# EDGAR Filing Document

**Accession Number:** 0000850779
**File Stem:** 0001539497-26-001713
**Filing Date:** 2026-6
**Character Count:** 824388
**Document Hash:** 7bc7185a95eaf0a578b52ed14b0aa585
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001539497-26-001713.hdr.sgml**: 20260610

**ACCESSION NUMBER**: 0001539497-26-001713

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 32

**FILED AS OF DATE**: 20260610

**DATE AS OF CHANGE**: 20260610

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Wells Fargo Commercial Mortgage Trust 2026-5C10
- **CENTRAL INDEX KEY:** 0002136440
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **STATE OF INCORPORATION:** NC
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-282099-15
- **FILM NUMBER:** 261079210

**BUSINESS ADDRESS:**
- **STREET 1:** 301 SOUTH COLLEGE STREET
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28228-0166
- **BUSINESS PHONE:** 7043832556

**MAIL ADDRESS:**
- **STREET 1:** 301 SOUTH COLLEGE STREET
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28228-0166
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WELLS FARGO COMMERCIAL MORTGAGE SECURITIES INC
- **CENTRAL INDEX KEY:** 0000850779
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 561643598
- **STATE OF INCORPORATION:** NC
- **FISCAL YEAR END:** 1231

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

**BUSINESS ADDRESS:**
- **STREET 1:** 301 SOUTH COLLEGE STREET
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28228-0166
- **BUSINESS PHONE:** 7043832556

**MAIL ADDRESS:**
- **STREET 1:** 301 SOUTH COLLEGE STREET
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28228-0166

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WACHOVIA COMMERCIAL MORTGAGE SECURITIES INC
- **DATE OF NAME CHANGE:** 20020304

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIRST UNION COMMERCIAL MORTGAGE SECURITIES INC
- **DATE OF NAME CHANGE:** 19960520

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIRST UNION MORTGAGE SECURITIES INC
- **DATE OF NAME CHANGE:** 19951013

---

| |
|:---|
| &nbsp;&nbsp;FREE WRITING PROSPECTUS |
| &nbsp;&nbsp;FILED PURSUANT TO RULE 433 |
| &nbsp;&nbsp;REGISTRATION FILE NO.: 333-282099-15 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ![](n5926ts_img001.jpg) | ![](n5926ts_img002.jpg) | ![](n5926ts_img003.jpg) | ![](n5926ts_img004.jpg) | ![](n5926ts_img005.jpg) | ![](n5926ts_img006.jpg) |

---

Free Writing Prospectus

Structural and Collateral Term Sheet

**$546,254,993**

(Approximate Initial Pool Balance)

**$475,241,000**

(Approximate Aggregate Certificate Balance of Offered Certificates)

**Wells Fargo Commercial Mortgage Trust 2026-5C10**

as Issuing Entity

**Wells Fargo Commercial Mortgage Securities, Inc.**

as Depositor

**Wells Fargo Bank, National Association**

**Argentic Real Estate Finance 2 LLC**

**LMF Commercial, LLC**

**Societe Generale Financial Corporation**

**Citi Real Estate Funding Inc.**

**Goldman Sachs Mortgage Company**

**BSPRT CMBS Finance, LLC**

**JPMorgan Chase Bank, National Association**

**UBS AG New York Branch**

as Sponsors and Mortgage Loan Sellers

**Commercial Mortgage Pass-Through Certificates <br> Series 2026-5C10**

June 10, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***Wells Fargo <br> Securities*** | ***Citigroup*** | ***Goldman <br> Sachs & Co. <br> LLC*** | ***J.P. Morgan*** | ***Société <br> Générale*** | ***UBS <br> SECURITIES <br> LLC*** |
| ***Co-Lead Manager <br> and <br> Joint Bookrunner*** | ***Co-Lead Manager <br> and <br> Joint Bookrunner*** | ***Co-Lead Manager <br> and <br> Joint Bookrunner*** | ***Co-Lead Manager <br> and <br> Joint Bookrunner*** | ***Co-Lead Manager <br> and <br> Joint Bookrunner*** | ***Co-Lead Manager <br> and <br> Joint Bookrunner*** |

---

---

| | | |
|:---|:---|:---|
| **Academy Securities** | **Drexel Hamilton** | **Siebert Williams Shank** |
| Co-Manager | Co-Manager | Co-Manager |

---

<u>STATEMENT REGARDING THIS FREE WRITING PROSPECTUS</u>

The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-282099) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any underwriter, or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8 a.m. – 5 p.m. Eastern Time) or by emailing wfs.cmbs@wellsfargo.com.

Nothing in this document constitutes an offer of securities for sale in any jurisdiction where the offer or sale is not permitted. The information contained herein is preliminary as of the date hereof, supersedes any such information previously delivered to you and will be superseded by any such information subsequently delivered and ultimately by the final prospectus relating to the securities. These materials are subject to change, completion, supplement or amendment from time to time.

This free writing prospectus has been prepared by the underwriters for information purposes only and does not constitute, in whole or in part, a prospectus for the purposes of (i) Regulation (EU) 2017/1129 (as amended), (ii) such Regulation as it forms part of UK domestic law, or (iii) Part VI of the UK Financial Services and Markets Act 2000, as amended; and does not constitute an offering document for any other purpose.

<u>STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES AND OTHER INFORMATION</u>

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

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

Wells Fargo Securities is the trade name for the capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including but not limited to Wells Fargo Securities, LLC, a member of NYSE, FINRA, NFA and SIPC, Wells Fargo Prime Services, LLC, a member of FINRA, NFA and SIPC, and Wells Fargo Bank, N.A. Wells Fargo Securities, LLC and Wells Fargo Prime Services, LLC are distinct entities from affiliated banks and thrifts.

J.P. Morgan is the marketing name for the investment banking businesses of JPMorgan Chase & Co. and its subsidiaries worldwide. Securities, syndicated loan arranging, financial advisory and other investment banking activities are performed by JPMS and its securities affiliates, and lending, derivatives and other commercial banking activities are performed by JPMorgan Chase Bank, National Association and its banking affiliates. JPMS is a member of SIPC and the NYSE.

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

<u>IMPORTANT NOTICE REGARDING THE OFFERED CERTIFICATES</u>

**The information herein is preliminary and may be supplemented or amended prior to the time of sale. In addition, the Offered Certificates referred to in these materials and the asset pool backing them are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis.** 

**The underwriters described in these materials may from time to time perform investment banking services for, or solicit investment banking business from, any company named in these materials. The underwriters and/or their affiliates or respective employees may from time to time have a long or short position in any security or contract discussed in these materials.**

**The information contained herein supersedes any previous such information delivered to any prospective investor and will be superseded by information delivered to such prospective investor prior to the time of sale.**

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

Any legends, disclaimers or other notices that may appear at the bottom of any email communication to which this free writing prospectus is attached relating to (1) these materials not constituting an offer (or a solicitation of an offer), (2) any representation that these materials are accurate or complete and may not be updated or (3) these materials possibly being confidential, are not applicable to these materials and should be disregarded. Such legends, disclaimers or other notices have been automatically generated as a result of these materials having been sent via Bloomberg or another system.

---

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

---

---

| | |
|:---|:---|
| **Wells Fargo Commercial Mortgage Trust 2026-5C10** | Transaction Highlights |

---

I. <u>CertificateStructure</u> 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Class** | **Expected Ratings<br> (Fitch/Moody's/ Morningstar DBRS)<sup>(1)</sup>** | **Approximate Initial Certificate Balance or Notional Amount<sup>(2)</sup>** | **Approximate** <br> **Initial Available Certificate Balance or Notional Amount<sup>(2)</sup>** | **Approximate Initial Retained Certificate Balance or Notional Amount<sup>(2)(3)</sup>** | **Approx. Initial Credit Support<sup>(4)</sup>** | **Weighted Average Life (Years)<sup>(5)</sup>** | **Expected Principal Window<sup>(5)</sup>** | **Certificate Principal to Value Ratio<sup>(6)</sup>** | **Certificate Principal U/W NOI Debt Yield<sup>(7)</sup>** |
| **Offered Certificates** | **Offered Certificates** | **Offered Certificates** | **Offered Certificates** | **Offered Certificates** | **Offered Certificates** | | | | |
| A-1 | AAAsf/Aaa(sf)/AAA(sf) | $3945000 | $3863000 | $82000 | 30.000% <sup>(8)</sup> | 2.37 | 07/26 – 01/31 | 44.0% | 17.6% |
| A-2 | AAAsf/Aaa(sf)/AAA(sf) | <sup>(9)</sup> | <sup>(9)</sup> | <sup>(9)</sup> | 30.000% <sup>(8)</sup> | <sup>(9)</sup> | <sup>(9)</sup> | 44.0% | 17.6% |
| A-3 | AAAsf/Aaa(sf)/AAA(sf) | <sup>(9)</sup> | <sup>(9)</sup> | <sup>(9)</sup> | 30.000% <sup>(8)</sup> | <sup>(9)</sup> | <sup>(9)</sup> | 44.0% | 17.6% |
| X-A | AAAsf/Aaa(sf)/AAA(sf) | $382378000<sup>(10)</sup> | $374500000<sup>(10)</sup> | $7878000<sup>(10)</sup> | N/A Variable<sup>(11)</sup> | N/A | N/A | N/A | N/A |
| X-B | A-sf/NR/A(high)(sf) | $92863000<sup>(12)</sup> | $90949000<sup>(12)</sup> | $1914000<sup>(12)</sup> | N/A Variable<sup>(13)</sup> | N/A | N/A | N/A | N/A |
| A-S | AAAsf/Aa3(sf)/AAA(sf) | $39603000 | $38787000 | $816000 | 22.750% <sup>(8)</sup> | 4.96 | 06/31 – 06/31 | 48.5% | 15.9% |
| B | AA-sf/NR/AA(sf) | $30045000 | $29426000 | $619000 | 17.250% <sup>(8)</sup> | 4.96 | 06/31 – 06/31 | 52.0% | 14.9% |
| C | A-sf/NR/A(sf) | $23215000 | $22736000 | $479000 | 13.000% <sup>(8)</sup> | 4.96 | 06/31 – 06/31 | 54.7% | 14.2% |
| **Non-Offered Certificates** | **Non-Offered Certificates** | **Non-Offered Certificates** |  |  |  |  |  |  |  |
| X-D | BBB-sf/NR/BBB(high)(sf) | $21851000<sup>(14)</sup> | $21400000<sup>(14)</sup> | $451000<sup>(14)</sup> | N/A Variable<sup>(15)</sup> | N/A | N/A | N/A | N/A |
| X-E | BB-sf/NR/BBB(low)(sf) | $13656000<sup>(16)</sup> | $13374000<sup>(16)</sup> | $282000<sup>(16)</sup> | N/A Variable<sup>(17)</sup> | N/A | N/A | N/A | N/A |
| D | BBB-sf/NR/BBB(sf) | $21851000 | $21400000 | $451000 | 9.000% <sup>(8)</sup> | 4.96 | 06/31 – 06/31 | 57.2% | 13.5% |
| E | BB-sf/NR/BB(high)(sf) | $13656000 | $13374000 | $282000 | 6.500% <sup>(8)</sup> | 4.96 | 06/31 – 06/31 | 58.8% | 13.2% |
| F-RR | B-sf/NR/BB(low)(sf) | $9559000 | $9362000 | $197000 | 4.750% <sup>(8)</sup> | 4.96 | 06/31 – 06/31 | 59.9% | 12.9% |
| G-RR | NR/NR/NR | $25947993 | $25412993 | $535000 | 0.000% <sup>(8)</sup> | 4.98 | 06/31 – 07/31 | 62.8% | 12.3% |

---

**Notes:**

<sup>(1)</sup> The expected ratings presented are those of Fitch Ratings, Inc. ("Fitch"), Moody's Investors Service, Inc. ("Moody's") and DBRS, Inc. dba Morningstar DBRS ("Morningstar DBRS"), which the depositor hired to rate the Offered Certificates. One or more other nationally recognized statistical rating organizations that were not hired by the depositor may use information they receive pursuant to Rule 17g-5 under the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise, to rate or provide market reports and/or published commentary related to the Offered Certificates. We cannot assure you as to what ratings a non-hired nationally recognized statistical rating organization would assign or that its reports will not express differing, possibly negative, views of the mortgage loans and/or the Offered Certificates. The ratings of each Class of Offered Certificates address the likelihood of the timely distribution of interest and, except in the case of the Class X-A and X-B Certificates, the ultimate distribution of principal due on those Classes on or before the Rated Final Distribution Date. See "*Risk Factors—Other Risks Relating to the Certificates—Nationally Recognized Statistical Rating Organizations May Assign Different Ratings to the Certificates; Ratings of the Certificates Reflect Only the Views of the Applicable Rating Agencies as of the Dates Such Ratings Were Issued; Ratings May Affect ERISA Eligibility; Ratings May Be Downgraded*" and "*Ratings*" in the Preliminary Prospectus, expected to be dated June 10, 2026 (the "Preliminary Prospectus"). Fitch, Moody's and Morningstar DBRS have informed us that the "sf" designation in their ratings represents an identifier for structured finance product ratings.

<sup>(2)</sup> The Certificate Balances and Notional Amounts set forth in the table are approximate. The actual initial Certificate Balances and Notional Amounts may be larger or smaller in connection with any variation in the Certificate Balance of the VRR Interest and/or the Horizontal Risk Retention Certificates following the calculation of the actual fair value of all of the ABS interests (as such term is defined in the Credit Risk Retention Rules) issued by the issuing entity, as described under "*Credit Risk Retention*" in the Preliminary Prospectus. The actual initial Certificate Balances and Notional Amounts also depend on the initial pool balance of the mortgage loans definitively included in the pool of mortgage loans, which aggregate cut-off date balance may be as much as 5% larger or smaller than the amount presented in the Preliminary Prospectus. In addition, the Notional Amounts of the Class X-A, X-B, X-D and X-E Certificates may vary depending upon the final pricing of the Classes of Principal Balance Certificates (as defined below) and, if, as a result of such pricing, the pass-through rate of any of the Class X-A, X-B, X-D and X-E Certificates, as applicable, would be equal to zero at all times, such Class of Certificates may not be issued on the closing date of this securitization.

<sup>(3)</sup> On the closing date, the Certificates with the initial Certificate Balances or Notional Amounts, as applicable, set forth in the table above under "Approximate Initial Retained Certificate Balance or Notional Amount" (such Certificates, collectively the "VRR Interest") are expected to be purchased for cash from the underwriters by a majority-owned affiliate of Argentic Real Estate Finance 2 LLC (a sponsor and affiliate of the special servicer), as the "retaining sponsor" (as such term is defined in the Credit Risk Retention Rules), as further described in "*Credit Risk Retention*" in the Preliminary Prospectus.

<sup>(4)</sup> The approximate initial credit support with respect to the Class A-1, A-2 and A-3 Certificates represents the approximate credit enhancement for the Class A-1, A-2 and A-3 Certificates in the aggregate.

<sup>(5)</sup> Weighted Average Lives and Expected Principal Windows are calculated based on an assumed prepayment rate of 0% CPR and the "Structuring Assumptions" described under "*Yield and Maturity Considerations—Weighted Average Life*" in the Preliminary Prospectus.

<sup>(6)</sup> The Certificate Principal to Value Ratio for each Class of Certificates (other than the Class A-1, A-2 and A-3 Certificates) is calculated as the product of (a) the weighted average Cut-off Date LTV Ratio for the mortgage loans and (b) a fraction, the numerator of which is the total initial Certificate Balance of such Class of Certificates and all Classes of Principal Balance Certificates senior to such Class of Certificates and the denominator of which is the total initial Certificate Balance of all of the Classes of Principal Balance Certificates. The Certificate Principal to Value Ratio for each of the Class A-1, A-2 and A-3 Certificates is calculated in the aggregate for those Classes as if they were a single Class and is calculated as the product of (a) the weighted average Cut-off Date LTV Ratio for the mortgage loans and (b) a fraction, the numerator of which is the total initial Certificate Balance of such Classes of Certificates and the denominator of which is the total initial Certificate Balance of all of the Classes of Principal Balance Certificates. In any event, however, excess mortgaged property value associated with a mortgage loan will not be available to offset losses on any other mortgage loan.

<sup>(7)</sup> The Certificate Principal U/W NOI Debt Yield for each Class of Certificates (other than the Class A-1, A-2 and A-3 Certificates) is calculated as the product of (a) the weighted average U/W NOI Debt Yield for the mortgage loans and (b) a fraction, the numerator of which is the total initial Certificate Balance of all of the Classes of Principal Balance Certificates and the denominator of which is the total initial Certificate Balance of such Class of Certificates and all Classes of Principal Balance Certificates senior to such Class of Certificates. The Certificate Principal U/W NOI Debt Yield for each of the Class A-1, A-2 and A-3 Certificates is calculated in the aggregate for those Classes as if they were a single Class and is calculated as the product of (a) the weighted average U/W NOI Debt Yield for the mortgage loans and (b) a fraction, the numerator of which is the total initial Certificate Balance of all of the Classes of Principal Balance Certificates and the denominator of which is the total initial Certificate Balance of such Classes of Certificates. In any event, however, cash flow from each mortgaged property supports only the related mortgage loan and will not be available to support any other mortgage loan.

---

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

---

---

| | |
|:---|:---|
| **Wells Fargo Commercial Mortgage Trust 2026-5C10** | Transaction Highlights |

---

<sup>(8)</sup> The pass-through rates for the Class A-1, A-2, A-3, A-S, B, C, D, E, F-RR and G-RR Certificates (collectively, the "Principal Balance Certificates") for any distribution date, in each case, will be one of the following: (i) a fixed rate *per annum*, (ii) a variable rate *per annum* equal to the weighted average of the net mortgage interest rates on the mortgage loans for the related distribution date, (iii) a variable rate *per annum* equal to the lesser of (a) a fixed rate and (b) the weighted average of the net mortgage interest rates on the mortgage loans for the related distribution date or (iv) a variable rate *per annum* equal to the weighted average of the net mortgage interest rates on the mortgage loans for the related distribution date minus a specified percentage. For purposes of the calculation of the weighted average of the net mortgage interest rates on the mortgage loans for each distribution date, the mortgage interest rates will be adjusted as necessary to a 30/360 basis.

<sup>(9)</sup> The exact initial Certificate Balances of the Class A-2 and A-3 Certificates are unknown and will be determined based on the final pricing of the Certificates. However, the initial Certificate Balances, weighted average lives and principal windows of the Class A-2 and A-3 Certificates are expected to be within the applicable ranges reflected in the following chart. The aggregate initial Certificate Balance of the Class A-2 and A-3 Certificates is expected to be approximately $378,433,000 subject to a variance of plus or minus 5%. In the event that the Class A-3 Certificates are issued with the maximum certificate balance (i.e., with an initial certificate balance of $378,433,000), the Class A-2 Certificates will not be issued.

---

| | | | |
|:---|:---|:---|:---|
| **Class of Certificates** | &nbsp;&nbsp; **Expected Range of Approximate Initial <br> Certificate Balance** | &nbsp;&nbsp; **Expected Range of Weighted <br> Average Life (Years)** | &nbsp;&nbsp; **Expected Range of <br> Principal Window** |
| Class A-2 | &nbsp;&nbsp;$0 – $175000000 | &nbsp;&nbsp;N/A – 4.76 | &nbsp;&nbsp;N/A / 01/31 – 05/31 |
| Class A-3 | &nbsp;&nbsp;$203433000 – $378433000 | &nbsp;&nbsp;4.83 – 4.90 | &nbsp;&nbsp;01/31 – 06/31 / 05/31 – 06/31 |

---

<sup>(10)</sup> The Class X-A Certificates are notional amount certificates. The Notional Amount of the Class X-A Certificates will be equal to the aggregate Certificate Balance of the Class A-1, A-2 and A-3 Certificates outstanding from time to time. The Class X-A Certificates will not be entitled to distributions of principal.

<sup>(11)</sup> The pass-through rate for the Class X-A Certificates for any distribution date will be a *per annum* rate equal to the excess, if any, of (a) the weighted average of the net mortgage interest rates on the mortgage loans for the related distribution date, over (b) the weighted average of the pass-through rates on the Class A-1, A-2 and A-3 Certificates for the related distribution date, weighted on the basis of their respective Certificate Balances outstanding immediately prior to that distribution date. For purposes of the calculation of the weighted average of the net mortgage interest rates on the mortgage loans for each distribution date, the mortgage interest rates will be adjusted as necessary to a 30/360 basis.

<sup>(12)</sup> The Class X-B Certificates are notional amount certificates. The Notional Amount of the Class X-B Certificates will be equal to the aggregate Certificate Balance of the Class A-S, B and C Certificates outstanding from time to time. The Class X-B Certificates will not be entitled to distributions of principal.

<sup>(13)</sup> The pass-through rate for the Class X-B Certificates for any distribution date will be a *per annum* rate equal to the excess, if any, of (a) the weighted average of the net mortgage interest rates on the mortgage loans for the related distribution date, over (b) the weighted average of the pass-through rates on the Class A-S, B and C Certificates for the related distribution date, weighted on the basis of their respective Certificate Balances outstanding immediately prior to that distribution date. For purposes of the calculation of the weighted average of the net mortgage interest rates on the mortgage loans for each distribution date, the mortgage interest rates will be adjusted as necessary to a 30/360 basis.

<sup>(14)</sup> The Class X-D Certificates are notional amount certificates. The Notional Amount of the Class X-D Certificates will be equal to the Certificate Balance of the Class D Certificates outstanding from time to time. The Class X-D Certificates will not be entitled to distributions of principal.

<sup>(15)</sup> The pass-through rate for the Class X-D Certificates for any distribution date will be a *per annum* rate equal to the excess, if any, of (a) the weighted average of the net mortgage interest rates on the mortgage loans for the related distribution date, over (b) the pass-through rate on the Class D Certificates for the related distribution date. For purposes of the calculation of the weighted average of the net mortgage interest rates on the mortgage loans for each distribution date, the mortgage interest rates will be adjusted as necessary to a 30/360 basis.

<sup>(16)</sup> The Class X-E Certificates are notional amount certificates. The Notional Amount of the Class X-E Certificates will be equal to the Certificate Balance of the Class E Certificates outstanding from time to time. The Class X-E Certificates will not be entitled to distributions of principal.

<sup>(17)</sup> The pass-through rate for the Class X-E Certificates for any distribution date will be a *per annum* rate equal to the excess, if any, of (a) the weighted average of the net mortgage interest rates on the mortgage loans for the related distribution date, over (b) the pass-through rate on the Class E Certificates for the related distribution date. For purposes of the calculation of the weighted average of the net mortgage interest rates on the mortgage loans for each distribution date, the mortgage interest rates will be adjusted as necessary to a 30/360 basis.

---

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

---

---

| | |
|:---|:---|
| **Wells Fargo Commercial Mortgage Trust 2026-5C10** | Transaction Highlights |

---

II. <u>Transaction Highlights</u> 

**Mortgage Loan Sellers:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Mortgage Loan Seller** | &nbsp;&nbsp; **Number of<br> Mortgage Loans** | &nbsp;&nbsp; **Number of<br> Mortgaged<br> Properties** | &nbsp;&nbsp; **Aggregate Cut-off Date Balance** | &nbsp;&nbsp; **% of Initial Pool<br> Balance** |
| &nbsp;&nbsp;Argentic Real Estate Finance 2 LLC | &nbsp;&nbsp;9 | &nbsp;&nbsp;39 | &nbsp;&nbsp;$254071875 | &nbsp;&nbsp;46.5% |
| &nbsp;&nbsp;Wells Fargo Bank, National Association | &nbsp;&nbsp;6 | &nbsp;&nbsp;6 | &nbsp;&nbsp; 108250000 | &nbsp;&nbsp;19.8 |
| &nbsp;&nbsp;LMF Commercial, LLC | &nbsp;&nbsp;5 | &nbsp;&nbsp;5 | &nbsp;&nbsp; 65300000 | &nbsp;&nbsp;12.0 |
| &nbsp;&nbsp;Societe Generale Financial Corporation | &nbsp;&nbsp;2 | &nbsp;&nbsp;3 | &nbsp;&nbsp; 27123118 | &nbsp;&nbsp;5.0 |
| &nbsp;&nbsp;Citi Real Estate Funding Inc. | &nbsp;&nbsp;2 | &nbsp;&nbsp;3 | &nbsp;&nbsp; 25760000 | &nbsp;&nbsp;4.7 |
| &nbsp;&nbsp;Goldman Sachs Mortgage Company | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp; 25000000 | &nbsp;&nbsp;4.6 |
| &nbsp;&nbsp;BSPRT CMBS Finance, LLC | &nbsp;&nbsp;1 | &nbsp;&nbsp;2 | &nbsp;&nbsp; 18750000 | &nbsp;&nbsp;3.4 |
| &nbsp;&nbsp;JPMorgan Chase Bank, National Association | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp; 18000000 | &nbsp;&nbsp;3.3 |
| &nbsp;&nbsp;UBS AG New York Branch | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;0.7 |
| &nbsp;&nbsp;&nbsp; **Total** | &nbsp;&nbsp; **29** | &nbsp;&nbsp; **62** | &nbsp;&nbsp; **$546254993** | &nbsp;&nbsp; **100.0%** |

---

**Loan Pool:**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Initial Pool Balance: | &nbsp;&nbsp;$546254993 |
| &nbsp;&nbsp;Number of Mortgage Loans: | &nbsp;&nbsp;29 |
| &nbsp;&nbsp;Average Cut-off Date Balance per Mortgage Loan: | &nbsp;&nbsp;$18836379 |
| &nbsp;&nbsp;Number of Mortgaged Properties: | &nbsp;&nbsp;62 |
| &nbsp;&nbsp;Average Cut-off Date Balance per Mortgaged Property<sup>(1)</sup>: | &nbsp;&nbsp;$8810564 |
| &nbsp;&nbsp;Weighted Average Mortgage Interest Rate: | &nbsp;&nbsp;6.7897% |
| &nbsp;&nbsp;Ten Largest Mortgage Loans as % of Initial Pool Balance: | &nbsp;&nbsp;67.9% |
| &nbsp;&nbsp;Weighted Average Original Term to Maturity (months)<sup>(2)</sup>: | &nbsp;&nbsp;60 |
| &nbsp;&nbsp;Weighted Average Remaining Term to Maturity (months)<sup>(2)</sup>: | &nbsp;&nbsp;59 |
| &nbsp;&nbsp;Weighted Average Original Amortization Term (months)<sup>(3)</sup>: | &nbsp;&nbsp;360 |
| &nbsp;&nbsp;Weighted Average Remaining Amortization Term (months)<sup>(3)</sup>: | &nbsp;&nbsp;360 |
| &nbsp;&nbsp;Weighted Average Seasoning (months): | &nbsp;&nbsp;1 |

---

(1) Information regarding mortgage loans secured by multiple properties is based on an allocation according to relative appraised values
or the allocated loan amounts or property-specific release prices set forth in the related loan documents or such other allocation as
the related mortgage loan seller deemed appropriate.

(2) With respect to one (1) mortgage loan (1.3%), the initial payment due date for such mortgage loan occurs after July 2026. On the closing
date, the related mortgage loan seller will contribute an initial interest deposit amount to the issuing entity to cover an amount that
represents one month's interest that would have accrued with respect to such mortgage loan at the related interest rate with respect
to the assumed July 2026 payment date.

(3) Excludes any mortgage loan that does not amortize.

**Credit Statistics:**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Weighted Average U/W Net Cash Flow DSCR<sup>(1)</sup>: | &nbsp;&nbsp;1.66x |
| &nbsp;&nbsp;Weighted Average U/W Net Operating Income Debt Yield<sup>(1)</sup>: | &nbsp;&nbsp;12.3% |
| &nbsp;&nbsp;Weighted Average Cut-off Date Loan-to-Value Ratio<sup>(1)</sup>: | &nbsp;&nbsp;62.8% |
| &nbsp;&nbsp;Weighted Average Balloon Loan-to-Value Ratio<sup>(1)</sup>: | &nbsp;&nbsp;62.4% |
| &nbsp;&nbsp;% of Mortgage Loans with Additional Subordinate Debt<sup>(2)</sup>: | &nbsp;&nbsp;9.0% |
| &nbsp;&nbsp;% of Mortgage Loans with Single Tenants<sup>(3)</sup>: | &nbsp;&nbsp;NAP |

---

(1) With respect to any mortgage loan that is part of a whole loan, loan-to-value ratio, debt service coverage ratio and debt yield calculations
include the related *pari passu* companion loan(s) but exclude any related subordinate companion loan(s) (unless otherwise stated).
The debt service coverage ratio, debt yield and loan-to-value ratio information do not take into account any subordinate debt (whether
or not secured by the related mortgaged property), that currently exists or is allowed under the terms of any mortgage loan. See "*Description of the Mortgage Pool—Mortgage Pool Characteristics*" in the Preliminary Prospectus and Annex A-1 to the Preliminary Prospectus.

(2) The percentage figure expressed as "% of Mortgage Loans with Additional Subordinate Debt" is determined as a percentage of
the initial pool balance and does not take into account any future subordinate debt (whether or not secured by the mortgaged property),
if any, that may be permitted under the terms of any mortgage loan or the pooling and servicing agreement. See "*Description of the Mortgage Pool—Additional Indebtedness*" in the Preliminary Prospectus.

(3) Excludes mortgage loans that are secured by multiple single tenant properties.

---

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

---

---

| | |
|:---|:---|
| **Wells Fargo Commercial Mortgage Trust 2026-5C10** | Transaction Highlights |

---

**Loan Structural Features:**

**Amortization:** Based on the Initial Pool Balance, 18.7% of the mortgage pool (4 mortgage loans) has scheduled amortization, as follows:

18.7% (4 mortgage loans) require amortization during the entire loan term.

**Interest-Only:** Based on the Initial Pool Balance, 81.3% of the mortgage pool (25 mortgage loans) provide for interest-only payments during the entire loan term through maturity. The Weighted Average Cut-off Date Loan-to-Value Ratio and Weighted Average U/W Net Cash Flow DSCR for those mortgage loans are 63.8% and 1.58x, respectively.

**Hard Lockboxes:** Based on the Initial Pool Balance, 50.9% of the mortgage pool (10 mortgage loans) have hard lockboxes in place.

**Reserves:** The mortgage loans require amounts to be escrowed monthly as follows (excluding any mortgage loans with springing provisions):

---

| | |
|:---|:---|
| &nbsp;&nbsp;*Real Estate Taxes:* | &nbsp;&nbsp;*78.6% of the pool* |
| &nbsp;&nbsp;*Insurance:* | &nbsp;&nbsp;*23.9% of the pool* |
| &nbsp;&nbsp;*Capital Replacements:* | &nbsp;&nbsp;*89.7% of the pool* |
| &nbsp;&nbsp;*TI/LC:* | &nbsp;&nbsp;*79.7% of the pool<sup>(1)</sup>* |

---

(1) The percentage of Initial Pool Balance
 for mortgage loans with TI/LC reserves is based on the aggregate principal balance allocable to loans that include office, retail,
 mixed use and industrial properties.

**Call Protection/Defeasance:** Based on the Initial Pool Balance, the mortgage pool has the following call protection and defeasance features:

80.8% of the mortgage pool (23 mortgage loans) features a lockout period, then defeasance only until an open period;

15.5% of the mortgage pool (5 mortgage loans) features a lockout period, then greater of a prepayment premium (1.0%) or yield maintenance until an open period;

3.7% of the mortgage pool (1 mortgage loan) features a lockout period, then greater of a prepayment premium (1.0%) or yield maintenance, then defeasance or greater of a prepayment premium (1.0%) or yield maintenance until an open period.

Prepayment restrictions for each mortgage loan reflect the entire life of the mortgage loan. Please refer to Annex A-1 to the Preliminary Prospectus and the footnotes related thereto for further information regarding individual loan call protection.

---

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

---

---

| | |
|:---|:---|
| **Wells Fargo Commercial Mortgage Trust 2026-5C10** | Characteristics of the Mortgage Pool |

---

III. <u>Issue Characteristics</u> 

---

| | |
|:---|:---|
| **Securities Offered:** | &nbsp;&nbsp;$475,241,000 approximate monthly pay, multi-class, commercial mortgage REMIC pass-through certificates consisting of eight classes (Classes A-1, A-2, A-3, A-S, B, C, X-A and X-B), which are offered pursuant to a registration statement filed with the SEC (such Classes of certificates, the "<u>Offered Certificates</u>"). |
| **Mortgage Loan Sellers:** | &nbsp;&nbsp;Wells Fargo Bank, National Association ("<u>WFB</u>"), Argentic Real Estate Finance 2 LLC ("<u>AREF</u>"), BSPRT CMBS Finance, LLC ("<u>BSPRT</u>"), Citi Real Estate Funding Inc. ("<u>CREFI</u>"), Goldman Sachs Mortgage Company ("<u>GSMC</u>"), JPMorgan Chase Bank, National Association ("<u>JPMCB</u>"), LMF Commercial, LLC ("<u>LMF</u>"), Societe Generale Financial Corporation ("<u>SGFC</u>"), and UBS AG New York Branch ("<u>UBS</u>") |
| **Joint Bookrunners and Co-Lead Managers:** | &nbsp;&nbsp;Wells Fargo Securities, LLC, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, SG Americas Securities, LLC and UBS Securities LLC |
| **Co-Managers:** | &nbsp;&nbsp;Academy Securities, Inc., Drexel Hamilton, LLC and Siebert Williams Shank & Co., LLC |
| **Rating Agencies:** | &nbsp;&nbsp;Fitch Ratings, Inc., Moody's Investors Service, Inc. and DBRS, Inc. dba Morningstar DBRS |
| **Master Servicer:** | &nbsp;&nbsp;Trimont LLC |
| **Special Servicer:** | &nbsp;&nbsp;Argentic Services Company LP |
| **Certificate Administrator:** | &nbsp;&nbsp;Computershare Trust Company, National Association |
| **Trustee:** | &nbsp;&nbsp;Deutsche Bank National Trust Company |
| **Operating Advisor:** | &nbsp;&nbsp;Park Bridge Lender Services LLC |
| **Asset Representations Reviewer:** | &nbsp;&nbsp;Park Bridge Lender Services LLC |
| **Initial Controlling Class Certificateholder:** | &nbsp;&nbsp;Argentic Securities Income USA 2 LLC, an affiliate of Argentic Real Estate Finance 2 LLC, Argentic Services Company LP and Argentic Securities Holdings 2 Cayman Limited |
| **U.S. Credit Risk Retention:** | &nbsp;&nbsp;For a discussion on the manner in which the U.S. credit risk retention requirements will be satisfied by Argentic Real Estate Finance 2 LLC, as the retaining sponsor, see "*Credit Risk Retention*" in the Preliminary Prospectus.<br> Argentic Real Estate Finance 2 LLC, the retaining sponsor, intends to cause Argentic Securities Holdings 2 Cayman Limited, a majority-owned affiliate, to retain (i) an "eligible horizontal residual interest", in the form of certificates representing approximately 2.97% of the fair value of all of the ABS interests issued, which will be comprised of the Class F-RR and G-RR certificates (other than the portion that comprises the VRR Interest) and (ii) an "eligible vertical interest", in the form of certificates representing approximately 2.06% of the certificate balance, notional amount or percentage interest of each class of certificates (other than the Class R certificates) in a manner that satisfies the U.S. credit risk retention requirements. Under the U.S. credit risk retention rules, Argentic Real Estate Finance 2 LLC or the applicable majority-owned affiliate will be permitted to transfer the horizontal risk retention certificates to a subsequent third-party purchaser. For additional information, see "*Credit Risk Retention*" in the Preliminary Prospectus. |
| **EU SR Rules and UK Securitization Framework:** | &nbsp;&nbsp;No transaction party, or any other person, intends to retain a material net economic interest in the securitization constituted by the issue of the Certificates, or to take any other action in respect of such securitization, in a manner prescribed or contemplated (i) in the European Union, pursuant to Regulation (EU) 2017/2402 (as amended, the "<u>EU Securitization Regulation</u>") and certain related regulatory technical standards, implementing technical standards and official guidance (all as amended and together with the EU Securitization Regulation, the "<u>EU SR Rules</u>"), or (ii) in the United Kingdom, pursuant to the Securitisation Regulations 2024 (SI 2024/102), as amended from time to time, the Securitisation sourcebook of the Handbook of rules and guidance adopted by the UK's Financial Conduct Authority (as amended, "<u>SECN</u>") and the Securitisation Part of the Rulebook of published policy of the Prudential Regulation Authority of the Bank of England (as amended, the "<u>PRASR</u>"), together with the relevant provisions of the Financial Services and Markets Act 2000 (as amended, the "<u>FSMA</u>") (together, the "<u>UK Securitization Framework</u>"). In particular, no such person undertakes to take any action, or refrain from taking any action that may be required by any prospective investor or certificateholder for the purposes of its compliance with any requirement of the EU SR Rules or the UK Securitization Framework. In addition, the arrangements described under "*Credit Risk Retention*" in the Preliminary Prospectus have not been structured with the objective of ensuring or facilitating compliance by any person with any requirement of the EU SR Rules or the UK Securitization Framework. See "*Risk Factors—*<br>|

---

---

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

---

---

| | |
|:---|:---|
| **Wells Fargo Commercial Mortgage Trust 2026-5C10** | Characteristics of the Mortgage Pool |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;*Other Risks Relating to the Certificates—EU SR Rules and UK Securitization Framework"* in the Preliminary Prospectus. |
| **Cut-off Date:** | &nbsp;&nbsp;The Cut-off Date with respect to each mortgage loan is the payment due date for the monthly debt service payment that is due in June 2026 (or, in the case of any mortgage loan that has its first payment due date in June 2026, the date that would have been its payment due date in June 2026 under the terms of that mortgage loan if a monthly debt service payment were scheduled to be due in that month). |
| **Expected Closing Date:** | &nbsp;&nbsp;On or about June 29, 2026. |
| **Determination Date:** | &nbsp;&nbsp;The 11<sup>th</sup> day of each month (or if that day is not a business day, the next succeeding business day), commencing in July 2026. |
| **Distribution Date:** | &nbsp;&nbsp;The 4<sup>th</sup> business day following each Determination Date, commencing in July 2026. |
| **Rated Final Distribution Date:** | &nbsp;&nbsp;The Distribution Date in June 2059. |
| **Interest Accrual Period:** | &nbsp;&nbsp;The Interest Accrual Period for each Class of Offered Certificates for each Distribution Date will be the calendar month immediately preceding the month in which that Distribution Date occurs. |
| **Day Count:** | &nbsp;&nbsp;The Offered Certificates will accrue interest on a 30/360 basis. |
| **Minimum Denominations:** | &nbsp;&nbsp;$10,000 for each Class of Offered Certificates (other than the Class X-A and X-B Certificates) and $1,000,000 for the Class X-A and X-B Certificates. Investments may also be made in any whole dollar denomination in excess of the applicable minimum denomination. |
| **Clean-up Call:** | &nbsp;&nbsp;1.0% |
| **Delivery:** | &nbsp;&nbsp;DTC, Euroclear and Clearstream Banking |
| **ERISA/SMMEA Status:** | &nbsp;&nbsp;Each Class of Offered Certificates is expected to be eligible for exemptive relief under ERISA. None of the Certificates will constitute "mortgage related securities" for purposes of the Secondary Mortgage Market Enhancement Act of 1984, as amended ("<u>SMMEA</u>"). |
| **Risk Factors:** | &nbsp;&nbsp;THE CERTIFICATES INVOLVE CERTAIN RISKS AND MAY NOT BE SUITABLE FOR ALL INVESTORS. SEE THE "*SUMMARY OF RISK FACTORS*" AND "*RISK FACTORS*" SECTIONS OF THE PRELIMINARY PROSPECTUS. |
| **Deal Information/Analytics:** | &nbsp;&nbsp;The Certificate Administrator will be authorized to make distribution date statements, CREFC<sup>®</sup> reports and certain supplemental reports (other than confidential information) available to certain financial modeling and data provision services, including Bloomberg Financial Markets, L.P., CRED iQ, Trepp, LLC, Intex Solutions, Inc., Markit Group Limited, Interactive Data Corp., BlackRock Financial Management, Inc., CMBS.com, Inc., Moody's Analytics, Inc., Morningstar Credit Information & Analytics, LLC, KBRA Analytics, LLC, MBS Data, LLC, RealInsight, LSEG, DealX and Recursion Co. |
| **Tax Treatment** | &nbsp;&nbsp;For U.S. federal income tax purposes, the issuing entity will consist of one or more REMICs arranged in a tiered structure. The Offered Certificates will represent REMIC regular interests. |

---

---

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

---

---

| | |
|:---|:---|
| **Wells Fargo Commercial Mortgage Trust 2026-5C10** | Characteristics of the Mortgage Pool |

---

IV. <u>Characteristics of the Mortgage Pool</u> <sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Ten Largest Mortgage Loans</u> 

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Seller** | &nbsp;&nbsp;**Mortgage Loan Name** | &nbsp;&nbsp;**City** | &nbsp;&nbsp;**State** | &nbsp;&nbsp;**Number of Mortgage Loans/ Mortgaged Properties** | &nbsp;&nbsp; **Mortgage Loan Cut-off Date Balance ($)** | &nbsp;&nbsp;**% of Cut-off Date Pool Balance (%)** | &nbsp;&nbsp;**Property Type** | &nbsp;&nbsp; **Number of SF/Units/**<br> **Pads** | &nbsp;&nbsp; **Cut-off Date Balance Per SF/Unit/**<br> **Pad ($)**  | &nbsp;&nbsp;**Cut-off Date LTV Ratio (%)** | &nbsp;&nbsp;**Balloon or ARD LTV Ratio (%)** | &nbsp;&nbsp;**U/W NCF DSCR (x)** | &nbsp;&nbsp;**U/W NOI Debt Yield (%)** |
| &nbsp;&nbsp;AREF2 | &nbsp;&nbsp;St. Louis Portfolio | &nbsp;&nbsp;St. Louis | &nbsp;&nbsp;MO | &nbsp;&nbsp;1 / 10 | &nbsp;&nbsp;$50000000 | &nbsp;&nbsp;9.2% | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;565 | &nbsp;&nbsp;$88496 | &nbsp;&nbsp;67.7% | &nbsp;&nbsp;67.7% | &nbsp;&nbsp;1.36x | &nbsp;&nbsp;9.9% |
| &nbsp;&nbsp;AREF2 | &nbsp;&nbsp;Westroads Mall | &nbsp;&nbsp;Omaha | &nbsp;&nbsp;NE | &nbsp;&nbsp;1 / 1 | &nbsp;&nbsp;49000000 | &nbsp;&nbsp;9.0% | &nbsp;&nbsp;Retail | &nbsp;&nbsp;538040 | &nbsp;&nbsp;125 | &nbsp;&nbsp;53.3% | &nbsp;&nbsp;50.8% | &nbsp;&nbsp;2.20x | &nbsp;&nbsp;19.8% |
| &nbsp;&nbsp;AREF2 | &nbsp;&nbsp;Northwest Atlanta <br> Industrial Portfolio | &nbsp;&nbsp;Various | &nbsp;&nbsp;GA | &nbsp;&nbsp;1 / 22 | &nbsp;&nbsp;49000000 | &nbsp;&nbsp;9.0% | &nbsp;&nbsp;Various | &nbsp;&nbsp;387623 | &nbsp;&nbsp;126 | &nbsp;&nbsp;65.3% | &nbsp;&nbsp;65.3% | &nbsp;&nbsp;1.46x | &nbsp;&nbsp;10.2% |
| &nbsp;&nbsp;WFB | &nbsp;&nbsp;2020 Main Street | &nbsp;&nbsp;Irvine | &nbsp;&nbsp;CA | &nbsp;&nbsp;1 / 1 | &nbsp;&nbsp;48000000 | &nbsp;&nbsp;8.8% | &nbsp;&nbsp;Office | &nbsp;&nbsp;271288 | &nbsp;&nbsp;177 | &nbsp;&nbsp;59.8% | &nbsp;&nbsp;59.8% | &nbsp;&nbsp;1.97x | &nbsp;&nbsp;14.8% |
| &nbsp;&nbsp;LMF | &nbsp;&nbsp;Astor Place Retail | &nbsp;&nbsp;New York | &nbsp;&nbsp;NY | &nbsp;&nbsp;1 / 1 | &nbsp;&nbsp;36000000 | &nbsp;&nbsp;6.6% | &nbsp;&nbsp;Retail | &nbsp;&nbsp;27742 | &nbsp;&nbsp;1298 | &nbsp;&nbsp;74.8% | &nbsp;&nbsp;74.8% | &nbsp;&nbsp;1.20x | &nbsp;&nbsp;7.0% |
| &nbsp;&nbsp;AREF2 | &nbsp;&nbsp;Rayford's Edge <br> Apartments | &nbsp;&nbsp;Spring | &nbsp;&nbsp;TX | &nbsp;&nbsp;1 / 1 | &nbsp;&nbsp;33000000 | &nbsp;&nbsp;6.0% | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;376 | &nbsp;&nbsp;87766 | &nbsp;&nbsp;65.4% | &nbsp;&nbsp;65.4% | &nbsp;&nbsp;1.20x | &nbsp;&nbsp;8.5% |
| &nbsp;&nbsp;AREF2 | &nbsp;&nbsp;The Shops at <br> Rockvale | &nbsp;&nbsp;Lancaster | &nbsp;&nbsp;PA | &nbsp;&nbsp;1 / 1 | &nbsp;&nbsp;28250000 | &nbsp;&nbsp;5.2% | &nbsp;&nbsp;Retail | &nbsp;&nbsp;292452 | &nbsp;&nbsp;97 | &nbsp;&nbsp;65.9% | &nbsp;&nbsp;65.9% | &nbsp;&nbsp;1.57x | &nbsp;&nbsp;11.9% |
| &nbsp;&nbsp;AREF2 | &nbsp;&nbsp;Frontera Crossing | &nbsp;&nbsp;Austin | &nbsp;&nbsp;TX | &nbsp;&nbsp;1 / 1 | &nbsp;&nbsp;27600000 | &nbsp;&nbsp;5.1% | &nbsp;&nbsp;Office | &nbsp;&nbsp;165258 | &nbsp;&nbsp;167 | &nbsp;&nbsp;62.0% | &nbsp;&nbsp;62.0% | &nbsp;&nbsp;1.49x | &nbsp;&nbsp;12.8% |
| &nbsp;&nbsp;WFB | &nbsp;&nbsp;The Towers at <br> Cupertino City Center | &nbsp;&nbsp;Cupertino | &nbsp;&nbsp;CA | &nbsp;&nbsp;1 / 1 | &nbsp;&nbsp;25000000 | &nbsp;&nbsp;4.6% | &nbsp;&nbsp;Office | &nbsp;&nbsp;357838 | &nbsp;&nbsp;405 | &nbsp;&nbsp;63.6% | &nbsp;&nbsp;63.6% | &nbsp;&nbsp;1.69x | &nbsp;&nbsp;11.3% |
| &nbsp;&nbsp;GSMC | &nbsp;&nbsp;Hamilton Place | &nbsp;&nbsp;Chattanooga | &nbsp;&nbsp;TN | &nbsp;&nbsp;1 / 1 | &nbsp;&nbsp;25000000 | &nbsp;&nbsp;4.6% | &nbsp;&nbsp;Retail | &nbsp;&nbsp;385318 | &nbsp;&nbsp;187 | &nbsp;&nbsp;67.6% | &nbsp;&nbsp;64.0% | &nbsp;&nbsp;2.03x | &nbsp;&nbsp;17.1% |
| &nbsp;&nbsp;**Top Three Total/Weighted Average** | &nbsp;&nbsp;**Top Three Total/Weighted Average** | &nbsp;&nbsp;**Top Three Total/Weighted Average** |  | &nbsp;&nbsp;**3 / 33** | &nbsp;&nbsp;**$148000000** | &nbsp;&nbsp;**27.1%** |  |  |  | &nbsp;&nbsp;**62.1%** | &nbsp;&nbsp;**61.3%** | &nbsp;&nbsp;**1.67x** | &nbsp;&nbsp;**13.3%** |
| &nbsp;&nbsp;**Top Five Total/Weighted Average** | &nbsp;&nbsp;**Top Five Total/Weighted Average** | &nbsp;&nbsp;**Top Five Total/Weighted Average** |  | &nbsp;&nbsp;**5 / 35** | &nbsp;&nbsp;**$232000000** | &nbsp;&nbsp;**42.5%** |  |  |  | &nbsp;&nbsp;**63.6%** | &nbsp;&nbsp;**63.1%** | &nbsp;&nbsp;**1.66x** | &nbsp;&nbsp;**12.6%** |
| &nbsp;&nbsp;**Top Ten Total/Weighted Average** | &nbsp;&nbsp;**Top Ten Total/Weighted Average** | &nbsp;&nbsp;**Top Ten Total/Weighted Average** |  | &nbsp;&nbsp;**10 / 40** | &nbsp;&nbsp;**$370850000** | &nbsp;&nbsp;**67.9%** |  |  |  | &nbsp;&nbsp;**64.1%** | &nbsp;&nbsp;**63.5%** | &nbsp;&nbsp;**1.63x** | &nbsp;&nbsp;**12.4%** |
| &nbsp;&nbsp;**Non-Top Ten Total/Weighted Average** | &nbsp;&nbsp;**Non-Top Ten Total/Weighted Average** | &nbsp;&nbsp;**Non-Top Ten Total/Weighted Average** |  | &nbsp;&nbsp;**19 / 22** | &nbsp;&nbsp;**$175404993** | &nbsp;&nbsp;**32.1%** |  |  |  | &nbsp;&nbsp;**60.2%** | &nbsp;&nbsp;**59.9%** | &nbsp;&nbsp;**1.73x** | &nbsp;&nbsp;**12.1%** |

---

(1) With respect to any mortgage loan that is part of a whole loan, Cut-off Date Balance Per SF/Unit/Pad,
loan-to-value ratio, debt service coverage ratio and debt yield calculations include the related *pari passu* companion loan(s) but
exclude any related subordinate companion loan(s) (unless otherwise stated). With respect to each mortgage loan, debt service coverage
ratio, debt yield and loan-to-value ratio information do not take into account subordinate debt (whether or not secured by the related
mortgaged property), if any, that currently exists or is allowed under the terms of such mortgage loan.

---

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

---

---

| | |
|:---|:---|
| **Wells Fargo Commercial Mortgage Trust 2026-5C10** | Characteristics of the Mortgage Pool |

---

&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Summary of the Whole Loans</u> 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Loan No.** | &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp; **Mortgage Loan Seller in** <br> **WFCM** <br> **2026-5C10** | &nbsp;&nbsp;**Mortgage Loan Cut-off Date Balance** | &nbsp;&nbsp;**Aggregate Pari-Passu Companion Loan Cut-off Date Balance<sup>(1)</sup>** | &nbsp;&nbsp; **Combined** <br> **Cut-off Date**<br> **Balance** | &nbsp;&nbsp; **Controlling** <br> **Pooling /Trust** <br> **and Servicing** <br> **Agreement** | &nbsp;&nbsp;**Master Servicer** | &nbsp;&nbsp;**Special Servicer** | &nbsp;&nbsp; **Related Pari Passu** <br> **Companion Loan(s) Securitizations** | &nbsp;&nbsp;**Combined UW NCF DSCR<sup>(2)</sup>** | &nbsp;&nbsp;**Combined UW NOI Debt Yield<sup>(2)</sup>** | &nbsp;&nbsp;**Combined Cut-off Date LTV<sup>(2)</sup>** |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;Westroads Mall | &nbsp;&nbsp;AREF2 | &nbsp;&nbsp;$49000000 | &nbsp;&nbsp;$18000000 | &nbsp;&nbsp;$67000000 | &nbsp;&nbsp;WFCM 2026-5C10 | &nbsp;&nbsp;Trimont LLC | &nbsp;&nbsp;Argentic Services Company LP | &nbsp;&nbsp;Future Securitization(s) | &nbsp;&nbsp;2.20x | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;53.3% |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;The Towers at Cupertino City Center | &nbsp;&nbsp;WFB | &nbsp;&nbsp;$25000000 | &nbsp;&nbsp;$120000000 | &nbsp;&nbsp;$145000000 | &nbsp;&nbsp;BANK5 2026-5YR22 | &nbsp;&nbsp;Trimont LLC | &nbsp;&nbsp;KeyBank<br> National<br> Association | &nbsp;&nbsp; BBCMS 2026-5C41<br> WFCM 2026-5C9<br> BANK5 2026-5YR22<br> Future Securitization(s) | &nbsp;&nbsp;1.69x | &nbsp;&nbsp;11.3% | &nbsp;&nbsp;63.6% |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;Hamilton Place | &nbsp;&nbsp;GSMC | &nbsp;&nbsp;$25000000 | &nbsp;&nbsp;$46900000 | &nbsp;&nbsp;$71900000 | &nbsp;&nbsp;Future Securitization | &nbsp;&nbsp;Future Securitization | &nbsp;&nbsp;Future Securitization | &nbsp;&nbsp;N/A | &nbsp;&nbsp;2.03x | &nbsp;&nbsp;17.1% | &nbsp;&nbsp;67.6% |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;535 & 545 5th Avenue | &nbsp;&nbsp;SGFC | &nbsp;&nbsp;$19973118 | &nbsp;&nbsp;$289610215 | &nbsp;&nbsp;$309583333 | &nbsp;&nbsp;Benchmark 2026-V20 | &nbsp;&nbsp;Midland | &nbsp;&nbsp;Rialto | &nbsp;&nbsp;BMARK 2026-V20<br> BBCMS 2026-5C40<br> BMARK 2026-V21<br> BMO 2026-5C14<br> BBCMS 2026-5C41<br> BMARK 2026-V22<br> WFCM 2026-5C9<br> BBCMS 2026-5C42<br> Future Securitization(s) | &nbsp;&nbsp;1.30x | &nbsp;&nbsp;9.8% | &nbsp;&nbsp;63.2% |
| &nbsp;&nbsp;16 | &nbsp;&nbsp;West Memorial Place | &nbsp;&nbsp;JPMCB | &nbsp;&nbsp;$10000000 | &nbsp;&nbsp;$96000000 | &nbsp;&nbsp;$106000000 | &nbsp;&nbsp;BANK5 2026-5YR22 | &nbsp;&nbsp;Trimont | &nbsp;&nbsp;Keybank | &nbsp;&nbsp;BANK5 2026-5YR22 | &nbsp;&nbsp;1.42x | &nbsp;&nbsp;10.6% | &nbsp;&nbsp;56.4% |

---

(1) The Aggregate Pari Passu Companion Loan Cut-off Date Balance excludes the related Subordinate Companion Loans.

(2) The loan-to-value ratio, debt service coverage ratio, and debt yield calculations include any related *pari passu* companion
loans and exclude any subordinate companion loans and/or mezzanine loans, as applicable.

---

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

---

---

| | |
|:---|:---|
| **Wells Fargo Commercial Mortgage Trust 2026-5C10** | Characteristics of the Mortgage Pool |

---

C. <u>Mortgage Loans with Additional Secured and Mezzanine Financing</u> 

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Loan No.** | &nbsp;&nbsp;**Mortgage Loan Seller** | &nbsp;&nbsp; **Mortgage**<br> **Loan Name** | &nbsp;&nbsp;**Mortgage<br> Loan<br> Cut-off Date Balance ($)** | &nbsp;&nbsp;**% of Initial Pool Balance (%)** | &nbsp;&nbsp;**Sub Debt Cut-off Date Balance ($)** | &nbsp;&nbsp;**Mezzanine Debt Cut-off Date Balance ($)** | &nbsp;&nbsp;**Total Debt Interest Rate (%)<sup>(1)</sup>** | &nbsp;&nbsp;**Mortgage Loan U/W NCF DSCR (x)<sup>(2)</sup>** | &nbsp;&nbsp;**Total Debt U/W NCF DSCR (x)** | &nbsp;&nbsp;**Mortgage Loan Cut-off Date U/W NOI Debt Yield (%)<sup>(2)</sup>** | &nbsp;&nbsp;**Total Debt Cut-off Date U/W NOI Debt Yield (%)** | &nbsp;&nbsp;**Mortgage Loan Cut-off Date LTV Ratio (%)<sup>(2)</sup>** | &nbsp;&nbsp;**Total Debt Cut-off Date LTV Ratio (%)** |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;AREF2 | &nbsp;&nbsp;Westroads Mall | &nbsp;&nbsp;$49000000 | &nbsp;&nbsp;9.0% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;$12000000 | &nbsp;&nbsp;7.9741% | &nbsp;&nbsp;2.20x | &nbsp;&nbsp;1.81x | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;16.8% | &nbsp;&nbsp;53.3% | &nbsp;&nbsp;62.8% |
| &nbsp;&nbsp;**Total/Weighted Average** | &nbsp;&nbsp;**Total/Weighted Average** | &nbsp;&nbsp;**Total/Weighted Average** | &nbsp;&nbsp;**$49000000** | &nbsp;&nbsp;**9.0%** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**$12000000** | &nbsp;&nbsp;**7.9741%** | &nbsp;&nbsp;**2.20x** | &nbsp;&nbsp;**1.81x** | &nbsp;&nbsp;**19.8%** | &nbsp;&nbsp;**16.8%** | &nbsp;&nbsp;**53.3%** | &nbsp;&nbsp;**62.8%** |

---

(1) Total Debt Interest Rate for any specified mortgage loan reflects the weighted average of the interest
rates on the respective components of the total debt.

(2) With respect to any mortgage loan that is part of a whole loan, the loan-to-value ratio, debt service
coverage ratio and debt yield calculations include the related *pari passu* companion loan(s) but excludes any related subordinate
companion loan and/or mezzanine loans.

---

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

---

---

| | |
|:---|:---|
| **Wells Fargo Commercial Mortgage Trust 2026-5C10** | Characteristics of the Mortgage Pool |

---

D. <u>Previous Securitization History<sup>(1)</sup></u> 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Loan No.** | &nbsp;&nbsp;**Mortgage Loan Seller** | &nbsp;&nbsp;**Mortgage<br> Loan or Mortgaged <br> Property Name** | &nbsp;&nbsp;**City** | &nbsp;&nbsp;**State** | &nbsp;&nbsp;**Property Type** | &nbsp;&nbsp;**Mortgage Loan<br> or Mortgaged Property Cut-off Date Balance ($)** | &nbsp;&nbsp;**% of Cut-off Date Pool Balance (%)** | &nbsp;&nbsp;**Previous Securitization** |
| &nbsp;&nbsp;1.01 | &nbsp;&nbsp;AREF2 | &nbsp;&nbsp;Hampden Hall | &nbsp;&nbsp;St. Louis | &nbsp;&nbsp;MO | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;$8890787 | &nbsp;&nbsp; 1.6% | &nbsp;&nbsp;FRESB 2017-SB35 |
| &nbsp;&nbsp;1.02 | &nbsp;&nbsp;AREF2 | &nbsp;&nbsp;Triumph on the Park | &nbsp;&nbsp;St. Louis | &nbsp;&nbsp;MO | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;8591677 | &nbsp;&nbsp; 1.6% | &nbsp;&nbsp;FRESB 2017-SB35 |
| &nbsp;&nbsp;1.03 | &nbsp;&nbsp;AREF2 | &nbsp;&nbsp;Sherwood Court | &nbsp;&nbsp;St. Louis | &nbsp;&nbsp;MO | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;5970457 | &nbsp;&nbsp; 1.1% | &nbsp;&nbsp;MSC 2007-IQ14 |
| &nbsp;&nbsp;1.04 | &nbsp;&nbsp;AREF2 | &nbsp;&nbsp;Gates at Forest Park | &nbsp;&nbsp;St. Louis | &nbsp;&nbsp;MO | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;5443988 | &nbsp;&nbsp; 1.0% | &nbsp;&nbsp;FRESB 2017-SB35 |
| &nbsp;&nbsp;1.05 | &nbsp;&nbsp;AREF2 | &nbsp;&nbsp;Park Lux | &nbsp;&nbsp;St. Louis | &nbsp;&nbsp;MO | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;4918617 | &nbsp;&nbsp; 0.9% | &nbsp;&nbsp;FRESB 2017-SB35 |
| &nbsp;&nbsp;1.06 | &nbsp;&nbsp;AREF2 | &nbsp;&nbsp;Fountain Row | &nbsp;&nbsp;St. Louis | &nbsp;&nbsp;MO | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;4212388 | &nbsp;&nbsp; 0.8% | &nbsp;&nbsp;FRESB 2017-SB35 |
| &nbsp;&nbsp;1.07 | &nbsp;&nbsp;AREF2 | &nbsp;&nbsp;Central Park | &nbsp;&nbsp;St. Louis | &nbsp;&nbsp;MO | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;3765547 | &nbsp;&nbsp; 0.7% | &nbsp;&nbsp;FRESB 2017-SB35 |
| &nbsp;&nbsp;1.08 | &nbsp;&nbsp;AREF2 | &nbsp;&nbsp;Maryland Lofts | &nbsp;&nbsp;St. Louis | &nbsp;&nbsp;MO | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;3258790 | &nbsp;&nbsp; 0.6% | &nbsp;&nbsp;FRESB 2017-SB35 |
| &nbsp;&nbsp;1.10 | &nbsp;&nbsp;AREF2 | &nbsp;&nbsp;Maryland Gardens | &nbsp;&nbsp;St. Louis | &nbsp;&nbsp;MO | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;1976184 | &nbsp;&nbsp; 0.4% | &nbsp;&nbsp;FRESB 2017-SB35 |
| &nbsp;&nbsp;2.00 | &nbsp;&nbsp;AREF2 | &nbsp;&nbsp;Westroads Mall | &nbsp;&nbsp;Omaha | &nbsp;&nbsp;NE | &nbsp;&nbsp;Retail | &nbsp;&nbsp;49000000 | &nbsp;&nbsp; 9.0% | &nbsp;&nbsp;COMM 2012-LTRT |
| &nbsp;&nbsp;5.00 | &nbsp;&nbsp;LMF | &nbsp;&nbsp;Astor Place Retail | &nbsp;&nbsp;New York | &nbsp;&nbsp;NY | &nbsp;&nbsp;Retail | &nbsp;&nbsp;36000000 | &nbsp;&nbsp; 6.6% | &nbsp;&nbsp;SGCMS 2016-C5 |
| &nbsp;&nbsp;6.00 | &nbsp;&nbsp;AREF2 | &nbsp;&nbsp;Rayford's Edge Apartments | &nbsp;&nbsp;Spring | &nbsp;&nbsp;TX | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;33000000 | &nbsp;&nbsp; 6.0% | &nbsp;&nbsp;AREIT 2023-CRE8 |
| &nbsp;&nbsp;7.00 | &nbsp;&nbsp;AREF2 | &nbsp;&nbsp;The Shops at Rockvale | &nbsp;&nbsp;Lancaster | &nbsp;&nbsp;PA | &nbsp;&nbsp;Retail | &nbsp;&nbsp;28250000 | &nbsp;&nbsp; 5.2% | &nbsp;&nbsp;WBCMT 2007-C32 |
| &nbsp;&nbsp;10.00 | &nbsp;&nbsp;GSMC | &nbsp;&nbsp;Hamilton Place | &nbsp;&nbsp;Chattanooga | &nbsp;&nbsp;TN | &nbsp;&nbsp;Retail | &nbsp;&nbsp;25000000 | &nbsp;&nbsp; 4.6% | &nbsp;&nbsp;GSMS 2016-GS3; GSMS 2016-GS4 |
| &nbsp;&nbsp;11.00 | &nbsp;&nbsp;SGFC | &nbsp;&nbsp;535 & 545 5th Avenue | &nbsp;&nbsp;New York | &nbsp;&nbsp;NY | &nbsp;&nbsp;Mixed Use | &nbsp;&nbsp;19973118 | &nbsp;&nbsp; 3.7% | &nbsp;&nbsp;MSBAM 2015-C24 |
| &nbsp;&nbsp;12.00 | &nbsp;&nbsp;BSPRT | &nbsp;&nbsp;Aloft Chesapeake and Fairfield Inn & Suites Williamsburg | &nbsp;&nbsp;Various | &nbsp;&nbsp;VA | &nbsp;&nbsp;Hospitality | &nbsp;&nbsp;18750000 | &nbsp;&nbsp;3.4% | &nbsp;&nbsp;SGCMS 2016-C5 |
| &nbsp;&nbsp;24.00 | &nbsp;&nbsp;LMF | &nbsp;&nbsp;Noble Creek Shoppes | &nbsp;&nbsp;Noblesville | &nbsp;&nbsp;IN | &nbsp;&nbsp;Retail | &nbsp;&nbsp;6200000 | &nbsp;&nbsp; 1.1% | &nbsp;&nbsp;SGCMS 2016-C5 |
| &nbsp;&nbsp;25.00 | &nbsp;&nbsp;AREF2 | &nbsp;&nbsp;Long Beach Apartments | &nbsp;&nbsp;Long Beach | &nbsp;&nbsp;MS | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;6071875 | &nbsp;&nbsp;1.1% | &nbsp;&nbsp;BL2186 |
|  | &nbsp;&nbsp;**Total** |  |  |  |  | &nbsp;&nbsp;**$269273428** | &nbsp;&nbsp;**49.4%** |  |

---

(1) The table above represents the most recent securitization with respect to the mortgaged property securing
the related mortgage loan, based on information provided by the related borrower or obtained through searches of a third-party database.
While loans secured by the above mortgaged properties may have been securitized multiple times in prior transactions, mortgage loans in
this securitization are only listed in the above chart if the mortgage loan paid off a loan in another securitization. The information
has not otherwise been confirmed by the mortgage loan sellers.

---

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

---

---

| | |
|:---|:---|
| **Wells Fargo Commercial Mortgage Trust 2026-5C10** | Characteristics of the Mortgage Pool |

---

E. <u>Property Type Distribution</u> <sup>(1)</sup>

![](n5926ts_img007.jpg)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Property Type** | **Number of Mortgaged Properties** | **Aggregate <br> Cut-off Date<br> Balance ($)** | **% of Initial<br> Pool <br> Balance (%)** | **Weighted Average Cut-off Date LTV Ratio (%)** | **Weighted Average Balloon LTV <br> Ratio (%)** | **Weighted Average <br> U/W NCF DSCR (x)** | **Weighted Average U/W NOI Debt Yield (%)** | **Weighted Average U/W NCF Debt Yield (%)** | **Weighted Average Mortgage Rate (%)** |
| **Retail** | **7** | **$173350000** | **31.7%** | **62.0%** | **60.7%** | **1.93** | **14.5%** | **13.7%** | **6.6678%** |
| &nbsp;&nbsp;&nbsp;*Anchored* | *5* | *99350000* | *18.2* | *64.8* | *64.8* | *1.77* | *11.3* | *10.8* | *6.2231* |
| &nbsp;&nbsp;&nbsp;*Super Regional Mall* | *2* | *74000000* | *13.5* | *58.1* | *55.3* | *2.14* | *18.9* | *17.6* | *7.2648* |
| **Multifamily** | **21** | **145471875** | **26.6** | **66.6** | **66.6** | **1.34** | **9.4** | **9.1** | **6.7268** |
| &nbsp;&nbsp;&nbsp;*Garden* | *4* | *54071875* | *9.9* | *66.6* | *66.6* | *1.30* | *9.2* | *8.9* | *6.7359* |
| &nbsp;&nbsp;&nbsp;*Mid Rise* | *8* | *51569829* | *9.4* | *67.9* | *67.9* | *1.35* | *9.2* | *9.0* | *6.5734* |
| &nbsp;&nbsp;&nbsp;*Low Rise* | *8* | *30939384* | *5.7* | *64.4* | *64.4* | *1.39* | *10.0* | *9.7* | *6.8911* |
| &nbsp;&nbsp;&nbsp;*High Rise* | *1* | *8890787* | *1.6* | *67.7* | *67.7* | *1.36* | *9.9* | *9.6* | *6.9900* |
| **Office** | **6** | **120038000** | **22.0** | **60.5** | **60.3** | **1.80** | **13.7** | **12.9** | **6.9817** |
| &nbsp;&nbsp;&nbsp;*Suburban* | *5* | *118600000* | *21.7* | *60.4* | *60.2* | *1.80* | *13.8* | *12.9* | *6.9867* |
| &nbsp;&nbsp;&nbsp;*Medical* | *1* | *1438000* | *0.3* | *65.3* | *65.3* | *1.46* | *10.2* | *9.7* | *6.5700* |
| **Industrial** | **22** | **53812000** | **9.9** | **65.0** | **65.0** | **1.45** | **10.2** | **9.7** | **6.6161** |
| &nbsp;&nbsp;&nbsp;*Flex* | *4* | *25334000* | *4.6* | *65.3* | *65.3* | *1.46* | *10.2* | *9.7* | *6.5700* |
| &nbsp;&nbsp;&nbsp;*Warehouse/Distribution* | *16* | *23603000* | *4.3* | *64.6* | *64.6* | *1.43* | *10.2* | *9.7* | *6.6751* |
| &nbsp;&nbsp;&nbsp;*Warehouse* | *2* | *4875000* | *0.9* | *65.3* | *65.3* | *1.46* | *10.2* | *9.7* | *6.5700* |
| **Mixed Use** | **2** | **28233118** | **5.2** | **62.7** | **62.1** | **1.40** | **10.2** | **10.1** | **6.9430** |
| &nbsp;&nbsp;&nbsp;*Retail/Office* | *1* | *19973118* | *3.7* | *63.2* | *62.3* | *1.30* | *9.8* | *9.7* | *7.0600* |
| &nbsp;&nbsp;&nbsp;*Multifamily/Office* | *1* | *8260000* | *1.5* | *61.6* | *61.6* | *1.65* | *11.1* | *11.1* | *6.6600* |
| **Hospitality** | **2** | **18750000** | **3.4** | **52.1** | **52.1** | **1.80** | **15.4** | **13.4** | **7.3500** |
| &nbsp;&nbsp;&nbsp;*Select Service* | *1* | *10446000* | *1.9* | *52.1* | *52.1* | *1.80* | *15.4* | *13.4* | *7.3500* |
| &nbsp;&nbsp;&nbsp;*Limited Service* | *1* | *8304000* | *1.5* | *52.1* | *52.1* | *1.80* | *15.4* | *13.4* | *7.3500* |
| **Self Storage** | **1** | **4000000** | **0.7** | **58.0** | **58.0** | **1.54** | **11.2** | **11.1** | **7.1370** |
| *Self Storage* | *1* | *4000000* | *0.7* | *58.0* | *58.0* | *1.54* | *11.2* | *11.1* | *7.1370* |
| **Manufactured Housing** | **1** | **2600000** | **0.5** | **59.6** | **59.6** | **1.29** | **9.1** | **9.1** | **6.9200** |
| &nbsp;&nbsp;&nbsp;*Manufactured Housing* | *1* | *2600000* | *0.5* | *59.6* | *59.6* | *1.29* | *9.1* | *9.1* | *6.9200* |
| **Total/Weighted Average** | **62** | **$546254993** | **100.0%** | **62.8%** | **62.4%** | **1.66** **x** | **12.3%** | **11.7%** | **6.7897%** |

---

(1) Because this table presents information relating to the mortgaged properties and not the mortgage loans,
the information for mortgage loans secured by more than one mortgaged property is based on allocated loan amounts (allocating the principal
balance of the mortgage loan to each of those properties according to the relative appraised values of the mortgaged properties or the
allocated loan amounts or property-specific release prices set forth in the related mortgage loan documents or such other allocation as
the related mortgage loan seller deemed appropriate). With respect to any mortgage loan that is part of a whole loan, the loan-to-value
ratio, debt service coverage ratio and debt yield calculations include the related *pari passu* companion loan(s) but exclude any
related subordinate companion loan(s) (unless otherwise stated). With respect to each mortgage loan, debt service coverage ratio, debt
yield and loan-to-value ratio information do not take into account any subordinate debt (whether or not secured by the related mortgaged
property) that currently exists or is allowed under the terms of such mortgage loan. See Annex A-1 to the Preliminary Prospectus.

---

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

---

---

| | |
|:---|:---|
| **Wells Fargo Commercial Mortgage Trust 2026-5C10** | Characteristics of the Mortgage Pool |

---

F. <u>Geographic Distribution</u> <sup>(1)(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Location** | &nbsp;&nbsp;**Number of Mortgaged Properties** | &nbsp;&nbsp;**Aggregate Cut-off Date Balance ($)** | &nbsp;&nbsp;**% of Initial Pool <br> Balance (%)** | &nbsp;&nbsp;**Weighted Average Cut-off Date LTV Ratio (%)** | &nbsp;&nbsp;**Weighted Average Balloon LTV Ratio (%)** | &nbsp;&nbsp;**Weighted Average U/W NCF DSCR (x)** | &nbsp;&nbsp;**Weighted Average U/W NOI Debt Yield (%)** | &nbsp;&nbsp;**Weighted Average U/W NCF Debt Yield (%)** | &nbsp;&nbsp; **Weighted** <br> **Average Interest Rate (%)** |
| &nbsp;&nbsp;California | &nbsp;&nbsp;3 | &nbsp;&nbsp;$89900000 | &nbsp;&nbsp;16.5% | &nbsp;&nbsp;62.3% | &nbsp;&nbsp;62.3% | &nbsp;&nbsp;1.77x | &nbsp;&nbsp;12.7% | &nbsp;&nbsp;12.3% | &nbsp;&nbsp;6.8160% |
| &nbsp;&nbsp; *Southern California* | &nbsp;&nbsp;*2* | &nbsp;&nbsp;64900000 | &nbsp;&nbsp;11.9 | &nbsp;&nbsp;61.8 | &nbsp;&nbsp;61.8 | &nbsp;&nbsp;1.80 | &nbsp;&nbsp;13.3 | &nbsp;&nbsp;12.8 | &nbsp;&nbsp;6.9600 |
| &nbsp;&nbsp; *Northern California* | &nbsp;&nbsp;*1* | &nbsp;&nbsp;25000000 | &nbsp;&nbsp;4.6 | &nbsp;&nbsp;63.6 | &nbsp;&nbsp;63.6 | &nbsp;&nbsp;1.69 | &nbsp;&nbsp;11.3 | &nbsp;&nbsp;11.0 | &nbsp;&nbsp;6.4420 |
| &nbsp;&nbsp;New York | &nbsp;&nbsp;6 | &nbsp;&nbsp;88433118 | &nbsp;&nbsp;16.2 | &nbsp;&nbsp;69.1 | &nbsp;&nbsp;68.9 | &nbsp;&nbsp;1.31 | &nbsp;&nbsp;8.5 | &nbsp;&nbsp;8.4 | &nbsp;&nbsp;6.2272 |
| &nbsp;&nbsp;Texas | &nbsp;&nbsp;3 | &nbsp;&nbsp;70600000 | &nbsp;&nbsp;12.9 | &nbsp;&nbsp;62.8 | &nbsp;&nbsp;62.8 | &nbsp;&nbsp;1.34 | &nbsp;&nbsp;10.5 | &nbsp;&nbsp;9.6 | &nbsp;&nbsp;7.0578 |
| &nbsp;&nbsp;Georgia | &nbsp;&nbsp;23 | &nbsp;&nbsp;55250000 | &nbsp;&nbsp;10.1 | &nbsp;&nbsp;65.0 | &nbsp;&nbsp;65.0 | &nbsp;&nbsp;1.45 | &nbsp;&nbsp;10.2 | &nbsp;&nbsp;9.7 | &nbsp;&nbsp;6.6149 |
| &nbsp;&nbsp;Missouri | &nbsp;&nbsp;10 | &nbsp;&nbsp;50000000 | &nbsp;&nbsp;9.2 | &nbsp;&nbsp;67.7 | &nbsp;&nbsp;67.7 | &nbsp;&nbsp;1.36 | &nbsp;&nbsp;9.9 | &nbsp;&nbsp;9.6 | &nbsp;&nbsp;6.9900 |
| &nbsp;&nbsp;Nebraska | &nbsp;&nbsp;1 | &nbsp;&nbsp;49000000 | &nbsp;&nbsp;9.0 | &nbsp;&nbsp;53.3 | &nbsp;&nbsp;50.8 | &nbsp;&nbsp;2.20 | &nbsp;&nbsp;19.8 | &nbsp;&nbsp;18.4 | &nbsp;&nbsp;7.4780 |
| &nbsp;&nbsp;Pennsylvania | &nbsp;&nbsp;1 | &nbsp;&nbsp;28250000 | &nbsp;&nbsp;5.2 | &nbsp;&nbsp;65.9 | &nbsp;&nbsp;65.9 | &nbsp;&nbsp;1.57 | &nbsp;&nbsp;11.9 | &nbsp;&nbsp;11.2 | &nbsp;&nbsp;7.0070 |
| &nbsp;&nbsp;Other<sup>(3)</sup> | &nbsp;&nbsp;15 | &nbsp;&nbsp;114821875 | &nbsp;&nbsp;21.0 | &nbsp;&nbsp;58.6 | &nbsp;&nbsp;57.6 | &nbsp;&nbsp;2.06 | &nbsp;&nbsp;15.1 | &nbsp;&nbsp;14.1 | &nbsp;&nbsp;6.6871 |
| &nbsp;&nbsp;**Total/Weighted Average:** |  | &nbsp;&nbsp;**$546254993** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**62.8%** | &nbsp;&nbsp;**62.4%** | &nbsp;&nbsp;**1.66x** | &nbsp;&nbsp;**12.3%** | &nbsp;&nbsp;**11.7%** | &nbsp;&nbsp;**6.7897%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The mortgaged properties are located in 19 states.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Because this
table presents information relating to the mortgaged properties and not the mortgage loans, the information for mortgage loans secured
by more than one mortgaged property is based on allocated loan amounts (allocating the principal balance of the mortgage loan to each
of those properties according to the relative appraised values of the mortgaged properties or the allocated loan amounts or property-specific
release prices set forth in the related mortgage loan documents or such other allocation as the related mortgage loan seller deemed appropriate).
With respect to any mortgage loan that is part of a whole loan, the loan-to-value ratio, debt service coverage ratio and debt yield calculations
include the related *pari passu* companion loan(s) but exclude any related subordinate companion loan(s) (unless otherwise stated).
With respect to each mortgage loan, debt service coverage ratio, debt yield and loan-to-value ratio information do not take into account
any subordinate debt (whether or not secured by the related mortgaged property) that currently exists or is allowed under the terms of
such mortgage loan. See Annex A-1 to the Preliminary Prospectus.

(3) Includes 12 other states.

---

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

---

---

| | |
|:---|:---|
| **Wells Fargo Commercial Mortgage Trust 2026-5C10** | Characteristics of the Mortgage Pool |

---

G. <u>Characteristics of the Mortgage Pool</u> <sup>(1)</sup>

---

| | | | |
|:---|:---|:---|:---|
| **CUT-OFF DATE BALANCE** | **CUT-OFF DATE BALANCE** | **CUT-OFF DATE BALANCE** | **CUT-OFF DATE BALANCE** |
| &nbsp;&nbsp;**Range of Cut-off Date<br> Balances ($)** | &nbsp;&nbsp;**Number of<br> Mortgage<br> Loans** | &nbsp;&nbsp;**Aggregate <br> Cut-off Date Balance ($)** | &nbsp;&nbsp;**Percent by<br> Aggregate<br> Cut-off Date<br> Pool Balance (%)** |
| &nbsp;&nbsp;2600000 - 6000000 | &nbsp;&nbsp;4 | &nbsp;&nbsp;$16650000 | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;6000001 - 7000000 | &nbsp;&nbsp;5 | &nbsp;&nbsp;31721875 | &nbsp;&nbsp;5.8 |
| &nbsp;&nbsp;7000001 - 10000000 | &nbsp;&nbsp;5 | &nbsp;&nbsp;41910000 | &nbsp;&nbsp;7.7 |
| &nbsp;&nbsp;10000001 - 15000000 | &nbsp;&nbsp;1 | &nbsp;&nbsp;12000000 | &nbsp;&nbsp;2.2 |
| &nbsp;&nbsp;15000001 - 20000000 | &nbsp;&nbsp;4 | &nbsp;&nbsp;73123118 | &nbsp;&nbsp;13.4 |
| &nbsp;&nbsp;20000001 - 50000000 | &nbsp;&nbsp;10 | &nbsp;&nbsp;370850000 | &nbsp;&nbsp;67.9 |
| &nbsp;&nbsp;**Total:** | &nbsp;&nbsp;**29** | &nbsp;&nbsp;**$546254993** | &nbsp;&nbsp;**100.0%** |
| &nbsp;&nbsp;**Average:** | &nbsp;&nbsp;**$18836379** |  |  |
| **UNDERWRITTEN NOI DEBT SERVICE COVERAGE RATIO** | **UNDERWRITTEN NOI DEBT SERVICE COVERAGE RATIO** | **UNDERWRITTEN NOI DEBT SERVICE COVERAGE RATIO** | **UNDERWRITTEN NOI DEBT SERVICE COVERAGE RATIO** |
| &nbsp;&nbsp;**Range of U/W NOI<br> DSCRs (x)** | &nbsp;&nbsp;**Number of<br> Mortgage<br> Loans** | &nbsp;&nbsp;**Aggregate <br> Cut-off Date Balance ($)** | &nbsp;&nbsp;**Percent by<br> Aggregate<br> Cut-off Date<br> Pool Balance (%)** |
| &nbsp;&nbsp;1.21 - 1.30 | &nbsp;&nbsp;5 | &nbsp;&nbsp;$82950000 | &nbsp;&nbsp;15.2% |
| &nbsp;&nbsp;1.31 - 1.50 | &nbsp;&nbsp;10 | &nbsp;&nbsp;148973118 | &nbsp;&nbsp;27.3 |
| &nbsp;&nbsp;1.51 - 1.70 | &nbsp;&nbsp;6 | &nbsp;&nbsp;100981875 | &nbsp;&nbsp;18.5 |
| &nbsp;&nbsp;1.71 - 1.90 | &nbsp;&nbsp;2 | &nbsp;&nbsp;52600000 | &nbsp;&nbsp;9.6 |
| &nbsp;&nbsp;1.91 - 2.25 | &nbsp;&nbsp;3 | &nbsp;&nbsp;91750000 | &nbsp;&nbsp;16.8 |
| &nbsp;&nbsp;2.26 - 3.00 | &nbsp;&nbsp;2 | &nbsp;&nbsp;57000000 | &nbsp;&nbsp;10.4 |
| &nbsp;&nbsp;3.01 - 5.15 | &nbsp;&nbsp;1 | &nbsp;&nbsp;12000000 | &nbsp;&nbsp;2.2 |
| &nbsp;&nbsp;**Total:** | &nbsp;&nbsp;**29** | &nbsp;&nbsp;**$546254993** | &nbsp;&nbsp;**100.0%** |
| &nbsp;&nbsp;**Weighted Average:** | &nbsp;&nbsp;**1.75x** |  |  |
| **UNDERWRITTEN NOI DEBT YIELD** | **UNDERWRITTEN NOI DEBT YIELD** | **UNDERWRITTEN NOI DEBT YIELD** | **UNDERWRITTEN NOI DEBT YIELD** |
| &nbsp;&nbsp;**Range of U/W NOI<br> Debt Yields (%)** | &nbsp;&nbsp;**Number of<br> Mortgage<br> Loans** | &nbsp;&nbsp;**Aggregate <br> Cut-off Date Balance ($)** | &nbsp;&nbsp;**Percent by<br> Aggregate<br> Cut-off Date<br> Pool Balance (%)** |
| &nbsp;&nbsp;7.0 - 10.0 | &nbsp;&nbsp;12 | &nbsp;&nbsp;$209473118 | &nbsp;&nbsp;38.3% |
| &nbsp;&nbsp;10.1 - 11.0 | &nbsp;&nbsp;4 | &nbsp;&nbsp;71450000 | &nbsp;&nbsp;13.1 |
| &nbsp;&nbsp;11.1 - 12.0 | &nbsp;&nbsp;6 | &nbsp;&nbsp;76981875 | &nbsp;&nbsp;14.1 |
| &nbsp;&nbsp;12.1 - 13.0 | &nbsp;&nbsp;1 | &nbsp;&nbsp;27600000 | &nbsp;&nbsp;5.1 |
| &nbsp;&nbsp;13.1 - 16.0 | &nbsp;&nbsp;2 | &nbsp;&nbsp;66750000 | &nbsp;&nbsp;12.2 |
| &nbsp;&nbsp;16.1 - 26.9 | &nbsp;&nbsp;4 | &nbsp;&nbsp;94000000 | &nbsp;&nbsp;17.2 |
| &nbsp;&nbsp;**Total:** | &nbsp;&nbsp;**29** | &nbsp;&nbsp;**$546254993** | &nbsp;&nbsp;**100.0%** |
| &nbsp;&nbsp;**Weighted Average:** | &nbsp;&nbsp;**12.3%** |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| <br> **LOAN PURPOSE** | <br> **LOAN PURPOSE** | <br> **LOAN PURPOSE** | <br> **LOAN PURPOSE** |
| &nbsp;&nbsp;**Loan Purpose** | &nbsp;&nbsp;**Number of<br> Mortgage<br> Loans** | &nbsp;&nbsp;**Aggregate <br> Cut-off Date Balance ($)** | &nbsp;&nbsp;**Percent by<br> Aggregate<br> Cut-off Date<br> Pool Balance (%)** |
| &nbsp;&nbsp;Refinance | &nbsp;&nbsp;27 | &nbsp;&nbsp;$531683118 | &nbsp;&nbsp;97.3% |
| &nbsp;&nbsp;Acquisition | &nbsp;&nbsp;2 | &nbsp;&nbsp;14571875 | &nbsp;&nbsp;2.7 |
| &nbsp;&nbsp;**Total:** | &nbsp;&nbsp;**29** | &nbsp;&nbsp;**$546254993** | &nbsp;&nbsp;**100.0%** |
| **MORTGAGE RATE** | **MORTGAGE RATE** | **MORTGAGE RATE** | **MORTGAGE RATE** |
| &nbsp;&nbsp;**Range of Mortgage <br> Rates (%)** | &nbsp;&nbsp;**Number of<br> Mortgage<br> Loans** | &nbsp;&nbsp;**Aggregate <br> Cut-off Date Balance ($)** | &nbsp;&nbsp;**Percent by<br> Aggregate<br> Cut-off Date<br> Pool Balance (%)** |
| &nbsp;&nbsp;5.1600 - 5.7500 | &nbsp;&nbsp;2 | &nbsp;&nbsp;$48000000 | &nbsp;&nbsp;8.8% |
| &nbsp;&nbsp;5.7501 - 6.5000 | &nbsp;&nbsp;4 | &nbsp;&nbsp;53850000 | &nbsp;&nbsp;9.9 |
| &nbsp;&nbsp;6.5001 - 6.7500 | &nbsp;&nbsp;8 | &nbsp;&nbsp;110381875 | &nbsp;&nbsp;20.2 |
| &nbsp;&nbsp;6.7501 - 7.0000 | &nbsp;&nbsp;6 | &nbsp;&nbsp;123050000 | &nbsp;&nbsp;22.5 |
| &nbsp;&nbsp;7.0001 - 7.2500 | &nbsp;&nbsp;6 | &nbsp;&nbsp;115623118 | &nbsp;&nbsp;21.2 |
| &nbsp;&nbsp;7.2501 - 7.4780 | &nbsp;&nbsp;3 | &nbsp;&nbsp;95350000 | &nbsp;&nbsp;17.5 |
| &nbsp;&nbsp;**Total:** | &nbsp;&nbsp;**29** | &nbsp;&nbsp;**$546254993** | &nbsp;&nbsp;**100.0%** |
| &nbsp;&nbsp;**Weighted Average:** | &nbsp;&nbsp;**6.7897%** |  |  |
| **UNDERWRITTEN NCF DEBT SERVICE COVERAGE RATIO** | **UNDERWRITTEN NCF DEBT SERVICE COVERAGE RATIO** | **UNDERWRITTEN NCF DEBT SERVICE COVERAGE RATIO** | **UNDERWRITTEN NCF DEBT SERVICE COVERAGE RATIO** |
| &nbsp;&nbsp;**Range of U/W NCF<br> DSCRs (x)** | &nbsp;&nbsp;**Number of<br> Mortgage<br> Loans** | &nbsp;&nbsp;**Aggregate <br> Cut-off Date Balance ($)** | &nbsp;&nbsp;**Percent by<br> Aggregate<br> Cut-off Date<br> Pool Balance (%)** |
| &nbsp;&nbsp;1.20 - 1.25 | &nbsp;&nbsp;2 | &nbsp;&nbsp;$69000000 | &nbsp;&nbsp;12.6% |
| &nbsp;&nbsp;1.26 - 1.30 | &nbsp;&nbsp;6 | &nbsp;&nbsp;47273118 | &nbsp;&nbsp;8.7 |
| &nbsp;&nbsp;1.31 - 1.50 | &nbsp;&nbsp;9 | &nbsp;&nbsp;192250000 | &nbsp;&nbsp;35.2 |
| &nbsp;&nbsp;1.51 - 1.70 | &nbsp;&nbsp;6 | &nbsp;&nbsp;76981875 | &nbsp;&nbsp;14.1 |
| &nbsp;&nbsp;1.71 - 1.90 | &nbsp;&nbsp;1 | &nbsp;&nbsp;18750000 | &nbsp;&nbsp;3.4 |
| &nbsp;&nbsp;1.91 - 2.25 | &nbsp;&nbsp;3 | &nbsp;&nbsp;122000000 | &nbsp;&nbsp;22.3 |
| &nbsp;&nbsp;2.26 - 4.87 | &nbsp;&nbsp;2 | &nbsp;&nbsp;20000000 | &nbsp;&nbsp;3.7 |
| &nbsp;&nbsp;**Total:** | &nbsp;&nbsp;**29** | &nbsp;&nbsp;**$546254993** | &nbsp;&nbsp;**100.0%** |
| &nbsp;&nbsp;**Weighted Average:** | &nbsp;&nbsp;**1.66x** |  |  |
| **UNDERWRITTEN NCF DEBT YIELD** | **UNDERWRITTEN NCF DEBT YIELD** | **UNDERWRITTEN NCF DEBT YIELD** | **UNDERWRITTEN NCF DEBT YIELD** |
| &nbsp;&nbsp;**Range of U/W NCF<br> Debt Yields (%)** | &nbsp;&nbsp;**Number of<br> Mortgage<br> Loans** | &nbsp;&nbsp;**Aggregate <br> Cut-off Date Balance ($)** | &nbsp;&nbsp;**Percent by<br> Aggregate<br> Cut-off Date<br> Pool Balance (%)** |
| &nbsp;&nbsp; 6.9 - 9.0 | &nbsp;&nbsp;8 | &nbsp;&nbsp;$128100000 | &nbsp;&nbsp;23.5% |
| &nbsp;&nbsp; 9.1 - 10.0 | &nbsp;&nbsp;7 | &nbsp;&nbsp;142823118 | &nbsp;&nbsp;26.1 |
| &nbsp;&nbsp;10.1 - 12.0 | &nbsp;&nbsp;8 | &nbsp;&nbsp;114581875 | &nbsp;&nbsp;21.0 |
| &nbsp;&nbsp;12.1 - 14.0 | &nbsp;&nbsp;1 | &nbsp;&nbsp;18750000 | &nbsp;&nbsp;3.4 |
| &nbsp;&nbsp;14.1 - 16.0 | &nbsp;&nbsp;2 | &nbsp;&nbsp;73000000 | &nbsp;&nbsp;13.4 |
| &nbsp;&nbsp;16.1 - 20.0 | &nbsp;&nbsp;1 | &nbsp;&nbsp;49000000 | &nbsp;&nbsp;9.0 |
| &nbsp;&nbsp;20.1 - 25.5 | &nbsp;&nbsp;2 | &nbsp;&nbsp;20000000 | &nbsp;&nbsp;3.7 |
| &nbsp;&nbsp;**Total:** | &nbsp;&nbsp;**29** | &nbsp;&nbsp;**$546254993** | &nbsp;&nbsp;**100.0%** |
| &nbsp;&nbsp;**Weighted Average:** | &nbsp;&nbsp;**11.7%** |  |  |

---

(1) With respect to any mortgage loan that is part of a whole loan, the loan-to-value ratio, debt service
coverage ratio and debt yield calculations include the related *pari passu* companion loan(s) but exclude any related subordinate
companion loan(s) (unless otherwise stated). With respect to each mortgage loan, debt service coverage ratio, debt yield and loan-to-value
ratio information do not take into account any subordinate debt (whether or not secured by the related mortgaged property) that currently
exists or is allowed under the terms of such mortgage loan. See Annex A-1 to the Preliminary Prospectus. Prepayment provisions for each
mortgage loan reflects the entire life of the loan (from origination to maturity) and may be currently prepayable.

---

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

---

---

| | |
|:---|:---|
| **Wells Fargo Commercial Mortgage Trust 2026-5C10** | Characteristics of the Mortgage Pool |

---

---

| | | | |
|:---|:---|:---|:---|
| **ORIGINAL TERM TO MATURITY** | **ORIGINAL TERM TO MATURITY** | **ORIGINAL TERM TO MATURITY** | **ORIGINAL TERM TO MATURITY** |
| &nbsp;&nbsp;**Original Terms to<br> Maturity (months)** | &nbsp;&nbsp;**Number of<br> Mortgage<br> Loans** | &nbsp;&nbsp;**Aggregate Cut-<br> off Date Balance** | &nbsp;&nbsp;**Percent by<br> Aggregate<br> Cut-off Date<br> Pool Balance (%)** |
| &nbsp;&nbsp;60 | &nbsp;&nbsp;28 | &nbsp;&nbsp;$539104993 | &nbsp;&nbsp;98.7% |
| &nbsp;&nbsp;61<sup>(1)</sup> | &nbsp;&nbsp;1 | &nbsp;&nbsp;7150000 | &nbsp;&nbsp;1.3 |
| &nbsp;&nbsp;**Total:** | &nbsp;&nbsp;**29** | &nbsp;&nbsp;**$546254993** | &nbsp;&nbsp;**100.0%** |
| &nbsp;&nbsp;**Weighted Average:** | &nbsp;&nbsp;**60 months** |  |  |
| **REMAINING TERM TO MATURITY** | **REMAINING TERM TO MATURITY** | **REMAINING TERM TO MATURITY** | **REMAINING TERM TO MATURITY** |
| &nbsp;&nbsp;**Range of Remaining<br> Terms to Maturity (months)** | &nbsp;&nbsp;**Number of<br> Mortgage<br> Loans** | &nbsp;&nbsp;**Aggregate Cut-<br> off Date Balance** | &nbsp;&nbsp;**Percent by<br> Aggregate<br> Cut-off Date<br> Pool Balance (%)** |
| &nbsp;&nbsp;55 – 61<sup>(1)</sup> | &nbsp;&nbsp;29 | &nbsp;&nbsp;$546254993 | &nbsp;&nbsp;100.0% |
| &nbsp;&nbsp;**Total:** | &nbsp;&nbsp;**29** | &nbsp;&nbsp;**$546254993** | &nbsp;&nbsp;**100.0%** |
| &nbsp;&nbsp;**Weighted Average:** | &nbsp;&nbsp;**59 months** |  |  |
| **ORIGINAL AMORTIZATION TERM<sup>(2)</sup>** | **ORIGINAL AMORTIZATION TERM<sup>(2)</sup>** | **ORIGINAL AMORTIZATION TERM<sup>(2)</sup>** | **ORIGINAL AMORTIZATION TERM<sup>(2)</sup>** |
| &nbsp;&nbsp;**Original<br> Amortization Terms<br> (months)** | &nbsp;&nbsp;**Number of<br> Mortgage<br> Loans** | &nbsp;&nbsp;**Aggregate Cut-<br> off Date Balance** | &nbsp;&nbsp;**Percent by<br> Aggregate<br> Cut-off Date<br> Pool Balance (%)** |
| &nbsp;&nbsp;Non-Amortizing | &nbsp;&nbsp;25 | &nbsp;&nbsp;$444281875 | &nbsp;&nbsp;81.3% |
| &nbsp;&nbsp;360 | &nbsp;&nbsp;3 | &nbsp;&nbsp;82000000 | &nbsp;&nbsp;15.0 |
| &nbsp;&nbsp;Planned Amortization | &nbsp;&nbsp;1 | &nbsp;&nbsp;19973118 | &nbsp;&nbsp;3.7 |
| &nbsp;&nbsp;**Total:** | &nbsp;&nbsp;**29** | &nbsp;&nbsp;**$546254993** | &nbsp;&nbsp;**100.0%** |
| &nbsp;&nbsp;**Weighted Average<sup>(4)</sup>:** | &nbsp;&nbsp;**360 months** |  |  |
| **REMAINING AMORTIZATION TERM<sup>(3)</sup>** | **REMAINING AMORTIZATION TERM<sup>(3)</sup>** | **REMAINING AMORTIZATION TERM<sup>(3)</sup>** | **REMAINING AMORTIZATION TERM<sup>(3)</sup>** |
| &nbsp;&nbsp;**Range of Remaining Amortization Terms<br> (months)** | &nbsp;&nbsp;**Number of<br> Mortgage<br> Loans** | &nbsp;&nbsp;**Aggregate Cut-<br> off Date Balance** | &nbsp;&nbsp;**Percent by<br> Aggregate<br> Cut-off Date<br> Pool Balance (%)** |
| &nbsp;&nbsp;Non-Amortizing | &nbsp;&nbsp;25 | &nbsp;&nbsp;$444281875 | &nbsp;&nbsp;81.3% |
| &nbsp;&nbsp;360 | &nbsp;&nbsp;3 | &nbsp;&nbsp;82000000 | &nbsp;&nbsp;15.0 |
| &nbsp;&nbsp;Planned Amortization | &nbsp;&nbsp;1 | &nbsp;&nbsp;19973118 | &nbsp;&nbsp;3.7 |
| &nbsp;&nbsp;**Total:** | &nbsp;&nbsp;**29** | &nbsp;&nbsp;**$546254993** | &nbsp;&nbsp;**100.0%** |
| &nbsp;&nbsp;**Weighted Average<sup>(4)</sup>:** | &nbsp;&nbsp;**360 months** |  |  |
| **LOCKBOXES** | **LOCKBOXES** | **LOCKBOXES** | **LOCKBOXES** |
| &nbsp;&nbsp;**Type of Lockbox** | &nbsp;&nbsp;**Number of<br> Mortgage<br> Loans** | &nbsp;&nbsp;**Aggregate Cut-<br> off Date Balance** | &nbsp;&nbsp;**Percent by<br> Aggregate<br> Cut-off Date<br> Pool Balance (%)** |
| &nbsp;&nbsp;Hard / Springing Cash Management | &nbsp;&nbsp;8 | &nbsp;&nbsp;$230250000 | &nbsp;&nbsp;42.2% |
| &nbsp;&nbsp;Springing | &nbsp;&nbsp;15 | &nbsp;&nbsp;164281875 | &nbsp;&nbsp;30.1 |
| &nbsp;&nbsp;Soft / Springing Cash Management | &nbsp;&nbsp;4 | &nbsp;&nbsp;104150000 | &nbsp;&nbsp;19.1 |
| &nbsp;&nbsp;Hard / In Place Cash Management | &nbsp;&nbsp;2 | &nbsp;&nbsp;47573118 | &nbsp;&nbsp;8.7 |
| &nbsp;&nbsp;**Total:** | &nbsp;&nbsp;**29** | &nbsp;&nbsp;**$546254993** | &nbsp;&nbsp;**100.0%** |
| **PREPAYMENT PROVISION SUMMARY** | **PREPAYMENT PROVISION SUMMARY** | **PREPAYMENT PROVISION SUMMARY** | **PREPAYMENT PROVISION SUMMARY** |
| &nbsp;&nbsp;**Prepayment Provision** | &nbsp;&nbsp;**Number of<br> Mortgage<br> Loans** | &nbsp;&nbsp;**Aggregate Cut-<br> off Date Balance** | &nbsp;&nbsp;**Percent by<br> Aggregate<br> Cut-off Date<br> Pool Balance (%)** |
| &nbsp;&nbsp;Lockout / Defeasance / Open | &nbsp;&nbsp;23 | &nbsp;&nbsp;$441581875 | &nbsp;&nbsp;80.8% |
| &nbsp;&nbsp;Lockout / GRTR 1% or YM / Open | &nbsp;&nbsp;5 | &nbsp;&nbsp;84700000 | &nbsp;&nbsp;15.5 |
| &nbsp;&nbsp;Lockout / GRTR 1% or YM / Defeasance or GRTR 1% or YM / Open | &nbsp;&nbsp;1 | &nbsp;&nbsp;19973118 | &nbsp;&nbsp;3.7 |
| &nbsp;&nbsp;**Total:** | &nbsp;&nbsp;**29** | &nbsp;&nbsp;**$546254993** | &nbsp;&nbsp;**100.0%** |

---

---

| | | | |
|:---|:---|:---|:---|
| **CUT-OFF DATE LOAN-TO-VALUE RATIO** | **CUT-OFF DATE LOAN-TO-VALUE RATIO** | **CUT-OFF DATE LOAN-TO-VALUE RATIO** | **CUT-OFF DATE LOAN-TO-VALUE RATIO** |
| &nbsp;&nbsp;**Range of Cut-off <br> Date LTV Ratios (%)** | &nbsp;&nbsp;**Number of<br> Mortgage<br> Loans** | &nbsp;&nbsp;**Aggregate Cut-<br> off Date Balance** | &nbsp;&nbsp;**Percent by<br> Aggregate<br> Cut-off Date<br> Pool Balance (%)** |
| &nbsp;&nbsp;33.3 - 40.0 | &nbsp;&nbsp;1 | &nbsp;&nbsp;$12000000 | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;40.1 - 55.0 | &nbsp;&nbsp;4 | &nbsp;&nbsp;81150000 | &nbsp;&nbsp;14.9 |
| &nbsp;&nbsp;55.1 - 60.0 | &nbsp;&nbsp;5 | &nbsp;&nbsp;70800000 | &nbsp;&nbsp;13.0 |
| &nbsp;&nbsp;60.1 - 65.0 | &nbsp;&nbsp;6 | &nbsp;&nbsp;93583118 | &nbsp;&nbsp;17.1 |
| &nbsp;&nbsp;65.1 - 70.0 | &nbsp;&nbsp;10 | &nbsp;&nbsp;237521875 | &nbsp;&nbsp;43.5 |
| &nbsp;&nbsp;70.1 - 74.8 | &nbsp;&nbsp;3 | &nbsp;&nbsp;51200000 | &nbsp;&nbsp;9.4 |
| &nbsp;&nbsp;**Total:** | &nbsp;&nbsp;**29** | &nbsp;&nbsp;**$546254993** | &nbsp;&nbsp;**100.0%** |
| &nbsp;&nbsp;**Weighted Average:** | &nbsp;&nbsp;**62.8%** |  |  |
| **BALLOON LOAN-TO-VALUE RATIO** | **BALLOON LOAN-TO-VALUE RATIO** | **BALLOON LOAN-TO-VALUE RATIO** | **BALLOON LOAN-TO-VALUE RATIO** |
| &nbsp;&nbsp;**Range of Balloon LTV Ratios (%)** | &nbsp;&nbsp;**Number of<br> Mortgage<br> Loans** | &nbsp;&nbsp;**Aggregate Cut-<br> off Date Balance** | &nbsp;&nbsp;**Percent by<br> Aggregate<br> Cut-off Date<br> Pool Balance (%)** |
| &nbsp;&nbsp;33.3 - 40.0 | &nbsp;&nbsp;1 | &nbsp;&nbsp;$12000000 | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;40.1 - 55.0 | &nbsp;&nbsp;4 | &nbsp;&nbsp;81150000 | &nbsp;&nbsp;14.9 |
| &nbsp;&nbsp;55.1 - 60.0 | &nbsp;&nbsp;5 | &nbsp;&nbsp;70800000 | &nbsp;&nbsp;13.0 |
| &nbsp;&nbsp;60.1 - 65.0 | &nbsp;&nbsp;7 | &nbsp;&nbsp;118583118 | &nbsp;&nbsp;21.7 |
| &nbsp;&nbsp;65.1 - 70.0 | &nbsp;&nbsp;9 | &nbsp;&nbsp;212521875 | &nbsp;&nbsp;38.9 |
| &nbsp;&nbsp;70.1 - 74.8 | &nbsp;&nbsp;3 | &nbsp;&nbsp;51200000 | &nbsp;&nbsp;9.4 |
| &nbsp;&nbsp;**Total:** | &nbsp;&nbsp;**29** | &nbsp;&nbsp;**$546254993** | &nbsp;&nbsp;**100.0%** |
| &nbsp;&nbsp;**Weighted Average:** | &nbsp;&nbsp;**62.4%** |  |  |
| **AMORTIZATION TYPE** | **AMORTIZATION TYPE** | **AMORTIZATION TYPE** | **AMORTIZATION TYPE** |
| &nbsp;&nbsp; **Amortization Type** | &nbsp;&nbsp;**Number of<br> Mortgage<br> Loans** | &nbsp;&nbsp;**Aggregate Cut-<br> off Date Balance** | &nbsp;&nbsp;**Percent by<br> Aggregate<br> Cut-off Date<br> Pool Balance (%)** |
| &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;25 | &nbsp;&nbsp;$444281875 | &nbsp;&nbsp;81.3% |
| &nbsp;&nbsp;Amortizing Balloon | &nbsp;&nbsp;4 | &nbsp;&nbsp;101973118 | &nbsp;&nbsp;18.7 |
| &nbsp;&nbsp;**Total:** | &nbsp;&nbsp;**29** | &nbsp;&nbsp;**$546254993** | &nbsp;&nbsp;**100.0%** |
| **SEASONING** | **SEASONING** | **SEASONING** | **SEASONING** |
| &nbsp;&nbsp; **Seasoning (months)** | &nbsp;&nbsp;**Number of<br> Mortgage<br> Loans** | &nbsp;&nbsp;**Aggregate Cut-<br> off Date Balance** | &nbsp;&nbsp;**Percent by<br> Aggregate<br> Cut-off Date<br> Pool Balance (%)** |
| &nbsp;&nbsp;0 | &nbsp;&nbsp;9 | &nbsp;&nbsp;$210250000 | &nbsp;&nbsp;38.5% |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;13 | &nbsp;&nbsp;188181875 | &nbsp;&nbsp;34.4 |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;83000000 | &nbsp;&nbsp;15.2 |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;4 | &nbsp;&nbsp;44850000 | &nbsp;&nbsp;8.2 |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;1 | &nbsp;&nbsp;19973118 | &nbsp;&nbsp;3.7 |
| &nbsp;&nbsp;**Total:** | &nbsp;&nbsp;**29** | &nbsp;&nbsp;**$546254993** | &nbsp;&nbsp;**100.0%** |
| &nbsp;&nbsp;**Weighted Average:** | &nbsp;&nbsp;**1 month** |  |  |

---

(1) With respect to one (1) mortgage loan (1.3%), the initial payment due date for such mortgage loan occurs after July 2026. On the closing
date, the related mortgage loan seller will contribute an initial interest deposit amount to the issuing entity to cover an amount that
represents one month's interest that would have accrued with respect to such mortgage loan at the related interest rate with respect
to the assumed July 2026 payment date.

