# EDGAR Filing Document

**Accession Number:** 0002096388
**File Stem:** 0001539497-25-002989
**Filing Date:** 2025-11
**Character Count:** 70223
**Document Hash:** 19779fb972d9e2e5bd7ec972e8c58df0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001539497-25-002989.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0001539497-25-002989

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

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20251114

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

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**ABS RULE**: RULE-15GA2

**REGISTERED ENTITY**: N

**ABS ASSET CLASS**: Commercial mortgages

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LaSalle Real Estate Credit Strategies REIT I, L.L.C.
- **CENTRAL INDEX KEY:** 0002096388

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-08101
- **FILM NUMBER:** 251488241

**BUSINESS ADDRESS:**
- **STREET 1:** 333 WEST WACKER DRIVE, SUITE 2300
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** (312) 897-4136

**MAIL ADDRESS:**
- **STREET 1:** 333 WEST WACKER DRIVE, SUITE 2300
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
**DEPOSITOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LaSalle Real Estate Credit Strategies REIT I, L.L.C.
- **CENTRAL INDEX KEY:** 0002096388

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

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

**BUSINESS ADDRESS:**
- **STREET 1:** 333 WEST WACKER DRIVE, SUITE 2300
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** (312) 897-4136

**MAIL ADDRESS:**
- **STREET 1:** 333 WEST WACKER DRIVE, SUITE 2300
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
**SECURITIZER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LaSalle Real Estate Credit Strategies REIT I, L.L.C.
- **CENTRAL INDEX KEY:** 0002096388

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

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

**BUSINESS ADDRESS:**
- **STREET 1:** 333 WEST WACKER DRIVE, SUITE 2300
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** (312) 897-4136

**MAIL ADDRESS:**
- **STREET 1:** 333 WEST WACKER DRIVE, SUITE 2300
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

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

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

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

Date of Report (Date of earliest event reported) __________________

Commission File Number of securitizer: __________________

Central Index Key Number of securitizer: __________________

------

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

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

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

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

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

Central Index Key Number of depositor: <u>0002096388</u> 

LRECS 2025-CRE1, L.L.C.

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

Central Index Key Number of issuing entity: <u>Not Applicable</u> <br>

Melody Zaghi, (310) 234-2111

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

**INFORMATION TO BE INCLUDED IN THE REPORT**

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

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

The disclosures required by Rule 15Ga-2 (17 CFR 240.15Ga-2) are attached as Exhibits to this Form ABS-15G. Please see the Exhibit Index for the related information.

**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.

<u>LaSalle Real Estate Credit Strategies REIT I, L.L.C.</u> (depositor)

Date November 14, 2025

<u>/s/ Wallace O. Sellers</u> (Signature)

By: Wallace O. Sellers, Executive Vice President

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

**EXHIBIT INDEX**

Exhibit Number Description <br>Exhibit 1 Report of Independent Accountants on Applying Agreed-Upon Procedures, dated November 14, 2025, of Grant Thornton LLP.

## Ex-1

**Exhibit 1**

![](image_001.jpg)

![](image_002.jpg)

---

| | |
|:---|:---|
| **grant thornton llp**<br>4695 MacArthur Court, Suite 1600<br> Newport Beach, CA 92660<br>D +1 949 553 1600<br> F +1 949 553 0168  | **REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS** |
| **grant thornton llp**<br>4695 MacArthur Court, Suite 1600<br> Newport Beach, CA 92660<br>D +1 949 553 1600<br> F +1 949 553 0168  |  |

---

Board of Directors and Management of LaSalle Real Estate Credit Strategies REIT I, L.L.C, LRECS 2025-CRE1, LLC, Wells Fargo Securities, LLC and Capital One Securities, Inc:

We have performed the procedures enumerated below, on certain information with respect to attributes of LaSalle Real Estate Credit Strategies REIT I, L.L.C.'s (the "Company") mortgage loans and certain related mortgaged properties as of November 1, 2025 (the "Subject Matter"), related to LRECS 2025-CRE1, LLC's (the "Issuer") issuance of certain classes of Notes (the "Securitization Transaction"). The Company's management is responsible for the Data Files (as defined herein) accurately representing the information included in the underlying asset documents and the disclosed assumptions and methodologies.

The Company has agreed to and acknowledged that the procedures performed are appropriate to meet the intended purpose of assisting specified parties in evaluating the Subject Matter. This report may not be suitable for any other purpose. Additionally, the Issuer, Wells Fargo Securities, LLC ("Wells"), and Capital One Securities, Inc. ("Capital One" and together with the Company, the Issuer and Wells, the "Specified Parties") have agreed to and acknowledged that the procedures performed are appropriate for their purposes. The procedures performed may not address all the items of interest to a user of this report and may not meet the needs of all users of this report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes.

Consequently, we make no representation regarding the appropriateness of the procedures enumerated below either for the purpose for which this report has been requested or for any other purpose.

The procedures we performed on the mortgage loans and related mortgage properties and our findings are as follows.

For the purposes of our procedures, we were instructed by the Company that:

i. For the purpose of comparing each of the Mortgage Loan characteristics and Mortgaged Property characteristics, as shown in the Data
Files, differences of less than or equal to $1.00, 0.01 (numbers and years) or 0.01%, as applicable, were deemed to be in agreement;

ii. For the purpose of comparing the mortgage loan characteristics expressed as dollar values, differences of less than or equal to $1.00
(numbers), as applicable, were deemed to be in agreement.

iii. Unless noted separately herein, for characteristics that do not have a definition in any applicable Source Documents, the value of
the field should be "N/A", "N" or "0.00" as applicable.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**GT.COM** | &nbsp;&nbsp;&nbsp;Grant Thornton LLP is a U.S. member firm of Grant Thornton International Ltd (GTIL). GTIL and each of its member firms are separate legal entities and are not a worldwide partnership. |

---

![](image_001.jpg)

Unless otherwise indicated, the following are defined for the purposes of our procedures:

· the phrase "compared" means we checked the information for agreement between sources, with any findings being reported unless
a deviation tolerance is otherwise noted. If applicable, such compared amounts and percentages are deemed to be in agreement if differences
were attributable to rounding.

· the phrase "recomputed" means, if applicable, we recomputed the number through mathematical calculation using the applicable
information in the Data Files as the inputs, with any findings being reported unless a deviation tolerance is otherwise noted. If applicable,
such recomputed amounts and percentages are deemed to be in agreement if differences were attributable to rounding.

· the phrase "Source Documents" means a record containing details of a particular transaction or characteristic for each Mortgage
Loan or Mortgaged Property. Source Documents include, but are not limited to, Loan Agreement, Promissory Note, Deed of Trust, Funding
Statement, Guaranty of Completion, Guaranty, Appraisal Report, Rent Roll, SOFR Rate Screen Shot, Offering Memorandum, Investment Memorandum,
Draft Loan Terms Summary, Realera Operating Statement, Seismic Report, Amortization Schedule, Index Cap Confirmation, Escrow Report and
Escrow Balances Report (collectively the "Escrow Reports"), and Property Condition Report (PCR) .

**Due diligence agreed-upon procedures**

On September 30, 2025, and with updates through November 11, 2025, the Company provided us with computer readable data files (the "Data Files") containing the pool of mortgage loans (the "Mortgage Loans") and related mortgaged properties (the "Mortgaged Properties") included in the Securitization Transaction. We were instructed to perform recomputations and comparisons as detailed in Exhibit 1 below.

