/A-/A- | &nbsp;&nbsp;79415 | &nbsp;&nbsp;9.4% | &nbsp;&nbsp;$2259754 | &nbsp;&nbsp;$28.46 | &nbsp;&nbsp;15.0% | &nbsp;&nbsp;1/31/2030 &nbsp;&nbsp;Y<sup>(4)</sup> | &nbsp;&nbsp;N |
| &nbsp;&nbsp;Indivior | &nbsp;&nbsp;The Fairfax Building | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;72602 | &nbsp;&nbsp;8.6% | &nbsp;&nbsp;1451269 | &nbsp;&nbsp;$19.99 | &nbsp;&nbsp;9.6% | &nbsp;&nbsp;6/30/2028 &nbsp;&nbsp;Y<sup>(5)</sup> | &nbsp;&nbsp;2 x 5 yr |
| &nbsp;&nbsp;Tanger Properties | &nbsp;&nbsp;Signature Place | &nbsp;&nbsp;Baa2/BBB-/BBB | &nbsp;&nbsp;45918 | &nbsp;&nbsp;5.4% | &nbsp;&nbsp;1236572 | &nbsp;&nbsp;$26.93 | &nbsp;&nbsp;8.2% | &nbsp;&nbsp;3/31/2028 &nbsp;&nbsp;N | &nbsp;&nbsp;2 x 5 yr |
| &nbsp;&nbsp;EmergeOrtho, Triad Region | &nbsp;&nbsp;Signature Place | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;58398 | &nbsp;&nbsp;6.9% | &nbsp;&nbsp;1226358 | &nbsp;&nbsp;$21.00 | &nbsp;&nbsp;8.1% | &nbsp;&nbsp;8/31/2035 &nbsp;&nbsp;N | &nbsp;&nbsp;2 x 5 yr |
| &nbsp;&nbsp;Spectrum Sunshine State, LLC | &nbsp;&nbsp;Sabal 6 | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;51768 | &nbsp;&nbsp;6.1% | &nbsp;&nbsp;1190664 | &nbsp;&nbsp;$23.00 | &nbsp;&nbsp;7.9% | &nbsp;&nbsp;1/31/2031 &nbsp;&nbsp;N | &nbsp;&nbsp;2 x 5 yr |
| &nbsp;&nbsp;Universal City Development <br> Partners, Ltd. | &nbsp;&nbsp;Universal Building | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;63000 | &nbsp;&nbsp;7.4% | &nbsp;&nbsp;983284 | &nbsp;&nbsp;$15.61 | &nbsp;&nbsp;6.5% | &nbsp;&nbsp;1/31/2030 &nbsp;&nbsp;N | &nbsp;&nbsp;2 x 5 yr |
| &nbsp;&nbsp;Wipro, LLC<sup>(3)</sup> | &nbsp;&nbsp;One Independence | &nbsp;&nbsp;NR/A-/A- | &nbsp;&nbsp;34350 | &nbsp;&nbsp;4.1% | &nbsp;&nbsp;977429 | &nbsp;&nbsp;$28.46 | &nbsp;&nbsp;6.5% | &nbsp;&nbsp;1/31/2030 &nbsp;&nbsp;Y<sup>(6)</sup> | &nbsp;&nbsp;N |
| &nbsp;&nbsp;PRA Holding I, LLC | &nbsp;&nbsp;150 Corporate | &nbsp;&nbsp;Ba3/BBB-/NR | &nbsp;&nbsp;56052 | &nbsp;&nbsp;6.6% | &nbsp;&nbsp;966897 | &nbsp;&nbsp;$17.25 | &nbsp;&nbsp;6.4% | &nbsp;&nbsp;12/31/2032 &nbsp;&nbsp;Y<sup>(7)</sup> | &nbsp;&nbsp;1 x 5 yr |
| &nbsp;&nbsp;Pennsylvania National <br> Mutual Casualty Insurance<br> Company | &nbsp;&nbsp;Signature Place | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;32910 | &nbsp;&nbsp;3.9% | &nbsp;&nbsp;761855 | &nbsp;&nbsp;$23.15 | &nbsp;&nbsp;5.1% | &nbsp;&nbsp;1/31/2029 &nbsp;&nbsp;N | &nbsp;&nbsp;2 x 5 yr |
| &nbsp;&nbsp;Central Carolina OB/GYN | &nbsp;&nbsp;Signature Place | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;16370 | &nbsp;&nbsp;1.9% | &nbsp;&nbsp;442809 | &nbsp;&nbsp;$27.05 | &nbsp;&nbsp;2.9% | &nbsp;&nbsp;3/31/2029 &nbsp;&nbsp;N | &nbsp;&nbsp;2 x 5 yr |
| &nbsp;&nbsp;**Largest Tenants** |  |  | &nbsp;&nbsp;**510783** | &nbsp;&nbsp;**60.3%** | &nbsp;&nbsp;**$11496891** | &nbsp;&nbsp;**$22.51** | &nbsp;&nbsp;**76.3%** |  |  |
| &nbsp;&nbsp;Remaining Occupied |  |  | &nbsp;&nbsp;166744 | &nbsp;&nbsp;19.7% | &nbsp;&nbsp;3579218 | &nbsp;&nbsp;$21.47 | &nbsp;&nbsp;23.7% |  |  |
| &nbsp;&nbsp;**Total Occupied** |  |  | &nbsp;&nbsp;**677527** | &nbsp;&nbsp;**80.0%** | &nbsp;&nbsp;**$15076109** | &nbsp;&nbsp;**$22.25** | &nbsp;&nbsp;**100.0%** |  |  |
| &nbsp;&nbsp;Vacant |  |  | &nbsp;&nbsp;169238 | &nbsp;&nbsp;20.0% |  |  |  |  |  |
| &nbsp;&nbsp;**Total** |  |  | &nbsp;&nbsp;**846765** | &nbsp;&nbsp;**100.0%** |  |  |  |  |  |

---

(1) Based on the underwritten rent rolls dated between September 3, 2025 and October 6, 2025, and inclusive
of $484,183 of contractual rent steps through July 1, 2026.

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

(3) Health Plan Services and Wipro, LLC are affiliated tenants.

(4) Health Plan Services has the option to terminate its lease effective as of January 31, 2028 provided it
gives the landlord 12 months written notice of its election to exercise the termination option and pays an early termination fee.

(5) Indivior has the ongoing right to terminate its lease with respect to 8,303 square feet of its space provided
it gives the landlord six months prior written notice accompanied by payment of an early termination fee.

(6) Wipro, LLC has the option to terminate its lease effective as of January 31, 2028 provided it gives the
landlord 12 months written notice of its election to exercise the termination option and pays an early termination fee.

(7) PRA Holding I, LLC has the one time right to cancel its lease, after December 31, 2030, provided it gives
the landlord written notice no later than March 31, 2030, and pays an early termination fee.

A-3-67

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – Suburban<br> Various<br> Various, Various<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 8<br> **REVA Portfolio** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$53,000,000<br> 46.0%<br> 2.32x<br> 18.2% |

---

The following table presents certain information relating to the lease rollover schedule at the REVA Portfolio Properties based on initial lease expiration dates:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Lease Rollover Schedule<sup>(1)</sup>** | **Lease Rollover Schedule<sup>(1)</sup>** | **Lease Rollover Schedule<sup>(1)</sup>** | **Lease Rollover Schedule<sup>(1)</sup>** | **Lease Rollover Schedule<sup>(1)</sup>** | **Lease Rollover Schedule<sup>(1)</sup>** | **Lease Rollover Schedule<sup>(1)</sup>** | **Lease Rollover Schedule<sup>(1)</sup>** |
| &nbsp;&nbsp;**Year Ending December 31** | &nbsp;&nbsp;**Expiring Owned GLA** | &nbsp;&nbsp;**% of Owned GLA** | &nbsp;&nbsp;**Cumulative % of Owned GLA** | &nbsp;&nbsp;**U/W Base Rent** | &nbsp;&nbsp;**% of Total U/W Base Rent** | &nbsp;&nbsp;**U/W Base Rent $ per SF** | &nbsp;&nbsp;**# of Expiring Leases** |
| &nbsp;&nbsp;2025 & MTM<sup>(2)(3)</sup> | &nbsp;&nbsp;7483 | &nbsp;&nbsp;0.9% | &nbsp;&nbsp;0.9% | &nbsp;&nbsp;$60791 | &nbsp;&nbsp;0.4% | &nbsp;&nbsp;$8.12 | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;2026 | &nbsp;&nbsp;19076 | &nbsp;&nbsp;2.3% | &nbsp;&nbsp;3.1% | &nbsp;&nbsp;$491955 | &nbsp;&nbsp;3.3% | &nbsp;&nbsp;$25.79 | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;2027<sup>(4)</sup> | &nbsp;&nbsp;39807 | &nbsp;&nbsp;4.7% | &nbsp;&nbsp;7.8% | &nbsp;&nbsp;$962269 | &nbsp;&nbsp;6.4% | &nbsp;&nbsp;$24.17 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;2028 | &nbsp;&nbsp;142702 | &nbsp;&nbsp;16.9% | &nbsp;&nbsp;24.7% | &nbsp;&nbsp;$3008468 | &nbsp;&nbsp;20.0% | &nbsp;&nbsp;$21.08 | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;2029 | &nbsp;&nbsp;63540 | &nbsp;&nbsp;7.5% | &nbsp;&nbsp;32.2% | &nbsp;&nbsp;$1582616 | &nbsp;&nbsp;10.5% | &nbsp;&nbsp;$24.91 | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;2030 | &nbsp;&nbsp;188096 | &nbsp;&nbsp;22.2% | &nbsp;&nbsp;54.4% | &nbsp;&nbsp;$4432446 | &nbsp;&nbsp;29.4% | &nbsp;&nbsp;$23.56 | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;2031 | &nbsp;&nbsp;56293 | &nbsp;&nbsp;6.6% | &nbsp;&nbsp;61.1% | &nbsp;&nbsp;$1291476 | &nbsp;&nbsp;8.6% | &nbsp;&nbsp;$22.94 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;2032 | &nbsp;&nbsp;56052 | &nbsp;&nbsp;6.6% | &nbsp;&nbsp;67.7% | &nbsp;&nbsp;$966897 | &nbsp;&nbsp;6.4% | &nbsp;&nbsp;$17.25 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;2033 | &nbsp;&nbsp;27128 | &nbsp;&nbsp;3.2% | &nbsp;&nbsp;70.9% | &nbsp;&nbsp;$605628 | &nbsp;&nbsp;4.0% | &nbsp;&nbsp;$22.32 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;2034 | &nbsp;&nbsp;8938 | &nbsp;&nbsp;1.1% | &nbsp;&nbsp;71.9% | &nbsp;&nbsp;$225445 | &nbsp;&nbsp;1.5% | &nbsp;&nbsp;$25.22 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;2035 | &nbsp;&nbsp;68412 | &nbsp;&nbsp;8.1% | &nbsp;&nbsp;80.0% | &nbsp;&nbsp;$1448118 | &nbsp;&nbsp;9.6% | &nbsp;&nbsp;$21.17 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;2036 & Thereafter | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;80.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Vacant | &nbsp;&nbsp;169238 | &nbsp;&nbsp;20.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**Total / Wtd. Avg.** | &nbsp;&nbsp;**846765** | &nbsp;&nbsp;**100.0%** |  | &nbsp;&nbsp;**$15076109** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$22.25** | &nbsp;&nbsp;**39** |

---

(1) Based on the underwritten rent rolls dated between September 3, 2025 and October
6, 2025, and inclusive of $484,183 of contractual rent steps through July 1, 2026. Certain tenants may have lease termination options
that are not reflected in the Lease Rollover Schedule.

(2) 2025 & MTM includes a license agreement to CBL – TRS Friendly Center
2023, LLC which occupies 0 SF at the Signature Place property and accounts for $6,000 in base rent. 2025 & MTM also includes an antenna
lease to Alltel Communications of North Carolina Limited Partnership (Verizon) which occupies 0 SF at the Signature Place property and
accounts for $0 in base rent.

(3) 2025 & MTM includes a month-to-month lease to Nature's Table Franchise
Co. which occupies 1,975 square feet at the One Independence property and accounts for $0 in base rent.

(4) 2027 includes an antenna lease to New Cingular Wireless PCS, LLC (AT&T) Mobility
T Mobile Northeast, which occupies 0 square feet at the Signature Place property and accounts for $0 in base rent.

A-3-68

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – Suburban<br> Various<br> Various, Various<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 8<br> **REVA Portfolio** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$53,000,000<br> 46.0%<br> 2.32x<br> 18.2% |

---

The following table presents certain information relating to the historical operating performance and Underwritten Net Cash Flow at the REVA Portfolio Properties:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** |
|  | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2023<sup>(2)</sup>** | &nbsp;&nbsp;**2024<sup>(2)</sup>** | &nbsp;&nbsp;**TTM 7/31/2025** | &nbsp;&nbsp;**U/W** | &nbsp;&nbsp;**U/W Per SF** |
| &nbsp;&nbsp;Base Rent | &nbsp;&nbsp;$15346065 | &nbsp;&nbsp;$13223115 | &nbsp;&nbsp;$15075091 | &nbsp;&nbsp;$15435817 | &nbsp;&nbsp;$14591926 | &nbsp;&nbsp;$17.23 |
| &nbsp;&nbsp;Contractual Rent Steps<sup>(3)</sup> | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;484183 | &nbsp;&nbsp;$0.57 |
| &nbsp;&nbsp;Potential Income from Vacant Space | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;4049113 | &nbsp;&nbsp;$4.78 |
| &nbsp;&nbsp;**Gross Potential Rent** | &nbsp;&nbsp;**$15346065** | &nbsp;&nbsp;**$13223115** | &nbsp;&nbsp;**$15075091** | &nbsp;&nbsp;**$15435817** | &nbsp;&nbsp;**$19125222** | &nbsp;&nbsp;**$22.59** |
| &nbsp;&nbsp;Reimbursements | &nbsp;&nbsp;799514 | &nbsp;&nbsp;861590 | &nbsp;&nbsp;824390 | &nbsp;&nbsp;942718 | &nbsp;&nbsp;935807 | &nbsp;&nbsp;$1.11 |
| &nbsp;&nbsp;**Total Gross Income** | &nbsp;&nbsp;**$16145580** | &nbsp;&nbsp;**$14084706** | &nbsp;&nbsp;**$15899480** | &nbsp;&nbsp;**$16378535** | &nbsp;&nbsp;**$20061028** | &nbsp;&nbsp;**$23.69** |
| &nbsp;&nbsp;Other Income<sup>(4)</sup> | &nbsp;&nbsp;$60707 | &nbsp;&nbsp;$108621 | &nbsp;&nbsp;$123040 | &nbsp;&nbsp;$35401 | &nbsp;&nbsp;$35401 | &nbsp;&nbsp;$0.04 |
| &nbsp;&nbsp;(Vacancy / Credit Loss) | &nbsp;&nbsp;($2325463) | &nbsp;&nbsp;($244695) | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;($4049113) | &nbsp;&nbsp;($4.78) |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$13880824** | &nbsp;&nbsp;**$13948631** | &nbsp;&nbsp;**$16022521** | &nbsp;&nbsp;**$16413936** | &nbsp;&nbsp;**$16047317** | &nbsp;&nbsp;**$18.95** |
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp;416741 | &nbsp;&nbsp;418700 | &nbsp;&nbsp;480676 | &nbsp;&nbsp;492418 | &nbsp;&nbsp;481419 | &nbsp;&nbsp;$0.57 |
| &nbsp;&nbsp;Real Estate Taxes | &nbsp;&nbsp;1637073 | &nbsp;&nbsp;1485772 | &nbsp;&nbsp;1594330 | &nbsp;&nbsp;1594330 | &nbsp;&nbsp;1649089 | &nbsp;&nbsp;$1.95 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;225043 | &nbsp;&nbsp;345093 | &nbsp;&nbsp;500577 | &nbsp;&nbsp;423720 | &nbsp;&nbsp;426868 | &nbsp;&nbsp;$0.50 |
| &nbsp;&nbsp;Repairs & Maintenance | &nbsp;&nbsp;1211888 | &nbsp;&nbsp;1446674 | &nbsp;&nbsp;1112782 | &nbsp;&nbsp;1166425 | &nbsp;&nbsp;1166425 | &nbsp;&nbsp;$1.38 |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;1179788 | &nbsp;&nbsp;1156050 | &nbsp;&nbsp;1308550 | &nbsp;&nbsp;1425441 | &nbsp;&nbsp;1425441 | &nbsp;&nbsp;$1.68 |
| &nbsp;&nbsp;Other Expenses<sup>(5)</sup> | &nbsp;&nbsp;983643 | &nbsp;&nbsp;1149053 | &nbsp;&nbsp;1237024 | &nbsp;&nbsp;1245229 | &nbsp;&nbsp;1245229 | &nbsp;&nbsp;$1.47 |
| &nbsp;&nbsp;**Total Expenses** | &nbsp;&nbsp;**$5654175** | &nbsp;&nbsp;**$6001342** | &nbsp;&nbsp;**$6233938** | &nbsp;&nbsp;**$6347563** | &nbsp;&nbsp;**$6394472** | &nbsp;&nbsp;**$7.55** |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$8226649** | &nbsp;&nbsp;**$7947289** | &nbsp;&nbsp;**$9788583** | &nbsp;&nbsp;**$10066373** | &nbsp;&nbsp;**$9652845** | &nbsp;&nbsp;**$11.40** |
| &nbsp;&nbsp;Replacement Reserves | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;270444 | &nbsp;&nbsp;$0.32 |
| &nbsp;&nbsp;Normalized TI/LC | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$8226649** | &nbsp;&nbsp;**$7947289** | &nbsp;&nbsp;**$9788583** | &nbsp;&nbsp;**$10066373** | &nbsp;&nbsp;**$9382401** | &nbsp;&nbsp;**$11.08** |
| &nbsp;&nbsp;**Occupancy (%)** | &nbsp;&nbsp;**69.3%** | &nbsp;&nbsp;**82.7%** | &nbsp;&nbsp;**83.2%** | &nbsp;&nbsp;**80.0%<sup>(6)</sup>** | &nbsp;&nbsp;**79.8%<sup>(7)</sup>** |  |
| &nbsp;&nbsp;**NCF DSCR** | &nbsp;&nbsp;**2.03x** | &nbsp;&nbsp;**1.96x** | &nbsp;&nbsp;**2.42x** | &nbsp;&nbsp;**2.49x** | &nbsp;&nbsp;**2.32x** |  |
| &nbsp;&nbsp;**NOI Debt Yield** | &nbsp;&nbsp;**15.5%** | &nbsp;&nbsp;**15.0%** | &nbsp;&nbsp;**18.5%** | &nbsp;&nbsp;**19.0%** | &nbsp;&nbsp;**18.2%** |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Based on the underwritten rent rolls dated between September 3, 2025 and October 6, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The increase from 2023 Net Operating Income to 2024 Net Operating Income is primarily attributable to free
rent burning off from the borrowers executing seven new leases, which account for $4,029,015 of underwritten base rent, from September
2022 to May 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Contractual Rent Steps are inclusive of $484,183 of contractual rent steps through July 1, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Other Income is comprised of Satellite-Telecom Income from the property Signature Place, which currently
has three roof tenants in-place. These tenants are affiliates of AT&T Mobility and Verizon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Other Expenses include contract services and general and administrative expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Represents most recent occupancy as of the underwritten rent rolls dated between September 3, 2025 and
October 6, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Represents economic occupancy.

A-3-69

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – Suburban<br> Various<br> Various, Various<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 8<br> **REVA Portfolio** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$53,000,000<br> 46.0%<br> 2.32x<br> 18.2% |

---

**Appraisal.** According to the appraisal, the REVA Portfolio Properties had an aggregate "as-is" appraised value of $115,200,000 as of the appraisals dated between April 9, 2025 and April 16, 2025, as shown in the table below.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**REVA Portfolio Appraised Value<sup>(1)</sup>** | &nbsp;&nbsp;**REVA Portfolio Appraised Value<sup>(1)</sup>** | &nbsp;&nbsp;**REVA Portfolio Appraised Value<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Capitalization Rate** |
| &nbsp;&nbsp;Signature Place | &nbsp;&nbsp;$42100000 | &nbsp;&nbsp;8.25% |
| &nbsp;&nbsp;One Independence | &nbsp;&nbsp;$20100000 | &nbsp;&nbsp;8.50% |
| &nbsp;&nbsp;The Fairfax Building | &nbsp;&nbsp;$17100000 | &nbsp;&nbsp;10.50% |
| &nbsp;&nbsp;Universal Building | &nbsp;&nbsp;$11100000 | &nbsp;&nbsp;8.50% |
| &nbsp;&nbsp;Sabal 6 | &nbsp;&nbsp;$10700000 | &nbsp;&nbsp;9.00% |
| &nbsp;&nbsp;Southpark at Westgate | &nbsp;&nbsp;$7700000 | &nbsp;&nbsp;9.00% |
| &nbsp;&nbsp;150 Corporate | &nbsp;&nbsp;$6400000 | &nbsp;&nbsp;10.00% |
| &nbsp;&nbsp;**Total/Wtd. Avg.** | &nbsp;&nbsp;**$115200000** | &nbsp;&nbsp;**8.87%** |

---

(1) Source: Appraisals.

**Environmental Matters.** According to the Phase I environmental reports dated between April 22, 2025 and April 23, 2025, there was a recognized environmental condition at the One Independence property relating to its inclusion in a Brownfields Redevelopment Area which was enrolled in the Florida Department of Environmental Protection Voluntary Cleanup Program. See "*Description of the Mortgage Pool—Environmental Considerations*" in the Preliminary Prospectus.

**The Market.** The REVA Portfolio Properties are located across Florida (three properties, 39.7% of underwritten NOI), North Carolina (two properties, 32.6% of underwritten NOI), and Virginia (two properties, 27.7% of underwritten NOI).

The REVA Portfolio Properties are further located across seven separate submarkets, which are summarized below. The submarkets reported a weighted average vacancy rate of 9.7% and a weighted average asking rent of $25.43 per square foot compared to the REVA Portfolio Properties' 20.0% vacancy rate and $21.70 weighted average underwritten base rent per square foot.

The following table presents information relating to submarkets for the REVA Portfolio Properties:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**REVA Portfolio Submarkets** | &nbsp;&nbsp;**REVA Portfolio Submarkets** | &nbsp;&nbsp;**REVA Portfolio Submarkets** | &nbsp;&nbsp;**REVA Portfolio Submarkets** | &nbsp;&nbsp;**REVA Portfolio Submarkets** | &nbsp;&nbsp;**REVA Portfolio Submarkets** | &nbsp;&nbsp;**REVA Portfolio Submarkets** | &nbsp;&nbsp;**REVA Portfolio Submarkets** | &nbsp;&nbsp;**REVA Portfolio Submarkets** |
| &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Submarket<sup>(1)</sup>** | &nbsp;&nbsp;**NRA (Sq. Ft.)<sup>(2)</sup>** | &nbsp;&nbsp;**% of Total Portfolio NRA** | &nbsp;&nbsp;**Submarket Vacancy<sup>(1)</sup>** | &nbsp;&nbsp;**Submarket Rent<sup>(1)</sup>** | &nbsp;&nbsp;**Appraiser Concluded Market Rent<sup>(1)</sup>** | &nbsp;&nbsp;**U/W In-Place Base Rent per Sq. Ft.<sup>(2)</sup>** | &nbsp;&nbsp;**In-Place Vacancy<sup>(2)</sup>** |
| &nbsp;&nbsp;Signature Place | &nbsp;&nbsp;NW Guilford<br> County | &nbsp;&nbsp;299035 | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;10.7% | &nbsp;&nbsp;$22.01 | &nbsp;&nbsp;$17.24 | &nbsp;&nbsp;$21.34 | &nbsp;&nbsp;31.7% |
| &nbsp;&nbsp;One Independence | &nbsp;&nbsp;Westshore | &nbsp;&nbsp;115740 | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;12.4% | &nbsp;&nbsp;$35.78 | &nbsp;&nbsp;$26.87 | &nbsp;&nbsp;$26.13 | &nbsp;&nbsp;0.0% |
| &nbsp;&nbsp;The Fairfax<br> Building | &nbsp;&nbsp;Southwest | &nbsp;&nbsp;152396 | &nbsp;&nbsp;18.0% | &nbsp;&nbsp;8.3% | &nbsp;&nbsp;$20.99 | &nbsp;&nbsp;$20.68 | &nbsp;&nbsp;$20.90 | &nbsp;&nbsp;12.0% |
| &nbsp;&nbsp;Universal Building | &nbsp;&nbsp;Metro West | &nbsp;&nbsp;63000 | &nbsp;&nbsp;7.4% | &nbsp;&nbsp;6.1% | &nbsp;&nbsp;$26.02 | &nbsp;&nbsp;$23.25 | &nbsp;&nbsp;$15.15 | &nbsp;&nbsp;0.0% |
| &nbsp;&nbsp;Sabal 6 | &nbsp;&nbsp;East Tampa | &nbsp;&nbsp;100001 | &nbsp;&nbsp;11.8% | &nbsp;&nbsp;8.6% | &nbsp;&nbsp;$24.74 | &nbsp;&nbsp;$27.74 | &nbsp;&nbsp;$23.74 | &nbsp;&nbsp;35.6% |
| &nbsp;&nbsp;150 Corporate | &nbsp;&nbsp;Central Norfolk | &nbsp;&nbsp;56052 | &nbsp;&nbsp;6.6% | &nbsp;&nbsp;6.6% | &nbsp;&nbsp;$20.17 | &nbsp;&nbsp;$21.24 | &nbsp;&nbsp;$17.28 | &nbsp;&nbsp;0.0% |
| &nbsp;&nbsp;Southpark at Westgate | &nbsp;&nbsp;South Durham | &nbsp;&nbsp;60541 | &nbsp;&nbsp;7.1% | &nbsp;&nbsp;11.3% | &nbsp;&nbsp;$25.33 | &nbsp;&nbsp;$28.68 | &nbsp;&nbsp;$23.87 | &nbsp;&nbsp;33.9% |
| &nbsp;&nbsp;**Total / Wtd. Avg. (based on ALA)** |  | &nbsp;&nbsp;**846765** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**9.7%** | &nbsp;&nbsp;**$25.43** | &nbsp;&nbsp;**$22.40** | &nbsp;&nbsp;**$21.54** | &nbsp;&nbsp;**20.0%** |

---

(1) Source: Appraisals.

(2) Based on the underwritten rent rolls dated between September 3, 2025 and October 6, 2025, and exclusive
of rent steps.

**The Borrowers and the Borrower Sponsors.** The borrowers are Fairfax Rollup, LLC, Signature Place Rollup, LLC, RCF Southpark, LLC, Universal Springs, LLC and One Independence Springs, LLC, each a Delaware limited liability company, REVA Kay Sabal 6, LLC, a Florida limited liability company, and REVA Kay 150 Corporate, LLC, a Virginia limited liability company, each with one independent director in its organizational structure. Legal counsel to the borrowers delivered a non-consolidation opinion in connection with the origination of the REVA Portfolio Mortgage Loan.

The borrower sponsors and non-recourse carveout guarantors are Stevens M. Sadler and RE Gain Investment Fund, LLC. Stevens has spent nearly 20 years in financial services and the investment banking field including projects in commercial real estate while part of Signet Bank's Capital Markets Group. In 1998, Stevens founded Chesapeake Advisors, a real estate investment banking firm which raises capital for startup enterprises as well as organizing, operating and leading the companies. Stevens also serves as the chief executive officer of Allegiance, a commercial real estate asset management firm in Richmond, Virginia.

A-3-70

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – Suburban<br> Various<br> Various, Various<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 8<br> **REVA Portfolio** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$53,000,000<br> 46.0%<br> 2.32x<br> 18.2% |

---

**Property Management**. The REVA Portfolio Properties are managed by RE Gain Investment Fund, LLC, a borrower affiliated property management company.

**Initial and Ongoing Reserves**. At origination of the REVA Portfolio Mortgage Loan, the borrowers deposited approximately (i) $694,930 into a real estate taxes reserve (ii) $4,000,000 into a tenant improvements and leasing commissions reserve, (iii) $4,886,328 in an unfunded obligations reserve for tenant improvements allowances and (iv) $7,500 into a reserve for immediate repairs.

*Tax Reserve –* The borrowers are required to deposit into a real estate tax reserve, on a monthly basis, 1/12th of the taxes that the lender estimates will be payable over the next-ensuing 12-month period (initially estimated to be approximately $138,986).

*Insurance Reserve –* At the option of the lender, if the liability or casualty insurance policy maintained by the borrowers covering the REVA Portfolio Properties do not constitute an approved blanket or umbrella policy pursuant to the REVA Portfolio Mortgage Loan documents, the borrowers are required to deposit into an insurance reserve, on a monthly basis, 1/12th of the amount which will be sufficient to pay the insurance premiums due for the renewal of coverage afforded by such policies at least 30 days prior to the expiration thereof (initially estimated to be approximately $37,311).

*Replacement Reserve* – The borrowers are required to deposit into a replacement reserve, on a monthly basis, approximately $22,537.

*TI/LC Reserve* – The borrowers are required to deposit into the tenant improvements and leasing commissions reserve, on a monthly basis, approximately $84,677, subject to a cap of $5,000,000.

**Lockbox / Cash Management**. The REVA Portfolio Mortgage Loan is structured with a springing lockbox and springing cash management. Upon the first occurrence of a Trigger Period (as defined below), the borrowers are required to establish a lender-controlled lockbox account and thereafter are required to cause all rents and other sums received by the borrowers or the property manager, as applicable, to promptly be deposited into such lender-controlled lockbox account. Within five days after the first occurrence of a Trigger Period, the borrowers are required to deliver a notice to all tenants at the REVA Portfolio Properties directing them to remit rent and all other sums due under the applicable lease directly to the lender-controlled lockbox account. All funds deposited into the lockbox are required to be transferred on each business day to or at the direction of the borrowers unless a Trigger Period exists and the lender elects (in its sole and absolute discretion) to deliver a restricted account notice, in which case 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 REVA Portfolio Mortgage Loan documents; and all excess cash flow funds remaining in the cash management account after the application of such funds in accordance with the REVA Portfolio Mortgage Loan documents are required to be held by the lender in an excess cash flow reserve account as additional collateral for the REVA Portfolio Mortgage Loan. Upon the cure of the applicable Trigger Period, the lender is required to return any amounts remaining on deposit in the excess cash flow reserve account to the borrowers. Upon an event of default under the REVA Portfolio Mortgage Loan documents, the lender may apply funds to the REVA Portfolio Mortgage Loan in such priority as it may determine.

"**<u>Trigger Period</u>**" means a period: (A) commencing upon the earliest of (i) the occurrence and continuance of an event of default, (ii) the debt service coverage ratio being less than 1.40x (*provided*, *however*, that a Trigger Period pursuant to clause (ii) will not be deemed to exist if (and so long as) the Collateral Cure Conditions (as defined below) are satisfied) and (iii) the occurrence of a Specified Tenant Trigger Period (as defined below); and (B) expiring upon, with regard to any Trigger Period commenced in connection with (x) clause (i) above, the cure (if applicable) of such event of default, (y) clause (ii) above, the date that the debt service coverage ratio is equal to or greater than 1.45x for two consecutive calendar quarters and (z) clause (iii) above, a Specified Tenant Trigger Period ceasing to exist.

"**<u>Collateral Cure Conditions</u>**" will exist if and for so long as the borrowers deposit cash into an account with lender or deliver to lender a letter of credit which, in either case, will serve as additional collateral for the REVA Portfolio Mortgage Loan, in an amount equal to the amount of funds which, if the outstanding principal balance were reduced thereby, would cause the debt service coverage ratio to be equal to 1.45x (the "**<u>Collateral Deposit Amount</u>**") and, thereafter, for so long as the borrowers elect to satisfy the Collateral Cure Conditions in order to avoid a Trigger Period on each one year anniversary of the date that the borrowers made such deposit (or delivered such letter of credit), the borrowers must deposit additional cash collateral in the amount of the Collateral Deposit Amount or increase the amount of the letter of credit by an amount equal to the Collateral Deposit Amount.

"**<u>Specified Tenant</u>**" means, as applicable, any tenant which, individually or when aggregated with other leases at the REVA Portfolio Mortgaged Property with the same tenant or its affiliate, accounts for (i) in the aggregate, 127,015 square feet or more of the gross leasable area at the REVA Portfolio Mortgaged Properties or (ii) in the aggregate, accounts for approximately $2,188,789 or more, annually, of the total rental income at the REVA Portfolio Mortgaged Properties.

"**<u>Specified Tenant Trigger Period</u>**" means a period (A) commencing upon the first to occur of (i) the applicable Specified Tenant being in default under the applicable Specified Tenant lease, (ii) a Specified Tenant failing to be in actual, physical possession of the Specified Tenant space, or applicable portion thereof, failing to be open for business during customary hours and/or "going dark" in the Specified

A-3-71

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – Suburban<br> Various<br> Various, Various<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 8<br> **REVA Portfolio** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$53,000,000<br> 46.0%<br> 2.32x<br> 18.2% |

---

Tenant space, (iii) a Specified Tenant giving notice that it is terminating its lease for all or a material portion of the Specified Tenant space, or applicable portion thereof, (iv) any termination or cancellation of any Specified Tenant lease, including, without limitation, rejection in any bankruptcy or similar insolvency proceeding, and/or any Specified Tenant lease failing to otherwise be in full force and effect, (v) any bankruptcy or similar insolvency of a Specified Tenant and (vi) a Specified Tenant failing to extend or renew the applicable Specified Tenant lease as required under the terms of the REVA Portfolio Mortgage Loan documents and (B) expiring upon the first to occur of the lender's receipt of evidence reasonably acceptable to the lender of (1) the satisfaction of the applicable Specified Tenant Cure Conditions (as defined below) or (2) the borrowers leasing the entire Specified Tenant space, or applicable portion thereof, pursuant to one or more leases for a minimum term of three years in accordance with the applicable terms and conditions of the REVA Portfolio Mortgage Loan documents, the applicable tenant(s) under such lease(s) being in actual, physical occupancy of the space demised, all contingencies to effectiveness having been satisfied thereunder, the lease has commenced and a rent commencement date has been established and, in lender's judgment, the applicable Specified Tenant Excess Cash Flow Condition (as defined below) is satisfied.

"**<u>Specified Tenant Cure Conditions</u>**" means each of the following, as applicable, that the applicable Specified Tenant (i) has cured all events of default as defined under the applicable Specified Tenant lease and no other default under such Specified Tenant lease occurs for a period of three consecutive months following such cure, (ii) is in actual, physical possession of the Specified Tenant space (or applicable portion thereof), open for business during customary hours and not "dark" in the Specified Tenant space, or applicable portion thereof, (iii) has revoked or rescinded all termination or cancellation notices with respect to the applicable Specified Tenant lease and has re-affirmed the applicable Specified Tenant lease as being in full force and effect, (iv) in the event the Specified Tenant Trigger Period is due to the applicable Specified Tenant's failure to extend or renew the applicable Specified Tenant lease, has renewed or extended the applicable Specified Tenant lease in accordance with the terms of the REVA Portfolio Mortgage Loan documents and in lender's judgment, the applicable Specified Tenant Excess Cash Flow Condition is satisfied, (v) is no longer insolvent or subject to any bankruptcy or insolvency proceedings and has affirmed the applicable Specified Tenant lease pursuant to a final, non-appealable order of a court of competent jurisdiction and (vi) is paying full, unabated rent under the applicable Specified Tenant lease (or any free rent is deposited with the lender).

"**<u>Specified Tenant Excess Cash Flow Condition</u>**" means with respect to curing any Specified Tenant Trigger Period by (a) re-tenanting the applicable Specified Tenant space or (b) renewal/extension of any Specified Tenant lease, sufficient funds have been accumulated in the excess cash flow account (during the continuance of the subject Specified Tenant Trigger Period) to cover all anticipated leasing commissions, tenant improvement costs, tenant allowances, free rent periods, and/or rent abatement periods to be incurred in connection with any such re-tenanting or renewal/extension.

**Current Mezzanine or Secured Subordinate Indebtedness.** None.

**Permitted Future Mezzanine or Secured Subordinate Indebtedness**. Not permitted.

**Release of Collateral.** Provided that no event of default has occurred and is continuing under the REVA Portfolio Mortgage Loan documents, at any time after the date that is two years after the closing date of the Benchmark 2025-V18 securitization, and prior to October 6, 2030, the borrowers may deliver defeasance collateral and obtain the release of one or more individual REVA Portfolio Properties, provided that, among other conditions, (i) the portion of the REVA Portfolio Mortgage Loan that is defeased is in an amount equal to the greater of (a) 125% of the allocated loan amount for the individual REVA Portfolio Property or Properties being released and (b) the net sales proceeds applicable to such individual REVA Portfolio Property or Properties, (ii) the borrowers deliver a REMIC opinion and (iii) after giving effect to the release, (I) the debt service coverage ratio with respect to the remaining REVA Portfolio Properties is greater than the greater of (a) 2.29x and (b) the debt service coverage ratio for all of the individual REVA Portfolio Properties immediately prior to the release, (II) the debt yield with respect to the remaining REVA Portfolio Properties is greater than the greater of (a) 17.70% and (b) the debt yield for all of the individual REVA Portfolio Properties immediately prior to the release and (III) the loan-to-value ratio with respect to the remaining REVA Portfolio Properties is no greater than the lesser of (a) 46.01% and (b) the loan-to-value ratio for all of the individual REVA Portfolio Properties immediately prior to the release**.**

**Ground Lease.** None.

A-3-72

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Hospitality – Full Service<br> 355 Santana Row<br> San Jose, CA 95128<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 9<br> **Hotel Valencia Santana Row** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$50,000,000<br> 53.2%<br> 2.01x<br> 16.4% |

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A-3-73

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Hospitality – Full Service<br> 355 Santana Row<br> San Jose, CA 95128<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 9<br> **Hotel Valencia Santana Row** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$50,000,000<br> 53.2%<br> 2.01x<br> 16.4% |

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A-3-74

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Hospitality – Full Service<br> 355 Santana Row<br> San Jose, CA 95128<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 9<br> **Hotel Valencia Santana Row** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$50,000,000<br> 53.2%<br> 2.01x<br> 16.4% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Loan Seller:** | &nbsp;&nbsp;CREFI | &nbsp;&nbsp;**Single Asset / Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;**Property Type – Subtype:** | &nbsp;&nbsp;Hospitality - Full Service |
| &nbsp;&nbsp;**Borrower Sponsor(s):** | &nbsp;&nbsp;Doyle A. Graham, Jr. | &nbsp;&nbsp;**Collateral:** | &nbsp;&nbsp;Leasehold |
| &nbsp;&nbsp;**Borrower(s):** | &nbsp;&nbsp;Santana Row Hotel Partners, L.P. | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;San Jose, CA |
| &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;$50000000 | &nbsp;&nbsp;**Year Built / Renovated:** | &nbsp;&nbsp;2003 / 2014 |
| &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$50000000 | &nbsp;&nbsp;**Property Management:** | &nbsp;&nbsp;Hotel Valencia Corporation |
| &nbsp;&nbsp;**% by Initial UPB:** | &nbsp;&nbsp;3.8% | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;216 Rooms |
| &nbsp;&nbsp;**Interest Rate:** | &nbsp;&nbsp;6.97000% | &nbsp;&nbsp;**Appraised Value / Per Room:** | &nbsp;&nbsp;$94,000,000 / $435,185 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;September 30, 2025 | &nbsp;&nbsp;**Appraisal Date:** | &nbsp;&nbsp;August 20, 2025 |
| &nbsp;&nbsp;**Original Term:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**Occupancy:** | &nbsp;&nbsp;65.0% (as of August 31, 2025) |
| &nbsp;&nbsp;**Amortization:** | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;**UW Economic Occupancy:** | &nbsp;&nbsp;65.0% |
| &nbsp;&nbsp;**Original Amortization:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Underwritten NOI:** | &nbsp;&nbsp;$8204809 |
| &nbsp;&nbsp;**Interest Only Period:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**Underwritten NCF:** | &nbsp;&nbsp;$7099675 |
| &nbsp;&nbsp;**First Payment Date:** | &nbsp;&nbsp;November 6, 2025 |  |  |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;October 6, 2030 | &nbsp;&nbsp;**Historical NOI** | &nbsp;&nbsp;**Historical NOI** |
| &nbsp;&nbsp;**Additional Debt Type:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Most Recent NOI:** | &nbsp;&nbsp;$8,045,434 (TTM August 31, 2025) |
| &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**2024 NOI:** | &nbsp;&nbsp;$6888074 |
| &nbsp;&nbsp;**Call Protection:** | &nbsp;&nbsp;L(24),DorYM1(29),O(7) | &nbsp;&nbsp;**2023 NOI:** | &nbsp;&nbsp;$5743651 |
| &nbsp;&nbsp;**Lockbox / Cash Management:** | &nbsp;&nbsp;Springing / Springing | &nbsp;&nbsp;**2022 NOI:** | &nbsp;&nbsp;$6927611 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Financial Information** | &nbsp;&nbsp;**Financial Information** |
|  | **Initial** | **Monthly** | **Cap** | &nbsp;&nbsp;**Cut-off Date Loan / Room:** | $231481 |
| &nbsp;&nbsp;**Taxes:** | &nbsp;&nbsp;$221560 | &nbsp;&nbsp;$31651 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date Loan / Room:** | $231481 |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Cut-off Date LTV:** | 53.2% |
| &nbsp;&nbsp;**FF&E:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$92094 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date LTV:** | 53.2% |
| &nbsp;&nbsp;**Other<sup>(2)</sup>:** | &nbsp;&nbsp;$141666 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**UW NOI DY:** | 16.4% |
|  |  |  |  | &nbsp;&nbsp;**UW NCF DSCR:** | 2.01x |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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** |
| **Sources** | **Proceeds** | **% of Total** | **Uses** | **Proceeds** | **% of Total** |
| &nbsp;&nbsp;Mortgage Loan | &nbsp;&nbsp;$50000000 | &nbsp;&nbsp;99.9% | &nbsp;&nbsp;Loan Payoff | &nbsp;&nbsp;$48946727 | &nbsp;&nbsp;97.8% |
| &nbsp;&nbsp;Borrower Sponsor Equity | &nbsp;&nbsp;42024 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;Closing Costs | &nbsp;&nbsp;732071 | &nbsp;&nbsp;1.5 |
|  |  |  | &nbsp;&nbsp;Upfront Reserves | &nbsp;&nbsp;363227 | &nbsp;&nbsp;0.7 |
| &nbsp;&nbsp;**Total Sources** | &nbsp;&nbsp;**$50042024** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses** | &nbsp;&nbsp;**$50042024** | &nbsp;&nbsp;**100.0%** |

---

(1) See "*Initial and Ongoing Reserves*" below for further discussion of reserve information.

(2) Other Reserves are comprised of an initial ground rent reserve of approximately $141,666.

**The Loan.** The ninth largest mortgage loan (the "**<u>Hotel Valencia Santana Row Mortgage Loan</u>**") is secured by the borrower's leasehold interest in a 216-room, full service hotel located in San Jose, California (the "**<u>Hotel Valencia Santana Row Property</u>**"). The Hotel Valencia Santana Row Mortgage Loan is evidenced by one promissory note with an outstanding principal balance as of the Cut-off Date of $50,000,000. The Hotel Valencia Santana Row Mortgage Loan was originated on September 30, 2025 by Citi Real Estate Funding Inc. The Hotel Valencia Santana Row Mortgage Loan has an initial term of five years, is interest-only for the full term and accrues interest at a fixed rate of 6.97000% *per annum* on an Actual/360 basis. The scheduled maturity date of the Hotel Valencia Santana Row Mortgage Loan is October 6, 2030.

**The Property.** The Hotel Valencia Santana Row Property is a five-story, 216-room, unflagged, full-service boutique hotel located in San Jose, California. The Hotel Valencia Santana Row Property was constructed within the master-planned Santana Row community of San Jose in 2003 and is comprised of floors three through seven of a seven story building that includes ground and second-level retail units. No portion of the retail units is collateral for the Hotel Valencia Santana Row Mortgage Loan. The Santana Row master-planned community is an upscale 42-acre, mixed-use urban village in West San Jose that integrates residential, retail, hospitality, office, and

A-3-75

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Hospitality – Full Service<br> 355 Santana Row<br> San Jose, CA 95128<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 9<br> **Hotel Valencia Santana Row** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$50,000,000<br> 53.2%<br> 2.01x<br> 16.4% |

---

entertainment, featuring over 50 shops, approximately 30 restaurants, a movie theater, nine spas and salons, and a variety of residential units ranging from lofts and townhomes to villas, and the Hotel Valencia Santana Row Property. The Hotel Valencia Santana Row Property is the only hotel located within the Santana Row community and the borrower sponsor has a right of first negotiation on any proposed third-party hotel to be developed within the community.

The Hotel Valencia Santana Row Property contains 216 guestrooms, of which 17 are suites, with the remaining standard guestrooms with a configuration of either one king bed or two double beds. Amenities at the Hotel Valencia Santana Row Property include four food and beverage outlets, a year-round rooftop pool and jacuzzi, fitness center, concierge, 24-hour room service, and 4,000 square feet of meeting and event space. The Hotel Valencia Santana Row Property also features 106 valet parking spaces which are leased from a nearby parking garage in the Santana Row development. The food and beverage outlets are comprised of Oveja Negra, a 50-seat restaurant serving globally inspired tapas across breakfast, lunch and dinner, Vbar, a 50-seat cocktail lounge, the Terrace on Santana Row, an 80-seat open-air courtyard serving drinks and sharable small plates, and Cielo Rooftop Bar, a 40-seat rooftop bar that provides a view of the Santa Cruz Mountains.

The following table presents certain information relating to the estimated demand analysis as of the trailing twelve months ending August 2025 with respect to the Hotel Valencia Santana Row Property based on market segmentation, as provided by a third-party market research report:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Demand Segmentation<sup>(1)</sup>** | &nbsp;&nbsp;**Demand Segmentation<sup>(1)</sup>** | &nbsp;&nbsp;**Demand Segmentation<sup>(1)</sup>** | &nbsp;&nbsp;**Demand Segmentation<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property** | &nbsp;&nbsp;**Rooms** | &nbsp;&nbsp;**Transient** | &nbsp;&nbsp;**Group** |
| &nbsp;&nbsp;**Hotel Valencia Santana Row** | &nbsp;&nbsp;216 | &nbsp;&nbsp;67.9% | &nbsp;&nbsp;32.1% |

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(1) Source: Third-party hospitality research report.

The following table presents certain information relating to the current and historical Occupancy, ADR and RevPAR at the Hotel Valencia Santana Row Property and its competitors:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Occupancy, ADR, RevPAR<sup>(1)</sup>** | &nbsp;&nbsp;**Occupancy, ADR, RevPAR<sup>(1)</sup>** | &nbsp;&nbsp;**Occupancy, ADR, RevPAR<sup>(1)</sup>** | &nbsp;&nbsp;**Occupancy, ADR, RevPAR<sup>(1)</sup>** | &nbsp;&nbsp;**Occupancy, ADR, RevPAR<sup>(1)</sup>** | &nbsp;&nbsp;**Occupancy, ADR, RevPAR<sup>(1)</sup>** | &nbsp;&nbsp;**Occupancy, ADR, RevPAR<sup>(1)</sup>** | &nbsp;&nbsp;**Occupancy, ADR, RevPAR<sup>(1)</sup>** | &nbsp;&nbsp;**Occupancy, ADR, RevPAR<sup>(1)</sup>** | &nbsp;&nbsp;**Occupancy, ADR, RevPAR<sup>(1)</sup>** |
|  | &nbsp;&nbsp;**Hotel Valencia Santana Row <sup>(2)</sup>** | &nbsp;&nbsp;**Hotel Valencia Santana Row <sup>(2)</sup>** | &nbsp;&nbsp;**Hotel Valencia Santana Row <sup>(2)</sup>** | &nbsp;&nbsp;**Competitive Set<sup>(3)</sup>** | &nbsp;&nbsp;**Competitive Set<sup>(3)</sup>** | &nbsp;&nbsp;**Competitive Set<sup>(3)</sup>** | &nbsp;&nbsp;**Penetration Factor<sup>(4)</sup>** | &nbsp;&nbsp;**Penetration Factor<sup>(4)</sup>** | &nbsp;&nbsp;**Penetration Factor<sup>(4)</sup>** |
| &nbsp;&nbsp;**Period** | &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** |
| &nbsp;&nbsp;2021 | &nbsp;&nbsp;53.7% | &nbsp;&nbsp;$233.69 | &nbsp;&nbsp;$125.48 | &nbsp;&nbsp;39.6% | &nbsp;&nbsp;$133.64 | &nbsp;&nbsp;$52.95 | &nbsp;&nbsp;135.5% | &nbsp;&nbsp;174.9% | &nbsp;&nbsp;237.0% |
| &nbsp;&nbsp;2022 | &nbsp;&nbsp;58.2% | &nbsp;&nbsp;$344.85 | &nbsp;&nbsp;$200.69 | &nbsp;&nbsp;51.3% | &nbsp;&nbsp;$205.78 | &nbsp;&nbsp;$105.54 | &nbsp;&nbsp;113.5% | &nbsp;&nbsp;167.6% | &nbsp;&nbsp;190.2% |
| &nbsp;&nbsp;2023 | &nbsp;&nbsp;59.3% | &nbsp;&nbsp;$345.38 | &nbsp;&nbsp;$204.65 | &nbsp;&nbsp;51.2% | &nbsp;&nbsp;$216.31 | &nbsp;&nbsp;$110.85 | &nbsp;&nbsp;115.6% | &nbsp;&nbsp;159.7% | &nbsp;&nbsp;184.6% |
| &nbsp;&nbsp;2024 | &nbsp;&nbsp;60.9% | &nbsp;&nbsp;$366.57 | &nbsp;&nbsp;$223.40 | &nbsp;&nbsp;65.0% | &nbsp;&nbsp;$229.02 | &nbsp;&nbsp;$148.91 | &nbsp;&nbsp;93.7% | &nbsp;&nbsp;160.1% | &nbsp;&nbsp;150.0% |
| &nbsp;&nbsp;TTM 8/31/2025 | &nbsp;&nbsp;65.0% | &nbsp;&nbsp;$365.32 | &nbsp;&nbsp;$237.50 | &nbsp;&nbsp;68.0% | &nbsp;&nbsp;$233.04 | &nbsp;&nbsp;$158.37 | &nbsp;&nbsp;95.7% | &nbsp;&nbsp;156.8% | &nbsp;&nbsp;150.0% |

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(1) Variances between the underwriting, the appraisal and the above table with respect to Occupancy, ADR and
RevPAR at the Hotel Valencia Santana Row Property are attributable to variances in reporting methodologies and/or timing differences.

(2) Occupancy, ADR and RevPAR for the Hotel Valencia Santana Row Property are based on the underwritten cash
flow.

(3) Occupancy, ADR and RevPAR for the Competitive Set are based on data provided by a third-party hospitality
research report. The Competitive Set includes The Westin San Jose, aloft San Jose Cupertino, San Jose Marriott, Signia by Hilton San Jose,
Juniper Hotel Cupertino Curio Collection by Hilton, Hilton Garden Inn Cupertino, Hayes Mansion San Jose, Curio Collection by Hilton, Hyatt
Regency Santa Clara.

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

 **

 ****

 ****

 **

A-3-76

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Hospitality – Full Service<br> 355 Santana Row<br> San Jose, CA 95128<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 9<br> **Hotel Valencia Santana Row** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$50,000,000<br> 53.2%<br> 2.01x<br> 16.4% |

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The following table presents certain information relating to the operating history and underwritten cash flows of the Hotel Valencia Santana Row Property:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Cash Flow Analysis** | **Cash Flow Analysis** | **Cash Flow Analysis** | **Cash Flow Analysis** | **Cash Flow Analysis** | **Cash Flow Analysis** | **Cash Flow Analysis** | **Cash Flow Analysis** | **Cash Flow Analysis** | **Cash Flow Analysis** |
|  | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**TTM 8/31/2025** | &nbsp;&nbsp;**UW** | &nbsp;&nbsp;**UW Per Room<sup>(1)</sup>** |
| &nbsp;&nbsp;Occupancy (%) | &nbsp;&nbsp;83.0% | &nbsp;&nbsp;30.8% | &nbsp;&nbsp;53.7% | &nbsp;&nbsp;58.2% | &nbsp;&nbsp;59.3% | &nbsp;&nbsp;60.9% | &nbsp;&nbsp;65.0% | &nbsp;&nbsp;65.0% |  |
| &nbsp;&nbsp;ADR | &nbsp;&nbsp;$298.95 | &nbsp;&nbsp;$235.89 | &nbsp;&nbsp;$233.69 | &nbsp;&nbsp;$344.85 | &nbsp;&nbsp;$345.38 | &nbsp;&nbsp;$366.57 | &nbsp;&nbsp;$365.32 | &nbsp;&nbsp;$365.32 |  |
| &nbsp;&nbsp;RevPar | &nbsp;&nbsp;$248.04 | &nbsp;&nbsp;$72.56 | &nbsp;&nbsp;$125.48 | &nbsp;&nbsp;$200.69 | &nbsp;&nbsp;$204.65 | &nbsp;&nbsp;$223.40 | &nbsp;&nbsp;$237.50 | &nbsp;&nbsp;$237.50 |  |
| &nbsp;&nbsp;Rooms Revenue | &nbsp;&nbsp;$19465032 | &nbsp;&nbsp;$5709794 | &nbsp;&nbsp;$9847403 | &nbsp;&nbsp;$15749457 | &nbsp;&nbsp;$16134951 | &nbsp;&nbsp;$17661175 | &nbsp;&nbsp;$18724368 | &nbsp;&nbsp;$18724368 | &nbsp;&nbsp;$86686.89 |
| &nbsp;&nbsp;Food & Beverage Revenue | &nbsp;&nbsp;7506344 | &nbsp;&nbsp;1736441 | &nbsp;&nbsp;4204040 | &nbsp;&nbsp;7188054 | &nbsp;&nbsp;7614560 | &nbsp;&nbsp;8309121 | &nbsp;&nbsp;8212596 | &nbsp;&nbsp;8212596 | &nbsp;&nbsp;$38021.28 |
| &nbsp;&nbsp;Other Revenue<sup>(2)</sup> | &nbsp;&nbsp;809639 | &nbsp;&nbsp;276907 | &nbsp;&nbsp;554501 | &nbsp;&nbsp;844166 | &nbsp;&nbsp;745944 | &nbsp;&nbsp;932016 | &nbsp;&nbsp;1163086 | &nbsp;&nbsp;1163086 | &nbsp;&nbsp;$5384.66 |
| &nbsp;&nbsp;**Total Revenue** | &nbsp;&nbsp;**$27781014** | &nbsp;&nbsp;**$7723142** | &nbsp;&nbsp;**$14605944** | &nbsp;&nbsp;**$23781677** | &nbsp;&nbsp;**$24495455** | &nbsp;&nbsp;**$26902311** | &nbsp;&nbsp;**$28100049** | &nbsp;&nbsp;**$28100049** | &nbsp;&nbsp;**$130092.82** |
| &nbsp;&nbsp;Rooms Expense | &nbsp;&nbsp;$4682006 | &nbsp;&nbsp;$1789261 | &nbsp;&nbsp;$2148524 | &nbsp;&nbsp;$3715615 | &nbsp;&nbsp;$4407416 | &nbsp;&nbsp;$4652935 | &nbsp;&nbsp;$4687655 | &nbsp;&nbsp;$4687655 | &nbsp;&nbsp;$21702.11 |
| &nbsp;&nbsp;Food & Beverage Expense | &nbsp;&nbsp;4569592 | &nbsp;&nbsp;1696949 | &nbsp;&nbsp;2542783 | &nbsp;&nbsp;4552912 | &nbsp;&nbsp;5279949 | &nbsp;&nbsp;5568755 | &nbsp;&nbsp;5254246 | &nbsp;&nbsp;5254246 | &nbsp;&nbsp;$24325.21 |
| &nbsp;&nbsp;Other Departmental Expenses<sup>(3)</sup> | &nbsp;&nbsp;383993 | &nbsp;&nbsp;117271 | &nbsp;&nbsp;220579 | &nbsp;&nbsp;370105 | &nbsp;&nbsp;359568 | &nbsp;&nbsp;385664 | &nbsp;&nbsp;401316 | &nbsp;&nbsp;401316 | &nbsp;&nbsp;$1857.94 |
| &nbsp;&nbsp;**Departmental Expenses** | &nbsp;&nbsp;**$9635591** | &nbsp;&nbsp;**$3603481** | &nbsp;&nbsp;**$4911887** | &nbsp;&nbsp;**$8638631** | &nbsp;&nbsp;**$10046932** | &nbsp;&nbsp;**$10607353** | &nbsp;&nbsp;**$10343217** | &nbsp;&nbsp;**$10343217** | &nbsp;&nbsp;**$47885.26** |
| &nbsp;&nbsp;**Departmental Profit** | &nbsp;&nbsp;**$18145424** | &nbsp;&nbsp;**$4119661** | &nbsp;&nbsp;**$9694058** | &nbsp;&nbsp;**$15143046** | &nbsp;&nbsp;**$14448523** | &nbsp;&nbsp;**$16294958** | &nbsp;&nbsp;**$17756832** | &nbsp;&nbsp;**$17756832** | &nbsp;&nbsp;**$82207.55** |
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp;$833430 | &nbsp;&nbsp;$231694 | &nbsp;&nbsp;$438178 | &nbsp;&nbsp;$713450 | &nbsp;&nbsp;$734864 | &nbsp;&nbsp;$807069 | &nbsp;&nbsp;$843001 | &nbsp;&nbsp;$843001 | &nbsp;&nbsp;$3902.78 |
| &nbsp;&nbsp;Administrative & General | &nbsp;&nbsp;$2352094 | &nbsp;&nbsp;$1067432 | &nbsp;&nbsp;$1358253 | &nbsp;&nbsp;$2039091 | &nbsp;&nbsp;$2167115 | &nbsp;&nbsp;$2306270 | &nbsp;&nbsp;$2319238 | &nbsp;&nbsp;$2319238 | &nbsp;&nbsp;$10737.21 |
| &nbsp;&nbsp;Marketing and Franchise Fee | &nbsp;&nbsp;1444266 | &nbsp;&nbsp;906724 | &nbsp;&nbsp;776179 | &nbsp;&nbsp;1386509 | &nbsp;&nbsp;1451368 | &nbsp;&nbsp;1863765 | &nbsp;&nbsp;2039105 | &nbsp;&nbsp;2039105 | &nbsp;&nbsp;$9440.30 |
| &nbsp;&nbsp;Other Undistributed Expenses<sup>(4)</sup> | &nbsp;&nbsp;1657073 | &nbsp;&nbsp;1144847 | &nbsp;&nbsp;1180539 | &nbsp;&nbsp;1819305 | &nbsp;&nbsp;1953939 | &nbsp;&nbsp;1946542 | &nbsp;&nbsp;1861723 | &nbsp;&nbsp;1861723 | &nbsp;&nbsp;$8619.09 |
| &nbsp;&nbsp;**Total Undistributed Expenses** | &nbsp;&nbsp;**$6286864** | &nbsp;&nbsp;**$3350697** | &nbsp;&nbsp;**$3753149** | &nbsp;&nbsp;**$5958355** | &nbsp;&nbsp;**$6307285** | &nbsp;&nbsp;**$6923647** | &nbsp;&nbsp;**$7063067** | &nbsp;&nbsp;**$7063067** | &nbsp;&nbsp;**$32699.38** |
| &nbsp;&nbsp;Real Estate Taxes | &nbsp;&nbsp;$360409 | &nbsp;&nbsp;$345406 | &nbsp;&nbsp;$358692 | &nbsp;&nbsp;$353300 | &nbsp;&nbsp;$358746 | &nbsp;&nbsp;$328665 | &nbsp;&nbsp;$351818 | &nbsp;&nbsp;$361731 | &nbsp;&nbsp;$1674.68 |
| &nbsp;&nbsp;Property Insurance | &nbsp;&nbsp;260649 | &nbsp;&nbsp;308271 | &nbsp;&nbsp;341804 | &nbsp;&nbsp;379914 | &nbsp;&nbsp;422061 | &nbsp;&nbsp;496149 | &nbsp;&nbsp;536332 | &nbsp;&nbsp;288459 | &nbsp;&nbsp;$1335.46 |
| &nbsp;&nbsp;Equipment Leases | &nbsp;&nbsp;52431 | &nbsp;&nbsp;52546 | &nbsp;&nbsp;53480 | &nbsp;&nbsp;62110 | &nbsp;&nbsp;64974 | &nbsp;&nbsp;65975 | &nbsp;&nbsp;69424 | &nbsp;&nbsp;69865 | &nbsp;&nbsp;$323.45 |
| &nbsp;&nbsp;Ground Rent | &nbsp;&nbsp;1880587 | &nbsp;&nbsp;1028942 | &nbsp;&nbsp;1175488 | &nbsp;&nbsp;1461756 | &nbsp;&nbsp;1551805 | &nbsp;&nbsp;1592447 | &nbsp;&nbsp;1690757 | &nbsp;&nbsp;1768901 | &nbsp;&nbsp;$8189.36 |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$9304484** | &nbsp;&nbsp;**($966201)** | &nbsp;&nbsp;**$4011443** | &nbsp;&nbsp;**$6927611** | &nbsp;&nbsp;**$5743651** | &nbsp;&nbsp;**$6888074** | &nbsp;&nbsp;**$8045434** | &nbsp;&nbsp;**$8204809** | &nbsp;&nbsp;**$37985.22** |
| &nbsp;&nbsp;FF&E | &nbsp;&nbsp;$1093630 | &nbsp;&nbsp;$304030 | &nbsp;&nbsp;$574430 | &nbsp;&nbsp;$935298 | &nbsp;&nbsp;$963370 | &nbsp;&nbsp;$1058028 | &nbsp;&nbsp;$1105133 | &nbsp;&nbsp;$1105133 | &nbsp;&nbsp;$5116.36 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$8210853** | &nbsp;&nbsp;**($1270231)** | &nbsp;&nbsp;**$3437013** | &nbsp;&nbsp;**$5992313** | &nbsp;&nbsp;**$4780281** | &nbsp;&nbsp;**$5830046** | &nbsp;&nbsp;**$6940300** | &nbsp;&nbsp;**$7099675** | &nbsp;&nbsp;**$32868.87** |
| &nbsp;&nbsp;**NCF DSCR** | &nbsp;&nbsp;**2.32x** | &nbsp;&nbsp;**-0.36x** | &nbsp;&nbsp;**0.97x** | &nbsp;&nbsp;**1.70x** | &nbsp;&nbsp;**1.35x** | &nbsp;&nbsp;**1.65x** | &nbsp;&nbsp;**1.96x** | &nbsp;&nbsp;**2.01x** |  |
| &nbsp;&nbsp;**NOI Debt Yield** | &nbsp;&nbsp;**18.6%** | &nbsp;&nbsp;**-1.9%** | &nbsp;&nbsp;**8.0%** | &nbsp;&nbsp;**13.9%** | &nbsp;&nbsp;**11.5%** | &nbsp;&nbsp;**13.8%** | &nbsp;&nbsp;**16.1%** | &nbsp;&nbsp;**16.4%** |  |

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(1) Per Room values are based on 216 rooms.

