# EDGAR Filing Document

**Accession Number:** 0001258361
**File Stem:** 0001539497-25-001759
**Filing Date:** 2025-7
**Character Count:** 55138
**Document Hash:** e2e44345d22081f638f503049216e958
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001539497-25-001759.hdr.sgml**: 20250703

**ACCESSION NUMBER**: 0001539497-25-001759

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

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250703

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

**FILED AS OF DATE**: 20250703

**DATE AS OF CHANGE**: 20250703

**ABS RULE**: RULE-15GA2

**REGISTERED ENTITY**: N

**ABS ASSET CLASS**: Commercial mortgages

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CITIGROUP COMMERCIAL MORTGAGE SECURITIES INC
- **CENTRAL INDEX KEY:** 0001258361
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 861073506
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-00521
- **FILM NUMBER:** 251105236

**BUSINESS ADDRESS:**
- **STREET 1:** 390 GREENWICH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10013
- **BUSINESS PHONE:** 2128165343

**MAIL ADDRESS:**
- **STREET 1:** 390 GREENWICH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10013
**DEPOSITOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CITIGROUP COMMERCIAL MORTGAGE SECURITIES INC
- **CENTRAL INDEX KEY:** 0001258361
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 861073506
- **STATE OF INCORPORATION:** DE

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

**BUSINESS ADDRESS:**
- **STREET 1:** 390 GREENWICH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10013
- **BUSINESS PHONE:** 2128165343

**MAIL ADDRESS:**
- **STREET 1:** 390 GREENWICH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10013
**SECURITIZER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CITIGROUP COMMERCIAL MORTGAGE SECURITIES INC
- **CENTRAL INDEX KEY:** 0001258361
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 861073506
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-00521

**BUSINESS ADDRESS:**
- **STREET 1:** 390 GREENWICH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10013
- **BUSINESS PHONE:** 2128165343

**MAIL ADDRESS:**
- **STREET 1:** 390 GREENWICH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10013

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM ABS-l5G**

**ASSET-BACKED SECURITIZER**

**REPORT PURSUANT TO SECTION 15G OF**

**THE SECURITIES EXCHANGE ACT OF 1934**

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

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

Date of Report (Date of earliest event reported)______________________

Commission File Number of securitizer: ____________________

Central Index Key Number of securitizer: ___________________

______________________________________________________________________

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

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

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

Central Index Key Number of depositor: 0001258361

P11 Commercial Mortgage Trust 2025-P11<br> (Exact name of issuing entity as specified in its charter)

Central Index Key Number of issuing entity: Not applicable

Central Index Key Number of underwriter: Not applicable

Richard Simpson, Citigroup Commercial Mortgage Securities Inc., (212) 816-5343<br> ______________________________________________________________________________________

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

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

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

See Report of Independent Accountants on Applying Agreed-Upon Procedures, dated July 3, 2025, which was obtained by the depositor, attached as Exhibit 99.1 to this Form ABS-15G.

**Item 2.02 Findings and Conclusions of a Third Party Due Diligence Report Obtained by the Underwriter.**

Not Applicable

**Exhibits.**

99.1 Report of Independent Accountants on Applying Agreed-Upon Procedures, dated July 3, 2025.

**SIGNATURES**

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

Date: July 3, 2025

Citigroup Commercial Mortgage Securities Inc.

(Depositor)

/s/ Richard Simpson

Name: Richard Simpson<br> Title: President

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**EXHIBIT INDEX**

Exhibit Number Description <br>Exhibit 99.1 Report of Independent Accountants on Applying Agreed-Upon Procedures, dated July 3, 2025.

## Exhibit 99.1

**Exhibit 99.1** 

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

---

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

Citigroup Commercial Mortgage Securities Inc. (the "Depositor")

Citi Real Estate Funding Inc.

Citigroup Global Markets Inc.

Bank of Montreal

BMO Capital Markets Corp.

Societe Generale Financial Corporation

SG Americas Securities, LLC

(collectively, the "Specified Parties")

---

| | |
|:---|:---|
| **Re:** | **P11 Commercial Mortgage Trust 2025-P11 (the "Issuing Entity")** |
|  | **Commercial Mortgage Pass-Through Certificates, Series 2025-P11 (the "Certificates")** |

---

We have performed the procedures enumerated in Attachment A, which were agreed to and acknowledged as appropriate by the Specified Parties, for the intended purpose of assisting the Specified Parties in evaluating the accuracy of certain information with respect to the Trust Loan (as defined herein) contained on the Data Files (as defined herein) (the "Subject Matter") relating to the Issuing Entity's securitization transaction as of 3 July 2025. This report may not be suitable for any other purpose. The procedures performed may not address all of the items of interest to a user of the report and may not meet the needs of all users of the report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. The appropriateness of these procedures is solely the responsibility of the Specified Parties identified in this report. No other party acknowledged the appropriateness of the procedures. Consequently, we make no representation regarding the appropriateness of the procedures described in Attachment A, either for the purpose for which this report has been requested or for any other purpose.

