# EDGAR Filing Document

**Accession Number:** 0002098047
**File Stem:** 0001539497-25-003162
**Filing Date:** 2025-12
**Character Count:** 577059
**Document Hash:** 926db56b1e1d479323227bc25f55c88e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001539497-25-003162.hdr.sgml**: 20251205

**ACCESSION NUMBER**: 0001539497-25-003162

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 32

**FILED AS OF DATE**: 20251205

**DATE AS OF CHANGE**: 20251204

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BANK 2025-BNK51
- **CENTRAL INDEX KEY:** 0002098047
- **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:** 333-282099-10
- **FILM NUMBER:** 251551049

**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

---

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|:---|
| &nbsp;&nbsp;FREE WRITING PROSPECTUS |
| &nbsp;&nbsp;FILED PURSUANT TO RULE 433 |
| &nbsp;&nbsp;REGISTRATION FILE NO.: 333-282099-10 |

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|:---|:---|:---|:---|
| &nbsp;&nbsp;![](n5486prets_img001.jpg) | &nbsp;&nbsp;![](n5486prets_img002.jpg) | &nbsp;&nbsp;![](n5486prets_img003.jpg) | &nbsp;&nbsp;![](n5486prets_img004.jpg) |

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Free Writing Prospectus

Collateral Term Sheet

**$1,007,405,787**

(Approximate Initial Pool Balance)

**BANK 2025-BNK51**

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

as Depositor

**Wells Fargo Bank, National Association <br> Morgan Stanley Mortgage Capital Holdings LLC <br> Bank of America, National Association <br> National Cooperative Bank, N.A. <br> JPMorgan Chase Bank, National Association**

as Sponsors and Mortgage Loan Sellers

**Commercial Mortgage Pass-Through Certificates<br> Series 2025-BNK51**

December 4, 2025

---

| | | | |
|:---|:---|:---|:---|
| ***Wells Fargo Securities*** | ***BofA Securities*** | ***J.P. Morgan*** | ***Morgan Stanley*** |
| ***Co-Lead Manager and <br> Joint Bookrunner*** | ***Co-Lead Manager and <br> Joint Bookrunner*** | ***Co-Lead Manager and <br> Joint Bookrunner*** | ***Co-Lead Manager and <br> Joint Bookrunner*** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Academy Securities, Inc.**<br> Co-Manager | &nbsp;&nbsp;**Drexel Hamilton**<br> Co-Manager | &nbsp;&nbsp;**Siebert Williams Shank**<br> 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. EST) 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, BofA Securities, Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. 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.

"BofA Securities" is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc., which is a registered broker-dealer and member of FINRA and SIPC, and, in other jurisdictions, locally registered entities.

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.

<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 |

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| | |
|:---|:---|
| **BANK 2025-BNK51** | Transaction Highlights |

---

I. <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; **Approx. % of Initial Pool<br> Balance** |
| &nbsp;&nbsp;Morgan Stanley Mortgage Capital Holdings LLC | &nbsp;&nbsp;16 | &nbsp;&nbsp;17 | &nbsp;&nbsp;$322375362 | &nbsp;&nbsp;32.0% |
| &nbsp;&nbsp;Wells Fargo Bank, National Association | &nbsp;&nbsp;6 | &nbsp;&nbsp;6 | &nbsp;&nbsp;237250000 | &nbsp;&nbsp;23.6 |
| &nbsp;&nbsp;Bank of America, National Association | &nbsp;&nbsp;8 | &nbsp;&nbsp;8 | &nbsp;&nbsp;150840000 | &nbsp;&nbsp;15.0 |
| &nbsp;&nbsp;National Cooperative Bank, N.A. | &nbsp;&nbsp;40 | &nbsp;&nbsp;40 | &nbsp;&nbsp;148940426 | &nbsp;&nbsp;14.8 |
| &nbsp;&nbsp;JPMorgan Chase Bank, National Association | &nbsp;&nbsp;3 | &nbsp;&nbsp;19 | &nbsp;&nbsp;108000000 | &nbsp;&nbsp;10.7 |
| &nbsp;&nbsp;JPMorgan Chase Bank, National Association / Wells Fargo Bank, National Association | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp; 40000000 | &nbsp;&nbsp;4.0 |
| &nbsp;&nbsp;&nbsp; **Total** | &nbsp;&nbsp; **74**  | &nbsp;&nbsp; **91**  | &nbsp;&nbsp; **$1007405787**  | &nbsp;&nbsp; **100.0%** |

---

**Loan Pool:**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Initial Pool Balance: | &nbsp;&nbsp;$1007405787 |
| &nbsp;&nbsp;Number of Mortgage Loans: | &nbsp;&nbsp;74 |
| &nbsp;&nbsp;Average Cut-off Date Balance per Mortgage Loan: | &nbsp;&nbsp;$13613592 |
| &nbsp;&nbsp;Number of Mortgaged Properties: | &nbsp;&nbsp;91 |
| &nbsp;&nbsp;Average Cut-off Date Balance per Mortgaged Property<sup>(1)</sup>: | &nbsp;&nbsp;$11070393 |
| &nbsp;&nbsp;Weighted Average Interest Rate: | &nbsp;&nbsp;6.1615% |
| &nbsp;&nbsp;Ten Largest Mortgage Loans as % of Initial Pool Balance: | &nbsp;&nbsp;59.5% |
| &nbsp;&nbsp;Weighted Average Original Term to Maturity (months): | &nbsp;&nbsp;120 |
| &nbsp;&nbsp;Weighted Average Remaining Term to Maturity (months): | &nbsp;&nbsp;119 |
| &nbsp;&nbsp;Weighted Average Original Amortization Term (months)<sup>(2)</sup>: | &nbsp;&nbsp;367 |
| &nbsp;&nbsp;Weighted Average Remaining Amortization Term (months)<sup>(2)</sup>: | &nbsp;&nbsp;366 |
| &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) 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;2.83x |
| &nbsp;&nbsp;Weighted Average U/W Net Operating Income Debt Yield<sup>(1)</sup>: | &nbsp;&nbsp;19.4% |
| &nbsp;&nbsp;Weighted Average Cut-off Date Loan-to-Value Ratio<sup>(1)</sup>: | &nbsp;&nbsp;50.8% |
| &nbsp;&nbsp;Weighted Average Balloon Loan-to-Value Ratio<sup>(1)</sup>: | &nbsp;&nbsp;49.1% |
| &nbsp;&nbsp;% of Mortgage Loans with Additional Subordinate Debt<sup>(2)</sup>: | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;% of Mortgage Loans with Single Tenants<sup>(3)</sup>: | &nbsp;&nbsp;1.2% |

---

(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).
For mortgaged properties securing residential cooperative mortgage loans, the debt service coverage ratio and debt yield for each such
mortgaged property are calculated using U/W Net Operating Income or U/W Net Cash Flow, as applicable, for the related residential cooperative
property which is the projected net operating income or net cash flow, as applicable, reflected in the most recent appraisal obtained
by or otherwise in the possession of the related mortgage loan seller as of the cut-off date, and the loan-to-value ratio is calculated
based upon the appraised value of the residential cooperative property determined as if such residential cooperative property is operated
as a residential cooperative, inclusive of the amount of the underlying debt encumbering such residential cooperative property. 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) Thirty two (32) of the mortgage loans, each of which is secured by a residential cooperative property sold to the depositor by National
Cooperative Bank, N.A., currently have in place subordinate secured lines of credit to the related mortgage borrowers that permit future
advances. 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—Other Unsecured Indebtedness*" and "*Description of the Mortgage Pool—Additional Indebtedness—Other Unsecured Indebtedness—Additional Debt Financing for Mortgage Loans Secured by Residential Cooperatives Sold to the Depositor by National Cooperative Bank, N.A.*" 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. |
| 3 |

---

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| | |
|:---|:---|
| **BANK 2025-BNK51** | Transaction Highlights |

---

**Loan Structural Features:**

**Amortization:** Based on the Initial Pool Balance, 33.8% of the mortgage pool (43 mortgage loans) has scheduled amortization, as follows:

26.9% (39 mortgage loans) requires amortization during the entire loan term; and

6.9% (4 mortgage loans) provides for an interest-only period followed by an amortization period.

**Interest-Only:** Based on the Initial Pool Balance, 66.2% of the mortgage pool (31 mortgage loans) provides 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 57.0% and 2.42x, respectively.

**Hard Lockboxes:** Based on the Initial Pool Balance, 59.5% of the mortgage pool (16 mortgage loans) has 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;*61.6% of the pool* |
| &nbsp;&nbsp;*Insurance:* | &nbsp;&nbsp;*15.5% of the pool* |
| &nbsp;&nbsp;*Capital Replacements:* | &nbsp;&nbsp;*47.5% of the pool* |
| &nbsp;&nbsp;*TI/LC:* | &nbsp;&nbsp;*67.1% 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, mixed use, retail and industrial properties.

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

46.2% of the mortgage pool (20 mortgage loans) features a lockout period, then defeasance only until an open period;

16.1% of the mortgage pool (10 mortgage loans) features a lockout period, then greater of a prepayment premium (1.0%) or yield maintenance until an open period;

14.8% of the mortgage pool (40 mortgage loans) features the greater of a prepayment premium (1.0%) or yield maintenance, then a prepayment premium (1.0%) until an open period;

12.9% of the mortgage pool (2 mortgage loans) features a lockout period, then the greater of a prepayment premium (1.0%) or yield maintenance, followed by defeasance or greater of a prepayment premium (1.0%) or yield maintenance until an open period;

8.7% of the mortgage pool (1 mortgage loan) features the greater of a prepayment premium (1.0%) or yield maintenance until an open period; and

1.2% of the mortgage pool (1 mortgage loan) features a lockout period, then defeasance or greater of a prepayment premium (1.0%) or yield maintenance until an open 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. |
| 4 |

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|:---|:---|
| **BANK 2025-BNK51** | Characteristics of the Mortgage Pool |

---

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

A. <u>Ten Largest Mortgage Loans</u> 

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan<br> 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 ($)** | &nbsp;&nbsp;**% of Initial Pool Balance(%)** | &nbsp;&nbsp;**Property<br> Type** | &nbsp;&nbsp;**Number <br> of<br> SF/Rooms** | &nbsp;&nbsp;**Cut-off Date Balance <br> Per SF/Room ($)** | &nbsp;&nbsp; **Cut-off Date LTV Ratio** <br> **(%)** | &nbsp;&nbsp; **Balloon** <br> **LTV Ratio (%)** | &nbsp;&nbsp;**U/W <br> NCF<br> DSCR<br> (x)** | &nbsp;&nbsp;**U/W NOI Debt <br> Yield (%)** |
| &nbsp;&nbsp;WFB | &nbsp;&nbsp;Sheraton Denver Downtown Hotel | &nbsp;&nbsp;Denver | &nbsp;&nbsp;CO | &nbsp;&nbsp;1 / 1 | &nbsp;&nbsp;$100000000 | &nbsp;&nbsp;9.9% | &nbsp;&nbsp;Leased Fee | &nbsp;&nbsp;191437 | &nbsp;&nbsp;$940 | &nbsp;&nbsp;76.6% | &nbsp;&nbsp;76.6% | &nbsp;&nbsp;1.29 x | &nbsp;&nbsp;8.2% |
| &nbsp;&nbsp;MSMCH | &nbsp;&nbsp;255 Greenwich | &nbsp;&nbsp;New York | &nbsp;&nbsp;NY | &nbsp;&nbsp;1 / 1 | &nbsp;&nbsp;90000000 | &nbsp;&nbsp;8.9 | &nbsp;&nbsp;Office | &nbsp;&nbsp;626617 | &nbsp;&nbsp;235 | &nbsp;&nbsp;52.5 | &nbsp;&nbsp;52.5 | &nbsp;&nbsp;1.90 | &nbsp;&nbsp;12.9 |
| &nbsp;&nbsp;MSMCH | &nbsp;&nbsp;Burke Centre | &nbsp;&nbsp;Burke | &nbsp;&nbsp;VA | &nbsp;&nbsp;1 / 1 | &nbsp;&nbsp;88000000 | &nbsp;&nbsp;8.7 | &nbsp;&nbsp;Retail | &nbsp;&nbsp;256958 | &nbsp;&nbsp;342 | &nbsp;&nbsp;68.1 | &nbsp;&nbsp;68.1 | &nbsp;&nbsp;1.34 | &nbsp;&nbsp;9.1 |
| &nbsp;&nbsp;BANA | &nbsp;&nbsp;Ellenton Premium Outlets | &nbsp;&nbsp;Ellenton | &nbsp;&nbsp;FL | &nbsp;&nbsp;1 / 1 | &nbsp;&nbsp;84000000 | &nbsp;&nbsp;8.3 | &nbsp;&nbsp;Retail | &nbsp;&nbsp;477175 | &nbsp;&nbsp;251 | &nbsp;&nbsp;60.6 | &nbsp;&nbsp;60.6 | &nbsp;&nbsp;2.31 | &nbsp;&nbsp;15.2 |
| &nbsp;&nbsp;JPMCB | &nbsp;&nbsp;Midwest Industrial Portfolio | &nbsp;&nbsp;Various | &nbsp;&nbsp;Various | &nbsp;&nbsp;1 / 9 | &nbsp;&nbsp;58500000 | &nbsp;&nbsp;5.8 | &nbsp;&nbsp;Industrial | &nbsp;&nbsp;2815493 | &nbsp;&nbsp;21 | &nbsp;&nbsp;61.3 | &nbsp;&nbsp;52.6 | &nbsp;&nbsp;1.44 | &nbsp;&nbsp;11.6 |
| &nbsp;&nbsp;WFB | &nbsp;&nbsp;Brentwood Commons | &nbsp;&nbsp;Brentwood | &nbsp;&nbsp;TN | &nbsp;&nbsp;1 / 1 | &nbsp;&nbsp;48500000 | &nbsp;&nbsp;4.8 | &nbsp;&nbsp;Office | &nbsp;&nbsp;437947 | &nbsp;&nbsp;111 | &nbsp;&nbsp;53.1 | &nbsp;&nbsp;53.1 | &nbsp;&nbsp;2.88 | &nbsp;&nbsp;19.1 |
| &nbsp;&nbsp;JPMCB/WFB | &nbsp;&nbsp;Market Place Center | &nbsp;&nbsp;Irvine | &nbsp;&nbsp;CA | &nbsp;&nbsp;1 / 1 | &nbsp;&nbsp;40000000 | &nbsp;&nbsp;4.0 | &nbsp;&nbsp;Office | &nbsp;&nbsp;1154250 | &nbsp;&nbsp;117 | &nbsp;&nbsp;50.9 | &nbsp;&nbsp;50.9 | &nbsp;&nbsp;2.96 | &nbsp;&nbsp;17.7 |
| &nbsp;&nbsp;WFB | &nbsp;&nbsp;Marriott Chicago O'Hare | &nbsp;&nbsp;Chicago | &nbsp;&nbsp;IL | &nbsp;&nbsp;1 / 1 | &nbsp;&nbsp;34750000 | &nbsp;&nbsp;3.4 | &nbsp;&nbsp;Hospitality | &nbsp;&nbsp;470 | &nbsp;&nbsp;73936 | &nbsp;&nbsp;47.9 | &nbsp;&nbsp;37.8 | &nbsp;&nbsp;1.75 | &nbsp;&nbsp;18.2 |
| &nbsp;&nbsp;MSMCH | &nbsp;&nbsp;Red Rock Commons | &nbsp;&nbsp;St. George | &nbsp;&nbsp;UT | &nbsp;&nbsp;1 / 1 | &nbsp;&nbsp;28050000 | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;Retail | &nbsp;&nbsp;134152 | &nbsp;&nbsp;209 | &nbsp;&nbsp;65.2 | &nbsp;&nbsp;65.2 | &nbsp;&nbsp;1.51 | &nbsp;&nbsp;10.0 |
| &nbsp;&nbsp;WFB | &nbsp;&nbsp;4 Union Square South | &nbsp;&nbsp;New York | &nbsp;&nbsp;NY | &nbsp;&nbsp;1 / 1 | &nbsp;&nbsp;27500000 | &nbsp;&nbsp;2.7 | &nbsp;&nbsp;Retail | &nbsp;&nbsp;204189 | &nbsp;&nbsp;588 | &nbsp;&nbsp;41.4 | &nbsp;&nbsp;41.4 | &nbsp;&nbsp;2.42 | &nbsp;&nbsp;14.2 |
| &nbsp;&nbsp;**Top Three Total/Weighted Average** | &nbsp;&nbsp;**Top Three Total/Weighted Average** |  |  | &nbsp;&nbsp;**3 / 3** | &nbsp;&nbsp;**$278000000** | &nbsp;&nbsp;**27.6%** |  |  |  | &nbsp;&nbsp;**66.1%** | &nbsp;&nbsp;**66.1%** | &nbsp;&nbsp;**1.50** **x** | &nbsp;&nbsp;**10.0%** |
| &nbsp;&nbsp;**Top Five Total/Weighted Average** | &nbsp;&nbsp;**Top Five Total/Weighted Average** |  |  | &nbsp;&nbsp;**5 / 13** | &nbsp;&nbsp;**$420500000** | &nbsp;&nbsp;**41.7%** |  |  |  | &nbsp;&nbsp;**64.3%** | &nbsp;&nbsp;**63.1%** | &nbsp;&nbsp;**1.66** **x** | &nbsp;&nbsp;**11.3%** |
| &nbsp;&nbsp;**Top Ten Total/Weighted Average** | &nbsp;&nbsp;**Top Ten Total/Weighted Average** |  |  | &nbsp;&nbsp;**10 / 18** | &nbsp;&nbsp;**$599300000** | &nbsp;&nbsp;**59.5%** |  |  |  | &nbsp;&nbsp;**60.6%** | &nbsp;&nbsp;**59.1%** | &nbsp;&nbsp;**1.88** **x** | &nbsp;&nbsp;**12.8%** |
| &nbsp;&nbsp;**Non-Top Ten Total/Weighted Average** | &nbsp;&nbsp;**Non-Top Ten Total/Weighted Average** |  |  | &nbsp;&nbsp;**64 / 73** | &nbsp;&nbsp;**$408105787** | &nbsp;&nbsp;**40.5%** |  |  |  | &nbsp;&nbsp;**36.4%** | &nbsp;&nbsp;**34.4%** | &nbsp;&nbsp;**4.23** **x** | &nbsp;&nbsp;**29.1%** |

---

(1) With respect to any mortgage loan that is part of a whole loan, Cut-off Date Balance Per SF/Room ($),
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. |
| 5 |

---

---

| | |
|:---|:---|
| **BANK 2025-BNK51** | Characteristics of the Mortgage Pool |

---

B. <u>Summary of the Whole Loans</u> 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**No.** | &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Mortgage Loan Seller in BANK 2025-BNK51** | &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 Cut-off Date Balance** | &nbsp;&nbsp;**Controlling Pooling / Trust and Servicing Agreement** | &nbsp;&nbsp;**Master Servicer** | &nbsp;&nbsp;**Special Servicer** | &nbsp;&nbsp;**Related Pari Passu 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;1 | &nbsp;&nbsp;Sheraton Denver Downtown Hotel | &nbsp;&nbsp;WFB | &nbsp;&nbsp;$100000000 | &nbsp;&nbsp;$80000000 | &nbsp;&nbsp;$180000000 | &nbsp;&nbsp;BANK 2025-BNK51 | &nbsp;&nbsp;Midland | &nbsp;&nbsp;Rialto | &nbsp;&nbsp;Future Securitization | &nbsp;&nbsp;1.29x | &nbsp;&nbsp;8.2% | &nbsp;&nbsp;76.6% |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;255 Greenwich | &nbsp;&nbsp;MSMCH | &nbsp;&nbsp;$90000000 | &nbsp;&nbsp;$57000000 | &nbsp;&nbsp;$147000000 | &nbsp;&nbsp;BANK 2025-BNK51 | &nbsp;&nbsp;Midland | &nbsp;&nbsp;Rialto | &nbsp;&nbsp;Future Securitizations | &nbsp;&nbsp;1.90x | &nbsp;&nbsp;12.9% | &nbsp;&nbsp;52.5% |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;Ellenton Premium Outlets | &nbsp;&nbsp;BANA | &nbsp;&nbsp;$84000000 | &nbsp;&nbsp;$36000000 | &nbsp;&nbsp;$120000000 | &nbsp;&nbsp;BANK 2025-BNK51 | &nbsp;&nbsp;Midland | &nbsp;&nbsp;Rialto | &nbsp;&nbsp;Future Securitizations | &nbsp;&nbsp;2.31x | &nbsp;&nbsp;15.2% | &nbsp;&nbsp;60.6% |
| &nbsp;&nbsp;7 | &nbsp;&nbsp; <br> Market Place Center<br>| &nbsp;&nbsp;JPMCB/WFB | &nbsp;&nbsp;$40000000 | &nbsp;&nbsp;$95000000 | &nbsp;&nbsp;$135000000 | &nbsp;&nbsp;WFCM 2025-C65 | &nbsp;&nbsp;Midland<sup>(3)</sup> | &nbsp;&nbsp;Argentic | &nbsp;&nbsp;WFCM 2025-C65, BBCMS 2025-C39 | &nbsp;&nbsp;2.96x | &nbsp;&nbsp;17.7% | &nbsp;&nbsp;50.9% |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;4 Union Square South | &nbsp;&nbsp;WFB | &nbsp;&nbsp;$27500000 | &nbsp;&nbsp;$92500000 | &nbsp;&nbsp;$120000000 | &nbsp;&nbsp;WFCM 2025-C65 | &nbsp;&nbsp;Midland<sup>(3)</sup> | &nbsp;&nbsp;Argentic | &nbsp;&nbsp;WFCM 2025-C65, BBCMS 2025-C39 | &nbsp;&nbsp;2.42x | &nbsp;&nbsp;14.2% | &nbsp;&nbsp;41.4% |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;BioMed MIT Portfolio | &nbsp;&nbsp;JPMCB | &nbsp;&nbsp;$23500000 | &nbsp;&nbsp;$823500000 | &nbsp;&nbsp;$847000000 | &nbsp;&nbsp;BX 2025-LIFE | &nbsp;&nbsp;KeyBank | &nbsp;&nbsp;KeyBank | &nbsp;&nbsp;BX 2025-LIFE, BMARK 2025-B41,<br> BBCMS 2025-C35,<br> MSBAM 2025-C35,<br> BMO 2025-C13,<br> WFCM 2025-C65,<br> Future Securitization(s) | &nbsp;&nbsp;2.75x | &nbsp;&nbsp;16.6% | &nbsp;&nbsp;35.3% |

---

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

(2) DSCR, Debt Yield and LTV calculations include any related pari passu companion loans and exclude any subordinate
companion loans and/or mezzanine loans, as applicable.

(3) Trimont LLC acts as primary servicer of the Market Place Center Whole Loan and the 4 Union Square South
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. |
| 6 |

---

---

| | |
|:---|:---|
| **BANK 2025-BNK51** | Characteristics of the Mortgage Pool |

---

C. Mortgage Loans with Additional Secured and Mezzanine Financing<sup>(3)</sup>

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Loan No.** | &nbsp;&nbsp;**Mortgage Loan Seller** | &nbsp;&nbsp;**Mortgage 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;12 | &nbsp;&nbsp;JPMCB | &nbsp;&nbsp;BioMed MIT Portfolio | &nbsp;&nbsp;$23500000 | &nbsp;&nbsp;2.3% | &nbsp;&nbsp;$478000000 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;6.2593% | &nbsp;&nbsp;2.75x | &nbsp;&nbsp;1.66x | &nbsp;&nbsp;16.6% | &nbsp;&nbsp;10.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;55.2% |
| &nbsp;&nbsp; **Total/Weighted Average** | &nbsp;&nbsp; **Total/Weighted Average** | &nbsp;&nbsp; **Total/Weighted Average** | &nbsp;&nbsp;**$23500000** | &nbsp;&nbsp;**2.3%** | &nbsp;&nbsp;**$478000000** |  | &nbsp;&nbsp;**6.2593%** | &nbsp;&nbsp;**2.75x** | &nbsp;&nbsp;**1.66x** | &nbsp;&nbsp;**16.6%** | &nbsp;&nbsp;**10.6%** | &nbsp;&nbsp;**35.3%** | &nbsp;&nbsp;**55.2%** |

---

(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.

(3) Thirty two (32) of the mortgage loans, each of which is secured by a residential cooperative property
sold to the depositor by National Cooperative Bank. N.A.. Currently have in place subordinate secured lines of credit to the related mortgage
borrowers that permit future advances. See "Description of the Mortgage Pool-Additional Indebtness-Others Unsecured Indebtness"
and "Description of the Mortgage Pool-Additional Indebtness-Other Unsecured Indebtness-Additional Debt Financing for Mortgage Loans
Secured by Residential Cooperatives Sold to the Depositor by Nacional Cooperative Bank N.A." in the Preliminary Prospectus.

---

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

---

---

| | |
|:---|:---|
| **BANK 2025-BNK51** | Characteristics of the Mortgage Pool |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; <br> **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;1.00 | &nbsp;&nbsp;WFB | &nbsp;&nbsp;Sheraton Denver Downtown Hotel | &nbsp;&nbsp;Denver | &nbsp;&nbsp;CO | &nbsp;&nbsp;Leased Fee | &nbsp;&nbsp;$100000000 | &nbsp;&nbsp;9.9% | &nbsp;&nbsp;CGCMT 2016-GC37 / CGCMT 2016-GC36 |
| &nbsp;&nbsp;4.00 | &nbsp;&nbsp;BANA | &nbsp;&nbsp;Ellenton Premium Outlets | &nbsp;&nbsp;Ellenton | &nbsp;&nbsp;FL | &nbsp;&nbsp;Retail | &nbsp;&nbsp;84000000 | &nbsp;&nbsp;8.3 | &nbsp;&nbsp;MSBAM 2016-C28, MSC 2015-UBS8, MSC 2016-UBS9 |
| &nbsp;&nbsp;11.00 | &nbsp;&nbsp;JPMCB | &nbsp;&nbsp;Natson Hotel Largo Portfolio | &nbsp;&nbsp;Largo | &nbsp;&nbsp;FL | &nbsp;&nbsp;Hospitality | &nbsp;&nbsp;26000000 | &nbsp;&nbsp;2.6% | &nbsp;&nbsp; JPMBB 2016-C1 |
| &nbsp;&nbsp;12.00 | &nbsp;&nbsp;JPMCB | &nbsp;&nbsp;BioMed MIT Portfolio | &nbsp;&nbsp;Cambridge | &nbsp;&nbsp;MA | &nbsp;&nbsp;Mixed Use | &nbsp;&nbsp;23500000 | &nbsp;&nbsp;2.3% | &nbsp;&nbsp;CAMB 2019-LIFE |
| &nbsp;&nbsp;13.00 | &nbsp;&nbsp;BANA | &nbsp;&nbsp;Tennant Station | &nbsp;&nbsp;Morgan Hill | &nbsp;&nbsp;CA | &nbsp;&nbsp;Retail | &nbsp;&nbsp;22500000 | &nbsp;&nbsp;2.2% | &nbsp;&nbsp;CFCRE 2016-C3 |
| &nbsp;&nbsp;14.00 | &nbsp;&nbsp;BANA | &nbsp;&nbsp;Canyon Portal | &nbsp;&nbsp;Sedona | &nbsp;&nbsp;AZ | &nbsp;&nbsp;Mixed Use | &nbsp;&nbsp;22000000 | &nbsp;&nbsp;2.2% | &nbsp;&nbsp;CGCMT 2017-P8 |
| &nbsp;&nbsp;16.00 | &nbsp;&nbsp;MSMCH | &nbsp;&nbsp;Lawton Town Center | &nbsp;&nbsp;Lawton | &nbsp;&nbsp;OK | &nbsp;&nbsp;Retail | &nbsp;&nbsp;16750000 | &nbsp;&nbsp;1.7% | &nbsp;&nbsp;WFCM 2015-C31 |
| &nbsp;&nbsp;17.00 | &nbsp;&nbsp;MSMCH | &nbsp;&nbsp;Lancaster Plaza | &nbsp;&nbsp;Lancaster | &nbsp;&nbsp;CA | &nbsp;&nbsp;Retail | &nbsp;&nbsp;16050000 | &nbsp;&nbsp;1.6% | &nbsp;&nbsp;CGCMT 2016-GC36 |
| &nbsp;&nbsp;20.00 | &nbsp;&nbsp;MSMCH | &nbsp;&nbsp;Porterwood Shopping Center | &nbsp;&nbsp;Porter | &nbsp;&nbsp;TX | &nbsp;&nbsp;Retail | &nbsp;&nbsp;11500000 | &nbsp;&nbsp;1.1% | &nbsp;&nbsp;MSC 2015-UBS8 |
| &nbsp;&nbsp;21.00 | &nbsp;&nbsp;MSMCH | &nbsp;&nbsp;Meadowlark Gardens | &nbsp;&nbsp;Fresh Meadows | &nbsp;&nbsp;NY | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;9271225 | &nbsp;&nbsp;0.9% | &nbsp;&nbsp;WFCM 2015-NXS3 |
| &nbsp;&nbsp;22.00 | &nbsp;&nbsp;NCB | &nbsp;&nbsp;24535 Owners Corp. | &nbsp;&nbsp;New York | &nbsp;&nbsp;NY | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;8982144 | &nbsp;&nbsp;0.9% | &nbsp;&nbsp;WFCM 2016-C32 |
| &nbsp;&nbsp;25.00 | &nbsp;&nbsp;NCB | &nbsp;&nbsp;Birchwood On The Green Owners Corp. | &nbsp;&nbsp;Oakdale | &nbsp;&nbsp;NY | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;7478879 | &nbsp;&nbsp;0.7% | &nbsp;&nbsp;WFCM 2015-NXS3 |
| &nbsp;&nbsp;30.00 | &nbsp;&nbsp;NCB | &nbsp;&nbsp;711 Shore Road Owners Corp. | &nbsp;&nbsp;Long Beach | &nbsp;&nbsp;NY | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;6793460 | &nbsp;&nbsp;0.7% | &nbsp;&nbsp;WFCM 2016-C32 |
| &nbsp;&nbsp;31.00 | &nbsp;&nbsp;NCB | &nbsp;&nbsp;Tudor Woods, Inc. | &nbsp;&nbsp;Yonkers | &nbsp;&nbsp;NY | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;6600000 | &nbsp;&nbsp;0.7% | &nbsp;&nbsp;BANK 2019-BNK16 |
| &nbsp;&nbsp;32.00 | &nbsp;&nbsp;BANA | &nbsp;&nbsp;Hillcrest Shopping Center | &nbsp;&nbsp;Homewood | &nbsp;&nbsp;AL | &nbsp;&nbsp;Retail | &nbsp;&nbsp;6500000 | &nbsp;&nbsp;0.6% | &nbsp;&nbsp;WFCM 2015-NXS4 |
| &nbsp;&nbsp;33.00 | &nbsp;&nbsp;NCB | &nbsp;&nbsp;Colorado Owners, Inc. | &nbsp;&nbsp;Forest Hills | &nbsp;&nbsp;NY | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;6243721 | &nbsp;&nbsp;0.6% | &nbsp;&nbsp;WFCM 2016-C32 |
| &nbsp;&nbsp;34.00 | &nbsp;&nbsp;NCB | &nbsp;&nbsp;Congress Owners, Ltd. | &nbsp;&nbsp;Brooklyn | &nbsp;&nbsp;NY | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;5394489 | &nbsp;&nbsp;0.5% | &nbsp;&nbsp;WFCM 2016-C32 |
| &nbsp;&nbsp;35.00 | &nbsp;&nbsp;BANA | &nbsp;&nbsp;StorQuest - San Leandro, CA | &nbsp;&nbsp;San Leandro | &nbsp;&nbsp;CA | &nbsp;&nbsp;Self Storage | &nbsp;&nbsp;5200000 | &nbsp;&nbsp;0.5% | &nbsp;&nbsp;MSBAM 2015-C27 |
| &nbsp;&nbsp;36.00 | &nbsp;&nbsp;NCB | &nbsp;&nbsp;Saxony Hall Owners, Inc. | &nbsp;&nbsp;Jamaica | &nbsp;&nbsp;NY | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;5194457 | &nbsp;&nbsp;0.5% | &nbsp;&nbsp;BANK 2019-BNK16 |
| &nbsp;&nbsp;38.00 | &nbsp;&nbsp;MSMCH | &nbsp;&nbsp;A Storage Place Yucaipa | &nbsp;&nbsp;Yucaipa | &nbsp;&nbsp;CA | &nbsp;&nbsp;Self Storage | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;0.5% | &nbsp;&nbsp;CFCRE 2016-C3 |
| &nbsp;&nbsp;40.00 | &nbsp;&nbsp;NCB | &nbsp;&nbsp;505 Central Avenue Corp. | &nbsp;&nbsp;White Plains | &nbsp;&nbsp;NY | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;4994809 | &nbsp;&nbsp;0.5% | &nbsp;&nbsp;WFCM 2016-C32 |
| &nbsp;&nbsp;41.00 | &nbsp;&nbsp;MSMCH | &nbsp;&nbsp;CVS Solomon Portfolio | &nbsp;&nbsp;Various | &nbsp;&nbsp;Various | &nbsp;&nbsp;Retail | &nbsp;&nbsp;4993015 | &nbsp;&nbsp;0.5% | &nbsp;&nbsp;CGCMT 2015-GC33 |
| &nbsp;&nbsp;46.00 | &nbsp;&nbsp;NCB | &nbsp;&nbsp;3050 Fairfield Avenue Owners Corp. | &nbsp;&nbsp;Bronx | &nbsp;&nbsp;NY | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;4300000 | &nbsp;&nbsp;0.4% | &nbsp;&nbsp;WFCM 2016-C32 |
| &nbsp;&nbsp;48.00 | &nbsp;&nbsp;NCB | &nbsp;&nbsp;Highland Terrace Housing Development Fund Corporation | &nbsp;&nbsp;Yonkers | &nbsp;&nbsp;NY | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;3740096 | &nbsp;&nbsp;0.4% | &nbsp;&nbsp;WFCM 2015-C29 |
| &nbsp;&nbsp;53.00 | &nbsp;&nbsp;NCB | &nbsp;&nbsp;6535 Broadway Owners Corp. | &nbsp;&nbsp;Bronx | &nbsp;&nbsp;NY | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;3200000 | &nbsp;&nbsp;0.3% | &nbsp;&nbsp;WFCM 2016-C32 |
| &nbsp;&nbsp;54.00 | &nbsp;&nbsp;NCB | &nbsp;&nbsp;64th Apartment Corp. | &nbsp;&nbsp;Forest Hills | &nbsp;&nbsp;NY | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;3197295 | &nbsp;&nbsp;0.3% | &nbsp;&nbsp;WFCM 2016-C32 |
| &nbsp;&nbsp;55.00 | &nbsp;&nbsp;BANA | &nbsp;&nbsp;StorQuest - Vallejo, CA | &nbsp;&nbsp;Vallejo | &nbsp;&nbsp;CA | &nbsp;&nbsp;Self Storage | &nbsp;&nbsp;2960000 | &nbsp;&nbsp;0.3% | &nbsp;&nbsp;MSBAM 2015-C27 |
| &nbsp;&nbsp;57.00 | &nbsp;&nbsp;NCB | &nbsp;&nbsp;137-05 Franklin Avenue Owners, Inc. | &nbsp;&nbsp;Flushing | &nbsp;&nbsp;NY | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;2796422 | &nbsp;&nbsp;0.3% | &nbsp;&nbsp;WFCM 2015-LC22 |
| &nbsp;&nbsp;61.00 | &nbsp;&nbsp;NCB | &nbsp;&nbsp;111 Tenants Corp. | &nbsp;&nbsp;New York | &nbsp;&nbsp;NY | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;2400000 | &nbsp;&nbsp;0.2% | &nbsp;&nbsp;WFCM 2015-NXS3 |
| &nbsp;&nbsp;64.00 | &nbsp;&nbsp;NCB | &nbsp;&nbsp;The Manton House Corp. | &nbsp;&nbsp;Briarwood | &nbsp;&nbsp;NY | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;1997453 | &nbsp;&nbsp;0.2% | &nbsp;&nbsp;WFCM 2015-NXS3 |
| &nbsp;&nbsp;66.00 | &nbsp;&nbsp;NCB | &nbsp;&nbsp;Hampton House Tenants Corp. | &nbsp;&nbsp;Rockville Centre | &nbsp;&nbsp;NY | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;1749087 | &nbsp;&nbsp;0.2% | &nbsp;&nbsp;WFCM 2016-C32 |
| &nbsp;&nbsp;68.00 | &nbsp;&nbsp;NCB | &nbsp;&nbsp;Greenwich 33 Apartment Corp. | &nbsp;&nbsp;New York | &nbsp;&nbsp;NY | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;0.1% | &nbsp;&nbsp;WFCM 2016-C33 |
| &nbsp;&nbsp;69.00 | &nbsp;&nbsp;NCB | &nbsp;&nbsp;Heathcote Manor Owners Corp. | &nbsp;&nbsp;Mamaroneck | &nbsp;&nbsp;NY | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;0.1% | &nbsp;&nbsp;WFCM 2016-C32 |
| &nbsp;&nbsp;70.00 | &nbsp;&nbsp;NCB | &nbsp;&nbsp;Gramatan Court Apartments, Inc. | &nbsp;&nbsp;Bronxville | &nbsp;&nbsp;NY | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;1473548 | &nbsp;&nbsp;0.1% | &nbsp;&nbsp;WFCM 2016-C32 |
| &nbsp;&nbsp;74.00 | &nbsp;&nbsp;NCB | &nbsp;&nbsp;Carolyn Court Owners, Inc. | &nbsp;&nbsp;Mamaroneck | &nbsp;&nbsp;NY | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;997313 | &nbsp;&nbsp;0.1% | &nbsp;&nbsp;WFCM 2015-NXS3 |
|  | &nbsp;&nbsp;**Total** |  |  |  |  | &nbsp;&nbsp;**$436757413** | &nbsp;&nbsp;**43.4%** |  |

---

(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. |
| 8 |

---

---

| | |
|:---|:---|
| **BANK 2025-BNK51** | Characteristics of the Mortgage Pool |

---

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

![](n5486prets_img005.jpg)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Property Type** | &nbsp;&nbsp;**Number of Mortgaged Properties** | &nbsp;&nbsp;**Aggregate Cut-off Date Balance ($)** | &nbsp;&nbsp;**% of Cut-off Date 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 Average Mortgage Rate (%)** |
| &nbsp;&nbsp;**Retail** | &nbsp;&nbsp;**12** | &nbsp;&nbsp;**$309143015** | &nbsp;&nbsp;**30.7%** | &nbsp;&nbsp;&nbsp;&nbsp;**60.4%** | &nbsp;&nbsp;**59.7%** | &nbsp;&nbsp;**1.84x** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.3%** | &nbsp;&nbsp;&nbsp;&nbsp;**11.6%** | &nbsp;&nbsp;**6.1820%** |
| &nbsp;&nbsp;&nbsp;&nbsp;*Anchored* | &nbsp;&nbsp;*8* | &nbsp;&nbsp;*216850000* | &nbsp;&nbsp;*21.5* | &nbsp;&nbsp;*60.9* | &nbsp;&nbsp;*60.2* | &nbsp;&nbsp;*1.63* | &nbsp;&nbsp;*10.9* | &nbsp;&nbsp;*10.3* | &nbsp;&nbsp;*6.1738* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Outlet Center* | &nbsp;&nbsp;*1* | &nbsp;&nbsp;*84000000* | &nbsp;&nbsp;*8.3* | &nbsp;&nbsp;*60.6* | &nbsp;&nbsp;*60.6* | &nbsp;&nbsp;*2.31* | &nbsp;&nbsp;*15.2* | &nbsp;&nbsp;*14.5* | &nbsp;&nbsp;*6.2080* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Single Tenant* | &nbsp;&nbsp;*2* | &nbsp;&nbsp;*4993015* | &nbsp;&nbsp;*0.5* | &nbsp;&nbsp;*56.0* | &nbsp;&nbsp;*43.8* | &nbsp;&nbsp;*1.53* | &nbsp;&nbsp;*12.7* | &nbsp;&nbsp;*12.1* | &nbsp;&nbsp;*6.2100* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Shadow Anchored* | &nbsp;&nbsp;*1* | &nbsp;&nbsp;*3300000* | &nbsp;&nbsp;*0.3* | &nbsp;&nbsp;*28.0* | &nbsp;&nbsp;*28.0* | &nbsp;&nbsp;*3.67* | &nbsp;&nbsp;*25.4* | &nbsp;&nbsp;*22.4* | &nbsp;&nbsp;*6.0200* |
| &nbsp;&nbsp;**Multifamily** | &nbsp;&nbsp;**46** | &nbsp;&nbsp;**200672772** | &nbsp;&nbsp;**19.9** | &nbsp;&nbsp;**17.8** | &nbsp;&nbsp;**16.2** | &nbsp;&nbsp;**6.65** | &nbsp;&nbsp;**45.2** | &nbsp;&nbsp;**44.6** | &nbsp;&nbsp;**5.8952** |
| &nbsp;&nbsp;&nbsp;&nbsp;*Cooperative* | &nbsp;&nbsp;*45* | &nbsp;&nbsp;*188672772* | &nbsp;&nbsp;*18.7* | &nbsp;&nbsp;*14.9* | &nbsp;&nbsp;*13.2* | &nbsp;&nbsp;*6.99* | &nbsp;&nbsp;*47.6* | &nbsp;&nbsp;*46.9* | &nbsp;&nbsp;*5.8815* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Mid Rise* | &nbsp;&nbsp;*1* | &nbsp;&nbsp;*12000000* | &nbsp;&nbsp;*1.2* | &nbsp;&nbsp;*63.8* | &nbsp;&nbsp;*63.8* | &nbsp;&nbsp;*1.30* | &nbsp;&nbsp;*8.1* | &nbsp;&nbsp;*8.0* | &nbsp;&nbsp;*6.1100* |
| &nbsp;&nbsp;**Office** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**178500000** | &nbsp;&nbsp;**17.7** | &nbsp;&nbsp;**52.3** | &nbsp;&nbsp;**52.3** | &nbsp;&nbsp;**2.40** | &nbsp;&nbsp;**15.7** | &nbsp;&nbsp;**14.7** | &nbsp;&nbsp;**6.1046** |
| &nbsp;&nbsp;&nbsp;&nbsp;*CBD* | &nbsp;&nbsp;*2* | &nbsp;&nbsp;*130000000* | &nbsp;&nbsp;*12.9* | &nbsp;&nbsp;*52.0* | &nbsp;&nbsp;*52.0* | &nbsp;&nbsp;*2.23* | &nbsp;&nbsp;*14.4* | &nbsp;&nbsp;*13.7* | &nbsp;&nbsp;*6.1425* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Suburban* | &nbsp;&nbsp;*1* | &nbsp;&nbsp;*48500000* | &nbsp;&nbsp;*4.8* | &nbsp;&nbsp;*53.1* | &nbsp;&nbsp;*53.1* | &nbsp;&nbsp;*2.88* | &nbsp;&nbsp;*19.1* | &nbsp;&nbsp;*17.6* | &nbsp;&nbsp;*6.0030* |
| &nbsp;&nbsp;**Leased Fee** | &nbsp;&nbsp;**1** | &nbsp;&nbsp;**100000000** | &nbsp;&nbsp;**9.9** | &nbsp;&nbsp;**76.6** | &nbsp;&nbsp;**76.6** | &nbsp;&nbsp;**1.29** | &nbsp;&nbsp;**8.2** | &nbsp;&nbsp;**8.2** | &nbsp;&nbsp;**6.2760** |
| &nbsp;&nbsp;&nbsp;&nbsp;*Leased Fee* | &nbsp;&nbsp;*1* | &nbsp;&nbsp;*100000000* | &nbsp;&nbsp;*9.9* | &nbsp;&nbsp;*76.6* | &nbsp;&nbsp;*76.6* | &nbsp;&nbsp;*1.29* | &nbsp;&nbsp;*8.2* | &nbsp;&nbsp;*8.2* | &nbsp;&nbsp;*6.2760* |
| &nbsp;&nbsp;**Hospitality** | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**80250000** | &nbsp;&nbsp;**8.0** | &nbsp;&nbsp;**52.6** | &nbsp;&nbsp;**45.4** | &nbsp;&nbsp;**1.76** | &nbsp;&nbsp;**16.6** | &nbsp;&nbsp;**13.8** | &nbsp;&nbsp;**6.5877** |
| &nbsp;&nbsp;&nbsp;&nbsp;*Full Service* | &nbsp;&nbsp;*1* | &nbsp;&nbsp;*34750000* | &nbsp;&nbsp;*3.4* | &nbsp;&nbsp;*47.9* | &nbsp;&nbsp;*37.8* | &nbsp;&nbsp;*1.75* | &nbsp;&nbsp;*18.2* | &nbsp;&nbsp;*14.1* | &nbsp;&nbsp;*6.4670* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Limited Service* | &nbsp;&nbsp;*2* | &nbsp;&nbsp;*26000000* | &nbsp;&nbsp;*2.6* | &nbsp;&nbsp;*56.1* | &nbsp;&nbsp;*53.0* | &nbsp;&nbsp;*1.80* | &nbsp;&nbsp;*15.4* | &nbsp;&nbsp;*13.9* | &nbsp;&nbsp;*6.6580* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Select Service* | &nbsp;&nbsp;*1* | &nbsp;&nbsp;*19500000* | &nbsp;&nbsp;*1.9* | &nbsp;&nbsp;*56.5* | &nbsp;&nbsp;*49.0* | &nbsp;&nbsp;*1.72* | &nbsp;&nbsp;*15.5* | &nbsp;&nbsp;*13.3* | &nbsp;&nbsp;*6.7090* |
| &nbsp;&nbsp;**Industrial** | &nbsp;&nbsp;**11** | &nbsp;&nbsp;**70330000** | &nbsp;&nbsp;**7.0** | &nbsp;&nbsp;**60.2** | &nbsp;&nbsp;**53.0** | &nbsp;&nbsp;**1.52** | &nbsp;&nbsp;**11.8** | &nbsp;&nbsp;**11.0** | &nbsp;&nbsp;**6.3640** |
| &nbsp;&nbsp;&nbsp;&nbsp;*Warehouse/Distribution* | &nbsp;&nbsp;*5* | &nbsp;&nbsp;*28163000* | &nbsp;&nbsp;*2.8* | &nbsp;&nbsp;*61.3* | &nbsp;&nbsp;*52.6* | &nbsp;&nbsp;*1.44* | &nbsp;&nbsp;*11.6* | &nbsp;&nbsp;*10.8* | &nbsp;&nbsp;*6.3800* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Manufacturing* | &nbsp;&nbsp;*3* | &nbsp;&nbsp;*24659000* | &nbsp;&nbsp;*2.4* | &nbsp;&nbsp;*61.3* | &nbsp;&nbsp;*52.6* | &nbsp;&nbsp;*1.44* | &nbsp;&nbsp;*11.6* | &nbsp;&nbsp;*10.8* | &nbsp;&nbsp;*6.3800* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Warehouse* | &nbsp;&nbsp;*1* | &nbsp;&nbsp;*7000000* | &nbsp;&nbsp;*0.7* | &nbsp;&nbsp;*44.3* | &nbsp;&nbsp;*44.3* | &nbsp;&nbsp;*2.36* | &nbsp;&nbsp;*15.0* | &nbsp;&nbsp;*14.4* | &nbsp;&nbsp;*6.0000* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Manufacturing/Warehouse* | &nbsp;&nbsp;*1* | &nbsp;&nbsp;*5678000* | &nbsp;&nbsp;*0.6* | &nbsp;&nbsp;*61.3* | &nbsp;&nbsp;*52.6* | &nbsp;&nbsp;*1.44* | &nbsp;&nbsp;*11.6* | &nbsp;&nbsp;*10.8* | &nbsp;&nbsp;*6.3800* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Flex* | &nbsp;&nbsp;*1* | &nbsp;&nbsp;*4830000* | &nbsp;&nbsp;*0.5* | &nbsp;&nbsp;*70.0* | &nbsp;&nbsp;*70.0* | &nbsp;&nbsp;*1.33* | &nbsp;&nbsp;*9.7* | &nbsp;&nbsp;*9.0* | &nbsp;&nbsp;*6.6980* |
| &nbsp;&nbsp;**Mixed Use** | &nbsp;&nbsp;**9** | &nbsp;&nbsp;**45500000** | &nbsp;&nbsp;**4.5** | &nbsp;&nbsp;**51.5** | &nbsp;&nbsp;**49.6** | &nbsp;&nbsp;**2.00** | &nbsp;&nbsp;**13.2** | &nbsp;&nbsp;**13.0** | &nbsp;&nbsp;**6.2522** |
| &nbsp;&nbsp;&nbsp;&nbsp;*Lab/Office* | &nbsp;&nbsp;*8* | &nbsp;&nbsp;*23500000* | &nbsp;&nbsp;*2.3* | &nbsp;&nbsp;*35.3* | &nbsp;&nbsp;*35.3* | &nbsp;&nbsp;*2.75* | &nbsp;&nbsp;*16.6* | &nbsp;&nbsp;*16.4* | &nbsp;&nbsp;*5.8928* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Retail/Hospitality* | &nbsp;&nbsp;*1* | &nbsp;&nbsp;*22000000* | &nbsp;&nbsp;*2.2* | &nbsp;&nbsp;*68.8* | &nbsp;&nbsp;*64.9* | &nbsp;&nbsp;*1.20* | &nbsp;&nbsp;*9.6* | &nbsp;&nbsp;*9.3* | &nbsp;&nbsp;*6.6360* |
| &nbsp;&nbsp;**Self Storage** | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**23010000** | &nbsp;&nbsp;**2.3** | &nbsp;&nbsp;**49.2** | &nbsp;&nbsp;**49.2** | &nbsp;&nbsp;**2.20** | &nbsp;&nbsp;**13.1** | &nbsp;&nbsp;**12.9** | &nbsp;&nbsp;**5.8666** |
| &nbsp;&nbsp;&nbsp;&nbsp;*Self Storage* | &nbsp;&nbsp;*5* | &nbsp;&nbsp;*23010000* | &nbsp;&nbsp;*2.3* | &nbsp;&nbsp;*49.2* | &nbsp;&nbsp;*49.2* | &nbsp;&nbsp;*2.20* | &nbsp;&nbsp;*13.1* | &nbsp;&nbsp;*12.9* | &nbsp;&nbsp;*5.8666* |
| &nbsp;&nbsp;**Total/Weighted Average** | &nbsp;&nbsp;**91** | &nbsp;&nbsp;**$1007405787** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**50.8%** | &nbsp;&nbsp;**49.1%** | &nbsp;&nbsp;**2.83x** | &nbsp;&nbsp;**19.4%** | &nbsp;&nbsp;**18.6%** | &nbsp;&nbsp;**6.1615%** |

---

(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). For mortgaged properties securing residential cooperative mortgage loans, the debt service coverage ratio and debt yield for each such mortgaged property is calculated using U/W Net Operating Income or U/W Net Cash Flow, as applicable, for the related residential cooperative property which is the projected net operating income or net cash flow, as applicable, reflected in the most recent appraisal obtained by or otherwise in the possession of the related mortgage loan seller as of the cut-off date and the loan-to-value ratio, is calculated based upon the appraised value of the residential cooperative property determined as if such residential cooperative property is operated as a residential cooperative, inclusive of the amount of the underlying debt encumbering such residential cooperative property. 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. |
| 9 |

---

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| | |
|:---|:---|
| **BANK 2025-BNK51** | Characteristics of the Mortgage Pool |

---

G. <u>Geographic Distribution</u> <sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Location** | **Number of Mortgaged Properties** | **Aggregate <br> Cut-off Date Balance ($)** | **% of <br> Cut-off Date Balance (%)** | **Weighted Average Cut-off Date LTV Ratio (%)** | **Weighted Average Balloon LTV Ratio (%)** | **Weighted Average U/W NCF DSCR (x)** | **Weighted Average U/W NOI Debt Yield (%)** | **Weighted Average U/W NCF Debt Yield (%)** | **Weighted Average Interest Rate (%)** |
| New York | 47 | $306172772 | 30.4% | 28.3% | 27.3% | 5.08 x | 34.4% | 33.8% | 6.0139% |
| Florida | 4 | 129500000 | 12.9 | 59.1 | 57.3 | 2.12 | 15.3 | 14.2 | 6.3738 |
| Colorado | 1 | 100000000 | 9.9 | 76.6 | 76.6 | 1.29 | 8.2 | 8.2 | 6.2760 |
| California | 6 | 91710000 | 9.1 | 49.5 | 49.5 | 2.47 | 15.3 | 14.4 | 5.7900 |
| *Southern California* | *3* | *61050000* | *6.1* | *51.8* | *51.8* | *2.54* | *15.5* | *14.7* | *5.7522* |
| *Northern California* | *3* | *30660000* | *3.0* | *45.0* | *45.0* | *2.33* | *14.9* | *13.8* | *5.8652* |
| Virginia | 1 | 88000000 | 8.7 | 68.1 | 68.1 | 1.34 | 9.1 | 8.7 | 6.3900 |
| Other<sup>(2)</sup> | 32 | 292023015 | 29.0 | 57.0 | 53.0 | 1.87 | 13.8 | 12.6 | 6.2307 |
| **Total/Weighted Average** | **91** | **$1007405787** | **100.0%** | **50.8%** | **49.1%** | **2.83** **x** | **19.4%** | **18.6%** | **6.1615%** |

---

(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). For mortgaged properties securing residential cooperative mortgage loans, the debt
service coverage ratio and debt yield for each such mortgaged property is calculated using U/W Net Operating Income or U/W Net Cash Flow,
as applicable, for the related residential cooperative property which is the projected net operating income or net cash flow, as applicable,
reflected in the most recent appraisal obtained by or otherwise in the possession of the related mortgage loan seller as of the cut-off
date and the loan-to-value ratio, is calculated based upon the appraised value of the residential cooperative property determined as if
such residential cooperative property is operated as a residential cooperative, inclusive of the amount of the underlying debt encumbering
such residential cooperative property. 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.