(2) The original amortization term shown for any mortgage loan that is interest only for part of its term does not include the number of
months in its interest only period and reflects only the number of months as of the commencement of amortization remaining from the end
of such interest-only period.

(3) The remaining amortization term shown for any mortgage loan that is interest only for part of its term does not include the number of
months in its interest only period and reflects only the number of months as of the commencement of amortization remaining from the end
of such interest-only period.

(4) Excludes the non-amortizing mortgage loans.

---

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

---

---

| | |
|:---|:---|
| **Wells Fargo Commercial Mortgage Trust 2026-5C10** | Certain Terms and Conditions |

---

V. <u>Certain Terms and Conditions</u> 

---

| | |
|:---|:---|
| **Interest Entitlements:** | The interest entitlement of each Class of Certificates (other than the Class R Certificates) on each Distribution Date generally will be the interest accrued during the related Interest Accrual Period on the related Certificate Balance or Notional Amount at the related pass-through rate, net of any prepayment interest shortfalls allocated to that Class for such Distribution Date as described below. If prepayment interest shortfalls arise from voluntary prepayments (without the Master Servicer's consent) on particular non-specially serviced loans during any collection period, the Master Servicer is required to make a compensating interest payment to offset those shortfalls, generally up to an amount equal to the portion of its master servicing fees that accrue at 0.25 basis points *per annum*. The remaining amount of prepayment interest shortfalls will be allocated to reduce the interest entitlement on all Classes of Certificates that are entitled to interest, on a *pro rata* basis, based on their respective amounts of accrued interest for the related Distribution Date. If a Class receives less than the entirety of its interest entitlement on any Distribution Date, then the shortfall (excluding any shortfall due to prepayment interest shortfalls), together with interest thereon, will be added to its interest entitlement for the next succeeding Distribution Date. |
| **Principal Distribution Amount:** | The Principal Distribution Amount for each Distribution Date generally will be the aggregate amount of principal received or advanced in respect of the mortgage loans, net of any non-recoverable advances and interest thereon and workout-delayed reimbursement amounts that are reimbursed to the Master Servicer or the Trustee during the related collection period. Non-recoverable advances and interest thereon are reimbursable from principal collections before reimbursement from other amounts. Workout-delayed reimbursement amounts are reimbursable from principal collections. |
| **Subordination, Allocation of Losses and Certain Expenses** | The chart below describes the manner in which the payment rights of certain Classes of Certificates will be senior or subordinate, as the case may be, to the payment rights of other Classes of Certificates. The chart also shows the corresponding entitlement to receive principal and/or interest of certain Classes of Certificates on any distribution date in descending order. It also shows the manner in which losses are allocated to certain Classes of Certificates in ascending order (beginning with the Non-Offered Certificates, other than the Class X-D, X-E and R Certificates) to reduce the Certificate Balance of each such Class to zero; *provided* that no principal payments or mortgage loan losses will be allocated to the Class X-A, X-B, X-D, X-E or R Certificates, although principal payments and losses may reduce the Notional Amounts of the Class X-A, X-B, X-D and X-E Certificates and, therefore, the amount of interest they accrue. |

---

![](n5926ts_img009.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
Class X-A, X-B, X-D and X-E Certificates are interest-only certificates.

(2) Non-Offered Certificates.

(3) Other than the Class X-D, X-E and R Certificates

---

| | |
|:---|:---|
| **Distributions:** | On each Distribution Date, funds available for distribution from the mortgage loans, net of specified trust fees, expenses and reimbursements will generally be distributed in the following amounts and order of priority (in each case to the extent of remaining available funds):<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp;1. Class A-1, A-2, A-3, X-A, X-B, X-D and X-E Certificates: To interest on the Class A-1, A-2, A-3, X-A, X-B, X-D and X-E Certificates, in respect of interest, up to an amount equal |

---

---

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

---

---

| | |
|:---|:---|
| **Wells Fargo Commercial Mortgage Trust 2026-5C10** | Certain Terms and Conditions |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to, and *pro rata* in accordance with, the interest entitlements for those classes of certificates. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2. Class A-1, A-2 and A-3 Certificates: (i) to the extent of funds allocated to principal and available for distribution: (a) first, to principal on the Class A-1 Certificates, until the Certificate Balance of the Class A-1 certificates has been reduced to zero, (b) second, to principal on the Class A-2 Certificates until the Certificate Balance of the Class A-2 certificates has been reduced to zero, and (c) third, to principal on the Class A-3 Certificates until the Certificate Balance of the Class A-3 certificates has been reduced to zero, or (ii) if the Certificate Balance of each Class of Principal Balance Certificates other than the Class A-1, A-2 and A-3 Certificates, has been reduced to zero as a result of the allocation of mortgage loan losses to those certificates, funds available for distributions of principal on the Certificates will be distributed to the Class A-1, A-2 and A-3 Certificates, *pro rata*, based on their respective outstanding Certificate Balances, until their Certificate Balances have been reduced to zero. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3. Class A-1, A-2 and A-3 Certificates: To reimburse the Class A-1, A-2 and A-3 Certificates, *pro rata*, based upon the aggregate unreimbursed losses previously allocated to each such Class, (i) in an amount equal to any previously unreimbursed losses on the mortgage loans allocable to principal that were previously borne by each such Classes, and (ii) in an amount equal to interest on that amount at the pass-through rate for such Class. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4. Class A-S Certificates: To make distributions on the Class A-S Certificates as follows: (a) to interest on the Class A-S Certificates up to the amount of the interest entitlement for that Class; (b) to the extent of funds allocable to principal remaining after distributions in respect of principal to each Class with a higher priority (as set forth in prior enumerated clauses set forth above), to principal on the Class A-S Certificates until its Certificate Balance has been reduced to zero; and (c) to reimburse the Class A-S Certificates, *first* in an amount equal to any previously unreimbursed losses on the mortgage loans that were previously allocated to that Class and *then* in an amount equal to interest on that amount at the pass-through rate for such Class.<br> &nbsp;&nbsp;&nbsp;&nbsp;5. Class B Certificates: To make distributions on the Class B Certificates as follows: (a) to interest on the Class B Certificates up to the amount of the interest entitlement for that Class; (b) to the extent of funds allocable to principal remaining after distributions in respect of principal to each Class with a higher priority (as set forth in prior enumerated clauses set forth above), to principal on the Class B Certificates until its Certificate Balance has been reduced to zero; and (c) to reimburse the Class B Certificates, *first* in an amount equal to any previously unreimbursed losses on the mortgage loans that were previously allocated to that Class and *then* in an amount equal to interest on that amount at the pass-through rate for such Class.<br> &nbsp;&nbsp;&nbsp;&nbsp;6. Class C Certificates: To make distributions on the Class C Certificates as follows: (a) to interest on the Class C Certificates up to the amount of the interest entitlement for that Class; (b) to the extent of funds allocable to principal remaining after distributions in respect of principal to each Class with a higher priority (as set forth in prior enumerated clauses set forth above), to principal on the Class C Certificates until its Certificate Balance has been reduced to zero; and (c) to reimburse the Class C Certificates, *first* in an amount equal to any previously unreimbursed losses on the mortgage loans that were previously allocated to that Class and *then* in an amount equal to interest on that amount at the pass-through rate for such Class.<br> &nbsp;&nbsp;&nbsp;&nbsp;7. After the Class A-1, A-2, A-3, A-S, B and C Certificates are paid all amounts to which they are entitled, the remaining funds available for distribution will be used to pay interest, principal and loss reimbursement amounts on the Class D, E, F-RR and G-RR Certificates sequentially in that order in a manner analogous to the Class C Certificates.<br> &nbsp;&nbsp;&nbsp;&nbsp;8. To the Class R Certificates, any remaining amounts. |
| **Allocation of Yield Maintenance Charges and Prepayment Premiums:** | If any Yield Maintenance Charge or Prepayment Premium is collected during any particular collection period with respect to any mortgage loan, then on the Distribution Date corresponding to that collection period, the certificate administrator will pay that Yield Maintenance Charge or Prepayment Premium (net of liquidation fees payable therefrom) in the following manner:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to each class of the Class A-1, A-2, A-3, A-S, B, C and D Certificates, the product of (a) such Yield Maintenance Charge or Prepayment Premium, (b) the related Base Interest Fraction (as defined in the Preliminary Prospectus) for such Class and the applicable principal prepayment, and (c) a fraction, the numerator of which is equal to the amount of principal distributed to such Class for that Distribution Date, and the denominator of which is the total amount of principal distributed to the Class A-1, A-2, A-3, A-S, B, C, D, E, F-RR and G-RR Certificates for that Distribution Date, |

---

---

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

---

---

| | |
|:---|:---|
| **Wells Fargo Commercial Mortgage Trust 2026-5C10** | Certain Terms and Conditions |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to the Class X-A Certificates, the excess, if any, of (a) the product of (i) such Yield Maintenance Charge or Prepayment Premium and (ii) a fraction, the numerator of which is equal to the total amount of principal distributed to the Class A-1, A-2 and A-3 Certificates for that Distribution Date, and the denominator of which is the total amount of principal distributed to the Class A-1, A-2, A-3, A-S, B, C, D, E, F-RR and G-RR Certificates for that Distribution Date, over (b) the total amount of such Yield Maintenance Charge or Prepayment Premium distributed to the Class A-1, A-2 and A-3 Certificates as described above,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) to the holders of the Class X-B Certificates, the excess, if any, of (a) the product of (i) such Yield Maintenance Charge or Prepayment Premium and (ii) a fraction, the numerator of which is equal to the total amount of principal distributed to the Class A-S, B and C Certificates for that Distribution Date, and the denominator of which is the total amount of principal distributed to the Class A-1, A-2, A-3, A-S, B, C, D, E, F-RR and G-RR Certificates for that Distribution Date, over (b) the total amount of such Yield Maintenance Charge or Prepayment Premium distributed to the Class A-S, B and C Certificates as described above, and<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) to the Class X-D Certificates, any remaining portion of such Yield Maintenance Charge or Prepayment Premium not distributed as described above;<br> *provided, however*, that after the Certificate Balances of the Class A-1, A-2, A-3, A-S, B, C and D Certificates have been reduced to zero, all prepayment premiums and yield maintenance charges with respect to the mortgage loans will be allocated among the holders of the Class E, F-RR and G-RR Certificates as provided in the WFCM 2026-5C10 pooling and servicing agreement.<br> No Prepayment Premiums or Yield Maintenance Charges will be distributed to the holders of the Class X-E or R Certificates. For a description of when Prepayment Premiums and Yield Maintenance Charges are generally required on the mortgage loans, see Annex A-1 to the Preliminary Prospectus. See also "*Risk Factors—Risks Relating to the Mortgage Loans—Risks Relating to Enforceability of Yield Maintenance Charges, Prepayment Premiums or Defeasance Provisions*" and "*Risk Factors—Other Risks Relating to the Certificates—Your Yield May Be Affected by Defaults, Prepayments and Other Factors*" in the Preliminary Prospectus. Prepayment Premiums and Yield Maintenance Charges will be distributed on each Distribution Date only to the extent they are actually received on the mortgage loans as of the related Determination Date. |
| **Realized Losses:** | The Certificate Balances of the Class A-1, A-2, A-3, A-S, B, C, D, E, F-RR and G-RR Certificates will be reduced without distribution on any Distribution Date as a write-off to the extent of any losses realized on the mortgage loans allocated to such Class on such Distribution Date. Such losses will be applied in the following order, in each case until the related Certificate Balance is reduced to zero: first, to the Class G-RR Certificates; second, to the Class F-RR Certificates; third, to the Class E Certificates; fourth, to the Class D Certificates; fifth, to the Class C Certificates; sixth, to the Class B Certificates; seventh, to the Class A-S Certificates; and, finally, *pro rata*, to the Class A-1, A-2 and A-3 Certificates based on their outstanding Certificate Balances.<br> The Notional Amount of the Class X-A Certificates will be reduced by the amount of all losses that are allocated to the Class A-1, A-2 and A-3 Certificates as write-offs in reduction of their Certificate Balances. The Notional Amount of the Class X-B Certificates will be reduced by the amount of all losses that are allocated to the Class A-S, B and C Certificates as write-offs in reduction of their Certificate Balances. |
| **P&I Advances:** | The Master Servicer or, if the Master Servicer fails to do so, the Trustee, will be obligated to advance delinquent debt service payments (other than balloon payments and default interest) and assumed debt service payments on mortgage loans with delinquent balloon payments (excluding any related companion loan), except to the extent any such advance is deemed non-recoverable from collections on the related mortgage loan. In addition, if an Appraisal Reduction Amount exists for a given mortgage loan, the interest portion of any P&I Advance for such mortgage loan will be reduced, which will have the effect of reducing the amount of interest available for distribution to the Certificates in reverse alphabetical order of their Class designations (except that interest payments on the Class A-1, A-2, A-3, X-A, X-B, X-D and X-E Certificates would be affected on a *pari passu* basis).<br> The Special Servicer will not be required to make any P&I Advance or any recoverability determination with respect to any P&I Advance. |
| **Servicing Advances:** | The Master Servicer or, if the Master Servicer fails to do so, the Trustee, will be obligated to make servicing advances, including the payment of delinquent property taxes, insurance premiums and ground rent, except to the extent that those advances are deemed non-recoverable from |

---

---

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

---

---

| | |
|:---|:---|
| **Wells Fargo Commercial Mortgage Trust 2026-5C10** | Certain Terms and Conditions |

---

---

| | |
|:---|:---|
|  | collections on the related mortgage loan. The Master Servicer or the Trustee, as applicable, will have the primary obligation to make any required servicing advances with respect to any serviced whole loan. With respect to any non-serviced whole loan, the master servicer or trustee, as applicable, under the related lead securitization servicing agreement will have the primary obligation to make any required servicing advances with respect to such non-serviced whole loan. |
| **Appraisal Reduction**<br> **Amounts and Collateral Deficiency Amounts:** | An "Appraisal Reduction Amount" generally will be created in the amount, if any, by which the principal balance of a required appraisal loan (which is a mortgage loan (other than a non-serviced mortgage loan) with respect to which certain defaults, modifications or insolvency events have occurred as further described in the Preliminary Prospectus) plus other amounts overdue or advanced in connection with such mortgage loan exceeds 90% of the appraised value of the related mortgaged property plus certain escrows and reserves (including letters of credit) held with respect to the mortgage loan. With respect to any serviced whole loan, any Appraisal Reduction Amount will be allocated first to the related subordinate companion loan(s), if any, and then, *pro rata*, to the related mortgage loan and the related *pari passu* companion loan(s). With respect to any non-serviced mortgage loan, appraisal reduction amounts are expected to be calculated in a similar manner under the related non-serviced pooling and servicing agreement.<br> A mortgage loan will cease to be a required appraisal loan when the same has ceased to be a specially serviced loan (if applicable), has been brought current for at least three consecutive months and no other circumstances exist that would cause such mortgage loan to be a required appraisal loan.<br> A "Collateral Deficiency Amount" will exist with respect to any mortgage loan that is modified into an AB loan structure and remains a corrected mortgage loan and will generally equal the excess of (i) the stated principal balance of such AB modified loan (taking into account the related junior note(s) and any *pari passu* notes included therein), over (ii) the sum of (in the case of a whole loan, solely to the extent allocable to the subject mortgage loan) (x) the most recent appraised value of the related mortgaged property plus (y) solely to the extent not reflected or taken into account in such appraised value (or in the calculation of any related Appraisal Reduction Amount) and to the extent on deposit with, or otherwise under the control of, the lender as of the date of such determination, any capital or additional collateral contributed by the related borrower at the time the mortgage loan (and as part of the modification thereto) became an AB modified loan plus (z) any other escrows or reserves (in addition to any amounts set forth in the immediately preceding clause (y) and solely to the extent not reflected or taken into account in the calculation of any related Appraisal Reduction Amount) held by the lender with respect to the mortgage loan as of the date of such determination.<br> A "Cumulative Appraisal Reduction Amount" with respect to any mortgage loan will be the sum of any Appraisal Reduction Amount and any Collateral Deficiency Amount.<br> Appraisal Reduction Amounts will affect the amount of debt service advances in respect of the related mortgage loan. Additionally, Cumulative Appraisal Reduction Amounts will be taken into account in the determination of the identity of the Class whose majority constitutes the "controlling class certificateholder" and is entitled to appoint the directing certificateholder. |
| **Clean-Up Call and Exchange**<br> **Termination:** | On each Distribution Date occurring after the aggregate unpaid principal balance of the pool of mortgage loans is less than 1.0% of the principal balance of the mortgage loans as of the Cut-Off Date, certain specified persons will have the option to purchase all of the remaining mortgage loans (and the trust's interest in all property acquired through exercise of remedies in respect of any mortgage loan) at the price specified in the Preliminary Prospectus. Exercise of the option will terminate the trust and retire the then-outstanding Certificates.<br> If the aggregate Certificate Balances of each of the Class A-1, A-2, A-3, A-S, B, C and D Certificates have been reduced to zero, the trust may also be terminated in connection with an exchange of all the then-outstanding Certificates (other than the Class R Certificates) for the mortgage loans and REO properties then remaining in the issuing entity, subject to payment of a price specified in the Preliminary Prospectus, but all of the holders of those outstanding Classes of Certificates (other than the Class R Certificates) would have to voluntarily participate in the exchange. |
| **Liquidation Loan Waterfall:** | Following the liquidation of any mortgage loan or mortgaged property, the net liquidation proceeds generally will be applied (after reimbursement of advances and certain trust fund expenses), first, as a recovery of accrued interest, other than delinquent interest that was not advanced as a result of Appraisal Reduction Amounts, second, as a recovery of principal until all principal has been recovered, and then as a recovery of delinquent interest that was not advanced as a result of Appraisal Reduction Amounts. Please see "*Description of the Certificates—Distributions—Application Priority of Mortgage Loan Collections or Whole Loan Collections*" in the Preliminary Prospectus. |
| **Control Eligible Certificates:** | The Class F-RR and G-RR Certificates. |

---

---

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

---

---

| | |
|:---|:---|
| **Wells Fargo Commercial Mortgage Trust 2026-5C10** | Certain Terms and Conditions |

---

---

| | |
|:---|:---|
| **Directing Certificateholder/ Controlling Class:** | A directing certificateholder may be appointed by the "controlling class certificateholder", which will be the holder(s) of a majority of the Controlling Class.<br> The "Controlling Class" will be, as of any time of determination, the most subordinate Class of Control Eligible Certificates then outstanding that has an aggregate Certificate Balance (as notionally reduced by any Cumulative Appraisal Reduction Amounts allocable to such Class(es)) at least equal to 25% of the initial Certificate Balance of that Class; *provided*, *however*, that if at any time the Certificate Balances of the Certificates other than the Control Eligible Certificates have been reduced to zero as a result of principal payments on the Mortgage Loans, then the Controlling Class will be the most subordinate Class of Control Eligible Certificates that has a Certificate Balance greater than zero without regard to any Cumulative Appraisal Reduction Amounts. The Controlling Class as of the Closing Date will be the Class G-RR Certificates. |
| **Control and Consultation:** | The rights of various parties to replace the Special Servicer and approve or consult with respect to major actions of the Special Servicer will vary according to defined periods.<br> A "Control Termination Event" will occur when there is no Class of Control Eligible Certificates that has a Certificate Balance (taking into account the application of any Cumulative Appraisal Reduction Amounts to notionally reduce the Certificate Balance of such Class) at least equal to 25% of the initial Certificate Balance of that Class; *provided* that a Control Termination Event will not be deemed continuing in the event that the Certificate Balances of the Certificates other than the Control Eligible Certificates have been reduced to zero as a result of principal payments on the mortgage loans.<br> A "Consultation Termination Event" will occur when there is no Class of Control Eligible Certificates that has a then-outstanding Certificate Balance at least equal to 25% of the initial Certificate Balance of that Class, in each case, without regard to the application of any Cumulative Appraisal Reduction Amounts; *provided* that a Consultation Termination Event will not be deemed continuing in the event that the Certificate Balances of the Certificates other than the Control Eligible Certificates have been reduced to zero as a result of principal payments on the mortgage loans.<br> If no Control Termination Event has occurred and is continuing, except with respect to the Excluded Loans (as defined below) (i) the directing certificateholder will be entitled to grant or withhold approval of asset status reports prepared, and material servicing actions proposed, by the Special Servicer, and (ii) the directing certificateholder will be entitled to terminate and replace the Special Servicer with or without cause, and appoint itself or another person as the successor special servicer. It will be a condition to such appointment that Fitch, Morningstar DBRS and Moody's (and any rating agency rating any securities backed by any *pari passu* companion loan(s) serviced under this transaction) confirm that the appointment would not result in a qualification, downgrade or withdrawal of any of their then-current ratings of Certificates (and any certificates backed by any *pari passu* companion loan(s) serviced under this transaction).<br> If a Control Termination Event has occurred and is continuing but no Consultation Termination Event has occurred and is continuing, the Special Servicer will be required to consult with the directing certificateholder (other than with respect to Excluded Loans) and the Operating Advisor in connection with asset status reports and material special servicing actions.<br> If a Consultation Termination Event has occurred and is continuing, the Special Servicer must seek to consult with the Operating Advisor in connection with asset status reports and material special servicing actions, and, in general, no directing certificateholder will be recognized or have any right to terminate the Special Servicer or approve, direct or consult with respect to servicing matters.<br> With respect to each serviced whole loan, the rights of the directing certificateholder described above will be subject to the consultation rights of the holders of the related *pari passu* companion loans. Those consultation rights will generally extend to asset status reports and material special servicing actions involving the related whole loan, will be as set forth in the related intercreditor agreement, and will be in addition to the rights of the directing certificateholder in this transaction described above.<br> With respect to each non-serviced whole loan, the applicable servicing agreement for the related controlling *pari passu* companion loan(s) generally grants (or will grant) the directing certificateholder under the related securitization (or, in some cases, a controlling companion loan holder) control rights that may include the right to approve or disapprove various material servicing actions involving the related whole loan. The directing certificateholder for this securitization (so long as no Consultation Termination Event has occurred and is occurring) generally will nonetheless have the right to be consulted on a non-binding basis with respect to such actions. For purposes of the servicing of any such whole loan contemplated by this paragraph, the occurrence and continuance of a Control Termination Event or Consultation Termination Event under this securitization will not limit the control or other rights of the directing |

---

---

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

---

---

| | |
|:---|:---|
| **Wells Fargo Commercial Mortgage Trust 2026-5C10** | Certain Terms and Conditions |

---

---

| | |
|:---|:---|
|  | certificateholder (or equivalent) under the securitization of the related controlling *pari passu* companion loan(s).<br> The control rights and consent and consultation rights described in the preceding paragraphs are subject to various limitations, conditions and exceptions as described in the Preliminary Prospectus.<br> Notwithstanding any contrary description set forth above, in the event that, with respect to any mortgage loan, the controlling class certificateholder or the directing certificateholder is a Borrower Party, the controlling class certificateholder and the directing certificateholder will have no right to receive asset status reports or such other information as may be specified in the WFCM 2026-5C10 pooling and servicing agreement, to grant or withhold approval of, or consult with respect to, asset status reports prepared, and material servicing actions proposed, by the Special Servicer, with respect to such mortgage loan, and such mortgage loan will be referred to as an "Excluded Loan" as to such party.<br> In addition, notwithstanding any contrary description set forth above, in the event that, with respect to any mortgage loan, a controlling class certificateholder is a Borrower Party, such controlling class certificateholder will have no right to receive asset status reports or such other information as may be specified in the WFCM 2026-5C10 pooling and servicing agreement with respect to such mortgage loan.<br> "Borrower Party" means a borrower, a mortgagor or a manager of a mortgaged property, an Accelerated Mezzanine Loan Lender, or any Borrower Party Affiliate. "Accelerated Mezzanine Loan Lender" means a mezzanine lender under a mezzanine loan that has been accelerated or as to which foreclosure or enforcement proceedings have been commenced against the equity collateral pledged to secure such mezzanine loan. "Borrower Party Affiliate" means, with respect to a borrower, a mortgagor, a manager of a mortgaged property or an Accelerated Mezzanine Loan Lender, (x) any other person controlling or controlled by or under common control with such borrower, mortgagor, manager or Accelerated Mezzanine Loan Lender, as applicable, or (y) any other person owning, directly or indirectly, 25% or more of the beneficial interests in such borrower, mortgagor, manager or Accelerated Mezzanine Loan Lender. |
| **Risk Retention Consultation Party:** | A risk retention consultation party may be appointed by the holder or holders of more than 50% of the VRR Interest, by Certificate Balance. The holder of the majority of the VRR Interest will have a continuing right to appoint, remove or replace the risk retention consultation party in its sole discretion. This right may be exercised at any time and from time to time. There is expected to be no initial risk retention consultation party as of the closing date.<br> Notwithstanding any contrary description set forth above, in the event that, with respect to any mortgage loan, the holder of the majority of the VRR Interest or the risk retention consultation party is a Borrower Party, such mortgage loan will be referred to as an "Excluded Loan" as to such party. Except with respect to an Excluded Loan as to such party, the risk retention consultation party will be entitled to consult with the Special Servicer, upon request of the risk retention consultation party, with respect to certain material servicing actions proposed by the Special Servicer. |
| **Replacement of Special Servicer:** | If a Control Termination Event has occurred and is continuing, the Special Servicer may be removed and replaced without cause upon the affirmative direction of certificate owners holding not less than 66-2/3% of a certificateholder quorum, following a proposal from certificate owners holding not less than 25% of the appraisal-reduced voting rights of all Principal Balance Certificates. The certificateholders who initiate a vote on a termination and replacement of the Special Servicer without cause must cause Fitch, Morningstar DBRS and Moody's to confirm the then-current ratings of the Certificates (or decline to review the matter) and cause the payment of the fees and expenses incurred in the replacement. If no Control Termination Event has occurred and is continuing, the Special Servicer may be replaced by the directing certificateholder, subject to Fitch, Morningstar DBRS and Moody's (and any rating agency rating any securities backed by any *pari passu* companion loan(s) serviced under this transaction) confirming the then-current ratings of the Certificates (and any certificates backed by any *pari* passu companion loans serviced under this transaction) or declining to review the matter.<br> In addition, if at any time the Operating Advisor determines, in its sole discretion exercised in good faith, that (i) the Special Servicer is not performing its duties as required under the pooling and servicing agreement in accordance with the Servicing Standard and (ii) the replacement of the Special Servicer would be in the best interest of the certificateholders as a collective whole, then the Operating Advisor will have the right to recommend the replacement of the Special Servicer and will submit its formal recommendation to the Trustee and the Certificate Administrator (along with its rationale, its proposed replacement special servicer and other relevant information justifying its recommendation). |

---

---

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

---

---

| | |
|:---|:---|
| **Wells Fargo Commercial Mortgage Trust 2026-5C10** | Certain Terms and Conditions |

---

---

| | |
|:---|:---|
|  | The Operating Advisor's recommendation to replace the Special Servicer must be confirmed by an affirmative vote of holders of Certificates representing a majority of the aggregate outstanding Certificate Balance of all Principal Balance Certificates whose holders voted on the matter, provided that the holders of Principal Balance Certificates that so voted on the matter (i) hold Principal Balance Certificates representing at least 20% of the outstanding Certificate Balance of all Principal Balance Certificates on an aggregate basis and (ii) consist of at least three certificateholders or certificate owners that are not "risk retention affiliated" with each other. In the event the holders of Principal Balance Certificates evidencing at least a majority of a quorum of certificateholders elect to remove and replace the Special Servicer (which requisite affirmative votes must be received within 180 days of the posting of the notice of the Operating Advisor's recommendation to replace the Special Servicer to the Certificate Administrator's website), the Certificate Administrator will be required to receive a Rating Agency Confirmation from each of the Rating Agencies at that time, and confirmation from the applicable rating agencies that such replacement will not result in the downgrade, withdrawal or qualification of the then-current ratings of any class of any related serviced pari passu companion loan securities. |
| **Excluded Special Servicer:** | In the event that, with respect to any mortgage loan, the Special Servicer is a Borrower Party, the Special Servicer will be required to resign as special servicer of such mortgage loan (referred to as an "excluded special servicer loan"). If no Control Termination Event has occurred and is continuing, the directing certificateholder will be entitled to appoint (and may replace with or without cause) a separate special servicer that is not a Borrower Party (referred to as an "excluded special servicer") with respect to such excluded special servicer loan unless such excluded special servicer loan is also an Excluded Loan. Otherwise, upon resignation of the Special Servicer with respect to an excluded special servicer loan, the resigning Special Servicer will be required to use reasonable efforts to appoint the excluded special servicer. |
| **Appraisal Remedy:** | If the Class of Certificates comprising the Controlling Class loses its status as Controlling Class because of the application of an Appraisal Reduction Amount or Collateral Deficiency Amount, the holders of a majority of the voting rights of such Class may require the Special Servicer to order a second appraisal for any mortgage loan in respect of which an Appraisal Reduction Amount or Collateral Deficiency Amount has been applied. The Special Servicer must thereafter determine whether, based on its assessment of such second appraisal, any recalculation of the Appraisal Reduction Amount or Collateral Deficiency Amount is warranted and, if so warranted, the Special Servicer will recalculate such Appraisal Reduction Amount or Collateral Deficiency Amount. Such Class will not be able to exercise any direction, control, consent and/or similar rights of the Controlling Class unless and until reinstated as the Controlling Class through such determination; and pending such determination, the rights of the Controlling Class will be exercised by the Control Eligible Certificates, if any, that would be the Controlling Class taking into account the subject appraisal reduction amount. |
| **Sale of Defaulted Assets:** | There will be no "fair value" purchase option. Instead, the WFCM 2026-5C10 pooling and servicing agreement will authorize the Special Servicer to sell defaulted mortgage loans serviced by the Special Servicer to the highest bidder in a manner generally similar to sales of REO properties.<br> The sale of a defaulted loan (other than a non-serviced whole loan) for less than par plus accrued interest and certain other fees and expenses owed on the loan will be subject to consent or consultation rights of the directing certificateholder, Operating Advisor and/or Risk Retention Consultation Party, as described in the Preliminary Prospectus. Generally speaking, the holder of a *pari passu* companion loan will have consent and/or consultation rights, as described in the Preliminary Prospectus. If the subject whole loan includes one or more subordinate companion loans, those subordinate companion loans may be included in such sale as well.<br> With respect to any serviced whole loan, if such whole loan becomes a defaulted loan under the WFCM 2026-5C10 pooling and servicing agreement, the Special Servicer will generally be required to sell both the mortgage loan and the related *pari passu* companion loan(s) as a single whole loan. If the subject whole loan includes one or more subordinate companion loans, those subordinate companion loans may be included in such sale as well.<br> With respect to each non-serviced whole loan, the applicable servicing agreement governing the servicing of such whole loan generally provides (or is expected to provide) that, if the related *pari passu* companion loan(s) serviced under such agreement become a defaulted loan under such servicing agreement, then the related special servicer may offer to sell to any person (or may offer to purchase) for cash such whole loan during such time as such applicable *pari passu* companion loan(s) constitutes a defaulted loan under such servicing agreement. Generally speaking, in connection with any such sale, the related special servicer is required to sell both the mortgage loan and the related *pari passu* companion loan(s) as a whole loan. The directing certificateholder for this securitization generally will have consultation rights as the holder of an interest in the related mortgage loan, as described in the Preliminary Prospectus. If the subject whole loan includes one or more subordinate companion loans, those subordinate companion loans may be included in such sale as well. |

---

---

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

---

---

| | |
|:---|:---|
| **Wells Fargo Commercial Mortgage Trust 2026-5C10** | Certain Terms and Conditions |

---

---

| | |
|:---|:---|
|  | The procedures for the sale of any whole loan that becomes a defaulted whole loan, and any associated consultation rights, are subject to various limitations, conditions and exceptions as described in the Preliminary Prospectus. |
| **"As-Is" Appraisals:** | Appraisals must be conducted on an "as-is" basis, and must be no more than 12 months old, for purposes of determining Appraisal Reduction Amounts and market value in connection with REO sales. Required appraisals may consist of updates of prior appraisals. Internal valuations by the Special Servicer are permitted if the principal balance of a mortgage loan is less than $2,000,000. |
| **Operating Advisor:** | The Operating Advisor will have certain review and consultation rights relating to the performance of the Special Servicer and with respect to its actions taken in connection with the resolution and/or liquidation of Specially Serviced Loans. With respect to each mortgage loan (other than a Non-Serviced Mortgage Loan) or serviced whole loan, the Operating Advisor will be responsible for:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● reviewing the actions of the Special Servicer with respect to any Specially Serviced Loan;<br> &nbsp;&nbsp;&nbsp;&nbsp;● reviewing (i) all reports by the Special Servicer made available to Privileged Persons on the Certificate Administrator's website that are relevant to the Operating Advisor's obligations under the pooling and servicing agreement and (ii) each Asset Status Report (as defined in the Preliminary Prospectus) (after the occurrence and during the continuance of an Operating Advisor Consultation Event (as defined below)) and Final Asset Status Report (as defined in the Preliminary Prospectus);<br> &nbsp;&nbsp;&nbsp;&nbsp;● reviewing for accuracy and consistency with the WFCM 2026-5C10 pooling and servicing agreement the mathematical calculations by the special servicer and the corresponding application of the non-discretionary portion of the applicable formulas required to be utilized in connection with Appraisal Reduction Amounts, Collateral Deficiency Amounts and net present value calculations used in the Special Servicer's determination of what course of action to take in connection with the workout or liquidation of a Specially Serviced Loan; and<br> &nbsp;&nbsp;&nbsp;&nbsp;● preparing an annual report (if any mortgage loan (other than any Non-Serviced Mortgage Loan) or serviced whole loan was a Specially Serviced Loan at any time during the prior calendar year or an Operating Advisor Consultation Event (as defined below) occurred during the prior calendar year) that sets forth whether the Operating Advisor believes, in its sole discretion exercised in good faith, that the Special Servicer is operating in compliance with the Servicing Standard with respect to its performance of its duties under the pooling and servicing agreement with respect to Specially Serviced Loans (and, after the occurrence and during the continuance of an Operating Advisor Consultation Event (as defined below), with respect to major decisions on non-Specially Serviced Loans) during the prior calendar year on an "asset-level basis". The Operating Advisor will identify (1) which, if any, standards the Operating Advisor believes, in its sole discretion exercised in good faith, the Special Servicer has failed to comply with and (2) any material deviations from the Special Servicer's obligations under the pooling and servicing agreement with respect to the resolution or liquidation of any Specially Serviced Loan or REO Property (other than with respect to any REO Property related to any Non-Serviced Mortgage Loan). In preparing any Operating Advisor Annual Report (as defined in the Preliminary Prospectus), the Operating Advisor will not be required to report on instances of non-compliance with, or deviations from, the Servicing Standard or the Special Servicer's obligations under the pooling and servicing agreement that the Operating Advisor determines, in its sole discretion exercised in good faith, to be immaterial.<br> With respect to each mortgage loan (other than any Non-Serviced Mortgage Loan) or serviced whole loan, after the Operating Advisor has received notice that an Operating Advisor Consultation Event (as defined below) has occurred and is continuing, in addition to the duties described above, the Operating Advisor will be required to perform the following additional duties:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● to consult (on a non-binding basis) with the Special Servicer in respect of asset status reports and<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● to consult (on a non-binding basis) with the Special Servicer with respect to "major decisions" processed by the Special Servicer.<br> An "Operating Advisor Consultation Event" will occur when the Certificate Balance of the Class F-RR and Class G-RR Certificates in the aggregate (taking into account the application of any Cumulative Appraisal Reduction Amounts to notionally reduce the Certificate Balances of such Classes) is 25% or less of the initial Certificate Balances of such Classes in the aggregate. |

---

---

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

---

---

| | |
|:---|:---|
| **Wells Fargo Commercial Mortgage Trust 2026-5C10** | Certain Terms and Conditions |

---

---

| | |
|:---|:---|
| **Asset Representations Reviewer:** | The Asset Representations Reviewer will be required to review certain delinquent mortgage loans after a specified delinquency threshold has been exceeded (an "Asset Review Trigger") and the required percentage of certificateholders vote to direct a review of such delinquent loans. An Asset Review Trigger will occur when either (1) mortgage loans with an aggregate outstanding principal balance of 25.0% or more of the aggregate outstanding principal balance of all of the mortgage loans (including any successor REO loans) held by the issuing entity as of the end of the applicable collection period are delinquent loans or (2)(A) prior to and including the second anniversary of the Closing Date, at least 10 mortgage loans are delinquent loans as of the end of the applicable collection period and the outstanding principal balance of such delinquent loans in the aggregate constitutes at least 15.0% of the aggregate outstanding principal balance of all of the mortgage loans (including any successor REO loans) held by the issuing entity as of the end of the applicable collection period, or (B) after the second anniversary of the Closing Date, at least 15 mortgage loans are delinquent loans as of the end of the applicable collection period and the outstanding principal balance of such delinquent loans in the aggregate constitutes at least 20.0% of the aggregate outstanding principal balance of all of the mortgage loans (including any successor REO loans) held by the issuing entity as of the end of the applicable collection period. See "*Pooling and Servicing Agreement—The Asset Representations Reviewer—Asset Review*" in the Preliminary Prospectus.<br> The Asset Representations Reviewer may be terminated and replaced without cause. Upon (i) the written direction of certificateholders evidencing not less than 25% of the voting rights (without regard to the application of any Cumulative Appraisal Reduction Amounts) requesting a vote to terminate and replace the Asset Representations Reviewer with a proposed successor Asset Representations Reviewer that is an eligible asset representations reviewer, and (ii) payment by such holders to the certificate administrator of the reasonable fees and expenses to be incurred by the certificate administrator in connection with administering such vote, the certificate administrator will promptly provide notice to all certificateholders and the Asset Representations Reviewer of such request by posting such notice on its internet website, and by mailing such notice to all certificateholders and the Asset Representations Reviewer. Upon the written direction of certificateholders evidencing at least 75% of a certificateholder quorum (without regard to the application of any Cumulative Appraisal Reduction Amounts), the Trustee will terminate all of the rights and obligations of the Asset Representations Reviewer under the WFCM 2026-5C10 pooling and servicing agreement by written notice to the Asset Representations Reviewer, and the proposed successor Asset Representations Reviewer will be appointed. See "*Pooling and Servicing Agreement—The Asset Representations Reviewer*" in the Preliminary Prospectus. |
| **Dispute Resolution Provisions:** | The mortgage loan sellers will be subject to the dispute resolution provisions set forth in the WFCM 2026-5C10 pooling and servicing agreement to the extent those provisions are triggered with respect to any mortgage loan sold to the depositor by a mortgage loan seller and such mortgage loan seller will be obligated under the related mortgage loan purchase agreement to comply with all applicable provisions and to take part in any mediation or arbitration proceedings that may result.<br> Generally, in the event that a Repurchase Request (as defined in the Preliminary Prospectus) is not "Resolved" (as defined below) within 180 days after the related mortgage loan seller receives such Repurchase Request, then the enforcing servicer will be required to send a notice to the "Initial Requesting Certificateholder" (if any) and the Certificate Administrator indicating the enforcing servicer's intended course of action with respect to the Repurchase Request. If (a) the enforcing servicer's intended course of action with respect to the Repurchase Request does not involve pursuing further action to exercise rights against the related mortgage loan seller with respect to the Repurchase Request and the Initial Requesting Certificateholder, if any, or any other certificateholder or certificate owner wishes to exercise its right to refer the matter to mediation (including non-binding arbitration) or arbitration, or (b) the enforcing servicer's intended course of action is to pursue further action to exercise rights against the related mortgage loan seller with respect to the Repurchase Request but the Initial Requesting Certificateholder, if any, or any other certificateholder or certificate owner does not agree with the dispute resolution method selected by the enforcing servicer, then the Initial Requesting Certificateholder, if any, or such other certificateholder or certificate owner may deliver a written notice to the Special Servicer indicating its intent to exercise its right to refer the matter to either mediation or arbitration.<br> "Resolved" means, with respect to a Repurchase Request, (i) that the related Material Defect has been cured, (ii) the related mortgage loan has been repurchased in accordance with the related mortgage loan purchase agreement, (iii) a mortgage loan has been substituted for the related mortgage loan in accordance with the related mortgage loan purchase agreement, (iv) the applicable mortgage loan seller has made a Loss of Value Payment (as defined in the Preliminary Prospectus), (v) a contractually binding agreement is entered into between the enforcing servicer, on behalf of the issuing entity, and the related mortgage loan seller that settles the related mortgage loan seller's obligations under the related mortgage loan purchase agreement or (vi) the related mortgage loan is no longer property of the issuing entity as a result of a sale |

---

---

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

---

---

| | |
|:---|:---|
| **Wells Fargo Commercial Mortgage Trust 2026-5C10** | Certain Terms and Conditions |

---

---

| | |
|:---|:---|
|  | or other disposition in accordance with the WFCM 2026-5C10 pooling and servicing agreement. See "*Pooling and Servicing Agreement—Dispute Resolution Provisions*" in the Preliminary Prospectus. |
| **Investor Communications:** | The certificate administrator is required to include on any Form 10–D any request received from a certificateholder to communicate with other certificateholders related to certificateholders exercising their rights under the terms of the WFCM 2026-5C10 pooling and servicing agreement. Any certificateholder wishing to communicate with other certificateholders regarding the exercise of its rights under the terms of the WFCM 2026-5C10 pooling and servicing agreement will be able to deliver a written request signed by an authorized representative of the requesting investor to the certificate administrator. |
| **Certain Fee Offsets:** | If a workout fee is earned by the Special Servicer following a loan default with respect to any mortgage loan that it services, then certain limitations will apply based on modification fees paid by the borrower. The modification fee generally must not exceed 1% of the principal balance of the loan as modified in any 12-month period. In addition, if the loan re-defaults, any subsequent workout fee on that loan must be reduced by a portion of the modification fees paid by the borrower in the previous 12-months. Likewise, liquidation fees collected in connection with a liquidation or partial liquidation of a mortgage loan must be reduced by a portion of the modification fees paid by the borrower in the previous 12 months. |
| **Deal Website:** | The Certificate Administrator will be required to maintain a deal website, which will include, among other items: (a) summaries of asset status reports prepared by the Special Servicer, (b) inspection reports, (c) appraisals, (d) various "special notices" described in the Preliminary Prospectus, (e) the "Investor Q&A Forum", (f) a voluntary "Investor Registry" and (g) the "Risk Retention Special Notices" tab. Investors may access the deal website following execution of a certification and confidentiality agreement. |
| **Initial Controlling Class Certificateholder:** | It is expected that Argentic Securities Income USA 2 LLC, an affiliate of Argentic Real Estate Finance 2 LLC, Argentic Services Company LP and Argentic Securities Holdings 2 Cayman Limited, will be the initial controlling class certificateholder. |
| **Whole Loans:** | Each of the mortgaged properties identified above under "IV. Characteristics of the Mortgage Pool—B. Summary of the Whole Loans" secures both a mortgage loan to be included in the trust fund and one or more other mortgage loans that will not be included in the trust fund, each of which will be *pari passu* or subordinate in right of payment with the mortgage loan included in the trust fund. We refer to each such group of mortgage loans as a "whole loan". Such "—Summary of the Whole Loans" section includes further information regarding the various notes in each whole loan, the holders of such notes, the lead servicing agreement for each such whole loan, and the master servicer and special servicer under such lead servicing agreement. |

---

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Various | &nbsp;&nbsp;Loan #1 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$50000000 |
| &nbsp;&nbsp;Various | &nbsp;&nbsp;**St. Louis Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;67.7% |
| &nbsp;&nbsp;St. Louis, MO Various |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.36x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;9.9% |

---

![](n5926ts_img010.jpg)

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Various | &nbsp;&nbsp;Loan #1 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$50000000 |
| &nbsp;&nbsp;Various | &nbsp;&nbsp;**St. Louis Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;67.7% |
| &nbsp;&nbsp;St. Louis, MO Various |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.36x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;9.9% |

---

![](n5926ts_img011.jpg)

---

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

---

**Mortgage Loan No. 1 – St. Louis Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Mortgage Loan Seller:** | &nbsp;&nbsp;**Mortgage Loan Seller:** | AREF2 | AREF2 | &nbsp;&nbsp;**Single Asset/Portfolio:** | &nbsp;&nbsp;Portfolio |
| &nbsp;&nbsp;**Credit Assessment (Fitch/Moody's/MDBRS):** | &nbsp;&nbsp;**Credit Assessment (Fitch/Moody's/MDBRS):** | NR/NR/NR | NR/NR/NR | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;St. Louis, MO Various |
| &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;**Original Balance:** | $50000000 | $50000000 | &nbsp;&nbsp;**General Property Type:** | &nbsp;&nbsp;Multifamily |
| &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;**Cut-off Date Balance:** | $50000000 | $50000000 | &nbsp;&nbsp;**Detailed Property Type:** | &nbsp;&nbsp;Various |
| &nbsp;&nbsp;**% of Initial Pool Balance:** | &nbsp;&nbsp;**% of Initial Pool Balance:** | 9.2% | 9.2% | &nbsp;&nbsp;**Title Vesting:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;**Loan Purpose:** | Refinance | Refinance | &nbsp;&nbsp;**Year Built/Renovated:** | &nbsp;&nbsp;Various/Various |
| &nbsp;&nbsp;**Borrower Sponsor:** | &nbsp;&nbsp;**Borrower Sponsor:** | Victor Alston | Victor Alston | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;565 Units |
| &nbsp;&nbsp;**Guarantor<sup>(1)</sup>:** | &nbsp;&nbsp;**Guarantor<sup>(1)</sup>:** | Victor Alston | Victor Alston | &nbsp;&nbsp;**Cut-off Date Balance per Unit:** | &nbsp;&nbsp;$88496 |
| &nbsp;&nbsp;**Mortgage Rate:** | &nbsp;&nbsp;**Mortgage Rate:** | 6.9900% | 6.9900% | &nbsp;&nbsp;**Maturity Date Balance per Unit:** | &nbsp;&nbsp;$88496 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;**Note Date:** | 4/2/2026 | 4/2/2026 | &nbsp;&nbsp;**Property Managers:** | &nbsp;&nbsp;Elite Properties STL LLC and Central |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;**Maturity Date:** | 4/6/2031 | 4/6/2031 |  | &nbsp;&nbsp;PM STL LLC (each borrower–related) |
| &nbsp;&nbsp;**Term to Maturity:** | &nbsp;&nbsp;**Term to Maturity:** | 60 months | 60 months | &nbsp;&nbsp;**Underwriting and Financial Information** | &nbsp;&nbsp;**Underwriting and Financial Information** |
| &nbsp;&nbsp;**Amortization Term:** | &nbsp;&nbsp;**Amortization Term:** | 0 months | 0 months | &nbsp;&nbsp;**UW NOI:** | &nbsp;&nbsp;$4962880 |
| &nbsp;&nbsp;**IO Period:** | &nbsp;&nbsp;**IO Period:** | 60 months | 60 months | &nbsp;&nbsp;**UW NCF:** | &nbsp;&nbsp;$4821758 |
| &nbsp;&nbsp;**Seasoning:** | &nbsp;&nbsp;**Seasoning:** | 2 months | 2 months | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;9.9% |
| &nbsp;&nbsp;**Prepayment Provisions:** | &nbsp;&nbsp;**Prepayment Provisions:** | L(26),D(26),O(8) | L(26),D(26),O(8) | &nbsp;&nbsp;**UW NCF Debt Yield:** | &nbsp;&nbsp;9.6% |
| &nbsp;&nbsp;**Lockbox/Cash Mgmt Status:** | &nbsp;&nbsp;**Lockbox/Cash Mgmt Status:** | Springing/Springing | Springing/Springing | &nbsp;&nbsp;**UW NOI Debt Yield at Maturity:** | &nbsp;&nbsp;9.9% |
| &nbsp;&nbsp;**Additional Debt Type:** | &nbsp;&nbsp;**Additional Debt Type:** | NAP | NAP | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.36x |
| &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;**Additional Debt Balance:** | NAP | NAP | &nbsp;&nbsp;**Most Recent NOI<sup>(4)</sup>:** | &nbsp;&nbsp;$4,320,212 (1/31/2026 TTM) |
| &nbsp;&nbsp;**Future Debt Permitted (Type):** | &nbsp;&nbsp;**Future Debt Permitted (Type):** | No (NAP) | No (NAP) | &nbsp;&nbsp;**2nd Most Recent NOI<sup>(4)</sup>:** | &nbsp;&nbsp;$5,521,037 (12/31/2024) |
|  |  |  |  | &nbsp;&nbsp;**3rd Most Recent NOI<sup>(4)</sup>:** | &nbsp;&nbsp;$5,720,070 (12/31/2023) |
| &nbsp;&nbsp;**Reserves<sup>(2)</sup>** | &nbsp;&nbsp;**Reserves<sup>(2)</sup>** | &nbsp;&nbsp;**Reserves<sup>(2)</sup>** | &nbsp;&nbsp;**Reserves<sup>(2)</sup>** | &nbsp;&nbsp;**Most Recent Occupancy<sup>(4)</sup>:** | &nbsp;&nbsp;90.4% (5/26/2026) |
| &nbsp;&nbsp;**<u>Type</u>** | &nbsp;&nbsp;**<u>Initial</u>** | &nbsp;&nbsp;**<u>Monthly</u>** | &nbsp;&nbsp;**<u>Cap</u>** | &nbsp;&nbsp;**2nd Most Recent Occupancy<sup>(4)</sup>:** | &nbsp;&nbsp;82.3% (12/31/2025) |
| &nbsp;&nbsp;**RE Taxes:** | &nbsp;&nbsp;$248778 | &nbsp;&nbsp;$49756 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**3rd Most Recent Occupancy<sup>(4)</sup>:** | &nbsp;&nbsp;93.1% (12/31/2024) |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value (as of)<sup>(5)</sup>:** | &nbsp;&nbsp;$73,860,000 (2/20/2026) |
| &nbsp;&nbsp;**Replacement Reserve:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$11771 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value per Unit:** | &nbsp;&nbsp;$130726 |
| &nbsp;&nbsp;**Deferred Maintenance:** | &nbsp;&nbsp;$14250 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Cut-off Date LTV Ratio:** | &nbsp;&nbsp;67.7% |
| &nbsp;&nbsp;**Other Reserves<sup>(3)</sup>:** | &nbsp;&nbsp;$892470 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date LTV Ratio:** | &nbsp;&nbsp;67.7% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** |
| **Sources** | **Proceeds** | **% of Total** | **Uses** | **Proceeds** | **% of Total** |
| &nbsp;&nbsp;Mortgage Loan Amount: | &nbsp;&nbsp;$50000000 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;Loan Payoff: | &nbsp;&nbsp;$43371204 | &nbsp;&nbsp;86.7% |
|  |  |  | &nbsp;&nbsp;Return of Equity: | &nbsp;&nbsp;$3453609 | &nbsp;&nbsp;6.9% |
|  |  |  | &nbsp;&nbsp;Closing Costs<sup>(6)</sup>: | &nbsp;&nbsp;$2019689 | &nbsp;&nbsp;4.0% |
|  |  |  | &nbsp;&nbsp;Upfront Reserves: | &nbsp;&nbsp;$1155498 | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;**Total Sources:** | &nbsp;&nbsp;**$50000000** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses:** | &nbsp;&nbsp;**$50000000** | &nbsp;&nbsp;**100.0%** |

---

(1) The guarantor provided a partial payment guaranty in the amount of $10,000,000,
which will be reduced to $5,000,000 upon the St. Louis Portfolio Properties (as defined below) achieving a net cash flow debt yield of
9.75%.

(2) See "*Escrows and Reserves*" below for a further discussion of
reserve requirements.

(3) Other Reserves include $381,250 for an environmental reserve and $511,220 for an
elevator upgrades reserve.

(4) In May 2025, a tornado struck St. Louis, leading to power outages and damage across
several St. Louis Portfolio Properties. The resulting disruptions contributed to a decline in historical net operating income and occupancy
in 2025 while restoration efforts were in progress. See "*The Properties*" below.

(5) The appraiser also concluded to an "As-Stabilized" value for nine of
the 10 St. Louis Portfolio Properties, which results in a portfolio-level "As-Stabilized" appraised value of $78,720,000 for
the St. Louis Portfolio Properties.

(6) Closing Costs include an interest rate buydown of $500,000.

***The Mortgage Loan.*** The largest mortgage loan (the "St. Louis Portfolio Mortgage Loan") is evidenced by three promissory notes in the original principal amount of $50,000,000 and secured by a first-priority fee mortgage encumbering 10 multifamily properties totaling 565 units in St. Louis, Missouri (each, a "St. Louis Portfolio Property" and collectively, the "St. Louis Portfolio Properties").

***The Borrowers and the Borrower Sponsor*.** The borrowers for the St. Louis Portfolio Mortgage Loan are 5500 Pershing, LLC, Alps Maryland, LLC, Everest - 4400 Mcpherson, LLC, Gothics One LLC, K2, LLC, Kilamanjaro I - 5560 Pershing, LLC, Kilamanjaro II - 5386 Pershing, LLC, Kilamanjaro III - 5528 Pershing, LLC and Kilamanjaro V - 605 Clara, LLC, each a Missouri limited liability company and single purpose entity with one independent director. Legal counsel to the borrowers provided a non-consolidation opinion in connection with the origination of the St. Louis Portfolio Mortgage Loan. The borrower sponsor and non-recourse carveout guarantor for the St. Louis Portfolio Mortgage Loan is Victor Alston. Victor Alston is the chief executive officer of Lux Living, a St. Louis-based real estate development and management firm that currently owns 15 properties totaling 1,300 units throughout St. Louis, Missouri. In 2017, Victor Alston disclosed a prior SEC settlement, without admitting or denying the allegations, which included a five-year officer/director bar and payment of a $100,000 civil penalty. See "*Description of the Mortgage Pool—Litigation and Other Considerations*" in the prospectus.

In addition to standard non-recourse carveouts, the guarantor provided a partial payment guaranty in the amount of $10,000,000, which will be reduced to $5,000,000 upon the St. Louis Portfolio Properties achieving a net cash flow debt yield of 9.75% on the last day of any calendar quarter. See "*Risk Factors–Risks Relating to the Mortgage Loans–Mortgage Loans Are Non-Recourse and Are Not Insured or Guaranteed*" in the prospectus.

***The Properties.*** The St. Louis Portfolio Properties are comprised of a 77-unit multifamily property (the "Hampden Hall Property"), a 108-unit multifamily property (the "Triumph on the Park Property"), a 66-unit multifamily property (the "Sherwood Court Property"), a 69-unit multifamily property (the "Gates at Forest Park Property"), a 53-unit multifamily property (the "Park Lux Property"), a 44-unit multifamily property (the "Fountain Row Property"), a 40-unit

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Various | &nbsp;&nbsp;Loan #1 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$50000000 |
| &nbsp;&nbsp;Various | &nbsp;&nbsp;**St. Louis Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;67.7% |
| &nbsp;&nbsp;St. Louis, MO Various |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.36x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;9.9% |

---

multifamily property (the "Central Park Property"), a 54-unit multifamily property (the "Maryland Lofts Property"), an 18-unit multifamily property (the "Kenmore Court Property"), and a 36-unit multifamily property (the "Maryland Gardens Property"). The St. Louis Portfolio Properties are all located in St. Louis, Missouri, approximately three to five miles west of downtown St. Louis. Nine of the ten St. Louis Portfolio Properties were renovated in 2025, with the Kenmore Court Property completing its most recent renovations in 2016. Units across the St. Louis Portfolio Properties feature upgraded interiors, including kitchens with quartz countertops, stainless steel appliances, and in-unit laundry. Inclusive of $11.8 million of insurance proceeds (as described below), the borrower sponsor has invested approximately $22.3 million ($39,519 per unit) in capital expenditures since acquiring the St. Louis Portfolio Properties between 2007 and 2017. Two of the St. Louis Portfolio Properties, the Hampden Hall Property and Kenmore Court Property, are part of condominiums in which the related borrower owns all units at the applicable St. Louis Portfolio Property.

As of May 26, 2026, the St. Louis Portfolio Properties were 90.4% occupied in aggregate. From 2022 to 2024, occupancy levels across the portfolio averaged 97.6%. In May 2025, a tornado struck St. Louis, causing power outages for up to 45 days at eight of the St. Louis Portfolio Properties and physically damaging five of the St. Louis Portfolio Properties, resulting in occupancy rates at the St. Louis Portfolio Properties falling to 74.9% as of September 2025. The borrower sponsors received approximately $11.8 million in insurance proceeds to repair the damage, including roof replacement, façade replacement and parking lot improvements, and have completed all repairs, with the exception of façade restoration at the Gates at Forest Park Property, which does not impact tenant units or access. Following the repairs, the borrower sponsor has successfully leased the St. Louis Portfolio Properties back to 90.4% as of May 2026 and plans to continue to increase occupancy back to the historical averages.

The following table presents a portfolio summary of the St. Louis Portfolio Properties:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** |
| &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Year Built / Renovated<sup>(1)</sup>** | &nbsp;&nbsp;**Property Subtype<sup>(1)</sup>** | &nbsp;&nbsp;**Stories<sup>(1)</sup>** | &nbsp;&nbsp;**Number of Units<sup>(2)</sup>** | &nbsp;&nbsp;**Occ. %<sup>(2)</sup>** | &nbsp;&nbsp;**Allocated** | &nbsp;&nbsp;**Appraised Value<sup>(1)</sup>** | &nbsp;&nbsp;**Underwritten Net Cash Flow** | &nbsp;&nbsp;**Monthly Average In-Place Rent per Unit<sup>(2)(3)</sup>** |
| &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Year Built / Renovated<sup>(1)</sup>** | &nbsp;&nbsp;**Property Subtype<sup>(1)</sup>** | &nbsp;&nbsp;**Stories<sup>(1)</sup>** | &nbsp;&nbsp;**Number of Units<sup>(2)</sup>** | &nbsp;&nbsp;**Occ. %<sup>(2)</sup>** | &nbsp;&nbsp;**Cut-off Date Mortgage Loan Amount ("ALA")** | &nbsp;&nbsp;**Appraised Value<sup>(1)</sup>** | &nbsp;&nbsp;**Underwritten Net Cash Flow** | &nbsp;&nbsp;**Monthly Average In-Place Rent per Unit<sup>(2)(3)</sup>** |
| &nbsp;&nbsp;Hampden Hall | &nbsp;&nbsp;1925 / 2025 | &nbsp;&nbsp;High Rise | &nbsp;&nbsp;14 | &nbsp;&nbsp;77 | &nbsp;&nbsp;92.2% | &nbsp;&nbsp;$8890787 | &nbsp;&nbsp;$11300000 | &nbsp;&nbsp;$778956 | &nbsp;&nbsp;$1354 |
| &nbsp;&nbsp;Triumph on the Park | &nbsp;&nbsp;1918 / 2025 | &nbsp;&nbsp;Mid Rise | &nbsp;&nbsp;6 | &nbsp;&nbsp;108 | &nbsp;&nbsp;88.9% | &nbsp;&nbsp;$8591677 | &nbsp;&nbsp;$11790000 | &nbsp;&nbsp;$803393 | &nbsp;&nbsp;$991 |
| &nbsp;&nbsp;Sherwood Court | &nbsp;&nbsp;1904 / 2025 | &nbsp;&nbsp;Low Rise | &nbsp;&nbsp;3 | &nbsp;&nbsp;66 | &nbsp;&nbsp;92.4% | &nbsp;&nbsp;$5970457 | &nbsp;&nbsp;$9020000 | &nbsp;&nbsp;$617323 | &nbsp;&nbsp;$1079 |
| &nbsp;&nbsp;Gates at Forest Park | &nbsp;&nbsp;1923 / 2025 | &nbsp;&nbsp;Mid Rise | &nbsp;&nbsp;7 | &nbsp;&nbsp;69 | &nbsp;&nbsp;87.0% | &nbsp;&nbsp;$5443988 | &nbsp;&nbsp;$7770000 | &nbsp;&nbsp;$536600 | &nbsp;&nbsp;$1078 |
| &nbsp;&nbsp;Park Lux | &nbsp;&nbsp;1923 / 2025 | &nbsp;&nbsp;Mid Rise | &nbsp;&nbsp;6 | &nbsp;&nbsp;53 | &nbsp;&nbsp;92.5% | &nbsp;&nbsp;$4918617 | &nbsp;&nbsp;$7860000 | &nbsp;&nbsp;$485726 | &nbsp;&nbsp;$1273 |
| &nbsp;&nbsp;Fountain Row | &nbsp;&nbsp;1917 / 2025 | &nbsp;&nbsp;Low Rise | &nbsp;&nbsp;3 | &nbsp;&nbsp;44 | &nbsp;&nbsp;93.2% | &nbsp;&nbsp;$4212388 | &nbsp;&nbsp;$5850000 | &nbsp;&nbsp;$428866 | &nbsp;&nbsp;$1160 |
| &nbsp;&nbsp;Central Park | &nbsp;&nbsp;1917 / 2025 | &nbsp;&nbsp;Mid Rise | &nbsp;&nbsp;5 | &nbsp;&nbsp;40 | &nbsp;&nbsp;85.0% | &nbsp;&nbsp;$3765547 | &nbsp;&nbsp;$5330000 | &nbsp;&nbsp;$353408 | &nbsp;&nbsp;$1193 |
| &nbsp;&nbsp;Maryland Lofts | &nbsp;&nbsp;1966 / 2025 | &nbsp;&nbsp;Low Rise | &nbsp;&nbsp;3 | &nbsp;&nbsp;54 | &nbsp;&nbsp;90.7% | &nbsp;&nbsp;$3258790 | &nbsp;&nbsp;$6660000 | &nbsp;&nbsp;$349174 | &nbsp;&nbsp;$785 |
| &nbsp;&nbsp;Kenmore Court | &nbsp;&nbsp;1907 / 2016 | &nbsp;&nbsp;Low Rise | &nbsp;&nbsp;3 | &nbsp;&nbsp;18 | &nbsp;&nbsp;94.4% | &nbsp;&nbsp;$2971565 | &nbsp;&nbsp;$4020000 | &nbsp;&nbsp;$262157 | &nbsp;&nbsp;$1752 |
| &nbsp;&nbsp;Maryland Gardens | &nbsp;&nbsp;1928 / 2025 | &nbsp;&nbsp;Low Rise | &nbsp;&nbsp;3 | &nbsp;&nbsp;36 | &nbsp;&nbsp;91.7% | &nbsp;&nbsp;$1976184 | &nbsp;&nbsp;$4260000 | &nbsp;&nbsp;$206155 | &nbsp;&nbsp;$755 |
| &nbsp;&nbsp;**Total/Wtd. Avg.** |  |  |  | &nbsp;&nbsp;**565** | &nbsp;&nbsp;**90.4%** | &nbsp;&nbsp;**$50000000** | &nbsp;&nbsp;**$73860000** | &nbsp;&nbsp;**$4821758** | &nbsp;&nbsp;**$1106** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(2) Based on the underwritten rent roll dated May 26, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Monthly Average In-Place Rent per Unit is based on occupied units.

 

***The Market.*** The St. Louis Portfolio Properties are located in the Central West End and Debaliviere Place neighborhoods in St. Louis, Missouri. The St. Louis Portfolio Properties are all located approximately three to five miles west of downtown St. Louis and are all proximate to Forest Park, a 1,300-acre park featuring 30 miles of paths and trails, three playgrounds, two museums, and the Saint Louis Zoo. The St. Louis Portfolio Properties are also situated near major employment and medical centers, including Washington University in St. Louis, St. Louis Children's Hospital, John Cochran VA Medical Center, and Barnes-Jewish Hospital. The top five employers in the St. Louis metropolitan area include BJC Healthcare, Washington University in St. Louis, Walmart Inc., Boeing Defense, Space & Security, and SSM Health Care System.

The St. Louis Portfolio Properties are located in the Central West End multifamily submarket within the St. Louis multifamily market. As of the fourth quarter of 2025, the Central West End multifamily submarket had an inventory of 9,580 units with a vacancy rate of 10.5%. The average monthly asking rent was $1,506 per unit.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Various | &nbsp;&nbsp;Loan #1 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$50000000 |
| &nbsp;&nbsp;Various | &nbsp;&nbsp;**St. Louis Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;67.7% |
| &nbsp;&nbsp;St. Louis, MO Various |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.36x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;9.9% |

---

The following table presents information regarding certain competitive properties to the St. Louis Portfolio Properties:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Competitive Rental Properties Summary<sup>(1)</sup>** | **Competitive Rental Properties Summary<sup>(1)</sup>** | **Competitive Rental Properties Summary<sup>(1)</sup>** | **Competitive Rental Properties Summary<sup>(1)</sup>** | **Competitive Rental Properties Summary<sup>(1)</sup>** | **Competitive Rental Properties Summary<sup>(1)</sup>** |
| **Property Name/Location** | **Year Built** | **# Units** | **Occupancy** | **Unit Mix** | **In-Place Monthly Rent per Unit** |
| 5086 Waterman Blvd<br> St. Louis, MO | 1962 | 28 | 100.0% | 1 BR | $1089 |
| The Chesterfield<br> St. Louis, MO | 1905 | 57 | 96.0% | 1 BR | $952 - $1200 |
| The Chesterfield<br> St. Louis, MO | 1905 | 57 | 96.0% | 2 BR | $1530 |
| The Embassy<br> St. Louis, MO | 1925 | 78 | 97.0% | 1 BR | $893 - $1216 |
| The Embassy<br> St. Louis, MO | 1925 | 78 | 97.0% | 2 BR | $1177 - $1428 |
| Waterman Clara<br> St. Louis, MO | 1913 | 30 | 90.0% | 1 BR | $1118 |
| Waterman Clara<br> St. Louis, MO | 1913 | 30 | 90.0% | 2 BR | $1199 - $1527 |
| West End Terrace<br> St. Louis, MO | 1975 | 195 | 89.0% | Studio | $1047 |
| West End Terrace<br> St. Louis, MO | 1975 | 195 | 89.0% | 1 BR | $1049 |
| West End Terrace<br> St. Louis, MO | 1975 | 195 | 89.0% | 2 BR | $1298 - $1507 |
| Park 44 Apartments<br> St. Louis, MO | 1968 | 148 | 90.0% | Studio | $969 |
| Park 44 Apartments<br> St. Louis, MO | 1968 | 148 | 90.0% | 1 BR | $1354 |
| Park 44 Apartments<br> St. Louis, MO | 1968 | 148 | 90.0% | 2 BR | $1582 |
| Del Coronado<br> St. Louis, MO | 1984 | 209 | 95.0% | 1 BR | $1200 - $1300 |
| Del Coronado<br> St. Louis, MO | 1984 | 209 | 95.0% | 2 BR | $1675 |
| Convent Gardens<br> St. Louis, MO | 1925 | 82 | 80.0% | Studio | $859 - $872 |
| Convent Gardens<br> St. Louis, MO | 1925 | 82 | 80.0% | 1 BR | $1009 - $1149 |
| Convent Gardens<br> St. Louis, MO | 1925 | 82 | 80.0% | 2 BR | $1399 |

---

(1) Source: *Appraisal.* 

 ****

***Appraisal.*** The appraisals concluded to an aggregate "as-is" appraised value for the St. Louis Portfolio Properties of $73,860,000 as of February 20, 2026. The appraisals also concluded to an aggregate "as-stabilized" appraised value of $78,720,000 based on the "as-stabilized" appraised values of nine of the St. Louis Portfolio Properties, as of various dates between May 20, 2026 and February 20, 2027, and the "as-is" appraised value of the Maryland Gardens Property, as of February 20, 2026.

***Environmental Matters.*** According to the Phase I environmental reports dated between February 18, 2026 and February 23, 2026, there was evidence of a recognized environmental condition at the Fountain Row Property related to a potential vapor encroachment. The related borrower is required to conduct a vapor investigation at the Fountain Row Property and, should the investigation identify levels of compounds exceeding allowable levels, is required to implement mitigation measures recommended by the environmental professional or required by environmental law. The borrower deposited $381,250 into an environmental reserve at origination of the St. Louis Portfolio Mortgage Loan to cover the estimated cost of any required mitigation measures; such measures have been completed and the funds in the environmental reserve have been released to the related borrower. See "*Description of the Mortgage Pool—Environmental Considerations*" in the prospectus.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Various | &nbsp;&nbsp;Loan #1 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$50000000 |
| &nbsp;&nbsp;Various | &nbsp;&nbsp;**St. Louis Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;67.7% |
| &nbsp;&nbsp;St. Louis, MO Various |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.36x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;9.9% |

---

***Operating History and Underwritten Net Cash Flow.*** The following table presents certain information relating to the historical operating performance and underwritten net cash flow at the St. Louis Portfolio Properties:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Cash Flow Analysis** | **Cash Flow Analysis** | **Cash Flow Analysis** | **Cash Flow Analysis** | **Cash Flow Analysis** | **Cash Flow Analysis** | **Cash Flow Analysis** |
|  | **2023** | **2024** | **2025** | **1/31/2026 TTM** | **UW** | **UW Per Unit** |
| Gross Potential Rent<sup>(1)</sup> | $6975183 | $6937884 | $5962518 | $5836570 | $7564863 | $13389.14 |
| Other Income<sup>(2)</sup> | $759853 | $1047743 | $931370 | $926497 | $926497 | $1639.82  |
| **Net Rental Income** | **$7735036** | **$7985626** | **$6893889** | **$6763067** | **$8491360** | **$15028.96** |
| Less Vacancy, Concessions & Credit Loss | $0 | $0 | $0 | $0 | ($817863) | ($1447.55)  |
| **Effective Gross Income** | **$7735036** | **$7985626** | **$6893889** | **$6763067** | **$7673497** | **$13581.41** |
| Real Estate Taxes<sup>(3)</sup> | $474159 | $567567 | $506739 | $537594 | $641022 | $1134.55 |
| Insurance | $419913 | $437443 | $379586 | $379620 | $469398 | $830.79 |
| Management Fee | $232051 | $239569 | $206817 | $202892 | $230205 | $407.44 |
| Other Expenses | $888843 | $1220010 | $1298582 | $1322749 | $1369992 | $2424.76  |
| **Total Operating Expenses** | **$2014966** | **$2464589** | **$2391723** | **$2442856** | **$2710616** | **$4797.55** |
| **Net Operating Income** | **$5720070** | **$5521037** | **$4502165** | **$4320212** | **$4962880** | **$8783.86** |
| Replacement Reserves | $0 | $0 | $0 | $0 | $141122 | $249.77  |
| **Net Cash Flow** | **$5720070** | **$5521037** | **$4502165** | **$4320212** | **$4821758** | **$8534.09** |
| **Occupancy (%)<sup>(4)</sup>** | **96.9%** | **93.1%** | **82.3%** | **90.4%** | **89.2%** |  |
| **NOI DSCR** | **1.61x** | **1.56x** | **1.27x** | **1.22x** | **1.40x** |  |
| **NCF DSCR** | **1.61x** | **1.56x** | **1.27x** | **1.22x** | **1.36x** |  |
| **NOI Debt Yield** | **11.4%** | **11.0%** | **9.0%** | **8.6%** | **9.9%** |  |
| **NCF Debt Yield** | **11.4%** | **11.0%** | **9.0%** | **8.6%** | **9.6%** |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) UW Gross Potential Rent is based on the underwritten rent roll dated May 26, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Other Income is comprised of utility reimbursements, parking income, and other
miscellaneous fees.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Two of the St. Louis Portfolio Properties (the Park Lux Property and the Triumph
on the Park Property) are subject to tax abatements scheduled to expire in 2026. In anticipation of these expirations, the lender underwrote
the assets assuming full real estate taxes, resulting in real estate tax expense that is higher than historical levels.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Historical Occupancy % represents the average occupancies for each respective year,
except for 1/31/2026 TTM, which represents the occupancy as of the underwritten rent roll dated May 26, 2026. UW Occupancy % represents
economic occupancy.

***Escrows and Reserves.***

*Real Estate Taxes* – The St. Louis Portfolio Mortgage Loan documents require an upfront reserve of approximately $248,778 and an ongoing monthly deposit in an amount equal to 1/12th of the estimated annual property taxes, initially estimated at approximately $49,756.

*Insurance –* The St. Louis Portfolio Mortgage Loan documents require an ongoing monthly deposit into a reserve equal to 1/12th of the insurance premium that the lender reasonably estimates will be payable during the next 12 month period, initially estimated at approximately $39,117; *provided, however*, the required ongoing reserve will be waived so long as (i) no event of default has occurred and is continuing, (ii) there is an acceptable blanket policy in place and (iii) the borrowers deliver to the lender periodic evidence in form and substance reasonably acceptable to the lender of acceptable renewals and timely-paid insurance premiums, which delivery is required to be made prior to the expiration of such policy. At the origination of the St. Louis Portfolio Mortgage Loan, an acceptable blanket policy was in place such that the monthly reserves were waived.

*Replacement Reserve –* The St. Louis Portfolio Mortgage Loan documents require an ongoing monthly deposit in an amount equal to approximately $11,771 for replacement reserves.

 

*Deferred Maintenance* – The St. Louis Portfolio Mortgage Loan documents require an upfront reserve of $14,250 for deferred maintenance.

*Environmental Reserve* – The St. Louis Portfolio Mortgage Loan documents require an upfront reserve of $381,250 that is permitted to be used for certain vapor mitigation measures at the Fountain Row Property. The borrower has completed such vapor mitigation measures, and the deposited funds have been released.

*Elevator Upgrades Reserve* – The St. Louis Portfolio Mortgage Loan documents require an upfront reserve of $511,220 that is permitted to be used for elevator upgrades at the Gates at Forest Park Property and the Hampden Hall Property.

 

***Lockbox and Cash Management*.** The St. Louis Portfolio Mortgage Loan is structured with a springing lockbox and springing cash management. During the continuation of a Cash Management Period (as defined below), the St. Louis Portfolio Mortgage Loan documents require the borrower to deposit, or cause the property manager to deposit, all rents into the lockbox account within one business day of receipt. During the continuation of a Cash Management Period, all funds in the lockbox account will be swept daily into a cash management account controlled by the lender and applied in accordance with the St. Louis Portfolio Mortgage Loan documents.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Various | &nbsp;&nbsp;Loan #1 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$50000000 |
| &nbsp;&nbsp;Various | &nbsp;&nbsp;**St. Louis Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;67.7% |
| &nbsp;&nbsp;St. Louis, MO Various |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.36x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;9.9% |

---

A "Cash Management Period" will commence upon the earliest of the following:

&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 stated maturity date;

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

&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 net cash flow debt service coverage ratio falling below 1.15x as of the end of any calendar
 quarter ("DSCR Failure"); *provided* that a DSCR Failure will be deemed
 to have occurred in the event the borrowers fail to deliver any required records in accordance
 with the St. Louis Portfolio Mortgage Loan documents within 30 days after the date upon which
 such required record is due and such failure has not been cured within 15 days after the
 lender sends the borrowers notice of such failure ("DSCR Reporting Failure").

A Cash Management Period will end upon the occurrence of the following:

● with regard to clause (i), the St. Louis Portfolio Mortgage Loan and all other obligations under the St. Louis Portfolio Mortgage Loan documents have been repaid in full;

● with regard to clause (ii), the cure of such default or event of default and no other default or event of default has occurred and is continuing; or

● with regard to clause (iii), the net cash flow debt service coverage ratio is at least 1.20x for two consecutive calendar quarters (and if such DSCR Failure resulted from the occurrence of a DSCR Reporting Failure, at such time that the borrowers have delivered the required records and the lender has determined that the St. Louis Portfolio Properties have achieved a debt service coverage ratio of at least 1.20x for two consecutive calendar quarters).

***Partial Release.*** The borrowers are permitted to release any individual St. Louis Portfolio Property owned by such borrower(s) in connection with the *bona fide* third-party sale of such St. Louis Portfolio Property (*provided* that the Kenmore Court Property and the Sherwood Court Property must be released together and not individually) subject to satisfaction of the conditions set forth in the St. Louis Portfolio Mortgage Loan documents, including, among other conditions, (i) no event of default, (ii) if such release is prior to the date that is two years after the closing date of the WFCM 2026-5C10 securitization ("St. Louis Portfolio Release Date"), prepayment of an amount of principal equal to 105% of the allocated loan amount for such individual St. Louis Portfolio Property (provided that with respect to the release of the Kenmore Court Property and the Sherwood Court Property, the release amount will be the aggregate of the release amount of the Kenmore Court Property and the Sherwood Court Property), together with payment of the applicable yield maintenance premium calculated in accordance with the St. Louis Portfolio Mortgage Loan documents, (iii) if such release is after the St. Louis Portfolio Release Date, defeasance of an amount of principal equal to 105% of the allocated loan amount for such individual St. Louis Portfolio Property (provided that with respect to the release of the Kenmore Court Property and the Sherwood Court Property, the release amount will be the aggregate of the release amount of the Kenmore Court Property and the Sherwood Court Property), (iv) the debt yield following the release is no less than the greater of (x) 10.5% and (y) the debt yield immediately prior to the release and (v) compliance with REMIC related conditions.

Additionally, the related borrower is permitted to subdivide the Fountain Row Property into four or fewer separate properties and obtain the release of an individual parcel in connection with the *bona fide* third-party sale of such individual parcel(s), subject to the satisfaction of the conditions in the immediately preceding paragraph and those set forth in the St. Louis Portfolio Mortgage Loan documents, including, among other conditions, (i) at the time of the release, each of the individual parcels is a separate legally subdivided parcel and separate tax lot, (ii) the conveyance of any such individual parcel does not (a) materially and adversely affect the use or operation of, or access to or from the remaining parcels at the Fountain Row Property, (b) cause any remaining parcels at the Fountain Row Property to be in violation of any legal requirements or (c) violate the terms of any document or instrument relating to the Fountain Row Property, (iii) if such release is prior to the St. Louis Portfolio Release Date, prepayment of an amount of principal equal 105% of the allocated loan amount for such individual parcel determined by the lender in its sole discretion in accordance with what would be acceptable to a prudent lender of securitized commercial mortgage loans (the "Individual Fountain Row Parcel Allocated Loan Amount"), together with payment of the applicable yield maintenance premium calculated in accordance with the St. Louis Portfolio Mortgage Loan documents, (iv) if such release is after the St. Louis Portfolio Release Date, defeasance of an amount of principal for such individual parcel equal to 105% of the Individual Fountain Row Parcel Allocated Loan Amount and (v) compliance with REMIC related conditions.

***Terrorism Insurance.*** The St. Louis Portfolio Mortgage Loan documents require that the "all risk" insurance policy required to be maintained by the borrowers provides coverage for terrorism in an amount equal to the full replacement cost of the St. Louis Portfolio Properties, as well as business interruption insurance covering no less than the 12-month period following the occurrence of a casualty event. See "*Risk Factors—Risks Relating to the Mortgage Loans—Terrorism Insurance May Not Be Available for All Mortgaged Properties*" in the prospectus.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Super Regional Mall | &nbsp;&nbsp;Loan #2 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$49000000 |
| &nbsp;&nbsp;10000 California Street | &nbsp;&nbsp;**Westroads Mall** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;53.3% |
| &nbsp;&nbsp;Omaha, NE 68114 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.20x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;19.8% |

---

![](n5926ts_img012.jpg)

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Super Regional Mall | &nbsp;&nbsp;Loan #2 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$49000000 |
| &nbsp;&nbsp;10000 California Street | &nbsp;&nbsp;**Westroads Mall** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;53.3% |
| &nbsp;&nbsp;Omaha, NE 68114 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.20x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;19.8% |

---

![](n5926ts_img013.jpg)

---

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

---

**Mortgage Loan No. 2 – Westroads Mall**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgaged Property Information** | &nbsp;&nbsp;**Mortgaged Property Information** |
| &nbsp;&nbsp;**Mortgage Loan Seller:** | &nbsp;&nbsp;**Mortgage Loan Seller:** | &nbsp;&nbsp;AREF2 | &nbsp;&nbsp;AREF2 | &nbsp;&nbsp;**Single Asset/Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Credit Assessment (Fitch/Moody's/MDBRS):** | &nbsp;&nbsp;**Credit Assessment (Fitch/Moody's/MDBRS):** | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;Omaha, NE 68114 |
| &nbsp;&nbsp;**Original Balance<sup>(1)</sup>:** | &nbsp;&nbsp;**Original Balance<sup>(1)</sup>:** | &nbsp;&nbsp;$49000000 | &nbsp;&nbsp;$49000000 | &nbsp;&nbsp;**General Property Type:** | &nbsp;&nbsp;Retail |
| &nbsp;&nbsp;**Cut-off Date Balance<sup>(1)</sup>:** | &nbsp;&nbsp;**Cut-off Date Balance<sup>(1)</sup>:** | &nbsp;&nbsp;$49000000 | &nbsp;&nbsp;$49000000 | &nbsp;&nbsp;**Detailed Property Type:** | &nbsp;&nbsp;Super Regional Mall |
| &nbsp;&nbsp;**% of Initial Pool Balance:** | &nbsp;&nbsp;**% of Initial Pool Balance:** | &nbsp;&nbsp;9.0% | &nbsp;&nbsp;9.0% | &nbsp;&nbsp;**Title Vesting:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;**Year Built/Renovated:** | &nbsp;&nbsp;1968/2015 |
| &nbsp;&nbsp;**Borrower Sponsor:** | &nbsp;&nbsp;**Borrower Sponsor:** | &nbsp;&nbsp;BPR-FF JV LLC | &nbsp;&nbsp;BPR-FF JV LLC | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;538,040 SF |
| &nbsp;&nbsp;**Guarantor:** | &nbsp;&nbsp;**Guarantor:** | &nbsp;&nbsp;BPR-FF JV LLC | &nbsp;&nbsp;BPR-FF JV LLC | &nbsp;&nbsp;**Cut-off Date Balance PSF<sup>(1)</sup>:** | &nbsp;&nbsp;$125 |
| &nbsp;&nbsp;**Mortgage Rate:** | &nbsp;&nbsp;**Mortgage Rate:** | &nbsp;&nbsp;7.4780% | &nbsp;&nbsp;7.4780% | &nbsp;&nbsp;**Maturity Date Balance PSF<sup>(1)</sup>:** | &nbsp;&nbsp;$119 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;5/13/2026 | &nbsp;&nbsp;5/13/2026 | &nbsp;&nbsp;**Property Manager:** | &nbsp;&nbsp;GGP Services Inc. (f/k/a Brookfield Properties Retail Inc.) (borrower-related) |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;6/6/2031 | &nbsp;&nbsp;6/6/2031 |  | &nbsp;&nbsp;GGP Services Inc. (f/k/a Brookfield Properties Retail Inc.) (borrower-related) |
| &nbsp;&nbsp;**Term to Maturity:** | &nbsp;&nbsp;**Term to Maturity:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**Underwriting and Financial Information<sup>(1)</sup>** | &nbsp;&nbsp;**Underwriting and Financial Information<sup>(1)</sup>** |
| &nbsp;&nbsp;**Amortization Term:** | &nbsp;&nbsp;**Amortization Term:** | &nbsp;&nbsp;360 months | &nbsp;&nbsp;360 months | &nbsp;&nbsp;**UW NOI:** | &nbsp;&nbsp;$13247667 |
| &nbsp;&nbsp;**IO Period:** | &nbsp;&nbsp;**IO Period:** | &nbsp;&nbsp;0 months | &nbsp;&nbsp;0 months | &nbsp;&nbsp;**UW NCF:** | &nbsp;&nbsp;$12332999 |
| &nbsp;&nbsp;**Seasoning:** | &nbsp;&nbsp;**Seasoning:** | &nbsp;&nbsp;0 months | &nbsp;&nbsp;0 months | &nbsp;&nbsp;**UW NOI Debt Yield<sup>(1)</sup>:** | &nbsp;&nbsp;19.8% |
| &nbsp;&nbsp;**Prepayment Provisions<sup>(2)</sup>:** | &nbsp;&nbsp;**Prepayment Provisions<sup>(2)</sup>:** | &nbsp;&nbsp;L(24),D(32),O(4) | &nbsp;&nbsp;L(24),D(32),O(4) | &nbsp;&nbsp;**UW NCF Debt Yield<sup>(1)</sup>:** | &nbsp;&nbsp;18.4% |
| &nbsp;&nbsp;**Lockbox/Cash Mgmt Status:** | &nbsp;&nbsp;**Lockbox/Cash Mgmt Status:** | &nbsp;&nbsp;Hard/Springing | &nbsp;&nbsp;Hard/Springing | &nbsp;&nbsp;**UW NOI Debt Yield at Maturity<sup>(1)</sup>:** | &nbsp;&nbsp;20.7% |
| &nbsp;&nbsp;**Additional Debt Type<sup>(1)(4)</sup>:** | &nbsp;&nbsp;**Additional Debt Type<sup>(1)(4)</sup>:** | &nbsp;&nbsp;*Pari Passu/Mezzanine* | &nbsp;&nbsp;*Pari Passu/Mezzanine* | &nbsp;&nbsp;**UW NCF DSCR<sup>(1)</sup>:** | &nbsp;&nbsp;2.20x |
| &nbsp;&nbsp;**Additional Debt Balance<sup>(1)(4)</sup>:** | &nbsp;&nbsp;**Additional Debt Balance<sup>(1)(4)</sup>:** | &nbsp;&nbsp;$18,000,000/$12,000,000 | &nbsp;&nbsp;$18,000,000/$12,000,000 | &nbsp;&nbsp;**Most Recent NOI:** | &nbsp;&nbsp;$13,246,995 (3/31/2026 TTM) |
| &nbsp;&nbsp;**Future Debt Permitted (Type):** | &nbsp;&nbsp;**Future Debt Permitted (Type):** | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;**2nd Most Recent NOI:** | &nbsp;&nbsp;$13,405,779 (12/31/2025) |
| &nbsp;&nbsp;**Reserves<sup>(3)</sup>** | &nbsp;&nbsp;**Reserves<sup>(3)</sup>** | &nbsp;&nbsp;**Reserves<sup>(3)</sup>** | &nbsp;&nbsp;**Reserves<sup>(3)</sup>** | &nbsp;&nbsp;**3rd Most Recent NOI:** | &nbsp;&nbsp;$13,692,737 (12/31/2024) |
| &nbsp;&nbsp;**<u>Type</u>** | &nbsp;&nbsp;**<u>Initial</u>** | &nbsp;&nbsp;**<u>Monthly</u>** | &nbsp;&nbsp;**<u>Cap</u>** | &nbsp;&nbsp;**Most Recent Occupancy:** | &nbsp;&nbsp;94.0% (4/30/2026) |
| &nbsp;&nbsp;**RE Taxes:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**2nd Most Recent Occupancy:** | &nbsp;&nbsp;94.6% (12/31/2025) |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**3rd Most Recent Occupancy:** | &nbsp;&nbsp;95.6% (12/31/2024) |
| &nbsp;&nbsp;**Replacement Reserve:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$8967 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value (as of):** | &nbsp;&nbsp;$125,800,000 (12/12/2025) |
| &nbsp;&nbsp;**Deferred Maintenance:** | &nbsp;&nbsp;$106557 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value per SF:** | &nbsp;&nbsp;$234 |
| &nbsp;&nbsp;**TI/LC Reserve:** | &nbsp;&nbsp;$1488600 | &nbsp;&nbsp;$67255 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Cut-off Date LTV Ratio<sup>(1)</sup>:** | &nbsp;&nbsp;53.3% |
| &nbsp;&nbsp;**Gap Rent Reserve:** | &nbsp;&nbsp;$91001 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date LTV Ratio<sup>(1)</sup>:** | &nbsp;&nbsp;50.8% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** |
| **Sources** | **Proceeds** | **% of Total** | **Uses** | **Proceeds** | **% of Total** |
| &nbsp;&nbsp;Whole Loan Amount: | &nbsp;&nbsp;$67000000 | &nbsp;&nbsp;76.6% | &nbsp;&nbsp;Loan Payoff<sup>(5)</sup>: | &nbsp;&nbsp;$84142405 | &nbsp;&nbsp;96.2% |
| &nbsp;&nbsp;Mezzanine Loan Amount<sup>(4)</sup>: | &nbsp;&nbsp;$12000000 | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;Upfront Reserves: | &nbsp;&nbsp;$1686158 | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;Sponsor Equity Contribution: | &nbsp;&nbsp;$8502357 | &nbsp;&nbsp;9.7% | &nbsp;&nbsp;Closing Costs: | &nbsp;&nbsp;$1673794 | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;**Total Sources:** | &nbsp;&nbsp;**$87502357** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses:** | &nbsp;&nbsp;**$87502357** | &nbsp;&nbsp;**100.0%** |

---

(1) The Westroads Mall Mortgage Loan (as defined below) is part of a whole loan evidenced by four *pari passu* promissory notes with an aggregate outstanding principal balance as of the Cut-off Date of $67.0 million (the "Westroads
Mall Whole Loan"). The financial information in the chart above reflects the Westroads Mall Whole Loan.

(2) The lockout period will be at least 24 payments beginning with and including the first payment date of
July 6, 2026. Defeasance of the Westroads Mall Whole Loan is permitted after the date that is the earlier to occur of (i) two years from
the closing date of the securitization that includes the last note to be securitized and (ii) May 13, 2029. The assumed lockout of 24
payments is based on the expected WFCM 2026-5C10 securitization closing date in June 2026. The actual lockout period may be longer.

(3) See "*Escrows and Reserves*" below for further discussion of reserve requirements.

(4) See "*Mezzanine Debt*" below for further information.

(5) Loan Payoff includes $14,731,672.77 in previous mezzanine loan balance.

***The Mortgage Loan.*** The second largest mortgage loan (the "Westroads Mall Mortgage Loan") is part of a whole loan secured by the borrower's fee simple interest in a super regional mall property located in Omaha, Nebraska (the "Westroads Mall Property"). The Westroads Mall Whole Loan was originated by Argentic Real Estate Finance 2 LLC on May 13th, 2026 and consists of four *pari passu* promissory notes. The Westroads Mall Mortgage Loan is evidenced by the controlling Note A-1 and the non-controlling Note A-3, with an aggregate original principal amount of $49,000,000. The Westroads Mall Whole Loan has a five-year term, amortizes on a 30-year schedule and accrues interest at a rate of 7.4780% *per annum*. The Westroads Mall Whole Loan will be serviced pursuant to the pooling and servicing agreement for the WFCM 2026-5C10 transaction. See "*Description of the Mortgage Pool—The Whole Loans—The Serviced Pari Passu Whole Loans*" and "*Pooling and Servicing Agreement*" in the prospectus.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Super Regional Mall | &nbsp;&nbsp;Loan #2 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$49000000 |
| &nbsp;&nbsp;10000 California Street | &nbsp;&nbsp;**Westroads Mall** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;53.3% |
| &nbsp;&nbsp;Omaha, NE 68114 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.20x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;19.8% |

---

The table below summarizes the promissory notes that comprise the Westroads Mall Whole Loan:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Westroads Mall Whole Loan Summary** | &nbsp;&nbsp;**Westroads Mall Whole Loan Summary** | &nbsp;&nbsp;**Westroads Mall Whole Loan Summary** | &nbsp;&nbsp;**Westroads Mall Whole Loan Summary** | &nbsp;&nbsp;**Westroads Mall Whole Loan Summary** |
| &nbsp;&nbsp;**Note** | &nbsp;&nbsp;**Original Balance** | &nbsp;&nbsp;**Cut-off Date Balance** | &nbsp;&nbsp;**Note Holder** | &nbsp;&nbsp;**Controlling Note** |
| &nbsp;&nbsp;**A-1** | &nbsp;&nbsp;**$40000000** | &nbsp;&nbsp;**$40000000** | &nbsp;&nbsp;**WFCM 2026-5C10** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;A-2<sup>(1)</sup> | &nbsp;&nbsp;$12000000 | &nbsp;&nbsp;$12000000 | &nbsp;&nbsp;AREF2 | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**A-3** | &nbsp;&nbsp;**$9000000** | &nbsp;&nbsp;**$9000000** | &nbsp;&nbsp;**WFCM 2026-5C10** | &nbsp;&nbsp;**No** |
| &nbsp;&nbsp;A-4<sup>(1)</sup> | &nbsp;&nbsp;$6000000 | &nbsp;&nbsp;$6000000 | &nbsp;&nbsp;AREF2 | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**Whole Loan** | &nbsp;&nbsp;**$67000000** | &nbsp;&nbsp;**$67000000** |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Expected to be contributed to a future securitization.

***The Borrower and the Borrower Sponsor.*** The borrower is Westroads Mall L.L.C., a single-purpose Delaware limited liability company with two independent directors. The borrower sponsor and non-recourse carveout guarantor is BPR-FF JV LLC, an entity that is a joint venture between Brookfield Properties Retail and The Future Fund. Brookfield Properties Retail is a subsidiary of Brookfield Asset Management (NYSE: BAM) that currently owns and manages a portfolio of 130 malls across 40 states. The Future Fund is Australia's sovereign wealth fund, with approximately $252 billion assets under management.

***The Property*.** The Westroads Mall Property is comprised of a 538,040 square foot portion of an enclosed two-story super regional mall known as Westroads Mall located in Omaha, Nebraska. Situated on a 36.87-acre site, the Westroads Mall Property was built in 1968 and renovated in 2015. The borrower sponsor has invested approximately $5.9 million in capital expenditures and $4.5 million in tenant improvement allowances since 2019. The Westroads Mall Property is currently anchored by Von Maur, JCPenney, AMC Westroads, Dick's Sporting Goods, and The Container Store. A sixth anchor tenant, Dillard's, recently purchased a non-collateral anchor tenant space that is currently vacant and is expected to open by the first quarter of 2027. Of the six anchor tenants, AMC Westroads, Dick's Sporting Goods, and The Container Store are part of the owned collateral for the Westroads Mall Whole Loan, and the Von Maur, JCPenney, and Dillard's parcels are all separately owned and are not collateral of the Westroads Mall Whole Loan. The Westroads Mall Property currently features 70 in-line retail and fast casual restaurant tenants. The Toys R Us space includes a lower-level space that is accessible from the first floor. In addition to the enclosed mall space, the Westroads Mall Property includes four outparcels that comprise 34,166 square feet, three of which are occupied by restaurant tenants with the fourth being vacant. The Westroads Mall Property features 5,100 garage and surface parking spaces, resulting in a parking ratio of approximately 9.5 spaces per 1,000 square feet of net rentable area.

As of April 30, 2026, the Westroads Mall Property was 94.0% occupied by 78 tenants. The two largest tenants, Dick's Sporting Goods and AMC Westroads, make up 29.2% of the net rentable area and 5.4% of underwritten base rent. The remaining rent roll is granular, with no tenant comprising greater than 5.7% of the net rentable area and 6.8% of underwritten base rent. Historical occupancy has been strong, with occupancy averaging 94.3% from 2019 through August 2025, with occupancy reaching a low of 90.6% in 2020. Since the start of 2025, the borrower sponsor has executed 35 new and renewal leases comprising 30.8% of net rentable area and 34.8% of base rent. ****

***Major Tenants.***

*Dick's Sporting Goods (84,000 SF, 15.6% of NRA, 5.4% of underwritten base rent).* Dick's Sporting Goods is a U.S. retailer of athletic gear, apparel and outdoor equipment that operates approximately 900 stores nationwide. Dick's Sporting Goods has been a tenant at the Westroads Mall Property since July 2003 and has renewed its lease twice, with the most recent lease renewal taking effect in February 2024. Dick's Sporting Goods has a current lease expiration date in January 2029 with no renewal or termination options remaining. 

*AMC Westroads (73,252 SF, 13.6% of NRA, 0.0% underwritten base rent).* AMC Westroads is part of AMC Theatres which is the largest movie theater chain in the United States that was founded in 1920 and operates approximately 650 locations nationwide. AMC Westroads has been a tenant at the Westroads Mall Property since November 2008 and most recently renewed its lease in December 2023 to November 2028. AMC Westroads pays a percentage rent of 50% of its earnings before interest, taxes, depreciation, amortization and rent ("EBITDAR") at the Westroads Mall Property in lieu of base rent. AMC Theatres has no renewal options at the Westroads Mall Property and has the right to terminate its lease if its EBITDAR at its Westroads Mall Property is negative in any full year. AMC Theatres has 14 screens at the Westroads Mall Property.

*Toys R Us (30,796 SF, 5.7% of NRA, 1.0% of underwritten base rent).* Toys R Us is a children's toy and baby product retailer. After closing most stores in 2018, Toys R Us was revived through partnerships with Macy's and new flagship locations. Toys R Us now focuses on immersive retail experiences and online shopping to engage a new generation of families. Toys R Us signed its initial license agreement for its space at the Westroads Mall Property in November 2025 and has a license expiration date in October 2028. The tenant has no renewal options and has the right to terminate its lease at any time after January 31, 2027 by providing 30 days' written notice.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Super Regional Mall | &nbsp;&nbsp;Loan #2 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$49000000 |
| &nbsp;&nbsp;10000 California Street | &nbsp;&nbsp;**Westroads Mall** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;53.3% |
| &nbsp;&nbsp;Omaha, NE 68114 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.20x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;19.8% |

---

The following tables present certain information relating to the available tenant sales information at the Westroads Mall Property:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Major Tenant Sales** | &nbsp;&nbsp;**Major Tenant Sales** | &nbsp;&nbsp;**Major Tenant Sales** | &nbsp;&nbsp;**Major Tenant Sales** | &nbsp;&nbsp;**Major Tenant Sales** | &nbsp;&nbsp;**Major Tenant Sales** |
| **Tenant Name** | &nbsp;&nbsp;**Collateral/Non-<br> Collateral** | &nbsp;&nbsp;**Size (SF)** | &nbsp;&nbsp;**Lease Expiration** | &nbsp;&nbsp;**Reported Sales<sup>(1)</sup>**  | &nbsp;&nbsp;**Sales / SF** |
| Von Maur | &nbsp;&nbsp;Non-Collateral | &nbsp;&nbsp;179114 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;$38000000 | &nbsp;&nbsp;$212 |
| JCPenney | &nbsp;&nbsp;Non-Collateral | &nbsp;&nbsp;177223 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;$12800000 | &nbsp;&nbsp;$72 |
| Dick's Sporting Goods | &nbsp;&nbsp;Collateral | &nbsp;&nbsp;84000 | &nbsp;&nbsp;1/31/2029 | &nbsp;&nbsp;$10000000 | &nbsp;&nbsp;$119 |
| AMC Westroads | &nbsp;&nbsp;Collateral | &nbsp;&nbsp;73252 | &nbsp;&nbsp;11/30/2028 | &nbsp;&nbsp;$2039000 | &nbsp;&nbsp;$145643<sup>(2)</sup> |
| Toys R Us | &nbsp;&nbsp;Collateral | &nbsp;&nbsp;30796 | &nbsp;&nbsp;10/31/2028 | &nbsp;&nbsp;$993080 | &nbsp;&nbsp;$32 |
| The Container Store | &nbsp;&nbsp;Collateral | &nbsp;&nbsp;25604 | &nbsp;&nbsp;2/29/2032 | &nbsp;&nbsp;$2655023 | &nbsp;&nbsp;$104 |

---

(1) Information obtained from the borrower sponsor. Reported sales shown are for calendar
year 2025, except for Toys R Us, which is based on the trailing four months ending February 28, 2026 annualized.