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

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

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

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

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

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

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

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

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

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

---

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

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

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

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

b. Making any findings with respect to:

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

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

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

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

---

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

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

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

/s/ Ernst & Young LLP

3 July 2025

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| | |
|:---|:---|
| ![](eylogo2.jpg) | **Attachment A**<br> Page 1 of 7 |

---

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

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

a. The assets of the Issuing Entity will consist primarily of a portion of a fixed rate commercial mortgage loan (the "Senior
Trust Notes" and "Junior Notes," respectively, and collectively, the "Trust Loan"),

b. The Trust Loan is part of a split loan structure consisting of the Trust Loan and certain other promissory notes (collectively, the
"Companion Loans," together with the Senior Trust Notes, the "Senior Notes," and the Senior Notes together
with the Junior Notes, the "Whole Loan"),

c. The Companion Loans will not be assets of the Issuing Entity and are *pari passu* in right of payment to the Senior Trust Notes,
and the Senior Notes will be senior in right of payment to the Junior Notes and

d. The Whole Loan will be secured by a commercial property (the "Property").

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

1. The Depositor provided us with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. An electronic data file (the "Preliminary Data File") that the Depositor indicated contains information relating
to the Whole Loan, Trust Loan, Senior Notes, Senior Trust Notes, Junior Notes, Companion Loans and Property that is expected to be as
of 15 July 2025 (the "Reference Date") and

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

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

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

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| | |
|:---|:---|
| ![](eylogo2.jpg) | **Attachment A**<br> Page 2 of 7 |

---

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

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

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

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

Using information on the:

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

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

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

4. Using the "First Loan Payment Date," as shown on the Final Data File, we recalculated the "Seasoning"
of the Whole Loan as of the Reference Date. We compared this recalculated information to the corresponding information on the Final Data
File and found such information to be in agreement.

5. Using the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. First Loan Payment Date and

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

as shown on the Final Data File, we recalculated the "Original Term to Maturity (Months)" of the Whole Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

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|:---|:---|
| ![](eylogo2.jpg) | **Attachment A**<br> Page 3 of 7 |

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6. The applicable Source Document(s) indicate that the Whole Loan is interest-only for the entire term. Based on this information, the
Depositor instructed us to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Use "0" for the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Original amortization term of the Whole Loan (the "Original Amortization Term (Months)") and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Remaining amortization term of the Whole Loan (the "Remaining Amortization Term (Months)"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Use the "Original Term to Maturity (Months)," as shown on the Final Data File, for the original interest-only term of
the Whole Loan (the "Original IO Term (Months)"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Use the "Senior Mortgage Loan Trust Closing Date Balance," as shown on the Final Data File, for the principal balance
of the Senior Trust Notes as of the "Maturity Date" of the Senior Trust Notes (the "Senior Mortgage Loan Trust
Maturity Date Balance"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Use the "Senior Mortgage Loan Companion Closing Date Balance," as shown on the Final Data File, for the principal balance
of the Companion Loans as of the "Maturity Date" of the Companion Loans ("Senior Mortgage Loan Companion Maturity
Date Balance") and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Use the "Junior Mortgage Loan Closing Date Balance," as shown on the Final Data File, for the principal balance of the
Junior Notes as of the "Maturity Date" of the Junior Notes ("Junior Mortgage Loan Maturity Date Balance").