**Exhibit 1**

---

| | | | |
|:---|:---|:---|:---|
| | **Characteristic** | **Source Document** | **Procedure** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;Collateral Interest Number | &nbsp;&nbsp;Data Files | &nbsp;&nbsp;Informational Purposes Only |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;Collateral Interest Type | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;Collateral Interest Status | &nbsp;&nbsp;Deed of Trust | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;Collateral Interest / Property Flag | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;# of Properties | &nbsp;&nbsp;Appraisal Report | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;Collateral Interest/Mortgaged Property Name | &nbsp;&nbsp;Appraisal Report | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;Cross Collateralized and Cross Defaulted Loan Flag | &nbsp;&nbsp;Appraisal Report | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;Property Address | &nbsp;&nbsp;Appraisal Report | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;City | &nbsp;&nbsp;Appraisal Report | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;State | &nbsp;&nbsp;Appraisal Report | &nbsp;&nbsp;Compared and Agreed |

---

![](image_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Characteristic** | **Source Document** | **Procedure** |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;Zip Code | &nbsp;&nbsp;Appraisal Report | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;County | &nbsp;&nbsp;Appraisal Report | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;13 | &nbsp;&nbsp;Year Built | &nbsp;&nbsp;Appraisal Report | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;14 | &nbsp;&nbsp;Year Renovated | &nbsp;&nbsp;Appraisal Report | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;15 | &nbsp;&nbsp;Property Type | &nbsp;&nbsp;Appraisal Report | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;16 | &nbsp;&nbsp;Specific Property Type | &nbsp;&nbsp;Appraisal Report | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;17 | &nbsp;&nbsp;Number of Units | &nbsp;&nbsp;Appraisal Report | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;18 | &nbsp;&nbsp;Unit of Measure | &nbsp;&nbsp;Appraisal Report | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;19 | &nbsp;&nbsp;Occupancy (%) | &nbsp;&nbsp;Rent Roll, Investment Memorandum, Appraisal Report | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;20 | &nbsp;&nbsp;Occupancy Date | &nbsp;&nbsp;Rent Roll, Investment Memorandum, Appraisal Report | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;21 | &nbsp;&nbsp;Ownership Interest | &nbsp;&nbsp;Rent Roll, Investment Memorandum, Appraisal Report | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;22 | &nbsp;&nbsp;Loan Purpose | &nbsp;&nbsp;Investment Memorandum | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;23 | &nbsp;&nbsp;Note Date | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;24 | &nbsp;&nbsp;First Payment Date | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;25 | &nbsp;&nbsp;Mortgage Loan Commitment Original Balance ($) | &nbsp;&nbsp;Loan Agreement, Promissory Note | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;26 | &nbsp;&nbsp;Mortgage Loan Commitment Original Balance / Unit ($) | &nbsp;&nbsp;Appraisal Report, Loan Agreement | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;27 | &nbsp;&nbsp;Mortgage Loan Initial Funded Amount ($) | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;28 | &nbsp;&nbsp;Mortgage Loan Initial Unfunded Future Funding Amount ($) | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;29 | &nbsp;&nbsp;Mortgage Loan Cut-off Date Balance ($) | &nbsp;&nbsp;Escrow Reports | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;30 | &nbsp;&nbsp;Mortgage Loan Cut-off Date Balance / Unit ($) | &nbsp;&nbsp;Appraisal Report, Loan Agreement | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;31 | &nbsp;&nbsp;Mortgage Loan Future Funding Participation Cut-off Date Unfunded Balance ($) | &nbsp;&nbsp;Escrow Reports | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;32 | &nbsp;&nbsp;Future Funding Advance Conditions | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;33 | &nbsp;&nbsp;Mortgage Loan Balloon Balance ($) | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |

---

![](image_001.jpg)

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| | | | |
|:---|:---|:---|:---|
| | **Characteristic** | **Source Document** | **Procedure** |
| &nbsp;&nbsp;34 | &nbsp;&nbsp;Mortgage Loan Balloon Balance / Unit ($) | &nbsp;&nbsp;Appraisal Report, Loan Agreement | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;35 | &nbsp;&nbsp;Mortgage Loan Annual Debt Service Payment (IO) ($) | &nbsp;&nbsp;Loan Agreement, Escrow Reports | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;36 | &nbsp;&nbsp;Mortgage Loan Annual Debt Service Payment (P&I) ($) | &nbsp;&nbsp;Loan Agreement, SOFR Rate Screen Shot | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;37 | &nbsp;&nbsp;Mortgage Loan Annual Debt Service Payment (Cap) ($) | &nbsp;&nbsp;Loan Agreement, SOFR Rate Screen Shot | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;38 | &nbsp;&nbsp;Collateral Interest Cut-off Date Balance ($) | &nbsp;&nbsp;Escrow Reports | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;39 | &nbsp;&nbsp;Aggregate Collateral Interest Cut-off Date Balance % | &nbsp;&nbsp;Appraisal Report, Escrow Reports | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;40 | &nbsp;&nbsp;Collateral Interest Balloon Balance ($) | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;41 | &nbsp;&nbsp;Collateral Interest Future Funding Participation Cut-off Date Unfunded Balance ($) | &nbsp;&nbsp;Escrow Reports | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;42 | &nbsp;&nbsp;Collateral Interest Annual Debt Service Payment (IO) ($) | &nbsp;&nbsp;Loan Agreement, SOFR Rate Screen Shot | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;43 | &nbsp;&nbsp;Collateral Interest Annual Debt Service Payment (P&I) ($) | &nbsp;&nbsp;Loan Agreement, SOFR Rate Screen Shot | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;44 | &nbsp;&nbsp;Collateral Interest Annual Debt Service Payment (Cap) ($) | &nbsp;&nbsp;Loan Agreement, SOFR Rate Screen Shot | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;45 | &nbsp;&nbsp;Pari Passu Funded Amount | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;46 | &nbsp;&nbsp;Pari Passu Balance in Other Securitization | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;47 | &nbsp;&nbsp;Rate Type | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;48 | &nbsp;&nbsp;Index | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;49 | &nbsp;&nbsp;Index Rate Assumption | &nbsp;&nbsp;SOFR Rate Screen Shot | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;50 | &nbsp;&nbsp;Mortgage Loan Margin | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;51 | &nbsp;&nbsp;Mortgage Loan Cut-off Date Interest Rate | &nbsp;&nbsp;Loan Agreement, SOFR Rate Screen Shot | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;52 | &nbsp;&nbsp;Mortgage Loan Margin Change (Y/N) | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;53 | &nbsp;&nbsp;Mortgage Loan Margin Change Description | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |

---

![](image_001.jpg)

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| | | | |
|:---|:---|:---|:---|
| | **Characteristic** | **Source Document** | **Procedure** |
| &nbsp;&nbsp;54 | &nbsp;&nbsp;Mortgage Loan Rate Cap | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;55 | &nbsp;&nbsp;Mortgage Loan Rate Floor | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;56 | &nbsp;&nbsp;Mortgage Loan Index Floor | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;57 | &nbsp;&nbsp;Mortgage Loan Index Cap | &nbsp;&nbsp;Index Cap Confirmation | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;58 | &nbsp;&nbsp;Mortgage Loan Index Cap Termination Date | &nbsp;&nbsp;Index Cap Confirmation | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;59 | &nbsp;&nbsp;Mortgage Loan Index Cap Provider | &nbsp;&nbsp;Index Cap Confirmation | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;60 | &nbsp;&nbsp;Collateral Interest Margin | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;61 | &nbsp;&nbsp;Collateral Interest Cut-off Date Interest Rate | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;62 | &nbsp;&nbsp;Junior Participation Cut-off Date Balance | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;63 | &nbsp;&nbsp;Junior Participation Cut-off Date Future Funding Unfunded Balance ($) | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;64 | &nbsp;&nbsp;Junior Participation Balloon Payment ($) | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;65 | &nbsp;&nbsp;Junior Participation Cut-off Date Margin | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;66 | &nbsp;&nbsp;Junior Participation Cut-off Date Interest Rate | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;67 | &nbsp;&nbsp;Amortization Type During Initial Term | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;68 | &nbsp;&nbsp;Initial IO Period | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;69 | &nbsp;&nbsp;Initial IO Period (Remaining) | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;70 | &nbsp;&nbsp;Original Loan Term (Initial) | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;71 | &nbsp;&nbsp;Original Loan Term (Remaining) | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;72 | &nbsp;&nbsp;ARD Loan (Y/N) | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;73 | &nbsp;&nbsp;Initial Maturity Date or Anticipated Repayment Date | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;74 | &nbsp;&nbsp;Seasoning (months) | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;75 | &nbsp;&nbsp;Extension Options (Y/N) | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;76 | &nbsp;&nbsp;Extension Options Description | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |

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![](image_001.jpg)

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| | | | |
|:---|:---|:---|:---|
| | **Characteristic** | **Source Document** | **Procedure** |
| &nbsp;&nbsp;77 | &nbsp;&nbsp;Amortization Type During Extensions | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;78 | &nbsp;&nbsp;First Extension Period (months) | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;79 | &nbsp;&nbsp;First Extension Fee | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;80 | &nbsp;&nbsp;First Extension Period Requirements | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;81 | &nbsp;&nbsp;First Extension Floor | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;82 | &nbsp;&nbsp;First Extension Cap | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;83 | &nbsp;&nbsp;Second Extension Period (months) | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;84 | &nbsp;&nbsp;Second Extension Fee | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;85 | &nbsp;&nbsp;Second Extension Period Requirements | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;86 | &nbsp;&nbsp;Second Extension Floor | &nbsp;&nbsp;Loan Agreement, Promissory Note | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;87 | &nbsp;&nbsp;Second Extension Cap | &nbsp;&nbsp;Loan Agreement, Promissory Note | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;88 | &nbsp;&nbsp;Third Extension Period (months) | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;89 | &nbsp;&nbsp;Third Extension Fee | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;90 | &nbsp;&nbsp;Third Extension Period Requirements | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;91 | &nbsp;&nbsp;Third Extension Floor | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;92 | &nbsp;&nbsp;Third Extension Cap | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;93 | &nbsp;&nbsp;Fully Extended Loan Term (Initial) | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;94 | &nbsp;&nbsp;Fully Extended Loan Term (Remaining) | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;95 | &nbsp;&nbsp;Fully Extended Maturity Date | &nbsp;&nbsp;Loan Agreement, Promissory Note | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;96 | &nbsp;&nbsp;Third Most Recent As Of Period | &nbsp;&nbsp;Realera Operating Statement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;97 | &nbsp;&nbsp;Third Most Recent Revenues (Annualized) | &nbsp;&nbsp;Realera Operating Statement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;98 | &nbsp;&nbsp;Third Most Recent Expenses (Annualized) | &nbsp;&nbsp;Realera Operating Statement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;99 | &nbsp;&nbsp;Third Most Recent NOI (Annualized) | &nbsp;&nbsp;Realera Operating Statement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;100 | &nbsp;&nbsp;Third Most Recent NCF (Annualized) | &nbsp;&nbsp;Realera Operating Statement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;101 | &nbsp;&nbsp;Second Most Recent As Of Period (Annualized) | &nbsp;&nbsp;Realera Operating Statement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;102 | &nbsp;&nbsp;Second Most Recent Revenues (Annualized) | &nbsp;&nbsp;Realera Operating Statement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;103 | &nbsp;&nbsp;Second Most Recent Expenses (Annualized) | &nbsp;&nbsp;Realera Operating Statement | &nbsp;&nbsp;Compared and Agreed |

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![](image_001.jpg)

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| | | | |
|:---|:---|:---|:---|
| | **Characteristic** | **Source Document** | **Procedure** |
| &nbsp;&nbsp;104 | &nbsp;&nbsp;Second Most Recent NOI (Annualized) | &nbsp;&nbsp;Realera Operating Statement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;105 | &nbsp;&nbsp;Second Most Recent NCF (Annualized) | &nbsp;&nbsp;Realera Operating Statement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;106 | &nbsp;&nbsp;Most Recent As Of Period (Annualized) | &nbsp;&nbsp;Investment Memorandum | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;107 | &nbsp;&nbsp;Most Recent Revenues (Annualized) | &nbsp;&nbsp;Investment Memorandum | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;108 | &nbsp;&nbsp;Most Recent Expenses (Annualized) | &nbsp;&nbsp;Investment Memorandum | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;109 | &nbsp;&nbsp;Most Recent NOI (Annualized) | &nbsp;&nbsp;Investment Memorandum | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;110 | &nbsp;&nbsp;Most Recent NCF (Annualized) | &nbsp;&nbsp;Investment Memorandum | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;111 | &nbsp;&nbsp;Mortgage Loan Most Recent NOI DSCR | &nbsp;&nbsp;Investment Memorandum | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;112 | &nbsp;&nbsp;Mortgage Loan Most Recent NCF DSCR | &nbsp;&nbsp;Investment Memorandum | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;113 | &nbsp;&nbsp;Cut-off Date Mortgage Loan Most Recent NOI Debt Yield | &nbsp;&nbsp;Investment Memorandum | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;114 | &nbsp;&nbsp;Cut-off Date Mortgage Loan Most Recent NCF Debt Yield | &nbsp;&nbsp;Investment Memorandum | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;115 | &nbsp;&nbsp;Collateral Interest Most Recent NOI DSCR | &nbsp;&nbsp;Investment Memorandum | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;116 | &nbsp;&nbsp;Collateral Interest Most Recent NCF DSCR | &nbsp;&nbsp;Investment Memorandum | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;117 | &nbsp;&nbsp;Cut-off Date Collateral Interest Most Recent NOI Debt Yield | &nbsp;&nbsp;Investment Memorandum | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;118 | &nbsp;&nbsp;Cut-off Date Collateral Interest Most Recent NCF Debt Yield | &nbsp;&nbsp;Investment Memorandum | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;119 | &nbsp;&nbsp;Underwritten Occupancy (%) | &nbsp;&nbsp;Investment Memorandum | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;120 | &nbsp;&nbsp;Underwritten Revenues ($) | &nbsp;&nbsp;Investment Memorandum | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;121 | &nbsp;&nbsp;Underwritten Expenses ($) | &nbsp;&nbsp;Investment Memorandum | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;122 | &nbsp;&nbsp;Underwritten NOI ($) | &nbsp;&nbsp;Investment Memorandum | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;123 | &nbsp;&nbsp;Underwritten Reserves ($) | &nbsp;&nbsp;Investment Memorandum | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;124 | &nbsp;&nbsp;Underwritten NCF ($) | &nbsp;&nbsp;Investment Memorandum | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;125 | &nbsp;&nbsp;Mortgage Loan Cut-off Date Balance Underwritten NOI DSCR | &nbsp;&nbsp;Investment Memorandum | &nbsp;&nbsp;Recomputed and Agreed |