(2) Includes 17 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. |
| 10 |

---

---

| | |
|:---|:---|
| **BANK 2025-BNK51** | Characteristics of the Mortgage Pool |

---

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

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**CUT-OFF DATE BALANCE** | &nbsp;&nbsp;**CUT-OFF DATE BALANCE** | &nbsp;&nbsp;**CUT-OFF DATE BALANCE** | &nbsp;&nbsp;**CUT-OFF DATE BALANCE** |
| **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 (%)** |
| 997313 - 2000000 | &nbsp;&nbsp;12 | &nbsp;&nbsp;$18231261 | &nbsp;&nbsp;1.8% |
| 2000001 - 4000000 | &nbsp;&nbsp;16 | &nbsp;&nbsp;48759193 | &nbsp;&nbsp;4.8 |
| 4000001 - 6000000 | &nbsp;&nbsp;13 | &nbsp;&nbsp;63495618 | &nbsp;&nbsp;6.3 |
| 6000001 - 10000000 | &nbsp;&nbsp;13 | &nbsp;&nbsp;95333192 | &nbsp;&nbsp;9.5 |
| 10000001 - 20000000 | &nbsp;&nbsp;6 | &nbsp;&nbsp;88286523 | &nbsp;&nbsp;8.8 |
| 20000001 - 50000000 | &nbsp;&nbsp;9 | &nbsp;&nbsp;272800000 | &nbsp;&nbsp;27.1 |
| 50000001 - 75000000 | &nbsp;&nbsp;1 | &nbsp;&nbsp;58500000 | &nbsp;&nbsp;5.8 |
| 75000001 - 100000000 | &nbsp;&nbsp;4 | &nbsp;&nbsp;362000000 | &nbsp;&nbsp;35.9 |
| &nbsp;&nbsp;**Total:** | &nbsp;&nbsp;**74** | &nbsp;&nbsp;**$1007405787** | &nbsp;&nbsp;**100.0%** |
| &nbsp;&nbsp;**Average:** | &nbsp;&nbsp;**$13613592** |  |  |
| &nbsp;&nbsp;**UNDERWRITTEN NOI DEBT SERVICE COVERAGE RATIO** | &nbsp;&nbsp;**UNDERWRITTEN NOI DEBT SERVICE COVERAGE RATIO** | &nbsp;&nbsp;**UNDERWRITTEN NOI DEBT SERVICE COVERAGE RATIO** | &nbsp;&nbsp;**UNDERWRITTEN NOI DEBT SERVICE COVERAGE RATIO** |
| **Range of U/W NOI<br> DSCRs (x)** | &nbsp;&nbsp;**Number of<br> Mortgage<br> Loans** | &nbsp;&nbsp;**Aggregate <br> Cut-off Date Balance ($)** | &nbsp;&nbsp;**Percent by<br> Aggregate<br> Cut-off Date<br> Pool Balance (%)** |
| 1.24 - 1.40 | &nbsp;&nbsp;3 | &nbsp;&nbsp;$134000000 | &nbsp;&nbsp;13.3% |
| 1.41 - 1.70 | &nbsp;&nbsp;9 | &nbsp;&nbsp;235673015 | &nbsp;&nbsp;23.4 |
| 1.71 - 2.00 | &nbsp;&nbsp;3 | &nbsp;&nbsp;135500000 | &nbsp;&nbsp;13.5 |
| 2.01 - 3.00 | &nbsp;&nbsp;13 | &nbsp;&nbsp;228959026 | &nbsp;&nbsp;22.7 |
| 3.01 - 5.00 | &nbsp;&nbsp;17 | &nbsp;&nbsp;160299943 | &nbsp;&nbsp;15.9 |
| 5.01 - 32.58 | &nbsp;&nbsp;29 | &nbsp;&nbsp;112973804 | &nbsp;&nbsp;11.2 |
| &nbsp;&nbsp;**Total:** | &nbsp;&nbsp;**74** | &nbsp;&nbsp; **$1007405787** | &nbsp;&nbsp;**100.0%** |
| &nbsp;&nbsp;**Weighted Average:** | &nbsp;&nbsp;**2.95x** |  |  |
| &nbsp;&nbsp;**UNDERWRITTEN NOI DEBT YIELD** | &nbsp;&nbsp;**UNDERWRITTEN NOI DEBT YIELD** | &nbsp;&nbsp;**UNDERWRITTEN NOI DEBT YIELD** | &nbsp;&nbsp;**UNDERWRITTEN NOI DEBT YIELD** |
| **Range of U/W NOI<br> Debt Yields (%)** | &nbsp;&nbsp;**Number of<br> Mortgage<br> Loans** | &nbsp;&nbsp;**Aggregate <br> Cut-off Date Balance ($)** | &nbsp;&nbsp;**Percent by<br> Aggregate<br> Cut-off Date<br> Pool Balance (%)** |
| 8.1 - 10.0 | &nbsp;&nbsp;7 | &nbsp;&nbsp;$261880000 | &nbsp;&nbsp;26.0% |
| 10.1 - 11.0 | &nbsp;&nbsp;2 | &nbsp;&nbsp;27550000 | &nbsp;&nbsp;2.7 |
| 11.1 - 12.0 | &nbsp;&nbsp;2 | &nbsp;&nbsp;75250000 | &nbsp;&nbsp;7.5 |
| 12.1 - 13.0 | &nbsp;&nbsp;4 | &nbsp;&nbsp;104343015 | &nbsp;&nbsp;10.4 |
| 13.1 - 14.0 | &nbsp;&nbsp;1 | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;0.5 |
| 14.1 - 199.9 | &nbsp;&nbsp;58 | &nbsp;&nbsp;533382772 | &nbsp;&nbsp;52.9 |
| &nbsp;&nbsp;**Total:** | &nbsp;&nbsp;**74** | &nbsp;&nbsp;**$1007405787** | &nbsp;&nbsp;**100.0%** |
| &nbsp;&nbsp;**Weighted Average:** | &nbsp;&nbsp;**19.4%** |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**LOAN PURPOSE** | &nbsp;&nbsp;**LOAN PURPOSE** | &nbsp;&nbsp;**LOAN PURPOSE** | &nbsp;&nbsp;**LOAN PURPOSE** |
| **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 (%)** |
| Refinance | &nbsp;&nbsp;68 | &nbsp;&nbsp;$821756887 | &nbsp;&nbsp;81.6% |
| Acquisition | &nbsp;&nbsp;3 | &nbsp;&nbsp;141330000 | &nbsp;&nbsp;14.0 |
| Recapitalization | &nbsp;&nbsp;3 | &nbsp;&nbsp;44318900 | &nbsp;&nbsp;4.4 |
| &nbsp;&nbsp;**Total:** | &nbsp;&nbsp;**74** | &nbsp;&nbsp;**$1007405787** | &nbsp;&nbsp;**100.0%** |
| &nbsp;&nbsp;**MORTGAGE RATE** | &nbsp;&nbsp;**MORTGAGE RATE** | &nbsp;&nbsp;**MORTGAGE RATE** | &nbsp;&nbsp;**MORTGAGE RATE** |
| **Range of Mortgage <br> Rates (%)** | &nbsp;&nbsp;**Number of<br> Mortgage<br> Loans** | &nbsp;&nbsp;**Aggregate <br> Cut-off Date Balance ($)** | &nbsp;&nbsp;**Percent by<br> Aggregate<br> Cut-off Date<br> Pool Balance (%)** |
| 5.4800 - 5.7500 | &nbsp;&nbsp;15 | &nbsp;&nbsp;$151921491 | &nbsp;&nbsp;15.1% |
| 5.7501 - 6.0000 | &nbsp;&nbsp;17 | &nbsp;&nbsp;116077698 | &nbsp;&nbsp;11.5 |
| 6.0001 - 6.2500 | &nbsp;&nbsp;25 | &nbsp;&nbsp;250241551 | &nbsp;&nbsp;24.8 |
| 6.2501 - 6.5000 | &nbsp;&nbsp;12 | &nbsp;&nbsp;413239122 | &nbsp;&nbsp;41.0 |
| 6.5001 - 6.7090 | &nbsp;&nbsp;5 | &nbsp;&nbsp;75925926 | &nbsp;&nbsp;7.5 |
| **Total:** | &nbsp;&nbsp;**74** | &nbsp;&nbsp;**$1007405787** | &nbsp;&nbsp;**100.0%** |
| **Weighted Average:** | &nbsp;&nbsp;**6.1615%** |  |  |
| &nbsp;&nbsp;**UNDERWRITTEN NCF DEBT SERVICE COVERAGE RATIO** | &nbsp;&nbsp;**UNDERWRITTEN NCF DEBT SERVICE COVERAGE RATIO** | &nbsp;&nbsp;**UNDERWRITTEN NCF DEBT SERVICE COVERAGE RATIO** | &nbsp;&nbsp;**UNDERWRITTEN NCF DEBT SERVICE COVERAGE RATIO** |
| **Range of U/W NCF<br> DSCRs (x)** | &nbsp;&nbsp;**Number of<br> Mortgage<br> Loans** | &nbsp;&nbsp;**Aggregate <br> Cut-off Date Balance ($)** | &nbsp;&nbsp;**Percent by<br> Aggregate<br> Cut-off Date<br> Pool Balance (%)** |
| 1.20 - 1.40 | &nbsp;&nbsp;5 | &nbsp;&nbsp;$226830000 | &nbsp;&nbsp;22.5% |
| 1.41 - 1.70 | &nbsp;&nbsp;7 | &nbsp;&nbsp;142843015 | &nbsp;&nbsp;14.2 |
| 1.71 - 2.00 | &nbsp;&nbsp;5 | &nbsp;&nbsp;176750000 | &nbsp;&nbsp;17.5 |
| 2.01 - 2.50 | &nbsp;&nbsp;8 | &nbsp;&nbsp;154009026 | &nbsp;&nbsp;15.3 |
| 2.51 - 3.00 | &nbsp;&nbsp;5 | &nbsp;&nbsp;122200000 | &nbsp;&nbsp;12.1 |
| 3.01 - 5.00 | &nbsp;&nbsp;16 | &nbsp;&nbsp;77194432 | &nbsp;&nbsp;7.7 |
| 5.01 - 7.00 | &nbsp;&nbsp;11 | &nbsp;&nbsp;57981006 | &nbsp;&nbsp;5.8 |
| 7.01 - 32.51 | &nbsp;&nbsp;17 | &nbsp;&nbsp;49598308 | &nbsp;&nbsp;4.9 |
| &nbsp;&nbsp;**Total:** | &nbsp;&nbsp;**74** | &nbsp;&nbsp;**$1007405787** | &nbsp;&nbsp;**100.0%** |
| &nbsp;&nbsp;**Weighted Average:** | &nbsp;&nbsp;**2.83x** |  |  |
| &nbsp;&nbsp;**UNDERWRITTEN NCF DEBT YIELD** | &nbsp;&nbsp;**UNDERWRITTEN NCF DEBT YIELD** | &nbsp;&nbsp;**UNDERWRITTEN NCF DEBT YIELD** | &nbsp;&nbsp;**UNDERWRITTEN NCF DEBT YIELD** |
| **Range of U/W NCF<br> Debt Yields (%)** | &nbsp;&nbsp;**Number of<br> Mortgage<br> Loans** | &nbsp;&nbsp;**Aggregate <br> Cut-off Date Balance ($)** | &nbsp;&nbsp;**Percent by<br> Aggregate<br> Cut-off Date<br> Pool Balance (%)** |
| 8.0 - 9.0 | &nbsp;&nbsp;4 | &nbsp;&nbsp;$204830000 | &nbsp;&nbsp;20.3% |
| 9.1 - 10.0 | &nbsp;&nbsp;5 | &nbsp;&nbsp;84600000 | &nbsp;&nbsp;8.4 |
| 10.1 - 12.0 | &nbsp;&nbsp;3 | &nbsp;&nbsp;81750000 | &nbsp;&nbsp;8.1 |
| 12.1 - 14.0 | &nbsp;&nbsp;8 | &nbsp;&nbsp;198343015 | &nbsp;&nbsp;19.7 |
| 14.1 - 16.0 | &nbsp;&nbsp;4 | &nbsp;&nbsp;128710000 | &nbsp;&nbsp;12.8 |
| 16.1 - 20.0 | &nbsp;&nbsp;5 | &nbsp;&nbsp;119399026 | &nbsp;&nbsp;11.9 |
| 20.1 - 199.4 | &nbsp;&nbsp;45 | &nbsp;&nbsp;189773746 | &nbsp;&nbsp;18.8 |
| &nbsp;&nbsp;**Total:** | &nbsp;&nbsp;**74** | &nbsp;&nbsp;**$1007405787** | &nbsp;&nbsp;**100.0%** |
| &nbsp;&nbsp;**Weighted Average:** | &nbsp;&nbsp;**18.6%** |  |  |

---

(1) For mortgaged properties securing residential cooperative mortgage loans, the debt service coverage ratio
and debt yield for each such mortgaged property is calculated using U/W Net Operating Income or U/W Net Cash Flow, as applicable, for
the related residential cooperative property which is the projected net operating income or net cash flow, as applicable, reflected in
the most recent appraisal obtained by or otherwise in the possession of the related mortgage loan seller as of the cut-off date and the
loan-to-value ratio, is calculated based upon the appraised value of the residential cooperative property determined as if such residential
cooperative property is operated as a residential cooperative, inclusive of the amount of the underlying debt encumbering such residential
cooperative property. 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).

---

| |
|:---|
| 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 |

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| | |
|:---|:---|
| **BANK 2025-BNK51** | Characteristics of the Mortgage Pool |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**ORIGINAL TERM TO MATURITY** | &nbsp;&nbsp;**ORIGINAL TERM TO MATURITY** | &nbsp;&nbsp;**ORIGINAL TERM TO MATURITY** | &nbsp;&nbsp;**ORIGINAL TERM TO MATURITY** |
| **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 (%)** |
| 84 | &nbsp;&nbsp;1 | &nbsp;&nbsp;$6243721 | &nbsp;&nbsp;0.6% |
| 120 | &nbsp;&nbsp;71 | &nbsp;&nbsp;896162066 | &nbsp;&nbsp;89.0 |
| 121 | &nbsp;&nbsp;2 | &nbsp;&nbsp;105000000 | &nbsp;&nbsp;10.4 |
| 84 | &nbsp;&nbsp;1 | &nbsp;&nbsp;6243721 | &nbsp;&nbsp; 0.6 |
| **Total:** | &nbsp;&nbsp;**74** | &nbsp;&nbsp;**$1007405787** | &nbsp;&nbsp;**100.0%** |
| **Weighted Average:** | &nbsp;&nbsp;**120 Months** |  |  |
| &nbsp;&nbsp;**REMAINING TERM TO MATURITY** | &nbsp;&nbsp;**REMAINING TERM TO MATURITY** | &nbsp;&nbsp;**REMAINING TERM TO MATURITY** | &nbsp;&nbsp;**REMAINING TERM TO MATURITY** |
| **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 (%)** |
| 82 - 117 | &nbsp;&nbsp;17 | &nbsp;&nbsp;$145495525 | &nbsp;&nbsp;14.4% |
| 118 - 119 | &nbsp;&nbsp;36 | &nbsp;&nbsp;326391363 | &nbsp;&nbsp;32.4 |
| 120 - 121 | &nbsp;&nbsp;21 | &nbsp;&nbsp;535518900 | &nbsp;&nbsp;53.2 |
| **Total:** | &nbsp;&nbsp;**74** | &nbsp;&nbsp;**$1007405787** | &nbsp;&nbsp;**100.0%** |
| **Weighted Average:** | &nbsp;&nbsp;**119 Months** |  |  |
| &nbsp;&nbsp;**ORIGINAL AMORTIZATION TERM<sup>(1)</sup>** | &nbsp;&nbsp;**ORIGINAL AMORTIZATION TERM<sup>(1)</sup>** | &nbsp;&nbsp;**ORIGINAL AMORTIZATION TERM<sup>(1)</sup>** | &nbsp;&nbsp;**ORIGINAL AMORTIZATION TERM<sup>(1)</sup>** |
| **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 (%)** |
| Non-Amortizing | &nbsp;&nbsp;31 | &nbsp;&nbsp;$666640000 | &nbsp;&nbsp;66.2% |
| 300 | &nbsp;&nbsp;2 | &nbsp;&nbsp;39743015 | &nbsp;&nbsp;3.9 |
| 360 | &nbsp;&nbsp;29 | &nbsp;&nbsp;261167342 | &nbsp;&nbsp;25.9 |
| 480 | &nbsp;&nbsp;12 | &nbsp;&nbsp;39855430 | &nbsp;&nbsp;4.0 |
| &nbsp;&nbsp;**Total:** | &nbsp;&nbsp;**74** | &nbsp;&nbsp;**$1007405787** | &nbsp;&nbsp;**100.0%** |
| &nbsp;&nbsp;**Weighted Average<sup>(3)</sup>:** | &nbsp;&nbsp;**367 Months** |  |  |
| &nbsp;&nbsp;**REMAINING AMORTIZATION TERM<sup>(2)</sup>** | &nbsp;&nbsp;**REMAINING AMORTIZATION TERM<sup>(2)</sup>** | &nbsp;&nbsp;**REMAINING AMORTIZATION TERM<sup>(2)</sup>** | &nbsp;&nbsp;**REMAINING AMORTIZATION TERM<sup>(2)</sup>** |
| **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 (%)** |
| Non-Amortizing | &nbsp;&nbsp;31 | &nbsp;&nbsp;$666640000 | &nbsp;&nbsp; 66.2% |
| 299 - 359 | &nbsp;&nbsp;20 | &nbsp;&nbsp;133741457 | &nbsp;&nbsp;13.3 |
| 360 - 480 | &nbsp;&nbsp;23 | &nbsp;&nbsp;207024330 | &nbsp;&nbsp;20.6 |
| &nbsp;&nbsp;**Total:** | &nbsp;&nbsp;**74** | &nbsp;&nbsp;**$1007405787** | &nbsp;&nbsp;**100.0%** |
| &nbsp;&nbsp;**Weighted Average<sup>(3)</sup>:** | &nbsp;&nbsp;**366 Months** |  |  |
| &nbsp;&nbsp;**LOCKBOXES** | &nbsp;&nbsp;**LOCKBOXES** | &nbsp;&nbsp;**LOCKBOXES** | &nbsp;&nbsp;**LOCKBOXES** |
| **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 (%)** |
| Hard/ Springing Cash Management | &nbsp;&nbsp;15 | &nbsp;&nbsp;$579493015 | &nbsp;&nbsp;57.5% |
| Springing | &nbsp;&nbsp;15 | &nbsp;&nbsp;237226523 | &nbsp;&nbsp;23.5 |
|  | &nbsp;&nbsp;43 | &nbsp;&nbsp;171186250 | &nbsp;&nbsp;17.0 |
| Hard/ In Place Cash Management | &nbsp;&nbsp;1 | &nbsp;&nbsp;19500000 | &nbsp;&nbsp;1.9 |
| &nbsp;&nbsp;**Total:** | &nbsp;&nbsp;**74** | &nbsp;&nbsp;**$1007405787** | &nbsp;&nbsp;**100.0%** |
| &nbsp;&nbsp;**PREPAYMENT PROVISION SUMMARY** | &nbsp;&nbsp;**PREPAYMENT PROVISION SUMMARY** | &nbsp;&nbsp;**PREPAYMENT PROVISION SUMMARY** | &nbsp;&nbsp;**PREPAYMENT PROVISION SUMMARY** |
| **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 (%)** |
| Lockout / Defeasance / Open | &nbsp;&nbsp;20 | &nbsp;&nbsp;$465883015 | &nbsp;&nbsp;46.2% |
| Lockout / GRTR 1% or YM / Open | &nbsp;&nbsp;10 | &nbsp;&nbsp;$162582347 | &nbsp;&nbsp;16.1 |
| GRTR 1% or YM / 1% / Open | &nbsp;&nbsp;40 | &nbsp;&nbsp;148940426 | &nbsp;&nbsp;14.8 |
| Lockout / GRTR 1% or YM / GRTR 1% or YM or Defeasance / Open | &nbsp;&nbsp;2 | &nbsp;&nbsp;130000000 | &nbsp;&nbsp;12.9 |
| GRTR 1% or YM / Open | &nbsp;&nbsp;1 | &nbsp;&nbsp;88000000 | &nbsp;&nbsp;8.7 |
| Lockout / Defeasance or GRTR 1% or YM / Open | &nbsp;&nbsp;1 | &nbsp;&nbsp;12000000 | &nbsp;&nbsp;1.2 |
| &nbsp;&nbsp;**Total:** | &nbsp;&nbsp;**74** | &nbsp;&nbsp;**$1007405787** | &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** |
| **Range of Cut-off <br> Date LTV Ratios (%)** | **Number of<br> Mortgage<br> Loans** | **Aggregate Cut-<br> off Date Balance** | **Percent by<br> Aggregate<br> Cut-off Date<br> Pool Balance (%)** |
| 1.1 - 30.0 | 44 | $184579290 | 18.3% |
| 30.1 - 40.0 | 4 | 36093483 | 3.6 |
| 40.1 - 50.0 | 6 | 99710000 | 9.9 |
| 50.1 - 60.0 | 9 | 254893015 | 25.3 |
| 60.1 - 65.0 | 4 | 166000000 | 16.5 |
| 65.1 - 76.6 | 7 | 266130000 | 26.4 |
| &nbsp;&nbsp;**Total:** | **74** | **$1007405787** | **100.0%** |
| &nbsp;&nbsp;**Weighted Average:** | **50.8%** |  |  |
| **BALLOON LOAN-TO-VALUE RATIO** | **BALLOON LOAN-TO-VALUE RATIO** | **BALLOON LOAN-TO-VALUE RATIO** | **BALLOON LOAN-TO-VALUE RATIO** |
| **Range of Balloon LTV Ratios (%)** | **Number of<br> Mortgage<br> Loans** | **Aggregate Cut-<br> off Date Balance** | **Percent by<br> Aggregate<br> Cut-off Date<br> Pool Balance (%)** |
| 1.1 - 30.0 | 45 | $189773746 | 18.8% |
| 30.1 - 40.0 | 4 | 65649026 | 6.5 |
| 40.1 - 50.0 | 7 | 89453015 | 8.9 |
| 50.1 - 60.0 | 9 | 305650000 | 30.3 |
| 60.1 - 65.0 | 4 | 129500000 | 12.9 |
| 65.1 - 76.6 | 5 | 227380000 | 22.6 |
| &nbsp;&nbsp;**Total:** | **74** | **$1007405787** | **100.0%** |
| &nbsp;&nbsp;**Weighted Average:** | **49.1%** |  |  |
| **AMORTIZATION TYPE** | **AMORTIZATION TYPE** | **AMORTIZATION TYPE** | **AMORTIZATION TYPE** |
| **Amortization Type** | **Number of<br> Mortgage<br> Loans** | **Aggregate Cut-<br> off Date Balance** | **Percent by<br> Aggregate<br> Cut-off Date<br> Pool Balance (%)** |
| Interest Only | 31 | $666640000 | &nbsp;&nbsp;&nbsp;&nbsp;66.2% |
| Amortizing Balloon | 39 | 271015787 | 26.9 |
| Interest Only, Amortizing Balloon | 4 | 69750000 | 6.9 |
| &nbsp;&nbsp;**Total:** | **74** | **$1007405787** | **100.0%** |
| **SEASONING** | **SEASONING** | **SEASONING** | **SEASONING** |
| **Seasoning (months)** | **Number of<br> Mortgage<br> Loans** | **Aggregate Cut-<br> off Date Balance** | **Percent by<br> Aggregate<br> Cut-off Date<br> Pool Balance (%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 21 | $535518900 | 53.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | 22 | 148401609 | 14.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | 15 | 184233475 | 18.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | 15 | 115751804 | 11.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | 1 | 23500000 | 2.3 |
| &nbsp;&nbsp;**Total:** | **74** | **$1007405787** | **100.0%** |
| &nbsp;&nbsp;**Weighted Average:** | **1 Month** |  |  |

---

(1) 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.

(2) 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.

(3) 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. |
| 12 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Leased Fee – Leased Fee | &nbsp;&nbsp;Loan #1 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$100000000 |
| &nbsp;&nbsp;304 North Greene Street | &nbsp;&nbsp;**Sheraton Denver Downtown Hotel** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;76.6% |
| &nbsp;&nbsp;Denver, CO 80202 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.29x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.2% |

---

![](n5486prets_img007.jpg)

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Leased Fee – Leased Fee | &nbsp;&nbsp;Loan #1 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$100000000 |
| &nbsp;&nbsp;304 North Greene Street | &nbsp;&nbsp;**Sheraton Denver Downtown Hotel** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;76.6% |
| &nbsp;&nbsp;Denver, CO 80202 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.29x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.2% |

---

![](n5486prets_img008.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. |
| 14 |

---

**Mortgage Loan No. 1 – Sheraton Denver Downtown Hotel**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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;WFB | &nbsp;&nbsp;WFB | &nbsp;&nbsp;WFB | &nbsp;&nbsp;**Single Asset/Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Credit Assessment (S&P/Fitch/KBRA):** | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;Denver, CO 80202 |
| &nbsp;&nbsp;**Original Balance<sup>(1)</sup>:** | &nbsp;&nbsp;$100000000 | &nbsp;&nbsp;$100000000 | &nbsp;&nbsp;$100000000 | &nbsp;&nbsp;**General Property Type:** | &nbsp;&nbsp;Leased Fee |
| &nbsp;&nbsp;**Cut-off Date Balance<sup>(1)</sup>:** | &nbsp;&nbsp;$100000000 | &nbsp;&nbsp;$100000000 | &nbsp;&nbsp;$100000000 | &nbsp;&nbsp;**Detailed Property Type:** | &nbsp;&nbsp;Leased Fee |
| &nbsp;&nbsp;**% of Initial Pool Balance:** | &nbsp;&nbsp;9.9% | &nbsp;&nbsp;9.9% | &nbsp;&nbsp;9.9% | &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;N/A |
| &nbsp;&nbsp;**Borrower Sponsor:** | &nbsp;&nbsp;AVR Realty Corporation | &nbsp;&nbsp;AVR Realty Corporation | &nbsp;&nbsp;AVR Realty Corporation | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;191,437 SF |
| &nbsp;&nbsp;**Guarantor:** | &nbsp;&nbsp;AVR Enterprises LLC | &nbsp;&nbsp;AVR Enterprises LLC | &nbsp;&nbsp;AVR Enterprises LLC | &nbsp;&nbsp;**Cut-off Date Balance PSF<sup>(1)</sup>:** | &nbsp;&nbsp;$940 |
| &nbsp;&nbsp;**Mortgage Rate:** | &nbsp;&nbsp;6.2760% | &nbsp;&nbsp;6.2760% | &nbsp;&nbsp;6.2760% | &nbsp;&nbsp;**Maturity Date Balance PSF<sup>(1)</sup>:** | &nbsp;&nbsp;$940 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;12/1/2025 | &nbsp;&nbsp;12/1/2025 | &nbsp;&nbsp;12/1/2025 | &nbsp;&nbsp;**Property Manager:** | &nbsp;&nbsp;Sheraton License Operating |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;1/1/2036 | &nbsp;&nbsp;1/1/2036 | &nbsp;&nbsp;1/1/2036 |  | &nbsp;&nbsp;Company, LLC (borrower-related) |
| &nbsp;&nbsp;**Term to Maturity:** | &nbsp;&nbsp;121 months | &nbsp;&nbsp;121 months | &nbsp;&nbsp;121 months |  |  |
| &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;121 months | &nbsp;&nbsp;121 months | &nbsp;&nbsp;121 months | &nbsp;&nbsp;**UW NOI:** | &nbsp;&nbsp;$14738237 |
| &nbsp;&nbsp;**Seasoning:** | &nbsp;&nbsp;0 months | &nbsp;&nbsp;0 months | &nbsp;&nbsp;0 months | &nbsp;&nbsp;**UW NCF:** | &nbsp;&nbsp;$14738237 |
| &nbsp;&nbsp;**Prepayment Provisions<sup>(2)</sup> :** | &nbsp;&nbsp;L(24),D(90),O(7) | &nbsp;&nbsp;L(24),D(90),O(7) | &nbsp;&nbsp;L(24),D(90),O(7) | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.2% |
| &nbsp;&nbsp;**Lockbox/Cash Mgmt Status:** | &nbsp;&nbsp;Hard/Springing | &nbsp;&nbsp;Hard/Springing | &nbsp;&nbsp;Hard/Springing | &nbsp;&nbsp;**UW NCF Debt Yield:** | &nbsp;&nbsp;8.2% |
| &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:** | &nbsp;&nbsp;8.2% |
| &nbsp;&nbsp;**Additional Debt Balance<sup>(1)</sup>:** | &nbsp;&nbsp;$80000000 | &nbsp;&nbsp;$80000000 | &nbsp;&nbsp;$80000000 | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.29x |
| &nbsp;&nbsp;**Future Debt Permitted (Type):** | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;**Most Recent NOI<sup>(3)</sup>:** | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;**Reserves<sup>(3)</sup>** | &nbsp;&nbsp;**Reserves<sup>(3)</sup>** | &nbsp;&nbsp;**Reserves<sup>(3)</sup>** | &nbsp;&nbsp;**Reserves<sup>(3)</sup>** | &nbsp;&nbsp;**2<sup>nd</sup> 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;**3<sup>rd</sup> Most Recent NOI<sup>(4)</sup>:** | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;**RE Taxes:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Most Recent Occupancy:** | &nbsp;&nbsp;100% (12/1/2025) |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**2<sup>nd</sup> Most Recent Occupancy:** | &nbsp;&nbsp;100% (12/31/2024) |
|  |  |  |  | &nbsp;&nbsp;**3<sup>rd</sup> Most Recent Occupancy:** | &nbsp;&nbsp;100% (12/31/2023) |
|  |  |  |  | &nbsp;&nbsp;**Appraised Value (as of):** | &nbsp;&nbsp;$235,000,000 (9/16/2025) |
|  |  |  |  | &nbsp;&nbsp;**Appraised Value PSF:** | &nbsp;&nbsp;$1228 |
|  |  |  |  | &nbsp;&nbsp;**Cut-off Date LTV Ratio:** | &nbsp;&nbsp;76.6% |
|  |  |  |  | &nbsp;&nbsp;**Maturity Date LTV Ratio:** | &nbsp;&nbsp;76.6% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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: | &nbsp;&nbsp;$180000000 | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;Loan Payoff: | &nbsp;&nbsp;$180677256 | &nbsp;&nbsp;99.8% |
| &nbsp;&nbsp;Borrower Sponsor Equity | &nbsp;&nbsp;$1114774 | &nbsp;&nbsp;0.6% | &nbsp;&nbsp;Closing Costs: | &nbsp;&nbsp;$437517 | &nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;**Total Sources:** | &nbsp;&nbsp;**$181114774** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses:** | &nbsp;&nbsp;**$181114774** | &nbsp;&nbsp;**100.0%** |

---

(1) The Sheraton Denver Downtown Hotel Mortgage Loan (as defined below) is part of the Sheraton Denver Downtown
Hotel Whole Loan (as defined below) evidenced by four pari passu promissory notes with an aggregate outstanding principal balance as of
the Cut-off Date of $180.0 million. The Financial Information in the chart above reflects the Sheraton Denver Downtown Hotel Whole Loan.

(2) Defeasance of the Sheraton Denver Downtown Hotel 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 portion of the Sheraton
Denver Downtown Whole Loan to be securitized and (b) December 1, 2028. The assumed defeasance lockout period of 24 payments is based on
the closing date of this transaction in December 2025.

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

(4) Historical financial information is not available.

***The Mortgage Loan.*** The largest mortgage loan (the "Sheraton Denver Downtown Hotel Mortgage Loan") 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 $180,000,000 (the "Sheraton Denver Downtown Hotel Whole Loan"). The Sheraton Denver Downtown Hotel Whole Loan is secured by the land/leased fee interest (the Sheraton Denver Downtown Hotel Property") that is improved by a 1,238-room full-service hotel located in Denver, CO (the "Sheraton Denver Property"). The Sheraton Denver Downtown Hotel Mortgage Loan is evidenced by the controlling A-1 note with an outstanding principal balance as of the Cut-off Date of $100,000,000. The relationship between the holders of the Sheraton Denver Whole Loan is governed by a co-lender agreement as described under "*Description of the Mortgage Pool—The Whole Loans—The Serviced Pari Passu Whole Loans*" and "*The Pooling and Servicing Agreement*" in the prospectus.

The table below identifies the promissory notes that comprise the Sheraton Denver Downtown Hotel Whole Loan.

 ****

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sheraton Denver Downtown Hotel Whole Loan Summary** | &nbsp;&nbsp;**Sheraton Denver Downtown Hotel Whole Loan Summary** | &nbsp;&nbsp;**Sheraton Denver Downtown Hotel Whole Loan Summary** | &nbsp;&nbsp;**Sheraton Denver Downtown Hotel Whole Loan Summary** | &nbsp;&nbsp;**Sheraton Denver Downtown Hotel Whole Loan Summary** |
| &nbsp;&nbsp;**<br> Note** | &nbsp;&nbsp;**Original Balance** | &nbsp;&nbsp;**Cut-off Date Balance** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Note Holder** | &nbsp;&nbsp;**Controlling Piece** |
| &nbsp;&nbsp;**A-1** | &nbsp;&nbsp;**$100000000** | &nbsp;&nbsp;**$100000000** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**BANK 2025-BNK51** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;A-2<sup>(1)</sup> | &nbsp;&nbsp;$40000000 | &nbsp;&nbsp;$40000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WFB | &nbsp;&nbsp;No |
| &nbsp;&nbsp;A-3<sup>(1)</sup> | &nbsp;&nbsp;$25000000 | &nbsp;&nbsp;$25000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WFB | &nbsp;&nbsp;No |
| &nbsp;&nbsp;A-4<sup>(1)</sup> | &nbsp;&nbsp;$15000000 | &nbsp;&nbsp;$15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WFB | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**$180000000** | &nbsp;&nbsp;**$180000000** |  |  |

---

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

 ****

---

| |
|:---|
| 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 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Leased Fee – Leased Fee | &nbsp;&nbsp;Loan #1 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$100000000 |
| &nbsp;&nbsp;1550 Court Place | &nbsp;&nbsp;**Sheraton Denver Downtown Hotel** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;76.6% |
| &nbsp;&nbsp;Denver, CO 80202 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.29x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.2% |

---

***The Borrower and the Borrower Sponsor.*** The borrower is Court Place Land LLC., a single-purpose entity, limited liability company, with one independent director. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Sheraton Denver Downtown Hotel Whole Loan.

The borrower sponsor is AVR Realty Corporation. The non-recourse carveout guarantor is AVR Enterprises LLC, an affiliate of AVR Realty Company. Founded in 1950, AVR Realty Company is a privately owned hospitality company headquartered in New York, NY. CSC currently owns 47 hotels across 20 states with major hospitality brands including Marriott, Hilton, and Hyatt.

***The Property.*** The Sheraton Denver Downtown Hotel Property is the land/leased fee interest that is subject to a 99-year ground lease between the borrower, as ground lessor, and Denver HS-EF Court Place, LLC, as ground lessee, and improved by a 22-story, 1,238-room, full-service hotel situated on an approximately 4.39-acre site. On December 9, 2015, the ground lessee's predecessor-in-interest sold the fee interest (including the hotel improvements) for $210,000,000 and leased-back the hotel improvements under a 99-year triple-net ground lease. The Sheraton Denver Downtown Hotel Property is approximately 22.2 miles from Denver International Airport in Denver, Colorado. The hotel improvements were built in 1959 and renovated in 2021, and are currently Sheraton-managed under an agreement expiring in June 2039. The 2021 hotel renovations were undertaken at a reported cost of approximately $80.0 million, and involved upgrading guest rooms, meeting spaces and public areas. Hotel amenities include 139,165 SF of meeting/event space among 54 event rooms, as well as on-site restaurants, gifts shops, a fitness center and swimming pool.

***Sole Tenant.<br>***

<br> Denver HS-EF Court Place, LLC*. (191,437 SF; 100.0% of NRA; 100.0% of underwritten base rent)* – joint venture between Eagle Four Partners and High Street Real Estate Partners. The partnership purchased the Sheraton Denver Downtown Hotel Property in September 2018. Eagle Four Partners is a Newport Beach, CA-based private equity group specializing in strategic hospitality, golf, lifestyle residential, and sports entertainment investments. Founded in 1996, Eagle Four has participated as the lead equity investor in more than $3 billion in transactions. High Street Real Estate Partners is a privately held real estate investment firm. With over $1 Billion in assets under management, the firm is focused on developing and acquiring high-quality, well-located hospitality and multifamily assets in growth markets. The initial lease was signed in December 2015 and conveyed to the current tenant upon their purchase of the Sheraton Denver Downtown Hotel Property. The lease expires in November 2114 with no termination or renewal options.

The following table presents certain information relating to the tenancy at the Sheraton Denver Downtown Hotel Property:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Tenant Summary** | &nbsp;&nbsp;**Tenant Summary** | &nbsp;&nbsp;**Tenant Summary** | &nbsp;&nbsp;**Tenant Summary** | &nbsp;&nbsp;**Tenant Summary** | &nbsp;&nbsp;**Tenant Summary** | &nbsp;&nbsp;**Tenant Summary** | &nbsp;&nbsp;**Tenant Summary** |
| &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<br> U/W <br> Base Rent** **<sup>(1)</sup>** | &nbsp;&nbsp;**% of Annual<br> U/W <br> Base Rent** | &nbsp;&nbsp;**Annual<br> U/W <br> Base Rent psf** | &nbsp;&nbsp;**Lease Expiration** |
| &nbsp;&nbsp;Denver HS-EF Court Place, LLC | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;<u>191437</u> | &nbsp;&nbsp;<u>100.0%</u> | &nbsp;&nbsp;<u>14738237</u>**<sup>(2)</sup>** | &nbsp;&nbsp;<u>100.0%</u> | &nbsp;&nbsp;<u>$76.99</u> | &nbsp;&nbsp;11/30/2114 &nbsp;&nbsp;N |
| &nbsp;&nbsp;**Subtotal/Wtd. Avg.** |  | &nbsp;&nbsp;**191437** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**14738237** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$76.99** |  |
| &nbsp;&nbsp;Vacant Space |  | &nbsp;&nbsp;<u>0</u> | &nbsp;&nbsp;<u>0.0%</u> | &nbsp;&nbsp;<u>$0.00</u> | &nbsp;&nbsp;<u>0.0%</u> | &nbsp;&nbsp;<u>$0.00</u> |  |
| &nbsp;&nbsp;**Total/Wtd. Avg.** |  | &nbsp;&nbsp;**191437** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**14738237** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$76.99** |  |

---

(1) Information is based on the underwritten rent roll.

(2) UW rent includes 2% annual rent steps through the loan term. Lease includes the
lesser of CPI increase or 4%.

The following table presents certain information relating to the lease rollover schedule at the Sheraton Denver Downtown Hotel Property:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Lease Rollover Schedule** **<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule** **<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule** **<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule** **<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule** **<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule** **<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule** **<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule** **<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule** **<sup>(1)</sup>** |
| &nbsp;&nbsp;**Year** | &nbsp;&nbsp;**No. of Leases Expiring** | &nbsp;&nbsp;**Expiring NRSF** | &nbsp;&nbsp;**% of Total NRSF** | &nbsp;&nbsp;**Cumulative Expiring NRSF** | &nbsp;&nbsp;**Cumulative % of Total NRSF** | &nbsp;&nbsp;**Annual<br> U/W <br> Base Rent** | &nbsp;&nbsp;**% of Total Annual U/W Base Rent** | &nbsp;&nbsp;**Annual<br> U/W <br> Base Rent<br> PSF** |
| &nbsp;&nbsp;MTM | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2024 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2025 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2026 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$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 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$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 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$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 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$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 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$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 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$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 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$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 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$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 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;Thereafter | &nbsp;&nbsp;1 | &nbsp;&nbsp;191437 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;191437 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$14738237 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$76.99 |
| &nbsp;&nbsp;Vacant | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;**Total/Weighted Average** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**191437** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**191437** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$14738237** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$76.99** |

---

(1) Information based on the underwritten rent roll.

---

| |
|:---|
| 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 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Leased Fee – Leased Fee | &nbsp;&nbsp;Loan #1 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$100000000 |
| &nbsp;&nbsp;1550 Court Place | &nbsp;&nbsp;**Sheraton Denver Downtown Hotel** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;76.6% |
| &nbsp;&nbsp;Denver, CO 80202 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.29x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.2% |

---

***The Market.*** The Sheraton Denver Downtown Hotel Property is located along both sides of Court Place, between 15th Street and 16<sup>th</sup> Street, within the central business district of Denver. Proximity to major office towers, government buildings, cultural institutions, and the Colorado Convention Center enhances its appeal for corporate, group, and convention-related demand. The Sheraton Denver Downtown Hotel Property is approximately 22.2 miles from Denver international Airport and 0.4 miles of the west of Central Business district Denver. Denver International Airport serves as a major economic engine, recording over 82 million passengers in 2024, with continued expansion plans that reinforce connectivity and tourism inflows. Interstate 25 also provides access to Interstate 70, the major east/west freeway through the DMA, approximately 1 mile north of the CBD. Major employers includes HealthONE, UCHealth: University of Colorado Hospital, Lockheed Martin Corporation, United Airlines, Children's Hospital Colorado, Centura Health, Comcast, Amazon, Southwest Airlines and CenturyLink.

According to a third party report, the 2024 estimated population within a one-, three- and five-mile radius of the Sheraton Denver Downtown Hotel Property is 53,106, 147,534 and 251,745 respectively, and the average household income for the same radii is $112,578, $126,108 and $130,831 respectively.

According to a third-party report, the Denver Sheraton Property is in the Denver CBD submarket, which is within the Denver - CO USA market. According to a third-party report, the Denver CBD submarket is comprised of 14,931 rooms in total. As of September 2025, the Denver CBD submarket had a trailing-twelve-month occupancy, ADR and RevPAR of 67.6%, $209 and $141, respectively.

The following table presents certain information relating to comparable retail leases for the Denver Sheraton Downtown Hotel Property:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Comparable Hospitality Ground Leases** | &nbsp;&nbsp;**Comparable Hospitality Ground Leases** | &nbsp;&nbsp;**Comparable Hospitality Ground Leases** | &nbsp;&nbsp;**Comparable Hospitality Ground Leases** | &nbsp;&nbsp;**Comparable Hospitality Ground Leases** | &nbsp;&nbsp;**Comparable Hospitality Ground Leases** | &nbsp;&nbsp;**Comparable Hospitality Ground Leases** | &nbsp;&nbsp;**Comparable Hospitality Ground Leases** | &nbsp;&nbsp;**Comparable Hospitality Ground Leases** |
| &nbsp;&nbsp;**Property Name/Location** | &nbsp;&nbsp;**Year Built/ Renovated** | &nbsp;&nbsp;**Total SF** | &nbsp;&nbsp;**Tenant** | &nbsp;&nbsp;**Lease Start Date** | &nbsp;&nbsp;**Term (yrs)** | &nbsp;&nbsp;**Size (SF)** | &nbsp;&nbsp;**Annual Base Rent PSF** | &nbsp;&nbsp;**Lease Type** |
| &nbsp;&nbsp;**Sheraton Denver Downtown Hotel** | &nbsp;&nbsp;**NAV/NAP** | &nbsp;&nbsp;**191437** | &nbsp;&nbsp;**Denver HS-EF Court Place, LLC** | &nbsp;&nbsp;**Dec-25** | &nbsp;&nbsp;**99** | &nbsp;&nbsp;**191437** | &nbsp;&nbsp;**$76.99** | &nbsp;&nbsp;**Net** |
| &nbsp;&nbsp;Hilton Garden Inn Trinidad Downtown | &nbsp;&nbsp;NAV/NAP | &nbsp;&nbsp;187308 | &nbsp;&nbsp;Kip Hampden. LLLP | &nbsp;&nbsp;Jul-25 | &nbsp;&nbsp;25 | &nbsp;&nbsp;187308 | &nbsp;&nbsp;$0.22 | &nbsp;&nbsp;Net |
| &nbsp;&nbsp;Holiday Inn Belingham | &nbsp;&nbsp;NAV/NAP | &nbsp;&nbsp;164221 | &nbsp;&nbsp;Bellingham HI, LLC | &nbsp;&nbsp;Jan-25 | &nbsp;&nbsp;44 | &nbsp;&nbsp;164221 | &nbsp;&nbsp;$0.90 | &nbsp;&nbsp;Net |
| &nbsp;&nbsp;Super 8 Juneau | &nbsp;&nbsp;NAV/NAP | &nbsp;&nbsp;75865 | &nbsp;&nbsp;Alaska Resort Condos Inc. | &nbsp;&nbsp;Mar-25 | &nbsp;&nbsp;40 | &nbsp;&nbsp;75865 | &nbsp;&nbsp;$1.68 | &nbsp;&nbsp;Modified Gross |
| &nbsp;&nbsp;Residence Inn Seattle | &nbsp;&nbsp;NAV/NAP | &nbsp;&nbsp;21240 | &nbsp;&nbsp;PNW Suites, LLC | &nbsp;&nbsp;Jan-25 | &nbsp;&nbsp;108 | &nbsp;&nbsp;21240 | &nbsp;&nbsp;$80.27 | &nbsp;&nbsp;Net |

---

Source: *Appraisal*

The following table presents certain information relating to comparable sales pertaining to the Denver Sheraton Downtown Hotel Property:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Comparable Sales** | &nbsp;&nbsp;**Comparable Sales** | &nbsp;&nbsp;**Comparable Sales** | &nbsp;&nbsp;**Comparable Sales** | &nbsp;&nbsp;**Comparable Sales** | &nbsp;&nbsp;**Comparable Sales** | &nbsp;&nbsp;**Comparable Sales** |
| &nbsp;&nbsp;**Property Name/Location** | &nbsp;&nbsp;**Location** | &nbsp;&nbsp;**Year Built/ Renovated** | &nbsp;&nbsp;**Total SF** | &nbsp;&nbsp;**Occupancy** | &nbsp;&nbsp;**Sale Date** | &nbsp;&nbsp;**Sale Price (PSF)** |
| &nbsp;&nbsp;**Sheraton Denver Downtown Hotel** | &nbsp;&nbsp;**Denver, CO** | &nbsp;&nbsp;**NAV/NAP** | &nbsp;&nbsp;**191437** | &nbsp;&nbsp;**100%** |  |  |
| &nbsp;&nbsp;The Sinclair | &nbsp;&nbsp;Fort Worth, TX | &nbsp;&nbsp;NAV/NAP | &nbsp;&nbsp;7125 | &nbsp;&nbsp;100% | &nbsp;&nbsp;Oct-25 | &nbsp;&nbsp;$2632 |

---

Source: *Appraisal*

***Appraisal.*** The appraisal concluded to an "as-is" value for the Sheraton Denver Downtown Hotel Property of $235,000,000 as of September 16, 2025.

 ****

***Environmental Matters.*** According to the Phase I environmental site assessment dated September 10, 2025, there was no evidence of any recognized environmental conditions at the Sheraton Denver Downtown Hotel 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. |
| 17 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Leased Fee – Leased Fee | &nbsp;&nbsp;Loan #1 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$100000000 |
| &nbsp;&nbsp;1550 Court Place | &nbsp;&nbsp;**Sheraton Denver Downtown Hotel** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;76.6% |
| &nbsp;&nbsp;Denver, CO 80202 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.29x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.2% |

---

***Operating History and Underwritten Net Cash Flow.*** The following table presents certain information relating to the Underwritten Net Cash Flow at the Sheraton Denver Downtown Hotel 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;**UW** | &nbsp;&nbsp;**UW PSF** |
| &nbsp;&nbsp;Gross Potential Rent | &nbsp;&nbsp; $14738237 | &nbsp;&nbsp;$76.99 |
| &nbsp;&nbsp;Total Recoveries | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Less Vacancy & Credit loss | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$14738237** | &nbsp;&nbsp;**$76.99** |
| &nbsp;&nbsp;Real Estate Taxes | &nbsp;&nbsp;$0 | &nbsp;&nbsp; $0.00 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;$0 | &nbsp;&nbsp; $0.00 |
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp;$0 | &nbsp;&nbsp; $0.00 |
| &nbsp;&nbsp;Other Operating Expense | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;**Total Expenses** | &nbsp;&nbsp;**$14738237** | &nbsp;&nbsp;**$76.99** |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$14738237** | &nbsp;&nbsp;$76.99 |
| &nbsp;&nbsp;CapEx | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp; TI/LC | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$14738237** | &nbsp;&nbsp;**$76.99** |
| &nbsp;&nbsp;**Occupancy %** | &nbsp;&nbsp;**100.0%** |  |
| &nbsp;&nbsp;**NOI DSCR** | &nbsp;&nbsp;**1.29x** |  |
| &nbsp;&nbsp;**NCF DSCR** | &nbsp;&nbsp;**1.29x** |  |
| &nbsp;&nbsp;**NOI Debt Yield** | &nbsp;&nbsp;**8.2%** |  |
| &nbsp;&nbsp;**NCF Debt Yield** | &nbsp;&nbsp;**8.2%** |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Historical financial information is not available.

***Escrows and Reserves.***

 ****

*Real Estate Taxes –* The Sheraton Denver Downtown Whole Loan documents require a monthly deposit equal to 1/12th of the annual real estate taxes and other charges, as reasonably estimated by the lender, to accumulate sufficient funds to pay all such taxes at least 30 days prior to their due dates. No deposits are required so long as (i) the Ground Lessee is solely responsible for paying all taxes relating to each tax parcel comprising the Sheraton Denver Downtown Hotel Property, (ii) the ground lease remains in full force and effect, (iii) evidence of renewal and paid receipts are provided prior the delinquency of payment on such taxes.

 

*Insurance –* The Sheraton Denver Downtown Hotel Whole Loan documents require a monthly deposit equal to 1/12th of the annual insurance premiums, as reasonably estimated by the lender, to accumulate sufficient funds to pay all such premiums at least 30 days prior to policy expiration. No deposits are required so long as (i) the Ground Lessee is required to maintain all insurance policies covering the Sheraton Denver Downtown Hotel Property and is solely responsible for paying, or causing payment of, all insurance premiums with respect to such policies, (ii) the ground lease remains in full force and effect, (iii) evidence of renewal and paid receipts are provided at least 30 days prior the delinquency of payment on such policies.

 

***Lockbox and Cash Management.*** The Sheraton Denver Downtown Hotel Whole Loan is structured with a hard lockbox and springing cash management. The borrower is required to (or cause the property manager to) deposit all revenue generated by the Sheraton Denver Downtown Hotel Property into the lender-controlled lockbox account within two business days. All funds deposited into the lockbox are required to be transferred on each business day to or at the direction of the borrower unless a Trigger Event (as defined below) occurred. Upon the occurrence and during the continuance of a Trigger Event, all funds in the lockbox account are required to be swept on each business day to a lender-controlled cash management account to be applied and disbursed in accordance with the Sheraton Denver Downtown Hotel Whole Loan documents. All excess cash flow funds remaining in the cash management account after the application of such funds in accordance with the Sheraton Denver Downtown Hotel Whole Loan documents may be held by the lender in an excess cash flow reserve account as additional collateral for the Sheraton Denver Downtown Hotel Whole Loan.

A "Trigger Event" will commence upon the occurrence of the following:

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

&nbsp;&nbsp;&nbsp;&nbsp;(ii) an
 event of default by Borrower occurs under the ground lease (beyond all notice and cure periods)
 which allows the Ground Lessee to withhold payments, offset any funds, commence the exercise
 of remedies or terminate the ground lease

&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 DSCR falling below 1.05x for two consecutive quarters

&nbsp;&nbsp;&nbsp;&nbsp;(iv) bankruptcy
 of Borrower or Guarantor

---

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

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---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Leased Fee – Leased Fee | &nbsp;&nbsp;Loan #1 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$100000000 |
| &nbsp;&nbsp;1550 Court Place | &nbsp;&nbsp;**Sheraton Denver Downtown Hotel** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;76.6% |
| &nbsp;&nbsp;Denver, CO 80202 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.29x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.2% |

---

A Trigger Event will end upon the occurrence of the following:

&nbsp;&nbsp;&nbsp;&nbsp;(i) with
 regard to clause (i) above, upon the cure of such event of default; or

&nbsp;&nbsp;&nbsp;&nbsp;(ii) upon
 the cure of the related event of default under the ground lease, or

&nbsp;&nbsp;&nbsp;&nbsp;(iii) with
 regard to clause (iii) above, upon the DSCR has been equal to or greater than 1.10x for two
 consecutive quarters.

 ****

***Right of First Refusal/Purchase Options.*** The ground lessee, Denver HS-EF Court Place, LLC (including its successors/assigns) has an option to purchase the Sheraton Denver Downtown Hotel Property, as follows: (i) by notice to the borrower not later than June 30, 2035 (six months prior to the last day of the 20th Lease Year) with closing occurring between July 1, 2035 and December 31, 2035 (the last six months of the 20th Lease Year) (the "First Purchase Option"); (ii) by notice to borrower not later than June 30, 2045 (6 months prior to the last day of the 30th Lease Year) with closing occurring between July 1 and December 31, 2045 (the last 6 months of the 30th Lease Year) (the "Second Purchase Option"); or (iii) in conjunction with a casualty affecting more than 25% of the leased premises or a substantial condemnation affecting substantially all of the leased premises (the "Casualty/Condemnation Option"). With respect to the First and Second Purchase Options, the option strike price is calculated using a 5% capitalization rate applied to the base rent payable during the twenty-first and thirty-first lease years, respectively (i.e., base rent divided by 0.05), together with certain defeasance or prepayment costs of the borrower's financing if the settlement date is prior to the last three months of the related option period. The First Purchase Option, if exercised, would occur during the Sheraton Denver Downtown Hotel Mortgage Loan's open prepayment period. The ground lessee's current annual rent is $13,196,026. The Casualty/Condemnation Option uses the same option strike price formula as the First and Second Purchase Options, but is based on the then-current rent at the time of the applicable casualty/ condemnation event. The calculation of the option strike price under each of the ground lessee's option scenarios yields an amount greater than the original principal balance of the Sheraton Denver Downtown Hotel Whole Loan.

 ****

***Terrorism Insurance*.** The borrower's interest in the Sheraton Denver Downtown Hotel Property is a leased fee, and it does not own or insure the hotel improvements during the ground lease term. Subject to applicable restoration obligations, casualty proceeds are payable to the ground lessee or other non-borrower party and/or its leasehold mortgagee. The Sheraton Denver Downtown Hotel Whole Loan documents require that the ground lessee-provided "all risk" insurance policy includes coverage for terrorism in an amount equal to the full replacement cost of the hotel improvements, as well as business interruption insurance covering up to 24 months until the improvements are physically restored, together with an extended period of indemnity covering loss of income up to 12 months following physical restoration. 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. |
| 19 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – CBD | &nbsp;&nbsp;Loan #2 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$90000000 |
| &nbsp;&nbsp;255 Greenwich Street | &nbsp;&nbsp;**255 Greenwich Street** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;52.5% |
| &nbsp;&nbsp;New York, NY 10007 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.90x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;12.9% |

---

![](n5486prets_img009.jpg)

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

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---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – CBD | &nbsp;&nbsp;Loan #2 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$90000000 |
| &nbsp;&nbsp;255 Greenwich Street | &nbsp;&nbsp;**255 Greenwich Street** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;52.5% |
| &nbsp;&nbsp;New York, NY 10007 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.90x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;12.9% |

---

![](n5486prets_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. |
| 21 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – CBD | &nbsp;&nbsp;Loan #2 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$90000000 |
| &nbsp;&nbsp;255 Greenwich Street | &nbsp;&nbsp;**255 Greenwich Street** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;52.5% |
| &nbsp;&nbsp;New York, NY 10007 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.90x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;12.9% |

---

![](n5486prets_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. |
| 22 |

---

**Mortgage Loan No. 2 – 255 Greenwich** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &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;MSMCH | &nbsp;&nbsp;MSMCH | &nbsp;&nbsp;MSMCH | &nbsp;&nbsp;**Single Asset/Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Credit Assessment (S&P/Fitch/KBRA):** | &nbsp;&nbsp;**Credit Assessment (S&P/Fitch/KBRA):** | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;New York, NY 10007 |
| &nbsp;&nbsp;**Original Balance<sup>(1)</sup>:** | &nbsp;&nbsp;**Original Balance<sup>(1)</sup>:** | &nbsp;&nbsp;$90000000 | &nbsp;&nbsp;$90000000 | &nbsp;&nbsp;$90000000 | &nbsp;&nbsp;**General Property Type:** | &nbsp;&nbsp;Office |
| &nbsp;&nbsp;**Cut-off Date Balance<sup>(1)</sup>:** | &nbsp;&nbsp;**Cut-off Date Balance<sup>(1)</sup>:** | &nbsp;&nbsp;$90000000 | &nbsp;&nbsp;$90000000 | &nbsp;&nbsp;$90000000 | &nbsp;&nbsp;**Detailed Property Type:** | &nbsp;&nbsp;CBD |
| &nbsp;&nbsp;**% of Initial Pool Balance:** | &nbsp;&nbsp;**% of Initial Pool Balance:** | &nbsp;&nbsp;8.9% | &nbsp;&nbsp;8.9% | &nbsp;&nbsp;8.9% | &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;1987/2024 |
| &nbsp;&nbsp;**Borrower Sponsor:** | &nbsp;&nbsp;**Borrower Sponsor:** | &nbsp;&nbsp;Jack Resnick & Sons, Inc. | &nbsp;&nbsp;Jack Resnick & Sons, Inc. | &nbsp;&nbsp;Jack Resnick & Sons, Inc. | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;626,617 SF |
| &nbsp;&nbsp;**Guarantor:** | &nbsp;&nbsp;**Guarantor:** | &nbsp;&nbsp;Jonathan D. Resnick | &nbsp;&nbsp;Jonathan D. Resnick | &nbsp;&nbsp;Jonathan D. Resnick | &nbsp;&nbsp;**Cut-off Date Balance Per SF<sup>(1)</sup>:** | &nbsp;&nbsp;$235 |
| &nbsp;&nbsp;**Mortgage Rate:** | &nbsp;&nbsp;**Mortgage Rate:** | &nbsp;&nbsp;6.4050% | &nbsp;&nbsp;6.4050% | &nbsp;&nbsp;6.4050% | &nbsp;&nbsp;**Maturity Date Balance Per SF<sup>(1)</sup>:** | &nbsp;&nbsp;$235 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;11/4/2025 | &nbsp;&nbsp;11/4/2025 | &nbsp;&nbsp;11/4/2025 | &nbsp;&nbsp;**Property Manager:** | &nbsp;&nbsp;Jack Resnick & Sons, Inc. |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;12/1/2035 | &nbsp;&nbsp;12/1/2035 | &nbsp;&nbsp;12/1/2035 |  | &nbsp;&nbsp;(borrower-related) |
| &nbsp;&nbsp;**Term to Maturity:** | &nbsp;&nbsp;**Term to Maturity:** | &nbsp;&nbsp;120 months | &nbsp;&nbsp;120 months | &nbsp;&nbsp;120 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;$18893213 |
| &nbsp;&nbsp;**IO Period:** | &nbsp;&nbsp;**IO Period:** | &nbsp;&nbsp;120 months | &nbsp;&nbsp;120 months | &nbsp;&nbsp;120 months | &nbsp;&nbsp;**UW NCF:** | &nbsp;&nbsp;$18141272 |
| &nbsp;&nbsp;**Seasoning:** | &nbsp;&nbsp;**Seasoning:** | &nbsp;&nbsp;0 months | &nbsp;&nbsp;0 months | &nbsp;&nbsp;0 months | &nbsp;&nbsp;**UW NOI Debt Yield<sup>(1)</sup>:** | &nbsp;&nbsp;12.9% |
| &nbsp;&nbsp;**Prepayment Provisions:** | &nbsp;&nbsp;**Prepayment Provisions:** | &nbsp;&nbsp;L(23),YM1(1),DorYM1(89),O(7) | &nbsp;&nbsp;L(23),YM1(1),DorYM1(89),O(7) | &nbsp;&nbsp;L(23),YM1(1),DorYM1(89),O(7) | &nbsp;&nbsp;**UW NCF Debt Yield<sup>(1)</sup>:** | &nbsp;&nbsp;12.3% |
| &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 NOI Debt Yield at Maturity<sup>(1)</sup>:** | &nbsp;&nbsp;12.9% |
| &nbsp;&nbsp;**Additional Debt Type<sup>(1)</sup>:** | &nbsp;&nbsp;**Additional Debt Type<sup>(1)</sup>:** | &nbsp;&nbsp;*Pari Passu* | &nbsp;&nbsp;*Pari Passu* | &nbsp;&nbsp;*Pari Passu* | &nbsp;&nbsp;**UW NCF DSCR<sup>(1)</sup>:** | &nbsp;&nbsp;1.90x |
| &nbsp;&nbsp;**Additional Debt Balance<sup>(1)</sup>:** | &nbsp;&nbsp;**Additional Debt Balance<sup>(1)</sup>:** | &nbsp;&nbsp;$57000000 | &nbsp;&nbsp;$57000000 | &nbsp;&nbsp;$57000000 | &nbsp;&nbsp;**Most Recent NOI:** | &nbsp;&nbsp;$16,402,863 (8/31/2025 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;$16,417,572 (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>** | &nbsp;&nbsp;**Reserves<sup>(2)</sup>** | &nbsp;&nbsp;**3rd Most Recent NOI:** | &nbsp;&nbsp;$18,318,434 (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;91.7% (10/1/2025) |
| &nbsp;&nbsp;**RE Taxes:** | &nbsp;&nbsp;$3188067 | &nbsp;&nbsp;$3188067 | &nbsp;&nbsp;$273643 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**2nd Most Recent Occupancy:** | &nbsp;&nbsp;88.6% (12/31/2024) |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**3rd Most Recent Occupancy:** | &nbsp;&nbsp;96.6% (12/31/2023) |
| &nbsp;&nbsp;**Replacement Reserve:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$10444 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value (as of):** | &nbsp;&nbsp;$280,000,000 (9/25/2025) |
| &nbsp;&nbsp;**TI/LC Reserve:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$52218 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value Per SF:** | &nbsp;&nbsp;$447 |
| &nbsp;&nbsp;**Outstanding TI/LCs & LL Work Reserve:** | &nbsp;&nbsp;$1623080 | &nbsp;&nbsp;$1623080 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Cut-off Date LTV Ratio<sup>(1)</sup>:** | &nbsp;&nbsp;52.5% |
| &nbsp;&nbsp;**Rent Abatement Reserve:** | &nbsp;&nbsp;$193184 | &nbsp;&nbsp;$193184 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date LTV Ratio<sup>(1)</sup>:** | &nbsp;&nbsp;52.5% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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: | &nbsp;&nbsp;$147000000 | &nbsp;&nbsp;97.1% | &nbsp;&nbsp;Loan Payoff: | &nbsp;&nbsp;$145044009 | &nbsp;&nbsp;95.8% |
| &nbsp;&nbsp;Borrower Sponsor Equity: | &nbsp;&nbsp;$4417946 | &nbsp;&nbsp;2.9% | &nbsp;&nbsp;Upfront Reserves: | &nbsp;&nbsp;$5004331 | &nbsp;&nbsp;3.3% |
|  |  |  | &nbsp;&nbsp;Closing Costs: | &nbsp;&nbsp;$1369605 | &nbsp;&nbsp;0.9% |
| &nbsp;&nbsp;**Total Sources:** | &nbsp;&nbsp;**$151417946** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses:** | &nbsp;&nbsp;**$151417946** | &nbsp;&nbsp;**100.0%** |

---

(1) The 255 Greenwich Mortgage Loan (as defined below) is part of a whole loan evidenced by seven *pari passu* promissory notes with an aggregate original principal balance of $147,000,000. The financial information presented in the chart
above is based on the 255 Greenwich Whole Loan (as defined below).