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

7. Using the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Original Term to Maturity (Months),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Original IO Term (Months) and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Seasoning,

as shown on the Final Data File, we recalculated the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Remaining Term to Maturity (Months) and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Remaining IO Term (Months)

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

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|:---|:---|
| ![](eylogo2.jpg) | **Attachment A**<br> Page 4 of 7 |

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8. Using the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Senior Mortgage Loan Trust Closing Date Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Senior Mortgage Loan Trust Maturity Date Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Senior Mortgage Loan Companion Closing Date Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Senior Mortgage Loan Companion Maturity Date Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Junior Mortgage Loan Closing Date Balance and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Junior Mortgage Loan Maturity Date Balance,

as shown on the Final Data File, we recalculated the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Total Senior Mortgage Loan Closing Date Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Total Senior Mortgage Loan Maturity Date Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Whole Mortgage Loan Closing Date Balance and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Whole Mortgage Loan Maturity Date Balance

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

9. Using the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Senior Mortgage Loan Trust Closing Date Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Total Senior Mortgage Loan Closing Date Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Junior Mortgage Loan Closing Date Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Whole Mortgage Loan Closing Date Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Senior Mortgage Loan Coupon,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Junior Mortgage Loan Coupon,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Whole Mortgage Loan Coupon and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Interest Calculation (30/360 / Actual/360),

as shown on the Final Data File, and the calculation methodologies provided by the Depositor described in the succeeding paragraph(s) of this Item, we recalculated the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Senior Mortgage Trust Loan Monthly Debt Service Payment,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Senior Mortgage Trust Loan Annual Debt Service Payment,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Total Senior Mortgage Loan Monthly Debt Service Payment,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Total Senior Mortgage Loan Annual Debt Service Payment,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Junior Mortgage Loan Monthly Debt Service Payment,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Junior Mortgage Loan Annual Debt Service Payment,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. Whole Loan Monthly Debt Service Payment and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. Whole Loan Annual Debt Service Payment

of the Senior Trust Notes, Senior Notes, Junior Notes and Whole Loan, as applicable. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

For the purpose of this procedure, the Depositor instructed us to recalculate the "Senior Mortgage Trust Loan Monthly Debt Service Payment" of the Senior Trust Notes as 1/12<sup>th</sup> of the product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The "Senior Mortgage Loan Trust Closing Date Balance," as shown on the Final Data File,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The "Senior Mortgage Loan Coupon," as shown on the Final Data File, and

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

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|:---|:---|
| ![](eylogo2.jpg) | **Attachment A**<br> Page 5 of 7 |

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9. (continued):

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

For the purpose of this procedure, the Depositor instructed us to recalculate the "Total Senior Mortgage Loan Monthly Debt Service Payment" of the Senior Notes as 1/12<sup>th</sup> of the product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The "Total Senior Mortgage Loan Closing Date Balance," as shown on the Final Data File,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The "Senior Mortgage Loan Coupon," as shown on the Final Data File, and

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The "Junior Mortgage Loan Coupon," as shown on the Final Data File, and

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

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

For the purpose of this procedure, the Depositor instructed us to recalculate the "Whole Loan Monthly Debt Service Payment" of the Whole Loan as 1/12<sup>th</sup> of the product of:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The "Whole Mortgage Loan Coupon," as shown on the Final Data File, and

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

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

---

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|:---|:---|
| ![](eylogo2.jpg) | **Attachment A**<br> Page 6 of 7 |

---

10. Using the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Senior Mortgage Loan Trust Closing Date Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Senior Mortgage Loan Companion Closing Date Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Total Senior Mortgage Loan Closing Date Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Total Senior Mortgage Loan Maturity Date Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Junior Mortgage Loan Closing Date Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Whole Mortgage Loan Closing Date Balance,

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Individual As-Is Appraised Value,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Total Senior Mortgage Loan Annual Debt Service Payment,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. Whole Loan Annual Debt Service Payment,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. UW (In-Place) Net Operating Income,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. UW (In-Place) Net Cash Flow and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. Gross Building SF,

as shown on the Final Data File, and the applicable calculation methodologies and assumptions described in the Draft Preliminary Offering Circular, we recalculated the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Senior Mortgage Loan UW NOI DSCR,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Senior Mortgage Loan UW NCF DSCR,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Mortgage Loan UW NOI DSCR,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Mortgage Loan UW NCF DSCR,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Senior Mortgage Loan Trust Closing Date Balance per SF,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Senior Mortgage Loan Companion Closing Date Balance per SF,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. Total Senior Mortgage Loan Closing Date Balance per SF,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. Junior Mortgage Loan Closing Date Balance per SF,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ix. Whole Mortgage Loan Closing Date Balance per SF,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x. Individual As-Is Appraised Value per SF,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xi. Senior Mortgage Loan Closing Date LTV (As-is Value),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xii. Senior Mortgage Loan Balloon LTV (As-is Value),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xiii. Senior Mortgage Loan UW NOI Debt Yield,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xiv. Senior Mortgage Loan UW NCF Debt Yield,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xv. Whole Mortgage Loan Closing Date LTV (As-is Value),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xvi. Whole Mortgage Loan Balloon LTV (As-is Value),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xvii. Whole Mortgage Loan UW NOI Debt Yield,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xviii. Whole Mortgage Loan UW NCF Debt Yield,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xix. % of Senior Mortgage Loan Trust Closing Date Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xx. % of Senior Mortgage Loan Companion Closing Date Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxi. % of Total Senior Mortgage Loan Closing Date Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxii. % of Junior Mortgage Loan Closing Date Balance and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxiii. % of Whole Mortgage Loan Closing Date Balance

of the Senior Notes, Senior Trust Notes, Companion Loans, Junior Notes and Whole Loan, as applicable. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