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| | | | |
|:---|:---|:---|:---|
| | **Characteristic** | **Source Document** | **Procedure** |
| &nbsp;&nbsp;126 | &nbsp;&nbsp;Mortgage Loan Cut-off Date Balance Underwritten NCF DSCR | &nbsp;&nbsp;Investment Memorandum | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;127 | &nbsp;&nbsp;Mortgage Loan Cut-off Date Balance Underwritten NOI Debt Yield | &nbsp;&nbsp;Investment Memorandum | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;128 | &nbsp;&nbsp;Mortgage Loan Cut-off Date Balance Underwritten NCF Debt Yield | &nbsp;&nbsp;Investment Memorandum | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;129 | &nbsp;&nbsp;Collateral Interest Cut-off Date Balance Underwritten NOI DSCR | &nbsp;&nbsp;Investment Memorandum | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;130 | &nbsp;&nbsp;Collateral Interest Cut-off Date Balance Underwritten NCF DSCR | &nbsp;&nbsp;Investment Memorandum | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;131 | &nbsp;&nbsp;Collateral Interest Cut-off Date Balance Underwritten NOI Debt Yield | &nbsp;&nbsp;Investment Memorandum | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;132 | &nbsp;&nbsp;Collateral Interest Cut-off Date Balance Underwritten NCF Debt Yield | &nbsp;&nbsp;Investment Memorandum | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;133 | &nbsp;&nbsp;Underwritten Stabilized Occupancy (%) | &nbsp;&nbsp;Investment Memorandum | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;134 | &nbsp;&nbsp;Underwritten Stabilized Revenues ($) | &nbsp;&nbsp;Investment Memorandum | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;135 | &nbsp;&nbsp;Underwritten Stabilized Expenses ($) | &nbsp;&nbsp;Investment Memorandum | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;136 | &nbsp;&nbsp;Underwritten Stabilized NOI ($) | &nbsp;&nbsp;Investment Memorandum | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;137 | &nbsp;&nbsp;Underwritten Stabilized Reserves ($) | &nbsp;&nbsp;Investment Memorandum | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;138 | &nbsp;&nbsp;Underwritten Stabilized NCF ($) | &nbsp;&nbsp;Investment Memorandum | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;139 | &nbsp;&nbsp;Fully Funded Mortgage Loan Underwritten Stabilized NOI DSCR | &nbsp;&nbsp;Investment Memorandum | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;140 | &nbsp;&nbsp;Fully Funded Mortgage Loan Underwritten Stabilized NCF DSCR | &nbsp;&nbsp;Investment Memorandum | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;141 | &nbsp;&nbsp;Fully Funded Mortgage Loan Underwritten Stabilized NOI Debt Yield | &nbsp;&nbsp;Investment Memorandum | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;142 | &nbsp;&nbsp;Fully Funded Mortgage Loan Underwritten Stabilized NCF Debt Yield | &nbsp;&nbsp;Investment Memorandum | &nbsp;&nbsp;Recomputed and Agreed |

---

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| | | | |
|:---|:---|:---|:---|
| | **Characteristic** | **Source Document** | **Procedure** |
| &nbsp;&nbsp;143 | &nbsp;&nbsp;Collateral Interest Underwritten Stabilized NOI DSCR | &nbsp;&nbsp;Investment Memorandum | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;144 | &nbsp;&nbsp;Collateral Interest Underwritten Stabilized NCF DSCR | &nbsp;&nbsp;Investment Memorandum | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;145 | &nbsp;&nbsp;Collateral Interest Underwritten Stabilized NOI Debt Yield | &nbsp;&nbsp;Investment Memorandum | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;146 | &nbsp;&nbsp;Collateral Interest Underwritten Stabilized NCF Debt Yield | &nbsp;&nbsp;Investment Memorandum | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;147 | &nbsp;&nbsp;Appraisal Stabilized Occupancy (%) | &nbsp;&nbsp;Appraisal Report | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;148 | &nbsp;&nbsp;Appraisal Stabilized Revenues ($) | &nbsp;&nbsp;Appraisal Report | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;149 | &nbsp;&nbsp;Appraisal Stabilized Expenses ($) | &nbsp;&nbsp;Appraisal Report | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;150 | &nbsp;&nbsp;Appraisal Stabilized NOI ($) | &nbsp;&nbsp;Investment Memorandum, Appraisal Report | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;151 | &nbsp;&nbsp;Appraisal Stabilized Reserves ($) | &nbsp;&nbsp;Investment Memorandum | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;152 | &nbsp;&nbsp;Appraisal Stabilized NCF ($) | &nbsp;&nbsp;Appraisal Report | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;153 | &nbsp;&nbsp;Fully Funded Mortgage Loan Appraisal Stabilized NOI DSCR | &nbsp;&nbsp;Investment Memorandum, Appraisal Report | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;154 | &nbsp;&nbsp;Fully Funded Mortgage Loan Appraisal Stabilized NCF DSCR | &nbsp;&nbsp;Investment Memorandum, Appraisal Report | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;155 | &nbsp;&nbsp;Fully Funded Mortgage Loan Appraisal Stabilized NOI Debt Yield | &nbsp;&nbsp;Investment Memorandum, Appraisal Report | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;156 | &nbsp;&nbsp;Fully Funded Mortgage Loan Appraisal Stabilized NCF Debt Yield | &nbsp;&nbsp;Investment Memorandum, Appraisal Report | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;157 | &nbsp;&nbsp;Collateral Interest Appraisal Stabilized NOI DSCR | &nbsp;&nbsp;Investment Memorandum, Appraisal Report | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;158 | &nbsp;&nbsp;Collateral Interest Appraisal Stabilized NCF DSCR | &nbsp;&nbsp;Investment Memorandum, Appraisal Report | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;159 | &nbsp;&nbsp;Collateral Interest Appraisal Stabilized NOI Debt Yield | &nbsp;&nbsp;Investment Memorandum, Appraisal Report | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;160 | &nbsp;&nbsp;Collateral Interest Appraisal Stabilized NCF Debt Yield | &nbsp;&nbsp;Investment Memorandum, Appraisal Report | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;161 | &nbsp;&nbsp;Recourse | &nbsp;&nbsp;Guaranty, Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;162 | &nbsp;&nbsp;Recourse Provisions | &nbsp;&nbsp;Guaranty, Loan Agreement | &nbsp;&nbsp;Compared and Agreed |

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| | | | |
|:---|:---|:---|:---|
| | **Characteristic** | **Source Document** | **Procedure** |
| &nbsp;&nbsp;163 | &nbsp;&nbsp;Recourse Carveout Guarantor | &nbsp;&nbsp;Guaranty | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;164 | &nbsp;&nbsp;Sponsor | &nbsp;&nbsp;Investment Memorandum, Appraisal Report | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;165 | &nbsp;&nbsp;Affiliated Sponsor (Y/N) | &nbsp;&nbsp;Guaranty, Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;166 | &nbsp;&nbsp;Tenants-in-common (Y/N) | &nbsp;&nbsp;Loan Agreement, Promissory Note | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;167 | &nbsp;&nbsp;Ground Lease (Y/N) | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;168 | &nbsp;&nbsp;Annual Ground Lease Payment ($) | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;169 | &nbsp;&nbsp;Ground Lease Initial Expiration Date | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;170 | &nbsp;&nbsp;Ground Lease Extension (Y/N) | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;171 | &nbsp;&nbsp;# of Ground Lease Extension Options | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;172 | &nbsp;&nbsp;Ground Lease Expiration Date with Extensions | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;173 | &nbsp;&nbsp;Engineering Report Date | &nbsp;&nbsp;Property Condition Report (PCR) | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;174 | &nbsp;&nbsp;Environmental Report Date (Phase I) | &nbsp;&nbsp;Property Condition Report (PCR) | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;175 | &nbsp;&nbsp;Environmental Report Date (Phase II) | &nbsp;&nbsp;Property Condition Report (PCR) | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;176 | &nbsp;&nbsp;Environmental Insurance (Y/N) | &nbsp;&nbsp;Property Condition Report (PCR) | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;177 | &nbsp;&nbsp;Seismic Report Date | &nbsp;&nbsp;Seismic Report | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;178 | &nbsp;&nbsp;Seismic PML % | &nbsp;&nbsp;Seismic Report | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;179 | &nbsp;&nbsp;Seismic Insurance Obtained if PML >= 20% (Y/N) | &nbsp;&nbsp;Seismic Report | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;180 | &nbsp;&nbsp;Lockbox Type | &nbsp;&nbsp;Loan Agreement, Investment Memorandum | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;181 | &nbsp;&nbsp;Cash Management Type | &nbsp;&nbsp;Loan Agreement, Investment Memorandum | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;182 | &nbsp;&nbsp;Cash Management Trigger Event | &nbsp;&nbsp;Loan Agreement, Investment Memorandum | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;183 | &nbsp;&nbsp;Tax Escrow (Upfront) ($) | &nbsp;&nbsp;Funding Statement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;184 | &nbsp;&nbsp;Tax Escrow (Cut-off Date) ($) | &nbsp;&nbsp;Escrow Reports | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;185 | &nbsp;&nbsp;Tax Escrow (Monthly)($) | &nbsp;&nbsp;Escrow Reports | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;186 | &nbsp;&nbsp;Springing Tax Escrow Description | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |

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| | | | |
|:---|:---|:---|:---|
| | **Characteristic** | **Source Document** | **Procedure** |
| &nbsp;&nbsp;187 | &nbsp;&nbsp;Insurance Escrow (Upfront) ($) | &nbsp;&nbsp;Funding Statement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;188 | &nbsp;&nbsp;Insurance Escrow (Cut-off Date) ($) | &nbsp;&nbsp;Escrow Reports | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;189 | &nbsp;&nbsp;Insurance Escrow (Monthly)($) | &nbsp;&nbsp;Escrow Reports | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;190 | &nbsp;&nbsp;Springing Insurance Escrow Description | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;191 | &nbsp;&nbsp;Replacement Reserve (Upfront)($) | &nbsp;&nbsp;Funding Statement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;192 | &nbsp;&nbsp;Replacement Reserve (Cut-off Date)($) | &nbsp;&nbsp;Escrow Reports | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;193 | &nbsp;&nbsp;Replacement Reserve (Monthly)($) | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;194 | &nbsp;&nbsp;Removed from scope |  |  |
| &nbsp;&nbsp;195 | &nbsp;&nbsp;Replacement Reserve Cap($) | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;196 | &nbsp;&nbsp;Springing Replacement Reserve Description | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;197 | &nbsp;&nbsp;TI/LC Reserve (Upfront) ($) | &nbsp;&nbsp;Funding Statement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;198 | &nbsp;&nbsp;TI/LC Reserve (Cut-off Date) ($) | &nbsp;&nbsp;Escrow Reports | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;199 | &nbsp;&nbsp;TI/LC Reserve (Monthly)($) | &nbsp;&nbsp;Escrow Reports | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;200 | &nbsp;&nbsp;TI/LC Reserve Cap($) | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;201 | &nbsp;&nbsp;Springing TI/LC Reserve Description | &nbsp;&nbsp;Loan Agreement, Funding Statement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;202 | &nbsp;&nbsp;Environmental Reserve (Upfront) ($) | &nbsp;&nbsp;Funding Statement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;203 | &nbsp;&nbsp;Environmental Reserve (Cut-off Date) ($) | &nbsp;&nbsp;Escrow Reports | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;204 | &nbsp;&nbsp;Upfront Engineering/Deferred Maintenance Escrow (Upfront) ($) | &nbsp;&nbsp;Funding Statement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;205 | &nbsp;&nbsp;Upfront Engineering/Deferred Maintenance Escrow (Cut-off Date) ($) | &nbsp;&nbsp;Escrow Reports | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;206 | &nbsp;&nbsp;Debt Service Reserve (Upfront) ($) | &nbsp;&nbsp;Funding Statement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;207 | &nbsp;&nbsp;Debt Service Reserve (Cut-off Date) ($) | &nbsp;&nbsp;Escrow reports | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;208 | &nbsp;&nbsp;Debt Service Reserve (Monthly)($) | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;209 | &nbsp;&nbsp;Debt Service Reserve Cap($) | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |

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| | | | |
|:---|:---|:---|:---|
| | **Characteristic** | **Source Document** | **Procedure** |
| &nbsp;&nbsp;210 | &nbsp;&nbsp;Springing Debt Service Reserve Description | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;211 | &nbsp;&nbsp;Other Reserves (Upfront)($) | &nbsp;&nbsp;Funding Statement, Escrow Reports, Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;212 | &nbsp;&nbsp;Other Reserves (Cut-Off Date)($) | &nbsp;&nbsp;Funding Statement, Escrow Reports, Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;213 | &nbsp;&nbsp;Other Reserves (Monthly)($) | &nbsp;&nbsp;Funding Statement, Escrow Reports, Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;214 | &nbsp;&nbsp;Other Reserves Cap ($) | &nbsp;&nbsp;Funding Statement, Escrow Reports, Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;215 | &nbsp;&nbsp;Other Reserves Description | &nbsp;&nbsp;Funding Statement, Escrow Reports, Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;216 | &nbsp;&nbsp;Other Reserves 2 (Upfront)($) | &nbsp;&nbsp;Funding Statement, Escrow Reports, Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;217 | &nbsp;&nbsp;Other Reserves 2 (Cut-Off Date)($) | &nbsp;&nbsp;Funding Statement, Escrow Reports, Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;218 | &nbsp;&nbsp;Other Reserves 2 (Monthly)($) | &nbsp;&nbsp;Funding Statement, Escrow Reports, Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;219 | &nbsp;&nbsp;Other Reserves 2 Cap ($) | &nbsp;&nbsp;Funding Statement, Escrow Reports, Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;220 | &nbsp;&nbsp;Other Reserves 2 Description | &nbsp;&nbsp;Funding Statement, Escrow Reports, Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;221 | &nbsp;&nbsp;Subordinate Debt (Y/N) | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;222 | &nbsp;&nbsp;Subordinate Debt Type | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;223 | &nbsp;&nbsp;Subordinate Debt Margin | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;224 | &nbsp;&nbsp;Subordinate Debt Interest Rate | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;225 | &nbsp;&nbsp;Subordinate Debt Cut-off Date Balance ($) | &nbsp;&nbsp;Loan Agreement, Promissory Note | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;226 | &nbsp;&nbsp;Total Debt Cut-off Date Balance ($) | &nbsp;&nbsp;Loan Agreement, Promissory Note | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;227 | &nbsp;&nbsp;Total Debt Cut-off Date As-Is LTV | &nbsp;&nbsp;Loan Agreement, Appraisal Report | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;228 | &nbsp;&nbsp;Total Debt Cut-off Date UW NCF DSCR | &nbsp;&nbsp;Loan Agreement, Appraisal Report, Investment Memorandum | &nbsp;&nbsp;Recomputed and Agreed |