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

 

***The Mortgage Loan.*** The second largest mortgage loan (the "255 Greenwich Mortgage Loan") is part of a whole loan evidenced by seven *pari passu* promissory notes with an aggregate outstanding principal balance as of the Cut-off Date of $147,000,000 (the "255 Greenwich Whole Loan"). The 255 Greenwich Whole Loan is secured by the borrowers' fee interest in a 626,617 SF office property in New York, New York (the "255 Greenwich Property"). The 255 Greenwich Whole Loan was co-originated by Morgan Stanley Bank, N.A. ("MSBNA") and Societe Generale Financial Corporation ("SocGen") on November 4, 2025. The controlling Note A-1, and non-controlling Notes A-2, A-3 and A-4, with an aggregate original principal balance of $90,000,000, represent the 255 Greenwich Mortgage Loan and will be included in the BANK 2025-BNK51 securitization trust. The remaining 255 Greenwich notes are currently held by SocGen and are expected to be contributed to one or more future securitization transactions. The 255 Greenwich Whole Loan will be serviced pursuant to the pooling and servicing agreement for the BANK 2025-BNK51 trust. 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. |
| 23 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – CBD | &nbsp;&nbsp;Loan #2 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$90000000 |
| &nbsp;&nbsp;255 Greenwich Street | &nbsp;&nbsp;**255 Greenwich** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;52.5% |
| &nbsp;&nbsp;New York, NY 10007 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.90x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;12.9% |

---

The table below summarizes the promissory notes that comprise the 255 Greenwich Whole Loan.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**255 Greenwich Whole Loan Summary** | &nbsp;&nbsp;**255 Greenwich Whole Loan Summary** | &nbsp;&nbsp;**255 Greenwich Whole Loan Summary** | &nbsp;&nbsp;**255 Greenwich Whole Loan Summary** | &nbsp;&nbsp;**255 Greenwich Whole Loan Summary** |
| **Note** | **Original Balance** | **Cut-off Date Balance** | **Note Holder** | **Controlling Note** |
| &nbsp;&nbsp;**A-1** | &nbsp;&nbsp;**$65000000** | &nbsp;&nbsp;**$65000000** | &nbsp;&nbsp;**BANK 2025-BNK51** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;**A-2** | &nbsp;&nbsp;**$10000000** | &nbsp;&nbsp;**$10000000** | &nbsp;&nbsp;**BANK 2025-BNK51** | &nbsp;&nbsp;**No** |
| &nbsp;&nbsp;**A-3** | &nbsp;&nbsp;**$10000000** | &nbsp;&nbsp;**$10000000** | &nbsp;&nbsp;**BANK 2025-BNK51** | &nbsp;&nbsp;**No** |
| &nbsp;&nbsp;**A-4** | &nbsp;&nbsp;**$5000000** | &nbsp;&nbsp;**$5000000** | &nbsp;&nbsp;**BANK 2025-BNK51** | &nbsp;&nbsp;**No** |
| &nbsp;&nbsp;A-5<sup>(1)</sup> | &nbsp;&nbsp;$27000000 | &nbsp;&nbsp;$27000000 | &nbsp;&nbsp;SocGen | &nbsp;&nbsp;No |
| &nbsp;&nbsp;A-6<sup>(1)</sup> | &nbsp;&nbsp;$20000000 | &nbsp;&nbsp;$20000000 | &nbsp;&nbsp;SocGen | &nbsp;&nbsp;No |
| &nbsp;&nbsp;A-7 <sup>(1)</sup> | &nbsp;&nbsp;$10000000 | &nbsp;&nbsp;$10000000 | &nbsp;&nbsp;SocGen | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**$147000000** | &nbsp;&nbsp;**$147000000** |  |  |

---

(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 for the 255 Greenwich Whole Loan is Resnick 255 Greenwich, LLC, a single-purpose Delaware limited liability company with two independent directors in its organizational structure. The borrower is wholly owned by Resnick Murray St. Associates, LP, which is owned by multiple individuals, entities and trusts, most of which are various members of the Resnick family, and none of which have greater than an 18.4% equity stake in the borrower. The borrower is controlled by 75 Park Place Corp (G.P), which is owned by Jonathan D. Resnick (90%), Steven Rotter (5%) and Kalpana Gajjar (5%).

The borrower sponsor is Jack Resnick & Sons, Inc. ("Jack Resnick & Sons"), which, since its founding in 1928, has become one of the largest private owners of commercial real estate in New York City, operating in residential, retail, and commercial building ownership to ground-up development, construction, leasing and management. Jack Resnick & Sons currently owns and manages over five million SF of commercial office and retail space and approximately 900 residences in Manhattan. The borrower sponsor developed the 255 Greenwich Property, designed by architect Emery Roth & Sons, in 1987. Other properties developed by the borrower sponsor in Lower Manhattan include One Seaport Plaza, 161 William Street, 200 Chambers Street, and 52 Broadway.

The non-recourse carveout guarantor for the 255 Greenwich Whole Loan is Jonathan D. Resnick, who is the President and third-generation operator of the borrower sponsor.

***The Property.*** The 255 Greenwich Property is comprised of a 13-story Class A office building with one ground floor retail unit, totaling 626,617 SF located in the Tribeca neighborhood of New York, New York. The 255 Greenwich Property is made up of 555,809 SF of office space (88.7% of NRA, 80.6% of underwritten rent), 54,337 SF of retail space, fully leased to Target (8.7% of NRA, 17.3% of underwritten rent), and a parking garage totaling 16,471 SF (2.6% of NRA, 2.1% of underwritten rent), fully leased to Icon Parking offering 100 parking spaces. Built in 1987, the 255 Greenwich Property is situated on an entire city block bound by Greenwich Street to the west, Murray Street to the north, West Broadway to the east, and Park Place to the south totaling 42,601 SF of land area. The borrower sponsor completed a $14.3 million renovation in 2020 to replace the building air conditioning unit, make general building enhancements, and perform Local Law work. As of October 1, 2025, the 255 Greenwich Property was 91.7% leased to eight different tenants, with approximately 84.1% of NRA and 91.5% of underwritten base rent made up of investment-grade tenancy.

***Major Tenants.***

 ****

*City University of New York – BMCC (244,092 SF, 39.0% of NRA, 44.0% of underwritten rent).* The City University of New York - Borough of Manhattan Community College ("BMCC") is a public community college in New York City, founded in 1963 as part of the City University of New York (CUNY) system. BMCC grants associate degrees in a wide variety of vocational, business, health, science, engineering and continuing education fields. BMCC currently enrolls more than 20,000 students. The 255 Greenwich Property is known throughout the school as the Murray Building and is mission critical space for BMCC, which includes classrooms, computers labs, conference rooms and a student lounge on floors 2,3, 10, 11 and 14, as well as BMCC Express on the ground floor, which provides information for both students and the general public that would like to learn more about the college. BMCC has a private entrance to its space at the 255 Greenwich Property along Murray Street. The 255 Greenwich Property is located near the other two major portions of BMCC's campus, which include Fiterman Hall (directly adjacent), a 15-story academic facility that houses a first floor art gallery, 65 classrooms, 35 computer labs, 130 offices for faculty, library spaces and several large assembly and performance rooms, and the Main Campus (two blocks to the north at 199 Chambers Street), which is the hub of life at the college, spanning four blocks and 4.3 acres. BMCC has been a tenant at the 255 Greenwich Property since 2004, and in 2019, it expanded to fully occupy the second and third floors, increasing its total footprint at the 255 Greenwich Property by nearly 50%. BMCC has a lease expiration date of May 31, 2035 and two, 5-year renewal options remaining.

*The City of New York – DCAS (217,942 SF, 34.8% of NRA, 27.9% of underwritten rent).* The City of New York – Department of Citywide Administrative Services ("DCAS"), is a department of the New York City government tasked with recruiting, hiring, and training City employees, managing 55 public buildings, acquiring, selling, and leasing City property, purchasing over $1 billion in goods and services for City agencies, and overseeing the municipal vehicle fleet, among other things. The 255 Greenwich Property serves as the primary location for the City of New York's Office of Management and Budget, Office of the Actuary, Mayor's Office of Contract Services, Department of Information, Technology and Telecommunications, Municipal Water Finance Authority and Transitional Finance Authority. DCAS has occupied the 255 Greenwich Property since 1998, and in 2018, expanded into an additional 10,130 SF of space. Additionally, in 2023, the tenant exercised a 2028, five-year extension option early. The City of New York – DCAS has no renewal options for 207,812 SF of its space that has a lease expiration date of June 30, 2033, and 2, 5-year renewal options for 10,130 SF of its space that has a lease expiration date of April 30, 2028.

---

| |
|:---|
| 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 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – CBD | &nbsp;&nbsp;Loan #2 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$90000000 |
| &nbsp;&nbsp;255 Greenwich Street | &nbsp;&nbsp;**255 Greenwich** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;52.5% |
| &nbsp;&nbsp;New York, NY 10007 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.90x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;12.9% |

---

The following table presents a summary regarding the major tenants at the 255 Greenwich 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**<br> **/S&P)<sup>(2)</sup>** | &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;City University of New York - BMCC | &nbsp;&nbsp;Aa1/AA/AA | &nbsp;&nbsp;244092 | &nbsp;&nbsp;39.0% | &nbsp;&nbsp;$13362192 | &nbsp;&nbsp;44.0% | &nbsp;&nbsp;$54.74 | &nbsp;&nbsp;5/31/2035 | &nbsp;&nbsp;2 x 5 year &nbsp;&nbsp;N |
| &nbsp;&nbsp;The City of New York - DCAS | &nbsp;&nbsp;Aa1/AA/AA | &nbsp;&nbsp;217942 | &nbsp;&nbsp;34.8% | &nbsp;&nbsp;$8476334 | &nbsp;&nbsp;27.9% | &nbsp;&nbsp;$38.89 | &nbsp;&nbsp;Various<sup>(3)</sup> | &nbsp;&nbsp;Various<sup>(3)</sup> &nbsp;&nbsp;N |
| &nbsp;&nbsp;Target | &nbsp;&nbsp;A2/A/A | &nbsp;&nbsp;54337 | &nbsp;&nbsp;8.7% | &nbsp;&nbsp;$5243419 | &nbsp;&nbsp;17.3% | &nbsp;&nbsp;$96.50 | &nbsp;&nbsp;1/31/2037 | &nbsp;&nbsp;2 x 10 year &nbsp;&nbsp;N |
| &nbsp;&nbsp;Icahn School of Medicine | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;14607 | &nbsp;&nbsp;2.3% | &nbsp;&nbsp;$934813 | &nbsp;&nbsp;3.1% | &nbsp;&nbsp;$64.00 | &nbsp;&nbsp;5/31/2031 | &nbsp;&nbsp;1 x 5 year &nbsp;&nbsp;N |
| &nbsp;&nbsp;Cornell University | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;10546 | &nbsp;&nbsp;1.7% | &nbsp;&nbsp;$728244 | &nbsp;&nbsp;2.4% | &nbsp;&nbsp;$69.05 | &nbsp;&nbsp;1/31/2032 | &nbsp;&nbsp;1 x 10 year &nbsp;&nbsp;N |
| &nbsp;&nbsp;NCS Pearson | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;11716 | &nbsp;&nbsp;1.9% | &nbsp;&nbsp;$656096 | &nbsp;&nbsp;2.2% | &nbsp;&nbsp;$56.00 | &nbsp;&nbsp;4/30/2036 | &nbsp;&nbsp;1 x 5 year &nbsp;&nbsp;N |
| &nbsp;&nbsp;Icon Parking | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;16471 | &nbsp;&nbsp;2.6% | &nbsp;&nbsp;$650250 | &nbsp;&nbsp;2.1% | &nbsp;&nbsp;$39.48 | &nbsp;&nbsp;12/31/2032 |  |
| &nbsp;&nbsp;Medeast, Inc. | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp; 4953 | &nbsp;&nbsp; 0.8% | &nbsp;&nbsp; $343491 | &nbsp;&nbsp; 1.1% | &nbsp;&nbsp; $69.35 | &nbsp;&nbsp;5/31/2031 |  |
| &nbsp;&nbsp;**Subtotal/Wtd. Avg.** |  | &nbsp;&nbsp;**574664** | &nbsp;&nbsp;**91.7%** | &nbsp;&nbsp;**$30394839** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$52.89** |  |  |
| &nbsp;&nbsp;Vacant Space |  | &nbsp;&nbsp; 51953 | &nbsp;&nbsp; 8.3% |  |  |  |  |  |
| &nbsp;&nbsp;**Total/Wtd. Avg.** |  | &nbsp;&nbsp;**626617** | &nbsp;&nbsp;**100.0%** |  |  |  |  |  |

---

(1) Information is based on the underwritten rent roll dated October 1, 2025.

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

(3) The City of New York – DCAS has no renewal options for 207,812 SF of its space that has a lease
expiration date of June 30, 2033, and two, 5-year renewal options for 10,130 SF of its space that has a lease expiration date of April
30, 2028.

The following table presents certain information relating to the lease rollover schedule at the 255 Greenwich 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/2025 | &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;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;1 | &nbsp;&nbsp;10130 | &nbsp;&nbsp;1.6% | &nbsp;&nbsp;1.6% | &nbsp;&nbsp;$592605 | &nbsp;&nbsp;1.9% | &nbsp;&nbsp;1.9% | &nbsp;&nbsp;$58.50 |
| &nbsp;&nbsp;2029 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;1.6% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;1.9% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2030 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;1.6% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;1.9% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2031 | &nbsp;&nbsp;2 | &nbsp;&nbsp;19560 | &nbsp;&nbsp;3.1% | &nbsp;&nbsp;4.7% | &nbsp;&nbsp;$1278304 | &nbsp;&nbsp;4.2% | &nbsp;&nbsp;6.2% | &nbsp;&nbsp;$65.35 |
| &nbsp;&nbsp;2032 | &nbsp;&nbsp;2 | &nbsp;&nbsp;27017 | &nbsp;&nbsp;4.3% | &nbsp;&nbsp;9.0% | &nbsp;&nbsp;$1378494 | &nbsp;&nbsp;4.5% | &nbsp;&nbsp;10.7% | &nbsp;&nbsp;$51.02 |
| &nbsp;&nbsp;2033 | &nbsp;&nbsp;1 | &nbsp;&nbsp;207812 | &nbsp;&nbsp;33.2% | &nbsp;&nbsp;42.2% | &nbsp;&nbsp;$7883729 | &nbsp;&nbsp;25.9% | &nbsp;&nbsp;36.6% | &nbsp;&nbsp;$37.94 |
| &nbsp;&nbsp;2034 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;42.2% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;36.6% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2035 | &nbsp;&nbsp;3 | &nbsp;&nbsp;244092 | &nbsp;&nbsp;39.0% | &nbsp;&nbsp;81.2% | &nbsp;&nbsp;$13362192 | &nbsp;&nbsp;44.0% | &nbsp;&nbsp;80.6% | &nbsp;&nbsp;$54.74 |
| &nbsp;&nbsp;2036 & Thereafter | &nbsp;&nbsp;3 | &nbsp;&nbsp;66053 | &nbsp;&nbsp;10.5% | &nbsp;&nbsp;91.7% | &nbsp;&nbsp;$5899515 | &nbsp;&nbsp;19.4% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$89.31 |
| &nbsp;&nbsp;Vacant | &nbsp;&nbsp;0 | &nbsp;&nbsp;51953 | &nbsp;&nbsp;8.3% | &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>(2)</sup>** | &nbsp;&nbsp;**12** | &nbsp;&nbsp;**626617** | &nbsp;&nbsp;**100.0%** |  | &nbsp;&nbsp;**$30394839** | &nbsp;&nbsp;**100.0%** |  | &nbsp;&nbsp;**$52.89** |

---

(1) Information is based on the underwritten rent roll as of October 1, 2025. Certain tenants may have lease
termination options that are not taken into account in the Lease Rollover Schedule.

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

 ****

***The Market.*** The 255 Greenwich Property is located in Manhattan's Tribeca neighborhood, on a square block bounded by West Broadway, Murray Street, Greenwich Street and Park Place. The Greenwich Property sits two blocks north of the World Trade Center, the Oculus Transportation Hub, 9/11 Memorial Museum and Memorial Pools, and two blocks northeast of Brookfield Place. Transportation access is from 12 subway lines (1, 2, 3, 4, 5, A, C, E, R, W, J, Z) within a 5-minute walk of the 255 Greenwich Property, as well as PATH access, and ferry access at the Brookfield Place/Battery Park Ferry Terminal for passage to New Jersey and the other boroughs.

According to the appraisal, as of the second quarter of 2025, the vacancy rate in the Downtown West office submarket was approximately 16.5%, with average asking rents of $61.63 PSF and inventory of approximately 35.3 million SF. According to the appraisal, as of the second quarter of 2025, the vacancy rate in the Downtown office market was approximately 20.7%, with average asking rents of $58.42 PSF and inventory of approximately 86.5 million SF. According to the appraisal, the estimated 2024 population within a 0.5-, 1.0-, and 1.5-mile radius of the 255 Greenwich Property was 71,197, 163,003, and 356,643, respectively. According to the appraisal, the 2024 average household income within the same radii was $231,594, $204,307 and $199,116, respectively.

 ****

---

| |
|:---|
| 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 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – CBD | &nbsp;&nbsp;Loan #2 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$90000000 |
| &nbsp;&nbsp;255 Greenwich Street | &nbsp;&nbsp;**255 Greenwich** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;52.5% |
| &nbsp;&nbsp;New York, NY 10007 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.90x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;12.9% |

---

The following table presents recent leasing data for retail tenants at comparable properties with respect to the 255 Greenwich 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;**Subject/Neighborhood/Location** | &nbsp;&nbsp;**Tenant Name** | &nbsp;&nbsp;**Lease Size (SF)** | &nbsp;&nbsp;**Lease Date** | &nbsp;&nbsp;**Rent PSF** |
| &nbsp;&nbsp; **255 Greenwich (subject)<sup>(1)</sup>**<br> **Financial District**<br> **Manhattan, NY** | &nbsp;&nbsp;**Target** | &nbsp;&nbsp;**54337** | &nbsp;&nbsp;**Nov. 2015** | &nbsp;&nbsp;**$96.50**&nbsp;&nbsp;**MG** |
| &nbsp;&nbsp; 102 Fulton Street<br> Financial District<br> Manhattan, NY | &nbsp;&nbsp;Luckin Coffee | &nbsp;&nbsp;1318 | &nbsp;&nbsp;Q3 2025 | &nbsp;&nbsp;$145.68 &nbsp;&nbsp;MG |
| &nbsp;&nbsp; 62 Fulton Street<br> Financial District<br> Manhattan, NY | &nbsp;&nbsp;Xi'an Famous Foods | &nbsp;&nbsp;2350 | &nbsp;&nbsp;Q1 2025 | &nbsp;&nbsp;$89.36 &nbsp;&nbsp;MG |
| &nbsp;&nbsp; 28 Liberty Street<br> Financial District<br> Manhattan, NY | &nbsp;&nbsp;Madman Espresso | &nbsp;&nbsp;956 | &nbsp;&nbsp;Q4 2024 | &nbsp;&nbsp;$94.14 &nbsp;&nbsp;MG |
| &nbsp;&nbsp; 55 Water Street<br> Financial District<br> Manhattan, NY | &nbsp;&nbsp;Chase | &nbsp;&nbsp;12500 | &nbsp;&nbsp;Q4 2024 | &nbsp;&nbsp;$106.96 &nbsp;&nbsp;MG |
| &nbsp;&nbsp; 130 Water Street<br> Financial District<br> Manhattan, NY | &nbsp;&nbsp;Le Jardine Café | &nbsp;&nbsp;4440 | &nbsp;&nbsp;Q3 2024 | &nbsp;&nbsp;$77.03 &nbsp;&nbsp;MG |
| &nbsp;&nbsp; 195 Broadway<br> Financial District<br> Manhattan, NY | &nbsp;&nbsp;Brooks Brothers | &nbsp;&nbsp;9871 | &nbsp;&nbsp;Q3 2024 | &nbsp;&nbsp;$75.98 &nbsp;&nbsp;MG |
| &nbsp;&nbsp; 86 Broad Street<br> Financial District<br> Manhattan, NY | &nbsp;&nbsp;Oxford Café | &nbsp;&nbsp;2060 | &nbsp;&nbsp;Q2 2024 | &nbsp;&nbsp;$110.00 &nbsp;&nbsp;MG |
| &nbsp;&nbsp; 111 Fulton Street<br> Financial District<br> Manhattan, NY | &nbsp;&nbsp;Wendy's | &nbsp;&nbsp;2000 | &nbsp;&nbsp;Q2 2024 | &nbsp;&nbsp;$156.00 &nbsp;&nbsp;MG |
| &nbsp;&nbsp; 5 Hanover Square<br> Financial District<br> Manhattan, NY | &nbsp;&nbsp;Wonder | &nbsp;&nbsp;3500 | &nbsp;&nbsp;Q2 2024 | &nbsp;&nbsp;$85.71 &nbsp;&nbsp;MG |
| &nbsp;&nbsp; 20 Broad Street<br> Financial District<br> Manhattan, NY | &nbsp;&nbsp;Subway | &nbsp;&nbsp;783 | &nbsp;&nbsp;Q2 2023 | &nbsp;&nbsp;$143.04 &nbsp;&nbsp;MG |

---

Source*: Appraisal and third-party market research reports.*

(1) Information obtained from the underwritten rent roll other than Neighborhood/Location.

---

| |
|:---|
| 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;Office – CBD | &nbsp;&nbsp;Loan #2 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$90000000 |
| &nbsp;&nbsp;255 Greenwich Street | &nbsp;&nbsp;**255 Greenwich** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;52.5% |
| &nbsp;&nbsp;New York, NY 10007 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.90x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;12.9% |

---

The following table presents recent leasing data for office tenants at comparable properties with respect to the 255 Greenwich 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;**Comparable Office Lease Summary** |
| &nbsp;&nbsp;**Subject/Submarket, Market/Location** | &nbsp;&nbsp;**Year Built/ Renovated** | &nbsp;&nbsp;**Size (SF)** | &nbsp;&nbsp;**Tenant Name** | &nbsp;&nbsp;**Lease Size (SF)** | &nbsp;&nbsp;**Lease Date** | &nbsp;&nbsp;**Rent PSF** |
| &nbsp;&nbsp; **255 Greenwich (subject)<sup>(1)</sup>** <br> **Downtown West, Downtown**<br> **Manhattan, NY 10023** | &nbsp;&nbsp;**1987 / 2024** | &nbsp;&nbsp;**626617** | &nbsp;&nbsp; **City University of New York – BMCC**<br> **The City of New York – DCAS**<br> **Icahn School of Medicine** | &nbsp;&nbsp; **244092**<br> **217942**<br> **14607** | &nbsp;&nbsp; **Jun. 2015**<br> **Mar. 2018**<br> **Jun. 2016** | &nbsp;&nbsp; **$54.74**<br> **$38.89**<br> **$64.00**<br>&nbsp;&nbsp; **MG**<br> **MG**<br> **MG** |
| &nbsp;&nbsp; 99 Hudson Street<br> Tribeca/City Hall, Downtown<br> Manhattan, NY | &nbsp;&nbsp;1930 / NAP | &nbsp;&nbsp;193749 | &nbsp;&nbsp;Danielle Guizio LLC | &nbsp;&nbsp;12159 | &nbsp;&nbsp;Aug. 2025 | &nbsp;&nbsp;$47.04 &nbsp;&nbsp;MG |
| &nbsp;&nbsp; 1 New York Plaza<br> Downtown East, Downtown<br> Manhattan, NY | &nbsp;&nbsp;1970 / 1995 | &nbsp;&nbsp;2582316 | &nbsp;&nbsp;NYS Office of General Services | &nbsp;&nbsp;44009 | &nbsp;&nbsp;Aug. 2025 | &nbsp;&nbsp;$45.13 &nbsp;&nbsp;MG |
| &nbsp;&nbsp; 250 Broadway<br> Downtown East, Downtown<br> Manhattan, NY | &nbsp;&nbsp;1962 / NAP | &nbsp;&nbsp;648000 | &nbsp;&nbsp;WeWork | &nbsp;&nbsp;60305 | &nbsp;&nbsp;Jul. 2025 | &nbsp;&nbsp;$38.14 &nbsp;&nbsp;MG |
| &nbsp;&nbsp; 225 Libert Street<br> Downtown West, Downtown<br> Manhattan, NY | &nbsp;&nbsp;1987 / NAP | &nbsp;&nbsp;2591244 | &nbsp;&nbsp;Invesco (Renewal) | &nbsp;&nbsp;222846 | &nbsp;&nbsp;Jun. 2025 | &nbsp;&nbsp;$53.08 &nbsp;&nbsp;MG |
| &nbsp;&nbsp; 32 Old Slip<br> Downtown East, Downtown<br> Manhattan, NY | &nbsp;&nbsp;1987 / NAP | &nbsp;&nbsp;1161435 | &nbsp;&nbsp;CFG Merchant Solutions | &nbsp;&nbsp;20585 | &nbsp;&nbsp;Apr. 2025 | &nbsp;&nbsp;$37.52 &nbsp;&nbsp;MG |
| &nbsp;&nbsp; 55 Broadway<br> Downtown West, Downtown<br> Manhattan, NY | &nbsp;&nbsp;1982 / NAP | &nbsp;&nbsp;363378 | &nbsp;&nbsp;CSA Group NY Architects & Engineers, P.C. | &nbsp;&nbsp;10557 | &nbsp;&nbsp;Mar. 2025 | &nbsp;&nbsp;$48.00 &nbsp;&nbsp;MG |
| &nbsp;&nbsp; 120 Wall Street<br> Downtown East, Downtown<br> Manhattan, NY | &nbsp;&nbsp;1929 / 2013 | &nbsp;&nbsp;618801 | &nbsp;&nbsp;German American Chamber of Commerce in New York (GACC New York) | &nbsp;&nbsp;11465 | &nbsp;&nbsp;Jan. 2025 | &nbsp;&nbsp;$46.69 &nbsp;&nbsp;MG |
| &nbsp;&nbsp; 1 State Street Plaza<br> Downtown East, Downtown<br> Manhattan, NY | &nbsp;&nbsp;1970 / NAP | &nbsp;&nbsp;802025 | &nbsp;&nbsp;IPC Systems Inc. | &nbsp;&nbsp;26580 | &nbsp;&nbsp;Jan. 2025 | &nbsp;&nbsp;$53.10 &nbsp;&nbsp;MG |
| &nbsp;&nbsp; 28 Liberty Street<br> Downtown East, Downtown<br> Manhattan, NY | &nbsp;&nbsp;1964 / 2018 | &nbsp;&nbsp;2117938 | &nbsp;&nbsp;New York State Attorney General | &nbsp;&nbsp;34954 | &nbsp;&nbsp;Sep. 2024 | &nbsp;&nbsp;$39.55 &nbsp;&nbsp;MG |
| &nbsp;&nbsp; 200 Vesey Street<br> Downtown West, Downtown<br> Manhattan, NY | &nbsp;&nbsp;1986 / NAP | &nbsp;&nbsp;1268216 | &nbsp;&nbsp;American Express | &nbsp;&nbsp;74439 | &nbsp;&nbsp;Sep. 2024 | &nbsp;&nbsp;$50.29 &nbsp;&nbsp;MG |

---

Source*: Appraisal and third-party market research reports.*

(1) Information obtained from the underwritten rent roll other than year, Submarket, Market Location, and
Year Built/Renovated.

The following table presents information relating to the appraisal's market rent conclusion for the 255 Greenwich 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 (Months)** | &nbsp;&nbsp;**Rent Increase Projection** | &nbsp;&nbsp;**Tenant Improvement PSF**<br> **(New / Renewal)** | &nbsp;&nbsp;**Leasing Commissions (New / Renewal)** | &nbsp;&nbsp;**Rent Concession**<br> **(New / Renewal)** |
| &nbsp;&nbsp;Office | &nbsp;&nbsp;$57.00 | &nbsp;&nbsp;120 | &nbsp;&nbsp;$5.00 PSF Inc. Year 6 | &nbsp;&nbsp;$130.00 / $65.00 | &nbsp;&nbsp;4.0% / 2.0% | &nbsp;&nbsp;12 months / 6 months &nbsp;&nbsp;MG |
| &nbsp;&nbsp;Lower Level Retail | &nbsp;&nbsp;$85.00 | &nbsp;&nbsp;120 | &nbsp;&nbsp;3.0% per year | &nbsp;&nbsp;$50.00 / $25.00 | &nbsp;&nbsp;4.0% / 2.0% | &nbsp;&nbsp;8 months / 4 months &nbsp;&nbsp;MG |
| &nbsp;&nbsp;Retail Ground | &nbsp;&nbsp;$125.00 | &nbsp;&nbsp;120 | &nbsp;&nbsp;3.0% per year | &nbsp;&nbsp;$50.00 / $25.00 | &nbsp;&nbsp;4.0% / 2.0% | &nbsp;&nbsp;8 months / 4 months &nbsp;&nbsp;MG |

---

Source: Appraisal

 ****

***Appraisal.*** The appraisal concluded to an "As-Is" value for the 255 Greenwich Property of $280,000,000 as of September 25, 2025.

***Environmental Matters.*** According to the Phase I environmental site assessment dated October 1, 2025, there was no evidence of any recognized environmental conditions at the 255 Greenwich 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. |
| 27 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – CBD | &nbsp;&nbsp;Loan #2 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$90000000 |
| &nbsp;&nbsp;255 Greenwich Street | &nbsp;&nbsp;**255 Greenwich** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;52.5% |
| &nbsp;&nbsp;New York, NY 10007 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.90x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;12.9% |

---

***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 255 Greenwich Property:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** |
| | **2022** | **2023** | **2024** | **8/31/2025 TTM** | **UW** | **UW PSF** |
| &nbsp;&nbsp;Gross Potential Rent<sup>(1)</sup> | &nbsp;&nbsp;$31009916 | &nbsp;&nbsp;$30564059 | &nbsp;&nbsp;$30750060 | &nbsp;&nbsp;$30776332 | &nbsp;&nbsp;$33356160 | &nbsp;&nbsp;$53.23 |
| &nbsp;&nbsp;Reimbursements | &nbsp;&nbsp;$2088783 | &nbsp;&nbsp;$2537148 | &nbsp;&nbsp;$3039127 | &nbsp;&nbsp;$3113588 | &nbsp;&nbsp;$3269751 | &nbsp;&nbsp;$5.22 |
| &nbsp;&nbsp;Other Income | &nbsp;&nbsp;$65998 | &nbsp;&nbsp;$60833 | &nbsp;&nbsp;$57248 | &nbsp;&nbsp;$110629 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;Less Vacancy & Credit Loss | &nbsp;&nbsp; ($644380) | &nbsp;&nbsp; ($1009494) | &nbsp;&nbsp; ($3501795) | &nbsp;&nbsp; ($3261940) | &nbsp;&nbsp; ($2961321) | &nbsp;&nbsp; ($4.73) |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$32520317** | &nbsp;&nbsp;**$32152546** | &nbsp;&nbsp;**$30344640** | &nbsp;&nbsp;**$30738609** | &nbsp;&nbsp;**$33664589** | &nbsp;&nbsp;**$53.72** |
| &nbsp;&nbsp;Real Estate Taxes | &nbsp;&nbsp;$5316943 | &nbsp;&nbsp;$5892246 | &nbsp;&nbsp;$6134616 | &nbsp;&nbsp;$6384518 | &nbsp;&nbsp;$6568686 | &nbsp;&nbsp;$10.48 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;$427145 | &nbsp;&nbsp;$521932 | &nbsp;&nbsp;$562381 | &nbsp;&nbsp;$540957 | &nbsp;&nbsp;$477363 | &nbsp;&nbsp;$0.76 |
| &nbsp;&nbsp;Other Expenses | &nbsp;&nbsp; $7480256 | &nbsp;&nbsp; $7419934 | &nbsp;&nbsp; $7230071 | &nbsp;&nbsp; $7410271 | &nbsp;&nbsp; $7725328 | &nbsp;&nbsp; $12.33 |
| &nbsp;&nbsp;**Total Expenses** | &nbsp;&nbsp;**$13224344** | &nbsp;&nbsp;**$13834112** | &nbsp;&nbsp;**$13927068** | &nbsp;&nbsp;**$14335746** | &nbsp;&nbsp;**$14771377** | &nbsp;&nbsp;**$23.57** |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$19295973** | &nbsp;&nbsp;**$18318434** | &nbsp;&nbsp;**$16417572** | &nbsp;&nbsp;**$16402863** | &nbsp;&nbsp;**$18893213** | &nbsp;&nbsp;**$30.15** |
| &nbsp;&nbsp;Capital Expenditures | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$125323 | &nbsp;&nbsp;$0.20 |
| &nbsp;&nbsp;TI/LC | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $626617 | &nbsp;&nbsp; $1.00 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$19295973** | &nbsp;&nbsp;**$18318434** | &nbsp;&nbsp;**$16417572** | &nbsp;&nbsp;**$16402863** | &nbsp;&nbsp;**$18141272** | &nbsp;&nbsp;**$28.95** |
| &nbsp;&nbsp;**Occupancy %<sup>(2)</sup>** | &nbsp;&nbsp;**97.9%** | &nbsp;&nbsp;**96.6%** | &nbsp;&nbsp;**88.6%** | &nbsp;&nbsp;**91.7%** | &nbsp;&nbsp;**91.1%** |  |
| &nbsp;&nbsp;**NOI DSCR<sup>(3)</sup>** | &nbsp;&nbsp;**2.02x** | &nbsp;&nbsp;**1.92x** | &nbsp;&nbsp;**1.72x** | &nbsp;&nbsp;**1.72x** | &nbsp;&nbsp;**1.98x** |  |
| &nbsp;&nbsp;**NCF DSCR<sup>(3)</sup>** | &nbsp;&nbsp;**2.02x** | &nbsp;&nbsp;**1.92x** | &nbsp;&nbsp;**1.72x** | &nbsp;&nbsp;**1.72x** | &nbsp;&nbsp;**1.90x** |  |
| &nbsp;&nbsp;**NOI Debt Yield<sup>(3)</sup>** | &nbsp;&nbsp;**13.1%** | &nbsp;&nbsp;**12.5%** | &nbsp;&nbsp;**11.2%** | &nbsp;&nbsp;**11.2%** | &nbsp;&nbsp;**12.9%** |  |
| &nbsp;&nbsp;**NCF Debt Yield<sup>(3)</sup>** | &nbsp;&nbsp;**13.1%** | &nbsp;&nbsp;**12.5%** | &nbsp;&nbsp;**11.2%** | &nbsp;&nbsp;**11.2%** | &nbsp;&nbsp;**12.3%** |  |

---

(1) UW Gross Potential Rent is based on the underwritten rent roll dated as of October 1, 2025. UW Gross Potential
Rent includes $1,383,883 in straight line rent for four investment-grade tenants, the City University of NY – Borough of Manhattan
Community College, the City of New York – Department of Citywide Administrative Services, Target Corporation, and Cornell University,
as well as $37,342 of rent steps taken through September 2026 for two tenants, Medeast and Icon Parking. The increase in Gross Potential
Rent and Net Operating Income from TTM 8/31/2025 to UW is primarily due to the inclusion of such straight line rent, as well as new tenant
NCS Pearson taking occupancy for $656,096 in underwritten base rent.

(2) Underwritten Occupancy represents economic occupancy and historical occupancies represent physical occupancies.

(3) DSCR and Debt Yields are based on the 255 Greenwich Whole Loan.

***Escrows and Reserves.***

 ****

*Real Estate Tax Escrows* – On the loan origination date, the borrower was required to make an upfront deposit of approximately $3,188,067 into a reserve for real estate taxes. In addition, the borrower is required to deposit into a real estate tax reserve, on a monthly basis, an amount equal to 1/12th of the annual estimated tax payments (which currently equates to $273,643).

*Insurance Escrows* – The 255 Greenwich Whole Loan documents require the borrower to make ongoing monthly deposits into a reserve for insurance premiums in an amount equal to 1/12th of the insurance premiums that the lender estimates will be payable for the renewal of coverage upon the expiration of the insurance policies. However, the borrower will not be required to make the monthly insurance reserve deposit provided that (i) no event of default is continuing, (ii) the liability and casualty policies maintained by the borrower covering the 255 Greenwich Property are part of a blanket or umbrella policy reasonably approved by the lender, and (iii) the borrower provides the lender (x) evidence of renewal of such policies pursuant to the 255 Greenwich Whole Loan documents and (y) no later than 45 days following the inception or renewal of such policies, paid receipts for the related insurance premiums.

*Replacement Reserve* – On a monthly basis, the borrower is required to deposit approximately $10,444 into a reserve for capital expenditures.

*Rollover Reserve* – On the loan origination date the borrower was required to make an upfront deposit of $1,623,080 into a reserve for tenant improvements, landlord work and leasing commissions obligations (collectively, "Leasing Obligations") granted to the tenant NCS Pearson. In addition the borrower is required to deposit into such reserve, on a monthly basis, an amount equal to approximately $52,218 for future Leasing Obligations.

*Rent Concession Reserve -* On the loan origination date, the borrower was required to make an upfront deposit of approximately $193,184 into a reserve, representing the entire amount of the outstanding rent abatements granted to the tenant NCS Pearson.

***Lockbox and Cash Management.*** The 255 Greenwich Whole Loan is structured with a hard lockbox and springing cash management. The borrower is required to establish a lockbox account for the benefit of the lender within 30 days of the loan origination date, and within 10 business days after the lockbox account is established, must direct all tenants to deposit rents directly into the lockbox account. If, notwithstanding the foregoing direction, the borrower or property manager receives any rents from the 255 Greenwich Property, they are required to deposit such amounts into the lockbox account within two business days of receipt. In addition, upon the occurrence of a Cash Sweep Event Period (as defined below) the borrower is required to establish a lender-controlled cash management account, into which, during the continuance of a Cash Sweep Event Period, the borrower is required to cause the lockbox bank to transfer all funds on deposit in the lockbox account. Provided no event of default is continuing under the 255 Greenwich Whole Loan, funds on deposit in the cash management account are required to be applied on each monthly payment date, (i) to fund the required tax and insurance reserve deposits, if any, as described above under "*Escrows and Reserves,*" (ii) to fund the payment of debt service on the 255 Greenwich Whole Loan, (iii) to pay operating expenses set forth in the annual budget (which is required to be approved by the lender during a Cash Sweep Event Period) and lender-approved extraordinary expenses, (iv) to fund the required monthly deposits into the rollover reserve and the replacement reserve, as described

---

| |
|:---|
| 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 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – CBD | &nbsp;&nbsp;Loan #2 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$90000000 |
| &nbsp;&nbsp;255 Greenwich Street | &nbsp;&nbsp;**255 Greenwich** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;52.5% |
| &nbsp;&nbsp;New York, NY 10007 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.90x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;12.9% |

---

above under "*Escrows and Reserves,*" and (v) to deposit all remaining amounts in the cash management account into an excess cash flow account to be held as additional collateral for the 255 Greenwich Whole Loan during the continuance of a Cash Sweep Event Period (provided that if a Cash Sweep Event Period is commenced in connection with any combination of clauses (A) (ii) (iii) (iv) and/or (v) of the definition of Cash Sweep Event Period, the lender is required to release funds in such account to the borrower to pay operating expenses, extraordinary expenses, and rollover and replacement reserves to the extent there is insufficient cash flow during any month to pay the same). Upon the termination of any Cash Sweep Event Period, provided that no other Cash Sweep Event Period is continuing, all funds on deposit in such excess cash flow account will be returned to the borrower.

A "Cash Sweep Event Period" means a period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) commencing
 upon the earliest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the occurrence of an event of default under the 255 Greenwich Whole Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the debt service coverage ratio of the 255 Greenwich Whole Loan being less than 1.25x at the end of any calendar quarter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the occurrence of a Tenant Credit Event (as defined below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the occurrence of a BMCC Lease Expiration Event (as defined below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the occurrence of a Tenant Downgrade Event (as defined below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the date that is 18 months prior to the maturity date, if prior to such date DCAS has executed a written agreement to vacate the DCAS space and relocate the personnel in the DCAS space to a location other than the 255 Greenwich Property;

and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) expiring upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) regarding any Cash Sweep Event Period commenced in connection with clause (A)(i) above, the cure or waiver by the lender (if applicable) of such event of default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) regarding any Cash Sweep Event Period commenced in connection with clause (A)(ii) above, the date that the debt service coverage ratio is equal to or greater than 1.25x for the immediately preceding two consecutive calendar quarters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) regarding any Cash Sweep Event Period commenced in connection with clause (A)(iii) above, as applicable, (W) the lease of the BMCC/City Tenant (as defined below) is affirmed by the trustee in any such petition, case or proceeding pursuant to a final, non-appealable order of a court of competent jurisdiction, (X) if the Tenant Credit Event is the result of an involuntary petition to which BMCC/City Tenant did not consent, the date that such petition is discharged or dismissed, (Y) the BMCC/City Tenant is open for business and in occupancy of substantially all of the premises leased pursuant to its lease, or (Z) in the event the BMCC/City Tenant is no longer in occupancy, the premises formerly occupied by the BMCC/City Tenant is re-leased to a new tenant on terms and conditions acceptable to the lender in its reasonable discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) regarding any Cash Sweep Event Period commenced in connection with clause (A)(iv) above, (X) BMCC renews or extends the term of its lease in accordance with such lease or on terms reasonably acceptable to the lender, or (Y) substantially all of the premises formerly occupied by BMCC is re-leased in full (or in part, provided that the debt service coverage ratio after taking into account the Adjusted Net Cash Flow (as defined below) attributable to the new lease or leases is at least 1.25x) to one or more new tenants on terms reasonably acceptable to the lender, and each new tenant delivers to the lender an estoppel certificate certifying that such new tenant is in occupancy of substantially all of its space, is open for business, and is paying full, unabated rent with no outstanding remaining landlord obligations (provided, that if the borrower reserves with the lender any free rent to which each applicable tenant is entitled , then such estoppel will not be required to evidence that such tenant is paying full, unabated rent);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) regarding any Cash Sweep Event Period commenced in connection with clause (A)(v) above, the BMCC/City Tenant maintains a long-term unsecured debt rating of at least "BBB-" from S&P or an equivalent rating from any of the other rating agencies which rate such entity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) regarding any Cash Sweep Event Period commenced in connection with clause (A)(vi) above, (a) substantially all of the premises formerly occupied by DCAS is re-leased in full (or in part, provided that the debt service coverage ratio after taking into account the Adjusted Net Cash Flow (as defined below) attributable to the new lease or leases is at least 1.25x) to one or more new tenants on terms reasonably acceptable to the lender; and (b) the borrower has deposited with the lender an amount of funds sufficient (as determined by the lender in its sole but good faith discretion taking into account all cash then on deposit in the excess cash flow account, which, subject to the terms and conditions of the loan agreement, must be made available to the borrower to pay for such items) to pay for all obligations of the borrower with respect to Leasing Obligations.

"Adjusted Net Cash Flow" means the underwritten net operating income less (a) normalized tenant improvement and leasing commission expenditures equal to $1.00 PSF per annum, and (b) normalized capital improvements equal to $0.20 PSF per annum.

"BMCC/City Tenant" means (i) BMCC, which is in occupancy of the BMCC space pursuant to the BMCC lease as of the loan origination date, (ii) DCAS, which is in occupancy of the DCAS space pursuant to the DCAS lease as of the loan origination date, and (iii) any other lessee(s) of the entire or substantially all of the BMCC space (if any) and/or the entire or substantially all of the DCAS space (if any) following the expiration or earlier termination of the BMCC lease and/or the DCAS lease, as applicable.

"BMCC Lease Expiration Event" means the lapse of the day that is 18 months prior to the expiration date set forth in the BMCC lease and BMCC has not otherwise renewed or extended the term of its lease in accordance with such lease or on terms reasonably acceptable to the lender.

"Tenant Credit Event" means a BMCC/City Tenant (a) filing or consenting to the filing of any petition, either voluntary or involuntary, to take advantage of any state or federal bankruptcy or insolvency laws, (b) seeking or consenting to the appointment of a receiver, liquidator or any similar official, (c) taking any action that would cause such entity to become insolvent, or (d) making an assignment for the benefit of creditors.

---

| |
|:---|
| 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 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – CBD | &nbsp;&nbsp;Loan #2 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$90000000 |
| &nbsp;&nbsp;255 Greenwich Street | &nbsp;&nbsp;**255 Greenwich** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;52.5% |
| &nbsp;&nbsp;New York, NY 10007 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.90x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;12.9% |

---

"Tenant Downgrade Event" means any BMCC/City Tenant (other than any BMCC/City Tenant as set forth in clause (iii) of the definition of "BMCC/City Tenant" that does not have a long-term unsecured debt rating) failing to maintain a long-term unsecured debt rating of at least "BBB-" from S&P and an equivalent rating from each of the other rating agencies which rate such entity, provided that for purposes of determining the credit ratings of the BMCC/City Tenants (x) with respect to BMCC, such credit rating will be based upon the issuer rating of BMCC (which as of the loan origination date was rated at least AA- by S&P) and (y) with respect to DCAS, such credit rating will be based upon the City of New York general obligation bond issuer rating (which as of the loan origination date was rated at least "AA" by Fitch and S&P and "Aa2" by Moody's).

 

***Terrorism Insurance.*** The 255 Greenwich Whole Loan documents require that the borrower obtain and maintain an "all risk" or "special form" insurance policy that provides coverage for loss caused by acts of terrorism in an amount equal to 100% of the full replacement cost of the 255 Greenwich Property, as well as business interruption insurance covering a period of at least 18 months, together with an extended period of indemnity of up to 12 months. For so long as the Terrorism Risk Insurance Act of 2002, as extended and modified by the Terrorism Risk Insurance Program Reauthorization Act of 2015 ("TRIPRA") is in effect (including any extensions thereof or if another federal governmental program is in effect relating to "acts of terrorism" which provides substantially similar protections), the lender is required to accept terrorism insurance which covers against "covered acts" as defined by TRIPRA (or such other program), so long as TRIPRA (or such other program) continues to cover both domestic and foreign acts of terrorism. Notwithstanding the foregoing , the borrower will not be obligated to expend an amount for terrorism insurance coverage that is more than two times the amount of the annual insurance premium that is payable at such time with respect to its all risk or special form and business interruption policies (without giving effect to the cost of earthquake insurance or terrorism insurance components of such policies) and allocable to the 255 Greenwich Property based on market rates, in any policy year. 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. |
| 30 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored | &nbsp;&nbsp;Loan #3 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$88000000 |
| &nbsp;&nbsp;5649-5815 Burke Centre Parkway | &nbsp;&nbsp;**Burke Centre** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;68.1% |
| &nbsp;&nbsp;Burke, VA 22015 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.34x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;9.2% |

---

![](n5486prets_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. |
| 31 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored | &nbsp;&nbsp;Loan #3 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$88000000 |
| &nbsp;&nbsp;5649-5815 Burke Centre Parkway | &nbsp;&nbsp;**Burke Centre** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;68.1% |
| &nbsp;&nbsp;Burke, VA 22015 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.34x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;9.2% |

---

![](n5486prets_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. |
| 32 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored | &nbsp;&nbsp;Loan #3 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$88000000 |
| &nbsp;&nbsp;5649-5815 Burke Centre Parkway | &nbsp;&nbsp;**Burke Centre** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;68.1% |
| &nbsp;&nbsp;Burke, VA 22015 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.34x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;9.2% |

---

![](n5486prets_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. |
| 33 |

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**Mortgage Loan No. 3 – Burke Centre**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &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 Sellers:** | &nbsp;&nbsp;**Mortgage Loan Sellers:** | &nbsp;&nbsp;MSMCH | &nbsp;&nbsp;MSMCH | &nbsp;&nbsp;MSMCH | &nbsp;&nbsp;**Single Asset/Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Credit Assessment (S&P/Fitch/KBRA):** | &nbsp;&nbsp;**Credit Assessment (S&P/Fitch/KBRA):** | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;Burke, VA 22015 |
| &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;$88000000 | &nbsp;&nbsp;$88000000 | &nbsp;&nbsp;$88000000 | &nbsp;&nbsp;**General Property Type:** | &nbsp;&nbsp;Retail |
| &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$88000000 | &nbsp;&nbsp;$88000000 | &nbsp;&nbsp;$88000000 | &nbsp;&nbsp;**Detailed Property Type:** | &nbsp;&nbsp;Anchored |
| &nbsp;&nbsp;**% of Initial Pool Balance:** | &nbsp;&nbsp;**% of Initial Pool Balance:** | &nbsp;&nbsp;8.7% | &nbsp;&nbsp;8.7% | &nbsp;&nbsp;8.7% | &nbsp;&nbsp;**Title Vesting:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Acquisition | &nbsp;&nbsp;Acquisition | &nbsp;&nbsp;Acquisition | &nbsp;&nbsp;**Year Built/Renovated:** | &nbsp;&nbsp;1980/NAP |
| &nbsp;&nbsp;**Borrower Sponsor:** | &nbsp;&nbsp;**Borrower Sponsor:** | &nbsp;&nbsp;US Property Trust | &nbsp;&nbsp;US Property Trust | &nbsp;&nbsp;US Property Trust | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;256,958 SF |
| &nbsp;&nbsp;**Guarantor:** | &nbsp;&nbsp;**Guarantor:** | &nbsp;&nbsp;US Property Trust South America LLC | &nbsp;&nbsp;US Property Trust South America LLC | &nbsp;&nbsp;US Property Trust South America LLC | &nbsp;&nbsp;**Cut-off Date Balance Per SF:** | &nbsp;&nbsp;$342 |
| &nbsp;&nbsp;**Mortgage Rate:** | &nbsp;&nbsp;**Mortgage Rate:** | &nbsp;&nbsp;6.3900% | &nbsp;&nbsp;6.3900% | &nbsp;&nbsp;6.3900% | &nbsp;&nbsp;**Maturity Date Balance Per SF:** | &nbsp;&nbsp;$342 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;9/18/2025 | &nbsp;&nbsp;9/18/2025 | &nbsp;&nbsp;9/18/2025 | &nbsp;&nbsp;**Property Manager:** | &nbsp;&nbsp;JBG Smith Management Services, |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;10/1/2035 | &nbsp;&nbsp;10/1/2035 | &nbsp;&nbsp;10/1/2035 |  | &nbsp;&nbsp;LLC |
| &nbsp;&nbsp;**Term to Maturity:** | &nbsp;&nbsp;**Term to Maturity:** | &nbsp;&nbsp;120 months | &nbsp;&nbsp;120 months | &nbsp;&nbsp;120 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;120 months | &nbsp;&nbsp;120 months | &nbsp;&nbsp;120 months | &nbsp;&nbsp;**UW NOI:** | &nbsp;&nbsp;$8048448 |
| &nbsp;&nbsp;**Seasoning:** | &nbsp;&nbsp;**Seasoning:** | &nbsp;&nbsp;2 months | &nbsp;&nbsp;2 months | &nbsp;&nbsp;2 months | &nbsp;&nbsp;**UW NCF:** | &nbsp;&nbsp;$7662559 |
| &nbsp;&nbsp;**Prepayment Provisions:** | &nbsp;&nbsp;**Prepayment Provisions:** | &nbsp;&nbsp;YM1(113),O(7) | &nbsp;&nbsp;YM1(113),O(7) | &nbsp;&nbsp;YM1(113),O(7) | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;9.1% |
| &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;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;9.1% |
| &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;1.34x |
| &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;$7,989,644 (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;**2nd Most Recent NOI:** | &nbsp;&nbsp;$7,475,848 (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;**3rd Most Recent NOI:** | &nbsp;&nbsp;$7,385,661 (12/31/2022) |
| &nbsp;&nbsp;**RE Taxes:** | &nbsp;&nbsp;$467355 | &nbsp;&nbsp;$467355 | &nbsp;&nbsp;$93471 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Most Recent Occupancy:** | &nbsp;&nbsp;100.0% (7/31/2025) |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$124904 | &nbsp;&nbsp;$124904 | &nbsp;&nbsp;$12490 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**2nd Most Recent Occupancy:** | &nbsp;&nbsp;99.0% (12/31/2024) |
| &nbsp;&nbsp;**Deferred Maintenance:** | &nbsp;&nbsp;$52784 | &nbsp;&nbsp;$52784 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**3rd Most Recent Occupancy:** | &nbsp;&nbsp;98.7% (12/31/2023) |
| &nbsp;&nbsp;**Replacement Reserve:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$3905 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value (as of):** | &nbsp;&nbsp;$129,300,000 (8/14/2025) |
| &nbsp;&nbsp;**TI/LC Reserve:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$21413 | &nbsp;&nbsp;$770875 | &nbsp;&nbsp;**Appraised Value Per SF:** | &nbsp;&nbsp;$503 |
| &nbsp;&nbsp;**Environmental Reserve:** | &nbsp;&nbsp;$39500 | &nbsp;&nbsp;$39500 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Cut-off Date LTV Ratio:** | &nbsp;&nbsp;68.1% |
| &nbsp;&nbsp;**Outstanding TI/LC Reserve:** | &nbsp;&nbsp;$116440 | &nbsp;&nbsp;$116440 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date LTV Ratio:** | &nbsp;&nbsp;68.1% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** |
| &nbsp;&nbsp;**Sources** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** | &nbsp;&nbsp;**Uses** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** |
| &nbsp;&nbsp;Mortgage Loan Amount: | &nbsp;&nbsp;$88000000 | &nbsp;&nbsp;66.1% | &nbsp;&nbsp;Purchase Price | &nbsp;&nbsp;$127500000 | &nbsp;&nbsp;95.8% |
| &nbsp;&nbsp;Borrower Sponsor Equity | &nbsp;&nbsp;$45063495 | &nbsp;&nbsp;33.9% | &nbsp;&nbsp;Closing Costs: | &nbsp;&nbsp;$4762512 | &nbsp;&nbsp;3.6% |
|  |  |  | &nbsp;&nbsp;Upfront Reserves: | &nbsp;&nbsp;$800983 | &nbsp;&nbsp;0.6% |
| &nbsp;&nbsp;**Total Sources:** | &nbsp;&nbsp;**$133063495** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses:** | &nbsp;&nbsp;**$133063495** | &nbsp;&nbsp;**100.0%** |

---

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

 ****

***The Mortgage Loan.*** The third largest mortgage loan (the "Burke Centre Mortgage Loan") is evidenced by a promissory note in the original principal amount of $88,000,000 and secured by a first priority fee mortgage encumbering a 256,958 SF grocery anchored retail property in Burke, Virginia (the "Burke Centre Property").

***The Borrower and the Borrower Sponsor.*** The borrower for the Burke Centre Mortgage Loan is Burke Centre, Burke VA, LLC, a Delaware limited liability company and single purpose entity with one independent director in its organizational structure. The President and Manager of the borrower is Edward S. Glazer and the Vice President is Matthew Kaiser. The sole member of the borrowing entity is the Edward and Shari Glazer Family Trust dated January 23, 2008, as Amended. The Co-Trustees are Edward S. Glazer and Shari P. Glazer, who are also the current beneficiaries.

The borrower sponsor for the Burke Centre Mortgage Loan is US Property Trust. US Property Trust is owned and controlled by the Glazer family, which also owns the Tampa Bay Buccaneers NFL Franchise, the Manchester United F.C. English soccer franchise, and is the controlling shareholder of various large public companies including Zapata, Harley Davidson, Formica, and Specialty Equipment. The Glazer family owns over 65 community and neighborhood shopping centers totaling over 6.7 million SF throughout 18 states in the United States. US Property Trust South America LLC (the "Guarantor") is the non-recourse carve-out guarantor and environmental indemnitor for the Burke Centre Mortgage Loan. However, the borrower sponsor and the Guarantor have only de minimis assets, and accordingly the Burke Centre Mortgage Loan effectively does not have a non-recourse carveout guarantor or separate environmental indemnitor.

***The Property.*** The Burke Centre Property is a 256,958 SF grocery anchored retail property located on an approximately 29.6-acre site in Burke, Virginia. Built in 1980, the Burke Centre Property is comprised of 13 buildings and four pad sites, with 1,194 parking spaces (4.7 spaces per 1,000 SF). The Burke Centre Property is located along Burke Centre Parkway and Ox Road (State Route 23). The borrower sponsor acquired the Burke Centre Property for $127,500,000.