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

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

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

---

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

---

11. Using the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Largest Tenant (by UW Gross Rent) NRA,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. 2nd Largest Tenant (by UW Gross Rent) NRA,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. 3rd Largest Tenant (by UW Gross Rent) NRA and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Total NRA,

as shown on the Final Data File, we recalculated the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Largest Tenant (by UW Gross Rent) % of NRA,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. 2nd Largest Tenant (by UW Gross Rent) % of NRA and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. 3rd Largest Tenant (by UW Gross Rent) % of NRA

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

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

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

***<u>Whole Loan Source Documents</u>***

---

| | |
|:---|:---|
| **<u>Source Document Title</u>** | **<u>Source Document Date</u>** |
| Whole Loan Agreement (see Note 1) | 3 July 2025 |
| Cash Management Agreement (see Note 1) | 27 June 2025 |
| Blocked Account Agreement (see Note 1) | 27 June 2025 |
| Amended and Restated Mortgage (see Note 1) | 27 June 2025 |
| Guaranty Agreement (see Note 1) | 27 June 2025 |
| AMC Lease Maturity Guaranty Agreement (see Note 1) | 27 June 2025 |
| Environmental Indemnity Agreement (see Note 1) | 27 June 2025 |
| Non-Consolidation Opinion (see Note 1) | 27 June 2025 |
| Debt Service Guaranty Agreement | 30 June 2025 |
| Administrative Fee Schedule | Not Dated |

---

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

---

| | |
|:---|:---|
| **<u>Source Document Title</u>** | **<u>Source Document Date</u>** |
| Appraisal Report | 5 June 2025 |
| Engineering Report | 2 April 2025 |
| Phase I Environmental Report | 2 April 2025 |
| Pro Forma Title Policy (see Note 1) | 18 June 2025 |
| Property Management Agreement | 1 January 2004 |
| Confirmatory Assignment of Management Agreement | 15 October 2020 |
| Underwriter's Summary Report | Not Dated |
| Underwritten Rent Roll | 31 March 2025 |
| Historical Occupancy Support | Not Dated |
| Historical Capital Expenditure Support | Not Dated |

---

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

 ****

***<u>Property Source Documents</u>*** (continued)

---

| | |
|:---|:---|
| **<u>Source Document Title</u>** | **<u>Source Document Date</u>** |
| Apple Lease Agreement | 20 February 2020 |
| Lease Modifications | Various |
| Apple Lease Estoppel | 10 September 2020 |
| Lease Abstracts | Not Dated |
| Apple Lease Terms Summary | 7 March 2025 |
| Insurance Risk Analysis | Not Dated |
| Vornado Realty Trust 2023 Annual Report | Not Dated |
| Cost Basis Overview | Not Dated |

---

**<u>Note</u>:**

1. The indicated provided Source Document(s) are draft document(s) with the Source Document Date reflecting the latest date of receipt.
For the purpose of the procedures described in this report, the Depositor instructed us to treat the indicated Source Document(s) as fully
executed.

**Exhibit 2 to Attachment A**<br> Page 1 of 8<br>

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

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

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| Address | Appraisal Report |
| City | Appraisal Report |
| State | Appraisal Report |
| Zip | Appraisal Report |
| County | Appraisal Report |
| Property Type | Appraisal Report |
| Property Sub-Type | Appraisal Report |
| Market | Appraisal Report |
| Submarket | Appraisal Report |
| Year Built | Appraisal Report |
| Year Renovated | Historical Capital Expenditure Support |
| Unit of Measure | Underwritten Rent Roll |
| Total NRA | Underwritten Rent Roll |
| Static Vacancy | Underwritten Rent Roll |
| Gross Building SF | Underwritten Rent Roll |
| Occupancy (%) | Underwritten Rent Roll |
| Occupancy Date | Underwritten Rent Roll |
| # of tenants | Underwritten Rent Roll |
| Ownership Interest | Pro Forma Title Policy |