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| | | | |
|:---|:---|:---|:---|
| | **Characteristic** | **Source Document** | **Procedure** |
| &nbsp;&nbsp;229 | &nbsp;&nbsp;Total Debt Cut-off Date UW NOI DY | &nbsp;&nbsp;Loan Agreement, Appraisal Report, Investment Memorandum | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;230 | &nbsp;&nbsp;Future Debt Permitted (Y/N) | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;231 | &nbsp;&nbsp;Permitted Future Debt Type | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;232 | &nbsp;&nbsp;Grace Period Default (Days) | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;233 | &nbsp;&nbsp;Grace Period Late (Days) | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;234 | &nbsp;&nbsp;Initial Prepayment Provision | &nbsp;&nbsp;Loan Agreement, Promissory Note | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;235 | &nbsp;&nbsp;Remaining Call Protection (Cut-off Date) | &nbsp;&nbsp;Loan Agreement, Promissory Note | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;236 | &nbsp;&nbsp;Partial Release and/or Partial Prepayment (Y/N) | &nbsp;&nbsp;Loan Agreement, Promissory Note | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;237 | &nbsp;&nbsp;Appraisal Firm | &nbsp;&nbsp;Appraisal Report | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;238 | &nbsp;&nbsp;As-Is Appraisal Valuation Date | &nbsp;&nbsp;Appraisal Report | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;239 | &nbsp;&nbsp;As-Is Appraised Value ($) | &nbsp;&nbsp;Appraisal Report | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;240 | &nbsp;&nbsp;Stabilized Appraised Value ($) | &nbsp;&nbsp;Appraisal Report | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;241 | &nbsp;&nbsp;Appraisal Anticipated Stabilization Date | &nbsp;&nbsp;Appraisal Report | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;242 | &nbsp;&nbsp;Mortgage Loan Cut-off Date As-Is LTV Ratio | &nbsp;&nbsp;Escrow Reports, Appraisal Report | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;243 | &nbsp;&nbsp;Mortgage Loan Commitment Maturity Date Stabilized LTV Ratio | &nbsp;&nbsp;Loan Agreement, Appraisal Report | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;244 | &nbsp;&nbsp;Collateral Interest Cut-off Date As-Is LTV Ratio | &nbsp;&nbsp;Escrow Reports, Appraisal Report | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;245 | &nbsp;&nbsp;Collateral Interest Commitment Maturity Date Stabilized LTV Ratio | &nbsp;&nbsp;Escrow Reports, Appraisal Report | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;246 | &nbsp;&nbsp;Interest Accrual Basis | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;247 | &nbsp;&nbsp;Lookback Period | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;248 | &nbsp;&nbsp;Single-Tenant (Y/N) | &nbsp;&nbsp;Rent Roll | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;249 | &nbsp;&nbsp;Property Manager | &nbsp;&nbsp;Investment Memorandum | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;250 | &nbsp;&nbsp;Largest Tenant Name | &nbsp;&nbsp;Rent Roll | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;251 | &nbsp;&nbsp;Largest Tenant Square Feet | &nbsp;&nbsp;Rent Roll | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;252 | &nbsp;&nbsp;Largest Tenant Square Feet % | &nbsp;&nbsp;Rent Roll | &nbsp;&nbsp;Recomputed and Agreed |

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| | | | |
|:---|:---|:---|:---|
| | **Characteristic** | **Source Document** | **Procedure** |
| &nbsp;&nbsp;253 | &nbsp;&nbsp;Largest Tenant Expiration Date | &nbsp;&nbsp;Rent Roll | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;254 | &nbsp;&nbsp;2nd Largest Tenant Name | &nbsp;&nbsp;Rent Roll | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;255 | &nbsp;&nbsp;2nd Largest Tenant Square Feet | &nbsp;&nbsp;Rent Roll | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;256 | &nbsp;&nbsp;2nd Largest Tenant Square Feet % | &nbsp;&nbsp;Rent Roll | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;257 | &nbsp;&nbsp;2nd Largest Tenant Expiration Date | &nbsp;&nbsp;Rent Roll | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;258 | &nbsp;&nbsp;3rd Largest Tenant Name | &nbsp;&nbsp;Rent Roll | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;259 | &nbsp;&nbsp;3rd Largest Tenant Square Feet | &nbsp;&nbsp;Rent Roll | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;260 | &nbsp;&nbsp;3rd Largest Tenant Square Feet % | &nbsp;&nbsp;Rent Roll | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;261 | &nbsp;&nbsp;3rd Largest Tenant Expiration Date | &nbsp;&nbsp;Rent Roll | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;262 | &nbsp;&nbsp;4th Largest Tenant Name | &nbsp;&nbsp;Rent Roll | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;263 | &nbsp;&nbsp;4th Largest Tenant Square Feet | &nbsp;&nbsp;Rent Roll | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;264 | &nbsp;&nbsp;4th Largest Tenant Square Feet % | &nbsp;&nbsp;Rent Roll | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;265 | &nbsp;&nbsp;4th Largest Tenant Expiration Date | &nbsp;&nbsp;Rent Roll | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;266 | &nbsp;&nbsp;5th Largest Tenant Name | &nbsp;&nbsp;Rent Roll | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;267 | &nbsp;&nbsp;5th Largest Tenant Square Feet | &nbsp;&nbsp;Rent Roll | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;268 | &nbsp;&nbsp;5th Largest Tenant Square Feet % | &nbsp;&nbsp;Rent Roll | &nbsp;&nbsp;Recomputed and Agreed |
| &nbsp;&nbsp;269 | &nbsp;&nbsp;5th Largest Tenant Expiration Date | &nbsp;&nbsp;Rent Roll | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;270 | &nbsp;&nbsp;Rounding Factor | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;271 | &nbsp;&nbsp;Time of Rounding (Before Spread, After Spread) | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;272 | &nbsp;&nbsp;Rounding Direction | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;273 | &nbsp;&nbsp;Open Prepayment Date | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;274 | &nbsp;&nbsp;Removed from scope |  |  |
| &nbsp;&nbsp;275 | &nbsp;&nbsp;Amortization Style | &nbsp;&nbsp;Amortization Schedule | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;276 | &nbsp;&nbsp;Amortization Rate | &nbsp;&nbsp;Amortization Schedule | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;277 | &nbsp;&nbsp;Amortization Rate Basis | &nbsp;&nbsp;Amortization Schedule | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;278 | &nbsp;&nbsp;First Am Date | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Compared and Agreed |
| &nbsp;&nbsp;279 | &nbsp;&nbsp;Original Fully Extended IO Period | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp;Recomputed and Agreed |

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| | | | |
|:---|:---|:---|:---|
| | **Characteristic** | **Source Document** | **Procedure** |
| &nbsp;&nbsp;280 | &nbsp;&nbsp;Am due during initial period | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp; Recomputed and Agreed |
| &nbsp;&nbsp;281 | &nbsp;&nbsp;YM Accrues through and including | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp; Compared and Agreed |
| &nbsp;&nbsp;282 | &nbsp;&nbsp;Next Open Payment Date | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp; Recomputed and Agreed |
| &nbsp;&nbsp;283 | &nbsp;&nbsp;Original YM Months | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp; Recomputed and Agreed |
| &nbsp;&nbsp;284 | &nbsp;&nbsp;Original Open Months | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp; Recomputed and Agreed |
| &nbsp;&nbsp;285 | &nbsp;&nbsp;Rem YM Months | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp; Recomputed and Agreed |
| &nbsp;&nbsp;286 | &nbsp;&nbsp;Rem Open Months | &nbsp;&nbsp;Loan Agreement | &nbsp;&nbsp; Recomputed and Agreed |

---

We noted no discrepancies between the Data Files and the Source Documents.

For characteristic 2 "Collateral Interest Type", we were instructed by the Company that if Mortgage Loan Future Funding Participation Cut-off date balance is "0", the resulting value should be "Whole Loan" otherwise the value will be "Pari Passu Participation".

For characteristic 3 "Collateral Interest Status", we were instructed by the Company that the resulting value should be "Closing Date Collateral Interest" for all of the loans.

For characteristic 4 "Collateral Interest / Property Flag", we were instructed by the Company that the resulting value should be "Collateral Interest" for all of the loans.

For characteristic 7 "Cross Collateralized and Cross Defaulted Loan Flag", we were instructed by the Company that only 1310 Jones and 2021 California Apts were Cross Collateralized and their values should be "Y". All other loans are not Cross Collateralized and their values should be "N".

For characteristic 26 "Mortgage Loan Commitment Original Balance / Unit ($)", we were instructed by the Company to divide the Mortgage Loan Commitment Original Balance ($) by the of Number of Units.

For characteristic 27 "Mortgage Loan Initial Unfunded Future Funding Amount ($)", we were instructed by the Company to subtract the Unfunded Future Funding Amount from the Mortgage Loan Commitment Original Balance.

For characteristic 30 "Mortgage Loan Cut-off Date Balance / Unit ($)", we were instructed by the Company to divide the Mortgage Loan Cut-off Date Balance ($) by the Number of Units.