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

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored | &nbsp;&nbsp;Loan #3 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$88000000 |
| &nbsp;&nbsp;5649-5815 Burke Centre Parkway | &nbsp;&nbsp;**Burke Centre** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;68.1% |
| &nbsp;&nbsp;Burke, VA 22015 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.34x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;9.1% |

---

The Burke Centre Property has a nationally branded tenant mix and is anchored by the grocer tenant Safeway (21.9% of NRA, 3.9% of underwritten rent), as well as Kohl's (33.9% of NRA, 20.0% of underwritten rent). Other major tenants include CVS Pharmacy, PNC Bank, Wells Fargo, Bank of America, and Chick-Fil-A. The Burke Centre Property is currently 100.0% leased to 50 tenants. The rent roll is granular, with no tenant other than Kohl's, CVS, and PNC Bank accounting for more than 5.0% of underwritten rent. The tenant mix is comprised of service, medical, and food and beverage tenants. The Burke Centre Property has averaged 98.5% occupancy over the last 20 years.

 **

***Major Tenants.***

 **

*Kohl's (87,127 SF, 33.9% of NRA, 20.0% of underwritten base rent):* Kohl's Corporation ("Kohl's", NYSE: KSS), is an American department store retail chain, founded in 1962 in Milwaukee Wisconsin. Kohl's is currently headquartered in the Milwaukee suburb of Menomonee Falls, Wisconsin and became the largest department store chain in the United States in May 2012. Kohl's offers a wide variety of products including clothing, footwear, jewelry, accessories, beauty products, furniture, décor, bedding, bath, toys, books, appliances, electronics, pet products, and housewares. The Kohl's at the Burke Centre Property also includes a Sephora within its store. Kohl's operates over 1,100 stores in 49 states, online at Kohls.com, and through the Kohl's app. Kohl's has anchored the Burke Centre Property since 1983 and most recently executed a five-year renewal of its ground lease in April 2024. Kohl's has a lease expiration date of April 29, 2029, with four, 5-year renewal options remaining.

*Safeway Store (56,371 SF, 21.9% of NRA, 3.9% of underwritten base rent):* Safeway is an American supermarket chain that provides grocery items, food and general merchandise and a variety of specialty departments such as bakery, delicatessen, floral and pharmacy, as well as Starbucks coffee shops and vehicle fuel centers. Safeway is a subsidiary of Albertsons Companies, Inc. (NYSE: ACI), which operates under the brands Albertsons, Safeway, Vons, Jewel-Osco, Shaw's, Acme, Tom Thumb, Randalls, United Supermarkets, Pavilions, Star Market, Haggen, Carrs, Kings Food Markets, and Balducci's Food Lovers Market. Albertsons has 2,200 stores across 35 states and the District of Columbia with 22 distribution centers and 19 manufacturing plants, employing 280,000 associates. Safeway operates in 909 stores across 17 states, and the District of Columbia. Safeway Store has anchored the Burke Centre Property since 1980, has a lease expiration date of January 31, 2027, and has five, 5-year renewal options remaining. Safeway Store reported sales of $33.1 million ($586 PSF, 1.0% occupancy cost) for 2024, $30.8 million ($512 PSF) for 2023, $28.9 million ($512 PSF) for 2022 and $26.7 million ($474 PSF) for 2021.

 

The following table presents a summary regarding the major tenants at the Burke Centre Property:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &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 Total 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;**Anchor Tenants** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Kohl's | &nbsp;&nbsp;BB+/Ba3/B+ | &nbsp;&nbsp;87127 | &nbsp;&nbsp;33.9% | &nbsp;&nbsp;$1757881 | &nbsp;&nbsp;20.0% | &nbsp;&nbsp;$20.18 | &nbsp;&nbsp;4/29/2029 | &nbsp;&nbsp;4 x 5 year &nbsp;&nbsp;N |
| &nbsp;&nbsp;Safeway Store | &nbsp;&nbsp;NR/Ba2/BB+ | &nbsp;&nbsp;56371 | &nbsp;&nbsp;21.9% | &nbsp;&nbsp;$340102 | &nbsp;&nbsp;3.9% | &nbsp;&nbsp;$6.03 | &nbsp;&nbsp;1/31/2027 | &nbsp;&nbsp;5 x 5 year &nbsp;&nbsp;N |
| &nbsp;&nbsp;**Anchor Tenants Subtotal/Wtd. Avg.** | &nbsp;&nbsp;**Anchor Tenants Subtotal/Wtd. Avg.** | &nbsp;&nbsp;**143498** | &nbsp;&nbsp;**55.8%** | &nbsp;&nbsp;**$2097983** | &nbsp;&nbsp;**23.8%** | &nbsp;&nbsp;**$14.62** |  |  |
| &nbsp;&nbsp;**Major Tenants** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;CVS Pharmacy | &nbsp;&nbsp;BBB/Baa3/BBB | &nbsp;&nbsp;11168 | &nbsp;&nbsp;4.3% | &nbsp;&nbsp;$466731 | &nbsp;&nbsp;5.3% | &nbsp;&nbsp;$41.79 | &nbsp;&nbsp;5/31/2030 |  |
| &nbsp;&nbsp;Burke Auto Service Experts | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;4950 | &nbsp;&nbsp;1.9% | &nbsp;&nbsp;$193759 | &nbsp;&nbsp;2.2% | &nbsp;&nbsp;$39.14 | &nbsp;&nbsp;1/31/2026 |  |
| &nbsp;&nbsp;Chick-Fil-A | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;4779 | &nbsp;&nbsp;1.9% | &nbsp;&nbsp;$143000 | &nbsp;&nbsp;1.6% | &nbsp;&nbsp;$29.92 | &nbsp;&nbsp;4/30/2032 | &nbsp;&nbsp;4 x 5 year &nbsp;&nbsp;N |
| &nbsp;&nbsp;PNC Bank National Association | &nbsp;&nbsp;A+/A2/A | &nbsp;&nbsp;4620 | &nbsp;&nbsp;1.8% | &nbsp;&nbsp;$690000 | &nbsp;&nbsp;7.8% | &nbsp;&nbsp;$149.35 | &nbsp;&nbsp;10/31/2028 | &nbsp;&nbsp;2 x 5 year &nbsp;&nbsp;N |
| &nbsp;&nbsp;Bank of America | &nbsp;&nbsp;AA-/A1/A- | &nbsp;&nbsp;4300 | &nbsp;&nbsp;1.7% | &nbsp;&nbsp;$396000 | &nbsp;&nbsp;4.5% | &nbsp;&nbsp;$92.09 | &nbsp;&nbsp;4/30/2031 | &nbsp;&nbsp;1 x 5 year &nbsp;&nbsp;N |
| &nbsp;&nbsp;Parkway Veterinarian Clinic | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;4000 | &nbsp;&nbsp;1.6% | &nbsp;&nbsp;$256616 | &nbsp;&nbsp;2.9% | &nbsp;&nbsp;$64.15 | &nbsp;&nbsp;4/30/2034 |  |
| &nbsp;&nbsp;**Major Tenants Subtotal/Wtd. Avg.** | &nbsp;&nbsp;**Major Tenants Subtotal/Wtd. Avg.** | &nbsp;&nbsp;**33817** | &nbsp;&nbsp;**13.2%** | &nbsp;&nbsp;**$2146106** | &nbsp;&nbsp;**24.4%** | &nbsp;&nbsp;**$63.46** |  |  |
| &nbsp;&nbsp;Other Tenants |  | &nbsp;&nbsp; 79627 | &nbsp;&nbsp; 31.0% | &nbsp;&nbsp; $4560414 | &nbsp;&nbsp; 51.8% | &nbsp;&nbsp; $57.27 |  |  |
| &nbsp;&nbsp;**Occupied Subtotal/Wtd. Avg.** |  | &nbsp;&nbsp;**256942** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$8804503** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$34.27** |  |  |
| &nbsp;&nbsp;Vacant Space |  | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 0.0% |  |  |  |  |  |
| &nbsp;&nbsp;**Total/Wtd. Avg.** |  | &nbsp;&nbsp;**256958** | &nbsp;&nbsp;**100.0%** |  |  |  |  |  |

---

(1) Information is based on the underwritten rent roll dated July 31, 2025.

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

---

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

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---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored | &nbsp;&nbsp;Loan #3 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$88000000 |
| &nbsp;&nbsp;5649-5815 Burke Centre Parkway | &nbsp;&nbsp;**Burke Centre** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;68.1% |
| &nbsp;&nbsp;Burke, VA 22015 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.34x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;9.1% |

---

The following table presents certain information relating to the lease rollover schedule at the Burke Centre 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/2025 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1200 | &nbsp;&nbsp;0.5% | &nbsp;&nbsp;0.5% | &nbsp;&nbsp;$49440 | &nbsp;&nbsp;0.6% | &nbsp;&nbsp;0.6% | &nbsp;&nbsp;$41.20 |
| &nbsp;&nbsp;2026 | &nbsp;&nbsp;8 | &nbsp;&nbsp;17100 | &nbsp;&nbsp;6.7% | &nbsp;&nbsp;7.1% | &nbsp;&nbsp;$962617 | &nbsp;&nbsp;10.9% | &nbsp;&nbsp;11.5% | &nbsp;&nbsp;$56.29 |
| &nbsp;&nbsp;2027 | &nbsp;&nbsp;10 | &nbsp;&nbsp;75520 | &nbsp;&nbsp;29.4% | &nbsp;&nbsp;36.5% | &nbsp;&nbsp;$1376656 | &nbsp;&nbsp;15.6% | &nbsp;&nbsp;27.1% | &nbsp;&nbsp;$18.23 |
| &nbsp;&nbsp;2028 | &nbsp;&nbsp;7 | &nbsp;&nbsp;16020 | &nbsp;&nbsp;6.2% | &nbsp;&nbsp;42.7% | &nbsp;&nbsp;$1227208 | &nbsp;&nbsp;13.9% | &nbsp;&nbsp;41.1% | &nbsp;&nbsp;$76.60 |
| &nbsp;&nbsp;2029 | &nbsp;&nbsp;4 | &nbsp;&nbsp;91927 | &nbsp;&nbsp;35.8% | &nbsp;&nbsp;78.5% | &nbsp;&nbsp;$2147987 | &nbsp;&nbsp;24.4% | &nbsp;&nbsp;65.5% | &nbsp;&nbsp;$23.37 |
| &nbsp;&nbsp;2030 | &nbsp;&nbsp;2 | &nbsp;&nbsp;13668 | &nbsp;&nbsp;5.3% | &nbsp;&nbsp;83.8% | &nbsp;&nbsp;$825156 | &nbsp;&nbsp;9.4% | &nbsp;&nbsp;74.8% | &nbsp;&nbsp;$60.37 |
| &nbsp;&nbsp;2031 | &nbsp;&nbsp;5 | &nbsp;&nbsp;11500 | &nbsp;&nbsp;4.5% | &nbsp;&nbsp;88.3% | &nbsp;&nbsp;$781096 | &nbsp;&nbsp;8.9% | &nbsp;&nbsp;83.7% | &nbsp;&nbsp;$67.92 |
| &nbsp;&nbsp;2032 | &nbsp;&nbsp;4 | &nbsp;&nbsp;9679 | &nbsp;&nbsp;3.8% | &nbsp;&nbsp;92.1% | &nbsp;&nbsp;$378125 | &nbsp;&nbsp;4.3% | &nbsp;&nbsp;88.0% | &nbsp;&nbsp;$39.07 |
| &nbsp;&nbsp;2033 | &nbsp;&nbsp;3 | &nbsp;&nbsp;7150 | &nbsp;&nbsp;2.8% | &nbsp;&nbsp;94.9% | &nbsp;&nbsp;$295502 | &nbsp;&nbsp;3.4% | &nbsp;&nbsp;91.4% | &nbsp;&nbsp;$41.33 |
| &nbsp;&nbsp;2034 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8410 | &nbsp;&nbsp;3.3% | &nbsp;&nbsp;98.1% | &nbsp;&nbsp;$467836 | &nbsp;&nbsp;5.3% | &nbsp;&nbsp;96.7% | &nbsp;&nbsp;$55.63 |
| &nbsp;&nbsp;2035 | &nbsp;&nbsp;2 | &nbsp;&nbsp;2268 | &nbsp;&nbsp;0.9% | &nbsp;&nbsp;99.0% | &nbsp;&nbsp;$136080 | &nbsp;&nbsp;1.5% | &nbsp;&nbsp;98.2% | &nbsp;&nbsp;$60.00 |
| &nbsp;&nbsp;2036 & Thereafter | &nbsp;&nbsp;1 | &nbsp;&nbsp;2500 | &nbsp;&nbsp;1.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$156800 | &nbsp;&nbsp;1.8% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$62.72 |
| &nbsp;&nbsp;Vacant | &nbsp;&nbsp;0 | &nbsp;&nbsp;16 | &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.<sup>(3)</sup>** | &nbsp;&nbsp;**50** | &nbsp;&nbsp;**256958** | &nbsp;&nbsp;**100.0%** |  | &nbsp;&nbsp;**$8804503** | &nbsp;&nbsp;**100.0%** |  | &nbsp;&nbsp;**$34.27** |

---

(1) Information is based on the underwritten rent roll as of July 31, 2025.

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

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

***The Market.*** The Burke Centre Property is located in Burke, Virginia, within the Suburban Fairfax County retail submarket of the Suburban Virginia retail market. The Suburban Fairfax County retail submarket is the largest of the five submarkets within the Suburban Virginia retail market. Fairfax County is the seventh wealthiest county in the nation with a strong professional workforce. Eleven of the 20 Fortune 500 employers in the Washington, DC metropolitan area are headquartered in Fairfax County, including Freddie Mac, General Dynamics, Capital One Financial, Northrop Grumman, Leidos, Hilton Worldwide Holdings, and Booz Allen Hamilton. The Burke Centre Property is located along Burke Centre Parkway and Ox Road (State Route 123), benefitting from a traffic count of 21,800 vehicles per day along Burke Centre Parkway. Burke is approximately 20 miles southwest of Washington, DC and 15 miles west of Alexandria, Virginia. The Burke Centre Property is situated within the Burke Centre Planned Residential Community, which is governed by the Burke Centre Conservancy, which oversees the 1,700-acre community that includes five neighborhoods and approximately 6,000 homes. The Burke Centre Property's immediate area includes an elementary school across the street and residential developments on secondary roads in the area. Other major retailers within a one-mile radius include Target and Walmart.

According to the appraisal, as of the first quarter of 2025, the vacancy rate in the Suburban Fairfax County retail submarket was approximately 5.1%, with average asking rents of $35.40 PSF and an inventory of approximately 13.1 million SF. According to the appraisal, as of the first quarter of 2025, the vacancy rate in the Suburban Virginia retail market was approximately 6.8%, with average asking rents of $30.93 PSF and inventory of approximately 41.0 million SF. According to the appraisal, the estimated 2024 population within a one-, three-, and five-mile radius of the Burke Centre Property was 9,000, 67,029, and 190,530, respectively. Additionally, the estimated 2024 average household income within the same radii was $205,157, $191,388, and $188,648, respectively.

The following table presents information relating to the appraisal's market rent conclusion for the Burke Centre Property:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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;**Rent Increase Projection** | &nbsp;&nbsp;**Tenant Improvement** | &nbsp;&nbsp;**Leasing Commissions (New / Renewal)** |
| &nbsp;&nbsp;Big Box | &nbsp;&nbsp;$20.00 | &nbsp;&nbsp;15 | &nbsp;&nbsp;5% increase every 5 yrs | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;$5.00 / $2.50 |
| &nbsp;&nbsp;Grocery Anchor | &nbsp;&nbsp;$18.00 | &nbsp;&nbsp;15 | &nbsp;&nbsp;10% increase every 5 yrs | &nbsp;&nbsp;$25.00 | &nbsp;&nbsp;$5.00 / $2.50 |
| &nbsp;&nbsp;Major | &nbsp;&nbsp;$25.00 | &nbsp;&nbsp;10 | &nbsp;&nbsp;10% increase in yr 6 | &nbsp;&nbsp;$35.00 | &nbsp;&nbsp;6.0% / 3.0% |
| &nbsp;&nbsp;In Line | &nbsp;&nbsp;$45.00 | &nbsp;&nbsp;10 | &nbsp;&nbsp;3.0% per annum | &nbsp;&nbsp;$20.00 | &nbsp;&nbsp;6.0% / 3.0% |
| &nbsp;&nbsp;In Line Large | &nbsp;&nbsp;$35.00 | &nbsp;&nbsp;10 | &nbsp;&nbsp;3.0% per annum | &nbsp;&nbsp;$20.00 | &nbsp;&nbsp;6.0% / 3.0% |
| &nbsp;&nbsp;In Line $50/sf | &nbsp;&nbsp;$50.00 | &nbsp;&nbsp;10 | &nbsp;&nbsp;3.0% per annum | &nbsp;&nbsp;$20.00 | &nbsp;&nbsp;6.0% / 3.0% |
| &nbsp;&nbsp;In Line End Cap | &nbsp;&nbsp;$55.00 | &nbsp;&nbsp;10 | &nbsp;&nbsp;3.0% per annum | &nbsp;&nbsp;$20.00 | &nbsp;&nbsp;6.0% / 3.0% |
| &nbsp;&nbsp;In Line-Out Parcels | &nbsp;&nbsp;$60.00 | &nbsp;&nbsp;10 | &nbsp;&nbsp;10% increase in yr 6 | &nbsp;&nbsp;$20.00 | &nbsp;&nbsp;6.0% / 3.0% |
| &nbsp;&nbsp;In Line Bank Branch | &nbsp;&nbsp;$90.00 | &nbsp;&nbsp;10 | &nbsp;&nbsp;10% increase in yr 6 | &nbsp;&nbsp;$20.00 | &nbsp;&nbsp;6.0% / 3.0% |
| &nbsp;&nbsp;Fast Food Restaurant Out Parcel | &nbsp;&nbsp;$145,000 per year | &nbsp;&nbsp;20 | &nbsp;&nbsp;10% increase every 5 yrs | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;6.0% / 3.0% |
| &nbsp;&nbsp;Bank Branch Out Parcel | &nbsp;&nbsp;$350,000 per year | &nbsp;&nbsp;15 | &nbsp;&nbsp;10% increase every 5 yrs | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;6.0% / 3.0% |
| &nbsp;&nbsp;Gas Station Out Parcel | &nbsp;&nbsp;$300,000 per year | &nbsp;&nbsp;15 | &nbsp;&nbsp;10% increase every 5 yrs | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;6.0% / 3.0% |
| &nbsp;&nbsp;Auto Repair | &nbsp;&nbsp;$40.00 | &nbsp;&nbsp;10 | &nbsp;&nbsp;3.0% per annum | &nbsp;&nbsp;$10.00 | &nbsp;&nbsp;6.0% / 3.0% |

---

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. |
| 36 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored | &nbsp;&nbsp;Loan #3 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$88000000 |
| &nbsp;&nbsp;5649-5815 Burke Centre Parkway | &nbsp;&nbsp;**Burke Centre** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;68.1% |
| &nbsp;&nbsp;Burke, VA 22015 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.34x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;9.1% |

---

The following table presents certain information relating to comparable sales pertaining to the Burke Centre Property:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Comparable Sales Summary** | &nbsp;&nbsp;**Comparable Sales Summary** | &nbsp;&nbsp;**Comparable Sales Summary** | &nbsp;&nbsp;**Comparable Sales Summary** | &nbsp;&nbsp;**Comparable Sales Summary** | &nbsp;&nbsp;**Comparable Sales Summary** | &nbsp;&nbsp;**Comparable Sales Summary** | &nbsp;&nbsp;**Comparable Sales Summary** |
| &nbsp;&nbsp;**Property/Location** | &nbsp;&nbsp;**Year Built** | &nbsp;&nbsp;**Size (SF)** | &nbsp;&nbsp;**Anchor Tenants** | &nbsp;&nbsp;**Occupancy** | &nbsp;&nbsp;**Sale Date** | &nbsp;&nbsp;**Sale Price** | &nbsp;&nbsp;**Sale Price (PSF)** |
| &nbsp;&nbsp; **Burke Centre (subject)<sup>(1)</sup>**<br> **5649-5815 Burke Centre Parkway**<br> **Burke, VA** | &nbsp;&nbsp;**1980** | &nbsp;&nbsp;**256958** | &nbsp;&nbsp; **Kohl's**<br> **Safeway Store** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Aug. 2025** | &nbsp;&nbsp;**127500000** | &nbsp;&nbsp;**$496.19** |
| &nbsp;&nbsp; The Shoppes at Lorton Valley<br> 8971 Ox Road<br> Lorton, VA | &nbsp;&nbsp;2003 | &nbsp;&nbsp;109677 | &nbsp;&nbsp;Giant Food | &nbsp;&nbsp;94% | &nbsp;&nbsp;Aug. 2025 | &nbsp;&nbsp;$53250000 | &nbsp;&nbsp;$485.52 |
| &nbsp;&nbsp; The Station at Riverdale Park<br> 6611 Baltimore Avenue<br> Riverdale Park, MD | &nbsp;&nbsp;2017 | &nbsp;&nbsp;163524 | &nbsp;&nbsp;Gold's Gym and Whole Foods | &nbsp;&nbsp;88% | &nbsp;&nbsp;Apr. 2025 | &nbsp;&nbsp;$69150000 | &nbsp;&nbsp;$422.87 |
| &nbsp;&nbsp; Short Pump Station<br> 11331 West Broad Street<br> Glen Allen, VA | &nbsp;&nbsp;2007 | &nbsp;&nbsp;91369 | &nbsp;&nbsp;Petco, Trader Joe's and Ulta | &nbsp;&nbsp;97% | &nbsp;&nbsp;Dec. 2024 | &nbsp;&nbsp;$54962000 | &nbsp;&nbsp;$601.54 |
| &nbsp;&nbsp; The Shoppes at English Village<br> 1460 Bethlehem Pike<br> North Wales, PA | &nbsp;&nbsp;2003 | &nbsp;&nbsp;103325 | &nbsp;&nbsp;Trader Joe's and Iron Hill Brewery | &nbsp;&nbsp;95% | &nbsp;&nbsp;Nov. 2024 | &nbsp;&nbsp;$53600000 | &nbsp;&nbsp;$518.75 |
| &nbsp;&nbsp; LaCenterra at Cinco Ranch<br> 23501 Cinco Ranch Boulevard<br> Katy, TX | &nbsp;&nbsp;2007 | &nbsp;&nbsp;409484 | &nbsp;&nbsp;Alamo Drafthouse Cinema and Trader Joe's | &nbsp;&nbsp;93% | &nbsp;&nbsp;Jul. 2025 | &nbsp;&nbsp;$223000000 | &nbsp;&nbsp;$544.59 |
| &nbsp;&nbsp; Oklahoma City Open-Air Collection<br> 6100 North Western Avenue<br> Oklahoma City, OK | &nbsp;&nbsp;1964 | &nbsp;&nbsp;364759 | &nbsp;&nbsp;Whole Foods, BC Clark, Trader Joe's and Bassett Furniture | &nbsp;&nbsp;96% | &nbsp;&nbsp;Jun. 2025 | &nbsp;&nbsp;$212000000 | &nbsp;&nbsp;$581.21 |
| &nbsp;&nbsp; Crossroads Shopping Center<br> 15600 Northeast 8<sup>th</sup> Street<br> Bellevue, WA | &nbsp;&nbsp;1962 | &nbsp;&nbsp;460725 | &nbsp;&nbsp;Dick's, QFC, Joann, Michaels, CostPlus World Market and Planet | &nbsp;&nbsp;98% | &nbsp;&nbsp;Jan. 2025 | &nbsp;&nbsp;$224000000 | &nbsp;&nbsp;$486.19 |

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*Source: Appraisal.*

(1) Information other than Year Built is based on the underwritten rent roll dated July 31, 2025.

The following table presents certain information relating to comparable big box retail tenants with respect to the Burke Centre Property:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Comparable Leases Summary** | &nbsp;&nbsp;**Comparable Leases Summary** | &nbsp;&nbsp;**Comparable Leases Summary** | &nbsp;&nbsp;**Comparable Leases Summary** | &nbsp;&nbsp;**Comparable Leases Summary** | &nbsp;&nbsp;**Comparable Leases Summary** | &nbsp;&nbsp;**Comparable Leases Summary** | &nbsp;&nbsp;**Comparable Leases Summary** |
| &nbsp;&nbsp;**Property/Location** | &nbsp;&nbsp;**Year Built / Renovated** | &nbsp;&nbsp;**Tenant Name** | &nbsp;&nbsp;**Tenant Size (SF)** | &nbsp;&nbsp;**Lease Date** | &nbsp;&nbsp;**Lease Term (yrs)** | &nbsp;&nbsp;**Rent PSF** | &nbsp;&nbsp;**Lease Type** |
| &nbsp;&nbsp; **Burke Centre (subject)<sup>(1)</sup>**<br> **5649-5815 Burke Centre Parkway**<br> **Burke, VA** | &nbsp;&nbsp;**1980 / NAP** | &nbsp;&nbsp;**Kohl's** | &nbsp;&nbsp;**87127** | &nbsp;&nbsp;**Apr. 2024** | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**$20.18** | &nbsp;&nbsp;**Net** |
| &nbsp;&nbsp; Newport Centre<br> 30 Mall Drive West<br> Jersey City, NJ | &nbsp;&nbsp;1987 / 2006 | &nbsp;&nbsp;Dick's House of Sport | &nbsp;&nbsp;82508 | &nbsp;&nbsp;Jan. 2025 | &nbsp;&nbsp;10 | &nbsp;&nbsp;$27.00 | &nbsp;&nbsp;Net |
| &nbsp;&nbsp; Ridge at Creekside/Creekside Plaza<br> 1112-1164 Galleria Boulevard<br> Roseville, CA | &nbsp;&nbsp;2002 / 2007 | &nbsp;&nbsp;Floor & Décor | &nbsp;&nbsp;80874 | &nbsp;&nbsp;Sep. 2024 | &nbsp;&nbsp;10 | &nbsp;&nbsp;$18.54 | &nbsp;&nbsp;Net |
| &nbsp;&nbsp; Pathmark Supercenter<br> 130 Midland Avenue<br> Port Chester, NY | &nbsp;&nbsp;2023 / NAP | &nbsp;&nbsp;Floor & Décor | &nbsp;&nbsp;80000 | &nbsp;&nbsp;Dec. 2023 | &nbsp;&nbsp;20 | &nbsp;&nbsp;$22.50 | &nbsp;&nbsp;Net |
| &nbsp;&nbsp; Former Sears Department Store<br> 1400 Willowbrook Mall<br> Wayne, NJ | &nbsp;&nbsp;1969 / 2022 | &nbsp;&nbsp;BJ's | &nbsp;&nbsp;105031 | &nbsp;&nbsp;Apr. 2023 | &nbsp;&nbsp;19 | &nbsp;&nbsp;$16.00 | &nbsp;&nbsp;Net |
| &nbsp;&nbsp; Lynnhaven East<br> 2701 North Mall Drive<br> Virginia Beach, VA | &nbsp;&nbsp;1987 / NAP | &nbsp;&nbsp;Academy Sports | &nbsp;&nbsp;65297 | &nbsp;&nbsp;Dec. 2024 | &nbsp;&nbsp;15 | &nbsp;&nbsp;$17.00 | &nbsp;&nbsp;Net |
| &nbsp;&nbsp; Washington Square<br> 3700 Plank Road<br> Fredericksburg, VA | &nbsp;&nbsp;1993 / NAP | &nbsp;&nbsp;Sportsman Warehouse | &nbsp;&nbsp;70000 | &nbsp;&nbsp;Oct. 2022 | &nbsp;&nbsp;10 | &nbsp;&nbsp;$12.00 | &nbsp;&nbsp;Net |
| &nbsp;&nbsp; Woodmore Towne Centre<br> 2700 Campus Way North<br> Upper Marlboro, MD | &nbsp;&nbsp;2010 / 2017 | &nbsp;&nbsp;At Home | &nbsp;&nbsp;96446 | &nbsp;&nbsp;Jul. 2021 | &nbsp;&nbsp;10 | &nbsp;&nbsp;$9.75 | &nbsp;&nbsp;Net |
| &nbsp;&nbsp; LifeTime Fitness<br> 7801 Limestone Drive<br> Gainesville, VA | &nbsp;&nbsp;2019 /NAP | &nbsp;&nbsp;Life Time Fitness | &nbsp;&nbsp;110000 | &nbsp;&nbsp;Mar. 2020 | &nbsp;&nbsp;25 | &nbsp;&nbsp;$18.26 | &nbsp;&nbsp;Net |

---

*Source: Appraisal.*

(1) Information other than Year Built is based on the underwritten rent roll dated July 31, 2025.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored | &nbsp;&nbsp;Loan #3 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$88000000 |
| &nbsp;&nbsp;5649-5815 Burke Centre Parkway | &nbsp;&nbsp;**Burke Centre** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;68.1% |
| &nbsp;&nbsp;Burke, VA 22015 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.34x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;9.1% |

---

The following table presents certain information relating to comparable grocery retail tenants with respect to the Burke Centre Property:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Comparable Leases Summary** | &nbsp;&nbsp;**Comparable Leases Summary** | &nbsp;&nbsp;**Comparable Leases Summary** | &nbsp;&nbsp;**Comparable Leases Summary** | &nbsp;&nbsp;**Comparable Leases Summary** | &nbsp;&nbsp;**Comparable Leases Summary** | &nbsp;&nbsp;**Comparable Leases Summary** | &nbsp;&nbsp;**Comparable Leases Summary** |
| &nbsp;&nbsp;**Property/Location** | &nbsp;&nbsp;**Year Built / Renovated** | &nbsp;&nbsp;**Tenant Name** | &nbsp;&nbsp;**Tenant Size (SF)** | &nbsp;&nbsp;**Lease Date** | &nbsp;&nbsp;**Lease Term (yrs)** | &nbsp;&nbsp;**Rent PSF** | &nbsp;&nbsp;**Lease Type** |
| &nbsp;&nbsp; **Burke Centre (subject)<sup>(1)</sup>**<br> **5649-5815 Burke Centre Parkway**<br> **Burke, VA** | &nbsp;&nbsp;**1980 / NAP** | &nbsp;&nbsp;**Safeway Store** | &nbsp;&nbsp;**56371** | &nbsp;&nbsp;**Feb. 2022** | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**$6.03** | &nbsp;&nbsp;**Net** |
| &nbsp;&nbsp; The Galvan at Twinbrook<br> 1800 Rockville Pike<br> Rockville, MD | &nbsp;&nbsp;2016 / NAP | &nbsp;&nbsp;Go Fresh 365 | &nbsp;&nbsp;62753 | &nbsp;&nbsp;Jan. 2025 | &nbsp;&nbsp;20 | &nbsp;&nbsp;$16.00 | &nbsp;&nbsp;Net |
| &nbsp;&nbsp; Damascus Shopping Center<br> 9807 Main Street<br> Damascus, MD | &nbsp;&nbsp;1972 / 2008 | &nbsp;&nbsp;Safeway | &nbsp;&nbsp;46711 | &nbsp;&nbsp;Jan. 2025 | &nbsp;&nbsp;10 | &nbsp;&nbsp;$18.50 | &nbsp;&nbsp;Net |
| &nbsp;&nbsp; St. Thomas Shopping Center<br> 9900 Reisterstown Road<br> Owings Mills, MD | &nbsp;&nbsp;1980 / 2023 | &nbsp;&nbsp;Amazon Fresh | &nbsp;&nbsp;34910 | &nbsp;&nbsp;Apr. 2024 | &nbsp;&nbsp;10 | &nbsp;&nbsp;$18.00 | &nbsp;&nbsp;Net |
| &nbsp;&nbsp; Maryland City Plaza<br> 3401 Laurel Fort Meade Road<br> Laurel, MD | &nbsp;&nbsp;1987 / NAP | &nbsp;&nbsp;Shopper Food Warehouse | &nbsp;&nbsp;59317 | &nbsp;&nbsp;Mar. 2023 | &nbsp;&nbsp;10 | &nbsp;&nbsp;$18.00 | &nbsp;&nbsp;Net |
| &nbsp;&nbsp; The Shoppes at Livingston Square<br> 9598 Livingston Road<br> Fort Washington, MD | &nbsp;&nbsp;1976 / 2021 | &nbsp;&nbsp;Giant Food | &nbsp;&nbsp;42980 | &nbsp;&nbsp;Nov. 2022 | &nbsp;&nbsp;20 | &nbsp;&nbsp;$16.87 | &nbsp;&nbsp;Net |
| &nbsp;&nbsp; Bull Run Plaza<br> Manassas, VA<br> 11010 Sudley Manor Drive | &nbsp;&nbsp;1987 / NAP | &nbsp;&nbsp;Giant Food | &nbsp;&nbsp;60000 | &nbsp;&nbsp;Mar. 2022 | &nbsp;&nbsp;20 | &nbsp;&nbsp;$12.50 | &nbsp;&nbsp;Net |
| &nbsp;&nbsp; Fairfax Court<br> 11282 James Swart circle<br> Fairfax, VA | &nbsp;&nbsp;1992 /NAP | &nbsp;&nbsp;Great Wall Supermarket | &nbsp;&nbsp;38876 | &nbsp;&nbsp;Oct. 2021 | &nbsp;&nbsp;15 | &nbsp;&nbsp;$17.00 | &nbsp;&nbsp;Net |

---

*Source: Appraisal.*

(1) Information is based on the underwritten rent roll dated July 31, 2025 other than Year Built.

The following table presents certain information relating to comparable in line retail tenants with respect to the Burke Centre Property:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Comparable Leases Summary** | &nbsp;&nbsp;**Comparable Leases Summary** | &nbsp;&nbsp;**Comparable Leases Summary** | &nbsp;&nbsp;**Comparable Leases Summary** | &nbsp;&nbsp;**Comparable Leases Summary** | &nbsp;&nbsp;**Comparable Leases Summary** | &nbsp;&nbsp;**Comparable Leases Summary** | &nbsp;&nbsp;**Comparable Leases Summary** |
| &nbsp;&nbsp;**Property/Location** | &nbsp;&nbsp;**Year Built / Renovated** | &nbsp;&nbsp;**Tenant Name** | &nbsp;&nbsp;**Tenant Size (SF)** | &nbsp;&nbsp;**Lease Date** | &nbsp;&nbsp;**Lease Term (yrs)** | &nbsp;&nbsp;**Rent PSF** | &nbsp;&nbsp;**Lease Type** |
| &nbsp;&nbsp; **Burke Centre (subject)<sup>(1)</sup>**<br> **5649-5815 Burke Centre Parkway**<br> **Burke, VA** | &nbsp;&nbsp;**1980 / NAP** | &nbsp;&nbsp; **CVS Pharmacy**<br> **Chick-Fil-A** | &nbsp;&nbsp; **11168**<br> **4779** | &nbsp;&nbsp; **Jun. 2020**<br> **May 2017** | &nbsp;&nbsp; **10**<br> **15** | &nbsp;&nbsp; **$41.79**<br> **$29.92** | &nbsp;&nbsp; **Mod. Gross**<br> **Net** |
| &nbsp;&nbsp; Sugarland Crossing<br> 46920 Leesburg Pike<br> Sterling, VA | &nbsp;&nbsp;1975 / 2000 | &nbsp;&nbsp;Running Dish Sushi & Hot Pot | &nbsp;&nbsp;10180 | &nbsp;&nbsp;Jun. 2024 | &nbsp;&nbsp;10 | &nbsp;&nbsp;$23.00 | &nbsp;&nbsp;Net |
| &nbsp;&nbsp; Germantown Commons<br> 12940 Middlebrook Road<br> Germantown, MD | &nbsp;&nbsp;1982 / 2005 | &nbsp;&nbsp;Big Blue Swim School | &nbsp;&nbsp;11900 | &nbsp;&nbsp;Feb. 2024 | &nbsp;&nbsp;10 | &nbsp;&nbsp;$20.00 | &nbsp;&nbsp;Net |
| &nbsp;&nbsp; Shops at Waldorf<br> 2925 Festival Way<br> Waldorf, MD | &nbsp;&nbsp;1983 / NAP | &nbsp;&nbsp;Five Below | &nbsp;&nbsp;10401 | &nbsp;&nbsp;Sep. 2023 | &nbsp;&nbsp;10 | &nbsp;&nbsp;$20.00 | &nbsp;&nbsp;Net |
| &nbsp;&nbsp; Plaza America<br> 11610 Plaza America Drive<br> Reston, VA | &nbsp;&nbsp;1995 / NAP | &nbsp;&nbsp;Sola Salon Studios | &nbsp;&nbsp;12103 | &nbsp;&nbsp;Apr. 2023 | &nbsp;&nbsp;10 | &nbsp;&nbsp;$24.00 | &nbsp;&nbsp;Net |
| &nbsp;&nbsp; Plaza I & II at Virginia Gateway<br> 13029 & 13225 Gateway Center Drive<br> Gainesville, VA | &nbsp;&nbsp;2005 / NAP | &nbsp;&nbsp;Ulta Salon | &nbsp;&nbsp;10395 | &nbsp;&nbsp;Jan. 2023 | &nbsp;&nbsp;10 | &nbsp;&nbsp;$23.00 | &nbsp;&nbsp;Net |
| &nbsp;&nbsp; Woodmore Towne Centre<br> 2700 Campus Way North<br> Upper Marlboro, MD | &nbsp;&nbsp;2010 / 2017 | &nbsp;&nbsp;Nike | &nbsp;&nbsp;15000 | &nbsp;&nbsp;Aug. 2022 | &nbsp;&nbsp;5 | &nbsp;&nbsp;$23.00 | &nbsp;&nbsp;Net |
| &nbsp;&nbsp; Fair Lakes Center<br> 12993 Fair Lakes Parkway<br> Fairfax, VA | &nbsp;&nbsp;1992 / 2001 | &nbsp;&nbsp;Rockler Woodworking & Hardware | &nbsp;&nbsp;12351 | &nbsp;&nbsp;Jun. 2022 | &nbsp;&nbsp;10 | &nbsp;&nbsp;$25.00 | &nbsp;&nbsp;Net |
| &nbsp;&nbsp; Stonebridge at Potomac Towne Center<br> 14900 Potomac Towne Place<br> Woodbridge, VA | &nbsp;&nbsp;2007 / 2012 | &nbsp;&nbsp;Barnes & Noble | &nbsp;&nbsp;11223 | &nbsp;&nbsp;Mar. 2022 | &nbsp;&nbsp;10 | &nbsp;&nbsp;$24.95 | &nbsp;&nbsp;Net |

---

*Source: Appraisal.* 

(1) Information is based on the underwritten rent roll dated July 31, 2025 other than Year Built.

 ****

***Appraisal.*** The appraisal concluded to an "As-Is" value for the Burke Centre Property of $129,300,000 as of August 14, 2025. Additionally, the appraisal provided an "As-Is" value for the Kohl's parcel only of $22,400,000 as of August 14, 2025.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored | &nbsp;&nbsp;Loan #3 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$88000000 |
| &nbsp;&nbsp;5649-5815 Burke Centre Parkway | &nbsp;&nbsp;**Burke Centre** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;68.1% |
| &nbsp;&nbsp;Burke, VA 22015 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.34x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;9.1% |

---

***Environmental Matters.*** According to the Phase I environmental site assessment dated March 24, 2025, there was no evidence of any recognized environmental conditions at the Burke Centre Property. The ESA identified two controlled recognized environmental conditions at the Burke Centre 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 the Underwritten Net Cash Flow at the Burke Centre 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** |
| | **2021** | **2022** | **2023** | **2024** | **UW** | **UW PSF** |
| &nbsp;&nbsp;Gross Potential Rent<sup>(1)</sup> | &nbsp;&nbsp;$8230227 | &nbsp;&nbsp;$7895419 | &nbsp;&nbsp;$7952042 | &nbsp;&nbsp;$8302452 | &nbsp;&nbsp;$8804503<sup>(2)</sup> | &nbsp;&nbsp;$34.27 |
| &nbsp;&nbsp;Reimbursements | &nbsp;&nbsp;$1178576 | &nbsp;&nbsp;$1290209 | &nbsp;&nbsp;$1414410 | &nbsp;&nbsp;$1341637 | &nbsp;&nbsp;$1792068 | &nbsp;&nbsp;$6.97 |
| &nbsp;&nbsp;Other Income<sup>(3)</sup> | &nbsp;&nbsp;$33502 | &nbsp;&nbsp;$7177 | &nbsp;&nbsp;$76237 | &nbsp;&nbsp;$24914 | &nbsp;&nbsp;$25380 | &nbsp;&nbsp;$0.10 |
| &nbsp;&nbsp;Less Vacancy & Credit Loss | &nbsp;&nbsp; ($198739) | &nbsp;&nbsp; ($73847) | &nbsp;&nbsp; ($97828) | &nbsp;&nbsp; ($1444) | &nbsp;&nbsp; ($529829) | &nbsp;&nbsp; ($2.06) |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$9243566** | &nbsp;&nbsp;**$9118958** | &nbsp;&nbsp;**$9344861** | &nbsp;&nbsp;**$9667560** | &nbsp;&nbsp;**$10092123** | &nbsp;&nbsp;**$39.28** |
| &nbsp;&nbsp;Real Estate Taxes | &nbsp;&nbsp;$737970 | &nbsp;&nbsp;$774904 | &nbsp;&nbsp;$805148 | &nbsp;&nbsp;$842320 | &nbsp;&nbsp;$901927 | &nbsp;&nbsp;$3.51 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;$60552 | &nbsp;&nbsp;$65477 | &nbsp;&nbsp;$69406 | &nbsp;&nbsp;$69191 | &nbsp;&nbsp;$184710 | &nbsp;&nbsp;$0.72 |
| &nbsp;&nbsp;Other Expenses | &nbsp;&nbsp; $813894 | &nbsp;&nbsp; $892915 | &nbsp;&nbsp; $994459 | &nbsp;&nbsp; $766405 | &nbsp;&nbsp; $957038 | &nbsp;&nbsp; $3.72 |
| &nbsp;&nbsp;**Total Expenses** | &nbsp;&nbsp;**$1612416** | &nbsp;&nbsp;**$1733296** | &nbsp;&nbsp;**$1869013** | &nbsp;&nbsp;**$1677915** | &nbsp;&nbsp;**$2043675** | &nbsp;&nbsp;**$7.95** |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$7631150** | &nbsp;&nbsp;**$7385661** | &nbsp;&nbsp;**$7475848** | &nbsp;&nbsp;**$7989644** | &nbsp;&nbsp;**$8048448** | &nbsp;&nbsp;**$31.32** |
| &nbsp;&nbsp;Capital Expenditures | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$46861 | &nbsp;&nbsp;$0.18 |
| &nbsp;&nbsp;TI/LC | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $339028 | &nbsp;&nbsp; $1.32 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$7631150** | &nbsp;&nbsp;**$7385661** | &nbsp;&nbsp;**$7475848** | &nbsp;&nbsp;**$7989644** | &nbsp;&nbsp;**$7662559** | &nbsp;&nbsp;**$29.82** |
| &nbsp;&nbsp;**Occupancy %** | &nbsp;&nbsp;**97.6%** | &nbsp;&nbsp;**98.5%** | &nbsp;&nbsp;**98.7%** | &nbsp;&nbsp;**99.0%** | &nbsp;&nbsp;**100.0%<sup>(4)</sup>** |  |
| &nbsp;&nbsp;**NOI DSCR** | &nbsp;&nbsp;**1.34x** | &nbsp;&nbsp;**1.30x** | &nbsp;&nbsp;**1.31x** | &nbsp;&nbsp;**1.40x** | &nbsp;&nbsp;**1.41x** |  |
| &nbsp;&nbsp;**NCF DSCR** | &nbsp;&nbsp;**1.34x** | &nbsp;&nbsp;**1.30x** | &nbsp;&nbsp;**1.31x** | &nbsp;&nbsp;**1.40x** | &nbsp;&nbsp;**1.34x** |  |
| &nbsp;&nbsp;**NOI Debt Yield** | &nbsp;&nbsp;**8.7%** | &nbsp;&nbsp;**8.4%** | &nbsp;&nbsp;**8.5%** | &nbsp;&nbsp;**9.1%** | &nbsp;&nbsp;**9.1%** |  |
| &nbsp;&nbsp;**NCF Debt Yield** | &nbsp;&nbsp;**8.7%** | &nbsp;&nbsp;**8.4%** | &nbsp;&nbsp;**8.5%** | &nbsp;&nbsp;**9.1%** | &nbsp;&nbsp;**8.7%** |  |

---

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

(2) Includes $145,175 of contractual rent steps through August 2026.

(3) Other Income includes $15,300 for leased electric parking spaces and miscellaneous income.

(4) UW Occupancy % is based on the underwritten rent roll dated as of July 31, 2025.

***Escrows and Reserves.***

At origination, the borrower was required to deposit into escrow (i) $467,355 for real estate taxes, (ii) $124,904 for insurance premiums, (iii) $52,784 for required repairs, (iv) $39,500 for an environmental reserve to remediate trichloroethylene and perchloroethylene related to dry cleaning operations at the Burke Centre Property and (v) approximately $116,440 for outstanding tenant improvement and leasing commission ("TI/LC") obligations.

*Tax Reserve* – On a monthly basis, the borrower is required to escrow 1/12th of the annual estimated tax payments payable during the next ensuing 12 months (initially approximately $93,471 monthly).

 

*Insurance Escrow* – On a monthly basis, the borrower is required to escrow 1/12th of the annual estimated insurance premiums payable for the renewal of the insurance policies covering the Burke Centre Property (initially approximately $12,491 monthly). However, the borrower will not be required to make the monthly insurance reserve deposit if (i) no event of default is continuing, (ii) the liability and casualty policies maintained by the borrower covering the Burke Centre Property are part of a blanket or umbrella policy approved by the lender in its reasonable discretion, and (iii) the borrower provides the lender reasonably acceptable evidence of renewal of such policies and payment of the insurance premiums by no later than five days prior to the expiration dates of the policies.

 

*Capital Expenditure Reserve* – On a monthly basis, the borrower is required to escrow $3,905 for annual capital expenditures approved by the lender. If there is a partial release of the Kohl's Parcel (as defined below), the amount of the monthly deposit required must be proportionately reduced based on the square footage of the Kohl's Parcel.

 

*TI/LC Reserve* – On a monthly basis, the borrower is required to escrow $21,413 for tenant improvements and leasing commissions; provided that the borrower will not be required to make such deposit on any monthly payment date on which the amount in such reserve is greater than $770,875. If there is a partial release of the Kohl's Parcel, the amount of the monthly deposit required must be proportionately reduced based on the square footage of the Kohl's Parcel.

---

| |
|:---|
| 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 – Anchored | &nbsp;&nbsp;Loan #3 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$88000000 |
| &nbsp;&nbsp;5649-5815 Burke Centre Parkway | &nbsp;&nbsp;**Burke Centre** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;68.1% |
| &nbsp;&nbsp;Burke, VA 22015 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.34x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;9.1% |

---

***Lockbox and Cash Management.*** The Burke Centre Mortgage Loan is structured with a springing lockbox and springing cash management. Upon the occurrence of a Cash Sweep Event Period (as defined below), the borrower is required to establish a lender controlled lockbox account and a lender controlled cash management account. During any Cash Sweep Event Period, all rents must be deposited into the lockbox account and swept on each business day to the cash management account. Provided no event of default is continuing, on each monthly payment date during a Cash Sweep Event Period, all funds in the cash management account as of the end of the prior month are required to be applied (i) to fund the required tax and insurance reserve deposits, if any, as described above under "*Escrows and Reserves,*" (ii) to fund the payment of debt service on the Burke Centre Mortgage Loan, (iii) to fund the required monthly deposits into the replacement reserve and the TI/LC reserve, as described above under "*Escrows and Reserves,*" (iv) to pay operating expenses set forth in the annual budget (which is required to be approved by the lender during a Cash Sweep Event Period) and lender-approved extraordinary expenses, and (v) to deposit all remaining amounts into an excess cash flow account to be held as additional collateral for the Burke Centre Mortgage Loan during the continuance of a Cash Sweep Event Period (provided that so long as no event of default is continuing, the lender is required to disburse amounts in such account to pay budgeted operating expenses to the extent amounts disbursed to the borrower for such expenses as described above are insufficient). Upon the termination of any Cash Sweep Event Period, all funds on deposit in such excess cash flow account are required to be returned to the borrower.

A "Cash Sweep Event Period" commences upon the earliest to occur of (i) an event of default, (ii) the debt service coverage ratio falling below 1.20x as of the end of any calendar quarter, and (iii) a Material Tenant Cash Sweep Event Period (as defined below).

A Cash Sweep Event Period ends upon, as applicable, (x) the cure (if applicable) or waiver of the event of default, (y) the debt service coverage ratio being at least 1.20x for two consecutive calendar quarters, or (z) the Material Tenant Cash Sweep Event Period ceasing to exist upon (1) satisfaction of the Material Tenant Cure Conditions (as defined below), (2) the satisfaction of the Master Lease Cure Conditions (as defined below), or (3) the occurrence of a Material Tenant Re-Tenanting Event (as defined below).

"Material Tenant" means, as applicable, (i) Kohl's, (ii) Safeway and (iii) any other lessee(s) of any applicable Material Tenant space (or any portion thereof).

"Material Tenant Cash Sweep Event Period" means a period (A) commencing on the first to occur of (i) a Material Tenant being in monetary or material non-monetary default under its lease, (ii) a Material Tenant ceasing to operate its business in its space (or applicable portion thereof), unless due to a renovation or a restoration following a casualty or condemnation, in each case in accordance with the terms of the loan agreement, (iii) a Material Tenant giving notice that it is terminating its lease for all or any portion of its space, (iv) any termination or cancellation of any Material Tenant lease (including, without limitation, rejection in any bankruptcy or similar insolvency proceeding) and/or any Material Tenant lease failing to otherwise be in full force and effect, (v) any bankruptcy or similar insolvency of a Material Tenant, or (vi) a Material Tenant failing to extend or renew the applicable Material Tenant lease on or prior to the date that is nine months prior to expiration for a term of at least five years; and (B) expiring upon the first to occur of (1) the satisfaction of the Master Lease Cure Conditions or (2) the lender's receipt of reasonably acceptable evidence (which may, include, without limitation, a duly executed estoppel certificate from the applicable Material Tenant confirming the satisfaction of the Material Tenant Cure Conditions or a Material Tenant Re-Tenanting Event, as applicable) of (x) the satisfaction of the Material Tenant Cure Conditions or (y) the occurrence of a Material Tenant Re-Tenanting Event.

"Material Tenant Cure Conditions" means each of the following, as applicable: (i) with respect to any Material Tenant Cash Sweep Event Period under clause (A)(i) above, the applicable Material Tenant has cured all monetary and material nonmonetary defaults under its lease, (ii) with respect to any Material Tenant Cash Sweep Event Period under clause (A)(ii) above, the applicable Material Tenant recommences business operations in the entirety of its space, (iii) with respect to any Material Tenant Cash Sweep Event Period under clause (A)(iii) above, the applicable Material Tenant has revoked or rescinded all termination or cancellation notices and has re-affirmed its lease as being in full force and effect, (iv) with respect to any Material Tenant Cash Sweep Event Period under clause (A)(v) above, the applicable Material Tenant is no longer insolvent or subject to any bankruptcy or insolvency proceedings and has affirmed its lease pursuant to final, non-appealable order of a court of competent jurisdiction, (v) with respect to any Material Tenant Cash Sweep Event Period under clause (A)(vi) above, the applicable Material Tenant has renewed or extended its lease in accordance with the terms of the Burke Centre Mortgage Loan documents and lease for at least five years, and/or (vi) with respect to any Material Tenant Cash Sweep Event Period, the applicable Material Tenant is paying full, unabated rent under its lease.

"Material Tenant Re-Tenanting Event" means each of the following; (i) the borrower leasing the entirety of the applicable Material Tenant space for at least five years in accordance with the applicable terms and conditions of the Burke Centre Mortgage Loan documents, and the applicable tenant(s) under such lease(s) being in actual, physical occupancy of, and open to the public for business in, their leased space(s), (ii) either (a) there are no tenant improvements, tenant improvement allowances or leasing commissions due and payable in connection with such replacement lease(s), or (b) the borrower deposits with the lender such amounts, (iii) either (a) the applicable new tenant(s) is(are) paying full, unabated rent under its applicable lease(s), or (b) the borrower deposits with the lender the amount of any applicable rent concessions, free rent or rent credits under the new lease(s); and (iv) such lease(s) may not be revoked, rescinded, terminated or cancelled by the tenant (other than (1) in connection with a casualty or condemnation or (2) a termination right that is exercisable not sooner than one year following the maturity date of the Burke Centre Mortgage Loan).

"Master Lease Cure Conditions" means, among other conditions, (i) the borrower has entered into a master lease in form and substance acceptable to the lender and with monthly rent at least equal to the monthly rent under the Material Tenant lease which caused the applicable Material Tenant Cash Sweep Event Period, with an affiliate of the borrower or guarantor (which affiliate is not the subject of a bankruptcy or similar proceeding, has not been convicted of a violation of national security laws, anti-corruption laws, or a felony involving fraud or moral turpitude, and satisfies know your customer requirements), (ii) the borrower provides a guaranty of such master lease from an entity which has a minimum net worth of $100,000,000 and minimum liquidity of $10,000,000, (iii) such master lease and guaranty satisfy REMIC requirements, to the extent applicable, and (iv) the lender has received legal opinions reasonably required by it in connection with the foregoing (including without limitation a new non-consolidation opinion). A Material Tenant Cash Sweep Event Period will cease to be cured by the Master Lease Cure Conditions in the event of a default or termination of the master lease or bankruptcy proceeding with respect to the master tenant. If a Material Tenant Cash Sweep Event Period is cured by satisfaction of the Master Lease Cure Conditions, and thereafter the Material Tenant Cure Conditions or a Material Tenant Re-Tenanting Event occurs in accordance with the Burke Centre Mortgage Loan documents, the master lease and related guaranty will automatically terminate.

---

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

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored | &nbsp;&nbsp;Loan #3 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$88000000 |
| &nbsp;&nbsp;5649-5815 Burke Centre Parkway | &nbsp;&nbsp;**Burke Centre** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;68.1% |
| &nbsp;&nbsp;Burke, VA 22015 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.34x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;9.1% |

---

***Partial Release.*** Provided no event of default has occurred and remains uncured and provided that the borrower determines to sell such parcel to a third party, the borrower may obtain the release of the parcel which Kohl's currently ground leases (the "Kohl's Parcel") upon satisfaction of certain conditions set forth in the Burke Centre Mortgage Loan documents, including, without limitation, the following: (i) the borrower prepays the greater of (i) $22,400,000 and (ii) an amount sufficient to comply with item (ii) below, and (if prior to the open period) pays a prepayment fee equal to the greater of a yield maintenance premium and 1.00% of the amount prepaid, (ii) the debt yield for the remainder of the Burke Centre Property will be no less than 8.25% after giving effect to the partial release, and (iii) satisfaction of REMIC related conditions.

***Right of First Offer / Right of First Refusal.*** The tenant Taco Bell has a right of first refusal and the tenant Chick-Fil-A has a right of first offer for their respective leased premises.