---

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

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| Individual As-Is Appraised Value Date | Appraisal Report |
| Individual As-Is Appraised Value | Appraisal Report |
| Engineering Report Provider | Engineering Report |
| Engineering Report Date | Engineering Report |
| Seismic Zone | Engineering Report |
| Environmental Report Provider | Phase I Environmental Report |
| Environmental Report Date | Phase I Environmental Report |
| Phase II Required? | Phase I Environmental Report |

---

**Exhibit 2 to Attachment A**<br> Page 2 of 8<br>

**<u>Major Tenant Information</u>:**

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| Largest Tenant (by UW Gross Rent) Tenant Name | Underwritten Rent Roll |
| Largest Tenant (by UW Gross Rent) Lease Exp. | Underwritten Rent Roll |
| Largest Tenant (by UW Gross Rent) NRA | Underwritten Rent Roll |
| Largest Tenant (by UW Gross Rent) UW Base Rent | Underwritten Rent Roll |
| Largest Tenant (by UW Gross Rent) UW Gross Rent | Underwritten Rent Roll |
| 2nd Largest Tenant (by UW Gross Rent) Tenant Name | Underwritten Rent Roll |
| 2nd Largest Tenant (by UW Gross Rent) Lease Exp. | Underwritten Rent Roll |
| 2nd Largest Tenant (by UW Gross Rent) NRA | Underwritten Rent Roll |
| 2nd Largest Tenant (by UW Gross Rent) UW Base Rent | Underwritten Rent Roll |
| 2nd Largest Tenant (by UW Gross Rent) UW Gross Rent | Underwritten Rent Roll |
| 3rd Largest Tenant (by UW Gross Rent) Tenant Name | Underwritten Rent Roll |
| 3rd Largest Tenant (by UW Gross Rent) Lease Exp. | Underwritten Rent Roll |
| 3rd Largest Tenant (by UW Gross Rent) NRA | Underwritten Rent Roll |
| 3rd Largest Tenant (by UW Gross Rent) UW Base Rent | Underwritten Rent Roll |
| 3rd Largest Tenant (by UW Gross Rent) UW Gross Rent | Underwritten Rent Roll |
| % of NRA Leased to Investment Grade Tenants | Underwritten Rent Roll |
| % of UW Gross Rent from Investment Grade Tenants | Underwritten Rent Roll |
| WA Lease Expiration Date | Underwritten Rent Roll |
| WA Lease Term Remaining | Underwritten Rent Roll |

---

**Exhibit 2 to Attachment A**<br> Page 3 of 8<br>

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

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| 2022 Base Rent | Underwriter's Summary Report |
| 2023 Base Rent | Underwriter's Summary Report |
| 2024 Base Rent | Underwriter's Summary Report |
| May 2025 TTM Base Rent | Underwriter's Summary Report |
| Sponsor Year 1 Budget Base Rent | Underwriter's Summary Report |
| UW (In-Place) Base Rent | Underwriter's Summary Report |
| 2022 Rent Steps | Underwriter's Summary Report |
| 2023 Rent Steps | Underwriter's Summary Report |
| 2024 Rent Steps | Underwriter's Summary Report |
| May 2025 TTM Rent Steps | Underwriter's Summary Report |
| Sponsor Year 1 Budget Rent Steps | Underwriter's Summary Report |
| UW (In-Place) Rent Steps | Underwriter's Summary Report |
| 2022 Credit Rent Steps | Underwriter's Summary Report |
| 2023 Credit Rent Steps | Underwriter's Summary Report |
| 2024 Credit Rent Steps | Underwriter's Summary Report |
| May 2025 TTM Credit Rent Steps | Underwriter's Summary Report |
| Sponsor Year 1 Budget Credit Rent Steps | Underwriter's Summary Report |
| UW (In-Place) Credit Rent Steps | Underwriter's Summary Report |
| 2022 Potential Income from Vacant Space | Underwriter's Summary Report |
| 2023 Potential Income from Vacant Space | Underwriter's Summary Report |
| 2024 Potential Income from Vacant Space | Underwriter's Summary Report |
| May 2025 TTM Potential Income from Vacant Space | Underwriter's Summary Report |
| Sponsor Year 1 Budget Potential Income from Vacant Space | Underwriter's Summary Report |
| UW (In-Place) Potential Income from Vacant Space | Underwriter's Summary Report |
| 2022 Reimbursements | Underwriter's Summary Report |
| 2023 Reimbursements | Underwriter's Summary Report |
| 2024 Reimbursements | Underwriter's Summary Report |
| May 2025 TTM Reimbursements | Underwriter's Summary Report |
| Sponsor Year 1 Budget Reimbursements | Underwriter's Summary Report |
| UW (In-Place) Reimbursements | Underwriter's Summary Report |