(2) Other Revenue includes valet parking revenue, minibar, service charges, and banquet service charges attrition
penalties (room/food), cancelation penalties, and vending machine income.

(3) Other Departmental Expenses includes valet services, employee benefits, and other miscellaneous expenses.

(4) Other Undistributed Expenses include operations and maintenance, heat, power, and light, and information
and telecom expenses.

**Appraisal.** According to the appraisal, the Hotel Valencia Santana Row Property had an "as-is" appraised value of $94,000,000 as of August 20, 2025. The table below shows the appraisal's "as-is" conclusions.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Hotel Valencia Santana Row Appraised Value<sup>(1)</sup>** | &nbsp;&nbsp;**Hotel Valencia Santana Row Appraised Value<sup>(1)</sup>** | &nbsp;&nbsp;**Hotel Valencia Santana Row Appraised Value<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property** | &nbsp;&nbsp;**Appraised Value** | &nbsp;&nbsp;**Capitalization Rate** |
| &nbsp;&nbsp;Hotel Valencia Santana Row | &nbsp;&nbsp;$94000000 | &nbsp;&nbsp;8.65% |

---

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

 ****

A-3-77

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Hospitality – Full Service<br> 355 Santana Row<br> San Jose, CA 95128<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 9<br> **Hotel Valencia Santana Row** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$50,000,000<br> 53.2%<br> 2.01x<br> 16.4% |

---

**Environmental.** According to the Phase I environmental assessment dated September 2, 2025, there was a controlled recognized environmental condition at the Hotel Valencia Santana Row Property relating to contaminated soils left in place with engineering and institutional controls. See "*Description of the Mortgage Pool—Environmental Considerations*" in the Preliminary Prospectus.

**The Market.** The Hotel Valencia Santana Row Property is located at 355 Santana Row in San Jose, California and is part of the Santana Row master-planned community. The primary demand driver for the Hotel Valencia Santana Row Property is its central positioning in Santana Row, providing access to an upscale mixed-use district with shopping, dining, and entertainment offerings. Furthermore, according to the appraisal, the Hotel Valencia Santana Row benefits from corporate and leisure demand generators in the surrounding area that draw demand from tech and professional tenants like Splunk, NetApp, Experian, and AvalonBay, as well as high-foot-traffic leisure assets such as Westfield Valley Fair mall and the Winchester Mystery House. The appraisal also identified ABB Incorporated, Adobe World Headquarters, Cisco Systems, Dell, eBay Incorporated and Lockheed Martin, Tesla HQ, Santa Clara University, and San Jose State University as commercial demand generators within the broader San Jose market.

The following table presents certain information relating to the competitive set of the Hotel Valencia Santana Row Property:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Competitive Set<sup>(1)</sup>** | **Competitive Set<sup>(1)</sup>** | **Competitive Set<sup>(1)</sup>** | **Competitive Set<sup>(1)</sup>** | **Competitive Set<sup>(1)</sup>** | **Competitive Set<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property** | &nbsp;&nbsp;**Number of Rooms** | &nbsp;&nbsp;**Year Built** | &nbsp;&nbsp;**Estimated 2024 Occupancy** | &nbsp;&nbsp;**Estimated 2024 ADR** | &nbsp;&nbsp;**Estimated 2024<br> RevPAR** |
| &nbsp;&nbsp;**Hotel Valencia Santana Row<sup>(2)</sup>** | &nbsp;&nbsp;**216** | &nbsp;&nbsp;**2003** | &nbsp;&nbsp;**60.9%** | &nbsp;&nbsp;**$366.57** | &nbsp;&nbsp;**$223.40** |
| &nbsp;&nbsp;The Westin San Jose | &nbsp;&nbsp;171 | &nbsp;&nbsp;1926 | &nbsp;&nbsp;50% - 55% | &nbsp;&nbsp;$160 - $165 | &nbsp;&nbsp;$85 - $90 |
| &nbsp;&nbsp;aloft San Jose Cupertino | &nbsp;&nbsp;80 | &nbsp;&nbsp;2001 | &nbsp;&nbsp;65% - 70% | &nbsp;&nbsp;$150 - $155 | &nbsp;&nbsp;$95 - $100 |
| &nbsp;&nbsp;San Jose Marriott | &nbsp;&nbsp;513 | &nbsp;&nbsp;2003 | &nbsp;&nbsp;70% - 75% | &nbsp;&nbsp;$165 - $170 | &nbsp;&nbsp;$115 - $120 |
| &nbsp;&nbsp;Signia by Hilton San Jose | &nbsp;&nbsp;541 | &nbsp;&nbsp;1987 | &nbsp;&nbsp;60% - 65% | &nbsp;&nbsp;$160 - $165 | &nbsp;&nbsp;$100 - $105 |
| &nbsp;&nbsp;Juniper Hotel Cupertino Curio Collection by Hilton | &nbsp;&nbsp;224 | &nbsp;&nbsp;2002 | &nbsp;&nbsp;75% - 80% | &nbsp;&nbsp;$145 - $150 | &nbsp;&nbsp;$110 - $115 |
| &nbsp;&nbsp;Hilton Garden Inn Cupertino | &nbsp;&nbsp;164 | &nbsp;&nbsp;1998 | &nbsp;&nbsp;60% - 65% | &nbsp;&nbsp;$150 - $155 | &nbsp;&nbsp;$95 - $100 |
| &nbsp;&nbsp;Hayes Mansion San Jose, Curio Collection by Hilton | &nbsp;&nbsp;214 | &nbsp;&nbsp;1905 | &nbsp;&nbsp;50% - 55% | &nbsp;&nbsp;$145 - $150 | &nbsp;&nbsp;$75 - $80 |
| &nbsp;&nbsp;Hyatt Regency Santa Clara | &nbsp;&nbsp;505 | &nbsp;&nbsp;1986 | &nbsp;&nbsp;65% - 70% | &nbsp;&nbsp;$160 - $165 | &nbsp;&nbsp;$105 - $1110 |
| &nbsp;&nbsp;**Total Avg. Competitive Set** |  |  | &nbsp;&nbsp;**65.0%** | &nbsp;&nbsp;**$159.00** | &nbsp;&nbsp;**$103.00** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Source: Appraisal. Variances between the underwriting, the appraisal and the above
table with respect to Occupancy, ADR and RevPAR at the Hotel Valencia Santana Row Property are attributable to variances in reporting
methodologies and/or timing differences.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Based on the underwritten cash flow.

**The Borrower and the Borrower Sponsor.** The borrower is Santana Row Hotel Partners, L.P., a Texas limited partnership and single purpose entity with one independent director in its organizational structure. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Hotel Valencia Santana Row Mortgage Loan.

The borrower sponsor and non-recourse carveout guarantor is Doyle A. Graham, Jr., founder, president and chief executive officer of Valencia Hotel Group, a privately held real estate firm focused on the acquisition, development and management of hotel properties. The Valencia Hotel Group's portfolio includes the Valencia Hotel Collection, which consists of seven owned and managed independent boutique properties located across Texas and California.

**Property Management.** The Hotel Valencia Santana Row Property is managed by Hotel Valencia Corporation, a borrower affiliated management company.

**Initial and Ongoing Reserves.** At origination of the Hotel Valencia Santana Row Mortgage Loan, the borrower deposited approximately (i) $221,560 into a real estate tax reserve account and (ii) $141,666 into a ground rent reserve.

*Tax Escrows –* The borrower is required to deposit into a real estate tax reserve, on a monthly basis, 1/12th of the taxes that the lender reasonably estimates will be payable over the next-ensuing 12-month period (initially estimated to be approximately $31,651) less the amount of any funds to be allocated to the tax reserve from the cash management account if in place on such monthly payment date and the amounts otherwise existing in the tax reserve on such monthly payment date.

*Insurance Reserve* – At the lender's option, if the liability or casualty policy maintained by the borrower is not an approved blanket or umbrella policy, or the lender requires the borrower to obtain a separate policy, the borrower is required to deposit into an insurance reserve, on a monthly basis, 1/12th of the amount which would be sufficient to pay the insurance premiums due for the renewal of coverage afforded by the insurance policies less the amount of any funds to be allocated to the insurance reserve from the cash management account if in place on such monthly payment date and the amounts otherwise existing in the insurance reserve on such monthly payment date. At origination of the Hotel Valencia Santana Row Mortgage Loan, an acceptable blanket policy was in place.

A-3-78

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Hospitality – Full Service<br> 355 Santana Row<br> San Jose, CA 95128<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 9<br> **Hotel Valencia Santana Row** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$50,000,000<br> 53.2%<br> 2.01x<br> 16.4% |

---

*Ground Rent Reserve* – The borrower is required to deposit into a ground rent reserve, on a monthly basis, an amount equal to a pro rata portion of the ground rent due under the ground lease such that the full amount of ground rent is on deposit in such reserve no later than 30 days prior to the applicable due date. However, the borrower is not required to make deposits to the ground rent reserve if (i) no event of default has occurred and is continuing, (ii) the borrower delivers evidence reasonably acceptable to the lender that the ground rent is paid on or prior to the applicable due date in accordance with the ground lease and (iii) the borrower maintains on deposit in the ground rent reserve an amount equivalent to one payment of ground rent then due and owing in relation to the Hotel Valencia Santana Row Property.

*FF&E Reserve* – The borrower is required to deposit into a furniture, fixtures and equipment ("**<u>FF&E</u>**") reserve, on a monthly basis, an amount equal to the greater of (i) the FF&E Payment (as defined below), and (ii) the amount of the deposit (if any) on account of FF&E under the Franchise Agreement (as defined below), if any is entered into. The "**<u>FF&E Payment</u>**" means with respect to each monthly payment date, an amount equal to 1/12th of 4.0% of the annual gross revenues for the hotel related operations at the Hotel Valencia Santana Row Property for the immediately preceding calendar year as reasonably determined by lender. The initial monthly FF&E Payment was determined to be approximately $92,094.

"**<u>Franchise Agreement</u>**" means any franchise, trademark and license agreement with respect to the Hotel Valencia Santana Row Property with a qualified franchisor containing all applicable hotel operating agreements which is reasonably approved by lender in writing (which such approval, to the extent required, may be conditioned upon lender's receipt of a rating agency confirmation with respect to such agreement) ("**<u>Qualified Franchise Agreement</u>**"), if any, required pursuant to the Hotel Valencia Santana Row Mortgage loan documents and entered into subsequent to the origination date in accordance with the terms and provisions of Hotel Valencia Santana Row Mortgage loan documents. As of the origination date, a Franchise Agreement does not exist with respect to the Hotel Valencia Santana Row Property and a Qualified Franchise Agreement is not required with respect to the Hotel Valencia Santana Row Property.

*PIP Reserve* – The borrower is required to deposit into a property improvement plan (**"<u>PIP</u>"**) reserve an amount equal to 125% of the costs of the related PIP work as estimated by the lender in its reasonable discretion (A) in the case of any new Franchise Agreement, on or prior to the date such Franchise Agreement is executed and delivered and (B) in the case of any then existing or renewal Franchise Agreement, prior to the effective date that any PIP is imposed.

As of the origination date, there is no Franchise Agreement in place.

**Lockbox / Cash Management.** The Hotel Valencia Santana Row Mortgage Loan is structured with a springing lockbox and springing cash management. Within 30 days (subject to extension to 60 days if the borrower is unable to complete the required actions within 30 days) of (i) a Trigger Period (as defined below) or (ii) the debt service coverage ratio being less than 1.50x (a "**<u>Restricted Account Trigger Event</u>**"), the borrower is required to establish a lender-controlled lockbox account into which the borrower is required to deposit, or cause to be deposited, all revenue generated by the Hotel Valencia Santana Row Property. Within five days of the first occurrence of a Restricted Account Trigger Event, the borrower is required to deliver direction letters to (i) all tenants occupying space in the Hotel Valencia Santana Row Property directing them to pay to the lender-controlled lockbox account all rent and other sums due under the lease to which they are a party and (ii) each of the credit card companies or credit card clearing banks with which the borrower or property manager has entered into a merchant's or other credit card agreement directing them to pay to the lender-controlled lockbox account all payments which would otherwise be paid to the borrower or property manager under the applicable credit card processing agreement. In addition, the borrower and property manager are required to immediately deposit all revenue from the Hotel Valencia Santana Row Property received by them into the lockbox account. All funds deposited into the lockbox are required to be transferred on each business day to or at the direction of the borrower unless a Trigger Period exists, in which case, at the lender's election, all funds in the lockbox account are required to be swept on each business day to a lender-controlled cash management account to be applied and disbursed in accordance with the Hotel Valencia Santana Row Mortgage Loan documents, and all excess cash flow funds remaining in the cash management account after the application of such funds in accordance with the Hotel Valencia Santana Row Mortgage Loan documents are required to be held by the lender in an excess cash flow reserve account as additional collateral for the Hotel Valencia Santana Row Mortgage Loan. Upon the cure of the applicable Trigger Period, so long as no event of default exists, the lender is required to return any amounts remaining on deposit in the excess cash flow reserve account to the borrower. Upon an event of default under the Hotel Valencia Santana Row Mortgage Loan documents, the lender may apply funds to the debt in such priority as it may determine.

A "**<u>Trigger Period</u>**" means the period commencing on the earliest of (i) the occurrence and continuance of an event of default, (ii) the debt service coverage ratio falling below 1.35x (provided, however, no Trigger Period will be deemed to exist pursuant to this clause (ii) during any period that the Collateral Cure Conditions (as defined below) are satisfied), (iii) the occurrence of a Franchise Agreement Trigger Period (as defined below), (iv) if a Franchise Renewal Event (defined below) does not occur on or before the date which is six months prior to the expiration of the then applicable term of any Franchise Agreement then in effect (a "**<u>Franchise Renewal Trigger Event</u>**") and (v) the occurrence of a property manager bankruptcy event; and expiring upon (v) with respect to clause (i) above, the cure of the applicable event of default, (w) with respect to clause (ii) above, the debt service coverage ratio remaining at or above 1.40x for

A-3-79

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Hospitality – Full Service<br> 355 Santana Row<br> San Jose, CA 95128<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 9<br> **Hotel Valencia Santana Row** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$50,000,000<br> 53.2%<br> 2.01x<br> 16.4% |

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two consecutive calendar quarters, (x) with respect to clause (iii) above, the cure of the applicable Franchise Agreement Trigger Period, (y) with respect to clause (iv) above, the occurrence of a Franchise Renewal Event and (z) with respect to clause (v) above, the borrower's replacement of the applicable property manager with a property manager and a management agreement each approved by the lender.

"**<u>Collateral Cure Conditions</u>**" exist if and for so long as the borrower deposits cash into an account with the lender or delivers to the lender a letter of credit which, in either case, will serve as additional collateral for the Hotel Valencia Santana Row Mortgage Loan, in an amount equal to $1,236,691 (the "**<u>Collateral Deposit Amount</u>**") and, thereafter, for so long as the borrower elects to satisfy the Collateral Cure Conditions in order to avoid a Trigger Period, as of the end of each calendar quarter after the one year anniversary of the date that borrower made said deposit (or delivered said letter of credit), the borrower deposits additional cash collateral or increases the amount of the letter of credit in an amount equal to 1/4 of the Collateral Deposit Amount.

A "**<u>Franchise Agreement Trigger Period</u>**" means a period (A) commencing upon the first to occur of any of the following: (i) the borrower being in default under the Franchise Agreement beyond any applicable notice and cure periods, (ii) the borrower or franchisor giving notice that it is terminating the Franchise Agreement, (iii) any termination or cancellation or expiration of the Franchise Agreement (including, without limitation, rejection in any bankruptcy or similar insolvency proceeding of the franchisor), (iv) any bankruptcy or insolvency of the franchisor, (v) the Hotel Valencia Santana Row Property failing to be operated, "flagged" and/or branded pursuant to the Franchise Agreement and (vi) any permit applicable to the Franchise Agreement ceasing to be in full force and effect; and (B) expiring upon the lender's receipt of evidence reasonably acceptable to the lender of (a) the satisfaction of the Franchise Agreement Cure Conditions (as defined below) or (b) the branding, "flagging" and operation of the Hotel Valencia Santana Row Property pursuant to a Qualified Franchise Agreement entered into in accordance with the Hotel Valencia Santana Row Mortgage Loan documents.

"**<u>Franchise Renewal Event</u>**" means, in connection with any Franchise Renewal Trigger Event, an event which will occur upon the lender's receipt of evidence reasonably acceptable to the lender (which such evidence will include, without limitation, a duly executed estoppel certificate from the applicable franchisor) that (i) the related Franchise Agreement has been extended or a replacement Qualified Franchise Agreement has been entered into, in each case, for a term expiring no earlier than three years after the maturity date of the Hotel Valencia Santana Row Mortgage Loan and otherwise in accordance with the applicable terms and conditions of the Hotel Valencia Santana Row Mortgage Loan documents, (ii) such Franchise Agreement (as so extended) or such replacement Qualified Franchise Agreement, as applicable, is in full force and effect with no defaults thereunder and (iii) to the extent a PIP is required in connection with the foregoing, the corresponding PIP deposit has been deposited in the PIP reserve.

"**<u>Franchise Agreement Cure Conditions</u>**" means each of the following: (i) the borrower has cured all defaults (if any) under the Franchise Agreement to the satisfaction of the applicable franchisor, (ii) the borrower and the applicable franchisor have re-affirmed the Franchise Agreement as being in full force and effect, (iii) with respect to any applicable bankruptcy or insolvency proceedings involving the applicable franchisor or Franchise Agreement (if any), such franchisor is no longer insolvent or subject to any bankruptcy or insolvency proceedings and has affirmed such Franchise Agreement pursuant to a final, non-appealable order of a court of competent jurisdiction, (iv) the Hotel Valencia Santana Row Property continues to be operated, "flagged" or branded pursuant to the Franchise Agreement, and (v) all permits applicable to the related Franchise Agreement are in full force and effect.

**Current Mezzanine or Secured Subordinate Indebtedness.** None.

**Permitted Future Mezzanine or Secured Subordinate Indebtedness.** Not permitted.

**Release of Collateral.** Not Permitted.

**Ground Lease.** The borrower's interest in the Hotel Valencia Santana Row Property is a leasehold interest in an air rights lease between the borrower and the owner of the first two floors of the building in which the Hotel Valencia Santana Row Property is located, covering a defined vertical segment of the improvements located above the second floor of such building (the "**<u>Air Rights Lease</u>**"). The Air Rights Lease expires March 20, 2100, with no extension options. The Air Rights Lease, together with a declaration between the borrower and the fee owner, provides for nonexclusive easements on, over, across and through jointly used elements, including hotel access through a common area in the retail building, and regulates common area access and maintenance costs. The retail building and the Hotel Valencia Santana Row Property represent separate tax parcels.

The annual rent payable by the borrower under the Air Rights Lease consists of four components: (1) base rent, (2) percentage rent, (3) supplemental percentage rent, and (4) parking rent.

The annual base rent is currently $1,269,668.28. Base rent increases every five years of the remaining term to an amount equal to the greater of 112% of the prior base rent and 80% of the annual average of the sum of the base rent and percentage rent paid for the immediately preceding three years. The next base rent increase is scheduled to occur on May 1, 2028.

A-3-80

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Hospitality – Full Service<br> 355 Santana Row<br> San Jose, CA 95128<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 9<br> **Hotel Valencia Santana Row** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$50,000,000<br> 53.2%<br> 2.01x<br> 16.4% |

---

Percentage rent equals (i) 11.74% of the amount by which the gross room revenues exceed the gross room revenue threshold during any lease year and (ii) from and after the date upon which the gross room revenues exceed the gross room revenue threshold, an amount equal to 5.87% of other gross revenue for the remainder of such lease year. The gross room revenue threshold is currently $28,214,852. The gross room revenue threshold is adjusted every five years, with the next adjustment to take place on May 1, 2028, by dividing the adjusted minimum base rent then in effect by 4.5%. The ground lessor has represented that the percentage rent payable by the borrower for the lease year ending April 30, 2025 was $0.

Supplemental percentage rent equals 7.63% of the amount by which gross rooms revenues exceed the supplemental gross revenue threshold. The supplemental gross revenue threshold is currently $14,751,744. The supplemental gross room revenue threshold is a adjusted every five years, with the next adjustment to take place on May 1, 2028, by multiplying the supplemental gross room revenue threshold in effect during the immediately preceding lease year by 112%. The ground lessor has represented that supplemental percentage rent payable for the lease year ending April 30, 2025 was $365,907.42.

Parking rent equals 15% of the gross income received from parking rents or valet parking revenue. The ground lessor has represented that parking rent payable for the lease year ending April 30, 2025 was $64,422.05.

Ground rent was underwritten to the average of the estimated ground rent expense over the term of the Hotel Valencia Santana Row Mortgage Loan (based on assumptions regarding the various types of hotel revenues and the rent reset in 2028) which equates to approximately $1,768,901.

A-3-81

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Garden<br> 4676 Albany Post Road<br> Hyde Park, NY 12538 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 10<br> **Royal Ledges Apartments** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$50,000,000<br> 67.9%<br> 1.28x<br> 8.4% |

---

![](n5335ts_img021.jpg)

A-3-82

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Garden<br> 4676 Albany Post Road<br> Hyde Park, NY 12538 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 10<br> **Royal Ledges Apartments** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$50,000,000<br> 67.9%<br> 1.28x<br> 8.4% |

---

![](n5335ts_img022.jpg)

A-3-83

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Garden<br> 4676 Albany Post Road<br> Hyde Park, NY 12538 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 10<br> **Royal Ledges Apartments** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$50,000,000<br> 67.9%<br> 1.28x<br> 8.4% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Loan Seller:** | &nbsp;&nbsp;GACC | &nbsp;&nbsp;**Single Asset / Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;**Property Type – Subtype:** | &nbsp;&nbsp;Multifamily – Garden |
| &nbsp;&nbsp;**Borrower Sponsor(s):** | &nbsp;&nbsp;Shalom Schwartz and Yakov Eisenbach | &nbsp;&nbsp;**Collateral:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Borrower(s):** | &nbsp;&nbsp;The Royal Ledges LLC | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;Hyde Park, NY |
| &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;$50000000 | &nbsp;&nbsp;**Year Built / Renovated:** | &nbsp;&nbsp;1974 / 2018 |
| &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$50000000 | &nbsp;&nbsp;**Property Management:** | &nbsp;&nbsp;Lexington Properties NJ LLC |
| &nbsp;&nbsp;**% by Initial UPB:** | &nbsp;&nbsp;3.8% | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;272 Units |
| &nbsp;&nbsp;**Interest Rate:** | &nbsp;&nbsp;6.41400% | &nbsp;&nbsp;**Appraised Value / Per Unit:** | &nbsp;&nbsp;$73,600,000 / $270,588 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;September 30, 2025 | &nbsp;&nbsp;**Appraisal Date:** | &nbsp;&nbsp;July 24, 2025 |
| &nbsp;&nbsp;**Original Term:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**Occupancy:** | &nbsp;&nbsp;96.7% (as of August 31, 2025) |
| &nbsp;&nbsp;**Amortization:** | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;**UW Economic Occupancy:** | &nbsp;&nbsp;95.0% |
| &nbsp;&nbsp;**Original Amortization:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Underwritten NOI:** | &nbsp;&nbsp;$4222265 |
| &nbsp;&nbsp;**Interest Only Period:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**Underwritten NCF:** | &nbsp;&nbsp;$4154265 |
| &nbsp;&nbsp;**First Payment Date:** | &nbsp;&nbsp;November 6, 2025 |  |  |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;October 6, 2030 | &nbsp;&nbsp;**Historical NOI** | &nbsp;&nbsp;**Historical NOI** |
| &nbsp;&nbsp;**Additional Debt Type:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Most Recent NOI:** | &nbsp;&nbsp;$4,045,424 (TTM August 31, 2025) |
| &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**2024 NOI:** | &nbsp;&nbsp;$4051773 |
| &nbsp;&nbsp;**Call Protection:** | &nbsp;&nbsp;L(24),DorYM2(29),O(7) | &nbsp;&nbsp;**2023 NOI:** | &nbsp;&nbsp;$3441437 |
| &nbsp;&nbsp;**Lockbox / Cash Management:** | &nbsp;&nbsp;Soft / Springing | &nbsp;&nbsp;**2022 NOI:** | &nbsp;&nbsp;$3042575 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Financial Information** | &nbsp;&nbsp;**Financial Information** |
|  | **Initial** | **Monthly** | **Cap** | &nbsp;&nbsp;**Cut-off Date Loan / Unit:** | $183824 |
| &nbsp;&nbsp;**Taxes<sup>(2)</sup>:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$75000 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date Loan / Unit:** | $183824 |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$207925 | &nbsp;&nbsp;$17790 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Cut-off Date LTV:** | 67.9% |
| &nbsp;&nbsp;**Replacement Reserves:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$5667 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date LTV:** | 67.9% |
| &nbsp;&nbsp;**TI/LC:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**UW NOI DY:** | 8.4% |
| &nbsp;&nbsp;**Deferred Maintenance:** | &nbsp;&nbsp;$22283 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**UW NCF DSCR:** | 1.28x |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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** |
| **Sources** | **Proceeds** | **% of Total** | **Uses** | **Proceeds** | **% of Total** |
| &nbsp;&nbsp;Mortgage Loan | &nbsp;&nbsp;$50000000 | &nbsp;&nbsp;99.2% | &nbsp;&nbsp;Loan Payoff | &nbsp;&nbsp;$48432042 | &nbsp;&nbsp;96.1% |
| &nbsp;&nbsp;Sponsor Equity | &nbsp;&nbsp;390868 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;Closing Costs<sup>(3)</sup> | &nbsp;&nbsp;1728618 | &nbsp;&nbsp;3.4 |
|  |  |  | &nbsp;&nbsp;Upfront Reserves | &nbsp;&nbsp;230207 | &nbsp;&nbsp;0.5 |
| &nbsp;&nbsp;**Total Sources** | &nbsp;&nbsp;**$50390868** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses** | &nbsp;&nbsp;**$50390868** | &nbsp;&nbsp;**100.0%** |

---

(1) See "*Initial and Ongoing Reserves*" below.

(2) The taxes reserve is $75,000 for the first three payment dates, $45,000 monthly through 2026, and thereafter
1/12th of the annual amount.

(3) Includes $500,000 rate buydown fee.

**The Loan.** The 10th largest mortgage loan (the "**<u>Royal Ledges Apartments Mortgage Loan</u>**") is secured by the borrower's fee simple interest in a 272-unit, 20 building, garden style multifamily property located in Hyde Park, New York (the "**<u>Royal Ledges Apartments Property</u>**"). The Royal Ledges Apartments Mortgage Loan is evidenced by a promissory note with an outstanding principal balance as of the Cut-off Date of $50,000,000. The Royal Ledges Apartments Mortgage Loan was originated on September 30, 2025 by DBR Investments Co. Limited and accrues interest at a fixed rate of 6.41400% *per annum*. The Royal Ledges Apartments Mortgage Loan has an initial term of five years and is interest-only for the full term. The scheduled maturity date of the Royal Ledges Apartments Mortgage Loan is October 6, 2030.

**The Property***.* Royal Ledges Apartments Property is a 272-unit, garden-style multifamily property located at 4676 Albany Post Road in Hyde Park, New York. Constructed in 1974 and renovated in 2018, the Royal Ledges Property is comprised of nineteen two-story residential buildings and a clubhouse. The Royal Ledges Property is situated on an 8.75-acre site in Dutchess County and offers a mix of one-, two-, and three-bedroom residences, with average unit sizes of 824 square feet. The Royal Ledges Apartments Property features an amenity package that includes a swimming pool, fitness center, clubhouse, two playgrounds, picnic areas, two dog parks, a sport

A-3-84

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Garden<br> 4676 Albany Post Road<br> Hyde Park, NY 12538 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 10<br> **Royal Ledges Apartments** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$50,000,000<br> 67.9%<br> 1.28x<br> 8.4% |

---

court, a pond, and 544 surface parking spaces (2.0 spaces per unit). Residences offer private entrances in townhouse-style layouts or interior hallways and stairwells, and most units include a balcony or patio, dishwasher, walk-in closets, and access to common laundry facilities. Since 2018, approximately 91.9% of units have been renovated, with upgrades ranging from full renovations—including new kitchens with stainless steel appliances and stone countertops, new bathrooms, flooring, lighting, and sheetrock—to partial renovations with updated finishes and appliances. The Royal Ledges Apartments Property also includes 4,950 square feet of commercial office space located on the second floor of the clubhouse, which is 100% leased to two tenants.

The Royal Ledges Apartments Property is currently 96.7% occupied as of August 31, 2025, with average in-place rents of $1,822 per unit per month. The unit mix includes 117 one-bedroom/one-bath units, 98 two-bedroom/one-bath units, 39 two-bedroom/two-bath units, and 18 three-bedroom/two-bath units. Average unit sizes range from 738 to 1,239 square feet. The Royal Ledges Apartments Property's tenant base is primarily comprised of families and professionals working in the Hudson Valley, with a significant number employed in healthcare, education, and local institutions such as Vassar Hospital, Marist College, and the Culinary Institute of America. Tenants of 25 units receive Section 8 housing voucher rental assistance.

Following the 2018 acquisition, the borrower invested nearly $12 million in capital improvements, including renovations to 250 units, redevelopment of five additional units, and upgrades to the office building and amenities. Located directly on U.S. Route 9, The Royal Ledges Apartments Property offers residents convenient access to major transportation corridors, including U.S. Routes 44 and 9W, and State Route 55. The Royal Ledges Apartments Property is a short drive from the Poughkeepsie train station, providing direct commuter rail service to New York City in under two hours. Daily essentials are within walking distance at the nearby Hyde Park Mall, and residents enjoy proximity to riverfront parks, hiking trails, and the cultural and educational amenities of the Hudson Valley.

The following table presents certain information relating to the unit mix at the Royal Ledges Apartments Property:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Royal Ledges Apartments Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Royal Ledges Apartments Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Royal Ledges Apartments Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Royal Ledges Apartments Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Royal Ledges Apartments Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Royal Ledges Apartments Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Royal Ledges Apartments Unit Mix<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**# of Units** | &nbsp;&nbsp;**% of Total Units** | &nbsp;&nbsp; <br> **Occupied Units** | &nbsp;&nbsp;**Occupancy (%)** | &nbsp;&nbsp;**Average Unit Size (SF)** | &nbsp;&nbsp;**Average Underwritten Monthly Rent per Unit<sup>(2)</sup>** |
| &nbsp;&nbsp;1BR / 1 BA | &nbsp;&nbsp;117 | &nbsp;&nbsp;43.0% | &nbsp;&nbsp;112 | &nbsp;&nbsp;95.7% | &nbsp;&nbsp;738 | &nbsp;&nbsp;$1629 |
| &nbsp;&nbsp;2 BR/1 BA | &nbsp;&nbsp;98 | &nbsp;&nbsp;36.0% | &nbsp;&nbsp;95 | &nbsp;&nbsp;96.9% | &nbsp;&nbsp;772 | &nbsp;&nbsp;$1832 |
| &nbsp;&nbsp;2 BR/2 BA | &nbsp;&nbsp;39 | &nbsp;&nbsp;14.3% | &nbsp;&nbsp;39 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;1025 | &nbsp;&nbsp;$2131 |
| &nbsp;&nbsp;3 BR/2 BA | &nbsp;&nbsp;18 | &nbsp;&nbsp;6.6% | &nbsp;&nbsp;17 | &nbsp;&nbsp;94.4% | &nbsp;&nbsp;1239 | &nbsp;&nbsp;$2351 |
| &nbsp;&nbsp;**Total/ Wtd. Avg** | &nbsp;&nbsp;**272** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**263** | &nbsp;&nbsp;**96.7%** | &nbsp;&nbsp;**824** | &nbsp;&nbsp;**$1822** |

---

(1) Based on the underwritten rent roll dated August 31, 2025.

(2) Average Underwritten Monthly Rent per Unit is based on occupied units.

A-3-85

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Garden<br> 4676 Albany Post Road<br> Hyde Park, NY 12538 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 10<br> **Royal Ledges Apartments** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$50,000,000<br> 67.9%<br> 1.28x<br> 8.4% |

---

The following table presents certain information relating to the historical operating performance and Underwritten Net Cash Flow at the Royal Ledges Apartments Property:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Royal Ledges Apartments Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Royal Ledges Apartments Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Royal Ledges Apartments Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Royal Ledges Apartments Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Royal Ledges Apartments Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Royal Ledges Apartments Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Royal Ledges Apartments Cash Flow Analysis<sup>(1)</sup>** |
|  | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**TTM 8/31/2025** | &nbsp;&nbsp;**U/W** | &nbsp;&nbsp;**U/W Per Unit** |
| &nbsp;&nbsp;**Gross Potential Rent** | &nbsp;&nbsp; **$4651122** | &nbsp;&nbsp;**$4925191** | &nbsp;&nbsp;**$5400672** | &nbsp;&nbsp;**$5532003** | &nbsp;&nbsp;**$5946510** | &nbsp;&nbsp;**$21862.17** |
| &nbsp;&nbsp;Vacancy | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;(297325) | &nbsp;&nbsp;($1093.11) |
| &nbsp;&nbsp;Concessions | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;(35998) | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;**Net Rental Income** | &nbsp;&nbsp;**$4651122** | &nbsp;&nbsp;**$4925191** | &nbsp;&nbsp;**$5400672** | &nbsp;&nbsp;**$5496006** | &nbsp;&nbsp;**$5649184** | &nbsp;&nbsp;**$20769.06** |
| &nbsp;&nbsp;Commercial Income | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;83200 | &nbsp;&nbsp;100320 | &nbsp;&nbsp;$368.82 |
| &nbsp;&nbsp;Other Income | &nbsp;&nbsp;167575 | &nbsp;&nbsp;196772 | &nbsp;&nbsp;202825 | &nbsp;&nbsp;175644 | &nbsp;&nbsp;175644 | &nbsp;&nbsp;$645.75 |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$4818697** | &nbsp;&nbsp;**$5121963** | &nbsp;&nbsp;**$5603497** | &nbsp;&nbsp;**$5754850** | &nbsp;&nbsp;**$5925149** | &nbsp;&nbsp;**$21783.63** |
| &nbsp;&nbsp;Real Estate Taxes | &nbsp;&nbsp;464619 | &nbsp;&nbsp;493463 | &nbsp;&nbsp;460356 | &nbsp;&nbsp;471547 | &nbsp;&nbsp;511112 | &nbsp;&nbsp;$1879.09 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;141035 | &nbsp;&nbsp;153532 | &nbsp;&nbsp;200790 | &nbsp;&nbsp;200790 | &nbsp;&nbsp;207264 | &nbsp;&nbsp;$762.00 |
| &nbsp;&nbsp;Other Expenses<sup>(2)</sup> | &nbsp;&nbsp;1170468 | &nbsp;&nbsp;1033531 | &nbsp;&nbsp;890578 | &nbsp;&nbsp;1037090 | &nbsp;&nbsp;984508 | &nbsp;&nbsp;$3619.51 |
| &nbsp;&nbsp;**Total Expenses** | &nbsp;&nbsp;**$1776122** | &nbsp;&nbsp;**$1680526** | &nbsp;&nbsp;**$1551724** | &nbsp;&nbsp;**$1709426** | &nbsp;&nbsp;**$1702884** | &nbsp;&nbsp;**$6260.60** |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$3042575** | &nbsp;&nbsp;**$3441437** | &nbsp;&nbsp;**$4051773** | &nbsp;&nbsp;**$4045424** | &nbsp;&nbsp;**$4222265** | &nbsp;&nbsp;**$15523.03** |
| &nbsp;&nbsp;Capital Reserve | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;68000 | &nbsp;&nbsp;$250.00 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$3042575** | &nbsp;&nbsp;**$3441437** | &nbsp;&nbsp;**$4051773** | &nbsp;&nbsp;**$4045424** | &nbsp;&nbsp; **$4154265** | &nbsp;&nbsp;**$15273.03** |
| &nbsp;&nbsp;**Occupancy** | &nbsp;&nbsp;**NAV** | &nbsp;&nbsp;**95.0%** | &nbsp;&nbsp;**97.1%** | &nbsp;&nbsp;**96.7%<sup>(3)</sup>** | &nbsp;&nbsp;**95.0%<sup>(4)</sup>** |  |
| &nbsp;&nbsp;**NCF DSCR** | &nbsp;&nbsp;**0.94x** | &nbsp;&nbsp; **1.06x** | &nbsp;&nbsp; **1.25x** | &nbsp;&nbsp; **1.24x** | &nbsp;&nbsp; **1.28x** |  |
| &nbsp;&nbsp;**NOI Debt Yield** | &nbsp;&nbsp;**6.1%** | &nbsp;&nbsp;**6.9%** | &nbsp;&nbsp;**8.1%** | &nbsp;&nbsp;**8.1%** | &nbsp;&nbsp;**8.4%** |  |

---

(1) Based on the underwritten rent roll dated August 31, 2025.

(2) Other Expenses include utilities, repairs and maintenance, management fees, payroll
and benefits, and general and administrative expenses.

(3) Reflects the occupancy based on the underwritten rent roll dated August 31, 2025.

(4) Represents economic occupancy.

**Appraisal.** The appraisal concluded to an "As-Is" value of the Royal Ledges Apartments of $73,600,000.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Royal Ledges Apartments Appraised Value<sup>(1)</sup>** | &nbsp;&nbsp;**Royal Ledges Apartments Appraised Value<sup>(1)</sup>** | &nbsp;&nbsp;**Royal Ledges Apartments Appraised Value<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Capitalization Rate** |
| &nbsp;&nbsp;Royal Ledges Apartments | &nbsp;&nbsp;$73600000 | &nbsp;&nbsp;5.75% |

---

(1) Source: Appraisal.

**Environmental Matters.** The Phase I environmental report dated September 3, 2025, identified no recognized environmental conditions at the Royal Ledges Apartments Property.

**The Market.** The Royal Ledges Apartments Property is located in Hyde Park, New York. According to the appraisal, Hyde Park, located in Dutchess County, is part of the broader Poughkeepsie–Middletown multifamily market and benefits from its location along major transportation corridors, including U.S. Route 9 and Route 44. The town is situated within the Hudson Valley region, offering convenient access to regional employment centers, higher education institutions, and healthcare systems. The market is supported by the presence of several prominent colleges, including Marist College, Vassar College, and Dutchess Community College.

The area's average household income within a 5-mile radius of the Royal Ledges Apartment Property is approximately $127,751, with a median household income of $97,866. As of the second quarter of 2025, average asking rents for multifamily units in the Poughkeepsie–Middletown area are approximately $1,836 per month. The Poughkeepsie–Middletown submarket reported a year-over-year rent growth of 0.5% and average market rents that remain competitive within the region. Vacancy rates in the submarket remain low at 2.9%, with the competitive set averaging 1.5% vacancy and the Royal Ledges Apartments Property reporting a current occupancy of 96.7%. This occupancy is supported by limited new supply, steady absorption of new units, and continued demand from the region's education, healthcare, and government sectors.

A-3-86

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Garden<br> 4676 Albany Post Road<br> Hyde Park, NY 12538 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 10<br> **Royal Ledges Apartments** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$50,000,000<br> 67.9%<br> 1.28x<br> 8.4% |

---

The following table presents certain information relating to comparable multifamily properties to the Royal Ledges Apartments Property:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Multifamily Rent Comparables<sup>(1)</sup>** | &nbsp;&nbsp;**Multifamily Rent Comparables<sup>(1)</sup>** | &nbsp;&nbsp;**Multifamily Rent Comparables<sup>(1)</sup>** | &nbsp;&nbsp;**Multifamily Rent Comparables<sup>(1)</sup>** | &nbsp;&nbsp;**Multifamily Rent Comparables<sup>(1)</sup>** | &nbsp;&nbsp;**Multifamily Rent Comparables<sup>(1)</sup>** | &nbsp;&nbsp;**Multifamily Rent Comparables<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property Name / Address** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Year Built / Renovated** | &nbsp;&nbsp;**Number of Units** | &nbsp;&nbsp;**Occupancy** | &nbsp;&nbsp;**Average Unit Size** | &nbsp;&nbsp;**Average Rent Per Unit** |
| &nbsp;&nbsp; **Royal Ledges Apartments<sup>(2)</sup><br> 4676 Albany Post Road**<br> **Hyde Park, NY**  | &nbsp;&nbsp;**Garden** | &nbsp;&nbsp;**1974 / 2018** | &nbsp;&nbsp;**272** | &nbsp;&nbsp;**96.7%** | &nbsp;&nbsp;**824 SF** | &nbsp;&nbsp;**$1822** |
| &nbsp;&nbsp; Hyde Park Heights<br> 107 East Market Street<br> Hyde Park, NY | &nbsp;&nbsp;Garden | &nbsp;&nbsp;1962 / NAV | &nbsp;&nbsp;132 | &nbsp;&nbsp;97.7% | &nbsp;&nbsp;709 SF | &nbsp;&nbsp;$1926 |
| &nbsp;&nbsp; The Hyde Park Estates<br> 8 Springwood Circle<br> Hyde Park, NY | &nbsp;&nbsp;Garden | &nbsp;&nbsp;1952 / NAV | &nbsp;&nbsp;70 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;598 SF | &nbsp;&nbsp;$1767 |
| &nbsp;&nbsp; Partbridge Gardens<br> 29 Partbridge Hill<br> Poughkeepsie, NY | &nbsp;&nbsp;Garden | &nbsp;&nbsp;1966 / NAV | &nbsp;&nbsp;60 | &nbsp;&nbsp;96.7% | &nbsp;&nbsp;976 SF | &nbsp;&nbsp;$1713 |
| &nbsp;&nbsp; Royal Cove at Poughkeepsie<br> 134 Innis Avenue<br> Poughkeepsie, NY | &nbsp;&nbsp;Garden | &nbsp;&nbsp;1966 / NAV | &nbsp;&nbsp;288 | &nbsp;&nbsp;98.3% | &nbsp;&nbsp;845 SF | &nbsp;&nbsp;$1895 |
| &nbsp;&nbsp; Ridgefield Apartments<br> 6 Jackman Drive<br> Arlington, NY | &nbsp;&nbsp;Garden | &nbsp;&nbsp;1965 / NAV | &nbsp;&nbsp;294 | &nbsp;&nbsp;98.6% | &nbsp;&nbsp;826 SF | &nbsp;&nbsp;$2001 |
| &nbsp;&nbsp; Hudson Row Luxury Apartments<br> 2633 South Road<br> Poughkeepsie, NY | &nbsp;&nbsp;Garden | &nbsp;&nbsp;1970 / NAV | &nbsp;&nbsp;96 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;981 SF | &nbsp;&nbsp;$1863 |

---

(1) Source: Appraisals, unless otherwise indicated.

(2) Based on the underwritten rent roll dated August 31, 2025. Average Rent Per Unit
reflects the average rent for occupied units.

**The Borrower and the Borrower Sponsors.** The borrower is The Royal Ledges LLC, a New York limited liability company and a single purpose entity with two independent directors in its organizational structure. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Royal Ledges Apartments Mortgage Loan.

The borrower sponsors and non-recourse carveout guarantors are Shalom Schwartz and Yakov Eisenbach. Shalom Schwartz and Yakov Eisenbach are the co-founders and principals of Lexington Property Group, where they have led the firm since 2005. Together, they oversee a portfolio of 52 commercial properties across New York, New Jersey, and Alabama, including 44 multifamily assets, as well as office, retail, mixed-use, and condo developments. Mr. Schwartz directs property operations, construction, and vendor management, while Mr. Eisenbach manages the firm's financial operations and investor relations.

**Property Management**. The Royal Ledges Apartments Property is managed by Lexington Properties NJ LLC, an affiliate of the borrower.

**Initial and Ongoing Reserves**. At origination of the Royal Ledges Apartments Mortgage Loan, the borrower deposited approximately (i) $207,925 into a reserve account for insurance premiums and (ii) $22,283 into a reserve account for deferred maintenance.

*Tax Reserve –* The borrower is required to deposit into a real estate tax reserve, on a monthly basis, 1/12th of the taxes that the lender reasonably estimates will be payable over the next-ensuing 12-month period (initially estimated to be approximately $75,000 for the first three payment dates, and $45,000 through 2026).

*Insurance Reserve –* The borrower is required to deposit into an insurance reserve, on a monthly basis, 1/12th of the amount which will be sufficient to pay the insurance premiums due for the renewal of coverage afforded by the insurance policies (initially estimated to be approximately $17,790); provided that if an acceptable blanket policy reasonably approved by the lender is in effect, such deposits will be suspended. As of the origination date, an acceptable blanket policy was not in effect.

*Replacement Reserve* – The borrower is required to deposit into a replacement reserve, on a monthly basis, approximately $5,667.

***Lockbox / Cash Management.*** The Royal Ledges Apartments Mortgage Loan is structured with a soft lockbox and springing cash management. The borrower is required to establish a lender-controlled lockbox account, and is required to deposit, or cause the property manager to deposit, three business days after receipt, all revenue received by the borrower or the property manager into such lockbox. All funds deposited into the lockbox are required to be transferred on each business day to or at the direction of the borrower unless a Trigger Period exists, in which case all funds in the lockbox account are required to be swept on each business day to a lender-controlled

A-3-87

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Garden<br> 4676 Albany Post Road<br> Hyde Park, NY 12538 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 10<br> **Royal Ledges Apartments** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$50,000,000<br> 67.9%<br> 1.28x<br> 8.4% |

---

cash management account to be applied and disbursed in accordance with the Royal Ledges Apartments Mortgage Loan documents to make the required deposits into the tax and insurance reserves, pay debt service on the Royal Ledges Apartments Mortgage Loan, make the required deposit into the replacement reserve and pay operating expenses set forth in the annual budget (which is required to be approved by the lender during a Trigger Period) and lender-approved extraordinary expenses, and all excess cash flow funds remaining in the cash management account after such application of funds are required to be held by the lender in an excess cash flow reserve account as additional collateral for the Royal Ledges Apartments Mortgage Loan, unless a Trigger Period no longer exists, in which case they are to be disbursed to the borrower. Upon the cure of the applicable Trigger Period, so long as no other Trigger Period exists, the lender is required to return any amounts remaining on deposit in the excess cash flow reserve account to the borrower. Upon an event of default under the Royal Ledges Apartments Mortgage Loan documents, the lender may apply funds to the Royal Ledges Apartments Mortgage Loan in such priority as it may determine.

"**<u>Trigger Period</u>**" means a period (A) commencing upon the earliest of (i) the occurrence and continuance of an event of default under the Royal Ledges Apartments Mortgage Loan documents, (ii) the debt service coverage ratio being less than 1.10x (provided that the borrower may avoid such a Trigger Period by providing the lender with cash or a letter of credit in an amount which, if applied to reduce the outstanding principal balance of the Royal Ledges Apartments Mortgage Loan, would result in a debt service coverage ratio of at least 1.15x) or (iii) if the property manager is a borrower affiliate, upon certain bankruptcy or insolvency events of the property manager, or (iv) upon certain bankruptcy or insolvency events of the borrower, a special purpose member of the borrower or the guarantor; and (B) expiring upon (w) with regard to clause (i) above, the cure (if applicable) of such event of default under the Royal Ledges Apartments Mortgage Loan documents, (x) with regard to clause (ii) above, the date that the debt service coverage ratio is equal to or greater than 1.15x for two consecutive calendar quarters, (y) with regard to clause (iii) above, the property manager is replaced by a non-affiliated property manager as approved by the lender, and (d) with regard to clause (iv) above, if due to an involuntary petition, upon the same being discharged or dismissed within 30 days of such filing.

**Current Mezzanine or Secured Subordinate Indebtedness.** None.

**Permitted Future Mezzanine or Secured Subordinate Indebtedness.** Not permitted.

**Ground Lease.** None.

A-3-88

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Garden<br> 1 Bradford Avenue<br> Hamilton, NJ 08610<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 11<br> **Brookside Gardens** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$50,000,000<br> 72.6%<br> 1.28x<br> 8.6% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Loan Seller:** | &nbsp;&nbsp;CREFI | &nbsp;&nbsp;**Single Asset / Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;**Property Type – Subtype:** | &nbsp;&nbsp;Multifamily - Garden |
| &nbsp;&nbsp;**Borrower Sponsor(s)<sup>(1)</sup>:** | &nbsp;&nbsp;Jonathan Greenberg and David Lubin | &nbsp;&nbsp;**Collateral:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Borrower(s):** | &nbsp;&nbsp;Winding Brook Apartments, LLC | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;Hamilton, NJ |
| &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;$50000000 | &nbsp;&nbsp;**Year Built / Renovated:** | &nbsp;&nbsp;1963 / 2023-2025 |
| &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$50000000 | &nbsp;&nbsp;**Property Management:** | &nbsp;&nbsp;Waterford Real Estate Management, LLC |
| &nbsp;&nbsp;**% by Initial UPB:** | &nbsp;&nbsp;3.8% | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;336 Units |
| &nbsp;&nbsp;**Interest Rate:** | &nbsp;&nbsp;6.54000% | &nbsp;&nbsp;**Appraised Value / Per Unit:** | &nbsp;&nbsp;$68,900,000 / $205,060 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;September 30, 2025 | &nbsp;&nbsp;**Appraisal Date:** | &nbsp;&nbsp;July 1, 2025 |
| &nbsp;&nbsp;**Original Term:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**Occupancy:** | &nbsp;&nbsp;95.8% (as of September 1, 2025) |
| &nbsp;&nbsp;**Amortization:** | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;**UW Economic Occupancy:** | &nbsp;&nbsp;95.0% |
| &nbsp;&nbsp;**Original Amortization:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Underwritten NOI:** | &nbsp;&nbsp;$4315781 |
| &nbsp;&nbsp;**Interest Only Period:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**Underwritten NCF:** | &nbsp;&nbsp;$4231781 |
| &nbsp;&nbsp;**First Payment Date:** | &nbsp;&nbsp;November 6, 2025 |  |  |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;October 6, 2030 | &nbsp;&nbsp;**Historical NOI** | &nbsp;&nbsp;**Historical NOI** |
| &nbsp;&nbsp;**Additional Debt Type:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Most Recent NOI:** | &nbsp;&nbsp;$4,026,422 (TTM August 31, 2025) |
| &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**2024 NOI:** | &nbsp;&nbsp;$3260557 |
| &nbsp;&nbsp;**Call Protection:** | &nbsp;&nbsp;L(24),YM1(29),O(7) | &nbsp;&nbsp;**2023 NOI<sup>(2)</sup>:** | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;**Lockbox / Cash Management:** | &nbsp;&nbsp;Springing / Springing | &nbsp;&nbsp;**2022 NOI<sup>(2)</sup>:** | &nbsp;&nbsp;NAV |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Financial Information** | &nbsp;&nbsp;**Financial Information** |
|  | &nbsp;&nbsp;**Initial** | &nbsp;&nbsp;**Monthly** | &nbsp;&nbsp;**Cap** | &nbsp;&nbsp;**Cut-off Date Loan / Unit:** | &nbsp;&nbsp;$148810 |
| &nbsp;&nbsp;**Taxes:** | &nbsp;&nbsp;$58668 | &nbsp;&nbsp;$58668 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date Loan / Unit:** | &nbsp;&nbsp;$148810 |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$59037 | &nbsp;&nbsp;$19679 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;72.6% |
| &nbsp;&nbsp;**Replacement Reserves:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$6300 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date LTV:** | &nbsp;&nbsp;72.6% |
| &nbsp;&nbsp;**Deferred Maintenance:** | &nbsp;&nbsp;$1650 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**UW NOI DY:** | &nbsp;&nbsp;8.6% |
|  |  |  |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.28x |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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;$50000000 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;Loan Payoff | &nbsp;&nbsp;$25494242 | &nbsp;&nbsp;51.0% |
|  |  |  | &nbsp;&nbsp;Borrower Sponsor Equity | &nbsp;&nbsp;23058063 | &nbsp;&nbsp;46.1 |
|  |  |  | &nbsp;&nbsp;Closing Costs<sup>(3)</sup> | &nbsp;&nbsp;1328340 | &nbsp;&nbsp;2.7 |
|  |  |  | &nbsp;&nbsp;Upfront Reserves | &nbsp;&nbsp;119355 | &nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;**Total Sources** | &nbsp;&nbsp;**$50000000** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses** | &nbsp;&nbsp;**$50000000** | &nbsp;&nbsp;**100.0%** |

---

(1) The borrower sponsors are also the borrower sponsors of the Waterford Multifamily Portfolio mortgage loan
included in the Benchmark 2025-V18 securitization.

(2) 2022 and 2023 NOI information are not available because the Brookside Gardens property was renovated from
2023 to 2025.

(3) Closing Costs include a rate buydown fee of $250,000.

A-3-89

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Garden<br> 1 Bradford Avenue<br> Hamilton, NJ 08610<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 11<br> **Brookside Gardens** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$50,000,000<br> 72.6%<br> 1.28x<br> 8.6% |

---

The following table presents certain information relating to the unit mix at the Brookside Gardens property:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** |
| **Unit Type<sup>(2)</sup>** | **# of Units** | **% of Total Units** | **# of Affordable Units<sup>(3)</sup>** | **Occupancy** | **Average Unit Size (Sq. Ft.)** | **Average Monthly Rent Per Unit** | **Average Monthly Market Rent Per Unit<sup>(4)</sup>** |
| &nbsp;&nbsp;1 BR / 1 BA – Classic | &nbsp;&nbsp;173 | &nbsp;&nbsp;51.5% | &nbsp;&nbsp;55 | &nbsp;&nbsp;97.1% | &nbsp;&nbsp;750 | &nbsp;&nbsp;$1500 | &nbsp;&nbsp;$1475 |
| &nbsp;&nbsp;1 BR / 1 BA - Renovated | &nbsp;&nbsp;77 | &nbsp;&nbsp;22.9% | &nbsp;&nbsp;13 | &nbsp;&nbsp;94.8% | &nbsp;&nbsp;750 | &nbsp;&nbsp;$1588 | &nbsp;&nbsp;$1700 |
| &nbsp;&nbsp;1 BR / 1 BA – Premium | &nbsp;&nbsp;22 | &nbsp;&nbsp;6.5% | &nbsp;&nbsp;2 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;750 | &nbsp;&nbsp;$1701 | &nbsp;&nbsp;$1750 |
| &nbsp;&nbsp;2 BR / 1 BA – Classic | &nbsp;&nbsp;32 | &nbsp;&nbsp;9.5% | &nbsp;&nbsp;11 | &nbsp;&nbsp;96.9% | &nbsp;&nbsp;900 | &nbsp;&nbsp;$1905 | &nbsp;&nbsp;$1850 |
| &nbsp;&nbsp;2 BR / 1 BA – Renovated | &nbsp;&nbsp;25 | &nbsp;&nbsp;7.4% | &nbsp;&nbsp;8 | &nbsp;&nbsp;96.0% | &nbsp;&nbsp;900 | &nbsp;&nbsp;$2092 | &nbsp;&nbsp;$2100 |
| &nbsp;&nbsp;2 BR / 1 BA – Premium | &nbsp;&nbsp;7 | &nbsp;&nbsp;2.1% | &nbsp;&nbsp;0 | &nbsp;&nbsp;57.1% | &nbsp;&nbsp;900 | &nbsp;&nbsp;$2300 | &nbsp;&nbsp;$2400 |
| &nbsp;&nbsp;**Total/Wtd. Avg.** | &nbsp;&nbsp;**336** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**89** | &nbsp;&nbsp;**95.8%** | &nbsp;&nbsp;**779** | &nbsp;&nbsp;**$1627** | &nbsp;&nbsp;**$1646** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Based on the underwritten rent roll dated September 1, 2025. Average Monthly Rent
Per Unit is based on occupied units.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Unit types designated as "Classic" represent units with original finishes
from the prior sponsorship, units designated as "Renovated" represent units with new flooring and bathroom finishes, and units
designated as "Premium" represent units with new flooring, cabinets, and stainless-steel appliances.