***Terrorism Insurance.*** The Burke Centre Mortgage Loan documents require that the borrower maintain comprehensive "all risk" or "special form" property insurance covering perils of terrorism and acts of terrorism in an amount equal to 100% of the full replacement cost of the improvements, together with business income/loss of rents insurance for at least 18 months, with an extended period of indemnity of up to 12 months. If acts of terrorism, other similar acts or events, or "fire following" such acts or events are excluded from the borrower's comprehensive all risk policies, the borrower is required to obtain an endorsement to such policies or a separate policy, from insurers satisfactory to the lender, insuring against all such excluded acts or events and "fire following" in amounts not less than full replacement cost plus the required business income/loss of rents coverage. Notwithstanding the foregoing, for so long as the Terrorism Risk Insurance Act of 2002, as extended and modified by the Terrorism Risk Insurance Program Reauthorization Act of 2015 (including any extensions thereof, "TRIPRA") or another federal governmental program providing substantially similar protections is in effect and continues to cover both domestic and foreign acts of terrorism, the lender is required to accept terrorism insurance that covers "covered acts" as defined by TRIPRA (or such other program) as full compliance with the terrorism insurance requirements described above. See "*Risk Factors–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. |
| 41 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Outlet Center | &nbsp;&nbsp;Loan #4 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$84000000 |
| &nbsp;&nbsp;5103-5135 Factory Shops Boulevard | &nbsp;&nbsp;**Ellenton Premium Outlets** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;60.6% |
| &nbsp;&nbsp;Ellenton, FL 34222 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.31x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;15.2% |

---

![](n5486prets_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. |
| 42 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Outlet Center | &nbsp;&nbsp;Loan #4 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$84000000 |
| &nbsp;&nbsp;5103-5135 Factory Shops Boulevard | &nbsp;&nbsp;**Ellenton Premium Outlets** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;60.6% |
| &nbsp;&nbsp;Ellenton, FL 34222 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.31x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;15.2% |

---

![](n5486prets_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. |
| 43 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Outlet Center | &nbsp;&nbsp;Loan #4 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$84000000 |
| &nbsp;&nbsp;5103-5135 Factory Shops Boulevard | &nbsp;&nbsp;**Ellenton Premium Outlets** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;60.6% |
| &nbsp;&nbsp;Ellenton, FL 34222 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.31x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;15.2% |

---

![](n5486prets_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. |
| 44 |

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**Mortgage Loan No. 4 – Ellenton Premium Outlets**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &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;BANA | &nbsp;&nbsp;BANA | &nbsp;&nbsp;BANA | &nbsp;&nbsp;**Single Asset/Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Credit Assessment (S&P/Fitch/KBRA):** | &nbsp;&nbsp;**Credit Assessment (S&P/Fitch/KBRA):** | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;Ellenton, FL 34222 |
| &nbsp;&nbsp;**Original Balance<sup>(1)</sup>:** | &nbsp;&nbsp;**Original Balance<sup>(1)</sup>:** | &nbsp;&nbsp;$84000000 | &nbsp;&nbsp;$84000000 | &nbsp;&nbsp;$84000000 | &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;$84000000 | &nbsp;&nbsp;$84000000 | &nbsp;&nbsp;$84000000 | &nbsp;&nbsp;**Detailed Property Type:** | &nbsp;&nbsp;Outlet Center |
| &nbsp;&nbsp;**% of Initial Pool Balance:** | &nbsp;&nbsp;**% of Initial Pool Balance:** | &nbsp;&nbsp;8.3% | &nbsp;&nbsp;8.3% | &nbsp;&nbsp;8.3% | &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;1991/2015 |
| &nbsp;&nbsp;**Borrower Sponsor:** | &nbsp;&nbsp;**Borrower Sponsor:** | &nbsp;&nbsp;Simon Property Group, L.P. | &nbsp;&nbsp;Simon Property Group, L.P. | &nbsp;&nbsp;Simon Property Group, L.P. | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;477,175 SF |
| &nbsp;&nbsp;**Guarantor:** | &nbsp;&nbsp;**Guarantor:** | &nbsp;&nbsp;Simon Property Group, L.P. | &nbsp;&nbsp;Simon Property Group, L.P. | &nbsp;&nbsp;Simon Property Group, L.P. | &nbsp;&nbsp;**Cut-off Date Balance PSF<sup>(1)</sup>:** | &nbsp;&nbsp;$251 |
| &nbsp;&nbsp;**Mortgage Rate:** | &nbsp;&nbsp;**Mortgage Rate:** | &nbsp;&nbsp;6.2080% | &nbsp;&nbsp;6.2080% | &nbsp;&nbsp;6.2080% | &nbsp;&nbsp;**Maturity Date Balance PSF<sup>(1)</sup>:** | &nbsp;&nbsp;$251 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;11/18/2025 | &nbsp;&nbsp;11/18/2025 | &nbsp;&nbsp;11/18/2025 | &nbsp;&nbsp;**Property Manager:** | &nbsp;&nbsp;Simon Management Associates, LLC |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;12/1/2035 | &nbsp;&nbsp;12/1/2035 | &nbsp;&nbsp;12/1/2035 |  | &nbsp;&nbsp;(borrower-related) |
| &nbsp;&nbsp;**Original Term to Maturity:** | &nbsp;&nbsp;**Original Term to Maturity:** | &nbsp;&nbsp;120 months | &nbsp;&nbsp;120 months | &nbsp;&nbsp;120 months | &nbsp;&nbsp;**Underwriting and Financial Information** | &nbsp;&nbsp;**Underwriting and Financial Information** |
| &nbsp;&nbsp;**Original Amortization Term:** | &nbsp;&nbsp;**Original Amortization Term:** | &nbsp;&nbsp;0 months | &nbsp;&nbsp;0 months | &nbsp;&nbsp;0 months | &nbsp;&nbsp;**UW NOI:** | &nbsp;&nbsp;$18228803 |
| &nbsp;&nbsp;**IO Period:** | &nbsp;&nbsp;**IO Period:** | &nbsp;&nbsp;120 months | &nbsp;&nbsp;120 months | &nbsp;&nbsp;120 months | &nbsp;&nbsp;**UW NCF:** | &nbsp;&nbsp;$17436692 |
| &nbsp;&nbsp;**Seasoning:** | &nbsp;&nbsp;**Seasoning:** | &nbsp;&nbsp;0 months | &nbsp;&nbsp;0 months | &nbsp;&nbsp;0 months | &nbsp;&nbsp;**UW NOI Debt Yield<sup>(1)</sup>:** | &nbsp;&nbsp;15.2% |
| &nbsp;&nbsp;**Prepayment Provisions<sup>(2)</sup>:** | &nbsp;&nbsp;**Prepayment Provisions<sup>(2)</sup>:** | &nbsp;&nbsp;L(24),D(89),O(7) | &nbsp;&nbsp;L(24),D(89),O(7) | &nbsp;&nbsp;L(24),D(89),O(7) | &nbsp;&nbsp;**UW NCF Debt Yield<sup>(1)</sup>:** | &nbsp;&nbsp;14.5% |
| &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 NOI Debt Yield at Maturity<sup>(1)</sup>:** | &nbsp;&nbsp;15.2% |
| &nbsp;&nbsp;**Additional Debt Type<sup>(1)</sup>:** | &nbsp;&nbsp;**Additional Debt Type<sup>(1)</sup>:** | &nbsp;&nbsp;*Pari Passu* | &nbsp;&nbsp;*Pari Passu* | &nbsp;&nbsp;*Pari Passu* | &nbsp;&nbsp;**UW NCF DSCR<sup>(1)</sup>:** | &nbsp;&nbsp;2.31x |
| &nbsp;&nbsp;**Additional Debt Balance<sup>(1)</sup>:** | &nbsp;&nbsp;**Additional Debt Balance<sup>(1)</sup>:** | &nbsp;&nbsp;$36000000 | &nbsp;&nbsp;$36000000 | &nbsp;&nbsp;$36000000 | &nbsp;&nbsp;**Most Recent NOI:** | &nbsp;&nbsp;$19,698,987 (9/30/2025 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;**2<sup>nd</sup> Most Recent NOI:** | &nbsp;&nbsp;$18,986,213 (12/31/2024) |
|  |  |  |  |  | &nbsp;&nbsp;**3<sup>rd</sup> Most Recent NOI:** | &nbsp;&nbsp;$18,777,241 (12/31/2023) |
| &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;**Reserves<sup>(3)</sup>** | &nbsp;&nbsp;**Most Recent Occupancy<sup>(5)</sup>:** | &nbsp;&nbsp;84.4% (10/15/2025) |
| &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;**2<sup>nd</sup> Most Recent Occupancy<sup>(6)</sup>:** | &nbsp;&nbsp;85.2% (12/31/2024) |
| &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<sup>(6)</sup>:** | &nbsp;&nbsp;85.2% (12/31/2023) |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value (as of):** | &nbsp;&nbsp;$198,000,000 (8/21/2025) |
| &nbsp;&nbsp;**Replacement Reserve:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value PSF:** | &nbsp;&nbsp;$415 |
| &nbsp;&nbsp;**TI/LC Reserve:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$60000 | &nbsp;&nbsp;$1432000 | &nbsp;&nbsp;**Cut-off Date LTV Ratio<sup>(1)</sup>:** | &nbsp;&nbsp;60.6% |
| &nbsp;&nbsp;**Outstanding TI/LC Reserve<sup>(4)</sup>:** | &nbsp;&nbsp;$1472100 | &nbsp;&nbsp;$1472100 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date LTV Ratio<sup>(1)</sup>:** | &nbsp;&nbsp;60.6% |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** |
| &nbsp;&nbsp;**Sources** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** | &nbsp;&nbsp;**Uses** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** |
| &nbsp;&nbsp;Whole Loan Amount**:** | &nbsp;&nbsp;$120000000 | &nbsp;&nbsp;66.9% | &nbsp;&nbsp;Loan Payoff: | &nbsp;&nbsp;$178650473 | &nbsp;&nbsp;99.6% |
| &nbsp;&nbsp;Borrower Sponsor Equity: | &nbsp;&nbsp;$59439911 | &nbsp;&nbsp;33.1% | &nbsp;&nbsp;Closing Costs: | &nbsp;&nbsp;$789438 | &nbsp;&nbsp;0.4% |
| &nbsp;&nbsp;**Total Sources:** | &nbsp;&nbsp;**$179439911** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses:** | &nbsp;&nbsp;**$179439911** | &nbsp;&nbsp;**100.0%** |

---

(1) The Ellenton Premium Outlets Mortgage Loan (as defined below) is part of the Ellenton Premium Outlets
Whole Loan (as defined below), which is evidenced by four *pari passu* promissory notes with an aggregate principal balance of $120,000,000.
The Cut-off Date Balance PSF, Maturity Date Balance PSF, UW NOI Debt Yield, UW NOI Debt Yield at Maturity, UW NCF DSCR, Cut-off Date LTV
Ratio and Maturity Date LTV Ratio numbers presented above are based on the aggregate principal balance of the promissory notes comprising
the Ellenton Premium Outlets Whole Loan.

(2) Defeasance of the Ellenton Premium Outlets 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 portion of the Ellenton Premium
Outlets Whole Loan to be securitized and (b) December 1, 2028. The assumed defeasance lockout period of 24 payments is based on the closing
date of this transaction in December 2025.

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

(4) The borrower sponsor provided a guaranty in lieu of the Outstanding TI/LC Reserve.

(5) The Ellenton Premium Outlets Property (as defined below) was 98.6% occupied as of October 15, 2025, including
the Retail Development Program ("RDP") tenants. These tenants have been excluded from the underwriting as RDP lease terms
are for less than a year and can be terminated by the landlord at any time with 30 days' notice.

(6) Historical occupancies exclude RDP tenants.

***The Mortgage Loan.*** The fourth largest mortgage loan (the "Ellenton Premium Outlets Mortgage Loan") is part of a whole loan (the "Ellenton Premium Outlets Whole Loan") that is evidenced by four *pari passu* promissory notes in the aggregate original principal amount of $120,000,000 and secured by a first priority fee mortgage encumbering a 477,175 SF retail outlet center located in Ellenton, Florida (the "Ellenton Premium Outlets Property"). The Ellenton Premium Outlets Whole Loan was co-originated by Bank of America, N.A. and Societe Generale Financial Corporation. The Ellenton Premium Outlets Mortgage Loan is evidenced by the controlling Note A-1 and the non-controlling Note A-2, with an aggregate original principal balance of $84,000,000. The promissory notes comprising the Ellenton Premium Outlets Whole Loan are summarized in the below table. The Ellenton Premium Outlets Whole Loan will be serviced pursuant to the pooling and servicing agreement for the BANK 2025-BNK51 securitization trust. The relationship between the holders of the Ellenton Premium Outlets Whole Loan is governed by a co-lender agreement. 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. |
| 45 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Outlet Center | &nbsp;&nbsp;Loan #4 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$84000000 |
| &nbsp;&nbsp;5103-5135 Factory Shops Boulevard | &nbsp;&nbsp;**Ellenton Premium Outlets** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;60.6% |
| &nbsp;&nbsp;Ellenton, FL 34222 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.31x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;15.2% |

---

The table below identifies the promissory notes that comprise the Ellenton Premium Outlets Whole Loan.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Ellenton Premium Outlets Whole Loan Summary** | &nbsp;&nbsp;**Ellenton Premium Outlets Whole Loan Summary** | &nbsp;&nbsp;**Ellenton Premium Outlets Whole Loan Summary** | &nbsp;&nbsp;**Ellenton Premium Outlets Whole Loan Summary** | &nbsp;&nbsp;**Ellenton Premium Outlets Whole Loan Summary** |
| &nbsp;&nbsp;**<br> Note** | &nbsp;&nbsp;**Original Balance** | &nbsp;&nbsp;**Cut-off Date Balance** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Note Holder** | &nbsp;&nbsp;**Controlling Piece** |
| &nbsp;&nbsp;**A-1** | &nbsp;&nbsp;**$70000000** | &nbsp;&nbsp;**$70000000** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**BANK 2025-BNK51** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;**A-2** | &nbsp;&nbsp;**$14000000** | &nbsp;&nbsp;**$14000000** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**BANK 2025-BNK51** | &nbsp;&nbsp;**No** |
| &nbsp;&nbsp;A-3<sup>(1)</sup> | &nbsp;&nbsp;$24000000 | &nbsp;&nbsp;$24000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Societe Generale Financial Corporation | &nbsp;&nbsp;No |
| &nbsp;&nbsp;A-4<sup>(1)</sup> | &nbsp;&nbsp;$12000000 | &nbsp;&nbsp;$12000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Societe Generale Financial Corporation | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**$120000000** | &nbsp;&nbsp;**$120000000** |  |  |

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&nbsp;&nbsp;&nbsp;&nbsp;(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 for the Ellenton Premium Outlets Whole Loan is Gulf Coast Factory Shops Limited Partnership, an Illinois limited partnership and single purpose entity. The non-recourse carveout guarantor and borrower sponsor for the Ellenton Premium Outlets Whole Loan is Simon Property Group, L.P. ("Simon"). Simon's liability as the non-recourse carveout guarantor (or if any affiliate of Simon Property Group, L.P. is the non-recourse carveout guarantor) is limited to 20% ($24,000,000) of the original principal amount of the Ellenton Premium Outlets Whole Loan, plus all reasonable out-of-pocket costs and expenses incurred in the enforcement of the guaranty or preservation of the lender's rights under the guaranty.

Simon is the operating partnership of Simon Property Group Inc. (NYSE: SPG / S&P: A-), which is in the ownership of shopping, dining, entertainment and mixed-use destinations and an S&P 100 company. As of June 30, 2025, Simon Property Group, Inc., had ownership interests in 194 income-producing properties in the United States, which consisted of 92 malls, fourteen Mills, 70 premium outlets, six lifestyle centers and twelve other retail properties across 37 states and Puerto Rico. Additionally, as of June 30, 2025, Simon had ownership interests in 38 international premium outlets, designer outlets and luxury outlet properties primarily located in Asia, Europe and Canada. Simon Property Group, Inc. also owns, through its acquisition of The Taubman Realty Group, LLC, interests in an additional 22 regional, super-regional, and outlet malls in the United States and Asia. Simon also has a 22.4% equity stake (as of June 30, 2025) in Klépierre SA, a publicly traded, Paris-based real estate company, which has ownership interests in shopping centers located in 14 countries in Europe. As of November 2025, Simon had a market cap of approximately $70 billion.

***The Property.*** The Ellenton Premium Outlets Property is a 477,175 SF retail outlet center located in Ellenton, Florida. The Ellenton Premium Outlets Property is comprised of seven buildings situated on 70.05 acres. Parking is provided by 2,400 surface spaces, equating to a ratio of 5.03 spaces per 1,000 SF of NRA. The Ellenton Premium Outlets Property was originally developed in 1991 by Prime Outlets, which was subsequently acquired by the borrower sponsor in 2009. Since acquisition, the borrower sponsor has invested approximately $4.6 million in various capital improvements including landscaping, HVAC, fire safety, roof replacement, paving, lighting, furniture and signage. The Ellenton Premium Outlets Property is the largest outlet shopping center in Southwest Florida serving residents and the approximately 2.9 million annual visitors to the area.

As of October 15, 2025, the Ellenton Premium Outlets Property was 84.4% occupied by a granular rent roll consisting of approximately 86 unique tenants (98.6% occupied including 24 RDP tenants), with no single tenant occupying more than 4.9% of NRA or contributing more than 4.1% of underwritten rent. Historical occupancy at the Ellenton Premium Outlets Property has averaged 98.5%, including RDP tenants, since 2022. The ten largest tenants at the Ellenton Premium Outlets Property account for less than 23.0% of the underwritten rent. The Ellenton Premium Outlets Property is anchored by Saks Fifth Avenue Off Fifth, V.F. Factory Outlet, Gap Outlet, Nike Factory Store, Adidas, Under Armour and Old Navy, and is home to many national brands including J. Crew Factory Store, Victoria's Secret Clearance, Columbia Sportswear Company, Banana Republic Factory Store, American Eagle Outfitters, Kate Spade and Ann Taylor Factory Store, as well as an indoor food court.

As of the trailing-12 months ending August 31, 2025, the Ellenton Premium Outlets Property generated total sales of approximately $157.1 million. Over the same time period, inline tenants with less than 10,000 SF generated sales of $406 PSF (at an occupancy cost of 13.7%). The comparable store sales at the Ellenton Premium Outlets Property (as shown below) have declined moderately. A major reason for the decline is the disruption in nearby traffic due to the reconstruction of nearby highways I-75 and US 301 by the Florida Department of Transportation. This reconstruction was completed by the end of October 2025.

The following table contains sales history for the Ellenton Premium Outlets Property:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sales History<sup>(1)</sup>** | &nbsp;&nbsp;**Sales History<sup>(1)</sup>** | &nbsp;&nbsp;**Sales History<sup>(1)</sup>** | &nbsp;&nbsp;**Sales History<sup>(1)</sup>** | &nbsp;&nbsp;**Sales History<sup>(1)</sup>** | &nbsp;&nbsp;**Sales History<sup>(1)</sup>** | &nbsp;&nbsp;**Sales History<sup>(1)</sup>** | &nbsp;&nbsp;**Sales History<sup>(1)</sup>** |
|  | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2020<sup>(2)</sup>** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**August 2025 TTM** |
| &nbsp;&nbsp;Gross Mall Sales | &nbsp;&nbsp;$174106899 | &nbsp;&nbsp;$124418644 | &nbsp;&nbsp;$165570307 | &nbsp;&nbsp;$176959669 | &nbsp;&nbsp;$164356846 | &nbsp;&nbsp;$158840445 | &nbsp;&nbsp;$157075402 |
| &nbsp;&nbsp;Sales PSF (Inline < 10,000 SF) | &nbsp;&nbsp;$437 | &nbsp;&nbsp;$299 | &nbsp;&nbsp;$452 | &nbsp;&nbsp;$464 | &nbsp;&nbsp;$430<sup>(3)</sup> | &nbsp;&nbsp;$406<sup>(3)</sup> | &nbsp;&nbsp;$406<sup>(3)</sup> |
| &nbsp;&nbsp;Occupancy Cost (Inline < 10,000 SF) | &nbsp;&nbsp;14.8% | &nbsp;&nbsp;19.3% | &nbsp;&nbsp;14.4% | &nbsp;&nbsp;14.1% | &nbsp;&nbsp;13.4%<sup>(3)</sup> | &nbsp;&nbsp;14.3%<sup>(3)</sup> | &nbsp;&nbsp;13.7%<sup>(3)</sup> |

---

(1) Information is as provided by the borrower sponsor, and only includes tenants reporting sales.

(2) The Ellenton Premium Outlets was closed between March 18, 2020 and May 4, 2020 due to COVID-19 restrictions.

(3) For 2023 onwards, Simon adjusted its comparable sales reporting to include inline stores less than 20,000.
The comparable inline sales PSF for this revised reporting methodology are $447 PSF, $420 PSF and $420 PSF for 2023, 2024 and TTM August
2025, respectively.

---

| |
|:---|
| 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;Retail – Outlet Center | &nbsp;&nbsp;Loan #4 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$84000000 |
| &nbsp;&nbsp;5103-5135 Factory Shops Boulevard | &nbsp;&nbsp;**Ellenton Premium Outlets** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;60.6% |
| &nbsp;&nbsp;Ellenton, FL 34222 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.31x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;15.2% |

---

The following table contains anchor and major tenant sales history at the Ellenton Premium Outlets Property:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Tenant Sales** | &nbsp;&nbsp;**Tenant Sales** | &nbsp;&nbsp;**Tenant Sales** | &nbsp;&nbsp;**Tenant Sales** | &nbsp;&nbsp;**Tenant Sales** | &nbsp;&nbsp;**Tenant Sales** |
|  |  |  |  |  | &nbsp;&nbsp;**August 2025 TTM** |
| &nbsp;&nbsp;**Tenant** | &nbsp;&nbsp;**SF** | &nbsp;&nbsp;**2022 Sales/PSF<sup>(1)</sup>** | &nbsp;&nbsp;**2023 Sales/PSF<sup>(1)</sup>** | &nbsp;&nbsp;**2024 Sales/PSF<sup>(1)</sup>** | &nbsp;&nbsp;**Sales PSF** |
| &nbsp;&nbsp;V.F. Factory Outlet | &nbsp;&nbsp;23272 | &nbsp;&nbsp;$109 | &nbsp;&nbsp;$118 | &nbsp;&nbsp;$112 | &nbsp;&nbsp;$115 |
| &nbsp;&nbsp;Saks Fifth Avenue Off 5th | &nbsp;&nbsp;19804 | &nbsp;&nbsp;$232 | &nbsp;&nbsp;$181 | &nbsp;&nbsp;$152 | &nbsp;&nbsp;$137 |
| &nbsp;&nbsp;Nike Factory Store | &nbsp;&nbsp;15076 | &nbsp;&nbsp;$1108 | &nbsp;&nbsp;$1094 | &nbsp;&nbsp;$1017 | &nbsp;&nbsp;$1052 |
| &nbsp;&nbsp;Gap Outlet | &nbsp;&nbsp;11429 | &nbsp;&nbsp;$249 | &nbsp;&nbsp;$252 | &nbsp;&nbsp;$251 | &nbsp;&nbsp;$255 |
| &nbsp;&nbsp;Adidas | &nbsp;&nbsp;10500 | &nbsp;&nbsp;$632 | &nbsp;&nbsp;$533 | &nbsp;&nbsp;$510 | &nbsp;&nbsp;$526 |
| &nbsp;&nbsp;Under Armour | &nbsp;&nbsp;10055 | &nbsp;&nbsp;$578 | &nbsp;&nbsp;$577 | &nbsp;&nbsp;$538 | &nbsp;&nbsp;$501 |
| &nbsp;&nbsp;Polo Ralph Lauren | &nbsp;&nbsp;9243 | &nbsp;&nbsp;$615 | &nbsp;&nbsp;$563 | &nbsp;&nbsp;$572 | &nbsp;&nbsp;$590 |
| &nbsp;&nbsp;Columbia Sportswear Company | &nbsp;&nbsp;8889 | &nbsp;&nbsp;$677 | &nbsp;&nbsp;$608 | &nbsp;&nbsp;$689 | &nbsp;&nbsp;$594 |
| &nbsp;&nbsp;Victoria's Secret Clearance | &nbsp;&nbsp;8116 | &nbsp;&nbsp;$407 | &nbsp;&nbsp;$446 | &nbsp;&nbsp;$520 | &nbsp;&nbsp;$566 |
| &nbsp;&nbsp;Loft Outlet | &nbsp;&nbsp;7680 | &nbsp;&nbsp;$194 | &nbsp;&nbsp;$209 | &nbsp;&nbsp;$205 | &nbsp;&nbsp;$201 |
| &nbsp;&nbsp;Rack Room Shoes | &nbsp;&nbsp;7137 | &nbsp;&nbsp;$628 | &nbsp;&nbsp;$554 | &nbsp;&nbsp;$505 | &nbsp;&nbsp;$499 |
| &nbsp;&nbsp;Skechers | &nbsp;&nbsp;7080 | &nbsp;&nbsp;$426 | &nbsp;&nbsp;$506 | &nbsp;&nbsp;$505 | &nbsp;&nbsp;$522 |
| &nbsp;&nbsp;Calvin Klein | &nbsp;&nbsp;6638 | &nbsp;&nbsp;$251 | &nbsp;&nbsp;$242 | &nbsp;&nbsp;$241 | &nbsp;&nbsp;$243 |
| &nbsp;&nbsp;Charlotte Russe | &nbsp;&nbsp;6587 | &nbsp;&nbsp;$154 | &nbsp;&nbsp;$161 | &nbsp;&nbsp;$179 | &nbsp;&nbsp;$196 |
| &nbsp;&nbsp;American Eagle Outfitters | &nbsp;&nbsp;6298 | &nbsp;&nbsp;$577 | &nbsp;&nbsp;$563 | &nbsp;&nbsp;$600 | &nbsp;&nbsp;$619 |

---

(1) Information is as of December 31, of each respective year as provided by the borrower sponsor.

***Major Tenants.***

*V.F. Factory Outlet (23,272 SF, 4.9% of NRA, 3.3% of underwritten base rent).* VF Outlet, Inc., a division of Kontoor Brands, Inc., (NYSE: KTB) (S&P: BB-/Moody's: Ba2) is a unique discount clothing store chain that specializes in offering a wide selection of clothes, brands sizes and styles at low prices. In 2019, the company was split into Kontoor Brands, Inc. which holds the jeans and outlet stores (Wrangler, Lee, Helly Hansen, Musto and Rock & Republic brands and the VF Outlets), and VF Corporation which holds the sports apparel and footwear businesses (The North Face, Altra, icebreaker, Smartwool, Vans, Timberland, Eastpak, Kipling and Jansport). V.F. Factory Outlet has been a tenant at the Ellenton Premium Outlets Property since 2008 and has renewed its lease multiple times. The current lease extends through January 31, 2026 at a current base rent of $16.94 PSF plus overage rent equal to 10.0% of sales over a $2,800,000 ($120 PSF) breakpoint. As per the borrower sponsor, the tenant is currently negotiating a three-year renewal option through January 31, 2029, with base rent starting at $21.45 PSF. The renewal rent and lease expiration were underwritten; however, we cannot assure you whether the tenant will renew on the expected renewal terms or at all. V.F. Factory Outlet reported sales of $118 PSF in 2023, $112 PSF in 2024 and $115 PSF as of TTM August 2025.

*Saks Fifth Avenue Off 5th (19,804 SF, 4.2% of NRA, 1.8% of underwritten base rent).* Saks Fifth Avenue ("Saks") is an American luxury department store chain headquartered in New York City. Founded by Andrew Saks, the company offers dresses, blazers, tops, sweaters, jeans, skirts, shoes, bags, jewelry, gift sets and accessories. The original store opened in the F Street shopping district of Washington, D.C. in 1867. Saks expanded into Manhattan with its Herald Square store in 1902 and flagship store on Fifth Avenue in 1924. The company currently has 42 stores across North America. In 1992, the company launched Saks Off 5th to sell off clearance merchandise at a reduced price. Saks Fifth Avenue Off 5th has been a tenant at the Ellenton Premium Outlets Property since May of 1996 and has renewed its lease multiple times. Its current lease extends through October 31, 2031. The tenant's current base rent is $13.75 PSF. Saks Fifth Avenue Off Fifth reported sales of $181 PSF in 2023, $152 PSF 2024 and $137 PSF as of TTM August 2025.

 

*Nike Factory Store (15,076 SF, 3.2% of NRA, 4.1% of underwritten base rent).* Nike Factory Store (S&P: A+/Moody's: A2) offers Nike performance products and athletic wear at discounted prices. Nike operates different types of retail stores, and the primary difference between a Nike store and a Nike factory outlet lies in the types of products they offer and their pricing. These stores often sell products from previous seasons or with minor imperfections, such as cosmetic blemishes or discontinued styles. Nike factory outlet stores provide an opportunity to purchase Nike products at lower prices compared to regular retail stores. Prices are generally lower, with discounts ranging from 20% to 50% off regular retail prices. Nike Factory Store has been a tenant at the Ellenton Premium Outlets Property since March of 2014. The tenant's lease expired in January 2025 and it is currently month-to-month with a current base rent of $27.50 PSF. As per the borrower sponsor, a lease renewal is pending that will extend the tenant's term through January 31, 2032 at an initial base rent of $41.01 PSF. The tenant will also be required to pay overage rent equal to 4.0% of sales over a $17.425 million ($1,156 PSF) breakpoint. The renewal rent and lease expiration were underwritten; however, we cannot assure you whether the tenant will renew on the expected renewal terms or at all. Nike Factory Store reported sales of $1,094 PSF in 2023, $1,017 PSF in 2024 and $1,052 PSF as of TTM August 2025.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Outlet Center | &nbsp;&nbsp;Loan #4 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$84000000 |
| &nbsp;&nbsp;5103-5135 Factory Shops Boulevard | &nbsp;&nbsp;**Ellenton Premium Outlets** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;60.6% |
| &nbsp;&nbsp;Ellenton, FL 34222 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.31x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;15.2% |

---

The following table presents certain information relating to the tenancy at the Ellenton Premium Outlets 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 Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** |
|  |  |  |  |  |  |  | &nbsp;&nbsp;**August 2025 TTM Sales<sup>(3)</sup>** | &nbsp;&nbsp;**August 2025 TTM Sales<sup>(3)</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<br> UW Rent** | &nbsp;&nbsp;**Annual UW Rent PSF** | &nbsp;&nbsp;**Sales $** | &nbsp;&nbsp;**Sales PSF** | &nbsp;&nbsp;**Occ. Cost** | &nbsp;&nbsp;**Lease Exp** | &nbsp;&nbsp;**Renewal Option** | &nbsp;&nbsp;**Term. Option** |
| &nbsp;&nbsp;V.F. Factory Outlet<sup>(4)</sup> | &nbsp;&nbsp;NR/Ba2/BB- | &nbsp;&nbsp;23272 | &nbsp;&nbsp;4.9% | &nbsp;&nbsp;$499249 | &nbsp;&nbsp;3.3% | &nbsp;&nbsp;$21.45 | &nbsp;&nbsp;$2683904 | &nbsp;&nbsp;$115 | &nbsp;&nbsp;18.6% | &nbsp;&nbsp;1/31/2029 |  |  |
| &nbsp;&nbsp;Saks Fifth Avenue Off 5th | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;19804 | &nbsp;&nbsp;4.2% | &nbsp;&nbsp;$272305 | &nbsp;&nbsp;1.8% | &nbsp;&nbsp;$13.75 | &nbsp;&nbsp;$2709230 | &nbsp;&nbsp;$137 | &nbsp;&nbsp;10.1% | &nbsp;&nbsp;10/31/2031 |  |  |
| &nbsp;&nbsp;Nike Factory Store<sup>(5)</sup> | &nbsp;&nbsp;NR/A2/A+ | &nbsp;&nbsp;15076 | &nbsp;&nbsp;3.2% | &nbsp;&nbsp;$633723 | &nbsp;&nbsp;4.1% | &nbsp;&nbsp;$42.04 | &nbsp;&nbsp;$16053852 | &nbsp;&nbsp;$1065 | &nbsp;&nbsp;4.0% | &nbsp;&nbsp;1/31/2032 |  |  |
| &nbsp;&nbsp;Old Navy | &nbsp;&nbsp;NR/Ba3/BB | &nbsp;&nbsp;12771 | &nbsp;&nbsp;2.7% | &nbsp;&nbsp;$260528 | &nbsp;&nbsp;1.7% | &nbsp;&nbsp;$20.40 | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;11/30/2035 |  |  |
| &nbsp;&nbsp;Gap Outlet | &nbsp;&nbsp;NR/Ba3/BB | &nbsp;&nbsp;11429 | &nbsp;&nbsp;2.4% | &nbsp;&nbsp;$252228 | &nbsp;&nbsp;1.6% | &nbsp;&nbsp;$22.07 | &nbsp;&nbsp;$2943987 | &nbsp;&nbsp;$258 | &nbsp;&nbsp;8.6% | &nbsp;&nbsp;1/31/2027 |  |  |
| &nbsp;&nbsp;**Occupied Subtotal/Wtd. Avg.** | &nbsp;&nbsp;**Occupied Subtotal/Wtd. Avg.** | &nbsp;&nbsp; **82352** | &nbsp;&nbsp; **17.3%** | &nbsp;&nbsp; **$1918033**  | &nbsp;&nbsp; **12.5%** | &nbsp;&nbsp; **$23.29**  |  |  |  |  |  |  |
| &nbsp;&nbsp;Other Tenants |  | &nbsp;&nbsp;320214 | &nbsp;&nbsp;67.1% | &nbsp;&nbsp;$13411528 | &nbsp;&nbsp;87.5% | &nbsp;&nbsp;$41.88 |  |  |  |  |  |  |
| &nbsp;&nbsp;**Occupied Total/Wtd. Avg.** | &nbsp;&nbsp;**Occupied Total/Wtd. Avg.** | &nbsp;&nbsp; **402566** | &nbsp;&nbsp; **84.4%** | &nbsp;&nbsp; **$15329561** | &nbsp;&nbsp; **100.0%** | &nbsp;&nbsp; **$38.08**  |  |  |  |  |  |  |
| &nbsp;&nbsp;Vacant Space |  | &nbsp;&nbsp; 74609 | &nbsp;&nbsp; 15.6% |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Total/Wtd. Avg.** |  | &nbsp;&nbsp;**477175** | &nbsp;&nbsp;**100.0%** |  |  |  |  |  |  |  |  |  |

---

(1) Based on the underwritten rent roll dated October 15, 2025, inclusive of rent steps through December 2026,
with adjustments made for executed leases, pending renewals and tenants that have given notice to vacate.

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

(3) All sales information is based upon information provided by the borrower sponsor. In certain instances,
sales figures represent estimates because the tenants are not required to report, or otherwise may not have reported, sales information
on a timely basis. Further, because sales are self-reported by tenants, such information is not independently verified by the borrower
sponsor. Old Navy lease was executed in November 2025. Accordingly, no sales data is available for the tenant.

(4) V.F. Factory Outlet's lease is scheduled to expire on January 31, 2026. The tenant is currently
negotiating a renewal option through January 31, 2029, with base rent starting at $21.45 PSF. The renewal rent and lease expiration were
underwritten.

(5) Nike Factory Store's lease expired in January 2025 and the tenant is currently month-to-month. The
tenant is currently negotiating a renewal option through January 31, 2032, with base rent starting at $42.02 PSF. The renewal rent and
lease expiration were underwritten.

The following table presents certain information relating to the lease rollover schedule at the Ellenton Premium Outlets 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>** |
| **Year** | **# of Leases Rolling** | **SF Rolling** | **Approx. % of SF Rolling** | **Approx. Cumulative % of SF Rolling** | **Total UW Rent Rolling** | **Approx. % of Total UW Rent Rolling** | **Approx. Cumulative % of Total UW Rent Rolling** | **UW Rent PSF Rolling** |
| &nbsp;&nbsp;MTM/2025 | &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;2026 | &nbsp;&nbsp;9 | &nbsp;&nbsp;20729 | &nbsp;&nbsp;4.3% | &nbsp;&nbsp;4.3% | &nbsp;&nbsp;$1114150 | &nbsp;&nbsp;7.3% | &nbsp;&nbsp;7.3% | &nbsp;&nbsp;$53.75 |
| &nbsp;&nbsp;2027 | &nbsp;&nbsp;18 | &nbsp;&nbsp;76845 | &nbsp;&nbsp;16.1% | &nbsp;&nbsp;20.4% | &nbsp;&nbsp;$2749195 | &nbsp;&nbsp;17.9% | &nbsp;&nbsp;25.2% | &nbsp;&nbsp;$35.78 |
| &nbsp;&nbsp;2028 | &nbsp;&nbsp;19 | &nbsp;&nbsp;79131 | &nbsp;&nbsp;16.6% | &nbsp;&nbsp;37.0% | &nbsp;&nbsp;$2639157 | &nbsp;&nbsp;17.2% | &nbsp;&nbsp;42.4% | &nbsp;&nbsp;$33.35 |
| &nbsp;&nbsp;2029 | &nbsp;&nbsp;19 | &nbsp;&nbsp;89489 | &nbsp;&nbsp;18.8% | &nbsp;&nbsp;55.8% | &nbsp;&nbsp;$3325196 | &nbsp;&nbsp;21.7% | &nbsp;&nbsp;64.1% | &nbsp;&nbsp;$37.16 |
| &nbsp;&nbsp;2030 | &nbsp;&nbsp;7 | &nbsp;&nbsp;24479 | &nbsp;&nbsp;5.1% | &nbsp;&nbsp;60.9% | &nbsp;&nbsp;$1295809 | &nbsp;&nbsp;8.5% | &nbsp;&nbsp;72.6% | &nbsp;&nbsp;$52.94 |
| &nbsp;&nbsp;2031 | &nbsp;&nbsp;8 | &nbsp;&nbsp;57059 | &nbsp;&nbsp;12.0% | &nbsp;&nbsp;72.9% | &nbsp;&nbsp;$2396609 | &nbsp;&nbsp;15.6% | &nbsp;&nbsp;88.2% | &nbsp;&nbsp;$42.00 |
| &nbsp;&nbsp;2032 | &nbsp;&nbsp;3 | &nbsp;&nbsp;19615 | &nbsp;&nbsp;4.1% | &nbsp;&nbsp;77.0% | &nbsp;&nbsp;$785400 | &nbsp;&nbsp;5.1% | &nbsp;&nbsp;93.3% | &nbsp;&nbsp;$40.04 |
| &nbsp;&nbsp;2033 | &nbsp;&nbsp;3 | &nbsp;&nbsp;13455 | &nbsp;&nbsp;2.8% | &nbsp;&nbsp;79.8% | &nbsp;&nbsp;$487312 | &nbsp;&nbsp;3.2% | &nbsp;&nbsp;96.5% | &nbsp;&nbsp;$36.22 |
| &nbsp;&nbsp;2034 | &nbsp;&nbsp;1 | &nbsp;&nbsp;2355 | &nbsp;&nbsp;0.5% | &nbsp;&nbsp;80.3% | &nbsp;&nbsp;$98069 | &nbsp;&nbsp;0.6% | &nbsp;&nbsp;97.1% | &nbsp;&nbsp;$41.64 |
| &nbsp;&nbsp;2035 | &nbsp;&nbsp;2 | &nbsp;&nbsp;19409 | &nbsp;&nbsp;4.1% | &nbsp;&nbsp;84.4% | &nbsp;&nbsp;$438665 | &nbsp;&nbsp;2.9% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$22.60 |
| &nbsp;&nbsp;2036 & Thereafter | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;84.4% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;Vacant | &nbsp;&nbsp;0 | &nbsp;&nbsp;74609 | &nbsp;&nbsp;15.6% | &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;**89** | &nbsp;&nbsp;**477175** | &nbsp;&nbsp;**100.0%** |  | &nbsp;&nbsp;**$15329561** | &nbsp;&nbsp;**100.0%** |  | &nbsp;&nbsp;**$38.08<sup>(3)</sup>** |

---

(1) Based on the underwritten rent roll dated October 15, 2025, inclusive of rent steps through December 2026,
with adjustments made for executed leases, pending renewals and tenants that have given notice to vacate.

(2) Certain tenants may have lease termination options that are exercisable prior to the originally stated expiration date of the related lease and are not considered in the rollover schedule.

(3) 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. |
| 48 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Outlet Center | &nbsp;&nbsp;Loan #4 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$84000000 |
| &nbsp;&nbsp;5103-5135 Factory Shops Boulevard | &nbsp;&nbsp;**Ellenton Premium Outlets** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;60.6% |
| &nbsp;&nbsp;Ellenton, FL 34222 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.31x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;15.2% |

---

***The Market*.** The Ellenton Premium Outlets Property is located in Ellenton, Manatee County, Florida, and is part of the North Port-Sarasota-Bradenton core-based statistical area ("CBSA") in southwestern Florida. The CBSA is served by Interstate-75 which extends north-south along the west coast of Florida and U.S. Highway 301, which extends in an east-west direction in the vicinity of the Ellenton Premium Outlets Property. The Ellenton Premium Outlets Property is located immediately south of the Tampa Bay area and north of Sarasota/Bradenton.

The population of the North Port-Sarasota-Bradenton, FL CBSA is estimated at 957,900 as of 2025 and has increased at an annual rate of 2.4% since 2014. The unemployment rates are 3.7% and 3.8% for the North Port- Sarasota-Bradenton FL CBSA and the State of Florida, respectively. The economy of the North Port‒Sarasota‒Bradenton metropolitan statistical area is characterized by recent population and employment growth and a diversified sectoral base. Major growth sectors include healthcare and education, tourism, professional/business services, and advanced manufacturing, especially aviation/aerospace in the Bradenton area. Major employers in the market area include Sarasota Memorial Healthcare System (6,550), Bealls, Inc. (1,996), PGT Innovations (1,975), Tropicana Products (900) and IMG Academy (787).

The Ellenton Premium Outlets Property is part of the Sarasota, FL retail market. As of the fourth quarter of 2025, the Sarasota retail market contained a total of 53.8 million SF of retail space. Overall market vacancy is 4.3%, with average asking rents of $24.68 PSF. The Ellenton Premium Outlets Property is part of the Manatee County, FL retail submarket. As of the fourth quarter of 2025, the Manatee County retail submarket contained a total inventory of 20.31 million SF of retail space with an overall vacancy of 5.4%. Average asking rents were $22.39 PSF, up 1.4% over year-end 2024 asking rents.

According to the appraisal, the 2024 population within a 7-, 10- and 15-mile radius of the Ellenton Premium Outlets Property was 228,941, 396,003 and 600,789, respectively. The 2024 average household income within the same radii was $93,120, $97,049 and $100,358, respectively.

The following table presents information regarding certain competitive properties to the Ellenton Premium Outlets Property:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Competitive Retail Center Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Retail Center Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Retail Center Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Retail Center Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Retail Center Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Retail Center Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Retail Center Summary<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property Name/Location** | &nbsp;&nbsp; **Year Built/**<br> **Renovated** | &nbsp;&nbsp;**Total NRA (SF)** | &nbsp;&nbsp;**Total Occupancy** | &nbsp;&nbsp; <br>**Inline Sales PSF** | &nbsp;&nbsp;**Distance to Subject** | &nbsp;&nbsp;**Anchor Tenants** |
| &nbsp;&nbsp; **Ellenton Premium Outlets**<br> **501 Gateway Drive**<br> **Ellenton, FL** | &nbsp;&nbsp;**1991/2015** | &nbsp;&nbsp;**477175<sup>(2)</sup>** | &nbsp;&nbsp;**84.4%<sup>(2)</sup>** | &nbsp;&nbsp;**$406** | &nbsp;&nbsp;**NAP** | &nbsp;&nbsp;**V.F. Factory Outlet, Saks Fifth Avenue Off 5th, Nike Factory Store<sup>(2)</sup>** |
| &nbsp;&nbsp; Mall at University Town Center<sup>(3)</sup><br> 140 Town Center Drive<br> Sarasota, FL | &nbsp;&nbsp;2014/NAP | &nbsp;&nbsp;867000 | &nbsp;&nbsp;97.0% | &nbsp;&nbsp;$1440 | &nbsp;&nbsp;12.5 miles | &nbsp;&nbsp;Dillard's, Macy's, Saks Fifth Avenue |
| &nbsp;&nbsp; Tampa Premium Outlets<sup>(3)</sup><br> 2300 Grand Cypress Drive<br> Wesley Chapel, FL | &nbsp;&nbsp;2015/NAP | &nbsp;&nbsp;460387 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$522 | &nbsp;&nbsp;52.0 miles | &nbsp;&nbsp;Saks Off Fifth |
| &nbsp;&nbsp; Miromar Outlets<br> 10801 Corkscrew Road<br> Estero, FL | &nbsp;&nbsp;1998/2015 | &nbsp;&nbsp;671000 | &nbsp;&nbsp;98.0% | &nbsp;&nbsp;$699 | &nbsp;&nbsp;103.0 miles | &nbsp;&nbsp;Bloomingdale's Outlet, Neiman Marcus Last Call, Saks Off Fifth, Polo/Ralph Lauren, Nike |

---

(1) Source: Appraisal, unless otherwise indicated.

(2) Information is based on the underwritten rent roll dated October 15, 2025.

(3) The Mall at University Town Center and Tampa Premium Outlets are also owned by the borrower sponsor.

The following table presents certain information relating to the appraisal's market rent conclusions for the Ellenton Premium Outlets Property:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Market Rent Summary** | &nbsp;&nbsp;**Market Rent Summary** | &nbsp;&nbsp;**Market Rent Summary** | &nbsp;&nbsp;**Market Rent Summary** |
| &nbsp;&nbsp;**Space Type** | &nbsp;&nbsp;**Market Rent PSF** | &nbsp;&nbsp;**Lease Term (Years)** | &nbsp;&nbsp;**Rent Increase Projection** |
| &nbsp;&nbsp;Under 2,000 SF | &nbsp;&nbsp;$60.00 | &nbsp;&nbsp;5 | &nbsp;&nbsp;3.0% annual |
| &nbsp;&nbsp;2,000 - 4,999 SF | &nbsp;&nbsp;$40.00 | &nbsp;&nbsp;7 | &nbsp;&nbsp;3.0% annual |
| &nbsp;&nbsp;5,000 - 9,999 SF | &nbsp;&nbsp;$40.00 | &nbsp;&nbsp;7 | &nbsp;&nbsp;3.0% annual |
| &nbsp;&nbsp;Food Court | &nbsp;&nbsp;$40.00 | &nbsp;&nbsp;7 | &nbsp;&nbsp;3.0% annual |
| &nbsp;&nbsp;10,000+ SF Tenants | &nbsp;&nbsp;$25.00 | &nbsp;&nbsp;10 | &nbsp;&nbsp;10% in Yr. 6 |
| &nbsp;&nbsp;Majors | &nbsp;&nbsp;$22.00 | &nbsp;&nbsp;10 | &nbsp;&nbsp;10% in Yr. 6 |

---

 ****

***Appraisal.*** The appraiser concluded to an "as-is" value for the Ellenton Premium Outlets Property of $198,000,000 as of August 21, 2025.

 ****

***Environmental Matters.*** According to the Phase I environmental site assessment dated November 3, 2025, there was no evidence of any recognized environmental conditions at the Ellenton Premium Outlets 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. |
| 49 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Outlet Center | &nbsp;&nbsp;Loan #4 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$84000000 |
| &nbsp;&nbsp;5103-5135 Factory Shops Boulevard | &nbsp;&nbsp;**Ellenton Premium Outlets** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;60.6% |
| &nbsp;&nbsp;Ellenton, FL 34222 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.31x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;15.2% |

---

***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 Ellenton Premium Outlets 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;**9/30/2025 <br> TTM** | &nbsp;&nbsp;**UW** | &nbsp;&nbsp;**UW PSF** |
| &nbsp;&nbsp;Base Rental Income<sup>(1)</sup> | &nbsp;&nbsp;$14528665 | &nbsp;&nbsp;$14469985 | &nbsp;&nbsp;$15208185 | &nbsp;&nbsp;$15542761 | &nbsp;&nbsp;$14966770 | &nbsp;&nbsp;$14503615 | &nbsp;&nbsp;$30.39 |
| &nbsp;&nbsp;Contractual Rent Steps<sup>(2)</sup> | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$825946 | &nbsp;&nbsp;$1.73 |
| &nbsp;&nbsp;Gross Up of Vacant Space | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$4497749 | &nbsp;&nbsp;$9.43 |
| &nbsp;&nbsp;Overage Rent<sup>(3)</sup> | &nbsp;&nbsp;$940335 | &nbsp;&nbsp;$1210946 | &nbsp;&nbsp;$1013379 | &nbsp;&nbsp;$731296 | &nbsp;&nbsp;$456908 | &nbsp;&nbsp;$426035 | &nbsp;&nbsp;$0.89 |
| &nbsp;&nbsp;Percentage Rent in Lieu<sup>(4)</sup> | &nbsp;&nbsp;$245920 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$15333 | &nbsp;&nbsp;$86661 | &nbsp;&nbsp;$0.18 |
| &nbsp;&nbsp;Expense Reimbursements | &nbsp;&nbsp; $6376720 | &nbsp;&nbsp; $6220279 | &nbsp;&nbsp; $6506415 | &nbsp;&nbsp; $6688704 | &nbsp;&nbsp; $7912339 | &nbsp;&nbsp; $6593162 | &nbsp;&nbsp; $13.82 |
| &nbsp;&nbsp;**Net Rental Income** | &nbsp;&nbsp;**$22091640** | &nbsp;&nbsp;**$21901210** | &nbsp;&nbsp;**$22727979** | &nbsp;&nbsp;**$22962761** | &nbsp;&nbsp;**$23351350** | &nbsp;&nbsp;**$26933168** | &nbsp;&nbsp;**$56.44** |
| &nbsp;&nbsp;(Vacancy & Credit Loss) | &nbsp;&nbsp;$273291 | &nbsp;&nbsp;$163491 | &nbsp;&nbsp;($120177) | &nbsp;&nbsp;($111680) | &nbsp;&nbsp;$258277 | &nbsp;&nbsp;($4497749) | &nbsp;&nbsp;($9.43) |
| &nbsp;&nbsp;Temporary Tenant / Other Rents | &nbsp;&nbsp;$951746 | &nbsp;&nbsp;$1447255 | &nbsp;&nbsp;$1405501 | &nbsp;&nbsp;$1622064 | &nbsp;&nbsp;$1437864 | &nbsp;&nbsp;$1492477 | &nbsp;&nbsp;$3.13 |
| &nbsp;&nbsp;Other Income<sup>(5)</sup> | &nbsp;&nbsp; $141795 | &nbsp;&nbsp; $182906 | &nbsp;&nbsp; $214316 | &nbsp;&nbsp; $221511 | &nbsp;&nbsp; $269903 | &nbsp;&nbsp; $307326 | &nbsp;&nbsp; $0.64 |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$23458472** | &nbsp;&nbsp;**$23694862** | &nbsp;&nbsp;**$24227619** | &nbsp;&nbsp;**$24694656** | &nbsp;&nbsp;**$25317394** | &nbsp;&nbsp;**$24235222** | &nbsp;&nbsp;**$50.79** |
| &nbsp;&nbsp;Real Estate Taxes | &nbsp;&nbsp;$1438615 | &nbsp;&nbsp;$1443928 | &nbsp;&nbsp;$1448786 | &nbsp;&nbsp;$1309146 | &nbsp;&nbsp;$1277444 | &nbsp;&nbsp;$1421604 | &nbsp;&nbsp;$2.98 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;$579311 | &nbsp;&nbsp;$649462 | &nbsp;&nbsp;$802817 | &nbsp;&nbsp;$972596 | &nbsp;&nbsp;$1102008 | &nbsp;&nbsp;$1142039 | &nbsp;&nbsp;$2.39 |
| &nbsp;&nbsp;Other Operating Expenses | &nbsp;&nbsp; $3238237 | &nbsp;&nbsp; $3057613 | &nbsp;&nbsp; $3198775 | &nbsp;&nbsp; $3426701 | &nbsp;&nbsp; $3238955 | &nbsp;&nbsp; $3442777 | &nbsp;&nbsp; $7.21 |
| &nbsp;&nbsp;**Total Operating Expenses** | &nbsp;&nbsp;**$5256163** | &nbsp;&nbsp;**$5151003** | &nbsp;&nbsp;**$5450378** | &nbsp;&nbsp;**$5708443** | &nbsp;&nbsp;**$5618407** | &nbsp;&nbsp;**$6006419** | &nbsp;&nbsp;**$12.59** |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$18202309** | &nbsp;&nbsp;**$18543859** | &nbsp;&nbsp;**$18777241** | &nbsp;&nbsp;**$18986213** | &nbsp;&nbsp;**$19698987** | &nbsp;&nbsp;**$18228803** | &nbsp;&nbsp;**$38.20** |
| &nbsp;&nbsp;Replacement Reserves | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$76348 | &nbsp;&nbsp;$0.16 |
| &nbsp;&nbsp;TI/LC | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $715763 | &nbsp;&nbsp; $1.50 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$18202309** | &nbsp;&nbsp;**$18543859** | &nbsp;&nbsp;**$18777241** | &nbsp;&nbsp;**$18986213** | &nbsp;&nbsp;**$19698987** | &nbsp;&nbsp;**$17436693** | &nbsp;&nbsp;**$36.54** |
| &nbsp;&nbsp;**Occupancy %** | &nbsp;&nbsp;**82.0%<sup>(6)</sup>** | &nbsp;&nbsp;**84.6%<sup>(6)</sup>** | &nbsp;&nbsp;**85.2%<sup>(6)</sup>** | &nbsp;&nbsp;**85.2%<sup>(6)</sup>** | &nbsp;&nbsp;**84.4%<sup>(7)</sup>** | &nbsp;&nbsp;**83.3%<sup>(8)</sup>** |  |
| &nbsp;&nbsp;**NOI DSCR<sup>(9)</sup>** | &nbsp;&nbsp;**2.41x** | &nbsp;&nbsp;**2.46x** | &nbsp;&nbsp;**2.49x** | &nbsp;&nbsp;**2.51x** | &nbsp;&nbsp;**2.61x** | &nbsp;&nbsp;**2.41x** |  |
| &nbsp;&nbsp;**NCF DSCR<sup>(9)</sup>** | &nbsp;&nbsp;**2.41x** | &nbsp;&nbsp;**2.46x** | &nbsp;&nbsp;**2.49x** | &nbsp;&nbsp;**2.51x** | &nbsp;&nbsp;**2.61x** | &nbsp;&nbsp;**2.31x** |  |
| &nbsp;&nbsp;**NOI Debt Yield<sup>(9)</sup>** | &nbsp;&nbsp;**15.2%** | &nbsp;&nbsp;**15.5%** | &nbsp;&nbsp;**15.6%** | &nbsp;&nbsp;**15.8%** | &nbsp;&nbsp;**16.4%** | &nbsp;&nbsp;**15.2%** |  |
| &nbsp;&nbsp;**NCF Debt Yield<sup>(9)</sup>** | &nbsp;&nbsp;**15.2%** | &nbsp;&nbsp;**15.5%** | &nbsp;&nbsp;**15.6%** | &nbsp;&nbsp;**15.8%** | &nbsp;&nbsp;**16.4%** | &nbsp;&nbsp;**14.5%** |  |

---

(1) UW Base Rental Income is based on the underwritten rent roll dated October 15, 2025, with adjustments
made for executed leases, pending renewals and tenants that have given notice to vacate.

(2) Contractual Rent Steps were taken through December 2026.

(3) Overage Rent is based on the terms of applicable leases using TTM August 2025 sales figures.

(4) Percentage Rent in Lieu is based on the terms of applicable leases using TTM August 2025 sales figures.

(5) Other income is based on the borrower sponsor's budget and includes media participation, Simon ad
panels and miscellaneous income.

(6) Historical occupancies are as of December 31 for each respective year and exclude RDP tenants.

(7) Represents occupancy per the underwritten rent roll dated October 15, 2025 and excludes RDP tenants. The
Ellenton Premium Outlets Property was 98.6% occupied as of October 15, 2025, including the RDP tenants. These tenants have been excluded
from the underwriting as RDP lease terms are for less than a year and can be terminated by the landlord at any time with 30 days'
notice.

(8) Based on the economic vacancy of 16.7%.

(9) Debt service coverage ratios and debt yields are based on the Ellenton Premium Outlets Whole Loan.

***Escrows and Reserves.***

*Real Estate Taxes* – On a monthly basis during the continuance of a Lockbox Event Period (as defined below), the borrower is required to escrow 1/12th of the annual estimated tax payments payable during the next ensuing 12 months.

*Insurance* – After the occurrence of a Lockbox Event Period, the borrower is required to escrow 1/12th of the annual estimated insurance payments on a monthly basis, except if the Ellenton Premium Outlets Property is insured under an acceptable blanket policy (in which case, no insurance escrows will be required, notwithstanding the occurrence of a Control Event (as defined below)).

*Replacement Reserve* – During the continuance of a Lockbox Event Period, the borrower is required to escrow $6,000 on a monthly basis for replacements and repairs to be made at the Ellenton Premium Outlets Property.

*TI/LC Reserve* – On each payment date, the borrower is required to deposit approximately $60,000 for future tenant improvements and leasing commissions, subject to a cap of $1,432,000 (except such cap will not apply during a Lockbox Event Period).

*Outstanding TI/LC Reserve* –The borrower sponsor provided a guaranty in lieu of reserves for all outstanding landlord obligations at the time of loan origination, in the amount of $1,472,100.

Provided that no event of default or Control Event has occurred and is continuing, the borrower has the right in lieu of making deposits into the reserve accounts described above, to provide a letter of credit or guaranty from Simon Property Group, Inc. or a replacement guarantor for the required deposit amounts.

---

| |
|:---|
| 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;Retail – Outlet Center | &nbsp;&nbsp;Loan #4 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$84000000 |
| &nbsp;&nbsp;5103-5135 Factory Shops Boulevard | &nbsp;&nbsp;**Ellenton Premium Outlets** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;60.6% |
| &nbsp;&nbsp;Ellenton, FL 34222 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.31x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;15.2% |

---

A "Control Event" means if one or more of (i) Simon Property Group, Inc. and (ii) Simon Property Group, L.P. does not own at least 40% of the direct or indirect interests in the borrower or does not control the borrower.

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

A "Lockbox Event Period" means the period commencing upon the occurrence of (i) an event of default, (ii) a bankruptcy action of borrower or manager and the manager is not replaced within 60 days with a qualified manager, or (iii) the debt yield for the Ellenton Premium Outlets Whole Loan based on the trailing four quarters is less than 10.0% for two consecutive calendar quarters. A Lockbox Event Period will end (a) with respect to the matters described in clause (i) above, if the cure of the event of default has been accepted by the lender, (b) with respect to the matters described in clause (ii) above, if the manager is replaced with 60 days or the bankruptcy action with respect to borrower or manager is dismissed within 90 days without adverse consequences to the Ellenton Premium Outlets Property or the Ellenton Premium Outlets Whole Loan , or (c) with respect to matters described in clause (iii) above, the debt yield for the Ellenton Premium Outlets Whole Loan is greater than or equal to 10.0% for two consecutive calendar quarters.