---

**Exhibit 2 to Attachment A**<br> Page 4 of 8<br>

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

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| 2022 Gross Potential Income | Underwriter's Summary Report |
| 2023 Gross Potential Income | Underwriter's Summary Report |
| 2024 Gross Potential Income | Underwriter's Summary Report |
| May 2025 TTM Gross Potential Income | Underwriter's Summary Report |
| Sponsor Year 1 Budget Gross Potential Income | Underwriter's Summary Report |
| UW (In-Place) Gross Potential Income | Underwriter's Summary Report |
| 2022 Economic Vacancy & Credit Loss | Underwriter's Summary Report |
| 2023 Economic Vacancy & Credit Loss | Underwriter's Summary Report |
| 2024 Economic Vacancy & Credit Loss | Underwriter's Summary Report |
| May 2025 TTM Economic Vacancy & Credit Loss | Underwriter's Summary Report |
| Sponsor Year 1 Budget Economic Vacancy & Credit Loss | Underwriter's Summary Report |
| UW (In-Place) Economic Vacancy & Credit Loss | Underwriter's Summary Report |
| 2022 Other Income | Underwriter's Summary Report |
| 2023 Other Income | Underwriter's Summary Report |
| 2024 Other Income | Underwriter's Summary Report |
| May 2025 TTM Other Income | Underwriter's Summary Report |
| Sponsor Year 1 Budget Other Income | Underwriter's Summary Report |
| UW (In-Place) Other Income | Underwriter's Summary Report |
| 2022 Potential Gross Revenue | Underwriter's Summary Report |
| 2023 Potential Gross Revenue | Underwriter's Summary Report |
| 2024 Potential Gross Revenue | Underwriter's Summary Report |
| May 2025 TTM Potential Gross Revenue | Underwriter's Summary Report |
| Sponsor Year 1 Budget Potential Gross Revenue | Underwriter's Summary Report |
| UW (In-Place) Potential Gross Revenue | Underwriter's Summary Report |
| 2022 Management Fees | Underwriter's Summary Report |
| 2023 Management Fees | Underwriter's Summary Report |
| 2024 Management Fees | Underwriter's Summary Report |
| May 2025 TTM Management Fees | Underwriter's Summary Report |
| Sponsor Year 1 Budget Management Fees | Underwriter's Summary Report |
| UW (In-Place) Management Fees | Underwriter's Summary Report |
| 2022 Utilities | Underwriter's Summary Report |
| 2023 Utilities | Underwriter's Summary Report |
| 2024 Utilities | Underwriter's Summary Report |
| May 2025 TTM Utilities | Underwriter's Summary Report |
| Sponsor Year 1 Budget Utilities | Underwriter's Summary Report |
| UW (In-Place) Utilities | Underwriter's Summary Report |

---

**Exhibit 2 to Attachment A**<br> Page 5 of 8<br>

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

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| 2022 General & Administrative | Underwriter's Summary Report |
| 2023 General & Administrative | Underwriter's Summary Report |
| 2024 General & Administrative | Underwriter's Summary Report |
| May 2025 TTM General & Administrative | Underwriter's Summary Report |
| Sponsor Year 1 Budget General & Administrative | Underwriter's Summary Report |
| UW (In-Place) General & Administrative | Underwriter's Summary Report |
| 2022 Payroll | Underwriter's Summary Report |
| 2023 Payroll | Underwriter's Summary Report |
| 2024 Payroll | Underwriter's Summary Report |
| May 2025 TTM Payroll | Underwriter's Summary Report |
| Sponsor Year 1 Budget Payroll | Underwriter's Summary Report |
| UW (In-Place) Payroll | Underwriter's Summary Report |
| 2022 Repairs & Maintenance | Underwriter's Summary Report |
| 2023 Repairs & Maintenance | Underwriter's Summary Report |
| 2024 Repairs & Maintenance | Underwriter's Summary Report |
| May 2025 TTM Repairs & Maintenance | Underwriter's Summary Report |
| Sponsor Year 1 Budget Repairs & Maintenance | Underwriter's Summary Report |
| UW (In-Place) Repairs & Maintenance | Underwriter's Summary Report |
| 2022 Cleaning | Underwriter's Summary Report |
| 2023 Cleaning | Underwriter's Summary Report |
| 2024 Cleaning | Underwriter's Summary Report |
| May 2025 TTM Cleaning | Underwriter's Summary Report |
| Sponsor Year 1 Budget Cleaning | Underwriter's Summary Report |
| UW (In-Place) Cleaning | Underwriter's Summary Report |
| 2022 Security | Underwriter's Summary Report |
| 2023 Security | Underwriter's Summary Report |
| 2024 Security | Underwriter's Summary Report |
| May 2025 TTM Security | Underwriter's Summary Report |
| Sponsor Year 1 Budget Security | Underwriter's Summary Report |
| UW (In-Place) Security | Underwriter's Summary Report |
| 2022 Real Estate Taxes | Underwriter's Summary Report |
| 2023 Real Estate Taxes | Underwriter's Summary Report |
| 2024 Real Estate Taxes | Underwriter's Summary Report |
| May 2025 TTM Real Estate Taxes | Underwriter's Summary Report |
| Sponsor Year 1 Budget Real Estate Taxes | Underwriter's Summary Report |
| UW (In-Place) Real Estate Taxes | Underwriter's Summary Report |