&nbsp;&nbsp;&nbsp;&nbsp;(3) # of Affordable Units is comprised of 44 section 8 units, 23 rental assistance
units, and 22 rent controlled units.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Source: Appraisal.

The following table presents certain information relating to the historical operating performance and Underwritten Net Cash Flow at the Brookside Gardens property:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Cash Flow Analysis<sup>(1)</sup>** | **Cash Flow Analysis<sup>(1)</sup>** | **Cash Flow Analysis<sup>(1)</sup>** | **Cash Flow Analysis<sup>(1)</sup>** | **Cash Flow Analysis<sup>(1)</sup>** |
|  | **12/31/2024** | **TTM 8/31/2025** | **U/W** | **U/W Per Unit** |
| &nbsp;&nbsp;Base Rent | &nbsp;&nbsp;$5101014 | &nbsp;&nbsp;$5790637 | &nbsp;&nbsp;$6326466 | &nbsp;&nbsp;$18829 |
| &nbsp;&nbsp;Potential Income from Vacant Units | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;303900 | &nbsp;&nbsp;$904 |
| &nbsp;&nbsp;**Gross Potential Income** | &nbsp;&nbsp;**$5101014** | &nbsp;&nbsp;**$5790637** | &nbsp;&nbsp;**$6630366** | &nbsp;&nbsp;**$19733** |
| &nbsp;&nbsp;Other Income<sup>(2)</sup> | &nbsp;&nbsp;185650 | &nbsp;&nbsp;218511 | &nbsp;&nbsp;218511 | &nbsp;&nbsp;$650 |
| &nbsp;&nbsp;**Net Rental Income** | &nbsp;&nbsp;**$5286664** | &nbsp;&nbsp;**$6009148** | &nbsp;&nbsp;**$6848877** | &nbsp;&nbsp;**$20384** |
| &nbsp;&nbsp;(Vacancy / Credit Loss) | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;($331518) | &nbsp;&nbsp;($987) |
| &nbsp;&nbsp;**Total Effective Gross Income** | &nbsp;&nbsp;**$5286664** | &nbsp;&nbsp;**$6009148** | &nbsp;&nbsp;**$6517358** | &nbsp;&nbsp;**$19397** |
| &nbsp;&nbsp;Real Estate Taxes | &nbsp;&nbsp;636084 | &nbsp;&nbsp;642431 | &nbsp;&nbsp;705499 | &nbsp;&nbsp;$2100 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;364598 | &nbsp;&nbsp;242999 | &nbsp;&nbsp;224904 | &nbsp;&nbsp;$669 |
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp;158557 | &nbsp;&nbsp;180274 | &nbsp;&nbsp;195521 | &nbsp;&nbsp;$582 |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;418919 | &nbsp;&nbsp;431100 | &nbsp;&nbsp;475964 | &nbsp;&nbsp;$1417 |
| &nbsp;&nbsp;Other Expenses<sup>(3)</sup> | &nbsp;&nbsp;447950 | &nbsp;&nbsp;485922 | &nbsp;&nbsp;599689 | &nbsp;&nbsp;$1785 |
| &nbsp;&nbsp;**Total Expenses** | &nbsp;&nbsp;**$2026108** | &nbsp;&nbsp;**$1982726** | &nbsp;&nbsp;**$2201577** | &nbsp;&nbsp;**$6552** |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$3260557** | &nbsp;&nbsp;**$4026422** | &nbsp;&nbsp;**$4315781** | &nbsp;&nbsp;**$12845** |
| &nbsp;&nbsp;Replacement Reserves - Residential | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;84000 | &nbsp;&nbsp;$250 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$3260557** | &nbsp;&nbsp;**$4026422** | &nbsp;&nbsp;**$4231781** | &nbsp;&nbsp;**$12595** |
| &nbsp;&nbsp;**Occupancy** | &nbsp;&nbsp;**92.0%** | &nbsp;&nbsp;**95.8%<sup>(4)</sup>** | &nbsp;&nbsp;**95.0%<sup>(5)</sup>** |  |
| &nbsp;&nbsp;**NCF DSCR** | &nbsp;&nbsp;**0.98x** | &nbsp;&nbsp;**1.21x** | &nbsp;&nbsp;**1.28x** |  |
| &nbsp;&nbsp;**NOI Debt Yield** | &nbsp;&nbsp;**6.5%** | &nbsp;&nbsp;**8.1%** | &nbsp;&nbsp;**8.6%** |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Historical financial information prior to 2024 is not available because the Brookside
Gardens property was renovated from 2023 to 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Other Income includes cleaning fees, pet fees, application fees, laundry income,
damages, and miscellaneous income.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Other Expenses includes payroll and benefits, contract services, repairs and maintenance,
and general and administrative expenses.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Represents current occupancy as of the underwritten rent roll dated September 1,
2025. &nbsp;&nbsp;&nbsp;&nbsp;(5) Represents economic occupancy.

A-3-90

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Garden<br> 1 Bradford Avenue<br> Hamilton, NJ 08610<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 11<br> **Brookside Gardens** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$50,000,000<br> 72.6%<br> 1.28x<br> 8.6% |

---

The following table presents certain information relating to multifamily properties that are comparable to the Brookside Gardens property:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Multifamily Rent Comparables<sup>(1)</sup>** | &nbsp;&nbsp;**Multifamily Rent Comparables<sup>(1)</sup>** | &nbsp;&nbsp;**Multifamily Rent Comparables<sup>(1)</sup>** | &nbsp;&nbsp;**Multifamily Rent Comparables<sup>(1)</sup>** | &nbsp;&nbsp;**Multifamily Rent Comparables<sup>(1)</sup>** | &nbsp;&nbsp;**Multifamily Rent Comparables<sup>(1)</sup>** | &nbsp;&nbsp;**Multifamily Rent Comparables<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property Name / Address** | &nbsp;&nbsp;**Distance from Subject** | &nbsp;&nbsp;**Year Built / Renovated** | &nbsp;&nbsp;**Number of Units** | &nbsp;&nbsp;**Unit Type** | &nbsp;&nbsp;**Average Unit Size** | &nbsp;&nbsp;**Average Rent Per Unit** |
| &nbsp;&nbsp; **Brookside Gardens** <br> **1 Bradford Avenue**<br> **Hamilton, NJ 08610** | &nbsp;&nbsp;- | &nbsp;&nbsp;**1963 / 2023-2025** | &nbsp;&nbsp;**336<sup>(2)</sup>** | &nbsp;&nbsp;**1 BR / 1 BA - Classic<sup>(2)</sup>** | &nbsp;&nbsp;**750 SF<sup>(2)</sup>** | &nbsp;&nbsp;**$1500<sup>(2)</sup>** |
| &nbsp;&nbsp; **Brookside Gardens** <br> **1 Bradford Avenue**<br> **Hamilton, NJ 08610** | &nbsp;&nbsp;- | &nbsp;&nbsp;**1963 / 2023-2025** | &nbsp;&nbsp;**336<sup>(2)</sup>** | &nbsp;&nbsp;**1 BR / 1 BA - Renovated<sup>(2)</sup>** | &nbsp;&nbsp;**750 SF<sup>(2)</sup>** | &nbsp;&nbsp;**$1588<sup>(2)</sup>** |
| &nbsp;&nbsp; **Brookside Gardens** <br> **1 Bradford Avenue**<br> **Hamilton, NJ 08610** | &nbsp;&nbsp;- | &nbsp;&nbsp;**1963 / 2023-2025** | &nbsp;&nbsp;**336<sup>(2)</sup>** | &nbsp;&nbsp;**1 BR / 1 BA – Premium<sup>(2)</sup>** | &nbsp;&nbsp;**750 SF<sup>(2)</sup>** | &nbsp;&nbsp;**$1701<sup>(2)</sup>** |
| &nbsp;&nbsp; **Brookside Gardens** <br> **1 Bradford Avenue**<br> **Hamilton, NJ 08610** | &nbsp;&nbsp;- | &nbsp;&nbsp;**1963 / 2023-2025** | &nbsp;&nbsp;**336<sup>(2)</sup>** | &nbsp;&nbsp;**2 BR / 1 BA - Classic<sup>(2)</sup>** | &nbsp;&nbsp;**900 SF<sup>(2)</sup>** | &nbsp;&nbsp;**$1905<sup>(2)</sup>** |
| &nbsp;&nbsp; **Brookside Gardens** <br> **1 Bradford Avenue**<br> **Hamilton, NJ 08610** | &nbsp;&nbsp;- | &nbsp;&nbsp;**1963 / 2023-2025** | &nbsp;&nbsp;**336<sup>(2)</sup>** | &nbsp;&nbsp;**2 BR / 1 BA – Renovated<sup>(2)</sup>** | &nbsp;&nbsp;**900 SF<sup>(2)</sup>** | &nbsp;&nbsp;**$2092<sup>(2)</sup>** |
| &nbsp;&nbsp; **Brookside Gardens** <br> **1 Bradford Avenue**<br> **Hamilton, NJ 08610** | &nbsp;&nbsp;- | &nbsp;&nbsp;**1963 / 2023-2025** | &nbsp;&nbsp;**336<sup>(2)</sup>** | &nbsp;&nbsp;**2 BR / 1 BA - Premium<sup>(2)</sup>** | &nbsp;&nbsp;**900 SF<sup>(2)</sup>** | &nbsp;&nbsp;**$2300<sup>(2)</sup>** |
| &nbsp;&nbsp; **Greenwood Village**<br> 114 Washington Ct<br> Hamilton, NJ 08629 | &nbsp;&nbsp;2.6 mi | &nbsp;&nbsp;1941 / NAP | &nbsp;&nbsp;264 | &nbsp;&nbsp;1 BR / 1 BA | &nbsp;&nbsp;560 SF | &nbsp;&nbsp;$1300 |
| &nbsp;&nbsp; **Greenwood Village**<br> 114 Washington Ct<br> Hamilton, NJ 08629 | &nbsp;&nbsp;2.6 mi | &nbsp;&nbsp;1941 / NAP | &nbsp;&nbsp;264 | &nbsp;&nbsp;2 BR / 1 BA | &nbsp;&nbsp;700 SF | &nbsp;&nbsp;$1540 |
| &nbsp;&nbsp; **Warner Village Apartments**<br> 1378 Nottingham Way<br> Hamilton, NJ 08609 | &nbsp;&nbsp;3.1 mi | &nbsp;&nbsp;1944 / NAP | &nbsp;&nbsp;154 | &nbsp;&nbsp;1 BR / 1 BA | &nbsp;&nbsp;750 SF | &nbsp;&nbsp;$1220 |
| &nbsp;&nbsp; **Warner Village Apartments**<br> 1378 Nottingham Way<br> Hamilton, NJ 08609 | &nbsp;&nbsp;3.1 mi | &nbsp;&nbsp;1944 / NAP | &nbsp;&nbsp;154 | &nbsp;&nbsp;2 BR / 1 BA | &nbsp;&nbsp;800 SF | &nbsp;&nbsp;$1420 |
| &nbsp;&nbsp; **Nottingham Gardens**<br> 1310 Nottingham Way<br> Hamilton, NJ 08609 | &nbsp;&nbsp;3.2 mi | &nbsp;&nbsp;1943 / NAP | &nbsp;&nbsp;154 | &nbsp;&nbsp;1 BR / 1 BA | &nbsp;&nbsp;500 SF | &nbsp;&nbsp;$1475 |
| &nbsp;&nbsp; **Nottingham Gardens**<br> 1310 Nottingham Way<br> Hamilton, NJ 08609 | &nbsp;&nbsp;3.2 mi | &nbsp;&nbsp;1943 / NAP | &nbsp;&nbsp;154 | &nbsp;&nbsp;2 BR / 1 BA | &nbsp;&nbsp;650 SF | &nbsp;&nbsp;$1850 |
| &nbsp;&nbsp; **Parkside Manor**<br> 1475 Parkside Avenue<br> Trenton, NJ 08638 | &nbsp;&nbsp;5.7 mi | &nbsp;&nbsp;1964 / NAP | &nbsp;&nbsp;146 | &nbsp;&nbsp;1 BR / 1 BA | &nbsp;&nbsp;650 SF | &nbsp;&nbsp;$1435 |
| &nbsp;&nbsp; **Parkside Manor**<br> 1475 Parkside Avenue<br> Trenton, NJ 08638 | &nbsp;&nbsp;5.7 mi | &nbsp;&nbsp;1964 / NAP | &nbsp;&nbsp;146 | &nbsp;&nbsp;2 BR / 1 BA | &nbsp;&nbsp;900 SF | &nbsp;&nbsp;$1810 |
| &nbsp;&nbsp; **Eastgate Apartments**<br> 1501 Parkside Avenue<br> Ewing, NJ 08638 | &nbsp;&nbsp;5.8 mi | &nbsp;&nbsp;1963 / 1972 | &nbsp;&nbsp;194 | &nbsp;&nbsp;1 BR / 1 BA | &nbsp;&nbsp;730 SF | &nbsp;&nbsp;$1425 |
| &nbsp;&nbsp; **Eastgate Apartments**<br> 1501 Parkside Avenue<br> Ewing, NJ 08638 | &nbsp;&nbsp;5.8 mi | &nbsp;&nbsp;1963 / 1972 | &nbsp;&nbsp;194 | &nbsp;&nbsp;2 BR / 1 BA | &nbsp;&nbsp;780 SF | &nbsp;&nbsp;$1820 |
| &nbsp;&nbsp; **Highgate Apartments**<br> 1 Highgate Drive<br> Ewing, NJ 08618 | &nbsp;&nbsp;6.3 mi | &nbsp;&nbsp;1965 / NAP | &nbsp;&nbsp;125 | &nbsp;&nbsp;1 BR / 1 BA | &nbsp;&nbsp;650 SF | &nbsp;&nbsp;$1615 |
| &nbsp;&nbsp; **Highgate Apartments**<br> 1 Highgate Drive<br> Ewing, NJ 08618 | &nbsp;&nbsp;6.3 mi | &nbsp;&nbsp;1965 / NAP | &nbsp;&nbsp;125 | &nbsp;&nbsp;2 BR / 1 BA | &nbsp;&nbsp;975 SF | &nbsp;&nbsp;$1895 |
| &nbsp;&nbsp; **The Commons at Fallsington**<br> 1 Makefield Road<br> Morrisville, PA 19067 | &nbsp;&nbsp;7.5 mi | &nbsp;&nbsp;1967 / NAP | &nbsp;&nbsp;478 | &nbsp;&nbsp;1 BR / 1 BA | &nbsp;&nbsp;800 SF | &nbsp;&nbsp;$1360 |
| &nbsp;&nbsp; **The Commons at Fallsington**<br> 1 Makefield Road<br> Morrisville, PA 19067 | &nbsp;&nbsp;7.5 mi | &nbsp;&nbsp;1967 / NAP | &nbsp;&nbsp;478 | &nbsp;&nbsp;2 BR / 1 BA | &nbsp;&nbsp;896 SF | &nbsp;&nbsp;$1770 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(2) Based on the underwritten rent roll dated September 1, 2025. Average Rent Per Unit
reflect the average rent for occupied units.

A-3-91

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Garden<br> 222 South Clovis Avenue<br> Fresno, CA 93727<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 12<br> **Torrey Ridge Apartments** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$44,000,000<br> 64.0%<br> 1.29x<br> 8.7% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Loan Seller:** | &nbsp;&nbsp;BMO | &nbsp;&nbsp;**Single Asset / Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;**Property Type – Subtype:** | &nbsp;&nbsp;Multifamily – Garden |
| &nbsp;&nbsp;**Borrower Sponsor(s):** | &nbsp;&nbsp;Patrick De La Torre | &nbsp;&nbsp;**Collateral:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Borrower(s):** | &nbsp;&nbsp;Torrey Ridge, L.P. | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;Fresno, CA |
| &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;$44000000 | &nbsp;&nbsp;**Year Built / Renovated:** | &nbsp;&nbsp;1976 / NAP |
| &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$44000000 | &nbsp;&nbsp;**Property Management:** | &nbsp;&nbsp;WA Funding, Inc. |
| &nbsp;&nbsp;**% by Initial UPB:** | &nbsp;&nbsp;3.3% | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;418 Units |
| &nbsp;&nbsp;**Interest Rate:** | &nbsp;&nbsp;6.49000% | &nbsp;&nbsp;**Appraised Value / Per Unit:** | &nbsp;&nbsp;$68,700,000 / $164,354 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;September 8, 2025 | &nbsp;&nbsp;**Appraisal Date:** | &nbsp;&nbsp;July 10, 2025 |
| &nbsp;&nbsp;**Original Term:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**Occupancy:** | &nbsp;&nbsp;93.1% (as of August 4, 2025) |
| &nbsp;&nbsp;**Amortization:** | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;**UW Economic Occupancy:** | &nbsp;&nbsp;87.4% |
| &nbsp;&nbsp;**Original Amortization:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Underwritten NOI:** | &nbsp;&nbsp;$3847626 |
| &nbsp;&nbsp;**Interest Only Period:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**Underwritten NCF:** | &nbsp;&nbsp;$3743126 |
| &nbsp;&nbsp;**First Payment Date:** | &nbsp;&nbsp;October 6, 2025 |  |  |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;September 6, 2030 | &nbsp;&nbsp;**Historical NOI** | &nbsp;&nbsp;**Historical NOI** |
| &nbsp;&nbsp;**Additional Debt Type:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Most Recent NOI:** | &nbsp;&nbsp;$4,249,177 (TTM July 31, 2025) |
| &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**2024 NOI:** | &nbsp;&nbsp;$4294850 |
| &nbsp;&nbsp;**Call Protection:** | &nbsp;&nbsp;L(25),D(28),O(7) | &nbsp;&nbsp;**2023 NOI:** | &nbsp;&nbsp;$4256032 |
| &nbsp;&nbsp;**Lockbox / Cash Management:** | &nbsp;&nbsp;Springing / Springing | &nbsp;&nbsp;**2022 NOI:** | &nbsp;&nbsp;$4375387 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Financial Information** | &nbsp;&nbsp;**Financial Information** |
|  | &nbsp;&nbsp;**Initial** | &nbsp;&nbsp;**Monthly** | &nbsp;&nbsp;**Cap** | &nbsp;&nbsp;**Cut-off Date Loan / Unit:** | &nbsp;&nbsp;$105263 |
| &nbsp;&nbsp;**Taxes:** | &nbsp;&nbsp;$298679 | &nbsp;&nbsp;$47409 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date Loan / Unit:** | &nbsp;&nbsp;$105263 |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$220282 | &nbsp;&nbsp;$52448 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;64.0% |
| &nbsp;&nbsp;**Replacement Reserves:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$8708 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date LTV:** | &nbsp;&nbsp;64.0% |
| &nbsp;&nbsp;**Law and Ordinance Insurance Reserve:** | &nbsp;&nbsp;$100000 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**UW NOI DY:** | &nbsp;&nbsp;8.7% |
|  |  |  |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.29x |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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;$44000000 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;Loan Payoff | &nbsp;&nbsp;$31126007 | &nbsp;&nbsp;70.7% |
|  |  |  | &nbsp;&nbsp;Return of Equity | &nbsp;&nbsp;10526051 | &nbsp;&nbsp;23.9 |
|  |  |  | &nbsp;&nbsp;Closing Costs**<sup>(1)</sup>** | &nbsp;&nbsp;1728982 | &nbsp;&nbsp;3.9 |
|  |  |  | &nbsp;&nbsp;Upfront Reserves | &nbsp;&nbsp;618961 | &nbsp;&nbsp;1.4 |
| &nbsp;&nbsp;**Total Sources** | &nbsp;&nbsp;**$44000000** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses** | &nbsp;&nbsp;**$44000000** | &nbsp;&nbsp;**100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Closing Costs include an origination fee of $880,000.

A-3-92

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Garden<br> 222 South Clovis Avenue<br> Fresno, CA 93727<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 12<br> **Torrey Ridge Apartments** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$44,000,000<br> 64.0%<br> 1.29x<br> 8.7% |

---

The following table presents certain information relating to the unit mix at the Torrey Ridge Apartments property:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Unit Mix<sup>(1)</sup>** | **Unit Mix<sup>(1)</sup>** | **Unit Mix<sup>(1)</sup>** | **Unit Mix<sup>(1)</sup>** | **Unit Mix<sup>(1)</sup>** | **Unit Mix<sup>(1)</sup>** | **Unit Mix<sup>(1)</sup>** | **Unit Mix<sup>(1)</sup>** | **Unit Mix<sup>(1)</sup>** |
| &nbsp;&nbsp;**Unit Type** | &nbsp;&nbsp;**# of Units** | &nbsp;&nbsp;**% of Total Units** | &nbsp;&nbsp;**Occupancy** | &nbsp;&nbsp;**Average Unit Size (Sq. Ft.)** | &nbsp;&nbsp;**Average Monthly Rent Per Unit** | &nbsp;&nbsp;**Average Monthly Rent PSF** | &nbsp;&nbsp;**Average Monthly Market Rent Per Unit<sup>(2)</sup>** | &nbsp;&nbsp;**Average Monthly Market Rent PSF<sup>(2)</sup>** |
| &nbsp;&nbsp;1 Bedroom / 1 Bath (A) | &nbsp;&nbsp;64 | &nbsp;&nbsp;15.3% | &nbsp;&nbsp;95.3% | &nbsp;&nbsp;703 | &nbsp;&nbsp;$1326 | &nbsp;&nbsp;$1.89 | &nbsp;&nbsp;$1330 | &nbsp;&nbsp;$1.89 |
| &nbsp;&nbsp;1 Bedroom / 1 Bath (B) | &nbsp;&nbsp;32 | &nbsp;&nbsp;7.7 | &nbsp;&nbsp;93.8 | &nbsp;&nbsp;769 | &nbsp;&nbsp;$1405 | &nbsp;&nbsp;$1.83 | &nbsp;&nbsp;$1400 | &nbsp;&nbsp;$1.82 |
| &nbsp;&nbsp;2 Bedroom / 1 Bath (A) | &nbsp;&nbsp;64 | &nbsp;&nbsp;15.3 | &nbsp;&nbsp;90.6 | &nbsp;&nbsp;904 | &nbsp;&nbsp;$1448 | &nbsp;&nbsp;$1.60 | &nbsp;&nbsp;$1435 | &nbsp;&nbsp;$1.59 |
| &nbsp;&nbsp;2 Bedroom / 1 Bath (B) | &nbsp;&nbsp;4 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;100.0 | &nbsp;&nbsp;1200 | &nbsp;&nbsp;$1657 | &nbsp;&nbsp;$1.38 | &nbsp;&nbsp;$1650 | &nbsp;&nbsp;$1.38 |
| &nbsp;&nbsp;2 Bedroom / 1.5 Bath | &nbsp;&nbsp;206 | &nbsp;&nbsp;49.3 | &nbsp;&nbsp;91.7 | &nbsp;&nbsp;1040 | &nbsp;&nbsp;$1633 | &nbsp;&nbsp;$1.57 | &nbsp;&nbsp;$1630 | &nbsp;&nbsp;$1.57 |
| &nbsp;&nbsp;3 Bedroom / 2 Bath | &nbsp;&nbsp;32 | &nbsp;&nbsp;7.7 | &nbsp;&nbsp;96.9 | &nbsp;&nbsp;1330 | &nbsp;&nbsp;$2132 | &nbsp;&nbsp;$1.60 | &nbsp;&nbsp;$2075 | &nbsp;&nbsp;$1.56 |
| &nbsp;&nbsp;3 Bedroom / 2.5 Bath | &nbsp;&nbsp;16 | &nbsp;&nbsp;3.8% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;1470 | &nbsp;&nbsp;$2140 | &nbsp;&nbsp;$1.46 | &nbsp;&nbsp;$2080 | &nbsp;&nbsp;$1.41 |
| &nbsp;&nbsp;**Total / Wtd. Avg.** | &nbsp;&nbsp;**418** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**93.1%** | &nbsp;&nbsp;**987** | &nbsp;&nbsp;**$1601** | &nbsp;&nbsp;**$1.64** | &nbsp;&nbsp;**$1588** | &nbsp;&nbsp;**$1.63** |

---

(1) Based on the underwritten rent roll dated August 4, 2025.

(2) Source: Appraisal.

The following table presents certain information relating to the historical operating performance and Underwritten Net Cash Flow at the Torrey Ridge Apartments property:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** |
|  | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**TTM 7/31/2025** | &nbsp;&nbsp;**U/W** | &nbsp;&nbsp;**U/W Per Unit** |
| &nbsp;&nbsp;Base Rent | &nbsp;&nbsp;$6571184 | &nbsp;&nbsp;$7305395 | &nbsp;&nbsp;$7776541 | &nbsp;&nbsp;$7920518 | &nbsp;&nbsp;$7472268 | &nbsp;&nbsp;$17876 |
| &nbsp;&nbsp;Grossed Up Vacant Space | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;542220 | &nbsp;&nbsp;1297 |
| &nbsp;&nbsp;**Gross Potential Rent** | &nbsp;&nbsp;**$6571184** | &nbsp;&nbsp;**$7305395** | &nbsp;&nbsp;**$7776541** | &nbsp;&nbsp;**$7920518** | &nbsp;&nbsp;**$8014488** | &nbsp;&nbsp;**$19173** |
| &nbsp;&nbsp;Vacancy/Credit Loss | &nbsp;&nbsp;(409009) | &nbsp;&nbsp;(866936) | &nbsp;&nbsp;(798200) | &nbsp;&nbsp;(916012) | &nbsp;&nbsp;(1009897) | &nbsp;&nbsp;(2416) |
| &nbsp;&nbsp;Other Income<sup>(1)</sup> | &nbsp;&nbsp;469671 | &nbsp;&nbsp;527676 | &nbsp;&nbsp;446074 | &nbsp;&nbsp;506600 | &nbsp;&nbsp;506600 | &nbsp;&nbsp;1212 |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$6631846** | &nbsp;&nbsp;**$6966135** | &nbsp;&nbsp;**$7424415** | &nbsp;&nbsp;**$7511106** | &nbsp;&nbsp;**$7511191** | &nbsp;&nbsp;**$17969** |
| &nbsp;&nbsp;Real Estate Taxes | &nbsp;&nbsp;434754 | &nbsp;&nbsp;441465 | &nbsp;&nbsp;451608 | &nbsp;&nbsp;455908 | &nbsp;&nbsp;568913 | &nbsp;&nbsp;1361 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;209466 | &nbsp;&nbsp;320064 | &nbsp;&nbsp;422552 | &nbsp;&nbsp;334596 | &nbsp;&nbsp;638706 | &nbsp;&nbsp;1528 |
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp;145464 | &nbsp;&nbsp;145464 | &nbsp;&nbsp;145464 | &nbsp;&nbsp;145464 | &nbsp;&nbsp;187780 | &nbsp;&nbsp;449 |
| &nbsp;&nbsp;Other Expenses<sup>(2)</sup> | &nbsp;&nbsp;1466775 | &nbsp;&nbsp;1803110 | &nbsp;&nbsp;2109941 | &nbsp;&nbsp;2325961 | &nbsp;&nbsp;2268167 | &nbsp;&nbsp;5426 |
| &nbsp;&nbsp;**Total Expenses** | &nbsp;&nbsp;**$2256459** | &nbsp;&nbsp;**$2710103** | &nbsp;&nbsp;**$3129565** | &nbsp;&nbsp;**$3261929** | &nbsp;&nbsp;**$3663565** | &nbsp;&nbsp;**$8765** |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$4375387** | &nbsp;&nbsp;**$4256032** | &nbsp;&nbsp;**$4294850** | &nbsp;&nbsp;**$4249177** | &nbsp;&nbsp;**$3847626** | &nbsp;&nbsp;**$9205** |
| &nbsp;&nbsp;Replacement Reserves | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;104500 | &nbsp;&nbsp;250 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$4375387** | &nbsp;&nbsp;**$4256032** | &nbsp;&nbsp;**$4294850** | &nbsp;&nbsp;**$4249177** | &nbsp;&nbsp;**$3743126** | &nbsp;&nbsp;**$8955** |
| &nbsp;&nbsp;**Occupancy** | &nbsp;&nbsp;**95.6%** | &nbsp;&nbsp;**92.5%** | &nbsp;&nbsp;**93.9%** | &nbsp;&nbsp;**93.1%<sup>(3)</sup>** | &nbsp;&nbsp;**87.4%<sup>(4)</sup>** |  |
| &nbsp;&nbsp;**NCF DSCR** | &nbsp;&nbsp;**1.51x** | &nbsp;&nbsp;**1.47x** | &nbsp;&nbsp;**1.48x** | &nbsp;&nbsp;**1.47x** | &nbsp;&nbsp;**1.29x** |  |
| &nbsp;&nbsp;**NOI Debt Yield** | &nbsp;&nbsp;**9.9%** | &nbsp;&nbsp;**9.7%** | &nbsp;&nbsp;**9.8%** | &nbsp;&nbsp;**9.7%** | &nbsp;&nbsp;**8.7%** |  |

---

(1) Other Income consists of. month-to-month fees, laundry income, utility reimbursements,
late fees and miscellaneous income.

(2) Other Expenses consists of payroll, repairs and maintenance, utilities, marketing
and general and administrative expenses.

(3) Represents current occupancy based on the underwritten rent roll dated August 4,
2025. (4) Represents economic occupancy.

A-3-93

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Garden<br> 222 South Clovis Avenue<br> Fresno, CA 93727<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 12<br> **Torrey Ridge Apartments** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$44,000,000<br> 64.0%<br> 1.29x<br> 8.7% |

---

The following table presents certain information relating to comparable multifamily properties to the Torrey Ridge Apartments property:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Multifamily Rent Comparables<sup>(1)</sup>** | **Multifamily Rent Comparables<sup>(1)</sup>** | **Multifamily Rent Comparables<sup>(1)</sup>** | **Multifamily Rent Comparables<sup>(1)</sup>** | **Multifamily Rent Comparables<sup>(1)</sup>** | **Multifamily Rent Comparables<sup>(1)</sup>** | **Multifamily Rent Comparables<sup>(1)</sup>** | **Multifamily Rent Comparables<sup>(1)</sup>** |
| **Property Name / Address** | **Distance from Subject** | **Year Built / Renovated** | **Occupancy** | **Number of Units** | **Unit Type** | **Average Unit Size** | **Average Rent Per Unit** |
| &nbsp;&nbsp; **Torrey Ridge Apartments** <br> 220 South Clovis Avenue<br> Fresno, CA | &nbsp;&nbsp; –<br>| &nbsp;&nbsp; **1976 / NAP**<br>| &nbsp;&nbsp; **93.1%<sup>(2)</sup>**<br>| &nbsp;&nbsp; **418**<br>| &nbsp;&nbsp; **1 BR / 1 BA (A)**<br> **1 BR / 1 BA (B)**<br> **2 BR / 1 BA (A)**<br> **2 BR / 1 BA (B)**<br> **2 BR / 1.5 BA** <br> **3 BR / 2 BA**<br> **3 BR / 2.5 BA**  | &nbsp;&nbsp; **703 SF<sup>(2)</sup>**<br> **769 SF<sup>(2)</sup>**<br> **904 SF<sup>(2)</sup>**<br> **1,200 SF<sup>(2)</sup>**<br> **1,040 SF<sup>(2)</sup>**<br> **1,330 SF<sup>(2)</sup>**<br> **1,470 SF<sup>(2)</sup>** | &nbsp;&nbsp; **$1326<sup>(2)</sup>**<br> **$1405<sup>(2)</sup>**<br> **$1448<sup>(2)</sup>**<br> **$1657<sup>(2)</sup>**<br> **$1633<sup>(2)</sup>**<br> **$2132<sup>(2)</sup>**<br> **$2140<sup>(2)</sup>** |
| &nbsp;&nbsp; **Los Arbolitos Apartments**<br> 545-555 Argyle Avenue<br> Fresno, CA | &nbsp;&nbsp; 0.6 miles<br>| &nbsp;&nbsp; 1975 / NAP<br>| &nbsp;&nbsp; 100.0%<br>| &nbsp;&nbsp; 128<br>| &nbsp;&nbsp; 1 BR / 1 BA<br> 2 BR / 1 BA<br> 3 BR / 1 BA | &nbsp;&nbsp; 708 SF<br> 840 – 978 SF<br> 1,140 SF | &nbsp;&nbsp; $1143<br> $1196<br> $1553 |
| &nbsp;&nbsp; **The Greenery Apartments**<br> 5770 East Kings Canyon Road<br> Fresno, CA | &nbsp;&nbsp; 0.8 miles<br>| &nbsp;&nbsp; 1972 / NAP<br>| &nbsp;&nbsp; 100.0%<br>| &nbsp;&nbsp; 112<br>| &nbsp;&nbsp; 1 BR / 1 BA<br> 2 BR / 1 BA<br> 2 BR / 1.5 BA<br> 3 BR / 2 BA | &nbsp;&nbsp; 620 SF<br> 780 SF<br> 900 SF<br> 1,050 SF | &nbsp;&nbsp; $1073<br> $0<sup>(3)</sup><br> $0<sup>(3)</sup><br> $0<sup>(3)</sup> |
| &nbsp;&nbsp; **Willow Park Apartments**<br> 190 North Willow Avenue<br> Fresno, CA | &nbsp;&nbsp;1.9 miles | &nbsp;&nbsp;1980 / NAP | &nbsp;&nbsp;97.3% | &nbsp;&nbsp;110 | &nbsp;&nbsp; 2 BR / 1 BA<br> 3 BR / 2 BA | &nbsp;&nbsp; 1,030 – 1,075 SF<br> 1,216 SF | &nbsp;&nbsp; $1650<br> $1800 |
| &nbsp;&nbsp; **Pinewood Place Apartments**<br> 5226 East Olive Avenue<br> Fresno, CA | &nbsp;&nbsp;2.3 miles | &nbsp;&nbsp;1984 / 2012 | &nbsp;&nbsp;96.1% | &nbsp;&nbsp;104 | &nbsp;&nbsp; 1 BR / 1 BA<br> 2 BR / 1 BA<br> 2 BR / 2 BA | &nbsp;&nbsp; 626 SF<br> 713 SF<br> 805 SF | &nbsp;&nbsp; $1250<br> $1325<br> $1395 |
| &nbsp;&nbsp; **Maple Grove Apartments**<br> 2255 South Maple Avenue<br> Fresno, CA | &nbsp;&nbsp;4.0 miles | &nbsp;&nbsp;1990 / NAP | &nbsp;&nbsp;98.3% | &nbsp;&nbsp;120 | &nbsp;&nbsp; 1 BR / 1 BA<br> 2 BR / 1 BA<br> 3 BR / 2 BA | &nbsp;&nbsp; 684 SF<br> 898 SF<br> 1,158 SF | &nbsp;&nbsp; $1372<br> $1549<br> $1794 |
| &nbsp;&nbsp; **Silver Lake Apartments**<br> 5425 East Belmont Avenue<br> Fresno, CA | &nbsp;&nbsp;1.3 miles | &nbsp;&nbsp;1985 / NAP | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;252 | &nbsp;&nbsp; 2 BR / 1 BA<br> 3 BR / 1 BA | &nbsp;&nbsp; 967 – 990 SF<br> 1,400 SF | &nbsp;&nbsp; $1310 – $1335<br> $0<sup>(3)</sup> |
| &nbsp;&nbsp; **Lake Ridge Apartments**<br> 4092 North Chestnut Avenue<br> Fresno, CA | &nbsp;&nbsp;5.1 miles | &nbsp;&nbsp;1985 / NAP | &nbsp;&nbsp;99.5% | &nbsp;&nbsp;200 | &nbsp;&nbsp; 1 BR / 1 BA<br> 2 BR / 1 BA<br> 2 BR / 2 BA | &nbsp;&nbsp; 658 SF<br> 835 SF<br> 935 SF | &nbsp;&nbsp; $1320<br> $1480<br> $1550 |
| &nbsp;&nbsp; **Palm Lakes Apartments**<br> 4083 Peach Avenue<br> Fresno, CA | &nbsp;&nbsp;4.4 miles | &nbsp;&nbsp;1986 / NAP | &nbsp;&nbsp;99.7% | &nbsp;&nbsp;300 | &nbsp;&nbsp; 1 BR / 1 BA<br> 2 BR / 1 BA<br> 2 BR / 2 BA | &nbsp;&nbsp; 614 SF<br> 816 SF<br> 945 SF | &nbsp;&nbsp; $1375<br> $1495<br> $1595 |
| &nbsp;&nbsp; **Dominion Courtyard Villas**<br> 1650 East Shepherd Avenue<br> Fresno, CA | &nbsp;&nbsp;12.5 miles | &nbsp;&nbsp;2017 / NAP | &nbsp;&nbsp;97.4% | &nbsp;&nbsp;350 | &nbsp;&nbsp; 1 BR / 1 BA<br> 2 BR / 1 BA<br> 2 BR / 2 BA<br> 3 BR / 2.5 BA | &nbsp;&nbsp; 814 SF<br> 996 – 1,097 SF<br> 1,180 SF<br> 1,564 – 1,610 SF | &nbsp;&nbsp; $1894<br> $1909 – $1947<br> $2215<br> $2548 – $2640 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Based on the underwritten rent roll dated August 4, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Appraisal did not report rent for the unit type.

A-3-94

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; Retail – Anchored<br> 5501 South Williamson Boulevard<br> Port Orange, FL 32128 | &nbsp;&nbsp; Collateral Asset Summary – Loan No. 13<br> **Pavilion at Port Orange** | &nbsp;&nbsp; **Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp; $43,000,000<br> 41.4%<br> 2.28x<br> 15.0% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Loan Seller:** | &nbsp;&nbsp;GSMC | &nbsp;&nbsp;**Single Asset / Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;**Property Type – Subtype:** | &nbsp;&nbsp;Retail - Anchored |
| &nbsp;&nbsp;**Borrower Sponsor:** | &nbsp;&nbsp;CBL & Associates Limited Partnership | &nbsp;&nbsp;**Collateral:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Borrower(s):** | &nbsp;&nbsp;Port Orange Town Center LLC | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;Port Orange, FL |
| &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;$43000000 | &nbsp;&nbsp;**Year Built / Renovated:** | &nbsp;&nbsp;2009 / 2013 |
| &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$43000000 | &nbsp;&nbsp;**Property Management:** | &nbsp;&nbsp;CBL & Associates Management, Inc. |
| &nbsp;&nbsp;**% by Initial UPB:** | &nbsp;&nbsp;3.3% | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;398,331 SF<sup>(1)</sup> |
| &nbsp;&nbsp;**Interest Rate:** | &nbsp;&nbsp;5.93300% | &nbsp;&nbsp;**Appraised Value / Per SF:** | &nbsp;&nbsp;$103,900,000 / $261 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;September 30, 2025 | &nbsp;&nbsp;**Appraisal Date:** | &nbsp;&nbsp;August 29, 2025 |
| &nbsp;&nbsp;**Original Term:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**Occupancy:** | &nbsp;&nbsp;92.2% (as of September 30, 2025) |
| &nbsp;&nbsp;**Amortization:** | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;**UW Economic Occupancy:** | &nbsp;&nbsp;90.0% |
| &nbsp;&nbsp;**Original Amortization:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Underwritten NOI:** | &nbsp;&nbsp;$6467304 |
| &nbsp;&nbsp;**Interest Only Period:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**Underwritten NCF:** | &nbsp;&nbsp;$5889531 |
| &nbsp;&nbsp;**First Payment Date:** | &nbsp;&nbsp;November 6, 2025 |  |  |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;October 6, 2030 | &nbsp;&nbsp;**Historical NOI** | &nbsp;&nbsp;**Historical NOI** |
| &nbsp;&nbsp;**Additional Debt Type*:*** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Most Recent NOI** | &nbsp;&nbsp;$5,836,427 (TTM August 31, 2025) |
| &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**2024 NOI:** | &nbsp;&nbsp;$5481144 |
| &nbsp;&nbsp;**Call Protection:** | &nbsp;&nbsp;L(24),D(29),O(7) | &nbsp;&nbsp;**2023 NOI:** | &nbsp;&nbsp;$5820330 |
| &nbsp;&nbsp;**Lockbox / Cash Management:** | &nbsp;&nbsp;Hard / Springing | &nbsp;&nbsp;**2022 NOI:** | &nbsp;&nbsp;$6364535 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Financial Information** | &nbsp;&nbsp;**Financial Information** |
|  | &nbsp;&nbsp;**Initial** | &nbsp;&nbsp;**Monthly** | &nbsp;&nbsp;**Cap** | &nbsp;&nbsp;**Cut-off Date Loan / SF:** | &nbsp;&nbsp;$108 |
| &nbsp;&nbsp;**Taxes:** | &nbsp;&nbsp;$677035 | &nbsp;&nbsp;$67704 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date Loan / SF:** | &nbsp;&nbsp;$108 |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;41.4% |
| &nbsp;&nbsp;**Replacement Reserves:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$11618 | &nbsp;&nbsp;$348540 | &nbsp;&nbsp;**Maturity Date LTV:** | &nbsp;&nbsp;41.4% |
| &nbsp;&nbsp;**TI/LC Reserve:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$66389 | &nbsp;&nbsp;$1991655 | &nbsp;&nbsp;**UW NOI DY:** | &nbsp;&nbsp;15.0% |
| &nbsp;&nbsp;**Outstanding TI/LC Reserve:** | &nbsp;&nbsp;$1427898 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.28x |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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;$43000000 | &nbsp;&nbsp;98.6% | &nbsp;&nbsp;Loan Payoff | &nbsp;&nbsp;$41148484 | &nbsp;&nbsp;94.4% |
| &nbsp;&nbsp;Borrower Sponsor Equity | &nbsp;&nbsp;593365 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;Closing Costs | &nbsp;&nbsp;339948 | &nbsp;&nbsp;0.8 |
|  |  |  | &nbsp;&nbsp;Reserves | &nbsp;&nbsp;2104933 | &nbsp;&nbsp;4.8 |
| &nbsp;&nbsp;**Total Sources** | &nbsp;&nbsp;**$43593365** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses** | &nbsp;&nbsp;**$43593365** | &nbsp;&nbsp;**100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Represents collateral SF. Total SF is 429,417 SF.

A-3-95

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; Retail – Anchored<br> 5501 South Williamson Boulevard<br> Port Orange, FL 32128 | &nbsp;&nbsp; Collateral Asset Summary – Loan No. 13<br> **Pavilion at Port Orange** | &nbsp;&nbsp; **Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp; $43,000,000<br> 41.4%<br> 2.28x<br> 15.0% |

---

The following table presents certain information relating to the retail tenants at the Pavilion at Port Orange property:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Largest Owned Tenants Based on UW Base Rent<sup>(1)</sup>** | **Largest Owned Tenants Based on UW Base Rent<sup>(1)</sup>** | **Largest Owned Tenants Based on UW Base Rent<sup>(1)</sup>** | **Largest Owned Tenants Based on UW Base Rent<sup>(1)</sup>** | **Largest Owned Tenants Based on UW Base Rent<sup>(1)</sup>** | **Largest Owned Tenants Based on UW Base Rent<sup>(1)</sup>** | **Largest Owned Tenants Based on UW Base Rent<sup>(1)</sup>** | **Largest Owned Tenants Based on UW Base Rent<sup>(1)</sup>** | **Largest Owned Tenants Based on UW Base Rent<sup>(1)</sup>** | **Largest Owned Tenants Based on UW Base Rent<sup>(1)</sup>** | **Largest Owned Tenants Based on UW Base Rent<sup>(1)</sup>** |
| <br> **Tenant** | &nbsp;&nbsp;**Credit Rating (Moody's/<br> S&P/Fitch)<sup>(2)</sup>** | &nbsp;&nbsp;**Net Rentable Area (SF)** | &nbsp;&nbsp;**% of Net Rentable Area** | &nbsp;&nbsp;**U/W <br> Base Rent** | &nbsp;&nbsp;**U/W Base Rent <br> Per SF** | &nbsp;&nbsp;**% of Total U/W Base Rent** | &nbsp;&nbsp;**Lease Expiration** | &nbsp;&nbsp;**Sales PSF<sup>(3)</sup>** | &nbsp;&nbsp;**Occupancy Cost<sup>(3)</sup>** | &nbsp;&nbsp;**Renewal Options** |
| Marshalls/HomeGoods | &nbsp;&nbsp;A2/A/NR | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 12.6% | &nbsp;&nbsp;$800000 | &nbsp;&nbsp;$16.00 | &nbsp;&nbsp;13.1% | &nbsp;&nbsp;3/31/2030 | &nbsp;&nbsp;$496.25 | &nbsp;&nbsp;3.2% | &nbsp;&nbsp;2, 5-year options &nbsp;&nbsp;N |
| Regal Cinemas<sup>(4)</sup> | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp; 46504 | &nbsp;&nbsp; 11.7% | &nbsp;&nbsp;$550000 | &nbsp;&nbsp;$11.83 | &nbsp;&nbsp; 9.0% | &nbsp;&nbsp;12/31/2031 | &nbsp;&nbsp;$73.58 | &nbsp;&nbsp;16.1% | &nbsp;&nbsp;3, 5-year options &nbsp;&nbsp;N |
| Belk | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp; 75473 | &nbsp;&nbsp; 18.9% | &nbsp;&nbsp;$471706 | &nbsp;&nbsp; $6.25 | &nbsp;&nbsp; 7.7% | &nbsp;&nbsp;3/4/2030 | &nbsp;&nbsp;$58.15 | &nbsp;&nbsp;10.7% | &nbsp;&nbsp;4, 5-year options &nbsp;&nbsp;N |
| Michaels | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp; 21300 | &nbsp;&nbsp; 5.3% | &nbsp;&nbsp;$330150 | &nbsp;&nbsp;$15.50 | &nbsp;&nbsp; 5.4% | &nbsp;&nbsp;3/31/2030 | &nbsp;&nbsp;$144.56 | &nbsp;&nbsp;10.7% | &nbsp;&nbsp;1, 5-year option &nbsp;&nbsp;N |
| Petco | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp; 13500 | &nbsp;&nbsp; 3.4% | &nbsp;&nbsp;$271080 | &nbsp;&nbsp;$20.08 | &nbsp;&nbsp; 4.5% | &nbsp;&nbsp;3/31/2030 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;1, 5-year option &nbsp;&nbsp;N |
| Ulta Beauty | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp; 9998 | &nbsp;&nbsp; 2.5% | &nbsp;&nbsp;$208958 | &nbsp;&nbsp;$20.90 | &nbsp;&nbsp; 3.4% | &nbsp;&nbsp;3/31/2030 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;3, 5-year options &nbsp;&nbsp;N |
| Five Below | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp; 11989 | &nbsp;&nbsp; 3.0% | &nbsp;&nbsp;$191824 | &nbsp;&nbsp;$16.00 | &nbsp;&nbsp; 3.2% | &nbsp;&nbsp;1/31/2032 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;3, 5-year options &nbsp;&nbsp;N |
| Red Robin | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 1.5% | &nbsp;&nbsp;$183660 | &nbsp;&nbsp;$30.61 | &nbsp;&nbsp; 3.0% | &nbsp;&nbsp;3/31/2030 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;2, 5-year options &nbsp;&nbsp;N |
| AT&T | &nbsp;&nbsp;Baa2/BBB/NR | &nbsp;&nbsp; 4003 | &nbsp;&nbsp; 1.0% | &nbsp;&nbsp;$171088 | &nbsp;&nbsp;$42.74 | &nbsp;&nbsp; 2.8% | &nbsp;&nbsp;2/28/2030 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;1, 5-year option &nbsp;&nbsp;N |
| Sola Salon<sup>(5)</sup> | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp; 8952 | &nbsp;&nbsp; 2.2% | &nbsp;&nbsp;$164939 | &nbsp;&nbsp;$18.42 | &nbsp;&nbsp; 2.7% | &nbsp;&nbsp;11/30/2035 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;1, 10-year option &nbsp;&nbsp;N |
| **Largest Tenants / Wtd. Avg.** |  | &nbsp;&nbsp;**247719** | &nbsp;&nbsp; **62.2%** | &nbsp;&nbsp;**$3343406** | &nbsp;&nbsp;**$13.50** | &nbsp;&nbsp; 54.9% |  |  |  |  |
| Remaining Tenants |  | &nbsp;&nbsp;119496 | &nbsp;&nbsp; 30.0% | &nbsp;&nbsp;$2745137 | &nbsp;&nbsp;$22.97 | &nbsp;&nbsp; 45.1% |  |  |  |  |
| **Occ. Subtotal / Wtd Avg** |  | &nbsp;&nbsp;**367215** | &nbsp;&nbsp; **92.2%** | &nbsp;&nbsp;**$6088543** | &nbsp;&nbsp;**$16.58** | &nbsp;&nbsp;**100.0%** |  |  |  |  |
| Vacant Space (Owned) |  | &nbsp;&nbsp; 31116 | &nbsp;&nbsp; 7.8% |  |  |  |  |  |  |  |
| **Totals/ Wtd. Avg. All Owned Tenants** |  | &nbsp;&nbsp;**398331** | &nbsp;&nbsp;**100.0%** |  |  |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Based on the underwritten rent roll dated September 30, 2025, inclusive of rent
steps through October 1, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Sales PSF and Occupancy Cost is based on TTM July 2025 sales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Regal Cinemas recently executed a 5-year renewal option early. The extension period will commence on January
1, 2027.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Sola Salon executed a lease and its space is currently under construction. The
lease commencement date is estimated to be December 1, 2025. We cannot guarantee that Sola Salon will take occupancy as expected or at
all. Sola Salon will also use a 1,539 SF unit at the property for storage.

A-3-96

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; Retail – Anchored<br> 5501 South Williamson Boulevard<br> Port Orange, FL 32128 | &nbsp;&nbsp; Collateral Asset Summary – Loan No. 13<br> **Pavilion at Port Orange** | &nbsp;&nbsp; **Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp; $43,000,000<br> 41.4%<br> 2.28x<br> 15.0% |

---

The following table presents certain information relating to the lease rollover schedule at the Pavilion at Port Orange property, based on the initial lease expiration dates:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &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 Ending December 31** | &nbsp;&nbsp;**Expiring Owned GLA** | &nbsp;&nbsp;**% of Owned GLA** | &nbsp;&nbsp;**Cumulative % of Owned GLA** | &nbsp;&nbsp;**U/W Base Rent** | &nbsp;&nbsp;**% of Total U/W Base Rent** | &nbsp;&nbsp;**U/W Base Rent $ per SF** | &nbsp;&nbsp;**# of Expiring Leases** |
| &nbsp;&nbsp;2025 & MTM | &nbsp;&nbsp;1547 | &nbsp;&nbsp;0.4% | &nbsp;&nbsp;0.4% | &nbsp;&nbsp;$46410 | &nbsp;&nbsp;0.8% | &nbsp;&nbsp;$30.00 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;2026 | &nbsp;&nbsp;17062 | &nbsp;&nbsp;4.3% | &nbsp;&nbsp;4.7% | &nbsp;&nbsp;$370400 | &nbsp;&nbsp;6.1% | &nbsp;&nbsp;$21.71 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;2027 | &nbsp;&nbsp;21164 | &nbsp;&nbsp;5.3% | &nbsp;&nbsp;10.0% | &nbsp;&nbsp;$450563 | &nbsp;&nbsp;7.4% | &nbsp;&nbsp;$21.29 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;2028 | &nbsp;&nbsp;13473 | &nbsp;&nbsp;3.4% | &nbsp;&nbsp;13.4% | &nbsp;&nbsp;$337734 | &nbsp;&nbsp;5.5% | &nbsp;&nbsp;$25.07 | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;2029 | &nbsp;&nbsp;9425 | &nbsp;&nbsp;2.4% | &nbsp;&nbsp;15.7% | &nbsp;&nbsp;$276816 | &nbsp;&nbsp;4.5% | &nbsp;&nbsp;$29.37 | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;2030 | &nbsp;&nbsp;197856 | &nbsp;&nbsp;49.7% | &nbsp;&nbsp;65.4% | &nbsp;&nbsp;$2698255 | &nbsp;&nbsp;44.3% | &nbsp;&nbsp;$13.64 | &nbsp;&nbsp;11 |
| &nbsp;&nbsp;2031 | &nbsp;&nbsp;62269 | &nbsp;&nbsp;15.6% | &nbsp;&nbsp;81.0% | &nbsp;&nbsp;$1015240 | &nbsp;&nbsp;16.7% | &nbsp;&nbsp;$16.30 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;2032 | &nbsp;&nbsp;11989 | &nbsp;&nbsp;3.0% | &nbsp;&nbsp;84.0% | &nbsp;&nbsp;$191824 | &nbsp;&nbsp;3.2% | &nbsp;&nbsp;$16.00 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;2033 | &nbsp;&nbsp;1600 | &nbsp;&nbsp;0.4% | &nbsp;&nbsp;84.4% | &nbsp;&nbsp;$41599 | &nbsp;&nbsp;0.7% | &nbsp;&nbsp;$26.00 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;2034 | &nbsp;&nbsp;11092 | &nbsp;&nbsp;2.8% | &nbsp;&nbsp;87.2% | &nbsp;&nbsp;$210853 | &nbsp;&nbsp;3.5% | &nbsp;&nbsp;$19.01 | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;2035 | &nbsp;&nbsp;19738 | &nbsp;&nbsp;5.0% | &nbsp;&nbsp;92.2% | &nbsp;&nbsp;$448847 | &nbsp;&nbsp;7.4% | &nbsp;&nbsp;$22.74 | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;2036 & Thereafter | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;92.2% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Vacant | &nbsp;&nbsp;31116 | &nbsp;&nbsp;7.8% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**Total / Wtd. Avg.** | &nbsp;&nbsp;**398331** | &nbsp;&nbsp;**100.0%** |  | &nbsp;&nbsp;**$6088543** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$16.58** | &nbsp;&nbsp;**54** |

---

(1) Based on the underwritten rent roll dated September 30, 2025, inclusive of rent
steps through October 1, 2026.

(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.