For characteristic 34 "Mortgage Loan Balloon Balance / Unit ($)", we were instructed by the Company to divide the Mortgage Loan Balloon Balance ($) by the Number of Units.

For characteristic 35 "Mortgage Loan Annual Debt Service Payment (IO) ($)", we were instructed by the Company to multiply the Mortgage Loan Cut-Off Date Balance ($) by the Mortgage Loan Cut-off Date Interest Rate times 365/360.

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For characteristic 36 "Mortgage Loan Annual Debt Service Payment (P&I) ($)", we were instructed by the Company that if the loan is Interest Only to use the same value that was recomputed for the "Mortgage Loan Annual Debt Service Payment (IO) ($)".

For characteristic 37 "Mortgage Loan Annual Debt Service Payment (Cap) ($)", we were instructed by the Company to multiply the Mortgage Loan Cut-Off Date Balance ($) by the Mortgage Loan Rate Cap times 365/360.

For characteristic 39 "Aggregate Collateral Interest Cut-off Date Balance %", we were instructed by the Company to divide the Collateral Interest Cut-Off Date Balance ($) by the aggregate Collateral Interest Cut-Off Date Balance ($) of all Collateral Interests.

For characteristic 41 "Collateral Interest Future Funding Participation Cut-Off Date Unfunded Balance ($)", we were instructed by the Company to multiply the Mortgage Loan Future Funding Participation Cut-off Date Unfunded Balance ($) by the Collateral Interest Cut-Off Date Balance ($) divided by the Mortgage Loan Cut-Off Date Balance ($).

For characteristic 42 "Collateral Interest Annual Debt Service Payment (IO) ($)", we were instructed by the Company to multiply the Mortgage Loan Annual Debt Service Payment (IO) ($) by the Collateral Interest Cut-Off Date Balance ($) divided by the Mortgage Loan Cut-Off Date Balance ($).

For characteristic 43 "Collateral Interest Annual Debt Service Payment (P&I) ($)", we were instructed by the Company that if the loan is Interest Only to use the same value that was recomputed for the "Collateral Interest Annual Debt Service Payment (IO) ($)".

For characteristic 44 "Collateral Interest Annual Debt Service Payment (Cap) ($)", we were instructed by the Company to multiply the Mortgage Loan Annual Debt Service Payment (Cap) ($) by the Collateral Interest Cut-Off Date Balance ($) divided by the Mortgage Loan Cut-Off Date Balance ($).

For characteristic 51 "Mortgage Loan Cut-off Date Interest Rate", we were instructed by the Company to take the sum of:

a. the higher of (1) the Mortgage Loan Index Floor and (2) the Index; and

b. the Mortgage Loan Margin

For characteristic 54 "Mortgage Loan Rate Cap", we were instructed by the Company to sum the Mortgage Loan Margin and the Mortgage Loan Index Cap.

For characteristic 55 "Mortgage Loan Rate Floor", we were instructed by the Company to sum the Mortgage Loan Margin and the Mortgage Loan Index Floor.

For characteristic 68 "Initial IO Period", we were instructed by the Company to calculate the number of payments that only require payments of interest from the First Payment Date up to and including the Initial Maturity Date or first Amortization payment date.

For characteristic 69 "Initial IO Period (Remaining)", we were instructed by the Company to calculate the number of payments that only require payments of interest

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from the Cut-off Date up to and including the Initial Maturity Date or Anticipated Repayment Date.

For characteristic 70 "Original Loan Term (Initial)", we were instructed by the Company to calculate the number of payments from the First Payment Date up to and including the Initial Maturity Date or Anticipated Repayment Date.

For characteristic 71 "Original Loan Term (Remaining)", we were instructed by the Company to calculate the number of payments remaining from the Cut-off Date to the Initial Maturity Date or Anticipated Repayment Date.

For characteristic 74 "Seasoning (Months)", we were instructed by the Company to calculate the number of months elapsed from the First Payment Date up to and including the Cut-off Date.

For characteristics 83–92 relating to "Second Extension" and "Third Extension", we were instructed by the Company that if the Extension Option Description value from the Data Files a "One, 1-Year Option" the resulting value should be "N/A".

For characteristic 93 "Fully Extended Loan Term (Initial)", we were instructed by the Company to sum the Original Loan Term (Initial), the First Extension Period (months) and the Second Extension Period (months) (if applicable).

For characteristics 96-100 referencing "Third Most Recent", we were instructed by the Company that if there are no Third Most Recent As Of Period sources available, the resulting value should be "N/A".

For characteristic 111 "Mortgage Loan Most Recent NOI DSCR", we were instructed by the Company to divide the Most Recent NOI by the Mortgage Loan Annual Debt Service Payment (IO) ($).

For characteristic 112 "Mortgage Loan Most Recent NCF DSCR", we were instructed by the Company to divide the Most Recent NCF by the Mortgage Loan Annual Debt Service Payment (IO) ($).

For characteristic 113 "Cut-off Date Mortgage Loan Most Recent NOI Debt Yield", we were instructed by the Company to divide the Most Recent NOI by the Mortgage Loan Cut-off Date Balance ($).

For characteristic 114 "Cut-off Date Mortgage Loan Most Recent NCF Debt Yield", we were instructed by the Company to divide the Most Recent NCF by the Mortgage Loan Cut-off Date Balance ($).

For characteristics 119-124 referencing the term "Underwritten", we were instructed by the Company to reference the Year 1 column of Exhibit A in the respective Investment Memorandum.

For characteristic 125 "Mortgage Loan Cut-off Date Balance Underwritten NOI DSCR", we were instructed by the Company to divide the Underwritten NOI ($) by the Mortgage Loan Annual Debt Service Payment (IO) ($). If the result (i) is less than 1.00x and (ii) the Debt Service Reserve (Upfront) ($) balance is greater than 0, the resulting value should be 1.00x.

For characteristic 126 "Mortgage Loan Cut-off Date Balance Underwritten NCF DSCR", we were instructed by the Company to divide the Underwritten NCF ($) by the

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Mortgage Loan Annual Debt Service Payment (IO) ($). If the result (i) is less than 1.00x and (ii) the Debt Service Reserve (Upfront) ($) balance is greater than 0, the resulting value should be 1.00x.

For characteristic 127 "Mortgage Loan Cut-off Date Balance Underwritten NOI Debt Yield", we were instructed by the Company to divide the Underwritten NOI ($) by the Mortgage Loan Cut-off Date Balance ($).

For characteristic 128 "Mortgage Loan Cut-off Date Balance Underwritten NCF Debt Yield", we were instructed by the Company to divide the Underwritten NCF ($) by the Mortgage Loan Cut-off Date Balance ($).

For characteristics 133-138 referencing the term "Underwritten Stabilized", we were instructed by the Company to reference the Year 3 column of Exhibit A in the respective Investment Memorandum.

For characteristic 136 "Underwritten Stabilized NOI ($)", we were instructed by the Company to subtract the Underwritten Stabilized Expenses ($) from the Underwritten Stabilized Revenues ($).

For characteristic 139 "Fully Funded Mortgage Loan Underwritten Stabilized NOI DSCR", we were instructed by the Company to divide (x) the Underwritten Stabilized NOI ($) by (y) the result of the Mortgage Loan Commitment Original Balance ($) divided by the Mortgage Loan Cut-off Date Balance ($) multiplied by the Mortgage Loan Annual Debt Service Payment (IO) ($). If the result (i) is less than 1.00x and (ii) the Debt Service Reserve (Upfront) ($) balance is greater than 0, the resulting value should be 1.00x.