***Terrorism Insurance*.** The borrower is required to obtain and maintain property insurance and is required to obtain and maintain business interruption insurance for 24 months plus a 365-day extended period of indemnity. Such insurance is required to cover perils of terrorism and acts of terrorism; provided that if TRIPRA or a subsequent statute is in effect and covers both foreign and domestic acts of terror, the provisions of TRIPRA will determine the acts of terrorism for which coverage will be required. 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. |
| 51 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Industrial – Various | &nbsp;&nbsp;Loan #5 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$58500000 |
| &nbsp;&nbsp;Various, Various | &nbsp;&nbsp;**Midwest Industrial Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;61.3% |
|  |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.44x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;11.6% |

---

![](n5486prets_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. |
| 52 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Industrial – Various | &nbsp;&nbsp;Loan #5 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$58500000 |
| &nbsp;&nbsp;Various, Various | &nbsp;&nbsp;**Midwest Industrial Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;61.3% |
|  |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.44x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;11.6% |

---

![](n5486prets_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. |
| 53 |

---

**Mortgage Loan No. 5 – Midwest Industrial Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &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;**Mortgaged Property Information** | &nbsp;&nbsp;**Mortgaged Property Information** |
| &nbsp;&nbsp;**Mortgage Loan Seller:** | &nbsp;&nbsp;**Mortgage Loan Seller:** | &nbsp;&nbsp;JPMCB | &nbsp;&nbsp;JPMCB | &nbsp;&nbsp;JPMCB | &nbsp;&nbsp;**Single Asset/Portfolio** **<sup>(3)</sup>:** | &nbsp;&nbsp;Portfolio |
| &nbsp;&nbsp;**Credit Assessment (S&P/Fitch/KBRA):** | &nbsp;&nbsp;**Credit Assessment (S&P/Fitch/KBRA):** | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;Various, Various |
| &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;$58500000 | &nbsp;&nbsp;$58500000 | &nbsp;&nbsp;$58500000 | &nbsp;&nbsp;**General Property Type:** | &nbsp;&nbsp;Industrial |
| &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$58500000 | &nbsp;&nbsp;$58500000 | &nbsp;&nbsp;$58500000 | &nbsp;&nbsp;**Detailed Property Type:** | &nbsp;&nbsp;Various |
| &nbsp;&nbsp;**% of Initial Pool Balance:** | &nbsp;&nbsp;**% of Initial Pool Balance:** | &nbsp;&nbsp;5.8% | &nbsp;&nbsp;5.8% | &nbsp;&nbsp;5.8% | &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;Phoenix Investors | &nbsp;&nbsp;Phoenix Investors | &nbsp;&nbsp;Phoenix Investors | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;2,815,493 SF |
| &nbsp;&nbsp;**Guarantor:** | &nbsp;&nbsp;**Guarantor:** | &nbsp;&nbsp;Phoenix Fund Symbol LLC | &nbsp;&nbsp;Phoenix Fund Symbol LLC | &nbsp;&nbsp;Phoenix Fund Symbol LLC | &nbsp;&nbsp;**Cut-off Date Balance PSF:** | &nbsp;&nbsp;$21 |
| &nbsp;&nbsp;**Mortgage Rate:** | &nbsp;&nbsp;**Mortgage Rate:** | &nbsp;&nbsp;6.3800% | &nbsp;&nbsp;6.3800% | &nbsp;&nbsp;6.3800% | &nbsp;&nbsp;**Maturity Date Balance PSF:** | &nbsp;&nbsp;$18 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;11/17/2025 | &nbsp;&nbsp;11/17/2025 | &nbsp;&nbsp;11/17/2025 | &nbsp;&nbsp;**Property Manager:** | &nbsp;&nbsp;Phoenix Investors, A Limited |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;12/5/2035 | &nbsp;&nbsp;12/5/2035 | &nbsp;&nbsp;12/5/2035 |  | &nbsp;&nbsp;Liability Company |
| &nbsp;&nbsp;**Term to Maturity:** | &nbsp;&nbsp;**Term to Maturity:** | &nbsp;&nbsp;120 months | &nbsp;&nbsp;120 months | &nbsp;&nbsp;120 months |  | &nbsp;&nbsp;(borrower related) |
| &nbsp;&nbsp;**Amortization Term:** | &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;**IO Period:** | &nbsp;&nbsp;0 months | &nbsp;&nbsp;0 months | &nbsp;&nbsp;0 months | &nbsp;&nbsp;**UW NOI<sup>(4)</sup>:** | &nbsp;&nbsp;$6777595 |
| &nbsp;&nbsp;**Seasoning:** | &nbsp;&nbsp;**Seasoning:** | &nbsp;&nbsp;0 months | &nbsp;&nbsp;0 months | &nbsp;&nbsp;0 months | &nbsp;&nbsp;**UW NCF:** | &nbsp;&nbsp;$6323722 |
| &nbsp;&nbsp;**Prepayment Provisions:** | &nbsp;&nbsp;**Prepayment Provisions:** | &nbsp;&nbsp;L(25),YM1(89),O(6) | &nbsp;&nbsp;L(25),YM1(89),O(6) | &nbsp;&nbsp;L(25),YM1(89),O(6) | &nbsp;&nbsp;**UW NOI Debt Yield<sup>(2)</sup>:** | &nbsp;&nbsp;11.6% |
| &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 Debt Yield<sup>(2)</sup>:** | &nbsp;&nbsp;10.8% |
| &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;13.5% |
| &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;1.44x |
| &nbsp;&nbsp;**Additional Debt Type (Balance):** | &nbsp;&nbsp;**Additional Debt Type (Balance):** | &nbsp;&nbsp;Yes (Mezzanine) | &nbsp;&nbsp;Yes (Mezzanine) | &nbsp;&nbsp;Yes (Mezzanine) | &nbsp;&nbsp;**Most Recent NOI<sup>(4)</sup>:** | &nbsp;&nbsp;$4,406,598 (6/30/2025 TTM) |
|  |  |  |  |  | &nbsp;&nbsp;**2nd Most Recent NOI:** | &nbsp;&nbsp;$4,453,961 (12/31/2024) |
|  |  |  |  |  | &nbsp;&nbsp;**3rd Most Recent NOI:** | &nbsp;&nbsp;$3,514,953 (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;69.1% (11/10/2025) |
| &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;**2nd Most Recent Occupancy:** | &nbsp;&nbsp;46.3% (12/31/2024) |
| &nbsp;&nbsp;**RE Taxes:** | &nbsp;&nbsp;$137573 | &nbsp;&nbsp;$137573 | &nbsp;&nbsp;$53293 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**3rd Most Recent Occupancy:** | &nbsp;&nbsp;52.7% (12/31/2023) |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value (as of)<sup>(5)</sup>:** | &nbsp;&nbsp;$95,460,000 (Various) |
| &nbsp;&nbsp;**Replacement Reserve:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$23538 | &nbsp;&nbsp;$282458 | &nbsp;&nbsp;**Appraised Value PSF<sup>(5)</sup>:** | &nbsp;&nbsp;$34 |
| &nbsp;&nbsp;**Required Repairs:** | &nbsp;&nbsp;$85250 | &nbsp;&nbsp;$85250 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Cut-off Date LTV Ratio<sup>(2)</sup>:** | &nbsp;&nbsp;61.3% |
| &nbsp;&nbsp;**TI/LC Reserve:** | &nbsp;&nbsp;$2500000 | &nbsp;&nbsp;$2500000 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;$1000000 | &nbsp;&nbsp;**Maturity Date LTV Ratio<sup>(2)</sup>:** | &nbsp;&nbsp;52.6% |
| &nbsp;&nbsp;**Earnout Reserve<sup>(2)</sup>:** | &nbsp;&nbsp;$10000000 | &nbsp;&nbsp;$10000000 | &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;$58500000 | &nbsp;&nbsp;99.8% | &nbsp;&nbsp;Loan Payoff: | &nbsp;&nbsp;$44097868 | &nbsp;&nbsp;75.2% |
| &nbsp;&nbsp;Borrower Sponsor Equity: | &nbsp;&nbsp;$123385 | &nbsp;&nbsp;0.2% | &nbsp;&nbsp;Upfront Reserves: | &nbsp;&nbsp;$2722823 | &nbsp;&nbsp;4.6% |
|  |  |  | &nbsp;&nbsp;Earnout Reserve**<sup>(2)</sup>**: | &nbsp;&nbsp;$10000000 | &nbsp;&nbsp;17.1% |
|  |  |  | &nbsp;&nbsp;Closing Costs: | &nbsp;&nbsp;$1802694 | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;**Total Sources:** | &nbsp;&nbsp;**$58623385** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses:** | &nbsp;&nbsp;**$58623385** | &nbsp;&nbsp;**100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) See *"Escrows and Reserves"* section herein for further discussion.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The Midwest Industrial Portfolio Mortgage Loan (as defined below) has an UW NOI Debt Yield, UW NCF Debt
Yield, Cut-off Date LTV Ratio and Maturity Date LTV Ratio of 14.0%, 13.0%, 50.8% and 43.6%, respectively, based on the Midwest Industrial
Portfolio Mortgage Loan amount net of the earnout reserve ($48,500,000). Release of the earnout reserve is conditioned upon, among other
terms, the Midwest Industrial Portfolio (as defined below) achieving a debt yield of 12.18%. See *"Earnout Reserve"* section
herein for further discussion.

&nbsp;&nbsp;&nbsp;&nbsp;(3) See *"Midwest Industrial Portfolio Summary"* herein for additional detail.

&nbsp;&nbsp;&nbsp;&nbsp;(4) The increase in UW NOI from the Most Recent NOI is attributable to recent leasing at the Midwest Industrial
Portfolio Properties (as defined below), with six new leases having commenced between January 2025 and September 2025, accounting for
$1,280,252 in UW Rents In-Place (16.2% of total).

&nbsp;&nbsp;&nbsp;&nbsp;(5) See *"Appraisal"* section herein for further discussion.

 ****

***The Mortgage Loan.*** The fifth largest mortgage loan (the "Midwest Industrial Portfolio Mortgage Loan") is evidenced by a promissory note in the original principal amount of $58,500,000 and secured by a first priority fee mortgage encumbering a portfolio of 9 industrial assets totaling 2,815,493 SF located across various states throughout the United States (each, a "Midwest Industrial Portfolio Property" and collectively, the "Midwest Industrial Portfolio Properties" or the "Midwest Industrial Portfolio").

***The Borrowers and the Borrower Sponsors.*** The borrowers are Phoenix Freeport Industrial Investors LLC, Phoenix Broadway LLC, Phoenix Cudahy LLC, Phoenix Muth LLC, Phoenix Andrews Industrial Investors LLC, Phoenix Franklin Industrial Investors LLC, Phoenix DeKalb Industrial Investors LLC, Phoenix Pine Bluff Industrial Investors LLC and Phoenix Orleans Industrial Investors LLC, each a single-purpose Delaware limited liability company with one independent director. The non-recourse carveout guarantor is Phoenix Fund Symbol LLC. The borrower sponsor is Phoenix Investors.

Founded in 1994, Phoenix Investors and its affiliates are leaders in the acquisition, development, renovation, and repositioning of industrial and data center facilities throughout the United States. Phoenix Investors' portfolio spans 27 states and includes commercial properties totaling 83 million SF. Phoenix Investors' entities have a diversified mix of locations, tenant credits, and property types. In accordance with macroeconomic conditions and recent shifts in retail spending habits, Phoenix Investors' current investment strategy is generally cycling out of big-box, single-tenant retail to invest in larger value-added industrial properties and data centers. Phoenix Investors also continues to look at acquiring distressed retail and office properties, along with other REO, as opportunities are identified.

 ****

---

| |
|:---|
| 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;Industrial – Various | &nbsp;&nbsp;Loan #5 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$58500000 |
| &nbsp;&nbsp;Various, Various | &nbsp;&nbsp;**Midwest Industrial Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;61.3% |
|  |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.44x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;11.6% |

---

***The Properties.*** The Midwest Industrial Portfolio Properties consist of nine industrial properties totaling 2,815,493 SF located across six states. The Midwest Industrial Portfolio Properties encompass three properties in Wisconsin (30.1% NRA), two in Illinois (26.5% NRA) and singular assets across North Carolina (10.0% NRA), Pennsylvania (16.1% NRA), Indiana (12.8% NRA) and Arkansas (4.6% NRA). Aside from the properties located within Wisconsin, the Midwest Industrial Portfolio Properties are largely based in markets supporting strategic intermediate distribution hubs between larger population centers. The Midwest Industrial Portfolio Properties were acquired by the borrower sponsor between 2012 and 2023 for a combined purchase price of $19.6 million ($6.96 PSF). Since acquisition, the borrowers have invested $25.5 million across the portfolio, resulting in a total cost basis of $45.1 million ($16.02 PSF). As of November 2025, the Midwest Industrial Portfolio is 69.1% occupied by 22 unique tenants. At acquisition, six of the Midwest Industrial Portfolio Properties were vacant with the remaining three acquired at occupancy rates ranging between 15.0% and 68.0%. Since acquisition, the borrower sponsor has worked to increase occupancy and revenue via accretive capex spend and effective repositioning. In 2025 alone, the borrower sponsor has successfully leased 333,614 SF (11.8% NRA). Further, the borrower sponsor currently has four additional pending or out-for-signature expansion leases, totaling 376,753 SF (13.4% NRA), which, upon execution, would increase the Midwest Industrial Portfolio's occupancy from 69.1% to approximately 82.5%. These outstanding leases are projected to generate approximately $1.5 million in incremental underwritten rent in-place, which would result in an underwritten NOI of approximately $8.2 million, at which point the borrower would have achieved the necessary metrics for release of the Earnout Reserve. We cannot assure you whether such leases will be signed on such expected terms or at all. The Midwest Industrial Portfolio benefits from a granular rent roll, with borrower sponsor-affiliated Phoenix Logistics being the only tenant occupying greater than 8.4% of NRA or 12.5% of underwritten rents in-place. Additionally, between Phoenix Logistics and Phoenix Storage, 16.3% of the Midwest Industrial Portfolio's NRA is leased by borrower sponsor-affiliated tenants. The Midwest Industrial Portfolio features clearing heights of up to 44 feet across the portfolio, supporting the diverse uses of the Midwest Industrial Portfolio Properties, which include logistics, storage, warehousing and manufacturing.

The table below presents certain information relating to the Midwest Industrial Portfolio Properties:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Midwest Industrial Portfolio Summary** | &nbsp;&nbsp;**Midwest Industrial Portfolio Summary** | &nbsp;&nbsp;**Midwest Industrial Portfolio Summary** | &nbsp;&nbsp;**Midwest Industrial Portfolio Summary** | &nbsp;&nbsp;**Midwest Industrial Portfolio Summary** | &nbsp;&nbsp;**Midwest Industrial Portfolio Summary** | &nbsp;&nbsp;**Midwest Industrial Portfolio Summary** | &nbsp;&nbsp;**Midwest Industrial Portfolio Summary** | &nbsp;&nbsp;**Midwest Industrial Portfolio Summary** | &nbsp;&nbsp;**Midwest Industrial Portfolio Summary** | &nbsp;&nbsp;**Midwest Industrial Portfolio Summary** |
| &nbsp;&nbsp;**Property** | &nbsp;&nbsp;**Property Subtype** | &nbsp;&nbsp;**Clear Heights** | &nbsp;&nbsp;**Dock High/ Drive In Doors** | &nbsp;&nbsp;**Year Built/ Renovated** | &nbsp;&nbsp;**Net Rentable Area (SF)<sup>(1)</sup>** | &nbsp;&nbsp;**Occupancy %** | &nbsp;&nbsp;**Allocated Cut-off Date Balance** | &nbsp;&nbsp;**% of Allocated Cut-off Date Balance** | &nbsp;&nbsp;**Appraised Value** | &nbsp;&nbsp;**UW NCF** |
| &nbsp;&nbsp;Franklin, PA | &nbsp;&nbsp;Manufacturing | &nbsp;&nbsp;28 - 44' | &nbsp;&nbsp;10 / 7 | &nbsp;&nbsp;1970, 1981 / 2023 | &nbsp;&nbsp;452157 | &nbsp;&nbsp;32.6% | &nbsp;&nbsp;$9818000 | &nbsp;&nbsp;16.8% | &nbsp;&nbsp;$11550000 | &nbsp;&nbsp;$348608 |
| &nbsp;&nbsp;Sheboygan, WI (Muth) | &nbsp;&nbsp;Manufacturing | &nbsp;&nbsp;8 - 25' | &nbsp;&nbsp;35 / 4 | &nbsp;&nbsp;1960, 1995 / 2013 | &nbsp;&nbsp;290856 | &nbsp;&nbsp;97.9% | &nbsp;&nbsp;$8767000 | &nbsp;&nbsp;15.0% | &nbsp;&nbsp;$15950000 | &nbsp;&nbsp;$1197117 |
| &nbsp;&nbsp;Freeport, IL | &nbsp;&nbsp;Warehouse/Distribution | &nbsp;&nbsp;14 - 25' | &nbsp;&nbsp;30 / 10 | &nbsp;&nbsp;1980 / NAP | &nbsp;&nbsp;480000 | &nbsp;&nbsp;57.6% | &nbsp;&nbsp;$8301000 | &nbsp;&nbsp;14.2% | &nbsp;&nbsp;$15100000 | &nbsp;&nbsp;$642456 |
| &nbsp;&nbsp;Milwaukee, WI (Cudahy) | &nbsp;&nbsp;Warehouse/Distribution | &nbsp;&nbsp;14 - 15' | &nbsp;&nbsp;14 / 7 | &nbsp;&nbsp;1950 / 2015 | &nbsp;&nbsp;331445 | &nbsp;&nbsp;88.2% | &nbsp;&nbsp;$7971000 | &nbsp;&nbsp;13.6% | &nbsp;&nbsp;$14500000 | &nbsp;&nbsp;$1292356 |
| &nbsp;&nbsp;Milwaukee, WI (Broadway) | &nbsp;&nbsp;Manufacturing | &nbsp;&nbsp;19 - 27' | &nbsp;&nbsp;19 / 1 | &nbsp;&nbsp;1953 / 2015 | &nbsp;&nbsp;224354 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$6074000 | &nbsp;&nbsp;10.4% | &nbsp;&nbsp;$11050000 | &nbsp;&nbsp;$949070 |
| &nbsp;&nbsp;Dekalb, IL | &nbsp;&nbsp;Warehouse/Distribution | &nbsp;&nbsp;16 - 18' | &nbsp;&nbsp;6 / 7 | &nbsp;&nbsp;1946 / NAP | &nbsp;&nbsp;265250 | &nbsp;&nbsp;85.6% | &nbsp;&nbsp;$5937000 | &nbsp;&nbsp;10.1% | &nbsp;&nbsp;$10800000 | &nbsp;&nbsp;$471844 |
| &nbsp;&nbsp;Orleans, IN | &nbsp;&nbsp;Manufacturing/Warehouse | &nbsp;&nbsp;14 - 19' | &nbsp;&nbsp;10 /5 | &nbsp;&nbsp;1920 / 2023 | &nbsp;&nbsp;359434 | &nbsp;&nbsp;45.7% | &nbsp;&nbsp;$5678000 | &nbsp;&nbsp;9.7% | &nbsp;&nbsp;$6680000 | &nbsp;&nbsp;$302256 |
| &nbsp;&nbsp;Andrews, NC | &nbsp;&nbsp;Warehouse/Distribution | &nbsp;&nbsp;21' | &nbsp;&nbsp;9 / 0 | &nbsp;&nbsp;1964 / 2023 | &nbsp;&nbsp;281512 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$4398000 | &nbsp;&nbsp;7.5% | &nbsp;&nbsp;$8000000 | &nbsp;&nbsp;$999233 |
| &nbsp;&nbsp;Pine Bluff, AR | &nbsp;&nbsp;Warehouse/Distribution | &nbsp;&nbsp;16 - 28' | &nbsp;&nbsp; 1 /10 | &nbsp;&nbsp;1986 / NAP | &nbsp;&nbsp; 130485 | &nbsp;&nbsp; 36.3% | &nbsp;&nbsp; $1556000 | &nbsp;&nbsp; 2.7% | &nbsp;&nbsp; $1830000 | &nbsp;&nbsp; $120782 |
| &nbsp;&nbsp;**Total / Weighted Average** |  |  | &nbsp;&nbsp;**134 / 51** |  | &nbsp;&nbsp;**2815493** | &nbsp;&nbsp;**69.1%** | &nbsp;&nbsp;**$58500000** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$95460000** | &nbsp;&nbsp;**$6323722** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Based on the underwritten rent roll dated November 10, 2025.

 ****

***Major Tenants.***

*Phoenix Logistics (334,888 SF, 11.9% of NRA, 16.0% of UW Rent).* Phoenix Logistics, an affiliate of the borrower sponsor, focuses on acquiring relevant logistics-based real estate and providing distribution and transport management services for clients. Strategically, Phoenix Logistics benefits from access to Phoenix Investors' approximately 83 million SF industrial portfolio. Phoenix Logistics currently occupies a combined 334,888 SF across the Andrews, NC and Milwaukee, WI (Cudahy) properties. Phoenix Logistics has been at the Andrews, NC property since December 2022, currently occupying 281,512 SF, and has 10, one-year renewal options and no termination options. In June 2025, Phoenix Logistics extended its warehouse services agreement for an additional term with Eastman Chemical Company at the Andrews, NC property through February 2026. Phoenix Logistics has been in occupancy of 53,376 SF at the Milwaukee, WI (Cudahy) property since February 2021, has two, five-year renewal options and no termination options. Cargill, Incorporated currently has a warehouse service agreement with Phoenix Logistics at the Milwaukee, WI (Cudahy) property through the end of 2025. The Phoenix Logistics leases at the Andrews, NC and Milwaukee, WI (Cudahy) properties expire in December 2027.

*Amentum (224,354 SF, 8.0% of NRA, 12.5% of UW Rent).* Amentum is a global leader in advanced engineering and innovative technology solutions. Headquartered in Chantilly, Virginia, Amentum has approximately 50,000 employees in more than 70 countries across all 7 continents. Amentum, through PAE Applied Technologies LLC, has been in occupancy at the Milwaukee, WI (Broadway) property since April 2020. The Milwaukee, WI (Broadway) property plays an important role in Amentum's mission to enhance national security and defense efforts. Amentum currently operates under contract with the USPS at the Milwaukee, WI (Broadway) property, aiding the USPS Mail Transport Equipment Service Center (MTESC) network. Amentum's lease expires in January 2030 and has one, five-year renewal option. Amentum has the ability to terminate its lease subject to six months' notice during the following periods (a) January 31, 2026 through July 31, 2026 and from (b) January 31, 2028 through July 31, 2028, in each case, subject to payment of the remaining unamortized brokerage 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. |
| 55 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Industrial – Various | &nbsp;&nbsp;Loan #5 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$58500000 |
| &nbsp;&nbsp;Various, Various | &nbsp;&nbsp;**Midwest Industrial Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;61.3% |
|  |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.44x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;11.6% |

---

The following table presents certain information relating to the tenancy across the Midwest 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 Name** | &nbsp;&nbsp;**Credit Rating (Moody's/ Fitch/S&P)** | &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 Exp.** | &nbsp;&nbsp;**Renewal Options** |
| &nbsp;&nbsp;**Major Tenants** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Phoenix Logistics<sup>(2)(3)</sup> | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;334888 | &nbsp;&nbsp;11.9% | &nbsp;&nbsp;$1266289 | &nbsp;&nbsp;16.0% | &nbsp;&nbsp;$3.78 | &nbsp;&nbsp;12/31/2027 | &nbsp;&nbsp;10, 1-year &nbsp;&nbsp;N |
| &nbsp;&nbsp;Amentum<sup>(4)</sup> | &nbsp;&nbsp;B1/BB+/BB- | &nbsp;&nbsp;224354 | &nbsp;&nbsp;8.0% | &nbsp;&nbsp;$985677 | &nbsp;&nbsp;12.5% | &nbsp;&nbsp;$4.39 | &nbsp;&nbsp;1/31/2030 | &nbsp;&nbsp;1, 5-year &nbsp;&nbsp;Y<sup>(5)</sup> |
| &nbsp;&nbsp;Logisticus | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;227173 | &nbsp;&nbsp;8.1% | &nbsp;&nbsp;$795106 | &nbsp;&nbsp;10.1% | &nbsp;&nbsp;$3.50 | &nbsp;&nbsp;7/31/2028 | &nbsp;&nbsp;3, 1-year &nbsp;&nbsp;N |
| &nbsp;&nbsp;SPG International | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;236698 | &nbsp;&nbsp;8.4% | &nbsp;&nbsp;$734919 | &nbsp;&nbsp;9.3% | &nbsp;&nbsp;$3.10 | &nbsp;&nbsp;12/31/2034 |  |
| &nbsp;&nbsp;Discovery Energy<sup>(6)</sup> | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;153527 | &nbsp;&nbsp;5.5% | &nbsp;&nbsp;$675939 | &nbsp;&nbsp;8.6% | &nbsp;&nbsp;$4.40 | &nbsp;&nbsp;6/30/2026 |  |
| &nbsp;&nbsp;Georgia-Pacific Corrugated | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;131141 | &nbsp;&nbsp;4.7% | &nbsp;&nbsp;$617539 | &nbsp;&nbsp;7.8% | &nbsp;&nbsp;$4.71 | &nbsp;&nbsp;1/31/2027 | &nbsp;&nbsp;1, 3-year &nbsp;&nbsp;N |
| &nbsp;&nbsp;Phoenix Storage Wisconsin<sup>(2)</sup> | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;124009 | &nbsp;&nbsp;4.4% | &nbsp;&nbsp;$529518 | &nbsp;&nbsp;6.7% | &nbsp;&nbsp;$4.27 | &nbsp;&nbsp;12/31/2030 | &nbsp;&nbsp;3, 5-year &nbsp;&nbsp;N |
| &nbsp;&nbsp;C and M Conveyor Inc | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp; 134654 | &nbsp;&nbsp; 4.8% | &nbsp;&nbsp; $468596 | &nbsp;&nbsp; 5.9% | &nbsp;&nbsp; $3.48 | &nbsp;&nbsp;2/29/2028 |  |
| &nbsp;&nbsp;**Major Tenants Subtotal/Wtd. Avg.** |  | &nbsp;&nbsp;**1566444** | &nbsp;&nbsp;**55.6%** | &nbsp;&nbsp;**$6073583** | &nbsp;&nbsp;**76.9%** | &nbsp;&nbsp;**$3.88** |  |  |
| &nbsp;&nbsp;Other Tenants |  | &nbsp;&nbsp; 379280 | &nbsp;&nbsp; 13.5% | &nbsp;&nbsp; $1820269 | &nbsp;&nbsp; 23.1% | &nbsp;&nbsp; $4.80 |  |  |
| &nbsp;&nbsp;**Occupied Subtotal/Wtd. Avg.** |  | &nbsp;&nbsp;**1945724** | &nbsp;&nbsp;**69.1%** | &nbsp;&nbsp;**$7893852** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$4.06** |  |  |
| &nbsp;&nbsp;Vacant Space |  | &nbsp;&nbsp; 869769 | &nbsp;&nbsp; 30.9% | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |  |  |
| &nbsp;&nbsp;**Total/Wtd. Avg.** |  | &nbsp;&nbsp;**2815493** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$7893852** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$2.80** |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Based on the underwritten rent roll dated November 10, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Borrower Sponsor affiliated entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Inclusive of 281,512 SF and 53,376 SF at the Andrews, NC and Milwaukee, WI (Cudahy)
properties, respectively. Lease Exp. and Renewal Options are for the lease pertaining to 281,512 SF at the Andrews, NC property. The lease
pertaining to 53,376 SF at the Milwaukee, WI (Cudahy) property has two, five-year renewal options. Leases at both locations expire in
December 2027.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) PAE Applied Technologies LLC was acquired by Amentum in February of 2022 and is
currently d/b/a Amentum. PAE Applied Technologies LLC remains the listed tenant on the lease as of March 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) PAE Applied Technologies LLC (d/b/a Amentum) has the ability to terminate its lease
subject to six months' notice during the following periods (a) January 31, 2026 through July 31, 2026 and from (b) January 31, 2028
through July 31, 2028, in each case, subject to payment of the remaining unamortized brokerage commissions; provided Amentum's contract
with the United States Postal Service ("USPS") will not terminate until at least the termination date of the lease. If USPS
terminates its contract with Amentum for USPS's convenience and the contract is insourced to USPS employees, Amentum may assign
its lease to USPS without borrower's consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Discovery Energy
is the assignee-in-interest to Kohler Co., which remains the tenant under the lease and continues to be liable as if no assignment had
been made.

The following table presents certain information relating to the lease rollover schedule at the Midwest Industrial Portfolio:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &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 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/2025 | &nbsp;&nbsp;4 | &nbsp;&nbsp;21380 | &nbsp;&nbsp;0.8% | &nbsp;&nbsp;0.8% | &nbsp;&nbsp;$41882 | &nbsp;&nbsp;0.5% | &nbsp;&nbsp;0.5% | &nbsp;&nbsp;$1.96 |
| &nbsp;&nbsp;2026 | &nbsp;&nbsp;1 | &nbsp;&nbsp;153527 | &nbsp;&nbsp;5.5% | &nbsp;&nbsp;6.2% | &nbsp;&nbsp;$675939 | &nbsp;&nbsp;8.6% | &nbsp;&nbsp;9.1% | &nbsp;&nbsp;$4.40 |
| &nbsp;&nbsp;2027 | &nbsp;&nbsp;4 | &nbsp;&nbsp;480829 | &nbsp;&nbsp;17.1% | &nbsp;&nbsp;23.3% | &nbsp;&nbsp;$1940431 | &nbsp;&nbsp;24.6% | &nbsp;&nbsp;33.7% | &nbsp;&nbsp;$4.04 |
| &nbsp;&nbsp;2028 | &nbsp;&nbsp;6 | &nbsp;&nbsp;519256 | &nbsp;&nbsp;18.4% | &nbsp;&nbsp;41.7% | &nbsp;&nbsp;$1949576 | &nbsp;&nbsp;24.7% | &nbsp;&nbsp;58.4% | &nbsp;&nbsp;$3.75 |
| &nbsp;&nbsp;2029 | &nbsp;&nbsp;2 | &nbsp;&nbsp;60898 | &nbsp;&nbsp;2.2% | &nbsp;&nbsp;43.9% | &nbsp;&nbsp;$258817 | &nbsp;&nbsp;3.3% | &nbsp;&nbsp;61.7% | &nbsp;&nbsp;$4.25 |
| &nbsp;&nbsp;2030 | &nbsp;&nbsp;4 | &nbsp;&nbsp;433064 | &nbsp;&nbsp;15.4% | &nbsp;&nbsp;59.3% | &nbsp;&nbsp;$1906546 | &nbsp;&nbsp;24.2% | &nbsp;&nbsp;85.8% | &nbsp;&nbsp;$4.40 |
| &nbsp;&nbsp;2031 | &nbsp;&nbsp;2 | &nbsp;&nbsp;40072 | &nbsp;&nbsp;1.4% | &nbsp;&nbsp;60.7% | &nbsp;&nbsp;$385742 | &nbsp;&nbsp;4.9% | &nbsp;&nbsp;90.7% | &nbsp;&nbsp;$9.63 |
| &nbsp;&nbsp;2032 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;60.7% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;90.7% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2033 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;60.7% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;90.7% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2034 | &nbsp;&nbsp;1 | &nbsp;&nbsp;236698 | &nbsp;&nbsp;8.4% | &nbsp;&nbsp;69.1% | &nbsp;&nbsp;$734919 | &nbsp;&nbsp;9.3% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$3.10 |
| &nbsp;&nbsp;2035 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;69.1% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;Vacant | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 869769 | &nbsp;&nbsp; 30.9% | &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;**24** | &nbsp;&nbsp;**2815493** | &nbsp;&nbsp;**100.0%** |  | &nbsp;&nbsp;**$7893852** | &nbsp;&nbsp;**100.0%** |  | &nbsp;&nbsp;**$4.06<sup>(3)</sup>** |

---

(1) Based on the underwritten rent roll dated November 10, 2025.

(2) Certain tenants may have lease termination options that are exercisable prior to the originally stated
expiration date of the related lease and are not considered in the lease rollover schedule.

(3) UW Rent PSF Rolling total excludes 869,769 SF of 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. |
| 56 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Industrial – Various | &nbsp;&nbsp;Loan #5 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$58500000 |
| &nbsp;&nbsp;Various, Various | &nbsp;&nbsp;**Midwest Industrial Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;61.3% |
|  |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.44x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;11.6% |

---

***The Market*.** The Midwest Industrial Portfolio consists of nine properties across six states, with the highest concentrations by NRA located within Wisconsin, Illinois, and Pennsylvania. Further information regarding the three largest markets/submarkets across the portfolio can be found in the paragraphs below:

*Milwaukee, WI / Milwaukee County (555,799 SF):* Milwaukee County has a robust industrial market with approximately 138 million SF of industrial space, the highest of any county across the state of Wisconsin. Per appraisal data, Milwaukee County industrial assets have a vacancy rate of 7.2% and experienced the delivery of 200,000 SF of new industrial space within the second quarter of 2025. Through the same period, the average quoted NNN rental rate was $5.35/SF and 810,520 SF of industrial space remains under construction. The market is currently experiencing a trend of slightly elevated vacancy rates, as vacancy rate across the past three years is 5.0%. According to the appraisal, it is expected that vacancy and occupancy levels will remain stable across the county moving forward.

*Freeport, IL (480,000 SF):* Freeport, Illinois is a tertiary market located approximately 30 miles west of Rockford, IL and 113 miles northwest of Chicago, IL. The appraisal denoted Freeport, IL micropolitan statistical area had a population of nearly 43,000 people as of 2024. A third party market research report and the appraisal denote the Freeport, IL property as a part of the Rockford – IL USA warehouse market. The market consists of approximately 52 million SF, with market occupancy being 94.1%. It is projected that a net value of 189,589 SF will be added to the market by year-end 2025, a decline from completions of 400,165 SF throughout 2024. The average asking rent is $5.73 PSF NNN.

*Franklin, PA (452,157 SF):* Franklin, Pennsylvania is located centrally in Venango County, 15 miles southwest of Oil City, PA and nearly 85 miles north of Pittsburgh, PA. The appraisal notes Franklin, PA as part of the Oil City, PA micropolitan statistical area, with a population of 49,563 people as of 2024. The summary market metrics for the Franklin, PA property are based on metrics for Venango County. The total supply within the market is approximately four million SF of industrial product, with no new construction and an average occupancy of 92.3%. Average rent PSF NNN is $6.62.

***Appraisal.*** The "as-is" appraised value for the Midwest Industrial Portfolio Property of $95,460,000 is based on the sum of all 'as-is' values from the individual appraisals for each of the Midwest Industrial Portfolio Properties, having dates of value from July 31, 2025 to September 1, 2025.

***Environmental Matters.*** According to the nine individual Phase I environmental site assessments ("ESAs"), all dated August 25, 2025, there was no evidence of any recognized environmental conditions ("RECs") at the Freeport, IL, Sheboygan, WI (Muth), and Pine Bluff, AR properties. The ESAs for the Franklin, PA, Orleans, IN, Milwaukee, WI (Broadway) and Andrews, NC properties identified RECs with respect to long-term historical usage and unknown underground storage tank impacts. The ESA for the Milwaukee, WI (Cudahy) property identified a REC with respect to the former presence of a packaging company and the potential release of related hazardous materials. The ESA for the Dekalb, IL property identified a REC with respect to the former presence of an electrical motor plant and the potential release of related hazardous materials. In lieu of completing a phase II assessment for each of the aforementioned properties where a REC was identified, the borrower sponsor opted to purchase environmental insurance acceptable to the lender. Additionally, the ESAs identified controlled recognized environmental conditions at the Franklin, PA, Milwaukee, WI (Cudahy), Milwaukee, WI (Broadway), Sheboygan, WI (Muth), and Dekalb, IL properties for which further action was recommended and historical recognized environmental conditions at the Freeport, IL, Milwaukee, WI (Cudahy), Sheboygan, WI (Muth), and Pine Bluff, AR properties for which no further action was recommended. 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. |
| 57 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Industrial – Various | &nbsp;&nbsp;Loan #5 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$58500000 |
| &nbsp;&nbsp;Various, Various | &nbsp;&nbsp;**Midwest Industrial Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;61.3% |
|  |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.44x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;11.6% |

---

***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 Midwest Industrial Portfolio Property:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** |
|  | &nbsp;&nbsp;**12/31/2023** | &nbsp;&nbsp;**12/31/2024** | &nbsp;&nbsp;**6/30/2024 TTM** | &nbsp;&nbsp;**UW<sup>(2)</sup>** | &nbsp;&nbsp;**UW PSF** |
| &nbsp;&nbsp;Rents in Place | &nbsp;&nbsp;$4779544 | &nbsp;&nbsp;$5558163 | &nbsp;&nbsp;$5601006 | &nbsp;&nbsp;$7893853 | &nbsp;&nbsp;$2.80 |
| &nbsp;&nbsp;Vacant Income | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $3304848 | &nbsp;&nbsp; $1.17 |
| &nbsp;&nbsp;**Gross Potential Rent** | &nbsp;&nbsp;**$4779544** | &nbsp;&nbsp;**$5558163** | &nbsp;&nbsp;**$5601006** | &nbsp;&nbsp;**$11198700** | &nbsp;&nbsp;**$3.98** |
| &nbsp;&nbsp;Reimbursements | &nbsp;&nbsp; $1792769 | &nbsp;&nbsp; $2513435 | &nbsp;&nbsp; $2489900 | &nbsp;&nbsp; $2676223 | &nbsp;&nbsp; $0.95 |
| &nbsp;&nbsp;**Gross Potential Income** | &nbsp;&nbsp;**$6572313** | &nbsp;&nbsp;**$8071598** | &nbsp;&nbsp;**$8090906** | &nbsp;&nbsp;**$13874924** | &nbsp;&nbsp;**$4.93** |
| &nbsp;&nbsp;Other Income | &nbsp;&nbsp;$23593 | &nbsp;&nbsp;$77591 | &nbsp;&nbsp;$44709 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;(Vacancy / Credit Loss) | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; ($3304848) | &nbsp;&nbsp; ($1.17) |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$6595906** | &nbsp;&nbsp;**$8149190** | &nbsp;&nbsp;**$8135616** | &nbsp;&nbsp;**$10570076** | &nbsp;&nbsp;**$3.75** |
| &nbsp;&nbsp;Real Estate Taxes | &nbsp;&nbsp;$523922 | &nbsp;&nbsp;$613141 | &nbsp;&nbsp;$634279 | &nbsp;&nbsp;$620885 | &nbsp;&nbsp;$0.22 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;$465828 | &nbsp;&nbsp;659872 | &nbsp;&nbsp;$662194 | &nbsp;&nbsp;$607394 | &nbsp;&nbsp;$0.22 |
| &nbsp;&nbsp;Management | &nbsp;&nbsp;$197877 | &nbsp;&nbsp;$244476 | &nbsp;&nbsp;$244068 | &nbsp;&nbsp;$317102 | &nbsp;&nbsp;$0.11 |
| &nbsp;&nbsp;Other Operating Expenses | &nbsp;&nbsp; $1893326 | &nbsp;&nbsp; $2177740 | &nbsp;&nbsp; $2188476 | &nbsp;&nbsp; $2247100 | &nbsp;&nbsp; $0.80 |
| &nbsp;&nbsp;**Total Operating Expenses** | &nbsp;&nbsp;**$3080953** | &nbsp;&nbsp;**$3695229** | &nbsp;&nbsp;**$3729017** | &nbsp;&nbsp;**$3792481** | &nbsp;&nbsp;**$1.35** |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$3514953** | &nbsp;&nbsp;**$4453961** | &nbsp;&nbsp;**$4406598** | &nbsp;&nbsp;**$6777595<sup>(3)</sup>** | &nbsp;&nbsp;**$2.41** |
| &nbsp;&nbsp;Replacement Reserves | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$281549 | &nbsp;&nbsp;$0.10 |
| &nbsp;&nbsp;TI/LC | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $172324<sup>(4)</sup> | &nbsp;&nbsp; $0.06 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$3514953** | &nbsp;&nbsp;**$4453961** | &nbsp;&nbsp;**$4406598** | &nbsp;&nbsp;**$6323722** | &nbsp;&nbsp;**$2.25** |
| &nbsp;&nbsp;**Occupancy (%)** | &nbsp;&nbsp;**NAV** | &nbsp;&nbsp;**NAV** | &nbsp;&nbsp;**69.1%** | &nbsp;&nbsp;**76.2%<sup>(5)</sup>** |  |
| &nbsp;&nbsp;**NOI DSCR** | &nbsp;&nbsp;**0.80x** | &nbsp;&nbsp;**1.02x** | &nbsp;&nbsp;**1.01x** | &nbsp;&nbsp;**1.55x** |  |
| &nbsp;&nbsp;**NCF DSCR** | &nbsp;&nbsp;**0.80x** | &nbsp;&nbsp;**1.02x** | &nbsp;&nbsp;**1.01x** | &nbsp;&nbsp;**1.44x** |  |
| &nbsp;&nbsp;**NOI Debt Yield** | &nbsp;&nbsp;**6.0%** | &nbsp;&nbsp;**7.6%** | &nbsp;&nbsp;**7.5%** | &nbsp;&nbsp;**11.6%** |  |
| &nbsp;&nbsp;**NCF Debt Yield** | &nbsp;&nbsp;**6.0%** | &nbsp;&nbsp;**7.6%** | &nbsp;&nbsp;**7.5%** | &nbsp;&nbsp;**10.8%** |  |

---

(1) Certain items such as interest expense, interest income, depreciation, amortization, debt service payments
and any other non-recurring items were excluded from the historical presentation and are not considered for the underwritten cash flow.
A normalized 3.0% management fee was applied to historical cashflows.

(2) Based on the underwritten rent roll as of November 10, 2025 inclusive of rent steps through November 2026.

(3) The increase in UW Net Operating Income from the Most Recent Net Operating Income is attributable to recent
leasing at the Midwest Industrial Portfolio Properties, with six new leases having commenced between January 2025 and September 2025,
accounting for $1,280,252 in UW Rents In-Place (16.2% of total).

(4) UWTI/LC is inclusive of a $250,000 offset as it relates to the $2.5 million TI/LC reserve escrowed at
loan closing for future TI/LC.

(5) The underwritten economic vacancy is 23.8%. The Midwest Industrial Portfolio Property was 69.1% physically
occupied as of November 10, 2025.

 ****

***Escrows and Reserves.***

*Real Estate Taxes* – At origination, the borrower was required to deposit $137,573 into a real estate tax and insurance reserve. Additionally, the borrower is required to deposit into a real estate tax reserve, on a monthly basis, an amount equal to 1/12 of the real estate taxes that the mortgage lender estimates will be payable during the next twelve months (initially, $53,293)

*Insurance* – The borrower is required to deposit into an insurance reserve, on a monthly basis, an amount equal to 1/12 of the insurance premiums that the mortgage lender estimates will be payable for the renewal of the insurance coverage; provided, however, such monthly reserves for insurance premiums will not be required as long as (i) no event of default has occurred and is continuing and (ii) the insurance coverage for the Midwest Industrial Portfolio is included in a blanket policy approved by the lender in its reasonable discretion.

*Replacement Reserve* – The borrower is required to deposit into a replacement reserve, on each payment date, approximately $23,538 ($0.10 PSF, per annum), to be used for replacements and repairs required to be made to the Midwest Industrial Portfolio Properties, subject to a cap of $282,458 ($0.10 PSF).

*TI/LC Reserve* – At origination, the borrower was required to deposit $2,500,000 into a TI/LC reserve. Additionally, at any time the balance of the reserve is less than or equal to $250,000, the borrower is required to deposit into a TI/LC reserve, on a monthly basis, an amount equal to approximately $35,307. The aggregate amount of the TI/LC reserve, excluding any amount deposited for any lease termination fees or payments received by the borrower, may not exceed $1,000,000 and, to the extent a monthly deposit would cause the aggregate amount to exceed $1,000,000, such monthly deposit will be decreased by an amount equal to the excess.

*Required Repairs Reserve* – At origination, the borrower was required to deposit $85,250, an amount equal to 110% of the estimated costs associated with performing immediate repairs to the Midwest Industrial Portfolio into a reserve for required repairs.

 ****

---

| |
|:---|
| 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 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Industrial – Various | &nbsp;&nbsp;Loan #5 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$58500000 |
| &nbsp;&nbsp;Various, Various | &nbsp;&nbsp;**Midwest Industrial Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;61.3% |
|  |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.44x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;11.6% |

---

*Earnout Reserve* – At origination, the borrower was required to deposit $10,000,000 to be escrowed with the lender in connection with a leasing-specific earnout reserve. The borrowers may release of the funds within the Earnout Reserve upon the execution of accretive leases throughout the Midwest Industrial Portfolio if certain conditions are met, including the following: (1) lender's receipt of an executed estoppel in regard to the applicable lease, (2) all outstanding obligations in regard to the applicable lease have been funded, (3) lenders' receipt of an executed SNDA, if requested by tenant, (4) the debt yield of the Midwest Industrial Portfolio is above 12.18%, as determined by lender, (5) the occupancy of the Midwest Industrial Portfolio is greater than occupancy immediately prior to execution of the applicable lease unless the occupancy is greater than or equal to 82.5% and (6) the final disbursement from the escrow account may only be completed in connection with an applicable lease if the aggregate occupancy at the Midwest Industrial Portfolio Properties is greater than or equal to 82.5%.

***Lockbox and Cash Management.*** The Midwest Industrial Portfolio Mortgage Loan is structured with a hard lockbox and springing cash management. At origination, the borrower or property manager was required to deliver letters to all tenants directing such tenants to deliver all rents payable with respect to the Midwest Industrial Portfolio Properties directly into a lockbox account controlled by the mortgage lender within one business day of receipt thereof. In the absence of a Cash Sweep Period (as defined below), the funds in the lockbox account will be swept each business day into an account controlled by the borrower. If a Cash Sweep Period is continuing, all funds in the lockbox account are required to be swept to a mortgage lender-controlled cash management account once each business day and applied in accordance with the Midwest Industrial Portfolio Mortgage Loan documents. Provided that a Cash Sweep Period is continuing under the Midwest Industrial Portfolio Mortgage Loan, funds on deposit in the excess cash flow reserve account will be held as additional security for the Midwest Industrial Portfolio Mortgage Loan as set forth in the Midwest Industrial Portfolio Mortgage Loan documents. All sums remaining on deposit in the excess cash flow reserve account will be disbursed to the borrower upon payment in full of the Midwest Industrial Portfolio Mortgage Loan.

A "Cash Sweep Period" means a period commencing upon the occurrence of (i) an event of default, (ii) any bankruptcy action of the property manager, (iii) any bankruptcy action of the borrower, (iv) the commencement of a Lease Sweep Period (as defined below), or (v) the debt service coverage ratio falling below 1.25x; and expiring upon (a) with respect to clause (i) above, the cure of such event of default and the acceptance of such cure by the mortgage lender, (b) with respect to clause (ii) above, the borrower replacing the property manager with a qualified property manager under a replacement management agreement within 120 days following the occurrence of such bankruptcy action, (c) with respect to clause (iv) above, the Lease Sweep Period has ended and (d) with respect to clause (v) above, the achievement of a debt service coverage ratio of 1.30x or greater for one calendar quarter; provided that, the borrower is required to have paid all of lender's reasonable out-of-pocket expenses incurred in connection with such Cash Sweep Period cure, including reasonable out-of-pocket attorneys' fees and expenses. In no event will borrower be entitled to cure a Cash Sweep Period caused by the bankruptcy action of the borrower.

A "Lease Sweep Period" means a period commencing upon the first payment date following the occurrence of (i) with respect to each Lease Sweep Lease (as defined below), upon the date (A) required under a Lease Sweep Lease by which the tenant is required to give notice of its exercise of a renewal option thereunder (and such renewal has not been so exercised) or (B) if the Lease Sweep Lease does not contain such a date, the date that is 12 months prior to the earliest stated expiration (including the stated expiration of any renewal term) of a Lease Sweep Lease, (ii) the date that any tenant under a Lease Sweep Lease subleases its space unless the sublease is a strategic business decision to a supplier or affiliated entity, as determined by lender (iii) the date that a Lease Sweep Lease is surrendered, cancelled or terminated (in whole) prior to its then current expiration date or the receipt by borrower or property manager of notice from any tenant under a Lease Sweep Lease of its intent to surrender, cancel or terminate the Lease Sweep Lease prior to its then current expiration date, (iv) the date that any tenant under a Lease Sweep Lease vacates, abandons or discontinues its business (i.e. "goes dark") at 50% or more of its space at the applicable property or gives notice that it intends to vacate, abandon or discontinue its business at 50% or more of its space at the applicable individual Midwest Industrial Portfolio Property; provided, however, that a Lease Sweep Period will not commence upon a temporary cessation of operations due to a permitted dark event, as defined in the Midwest Industrial Portfolio Mortgage Loan agreement, (v) the occurrence of a Lease Sweep Tenant Party Insolvency Proceeding (as defined below). A Lease Sweep Period will expire upon the first to occur of (a) with respect to clauses (i) through (iv), the entirety of the applicable Lease Sweep Lease space is leased pursuant to an acceptable replacement lease and, subject to lender's judgment, sufficient funds have been accumulated in the lease sweep reserve to cover anticipated leasing expenses, free rent periods and/or rent abatement periods as well as any shortfalls in required payments or operating expenses as a result of any anticipated down time prior to the commencement of payments under an acceptable replacement lease, (b) with respect to clause (i) above, the date on which the tenant under the Lease Sweep Lease exercises its renewal or extension option and in the lender's judgement, sufficient funds have been accumulated in the lease sweep reserve account to cover related expenses, (c) with respect to clause (v), the date on which either (A) the applicable Lease Sweep Tenant Party Insolvency Proceeding has been dismissed pursuant to a final non-appealable order and the applicable Lease Sweep Lease has been affirmed, assumed or assigned in a manner satisfactory to the lender or (B) the applicable Lease Sweep Lease has been assumed and assigned to a third party in a manner satisfactory to the lender, or (d) with respect to clauses (i)-(iv) above, the date on which the lease sweep reserve funds collected with respect to the Lease Sweep Lease in question is equal to $2 multiplied by the total rentable SF of the applicable Lease Sweep Lease (the "Lease Sweep Deposit Amount"), provided that if the applicable space associated with a Lease Sweep Lease has been leased pursuant to one or more leases which, in the aggregate, require the borrower to incur brokerage commissions, completion of tenant improvements or payment of tenant allowances in excess of the sum of (x) the applicable Lease Sweep Deposit Amount and (y) the amount on deposit in the rollover reserve account available to pay such amounts, borrower must either (1) deposit an amount equal to such excess amount or (2) a Lease Sweep Period will occur until the amount swept equals or exceeds such amount. However, notwithstanding the foregoing, a Lease Sweep Period will not occur with respect to clauses (i) through (iv) above if (A) the DSCR for all of the Midwest Industrial Portfolio Properties is equal to or greater than 1.65x and (B) the weighted average remaining lease term for the tenants at all of the properties (excluding all tenants under Lease Sweep Leases with respect to which a Lease Sweep Period exists and all month-to-month tenancies) is equal to or greater than two years at the time the Lease Sweep Period would otherwise commence.

A "Lease Sweep Tenant Party Insolvency Proceeding" means (a) the admission in writing by the applicable tenant of its inability to pay its debts generally, the making of a general assignment for the benefit of creditors, the instituting by the applicable tenant of any proceeding seeking to adjudicate it insolvent or seeking a liquidation or dissolution, the taking advantage by the applicable tenant of any insolvency law, the commencement by any applicable tenant of a case or other proceeding naming it debtor under any insolvency law or the instituting of a case or other proceeding against or with respect to any applicable tenant under any insolvency law or (b) the instituting of any proceeding against or with respect to any applicable party seeking liquidation of its assets or the appointment of a receiver, liquidator, conservator, trustee or similar official in respect of it or the whole or any substantial part of its properties or assets or the taking of any corporate, partnership or limited liability company action in furtherance of any of the foregoing.

---

| |
|:---|
| 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 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Industrial – Various | &nbsp;&nbsp;Loan #5 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$58500000 |
| &nbsp;&nbsp;Various, Various | &nbsp;&nbsp;**Midwest Industrial Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;61.3% |
|  |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.44x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;11.6% |

---

A "Lease Sweep Lease" means, any lease that, either individually, or when taken together with any other lease with the same tenant or its affiliates, at any time (including following the exercise of any expansion right or preferential right to lease additional space contained in such lease), demises 20% percent or more of the rentable square footage of all of the Midwest Industrial Portfolio Properties*.*** There are currently no Lease Sweep Leases across the Midwest Industrial Portfolio as of the Cut-Off Date.

***Partial Release.*** The borrower is permitted to release individual Midwest Industrial Portfolio Properties at any time after the second anniversary of the first payment date (each such released property, a "Release Property"), subject to the satisfaction of certain conditions including the following: (i) payment of 115% of the Midwest Industrial Portfolio Property's allocated loan amount (the "Adjusted Release Amount") along with the applicable yield maintenance premium, (ii) the loan-to-value ratio ("LTV") after giving effect to such release must not exceed 61.3%, (iii) the debt service coverage ratio ("DSCR") after giving effect to such release with respect to the remaining Midwest Industrial Portfolio Properties must be at least equal to the greater of 1.35x and the DSCR immediately preceding the release, and (iv) the debt yield after giving effect to such release for the remaining Midwest Industrial Portfolio Properties must be at least equal to the greater of 10.1% and the debt yield immediately preceding the release. Payment of any Adjusted Release Amount will be applied to the outstanding principal balance of the Midwest Industrial Portfolio Mortgage Loan and the monthly debt service payments will be reduced *pro rata* based on the outstanding principal balance of the Midwest Industrial Portfolio Mortgage Loan.

The borrower is also permitted to release four outparcel lots (two at the Andrews, NC property and one at each of the Franklin, PA and Freeport, IL properties) upon the satisfaction of customary conditions and payment of a release price equal to (1) if released to an affiliate of the borrower sponsor, $20,010 per acre for the outparcels at the Andrews, NC property and $37,964 per acre for the outparcels at the Franklin, PA property, and (2) if sold to a third party, the greater of (i) the applicable amount outlined within clause (1) and (ii) 100% of net sale proceeds. No releases of individual properties or outparcels may occur 60 days prior to or after the Closing Date*.*

***Future Mezzanine.*** The borrower is permitted to obtain a mezzanine loan, provided that (i) no event of default has occurred and is continuing, (ii) the LTV ratio of the Midwest Industrial Portfolio Mortgage Loan and the mezzanine loan is less than 61.3%, (iii) the debt service coverage ratio of the Midwest Industrial Portfolio Mortgage Loan and mezzanine loan is greater than 1.35x, (iv) the debt yield for the Midwest Industrial Portfolio Mortgage Loan and mezzanine loan is greater than 10.1%, (v) the mezzanine loan has a fixed interest rate and does not mature prior to the Midwest Industrial Portfolio Mortgage Loan maturity date, (vi) the mezzanine loan is approved by the lender in its discretion inclusive of lender's right to obtain a rating agency confirmation, (vi) the mezzanine lender enters into an intercreditor agreement in form and substance acceptable to lender, and (vii) the new mezzanine lender is not an affiliate of the borrower and has total assets in excess of $600,000,000 and capital/statutory surplus or shareholder's equity of at least $250,000,000.

***Ground Lease.*** None.

***Right of First Offer / Right of First Refusal.*** None.

***Real Estate Substitution.*** Not permitted.

***Terrorism Insurance*.** The borrower is required to obtain and maintain property insurance for 100% of full replacement cost and business interruption insurance for 12 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. |
| 60 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office - Suburban | &nbsp;&nbsp;Loan #6 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$48500000 |
| &nbsp;&nbsp;750 Old Hickory Boulevard | &nbsp;&nbsp;**Brentwood Commons** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;53.1% |
| &nbsp;&nbsp;Brentwood, TN 37027 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.88x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;19.1% |

---

![](n5486prets_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. |
| 61 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office - Suburban | &nbsp;&nbsp;Loan #6 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$48500000 |
| &nbsp;&nbsp;750 Old Hickory Boulevard | &nbsp;&nbsp;**Brentwood Commons** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;53.1% |
| &nbsp;&nbsp;Brentwood, TN 37027 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.88x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;19.1% |

---

![](n5486prets_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. |
| 62 |

---

**Mortgage Loan No. 6 – Brentwood Commons**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &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 (S&P/Fitch/KBRA):** | &nbsp;&nbsp;**Credit Assessment (S&P/Fitch/KBRA):** | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;Brentwood, TN 37027 |
| &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;$48500000 | &nbsp;&nbsp;$48500000 | &nbsp;&nbsp;$48500000 | &nbsp;&nbsp;**General Property Type:** | &nbsp;&nbsp;Office |
| &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$48500000 | &nbsp;&nbsp;$48500000 | &nbsp;&nbsp;$48500000 | &nbsp;&nbsp;**Detailed Property Type:** | &nbsp;&nbsp;Suburban |
| &nbsp;&nbsp;**% of Initial Pool Balance:** | &nbsp;&nbsp;**% of Initial Pool Balance:** | &nbsp;&nbsp;4.8% | &nbsp;&nbsp;4.8% | &nbsp;&nbsp;4.8% | &nbsp;&nbsp;**Title Vesting:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Acquisition | &nbsp;&nbsp;Acquisition | &nbsp;&nbsp;Acquisition | &nbsp;&nbsp;**Year Built/Renovated:** | &nbsp;&nbsp;1983, 2017, 2020/2003 |
| &nbsp;&nbsp;**Borrower Sponsor:** | &nbsp;&nbsp;**Borrower Sponsor:** | &nbsp;&nbsp;Magnolia Investment Partners | &nbsp;&nbsp;Magnolia Investment Partners | &nbsp;&nbsp;Magnolia Investment Partners | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;437,947 SF |
| &nbsp;&nbsp;**Guarantors:** | &nbsp;&nbsp;**Guarantors:** | &nbsp;&nbsp;R. Robert Horton, Stanley Fields, Warren Smith, | &nbsp;&nbsp;R. Robert Horton, Stanley Fields, Warren Smith, | &nbsp;&nbsp;R. Robert Horton, Stanley Fields, Warren Smith, | &nbsp;&nbsp;**Cut-off Date Balance Per SF:** | &nbsp;&nbsp;$111 |
|  |  | &nbsp;&nbsp;III, Brian Reames, Ben Bonner, Brooks Smith, | &nbsp;&nbsp;III, Brian Reames, Ben Bonner, Brooks Smith, | &nbsp;&nbsp;III, Brian Reames, Ben Bonner, Brooks Smith, | &nbsp;&nbsp;**Maturity Date Balance Per SF:** | &nbsp;&nbsp;$111 |
|  |  | &nbsp;&nbsp;Warren Smith, IV, Charles Warner | &nbsp;&nbsp;Warren Smith, IV, Charles Warner | &nbsp;&nbsp;Warren Smith, IV, Charles Warner | &nbsp;&nbsp;**Property Manager:** | &nbsp;&nbsp;Magnolia Property Management |
| &nbsp;&nbsp;**Mortgage Rate:** | &nbsp;&nbsp;**Mortgage Rate:** | &nbsp;&nbsp;6.0030% | &nbsp;&nbsp;6.0030% | &nbsp;&nbsp;6.0030% |  | &nbsp;&nbsp;Corporation (borrower-related) |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;10/29/2025 | &nbsp;&nbsp;10/29/2025 | &nbsp;&nbsp;10/29/2025 |  |  |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;11/11/2035 | &nbsp;&nbsp;11/11/2035 | &nbsp;&nbsp;11/11/2035 | &nbsp;&nbsp;**Underwriting and Financial Information** | &nbsp;&nbsp;**Underwriting and Financial Information** |
| &nbsp;&nbsp;**Term to Maturity:** | &nbsp;&nbsp;**Term to Maturity:** | &nbsp;&nbsp;120 months | &nbsp;&nbsp;120 months | &nbsp;&nbsp;120 months | &nbsp;&nbsp;**UW NOI:** | &nbsp;&nbsp;$9259508 |
| &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;$8514998 |
| &nbsp;&nbsp;**IO Period:** | &nbsp;&nbsp;**IO Period:** | &nbsp;&nbsp;120 months | &nbsp;&nbsp;120 months | &nbsp;&nbsp;120 months | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;19.1% |
| &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;17.6% |
| &nbsp;&nbsp;**Prepayment Provisions:** | &nbsp;&nbsp;**Prepayment Provisions:** | &nbsp;&nbsp;L(25),D(88),O(7) | &nbsp;&nbsp;L(25),D(88),O(7) | &nbsp;&nbsp;L(25),D(88),O(7) | &nbsp;&nbsp;**UW NOI Debt Yield at Maturity:** | &nbsp;&nbsp;19.1% |
| &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;2.88x |
| &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;$9,239,933 (10/24/2025 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;$9,354,767 (12/31/2024) |
| &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;$8,787,144 (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;87.8% (8/31/2025) |
| &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;**2<sup>nd</sup> Most Recent Occupancy:** | &nbsp;&nbsp;92.0% (12/31/2024) |
| &nbsp;&nbsp;**RE Taxes:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$92155 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**3<sup>rd</sup> Most Recent Occupancy:** | &nbsp;&nbsp;92.2% (12/31/2023) |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value (as of):** | &nbsp;&nbsp;$91,400,000 (10/1/2025) |
| &nbsp;&nbsp;**Replacement Reserve:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$7299 | &nbsp;&nbsp;$437947 | &nbsp;&nbsp;**Appraised Value PSF:** | &nbsp;&nbsp;$209 |
| &nbsp;&nbsp;**TI/LC Reserve:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$72991 | &nbsp;&nbsp;$4500000 | &nbsp;&nbsp;**Cut-off Date LTV Ratio:** | &nbsp;&nbsp;53.1% |
| &nbsp;&nbsp;**Existing TI/LC Reserve:** | &nbsp;&nbsp;$133836 | &nbsp;&nbsp;$133836 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date LTV Ratio:** | &nbsp;&nbsp;53.1% |
| &nbsp;&nbsp;**Rent Concession Reserve:** | &nbsp;&nbsp; $72799 | &nbsp;&nbsp; $72799 | &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;$48500000 | &nbsp;&nbsp;52.5% | &nbsp;&nbsp;Purchase Price: | &nbsp;&nbsp;$88300000 | &nbsp;&nbsp;95.6% |
| &nbsp;&nbsp;Borrower Sponsor Equity: | &nbsp;&nbsp;$43003750 | &nbsp;&nbsp;46.5% | &nbsp;&nbsp;Closing Costs: | &nbsp;&nbsp;$3877413 | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;Seller Credit: | &nbsp;&nbsp;$880298 | &nbsp;&nbsp;1.0% | &nbsp;&nbsp;Upfront Reserve: | &nbsp;&nbsp;$206635 | &nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;**Total Sources:** | &nbsp;&nbsp;**$92384048** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses:** | &nbsp;&nbsp;**$92384048** | &nbsp;&nbsp;**100.0%** |

---

(1) See "Escrows and Reserves" below.