---

**Exhibit 2 to Attachment A**<br> Page 6 of 8<br>

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

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| 2022 Insurance | Underwriter's Summary Report |
| 2023 Insurance | Underwriter's Summary Report |
| 2024 Insurance | Underwriter's Summary Report |
| May 2025 TTM Insurance | Underwriter's Summary Report |
| Sponsor Year 1 Budget Insurance | Underwriter's Summary Report |
| UW (In-Place) Insurance | Underwriter's Summary Report |
| 2022 Other Expenses | Underwriter's Summary Report |
| 2023 Other Expenses | Underwriter's Summary Report |
| 2024 Other Expenses | Underwriter's Summary Report |
| May 2025 TTM Other Expenses | Underwriter's Summary Report |
| Sponsor Year 1 Budget Other Expenses | Underwriter's Summary Report |
| UW (In-Place) Other Expenses | Underwriter's Summary Report |
| 2022 Total Operating Expenses | Underwriter's Summary Report |
| 2023 Total Operating Expenses | Underwriter's Summary Report |
| 2024 Total Operating Expenses | Underwriter's Summary Report |
| May 2025 TTM Total Operating Expenses | Underwriter's Summary Report |
| Sponsor Year 1 Budget Total Operating Expenses | Underwriter's Summary Report |
| UW (In-Place) Total Operating Expenses | Underwriter's Summary Report |
| 2022 Net Operating Income | Underwriter's Summary Report |
| 2023 Net Operating Income | Underwriter's Summary Report |
| 2024 Net Operating Income | Underwriter's Summary Report |
| May 2025 TTM Net Operating Income | Underwriter's Summary Report |
| Sponsor Year 1 Budget Net Operating Income | Underwriter's Summary Report |
| UW (In-Place) Net Operating Income | Underwriter's Summary Report |
| 2022 Replacement Reserves | Underwriter's Summary Report |
| 2023 Replacement Reserves | Underwriter's Summary Report |
| 2024 Replacement Reserves | Underwriter's Summary Report |
| May 2025 TTM Replacement Reserves | Underwriter's Summary Report |
| Sponsor Year 1 Budget Replacement Reserves | Underwriter's Summary Report |
| UW (In-Place) Replacement Reserves | Underwriter's Summary Report |
| 2022 TI/LC's | Underwriter's Summary Report |
| 2023 TI/LC's | Underwriter's Summary Report |
| 2024 TI/LC's | Underwriter's Summary Report |
| May 2025 TTM TI/LC's | Underwriter's Summary Report |
| Sponsor Year 1 Budget TI/LC's | Underwriter's Summary Report |
| UW (In-Place) TI/LC's | Underwriter's Summary Report |

---

**Exhibit 2 to Attachment A**<br> Page 7 of 8<br>

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

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| 2022 Net Cash Flow | Underwriter's Summary Report |
| 2023 Net Cash Flow | Underwriter's Summary Report |
| 2024 Net Cash Flow | Underwriter's Summary Report |
| May 2025 TTM Net Cash Flow | Underwriter's Summary Report |
| Sponsor Year 1 Budget Net Cash Flow | Underwriter's Summary Report |
| UW (In-Place) Net Cash Flow | Underwriter's Summary Report |