The following table presents certain information relating to recent comparable sales near the Pavilion at Port Orange property:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Comparable Sales Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Sales Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Sales Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Sales Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Sales Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Sales Summary<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property** | &nbsp;&nbsp;**CityPlace Doral** | &nbsp;&nbsp;**7940 Via Dellagio** | &nbsp;&nbsp;**Waterford Lakes Town Center** | &nbsp;&nbsp;**Nature Coast Commons** | &nbsp;&nbsp;**Lee Vista Promenade Shopping Center** |
| &nbsp;&nbsp;Location | &nbsp;&nbsp;Doral, FL | &nbsp;&nbsp;Orlando, FL | &nbsp;&nbsp;Orlando, FL | &nbsp;&nbsp;Spring Hill, FL | &nbsp;&nbsp;Orlando, FL |
| &nbsp;&nbsp;Year Built (Renovated) | &nbsp;&nbsp;2017 | &nbsp;&nbsp;2008 | &nbsp;&nbsp;1998 | &nbsp;&nbsp;2009 (2018) | &nbsp;&nbsp;2016 |
| &nbsp;&nbsp;Rentable Area (SF) | &nbsp;&nbsp;235096 | &nbsp;&nbsp;109489 | &nbsp;&nbsp;692787 | &nbsp;&nbsp;202894 | &nbsp;&nbsp;313981 |
| &nbsp;&nbsp;Occupancy | &nbsp;&nbsp;82% | &nbsp;&nbsp;91% | &nbsp;&nbsp;99% | &nbsp;&nbsp;99% | &nbsp;&nbsp;97% |
| &nbsp;&nbsp;Transaction Date | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;March 2025 | &nbsp;&nbsp;October 2024 | &nbsp;&nbsp;August 2024 | &nbsp;&nbsp;July 2024 |
| &nbsp;&nbsp;Cap Rate | &nbsp;&nbsp;6.56% | &nbsp;&nbsp;6.41% | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;6.80% |

---

(1) Source: Appraisal

A-3-97

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; Retail – Anchored<br> 5501 South Williamson Boulevard<br> Port Orange, FL 32128 | &nbsp;&nbsp; Collateral Asset Summary – Loan No. 13<br> **Pavilion at Port Orange** | &nbsp;&nbsp; **Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp; $43,000,000<br> 41.4%<br> 2.28x<br> 15.0% |

---

The following table presents certain information relating to the historical operating performance and Underwritten Net Cash Flow at the Pavilion at Port Orange property:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** |
|  | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**TTM 8/31/2025** | &nbsp;&nbsp;**Underwritten** | &nbsp;&nbsp;**U/W Per SF<sup>(2)</sup>** |
| &nbsp;&nbsp;**Base Rental Revenue** | &nbsp;&nbsp;**$5562007** | &nbsp;&nbsp;**$5734300** | &nbsp;&nbsp;**$5459983** | &nbsp;&nbsp;**$5542542** | &nbsp;&nbsp;**$5745548** | &nbsp;&nbsp;**$6150817** | &nbsp;&nbsp;**$15.44** |
| &nbsp;&nbsp;Overage / Percentage Rent | &nbsp;&nbsp;37854 | &nbsp;&nbsp;62196 | &nbsp;&nbsp;74038 | &nbsp;&nbsp;8931 | &nbsp;&nbsp;21167 | &nbsp;&nbsp;17950 | &nbsp;&nbsp;0.05 |
| &nbsp;&nbsp;Kiosks / Temporary / <br> Specialty | &nbsp;&nbsp;126650 | &nbsp;&nbsp;116166 | &nbsp;&nbsp;106847 | &nbsp;&nbsp;61705 | &nbsp;&nbsp;28321 | &nbsp;&nbsp;57224 | &nbsp;&nbsp;0.14 |
| &nbsp;&nbsp;Total Commercial <br> Reimbursement Revenue | &nbsp;&nbsp;1406150 | &nbsp;&nbsp;1495660 | &nbsp;&nbsp;1449997 | &nbsp;&nbsp;1472279 | &nbsp;&nbsp;1501475 | &nbsp;&nbsp;1622685 | &nbsp;&nbsp;4.07 |
| &nbsp;&nbsp;Other Revenue Adjustments | &nbsp;&nbsp;525134 | &nbsp;&nbsp;515598 | &nbsp;&nbsp;510686 | &nbsp;&nbsp;510686 | &nbsp;&nbsp;510686 | &nbsp;&nbsp;510686 | &nbsp;&nbsp;1.28 |
| &nbsp;&nbsp;Market Revenue from Vacant <br> Units | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;838744 | &nbsp;&nbsp;2.11 |
| &nbsp;&nbsp;Other Revenue | &nbsp;&nbsp;95960 | &nbsp;&nbsp;177990 | &nbsp;&nbsp;163688 | &nbsp;&nbsp;135662 | &nbsp;&nbsp;144943 | &nbsp;&nbsp;123396 | &nbsp;&nbsp;0.31 |
| &nbsp;&nbsp;**Potential Gross Revenue** | &nbsp;&nbsp;**$7753755** | &nbsp;&nbsp;**$8101910** | &nbsp;&nbsp;**$7765238** | &nbsp;&nbsp;**$7731805** | &nbsp;&nbsp;**$7952139** | &nbsp;&nbsp;**$9321500** | &nbsp;&nbsp;**$23.40** |
| &nbsp;&nbsp;Vacancy Loss | &nbsp;&nbsp;(39687) | &nbsp;&nbsp;(236) | &nbsp;&nbsp;(236) | &nbsp;&nbsp;(6648) | &nbsp;&nbsp;(15043) | &nbsp;&nbsp;(838744) | &nbsp;&nbsp;(2.11) |
| &nbsp;&nbsp;Commercial Credit Loss | &nbsp;&nbsp;(571432) | &nbsp;&nbsp;304778 | &nbsp;&nbsp;50557 | &nbsp;&nbsp;(41385) | &nbsp;&nbsp;(48987) | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00 |
| &nbsp;&nbsp;**Effective Gross Revenue** | &nbsp;&nbsp;**$7142636** | &nbsp;&nbsp;**$8406452** | &nbsp;&nbsp;**$7815559** | &nbsp;&nbsp;**$7683772** | &nbsp;&nbsp;**$7888109** | &nbsp;&nbsp;**$8482756** | &nbsp;&nbsp;**$21.30** |
| &nbsp;&nbsp;Real Estate Taxes | &nbsp;&nbsp;774478 | &nbsp;&nbsp;775025 | &nbsp;&nbsp;776078 | &nbsp;&nbsp;780048 | &nbsp;&nbsp;772558 | &nbsp;&nbsp;806856 | &nbsp;&nbsp;2.03 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;156977 | &nbsp;&nbsp;123798 | &nbsp;&nbsp;65516 | &nbsp;&nbsp;121754 | &nbsp;&nbsp;109623 | &nbsp;&nbsp;120675 | &nbsp;&nbsp;0.30 |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;213985 | &nbsp;&nbsp;225080 | &nbsp;&nbsp;204287 | &nbsp;&nbsp;208809 | &nbsp;&nbsp;171566 | &nbsp;&nbsp;188530 | &nbsp;&nbsp;0.47 |
| &nbsp;&nbsp;Repairs & Maintenance | &nbsp;&nbsp;453177 | &nbsp;&nbsp;463495 | &nbsp;&nbsp;495436 | &nbsp;&nbsp;637464 | &nbsp;&nbsp;563280 | &nbsp;&nbsp;466143 | &nbsp;&nbsp;1.17 |
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp;180595 | &nbsp;&nbsp;226731 | &nbsp;&nbsp;225689 | &nbsp;&nbsp;206072 | &nbsp;&nbsp;218830 | &nbsp;&nbsp;254483 | &nbsp;&nbsp;0.64 |
| &nbsp;&nbsp;Payroll (Office, Security,<br> Maintenance) | &nbsp;&nbsp;76717 | &nbsp;&nbsp;110225 | &nbsp;&nbsp;111383 | &nbsp;&nbsp;113505 | &nbsp;&nbsp;104611 | &nbsp;&nbsp;73394 | &nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;Advertising | &nbsp;&nbsp;10635 | &nbsp;&nbsp;11592 | &nbsp;&nbsp;12168 | &nbsp;&nbsp;13218 | &nbsp;&nbsp;7190 | &nbsp;&nbsp;9171 | &nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;Other Expenses | &nbsp;&nbsp;164857 | &nbsp;&nbsp;105971 | &nbsp;&nbsp;104673 | &nbsp;&nbsp;121759 | &nbsp;&nbsp;104026 | &nbsp;&nbsp;96200 | &nbsp;&nbsp;0.24 |
| &nbsp;&nbsp;**Total Expenses** | &nbsp;&nbsp;**$2031422** | &nbsp;&nbsp;**$2041917** | &nbsp;&nbsp;**$1995229** | &nbsp;&nbsp;**$2202628** | &nbsp;&nbsp;**$2051683** | &nbsp;&nbsp;**$2015452** | &nbsp;&nbsp;**$5.06** |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$5111214** | &nbsp;&nbsp;**$6364535** | &nbsp;&nbsp;**$5820330** | &nbsp;&nbsp;**$5481144** | &nbsp;&nbsp;**$5836427** | &nbsp;&nbsp;**$6467304** | &nbsp;&nbsp;**$16.24** |
| &nbsp;&nbsp;Replacement Reserves | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;108321 | &nbsp;&nbsp;0.27 |
| &nbsp;&nbsp;Tenant Improvements | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;208971 | &nbsp;&nbsp;0.52 |
| &nbsp;&nbsp;Leasing Commissions | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;260482 | &nbsp;&nbsp;0.65 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$5111214** | &nbsp;&nbsp;**$6364535** | &nbsp;&nbsp;**$5820330** | &nbsp;&nbsp;**$5481144** | &nbsp;&nbsp;**$5836427** | &nbsp;&nbsp;**$5889531** | &nbsp;&nbsp;**$14.79** |
| &nbsp;&nbsp;**Physical Occupancy** | &nbsp;&nbsp;**88.0%** | &nbsp;&nbsp;**90.3%** | &nbsp;&nbsp;**89.6%** | &nbsp;&nbsp;**88.6%** | &nbsp;&nbsp;**89.6%** | &nbsp;&nbsp;**90.0%<sup>(3)</sup>** |  |
| &nbsp;&nbsp;**NCF DSCR** | &nbsp;&nbsp;**1.98x** | &nbsp;&nbsp;**2.46x** | &nbsp;&nbsp;**2.25x** | &nbsp;&nbsp;**2.12x** | &nbsp;&nbsp;**2.26x** | &nbsp;&nbsp;**2.28x** |  |
| &nbsp;&nbsp;**NOI Debt Yield** | &nbsp;&nbsp;**11.9%** | &nbsp;&nbsp;**14.8%** | &nbsp;&nbsp;**13.5%** | &nbsp;&nbsp;**12.7%** | &nbsp;&nbsp;**13.6%** | &nbsp;&nbsp;**15.0%** |  |

---

(1) Based on the underwritten rent roll dated September 30, 2025, inclusive of rent steps through October
1, 2026.

(2) PSF is based on 398,331 SF.

(3) Represents economic occupancy.

A-3-98

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Hospitality – Full Service<br> 15 East Liberty Street<br> Savannah, GA 31401 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 14<br> **The DeSoto** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$42,000,000<br> 55.9%<br> 1.72x<br> 14.5% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Loan Seller:** | &nbsp;&nbsp;CREFI | &nbsp;&nbsp;**Single Asset / Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;**Property Type – Subtype:** | &nbsp;&nbsp;Hospitality - Full Service |
| &nbsp;&nbsp;**Borrower Sponsor(s):** | &nbsp;&nbsp;Sotherly Hotels LP | &nbsp;&nbsp;**Collateral:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Borrower(s):** | &nbsp;&nbsp;Savannah Hotel Associates LLC | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;Savannah, GA |
| &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;$42000000 | &nbsp;&nbsp;**Year Built / Renovated:** | &nbsp;&nbsp;1968 / 2024 |
| &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$42000000 | &nbsp;&nbsp;**Property Management:** | &nbsp;&nbsp;Our Town Hospitality LLC |
| &nbsp;&nbsp;**% by Initial UPB:** | &nbsp;&nbsp;3.2% | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;246 Rooms |
| &nbsp;&nbsp;**Interest Rate:** | &nbsp;&nbsp;7.13000% | &nbsp;&nbsp;**Appraised Value / Per Room:** | &nbsp;&nbsp;$75,100,000 / $305,285 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;September 12, 2025 | &nbsp;&nbsp;**Appraisal Date:** | &nbsp;&nbsp;August 18, 2025 |
| &nbsp;&nbsp;**Original Term:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**Occupancy:** | &nbsp;&nbsp;71.2% (as of July 31, 2025) |
| &nbsp;&nbsp;**Amortization:** | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;**UW Economic Occupancy:** | &nbsp;&nbsp;71.2% |
| &nbsp;&nbsp;**Original Amortization:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Underwritten NOI:** | &nbsp;&nbsp;$6101787 |
| &nbsp;&nbsp;**Interest Only Period:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**Underwritten NCF:** | &nbsp;&nbsp;$5213757 |
| &nbsp;&nbsp;**First Payment Date:** | &nbsp;&nbsp;November 6, 2025 |  |  |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;October 6, 2030 | &nbsp;&nbsp;**Historical NOI** | &nbsp;&nbsp;**Historical NOI** |
| &nbsp;&nbsp;**Additional Debt Type:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Most Recent NOI:** | &nbsp;&nbsp;$5,879,718 (TTM July 31, 2025) |
| &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**2024 NOI:** | &nbsp;&nbsp;$6432557 |
| &nbsp;&nbsp;**Call Protection:** | &nbsp;&nbsp;L(24),D(29),O(7) | &nbsp;&nbsp;**2023 NOI:** | &nbsp;&nbsp;$6009060 |
| &nbsp;&nbsp;**Lockbox / Cash Management:** | &nbsp;&nbsp;Hard / Springing | &nbsp;&nbsp;**2022 NOI:** | &nbsp;&nbsp;$4978898 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Financial Information** | &nbsp;&nbsp;**Financial Information** |
|  | &nbsp;&nbsp;**Initial** | &nbsp;&nbsp;**Monthly** | &nbsp;&nbsp;**Cap** | &nbsp;&nbsp;**Cut-off Date Loan / Room:** | $170732 |
| &nbsp;&nbsp;**Taxes:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$23679 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date Loan / Room:** | $170732 |
| &nbsp;&nbsp;**Insurance<sup>(1)</sup>:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Cut-off Date LTV:** | 55.9% |
| &nbsp;&nbsp;**FF&E:** | &nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$73225 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date LTV:** | 55.9% |
| &nbsp;&nbsp;**Deferred Maintenance:** | &nbsp;&nbsp;$39025 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**UW NOI DY:** | 14.5% |
| &nbsp;&nbsp;**Other<sup>(2)</sup>:** | &nbsp;&nbsp;$829532 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**UW NCF DSCR:** | 1.72x |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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;$42000000 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;Loan Payoff | &nbsp;&nbsp;$33472070 | &nbsp;&nbsp;79.7% |
|  |  |  | &nbsp;&nbsp;Borrower Sponsor Equity | &nbsp;&nbsp;5707921 | &nbsp;&nbsp;13.6 |
|  |  |  | &nbsp;&nbsp;Upfront Reserves | &nbsp;&nbsp;1868557 | &nbsp;&nbsp;4.4 |
|  |  |  | &nbsp;&nbsp;Closing Costs | &nbsp;&nbsp;951452 | &nbsp;&nbsp;2.3 |
| &nbsp;&nbsp;**Total Sources** | &nbsp;&nbsp;**$42000000** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses** | &nbsp;&nbsp;**$42000000** | &nbsp;&nbsp;**100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) At the option of the lender, if the liability or casualty insurance policy maintained by the borrower
covering The DeSoto property does not constitute an approved blanket or umbrella policy pursuant to The DeSoto mortgage loan documents,
the borrower is required to deposit into an insurance reserve, on a monthly basis, 1/12th of the amount which will be sufficient to pay
the insurance premiums due for the renewal of coverage afforded by such policies upon the expiration thereof. At origination, a blanket
policy was in place.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Other Reserves are comprised of (i) an initial seasonality reserve of approximately $614,616, (ii) an
initial balcony renovation reserve of approximately $214,916, and (iii) a springing monthly seasonality reserve.

 ****

The following table presents certain information relating to the estimated demand analysis as of the trailing twelve months ending July 2025 with respect to The DeSoto property based on market segmentation, as provided by a third-party market research report:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Demand Segmentation<sup>(1)</sup>** | &nbsp;&nbsp;**Demand Segmentation<sup>(1)</sup>** | &nbsp;&nbsp;**Demand Segmentation<sup>(1)</sup>** | &nbsp;&nbsp;**Demand Segmentation<sup>(1)</sup>** | &nbsp;&nbsp;**Demand Segmentation<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property** | &nbsp;&nbsp;**Rooms** | &nbsp;&nbsp;**Transient** | &nbsp;&nbsp;**Group** | &nbsp;&nbsp;**Contract** |
| &nbsp;&nbsp;**The DeSoto** | &nbsp;&nbsp;246 | &nbsp;&nbsp;58.5% | &nbsp;&nbsp;41.4% | &nbsp;&nbsp;0.1% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Source: Third-party hospitality research report.

A-3-99

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Hospitality – Full Service<br> 15 East Liberty Street<br> Savannah, GA 31401 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 14<br> **The DeSoto** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$42,000,000<br> 55.9%<br> 1.72x<br> 14.5% |

---

The following table presents certain information relating to the current and historical Occupancy, ADR and RevPAR at The DeSoto property and its competitors:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Occupancy, ADR, RevPAR<sup>(1)</sup>** | &nbsp;&nbsp;**Occupancy, ADR, RevPAR<sup>(1)</sup>** | &nbsp;&nbsp;**Occupancy, ADR, RevPAR<sup>(1)</sup>** | &nbsp;&nbsp;**Occupancy, ADR, RevPAR<sup>(1)</sup>** | &nbsp;&nbsp;**Occupancy, ADR, RevPAR<sup>(1)</sup>** | &nbsp;&nbsp;**Occupancy, ADR, RevPAR<sup>(1)</sup>** | &nbsp;&nbsp;**Occupancy, ADR, RevPAR<sup>(1)</sup>** | &nbsp;&nbsp;**Occupancy, ADR, RevPAR<sup>(1)</sup>** | &nbsp;&nbsp;**Occupancy, ADR, RevPAR<sup>(1)</sup>** | &nbsp;&nbsp;**Occupancy, ADR, RevPAR<sup>(1)</sup>** |
|  | &nbsp;&nbsp;**The DeSoto <sup>(2)</sup>** | &nbsp;&nbsp;**The DeSoto <sup>(2)</sup>** | &nbsp;&nbsp;**The DeSoto <sup>(2)</sup>** | &nbsp;&nbsp;**Competitive Set<sup>(3)</sup>** | &nbsp;&nbsp;**Competitive Set<sup>(3)</sup>** | &nbsp;&nbsp;**Competitive Set<sup>(3)</sup>** | &nbsp;&nbsp;**Penetration Factor<sup>(4)</sup>** | &nbsp;&nbsp;**Penetration Factor<sup>(4)</sup>** | &nbsp;&nbsp;**Penetration Factor<sup>(4)</sup>** |
| &nbsp;&nbsp;**Period** | &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** |
| 2021 | 59.2% | $186.74 | $110.63 | 69.4% | $190.30 | $132.09 | 85.3% | 98.1% | 83.8% |
| 2022 | 65.7% | $213.45 | $140.29 | 76.6% | $220.10 | $168.49 | 85.9% | 97.0% | 83.3% |
| 2023 | 69.2% | $212.85 | $147.34 | 78.5% | $219.42 | $172.21 | 88.2% | 97.0% | 85.6% |
| 2024 | 72.4% | $211.51 | $153.15 | 75.4% | $223.58 | $168.67 | 96.0% | 94.6% | 90.8% |
| TTM 7/31/2025 | 71.2% | $210.29 | $149.75 | 73.0% | $218.50 | $159.57 | 97.5% | 96.2% | 93.8% |

---

(1) Variances between the underwriting, the appraisal and the above table with respect to Occupancy, ADR and
RevPAR at The DeSoto property are attributable to variances in reporting methodologies and/or timing differences.

(2) Occupancy, ADR and RevPAR for The DeSoto property are based on the underwritten cash flow.

(3) Occupancy, ADR and RevPAR for the Competitive Set are based on data provided by a third-party hospitality
research report. The Competitive Set includes Marriott Savannah Riverfront, Hyatt Regency Savannah, The Kimpton Brice, Hotel Indigo Savannah
Historic District, and The Westin Savannah Harbor Golf Resort & Spa.

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

A-3-100

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Hospitality – Full Service<br> 15 East Liberty Street<br> Savannah, GA 31401 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 14<br> **The DeSoto** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$42,000,000<br> 55.9%<br> 1.72x<br> 14.5% |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Cash Flow Analysis** | **Cash Flow Analysis** | **Cash Flow Analysis** | **Cash Flow Analysis** | **Cash Flow Analysis** | **Cash Flow Analysis** | **Cash Flow Analysis** | **Cash Flow Analysis** |
|  | **2021** | **2022** | **2023** | **2024** | **TTM 7/31/2025** | **UW** | **UW Per Room<sup>(1)</sup>** |
| Occupancy (%) | 59.24% | 65.72% | 69.22% | 72.41% | 71.21% | 71.21% |  |
| ADR | $186.74 | $213.45 | $212.85 | $211.51 | $210.29 | $210.29 |  |
| RevPar | $110.63 | $140.29 | $147.34 | $153.15 | $149.75 | $149.75 |  |
| Rooms Revenue | $9933084 | $12596596 | $13229250 | $13789197 | $13445833 | $13445833 | $54657.86 |
| Food & Beverage Revenue | 2487889 | 5212976 | 6903231 | 7296893 | 7012927 | 7012927 | $28507.83 |
| Other Revenue<sup>(2)</sup> | 1026719 | 1443387 | 1317427 | 1511193 | 1553326 | 1553326 | $6314.33 |
| **Total Revenue** | **$13447692** | **$19252959** | **$21449908** | **$22597283** | **$22012086** | **$22012086** | **$89480.02** |
| Rooms Expense | $3030836 | $3501638 | $3187897 | $3360121 | $3221336 | $3221336 | $13094.86 |
| Food & Beverage Expense | 1801425 | 3397010 | 4165417 | 4418943 | 4295230 | 4295230 | $17460.28 |
| Other Departmental Expenses<sup>(3)</sup> | 472312 | 569046 | 536381 | 514875 | 542920 | 542920 | $2206.99 |
| **Departmental Expenses** | **$5304573** | **$7467694** | **$7889695** | **$8293939** | **$8059486** | **$8059486** | **$32762.14** |
| **Departmental Profit** | **$8143119** | **$11785265** | **$13560213** | **$14303344** | **$13952600** | **$13952600** | **$56717.89** |
| Management Fee | $403431 | $577589 | $643497 | $677918 | $660363 | $660363 | $2684.40 |
| Administrative & General | $1124239 | $1396620 | $1695494 | $1757588 | $1707466 | $1707466 | $6940.92 |
| Marketing and Franchise Fee | 1115237 | 1606460 | 1692409 | 1683570 | 1695838 | 1695838 | $6893.65 |
| Other Undistributed Expenses<sup>(4)</sup> | 1844981 | 2293433 | 2396108 | 2603543 | 2623168 | 2623168 | $10663.28 |
| **Total Undistributed Expenses** | **$4487888** | **$5874102** | **$6427508** | **$6722619** | **$6686835** | **$6686835** | **$27182.25** |
| Real Estate Taxes | $0 | $435009 | $431555 | $424766 | $675786 | $514280 | $2090.57 |
| Property Insurance | 346397 | 413324 | 608157 | 648316 | 640337 | 553177 | $2248.69 |
| Rent Expense | 0 | 83932 | 83932 | 75085 | 69924 | 96522 | $392.37 |
| **Net Operating Income** | **$3308834** | **$4978898** | **$6009060** | **$6432557** | **$5879718** | **$6101787** | **$24804.01** |
| FF&E | $537908 | $770118 | $857996 | $903891 | $880483 | $888029 | $3609.88 |
| **Net Cash Flow** | **$2770927** | **$4208779** | **$5151064** | **$5528666** | **$4999235** | **$5213757** | **$21194.14** |
| **NCF DSCR** | **0.91x** | **1.39x** | **1.70x** | **1.82x** | **1.65x** | **1.72x** |  |
| **NOI Debt Yield** | **7.9%** | **11.9%** | **14.3%** | **15.3%** | **14.0%** | **14.5%** |  |

---

(1) Per Room values are based on 246 rooms.

(2) Other Revenue includes proceeds from valet parking, guest laundry, guest communications,
spa services, and gift/sundry shop.

(3) Other Departmental Expenses includes expenses associated with the operation of
valet parking, guest laundry, guest communications, spa services, and gift/sundry shop.

(4) Other Undistributed Expenses include operations and maintenance, heat, power, and
light, and information and telecom expenses.

A-3-101

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Hospitality – Full Service<br> 15 East Liberty Street<br> Savannah, GA 31401 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 14<br> **The DeSoto** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$42,000,000<br> 55.9%<br> 1.72x<br> 14.5% |

---

The following table presents certain information relating to the competitive set of The DeSoto property:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Competitive Set<sup>(1)</sup>** | **Competitive Set<sup>(1)</sup>** | **Competitive Set<sup>(1)</sup>** | **Competitive Set<sup>(1)</sup>** | **Competitive Set<sup>(1)</sup>** | **Competitive Set<sup>(1)</sup>** |
| **Property** | **Number of Rooms** | **Year Built** | **Estimated 2024 Occupancy** | **Estimated 2024 ADR** | **Estimated 2024 RevPar** |
| &nbsp;&nbsp;**The DeSoto<sup>(2)</sup>** | &nbsp;&nbsp;**246** | &nbsp;&nbsp;**1968** | &nbsp;&nbsp;**72.4%** | &nbsp;&nbsp;**$211.51** | &nbsp;&nbsp;**$153.15** |
| &nbsp;&nbsp;Competitive Set<sup>(3)</sup> | &nbsp;&nbsp;1627 | &nbsp;&nbsp;1868-1999 | &nbsp;&nbsp;76.0% | &nbsp;&nbsp;$222.68 | &nbsp;&nbsp;$168.35 |
| &nbsp;&nbsp;**Total Avg. Competitive Set** |  |  | &nbsp;&nbsp;**75.5%** | &nbsp;&nbsp;**$221.21** | &nbsp;&nbsp;**$166.35** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Source: Appraisal. Variances between the underwriting, the appraisal and the above
table with respect to Occupancy, ADR and RevPAR at The DeSoto property are attributable to variances in reporting methodologies and/or
timing differences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Based on the underwritten cash flow.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Competitive Set includes The Westin Savannah Harbor Golf Resort & Spa, Marriott
Savannah Riverfront, Hyatt Regency Savannah, Hotel Indigo Savannah Historic District and The Kimpton Brice.

A-3-102

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Garden<br> 20220 Bellaire Boulevard<br> Richmond, TX 77407 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 15<br> **Haven at Bellaire** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$41,600,000<br> 72.5%<br> 1.27x<br> 8.2% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Loan Seller:** | &nbsp;&nbsp;GACC | &nbsp;&nbsp;**Single Asset / Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;**Property Type – Subtype:** | &nbsp;&nbsp;Multifamily – Garden |
| &nbsp;&nbsp;**Borrower Sponsor(s):** | &nbsp;&nbsp;Samuel Silverman and Jorge Abreu | &nbsp;&nbsp;**Collateral:** | &nbsp;&nbsp;Fee/Leasehold<sup>(2)</sup> |
| &nbsp;&nbsp;**Borrower(s):** | &nbsp;&nbsp;Haven at Bellaire II, LLC | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;Richmond, TX |
| &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;$41600000 | &nbsp;&nbsp;**Year Built / Renovated:** | &nbsp;&nbsp;2020 / NAP |
| &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$41600000 | &nbsp;&nbsp;**Property Management:** | &nbsp;&nbsp;29th Street Property Management LLC |
| &nbsp;&nbsp;**% by Initial UPB:** | &nbsp;&nbsp;3.2% | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;297 Units |
| &nbsp;&nbsp;**Interest Rate:** | &nbsp;&nbsp;6.26200% | &nbsp;&nbsp;**Appraised Value / Per Unit<sup>(3)</sup>:** | &nbsp;&nbsp;$57,400,000 / $193,266 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;September 24, 2025 | &nbsp;&nbsp;**Appraisal Date:** | &nbsp;&nbsp;July 7, 2025 |
| &nbsp;&nbsp;**Original Term:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**Occupancy:** | &nbsp;&nbsp;92.3% (as of July 28, 2025) |
| &nbsp;&nbsp;**Amortization:** | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;**UW Economic Occupancy:** | &nbsp;&nbsp;92.7% |
| &nbsp;&nbsp;**Original Amortization:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Underwritten NOI<sup>(4)</sup>:** | &nbsp;&nbsp;$3416998 |
| &nbsp;&nbsp;**Interest Only Period:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**Underwritten NCF:** | &nbsp;&nbsp;$3342748 |
| &nbsp;&nbsp;**First Payment Date:** | &nbsp;&nbsp;November 6, 2025 |  |  |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;October 6, 2030 | &nbsp;&nbsp;**Historical NOI** | &nbsp;&nbsp;**Historical NOI** |
| &nbsp;&nbsp;**Additional Debt Type<sup>(1)</sup>:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Most Recent NOI<sup>(4)</sup>:** | &nbsp;&nbsp;$2,895,068 (TTM June 30, 2025) |
| &nbsp;&nbsp;**Additional Debt Balance<sup>(1)</sup>:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**2024 NOI** | &nbsp;&nbsp;$2528289 |
| &nbsp;&nbsp;**Call Protection:** | &nbsp;&nbsp;L(12),YM2(44),O(4) | &nbsp;&nbsp;**2023 NOI** | &nbsp;&nbsp;$2726407 |
| &nbsp;&nbsp;**Lockbox / Cash Management:** | &nbsp;&nbsp;Soft / In Place | &nbsp;&nbsp;**2022 NOI** | &nbsp;&nbsp;$2736597 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Financial Information** | &nbsp;&nbsp;**Financial Information** |
|  | &nbsp;&nbsp;**Initial** | &nbsp;&nbsp;**Monthly** | &nbsp;&nbsp;**Cap** |  |  |
| &nbsp;&nbsp;**Taxes:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$132901<sup>(5)</sup> | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Cut-off Date Loan / Unit:** | &nbsp;&nbsp;$140067 |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date Loan / Unit:** | &nbsp;&nbsp;$140067 |
| &nbsp;&nbsp;**Replacement Reserves:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$6188 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Cut-off Date LTV<sup>(3)</sup>:** | &nbsp;&nbsp;72.5% |
|  |  |  |  | &nbsp;&nbsp;**Maturity Date LTV<sup>(3)</sup>:** | &nbsp;&nbsp;72.5% |
|  |  |  |  | &nbsp;&nbsp;**UW NOI DY:** | &nbsp;&nbsp;8.2% |
|  |  |  |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.27x |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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; $41600000 | &nbsp;&nbsp;82.7% | &nbsp;&nbsp;Loan Payoff<sup>(6)</sup>: | &nbsp;&nbsp; $46258889 | &nbsp;&nbsp;92.0% |
| &nbsp;&nbsp;Preferred Equity<sup>(1)</sup>: | &nbsp;&nbsp;8435581 | &nbsp;&nbsp;16.8 | &nbsp;&nbsp;Closing Costs<sup>(7)</sup>: | &nbsp;&nbsp;3521463 | &nbsp;&nbsp;7.0 |
| &nbsp;&nbsp;Borrower Sponsor Equity | &nbsp;&nbsp;270740 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;Preferred Equity Holdback: | &nbsp;&nbsp;525969 | &nbsp;&nbsp;1.0 |
| &nbsp;&nbsp;**Total Sources:** | &nbsp;&nbsp;**$50306321** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses:** | &nbsp;&nbsp;**$50306321** | &nbsp;&nbsp;**100.0%** |

---

(1) AXCS Haven Pref Member, LLC (a key principal under the loan documents), (the "  **<u>Haven PE Member</u>** "),
a subsidiary of AXCS JV LLC, is the preferred equity investor in Haven Pref Joint Venture, LLC (the "  **<u>PE Issuer</u>** ")
an entity that indirectly owns 99.99% of the equity in the borrower. The Haven PE Member is entitled to a preferred return on its investment,
and such investment includes certain subordinate debt like features, including the pledge by the common member of the PE Issuer of its
membership interests in the PE Issuer, and a pledge by the PE Issuer of all of its assets, including its ownership interests in the 99.99%
member of the borrower, to secure the preferred equity investment. The Haven PE Member invested $8,435,581 on the loan origination date
and is required to invest an additional $525,969 upon the Haven at Bellaire property achieving a debt service coverage ratio of 1.45x
for 12 consecutive months.

(2) The mortgaged property includes both the borrower's leasehold interest and the Rosenburg Housing
Authority's (as defined below) fee interest, as described below.

(3) The Appraised Value set forth above is the "Hypothetical As If PFC" value of the Haven at
Bellaire property as of July 7, 2025, which assumes that the Haven at Bellaire property will transition to a public facility corporation
("  **<u>PFC</u>**") program ownership structure whereby it would be transferred to a PFC and then ground leased back to
the borrower, and the leasehold estate owner would qualify for a 100% real estate tax exemption (the "  **<u>Tax Exemption</u>** ")
so long as at least 88 of the 297 multifamily units are set aside for occupancy by households with annual incomes of 80% of the area median
income ("  **<u>AMI</u>**") or less and at least 60 of the 297 multifamily units are set aside for occupancy by households
with annual incomes of 60% of the AMI or less. Pursuant to a regulatory agreement entered into by the borrower with the Housing Authority
of the City of Rosenburg, Texas, a Texas public housing authority (the "  **<u>Rosenburg Housing Authority</u>** "), 87 units
are required to be reserved for households earning 80% of AMI or less, and 62 units for households earning 60% of AMI or less. The appraisal
also provided an "As Is" appraised value of the Haven at Bellaire property of $47,300,000, which results in an Appraised Value/Per
Unit of $159,259, and a Cut-off Date LTV and Maturity Date LTV of 87.9% each.

(4) The increase from the Most Recent NOI to the Underwritten NOI is due to the Haven at Bellaire property
entering into the PFC program and applying to receive the related Tax Exemption, and assumes the Tax Exemption is received. At origination,
the Haven at Bellaire property became encumbered by a 99-year ground lease with the Rosenburg Housing Authority, as lessor, and the borrower,
as lessee, as part of the PFC program. There can be no assurance that the Tax Exemption will be obtained.

(5) The borrower is required to deposit approximately $132,901 into a real estate tax reserve on the monthly
payment dates in November 2025 and December 2025. On each monthly payment date thereafter that the Tax Exemption is not in effect, the
borrower will be required to deposit an amount equal to one-twelfth of the real estate taxes that the lender estimates will be payable
during the next ensuing twelve months (initially, $22,150.17).

(6) Loan Payoff includes $45,658,889.32 to pay off the existing mortgage encumbering the Haven at Bellaire
property, as well as fund a $600,000 loan repayment to Wellwood LLC, which was a limited partner investor of the a parent entity of the
borrower.

(7) Closing costs included a $1,456,000 rate buydown.

A-3-103

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Garden<br> 20220 Bellaire Boulevard<br> Richmond, TX 77407 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 15<br> **Haven at Bellaire** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$41,600,000<br> 72.5%<br> 1.27x<br> 8.2% |

---

The following table presents certain information relating to the unit mix at the Haven at Bellaire property:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** |
| &nbsp;&nbsp; <br>**Unit Type<sup>(2)</sup>** | &nbsp;&nbsp; <br>**# of Units** | &nbsp;&nbsp; <br>**% of Total** | &nbsp;&nbsp; <br>**Occupied Units** | &nbsp;&nbsp; <br>**Occupancy** | &nbsp;&nbsp; <br>**Average Unit Size (SF)** | &nbsp;&nbsp; <br> **Average Monthly Rent per Unit<sup>(3)</sup>** | &nbsp;&nbsp; <br> **Average Monthly Market Rent Per Unit<sup>(4)</sup>** |
| &nbsp;&nbsp;1 BR / 1 BA | &nbsp;&nbsp;189 | &nbsp;&nbsp;63.6% | &nbsp;&nbsp;173 | &nbsp;&nbsp;91.5% | &nbsp;&nbsp;739 | &nbsp;&nbsp;$1234 | &nbsp;&nbsp;$1232 |
| &nbsp;&nbsp;2 BR / 2 BA | &nbsp;&nbsp;108 | &nbsp;&nbsp;36.4% | &nbsp;&nbsp;101 | &nbsp;&nbsp;93.5% | &nbsp;&nbsp;1171 | &nbsp;&nbsp;$1638 | &nbsp;&nbsp;$1829 |
| &nbsp;&nbsp;**Total/Wtd. Avg.** | &nbsp;&nbsp;**297** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**274** | &nbsp;&nbsp;**92.3%** | &nbsp;&nbsp;**896** | &nbsp;&nbsp;**$1382** | &nbsp;&nbsp;**$1449** |

---

(1) Based on the underwritten rent roll dated July 28, 2025.

(2) Pursuant to the PFC regulatory agreement, the Haven at Bellaire property is required
to set aside or rent: (i) no less than 62 units to households earning 60% of AMI or below, (ii) at least 5 of such units must be reserved
for rental to low income households that utilize or intend to utilize a housing choice voucher allocated by the Housing Authority, and
(iii) no less than 87 units to households earning 80% of AMI or below.

(3) Average Monthly Rent per Unit is based on occupied units.

(4) Source: Appraisal.

The following table presents certain information relating to the historical operating performance and Underwritten Net Cash Flow at the Haven at Bellaire property:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** |
|  | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**TTM (6/30/2025)** | &nbsp;&nbsp;**U/W** | &nbsp;&nbsp;**U/W Per Unit** |
| &nbsp;&nbsp;Gross Potential Rent | &nbsp;&nbsp;$5207844 | &nbsp;&nbsp;$5436973 | &nbsp;&nbsp;$4913856 | &nbsp;&nbsp;$5007454 | &nbsp;&nbsp;$4924077 | &nbsp;&nbsp;$16579 |
| &nbsp;&nbsp;Vacancy | &nbsp;&nbsp; (555756) | &nbsp;&nbsp; (725558) | &nbsp;&nbsp; (568428) | &nbsp;&nbsp; (414534) | &nbsp;&nbsp; (359913) | &nbsp;&nbsp; (1212) |
| &nbsp;&nbsp;Bad Debt | &nbsp;&nbsp; (45939) | &nbsp;&nbsp; (64131) | &nbsp;&nbsp; (20024) | &nbsp;&nbsp;37901 | &nbsp;&nbsp; (24372) | &nbsp;&nbsp; (82) |
| &nbsp;&nbsp;Concessions | &nbsp;&nbsp; (16497) | &nbsp;&nbsp; (48118) | &nbsp;&nbsp; (99911) | &nbsp;&nbsp; (43362) | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Net Rental Income** | &nbsp;&nbsp;**$4589652** | &nbsp;&nbsp;**$4599166** | &nbsp;&nbsp;**$4225493** | &nbsp;&nbsp;**$4587458** | &nbsp;&nbsp;**$4539792** | &nbsp;&nbsp;**$15285** |
| &nbsp;&nbsp;Parking Income | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;50040 | &nbsp;&nbsp;168 |
| &nbsp;&nbsp;Utility Reimbursement | &nbsp;&nbsp;216432 | &nbsp;&nbsp;213677 | &nbsp;&nbsp;255657 | &nbsp;&nbsp;256185 | &nbsp;&nbsp;256905 | &nbsp;&nbsp;865 |
| &nbsp;&nbsp;General Other Income | &nbsp;&nbsp;362535 | &nbsp;&nbsp;399367 | &nbsp;&nbsp;329803 | &nbsp;&nbsp;312367 | &nbsp;&nbsp;267300 | &nbsp;&nbsp;900 |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$5168619** | &nbsp;&nbsp;**$5212210** | &nbsp;&nbsp;**$4810952** | &nbsp;&nbsp;**$5156010** | &nbsp;&nbsp;**$5114037** | &nbsp;&nbsp;**$17219** |
| &nbsp;&nbsp;Real Estate Taxes<sup>(2)</sup> | &nbsp;&nbsp; 991230 | &nbsp;&nbsp; 773707 | &nbsp;&nbsp; 697136 | &nbsp;&nbsp; 592523 | &nbsp;&nbsp; 17051 | &nbsp;&nbsp; 57 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp; 133774 | &nbsp;&nbsp; 383392 | &nbsp;&nbsp; 166597 | &nbsp;&nbsp; 207268 | &nbsp;&nbsp; 212343 | &nbsp;&nbsp; 715 |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp; 375755 | &nbsp;&nbsp; 307131 | &nbsp;&nbsp; 419207 | &nbsp;&nbsp; 425932 | &nbsp;&nbsp; 415800 | &nbsp;&nbsp; 1400 |
| &nbsp;&nbsp;Repairs and Maintenance | &nbsp;&nbsp; 184421 | &nbsp;&nbsp; 276222 | &nbsp;&nbsp; 255716 | &nbsp;&nbsp; 278823 | &nbsp;&nbsp; 274725 | &nbsp;&nbsp; 925 |
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp; 113415 | &nbsp;&nbsp; 111908 | &nbsp;&nbsp; 112839 | &nbsp;&nbsp; 119057 | &nbsp;&nbsp; 153421 | &nbsp;&nbsp; 517 |
| &nbsp;&nbsp;Payroll and Benefits | &nbsp;&nbsp; 401328 | &nbsp;&nbsp; 432599 | &nbsp;&nbsp; 434684 | &nbsp;&nbsp; 463423 | &nbsp;&nbsp; 445500 | &nbsp;&nbsp; 1500 |
| &nbsp;&nbsp;Marketing | &nbsp;&nbsp; 114425 | &nbsp;&nbsp; 96111 | &nbsp;&nbsp; 114629 | &nbsp;&nbsp; 103155 | &nbsp;&nbsp; 89100 | &nbsp;&nbsp; 300 |
| &nbsp;&nbsp;General and Administrative | &nbsp;&nbsp; 117674 | &nbsp;&nbsp; 104734 | &nbsp;&nbsp; 81854 | &nbsp;&nbsp; 70761 | &nbsp;&nbsp; 89100 | &nbsp;&nbsp; 300 |
| &nbsp;&nbsp;**Total Expenses** | &nbsp;&nbsp; **$2432022** | &nbsp;&nbsp; **$2485803** | &nbsp;&nbsp; **$2282664** | &nbsp;&nbsp; **$2260942** | &nbsp;&nbsp; **$1697040** | &nbsp;&nbsp; **$5714** |
| &nbsp;&nbsp;**Net Operating Income**<sup>(3)</sup> | &nbsp;&nbsp; **$2736597** | &nbsp;&nbsp;**$2726407** | &nbsp;&nbsp; **$2528289** | &nbsp;&nbsp;**$2895068** | &nbsp;&nbsp; **$3416998** | &nbsp;&nbsp; **$11505** |
| &nbsp;&nbsp;Replacement Reserves | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp; 74250 | &nbsp;&nbsp; 250 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp; **$2736597** | &nbsp;&nbsp;**$2726407** | &nbsp;&nbsp; **$2528289** | &nbsp;&nbsp;**$2895068** | &nbsp;&nbsp;**$3342748** | &nbsp;&nbsp;**$11255** |
| &nbsp;&nbsp;**Occupancy<sup>(4)</sup>** | &nbsp;&nbsp;**95.7%** | &nbsp;&nbsp;**92.5%** | &nbsp;&nbsp;**91.8%** | &nbsp;&nbsp;**92.3%<sup>(1)</sup>** | &nbsp;&nbsp;**92.7%<sup>(5)</sup>** |  |
| &nbsp;&nbsp;**NCF DSCR** | &nbsp;&nbsp;**1.04x** | &nbsp;&nbsp;**1.03x** | &nbsp;&nbsp;**0.96x** | &nbsp;&nbsp;**1.10x** | &nbsp;&nbsp;**1.27x** |  |
| &nbsp;&nbsp;**NOI Debt Yield** | &nbsp;&nbsp;**6.6%** | &nbsp;&nbsp;**6.6%** | &nbsp;&nbsp;**6.1%** | &nbsp;&nbsp;**7.0%** | &nbsp;&nbsp;**8.2%** |  |

---

(1) U/W Gross Potential Rent is based on the underwritten rent roll dated July 28, 2025.

(2) At loan origination, the Haven at Bellaire property applied for the Tax Exemption.
The U/W Real Estate Taxes excludes all property taxes and includes the appraisal assumption for margin tax in the amount of $17,051.

(3) The increase from the TTM (6/30/2025) Net Operating Income to the U/W Net Operating
Income is due to assumption that the Tax Exemption will be obtained.

(4) Historical occupancies are based on the 12-month average for 2022 through 2024.
Historical occupancy was not provided for March 2023 through May 2023, August 2023 and August 2024.

(5) Represents economic occupancy.

A-3-104

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Garden<br> 20220 Bellaire Boulevard<br> Richmond, TX 77407 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 15<br> **Haven at Bellaire** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$41,600,000<br> 72.5%<br> 1.27x<br> 8.2% |

---

The following table presents certain information relating to comparable multifamily properties to the Haven at Bellaire property:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Multifamily Rent Comparables<sup>(1)</sup>** | &nbsp;&nbsp;**Multifamily Rent Comparables<sup>(1)</sup>** | &nbsp;&nbsp;**Multifamily Rent Comparables<sup>(1)</sup>** | &nbsp;&nbsp;**Multifamily Rent Comparables<sup>(1)</sup>** | &nbsp;&nbsp;**Multifamily Rent Comparables<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property** | &nbsp;&nbsp;**Unit Mix** | &nbsp;&nbsp;**Average SF per Unit** | &nbsp;&nbsp;**Average Rent PSF** | &nbsp;&nbsp;**Average Rent Per Unit** |
| &nbsp;&nbsp; **Haven at Bellaire<sup>(2)</sup>**<br> **20220 Bellaire Boulevard**<br> **Richmond, TX 77407** | &nbsp;&nbsp; **1 Bed / 1 Bath** <br> **2 Bed / 2 Bath**  | &nbsp;&nbsp; **739**<br> **1171** | &nbsp;&nbsp; **$1.66**<br> **$1.40** | &nbsp;&nbsp; **$1234**<br> **$1638** |
| &nbsp;&nbsp; Haven at Mission Trace<br> 8811 FM 1464<br> Richmond, TX 77407 | &nbsp;&nbsp; 1 Bed / 1 Bath<br> 2 Bed / 2 Bath | &nbsp;&nbsp; 669-861<br> 1169-1274 | &nbsp;&nbsp; $1.82-$2.03<br> $1.65-$1.65 | &nbsp;&nbsp; $1249-$1750<br> $1929-$2100 |
| &nbsp;&nbsp; Cortland Lakemont<br> 7115 S Mason Road<br> Richmond, TX 77407 | &nbsp;&nbsp; 1 Bed / 1 Bath<br> 2 Bed / 2 Bath | &nbsp;&nbsp;650–879 956–1114 | &nbsp;&nbsp; $1.37–$1.73<br> $1.40–$1.54 | &nbsp;&nbsp; $1126–$1206<br> $1469–$1558 |
| &nbsp;&nbsp; The Waterview<br> 19525 West Bellfort Blvd<br> Richmond, TX 77407 | &nbsp;&nbsp; 1 Bed / 1 Bath<br> 2 Bed / 2 Bath | &nbsp;&nbsp; 703–905<br> 1060–1272 | &nbsp;&nbsp; $1.51–$1.62<br> $1.46–$1.63 | &nbsp;&nbsp; $1107–$1402<br> $1559–$1915 |
| &nbsp;&nbsp; Cyan Cinco Ranch<br> 21650 FM 1093<br> Richmond, TX 77407 | &nbsp;&nbsp; 1 Bed / 1 Bath<br> 2 Bed / 2 Bath | &nbsp;&nbsp;684–1061 1155–1459 | &nbsp;&nbsp; $1.37–$1.90<br> $1.28–$1.73 | &nbsp;&nbsp; $1147–$1459<br> $1596–$2524 |
| &nbsp;&nbsp; Greenwood at Katy – PFC<br> 1700 Katy Fort Bend Rd<br> Katy, TX 77493 | &nbsp;&nbsp; 1 Bed / 1 Bath<br> 2 Bed / 2 Bath | &nbsp;&nbsp; 722-835<br> 1152-1228 | &nbsp;&nbsp; $1.67-$1.98<br> $1.42-$1.58 | &nbsp;&nbsp; $1295-$1505<br> $1650-$1880 |
| &nbsp;&nbsp; 91Fifty-PFC<br> 9150 N. Highway 6<br> Houston, TX 77095 | &nbsp;&nbsp; 1 Bed / 1 Bath<br> 2 Bed / 2 Bath | &nbsp;&nbsp;733–863 1095–1205 | &nbsp;&nbsp; $1.32–$1.62<br> $1.05–$1.39 | &nbsp;&nbsp; $1095–$1320<br> $1271–$1600 |
| &nbsp;&nbsp; Allora Gosling – PFC<br> 22103 Gosling Rd<br> Spring, TX 77389 | &nbsp;&nbsp; 1 Bed / 1 Bath<br> 2 Bed / 2 Bath | &nbsp;&nbsp; 682-836<br> 1190-1226 | &nbsp;&nbsp; $1.36-$1.72<br> $1.03-$1.52 | &nbsp;&nbsp; $1135-$1355<br> $1258-$1860 |
| &nbsp;&nbsp; Wyldewood Gosling – PFC<br> 23223 Gosling Road<br> Spring, TX 77389 | &nbsp;&nbsp; 1 Bed / 1 Bath<br> 2 Bed / 2 Bath | &nbsp;&nbsp;685–800 1002–1077 | &nbsp;&nbsp; $1.69–$1.86<br> $1.17–$1.75 | &nbsp;&nbsp; $1276–$1424<br> $1216–$1750 |

---

(1) Source: Appraisal.

(2) Based on the underwritten rent roll dated July 28, 2025. Average Rent PSF and Average
Rent Per Unit reflects the average in-place rent for occupied units.

A-3-105

(THIS PAGE INTENTIONALLY LEFT BLANK)

**ANNEX B**

**FORM OF DISTRIBUTION DATE STATEMENT**

(THIS PAGE INTENTIONALLY LEFT BLANK)

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| | | | |
|:---|:---|:---|:---|
| Distribution Date: | 11/18/25 | Benchmark 2025-V18 Mortgage Trust | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |
| Determination Date: | &nbsp;&nbsp;11/12/25 | Benchmark 2025-V18 Mortgage Trust | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |
| Record Date: | &nbsp;&nbsp;10/31/25 | Commercial Mortgage Pass-Through Certificates <br> Series 2025-V18 | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |

---

---

| | |
|:---|:---|
| **Table of Contents** | **Table of Contents** |
| **Section** | **Pages** |
| Certificate Distribution Detail | 2 |
| Certificate Factor Detail | 3 |
| Certificate Interest Reconciliation Detail | 4 |
| Additional Information | 5 |
| Bond / Collateral Reconciliation - Cash Flows | 6 |
| Bond / Collateral Reconciliation - Balances | 7 |
| Current Mortgage Loan and Property Stratification | 8-12 |
| Mortgage Loan Detail (Part 1) | 13 |
| Mortgage Loan Detail (Part 2) | 14 |
| Principal Prepayment Detail | 15 |
| Historical Detail | 16 |
| Delinquency Loan Detail | 17 |
| Collateral Stratification and Historical Detail | 18 |
| Specially Serviced Loan Detail - Part 1 | 19 |
| Specially Serviced Loan Detail - Part 2 | 20 |
| Modified Loan Detail | 21 |
| Historical Liquidated Loan Detail | 22 |
| Historical Bond / Collateral Loss Reconciliation Detail | 23 |
| Interest Shortfall Detail - Collateral Level | 24 |
| Supplemental Notes | 25 |

---

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| | | | |
|:---|:---|:---|:---|
| **Contacts** | **Contacts** | **Contacts** | **Contacts** |
| **Role** | **Party and Contact Information** | **Party and Contact Information** | **Party and Contact Information** |
| Depositor | GS Mortgage Securities Corporation II |  |  |
|  | Attention: Scott Epperson | (212) 902-1000 | <u>scott.epperson@gs.com; gs-refgsecuritization@gs.com</u> |
|  | 200 West Street \| New York, NY 10282 \| United States | 200 West Street \| New York, NY 10282 \| United States | 200 West Street \| New York, NY 10282 \| United States |
| Certificate Administrator | Computershare Trust Company, N.A. |  |  |
|  | Corporate Trust Services (CMBS) |  | <u>cctcmbsbondadmin@computershare.com; trustadministrationgroup@computershare.com</u> |
|  | 9062 Old Annapolis Road \| Columbia, MD 21045 \| United States | 9062 Old Annapolis Road \| Columbia, MD 21045 \| United States | 9062 Old Annapolis Road \| Columbia, MD 21045 \| United States |
| Master Servicer | Trimont LLC |  |  |
|  | Attention: CMBS Servicing |  | <u>trimont.commercial.servicing@cms.trimont.com</u> |
|  | 550 S. Tryon Street, Suite 2400 \| Charlotte, NC 28202 \| United States | 550 S. Tryon Street, Suite 2400 \| Charlotte, NC 28202 \| United States | 550 S. Tryon Street, Suite 2400 \| Charlotte, NC 28202 \| United States |
| Special Servicer | Torchlight Loan Services, LLC |  |  |
|  | William Clarkson |  | <u>wclarkson@torchlightinvestors.com</u> |
|  | 280 Park Avenue, 11th Floor \| New York, NY 10017 \| United States | 280 Park Avenue, 11th Floor \| New York, NY 10017 \| United States | 280 Park Avenue, 11th Floor \| New York, NY 10017 \| United States |
| Operating Advisor & Asset Representations Reviewer | Park Bridge Lender Services LLC |  |  |
|  | CMBS Notices |  | <u>cmbs.notices@parkbridgefinancial.com</u> |
|  | 600 Third Avenue, 40th Floor \| New York, NY 10016 \| United States | 600 Third Avenue, 40th Floor \| New York, NY 10016 \| United States | 600 Third Avenue, 40th Floor \| New York, NY 10016 \| United States |
| Trustee | Computershare Trust Company, N.A. |  |  |
|  | Corporate Trust Services (CMBS) |  | <u>cctcmbsbondadmin@computershare.com; trustadministrationgroup@computershare.com</u> |
|  | 9062 Old Annapolis Road \| Columbia, MD 21045 \| United States | 9062 Old Annapolis Road \| Columbia, MD 21045 \| United States | 9062 Old Annapolis Road \| Columbia, MD 21045 \| United States |

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| |
|:---|
| This report is compiled by Computershare Trust Company, N.A. from information provided by third parties. Computershare Trust Company, N.A. has not independently confirmed the accuracy of the information. |
| Please visit www.ctslink.com for additional information and if applicable, any special notices and any credit risk retention notices. In addition, certificate holders may register online for email notification when special notices are posted. For information or assistance please call 866-846-4526. |

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© 2021 Computershare. All rights reserved. Confidential. Page 1 of 25

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| | | | |
|:---|:---|:---|:---|
| Distribution Date: | 11/18/25 | Benchmark 2025-V18 Mortgage Trust | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |
| Determination Date: | &nbsp;&nbsp;11/12/25 | Benchmark 2025-V18 Mortgage Trust | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |
| Record Date: | &nbsp;&nbsp;10/31/25 | Commercial Mortgage Pass-Through Certificates <br> Series 2025-V18 | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Certificate Distribution Detail | Certificate Distribution Detail | Certificate Distribution Detail | Certificate Distribution Detail | Certificate Distribution Detail | Certificate Distribution Detail | Certificate Distribution Detail | Certificate Distribution Detail | Certificate Distribution Detail | Certificate Distribution Detail | Certificate Distribution Detail | Certificate Distribution Detail | Certificate Distribution Detail |
| **Class** | **CUSIP** | **Pass-Through Rate (2)** | **Original Balance** | **Beginning Balance** | **Principal Distribution** | **Interest Distribution** | **Prepayment Penalties** | **Realized Losses** | **Total Distribution** | **Ending Balance** | **Current Credit Support¹** | **Original Credit Support¹** |
| **Regular Certificates** | **Regular Certificates** | **Regular Certificates** | **Regular Certificates** | **Regular Certificates** | **Regular Certificates** | **Regular Certificates** | **Regular Certificates** | **Regular Certificates** | **Regular Certificates** | **Regular Certificates** | **Regular Certificates** | **Regular Certificates** |
| A-1 |  | 0.000000% | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00% | 0.00% |
| A-2 |  | 0.000000% | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00% | 0.00% |
| A-3 |  | 0.000000% | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00% | 0.00% |
| A-S |  | 0.000000% | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00% | 0.00% |
| B |  | 0.000000% | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00% | 0.00% |
| C |  | 0.000000% | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00% | 0.00% |
| D |  | 0.000000% | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00% | 0.00% |
| F |  | 0.000000% | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00% | 0.00% |
| G |  | 0.000000% | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00% | 0.00% |
| J |  | 0.000000% | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00% | 0.00% |
| RR Interest |  | 0.000000% | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00% | 0.00% |
| RR Cert |  | 0.000000% | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00% | 0.00% |
| R |  | 0.000000% | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00% | 0.00% |
| **Regular SubTotal** | **Regular SubTotal** |  | **0.00** | **0.00** | **0.00** | **0.00** | **0.00** | **0.00** | **0.00** | **0.00** |  |  |
| **Notional Certificates** | **Notional Certificates** | **Notional Certificates** | **Notional Certificates** | **Notional Certificates** | **Notional Certificates** | **Notional Certificates** | **Notional Certificates** | **Notional Certificates** | **Notional Certificates** | **Notional Certificates** | **Notional Certificates** | **Notional Certificates** |
| X-A |  | 0.000000% | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |  |  |
| X-B |  | 0.000000% | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |  |  |
| X-D |  | 0.000000% | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |  |  |
| X-F |  | 0.000000% | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |  |  |
| X-G |  | 0.000000% | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |  |  |
| X-J |  | 0.000000% | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |  |  |
| **Notional SubTotal** | **Notional SubTotal** |  | **0.00** | **0.00** | **0.00** | **0.00** | **0.00** | **0.00** | **0.00** | **0.00** |  |  |
| **Deal Distribution Total** | **Deal Distribution Total** | **Deal Distribution Total** |  |  | **0.00** | **0.00** | **0.00** | **0.00** | **0.00** |  |  |  |
| \* | **Denotes the Controlling Class (if required)** | **Denotes the Controlling Class (if required)** | **Denotes the Controlling Class (if required)** | **Denotes the Controlling Class (if required)** | **Denotes the Controlling Class (if required)** | **Denotes the Controlling Class (if required)** | **Denotes the Controlling Class (if required)** | **Denotes the Controlling Class (if required)** | **Denotes the Controlling Class (if required)** | **Denotes the Controlling Class (if required)** | **Denotes the Controlling Class (if required)** | **Denotes the Controlling Class (if required)** |
| (1) | Calculated by taking (A) the sum of the ending certificate balance of all classes in a series less (B) the sum of (i) the ending certificate balance of the designated class and (ii) the ending certificate balance of all classes which are not subordinate to the designated class and dividing the result by (A). | Calculated by taking (A) the sum of the ending certificate balance of all classes in a series less (B) the sum of (i) the ending certificate balance of the designated class and (ii) the ending certificate balance of all classes which are not subordinate to the designated class and dividing the result by (A). | Calculated by taking (A) the sum of the ending certificate balance of all classes in a series less (B) the sum of (i) the ending certificate balance of the designated class and (ii) the ending certificate balance of all classes which are not subordinate to the designated class and dividing the result by (A). | Calculated by taking (A) the sum of the ending certificate balance of all classes in a series less (B) the sum of (i) the ending certificate balance of the designated class and (ii) the ending certificate balance of all classes which are not subordinate to the designated class and dividing the result by (A). | Calculated by taking (A) the sum of the ending certificate balance of all classes in a series less (B) the sum of (i) the ending certificate balance of the designated class and (ii) the ending certificate balance of all classes which are not subordinate to the designated class and dividing the result by (A). | Calculated by taking (A) the sum of the ending certificate balance of all classes in a series less (B) the sum of (i) the ending certificate balance of the designated class and (ii) the ending certificate balance of all classes which are not subordinate to the designated class and dividing the result by (A). | Calculated by taking (A) the sum of the ending certificate balance of all classes in a series less (B) the sum of (i) the ending certificate balance of the designated class and (ii) the ending certificate balance of all classes which are not subordinate to the designated class and dividing the result by (A). | Calculated by taking (A) the sum of the ending certificate balance of all classes in a series less (B) the sum of (i) the ending certificate balance of the designated class and (ii) the ending certificate balance of all classes which are not subordinate to the designated class and dividing the result by (A). | Calculated by taking (A) the sum of the ending certificate balance of all classes in a series less (B) the sum of (i) the ending certificate balance of the designated class and (ii) the ending certificate balance of all classes which are not subordinate to the designated class and dividing the result by (A). | Calculated by taking (A) the sum of the ending certificate balance of all classes in a series less (B) the sum of (i) the ending certificate balance of the designated class and (ii) the ending certificate balance of all classes which are not subordinate to the designated class and dividing the result by (A). | Calculated by taking (A) the sum of the ending certificate balance of all classes in a series less (B) the sum of (i) the ending certificate balance of the designated class and (ii) the ending certificate balance of all classes which are not subordinate to the designated class and dividing the result by (A). | Calculated by taking (A) the sum of the ending certificate balance of all classes in a series less (B) the sum of (i) the ending certificate balance of the designated class and (ii) the ending certificate balance of all classes which are not subordinate to the designated class and dividing the result by (A). |
| (2) | Pass-Through Rates with respect to any Class of Certificates on next month's Payment Date is expected to be the same as the current respective Pass-Through Rate, subject to any modifications on the underlying loans, any change in certificate or pool balance, any change in the underlying index (if and as applicable), and any other matters provided in the governing documents. | Pass-Through Rates with respect to any Class of Certificates on next month's Payment Date is expected to be the same as the current respective Pass-Through Rate, subject to any modifications on the underlying loans, any change in certificate or pool balance, any change in the underlying index (if and as applicable), and any other matters provided in the governing documents. | Pass-Through Rates with respect to any Class of Certificates on next month's Payment Date is expected to be the same as the current respective Pass-Through Rate, subject to any modifications on the underlying loans, any change in certificate or pool balance, any change in the underlying index (if and as applicable), and any other matters provided in the governing documents. | Pass-Through Rates with respect to any Class of Certificates on next month's Payment Date is expected to be the same as the current respective Pass-Through Rate, subject to any modifications on the underlying loans, any change in certificate or pool balance, any change in the underlying index (if and as applicable), and any other matters provided in the governing documents. | Pass-Through Rates with respect to any Class of Certificates on next month's Payment Date is expected to be the same as the current respective Pass-Through Rate, subject to any modifications on the underlying loans, any change in certificate or pool balance, any change in the underlying index (if and as applicable), and any other matters provided in the governing documents. | Pass-Through Rates with respect to any Class of Certificates on next month's Payment Date is expected to be the same as the current respective Pass-Through Rate, subject to any modifications on the underlying loans, any change in certificate or pool balance, any change in the underlying index (if and as applicable), and any other matters provided in the governing documents. | Pass-Through Rates with respect to any Class of Certificates on next month's Payment Date is expected to be the same as the current respective Pass-Through Rate, subject to any modifications on the underlying loans, any change in certificate or pool balance, any change in the underlying index (if and as applicable), and any other matters provided in the governing documents. | Pass-Through Rates with respect to any Class of Certificates on next month's Payment Date is expected to be the same as the current respective Pass-Through Rate, subject to any modifications on the underlying loans, any change in certificate or pool balance, any change in the underlying index (if and as applicable), and any other matters provided in the governing documents. | Pass-Through Rates with respect to any Class of Certificates on next month's Payment Date is expected to be the same as the current respective Pass-Through Rate, subject to any modifications on the underlying loans, any change in certificate or pool balance, any change in the underlying index (if and as applicable), and any other matters provided in the governing documents. | Pass-Through Rates with respect to any Class of Certificates on next month's Payment Date is expected to be the same as the current respective Pass-Through Rate, subject to any modifications on the underlying loans, any change in certificate or pool balance, any change in the underlying index (if and as applicable), and any other matters provided in the governing documents. | Pass-Through Rates with respect to any Class of Certificates on next month's Payment Date is expected to be the same as the current respective Pass-Through Rate, subject to any modifications on the underlying loans, any change in certificate or pool balance, any change in the underlying index (if and as applicable), and any other matters provided in the governing documents. | Pass-Through Rates with respect to any Class of Certificates on next month's Payment Date is expected to be the same as the current respective Pass-Through Rate, subject to any modifications on the underlying loans, any change in certificate or pool balance, any change in the underlying index (if and as applicable), and any other matters provided in the governing documents. |