For characteristic 140 "Fully Funded Mortgage Loan Underwritten Stabilized NCF DSCR", we were instructed by the Company to divide (x) the Underwritten Stabilized NCF ($) by (y) the result of the Mortgage Loan Commitment Original Balance ($) divided by the Mortgage Loan Cut-off Date Balance ($) multiplied by the Mortgage Loan Annual Debt Service Payment (IO) ($). If the result (i) is less than 1.00x and (ii) the Debt Service Reserve (Upfront) ($) balance is greater than 0, the resulting value should be 1.00x.

For characteristic 145 "Collateral Interest Underwritten Stabilized NOI Debt Yield", we were instructed by the Company to divide the Underwritten Stabilized NOI ($) by the Collateral Interest Balloon Balance ($).

For characteristic 146 "Collateral Interest Underwritten Stabilized NCF Debt Yield", we were instructed by the Company to divide the Underwritten Stabilized NCF ($) by the Collateral Interest Balloon Balance ($).

For characteristic 150 "Appraisal Stabilized NOI ($)", we were instructed by the Company to subtract the Appraisal Stabilized Expenses ($) from the Appraisal Stabilized Revenues ($).

For characteristic 153 "Fully Funded Mortgage Loan Appraisal Stabilized NOI DSCR" and characteristic 157 "Collateral Interest Appraisal Stabilized NOI DSCR", we were instructed by the Company to divide (x) the Appraisal Stabilized NOI ($) by (y) the result of the Mortgage Loan Commitment Original Balance ($) divided by the Mortgage Loan Cut-off Date Balance ($) multiplied by the Mortgage Loan Annual Debt Service Payment (IO) ($).

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For characteristic 154 "Fully Funded Mortgage Loan Appraisal Stabilized NCF DSCR" and characteristic 158 "Collateral Interest Appraisal Stabilized NCF DSCR", we were instructed by the Company to divide (x) the Appraisal Stabilized NCF ($) by (y) the result of the Mortgage Loan Commitment Original Balance ($) divided by the Mortgage Loan Cut-off Date Balance ($) multiplied by the Mortgage Loan Annual Debt Service Payment (IO) ($).

For characteristic 155 "Fully Funded Mortgage Loan Appraisal Stabilized NOI Debt Yield" and characteristic 159 "Collateral Interest Appraisal Stabilized NOI Debt Yield", we were instructed by the Company to divide the Appraisal Stabilized NOI ($) by the Mortgage Loan Balloon Balance ($).

For characteristic 156 "Fully Funded Mortgage Loan Appraisal Stabilized NCF Debt Yield" and characteristic 160 "Collateral Interest Appraisal Stabilized NCF Debt Yield", we were instructed by the Company to divide the Appraisal Stabilized NCF ($) by the Mortgage Loan Balloon Balance ($).

For characteristic 162 "Recourse Provisions", we were instructed by the Company to compare Section 3.1 (c) of the respective Loan Agreement to the Definition of "Recourse Obligation" from the Offering Memorandum for the loan. If the Loan Agreement has all of the same requirements, the resulting value should be "standard recourse carveouts", and if there is a Guaranty of Completion on file, the resulting value should be "standard recourse carveouts, Completion".

For Characteristics 211-215 referencing "Other Reserves", we were instructed by the Company to review the Escrow Reports for Renovation Reserve balances.

For Characteristics 216-220 referencing "Other Reserves 2", we were instructed by the Company to review the Escrow Reports for any reserve balance not already included in the Data Files. If no additional reserve balances are found the resulting values should be "N/A or 0.00", as applicable.

For characteristic 226 "Total Debt Cut-off Date Balance ($)", we were instructed by the Company to add the Mortgage Loan Cut-off Date Balance ($) and the Subordinated Debt Cut-off Date balance ($).

For characteristic 227 "Total Debt Cut-off Date As-Is LTV", we were instructed by the Company to divide the Total Debt Cut-off Date Balance ($) by the As-is Appraised Value ($).

For characteristic 228 "Total Debt Cut-off UW NCF DSCR", we were instructed by the Company to divide the (x) the Underwritten NCF ($) by the sum of (y) the product of the Mortgage Loan Commitment Original Balance ($) the Mortgage Loan Cut-off Date Interest Rate and 365/360 and (z) the product of the Subordinated Debt Cut-off Date Balance ($) and the Subordinated Debt Interest Rate and 365/360. If the result (i) is less than 1.00x and (ii) the Debt Service Reserve (Upfront) ($) balance is greater than 0, the resulting value should be 1.00x.

For characteristic 229 "Total Debt Cut-off Date UW NOI DY", we were instructed by the Company to divide the Underwritten NOI ($) by the Total Debt Cut-off Date Balance ($).

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For characteristic 234 "Initial Prepayment Provision", we were instructed by the Company to format the resulting value as "YM (Original YM Month); O (Original Open Months)".

For characteristic 235 "Remaining Call Protection (Cut-off Date)", we were instructed by the Company to format the resulting value as "YM (Original YM Month); O (Original Open Months)".

For characteristic 238 "As-Is Appraisal Valuation Date", we were instructed by the Company that Dates within the same month are deemed to be in agreement.

For characteristic 242 "Mortgage Loan Cut-off Date As-Is LTV Ratio", we were instructed by the Company to divide the Mortgage Loan Cut-off Date Balance by the As-Is Appraisal Value ($).

For characteristic 243 "Mortgage Loan Commitment Maturity Date Stabilized LTV Ratio", we were instructed by the Company to divide the Mortgage Loan Commitment Original Balance ($) by the Stabilized Appraised Value ($).

For characteristics 250 - 269 that reference "Tenant", we were instructed by the Company that for any Property Type other than "Industrial" all values should be "N/A".

For characteristic 280 "AM due during initial period", we were instructed by the Company that:

- if the First AM Date is on or before the Initial Maturity Date, the value is equal to the number of payments from the First AM Date up to and including the Initial Maturity Date.

- If the First AM Date is after the Initial Maturity Date, the value is 0.

For characteristic 282 "Next Open Payment Date", we were instructed by the Company that the resulting value is the first day of the month following the YM Accrues Through and Including date.

For characteristic 283 "Original YM Months", we were instructed by the Company to calculate the number of months from the First Payment Date up to and including the Next Open Payment Date.

For Characteristic 284 "Original Open Months", we were instructed by the Company to subtract the number of Original YM months from the Original Loan term.

For Characteristic 285 "Rem YM Months", we were instructed by the Company to calculate the number of months between the Cut-off Date and the YM Accrues through and including date. If a first maturity date is later than the Cut-off Date, calculate the number of months between the first payment date and the YM Accrues through and including date.

For Characteristic 286 "Rem Open Months", we were instructed by the Company to calculate the number of months from the Next Open Payment Date to and including the Initial Maturity Date.

We were engaged by the Company to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the American Institute of Certified Public Accountants. We were not engaged to and did not conduct an examination or review, the objective of

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which would be the expression of an opinion or conclusion, respectively, on the Subject Matter. 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.

Our agreed-upon procedures engagement was not conducted for the purpose of the following:

· Addressing the conformity of the origination of the assets to stated underwriting or credit extension guidelines, standards, criteria,
or other requirements;

· Addressing the value of collateral securing any such assets being securitized;

· Addressing the compliance of the originator of the assets with federal, state, and local laws and regulations;

· Satisfying any criteria for due diligence published by a Nationally Recognized Statistical Rating Organization (NRSRO");

· Addressing any other factor or characteristic of the assets that would be material to the likelihood that the issuer of the asset-backed
security will pay interest and principal in accordance with applicable terms and conditions, including but not limited to whether the
characteristics have implications on the future performance of the assets, underwritten value of the assets, credit quality of the assets,
likelihood of return to investors or any other implications related to the assets or the related asset-backed

· Forming any conclusions; and

· Any other terms or requirements of the transaction that do not appear in this report.

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

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

/s/ GRANT THORNTON LLP

Newport Beach, California<br> November 13, 2025