(2) Sales for AMC Westroads are shown per screen.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Sales History<sup>(1)</sup>** | **Sales History<sup>(1)</sup>** | **Sales History<sup>(1)</sup>** | **Sales History<sup>(1)</sup>** | **Sales History<sup>(1)</sup>** |
| **Tenancy Type** | **2022** | **2023** | **2024** | **2025** |
| **<u>Total In-Line Tenants < 10,000 SF</u>** |  |  |  |  |
| Total Sales | $94716903 | $87965094 | $86580323 | $89064245 |
| Total SF Reporting | 184588 | 191023 | 194977 | 191310 |
| Sales Per SF | $513 | $460 | $444 | $466 |
| **<u>Total In-Line Tenants</u>** |  |  |  |  |
| Total Sales | $110108081 | $101399678 | $98867158 | $101230518 |
| Total SF Reporting | 257528 | 263963 | 267917 | 264250 |
| Sales Per SF | $428 | $384 | $369 | $383 |

---

(1) Information obtained from the borrower sponsor.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Super Regional Mall | &nbsp;&nbsp;Loan #2 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$49000000 |
| &nbsp;&nbsp;10000 California Street | &nbsp;&nbsp;**Westroads Mall** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;53.3% |
| &nbsp;&nbsp;Omaha, NE 68114 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.20x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;19.8% |

---

The following table presents certain information relating to the tenancy at the Westroads Mall Property:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Retail Tenant Summary<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Retail Tenant Summary<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Retail Tenant Summary<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Retail Tenant Summary<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Retail Tenant Summary<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Retail Tenant Summary<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Retail Tenant Summary<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Retail Tenant Summary<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Retail Tenant Summary<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Retail Tenant Summary<sup>(1)(2)</sup>** |
| &nbsp;&nbsp;**Tenant Name** | &nbsp;&nbsp;**Credit Rating (Fitch/Moody's/ S&P)<sup>(3)</sup>** | &nbsp;&nbsp;**Tenant SF** | &nbsp;&nbsp;**% of Total SF** | &nbsp;&nbsp;**Annual UW Base Rent** | &nbsp;&nbsp;**% of Total Annual UW Base Rent** | &nbsp;&nbsp;**Annual UW Base Rent PSF** | &nbsp;&nbsp;**Lease Expiration** | &nbsp;&nbsp;**Term. Option (Y/N)<sup>(4)</sup>** | &nbsp;&nbsp;**Renewal Options** |
| &nbsp;&nbsp;Dick's Sporting Goods | &nbsp;&nbsp;NR/Baa2/BBB | &nbsp;&nbsp;84000 | &nbsp;&nbsp;15.6% | &nbsp;&nbsp;$630000 | &nbsp;&nbsp;5.4% | &nbsp;&nbsp;$7.50 | &nbsp;&nbsp;1/31/2029 | &nbsp;&nbsp;No |  |
| &nbsp;&nbsp;AMC Westroads<sup>(5)</sup> | &nbsp;&nbsp;NR/Caa2/CCC+ | &nbsp;&nbsp;73252 | &nbsp;&nbsp;13.6% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;11/30/2028 | &nbsp;&nbsp;Yes<sup>(6)</sup> |  |
| &nbsp;&nbsp;Toys R Us | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;30796 | &nbsp;&nbsp;5.7% | &nbsp;&nbsp;$113300 | &nbsp;&nbsp;1.0% | &nbsp;&nbsp;$3.68 | &nbsp;&nbsp;10/31/2028 | &nbsp;&nbsp;Yes<sup>(7)</sup> |  |
| &nbsp;&nbsp;The Container Store<sup>(8)</sup> | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;25604 | &nbsp;&nbsp;4.8% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;2/29/2032 | &nbsp;&nbsp;No | &nbsp;&nbsp;2 x 5 Years |
| &nbsp;&nbsp;H&M | &nbsp;&nbsp;NR/NR/BBB | &nbsp;&nbsp;18377 | &nbsp;&nbsp;3.4% | &nbsp;&nbsp;$410000 | &nbsp;&nbsp;3.5% | &nbsp;&nbsp;$22.31 | &nbsp;&nbsp;1/31/2028 | &nbsp;&nbsp;No |  |
| &nbsp;&nbsp;DSW | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;14704 | &nbsp;&nbsp;2.7% | &nbsp;&nbsp;$294080 | &nbsp;&nbsp;2.5% | &nbsp;&nbsp;$20.00 | &nbsp;&nbsp;1/31/2028 | &nbsp;&nbsp;No |  |
| &nbsp;&nbsp;Old Navy | &nbsp;&nbsp;NR/Ba2/BB+ | &nbsp;&nbsp;14461 | &nbsp;&nbsp;2.7% | &nbsp;&nbsp;$491529 | &nbsp;&nbsp;4.2% | &nbsp;&nbsp;$33.99 | &nbsp;&nbsp;5/31/2030 | &nbsp;&nbsp;No |  |
| &nbsp;&nbsp;Victoria's Secret / PINK | &nbsp;&nbsp;NR/Ba3/BB- | &nbsp;&nbsp;12053 | &nbsp;&nbsp;2.2% | &nbsp;&nbsp;$790918 | &nbsp;&nbsp;6.8% | &nbsp;&nbsp;$65.62 | &nbsp;&nbsp;1/31/2029 | &nbsp;&nbsp;No |  |
| &nbsp;&nbsp;The Cheesecake Factory | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;10209 | &nbsp;&nbsp;1.9% | &nbsp;&nbsp;$510450 | &nbsp;&nbsp;4.4% | &nbsp;&nbsp;$50.00 | &nbsp;&nbsp;1/31/2032 | &nbsp;&nbsp;No |  |
| &nbsp;&nbsp;Five Below | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;9500 | &nbsp;&nbsp;1.8% | &nbsp;&nbsp;$152000 | &nbsp;&nbsp;1.3% | &nbsp;&nbsp;$16.00 | &nbsp;&nbsp;1/31/2032 | &nbsp;&nbsp;No | &nbsp;&nbsp;3 x 5 Years |
| &nbsp;&nbsp;**Subtotal/Wtd. Avg.** |  | &nbsp;&nbsp;**292956** | &nbsp;&nbsp;**54.4%** | &nbsp;&nbsp;**$3392277** | &nbsp;&nbsp;**29.0%** | &nbsp;&nbsp;**$11.58** |  |  |  |
| &nbsp;&nbsp;Other Tenants |  | &nbsp;&nbsp;212679 | &nbsp;&nbsp;39.5% | &nbsp;&nbsp;$8297195 | &nbsp;&nbsp;71.0% | &nbsp;&nbsp;$39.01 |  |  |  |
| &nbsp;&nbsp;**Total/Wtd. Avg. Occupied Space** |  | &nbsp;&nbsp;**505635** | &nbsp;&nbsp;**94.0%** | &nbsp;&nbsp;**$11689472** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$23.12** |  |  |  |
| &nbsp;&nbsp;Vacant Space |  | &nbsp;&nbsp;32405 | &nbsp;&nbsp;6.0% |  |  |  |  |  |  |
| &nbsp;&nbsp;**Total** |  | &nbsp;&nbsp;**538040** | &nbsp;&nbsp;**100.0%** |  |  |  |  |  |  |

---

(1) Information is based on the underwritten rent roll dated April 30, 2026, with rent steps taken through April 2027.

(2) The Westroads Mall Property is anchored by six tenants. Three of the anchor tenants, Dillards, Von Maur, and JCPenney, are not part
of the collateral for the Westroads Mall Whole Loan and are not included in the table above.

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

(4) Term. Option (Y/N) does not include co-tenancy provisions.

(5) AMC Westroads pays 50% of EBITDAR in lieu of base rent. The underwritten rent for AMC Westroads is $251,432, which is based on the
rent paid in the trailing 12 months ending February 28, 2026.

(6) AMC Westroads has the right to terminate its lease if EBITDAR is negative during any full calendar year.

(7) Toys R Us has the right to terminate its lease at any time after January 31, 2027 by providing 30 days' written notice.

(8) The Container Store pays percentage rent in lieu of base rent equal to 7.0% of sales. The underwritten rent for The Container Store
is $174,030, which is based on 7.0% of sales in the trailing 12 months ending February 28, 2026.

The following table presents certain information with respect to the lease rollover at the Westroads Mall Property:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** |
| &nbsp;&nbsp;**Year** | &nbsp;&nbsp;**# of Leases Rolling** | &nbsp;&nbsp;**SF Rolling** | &nbsp;&nbsp;**Approx. % of SF Rolling** | &nbsp;&nbsp;**Approx. Cumulative % of SF Rolling** | &nbsp;&nbsp;**Total UW Rent Rolling** | &nbsp;&nbsp;**Approx. % of Total UW Rent Rolling** | &nbsp;&nbsp;**Approx. Cumulative % of Total UW Rent Rolling** | &nbsp;&nbsp;**UW Rent PSF Rolling** |
| &nbsp;&nbsp;MTM/2026 | &nbsp;&nbsp;14 | &nbsp;&nbsp;23825 | &nbsp;&nbsp;4.4% | &nbsp;&nbsp;4.4% | &nbsp;&nbsp;$276382 | &nbsp;&nbsp;2.4% | &nbsp;&nbsp;2.4% | &nbsp;&nbsp;$11.60 |
| &nbsp;&nbsp;2027 | &nbsp;&nbsp;18 | &nbsp;&nbsp;60047 | &nbsp;&nbsp;11.2% | &nbsp;&nbsp;15.6% | &nbsp;&nbsp;$2333562 | &nbsp;&nbsp;20.0% | &nbsp;&nbsp;22.3% | &nbsp;&nbsp;$38.86 |
| &nbsp;&nbsp;2028 | &nbsp;&nbsp;20 | &nbsp;&nbsp;194338 | &nbsp;&nbsp;36.1% | &nbsp;&nbsp;51.7% | &nbsp;&nbsp;$3439180 | &nbsp;&nbsp;29.4% | &nbsp;&nbsp;51.7% | &nbsp;&nbsp;$17.70 |
| &nbsp;&nbsp;2029 | &nbsp;&nbsp;10 | &nbsp;&nbsp;112858 | &nbsp;&nbsp;21.0% | &nbsp;&nbsp;72.7% | &nbsp;&nbsp;$2283325 | &nbsp;&nbsp;19.5% | &nbsp;&nbsp;71.3% | &nbsp;&nbsp;$20.23 |
| &nbsp;&nbsp;2030 | &nbsp;&nbsp;3 | &nbsp;&nbsp;23753 | &nbsp;&nbsp;4.4% | &nbsp;&nbsp;77.1% | &nbsp;&nbsp;$642387 | &nbsp;&nbsp;5.5% | &nbsp;&nbsp;76.8% | &nbsp;&nbsp;$27.04 |
| &nbsp;&nbsp;2031 | &nbsp;&nbsp;6 | &nbsp;&nbsp;20658 | &nbsp;&nbsp;3.8% | &nbsp;&nbsp;80.9% | &nbsp;&nbsp;$920465 | &nbsp;&nbsp;7.9% | &nbsp;&nbsp;84.7% | &nbsp;&nbsp;$44.56 |
| &nbsp;&nbsp;2032 | &nbsp;&nbsp;5 | &nbsp;&nbsp;54251 | &nbsp;&nbsp;10.1% | &nbsp;&nbsp;91.0% | &nbsp;&nbsp;$955970 | &nbsp;&nbsp;8.2% | &nbsp;&nbsp;92.8% | &nbsp;&nbsp;$17.62 |
| &nbsp;&nbsp;2033 | &nbsp;&nbsp;1 | &nbsp;&nbsp;4000 | &nbsp;&nbsp;0.7% | &nbsp;&nbsp;91.8% | &nbsp;&nbsp;$255000 | &nbsp;&nbsp;2.2% | &nbsp;&nbsp;95.0% | &nbsp;&nbsp;$63.75 |
| &nbsp;&nbsp;2034 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1339 | &nbsp;&nbsp;0.2% | &nbsp;&nbsp;92.0% | &nbsp;&nbsp;$95106 | &nbsp;&nbsp;0.8% | &nbsp;&nbsp;95.8% | &nbsp;&nbsp;$71.03 |
| &nbsp;&nbsp;2035 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1028 | &nbsp;&nbsp;0.2% | &nbsp;&nbsp;92.2% | &nbsp;&nbsp;$64208 | &nbsp;&nbsp;0.5% | &nbsp;&nbsp;96.4% | &nbsp;&nbsp;$62.46 |
| &nbsp;&nbsp;2036 | &nbsp;&nbsp;2 | &nbsp;&nbsp;9538 | &nbsp;&nbsp;1.8% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;$423888 | &nbsp;&nbsp;3.6% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$44.44 |
| &nbsp;&nbsp;2037 & Thereafter | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;Vacant | &nbsp;&nbsp;0 | &nbsp;&nbsp;32405 | &nbsp;&nbsp;6.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;**Total/Wtd. Avg.** | &nbsp;&nbsp;**81** | &nbsp;&nbsp;**538040** | &nbsp;&nbsp;**100.0%** |  | &nbsp;&nbsp;**$11689472** | &nbsp;&nbsp;**100.0%** |  | &nbsp;&nbsp;**$23.12<sup>(2)</sup>** |

---

(1) Information is based on the underwritten rent roll dated April 30, 2026, with rent steps taken through April 2027.

(2) Total/Wtd. Avg. UW Rent PSF Rolling excludes vacant space.

 ****

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Super Regional Mall | &nbsp;&nbsp;Loan #2 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$49000000 |
| &nbsp;&nbsp;10000 California Street | &nbsp;&nbsp;**Westroads Mall** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;53.3% |
| &nbsp;&nbsp;Omaha, NE 68114 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.20x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;19.8% |

---

***The Market.***

 

The Westroads Mall Property is located in Omaha, Nebraska, approximately 7.5 miles west of downtown Omaha. The Westroads Mall Property is located at the intersection of Interstate 680 and US Route 6, which provide direct access to downtown Omaha and the greater metropolitan area. The immediate area is a major commercial node of the surrounding neighborhood, featuring several office campuses, restaurants, hotels, and retail centers including a Topgolf, Whole Foods, and Regency Shopping Center being located directly adjacent to the Westroads Mall Property. The Westroads Mall Property is currently one of two enclosed super regional malls in Omaha. Oak View Mall, the only other enclosed super regional mall in Omaha, has experienced increasing vacancy rates in recent years and has lost all but one of its anchor tenants, with one of its two remaining anchors, Dillard's, currently in the process of relocating from Oak View Mall into Westroads Mall.

According to the appraisal, the 2025 population within a one-, three-, and five-mile radius of the Westroads Mall Property was 9,917, 96,295 and 272,670, respectively. Additionally, for the same radii, the median household income was $66,399, $75,947 and $76,734, respectively.

According to the appraisal, the Westroads Mall Property is located within the Central Omaha retail submarket within the Omaha/Council Bluffs retail market. As of the third quarter of 2025, the Central Omaha retail submarket had an inventory of approximately 7.5 million square feet of retail space, with an occupancy rate of 95.6% and an average asking rent of $19.77 per square foot.

The following table presents certain information relating to the appraisal's market rent conclusion for the Westroads Mall Property:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Market Rent Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Market Rent Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Market Rent Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Market Rent Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Market Rent Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Market Rent Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Market Rent Summary<sup>(1)</sup>** |
| | **SF** | **Market Rent PSF** | **Rent Escalations** | **Term (Mos.)** | **Tenant Improvements PSF (New/Renewal)** | **Leasing Commissions (New/Renewal)** |
| 0-1,500 SF Space | &nbsp;&nbsp;28169 | &nbsp;&nbsp;$85.00 | &nbsp;&nbsp;3% *per annum* | &nbsp;&nbsp;60 | &nbsp;&nbsp;$25.00 / $5.00 | &nbsp;&nbsp;6.0% / 3.0% |
| 1,501-2,500 SF Space | &nbsp;&nbsp;27052 | &nbsp;&nbsp;$70.00 | &nbsp;&nbsp;3% *per annum* | &nbsp;&nbsp;60 | &nbsp;&nbsp;$25.00 / $5.00 | &nbsp;&nbsp;6.0% / 3.0% |
| 2,501-4,000 SF Space | &nbsp;&nbsp;36126 | &nbsp;&nbsp;$60.00 | &nbsp;&nbsp;3% *per annum* | &nbsp;&nbsp;60 | &nbsp;&nbsp;$25.00 / $5.00 | &nbsp;&nbsp;6.0% / 3.0% |
| 4,001-6,500 SF Space | &nbsp;&nbsp;66331 | &nbsp;&nbsp;$55.00 | &nbsp;&nbsp;3% *per annum* | &nbsp;&nbsp;60 | &nbsp;&nbsp;$25.00 / $5.00 | &nbsp;&nbsp;6.0% / 3.0% |
| 6,500-10,000 SF Space | &nbsp;&nbsp;52942 | &nbsp;&nbsp;$45.00 | &nbsp;&nbsp;10% midterm | &nbsp;&nbsp;120 | &nbsp;&nbsp;$25.00 / $5.00 | &nbsp;&nbsp;6.0% / 3.0% |
| >10,000 SF Space | &nbsp;&nbsp;199995 | &nbsp;&nbsp;$20.00 | &nbsp;&nbsp;10% midterm | &nbsp;&nbsp;120 | &nbsp;&nbsp;$10.00 / $5.00 | &nbsp;&nbsp;5.0% / 2.5% |
| Jewelry Space | &nbsp;&nbsp;10556 | &nbsp;&nbsp;$170.00 | &nbsp;&nbsp;3% *per annum* | &nbsp;&nbsp;60 | &nbsp;&nbsp;$25.00 / $5.00 | &nbsp;&nbsp;6.0% / 3.0% |
| Restaurant Space | &nbsp;&nbsp;1952 | &nbsp;&nbsp;$150.00 | &nbsp;&nbsp;10% midterm | &nbsp;&nbsp;120 | &nbsp;&nbsp;$50.00 / $10.00 | &nbsp;&nbsp;6.0% / 3.0% |
| Snack Bars Space | &nbsp;&nbsp;1444 | &nbsp;&nbsp;$175.00 | &nbsp;&nbsp;3% *per annum* | &nbsp;&nbsp;60 | &nbsp;&nbsp;$25.00 / $5.00 | &nbsp;&nbsp;6.0% / 3.0% |
| Food Court Space | &nbsp;&nbsp;5826 | &nbsp;&nbsp;$150.00 | &nbsp;&nbsp;3% *per annum* | &nbsp;&nbsp;60 | &nbsp;&nbsp;$25.00 / $5.00 | &nbsp;&nbsp;6.0% / 3.0% |
| Theater Space | &nbsp;&nbsp;73252 | &nbsp;&nbsp;$20.00 | &nbsp;&nbsp;10% midterm | &nbsp;&nbsp;180 | &nbsp;&nbsp;$25.00 / $10.00 | &nbsp;&nbsp;5.0% / 2.5% |
| Outparcel Space | &nbsp;&nbsp;34166 | &nbsp;&nbsp;$40.00 | &nbsp;&nbsp;10% midterm | &nbsp;&nbsp;120 | &nbsp;&nbsp;$25.00 / $10.00 | &nbsp;&nbsp;5.0% / 2.5% |

---

(1) Source: *Appraisal*.

The following table presents sales comparables with respect to the Westroads Mall Property:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sales Comparables<sup>(1)</sup>** | &nbsp;&nbsp;**Sales Comparables<sup>(1)</sup>** | &nbsp;&nbsp;**Sales Comparables<sup>(1)</sup>** | &nbsp;&nbsp;**Sales Comparables<sup>(1)</sup>** | &nbsp;&nbsp;**Sales Comparables<sup>(1)</sup>** | &nbsp;&nbsp;**Sales Comparables<sup>(1)</sup>** | &nbsp;&nbsp;**Sales Comparables<sup>(1)</sup>** | &nbsp;&nbsp;**Sales Comparables<sup>(1)</sup>** | &nbsp;&nbsp;**Sales Comparables<sup>(1)</sup>** |
| **Property Name/Location** | &nbsp;&nbsp;**Year Built/Renovated** | &nbsp;&nbsp;**Total GLA (SF)** | &nbsp;&nbsp;**Occupancy %** | &nbsp;&nbsp;**Anchor/Major Tenant** | &nbsp;&nbsp;**Sale Price** | &nbsp;&nbsp;**Actual Sale Price PSF** | &nbsp;&nbsp;**Inline Sales PSF** | &nbsp;&nbsp;**Capitalization Rate** |
| **Westroads Mall**<br> **Omaha, NE** | &nbsp;&nbsp;**1968/2015** | &nbsp;&nbsp;**538040<sup>(2)</sup>** | &nbsp;&nbsp;**94.0%<sup>(2)</sup>** | &nbsp;&nbsp;**Dick's Sporting Goods** |  |  | &nbsp;&nbsp;**$466** |  |
| One Bellevue Place<br> Nashville, TN | &nbsp;&nbsp;2018/NAP | &nbsp;&nbsp;355019 | &nbsp;&nbsp;96.0% | &nbsp;&nbsp;AMC Theaters | &nbsp;&nbsp;$92000000 | &nbsp;&nbsp;$259.14 | &nbsp;&nbsp;NAV | &nbsp;&nbsp;7.0% |
| Crabtree Valley Mall<br> Raleigh, NC | &nbsp;&nbsp;1972/2003 | &nbsp;&nbsp;1147631 | &nbsp;&nbsp;87.0% | &nbsp;&nbsp;Macy's | &nbsp;&nbsp;$290000000 | &nbsp;&nbsp;$252.69 | &nbsp;&nbsp;$615.00 | &nbsp;&nbsp;11.0% |
| South Plains Mall<br> Lubbock, TX | &nbsp;&nbsp;1972/2015 | &nbsp;&nbsp;983517 | &nbsp;&nbsp;70.0% | &nbsp;&nbsp;Dillard's | &nbsp;&nbsp;$190540000 | &nbsp;&nbsp;$193.73 | &nbsp;&nbsp;$485.00 | &nbsp;&nbsp;9.4% |
| Galleria at Sunset<br> Henderson, NV | &nbsp;&nbsp;1996/2002 | &nbsp;&nbsp;567483 | &nbsp;&nbsp;87.0% | &nbsp;&nbsp;JCPenney | &nbsp;&nbsp;$91200000 | &nbsp;&nbsp;$160.71 | &nbsp;&nbsp;$640.00 | &nbsp;&nbsp;14.0% |

---

(1) Source: *Appraisal*, unless otherwise indicated.

(2) Based on the underwritten rent roll dated April 30, 2026.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Super Regional Mall | &nbsp;&nbsp;Loan #2 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$49000000 |
| &nbsp;&nbsp;10000 California Street | &nbsp;&nbsp;**Westroads Mall** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;53.3% |
| &nbsp;&nbsp;Omaha, NE 68114 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.20x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;19.8% |

---

***Appraisal.*** The appraisal concluded to an "as-is" value for the Westroads Mall Property of $125,800,000 as of December 12, 2025.

***Environmental Matters***. According to the Phase I environmental site assessment dated April 21, 2026, there was evidence of recognized environmental conditions at the Westroads Mall Property related to a former petroleum fueling station being located on the premises. A lender's environmental insurance policy was obtained with a $2 million limit, representing more than three times the estimated worst case cost estimate of $515,000 noted in an opinion of probable cost. See "*Description of the Mortgage Pool—Environmental Considerations"* in the prospectus.

 ****

***Operating History and Underwritten Net Cash Flow.*** The following table presents certain information relating to the historical operating performance and underwritten net cash flow at the Westroads Mall Property:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** |
|  | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**3/31/2026 TTM** | &nbsp;&nbsp;**UW** | &nbsp;&nbsp;**UW PSF** |
| &nbsp;&nbsp;Gross Potential Rent<sup>(1)</sup> | &nbsp;&nbsp;$13018397 | &nbsp;&nbsp;$11659997 | &nbsp;&nbsp;$11455846 | &nbsp;&nbsp;$11444163 | &nbsp;&nbsp;$11689472 | &nbsp;&nbsp;$21.73 |
| &nbsp;&nbsp;Recovery Income | &nbsp;&nbsp;$5830683 | &nbsp;&nbsp;$5019917 | &nbsp;&nbsp;$4466371 | &nbsp;&nbsp;$4274741 | &nbsp;&nbsp;$6633733 | &nbsp;&nbsp;$12.33 |
| &nbsp;&nbsp;Other Income | &nbsp;&nbsp;$3669285 | &nbsp;&nbsp;$3745940 | &nbsp;&nbsp;$3857920 | &nbsp;&nbsp;$3758054 | &nbsp;&nbsp;$3639066 | &nbsp;&nbsp;$6.76 |
| &nbsp;&nbsp;Vacancy and Concessions | &nbsp;&nbsp; $88939 | &nbsp;&nbsp; ($108998) | &nbsp;&nbsp; ($108148) | &nbsp;&nbsp; ($75004) | &nbsp;&nbsp; ($2131825) | &nbsp;&nbsp; ($3.96) |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$22607303** | &nbsp;&nbsp;**$20316856** | &nbsp;&nbsp;**$19671989** | &nbsp;&nbsp;**$19401953** | &nbsp;&nbsp;**$19830446** | &nbsp;&nbsp;**$36.86** |
| &nbsp;&nbsp;Taxes | &nbsp;&nbsp;$1981722 | &nbsp;&nbsp;$1550367 | &nbsp;&nbsp;$1140563 | &nbsp;&nbsp;$976116 | &nbsp;&nbsp;$1618186 | &nbsp;&nbsp;$3.01 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;$192995 | &nbsp;&nbsp;$231202 | &nbsp;&nbsp;$235030 | &nbsp;&nbsp;$239642 | &nbsp;&nbsp;$221879 | &nbsp;&nbsp;$0.41 |
| &nbsp;&nbsp;Other Operating Expenses | &nbsp;&nbsp; $5187882 | &nbsp;&nbsp; $4842550 | &nbsp;&nbsp; $4890618 | &nbsp;&nbsp; $4939200 | &nbsp;&nbsp; $4742714 | &nbsp;&nbsp; $8.81 |
| &nbsp;&nbsp;**Total Operating Expenses** | &nbsp;&nbsp;**$7362599** | &nbsp;&nbsp;**$6624119** | &nbsp;&nbsp;**$6266210** | &nbsp;&nbsp;**$6154958** | &nbsp;&nbsp;**$6582779** | &nbsp;&nbsp;**$12.23** |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$15244704** | &nbsp;&nbsp;**$13692737** | &nbsp;&nbsp;**$13405779** | &nbsp;&nbsp;**$13246995** | &nbsp;&nbsp;**$13247667** | &nbsp;&nbsp;**$24.62** |
| &nbsp;&nbsp;Capital Expenditures | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$107608 | &nbsp;&nbsp;$0.20 |
| &nbsp;&nbsp;TI/LC | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $807060 | &nbsp;&nbsp; $1.50 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$15244704** | &nbsp;&nbsp;**$13692737** | &nbsp;&nbsp;**$13405779** | &nbsp;&nbsp;**$13246995** | &nbsp;&nbsp;**$12332999** | &nbsp;&nbsp;**$22.92** |
| &nbsp;&nbsp;**Occupancy (%)<sup>(2)</sup>** | &nbsp;&nbsp;**96.0%** | &nbsp;&nbsp;**95.6%** | &nbsp;&nbsp;**94.6%** | &nbsp;&nbsp;**94.0%<sup>(3)</sup>** | &nbsp;&nbsp;**89.4%** |  |
| &nbsp;&nbsp;**NOI DSCR<sup>(4)</sup>** | &nbsp;&nbsp;**2.72x** | &nbsp;&nbsp;**2.44x** | &nbsp;&nbsp;**2.39x** | &nbsp;&nbsp;**2.36x** | &nbsp;&nbsp;**2.36x** |  |
| &nbsp;&nbsp;**NCF DSCR<sup>(4)</sup>** | &nbsp;&nbsp;**2.72x** | &nbsp;&nbsp;**2.44x** | &nbsp;&nbsp;**2.39x** | &nbsp;&nbsp;**2.36x** | &nbsp;&nbsp;**2.20x** |  |
| &nbsp;&nbsp;**NOI Debt Yield<sup>(4)</sup>** | &nbsp;&nbsp;**22.8%** | &nbsp;&nbsp;**20.4%** | &nbsp;&nbsp;**20.0%** | &nbsp;&nbsp;**19.8%** | &nbsp;&nbsp;**19.8%** |  |
| **NCF Debt Yield<sup>(4)</sup>** | **22.8%** | **20.4%** | **20.0%** | **19.8%** | **18.4%** |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Gross Potential Rent includes contractual rent steps taken through April 2027.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Historical occupancy figures represent the average physical occupancy in each respective year. UW Occupancy
(%) represents underwritten economic occupancy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Based on the underwritten rent roll dated April 30, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) DSCRs and Debt Yields are based on the Westroads Mall Whole Loan.

***Escrows and Reserves.***

*Real Estate Taxes –* During a Cash Management Period (as defined below), the Westroads Mall Whole Loan documents require an ongoing monthly deposit in an amount equal to 1/12th of the estimated annual property taxes.

*Insurance Premiums* – During a Cash Management Period, the Westroads Mall Whole Loan documents require an ongoing monthly deposit in an amount equal to 1/12th of the estimated annual insurance premium.

*Deferred Maintenance Reserve –* The Westroads Mall Whole Loan documents require an upfront deposit of $106,557 to fund deferred maintenance.

*Replacements Reserve –* The Westroads Mall Whole Loan documents require an ongoing monthly deposit in an amount equal to approximately $8,967 for replacement reserves.

*TI/LC Reserve –* The Westroads Mall Whole Loan documents require an upfront reserve of $488,600 to fund outstanding leasing costs related to existing tenants. Additionally, the Westroads Mall Whole Loan documents require an upfront reserve of $1,000,000 and an ongoing monthly deposit in an amount equal to $67,255 for future tenant improvements and leasing commissions.

*Gap Rent Reserve –* The Westroads Mall Whole Loan documents require an upfront deposit of approximately $91,001 to fund outstanding gap rent related to Dillard's and Miss A. Dillard's begins common area maintenance payments on January 1, 2027 and Miss A has a rent commencement date of December 1, 2026. ****

***Lockbox and Cash Management.*** The Westroads Mall Whole Loan is structured with a hard lockbox and springing cash management. The borrower is required to cause all rents to be transmitted directly by the tenants at the Westroads Mall Property into a lender-controlled lockbox account within two

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Super Regional Mall | &nbsp;&nbsp;Loan #2 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$49000000 |
| &nbsp;&nbsp;10000 California Street | &nbsp;&nbsp;**Westroads Mall** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;53.3% |
| &nbsp;&nbsp;Omaha, NE 68114 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.20x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;19.8% |

---

business days of receipt. All amounts in the lockbox account are remitted on a daily basis to the borrower at any time other than during the continuance of a Cash Management Period. During the continuance of a Cash Management Period, all amounts are required to be remitted to a lender-controlled cash management account on a daily basis to be applied and disbursed in accordance with the Westroads Mall Whole Loan documents. During the continuance of a Cash Management Period, other than a Cash Management Period existing solely on account of an Anchor Tenant Trigger Event (as defined below), all available cash remaining after the required applications and disbursements will be held in a lender-controlled subaccount. During the continuance of a Cash Management Period existing solely on account of an Anchor Tenant Trigger Event, all available cash remaining after the required applications and disbursements will be held in a lender-controlled subaccount for tenant improvements and leasing commissions, constructions costs, required work and other related costs associated with re-tenanting the applicable space.

A "Cash Management Period" will commence upon the earlier of the following:

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

&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 debt service coverage ratio falling below 2.05x as of the end of any calendar quarter;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 commencement of an Anchor Tenant Trigger Event; or

&nbsp;&nbsp;&nbsp;&nbsp;(iv) an
 event of default under the Westroads Mall Mezzanine Loan (as defined below).

A Cash Management Period will end upon the occurrence of the following:

● with respect to a matter described in clause (i) above, the cure or waiver of such event of default;

● with respect to a matter described in clause (ii) above, upon the debt service coverage ratio being at least 2.05x for one calendar quarter;

● with respect to a matter described in clause (iii) above, an Anchor Tenant Cessation Event (as defined below) has occurred; or

● with respect to a matter described in clause (iv) above, the cure of such event of default under the Westroads Mall Mezzanine Loan.

 ****

An "Anchor Tenant Trigger Event" will commence upon the occurrence of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;(i) an
 Anchor Tenant (as defined below) goes dark or vacates its space;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) an
 Anchor Tenant becomes subject to a bankruptcy action;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) an
 Anchor Tenant terminates, surrenders, or cancels its lease (or gives notice of its intent
 to do so);

&nbsp;&nbsp;&nbsp;&nbsp;(iv) to
 the extent the parcel occupied by an Anchor Tenant is owned by the borrower, the Anchor Tenant
 fails to renew its lease prior to the earlier of (x) the date specified in its lease and
 (y) the date that is 12 months prior to the Anchor Tenant's lease expiration; or

&nbsp;&nbsp;&nbsp;&nbsp;(v) an
 Anchor Tenant defaults under its lease.

Provided, however, the fact that Dillard's is not yet open and operating will not be deemed to trigger an Anchor Tenant Trigger Event until December 31, 2027.

An "Anchor Tenant Cessation Event" will occur upon the occurrence of the following:

● if the parcel occupied by the related Anchor Tenant that triggered the Anchor Tenant Trigger Event is owned by the borrower, the entire parcel or not less than 80% of the net rentable square feet of the parcel becomes owned or leased by one or more replacement tenants.

● with respect to a matter described in clause (i) above, the related Anchor Tenant operates its premises for at least 30 consecutive days;

● with respect to a matter described in clause (ii) above, (a) if such premises occupied by the Anchor Tenant is then owned by the tenant, the related bankruptcy action is dismissed or the Anchor Tenant has emerged from the related bankruptcy action and (b) if such premises occupied by the Anchor Tenant is then leased by the borrower to the tenant, such lease is accepted and affirmed by the Anchor Tenant in the bankruptcy action;

● with respect to a matter described in clause (iii) above, the related Anchor Tenant rescinds its notice of cancellation, termination, or non-renewal in writing;

● with respect to a matter described in clause (iv) above, the related Anchor Tenant renews or extends its lease; or

● with respect to a matter described in clause (v) above, the related default is cured and no other default occurs for a period of four consecutive months.

An "Anchor Tenant" means AMC Westroads, Dick's Sporting Goods, Dillard's, JCPenney, Von Maur, and any other tenant which covers 50,000 or more rentable square feet at the Westroads Mall Property.

 ****

***Mezzanine Debt.*** Concurrently with the origination of the Westroads Mall Whole Loan, Principal Life Insurance Company originated a mezzanine loan in the amount of $12,000,000 (the "Westroads Mall Mezzanine Loan") that is secured by 100% of the direct ownership interests in the borrower. The Westroads Mall Mezzanine Loan has a maturity date of June 1, 2031, five days prior to the maturity date of the Westroads Mall Whole Loan, and accrues interest at a rate of 10.0000% *per annum*.

 ****

***Terrorism Insurance*.** The borrower is required to obtain and maintain property insurance that covers perils of terrorism and acts of terrorism in an amount equal to the full replacement cost of the Westroads Mall Property and business interruption insurance for at least 18 months with a 365-day extended period of indemnity. See "*Risk Factors—Risks Relating to the Mortgage Loans—Terrorism Insurance May Not Be Available for All Mortgaged Properties*" in the prospectus.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Various – Various | &nbsp;&nbsp;Loan #3 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$49000000 |
| &nbsp;&nbsp;Various | &nbsp;&nbsp;**Northwest Atlanta Industrial Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;65.3% |
| &nbsp;&nbsp;Various, GA Various |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.46x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;10.2% |

---

![](n5926ts_img014.jpg)

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Various – Various | &nbsp;&nbsp;Loan #3 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$49000000 |
| &nbsp;&nbsp;Various | &nbsp;&nbsp;**Northwest Atlanta Industrial Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;65.3% |
| &nbsp;&nbsp;Various, GA Various |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.46x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;10.2% |

---

![](n5926ts_img015.jpg)

---

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

---

**Mortgage Loan No. 3 – Northwest Atlanta Industrial Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Mortgage Loan Seller:** | &nbsp;&nbsp;**Mortgage Loan Seller:** | AREF2 | AREF2 | &nbsp;&nbsp;**Single Asset/Portfolio:** | &nbsp;&nbsp;Portfolio |
| &nbsp;&nbsp;**Credit Assessment (Fitch/Moody's/MDBRS):** | &nbsp;&nbsp;**Credit Assessment (Fitch/Moody's/MDBRS):** | NR/NR/NR | NR/NR/NR | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;Various, GA Various |
| &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;**Original Balance:** | $49000000 | $49000000 | &nbsp;&nbsp;**General Property Type:** | &nbsp;&nbsp;Various |
| &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;**Cut-off Date Balance:** | $49000000 | $49000000 | &nbsp;&nbsp;**Detailed Property Type:** | &nbsp;&nbsp;Various |
| &nbsp;&nbsp;**% of Initial Pool Balance:** | &nbsp;&nbsp;**% of Initial Pool Balance:** | 9.0% | 9.0% | &nbsp;&nbsp;**Title Vesting<sup>(2)</sup>:** | &nbsp;&nbsp;Fee/Leasehold |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;**Loan Purpose:** | Refinance | Refinance | &nbsp;&nbsp;**Year Built/Renovated:** | &nbsp;&nbsp;Various/Various |
| &nbsp;&nbsp;**Borrower Sponsors:** | &nbsp;&nbsp;**Borrower Sponsors:** | Gabe Hrib and Michael Hrib | Gabe Hrib and Michael Hrib | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;387,623 SF |
| &nbsp;&nbsp;**Guarantors:** | &nbsp;&nbsp;**Guarantors:** | Gabe Hrib and Michael Hrib | Gabe Hrib and Michael Hrib | &nbsp;&nbsp;**Cut-off Date Balance per SF:** | &nbsp;&nbsp;$126 |
| &nbsp;&nbsp;**Mortgage Rate:** | &nbsp;&nbsp;**Mortgage Rate:** | 6.5700% | 6.5700% | &nbsp;&nbsp;**Maturity Date Balance per SF:** | &nbsp;&nbsp;$126 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;**Note Date:** | 5/14/2026 | 5/14/2026 | &nbsp;&nbsp;**Property Manager:** | &nbsp;&nbsp;GM Property Group, LLC |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;**Maturity Date:** | 6/6/2031 | 6/6/2031 |  | &nbsp;&nbsp;(borrower-related) |
| &nbsp;&nbsp;**Term to Maturity:** | &nbsp;&nbsp;**Term to Maturity:** | 60 months | 60 months | &nbsp;&nbsp;**Underwriting and Financial Information** | &nbsp;&nbsp;**Underwriting and Financial Information** |
| &nbsp;&nbsp;**Amortization Term:** | &nbsp;&nbsp;**Amortization Term:** | 0 months | 0 months | &nbsp;&nbsp;**UW NOI<sup>(3)</sup>:** | &nbsp;&nbsp;$5007262 |
| &nbsp;&nbsp;**IO Period:** | &nbsp;&nbsp;**IO Period:** | 60 months | 60 months | &nbsp;&nbsp;**UW NCF:** | &nbsp;&nbsp;$4774661 |
| &nbsp;&nbsp;**Seasoning:** | &nbsp;&nbsp;**Seasoning:** | 0 months | 0 months | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;10.2% |
| &nbsp;&nbsp;**Prepayment Provisions:** | &nbsp;&nbsp;**Prepayment Provisions:** | L(24),D(32),O(4) | L(24),D(32),O(4) | &nbsp;&nbsp;**UW NCF Debt Yield:** | &nbsp;&nbsp;9.7% |
| &nbsp;&nbsp;**Lockbox/Cash Mgmt Status:** | &nbsp;&nbsp;**Lockbox/Cash Mgmt Status:** | Hard/Springing | Hard/Springing | &nbsp;&nbsp;**UW NOI Debt Yield at Maturity:** | &nbsp;&nbsp;10.2% |
| &nbsp;&nbsp;**Additional Debt Type:** | &nbsp;&nbsp;**Additional Debt Type:** | NAP | NAP | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.46x |
| &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;**Additional Debt Balance:** | NAP | NAP | &nbsp;&nbsp;**Most Recent NOI<sup>(3)</sup>:** | &nbsp;&nbsp;$4,561,941 (2/28/2026 TTM) |
| &nbsp;&nbsp;**Future Debt Permitted (Type):** | &nbsp;&nbsp;**Future Debt Permitted (Type):** | No (NAP) | No (NAP) | &nbsp;&nbsp;**2nd Most Recent NOI:** | &nbsp;&nbsp;$4,499,775 (12/31/2025) |
| &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**3rd Most Recent NOI<sup>(4)</sup>:** | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;**<u>Type</u>** | &nbsp;&nbsp;**<u>Initial</u>** | &nbsp;&nbsp;**<u>Monthly</u>** | &nbsp;&nbsp;**<u>Cap</u>** | &nbsp;&nbsp;**Most Recent Occupancy:** | &nbsp;&nbsp;97.0% (5/8/2026) |
| &nbsp;&nbsp;**RE Taxes:** | &nbsp;&nbsp;$455521 | &nbsp;&nbsp;$50613 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**2nd Most Recent Occupancy:** | &nbsp;&nbsp;87.5% (12/31/2025) |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$67091 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**3rd Most Recent Occupancy<sup>(4)</sup>:** | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;**Replacement Reserve:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$3230 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value (as of)<sup>(5)</sup>:** | &nbsp;&nbsp;$75,050,000 (Various) |
| &nbsp;&nbsp;**Deferred Maintenance:** | &nbsp;&nbsp;$51854 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value per SF:** | &nbsp;&nbsp;$194 |
| &nbsp;&nbsp;**TI/LC Reserve:** | &nbsp;&nbsp;$500000 | &nbsp;&nbsp;$16151 | &nbsp;&nbsp;$750000 | &nbsp;&nbsp;**Cut-off Date LTV Ratio:** | &nbsp;&nbsp;65.3% |
| &nbsp;&nbsp;**Roof Repair Reserve:** | &nbsp;&nbsp;$285000 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date LTV Ratio:** | &nbsp;&nbsp;65.3% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** |
| **Sources** | **Proceeds** | **% of Total** | **Uses** | **Proceeds** | **% of Total** |
| &nbsp;&nbsp;Mortgage Loan Amount: | &nbsp;&nbsp;$49000000 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;Return of Equity: | &nbsp;&nbsp;$22907209 | &nbsp;&nbsp;46.7% |
|  |  |  | &nbsp;&nbsp;Loan Payoff**<sup>(6)</sup>**: | &nbsp;&nbsp;$22864154 | &nbsp;&nbsp;46.7% |
|  |  |  | &nbsp;&nbsp;Upfront Reserves: | &nbsp;&nbsp;$1359466 | &nbsp;&nbsp;2.8% |
|  |  |  | &nbsp;&nbsp;Closing Costs: | &nbsp;&nbsp;$1869171 | &nbsp;&nbsp;3.8% |
| &nbsp;&nbsp;**Total Sources:** | &nbsp;&nbsp;**$49000000** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses:** | &nbsp;&nbsp;**$49000000** | &nbsp;&nbsp;**100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) See "*Escrows and Reserves*" below for further discussion of reserve requirements.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Two of the Northwest Atlanta Industrial Portfolio Properties (as defined below) are currently subject
to ground leases in connection with a tax abatement. See "*Ground Leases*" below.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The increase from Most Recent NOI to UW NOI is mainly attributable to the completion of construction at
certain Northwest Atlanta Portfolio Properties.

&nbsp;&nbsp;&nbsp;&nbsp;(4) 3rd Most Recent NOI and 3rd Most Recent Occupancy are not available because certain of the Northwest Atlanta
Industrial Portfolio Properties were acquired and/or constructed in 2024 and 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(5) The appraiser also concluded to an aggregate hypothetical "as stabilized" appraised value
of $75,700,000 for the Northwest Atlanta Industrial Portfolio Properties, which assumes that the 51/55/220 Hickory Springs Industrial
Drive property, which is currently vacant, is leased up to 97% occupancy.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Seven of the Northwest Atlanta Industrial Portfolio Properties were previously unencumbered and 11 were
encumbered by low leverage bank debt.

***The Mortgage Loan.*** The third largest mortgage loan (the "Northwest Atlanta Industrial Portfolio Mortgage Loan") is evidenced by a promissory note in the principal balance of $49,000,000 and secured by a first-priority mortgage encumbering the borrowers' fee interests in 19 industrial properties and one medical office property and leasehold interests in two industrial properties comprising 387,623 square feet in the aggregate located throughout the greater Atlanta, Georgia metropolitan area (each, a "Northwest Atlanta Industrial Portfolio Property" and collectively, the "Northwest Atlanta Industrial Portfolio Properties").

***The Borrowers and the Borrower Sponsors.*** The borrowers are comprised of 21 entities, each a Georgia limited liability company and a special purpose, bankruptcy-remote entity; a single independent director serves at the sole member level for all of the borrowers. Legal counsel to the borrowers provided a non-consolidation opinion in connection with the Northwest Atlanta Industrial Portfolio Mortgage Loan. The borrower sponsors and non-recourse carveout guarantors are Gabe Hrib and Michael Hrib. Gabe Hrib is a principal of GM Capital, a Georgia-based privately held real estate developer focused on industrial and flex property development across northwest Atlanta. Additionally, Gabe Hrib and Michael Hrib are principals of Cobb Industrial, Inc. ("Cobb Industrial"), a steel fabrication company headquartered at one of the Northwest Atlanta Industrial Portfolio Properties. Cobb Industrial is the largest tenant at the Northwest Atlanta Industrial Portfolio Properties.

 ****

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Various – Various | &nbsp;&nbsp;Loan #3 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$49000000 |
| &nbsp;&nbsp;Various | &nbsp;&nbsp;**Northwest Atlanta Industrial Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;65.3% |
| &nbsp;&nbsp;Various, GA Various |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.46x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;10.2% |

---

***The Properties.*** The Northwest Atlanta Industrial Portfolio Properties are comprised of 21 industrial properties totaling 381,573 square feet and one medical office property totaling 6,050 square feet, located across seven cities in Georgia. The Northwest Atlanta Industrial Portfolio Properties were built between 1946 and 2024 and all but two were built or significantly renovated since 2017. The borrower sponsors have invested approximately $7.9 million in capital expenditures and tenant improvements since 2023. The Northwest Atlanta Industrial Portfolio Properties range in size from 3,600 square feet to 90,600 square feet, with the industrial properties consisting of warehouse, distribution, and flex spaces with clear heights ranging from 8' to 34'.

As of May 8, 2026, the Northwest Atlanta Industrial Portfolio Properties were 97.0% occupied in the aggregate. Each of the Northwest Atlanta Industrial Portfolio Properties is 100% occupied by a single tenant, with the exception of the 51/55/220 Hickory Springs Industrial Drive property, which is vacant. Since November 2020, all current tenants have signed new or renewal leases, with 17 of the Northwest Atlanta Industrial Portfolio Properties currently leased through at least April 2029. The weighted average lease term as of May 8, 2026 was approximately seven years. The largest tenant, Cobb Industrial, making up 32.2% of net rentable area and 34.5% of underwritten base rent, is an affiliate of the borrower sponsors. See "*Major Tenants*" below. No other tenants make up greater than 11.7% of net rentable area or 11.8% of underwritten base rent of the aggregate portfolio.

The borrower sponsors have plans to remodel and/or expand six of the Northwest Atlanta Industrial Portfolio Properties. The borrower sponsors plan to remodel the 100 Saber Parkway and 100 Dixie Drive properties, with budgeted investments at each property totaling approximately $300,000. Additionally, the borrower sponsors plan to construct new buildings at the 88 Hickory Springs Industrial Drive property, 90 Hickory Springs Industrial Drive property and 51/55/220 Hickory Springs Industrial Drive property. The total budgeted construction costs across the three properties are approximately $7.5 million, with any new buildings serving as collateral for the Northwest Atlanta Industrial Portfolio Mortgage Loan. None of the planned construction or remodeling is expected to impact the operations of existing tenants at the applicable Northwest Atlanta Industrial Portfolio Properties. The borrower sponsors provided a completion guaranty that does not require commencement of the aforementioned construction but obligates completion of construction at any particular Northwest Atlanta Industrial Portfolio Property if construction is initiated.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Various – Various | &nbsp;&nbsp;Loan #3 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$49000000 |
| &nbsp;&nbsp;Various | &nbsp;&nbsp;**Northwest Atlanta Industrial Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;65.3% |
| &nbsp;&nbsp;Various, GA Various |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.46x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;10.2% |

---

The following table presents a portfolio summary of the Northwest Atlanta Industrial Portfolio Properties:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Summary** | **Portfolio Summary** | **Portfolio Summary** | **Portfolio Summary** | **Portfolio Summary** | **Portfolio Summary** | **Portfolio Summary** | **Portfolio Summary** | **Portfolio Summary** | **Portfolio Summary** |
| **Property Name** | **Location** | **Year Built / Renovated** | **Property Subtype** | **SF** | **Allocated Cut-off Date Mortgage Loan Amount ("ALA")** | **% of ALA** | **"As-Is" Appraised Value** | **UW NOI** | **% of UW NOI** |
| &nbsp;&nbsp;120/130 Hickory Springs Industrial Drive | &nbsp;&nbsp;Holly Springs, GA | &nbsp;&nbsp;1987; 2022<br> / NAP | &nbsp;&nbsp;Flex | &nbsp;&nbsp;90600 | &nbsp;&nbsp;$12371000 | &nbsp;&nbsp;25.2% | &nbsp;&nbsp;$21100000 | &nbsp;&nbsp;$1524233 | &nbsp;&nbsp;30.4% |
| &nbsp;&nbsp;1688 White Circle | &nbsp;&nbsp;Marietta, GA | &nbsp;&nbsp;2019 / NAP | &nbsp;&nbsp;Flex | &nbsp;&nbsp;45500 | &nbsp;&nbsp;$6347000 | &nbsp;&nbsp;13.0% | &nbsp;&nbsp;$8900000 | &nbsp;&nbsp;$595188 | &nbsp;&nbsp;11.9% |
| &nbsp;&nbsp;1686 White Circle | &nbsp;&nbsp;Marietta, GA | &nbsp;&nbsp;2017 / NAP | &nbsp;&nbsp;Flex | &nbsp;&nbsp;38500 | &nbsp;&nbsp;$4795000 | &nbsp;&nbsp;9.8% | &nbsp;&nbsp;$6800000 | &nbsp;&nbsp;$464699 | &nbsp;&nbsp;9.3% |
| &nbsp;&nbsp;115 Hickory Springs Industrial Drive | &nbsp;&nbsp;Canton, GA | &nbsp;&nbsp;2023 / NAP | &nbsp;&nbsp;Warehouse/Distribution | &nbsp;&nbsp;23800 | &nbsp;&nbsp;$3591000 | &nbsp;&nbsp;7.3% | &nbsp;&nbsp;$4950000 | &nbsp;&nbsp;$335048 | &nbsp;&nbsp;6.7% |
| &nbsp;&nbsp;2085 Redmond Circle | &nbsp;&nbsp;Rome, GA | &nbsp;&nbsp;2024 / NAP | &nbsp;&nbsp;Warehouse | &nbsp;&nbsp;20000 | &nbsp;&nbsp;$2620000 | &nbsp;&nbsp;5.3% | &nbsp;&nbsp;$3700000 | &nbsp;&nbsp;$284550 | &nbsp;&nbsp;5.7% |
| &nbsp;&nbsp;101 East 18th Street | &nbsp;&nbsp;Rome, GA | &nbsp;&nbsp;1950 / 2024 | &nbsp;&nbsp;Warehouse | &nbsp;&nbsp;34298 | &nbsp;&nbsp;$2255000 | &nbsp;&nbsp;4.6% | &nbsp;&nbsp;$2600000 | &nbsp;&nbsp;$215279 | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;1705 White Circle | &nbsp;&nbsp;Marietta, GA | &nbsp;&nbsp;1946 / 2020 | &nbsp;&nbsp;Warehouse/Distribution | &nbsp;&nbsp;15616 | &nbsp;&nbsp;$2095000 | &nbsp;&nbsp;4.3% | &nbsp;&nbsp;$2850000 | &nbsp;&nbsp;$196618 | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;980 Kenmill Drive | &nbsp;&nbsp;Marietta, GA | &nbsp;&nbsp;1994 / 2023 | &nbsp;&nbsp;Warehouse/Distribution | &nbsp;&nbsp;13532 | &nbsp;&nbsp;$1927000 | &nbsp;&nbsp;3.9% | &nbsp;&nbsp;$2600000 | &nbsp;&nbsp;$180569 | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;90 Hickory Springs Industrial Drive | &nbsp;&nbsp;Canton, GA | &nbsp;&nbsp;1994 / NAP | &nbsp;&nbsp;Flex | &nbsp;&nbsp;18500 | &nbsp;&nbsp;$1821000 | &nbsp;&nbsp;3.7% | &nbsp;&nbsp;$3800000 | &nbsp;&nbsp;$174240 | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;145 Hickory Springs Industrial Drive | &nbsp;&nbsp;Canton, GA | &nbsp;&nbsp;1997 / 2023 | &nbsp;&nbsp;Warehouse/Distribution | &nbsp;&nbsp;12500 | &nbsp;&nbsp;$1635000 | &nbsp;&nbsp;3.3% | &nbsp;&nbsp;$2550000 | &nbsp;&nbsp;$175284 | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;3162 Acworth Forest <br> Drive | &nbsp;&nbsp;Kennesaw, GA | &nbsp;&nbsp;2024 / NAP | &nbsp;&nbsp;Medical | &nbsp;&nbsp;6050 | &nbsp;&nbsp;$1438000 | &nbsp;&nbsp;2.9% | &nbsp;&nbsp;$1550000 | &nbsp;&nbsp;$136566 | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;105 Hickory Springs Industrial Drive | &nbsp;&nbsp;Holly Springs, GA | &nbsp;&nbsp;2000 / 2021 | &nbsp;&nbsp;Warehouse/Distribution | &nbsp;&nbsp;8800 | &nbsp;&nbsp;$1255000 | &nbsp;&nbsp;2.6% | &nbsp;&nbsp;$1700000 | &nbsp;&nbsp;$117304 | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;51/55/220 Hickory <br> Springs Industrial Drive | &nbsp;&nbsp;Canton, GA | &nbsp;&nbsp;1990 / 2025 | &nbsp;&nbsp;Warehouse/Distribution | &nbsp;&nbsp;11760 | &nbsp;&nbsp;$1225000 | &nbsp;&nbsp;2.5% | &nbsp;&nbsp;$2950000<sup>(1)</sup> | &nbsp;&nbsp;($31788) | &nbsp;&nbsp;-0.6% |
| &nbsp;&nbsp;206 Univeter Court | &nbsp;&nbsp;Canton, GA | &nbsp;&nbsp;1998 / 2023 | &nbsp;&nbsp;Warehouse/Distribution | &nbsp;&nbsp;7080 | &nbsp;&nbsp;$930000 | &nbsp;&nbsp;1.9% | &nbsp;&nbsp;$1465232 | &nbsp;&nbsp;$97304 | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;88 Hickory Springs Industrial Drive | &nbsp;&nbsp;Canton, GA | &nbsp;&nbsp;1999 / 2025 | &nbsp;&nbsp;Warehouse/Distribution | &nbsp;&nbsp;7387 | &nbsp;&nbsp;$770000 | &nbsp;&nbsp;1.6% | &nbsp;&nbsp;$1450000 | &nbsp;&nbsp;$99796 | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;100 Saber Parkway | &nbsp;&nbsp;Villa Rica, GA | &nbsp;&nbsp;1996 / NAP | &nbsp;&nbsp;Warehouse/Distribution | &nbsp;&nbsp;7500 | &nbsp;&nbsp;$668000 | &nbsp;&nbsp;1.4% | &nbsp;&nbsp;$950000 | &nbsp;&nbsp;$65032 | &nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;202 Univeter Court | &nbsp;&nbsp;Canton, GA | &nbsp;&nbsp;1998 / 2023 | &nbsp;&nbsp;Warehouse/Distribution | &nbsp;&nbsp;5000 | &nbsp;&nbsp;$656000 | &nbsp;&nbsp;1.3% | &nbsp;&nbsp;$1034768 | &nbsp;&nbsp;$67891 | &nbsp;&nbsp;1.4% |
| &nbsp;&nbsp;45 Hickory Springs Industrial Drive | &nbsp;&nbsp;Canton, GA | &nbsp;&nbsp;1988 / 2021 | &nbsp;&nbsp;Warehouse/Distribution | &nbsp;&nbsp;6000 | &nbsp;&nbsp;$568000 | &nbsp;&nbsp;1.2% | &nbsp;&nbsp;$1100000 | &nbsp;&nbsp;$54722 | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;108 Dixie Drive | &nbsp;&nbsp;Woodstock, GA | &nbsp;&nbsp;1985 / 2025 | &nbsp;&nbsp;Warehouse/Distribution | &nbsp;&nbsp;4000 | &nbsp;&nbsp;$525000 | &nbsp;&nbsp;1.1% | &nbsp;&nbsp;$500000 | &nbsp;&nbsp;$75429 | &nbsp;&nbsp;1.5% |
| &nbsp;&nbsp;195 Hickory Springs Industrial Drive | &nbsp;&nbsp;Canton, GA | &nbsp;&nbsp;1990 / 2025 | &nbsp;&nbsp;Warehouse/Distribution | &nbsp;&nbsp;4000 | &nbsp;&nbsp;$525000 | &nbsp;&nbsp;1.1% | &nbsp;&nbsp;$950000 | &nbsp;&nbsp;$76914 | &nbsp;&nbsp;1.5% |
| &nbsp;&nbsp;182 Hickory Springs Industrial Drive | &nbsp;&nbsp;Holly Springs, GA | &nbsp;&nbsp;1980 / 2021 | &nbsp;&nbsp;Warehouse/Distribution | &nbsp;&nbsp;3600 | &nbsp;&nbsp;$512000 | &nbsp;&nbsp;1.0% | &nbsp;&nbsp;$750000 | &nbsp;&nbsp;$48028 | &nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;180 Hickory Springs Industrial Drive | &nbsp;&nbsp;Holly Springs, GA | &nbsp;&nbsp;1997 / 2024 | &nbsp;&nbsp;Warehouse/Distribution | &nbsp;&nbsp;3600 | &nbsp;&nbsp;$471000 | &nbsp;&nbsp;1.0% | &nbsp;&nbsp;$800000 | &nbsp;&nbsp;$54356 | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;**Total / Wtd. Avg.** |  |  |  | &nbsp;&nbsp;**387623** | &nbsp;&nbsp;**$49000000** | &nbsp;&nbsp;**100%** | &nbsp;&nbsp;**$75050000** | &nbsp;&nbsp;**$5007262** | &nbsp;&nbsp;**100.0%** |

---

(1) The appraisal for the 51/55/220 Hickory Springs Industrial Drive property also concluded to a hypothetical
"as stabilized" appraised value of $3,600,000, which assumes the completion of ongoing construction at the 51/55/220 Hickory
Springs Industrial Drive property.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Various – Various | &nbsp;&nbsp;Loan #3 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$49000000 |
| &nbsp;&nbsp;Various | &nbsp;&nbsp;**Northwest Atlanta Industrial Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;65.3% |
| &nbsp;&nbsp;Various, GA Various |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.46x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;10.2% |

---

The following table presents certain information relating to the historical and current occupancy of the Northwest Atlanta Industrial Portfolio Properties:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Historical and Current Occupancy<sup>(1)</sup>** | **Historical and Current Occupancy<sup>(1)</sup>** | **Historical and Current Occupancy<sup>(1)</sup>** | **Historical and Current Occupancy<sup>(1)</sup>** | **Historical and Current Occupancy<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**Current<sup>(2)</sup>** |
| &nbsp;&nbsp;120/130 Hickory Springs Industrial Drive | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;1688 White Circle | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;1686 White Circle | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;115 Hickory Springs Industrial Drive | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;2085 Redmond Circle | &nbsp;&nbsp;Under Construction | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;101 East 18th Street | &nbsp;&nbsp;Under Construction | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;1705 White Circle | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;980 Kenmill Drive | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;90 Hickory Springs Industrial Drive | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;145 Hickory Springs Industrial Drive | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;3162 Acworth Forest Drive | &nbsp;&nbsp;Under Construction | &nbsp;&nbsp;Under Construction | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;105 Hickory Springs Industrial Drive | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;51/55/220 Hickory Springs Industrial Drive | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;0% | &nbsp;&nbsp;0% |
| &nbsp;&nbsp;206 Univeter Court | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;88 Hickory Springs Industrial Drive | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;100 Saber Parkway | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;202 Univeter Court | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;45 Hickory Springs Industrial Drive | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;108 Dixie Drive | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;195 Hickory Springs Industrial Drive | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;182 Hickory Springs Industrial Drive | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;180 Hickory Springs Industrial Drive | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% |

---

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

(2) Based on the underwritten rent roll dated May 8, 2026.

***Major Tenants.***

*Cobb Industrial Inc. (124,898 SF, 32.2% of NRA, 34.5% of underwritten base rent):* Cobb Industrial is a provider of steel fabrication and installation. Founded in 2010, the company operates facilities with annual capacity over 50,000 tons and has completed thousands of projects across the United States. Cobb Industrial provides a full suite of services, including design review, value engineering, detailing, fabrication and installation across commercial, industrial and residential sectors. As of calendar year 2024, Cobb Industrial reported sales of approximately $98.3 million and earnings before interest, taxes, depreciation, amortization and rent of $8.3 million. Cobb Industrial is the sole tenant at the 120/130 Hickory Springs Industrial Drive property, which serves as the company's headquarters, and is also the sole tenant at the 101 East 18th Street property. The lease at the 120/130 Hickory Springs Industrial Drive property commenced in November 2020, with a lease expiration in October 2034. Cobb Industrial has the option to extend its lease at the 120/130 Hickory Springs Industrial Drive property by three years upon expiration and has no termination options. The lease at the 101 East 18th Street property commenced in October 2024, with a lease expiration date in September 2034. Cobb Industrial has no options to renew or terminate its lease at the 101 East 18th Street property.

Cobb Industrial is an affiliate of the borrower sponsors and guarantors. In the event that any Cobb Industrial lease triggers a Lease Sweep Period (as defined below) or is modified without the consent of the lender and such modifications reduce the term, rent, square footage or otherwise negatively impacts such Northwest Atlanta Industrial Portfolio Property, then the lender has the right to accelerate all remaining rent due under such lease. Such accelerated rent will be recourse to the guarantors.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Various – Various | &nbsp;&nbsp;Loan #3 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$49000000 |
| &nbsp;&nbsp;Various | &nbsp;&nbsp;**Northwest Atlanta Industrial Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;65.3% |
| &nbsp;&nbsp;Various, GA Various |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.46x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;10.2% |

---

*Impact Partnerships (45,500 SF, 11.7% of NRA, 11.8% of underwritten base rent):* Impact Partnerships is a Marietta, Georgia-based independent marketing and business development firm that helps financial advisors and insurance professionals grow their practices through comprehensive marketing, sales, operations and media support. Impact Partnerships provides branded marketing strategies, digital lead generation, training events, media production and operational coaching to elevate client's visibility and business performance. Impact Partnerships has been the sole tenant at the 1688 White Circle property since August 2023 and has a current lease expiration in September 2037. The lease contains a right of first offer whereby the related borrower must provide an offer to Impact Partnerships to purchase the 1688 White Circle property before the borrower is free to sell the 1688 White Circle property to a third party. If Impact Partnerships does not accept such offer or make a counteroffer within 30 days, such borrower is permitted to market the 1688 White Circle property to third parties. Impact Partnerships has one seven-year renewal option remaining and no termination options.

*Sunbelt Rentals Inc. (43,116 SF, 11.1% NRA, 10.9% of underwritten base rent):* Sunbelt Rentals Inc., a subsidiary of Ashtead Group, is one of the largest equipment rental companies in North America, with over 14,000 product types and 1,200 locations. Sunbelt Rentals Inc. provides tools, machinery and specialty equipment to construction, industrial, commercial and residential customers. Sunbelt Rentals Inc. is the sole tenant at the 2085 Redmond Circle property, the 1705 White Circle property and the 100 Saber Parkway property. Sunbelt Rentals Inc. commenced its lease at the 2085 Redmond Circle property in June 2024 and has a lease expiration date in May 2034. There are two, five-year renewal options and no termination options remaining on Sunbelt Rental Inc.'s lease at the 2085 Redmond Circle property. Sunbelt Rentals Inc. commenced its lease at the 1705 White Circle property in November 2020 and has a lease expiration date in December 2030. There are two, five-year renewal options and no termination options remaining on Sunbelt Rental Inc.'s lease at the 1705 White Circle property. Sunbelt Rentals Inc. commenced its lease at the 100 Saber Parkway property in March 2018 before renewing the lease term in March 2023 through February 2028. There is one five-year renewal option and no termination options remaining on Sunbelt Rentals Inc.'s lease at the 100 Saber Parkway property.

The following table presents certain information relating to the tenancy at the Northwest Atlanta Industrial Portfolio Properties:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** |
| &nbsp;&nbsp;**Tenant Name** | &nbsp;&nbsp;**Credit Rating (Fitch/Moody's/ S&P)<sup>(2)</sup>** | &nbsp;&nbsp;**Tenant SF** | &nbsp;&nbsp;**Approx. % of SF** | &nbsp;&nbsp;**Annual UW Rent<sup>(3)</sup>** | &nbsp;&nbsp;**% of Total Annual UW Rent<sup>(3)</sup>** | &nbsp;&nbsp;**Annual UW Rent PSF** | &nbsp;&nbsp;**Lease Expiration** | &nbsp;&nbsp;**Termination Option (Y/N)** | &nbsp;&nbsp;**Renewal Options** |
| &nbsp;&nbsp;Cobb Industrial Inc. | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;124898 | &nbsp;&nbsp;32.2% | &nbsp;&nbsp;$1762265 | &nbsp;&nbsp;34.5% | &nbsp;&nbsp;$14.11 | &nbsp;&nbsp;Various<sup>(4)</sup> | &nbsp;&nbsp;No | &nbsp;&nbsp;Various<sup>(4)</sup> |
| &nbsp;&nbsp;Impact Partnerships | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;45500 | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;$603387 | &nbsp;&nbsp;11.8% | &nbsp;&nbsp;$13.26 | &nbsp;&nbsp;9/30/2037 | &nbsp;&nbsp;No | &nbsp;&nbsp;1 x 7 years |
| &nbsp;&nbsp;Sunbelt Rentals Inc. | &nbsp;&nbsp;BBB/Baa3/BBB- | &nbsp;&nbsp;43116 | &nbsp;&nbsp;11.1% | &nbsp;&nbsp;$553422 | &nbsp;&nbsp;10.8% | &nbsp;&nbsp;$12.84 | &nbsp;&nbsp;Various<sup>(5)</sup> | &nbsp;&nbsp;No | &nbsp;&nbsp;Various<sup>(5)</sup> |
| &nbsp;&nbsp;Mountain Motorsports | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;38500 | &nbsp;&nbsp;9.9% | &nbsp;&nbsp;$470855 | &nbsp;&nbsp;9.2% | &nbsp;&nbsp;$12.23 | &nbsp;&nbsp;3/31/2031 | &nbsp;&nbsp;No | &nbsp;&nbsp;1 x 10.2 years |
| &nbsp;&nbsp;Ferguson Enterprises LLC | &nbsp;&nbsp;NR/Baa1/BBB+ | &nbsp;&nbsp;23800 | &nbsp;&nbsp;6.1% | &nbsp;&nbsp;$339150 | &nbsp;&nbsp;6.6% | &nbsp;&nbsp;$14.25 | &nbsp;&nbsp;11/30/2035 | &nbsp;&nbsp;Yes<sup>(6)</sup> | &nbsp;&nbsp;2 x 3 years |
| &nbsp;&nbsp;**Subtotal/Wtd. Avg.** |  | &nbsp;&nbsp;**275814** | &nbsp;&nbsp;**71.2%** | &nbsp;&nbsp;**$3729079** | &nbsp;&nbsp;**73.0%** | &nbsp;&nbsp;**$13.52** |  |  |  |
| &nbsp;&nbsp;Other Tenants |  | &nbsp;&nbsp;100049 | &nbsp;&nbsp;25.8% | &nbsp;&nbsp;$1382300 | &nbsp;&nbsp;27.0% | &nbsp;&nbsp;$13.82 |  |  |  |
| &nbsp;&nbsp;**Total Occupied Space** |  | &nbsp;&nbsp;**375863** | &nbsp;&nbsp;**97.0%** | &nbsp;&nbsp;**$5111379** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$13.60** |  |  |  |
| &nbsp;&nbsp;Vacant Space |  | &nbsp;&nbsp;11760 | &nbsp;&nbsp;3.0% |  |  |  |  |  |  |
| &nbsp;&nbsp;**Total** |  | &nbsp;&nbsp;**387623** | &nbsp;&nbsp;**100.0%** |  |  |  |  |  |  |

---

(1) Based on the underwritten rent roll dated May 8, 2026.

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

(3) Annual UW Rent includes rent steps through May 2027 totaling $136,526.

(4) Cobb Industrial has 90,600 square feet expiring November 1, 2034 and 34,298 square feet expiring September
30, 2034. Cobb Industrial has one three-year renewal option remaining in connection with its lease at the 120/130 Hickory Springs Industrial
Drive property and no renewal options remaining in connection with its lease at the 101 East 18th Street property.

(5) Sunbelt Rentals Inc. has 20,000 square feet expiring May 1, 2034, 15,616 square feet expiring December
31, 2030, and 7,500 square feet expiring February 29, 2028. Sunbelt Rentals Inc. has two five-year renewal options remaining in connection
with its lease at the 2085 Redmond Circle property, two five-year renewal options in connection with its lease at the 1705 White Circle
property, and one five-year renewal option in connection with its lease at the 100 Saber Parkway property.

(6) Ferguson Enterprises LLC has the one-time right to terminate its lease at the 115 Hickory Springs Industrial
Drive property, effective as of December 31, 2032, with between nine and 12 months' prior written notice and reimbursement to the
related borrower of the unamortized portion of the tenant improvement allowance and leasing commissions.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Various – Various | &nbsp;&nbsp;Loan #3 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$49000000 |
| &nbsp;&nbsp;Various | &nbsp;&nbsp;**Northwest Atlanta Industrial Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;65.3% |
| &nbsp;&nbsp;Various, GA Various |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.46x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;10.2% |

---

The following table presents certain information with respect to the lease rollover at the Northwest Atlanta Industrial Portfolio Properties:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** |
| &nbsp;&nbsp;**Year** | &nbsp;&nbsp;**# of Leases Rolling** | &nbsp;&nbsp;**SF Rolling** | &nbsp;&nbsp;**Approx. % of SF Rolling** | &nbsp;&nbsp;**Approx. Cumulative % of SF Rolling** | &nbsp;&nbsp;**Total UW Rent<br> Rolling<sup>(2)</sup>** | &nbsp;&nbsp;**Approx. % of Total UW Rent Rolling<sup>(2)</sup>** | &nbsp;&nbsp;**Approx. Cumulative % of Total UW Rent Rolling<sup>(2)</sup>** | &nbsp;&nbsp;**UW Rent PSF Rolling<sup>(2)</sup>** |
| &nbsp;&nbsp;MTM/2026 | &nbsp;&nbsp;1 | &nbsp;&nbsp;3600 | &nbsp;&nbsp;0.9% | &nbsp;&nbsp;0.9% | &nbsp;&nbsp;$48672 | &nbsp;&nbsp;1.0% | &nbsp;&nbsp;1.0% | &nbsp;&nbsp;$13.52 |
| &nbsp;&nbsp;2027 | &nbsp;&nbsp;1 | &nbsp;&nbsp;12500 | &nbsp;&nbsp;3.2% | &nbsp;&nbsp;4.2% | &nbsp;&nbsp;$177568 | &nbsp;&nbsp;3.5% | &nbsp;&nbsp;4.4% | &nbsp;&nbsp;$14.21 |
| &nbsp;&nbsp;2028 | &nbsp;&nbsp;2 | &nbsp;&nbsp;13500 | &nbsp;&nbsp;3.5% | &nbsp;&nbsp;7.6% | &nbsp;&nbsp;$121500 | &nbsp;&nbsp;2.4% | &nbsp;&nbsp;6.8% | &nbsp;&nbsp;$9.00 |
| &nbsp;&nbsp;2029 | &nbsp;&nbsp;4 | &nbsp;&nbsp;34900 | &nbsp;&nbsp;9.0% | &nbsp;&nbsp;16.6% | &nbsp;&nbsp;$426952 | &nbsp;&nbsp;8.4% | &nbsp;&nbsp;15.2% | &nbsp;&nbsp;$12.23 |
| &nbsp;&nbsp;2030 | &nbsp;&nbsp;4 | &nbsp;&nbsp;40535 | &nbsp;&nbsp;10.5% | &nbsp;&nbsp;27.1% | &nbsp;&nbsp;$561317 | &nbsp;&nbsp;11.0% | &nbsp;&nbsp;26.1% | &nbsp;&nbsp;$13.85 |
| &nbsp;&nbsp;2031 | &nbsp;&nbsp;1 | &nbsp;&nbsp;38500 | &nbsp;&nbsp;9.9% | &nbsp;&nbsp;37.0% | &nbsp;&nbsp;$470855 | &nbsp;&nbsp;9.2% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;$12.23 |
| &nbsp;&nbsp;2032 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;37.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2033 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;37.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2034 | &nbsp;&nbsp;5 | &nbsp;&nbsp;156978 | &nbsp;&nbsp;40.5% | &nbsp;&nbsp;77.5% | &nbsp;&nbsp;$2223554 | &nbsp;&nbsp;43.5% | &nbsp;&nbsp;78.9% | &nbsp;&nbsp;$14.16 |
| &nbsp;&nbsp;2035 | &nbsp;&nbsp;2 | &nbsp;&nbsp;29850 | &nbsp;&nbsp;7.7% | &nbsp;&nbsp;85.2% | &nbsp;&nbsp;$477574 | &nbsp;&nbsp;9.3% | &nbsp;&nbsp;88.2% | &nbsp;&nbsp;$16.00 |
| &nbsp;&nbsp;2036 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;85.2% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;88.2% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2037 & Thereafter | &nbsp;&nbsp;1 | &nbsp;&nbsp;45500 | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;97.0% | &nbsp;&nbsp;$603387 | &nbsp;&nbsp;11.8% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$13.26 |
| &nbsp;&nbsp;Vacant | &nbsp;&nbsp;0 | &nbsp;&nbsp;11760 | &nbsp;&nbsp;3.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;**Total/Wtd. Avg.** | &nbsp;&nbsp;**21** | &nbsp;&nbsp;**387623** | &nbsp;&nbsp;**100.0%** |  | &nbsp;&nbsp;**$5111379** | &nbsp;&nbsp;**100.0%** |  | &nbsp;&nbsp;**$13.60<sup>(3)</sup>** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Based on the underwritten rent roll dated May 8, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Total UW Rent Rolling, Approx. % of Total UW Rent Rolling, Approx. Cumulative % of Total UW Rent Rolling
and UW Rent PSF Rolling are inclusive of contractual rent steps underwritten through May 2027.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Wtd. Avg. UW Rent PSF Rolling excludes vacant space.

 **

***The Markets.***

 **

According to the related appraisals, all the of the Northwest Atlanta Industrial Portfolio Properties, with the exception of the 2085 Redmond Circle property and the 101 East 18th Street property, are located in the Atlanta, Georgia warehouse market. As of the third quarter of 2025, the Atlanta, Georgia warehouse market had an inventory of 865,636,258 square feet, with an occupancy of 91.5% and an average asking rent of $9.79 per square foot. The 2085 Redmond Circle property and the 101 East 18th Street property are located in the Rome – Georgia warehouse market. As of the third quarter 2025, the Rome – Georgia warehouse market had an inventory of 10,974,958 square feet, with an occupancy of 93.5% and an average asking rent of $5.19 per square foot.

 ****

*Southeast Cobb County/Marietta Warehouse Submarket*. According to the related appraisals, the 1705 White Circle property, the 1686 White Circle property, the 1688 White Circle property and the 980 Kenmill Drive property are located in the Southeast Cobb County/Marietta warehouse submarket within the Atlanta – Georgia warehouse market. As of the third quarter 2025, the Southeast Cobb/Marietta warehouse submarket had an inventory of 32,923,681 square feet, with an occupancy rate of 95.0% and an average asking rent of $12.23 per square foot.

*Woodstock/Canton Submarket.* According to the related appraisals, the 45 Hickory Springs Industrial Drive property, the 105 Hickory Springs Industrial Drive property, the 115 Hickory Springs Industrial Drive property, the 120/130 Hickory Springs Industrial Drive property, the 145 Hickory Springs Industrial Drive property, the 180 Hickory Springs Industrial Drive property, the 182 Hickory Springs Industrial Drive property, the 202 Univeter Court property, the 206 Univeter Court property, the 90 Hickory Springs Industrial Drive property, the 195 Hickory Springs Industrial Drive property, the 88 Hickory Springs Industrial Drive property, the 51/55/220 Hickory Springs Industrial Drive property and the 108 Dixie Drive property are located in the Woodstock/Canton submarket within the Atlanta – Georgia warehouse market. As of the third quarter of 2025, the Woodstock/Canton submarket had an inventory of 11,599,482 square feet, with an occupancy rate of 97.4% and an average asking rent of $11.76 per square foot.

*I-20 W/Douglasville Warehouse Submarket.* According to the related appraisal, the 100 Saber Parkway property is located in the I-20 W/Douglasville warehouse submarket within the Atlanta – Georgia warehouse market. As of the third quarter 2025, the I-20 W/Douglasville warehouse submarket had an inventory of 70,399,699 square feet, with an occupancy rate of 91.6% and an average asking rent of $8.87 per square foot.

*Kennesaw/Town Center Submarket.* According to the related appraisal, the 3162 Acworth Forest property is located within the Kennesaw/Town Center office submarket within the Atlanta – Georgia office market. As of the third quarter 2025, the Kennesaw/Town Center office submarket had an inventory of 12,417,532 square feet, with an occupancy of 91.0% and an average asking rent of $24.30 per square foot.

***Appraisal.*** According to the appraisals, the Northwest Atlanta Industrial Portfolio Properties had an aggregate "as is" appraised value of $75,050,000 as of various dates between January 21 and January 27, 2026. The appraisal related to the 51/55/220 Hickory Springs Industrial Drive property also concluded to a hypothetical "as stabilized" appraised value of $3,600,000, which assumes the completion of ongoing construction at the 51/55/220 Hickory Springs Industrial Drive property.

***Environmental Matters.*** According to the Phase I environmental site assessments ("ESAs") as of various dates between January 15 and January 21, 2026, there was evidence of one recognized environmental condition ("REC") impacting both the 206 Univeter Court property and the 202 Univeter Court property arising from potential petroleum hydrocarbons or related hazardous substances in the soil or subsurface media related to historical asphalt-related activities, other automotive service uses, and contractor/industrial operations at the related properties. A lender's environmental insurance policy was obtained with a $6.5 million limit, which is more than three times the worst case estimate to investigate and remediate the REC of $2,050,000. Additionally, the ESA for the 2085 Redmond Circle property identified a controlled recognized environmental condition with respect to the 2085 Redmond Circle property

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Various – Various | &nbsp;&nbsp;Loan #3 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$49000000 |
| &nbsp;&nbsp;Various | &nbsp;&nbsp;**Northwest Atlanta Industrial Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;65.3% |
| &nbsp;&nbsp;Various, GA Various |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.46x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;10.2% |

---

arising from soil and groundwater contamination related to historical hazardous waste generation and the storage and use of petroleum products and other hazardous chemicals at the 2085 Redmond Circle property. See "*Description of the Mortgage Pool—Environmental Considerations*" in the prospectus.

 ****

***Operating History and Underwritten Net Cash Flow.*** The following table presents certain information relating to the historical operating performance and underwritten net cash flow at the Northwest Atlanta Industrial Portfolio Properties:

 ****

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** |
| | **2025** | **2/28/2026 TTM** | **UW** | **UW PSF** |
| &nbsp;&nbsp;Gross Potential Rent | &nbsp;&nbsp;$4822406 | &nbsp;&nbsp;$4866773 | &nbsp;&nbsp;$5111379 | &nbsp;&nbsp;$13.19 |
| &nbsp;&nbsp;Reimbursements | &nbsp;&nbsp;$15383 | &nbsp;&nbsp;$15763 | &nbsp;&nbsp;$1379805 | &nbsp;&nbsp;$3.56 |
| &nbsp;&nbsp;Other Income | &nbsp;&nbsp;$100 | &nbsp;&nbsp;$23102 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;(Vacancy/Credit Loss/Concessions) | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; ($320948) | &nbsp;&nbsp; ($0.83) |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$4837889** | &nbsp;&nbsp;**$4905638** | &nbsp;&nbsp;**$6170236** | &nbsp;&nbsp;**$15.92** |
| &nbsp;&nbsp;Real Estate Taxes | &nbsp;&nbsp;$285430 | &nbsp;&nbsp;$285430 | &nbsp;&nbsp;$477965<sup>(3)</sup> | &nbsp;&nbsp;$1.23 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$200335 | &nbsp;&nbsp;$0.52 |
| &nbsp;&nbsp;Other Operating Expenses | &nbsp;&nbsp; $52684 | &nbsp;&nbsp; $58266 | &nbsp;&nbsp; $484675 | &nbsp;&nbsp; $1.25 |
| &nbsp;&nbsp;**Total Operating Expenses** | &nbsp;&nbsp;**$338115** | &nbsp;&nbsp;**$343697** | &nbsp;&nbsp;**$1162974** | &nbsp;&nbsp;**$3.00** |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$4499775** | &nbsp;&nbsp;**$4561941** | &nbsp;&nbsp;**$5007262** | &nbsp;&nbsp;**$12.92** |
| &nbsp;&nbsp;Replacement Reserves | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$38790 | &nbsp;&nbsp;$0.10 |
| &nbsp;&nbsp;TI/LC | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $193812 | &nbsp;&nbsp; $0.50 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$4499775** | &nbsp;&nbsp;**$4561941** | &nbsp;&nbsp;**$4774661** | &nbsp;&nbsp;**$12.32** |
| &nbsp;&nbsp;**Occupancy (%)<sup>(2)</sup>** | &nbsp;&nbsp;**87.5%** | &nbsp;&nbsp;**97.0%** | &nbsp;&nbsp;**95.1%** |  |
| &nbsp;&nbsp;**NOI DSCR** | &nbsp;&nbsp;**1.38x** | &nbsp;&nbsp;**1.40x** | &nbsp;&nbsp;**1.53x** |  |
| &nbsp;&nbsp;**NCF DSCR** | &nbsp;&nbsp;**1.38x** | &nbsp;&nbsp;**1.40x** | &nbsp;&nbsp;**1.46x** |  |
| &nbsp;&nbsp;**NOI Debt Yield** | &nbsp;&nbsp;**9.2%** | &nbsp;&nbsp;**9.3%** | &nbsp;&nbsp;**10.2%** |  |
| &nbsp;&nbsp;**NCF Debt Yield** | &nbsp;&nbsp;**9.2%** | &nbsp;&nbsp;**9.3%** | &nbsp;&nbsp;**9.7%** |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Historical financial information prior to 2025 is not available because certain
Northwest Atlanta Industrial Portfolio Properties were acquired and/or constructed in 2024 and 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Historical Occupancy % represents the physical occupancy as of December 31 of that
year, with the exception of 2/28/2026 TTM, which is based on the underwritten rent roll dated May 8, 2026. UW Occupancy (%) represents
economic occupancy.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Real estate taxes have increased because the lender is underwriting to full, unabated
taxes for two properties that benefit from a tax abatement related to a payment-in-lieu-of-taxes structure.

***Escrows and Reserves.***

*Real Estate Taxes –* The Northwest Atlanta Industrial Portfolio Mortgage Loan documents require an upfront reserve of approximately $455,521 and an ongoing monthly deposit in an amount equal to 1/12th of the estimated annual property taxes, initially estimated at approximately $50,613 monthly.

*Insurance Premiums* – The Northwest Atlanta Industrial Portfolio Mortgage Loan documents require an upfront reserve of approximately $67,091 and an ongoing monthly deposit in an amount equal to 1/12th of the estimated annual insurance premium, *provided*, the borrowers are not required to make monthly deposits into the insurance reserve so long as an acceptable blanket policy is in place. As of origination, an acceptable blanket policy was in place.

*Immediate Repairs –* The Northwest Atlanta Industrial Portfolio Mortgage Loan documents require an upfront reserve of approximately $51,854 for immediate repairs.

*Replacements Reserve –* The Northwest Atlanta Industrial Portfolio Mortgage Loan documents require an ongoing monthly deposit in an amount equal to approximately $3,230 for replacement reserves (equal to approximately $0.10 per square foot annually).

*TI/LC Reserve –* The Northwest Atlanta Industrial Portfolio Mortgage Loan documents require an upfront reserve of approximately $500,000 and an ongoing monthly deposit in an amount equal to approximately $16,151 for future tenant improvements and leasing commissions (equal to $0.50 per square foot annually), subject to a cap of $750,000.

*Roof Repair Reserve –* The Northwest Atlanta Industrial Portfolio Mortgage Loan documents require an upfront reserve of approximately $285,000 for roof repairs at the 120/130 Hickory Springs Industrial Drive property.

***Lockbox and Cash Management.*** The Northwest Atlanta Industrial Portfolio Mortgage Loan is structured with a hard lockbox and springing cash management. The borrowers are required to cause all rents to be transmitted directly by the tenants at the Northwest Atlanta Industrial Portfolio Properties into a borrower-controlled lockbox account. In addition, the borrowers are required to cause all rents received by the borrowers or the property manager, as applicable, to be deposited into such lockbox account within one business day of receipt. All amounts in the lockbox account are remitted on a daily basis to the borrowers at any time other than during the continuance of a Cash Management Period (as defined below). Upon the occurrence and during

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Various – Various | &nbsp;&nbsp;Loan #3 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$49000000 |
| &nbsp;&nbsp;Various | &nbsp;&nbsp;**Northwest Atlanta Industrial Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;65.3% |
| &nbsp;&nbsp;Various, GA Various |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.46x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;10.2% |

---

the continuance of a Cash Management Period, all amounts are required to be remitted to a lender-controlled cash management account on a daily basis to be applied and disbursed in accordance with the Northwest Atlanta Industrial Portfolio Mortgage Loan documents. During the continuance of a Cash Management Period, all available cash remaining after the required applications and disbursements will be held in a lender-controlled subaccount.

A "Cash Management Period" will commence upon the earlier of the following:

&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 stated maturity date;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) an
 event of default;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 debt service coverage ratio (based on the trailing 12-month period as calculated by the lender)
 falling below 1.20x as of the end of any calendar quarter; or

&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 commencement of a Lease Sweep Period (as defined below).

A Cash Management Period will end upon the occurrence of the following:

&nbsp;&nbsp;&nbsp;&nbsp;(i) with
 regard to clause (i), the Northwest Atlanta Industrial Portfolio Mortgage Loan and all other
 obligations under the Northwest Atlanta Industrial Portfolio Mortgage Loan documents have
 been repaid in full;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) with
 regard to clause (ii), the cure of such event of default, so long as no other event of default
 is occurring;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) with
 regard to clause (iii), the debt service coverage ratio (based on the trailing 12-month period
 as calculated by the lender) is at least 1.25x for two consecutive quarters; or

&nbsp;&nbsp;&nbsp;&nbsp;(iv) with
 regard to clause (iv), the Lease Sweep Period has ended.

A "Lease Sweep Period" will commence upon the occurrence of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 earlier of (a) the date that is 12 months prior to the end of (i) either of Cobb Industrial's
 leases at the 120/130 Hickory Springs Industrial Drive property or the 101 East 18th Street
 property, (ii) Impact Partnerships' lease at the 1688 White Circle property, (iii)
 any of Sunbelt Rentals Inc.'s leases at the 2085 Redmond Circle property, the 1705
 White Circle property or the 100 Saber Parkway property, (iv) Mountain Motorsports'
 lease at the 1686 White Circle property, or (v) Precision LLC's lease at the 90 Hickory
 Springs Industrial Drive property, or any lease which covers 35,000 or more rentable square
 feet (any such lease a "Lease Sweep Lease") (including any renewal terms) at
 the Northwest Atlanta Industrial Portfolio Properties or (b) the date the tenant of such
 lease actually gives notice (whether actual or constructive) of its intention not to renew
 or extend;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 date required under a Lease Sweep Lease by which the tenant under such lease is required
 to give notice of its exercise of a renewal option thereunder (and such renewal has not been
 so exercised) or the date that such tenant gives notice of its intention not to renew or
 extend its lease;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) any
 Lease Sweep Lease (or 25% or more of the premises thereof) is surrendered, cancelled or terminated
 prior to its then current expiration date or any tenant under such lease gives notice (whether
 actual or constructive) of its intention to terminate, surrender or cancel its lease (or
 25% or more of the premises thereof);

&nbsp;&nbsp;&nbsp;&nbsp;(iv) any
 tenant under a Lease Sweep Lease (a) subleases any of its premises; or (b) discontinues its
 business in 25% or more of its premises ("goes dark") or gives notice (whether
 actual or constructive) that it intends to do the same;

&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 occurrence and continuance (beyond any applicable notice and cure periods) of a monetary
 or material non-monetary default under any Lease Sweep Lease by the tenant under such lease;
 or

&nbsp;&nbsp;&nbsp;&nbsp;(vi) the
 occurrence of an insolvency or bankruptcy proceeding, among other things by any tenant under
 a Lease Sweep Lease, its parent company or the lease guarantor under a Lease Sweep Lease,
 as described in the Northwest Atlanta Industrial Portfolio Mortgage Loan documents (a "Lease
 Sweep Tenant Insolvency Proceeding").

A Lease Sweep Period will end upon the earlier to occur of (y) the determination by the lender that sufficient excess cash has been reserved to pay for all anticipated expenses in connection with the re-leasing of the space under the applicable leases that gave rise to the subject Lease Sweep Period, including brokerage commissions and tenant improvements, and any anticipated shortfalls of payments required thereunder during any period of time that rents are insufficient as a result of down-time or free rent periods, or (z) the occurrence of any of the following:

● with regard to clauses (i), (ii), (iii) or (iv), upon the earlier to occur of (A) the date on which the tenant under a Lease Sweep Lease irrevocably exercises its renewal or extension option (or otherwise enters into an extension agreement with the borrower and acceptable to the lender) with respect to all of the space demised under its Lease Sweep Lease, and in the lender's judgement, sufficient excess cash has been reserved (during the continuance of the subject Lease Sweep Period) to pay for all anticipated approved lease sweep lease leasing expenses for such Lease Sweep Lease and any other anticipated expenses in connection with such renewal or extension, or (B) the date on which all of the space demised under a Lease Sweep Lease (or portion thereof) that gave rise to the Lease Sweep Period has been fully leased pursuant to a replacement lease or replacement leases approved by the lender, and entered into in accordance with the Northwest Atlanta Industrial Portfolio Mortgage Loan documents, and all approved lease sweep lease leasing expenses (and any other expenses in connection with the re-tenanting of such space) have been paid in full;

● with regard to clause (iii) or (iv), the tenant under a Lease Sweep Lease has reoccupied or continued its business such that less than 25% of its premises under the applicable Lease Sweep Lease is impacted or such tenant has rescinded, in writing, its notice to terminate, surrender, cancel, vacate or go dark in 25% or more of its premises under such lease and all approved lease sweep leasing expenses have been paid in full;

● with regard to clause (v), the subject tenant default has been cured, and no other tenant default has occurred for a period of three consecutive months following such cure; or

● with respect to clause (vi), if the applicable Lease Sweep Tenant Insolvency Proceeding has terminated and the applicable Lease Sweep Lease has been affirmed, assumed or assigned in a manner satisfactory to the lender.

 ****

***Partial Releases.*** The borrowers are permitted to release a Northwest Atlanta Industrial Portfolio Property at any time after the date that is two years after the closing date of this securitization in the event a tenant exercises its contractual purchase option (or, with respect to the 88 Hickory Springs Industrial Drive property, in the event a certain prior tenant is granted its alleged right of first refusal that is the subject of ongoing litigation and purchases such property), subject to the conditions set forth in the Northwest Atlanta Industrial Portfolio Mortgage Loan documents, including, among other conditions, (i) the debt yield after giving effect to the release and defeasance is no less than the lesser of the debt yield prior to the release and 9.46%, (ii) the debt service coverage ratio after giving effect to the release and defeasance is no less than the lesser of the debt service coverage ratio prior to the release and 1.43x, (iii) the loan-to-value ratio after giving effect to the release and defeasance is no more than the lesser of the loan-to-value ratio prior to the release and 65.3%, (iv) a partial defeasance equal to the greater of (x) 100% of net sale proceeds and (y) 120% of the allocated loan amount for the applicable Northwest Atlanta Industrial Portfolio Property (except with respect to the 88 Hickory Springs Industrial Drive property, a partial defeasance

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Various – Various | &nbsp;&nbsp;Loan #3 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$49000000 |
| &nbsp;&nbsp;Various | &nbsp;&nbsp;**Northwest Atlanta Industrial Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;65.3% |
| &nbsp;&nbsp;Various, GA Various |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.46x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;10.2% |

---

equal to 100% of the allocated loan amount for such property) and (v) compliance with REMIC related conditions. HEM Leasing LLC, the sole tenant at both the 202 Univeter Court property and the 206 Univeter Court property, Enrichment Plus LLC, the sole tenant at the 182 Hickory Springs Industrial Drive property, Elite Radon Team, Inc., the sole tenant at the 45 Hickory Springs Industrial Drive property, and Impact Partnerships, the sole tenant at the 1688 White Circle property, have such tenant purchase options.

Additionally, in connection with ongoing litigation related to a disputed right of first refusal between the related borrower and a certain prior tenant at the 88 Hickory Springs Industrial Drive property, the related borrower is permitted to release the 88 Hickory Springs Industrial Drive property in the event the litigation results in the prior tenant being granted the right of first refusal and subsequently purchases such property. See "*Description of the Mortgage Pool—Litigation and Other Considerations"* in the prospectus.

***Ground Leases.*** The 115 Hickory Springs Industrial Drive and 120/130 Hickory Springs Industrial Drive properties are subject to ground leases related to a payment-in-lieu-of-taxes ("PILOT") structure. In connection with each such PILOT structure, the related borrower deeded the applicable property to the Cherokee County Development Authority and is entitled to certain tax abatements that terminate at the expiration date of the related ground lease, which is December 1, 2031 with respect to the 115 Hickory Springs Industrial Drive property and December 1, 2027 with respect to the 120/130 Hickory Springs Industrial Drive property. The only rent due under each respective ground lease is the amount due at the maturity of the related PILOT agreement. Upon termination of each ground lease, the related borrower is required under the Northwest Atlanta Industrial Portfolio Mortgage Loan documents to purchase the fee interest in the related property for $100. The lender is underwriting to the full unabated taxes. See "*Description of the Mortgage Pool—Mortgage Pool Characteristics—Fee & Leasehold Estates; Ground Leases*" in the prospectus.

***Terrorism Insurance*.** The Northwest Atlanta Industrial Portfolio Mortgage Loan documents require that the "all risk" insurance policy required to be maintained by the borrowers provide coverage for terrorism in an amount equal to the full replacement cost of the Northwest Atlanta Industrial Portfolio Property, as well as business interruption insurance covering no less than the 12-month period following the occurrence of a casualty event. See "*Risk Factors—Risks Relating to the Mortgage Loans—Terrorism Insurance May Not Be Available for All Mortgaged Properties*" in the prospectus.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – Suburban | &nbsp;&nbsp;Loan #4 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$48000000 |
| &nbsp;&nbsp;2020 Main Street | &nbsp;&nbsp;**2020 Main Street** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;59.8% |
| &nbsp;&nbsp;Irvine, CA 92614 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.97x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;14.8% |

---

![](n5926ts_img016.jpg)

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – Suburban | &nbsp;&nbsp;Loan #4 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$48000000 |
| &nbsp;&nbsp;2020 Main Street | &nbsp;&nbsp;**2020 Main Street** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;59.8% |
| &nbsp;&nbsp;Irvine, CA 92614 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.97x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;14.8% |

---

![](n5926ts_img017.jpg)

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – Suburban | &nbsp;&nbsp;Loan #4 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$48000000 |
| &nbsp;&nbsp;2020 Main Street | &nbsp;&nbsp;**2020 Main Street** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;59.8% |
| &nbsp;&nbsp;Irvine, CA 92614 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.97x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;14.8% |

---

![](n5926ts_img018.jpg)

---

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

---

**Mortgage Loan No. 4 – 2020 Main Street**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Mortgage Loan Seller:** | &nbsp;&nbsp;**Mortgage Loan Seller:** | WFB | WFB | &nbsp;&nbsp;**Single Asset/Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Credit Assessment (Fitch/Moody's/MDBRS):** | &nbsp;&nbsp;**Credit Assessment (Fitch/Moody's/MDBRS):** | NR/NR/NR | NR/NR/NR | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;Irvine, CA 92614 |
| &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;**Original Balance:** | $48000000 | $48000000 | &nbsp;&nbsp;**General Property Type:** | &nbsp;&nbsp;Office |
| &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;**Cut-off Date Balance:** | $48000000 | $48000000 | &nbsp;&nbsp;**Detailed Property Type:** | &nbsp;&nbsp;Suburban |
| &nbsp;&nbsp;**% of Initial Pool Balance:** | &nbsp;&nbsp;**% of Initial Pool Balance:** | 8.8% | 8.8% | &nbsp;&nbsp;**Title Vesting:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;**Loan Purpose:** | Refinance | Refinance | &nbsp;&nbsp;**Year Built/Renovated:** | &nbsp;&nbsp;1999/NAP |
| &nbsp;&nbsp;**Borrower Sponsor:** | &nbsp;&nbsp;**Borrower Sponsor:** | MGR Real Estate | MGR Real Estate | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;271,288 SF |
| &nbsp;&nbsp;**Guarantor:** | &nbsp;&nbsp;**Guarantor:** | Michael G. Rademaker | Michael G. Rademaker | &nbsp;&nbsp;**Cut-off Date Balance PSF:** | &nbsp;&nbsp;$177 |
| &nbsp;&nbsp;**Mortgage Rate:** | &nbsp;&nbsp;**Mortgage Rate:** | 7.1030% | 7.1030% | &nbsp;&nbsp;**Maturity Date Balance PSF:** | &nbsp;&nbsp;$177 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;**Note Date:** | 5/15/2026 | 5/15/2026 | &nbsp;&nbsp;**Property Manager:** | &nbsp;&nbsp;MGR Property Management, Inc. (borrower-related) |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;**Maturity Date:** | 6/11/2031 | 6/11/2031 |  |  |
| &nbsp;&nbsp;**Term to Maturity:** | &nbsp;&nbsp;**Term to Maturity:** | 60 months | 60 months | &nbsp;&nbsp;**Underwriting and Financial Information** | &nbsp;&nbsp;**Underwriting and Financial Information** |
| &nbsp;&nbsp;**Amortization Term:** | &nbsp;&nbsp;**Amortization Term:** | 0 months | 0 months | &nbsp;&nbsp;**UW NOI<sup>(2)</sup>:** | &nbsp;&nbsp;$7104254 |
| &nbsp;&nbsp;**IO Period:** | &nbsp;&nbsp;**IO Period:** | 60 months | 60 months | &nbsp;&nbsp;**UW NCF:** | &nbsp;&nbsp;$6808067 |
| &nbsp;&nbsp;**Seasoning:** | &nbsp;&nbsp;**Seasoning:** | 0 months | 0 months | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;14.8% |
| &nbsp;&nbsp;**Prepayment Provisions:** | &nbsp;&nbsp;**Prepayment Provisions:** | L(24),YM1(29),O(7) | L(24),YM1(29),O(7) | &nbsp;&nbsp;**UW NCF Debt Yield:** | &nbsp;&nbsp;14.2% |
| &nbsp;&nbsp;**Lockbox/Cash Mgmt Status:** | &nbsp;&nbsp;**Lockbox/Cash Mgmt Status:** | Soft/Springing | Soft/Springing | &nbsp;&nbsp;**UW NOI Debt Yield at Maturity:** | &nbsp;&nbsp;14.8% |
| &nbsp;&nbsp;**Additional Debt Type:** | &nbsp;&nbsp;**Additional Debt Type:** | NAP | NAP | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.97x |
| &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;**Additional Debt Balance:** | NAP | NAP | &nbsp;&nbsp;**Most Recent NOI<sup>(3)</sup>:** | &nbsp;&nbsp;$6,426,821 (2/28/2026 TTM) |
| &nbsp;&nbsp;**Future Debt Permitted (Type):** | &nbsp;&nbsp;**Future Debt Permitted (Type):** | No (NAP) | No (NAP) | &nbsp;&nbsp;**2nd Most Recent NOI<sup>(3)</sup>:** | &nbsp;&nbsp;$6,300,096 (12/31/2025) |
| &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**3rd Most Recent NOI<sup>(4)</sup>:** | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;**<u>Type</u>** | &nbsp;&nbsp;**<u>Initial</u>** | &nbsp;&nbsp;**<u>Monthly</u>** | &nbsp;&nbsp;**<u>Cap</u>** | &nbsp;&nbsp;**Most Recent Occupancy<sup>(3)</sup>:** | &nbsp;&nbsp;92.6% (5/1/2026) |
| &nbsp;&nbsp;**RE Taxes<sup>(2)</sup>:** | &nbsp;&nbsp;$171000 | &nbsp;&nbsp;$42670 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**2<sup>nd</sup> Most Recent Occupancy<sup>(3)</sup>:** | &nbsp;&nbsp;74.4% (12/31/2025) |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**3<sup>rd</sup> Most Recent Occupancy<sup>(3)</sup>:** | &nbsp;&nbsp;67.2% (12/31/2024) |
| &nbsp;&nbsp;**Replacement Reserve:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$7438 | &nbsp;&nbsp;$267765 | &nbsp;&nbsp;**Appraised Value (as of):** | &nbsp;&nbsp;$80,250,000 (3/27/2026) |
| &nbsp;&nbsp;**TI/LC Reserve:** | &nbsp;&nbsp;$2000000 | &nbsp;&nbsp;$33911 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value PSF:** | &nbsp;&nbsp;$296 |
| &nbsp;&nbsp;**Existing TI/LC Reserve:** | &nbsp;&nbsp;$274621 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Cut-off Date LTV Ratio:** | &nbsp;&nbsp;59.8% |
| &nbsp;&nbsp;**Rent Concession Reserve:** | &nbsp;&nbsp;$273890 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date LTV Ratio:** | &nbsp;&nbsp;59.8% |
| &nbsp;&nbsp;**Springing Major Tenant Reserve:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** |
| &nbsp;&nbsp;**Sources** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** | &nbsp;&nbsp;**Uses** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** |
| &nbsp;&nbsp;Mortgage Loan Amount**:** | &nbsp;&nbsp;$48000000 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;Loan Payoff: | &nbsp;&nbsp;$33144426 | &nbsp;&nbsp;69.1% |
|  |  |  | &nbsp;&nbsp;Return of Equity: | &nbsp;&nbsp;$11976984 | &nbsp;&nbsp;25.0% |
|  |  |  | &nbsp;&nbsp;Upfront Reserves: | &nbsp;&nbsp;$2719511 | &nbsp;&nbsp;5.7% |
|  |  |  | &nbsp;&nbsp;Closing Costs: | &nbsp;&nbsp;$159079 | &nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;**Total Sources:** | &nbsp;&nbsp;**$48000000** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses:** | &nbsp;&nbsp;**$48000000** | &nbsp;&nbsp;**100.0%** |

---

(1) See "*Escrows and Reserves*" below.

(2) Monthly RE Taxes include property taxes attributable to the 2020 Main Street Property's Parcel A
(the 12-story office building) only. Property taxes attributable to the 2020 Main Street Property's Parcel B (the adjacent parking
garage structure) are paid by a parking association that administers shared expenses and parking rights for 11 parcels including Parcel
B. The borrower pays its share of expenses, including property taxes, to the parking association.