---

© 2021 Computershare. All rights reserved. Confidential. Page 2 of 25

---

| | | | |
|:---|:---|:---|:---|
| Distribution Date: | 11/18/25 | Benchmark 2025-V18 Mortgage Trust | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |
| Determination Date: | &nbsp;&nbsp;11/12/25 | Benchmark 2025-V18 Mortgage Trust | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |
| Record Date: | &nbsp;&nbsp;10/31/25 | Commercial Mortgage Pass-Through Certificates <br> Series 2025-V18 | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Certificate Factor Detail | Certificate Factor Detail | Certificate Factor Detail | Certificate Factor Detail | Certificate Factor Detail | Certificate Factor Detail | Certificate Factor Detail | Certificate Factor Detail | Certificate Factor Detail | Certificate Factor Detail | Certificate Factor Detail |
| **Class** | **CUSIP** | **Beginning Balance** | **Principal Distribution** | **Interest Distribution** | **Interest Shortfalls / (Paybacks)** | **Cumulative Interest Shortfalls** | **Prepayment Penalties** | **Realized Losses** | **Total Distribution** | **Ending Balance** |
| **Regular Certificates** | **Regular Certificates** | **Regular Certificates** | **Regular Certificates** | **Regular Certificates** | **Regular Certificates** | **Regular Certificates** | **Regular Certificates** | **Regular Certificates** | **Regular Certificates** | **Regular Certificates** |
| A-1 |  | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 |
| A-2 |  | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 |
| A-3 |  | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 |
| A-S |  | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 |
| B |  | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 |
| C |  | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 |
| D |  | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 |
| F |  | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 |
| G |  | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 |
| J |  | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 |
| RR Interest |  | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 |
| RR Cert |  | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 |
| R |  | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 |
| **Notional Certificates** | **Notional Certificates** | **Notional Certificates** | **Notional Certificates** | **Notional Certificates** | **Notional Certificates** | **Notional Certificates** | **Notional Certificates** | **Notional Certificates** | **Notional Certificates** | **Notional Certificates** |
| X-A |  | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 |
| X-B |  | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 |
| X-D |  | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 |
| X-F |  | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 |
| X-G |  | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 |
| X-J |  | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 |

---

© 2021 Computershare. All rights reserved. Confidential. Page 3 of 25

---

| | | | |
|:---|:---|:---|:---|
| Distribution Date: | 11/18/25 | Benchmark 2025-V18 Mortgage Trust | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |
| Determination Date: | &nbsp;&nbsp;11/12/25 | Benchmark 2025-V18 Mortgage Trust | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |
| Record Date: | &nbsp;&nbsp;10/31/25 | Commercial Mortgage Pass-Through Certificates <br> Series 2025-V18 | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Certificate Interest Reconciliation Detail | Certificate Interest Reconciliation Detail | Certificate Interest Reconciliation Detail | Certificate Interest Reconciliation Detail | Certificate Interest Reconciliation Detail | Certificate Interest Reconciliation Detail | Certificate Interest Reconciliation Detail | Certificate Interest Reconciliation Detail | Certificate Interest Reconciliation Detail | Certificate Interest Reconciliation Detail | Certificate Interest Reconciliation Detail | Certificate Interest Reconciliation Detail |
| **Class** | **Accrual Period** | **Accrual Days** | **Prior Cumulative Interest Shortfalls** | **Accrued Certificate Interest** | **Net Aggregate Prepayment Interest Shortfall** | **Distributable Certificate Interest** | **Interest Shortfalls / (Paybacks)** | **Payback of Prior Realized Losses** | **Additional Interest Distribution Amount** | **Interest Distribution** | **Cumulative Interest Shortfalls** |
| A-1 | MM/DD/YY-MM/DD/YY | 0 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| A-2 | MM/DD/YY-MM/DD/YY | 0 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| A-3 | MM/DD/YY-MM/DD/YY | 0 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| X-A | MM/DD/YY-MM/DD/YY | 0 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| X-B | MM/DD/YY-MM/DD/YY | 0 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| A-S | MM/DD/YY-MM/DD/YY | 0 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| B | MM/DD/YY-MM/DD/YY | 0 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| C | MM/DD/YY-MM/DD/YY | 0 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| X-D | MM/DD/YY-MM/DD/YY | 0 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| X-F | MM/DD/YY-MM/DD/YY | 0 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| X-G | MM/DD/YY-MM/DD/YY | 0 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| X-J | MM/DD/YY-MM/DD/YY | 0 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| D | MM/DD/YY-MM/DD/YY | 0 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| F | MM/DD/YY-MM/DD/YY | 0 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| G | MM/DD/YY-MM/DD/YY | 0 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| J | MM/DD/YY-MM/DD/YY | 0 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| RR Interest | MM/DD/YY-MM/DD/YY | 0 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| RR Cert | MM/DD/YY-MM/DD/YY | 0 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| **Totals** |  |  | **0.00** | **0.00** | **0.00** | **0.00** | **0.00** | **0.00** | **0.00** | **0.00** | **0.00** |

---

© 2021 Computershare. All rights reserved. Confidential. Page 4 of 25

---

| | | | |
|:---|:---|:---|:---|
| Distribution Date: | 11/18/25 | Benchmark 2025-V18 Mortgage Trust | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |
| Determination Date: | &nbsp;&nbsp;11/12/25 | Benchmark 2025-V18 Mortgage Trust | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |
| Record Date: | &nbsp;&nbsp;10/31/25 | Commercial Mortgage Pass-Through Certificates <br> Series 2025-V18 | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |

---

Additional Information

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Total Available Distribution Amount (1) | 0.00 |

---

(1) The Available Distribution Amount includes any Prepayment Premiums.© 2021 Computershare. All rights reserved. Confidential. Page 5 of 25

---

| | | | |
|:---|:---|:---|:---|
| Distribution Date: | 11/18/25 | Benchmark 2025-V18 Mortgage Trust | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |
| Determination Date: | &nbsp;&nbsp;11/12/25 | Benchmark 2025-V18 Mortgage Trust | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |
| Record Date: | &nbsp;&nbsp;10/31/25 | Commercial Mortgage Pass-Through Certificates <br> Series 2025-V18 | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |

---

Bond / Collateral Reconciliation - Cash Flows

**Total Funds Collected**

---

| | |
|:---|:---|
| **Interest** | **Interest** |
| Interest Paid or Advanced | 0.00 |
| Interest Reductions due to Nonrecoverability Determination | 0.00 |
| Interest Adjustments | 0.00 |
| Deferred Interest | 0.00 |
| ARD Interest | 0.00 |
| Net Prepayment Interest Excess / (Shortfall) | 0.00 |
| Extension Interest | 0.00 |
| Interest Reserve Withdrawal | 0.00 |
| Total Interest Collected | 0.00 |

---

---

| | |
|:---|:---|
| **Principal** | **Principal** |
| Scheduled Principal | 0.00 |
| Unscheduled Principal Collections |  |
| Principal Prepayments | 0.00 |
| Collection of Principal after Maturity Date | 0.00 |
| Recoveries From Liquidations and Insurance Proceeds | 0.00 |
| Excess of Prior Principal Amounts Paid | 0.00 |
| Curtailments | 0.00 |
| Negative Amortization | 0.00 |
| Principal Adjustments | 0.00 |
| Total Principal Collected | 0.00 |

---

---

| | |
|:---|:---|
| **Other** | **Other** |
| Prepayment Penalties / Yield Maintenance | 0.00 |
| Gain on Sale / Excess Liquidation Proceeds | 0.00 |
| Borrower Option Extension Fees | 0.00 |
| Total Other Collected | 0.00 |

---

---

| | |
|:---|:---|
| **Total Funds Collected** | **0.00** |

---

**Total Funds Distributed**

---

| | |
|:---|:---|
| **Fees** | **Fees** |
| Master Servicing Fee | 0.00 |
| Certificate Administrator Fee | 0.00 |
| Trustee Fee | 0.00 |
| CREFC® Intellectual Property Royalty License Fee | 0.00 |
| Operating Advisor Fee | 0.00 |
| Asset Representations Reviewer Fee | 0.00 |
| Total Fees | 0.00 |

---

---

| | |
|:---|:---|
| **Expenses/Reimbursements** | **Expenses/Reimbursements** |
| Reimbursement for Interest on Advances | 0.00 |
| ASER Amount | 0.00 |
| Special Servicing Fees (Monthly) | 0.00 |
| Special Servicing Fees (Liquidation) | 0.00 |
| Special Servicing Fees (Work Out) | 0.00 |
| Legal Fees | 0.00 |
| Rating Agency Expenses | 0.00 |
| Taxes Imposed on Trust Fund | 0.00 |
| Non-Recoverable Advances | 0.00 |
| Workout Delayed Reimbursement Amounts | 0.00 |
| Other Expenses | 0.00 |
| Total Expenses/Reimbursements | 0.00 |

---

---

| | |
|:---|:---|
| **Interest Reserve Deposit** | **0.00** |

---

---

| | |
|:---|:---|
| **Payments to Certificateholders and Others** | **Payments to Certificateholders and Others** |
| Interest Distribution | 0.00 |
| Principal Distribution | 0.00 |
| Prepayment Penalties / Yield Maintenance | 0.00 |
| Total Payments to Certificateholders and Others | 0.00 |

---

---

| | |
|:---|:---|
| **Total Funds Distributed** | **0.00** |

---

<br>© 2021 Computershare. All rights reserved. Confidential. Page 6 of 25

---

| | | | |
|:---|:---|:---|:---|
| Distribution Date: | 11/18/25 | Benchmark 2025-V18 Mortgage Trust | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |
| Determination Date: | &nbsp;&nbsp;11/12/25 | Benchmark 2025-V18 Mortgage Trust | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |
| Record Date: | &nbsp;&nbsp;10/31/25 | Commercial Mortgage Pass-Through Certificates <br> Series 2025-V18 | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |

---

Bond / Collateral Reconciliation - Balances

**Collateral Reconciliation**

---

| | |
|:---|:---|
| | **Total** |
| Beginning Scheduled Collateral Balance | 0.00 |
| (-) Scheduled Principal Collections | 0.00 |
| (-) Unscheduled Principal Collections | 0.00 |
| (-) Principal Adjustments (Cash) | 0.00 |
| (-) Principal Adjustments (Non-Cash) | 0.00 |
| (-) Realized Losses from Collateral | 0.00 |
| (-) Other Adjustments² | 0.00 |
| Ending Scheduled Collateral Balance | 0.00 |
| Beginning Actual Collateral Balance | 0.00 |
| Ending Actual Collateral Balance | 0.00 |

---

**Certificate Reconciliation**

---

| | |
|:---|:---|
| | **Total** |
| Beginning Certificate Balance | 0.00 |
| (-) Principal Distributions | 0.00 |
| (-) Realized Losses | 0.00 |
| Realized Loss and Realized Loss Adjustments on Collateral | 0.00 |
| Current Period NRA¹ | 0.00 |
| Current Period WODRA¹ | 0.00 |
| Principal Used to Pay Interest | 0.00 |
| Non-Cash Principal Adjustments | 0.00 |
| Certificate Other Adjustments\*\* | 0.00 |
| Ending Certificate Balance | 0.00 |

---

---

| | | |
|:---|:---|:---|
| **NRA/WODRA Reconciliation** | **NRA/WODRA Reconciliation** | **NRA/WODRA Reconciliation** |
|  | Non-Recoverable Advances (NRA) from Principal | Workout Delayed Reimbursement of Advances (WODRA) from Principal |
| Beginning Cumulative Advances | 0.00 | 0.00 |
| Current Period Advances | 0.00 | 0.00 |
| Ending Cumulative Advances | 0.00 | 0.00 |

---

---

| | |
|:---|:---|
| **Under / Over Collateralization Reconciliation** | **Under / Over Collateralization Reconciliation** |
| Beginning UC / (OC) | 0.00 |
| UC / (OC) Change | 0.00 |
| Ending UC / (OC) | 0.00 |
| Net WAC Rate | 0.00% |
| UC / (OC) Interest | 0.00 |

---

(1) Current Period NRA and WODRA displayed will represent the portion applied as Realized Losses to the bonds.

(2) Other Adjustments value will represent miscellaneous items that may impact the Scheduled Balance of the collateral.

\*\* A negative value for Certificate Other Adjustments represents the payback of prior Principal Shortfalls, if any.© 2021 Computershare. All rights reserved. Confidential. Page 7 of 25

---

| | | | |
|:---|:---|:---|:---|
| Distribution Date: | 11/18/25 | Benchmark 2025-V18 Mortgage Trust | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |
| Determination Date: | &nbsp;&nbsp;11/12/25 | Benchmark 2025-V18 Mortgage Trust | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |
| Record Date: | &nbsp;&nbsp;10/31/25 | Commercial Mortgage Pass-Through Certificates <br> Series 2025-V18 | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |

---

Current Mortgage Loan and Property Stratification

Aggregate Pool

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Scheduled Balance** | **Scheduled Balance** | **Scheduled Balance** | **Scheduled Balance** | **Scheduled Balance** | **Scheduled Balance** |
| **Scheduled**<br> **Balance** | **# Of**<br> **Loans** | **% Of** <br> **Agg. Bal.** | **WAM²** | **WAC** | **Weighted Avg DSCR¹** |
| **Totals** |  |  |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Debt Service Coverage Ratio¹** | **Debt Service Coverage Ratio¹** | **Debt Service Coverage Ratio¹** | **Debt Service Coverage Ratio¹** | **Debt Service Coverage Ratio¹** | **Debt Service Coverage Ratio¹** | **Debt Service Coverage Ratio¹** |
| **Debt Service Coverage**<br> **Ratio** | **# Of** <br> **Loans** | **Scheduled**<br> **Balance** | **% Of** <br> **Agg. Bal.** | **WAM²** | **WAC** | **Weighted Avg DSCR¹** |
| **Totals** |  |  |  |  |  |  |

---

(1) Debt Service Coverage
 Ratios are updated periodically as new NOI figures become available from borrowers on an asset level. In all cases the most current
 DSCR provided by the Servicer is used. To the extent that no DSCR is provided by the Servicer, information from the offering document
 is used. The debt service coverage ratio information was provided to the Certificate Administrator by the Master Servicer and the
 Certificate Administrator has not independently confirmed the accuracy of such information.

(2) Anticipated Remaining Term and WAM are
 each calculated based upon the term from the current month to the earlier of the Anticipated Repayment Date, if applicable, and the
 Maturity Date.

(3) Data in this table was calculated by
 allocating pro-rata the current loan information to the properties based upon the Cut Off Date Balance of each property as disclosed
 in the offering document. The Scheduled Balance Totals reflect the aggregate balances of all pooled loans as reported in the CREFC
 Loan Periodic Update File. To the extent that the Scheduled Balance Total figure for the "State" and "Property"
 stratification tables is not equal to the sum of the scheduled balance figures for each state or property, the difference is explained
 by loans that have been modified into a split loan structure. The "State" and "Property" stratification tables
 do not include the balance of the subordinate note (sometimes called the B-piece or a "hope note") of a loan that has been
 modified into a split-loan structure. Rather, the scheduled balance for each state or property only reflects the balance of the senior
 note (sometimes called the A-piece) of a loan that has been modified into a split-loan structure.© 2021 Computershare. All rights reserved. Confidential. Page 8 of 25

---

| | | | |
|:---|:---|:---|:---|
| Distribution Date: | 11/18/25 | Benchmark 2025-V18 Mortgage Trust | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |
| Determination Date: | &nbsp;&nbsp;11/12/25 | Benchmark 2025-V18 Mortgage Trust | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |
| Record Date: | &nbsp;&nbsp;10/31/25 | Commercial Mortgage Pass-Through Certificates <br> Series 2025-V18 | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |

---

Current Mortgage Loan and Property Stratification

Aggregate Pool

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **State³** | **State³** | **State³** | **State³** | **State³** | **State³** | **State³** |
| **State** | **# Of** <br> **Properties** | **Scheduled** <br> **Balance** | **% Of** <br> **Agg. Bal.** | **WAM²** | **WAC** | **Weighted Avg DSCR¹** |
| **Totals** |  |  |  |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Property Type³** | **Property Type³** | **Property Type³** | **Property Type³** | **Property Type³** | **Property Type³** | **Property Type³** |
| **Property Type** | **# Of**<br> **Properties** | **Scheduled**<br> **Balance** | **% Of** <br> **Agg. Bal.** | **WAM²** | **WAC** | **Weighted Avg DSCR¹** |
| **Totals** |  |  |  |  |  |  |

---

Note: Please refer to footnotes on the next page of the report.© 2021 Computershare. All rights reserved. Confidential. Page 9 of 25

---

| | | | |
|:---|:---|:---|:---|
| Distribution Date: | 11/18/25 | Benchmark 2025-V18 Mortgage Trust | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |
| Determination Date: | &nbsp;&nbsp;11/12/25 | Benchmark 2025-V18 Mortgage Trust | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |
| Record Date: | &nbsp;&nbsp;10/31/25 | Commercial Mortgage Pass-Through Certificates <br> Series 2025-V18 | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |

---

Current Mortgage Loan and Property Stratification

Aggregate Pool

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Note Rate** | **Note Rate** | **Note Rate** | **Note Rate** | **Note Rate** | **Note Rate** | **Note Rate** |
| **Note Rate** | **# Of** <br> **Loans** | **Scheduled** <br> **Balance** | **% Of**<br> **Agg. Bal.** | **WAM²** | **WAC** | **Weighted Avg DSCR¹** |
| **Totals** |  |  |  |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Seasoning** | **Seasoning** | **Seasoning** | **Seasoning** | **Seasoning** | **Seasoning** | **Seasoning** |
| **Seasoning** | **# Of**<br> **Loans** | **Scheduled**<br> **Balance** | **% Of**<br> **Agg. Bal.** | **WAM²** | **WAC** | **Weighted Avg DSCR¹** |
| **Totals** |  |  |  |  |  |  |

---

(1) Debt Service Coverage Ratios are updated periodically as new NOI figures become available from borrowers on an asset level. In all cases
the most current DSCR provided by the Servicer is used. To the extent that no DSCR is provided by the Servicer, information from the offering
document is used. The debt service coverage ratio information was provided to the Certificate Administrator by the Master Servicer and
the Certificate Administrator has not independently confirmed the accuracy of such information.

(2) Anticipated Remaining Term and WAM are each calculated based upon the term from the current month to the earlier of the Anticipated Repayment
Date, if applicable, and the Maturity Date.

(3) Data in this table was calculated by allocating pro-rata the current loan information to the properties based upon the Cut Off Date Balance
of each property as disclosed in the offering document. The Scheduled Balance Totals reflect the aggregate balances of all pooled loans
as reported in the CREFC Loan Periodic Update File. To the extent that the Scheduled Balance Total figure for the "State" and "Property"
stratification tables is not equal to the sum of the scheduled balance figures for each state or property, the difference is explained
by loans that have been modified into a split loan structure. The "State" and "Property" stratification tables do not include the balance
of the subordinate note (sometimes called the B-piece or a "hope note") of a loan that has been modified into a split-loan structure.
Rather, the scheduled balance for each state or property only reflects the balance of the senior note (sometimes called the A-piece) of
a loan that has been modified into a split-loan structure.© 2021 Computershare. All rights reserved. Confidential. Page 10 of 25

---

| | | | |
|:---|:---|:---|:---|
| Distribution Date: | 11/18/25 | Benchmark 2025-V18 Mortgage Trust | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |
| Determination Date: | &nbsp;&nbsp;11/12/25 | Benchmark 2025-V18 Mortgage Trust | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |
| Record Date: | &nbsp;&nbsp;10/31/25 | Commercial Mortgage Pass-Through Certificates <br> Series 2025-V18 | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |

---

Current Mortgage Loan and Property Stratification

Aggregate Pool

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Anticipated Remaining Term (ARD and Balloon Loans)** | **Anticipated Remaining Term (ARD and Balloon Loans)** | **Anticipated Remaining Term (ARD and Balloon Loans)** | **Anticipated Remaining Term (ARD and Balloon Loans)** | **Anticipated Remaining Term (ARD and Balloon Loans)** | **Anticipated Remaining Term (ARD and Balloon Loans)** | **Anticipated Remaining Term (ARD and Balloon Loans)** |
| **Anticipated**<br> **Remaining Term** | **# Of**<br> **Loans** | **Scheduled** <br> **Balance** | **% Of** <br> **Agg. Bal.** | **WAM²** | **WAC** | **Weighted Avg DSCR¹** |
| **Totals** |  |  |  |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Remaining Amortization Term (ARD and Balloon Loans)** | **Remaining Amortization Term (ARD and Balloon Loans)** | **Remaining Amortization Term (ARD and Balloon Loans)** | **Remaining Amortization Term (ARD and Balloon Loans)** | **Remaining Amortization Term (ARD and Balloon Loans)** | **Remaining Amortization Term (ARD and Balloon Loans)** | **Remaining Amortization Term (ARD and Balloon Loans)** |
| **Remaining**<br> **Amortization Term** | **# Of**<br> **Loans** | **Scheduled** <br> **Balance** | **% Of** <br> **Agg. Bal.** | **WAM²** | **WAC** | **Weighted Avg DSCR¹** |
| **Totals** |  |  |  |  |  |  |

---

(1) Debt Service Coverage Ratios are updated periodically as new NOI figures become available from borrowers on an asset level. In all cases
the most current DSCR provided by the Servicer is used. To the extent that no DSCR is provided by the Servicer, information from the offering
document is used. The debt service coverage ratio information was provided to the Certificate Administrator by the Master Servicer and
the Certificate Administrator has not independently confirmed the accuracy of such information.

(2) Anticipated Remaining Term and WAM are each calculated based upon the term from the current month to the earlier of the Anticipated Repayment
Date, if applicable, and the Maturity Date.

(3) Data in this table was calculated by allocating pro-rata the current loan information to the properties based upon the Cut Off Date Balance
of each property as disclosed in the offering document. The Scheduled Balance Totals reflect the aggregate balances of all pooled loans
as reported in the CREFC Loan Periodic Update File. To the extent that the Scheduled Balance Total figure for the "State" and "Property"
stratification tables is not equal to the sum of the scheduled balance figures for each state or property, the difference is explained
by loans that have been modified into a split loan structure. The "State" and "Property" stratification tables do not include the balance
of the subordinate note (sometimes called the B-piece or a "hope note") of a loan that has been modified into a split-loan structure.
Rather, the scheduled balance for each state or property only reflects the balance of the senior note (sometimes called the A-piece) of
a loan that has been modified into a split-loan structure.© 2021 Computershare. All rights reserved. Confidential. Page 11 of 25

---

| | | | |
|:---|:---|:---|:---|
| Distribution Date: | 11/18/25 | Benchmark 2025-V18 Mortgage Trust | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |
| Determination Date: | &nbsp;&nbsp;11/12/25 | Benchmark 2025-V18 Mortgage Trust | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |
| Record Date: | &nbsp;&nbsp;10/31/25 | Commercial Mortgage Pass-Through Certificates <br> Series 2025-V18 | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |

---

Current Mortgage Loan and Property Stratification

Aggregate Pool

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Age of Most Recent NOI** | **Age of Most Recent NOI** | **Age of Most Recent NOI** | **Age of Most Recent NOI** | **Age of Most Recent NOI** | **Age of Most Recent NOI** | **Age of Most Recent NOI** |
| **Age of Most**<br> **Recent NOI** | **# Of**<br> **Loans** | **Scheduled** <br> **Balance** | **% Of** <br> **Agg. Bal.** | **WAM²** | **WAC** | **Weighted Avg DSCR¹** |
| **Totals** |  |  |  |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Remaining Stated Term (Fully Amortizing Loans)** | **Remaining Stated Term (Fully Amortizing Loans)** | **Remaining Stated Term (Fully Amortizing Loans)** | **Remaining Stated Term (Fully Amortizing Loans)** | **Remaining Stated Term (Fully Amortizing Loans)** | **Remaining Stated Term (Fully Amortizing Loans)** | **Remaining Stated Term (Fully Amortizing Loans)** |
| **Age of Most**<br> **Recent NOI** | **# Of**<br> **Loans** | **Scheduled** <br> **Balance** | **% Of** <br> **Agg. Bal.** | **WAM²** | **WAC** | **Weighted Avg DSCR¹** |
| **Totals** |  |  |  |  |  |  |

---

(1) Debt Service Coverage Ratios are updated periodically as new NOI figures become available from borrowers on an asset level. In all cases
the most current DSCR provided by the Servicer is used. To the extent that no DSCR is provided by the Servicer, information from the offering
document is used. The debt service coverage ratio information was provided to the Certificate Administrator by the Master Servicer and
the Certificate Administrator has not independently confirmed the accuracy of such information.

(2) Anticipated Remaining Term and WAM are each calculated based upon the term from the current month to the earlier of the Anticipated Repayment
Date, if applicable, and the Maturity Date.

(3) Data in this table was calculated by allocating pro-rata the current loan information to the properties based upon the Cut Off Date Balance
of each property as disclosed in the offering document. The Scheduled Balance Totals reflect the aggregate balances of all pooled loans
as reported in the CREFC Loan Periodic Update File. To the extent that the Scheduled Balance Total figure for the "State" and "Property"
stratification tables is not equal to the sum of the scheduled balance figures for each state or property, the difference is explained
by loans that have been modified into a split loan structure. The "State" and "Property" stratification tables do not include the balance
of the subordinate note (sometimes called the B-piece or a "hope note") of a loan that has been modified into a split-loan structure.
Rather, the scheduled balance for each state or property only reflects the balance of the senior note (sometimes called the A-piece) of
a loan that has been modified into a split-loan structure.© 2021 Computershare. All rights reserved. Confidential. Page 12 of 25

---

| | | | |
|:---|:---|:---|:---|
| Distribution Date: | 11/18/25 | Benchmark 2025-V18 Mortgage Trust | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |
| Determination Date: | &nbsp;&nbsp;11/12/25 | Benchmark 2025-V18 Mortgage Trust | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |
| Record Date: | &nbsp;&nbsp;10/31/25 | Commercial Mortgage Pass-Through Certificates <br> Series 2025-V18 | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |

---

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Mortgage Loan Detail (Part 1) | Mortgage Loan Detail (Part 1) | Mortgage Loan Detail (Part 1) | Mortgage Loan Detail (Part 1) | Mortgage Loan Detail (Part 1) | Mortgage Loan Detail (Part 1) | Mortgage Loan Detail (Part 1) | Mortgage Loan Detail (Part 1) | Mortgage Loan Detail (Part 1) | Mortgage Loan Detail (Part 1) | Mortgage Loan Detail (Part 1) | Mortgage Loan Detail (Part 1) | Mortgage Loan Detail (Part 1) | Mortgage Loan Detail (Part 1) | Mortgage Loan Detail (Part 1) | Mortgage Loan Detail (Part 1) | Mortgage Loan Detail (Part 1) |
| **Pros ID** | **Loan ID** | **Loan Group** | **Prop Type** | **City** | **State** | **Interest Accrual Type** | **Gross Rate** | **Scheduled Interest** | **Scheduled Principal** | **Principal Adjustments** | **Anticipated Repay Date** | **Original Maturity Date** | **Adjusted Maturity Date** | **Beginning Scheduled Balance** | **Ending Scheduled Balance** | **Paid Through Date** |
| **Totals** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **1 Property Type Codes** | **1 Property Type Codes** | **1 Property Type Codes** | **1 Property Type Codes** |
| HC - Health Care | MU - Mixed Use | WH - Warehouse | MF - Multi-Family |
| SS - Self Storage | LO - Lodging | RT - Retail | SF - Single Family Rental |
| 98 - Other | IN - Industrial | OF - Office | MH - Mobile Home Park |
| SE - Securities | CH - Cooperative Housing | ZZ - Missing Information/Undefined |  |

---

© 2021 Computershare. All rights reserved. Confidential. Page 13 of 25

---

| | | | |
|:---|:---|:---|:---|
| Distribution Date: | 11/18/25 | Benchmark 2025-V18 Mortgage Trust | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |
| Determination Date: | &nbsp;&nbsp;11/12/25 | Benchmark 2025-V18 Mortgage Trust | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |
| Record Date: | &nbsp;&nbsp;10/31/25 | Commercial Mortgage Pass-Through Certificates <br> Series 2025-V18 | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Mortgage Loan Detail (Part 2) | Mortgage Loan Detail (Part 2) | Mortgage Loan Detail (Part 2) | Mortgage Loan Detail (Part 2) | Mortgage Loan Detail (Part 2) | Mortgage Loan Detail (Part 2) | Mortgage Loan Detail (Part 2) | Mortgage Loan Detail (Part 2) | Mortgage Loan Detail (Part 2) | Mortgage Loan Detail (Part 2) | Mortgage Loan Detail (Part 2) | Mortgage Loan Detail (Part 2) | Mortgage Loan Detail (Part 2) | Mortgage Loan Detail (Part 2) |
| **Pros ID** | **Loan Group** | **Most Recent Fiscal NOI** | **Most Recent NOI** | **Most Recent NOI Start Date** | **Most Recent NOI End Date** | **Appraisal Reduction Date** | **Appraisal Reduction Amount** | **Cumulative ASER** | **Current P&I Advances** | **Cumulative P&I Advances** | **Cumulative Servicer Advances** | **Current NRA/WODRA from Principal** | **Defease Status** |
| **Totals** |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

© 2021 Computershare. All rights reserved. Confidential. Page 14 of 25

---

| | | | |
|:---|:---|:---|:---|
| Distribution Date: | 11/18/25 | Benchmark 2025-V18 Mortgage Trust | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |
| Determination Date: | &nbsp;&nbsp;11/12/25 | Benchmark 2025-V18 Mortgage Trust | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |
| Record Date: | &nbsp;&nbsp;10/31/25 | Commercial Mortgage Pass-Through Certificates <br> Series 2025-V18 | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Principal Prepayment Detail | Principal Prepayment Detail | Principal Prepayment Detail | Principal Prepayment Detail | Principal Prepayment Detail | Principal Prepayment Detail | Principal Prepayment Detail |
|  |  |  | **Unscheduled Principal** | **Unscheduled Principal** | **Prepayment Penalties** | **Prepayment Penalties** |
| **Pros ID** | **Loan Number** | **Loan<br> Group** | **Amount** | **Prepayment / Liquidation Code** | **Prepayment Premium Amount** | **Yield Maintenance Amount** |
| **Totals** |  |  |  |  |  |  |

---

Note: Principal Prepayment Amount listed here may include Principal Adjustment Amounts on the loan in addition to the Unscheduled Principal Amount.© 2021 Computershare. All rights reserved. Confidential. Page 15 of 25

---

| | | | |
|:---|:---|:---|:---|
| Distribution Date: | 11/18/25 | Benchmark 2025-V18 Mortgage Trust | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |
| Determination Date: | &nbsp;&nbsp;11/12/25 | Benchmark 2025-V18 Mortgage Trust | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |
| Record Date: | &nbsp;&nbsp;10/31/25 | Commercial Mortgage Pass-Through Certificates <br> Series 2025-V18 | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Historical Detail | Historical Detail | Historical Detail | Historical Detail | Historical Detail | Historical Detail | Historical Detail | Historical Detail | Historical Detail | Historical Detail | Historical Detail | Historical Detail | Historical Detail | Historical Detail |
|  | **Delinquencies¹** | **Delinquencies¹** | **Delinquencies¹** | **Delinquencies¹** | **Delinquencies¹** | **Delinquencies¹** | **Prepayments** | **Prepayments** | **Prepayments** | **Prepayments** | **Rate and Maturities** | **Rate and Maturities** | **Rate and Maturities** |
|  | **30-59 Days** | **60-89 Days** | **90 Days or More** | **Foreclosure** | **REO** | **Modifications** | **Curtailments** | **Curtailments** | **Payoff** | **Payoff** | **Next Weighted Avg.** | **Next Weighted Avg.** |  |
| **Distribution Date** | **#** **Balance** | **#** **Balance** | **#** **Balance** | **#** **Balance** | **#** **Balance** | **#** **Balance** | **#** | **Amount** | **#** | **Amount** | **Coupon** | **Remit** | **WAM¹** |

---

(1) Foreclosure and REO Totals are included in the delinquencies aging categories.© 2021 Computershare. All rights reserved. Confidential. Page 16 of 25

---

| | | | |
|:---|:---|:---|:---|
| Distribution Date: | 11/18/25 | Benchmark 2025-V18 Mortgage Trust | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |
| Determination Date: | &nbsp;&nbsp;11/12/25 | Benchmark 2025-V18 Mortgage Trust | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |
| Record Date: | &nbsp;&nbsp;10/31/25 | Commercial Mortgage Pass-Through Certificates <br> Series 2025-V18 | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Delinquency Loan Detail | Delinquency Loan Detail | Delinquency Loan Detail | Delinquency Loan Detail | Delinquency Loan Detail | Delinquency Loan Detail | Delinquency Loan Detail | Delinquency Loan Detail | Delinquency Loan Detail | Delinquency Loan Detail | Delinquency Loan Detail | Delinquency Loan Detail | Delinquency Loan Detail | Delinquency Loan Detail |
| **Pros ID** | **Loan ID** | **Paid Through Date** | **Months Delinquent** | **Mortgage<br> Loan<br> Status¹** | **Current P&I Advances** | **Outstanding P&I Advances** | **Outstanding** <br> **Servicer**<br> **Advances** | **Actual Principal Balance** | **Servicing** <br> **Transfer**<br> **Date** | **Resolution<br> Strategy<br> Code²** | **Bankruptcy Date** | **Foreclosure Date** | **REO Date** |
| **Totals** |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

---

| | | |
|:---|:---|:---|
| **1 Mortgage Loan Status** | **1 Mortgage Loan Status** | **1 Mortgage Loan Status** |
| A - Payment Not Received But Still in Grace Period | 0 - Current | 4 - Performing Matured Balloon |
| B - Late Payment But Less Than 30 days <br> Delinquent | 1 - 30-59 Days Delinquent | 5 - Non Performing Matured Balloon |
|  | 2 - 60-89 Days Delinquent | 6 - 121+ Days Delinquent |
|  | 3 - 90-120 Days Delinquent |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **2 Resolution Strategy Code** | **2 Resolution Strategy Code** | **2 Resolution Strategy Code** | **2 Resolution Strategy Code** |
|  | 1 - Modification | 6 - DPO | 10 - Deed in Lieu of Foreclosures |
|  | 2 - Foreclosure | 7 - REO | 11- Full Payoff |
|  | 3 - Bankruptcy | 8 - Resolved | 12 - Reps and Warranties |
|  | 4 - Extension | 9 - Pending Return to Master Servicer | 13 - TBD |
|  | 5 - Note Sale | 98 - Other |  |

---

Note: Outstanding P & I Advances include the current period advance.© 2021 Computershare. All rights reserved. Confidential. Page 17 of 25

---

| | | | |
|:---|:---|:---|:---|
| Distribution Date: | 11/18/25 | Benchmark 2025-V18 Mortgage Trust | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |
| Determination Date: | &nbsp;&nbsp;11/12/25 | Benchmark 2025-V18 Mortgage Trust | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |
| Record Date: | &nbsp;&nbsp;10/31/25 | Commercial Mortgage Pass-Through Certificates <br> Series 2025-V18 | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |

---

Collateral Stratification and Historical Detail

**Maturity Dates and Loan Status¹**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** | **Performing** | **Non-Performing** | **REO/Foreclosure** |
|  |  | ![](n5335ddsimg002.jpg) | ![](n5335ddsimg003.jpg) | ![](n5335ddsimg004.jpg) |
| &nbsp;&nbsp;&nbsp;Past Maturity | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;0 - 6 Months | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;7 - 12 Months | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;13 - 24 Months | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;25 - 36 Months | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;37 - 48 Months | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;49 - 60 Months | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;> 60 Months | 0 | 0 | 0 | 0 |

---

![](n5335ddsimg010.jpg)

**Historical Delinquency Information**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Total** | **Current** | **30-59 Days** | **60-89 Days** | **90+ Days** | **REO/Foreclosure** |
|  |  | ![](n5335ddsimg005.jpg) | ![](n5335ddsimg006.jpg) | ![](n5335ddsimg007.jpg) | ![](n5335ddsimg008.jpg) | ![](n5335ddsimg009.jpg) |
| &nbsp;&nbsp;Nov-25 | 0 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;Oct-25 | 0 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;Sep-25 | 0 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;Aug-25 | 0 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;Jul-25 | 0 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;Jun-25 | 0 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;May-25 | 0 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;Apr-25 | 0 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;Mar-25 | 0 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;Feb-25 | 0 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;Jan-25 | 0 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;Dec-24 | 0 | 0 | 0 | 0 | 0 | 0 |

---

(1) Maturity dates used in this chart are based on the dates provided by the Master Servicer in the Loan Periodic File.

![](n5335ddsimg011.jpg) <br>© 2021 Computershare. All rights reserved. Confidential. Page 18 of 25

---

| | | | |
|:---|:---|:---|:---|
| Distribution Date: | 11/18/25 | Benchmark 2025-V18 Mortgage Trust | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |
| Determination Date: | &nbsp;&nbsp;11/12/25 | Benchmark 2025-V18 Mortgage Trust | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |
| Record Date: | &nbsp;&nbsp;10/31/25 | Commercial Mortgage Pass-Through Certificates <br> Series 2025-V18 | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Specially Serviced Loan Detail - Part 1 | Specially Serviced Loan Detail - Part 1 | Specially Serviced Loan Detail - Part 1 | Specially Serviced Loan Detail - Part 1 | Specially Serviced Loan Detail - Part 1 | Specially Serviced Loan Detail - Part 1 | Specially Serviced Loan Detail - Part 1 | Specially Serviced Loan Detail - Part 1 | Specially Serviced Loan Detail - Part 1 | Specially Serviced Loan Detail - Part 1 | Specially Serviced Loan Detail - Part 1 |
| **Pros ID** | **Loan ID** | **Ending Scheduled Balance** | **Actual Balance** | **Appraisal Value** | **Appraisal Date** | **Net Operating Income** | **DSCR** | **DSCR Date** | **Maturity Date** | **Remaining**<br> **Amort Term** |
| **Totals** |  |  |  |  |  |  |  |  |  |  |

---

© 2021 Computershare. All rights reserved. Confidential. Page 19 of 25

---

| | | | |
|:---|:---|:---|:---|
| Distribution Date: | 11/18/25 | Benchmark 2025-V18 Mortgage Trust | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |
| Determination Date: | &nbsp;&nbsp;11/12/25 | Benchmark 2025-V18 Mortgage Trust | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |
| Record Date: | &nbsp;&nbsp;10/31/25 | Commercial Mortgage Pass-Through Certificates <br> Series 2025-V18 | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Specially Serviced Loan Detail - Part 2 | Specially Serviced Loan Detail - Part 2 | Specially Serviced Loan Detail - Part 2 | Specially Serviced Loan Detail - Part 2 | Specially Serviced Loan Detail - Part 2 | Specially Serviced Loan Detail - Part 2 | Specially Serviced Loan Detail - Part 2 |
| **Pros ID** | **Loan ID** | **Property Type¹** | **State** | **Servicing**<br> **Transfer**<br> **Date** | **Resolution Strategy Code²** | **Special Servicing Comments** |

---

---

| | | |
|:---|:---|:---|
| **1 Property Type Codes** | **1 Property Type Codes** | **1 Property Type Codes** |
| HC - Health Care | MU - Mixed Use | WH - Warehouse |
| MF - Multi-Family | SS - Self Storage | LO - Lodging |
| RT - Retail | SF - Single Family Rental | 98 - Other |
| IN - Industrial | OF - Office | MH - Mobile Home Park |
| SE - Securities | CH - Cooperative Housing | ZZ - Missing Information/Undefined |

---

---

| | | |
|:---|:---|:---|
| **2 Resolution Strategy Code** | **2 Resolution Strategy Code** | **2 Resolution Strategy Code** |
| 1 - Modification | 6 - DPO | 10 - Deed in Lieu of Foreclosures |
| 2 - Foreclosure | 7 - REO | 11- Full Payoff |
| 3 - Bankruptcy | 8 - Resolved | 12 - Reps and Warranties |
| 4 - Extension | 9 - Pending Return to Master Servicer | 13 - TBD |
| 5 - Note Sale | 98 - Other |  |

---

© 2021 Computershare. All rights reserved. Confidential. Page 20 of 25

---

| | | | |
|:---|:---|:---|:---|
| Distribution Date: | 11/18/25 | Benchmark 2025-V18 Mortgage Trust | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |
| Determination Date: | &nbsp;&nbsp;11/12/25 | Benchmark 2025-V18 Mortgage Trust | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |
| Record Date: | &nbsp;&nbsp;10/31/25 | Commercial Mortgage Pass-Through Certificates <br> Series 2025-V18 | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |

---

Modified Loan Detail

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Pre-Modification** | **Pre-Modification** | **Post-Modification** | **Post-Modification** | | | | |
| <br>**Pros ID** | <br>**Loan Number** | **Balance** | **Rate** | **Balance** | **Rate** | <br>**Modification** <br> **Code¹** | <br>**Modification Booking** <br> **Date** | **Modification**<br>**Closing** <br> **Date** | **Modification**<br>**Effective** <br> **Date** |
| **Totals** |  |  |  |  |  |  |  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **1 Modification Codes** | **1 Modification Codes** | **1 Modification Codes** | **1 Modification Codes** |
|  | 1 - Maturity Date Extension | 5 - Temporary Rate Reduction | 8 - Other |
|  | 2 - Amortization Change | 6 - Capitalization on Interest | 9 - Combination |
|  | 3 - Principal Write-Off | 7 - Capitalization on Taxes | 10 - Forbearance |

---

Note: Please refer to Servicer Reports for modification comments.© 2021 Computershare. All rights reserved. Confidential. Page 21 of 25

---

| | | | |
|:---|:---|:---|:---|
| Distribution Date: | 11/18/25 | Benchmark 2025-V18 Mortgage Trust | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |
| Determination Date: | &nbsp;&nbsp;11/12/25 | Benchmark 2025-V18 Mortgage Trust | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |
| Record Date: | &nbsp;&nbsp;10/31/25 | Commercial Mortgage Pass-Through Certificates <br> Series 2025-V18 | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Historical Liquidated Loan Detail | Historical Liquidated Loan Detail | Historical Liquidated Loan Detail | Historical Liquidated Loan Detail | Historical Liquidated Loan Detail | Historical Liquidated Loan Detail | Historical Liquidated Loan Detail | Historical Liquidated Loan Detail | Historical Liquidated Loan Detail | Historical Liquidated Loan Detail | Historical Liquidated Loan Detail | Historical Liquidated Loan Detail | Historical Liquidated Loan Detail | Historical Liquidated Loan Detail |
| **Pros ID¹** | **Loan**<br> **Number** | **Dist.Date** | **Loan**<br> **Beginning**<br> **Scheduled**<br> **Balance** | **Most Recent**<br> **Appraised**<br> **Value or BPO** | **Gross Sales**<br> **Proceeds or**<br> **Other**<br> **Proceeds** | **Fees,**<br> **Advances,**<br> **and Expenses** | **Net Proceeds**<br> **Received on**<br> **Liquidation** | **Net Proceeds**<br> **Available for**<br> **Distribution** | **Realized Loss**<br> **to Loan** | **Current** <br> **Period**<br> **Adjustment to**<br> **Loan** | **Cumulative**<br> **Adjustment to**<br> **Loan** | **Loss to Loan**<br> **with**<br> **Cumulative**<br> **Adjustment** | **Percent of**<br> **Original**<br> **Loan**<br> **Balance** |

---

---

| |
|:---|
| **Current Period Totals** |
| **Cumulative Totals** |

---

Note: Fees, Advances and Expenses also include outstanding P & I advances and unpaid fees (servicing, trustee, etc.).© 2021 Computershare. All rights reserved. Confidential. Page 22 of 25

---

| | | | |
|:---|:---|:---|:---|
| Distribution Date: | 11/18/25 | Benchmark 2025-V18 Mortgage Trust | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |
| Determination Date: | &nbsp;&nbsp;11/12/25 | Benchmark 2025-V18 Mortgage Trust | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |
| Record Date: | &nbsp;&nbsp;10/31/25 | Commercial Mortgage Pass-Through Certificates <br> Series 2025-V18 | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Historical Bond / Collateral Loss Reconciliation Detail | Historical Bond / Collateral Loss Reconciliation Detail | Historical Bond / Collateral Loss Reconciliation Detail | Historical Bond / Collateral Loss Reconciliation Detail | Historical Bond / Collateral Loss Reconciliation Detail | Historical Bond / Collateral Loss Reconciliation Detail | Historical Bond / Collateral Loss Reconciliation Detail | Historical Bond / Collateral Loss Reconciliation Detail | Historical Bond / Collateral Loss Reconciliation Detail | Historical Bond / Collateral Loss Reconciliation Detail | Historical Bond / Collateral Loss Reconciliation Detail | Historical Bond / Collateral Loss Reconciliation Detail |
| **Pros ID** | **Loan**<br> **Number** | **Distribution Date** | **Certificate** <br> **Interest Paid**<br> **from Collateral**<br> **Principal**<br> **Collections** | **Reimb of Prior**<br> **Realized Losses**<br> **from Collateral**<br> **Interest**<br> **Collections** | **Aggregate**<br> **Realized Loss to**<br> **Loan** | **Loss Covered by**<br> **Credit**<br> **Support/Deal**<br> **Structure** | **Loss Applied to**<br> **Certificate**<br> **Interest Payment** | **Loss Applied to**<br> **Certificate**<br> **Balance** | **Non-Cash** <br> **Principal**<br> **Adjustment** | **Realized Losses**<br> **from**<br> **NRA/WODRA** | **Total Loss** <br> **Applied to**<br> **Certificate**<br> **Balance** |
| **Current Period Totals** | **Current Period Totals** |  |  |  |  |  |  |  |  |  |  |
| **Cumulative Totals** | **Cumulative Totals** |  |  |  |  |  |  |  |  |  |  |

---

© 2021 Computershare. All rights reserved. Confidential. Page 23 of 25

---

| | | | |
|:---|:---|:---|:---|
| Distribution Date: | 11/18/25 | Benchmark 2025-V18 Mortgage Trust | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |
| Determination Date: | &nbsp;&nbsp;11/12/25 | Benchmark 2025-V18 Mortgage Trust | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |
| Record Date: | &nbsp;&nbsp;10/31/25 | Commercial Mortgage Pass-Through Certificates <br> Series 2025-V18 | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |

---

Interest Shortfall Detail - Collateral Level

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pros ID** | **Interest**<br> **Adjustments** | **Deferred**<br> **Interest**<br> **Collected** | **Special Servicing Fees** | **Special Servicing Fees** | **Special Servicing Fees** | **ASER** | **PPIS / (PPIE)** | **Non-**<br> **Recoverable**<br> **Interest** | **Interest on**<br> **Advances** | **Reimbursement of** <br> **Advances from**<br> **Interest** | **Other**<br> **Shortfalls /**<br> **(Refunds)** | **Modified**<br> **Interest**<br> **Reduction /**<br> **(Excess)** |
| **Pros ID** | **Interest**<br> **Adjustments** | **Deferred**<br> **Interest**<br> **Collected** | **Monthly** | **Liquidation** | **Work Out** | **ASER** | **PPIS / (PPIE)** | **Non-**<br> **Recoverable**<br> **Interest** | **Interest on**<br> **Advances** | **Reimbursement of** <br> **Advances from**<br> **Interest** | **Other**<br> **Shortfalls /**<br> **(Refunds)** | **Modified**<br> **Interest**<br> **Reduction /**<br> **(Excess)** |
| **Total** | | | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Note: Interest Adjustments listed for each loan do not include amounts that were used to adjust the Weighted Average Net Rate of the mortgage loans. | &nbsp;&nbsp;&nbsp;&nbsp;Note: Interest Adjustments listed for each loan do not include amounts that were used to adjust the Weighted Average Net Rate of the mortgage loans. | &nbsp;&nbsp;&nbsp;&nbsp;Note: Interest Adjustments listed for each loan do not include amounts that were used to adjust the Weighted Average Net Rate of the mortgage loans. | &nbsp;&nbsp;&nbsp;&nbsp;Note: Interest Adjustments listed for each loan do not include amounts that were used to adjust the Weighted Average Net Rate of the mortgage loans. | &nbsp;&nbsp;&nbsp;&nbsp;Note: Interest Adjustments listed for each loan do not include amounts that were used to adjust the Weighted Average Net Rate of the mortgage loans. | &nbsp;&nbsp;&nbsp;&nbsp;Note: Interest Adjustments listed for each loan do not include amounts that were used to adjust the Weighted Average Net Rate of the mortgage loans. | &nbsp;&nbsp;&nbsp;&nbsp;Note: Interest Adjustments listed for each loan do not include amounts that were used to adjust the Weighted Average Net Rate of the mortgage loans. | &nbsp;&nbsp;&nbsp;&nbsp;Note: Interest Adjustments listed for each loan do not include amounts that were used to adjust the Weighted Average Net Rate of the mortgage loans. | &nbsp;&nbsp;&nbsp;&nbsp;Note: Interest Adjustments listed for each loan do not include amounts that were used to adjust the Weighted Average Net Rate of the mortgage loans. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateral Shortfall Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateral Shortfall Total** | **0.00** | **0.00** |

---

© 2021 Computershare. All rights reserved. Confidential. Page 24 of 25

---

| | | | |
|:---|:---|:---|:---|
| Distribution Date: | 11/18/25 | Benchmark 2025-V18 Mortgage Trust | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |
| Determination Date: | &nbsp;&nbsp;11/12/25 | Benchmark 2025-V18 Mortgage Trust | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |
| Record Date: | &nbsp;&nbsp;10/31/25 | Commercial Mortgage Pass-Through Certificates <br> Series 2025-V18 | &nbsp;&nbsp;![](n5335ddsimg001.jpg) |

---

Supplemental Notes© 2021 Computershare. All rights reserved. Confidential. Page 25 of 25

(THIS PAGE INTENTIONALLY LEFT BLANK)

**ANNEX C**

**FORM OF OPERATING ADVISOR ANNUAL REPORT<sup>1</sup>**

<u>Report Date</u>: This report will be delivered annually no later than [INSERT DATE], pursuant to the terms and conditions of the Pooling and Servicing Agreement, dated as of October 1, 2025 (the "<u>Pooling and Servicing Agreement</u>"), among GS Mortgage Securities Corporation II, as depositor, Trimont LLC, as master servicer, Torchlight Loan Services, LLC, as special servicer, Computershare Trust Company, National Association, as certificate administrator and as trustee, and Park Bridge Lender Services LLC, as operating advisor and as asset representations reviewer.<br> <u>Transaction</u>: Benchmark 2025-V18 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2025-V18<br> <u>Operating Advisor</u>: Park Bridge Lender Services LLC<br> <u>Special Servicer as of December 31, 20[__]</u>: Torchlight Loan Services, LLC<br> <u>Directing Holder</u>: Torchlight Debt Fund VIII Holdings (US), LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Population of Mortgage Loans that Were Considered in Compiling this Report

1. The Special Servicer has notified the Operating Advisor that [●] Specially Serviced Loans were transferred to special servicing in the prior calendar year [INSERT YEAR].

a. [●] of those Specially Serviced Loans are still being analyzed by the Special Servicer as part of the development of [a Final] Asset Status Report.

b. [Final] Asset Status Reports were issued with respect to [●] of such Specially Serviced Loans. This report is based only on the Specially Serviced Loans in respect of which [a Final] Asset Status Report has been issued. The [Final] Asset Status Reports may not yet be fully implemented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Executive Summary

Based on the requirements and qualifications set forth in the Pooling and Servicing Agreement, as well as the items listed below, the Operating Advisor (in accordance with the Operating Advisor's analysis requirements outlined in the Pooling and Servicing Agreement) has undertaken a limited review of the Special Servicer's actions under the Pooling and Servicing Agreement on the loans identified in this report. Based solely on such limited review of the items listed below, and subject to the assumptions, limitations and qualifications set forth herein, the Operating Advisor believes, in its sole discretion exercised in good faith, that the Special Servicer [is/is not] operating in compliance with the Servicing Standard with respect to its performance of its duties under the Pooling and Servicing Agreement during the prior calendar year on an "asset-level" basis. [The Operating Advisor believes, in its sole discretion exercised in good faith, that the Special Servicer has failed to comply with the Servicing Standard, as a result of the following material deviations.]

● [LIST OF MATERIAL DEVIATION ITEMS]

In addition, the Operating Advisor notes the following: [PROVIDE SUMMARY OF ANY ADDITIONAL MATERIAL INFORMATION].

[ADD RECOMMENDATION OF REPLACEMENT OF SPECIAL SERVICER, IF APPLICABLE]

<sup>1</sup> This report is an indicative report and does not reflect the final form of annual report to be used in any particular year. The Operating Advisor will have the ability to modify or alter the organization and content of any particular report, subject to the compliance with the terms of the Pooling and Servicing Agreement, including, without limitation, provisions relating to Privileged Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. List of Items that Were Considered in Compiling this Report

In rendering our assessment herein, we examined and relied upon the accuracy and completeness of the items listed below:

1. Any Major Decision Reporting Package that is delivered or made available to the Operating Advisor by the Special Servicer pursuant
to the Pooling and Servicing Agreement.

2. Reports by the Special Servicer made available to Privileged Persons that are posted on the certificate administrator's website
that is relevant to the Operating Advisor's obligations under the Pooling and Servicing Agreement, each Asset Status Report (after
a Control Termination Event), and each Final Asset Status Report, in each case, delivered or made available to the Operating Advisor pursuant
to the terms of the Pooling and Servicing Agreement.

3. The Special Servicer's assessment of compliance report, attestation report by a third party regarding the Special Servicer's
compliance with its obligations and net present value calculations and Appraisal Reduction Amount calculations delivered or made available
to the Operating Advisor pursuant to the terms of the Pooling and Servicing Agreement.

4. [LIST OTHER REVIEWED INFORMATION].

5. [INSERT IF AFTER A CONTROL TERMINATION EVENT: Consulted with the Special Servicer as provided under the Pooling and Servicing Agreement
on Asset Status Reports for a Specially Serviced Loan delivered or made available to the Operating Advisor pursuant to the terms of the
Pooling and Servicing Agreement and with respect to Major Decisions processed by the Special Servicer.]

NOTE: The Operating Advisor's review of the above materials should be considered a limited review and not be considered a full or limited audit, legal review or legal conclusion. For instance, we did not review each page of the Special Servicer's policy and procedure manuals (including amendments and appendices), review underlying lease agreements or similar underlying documents, re-engineer the quantitative aspects of their net present value calculator, visit any related property, visit the Special Servicer, visit the Directing Holder or interact with any borrower. In addition, our review of the net present value calculations and Appraisal Reduction Amount calculations is limited to the mathematical accuracy of the calculations and the corresponding application of the non-discretionary portions of the applicable formulas, and as such, does not take into account the reasonableness of the discretionary portions of such formulas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Assumptions, Qualifications and Disclaimers Related to the Work Product Undertaken and Opinions Related to this Report

1. As provided in the Pooling and Servicing Agreement, the Operating Advisor (i) is not required to report on instances of non-compliance
with, or deviations from, the Servicing Standard or the special servicer's obligations under the Pooling and Servicing Agreement
that the Operating Advisor determines, in its sole discretion exercised in good faith, to be immaterial and (ii) will not be required
to provide or obtain a legal opinion, legal review or legal conclusion.

2. In rendering our assessment herein, we have assumed that all executed factual statements, instruments, and other documents that we
have relied upon in rendering this assessment have been executed by persons with legal capacity to execute such documents.

3. Other than the receipt of any Major Decision Reporting Package or any Asset Status Report that is delivered or made available to the
Operating Advisor pursuant to the terms of the Pooling and Servicing Agreement, the Operating Advisor did not participate in, or have
access to, the Special Servicer's and Directing Holder's discussion(s) regarding any Specially Serviced Loan. The Operating
Advisor does not have authority to speak with the Directing Holder directly. As such,

the Operating Advisor relied solely upon the information delivered to it by the Special Servicer as well as its interaction with the Special Servicer, if any, in gathering the relevant information to generate this report. The services that we perform are not designed and cannot be relied upon to detect fraud or illegal acts should any exist.

4. The Special Servicer has the legal authority and responsibility to service any Specially Serviced Loan pursuant to the Pooling and
Servicing Agreement. The Operating Advisor has no responsibility or authority to alter the standards set forth in the Pooling and Servicing
Agreement or the actions of the Special Servicer.

5. Confidentiality and other contractual limitations limit the Operating Advisor's ability to outline the details or substance
of any communication held between it and the Special Servicer regarding any Specially Serviced Loan and certain information it reviewed
in connection with its duties under the Pooling and Servicing Agreement. As a result, this report may not reflect all the relevant information
that the Operating Advisor is given access to by the Special Servicer.

6. The Operating Advisor is not empowered to speak with any investors directly. If the investors have questions regarding this report,
they should address such questions to the certificate administrator through the certificate administrator's website.

7. This report does not constitute recommendations to buy, sell or hold any security, nor does the Operating Advisor take into account
market prices of securities or financial markets generally when performing its limited review of the Special Servicer as described above.
The Operating Advisor does not have a fiduciary relationship with any Certificateholder or any other party or individual. Nothing is intended
to or should be construed as creating a fiduciary relationship between the Operating Advisor and any Certificateholder, party or individual.

Terms used but not defined in this report have the meaning set forth in the Pooling and Servicing Agreement.

(THIS PAGE INTENTIONALLY LEFT BLANK)

**ANNEX D-1**

**GOLDMAN SACHS MORTGAGE COMPANY REPRESENTATIONS AND WARRANTIES**

GSMC will in its MLPA, with respect to each GSMC Mortgage Loan, make the representations and warranties set forth below as of the Cut-off Date or such other date specified below, in each case subject to the exceptions to those representations and warranties that are described on Annex D-2. Prior to the execution of the related final MLPA, there may be additions, subtractions or other modifications to the representations, warranties and exceptions. These representations, warranties and exceptions should not be read alone, but should only be read in conjunction with the prospectus. Capitalized terms used but not otherwise defined in this Annex D-1 will have the meanings set forth in this prospectus or, if not defined in this prospectus, in the related MLPA.