 ****

***The Mortgage Loan.*** The sixth largest mortgage loan (the "Brentwood Commons Mortgage Loan") is evidenced by a promissory note in the original principal balance of $48,500,000 secured by the borrower's fee interest in four, Class B multi-tenant office buildings totaling 437,947 SF, located in Brentwood, Tennessee (the "Brentwood Commons Property").

***The Borrower and the Borrower Sponsors.*** The borrowers are Magnolia Brentwood Commons, LLC, a Tennessee limited liability company, and Tenn Properties Brentwood Commons, LLC, a Delaware limited liability company, each a special purpose, bankruptcy-remote entity and tenants-in-common with one independent director. Legal counsel to the borrowers delivered a non-consolidation opinion in connection with the origination of the Brentwood Commons Mortgage Loan.

***The Property.*** The Brentwood Commons Property is a Class B multi-tenant mid-rise office complex consisting of four buildings ranging from two to eight stories totaling 437,947 SF, located in Brentwood, Tennessee. Buildings I and II were constructed in 1983, Building III was constructed in 2017, and Building IV was constructed in 2020. The Brentwood Commons Property is constructed on 14.01-acres of land and contains 2,075 parking spaces (4.8 spaces per 1,000 SF). Amenities at the Brentwood Commons Property include an atrium lobby, coffee shop, fitness center and emergency generators. As of August 31, 2025, the Brentwood Commons Property was 87.8% leased to 39 unique tenants and has a weighted-average remaining lease term of 4.2 years.

***Major Tenants.***

*HCA (96,984 SF; 22.1% of NRA; 27.0% of underwritten rent)*. HCA is a healthcare services provider operating a network of hospitals and ambulatory care sites and was founded in 1968 in Nashville. Facilities include surgery centers, emergency rooms, urgent care clinics, and physician practices. The organization functions as a learning health system, analyzing data from over 44 million patient encounters annually to improve clinical practices and share insights with the broader healthcare community. HCA has been at the Brentwood Commons Property since 2017 and occupies four suites. One suite

---

| |
|:---|
| 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;Office - Suburban | &nbsp;&nbsp;Loan #6 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$48500000 |
| &nbsp;&nbsp;750 Old Hickory Boulevard | &nbsp;&nbsp;**Brentwood Commons** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;53.1% |
| &nbsp;&nbsp;Brentwood, TN 37027 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.88x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;19.1% |

---

totaling 16,283 SF is partially occupied with the remaining 6,000 SF remaining dark. HCA has one lease expiring in September 2027, and three leases expiring in December 2030. The lease expiring in 2027 has two 5-year extension options, with the other three leases having three 7-year extension options.

*UHS of Delaware, Inc. (53,284 SF; 12.2% of NRA; 14.9% of underwritten rent)*. UHS of Delaware, Inc. operates as a management subsidiary of Universal Health Services, Inc. (UHS), a publicly traded healthcare company headquartered in King of Prussia, Pennsylvania, which was founded in 1979. UHS of Delaware, Inc oversees a broad portfolio of healthcare services, including acute care hospitals, behavioral health facilities, ambulatory surgery centers, and freestanding emergency departments. UHS ranked #271 on the Fortune 500 and 355 on Forbes' list of America's Largest Public Companies. UHS of Delaware, Inc. has been located at the Brentwood Commons Property since 2017 and has a lease expiration in March 2032 with one five-year renewal option and no termination options.

*Bell & Associates Construction, L.P. (19,167 SF; 4.4% of NRA; 5.1% of underwritten rent)*. Bell & Associates Construction, L.P. is a full-service general contracting and construction management firm and was established in 1997 as the successor to Ray Bell Construction. Over its history, Bell has completed more than 1,000 construction projects, including major infrastructure and landmark developments in Nashville and surrounding regions. Bell & Associates Construction, L.P. has been located at the Brentwood Commons Property since 2017 and has a lease expiration in February 2031, with one termination option and no renewal options.

The following table presents certain information relating to the tenancy at the Brentwood Commons 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)** | &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 Exp.** | &nbsp;&nbsp;**Renewal Options** |
| &nbsp;&nbsp;**Major Tenants** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;HCA**<sup>(2)</sup>** | &nbsp;&nbsp;NR/NR/BBB- | &nbsp;&nbsp;96984 | &nbsp;&nbsp;22.1% | &nbsp;&nbsp;$3568550 | &nbsp;&nbsp;27.0% | &nbsp;&nbsp;$36.80 | &nbsp;&nbsp;Various**<sup>(3)</sup>** | &nbsp;&nbsp;Various**<sup>(3)</sup>** &nbsp;&nbsp;N |
| &nbsp;&nbsp;UHS of Delaware, Inc. | &nbsp;&nbsp;Baa3/BBB-/ BBB- | &nbsp;&nbsp;53284 | &nbsp;&nbsp;12.2% | &nbsp;&nbsp;$1967245 | &nbsp;&nbsp;14.9% | &nbsp;&nbsp;$36.92 | &nbsp;&nbsp;3/31/2032 | &nbsp;&nbsp;1 x 5 Yr &nbsp;&nbsp;N |
| &nbsp;&nbsp;Bell & Associates Construction, L.P. | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;19167 | &nbsp;&nbsp;4.4% | &nbsp;&nbsp;$680242 | &nbsp;&nbsp;5.1% | &nbsp;&nbsp;$35.49 | &nbsp;&nbsp;2/28/2031 | &nbsp;&nbsp;None &nbsp;&nbsp;Y**<sup>(4)</sup>** |
| &nbsp;&nbsp;Trinisys LLC | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;15548 | &nbsp;&nbsp;3.6% | &nbsp;&nbsp;$553150 | &nbsp;&nbsp;4.2% | &nbsp;&nbsp;$35.58 | &nbsp;&nbsp;10/31/2027 | &nbsp;&nbsp;1 x 5 Yr &nbsp;&nbsp;N |
| &nbsp;&nbsp;The Escape Game LLC | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp; 14482 | &nbsp;&nbsp; 3.3% | &nbsp;&nbsp; $458234 | &nbsp;&nbsp; 3.5% | &nbsp;&nbsp; $31.64 | &nbsp;&nbsp;2/28/2029 | &nbsp;&nbsp;1 x 5 Yr &nbsp;&nbsp;N |
| &nbsp;&nbsp;**Major Tenants Subtotal/Wtd. Avg.** |  | &nbsp;&nbsp;**199465** | &nbsp;&nbsp; **45.5%** | &nbsp;&nbsp;**$7227421** | &nbsp;&nbsp;**54.6%** | &nbsp;&nbsp;**$36.23** |  |  |
| &nbsp;&nbsp;Other Tenants |  | &nbsp;&nbsp; 184863 | &nbsp;&nbsp; 42.2% | &nbsp;&nbsp; $6004654 | &nbsp;&nbsp; 45.4% | &nbsp;&nbsp; $32.48 |  |  |
| &nbsp;&nbsp;**Occupied Subtotal/Wtd. Avg.** |  | &nbsp;&nbsp;**384328** | &nbsp;&nbsp;**87.8%** | &nbsp;&nbsp;**$13232075** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$34.43** |  |  |
| &nbsp;&nbsp;Vacant Space |  | &nbsp;&nbsp; 53619 | &nbsp;&nbsp; 12.2% |  |  |  |  |  |
| &nbsp;&nbsp;**Total/Wtd. Avg.** |  | &nbsp;&nbsp;**437947** | &nbsp;&nbsp;**100.0%** |  |  |  |  |  |

---

(1) Based on the underwritten rent roll dated August 31, 2025.

(2) HCA subleases 29,856 SF to Franklin Madison at an annual rent of $32.94 PSF with a sublease expiration
co-terminous with the HCA direct lease.

(3) HCA leases totaling 26,989 SF are scheduled to expire on September 30, 2027, and leases totaling 69,995
SF (inclusive of the Franklin Madison subleased space) will expire on December 31, 2030. HCA has one lease expiring in September 2027,
and three leases expiring in December 2030. The lease expiring in 2027 has two 5-year extension options, with the other three leases having
three 7-year extension options.

(4) Bell & Associates Construction, L.P. has a termination option effective February 28, 2029, subject
to 12 months prior notice and payment of a termination penalty of $136,429.94.

The following table presents certain information relating to the lease rollover schedule at the Brentwood Commons 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 SF Rolling** | &nbsp;&nbsp;**Approx. Cumulative % of SF Rolling** | &nbsp;&nbsp;**Total UW Base Rent Rolling<sup>(3)</sup>** | &nbsp;&nbsp;**Approx. % of Total UW Base Rent Rolling<sup>(3)</sup>** | &nbsp;&nbsp;**Approx. Cumulative % of Total UW Base Rent Rolling** | &nbsp;&nbsp;**UW Base Rent PSF Rolling<sup>(3)</sup>** |
| &nbsp;&nbsp;MTM/2025 | &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;2026 | &nbsp;&nbsp;9 | &nbsp;&nbsp;29680 | &nbsp;&nbsp;6.8% | &nbsp;&nbsp;6.8% | &nbsp;&nbsp;$921789 | &nbsp;&nbsp;7.0% | &nbsp;&nbsp;7.0% | &nbsp;&nbsp;$31.06 |
| &nbsp;&nbsp;2027 | &nbsp;&nbsp;11 | &nbsp;&nbsp;82335 | &nbsp;&nbsp;18.8% | &nbsp;&nbsp;25.6% | &nbsp;&nbsp;$2759314 | &nbsp;&nbsp;20.9% | &nbsp;&nbsp;27.8% | &nbsp;&nbsp;$33.51 |
| &nbsp;&nbsp;2028 | &nbsp;&nbsp;8 | &nbsp;&nbsp;40220 | &nbsp;&nbsp;9.2% | &nbsp;&nbsp;34.8% | &nbsp;&nbsp;$1287213 | &nbsp;&nbsp;9.7% | &nbsp;&nbsp;37.5% | &nbsp;&nbsp;$32.00 |
| &nbsp;&nbsp;2029 | &nbsp;&nbsp;5 | &nbsp;&nbsp;31082 | &nbsp;&nbsp;7.1% | &nbsp;&nbsp;41.9% | &nbsp;&nbsp;$982885 | &nbsp;&nbsp;7.4% | &nbsp;&nbsp;45.0% | &nbsp;&nbsp;$31.62 |
| &nbsp;&nbsp;2030 | &nbsp;&nbsp;6 | &nbsp;&nbsp;82506 | &nbsp;&nbsp;18.8% | &nbsp;&nbsp;60.7% | &nbsp;&nbsp;$3053787 | &nbsp;&nbsp;23.1% | &nbsp;&nbsp;68.1% | &nbsp;&nbsp;$37.01 |
| &nbsp;&nbsp;2031 | &nbsp;&nbsp;2 | &nbsp;&nbsp;19167 | &nbsp;&nbsp;4.4% | &nbsp;&nbsp;65.1% | &nbsp;&nbsp;$680242 | &nbsp;&nbsp;5.1% | &nbsp;&nbsp;73.2% | &nbsp;&nbsp;$35.49 |
| &nbsp;&nbsp;2032 | &nbsp;&nbsp;1 | &nbsp;&nbsp;53284 | &nbsp;&nbsp;12.2% | &nbsp;&nbsp;77.2% | &nbsp;&nbsp;$1967245 | &nbsp;&nbsp;14.9% | &nbsp;&nbsp;88.1% | &nbsp;&nbsp;$36.92 |
| &nbsp;&nbsp;2033 | &nbsp;&nbsp;3 | &nbsp;&nbsp;26194 | &nbsp;&nbsp;6.0% | &nbsp;&nbsp;83.2% | &nbsp;&nbsp;$840862 | &nbsp;&nbsp;6.4% | &nbsp;&nbsp;94.4% | &nbsp;&nbsp;$32.10 |
| &nbsp;&nbsp;2034 | &nbsp;&nbsp;1 | &nbsp;&nbsp;11059 | &nbsp;&nbsp;2.5% | &nbsp;&nbsp;85.7% | &nbsp;&nbsp;$437035 | &nbsp;&nbsp;3.3% | &nbsp;&nbsp;97.7% | &nbsp;&nbsp;$39.52 |
| &nbsp;&nbsp;2035 | &nbsp;&nbsp;1 | &nbsp;&nbsp;8801 | &nbsp;&nbsp;2.0% | &nbsp;&nbsp;87.8% | &nbsp;&nbsp;$301702 | &nbsp;&nbsp;2.3% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$34.28 |
| &nbsp;&nbsp;Thereafter | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;87.8% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;Vacant | &nbsp;&nbsp;0 | &nbsp;&nbsp;53619 | &nbsp;&nbsp;12.2% | &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;**47** | &nbsp;&nbsp;**437947** | &nbsp;&nbsp;**100.0%** |  | &nbsp;&nbsp;**$13232075** | &nbsp;&nbsp;**100.0%** |  | &nbsp;&nbsp;**$34.43** |

---

(1) Based on the underwritten rent roll dated August 31, 2025.

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

(3) Wtd. Avg. UW Base 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. |
| 64 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office - Suburban | &nbsp;&nbsp;Loan #6 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$48500000 |
| &nbsp;&nbsp;750 Old Hickory Boulevard | &nbsp;&nbsp;**Brentwood Commons** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;53.1% |
| &nbsp;&nbsp;Brentwood, TN 37027 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.88x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;19.1% |

---

***The Market*.** The Brentwood Commons Property is located in Brentwood, Tennessee, within the Nashville-Davidson–Murfreesboro–Franklin Metropolitan Statistical Area (MSA). The Brentwood Commons Property has frontage on three arterials, with its primary access via Old Hickory Boulevard, a six-lane major arterial. It is located within one mile of Interstate 65 and U.S. Route 31, both of which are major north-south transportation routes. Additionally, State Route 255 is within four miles, and U.S. Route 431 is within five miles. Air travel is facilitated by Nashville International Airport (BNA), located approximately 13 miles northeast of the Brentwood Commons Property. Major employers in the area include HCA Healthcare, Inc., Vanderbilt University, State of Tennessee and Metro Nashville-Davidson County Government, Amazon.com, The Kroger Company, and Ascension Saint Thomas.

According to the appraisal, the Brentwood Commons Property is located within the Brentwood office submarket of the Nashville office market. As of the second quarter of 2025, the submarket had an inventory of 8.4 million SF with a vacancy rate of 13.8% and average rent of $31.03 PSF. The appraiser concluded a market rent range of $31.0 to $36.0 for the Brentwood Commons Property.

According to the appraisal, the 2024 population within a one-, three- and five-mile radius of the Brentwood Commons Property was 4,449, 45,492 and 152,797, respectively. The average household income within the same radii, as of 2024, was $168,667, $170,793, $161,486, respectively.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Brentwood Commons I<sup>(1)</sup>** | &nbsp;&nbsp;**Brentwood Commons II<sup>(1)</sup>** | &nbsp;&nbsp;**Brentwood Commons III<sup>(1)</sup>** | &nbsp;&nbsp;**Brentwood Commons IV<sup>(1)</sup>** |
| &nbsp;&nbsp;Market Rent (PSF) | &nbsp;&nbsp;$31.00 | &nbsp;&nbsp;$31.00 | &nbsp;&nbsp;$36.00 | &nbsp;&nbsp;$36.00 |
| &nbsp;&nbsp;Lease Term (Years) | &nbsp;&nbsp;5 | &nbsp;&nbsp;5 | &nbsp;&nbsp;5 | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;Lease Type | &nbsp;&nbsp;Gross | &nbsp;&nbsp;Gross | &nbsp;&nbsp;Gross | &nbsp;&nbsp;Gross |
| &nbsp;&nbsp;Escalations (Annual) | &nbsp;&nbsp;2.50% | &nbsp;&nbsp;2.50% | &nbsp;&nbsp;2.50% | &nbsp;&nbsp;2.50% |
| &nbsp;&nbsp;Tenant Improvements (New/Renewal) | &nbsp;&nbsp;$30 / $10 | &nbsp;&nbsp;$30 / $10 | &nbsp;&nbsp;$30 / $10 | &nbsp;&nbsp;$30 / $10 |
| &nbsp;&nbsp;Leasing Commissions (New/Renewal) | &nbsp;&nbsp;6.0% / 3.0% | &nbsp;&nbsp;6.0% / 3.0% | &nbsp;&nbsp;6.0% / 3.0% | &nbsp;&nbsp;6.0% / 3.0% |
| &nbsp;&nbsp;Free Rent (Months) (New/Renewal) | &nbsp;&nbsp;3 / 1 | &nbsp;&nbsp;3 / 1 | &nbsp;&nbsp;3 / 1 | &nbsp;&nbsp;3 / 1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Information obtained from the appraisal.

The table below presents certain information relating to comparable properties to the Brentwood Commons Property identified by the appraiser:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Buildings I & II Comparable Office Leases** | &nbsp;&nbsp;**Buildings I & II Comparable Office Leases** | &nbsp;&nbsp;**Buildings I & II Comparable Office Leases** | &nbsp;&nbsp;**Buildings I & II Comparable Office Leases** | &nbsp;&nbsp;**Buildings I & II Comparable Office Leases** | &nbsp;&nbsp;**Buildings I & II Comparable Office Leases** | &nbsp;&nbsp;**Buildings I & II Comparable Office Leases** | &nbsp;&nbsp;**Buildings I & II Comparable Office Leases** |
| &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Year Built/Renovated** | &nbsp;&nbsp;**Occ<sup>.</sup>** | &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;**Brentwood Commons<br> 750 Old Hickory Boulevard<br> Brentwood, TN** | &nbsp;&nbsp;**1983/2003** | &nbsp;&nbsp;**87.8%<sup>(1)</sup>** | &nbsp;&nbsp;**437947<sup>(1)</sup>** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** |
| &nbsp;&nbsp; Six CityPark<br> 214 Centerview Drive<br> Brentwood, TN | &nbsp;&nbsp;1996/2018 | &nbsp;&nbsp;91.0% | &nbsp;&nbsp;67610 | &nbsp;&nbsp;Confidential | &nbsp;&nbsp;Jan-24 / 5.0 | &nbsp;&nbsp;6085 | &nbsp;&nbsp;$30.50 |
| &nbsp;&nbsp; Gateway Plaza I<br> 5409 Maryland Way<br> Brentwood, TN | &nbsp;&nbsp;1996/NAP | &nbsp;&nbsp;78.6% | &nbsp;&nbsp;86845 | &nbsp;&nbsp;Confidential | &nbsp;&nbsp;Oct-24 / 5.4 | &nbsp;&nbsp;4024 | &nbsp;&nbsp;$30.00 |
| &nbsp;&nbsp; Seven Springs 1<br> 320 Seven Springs Way<br> Brentwood, TN | &nbsp;&nbsp;2001/NAP | &nbsp;&nbsp;60.0% | &nbsp;&nbsp;129319 | &nbsp;&nbsp;Confidential | &nbsp;&nbsp;Mar-25 / 5.4 | &nbsp;&nbsp;1407 | &nbsp;&nbsp;$32.00 |
| &nbsp;&nbsp; Two CityPark<br> 7000 Executive Center Drive<br> Brentwood, TN | &nbsp;&nbsp;1983/2007 | &nbsp;&nbsp;95.2% | &nbsp;&nbsp;40605 | &nbsp;&nbsp;Confidential | &nbsp;&nbsp;Nov-24 / 3.0 | &nbsp;&nbsp;1407 | &nbsp;&nbsp;$29.00 |
| &nbsp;&nbsp; Maryland Park Center<br> 115 East Park Drive<br> Brentwood, TN | &nbsp;&nbsp;1997/NAP | &nbsp;&nbsp;67.1% | &nbsp;&nbsp;45214 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;14871 | &nbsp;&nbsp;$32.00 |
| &nbsp;&nbsp; Brentwood<br> Highlands<br> 783 Old Hickory Boulevard<br> Brentwood, TN | &nbsp;&nbsp;1975/1996 | &nbsp;&nbsp;95.0% | &nbsp;&nbsp;70850 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;4172 | &nbsp;&nbsp;$30.50 |

---

Source: *Appraisal.*

(1) Based on the underwritten rent roll dated August 31, 2025.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office - Suburban | &nbsp;&nbsp;Loan #6 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$48500000 |
| &nbsp;&nbsp;750 Old Hickory Boulevard | &nbsp;&nbsp;**Brentwood Commons** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;53.1% |
| &nbsp;&nbsp;Brentwood, TN 37027 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.88x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;19.1% |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Buildings III & IV Comparable Office Leases** | &nbsp;&nbsp;**Buildings III & IV Comparable Office Leases** | &nbsp;&nbsp;**Buildings III & IV Comparable Office Leases** | &nbsp;&nbsp;**Buildings III & IV Comparable Office Leases** | &nbsp;&nbsp;**Buildings III & IV Comparable Office Leases** | &nbsp;&nbsp;**Buildings III & IV Comparable Office Leases** | &nbsp;&nbsp;**Buildings III & IV Comparable Office Leases** | &nbsp;&nbsp;**Buildings III & IV Comparable Office Leases** |
| &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Year Built/Renovated** | &nbsp;&nbsp;**Occ<sup>.</sup>** | &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;**Brentwood Commons<br> 750 Old Hickory Boulevard<br> Brentwood, TN** | &nbsp;&nbsp;**2017, 2020/NAP** | &nbsp;&nbsp;**87.8%<sup>(1)</sup>** | &nbsp;&nbsp;**437947<sup>(1)</sup>** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** |
| &nbsp;&nbsp; Virginia Way Plaza<br> 5141 Virginia Way<br> Brentwood, TN | &nbsp;&nbsp;2001/NAP | &nbsp;&nbsp;95.9% | &nbsp;&nbsp;81532 | &nbsp;&nbsp;Confidential | &nbsp;&nbsp;Mar-25 / 3.5 | &nbsp;&nbsp;1896 | &nbsp;&nbsp;$32.81 |
| &nbsp;&nbsp;Creekside<br> 6 Cadillac Drive<br> Brentwood, TN | &nbsp;&nbsp;1998/NAP | &nbsp;&nbsp;80.4% | &nbsp;&nbsp;119458 | &nbsp;&nbsp;Confidential | &nbsp;&nbsp;Jul-25 / 5.3 | &nbsp;&nbsp;3224 | &nbsp;&nbsp;$35.50 |
| &nbsp;&nbsp; The Ramparts of Brentwood<br> 155 Franklin Road<br> Brentwood, TN | &nbsp;&nbsp;1986/NAP | &nbsp;&nbsp;87.8% | &nbsp;&nbsp;131620 | &nbsp;&nbsp;Confidential | &nbsp;&nbsp;May-25 / 5.4 | &nbsp;&nbsp;3404 | &nbsp;&nbsp;$35.00 |
| &nbsp;&nbsp;Creekside<br> 10 Cadillac Drive<br> Brentwood, TN | &nbsp;&nbsp;1998/NAP | &nbsp;&nbsp;90.3% | &nbsp;&nbsp;117000 | &nbsp;&nbsp;Confidential | &nbsp;&nbsp;Mar-25 / 5.2 | &nbsp;&nbsp;2803 | &nbsp;&nbsp;$34.75 |
| &nbsp;&nbsp; 5005 Maryland Way<br> 5005 Maryland Way<br> Brentwood, TN | &nbsp;&nbsp;2019/NAP | &nbsp;&nbsp;96.7% | &nbsp;&nbsp;83000 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;83000 | &nbsp;&nbsp;$38.00 |
| &nbsp;&nbsp;Westwood Building<br> 112 Westwood Place <br> Brentwood, TN | &nbsp;&nbsp;2006/NAP | &nbsp;&nbsp;92.0% | &nbsp;&nbsp;43791 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;43791 | &nbsp;&nbsp;$33.50 |

---

Source: *Appraisal.*

(1) Occupancy and Total NRA figures represent the entire portfolio.

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

***Appraisal.*** According to the appraisal as of October 1, 2025, the Brentwood Commons Property had an "as-is" appraised value of $91,400,000.

 ****

***Environmental Matters.*** According to the Phase I environmental site assessment dated October 22, 2025, there was no evidence of any recognized environmental conditions at the Brentwood Commons 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. |
| 66 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office - Suburban | &nbsp;&nbsp;Loan #6 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$48500000 |
| &nbsp;&nbsp;750 Old Hickory Boulevard | &nbsp;&nbsp;**Brentwood Commons** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;53.1% |
| &nbsp;&nbsp;Brentwood, TN 37027 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.88x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;19.1% |

---

***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 Brentwood Commons Property: 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** |
|  | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**8/31/2025 TTM** | &nbsp;&nbsp;**UW** | &nbsp;&nbsp;**UW PSF** |
| &nbsp;&nbsp;Base Rent | &nbsp;&nbsp;$10722096 | &nbsp;&nbsp;$11267995 | &nbsp;&nbsp;$12344301 | &nbsp;&nbsp;$13014366 | &nbsp;&nbsp;$13152551 | &nbsp;&nbsp;$13232075 | &nbsp;&nbsp;$30.21 |
| &nbsp;&nbsp;Grossed Up Vacant Space | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$1759569 | &nbsp;&nbsp;$4.02 |
| &nbsp;&nbsp;**Gross Potential Rent** | &nbsp;&nbsp;**$10722096** | &nbsp;&nbsp;**$11267995** | &nbsp;&nbsp;**$12344301** | &nbsp;&nbsp;**$13014366** | &nbsp;&nbsp;**$13152551** | &nbsp;&nbsp;**$14991644** | &nbsp;&nbsp;**$34.23** |
| &nbsp;&nbsp;Expense Reimbursement | &nbsp;&nbsp;$427626 | &nbsp;&nbsp;$365854 | &nbsp;&nbsp;$187589 | &nbsp;&nbsp;$144497 | &nbsp;&nbsp;$104272 | &nbsp;&nbsp;$230593 | &nbsp;&nbsp;$0.53 |
| &nbsp;&nbsp;Other Income | &nbsp;&nbsp; $32709 | &nbsp;&nbsp; $1250 | &nbsp;&nbsp; $3601 | &nbsp;&nbsp; $16828 | &nbsp;&nbsp; $16648 | &nbsp;&nbsp; $16648 | &nbsp;&nbsp; $0.04 |
| &nbsp;&nbsp;**Net Rental Income** | &nbsp;&nbsp;**$11182430** | &nbsp;&nbsp;**$11635099** | &nbsp;&nbsp;**$12535490** | &nbsp;&nbsp;**$13175691** | &nbsp;&nbsp;**$13273471** | &nbsp;&nbsp;**$15238886** | &nbsp;&nbsp;**$34.80** |
| &nbsp;&nbsp;Vacancy/Credit Loss | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;($1759569) | &nbsp;&nbsp;($4.02) |
| &nbsp;&nbsp;Free Rent Adjustment | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$11182430** | &nbsp;&nbsp;**$11635099** | &nbsp;&nbsp;**$12535490** | &nbsp;&nbsp;**$13175691** | &nbsp;&nbsp;**$13273471** | &nbsp;&nbsp;**$13479317** | &nbsp;&nbsp;**$30.78** |
|  |  |  |  |  |  |  | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;Real Estate Taxes | &nbsp;&nbsp;$1711234 | &nbsp;&nbsp;$1604271 | &nbsp;&nbsp;$965281 | &nbsp;&nbsp;$913463 | &nbsp;&nbsp;$913462 | &nbsp;&nbsp;$1005326 | &nbsp;&nbsp;$2.30 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;$103568 | &nbsp;&nbsp;$115601 | &nbsp;&nbsp;$144484 | &nbsp;&nbsp;$143766 | &nbsp;&nbsp;$135098 | &nbsp;&nbsp;$200547 | &nbsp;&nbsp;$0.46 |
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp;$333738 | &nbsp;&nbsp;$350529 | &nbsp;&nbsp;$382383 | &nbsp;&nbsp;$399906 | &nbsp;&nbsp;$395491 | &nbsp;&nbsp;$404380 | &nbsp;&nbsp;$0.92 |
| &nbsp;&nbsp;Other Operating Expenses | &nbsp;&nbsp;$1939013 | &nbsp;&nbsp;$2207482 | &nbsp;&nbsp;$2256199 | &nbsp;&nbsp;$2363790 | &nbsp;&nbsp;$2589487 | &nbsp;&nbsp;$2609556 | &nbsp;&nbsp;$5.96 |
| &nbsp;&nbsp;**Total Expenses** | &nbsp;&nbsp;**$4087553** | &nbsp;&nbsp;**$4277883** | &nbsp;&nbsp;**$3748346** | &nbsp;&nbsp;**$3820924** | &nbsp;&nbsp;**$4033538** | &nbsp;&nbsp;**$4219809** | &nbsp;&nbsp;**$9.64** |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$7094877** | &nbsp;&nbsp;**$7357217** | &nbsp;&nbsp;**$8787144** | &nbsp;&nbsp;**$9354767** | &nbsp;&nbsp;**$9239933** | &nbsp;&nbsp;**$9259508** | &nbsp;&nbsp;**$21.14** |
| &nbsp;&nbsp;Capital Expenses | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$87589 | &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; $656921 | &nbsp;&nbsp; $1.50 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$7094877** | &nbsp;&nbsp;**$7357217** | &nbsp;&nbsp;**$8787144** | &nbsp;&nbsp;**$9354767** | &nbsp;&nbsp;**$9239933** | &nbsp;&nbsp;**$8514998** | &nbsp;&nbsp;**$19.44** |
| &nbsp;&nbsp;**Occupancy (%)** | &nbsp;&nbsp;**NAV** | &nbsp;&nbsp;**84.9%** | &nbsp;&nbsp;**92.2%** | &nbsp;&nbsp;**92.0%** | &nbsp;&nbsp;**87.8%** | &nbsp;&nbsp;**88.3%** |  |
| &nbsp;&nbsp;**NOI DSCR** | &nbsp;&nbsp;**2.40x** | &nbsp;&nbsp;**2.49x** | &nbsp;&nbsp;**2.98x** | &nbsp;&nbsp;**3.17x** | &nbsp;&nbsp;**3.13x** | &nbsp;&nbsp;**3.14x** |  |
| &nbsp;&nbsp;**NCF DSCR** | &nbsp;&nbsp;**2.40x** | &nbsp;&nbsp;**2.49x** | &nbsp;&nbsp;**2.98x** | &nbsp;&nbsp;**3.17x** | &nbsp;&nbsp;**3.13x** | &nbsp;&nbsp;**2.88x** |  |
| &nbsp;&nbsp;**NOI Debt Yield** | &nbsp;&nbsp;**14.6%** | &nbsp;&nbsp;**15.2%** | &nbsp;&nbsp;**18.1%** | &nbsp;&nbsp;**19.3%** | &nbsp;&nbsp;**19.1%** | &nbsp;&nbsp;**19.1%** |  |
| &nbsp;&nbsp;**NCF Debt Yield** | &nbsp;&nbsp;**14.6%** | &nbsp;&nbsp;**15.2%** | &nbsp;&nbsp;**18.1%** | &nbsp;&nbsp;**19.3%** | &nbsp;&nbsp;**19.1%** | &nbsp;&nbsp;**17.6%** |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Historical cash flows reflect the full-year reporting period for the borrower sponsor,
which has a fiscal year ending December 31<sup>st</sup>.

***Escrows and Reserves.***

*Tax Escrows* – The loan documents do not require an upfront deposit, however, ongoing monthly deposits of $92,155 are required for real estate taxes.

*Insurance Escrows* – The loan documents require upfront and ongoing insurance reserves in an amount equal to 1/12th of the annual estimated insurance payments; *pr*ovided that no such reserves are required if, (i) no event of default (as defined below) has occurred and is continuing; and (ii) the Brentwood Commons Property is covered under an acceptable blanket policy and borrower provides lender with evidence of renewal.

*Replacement Reserve* – The loan documents require an ongoing monthly replacement reserve deposit of $7,299, capped at $437,947.

*TI/LC Reserves* – The loan documents require an ongoing monthly tenant improvements and leasing commissions deposit of $72,991 capped at $4,500,000.

*Outstanding TI/LC Reserves* – The loan documents require an upfront deposit of $133,836 for outstanding tenant improvements and leasing commissions related to three tenants.

*Rent Concession Reserve –* The loan documents require an upfront deposit of $72,799 for outstanding free rent related to two tenants.

***Lockbox and Cash Management.*** The Brentwood Commons Mortgage Loan is structured with a hard lockbox and springing cash management. The borrower or property manager is required to instruct each tenant to send all rents directly to a lockbox account. If notwithstanding the foregoing borrower or manager receives any rents from the property, then such funds should be deposited into the lockbox account within one business days of receipt. Prior to the occurrence of a Cash Trap Event Period, all funds in the lockbox account are required to be distributed to borrower. During a Cash Trap Event Period, funds in the lockbox account are required to be swept on each business day 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 Brentwood Commons Mortgage Loan during the continuance of the Cash Trap Event 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. |
| 67 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office - Suburban | &nbsp;&nbsp;Loan #6 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$48500000 |
| &nbsp;&nbsp;750 Old Hickory Boulevard | &nbsp;&nbsp;**Brentwood Commons** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;53.1% |
| &nbsp;&nbsp;Brentwood, TN 37027 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.88x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;19.1% |

---

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
 debt yield ("NCF DY"), tested quarterly, falling below 13.0%; or

&nbsp;&nbsp;&nbsp;&nbsp;(iii) HCA
 or its replacement tenant (a) fails to renew or extend the term of its lease for a term no
 less than five years, pursuant to the lease agreement, (b) is in default under lease agreement
 (c) goes dark, vacates or fails to continuously occupy the space, (d) is subject to a bankruptcy
 or insolvency or (e) is subject to a termination or cancellation of its lease.

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), the NCF DY being at least 13.0% for two consecutive calendar quarters.

&nbsp;&nbsp;&nbsp;&nbsp;(iii) with
 regard to clause (iii)(a)-(e) above, a Major Tenant Re-Tenanting Event (as defined below)
 has occurred;

&nbsp;&nbsp;&nbsp;&nbsp;(iv) with
 regard to clause (iii)(a) above, the lender has received evidence that HCA has extended the
 term of its lease;

&nbsp;&nbsp;&nbsp;&nbsp;(v) with
 regard to clause (iii)(b) above, the default under lease agreement has been cured and no
 other default under the lease occurs for two consecutive calendar quarters;

&nbsp;&nbsp;&nbsp;&nbsp;(vi) with
 regard to clause (iii)(c) above, HCA has re-occupied the entire space and is open for business
 for one calendar quarter;

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

&nbsp;&nbsp;&nbsp;&nbsp;(viii) with
 regard to clause (iii)(e) above, HCA (x) has revoked any notification of any termination,
 cancellation or surrender of such lease and (y) delivered to the lender a tenant estoppel
 certificate in form and substance reasonably acceptable to lender.

A "Major Tenant Re-Tenanting Event" will occur when the lender has received satisfactory evidence that (i) the space currently occupied by HCA has been leased to replacement tenants reasonably for a period of at least 5 years, (ii) to a tenant that is in occupancy of the space and 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).

***Release of Property.*** The Brentwood Commons Mortgage Loan Documents permit the release of one parcel of the property known as Building IV, in connection with a sale on an arms-length basis, subject to certain conditions, including (i) no event of default has occurred or is continuing, (ii) partial defeasance of the Brentwood Commons Mortgage Loan in an amount equal to greater of (a) 150% of the allocated amount for the release property, (b) an amount that would result in the post-release DSCR (interest-only) of the remaining property's being no less than the greater of the pre-release DSCR (interest-only) for the entire property and 2.92x, (c) an amount that would result in the post-release debt yield of the remaining property's being no less than the greater of the pre-release debt yield for the entire property and 17.6%, (d) an amount that would result in the post-release LTV of the remaining property's being not greater than the lesser of the pre-release LTV for the entire property and 55%; and (e) an amount sufficient to comply with related REMIC requirements; (iii) receipt of a rating agency confirmation; and (iv) receipt of an opinion of counsel that the partial release complies with REMIC requirements. ****

***Terrorism Insurance*.** The Brentwood Commons 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 Brentwood Commons Property, as well as business interruption insurance covering up to 18 months until the improvements are physically restored, together with an extended period of indemnity covering loss of income up to 12 months following physical restoration. 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. |
| 68 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office - CBD | &nbsp;&nbsp;Loan #7 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$40000000 |
| &nbsp;&nbsp;3200-3240 El Camino Real, 400-450 | &nbsp;&nbsp;**Market Place Center** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;50.9% |
| &nbsp;&nbsp;Exchange, and 200, 210, 220, |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.96x |
| &nbsp;&nbsp;240, 250, and 300-350 Commerce |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;17.7% |
| &nbsp;&nbsp;Irvine, CA 92612 |  |  |  |

---

![](n5486prets_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. |
| 69 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office - CBD | &nbsp;&nbsp;Loan #7 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$40000000 |
| &nbsp;&nbsp;3200-3240 El Camino Real, 400-450 | &nbsp;&nbsp;**Market Place Center** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;50.9% |
| &nbsp;&nbsp;Exchange, and 200, 210, 220, |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.96x |
| &nbsp;&nbsp;240, 250, and 300-350 Commerce |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;17.7% |
| &nbsp;&nbsp;Irvine, CA 92612 |  |  |  |

---

![](n5486prets_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. |
| 70 |

---

**Mortgage Loan No. 7 – Market Place 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;JPMCB/WFB | &nbsp;&nbsp;JPMCB/WFB | &nbsp;&nbsp;JPMCB/WFB | &nbsp;&nbsp;**Single Asset/Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Credit Assessment (S&P/Fitch/KBRA):** | &nbsp;&nbsp;**Credit Assessment (S&P/Fitch/KBRA):** | &nbsp;&nbsp;NR/BBB-/NR | &nbsp;&nbsp;NR/BBB-/NR | &nbsp;&nbsp;NR/BBB-/NR | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;Irvine, CA 92612 |
| &nbsp;&nbsp;**Original Balance<sup>(1)</sup>:** | &nbsp;&nbsp;**Original Balance<sup>(1)</sup>:** | &nbsp;&nbsp;$40000000 | &nbsp;&nbsp;$40000000 | &nbsp;&nbsp;$40000000 | &nbsp;&nbsp;**General Property Type:** | &nbsp;&nbsp;Office |
| &nbsp;&nbsp;**Cut-off Date Balance<sup>(1)</sup>:** | &nbsp;&nbsp;**Cut-off Date Balance<sup>(1)</sup>:** | &nbsp;&nbsp;$40000000 | &nbsp;&nbsp;$40000000 | &nbsp;&nbsp;$40000000 | &nbsp;&nbsp;**Detailed Property Type:** | &nbsp;&nbsp;CBD |
| &nbsp;&nbsp;**% of Initial Pool Balance:** | &nbsp;&nbsp;**% of Initial Pool Balance:** | &nbsp;&nbsp;4.0% | &nbsp;&nbsp;4.0% | &nbsp;&nbsp;4.0% | &nbsp;&nbsp;**Title Vesting:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Recapitalization | &nbsp;&nbsp;Recapitalization | &nbsp;&nbsp;Recapitalization | &nbsp;&nbsp;**Year Built/Renovated:** | &nbsp;&nbsp;1999-2006/2015-2025 |
| &nbsp;&nbsp;**Borrower Sponsor:** | &nbsp;&nbsp;**Borrower Sponsor:** | &nbsp;&nbsp;The Irvine Company LLC | &nbsp;&nbsp;The Irvine Company LLC | &nbsp;&nbsp;The Irvine Company LLC | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;1,154,250 SF |
| &nbsp;&nbsp;**Guarantor:** | &nbsp;&nbsp;**Guarantor:** | &nbsp;&nbsp;Irvine Core Office LLC | &nbsp;&nbsp;Irvine Core Office LLC | &nbsp;&nbsp;Irvine Core Office LLC | &nbsp;&nbsp;**Cut-off Date Balance Per SF<sup>(1)</sup>:** | &nbsp;&nbsp;$117 |
| &nbsp;&nbsp;**Mortgage Rate:** | &nbsp;&nbsp;**Mortgage Rate:** | &nbsp;&nbsp;5.5520% | &nbsp;&nbsp;5.5520% | &nbsp;&nbsp;5.5520% | &nbsp;&nbsp;**Maturity Date Balance Per SF<sup>(1)</sup>:** | &nbsp;&nbsp;$117 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;8/26/2025 | &nbsp;&nbsp;8/26/2025 | &nbsp;&nbsp;8/26/2025 | &nbsp;&nbsp;**Property Manager:** | &nbsp;&nbsp;Irvine Management Company |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;9/11/2035 | &nbsp;&nbsp;9/11/2035 | &nbsp;&nbsp;9/11/2035 |  | &nbsp;&nbsp;(borrower-related) |
| &nbsp;&nbsp;**Term to Maturity:** | &nbsp;&nbsp;**Term to Maturity:** | &nbsp;&nbsp;120 months | &nbsp;&nbsp;120 months | &nbsp;&nbsp;120 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;$23887446 |
| &nbsp;&nbsp;**IO Period:** | &nbsp;&nbsp;**IO Period:** | &nbsp;&nbsp;120 months | &nbsp;&nbsp;120 months | &nbsp;&nbsp;120 months | &nbsp;&nbsp;**UW NCF:** | &nbsp;&nbsp;$22485950 |
| &nbsp;&nbsp;**Seasoning:** | &nbsp;&nbsp;**Seasoning:** | &nbsp;&nbsp;3 months | &nbsp;&nbsp;3 months | &nbsp;&nbsp;3 months | &nbsp;&nbsp;**UW NOI Debt Yield<sup>(1)</sup>:** | &nbsp;&nbsp;17.7% |
| &nbsp;&nbsp;**Prepayment Provisions:** | &nbsp;&nbsp;**Prepayment Provisions:** | &nbsp;&nbsp;L(24),YM1(3),DorYM1(88),O(5) | &nbsp;&nbsp;L(24),YM1(3),DorYM1(88),O(5) | &nbsp;&nbsp;L(24),YM1(3),DorYM1(88),O(5) | &nbsp;&nbsp;**UW NCF Debt Yield<sup>(1)</sup>:** | &nbsp;&nbsp;16.7% |
| &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 NOI Debt Yield at Maturity<sup>(1)</sup>:** | &nbsp;&nbsp;17.7% |
| &nbsp;&nbsp;**Additional Debt Type<sup>(1)</sup>:** | &nbsp;&nbsp;**Additional Debt Type<sup>(1)</sup>:** | &nbsp;&nbsp;*Pari Passu* | &nbsp;&nbsp;*Pari Passu* | &nbsp;&nbsp;*Pari Passu* | &nbsp;&nbsp;**UW NCF DSCR<sup>(1)</sup>:** | &nbsp;&nbsp;2.96x |
| &nbsp;&nbsp;**Additional Debt Balance<sup>(1)</sup>:** | &nbsp;&nbsp;**Additional Debt Balance<sup>(1)</sup>:** | &nbsp;&nbsp;$95000000 | &nbsp;&nbsp;$95000000 | &nbsp;&nbsp;$95000000 | &nbsp;&nbsp;**Most Recent NOI:** | &nbsp;&nbsp;$21,319,637 (6/30/2025 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;$20,381,263 (12/31/2024 TTM) |
|  |  |  |  |  | &nbsp;&nbsp;**3rd Most Recent NOI:** | &nbsp;&nbsp;$20,133,595 (6/30/2024) |
| &nbsp;&nbsp; **Reserves<sup>(2)</sup>** | &nbsp;&nbsp; **Reserves<sup>(2)</sup>** | &nbsp;&nbsp; **Reserves<sup>(2)</sup>** | &nbsp;&nbsp; **Reserves<sup>(2)</sup>** | &nbsp;&nbsp; **Reserves<sup>(2)</sup>** | &nbsp;&nbsp;**Most Recent Occupancy:** | &nbsp;&nbsp;80.9% (7/31/2025) |
| &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;**2nd Most Recent Occupancy:** | &nbsp;&nbsp;79.0% (6/30/2024) |
| &nbsp;&nbsp;**RE Taxes:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**3rd Most Recent Occupancy:** | &nbsp;&nbsp;81.0% (6/30/2023) |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value (as of):** | &nbsp;&nbsp;$265,000,000 (3/5/2025) |
| &nbsp;&nbsp;**Replacement Reserve:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value PSF:** | &nbsp;&nbsp;$230 |
| &nbsp;&nbsp;**TI/LC Reserve:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Cut-off Date LTV Ratio<sup>(1)</sup>:** | &nbsp;&nbsp;50.9% |
| &nbsp;&nbsp;**Existing TI/LC Reserve:** | &nbsp;&nbsp;$1909289 | &nbsp;&nbsp;$1909289 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date LTV Ratio<sup>(1)</sup>:** | &nbsp;&nbsp;50.9% |
| &nbsp;&nbsp;**Rent Concession Reserve:** | &nbsp;&nbsp;$537085 | &nbsp;&nbsp;$537085 | &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;Whole Loan Amount**:** | &nbsp;&nbsp;$135000000 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;Existing Debt<sup>(3)</sup>: | &nbsp;&nbsp;$104190724 | &nbsp;&nbsp;77.2% |
|  |  |  | &nbsp;&nbsp;Return of Equity: | &nbsp;&nbsp;$28010124 | &nbsp;&nbsp;20.7% |
|  |  |  | &nbsp;&nbsp;Upfront Reserves: | &nbsp;&nbsp;$2446374 | &nbsp;&nbsp;1.8% |
|  |  |  | &nbsp;&nbsp;Closing Costs: | &nbsp;&nbsp;$352778 | &nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;**Total Sources:** | &nbsp;&nbsp;**$135000000** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses:** | &nbsp;&nbsp;**$135000000** | &nbsp;&nbsp;**100.0%** |

---

(1) The Market Place Center Mortgage Loan (as defined below) is part of the Market Place Center Whole Loan
(as defined below), which is comprised of eight *pari passu* promissory notes with an aggregate original principal balance of $135,000,000.
Underwriting and Financial Information presented above is based on the Market Place Center Whole Loan.

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

(3) The borrower paid off approximately $104.2 million of existing debt in March 2025.

 ****

***The Mortgage Loan.*** The seventh largest mortgage loan (the "Market Place Center Mortgage Loan") is part of a whole loan (the "Market Place Center Whole Loan") evidenced by eight *pari passu* promissory notes with an aggregate original principal amount $135,000,000. The Market Place Center Whole Loan was co-originated by Wells Fargo Bank, National Association ("WFB") and JPMorgan Chase Bank, National Association ("JPMCB"). The Market Place Center Whole Loan is secured by a first priority mortgage on a fee interest in 22 office buildings totaling 1,154,250 SF, located in Irvine, California (the "Market Place Center Property").

The Market Place Center Mortgage Loan is evidenced by the (i) non-controlling Note A-3-A to be contributed by WFB and (ii) the non-controlling Notes A-4-B and A-5 to be contributed by JPMCB, with an aggregate original principal balance of $40,000,000. The Market Place Center Whole Loan will be serviced pursuant to the pooling and servicing agreement for the WFCM 2025-C65 transaction. See *"Description of the Mortgage Pool—The Whole Loans—The Non-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. |
| 71 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office - CBD | &nbsp;&nbsp;Loan #7 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$40000000 |
| &nbsp;&nbsp;3200-3240 El Camino Real, 400-450 | &nbsp;&nbsp;**Market Place Center** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;50.9% |
| &nbsp;&nbsp;Exchange, and 200, 210, 220, |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.96x |
| &nbsp;&nbsp;240, 250, and 300-350 Commerce |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;17.7% |
| &nbsp;&nbsp;Irvine, CA 92612 |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Market Place Center Whole Loan Summary** | &nbsp;&nbsp;**Market Place Center Whole Loan Summary** | &nbsp;&nbsp;**Market Place Center Whole Loan Summary** | &nbsp;&nbsp;**Market Place Center Whole Loan Summary** | &nbsp;&nbsp;**Market Place Center Whole Loan Summary** |
| <br> **Note** | **Original Balance** | **Cut-off Date Balance** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Note Holder** | **Controlling <br> Piece** |
| &nbsp;&nbsp;A-1-A | &nbsp;&nbsp;$36000000 | &nbsp;&nbsp;$36000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WFCM 2025-C65 | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;A-1-B | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBCMS 2025-C39 | &nbsp;&nbsp;No |
| &nbsp;&nbsp;A-2 | &nbsp;&nbsp;27000000 | &nbsp;&nbsp;27000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBCMS 2025-C39 | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**A-3-A** | &nbsp;&nbsp;**10000000** | &nbsp;&nbsp;**10000000** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**BANK 2025-BNK51** | &nbsp;&nbsp;**No** |
| &nbsp;&nbsp;A-3-B | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBCMS 2025-C39 | &nbsp;&nbsp;No |
| &nbsp;&nbsp;A-4-A | &nbsp;&nbsp;24000000 | &nbsp;&nbsp;24000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WFCM 2025-C65 | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**A-4-B** | &nbsp;&nbsp;**10000000** | &nbsp;&nbsp;**10000000** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**BANK 2025-BNK51** | &nbsp;&nbsp;**No** |
| &nbsp;&nbsp;**A-5** | &nbsp;&nbsp;**20000000** | &nbsp;&nbsp;**20000000** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**BANK 2025-BNK51** | &nbsp;&nbsp;**No** |
| &nbsp;&nbsp;**Whole Loan** | &nbsp;&nbsp;**$135000000** | &nbsp;&nbsp;**$135000000** |  |  |

---

***The Borrower and the Borrower Sponsor.*** The borrower is Market Place Business Center LLC, a special purpose, bankruptcy-remote entity and a Delaware limited liability company with at least two independent directors. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Market Place Center Whole Loan.

The borrower sponsor of the Market Place Center Whole Loan is The Irvine Company LLC ("The Irvine Company") and the non-recourse carveout guarantor is Irvine Core Office LLC. The Irvine Company is a private real estate investment company headquartered in Newport Beach, California and headed by Donald Bren. The Irvine Company focuses on long-term ownership of a real estate portfolio encompassing apartment communities, new home villages, office buildings, retail, dining and entertainment and resorts. The Irvine Company's holdings consist of 129 million SF and includes more than 590 office buildings, 125 apartment communities with 65,000 units, 40 retail centers, one coastal resort, three golf courses and five marinas. The Irvine Company's collection of office properties are located in Orange County, California, Los Angeles, San Diego, Silicon Valley, Chicago and New York.

***The Property.*** The Market Place Center Property is comprised of 22 two-story office buildings totaling 1,154,250 SF, located in Irvine, California. The Market Place Center Property is a master planned office development that was constructed by the sponsors in phases between 1999 and 2006. Located along Interstate 5, amenities include a café, fitness center, three outdoor basketball courts, a sand volleyball court, numerous grass lawns and brick paved patios, various indoor and outdoor seating areas, BBQ areas, and electric vehicle charging stations. The Market Place Center Property contains 4,692 parking spaces (4.06 spaces per 1,000 SF). As of July 31, 2025, the Market Place Center Property was 80.9% leased to 83 unique tenants and averaged 90.0% between FY 2015 and FY 2024.

***Major Tenants.***

*Universal Services of America (53,360 SF; 4.6% of NRA; 5.6% of UW rent)*. Founded in 1957, Universal Services of America ("Allied Universal") is a security and facilities services company that provides security services and smart technology to deliver evolving, tailored solutions that allow clients to focus on their core business. Operating in more than 100 countries, Allied Universal's workforce comprises approximately 770,000 people. Allied Universal has been in occupancy at the Market Place Center Property, which serves as its corporate headquarters west, since 2023, has a lease expiration in July 2030 and has one, five-year renewal option. Allied Universal can terminate any time after March 1, 2026, if the manager reduces the contracted billable guard service hours provided by Allied Universal by more than 50% over the hours billed for the trailing 12 month period ending December 31, 2021, by providing at least six months' prior notice and paying a termination fee equal to two months of base rent plus unamortized TI/LC.

*MobilityWare, LLC & Upstanding (50,851 SF; 4.4% of NRA; 6.5% of UW rent)*. Upstanding was founded as a communication software in 1990 by Dave Yonamine and John Libby, who later formed MobilityWare in 2003, MobilityWare is a mobile application game developer and provider that launched 13 titles, including Solitaire and Blackjack, on the first day of the App Store launch in 2008. In 2018, the company reached 400 million downloads across its portfolio of games. MobilityWare, LLC & Upstanding has been in occupancy at the Market Place Center Property, which serves as its headquarters, since 2016, has a lease expiration in March 2026 and has one, five-year renewal option and no termination options.

*TriMark Raygal, LLC (46,526 SF; 4.0% of NRA; 5.3% of UW rent)*. TriMark Raygal, LLC ("TriMark") is a provider of equipment, supplies, and design services to the foodservice industry. TriMark has over 125 years of history, which includes mergers and acquisitions of several companies that created today's ten TriMark divisions. TriMark has been in occupancy at the Market Place Center Property since 2017, has a lease expiration in March 2027 and has one, five-year renewal option and no 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. |
| 72 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office - CBD | &nbsp;&nbsp;Loan #7 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$40000000 |
| &nbsp;&nbsp;3200-3240 El Camino Real, 400-450 | &nbsp;&nbsp;**Market Place Center** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;50.9% |
| &nbsp;&nbsp;Exchange, and 200, 210, 220, |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.96x |
| &nbsp;&nbsp;240, 250, and 300-350 Commerce |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;17.7% |
| &nbsp;&nbsp;Irvine, CA 92612 |  |  |  |

---

The following table presents certain information relating to the tenancy at the Market Place 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>** |
| **Tenant Name** | **Credit Rating (Moody's/ Fitch/S&P)** | **Tenant SF** | **Approx. % of SF** | **Annual UW Rent<sup>(2)</sup>** | **% of Total Annual UW Rent** | **Annual UW Rent PSF<sup>(2)</sup>** | **Lease Exp.** | **Renewal Options** |
| &nbsp;&nbsp;**Major Tenants** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Universal Services of America | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;53360 | &nbsp;&nbsp;4.6% | &nbsp;&nbsp;$1299850 | &nbsp;&nbsp;5.6% | &nbsp;&nbsp;$24.36 | &nbsp;&nbsp;7/31/2030 | &nbsp;&nbsp;1 x 5 Yr &nbsp;&nbsp;Y<sup>(3)</sup> |
| &nbsp;&nbsp;MobilityWare, LLC & Upstanding | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;50851 | &nbsp;&nbsp;4.4% | &nbsp;&nbsp;$1501122 | &nbsp;&nbsp;6.5% | &nbsp;&nbsp;$29.52 | &nbsp;&nbsp;3/31/2026 | &nbsp;&nbsp;1 x 5 Yr &nbsp;&nbsp;N |
| &nbsp;&nbsp;TriMark Raygal, LLC<sup>(4)</sup> | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;46526 | &nbsp;&nbsp;4.0% | &nbsp;&nbsp;$1228286 | &nbsp;&nbsp;5.3% | &nbsp;&nbsp;$26.40 | &nbsp;&nbsp;3/31/2027 | &nbsp;&nbsp;1 x 5 Yr &nbsp;&nbsp;N |
| &nbsp;&nbsp;HDR Engineering, Inc | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;44210 | &nbsp;&nbsp;3.8% | &nbsp;&nbsp;$1039819 | &nbsp;&nbsp;4.5% | &nbsp;&nbsp;$23.52 | &nbsp;&nbsp;5/31/2034 | &nbsp;&nbsp;1 x 5 Yr &nbsp;&nbsp;N |
| &nbsp;&nbsp;Waymakers | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp; 31425 | &nbsp;&nbsp; 2.7% | &nbsp;&nbsp; $754200 | &nbsp;&nbsp; 3.3% | &nbsp;&nbsp; $24.00 | &nbsp;&nbsp;Various<sup>(5)</sup> | &nbsp;&nbsp;1 x 5 Yr &nbsp;&nbsp;N |
| &nbsp;&nbsp;**Major Tenants Subtotal/Wtd. Avg.** |  | &nbsp;&nbsp;**226372** | &nbsp;&nbsp; **19.6%** | &nbsp;&nbsp;**$5823277** | &nbsp;&nbsp;**25.1%** | &nbsp;&nbsp;**$25.72** |  |  |
| &nbsp;&nbsp;Other Tenants |  | &nbsp;&nbsp; 707607 | &nbsp;&nbsp; 61.3% | &nbsp;&nbsp; $17370390 | &nbsp;&nbsp; 74.9% | &nbsp;&nbsp; $24.55 |  |  |
| &nbsp;&nbsp;**Occupied Subtotal/Wtd. Avg.** |  | &nbsp;&nbsp;**933979** | &nbsp;&nbsp;**80.9%** | &nbsp;&nbsp;**$23193667** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$24.83** |  |  |
| &nbsp;&nbsp;Vacant Space |  | &nbsp;&nbsp; 220271 | &nbsp;&nbsp; 19.1% |  |  |  |  |  |
| &nbsp;&nbsp;**Total/Wtd. Avg.** |  | &nbsp;&nbsp;**1154250** | &nbsp;&nbsp;**100.0%** |  |  |  |  |  |

---

(1) Based on the underwritten rent roll dated July 31, 2025.