(3) The increase in occupancy from 3rd Most Recent Occupancy to Most Recent Occupancy is primarily attributable
to the borrower sponsor's acquisition of the 2020 Main Street Property (as defined below) in 2024 and subsequent lease-up activity,
which has driven higher occupancy. Since January 1, 2025, the borrower sponsor executed 12 new or renewal leases, representing approximately
25% of total net rentable area ("NRA"). The increase from 2nd Most Recent NOI to UW NOI is primarily attributable to such
increase in occupancy.

(4) Historical financials prior to 2025 are not available due to the acquisition of the 2020 Main Street Property
in June 2024.

***The Mortgage Loan.*** The fourth largest mortgage loan (the "2020 Main Street Mortgage Loan") is evidenced by a single promissory note with an original principal amount of $48,000,000. The 2020 Main Street Mortgage Loan is secured by the borrower's fee interest in a multi-tenant Class A suburban office property totaling 271,288 SF located in Irvine, California (the "2020 Main Street Property").

***The Borrower and the Borrower Sponsor.*** The borrower is MGR Main Street 2020 LLC, a Delaware limited liability company with one independent director. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the 2020 Main Street Mortgage Loan. The borrower sponsor is MGR Real Estate and the non-recourse carveout guarantor is Michael G. Rademaker. Michael G. Rademaker is the founder and chief executive officer of MGR Property Management, Inc. MGR Real Estate and MGR Services Inc., a family of businesses based in the Inland Empire. MGR Real Estate is a commercial and residential owner, investor and property manager with properties throughout Southern California.

 ****

***The Property.*** The 2020 Main Street Property is a 12-story Class A multi-tenant, suburban office property totaling 271,288 SF, located in Irvine, California. Built in 1999, the 2020 Main Street Property is situated on an approximately 1.2-acre site and contains 1,022 parking spaces via a shared parking agreement in connection with the parking garage serving the greater Irvine Concourse campus (approximately 3.77 spaces per 1,000 SF). The 2020 Main Street Property is a LEED Gold and Energy Star Certified building, with amenities including a fitness center and conference center/lounge. The borrower

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – Suburban | &nbsp;&nbsp;Loan #4 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$48000000 |
| &nbsp;&nbsp;2020 Main Street | &nbsp;&nbsp;**2020 Main Street** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;59.8% |
| &nbsp;&nbsp;Irvine, CA 92614 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.97x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;14.8% |

---

sponsor acquired the 2020 Main Street Property for approximately $53.7 million in June 2024, at which time occupancy was approximately 64.1%. As of May 1, 2026, the 2020 Main Street Property was 92.6% leased to 29 tenants and had a weighted-average remaining lease term of 3.4 years.

 ****

***Major Tenants.***

*PricewaterhouseCoopers (46,802 SF; 17.3% of NRA; 21.3% of UW Rent)*. PricewaterhouseCoopers ("PwC") is a global professional services firm providing audit and assurance, tax and advisory services to organizations across industries worldwide. Formed in 1998 through the merger of Price Waterhouse and Coopers & Lybrand and headquartered in London, PwC builds on a legacy that dates back to the mid-19th century. Operating in more than 136 countries with a network of hundreds of thousands of professionals, the firm supports clients in navigating complex business challenges through expertise in areas such as financial reporting, digital transformation, risk management, sustainability and regulatory compliance. PwC has been a tenant at the 2020 Main Street Property since 2000 and has a lease expiring in October 2030, with two five-year renewal options and no termination options remaining.

*PNC Bank National Association (23,386 SF; 8.6% of NRA; 9.4% of UW Rent)*. PNC Bank National Association ("PNC"), the principal banking subsidiary of The PNC Financial Services Group, Inc., is one of the largest diversified financial services institutions in the United States, providing retail banking, corporate and institutional banking, and asset management solutions to individuals, businesses and organizations nationwide. With roots dating back to 1865 and headquarters in Pittsburgh, Pennsylvania, PNC has grown from a regional bank into a coast-to-coast financial services provider, which includes approximately 2,300 branches, 58,000 PNC and partner ATMs, thousands of skilled and knowledgeable bankers, and telephonic, online, and mobile banking channels. The bank offers a broad suite of products including consumer and small business banking, lending, treasury management, wealth management, and real estate finance. PNC has been a tenant at the 2020 Main Street Property since December 2013 and has a lease expiration date of September 30, 2028, with one five-year extension option remaining and no termination options.

*New York Life Insurance Company (22,539 SF; 8.3% of NRA; 9.3% of UW Rent).* New York Life Insurance Company is a leading mutual life insurance provider offering financial protection and long-term planning solutions to individuals, families and businesses across the United States. Founded in 1845 and headquartered in New York City, New York Life Insurance Company's product offerings include life insurance, annuities, long-term care insurance, and asset management services, delivered through a nationwide network of financial professionals. New York Life Insurance Company has been located at the 2020 Main Street Property since October 2011 and has a lease expiration date of November 30, 2030, with one five-year renewal option and the one-time right to terminate its lease on February 28, 2028 by providing notice prior to February 28, 2027 and payment of a termination fee equal to the unamortized portion of free rent, tenant improvements and leasing commissions, plus two months of base rent, including common area maintenance charges.

The following table presents certain information relating to the tenancy at the 2020 Main Street Property:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** |
| **Tenant Name** | **Credit Rating (Moody's/ Fitch/S&P)<sup>(2)</sup>** | **Tenant SF** | **Approx. % of SF** | **Annual UW Rent<sup>(3)</sup>** | **% of Total Annual UW Rent** | **Annual UW Rent PSF<sup>(4)</sup>** | **Lease Exp.** | **Renewal Options** |
| **Major Tenants** |  |  |  |  |  |  |  |  |
| PricewaterhouseCoopers | NR/NR/NR | 46802 | 17.3% | $2264203 | 21.3% | $48.38 | 10/31/2030 | 2 x 5 Yr N |
| PNC Bank National Association | A3/A/A- | 23386 | 8.6% | $996201 | 9.4% | $42.60 | 9/30/2028 | 1 x 5 Yr N |
| New York Life Insurance Company | Aa3/AA/AA- | 22539 | 8.3% | $987394 | 9.3% | $43.81 | 11/30/2030 | 1 x 5 Yr Y<sup>(4)</sup> |
| MGR / Regus | NR/NR/NR | 22145 | 8.2% | $957993 | 9.0% | $43.26 | 5/31/2035 | 1 x 5 Yr N |
| GSA, Public Buildings Service | Aa1/AA+/AA+ | 20784 | 7.7% | $785665 | 7.4% | $37.80 | 1/29/2031 | None Y<sup>(5)</sup> |
| **Major Tenants Subtotal/Wtd. Avg.** |  | **135656** | **50.0%** | **$5991456** | **56.3%** | **$44.17** |  |  |
| Other Tenants |  | 115578 | 42.6% | $4644522 | 43.7% | $40.19 |  |  |
| **Occupied Subtotal/Wtd. Avg.** |  | **251234** | **92.6%** | **$10635978** | **100.0%** | **$42.33** |  |  |
| Vacant Space |  | 20054 | 7.4% |  |  |  |  |  |
| **Total/Wtd. Avg.** |  | **271288** | **100.0%** |  |  |  |  |  |

---

(1) Based on the underwritten rent roll dated May 1, 2026.

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

(3) Annual UW Rent includes contractual rent steps taken through May 2027 and straight-line
rent averaging for investment grade tenants.

(4) New York Life Insurance Company has a one-time option to terminate its lease effective
February 28, 2028, by providing notice on or prior to February 28, 2027. In connection with such early termination, the tenant will be
required to pay a termination fee equal to the unamortized portion of (i) tenant improvement allowances, (ii) leasing commissions and
(iii) free rent, plus two months of base rent and common area maintenance charges.

(5) GSA, Public Buildings Service has an ongoing option to terminate its lease at any
time from and after January 29, 2029, by providing not less than 90 days' prior written notice. No termination fee is payable in
connection with such early termination.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – Suburban | &nbsp;&nbsp;Loan #4 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$48000000 |
| &nbsp;&nbsp;2020 Main Street | &nbsp;&nbsp;**2020 Main Street** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;59.8% |
| &nbsp;&nbsp;Irvine, CA 92614 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.97x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;14.8% |

---

The following table presents certain information relating to the lease rollover schedule at the 2020 Main Street Property:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** |
| &nbsp;&nbsp;**Year** | &nbsp;&nbsp;**# of Leases Rolling** | &nbsp;&nbsp;**SF Rolling** | &nbsp;&nbsp;**Approx. % of SF Rolling** | &nbsp;&nbsp;**Approx. Cumulative % of SF Rolling** | &nbsp;&nbsp;**Total UW Rent Rolling** | &nbsp;&nbsp;**Approx. % of Total UW Rent Rolling** | &nbsp;&nbsp;**Approx. <br> Cumulative % <br> of Total UW <br> Rent Rolling** | &nbsp;&nbsp;**UW Rent PSF Rolling** |
| &nbsp;&nbsp;MTM/2026<sup>(2)</sup> | &nbsp;&nbsp;2 | &nbsp;&nbsp;17935 | &nbsp;&nbsp;6.6% | &nbsp;&nbsp;6.6% | &nbsp;&nbsp;$523532 | &nbsp;&nbsp;4.9% | &nbsp;&nbsp;4.9% | &nbsp;&nbsp;$40.10 |
| &nbsp;&nbsp;2027 | &nbsp;&nbsp;6 | &nbsp;&nbsp;34733 | &nbsp;&nbsp;12.8% | &nbsp;&nbsp;19.4% | &nbsp;&nbsp;$1529912 | &nbsp;&nbsp;14.4% | &nbsp;&nbsp;19.3% | &nbsp;&nbsp;$44.05 |
| &nbsp;&nbsp;2028 | &nbsp;&nbsp;5 | &nbsp;&nbsp;42069 | &nbsp;&nbsp;15.5% | &nbsp;&nbsp;34.9% | &nbsp;&nbsp;$1811775 | &nbsp;&nbsp;17.0% | &nbsp;&nbsp;36.3% | &nbsp;&nbsp;$43.07 |
| &nbsp;&nbsp;2029 | &nbsp;&nbsp;8 | &nbsp;&nbsp;27588 | &nbsp;&nbsp;10.2% | &nbsp;&nbsp;45.1% | &nbsp;&nbsp;$1142333 | &nbsp;&nbsp;10.7% | &nbsp;&nbsp;47.1% | &nbsp;&nbsp;$41.41 |
| &nbsp;&nbsp;2030 | &nbsp;&nbsp;3 | &nbsp;&nbsp;75552 | &nbsp;&nbsp;27.8% | &nbsp;&nbsp;72.9% | &nbsp;&nbsp;$3488810 | &nbsp;&nbsp;32.8% | &nbsp;&nbsp;79.9% | &nbsp;&nbsp;$46.18 |
| &nbsp;&nbsp;2031 | &nbsp;&nbsp;5 | &nbsp;&nbsp;31212 | &nbsp;&nbsp;11.5% | &nbsp;&nbsp;84.4% | &nbsp;&nbsp;$1181623 | &nbsp;&nbsp;11.1% | &nbsp;&nbsp;91.0% | &nbsp;&nbsp;$37.86 |
| &nbsp;&nbsp;2032 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;84.4% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;91.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2033 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;84.4% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;91.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2034 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;84.4% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;91.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2035 | &nbsp;&nbsp;1 | &nbsp;&nbsp;22145 | &nbsp;&nbsp;8.2% | &nbsp;&nbsp;92.6% | &nbsp;&nbsp;$957993 | &nbsp;&nbsp;9.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$43.26 |
| &nbsp;&nbsp;2036 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;92.6% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2037 & Thereafter | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;92.6% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;Vacant | &nbsp;&nbsp;0 | &nbsp;&nbsp;20054 | &nbsp;&nbsp;7.4% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;**Total/Wtd. Avg.** | &nbsp;&nbsp;**30** | &nbsp;&nbsp;**271288** | &nbsp;&nbsp;**100.0%** |  | &nbsp;&nbsp;**$10635978** | &nbsp;&nbsp;**100.0%** |  | &nbsp;&nbsp;**$42.33<sup>(3)</sup>** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Based on the underwritten rent roll dated May 1, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The MTM/2026 rollover includes 4,880 SF of conference room/lounge space; however, no underwritten rent
is attributed to this space. As a result, this space is excluded from the UW Rent PSF Rolling calculation given the absence of associated
underwritten rent.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Total/Wtd. Avg. UW Rent PSF Rolling excludes vacant space.

**The Market.** The 2020 Main Street Property is located in Irvine, California, within the Anaheim-Santa Ana-Irvine Metropolitan Statistical Area (the "Anaheim MSA"). The 2020 Main Street Property is situated within a network of major freeways, including Interstate 5 to the north, Interstate 405 to the south, California Route 55 to the west, and California Route 133 to the east. The 2020 Main Street Property is near John Wayne Airport, a major air travel hub for the region. The closest rail facility is the Tustin Station, located approximately four miles northeast of the 2020 Main Street Property, providing access to the IE-OC and OC Metrolink lines. The Anaheim MSA benefits from a diverse employment base with a meaningful concentration in technology, manufacturing, and professional services employers, supported by a strong presence of software firms and computer/electronics manufacturers, alongside major employers such as Broadcom and Blizzard Entertainment. Other major employers include University of California Irvine, Broadcom, Kaiser Permanente Anaheim Medical Center, MasTec Inc., and Edwards Lifesciences LLC.

According to the appraisal, the 2020 Main Street Property is located within the Irvine/Tustin Legacy office submarket of the Orange County office market. As of the fourth quarter of 2025, the Irvine/Tustin Legacy submarket had an inventory of approximately 27,378,478 SF, with a vacancy rate of 16.3% and asking rent of $31.61 PSF. The appraiser concluded a market rent of $39.00 for the 2020 Main Street Property.

According to the appraisal, the 2025 population within a one-, three- and five-mile radius of the 2020 Main Street Property was 11,082, 174,654 and 566,831, respectively. The median household income within the same radii, as of 2025, was $105,798, $108,243 and $108,776, respectively.

The following table presents certain information relating to the appraisal's market rent conclusion for the 2020 Main Street Property:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Market Rent Summary** | &nbsp;&nbsp;**Market Rent Summary** |
| &nbsp;&nbsp;Market Rent (PSF) | &nbsp;&nbsp;$39.00 |
| &nbsp;&nbsp;Lease Term (Years) | &nbsp;&nbsp;5.0 |
| &nbsp;&nbsp;Lease Type | &nbsp;&nbsp;Base Year Stop |
| &nbsp;&nbsp;Escalations (Annual) | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Tenant Improvements (New/Renewal) | &nbsp;&nbsp;$25 / $5 |
| &nbsp;&nbsp;Leasing Commissions (New/Renewal) | &nbsp;&nbsp;6% / 3% |
| &nbsp;&nbsp;Free Rent (Months) | &nbsp;&nbsp;3.0 |

---

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – Suburban | &nbsp;&nbsp;Loan #4 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$48000000 |
| &nbsp;&nbsp;2020 Main Street | &nbsp;&nbsp;**2020 Main Street** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;59.8% |
| &nbsp;&nbsp;Irvine, CA 92614 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.97x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;14.8% |

---

The table below presents certain information relating to comparable sales with respect to the 2020 Main Street Property:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Competitive Property Summary** | &nbsp;&nbsp;**Competitive Property Summary** | &nbsp;&nbsp;**Competitive Property Summary** | &nbsp;&nbsp;**Competitive Property Summary** | &nbsp;&nbsp;**Competitive Property Summary** | &nbsp;&nbsp;**Competitive Property Summary** |
| &nbsp;&nbsp;**Property / Location** | &nbsp;&nbsp;**Year Built** | &nbsp;&nbsp;**Sale Date** | &nbsp;&nbsp;**Total NRA (SF)** | &nbsp;&nbsp;**Occ. %** | &nbsp;&nbsp;**Price Per SF** |
| &nbsp;&nbsp;**2020 Main Street, Irvine, CA** | &nbsp;&nbsp;**1999** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**271288** | &nbsp;&nbsp;**92.6%<sup>(1)</sup>** | &nbsp;&nbsp;$198 |
| &nbsp;&nbsp;100 Bayview Circle, Newport Beach, CA | &nbsp;&nbsp;1989 | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp;346555 | &nbsp;&nbsp;90% | &nbsp;&nbsp;$303 |
| &nbsp;&nbsp;750, 770, 790 & 840 The City Drive South, Orange, CA | &nbsp;&nbsp;1988 | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;392523 | &nbsp;&nbsp;84% | &nbsp;&nbsp;$227 |
| &nbsp;&nbsp;4000, 4010 & 4040 Barranca Parkway, Irvine, CA | &nbsp;&nbsp;1988 | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;107028 | &nbsp;&nbsp;92% | &nbsp;&nbsp;$299 |
| &nbsp;&nbsp;1700 - 1787 Flight Way, Tustin, CA | &nbsp;&nbsp;2019 | &nbsp;&nbsp;November 2025 | &nbsp;&nbsp;476524 | &nbsp;&nbsp;85% | &nbsp;&nbsp;$418 |
| &nbsp;&nbsp;2400 East Katella Avenue, Anaheim, CA | &nbsp;&nbsp;1988 | &nbsp;&nbsp;April 2025 | &nbsp;&nbsp;261858 | &nbsp;&nbsp;89% | &nbsp;&nbsp;$275 |
| &nbsp;&nbsp;2525 Main Street, Irvine, CA | &nbsp;&nbsp;1982 | &nbsp;&nbsp;February 2025 | &nbsp;&nbsp;143000 | &nbsp;&nbsp;98% | &nbsp;&nbsp;$263 |
| &nbsp;&nbsp;**Average** |  |  |  | &nbsp;&nbsp;**90%** | &nbsp;&nbsp;**$298** |

---

Source: *Appraisal, unless indicated otherwise.*

&nbsp;&nbsp;&nbsp;&nbsp;(1) Based on the underwritten rent roll dated May 1, 2026.

The table below presents certain information relating to comparable office leases with respect to the 2020 Main Street Property:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Comparable Office Leases** | &nbsp;&nbsp;**Comparable Office Leases** | &nbsp;&nbsp;**Comparable Office Leases** | &nbsp;&nbsp;**Comparable Office Leases** | &nbsp;&nbsp;**Comparable Office Leases** | &nbsp;&nbsp;**Comparable Office Leases** | &nbsp;&nbsp;**Comparable Office Leases** | &nbsp;&nbsp;**Comparable Office Leases** |
| &nbsp;&nbsp;**Property Name/Location** | &nbsp;&nbsp;**Year Built/Renovated** | &nbsp;&nbsp;**Occ** | &nbsp;&nbsp;**Total NRA (SF)** | &nbsp;&nbsp; <br> **Tenant**  | &nbsp;&nbsp; **Lease Date/**<br> **Term (yrs.)** | &nbsp;&nbsp;**Lease Size (SF)** | &nbsp;&nbsp;**Base Rent PSF** |
| &nbsp;&nbsp; **2020 Main Street Property**<br> **2020 Main Street<br> Irvine, CA**  | &nbsp;&nbsp;**1999/NAP** | &nbsp;&nbsp;**92.6%<sup>(1)</sup>** | &nbsp;&nbsp;**271288<sup>(1)</sup>** | &nbsp;&nbsp;**Pricewaterhouse Coopers** | &nbsp;&nbsp;**Oct-30 / 4.5** | &nbsp;&nbsp;**46802** | &nbsp;&nbsp;**$48.38** |
| &nbsp;&nbsp;Irvine/Tustin Legacy<br> 2525 Main Street<br> Irvine, CA | &nbsp;&nbsp;1982/NAV | &nbsp;&nbsp;92.0% | &nbsp;&nbsp;143000 | &nbsp;&nbsp;AG International | &nbsp;&nbsp;Nov-25 / 5.2 | &nbsp;&nbsp;3873 | &nbsp;&nbsp;$33.60 |
| &nbsp;&nbsp;2010 Main Plaza - Centerview East<br> 2010 Main Street<br> Irvine, CA | &nbsp;&nbsp;1988/NAV | &nbsp;&nbsp;91.0% | &nbsp;&nbsp;300004 | &nbsp;&nbsp;Hanmi Bank | &nbsp;&nbsp;Sep-25 / 5.0 | &nbsp;&nbsp;5304 | &nbsp;&nbsp;$39.60 |
| &nbsp;&nbsp; Centerview West<br> 1920 Main Street<br> Irvine, CA | &nbsp;&nbsp;1987/NAV | &nbsp;&nbsp;89.0% | &nbsp;&nbsp;295000 | &nbsp;&nbsp;Kind Lending | &nbsp;&nbsp;Nov-25 / 6.0 | &nbsp;&nbsp;35575 | &nbsp;&nbsp;$40.80 |
| &nbsp;&nbsp; Von Karman @ Main<br> 17885 Von Karman Avenue<br> Irvine, CA | &nbsp;&nbsp;2008/NAV | &nbsp;&nbsp;47.0% | &nbsp;&nbsp;153846 | &nbsp;&nbsp;RMD Law, LLP | &nbsp;&nbsp;Feb-26 / 5.5 | &nbsp;&nbsp;7902 | &nbsp;&nbsp;$41.40 |
| &nbsp;&nbsp;Irvine Center Towers<br> 18200 Von Karman Avenue<br> Irvine, CA | &nbsp;&nbsp;1983/NAV | &nbsp;&nbsp;59.0% | &nbsp;&nbsp;221973 | &nbsp;&nbsp;Tax Quotes Inc. | &nbsp;&nbsp;Sep-25 / 4.0 | &nbsp;&nbsp;5046 | &nbsp;&nbsp;$33.00 |
| &nbsp;&nbsp; CAVU<br> 18952 Macarthur Boulevard<br> Irvine, CA | &nbsp;&nbsp;1975/2022 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;60368 | &nbsp;&nbsp;Stigler Homes | &nbsp;&nbsp;Feb-26 / 2.2 | &nbsp;&nbsp;1986 | &nbsp;&nbsp;$37.20 |

---

Source: *Appraisal, unless indicated otherwise.*

(1) Based on the underwritten rent roll dated May 1, 2026.

***Appraisal.*** According to the appraisal, as of March 27, 2026, the 2020 Main Street Property had an "as-is" appraised value of $80,250,000.

 ****

***Environmental Matters.*** According to the Phase I environmental site assessment dated April 8, 2026, there was no evidence of any recognized environmental conditions at the 2020 Main Street Property.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – Suburban | &nbsp;&nbsp;Loan #4 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$48000000 |
| &nbsp;&nbsp;2020 Main Street | &nbsp;&nbsp;**2020 Main Street** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;59.8% |
| &nbsp;&nbsp;Irvine, CA 92614 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.97x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;14.8% |

---

***Operating History and Underwritten Net Cash Flow.*** The following table presents certain information relating to the historical operating performance and underwritten net cash flow at the 2020 Main Street Property:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** |
|  | **2025** | **TTM Feb 2026** | **UW** | **UW PSF** |
| &nbsp;&nbsp;Base Rent<sup>(2)</sup> | &nbsp;&nbsp;$8631777 | &nbsp;&nbsp;$8848678 | &nbsp;&nbsp; $10635978 | &nbsp;&nbsp;$39.21 |
| &nbsp;&nbsp;Grossed Up Vacant Space | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $782106 | &nbsp;&nbsp; $2.88 |
| &nbsp;&nbsp;**Gross Potential Rent** | &nbsp;&nbsp;**$8631777** | &nbsp;&nbsp;**$8848678** | &nbsp;&nbsp;**$11418084** | &nbsp;&nbsp;**$42.09** |
| &nbsp;&nbsp;Vacancy/Credit Loss | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;($1141808) | &nbsp;&nbsp;($4.21) |
| &nbsp;&nbsp;**Net Rental Income** | &nbsp;&nbsp;**$8631777** | &nbsp;&nbsp;**$8848678** | &nbsp;&nbsp;**$10276275** | &nbsp;&nbsp;**$37.88** |
| &nbsp;&nbsp;CAM Reimbursements | &nbsp;&nbsp;$349735 | &nbsp;&nbsp;$341487 | &nbsp;&nbsp;$31709 | &nbsp;&nbsp;$0.12 |
| &nbsp;&nbsp;Other Expense Reimbursements | &nbsp;&nbsp;$49509 | &nbsp;&nbsp;$56576 | &nbsp;&nbsp;$56576 | &nbsp;&nbsp;$0.21 |
| &nbsp;&nbsp;Other Income | &nbsp;&nbsp; $557605 | &nbsp;&nbsp; $558301 | &nbsp;&nbsp; $601965 | &nbsp;&nbsp; $2.22 |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$9588626** | &nbsp;&nbsp;**$9805042** | &nbsp;&nbsp;**$10966525** | &nbsp;&nbsp;**$40.42** |
| &nbsp;&nbsp;Real Estate Taxes | &nbsp;&nbsp;$317865 | &nbsp;&nbsp;$317865 | &nbsp;&nbsp;$748064 | &nbsp;&nbsp;$2.76 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;$72224 | &nbsp;&nbsp;$72224 | &nbsp;&nbsp;$72224 | &nbsp;&nbsp;$0.27 |
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp;$419477 | &nbsp;&nbsp;$439642 | &nbsp;&nbsp;$493494 | &nbsp;&nbsp;$1.82 |
| &nbsp;&nbsp;Other Operating Expenses | &nbsp;&nbsp; $2478965 | &nbsp;&nbsp; $2548490 | &nbsp;&nbsp; $2548490 | &nbsp;&nbsp; $9.39 |
| &nbsp;&nbsp;**Total Expenses** | &nbsp;&nbsp;**$3288530** | &nbsp;&nbsp;**$3378221** | &nbsp;&nbsp;**$3862271** | &nbsp;&nbsp;**$14.24** |
| &nbsp;&nbsp;**Net Operating Income<sup>(3)</sup>** | &nbsp;&nbsp;**$6300096** | &nbsp;&nbsp;**$6426821** | &nbsp;&nbsp;**$7104254** | &nbsp;&nbsp;**$26.19** |
| &nbsp;&nbsp;Replacement Reserves | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$89255 | &nbsp;&nbsp;$0.33 |
| &nbsp;&nbsp;TI/LC | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $206932 | &nbsp;&nbsp; $0.76 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$6300096** | &nbsp;&nbsp;**$6426821** | &nbsp;&nbsp;**$6808067** | &nbsp;&nbsp;**$25.10** |
| &nbsp;&nbsp;**Occupancy (%)<sup>(4)</sup>** | &nbsp;&nbsp;**81.2%** | &nbsp;&nbsp;**92.6%** | &nbsp;&nbsp;**90.0%** |  |
| &nbsp;&nbsp;**NOI DSCR** | &nbsp;&nbsp;**1.82x** | &nbsp;&nbsp;**1.86x** | &nbsp;&nbsp;**2.06x** |  |
| &nbsp;&nbsp;**NCF DSCR** | &nbsp;&nbsp;**1.82x** | &nbsp;&nbsp;**1.86x** | &nbsp;&nbsp;**1.97x** |  |
| &nbsp;&nbsp;**NOI Debt Yield** | &nbsp;&nbsp;**13.1%** | &nbsp;&nbsp;**13.4%** | &nbsp;&nbsp;**14.8%** |  |
| &nbsp;&nbsp;**NCF Debt Yield** | &nbsp;&nbsp;**13.1%** | &nbsp;&nbsp;**13.4%** | &nbsp;&nbsp;**14.2%** |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Historical financials prior to 2025 are not available due to the acquisition of the
2020 Main Street Property in June 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(2) UW Base Rent includes contractual rent steps taken through May 2027 and straight-line
rent averaging for investment grade tenants.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Since January 1, 2025, the borrower sponsor has executed 12 new or renewal leases,
representing approximately 25% of total NRA. The increase in Net Operating Income from 2025 to UW is primarily attributable to the increase
in occupancy resulting from such leasing activity.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Historical occupancy figures represent the physical occupancy as of December 31 in
each respective year. TTM Feb 2026 Occupancy (%) is based on the physical occupancy as of the underwritten rent roll dated May 1, 2026.
UW Occupancy (%) represents underwritten economic occupancy.

***Escrows and Reserves.***

*Tax Escrows* – The 2020 Main Street Mortgage Loan documents require an upfront reserve of $171,000 for real estate taxes and monthly reserves equal to 1/12th of the annual estimated tax payments payable during the next ensuing 12 months, initially equal to $42,670.

*Insurance Escrows* – The 2020 Main Street Mortgage Loan documents require monthly insurance reserves in an amount equal to 1/12th of the annual estimated insurance payments; *provided* that no such reserves are required if (i) no event of default has occurred and is continuing; and (ii) the 2020 Main Street Property is covered under an acceptable blanket policy and the borrower provides the lender with paid receipts not later than 10 days prior to the expiration date of the policies, which was the case at origination of the 2020 Main Street Mortgage Loan.

*Replacement Reserve* – The 2020 Main Street Mortgage Loan documents require a monthly replacement reserve deposit of $7,438 capped at $267,765.

*TI/LC Reserves* – The 2020 Main Street Mortgage Loan documents require an upfront deposit for tenant improvements and leasing commissions in the amount of $2,000,000, and monthly deposits of $33,911 for future TI/LC expenses.

*Existing TI/LC Reserve* – The 2020 Main Street Mortgage Loan documents require an upfront deposit of $274,621 for outstanding tenant improvements pertaining to the GSA, Public Buildings Service (Suites 200 and 800) ($10,901), Dochterman Insurance Services (Suite 210) ($102,061), Metoro Immigration Consulting LLC (Suite 250) ($11,556), AmCan (Suite 680) ($135,408) and Gill Law Group PC (Suite 1140) ($14,695) leases at the 2020 Main Street Property.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – Suburban | &nbsp;&nbsp;Loan #4 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$48000000 |
| &nbsp;&nbsp;2020 Main Street | &nbsp;&nbsp;**2020 Main Street** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;59.8% |
| &nbsp;&nbsp;Irvine, CA 92614 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.97x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;14.8% |

---

*Rent Concession Reserve –* The 2020 Main Street Mortgage Loan documents require an upfront deposit of $273,890 for outstanding free rent or abatements related Dochterman Insurance Services (Suite 210) ($38,367), Metoro Immigration Consulting LLC (Suite 250) ($9,602), Global Bancorp (Suite 300) ($26,490), Kaufman Steinberg LLP (Suite 345) ($32,634), EcoFlow Technology Inc (Suite 750) ($143,767), Global Telecom Engineering Inc (Suite 1130) ($8,733 and Gill Law Group PC (Suite 1140) ($14,297) leases at the 2020 Main Street Property.

*Springing Major Tenant Reserve –* The 2020 Main Street Mortgage Loan documents require that, if the borrower elects to deposit an amount equal to the Springing Major Tenant Reserve Deposit (as defined below) to avoid a Cash Trap Event Period (as defined below), any such Springing Major Tenant Reserve Deposit made in the form of cash be deposited in a separate eligible account.

***Lockbox and Cash Management.*** The 2020 Main Street Mortgage Loan is structured with a soft lockbox and springing cash management. The borrower and property manager are required to deposit rents into such lockbox account within one business day of receipt. If a Cash Trap Event Period is not in effect, all funds in the lockbox account are required to be distributed to the borrower. During a Cash Trap Event Period, funds in the lockbox account are required to be swept on a periodic basis to a lender-controlled cash management account. Any excess cash flow remaining after satisfaction of the waterfall items outlined in the loan documents is required to be swept to an excess cash flow subaccount controlled by the lender as additional security for the 2020 Main Street Mortgage Loan during a Cash Trap Event Period.

A "Cash Trap Event Period" will commence upon the earliest of the following:

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

&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 net cash flow debt service coverage ratio ("NCF DSCR"), tested quarterly, falling
 below 1.20x (tested quarterly);

&nbsp;&nbsp;&nbsp;&nbsp;(iii) unless
 the borrower makes a Springing Major Tenant Reserve Deposit, any Major Tenant's (as
 defined below) going dark, vacating or otherwise failing to occupy the space;

&nbsp;&nbsp;&nbsp;&nbsp;(iv) unless
 the borrower makes a Springing Major Tenant Reserve Deposit, any Major Tenant's filing,
 as a debtor, a voluntary petition under the bankruptcy code or any other creditors rights
 laws, or otherwise becoming involved, as a debtor, in a bankruptcy proceeding or other proceeding
 under creditors rights laws;

&nbsp;&nbsp;&nbsp;&nbsp;(v) unless
 the borrower makes a Springing Major Tenant Reserve Deposit, any Major Tenant's providing
 notice of its intention not to renew its lease or failing to exercise its extension option
 or renew its lease prior to the date that is 6-months prior to its then current expiration
 date; or

&nbsp;&nbsp;&nbsp;&nbsp;(vi) unless
 the borrower makes a Springing Major Tenant Reserve Deposit, any Major Tenant's terminating
 or canceling its lease or giving notice of, or commencing a legal proceeding asserting, any
 of the foregoing.

With respect to clauses (iii) through (vi) above, if the borrower makes a Springing Major Tenant Reserve Deposit, no Cash Trap Event Period will commence.

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

● with regard to clause (i) the cure of the related event of default;

● with regard to clause (ii), the NCF DSCR being at least 1.25x for two calendar quarters;

● with regard to clause (iii)-(vi) above, a Re-Tenanting Event (as defined below) has occurred;

● with regard to clause (iii) above, the Major Tenant has resumed occupancy of, and resumed its normal business operations in, the tenant space for a period of two consecutive calendar quarters;

● with regard to clause (iv) above, the bankruptcy or insolvency proceeding has terminated in a manner reasonably satisfactory to the lender, the related lease has been affirmed, and the terms of such lease, as affirmed, are reasonably satisfactory to the lender;

● with regard to clause (v) above, the lender receives a tenant estoppel certificate in form and substance satisfactory to the lender evidencing that the Major Tenant has exercised its renewal or extension option under the lease for a period not less than five years or pursuant to the terms and conditions reasonably satisfactory to the lender; or

● with regard to clause (vi) the Major Tenant has resumed its normal business operations in its Major Tenant space and is open during customary hours for a period of two consecutive calendar quarters.

A "Re-Tenanting Event" will occur (i) when the lender has received satisfactory evidence that the applicable space has been leased to replacement tenants, (ii) the tenant that is in occupancy of the space is paying full, unabated rent pursuant to the lease to the lender, and (iii) all tenant improvement costs and leasing commissions have been paid (or reserved with the lender).

"Major Tenant" means, individually or collectively, the tenant under a lease demising at least 15.0% of the 'NRA at the 2020 Main Street Property. In the event that the Major Tenant reduces the occupied space below 15.0% of NRA pursuant to a new lease or a lease amendment, then such tenant will not be considered a Major Tenant.

"Springing Major Tenant Reserve Deposit" means an amount equal to (x) two years of the then current rent for the applicable Major Tenant in the form of cash or a reasonably acceptable letter of credit, less (y) the amount of funds on deposit in the leasing reserve.

***Terrorism Insurance.*** The 2020 Main Street Property Loan documents require that the "all risk" insurance policy required to be maintained by the borrower, in an amount equal to the full replacement cost of the 2020 Main Street Property, contain no exclusion for damage or destruction caused by acts of terrorism, as well as business interruption insurance covering a period of restoration of 18 months and a 12-month extended period of indemnity. See "*Risk Factors—Risks Relating to the Mortgage Loans—Terrorism Insurance May Not Be Available for All Mortgaged Properties*" in the prospectus.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored | &nbsp;&nbsp;Loan #5 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$36000000 |
| &nbsp;&nbsp;26 Astor Place | &nbsp;&nbsp;**Astor Place Retail** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;74.8% |
| &nbsp;&nbsp;New York, NY 10003 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.20x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;7.0% |

---

![](n5926ts_img019.jpg)

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored | &nbsp;&nbsp;Loan #5 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$36000000 |
| &nbsp;&nbsp;26 Astor Place | &nbsp;&nbsp;**Astor Place Retail** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;74.8% |
| &nbsp;&nbsp;New York, NY 10003 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.20x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;7.0% |

---

![](n5926ts_img020.jpg)

---

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

---

&nbsp;&nbsp;**Mortgage Loan No. 5 – Astor Place Retail**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Mortgage Loan Seller:** | &nbsp;&nbsp;**Mortgage Loan Seller:** | &nbsp;&nbsp;LMF | &nbsp;&nbsp;LMF | &nbsp;&nbsp;LMF | &nbsp;&nbsp;**Single Asset/Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Credit Assessment (Fitch/Moody's/MDBRS):** | &nbsp;&nbsp;**Credit Assessment (Fitch/Moody's/MDBRS):** | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;New York, NY 10003 |
| &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;$36000000 | &nbsp;&nbsp;$36000000 | &nbsp;&nbsp;$36000000 | &nbsp;&nbsp;**General Property Type:** | &nbsp;&nbsp;Retail |
| &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$36000000 | &nbsp;&nbsp;$36000000 | &nbsp;&nbsp;$36000000 | &nbsp;&nbsp;**Detailed Property Type:** | &nbsp;&nbsp;Anchored |
| &nbsp;&nbsp;**% of Initial Pool Balance:** | &nbsp;&nbsp;**% of Initial Pool Balance:** | &nbsp;&nbsp;6.6% | &nbsp;&nbsp;6.6% | &nbsp;&nbsp;6.6% | &nbsp;&nbsp;**Title Vesting:** | &nbsp;&nbsp;Leasehold<sup>(2)</sup> |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;**Year Built/Renovated:** | &nbsp;&nbsp;2004/NAP |
| &nbsp;&nbsp;**Borrower Sponsor:** | &nbsp;&nbsp;**Borrower Sponsor:** | &nbsp;&nbsp;The Related Companies, L.P. | &nbsp;&nbsp;The Related Companies, L.P. | &nbsp;&nbsp;The Related Companies, L.P. | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;27,742 SF |
| &nbsp;&nbsp;**Guarantor:** | &nbsp;&nbsp;**Guarantor:** | &nbsp;&nbsp;The Related Companies, L.P. | &nbsp;&nbsp;The Related Companies, L.P. | &nbsp;&nbsp;The Related Companies, L.P. | &nbsp;&nbsp;**Cut-off Date Balance PSF:** | &nbsp;&nbsp;$1298 |
| &nbsp;&nbsp;**Mortgage Rate:** | &nbsp;&nbsp;**Mortgage Rate:** | &nbsp;&nbsp;5.6800% | &nbsp;&nbsp;5.6800% | &nbsp;&nbsp;5.6800% | &nbsp;&nbsp;**Maturity Date Balance PSF:** | &nbsp;&nbsp;$1298 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;5/5/2026 | &nbsp;&nbsp;5/5/2026 | &nbsp;&nbsp;5/5/2026 | &nbsp;&nbsp;**Property Manager:** | &nbsp;&nbsp;Related Management Company, L.P. (borrower-related) |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;5/6/2031 | &nbsp;&nbsp;5/6/2031 | &nbsp;&nbsp;5/6/2031 | &nbsp;&nbsp;**Underwriting and Financial Information** | &nbsp;&nbsp;**Underwriting and Financial Information** |
| &nbsp;&nbsp;**Term to Maturity:** | &nbsp;&nbsp;**Term to Maturity:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;60 months | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**UW NOI:** | &nbsp;&nbsp;$2503852 |
| &nbsp;&nbsp;**Amortization Term:** | &nbsp;&nbsp;**Amortization Term:** | &nbsp;&nbsp;0 months | &nbsp;&nbsp;0 months | &nbsp;&nbsp;0 months | &nbsp;&nbsp;**UW NCF** | &nbsp;&nbsp;$2482651 |
| &nbsp;&nbsp;**IO Period:** | &nbsp;&nbsp;**IO Period:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;60 months | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;7.0% |
| &nbsp;&nbsp;**Seasoning:** | &nbsp;&nbsp;**Seasoning:** | &nbsp;&nbsp;1 month | &nbsp;&nbsp;1 month | &nbsp;&nbsp;1 month | &nbsp;&nbsp;**UW NCF Debt Yield:** | &nbsp;&nbsp;6.9% |
| &nbsp;&nbsp;**Prepayment Provisions:** | &nbsp;&nbsp;**Prepayment Provisions:** | &nbsp;&nbsp;L(25),D(28),O(7) | &nbsp;&nbsp;L(25),D(28),O(7) | &nbsp;&nbsp;L(25),D(28),O(7) | &nbsp;&nbsp;**UW NOI Debt Yield at Maturity:** | &nbsp;&nbsp;7.0% |
| &nbsp;&nbsp;**Lockbox/Cash Mgmt Status:** | &nbsp;&nbsp;**Lockbox/Cash Mgmt Status:** | &nbsp;&nbsp;Hard/Springing | &nbsp;&nbsp;Hard/Springing | &nbsp;&nbsp;Hard/Springing | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.20x |
| &nbsp;&nbsp;**Additional Debt Type:** | &nbsp;&nbsp;**Additional Debt Type:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Most Recent NOI:** | &nbsp;&nbsp;$2,811,838 (2/28/2026 TTM) |
| &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**2<sup>nd</sup> Most Recent NOI:** | &nbsp;&nbsp;$2,918,446 (12/31/2025) |
| &nbsp;&nbsp;**Future Debt Permitted (Type):** | &nbsp;&nbsp;**Future Debt Permitted (Type):** | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;**3<sup>rd</sup> Most Recent NOI:** | &nbsp;&nbsp;$2,919,852 (12/31/2024) |
| &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Most Recent Occupancy<sup>(3)</sup>:** | &nbsp;&nbsp;100.0% (4/2/2026) |
| &nbsp;&nbsp;**<u>Type</u>** | &nbsp;&nbsp;**<u>Initial</u>** | &nbsp;&nbsp;**<u>Initial</u>** | &nbsp;&nbsp;**<u>Monthly</u>** | &nbsp;&nbsp;**<u>Cap</u>** | &nbsp;&nbsp;**2<sup>nd</sup> Most Recent Occupancy:** | &nbsp;&nbsp;96.0% (12/31/2025) |
| &nbsp;&nbsp;**RE Taxes:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**3<sup>rd</sup> Most Recent Occupancy:** | &nbsp;&nbsp;100.0% (12/31/2024) |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value (as of):** | &nbsp;&nbsp;$48,100,000 (4/3/2026) |
| &nbsp;&nbsp;**Replacement Reserve:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value PSF:** | &nbsp;&nbsp;$1734 |
|  |  |  |  |  | &nbsp;&nbsp;**Cut-off Date LTV Ratio:** | &nbsp;&nbsp;74.8% |
|  |  |  |  |  | &nbsp;&nbsp;**Maturity Date LTV Ratio:** | &nbsp;&nbsp;74.8% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** |
| &nbsp;&nbsp;**Sources** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** | &nbsp;&nbsp;**Uses** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** |
| &nbsp;&nbsp;Mortgage Loan Amount: | &nbsp;&nbsp;$36000000 | &nbsp;&nbsp;93.3% | &nbsp;&nbsp;Loan Payoff: | &nbsp;&nbsp;$36111415 | &nbsp;&nbsp;93.6% |
| &nbsp;&nbsp;Borrower Sponsor Equity: | &nbsp;&nbsp;$2583998 | &nbsp;&nbsp;6.7% | &nbsp;&nbsp;Closing Costs: | &nbsp;&nbsp;$2472583 | &nbsp;&nbsp;6.4% |
| &nbsp;&nbsp;**Total Sources:** | &nbsp;&nbsp;**$38583998** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses:** | &nbsp;&nbsp;**$38583998** | &nbsp;&nbsp;**100.0%** |

---

(1) See "*Escrows and Reserves*" section below.

(2) See "*The Property*" and "*Ground Lease*" sections below.

(3) Most Recent Occupancy excludes 240 SF of basement storage space.

 ****

***The Mortgage Loan.*** The fifth largest mortgage loan (the "Astor Place Retail Mortgage Loan") is evidenced by a promissory note in the original principal amount of $36,000,000 and secured by the borrower's leasehold interest in a 27,742 SF anchored retail property located in New York, New York (the "Astor Place Retail Property").

***The Borrower and the Borrower Sponsor.*** The borrower is Astor Retail Associates, L.L.C., a Delaware limited liability company and special purpose entity with one independent director. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Astor Place Retail Mortgage Loan.

The borrower sponsor and non-recourse carveout guarantor for the Astor Place Retail Mortgage Loan is The Related Companies, L.P. The Related Companies, L.P. ("Related") is a privately held real estate firm founded in 1972 and headquartered in New York City. Since its founding, Related has grown into a fully integrated, highly diversified organization with expertise across development, acquisitions, management, finance, marketing, and sales. Related owns and manages a portfolio of assets valued at over $60 billion, spanning residential, retail, office, hospitality, affordable housing, and data centers. It owns and operates affordable housing properties in 24 states across the U.S and most recently Related secured financing for a $16 billion data center campus in Saline Township, Michigan, purpose-built for Oracle. Related is led by CEO Jeff Blau and President Bruce Beal. The borrower sponsor disclosed that affiliates of the borrower sponsor have experienced certain defaults and foreclosures unrelated to the Mortgaged Property. See "*Description of the Mortgage Pool—Loan Purpose; Default History, Bankruptcy Issues and Other Proceedings*" in the prospectus.

***The Property.*** The Astor Place Retail Property is a two-level, 27,742 SF retail condominium anchored by the tenant JPMorgan Chase Bank, National Association ("JPMorgan Chase"), located in New York, New York within the NoHo neighborhood. Situated on a 0.41-acre site, the Astor Place Retail Property was constructed in 2004. The Astor Place Retail Property is situated beneath a 22-story, 39-unit, luxury residential condominium known as Astor Place (which is not part of the collateral for the Astor Place Retail Mortgage Loan). The Astor Place Retail Property, located on portions of the cellar floor, the first floor and the second floor, is comprised of 6,889 SF of ground floor retail space, 7,448 SF of second floor retail space, 1,165 SF of second floor residential space (a caretaker unit), 240 SF of basement storage space (which contains 12 storage units that are leased to residential tenants who reside

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored | &nbsp;&nbsp;Loan #5 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$36000000 |
| &nbsp;&nbsp;26 Astor Place | &nbsp;&nbsp;**Astor Place Retail** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;74.8% |
| &nbsp;&nbsp;New York, NY 10003 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.20x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;7.0% |

---

in the Residential Unit (as defined below)) and a 12,000 SF parking garage (which contains 14 spaces and represents 43.3% of the total square footage of the Astor Place Retail Property). The parking garage is managed by an affiliate of Manhattan Parking Group (MPG), a third-party parking operator. The parking management agreement commenced in 2020 and auto-renews annually in December and generates income for the Astor Place Retail Property. 12.3% of the underwritten rent is attributed to income from the parking garage. As of April 2, 2026, the Astor Place Retail Property was 100.0% leased (excluding 240 SF of basement storage space) to JPMorgan Chase through October 2035 and Cha of Yulin (Jurian Tea House) through July 2036, including the caretaker unit and parking garage.

The Astor Place building is comprised of two condominium units: a residential unit (the "Residential Unit") and the Astor Place Retail Property. The Cooper Union for the Advancement of Science and Art ("Cooper Union") owns the fee interests in both condominium units, ground leases the Astor Place Retail Property to the borrower pursuant to a 99-year ground lease (as described below under "*Ground Lease*"), and ground leases the Residential Unit to an affiliate of the borrower. For so long as at least one of the ground leases remains in effect, the affairs of the condominium are governed by a board consisting of five members, three designated by the ground lessee of the Residential Unit and two designated by the borrower.

***Major Tenants.***

*JPMorgan Chase (13,318 SF; 48.0% of NRA; 77.2% of UW Rent; 10/31/2035 lease expiration).* JPMorgan Chase is a leading financial services firm based in the United States, with operations worldwide. The firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. As of December 31, 2025, JPMorgan Chase held $4.4 trillion in assets and $362 billion in stockholders' equity. Under the J.P. Morgan and Chase brands, it serves millions of customers in the United States and corporate, institutional, and government clients globally. JPMorgan Chase operates in over 100 global markets and recently opened its new global headquarters in New York City. JPMorgan Chase has been in occupancy at the Astor Place Retail Property since February 2005 on an initial 20-year lease term. In December 2024, JPMorgan Chase entered into a new 10-year lease that extends the term through October 2035 and includes one, five-year renewal option and no termination options.

*Cha of Yulin ("Jurian Tea House") (1,019 SF; 3.7% of NRA; 7.0% of UW Rent; 7/31/2036 lease expiration).* Jurian Tea House occupies 1,019 SF under a 10-year lease term that commenced on March 16, 2026, and expires in July 2036, with one, five-year renewal option and no termination options. Jurian Tea House is required to commence paying rent on the date that is 120 days after the premises are delivered to the tenant (which was March 18, 2026). Jurian Tea House is currently completing its space build-out and is expected to open for business in July 2026, with rent payments expected to commence in July 2026.

The following table presents certain information relating to the tenancy at the Astor Place Retail Property:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** |
| &nbsp;&nbsp;**Tenant Name** | &nbsp;&nbsp;**Credit Rating (Fitch/Moody's/S&P)<sup>(2)</sup>** | &nbsp;&nbsp;**Tenant SF** | &nbsp;&nbsp;**Approx % of Total SF** | &nbsp;&nbsp;**Annual UW Rent** | &nbsp;&nbsp;**% of Total Annual UW Rent** | &nbsp;&nbsp;**Annual UW Rent PSF** | &nbsp;&nbsp;**Lease Expiration** | &nbsp;&nbsp;**Renewal Options** |
| &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;AA-/A1/A | &nbsp;&nbsp;13318 | &nbsp;&nbsp;48.0% | &nbsp;&nbsp;$2261000 | &nbsp;&nbsp;77.2% | &nbsp;&nbsp;$169.77 | &nbsp;&nbsp;10/31/2035 &nbsp;&nbsp;N | &nbsp;&nbsp;1 x 5 yr |
| &nbsp;&nbsp;Cha of Yulin (Jurian Tea House)<sup>(3)</sup> | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;1019 | &nbsp;&nbsp;3.7% | &nbsp;&nbsp;$204000 | &nbsp;&nbsp;7.0% | &nbsp;&nbsp;$200.20 | &nbsp;&nbsp;7/31/2036 &nbsp;&nbsp;N | &nbsp;&nbsp;1 x 5 yr |
| &nbsp;&nbsp;**Occupied Collateral Total** |  | &nbsp;&nbsp;**14337** | &nbsp;&nbsp;**51.7%** | &nbsp;&nbsp;**$2465000** | &nbsp;&nbsp;**84.1%** | &nbsp;&nbsp;**$171.93** |  |  |
| &nbsp;&nbsp;Other Space**<sup>(4)</sup>** |  | &nbsp;&nbsp;13405 | &nbsp;&nbsp;48.3% | &nbsp;&nbsp;$464405 | &nbsp;&nbsp;15.9% | &nbsp;&nbsp;$34.64 |  |  |
| &nbsp;&nbsp;Vacant Space |  | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 |  |  |
| &nbsp;&nbsp;**Total/Wtd. Avg.** |  | &nbsp;&nbsp;**27742** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$2929405** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$105.59** |  |  |

---

(1) Based on the underwritten rent roll dated April 2, 2026.

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

(3) Jurian Tea House is not yet paying rent and is expected to commence rent payments in July 2026.

(4) Other Space includes 1,165 SF of residential space, 240 SF of basement storage space and a 12,000 SF parking garage.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored | &nbsp;&nbsp;Loan #5 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$36000000 |
| &nbsp;&nbsp;26 Astor Place | &nbsp;&nbsp;**Astor Place Retail** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;74.8% |
| &nbsp;&nbsp;New York, NY 10003 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.20x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;7.0% |

---

The following table presents certain information relating to the lease rollover schedule at the Astor Place Retail Property:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Lease Rollover Schedule<sup>(1)(2)</sup>** | **Lease Rollover Schedule<sup>(1)(2)</sup>** | **Lease Rollover Schedule<sup>(1)(2)</sup>** | **Lease Rollover Schedule<sup>(1)(2)</sup>** | **Lease Rollover Schedule<sup>(1)(2)</sup>** | **Lease Rollover Schedule<sup>(1)(2)</sup>** | **Lease Rollover Schedule<sup>(1)(2)</sup>** | **Lease Rollover Schedule<sup>(1)(2)</sup>** | **Lease Rollover Schedule<sup>(1)(2)</sup>** |
| &nbsp;&nbsp;**Year** | &nbsp;&nbsp;**# of Leases Rolling** | &nbsp;&nbsp;**SF Rolling** | &nbsp;&nbsp;**Approx. % of Total SF Rolling** | &nbsp;&nbsp;**Approx. Cumulative % of SF Rolling** | &nbsp;&nbsp;**Total UW Rent Rolling** | &nbsp;&nbsp;**Approx. % of Total Rent Rolling** | &nbsp;&nbsp;**Approx. Cumulative % of Total Rent Rolling** | &nbsp;&nbsp;**UW Rent PSF Rolling** |
| &nbsp;&nbsp;MTM/2026 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2027 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2028 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2029 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2030 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2031 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2032 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2033 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2034 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2035 | &nbsp;&nbsp;1 | &nbsp;&nbsp;13318 | &nbsp;&nbsp;92.9% | &nbsp;&nbsp;92.9% | &nbsp;&nbsp;$2261000 | &nbsp;&nbsp;91.7% | &nbsp;&nbsp;91.7% | &nbsp;&nbsp;$169.77 |
| &nbsp;&nbsp;2036 & Thereafter | &nbsp;&nbsp;1 | &nbsp;&nbsp;1019 | &nbsp;&nbsp;7.1% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$204000 | &nbsp;&nbsp;8.3% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$200.20 |
| &nbsp;&nbsp;Vacant | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;**Total/Wtd. Avg.** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**14337** | &nbsp;&nbsp;**100.0%** |  | &nbsp;&nbsp;**$2465000** | &nbsp;&nbsp;**100.0%** |  | &nbsp;&nbsp;**$171.93** |

---

(1) Based on the underwritten rent roll dated April 2, 2026.

(2) Lease Rollover Schedule is based on the two retail tenants totaling 14,337 SF and excludes 1,165 SF of residential space, 240 SF of basement storage space and a 12,000 SF parking garage, which make up the remaining 48.3% of Total SF and 15.9% of UW Rent.

***The Market.*** The Astor Place Retail Property is located in New York, New York within the Manhattan retail market. Two of the area airports, LaGuardia and JFK International Airports, are the major attractions of the Manhattan retail market. Major employers in the area include NYC Department of Education, City of New York, Northwell Health, United States Government, Metropolitan Transportation Authority and State of New York. Access to the Astor Place Retail Property is provided via Astor Place station (6 train) and the N and R trains are a block away at the 8th Street – NYU station. In addition, Union Square is within a short walking distance to the north providing access to 14th Street/Union Square station (4, 5, 6, L, N, Q and R trains). Regional transportation is available to the north of the Astor Place Retail Property at Penn Station (34th Street and Seventh Avenue - Long Island Railroad, NJ Transit and Amtrak) and from Grand Central Station (42nd Street and Park Avenue – Metro North Railroad; access to Long Island Railroad through the East Side Access public works project). The local subway lines connect with these facilities, which also provide access to the regional airports (Newark Liberty Airport in New Jersey and JFK Airport in Queens).

According to the appraisal, the 2025 population within the 10003 New York ZIP code and New York county was 55,782 and 1,678,294, respectively. Additionally, the 2025 average household income within the same ZIP code and county was $243,080 and $203,456, respectively.

According to the appraisal, the Astor Place Retail Property is located within the Manhattan retail market and the SoHo retail submarket. As of year-end 2025, the overall New York, New York retail market reported inventory of approximately 434 million SF, with a vacancy rate of 4.2% and an asking rent of $54.98 per square foot. As of year-end 2025, the SoHo submarket reported inventory of approximately 4.0 million SF, with a vacancy rate of 4.5% and an asking rent of $133.35 per square foot.

The following table presents certain information relating to the appraisal's market rent conclusions for the Astor Place Retail Property:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**<br> Market Rent Summary** | &nbsp;&nbsp;**<br> Market Rent Summary** | &nbsp;&nbsp;**<br> Market Rent Summary** | &nbsp;&nbsp;**<br> Market Rent Summary** | &nbsp;&nbsp;**<br> Market Rent Summary** |
|  | &nbsp;&nbsp;**Retail (Astor Place)** | &nbsp;&nbsp;**Retail (Second Floor)** | &nbsp;&nbsp;**Retail (Cooper Square)** | &nbsp;&nbsp;**Garage** |
| &nbsp;&nbsp;Market Rent (PSF) | &nbsp;&nbsp;$500.00 | &nbsp;&nbsp;$80.00 | &nbsp;&nbsp;$200.00 | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;Lease Term (Years) | &nbsp;&nbsp;10 | &nbsp;&nbsp;10 | &nbsp;&nbsp;10 | &nbsp;&nbsp;30 |
| &nbsp;&nbsp;Lease Type | &nbsp;&nbsp;Modified Gross | &nbsp;&nbsp;Modified Gross | &nbsp;&nbsp;Modified Gross |  |
| &nbsp;&nbsp;Escalations | &nbsp;&nbsp;3.00% | &nbsp;&nbsp;3.00% | &nbsp;&nbsp;3.00% |  |
| &nbsp;&nbsp;Tenant Improvements (New/Renewal) | &nbsp;&nbsp;$100.00 / $50.00 | &nbsp;&nbsp;$100.00 / $50.00 | &nbsp;&nbsp;$100.00 / $50.00 | &nbsp;&nbsp;$0 / $0 |
| &nbsp;&nbsp;Leasing Commissions (New/Renewal) | &nbsp;&nbsp;5.25% / 2.63% | &nbsp;&nbsp;5.25% / 2.63% | &nbsp;&nbsp;5.25% / 2.63% |  |
| &nbsp;&nbsp;Free Rent (Months) (New/Renewal) | &nbsp;&nbsp;6 / 3 | &nbsp;&nbsp;6 / 3 | &nbsp;&nbsp; 3 / 1 |  |

---

Source: *Appraisal*

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored | &nbsp;&nbsp;Loan #5 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$36000000 |
| &nbsp;&nbsp;26 Astor Place | &nbsp;&nbsp;**Astor Place Retail** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;74.8% |
| &nbsp;&nbsp;New York, NY 10003 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.20x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;7.0% |

---

The following table presents certain information relating to the appraisal's comparable leases for the Astor Place Retail Property:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Comparable Retail Leases** | &nbsp;&nbsp;**Comparable Retail Leases** | &nbsp;&nbsp;**Comparable Retail Leases** | &nbsp;&nbsp;**Comparable Retail Leases** | &nbsp;&nbsp;**Comparable Retail Leases** | &nbsp;&nbsp;**Comparable Retail Leases** | &nbsp;&nbsp;**Comparable Retail Leases** |
| &nbsp;&nbsp;**Property Name/Location** | &nbsp;&nbsp;**Tenant** | &nbsp;&nbsp;**Tenant Size (SF)** | &nbsp;&nbsp;**Lease Start Date** | &nbsp;&nbsp;**Lease Term (years)** | &nbsp;&nbsp;**Annual Base Rent PSF** | &nbsp;&nbsp;**Lease Type** |
| | &nbsp;&nbsp;**JPMorgan Chase<sup>(1)</sup>** | &nbsp;&nbsp;**13318<sup>(1)</sup>** | &nbsp;&nbsp;**Feb-05<sup>(1)</sup>** | &nbsp;&nbsp;**31<sup>(1)</sup>** | &nbsp;&nbsp;**$169.77<sup>(1)</sup>** | &nbsp;&nbsp;**Mod. Gross<sup>(1)</sup>** |
| | &nbsp;&nbsp;**JPMorgan Chase<sup>(1)</sup>** | &nbsp;&nbsp;**13318<sup>(1)</sup>** | &nbsp;&nbsp;**Feb-05<sup>(1)</sup>** | &nbsp;&nbsp;**31<sup>(1)</sup>** | &nbsp;&nbsp;**$169.77<sup>(1)</sup>** | &nbsp;&nbsp;**Mod. Gross<sup>(1)</sup>** |
| &nbsp;&nbsp;**Astor Place Retail Property**<br>&nbsp;&nbsp;**26 Astor Place**<br>&nbsp;&nbsp;**New York, NY** | &nbsp;&nbsp;**JPMorgan Chase<sup>(1)</sup>** | &nbsp;&nbsp;**13318<sup>(1)</sup>** | &nbsp;&nbsp;**Feb-05<sup>(1)</sup>** | &nbsp;&nbsp;**31<sup>(1)</sup>** | &nbsp;&nbsp;**$169.77<sup>(1)</sup>** | &nbsp;&nbsp;**Mod. Gross<sup>(1)</sup>** |
| &nbsp;&nbsp;372 Lafayette Street | &nbsp;&nbsp;Wake and Late | &nbsp;&nbsp;2350 | &nbsp;&nbsp;Feb-26 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$367.86 | &nbsp;&nbsp;Taxes over base year |
| &nbsp;&nbsp;Btwn. Great Jones and Bond Streets | &nbsp;&nbsp;Wake and Late | &nbsp;&nbsp;2350 | &nbsp;&nbsp;Feb-26 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$367.86 | &nbsp;&nbsp;Taxes over base year |
| &nbsp;&nbsp;New York, NY | &nbsp;&nbsp;Wake and Late | &nbsp;&nbsp;2350 | &nbsp;&nbsp;Feb-26 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$367.86 | &nbsp;&nbsp;Taxes over base year |
| &nbsp;&nbsp;344 Bowery | &nbsp;&nbsp;SC Wren | &nbsp;&nbsp;2998 | &nbsp;&nbsp;Aug-25 | &nbsp;&nbsp;10 | &nbsp;&nbsp;$214.80 | &nbsp;&nbsp;Taxes over base year |
| &nbsp;&nbsp;Btwn. 2nd and 3rd Streets | &nbsp;&nbsp;SC Wren | &nbsp;&nbsp;2998 | &nbsp;&nbsp;Aug-25 | &nbsp;&nbsp;10 | &nbsp;&nbsp;$214.80 | &nbsp;&nbsp;Taxes over base year |
| &nbsp;&nbsp;New York, NY | &nbsp;&nbsp;SC Wren | &nbsp;&nbsp;2998 | &nbsp;&nbsp;Aug-25 | &nbsp;&nbsp;10 | &nbsp;&nbsp;$214.80 | &nbsp;&nbsp;Taxes over base year |
| &nbsp;&nbsp;1 & 3 St. Marks Place | &nbsp;&nbsp;Sephora | &nbsp;&nbsp;5922 | &nbsp;&nbsp;Jul-25 | &nbsp;&nbsp;10 | &nbsp;&nbsp;$261.10 | &nbsp;&nbsp;Taxes over base year |
| &nbsp;&nbsp;SWC of Broadway | &nbsp;&nbsp;Sephora | &nbsp;&nbsp;5922 | &nbsp;&nbsp;Jul-25 | &nbsp;&nbsp;10 | &nbsp;&nbsp;$261.10 | &nbsp;&nbsp;Taxes over base year |
| &nbsp;&nbsp;New York, NY | &nbsp;&nbsp;Sephora | &nbsp;&nbsp;5922 | &nbsp;&nbsp;Jul-25 | &nbsp;&nbsp;10 | &nbsp;&nbsp;$261.10 | &nbsp;&nbsp;Taxes over base year |
| &nbsp;&nbsp;740-744 Broadway | &nbsp;&nbsp;Hampton Chutney | &nbsp;&nbsp;2786 | &nbsp;&nbsp;Apr-25 | &nbsp;&nbsp;13 | &nbsp;&nbsp;$200.00 | &nbsp;&nbsp;Taxes over base year |
| &nbsp;&nbsp;Btwn. Broadway and Lafayette Street | &nbsp;&nbsp;Hampton Chutney | &nbsp;&nbsp;2786 | &nbsp;&nbsp;Apr-25 | &nbsp;&nbsp;13 | &nbsp;&nbsp;$200.00 | &nbsp;&nbsp;Taxes over base year |
| &nbsp;&nbsp;Brooklyn, NY | &nbsp;&nbsp;Hampton Chutney | &nbsp;&nbsp;2786 | &nbsp;&nbsp;Apr-25 | &nbsp;&nbsp;13 | &nbsp;&nbsp;$200.00 | &nbsp;&nbsp;Taxes over base year |
| &nbsp;&nbsp;740-744 Broadway | &nbsp;&nbsp;Bookoff USA | &nbsp;&nbsp;2015 | &nbsp;&nbsp;Aug-24 | &nbsp;&nbsp;10 | &nbsp;&nbsp;$201.34 | &nbsp;&nbsp;Taxes over base year |
| &nbsp;&nbsp;Btwn. Broadway and Lafayette Street | &nbsp;&nbsp;Bookoff USA | &nbsp;&nbsp;2015 | &nbsp;&nbsp;Aug-24 | &nbsp;&nbsp;10 | &nbsp;&nbsp;$201.34 | &nbsp;&nbsp;Taxes over base year |
| &nbsp;&nbsp;Brooklyn, NY | &nbsp;&nbsp;Bookoff USA | &nbsp;&nbsp;2015 | &nbsp;&nbsp;Aug-24 | &nbsp;&nbsp;10 | &nbsp;&nbsp;$201.34 | &nbsp;&nbsp;Taxes over base year |
| &nbsp;&nbsp;71 Fourth Avenue | &nbsp;&nbsp;Fushimi NYC | &nbsp;&nbsp;2150 | &nbsp;&nbsp;Jan-25 | &nbsp;&nbsp;15 | &nbsp;&nbsp;$270.68 | &nbsp;&nbsp;Taxes over base year |
| &nbsp;&nbsp;SEC of 10th Street | &nbsp;&nbsp;Fushimi NYC | &nbsp;&nbsp;2150 | &nbsp;&nbsp;Jan-25 | &nbsp;&nbsp;15 | &nbsp;&nbsp;$270.68 | &nbsp;&nbsp;Taxes over base year |
| &nbsp;&nbsp;New York, NY | &nbsp;&nbsp;Fushimi NYC | &nbsp;&nbsp;2150 | &nbsp;&nbsp;Jan-25 | &nbsp;&nbsp;15 | &nbsp;&nbsp;$270.68 | &nbsp;&nbsp;Taxes over base year |
| &nbsp;&nbsp;360 Bowery | &nbsp;&nbsp;Chobani | &nbsp;&nbsp;5278 | &nbsp;&nbsp;Sep-24 | &nbsp;&nbsp;20 | &nbsp;&nbsp;$190.00 | &nbsp;&nbsp;Taxes over base year |
| &nbsp;&nbsp;SEC of 4th Street | &nbsp;&nbsp;Chobani | &nbsp;&nbsp;5278 | &nbsp;&nbsp;Sep-24 | &nbsp;&nbsp;20 | &nbsp;&nbsp;$190.00 | &nbsp;&nbsp;Taxes over base year |
| &nbsp;&nbsp;New York, NY | &nbsp;&nbsp;Chobani | &nbsp;&nbsp;5278 | &nbsp;&nbsp;Sep-24 | &nbsp;&nbsp;20 | &nbsp;&nbsp;$190.00 | &nbsp;&nbsp;Taxes over base year |

---

Source: *Appraisal*

(1) Based on the underwritten rent roll dated April 2, 2026.

***Appraisal.*** The appraisal concluded to an "as-is" value of $48,100,000 as of April 3, 2026 for the Astor Place Retail Property.

***Environmental Matters.*** According to the Phase I environmental site assessment dated April 15, 2026 for the Astor Place Retail Property, there was no evidence of any recognized environmental conditions.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored | &nbsp;&nbsp;Loan #5 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$36000000 |
| &nbsp;&nbsp;26 Astor Place | &nbsp;&nbsp;**Astor Place Retail** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;74.8% |
| &nbsp;&nbsp;New York, NY 10003 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.20x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;7.0% |

---

***Operating History and Underwritten Net Cash Flow.*** The following table presents certain information relating to the underwritten net cash flow at the Astor Place Retail Property:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Cash Flow Analysis** | **Cash Flow Analysis** | **Cash Flow Analysis** | **Cash Flow Analysis** | **Cash Flow Analysis** | **Cash Flow Analysis** |
|  | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2/28/2026 TTM** | &nbsp;&nbsp;**UW** | &nbsp;&nbsp;**UW PSF** |
| &nbsp;&nbsp;Base Rent<sup>(1)</sup> | &nbsp;&nbsp;$2928119 | &nbsp;&nbsp;$2948337 | &nbsp;&nbsp;$3050827 | &nbsp;&nbsp;$3042455 | &nbsp;&nbsp;$109.67 |
| &nbsp;&nbsp;Grossed Up Vacant Space | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0.00 |
| &nbsp;&nbsp;**Gross Potential Rent** | &nbsp;&nbsp;**$2928119** | &nbsp;&nbsp;**$2948337** | &nbsp;&nbsp;**$3050827** | &nbsp;&nbsp;**$3042455** | &nbsp;&nbsp;**$109.67** |
| &nbsp;&nbsp;Total Recoveries | &nbsp;&nbsp; 1392875 | &nbsp;&nbsp; 1429712 | &nbsp;&nbsp; 1482241 | &nbsp;&nbsp; 1368446 | &nbsp;&nbsp; $49.33 |
| &nbsp;&nbsp;**Net Rental Income** | &nbsp;&nbsp;**$4320994** | &nbsp;&nbsp;**$4378048** | &nbsp;&nbsp;**$4533069** | &nbsp;&nbsp;**$4410901** | &nbsp;&nbsp;**$159.00** |
| &nbsp;&nbsp;(Vacancy & Credit Loss) | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (88218) | &nbsp;&nbsp; ($3.18) |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$4320994** | &nbsp;&nbsp;**$4378048** | &nbsp;&nbsp;**$4533069** | &nbsp;&nbsp;**$4322683** | &nbsp;&nbsp;**$155.82** |
| &nbsp;&nbsp;Real Estate Taxes | &nbsp;&nbsp;$1227288 | &nbsp;&nbsp;$1237169 | &nbsp;&nbsp;$1236898 | &nbsp;&nbsp;$1286552 | &nbsp;&nbsp;$46.38 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp; 14863 | &nbsp;&nbsp; 14397 | &nbsp;&nbsp; 14517 | &nbsp;&nbsp; 13491 | &nbsp;&nbsp;$0.49 |
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp; 23834 | &nbsp;&nbsp; 23834 | &nbsp;&nbsp; 23834 | &nbsp;&nbsp; 43227 | &nbsp;&nbsp;$1.56 |
| &nbsp;&nbsp;Other Operating Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 445982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 475562 | &nbsp;&nbsp; $17.14 |
| &nbsp;&nbsp;**Total Expenses** | &nbsp;&nbsp;**$1401142** | &nbsp;&nbsp;**$1459602** | &nbsp;&nbsp;**$1721231** | &nbsp;&nbsp;**$1818831** | &nbsp;&nbsp;**$65.56** |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$2919852** | &nbsp;&nbsp;**$2918446** | &nbsp;&nbsp;**$2811838** | &nbsp;&nbsp;**$2503852** | &nbsp;&nbsp;**$90.25** |
| &nbsp;&nbsp;Replacement Reserves | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;7330 | &nbsp;&nbsp;$0.26 |
| &nbsp;&nbsp;TI/LC | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 13871 | &nbsp;&nbsp; $0.50 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$2919852** | &nbsp;&nbsp;**$2918446** | &nbsp;&nbsp;**$2811838** | &nbsp;&nbsp;**$2482651** | &nbsp;&nbsp;**$89.49** |
| &nbsp;&nbsp;**Occupancy (%)<sup>(2)</sup>** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**96.0%** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**98.0%** |  |
| &nbsp;&nbsp;**NOI DSCR** | &nbsp;&nbsp;**1.41x** | &nbsp;&nbsp;**1.41x** | &nbsp;&nbsp;**1.36x** | &nbsp;&nbsp;**1.21x** |  |
| &nbsp;&nbsp;**NCF DSCR** | &nbsp;&nbsp;**1.41x** | &nbsp;&nbsp;**1.41x** | &nbsp;&nbsp;**1.36x** | &nbsp;&nbsp;**1.20x** |  |
| &nbsp;&nbsp;**NOI Debt Yield** | &nbsp;&nbsp;**8.1%** | &nbsp;&nbsp;**8.1%** | &nbsp;&nbsp;**7.8%** | &nbsp;&nbsp;**7.0%** |  |
| &nbsp;&nbsp;**NCF Debt Yield** | &nbsp;&nbsp;**8.1%** | &nbsp;&nbsp;**8.1%** | &nbsp;&nbsp;**7.8%** | &nbsp;&nbsp;**6.9%** |  |

---

(1) UW Base Rent is based on the underwritten rent roll dated April 2, 2026, and includes
$113,050 of straight-line rent for the investment grade tenant, JPMorgan Chase.

(2) Historical occupancies represent the physical occupancy as of December 31 in each
respective year. 2/28/2026 TTM Occupancy (%) is based on the underwritten rent roll dated April 2, 2026, excluding 240 SF of basement
storage space. UW Occupancy (%) represents underwritten economic occupancy.

***Escrows and Reserves.*** At origination of the Astor Place Retail Mortgage Loan, the borrower was not required to fund any initial reserves.

*Tax Escrows* – During a Cash Sweep Event (as defined below), the borrower is required to deposit monthly real estate tax reserves in an amount equal to 1/12th of the real estate taxes the lender estimates to be payable during the next ensuing twelve months. Notwithstanding the foregoing, the borrower is not required to make the monthly tax deposit for so long as one of the following conditions is satisfied: (x) the JPMorgan Chase lease is in full force and effect, or (y) at all other times, (i) no event of default has occurred and is continuing and (ii) no Cash Sweep Event by reason of a Critical Tenant Trigger Event (as defined below) has occurred and is continuing (each of (x) and (y), a "Reserve Waiver Condition" and together, the "Reserve Waiver Conditions"). If a Reserve Waiver Condition is not satisfied during a Cash Sweep Event, the borrower is required to immediately commence making monthly tax deposits and to continue making such deposits until such time as either of the Reserve Waiver Conditions is satisfied.

*Insurance Escrows* – During a Cash Sweep Event, the borrower is required to deposit monthly insurance premium reserves in an amount equal to 1/12th of the insurance premiums the lender estimates to be payable for the renewal of the coverages afforded by the policies upon the expiration thereof; *provided* that, such monthly deposits will be waived so long as the borrower maintains a blanket insurance policy acceptable to the lender. Notwithstanding the forgoing, the borrower is not required to make monthly insurance deposits for so long as one of the Reserve Waiver Conditions is satisfied.

*Replacement Reserve* – During a Cash Sweep Event, the borrower is required to deposit monthly replacement reserves in an amount equal to approximately $611. Notwithstanding the foregoing, ongoing monthly replacement reserves will not be required as long as one of the Reserve Waiver Conditions is satisfied. If a Reserve Waiver Condition is not satisfied during a Cash Sweep Event, the borrower is required to immediately commence making monthly capital expenditure deposits and to continue making such deposits until such time as either of the Reserve Waiver Conditions is satisfied.

***Lockbox and Cash Management.*** The Astor Place Retail Mortgage Loan is structured with a hard lockbox and springing cash management. The borrower is required (or is required to cause the property manager) to deliver letters to each tenant instructing them to deposit rents directly into the lockbox account. Additionally, the borrower is required to cause all rents received by the borrower or the property manager to be deposited into the lockbox account within two business days of receipt. During a Cash Sweep Event, all funds in the lockbox account are required to be swept each business day into the cash management account controlled by the lender and disbursed on each payment day in accordance with the Astor Place Retail Mortgage Loan documents. Pursuant to the Astor Place Retail Mortgage Loan documents, all excess funds on deposit in the cash management account are required to be applied as follows: (a) if a Cash Sweep Event is in effect (other than due to the existence of a Critical Tenant Trigger Event), to the excess cash flow account, to be held as additional collateral for the Astor Place Retail Mortgage Loan; *provided* however, if no event of default then exists, such funds will be made available to the borrower to pay taxes, insurance premiums, capital expenditures, operating expenses and other costs (as more particularly described in the Astor Place Retail Mortgage Loan documents) and (b) if a Cash Sweep Event is in effect due to the existence of a Critical Tenant Trigger Event, to the Critical Tenant (as defined below) TI/LC account. Upon the termination of a Cash Sweep Event period, all funds on deposit in the excess cash flow account will be released to the borrower.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored | &nbsp;&nbsp;Loan #5 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$36000000 |
| &nbsp;&nbsp;26 Astor Place | &nbsp;&nbsp;**Astor Place Retail** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;74.8% |
| &nbsp;&nbsp;New York, NY 10003 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.20x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;7.0% |

---

A "Cash Sweep Event" will commence upon and continue during any of the following: (i) the occurrence of an event of default, (ii) the bankruptcy action of the borrower or the guarantor, (iii) a Cash Sweep DSCR Trigger Event (as defined below) or (iv) a Critical Tenant Trigger Event. A Cash Sweep Event will end (a) with respect to clause (i) above, when a cure of the event of default has been accepted or the event of default has been waived by the lender, (b) with respect to clause (ii) above, when such bankruptcy action petition with respect to the borrower or the guarantor has been discharged, stayed or dismissed, or with respect to the guarantor, the approved additional guarantor conditions are satisfied, (c) with respect to clause (iii) above, the date the debt service coverage ratio based upon the trailing 12-month period immediately preceding the date of such determination is greater than 1.10x for two consecutive quarters or (d) with respect to clause (iv) above, the date the applicable Critical Tenant Trigger Event Cure (as defined below) has occurred.

A "Cash Sweep DSCR Trigger Event" will occur on any day the debt service coverage ratio, based on the trailing 12-month period immediately preceding the date of determination, is less than 1.10x; *provided* that, from and after the occurrence of a Critical Tenant Lease (as defined below) extension or a Critical Tenant Space Re-Tenanting Event (as defined below), the calculation of the debt service coverage ratio will be based on the annualized in-place rents at the Astor Place Retail Property.

A "Critical Tenant Trigger Event" will occur upon (i) JPMorgan Chase or any other tenant (a) occupying no less than 30% of the space currently occupied by JPMorgan Chase (excluding subleases) or (b) whose lease provides for rental income representing 30% or more of the total base minimum rent for the Astor Place Retail Property (such tenant, the "Critical Tenant" and each such lease, the "Critical Tenant Lease") gives written notice of its intention to not extend or renew its lease or to terminate the Critical Tenant Lease pursuant to a right contained in the Critical Tenant Lease or the Critical Tenant Lease is otherwise terminated, (ii) on or prior to the date that is twelve months prior to the related lease expiration date for such Critical Tenant Lease, if the Critical Tenant has failed to give irrevocable notice of its intention to renew the Critical Tenant Lease (or, if after delivering such notice, the Critical Tenant rescinds same in accordance with the Critical Tenant Lease), (iii) on or prior to the date on which the Critical Tenant is required under its lease to notify the borrower of its election to renew its lease, if the Critical Tenant fails to give such notice, (iv) (a) a monetary event of default in the payment of base rent under a Critical Tenant Lease, (b) any other monetary event of default that exceeds $25,000 or (c) a material non-monetary event of default, in each case, beyond any applicable notice and cure periods under the Critical Tenant Lease, (v) any bankruptcy action of the Critical Tenant or a guarantor of any Critical Tenant Lease or (vi) the related Critical Tenant discontinues its normal business operations at its leased premises (other than a temporary cessation of business operations due to force majeure, or in connection with repairs or renovations, or a suspension of business due to a casualty (so long as the Critical Tenant is actively pursuing the restoration of the Critical Tenant space improvements); *provided,* a Critical Tenant Trigger Event under clause (vi) will not occur if such Critical Tenant (or its parent company) is rated at least "BBB-" or the equivalent by a credit reporting agency.

A "Critical Tenant Trigger Event Cure" will occur upon (a) with respect to clause (i), (ii) or (iii) above, the date that (1) a Critical Tenant Lease extension is executed and delivered to the lender covering all or substantially all of the Critical Tenant space, and the related tenant improvement costs, leasing commissions and other material costs and expenses have been satisfied or an amount sufficient to cover any such costs and expenses, as reasonably determined by the lender, has been deposited into the Critical Tenant TI/LC account, or (2) a Critical Tenant Space Re-Tenanting Event has occurred, (b) with respect to clause (iv) above, after a cure of the applicable event of default or, in the case of a default by borrower, as landlord, an irrevocable written waiver by the Critical Tenant of such default, (c) with respect to clause (v) above, an affirmation that the Critical Tenant is actually paying all rents and other amounts required to be paid under the related Critical Tenant Lease in the applicable bankruptcy proceeding, (d) with respect to clause (vi) above, either (x) the related Critical Tenant re-commences its normal business operations at its leased premises or (y) a Critical Tenant Space Re-Tenanting Event has occurred.

A "Critical Tenant Space Re-Tenanting Event" will occur on the date each of the following conditions have been satisfied: (i) the related Critical Tenant space is leased to one or more replacement tenants for a term of at least five years and on terms and conditions that are acceptable to the lender, (ii) all tenant improvement costs, leasing commissions and other material costs and expenses relating to the reletting of the related Critical Tenant space have been paid in full to the extent required to be paid in accordance with the applicable Critical Tenant Lease prior to the applicable Critical Tenant's occupancy of the applicable portion of the Critical Tenant space and (iii) the replacement tenant(s) are conducting normal business operations at the related Critical Tenant space.

***Ground Lease.*** The Astor Place Retail Property is leased to the borrower from Cooper Union pursuant to a 99-year ground lease with a term expiring on December 31, 2102 and includes one 99-year extension option, resulting in an extended maturity date of December 31, 2201. Ground rent is $1.00 per *annum*, payable on or before January 5<sup>th</sup> of each year. The borrower prepaid $1.65 million as base rent under the ground lease at commencement of the ground lease in 2003.

***Terrorism Insurance*.** The Astor Place Retail Mortgage Loan documents require that the "all risk" insurance policy required to be maintained by the borrower provides coverage for terrorism in an amount equal to the full replacement cost of the Astor Place Retail Property, as well as business interruption insurance covering no less than the 12-month period following the occurrence of a casualty event, together with a 12-month extended period of indemnity. See "*Risk Factors—Risks Relating to the Mortgage Loans—Terrorism Insurance May Not Be Available for All Mortgaged Properties*" in the prospectus.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Garden | &nbsp;&nbsp;Loan #6 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$33000000 |
| &nbsp;&nbsp;25650 Interstate 45 | &nbsp;&nbsp;**Rayford's Edge Apartments** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;65.4% |
| &nbsp;&nbsp;Spring, TX 77386 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.20x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.5% |

---

![](n5926ts_img021.jpg)

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Garden | &nbsp;&nbsp;Loan #6 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$33000000 |
| &nbsp;&nbsp;25650 Interstate 45 | &nbsp;&nbsp;**Rayford's Edge Apartments** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;65.4% |
| &nbsp;&nbsp;Spring, TX 77386 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.20x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.5% |

---

![](n5926ts_img022.jpg)

---

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

---

**Mortgage Loan No. 6 – Rayford's Edge Apartments**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Mortgage Loan Seller:** | &nbsp;&nbsp;AREF2 | &nbsp;&nbsp;AREF2 | &nbsp;&nbsp;AREF2 | &nbsp;&nbsp;AREF2 | &nbsp;&nbsp;**Single Asset/Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Credit Assessment (Fitch/Moody's/MDBRS):** | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;Spring, TX 77386 |
| &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;$33000000 | &nbsp;&nbsp;$33000000 | &nbsp;&nbsp;$33000000 | &nbsp;&nbsp;$33000000 | &nbsp;&nbsp;**General Property Type:** | &nbsp;&nbsp;Multifamily |
| &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$33000000 | &nbsp;&nbsp;$33000000 | &nbsp;&nbsp;$33000000 | &nbsp;&nbsp;$33000000 | &nbsp;&nbsp;**Detailed Property Type:** | &nbsp;&nbsp;Garden |
| &nbsp;&nbsp;**% of Initial Pool Balance:** | &nbsp;&nbsp;6.0% | &nbsp;&nbsp;6.0% | &nbsp;&nbsp;6.0% | &nbsp;&nbsp;6.0% | &nbsp;&nbsp;**Title Vesting:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;**Year Built/Renovated:** | &nbsp;&nbsp;1981/2023 |
| &nbsp;&nbsp;**Borrower Sponsors:** | &nbsp;&nbsp;Feras Moussa, Brian Murray, Benjamin Suttles and Brandon Turner | &nbsp;&nbsp;Feras Moussa, Brian Murray, Benjamin Suttles and Brandon Turner | &nbsp;&nbsp;Feras Moussa, Brian Murray, Benjamin Suttles and Brandon Turner | &nbsp;&nbsp;Feras Moussa, Brian Murray, Benjamin Suttles and Brandon Turner | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;376 Units |
| &nbsp;&nbsp;**Guarantors:** | &nbsp;&nbsp;Feras Moussa, Brian Murray, Benjamin Suttles and Brandon Turner | &nbsp;&nbsp;Feras Moussa, Brian Murray, Benjamin Suttles and Brandon Turner | &nbsp;&nbsp;Feras Moussa, Brian Murray, Benjamin Suttles and Brandon Turner | &nbsp;&nbsp;Feras Moussa, Brian Murray, Benjamin Suttles and Brandon Turner | &nbsp;&nbsp;**Cut-off Date Balance per Unit:** | &nbsp;&nbsp;$87766 |
| &nbsp;&nbsp;**Mortgage Rate:** | &nbsp;&nbsp;6.8070% | &nbsp;&nbsp;6.8070% | &nbsp;&nbsp;6.8070% | &nbsp;&nbsp;6.8070% | &nbsp;&nbsp;**Maturity Date Balance per Unit:** | &nbsp;&nbsp;$87766 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;**Property Manager:** | &nbsp;&nbsp;Emerge Living LLC (borrower-related) |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;4/6/2031 | &nbsp;&nbsp;4/6/2031 | &nbsp;&nbsp;4/6/2031 | &nbsp;&nbsp;4/6/2031 | **Underwriting and Financial Information** | **Underwriting and Financial Information** |
| &nbsp;&nbsp;**Term to Maturity:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;60 months | &nbsp;&nbsp;60 months | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**UW NOI:** | &nbsp;&nbsp;$2819334 |
| &nbsp;&nbsp;**Amortization Term:** | &nbsp;&nbsp;0 months | &nbsp;&nbsp;0 months | &nbsp;&nbsp;0 months | &nbsp;&nbsp;0 months | &nbsp;&nbsp;**UW NCF:** | &nbsp;&nbsp;$2725334 |
| &nbsp;&nbsp;**IO Period:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;60 months | &nbsp;&nbsp;60 months | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.5% |
| &nbsp;&nbsp;**Seasoning:** | &nbsp;&nbsp;2 months | &nbsp;&nbsp;2 months | &nbsp;&nbsp;2 months | &nbsp;&nbsp;2 months | &nbsp;&nbsp;**UW NCF Debt Yield:** | &nbsp;&nbsp;8.3% |
| &nbsp;&nbsp;**Prepayment Provisions:** | &nbsp;&nbsp;L(26),D(30),O(4) | &nbsp;&nbsp;L(26),D(30),O(4) | &nbsp;&nbsp;L(26),D(30),O(4) | &nbsp;&nbsp;L(26),D(30),O(4) | &nbsp;&nbsp;**UW NOI Debt Yield at Maturity:** | &nbsp;&nbsp;8.5% |
| &nbsp;&nbsp;**Lockbox/Cash Mgmt Status:** | &nbsp;&nbsp;Soft/Springing | &nbsp;&nbsp;Soft/Springing | &nbsp;&nbsp;Soft/Springing | &nbsp;&nbsp;Soft/Springing | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.20x |
| &nbsp;&nbsp;**Additional Debt Type:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Most Recent NOI:** | &nbsp;&nbsp;$2,637,967 (1/31/2026 TTM) |
| &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**2nd Most Recent NOI:** | &nbsp;&nbsp;$2,415,351 (12/31/2024) |
| &nbsp;&nbsp;**Future Debt Permitted (Type):** | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;**3rd Most Recent NOI:** | &nbsp;&nbsp;$2,490,692 (12/31/2023) |
| &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Most Recent Occupancy:** | &nbsp;&nbsp;95.5% (2/27/2026) |
| &nbsp;&nbsp;**<u>Type</u>** | &nbsp;&nbsp;**<u>Type</u>** | &nbsp;&nbsp;**<u>Initial</u>** | &nbsp;&nbsp;**<u>Monthly</u>** | &nbsp;&nbsp;**<u>Cap</u>** | &nbsp;&nbsp;**2nd Most Recent Occupancy:** | &nbsp;&nbsp;90.6% (12/31/2024) |
| &nbsp;&nbsp;**RE Taxes:** | &nbsp;&nbsp;**RE Taxes:** | &nbsp;&nbsp;$266287 | &nbsp;&nbsp;$66572 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**3rd Most Recent Occupancy:** | &nbsp;&nbsp;92.6% (12/31/2023) |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$139395 | &nbsp;&nbsp;$23233 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value (as of):** | &nbsp;&nbsp;$50,450,000 (12/15/2025) |
| &nbsp;&nbsp;**Replacement Reserve:** | &nbsp;&nbsp;**Replacement Reserve:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$7888 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value per Unit:** | &nbsp;&nbsp;$134176 |
| &nbsp;&nbsp;**Deferred Maintenance:** | &nbsp;&nbsp;**Deferred Maintenance:** | &nbsp;&nbsp;$85000 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Cut-off Date LTV Ratio:** | &nbsp;&nbsp;65.4% |
| &nbsp;&nbsp;**HVAC and Concrete Repairs Reserve:** | &nbsp;&nbsp;**HVAC and Concrete Repairs Reserve:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$6667 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date LTV Ratio:** | &nbsp;&nbsp;65.4% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Sources and Uses** | **Sources and Uses** | **Sources and Uses** | **Sources and Uses** | **Sources and Uses** | **Sources and Uses** |
| &nbsp;&nbsp;**Sources** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** | &nbsp;&nbsp;**Uses** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** |
| &nbsp;&nbsp;Mortgage Loan Amount: | &nbsp;&nbsp;$33000000 | &nbsp;&nbsp;89.0% | &nbsp;&nbsp;Loan Payoff<sup>(2)</sup>: | &nbsp;&nbsp;$35058876 | &nbsp;&nbsp;94.6% |
| &nbsp;&nbsp;Sponsor Equity: | &nbsp;&nbsp;$4061103 | &nbsp;&nbsp;11.0% | &nbsp;&nbsp;Closing Costs: | &nbsp;&nbsp;$1511545 | &nbsp;&nbsp;4.1% |
|  |  |  | &nbsp;&nbsp;Upfront Reserves: | &nbsp;&nbsp;$490682 | &nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;**Total Sources:** | &nbsp;&nbsp;**$37061103** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses:** | &nbsp;&nbsp;**$37061103** | &nbsp;&nbsp;**100.0%** |

---

(1) See "*Escrows and Reserves*" below for further discussion of reserve requirements.

(2) Loan Payoff is net of approximately $2.2 million of reserves.

***The Mortgage Loan.*** The sixth largest mortgage loan (the "Rayford's Edge Apartments Mortgage Loan") is evidenced by a promissory note in the original principal balance of $33,000,000 and secured by the borrowers' fee simple interest in a 376-unit multifamily property located in Spring, Texas (the "Rayford's Edge Apartments Property").

***The Borrowers and the Borrower Sponsors.*** The borrowers are Rayfords Edge Apartments LSP, LLC and R&M Rayfords Holdings, LLC, each a Delaware limited liability company and single purpose entity with one independent director, as tenants-in-common. The borrower sponsors and non-recourse carveout guarantors are Feras Moussa, Brian Murray, Benjamin Suttles and Brandon Turner. Feras Moussa and Benjamin Suttles are co-founders of Disrupt Equity LLC, a Houston-based real estate syndication company focused on multifamily properties primarily in Georgia, Florida, and Texas. Disrupt Equity LLC has acquired over 5,000 units since inception and has over $800 million in assets under management. Brian Murray and Brandon Turner are co-founders of Open Door Capital, LLC, a real estate investment company with over $350 million in assets under management.

***The Property.*** The Rayford's Edge Apartments Property is a 376-unit garden-style multifamily property located on a 14.81-acre site in Spring, Texas. The Rayford's Edge Apartments Property was constructed in 1981, most recently renovated in 2023, and consists of 21 two-story apartment buildings. The borrower sponsors acquired the Rayford's Edge Apartments Property in October 2022 and subsequently commenced significant renovations at a total cost of approximately $3.3 million (approximately $8,777 per unit) to fully renovate 263 units and make exterior upgrades. Renovations included new flooring, bathroom and countertop resurfacing, HVAC upgrades, new appliances, balcony upgrades, landscaping, and new paint. The Rayford's Edge Apartments Property offers community amenities such as a clubhouse, two swimming pools, a fitness center, a business center, a dog park, a barbeque and picnic area, and reserved carports. Unit amenities include stainless steel appliances, vinyl wood flooring, quartz countertops, updated cabinets, and washer/dryers. The unit mix includes 232 one-bedroom floorplans and 144 two-bedroom floorplans with a weighted average unit size of approximately 789 square feet. The Rayford's Edge Apartments Property features 563 surface parking spaces, resulting in a parking ratio of 1.5 spaces per unit.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Garden | &nbsp;&nbsp;Loan #6 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$33000000 |
| &nbsp;&nbsp;25650 Interstate 45 | &nbsp;&nbsp;**Rayford's Edge Apartments** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;65.4% |
| &nbsp;&nbsp;Spring, TX 77386 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.20x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.5% |

---

As of February 27, 2026, the Rayford's Edge Apartments Property was 95.5% occupied. From November 2022 through November 2025, occupancy at the Rayford's Edge Apartments Property averaged 92.4%.

The Rayford's Edge Apartments Property unit mix is summarized in the table below:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** |
| &nbsp;&nbsp;**Unit Mix / Type** | &nbsp;&nbsp;**Units** | &nbsp;&nbsp;**Occupied Units** | &nbsp;&nbsp;**% Occupied** | &nbsp;&nbsp;**Average SF per Unit** | &nbsp;&nbsp;**Total SF** | &nbsp;&nbsp;**Monthly Average Rent per Unit<sup>(2)</sup>** | &nbsp;&nbsp;**Monthly Average Market Rent per Unit** |
| &nbsp;&nbsp;One Bedroom - Classic | &nbsp;&nbsp;73 | &nbsp;&nbsp;71 | &nbsp;&nbsp;97.3% | &nbsp;&nbsp;644 | &nbsp;&nbsp;47041 | &nbsp;&nbsp;$915 | &nbsp;&nbsp;$1017 |
| &nbsp;&nbsp;One Bedroom - Renovated | &nbsp;&nbsp;159 | &nbsp;&nbsp;154 | &nbsp;&nbsp;96.9% | &nbsp;&nbsp;642 | &nbsp;&nbsp;102071 | &nbsp;&nbsp;$974 | &nbsp;&nbsp;$1124 |
| &nbsp;&nbsp;Two Bedroom - Classic | &nbsp;&nbsp;40 | &nbsp;&nbsp;37 | &nbsp;&nbsp;92.5% | &nbsp;&nbsp;1024 | &nbsp;&nbsp;40940 | &nbsp;&nbsp;$1222 | &nbsp;&nbsp;$1336 |
| &nbsp;&nbsp;Two Bedroom - Renovated | &nbsp;&nbsp;104 | &nbsp;&nbsp;97 | &nbsp;&nbsp;93.3% | &nbsp;&nbsp;1026 | &nbsp;&nbsp;106708 | &nbsp;&nbsp;$1298 | &nbsp;&nbsp;$1423 |
| &nbsp;&nbsp;**Total/Wtd. Avg.** | &nbsp;&nbsp;**376** | &nbsp;&nbsp;**359** | &nbsp;&nbsp;**95.5%** | &nbsp;&nbsp;**789** | &nbsp;&nbsp;**296760** | &nbsp;&nbsp;**$1075** | &nbsp;&nbsp;**$1209** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Based on the underwritten rent roll dated February 27, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Monthly Average Rent per Unit is based on occupied units only.

***The Market.*** The Rayford's Edge Apartments Property is located in Spring, Texas, approximately 27 miles north of downtown Houston. Primary access is provided by Interstate 45, which offers direct access to downtown Houston to the south and The Woodlands and Conroe to the north. ExxonMobil's Houston campus is approximately three miles south of the Rayford's Edge Apartments Property, is home to ExxonMobil's Upstream, Downstream, and Chemicals companies and is designed to accommodate 10,000 employees. Three miles northwest of the Rayford's Edge Apartments Property, The Woodlands is home to over 21 million square feet of office, research, institutional, and industrial space with over 63,000 employees. Nearby retail options in the immediate vicinity include Woodpark Shopping Center (0.3 miles), Picasso Village Shopping Center (0.5 miles), and The Woodlands Mall (3.0 miles). The Rayford's Edge Apartments Property is located in the Conroe Independent school district, which has an A overall grade according to Niche.

According to the appraisal, the 2025 estimated population within a one-, three- and five-mile radius of the Rayford's Edge Apartments Property was 12,764, 70,266 and 197,316, respectively. The 2025 estimated median household income within the same radii was approximately $72,376, $94,459 and $108,746, respectively.

According to the appraisal, the Rayford's Edge Apartments Property is located in the Southeast Montgomery County multifamily submarket within the Houston multifamily market. As of the third quarter of 2025, the Southeast Montgomery County multifamily submarket reported a total inventory of 5,286 units, an occupancy rate of approximately 83.2% and an average rental rate of $1,468 per unit. As of the third quarter of 2025, the Houston multifamily market reported a total inventory of 736,523 units, an occupancy of approximately 88.2%, and an average rental rate of $1,374 per unit. The appraisal concluded monthly market rents of $980 to $1,180 for one-bedroom units and $1,299 to $1,505 for two-bedroom units at the Rayford's Edge Apartments Property.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Garden | &nbsp;&nbsp;Loan #6 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$33000000 |
| &nbsp;&nbsp;25650 Interstate 45 | &nbsp;&nbsp;**Rayford's Edge Apartments** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;65.4% |
| &nbsp;&nbsp;Spring, TX 77386 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.20x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.5% |

---

The following table presents recent multifamily leasing data at comparable properties with respect to the Rayford's Edge Apartments Property:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Competitive Rental Properties Summary<sup>(1)</sup>** | **Competitive Rental Properties Summary<sup>(1)</sup>** | **Competitive Rental Properties Summary<sup>(1)</sup>** | **Competitive Rental Properties Summary<sup>(1)</sup>** | **Competitive Rental Properties Summary<sup>(1)</sup>** | **Competitive Rental Properties Summary<sup>(1)</sup>** |
| **Property Name/Location** | **Year Built/Renovated** | **# Units** | **Occupancy** | **Unit Mix** | **In-Place Monthly Rent <br> per Unit** |
| **Property Name/Location** | **Year Built/Renovated** | **# Units** | **Occupancy** | **Unit Mix** | **In-Place Monthly Rent <br> per Unit** |
| &nbsp;&nbsp; **Rayford's Edge Apartments**<br> **Spring, TX** | &nbsp;&nbsp;**1981 / 2023** | &nbsp;&nbsp;**376<sup>(2)</sup>** | &nbsp;&nbsp;**95.5%<sup>(2)</sup>** | &nbsp;&nbsp;**1BR** | &nbsp;&nbsp;**$955<sup>(2)(3)</sup>** |
| &nbsp;&nbsp; **Rayford's Edge Apartments**<br> **Spring, TX** | &nbsp;&nbsp;**1981 / 2023** | &nbsp;&nbsp;**376<sup>(2)</sup>** | &nbsp;&nbsp;**95.5%<sup>(2)</sup>** | &nbsp;&nbsp;**2BR** | &nbsp;&nbsp;**$1277<sup>(2)(3)</sup>** |
| &nbsp;&nbsp; Alexander Apartments<br> Spring, TX | &nbsp;&nbsp;1999 / 2018 | &nbsp;&nbsp;216 | &nbsp;&nbsp;90.00% | &nbsp;&nbsp;1BR | &nbsp;&nbsp;$1080 |
| &nbsp;&nbsp; Alexander Apartments<br> Spring, TX | &nbsp;&nbsp;1999 / 2018 | &nbsp;&nbsp;216 | &nbsp;&nbsp;90.00% | &nbsp;&nbsp;2BR | &nbsp;&nbsp;$1245 - $1355 |
| &nbsp;&nbsp; The Biltmore<br> The Woodlands, TX | &nbsp;&nbsp;1983 / 2018 | &nbsp;&nbsp;360 | &nbsp;&nbsp;92.00% | &nbsp;&nbsp;1BR | &nbsp;&nbsp;$1040 - $1415 |
| &nbsp;&nbsp; The Biltmore<br> The Woodlands, TX | &nbsp;&nbsp;1983 / 2018 | &nbsp;&nbsp;360 | &nbsp;&nbsp;92.00% | &nbsp;&nbsp;2BR | &nbsp;&nbsp;$1255 - $1545 |
| &nbsp;&nbsp; Woodwind Village<br> Spring, TX | &nbsp;&nbsp;1983 / 2025 | &nbsp;&nbsp;200 | &nbsp;&nbsp;94.00% | &nbsp;&nbsp;1BR | &nbsp;&nbsp;$1064 |
| &nbsp;&nbsp; Woodwind Village<br> Spring, TX | &nbsp;&nbsp;1983 / 2025 | &nbsp;&nbsp;200 | &nbsp;&nbsp;94.00% | &nbsp;&nbsp;2BR | &nbsp;&nbsp;$1197 - $1422 |
| &nbsp;&nbsp; Trail Point<br> The Woodlands, TX | &nbsp;&nbsp;1981 / 2019 | &nbsp;&nbsp;270 | &nbsp;&nbsp;89.00% | &nbsp;&nbsp;1BR | &nbsp;&nbsp;$1080 |
| &nbsp;&nbsp; Trail Point<br> The Woodlands, TX | &nbsp;&nbsp;1981 / 2019 | &nbsp;&nbsp;270 | &nbsp;&nbsp;89.00% | &nbsp;&nbsp;2BR | &nbsp;&nbsp;$1225 - $1490 |
| &nbsp;&nbsp; Imperial Chase<br> Spring, TX | &nbsp;&nbsp;1979 / 2024 | &nbsp;&nbsp;348 | &nbsp;&nbsp;70.00% | &nbsp;&nbsp;1BR | &nbsp;&nbsp;$980 - $1180 |
| &nbsp;&nbsp; Imperial Chase<br> Spring, TX | &nbsp;&nbsp;1979 / 2024 | &nbsp;&nbsp;348 | &nbsp;&nbsp;70.00% | &nbsp;&nbsp;2BR | &nbsp;&nbsp;$1120 - $1635 |

---

(1) Source *: Appraisal,* unless otherwise indicated.

(2) Information is based on the underwritten rent roll dated February 27, 2026.

(3) In-Place Monthly Rent per Unit is based on occupied units.

***Appraisal.*** The appraisal concluded to an "As-Is" value for the Rayford's Edge Apartments Property of $50,450,000 as of December 15, 2025.