The related MLPA, together with the related representations and warranties (subject to the exceptions thereto), serves to contractually allocate risk between GSMC, on the one hand, and the issuing entity, on the other. The representations and warranties are not intended to be disclosure statements regarding the characteristics of the related mortgage loans, Mortgaged Properties or other subjects discussed, but rather are intended as a risk allocation mechanism. We cannot assure you that the mortgage loans actually conform to the statements made in the representations and warranties that are presented below. The representations, warranties and exceptions have been provided to you for informational purposes only and prospective investors should not rely on the representations, warranties and exceptions as a basis for any investment decision. For disclosure regarding the characteristics, risks and other information regarding the mortgage loans, Mortgaged Properties and the certificates, you should read and rely solely on the prospectus. None of the depositor or the underwriters or their respective affiliates makes any representation regarding the accuracy or completeness of the representations, warranties and exceptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>Whole Loan; Ownership of Mortgage Loans</u>. Except with respect to a GSMC Mortgage Loan that is part of a Whole Loan, each GSMC Mortgage Loan is a whole loan and not a participation interest in a GSMC Mortgage Loan. Each GSMC Mortgage Loan that is part of a Whole Loan is a senior or *pari passu* portion of a whole loan evidenced by a senior or *pari passu* note. At the time of the sale, transfer and assignment to the depositor, no Mortgage Note or Mortgage was subject to any assignment (other than assignments to GSMC), participation or pledge, and GSMC had good title to, and was the sole owner of, each GSMC Mortgage Loan free and clear of any and all liens, charges, pledges, encumbrances, participations, any other ownership interests on, in or to such GSMC Mortgage Loan other than any servicing rights appointment, or similar agreement, any Non-Serviced PSA with respect to a GSMC Mortgage Loan and rights of the holder of a related Companion Loan pursuant to a Co-Lender Agreement. GSMC has full right and authority to sell, assign and transfer each GSMC Mortgage Loan, and the assignment to Depositor constitutes a legal, valid and binding assignment of each GSMC Mortgage Loan free and clear of any and all liens, pledges, charges or security interests of any nature encumbering any GSMC Mortgage Loan other than the rights of the holder of a related Companion Loan pursuant to a Co-Lender Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>Loan Document Status</u>. Each related Mortgage Note, Mortgage, assignment of leases (if a separate instrument), guaranty and other agreement executed by or on behalf of the related mortgagor, guarantor or other obligor in connection with such GSMC Mortgage Loan is the legal, valid and binding obligation of the related mortgagor, guarantor or other obligor (subject to any non-recourse provisions contained in any of the foregoing agreements and any applicable state anti-deficiency or market value limit deficiency legislation), as applicable, and is enforceable in accordance with its terms, except (i) as such enforcement may be limited by (a) bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or other similar laws affecting the enforcement of creditors' rights generally and (b) general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law) and (ii) that certain provisions in such Mortgage Loan documents (including, without limitation, provisions requiring the payment of default interest, late fees or prepayment/yield maintenance fees, charges and/or premiums) are, or may be, further limited or rendered unenforceable by or under

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applicable law, but (subject to the limitations set forth in clause (i) above) such limitations or unenforceability will not render such Mortgage Loan documents invalid as a whole or materially interfere with the Mortgagee's realization of the principal benefits and/or security provided thereby (clauses (i) and (ii) collectively, the "<u>Standard Qualifications</u>").

Except as set forth in the immediately preceding sentence, there is no valid offset, defense, counterclaim or right of rescission available to the related mortgagor with respect to any of the related Mortgage Notes, Mortgages or other Mortgage Loan documents, including, without limitation, any such valid offset, defense, counterclaim or right based on intentional fraud by GSMC in connection with the origination of any GSMC Mortgage Loan, that would deny the Mortgagee the principal benefits intended to be provided by the Mortgage Note, Mortgage or other Mortgage Loan documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) <u>Mortgage Provisions</u>. The Mortgage Loan documents for each GSMC Mortgage Loan contain provisions that render the rights and remedies of the holder thereof adequate for the practical realization against the related Mortgaged Property of the principal benefits of the security intended to be provided thereby, including realization by judicial or, if applicable, nonjudicial foreclosure subject to the limitations set forth in the Standard Qualifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) <u>Mortgage Status; Waivers and Modifications</u>. Since origination and except by written instruments set forth in the related Mortgage File or as otherwise provided in the related Mortgage Loan documents (a) the material terms of such Mortgage, Mortgage Note, GSMC Mortgage Loan guaranty and related Mortgage Loan documents have not been waived, impaired, modified, altered, satisfied, canceled, subordinated or rescinded in any respect; (b) no related Mortgaged Property or any portion thereof has been released from the lien of the related Mortgage in any manner which materially interferes with the security intended to be provided by such Mortgage or the use or operation of the remaining portion of such Mortgaged Property; and (c) neither the related mortgagor nor the related guarantor has been released from its material obligations under the related GSMC Mortgage Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) <u>Lien; Valid Assignment</u>. Subject to the Standard Qualifications, each assignment of Mortgage and assignment of assignment of leases to the issuing entity (or, with respect to a Non-Serviced Mortgage Loan, to the related Non-Serviced Trustee) constitutes a legal, valid and binding assignment to the issuing entity (or, with respect to a Non-Serviced Mortgage Loan, to the related Non-Serviced Trustee). Each related Mortgage and assignment of leases is freely assignable without the consent of the related mortgagor. Each related Mortgage is a legal, valid and enforceable first lien on the related Mortgagor's fee (or if identified on the mortgage loan schedule attached to the related MLPA, leasehold) interest in the related Mortgaged Property in the principal amount of such GSMC Mortgage Loan or allocated loan amount (subject only to Permitted Encumbrances (as defined below) and the exceptions to paragraph (6) set forth on Annex D-2 (each such exception, a "<u>Title Exception</u>")), except as the enforcement thereof may be limited by the Standard Qualifications. Such Mortgaged Property (subject to and excepting Permitted Encumbrances and the Title Exceptions) as of origination was, and as of the Cut-off Date, to GSMC's knowledge, is free and clear of any recorded mechanics' liens, recorded materialmen's liens and other recorded encumbrances which are prior to or equal with the lien of the related Mortgage, except those which are bonded over, escrowed for or insured against by a lender's title insurance policy (as described below), and, to GSMC's knowledge and subject to the rights of tenants (as tenants only) (subject to and excepting Permitted Encumbrances and the Title Exceptions), no rights exist which under law could give rise to any such lien or encumbrance that would be prior to or equal with the lien of the related Mortgage, except those which are bonded over, escrowed for or insured against by a lender's title insurance policy (as described below). Notwithstanding anything in this representation to the contrary, no representation is made as to the perfection of any security interest in rents or other personal property to the extent that possession or control of such items or actions other than the filing of Uniform Commercial Code financing statements is required in order to effect such perfection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) <u>Permitted Liens; Title Insurance</u>. Each Mortgaged Property securing a GSMC Mortgage Loan is covered by an American Land Title Association loan title insurance policy or a comparable form of loan title insurance policy approved for use in the applicable jurisdiction (or, if such policy is yet to be issued, by a *pro forma* policy, a preliminary title policy with escrow instructions or a "marked up" commitment, in each case binding on the title insurer) (the "<u>Title Policy</u>") in the original principal amount of such GSMC

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Mortgage Loan (or with respect to a GSMC Mortgage Loan secured by multiple properties, an amount equal to at least the allocated loan amount with respect to the Title Policy for each such property) after all advances of principal (including any advances held in escrow or reserves), that insures for the benefit of the owner of the indebtedness secured by the Mortgage, the first priority lien of the Mortgage, which lien is subject only to (a) the lien of current real property taxes, water charges, sewer rents and assessments due and payable but not yet delinquent; (b) covenants, conditions and restrictions, rights of way, easements and other matters of public record; (c) the exceptions (general and specific) and exclusions set forth in such Title Policy; (d) other matters to which like properties are commonly subject; (e) the rights of tenants (as tenants only) under leases (including subleases) pertaining to the related Mortgaged Property and condominium declarations; (f) if the related GSMC Mortgage Loan constitutes a cross-collateralized GSMC Mortgage Loan, the lien of the Mortgage for another GSMC Mortgage Loan contained in the same Crossed Group; and (g) if the related GSMC Mortgage Loan is part of a Whole Loan, the rights of the holder(s) of any related Companion Loan(s) pursuant to the related Co-Lender Agreement; *provided* that none of items (a) through (g), individually or in the aggregate, materially and adversely interferes with the value or current use of the Mortgaged Property or the security intended to be provided by such Mortgage or the mortgagor's ability to pay its obligations when they become due (collectively, the "<u>Permitted Encumbrances</u>"). Except as contemplated by clauses (f) and (g) of the preceding sentence, none of the Permitted Encumbrances are mortgage liens that are senior to or coordinate and co-equal with the lien of the related Mortgage. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paid and no claims have been made by GSMC thereunder and no claims have been paid thereunder. Neither GSMC, nor to GSMC's knowledge, any other holder of a GSMC Mortgage Loan, has done, by act or omission, anything that would materially impair the coverage under such Title Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) <u>Junior Liens</u>. It being understood that B notes secured by the same Mortgage as a GSMC Mortgage Loan are not subordinate mortgages or junior liens, except for any GSMC Mortgage Loan that is cross-collateralized and cross-defaulted with another GSMC Mortgage Loan, there are no subordinate mortgages or junior liens securing the payment of money encumbering the related Mortgaged Property (other than Permitted Encumbrances and the Title Exceptions, taxes and assessments, mechanics and materialmens liens (which are the subject of the representation in paragraph (5) above), and equipment and other personal property financing). Except as set forth on Schedule D-1 to this Annex D-1, GSMC has no knowledge of any mezzanine debt secured directly by interests in the related mortgagor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) <u>Assignment of Leases and Rents</u>. There exists as part of the related Mortgage File an assignment of leases (either as a separate instrument or incorporated into the related Mortgage). Subject to the Permitted Encumbrances and the Title Exceptions, each related assignment of leases creates a valid first-priority collateral assignment of, or a valid first-priority lien or security interest in, rents and certain rights under the related lease or leases, subject only to a license granted to the related mortgagor to exercise certain rights and to perform certain obligations of the lessor under such lease or leases, including the right to operate the related leased property, except as the enforcement thereof may be limited by the Standard Qualifications. The related Mortgage or related assignment of leases, subject to applicable law, provides that, upon an event of default under each GSMC Mortgage Loan, a receiver is permitted to be appointed for the collection of rents or for the related Mortgagee to enter into possession to collect the rents or for rents to be paid directly to the Mortgagee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) <u>UCC Filings</u>. If the related Mortgaged Property is operated as a hospitality property, GSMC has filed and/or recorded or caused to be filed and/or recorded (or, if not filed and/or recorded, submitted in proper form for filing and/or recording), UCC financing statements in the appropriate public filing and/or recording offices necessary at the time of the origination of the related GSMC Mortgage Loan to perfect a valid security interest in all items of physical personal property reasonably necessary to operate such Mortgaged Property owned by such mortgagor and located on the related Mortgaged Property (other than any non-material personal property, any personal property subject to a purchase money security interest, a sale and leaseback financing arrangement as permitted under the terms of the related Mortgage Loan documents or any other personal property leases applicable to such personal property), to the extent perfection may be effected pursuant to applicable law by recording or filing, as the case may be. Subject to the Standard Qualifications, each related Mortgage (or equivalent document) creates a valid and

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enforceable lien and security interest on the items of personalty described above. No representation is made as to the perfection of any security interest in rents or other personal property to the extent that possession or control of such items or actions other than the filing of UCC financing statements are required in order to effect such perfection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) <u>Condition of Property</u>. GSMC or the originator of each GSMC Mortgage Loan inspected or caused to be inspected each related Mortgaged Property within six (6) months of origination of the related GSMC Mortgage Loan and within thirteen months of the Cut-off Date.

An engineering report or property condition assessment was prepared in connection with the origination of each GSMC Mortgage Loan no more than thirteen months prior to the Cut-off Date. To GSMC's knowledge, based solely upon due diligence customarily performed in connection with the origination of comparable mortgage loans, as of the Closing Date, each related Mortgaged Property was free and clear of any material damage (other than deferred maintenance for which escrows were established at origination) that would affect materially and adversely the use or value of such Mortgaged Property as security for the GSMC Mortgage Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) <u>Taxes and Assessments</u>. All taxes, governmental assessments and other outstanding governmental charges (including, without limitation, water and sewage charges), or installments thereof, which could be a lien on the related Mortgaged Property that would be of equal or superior priority to the lien of the Mortgage and that prior to the Cut-off Date have become delinquent in respect of each related Mortgaged Property have been paid, or an escrow of funds has been established in an amount sufficient to cover such payments and reasonably estimated interest and penalties, if any, thereon. For purposes of this representation and warranty, real estate taxes and governmental assessments and other outstanding governmental charges and installments thereof will not be considered delinquent until the earlier of (a) the date on which interest and/or penalties would first be payable thereon and (b) the date on which enforcement action is entitled to be taken by the related taxing authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) <u>Condemnation</u>. As of the date of origination and to GSMC's knowledge as of the Cut-off Date, there is no proceeding pending, and, to GSMC's knowledge as of the date of origination and as of the Cut-off Date, there is no proceeding threatened, for the total or partial condemnation of any Mortgaged Property that would have a material adverse effect on the value, use or operation of such Mortgaged Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) <u>Actions Concerning Mortgage Loan</u>. To GSMC's knowledge, based on evaluation of the Title Policy (as defined in paragraph (6)), an engineering report or property condition assessment as described in paragraph (10), applicable local law compliance materials as described in paragraph (24), the ESA (as defined in paragraph (40)), written litigation diligence responses provided by the related mortgagor to the related originator, the related loan agreement, and public record litigation and judgment lien searches obtained by the related originator, as of origination, there was no pending or filed action, suit or proceeding, arbitration or governmental investigation involving any mortgagor, guarantor, or mortgagor's interest in the related Mortgaged Property, an adverse outcome of which would reasonably be expected to materially and adversely affect (a) such mortgagor's title to such Mortgaged Property, (b) the validity or enforceability of the Mortgage, (c) such mortgagor's ability to perform under the related GSMC Mortgage Loan, (d) such guarantor's ability to perform under the related guaranty, (e) the principal benefit of the security intended to be provided by the related Mortgage Loan documents or (f) the current principal use of such Mortgaged Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) <u>Escrow Deposits</u>. All escrow deposits and payments required to be escrowed with any Mortgagee pursuant to each GSMC Mortgage Loan are in the possession, or under the control, of GSMC or its servicer, and there are no deficiencies (subject to any applicable grace or cure periods) in connection therewith, and all such escrows and deposits (or the right thereto) that are required to be escrowed with the related Mortgagee under the related Mortgage Loan documents are being conveyed by GSMC to the Depositor or its servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) <u>No Holdbacks</u>. The principal amount of each GSMC Mortgage Loan stated on the mortgage loan schedule attached to the related MLPA has been fully disbursed as of the Closing Date and there is

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no requirement for future advances thereunder (except in those cases where the full amount of the GSMC Mortgage Loan has been disbursed but a portion thereof is being held in escrow or reserve accounts pending the satisfaction of certain conditions relating to leasing, repairs or other matters with respect to the related Mortgaged Property, the mortgagor or other considerations determined by GSMC to merit such holdback).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) <u>Insurance</u>. Each related Mortgaged Property is, and is required pursuant to the related Mortgage to be, insured by a property insurance policy providing coverage for loss in accordance with coverage found under a "special cause of loss form" or "all risk form" that includes replacement cost valuation issued by an insurer or insurers meeting the requirements of the related Mortgage Loan documents and meeting the Insurance Rating Requirements (as defined below), in an amount (subject to a customary deductible) not less than the lesser of (1) the original principal balance of the related GSMC Mortgage Loan and (2) the full insurable value on a replacement cost basis of the improvements, furniture, furnishings, fixtures and equipment owned by the related mortgagor and included in such Mortgaged Property (with no deduction for physical depreciation), but, in any event, not less than the amount necessary or containing such endorsements as are necessary to avoid the operation of any coinsurance provisions with respect to the related Mortgaged Property.

"<u>Insurance Rating Requirements</u>" means either (i) a claims paying or financial strength rating of at least "A-:VIII" from A.M. Best Company or "A3" (or the equivalent) from Moody's Investors Service, Inc. or "A-" from S&P Global Ratings, acting through Standard & Poor's Financial Services LLC or (ii) the Syndicate Insurance Rating Requirements. "<u>Syndicate Insurance Rating Requirements</u>" means insurance provided by a syndicate of insurers, as to which (i) if such syndicate consists of 5 or more members, at least 60% of the coverage is provided by insurers that meet the Insurance Rating Requirements (under clause (i) of the definition of such term) and up to 40% of the coverage is provided by insurers that have a claims paying or financial strength rating of at least "BBB-" by S&P Global Ratings, acting through Standard & Poor's Financial Services LLC or at least "Baa3" by Moody's Investors Service, Inc., and (ii) if such syndicate consists of 4 or fewer members, at least 75% of the coverage is provided by insurers that meet the Insurance Rating Requirements (under clause (i) of the definition of such term) and up to 25% of the coverage is provided by insurers that have a claims paying or financial strength rating of at least "BBB-" by S&P Global Ratings, acting through Standard & Poor's Financial Services LLC or at least "Baa3" by Moody's Investors Service, Inc.

Each related Mortgaged Property is also covered, and required to be covered pursuant to the related Mortgage Loan documents, by business interruption or rental loss insurance which (subject to a customary deductible) covers a period of not less than 12 months (or with respect to each GSMC Mortgage Loan on a single asset with a principal balance of $50 million or more, 18 months).

If any material part of the improvements, exclusive of a parking lot, located on a Mortgaged Property is in an area identified in the Federal Register by the Federal Emergency Management Agency as a "Special Flood Hazard Area," the related mortgagor is required to maintain insurance in the maximum amount available under the National Flood Insurance Program (irrespective of whether such coverage is provided pursuant to a National Flood Insurance Program policy or through a private policy), plus such additional flood coverage in an amount as is generally required by GSMC for comparable mortgage loans intended for securitization.

If a Mortgaged Property is located within 25 miles of the coast of the Gulf of Mexico or the Atlantic coast of Florida, Georgia, South Carolina or North Carolina, the related mortgagor is required to maintain coverage for windstorm and/or windstorm related perils and/or "named storms" issued by an insurer meeting the Insurance Rating Requirements or endorsement covering damage from windstorm and/or windstorm related perils and/or named storms, in an amount not less than the lesser of (1) the original principal balance of the related GSMC Mortgage Loan and (2) 100% of the full insurable value on a replacement cost basis of the improvements and personalty and fixtures included in the related Mortgaged Property by an insurer meeting the Insurance Rating Requirements.

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Each Mortgaged Property is covered, and required to be covered pursuant to the related Mortgage Loan documents, by a commercial general liability insurance policy issued by an insurer meeting the Insurance Rating Requirements including coverage for property damage, contractual damage and personal injury (including bodily injury and death) in amounts as are generally required by prudent institutional commercial mortgage lenders, and in any event not less than $1 million per occurrence and $2 million in the aggregate.

An architectural or engineering consultant has performed an analysis of each Mortgaged Property located in seismic zones 3 or 4 in order to evaluate the structural and seismic condition of such property, for the sole purpose of assessing the scenario expected limit ("<u>SEL</u>") for the related Mortgaged Property in the event of an earthquake. In such instance, the SEL was based on a 475-year return period, an exposure period of 50 years and a 10% probability of exceedance. If the resulting report concluded that the SEL would exceed 20% of the amount of the replacement costs of the improvements, earthquake insurance on such Mortgaged Property was obtained from an insurer rated at least "A:VIII" by A.M. Best Company or "A3" (or the equivalent) from Moody's Investors Service, Inc. or "A-" by S&P Global Ratings, acting through Standard & Poor's Financial Services LLC in an amount not less than 100% of the SEL.

The Mortgage Loan documents for each GSMC Mortgage Loan require insurance proceeds in respect of a property loss to be applied either (a) to the repair or restoration of all or part of the related Mortgaged Property, with respect to all property losses in excess of 5% of the original or then outstanding principal amount of the related GSMC Mortgage Loan (or related Whole Loan), the Mortgagee (or a trustee appointed by it) having the right to hold and disburse such proceeds as the repair or restoration progresses, or (b) to the payment of the outstanding principal balance of such GSMC Mortgage Loan together with any accrued interest thereon.

All premiums on all insurance policies referred to in this section required to be paid as of the Cut-off Date have been paid, and such insurance policies name the Mortgagee under each GSMC Mortgage Loan and its successors and assigns as a loss payee under a Mortgagee endorsement clause or, in the case of the general liability insurance policy, as named or additional insured. Such insurance policies will inure to the benefit of the trustee (or, in the case of a Mortgage Loan that is a Non-Serviced Mortgage Loan, the applicable Non-Serviced Trustee). Each related GSMC Mortgage Loan obligates the related mortgagor to maintain (or cause to be maintained) all such insurance and, at such mortgagor's failure to do so, authorizes the Mortgagee to maintain such insurance at the mortgagor's reasonable cost and expense and to charge such mortgagor for related premiums. All such insurance policies (other than commercial liability policies) require at least 10 days' prior notice to the Mortgagee of termination or cancellation arising because of nonpayment of a premium and at least 30 days' prior notice to the Mortgagee of termination or cancellation (or such lesser period, not less than 10 days, as may be required by applicable law) arising for any reason other than non-payment of a premium and no such notice has been received by GSMC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) <u>Access; Utilities; Separate Tax Lots</u>. Each Mortgaged Property (a) is located on or adjacent to a public road and has direct legal access to such road, or has access via an irrevocable easement or irrevocable right of way permitting ingress and egress to/from a public road, (b) is served by or has uninhibited access rights to public or private water and sewer (or well and septic) and all required utilities, all of which are appropriate for the current use of such Mortgaged Property, and (c) constitutes one or more separate tax parcels which do not include any property which is not part of the Mortgaged Property or is subject to an endorsement under the related Title Policy insuring the Mortgaged Property, or in certain cases, an application has been, or will be, made to the applicable governing authority for creation of separate tax lots, in which case the related GSMC Mortgage Loan requires the mortgagor to escrow an amount sufficient to pay taxes for the existing tax parcel of which such Mortgaged Property is a part until the separate tax lots are created.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) <u>No Encroachments</u>. To GSMC's knowledge based solely on surveys obtained in connection with origination and the Mortgagee's Title Policy (or, if such policy is not yet issued, a *pro forma* title policy, a preliminary title policy with escrow instructions or a "marked up" commitment) obtained in connection with the origination of each GSMC Mortgage Loan, all material improvements that were included for the purpose of determining the appraised value of the related Mortgaged Property at the time

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of the origination of such GSMC Mortgage Loan are within the boundaries of the related Mortgaged Property, except encroachments that do not materially and adversely affect the value or current use of such Mortgaged Property or for which insurance or endorsements were obtained under the Title Policy. No improvements on adjoining parcels encroach onto the related Mortgaged Property except for encroachments that do not materially and adversely affect the value or current use of such Mortgaged Property or for which insurance or endorsements were obtained under the Title Policy. No improvements encroach upon any easements except for encroachments the removal of which would not materially and adversely affect the value or current use of such Mortgaged Property or for which insurance or endorsements were obtained under the Title Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) <u>No Contingent Interest or Equity Participation</u>. No GSMC Mortgage Loan has a shared appreciation feature, any other contingent interest feature or a negative amortization feature or an equity participation by GSMC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) <u>REMIC</u>. Each GSMC Mortgage Loan is a "qualified mortgage" within the meaning of Section 860G(a)(3) of the Code (but determined without regard to the rule in the U.S. Department of Treasury Regulations Section 1.860G-2(f)(2) (the "<u>Treasury Regulations</u>") that treats certain defective mortgage loans as qualified mortgages), and, accordingly, (A) the issue price of the GSMC Mortgage Loan to the related Mortgagor at origination did not exceed the non-contingent principal amount of the GSMC Mortgage Loan and (B) either: (a) such GSMC Mortgage Loan is secured by an interest in real property (including buildings and structural components thereof, but excluding personal property) having a fair market value (i) at the date the GSMC Mortgage Loan (or related Whole Loan) was originated at least equal to 80% of the adjusted issue price of the GSMC Mortgage Loan (or related Whole Loan) on such date or (ii) at the Closing Date at least equal to 80% of the adjusted issue price of the GSMC Mortgage Loan (or related Whole Loan) on such date, *provided* that for purposes hereof, the fair market value of the real property interest must first be reduced by (A) the amount of any lien on the real property interest that is senior to the GSMC Mortgage Loan and (B) a proportionate amount of any lien that is in parity with the GSMC Mortgage Loan; or (b) substantially all of the proceeds of such GSMC Mortgage Loan were used to acquire, improve or protect the real property which served as the only security for such GSMC Mortgage Loan (other than a recourse feature or other third party credit enhancement within the meaning of Treasury Regulations Section 1.860G-2(a)(1)(ii)). If the GSMC Mortgage Loan was "significantly modified" prior to the Closing Date so as to result in a taxable exchange under Section 1001 of the Code, it either (x) was modified as a result of the default or reasonably foreseeable default of such GSMC Mortgage Loan or (y) satisfies the provisions of either sub-clause (B)(a)(i) above (substituting the date of the last such modification for the date the GSMC Mortgage Loan was originated) or sub-clause (B)(a)(ii), including the proviso thereto. Any prepayment premium and yield maintenance charges applicable to the GSMC Mortgage Loan constitute "customary prepayment penalties" within the meaning of Treasury Regulations Section 1.860G-1(b)(2). All terms used in this paragraph will have the same meanings as set forth in the related Treasury Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) <u>Compliance with Usury Laws</u>. The Mortgage Rate (exclusive of any default interest, late charges, yield maintenance charge, or prepayment premiums) of each GSMC Mortgage Loan complied as of the date of origination with, or was exempt from, applicable state or federal laws, regulations and other requirements pertaining to usury.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) <u>Authorized to do Business</u>. To the extent required under applicable law, as of the Cut-off Date or as of the date that such entity held the Mortgage Note, each holder of the Mortgage Note was authorized to originate, acquire and/or hold (as applicable) the Mortgage Note in the jurisdiction in which each related Mortgaged Property is located, or the failure to be so authorized does not materially and adversely affect the enforceability of such GSMC Mortgage Loan by the issuing entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) <u>Trustee under Deed of Trust</u>. With respect to each Mortgage which is a deed of trust, as of the date of origination and, to GSMC's knowledge, as of the Closing Date, a trustee, duly qualified under applicable law to serve as such, currently so serves and is named in the deed of trust or has been substituted in accordance with the Mortgage and applicable law or may be substituted in accordance with the Mortgage and applicable law by the related Mortgagee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) <u>Local Law Compliance</u>. To GSMC's knowledge, based upon any of a letter from any governmental authorities, a legal opinion, an architect's letter, a zoning consultant's report, an endorsement to the related Title Policy, or other affirmative investigation of local law compliance consistent with the investigation conducted by GSMC for similar commercial and multifamily mortgage loans intended for securitization, there are no material violations of applicable zoning ordinances, building codes and land laws (collectively "<u>Zoning Regulations</u>") with respect to the improvements located on or forming part of each Mortgaged Property securing a GSMC Mortgage Loan as of the date of origination of such GSMC Mortgage Loan (or related Whole Loan, as applicable) and as of the Cut-off Date, other than those which (i) are insured by the Title Policy or a law and ordinance insurance policy or (ii) would not have a material adverse effect on the value, operation or net operating income of the related Mortgaged Property. The terms of the related Mortgage Loan documents require the mortgagor to comply in all material respects with all applicable governmental regulations, zoning and building laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) <u>Licenses and Permits</u>. Each mortgagor covenants in the related Mortgage Loan documents that it will keep all material licenses, permits and applicable governmental authorizations necessary for its operation of the related Mortgaged Property in full force and effect, and to GSMC's knowledge based upon any of a letter from any government authorities or other affirmative investigation of local law compliance consistent with the investigation conducted by GSMC for similar commercial and multifamily mortgage loans intended for securitization, all such material licenses, permits and applicable governmental authorizations are in effect. Each GSMC Mortgage Loan requires the related mortgagor to be qualified to do business in the jurisdiction in which the related Mortgaged Property is located.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) <u>Recourse Obligations</u>. The Mortgage Loan documents for each GSMC Mortgage Loan provide that such GSMC Mortgage Loan (a) becomes full recourse to the mortgagor and guarantor (which is a natural person or persons, or an entity distinct from the mortgagor (but may be affiliated with the mortgagor) that has assets other than equity in the related Mortgaged Property that are not *de minimis*) in any of the following events: (i) if any voluntary petition for bankruptcy, insolvency, dissolution or liquidation pursuant to federal bankruptcy law, or any similar federal or state law, will be filed by the related mortgagor; (ii) the related mortgagor or guarantor will have colluded with (or, alternatively, solicited or caused to be solicited) other creditors to cause an involuntary bankruptcy filing with respect to such mortgagor or (iii) voluntary transfers of either the Mortgaged Property or equity interests in the mortgagor made in violation of the related Mortgage Loan documents; and (b) contains provisions providing for recourse against the mortgagor and guarantor (which is a natural person or persons, or an entity distinct from the mortgagor (but may be affiliated with the mortgagor) that has assets other than equity in the related Mortgaged Property that are not *de minimis*), for losses and damages sustained by reason of such mortgagor's (i) misappropriation of rents after the occurrence of an event of default under the related GSMC Mortgage Loan; (ii) misappropriation of (A) insurance proceeds or condemnation awards or (B) security deposits or, alternatively, the failure of any security deposits to be delivered to the Mortgagee upon foreclosure or action in lieu thereof (except to the extent applied in accordance with leases prior to a GSMC Mortgage Loan event of default); (iii) fraud or intentional material misrepresentation; (iv) breaches of the environmental covenants in the Mortgage Loan documents; or (v) commission of intentional material physical waste at the related Mortgaged Property (but, in some cases, only to the extent there is sufficient cash flow generated by the related Mortgaged Property to prevent such waste).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) <u>Mortgage Releases</u>. The terms of the related Mortgage or related Mortgage Loan documents do not provide for release of any material portion of the related Mortgaged Property from the lien of the Mortgage except (a) a partial release, accompanied by principal repayment, or partial Defeasance (as defined in paragraph (32)), in each case, of not less than a specified percentage at least equal to the lesser of (i) 110% of the related allocated loan amount of such portion of the Mortgaged Property and (ii) the outstanding principal balance of the related GSMC Mortgage Loan, (b) upon payment in full of such GSMC Mortgage Loan, (c) upon a Defeasance (as defined in (32) below), (d) releases of out-parcels that are unimproved or other portions of the related Mortgaged Property which will not have a material adverse effect on the underwritten value of such Mortgaged Property and which were not afforded any material value in the appraisal obtained at the origination of the GSMC Mortgage Loan and are not necessary for physical access to the Mortgaged Property or compliance with zoning requirements, or (e)

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as required pursuant to an order of condemnation or taking by a State or any political subdivision or authority thereof. With respect to any partial release (including in connection with any partial Defeasance) under the preceding <u>clauses (a)</u> or <u>(d)</u>, either: (x) such release of collateral (i) would not constitute a "significant modification" of the subject GSMC Mortgage Loan within the meaning of Section 1.860G-2(b)(2) of the Treasury Regulations and (ii) would not cause the subject GSMC Mortgage Loan to fail to be a "qualified mortgage" within the meaning of Code Section 860G(a)(3)(A); or (y) the Mortgagee or servicer can, in accordance with the related Mortgage Loan documents, condition such release of collateral on the related mortgagor's delivery of an opinion of tax counsel to the effect specified in the immediately preceding <u>clause (x)</u>. For purposes of the preceding <u>clause (x)</u>, for all GSMC Mortgage Loans originated after December 6, 2010, if the fair market value of the real property constituting such Mortgaged Property (reduced by (1) the amount of any lien on the real property that is senior to the GSMC Mortgage Loan and (2) a proportionate amount of any lien on the real property that is in parity with the lien of the GSMC Mortgage Loan) after the release is not equal to at least 80% of the principal balance of the GSMC Mortgage Loan (or related Whole Loan) outstanding after the release, the related mortgagor is required to make a payment of principal in an amount not less than the amount required by the REMIC provisions of the Code.

With respect to any partial release under the preceding clause (e), for all GSMC Mortgage Loans originated after December 6, 2010, the mortgagor can be required to pay down the principal balance of the related GSMC Mortgage Loan in an amount not less than the amount required by the REMIC provisions of the Code and, to such extent, such amount may not be required to be applied to the restoration of the Mortgaged Property or released to the mortgagor, if, immediately after the release of such portion of the Mortgaged Property from the lien of the Mortgage (but taking into account the planned restoration) the fair market value of the real property constituting the remaining Mortgaged Property is not equal to at least 80% of the remaining principal balance of the GSMC Mortgage Loan (or related Whole Loan).

No GSMC Mortgage Loan that is secured by more than one Mortgaged Property or that is cross-collateralized with another GSMC Mortgage Loan permits the release of cross-collateralization of the related Mortgaged Properties or a portion thereof, including due to partial condemnation, other than in compliance with the REMIC provisions of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28) <u>Financial Reporting and Rent Rolls</u>. The GSMC Mortgage Loan documents for each GSMC Mortgage Loan require the related mortgagor to provide the owner or holder of the Mortgage with quarterly (other than for single-tenant properties) and annual operating statements, and quarterly (other than for single-tenant properties) rent rolls for properties that have leases contributing more than 5% of the in-place base rent and annual financial statements, which annual financial statements with respect to each GSMC Mortgage Loan with more than one mortgagor are in the form of an annual combined balance sheet of the mortgagor entities (and no other entities), together with the related combined statements of operations, members' capital and cash flows, including a combining balance sheet and statement of income for the Mortgaged Properties on a combined basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) <u>Acts of Terrorism Exclusion</u>. With respect to each GSMC Mortgage Loan over $20 million, the related special-form all-risk insurance policy and business interruption policy (issued by an insurer meeting the Insurance Rating Requirements) do not specifically exclude Acts of Terrorism, as defined in the Terrorism Risk Insurance Act of 2002, as amended by the Terrorism Risk Insurance Program Reauthorization Act of 2007, as amended by the Terrorism Risk Insurance Program Reauthorization Act of 2015 (collectively referred to as "<u>TRIA</u>"), from coverage, or if such coverage is excluded, it is covered by a separate terrorism insurance policy. With respect to each other GSMC Mortgage Loan, the related special all-risk insurance policy and business interruption policy (issued by an insurer meeting the Insurance Rating Requirements) did not, as of the date of origination of the GSMC Mortgage Loan, and, to GSMC's knowledge, do not, as of the Cut-off Date, specifically exclude Acts of Terrorism, as defined in TRIA, from coverage, or if such coverage is excluded, it is covered by a separate terrorism insurance policy. With respect to each GSMC Mortgage Loan, the related Loan Documents do not expressly waive or prohibit the Mortgagee from requiring coverage for Acts of Terrorism, as defined in TRIA, or damages related thereto; *provided*, *however*, that if TRIA or a similar or subsequent statute is not in effect, then

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*provided* that terrorism insurance is commercially available, the Mortgagor under each GSMC Mortgage Loan is required to carry terrorism insurance, but in such event the Mortgagor will not be required to spend more than the Terrorism Cap Amount on terrorism insurance coverage, and if the cost of terrorism insurance exceeds the Terrorism Cap Amount, the Mortgagor is required to purchase the maximum amount of terrorism insurance available with funds equal to the Terrorism Cap Amount. The "<u>Terrorism Cap Amount</u>" is the specified percentage (which is at least equal to 200%) of the amount of the insurance premium that is payable at such time in respect of the property and business interruption/rental loss insurance required under the related Loan Documents (without giving effect to the cost of terrorism and earthquake components of such casualty and business interruption/rental loss insurance).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) <u>Due on Sale or Encumbrance</u>. Subject to specific exceptions set forth below, each GSMC Mortgage Loan contains a "due on sale" or other such provision for the acceleration of the payment of the unpaid principal balance of such GSMC Mortgage Loan if, without the consent of the holder of the Mortgage (which consent, in some cases, may not be unreasonably withheld) and/or complying with the requirements of the related Mortgage Loan documents (which provide for transfers without the consent of the Mortgagee which are customarily acceptable to prudent commercial and multifamily mortgage lending institutions lending on the security of property comparable to the related Mortgaged Property, including, without limitation, transfers of worn-out or obsolete furnishings, fixtures, or equipment promptly replaced with property of equivalent value and functionality and transfers by leases entered into in accordance with the Mortgage Loan documents), (a) the related Mortgaged Property, or any equity interest of greater than 50% in the related mortgagor, is directly or indirectly pledged, transferred or sold, other than as related to (i) family and estate planning transfers or transfers upon death or legal incapacity, (ii) transfers to certain affiliates as defined in the related Mortgage Loan documents, (iii) transfers of less than, or other than, a controlling interest in the related mortgagor, (iv) transfers to another holder of direct or indirect equity in the Mortgagor, a specific Person designated in the related Mortgage Loan documents or a Person satisfying specific criteria identified in the related Mortgage Loan documents, such as a qualified equityholder, (v) transfers of stock or similar equity units in publicly traded companies, (vi) a substitution or release of collateral within the parameters of paragraphs (27) and (32) in this Annex D-1 or the exceptions thereto set forth on Annex D-2, or (vii) any mezzanine debt that existed at the origination of the related GSMC Mortgage Loan as set forth on Schedule D-1 to this Annex D-1, or future permitted mezzanine debt as set forth on Schedule D-2 to this Annex D-1 or (b) the related Mortgaged Property is encumbered with a subordinate lien or security interest against the related Mortgaged Property, other than (i) any Companion Loan of any GSMC Mortgage Loan or any subordinate debt that existed at origination and is permitted under the related Mortgage Loan documents, (ii) purchase money security interests (iii) any GSMC Mortgage Loan that is cross-collateralized and cross-defaulted with another GSMC Mortgage Loan, as set forth on Schedule D-3 to this Annex D-1 or (iv) Permitted Encumbrances. The Mortgage or other Mortgage Loan documents provide that, to the extent any Rating Agency fees are incurred in connection with the review of and consent to any transfer or encumbrance, the related mortgagor is responsible for such payment along with all other reasonable out-of-pocket fees and expenses incurred by the Mortgagee relative to such transfer or encumbrance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31) <u>Single-Purpose Entity</u>. Each GSMC Mortgage Loan requires the related mortgagor to be a Single-Purpose Entity for at least as long as the related GSMC Mortgage Loan is outstanding. Both the Mortgage Loan documents and the organizational documents of the mortgagor with respect to each GSMC Mortgage Loan with a Cut-off Date Balance in excess of $5 million provide that such mortgagor is a Single-Purpose Entity, and each GSMC Mortgage Loan with a Cut-off Date Balance of $20 million or more has a counsel's opinion regarding non-consolidation of the related mortgagor. For this purpose, a "<u>Single-Purpose Entity</u>" means an entity, other than an individual, whose organizational documents (or if the GSMC Mortgage Loan has a Cut-off Date Balance equal to $5 million or less, its organizational documents or the related Mortgage Loan documents) provide substantially to the effect that it was formed or organized solely for the purpose of owning and operating one or more of the Mortgaged Properties securing the GSMC Mortgage Loans and prohibit it from engaging in any business unrelated to such Mortgaged Property or Properties, and whose organizational documents further provide, or which entity represented in the related Mortgage Loan documents, substantially to the effect that it does not have any assets other than those related to its interest in and operation of such Mortgaged Property or Properties, or any indebtedness other than as permitted by the related Mortgage(s) or the other related Mortgage

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Loan documents, that it has its own books and records and accounts separate and apart from those of any other person (other than a mortgagor for a GSMC Mortgage Loan that is cross-collateralized and cross-defaulted with the related GSMC Mortgage Loan), and that it holds itself out as a legal entity, separate and apart from any other person or entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32) <u>Defeasance</u>. With respect to any GSMC Mortgage Loan that, pursuant to the Mortgage Loan documents, can be defeased (a "<u>Defeasance</u>"), (i) the related Mortgage Loan documents provide for defeasance as a unilateral right of the mortgagor, subject to satisfaction of conditions specified in the Mortgage Loan documents; (ii) such GSMC Mortgage Loan cannot be defeased within two (2) years after the Closing Date; (iii) the mortgagor is permitted to pledge only United States "government securities" within the meaning of Treasury Regulations Section 1.860G-2(a)(8)(ii), the revenues from which will, in the case of a full Defeasance, be sufficient to make all scheduled payments under the GSMC Mortgage Loan when due, including the entire remaining principal balance on the maturity date (or on or after the first date on which payment may be made without payment of a yield maintenance charge or prepayment penalty), and if the GSMC Mortgage Loan permits partial releases of real property in connection with partial defeasance, the revenues from the collateral will be sufficient to pay all such scheduled payments calculated on a principal amount equal to a specified percentage at least equal to the lesser of (A) 110% of the allocated loan amount for the real property to be released and (B) the outstanding principal balance of the related GSMC Mortgage Loan; (iv) the mortgagor is required to provide a certification from an independent certified public accountant that the collateral is sufficient to make all scheduled payments under the Mortgage Note as set forth in (iii) above, (v) if the mortgagor would continue to own assets in addition to the defeasance collateral, the portion of the GSMC Mortgage Loan secured by defeasance collateral is required to be assumed (or the Mortgagee may require such assumption) by a Single-Purpose Entity; (vi) the mortgagor is required to provide an opinion of counsel that the Mortgagee has a perfected security interest in such collateral prior to any other claim or interest; and (vii) the mortgagor is required to pay all rating agency fees associated with Defeasance (if rating confirmation is a specific condition precedent thereto) and all other reasonable out-of-pocket expenses associated with Defeasance, including, but not limited to, accountant's fees and opinions of counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33) <u>Fixed Interest Rates</u>. Each GSMC Mortgage Loan bears interest at a rate that remains fixed throughout the remaining term of such GSMC Mortgage Loan, except in situations where default interest is imposed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34) <u>Ground Leases</u>. For purposes of this Annex D-1, a "<u>Ground Lease</u>" means a lease creating a leasehold estate in real property where the fee owner as the ground lessor conveys for a term or terms of years its entire interest in the land and buildings and other improvements, if any, comprising the premises demised under such lease to the ground lessee (who may, in certain circumstances, own the building and improvements on the land), subject to the reversionary interest of the ground lessor as fee owner and does not include industrial development agency (IDA) or similar leases for purposes of conferring a tax abatement or other benefit.

With respect to any GSMC Mortgage Loan where the GSMC Mortgage Loan is secured by a leasehold estate under a Ground Lease in whole or in part, and the related Mortgage does not also encumber the related lessor's fee interest in such Mortgaged Property, based upon the terms of the Ground Lease and any estoppel or other agreement received from the ground lessor in favor of GSMC, its successors and assigns, GSMC represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Ground Lease or a memorandum regarding such Ground Lease has been duly recorded or submitted for recordation in a form that is acceptable for recording in the applicable jurisdiction. The Ground Lease or an estoppel or other agreement received from the ground lessor permits the interest of the lessee to be encumbered by the related Mortgage and does not restrict the use of the related Mortgaged Property by such lessee, its successors or assigns in a manner that would materially adversely affect the security provided by the related Mortgage. No material change in the terms of the Ground Lease had occurred since the origination of the GSMC Mortgage Loan, except as reflected in any written instruments which are included in the related Mortgage File;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The lessor under such Ground Lease has agreed in a writing included in the related Mortgage File (or in such Ground Lease) that the Ground Lease may not be amended or modified, or canceled or terminated by agreement of lessor and lessee, without the prior written consent of the Mortgagee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Ground Lease has an original term (or an original term plus one or more optional renewal terms, which, under all circumstances, may be exercised, and will be enforceable, by either mortgagor or the Mortgagee) that extends not less than 20 years beyond the stated maturity of the related GSMC Mortgage Loan, or 10 years past the stated maturity if such GSMC Mortgage Loan fully amortizes by the stated maturity (or with respect to a GSMC Mortgage Loan that accrues on an actual 360 basis, substantially amortizes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Ground Lease either (i) is not subject to any liens or encumbrances superior to, or of equal priority with, the Mortgage, except for the related fee interest of the ground lessor and the Permitted Encumbrances or (ii) is subject to a subordination, non-disturbance and attornment agreement to which the Mortgagee on the lessor's fee interest in the Mortgaged Property is subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Ground Lease does not place commercially unreasonably restrictions on the identity of the Mortgagee and the Ground Lease is assignable to the holder of the GSMC Mortgage Loan and its successors and assigns without the consent of the lessor thereunder (*provided* that proper notice is delivered to the extent required in accordance with the Ground Lease), and in the event it is so assigned, it is further assignable by the holder of the GSMC Mortgage Loan and its successors and assigns without the consent of (but with prior notice to) the lessor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) GSMC has not received any written notice of material default under or notice of termination of such Ground Lease. To GSMC's knowledge, there is no material default under such Ground Lease and no condition that, but for the passage of time or giving of notice, would result in a material default under the terms of such Ground Lease and to GSMC's knowledge, such Ground Lease is in full force and effect as of the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Ground Lease or ancillary agreement between the lessor and the lessee requires the lessor to give to the Mortgagee written notice of any default, and provides that no notice of default or termination is effective against the Mortgagee unless such notice is given to the Mortgagee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Mortgagee is permitted a reasonable opportunity (including, where necessary, sufficient time to gain possession of the interest of the lessee under the Ground Lease through legal proceedings) to cure any default under the Ground Lease which is curable after the Mortgagee's receipt of notice of any default before the lessor may terminate the Ground Lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Ground Lease does not impose any restrictions on subletting that would be viewed as commercially unreasonable by a prudent commercial mortgage lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Under the terms of the Ground Lease, an estoppel or other agreement received from the ground lessor and the related Mortgage (taken together), any related insurance proceeds or the portion of the condemnation award allocable to the ground lessee's interest (other than (i) *de minimis* amounts for minor casualties or (ii) in respect of a total or substantially total loss or taking as addressed in <u>clause (k)</u> below) will be applied either to the repair or to restoration of all or part of the related Mortgaged Property with (so long as such proceeds are in excess of the threshold amount specified in the related Mortgage Loan documents) the Mortgagee or a trustee appointed by it having the right to hold and disburse such proceeds as repair or restoration progresses, or to the payment of the outstanding principal balance of the GSMC Mortgage Loan, together with any accrued interest;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) In the case of a total or substantially total taking or loss, under the terms of the Ground Lease, an estoppel or other agreement and the related Mortgage (taken together), any related insurance proceeds, or portion of the condemnation award allocable to the ground lessee's interest in respect of a total or substantially total loss or taking of the related Mortgaged Property to the extent not applied to restoration, will be applied first to the payment of the outstanding principal balance of the GSMC Mortgage Loan, together with any accrued interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *Provided* that the Mortgagee cures any defaults which are susceptible to being cured, the ground lessor has agreed to enter into a new lease with the Mortgagee upon termination of the Ground Lease for any reason, including rejection of the Ground Lease in a bankruptcy proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35) <u>Servicing</u>. The servicing and collection practices used by GSMC with respect to the GSMC Mortgage Loans have been, in all respects, legal and have met customary industry standards for servicing of commercial loans for conduit loan programs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36) <u>Origination and Underwriting</u>. The origination practices of GSMC (or the related originator if GSMC was not the originator) with respect to each GSMC Mortgage Loan have been, in all material respects, legal and as of the date of its origination, such GSMC Mortgage Loan (or the related Whole Loan, as applicable) and the origination thereof complied in all material respects with, or was exempt from, all requirements of federal, state or local law relating to the origination of such GSMC Mortgage Loan; *provided* that such representation and warranty does not address or otherwise cover any matters with respect to federal, state or local law otherwise covered in this Annex D-1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37) <u>No Material Default; Payment Record</u>. No GSMC Mortgage Loan has been more than 30 days delinquent, without giving effect to any grace or cure period, in making required debt service payments since origination, and no GSMC Mortgage Loan is more than 30 days delinquent (beyond any applicable grace or cure period) in making required payments as of the Closing Date. To GSMC's knowledge, there is (a) no material default, breach, violation or event of acceleration existing under any GSMC Mortgage Loan, or (b) no event (other than payments due but not yet delinquent) which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute a material default, breach, violation or event of acceleration, which default, breach, violation or event of acceleration, in the case of either <u>clause (a)</u> or <u>clause (b)</u>, materially and adversely affects the value of any GSMC Mortgage Loan or the value, use or operation of the related Mortgaged Property, *provided*, *however*, that this representation and warranty does not cover any default, breach, violation or event of acceleration that specifically pertains to or arises out of an exception scheduled to any other representation and warranty made by GSMC in this Annex D-1 (including, but not limited to, the prior sentence). No person other than the holder of any GSMC Mortgage Loan may declare any event of default under the related GSMC Mortgage Loan or accelerate any indebtedness under such Mortgage Loan documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38) <u>Bankruptcy</u>. As of the date of origination of the related GSMC Mortgage Loan and to the GSMC's knowledge as of the Cut-off Date, neither the Mortgaged Property (other than any tenants of such Mortgaged Property), nor any portion thereof, is the subject of, and no mortgagor, guarantor or tenant occupying a single-tenant property is a debtor in state or federal bankruptcy, insolvency or similar proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39) <u>Organization of Mortgagor</u>. With respect to each GSMC Mortgage Loan, in reliance on certified copies of the organizational documents of the related mortgagor delivered by such mortgagor in connection with the origination of such GSMC Mortgage Loan (or the related Whole Loan, as applicable), the mortgagor is an entity organized under the laws of a state of the United States of America, the District of Columbia or the Commonwealth of Puerto Rico. Except with respect to any GSMC Mortgage Loan that is cross-collateralized and cross-defaulted with another GSMC Mortgage Loan, no GSMC Mortgage Loan has a mortgagor that is an affiliate of another mortgagor under another GSMC Mortgage Loan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40) <u>Environmental Conditions</u>. A Phase I environmental site assessment (or update of a previous Phase I and or Phase II site assessment) and, with respect to certain GSMC Mortgage Loans, a Phase II environmental site assessment (collectively, an "<u>ESA</u>") meeting ASTM requirements were conducted by a reputable environmental consultant in connection with such GSMC Mortgage Loan within 12 months prior to its origination date (or an update of a previous ESA was prepared), and such ESA (i) did not identify the existence of recognized environmental conditions (as such term is defined in ASTM E1527-13 or its successor, an "<u>Environmental Condition</u>") at the related Mortgaged Property or the need for further investigation, or (ii) if the existence of an Environmental Condition or need for further investigation was indicated in any such ESA, then at least one of the following statements is true: (A) an amount reasonably estimated by a reputable environmental consultant to be sufficient to cover the estimated cost to cure any material noncompliance with applicable environmental laws or the Environmental Condition has been escrowed by the related Mortgagor and is held or controlled by the related Mortgagee; (B) if the only Environmental Condition relates to the presence of asbestos-containing materials, radon in indoor air, lead based paint or lead in drinking water, the only recommended action in the ESA is the institution of such a plan, an operations or maintenance plan has been required to be instituted by the related Mortgagor that, based on the ESA, can reasonably be expected to mitigate the identified risk; (C) the Environmental Condition identified in the related environmental report was remediated or abated in all material respects prior to the Cut-off Date, and, if and as appropriate, a no further action or closure letter was obtained from the applicable governmental regulatory authority (or the environmental issue affecting the related Mortgaged Property was otherwise listed by such governmental authority as "closed" or a reputable environmental consultant has concluded that no further action is required); (D) an environmental policy or a lender's pollution legal liability insurance policy meeting the requirements set forth below that covers liability for the identified circumstance or condition was obtained from an insurer rated no less than "A-" (or the equivalent) by Moody's Investors Service, Inc., S&P Global Ratings, acting through Standard & Poor's Financial Services LLC and/or Fitch Ratings, Inc.; (E) a party not related to the Mortgagor was identified as the responsible party for such condition or circumstance and such responsible party has financial resources reasonably estimated to be adequate to address the situation; or (F) a party related to the Mortgagor having financial resources reasonably estimated to be adequate to address the situation is required to take action. To GSMC's knowledge, except as set forth in the ESA, there is no Environmental Condition (as such term is defined in ASTM E1527-13 or its successor) at the related Mortgaged Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41) <u>Appraisal</u>. The Mortgage File or Servicing File contains an appraisal of the related Mortgaged Property with an appraisal date within 6 months of the GSMC Mortgage Loan origination date, and within 12 months of the Closing Date. The appraisal is signed by an appraiser who is a Member of the Appraisal Institute ("<u>MAI</u>") and, to GSMC's knowledge, had no interest, direct or indirect, in the Mortgaged Property or the mortgagor or in any loan made on the security thereof, and whose compensation is not affected by the approval or disapproval of the GSMC Mortgage Loan. Each appraiser has represented in such appraisal or in a supplemental letter that the appraisal satisfies the requirements of the "Uniform Standards of Professional Appraisal Practice" as adopted by the Appraisal Standards Board of the Appraisal Foundation. Each appraisal contains a statement, or is accompanied by a letter from the appraiser, to the effect that the appraisal was performed in accordance with the requirements of the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as in effect on the date such GSMC Mortgage Loan was originated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42) <u>Mortgage Loan Schedule</u>. The information pertaining to each GSMC Mortgage Loan which is set forth on the mortgage loan schedule attached to the related MLPA is true and correct in all material respects as of the Cut-off Date and contains all information required by the PSA to be contained on the mortgage loan schedule attached to the related MLPA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43) <u>Cross-Collateralization</u>. No GSMC Mortgage Loan is cross-collateralized or cross-defaulted with any mortgage loan that is outside the Mortgage Pool, except that each Mortgage Loan that is part of a Whole Loan is cross-collateralized and cross-defaulted with the related Companion Loan(s) and otherwise except as set forth on Schedule D-3.

D-1-14

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44) <u>Advance of Funds by the Sponsor</u>. After origination, no advance of funds has been made by GSMC to the related mortgagor other than in accordance with the related Mortgage Loan documents, and, to GSMC's knowledge, no funds have been received from any person other than the related mortgagor or an affiliate for, or on account of, payments due on the GSMC Mortgage Loan (other than as contemplated by the related Mortgage Loan documents, such as, by way of example and not in limitation of the foregoing, amounts paid by the tenant(s) into a mortgagee-controlled lockbox if required or contemplated under the related lease or Mortgage Loan documents). Neither GSMC nor any affiliate thereof has any obligation to make any capital contribution to any mortgagor under a GSMC Mortgage Loan, other than contributions made on or prior to the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45) <u>Compliance with Anti-Money Laundering Laws</u>. GSMC has complied in all material respects with all applicable anti-money laundering laws and regulations, including without limitation the USA Patriot Act of 2001 with respect to the origination of the GSMC Mortgage Loans.

For purposes of these representations and warranties, "<u>Mortgagee</u>" means the mortgagee, grantee or beneficiary under any Mortgage, any holder of legal title to any portion of any GSMC Mortgage Loan or, if applicable, any agent or servicer on behalf of such party.

For purposes of these representations and warranties, the phrases "GSMC's knowledge" or "GSMC's belief" and other words and phrases of like import mean, except where otherwise expressly set forth in this Annex D-1, the actual state of knowledge or belief of GSMC, its officers and employees directly responsible for the underwriting, origination, servicing or sale of the GSMC Mortgage Loans regarding the matters expressly set forth in this <u>Annex D-1</u>.

D-1-15

**<u>Schedule D-1 to Annex D-1</u>**

**GOLDMAN SACHS MORTGAGE COMPANY**

**MORTGAGE LOANS WITH EXISTING MEZZANINE DEBT**

None.

D-1-16

**<u>Schedule D-2 to Annex D-1</u>**

**GOLDMAN SACHS MORTGAGE COMPANY**

**MORTGAGE LOANS WITH RESPECT TO WHICH MEZZANINE DEBT<br> IS PERMITTED IN THE FUTURE** 

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| | |
|:---|:---|
| &nbsp;&nbsp;**Loan No.** | &nbsp;&nbsp;**Mortgage Loan** |
| &nbsp;&nbsp;17 | &nbsp;&nbsp;ESA Portfolio |

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D-1-17

**<u>Schedule D-3 to Annex D-1</u>**

**GOLDMAN SACHS MORTGAGE COMPANY**

**CROSS-COLLATERALIZED MORTGAGE LOANS** 

None.