---

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

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| Initial Tax Escrow | Whole Loan Agreement |
| Ongoing Tax Escrow Monthly | Whole Loan Agreement |
| Tax Escrow Springing Conditions | Whole Loan Agreement |
| Initial Insurance Escrow | Whole Loan Agreement |
| Ongoing Insurance Escrow Monthly | Whole Loan Agreement |
| Insurance Escrow Springing Conditions | Whole Loan Agreement |
| Initial CapEx Escrow | Whole Loan Agreement |
| Ongoing Cap Ex Escrow Monthly | Whole Loan Agreement |
| Cap Ex Escrow Springing Conditions | Whole Loan Agreement |
| Initial TI/LC Escrow | Whole Loan Agreement |
| Ongoing TI/LC Escrow Monthly | Whole Loan Agreement |
| TI/LC Escrow Springing Conditions | Whole Loan Agreement |
| Ongoing Other Escrow Monthly | Whole Loan Agreement |

---

**<u>Whole Loan Information</u>:**

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| First Loan Payment Date | Whole Loan Agreement |
| Maturity Date | Whole Loan Agreement |
| Prepayment Provision | Whole Loan Agreement |
| Interest Calculation (30/360 / Actual/360) | Whole Loan Agreement |
| Amort Type | Whole Loan Agreement |
| Grace Period | Whole Loan Agreement |
| Lockbox | Whole Loan Agreement |
| Cash Management Trigger | Whole Loan Agreement |
| Cash Management Type | Whole Loan Agreement |
| Partial Release Allowed? | Whole Loan Agreement |
| Administrative Fee Rate (%) | Administrative Fee Schedule |

---

**Exhibit 2 to Attachment A**<br> Page 8 of 8<br>

**<u>Notes</u>:**

1. For the purpose of comparing the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Address,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. City and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. State

characteristics, the Depositor instructed us to ignore differences that are due to standard postal abbreviations.

2. For the purpose of comparing the "Major Tenant Information" characteristics, the Depositor instructed us to order the
tenants at the Property from largest to smallest based on the combined underwritten base rent of the tenant, as shown in the applicable
Source Document(s), and to combine multiple spaces leased by the same tenant, as shown in the applicable Source Document(s).

3. For the purpose of comparing the "Largest Tenant (by UW Gross Rent) Lease Exp." characteristic, the Depositor instructed
us to use the weighted average of the lease expiration dates for each unit, weighted based on the "UW Base Rent," as shown
in the underwritten rent roll Source Document.

4. For the purpose of comparing the "Underwriting Information" characteristics that are expressed as dollar values, the Depositor
instructed us to ignore differences of +/– $1 or less.

5. For the purpose of comparing the "Prepayment Provision" characteristic, the Depositor instructed us to ignore any prepayment
premiums or other conditions related to partial prepayments to cure certain trigger periods, as described in the applicable Source Document(s).

6. For the purpose of comparing the "Lockbox" characteristic, the Depositor instructed us to use "Hard"
if the applicable Source Document(s) require the borrower(s) to direct tenants to pay rents directly to a lockbox account controlled by
the lender(s).

7. For the purpose of comparing the "Cash Management Type" characteristic, the Depositor instructed us to use "Springing"
if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Prior to the occurrence of an event of default or one or more specific trigger events described in the applicable Source Document(s),
revenue in the lockbox account is transferred to an account controlled by the borrower(s), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Upon the occurrence of an event of default or one or more specific trigger events described in the applicable Source Document(s),
revenue in the lockbox account is transferred to a cash management account controlled by the lender(s), and the funds are disbursed according
to the applicable Source Document(s).

We performed no procedures to determine the appropriateness, accuracy, completeness or reasonableness of the instructions, assumptions and methodologies provided by the Depositor that are described in the notes above.

**Exhibit 3 to Attachment A**<br>

**<u>Provided Characteristics</u>**

---

| |
|:---|
| **<u>Characteristic</u>** |
| Property ID |
| Property Rank |
| Property Name |
| Origination Date |
| Senior Mortgage Loan Trust Closing Date Balance |
| Senior Mortgage Loan Companion Closing Date Balance |
| Junior Mortgage Loan Closing Date Balance |
| Senior Mortgage Loan Coupon |
| Junior Mortgage Loan Coupon |
| Whole Mortgage Loan Coupon |
| Property Release Description |
| Initial Other Escrow |
| Other Escrow Description |
| Initial Immediate Repairs Escrow |
| Ongoing Other Escrow Springing Condition |
| PML % |

---

---

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

---