***Environmental Matters.*** According to the Phase I environmental site assessment dated December 30, 2025, there was no evidence of any recognized environmental conditions at the Rayford's Edge Apartments Property.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Garden | &nbsp;&nbsp;Loan #6 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$33000000 |
| &nbsp;&nbsp;25650 Interstate 45 | &nbsp;&nbsp;**Rayford's Edge Apartments** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;65.4% |
| &nbsp;&nbsp;Spring, TX 77386 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.20x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.5% |

---

***Operating History and Underwritten Net Cash Flow.*** The following table presents certain information relating to the historical operating performance and underwritten net cash flow at the Rayford's Edge Apartments Property:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Cash Flow Analysis** | **Cash Flow Analysis** | **Cash Flow Analysis** | **Cash Flow Analysis** | **Cash Flow Analysis** | **Cash Flow Analysis** |
|  | **2023** | **2024** | **1/31/2026 TTM** | **UW** | **UW Per Unit** |
| &nbsp;&nbsp;Gross Potential Rent | &nbsp;&nbsp;$5016255 | &nbsp;&nbsp;$5233232 | &nbsp;&nbsp;$4962210 | &nbsp;&nbsp;$4891739 | &nbsp;&nbsp;$13010 |
| &nbsp;&nbsp;Other Income<sup>(1)</sup> | &nbsp;&nbsp;$744421 | &nbsp;&nbsp;$886225 | &nbsp;&nbsp;$1159391 | &nbsp;&nbsp;$1209228 | &nbsp;&nbsp;$3216 |
| &nbsp;&nbsp;Vacancy, Credit Loss & Concessions | &nbsp;&nbsp; ($588385) | &nbsp;&nbsp; ($698741) | &nbsp;&nbsp; ($470181) | &nbsp;&nbsp; ($382719) | &nbsp;&nbsp; ($1018) |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$5172291** | &nbsp;&nbsp;**$5420716** | &nbsp;&nbsp;**$5651420** | &nbsp;&nbsp;**$5718249** | &nbsp;&nbsp;**$15208** |
| &nbsp;&nbsp;Taxes | &nbsp;&nbsp;$868546 | &nbsp;&nbsp;$840021 | &nbsp;&nbsp;$795329 | &nbsp;&nbsp;$800325 | &nbsp;&nbsp;$2129 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;$263421 | &nbsp;&nbsp;$460415 | &nbsp;&nbsp;$364752 | &nbsp;&nbsp;$278790 | &nbsp;&nbsp;$741 |
| &nbsp;&nbsp;Other Operating Expenses | &nbsp;&nbsp; $1549632 | &nbsp;&nbsp; $1704930 | &nbsp;&nbsp; $1853372 | &nbsp;&nbsp; $1819799 | &nbsp;&nbsp; $4840 |
| &nbsp;&nbsp;**Total Operating Expenses** | &nbsp;&nbsp;**$2681599** | &nbsp;&nbsp;**$3005365** | &nbsp;&nbsp;**$3013453** | &nbsp;&nbsp;**$2898915** | &nbsp;&nbsp;**$7710** |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$2490692** | &nbsp;&nbsp;**$2415351** | &nbsp;&nbsp;**$2637967** | &nbsp;&nbsp;**$2819334** | &nbsp;&nbsp;**$7498** |
| &nbsp;&nbsp;Capital Expenditures | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $94000 | &nbsp;&nbsp; $250 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$2490692** | &nbsp;&nbsp;**$2415351** | &nbsp;&nbsp;**$2637967** | &nbsp;&nbsp;**$2725334** | &nbsp;&nbsp;**$7248** |
| &nbsp;&nbsp;**Occupancy %<sup>(2)</sup>** | &nbsp;&nbsp;**92.6%** | &nbsp;&nbsp;**90.6%** | &nbsp;&nbsp;**95.5%** | &nbsp;&nbsp;**92.2%** |  |
| &nbsp;&nbsp;**NOI DSCR** | &nbsp;&nbsp;**1.09x** | &nbsp;&nbsp;**1.06x** | &nbsp;&nbsp;**1.16x** | &nbsp;&nbsp;**1.24x** |  |
| &nbsp;&nbsp;**NCF DSCR** | &nbsp;&nbsp;**1.09x** | &nbsp;&nbsp;**1.06x** | &nbsp;&nbsp;**1.16x** | &nbsp;&nbsp;**1.20x** |  |
| &nbsp;&nbsp;**NOI Debt Yield** | &nbsp;&nbsp;**7.5%** | &nbsp;&nbsp;**7.3%** | &nbsp;&nbsp;**8.0%** | &nbsp;&nbsp;**8.5%** |  |
| &nbsp;&nbsp;**NCF Debt Yield** | &nbsp;&nbsp;**7.5%** | &nbsp;&nbsp;**7.3%** | &nbsp;&nbsp;**8.0%** | &nbsp;&nbsp;**8.3%** |  |

---

(1) Other Income is comprised of parking income and other miscellaneous fees.

(2) Historical Occupancy % represents the average occupancy during each respective year.
1/31/2026 TTM Occupancy % represents the occupancy as of the underwritten rent roll dated February 27, 2026. UW Occupancy % represents
underwritten economic occupancy.

***Escrows and Reserves.***

*Real Estate Taxes* – The Rayford's Edge Apartments Mortgage Loan documents require an upfront reserve of approximately $266,287 and an ongoing monthly deposit in an amount equal to 1/12th of the estimated annual property taxes, initially estimated at approximately $66,572.

*Insurance* – The Rayford's Edge Apartments Mortgage Loan documents require an upfront reserve of approximately $139,395 and an ongoing monthly deposit in an amount equal to 1/12th of the estimated annual insurance premium, initially estimated at approximately $23,233.

*Replacement Reserve* – The Rayford's Edge Apartments Mortgage Loan documents require an ongoing monthly deposit in an amount equal to approximately $7,888 for replacement reserves.

*Deferred Maintenance* – The Rayford's Edge Apartments Mortgage Loan documents require an upfront reserve of $85,000 for deferred maintenance.

*HVAC and Concrete* – The Rayford's Edge Apartments Mortgage Loan documents require an ongoing monthly deposit in an amount equal to approximately $6,667 for approved capital expenses related to (i) any repairs and/or replacements to the heating, ventilation, and cooling systems at the Rayford's Edge Apartments Property, and/or (ii) any repairs or replacements of any concrete or masonry work at the Rayford's Edge Apartments Property.

***Lockbox and Cash Management*.** The Rayford's Edge Apartments Mortgage Loan is structured with a soft lockbox and springing cash management. The Rayford's Edge Apartments Mortgage Loan documents require the borrowers to deposit, or cause the property manager to deposit, all rents into the lockbox account within one business day of receipt. Prior to the occurrence of a Cash Management Period (as defined below), all funds in the lockbox account are required to be swept daily to an account designated by the borrowers. Upon the occurrence and during the continuance of a Cash Management Period, all funds in the lockbox account are required to be swept daily into a cash management account controlled by the lender and applied in accordance with the Rayford's Edge Apartments Mortgage Loan documents.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Garden | &nbsp;&nbsp;Loan #6 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$33000000 |
| &nbsp;&nbsp;25650 Interstate 45 | &nbsp;&nbsp;**Rayford's Edge Apartments** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;65.4% |
| &nbsp;&nbsp;Spring, TX 77386 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.20x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.5% |

---

A "Cash Management Period" will commence upon the earliest of the following:

&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 stated maturity date;

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

&nbsp;&nbsp;&nbsp;&nbsp;(iii) on
 the last day of any calendar quarter, the debt service coverage ratio (based on the trailing
 12-month period as calculated by the lender) falling below 1.15x.

A Cash Management Period will end upon the occurrence of the following:

● with regard to clause (i), the Rayford's Edge Apartments Mortgage Loan and all other obligations under the Rayford's Edge Apartments Mortgage Loan documents have been repaid in full;

● with regard to clause (ii), the cure of such event of default, so long as no other event of default is occurring; or

● with regard to clause (iii), the debt service coverage ratio (based on the trailing 12-month period as calculated by the lender) is at least 1.15x for two consecutive quarters.

***Terrorism Insurance.*** The Rayford's Edge Apartments Mortgage Loan documents require that the "all risk" insurance policy required to be maintained by the borrowers provides coverage for terrorism in an amount equal to the full replacement cost of the Rayford's Edge Apartments Property, as well as business interruption insurance covering no less than the 18-month period following the occurrence of a casualty event, together with a six-month extended period of indemnity. See "*Risk Factors—Risks Relating to the Mortgage Loans—Terrorism Insurance May Not Be Available for All Mortgaged Properties*" in the prospectus.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored | &nbsp;&nbsp;Loan #7 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$28250000 |
| &nbsp;&nbsp;35 South Willowdale Drive | &nbsp;&nbsp;**The Shops at Rockvale** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;65.9% |
| &nbsp;&nbsp;Lancaster, PA 17602 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.57x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;11.9% |

---

![](n5926ts_img023.jpg)

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored | &nbsp;&nbsp;Loan #7 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$28250000 |
| &nbsp;&nbsp;35 South Willowdale Drive | &nbsp;&nbsp;**The Shops at Rockvale** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;65.9% |
| &nbsp;&nbsp;Lancaster, PA 17602 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.57x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;11.9% |

---

![](n5926ts_img024.jpg)

---

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

---

**Mortgage Loan No. 7 – The Shops at Rockvale**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Mortgage Loan Seller:** | &nbsp;&nbsp;**Mortgage Loan Seller:** | &nbsp;&nbsp;AREF2 | &nbsp;&nbsp;AREF2 | &nbsp;&nbsp;**Single Asset/Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Credit Assessment (Fitch/Moody's/MDBRS):** | &nbsp;&nbsp;**Credit Assessment (Fitch/Moody's/MDBRS):** | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;Lancaster, PA 17602 |
| &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;$28250000 | &nbsp;&nbsp;$28250000 | &nbsp;&nbsp;**General Property Type:** | &nbsp;&nbsp;Retail |
| &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$28250000 | &nbsp;&nbsp;$28250000 | &nbsp;&nbsp;**Detailed Property Type:** | &nbsp;&nbsp;Anchored |
| &nbsp;&nbsp;**% of Initial Pool Balance:** | &nbsp;&nbsp;**% of Initial Pool Balance:** | &nbsp;&nbsp;5.2% | &nbsp;&nbsp;5.2% | &nbsp;&nbsp;**Title Vesting:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;**Year Built/Renovated:** | &nbsp;&nbsp;1986-1994/2023 |
| &nbsp;&nbsp;**Borrower Sponsor:** | &nbsp;&nbsp;**Borrower Sponsor:** | &nbsp;&nbsp;Jeffrey Fernbach | &nbsp;&nbsp;Jeffrey Fernbach | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;292,452 SF |
| &nbsp;&nbsp;**Guarantor:** | &nbsp;&nbsp;**Guarantor:** | &nbsp;&nbsp;Jeffrey Fernbach | &nbsp;&nbsp;Jeffrey Fernbach | &nbsp;&nbsp;**Cut-off Date Balance PSF:** | &nbsp;&nbsp;$97 |
| &nbsp;&nbsp;**Mortgage Rate:** | &nbsp;&nbsp;**Mortgage Rate:** | &nbsp;&nbsp;7.0070% | &nbsp;&nbsp;7.0070% | &nbsp;&nbsp;**Maturity Date Balance PSF:** | &nbsp;&nbsp;$97 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;4/29/2026 | &nbsp;&nbsp;4/29/2026 | &nbsp;&nbsp;**Property Manager:** | &nbsp;&nbsp;OP Management Limited Liability Company |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;5/6/2031 | &nbsp;&nbsp;5/6/2031 |  | &nbsp;&nbsp;(borrower-related) |
| &nbsp;&nbsp;**Term to Maturity:** | &nbsp;&nbsp;**Term to Maturity:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**Underwriting and Financial Information** | &nbsp;&nbsp;**Underwriting and Financial Information** |
| &nbsp;&nbsp;**Amortization Term:** | &nbsp;&nbsp;**Amortization Term:** | &nbsp;&nbsp;0 months | &nbsp;&nbsp;0 months | &nbsp;&nbsp;**UW NOI<sup>(2)</sup>:** | &nbsp;&nbsp;$3372148 |
| &nbsp;&nbsp;**IO Period:** | &nbsp;&nbsp;**IO Period:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**UW NCF:** | &nbsp;&nbsp;$3152809 |
| &nbsp;&nbsp;**Seasoning:** | &nbsp;&nbsp;**Seasoning:** | &nbsp;&nbsp;1 month | &nbsp;&nbsp;1 month | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;11.9% |
| &nbsp;&nbsp;**Prepayment Provisions:** | &nbsp;&nbsp;**Prepayment Provisions:** | &nbsp;&nbsp;L(25),D(31),O(4) | &nbsp;&nbsp;L(25),D(31),O(4) | &nbsp;&nbsp;**UW NCF Debt Yield:** | &nbsp;&nbsp;11.2% |
| &nbsp;&nbsp;**Lockbox/Cash Mgmt Status:** | &nbsp;&nbsp;**Lockbox/Cash Mgmt Status:** | &nbsp;&nbsp;Hard/Springing | &nbsp;&nbsp;Hard/Springing | &nbsp;&nbsp;**UW NOI Debt Yield at Maturity:** | &nbsp;&nbsp;11.9% |
| &nbsp;&nbsp;**Additional Debt Type:** | &nbsp;&nbsp;**Additional Debt Type:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.57x |
| &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Most Recent NOI<sup>(2)</sup>:** | &nbsp;&nbsp;$2,836,835 (1/31/2026 TTM) |
| &nbsp;&nbsp;**Future Debt Permitted (Type):** | &nbsp;&nbsp;**Future Debt Permitted (Type):** | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;**2nd Most Recent NOI:** | &nbsp;&nbsp;$2,666,827 (12/31/2024) |
| &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**3rd Most Recent NOI:** | &nbsp;&nbsp;$2,491,784 (12/31/2023) |
| &nbsp;&nbsp;**<u>Type</u>** | &nbsp;&nbsp;**<u>Initial</u>** | &nbsp;&nbsp;**<u>Monthly</u>** | &nbsp;&nbsp;**<u>Cap</u>** | &nbsp;&nbsp;**Most Recent Occupancy:** | &nbsp;&nbsp;82.4% (4/10/2026) |
| &nbsp;&nbsp;**RE Taxes:** | &nbsp;&nbsp;$55541 | &nbsp;&nbsp;$11108 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**2nd Most Recent Occupancy:** | &nbsp;&nbsp;78.4% (12/31/2024) |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$26230 | &nbsp;&nbsp;$13115 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**3rd Most Recent Occupancy:** | &nbsp;&nbsp;66.6% (12/31/2023) |
| &nbsp;&nbsp;**Replacement Reserve:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$3656 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value (as of):** | &nbsp;&nbsp;$42,850,000 (2/4/2026) |
| &nbsp;&nbsp;**Deferred Maintenance:** | &nbsp;&nbsp;$103354 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value PSF:** | &nbsp;&nbsp;$147 |
| &nbsp;&nbsp;**TI/LC Reserve:** | &nbsp;&nbsp;$750000 | &nbsp;&nbsp;$14623 | &nbsp;&nbsp;$1000000 | &nbsp;&nbsp;**Cut-off Date LTV Ratio:** | &nbsp;&nbsp;65.9% |
| &nbsp;&nbsp;**Outstanding TI/LC Reserve:** | &nbsp;&nbsp;$800460 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date LTV Ratio:** | &nbsp;&nbsp;65.9% |
| &nbsp;&nbsp;**Outstanding Free Rent:** | &nbsp;&nbsp;$293415 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** |
| **Sources** | **Proceeds** | **% of Total** | **Uses** | **Proceeds** | **% of Total** |
| &nbsp;&nbsp;Mortgage Loan Amount: | &nbsp;&nbsp;$28250000 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;Loan Payoff: | &nbsp;&nbsp;$17765572 | &nbsp;&nbsp;62.9% |
|  |  |  | &nbsp;&nbsp;Return of Equity: | &nbsp;&nbsp;$7213712 | &nbsp;&nbsp;25.5% |
|  |  |  | &nbsp;&nbsp;Upfront Reserves: | &nbsp;&nbsp;$2029000 | &nbsp;&nbsp;7.2% |
|  |  |  | &nbsp;&nbsp;Closing Costs: | &nbsp;&nbsp;$1241716 | &nbsp;&nbsp;4.4% |
| &nbsp;&nbsp;**Total Sources:** | &nbsp;&nbsp;**$28250000** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses:** | &nbsp;&nbsp;**$28250000** | &nbsp;&nbsp;**100.0%** |

---

(1) See *"Escrows and Reserves"* below for further discussion of reserve requirements.

(2) The increase from Most Recent NOI to UW NOI is primarily attributable to an increase in underwritten base
rent as a result of 22 new and renewal leases being signed since the beginning of 2025, accounting for approximately $1.9 million in underwritten
base rent and percentage rent.

***The Mortgage Loan.*** The seventh largest mortgage loan ("The Shops at Rockvale Mortgage Loan") is evidenced by a promissory note in the original principal balance of $28,250,000 and secured by a first-priority fee mortgage encumbering a retail property located in Lancaster, Pennsylvania ("The Shops at Rockvale Property").

***The Borrower and the Borrower Sponsor.*** The borrower is MP Lancaster 3 LLC, a single-purpose Delaware limited liability company with one independent director. The borrower sponsor and non-recourse carveout guarantor is Jeffrey Fernbach. Jeffrey Fernbach is the president of Fernmoor Homes, a New Jersey-based real estate development firm founded in 2007 that has developed and managed approximately 93 buildings since inception.

***The Property*.** The Shops at Rockvale Property is a 292,452 square foot anchored retail center located along Route 30 in Lancaster, Pennsylvania. The Shops at Rockvale Property consists of seven one-story multi-tenant buildings, two free-standing retail buildings, and one free-standing bank branch on a 33.56-acre site that were developed between 1986 and 1994. The borrower sponsor acquired The Shops at Rockvale Property in December 2022 for approximately $30.8 million and has since invested approximately $4.9 million in capital expenditures consisting of building improvements, parking lot improvements and tenant improvement allowances. The Shops at Rockvale Property consists of 108,875 square feet of anchor / junior anchor space, 170,253 square feet of in-line space, and 13,324 square feet of free-standing bank/restaurant space. The site also features four non-collateral buildings which are occupied by Olive Garden, Burger King, Panera Bread and KFC. The Shops at Rockvale Property features 826 surface parking spaces, resulting in a parking ratio of 2.82 spaces per 1,000 SF of net rentable area.

The Shops at Rockvale Property is part of a condominium regime comprised of 13 units, of which the borrower owns the seven units that comprise The Shops at Rockvale Property. These seven units have an aggregate 47.425% interest in the common elements. However, in connection with the origination

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored | &nbsp;&nbsp;Loan #7 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$28250000 |
| &nbsp;&nbsp;35 South Willowdale Drive | &nbsp;&nbsp;**The Shops at Rockvale** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;65.9% |
| &nbsp;&nbsp;Lancaster, PA 17602 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.57x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;11.9% |

---

of The Shops at Rockvale Mortgage Loan, the owner of two other units of the condominium (an affiliate of borrower) provided a voting proxy to the lender which will provide the lender a 74.225% controlling interest on the condominium regime.

As of April 10, 2026, The Shops at Rockvale Property was 82.4% leased by 37 tenants occupying suites ranging in size from 624 to 23,995 square feet. Since acquisition, the borrower sponsor has successfully increased occupancy from 61.4% in January 2023 to the current occupancy of 82.4% executing 22 new and renewal leases since January 2025 covering 124,889 square feet (42.7% of net rentable area). As of the origination of The Shops at Rockvale Mortgage Loan, eight tenants with recently executed leases comprising 38,382 square feet (13.1% of net rentable area) were building out their spaces and had not yet opened or commenced paying rent. 14 tenants accounting for 38.7% of net rentable area have been in occupancy for over 18 years, including three of the five anchor tenants. Additionally, the borrower sponsor is currently constructing a non-collateral 480-unit multifamily development adjacent to The Shops at Rockvale Property, which is expected to bring additional foot traffic once completed.

***Major Tenants***

*Reading China&Glass / Nissley Wine (23,995 SF, 8.2% of NRA, 6.0% of UW rent).* Reading China&Glass is a specialty retailer that offers tableware, glassware, kitchenware, and home décor items. Reading China&Glass has been a tenant at The Shops at Rockvale Property since 1990 and has renewed its lease multiple times, with the most recent renewal executed in February 2024 for a term of five years. The tenant has two, five year-renewal options remaining. Reading China&Glass has the right to reduce its base rent by 50% if less than 75% of the space at The Shops at Rockvale Property remains open and operating. If such 75% threshold is not achieved within 180 days, the tenant has the right to terminate its lease.

Reading China&Glass currently subleases approximately 600 square feet of its space to Nissley Wine, a family-owned winery that operates a wine shop and tasting room in the subleased space. The sublease is co-terminus with the prime lease and the rent under the sublease is equal to 10% of Nissley Wine's sales.

*Artisan Mill Co. (15,143 SF, 5.2% of NRA, 5.0% of UW rent).* Artisan Mill Co. is a retailer offering handcrafted home décor, furniture, and artisan gifts. Artisan Mill Co. commenced its initial lease at The Shops at Rockvale Property in May 2025 through its current lease expiration in April 2030. The tenant has two, five-year renewal options available and no early termination options.

*Carter's (15,000 SF, 5.1% of NRA, 8.3% of UW rent).* Carter's is a retailer that offers apparel for babies and young children. The company is headquartered in Atlanta, Georgia and operates over 1,000 retail stores across the United States, Canada, and Mexico. Carter's has been a tenant at The Shops at Rockvale Property since 1993 and has renewed its lease multiple times, with the most recent renewal executed in February 2025 through its current expiration in January 2030. The tenant has no remaining renewal options. Carter's has the right to terminate its lease with 60 days' written notice if The Shops at Rockvale Property is less than 70% leased for more than 120 consecutive days.

The following table presents certain information relating to the tenancy at The Shops at Rockvale Property:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Retail Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Retail Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Retail Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Retail Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Retail Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Retail Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Retail Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Retail Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Retail Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Retail Tenant Summary<sup>(1)</sup>** |
| &nbsp;&nbsp;**Tenant Name** | &nbsp;&nbsp;**Credit Rating (Fitch/Moody's/ S&P)** | &nbsp;&nbsp;**Tenant SF** | &nbsp;&nbsp;**% of Total SF** | &nbsp;&nbsp;**Annual UW Rent** | &nbsp;&nbsp;**% of Total Annual UW Rent** | &nbsp;&nbsp;**Annual UW Rent PSF** | &nbsp;&nbsp;**Lease Expiration** | &nbsp;&nbsp;**Term. Option (Y/N)** | &nbsp;&nbsp;**Renewal Options** |
| &nbsp;&nbsp;Reading China&Glass / Nissley Wine | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;23995 | &nbsp;&nbsp;8.2% | &nbsp;&nbsp;$215955 | &nbsp;&nbsp;6.0% | &nbsp;&nbsp;$9.00 | &nbsp;&nbsp;1/31/2029 | &nbsp;&nbsp;Yes<sup>(2)</sup> | &nbsp;&nbsp;2 x 5 yrs |
| &nbsp;&nbsp;Artisan Mill Co. | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;15143 | &nbsp;&nbsp;5.2% | &nbsp;&nbsp;$181716 | &nbsp;&nbsp;5.0% | &nbsp;&nbsp;$12.00 | &nbsp;&nbsp;4/30/2030 | &nbsp;&nbsp;No | &nbsp;&nbsp;2 x 5 yrs |
| &nbsp;&nbsp;Carter's | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;15000 | &nbsp;&nbsp;5.1% | &nbsp;&nbsp;$300000 | &nbsp;&nbsp;8.3% | &nbsp;&nbsp;$20.00 | &nbsp;&nbsp;1/31/2030 | &nbsp;&nbsp;Yes<sup>(3)</sup> |  |
| &nbsp;&nbsp;Baseball Academy | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;12733 | &nbsp;&nbsp;4.4% | &nbsp;&nbsp;$152796 | &nbsp;&nbsp;4.2% | &nbsp;&nbsp;$12.00 | &nbsp;&nbsp;10/31/2030 | &nbsp;&nbsp;No | &nbsp;&nbsp;2 x 5 yrs |
| &nbsp;&nbsp;Lee \| Wrangler Clearance | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;12154 | &nbsp;&nbsp;4.2% | &nbsp;&nbsp;$206618 | &nbsp;&nbsp;5.7% | &nbsp;&nbsp;$17.00 | &nbsp;&nbsp;4/30/2029 | &nbsp;&nbsp;No | &nbsp;&nbsp;2 x 3 yrs |
| &nbsp;&nbsp;**Subtotal/Wtd. Avg.** |  | &nbsp;&nbsp;**79025** | &nbsp;&nbsp;**27.0%** | &nbsp;&nbsp;**$1057085** | &nbsp;&nbsp;**29.3%** | &nbsp;&nbsp;**$13.38** |  |  |  |
| &nbsp;&nbsp;Other Tenants |  | &nbsp;&nbsp;161907 | &nbsp;&nbsp;55.4% | &nbsp;&nbsp;$2547047 | &nbsp;&nbsp;70.7% | &nbsp;&nbsp;$15.73 |  |  |  |
| &nbsp;&nbsp;**Total Occupied Space** |  | &nbsp;&nbsp;**240932** | &nbsp;&nbsp;**82.4%** | &nbsp;&nbsp;**$3604132** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$14.96** |  |  |  |
| &nbsp;&nbsp;Vacant Space |  | &nbsp;&nbsp;51520 | &nbsp;&nbsp;17.6% |  |  |  |  |  |  |
| &nbsp;&nbsp;**Total** |  | &nbsp;&nbsp;**292452** | &nbsp;&nbsp;**100.0%** |  |  |  |  |  |  |

---

(1) Information is based on the underwritten rent roll dated April 10, 2026, with rent steps taken through February 2027.

(2) Reading China&Glass has the right to terminate its lease if less than 75% of The Shops at Rockvale
Property is open and operating for 180 consecutive days. Prior to the 180th day, base rent is temporarily reduced by 50%.

(3) Carter's has the right to terminate its lease with 60 days' written notice if less than 70%
of The Shops at Rockvale Property is leased for more than 120 consecutive days.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored | &nbsp;&nbsp;Loan #7 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$28250000 |
| &nbsp;&nbsp;35 South Willowdale Drive | &nbsp;&nbsp;**The Shops at Rockvale** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;65.9% |
| &nbsp;&nbsp;Lancaster, PA 17602 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.57x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;11.9% |

---

The following table presents certain information with respect to the lease rollover at The Shops at Rockvale Property:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** |
| &nbsp;&nbsp;**Year** | &nbsp;&nbsp;**# of Leases Rolling** | &nbsp;&nbsp;**SF Rolling** | &nbsp;&nbsp;**Approx. % of SF Rolling** | &nbsp;&nbsp;**Approx. Cumulative % of SF Rolling** | &nbsp;&nbsp;**Total UW Rent Rolling** | &nbsp;&nbsp;**Approx. % of Total UW Rent Rolling** | &nbsp;&nbsp;**Approx. Cumulative % of Total UW Rent Rolling** | &nbsp;&nbsp;**UW Rent PSF Rolling** |
| &nbsp;&nbsp;MTM/2026 | &nbsp;&nbsp;1 | &nbsp;&nbsp;6026 | &nbsp;&nbsp;2.1% | &nbsp;&nbsp;2.1% | &nbsp;&nbsp;$97923 | &nbsp;&nbsp;2.7% | &nbsp;&nbsp;2.7% | &nbsp;&nbsp;$16.25 |
| &nbsp;&nbsp;2027 | &nbsp;&nbsp;4 | &nbsp;&nbsp;22741 | &nbsp;&nbsp;7.8% | &nbsp;&nbsp;9.8% | &nbsp;&nbsp;$185990 | &nbsp;&nbsp;5.2% | &nbsp;&nbsp;7.9% | &nbsp;&nbsp;$8.18 |
| &nbsp;&nbsp;2028 | &nbsp;&nbsp;10 | &nbsp;&nbsp;40491 | &nbsp;&nbsp;13.8% | &nbsp;&nbsp;23.7% | &nbsp;&nbsp;$850992 | &nbsp;&nbsp;23.6% | &nbsp;&nbsp;31.5% | &nbsp;&nbsp;$21.02 |
| &nbsp;&nbsp;2029 | &nbsp;&nbsp;5 | &nbsp;&nbsp;62487 | &nbsp;&nbsp;21.4% | &nbsp;&nbsp;45.0% | &nbsp;&nbsp;$826067 | &nbsp;&nbsp;22.9% | &nbsp;&nbsp;54.4% | &nbsp;&nbsp;$13.22 |
| &nbsp;&nbsp;2030 | &nbsp;&nbsp;5 | &nbsp;&nbsp;46461 | &nbsp;&nbsp;15.9% | &nbsp;&nbsp;60.9% | &nbsp;&nbsp;$685072 | &nbsp;&nbsp;19.0% | &nbsp;&nbsp;73.4% | &nbsp;&nbsp;$14.75 |
| &nbsp;&nbsp;2031 | &nbsp;&nbsp;3 | &nbsp;&nbsp;11629 | &nbsp;&nbsp;4.0% | &nbsp;&nbsp;64.9% | &nbsp;&nbsp;$174622 | &nbsp;&nbsp;4.8% | &nbsp;&nbsp;78.3% | &nbsp;&nbsp;$15.02 |
| &nbsp;&nbsp;2032 | &nbsp;&nbsp;1 | &nbsp;&nbsp;7025 | &nbsp;&nbsp;2.4% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;$119425 | &nbsp;&nbsp;3.3% | &nbsp;&nbsp;81.6% | &nbsp;&nbsp;$17.00 |
| &nbsp;&nbsp;2033 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;81.6% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2034 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;81.6% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2035 | &nbsp;&nbsp;4 | &nbsp;&nbsp;15425 | &nbsp;&nbsp;5.3% | &nbsp;&nbsp;72.6% | &nbsp;&nbsp;$265611 | &nbsp;&nbsp;7.4% | &nbsp;&nbsp;88.9% | &nbsp;&nbsp;$17.22 |
| &nbsp;&nbsp;2036 | &nbsp;&nbsp;3 | &nbsp;&nbsp;19094 | &nbsp;&nbsp;6.5% | &nbsp;&nbsp;79.1% | &nbsp;&nbsp;$259910 | &nbsp;&nbsp;7.2% | &nbsp;&nbsp;96.2% | &nbsp;&nbsp;$13.61 |
| &nbsp;&nbsp;2037 & Thereafter | &nbsp;&nbsp;1 | &nbsp;&nbsp;9553 | &nbsp;&nbsp;3.3% | &nbsp;&nbsp;82.4% | &nbsp;&nbsp;$138519 | &nbsp;&nbsp;3.8% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$14.50 |
| &nbsp;&nbsp;Vacant | &nbsp;&nbsp;0 | &nbsp;&nbsp;51520 | &nbsp;&nbsp;17.6% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;**Total/Wtd. Avg.** | &nbsp;&nbsp;**37** | &nbsp;&nbsp;**292452** | &nbsp;&nbsp;**100.0%** |  | &nbsp;&nbsp;**$3604132** | &nbsp;&nbsp;**100.0%** |  | &nbsp;&nbsp;**$14.96<sup>(2)</sup>** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Information is based on the underwritten rent roll dated April 10, 2026, with rent steps taken through February 2027.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Wtd. Avg. UW Rent PSF Rolling excludes vacant space.

***The Market.***

The Shops at Rockvale Property is located in Lancaster, Pennsylvania, which is approximately 63 miles west of Philadelphia. The Shops at Rockvale Property is located along Lincoln Highway East (U.S. Route 30), which serves as the region's primary commercial corridor, featuring hotels, restaurants, retail centers, and tourist attractions. The surrounding region is known as Pennsylvania Dutch Country and features several tourist attractions such as Host Farm Resort, Dutch Wonderland Amusement Park, the American Music Theater and the Amish Farm House. The Shops at Rockvale Property is located approximately 5 miles east of Lancaster City and is less than a mile west of Tanger Outlet Center, another major retail center in the area.

According to the appraisal, the 2025 estimated population within a one-, three- and five-mile radius of The Shops at Rockvale Property was approximately 1,366, 19,031 and 52,801, respectively, and the 2025 estimated average household income within the same radii was approximately $99,417, $109,692 and $110,612, respectively.

The Shops at Rockvale Property is located within the Lancaster - PA retail market. According to the appraisal, as of the fourth quarter of 2025, the Lancaster - PA retail market had an inventory of 29,447,359 square feet of retail space with an occupancy rate of 96.6% and a monthly average asking rent of $16.70 per square foot.

The following table presents certain information relating to the appraisal's market rent conclusion for The Shops at Rockvale Property:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Market Rent Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Market Rent Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Market Rent Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Market Rent Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Market Rent Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Market Rent Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Market Rent Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Market Rent Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Market Rent Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Market Rent Summary<sup>(1)</sup>** |
|  | &nbsp;&nbsp;**Anchor** | &nbsp;&nbsp;**Junior Anchor** | &nbsp;&nbsp;**Restaurant** | &nbsp;&nbsp;**Freestanding** | &nbsp;&nbsp;**Large Inline** | &nbsp;&nbsp;**Large Inline (Front)** | &nbsp;&nbsp;**Inline** | &nbsp;&nbsp;**Inline (Front)** | &nbsp;&nbsp;**Bank Branch** |
| &nbsp;&nbsp;Rentable Area | &nbsp;&nbsp;53845 | &nbsp;&nbsp;55030 | &nbsp;&nbsp;9700 | &nbsp;&nbsp;624 | &nbsp;&nbsp;78723 | &nbsp;&nbsp;46554 | &nbsp;&nbsp;37088 | &nbsp;&nbsp;7888 | &nbsp;&nbsp;3000 |
| &nbsp;&nbsp;Market Rent (PSF) | &nbsp;&nbsp;$10.50 | &nbsp;&nbsp;$13.00 | &nbsp;&nbsp;$10.00 | &nbsp;&nbsp;$35.00 | &nbsp;&nbsp;$15.50 | &nbsp;&nbsp;$16.50 | &nbsp;&nbsp;$17.50 | &nbsp;&nbsp;$19.50 | &nbsp;&nbsp;$45.00 |
| &nbsp;&nbsp;Lease Term (Months) | &nbsp;&nbsp;180 | &nbsp;&nbsp;180 | &nbsp;&nbsp;120 | &nbsp;&nbsp;120 | &nbsp;&nbsp;84 | &nbsp;&nbsp;84 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 | &nbsp;&nbsp;120 |
| &nbsp;&nbsp;Lease Type (Reimbursements) | &nbsp;&nbsp;NNN | &nbsp;&nbsp;NNN | &nbsp;&nbsp;NNN | &nbsp;&nbsp;NNN | &nbsp;&nbsp;NNN | &nbsp;&nbsp;NNN | &nbsp;&nbsp;NNN | &nbsp;&nbsp;NNN | &nbsp;&nbsp;NNN |
| &nbsp;&nbsp;Rent Steps | &nbsp;&nbsp;10% in Year 6 | &nbsp;&nbsp;10% in Year 6 | &nbsp;&nbsp; 10% in<br> Year 6 | &nbsp;&nbsp; 10% in<br> Year 6 | &nbsp;&nbsp;2.5% per year | &nbsp;&nbsp;2.5% per year | &nbsp;&nbsp;2.5% per year | &nbsp;&nbsp;2.5% per year | &nbsp;&nbsp;10% in Year 6 |

---

(1) Source: *Appraisal*.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored | &nbsp;&nbsp;Loan #7 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$28250000 |
| &nbsp;&nbsp;35 South Willowdale Drive | &nbsp;&nbsp;**The Shops at Rockvale** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;65.9% |
| &nbsp;&nbsp;Lancaster, PA 17602 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.57x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;11.9% |

---

The following tables present recent leasing data at comparable retail properties with respect to The Shops at Rockvale Property:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Comparable Anchor Retail Leases<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Anchor Retail Leases<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Anchor Retail Leases<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Anchor Retail Leases<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Anchor Retail Leases<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Anchor Retail Leases<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Anchor Retail Leases<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property Name/Location** | &nbsp;&nbsp;**Year Built/ Renovated** | &nbsp;&nbsp;**Major Tenant** | &nbsp;&nbsp;**Tenant Size (SF)** | &nbsp;&nbsp;**Lease Commencement Year** | &nbsp;&nbsp;**Lease Term (years)** | &nbsp;&nbsp;**Annual Base Rent PSF** |
| **The Shops at Rockvale<sup>(2)</sup>** | &nbsp;&nbsp;**1986-1994/2023** | &nbsp;&nbsp;**Reading China&Glass / Nissley Wine** | &nbsp;&nbsp;**23995<sup>(3)</sup>** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**5<sup>(3)</sup>** | &nbsp;&nbsp;**$9.00<sup>(3)</sup>** |
| **Lancaster, PA** | &nbsp;&nbsp;**1986-1994/2023** | &nbsp;&nbsp;**Reading China&Glass / Nissley Wine** | &nbsp;&nbsp;**23995<sup>(3)</sup>** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**5<sup>(3)</sup>** | &nbsp;&nbsp;**$9.00<sup>(3)</sup>** |
| South Mall | &nbsp;&nbsp;1971/2025 | &nbsp;&nbsp;Burlington Coat Factory | &nbsp;&nbsp;20350 | &nbsp;&nbsp;2025 | &nbsp;&nbsp;15 | &nbsp;&nbsp;$14.00 |
| Allentown, PA | &nbsp;&nbsp;1971/2025 | &nbsp;&nbsp;Burlington Coat Factory | &nbsp;&nbsp;20350 | &nbsp;&nbsp;2025 | &nbsp;&nbsp;15 | &nbsp;&nbsp;$14.00 |
| Silver Spring Commons | &nbsp;&nbsp;1992/NAV | &nbsp;&nbsp;Planet Fitness | &nbsp;&nbsp;21000 | &nbsp;&nbsp;2023 | &nbsp;&nbsp;10 | &nbsp;&nbsp;$7.00 |
| Mechanicsburg, PA | &nbsp;&nbsp;1992/NAV | &nbsp;&nbsp;Planet Fitness | &nbsp;&nbsp;21000 | &nbsp;&nbsp;2023 | &nbsp;&nbsp;10 | &nbsp;&nbsp;$7.00 |
| Hershey Square | &nbsp;&nbsp;1994/2023 | &nbsp;&nbsp;Big Lot's | &nbsp;&nbsp;40996 | &nbsp;&nbsp;2021 | &nbsp;&nbsp;10 | &nbsp;&nbsp;$7.22 |
| Hummelstown, PA | &nbsp;&nbsp;1994/2023 | &nbsp;&nbsp;Big Lot's | &nbsp;&nbsp;40996 | &nbsp;&nbsp;2021 | &nbsp;&nbsp;10 | &nbsp;&nbsp;$7.22 |
| Gateway Hanover Shopping Center | &nbsp;&nbsp;2011/NAV | &nbsp;&nbsp;Dicks Sporting Goods | &nbsp;&nbsp;40029 | &nbsp;&nbsp;2022 | &nbsp;&nbsp;10 | &nbsp;&nbsp;$10.00 |
| Hanover, PA | &nbsp;&nbsp;2011/NAV | &nbsp;&nbsp;Dicks Sporting Goods | &nbsp;&nbsp;40029 | &nbsp;&nbsp;2022 | &nbsp;&nbsp;10 | &nbsp;&nbsp;$10.00 |
| Westgate Mall Shopping Center | &nbsp;&nbsp;1965/2022 | &nbsp;&nbsp;Harbor Freight | &nbsp;&nbsp;16000 | &nbsp;&nbsp;2022 | &nbsp;&nbsp;10 | &nbsp;&nbsp;$12.00 |
| Bethlehem, PA | &nbsp;&nbsp;1965/2022 | &nbsp;&nbsp;Harbor Freight | &nbsp;&nbsp;16000 | &nbsp;&nbsp;2022 | &nbsp;&nbsp;10 | &nbsp;&nbsp;$12.00 |
| 1278 South Market | &nbsp;&nbsp;1982/2010 | &nbsp;&nbsp;Giant | &nbsp;&nbsp;70024 | &nbsp;&nbsp;2020 | &nbsp;&nbsp;15 | &nbsp;&nbsp;$8.00 |
| Elizabethtown, PA | &nbsp;&nbsp;1982/2010 | &nbsp;&nbsp;Giant | &nbsp;&nbsp;70024 | &nbsp;&nbsp;2020 | &nbsp;&nbsp;15 | &nbsp;&nbsp;$8.00 |
| Lycoming Crossing | &nbsp;&nbsp;2021/NAV | &nbsp;&nbsp;Dicks Sporting Goods | &nbsp;&nbsp;50000 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;11 | &nbsp;&nbsp;$12.50 |
| Muncy, PA | &nbsp;&nbsp;2021/NAV | &nbsp;&nbsp;Dicks Sporting Goods | &nbsp;&nbsp;50000 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;11 | &nbsp;&nbsp;$12.50 |
| 2040 Bennet Ave | &nbsp;&nbsp;1978/2021 | &nbsp;&nbsp;Urban Air Adventure Park | &nbsp;&nbsp;60510 | &nbsp;&nbsp;2021 | &nbsp;&nbsp;10 | &nbsp;&nbsp;$11.00 |
| Lancaster, PA | &nbsp;&nbsp;1978/2021 | &nbsp;&nbsp;Urban Air Adventure Park | &nbsp;&nbsp;60510 | &nbsp;&nbsp;2021 | &nbsp;&nbsp;10 | &nbsp;&nbsp;$11.00 |
| Shoppes at Stroud | &nbsp;&nbsp;2007/NAV | &nbsp;&nbsp;Ross | &nbsp;&nbsp;25192 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;11 | &nbsp;&nbsp;$11.00 |
| Stroud Township, PA | &nbsp;&nbsp;2007/NAV | &nbsp;&nbsp;Ross | &nbsp;&nbsp;25192 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;11 | &nbsp;&nbsp;$11.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Source *: Appraisal,* unless otherwise indicated.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Information is based on the underwritten rent roll dated April 10, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Nissley Wine subleases approximately
600 square feet of Reading China&Glass's premises at The Shops at Rockvale Property.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored | &nbsp;&nbsp;Loan #7 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$28250000 |
| &nbsp;&nbsp;35 South Willowdale Drive | &nbsp;&nbsp;**The Shops at Rockvale** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;65.9% |
| &nbsp;&nbsp;Lancaster, PA 17602 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.57x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;11.9% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Inline Rent Comparables<sup>(1)</sup>** | &nbsp;&nbsp;**Inline Rent Comparables<sup>(1)</sup>** | &nbsp;&nbsp;**Inline Rent Comparables<sup>(1)</sup>** | &nbsp;&nbsp;**Inline Rent Comparables<sup>(1)</sup>** | &nbsp;&nbsp;**Inline Rent Comparables<sup>(1)</sup>** | &nbsp;&nbsp;**Inline Rent Comparables<sup>(1)</sup>** | &nbsp;&nbsp;**Inline Rent Comparables<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property Name/Location** | &nbsp;&nbsp;**Year Built/ Renovated** | &nbsp;&nbsp;**Major Tenant** | &nbsp;&nbsp;**Tenant Size (SF)** | &nbsp;&nbsp;**Lease Start Year** | &nbsp;&nbsp;**Lease Term (years)** | &nbsp;&nbsp;**Annual Base Rent PSF** |
| **The Shops at Rockvale<sup>(2)</sup>** | &nbsp;&nbsp;**1986-1994/2023** | &nbsp;&nbsp;**King's Amish Furniture** | &nbsp;&nbsp;**10877** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**$16.00** |
| &nbsp;&nbsp;**Lancaster, PA** | &nbsp;&nbsp;**1986-1994/2023** | &nbsp;&nbsp;**King's Amish Furniture** | &nbsp;&nbsp;**10877** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**$16.00** |
| High Pointe Commons | &nbsp;&nbsp;2006/2016 | &nbsp;&nbsp;Five Below | &nbsp;&nbsp;8500 | &nbsp;&nbsp;2023 | &nbsp;&nbsp;11 | &nbsp;&nbsp;$15.50 |
| Harrisburg, PA | &nbsp;&nbsp;2006/2016 | &nbsp;&nbsp;Five Below | &nbsp;&nbsp;8500 | &nbsp;&nbsp;2023 | &nbsp;&nbsp;11 | &nbsp;&nbsp;$15.50 |
| Perkasie Square Shopping Center | &nbsp;&nbsp;1994/2019 | &nbsp;&nbsp;KM Patel | &nbsp;&nbsp;1200 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;5 | &nbsp;&nbsp;$27.00 |
| Perkasie, PA | &nbsp;&nbsp;1994/2019 | &nbsp;&nbsp;KM Patel | &nbsp;&nbsp;1200 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;5 | &nbsp;&nbsp;$27.00 |
| Hershey Square | &nbsp;&nbsp;1994/2023 | &nbsp;&nbsp;Five Below | &nbsp;&nbsp;8515 | &nbsp;&nbsp;2021 | &nbsp;&nbsp;10 | &nbsp;&nbsp;$15.00 |
| Hummelstown, PA | &nbsp;&nbsp;1994/2023 | &nbsp;&nbsp;Five Below | &nbsp;&nbsp;8515 | &nbsp;&nbsp;2021 | &nbsp;&nbsp;10 | &nbsp;&nbsp;$15.00 |
| Lycoming Crossing Shopping | &nbsp;&nbsp;2021/2024 | &nbsp;&nbsp;Five Below | &nbsp;&nbsp;9600 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;15 | &nbsp;&nbsp;$19.50 |
| Muncy, PA | &nbsp;&nbsp;2021/2024 | &nbsp;&nbsp;Five Below | &nbsp;&nbsp;9600 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;15 | &nbsp;&nbsp;$19.50 |
| New Garden Shopping Center | &nbsp;&nbsp;1979/2000 | &nbsp;&nbsp;UPS | &nbsp;&nbsp;1974 | &nbsp;&nbsp;2022 | &nbsp;&nbsp;10 | &nbsp;&nbsp;$19.00 |
| New Garden, PA | &nbsp;&nbsp;1979/2000 | &nbsp;&nbsp;UPS | &nbsp;&nbsp;1974 | &nbsp;&nbsp;2022 | &nbsp;&nbsp;10 | &nbsp;&nbsp;$19.00 |
| North Londonderry Square | &nbsp;&nbsp;1991/NAV | &nbsp;&nbsp;LHM Physical Therapy Institute | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;5 | &nbsp;&nbsp;$17.00 |
| Palmyra, PA | &nbsp;&nbsp;1991/NAV | &nbsp;&nbsp;LHM Physical Therapy Institute | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;5 | &nbsp;&nbsp;$17.00 |
| Carlisle Commerce Center | &nbsp;&nbsp;1988/2014 | &nbsp;&nbsp;Red Wing Shoe | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2022 | &nbsp;&nbsp;5 | &nbsp;&nbsp;$15.75 |
| York, PA | &nbsp;&nbsp;1988/2014 | &nbsp;&nbsp;Red Wing Shoe | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2022 | &nbsp;&nbsp;5 | &nbsp;&nbsp;$15.75 |
| 331-389 N. Reading Road | &nbsp;&nbsp;1969/2002 | &nbsp;&nbsp;George M Hanna | &nbsp;&nbsp;3017 | &nbsp;&nbsp;2023 | &nbsp;&nbsp;5 | &nbsp;&nbsp;$21.88 |
| Ephrata, PA | &nbsp;&nbsp;1969/2002 | &nbsp;&nbsp;George M Hanna | &nbsp;&nbsp;3017 | &nbsp;&nbsp;2023 | &nbsp;&nbsp;5 | &nbsp;&nbsp;$21.88 |
| Ephrata Commons | &nbsp;&nbsp;1987/NAV | &nbsp;&nbsp;Smoking & Vapor of Mochi | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;5 | &nbsp;&nbsp;$16.00 |
| Ephrata, PA | &nbsp;&nbsp;1987/NAV | &nbsp;&nbsp;Smoking & Vapor of Mochi | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;5 | &nbsp;&nbsp;$16.00 |
| Carlisle Crossing | &nbsp;&nbsp;2005/NAV | &nbsp;&nbsp;Five Below | &nbsp;&nbsp;9450 | &nbsp;&nbsp;2022 | &nbsp;&nbsp;10 | &nbsp;&nbsp;$14.50 |
| Carlisle, PA | &nbsp;&nbsp;2005/NAV | &nbsp;&nbsp;Five Below | &nbsp;&nbsp;9450 | &nbsp;&nbsp;2022 | &nbsp;&nbsp;10 | &nbsp;&nbsp;$14.50 |

---

(1) Source *: Appraisal,* unless otherwise indicated.

(2) Information is based on the underwritten rent roll dated April 10, 2026, with rent steps taken through August 2026.

***Appraisal.*** The appraisal concluded to an "as-is" value for The Shops at Rockvale Property of $42,850,000 as of February 4, 2026.

***Environmental Matters***. According to the Phase I environmental site assessment dated February 17, 2026, there was no evidence of any recognized environmental conditions at The Shops at Rockvale Property.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored | &nbsp;&nbsp;Loan #7 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$28250000 |
| &nbsp;&nbsp;35 South Willowdale Drive | &nbsp;&nbsp;**The Shops at Rockvale** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;65.9% |
| &nbsp;&nbsp;Lancaster, PA 17602 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.57x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;11.9% |

---

***Operating History and Underwritten Net Cash Flow.*** The following table presents certain information relating to the historical operating performance and underwritten net cash flow at The Shops at Rockvale Property:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** |
|  | **2023** | **2024** | **1/31/2026 TTM** | **UW** | &nbsp;&nbsp;**UW PSF** |
| &nbsp;&nbsp;Base Rent<sup>(1)</sup> | &nbsp;&nbsp;$3016707 | &nbsp;&nbsp;$3351775 | &nbsp;&nbsp;$3213852 | &nbsp;&nbsp;$3604132 | &nbsp;&nbsp;$12.32 |
| &nbsp;&nbsp;Percentage Rent | &nbsp;&nbsp;$345814 | &nbsp;&nbsp;$237100 | &nbsp;&nbsp;$376273 | &nbsp;&nbsp;$327537 | &nbsp;&nbsp;$1.12 |
| &nbsp;&nbsp;Vacancy Gross Up | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $807202 | &nbsp;&nbsp; $2.76 |
| &nbsp;&nbsp;**Gross Potential Rent** | &nbsp;&nbsp;**$3362521** | &nbsp;&nbsp;**$3588875** | &nbsp;&nbsp;**$3590125** | &nbsp;&nbsp;**$4738871** | &nbsp;&nbsp;**$16.20** |
| &nbsp;&nbsp;Reimbursements | &nbsp;&nbsp;$490776 | &nbsp;&nbsp;$648323 | &nbsp;&nbsp;$741188 | &nbsp;&nbsp;$919347 | &nbsp;&nbsp;$3.14 |
| &nbsp;&nbsp;Other Income<sup>(2)</sup> | &nbsp;&nbsp;$19867 | &nbsp;&nbsp;$12042 | &nbsp;&nbsp;$38123 | &nbsp;&nbsp;$38123 | &nbsp;&nbsp;$0.13 |
| &nbsp;&nbsp;(Vacancy/Credit Loss/Concessions) | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; ($807202) | &nbsp;&nbsp; ($2.76) |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$3873164** | &nbsp;&nbsp;**$4249240** | &nbsp;&nbsp;**$4369436** | &nbsp;&nbsp;**$4889138** | &nbsp;&nbsp;**$16.72** |
| &nbsp;&nbsp;Real Estate Taxes | &nbsp;&nbsp;$264676 | &nbsp;&nbsp;$180099 | &nbsp;&nbsp;$163144 | &nbsp;&nbsp;$133299 | &nbsp;&nbsp;$0.46 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;$45225 | &nbsp;&nbsp;$171843 | &nbsp;&nbsp;$172272 | &nbsp;&nbsp;$157377 | &nbsp;&nbsp;$0.54 |
| &nbsp;&nbsp;Other Operating Expenses | &nbsp;&nbsp; $1071479 | &nbsp;&nbsp; $1230471 | &nbsp;&nbsp; $1197185 | &nbsp;&nbsp; $1226315 | &nbsp;&nbsp; $4.19 |
| &nbsp;&nbsp;**Total Operating Expenses** | &nbsp;&nbsp;**$1381380** | &nbsp;&nbsp;**$1582413** | &nbsp;&nbsp;**$1532601** | &nbsp;&nbsp;**$1516991** | &nbsp;&nbsp;**$5.19** |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$2491784** | &nbsp;&nbsp;**$2666827** | &nbsp;&nbsp;**$2836835** | &nbsp;&nbsp;**$3372148** | &nbsp;&nbsp;**$11.53** |
| &nbsp;&nbsp;Replacement Reserves | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$43868 | &nbsp;&nbsp;$0.15 |
| &nbsp;&nbsp;TI/LC | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $175471 | &nbsp;&nbsp; $0.60 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$2491784** | &nbsp;&nbsp;**$2666827** | &nbsp;&nbsp;**$2836835** | &nbsp;&nbsp;**$3152809** | &nbsp;&nbsp;**$10.78** |
| &nbsp;&nbsp;**Occupancy (%)<sup>(3)</sup>** | &nbsp;&nbsp;**66.6%** | &nbsp;&nbsp;**78.4%** | &nbsp;&nbsp;**76.0%** | &nbsp;&nbsp;**85.7%** |  |
| &nbsp;&nbsp;**NOI DSCR** | &nbsp;&nbsp;**1.24x** | &nbsp;&nbsp;**1.33x** | &nbsp;&nbsp;**1.41x** | &nbsp;&nbsp;**1.68x** |  |
| &nbsp;&nbsp;**NCF DSCR** | &nbsp;&nbsp;**1.24x** | &nbsp;&nbsp;**1.33x** | &nbsp;&nbsp;**1.41x** | &nbsp;&nbsp;**1.57x** |  |
| &nbsp;&nbsp;**NOI Debt Yield** | &nbsp;&nbsp;**8.8%** | &nbsp;&nbsp;**9.4%** | &nbsp;&nbsp;**10.0%** | &nbsp;&nbsp;**11.9%** |  |
| &nbsp;&nbsp;**NCF Debt Yield** | &nbsp;&nbsp;**8.8%** | &nbsp;&nbsp;**9.4%** | &nbsp;&nbsp;**10.0%** | &nbsp;&nbsp;**11.2%** |  |

---

(1) UW Base Rent is based on the underwritten rent roll dated April 10, 2026, with
rent steps taken through February 2027.

(2) Other Income includes EV charging income, storage rent and other miscellaneous
income.

(3) UW Occupancy (%) represents the underwritten economic occupancy. Historical occupancies
represent physical occupancies. 1/31/2026 TTM occupancy is as of the underwritten rent roll dated April 10, 2026.

***Escrows and Reserves.***

*Real Estate Taxes –* The Shops at Rockvale Mortgage Loan documents require an upfront reserve of approximately $55,541 and an ongoing monthly deposit in an amount equal to 1/12th of the estimated annual property taxes, initially estimated at approximately $11,108 monthly.

*Insurance –* The Shops at Rockvale Mortgage Loan documents require an upfront reserve of approximately $26,230 and an ongoing monthly deposit in an amount equal to 1/12th of the estimated annual insurance premium, initially estimated at approximately $13,115.

*Replacement Reserve –* The Shops at Rockvale Mortgage Loan documents require an ongoing monthly deposit in an amount equal to approximately $3,656 for replacement reserves.

*Deferred Maintenance* – The Shops at Rockvale Mortgage Loan documents require an upfront reserve of $103,354 for deferred maintenance.

*TI/LC Reserve –* The Shops at Rockvale Mortgage Loan documents require an upfront reserve of $750,000 and an ongoing monthly deposit in an amount equal to approximately $14,623 for future tenant improvements and leasing commissions, subject to a cap of $1,000,000.

*Outstanding TI/LC Reserve* – The Shops at Rockvale Mortgage Loan documents require an upfront reserve of $800,460 for outstanding tenant improvement allowances and/or leasing commissions due in connection with previously executed leases.

*Outstanding Free Rent Reserve –* The Shops at Rockvale Mortgage Loan documents require an upfront reserve of $293,415 for outstanding free rent owed in connection with previously executed leases.

***Lockbox and Cash Management.*** The Shops at Rockvale Mortgage Loan is structured with a hard lockbox and springing cash management. The borrower is required to cause all rents to be transmitted directly by the tenants at The Shops at Rockvale Property into a lender-controlled lockbox account.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored | &nbsp;&nbsp;Loan #7 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$28250000 |
| &nbsp;&nbsp;35 South Willowdale Drive | &nbsp;&nbsp;**The Shops at Rockvale** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;65.9% |
| &nbsp;&nbsp;Lancaster, PA 17602 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.57x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;11.9% |

---

In addition, the borrower is required to cause all rents received by the borrower or the property manager, as applicable, to be deposited into such lockbox account within one business day of receipt. All amounts in the lockbox account are remitted on a daily basis to an account specified by the borrower at any time other than during the continuance of a Cash Management Period (as defined below). During the continuance of a Cash Management Period, all amounts are required to be remitted to a lender-controlled cash management account on a daily basis to be applied and disbursed in accordance with The Shops at Rockvale Mortgage Loan documents. During the continuance of a Cash Management Period, all available cash remaining after the required applications and disbursements will be held in a lender-controlled subaccount.

A "Cash Management Period" will commence upon the earliest of the following:

&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 stated maturity date;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 default or an event of default;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) if,
 at the end of any calendar quarter, the debt service coverage ratio ("DSCR")
 falling below 1.20x; or

&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 commencement of a Trigger Lease Sweep Period (as defined below).

A Cash Management Period will end upon the occurrence of the following:

● with regard to clause (i), The Shops at Rockvale Mortgage Loan and all other obligations under The Shops at Rockvale Mortgage Loan documents have been repaid in full;

● with regard to clause (ii), the default or event of default has been cured and no other default or event of default has occurred and is continuing;

● with regard to clause (iii), the DSCR being at least 1.25x for two consecutive calendar quarters; or

● with regard to clause (iv), the Trigger Lease Sweep Period has ended.

A "Trigger Lease Sweep Period" will commence upon the occurrence of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 earlier of (a) the date that is six months prior to the end of any lease which covers 20,000
 or more rentable square feet (a "Trigger Lease") (including any renewal terms)
 at The Shops at Rockvale Property or (b) the date the tenant of such lease actually gives
 notice (whether actual or constructive) of its intention not to renew or extend;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 date required under a Trigger Lease by which the tenant under such lease is required to give
 notice of its exercise of a renewal option thereunder (and such renewal has not been so exercised)
 or the date that such tenant gives notice of its intention not to renew or extend its lease;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) any
 Trigger Lease (or any material portion thereof) is surrendered, cancelled or terminated prior
 to its then current expiration date or any tenant under such lease gives notice (whether
 actual or constructive) of its intention to terminate, surrender or cancel its lease (or
 any material portion thereof);

&nbsp;&nbsp;&nbsp;&nbsp;(iv) any
 tenant under a Trigger Lease (a) subleases 25% or more of its premises; or (b) discontinues
 its business in 25% or more of its premises ("goes dark") or gives notice (whether
 actual or constructive) that it intends to do the same;

&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 occurrence and continuance (beyond any applicable notice and cure periods) of a default under
 any Trigger Lease by the tenant under such lease; or

&nbsp;&nbsp;&nbsp;&nbsp;(vi) the
 occurrence of an insolvency or bankruptcy proceeding, among other things by any tenant under
 a Trigger Lease, its parent company or the lease guarantor under a Trigger Lease, as described
 in The Shops at Rockvale Mortgage Loan documents (a "Trigger Tenant Insolvency Proceeding").

A Trigger Lease Sweep Period will end upon the earlier to occur of (y) the determination by the lender that sufficient excess cash has been reserved to pay for all anticipated expenses in connection with the re-leasing of the space under the applicable leases that gave rise to the subject Trigger Lease Sweep Period, including brokerage commissions and tenant improvements, and any anticipated shortfalls of payments required thereunder during any period of time that rents are insufficient as a result of down-time or free rent periods, or (z) the occurrence of any of the following:

● with regard to clauses (i), (ii), (iii) or (iv), the earlier to occur of (A) the date on which the tenant under a Trigger Lease irrevocably exercises its renewal or extension option (or otherwise enters into an extension agreement with the borrower and acceptable to the lender) with respect to all of the space demised under its Trigger Lease, and in the lender's judgement, sufficient excess cash has been reserved (during the continuance of the subject Trigger Lease Sweep Period) to pay for all anticipated approved trigger lease leasing expenses for such Trigger Lease and any other anticipated expenses in connection with such renewal or extension, or (B) the date on which all of the space demised under a Trigger Lease (or portion thereof) that gave rise to the Trigger Lease Sweep Period has been fully leased pursuant to a replacement lease or replacement leases approved by the lender, and entered into in accordance with The Shops at Rockvale Mortgage Loan documents, and all approved trigger lease leasing expenses (and any other expenses in connection with the re-tenanting of such space) have been paid in full;

● with regard to clause (v), the subject tenant default has been cured, and no other tenant default has occurred for a period of six consecutive months following such cure; or

● with respect to clause (vi), if the applicable Trigger Tenant Insolvency Proceeding has terminated and the applicable Trigger Lease has been affirmed, assumed or assigned in a manner reasonably satisfactory to the lender.

***Terrorism Insurance*.** The Shops at Rockvale Mortgage Loan documents require that the "all risk" insurance policy required to be maintained by the borrower provides coverage for terrorism in an amount equal to the full replacement cost of The Shops at Rockvale Property, as well as business interruption insurance covering no less than the 12-month period following the occurrence of a casualty event, together with a six-month extended period of indemnity. See "*Risk Factors—Risks Relating to the Mortgage Loans—Terrorism Insurance May Not Be Available for All Mortgaged Properties*" in the prospectus.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – Suburban | &nbsp;&nbsp;Loan #8 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$27600000 |
| &nbsp;&nbsp;101 West Louis Henna Boulevard | &nbsp;&nbsp;**Frontera Crossing** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;62.0% |
| &nbsp;&nbsp;Austin, TX 78728 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.49x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;12.8% |

---

![](n5926ts_img025.jpg)

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – Suburban | &nbsp;&nbsp;Loan #8 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$27600000 |
| &nbsp;&nbsp;101 West Louis Henna Boulevard | &nbsp;&nbsp;**Frontera Crossing** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;62.0% |
| &nbsp;&nbsp;Austin, TX 78728 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.49x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;12.8% |

---

![](n5926ts_img026.jpg)

---

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

---

**Mortgage Loan No. 8 – Frontera Crossing**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| **Mortgage Loan Seller:** | **Mortgage Loan Seller:** | AREF2 | AREF2 | **Single Asset/Portfolio:** | Single Asset |
| **Credit Assessment (Fitch/Moody's/MDBRS):** | **Credit Assessment (Fitch/Moody's/MDBRS):** | NR/NR/NR | NR/NR/NR | **Location:** | Austin, TX 78728 |
| **Original Balance:** | **Original Balance:** | $27600000 | $27600000 | **General Property Type:** | Office |
| **Cut-off Date Balance:** | **Cut-off Date Balance:** | $27600000 | $27600000 | **Detailed Property Type:** | Suburban |
| **% of Initial Pool Balance:** | **% of Initial Pool Balance:** | 5.1% | 5.1% | **Title Vesting:** | Fee |
| **Loan Purpose:** | **Loan Purpose:** | Refinance | Refinance | **Year Built/Renovated:** | 1984/2022 |
| **Borrower Sponsor:** | **Borrower Sponsor:** | FREP III Holdings, L.L.C. | FREP III Holdings, L.L.C. | **Size:** | 165,258 SF |
| **Guarantor:** | **Guarantor:** | FREP III Holdings, L.L.C. | FREP III Holdings, L.L.C. | **Cut-off Date Balance PSF:** | $167 |
| **Mortgage Rate:** | **Mortgage Rate:** | 7.3660% | 7.3660% | **Maturity Date Balance PSF:** | $167 |
| **Note Date:** | **Note Date:** | 4/22/2026 | 4/22/2026 | **Property Manager:** | Moore & Associates, Inc. |
| **Maturity Date:** | **Maturity Date:** | 5/6/2031 | 5/6/2031 |  |  |
| **Original Term to Maturity:** | **Original Term to Maturity:** | 60 months | 60 months | &nbsp;&nbsp;**Underwriting and Financial Information** | &nbsp;&nbsp;**Underwriting and Financial Information** |
| **Original Amortization Term:** | **Original Amortization Term:** | 0 months | 0 months | **UW NOI:** | $3532138 |
| **IO Period:** | **IO Period:** | 60 months | 60 months | **UW NCF** | $3069415 |
| **Seasoning:** | **Seasoning:** | 1 month | 1 month | **UW NOI Debt Yield:** | 12.8% |
| **Prepayment Provisions:** | **Prepayment Provisions:** | L(25),D(28),O(7) | L(25),D(28),O(7) | **UW NCF Debt Yield:** | 11.1% |
| **Lockbox/Cash Mgmt Status:** | **Lockbox/Cash Mgmt Status:** | Hard/In Place<sup>(1)</sup> | Hard/In Place<sup>(1)</sup> | **UW NOI Debt Yield at Maturity:** | 12.8% |
| **Additional Debt Type:** | **Additional Debt Type:** | NAP | NAP | **UW NCF DSCR:** | 1.49x |
| **Additional Debt Balance:** | **Additional Debt Balance:** | NAP | NAP | **Most Recent NOI<sup>(3)</sup>:** | $4,093,804 (2/28/2026 TTM) |
| **Future Debt Permitted (Type):** | **Future Debt Permitted (Type):** | No (NAP) | No (NAP) | **2<sup>nd</sup> Most Recent NOI<sup>(3)</sup>:** | $3,282,390 (12/31/2024) |
| &nbsp;&nbsp;**Reserves<sup>(2)</sup>** | &nbsp;&nbsp;**Reserves<sup>(2)</sup>** | &nbsp;&nbsp;**Reserves<sup>(2)</sup>** | &nbsp;&nbsp;**Reserves<sup>(2)</sup>** | **3<sup>rd</sup> Most Recent NOI:** | $3,062,466 (12/31/2023) |
| **<u>Type</u>** | **<u>Initial</u>** | **<u>Monthly</u>** | **<u>Cap</u>** | **Most Recent Occupancy<sup>(4)</sup>:** | 84.7% (3/1/2026) |
| **RE Taxes:** | $190567 | $38113 | NAP | **2<sup>nd</sup> Most Recent Occupancy<sup>(4)</sup>:** | 88.7% (12/31/2024) |
| **Insurance:** | $19438 | Springing | NAP | **3<sup>rd</sup> Most Recent Occupancy<sup>(4)</sup>:** | 83.8% (12/31/2023) |
| **Replacement Reserve:** | $0 | $4131 | NAP | **Appraised Value (as of)<sup>(5)</sup>:** | $44,500,000 (2/19/2026) |
| **TI/LC Reserve:** | $1000000 | $34429 | $2500000 | **Appraised Value PSF:** | $269 |
|  |  |  |  | **Cut-off Date LTV Ratio:** | 62.0% |
|  |  |  |  | **Maturity Date LTV Ratio:** | 62.0% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Sources and Uses** | **Sources and Uses** | **Sources and Uses** | **Sources and Uses** | **Sources and Uses** | **Sources and Uses** |
| **Sources** | **Proceeds** | **% of Total** | **Uses** | **Proceeds** | **% of Total** |
| Mortgage Loan Amount: | $27600000 | 95.9% | Loan Payoff: | $27005221 | 93.8% |
| Sponsor Equity: | $1189286 | 4.1% | Upfront Reserves: | $1210005 | 4.2% |
|  |  |  | Closing Costs: | $574060 | 2.0% |
| **Total Sources:** | **$28789286** | **100.0%** | **Total Uses:** | **$28789286** | **100.0%** |

---

(1) A Cash Management Period (as defined below) commenced at the origination of the Frontera Crossing Mortgage
Loan (as defined below) and will end when the TI/LC reserve balance is equal to $2,500,000 and the collective balance of the rollover
reserve and excess cash flow accumulated during a Cash Management Period (as defined below) is equal to $4,236,115, which amount may be
reduced as described in the Frontera Crossing Mortgage Loan documents.

(2) See *"Escrows and Reserves"* below.

(3) The increase from 2nd Most Recent NOI to Most Recent NOI is primarily attributable to the new and renewal
leasing of four tenants since 2025 accounting for approximately $1.3 million in underwritten base rent.

(4) Occupancies represent the average occupancy in each respective year, except for Most Recent Occupancy
which is as of the underwritten rent roll dated March 1, 2026.

(5) The Appraised Value includes $3,600,000 for excess land at the Frontera Crossing Property (as defined
below).

***The Mortgage Loan.*** The eighth largest mortgage loan (the "Frontera Crossing Mortgage Loan") is evidenced by a promissory note in the original principal balance of $27,600,000 and secured by the borrower's fee interest in a 165,258 square foot suburban office located in Austin, Texas (the "Frontera Crossing Property").

***The Borrower and the Borrower Sponsor.*** The borrower is Frontera Crossing LLC, a Delaware limited liability company and single purpose entity. The borrower sponsor and the non-recourse carveout guarantor is FREP III Holdings, L.L.C., an entity managed by Farallon Capital Management, L.L.C. Farallon Capital Management, L.L.C. is a San Francisco-based investment platform founded in 1986 by Thomas Steyer that pursues real estate, private equity, private credit, long/short equity, merger arbitrage, and risk arbitrage. Farallon Capital Management, L.L.C. has over 350 employees in seven offices across the United States, United Kingdom, Hong Kong, Japan, Singapore, and Brazil and currently has $44 billion in assets under management.

***The Property*.** The Frontera Crossing Property is a single four-story office building containing 165,258 square feet of net rentable area in Austin, Texas, approximately 16 miles north of downtown Austin. The Frontera Crossing Property is situated on an approximately 19.437-acre site, of which 5.521 acres is considered excess land. The Frontera Crossing Property was constructed in 1984 and most recently renovated in 2022. Since acquiring the Frontera Crossing Property in 2021, the borrower sponsor has invested over $3 million in capital expenditures, consisting of a full remodel of the lobby, a new amenity center, modernization of elevators, chiller replacement, and fire corridor improvements. Property amenities include controlled access, an on-site management office, a newly renovated tenant lounge and game room, and a newly renovated locker room with showers. The Frontera Crossing Property features 706 surface parking spaces, resulting in a parking ratio of approximately 4.27 spaces per 1,000 square feet and is above average for the market. The excess land tract includes 290 surface parking spaces.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – Suburban | &nbsp;&nbsp;Loan #8 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$27600000 |
| &nbsp;&nbsp;101 West Louis Henna Boulevard | &nbsp;&nbsp;**Frontera Crossing** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;62.0% |
| &nbsp;&nbsp;Austin, TX 78728 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.49x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;12.8% |

---

At acquisition in 2021, the Frontera Crossing Property was 77.0% occupied and the borrower sponsor successfully leased it up to 97.1% with 84.7% physical occupancy as of March 1, 2026. Since May 2023, the borrower sponsor has executed 119,201 square feet (72.1% of net rentable area) of new and renewal leases. The most recent occupancy of 84.7% excludes 20,440 square feet of space that is leased to tenants that are dark but continue to pay their contractual rents. Additionally, 59,513 square feet (36.0% of net rentable area) at the Frontera Crossing Property are occupied by five tenants under subleases from three prime tenants. See "*Major Tenants"* below.

***Major Tenants.***

*Celink (37,539 SF, 22.7% of NRA, 26.4% of underwritten base rent).* Celink, a private company founded in 1969 and headquartered in Lansing, Michigan, is a reverse mortgage servicer that manages loan portfolios and compliance for lenders across the United States. Celink has been a tenant at the Frontera Crossing Property since July 2019 when it commenced its initial lease for a period of 66 months. Shortly after commencement, the tenant expanded its space by an additional 16,977 square feet and extended the lease term through December 2027. Celink has no renewal or termination options.

Celink subleases its entire leased space to three subtenants, including (i) 16,977 square feet at $25.98 per square foot to Riot Platforms, Inc., (NASDAQ: RIOT) that operates Bitcoin mining facilities and develops data centers to support high-density computing, (ii) 8,440 square feet at $18.00 per square foot to WONIK IPS USA, Inc., a private semiconductor technology company that supplies advanced semiconductor equipment, specialty materials and process solutions to chip manufacturers and (iii) 12,122 square feet at $9.82 per square foot to BookedBy, Inc., a cloud-based business management and appointment-scheduling software company that is headquartered at the Frontera Crossing Property. The Celink subleases are co-terminus with the prime lease, which expires on December 31, 2027. None of the sublease tenants received any tenant improvement allowances.

*BGE, Inc. (35,715 SF, 21.6% of NRA, 25.1% of underwritten base rent).* BGE, Inc. ("BGE"), founded in 1975 and headquartered in Houston, Texas, is a privately-held civil engineering consulting firm with over 1,000 employees and 22 offices across six states. BGE provides services including civil engineering, environmental consulting, surveying, planning, and construction management for public and private infrastructure projects. BGE commenced its initial lease in April 2019 for a seven-year term and in March 2022 extended its lease to its current expiration in April 2029. BGE has one, five-year renewal option remaining and no termination options.

BGE is currently subleasing a portion of its space to Crossroads Utility Services, LLC ("Crossroads Utility"), a privately held utility operations company that provides full-service water and wastewater management solutions to municipal utility districts in Central Texas. Crossroads Utility currently subleases 9,781 square feet at a rate of $22.00 per square foot. The sublease is coterminous with the prime lease. Crossroads Utility did not receive any tenant improvement allowance as part of its sublease.

*Micron Technology, Inc. (17,072 SF, 10.3% of NRA, 12.1% of underwritten base rent).* Micron Technology, Inc. is a Boise, Idaho-based global semiconductor company (NASDAQ: MU) founded in 1978 that designs and manufactures memory and storage solutions used in computing, mobile, data center and artificial intelligence applications. Micron Technologies, Inc. has been a tenant at the Frontera Crossing Property since April 2015 and has since expanded its premises twice, increasing its footprint from 9,130 square feet to 17,072 square feet. In October 2021, Micron Technologies, Inc. renewed its lease through March 2028. Micron Technologies, Inc. has one, five year renewal option remaining and no termination options.

The following table presents certain information relating to the tenancy at the Frontera Crossing Property:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Retail Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Retail Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Retail Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Retail Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Retail Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Retail Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Retail Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Retail Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Retail Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Retail Tenant Summary<sup>(1)</sup>** |
| &nbsp;&nbsp;**Tenant Name** | &nbsp;&nbsp;**Credit Rating (Fitch/Moody's/S&P)<sup>(2)</sup>** | &nbsp;&nbsp;**Tenant SF** | &nbsp;&nbsp;**% of Total SF** | &nbsp;&nbsp;**Annual UW Rent** | &nbsp;&nbsp;**% of Total Annual UW Rent** | &nbsp;&nbsp;**Annual UW Rent PSF** | &nbsp;&nbsp;**Lease Expiration** | &nbsp;&nbsp;**Term. Option (Y/N)** | &nbsp;&nbsp;**Renewal Options** |
| &nbsp;&nbsp;Celink<sup>(3)</sup> | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;37539 | &nbsp;&nbsp;22.7% | &nbsp;&nbsp;$976014 | &nbsp;&nbsp;26.4% | &nbsp;&nbsp;$26.00 | &nbsp;&nbsp;12/31/2027 | &nbsp;&nbsp;No |  |
| &nbsp;&nbsp;BGE, Inc. | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;35715 | &nbsp;&nbsp;21.6% | &nbsp;&nbsp;$928590 | &nbsp;&nbsp;25.1% | &nbsp;&nbsp;$26.00 | &nbsp;&nbsp;4/30/2029 | &nbsp;&nbsp;No | &nbsp;&nbsp;1 x 5 yr |
| &nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;BBB+/Baa2/BBB | &nbsp;&nbsp;17072 | &nbsp;&nbsp;10.3% | &nbsp;&nbsp;$447177 | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;$26.19 | &nbsp;&nbsp;3/31/2028 | &nbsp;&nbsp;No | &nbsp;&nbsp;1 x 5 yr |
| &nbsp;&nbsp;US Marine Corps (USMC) | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;12957 | &nbsp;&nbsp;7.8% | &nbsp;&nbsp;$390524 | &nbsp;&nbsp;10.5% | &nbsp;&nbsp;$30.14 | &nbsp;&nbsp;4/22/2030 | &nbsp;&nbsp;Yes<sup>(5)</sup> |  |
| &nbsp;&nbsp;Aspen University<sup>(4)</sup> | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;12193 | &nbsp;&nbsp;7.4% | &nbsp;&nbsp;$323114 | &nbsp;&nbsp;8.7% | &nbsp;&nbsp;$26.50 | &nbsp;&nbsp;10/31/2028 | &nbsp;&nbsp;No | &nbsp;&nbsp;2 x 5 yr |
| &nbsp;&nbsp;**Subtotal/Wtd. Avg.** |  | &nbsp;&nbsp;**115476** | &nbsp;&nbsp;**69.9%** | &nbsp;&nbsp;**$3065420** | &nbsp;&nbsp;**82.8%** | &nbsp;&nbsp;**$26.55** |  |  |  |
| Other Tenants |  | 24469 | 14.8% | $636597 | 17.2%<br>| $26.02 |  |  |  |
| &nbsp;&nbsp;**Total Occupied Space** |  | &nbsp;&nbsp;**139945** | &nbsp;&nbsp;**84.7%** | &nbsp;&nbsp; **$3702016** <br>| &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp; **$26.45** <br>|  |  |  |
| Vacant Space |  | 25313 | 15.3% |  |  |  |  |  |  |
| &nbsp;&nbsp;**Total/Wtd. Avg.** |  | &nbsp;&nbsp;**165258** | &nbsp;&nbsp;**100.0%** |  |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Information is based on the underwritten rent roll dated March 1, 2026, with rent steps taken through
June 2027.

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

&nbsp;&nbsp;&nbsp;&nbsp;(3) Celink currently subleases all of its space to three subtenants.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Aspen University currently subleases 12,193 square feet of its total 22,073 square foot leased space to
Galen Health Institutes. The remaining 9,880 square feet of space is currently dark and is underwritten as vacant.

&nbsp;&nbsp;&nbsp;&nbsp;(5) If sufficient funds are not appropriated by the United States Government, the United States Government
may terminate the lease of the US Marine Corps at any time by providing no less than 180 days prior written notice to the landlord.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – Suburban | &nbsp;&nbsp;Loan #8 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$27600000 |
| &nbsp;&nbsp;101 West Louis Henna Boulevard | &nbsp;&nbsp;**Frontera Crossing** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;62.0% |
| &nbsp;&nbsp;Austin, TX 78728 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.49x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;12.8% |

---

The following table presents certain information with respect to the lease rollover at the Frontera Crossing Property:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** |
| &nbsp;&nbsp;**Year** | &nbsp;&nbsp;**# of Leases Rolling** | &nbsp;&nbsp;**SF Rolling** | &nbsp;&nbsp;**Approx. % of SF Rolling** | &nbsp;&nbsp;**Approx. Cumulative % of SF Rolling** | &nbsp;&nbsp;**Total UW Rent Rolling** | &nbsp;&nbsp;**Approx. % of Total UW Rent Rolling** | &nbsp;&nbsp;**Approx. Cumulative % of Total UW Rent Rolling** | &nbsp;&nbsp;**UW Rent PSF Rolling** |
| &nbsp;&nbsp;2026/MTM | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2027 | &nbsp;&nbsp;1 | &nbsp;&nbsp;37539 | &nbsp;&nbsp;23.0% | &nbsp;&nbsp;23.0% | &nbsp;&nbsp;$976014 | &nbsp;&nbsp;26.4% | &nbsp;&nbsp;26.4% | &nbsp;&nbsp;$26.00 |
| &nbsp;&nbsp;2028 | &nbsp;&nbsp;3 | &nbsp;&nbsp;40171 | &nbsp;&nbsp;24.6% | &nbsp;&nbsp;47.6% | &nbsp;&nbsp;$1086949 | &nbsp;&nbsp;29.4% | &nbsp;&nbsp;55.7% | &nbsp;&nbsp;$27.06 |
| &nbsp;&nbsp;2029 | &nbsp;&nbsp;2 | &nbsp;&nbsp;45094 | &nbsp;&nbsp;27.6% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;$1189932 | &nbsp;&nbsp;32.1% | &nbsp;&nbsp;87.9% | &nbsp;&nbsp;$26.39 |
| &nbsp;&nbsp;2030 | &nbsp;&nbsp;2 | &nbsp;&nbsp;15102 | &nbsp;&nbsp;9.3% | &nbsp;&nbsp;84.5% | &nbsp;&nbsp;$449121 | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$29.74 |
| &nbsp;&nbsp;2031 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;84.5% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2032 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;84.5% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2033 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;84.5% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2034 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;84.5% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2035 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;84.5% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2036 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;84.5% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2037 & Thereafter | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;84.5% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;Vacant | &nbsp;&nbsp;0 | &nbsp;&nbsp;25313 | &nbsp;&nbsp;15.5% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;**Total/Wtd. Avg.** | &nbsp;&nbsp;**8** | &nbsp;&nbsp;**163219<sup>(2)</sup>** | &nbsp;&nbsp;**100.0%** |  | &nbsp;&nbsp;**$3702016** | &nbsp;&nbsp;**100.0%** |  | &nbsp;&nbsp;**$26.84<sup>(3)</sup>** |

---

(1) Information is based on the underwritten rent roll dated March 1, 2026, with rent steps taken through June 2027.

(2) Total SF Rolling is exclusive of a 2,039 SF Amenity Center that is not under a lease.

(3) Weighted average UW Rent PSF Rolling excludes vacant space and Amenity Center SF.

 ****

***The Market.***

The Frontera Crossing Property is located in Austin, Texas, approximately 16 miles north of downtown Austin. Primary access to the Frontera Crossing Property is provided by Interstate 35, which provides direct access to downtown Austin and the greater metropolitan area, and U.S. Highway 45. The Frontera Crossing Property is located within a major industrial and commercial node of the surrounding area, featuring several industrial / distribution centers as well as large retail centers including Walmart, Target, H-E-B, Lowe's, Home Depot and Sam's. The Texas Capitol, The University of Texas at Austin, Dell Medical Center, St. David's Round Rock Medical Center and Austin-Bergstrom International Airport are an approximately 40-minute drive from the Frontera Crossing Property, while Austin Executive Airport is 20 minutes away. The largest employers in the Austin metropolitan area include H-E-B, Tesla, Dell, St. David's Healthcare, Ascension, Amazon, and Apple.

According to the appraisal, the 2025 estimated population within a one-, three- and five-mile radius of the Frontera Crossing Property was 7,802, 92,189 and 273,584, respectively, and the 2025 estimated average household income within the same radii was approximately $94,725, $110,680 and $127,748, respectively.

According to the appraisal, the Frontera Crossing Property is located in the North/Domain submarket within the Austin-Round Rock-San Marcos, TX office market. As of the fourth quarter of 2025, the North/Domain office submarket had an inventory of 10.9 million square feet of office space, with an occupancy rate of 86.8% and an average asking rent of $46.65 per square foot.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Market Rent Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Market Rent Summary<sup>(1)</sup>** |
| &nbsp;&nbsp;Market Rent (PSF per Year) | &nbsp;&nbsp;$26.50 |
| &nbsp;&nbsp;Lease Term (Years) | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;Lease Type (Reimbursements) | &nbsp;&nbsp;Net |
| &nbsp;&nbsp;Rent Increase Projection (per Year) | &nbsp;&nbsp;3% per annum |
| &nbsp;&nbsp;Tenant Improvements (New Tenant) (PSF) | &nbsp;&nbsp;$40.00 |
| &nbsp;&nbsp;Tenant Improvements (Renewal) (PSF) | &nbsp;&nbsp;$5.00 |

---

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

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – Suburban | &nbsp;&nbsp;Loan #8 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$27600000 |
| &nbsp;&nbsp;101 West Louis Henna Boulevard | &nbsp;&nbsp;**Frontera Crossing** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;62.0% |
| &nbsp;&nbsp;Austin, TX 78728 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.49x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;12.8% |

---

The following table presents recent leasing data at comparable retail properties with respect to the Frontera Crossing Property:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Comparable Retail Leases<sup>(1)</sup>** | **Comparable Retail Leases<sup>(1)</sup>** | **Comparable Retail Leases<sup>(1)</sup>** | **Comparable Retail Leases<sup>(1)</sup>** | **Comparable Retail Leases<sup>(1)</sup>** | **Comparable Retail Leases<sup>(1)</sup>** | **Comparable Retail Leases<sup>(1)</sup>** | **Comparable Retail Leases<sup>(1)</sup>** |
| **Property Name/Location** | **Year Built/ Renovated** | **Total GLA (SF)** | **Tenant** | **Tenant Size (SF)** | **Lease Start Date** | **Lease Term (months)** | **Annual Base Rent PSF** |
| &nbsp;&nbsp; **Frontera Crossing**<br> **101 West Louis Henna Boulevard**<br> **Austin, TX** | &nbsp;&nbsp;**1984/2022** | &nbsp;&nbsp;**165258<sup>(2)</sup>** | &nbsp;&nbsp;**BGE, Inc.<sup>(2)</sup>** | &nbsp;&nbsp;**35715<sup>(2)</sup>** | &nbsp;&nbsp;**May-26<sup>(2)</sup>** | &nbsp;&nbsp;**36<sup>(2)</sup>** | &nbsp;&nbsp;**$26.00 <sup>(2)</sup>** |
| &nbsp;&nbsp; The Summit at La Frontera<br> 810 Hester's Crossing<br> Round Rock, TX | &nbsp;&nbsp;2001/NAP | &nbsp;&nbsp;87261 | &nbsp;&nbsp;NAV | &nbsp;&nbsp;6065 | &nbsp;&nbsp;December-25 | &nbsp;&nbsp;66 | &nbsp;&nbsp;$28.50 |
| &nbsp;&nbsp; Crossings at Lakeline<br> 11001 Lakeline Boulevard<br> Austin, TX | &nbsp;&nbsp;2007/NAP | &nbsp;&nbsp;232773 | &nbsp;&nbsp;Pulte Homes | &nbsp;&nbsp;28715 | &nbsp;&nbsp;July-26 | &nbsp;&nbsp;108 | &nbsp;&nbsp;$25.50 |
| &nbsp;&nbsp; Pecan Park I<br> 10800 Pecan Park Boulevard<br> Austin, TX<br>| &nbsp;&nbsp;2009/NAP | &nbsp;&nbsp;136501 | &nbsp;&nbsp;You're My Boy Blue | &nbsp;&nbsp;2772 | &nbsp;&nbsp;November-25 | &nbsp;&nbsp;63 | &nbsp;&nbsp;$29.00 |
| &nbsp;&nbsp; Amber Oaks<br> 9301-9601 Amberglen Boulevard<br> Austin, TX | &nbsp;&nbsp;1999/2007 | &nbsp;&nbsp;648301 | &nbsp;&nbsp;CompuGroup Medical | &nbsp;&nbsp;3160 | &nbsp;&nbsp;July-25 | &nbsp;&nbsp;65 | &nbsp;&nbsp;$25.50 |
| &nbsp;&nbsp; Paloma Ridge \| Building A, B,C and Lot 4<br> 13620 Ranch Road 620 North<br> Austin, TX | &nbsp;&nbsp;2015/NAP | &nbsp;&nbsp;377044 | &nbsp;&nbsp;TriPointe Homes | &nbsp;&nbsp;4377 | &nbsp;&nbsp;March-24 | &nbsp;&nbsp;66 | &nbsp;&nbsp;$28.50 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Source: *Appraisal*, unless otherwise indicated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Information is based on the underwritten rent roll dated March 1, 2026, with rent steps taken through June 2027.

***Appraisal.*** The appraisal concluded to an "as-is" value for the Frontera Crossing Property of $44,500,000 as of February 19, 2026.

***Environmental Matters***. According to the Phase I environmental site assessment dated February 19, 2026, there was no evidence of any recognized environmental conditions at the Frontera Crossing Property.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – Suburban | &nbsp;&nbsp;Loan #8 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$27600000 |
| &nbsp;&nbsp;101 West Louis Henna Boulevard | &nbsp;&nbsp;**Frontera Crossing** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;62.0% |
| &nbsp;&nbsp;Austin, TX 78728 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.49x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;12.8% |

---

***Operating History and Underwritten Net Cash Flow.*** The following table presents certain information relating to the historical operating performance and underwritten net cash flow at the Frontera Crossing Property:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Cash Flow Analysis** | **Cash Flow Analysis** | **Cash Flow Analysis** | **Cash Flow Analysis** | **Cash Flow Analysis** | **Cash Flow Analysis** |
|  | **2023** | **2024** | **2/28/2026<br> TTM** | **UW** | **UW PSF** |
| Gross Potential Rent<sup>(1)</sup> | $3278899 | $3605080 | $4016688 | $4372811 | $26.46 |
| Recovery Income | $1743848 | $1814908 | $1945541 | $1711192 | $10.35 |
| Other Income<sup>(2)</sup> | $86156 | $84829 | $89670 | $89670 | $0.54 |
| Vacancy and Concessions | ($182443) | ($345743) | $0 | ($670795) | ($4.06) |
| **Effective Gross Income** | **$4926460** | **$5159075** | **$6051899** | **$5502878** | **$33.30** |
| Taxes | $570483 | $592481 | $439683 | $457361 | $2.77 |
| Insurance | $67833 | $79816 | $91387 | $77752 | $0.47 |
| Other Operating Expenses | $1225678 | $1204388 | $1427025 | $1435628 | $8.69 |
| **Total Operating Expenses** | **$1863994** | **$1876685** | **$1958095** | **$1970740** | **$11.93** |
| **Net Operating Income** | **$3062466** | **$3282390** | **$4093804** | **$3532138** | **$21.37** |
| Capital Expenditures | $0 | $0 | $0 | $49577 | $0.30 |
| TI/LC | $0 | $0 | $0 | $413145 | $2.50 |
| **Net Cash Flow** | **$3062466** | **$3282390** | **$4093804** | **$3069415** | **$18.57** |
| **Occupancy %<sup>(3)</sup>** | **83.8%** | **88.7%** | **84.7%** | **89.0%** |  |
| **NOI DSCR** | **1.49x** | **1.59x** | **1.99x** | **1.71x** |  |
| **NCF DSCR** | **1.49x** | **1.59x** | **1.99x** | **1.49x** |  |
| **NOI Debt Yield** | **11.1%** | **11.9%** | **14.8%** | **12.8%** |  |
| **NCF Debt Yield** | **11.1%** | **11.9%** | **14.8%** | **11.1%** |  |

---

(1) Gross Potential Rent is based on the underwritten rent roll dated March 1, 2026,
with rent steps taken through June 2027.

(2) Other Income is comprised of telecom income and other miscellaneous fees.

(3) Occupancy % represents the average physical occupancy in each respective year,
except for 2/28/2026 TTM Occupancy %, which is as of the rent roll date of March 1, 2026. UW Occupancy % represents underwritten economic
occupancy and considers dark spaces as vacant.

 ****

***Escrows and Reserves.***

*Real Estate Taxes* – The Frontera Crossing Mortgage Loan documents require an upfront reserve of approximately $190,567 and an ongoing monthly deposit in an amount equal to 1/12th of the estimated annual property taxes, initially estimated at approximately $38,113.

*Insurance* – The Frontera Crossing Mortgage Loan documents require an upfront reserve of approximately $19,438 and an ongoing monthly deposit in an amount equal to 1/12th of the estimated annual insurance premium, initially estimated at approximately $6,479. Notwithstanding the foregoing, the borrower is not required to make such deposit if an acceptable blanket policy is in place. An acceptable blanket policy was in place at origination of the Frontera Crossing Mortgage Loan.

*Replacement Reserve* – The Frontera Crossing Mortgage Loan documents require an ongoing monthly deposit in an amount equal to approximately $4,131 for replacement reserves.

*TI/LC Reserve* – The Frontera Crossing Mortgage Loan documents require an upfront reserve of $1,000,000 and an ongoing monthly deposit in an amount equal to $2.50 per square foot, or approximately $34,429 for future tenant improvements and leasing commissions, capped at $2,500,000.

***Lockbox and Cash Management*.** The Frontera Crossing Mortgage Loan is structured with a hard lockbox and in-place cash management. The Frontera Crossing Mortgage Loan documents require the borrower to direct all rents to be directly deposited into the lockbox account. During a Cash Management Period (as defined below), all funds in the lockbox account are required to be swept daily into a cash management account controlled by the lender and applied in accordance with the Frontera Crossing Mortgage Loan documents. Once a Cash Management Period is no longer continuing, all funds in the lockbox account are required to be swept daily to an account designated by the borrower.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – Suburban | &nbsp;&nbsp;Loan #8 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$27600000 |
| &nbsp;&nbsp;101 West Louis Henna Boulevard | &nbsp;&nbsp;**Frontera Crossing** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;62.0% |
| &nbsp;&nbsp;Austin, TX 78728 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.49x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;12.8% |

---

A "Cash Management Period" commenced at the origination of the Frontera Crossing Mortgage Loan and will end upon (a) the Frontera Crossing Mortgage Loan and all other obligations under the Frontera Crossing Mortgage Loan documents being repaid in full, or (b) the lender giving notice that the Cash Management Period may end, which the lender will only be required to give if the TI/LC reserve balance is equal to $2,500,000 and the collective balance of the TI/LC reserve and the excess cash flow accumulated during a Cash Management Period is equal to $4,236,115, which amount may be reduced as described in the Frontera Crossing Mortgage Loan documents. Following the end of the initial Cash Management Period, a Cash Management Period will commence upon any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 stated maturity date;

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

&nbsp;&nbsp;&nbsp;&nbsp;(iii) on
 the last day of any calendar quarter, the debt service coverage ratio (based on the trailing
 12-month period as calculated by the lender) falling below 1.45x; or

&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 commencement of a Lease Sweep Period (as defined below).

A Cash Management Period, other than the initial Cash Management Period, will end upon the occurrence of the following:

● with regard to clause (i), the Frontera Crossing Mortgage Loan and all other obligations under the Frontera Crossing Mortgage Loan documents have been repaid in full;

● with regard to clause (ii), the cure of such default or event of default and no other default or event of default has occurred and is continuing;

● with regard to clause (iii), the debt service coverage ratio (based on the trailing 12-month period as calculated by the lender) is at least 1.45x for two consecutive calendar quarters; or

● with regard to clause (iv), the cure of such Lease Sweep Period (as defined below).

A "Lease Sweep Period" will commence upon the earliest of the following:

&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 date that is twelve months prior to the end of the lease of Celink, BGE, or any current or
 future lease which covers 25,000 or more of the rentable square footage at the Frontera Crossing
 Property (a "Lease Sweep Tenant"), including any renewal terms, and the applicable
 tenant has not renewed its lease;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 date required under a lease by which the applicable Lease Sweep Tenant is required to give
 notice of its exercise of a renewal option, and such renewal has not been exercised;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) any
 lease is surrendered, cancelled or terminated prior to its then current expiration date by
 a Lease Sweep Tenant, or any Lease Sweep Tenant gives notice of its intention to terminate,
 surrender or cancel its lease (or any material portion thereof);

&nbsp;&nbsp;&nbsp;&nbsp;(iv) any
 Lease Sweep Tenant discontinues its business in any material portion of its premises ("goes
 dark") excluding (y) any temporary discontinuance of its business (A) for a period
 not to exceed 30 consecutive days and not more than 90 days in any 12-month period so long
 as the related Lease Sweep Tenant is otherwise in compliance with its lease, (B) caused solely
 by casualty or condemnation or renovations pursuant to the terms of its lease or (C) caused
 by force majeure and (z) the sublease of any portion of its space to one or more subtenants
 who are actively conducting business in their premises and the Lease Sweep Tenant remains
 liable for the payment of rent under its lease and are otherwise in compliance with the terms
 contained therein;

&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 occurrence and continuance (beyond any applicable notice and cure periods) of a monetary
 or material non-monetary default by a Lease Sweep Tenant under its lease; or

&nbsp;&nbsp;&nbsp;&nbsp;(vi) the
 occurrence of an insolvency or bankruptcy proceeding by any Lease Sweep Tenant, its parent
 company or the lease guarantor under a Lease Sweep Tenant's lease, as described in
 the Frontera Crossing Mortgage Loan documents (a "Trigger Tenant Insolvency Proceeding").

A Lease Sweep Period will end upon the earliest of the following:

● with regard to clauses (i), (ii), (iii) and (iv), the earliest of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o if
 Celink is the Lease Sweep Tenant, the collective balance of the rollover reserve and the
 excess cash flow accumulated during a Cash Management Period is at least $4,236,115, which
 amount may be reduced as described in the Frontera Crossing Mortgage Loan documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o if
 BGE is the Lease Sweep Tenant, the collective balance of the rollover and special rollover
 reserves is at least $2,931,110, which amount may be reduced as described in the Frontera
 Crossing Mortgage Loan documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the
 lender determines sufficient funds have accumulated in the special rollover reserve to pay
 for all expenses related to re-leasing the applicable space, including brokerage commissions
 and tenant shortfalls, and any anticipated shortfalls of payments required under the Frontera
 Crossing Mortgage Loan documents as a result of down-time or free rent periods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the
 date on which the Lease Sweep Tenant exercises its renewal or extension option (or otherwise
 enters into an extension with the borrower and acceptable to the lender) with respect to
 all of the space under its lease and in the lender's judgment, sufficient funds have
 accumulated in the special rollover reserve for any anticipated expenses related to such
 renewal or extension; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the
 date on which all space under the applicable lease has been fully leased to a replacement
 lease(s), has been entered into in accordance with the Frontera Crossing Mortgage Loan documents
 and all expenses related to such re-leasing have been paid in full;

● with regard to clause (v), the tenant default has been cured, and no other default has occurred for a period of six consecutive months following such cure; or

● with respect to clause (vi), if the applicable Trigger Tenant Insolvency Proceeding has terminated and the applicable lease has been affirmed, assumed or assigned in a manner reasonably satisfactory to the lender.

***Terrorism Insurance.*** The Frontera Crossing Mortgage Loan documents require that the "all risk" insurance policy required to be maintained by the borrower provides coverage for terrorism in an amount equal to the full replacement cost of the Frontera Crossing Property, as well as business interruption insurance covering no less than the 18-month period following the occurrence of a casualty event, together with a six-month extended period of indemnity. See "*Risk Factors—Risks Relating to the Mortgage Loans—Terrorism Insurance May Not Be Available for All Mortgaged Properties*" in the prospectus.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 94 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – Suburban | &nbsp;&nbsp;Loan #9 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$25000000 |
| &nbsp;&nbsp;20400 & 20450 Stevens Creek Boulevard | &nbsp;&nbsp;**The Towers at Cupertino City Center** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;63.6% |
| &nbsp;&nbsp;Cupertino, CA 95014 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.69x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;11.3% |

---

![](n5926ts_img027.jpg)

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 95 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – Suburban | &nbsp;&nbsp;Loan #9 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$25000000 |
| &nbsp;&nbsp;20400 & 20450 Stevens Creek Boulevard | &nbsp;&nbsp;**The Towers at Cupertino City Center** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;63.6% |
| &nbsp;&nbsp;Cupertino, CA 95014 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.69x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;11.3% |

---

![](n5926ts_img028.jpg)

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 96 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – Suburban | &nbsp;&nbsp;Loan #9 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$25000000 |
| &nbsp;&nbsp;20400 & 20450 Stevens Creek Boulevard | &nbsp;&nbsp;**The Towers at Cupertino City Center** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;63.6% |
| &nbsp;&nbsp;Cupertino, CA 95014 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.69x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;11.3% |

---

![](n5926ts_img029.jpg)

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 97 |

---

**Mortgage Loan No. 9 – The Towers at Cupertino City Center**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| **Mortgage Loan Seller:** | **Mortgage Loan Seller:** | WFB | WFB | **Single Asset/Portfolio:** | Single Asset |
| **Credit Assessment (Fitch/Moody's/MDBRS):** | **Credit Assessment (Fitch/Moody's/MDBRS):** | NR/NR/NR | NR/NR/NR | **Location:** | Cupertino, CA 95014 |
| **Original Balance<sup>(1)</sup>:** | **Original Balance<sup>(1)</sup>:** | $25000000 | $25000000 | **General Property Type:** | Office |
| **Cut-off Date Balance<sup>(1)</sup>:** | **Cut-off Date Balance<sup>(1)</sup>:** | $25000000 | $25000000 | **Detailed Property Type:** | Suburban |
| **% of Initial Pool Balance:** | **% of Initial Pool Balance:** | 4.6% | 4.6% | **Title Vesting:** | Fee |
| **Loan Purpose:** | **Loan Purpose:** | Refinance | Refinance | **Year Built/Renovated:** | 1987/2024 |
| **Borrower Sponsor:** | **Borrower Sponsor:** | Prometheus Real Estate Group, Inc. | Prometheus Real Estate Group, Inc. | **Size:** | 357,838 SF |
| **Guarantor:** | **Guarantor:** | DNS Real Estate, LLC | DNS Real Estate, LLC | **Cut-off Date Balance PSF<sup>(1)</sup>:** | $405 |
| **Mortgage Rate:** | **Mortgage Rate:** | 6.4420% | 6.4420% | **Maturity Date Balance PSF<sup>(1)</sup>:** | $405 |
| **Note Date:** | **Note Date:** | 2/20/2026 | 2/20/2026 | **Property Manager:** | Prometheus Real Estate Group, Inc. (borrower-related) |
| **Maturity Date:** | **Maturity Date:** | 3/11/2031 | 3/11/2031 |  |  |
| **Term to Maturity:** | **Term to Maturity:** | 60 months | 60 months | &nbsp;&nbsp;**Underwriting and Financial Information** | &nbsp;&nbsp;**Underwriting and Financial Information** |
| **Amortization Term:** | **Amortization Term:** | 0 months | 0 months | **UW NOI:** | $16406214 |
| **IO Period:** | **IO Period:** | 60 months | 60 months | **UW NCF:** | $15997889 |
| **Seasoning:** | **Seasoning:** | 3 months | 3 months | **UW NOI Debt Yield<sup>(1)</sup>:** | 11.3% |
| **Prepayment Provisions<sup>(2)</sup>:** | **Prepayment Provisions<sup>(2)</sup>:** | L(27),D(31),O(2) | L(27),D(31),O(2) | **UW NCF Debt Yield<sup>(1)</sup>:** | 11.0% |
| **Lockbox/Cash Mgmt Status:** | **Lockbox/Cash Mgmt Status:** | Hard/Springing | Hard/Springing | **UW NOI Debt Yield at Maturity<sup>(1)</sup>:** | 11.3% |
| **Additional Debt Type<sup>(1)</sup>:** | **Additional Debt Type<sup>(1)</sup>:** | *Pari Passu* | *Pari Passu* | **UW NCF DSCR<sup>(1)</sup>:** | 1.69x |
| **Additional Debt Balance<sup>(1)</sup>:** | **Additional Debt Balance<sup>(1)</sup>:** | $120000000 | $120000000 | **Most Recent NOI:** | $16,942,082 (12/31/2025) |
| **Future Debt Permitted (Type):** | **Future Debt Permitted (Type):** | No (NAP) | No (NAP) | **2nd Most Recent NOI:** | $17,571,384 (12/31/2024) |
| &nbsp;&nbsp;**Reserves<sup>(3)</sup>** | &nbsp;&nbsp;**Reserves<sup>(3)</sup>** | &nbsp;&nbsp;**Reserves<sup>(3)</sup>** | &nbsp;&nbsp;**Reserves<sup>(3)</sup>** | **3rd Most Recent NOI:** | $15,854,039 (12/31/2023) |
| **<u>Type</u>** | &nbsp;&nbsp;**<u>Initial</u>** | **<u>Monthly</u>** | **<u>Cap</u>** | **Most Recent Occupancy:** | 89.8% (2/11/2026) |
| RE Taxes: | &nbsp;&nbsp;$273252 | $273252 | NAP | **2<sup>nd</sup> Most Recent Occupancy:** | 91.0% (12/31/2024) |
| Insurance: | &nbsp;&nbsp;$0 | Springing | NAP | **3<sup>rd</sup> Most Recent Occupancy:** | 95.8% (12/31/2023) |
| Replacement Reserve: | &nbsp;&nbsp;$171433 | $5962 | $214632 | **Appraised Value (as of):** | $228,000,000 (1/13/2026) |
| Leasing Reserve: | &nbsp;&nbsp;$2000000 | $59615 | $3000000 | **Appraised Value PSF:** | $637 |
| Existing TI/LC Reserve: | &nbsp;&nbsp;$3069418 | $0 | NAP | **Cut-off Date LTV Ratio<sup>(1)</sup>:** | 63.6% |
| Rent Concession Reserve: | &nbsp;&nbsp; $665801 | $0 | NAP | **Maturity Date LTV Ratio<sup>(1)</sup>:** | 63.6% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** |
| &nbsp;&nbsp;**Sources** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** | &nbsp;&nbsp;**Uses** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** |
| &nbsp;&nbsp;Whole Loan Amount<sup>(1)</sup>**:** | &nbsp;&nbsp;$145000000 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;Loan Payoff: | &nbsp;&nbsp;$117743428 | &nbsp;&nbsp;81.2% |
|  |  |  | &nbsp;&nbsp;Return of Equity: | &nbsp;&nbsp;$17663238 | &nbsp;&nbsp;12.2% |
|  |  |  | &nbsp;&nbsp;Upfront Reserves: | &nbsp;&nbsp;$6179904 | &nbsp;&nbsp;4.3% |
|  |  |  | &nbsp;&nbsp;Closing Costs: | &nbsp;&nbsp;$3413431 | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;**Total Sources:** | &nbsp;&nbsp;**$145000000** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses:** | &nbsp;&nbsp;**$145000000** | &nbsp;&nbsp;**100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Towers at Cupertino City Center Mortgage Loan (as defined below) is part of a whole loan evidenced
by six *pari passu* promissory notes with an aggregate original principal balance of $145,000,000. The information presented above
is based on The Towers at Cupertino City Center Whole Loan (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;(2) Defeasance of The Towers at Cupertino City Center Whole Loan is permitted at any time after the earlier
to occur of (a) the end of the two-year period commencing on the closing date of the securitization of the last promissory note representing
a portion of The Towers at Cupertino City Center Whole Loan to be securitized and (b) February 20, 2029. The assumed defeasance lockout
period of 27 payments is based on the anticipated closing date of the WFCM 2026-5C10 securitization in June 2026. The actual lockout period
may be longer.