D-1-18

**ANNEX D-2**

**EXCEPTIONS TO GOLDMAN SACHS MORTGAGE COMPANY REPRESENTATIONS AND <br> WARRANTIES**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Annex A-1<br> ID#** | &nbsp;&nbsp; **Mortgage Loans** | &nbsp;&nbsp; **Representations** | &nbsp;&nbsp; **Exceptions** |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;1515 West Webster | &nbsp;&nbsp;(5) Lien; Valid Assignment | &nbsp;&nbsp;The sole tenant has a right of first refusal ("<u>ROFR</u>"), right of first offer ("<u>ROFO</u>") and/or similar right to purchase the Mortgaged Property or a portion thereof. The ROFR, ROFO or similar right is subordinate to the Mortgage Loan and will not apply to a foreclosure or deed in lieu thereof, but will apply to any transfers following a foreclosure or deed in lieu thereof. |
| &nbsp;&nbsp;21 | &nbsp;&nbsp;Springfield Town Center | &nbsp;&nbsp;(5) Lien; Valid Assignment | &nbsp;&nbsp;Provided no event of default has occurred and is continuing, under the related Whole Loan, the Mortgage Loan documents prohibit the Mortgagee, without the prior written consent of the Mortgagor, from selling any note, participation or interest in the Whole Loan to Simon Property Group, Kimco Realty, The Macerich Company, Starwood Retail, Washington Prime Group, Pyramid Management Group, Brookfield Retail, Taubman Centers, Inc., Westfield Holdings Limited, Unibail-Rodamco, CBL Properties or Centennial (or any successors or assigns of or any person or entity controlled by, controlling or under common control with the foregoing); provided, however, such restrictions will not apply to (a) any transfer or sale by the Mortgagee of commercial mortgage-backed securities certificates, bonds or similar certificated interests secured in whole or in part by the Whole Loan or (b) any subsequent resale or transfer of the Whole Loan (or any interest therein) occurring after an initial sale or transfer by the Mortgagee even if such transaction results in a portion of the Whole Loan being held by a person or entity described above. |
| &nbsp;&nbsp;37 | &nbsp;&nbsp;CFS Industrial HQ | &nbsp;&nbsp;(5) Lien; Valid Assignment | &nbsp;&nbsp;The sole tenant has a purchase option with respect to the Mortgaged Property or a portion thereof. The purchase option is subordinate to the Mortgage Loan and will not apply to a foreclosure or deed in lieu thereof, but will apply to any transfers following a foreclosure or deed in lieu thereof. |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;1515 West Webster | &nbsp;&nbsp;(6) Permitted Liens; Title Insurance | &nbsp;&nbsp;See exception to Representation and Warranty No. 5, above. |
| &nbsp;&nbsp;21 | &nbsp;&nbsp;Springfield Town Center | &nbsp;&nbsp;(6) Permitted Liens; Title Insurance | &nbsp;&nbsp;See exception to Representation and Warranty No. 5, above. |
| &nbsp;&nbsp;37 | &nbsp;&nbsp;CFS Industrial HQ | &nbsp;&nbsp;(6) Permitted Liens; Title Insurance | &nbsp;&nbsp;See exception to Representation and Warranty No. 5, above. |
| &nbsp;&nbsp;27 | &nbsp;&nbsp;Village Square | &nbsp;&nbsp;(12) Condemnation | &nbsp;&nbsp;The Mortgaged Property is subject to a condemnation along the southern boundary of the Mortgaged Property. No improvements on the Mortgaged Property are impacted by the condemnation and the related governmental authority is in the process of recording the applicable documentation to evidence the transfer of ownership. A condemnation award was granted to the Mortgagor prior to the origination of the Mortgage Loan, and the Mortgagor was not required to deposit the related award with the Mortgagee. |
| &nbsp;&nbsp;13 | &nbsp;&nbsp;Pavilion at Port Orange | &nbsp;&nbsp;(16) Insurance | &nbsp;&nbsp;The Mortgage Loan documents provide that the Mortgagee may consent (subject to rating agency confirmation) to the Mortgagor maintaining (or causing to be maintained) insurance policies which (i) have coverages, deductibles and/or other related provisions other than those specified in the Mortgage Loan documents and/or (ii) are provided by insurance companies not meeting the credit rating requirements set forth in the Mortgage Loan documents. |

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D-2-1

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Annex A-1<br> ID#** | &nbsp;&nbsp; **Mortgage Loans** | &nbsp;&nbsp; **Representations** | &nbsp;&nbsp; **Exceptions** |
| &nbsp;&nbsp;21 | &nbsp;&nbsp;Springfield Town Center | &nbsp;&nbsp;(16) Insurance | &nbsp;&nbsp; The Mortgage Loan documents permit (i) a property insurance deductible up to $250,000, except with respect to windstorm/named storm, flood and earthquake coverage, which may have a deductible up to 5% of the total insurable value of the Mortgaged Property and (ii) a commercial general liability insurance deductible or self-insured retention up to $250,000. Such deductibles may not be considered customary.<br> The Mortgage Loan documents provide that the Mortgagee may consent (subject to rating agency confirmation) to the Mortgagor maintaining (or causing to be maintained) insurance policies which (i) have coverages, deductibles and/or other related provisions other than those specified in the Mortgage Loan documents and/or (ii) are provided by insurance companies not meeting the credit rating requirements set forth in the Mortgage Loan documents. |
| &nbsp;&nbsp;24 | &nbsp;&nbsp;161 Washington Street | &nbsp;&nbsp;(16) Insurance | &nbsp;&nbsp;The Mortgage Loan documents provide that the Mortgagee may consent (subject to rating agency confirmation) to the Mortgagor maintaining (or causing to be maintained) insurance policies which (i) have coverages, deductibles and/or other related provisions other than those specified in the Mortgage Loan documents and/or (ii) are provided by insurance companies not meeting the credit rating requirements set forth in the Mortgage Loan documents. |
| &nbsp;&nbsp;26 | &nbsp;&nbsp;Quail Creek Crossing | &nbsp;&nbsp;(16) Insurance | &nbsp;&nbsp;The Mortgage Loan documents provide that the Mortgagee may consent (subject to rating agency confirmation) to the Mortgagor maintaining (or causing to be maintained) insurance policies which (i) have coverages, deductibles and/or other related provisions other than those specified in the Mortgage Loan documents and/or (ii) are provided by insurance companies not meeting the credit rating requirements set forth in the Mortgage Loan documents. |
| &nbsp;&nbsp;27 | &nbsp;&nbsp;Village Square | &nbsp;&nbsp;(16) Insurance | &nbsp;&nbsp;The Mortgage Loan documents provide that the Mortgagee may consent (subject to rating agency confirmation) to the Mortgagor maintaining (or causing to be maintained) insurance policies which (i) have coverages, deductibles and/or other related provisions other than those specified in the Mortgage Loan documents and/or (ii) are provided by insurance companies not meeting the credit rating requirements set forth in the Mortgage Loan documents. |
| &nbsp;&nbsp;30 | &nbsp;&nbsp;Spyglass Inn | &nbsp;&nbsp;(16) Insurance | &nbsp;&nbsp;The Mortgage Loan documents provide that the Mortgagee may consent (subject to rating agency confirmation) to the Mortgagor maintaining (or causing to be maintained) insurance policies which (i) have coverages, deductibles and/or other related provisions other than those specified in the Mortgage Loan documents and/or (ii) are provided by insurance companies not meeting the credit rating requirements set forth in the Mortgage Loan documents. |
| &nbsp;&nbsp;31 | &nbsp;&nbsp;Cottage Inn by the Sea | &nbsp;&nbsp;(16) Insurance | &nbsp;&nbsp;The Mortgage Loan documents provide that the Mortgagee may consent (subject to rating agency confirmation) to the Mortgagor maintaining (or causing to be maintained) insurance policies which (i) have coverages, deductibles and/or other related provisions other than those specified in the Mortgage Loan documents and/or (ii) are provided by insurance companies not meeting the credit rating requirements set forth in the Mortgage Loan documents. |
| &nbsp;&nbsp;35 | &nbsp;&nbsp;Pacifica Hotel Portfolio (4-Pack) | &nbsp;&nbsp;(16) Insurance | &nbsp;&nbsp;The Mortgage Loan documents provide that the Mortgagee may consent (subject to rating agency confirmation) to the Mortgagor maintaining (or causing to be maintained) insurance policies which (i) have coverages, deductibles and/or other related provisions other than those specified in the Mortgage Loan documents and/or (ii) are provided by insurance companies not meeting the credit rating requirements set forth in the Mortgage Loan documents. |
| &nbsp;&nbsp;37 | &nbsp;&nbsp;CFS Industrial HQ | &nbsp;&nbsp;(16) Insurance | &nbsp;&nbsp;The Mortgage Loan documents provide that the Mortgagee may consent (subject to rating agency confirmation) to the Mortgagor maintaining (or causing to be maintained) insurance policies which (i) have coverages, deductibles and/or other related provisions other than those specified in the Mortgage Loan documents and/or (ii) are provided by insurance companies not meeting the credit rating requirements set forth in the Mortgage Loan documents. |

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D-2-2

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Annex A-1<br> ID#** | &nbsp;&nbsp; **Mortgage Loans** | &nbsp;&nbsp; **Representations** | &nbsp;&nbsp; **Exceptions** |
| &nbsp;&nbsp;13 | &nbsp;&nbsp;Pavilion at Port Orange | &nbsp;&nbsp;(24) Local Law Compliance | &nbsp;&nbsp; The local municipality was unable to provide a certificate of occupancy for the Mortgaged Property.<br> Certain fire code, building code, zoning code and land code violations are open at the Mortgaged Property. Mortgagor is required to address these violations within a time certain following the date of the Mortgage Loan. |
| &nbsp;&nbsp;17 | &nbsp;&nbsp;ESA Portfolio | &nbsp;&nbsp;(24) Local Law Compliance | &nbsp;&nbsp; The Cincinnati Blue Ash Kenwood Rd Mortgaged Property and Cincinnati Blue Ash Reed Hartman Mortgaged Property are legal nonconforming as to use as hotel use is no longer permitted under the current zoning code. If a legal non-conforming structure is destroyed to the extent that the estimated cost to repair exceeds 50% of the last assessed improvement value of the non-conforming structure, such non-conforming structure cannot be rebuilt, restored or reoccupied for any use unless it is brought into conformity with the current local zoning code.<br> Certificates of occupancy for the Indianapolis Northwest I-465 Mortgaged Property, Indianapolis – Airport – W Southern Ave Mortgaged Property, Waco – Woodway Mortgaged Property, Dayton – South Mortgaged Property, Blue Ash Kenwood Rd Mortgaged Property and Blue Ash Reed Hartman Mortgaged Property are not available from the municipality in which the respective Mortgaged Property is located.<br> Certain fire code violations are open at the Dayton – South Mortgaged Property, the Dallas – Greenville Ave Mortgaged Property, the Dallas – Plano Parkway Mortgaged Property and the El Paso – Airport Mortgaged Property. Mortgagor is required to address these violations within a time certain following the date of the Mortgage Loan.<br> A building code violation is open at the Dallas – Plano Parkway Mortgaged Property. Mortgagor is required to address this violation within a time certain following the date of the Mortgage Loan. |
| &nbsp;&nbsp;26 | &nbsp;&nbsp;Quail Creek Crossing | &nbsp;&nbsp;(24) Local Law Compliance | &nbsp;&nbsp;A building code violation is open at the Mortgaged Property. Mortgagor is required to address this violation within a time certain following the date of the Mortgage Loan. |
| &nbsp;&nbsp;30 | &nbsp;&nbsp;Spyglass Inn | &nbsp;&nbsp;(24) Local Law Compliance | &nbsp;&nbsp;Certain building code violations are open at the Mortgaged Property. Mortgagor is required to address these violations within a time certain following the date of the Mortgage Loan. |
| &nbsp;&nbsp;31 | &nbsp;&nbsp;Cottage Inn by the Sea | &nbsp;&nbsp;(24) Local Law Compliance | &nbsp;&nbsp;Certain building code violations are open at the Mortgaged Property. Mortgagor is required to address these violations within a time certain following the date of the Mortgage Loan. |
| &nbsp;&nbsp;35 | &nbsp;&nbsp;Pacifica Hotel Portfolio (4-Pack) | &nbsp;&nbsp;(24) Local Law Compliance | &nbsp;&nbsp;The Inn at Venice Beach Mortgaged Property is legal nonconforming as to use as hotel use is no longer permitted under the current zoning code. If a legal non-conforming structure is damaged or destroyed such structure may be reconstructed to its prior non-conforming use provided that the total cost of restoration does not exceed 75% of the replacement value of the structure at the time of damage or destruction. |
| &nbsp;&nbsp;21 | &nbsp;&nbsp;Springfield Town Center | &nbsp;&nbsp;(26) Recourse Obligations | &nbsp;&nbsp; With respect to clause (a)(iii), the Mortgage Loan documents only provide recourse for losses to the Mortgagee (and not full recourse) for transfers made in violation of the Mortgage Loan documents.<br> With respect to clause (b)(i), the Mortgage Loan documents only provide recourse for intentional misappropriation. |
| &nbsp;&nbsp;All GSMC Mortgage Loans | &nbsp;&nbsp;All GSMC Mortgage Loans | &nbsp;&nbsp;(27) Mortgage Releases | &nbsp;&nbsp;If the subject Mortgage Loan is included in a REMIC and the loan-to-value ratio of the related Mortgaged Property following a condemnation exceeds 125%, the related Mortgagor may be able to avoid having to pay down the subject Mortgage Loan if it delivers an opinion of counsel to the effect that the failure to make such pay down will not cause such REMIC to fail to qualify as such. |

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D-2-3

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Annex A-1<br> ID#** | &nbsp;&nbsp; **Mortgage Loans** | &nbsp;&nbsp; **Representations** | &nbsp;&nbsp; **Exceptions** |
| &nbsp;&nbsp;13 | &nbsp;&nbsp;Pavilion at Port Orange | &nbsp;&nbsp;(31) Single Purpose Entity | &nbsp;&nbsp;The related Mortgagor is a recycled Single-Purpose Entity that previously owned certain other property, which was transferred to government entity and other third parties prior to the origination of the Mortgage Loan. |
| &nbsp;&nbsp;21 | &nbsp;&nbsp;Springfield Town Center | &nbsp;&nbsp;(31) Single Purpose Entity | &nbsp;&nbsp;The related Mortgagor is a recycled Single-Purpose Entity that previously owned certain other properties (together with equity interests in the direct owners thereof), each of which were transferred to an affiliate of the Mortgagor prior to the origination of the Mortgage Loan. |
| &nbsp;&nbsp;26 | &nbsp;&nbsp;Quail Creek Crossing | &nbsp;&nbsp;(31) Single Purpose Entity | &nbsp;&nbsp;The original principal balance of the Mortgage Loan is greater than $20,000,000, but the Mortgagor was not required to deliver a non-consolidation opinion in connection with the closing of the Mortgage Loan |
| &nbsp;&nbsp;27 | &nbsp;&nbsp;Village Square | &nbsp;&nbsp;(31) Single Purpose Entity | &nbsp;&nbsp; The related Mortgagor is a recycled Single-Purpose Entity that as of the origination date and pursuant to a condemnation has granted rights to certain other property to a governmental entity. The governmental entity has not yet recorded the deed evidencing such condemnation as of the date hereof.<br> The original principal balance of the Mortgage Loan is greater than $20,000,000, but the Mortgagor was not required to deliver a non-consolidation opinion in connection with the closing of the Mortgage Loan. |
| &nbsp;&nbsp;21 | &nbsp;&nbsp;Springfield Town Center | &nbsp;&nbsp;(32) Defeasance | &nbsp;&nbsp;In connection with a defeasance, the related Mortgagor is not required to pay defeasance related costs and expenses in excess of $25,000 (exclusive of any rating agency fees and expenses). |
| &nbsp;&nbsp;21 | &nbsp;&nbsp;Springfield Town Center | &nbsp;&nbsp;(34) Ground Leases | &nbsp;&nbsp; The Mortgage Loan is secured in part by the Mortgagor's leasehold interest in an approximately 4.3667 acre portion of the Mortgaged Property (approximately 5.6% of the net rentable area) comprised of a non-income producing parking lot, pursuant to that certain ground lease, dated as of March 13, 1969, between Village Green Properties, as landlord (together with its successors and assigns, "<u>Landlord</u>"), and Arlen of Virginia, Inc. (predecessor-in-interest to the Mortgagor), as tenant (together with its successor and assigns, "<u>Tenant</u>") (as amended, the "<u>Springfield Ground Lease</u>"). The terms of the Springfield Ground Lease do not meet certain provisions of this Representation and Warranty No. 34, as follows:<br> With respect to clause (a), (i) that certain lease amendment, dated as of December 1, 1978, between Village Green Properties and Franconia Associates (modifying certain rent-related provisions in the Springfield Ground Lease), and (ii) that certain notice letter, dated as of March 31, 2015, by Franconia Two, L.P. (notifying Landlord that the Springfield Ground Lease has been assigned to the Mortgagor), have not been duly recorded.<br> With respect to clause (h), the Mortgagee is permitted the same period to cure as Tenant, *provided* that the Mortgagee has the right to extend the date for termination up to six months so long as it is pursuing a foreclosure (which extension period may be an insufficient amount of time for the Mortgagee to consummate a foreclosure).<br> With respect to clause (l), the Springfield Ground Lease is silent as to whether a new lease will be entered into upon rejection of the Springfield Ground Lease in a bankruptcy. |
| &nbsp;&nbsp;30, 31, 35 | &nbsp;&nbsp;Spyglass Inn; Cottage Inn by the Sea; Pacifica Hotel Portfolio (4-Pack) | &nbsp;&nbsp;(39) Origination of Mortgagor | &nbsp;&nbsp;The Mortgagors of the Spyglass Inn Mortgage Loan, the Cottage Inn by the Sea Mortgage Loan and the Pacifica Hotel Portfolio Mortgage Loan are affiliated. |

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D-2-4

**ANNEX E-1**

**GERMAN AMERICAN CAPITAL CORPORATION, CITI REAL ESTATE FUNDING INC., BANK OF <br> MONTREAL AND BARCLAYS CAPITAL REAL ESTATE INC., REPRESENTATIONS AND <br> WARRANTIES**

Each of GACC, CREFI, BMO and Barclays (referred to as a "<u>Mortgage Loan Seller</u>" in the representations and warranties below) will make, as of the Cut-off Date or such other date as set forth below, with respect to each Mortgage Loan sold by it to us (referred to as the "<u>Purchaser</u>" in the representations and warranties below) that we include in the issuing entity, representations and warranties generally to the effect set forth below. Prior to the execution of the related final Mortgage Loan Purchase Agreement, there may be additions, subtractions or other modifications to the representations, warranties and exceptions. The exceptions to the representations and warranties set forth below are identified on Annex E-2 through Annex E-5, respectively, to this prospectus. Capitalized terms used but not otherwise defined in this Annex E-1 will have the meanings set forth in this prospectus or, if not defined in this prospectus, in the related Mortgage Loan Purchase Agreement. For the avoidance of doubt references to "Mortgage Loan" and "Mortgage Loans" in this Annex E-1 and the related exceptions set forth in Annex E-2 through Annex E-5, as applicable, exclude the GSMC Mortgage Loans and with respect to each of GACC, CREFI, BMO and Barclays, exclude the other such Mortgage Loan Seller's Mortgage Loans. In addition, solely for purposes of this Annex E-1 and the related exceptions set forth in Annex E-2 through Annex E-5, as applicable, the term "Mortgage Loans" and "Mortgage Notes" will refer to such Mortgage Loans sold by the applicable Mortgage Loan Seller and the related promissory note(s).

Each Mortgage Loan Purchase Agreement, together with the related representations and warranties (subject to the exceptions to such representations and warranties), serves to contractually allocate risk between the related Mortgage Loan Seller, on the one hand, and the issuing entity, on the other. We present the related representations and warranties set forth below for the sole purpose of describing some of the terms and conditions of that risk allocation. The presentation of representations and warranties below is not intended as statements regarding the actual characteristics of the Mortgage Loans, the Mortgaged Properties or other matters. We cannot assure you that the Mortgage Loans actually conform to the statements made in the representations and warranties that we present below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>Whole Loan; Ownership of Mortgage Loans</u>. Except with respect to a Mortgage Loan that is part of a Whole Loan, each Mortgage Loan is a whole loan and not a participation interest in a Mortgage Loan. Each Mortgage Loan that is part of a Whole Loan is a portion of a whole loan evidenced by a Mortgage Note. At the time of the sale, transfer and assignment to the Purchaser, no Mortgage Note or Mortgage was subject to any assignment (other than assignments to the Mortgage Loan Seller or, with respect to any Non-Serviced Mortgage Loan, to the trustee for the related Non-Serviced Securitization Trust), participation or pledge, and the Mortgage Loan Seller had good title to, and was the sole owner of, each Mortgage Loan free and clear of any and all liens, charges, pledges, encumbrances, participations, any other ownership interests on, in or to such Mortgage Loan other than any servicing rights appointment or similar agreement. The Mortgage Loan Seller has full right and authority to sell, assign and transfer each Mortgage Loan, and the assignment to the Purchaser constitutes a legal, valid and binding assignment of such Mortgage Loan free and clear of any and all liens, pledges, charges or security interests of any nature encumbering such Mortgage Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>Loan Document Status</u>. Each related Mortgage Note, Mortgage, Assignment of Leases, Rents and Profits (if a separate instrument), guaranty and other agreement executed by or on behalf of the related borrower, guarantor or other obligor in connection with such Mortgage Loan is the legal, valid and binding obligation of the related borrower, guarantor or other obligor (subject to any non-recourse provisions contained in any of the foregoing agreements and any applicable state anti-deficiency or market value limit deficiency legislation), as applicable, and is enforceable in accordance with its terms, except (i) as such enforcement may be limited by (a) bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or other similar laws affecting the enforcement of creditors' rights generally and (b) general principles of equity (regardless of whether such enforcement is considered in a

E-1-1

proceeding in equity or at law) and (ii) that certain provisions in such Mortgage Loan documents (including, without limitation, provisions requiring the payment of default interest, late fees or prepayment/yield maintenance fees, charges and/or premiums) are, or may be, further limited or rendered unenforceable by or under applicable law, but (subject to the limitations set forth in <u>clause (i)</u> above) such limitations or unenforceability will not render such Mortgage Loan documents invalid as a whole or materially interfere with the mortgagee's realization of the principal benefits and/or security provided thereby (<u>clauses (i)</u> and <u>(ii)</u> collectively, the "<u>Standard Qualifications</u>").

Except as set forth in the immediately preceding sentences, there is no valid offset, defense, counterclaim or right of rescission available to the related borrower with respect to any of the related Mortgage Notes, Mortgages or other Mortgage Loan documents, including, without limitation, any such valid offset, defense, counterclaim or right based on intentional fraud by the Mortgage Loan Seller in connection with the origination of the Mortgage Loan, that would deny the mortgagee the principal benefits intended to be provided by the Mortgage Note, Mortgage or other Mortgage Loan documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) <u>Mortgage Provisions</u>. The Mortgage Loan documents for each Mortgage Loan contain provisions that render the rights and remedies of the holder thereof adequate for the practical realization against the Mortgaged Property of the principal benefits of the security intended to be provided thereby, including realization by judicial or, if applicable, non-judicial foreclosure subject to the limitations set forth in the Standard Qualifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) <u>Mortgage Status; Waivers and Modifications</u>. Since origination and except by written instruments set forth in the related Mortgage File or as otherwise provided in the related Mortgage Loan documents (a) the material terms of such Mortgage, Mortgage Note, Mortgage Loan guaranty and related Mortgage Loan documents have not been waived, impaired, modified, altered, satisfied, canceled, subordinated or rescinded in any respect; (b) no related Mortgaged Property or any portion thereof has been released from the lien of the related Mortgage in any manner which materially interferes with the security intended to be provided by such Mortgage or the use or operation of the remaining portion of such Mortgaged Property; and (c) neither the related borrower nor the related guarantor has been released from its material obligations under the Mortgage Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) <u>Lien; Valid Assignment</u>. Subject to the Standard Qualifications, each assignment of Mortgage and assignment of Assignment of Leases, Rents and Profits to the issuing entity (or, with respect to a Non-Serviced Mortgage Loan, to the related Non-Serviced Trustee) constitutes a legal, valid and binding assignment to the issuing entity (or, with respect to a Non-Serviced Mortgage Loan, to the related Non-Serviced Trustee). Each related Mortgage and Assignment of Leases, Rents and Profits is freely assignable without the consent of the related borrower. Each related Mortgage is a legal, valid and enforceable first lien on the related borrower's fee or leasehold interest in the Mortgaged Property in the principal amount of such Mortgage Loan or allocated loan amount (subject only to Permitted Encumbrances (as defined below) and the exceptions to paragraph (6) set forth in Annex E-2 through Annex E-5 (each such exception, a "<u>Title Exception</u>")), except as the enforcement thereof may be limited by the Standard Qualifications. Such Mortgaged Property (subject to and excepting Permitted Encumbrances and the Title Exceptions) as of origination was, and as of the Cut-off Date, to the Mortgage Loan Seller's knowledge, is free and clear of any recorded mechanics' liens, recorded materialmen's liens and other recorded encumbrances which are prior to or equal with the lien of the related Mortgage (which lien secures the related Whole Loan, in the case of a Mortgage Loan that is part of a Whole Loan), except those which are bonded over, escrowed for or insured against by a lender's title insurance policy (as described below), and, to the Mortgage Loan Seller's knowledge and subject to the rights of tenants (as tenants only)(subject to and excepting Permitted Encumbrances and the Title Exceptions), no rights exist which under law could give rise to any such lien or encumbrance that would be prior to or equal with the lien of the related Mortgage, except those which are bonded over, escrowed for or insured against by a lender's title insurance policy (as described below). Notwithstanding anything in the related Mortgage Loan Purchase Agreement to the contrary, no representation is made as to the perfection of any security interest in rents or other personal property to the extent that possession or control of such items or actions other than the filing of Uniform Commercial Code ("<u>UCC</u>") financing statements is required in order to effect such perfection.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) <u>Permitted Liens; Title Insurance</u>. Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association loan title insurance policy or a comparable form of loan title insurance policy approved for use in the applicable jurisdiction (or, if such policy is yet to be issued, by a *pro forma* policy, a preliminary title policy with escrow instructions or a "marked up" commitment, in each case binding on the title insurer) (the "<u>Title Policy</u>") in the original principal amount of such Mortgage Loan (or with respect to a Mortgage Loan secured by multiple properties, an amount equal to at least the allocated loan amount with respect to the Title Policy for each such property) after all advances of principal (including any advances held in escrow or reserves), that insures for the benefit of the owner of the indebtedness secured by the Mortgage, the first priority lien of the Mortgage (which lien secures the related Whole Loan, in the case of a Mortgage Loan that is part of a Whole Loan), which lien is subject only to (a) the lien of current real property taxes, water charges, sewer rents and assessments not yet due and payable; (b) covenants, conditions and restrictions, rights of way, easements and other matters of public record; (c) the exceptions (general and specific) and exclusions set forth in such Title Policy; (d) other matters to which like properties are commonly subject; (e) the rights of tenants (as tenants only) under leases (including subleases) pertaining to the related Mortgaged Property and condominium declarations; and (f) if the related Mortgage Loan is cross-collateralized and cross-defaulted with another Mortgage Loan (each a "<u>Crossed Mortgage Loan</u>"), the lien of the Mortgage for such other Mortgage Loan that is cross-collateralized and cross-defaulted with such Crossed Mortgage Loan, *provided* that none of which items (a) through (f), individually or in the aggregate, materially and adversely interferes with the value or current use of the Mortgaged Property or the security intended to be provided by such Mortgage or the borrower's ability to pay its obligations when they become due (collectively, the "<u>Permitted Encumbrances</u>"). For purposes of clause (a) of the immediately preceding sentence, any such taxes, assessments and other charges will not be considered due and payable until the date on which interest and penalties would be payable thereon. Except as contemplated by <u>clause (f)</u> of the second preceding sentence, none of the Permitted Encumbrances are mortgage liens that are senior to or coordinate and co-equal with the lien of the related Mortgage. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paid and no claims have been made by the Mortgage Loan Seller thereunder and no claims have been paid thereunder. Neither the Mortgage Loan Seller, nor to the Mortgage Loan Seller's knowledge, any other holder of the Mortgage Loan, has done, by act or omission, anything that would materially impair the coverage under such Title Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) <u>Junior Liens</u>. It being understood that B notes secured by the same Mortgage as a Mortgage Loan are not subordinate mortgages or junior liens, except for any Crossed Mortgage Loan, there are, as of origination, and to the Mortgage Loan Seller's knowledge, as of the Cut-off Date, no subordinate mortgages or junior liens securing the payment of money encumbering the related Mortgaged Property (other than Permitted Encumbrances and the Title Exceptions, taxes and assessments, mechanics and materialmen's liens (which are the subject of the representation in paragraph (5) above), and equipment and other personal property financing). Except as set forth on Schedule E-1 to Annex E-1, the Mortgage Loan Seller has no knowledge of any mezzanine debt secured directly by interests in the related borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) <u>Assignment of Leases, Rents and Profits</u>. There exists as part of the related Mortgage File an Assignment of Leases, Rents and Profits (either as a separate instrument or incorporated into the related Mortgage). Subject to the Permitted Encumbrances and the Title Exceptions (and, in the case of a Mortgage Loan that is part of a Whole Loan, subject to the related Assignment of Leases, Rents and Profits constituting security for the entire Whole Loan), each related Assignment of Leases, Rents and Profits creates a valid first-priority collateral assignment of, or a valid first-priority lien or security interest in, rents and certain rights under the related lease or leases, subject only to a license granted to the related borrower to exercise certain rights and to perform certain obligations of the lessor under such lease or leases, including the right to operate the related leased property, except as the enforcement thereof may be limited by the Standard Qualifications. The related Mortgage or related Assignment of Leases, Rents and Profits, subject to applicable law, provides that, upon an event of default under the Mortgage Loan, a receiver is permitted to be appointed for the collection of rents or for the related mortgagee to enter into possession to collect the rents or for rents to be paid directly to the mortgagee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) <u>UCC Filings</u>. If the related Mortgaged Property is operated as a hospitality property, the Mortgage Loan Seller has filed and/or recorded or caused to be filed and/or recorded (or, if not filed and/or recorded, have been submitted in proper form for filing and/or recording), UCC financing statements in the appropriate public filing and/or recording offices necessary at the time of the origination of the Mortgage Loan to perfect a valid security interest in all items of physical personal property reasonably necessary to operate such Mortgaged Property owned by such borrower and located on the related Mortgaged Property (other than any non-material personal property, any personal property subject to a purchase money security interest, a sale and leaseback financing arrangement as permitted under the terms of the related Mortgage Loan documents or any other personal property leases applicable to such personal property), to the extent perfection may be effected pursuant to applicable law by recording or filing, as the case may be. Subject to the Standard Qualifications, each related Mortgage (or equivalent document) creates a valid and enforceable lien and security interest on the items of personalty described above. No representation is made as to the perfection of any security interest in rents or other personal property to the extent that possession or control of such items or actions other than the filing of UCC financing statements are required in order to effect such perfection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) <u>Condition of Property</u>. The Mortgage Loan Seller or the originator of the Mortgage Loan inspected or caused to be inspected each related Mortgaged Property within six (6) months of origination of the Mortgage Loan and within twelve months of the Cut-off Date.

An engineering report or property condition assessment was prepared in connection with the origination of each Mortgage Loan no more than twelve months prior to the Cut-off Date. To the Mortgage Loan Seller's knowledge, based solely upon due diligence customarily performed in connection with the origination of comparable mortgage loans, as of the Closing Date, each related Mortgaged Property was free and clear of any material damage (other than (i) any damage or deficiency that is estimated to cost less than $50,000 to repair, (ii) any deferred maintenance for which escrows were established at origination and (iii) any damage fully covered by insurance) that would affect materially and adversely the use or value of such Mortgaged Property as security for the Mortgage Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) <u>Taxes and Assessments</u>. All taxes, governmental assessments and other outstanding governmental charges (including, without limitation, water and sewage charges), or installments thereof, that could be a lien on the related Mortgaged Property that would be of equal or superior priority to the lien of the Mortgage and that prior to the Cut-off Date have become delinquent in respect of each related Mortgaged Property have been paid, or an escrow of funds has been established in an amount sufficient to cover such payments and reasonably estimated interest and penalties, if any, thereon. For purposes of this representation and warranty, real estate taxes and governmental assessments and other outstanding governmental charges and installments thereof will not be considered delinquent until the earlier of (a) the date on which interest and/or penalties would first be payable thereon and (b) the date on which enforcement action is entitled to be taken by the related taxing authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) <u>Condemnation</u>. As of the date of origination and to the Mortgage Loan Seller's knowledge as of the Cut-off Date, there is no proceeding pending, and, to the Mortgage Loan Seller's knowledge as of the date of origination and as of the Cut-off Date, there is no proceeding threatened, for the total or partial condemnation of such Mortgaged Property that would have a material adverse effect on the value, use or operation of the Mortgaged Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) <u>Actions Concerning Mortgage Loan</u>. To the Mortgage Loan Seller's knowledge, based on evaluation of the Title Policy (as defined in paragraph (6)), an engineering report or property condition assessment as described in paragraph (10), applicable local law compliance materials as described in paragraph (24), the ESA (as defined in paragraph (40)), written litigation diligence responses provided by the related mortgagor to the related originator, the related loan agreement, and public record litigation and judgment lien searches obtained by the related originator, as of origination, there was no pending or filed action, suit or proceeding, arbitration or governmental investigation involving any borrower, guarantor, or borrower's interest in the Mortgaged Property, an adverse outcome of which would reasonably be expected to materially and adversely affect (a) such borrower's title to the Mortgaged Property, (b) the validity or enforceability of the Mortgage, (c) such borrower's ability to perform under the related Mortgage Loan, (d) such guarantor's ability to perform under the related guaranty, (e) the principal benefit of the

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security intended to be provided by the Mortgage Loan documents or (f) the current principal use of the Mortgaged Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) <u>Escrow Deposits</u>. All escrow deposits and payments required to be escrowed with the lender pursuant to each Mortgage Loan are in the possession, or under the control, of the Mortgage Loan Seller or its servicer, and there are no deficiencies (subject to any applicable grace or cure periods) in connection therewith, and all such escrows and deposits (or the right thereto) that are required to be escrowed with lender under the related Mortgage Loan documents are being conveyed by the Mortgage Loan Seller to the Purchaser or its servicer (or, with respect to any Non-Serviced Mortgage Loan, to the depositor or servicer for the related Non-Serviced Securitization Trust).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) <u>No Holdbacks</u>. The Stated Principal Balance as of the Cut-off Date of the Mortgage Loan set forth on the mortgage loan schedule attached as an exhibit to the related Mortgage Loan Purchase Agreement has been fully disbursed as of the Closing Date and there is no requirement for future advances thereunder (except in those cases where the full amount of the Mortgage Loan has been disbursed but a portion thereof is being held in escrow or reserve accounts pending the satisfaction of certain conditions relating to leasing, repairs or other matters with respect to the related Mortgaged Property, the borrower or other considerations determined by the Mortgage Loan Seller to merit such holdback).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) <u>Insurance</u>. Each related Mortgaged Property is, and is required pursuant to the related Mortgage to be, insured by a property insurance policy providing coverage for loss in accordance with coverage found under a "special cause of loss form" or "all risk form" that includes replacement cost valuation issued by an insurer or insurers meeting the requirements of the related Mortgage Loan documents and having a claims-paying or financial strength rating meeting the Insurance Rating Requirements (as defined below), in an amount (subject to a customary deductible) not less than the lesser of (1) the original principal balance of the Mortgage Loan and (2) the full insurable value on a replacement cost basis of the improvements, furniture, furnishings, fixtures and equipment owned by the borrower and included in the Mortgaged Property (with no deduction for physical depreciation), but, in any event, not less than the amount necessary or containing such endorsements as are necessary to avoid the operation of any coinsurance provisions with respect to the related Mortgaged Property.

"<u>Insurance Rating Requirements</u>" means either (i) a claims paying or financial strength rating of any of the following; (a) at least "A-:VIII" from A.M. Best Company, (b) at least "A3" (or the equivalent) from Moody's Investors Service, Inc. or (c) at least "A-" from S&P Global Ratings, acting through Standard & Poor's Financial Services LLC or (ii) the Syndicate Insurance Ratings Requirements. "<u>Syndicate Insurance Ratings Requirements</u>" means insurance provided by a syndicate of insurers, as to which (i) if such syndicate consists of 5 or more members, at least 60% of the coverage is provided by insurers that meet the Insurance Rating Requirements (under clause (i) of the definition of such term) and up to 40% of the coverage is provided by insurers that have a claims paying or financial strength rating of at least "BBB-" by S&P Global Ratings, acting through Standard & Poor's Financial Services LLC or at least "Baa3" by Moody's Investors Service, Inc., and (ii) if such syndicate consists of 4 or fewer members, at least 75% of the coverage is provided by insurers that meet the Insurance Rating Requirements (under clause (i) of the definition of such term) and up to 25% of the coverage is provided by insurers that have a claims paying or financial strength rating of at least "BBB-" by S&P Global Ratings, acting through Standard & Poor's Financial Services LLC or at least "Baa3" by Moody's Investors Service, Inc.

Each related Mortgaged Property is also covered, and required to be covered pursuant to the related Mortgage Loan documents, by business interruption or rental loss insurance which (subject to a customary deductible) covers a period of not less than 12 months (or with respect to each Mortgage Loan on a single asset with a principal balance of $50 million or more, 18 months).

If any material part of the improvements, exclusive of a parking lot, located on a Mortgaged Property is in an area identified in the Federal Register by the Federal Emergency Management Agency as having special flood hazards, the related borrower is required to maintain insurance in the maximum amount available under the National Flood Insurance Program, plus such additional excess flood coverage in an amount as is generally required by the Mortgage Loan Seller originating mortgage loans for securitization.

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If the Mortgaged Property is located within 25 miles of the coast of the Gulf of Mexico or the Atlantic coast of Florida, Georgia, South Carolina or North Carolina, the related borrower is required to maintain coverage for windstorm and/or windstorm related perils and/or "named storms" issued by an insurer or insurers meeting the Insurance Rating Requirements or endorsement covering damage from windstorm and/or windstorm related perils and/or named storms, in an amount not less than the lesser of (1) the original principal balance of the Mortgage Loan and (2) 100% of the full insurable value on a replacement cost basis of the improvements and personalty and fixtures owned by the borrower and included in the related Mortgaged Property by an insurer or insurers meeting the Insurance Rating Requirements.

The Mortgaged Property is covered, and required to be covered pursuant to the related Mortgage Loan documents, by a commercial general liability insurance policy issued by an insurer or insurers meeting the Insurance Rating Requirements including coverage for property damage, contractual damage and personal injury (including bodily injury and death) in amounts as are generally required by the Mortgage Loan Seller for loans originated for securitization, and in any event not less than $1 million per occurrence and $2 million in the aggregate.

An architectural or engineering consultant has performed an analysis of each of the Mortgaged Properties located in seismic zones 3 or 4 in order to evaluate the structural and seismic condition of such property, for the sole purpose of assessing either the scenario expected limit ("<u>SEL</u>") or the probable maximum loss ("<u>PML</u>") for the Mortgaged Property in the event of an earthquake. In such instance, the SEL or PML, as applicable, was based on a 475-year return period, an exposure period of 50 years and a 10% probability of exceedance. If the resulting report concluded that the SEL or PML, as applicable, would exceed 20% of the amount of the replacement costs of the improvements, earthquake insurance on such Mortgaged Property was obtained by an insurer or insurers meeting the Insurance Rating Requirements (*provided* that for this purpose (only), the A.M. Best Company minimum rating referred to in the definition of Insurance Rating Requirements will be deemed to be at least "A:VIII") in an amount not less than 100% of the SEL or PML, as applicable.

The Mortgage Loan documents require insurance proceeds in respect of a property loss to be applied either (a) to the repair or restoration of all or part of the related Mortgaged Property, with respect to all property losses in excess of 5% of the then outstanding principal amount of the related Mortgage Loan (or Whole Loan, if applicable), the lender (or a trustee appointed by it) having the right to hold and disburse such proceeds as the repair or restoration progresses, or (b) to the payment of the outstanding principal balance of such Mortgage Loan (or Whole Loan, if applicable) together with any accrued interest thereon.

All premiums on all insurance policies referred to in this section required to be paid as of the Cut-off Date have been paid, and such insurance policies name the lender under the Mortgage Loan and its successors and assigns as a loss payee under a mortgagee endorsement clause or, in the case of the general liability insurance policy, as named or additional insured. Such insurance policies will inure to the benefit of the Trustee (or, in the case of a Mortgage Loan that is a Non-Serviced Mortgage Loan, the applicable Non-Serviced Trustee). Each related Mortgage Loan obligates the related borrower to maintain, or cause to be maintained, all such insurance and, at such borrower's failure to do so, authorizes the lender to maintain such insurance at the borrower's cost and expense and to charge such borrower for related premiums. All such insurance policies (other than commercial liability policies) require at least 10 days' prior notice to the lender of termination or cancellation arising because of nonpayment of a premium and at least 30 days prior notice to the lender of termination or cancellation (or such lesser period, not less than 10 days, as may be required by applicable law) arising for any reason other than non-payment of a premium and no such notice has been received by the Mortgage Loan Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) <u>Access; Utilities; Separate Tax Lots</u>. Each Mortgaged Property (a) is located on or adjacent to a public road and has direct legal access to such road, or has access via an irrevocable easement or irrevocable right of way permitting ingress and egress to/from a public road, (b) is served by or has uninhibited access rights to public or private water and sewer (or well and septic) and all required utilities, all of which are appropriate for the current use of the Mortgaged Property, and (c) constitutes one or more separate tax parcels which do not include any property which is not part of the Mortgaged Property or is subject to an endorsement under the related Title Policy insuring the Mortgaged Property, or in certain cases, an application has been, or will be, made to the applicable governing authority for creation of

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separate tax lots, in which case the Mortgage Loan requires the borrower to escrow an amount sufficient to pay taxes for the existing tax parcel of which the Mortgaged Property is a part until the separate tax lots are created.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) <u>No Encroachments</u>. To the Mortgage Loan Seller's knowledge based solely on surveys obtained in connection with origination and the lender's Title Policy (or, if such policy is not yet issued, a *pro forma* title policy, a preliminary title policy with escrow instructions or a "marked up" commitment) obtained in connection with the origination of each Mortgage Loan, all material improvements that were included for the purpose of determining the appraised value of the related Mortgaged Property at the time of the origination of such Mortgage Loan are within the boundaries of the related Mortgaged Property, except encroachments that do not materially and adversely affect the value or current use of such Mortgaged Property or for which insurance or endorsements were obtained under the Title Policy. No improvements on adjoining parcels encroach onto the related Mortgaged Property except for encroachments that do not materially and adversely affect the value or current use of such Mortgaged Property or for which insurance or endorsements were obtained under the Title Policy. No improvements encroach upon any easements except for encroachments the removal of which would not materially and adversely affect the value or current use of such Mortgaged Property or for which insurance or endorsements obtained with respect to the Title Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) <u>No Contingent Interest or Equity Participation</u>. No Mortgage Loan has a shared appreciation feature, any other contingent interest feature or a negative amortization feature or an equity participation by the Mortgage Loan Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) <u>REMIC</u>. Each Mortgage Loan is a "qualified mortgage" within the meaning of Section 860G(a)(3) of the Code (but determined without regard to the rule in the U.S. Department of Treasury Regulations Section 1.860G-2(f)(2) (the "<u>Treasury Regulations</u>") that treats certain defective mortgage loans as qualified mortgages), and, accordingly, (A) the issue price of the Mortgage Loan to the related borrower at origination did not exceed the non-contingent principal amount of the Mortgage Loan and (B) either: (a) such Mortgage Loan is secured by an interest in real property (including permanently affixed buildings and structural components, such as wiring, plumbing systems and central heating and air-conditioning systems, that are integrated into such buildings, serve such buildings in their passive functions and do not produce or contribute to the production of income other than consideration for the use or occupancy of space, but excluding personal property) having a fair market value (i) at the date the Mortgage Loan (or related Whole Loan) was originated at least equal to 80% of the adjusted issue price of the Mortgage Loan (or related Whole Loan) on such date or (ii) at the Closing Date at least equal to 80% of the adjusted issue price of the Mortgage Loan (or related Whole Loan) on such date, *provided* that for purposes hereof, the fair market value of the real property interest must first be reduced by (A) the amount of any lien on the real property interest that is senior to the Mortgage Loan and (B) a proportionate amount of any lien that is in parity with the Mortgage Loan; or (b) substantially all of the proceeds of such Mortgage Loan were used to acquire, improve or protect the real property which served as the only security for such Mortgage Loan (other than a recourse feature or other third-party credit enhancement within the meaning of Treasury Regulations Section 1.860G-2(a)(1)(ii)). If the Mortgage Loan was "significantly modified" prior to the Closing Date so as to result in a taxable exchange under Section 1001 of the Code, it either (x) was modified as a result of the default or reasonably foreseeable default of such Mortgage Loan or (y) satisfies the provisions of either <u>sub-clause (B)(a)(i)</u> above (substituting the date of the last such modification for the date the Mortgage Loan was originated) or <u>sub-clause (B)(a)(ii)</u>, including the proviso thereto. Any prepayment premium and yield maintenance charges applicable to the Mortgage Loan constitute "customary prepayment penalties" within the meaning of Treasury Regulations Section 1.860G-1(b)(2). All terms used in this paragraph will have the same meanings as set forth in the related Treasury Regulations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) <u>Compliance with Usury Laws</u>. The Mortgage Rate (exclusive of any default interest, late charges, yield maintenance charge, or prepayment premiums) of such Mortgage Loan complied as of the date of origination with, or was exempt from, applicable state or federal laws, regulations and other requirements pertaining to usury.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) <u>Authorized to do Business</u>. To the extent required under applicable law, as of the Cut-off Date or as of the date that such entity held the Mortgage Note, each holder of the Mortgage Note was authorized to transact and do business in the jurisdiction in which each related Mortgaged Property is located, or the failure to be so authorized does not materially and adversely affect the enforceability of such Mortgage Loan by the issuing entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) <u>Trustee under Deed of Trust</u>. With respect to each Mortgage which is a deed of trust, as of the date of origination and, to the Mortgage Loan Seller's knowledge, as of the Closing Date, a trustee, duly qualified under applicable law to serve as such, currently so serves and is named in the deed of trust or has been substituted in accordance with the Mortgage and applicable law or may be substituted in accordance with the Mortgage and applicable law by the related mortgagee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) <u>Local Law Compliance</u>. To the Mortgage Loan Seller's knowledge, based upon any of a letter from any governmental authorities, a legal opinion, an architect's letter, a zoning consultant's report, an endorsement to the related Title Policy, or other affirmative investigation of local law compliance consistent with the investigation conducted by the Mortgage Loan Seller for similar commercial, multifamily or, if applicable, manufactured housing community mortgage loans intended for securitization, with respect to the improvements located on or forming part of each Mortgaged Property securing a Mortgage Loan as of the date of origination of such Mortgage Loan and as of the Cut-off Date, there are no material violations of applicable zoning ordinances, building codes and land laws (collectively "<u>Zoning Regulations</u>") other than those which (i) constitute a legal non-conforming use or structure, as to which as the Mortgaged Property may be restored or repaired to the full extent necessary to maintain the use of the structure immediately prior to a casualty or the inability to restore or repair to the full extent necessary to maintain the use or structure immediately prior to the casualty would not materially and adversely affect the use or operation of the Mortgaged Property, (ii) are insured by the Title Policy or other insurance policy, (iii) are insured by law and ordinance insurance coverage in amounts customarily required by the Mortgage Loan Seller for loans originated for securitization that provides coverage for additional costs to rebuild and/or repair the property to current Zoning Regulations or (iv) would not have a material adverse effect on the Mortgage Loan. The terms of the Mortgage Loan documents require the borrower to comply in all material respects with all applicable governmental regulations, zoning and building laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) <u>Licenses and Permits</u>. Each borrower covenants in the Mortgage Loan documents that it will keep all material licenses, permits and applicable governmental authorizations necessary for its operation of the Mortgaged Property in full force and effect, and to the Mortgage Loan Seller's knowledge based upon a letter from any government authorities, zoning consultant's report or other affirmative investigation of local law compliance consistent with the investigation conducted by the Mortgage Loan Seller for similar commercial, multifamily or, if applicable, manufactured housing community mortgage loans intended for securitization, all such material licenses, permits and applicable governmental authorizations are in effect. The Mortgage Loan requires the related borrower to be qualified to do business in the jurisdiction in which the related Mortgaged Property is located.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) <u>Recourse Obligations</u>. The Mortgage Loan documents for each Mortgage Loan provide that (a) the related borrower and at least one individual or entity will be fully liable for actual losses, liabilities, costs and damages arising from certain acts of the related borrower and/or its principals specified in the related Mortgage Loan documents, which acts generally include the following: (i) acts of fraud or intentional material misrepresentation, (ii) misapplication or misappropriation of rents (if after an event of default under the Mortgage Loan), insurance proceeds or condemnation awards, (iii) intentional material physical waste of the Mortgaged Property (but, in some cases, only to the extent there is sufficient cash flow generated by the related Mortgaged Property to prevent such waste), and (iv) any breach of the environmental covenants contained in the related Mortgage Loan documents, and (b) the Mortgage Loan will become full recourse to the related borrower and at least one individual or entity, if the related borrower files a voluntary petition under federal or state bankruptcy or insolvency law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) <u>Mortgage Releases</u>. The terms of the related Mortgage or related Mortgage Loan documents do not provide for release of any material portion of the Mortgaged Property from the lien of the Mortgage except (a) a partial release, accompanied by principal repayment, or partial Defeasance (as defined in paragraph (32)), in each case, of not less than a specified percentage at least equal to the lesser of (i) 110% of the related allocated loan amount of such portion of the Mortgaged Property and (ii) the outstanding principal balance of the Mortgage Loan, (b) upon payment in full of such Mortgage Loan, (c) upon a Defeasance (as defined in paragraph (32)), (d) releases of out-parcels that are unimproved or other portions of the Mortgaged Property which will not have a material adverse effect on the underwritten value of the Mortgaged Property and which were not afforded any material value in the appraisal obtained at the origination of the Mortgage Loan and are not necessary for physical access to the Mortgaged Property or compliance with zoning requirements, or (e) as required pursuant to an order of condemnation or taking by a State or any political subdivision or authority thereof. With respect to any partial release (including in connection with any partial Defeasance) under the preceding <u>clauses (a)</u> or <u>(d)</u>, either: (x) such release of collateral (i) would not constitute a "significant modification" of the subject Mortgage Loan within the meaning of Section 1.860G-2(b)(2) of the Treasury Regulations and (ii) would not cause the subject Mortgage Loan to fail to be a "qualified mortgage" within the meaning of Code Section 860G(a)(3)(A); or (y) the mortgagee or servicer can, in accordance with the related Mortgage Loan documents, condition such release of collateral on the related borrower's delivery of an opinion of tax counsel to the effect specified in the immediately preceding <u>clause (x)</u>. For purposes of the preceding <u>clause (x)</u>, if the fair market value of the real property constituting such Mortgaged Property (reduced by (1) the amount of any lien on the real property that is senior to the Mortgage Loan and (2) a proportionate amount of any lien on the real property that is in parity with the Mortgage Loan) after the release is not equal to at least 80% of the principal balance of the Mortgage Loan (or Whole Loan, as applicable) outstanding after the release, the borrower is required to make a payment of principal in an amount not less than the amount required by the REMIC provisions of the Code.

In the case of any Mortgage Loan, in the event of a condemnation or taking of any portion of a Mortgaged Property by a State or any political subdivision or authority thereof, whether by legal proceeding or by agreement, the borrower can be required to pay down the principal balance of the Mortgage Loan in an amount not less than the amount required by the REMIC provisions of the Code and, to such extent, condemnation proceeds may not be required to be applied to the restoration of the Mortgaged Property or released to the borrower, if, immediately after the release of such portion of the Mortgaged Property from the lien of the Mortgage (but taking into account the planned restoration) the fair market value of the real property constituting the remaining Mortgaged Property (reduced by (1) the amount of any lien on the real property that is senior to the Mortgage Loan and (2) a proportionate amount of any lien on the real property that is in parity with the Mortgage Loan) is not equal to at least 80% of the remaining principal balance of the Mortgage Loan (or Whole Loan, as applicable).

No Mortgage Loan that is secured by more than one Mortgaged Property or that is a Crossed Mortgage Loan permits the release of cross-collateralization of the related Mortgaged Properties or a portion thereof, including due to a partial condemnation, other than in compliance with the loan-to-value ratio and other requirements of the REMIC provisions of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28) <u>Financial Reporting and Rent Rolls</u>. Each Mortgage Loan requires the borrower to provide the owner or holder of the Mortgage with quarterly (other than for single-tenant properties) and annual operating statements, and quarterly (other than for single-tenant properties) rent rolls for properties that have leases contributing more than 5% of the in-place base rent and annual financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) <u>Acts of Terrorism Exclusion</u>. With respect to each Mortgage Loan over $20 million, the related special-form all-risk insurance policy and business interruption policy (issued by an insurer or insurers meeting the Insurance Rating Requirements) do not specifically exclude Acts of Terrorism, as defined in the Terrorism Risk Insurance Act of 2002, as amended by the Terrorism Risk Insurance Program Reauthorization Act of 2019 (collectively referred to as "<u>TRIA</u>"), from coverage, or if such coverage is excluded, it is covered by a separate terrorism insurance policy. With respect to each other Mortgage Loan, the related special-form all-risk insurance policy and business interruption policy (issued by an insurer or insurers meeting the Insurance Rating Requirements) did not, as of the date of origination of

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the Mortgage Loan, and, to the Mortgage Loan Seller's knowledge, do not, as of the Cut-off Date, specifically exclude Acts of Terrorism, as defined in TRIA, from coverage, or if such coverage is excluded, it is covered by a separate terrorism insurance policy. With respect to each Mortgage Loan, the related Mortgage Loan documents do not expressly waive or prohibit the mortgagee from requiring coverage for Acts of Terrorism, as defined in TRIA, or damages related thereto except to the extent that any right to require such coverage may be limited by commercial availability on commercially reasonable terms, or as otherwise indicated in Annex E-2 through Annex E-5, as applicable; *provided*, *however*, that if TRIA or a similar or subsequent statute is not in effect, then, *provided* that terrorism insurance is commercially available, the borrower under each Mortgage Loan is required to carry terrorism insurance, but in such event the borrower will not be required to spend on terrorism insurance coverage more than two (2) times the amount of the insurance premium that is payable in respect of the property and business interruption/rental loss insurance required under the related Mortgage Loan documents (without giving effect to the cost of terrorism and earthquake components of such casualty and business interruption/rental loss insurance) at such time, and if the cost of terrorism insurance exceeds such amount, the borrower is required to purchase the maximum amount of terrorism insurance available with funds equal to such amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) <u>Due on Sale or Encumbrance</u>. Subject to specific exceptions set forth below, each Mortgage Loan contains a "due on sale" or other such provision for the acceleration of the payment of the unpaid principal balance of such Mortgage Loan if, without the consent of the holder of the Mortgage (which consent, in some cases, may not be unreasonably withheld) and/or complying with the requirements of the related Mortgage Loan documents (which provide for transfers without the consent of the lender which are customarily acceptable to the Mortgage Loan Seller lending on the security of property comparable to the related Mortgaged Property, including, without limitation, transfers of worn-out or obsolete furnishings, fixtures, or equipment promptly replaced with property of equivalent value and functionality and transfers by leases entered into in accordance with the Mortgage Loan documents), (a) the related Mortgaged Property, or any equity interest of greater than 50% in the related borrower, is directly or indirectly pledged, transferred or sold (in each case, a "<u>Transfer</u>"), other than as related to (i) family and estate planning Transfers or Transfers upon death or legal incapacity, (ii) Transfers to certain affiliates as defined in the related Mortgage Loan documents, (iii) Transfers of less than, or other than, a controlling interest in the related borrower, (iv) Transfers to another holder of direct or indirect equity in the borrower, a specific Person designated in the related Mortgage Loan documents or a Person satisfying specific criteria identified in the related Mortgage Loan documents, such as a qualified equityholder, (v) Transfers of stock or similar equity units in publicly traded companies, (vi) a substitution or release of collateral within the parameters of paragraphs (27) and (32) in this Annex E-1 or the exceptions thereto set forth in Annex E-2 through Annex E-5, or (vii) by reason of any mezzanine debt that existed at the origination of the related Mortgage Loan as set forth on Schedule E-1 to Annex E-1, or future permitted mezzanine debt in each case as set forth on Schedule E-2 to Annex E-1 or (b) the related Mortgaged Property is encumbered with a subordinate lien or security interest against the related Mortgaged Property, other than (i) any Companion Loan or any subordinate debt that existed at origination and is permitted under the related Mortgage Loan documents, (ii) purchase money security interests, (iii) any Crossed Mortgage Loan as set forth on Schedule E-3 to Annex E-1 or (iv) Permitted Encumbrances. The Mortgage or other Mortgage Loan documents provide that to the extent any Rating Agency fees are incurred in connection with the review of and consent to any transfer or encumbrance, the borrower is responsible for such payment along with all other reasonable fees and expenses incurred by the Mortgagee relative to such transfer or encumbrance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31) <u>Single-Purpose Entity</u>. Each Mortgage Loan requires the borrower to be a Single-Purpose Entity for at least as long as the Mortgage Loan is outstanding. Both the Mortgage Loan documents and the organizational documents of the borrower with respect to each Mortgage Loan with a Cut-off Date Stated Principal Balance in excess of $5 million provide that the borrower is a Single-Purpose Entity, and each Mortgage Loan with a Cut-off Date Stated Principal Balance of $20 million or more has a counsel's opinion regarding non-consolidation of the borrower. For this purpose, a "<u>Single-Purpose Entity</u>" means an entity, other than an individual, whose organizational documents (or if the Mortgage Loan has a Cut-off Date Stated Principal Balance equal to $5 million or less, its organizational documents or the related Mortgage Loan documents) provide substantially to the effect that it was formed or organized solely for

E-1-10

the purpose of owning and operating one or more of the Mortgaged Properties securing the Mortgage Loans and prohibit it from engaging in any business unrelated to such Mortgaged Property or Properties, and whose organizational documents further provide, or which entity represented in the related Mortgage Loan documents, substantially to the effect that it does not have any assets other than those related to its interest in and operation of such Mortgaged Property or Properties, or any indebtedness other than as permitted by the related Mortgage(s) or the other related Mortgage Loan documents, that it has its own books and records and accounts separate and apart from those of any other person (other than a borrower for a Crossed Mortgage Loan), and that it holds itself out as a legal entity, separate and apart from any other person or entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32) <u>Defeasance</u>. With respect to any Mortgage Loan that, pursuant to the Mortgage Loan documents, can be defeased (a "<u>Defeasance</u>"), (i) the Mortgage Loan documents provide for Defeasance as a unilateral right of the borrower, subject to satisfaction of conditions specified in the Mortgage Loan documents; (ii) the Mortgage Loan cannot be defeased within two (2) years after the Closing Date; (iii) the borrower is permitted to pledge only United States "government securities" within the meaning of Section 1.860G-2(a)(8)(ii) of the Treasury Regulations, the revenues from which will, in the case of a full Defeasance, be sufficient to make all scheduled payments under the Mortgage Loan when due, including the entire remaining principal balance on the maturity date (or on or after the first date on which payment may be made without payment of a yield maintenance charge or prepayment penalty), and if the Mortgage Loan permits partial releases of real property in connection with partial Defeasance, the revenues from the collateral will be sufficient to pay all such scheduled payments calculated on a principal amount equal to a specified percentage at least equal to the lesser of (a) 110% of the allocated loan amount for the real property to be released and (b) the outstanding principal balance of the Mortgage Loan; (iv) the borrower is required to provide a certification from an independent certified public accountant that the collateral is sufficient to make all scheduled payments under the Mortgage Note as set forth in <u>clause (iii)</u> above; (v) if the borrower would continue to own assets in addition to the defeasance collateral, the portion of the Mortgage Loan secured by defeasance collateral is required to be assumed (or the mortgagee may require such assumption) by a Single-Purpose Entity; (vi) the borrower is required to provide an opinion of counsel that the mortgagee has a perfected security interest in such collateral prior to any other claim or interest; and (vii) the borrower is required to pay all rating agency fees associated with Defeasance (if rating confirmation is a specific condition precedent thereto) and all other reasonable expenses associated with Defeasance, including, but not limited to, accountant's fees and opinions of counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33) <u>Fixed Interest Rates</u>. Each Mortgage Loan bears interest at a rate that remains fixed throughout the remaining term of such Mortgage Loan, except in situations where default interest is imposed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34) <u>Ground Leases</u>. For purposes of this Annex E-1, a "<u>Ground Lease</u>" will mean a lease creating a leasehold estate in real property where the fee owner as the ground lessor conveys for a term or terms of years its entire interest in the land, or with respect to air rights leases, the air, and buildings and other improvements, if any, comprising the premises demised under such lease to the ground lessee (who may, in certain circumstances, own the building and improvements on the land), subject to the reversionary interest of the ground lessor as fee owner and does not include industrial development agency (IDA) or similar leases for purposes of conferring a tax abatement or other benefit.

With respect to any Mortgage Loan where the Mortgage Loan is secured by a leasehold estate under a Ground Lease in whole or in part, and the related Mortgage does not also encumber the related lessor's fee interest in such Mortgaged Property, based upon the terms of the Ground Lease and any estoppel or other agreement received from the ground lessor in favor of the Mortgage Loan Seller, its successors and assigns, the Mortgage Loan Seller represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Ground Lease or a memorandum regarding such Ground Lease has been duly recorded or submitted for recordation in a form that is acceptable for recording in the applicable jurisdiction. The Ground Lease or an estoppel or other agreement received from the ground lessor permits the interest of the lessee to be encumbered by the related Mortgage and does not

E-1-11

restrict the use of the related Mortgaged Property by such lessee, its successors or assigns in a manner that would materially adversely affect the security provided by the related Mortgage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The lessor under such Ground Lease has agreed in a writing included in the related Mortgage File (or in such Ground Lease) that the Ground Lease may not be amended or modified, or canceled or terminated by agreement of lessor and lessee, without the prior written consent of the lender, and no such consent has been granted by the Mortgage Loan Seller since the origination of the Mortgage Loan except as reflected in any written instruments which are included in the related Mortgage File;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Ground Lease has an original term (or an original term plus one or more optional renewal terms, which, under all circumstances, may be exercised, and will be enforceable, by either borrower or the mortgagee) that extends not less than 20 years beyond the stated maturity of the related Mortgage Loan, or 10 years past the stated maturity if such Mortgage Loan fully amortizes by the stated maturity (or with respect to a Mortgage Loan that accrues on an actual 360 basis, substantially amortizes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Ground Lease either (i) is not subject to any liens or encumbrances superior to, or of equal priority with, the Mortgage, except for the related fee interest of the ground lessor and the Permitted Encumbrances, or (ii) is subject to a subordination, non-disturbance and attornment agreement to which the mortgagee on the lessor's fee interest in the Mortgaged Property is subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Ground Lease does not place commercially unreasonable restrictions on the identity of the Mortgagee and the Ground Lease is assignable to the holder of the Mortgage Loan and its successors and assigns without the consent of the lessor thereunder, and in the event it is so assigned, it is further assignable by the holder of the Mortgage Loan and its successors and assigns without the consent of the lessor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Mortgage Loan Seller has not received any written notice of material default under or notice of termination of such Ground Lease. To the Mortgage Loan Seller's knowledge, there is no material default under such Ground Lease and no condition that, but for the passage of time or giving of notice, would result in a material default under the terms of such Ground Lease and to the Mortgage Loan Seller's knowledge, such Ground Lease is in full force and effect as of the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Ground Lease or ancillary agreement between the lessor and the lessee requires the lessor to give to the lender written notice of any default, and provides that no notice of default or termination is effective against the lender unless such notice is given to the lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) A lender is permitted a reasonable opportunity (including, where necessary, sufficient time to gain possession of the interest of the lessee under the Ground Lease through legal proceedings) to cure any default under the Ground Lease which is curable after the lender's receipt of notice of any default before the lessor may terminate the Ground Lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Ground Lease does not impose any restrictions on subletting that would be viewed as commercially unreasonable by the Mortgage Loan Seller in connection with loans originated for securitization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Under the terms of the Ground Lease, an estoppel or other agreement received from the ground lessor and the related Mortgage (taken together), any related insurance proceeds or the portion of the condemnation award allocable to the ground lessee's interest (other than (i) *de minimis* amounts for minor casualties or (ii) in respect of a total or substantially total loss or taking as addressed in <u>clause (k)</u> below) will be applied either to the repair or to restoration of all or part of the related Mortgaged Property with (so long as such proceeds are in excess of the threshold amount specified in the related Mortgage Loan documents) the lender or a trustee appointed by it

E-1-12

having the right to hold and disburse such proceeds as repair or restoration progresses, or to the payment of the outstanding principal balance of the Mortgage Loan, together with any accrued interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) In the case of a total or substantially total taking or loss, under the terms of the Ground Lease, an estoppel or other agreement and the related Mortgage (taken together), any related insurance proceeds, or portion of the condemnation award allocable to ground lessee's interest in respect of a total or substantially total loss or taking of the related Mortgaged Property to the extent not applied to restoration, will be applied first to the payment of the outstanding principal balance of the Mortgage Loan, together with any accrued interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *Provided* that the lender cures any defaults which are susceptible to being cured, the ground lessor has agreed to enter into a new lease with lender upon termination of the Ground Lease for any reason, including rejection of the Ground Lease in a bankruptcy proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35) <u>Servicing</u>. The servicing and collection practices used by the Mortgage Loan Seller with respect to the Mortgage Loan have been, in all respects, legal and have met customary industry standards for servicing of commercial loans for conduit loan programs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36) <u>Origination and Underwriting</u>. The origination practices of the Mortgage Loan Seller (or the related originator if the Mortgage Loan Seller was not the originator) with respect to each Mortgage Loan have been, in all material respects, legal and as of the date of its origination, such Mortgage Loan and the origination thereof complied in all material respects with, or was exempt from, all requirements of federal, state or local law relating to the origination of such Mortgage Loan; *provided* that such representation and warranty does not address or otherwise cover any matters with respect to federal, state or local law otherwise covered in this Annex E-1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37) <u>No Material Default; Payment Record</u>. No Mortgage Loan has been more than 30 days delinquent, without giving effect to any grace or cure period, in making required payments since origination, and no Mortgage Loan is more than 30 days delinquent (beyond any applicable grace or cure period) in making required payments as of the Closing Date. To the Mortgage Loan Seller's knowledge, there is (a) no material default, breach, violation or event of acceleration existing under the related Mortgage Loan, or (b) no event (other than payments due but not yet delinquent) which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute a material default, breach, violation or event of acceleration, which default, breach, violation or event of acceleration, in the case of either <u>clause (a)</u> or <u>clause (b)</u>, materially and adversely affects the value of the Mortgage Loan or the value, use or operation of the related Mortgaged Property, *provided*, *however*, that this representation and warranty does not cover any default, breach, violation or event of acceleration that specifically pertains to or arises out of an exception scheduled to any other representation and warranty made by the Mortgage Loan Seller in this Annex E-1. No person other than the holder of such Mortgage Loan may declare any event of default under the Mortgage Loan or accelerate any indebtedness under the Mortgage Loan documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38) <u>Bankruptcy</u>. As of the date of origination of the related Mortgage Loan and to the Mortgage Loan Seller's knowledge as of the Cut-off Date, no borrower, guarantor or tenant occupying a single-tenant property is a debtor in state or federal bankruptcy, insolvency or similar proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39) <u>Organization of Borrower</u>. With respect to each Mortgage Loan, in reliance on certified copies of the organizational documents of the borrower delivered by the borrower in connection with the origination of such Mortgage Loan, the borrower is an entity organized under the laws of a state of the United States of America, the District of Columbia or the Commonwealth of Puerto Rico. Except with respect to any Crossed Mortgage Loan, no Mortgage Loan has a borrower that is an Affiliate of another borrower under another Mortgage Loan. (An "<u>Affiliate</u>" for purposes of this paragraph (39) means, a borrower that is under direct or indirect common ownership and control with another borrower.)

E-1-13

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40) <u>Environmental Conditions</u>. A Phase I environmental site assessment (or update of a previous Phase I and or Phase II site assessment) and, with respect to certain Mortgage Loans, a Phase II environmental site assessment (collectively, an "<u>ESA</u>") meeting ASTM requirements conducted by a reputable environmental consultant in connection with such Mortgage Loan within 12 months prior to its origination date (or an update of a previous ESA was prepared), and such ESA either (i) did not identify the existence of recognized environmental conditions (as such term is defined in ASTM E1527-13 or its successor, hereinafter "<u>Environmental Condition</u>") at the related Mortgaged Property or the need for further investigation with respect to any Environmental Condition that was identified, or (ii) if the existence of an Environmental Condition or need for further investigation was indicated in any such ESA, then at least one of the following statements is true: (A) an amount reasonably estimated by a reputable environmental consultant to be sufficient to cover the estimated cost to cure any material noncompliance with applicable environmental laws or the Environmental Condition has been escrowed by the related borrower and is held or controlled by the related lender; (B) if the only Environmental Condition relates to the presence of asbestos-containing materials, radon in indoor air, lead based paint or lead in drinking water, and the only recommended action in the ESA is the institution of such a plan, an operations or maintenance plan has been required to be instituted by the related borrower that can reasonably be expected to mitigate the identified risk; (C) the Environmental Condition identified in the related environmental report was remediated or abated in all material respects prior to the Cut-off Date, and, if and as appropriate, a no further action or closure letter was obtained from the applicable governmental regulatory authority (or the Environmental Condition affecting the related Mortgaged Property was otherwise listed by such governmental authority as "closed" or a reputable environmental consultant has concluded that no further action is required); (D) a secured creditor environmental policy or a pollution legal liability insurance policy that covers liability for the Environmental Condition was obtained from an insurer or insurers rated no less than "A-" (or the equivalent) by Moody's Investors Service, Inc., S&P Global Ratings, acting through Standard & Poor's Financial Services LLC and/or Fitch Ratings, Inc.; (E) a party not related to the borrower was identified as the responsible party for such Environmental Condition and such responsible party has financial resources reasonably estimated to be adequate to address the situation; or (F) a party related to the borrower having financial resources reasonably estimated to be adequate to address the situation is required to take action. To the Mortgage Loan Seller's knowledge, except as set forth in the ESA, there is no Environmental Condition (as such term is defined in ASTM E1527-13 or its successor) at the related Mortgaged Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41) <u>Appraisal</u>. The Servicing File contains an appraisal of the related Mortgaged Property with an appraisal date within 6 months of the Mortgage Loan origination date, and within 12 months of the Closing Date. The appraisal is signed by an appraiser who is either a Member of the Appraisal Institute ("<u>MAI</u>") and/or has been licensed and certified to prepare appraisals in the state where the Mortgaged Property is located. Each appraiser has represented in such appraisal or in a supplemental letter that the appraisal satisfies the requirements of the "Uniform Standards of Professional Appraisal Practice" as adopted by the Appraisal Standards Board of the Appraisal Foundation and has certified that such appraiser had no interest, direct or indirect, in the Mortgaged Property or the borrower or in any loan made on the security thereof, and its compensation is not affected by the approval or disapproval of the Mortgage Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42) <u>Mortgage Loan Schedule</u>. The information pertaining to each Mortgage Loan which is set forth in the mortgage loan schedule attached as an exhibit to the related Mortgage Loan Purchase Agreement is true and correct in all material respects as of the Cut-off Date and contains all information required by the Mortgage Loan Purchase Agreement to be contained therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43) <u>Cross-Collateralization</u>. No Mortgage Loan is cross-collateralized or cross-defaulted with any mortgage loan that is outside the Mortgage Pool, except that each Mortgage Loan that is part of a Whole Loan is cross-collateralized and cross-defaulted with the related Companion Loan(s) and otherwise except as set forth on Schedule E-3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44) <u>Hospitality Provisions</u>. The Mortgage Loan documents for each Mortgage Loan that is secured by a hospitality property operated pursuant to a franchise or license agreement includes an executed comfort letter or similar agreement signed by the related borrower and franchisor or licensor of such

E-1-14

property that, subject to the applicable terms of such franchise or license agreement and comfort letter or similar agreement, is enforceable by the issuing entity (or, in the case of a Non-Serviced Mortgage Loan, by the related Non-Serviced Securitization Trust) against such franchisor or licensor either (A) directly or as an assignee of the originator, or (B) upon the Mortgage Loan Seller's or its designee's providing notice of the transfer of the Mortgage Loan to the issuing entity (or, in the case of a Non-Serviced Mortgage Loan, by the seller of the note which is contributed to the related Non-Serviced Securitization Trust or its designee providing notice of the transfer of such note to the related Non-Serviced Securitization Trust) in accordance with the terms of such executed comfort letter or similar agreement, which the Mortgage Loan Seller or its designee (except in the case of a Non-Serviced Mortgage Loan) will provide, or if neither (A) nor (B) is applicable, except in the case of a Non-Serviced Mortgage Loan, the Mortgage Loan Seller or its designee will apply for, on the issuing entity's behalf, a new comfort letter or similar agreement as of the Closing Date. The mortgage or related security agreement for each Mortgage Loan secured by a hospitality property creates a security interest in the revenues of such property for which a UCC financing statement has been filed in the appropriate filing office. For the avoidance of doubt, no representation is made as to the perfection of any security interest in revenues to the extent that possession or control of such items or actions other than the filing of Uniform Commercial Code financing statements is required to effect such perfection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45) <u>Advance of Funds by the Mortgage Loan Seller</u>. After origination, no advance of funds has been made by the Mortgage Loan Seller to the related borrower other than in accordance with the Mortgage Loan documents, and, to the Mortgage Loan Seller's knowledge, no funds have been received from any person other than the related borrower or an affiliate for, or on account of, payments due on the Mortgage Loan (other than as contemplated by the Mortgage Loan documents, such as, by way of example and not in limitation of the foregoing, amounts paid by the tenant(s) into a lender-controlled lockbox if required or contemplated under the related lease or Mortgage Loan documents). Neither the Mortgage Loan Seller nor any affiliate thereof has any obligation to make any capital contribution to any borrower under a Mortgage Loan, other than contributions made on or prior to the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46) <u>Compliance with Anti-Money Laundering Laws</u>. The Mortgage Loan Seller has complied in all material respects with all applicable anti-money laundering laws and regulations, including without limitation the USA Patriot Act of 2001 with respect to the origination of the Mortgage Loan, the failure to comply with which would have a material adverse effect on the Mortgage Loan.

For purposes of these representations and warranties, the phrases "the Mortgage Loan Seller's knowledge" or "the Mortgage Loan Seller's belief" and other words and phrases of like import mean, except where otherwise expressly set forth in these representations and warranties, the actual state of knowledge or belief of the Mortgage Loan Seller, its officers and employees directly responsible for the underwriting, origination, servicing or sale of the Mortgage Loans regarding the matters expressly set forth in these representations and warranties.

E-1-15

**<u>Schedule E-1 to Annex E-1</u>**

**GERMAN AMERICAN CAPITAL CORPORATION**

**MORTGAGE LOANS WITH EXISTING MEZZANINE DEBT**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Loan No.** | &nbsp;&nbsp;**Mortgage Loan** | &nbsp;&nbsp;**Original Principal Amount of Existing Mezzanine Debt** |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;180 Water | &nbsp;&nbsp;$100000000 |

---

E-1-16

**<u>Schedule E-1 to Annex E-1</u>**

**CITI REAL ESTATE FUNDING INC.**

**MORTGAGE LOANS WITH EXISTING MEZZANINE DEBT**

None.

E-1-17

**<u>Schedule E-1 to Annex E-1</u>**

**BANK OF MONTREAL**

**MORTGAGE LOANS WITH EXISTING MEZZANINE DEBT**

None.

E-1-18

**<u>Schedule E-1 to Annex E-1</u>**

**BARCLAYS CAPITAL REAL ESTATE INC.**

**MORTGAGE LOANS WITH EXISTING MEZZANINE DEBT**

None.

E-1-19

**<u>Schedule E-2 to Annex E-1</u>**

**GERMAN AMERICAN CAPITAL CORPORATION**

**MORTGAGE LOANS WITH RESPECT TO WHICH MEZZANINE DEBT<br> IS PERMITTED IN THE FUTURE**

None.

E-1-20

**<u>Schedule E-2 to Annex E-1</u>**

**CITI REAL ESTATE FUNDING INC.**

**MORTGAGE LOANS WITH RESPECT TO WHICH MEZZANINE DEBT<br> IS PERMITTED IN THE FUTURE**

None.

E-1-21

**<u>Schedule E-2 to Annex E-1</u>**

**BANK OF MONTREAL**

**MORTGAGE LOANS WITH RESPECT TO WHICH MEZZANINE DEBT<br> IS PERMITTED IN THE FUTURE**

None.

E-1-22

**<u>Schedule E-2 to Annex E-1</u>**

**BARCLAYS CAPITAL REAL ESTATE INC.**

**MORTGAGE LOANS WITH RESPECT TO WHICH MEZZANINE DEBT<br> IS PERMITTED IN THE FUTURE**

None.

E-1-23

**<u>Schedule E-3 to Annex E-1</u>**

**GERMAN AMERICAN CAPITAL CORPORATION**

**CROSS-COLLATERALIZED MORTGAGE LOANS**

None.

E-1-24

**<u>Schedule E-3 to Annex E-1</u>**

**CITI REAL ESTATE FUNDING INC.**

**CROSS-COLLATERALIZED MORTGAGE LOANS**

None.

E-1-25

**<u>Schedule E-3 to Annex E-1</u>**

**BANK OF MONTREAL**

**CROSS-COLLATERALIZED MORTGAGE LOANS**

None.

E-1-26

**<u>Schedule E-3 to Annex E-1</u>**

**BARCLAYS CAPITAL REAL ESTATE INC.**

**CROSS-COLLATERALIZED MORTGAGE LOANS**

None.

E-1-27

[THIS PAGE INTENTIONALLY LEFT BLANK]

**ANNEX E-2**

**EXCEPTIONS TO GERMAN AMERICAN CAPITAL CORPORATION REPRESENTATIONS AND <br> WARRANTIES**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Annex A-1<br> ID#** | &nbsp;&nbsp; **Mortgage Loans** | &nbsp;&nbsp; **Representations** | &nbsp;&nbsp; **Exceptions** |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;City Center at Oyster Point | &nbsp;&nbsp; (5) Lien; Valid Assignment<br> (6) Permitted Liens; Title Insurance | &nbsp;&nbsp; The Economic Development Authority of Newport News, Virginia (the "<u>EDA</u>"), which owns the non-collateral unit in the Fountain Plaza One Condominium, has a right of first refusal (a "<u>ROFR</u>") to purchase the borrower's unit in such condominium, which consists of an office building that constitutes a portion of the Mortgaged Property (the "<u>Office Condo Unit</u>"). Pursuant to an estoppel delivered by the EDA and the Fountain Plaza One Condominium association, such ROFR is not exercisable in connection with any exercise of remedies pursuant to the Mortgage Loan, including (i) a purchase of the borrower's Office Condo Unit at a foreclosure sale, (ii) a transfer of the borrower's Office Condo Unit (or any portion thereof) to the lender or its designee pursuant to a deed in lieu of foreclosure, or (iii) any subsequent sale of the borrower's Office Condo Unit (or any portion thereof) by the lender or its designee after such foreclosure or deed in lieu of foreclosure. However, such ROFR will apply to subsequent transfers.<br> The city of Newport News, Virginia, which leases a single office building that constitutes a portion of the Mortgaged Property, has a ROFR to purchase its related leased premises. Pursuant to a side letter among such tenant, the borrower and the lender, such ROFR is not exercisable in connection with any exercise of remedies pursuant to the Mortgage Loan, including (i) a purchase of the Mortgaged Property at a foreclosure sale, (ii) a transfer of the Mortgaged Property (or any portion thereof) to the lender or its designee pursuant to a deed in lieu of foreclosure, or (iii) any subsequent sale of the Mortgaged Property (or any portion thereof) by the lender or its designee after such foreclosure or deed in lieu of foreclosure. However, such ROFR will apply to subsequent transfers. |
| &nbsp;&nbsp;15 | &nbsp;&nbsp;Haven at Bellaire | &nbsp;&nbsp; (5) Lien; Valid Assignment<br> (6) Permitted Liens; Title Insurance | &nbsp;&nbsp; The ground lessor of the Mortgaged Property has a purchase option to acquire the leasehold estate upon 30 days prior written notice and payment of the purchase price in the ground lease, which includes the balance of the Mortgage Loan and any fees or other amounts due in connection with the Mortgage Loan. The related ground lease provides that such purchase option shall be subordinate, in all respects, to the Mortgage Loan.<br> Upon (i) the submission to the ground lessor of the first Continuing Program Compliance Certificate (as defined below), and (ii) beginning on the (a) 20th anniversary of the commencement date with respect to the sale of the fee and leasehold estates, and (b) 10th anniversary of the commencement date with respect to the sale of the leasehold estate, the ground lessor has a ROFR to purchase the fee and leasehold interests or the leasehold interest (as applicable) in the Mortgaged Property in the event the borrower plans to sell the fee and leasehold interests or leasehold interest in the Mortgaged Property to a bona fide purchaser. However, in the event the lender under the Mortgage Loan exercises remedies pursuant to the loan documents, the lender and/or its designee will not be a bona fide purchaser. However, such ROFR will apply to subsequent transfers.<br> Upon the submission to the ground lessor of the first Continuing Program Compliance Certificate, the managing member of the sole member of the borrower has a ROFR to purchase the membership interest of the investor member of the sole member in the event the borrower plans to sell such membership interest to a bona fide purchaser. However, in the event the lender under the Mortgage Loan exercises remedies pursuant to the Mortgage Loan documents, the lender and/or its designee will not be a bona fide purchaser. However, such ROFR will apply to subsequent transfers.<br> The "<u>Continuing Program Compliance Certificate</u>" means the continuing program compliance certificate evidencing that the project has been leased in compliance with the requirements of the regulatory agreement to be filed, on behalf of the borrower, with the ground lessor under the ground lease at the times specified in section 3(e) of the regulatory agreement. |

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E-2-1

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Annex A-1<br> ID#** | &nbsp;&nbsp; **Mortgage Loans** | &nbsp;&nbsp; **Representations** | &nbsp;&nbsp; **Exceptions** |
| &nbsp;&nbsp;20 | &nbsp;&nbsp;Providence at Champions | &nbsp;&nbsp; (5) Lien; Valid Assignment<br> (6) Permitted Liens; Title Insurance | &nbsp;&nbsp; With respect to the Mortgaged Property, La Villa Housing Finance Corporation (the "<u>LVHFC</u>"), a Texas public nonprofit housing finance corporation, and the ground lessor of the Mortgaged Property in connection with an applied-for housing finance corporation tax exemption (which has not been granted), has a ROFR pursuant to a Purchase Option and Right of First Refusal Agreement (an "<u>Option Agreement</u>") among the LVHFC, an affiliate of the LVHFC which acts as managing member of the borrower (the "<u>Managing Member</u>"), the borrower, and the 99.9% controlling members of the borrower (the "<u>Controlling Members</u>"), to acquire the leasehold estate or the fee estate in the Mortgaged Property, or the interests of the Controlling Members in the borrower (the "<u>CM Interests</u>") on the same terms and conditions as any bona fide offer by an unaffiliated third party. The ROFR may be triggered in the event that (i) the borrower proposes to transfer its leasehold estate in the Mortgaged Property or a fee estate in the Mortgaged Property unencumbered by the ground lease, or (ii) the Controlling Members desire to transfer their CM Interests to an unaffiliated third party.<br> If the LVHFC declines to exercise the ROFR and the Mortgaged Property or the CM Interests are permitted to be transferred pursuant to a third-party offer, then (i) the LVHFC must cause the ground lease for the Mortgaged Property to be terminated and the fee interest to be transferred to the borrower prior to effecting such transfer of the improvements, or (ii) in the case of a third party offer with respect to the CM Interests, the Managing Member will have the right to diligence the third-party purchaser and consent (not to be unreasonably withheld) to its admission as a member of the borrower, or, if such consent is withheld, the managing member will withdraw from the borrower and the ground lease for the applicable Mortgaged Property will be terminated prior to the transfer of the CM Interests.<br> Pursuant to the Option Agreement for the Mortgaged Property, the LVHFC also has an ongoing purchase option to acquire either the leasehold estate in the Mortgaged Property or the CM Interest for a purchase price equal to (i) fair market value plus (ii) the sum of (A) an amount, on an after tax basis, equal to the diminution of economic value to the Controlling Members as a result of the purchase of such members' interests in the Mortgaged Property, which must include without limitation (x) 125% of the aggregate of all capital contributions and any other advances of any kind made by the Controlling Members or any of their affiliates prior to closing of the purchase option, (y) the outstanding balance of all loans (and any accrued interest thereon and yield maintenance) made to the borrower by its members (or their respective affiliates) or the guarantors and any other lenders, which will not otherwise be repaid at the time of the purchase, and any earned deferred portion of certain fees set forth in the operating agreement applicable to the Mortgaged Property due to the Controlling Members, (z) any accrued and unpaid fees owed to the Controlling Members or their affiliates in connection with the Mortgaged Property and all unreimbursed costs and expenses incurred by or on behalf of the Controlling Members with respect to (A) admission as a member of the borrower, (B) activities with respect to the Mortgaged Property prior to the exercise of the purchase option, and (C) an amount to distribute to the Controlling Members cash proceeds sufficient to enable the Controlling Members to pay the taxes projected to be imposed on the Controlling Members as a result of the sale pursuant to the purchase option.<br> The LVHFC has agreed that (i) the Option Agreement is subject to the lien of the Mortgage Loan, (ii) any right to require a termination of the ground lease will not apply to an acquisition of the Mortgaged Property by the lender or its designee in connection with a foreclosure, deed-in-lieu of foreclosure or other exercise of the lender's remedies, (iii) the Option Agreement will terminate in connection with a foreclosure, deed-in-lieu of foreclosure or other exercise of the lender's remedies and (iv) the exercise of rights under the Option Agreement, including the ROFR and the purchase option are subject to the Mortgage Loan documents. |

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E-2-2

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Annex A-1<br> ID#** | &nbsp;&nbsp; **Mortgage Loans** | &nbsp;&nbsp; **Representations** | &nbsp;&nbsp; **Exceptions** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;9911 Belward | &nbsp;&nbsp;(16) Insurance | &nbsp;&nbsp; The Mortgage Loan documents provide that as an alternative to the insurance policies required to be maintained thereunder, the borrower will not be in default under the Mortgage Loan documents if the borrower maintains (or causes to be maintained) insurance policies which (i) have coverages, deductibles and/or other related provisions other than those specified in the Mortgage Loan documents and/or (ii) are provided by insurance companies not meeting the credit ratings requirements set forth in the Mortgage Loan documents (any such policy, a "<u>Non-Conforming Policy</u>"); provided, that, prior to obtaining such Non-Conforming Policies (or permitting such Non-Conforming Policies to be obtained), the borrower must have (i) received the lender's prior written consent thereto and (ii) confirmed that the lender has received a rating agency confirmation with respect to any such Non-Conforming Policy.<br> In addition, the Mortgage Loan documents provide the lender the right to hold and disburse insurance proceeds with respect to property losses in an amount equal to or in excess of 5% of the original (as opposed to then outstanding) principal amount of the Mortgage Loan.<br> In addition, the Mortgage Loan documents permit a $250,000 property insurance deductible, which may not be considered to be customary. |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;Royal Ledges Apartments | &nbsp;&nbsp;(16) Insurance | &nbsp;&nbsp;The Mortgage Loan has an original principal balance of $50,000,000 and the lender has agreed to accept a business income interruption insurance policy (which is in place as of the origination date) that covers a period of restoration of 12 months (instead of 18 months). The borrower has covenanted to replace such existing policy with an acceptable policy upon expiration of the existing coverage. |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;Royal Ledges Apartments | &nbsp;&nbsp; (24) Local Law Compliance<br> (25) Licenses and Permits | &nbsp;&nbsp; The Mortgaged Property is legal non-conforming with respect to its use as a multifamily property (due to changes in the zoning code subsequent to construction of the Mortgaged Property) and is non-conforming with respect to the portion of the Mortgaged Property that is used for office purposes. As of the origination date, because the zoning consultant was awaiting responses from the municipality, it could not determine whether such non-conforming office use was grandfathered in, if a special use permit had been issued or if it was not allowed (in which case the borrower may be required to seek a special use permit for such office use). The Mortgaged Property is also legal non-conforming with respect to various other aspects.<br> In addition, the total insurable value of the Mortgaged Property, even if land value is added thereto, is materially and significantly less than the principal balance of the Mortgage Loan.<br> In addition, as of the origination date the zoning report obtained by the lender was incomplete due to the fact that the zoning consultant had not yet received (i) a zoning verification letter with respect to the commercial portion of the Mortgaged Property, (ii) information from the municipality with respect to any potential open fire code violations, zoning code violations and/or building code violations related to the commercial portion of the Mortgaged Property, or (iii) information with respect to certificates of occupancy at the Mortgaged Property. The borrower has covenanted to remediate any violations or other non-complying features (including related to certificates of occupancy) that are included in the final zoning report delivered by the zoning consultant after the origination date. |

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E-2-3

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Annex A-1<br> ID#** | &nbsp;&nbsp; **Mortgage Loans** | &nbsp;&nbsp; **Representations** | &nbsp;&nbsp; **Exceptions** |
| &nbsp;&nbsp;23 | &nbsp;&nbsp;NYC Mixed-Use Portfolio | &nbsp;&nbsp; (24) Local Law Compliance<br> (25) Licenses and Permits | &nbsp;&nbsp;The Mortgaged Properties have multiple open New York City Department of Buildings, fire code, Environmental Control Board, Office of Administrative Trials and Hearings, Department of Housing Preservation and Development and other violations. The borrower is required, within 60 days of the origination date, to remove or cause to be removed of record all such violations and provide evidence to the lender of the same; *provided* that if the borrower is using diligent, commercially reasonable efforts to cause such violations to be removed, the deadline to remove such violations is required to be extended for such additional period of time as is reasonably required for the borrower to remove, or cause to be removed such violations, such period of time not to exceed in the aggregate 180 days. |
| &nbsp;&nbsp;42 | &nbsp;&nbsp;Scottish Traveler RV Park | &nbsp;&nbsp; (24) Local Law Compliance<br> (25) Licenses and Permits | &nbsp;&nbsp;The Mortgaged Property is legal nonconforming as to the 143 sites permitted pursuant to a site plan approved in 2019. The Mortgaged Property was originally constructed prior to adoption of the zoning ordinances in 1963 and subsequent changes to the code. The 143 sites are legal nonconforming as to density and lot size and 11 sites are legal nonconforming as to lot width based upon current code requirements. The 143 sites are grandfathered in under the code and in the event of a casualty the 143 sites can be reconstructed in accordance with the site plan so long as restoration is completed within 180 days and subject to any then applicable fire and zoning code separation requirements. There are currently 158 sites at the Mortgaged Property. The additional 15 sites are nonconforming for density. In the event of a casualty, these additional 15 sites cannot be restored. |
| &nbsp;&nbsp;All GACC Mortgage Loans | &nbsp;&nbsp;All GACC Mortgage Loans | &nbsp;&nbsp;(26) Recourse Obligations | &nbsp;&nbsp;In most cases, the Mortgage Loans being sold by German American Capital Corporation do not provide for recourse for misapplication of rents, insurance proceeds or condemnation awards. |
| &nbsp;&nbsp;All GACC Mortgage Loans | &nbsp;&nbsp;All GACC Mortgage Loans | &nbsp;&nbsp;(27) Mortgage Releases | &nbsp;&nbsp;In most cases, the Mortgage Loan documents provide that in the event of a condemnation or taking of any portion of a Mortgaged Property by a State or any political subdivision or authority thereof, whether by legal proceeding or by agreement, the borrower may not be required to pay down the principal balance of the Mortgage Loan in an amount not less than the amount required by the REMIC Provisions if the borrower delivers an opinion of counsel to the effect that the failure to make such pay down will not cause such REMIC to fail to qualify as a REMIC. |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;9911 Belward | &nbsp;&nbsp;(29) Acts of Terrorism Exclusion | &nbsp;&nbsp;The Mortgage Loan documents provide that if any of the all-risk/special form property, rental loss and/or business interruption, commercial general liability or umbrella insurance policies include any exclusions for loss, cost, damage or liability caused by "terrorism" or "terrorist acts", the Mortgagor is required to obtain and maintain terrorism coverage to cover such exclusion(s) from a carrier which otherwise satisfies the rating criteria set forth in the Mortgage Loan documents or, in the event that such terrorism coverage is not available from an insurance company that meets the minimum rating requirements set forth in the Mortgage Loan documents, the Mortgagor is required to obtain such terrorism coverage from among the top 10 highest rated insurance companies providing such terrorism coverage. |
| &nbsp;&nbsp;All GACC Mortgage Loans | &nbsp;&nbsp;All GACC Mortgage Loans | &nbsp;&nbsp;(29) Acts of Terrorism Exclusion | &nbsp;&nbsp;All exceptions to Representation 16 are also exceptions to this Representation 29. |
| &nbsp;&nbsp;45 | &nbsp;&nbsp;Best Western Seven Seas | &nbsp;&nbsp;(31) Single Purpose Entity | &nbsp;&nbsp;The borrower incurred a subordinate intercompany loan in the amount of $2,252,000 from Markev Realty Corporation, the non-member manager of the borrower, as the agent for certain individuals with ownership interests in the borrower. The lender of this subordinate intercompany loan has entered into a subordination and standstill agreement with the mortgage lender, which provides that the intercompany loan is and must remain, among other things, unsecured and subordinate during the term of the Mortgage Loan. |
| &nbsp;&nbsp;15 | &nbsp;&nbsp;Haven at Bellaire | &nbsp;&nbsp;(34)(e) Ground Leases | &nbsp;&nbsp;The ground lessor's consent is not required for any foreclosure by the lender, but the ground lessor's consent is required for a transfer by the lender after a foreclosure. |

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E-2-4

**ANNEX E-3**

**EXCEPTIONS TO CITI REAL ESTATE FUNDING INC. REPRESENTATIONS AND WARRANTIES**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Annex A-1<br> ID#** | &nbsp;&nbsp; **Mortgage Loans** | &nbsp;&nbsp; **Representations** | &nbsp;&nbsp; **Exceptions** |
| &nbsp;&nbsp;41 | &nbsp;&nbsp;Wyndham Garden Norfolk Downtown | &nbsp;&nbsp; (5) Lien; Valid Assignment<br> (6) Permitted Liens; Title Insurance | &nbsp;&nbsp;A tenant at the Mortgaged Property has a right of first refusal ("<u>ROFR</u>") to purchase the Mortgaged Property or a portion thereof in the event of (i) a transfer of all or any portion of the Mortgaged Property or (ii) a grant to a third party by easement or other legal instrument of an interest in and to that portion of the Mortgaged Property occupied by the tenant, or a larger portion thereof, for the purpose of operating and maintaining communications facilities or the management thereof. Pursuant to a subordination, consent, non-disturbance and attornment agreement obtained in connection with the origination of the Mortgage Loan, the ROFR will not apply to a foreclosure or deed in lieu thereof, but the ROFR will apply to any transfers following a foreclosure or deed in lieu thereof. |
| &nbsp;&nbsp;16 | &nbsp;&nbsp;Yosemite Hospitality Portfolio | &nbsp;&nbsp;(16) Insurance | &nbsp;&nbsp;The Mortgaged Property includes a total of 28 buildings between the Yosemite View Lodge and Yosemite Cedar Lodge properties. For 5 of the 28 buildings interspersed between the two properties (approximately 20.6% of the insurable value of all buildings), property insurance is provided through a combination of the State of California's FAIR Plan and a Differences-In-Conditions property policy through an insurer satisfying the Insurance Ratings Requirements. For the remaining 23 of the 28 buildings, property insurance is provided on a blanket policy through insurers satisfying the Insurance Ratings Requirements. Variations: (i) Property Insurance Deductible. For Non-FAIR Plan-insured portions of the mortgaged property, there is a deductible of $500,000 for wildfire damage. (ii) CA FAIR Plan Coverage. For FAIR Plan-insured portions of the mortgaged property, there are certain coverage or related limitations, as follows: (A) The FAIR Plan is Not a Rated Insurer. The FAIR Plan is a private association of all insurance companies licensed to write property insurance in California. The FAIR Plan is not rated by AM Best, S&P, Moody's or Fitch. The loan documents limit the borrower's insuring buildings through the FAIR Plan to no more than the percentage of the mortgaged property that is currently so covered. (B) No Notice to Lender of Policy Cancellation. The FAIR Plan coverage terms do not include notice of policy cancellation to the insured's lenders. The loan documents require an up-front reserve in the amount of $299,114, representing the estimated annual property insurance premium for the FAIR Plan-insured portions of the mortgaged property. (C) 90% Co-Insurance Threshold. The FAIR Plan coverage terms include 90% co-insurance. The loan documents provide for personal liability to the borrowers and guarantors for losses arising from borrowers' failure to maintain coverage sufficient to avoid the operation of the FAIR Plan's 90% co-insurance provisions. (D) 25% Cap on Monthly Pay-Outs for Business Interruption Claims. The FAIR Plan limits payouts on business interruption-type claims to 25% of the total policy amount in any one month. (iii) Special Flood Hazard Area Buildings; Excess Flood Coverage in lieu of NFIP Coverage. The Yosemite View property, having an allocated loan amount equal to 82.4% of the original principal balance of the Whole Loan, is in a Special Flood Hazard Area. The local jurisdiction in which that property is situated does not participate in the National Flood Insurance Program, so NFIP coverage is not available. The loan documents require, and the in-place coverage so provides, for flood coverage with $6.5 million limits for non-FAIR Plan portions of the mortgaged property under a blanket policy, and $3 million for FAIR Plan-insured portions of the mortgaged property. In each case the related flood policy deductible is $100,000. |
| &nbsp;&nbsp;All CREFI Mortgage Loans | &nbsp;&nbsp;All CREFI Mortgage Loans | &nbsp;&nbsp;(16) Insurance | &nbsp;&nbsp;The Mortgage Loan documents may permit the related Mortgagor to cause the insurance required at the related Mortgaged Property under the Mortgage Loan documents to be maintained by a tenant, or by a condominium board or association, at the related Mortgaged Property. |

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E-3-1

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Annex A-1<br> ID#** | &nbsp;&nbsp; **Mortgage Loans** | &nbsp;&nbsp; **Representations** | &nbsp;&nbsp; **Exceptions** |
| &nbsp;&nbsp;39 | &nbsp;&nbsp;Orchard Street Portfolio | &nbsp;&nbsp;(24) Local Law Compliance | &nbsp;&nbsp;According to the zoning reports obtained in connection with origination of the Mortgage Loan, all properties other than the 39 Park Hill Ave property are legal nonconforming as to use. |
| &nbsp;&nbsp;All CREFI Mortgage Loans | &nbsp;&nbsp;All CREFI Mortgage Loans | &nbsp;&nbsp;(26) Recourse Obligations | &nbsp;&nbsp;The Mortgage Loan documents with respect to certain of the Mortgage Loans provide loss recourse for any material breach of the environmental covenants contained in the Mortgage Loan documents. |
| &nbsp;&nbsp;All CREFI Mortgage Loans | &nbsp;&nbsp;All CREFI Mortgage Loans | &nbsp;&nbsp;(29) Acts of Terrorism Exclusion | &nbsp;&nbsp;All exceptions to Representation and Warranty No. 16 are also exceptions to this Representation and Warranty No. 29. |

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E-3-2

**ANNEX E-4**

**EXCEPTIONS TO BANK OF MONTREAL REPRESENTATIONS AND WARRANTIES**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Annex A-1<br> ID#** | &nbsp;&nbsp; **Mortgage Loans** | &nbsp;&nbsp; **Representations** | &nbsp;&nbsp; **Exceptions** |
| &nbsp;&nbsp;All of the BMO Loans | &nbsp;&nbsp;All of the BMO Loans | &nbsp;&nbsp; (16) Insurance<br>| &nbsp;&nbsp;The Mortgage Loan documents may permit the related Mortgagor to cause the insurance required at the related Mortgaged Property under the Mortgage Loan documents to be maintained by a tenant, or by a condominium board or association, at the related Mortgaged Property. |
| &nbsp;&nbsp;19 | &nbsp;&nbsp;MetLife Solutions Tampa | &nbsp;&nbsp; (16) Insurance<br>| &nbsp;&nbsp;The lease with MetLife Services and Solutions, LLC ("<u>MetLife</u>") requires MetLife to maintain insurance covering the building (including terrorism) and MetLife is permitted to self-insure under the lease. Under the Mortgage Loan documents, the Mortgagor is permitted to rely on Met Life's self-insurance, provided that, among other things, (i) MetLife maintains $2,000,000,000 in total revenue and $1,000,000,000 in assets, (ii) the lease is in full force and effect, (iii) MetLife is not in default under the lease, and (iv) the lease provides that after the occurrence of a casualty and during the term of the Loan, (A) if MetLife is obligated to restore, then MetLife Tenant must restore regardless of the amount of net proceeds received from such casualty, and (B) if MetLife is not obligated to restore, then MetLife is obligated to pay to Obligor an amount equal to 100% of the "Full Replacement Cost." MetLife is self-insuring named storm coverage up to $25,000,000. Additionally, provided that (a) neither the Mortgagor nor MetLife is in default under the lease beyond applicable notice and cure periods, (b) the lease remains in full force and effect, (c) no event of default has occurred and is continuing and (d) the terms of the lease require MetLife to restore the Mortgaged Property, then MetLife shall hold the insurance proceeds. |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;Torrey Ridge Apartments | &nbsp;&nbsp;(24) Local Law Compliance | &nbsp;&nbsp;The Mortgaged Property is considered a legal non-conforming use as, under the current zoning code, multifamily use is permitted subject to a conditional use permit. Pursuant to the rebuild provisions of the applicable zoning code, in the event of casualty, a legal non-conforming structure or site that is destroyed or damaged by fire, flood, explosion, wind, earthquake, war, riot, or other public calamity or act of nature, may be replaced or reconstructed to the same size and extent as before the damage occurred, provided that rebuilding commences not later than one year after such destruction, and provided that the building permit remains valid. |
| &nbsp;&nbsp;All of the BMO Loans | &nbsp;&nbsp;All of the BMO Loans | &nbsp;&nbsp;(27) Mortgage Releases | &nbsp;&nbsp;In the event of a taking of any portion of any of the Mortgaged Property by a state or any political subdivision or authority thereof, the Mortgagor cannot be required to pay down the principal balance of the Mortgage Loan in an amount not less than the amount required by the loan-to-value ratio and other requirements of the REMIC provisions if the related Mortgagor provides an opinion of counsel to the holder of the Mortgage Loan that the trust will continue to maintain its status as a REMIC trust if such amount is not paid. |
| &nbsp;&nbsp;All of the BMO Loans | &nbsp;&nbsp;All of the BMO Loans | &nbsp;&nbsp;(29) Acts of Terrorism Exclusion | &nbsp;&nbsp;The Mortgage Loan documents may permit the related Mortgagor to cause the insurance required at the related Mortgaged Property under the Mortgage Loan documents to be maintained by a tenant, or by a condominium board or association, at the related Mortgaged Property. |
| &nbsp;&nbsp;19 | &nbsp;&nbsp;MetLife Solutions Tampa | &nbsp;&nbsp;(29) Acts of Terrorism Exclusion | &nbsp;&nbsp;See exception to Representation and Warranty No. 16, above. |

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E-4-1

(THIS PAGE INTENTIONALLY LEFT BLANK)

**ANNEX E-5**

**EXCEPTIONS TO BARCLAYS CAPITAL REAL ESTATE INC. REPRESENTATIONS AND <br> WARRANTIES**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Annex A-1<br> ID#** | &nbsp;&nbsp; **Mortgage Loans** | &nbsp;&nbsp; **Representations** | &nbsp;&nbsp; **Exceptions** |
| &nbsp;&nbsp;21 | &nbsp;&nbsp;Springfield Town Center | &nbsp;&nbsp;(5) Lien; Valid Assignment | &nbsp;&nbsp;Provided no event of default has occurred and is continuing, under the related Whole Loan, the Mortgage Loan documents prohibit the lender, without the prior written consent of the borrower, from selling any note, participation or interest in the Whole Loan to Simon Property Group, Kimco Realty, The Macerich Company, Starwood Retail, Washington Prime Group, Pyramid Management Group, Brookfield Retail, Taubman Centers, Inc., Westfield Holdings Limited, Unibail-Rodamco, CBL Properties or Centennial (or any successors or assigns of or any person or entity controlled by, controlling or under common control with the foregoing); provided, however, such restrictions will not apply to (a) any transfer or sale by the mortgagee of commercial mortgage-backed securities certificates, bonds or similar certificated interests secured in whole or in part by the Whole Loan or (b) any subsequent resale or transfer of the Whole Loan (or any interest therein) occurring after an initial sale or transfer by the mortgagee even if such transaction results in a portion of the Whole Loan being held by a person or entity described above. |
| &nbsp;&nbsp;21 | &nbsp;&nbsp;Springfield Town Center | &nbsp;&nbsp;(6) Permitted Liens; Title Insurance | &nbsp;&nbsp;See exception to Representation and Warranty No. 5, above. |
| 32 | Leeton Leased Fee Pool B Portfolio | (13) Actions Concerning Mortgage Loan | The related borrower sponsors are defendants in a civil action filed by certain minority owners of a recreational summer camp for children in which the borrower sponsors acquired a controlling ownership interest on or around August 28, 2013. The plaintiffs allege that the borrower sponsors partook in a hostile takeover of the operating company of the camp by demanding 51% of the ownership interests in the operating company even though plaintiffs claim the defendants initially agreed to only take a 50% ownership interest (with the plaintiffs owning the other 50%) and are seeking an undetermined amount of damages and to compel the operating company of the summer camp to make disbursements. Although an initial action filed by the plaintiffs in January 2020 which contained causes of action for: (a) breaches of (i) employment contracts due to the plaintiffs being discharged and (ii) various other side letters, purchase agreements and contracts, (b) fraud by scheming to defraud the plaintiffs of their ownership in the camp and (c) breach of fiduciary duty by (i) denying access to books and records and (ii) failing to cause the operating company to make disbursements, the parties agreed to dismiss the action with prejudice. The plaintiffs filed a new action in May 2021 which contained causes of action for (a) breach of fiduciary duty in connection with (i) granting William Yahr (the camp director) an ownership interest in the operating company and (ii) failing to cause the operating company of the camp to make distributions and (b) breach of contract by granting Yahr an ownership interest in operating company. The borrower sponsors filed a motion for summary judgment in which the court dismissed the cause of action claiming a breach of fiduciary duty by granting Yahr an ownership interest in the operating company, but denied the remainder of the motion. In addition, the borrower sponsors are defendants in a civil action filed in 2024. The plaintiff alleges he was retained by the borrower sponsors to identify certain commercial properties for acquisition in exchange for a salary of $50,000 and a 20% interest in any entities formed to own such properties. The plaintiff alleges that the borrower sponsors fraudulently induced the plaintiff into locating properties for the borrower sponsors by promising a 20% interest in any entities which were formed to own properties found by the plaintiff, breached their fiduciary duty by failing to give plaintiff 20% ownership interest in the entities formed to own the properties and excluded the plaintiff from management and is seeking 20% ownership in the entities formed to own the properties and damages in excess of $3,500,000. Oral |

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E-5-1

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Annex A-1<br> ID#** | &nbsp;&nbsp; **Mortgage Loans** | &nbsp;&nbsp; **Representations** | &nbsp;&nbsp; **Exceptions** |
|  |  |  | &nbsp;&nbsp; arguments were held in April 2025 on a motion to dismiss filed by the borrower sponsor. The court entered a decision on the borrower sponsor's motion to dismiss and the breach of contract claim was dismissed with prejudice. The plaintiff's fraudulent inducement, promissory estoppel and unjust enrichments claims remain viable. The plaintiff's breach of fiduciary duty claim was dismissed without prejudice and can be refiled pending the outcome of the other viable claims. The matter is scheduled for preliminary conference on November 19, 2025. |
| &nbsp;&nbsp;1, 21, 32 | &nbsp;&nbsp;9911 Belward, Springfield Town Center and Leeton Leased Fee Pool B Portfolio | &nbsp;&nbsp;(16) Insurance | &nbsp;&nbsp;The Mortgage Loan documents provide that as an alternative to the insurance policies required to be maintained thereunder, the Mortgagor will not be in default under the Mortgage Loan documents if the Mortgagor maintains (or causes to be maintained) insurance policies which (i) have coverages, deductibles and/or other related provisions other than those specified in the Mortgage Loan documents and/or (ii) are provided by insurance companies not meeting the credit ratings requirements set forth in the Mortgage Loan documents (any such policy, a "<u>Non-Conforming Policy</u>"); provided, that, prior to obtaining such Non-Conforming Policies (or permitting such Non-Conforming Policies to be obtained), the Mortgagor must have (i) received the Mortgagee's prior written consent thereto and (ii) confirmed that the Mortgagee has received a rating agency confirmation with respect to any such Non-Conforming Policy. |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;9911 Belward | &nbsp;&nbsp;(16) Insurance | &nbsp;&nbsp; The Mortgage Loan documents permit a $250,000 property insurance deductible, which may not be considered to be customary.<br> In addition, the Mortgage Loan documents provide the lender the right to hold and disburse insurance proceeds with respect to property losses in an amount equal to or in excess of 5% of the original (as opposed to then outstanding) principal amount of the Mortgage Loan. |
| &nbsp;&nbsp;21 | &nbsp;&nbsp;Springfield Town Center | &nbsp;&nbsp;(16) Insurance | &nbsp;&nbsp;The Mortgage Loan documents permit (i) a property insurance deductible up to $250,000, except with respect to windstorm/named storm, flood and earthquake coverage, which may have a deductible up to 5% of the total insurable value of the Mortgaged Property and (ii) a commercial general liability insurance deductible or self-insured retention up to $250,000. Such deductibles may not be considered customary. |
| &nbsp;&nbsp;32 | &nbsp;&nbsp;Leeton Leased Fee Pool B Portfolio | &nbsp;&nbsp;(16) Insurance | &nbsp;&nbsp; The Mortgage Loan documents permit the Mortgagor to rely on insurance provided by the related ground tenants *provided* that, among other conditions, such insurance satisfies the requirements set forth in the Mortgage Loan documents.<br> In addition, in the event of a casualty the related ground leases permit the related leasehold lender (as opposed to the lender under the Mortgage Loan) to appoint a proceeds trustee to hold and disburse insurance proceeds, provided that such appointment is subject to the reasonable approval of the lender under the Mortgage Loan and such proceeds trustee is required to satisfy certain eligible institution requirements set forth in the applicable ground lease. |
| &nbsp;&nbsp;32 | &nbsp;&nbsp;Leeton Leased Fee Pool B Portfolio | &nbsp;&nbsp;(24) Local Law Compliance | &nbsp;&nbsp;Certain building code violations are open at the Thruway Plaza Mortgaged Property. The Mortgage Loan documents provide recourse to the Mortgagor and guarantor for any losses to the lender arising out of or in connection with such open violations until the Mortgagor has delivered to the lender an update to the related zoning report verifying there are no longer any violations with respect to the Thruway Plaza Mortgaged Property. |
| &nbsp;&nbsp;21 | &nbsp;&nbsp;Springfield Town Center | &nbsp;&nbsp;(26) Recourse Obligations | &nbsp;&nbsp;With respect to clause (a)(ii) of Representation and Warranty No. 26, the Mortgage Loan documents only provide recourse for intentional misappropriation. |

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E-5-2

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Annex A-1<br> ID#** | &nbsp;&nbsp; **Mortgage Loans** | &nbsp;&nbsp; **Representations** | &nbsp;&nbsp; **Exceptions** |
| &nbsp;&nbsp;21 | &nbsp;&nbsp;Springfield Town Center | &nbsp;&nbsp;(27) Mortgage Releases | &nbsp;&nbsp;If the subject Mortgage Loan is included in a REMIC and the loan-to-value ratio of the related Mortgaged Property following a condemnation exceeds 125%, the related borrower may be able to avoid having to pay down the subject Mortgage Loan if it delivers an opinion of counsel to the effect that the failure to make such pay down will not cause such REMIC to fail to qualify as such. |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;9911 Belward | &nbsp;&nbsp;(29) Acts of Terrorism Exclusion | &nbsp;&nbsp;The Mortgage Loan documents provide that if any of the all-risk/special form property, rental loss and/or business interruption, commercial general liability or umbrella insurance policies include any exclusions for loss, cost, damage or liability caused by "terrorism" or "terrorist acts", the Mortgagor is required to obtain and maintain terrorism coverage to cover such exclusion(s) from a carrier which otherwise satisfies the rating criteria set forth in the Mortgage Loan documents or, in the event that such terrorism coverage is not available from an insurance company that meets the minimum rating requirements set forth in the Mortgage Loan documents, the Mortgagor is required to obtain such terrorism coverage from among the top 10 highest rated insurance companies providing such terrorism coverage. |
| &nbsp;&nbsp;21 | &nbsp;&nbsp;Springfield Town Center | &nbsp;&nbsp;(31) Single-Purpose Entity | &nbsp;&nbsp;The related borrower is a recycled Single-Purpose Entity that previously owned certain other properties (together with equity interests in the direct owners thereof), each of which were transferred to an affiliate of the borrower prior to the origination of the Mortgage Loan. |
| &nbsp;&nbsp;21 | &nbsp;&nbsp;Springfield Town Center | &nbsp;&nbsp;(32) Defeasance | &nbsp;&nbsp;In connection with a defeasance, the related borrower is not required to pay defeasance related costs and expenses in excess of $25,000 (exclusive of any rating agency fees and expenses). |
| &nbsp;&nbsp;21 | &nbsp;&nbsp;Springfield Town Center | &nbsp;&nbsp;(34) Ground Leases | &nbsp;&nbsp; The Mortgage Loan is secured in part by the borrower's leasehold interest in an approximately 4.3667 acre portion of the Mortgaged Property (approximately 5.5% of the net rentable area) comprised of a non-income producing parking lot, pursuant to that certain ground lease, dated as of March 13, 1969, between Village Green Properties, as landlord (together with its successors and assigns, "<u>Landlord</u>"), and Arlen of Virginia, Inc. (predecessor-in-interest to the borrower), as tenant (together with its successor and assigns, "<u>Tenant</u>") (as amended, the "<u>Springfield Ground Lease</u>"). The terms of the Springfield Ground Lease do not meet certain provisions of this Representation and Warranty No. 34, as follows:<br> With respect to clause (a), (i) that certain lease amendment, dated as of December 1, 1978, between Village Green Properties and Franconia Associates (modifying certain rent-related provisions in the Springfield Ground Lease), and (ii) that certain notice letter, dated as of March 31, 2015, by Franconia Two, L.P. (notifying Landlord that the Springfield Ground Lease has been assigned to the borrower), have not been duly recorded.<br> With respect to clause (h), the mortgagee is permitted the same period to cure as Tenant, *provided* that the mortgagee has the right to extend the date for termination up to six months so long as it is pursuing a foreclosure (which extension period may be an insufficient amount of time for the mortgagee to consummate a foreclosure).<br> With respect to clause (l), the Springfield Ground Lease is silent as to whether a new lease will be entered into upon rejection of the Springfield Ground Lease in a bankruptcy. |

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E-5-3

**No dealer, salesman or other person is authorized to give any information or to represent anything not contained in this prospectus. You must not rely on any unauthorized information or representations. This prospectus is an offer to sell only the securities offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus is current only as of its date.**

**TABLE OF CONTENTS** 

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| | |
|:---|:---|
| Summary of Certificates and VRR Interest | 3 |
| Important Notice Regarding the Offered Certificates | 13 |
| Important Notice About Information Presented in This Prospectus | 14 |
| Summary of Terms | 25 |
| Summary of Risk Factors | 61 |
| Risk Factors | 63 |
| Description of the Mortgage Pool | 159 |
| Transaction Parties | 244 |
| Credit Risk Retention | 299 |
| Description of the Certificates | 303 |
| Description of the Mortgage Loan Purchase Agreements | 338 |
| Pooling and Servicing Agreement | 348 |
| Certain Legal Aspects of Mortgage Loans | 453 |
| Certain Affiliations, Relationships and Related Transactions Involving Transaction Parties | 470 |
| Pending Legal Proceedings Involving Transaction Parties | 472 |
| Use of Proceeds | 472 |
| Yield, Prepayment and Maturity Considerations | 472 |
| Material Federal Income Tax Considerations | 483 |
| Certain State and Local and Foreign Tax Considerations | 495 |
| Method of Distribution (Conflicts of Interest) | 496 |
| Incorporation of Certain Information by Reference | 498 |
| Where You Can Find More Information | 499 |
| Financial Information | 499 |
| Certain ERISA Considerations | 499 |
| Legal Investment | 503 |
| Legal Matters | 504 |
| Ratings | 504 |
| Index of Defined Terms | 507 |

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**Dealers will be required to deliver a prospectus when acting as underwriters of these certificates and with respect to unsold allotments or subscriptions. In addition, all dealers selling these certificates will deliver a prospectus until the date that is ninety days from the date of this prospectus.**

**$1,109,922,000** **<br> (Approximate)**

**GS Mortgage Securities<br> Corporation II**

**(Central Index Key Number <br> 0001004158)**<br> *Depositor*

**Benchmark 2025-V18 Mortgage<br> Trust<br> (Central Index Key Number <br> 0002089470)***<br> Issuing Entity*

**Commercial Mortgage Pass-Through <br> Certificates, Series 2025-V18**

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| | |
|:---|:---|
| Class A-1 | $3291000 |
| Class A-2 | $0 - $348650000 |
| Class A-3 | $523490000 - $872140000 |
| Class X-A | $998930000 |
| Class X-B | $110992000 |
| Class A-S | $123499000 |
| Class B | $62531000 |
| Class C | $48461000 |

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**PROSPECTUS**

**Goldman Sachs & Co. LLC** **<br> *Co-Lead Manager and Joint Bookrunner***

 ****

**Deutsche Bank Securities** **<br> *Co-Lead Manager and Joint Bookrunner***

**Citigroup** **<br> *Co-Lead Manager and Joint Bookrunner***

 ****

**Barclays** **<br> *Co-Lead Manager and Joint Bookrunner***

 ****

**BMO Capital Markets** **<br> *Co-Lead Manager and Joint Bookrunner***

**Academy Securities** **<br> *Co-Manager***

 ****

**Drexel Hamilton** **<br> *Co-Manager***

**October [__], 2025**

## Ex-Filing

?xml version='1.0' encoding='ASCII'?

**Exhibit 107**

**Calculation of Filing Fee Tables**

424H

(Form Type)

N/A

<u>GS Mortgage Securities Corporation II</u>

(Exact Name of Registrant as Specified in its Charter)

**Table 1: Newly Registered and Carry Forward Securities**

333-286173

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Security Type** | **Security Class Title** | **Fee Calculation or Carry Forward Rule** | **Amount Registered** | **Proposed Maximum Offering Price Per Unit<sup>(1)</sup>** | **Maximum Aggregate Offering Price<sup>(1)</sup>** | **Fee Rate** | **Amount of Registration Fee** | **Carry Forward Form Type** | **Carry Forward File Number** | **Carry Forward Initial effective date** | **Filing Fee Previously Paid In Connection with Unsold Securities to be Carried Forward** |
| **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** |
| **Fees to Be Paid** | Mortgage Backed Securities | Benchmark 2025-V18, Commercial Mortgage Pass-Through Certificates, Series 2025-V18 | 457(s) | $1109922000 | 100% | $1109922000 | 0.00013810 | $153280.23 |  |  |  |  |
| **Fees Previously Paid** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** |
| **Carry Forward Securities** |  |  |  |  |  |  |  |  |  |  |  |  |
|  | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** |  | $1109922000 |  | $153280.23 |  |  |  |  |
|  | **Total Fees Previously Paid** | **Total Fees Previously Paid** | **Total Fees Previously Paid** | **Total Fees Previously Paid** |  |  |  | 0 |  |  |  |  |
|  | **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** |  |  |  |  |  |  |  |  |
|  | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** |  |  |  | $153280.23 |  |  |  |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp; Estimated solely for the purpose of calculating the registration fee. Calculated in accordance with Rule 457(o) of the Securities Act of 1933.