&nbsp;&nbsp;&nbsp;&nbsp;(3) See "*Escrows and Reserves*" below.

***The Mortgage Loan.*** The ninth largest mortgage loan ("The Towers at Cupertino City Center Mortgage Loan") is part of a whole loan ("The Towers at Cupertino City Center Whole Loan") evidenced by six *pari passu* promissory notes with an aggregate original principal amount of $145,000,000. The Towers at Cupertino City Center Whole Loan is secured by the borrower's fee interest in a suburban office property totaling 357,838 SF located in Cupertino, California ("The Towers at Cupertino City Center Property").

The Towers at Cupertino City Center Whole Loan was originated by Wells Fargo Bank, National Association ("WFB"). The Towers at Cupertino City Center Mortgage Loan is evidenced by the non-controlling Note A-2-1-1 of The Towers at Cupertino City Center Whole Loan, with an original principal balance of $25,000,000. The Towers at Cupertino City Center Whole Loan will be serviced pursuant to the pooling and servicing agreement of the BANK5 2026-5YR22 transaction. See "*Description of the Mortgage Pool—The Whole Loans—The Non-Serviced Pari Passu Whole Loans*" and "*Pooling and Servicing Agreement—Servicing of the Non-Serviced Mortgage Loans*" in the prospectus.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 98 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – Suburban | &nbsp;&nbsp;Loan #9 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$25000000 |
| &nbsp;&nbsp;20400 & 20450 Stevens Creek Boulevard | &nbsp;&nbsp;**The Towers at Cupertino City Center** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;63.6% |
| &nbsp;&nbsp;Cupertino, CA 95014 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.69x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;11.3% |

---

The following table identifies the promissory notes that comprise The Towers at Cupertino City Center Whole Loan:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**The Towers at Cupertino City Center Whole Loan Summary** | &nbsp;&nbsp;**The Towers at Cupertino City Center Whole Loan Summary** | &nbsp;&nbsp;**The Towers at Cupertino City Center Whole Loan Summary** | &nbsp;&nbsp;**The Towers at Cupertino City Center Whole Loan Summary** | &nbsp;&nbsp;**The Towers at Cupertino City Center Whole Loan Summary** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Note** | **Original Balance** | &nbsp;&nbsp;**Cut-off Date Balance** | **Note Holder** | **Controlling Note** |
| &nbsp;&nbsp;&nbsp;&nbsp;A-1-1 | &nbsp;&nbsp;$60000000 | &nbsp;&nbsp;$60000000 | &nbsp;&nbsp;BANK5 2026-5YR22 | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;&nbsp;&nbsp;A-1-2 | &nbsp;&nbsp;$20000000 | &nbsp;&nbsp;$20000000 | &nbsp;&nbsp;BBCMS 2026-5C41 | &nbsp;&nbsp;No |
| &nbsp;&nbsp;&nbsp;&nbsp;A-1-3 | &nbsp;&nbsp;$20000000 | &nbsp;&nbsp;$20000000 | &nbsp;&nbsp;WFCM 2026-5C9 | &nbsp;&nbsp;No |
| &nbsp;&nbsp;&nbsp;&nbsp;**A-2-1-1** | &nbsp;&nbsp;**$25000000** | &nbsp;&nbsp;**$25000000** | &nbsp;&nbsp;**WFCM 2026-5C10** | &nbsp;&nbsp;**No** |
| &nbsp;&nbsp;&nbsp;&nbsp;A-2-1-2<sup>(1)</sup> | &nbsp;&nbsp;$15000000 | &nbsp;&nbsp;$15000000 | &nbsp;&nbsp;WFB | &nbsp;&nbsp;No |
| &nbsp;&nbsp;&nbsp;&nbsp;A-2-2 | &nbsp;&nbsp;$5000000 | &nbsp;&nbsp;$5000000 | &nbsp;&nbsp;WFCM 2026-5C9 | &nbsp;&nbsp;No |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;**$145000000** | &nbsp;&nbsp;**$145000000** |  |  |

---

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

 ****

***The Borrower and the Borrower Sponsor.*** The borrower is CCC Buildings, LP, a California limited partnership with one independent director. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of The Towers at Cupertino City Center Whole Loan. The borrower sponsor is Prometheus Real Estate Group, Inc. and the non-recourse carveout guarantor is DNS Real Estate, LLC.

Headquartered in San Mateo, California, Prometheus Real Estate Group, Inc. ("Prometheus") has focused on the acquisition, development, and management of high-quality residential, office and retail properties since its founding by Sanford Diller in 1965. Over more than six decades, Prometheus has grown to manage 13,600 apartments and over 25 office and retail properties, representing over one million SF, across the San Francisco Bay Area, Portland, Oregon and Seattle, Washington. Prometheus currently has 2,100 apartments in its development pipeline, and its portfolio spans 52 distinct neighborhoods.

***The Property.*** The Towers at Cupertino City Center Property is a Class A multi-tenant, suburban office property consisting of two, eight-story office buildings, each featuring a subterranean garage, totaling 357,838 SF, located in Cupertino, California. Built in 1987 and most recently renovated in 2024, The Towers at Cupertino City Center Property is constructed on an approximately 3.22-acre site and contains 1,102 parking spaces (approximately 3.1 spaces per 1,000 SF). As of February 11, 2026, The Towers at Cupertino City Center Property was 89.8% leased to 13 unique tenants and has a weighted-average remaining lease term of 4.1 years*.***

***Major Tenants.***

*Apple (121,351 SF; 33.9% of NRA; 34.7% of UW Rent)*. Apple is a public technology company headquartered in Cupertino, California, known for creating consumer electronics, software platforms, and digital services. Apple's ecosystem spans hardware (iPhone, Mac, iPad, Apple Watch, AirPods), software (iOS, macOS, watchOS), and services (Apple Music, iCloud, App Store, Apple TV+). Apple has been at The Towers at Cupertino City Center Property since 2014, has a lease expiration date in April 2032, has two, five-year renewal options and has an ongoing option to terminate up to two contiguous floors per calendar year, effective on April 30, 2030 and April 30, 2031, by delivering a notice at least 12 months prior to the effective date of such termination. The termination option requires Apple to pay a termination fee equal to three months of base rent, plus the unamortized portion of (i) leasing commissions, (ii) tenant improvement allowance, and (iii) amount of abated base rent with respect to the early termination space.

*Amazon (112,300 SF; 31.4% of NRA; 36.1% of UW Rent)*. Each of Amazon Web Services, Inc. (*72,461 SF; 20.2% of NRA; 25.0% of UW Rent*) ("Amazon AWS") and Amazon.com (*39,839 SF; 11.1% of NRA; 11.1% of UW Rent*) ("Amazon.com", and together with Amazon AWS, "Amazon") lease a space at The Towers at Cupertino City Center Property. Amazon AWS provides cloud computing services. Amazon AWS has been located at The Towers at Cupertino City Center Property since 2018 and has a lease expiration date of January 31, 2029, with two five-year renewal options and no termination option. Amazon.com has been located at The Towers at Cupertino City Center Property since 2007 and has a lease expiration date of April 30, 2027, with two five-year renewal options and no termination option.

*Morgan Stanley (22,775 SF; 6.4% of NRA; 8.1% of UW Rent).* Founded in 1935 and headquartered in New York City, Morgan Stanley is a global financial services firm employing over 80,000 people and operating across over 40 countries. Morgan Stanley has been located at The Towers at Cupertino City Center Property since 1998 and has a lease expiration date of February 28, 2033, with two, five-year renewal options and has the one time right to terminate its lease on November 30, 2030 by providing a notice prior to January 31, 2030 and subject to a termination fee of approximately $1,134,332.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 99 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – Suburban | &nbsp;&nbsp;Loan #9 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$25000000 |
| &nbsp;&nbsp;20400 & 20450 Stevens Creek Boulevard | &nbsp;&nbsp;**The Towers at Cupertino City Center** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;63.6% |
| &nbsp;&nbsp;Cupertino, CA 95014 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.69x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;11.3% |

---

The following table presents certain information relating to the tenancy at The Towers at Cupertino City Center Property:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** |
| &nbsp;&nbsp;**Tenant Name** | &nbsp;&nbsp;**Credit Rating (Moody's/ Fitch/S&P)<sup>(2)</sup>** | &nbsp;&nbsp;**Tenant SF** | &nbsp;&nbsp;**Approx. % of SF** | &nbsp;&nbsp;**Annual UW Rent** | &nbsp;&nbsp;**% of Total Annual UW Rent** | &nbsp;&nbsp;**Annual UW Rent PSF** | &nbsp;&nbsp;**Lease Exp.** | &nbsp;&nbsp;**Renewal Options** |
| &nbsp;&nbsp;**Major Tenants** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Apple | &nbsp;&nbsp;Aaa/NR/AA+ | &nbsp;&nbsp;121351 | &nbsp;&nbsp;33.9% | &nbsp;&nbsp;$5947662 | &nbsp;&nbsp;34.7% | &nbsp;&nbsp;$49.01 | &nbsp;&nbsp;4/30/2032 | &nbsp;&nbsp;2 x 5 Yr &nbsp;&nbsp;Y<sup>(3)</sup> |
| &nbsp;&nbsp;Amazon | &nbsp;&nbsp;A1/AA-/AA | &nbsp;&nbsp;112300 | &nbsp;&nbsp;31.4% | &nbsp;&nbsp;$6182671 | &nbsp;&nbsp;36.1% | &nbsp;&nbsp;$55.05 | &nbsp;&nbsp;Various<sup>(4)</sup> | &nbsp;&nbsp;Various<sup>(5)</sup> &nbsp;&nbsp;N |
| &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;A1/A+/A- | &nbsp;&nbsp;22775 | &nbsp;&nbsp;6.4% | &nbsp;&nbsp;$1386942 | &nbsp;&nbsp;8.1% | &nbsp;&nbsp;$60.90 | &nbsp;&nbsp;2/28/2033 | &nbsp;&nbsp;2 x 5 Yr &nbsp;&nbsp;Y<sup>(6)</sup> |
| &nbsp;&nbsp;Aptiv Services US, LLC | &nbsp;&nbsp;Baa2/BBB/BBB | &nbsp;&nbsp;14488 | &nbsp;&nbsp;4.0% | &nbsp;&nbsp;$752101 | &nbsp;&nbsp;4.4% | &nbsp;&nbsp;$51.91 | &nbsp;&nbsp;Various<sup>(7)</sup> | &nbsp;&nbsp;1 x 5 Yr &nbsp;&nbsp;N |
| &nbsp;&nbsp;Gridmatic | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp; 12096 | &nbsp;&nbsp; 3.4% | &nbsp;&nbsp; $657539 | &nbsp;&nbsp; 3.8% | &nbsp;&nbsp; $54.36 | &nbsp;&nbsp;12/31/2027 | &nbsp;&nbsp;1 x 3 Yr &nbsp;&nbsp;N |
| &nbsp;&nbsp;**Major Tenants Subtotal/Wtd. Avg.** |  | &nbsp;&nbsp;**283010** | &nbsp;&nbsp; **79.1%** | &nbsp;&nbsp;**$14926915** | &nbsp;&nbsp;**87.1%** | &nbsp;&nbsp;**$52.74** |  |  |
| &nbsp;&nbsp;Other Tenants |  | &nbsp;&nbsp; 38209 | &nbsp;&nbsp; 10.7% | &nbsp;&nbsp; $2203807 | &nbsp;&nbsp; 12.9% | &nbsp;&nbsp; $57.68 |  |  |
| &nbsp;&nbsp;**Occupied Subtotal/Wtd. Avg.** |  | &nbsp;&nbsp;**321219** | &nbsp;&nbsp;**89.8%** | &nbsp;&nbsp;**$17130722** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$53.33** |  |  |
| &nbsp;&nbsp;Vacant Space |  | &nbsp;&nbsp; 36619 | &nbsp;&nbsp; 10.2% |  |  |  |  |  |
| &nbsp;&nbsp;**Total/Wtd. Avg.** |  | &nbsp;&nbsp;**357838** | &nbsp;&nbsp;**100.0%** |  |  |  |  |  |

---

(1) Based on the underwritten rent roll dated February 11, 2026.

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

(3) Apple has an ongoing option to terminate up to two contiguous floors per calendar year, effective on April
30, 2030 and April 30, 2031, by delivering a notice at least 12 months prior to the effective date of such termination. Apple will be
required to pay a termination fee equal to three months of base rent, plus unamortized portion of (i) leasing commissions, (ii) tenant
improvement allowance, and (iii) amount of abated base rent with respect to the early termination space.

(4) Amazon has multiple leases, with the Amazon.com lease expiring April 30, 2027 (39,839 SF) and the Amazon
AWS lease expiring January 31, 2029 (72,461 SF).

(5) Amazon has two, five-year renewal options with respect to its Amazon.com space (39,839 SF) and Amazon
AWS space (72,461 SF).

(6) Morgan Stanley has a one-time right to terminate its lease effective November 30, 2030 by providing notice
prior to January 31, 2030 and payment of a termination fee of approximately $1,134,332.

(7) Aptiv Services US, LLC has multiple leases which are set to expire February 28, 2031 (2,710 SF) and May
31, 2031 (11,778 SF).

The following table presents certain information relating to the lease rollover schedule at The Towers at Cupertino City Center Property:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** |
| &nbsp;&nbsp;**Year** | &nbsp;&nbsp;**# of Leases Rolling** | &nbsp;&nbsp;**SF Rolling** | &nbsp;&nbsp;**Approx. % of SF Rolling** | &nbsp;&nbsp;**Approx. Cumulative % of SF Rolling** | &nbsp;&nbsp;**Total UW Rent Rolling** | &nbsp;&nbsp;**Approx. % of Total UW Rent Rolling** | &nbsp;&nbsp;**Approx. Cumulative % of Total UW Rent Rolling** | &nbsp;&nbsp;**UW Rent PSF Rolling** |
| &nbsp;&nbsp;MTM/2026 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2027 | &nbsp;&nbsp;4 | &nbsp;&nbsp;61474 | &nbsp;&nbsp;17.2% | &nbsp;&nbsp;17.2% | &nbsp;&nbsp;$3158646 | &nbsp;&nbsp;18.4% | &nbsp;&nbsp;18.4% | &nbsp;&nbsp;$51.38 |
| &nbsp;&nbsp;2028 | &nbsp;&nbsp;2 | &nbsp;&nbsp;13071 | &nbsp;&nbsp;3.7% | &nbsp;&nbsp;20.8% | &nbsp;&nbsp;$799947 | &nbsp;&nbsp;4.7% | &nbsp;&nbsp;23.1% | &nbsp;&nbsp;$61.20 |
| &nbsp;&nbsp;2029 | &nbsp;&nbsp;1 | &nbsp;&nbsp;72461 | &nbsp;&nbsp;20.2% | &nbsp;&nbsp;41.1% | &nbsp;&nbsp;$4275666 | &nbsp;&nbsp;25.0% | &nbsp;&nbsp;48.1% | &nbsp;&nbsp;$59.01 |
| &nbsp;&nbsp;2030 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;41.1% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;48.1% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2031 | &nbsp;&nbsp;4 | &nbsp;&nbsp;25200 | &nbsp;&nbsp;7.0% | &nbsp;&nbsp;48.1% | &nbsp;&nbsp;$1340658 | &nbsp;&nbsp;7.8% | &nbsp;&nbsp;55.9% | &nbsp;&nbsp;$53.20 |
| &nbsp;&nbsp;2032 | &nbsp;&nbsp;1 | &nbsp;&nbsp;121351 | &nbsp;&nbsp;33.9% | &nbsp;&nbsp;82.0% | &nbsp;&nbsp;$5947662 | &nbsp;&nbsp;34.7% | &nbsp;&nbsp;90.6% | &nbsp;&nbsp;$49.01 |
| &nbsp;&nbsp;2033 | &nbsp;&nbsp;1 | &nbsp;&nbsp;22775 | &nbsp;&nbsp;6.4% | &nbsp;&nbsp;88.4% | &nbsp;&nbsp;$1386942 | &nbsp;&nbsp;8.1% | &nbsp;&nbsp;98.7% | &nbsp;&nbsp;$60.90 |
| &nbsp;&nbsp;2034 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;88.4% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;98.7% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2035 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;88.4% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;98.7% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2036 | &nbsp;&nbsp;2 | &nbsp;&nbsp;4887 | &nbsp;&nbsp;1.4% | &nbsp;&nbsp;89.8% | &nbsp;&nbsp;$221201 | &nbsp;&nbsp;1.3% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$45.26 |
| &nbsp;&nbsp;2037 & Thereafter | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;89.8% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;Vacant | &nbsp;&nbsp;0 | &nbsp;&nbsp;36619 | &nbsp;&nbsp;10.2% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;**Total/Wtd. Avg.** | &nbsp;&nbsp;**15** | &nbsp;&nbsp;**357838** | &nbsp;&nbsp;**100.0%** |  | &nbsp;&nbsp;**$17130722** | &nbsp;&nbsp;**100.0%** |  | &nbsp;&nbsp;**$53.33<sup>(2)</sup>** |

---

(1) Based on the underwritten rent roll dated February 11, 2026.

(2) Total/Wtd. Avg. UW Rent PSF Rolling excludes vacant space.

***The Market.*** The Towers at Cupertino City Center Property is a two-building, eight-story, Class A suburban office complex located in Cupertino, California, and within the San Jose-Sunnyvale-Santa Clara, California Metropolitan Statistical Area. The Santa Clara Valley is characterized as a highly urbanized area and is known as Silicon Valley, home to many of the world's largest high-technology corporations. Positioned along Stevens Creek Boulevard, a six-lane major highway with full urban improvements, The Towers at Cupertino City Center Property benefits from strong visibility and drive-by exposure in a central part of Cupertino, with I-280 and SR-85 providing regional connectivity across Santa Clara County and adjacent employment nodes. The immediate land-use pattern around The Towers at Cupertino City Center Property is mixed, with a concentration of office and multifamily units supported by retail and industrial developments. Retail amenities such as Target and Whole Foods, and other retail centers are within close proximity (less than approximately one mile) along Steven Creek Boulevard, providing dining and convenience options. Demand is reinforced by proximity to major technology employers such as the Apple Campus and the broader Silicon Valley technology/research and development base.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 100 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – Suburban | &nbsp;&nbsp;Loan #9 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$25000000 |
| &nbsp;&nbsp;20400 & 20450 Stevens Creek Boulevard | &nbsp;&nbsp;**The Towers at Cupertino City Center** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;63.6% |
| &nbsp;&nbsp;Cupertino, CA 95014 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.69x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;11.3% |

---

According to the appraisal, The Towers at Cupertino City Center Property is located within the Cupertino office submarket of the Santa Clara County office market. As of the fourth quarter of 2025, the Cupertino office submarket had an inventory of approximately 7,567,340 SF with a vacancy rate of 2.4% and asking rent of $57.38 PSF. The appraiser concluded a market rent of $51.00 for The Towers at Cupertino City Center Property.

According to a third party research report, the 2025 population within a one-, three- and five-mile radius of The Towers at Cupertino City Center Property was 22,146, 197,935 and 479,618, respectively. The median household income within the same radii, as of 2025, was $209,161, $203,120 and $184,522, respectively.

The following table presents certain information relating to the appraisal's market rent conclusion for The Towers at Cupertino City Center Property:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Market Rent Summary** | &nbsp;&nbsp;**Market Rent Summary** |
| &nbsp;&nbsp;Market Rent (PSF) | &nbsp;&nbsp;$51.00 |
| &nbsp;&nbsp;Lease Term (Years) | &nbsp;&nbsp;5.3 |
| &nbsp;&nbsp;Lease Type | &nbsp;&nbsp;Triple Net |
| &nbsp;&nbsp;Escalations (Annual) | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Tenant Improvements (New/Renewal) | &nbsp;&nbsp;$50 / $20 |
| &nbsp;&nbsp;Leasing Commissions (New/Renewal) | &nbsp;&nbsp;$23 / $18 |
| &nbsp;&nbsp;Free Rent (Months) (New/Renewal) | &nbsp;&nbsp;4 / 2 |

---

Source: *Appraisal.*

The table below presents certain information relating to comparable office leases with respect to The Towers at Cupertino City Center Property:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Comparable Office Leases** | &nbsp;&nbsp;**Comparable Office Leases** | &nbsp;&nbsp;**Comparable Office Leases** | &nbsp;&nbsp;**Comparable Office Leases** | &nbsp;&nbsp;**Comparable Office Leases** | &nbsp;&nbsp;**Comparable Office Leases** | &nbsp;&nbsp;**Comparable Office Leases** | &nbsp;&nbsp;**Comparable Office Leases** |
| &nbsp;&nbsp;**Property Name/Location** | &nbsp;&nbsp;**Year Built/Renovated** | &nbsp;&nbsp;**Occ** | &nbsp;&nbsp;**Total NRA (SF)** | &nbsp;&nbsp; <br> **Tenant**  | &nbsp;&nbsp; **Lease Date/**<br> **Term (yrs.)** | &nbsp;&nbsp;**Lease Size (SF)** | &nbsp;&nbsp;**Base Rent PSF** |
| &nbsp;&nbsp; **The Towers at Cupertino City Center** <br> **20400 & 20450 Stevens Creek Boulevard<br> Cupertino, CA 95014** | &nbsp;&nbsp;**1987/2024** | &nbsp;&nbsp;**89.8%<sup>(1)</sup>** | &nbsp;&nbsp;**357838<sup>(1)</sup>** | &nbsp;&nbsp; **-** | &nbsp;&nbsp; **-** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** |
| &nbsp;&nbsp;Century Plaza I<br> 550 S. Winchester Blvd<br> San Jose, CA 95128 | &nbsp;&nbsp;1986/NAV | &nbsp;&nbsp;96.7% | &nbsp;&nbsp;105673 | &nbsp;&nbsp;BMC Software | &nbsp;&nbsp;Feb-26 / 4.0 | &nbsp;&nbsp;9826 | &nbsp;&nbsp;$66.00 |
| &nbsp;&nbsp;One Santana West<br> 3155 Olsen Drive<br> San Jose, CA 95117 | &nbsp;&nbsp;2022/NAV | &nbsp;&nbsp;88.4% | &nbsp;&nbsp;365968 | &nbsp;&nbsp;Etched.AI | &nbsp;&nbsp;Jan-26 / 4.6 | &nbsp;&nbsp;15197 | &nbsp;&nbsp;$53.16 |
| &nbsp;&nbsp; Santa Clara Square<br> 2755 Augustine Drive<br> Santa Clara, CA 95054 | &nbsp;&nbsp;2015/NAV | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;244062 | &nbsp;&nbsp;REEVO | &nbsp;&nbsp;Oct-25 / 3.3 | &nbsp;&nbsp;11922 | &nbsp;&nbsp;$55.80 |
| &nbsp;&nbsp; Mountain View Gateway<br> 800 W El Camino Real<br> Mountain View, CA 94040 | &nbsp;&nbsp;1988/NAV | &nbsp;&nbsp;86.9% | &nbsp;&nbsp;118457 | &nbsp;&nbsp;Otter.ai | &nbsp;&nbsp;Jul-25 / 2.3 | &nbsp;&nbsp;35053 | &nbsp;&nbsp;$77.76 |
| &nbsp;&nbsp; Techmart Commerce Center<br> 5201 Great America Pkwy<br> Santa Clara, CA 95054 | &nbsp;&nbsp;1986/NAV | &nbsp;&nbsp;86.0% | &nbsp;&nbsp;284418 | &nbsp;&nbsp;Regus | &nbsp;&nbsp;May-25 / 5.0 | &nbsp;&nbsp;27369 | &nbsp;&nbsp;$68.52 |

---

Source: *Appraisal.*

(1) Based on the underwritten rent roll dated February 11, 2026.

***Appraisal.*** According to the appraisal, as of January 13, 2026, The Towers at Cupertino City Center Property had an "as-is" appraised value of $228,000,000.

***Environmental Matters.*** According to the Phase I environmental site assessment dated January 21, 2026, there was no evidence of any recognized environmental conditions at The Towers at Cupertino City Center Property.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 101 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – Suburban | &nbsp;&nbsp;Loan #9 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$25000000 |
| &nbsp;&nbsp;20400 & 20450 Stevens Creek Boulevard | &nbsp;&nbsp;**The Towers at Cupertino City Center** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;63.6% |
| &nbsp;&nbsp;Cupertino, CA 95014 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.69x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;11.3% |

---

***Operating History and Underwritten Net Cash Flow.*** The following table presents certain information relating to the historical operating performance and underwritten net cash flow at The Towers at Cupertino City Center Property:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** |
|  | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**UW** | &nbsp;&nbsp;**UW PSF** |
| &nbsp;&nbsp;Base Rent<sup>(1)</sup> | &nbsp;&nbsp;$17362021 | &nbsp;&nbsp;$17938745 | &nbsp;&nbsp;$17708109 | &nbsp;&nbsp;$17130722 | &nbsp;&nbsp;$47.87 |
| &nbsp;&nbsp;Straight-Line Rent<sup>(2)</sup> | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$146727 | &nbsp;&nbsp;$0.41 |
| &nbsp;&nbsp;Grossed Up Vacant Space | &nbsp;&nbsp; $1206660 | &nbsp;&nbsp; $825456 | &nbsp;&nbsp; $1094985 | &nbsp;&nbsp; $1867569 | &nbsp;&nbsp; $5.22 |
| &nbsp;&nbsp;**Gross Potential Rent** | &nbsp;&nbsp;**$18568681** | &nbsp;&nbsp;**$18764201** | &nbsp;&nbsp;**$18803094** | &nbsp;&nbsp;**$19145018** | &nbsp;&nbsp;**$53.50** |
| &nbsp;&nbsp;Vacancy/Credit Loss | &nbsp;&nbsp;($1209735) | &nbsp;&nbsp;($825456) | &nbsp;&nbsp;($1094985) | &nbsp;&nbsp;($1867569) | &nbsp;&nbsp;($5.22) |
| &nbsp;&nbsp;Free Rent Adjustment | &nbsp;&nbsp; ($82192) | &nbsp;&nbsp; ($1112607) | &nbsp;&nbsp; ($457891) | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0.00 |
| &nbsp;&nbsp;**Net Rental Income** | &nbsp;&nbsp;**$17276754** | &nbsp;&nbsp;**$16826138** | &nbsp;&nbsp;**$17250218** | &nbsp;&nbsp;**$17277449** | &nbsp;&nbsp;**$48.28** |
| &nbsp;&nbsp;CAM Reimbursements | &nbsp;&nbsp;$6277436 | &nbsp;&nbsp;$10620242 | &nbsp;&nbsp;$9283630 | &nbsp;&nbsp;$8022689 | &nbsp;&nbsp;$22.42 |
| &nbsp;&nbsp;Other Income | &nbsp;&nbsp; $3675 | &nbsp;&nbsp; $4300 | &nbsp;&nbsp; $3388 | &nbsp;&nbsp; $3388 | &nbsp;&nbsp; $0.01 |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$23557865** | &nbsp;&nbsp;**$27450680** | &nbsp;&nbsp;**$26537236** | &nbsp;&nbsp;**$25303526** | &nbsp;&nbsp;**$70.71** |
| &nbsp;&nbsp;Real Estate Taxes | &nbsp;&nbsp;$2314687 | &nbsp;&nbsp;$3426914 | &nbsp;&nbsp;$3473722 | &nbsp;&nbsp;$3049689 | &nbsp;&nbsp;$8.52 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;$493246 | &nbsp;&nbsp;$637136 | &nbsp;&nbsp;$666420 | &nbsp;&nbsp;$435791 | &nbsp;&nbsp;$1.22 |
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp;$810820 | &nbsp;&nbsp;$963557 | &nbsp;&nbsp;$928803 | &nbsp;&nbsp;$885623 | &nbsp;&nbsp;$2.47 |
| &nbsp;&nbsp;Other Operating Expenses | &nbsp;&nbsp; $4085073 | &nbsp;&nbsp; $4851690 | &nbsp;&nbsp; $4526209 | &nbsp;&nbsp; $4526209 | &nbsp;&nbsp; $12.65 |
| &nbsp;&nbsp;**Total Expenses** | &nbsp;&nbsp;**$7703826** | &nbsp;&nbsp;**$9879297** | &nbsp;&nbsp;**$9595154** | &nbsp;&nbsp;**$8897312** | &nbsp;&nbsp;**$24.86** |
| &nbsp;&nbsp;**Net Operating Income<sup>(3)</sup>** | &nbsp;&nbsp;**$15854039** | &nbsp;&nbsp;**$17571384** | &nbsp;&nbsp;**$16942082** | &nbsp;&nbsp;**$16406214** | &nbsp;&nbsp;**$45.85** |
| &nbsp;&nbsp;Replacement Reserves | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$71568 | &nbsp;&nbsp;$0.20 |
| &nbsp;&nbsp;TI/LC | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $336757 | &nbsp;&nbsp; $0.94 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$15854039** | &nbsp;&nbsp;**$17571384** | &nbsp;&nbsp;**$16942082** | &nbsp;&nbsp;**$15997889** | &nbsp;&nbsp;**$44.71** |
| &nbsp;&nbsp;**Occupancy (%)<sup>(4)</sup>** | &nbsp;&nbsp;**95.8%** | &nbsp;&nbsp; **91.0%** | &nbsp;&nbsp;**89.8%** | &nbsp;&nbsp;**90.2%** |  |
| &nbsp;&nbsp;**NOI DSCR<sup>(5)</sup>** | &nbsp;&nbsp;**1.67x** | &nbsp;&nbsp;**1.86x** | &nbsp;&nbsp;**1.79x** | &nbsp;&nbsp;**1.73x** |  |
| &nbsp;&nbsp;**NCF DSCR<sup>(5)</sup>** | &nbsp;&nbsp;**1.67x** | &nbsp;&nbsp;**1.86x** | &nbsp;&nbsp;**1.79x** | &nbsp;&nbsp;**1.69x** |  |
| &nbsp;&nbsp;**NOI Debt Yield<sup>(5)</sup>** | &nbsp;&nbsp;**10.9%** | &nbsp;&nbsp;**12.1%** | &nbsp;&nbsp;**11.7%** | &nbsp;&nbsp;**11.3%** |  |
| &nbsp;&nbsp;**NCF Debt Yield<sup>(5)</sup>** | &nbsp;&nbsp;**10.9%** | &nbsp;&nbsp;**12.1%** | &nbsp;&nbsp;**11.7%** | &nbsp;&nbsp;**11.0%** |  |

---

(1) UW Base Rent includes contractual rent steps taken through February 2027.

(2) Straight-Line Rent represents straight line rent averaging for investment grade
tenants.

(3) The increase from 2023 Net Operating Income to 2024 Net Operating Income was primarily
due to the Real Estate Taxes increasing between 2023 and 2024 due to a reassessment as a result of a death of the principal's father and
the subsequent transfer of the controlling interest to her. As such, a portion of the 2023 common area maintenance billings were delayed
until 2024, while the ownership waited for the property tax reassessment to be finalized. This resulted in lower collections in 2023 and
above 100% collections in 2024.

(4) Historical occupancy figures represent the physical occupancy as of December 31
in each respective year. 2025 Occupancy (%) is based on the underwritten rent roll as of February 11, 2026. UW Occupancy (%) represents
underwritten economic occupancy.

(5) Figures based on The Towers at Cupertino City Center Whole Loan.

 ****

***Escrows and Reserves.***

*Real Estate Taxes* – The Towers at Cupertino City Center Whole Loan documents require an upfront reserve of $273,252 for real estate taxes and ongoing monthly reserves equal to 1/12th of the annual estimated tax payments payable during the next ensuing 12 months (initially $273,252).

*Insurance* – The Towers at Cupertino City Center Whole Loan documents require ongoing insurance reserves in an amount equal to 1/12th of the annual estimated insurance payments; *provided* that no such reserves are required if (i) no event of default has occurred and is continuing; and (ii) The Towers at Cupertino City Center Property is covered under an acceptable blanket policy and the borrower provides the lender with paid receipts not later than 10 days prior to the expiration date of the policies.

*Replacement Reserve* – The Towers at Cupertino City Center Whole Loan documents require an upfront reserve of $171,433 for replacement reserves and ongoing monthly replacement reserve deposits of $5,962, capped at $214,632.

*Leasing Reserve* – The Towers at Cupertino City Center Whole Loan documents require an upfront deposit for tenant improvements and leasing commissions ("TI/LC") in the amount of $2,000,000 and ongoing monthly deposits of $59,615 for future TI/LC expenses, *provided*, that the borrower must fund the account only to the extent that the balance of the leasing reserve is less than $3,000,000.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 102 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – Suburban | &nbsp;&nbsp;Loan #9 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$25000000 |
| &nbsp;&nbsp;20400 & 20450 Stevens Creek Boulevard | &nbsp;&nbsp;**The Towers at Cupertino City Center** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;63.6% |
| &nbsp;&nbsp;Cupertino, CA 95014 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.69x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;11.3% |

---

*Existing TI/LC Reserve* – The Towers at Cupertino City Center Whole Loan documents require an upfront deposit of $3,069,418 for any outstanding tenant improvement allowances and/or leasing commissions due in connection with Amazon ($813,510), Apple ($100,000), Aptiv Services US, LLC ($948,415), Keyence Corporation of America ($172,761) and Morgan Stanley's ($1,034,732) leases at The Towers at Cupertino City Center Property.

*Rent Concession Reserve –* The Towers at Cupertino City Center Whole Loan documents require an upfront deposit of $665,801 for outstanding free rent or abatements at the origination of The Towers at Cupertino City Center Whole Loan related to the Apple ($61,302), Aptiv Services US, LLC ($418,826), Keyence Corporation of America ($73,223) and Morgan Stanley ($112,450) leases at The Towers at Cupertino City Center Property.

***Lockbox and Cash Management.*** The Towers at Cupertino City Center Whole Loan is structured with a hard lockbox and springing cash management. The borrower or property manager is required to deposit rents if received into such lockbox account within three business days of receipt. Upon the occurrence and during the continuation of a Cash Trap Event Period (as defined below), all funds in the lockbox account are required to be swept into the cash management account controlled by the lender and disbursed on each payment date in accordance with The Towers at Cupertino City Center Whole Loan documents. Any excess cash flow remaining after satisfaction of the waterfall items outlined in The Towers at Cupertino City Center Whole Loan documents is required to be swept to an excess cash flow subaccount controlled by the lender as additional security for The Towers at Cupertino City Center Whole Loan during the continuance of the Cash Trap Event Period.

A "Cash Trap Deposit" means the deposit of an amount equal to $50 PSF of the applicable leased premises to which the Cash Trap Event Period applies.

A "Cash Trap Event Period" will commence upon the earliest of the following:

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

&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 net cash flow debt service coverage ratio ("NCF DSCR"), falling below 1.15x (amortizing);

&nbsp;&nbsp;&nbsp;&nbsp;(iii) Amazon
 or Apple goes dark, vacates or otherwise fails to occupy at least 50% or more of its space;

&nbsp;&nbsp;&nbsp;&nbsp;(iv) Amazon
 fails to exercise its extension option on 50% or more of its leased premises at the earlier
 of (a) nine-months prior to its then current expiration date and (b) the date on which it
 is required to provide its notice exercising its extension option (which, for the avoidance
 of doubt, is 15 months prior to its lease expiration with respect to the leased premises
 occupied by Amazon AWS);

&nbsp;&nbsp;&nbsp;&nbsp;(v) Amazon
 or Apple is in monetary default pursuant to the terms of its lease; or

&nbsp;&nbsp;&nbsp;&nbsp;(vi) Amazon
 or Apple, as a debtor, files a voluntary petition under the bankruptcy code or any other
 creditors rights laws.

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

&nbsp;&nbsp;&nbsp;&nbsp;(i) with
 regard to clause (i) above, the cure of the related event of default;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) with
 regard to clause (ii) above, the NCF DSCR being at least 1.20x for two consecutive calendar
 quarters;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) with
 regard to clause (iii) above, Amazon or Apple, as applicable, has resumed occupancy of, and
 resumed its normal business operations in, such tenant space for a period of no less than
 45 consecutive days;

&nbsp;&nbsp;&nbsp;&nbsp;(iv) with
 regard to clauses (iii), (iv) and (v) above, a Replacement Tenant Event (as defined below)
 has occurred;

&nbsp;&nbsp;&nbsp;&nbsp;(v) with
 regard to clause (iv) above, the lender receives satisfactory evidence and a tenant estoppel
 certificate in form and substance acceptable to the lender that the Amazon has exercised
 its renewal or extension option under at least 50% or more of its leased premises to the
 terms and conditions reasonably satisfactory to the lender;

&nbsp;&nbsp;&nbsp;&nbsp;(vi) with
 regard to clause (v) above, Amazon and/or Apple, as applicable, has cured all monetary defaults;
 or

&nbsp;&nbsp;&nbsp;&nbsp;(vii) with
 regard to clause (vi) above, the bankruptcy or insolvency proceeding has terminated in a
 manner reasonably satisfactory to the lender, the related lease has been affirmed, and the
 terms of such lease, as affirmed, are reasonably satisfactory to the lender.

Additionally, with regard to clause (iii), (iv), (v), and/or (vi) above, then in lieu of satisfying the cure requirements set forth above with respect to clauses (iii), (iv), (v) and/or (vi), as applicable, the borrower will be required to make a Cash Trap Deposit with respect to the applicable leased premises to which a Cash Trap Event Period applies, which Cash Trap Deposit will be held by the lender as Leasing Reserve funds, *provided*, *however*, such Cash Trap Deposit (less any portion of the Cash Trap Deposit already disbursed to the borrower pursuant to The Towers at Cupertino City Center Whole Loan documents) will be disbursed to the borrower promptly upon a cure of such Cash Trap Event Period pursuant to another clause.

A "Replacement Tenant Event" will occur when the lender has received satisfactory evidence that (i) the space currently occupied by Amazon or Apple, as applicable, has been leased to replacement tenants, (ii) the tenant that is in occupancy of the space is paying full, unabated rent pursuant to the lease to the lender, and (iii) all tenant improvement costs and leasing commissions have been paid (or reserved with the lender).

***Terrorism Insurance.*** The Towers at Cupertino City Center Whole Loan documents require that the "all risk" insurance policy required to be maintained by the borrower, in an amount equal to the full replacement cost of The Towers at Cupertino City Center Property, contain no exclusion for damage or destruction caused by acts of terrorism, as well as business interruption insurance covering a period of restoration of 18 months and a 12-month extended period of indemnity. See "*Risk Factors—Risks Relating to the Mortgage Loans—Terrorism Insurance May Not Be Available for All Mortgaged Properties*" in the prospectus.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 103 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Super Regional Mall | &nbsp;&nbsp;Loan #10 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$25000000 |
| &nbsp;&nbsp;2100 Hamilton Place Boulevard | &nbsp;&nbsp;**Hamilton Place** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;67.6% |
| &nbsp;&nbsp;Chattanooga, TN 37421 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.03x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;17.1% |

---

![](n5926ts_img030.jpg)

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 104 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Super Regional Mall | &nbsp;&nbsp;Loan #10 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$25000000 |
| &nbsp;&nbsp;2100 Hamilton Place Boulevard | &nbsp;&nbsp;**Hamilton Place** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;67.6% |
| &nbsp;&nbsp;Chattanooga, TN 37421 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.03x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;17.1% |

---

![](n5926ts_img031.jpg)

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 105 |

---

**Mortgage Loan No. 10 – Hamilton Place**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Mortgage Loan Seller:** | &nbsp;&nbsp;GSMC | &nbsp;&nbsp;GSMC | &nbsp;&nbsp;GSMC | &nbsp;&nbsp;**Single Asset/Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Credit Assessment (Fitch/Moody's/MDBRS):** | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;Chattanooga, TN 37421 |
| &nbsp;&nbsp;**Original Balance<sup>(1)</sup>:** | &nbsp;&nbsp;$25000000 | &nbsp;&nbsp;$25000000 | &nbsp;&nbsp;$25000000 | &nbsp;&nbsp;**General Property Type:** | &nbsp;&nbsp;Retail |
| &nbsp;&nbsp;**Cut-off Date Balance<sup>(1)</sup>:** | &nbsp;&nbsp;$25000000 | &nbsp;&nbsp;$25000000 | &nbsp;&nbsp;$25000000 | &nbsp;&nbsp;**Detailed Property Type:** | &nbsp;&nbsp;Super Regional Mall |
| &nbsp;&nbsp;**% of Initial Pool Balance:** | &nbsp;&nbsp;4.6% | &nbsp;&nbsp;4.6% | &nbsp;&nbsp;4.6% | &nbsp;&nbsp;**Title Vesting:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;**Year Built/Renovated:** | &nbsp;&nbsp;1987/2011 |
| &nbsp;&nbsp;**Borrower Sponsor:** | &nbsp;&nbsp;CBL & Associates Limited Partnership | &nbsp;&nbsp;CBL & Associates Limited Partnership | &nbsp;&nbsp;CBL & Associates Limited Partnership | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;385,318 SF |
| &nbsp;&nbsp;**Guarantor:** | &nbsp;&nbsp;CBL & Associates Limited Partnership | &nbsp;&nbsp;CBL & Associates Limited Partnership | &nbsp;&nbsp;CBL & Associates Limited Partnership | &nbsp;&nbsp;**Cut-off Date Balance PSF<sup>(1)</sup>:** | &nbsp;&nbsp;$187 |
| &nbsp;&nbsp;**Mortgage Rate:** | &nbsp;&nbsp;6.84700% | &nbsp;&nbsp;6.84700% | &nbsp;&nbsp;6.84700% | &nbsp;&nbsp;**Maturity Date Balance PSF<sup>(1)</sup>:** | &nbsp;&nbsp;$177 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;5/29/2026 | &nbsp;&nbsp;5/29/2026 | &nbsp;&nbsp;5/29/2026 | &nbsp;&nbsp;**Property Manager:** | &nbsp;&nbsp;CBL & Associates |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;6/6/2031 | &nbsp;&nbsp;6/6/2031 | &nbsp;&nbsp;6/6/2031 |  | &nbsp;&nbsp;Management, Inc. (borrower-related) |
| &nbsp;&nbsp;**Term to Maturity:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;60 months | &nbsp;&nbsp;60 months |  |  |
| &nbsp;&nbsp;**Amortization Term:** | &nbsp;&nbsp;360 months | &nbsp;&nbsp;360 months | &nbsp;&nbsp;360 months | &nbsp;&nbsp;**Underwriting and Financial Information** | &nbsp;&nbsp;**Underwriting and Financial Information** |
| &nbsp;&nbsp;**IO Period:** | &nbsp;&nbsp;0 months | &nbsp;&nbsp;0 months | &nbsp;&nbsp;0 months | &nbsp;&nbsp;**UW NOI:** | &nbsp;&nbsp;$12313996 |
| &nbsp;&nbsp;**Seasoning:** | &nbsp;&nbsp;0 months | &nbsp;&nbsp;0 months | &nbsp;&nbsp;0 months | &nbsp;&nbsp;**UW NCF:** | &nbsp;&nbsp;$11485563 |
| &nbsp;&nbsp;**Prepayment Provisions<sup>(2)</sup>:** | &nbsp;&nbsp;L(24),D(29),O(7) | &nbsp;&nbsp;L(24),D(29),O(7) | &nbsp;&nbsp;L(24),D(29),O(7) | &nbsp;&nbsp;**UW NOI Debt Yield<sup>(1)</sup>:** | &nbsp;&nbsp;17.1% |
| &nbsp;&nbsp;**Lockbox/Cash Mgmt Status:** | &nbsp;&nbsp;Hard/Springing | &nbsp;&nbsp;Hard/Springing | &nbsp;&nbsp;Hard/Springing | &nbsp;&nbsp;**UW NCF Debt Yield<sup>(1)</sup>:** | &nbsp;&nbsp;16.0% |
| &nbsp;&nbsp;**Additional Debt Type<sup>(1)</sup>:** | &nbsp;&nbsp;*Pari Passu* | &nbsp;&nbsp;*Pari Passu* | &nbsp;&nbsp;*Pari Passu* | &nbsp;&nbsp;**UW NOI Debt Yield at Maturity<sup>(1)</sup>:** | &nbsp;&nbsp;18.1% |
| &nbsp;&nbsp;**Additional Debt Balance<sup>(1)</sup>:** | &nbsp;&nbsp;$46900000 | &nbsp;&nbsp;$46900000 | &nbsp;&nbsp;$46900000 | &nbsp;&nbsp;**UW NCF DSCR<sup>(1)</sup>:** | &nbsp;&nbsp;2.03x |
| &nbsp;&nbsp;**Future Debt Permitted (Type):** | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;**Most Recent NOI:** | &nbsp;&nbsp;$11,854,316 (3/31/2026 TTM) |
| &nbsp;&nbsp;**Reserves<sup>(3)</sup>** | &nbsp;&nbsp;**Reserves<sup>(3)</sup>** | &nbsp;&nbsp;**Reserves<sup>(3)</sup>** | &nbsp;&nbsp;**Reserves<sup>(3)</sup>** | &nbsp;&nbsp;**2nd Most Recent NOI:** | &nbsp;&nbsp;$11,496,419 (12/31/2025) |
| &nbsp;&nbsp;**<u>Type</u>** | &nbsp;&nbsp;**<u>Initial</u>** | &nbsp;&nbsp;**<u>Monthly</u>** | &nbsp;&nbsp;**<u>Cap</u>** | &nbsp;&nbsp;**3rd Most Recent NOI:** | &nbsp;&nbsp;$11,227,972 (12/31/2024) |
| &nbsp;&nbsp;**RE Taxes:** | &nbsp;&nbsp;$815971 | &nbsp;&nbsp;$163194 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Most Recent Occupancy:** | &nbsp;&nbsp;98.4% (5/4/2026) |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**2nd Most Recent Occupancy:** | &nbsp;&nbsp;94.0% (12/31/2025) |
| &nbsp;&nbsp;**Replacement Reserve:** | &nbsp;&nbsp;$1511281 | &nbsp;&nbsp;$8027 | &nbsp;&nbsp;$240824 | &nbsp;&nbsp;**3rd Most Recent Occupancy:** | &nbsp;&nbsp;92.4% (12/31/2024) |
| &nbsp;&nbsp;**Lease Rollover Reserve:** | &nbsp;&nbsp;$1500000 | &nbsp;&nbsp;$64220 | &nbsp;&nbsp;$1926590 | &nbsp;&nbsp;**Appraised Value (as of):** | &nbsp;&nbsp;$106,300,000 (2/27/2026) |
| &nbsp;&nbsp;**Unfunded Obligation Reserve<sup>(4)</sup>:** | &nbsp;&nbsp;$1320000 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value PSF:** | &nbsp;&nbsp;$276 |
|  |  |  |  | &nbsp;&nbsp;**Cut-off Date LTV Ratio<sup>(1)</sup>:** | &nbsp;&nbsp;67.6% |
|  |  |  |  | &nbsp;&nbsp;**Maturity Date LTV Ratio<sup>(1)</sup>:** | &nbsp;&nbsp;64.0% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** |
| &nbsp;&nbsp;**Sources** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** | &nbsp;&nbsp;**Uses** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** |
| &nbsp;&nbsp;Whole Loan Amount<sup>(1)</sup>: | &nbsp;&nbsp;$71900000 | &nbsp;&nbsp;80.9% | &nbsp;&nbsp;Loan Payoff: | &nbsp;&nbsp;$82475666 | &nbsp;&nbsp;92.7% |
| &nbsp;&nbsp;Borrower Equity: | &nbsp;&nbsp;$17025196 | &nbsp;&nbsp;19.1% | &nbsp;&nbsp;Upfront Reserves: | &nbsp;&nbsp;$5147252 | &nbsp;&nbsp;5.8% |
|  |  |  | &nbsp;&nbsp;Closing Costs: | &nbsp;&nbsp;$1302278 | &nbsp;&nbsp;1.5% |
| &nbsp;&nbsp;**Total Sources:** | &nbsp;&nbsp;**$88925196** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses:** | &nbsp;&nbsp;**$88925196** | &nbsp;&nbsp;**100.0%** |

---

(1) The Hamilton Place Mortgage Loan (as defined below) is part of the Hamilton Place Whole Loan (as defined
below) evidenced by four *pari passu* promissory notes with an aggregate original principal balance of $71,900,000. The Cut-off Date
Balance PSF, Maturity Date Balance PSF, UW NOI Debt Yield, UW NCF Debt Yield, UW NOI Debt Yield at Maturity, UW NCF DSCR, Cut-off Date
LTV Ratio and Maturity Date LTV Ratio presented above are based on the aggregate principal balance of the promissory notes comprising
the Hamilton Place Whole Loan.

(2) Defeasance of the Hamilton Place Whole Loan is permitted at any time on and after the first payment date
after the earlier to occur of (i) two years after the closing date of the securitization that includes the last note to be securitized
and (ii) three years after the origination date of May 29, 2026. The assumed defeasance lockout period of 24 payments is based on the
anticipated closing date of the WFCM 2026-5C10 securitization trust in June 2026. The actual defeasance lockout period may be longer.

(3) See "*Escrows and Reserves*" below for further discussion of reserve requirements.

***The Mortgage Loan.*** The tenth largest mortgage loan (the "Hamilton Place Mortgage Loan") is part of a whole loan (the "Hamilton Place Whole Loan") evidenced by four notes issued by Hamilton Place CMBS, LLC in the aggregate original principal amount of $71,900,000. The Hamilton Place Mortgage Loan is evidenced by the non-controlling Note A-2, which has an outstanding principal balance as of the Cut-off Date of $25,000,000. The Hamilton Place Whole Loan was originated on May 29, 2026, by Goldman Sachs Bank USA ("GSBI"). The Hamilton Place Whole Loan is secured by the borrower's fee simple interest in a 385,318 SF retail property located in Chattanooga, Tennessee (the "Hamilton Place Property"). The Hamilton Place Whole Loan has a five-year term, amortizes on a 360-month schedule and accrues interest a rate of 6.84700% *per annum* on an Actual/360 basis. The Hamilton Place Whole Loan will be serviced pursuant to the pooling and servicing agreement for the WFCM 2026-5C10 transaction until such time the controlling Note A-1 is securitized after which it will be serviced pursuant to the pooling and servicing agreement for the securitization trust to which Note A-1 is contributed. See "*Description of the Mortgage Pool—The Whole Loans"* and "*Pooling and Servicing Agreement—Servicing of the Servicing Shift Mortgage Loans*" in the prospectus.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 106 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Super Regional Mall | &nbsp;&nbsp;Loan #10 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$25000000 |
| &nbsp;&nbsp;2100 Hamilton Place Boulevard | &nbsp;&nbsp;**Hamilton Place** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;67.6% |
| &nbsp;&nbsp;Chattanooga, TN 37421 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.03x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;17.1% |

---

The table below summarizes the promissory notes that comprise the Hamilton Place Whole Loan:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Hamilton Place Whole Loan Summary** | &nbsp;&nbsp;**Hamilton Place Whole Loan Summary** | &nbsp;&nbsp;**Hamilton Place Whole Loan Summary** | &nbsp;&nbsp;**Hamilton Place Whole Loan Summary** | &nbsp;&nbsp;**Hamilton Place Whole Loan Summary** |
| &nbsp;&nbsp;**Note** | &nbsp;&nbsp;**Original Balance** | &nbsp;&nbsp;**Cut-off Date Balance** | &nbsp;&nbsp;**Note Holder** | &nbsp;&nbsp;**Controlling Note** |
| &nbsp;&nbsp;**A-1<sup>(1)</sup>** | &nbsp;&nbsp;**$25000000** | &nbsp;&nbsp;**$25000000** | &nbsp;&nbsp;**GSBI** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;A-2 | &nbsp;&nbsp;$25000000 | &nbsp;&nbsp;$25000000 | &nbsp;&nbsp;WFCM 2026-5C10 | &nbsp;&nbsp;No |
| &nbsp;&nbsp;A-3<sup>(1)</sup> | &nbsp;&nbsp;$10000000 | &nbsp;&nbsp;$10000000 | &nbsp;&nbsp;GSBI | &nbsp;&nbsp; No |
| &nbsp;&nbsp;A-4<sup>(1)</sup> | &nbsp;&nbsp;$11900000 | &nbsp;&nbsp;$11900000 | &nbsp;&nbsp;GSBI | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**Whole Loan** | &nbsp;&nbsp;**$71900000** | &nbsp;&nbsp;**$71900000** |  |  |

---

(1) Expected to be contributed to one or more future securitization transactions or may otherwise be transferred
at any time.

***The Borrower and the Borrower Sponsor.*** The borrower is Hamilton Place CMBS, LLC, a Delaware limited liability company and special purpose entity with two independent directors in its organizational structure. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Hamilton Place Whole Loan. The borrower sponsor and non-recourse carveout guarantors is CBL & Associates Limited Partnership ("CBL Properties"). CBL Properties is an American real estate investment trust that invests in shopping centers, primarily in the Southeastern and Midwestern United States. CBL Properties owns and manages a portfolio of 88 properties totaling 55 million SF across 23 states.

***The Property.*** The Hamilton Place Property is a 385,318 SF portion (the "Collateral SF") of a two-story, 1,010,409 SF super regional mall located in Chattanooga, Tennessee (the "Hamilton Place Mall"). Unless otherwise noted, all metrics are based on the Collateral SF. According to the appraisal, the Hamilton Place Mall is anchored by JCPenney, Belk Women & Kids, Dillard's Women, Dillard's Men, Kid & Home, Belk Men & Home, Dick's, Crunch Fitness and Dave & Buster's (all such tenants are non-collateral). Other major tenants include American Eagle Outfitters, Barnes & Noble Booksellers, JD Sports, Victoria's Secret, and Sephora (all such tenants are collateral). Built in 1987 and renovated in 2011, the Hamilton Place Mall is situated on a 72.19-acre site. The Hamilton Place Mall contains 5,135 surface spaces, which results in a parking ratio of 5.08 spaces per 1,000 SF. As of May 4, 2026, the Hamilton Place Property was 98.4% occupied.

***Major Tenants.***

Barnes & Noble Booksellers (29,743 SF, 7.7% of NRA, 5.3% of underwritten rent): Founded in 1971, Barnes & Noble Booksellers is a major retailer of books, magazines, toys, games, and music. Barnes & Noble Booksellers has been a tenant at the Hamilton Place Property since November 2008 and has a lease expiration on January 31, 2029.

H&M (23,231 SF, 6.0% of NRA, 3.2% of underwritten rent): H&M is a Swedish multinational clothing company headquartered in Stockholm, Sweden and operating stores globally. H&M has been a tenant at the Hamilton Place Property since November 2017 and has a lease expiration on January 31, 2028.

Rodizio Grill (11,284 SF, 2.9% of NRA, 2.5% of underwritten rent): Established in 1995, Rodizio Grill is a Brazilian cuisine restaurant with 24 locations across the United States. Rodizio Grill has been a tenant at the Hamilton Place Property since December 2017 and has a lease expiration on December 31, 2035.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 107 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Super Regional Mall | &nbsp;&nbsp;Loan #10 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$25000000 |
| &nbsp;&nbsp;2100 Hamilton Place Boulevard | &nbsp;&nbsp;**Hamilton Place** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;67.6% |
| &nbsp;&nbsp;Chattanooga, TN 37421 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.03x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;17.1% |

---

The following table presents certain information relating to tenancy at the Hamilton Place Property:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Tenant Summary<sup>(1)(2)</sup>** | **Tenant Summary<sup>(1)(2)</sup>** | **Tenant Summary<sup>(1)(2)</sup>** | **Tenant Summary<sup>(1)(2)</sup>** | **Tenant Summary<sup>(1)(2)</sup>** | **Tenant Summary<sup>(1)(2)</sup>** | **Tenant Summary<sup>(1)(2)</sup>** | **Tenant Summary<sup>(1)(2)</sup>** | **Tenant Summary<sup>(1)(2)</sup>** | **Tenant Summary<sup>(1)(2)</sup>** |
| &nbsp;&nbsp;**Tenant Name** | &nbsp;&nbsp;**Credit Rating (Fitch/Moody's/S&P)<sup>(3)</sup>** | &nbsp;&nbsp;**Tenant SF** | &nbsp;&nbsp;**Approx.% of SF** | &nbsp;&nbsp;**Annual UW Base Rent** | &nbsp;&nbsp;**% of Total Annual UW Base Rent** | &nbsp;&nbsp;**Annual UW Base Rent PSF** | &nbsp;&nbsp;**Lease Expiration** | &nbsp;&nbsp;**Renewal Options** | &nbsp;&nbsp;**Term. Option (Y/N)** |
| &nbsp;&nbsp;**Major Tenants** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Barnes & Noble | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp; 29743 | &nbsp;&nbsp;7.7% | &nbsp;&nbsp;$650000 | &nbsp;&nbsp;5.3% | &nbsp;&nbsp;$21.85 | &nbsp;&nbsp;1/31/2029 | &nbsp;&nbsp;1, 5-year | &nbsp;&nbsp;Y |
| &nbsp;&nbsp;H&M | &nbsp;&nbsp;NR/NR/BBB | &nbsp;&nbsp; 23231 | &nbsp;&nbsp;6.0% | &nbsp;&nbsp;$388405 | &nbsp;&nbsp;3.2% | &nbsp;&nbsp;$16.72 | &nbsp;&nbsp;1/31/2028 |  | &nbsp;&nbsp;Y |
| &nbsp;&nbsp;Rodizio Grill | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp; 11284 | &nbsp;&nbsp;2.9% | &nbsp;&nbsp;$300000 | &nbsp;&nbsp;2.5% | &nbsp;&nbsp;$26.59 | &nbsp;&nbsp;12/31/2035 | &nbsp;&nbsp;1, 10-year | &nbsp;&nbsp;N |
| &nbsp;&nbsp;Shoe Department/Encore | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp; 11096 | &nbsp;&nbsp;2.9% | &nbsp;&nbsp;$150000 | &nbsp;&nbsp;1.2% | &nbsp;&nbsp;$13.52 | &nbsp;&nbsp;7/31/2029 |  | &nbsp;&nbsp;Y |
| &nbsp;&nbsp;Rose & Remington | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp; 9844 | &nbsp;&nbsp;2.6% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;1/31/2031 |  | &nbsp;&nbsp;N |
| &nbsp;&nbsp;Texas Roadhouse | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp; 8860 | &nbsp;&nbsp;2.3% | &nbsp;&nbsp;$190000 | &nbsp;&nbsp;1.6% | &nbsp;&nbsp;$21.44 | &nbsp;&nbsp;10/31/2038 | &nbsp;&nbsp;3, 5-year | &nbsp;&nbsp;N |
| &nbsp;&nbsp;American Eagle | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp; 8813 | &nbsp;&nbsp;2.3% | &nbsp;&nbsp;$453094 | &nbsp;&nbsp;3.7% | &nbsp;&nbsp;$51.41 | &nbsp;&nbsp;1/31/2027 |  | &nbsp;&nbsp;Y |
| &nbsp;&nbsp;Express | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp; 8148 | &nbsp;&nbsp;2.1% | &nbsp;&nbsp;$95690 | &nbsp;&nbsp;0.8% | &nbsp;&nbsp;$11.74 | &nbsp;&nbsp;1/31/2029 |  | &nbsp;&nbsp;Y |
| &nbsp;&nbsp;Victoria's Secret / Pink | &nbsp;&nbsp;NR/B1/BB- | &nbsp;&nbsp; 8135 | &nbsp;&nbsp;2.1% | &nbsp;&nbsp;$329468 | &nbsp;&nbsp;2.7% | &nbsp;&nbsp;$40.50 | &nbsp;&nbsp;1/31/2034 |  | &nbsp;&nbsp;Y |
| &nbsp;&nbsp;Vintage Stock | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp; 7958 | &nbsp;&nbsp;2.1% | &nbsp;&nbsp;$90000 | &nbsp;&nbsp;0.7% | &nbsp;&nbsp;$11.31 | &nbsp;&nbsp;4/30/2029 |  | &nbsp;&nbsp;N |
| **Subtotal/Wtd. Avg.** |  | **127112** | &nbsp;&nbsp;**33.0%** | &nbsp;&nbsp;**$2646657** | &nbsp;&nbsp;**21.8%** | &nbsp;&nbsp;**$20.82** |  |  |  |
| &nbsp;&nbsp;**Other Tenants** |  | &nbsp;&nbsp; **251986** | &nbsp;&nbsp; **65.4%** | &nbsp;&nbsp; **$9508835** | &nbsp;&nbsp; **78.2%** | &nbsp;&nbsp; **$37.74** |  |  |  |
| &nbsp;&nbsp;**Occupied Total** |  | &nbsp;&nbsp;**379098** | &nbsp;&nbsp;**98.4%** | &nbsp;&nbsp;**$12155492** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$32.06** |  |  |  |
| &nbsp;&nbsp;Vacant |  | &nbsp;&nbsp; 6220 | &nbsp;&nbsp; 1.6% |  |  |  |  |  |  |
| &nbsp;&nbsp;**Total/Wtd. Avg.** |  | &nbsp;&nbsp;**385318** | &nbsp;&nbsp;**100.0%** |  |  |  |  |  |  |

---

(1) Based on the underwritten rent roll dated as of May 2026, inclusive of contractual rent steps through
June 2027.

(2) Certain tenants' leases in-place at the Hamilton Place Property include co-tenancy provisions.

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

The following tables present sales history figures at the Hamilton Place Property:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Tenant Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Sales<sup>(1)</sup>** |
|  | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2025** |
| &nbsp;&nbsp;Tenant Sales PSF | &nbsp;&nbsp;$332 | &nbsp;&nbsp;$346 | &nbsp;&nbsp;$357 |
| &nbsp;&nbsp;Wtd. Avg Occupancy Cost<sup>(2)</sup> | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;13.6% |
| &nbsp;&nbsp;Total Mall Sales (Collateral SF) | &nbsp;&nbsp;$127920595 | &nbsp;&nbsp;$133504203 | &nbsp;&nbsp;$137573200 |

---

 <br> (1) All sales information presented above is based upon information provided by the borrower sponsor. Further, because sales are self-reported by the tenant, such information is not independently verified by the borrower sponsor. Not all tenants are required to report sales.

(2) Wtd. Avg. Occupancy Cost is calculated based on the sum of contractual rent (including
% rent) and reimbursements divided by gross sales, weighted on total reported sales.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Top Tenant Sales<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Top Tenant Sales<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Top Tenant Sales<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Top Tenant Sales<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Top Tenant Sales<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Top Tenant Sales<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Top Tenant Sales<sup>(1)(2)</sup>** |
| | **2022** | **2023** | **2024** | **2025** | **2025 $ PSF** | **Occupancy Cost** |
| &nbsp;&nbsp;Barnes & Noble | &nbsp;&nbsp;$5982811 | &nbsp;&nbsp;$6301868 | &nbsp;&nbsp;$6558157 | &nbsp;&nbsp;$7023476 | &nbsp;&nbsp;$236 | &nbsp;&nbsp;9.3% |
| &nbsp;&nbsp;H&M | &nbsp;&nbsp;$4179150 | &nbsp;&nbsp;$3709437 | &nbsp;&nbsp;$3581778 | &nbsp;&nbsp;$3308206 | &nbsp;&nbsp;$142 | &nbsp;&nbsp;11.6% |
| &nbsp;&nbsp;Rodizio Grill | &nbsp;&nbsp;$2816736 | &nbsp;&nbsp;$3101070 | &nbsp;&nbsp;$3432350 | &nbsp;&nbsp;$3712491 | &nbsp;&nbsp;$329 | &nbsp;&nbsp;9.1% |
| &nbsp;&nbsp;Shoe Department/Encore | &nbsp;&nbsp;$1575100 | &nbsp;&nbsp;$1340399 | &nbsp;&nbsp;$1377038 | &nbsp;&nbsp;$1392025 | &nbsp;&nbsp;$125 | &nbsp;&nbsp;10.8% |
| &nbsp;&nbsp;Rose & Remington | &nbsp;&nbsp;$254398 | &nbsp;&nbsp;$874396 | &nbsp;&nbsp;$656184 | &nbsp;&nbsp;$861632 | &nbsp;&nbsp;$88 | &nbsp;&nbsp;12.31% |
| &nbsp;&nbsp;Texas Roadhouse | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;American Eagle | &nbsp;&nbsp;$5718231 | &nbsp;&nbsp;$5384238 | &nbsp;&nbsp;$5945288 | &nbsp;&nbsp;$5816740 | &nbsp;&nbsp;$660 | &nbsp;&nbsp;14.1% |
| &nbsp;&nbsp;Express | &nbsp;&nbsp;$1505192 | &nbsp;&nbsp;$1401356 | &nbsp;&nbsp;$963695 | &nbsp;&nbsp;$996773 | &nbsp;&nbsp;$122 | &nbsp;&nbsp;13.4% |
| &nbsp;&nbsp;Victoria's Secret / Pink | &nbsp;&nbsp;$3719837 | &nbsp;&nbsp;$3495716 | &nbsp;&nbsp;$4433949 | &nbsp;&nbsp;$4578127 | &nbsp;&nbsp;$563 | &nbsp;&nbsp;13.1% |
| &nbsp;&nbsp;Vintage Stock | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$590117 | &nbsp;&nbsp;$962906 | &nbsp;&nbsp;$121 | &nbsp;&nbsp;11.9% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) All sales information presented above is based upon information provided by the borrower sponsor. Further,
because sales are self-reported by the tenant, such information is not independently verified by the borrower sponsor. Not all tenants
are required to report sales.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Wtd. Avg. Occupancy Cost is calculated based the sum of contractual rent and reimbursements divided by
gross sales, weighted on total reported sales.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 108 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Super Regional Mall | &nbsp;&nbsp;Loan #10 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$25000000 |
| &nbsp;&nbsp;2100 Hamilton Place Boulevard | &nbsp;&nbsp;**Hamilton Place** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;67.6% |
| &nbsp;&nbsp;Chattanooga, TN 37421 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.03x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;17.1% |

---

The following table presents certain information relating to the lease rollover schedule at the Hamilton Place Property:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** |
| &nbsp;&nbsp;**Year** | &nbsp;&nbsp;**# of Leases** | &nbsp;&nbsp;**NRA Expiring (SF)** | &nbsp;&nbsp;**% of NRA Expiring** | &nbsp;&nbsp;**Cumulative % of NRA Expiring** | &nbsp;&nbsp;**UW Base Rent Expiring** | &nbsp;&nbsp;**% of UW Base Rent Expiring** | &nbsp;&nbsp;**Cumulative UW Base Rent Expiring** | &nbsp;&nbsp;**Cumulative % of UW Base Rent Expiring** | &nbsp;&nbsp;**UW Base Rent Rolling PSF** |
| &nbsp;&nbsp;2026/MTM | &nbsp;&nbsp;15 | &nbsp;&nbsp; 28683 | &nbsp;&nbsp;7.4% | &nbsp;&nbsp;7.4% | &nbsp;&nbsp;$510887 | &nbsp;&nbsp;4.2% | &nbsp;&nbsp;$510887 | &nbsp;&nbsp;4.2% | &nbsp;&nbsp;$17.81 |
| &nbsp;&nbsp;2027 | &nbsp;&nbsp;21 | &nbsp;&nbsp; 61174 | &nbsp;&nbsp;15.9% | &nbsp;&nbsp;23.3% | &nbsp;&nbsp;$2113016 | &nbsp;&nbsp;17.4% | &nbsp;&nbsp;$2623903 | &nbsp;&nbsp;21.6% | &nbsp;&nbsp;$34.54 |
| &nbsp;&nbsp;2028 | &nbsp;&nbsp;21 | &nbsp;&nbsp; 81936 | &nbsp;&nbsp;21.3% | &nbsp;&nbsp;44.6% | &nbsp;&nbsp;$2456081 | &nbsp;&nbsp;20.2% | &nbsp;&nbsp;$5079984 | &nbsp;&nbsp;41.8% | &nbsp;&nbsp;$29.98 |
| &nbsp;&nbsp;2029 | &nbsp;&nbsp;17 | &nbsp;&nbsp; 76560 | &nbsp;&nbsp;19.9% | &nbsp;&nbsp;64.5% | &nbsp;&nbsp;$1963773 | &nbsp;&nbsp;16.2% | &nbsp;&nbsp;$7043756 | &nbsp;&nbsp;57.9% | &nbsp;&nbsp;$25.65 |
| &nbsp;&nbsp;2030 | &nbsp;&nbsp;8 | &nbsp;&nbsp; 26311 | &nbsp;&nbsp;6.8% | &nbsp;&nbsp;71.3% | &nbsp;&nbsp;$1180482 | &nbsp;&nbsp;9.7% | &nbsp;&nbsp;$8224238 | &nbsp;&nbsp;67.7% | &nbsp;&nbsp;$44.87 |
| &nbsp;&nbsp;2031 | &nbsp;&nbsp;9 | &nbsp;&nbsp; 33192 | &nbsp;&nbsp;8.6% | &nbsp;&nbsp;79.9% | &nbsp;&nbsp;$920319 | &nbsp;&nbsp;7.6% | &nbsp;&nbsp;$9144557 | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;$27.73 |
| &nbsp;&nbsp;2032 | &nbsp;&nbsp;2 | &nbsp;&nbsp; 4502 | &nbsp;&nbsp;1.2% | &nbsp;&nbsp;81.1% | &nbsp;&nbsp;$172683 | &nbsp;&nbsp;1.4% | &nbsp;&nbsp;$9317240 | &nbsp;&nbsp;76.7% | &nbsp;&nbsp;$38.36 |
| &nbsp;&nbsp;2033 | &nbsp;&nbsp;5 | &nbsp;&nbsp; 11697 | &nbsp;&nbsp;3.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;$924448 | &nbsp;&nbsp;7.6% | &nbsp;&nbsp;$10241688 | &nbsp;&nbsp;84.3% | &nbsp;&nbsp;$79.03 |
| &nbsp;&nbsp;2034 | &nbsp;&nbsp;1 | &nbsp;&nbsp; 8135 | &nbsp;&nbsp;2.1% | &nbsp;&nbsp;86.2% | &nbsp;&nbsp;$329468 | &nbsp;&nbsp;2.7% | &nbsp;&nbsp;$10571156 | &nbsp;&nbsp;87.0% | &nbsp;&nbsp;$40.50 |
| &nbsp;&nbsp;2035 | &nbsp;&nbsp;5 | &nbsp;&nbsp; 25239 | &nbsp;&nbsp;6.6% | &nbsp;&nbsp;92.8% | &nbsp;&nbsp;$837132 | &nbsp;&nbsp;6.9% | &nbsp;&nbsp;$11408288 | &nbsp;&nbsp;93.9% | &nbsp;&nbsp;$33.17 |
| &nbsp;&nbsp;2036 | &nbsp;&nbsp;2 | &nbsp;&nbsp; 12809 | &nbsp;&nbsp;3.3% | &nbsp;&nbsp;96.1% | &nbsp;&nbsp;$557204 | &nbsp;&nbsp;4.6% | &nbsp;&nbsp;$11965492 | &nbsp;&nbsp;98.4% | &nbsp;&nbsp;$43.50 |
| &nbsp;&nbsp;2037 & Thereafter | &nbsp;&nbsp;1 | &nbsp;&nbsp;8860 | &nbsp;&nbsp;2.3% | &nbsp;&nbsp;98.4% | &nbsp;&nbsp;$190000 | &nbsp;&nbsp;1.6% | &nbsp;&nbsp;$12155492 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$21.44 |
| &nbsp;&nbsp;Vacant | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 6220 | &nbsp;&nbsp; 1.6% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp; $0 | &nbsp;&nbsp; 0.0% | &nbsp;&nbsp;$12155492 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp; $0.00 |
| &nbsp;&nbsp;Total / Wtd. Avg. | &nbsp;&nbsp;107 | &nbsp;&nbsp;385318 | &nbsp;&nbsp;100.0% |  | &nbsp;&nbsp;$12155492 | &nbsp;&nbsp;100.0% |  |  | &nbsp;&nbsp;$32.06<sup>(2)</sup> |

---

(1) Based on the underwritten rent roll dated as of May 2026 inclusive of contractual rent steps through June
2027. (2) Total/Wtd. Avg UW Base Rent Rolling excludes vacant space.

***The Market.*** The Hamilton Place Property is located in the Chattanooga core based statistical area (the "Chattanooga CBSA") which is a six county region located in Southeast Tennessee near the border of Georgia at the junction of three interstate highways: I-24, I-75 and I-59. The City of Chattanooga is the fourth largest city in Tennessee, and its economy is a diverse mix of manufacturing and service industries. The area serves as the headquarters for two of America's top 10 long-haul trucking companies, Covenant Transport and U.S. Xpress, Inc. According to the appraisal, the Chattanooga CBSA had a population of approximately 591,800 as of 2025.

According to the appraisal, the 2025 population within a 5-, 10- and 15- mile radius of the Hamilton Place Property was 111,521, 348,369, and 480,196, respectively. The average household income within the same radii was $102,067, $97,937, and $102,207 respectively.

According to the appraisal, the Hamilton Place Property is located within the Lovell Field/East submarket of the Chattanooga retail market. As of the fourth quarter of 2025, the Lovell Field/East submarket reported a total inventory of approximately 2,826,000 SF, with a 13.4% vacancy rate and average asking rent of $13.93 PSF.

The following table presents certain information relating to the appraisal's market rent conclusions for the Hamilton Place Property:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Market Rent Summary** | &nbsp;&nbsp;**Market Rent Summary** | &nbsp;&nbsp;**Market Rent Summary** | &nbsp;&nbsp;**Market Rent Summary** | &nbsp;&nbsp;**Market Rent Summary** | &nbsp;&nbsp;**Market Rent Summary** |
|  | &nbsp;&nbsp;**Market Rent (PSF)** | &nbsp;&nbsp;**Lease Term (Yrs.)** | &nbsp;&nbsp;**Rent Increase Projections** | &nbsp;&nbsp;**New Tenant Improvements PSF** | &nbsp;&nbsp;**Renewal Tenant Improvements PSF** |
| &nbsp;&nbsp;Inline < 1,000 SF | &nbsp;&nbsp;$110.00 | &nbsp;&nbsp;5 | &nbsp;&nbsp;Level Over Term | &nbsp;&nbsp;$25.00 | &nbsp;&nbsp;$1.00 |
| &nbsp;&nbsp;Inline 1,000 - 2,500 SF | &nbsp;&nbsp;$60.00 | &nbsp;&nbsp;5 | &nbsp;&nbsp;Level Over Term | &nbsp;&nbsp;$25.00 | &nbsp;&nbsp;$1.00 |
| &nbsp;&nbsp;Inline 2,500 - 5,000 SF | &nbsp;&nbsp;$42.50 | &nbsp;&nbsp;5 | &nbsp;&nbsp;Level Over Term | &nbsp;&nbsp;$25.00 | &nbsp;&nbsp;$1.00 |
| &nbsp;&nbsp;Inline > 5,000 SF | &nbsp;&nbsp;$40.00 | &nbsp;&nbsp;5 | &nbsp;&nbsp;Level Over Term | &nbsp;&nbsp;$5.00 | &nbsp;&nbsp;$1.00 |
| &nbsp;&nbsp;Jewelry | &nbsp;&nbsp;$132.50 | &nbsp;&nbsp;5 | &nbsp;&nbsp;Level Over Term | &nbsp;&nbsp;$25.00 | &nbsp;&nbsp;$1.00 |
| &nbsp;&nbsp;Food Court | &nbsp;&nbsp;$150.00 | &nbsp;&nbsp;5 | &nbsp;&nbsp;3% *per annum* | &nbsp;&nbsp;$25.00 | &nbsp;&nbsp;$1.00 |
| &nbsp;&nbsp;Kiosk | &nbsp;&nbsp;$325.00 | &nbsp;&nbsp;5 | &nbsp;&nbsp;3% *per annum* | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;ATM | &nbsp;&nbsp;$900.00 | &nbsp;&nbsp;3 | &nbsp;&nbsp;Level Over Term | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;Restaurant | &nbsp;&nbsp;$30.00 | &nbsp;&nbsp;10 | &nbsp;&nbsp;10% in Year 6 | &nbsp;&nbsp;$25.00 | &nbsp;&nbsp;$1.00 |
| &nbsp;&nbsp;Anchor | &nbsp;&nbsp;$20.00 | &nbsp;&nbsp;10 | &nbsp;&nbsp;10% in Year 6 | &nbsp;&nbsp;$25.00 | &nbsp;&nbsp;$1.00 |
| &nbsp;&nbsp;Major | &nbsp;&nbsp;$15.00 | &nbsp;&nbsp;10 | &nbsp;&nbsp;10% in Year 6 | &nbsp;&nbsp;$25.00 | &nbsp;&nbsp;$1.00 |

---

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 109 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Super Regional Mall | &nbsp;&nbsp;Loan #10 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$25000000 |
| &nbsp;&nbsp;2100 Hamilton Place Boulevard | &nbsp;&nbsp;**Hamilton Place** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;67.6% |
| &nbsp;&nbsp;Chattanooga, TN 37421 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.03x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;17.1% |

---

The table below presents certain information relating to retail centers comparable to the Hamilton Place Property identified by the appraisal:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Competitive Set<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Set<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Set<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Set<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Set<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Set<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Year Built / Renovated** | &nbsp;&nbsp;**Total NRA** | &nbsp;&nbsp;**Total Occupancy** | &nbsp;&nbsp;**Anchor / Major Tenants** | &nbsp;&nbsp;**Distance to Hamilton Place** |
| &nbsp;&nbsp;**Hamilton Place** | &nbsp;&nbsp;**1987/2011** | &nbsp;&nbsp;**1145511** | &nbsp;&nbsp;**98.4%<sup>(2)</sup>** | &nbsp;&nbsp;**JC Penney, Belk Women & Kids, Dillard's Women, Dillard's Men, Kid & Home, Belk Men & Home, Dick's, Crunch Fitness, Dave & Buster's<sup>(4)</sup>** | &nbsp;&nbsp;**NAP** |
| &nbsp;&nbsp;Northgate Mall | &nbsp;&nbsp;1972/2014 | &nbsp;&nbsp;643021 | &nbsp;&nbsp;74.0% | &nbsp;&nbsp;Sound Force, BJ's Wholesale Club, Belk, Vacant | &nbsp;&nbsp;8.0 miles |
| &nbsp;&nbsp;Bradley Square Mall | &nbsp;&nbsp;1991/2013 | &nbsp;&nbsp;447026 | &nbsp;&nbsp;70.0% | &nbsp;&nbsp;Dunham's Sports, Belk, AMC Theatres, Ultimate Bunker Games | &nbsp;&nbsp;21.0 miles |
| &nbsp;&nbsp;Dalton Mall | &nbsp;&nbsp;1980/1990 | &nbsp;&nbsp;318757 | &nbsp;&nbsp;68.0% | &nbsp;&nbsp;Belk, Vacant, AMC Theaters, Fitness 1440 | &nbsp;&nbsp;23.0 miles |
| &nbsp;&nbsp;West Town Mall | &nbsp;&nbsp;1972/2018 | &nbsp;&nbsp;1281108 | &nbsp;&nbsp;98.0% | &nbsp;&nbsp;Dillard's, Belk, JCPenney, Belk Men's, Dick's House of Sort, Cinebarre | &nbsp;&nbsp;88.0 miles |
| &nbsp;&nbsp;**Weighted Average** |  |  | &nbsp;&nbsp;**84.1%<sup>(3)</sup>** |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Information obtained from the appraisal, unless otherwise specified.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Based on the underwritten rent roll dated as of May 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Weighted Average excludes the Hamilton Place Property.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Anchors JC Penney, Belk Women & Kids, Dillard's Men, Kid & Anchors JC Penney, Belk Women
& Kids, Dillard's Women, Dillard's Men, Kid & Home, Belk Men & Home, Dick's, Crunch Fitness, and Dave &
Buster's are not included as part of the collateral SF.

***Appraisal.*** According to the appraisal, the Hamilton Place Property had an "as-is" appraised value of $106,300,000 as of February 27, 2026.

***Environmental Matters***. According to the Phase I environmental assessment dated March 24, 2026, there was no evidence of recognized environmental conditions at the Hamilton Place Property.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 110 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Super Regional Mall | &nbsp;&nbsp;Loan #10 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$25000000 |
| &nbsp;&nbsp;2100 Hamilton Place Boulevard | &nbsp;&nbsp;**Hamilton Place** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;67.6% |
| &nbsp;&nbsp;Chattanooga, TN 37421 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.03x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;17.1% |

---

***Operating History and Underwritten Net Cash Flow.*** The following table presents certain information relating to the historical operating performance and underwritten net cash flow at the Hamilton Place Property:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** |
|  | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**March 2026 TTM** | &nbsp;&nbsp;**UW<sup>(1)</sup>** | &nbsp;&nbsp;**UW PSF** |
| &nbsp;&nbsp;Base Rent | &nbsp;&nbsp;$11740377 | &nbsp;&nbsp;$11574269 | &nbsp;&nbsp;$12094237 | &nbsp;&nbsp;$12328816 | &nbsp;&nbsp;$12866970 | &nbsp;&nbsp;$33.39 |
| &nbsp;&nbsp;Overage / Percentage Rent | &nbsp;&nbsp;$1436280 | &nbsp;&nbsp;$1357608 | &nbsp;&nbsp;$982469 | &nbsp;&nbsp;$1003634 | &nbsp;&nbsp;$1058746 | &nbsp;&nbsp;$2.75 |
| &nbsp;&nbsp;Kiosks / Temporary / Specialty | &nbsp;&nbsp;$957313 | &nbsp;&nbsp;$952090 | &nbsp;&nbsp;$986886 | &nbsp;&nbsp;$1022337 | &nbsp;&nbsp;$948897 | &nbsp;&nbsp;$2.46 |
| &nbsp;&nbsp;Vacant Income | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $516289 | &nbsp;&nbsp; $1.34 |
| &nbsp;&nbsp;**Gross Potential Rent** | &nbsp;&nbsp;**$14133970** | &nbsp;&nbsp;**$13883967** | &nbsp;&nbsp;**$14063591** | &nbsp;&nbsp;**$14354787** | &nbsp;&nbsp;**$15390901** | &nbsp;&nbsp;**$39.94** |
| &nbsp;&nbsp;Reimbursements | &nbsp;&nbsp;$5017866 | &nbsp;&nbsp;$4526193 | &nbsp;&nbsp;$4658021 | &nbsp;&nbsp;$4644423 | &nbsp;&nbsp;$4880440 | &nbsp;&nbsp;$12.67 |
| &nbsp;&nbsp;Other Income | &nbsp;&nbsp; $445544 | &nbsp;&nbsp; $382350 | &nbsp;&nbsp; $445804 | &nbsp;&nbsp; $409084 | &nbsp;&nbsp; $408688 | &nbsp;&nbsp; $1.06 |
| &nbsp;&nbsp;**Net Rental Income** | &nbsp;&nbsp;**$19597380** | &nbsp;&nbsp;**$18792510** | &nbsp;&nbsp;**$19167416** | &nbsp;&nbsp;**$19408294** | &nbsp;&nbsp;**$20680029** | &nbsp;&nbsp;**$53.67** |
| &nbsp;&nbsp;Vacancy | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; ($1034001) | &nbsp;&nbsp; $(2.68) |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$19597380** | &nbsp;&nbsp;**$18792510** | &nbsp;&nbsp;**$19167416** | &nbsp;&nbsp;**$19408294** | &nbsp;&nbsp;**$19646028** | &nbsp;&nbsp;**$50.99** |
| &nbsp;&nbsp;Real Estate Taxes | &nbsp;&nbsp;$2295962 | &nbsp;&nbsp;$2322305 | &nbsp;&nbsp;$1902517 | &nbsp;&nbsp;$1750935 | &nbsp;&nbsp;$1958330 | &nbsp;&nbsp;$5.08 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;$166911 | &nbsp;&nbsp;$279314 | &nbsp;&nbsp;$257631 | &nbsp;&nbsp;$269704 | &nbsp;&nbsp;$146298 | &nbsp;&nbsp;$0.38 |
| &nbsp;&nbsp;Management | &nbsp;&nbsp;$894081 | &nbsp;&nbsp;$885414 | &nbsp;&nbsp;$893052 | &nbsp;&nbsp;$905218 | &nbsp;&nbsp;$589381 | &nbsp;&nbsp;$1.53 |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;$1328570 | &nbsp;&nbsp;$1321909 | &nbsp;&nbsp;$1414318 | &nbsp;&nbsp;$1397141 | &nbsp;&nbsp;$1436233 | &nbsp;&nbsp;$3.73 |
| &nbsp;&nbsp;Other Expenses | &nbsp;&nbsp; $3231734 | &nbsp;&nbsp; $2755596 | &nbsp;&nbsp; $3203479 | &nbsp;&nbsp; $3230981 | &nbsp;&nbsp; $3201790 | &nbsp;&nbsp; $8.31 |
| &nbsp;&nbsp;**Total Expenses** | &nbsp;&nbsp;**$7917258** | &nbsp;&nbsp;**$7564539** | &nbsp;&nbsp;**$7670997** | &nbsp;&nbsp;**$7553978** | &nbsp;&nbsp;**$7332032** | &nbsp;&nbsp;**$19.03** |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$11680122** | &nbsp;&nbsp;**$11227972** | &nbsp;&nbsp;**$11496419** | &nbsp;&nbsp;**$11854316** | &nbsp;&nbsp;**$12313996** | &nbsp;&nbsp;**$31.96** |
| &nbsp;&nbsp;Replacement Reserves | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$96329 | &nbsp;&nbsp;$0.25 |
| &nbsp;&nbsp;TI/LC | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $732103 | &nbsp;&nbsp; $1.90 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$11680122** | &nbsp;&nbsp;**$11227972** | &nbsp;&nbsp;**$11496419** | &nbsp;&nbsp;**$11854316** | &nbsp;&nbsp;**$11485563** | &nbsp;&nbsp;**$29.81** |
| &nbsp;&nbsp;**Occupancy %<sup>(2)</sup>** | &nbsp;&nbsp;**93.8%** | &nbsp;&nbsp;**92.4%** | &nbsp;&nbsp;**94.0%** | &nbsp;&nbsp;**98.4%** | &nbsp;&nbsp;**95.0%** |  |
| &nbsp;&nbsp;**NOI DSCR<sup>(3)</sup>** | &nbsp;&nbsp;**2.07x** | &nbsp;&nbsp;**1.99x** | &nbsp;&nbsp;**2.03x** | &nbsp;&nbsp;**2.10x** | &nbsp;&nbsp;**2.18x** |  |
| &nbsp;&nbsp;**NCF DSCR<sup>(3)</sup>** | &nbsp;&nbsp;**2.07x** | &nbsp;&nbsp;**1.99x** | &nbsp;&nbsp;**2.03x** | &nbsp;&nbsp;**2.10x** | &nbsp;&nbsp;**2.03x** |  |
| &nbsp;&nbsp;**NOI Debt Yield<sup>(3)</sup>** | &nbsp;&nbsp;**16.2%** | &nbsp;&nbsp;**15.6%** | &nbsp;&nbsp;**16.0%** | &nbsp;&nbsp;**16.5%** | &nbsp;&nbsp;**17.1%** |  |
| &nbsp;&nbsp;**NCF Debt Yield<sup>(3)</sup>** | &nbsp;&nbsp;**16.2%** | &nbsp;&nbsp;**15.6%** | &nbsp;&nbsp;**16.0%** | &nbsp;&nbsp;**16.5%** | &nbsp;&nbsp;**16.0%** |  |

---

(1) Based on the underwritten rent roll dated as of May 2026, inclusive of contractual
rent steps through June 2027.

(2) Historical occupancy represents physical occupancy and UW occupancy represents
economic occupancy.

(3) DSCRs and Debt Yields are based on the Hamilton Place Whole Loan.

***Escrows and Reserves.*** At origination of the Hamilton Place Whole Loan, the borrower deposited (a) approximately $815,971 into a tax reserve, (b) approximately $1,511,281 into a capital expenditure reserve to pay for expenses associated with improvements to the roadways, landscaping and other areas of the Hamilton Place Property, (c) $1,320,000 into an unfunded obligations reserve to be used for outstanding tenant improvement allowances owed to certain tenants, and (d) $1,500,000 into a rollover reserve.

RE Escrows – On each payment date, the borrower is required to deposit into a real estate tax reserve an amount equal to 1/12th of the amount that the lender reasonably estimates will be necessary to pay real estate taxes over the next 12-month period, initially estimated to be $163,194.

Insurance – On each payment date, the borrower is required to deposit into an insurance reserve an amount equal to 1/12th of the amount that the lender reasonably estimates will be necessary to cover premiums over the next 12-month period (*provided that* such reserve will be conditionally waived (i) so long as no event of default under the Hamilton Place Whole Loan documents has occurred and is continuing, and (ii) the borrower has provided evidence that insurance satisfying the requirements set forth in the Hamilton Place Whole Loan documents has been obtained under one or more blanket insurance policies and insurance premiums have been paid in accordance with the requirements of the Hamilton Place Whole Loan documents). At the origination of the Hamilton Place Mortgage Loan, an acceptable blanket policy was in place such that the monthly reserves were waived.

Replacement Reserve – On each payment date, the borrower is required to deposit approximately $8,027 into a replacement reserve account for replacements and repairs required to be made to the Hamilton Place Property during the calendar year, subject to a cap of approximately, $240,824 (excluding any portion of the deposits made on the origination date of the Hamilton Place Whole Loan which is to be used to pay for expenses associated with improvements to the roadways, landscaping and other areas of the Hamilton Place Property).

Rollover Reserve – On each payment date, the borrower is required to deposit approximately, $64,220 into a rollover reserve account for anticipated lease rollover during the term of the Hamilton Place Whole Loan, subject to a cap of $1,926,590, excluding any deposits of lease termination payments held in the rollover reserve account.

Operating Expense Reserve – On each payment date during the continuance of a Trigger Period (as defined below), the borrower is required to deposit an amount equal to the aggregate amount of approved operating expenses and approved extraordinary expenses to be incurred by the borrower for the then current interest accrual period.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 111 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Super Regional Mall | &nbsp;&nbsp;Loan #10 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$25000000 |
| &nbsp;&nbsp;2100 Hamilton Place Boulevard | &nbsp;&nbsp;**Hamilton Place** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;67.6% |
| &nbsp;&nbsp;Chattanooga, TN 37421 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.03x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;17.1% |

---

Anchor Reserve Account – Upon the occurrence of an Anchor Trigger Event (as defined below), the borrower has the option, but is not required, to deposit with the lender a cash deposit or deliver to the lender a letter of credit in an aggregate amount equal the applicable Anchor Threshold Amount (as defined below). To the extent such deposit is timely made or letter of credit is timely delivered to the lender, a Trigger Period will not commence as a result of the Anchor Trigger Event and, to the extent such deposit is made or letter of credit is delivered to the lender following the commencement and during the existence of a Trigger Period resulting solely from an Anchor Trigger Event, such Trigger Period will no longer be deemed to exist. If the borrower fails to timely make a deposits or deliver a letter of credit pursuant to the terms above, a Trigger Period will immediately commence. To the extent a Trigger Period occurs as a result of an Anchor Trigger Event, the borrower is required to deposit into the anchor reserve account, all excess cash flow in the cash management account, provided, to the extent the cash management account has not yet been established as of any payment date following the commencement of the related Trigger Period, the borrower is required to deposit into the anchor reserve account, as of such payment date, all excess cash flow which would otherwise be deposited therein pursuant to the cash management agreement, as evidenced by the monthly or quarterly operating statements delivered to the lender in accordance with the terms of the Hamilton Place Whole Loan agreement.

An "Anchor Trigger Event" means the date that one or more Anchors (as defined below) goes dark, discontinues its operations or business or vacates its Anchor Space (as defined below) (other than in connection with a remodeling or as a result of a casualty event and there is otherwise not any credible evidence that any such Anchor intends to permanently cease its operations, go dark or vacate), provided, if only one of JCPenney or Belk West (aka Belk Men) goes dark, discontinues its operations or business or vacates its Anchor Space, an Anchor Trigger Event will not be deemed to have occurred.

An "Anchor" means any of the following which are currently occupying an Anchor Space in the areas immediately surrounding the Hamilton Place Property: (i) Dillard's West (aka Dillard's Men), (ii) Dillard's East (aka Dillard's Women), (iii) Belk West (aka Belk Men), (iv) Belk East (aka Belk Women), (v) JCPenney and (vi) any successor occupant which takes occupancy of all or at least 51% of an Anchor Space.

An "Anchor Space" means the premises occupied by a current or future Anchor.

A "Trigger Period" means a period of time (A) commencing upon the earliest of (i) the occurrence of an event of default, (ii) the occurrence of an "event of default" under any mezzanine loan, (iii) the debt yield being less than 14.5% for two (2) consecutive calendar quarters (each, a "Debt Yield Trigger Event") and the failure of the borrower to timely make a cash deposit into the excess cash reserve account or deliver a letter of credit to the lender pursuant to the terms of the Hamilton Place Whole Loan documents and (iv) the occurrence of an Anchor Trigger Event and the failure of the borrower to timely make a cash deposit into the anchor reserve account or deliver a letter of credit to the lender pursuant to the terms of the Hamilton Place Whole Loan documents; and (B) expiring upon (w) with regard to any Trigger Period commenced in connection with clause (A) (i) above, the cure (if applicable) of such event of default, (x) with regard to any Trigger Period commenced in connection with clause (A) (ii) above, the cure (if applicable) of such "event of default", (y) with regard to any Trigger Period commenced in connection with clause (A) (iii) above, the earlier of (a) the date the Hamilton Place Property achieves a debt yield of at least 14.5% for two (2) consecutive calendar quarters or (b) an appropriate deposit of cash is made to the excess cash flow reserve account or a letter of credit is deposited with the lender pursuant to the terms of the Hamilton Place Whole Loan documents, and (z) with regard to any Trigger Period commenced in connection with clause (A) (iv) above, the earlier of (a) any Anchor Spaces which were subject to an Anchor Trigger Event are occupied by one or more replacement occupants or tenants who are operating in the Anchor Space or (b) the cumulative amount of funds deposited into the anchor reserve account or the face amount of any letter of credit deposited with the lender is equal to the applicable Anchor Threshold Amount. Notwithstanding the foregoing, a Trigger Period will not be deemed to expire in the event that a Trigger Period then exists for any other reason.

"Anchor Threshold Amount" means an amount equal to $50.00 times the applicable square footage in any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if (i) one or more of Belk East (aka Belk Women), Dillard's East (aka Dillard's Women) or Dillard's West (aka Dillard's Men) or any successor Anchor who occupies a portion of an Anchor Space currently occupied by any of the foregoing Anchors is subject to an Anchor Trigger Event but (ii) neither JCPenney nor any successor Anchor who occupies a portion of the Anchor Space currently occupied by JCPenney is not subject to an Anchor Trigger Event, the cumulative square footage of all Anchor Spaces which are subject to an ongoing Anchor Trigger Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if (i) two (2) or more of Belk East (aka Belk Women), Dillard's East (aka Dillard's Women) or Dillard's West (aka Dillard's Men) or any successor Anchor who occupies a portion of the Anchor Space currently occupied by any of the foregoing Anchors are subject to an Anchor Trigger Event and (ii) JCPenney or any successor Anchor who occupies a portion of the Anchor Space currently occupied by JCPenney is also subject to an Anchor Trigger Event, the cumulative square footage of all Anchor Spaces which are subject to an ongoing Anchor Trigger Event less 157,799 SF; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if (i) only one of Belk East (aka Belk Women), Dillard's East (aka Dillard's Women), Dillard's West (aka Dillard's Men), or Belk West (aka Belk Men) or any successor Anchor who occupies a portion of the Anchor Space currently occupied by any of the foregoing Anchors is subject to an Anchor Trigger Event and (ii) JCPenney or any successor Anchor who occupies a portion of the Anchor Space currently occupied by JCPenney is also subject to an Anchor Trigger Event, 157,799 SF.

***Lockbox and Cash Management.*** The Hamilton Place Whole Loan is structured with a hard lockbox and springing cash management. The borrower is required to deposit all gross income, forfeited security deposits and other revenues from the Hamilton Place Whole Loan into a lender-controlled lockbox account within two business days of receipt, and to direct all tenants to make direct rent deposits into the lockbox account. As long as a Trigger Period is not in effect, all funds in the lockbox account are required to be distributed to the borrower in accordance with the lockbox agreement. During the continuance of a Trigger Period, all funds in the lockbox will be transferred on a daily basis to a lender-controlled cash management account to be disbursed in accordance with the Hamilton Place Whole Loan documents, with any excess funds required to be deposited in either (i) the anchor reserve account during a Trigger Period caused by an Anchor Trigger Event and held as additional security for so long as the Trigger Period continues, provided, the borrower may obtain disbursements from the anchor reserve account for the payment of tenant improvements and leasing commissions for either (y) a new lease (or lease extension) for any leased premises for which any co-tenancy requirements are no longer satisfied as a result of the related Anchor Trigger Event or (z) a new lease for any premises previously occupied by an Anchor which has been acquired and added as collateral for the Hamilton Place Whole Loan as described below or (ii) an excess cash flow reserve account controlled by the lender during a Trigger Period caused by any event other than an Anchor Trigger Event and held as additional security, provided, if a Trigger Period is caused by a Debt Yield Trigger Event and the debt yield is equal to or greater than 13.5%, only one-half (1/2) of the excess flow will be deposited in the excess cash flow reserve account with the entirety of such excess cash flow required to be deposited as described herein if the debt yield is less than 13.5%.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 112 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Super Regional Mall | &nbsp;&nbsp;Loan #10 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$25000000 |
| &nbsp;&nbsp;2100 Hamilton Place Boulevard | &nbsp;&nbsp;**Hamilton Place** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;67.6% |
| &nbsp;&nbsp;Chattanooga, TN 37421 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.03x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;17.1% |

---

***Partial Release.*** The Hamilton Place Whole Loan documents permit the borrower to obtain a release of a non-income producing portion of the Hamilton Place Property in connection with a transfer to third parties or affiliates of the borrower without the payment of a release price provided that, among other conditions, the borrower satisfies customary REMIC requirements.

***Additional Property****.* The borrower may acquire (the "Acquisition") the real property and related improvements of one or more Anchors and the appurtenant interests therein (the "Additional Property"), and such Additional Property will be added as collateral of the Hamilton Place Whole Loan and subject to the related lien, provided certain condition precedents are satisfied, including: (a) the related Anchor has vacated its leased premises on a permanent basis, on a date that is not within the period commencing 30 days prior to and terminating 30 days after the closing date of this securitization, and there is no credible evidence of a replacement party planning to take occupancy of such property; (b) the lender has obtained a rating agency confirmation with respect to the Acquisition; (c) the lender has received acceptable third party reports with respect to the Additional Property as reasonably required by the lender; and (d) the lender has received a REMIC opinion.

***Terrorism Insurance.*** The borrower is required to obtain and maintain property insurance and business interruption insurance for 18 months plus a 12-month extended period of indemnity. Such insurance is required to cover perils of terrorism and acts of terrorism. See "*Risk Factors—Risks Relating to the Mortgage Loans—Terrorism Insurance May Not Be Available for All Mortgaged Properties*" in the prospectus.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 113 |

---

**Mortgage Loan No. 11 – 535 & 545 5th Avenue** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Mortgage Loan Seller:** | &nbsp;&nbsp;**Mortgage Loan Seller:** | SGFC | SGFC | SGFC | &nbsp;&nbsp;**Single Asset/Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Credit Assessment (Moody's/Fitch/MDBRS):** | &nbsp;&nbsp;**Credit Assessment (Moody's/Fitch/MDBRS):** | NR/NR/NR | NR/NR/NR | NR/NR/NR | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;New York, NY 10017 |
| &nbsp;&nbsp;**Original Balance<sup>(1)</sup>:** | &nbsp;&nbsp;**Original Balance<sup>(1)</sup>:** | $20000000 | $20000000 | $20000000 | &nbsp;&nbsp;**General Property Type:** | &nbsp;&nbsp;Mixed Use |
| &nbsp;&nbsp;**Cut-off Date Balance<sup>(1)</sup>:** | &nbsp;&nbsp;**Cut-off Date Balance<sup>(1)</sup>:** | $19973118 | $19973118 | $19973118 | &nbsp;&nbsp;**Detailed Property Type:** | &nbsp;&nbsp;Retail/Office |
| &nbsp;&nbsp;**% of Initial Pool Balance:** | &nbsp;&nbsp;**% of Initial Pool Balance:** | 3.7% | 3.7% | 3.7% | &nbsp;&nbsp;**Title Vesting:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;**Loan Purpose:** | Refinance | Refinance | Refinance | &nbsp;&nbsp;**Year Built/Renovated:** | &nbsp;&nbsp;1897-1927/2017 |
| &nbsp;&nbsp;**Borrower Sponsor:** | &nbsp;&nbsp;**Borrower Sponsor:** | Joseph Moinian | Joseph Moinian | Joseph Moinian | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;507,207 SF |
| &nbsp;&nbsp;**Guarantor:** | &nbsp;&nbsp;**Guarantor:** | Joseph Moinian | Joseph Moinian | Joseph Moinian | &nbsp;&nbsp;**Cut-off Date Balance PSF<sup>(1)</sup>:** | &nbsp;&nbsp;$610 |
| &nbsp;&nbsp;**Mortgage Rate:** | &nbsp;&nbsp;**Mortgage Rate:** | 7.0600% | 7.0600% | 7.0600% | &nbsp;&nbsp;**Maturity Date Balance PSF<sup>(1)(2)</sup>:** | &nbsp;&nbsp;$601 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;**Note Date:** | 1/9/2026 | 1/9/2026 | 1/9/2026 | &nbsp;&nbsp;**Property Manager:** | &nbsp;&nbsp;Columbus Property Management LLC |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;**Maturity Date:** | 1/9/2031 | 1/9/2031 | 1/9/2031 |  |  |
| &nbsp;&nbsp;**Term to Maturity:** | &nbsp;&nbsp;**Term to Maturity:** | 60 months | 60 months | 60 months | &nbsp;&nbsp;**Underwriting and Financial Information** | &nbsp;&nbsp;**Underwriting and Financial Information** |
| &nbsp;&nbsp;**Amortization Term<sup>(2)</sup>:** | &nbsp;&nbsp;**Amortization Term<sup>(2)</sup>:** | NAP | NAP | NAP | &nbsp;&nbsp;**UW NOI:** | &nbsp;&nbsp;$30196800 |
| &nbsp;&nbsp;**IO Period:** | &nbsp;&nbsp;**IO Period:** | 0 months | 0 months | 0 months | &nbsp;&nbsp;**UW NCF:** | &nbsp;&nbsp;$30095359 |
| &nbsp;&nbsp;**Seasoning:** | &nbsp;&nbsp;**Seasoning:** | 5 months | 5 months | 5 months | &nbsp;&nbsp;**UW NOI Debt Yield<sup>(1)</sup>:** | &nbsp;&nbsp;9.8% |
| &nbsp;&nbsp;**Prepayment Provisions<sup>(3)</sup>:** | &nbsp;&nbsp;**Prepayment Provisions<sup>(3)</sup>:** | L(23),YM1(6),DorYM1(27),O(4) | L(23),YM1(6),DorYM1(27),O(4) | L(23),YM1(6),DorYM1(27),O(4) | &nbsp;&nbsp;**UW NCF Debt Yield<sup>(1)</sup>:** | &nbsp;&nbsp;9.7% |
| &nbsp;&nbsp;**Lockbox/Cash Mgmt Status:** | &nbsp;&nbsp;**Lockbox/Cash Mgmt Status:** | Hard/In Place | Hard/In Place | Hard/In Place | &nbsp;&nbsp;**UW NOI Debt Yield at Maturity<sup>(1)</sup>:** | &nbsp;&nbsp;9.9% |
| &nbsp;&nbsp;**Additional Debt Type<sup>(1)</sup>:** | &nbsp;&nbsp;**Additional Debt Type<sup>(1)</sup>:** | *Pari Passu* | *Pari Passu* | *Pari Passu* | &nbsp;&nbsp;**UW NCF DSCR<sup>(1)(2)</sup>:** | &nbsp;&nbsp;1.30x |
| &nbsp;&nbsp;**Additional Debt Balance<sup>(1)</sup>:** | &nbsp;&nbsp;**Additional Debt Balance<sup>(1)</sup>:** | $289610215 | $289610215 | $289610215 | &nbsp;&nbsp;**Most Recent NOI:** | &nbsp;&nbsp;$28,391,172 (10/31/2025 TTM) |
| &nbsp;&nbsp;**Future Debt Permitted (Type):** | &nbsp;&nbsp;**Future Debt Permitted (Type):** | No (NAP) | No (NAP) | No (NAP) | &nbsp;&nbsp;**2nd Most Recent NOI:** | &nbsp;&nbsp;$26,957,312 (12/31/2024) |
| &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**3rd Most Recent NOI:** | &nbsp;&nbsp;$23,594,550 (12/31/2023) |
| &nbsp;&nbsp;**<u>Type</u>** | &nbsp;&nbsp;**<u>Initial</u>** | &nbsp;&nbsp;**<u>Initial</u>** | &nbsp;&nbsp;**<u>Monthly</u>** | &nbsp;&nbsp;**<u>Cap</u>** | &nbsp;&nbsp;**Most Recent Occupancy:** | &nbsp;&nbsp;88.8% (11/18/2025) |
| &nbsp;&nbsp;**RE Taxes:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing<sup>(4)</sup> | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**2nd Most Recent Occupancy:** | &nbsp;&nbsp;95.0% (12/31/2024) |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing<sup>(5)</sup> | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**3rd Most Recent Occupancy:** | &nbsp;&nbsp;96.0% (12/31/2023) |
| &nbsp;&nbsp;**Replacement Reserve:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$8453 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value (as of):** | &nbsp;&nbsp;$490,000,000 (11/21/2025) |
| &nbsp;&nbsp;**Rollover Reserve<sup>(6)</sup>:** | &nbsp;&nbsp;$52000 | &nbsp;&nbsp;$52000 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value PSF:** | &nbsp;&nbsp;$966 |
| &nbsp;&nbsp;**Deferred Maintenance Reserve:** | &nbsp;&nbsp;$100750 | &nbsp;&nbsp;$100750 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Cut-off Date LTV Ratio<sup>(1)</sup>:** | &nbsp;&nbsp;63.2% |
| &nbsp;&nbsp;**Rent Concession Reserve:** | &nbsp;&nbsp;$2515028 | &nbsp;&nbsp;$2515028 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date LTV Ratio<sup>(1)(2)</sup>:** | &nbsp;&nbsp;62.3% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** |
| &nbsp;&nbsp;**Sources** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** | &nbsp;&nbsp;**Uses** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** |
| &nbsp;&nbsp;Whole Loan Amount<sup>(1)</sup>: | &nbsp;&nbsp;$310000000 | &nbsp;&nbsp;96.9% | &nbsp;&nbsp;Loan Payoff<sup>(7)(8)</sup>: | &nbsp;&nbsp;$314826919 | &nbsp;&nbsp;98.4% |
| &nbsp;&nbsp;Borrower Equity: | &nbsp;&nbsp;$9981186 | &nbsp;&nbsp;3.1% | &nbsp;&nbsp;Upfront Reserves: | &nbsp;&nbsp;$2667778 | &nbsp;&nbsp;0.8% |
|  |  |  | &nbsp;&nbsp;Closing Costs: | &nbsp;&nbsp;$2486489 | &nbsp;&nbsp;0.8% |
| &nbsp;&nbsp;**Total Sources:** | &nbsp;&nbsp;**$319981186** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses:** | &nbsp;&nbsp;**$319981186** | &nbsp;&nbsp;**100.0%** |

---

(1) The 535 & 545 5th Avenue Mortgage Loan (as defined below) is part of the 535 & 545 5th Avenue
Whole Loan (as defined below), which is comprised of 14 *pari passu* promissory notes with an aggregate original balance of $310,000,000.
For additional information, see "*The Mortgage Loan*" below. The information presented under "Financial Information"
above is calculated based on the 535 & 545 5th Avenue Whole Loan.

(2) The 535 & 545 5th Avenue Whole Loan's monthly debt service payments are equal to a monthly payment
of (i) the interest accrued on the outstanding principal balance accrued at the "Mortgage Rate" during the interest period
immediately preceding such monthly payment date plus (ii) a principal pay-down of $83,333.33. Based on the principal pay-down, the borrower
pays the outstanding principal balance of the 535 & 545 5th Avenue Whole Loan by $999,999.96 on an annual basis, therefore, the original
"Amortization Term" reflects an amortizing period of approximately 3,720 months.

(3) On or after January 9, 2028, the borrower will have the right to voluntary prepay the 535 & 545 5th
Avenue Whole Loan, in whole, but not in part, with the greater of a yield maintenance premium or 1% of the outstanding principal balance
of the 535 & 545 5th Avenue Whole Loan, with no prepayment fee being due on and after the October 9, 2030 payment date. In addition,
defeasance of the 535 & 545 5th Avenue Whole Loan in full (but not in part) is permitted at any time after the earlier of (i) January
9, 2029 or (ii) the date that is two years from the closing date of the securitization that includes the last pari passu note to be securitized.
The assumed defeasance lockout period of 29 payments is based on the expected WFCM 2026-5C10 securitization trust closing date in June
2026. The actual defeasance lockout period may be longer.

(4) The borrower was not required to escrow any funds on the monthly payment date occurring in February 2026.
On each monthly payment date occurring in March, April, May, and June of 2026, the borrower was required to escrow $1,221,407 into the
tax reserve account. On a monthly basis thereafter, the borrower is required to escrow 1/12th of the estimated annual real estate tax
payments (initially, $814,271).

(5) On a monthly basis, the borrower is required to escrow 1/12th of the annual estimated insurance payments.
Such reserve has been conditionally waived so long as the borrower maintains a blanket policy meeting the requirements of the 535 &
545 5th Avenue Whole Loan documents and the borrower provides evidence of the renewal of any insurance policy prior to the expiration
thereof and receipts for the payment of the applicable premiums.

(6) The 535 & 545 5th Avenue Whole Loan is structured with a day one cash flow sweep which is required
to continue until $12.0 million of available cash has been swept into the Rollover Reserve. The $12.0 million is to be used for accretive
tenant improvements and leasing commissions ("TI/LCs") only. On a PSF basis, that represents $81 PSF on all rolling space
through the loan term and $46 PSF through the end of 2031.

(7) The prior securitized mortgage loan secured by the 535 & 545 5th Avenue Property (as defined below)
in the original amount of $310,000,000 at a non-default interest rate of 3.86000% matured on March 6, 2025, and was transferred to special
servicing on March 20, 2025, due to maturity default. The trustee of the lead securitization filed a foreclosure action against the borrower
and the 535 & 545 5th Avenue Property on July 9, 2025, which has been discontinued in connection with the 535 & 545 5th Avenue
Whole Loan origination.

(8) The Loan Payoff is inclusive of approximately $7.13 million in default and liquidation fees, which represents
the net owed fees when accounting for the offset of a cash reserve from the prior loan which swept cash flow since maturity default. The
Loan Payoff amount includes a waiver of $500,000 in default interest.

***The Mortgage Loan.*** The eleventh largest mortgage loan (the "535 & 545 5th Avenue Mortgage Loan") is part of a whole loan (the "535 & 545 5th Avenue Whole Loan") evidenced by 14 *pari passu* notes that is secured by the borrower's fee interest in a 507,207 SF mixed-use property in New York, New York (the "535 & 545 5th Avenue Property"). The 535 & 545 5th Avenue Whole Loan was co-originated by DBR Investments Co. Limited ("DBRI") and Societe Generale Financial Corporation ("SGFC").

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 114 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Mixed Use – Retail/Office | &nbsp;&nbsp;Loan #11 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$19973118 |
| &nbsp;&nbsp;535-545 Fifth Avenue | &nbsp;&nbsp;**535 & 545 5th Avenue** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;63.2% |
| &nbsp;&nbsp;New York, NY 10017 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.30x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;9.8% |

---

The 535 & 545 5th Avenue Mortgage Loan, which is evidenced by the non-controlling Note A-10, has an outstanding principal balance as of the Cut-off Date of $19,973,118.28. The 535 & 545 5th Avenue Whole Loan has an aggregate outstanding principal balance as of the Cut-off Date of $309,583,333.35. The 535 & 545 5th Avenue Whole Loan is amortizing at a rate of $83,333.33 per month for an estimated amortizing term of 3,720 months and accrues interest on an Actual/360 basis.

The relationship between the holders of the 535 & 545 5th Avenue Whole Loan is governed by a co-lender agreement as described under "*Description of the Mortgage Pool —The Whole Loans—The Non-Serviced Pari Passu Whole Loans*" in the prospectus. The 535 & 545 5th Avenue Whole Loan will be serviced pursuant to the pooling and servicing agreement for the BMARK 2026-V20 securitization which closed in February 2026. See "*Pooling and Servicing Agreement—Servicing of the Non-Serviced Mortgage Loans*" in the prospectus.

The table below summarizes the promissory notes that comprise the 535 & 545 5th Avenue Whole Loan:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **535 & 545 5th Avenue Whole Loan Summary** | **535 & 545 5th Avenue Whole Loan Summary** | **535 & 545 5th Avenue Whole Loan Summary** | **535 & 545 5th Avenue Whole Loan Summary** | **535 & 545 5th Avenue Whole Loan Summary** |
| **Note** | **Original Balance** | **Cut-off Date Balance** | **Note Holder** | **Controlling Note** |
| A-1 | $75000000 | $74899194 | BMARK 2026-V20 | Yes |
| A-2-1<sup>(1)</sup> | $35000000 | $34952957 | DBRI | No |
| A-2-2 | $15000000 | $14979839 | BMARK 2026-V22 | No |
| A-3 | $26000000 | $25965054 | BBCMS 2026-5C40 | No |
| A-4 | $15000000 | $14979839 | BMARK 2026-V21 | No |
| A-5 | $15000000 | $14979839 | BMARK 2026-V21 | No |
| A-6 | $10000000 | $9986559 | BMO 2026-5C14 | No |
| A-7 | $9000000 | $8987903 | BBCMS 2026-5C42 | No |
| A-8 | $50000000 | $49932796 | WFCM 2026-5C9 | No |
| A-9 | $15000000 | $14979839 | BBCMS 2026-5C41 | No |
| **A-10** | **$20000000** | **$19973118** | **WFCM 2026-5C10** | **No** |
| A-11 | $14000000 | $13981183 | BBCMS 2026-5C40 | No |
| A-12-1 | $6000000 | $5991935 | BBCMS 2026-5C42 | No |
| A-12-2 | $5000000 | $4993280 | BMO 2026-5C14 | No |
| **Total** | **$310000000** | **$309583333** |  |  |

---

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

***The Borrower and the Borrower Sponsor.*** The borrower is 535-545 Fee LLC, a Delaware limited liability company structured as a single purpose, bankruptcy-remote entity with two independent directors. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the 535 & 545 5th Avenue Whole Loan

The borrower sponsor and non-recourse carveout guarantor is Joseph Moinian. Joseph Moinian is the founder and CEO of The Moinian Group, which is a privately held real estate investment company with a portfolio in excess of 20 million SF. Founded in 1982 by Joseph Moinian, The Moinian Group develops, owns, and operates properties across every asset category. The firm focuses primarily on its New York City commercial, residential, and hospitality assets. Some of The Moinian Group's recent projects include Sky, a luxury residential apartment building located at 605 West 42nd Street, New York, New York, and 3 Hudson Boulevard, a 1.9 million SF office tower located in New York that is currently under construction.

***The Property.*** The 535 & 545 5th Avenue Property consists of two mixed use office/retail buildings (the "535 5th Avenue Property", and the "545 5th Avenue Property") totaling 507,207 SF located on 5th Avenue between 44th and 45th Street in Midtown Manhattan. Both buildings offer ground floor, Class A 5th Avenue retail. The 535 & 545 5th Avenue Property is situated between Times Square and Grand Central station, which draws in foot traffic for the retail portion from Times Square visitors and commuters through Grand Central. The total office portion of the 535 & 545 5th Avenue Property equals 418,403 SF (82.5% of NRA) and accounts for 53.2% of the underwritten base rent. The total retail portion at the 535 & 545 5th Avenue Property equals 88,804 SF (17.5% of NRA) and accounts for 46.8% of the underwritten base rent. The 535 5th Avenue Property is a 36-story mixed use office/retail building built in 1927 and consists of 327,042 SF (64.5% of NRA and 58.5% of underwritten base rent), including 277,408 SF of office and storage space and 49,634 SF of retail space. The 545 5th Avenue Property is a 13-story building built in 1897 and consists of 180,165 SF (35.5% of NRA and 41.5% of underwritten base rent) including 140,995 SF of office spaces and 39,170 SF of retail space.

The borrower sponsor acquired the 535 & 545 5th Avenue Property in 2006 and began a comprehensive renovation to modernize the 535 & 545 5th Avenue Property and has continued to commit capital to improve the 535 & 545 5th Avenue Property throughout the years. Most recently, between December 2019 and December 2024, the 535 & 545 5th Avenue Property underwent significant capital investments totaling $33.4 million ($66 PSF). During this renovation, the borrower sponsor invested approximately $7.9 million into building improvements and $25.5 million into tenant improvements, including $11.0 million to improvements in the ground floor retail alone. The 535 & 545 5th Avenue Property was comprehensively renovated and modernized to meet the standards of Class-A office assets located in New York City. Recent improvements include storefront replacements, a full sidewalk replacement, lighting upgrades to LED standards, local law 11 upgrades, and 301,000 SF of tenant buildouts.

As of November 18, 2025, the 535 & 545 5th Avenue Property was 88.8% occupied. The 535 & 545 5th Avenue Property features a weighted average lease term remaining of 5.7 years, with top tenants (71.8% of underwritten base rent) presenting a weighted average lease term remaining of 6.5 years. The top tenants include The NBA Store (as defined below) (20.0% of underwritten base rent; 5.0% of NRA), Best Buy (as defined below) (19.5% of underwritten base rent; 7.3% of NRA), Empire Offices (as defined below) (6.8% of underwritten base rent; 9.6% of NRA), Laboratory Institute of Merchandising, Inc. (4.7% of underwritten base rent; 5.9% of NRA), SPSLC, LLC (Shafer Surgical) (3.9% of underwritten base rent; 4.9% of NRA), and Gardiner & Theobald, Inc. (3.9% of underwritten base rent; 5.9% of NRA). The ground floor retail is occupied by The NBA Store, Lids, Paris Saint-Germain (PSG), Läderach, and Best Buy. The office tenancy consists of mostly non-traditional office users including tenants in the jewelry, medical and education sectors. No office tenant, including those in non-traditional office sectors, makes up more than 6.8% of underwritten base rent, individually. 29.0% of

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 115 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Mixed Use – Retail/Office | &nbsp;&nbsp;Loan #11 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$19973118 |
| &nbsp;&nbsp;535-545 Fifth Avenue | &nbsp;&nbsp;**535 & 545 5th Avenue** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;63.2% |
| &nbsp;&nbsp;New York, NY 10017 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.30x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;9.8% |

---

tenants roll within the loan term. The 535 & 545 5th Avenue Whole Loan is structured with a day one cash flow sweep which is required to continue until the future leasing reserve totals $12.0 million. The $12.0 million is to be used for accretive TI/LCs only. On a PSF basis, that represents $81 PSF on all rolling space through the loan term and $46 PSF through the end of 2031.

The following table presents certain information relating to the space types that comprise the 535 & 545 5th Avenue Property:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Property Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Property Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Property Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Property Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Property Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Property Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Property Summary<sup>(1)</sup>** |
| &nbsp;&nbsp;**Space Type** | &nbsp;&nbsp;**Total SF** | &nbsp;&nbsp;**% Total SF** | &nbsp;&nbsp;**Occupancy** | &nbsp;&nbsp;**UW Base Rent** | &nbsp;&nbsp;**% of UW Base Rent** | &nbsp;&nbsp;**UW Base Rent PSF<sup>(2)</sup>** |
| &nbsp;&nbsp;Office<sup>(3)</sup> | &nbsp;&nbsp;418403 | &nbsp;&nbsp;82.5% | &nbsp;&nbsp; 86.5% | &nbsp;&nbsp;$22497527 | &nbsp;&nbsp;53.2% | &nbsp;&nbsp;$62.20 |
| &nbsp;&nbsp;Retail | &nbsp;&nbsp; 88804 | &nbsp;&nbsp;17.5% | &nbsp;&nbsp; 100.0% | &nbsp;&nbsp;$19780183 | &nbsp;&nbsp;46.8% | &nbsp;&nbsp;$222.74 |
| &nbsp;&nbsp;**Total / Wtd. Avg.** | &nbsp;&nbsp;**507207** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp; **88.8%** | &nbsp;&nbsp;**$42277710** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$93.84** |

---

(1) Based on the underwritten rent roll dated November 18, 2025.

(2) UW Base Rent PSF excludes vacant space and vacant underwritten base rent.

(3) Office tenants include 58,137 SF of jeweler tenants, 60,525 SF of medical tenants and 31,898 SF of education
tenants.

***Major Tenants.***

NBA Media Ventures, LLC ("*The NBA Store*") *(25,562 SF; 5.0% of NRA; 20.0% of underwritten base rent).* The NBA Store was opened in 1998 at 666 5th Avenue. The NBA Store relocated to the 535 & 545 5th Avenue Property, which is its only store in New York City, in December of 2014. The NBA Store offers a variety of official merchandise and apparel. Among its many products, the store sells current NBA & WNBA jerseys, replica jerseys of retired players, footwear, collectibles, photography, and other gifts. The store represents all 30 NBA teams along with exclusive products for star players including LeBron James and Kevin Durant. Fanatics operates The NBA Store and Hat World Inc. (Official Paris St. Germain Store) at the 535 & 545 5th Avenue Property alongside the leagues online stores, establishing synergy at the 535 & 545 5th Avenue Property storefronts.

The NBA Store has the one-time right to terminate its lease effective as of December 18, 2030 upon not less than 12 months' prior written notice to the landlord and payment of a termination fee in the amount of $1,142,945 at the time tenant delivers the termination notice. Given it is also a Sweep Lease (as defined below), in the event of a termination by The NBA Store, a lease sweep would commence on the first monthly payment date under the 535 & 545 5th Avenue Whole Loan documents following the earlier to occur of (a) the receipt of notice that The NBA Store has exercised its termination option and (b) the monthly payment date occurring in November 2029*.* 

"Sweep Lease" means the Best Buy lease, The NBA Store lease and any replacement lease covering a majority of the space currently demised under such lease.

*Best Buy Stores, L.P. ("Best Buy") (36,787 SF; 7.3% of NRA; 19.5% of underwritten base rent):* Best Buy (NYSE: BBY) (*Moody's: A3 / S&P: BBB+*). Best Buy is a multinational consumer electronics retailer that sells products and services in the United States and internationally. Best Buy offers an assortment of the latest, name-brand technology, and its service teams help with designs, consultations, delivery, installation, tech support and repair. Additionally, Best Buy is an authorized Apple dealer. The Best Buy store moved to the 535 & 545 5th Avenue Property just prior to the COVID-19 pandemic, increasing its footprint from approximately 25,000 SF at the building across the street to nearly 37,000 SF at the 535 5th Avenue Property through 2031. It is one of only four Best Buy locations in Manhattan. Best Buy has no termination options. Best Buy has two five-year extension options upon providing the borrower with a notice prior to April 1, 2030.

*Empire Offices 535 Fifth Holdings LLC ("Empire Offices") (48,758 SF; 9.6% of NRA; 6.8% of underwritten base rent):* Empire Offices is a coworking space operated by Helix Workspace. Helix Workspace provides flexible workspace solutions across New York. The offices are furnished with Steelcase desks and Herman Miller Aeron chairs. Empire Offices features a touchdown Space, a strategy room, a large board room, as well as day offices. Communal areas include a lounge area with full kitchen facilities, soft seating and are equipped with an LED TV.

Empire Offices currently occupies approximately 19,100 SF and has signed a lease for approximately 30,000 SF of additional space at the 535 & 545 5th Avenue Property in December 2025, which it is currently in the process of building out. Empire Offices plans to combine the two suites. We cannot assure you that Empire Offices will take possession of this additional space. Empire Offices does not have renewal or termination options.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 116 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Mixed Use – Retail/Office | &nbsp;&nbsp;Loan #11 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$19973118 |
| &nbsp;&nbsp;535-545 Fifth Avenue | &nbsp;&nbsp;**535 & 545 5th Avenue** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;63.2% |
| &nbsp;&nbsp;New York, NY 10017 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.30x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;9.8% |

---

The following table presents a summary regarding the major tenants at the 535 & 545 5th Avenue Property:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** |
| &nbsp;&nbsp;**Tenant Name** | &nbsp;&nbsp; **Credit Rating (Moody's/Fitch**<br> **/S&P)<sup>(2)</sup>** | &nbsp;&nbsp;**Tenant Type** | &nbsp;&nbsp;**Tenant SF** | &nbsp;&nbsp;**Approx.% of SF** | &nbsp;&nbsp;**Annual UW Rent** | &nbsp;&nbsp;**% of Total Annual<br> UW Rent** | &nbsp;&nbsp;**Annual UW Rent PSF** | &nbsp;&nbsp;**Lease Expiration** | &nbsp;&nbsp;**Renewal Options** |
| &nbsp;&nbsp;The NBA Store | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;Retail | &nbsp;&nbsp;25562 | &nbsp;&nbsp;5.0% | &nbsp;&nbsp;$8437500 | &nbsp;&nbsp;20.0% | &nbsp;&nbsp;$330.08 | &nbsp;&nbsp;1/18/2036 | &nbsp;&nbsp;1 x 5 year &nbsp;&nbsp;Y<sup>(3)</sup> |
| &nbsp;&nbsp;Best Buy | &nbsp;&nbsp;A3/BBB+/NR | &nbsp;&nbsp;Retail | &nbsp;&nbsp;36787 | &nbsp;&nbsp;7.3% | &nbsp;&nbsp;$8250000 | &nbsp;&nbsp;19.5% | &nbsp;&nbsp;$224.26 | &nbsp;&nbsp;3/31/2031 | &nbsp;&nbsp;2 x 5 year &nbsp;&nbsp;N |
| &nbsp;&nbsp;Empire Offices | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;Office | &nbsp;&nbsp;48758 | &nbsp;&nbsp;9.6% | &nbsp;&nbsp;$2862465 | &nbsp;&nbsp;6.8% | &nbsp;&nbsp;$58.71 | &nbsp;&nbsp;Various<sup>(4)</sup> |  |
| &nbsp;&nbsp;Laboratory Institute of Merchandising, Inc. | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;Office | &nbsp;&nbsp;30160 | &nbsp;&nbsp;5.9% | &nbsp;&nbsp;$1966759 | &nbsp;&nbsp;4.7% | &nbsp;&nbsp;$65.21 | &nbsp;&nbsp;11/30/2031 | &nbsp;&nbsp;None &nbsp;&nbsp;Y<sup>(5)</sup> |
| &nbsp;&nbsp;Laderach Fifth Avenue LLC | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;Retail | &nbsp;&nbsp;7644 | &nbsp;&nbsp;1.5% | &nbsp;&nbsp;$1753683 | &nbsp;&nbsp;4.1% | &nbsp;&nbsp;$229.42 | &nbsp;&nbsp;2/28/2030 | &nbsp;&nbsp;1 x 5 year &nbsp;&nbsp;N |
| &nbsp;&nbsp;SPSLC, LLC (Shafer Surgical) | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;Office | &nbsp;&nbsp;24832 | &nbsp;&nbsp;4.9% | &nbsp;&nbsp;$1660235 | &nbsp;&nbsp;3.9% | &nbsp;&nbsp;$66.86 | &nbsp;&nbsp;10/31/2032 |  |
| &nbsp;&nbsp;Gardiner & Theobald, Inc. | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;Office | &nbsp;&nbsp;30035 | &nbsp;&nbsp;5.9% | &nbsp;&nbsp;$1651925 | &nbsp;&nbsp;3.9% | &nbsp;&nbsp;$55.00 | &nbsp;&nbsp;2/23/2031 | &nbsp;&nbsp;1 x 5 year &nbsp;&nbsp;N |
| &nbsp;&nbsp;L.M. Cohen & Co. LLP Certified Public Accountants | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;Office | &nbsp;&nbsp;20159 | &nbsp;&nbsp;4.0% | &nbsp;&nbsp;$1382872 | &nbsp;&nbsp;3.3% | &nbsp;&nbsp;$68.60 | &nbsp;&nbsp;12/22/2028 |  |
| &nbsp;&nbsp;Manhattan Endo, LLC | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;Office | &nbsp;&nbsp;17344 | &nbsp;&nbsp;3.4% | &nbsp;&nbsp;$1244835 | &nbsp;&nbsp;2.9% | &nbsp;&nbsp;$71.77 | &nbsp;&nbsp;3/31/2029 |  |
| &nbsp;&nbsp;International Gemological Institute Inc. | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;Office | &nbsp;&nbsp; 20183 | &nbsp;&nbsp; 4.0% | &nbsp;&nbsp; $1151864 | &nbsp;&nbsp; 2.7% | &nbsp;&nbsp; $57.07 | &nbsp;&nbsp;3/31/2039 | &nbsp;&nbsp;1 x 5 year &nbsp;&nbsp;N |
| &nbsp;&nbsp;**Subtotal/Wtd. Avg.** |  |  | &nbsp;&nbsp;**261464** | &nbsp;&nbsp;**51.5%** | &nbsp;&nbsp;**$30362138** | &nbsp;&nbsp;**71.8%** | &nbsp;&nbsp;**$116.12** |  |  |
| &nbsp;&nbsp;Other Tenants |  |  | &nbsp;&nbsp;189061 | &nbsp;&nbsp;37.3% | &nbsp;&nbsp;$11915572 | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;$63.03 |  |  |
| &nbsp;&nbsp;**Occupied Collateral Total/Wtd. Avg.** |  |  | &nbsp;&nbsp;**450525** | &nbsp;&nbsp;**88.8%** | &nbsp;&nbsp;**$42277710** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$93.84** |  |  |
| &nbsp;&nbsp;Vacant Space |  |  | &nbsp;&nbsp; 56682 | &nbsp;&nbsp; 11.2% |  |  |  |  |  |
| &nbsp;&nbsp;**Total/Wtd. Avg.** |  |  | &nbsp;&nbsp;**507207** | &nbsp;&nbsp;**100.0%** |  |  |  |  |  |

---

(1) Information is based on the underwritten rent roll dated November 18, 2025.

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

(3) The NBA Store may elect to terminate its lease at the 535 & 545 5th Avenue Property on December 18,
2030 upon no less than one year's notice and payment of a termination fee of $1,142,945 to the borrower.

(4) Empire Offices has multiple leases which expire on August 31, 2031 and June 30, 2036. Empire Offices is
building out approximately 30,000 SF of its space for which it recently signed a lease. We cannot assure you that Empire Offices will
take possession of its additional space.

(5) Laboratory Institute of Merchandising, Inc. has the right to terminate its lease effective May 31, 2029,
provided that the borrower receives notice of termination no later than May 31, 2028.

The following table presents certain information relating to the lease rollover schedule at the 535 & 545 5th Avenue Property:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** |
| &nbsp;&nbsp;**Year** | &nbsp;&nbsp;**# of Leases Rolling** | &nbsp;&nbsp;**SF Rolling** | &nbsp;&nbsp;**Approx. % of Total SF Rolling** | &nbsp;&nbsp;**Approx. Cumulative % of SF Rolling** | &nbsp;&nbsp;**Total UW Rent Rolling** | &nbsp;&nbsp;**Approx. % of Total Rent Rolling** | &nbsp;&nbsp;**Approx. Cumulative % of Total Rent Rolling** | &nbsp;&nbsp;**Annual UW Rent PSF Rolling** |
| &nbsp;&nbsp;MTM/2026 | &nbsp;&nbsp;11 | &nbsp;&nbsp;38060 | &nbsp;&nbsp;7.5% | &nbsp;&nbsp;7.5% | &nbsp;&nbsp;$2259696 | &nbsp;&nbsp;5.3% | &nbsp;&nbsp;5.3% | &nbsp;&nbsp;$59.37 |
| &nbsp;&nbsp;2027 | &nbsp;&nbsp;4 | &nbsp;&nbsp;12855 | &nbsp;&nbsp;2.5% | &nbsp;&nbsp;10.0% | &nbsp;&nbsp;$938148 | &nbsp;&nbsp;2.2% | &nbsp;&nbsp;7.6% | &nbsp;&nbsp;$72.98 |
| &nbsp;&nbsp;2028 | &nbsp;&nbsp;5 | &nbsp;&nbsp;31830 | &nbsp;&nbsp;6.3% | &nbsp;&nbsp;16.3% | &nbsp;&nbsp;$2099586 | &nbsp;&nbsp;5.0% | &nbsp;&nbsp;12.5% | &nbsp;&nbsp;$65.96 |
| &nbsp;&nbsp;2029 | &nbsp;&nbsp;7 | &nbsp;&nbsp;49836 | &nbsp;&nbsp;9.8% | &nbsp;&nbsp;26.1% | &nbsp;&nbsp;$3519332 | &nbsp;&nbsp;8.3% | &nbsp;&nbsp;20.9% | &nbsp;&nbsp;$70.62 |
| &nbsp;&nbsp;2030 | &nbsp;&nbsp;3 | &nbsp;&nbsp;14753 | &nbsp;&nbsp;2.9% | &nbsp;&nbsp;29.0% | &nbsp;&nbsp;$2242087 | &nbsp;&nbsp;5.3% | &nbsp;&nbsp;26.2% | &nbsp;&nbsp;$151.97 |
| &nbsp;&nbsp;2031 | &nbsp;&nbsp;4 | &nbsp;&nbsp;116078 | &nbsp;&nbsp;22.9% | &nbsp;&nbsp;51.9% | &nbsp;&nbsp;$12929889 | &nbsp;&nbsp;30.6% | &nbsp;&nbsp;56.7% | &nbsp;&nbsp;$111.39 |
| &nbsp;&nbsp;2032 | &nbsp;&nbsp;6 | &nbsp;&nbsp;48940 | &nbsp;&nbsp;9.6% | &nbsp;&nbsp;61.6% | &nbsp;&nbsp;$2820077 | &nbsp;&nbsp;6.7% | &nbsp;&nbsp;63.4% | &nbsp;&nbsp;$57.62 |
| &nbsp;&nbsp;2033 | &nbsp;&nbsp;1 | &nbsp;&nbsp;3269 | &nbsp;&nbsp;0.6% | &nbsp;&nbsp;62.2% | &nbsp;&nbsp;$196140 | &nbsp;&nbsp;0.5% | &nbsp;&nbsp;63.9% | &nbsp;&nbsp;$60.00 |
| &nbsp;&nbsp;2034 | &nbsp;&nbsp;5 | &nbsp;&nbsp;45905 | &nbsp;&nbsp;9.1% | &nbsp;&nbsp;71.3% | &nbsp;&nbsp;$3127272 | &nbsp;&nbsp;7.4% | &nbsp;&nbsp;71.3% | &nbsp;&nbsp;$68.12 |
| &nbsp;&nbsp;2035 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;71.3% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;71.3% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2036 | &nbsp;&nbsp;3 | &nbsp;&nbsp;60080 | &nbsp;&nbsp;11.8% | &nbsp;&nbsp;83.1% | &nbsp;&nbsp;$10530120 | &nbsp;&nbsp;24.9% | &nbsp;&nbsp;96.2% | &nbsp;&nbsp;$175.27 |
| &nbsp;&nbsp;2037 & Thereafter | &nbsp;&nbsp;2 | &nbsp;&nbsp;28919 | &nbsp;&nbsp;5.7% | &nbsp;&nbsp;88.8% | &nbsp;&nbsp;$1615364 | &nbsp;&nbsp;3.8% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$55.86 |
| &nbsp;&nbsp;Vacant | &nbsp;&nbsp;0 | &nbsp;&nbsp;56682 | &nbsp;&nbsp;11.2% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;**Total/Wtd. Avg.<sup>(3)</sup>** | &nbsp;&nbsp;**51** | &nbsp;&nbsp;**507207** | &nbsp;&nbsp;**100.0%** |  | &nbsp;&nbsp;**$42277710** | &nbsp;&nbsp;**100.0%** |  | &nbsp;&nbsp;**$93.84** |

---

(1) Information is based on the underwritten rent roll as of November 18, 2025. Certain tenants may have lease
termination options that are not taken into account in the Lease Rollover Schedule.

(2) Lease Rollover Schedule is based on the expiration dates of all direct leases in place. Certain tenants
have more than one lease.

(3) Total/Wtd. Avg. Annual UW Rent PSF Rolling excludes vacant space.

***The Market.*** The 535 & 545 5th Avenue Property is located in New York, New York within the Grand Central Office submarket of Midtown Manhattan and the 5th Avenue retail submarket. The Grand Central Office submarket is the largest and oldest submarket in Manhattan. According to the appraisal, the Grand Central Office submarket has an existing inventory of 47.2 million SF with asking rents of $71.20 PSF which is a $3.53 PSF increase over the prior year. Additionally, availability ended the third quarter of 2025 at 12.9% which is the lowest availability in five years. The Grand Central Office submarket's proximity to major forms of public transportation (Grand Central Terminal, Port Authority Bus Terminal and Penn Station) as well as accessibility to multiple subway lines has allowed the submarket to remain one of the strongest with relatively limited spikes in availability and vacancy rates in comparison to the remainder of Manhattan.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 117 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Mixed Use – Retail/Office | &nbsp;&nbsp;Loan #11 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$19973118 |
| &nbsp;&nbsp;535-545 Fifth Avenue | &nbsp;&nbsp;**535 & 545 5th Avenue** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;63.2% |
| &nbsp;&nbsp;New York, NY 10017 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.30x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;9.8% |

---

According to the appraisal, the 535 & 545 5th Avenue Property is also located in the 5th Avenue Retail submarket. Over the last 12 months, there has been investment activity from luxury brands decreasing availability particularly along the upper 5th Avenue corridor. Retailers such as Uniqlo, Prada, Kering, Tiffany, Louis Vuitton, Apple, Harry Winston and Gucci have reestablished long-term flagship locations along the upper 5th Avenue corridor. The average asking rent on lower 5th Avenue where the 535 & 545 5th Avenue Property is located is $650 PSF. According to the appraisal, there are 111 storefronts as of the third quarter of 2025 with an availability rate of 13.0% which is down 2.3% from the prior year.

The following table presents recent leasing data for retail tenants at comparable properties with respect to the 535 & 545 5th Avenue Property:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Comparable Retail Lease Summary** | &nbsp;&nbsp;**Comparable Retail Lease Summary** | &nbsp;&nbsp;**Comparable Retail Lease Summary** | &nbsp;&nbsp;**Comparable Retail Lease Summary** | &nbsp;&nbsp;**Comparable Retail Lease Summary** | &nbsp;&nbsp;**Comparable Retail Lease Summary** |
| &nbsp;&nbsp;**Property/Location** | &nbsp;&nbsp;**Tenant Name** | &nbsp;&nbsp;**Lease Size (SF)** | &nbsp;&nbsp;**Lease Date** | &nbsp;&nbsp;**Rent PSF<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Term (Months)** |
| &nbsp;&nbsp; **535 & 545 5th Avenue**<br> **New York, NY** | &nbsp;&nbsp;**The NBA Store** | &nbsp;&nbsp;**25562<sup>(2)</sup>** | &nbsp;&nbsp;**Q4 2014<sup>(2)</sup>** | &nbsp;&nbsp;**$330.08<sup>(2)</sup>** | &nbsp;&nbsp;**253<sup>(2)</sup>** |
| &nbsp;&nbsp; 785 5th Avenue<br> New York, NY | &nbsp;&nbsp;Audemars Piguet | &nbsp;&nbsp;12215 | &nbsp;&nbsp;Q2 2025 | &nbsp;&nbsp;$498.66 | &nbsp;&nbsp;144 |
| &nbsp;&nbsp; 640 5th Avenue<br> New York, NY | &nbsp;&nbsp;This Bowl | &nbsp;&nbsp;1624 | &nbsp;&nbsp;Q1 2025 | &nbsp;&nbsp;$221.67 | &nbsp;&nbsp;120 |
| &nbsp;&nbsp; 500 5th Avenue<br> New York, NY | &nbsp;&nbsp;Calzedonia | &nbsp;&nbsp;1580 | &nbsp;&nbsp;Q1 2025 | &nbsp;&nbsp;$560.90 | &nbsp;&nbsp;122 |
| &nbsp;&nbsp; 511 5th Avenue<br> New York, NY | &nbsp;&nbsp;The North Face | &nbsp;&nbsp;27459 | &nbsp;&nbsp;Q3 2024 | &nbsp;&nbsp;$454.67 | &nbsp;&nbsp;120 |
| &nbsp;&nbsp; 597 5th Avenue<br> New York, NY | &nbsp;&nbsp;Club Monaco | &nbsp;&nbsp;12865 | &nbsp;&nbsp;Q2 2024 | &nbsp;&nbsp;$415.52 | &nbsp;&nbsp;120 |
| &nbsp;&nbsp; 510 5th Avenue<br> New York, NY | &nbsp;&nbsp;GU | &nbsp;&nbsp;19323 | &nbsp;&nbsp;Q2 2024 | &nbsp;&nbsp;$636.34 | &nbsp;&nbsp;120 |

---

Source*: Appraisal unless otherwise specified.*

(1) Showing ground floor rent PSF.

(2) Based on the underwritten rent roll dated November 18, 2025.

The following table presents recent leasing data for office tenants at comparable properties with respect to the 535 & 545 5th Avenue Property:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Comparable Office Lease Summary** | &nbsp;&nbsp;**Comparable Office Lease Summary** | &nbsp;&nbsp;**Comparable Office Lease Summary** | &nbsp;&nbsp;**Comparable Office Lease Summary** | &nbsp;&nbsp;**Comparable Office Lease Summary** | &nbsp;&nbsp;**Comparable Office Lease Summary** |
| &nbsp;&nbsp;**Property Address/Location** | &nbsp;&nbsp;**Tenant Name** | &nbsp;&nbsp;**Lease Size (SF)** | &nbsp;&nbsp;**Commencement** | &nbsp;&nbsp;**Lease Term (Months)** | &nbsp;&nbsp;**Rent PSF** |
| &nbsp;&nbsp; **535 & 545 5th Avenue**<br> **New York, NY**  | &nbsp;&nbsp;**Empire Offices** | &nbsp;&nbsp;**29662<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Dec. 2025<sup>(1)</sup>** | &nbsp;&nbsp;**127<sup>(1)(2)</sup>** | &nbsp;&nbsp;**$60.73<sup>(1)</sup>** |
| &nbsp;&nbsp; 666 Third Avenue<br> New York, NY | &nbsp;&nbsp;Graintree Lending | &nbsp;&nbsp;9907 | &nbsp;&nbsp;Nov. 2025 | &nbsp;&nbsp;60 | &nbsp;&nbsp;$72.00 |
| &nbsp;&nbsp; 60 East 42nd Street<br> New York, NY | &nbsp;&nbsp;Haver Analytics, Inc. | &nbsp;&nbsp;16402 | &nbsp;&nbsp;Sep. 2025 | &nbsp;&nbsp;136.7 | &nbsp;&nbsp;$80.00 |
| &nbsp;&nbsp; 360 Lexington Avenue<br> New York, NY | &nbsp;&nbsp;Citymeals-on-Wheels | &nbsp;&nbsp;15214 | &nbsp;&nbsp;Aug. 2025 | &nbsp;&nbsp;192 | &nbsp;&nbsp;$60.00 |
| &nbsp;&nbsp; 360 Madison Avenue<br> New York, NY | &nbsp;&nbsp;EOS Products | &nbsp;&nbsp;35142 | &nbsp;&nbsp;July 2025 | &nbsp;&nbsp;133 | &nbsp;&nbsp;$65.00 |

---

<br> Source*: Appraisal unless otherwise indicated.*

(1) Information obtained from the underwritten rent roll dated November 18, 2025.

(2) Empire Offices has occupied 19,096 SF at the 535 & 545 5th Avenue Property since September 1, 2011.

***Appraisal.*** According to the appraisal, the 535 & 545 5th Avenue Property had an "as-is" appraised value of $490,000,000 as of November 21, 2025.

***Environmental Matters.*** According to the Phase I environmental site assessment dated April 24 2025, there was no evidence of any recognized environmental conditions at the 535 & 545 5th Avenue Property.

 ****

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 118 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Mixed Use – Retail/Office | &nbsp;&nbsp;Loan #11 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$19973118 |
| &nbsp;&nbsp;535-545 Fifth Avenue | &nbsp;&nbsp;**535 & 545 5th Avenue** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;63.2% |
| &nbsp;&nbsp;New York, NY 10017 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.30x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;9.8% |

---

***Operating History and Underwritten Net Cash Flow*** *.***The following table presents certain information relating to the historical operating performance and the underwritten net cash flow at the 535 & 545 5th Avenue Property:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** |
|  | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**TTM 10/31/2025** | &nbsp;&nbsp;**UW** | &nbsp;&nbsp;**UW PSF** |
| &nbsp;&nbsp;Gross Potential Rent<sup>(1)</sup> | &nbsp;&nbsp;$35410474 | &nbsp;&nbsp;$36483584 | &nbsp;&nbsp;$39155754 | &nbsp;&nbsp;$40831173 | &nbsp;&nbsp;$43137711 | &nbsp;&nbsp;$42277710 | &nbsp;&nbsp;$83.35 |
| &nbsp;&nbsp;Rent Steps | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$2243923 | &nbsp;&nbsp;$4.42 |
| &nbsp;&nbsp;Vacancy Lease Up | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $3632914 | &nbsp;&nbsp; $7.16 |
| &nbsp;&nbsp;**Total Base Rent** | &nbsp;&nbsp;**$35410474** | &nbsp;&nbsp;**$36483584** | &nbsp;&nbsp;**$39155754** | &nbsp;&nbsp;**$40831173** | &nbsp;&nbsp;**$43137711** | &nbsp;&nbsp;**$48154547** | &nbsp;&nbsp;**$94.94** |
| &nbsp;&nbsp;Reimbursements | &nbsp;&nbsp;$1873752 | &nbsp;&nbsp;$1743738 | &nbsp;&nbsp;$2817823 | &nbsp;&nbsp;$2437444 | &nbsp;&nbsp;$1358522 | &nbsp;&nbsp;$1358522 | &nbsp;&nbsp; $2.68 |
| &nbsp;&nbsp;Other Income<sup>(2)</sup> | &nbsp;&nbsp;$769413 | &nbsp;&nbsp;$778233 | &nbsp;&nbsp;$1533729 | &nbsp;&nbsp;$2599339 | &nbsp;&nbsp;$690573 | &nbsp;&nbsp;$690573 | &nbsp;&nbsp;$1.36 |
| &nbsp;&nbsp;**Gross Potential Rent** | &nbsp;&nbsp; **$38053639** | &nbsp;&nbsp; **$39005554** | &nbsp;&nbsp; **$43507306** | &nbsp;&nbsp; **$45867955** | &nbsp;&nbsp; **$45186806** | &nbsp;&nbsp; **$50203641** | &nbsp;&nbsp; **$98.98** |
| &nbsp;&nbsp;(Vacancy/Credit Loss/Abatements) | &nbsp;&nbsp;$0 | &nbsp;&nbsp;($1582153) | &nbsp;&nbsp;($3141786) | &nbsp;&nbsp;($1760384) | &nbsp;&nbsp;$0 | &nbsp;&nbsp;($3632914) | &nbsp;&nbsp;($7.16) |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp; **$38053639** | &nbsp;&nbsp; **$37423401** | &nbsp;&nbsp; **$40365521** | &nbsp;&nbsp; **$44107572** | &nbsp;&nbsp; **$45186806** | &nbsp;&nbsp; **$46570727** | &nbsp;&nbsp; **$91.82** |
| &nbsp;&nbsp;Real Estate Taxes | &nbsp;&nbsp;$8620758 | &nbsp;&nbsp;$8243193 | &nbsp;&nbsp;$8990780 | &nbsp;&nbsp;$9326667 | &nbsp;&nbsp;$9519352 | &nbsp;&nbsp;$9458303 | &nbsp;&nbsp;$18.65 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;$402748 | &nbsp;&nbsp;$476971 | &nbsp;&nbsp;$523110 | &nbsp;&nbsp;$544319 | &nbsp;&nbsp;$550037 | &nbsp;&nbsp;$587695 | &nbsp;&nbsp;$1.16 |
| &nbsp;&nbsp;Other Expenses<sup>(3)</sup> | &nbsp;&nbsp; $4965014 | &nbsp;&nbsp; $6193304 | &nbsp;&nbsp; $7257080 | &nbsp;&nbsp; $7279274 | &nbsp;&nbsp; $6726244 | &nbsp;&nbsp; $6327930 | &nbsp;&nbsp; $12.48 |
| &nbsp;&nbsp;**Total Expenses** | &nbsp;&nbsp;**$13988520** | &nbsp;&nbsp;**$14913468** | &nbsp;&nbsp;**$16770970** | &nbsp;&nbsp;**$17150259** | &nbsp;&nbsp;**$16795633** | &nbsp;&nbsp;**$16373927** | &nbsp;&nbsp;**$32.28** |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$24065119** | &nbsp;&nbsp;**$22509933** | &nbsp;&nbsp;**$23594550** | &nbsp;&nbsp;**$26957312** | &nbsp;&nbsp;**$28391172** | &nbsp;&nbsp;**$30196800** | &nbsp;&nbsp;**$59.54** |
| &nbsp;&nbsp;Capital Expenditures | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$9178 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$101441 | &nbsp;&nbsp;$0.20 |
| &nbsp;&nbsp;TI/LC | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0.00 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$24065119** | &nbsp;&nbsp;**$22500755** | &nbsp;&nbsp;**$23594550** | &nbsp;&nbsp;**$26957312** | &nbsp;&nbsp;**$28391172** | &nbsp;&nbsp;**$30095359** | &nbsp;&nbsp;**$59.34** |
| &nbsp;&nbsp;**Occupancy %<sup>(4)</sup>** | &nbsp;&nbsp;**NAV** | &nbsp;&nbsp;**65.0%** | &nbsp;&nbsp;**96.0%** | &nbsp;&nbsp;**95.0%** | &nbsp;&nbsp;**88.8%<sup>(5)</sup>** | &nbsp;&nbsp;**91.4%** |  |
| &nbsp;&nbsp;**NOI DSCR<sup>(6)</sup>** | &nbsp;&nbsp;**1.04x** | &nbsp;&nbsp;**0.97x** | &nbsp;&nbsp;**1.02x** | &nbsp;&nbsp;**1.17x** | &nbsp;&nbsp;**1.23x** | &nbsp;&nbsp;**1.31x** |  |
| &nbsp;&nbsp;**NCF DSCR<sup>(6)</sup>** | &nbsp;&nbsp;**1.04x** | &nbsp;&nbsp;**0.97x** | &nbsp;&nbsp;**1.02x** | &nbsp;&nbsp;**1.17x** | &nbsp;&nbsp;**1.23x** | &nbsp;&nbsp;**1.30x** |  |
| &nbsp;&nbsp;**NOI Debt Yield<sup>(6)</sup>** | &nbsp;&nbsp;**7.8%** | &nbsp;&nbsp;**7.3%** | &nbsp;&nbsp;**7.6%** | &nbsp;&nbsp;**8.7%** | &nbsp;&nbsp;**9.2%** | &nbsp;&nbsp;**9.8%** |  |
| &nbsp;&nbsp;**NCF Debt Yield<sup>(6)</sup>** | &nbsp;&nbsp;**7.8%** | &nbsp;&nbsp;**7.3%** | &nbsp;&nbsp;**7.6%** | &nbsp;&nbsp;**8.7%** | &nbsp;&nbsp;**9.2%** | &nbsp;&nbsp;**9.7%** |  |

---

(1) UW Gross Potential Rent is based on the underwritten rent roll dated November 18, 2025, with contractual
rent steps through December 2026.

(2) Other Income is based on the borrower's 2024 budget and is comprised of percentage rent, parking,
direct billing, administrative fees, roof and telecom, late fees and deposit fees bad debt, and miscellaneous income.

(3) Other Expenses includes management fees, common area maintenance, repairs and maintenance, utilities,
payroll, general and administrative, security, elevators and escalators, parking expenses, marketing and direct bill expenses.

(4) UW Occupancy % represents economic occupancy and historical occupancies represent physical occupancies.

(5) TTM 10/31/2025 Occupancy % represents occupancy as of November 18, 2025.

(6) DSCRs and Debt Yields are based on the 535 & 545 5th Avenue Whole Loan.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 119 |

---

**Mortgage Loan No. 12 – Aloft Chesapeake and Fairfield Inn & Suites Williamsburg**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Mortgage Loan Seller:** | &nbsp;&nbsp;**Mortgage Loan Seller:** | &nbsp;&nbsp;BSPRT | &nbsp;&nbsp;BSPRT | &nbsp;&nbsp;BSPRT | &nbsp;&nbsp;**Single Asset/Portfolio:** | &nbsp;&nbsp;Portfolio |
| &nbsp;&nbsp;**Credit Assessment (Fitch/MDBRS/Moody's):** | &nbsp;&nbsp;**Credit Assessment (Fitch/MDBRS/Moody's):** | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;Various, VA Various |
| &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;$18750000 | &nbsp;&nbsp;$18750000 | &nbsp;&nbsp;$18750000 | &nbsp;&nbsp;**General Property Type:** | &nbsp;&nbsp;Hospitality |
| &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$18750000 | &nbsp;&nbsp;$18750000 | &nbsp;&nbsp;$18750000 | &nbsp;&nbsp;**Detailed Property Type:** | &nbsp;&nbsp;Various |
| &nbsp;&nbsp;**% of Initial Pool Balance:** | &nbsp;&nbsp;**% of Initial Pool Balance:** | &nbsp;&nbsp;3.4% | &nbsp;&nbsp;3.4% | &nbsp;&nbsp;3.4% | &nbsp;&nbsp;**Title Vesting:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;**Year Built/Renovated:** | &nbsp;&nbsp;Various/Various |
| &nbsp;&nbsp;**Borrower Sponsor:** | &nbsp;&nbsp;**Borrower Sponsor:** | &nbsp;&nbsp;Neel Dilip Desai | &nbsp;&nbsp;Neel Dilip Desai | &nbsp;&nbsp;Neel Dilip Desai | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;284 Rooms |
| &nbsp;&nbsp;**Guarantor:** | &nbsp;&nbsp;**Guarantor:** | &nbsp;&nbsp;Neel Dilip Desai | &nbsp;&nbsp;Neel Dilip Desai | &nbsp;&nbsp;Neel Dilip Desai | &nbsp;&nbsp;**Cut-off Date Balance Per Room:** | &nbsp;&nbsp;$66021 |
| &nbsp;&nbsp;**Mortgage Rate:** | &nbsp;&nbsp;**Mortgage Rate:** | &nbsp;&nbsp;7.3500% | &nbsp;&nbsp;7.3500% | &nbsp;&nbsp;7.3500% | &nbsp;&nbsp;**Maturity Date Balance Per Room:** | &nbsp;&nbsp;$66021 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;5/6/2026 | &nbsp;&nbsp;5/6/2026 | &nbsp;&nbsp;5/6/2026 | &nbsp;&nbsp;**Property Manager:** | &nbsp;&nbsp;LTD Management Company, LLC (dba L.T.D Hospitality Group) |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;5/6/2031 | &nbsp;&nbsp;5/6/2031 | &nbsp;&nbsp;5/6/2031 |  |  |
| &nbsp;&nbsp;**Term to Maturity:** | &nbsp;&nbsp;**Term to Maturity:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;60 months | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**Underwriting and Financial Information** | &nbsp;&nbsp;**Underwriting and Financial Information** |
| &nbsp;&nbsp;**Amortization Term:** | &nbsp;&nbsp;**Amortization Term:** | &nbsp;&nbsp;0 months | &nbsp;&nbsp;0 months | &nbsp;&nbsp;0 months | &nbsp;&nbsp;**UW NOI:** | &nbsp;&nbsp;$2890996 |
| &nbsp;&nbsp;**IO Period:** | &nbsp;&nbsp;**IO Period:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;60 months | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**UW NCF:** | &nbsp;&nbsp;$2512033 |
| &nbsp;&nbsp;**Seasoning:** | &nbsp;&nbsp;**Seasoning:** | &nbsp;&nbsp;1 month | &nbsp;&nbsp;1 month | &nbsp;&nbsp;1 month | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;15.4% |
| &nbsp;&nbsp;**Prepayment Provisions:** | &nbsp;&nbsp;**Prepayment Provisions:** | &nbsp;&nbsp;L(25),D(30),O(5) | &nbsp;&nbsp;L(25),D(30),O(5) | &nbsp;&nbsp;L(25),D(30),O(5) | &nbsp;&nbsp;**UW NCF Debt Yield:** | &nbsp;&nbsp;13.4% |
| &nbsp;&nbsp;**Lockbox/Cash Mgmt Status:** | &nbsp;&nbsp;**Lockbox/Cash Mgmt Status:** | &nbsp;&nbsp;Springing/Springing | &nbsp;&nbsp;Springing/Springing | &nbsp;&nbsp;Springing/Springing | &nbsp;&nbsp;**UW NOI Debt Yield at Maturity:** | &nbsp;&nbsp;15.4% |
| &nbsp;&nbsp;**Additional Debt Type:** | &nbsp;&nbsp;**Additional Debt Type:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.80x |
| &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Most Recent NOI:** | &nbsp;&nbsp;$2,921,465 (3/31/2026 TTM) |
| &nbsp;&nbsp;**Future Debt Permitted (Type):** | &nbsp;&nbsp;**Future Debt Permitted (Type):** | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;**2nd Most Recent NOI:** | &nbsp;&nbsp;$2,836,514 (12/31/2025) |
|  |  |  |  |  | &nbsp;&nbsp;**3rd Most Recent NOI:** | &nbsp;&nbsp;$2,939,568 (12/31/2024) |
|  |  |  |  |  | &nbsp;&nbsp;**Most Recent Occupancy:** | &nbsp;&nbsp;72.9% (3/31/2026) |
| &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**2nd Most Recent Occupancy:** | &nbsp;&nbsp;72.3% (12/31/2025) |
| &nbsp;&nbsp;**<u>Type</u>** | &nbsp;&nbsp;**<u>Initial</u>** | &nbsp;&nbsp;**<u>Initial</u>** | &nbsp;&nbsp;**<u>Monthly</u>** | &nbsp;&nbsp;**<u>Cap</u>** | &nbsp;&nbsp;**3rd Most Recent Occupancy:** | &nbsp;&nbsp;72.6% (12/31/2024) |
| &nbsp;&nbsp;**RE Taxes:** | &nbsp;&nbsp;$23888 | &nbsp;&nbsp;$23888 | &nbsp;&nbsp;$23888 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value (as of)<sup>(5)</sup>:** | &nbsp;&nbsp;$36,000,000 (2/1/2027) |
| &nbsp;&nbsp;**Insurance<sup>(1)</sup>:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value Per Room<sup>(5)</sup>:** | &nbsp;&nbsp;$126761 |
| &nbsp;&nbsp;**Replacement Reserve<sup>(2)</sup>:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$31580 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Cut-off Date LTV Ratio<sup>(5)</sup>:** | &nbsp;&nbsp;52.1% |
| &nbsp;&nbsp;**PIP Reserve<sup>(3)</sup>:** | &nbsp;&nbsp;$6433928 | &nbsp;&nbsp;$6433928 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date LTV Ratio<sup>(5)</sup>:** | &nbsp;&nbsp;52.1% |
| &nbsp;&nbsp;**Seasonality Reserve<sup>(4)</sup>:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** |
| &nbsp;&nbsp;**Sources** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** | **Uses** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** |
| &nbsp;&nbsp;Mortgage Loan Amount: | &nbsp;&nbsp;$18750000 | &nbsp;&nbsp;100.0% | Loan Payoff<sup>(6)</sup>: | &nbsp;&nbsp;$8676336 | &nbsp;&nbsp;46.3% |
|  |  |  | Return of Equity: | &nbsp;&nbsp;$1997099 | &nbsp;&nbsp;10.7% |
|  |  |  | Upfront Reserves: | &nbsp;&nbsp;$6457816 | &nbsp;&nbsp;34.4% |
|  |  |  | Closing Costs: | &nbsp;&nbsp;$1618749 | &nbsp;&nbsp;8.6% |
| &nbsp;&nbsp;**Total Sources:** | &nbsp;&nbsp;**$18750000** | &nbsp;&nbsp;**100.0%** | **Total Uses:** | &nbsp;&nbsp;**$18750000** | &nbsp;&nbsp;**100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The borrowers are not required to make monthly deposits into the insurance reserve because the Aloft Chesapeake
and Fairfield Inn & Suites Williamsburg Properties (as defined below) are covered by a blanket policy acceptable to the lender. Upon
failure to maintain an adequate blanket insurance policy, the borrowers are required to deposit on each monthly payment date, an amount
equal to 1/12<sup>th</sup> of the amount required to pay insurance premiums due for the renewal of coverage.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The borrowers are required to deposit on each monthly payment date, an amount equal to 1/12<sup>th</sup>
of 4% of the greater of (i) gross revenues for the Aloft Chesapeake and Fairfield Inn & Suites Williamsburg Properties in the preceding
calendar year or (ii) the projected gross revenues for the Aloft Chesapeake and Fairfield Inn & Suites Williamsburg Properties according
to the most recently submitted annual budget.

&nbsp;&nbsp;&nbsp;&nbsp;(3) On the date that any new property improvement plan ("PIP") is imposed by the franchisor pursuant
to the related franchise agreement, the borrowers are required to deposit an amount equal to 110% of the sum required to pay for such
new PIP into the PIP Reserve.

&nbsp;&nbsp;&nbsp;&nbsp;(4) On each monthly payment date occurring in June, July, and August, the borrowers are required to deposit
$115,000 into the seasonality reserve.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Appraised Value represents the "Prospective Market Value Upon Completion of Renovation", which
assumes that the scheduled PIP has been completed. At origination of the Aloft Chesapeake and Fairfield Inn & Suites Williamsburg
Mortgage Loan (as defined below), the borrower reserved $6,433,928, which is equal to 110% of the estimated cost to complete the Scheduled
PIPs (as defined below). The appraisal concluded to an "as-is" appraised value of $28,000,000 as of February 2, 2026, which
results in a Cut-off Date LTV of 67.0% and a Maturity Date LTV of 67.0% for the Aloft Chesapeake and Fairfield Inn & Suites Williamsburg
Mortgage Loan. The borrowers' failure to complete the Scheduled PIPs by September 6, 2027 triggers full recourse for the full outstanding
principal balance of the Aloft Chesapeake and Fairfield Inn & Suites Williamsburg Mortgage Loan.

&nbsp;&nbsp;&nbsp;&nbsp;(6) The loan payoff amount shown nets out tax, insurance, and reserve balances from the prior loan. The actual
loan payoff amount was $12,932,706.

***The Mortgage Loan.*** The Aloft Chesapeake and Fairfield Inn & Suites Williamsburg mortgage loan (the "Aloft Chesapeake and Fairfield Inn & Suites Williamsburg Mortgage Loan") has an outstanding principal balance as of the Cut-off Date of $18,750,000 and is secured by the borrowers' fee interests in a hospitality property located in Chesapeake, Virginia (the "Aloft Chesapeake Property") and a hospitality property located in Williamsburg, Virginia (the "Fairfield Inn & Suites Williamsburg Property", and together with the Aloft Chesapeake Property, the "Aloft Chesapeake and Fairfield Inn & Suites Williamsburg Properties"). The Aloft Chesapeake and Fairfield Inn & Suites Williamsburg Mortgage Loan has a five-year term that is interest-only for its entire term and accrues interest at a fixed rate of 7.35000% *per annum* on an Actual/360 basis. The scheduled maturity date of the Aloft Chesapeake and Fairfield Inn & Suites Williamsburg Mortgage Loan is May 6, 2031.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 120 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Hospitality – Various | &nbsp;&nbsp;Loan #12 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$18750000 |
| &nbsp;&nbsp;Various | &nbsp;&nbsp;**Aloft Chesapeake and Fairfield Inn & Suites** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;52.1%  |
| &nbsp;&nbsp;Various, VA Various | &nbsp;&nbsp;**Williamsburg** | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.80x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;15.4% |

---

***The Borrowers and the Borrower Sponsor.*** The borrowers are GHP One, LLC and Devi HC, LLC, each a Delaware limited liability company and special purpose entity with one independent director.

The borrower sponsor and non-recourse carveout guarantor is Neel Dilip Desai. Neel Desai is a managing principal at L.T.D. Hospitality Group ("LTD"), a hotel developer and operator founded in 1983. LTD's current hotel portfolio consists of 12 hospitality properties, primarily in Virginia, and LTD has previously managed 32 hotels.

***The Properties.*** The Aloft Chesapeake and Fairfield Inn & Suites Williamsburg Properties are comprised of one select service hotel located in Chesapeake, Virginia, and one limited service hotel located in Williamsburg, Virginia, totaling 284 rooms. A release of either the Aloft Chesapeake Property or the Fairfield Inn & Suites Williamsburg Property is permitted under the Aloft Chesapeake and Fairfield Inn & Suites Williamsburg Mortgage Loan documents pursuant to a partial defeasance. For additional information, see "*Description of the Mortgage Pool—Releases; Partial Releases; Property Additions*" in the preliminary prospectus.

The following table presents certain information relating to the Aloft Chesapeake and Fairfield Inn & Suites Williamsburg Properties:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** |
| &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**City, State** | &nbsp;&nbsp;**Year Built / Renovated** | &nbsp;&nbsp;**# of Rooms** | &nbsp;&nbsp;**<br> Loan Amount** | &nbsp;&nbsp;**% of Portfolio** | &nbsp;&nbsp;**Appraised Value<sup>(1)</sup>** | &nbsp;&nbsp;**UW NOI %** |
| &nbsp;&nbsp;Aloft Chesapeake | &nbsp;&nbsp;Chesapeake, VA | &nbsp;&nbsp;2008 / 2015-2016 | &nbsp;&nbsp;136 | &nbsp;&nbsp;$10446000 | &nbsp;&nbsp;55.7% | &nbsp;&nbsp;$20500000 | &nbsp;&nbsp; 56.9% |
| &nbsp;&nbsp;Fairfield Inn & Suites<br> Williamsburg | &nbsp;&nbsp;Williamsburg, VA | &nbsp;&nbsp;1986 / 2014 | &nbsp;&nbsp;148 | &nbsp;&nbsp;$8304000 | &nbsp;&nbsp;44.3% | &nbsp;&nbsp;$15500000 | &nbsp;&nbsp; 43.1% |
| &nbsp;&nbsp;**Total** |  |  | &nbsp;&nbsp;**284** | &nbsp;&nbsp;**$18750000** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$36000000** | &nbsp;&nbsp; **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Appraised Value represents the "Prospective Market Value Upon Completion of Renovation",
which assumes that the Scheduled PIPs have been completed.

<u>Aloft Chesapeake Property</u>

The Aloft Chesapeake Property is a 136 key, five-story, select service hotel built in 2008 and renovated between 2015-2016, located along Crossways Boulevard, proximate to Interstate 64. The Aloft Chesapeake Property is situated on a 3.10-acre site with 172 parking spaces (approximately 1.26 spaces per room). Amenities include an indoor pool, fitness center, business center, game room, outdoor patio area, 504 square feet of meeting space, and the WXYZ Bar. The Aloft Chesapeake Property has 87 king rooms and 49 double queen rooms. The Aloft Chesapeake Property recently renewed its franchise agreement with Marriott, which is now scheduled to expire on May 6, 2041.

After developing the Aloft Chesapeake Property in 2008 for approximately $19.1 million ($140,582 per key), the borrower sponsor invested approximately $989,000 in renovations between 2014-2015 ($7,272 per key), with an additional approximately $964,000 ($7,089 per key) for, among other things, furniture, HVAC equipment, and software between 2020-2025. Pursuant to the franchise agreement, the borrower sponsor is also required to complete a PIP by September 6, 2027 (the "Aloft PIP"). The borrower sponsor budgeted $2,250,000 ($16,544 per key) for completion of the Aloft PIP which was reserved for at origination. The Aloft PIP is expected to consist of upgrades to the exterior, lobby areas, guest rooms, hotel amenities, corridors/stairwells, and signage.

The following table presents certain information relating to the Aloft Chesapeake Property:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Historical Occupancy, ADR, RevPAR<sup>(1)</sup>** | &nbsp;&nbsp;**Historical Occupancy, ADR, RevPAR<sup>(1)</sup>** | &nbsp;&nbsp;**Historical Occupancy, ADR, RevPAR<sup>(1)</sup>** | &nbsp;&nbsp;**Historical Occupancy, ADR, RevPAR<sup>(1)</sup>** | &nbsp;&nbsp;**Historical Occupancy, ADR, RevPAR<sup>(1)</sup>** | &nbsp;&nbsp;**Historical Occupancy, ADR, RevPAR<sup>(1)</sup>** | &nbsp;&nbsp;**Historical Occupancy, ADR, RevPAR<sup>(1)</sup>** | &nbsp;&nbsp;**Historical Occupancy, ADR, RevPAR<sup>(1)</sup>** | &nbsp;&nbsp;**Historical Occupancy, ADR, RevPAR<sup>(1)</sup>** | &nbsp;&nbsp;**Historical Occupancy, ADR, RevPAR<sup>(1)</sup>** |
|  | &nbsp;&nbsp;**Competitive Set<sup>(2)</sup>** | &nbsp;&nbsp;**Competitive Set<sup>(2)</sup>** | &nbsp;&nbsp;**Competitive Set<sup>(2)</sup>** | &nbsp;&nbsp;**Aloft Chesapeake<sup>(3)</sup>** | &nbsp;&nbsp;**Aloft Chesapeake<sup>(3)</sup>** | &nbsp;&nbsp;**Aloft Chesapeake<sup>(3)</sup>** | &nbsp;&nbsp;**Penetration Factor** | &nbsp;&nbsp;**Penetration Factor** | &nbsp;&nbsp;**Penetration Factor** |
| &nbsp;&nbsp;**Year** | &nbsp;&nbsp;**Occupancy** | &nbsp;&nbsp;**ADR** | &nbsp;&nbsp;**RevPAR** | &nbsp;&nbsp;**Occupancy** | &nbsp;&nbsp;**ADR** | &nbsp;&nbsp;**RevPAR** | &nbsp;&nbsp;**Occupancy** | &nbsp;&nbsp;**ADR** | &nbsp;&nbsp;**RevPAR** |
| &nbsp;&nbsp;2024 | &nbsp;&nbsp;72.9% | &nbsp;&nbsp;$118.24 | &nbsp;&nbsp;$86.22 | &nbsp;&nbsp;79.7% | &nbsp;&nbsp;$117.32 | &nbsp;&nbsp;$93.50 | &nbsp;&nbsp;109.3% | &nbsp;&nbsp;99.3% | &nbsp;&nbsp;108.5% |
| &nbsp;&nbsp;2025 | &nbsp;&nbsp;75.3% | &nbsp;&nbsp;$116.89 | &nbsp;&nbsp;$88.03 | &nbsp;&nbsp;80.5% | &nbsp;&nbsp;$113.62 | &nbsp;&nbsp;$91.46 | &nbsp;&nbsp;106.9% | &nbsp;&nbsp;97.3% | &nbsp;&nbsp;104.0% |
| &nbsp;&nbsp;TTM<sup>(4)</sup> | &nbsp;&nbsp;77.3% | &nbsp;&nbsp;$117.73 | &nbsp;&nbsp;$90.98 | &nbsp;&nbsp;81.6% | &nbsp;&nbsp;$113.81 | &nbsp;&nbsp;$92.87 | &nbsp;&nbsp;105.6% | &nbsp;&nbsp;96.7% | &nbsp;&nbsp;102.1% |

---

(1) Data provided by a third - party market
research report.

(2) The competitive set includes Courtyard Chesapeake Greenbrier, Comfort Suites Chesapeake-Norfolk,
Fairfield Inn & Suites Chesapeake, Hampton by Hilton Inn Norfolk/Chesapeake (Greenbrier Area), Hyatt Place Chesapeake Greenbrier,
and Hilton Garden Inn Chesapeake/Greenbrier.

(3) The variances between underwriting, the appraisal and third-party market research
report data with respect to Occupancy, ADR and RevPAR at the Aloft Chesapeake Property are attributable to differing reporting methodologies
and/or timing differences.

(4) TTM represents the trailing 12-month period ending March 2026.

<u>Fairfield Inn & Suites Williamsburg Property</u>

The Fairfield Inn & Suites Williamsburg Property is a 148 key, limited service hotel, consisting of two four-story buildings built in 1986 and renovated in 2014 located along Richmond Road. The Fairfield Inn & Suites Williamsburg Property is situated on a 2.83-acre site with 160 parking spaces (approximately 1.08 spaces per room). Amenities include an indoor pool, fitness center, complimentary breakfast area, laundry facilities business center, and 1,100 square feet of meeting space. The Fairfield Inn & Suites Williamsburg Property has 41 king rooms, 76 double double rooms, and 31 suites. The Fairfield Inn & Suites Williamsburg Property recently renewed its franchise agreement with Marriott, which is now scheduled to expire on May 6, 2041.

After acquiring the Fairfield Inn & Suites Williamsburg Property in 2004, the borrower sponsor invested approximately $1.06 million in renovations between 2014-2015 ($7,129 per key), with an additional $1.06 million ($7,129 per key) going towards, among other things, furniture, HVAC equipment, signage, and software between 2020-2025. Pursuant to the franchise agreement, the borrower sponsor is also required to complete a PIP by September 6, 2027 (the "Fairfield PIP" and together with the Aloft PIP, the "Scheduled PIPs"). The borrower sponsor budgeted $3,599,025 ($24,318 per key) for the Fairfield PIP which was reserved for at origination. The Fairfield PIP is expected to consist of upgrades to the exterior, lobby areas, guest rooms, hotel amenities, corridors/stairwells, and signage.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 121 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Hospitality – Various | &nbsp;&nbsp;Loan #12 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$18750000 |
| &nbsp;&nbsp;Various | &nbsp;&nbsp;**Aloft Chesapeake and Fairfield Inn & Suites** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;52.1%  |
| &nbsp;&nbsp;Various, VA Various | &nbsp;&nbsp;**Williamsburg** | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.80x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;15.4% |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Historical Occupancy, ADR, RevPAR<sup>(1)</sup>** | &nbsp;&nbsp;**Historical Occupancy, ADR, RevPAR<sup>(1)</sup>** | &nbsp;&nbsp;**Historical Occupancy, ADR, RevPAR<sup>(1)</sup>** | &nbsp;&nbsp;**Historical Occupancy, ADR, RevPAR<sup>(1)</sup>** | &nbsp;&nbsp;**Historical Occupancy, ADR, RevPAR<sup>(1)</sup>** | &nbsp;&nbsp;**Historical Occupancy, ADR, RevPAR<sup>(1)</sup>** | &nbsp;&nbsp;**Historical Occupancy, ADR, RevPAR<sup>(1)</sup>** | &nbsp;&nbsp;**Historical Occupancy, ADR, RevPAR<sup>(1)</sup>** | &nbsp;&nbsp;**Historical Occupancy, ADR, RevPAR<sup>(1)</sup>** | &nbsp;&nbsp;**Historical Occupancy, ADR, RevPAR<sup>(1)</sup>** |
|  | &nbsp;&nbsp;**Competitive Set<sup>(2)</sup>** | &nbsp;&nbsp;**Competitive Set<sup>(2)</sup>** | &nbsp;&nbsp;**Competitive Set<sup>(2)</sup>** | &nbsp;&nbsp;**Fairfield Inn & Suites Williamsburg<sup>3)</sup>** | &nbsp;&nbsp;**Fairfield Inn & Suites Williamsburg<sup>3)</sup>** | &nbsp;&nbsp;**Fairfield Inn & Suites Williamsburg<sup>3)</sup>** | &nbsp;&nbsp;**Penetration Factor** | &nbsp;&nbsp;**Penetration Factor** | &nbsp;&nbsp;**Penetration Factor** |
| &nbsp;&nbsp;**Year** | &nbsp;&nbsp;**Occupancy** | &nbsp;&nbsp;**ADR** | &nbsp;&nbsp;**RevPAR** | &nbsp;&nbsp;**Occupancy** | &nbsp;&nbsp;**ADR** | &nbsp;&nbsp;**RevPAR** | &nbsp;&nbsp;**Occupancy** | &nbsp;&nbsp;**ADR** | &nbsp;&nbsp;**RevPAR** |
| &nbsp;&nbsp;2024 | &nbsp;&nbsp;56.4% | &nbsp;&nbsp;$102.18 | &nbsp;&nbsp;$57.60 | &nbsp;&nbsp;66.1% | &nbsp;&nbsp;$118.64 | &nbsp;&nbsp;$78.42 | &nbsp;&nbsp;117.3% | &nbsp;&nbsp;116.1% | &nbsp;&nbsp;136.1% |
| &nbsp;&nbsp;2025 | &nbsp;&nbsp;56.1% | &nbsp;&nbsp;$106.31 | &nbsp;&nbsp;$59.68 | &nbsp;&nbsp;64.9% | &nbsp;&nbsp;$119.90 | &nbsp;&nbsp;$77.76 | &nbsp;&nbsp;115.6% | &nbsp;&nbsp;112.7% | &nbsp;&nbsp;130.3% |
| &nbsp;&nbsp;TTM<sup>(4)</sup> | &nbsp;&nbsp;56.5% | &nbsp;&nbsp;$105.61 | &nbsp;&nbsp;$59.68 | &nbsp;&nbsp;65.0% | &nbsp;&nbsp;$120.69 | &nbsp;&nbsp;$78.40 | &nbsp;&nbsp;115.0% | &nbsp;&nbsp;114.3% | &nbsp;&nbsp;131.4% |

---

(1) Data provided by a third - party market
research report.

(2) The competitive set includes Best Western Williamsburg Historic District, Holiday
Inn Express & Suites Williamsburg, Comfort Inn Williiamsburg Gateway, Spark by Hilton Williamsburg Historic Area, and Hampton by Hilton
Inn & Suites Williamsburg.

(3) The variances between underwriting, the appraisal and third-party market research
report data with respect to Occupancy, ADR and RevPAR at the Aloft Inn Chesapeake Property are attributable to differing reporting methodologies
and/or timing differences.

(4) TTM represents the trailing 12-month period ending March 2026.

***The Market.*** The Aloft Chesapeake & Fairfield Inn & Suites Williamsburg Properties are located within the Virginia Beach-Norfolk-Newport News, VA-NC metropolitan statistical area. The Aloft Chesapeake Property is located in Chesapeake, Virginia, and the Fairfield Inn & Suites Williamsburg Property is located in Williamsburg, Virginia.

<u>Chesapeake, Virginia</u>

Chesapeake is home to the Naval Air Station Oceana, one of the world's largest and most advanced air stations, and Naval Amphibious Base, the world's largest amphibious forces operating base. The city's main business sectors include the military, shipyards, agribusiness, real estate, and tourism. As of December 2025, the Chesapeake/Suffolk, Virginia submarket comprises approximately 5,800 hotel rooms spread across 63 properties.

<u>Williamsburg, Virginia</u>

Williamsburg is home to attractions such as Colonial Williamsburg, the largest living history museum in the United States, and Busch Gardens, a major regional theme park. The city is also home to the College of William & Mary, a public university with approximately 10,000 students. The city is in a leisure-heavy market, benefiting from the various tourist attractions. As of December 2025, the Williamsburg, Virginia submarket comprises approximately 7,600 hotel rooms spread across 68 properties.

The following table presents certain information relating to the competition for the Aloft Chesapeake Property:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Competitive Property Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Property Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Property Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Property Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Property Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Property Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Property Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Property Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Property Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Property Summary<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Year Built** | &nbsp;&nbsp;**# of Rooms** | &nbsp;&nbsp;**Comm** | &nbsp;&nbsp;**Meeting & Group** | &nbsp;&nbsp;**Leisure** | &nbsp;&nbsp;**2025 Occupancy** | &nbsp;&nbsp;**2025 ADR** | &nbsp;&nbsp;**2025 ADR** | &nbsp;&nbsp;**2025 RevPAR** |
| &nbsp;&nbsp;**Aloft Chesapeake<sup>(2)</sup>** | &nbsp;&nbsp;**2008** | &nbsp;&nbsp;**136** | &nbsp;&nbsp;**70%** | &nbsp;&nbsp;**10%** | &nbsp;&nbsp;**20%** | &nbsp;&nbsp;**80.5%** | &nbsp;&nbsp;**$113.62** | &nbsp;&nbsp;**$113.62** | &nbsp;&nbsp;**$91.46** |
| &nbsp;&nbsp;Hampton Inn Norfolk/Chesapeake (Greenbrier Area) | &nbsp;&nbsp;1990 | &nbsp;&nbsp;118 | &nbsp;&nbsp;70% | &nbsp;&nbsp;5% | &nbsp;&nbsp;25% | &nbsp;&nbsp;80% - 85% | &nbsp;&nbsp;$105 - $115 | &nbsp;&nbsp;$85 - $95 | &nbsp;&nbsp;$85 - $95 |
| &nbsp;&nbsp;Comfort Suites Chesapeake – Norfolk | &nbsp;&nbsp;1990 | &nbsp;&nbsp;124 | &nbsp;&nbsp;70% | &nbsp;&nbsp;5% | &nbsp;&nbsp;25% | &nbsp;&nbsp;70% - 75% | &nbsp;&nbsp;$95 - $100 | &nbsp;&nbsp;$65 - $75 | &nbsp;&nbsp;$65 - $75 |
| &nbsp;&nbsp;Fairfield Inn & Suites Chesapeake | &nbsp;&nbsp;1995 | &nbsp;&nbsp;105 | &nbsp;&nbsp;70% | &nbsp;&nbsp;5% | &nbsp;&nbsp;25% | &nbsp;&nbsp;80% - 85% | &nbsp;&nbsp;$110 - $120 | &nbsp;&nbsp;$90 - $100 | &nbsp;&nbsp;$90 - $100 |
| &nbsp;&nbsp;Courtyard Chesapeake Greenbrier | &nbsp;&nbsp;1997 | &nbsp;&nbsp;90 | &nbsp;&nbsp;65% | &nbsp;&nbsp;15% | &nbsp;&nbsp;20% | &nbsp;&nbsp;60% - 65% | &nbsp;&nbsp;$115 - $125 | &nbsp;&nbsp;$70 - $80 | &nbsp;&nbsp;$70 - $80 |
| &nbsp;&nbsp;Hilton Garden Inn Chesapeake/Greenbrier | &nbsp;&nbsp;2003 | &nbsp;&nbsp;93 | &nbsp;&nbsp;60% | &nbsp;&nbsp;20% | &nbsp;&nbsp;20% | &nbsp;&nbsp;75% - 80% | &nbsp;&nbsp;$130 - $140 | &nbsp;&nbsp;$95 - $105 | &nbsp;&nbsp;$95 - $105 |
| &nbsp;&nbsp;Hyatt Place Chesapeake/Greenbrier | &nbsp;&nbsp;2008 | &nbsp;&nbsp;119 | &nbsp;&nbsp;60% | &nbsp;&nbsp;20% | &nbsp;&nbsp;20% | &nbsp;&nbsp;70% - 75% | &nbsp;&nbsp;$125 - $135 | &nbsp;&nbsp;$95 - $105 | &nbsp;&nbsp;$95 - $105 |
| &nbsp;&nbsp;**Total/Wtd. Avg.** |  | &nbsp;&nbsp;**785** |  |  |  | &nbsp;&nbsp;**76.0%** | &nbsp;&nbsp;**$116.32** | &nbsp;&nbsp;**$116.32** | &nbsp;&nbsp;**$88.64** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(2) The variances between underwriting, the appraisal and third-party market research
provider data with respect to Occupancy, ADR and RevPAR at the Aloft Chesapeake Property are attributable to differing reporting methodologies
and/or timing differences.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 122 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Hospitality – Various | &nbsp;&nbsp;Loan #12 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$18750000 |
| &nbsp;&nbsp;Various | &nbsp;&nbsp;**Aloft Chesapeake and Fairfield Inn & Suites** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;52.1%  |
| &nbsp;&nbsp;Various, VA Various | &nbsp;&nbsp;**Williamsburg** | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.80x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;15.4% |

---

The following table presents certain information relating to the competition for the Fairfield Inn & Suites Williamsburg Property:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Competitive Property Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Property Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Property Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Property Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Property Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Property Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Property Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Property Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Property Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Property Summary<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Year Built** | &nbsp;&nbsp;**# of Rooms** | &nbsp;&nbsp;**Comm** | &nbsp;&nbsp;**Meeting & Group** | &nbsp;&nbsp;**Leisure** | &nbsp;&nbsp;**2025 Occupancy** | &nbsp;&nbsp;**2025 ADR** | &nbsp;&nbsp;**2025 ADR** | &nbsp;&nbsp;**2025 RevPAR** |
| &nbsp;&nbsp;**Fairfield Inn & Suites Williamsburg <sup>(2)</sup>** | &nbsp;&nbsp;**1986** | &nbsp;&nbsp;**148** | &nbsp;&nbsp;**5%** | &nbsp;&nbsp;**20%** | &nbsp;&nbsp;**75%** | &nbsp;&nbsp;**64.9%** | &nbsp;&nbsp;**$119.90** | &nbsp;&nbsp;**$119.90** | &nbsp;&nbsp;**$77.76** |
| &nbsp;&nbsp;Best Western Williamsburg Historic District | &nbsp;&nbsp;1975 | &nbsp;&nbsp;140 | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;65% | &nbsp;&nbsp;50% - 55% | &nbsp;&nbsp;$100 - $110 | &nbsp;&nbsp;$50 - $65 | &nbsp;&nbsp;$50 - $65 |
| &nbsp;&nbsp;Holiday Inn Express & Suites Williamsburg | &nbsp;&nbsp;2003 | &nbsp;&nbsp;93 | &nbsp;&nbsp;10% | &nbsp;&nbsp;15% | &nbsp;&nbsp;75% | &nbsp;&nbsp;65% - 70% | &nbsp;&nbsp;$120 - $130 | &nbsp;&nbsp;$80 - $90 | &nbsp;&nbsp;$80 - $90 |
| &nbsp;&nbsp;Comfort Inn Williamsburg Gateway | &nbsp;&nbsp;1989 | &nbsp;&nbsp;116 | &nbsp;&nbsp;5% | &nbsp;&nbsp;10% | &nbsp;&nbsp;85% | &nbsp;&nbsp;50% - 55% | &nbsp;&nbsp;$80 - $85 | &nbsp;&nbsp;$35 - $45 | &nbsp;&nbsp;$35 - $45 |
| &nbsp;&nbsp;Spark by Hilton Williamsburg Historic Area | &nbsp;&nbsp;1988 | &nbsp;&nbsp;118 | &nbsp;&nbsp;5% | &nbsp;&nbsp;10% | &nbsp;&nbsp;85% | &nbsp;&nbsp;50% - 55% | &nbsp;&nbsp;$90 - $95 | &nbsp;&nbsp;$40 - $50 | &nbsp;&nbsp;$40 - $50 |
| &nbsp;&nbsp;Hampton Inn & Suites Williamsburg – Central | &nbsp;&nbsp;2009 | &nbsp;&nbsp;105 | &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;70% | &nbsp;&nbsp;60% - 65% | &nbsp;&nbsp;$125 - $135 | &nbsp;&nbsp;$75 - $80 | &nbsp;&nbsp;$75 - $80 |
| &nbsp;&nbsp;**Total/Wtd. Avg.** |  | &nbsp;&nbsp;**720** |  |  |  | &nbsp;&nbsp;**58.0%** | &nbsp;&nbsp;**$109.43** | &nbsp;&nbsp;**$109.43** | &nbsp;&nbsp;**$63.39** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(2) The variances between underwriting, the appraisal and third-party market research provider data with respect
to Occupancy, ADR and RevPAR at the Fairfield Inn & Suites Williamsburg Property are attributable to differing reporting methodologies
and/or timing differences.

***Appraisals.*** According to the appraisals, (i) the Aloft Chesapeake Property had an "as-is" appraised value of $17,000,000 as of February 2, 2026, and a "prospective market value upon completion of renovation" appraised value of $20,500,000 as of February 1, 2027, and (ii) the Fairfield Inn & Suites Williamsburg Property had an "as-is" appraised value of $11,000,000 as of February 2, 2026, and a "prospective market value upon completion of renovation" appraised value of $15,500,000 as of February 1, 2027.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**As-Is Value** | &nbsp;&nbsp;**Prospective Market Value Upon Completion** | &nbsp;&nbsp;**Cap Rate** |
| &nbsp;&nbsp;Aloft Chesapeake | &nbsp;&nbsp;$17000000 | &nbsp;&nbsp;$20500000 | &nbsp;&nbsp;8.50% |
| &nbsp;&nbsp;Fairfield Inn & Suites Williamsburg | &nbsp;&nbsp;$11000000 | &nbsp;&nbsp;$15500000 | &nbsp;&nbsp;9.00% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**$28000000** | &nbsp;&nbsp;**$36000000** | &nbsp;&nbsp;**Various** |

---

***Environmental Matters.*** According to the Phase I environmental assessments dated February 4, 2026, there was no evidence of any recognized environmental conditions at the Aloft Chesapeake and Fairfield Inn & Suites Williamsburg Properties.

 **

 ****

 

 **

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 123 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Hospitality – Various | &nbsp;&nbsp;Loan #12 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$18750000 |
| &nbsp;&nbsp;Various | &nbsp;&nbsp;**Aloft Chesapeake and Fairfield Inn & Suites** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;52.1%  |
| &nbsp;&nbsp;Various, VA Various | &nbsp;&nbsp;**Williamsburg** | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.80x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;15.4% |

---

***Operating History and Underwritten Net Cash Flow.*** The following table presents certain information relating to the historical operating performance and underwritten net cash flow at the Aloft Chesapeake and Fairfield Inn & Suites Williamsburg Properties:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)(2)</sup>** |
|  | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**TTM Mar 2026** | &nbsp;&nbsp;**UW** | &nbsp;&nbsp;**UW per Room<sup>(1)</sup>** |
| &nbsp;&nbsp;Occupancy | &nbsp;&nbsp;62.6% | &nbsp;&nbsp;72.0% | &nbsp;&nbsp;73.9% | &nbsp;&nbsp;72.6% | &nbsp;&nbsp;72.3% | &nbsp;&nbsp;72.9% | &nbsp;&nbsp;72.9% |  |
| &nbsp;&nbsp;ADR | &nbsp;&nbsp;$110.86 | &nbsp;&nbsp;$113.71 | &nbsp;&nbsp;$118.72 | &nbsp;&nbsp;$117.94 | &nbsp;&nbsp;$116.56 | &nbsp;&nbsp;$117.00 | &nbsp;&nbsp;$117.00 |  |
| &nbsp;&nbsp;RevPAR | &nbsp;&nbsp;$69.37 | &nbsp;&nbsp;$81.85 | &nbsp;&nbsp;$87.75 | &nbsp;&nbsp;$85.64 | &nbsp;&nbsp;$84.32 | &nbsp;&nbsp;$85.33 | &nbsp;&nbsp;$85.33 |  |
| &nbsp;&nbsp;Rooms Revenue | &nbsp;&nbsp;$7191375 | &nbsp;&nbsp;$8484247 | &nbsp;&nbsp;$9096195 | &nbsp;&nbsp;$8901519 | &nbsp;&nbsp;$8740545 | &nbsp;&nbsp;$8845156 | &nbsp;&nbsp;$8845156 | &nbsp;&nbsp;$31145 |
| &nbsp;&nbsp;Food & Beverage Revenue | &nbsp;&nbsp;$327013 | &nbsp;&nbsp;$496244 | &nbsp;&nbsp;$561963 | &nbsp;&nbsp;$561132 | &nbsp;&nbsp;$556454 | &nbsp;&nbsp;$545373 | &nbsp;&nbsp;$545373 | &nbsp;&nbsp;$1920 |
| &nbsp;&nbsp;Other Income **<sup>(2)</sup>** | &nbsp;&nbsp; $76055 | &nbsp;&nbsp; $98283 | &nbsp;&nbsp; $88402 | &nbsp;&nbsp; $107408 | &nbsp;&nbsp; $89778 | &nbsp;&nbsp; $83563 | &nbsp;&nbsp; $83563 | &nbsp;&nbsp; $294 |
| &nbsp;&nbsp;**Total Revenue** | &nbsp;&nbsp;**$7594443** | &nbsp;&nbsp;**$9078775** | &nbsp;&nbsp;**$9746560** | &nbsp;&nbsp;**$9570059** | &nbsp;&nbsp;**$9386778** | &nbsp;&nbsp;**$9474091** | &nbsp;&nbsp;**$9474091** | &nbsp;&nbsp;**$33359** |
| &nbsp;&nbsp;Room Expense | &nbsp;&nbsp;$1630781 | &nbsp;&nbsp;$1943942 | &nbsp;&nbsp;$2094986 | &nbsp;&nbsp;$1958274 | &nbsp;&nbsp;$1854465 | &nbsp;&nbsp;$1832796 | &nbsp;&nbsp;$1832796 | &nbsp;&nbsp;$6454 |
| &nbsp;&nbsp;Food & Beverage Expense | &nbsp;&nbsp;$240028 | &nbsp;&nbsp;400238 | &nbsp;&nbsp;452958 | &nbsp;&nbsp;468456 | &nbsp;&nbsp;448319 | &nbsp;&nbsp;443787 | &nbsp;&nbsp;$443787 | &nbsp;&nbsp;$1563 |
| &nbsp;&nbsp;Other Department Expense | &nbsp;&nbsp; $27619 | &nbsp;&nbsp; 134934 | &nbsp;&nbsp; 28006 | &nbsp;&nbsp; 29599 | &nbsp;&nbsp; 28861 | &nbsp;&nbsp; 26894 | &nbsp;&nbsp; $26894 | &nbsp;&nbsp; $95 |
| &nbsp;&nbsp;**Total Department Expenses** | &nbsp;&nbsp;**$1898428** | &nbsp;&nbsp;**$2479114** | &nbsp;&nbsp;**$2575950** | &nbsp;&nbsp;**$2456329** | &nbsp;&nbsp;**$2331644** | &nbsp;&nbsp;**$2303477** | &nbsp;&nbsp;**$2303477** | &nbsp;&nbsp;**$8111** |
| &nbsp;&nbsp;**Gross Operating Income** | &nbsp;&nbsp;**$5696015** | &nbsp;&nbsp;**$6599661** | &nbsp;&nbsp;**$7170610** | &nbsp;&nbsp;**$7113730** | &nbsp;&nbsp;**$7055133** | &nbsp;&nbsp;**$7170614** | &nbsp;&nbsp;**$7170614** | &nbsp;&nbsp;**$25249** |
| &nbsp;&nbsp;**Total Undistributed Expenses** | &nbsp;&nbsp;**$2747428** | &nbsp;&nbsp;**$3373294** | &nbsp;&nbsp;**$3544638** | &nbsp;&nbsp;**$3762848** | &nbsp;&nbsp;**$3739493** | &nbsp;&nbsp;**$3739709** | &nbsp;&nbsp;**$3779508** | &nbsp;&nbsp;**$13308** |
| &nbsp;&nbsp;**Gross Operating Profit** | &nbsp;&nbsp;**$2948588** | &nbsp;&nbsp;**$3226367** | &nbsp;&nbsp;**$3625971** | &nbsp;&nbsp;**$3350882** | &nbsp;&nbsp;**$3315641** | &nbsp;&nbsp;**$3430906** | &nbsp;&nbsp;**$3391106** | &nbsp;&nbsp;**$11941** |
| &nbsp;&nbsp;Property Taxes | &nbsp;&nbsp;$185928 | &nbsp;&nbsp;$160873 | &nbsp;&nbsp;$199063 | &nbsp;&nbsp;$227339 | &nbsp;&nbsp;$253640 | &nbsp;&nbsp;$381574 | &nbsp;&nbsp;$278308 | &nbsp;&nbsp;$980 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;$69287 | &nbsp;&nbsp;77758 | &nbsp;&nbsp;119884 | &nbsp;&nbsp;183976 | &nbsp;&nbsp;225486 | &nbsp;&nbsp;127867 | &nbsp;&nbsp;$221802 | &nbsp;&nbsp;$781 |
| &nbsp;&nbsp;**Total Expenses** | &nbsp;&nbsp;**$255216** | &nbsp;&nbsp;**$238631** | &nbsp;&nbsp;**$318947** | &nbsp;&nbsp;**$411315** | &nbsp;&nbsp;**$479126** | &nbsp;&nbsp;**$509441** | &nbsp;&nbsp;**$500110** | &nbsp;&nbsp;**$1761** |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp; **$2693372** | &nbsp;&nbsp;**$2987735** | &nbsp;&nbsp;**$3307024** | &nbsp;&nbsp;**$2939568** | &nbsp;&nbsp;**$2836514** | &nbsp;&nbsp;**$2921465** | &nbsp;&nbsp;**$2890996** | &nbsp;&nbsp;**$10180** |
| &nbsp;&nbsp;FF&E | &nbsp;&nbsp; $303778 | &nbsp;&nbsp; 363151 | &nbsp;&nbsp; 389864 | &nbsp;&nbsp; 382802 | &nbsp;&nbsp; 375471 | &nbsp;&nbsp; 378964 | &nbsp;&nbsp; 378964 | &nbsp;&nbsp; 1334 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$2389594** | &nbsp;&nbsp;**$2624584** | &nbsp;&nbsp;**$2917160** | &nbsp;&nbsp;**$2556765** | &nbsp;&nbsp;**$2461043** | &nbsp;&nbsp;**$2542501** | &nbsp;&nbsp;**$2512033** | &nbsp;&nbsp;**$8845** |
| &nbsp;&nbsp;**NOI DSCR** | &nbsp;&nbsp;**1.93x** | &nbsp;&nbsp;**2.14x** | &nbsp;&nbsp;**2.37x** | &nbsp;&nbsp;**2.10x** | &nbsp;&nbsp;**2.03x** | &nbsp;&nbsp;**2.09x** | &nbsp;&nbsp;**2.07x** |  |
| &nbsp;&nbsp;**NCF DSCR** | &nbsp;&nbsp;**1.71x** | &nbsp;&nbsp;**1.88x** | &nbsp;&nbsp;**2.09x** | &nbsp;&nbsp;**1.83x** | &nbsp;&nbsp;**1.76x** | &nbsp;&nbsp;**1.82x** | &nbsp;&nbsp;**1.80x** |  |
| &nbsp;&nbsp;**NOI Debt Yield** | &nbsp;&nbsp;**14.4%** | &nbsp;&nbsp;**15.9%** | &nbsp;&nbsp;**17.6%** | &nbsp;&nbsp;**15.7%** | &nbsp;&nbsp;**15.1%** | &nbsp;&nbsp;**15.6%** | &nbsp;&nbsp;**15.4%** |  |
| &nbsp;&nbsp;**NCF Debt Yield** | &nbsp;&nbsp;**12.7%** | &nbsp;&nbsp;**14.0%** | &nbsp;&nbsp;**15.6%** | &nbsp;&nbsp;**13.6%** | &nbsp;&nbsp;**13.1%** | &nbsp;&nbsp;**13.6%** | &nbsp;&nbsp;**13.4%** |  |

---

(1) Per Room values are based on 284 rooms.

(2) Other Income includes laundry, cancellation income, and miscellaneous income.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 124 |

---

**Mortgage Loan No. 13 – 150 Erasmus and 1520 Prospect**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Mortgage Loan Seller:** | &nbsp;&nbsp;**Mortgage Loan Seller:** | &nbsp;&nbsp;CREFI | &nbsp;&nbsp;CREFI | &nbsp;&nbsp;CREFI | &nbsp;&nbsp;**Single Asset/Portfolio:** | &nbsp;&nbsp;Portfolio |
| &nbsp;&nbsp;**Credit Assessment (MDBRS/Fitch/Moody's):** | &nbsp;&nbsp;**Credit Assessment (MDBRS/Fitch/Moody's):** | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;Brooklyn, NY Various |
| &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;$17500000 | &nbsp;&nbsp;$17500000 | &nbsp;&nbsp;$17500000 | &nbsp;&nbsp;**General Property Type:** | &nbsp;&nbsp;Multifamily |
| &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$17500000 | &nbsp;&nbsp;$17500000 | &nbsp;&nbsp;$17500000 | &nbsp;&nbsp;**Detailed Property Type:** | &nbsp;&nbsp;Mid Rise |
| &nbsp;&nbsp;**% of Initial Pool Balance:** | &nbsp;&nbsp;**% of Initial Pool Balance:** | &nbsp;&nbsp;3.2% | &nbsp;&nbsp;3.2% | &nbsp;&nbsp;3.2% | &nbsp;&nbsp;**Title Vesting:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;**Year Built/Renovated<sup>(1)</sup>:** | &nbsp;&nbsp;Various/NAP |
| &nbsp;&nbsp;**Borrower Sponsors:** | &nbsp;&nbsp;**Borrower Sponsors:** | &nbsp;&nbsp;Jacob Isaac Hirsch and Sam Wieder | &nbsp;&nbsp;Jacob Isaac Hirsch and Sam Wieder | &nbsp;&nbsp;Jacob Isaac Hirsch and Sam Wieder | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;42 Units |
| &nbsp;&nbsp;**Guarantors:** | &nbsp;&nbsp;**Guarantors:** | &nbsp;&nbsp;Jacob Isaac Hirsch and Sam Wieder | &nbsp;&nbsp;Jacob Isaac Hirsch and Sam Wieder | &nbsp;&nbsp;Jacob Isaac Hirsch and Sam Wieder | &nbsp;&nbsp;**Cut-off Date Balance per Unit:** | &nbsp;&nbsp;$416667 |
| &nbsp;&nbsp;**Mortgage Rate:** | &nbsp;&nbsp;**Mortgage Rate:** | &nbsp;&nbsp;6.2600% | &nbsp;&nbsp;6.2600% | &nbsp;&nbsp;6.2600% | &nbsp;&nbsp;**Maturity Date Balance per Unit:** | &nbsp;&nbsp;$416667 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;5/29/2026 | &nbsp;&nbsp;5/29/2026 | &nbsp;&nbsp;5/29/2026 | &nbsp;&nbsp;**Property Manager:** | &nbsp;&nbsp; JIH Property Group LLC<br> (borrower-related) |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;6/6/2031 | &nbsp;&nbsp;6/6/2031 | &nbsp;&nbsp;6/6/2031 | &nbsp;&nbsp;**Underwriting and Financial Information** | &nbsp;&nbsp;**Underwriting and Financial Information** |
| &nbsp;&nbsp;**Term to Maturity:** | &nbsp;&nbsp;**Term to Maturity:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;60 months | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**UW NOI:** | &nbsp;&nbsp;$1565031 |
| &nbsp;&nbsp;**Amortization Term:** | &nbsp;&nbsp;**Amortization Term:** | &nbsp;&nbsp;0 months | &nbsp;&nbsp;0 months | &nbsp;&nbsp;0 months | &nbsp;&nbsp;**UW NCF:** | &nbsp;&nbsp;$1554531 |
| &nbsp;&nbsp;**IO Period:** | &nbsp;&nbsp;**IO Period:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;60 months | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.9% |
| &nbsp;&nbsp;**Seasoning:** | &nbsp;&nbsp;**Seasoning:** | &nbsp;&nbsp;0 months | &nbsp;&nbsp;0 months | &nbsp;&nbsp;0 months | &nbsp;&nbsp;**UW NCF Debt Yield:** | &nbsp;&nbsp;8.9% |
| &nbsp;&nbsp;**Prepayment Provisions:** | &nbsp;&nbsp;**Prepayment Provisions:** | &nbsp;&nbsp;L(24),D(29),O(7) | &nbsp;&nbsp;L(24),D(29),O(7) | &nbsp;&nbsp;L(24),D(29),O(7) | &nbsp;&nbsp;**UW NOI Debt Yield at Maturity:** | &nbsp;&nbsp;8.9% |
| &nbsp;&nbsp;**Lockbox/Cash Mgmt Status:** | &nbsp;&nbsp;**Lockbox/Cash Mgmt Status:** | &nbsp;&nbsp;Springing/Springing | &nbsp;&nbsp;Springing/Springing | &nbsp;&nbsp;Springing/Springing | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.40x |
| &nbsp;&nbsp;**Additional Debt Type:** | &nbsp;&nbsp;**Additional Debt Type:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Most Recent NOI:** | &nbsp;&nbsp;$1,601,319 (2/28/2026 TTM) |
| &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**2nd Most Recent NOI:** | &nbsp;&nbsp;$1,600,606 (12/31/2025) |
| &nbsp;&nbsp;**Future Debt Permitted (Type):** | &nbsp;&nbsp;**Future Debt Permitted (Type):** | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;**3rd Most Recent NOI:** | &nbsp;&nbsp;$1,569,268 (12/31/2024) |
|  |  |  |  |  | &nbsp;&nbsp;**Most Recent Occupancy:** | &nbsp;&nbsp;100.0% (5/25/2026) |
| &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**2nd Most Recent Occupancy:** | &nbsp;&nbsp;100.0% (12/31/2025) |
| &nbsp;&nbsp;**<u>Type</u>** | &nbsp;&nbsp;**<u>Initial</u>** | &nbsp;&nbsp;**<u>Initial</u>** | &nbsp;&nbsp;**<u>Monthly</u>** | &nbsp;&nbsp;**<u>Cap</u>** | &nbsp;&nbsp;**3rd Most Recent Occupancy:** | &nbsp;&nbsp;100.0% (12/31/2024) |
| &nbsp;&nbsp;**RE Taxes:** | &nbsp;&nbsp;$3952 | &nbsp;&nbsp;$3952 | &nbsp;&nbsp;$565 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value (as of):** | &nbsp;&nbsp;$26,100,000 (3/10/2026) |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$25651 | &nbsp;&nbsp;$25651 | &nbsp;&nbsp;$4275 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value per Unit:** | &nbsp;&nbsp;$621429 |
| &nbsp;&nbsp;**Replacement Reserve:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$875 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Cut-off Date LTV Ratio:** | &nbsp;&nbsp;67.0% |
| &nbsp;&nbsp;**Deferred Maintenance:** | &nbsp;&nbsp;$10088 | &nbsp;&nbsp;$10088 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date LTV Ratio:** | &nbsp;&nbsp;67.0% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** |
| &nbsp;&nbsp;**Sources** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** | &nbsp;&nbsp;**Uses** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** |
| &nbsp;&nbsp;Loan Amount: | &nbsp;&nbsp;$17500000 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;Loan Payoff: | &nbsp;&nbsp;$16341747 | &nbsp;&nbsp;93.4% |
|  |  |  | &nbsp;&nbsp;Closing Costs: | &nbsp;&nbsp;$597441 | &nbsp;&nbsp;3.4% |
|  |  |  | &nbsp;&nbsp;Sponsor Equity: | &nbsp;&nbsp;$521121 | &nbsp;&nbsp;3.0% |
|  |  |  | &nbsp;&nbsp;Upfront Reserves: | &nbsp;&nbsp;$39691 | &nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;**Total Sources:** | &nbsp;&nbsp;**$17500000** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses:** | &nbsp;&nbsp;**$17500000** | &nbsp;&nbsp;**100.0%** |

---

(1) See "*The Properties*" below.

***The Mortgage Loan.*** The thirteenth largest mortgage loan (the "150 Erasmus and 1520 Prospect Mortgage Loan") is evidenced by a promissory note in the original principal amount of $17,500,000 and secured by the borrowers' fee simple interests in a portfolio of two mid rise multifamily properties, totaling 42 units, located in Brooklyn, New York (the "150 Erasmus and 1520 Prospect Properties").

***The Borrowers and the Borrower Sponsors*.** The borrowers are TOV Erasmus LLC and 1524 Prospect Place LLC, each a New York limited liability company and each a single purpose entity with no independent directors.

The borrower sponsors and non-recourse carveout guarantors are Jacob Isaac Hirsch and Sam Wieder. Jacob Isaac Hirsch is the founder and principal of JIH Builders Group and JIH Management Group. JIH Builders Group operates as a general contractor and real estate developer, executing ground up construction, full scale renovations, and repositionings across residential and commercial property types. JIH Management Group provides property management services, including leasing, maintenance, tenant relations, capital improvements, and long-term asset planning. The borrower sponsors' combined real estate portfolio includes 25 multifamily properties totaling 448 units located in Brooklyn, New York.

***The Properties.*** The 150 Erasmus and 1520 Prospect Properties are comprised of two mid rise, multifamily properties, totaling 42 units, located approximately 2.8 miles apart in the East Flatbush and Crown Heights neighborhoods of Brooklyn, New York.

Both the 150 Erasmus and 1520 Prospect Properties benefit from a 35-year 421-a Affordable New York Housing Tax Exemption Program exemption. In order to qualify for the tax exemption, at least 30% of the units at the 150 Erasmus and 1520 Prospect Properties (13 units) must be leased as "affordable units," which are defined as affordable to a household whose income does not exceed 130% of the area median income. For years one through 25 of such exemption, 100% of the projected assessed value of the 150 Erasmus and 1520 Prospect Properties' improvements on the tax lot would be exempt from real estate taxes. The exemption falls to approximately 30% in years 26 through 35 of such exemption. The 150 Erasmus Street Property (as defined below) is in the third year of its exemption, and the 1520 Prospect Place Property (as defined below) is in the eighth year of its exemption. Taxes were underwritten to the year-one abated 2025/2026 taxes of $6,246. The appraisals' estimated full tax liability for the 2025/2026 tax year is $270,025. In

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 125 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Mid Rise | &nbsp;&nbsp;Loan #13 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$17500000 |
| &nbsp;&nbsp;Various | &nbsp;&nbsp;**150 Erasmus and 1520 Prospect** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;67.0%  |
| &nbsp;&nbsp;Brooklyn, NY Various |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.40x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.9% |

---

addition, all of the affordable units at the 150 Erasmus Street Property and five of the units at the 1520 Prospect Place Property are rent stabilized. Further, all of the affordable units at the 150 Erasmus and 1520 Prospect Properties are leased to tenants under the CityFHEPs (City Fighting Homelessness and Eviction Prevention Supplement) program. See "*Description of the Mortgage Pool—Real Estate and Other Tax Considerations*" in the prospectus.

The following table presents certain information relating to the 150 Erasmus and 1520 Prospect Properties:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** |
| &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Location<sup>(1)</sup>** | &nbsp;&nbsp;**Year Built / Renovated<sup>(1)</sup>** | &nbsp;&nbsp;**# of Units<sup>(2)</sup>** | &nbsp;&nbsp;**Occupancy<sup>(2)</sup>** | &nbsp;&nbsp;**Allocated Cut-off Date Balance** | &nbsp;&nbsp;**% of Allocated Cut-off Date Balance** | &nbsp;&nbsp;**UW NOI<sup>(2)</sup>** | &nbsp;&nbsp;**% of UW NOI<sup>(2)</sup>** | &nbsp;&nbsp;**Appraised Value<sup>(1)</sup>** |
| &nbsp;&nbsp;150 Erasmus Street | &nbsp;&nbsp;Brooklyn, NY | &nbsp;&nbsp;2023 / NAP | &nbsp;&nbsp;32 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$14500000 | &nbsp;&nbsp;82.9% | &nbsp;&nbsp;$1302969 | &nbsp;&nbsp;83.3% | &nbsp;&nbsp;$21700000 |
| &nbsp;&nbsp;1520 Prospect Place | &nbsp;&nbsp;Brooklyn, NY | &nbsp;&nbsp;2018 / NAP | &nbsp;&nbsp;10 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$3000000 | &nbsp;&nbsp;17.1% | &nbsp;&nbsp;$262062 | &nbsp;&nbsp;16.7% | &nbsp;&nbsp;$4400000 |
| &nbsp;&nbsp;**Total/ Wtd. Avg** |  |  | &nbsp;&nbsp;**42** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$17500000** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$1565031** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$26100000** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Based on the underwritten rent rolls dated May 25, 2026.

<u>150 Erasmus Street</u>

The 150 Erasmus Street property is a five-story, 32-unit mid rise multifamily property located at 150 Erasmus Street in the East Flatbush neighborhood of Brooklyn, New York (the "150 Erasmus Street Property"). The 150 Erasmus Street Property was originally constructed in 2023 and is situated on an approximately 0.23-acre site. Community amenities at the 150 Erasmus Street Property include a 16-space parking garage, a virtual doorman, a package room, a conference room, a reading room, a fitness center, a common courtyard, a common laundry room, storage units, a pet wash station, and a common rooftop terrace.

The 150 Erasmus Street Property unit mix is comprised of five one-bedroom units, 21 two-bedroom units, five three-bedroom units, and one four-bedroom unit. Of the 32 units at the 150 Erasmus Street Property, 10 are designated as affordable units and are rent stabilized. Unit amenities include hardwood floors, quartz countertops, and appliance packages including a stainless steel refrigerator, microwave, electric stove/oven, and dishwashers in select units. As of May 25, 2026, the 150 Erasmus Street Property was 100.0% leased.

The following table presents certain information relating to the unit mix at the 150 Erasmus Street Property:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**150 Erasmus Street Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**150 Erasmus Street Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**150 Erasmus Street Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**150 Erasmus Street Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**150 Erasmus Street Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**150 Erasmus Street Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**150 Erasmus Street Unit Mix<sup>(1)</sup>** |
| &nbsp;&nbsp;**Unit Mix / Type** | &nbsp;&nbsp;**Units** | &nbsp;&nbsp;**Occupied Units** | &nbsp;&nbsp;**% Occupied** | &nbsp;&nbsp;**Average SF per Unit** | &nbsp;&nbsp;**Monthly Average Rent per Unit<sup>(2)</sup>** | &nbsp;&nbsp;**Monthly Average Market Rent per Unit<sup>(3)</sup>** |
| &nbsp;&nbsp;1BR - Affordable | &nbsp;&nbsp;5 | &nbsp;&nbsp;5 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;443 | &nbsp;&nbsp;$3444 | &nbsp;&nbsp;$2800 |
| &nbsp;&nbsp;2BR | &nbsp;&nbsp;16 | &nbsp;&nbsp;16 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;711 | &nbsp;&nbsp;$3244 | &nbsp;&nbsp;$3400 |
| &nbsp;&nbsp;2BR - Affordable | &nbsp;&nbsp;5 | &nbsp;&nbsp;5 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;519 | &nbsp;&nbsp;$4078 | &nbsp;&nbsp;$3400 |
| &nbsp;&nbsp;3BR | &nbsp;&nbsp;5 | &nbsp;&nbsp;5 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;756 | &nbsp;&nbsp;$4075 | &nbsp;&nbsp;$4150 |
| &nbsp;&nbsp;4BR | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;875 | &nbsp;&nbsp;$5700 | &nbsp;&nbsp;$5700 |
| &nbsp;&nbsp;**Total/Wtd. Avg.** | &nbsp;&nbsp;**32** | &nbsp;&nbsp;**32** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**652** | &nbsp;&nbsp;**$3612** | &nbsp;&nbsp;**$3495** |

---

(1) Based on the underwritten rent roll dated May 25, 2026.

(2) Monthly Average Rent per Unit is based on Occupied Units.

(3) Source: Appraisal.

<u>1520 Prospect Place</u>

The 1520 Prospect Place property is a five-story, 10-unit, mid rise multifamily property located at 1520 Prospect Place in the Crown Heights neighborhood of Brooklyn, New York (the "1520 Prospect Place Property"). The 1520 Prospect Place Property was originally constructed in 2018 and is situated on an approximately 0.07-acre site. Community amenities at the 1520 Prospect Place Property include laundry rooms on the second and third floors and a virtual doorman.

The 1520 Prospect Place Property unit mix is comprised of four studio units and six three-bedroom units. Of the 10 units at the 1520 Prospect Place Property, three are designated as affordable units and are rent stabilized, and an additional two units are rent stabilized. Unit amenities include quartz countertops and an integrated appliance package that includes a stainless-steel refrigerator, gas-fired stove/oven, microwave, and dishwasher. As of May 25, 2026, the 1520 Prospect Place Property was 100.0% leased.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 126 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Mid Rise | &nbsp;&nbsp;Loan #13 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$17500000 |
| &nbsp;&nbsp;Various | &nbsp;&nbsp;**150 Erasmus and 1520 Prospect** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;67.0%  |
| &nbsp;&nbsp;Brooklyn, NY Various |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.40x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.9% |

---

The following table presents certain information relating to the unit mix at the 1520 Prospect Place Property:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**1520 Prospect Place Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**1520 Prospect Place Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**1520 Prospect Place Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**1520 Prospect Place Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**1520 Prospect Place Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**1520 Prospect Place Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**1520 Prospect Place Unit Mix<sup>(1)</sup>** |
| &nbsp;&nbsp;**Unit Mix / Type** | &nbsp;&nbsp;**Units** | &nbsp;&nbsp;**Occupied Units** | &nbsp;&nbsp;**% Occupied** | &nbsp;&nbsp;**Average SF per Unit** | &nbsp;&nbsp;**Monthly Average Rent per Unit<sup>(2)</sup>** | &nbsp;&nbsp;**Monthly Average Market Rent per Unit<sup>(3)</sup>** |
| &nbsp;&nbsp;Studio - Affordable | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;383 | &nbsp;&nbsp;$2191 | &nbsp;&nbsp;$2200 |
| &nbsp;&nbsp;Studio - Rent Stabilized | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;321 | &nbsp;&nbsp;$2010 | &nbsp;&nbsp;$2200 |
| &nbsp;&nbsp;3BR | &nbsp;&nbsp;5 | &nbsp;&nbsp;5 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;609 | &nbsp;&nbsp;$3076 | &nbsp;&nbsp;$3200 |
| &nbsp;&nbsp;3 BR - Affordable | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;609 | &nbsp;&nbsp;$2367 | &nbsp;&nbsp;$3200 |
| &nbsp;&nbsp;**Total/Wtd. Avg.** | &nbsp;&nbsp;**10** | &nbsp;&nbsp;**10** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**506** | &nbsp;&nbsp;**$2615** | &nbsp;&nbsp;**$2800** |

---

(1) Based on the underwritten rent roll dated May 25, 2026.

(2) Monthly Average Rent per Unit is based on Occupied Units.

(3) Source: Appraisal.

***The Market.*** The 150 Erasmus and 1520 Prospect Properties are located in the East Flatbush and Crown Heights neighborhoods of Brooklyn, New York. The East Flatbush neighborhood offers access to nearby amenities including Prospect Park, the Brooklyn Botanic Garden, the Brooklyn Museum, and Kings Theatre. Primary access to the East Flatbush neighborhood is provided by the 2 and 5 subway lines along Church Avenue, as well as multiple bus routes serving the surrounding area. The Crown Heights neighborhood offers access to a range of cultural and recreational amenities, including Prospect Park, the Brooklyn Botanic Garden, and the Brooklyn Museum. Primary access to the Crown Heights neighborhood is provided by the A, C, 2, 3, 4, and 5 trains, all of which provide direct access to Manhattan.

According to a third-party market research report, the 150 Erasmus Street Property is located within the Flatbush multifamily submarket of the New York Metro multifamily market. As of June 1, 2026, the Flatbush multifamily submarket had inventory of 62,177 units, a vacancy rate of 1.1%, and average asking rent of $2,141 per month.

According to a third-party market research report, the 1520 Prospect Place Property is located within the Bushwick multifamily submarket of the New York Metro multifamily market. As of June 1, 2026, the Bushwick multifamily submarket had inventory of 55,192 units, a vacancy rate of 3.4%, and average asking rent of $2,926 per month.

The following table presents information regarding certain competitive properties to the 150 Erasmus Street Property:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Competitive Rental Properties Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Rental Properties Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Rental Properties Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Rental Properties Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Rental Properties Summary<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property Name / Address** | &nbsp;&nbsp;**Distance from Subject** | &nbsp;&nbsp;**Unit Type** | &nbsp;&nbsp;**Average Unit Size (SF)** | &nbsp;&nbsp;**Average Rent Per Unit** |
| &nbsp;&nbsp;**150 Erasmus Street**<br> Brooklyn, NY | &nbsp;&nbsp;- | &nbsp;&nbsp;**1BR - Affordable** | &nbsp;&nbsp;**443<sup>(2)</sup>** | &nbsp;&nbsp;**$3444<sup>(2)</sup>** |
| &nbsp;&nbsp;**150 Erasmus Street**<br> Brooklyn, NY | &nbsp;&nbsp;- | &nbsp;&nbsp;**2BR** | &nbsp;&nbsp;**711<sup>(2)</sup>** | &nbsp;&nbsp;**$3244<sup>(2)</sup>** |
| &nbsp;&nbsp;**150 Erasmus Street**<br> Brooklyn, NY | &nbsp;&nbsp;- | &nbsp;&nbsp;**2BR - Affordable** | &nbsp;&nbsp;**519<sup>(2)</sup>** | &nbsp;&nbsp;**$4078<sup>(2)</sup>** |
| &nbsp;&nbsp;**150 Erasmus Street**<br> Brooklyn, NY | &nbsp;&nbsp;- | &nbsp;&nbsp;**3BR** | &nbsp;&nbsp;**756<sup>(2)</sup>** | &nbsp;&nbsp;**$4075<sup>(2)</sup>** |
| &nbsp;&nbsp;**150 Erasmus Street**<br> Brooklyn, NY | &nbsp;&nbsp;- | &nbsp;&nbsp;**4BR** | &nbsp;&nbsp;**875<sup>(2)</sup>** | &nbsp;&nbsp;**$5700<sup>(2)</sup>** |
| &nbsp;&nbsp;**2718 Church Avenue**<br> Brooklyn, NY | &nbsp;&nbsp;0.1 mi | &nbsp;&nbsp;1BR / 1BA | &nbsp;&nbsp;700 | &nbsp;&nbsp;$3300 |
| &nbsp;&nbsp;**2718 Church Avenue**<br> Brooklyn, NY | &nbsp;&nbsp;0.1 mi | &nbsp;&nbsp;2BR / 2BA | &nbsp;&nbsp;NAV | &nbsp;&nbsp;$4200 |
| &nbsp;&nbsp;**2718 Church Avenue**<br> Brooklyn, NY | &nbsp;&nbsp;0.1 mi | &nbsp;&nbsp;3BR / 2BA | &nbsp;&nbsp;1200 | &nbsp;&nbsp;$4950 |
| &nbsp;&nbsp;**88 Linden Boulevard**<br> Brooklyn, NY | &nbsp;&nbsp;0.4 mi | &nbsp;&nbsp;1BR / 1BA | &nbsp;&nbsp;500 | &nbsp;&nbsp;$2795 |
| &nbsp;&nbsp;**88 Linden Boulevard**<br> Brooklyn, NY | &nbsp;&nbsp;0.4 mi | &nbsp;&nbsp;2BR / 2BA | &nbsp;&nbsp;775 | &nbsp;&nbsp;$3500 |
| &nbsp;&nbsp;**88 Linden Boulevard**<br> Brooklyn, NY | &nbsp;&nbsp;0.4 mi | &nbsp;&nbsp;3BR / 1BA | &nbsp;&nbsp;NAV | &nbsp;&nbsp;$4200 |
| &nbsp;&nbsp;**1020 Rogers Avenue**<br> Brooklyn, NY | &nbsp;&nbsp;0.4 mi | &nbsp;&nbsp;1BR / 1BA | &nbsp;&nbsp;475 | &nbsp;&nbsp;$3000 |
| &nbsp;&nbsp;**1020 Rogers Avenue**<br> Brooklyn, NY | &nbsp;&nbsp;0.4 mi | &nbsp;&nbsp;2BR / 2BA | &nbsp;&nbsp;500 | &nbsp;&nbsp;$3600 |
| &nbsp;&nbsp;**158 Lott Street**<br> Brooklyn, NY | &nbsp;&nbsp;0.6 mi | &nbsp;&nbsp;1BR / 1BA | &nbsp;&nbsp;559 | &nbsp;&nbsp;$2800 |
| &nbsp;&nbsp;**158 Lott Street**<br> Brooklyn, NY | &nbsp;&nbsp;0.6 mi | &nbsp;&nbsp;2BR / 2BA | &nbsp;&nbsp;650 | &nbsp;&nbsp;$3700 |
| &nbsp;&nbsp;**255 Eastern Parkway**<br> Brooklyn, NY | &nbsp;&nbsp;2.2 mi | &nbsp;&nbsp;4 BR / 2BA | &nbsp;&nbsp;1656 | &nbsp;&nbsp;$7500 |

---

(1) Source: Appraisals.

(2) Based on the underwritten rent rolls dated May 25, 2026.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 127 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Mid Rise | &nbsp;&nbsp;Loan #13 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$17500000 |
| &nbsp;&nbsp;Various | &nbsp;&nbsp;**150 Erasmus and 1520 Prospect** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;67.0%  |
| &nbsp;&nbsp;Brooklyn, NY Various |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.40x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.9% |

---

The following table presents information regarding certain competitive properties to the 1520 Prospect Street Property:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Competitive Rental Properties Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Rental Properties Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Rental Properties Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Rental Properties Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Rental Properties Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Rental Properties Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Rental Properties Summary<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property Name / Address** | &nbsp;&nbsp;**Distance from Subject** | &nbsp;&nbsp;**Year Built / Renovated** | &nbsp;&nbsp;**Occupancy** | &nbsp;&nbsp;**Number of Units** | &nbsp;&nbsp;**Unit Type** | &nbsp;&nbsp;**Average Rent Per Unit** |
| &nbsp;&nbsp;**1520 Prospect Place**<br> Brooklyn, NY | &nbsp;&nbsp;- | &nbsp;&nbsp;**2018 / NAP** | &nbsp;&nbsp;**100.0%<sup>(2)</sup>** | &nbsp;&nbsp;**10<sup>(2)</sup>** | &nbsp;&nbsp;**Studio - Affordable** | &nbsp;&nbsp;**$2101<sup>(2)</sup>** |
| &nbsp;&nbsp;**1520 Prospect Place**<br> Brooklyn, NY | &nbsp;&nbsp;- | &nbsp;&nbsp;**2018 / NAP** | &nbsp;&nbsp;**100.0%<sup>(2)</sup>** | &nbsp;&nbsp;**10<sup>(2)</sup>** | &nbsp;&nbsp;**3BR** | &nbsp;&nbsp;**$3076<sup>(2)</sup>** |
| &nbsp;&nbsp;**1520 Prospect Place**<br> Brooklyn, NY | &nbsp;&nbsp;- | &nbsp;&nbsp;**2018 / NAP** | &nbsp;&nbsp;**100.0%<sup>(2)</sup>** | &nbsp;&nbsp;**10<sup>(2)</sup>** | &nbsp;&nbsp;**3 BR - Affordable** | &nbsp;&nbsp;**$2367<sup>(2)</sup>** |
| &nbsp;&nbsp;**1620 Prospect Place**<br> Brooklyn, NY | &nbsp;&nbsp;0.2 mi | &nbsp;&nbsp;1910 / 2022 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;10 | &nbsp;&nbsp;Studio | &nbsp;&nbsp;$3500 |
| &nbsp;&nbsp;**1620 Prospect Place**<br> Brooklyn, NY | &nbsp;&nbsp;0.2 mi | &nbsp;&nbsp;1910 / 2022 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;10 | &nbsp;&nbsp;1BR | &nbsp;&nbsp;$3150 |
| &nbsp;&nbsp;**1620 Prospect Place**<br> Brooklyn, NY | &nbsp;&nbsp;0.2 mi | &nbsp;&nbsp;1910 / 2022 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;10 | &nbsp;&nbsp;3BR | &nbsp;&nbsp;$4000 |
| &nbsp;&nbsp;**1764 Union Street**<br> Brooklyn, NY | &nbsp;&nbsp;0.5 mi | &nbsp;&nbsp;2017 / NAP | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;17 | &nbsp;&nbsp;Studio | &nbsp;&nbsp;$2057 |
| &nbsp;&nbsp;**1764 Union Street**<br> Brooklyn, NY | &nbsp;&nbsp;0.5 mi | &nbsp;&nbsp;2017 / NAP | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;17 | &nbsp;&nbsp;1BR | &nbsp;&nbsp;$2550 |
| &nbsp;&nbsp;**2338 Dean Street**<br> Brooklyn, NY | &nbsp;&nbsp;1.2 mi | &nbsp;&nbsp;2009 / NAP | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;3 | &nbsp;&nbsp;3BR | &nbsp;&nbsp;$2825 |
| &nbsp;&nbsp;**262-264 Sullivan Place** <br> Brooklyn, NY | &nbsp;&nbsp;2.0 mi | &nbsp;&nbsp;2017 / NAP | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;25 | &nbsp;&nbsp;Studio | &nbsp;&nbsp;$2650 |
| &nbsp;&nbsp;**262-264 Sullivan Place** <br> Brooklyn, NY | &nbsp;&nbsp;2.0 mi | &nbsp;&nbsp;2017 / NAP | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;25 | &nbsp;&nbsp;1BR | &nbsp;&nbsp;$2933 |
| &nbsp;&nbsp;**262-264 Sullivan Place** <br> Brooklyn, NY | &nbsp;&nbsp;2.0 mi | &nbsp;&nbsp;2017 / NAP | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;25 | &nbsp;&nbsp;3BR | &nbsp;&nbsp;$3795 |
| &nbsp;&nbsp;**1010 Pacific Street** <br> Brooklyn, NY | &nbsp;&nbsp;2.0 mi | &nbsp;&nbsp;2022 / NAP | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;175 | &nbsp;&nbsp;Studio | &nbsp;&nbsp;$2683 |
| &nbsp;&nbsp;**1010 Pacific Street** <br> Brooklyn, NY | &nbsp;&nbsp;2.0 mi | &nbsp;&nbsp;2022 / NAP | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;175 | &nbsp;&nbsp;1BR | &nbsp;&nbsp;$3755 |
| &nbsp;&nbsp;**1010 Pacific Street** <br> Brooklyn, NY | &nbsp;&nbsp;2.0 mi | &nbsp;&nbsp;2022 / NAP | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;175 | &nbsp;&nbsp;3BR | &nbsp;&nbsp;$4800 |

---

(1) Source: Appraisals.

(2) Based on the underwritten rent rolls dated May 25, 2026.

***Appraisal.*** The appraisals concluded to an aggregate "as-is" value for the 150 Erasmus and 1520 Prospect Properties of $26,100,000 as of March 10, 2026.

***Environmental Matters.*** According to the Phase I environmental site assessments dated March 20, 2026, there were no recognized environmental conditions at the 150 Erasmus and 1520 Prospect Properties.

***Operating History and Underwritten Net Cash Flow.*** The following table presents certain information relating to the historical operating performance and underwritten net cash flow at the 150 Erasmus and 1520 Prospect Properties:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** |
|  | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**TTM 2/28/2026** | &nbsp;&nbsp;**U/W** | &nbsp;&nbsp;**UW Per Unit** |
| &nbsp;&nbsp;Base Rent | &nbsp;&nbsp;$659319 | &nbsp;&nbsp;$1761112 | &nbsp;&nbsp;$1657291 | &nbsp;&nbsp;$1655103 | &nbsp;&nbsp;$1700883 | &nbsp;&nbsp;$40497 |
| &nbsp;&nbsp;Potential Income from Vacant Units | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;**Gross Potential Rent** | &nbsp;&nbsp;**$659319** | &nbsp;&nbsp;**$1761112** | &nbsp;&nbsp;**$1657291** | &nbsp;&nbsp;**$1655103** | &nbsp;&nbsp;**$1700883** | &nbsp;&nbsp;**$40497** |
| &nbsp;&nbsp;Vacancy/Credit Loss | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;(51026) | &nbsp;&nbsp;(1215) |
| &nbsp;&nbsp;Other Income<sup>(1)</sup> | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;125029 | &nbsp;&nbsp;125956 | &nbsp;&nbsp;125956 | &nbsp;&nbsp;2999 |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$659319** | &nbsp;&nbsp;**$1761112** | &nbsp;&nbsp;**$1782320** | &nbsp;&nbsp;**$1781059** | &nbsp;&nbsp;**$1775813** | &nbsp;&nbsp;**$42281** |
| &nbsp;&nbsp;Real Estate Taxes<sup>(2)</sup> | &nbsp;&nbsp;$5028 | &nbsp;&nbsp;$9526 | &nbsp;&nbsp;$4269 | &nbsp;&nbsp;$1311 | &nbsp;&nbsp;$6246 | &nbsp;&nbsp;$149 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;20718 | &nbsp;&nbsp;32998 | &nbsp;&nbsp;33433 | &nbsp;&nbsp;28965 | &nbsp;&nbsp;48859 | &nbsp;&nbsp;1163 |
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp;19780 | &nbsp;&nbsp;52833 | &nbsp;&nbsp;53470 | &nbsp;&nbsp;53432 | &nbsp;&nbsp;53274 | &nbsp;&nbsp;1268 |
| &nbsp;&nbsp;Payroll & Benefits | &nbsp;&nbsp;14074 | &nbsp;&nbsp;20916 | &nbsp;&nbsp;21085 | &nbsp;&nbsp;20837 | &nbsp;&nbsp;20672 | &nbsp;&nbsp;492 |
| &nbsp;&nbsp;Other Operating Expenses<sup>(3)</sup> | &nbsp;&nbsp;24770 | &nbsp;&nbsp;75571 | &nbsp;&nbsp;69457 | &nbsp;&nbsp;75196 | &nbsp;&nbsp;81731 | &nbsp;&nbsp;1946 |
| &nbsp;&nbsp;**Total Operating Expenses** | &nbsp;&nbsp;**$84369** | &nbsp;&nbsp;**$191844** | &nbsp;&nbsp;**$181714** | &nbsp;&nbsp;**$179741** | &nbsp;&nbsp;**$210782** | &nbsp;&nbsp;**$5019** |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$574950** | &nbsp;&nbsp;**$1569268** | &nbsp;&nbsp;**$1600606** | &nbsp;&nbsp;**$1601319** | &nbsp;&nbsp;**$1565031** | &nbsp;&nbsp;**$37263** |
| &nbsp;&nbsp;Replacement Reserves | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$10500 | &nbsp;&nbsp;$250 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$574950** | &nbsp;&nbsp;**$1569268** | &nbsp;&nbsp;**$1600606** | &nbsp;&nbsp;**$1601319** | &nbsp;&nbsp;**$1554531** | &nbsp;&nbsp;**$37013** |
| &nbsp;&nbsp;**Occupancy** | &nbsp;&nbsp;**47.4%** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**100.0%<sup>(4)</sup>** | &nbsp;&nbsp;**97.0%<sup>(5)</sup>** |  |
| &nbsp;&nbsp;**NOI DSCR** | &nbsp;&nbsp;**0.52x** | &nbsp;&nbsp;**1.41x** | &nbsp;&nbsp;**1.44x** | &nbsp;&nbsp;**1.44x** | &nbsp;&nbsp;**1.41x** |  |
| &nbsp;&nbsp;**NCF DSCR** | &nbsp;&nbsp;**0.52x** | &nbsp;&nbsp;**1.41x** | &nbsp;&nbsp;**1.44x** | &nbsp;&nbsp;**1.44x** | &nbsp;&nbsp;**1.40x** |  |
| &nbsp;&nbsp;**NOI Debt Yield** | &nbsp;&nbsp;**3.3%** | &nbsp;&nbsp;**9.0%** | &nbsp;&nbsp;**9.1%** | &nbsp;&nbsp;**9.2%** | &nbsp;&nbsp;**8.9%** |  |
| &nbsp;&nbsp;**NCF Debt Yield** | &nbsp;&nbsp;**3.3%** | &nbsp;&nbsp;**9.0%** | &nbsp;&nbsp;**9.1%** | &nbsp;&nbsp;**9.2%** | &nbsp;&nbsp;**8.9%** |  |

---

(1) Other Income includes laundry, storage, parking, and miscellaneous.

(2) Based on abated taxes giving effect to the 421-a tax exemptions. See "*The Properties*" above

(3) Other Operating Expenses include repairs and maintenance, utilities, and general
and administrative expenses.

(4) Based on the underwritten rent rolls dated May 25, 2026.

(5) Represents economic occupancy.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 128 |

---

**Mortgage Loan No. 14 – Palms to Pines Shopping Center** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Mortgage Loan Seller:** | &nbsp;&nbsp;**Mortgage Loan Seller:** | &nbsp;&nbsp;WFB | &nbsp;&nbsp;WFB | &nbsp;&nbsp;WFB | &nbsp;&nbsp;**Single Asset/Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Credit Assessment (Fitch/Moody's/MDBRS):** | &nbsp;&nbsp;**Credit Assessment (Fitch/Moody's/MDBRS):** | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;Palm Desert, CA 92260 |
| &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;$16900000 | &nbsp;&nbsp;$16900000 | &nbsp;&nbsp;$16900000 | &nbsp;&nbsp;**General Property Type:** | &nbsp;&nbsp;Retail |
| &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$16900000 | &nbsp;&nbsp;$16900000 | &nbsp;&nbsp;$16900000 | &nbsp;&nbsp;**Detailed Property Type:** | &nbsp;&nbsp;Anchored |
| &nbsp;&nbsp;**% of Initial Pool Balance:** | &nbsp;&nbsp;**% of Initial Pool Balance:** | &nbsp;&nbsp;3.1% | &nbsp;&nbsp;3.1% | &nbsp;&nbsp;3.1% | &nbsp;&nbsp;**Title Vesting:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;**Year Built/Renovated:** | &nbsp;&nbsp;1982/2024 |
| &nbsp;&nbsp;**Borrower Sponsor:** | &nbsp;&nbsp;**Borrower Sponsor:** | &nbsp;&nbsp;Wood Investments Companies, Inc. | &nbsp;&nbsp;Wood Investments Companies, Inc. | &nbsp;&nbsp;Wood Investments Companies, Inc. | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;80,072 SF |
| &nbsp;&nbsp;**Guarantor:** | &nbsp;&nbsp;**Guarantor:** | &nbsp;&nbsp;Patrick Wood | &nbsp;&nbsp;Patrick Wood | &nbsp;&nbsp;Patrick Wood | &nbsp;&nbsp;**Cut-off Date Balance PSF:** | &nbsp;&nbsp;$211 |
| &nbsp;&nbsp;**Mortgage Rate:** | &nbsp;&nbsp;**Mortgage Rate:** | &nbsp;&nbsp;6.5540% | &nbsp;&nbsp;6.5540% | &nbsp;&nbsp;6.5540% | &nbsp;&nbsp;**Maturity Date Balance PSF:** | &nbsp;&nbsp;$211 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;5/5/2026 | &nbsp;&nbsp;5/5/2026 | &nbsp;&nbsp;5/5/2026 | &nbsp;&nbsp;**Property Manager:** | &nbsp;&nbsp;Atoll Property Group, Inc. |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;5/11/2031 | &nbsp;&nbsp;5/11/2031 | &nbsp;&nbsp;5/11/2031 |  |  |
| &nbsp;&nbsp;**Term to Maturity:** | &nbsp;&nbsp;**Term to Maturity:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;60 months | &nbsp;&nbsp;60 months |  |  |
| &nbsp;&nbsp;**Amortization Term:** | &nbsp;&nbsp;**Amortization Term:** | &nbsp;&nbsp;0 months | &nbsp;&nbsp;0 months | &nbsp;&nbsp;0 months | &nbsp;&nbsp;**Underwriting and Financial Information** | &nbsp;&nbsp;**Underwriting and Financial Information** |
| &nbsp;&nbsp;**IO Period:** | &nbsp;&nbsp;**IO Period:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;60 months | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**UW NOI:** | &nbsp;&nbsp;$1498251 |
| &nbsp;&nbsp;**Seasoning:** | &nbsp;&nbsp;**Seasoning:** | &nbsp;&nbsp;1 month | &nbsp;&nbsp;1 month | &nbsp;&nbsp;1 month | &nbsp;&nbsp;**UW NCF:** | &nbsp;&nbsp;$1465542 |
| &nbsp;&nbsp;**Prepayment Provisions:** | &nbsp;&nbsp;**Prepayment Provisions:** | &nbsp;&nbsp;L(25),D(31),O(4) | &nbsp;&nbsp;L(25),D(31),O(4) | &nbsp;&nbsp;L(25),D(31),O(4) | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.9% |
| &nbsp;&nbsp;**Lockbox/Cash Mgmt Status:** | &nbsp;&nbsp;**Lockbox/Cash Mgmt Status:** | &nbsp;&nbsp;Soft/Springing | &nbsp;&nbsp;Soft/Springing | &nbsp;&nbsp;Soft/Springing | &nbsp;&nbsp;**UW NCF Debt Yield:** | &nbsp;&nbsp;8.7% |
| &nbsp;&nbsp;**Additional Debt Type:** | &nbsp;&nbsp;**Additional Debt Type:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**UW NOI Debt Yield at Maturity:** | &nbsp;&nbsp;8.9% |
| &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.31x |
| &nbsp;&nbsp;**Future Debt Permitted (Type):** | &nbsp;&nbsp;**Future Debt Permitted (Type):** | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;**Most Recent NOI:** | &nbsp;&nbsp;$1,509,986 (12/31/2025) |
|  |  |  |  |  | &nbsp;&nbsp;**2nd Most Recent NOI:** | &nbsp;&nbsp;$1,028,607 (12/31/2024) |
|  |  |  |  |  | &nbsp;&nbsp;**3rd Most Recent NOI<sup>(2)</sup>:** | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Most Recent Occupancy:** | &nbsp;&nbsp;89.8% (4/28/2026) |
| &nbsp;&nbsp;**<u>Type</u>** | &nbsp;&nbsp;**<u>Initial</u>** | &nbsp;&nbsp;**<u>Initial</u>** | &nbsp;&nbsp;**<u>Monthly</u>** | &nbsp;&nbsp;**<u>Cap</u>** | &nbsp;&nbsp;**2nd Most Recent Occupancy<sup>(3)</sup>:** | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;**RE Taxes:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$22173 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**3rd Most Recent Occupancy<sup>(3)</sup>:** | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing<sup>(1)</sup> | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value (as of):** | &nbsp;&nbsp;$25,100,000 (11/14/2025) |
| &nbsp;&nbsp;**Deferred Maintenance:** | &nbsp;&nbsp;$71157 | &nbsp;&nbsp;$71157 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value PSF:** | &nbsp;&nbsp;$313 |
| &nbsp;&nbsp;**Replacement Reserve:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$1667 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Cut-off Date LTV Ratio:** | &nbsp;&nbsp;67.3% |
| &nbsp;&nbsp;**TI/LC Reserve:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$1668 | &nbsp;&nbsp;$60054 | &nbsp;&nbsp;**Maturity Date LTV Ratio:** | &nbsp;&nbsp;67.3% |
| &nbsp;&nbsp;**Rent Concession Reserve:** | &nbsp;&nbsp;$61600 | &nbsp;&nbsp;$61600 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP |  |  |
| &nbsp;&nbsp;**Existing TI/LC Reserve:** | &nbsp;&nbsp;$40209 | &nbsp;&nbsp;$40209 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** |
| &nbsp;&nbsp;**Sources** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** | &nbsp;&nbsp;**Uses** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** |
| &nbsp;&nbsp;Mortgage Loan Amount: | &nbsp;&nbsp;$16900000 | &nbsp;&nbsp;98.8% | &nbsp;&nbsp;Loan Payoff: | &nbsp;&nbsp;$16279197 | &nbsp;&nbsp;95.1% |
| &nbsp;&nbsp;Borrower Sponsor Equity: | &nbsp;&nbsp;$210560 | &nbsp;&nbsp;1.2% | &nbsp;&nbsp;Closing Costs: | &nbsp;&nbsp;$658397 | &nbsp;&nbsp;3.8% |
|  |  |  | &nbsp;&nbsp;Upfront Reserves: | &nbsp;&nbsp;$172966 | &nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;**Total Sources:** | &nbsp;&nbsp;**$17110560** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses:** | &nbsp;&nbsp;**$17110560** | &nbsp;&nbsp;**100.0%** |

---

(1) The borrower is required to deposit 1/12th of insurance premiums upon the occurrence
of an event of default, failure of the borrower to maintain a blanket policy acceptable to the lender, or failure of the borrower to provide
evidence of policy renewals and paid receipts of the premiums no later than 10 days prior to expiration of the policies.

(2) Historical financial information prior to 2024 is not included because the two largest
tenants at the Palms to Pines Shopping Center Property (as defined below), Ross Dress for Less (as defined below) (27.6% of UW Rent) and
Grocery Outlet (as defined below) (20.3% of UW Rent), are under leases that commenced in late 2023. Their respective spaces were vacant
prior to lease commencement, and thus those financials are not reflective of typical operations.

(3) The borrower did not maintain historical occupancy records.

***The Mortgage Loan.*** The fourteenth largest mortgage loan (the "Palms to Pines Shopping Center Mortgage Loan") is evidenced by a promissory note in the original principal amount of $16,900,000 and secured by the borrower's fee interest in an 80,072 SF neighborhood shopping center located in Palm Desert, California (the "Palms to Pines Shopping Center Property").

***The Borrower and the Borrower Sponsor.*** The borrower for the Palms to Pines Shopping Center Mortgage Loan is PTP Palm Desert, LLC, a Delaware limited liability company and single purpose entity. The borrower sponsor is Wood Investments Companies, Inc. ("Wood Investments"), and the non-recourse carveout guarantor is Patrick Wood, president and chief executive officer of Wood Investments.

Founded in 1985 by Patrick Wood's father, Jim Wood, Wood Investments is a real estate investment and management firm specializing in acquiring, owning, operating and developing commercial retail shopping centers, with a strategic focus on value-add redevelopment and investments in the western United States. Wood Investments benefits from over 60 years of combined experience. 

***The Property.*** The Palms to Pines Shopping Center Property is a class C, anchored shopping center totaling 80,072 SF located in Palm Desert, California. Built in 1982 and renovated in 2024, the Palms to Pines Shopping Center Property comprises three buildings situated on an approximately 8.17-acre site and provides approximately 272 parking spaces (3.4 spaces per 1,000 SF). The Palms to Pines Shopping Center Property is anchored by Ross Dress for Less and Grocery Outlet, which together occupy approximately 41,507 SF respectively, accounting for 51.8% of the total rentable area, with other notable tenants including Angel View, Cosmo Prof, Mediterranean Delight, Chef Tanya's Kitchen, Batteries Plus Bulbs, and Trattoria Tiramisu. As of April 28, 2026, the Palms to Pines Shopping Center Property was approximately 89.8% leased to 12 tenants and had a weighted average lease term of approximately 5.6 years.

 ****

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 129 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored | &nbsp;&nbsp;Loan #14 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$16900000 |
| &nbsp;&nbsp;72655, 72675 and 72705 Highway 111 | &nbsp;&nbsp;**Palms to Pines Shopping Center** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;67.3%  |
| &nbsp;&nbsp;Palm Desert, CA 92260 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.31x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.9% |

---

***Major Tenants.***

*Ross Dress for Less #2510 ("Ross Dress for Less") (21,507 SF; 26.9% of NRA; 27.6% of UW Rent).* Ross Dress for Less is nation's largest off-price retail chain established in 1982, their focus has been on bringing their customers a constant stream of high-quality department and specialty store brands at extraordinary savings (aka bargains) while providing an easy, fun and organized shopping experience. Ross Dress for Less has been a tenant at the Palms to Pines Shopping Center Property since 2023 and has a lease expiring in January 2034. Ross Dress for Less has four five-year renewal options and no termination options remaining.

*Grocery Outlet #531 ("Grocery Outlet") (20,000 SF; 25.0% of NRA; 20.3% of UW Rent).* Grocery Outlet Holding Corp. is a grocery retailer in the United States that offers quality, name-brand consumables and fresh products at deeply discounted prices. The company operates through a network of over 480 independently owned and operated stores, allowing each location to maintain a local and community-focused approach. Grocery Outlet has been a tenant at the Palms to Pines Shopping Center Property since 2023 and has a lease expiring in September 2033. Grocery Outlet has four five-year renewal options and no termination options remaining. Grocery Outlet announced in March 2026 that it will be closing 36 stores, including nine in California, that it has determined are underperforming. The location at the Mortgaged Property was not on the closure list. See "*Description of the Mortgage Pool–Property Types–Retail*" in the prospectus.

*Angel View (10,738 SF; 13.4% of NRA; 20.2% of UW Rent).* Founded in 1954, Angel View is a nonprofit organization dedicated to supporting children and adults with disabilities and improving their independence and quality of life. Angel View operates through three primary service lines, Residential Care, Adult Day Program, and Children's Outreach Program. Its Residential Care program provides 24-hour support in small, licensed group homes designed to create a family-like environment for individuals with long-term care needs and mobility limitations. The Adult Day Program offers therapeutic daytime services focused on developing life skills, enhancing social interaction, and promoting functional independence. In addition, the Children's Outreach Program delivers free support to families raising children with disabilities, including case management, resource coordination, and direct assistance to address unmet needs. Angel View has been a tenant at the Palms to Pines Shopping Center Property since 2022 and has a lease expiring in January 2032. Angel View has two five-year renewal options and no termination options remaining.

The following table presents certain information relating to the tenancy at the Palms to Pines Shopping Center Property:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** |
| &nbsp;&nbsp;**Tenant Name** | &nbsp;&nbsp; **Credit Rating (Fitch/Moody's**<br> **/S&P)<sup>(2)</sup>** | &nbsp;&nbsp;**Tenant SF** | &nbsp;&nbsp;**Approx. % of SF** | &nbsp;&nbsp;**Annual UW Rent<sup>(3)</sup>** | &nbsp;&nbsp;**% of Total Annual UW Rent** | &nbsp;&nbsp;**Annual UW Rent PSF<sup>(3)</sup>** | &nbsp;&nbsp;**Lease Expiration** | &nbsp;&nbsp;**Renewal Options** |
| &nbsp;&nbsp;**Major Tenants** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ross Dress for Less | &nbsp;&nbsp;NR/A2/A- | &nbsp;&nbsp;21507 | &nbsp;&nbsp;26.9% | &nbsp;&nbsp;$408633 | &nbsp;&nbsp;27.6% | &nbsp;&nbsp;$19.00 | &nbsp;&nbsp;1/31/2034 | &nbsp;&nbsp;4 x 5 years &nbsp;&nbsp;N |
| &nbsp;&nbsp;Grocery Outlet | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;20000 | &nbsp;&nbsp;25.0% | &nbsp;&nbsp;$300000 | &nbsp;&nbsp;20.3% | &nbsp;&nbsp;$15.00 | &nbsp;&nbsp;9/30/2033 | &nbsp;&nbsp;4 x 5 years &nbsp;&nbsp;N |
| &nbsp;&nbsp;Angel View | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;10738 | &nbsp;&nbsp;13.4% | &nbsp;&nbsp;$298759 | &nbsp;&nbsp;20.2% | &nbsp;&nbsp;$27.82 | &nbsp;&nbsp;1/31/2032 | &nbsp;&nbsp;2 x 5 years &nbsp;&nbsp;N |
| &nbsp;&nbsp;Chef Tanya's Kitchen<sup>(4)</sup> | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;4725 | &nbsp;&nbsp;5.9% | &nbsp;&nbsp;$85856 | &nbsp;&nbsp;5.8% | &nbsp;&nbsp;$18.17 | &nbsp;&nbsp;Various | &nbsp;&nbsp;Various &nbsp;&nbsp;N |
| &nbsp;&nbsp;Trattoria Tiramisu | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;2797 | &nbsp;&nbsp;3.5% | &nbsp;&nbsp;$88590 | &nbsp;&nbsp;6.0% | &nbsp;&nbsp;$31.67 | &nbsp;&nbsp;6/30/2029 | &nbsp;&nbsp;1 x 5 years &nbsp;&nbsp;N |
| &nbsp;&nbsp;**Major Tenant Subtotal/Wtd. Avg.** | &nbsp;&nbsp;**Major Tenant Subtotal/Wtd. Avg.** | &nbsp;&nbsp;**59767** | &nbsp;&nbsp;**74.6%** | &nbsp;&nbsp;**$1181837** | &nbsp;&nbsp;**79.9%** | &nbsp;&nbsp;**$19.77** |  |  |
| &nbsp;&nbsp;Non-Major Tenants | &nbsp;&nbsp;Non-Major Tenants | &nbsp;&nbsp;12115 | &nbsp;&nbsp;15.1% | &nbsp;&nbsp;$296740 | &nbsp;&nbsp;20.1% | &nbsp;&nbsp;$24.49 |  |  |
| &nbsp;&nbsp;**Occupied Collateral Subtotal/Wtd. Avg.** | &nbsp;&nbsp;**Occupied Collateral Subtotal/Wtd. Avg.** | &nbsp;&nbsp;**71882** | &nbsp;&nbsp;**89.8%** | &nbsp;&nbsp;**$1478577** | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;**$20.57** |  |  |
| &nbsp;&nbsp;Vacant Space |  | &nbsp;&nbsp;<u>8190</u> | &nbsp;&nbsp;<u>10.2%</u> |  |  |  |  |  |
| &nbsp;&nbsp;**Total/Wtd. Avg.** |  | &nbsp;&nbsp;**80072** | &nbsp;&nbsp;**100.0%** |  |  |  |  |  |

---

(1) Based on the underwritten rent roll dated April 28, 2026.

(2) Credit Ratings are those of the parent company whether or not the parent guarantees the lease.

(3) Annual UW Rent and Annual UW Rent PSF include contractual rent steps through February 2027 totaling
$15,114.

(4) Chef Tanya's Kitchen is shown as having four leases expiring in MTM/2026 (2,700 SF),
2027 (900 SF) and 2028 (1,125 SF), totaling approximately $85,856 of UW Rent. Chef Tanya's Kitchen has consolidated these four leases
into one lease with a commencement date of May 1, 2026, a termination date of April 30, 2031, and an initial rent of $86,184 *per annum*.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 130 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored | &nbsp;&nbsp;Loan #14 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$16900000 |
| &nbsp;&nbsp;72655, 72675 and 72705 Highway 111 | &nbsp;&nbsp;**Palms to Pines Shopping Center** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;67.3%  |
| &nbsp;&nbsp;Palm Desert, CA 92260 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.31x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.9% |

---

The following table presents certain information relating to the lease rollover schedule at Palms to Pines Shopping Center Property:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Lease Rollover Schedule<sup>(1)</sup>** | **Lease Rollover Schedule<sup>(1)</sup>** | **Lease Rollover Schedule<sup>(1)</sup>** | **Lease Rollover Schedule<sup>(1)</sup>** | **Lease Rollover Schedule<sup>(1)</sup>** | **Lease Rollover Schedule<sup>(1)</sup>** | **Lease Rollover Schedule<sup>(1)</sup>** | **Lease Rollover Schedule<sup>(1)</sup>** | **Lease Rollover Schedule<sup>(1)</sup>** |
| **Year** | **# of Leases Rolling** | **SF Rolling** | **Approx. % of Total SF Rolling** | **Approx. Cumulative % of SF Rolling** | **Total UW Rent Rolling<sup>(2)</sup>** | **Approx. % of Total Rent Rolling** | **Approx. Cumulative % of Total Rent Rolling** | **UW Rent PSF Rolling<sup>(2)(3)</sup>** |
| MTM/2026<sup>(4)</sup> | 4 | 5400 | 6.7% | 6.7% | $113522 | 7.7% | 7.7% | $21.02 |
| 2027<sup>(4)</sup> | 3 | 5515 | 6.9% | 13.6% | $123037 | 8.3% | 16.0% | $22.31 |
| 2028<sup>(4)</sup> | 3 | 3250 | 4.1% | 17.7% | $70923 | 4.8% | 20.8% | $21.82 |
| 2029 | 1 | 2797 | 3.5% | 21.2% | $88590 | 6.0% | 26.8% | $31.67 |
| 2030 | 0 | 0 | 0.0% | 21.2% | $0 | 0.0% | 26.8% | $0.00 |
| 2031 | 0 | 0 | 0.0% | 21.2% | $0 | 0.0% | 26.8% | $0.00 |
| 2032 | 1 | 10738 | 13.4% | 34.6% | $298759 | 20.2% | 47.0% | $27.82 |
| 2033 | 1 | 20000 | 25.0% | 59.6% | $300000 | 20.3% | 67.3% | $15.00 |
| 2034 | 1 | 21507 | 26.9% | 86.4% | $408633 | 27.6% | 94.9% | $19.00 |
| 2035 | 1 | 2675 | 3.3% | 89.8% | $75114 | 5.1% | 100.0% | $28.08 |
| 2036 | 0 | 0 | 0.0% | 89.8% | $0 | 0.0% | 100.0% | $0.00 |
| 2037 & Thereafter | 0 | 0 | 0.0% | 89.8% | $0 | 0.0% | 100.0% | $0.00 |
| Vacant | 0 | 8190 | 10.2% | 100.0% | $0 | 0.0% | 100.0% | $0.00 |
| **Total/Wtd. Avg.** | **15** | **80072** | **100.0%** |  | **$1478577** | **100.0%** |  | **$20.57** |

---

(1) Based on the underwritten rent roll dated April 28, 2026.

(2) Total UW Rent Rolling and UW Rent PSF Rolling include contractual rent steps through February 2027 totaling
$15,114.

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

(4) Chef Tanya's Kitchen is shown as having four leases expiring in MTM/2026 (2,700 SF), 2027 (900 SF) and
2028 (1,125 SF), totaling approximately $85,856 of UW Rent. Chef Tanya's Kitchen has consolidated these four leases into one lease with
a commencement date of May 1, 2026, a termination date of April 30, 2031, and an initial rent of $86,184 *per annum*.

***The Market*.** The Palms to Pines Shopping Center Property is located in Palm Desert, California within the Coachella Valley, part of the Riverside–San Bernardino–Ontario metropolitan statistical area, which is one of the largest metropolitan areas in the United States. The Palms to Pines Shopping Center Property is situated along Highway 111, the primary retail and commercial corridor in the region, with direct vehicular access via both Highway 111 and Fred Waring Drive, and benefits from strong visibility. The Palms to Pines Shopping Center Property is approximately 10 miles southeast of Palm Springs International Airport and has convenient connectivity to Interstate 10, providing regional access across Southern California. Public transportation is available via SunLine Transit bus routes and is available along major arterials including Highway 111, Monterey Avenue, and Cook Street, providing local connections throughout the Coachella Valley. The surrounding area is a suburban, resort-oriented market driven by tourism, retail, and healthcare with key demand anchors including Eisenhower Health, the College of the Desert, and prominent resorts and golf destinations such as the JW Marriott Desert Springs Resort & Spa and Omni Rancho Las Palmas Resort. Major employers include Government of The United States, Walmart, County of Riverside, State of California, Starbucks and Beaumont Unified School District Public Facilities Corporation.

According to the appraisal, the estimated 2025 population within a one-, three- and five-mile radius was approximately 6,130, 36,269 and 62,587, respectively, with median household incomes of approximately $71,887, $84,095 and $94,216 within the same radii.

According to the appraisal, the Palms to Pines Shopping Center Property is located within the Coachella Valley submarket of the Inland Empire retail market. As of the second quarter of 2025, the Coachella Valley submarket reported total inventory of approximately 26.9 million SF with a vacancy rate of approximately 7.5% and average asking rents of approximately $26.93 PSF.

The following table presents certain information relating to the appraisal's market rent conclusion for the Palms to Pines Shopping Center Property:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Market Rent Summary** | &nbsp;&nbsp;**Market Rent Summary** | &nbsp;&nbsp;**Market Rent Summary** |
|  | &nbsp;&nbsp;**In Line** | &nbsp;&nbsp;**Anchor** |
| &nbsp;&nbsp;Market Rent (PSF) | &nbsp;&nbsp;$26.50 | &nbsp;&nbsp;$17.00 |
| &nbsp;&nbsp;Lease Term (Years) | &nbsp;&nbsp;5 | &nbsp;&nbsp;10 |
| &nbsp;&nbsp;Lease Type (Reimbursements) | &nbsp;&nbsp;NNN | &nbsp;&nbsp;NNN |
| &nbsp;&nbsp;Tenant Improvements New (PSF) | &nbsp;&nbsp;$20.00 | &nbsp;&nbsp;$10.00 |
| &nbsp;&nbsp;Rent Increase Projection | &nbsp;&nbsp;3.00% Per Year | &nbsp;&nbsp;5.00% Every 5 Years |

---

Source:*Appraisal.*

***Appraisal.*** The appraisal concluded to an "as-is" value of $25,100,000 as of November 14, 2025, for Palms to Pines Shopping Center Property.

***Environmental Matters.*** According to the Phase I environmental site assessment dated November 21, 2025, there was no evidence of any recognized environmental conditions at the Palms to Pines Shopping Center Property. However, there was evidence of a historical recognized environmental condition at the Palms to Pines Shopping Center Property. See "*Description of the Mortgage Pool—Environmental Considerations*" in the prospectus for additional information.

 ****

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 131 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored | &nbsp;&nbsp;Loan #14 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$16900000 |
| &nbsp;&nbsp;72655, 72675 and 72705 Highway 111 | &nbsp;&nbsp;**Palms to Pines Shopping Center** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;67.3%  |
| &nbsp;&nbsp;Palm Desert, CA 92260 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.31x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.9% |

---

***Operating History and Underwritten Net Cash Flow.*** The following table presents certain information relating to the historical operating performance and underwritten net cash flow at the Palms to Pines Shopping Center Property:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** |
|  | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**UW** | &nbsp;&nbsp;**UW PSF** |
| &nbsp;&nbsp;Gross Potential Rent<sup>(1)</sup> | &nbsp;&nbsp;$1215503 | &nbsp;&nbsp;$1466409 | &nbsp;&nbsp;$1695612 | &nbsp;&nbsp;$21.18 |
| &nbsp;&nbsp;Total Recoveries | &nbsp;&nbsp; $562692 | &nbsp;&nbsp; $789412 | &nbsp;&nbsp; $652061 | &nbsp;&nbsp; $8.14 |
| &nbsp;&nbsp;**Net Rental Income** | &nbsp;&nbsp;**$1778195** | &nbsp;&nbsp;**$2255820** | &nbsp;&nbsp;**$2347673** | &nbsp;&nbsp;**$29.32** |
| &nbsp;&nbsp;(Vacancy & Credit Loss) | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;($217035) | &nbsp;&nbsp;($2.71) |
| &nbsp;&nbsp;Parking/Garage/Other | &nbsp;&nbsp; $157 | &nbsp;&nbsp; $235 | &nbsp;&nbsp; $105600 | &nbsp;&nbsp; $1.32 |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$1778352** | &nbsp;&nbsp;**$2256055** | &nbsp;&nbsp;**$2236238** | &nbsp;&nbsp;**$27.93** |
| &nbsp;&nbsp;Real Estate Taxes | &nbsp;&nbsp;$242908 | &nbsp;&nbsp;$254451 | &nbsp;&nbsp;$253400 | &nbsp;&nbsp;$3.16 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;$42787 | &nbsp;&nbsp;$43500 | &nbsp;&nbsp;$43500 | &nbsp;&nbsp;$0.54 |
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp;$55821 | &nbsp;&nbsp;$74117 | &nbsp;&nbsp;$67087 | &nbsp;&nbsp;$0.84 |
| &nbsp;&nbsp;Other Operating Expenses | &nbsp;&nbsp; $408229 | &nbsp;&nbsp; $374001 | &nbsp;&nbsp; $374001 | &nbsp;&nbsp; $4.67 |
| &nbsp;&nbsp;**Total Operating Expenses** | &nbsp;&nbsp; **$749745**  | &nbsp;&nbsp; **$746069**  | &nbsp;&nbsp; **$737988**  | &nbsp;&nbsp; **$9.22**  |
| &nbsp;&nbsp;**Net Operating Income<sup>(2)</sup>** | &nbsp;&nbsp;**$1028607** | &nbsp;&nbsp;**$1509986** | &nbsp;&nbsp;**$1498250** | &nbsp;&nbsp;**$18.71** |
| &nbsp;&nbsp;Replacement Reserves | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$12691 | &nbsp;&nbsp;$0.16 |
| &nbsp;&nbsp;TI/LC | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $20018 | &nbsp;&nbsp; $0.25 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$1028607** | &nbsp;&nbsp;**$1509986** | &nbsp;&nbsp;**$1465541** | &nbsp;&nbsp;**$18.30** |
| &nbsp;&nbsp;**Occupancy %** | &nbsp;&nbsp;**NAV<sup>(3)</sup>** | &nbsp;&nbsp;**NAV<sup>(3)</sup>** | &nbsp;&nbsp;**87.2%<sup>(4)</sup>** |  |
| &nbsp;&nbsp;**NOI DSCR** | &nbsp;&nbsp;**0.92x** | &nbsp;&nbsp;**1.34x** | &nbsp;&nbsp;**1.33x** |  |
| &nbsp;&nbsp;**NCF DSCR** | &nbsp;&nbsp;**0.92x** | &nbsp;&nbsp;**1.34x** | &nbsp;&nbsp;**1.31x** |  |
| &nbsp;&nbsp;**NOI Debt Yield** | &nbsp;&nbsp;**6.1%** | &nbsp;&nbsp;**8.9%** | &nbsp;&nbsp;**8.9%** |  |
| &nbsp;&nbsp;**NCF Debt Yield** | &nbsp;&nbsp;**6.1%** | &nbsp;&nbsp;**8.9%** | &nbsp;&nbsp;**8.7%** |  |

---

<sup>(1)</sup> UW Gross Potential Rent and UW PSF Gross Potential Rent include contractual rent steps through February 2027 totaling $15,114.

(2) The increase in Net Operating Income from 2024 to 2025 is primarily attributable
to Ross Dress for Less and Grocery Outlet, as 2025 represents the first full year of lease payments following rent commencement in 2024.

(3) The borrower did not maintain historical occupancy records.

(4) The underwritten economic occupancy is 12.8%. The Palms to Pines Shopping Center
Property was 89.8% physically occupied as of April 28, 2026.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 132 |

---

&nbsp;&nbsp;**Mortgage Loan No. 15 – Rock River Plaza**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Mortgage Loan Seller:** | &nbsp;&nbsp;**Mortgage Loan Seller:** | &nbsp;&nbsp;LMF | &nbsp;&nbsp;LMF | &nbsp;&nbsp;LMF | &nbsp;&nbsp;**Single Asset/Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Credit Assessment (Fitch/Moody's/MDBRS):** | &nbsp;&nbsp;**Credit Assessment (Fitch/Moody's/MDBRS):** | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;Moline, IL 61265 |
| &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;$12000000 | &nbsp;&nbsp;$12000000 | &nbsp;&nbsp;$12000000 | &nbsp;&nbsp;**General Property Type:** | &nbsp;&nbsp;Retail |
| &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$12000000 | &nbsp;&nbsp;$12000000 | &nbsp;&nbsp;$12000000 | &nbsp;&nbsp;**Detailed Property Type:** | &nbsp;&nbsp;Anchored |
| &nbsp;&nbsp;**% of Initial Pool Balance:** | &nbsp;&nbsp;**% of Initial Pool Balance:** | &nbsp;&nbsp;2.2% | &nbsp;&nbsp;2.2% | &nbsp;&nbsp;2.2% | &nbsp;&nbsp;**Title Vesting:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;**Year Built/Renovated:** | &nbsp;&nbsp;1996/NAP |
| &nbsp;&nbsp;**Borrower Sponsor:** | &nbsp;&nbsp;**Borrower Sponsor:** | &nbsp;&nbsp;E. Stanley Kroenke | &nbsp;&nbsp;E. Stanley Kroenke | &nbsp;&nbsp;E. Stanley Kroenke | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;389,330 SF |
| &nbsp;&nbsp;**Guarantor:** | &nbsp;&nbsp;**Guarantor:** | &nbsp;&nbsp;E. Stanley Kroenke | &nbsp;&nbsp;E. Stanley Kroenke | &nbsp;&nbsp;E. Stanley Kroenke | &nbsp;&nbsp;**Cut-off Date Balance PSF:** | &nbsp;&nbsp;$31 |
| &nbsp;&nbsp;**Mortgage Rate:** | &nbsp;&nbsp;**Mortgage Rate:** | &nbsp;&nbsp;5.1600% | &nbsp;&nbsp;5.1600% | &nbsp;&nbsp;5.1600% | &nbsp;&nbsp;**Maturity Date Balance PSF:** | &nbsp;&nbsp;$31 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;4/14/2026 | &nbsp;&nbsp;4/14/2026 | &nbsp;&nbsp;4/14/2026 | &nbsp;&nbsp;**Property Manager:** | &nbsp;&nbsp; TKG Management, Inc.<br> (borrower-related) |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;5/6/2031 | &nbsp;&nbsp;5/6/2031 | &nbsp;&nbsp;5/6/2031 |  |  |
| &nbsp;&nbsp;**Term to Maturity:** | &nbsp;&nbsp;**Term to Maturity:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;60 months | &nbsp;&nbsp;60 months |  |  |
| &nbsp;&nbsp;**Amortization Term:** | &nbsp;&nbsp;**Amortization Term:** | &nbsp;&nbsp;0 months | &nbsp;&nbsp;0 months | &nbsp;&nbsp;0 months | &nbsp;&nbsp;**Underwriting and Financial Information** | &nbsp;&nbsp;**Underwriting and Financial Information** |
| &nbsp;&nbsp;**IO Period:** | &nbsp;&nbsp;**IO Period:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;60 months | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**UW NOI:** | &nbsp;&nbsp;$3231877 |
| &nbsp;&nbsp;**Seasoning:** | &nbsp;&nbsp;**Seasoning:** | &nbsp;&nbsp;1 month | &nbsp;&nbsp;1 month | &nbsp;&nbsp;1 month | &nbsp;&nbsp;**UW NCF:** | &nbsp;&nbsp;$3056679 |
| &nbsp;&nbsp;**Prepayment Provisions:** | &nbsp;&nbsp;**Prepayment Provisions:** | &nbsp;&nbsp;L(23),YM1(33),O(4) | &nbsp;&nbsp;L(23),YM1(33),O(4) | &nbsp;&nbsp;L(23),YM1(33),O(4) | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;26.9% |
| &nbsp;&nbsp;**Lockbox/Cash Mgmt Status:** | &nbsp;&nbsp;**Lockbox/Cash Mgmt Status:** | &nbsp;&nbsp;Springing/Springing | &nbsp;&nbsp;Springing/Springing | &nbsp;&nbsp;Springing/Springing | &nbsp;&nbsp;**UW NCF Debt Yield:** | &nbsp;&nbsp;25.5% |
| &nbsp;&nbsp;**Additional Debt Type:** | &nbsp;&nbsp;**Additional Debt Type:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**UW NOI Debt Yield at Maturity:** | &nbsp;&nbsp;26.9% |
| &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;4.87x |
| &nbsp;&nbsp;**Future Debt Permitted (Type):** | &nbsp;&nbsp;**Future Debt Permitted (Type):** | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;**Most Recent NOI:** | &nbsp;&nbsp;$3,287,224 (1/31/2026 TTM) |
|  |  |  |  |  | &nbsp;&nbsp;**2<sup>nd</sup> Most Recent NOI:** | &nbsp;&nbsp;$3,290,990 (12/31/2025) |
|  |  |  |  |  | &nbsp;&nbsp;**3<sup>rd</sup> Most Recent NOI:** | &nbsp;&nbsp;$3,245,409 (12/31/2024) |
| &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Most Recent Occupancy:** | &nbsp;&nbsp;98.7% (3/2/2026) |
| &nbsp;&nbsp;**<u>Type</u>** | &nbsp;&nbsp;**<u>Initial</u>** | &nbsp;&nbsp;**<u>Initial</u>** | &nbsp;&nbsp;**<u>Monthly</u>** | &nbsp;&nbsp;**<u>Cap</u>** | &nbsp;&nbsp;**2<sup>nd</sup> Most Recent Occupancy:** | &nbsp;&nbsp;100.0% (12/31/2025) |
| &nbsp;&nbsp;**RE Taxes:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing<sup>(1)</sup> | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**3<sup>rd</sup> Most Recent Occupancy:** | &nbsp;&nbsp;100.0% (12/31/2024) |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing<sup>(2)</sup> | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value (as of):** | &nbsp;&nbsp;$36,000,000 (3/6/2026) |
| &nbsp;&nbsp;**Replacement Reserve:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing<sup>(3)</sup> | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value PSF:** | &nbsp;&nbsp;$92 |
| &nbsp;&nbsp;**TI/LC Reserve:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing<sup>(4)</sup> | &nbsp;&nbsp;$583995 | &nbsp;&nbsp;**Cut-off Date LTV Ratio:** | &nbsp;&nbsp;33.3% |
|  |  |  |  |  | &nbsp;&nbsp;**Maturity Date LTV Ratio:** | &nbsp;&nbsp;33.3% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Sources and Uses** | **Sources and Uses** | **Sources and Uses** | **Sources and Uses** | **Sources and Uses** | **Sources and Uses** |
| **Sources** | **Proceeds** | **% of Total** | **Uses** | **Proceeds** | **% of Total** |
| Mortgage Loan Amount: | $12000000 | 100.0% | Loan Payoff: | $11581810 | 96.5% |
|  |  |  | Closing Costs: | $174201 | 1.5% |
|  |  |  | Return of Equity: | $243989 | 2.0% |
| **Total Sources:** | **$12000000** | **100.0%** | **Total Uses:** | **$12000000** | **100.0%** |

---

(1) Springing monthly deposits in an amount equal to 1/12th of the annual real estate taxes are required during
(i) the occurrence of an event of default, (ii) the borrower's second failure in any consecutive 12 month period to pay a monthly
debt service payment amount on a payment date, (iii) a bankruptcy action of the borrower, the guarantor or the property manager, (iv)
the debt service coverage ratio ("DSCR") falling below 1.15x (*provided* that the borrower may cure such trigger if,
within five days, the borrower delivers to the lender one or more master leases resulting in a DSCR greater than 1.25x (such cure, a "Master
Lease DSCR Cure")) or (v) a critical tenant trigger event (each of (i) – (v), a "Cash Management Trigger Event")
or (a) the occurrence of an event of default, (b) a bankruptcy action of the borrower, the guarantor, or the property manager, (c) the
DSCR falling below 1.10x (*provided* that the borrower has five days to cure such trigger upon a Master Lease DSCR Cure) or (d) a
critical tenant trigger event (each of (a) – (d), a "Cash Sweep Event").

(2) Springing monthly deposits in an amount equal to 1/12th of the annual insurance premiums are required
upon the borrower's failure to maintain a blanket policy acceptable to the lender during a Cash Management Trigger Event or a Cash
Sweep Event.

(3) Springing monthly deposits of approximately $4,867 are required during a Cash Management Trigger Event
or a Cash Sweep Event.

(4) Springing monthly deposits of approximately $9,733 are required during a Cash Management Trigger Event
or a Cash Sweep Event, capped at $583,995.

***The Mortgage Loan.*** The fifteenth largest mortgage loan (the "Rock River Plaza Mortgage Loan") is evidenced by a promissory note in the original principal amount of $12,000,000 and secured by the borrower's fee interest in a 389,330 SF anchored retail property located in Moline, Illinois (the "Rock River Plaza Property").

***The Borrower and the Borrower Sponsor.*** The borrower is THF-L Moline Development, L.L.C., a Missouri limited liability company and special purpose entity.

The borrower sponsor and non-recourse carveout guarantor for the Rock River Plaza Mortgage Loan is E. Stanley Kroenke. E. Stanley Kroenke co-founded THF Realty in 1991. THF Realty develops, owns and manages retail and commercial real estate primarily consisting of shopping centers anchored by big box stores, with a portfolio of approximately 100 properties and 25 million SF of leasable space across more than a dozen states. TKG Management, Inc., the Columbia, Missouri based property management company, which is an affiliate of the borrower sponsor, serves as the manager of the Rock River Plaza Property and operates as a national developer and manager of large retail power centers. Beyond real estate, E. Stanley Kroenke established Kroenke Sports and Entertainment, through which he owns the National Football League's Los Angeles Rams, the National Basketball Association's

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 133 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored | &nbsp;&nbsp;Loan #15 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$12000000 |
| &nbsp;&nbsp;3820-3930 44th Avenue and | &nbsp;&nbsp;**Rock River Plaza** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;33.3% |
| &nbsp;&nbsp;3811-3937 41st Avenue |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;4.87x |
| &nbsp;&nbsp;Moline, IL 61265 |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;26.9% |

---

Denver Nuggets, the National Hockey League's Colorado Avalanche, Major League Soccer's Colorado Rapids, and a controlling stake in the Arsenal Football Club of the English Premier League.

***The Property.*** The Rock River Plaza Property is a 389,330 SF retail shopping center anchored by the tenants Walmart and Lowe's, located in Moline, Illinois. Situated on a 50.64-acre site, the Rock River Plaza Property was constructed in 1996. The Rock River Plaza Property is located on the south side of John Deere Road, one block east of the I-74 interchange in Moline, Illinois. The Rock River Plaza Property is improved with nine single-story buildings. Parking is provided by 1,325 open parking spaces. As of March 2, 2026, the Rock River Plaza Property was 98.7% occupied. 83.8% of net rentable area ("NRA") is leased to the anchor tenants: Walmart through August 2031 and Lowe's through May 2031.

***Major Tenants.***

*Walmart (194,747 SF; 50.0% of NRA; 35.7% of UW Rent; 8/31/2031 lease expiration).* Walmart operates more than 10,900 stores and numerous e-commerce websites across 19 countries, serving approximately 280 million customers and members each week. Walmart operates across three primary segments: Walmart U.S., Walmart International, and Sam's Club. Walmart U.S. stores offer a broad assortment of grocery, general merchandise, health and wellness, and other consumer goods, while Sam's Club operates as a members-only warehouse club offering a curated selection of fresh food, branded and private label items, and e-commerce and delivery services. Walmart International brings the Walmart brand to the world and serves as a global growth engine by operating in 18 countries outside of the United States. Walmart generated fiscal year 2025 revenue of $681 billion and employs approximately 2.1 million associates world-wide. Walmart has been in occupancy at the Rock River Plaza Property since April 1996, pursuant to a lease with an initial 35-year term on a NNN-basis, which has nine five-year renewal options and no termination options.

*Lowe's (131,644 SF; 33.8% of NRA; 23.7% of UW Rent; 5/31/2031 lease expiration).* Lowe's operates over 1,700 home improvement stores across the United States, serving approximately 16 million customer transactions per week and employing approximately 300,000 associates. Lowe's stores average 112,000 SF of retail space and are generally open seven days per week, offering an extensive selection of products spanning home maintenance, repair, remodeling, and decorating across national brands and Lowe's private label brands. In addition to in-store retail, Lowe's serves customers through its online platform and mobile app, contact centers, and directly at the jobsite for professional contractor customers. Lowes occupies 33.8% of NRA under a 35-year lease term that commenced on May 22, 1996, and expires in May 2031, with seven five-year renewal options and no termination options.

*Marshalls (24,564 SF; 6.3% of NRA; 7.5% of UW Rent; 4/30/2029 lease expiration).* Marshalls was acquired by TJX in 1995, joining TJ Maxx to form Marmaxx, the largest off-price retailer of apparel and home decor in the United States. Marshalls stores carry fashion, home goods, shoes, beauty, and accessories, and separately from TJ Maxx, feature an expanded men's department as well as a larger shoe department carrying styles for women, men, and kids. Marshalls operates stores across the United States including Puerto Rico, and runs an e-commerce site, marshalls.com, which launched in 2019. Marshalls occupies 6.3% of NRA under a 10-year lease term that commenced on April 25, 2019, and expires in April 2029, with four five-year renewal options and no termination options.

The following table presents certain information relating to the tenancy at the Rock River Plaza Property:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Tenant Summary<sup>(1)</sup>** | **Tenant Summary<sup>(1)</sup>** | **Tenant Summary<sup>(1)</sup>** | **Tenant Summary<sup>(1)</sup>** | **Tenant Summary<sup>(1)</sup>** | **Tenant Summary<sup>(1)</sup>** | **Tenant Summary<sup>(1)</sup>** | **Tenant Summary<sup>(1)</sup>** | **Tenant Summary<sup>(1)</sup>** |
| **Tenant Name** | **Credit Rating (Fitch/Moody's/S&P)<sup>(2)</sup>** | **Tenant SF** | **Approx % of Total SF** | **Annual UW Rent** | **% of Total Annual UW Rent** | **Annual UW Rent PSF** | **Lease Expiration** | **Renewal Options** |
| Walmart | AA/AA2/AA | 194747 | 50.0% | $1263333 | 35.7% | $6.49 | 08/31/2031 N | 9 x 5 yr |
| Lowe's | NR/Baa1/BBB+ | 131644 | 33.8% | $839889 | 23.7% | $6.38 | 05/31/2031 N | 7 x 5 yr |
| Marshalls | NR/A2/A | 24564 | 6.3% | $264063 | 7.5% | $10.75 | 04/30/2029 N | 4 x 5 yr |
| Dollar Tree | NR/Baa2/BBB | 11640 | 3.0% | $139680 | 3.9% | $12.00 | 04/30/2029 N | 1 x 5 yr |
| Mcalister's Deli | NR/NR/NR | 3755 | 1.0% | $71045 | 2.0% | $18.92 | 12/31/2029 N | 2 x 5 yr |
| Greenleaf Tobacco | NR/NR/NR | 3442 | 0.9% | $61956 | 1.8% | $18.00 | 02/28/2028 N | 1 x 5 yr |
| Five Guys | NR/NR/NR | 2550 | 0.7% | $89250 | 2.5% | $35.00 | 10/31/2033 N | 2 x 5 yr |
| Nothing Bundt Cakes | NR/NR/NR | 2550 | 0.7% | $56100 | 1.6% | $22.00 | 03/31/2033 N | 2 x 5 yr |
| Chipotle | NR/NR/NR | 2400 | 0.6% | $67080 | 1.9% | $27.95 | 08/31/2031 N | 1 x 5 yr |
| AT&T | BBB+/Baa2/BBB | 2100 | 0.5% | $72534 | 2.0% | $34.54 | 11/30/2030 N | 1 x 5 yr |
| **Occupied Collateral Total** |  | **379392** | **97.4%** | **$2924930** | **82.7%** | **$7.71** |  |  |
| Other Tenants |  | 4788 | 1.2% | $613741 | 17.3% | $128.18 |  |  |
| Vacant Space |  | 5150 | 1.3% | $0 | 0.0% | $0.00 |  |  |
| **Total/Wtd. Avg.** |  | **389330** | **100.0%** | **$3538671** | **100.0%** | **$9.21<sup>(4)</sup>** |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Based on the underwritten rent roll dated March 2, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Credit ratings are those of the parent company whether or not the parent guarantees the lease.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Certain tenants' leases are subject to exclusive rights and co-tenancy provisions.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Total/Wtd. Avg. Annual UW Rent PSF excludes vacant space.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 134 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored | &nbsp;&nbsp;Loan #15 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$12000000 |
| &nbsp;&nbsp;3820-3930 44th Avenue and | &nbsp;&nbsp;**Rock River Plaza** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;33.3% |
| &nbsp;&nbsp;3811-3937 41st Avenue |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;4.87x |
| &nbsp;&nbsp;Moline, IL 61265 |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;26.9% |

---

The following table presents certain information relating to the lease rollover schedule at the Rock River Plaza Property:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Lease Rollover Schedule<sup>(1)(2)</sup>** | **Lease Rollover Schedule<sup>(1)(2)</sup>** | **Lease Rollover Schedule<sup>(1)(2)</sup>** | **Lease Rollover Schedule<sup>(1)(2)</sup>** | **Lease Rollover Schedule<sup>(1)(2)</sup>** | **Lease Rollover Schedule<sup>(1)(2)</sup>** | **Lease Rollover Schedule<sup>(1)(2)</sup>** | **Lease Rollover Schedule<sup>(1)(2)</sup>** | **Lease Rollover Schedule<sup>(1)(2)</sup>** |
| &nbsp;&nbsp;**Year** | &nbsp;&nbsp;**# of Leases Rolling** | &nbsp;&nbsp;**SF Rolling** | &nbsp;&nbsp;**Approx. % of Total SF Rolling** | &nbsp;&nbsp;**Approx. Cumulative % of SF Rolling** | &nbsp;&nbsp;**Total UW Rent Rolling** | &nbsp;&nbsp;**Approx. % of Total Rent Rolling** | &nbsp;&nbsp;**Approx. Cumulative % of Total Rent Rolling** | &nbsp;&nbsp;**UW Rent PSF Rolling** |
| &nbsp;&nbsp;MTM/2026 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1275 | &nbsp;&nbsp;0.3% | &nbsp;&nbsp;0.3% | &nbsp;&nbsp;$22236 | &nbsp;&nbsp;0.6% | &nbsp;&nbsp;0.6% | &nbsp;&nbsp;$17.44 |
| &nbsp;&nbsp;2027 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.3% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.6% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2028 | &nbsp;&nbsp;1 | &nbsp;&nbsp;3442 | &nbsp;&nbsp;0.9% | &nbsp;&nbsp;1.2% | &nbsp;&nbsp;$61956 | &nbsp;&nbsp;1.8% | &nbsp;&nbsp;2.4% | &nbsp;&nbsp;$18.00 |
| &nbsp;&nbsp;2029 | &nbsp;&nbsp;4 | &nbsp;&nbsp;39960 | &nbsp;&nbsp;10.3% | &nbsp;&nbsp;11.5% | &nbsp;&nbsp;$511859 | &nbsp;&nbsp;14.5% | &nbsp;&nbsp;16.8% | &nbsp;&nbsp;$12.81 |
| &nbsp;&nbsp;2030 | &nbsp;&nbsp;2 | &nbsp;&nbsp;2101 | &nbsp;&nbsp;0.5% | &nbsp;&nbsp;12.0% | &nbsp;&nbsp;$172284 | &nbsp;&nbsp;4.9% | &nbsp;&nbsp;21.7% | &nbsp;&nbsp;$82.00 |
| &nbsp;&nbsp;2031 | &nbsp;&nbsp;6 | &nbsp;&nbsp;330551 | &nbsp;&nbsp;84.9% | &nbsp;&nbsp;96.9% | &nbsp;&nbsp;$2430736 | &nbsp;&nbsp;68.7% | &nbsp;&nbsp;90.4% | &nbsp;&nbsp;$7.35 |
| &nbsp;&nbsp;2032 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;96.9% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;90.4% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2033 | &nbsp;&nbsp;2 | &nbsp;&nbsp;5100 | &nbsp;&nbsp;1.3% | &nbsp;&nbsp;98.2% | &nbsp;&nbsp;$145350 | &nbsp;&nbsp;4.1% | &nbsp;&nbsp;94.5% | &nbsp;&nbsp;$28.50 |
| &nbsp;&nbsp;2034 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;98.2% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;94.5% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2035 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1750 | &nbsp;&nbsp;0.4% | &nbsp;&nbsp;98.7% | &nbsp;&nbsp;$54250 | &nbsp;&nbsp;1.5% | &nbsp;&nbsp;96.0% | &nbsp;&nbsp;$31.00 |
| &nbsp;&nbsp;2036 & Thereafter | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;98.7% | &nbsp;&nbsp;$140000 | &nbsp;&nbsp;4.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$140000.04 |
| &nbsp;&nbsp;Vacant | &nbsp;&nbsp;0 | &nbsp;&nbsp;5150 | &nbsp;&nbsp;1.3% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;**Total/Wtd. Avg.** | &nbsp;&nbsp;**18** | &nbsp;&nbsp;**389330** | &nbsp;&nbsp;**100.0%** |  | &nbsp;&nbsp;**$3538671** | &nbsp;&nbsp;**100.0%** |  | &nbsp;&nbsp;**$9.21<sup>(3)</sup>** |

---

(1) Based on the underwritten rent roll dated March 2, 2026.

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

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

***The Market.*** The Rock River Plaza Property is located in Moline, Illinois within the Davenport-Moline-Rock Island metro area (the "Davenport MSA"). Major economic drivers in the Davenport MSA include public administration, retail trade, transportation/utilities and manufacturing sectors. As of November 2025, the Davenport MSA reported 4.5% unemployment rate. Major employers in the Davenport MSA include John Deere & Co., Rock Island Arsenal, UnityPoint Health, Genesis Health Systems and Hy-Vee Inc. Primary access to the Rock River Plaza Property is provided via State Route 5 (John Deere Road), a major east-west highway in the immediate area. Additionally, the Rock River Plaza Property has immediate access to I-74. 41st Street is the major north-south roadway in the area. John Deere Road is the major east-west roadway in the area. The neighborhood surrounding the Rock River Plaza Property primarily consists of retail, industrial and office developments. According to the appraisal, the 2025 population within a one-, three- and five-mile radius of the Rock River Plaza Property was 4,988, 50,161 and 109,148, respectively. Additionally, the 2025 average household income within the same radii was $90,559, $88,964 and $86,703, respectively.

According to the appraisal, the Rock River Plaza Property is located within the Davenport/Moline/Rock Island retail market and the Greater Moline retail submarket. As of the fourth quarter of 2025, the Davenport/Moline/Rock Island market reported inventory of approximately 26.2 million SF, with a vacancy rate of 1.8% and an asking rent of $13.80 per square foot. The Davenport/Moline/Rock Island market reported completions of 8,131 SF. As of the fourth quarter of 2025, the Greater Moline submarket reported inventory of approximately 6.0 million SF, with a vacancy rate of 0.8% and an asking rent of $18.20 per square foot.

The following table presents certain information relating to the appraisal's market rent conclusions for the Rock River Plaza Property:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Market Rent Summary** | &nbsp;&nbsp;**Market Rent Summary** | &nbsp;&nbsp;**Market Rent Summary** | &nbsp;&nbsp;**Market Rent Summary** | &nbsp;&nbsp;**Market Rent Summary** | &nbsp;&nbsp;**Market Rent Summary** | &nbsp;&nbsp;**Market Rent Summary** |
|  | &nbsp;&nbsp;**Market Rent (PSF)** | &nbsp;&nbsp;**Lease Term (Years)** | &nbsp;&nbsp;**Escalations** | &nbsp;&nbsp;**Tenant Improvements (New/Renewal)** | &nbsp;&nbsp;**Leasing Commissions (New/Renewal)** | &nbsp;&nbsp;**Free Rent (Months) (New/Renewal)** |
| &nbsp;&nbsp;Lowe's Anchor Space | &nbsp;&nbsp;$6.50 | &nbsp;&nbsp;10 | &nbsp;&nbsp;10% Midterm | &nbsp;&nbsp;$5.00 / $1.00 | &nbsp;&nbsp;4.00% / 2.00% | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Walmart Anchor Space | &nbsp;&nbsp;$6.50 | &nbsp;&nbsp;10 | &nbsp;&nbsp;10% Midterm | &nbsp;&nbsp;$5.00 / $1.00 | &nbsp;&nbsp;4.00% / 2.00% | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Junior Anchor Space | &nbsp;&nbsp;$11.00 | &nbsp;&nbsp;10 | &nbsp;&nbsp;10% Midterm | &nbsp;&nbsp;$10.00 / $2.00 | &nbsp;&nbsp;6.00% / 3.00% | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Large Inline Space | &nbsp;&nbsp;$14.00 | &nbsp;&nbsp;10 | &nbsp;&nbsp;10% Midterm | &nbsp;&nbsp;$15.00 / $5.00 | &nbsp;&nbsp;6.00% / 3.00% | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Small Inline Space | &nbsp;&nbsp;$25.00 | &nbsp;&nbsp;5 | &nbsp;&nbsp;3.00% / YR | &nbsp;&nbsp;$20.00 / $10.00 | &nbsp;&nbsp;6.00% / 3.00% | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Chick Fil-A Outlot Space | &nbsp;&nbsp;$50.00 | &nbsp;&nbsp;10 | &nbsp;&nbsp;10% Midterm | &nbsp;&nbsp;$30.00 / $15.00 | &nbsp;&nbsp;6.00% / 3.00% | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Steak 'n Shake Outlot Space | &nbsp;&nbsp;$50.00 | &nbsp;&nbsp;10 | &nbsp;&nbsp;10% Midterm | &nbsp;&nbsp;$30.00 / $15.00 | &nbsp;&nbsp;6.00% / 3.00% | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Wendy's Outlot Space | &nbsp;&nbsp;$50.00 | &nbsp;&nbsp;10 | &nbsp;&nbsp;10% Midterm | &nbsp;&nbsp;$30.00 / $15.00 | &nbsp;&nbsp;6.00% / 3.00% | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Car Wash Outlot Space | &nbsp;&nbsp;$70.00 | &nbsp;&nbsp;10 | &nbsp;&nbsp;10% Midterm | &nbsp;&nbsp;$30.00 / $15.00 | &nbsp;&nbsp;6.00% / 3.00% | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Quick Lube Outlot Space | &nbsp;&nbsp;$50.00 | &nbsp;&nbsp;10 | &nbsp;&nbsp;10% Midterm | &nbsp;&nbsp;$30.00 / $15.00 | &nbsp;&nbsp;6.00% / 3.00% | &nbsp;&nbsp;0 |

---

Source*: Appraisal*

 

 ****

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 135 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored | &nbsp;&nbsp;Loan #15 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$12000000 |
| &nbsp;&nbsp;3820-3930 44th Avenue and | &nbsp;&nbsp;**Rock River Plaza** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;33.3% |
| &nbsp;&nbsp;3811-3937 41st Avenue |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;4.87x |
| &nbsp;&nbsp;Moline, IL 61265 |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;26.9% |

---

The following table presents certain information relating to the appraisal's comparable anchor leases for the Rock River Plaza Property:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Comparable Anchor Leases<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Anchor Leases<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Anchor Leases<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Anchor Leases<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Anchor Leases<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Anchor Leases<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Anchor Leases<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Anchor Leases<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Anchor Leases<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property Name/Location** | &nbsp;&nbsp;**Year Built/ Renovated** | &nbsp;&nbsp;**Total NRA (SF)** | &nbsp;&nbsp;**Tenant** | &nbsp;&nbsp;**Tenant Size (SF)** | &nbsp;&nbsp;**Lease Start Date** | &nbsp;&nbsp;**Lease Term (years)** | &nbsp;&nbsp;**Annual Base Rent PSF** | &nbsp;&nbsp;**Lease Type** |
| | &nbsp;&nbsp;**1996 / NAP** | &nbsp;&nbsp;**389330<sup>(2)</sup>** | &nbsp;&nbsp;**Walmart<sup>(2)</sup>** | &nbsp;&nbsp;**194747<sup>(2)</sup>** | &nbsp;&nbsp;**Apr-96<sup>(2)</sup>** | &nbsp;&nbsp;**35<sup>(2)</sup>** | &nbsp;&nbsp;**$6.49<sup>(2)</sup>** | &nbsp;&nbsp;**Triple Net<sup>(2)</sup>** |
| | &nbsp;&nbsp;**1996 / NAP** | &nbsp;&nbsp;**389330<sup>(2)</sup>** | &nbsp;&nbsp;**Walmart<sup>(2)</sup>** | &nbsp;&nbsp;**194747<sup>(2)</sup>** | &nbsp;&nbsp;**Apr-96<sup>(2)</sup>** | &nbsp;&nbsp;**35<sup>(2)</sup>** | &nbsp;&nbsp;**$6.49<sup>(2)</sup>** | &nbsp;&nbsp;**Triple Net<sup>(2)</sup>** |
| &nbsp;&nbsp;**Rock River Plaza**<br>&nbsp;&nbsp; **3820-3930 44th Avenue and** <br> **3811-3937 41st Avenue**<br>&nbsp;&nbsp;**Moline, IL** | &nbsp;&nbsp;**1996 / NAP** | &nbsp;&nbsp;**389330<sup>(2)</sup>** | &nbsp;&nbsp;**Walmart<sup>(2)</sup>** | &nbsp;&nbsp;**194747<sup>(2)</sup>** | &nbsp;&nbsp;**Apr-96<sup>(2)</sup>** | &nbsp;&nbsp;**35<sup>(2)</sup>** | &nbsp;&nbsp;**$6.49<sup>(2)</sup>** | &nbsp;&nbsp;**Triple Net<sup>(2)</sup>** |
| &nbsp;&nbsp;Eagle Run Shopping Center | &nbsp;&nbsp;1993 / 2024 | &nbsp;&nbsp;392065 | &nbsp;&nbsp;Kohl's | &nbsp;&nbsp;86841 | &nbsp;&nbsp;Feb-25 | &nbsp;&nbsp;5 | &nbsp;&nbsp;$8.82 | &nbsp;&nbsp;Absolute Net |
| &nbsp;&nbsp;13250-13370 West Maple Road | &nbsp;&nbsp;1993 / 2024 | &nbsp;&nbsp;392065 | &nbsp;&nbsp;Kohl's | &nbsp;&nbsp;86841 | &nbsp;&nbsp;Feb-25 | &nbsp;&nbsp;5 | &nbsp;&nbsp;$8.82 | &nbsp;&nbsp;Absolute Net |
| &nbsp;&nbsp;Omaha, NE | &nbsp;&nbsp;1993 / 2024 | &nbsp;&nbsp;392065 | &nbsp;&nbsp;Kohl's | &nbsp;&nbsp;86841 | &nbsp;&nbsp;Feb-25 | &nbsp;&nbsp;5 | &nbsp;&nbsp;$8.82 | &nbsp;&nbsp;Absolute Net |
| &nbsp;&nbsp;Wentzville Crossroads Marketplace | &nbsp;&nbsp;2006 / NAP | &nbsp;&nbsp;161325 | &nbsp;&nbsp;Kohl's | &nbsp;&nbsp;88925 | &nbsp;&nbsp;Feb-26 | &nbsp;&nbsp;NAV | &nbsp;&nbsp;$7.54 | &nbsp;&nbsp;Net |
| &nbsp;&nbsp;1239 West Pearce Boulevard | &nbsp;&nbsp;2006 / NAP | &nbsp;&nbsp;161325 | &nbsp;&nbsp;Kohl's | &nbsp;&nbsp;88925 | &nbsp;&nbsp;Feb-26 | &nbsp;&nbsp;NAV | &nbsp;&nbsp;$7.54 | &nbsp;&nbsp;Net |
| &nbsp;&nbsp;Wentzville, MO | &nbsp;&nbsp;2006 / NAP | &nbsp;&nbsp;161325 | &nbsp;&nbsp;Kohl's | &nbsp;&nbsp;88925 | &nbsp;&nbsp;Feb-26 | &nbsp;&nbsp;NAV | &nbsp;&nbsp;$7.54 | &nbsp;&nbsp;Net |
| &nbsp;&nbsp;Tri-State Crossing | &nbsp;&nbsp;1994 / NAP | &nbsp;&nbsp;159283 | &nbsp;&nbsp;Lowe's | &nbsp;&nbsp;125357 | &nbsp;&nbsp;Mar-25 | &nbsp;&nbsp;5 | &nbsp;&nbsp;$6.09 | &nbsp;&nbsp;Triple Net |
| &nbsp;&nbsp;294 County Road 120 South | &nbsp;&nbsp;1994 / NAP | &nbsp;&nbsp;159283 | &nbsp;&nbsp;Lowe's | &nbsp;&nbsp;125357 | &nbsp;&nbsp;Mar-25 | &nbsp;&nbsp;5 | &nbsp;&nbsp;$6.09 | &nbsp;&nbsp;Triple Net |
| &nbsp;&nbsp;South Point, OH | &nbsp;&nbsp;1994 / NAP | &nbsp;&nbsp;159283 | &nbsp;&nbsp;Lowe's | &nbsp;&nbsp;125357 | &nbsp;&nbsp;Mar-25 | &nbsp;&nbsp;5 | &nbsp;&nbsp;$6.09 | &nbsp;&nbsp;Triple Net |

---

Source*: Appraisal*

(1) Only anchor comparables are considered for presentation, as the Rock River Plaza
Property is 83.8% occupied by the anchor tenants, Walmart and Lowe's.

(2) Information obtained from the underwritten rent roll dated March 2, 2026.

***Appraisal.*** The appraisal concluded to an "as-is" value of $36,000,000 as of March 6, 2026 for the Rock River Plaza Property. ****

***Environmental Matters.*** According to the Phase I environmental site assessment dated March 17, 2026 for the Rock River Plaza Property, there was no evidence of any recognized environmental conditions.

***Operating History and Underwritten Net Cash Flow.*** The following table presents certain information relating to the underwritten net cash flow at the Rock River Plaza Property:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** |
|  | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**1/31/2026 TTM** | &nbsp;&nbsp;**UW** | &nbsp;&nbsp;**UW PSF** |
| &nbsp;&nbsp;Base Rent**<sup>(1)</sup>** | &nbsp;&nbsp;$3537415 | &nbsp;&nbsp;$3481668 | &nbsp;&nbsp;$3476716 | &nbsp;&nbsp;$3538671 | &nbsp;&nbsp;$9.09 |
| &nbsp;&nbsp;Grossed Up Vacant Space | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 128750 | &nbsp;&nbsp; $0.33 |
| &nbsp;&nbsp;**Gross Potential Rent** | &nbsp;&nbsp;**$3537415** | &nbsp;&nbsp;**$3481668** | &nbsp;&nbsp;**$3476716** | &nbsp;&nbsp;**$3667421** | &nbsp;&nbsp;**$9.42** |
| &nbsp;&nbsp;Total Recoveries | &nbsp;&nbsp;453076 | &nbsp;&nbsp;452376 | &nbsp;&nbsp;456566 | &nbsp;&nbsp;531720 | &nbsp;&nbsp;$1.37 |
| &nbsp;&nbsp;Other Income | &nbsp;&nbsp; 201 | &nbsp;&nbsp; 3106 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0.00 |
| &nbsp;&nbsp;**Net Rental Income** | &nbsp;&nbsp;**$3990692** | &nbsp;&nbsp;**$3937151** | &nbsp;&nbsp;**$3936282** | &nbsp;&nbsp;**$4199141** | &nbsp;&nbsp;**$10.79** |
| &nbsp;&nbsp;(Vacancy & Credit Loss) | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (209957) | &nbsp;&nbsp; ($0.54) |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$3990692** | &nbsp;&nbsp;**$3937151** | &nbsp;&nbsp;**$3936282** | &nbsp;&nbsp;**$3989184** | &nbsp;&nbsp;**$10.25** |
| &nbsp;&nbsp;Real Estate Taxes | &nbsp;&nbsp;$232697 | &nbsp;&nbsp;$182732 | &nbsp;&nbsp;$182732 | &nbsp;&nbsp;$261319 | &nbsp;&nbsp;$0.67 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;75163 | &nbsp;&nbsp;88048 | &nbsp;&nbsp;89192 | &nbsp;&nbsp;90337 | &nbsp;&nbsp;$0.23 |
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp;94617 | &nbsp;&nbsp;91159 | &nbsp;&nbsp;91159 | &nbsp;&nbsp;119676 | &nbsp;&nbsp;$0.31 |
| &nbsp;&nbsp;Other Operating Expenses | &nbsp;&nbsp; 342807 | &nbsp;&nbsp; 284222 | &nbsp;&nbsp; 285976 | &nbsp;&nbsp; 285976 | &nbsp;&nbsp; $0.73 |
| &nbsp;&nbsp;**Total Expenses** | &nbsp;&nbsp;**$745283** | &nbsp;&nbsp;**$646160** | &nbsp;&nbsp;**$649058** | &nbsp;&nbsp;**$757307** | &nbsp;&nbsp;**$1.95** |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$3245409** | &nbsp;&nbsp;**$3290990** | &nbsp;&nbsp;**$3287224** | &nbsp;&nbsp;**$3231877** | &nbsp;&nbsp;**$8.30** |
| &nbsp;&nbsp;Replacement Reserves | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;58400 | &nbsp;&nbsp;$0.15 |
| &nbsp;&nbsp;TI/LC | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 116799 | &nbsp;&nbsp; $0.30 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$3245409** | &nbsp;&nbsp;**$3290990** | &nbsp;&nbsp;**$3287224** | &nbsp;&nbsp;**$3056678** | &nbsp;&nbsp;**$7.85** |
| &nbsp;&nbsp;**Occupancy (%)<sup>(2)</sup>** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**98.7%** | &nbsp;&nbsp;**95.0%** |  |
| &nbsp;&nbsp;**NOI DSCR** | &nbsp;&nbsp;**5.17x** | &nbsp;&nbsp;**5.24x** | &nbsp;&nbsp;**5.24x** | &nbsp;&nbsp;**5.15x** |  |
| &nbsp;&nbsp;**NCF DSCR** | &nbsp;&nbsp;**5.17x** | &nbsp;&nbsp;**5.24x** | &nbsp;&nbsp;**5.24x** | &nbsp;&nbsp;**4.87x** |  |
| &nbsp;&nbsp;**NOI Debt Yield** | &nbsp;&nbsp;**27.0%** | &nbsp;&nbsp;**27.4%** | &nbsp;&nbsp;**27.4%** | &nbsp;&nbsp;**26.9%** |  |
| &nbsp;&nbsp;**NCF Debt Yield** | &nbsp;&nbsp;**27.0%** | &nbsp;&nbsp;**27.4%** | &nbsp;&nbsp;**27.4%** | &nbsp;&nbsp;**25.5%** |  |

---

(1) UW Base Rent is based on the underwritten rent roll dated March 2, 2026, with rent
steps totaling $74,874 through March 2027.

(2) Historical occupancies represent the physical occupancy as of December 31 in each
respective year. 1/31/2026 TTM Occupancy (%) is based on the underwritten rent roll dated March 2, 2026. UW Occupancy (%) represents underwritten
economic occupancy.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 136 |

---

---

| | |
|:---|:---|
| **Wells Fargo Commercial Mortgage Trust 2026-5C10** | Transaction Contact Information |

---

VI. <u>Transaction Contact Information</u> 

Questions regarding this Structural and Collateral Term Sheet may be directed to any of the following individuals:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Wells Fargo Securities, LLC** |  |
| &nbsp;&nbsp;Brigid Mattingly | &nbsp;&nbsp;Tel. (212) 214-7648 |
| &nbsp;&nbsp;Sean Duffy | &nbsp;&nbsp;Tel. (312) 827-1518 |
| &nbsp;&nbsp;Daniel Thomas | &nbsp;&nbsp;Tel. (212) 214-2813 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Citigroup Global Markets Inc.** |  |
| &nbsp;&nbsp;Raul Orozco | &nbsp;&nbsp;Tel. (212) 723-1295 |
| &nbsp;&nbsp;Rick Simpson | &nbsp;&nbsp;Tel. (212) 816-5343 |
| &nbsp;&nbsp;Jay Mercandetti | &nbsp;&nbsp;Tel. (212) 816-6384 |
| &nbsp;&nbsp;**Goldman Sachs & Co. LLC** |  |
| &nbsp;&nbsp;Scott Epperson | &nbsp;&nbsp;Tel. (212) 934-2882 |
| &nbsp;&nbsp;Justin Peterson | &nbsp;&nbsp;Tel. (212) 902-4283 |
| &nbsp;&nbsp;**J.P. Morgan Securities LLC** |  |
| &nbsp;&nbsp;Avinash Sharma | &nbsp;&nbsp;Tel. (212) 834-3111 |
| &nbsp;&nbsp;Kunal Singh | &nbsp;&nbsp;Tel. (212) 834-5467 |
| &nbsp;&nbsp;Harris Rendelstein | &nbsp;&nbsp;Tel. (212) 834-6737 |
| &nbsp;&nbsp;Derrick Fetzer | &nbsp;&nbsp;Tel. (212) 834-3111 |
| &nbsp;&nbsp;**SG Americas Securities, LLC** |  |
| &nbsp;&nbsp;Jim Barnard | &nbsp;&nbsp;Tel. (212) 278-6263 |
| &nbsp;&nbsp;Justin Cappuccino | &nbsp;&nbsp;Tel. (212) 278-6393 |
| &nbsp;&nbsp;Mark Lacerenza | &nbsp;&nbsp;Tel. (212) 278-5243 |
| &nbsp;&nbsp;Anne Bekasi | &nbsp;&nbsp;Tel. (212) 278-7370 |
| &nbsp;&nbsp;**UBS Securities LLC** |  |
| &nbsp;&nbsp;Nicholas Galeone | &nbsp;&nbsp;Tel. (212) 713-8832 |
| &nbsp;&nbsp;Siho Ham | &nbsp;&nbsp;Tel. (212) 713-1278 |
| &nbsp;&nbsp;Andrew Lisa | &nbsp;&nbsp;Tel. (212) 713-3506 |

---

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 137 |

---