(2) Annual UW Rent and Annual UW Rent PSF shown above includes contractual rent steps through September 2026
totaling $540,076 and rent averaging for investment grade tenants (through the earlier of lease maturity or loan maturity) totaling $99,194.

(3) The tenant can terminate any time after March 1, 2026, if the manager reduces the contracted billable
guard service hours provided by the tenant by more than 50% over the hours billed for the trailing 12 month period ending December 31,
2021, by providing at least six months' prior notice and paying a termination fee equal to two months of base rent plus unamortized
TI/LC.

(4) TriMark is marketing 15,101 SF (1.3% of NRA) of its space for sublease. TriMark recently renewed its lease
in April 2024.

(5) Waymakers is on multiple leases expiring April 30, 2031 (12,213 SF) and August 31, 2031 (19,212 SF).

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** |
| &nbsp;&nbsp;**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<sup>(3)</sup>** | &nbsp;&nbsp;**Approx. % of Total UW Rent Rolling<sup>(3)</sup>** | &nbsp;&nbsp;**Approx. Cumulative % of Total UW Rent Rolling** | &nbsp;&nbsp;**UW Rent PSF Rolling<sup>(3)</sup>** |
| &nbsp;&nbsp;MTM/2025 | &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;2026 | &nbsp;&nbsp;15 | &nbsp;&nbsp;151302 | &nbsp;&nbsp;13.1% | &nbsp;&nbsp;13.1% | &nbsp;&nbsp;$4098868 | &nbsp;&nbsp;17.7% | &nbsp;&nbsp;17.7% | &nbsp;&nbsp;$27.09 |
| &nbsp;&nbsp;2027 | &nbsp;&nbsp;16 | &nbsp;&nbsp;168038 | &nbsp;&nbsp;14.6% | &nbsp;&nbsp;27.7% | &nbsp;&nbsp;$4070340 | &nbsp;&nbsp;17.5% | &nbsp;&nbsp;35.2% | &nbsp;&nbsp;$24.22 |
| &nbsp;&nbsp;2028 | &nbsp;&nbsp;21 | &nbsp;&nbsp;146068 | &nbsp;&nbsp;12.7% | &nbsp;&nbsp;40.3% | &nbsp;&nbsp;$3682611 | &nbsp;&nbsp;15.9% | &nbsp;&nbsp;51.1% | &nbsp;&nbsp;$25.21 |
| &nbsp;&nbsp;2029 | &nbsp;&nbsp;15 | &nbsp;&nbsp;148748 | &nbsp;&nbsp;12.9% | &nbsp;&nbsp;53.2% | &nbsp;&nbsp;$3554005 | &nbsp;&nbsp;15.3% | &nbsp;&nbsp;66.4% | &nbsp;&nbsp;$23.89 |
| &nbsp;&nbsp;2030 | &nbsp;&nbsp;10 | &nbsp;&nbsp;156416 | &nbsp;&nbsp;13.6% | &nbsp;&nbsp;66.8% | &nbsp;&nbsp;$3891386 | &nbsp;&nbsp;16.8% | &nbsp;&nbsp;83.2% | &nbsp;&nbsp;$24.88 |
| &nbsp;&nbsp;2031 | &nbsp;&nbsp;5 | &nbsp;&nbsp;64271 | &nbsp;&nbsp;5.6% | &nbsp;&nbsp;72.3% | &nbsp;&nbsp;$1554755 | &nbsp;&nbsp;6.7% | &nbsp;&nbsp;89.9% | &nbsp;&nbsp;$24.19 |
| &nbsp;&nbsp;2032 | &nbsp;&nbsp;2 | &nbsp;&nbsp;28246 | &nbsp;&nbsp;2.4% | &nbsp;&nbsp;74.8% | &nbsp;&nbsp;$683972 | &nbsp;&nbsp;2.9% | &nbsp;&nbsp;92.9% | &nbsp;&nbsp;$24.21 |
| &nbsp;&nbsp;2033 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;74.8% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;92.9% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2034 | &nbsp;&nbsp;1 | &nbsp;&nbsp;44210 | &nbsp;&nbsp;3.8% | &nbsp;&nbsp;78.6% | &nbsp;&nbsp;$1039819 | &nbsp;&nbsp;4.5% | &nbsp;&nbsp;97.3% | &nbsp;&nbsp;$23.52 |
| &nbsp;&nbsp;2035 | &nbsp;&nbsp;1 | &nbsp;&nbsp;26680 | &nbsp;&nbsp;2.3% | &nbsp;&nbsp;80.9% | &nbsp;&nbsp;$617909 | &nbsp;&nbsp;2.7% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$23.16 |
| &nbsp;&nbsp;Thereafter | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;80.9% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;Vacant | &nbsp;&nbsp;0 | &nbsp;&nbsp;220271 | &nbsp;&nbsp;19.1% | &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;86 | &nbsp;&nbsp;**1154250** | &nbsp;&nbsp;**100.0%** |  | &nbsp;&nbsp;**$23193667** | &nbsp;&nbsp;**100.0%** |  | &nbsp;&nbsp;**$24.83<sup>(4)</sup>** |

---

(1) Based on the underwritten rent roll dated July 31, 2025.

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

(3) Total UW Rent Rolling, Approx. % of Total UW Rent Rolling, and UW Rent PSF Rolling includes contractual
rent steps through September 2026 totaling $540,076 and rent averaging for investment grade tenants (through the earlier of lease maturity
or loan maturity) totaling $99,194.

(4) Wtd. Avg. UW Rent PSF Rolling excludes vacant space.

***The Market*.** The Market Place Center Property is located in Irvine, California within Orange County. The Market Place Center Property comprises several square blocks, sits on a total of 73.5 acres and is situated at the southeast corner of the Santa Ana (5) Freeway and the Eastern Transportation Corridor (261) with additional frontage on El Camino Real. The Market Place Center Property is approximately 3.0 miles east of Costa Mesa (55) Freeway, 3.8 miles north of the San Diego (405) Freeway, and 4.6 miles northeast of John Wayne Airport in the City of Irvine, California. The local neighborhood contains a mix of office, industrial, retail, and residential uses. Major employers in the area include Disney Resorts, University of California, Irvine, St. Joseph Health, Kaiser Permanente, Target Brands, Inc., Walmart, Inc., Hoag Memorial Hospital Presbyterian, Universal Services of America, California State University and MemorialCare Health System.

According to the appraisal, the Market Place Center Property is located within the Irvine/Tustin Legacy office submarket of the Orange County office market. As of the fourth quarter of 2024, the submarket had an inventory of 23.5 million SF with a vacancy rate of 20.0% and average rent of $35.39 PSF. The appraiser concluded to market rents for the Market Place Center Property of $23.40.

---

| |
|:---|
| 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;Office - CBD | &nbsp;&nbsp;Loan #7 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$40000000 |
| &nbsp;&nbsp;3200-3240 El Camino Real, 400-450 | &nbsp;&nbsp;**Market Place Center** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;50.9% |
| &nbsp;&nbsp;Exchange, and 200, 210, 220, |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.96x |
| &nbsp;&nbsp;240, 250, and 300-350 Commerce |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;17.7% |
| &nbsp;&nbsp;Irvine, CA 92612 |  |  |  |

---

The 2023 population within a one-, three- and five-mile radius of the Market Place Center Property was 14,052, 163,308 and 529,936, respectively. The 2023 average household income within the same radii was $138,012, $136,667, $138,311, respectively.

The following table presents certain information relating to the appraisal's market rent conclusion for the Market Place Center 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;**Office Space** | &nbsp;&nbsp;**Café Space** |
| &nbsp;&nbsp;Market Rent (PSF) | &nbsp;&nbsp;$23.40 | &nbsp;&nbsp;$12.00 |
| &nbsp;&nbsp;Lease Term (Years) | &nbsp;&nbsp;5 | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;Lease Type | &nbsp;&nbsp;NNN | &nbsp;&nbsp;NNN |
| &nbsp;&nbsp;Escalations (Annual) | &nbsp;&nbsp;3.50% | &nbsp;&nbsp;3.50% |
| &nbsp;&nbsp;Tenant Improvements (New/Renewal) | &nbsp;&nbsp;$65 / $10 | &nbsp;&nbsp;$50 / $10 |
| &nbsp;&nbsp;Leasing Commissions (New/Renewal) | &nbsp;&nbsp;6.0% / 3.0% | &nbsp;&nbsp;6.0% / 3.0% |
| &nbsp;&nbsp;Free Rent (Months) (New/Renewal) | &nbsp;&nbsp; 5 / 5 | &nbsp;&nbsp; 5 / 3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Information obtained from the appraisal.

The table below presents certain information relating to comparable properties to the Market Place Center Property identified by the appraiser:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &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** |
| **Property Name** | **Year Built** | **Occ<sup>.</sup>** | **Total NRA (SF)** | <br> **Major Tenant**  | **Lease Start Date / Term (yrs.)** | **Lease Size (SF)** | **Base Rent PSF** |
| &nbsp;&nbsp; **Market Place Center**<br> **Irvine, CA** | &nbsp;&nbsp;**1999-2006** | &nbsp;&nbsp;**80.9%<sup>(1)</sup>** | &nbsp;&nbsp;**1154250** | &nbsp;&nbsp;**Universal Services of America** | &nbsp;&nbsp;**Feb-23 / 7.5** | &nbsp;&nbsp;**53360** | &nbsp;&nbsp;**$24.36<sup>(1)</sup>** |
| &nbsp;&nbsp; Jamboree Business Center 14000 Jamboree Road<br> Irvine, CA | &nbsp;&nbsp;2008 | &nbsp;&nbsp;NAV | &nbsp;&nbsp;77624 | &nbsp;&nbsp;Henkel Electronic Materials, LLC | &nbsp;&nbsp;Sep-25 / 5.0 | &nbsp;&nbsp;77624 | &nbsp;&nbsp;$24.00 |
| &nbsp;&nbsp; Discovery Park<br> 15480 Laguna Canyon Road Irvine, CA | &nbsp;&nbsp;2000 | &nbsp;&nbsp;NAV | &nbsp;&nbsp;44820 | &nbsp;&nbsp;St. Joseph Health System, LLC | &nbsp;&nbsp;Mar-25 / 10.3 | &nbsp;&nbsp;44820 | &nbsp;&nbsp;$21.48 |
| &nbsp;&nbsp; Jamboree Business Center 2875 Michelle Drive<br> Irvine, CA | &nbsp;&nbsp;2007 | &nbsp;&nbsp; <br> NAV | &nbsp;&nbsp;77625 | &nbsp;&nbsp;C. Patrick Hamblin, APC | &nbsp;&nbsp;Dec-24 / 1 | &nbsp;&nbsp;3342 | &nbsp;&nbsp;$27.36 |
| &nbsp;&nbsp; Irvine Business Center<br> 7515 Irvine Center Drive<br> Irvine, CA | &nbsp;&nbsp;1998 | &nbsp;&nbsp; <br> NAV | &nbsp;&nbsp;63412 | &nbsp;&nbsp;Primoris Services Corporation | &nbsp;&nbsp;Oct-24 / 7.0 | &nbsp;&nbsp;31706 | &nbsp;&nbsp;$24.00 |
| &nbsp;&nbsp; Discovery Park<br> 15271 Laguna Canyon Road<br> Irvine, CA | &nbsp;&nbsp;2007 | &nbsp;&nbsp; <br> NAV | &nbsp;&nbsp;54306 | &nbsp;&nbsp;DVA Healthcare Renal Care | &nbsp;&nbsp;Sep-24 / 7 | &nbsp;&nbsp;40206 | &nbsp;&nbsp;$22.80 |
| &nbsp;&nbsp; Discovery Park<br> 47 Discovery<br> Irvine, CA | &nbsp;&nbsp;2000 | &nbsp;&nbsp; <br> NAV | &nbsp;&nbsp;53220 | &nbsp;&nbsp;Xilinx International, Inc. | &nbsp;&nbsp;Aug-24 / 3 | &nbsp;&nbsp;3615 | &nbsp;&nbsp;$25.20 |
| &nbsp;&nbsp; Jamboree Business Center<br> 2860 Michelle Drive<br> Irvine, CA | &nbsp;&nbsp;2004 | &nbsp;&nbsp; <br> NAV | &nbsp;&nbsp;41069 | &nbsp;&nbsp;W&W-AFCO Steel, LLC | &nbsp;&nbsp;Jun-24 / 3.2 | &nbsp;&nbsp;2984 | &nbsp;&nbsp;$28.80 |
| &nbsp;&nbsp; Discovery Park<br> 46 Discovery<br> Irvine, CA | &nbsp;&nbsp;2001 | &nbsp;&nbsp; <br> NAV | &nbsp;&nbsp;44240 | &nbsp;&nbsp;Proteor USA | &nbsp;&nbsp;Jun-24 / 9 | &nbsp;&nbsp;22120 | &nbsp;&nbsp;$21.00 |

---

Source: *Appraisal.*

(1) Based on the underwritten rent roll dated July 31, 2025. Base Rent PSF for the Market Place Center Property
includes rent steps through September 2026.

***Appraisal.*** According to the appraisal as of March 5, 2025, the Market Place Center Property had an "as-is" appraised value of $265,000,000 and as of April 1, 2028, had an "upon stabilization" value of $304,000,000.

***Environmental Matters.*** According to the Phase I environmental site assessment dated March 17, 2025, there was no evidence of any recognized environmental conditions at the Market Place 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. |
| 74 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office - CBD | &nbsp;&nbsp;Loan #7 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$40000000 |
| &nbsp;&nbsp;3200-3240 El Camino Real, 400-450 | &nbsp;&nbsp;**Market Place Center** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;50.9% |
| &nbsp;&nbsp;Exchange, and 200, 210, 220, |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.96x |
| &nbsp;&nbsp;240, 250, and 300-350 Commerce |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;17.7% |
| &nbsp;&nbsp;Irvine, CA 92612 |  |  |  |

---

***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 Market Place 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;**Cash Flow Analysis** |
|  | &nbsp;&nbsp;**2022<sup>(1)</sup>** | &nbsp;&nbsp;**2023<sup>(1)</sup>** | &nbsp;&nbsp;**2024<sup>(1)</sup>** | &nbsp;&nbsp;**6/30/2025 TTM** | &nbsp;&nbsp;**UW** | &nbsp;&nbsp;**UW PSF** |
| &nbsp;&nbsp;Base Rent | &nbsp;&nbsp;$23984661 | &nbsp;&nbsp;$22397820 | &nbsp;&nbsp;$21553882 | &nbsp;&nbsp;$22542673 | &nbsp;&nbsp;$28347985<sup>(2)</sup> | &nbsp;&nbsp;$24.56 |
| &nbsp;&nbsp;Vacancy | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; ($5154318)<sup>(3)</sup> | &nbsp;&nbsp; ($4.47) |
| &nbsp;&nbsp;**Total Base Rent** | &nbsp;&nbsp;**$23984661** | &nbsp;&nbsp;**$22397820** | &nbsp;&nbsp;**$21553882** | &nbsp;&nbsp;**$22542673** | &nbsp;&nbsp;**$23193667** | &nbsp;&nbsp;**$20.09** |
| &nbsp;&nbsp;Free Rent Adjustment | &nbsp;&nbsp; ($625549) | &nbsp;&nbsp; ($1126550) | &nbsp;&nbsp; ($1220397) | &nbsp;&nbsp; ($1459805) | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0.00 |
| &nbsp;&nbsp;**Net Rental Income** | &nbsp;&nbsp;**$23359112** | &nbsp;&nbsp;**$21271270** | &nbsp;&nbsp;**$20333484** | &nbsp;&nbsp;**$21082868** | &nbsp;&nbsp;**$23193667** | &nbsp;&nbsp;**$20.09** |
| &nbsp;&nbsp;Total Recoveries | &nbsp;&nbsp;$8740508 | &nbsp;&nbsp;$8738054 | &nbsp;&nbsp;$9067517 | &nbsp;&nbsp;$10292638 | &nbsp;&nbsp;$10528606 | &nbsp;&nbsp;$9.12 |
| &nbsp;&nbsp;Other Income | &nbsp;&nbsp; $664441 | &nbsp;&nbsp; $588550 | &nbsp;&nbsp; $615924 | &nbsp;&nbsp; $542449 | &nbsp;&nbsp; $833623 | &nbsp;&nbsp; $0.72 |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$32764061** | &nbsp;&nbsp;**$30597874** | &nbsp;&nbsp;**$30016925** | &nbsp;&nbsp;**$31917955** | &nbsp;&nbsp;**$34555896** | &nbsp;&nbsp;**$29.94** |
| &nbsp;&nbsp;Real Estate Taxes | &nbsp;&nbsp;$1605907 | &nbsp;&nbsp;$1742934 | &nbsp;&nbsp;$1623528 | &nbsp;&nbsp;$1597484 | &nbsp;&nbsp;$1599925 | &nbsp;&nbsp;$1.39 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;$262208 | &nbsp;&nbsp;$398103 | &nbsp;&nbsp;$384906 | &nbsp;&nbsp;$426902 | &nbsp;&nbsp;$392415 | &nbsp;&nbsp;$0.34 |
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp;$1060519 | &nbsp;&nbsp;$971830 | &nbsp;&nbsp;$962879 | &nbsp;&nbsp;$1020888 | &nbsp;&nbsp;$1123067 | &nbsp;&nbsp;$0.97 |
| &nbsp;&nbsp;Other Operating Expenses | &nbsp;&nbsp; $5629807 | &nbsp;&nbsp; $6891943 | &nbsp;&nbsp; $6912017 | &nbsp;&nbsp; $7553044 | &nbsp;&nbsp; $7553044 | &nbsp;&nbsp; $6.54 |
| &nbsp;&nbsp;**Total Expenses** | &nbsp;&nbsp;**$8558440** | &nbsp;&nbsp;**$10004810** | &nbsp;&nbsp;**$9883330** | &nbsp;&nbsp;**$10598318** | &nbsp;&nbsp;**$10668450** | &nbsp;&nbsp;**$9.24** |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$24205621<sup>(4)</sup>** | &nbsp;&nbsp;**$20593064<sup>(4)</sup>** | &nbsp;&nbsp;**$20133595** | &nbsp;&nbsp;**$21319637<sup>(5)</sup>** | &nbsp;&nbsp;**$23887446<sup>(5)</sup>** | &nbsp;&nbsp;**$20.70** |
| &nbsp;&nbsp;Capital Expenses | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$247246 | &nbsp;&nbsp;$0.21 |
| &nbsp;&nbsp;TI/LC | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $1154250 | &nbsp;&nbsp; $1.00 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$24205621** | &nbsp;&nbsp;**$20593064** | &nbsp;&nbsp;**$20133595** | &nbsp;&nbsp;**$21319637** | &nbsp;&nbsp;**$22485950** | &nbsp;&nbsp;**$19.48** |
| &nbsp;&nbsp;**Occupancy (%)** | &nbsp;&nbsp;**88.0%** | &nbsp;&nbsp;**81.0%** | &nbsp;&nbsp;**79.0%** | &nbsp;&nbsp;**80.9%<sup>(3)</sup>** | &nbsp;&nbsp;**81.8%<sup>(3)</sup>** |  |
| &nbsp;&nbsp;**NOI DSCR<sup>(6)</sup>** | &nbsp;&nbsp;**3.19x** | &nbsp;&nbsp;**2.71x** | &nbsp;&nbsp;**2.65x** | &nbsp;&nbsp;**2.81x** | &nbsp;&nbsp;**3.14x** |  |
| &nbsp;&nbsp;**NCF DSCR<sup>(6)</sup>** | &nbsp;&nbsp;**3.19x** | &nbsp;&nbsp;**2.71x** | &nbsp;&nbsp;**2.65x** | &nbsp;&nbsp;**2.81x** | &nbsp;&nbsp;**2.96x** |  |
| &nbsp;&nbsp;**NOI Debt Yield<sup>(6)</sup>** | &nbsp;&nbsp;**17.9%** | &nbsp;&nbsp;**15.3%** | &nbsp;&nbsp;**14.9%** | &nbsp;&nbsp;**15.8%** | &nbsp;&nbsp;**17.7%** |  |
| &nbsp;&nbsp;**NCF Debt Yield<sup>(6)</sup>** | &nbsp;&nbsp;**17.9%** | &nbsp;&nbsp;**15.3%** | &nbsp;&nbsp;**14.9%** | &nbsp;&nbsp;**15.8%** | &nbsp;&nbsp;**16.7%** |  |

---

(1) Historical cash flows reflect the full-year reporting period for the borrower sponsor, which has a fiscal
year ending in June.

(2) Based on the underwritten rent roll dated July 31, 2025. Base Rent includes contractual rent steps through
September 2026 totaling $540,076 and rent averaging for investment grade tenants (through the earlier of lease maturity or loan maturity)
totaling $99,194.

(3) The underwritten economic vacancy is 18.2%. The property was 80.9% physically occupied as of July 31,
2025. (4) The decrease in NOI between 2022 and 2023 was primarily due to occupancy decreasing from 88.0% to 81.0%
and free rent increasing from $625,549 to $1,126,550.

(5) The increase in NOI between 6/30/2025 TTM and UW is primarily due to (i) 30 new and renewal leases commencing
between July 2024 and July 2026 totaling 233,224 SF and $5,299,961 of base rent and (ii) underwritten base rent including rent steps and
rent averaging.

(6) DSCRs and Debt Yields are based on the Market Place Center Whole Loan.

***Escrows and Reserves.***

*Tax Escrows* – The Market Place Center Whole Loan documents do not require upfront or ongoing reserves for real estate taxes in the amount equal to 1/12th of the annual estimated tax payments; *provided,* (i) no Cash Trap Event Period (as defined below) has occurred and is continuing and (ii) borrower provides the lender with paid receipts or other evidence reasonably satisfactory to the lender that all taxes have been and continue to be fully and timely paid.

*Insurance Escrows* – The Market Place Center Whole Loan documents do not require upfront and ongoing insurance reserves in an amount equal to 1/12th of the annual estimated insurance payments; *pr*ovided, (i) no Cash Trap Event Period has occurred and is continuing; and (ii) the property is covered under an acceptable blanket policy and borrower provides the lender with evidence of renewal.

*Replacement Reserve* – Upon the occurrence of a Cash Trap Event Period, the borrower is required to deposit monthly replacement reserves equal to approximately $20,604.

*TI/LC Reserves* – Upon the occurrence of a Cash Trap Event Period, the borrower is required to deposit monthly TI/LC reserves equal to $96,187.50.

*Existing TI/LC Reserves* – The Market Place Center Whole Loan documents require an upfront deposit of $1,909,289 for outstanding tenant improvements and leasing commissions related to thirteen tenants.

*Rent Concession Reserve –* The Market Place Center Whole Loan documents require an upfront deposit of $537,085 for outstanding free rent related to 10 tenants.

---

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

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office - CBD | &nbsp;&nbsp;Loan #7 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$40000000 |
| &nbsp;&nbsp;3200-3240 El Camino Real, 400-450 | &nbsp;&nbsp;**Market Place Center** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;50.9% |
| &nbsp;&nbsp;Exchange, and 200, 210, 220, |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.96x |
| &nbsp;&nbsp;240, 250, and 300-350 Commerce |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;17.7% |
| &nbsp;&nbsp;Irvine, CA 92612 |  |  |  |

---

***Lockbox and Cash Management.*** The Market Place Center Whole Loan is structured with a hard lockbox, which is already in place, and springing cash management. The borrower is required to direct tenants to pay rent directly into such lockbox account and all rents received directly by the borrower or the property manager are required to be deposited into the lockbox account within three business days of receipt. Prior to the occurrence of a Cash Trap Event Period, all funds in the lockbox account are required to be distributed to borrower. During a Cash Trap Event Period, funds in the lockbox account are required to be swept on each business day 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 loan during the continuance of the 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; or

&nbsp;&nbsp;&nbsp;&nbsp;(ii) subject
 to borrower's providing Cash Trap Cure Collateral, the net cash flow debt service coverage
 ratio ("NCF DSCR") falling below 1.15x.

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

&nbsp;&nbsp;&nbsp;&nbsp;(ix) with
 regard to clause (i) the cure of the related event of default; or

&nbsp;&nbsp;&nbsp;&nbsp;(x) with
 regard to clause (ii) the NCF DSCR being at least 1.20x for two consecutive calendar quarters.

"Cash Trap Cure Collateral" shall mean either, or a combination of cash deposits or a letter of credit delivered to Lender Loan in an amount which, if applied as a principal prepayment of the Loan, would result in a Debt Service Coverage Ratio that is equal to or greater than 1.20x. Provided there is no event of default, the Cash Trap Cure Collateral will be released to borrower if the Debt Service Coverage Ratio is equal to or greater than 1.20x for two (2) consecutive calendar quarters.

***Release of Property*.** The Market Place Center Whole Loan documents permit the release, without lender consent and without fee, of any portion of the Market Place Center Property which: (a) is non-income producing; and (b) does not materially contribute to the ongoing use, economic value of, revenue or operations of the Market Place Center Property.

The Market Place Center Whole Loan documents provide that, following the lockout period, the borrower may obtain the release of not more than two adjacent buildings in connection with a sale on an arms-length basis (includes affiliates), subject to certain conditions, including: (i) no event of default shall have occurred or be continuing, (ii) partial defeasance of the loan in an amount equal to the greatest of (A) 110% of the allocated amount for the release property, (B) an amount necessary to ensure that the post-release DSCR (interest-only) of the remaining properties is no less than the greater of the pre-release DSCR (interest-only) for the entire property and 2.42x, (C) an amount necessary to ensure that the post-release LTV of the remaining properties is no less than the greater of the pre-release LTV for the entire property and 50.9%, and (D) an amount sufficient to comply with related REMIC requirements, (iii) a rating agency confirmation, and (iv) an opinion of counsel that the partial release complies with REMIC requirements. 

***Terrorism Insurance*.** The Market Place Center Whole 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 Market Place Center 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 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.

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

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Hospitality – Full Service | &nbsp;&nbsp;Loan #8 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$34750000 |
| &nbsp;&nbsp;8535 West Higgins Road | &nbsp;&nbsp;**Marriott Chicago O'Hare** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;47.9% |
| &nbsp;&nbsp;Chicago, IL 60631 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.75x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;18.2% |

---

![](n5486prets_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. |
| 77 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Hospitality – Full Service | &nbsp;&nbsp;Loan #8 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$34750000 |
| &nbsp;&nbsp;8535 West Higgins Road | &nbsp;&nbsp;**Marriott Chicago O'Hare** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;47.9% |
| &nbsp;&nbsp;Chicago, IL 60631 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.75x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;18.2% |

---

![](n5486prets_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. |
| 78 |

---

**Mortgage Loan No. 8 – Marriott Chicago O'Hare**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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;WFB | &nbsp;&nbsp;WFB | &nbsp;&nbsp;WFB | &nbsp;&nbsp;**Single Asset/Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Credit Assessment (S&P/Fitch/KBRA):** | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;Chicago, IL 60631 |
| &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;$34750000 | &nbsp;&nbsp;$34750000 | &nbsp;&nbsp;$34750000 | &nbsp;&nbsp;**General Property Type:** | &nbsp;&nbsp;Hospitality |
| &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$34750000 | &nbsp;&nbsp;$34750000 | &nbsp;&nbsp;$34750000 | &nbsp;&nbsp;**Detailed Property Type:** | &nbsp;&nbsp;Full Service |
| &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;Refinance | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;**Year Built/Renovated:** | &nbsp;&nbsp;1967/2021 |
| &nbsp;&nbsp;**Borrower Sponsor<sup>(1)</sup>:** | &nbsp;&nbsp;Columbia Sussex Corporation | &nbsp;&nbsp;Columbia Sussex Corporation | &nbsp;&nbsp;Columbia Sussex Corporation | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;470 Rooms |
| &nbsp;&nbsp;**Guarantor:** | &nbsp;&nbsp;CSC Holdings, LLC | &nbsp;&nbsp;CSC Holdings, LLC | &nbsp;&nbsp;CSC Holdings, LLC | &nbsp;&nbsp;**Cut-off Date Balance Per Room:** | &nbsp;&nbsp;$73936 |
| &nbsp;&nbsp;**Mortgage Rate:** | &nbsp;&nbsp;6.4670% | &nbsp;&nbsp;6.4670% | &nbsp;&nbsp;6.4670% | &nbsp;&nbsp;**Maturity Date Balance Per Room:** | &nbsp;&nbsp;$58322 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;11/18/2025 | &nbsp;&nbsp;11/18/2025 | &nbsp;&nbsp;11/18/2025 | &nbsp;&nbsp;**Property Manager:** | &nbsp;&nbsp;Crestview Management, LLC |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;12/11/2035 | &nbsp;&nbsp;12/11/2035 | &nbsp;&nbsp;12/11/2035 |  | &nbsp;&nbsp;(borrower-related) |
| &nbsp;&nbsp;**Term to Maturity:** | &nbsp;&nbsp;120 months | &nbsp;&nbsp;120 months | &nbsp;&nbsp;120 months |  |  |
| &nbsp;&nbsp;**Amortization Term:** | &nbsp;&nbsp;300 months | &nbsp;&nbsp;300 months | &nbsp;&nbsp;300 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;$6309006 |
| &nbsp;&nbsp;**Seasoning:** | &nbsp;&nbsp;0 months | &nbsp;&nbsp;0 months | &nbsp;&nbsp;0 months | &nbsp;&nbsp;**UW NCF:** | &nbsp;&nbsp;$4909260 |
| &nbsp;&nbsp;**Prepayment Provisions:** | &nbsp;&nbsp;L(24),D(89),O(7) | &nbsp;&nbsp;L(24),D(89),O(7) | &nbsp;&nbsp;L(24),D(89),O(7) | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;18.2% |
| &nbsp;&nbsp;**Lockbox/Cash Mgmt Status:** | &nbsp;&nbsp;Hard/Springing | &nbsp;&nbsp;Hard/Springing | &nbsp;&nbsp;Hard/Springing | &nbsp;&nbsp;**UW NCF Debt Yield:** | &nbsp;&nbsp;14.1% |
| &nbsp;&nbsp;**Additional Debt Type:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**UW NOI Debt Yield at Maturity:** | &nbsp;&nbsp;23.0% |
| &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.75x |
| &nbsp;&nbsp;**Future Debt Permitted (Type):** | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;**Most Recent NOI<sup>(3)</sup>:** | &nbsp;&nbsp;$6,296,974 (10/31/2025 TTM) |
| &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;**2<sup>nd</sup> Most Recent NOI<sup>(3)</sup>:** | &nbsp;&nbsp;$3,703,031 (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;**3<sup>rd</sup> Most Recent NOI:** | &nbsp;&nbsp;$3,840,708 (12/31/2023) |
| &nbsp;&nbsp;**RE Taxes:** | &nbsp;&nbsp;$821310 | &nbsp;&nbsp;$164262 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Most Recent Occupancy<sup>(3)</sup>:** | &nbsp;&nbsp;58.4% (10/31/2025) |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**2<sup>nd</sup> Most Recent Occupancy<sup>(3)</sup>:** | &nbsp;&nbsp;50.2% (12/31/2024) |
| &nbsp;&nbsp;**FF&E Reserve:** | &nbsp;&nbsp;$7797000 | &nbsp;&nbsp;$116645 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**3<sup>rd</sup> Most Recent Occupancy:** | &nbsp;&nbsp;49.2% (12/31/2023) |
| &nbsp;&nbsp;**Seasonality Reserve:** | &nbsp;&nbsp;$2000000 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;$2000000 | &nbsp;&nbsp;**Appraised Value (as of):** | &nbsp;&nbsp;$72,500,000 (9/4/2025) |
| &nbsp;&nbsp;**Replacement Comfort Letter Reserve:** | &nbsp;&nbsp;$2500 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value Per Room:** | &nbsp;&nbsp;$154255 |
| &nbsp;&nbsp;**PIP Reserve:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Cut-off Date LTV Ratio:** | &nbsp;&nbsp;47.9% |
|  |  |  |  | &nbsp;&nbsp;**Maturity Date LTV Ratio:** | &nbsp;&nbsp;37.8% |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** |
| &nbsp;&nbsp;**Sources** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** | &nbsp;&nbsp;**Uses** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** |
| &nbsp;&nbsp;Mortgage Loan Amount: | &nbsp;&nbsp;$34750000 | &nbsp;&nbsp;78.1% | &nbsp;&nbsp;Loan Payoff: | &nbsp;&nbsp;$32632608 | &nbsp;&nbsp;73.4% |
| &nbsp;&nbsp;Borrower Sponsor Equity: | &nbsp;&nbsp;$9725044 | &nbsp;&nbsp;21.9% | &nbsp;&nbsp;Upfront Reserves: | &nbsp;&nbsp;$10620810 | &nbsp;&nbsp;23.9% |
|  |  |  | &nbsp;&nbsp;Closing Costs: | &nbsp;&nbsp;$1221626 | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;**Total Sources:** | &nbsp;&nbsp;**$44475044** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses:** | &nbsp;&nbsp;**$44475044** | &nbsp;&nbsp;**100.0%** |

---

(1) See "*The Borrower and the Borrower Sponsor*" section below for further discussion of
the borrower sponsors.

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

(3) The increase in Net Operating Income and Occupancy from 2024 to TTM was primarily due to an increase in
group bookings and prioritization of multi-day, conference bookings over single-night stays.

***The Mortgage Loan.*** The eighth largest mortgage loan (the "Marriott Chicago O'Hare Mortgage Loan") is evidenced by a promissory note in the original principal balance of $34,750,000 and secured by the fee interest in a 470-room full-service hotel located in Chicago, IL (the "Marriott Chicago O'Hare Property"). ****

***The Borrower and the Borrower Sponsor.*** The borrower is CP Chicago O'Hare, LLC, a single-purpose, Delaware limited liability company with one independent director. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Marriott Chicago O'Hare Mortgage Loan.

The borrower sponsor is Columbia Sussex Corporation ("CSC"). Founded in 1972, CSC is a privately owned hospitality company headquartered in Crestview Hills, Kentucky. CSC currently owns 47 hotels across 18 states, Saint Martin and Washington D.C. with major hospitality brands including Marriott, Hilton, and Hyatt. The non-recourse carveout guarantor is CSC Holdings, LLC, an affiliate of CSC.

The borrower sponsor has experienced prior loan defaults and foreclosures, including an affiliate bankruptcy. For additional information please s*ee "Description of the Mortgage Pool—Loan Purpose; Default History, Bankruptcy Issues and Other Proceedings"* in the prospectus*.*

***The Property.*** The Marriott Chicago O'Hare Property is a twelve-story, 470-room, full-service hotel located in Chicago, Illinois. Situated on an approximately 11.78-acre site, the Marriott Chicago O'Hare property was built in 1967, renovated in 2021 and is operated under the Marriott flag with a franchise agreement expiring on June 23, 2035. The property provides 539 surface parking spaces, resulting in a parking ratio of 1.15 spaces per room. Amenities at the Marriott Chicago O'Hare Property include a restaurant, lounge, fitness room, business center, indoor swimming pool, attached three-story U-shaped guestroom wing, one-story ballroom, conference wing and a typical complement of back-of-the-house facilities. The Marriott Chicago O'Hare Property guestroom configuration consists of 257 king rooms, 158 double queen rooms, 10 suites and 45 ADA accessible rooms. The borrower sponsor acquired the Marriott Chicago O'Hare Property in 2015 and has invested approximately $9.2 million over the past 10 years renovating and upgrading the

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

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Hospitality – Full Service | &nbsp;&nbsp;Loan #8 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$34750000 |
| &nbsp;&nbsp;8535 West Higgins Road | &nbsp;&nbsp;**Marriott Chicago O'Hare** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;47.9% |
| &nbsp;&nbsp;Chicago, IL 60631 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.75x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;18.2% |

---

property, including $6.4 million on hotel renovations and $2.2 million on FF&E, resulting in a total cost basis of approximately $77.7 million. The borrower sponsor plans to invest an additional approximately $7.8 million at the Marriott Chicago O'Hare Property improvements to areas including guestrooms, the lobby areas, restaurants, and fitness center. See "Escrows and Reserves – FF&E Reserve," below.

The following table presents historical occupancy, ADR, and RevPAR penetration rates of the Marriott Chicago O'Hare Property:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &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;**Marriott Chicago O'Hare Property<sup>(2)</sup>** | &nbsp;&nbsp;**Marriott Chicago O'Hare Property<sup>(2)</sup>** | &nbsp;&nbsp;**Marriott Chicago O'Hare Property<sup>(2)</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;12/31/2023 | &nbsp;&nbsp;67.6% | &nbsp;&nbsp;$161.25 | &nbsp;&nbsp;$109.03 | &nbsp;&nbsp;49.2% | &nbsp;&nbsp;$156.09 | &nbsp;&nbsp;$76.84 | &nbsp;&nbsp;72.8% | &nbsp;&nbsp;96.8% | &nbsp;&nbsp;70.5% |
| &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;69.6% | &nbsp;&nbsp;$171.82 | &nbsp;&nbsp;$119.66 | &nbsp;&nbsp;50.2% | &nbsp;&nbsp;$159.88 | &nbsp;&nbsp;$80.19 | &nbsp;&nbsp;72.1% | &nbsp;&nbsp;93.1% | &nbsp;&nbsp;67.0% |
| &nbsp;&nbsp;10/31/2025 TTM | &nbsp;&nbsp;70.5% | &nbsp;&nbsp;$176.28 | &nbsp;&nbsp;$124.27 | &nbsp;&nbsp;58.4% | &nbsp;&nbsp;$159.97 | &nbsp;&nbsp;$93.43 | &nbsp;&nbsp;82.8% | &nbsp;&nbsp;90.7% | &nbsp;&nbsp;75.2% |

---

Source: *Industry Report, unless otherwise indicated.*

(1) The variances between the underwriting, the appraisal and the industry report data
with respect to Occupancy, ADR and RevPAR are attributable in part to variances in reporting methodologies and/or timing differences.

(2) The competitive set includes the Hyatt Regency O'Hare Chicago, Sheraton Suites
Chicago O'Hare, Embassy Suites by Hilton Chicago O'Hare Rosemont, The Westin O'Hare, DoubleTree by Hilton Hotel Chicago O'Hare
Airport, Hilton Chicago O'Hare Airport, Hyatt Centric Chicago O'Hare and the Hilton Rosemont Chicago O'Hare.

(3) The information for the Marriott Chicago O'Hare Property is obtained from
the underwriting.

***The Market.*** The Marriott Chicago O'Hare Property is located in Chicago O'Hare Airport submarket Chicago, IL and in the northwest quadrant formed by the intersection of Interstate 90 and North Cumberland Avenue. The Marriott Chicago O'Hare Property is approximately two miles from O'Hare International Airport and 14 miles northwest of the Central Business District of Chicago. The Marriott Chicago O'Hare Property is proximate to major highways, including Interstate 90 (Kennedy Expressway) and Interstate 294 (Tri-State Tollway), which provide regional and interstate access.

According to the appraisal, the 2024 estimated population within a one-, three- and five-mile radius of the Marriott Chicago O'Hare Property is 20,377, 148,582 and 446,816 respectively, and the average household income for the same radii is $126,917, $131,564 and $117,622 respectively.

According to a third-party report, the O'Hare submarket is comprised of 88 hotel properties and 15,687 rooms in total. As of October 2025, the O'Hare submarket had a trailing-twelve-month occupancy, ADR and RevPAR of 68.6%, $133 and $91 respectively.

The forward group rooms booked and associated revenue for 2025-2026 as of September 2025 indicates 12,223 rooms booked over the forward 12 months for a total revenue of approximately $2.0 million, which results in increases to rooms booked and associated revenue of 19.6% and 26.5%, respectively, compared to the same period of 2024-2025 bookings.

The following table presents competitive properties to the Marriott Chicago O'Hare Property:

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| | | | | |
|:---|:---|:---|:---|:---|
| &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** | &nbsp;&nbsp;**Year Built** | &nbsp;&nbsp;**Rooms** | &nbsp;&nbsp;**Total Meeting Space (sf)** | &nbsp;&nbsp;**Meeting Space SF per Room** |
| &nbsp;&nbsp;**Marriott Chicago O'Hare** | &nbsp;&nbsp;**1967** | &nbsp;&nbsp;**470** | &nbsp;&nbsp;**34869** | &nbsp;&nbsp;**74.2** |
| &nbsp;&nbsp;Hyatt Regency O'Hare Chicago | &nbsp;&nbsp;1971 | &nbsp;&nbsp;1095 | &nbsp;&nbsp;110000 | &nbsp;&nbsp;100.5 |
| &nbsp;&nbsp;Sheraton Suites Chicago O'Hare | &nbsp;&nbsp;1986 | &nbsp;&nbsp;296 | &nbsp;&nbsp;13119 | &nbsp;&nbsp;44.3 |
| &nbsp;&nbsp;Embassy Suites by Hilton Chicago O'Hare Rosemont | &nbsp;&nbsp;1987 | &nbsp;&nbsp;294 | &nbsp;&nbsp;14000 | &nbsp;&nbsp;47.6 |
| &nbsp;&nbsp;The Westin O'Hare | &nbsp;&nbsp;1984 | &nbsp;&nbsp;525 | &nbsp;&nbsp;50000 | &nbsp;&nbsp;95.2 |
| &nbsp;&nbsp;DoubleTree by Hilton Hotel Chicago O'Hare Airport - Rosemont | &nbsp;&nbsp;2000 | &nbsp;&nbsp;369 | &nbsp;&nbsp;13500 | &nbsp;&nbsp;36.6 |
| &nbsp;&nbsp;Hilton Chicago O'Hare Airport | &nbsp;&nbsp;1973 | &nbsp;&nbsp;860 | &nbsp;&nbsp;37000 | &nbsp;&nbsp;43.0 |
| &nbsp;&nbsp;Hyatt Centric Chicago O'Hare | &nbsp;&nbsp;1999 | &nbsp;&nbsp;206 | &nbsp;&nbsp;7600 | &nbsp;&nbsp;36.9 |
| &nbsp;&nbsp;Hilton Rosemont Chicago O'Hare | &nbsp;&nbsp;1987 | &nbsp;&nbsp;300 | &nbsp;&nbsp;22000 | &nbsp;&nbsp;73.3 |
| &nbsp;&nbsp;**Subtotal/Average** |  | &nbsp;&nbsp;**4415** | &nbsp;&nbsp;**33565** | &nbsp;&nbsp;**61.3** |

---

Source: *Appraisal*<br>

***Appraisal.*** The appraisal concluded to an "as-is" value for the Marriott Chicago O'Hare Property of $72,500,000 as of September 4, 2025.

***Environmental Matters.*** According to the Phase I environmental site assessment dated September 9, 2025, there was no evidence of any recognized environmental conditions at the Marriott Chicago O'Hare 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. |
| 80 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Hospitality – Full Service | &nbsp;&nbsp;Loan #8 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$34750000 |
| &nbsp;&nbsp;8535 West Higgins Road | &nbsp;&nbsp;**Marriott Chicago O'Hare** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;47.9% |
| &nbsp;&nbsp;Chicago, IL 60631 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.75x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;18.2% |

---

***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 Marriott Chicago O'Hare Property:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** |
|  | **2020** | **2021** | **2022** | **2023** | **2024** | **10/31/2025 TTM** | **UW** | **UW per Room** |
| &nbsp;&nbsp;Occupancy**<sup>(2)</sup>** | &nbsp;&nbsp;16.1% | &nbsp;&nbsp;22.7% | &nbsp;&nbsp;45.5% | &nbsp;&nbsp;49.2% | &nbsp;&nbsp;50.2% | &nbsp;&nbsp;58.4% | &nbsp;&nbsp;58.4% |  |
| &nbsp;&nbsp;ADR | &nbsp;&nbsp;$109.72 | &nbsp;&nbsp;$125.45 | &nbsp;&nbsp;$146.73 | &nbsp;&nbsp;$156.09 | &nbsp;&nbsp;$159.88 | &nbsp;&nbsp;$159.97 | &nbsp;&nbsp;$159.97 |  |
| &nbsp;&nbsp;RevPAR | &nbsp;&nbsp;$17.67 | &nbsp;&nbsp;$28.43 | &nbsp;&nbsp;$66.69 | &nbsp;&nbsp;$76.84 | &nbsp;&nbsp;$80.19 | &nbsp;&nbsp;$93.43 | &nbsp;&nbsp;$93.43 |  |
| &nbsp;&nbsp;Rooms Revenue | &nbsp;&nbsp;$3039095 | &nbsp;&nbsp;$4876616 | &nbsp;&nbsp;$11440502 | &nbsp;&nbsp;$13181323 | &nbsp;&nbsp;$13794033 | &nbsp;&nbsp;$16027567 | &nbsp;&nbsp;$16027567 | &nbsp;&nbsp;$34101.21 |
| &nbsp;&nbsp;Food & Beverage Revenue | &nbsp;&nbsp;$1692461 | &nbsp;&nbsp;$2604777 | &nbsp;&nbsp;$7782954 | &nbsp;&nbsp;$9154210 | &nbsp;&nbsp;$9095604 | &nbsp;&nbsp;$10669425 | &nbsp;&nbsp;$10669425 | &nbsp;&nbsp;$22700.90 |
| &nbsp;&nbsp;Parking Revenue | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;Other Income | &nbsp;&nbsp; $547362 | &nbsp;&nbsp; $651250 | &nbsp;&nbsp; $1260198 | &nbsp;&nbsp; $1343962 | &nbsp;&nbsp; $1330670 | &nbsp;&nbsp; $1297915 | &nbsp;&nbsp; $1297915 | &nbsp;&nbsp; $2761.52 |
| &nbsp;&nbsp;**Total Revenue** | &nbsp;&nbsp;**$5278918** | &nbsp;&nbsp;**$8132643** | &nbsp;&nbsp;**$20483654** | &nbsp;&nbsp;**$23679495** | &nbsp;&nbsp;**$24220307** | &nbsp;&nbsp;**$27994907** | &nbsp;&nbsp;**$27994907** | &nbsp;&nbsp;**$59563.63** |
| &nbsp;&nbsp;Room Expense | &nbsp;&nbsp;$2422980 | &nbsp;&nbsp;$2534929 | &nbsp;&nbsp;$4850351 | &nbsp;&nbsp;$5444332 | &nbsp;&nbsp;$5774778 | &nbsp;&nbsp;$6065761 | &nbsp;&nbsp;$6065761 | &nbsp;&nbsp;$12905.87 |
| &nbsp;&nbsp;Food & Beverage Expense | &nbsp;&nbsp;$1509224 | &nbsp;&nbsp;$1657452 | &nbsp;&nbsp;$4150029 | &nbsp;&nbsp;$4681176 | &nbsp;&nbsp;$4780986 | &nbsp;&nbsp;$5513401 | &nbsp;&nbsp;$5513401 | &nbsp;&nbsp;$11730.64 |
| &nbsp;&nbsp;Other Department Expense | &nbsp;&nbsp; $37075 | &nbsp;&nbsp; $31249 | &nbsp;&nbsp; $71683 | &nbsp;&nbsp; $70844 | &nbsp;&nbsp; $56455 | &nbsp;&nbsp; $65861 | &nbsp;&nbsp; $65861 | &nbsp;&nbsp; $140.13 |
| &nbsp;&nbsp;**Total Department Expenses** | &nbsp;&nbsp;**$3969279** | &nbsp;&nbsp;**$4223630** | &nbsp;&nbsp;**$9072063** | &nbsp;&nbsp;**$10196352** | &nbsp;&nbsp;**$10612219** | &nbsp;&nbsp;**$11645023** | &nbsp;&nbsp;**$11645023** | &nbsp;&nbsp;**$24776.64** |
| &nbsp;&nbsp;**Gross Operating Income** | &nbsp;&nbsp;**$1309639** | &nbsp;&nbsp;**$3909013** | &nbsp;&nbsp;**$11411591** | &nbsp;&nbsp;**$13483143** | &nbsp;&nbsp;**$13608088** | &nbsp;&nbsp;**$16349884** | &nbsp;&nbsp;**$16349884** | &nbsp;&nbsp;**$34786.99** |
| &nbsp;&nbsp;Total Undistributed Expenses | &nbsp;&nbsp;$3388874 | &nbsp;&nbsp;$3438694 | &nbsp;&nbsp;$6168083 | &nbsp;&nbsp;$7120376 | &nbsp;&nbsp;$7846563 | &nbsp;&nbsp;$7905029 | &nbsp;&nbsp;$7957912 | &nbsp;&nbsp;$16931.73 |
| &nbsp;&nbsp;**Gross Operating Profit** | &nbsp;&nbsp;**($2079235)** | &nbsp;&nbsp;**$470319** | &nbsp;&nbsp;**$5243508** | &nbsp;&nbsp;**$6362767** | &nbsp;&nbsp;**$5761525** | &nbsp;&nbsp;**$8444855** | &nbsp;&nbsp;**$8391972** | &nbsp;&nbsp;**$17855.26** |
| &nbsp;&nbsp;Property Taxes | &nbsp;&nbsp; $1442840 | &nbsp;&nbsp;$934038 | &nbsp;&nbsp;$786900 | &nbsp;&nbsp;$2257450 | &nbsp;&nbsp;$1744845 | &nbsp;&nbsp;$1821248 | &nbsp;&nbsp;$1787569 | &nbsp;&nbsp;$3803.34 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp; $187237 | &nbsp;&nbsp;$207294 | &nbsp;&nbsp;$214169 | &nbsp;&nbsp;$264609 | &nbsp;&nbsp;$313649 | &nbsp;&nbsp;$326633 | &nbsp;&nbsp;$295397 | &nbsp;&nbsp;$628.50 |
| &nbsp;&nbsp;**Total Operating Expenses** | &nbsp;&nbsp;**$1630077** | &nbsp;&nbsp;**$1141332** | &nbsp;&nbsp;**$1001069** | &nbsp;&nbsp;**$2522059** | &nbsp;&nbsp;**$2058494** | &nbsp;&nbsp;**$2147881** | &nbsp;&nbsp;**$2082966** | &nbsp;&nbsp;**$4431.84** |
| &nbsp;&nbsp;**Net Operating Income<sup>(2)</sup>** | &nbsp;&nbsp;**($3709312)** | &nbsp;&nbsp; **($671013)** | &nbsp;&nbsp; **$4242439** | &nbsp;&nbsp; **$3840708** | &nbsp;&nbsp; **$3703031** | &nbsp;&nbsp;**$6296974** | &nbsp;&nbsp;**$6309006** | &nbsp;&nbsp;**$13423.42** |
| &nbsp;&nbsp;FF&E | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $1399745 | &nbsp;&nbsp; $2978.18 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**($3709312)** | &nbsp;&nbsp;**($671013)** | &nbsp;&nbsp;**$4242439** | &nbsp;&nbsp;**$3840708** | &nbsp;&nbsp;**$3703031** | &nbsp;&nbsp;**$6296974** | &nbsp;&nbsp;**$4909260** | &nbsp;&nbsp;**$10445.23** |
| &nbsp;&nbsp;**NOI DSCR** | &nbsp;&nbsp;**(1.32x)** | &nbsp;&nbsp;**(0.24x)** | &nbsp;&nbsp;**1.51x** | &nbsp;&nbsp;**1.37x** | &nbsp;&nbsp;**1.32x** | &nbsp;&nbsp;**2.24x** | &nbsp;&nbsp;**2.25x** |  |
| &nbsp;&nbsp;**NCF DSCR** | &nbsp;&nbsp;**(1.32x)** | &nbsp;&nbsp;**(0.24x)** | &nbsp;&nbsp;**1.51x** | &nbsp;&nbsp;**1.37x** | &nbsp;&nbsp;**1.32x** | &nbsp;&nbsp;**2.24x** | &nbsp;&nbsp;**1.75x** |  |
| &nbsp;&nbsp;**NOI Debt Yield** | &nbsp;&nbsp;**(10.7%)** | &nbsp;&nbsp;**(1.9%)** | &nbsp;&nbsp;**12.2%** | &nbsp;&nbsp;**11.1%** | &nbsp;&nbsp;**10.7%** | &nbsp;&nbsp;**18.1%** | &nbsp;&nbsp;**18.2%** |  |
| &nbsp;&nbsp;**NCF Debt Yield** | &nbsp;&nbsp;**(10.7%)** | &nbsp;&nbsp;**(1.9%)** | &nbsp;&nbsp;**12.2%** | &nbsp;&nbsp;**11.1%** | &nbsp;&nbsp;**10.7%** | &nbsp;&nbsp;**18.1%** | &nbsp;&nbsp;**14.1%** |  |

---

(1) The variances between the underwriting, the appraisal, and the industry report data with respect to Occupancy,
ADR and RevPAR at the Marriott Chicago O'Hare Property are attributable in part to variances in reporting methodologies and/or timing
differences.

(2) The increase in Net Operating Income and Occupancy from 2024 to TTM Oct 2025 was primarily due to an increase
in group bookings and prioritization of multi-day, conference bookings over single-night stays.

***Escrows and Reserves.***

*Real Estate Taxes–* The Marriott Chicago O'Hare Mortgage Loan documents require an upfront deposit of $821,310 and ongoing monthly deposits of $164,262 for real estate taxes.

*Insurance –* The Marriott Chicago O'Hare Mortgage Loan documents require the borrower to deposit 1/12th of the estimated annual insurance premiums into an insurance reserve. However, the borrower will not be required to make the monthly insurance reserve deposit provided that (i) no event of default is continuing, (ii) there is a blanket policy in place that is satisfactory to the lender, and (iii) the borrower provides the lender evidence of renewal of such policy and paid receipts for the insurance premiums within 30 days after the scheduled expiration dates of the policies.

*FF&E Reserve –* The loan documents require an upfront deposit of $7,797,000 and ongoing monthly deposits in an amount equal to the greater of (i) the then-existing FF&E Reserve monthly deposit for the prior period or (ii) the greater of (a) 1/12th of 5% of the underwritten revenue for the prior fiscal year and (b) the amount required by the franchise agreement, initially $116,645. The FF&E Reserve funds are set aside for "mid-term refresh" improvements to guestrooms, lobby areas, restaurants, and fitness center that are planned by 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. |
| 81 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Hospitality – Full Service | &nbsp;&nbsp;Loan #8 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$34750000 |
| &nbsp;&nbsp;8535 West Higgins Road | &nbsp;&nbsp;**Marriott Chicago O'Hare** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;47.9% |
| &nbsp;&nbsp;Chicago, IL 60631 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.75x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;18.2% |

---

*Seasonality Reserve* –The Marriott Chicago O'Hare Mortgage Loan documents require an upfront deposit of $2,000,000 (the "Seasonality Reserve Required Annual Balance"). These funds may be used for disbursements to or for the payment of any part of the monthly debt service payments occurring in January, February, March, and April to the extent that there is insufficient cash flow from the Marriott Chicago O'Hare Property to make the monthly debt service payment. The lender may adjust the Seasonality Reserve Required Annual Balance (and thus the Seasonality Reserve Deposit Amount (as defined below)), upon notice to the borrower, to an amount equal to the shortfall in revenue from the Marriott Chicago O'Hare Property to cover the debt service at a debt service coverage ratio ("DSCR") of 1.30x, as calculated by the lender based on actual operations from the prior 12 months. The borrower is required to deposit with the lender an amount equal to 1/2 of the Seasonality Reserve Required Annual Balance, initially $250,000 for monthly payment date in June and $350,000 for monthly payment dates occurring in July, August, September, October and November (the "Seasonality Reserve Deposit Amount"), *provided*, however, that the borrower is only required to make these deposits if the funds on deposit in the Seasonality Reserve are less than the Seasonality Reserve Required Annual Balance, initially $2,000,000.

*Replacement Comfort Letter Reserve –* The Marriott Chicago O'Hare Mortgage Loan documents require an upfront deposit of $2,500 for paying any costs and fees associated with obtaining one or more replacement or reissued franchisor comfort letters as determined by the lender to be necessary or appropriate in connection with any secondary market transaction.

*PIP Reserve –* The Marriott Chicago O'Hare Mortgage Loan documents require that on the date that any new PIP is imposed by the franchisor, the borrower is required to deposit within 15 days after receipt of notice from the franchisor with respect to such PIP work, cash or a letter of credit in an amount equal to 100% of the sum required to pay for such new PIP into a PIP reserve.

***Lockbox and Cash Management.*** The Marriott Chicago O'Hare Loan is structured with a hard lockbox and springing cash management. The borrower is required to deliver direction letters to each of the credit card companies with which borrower has entered into a merchant's or other credit card agreement directing them to pay to the lender-controlled lockbox account all payments which would otherwise be paid to borrower under the applicable credit card processing agreement. The borrower is required to (or cause the property manager to) deposit all revenue generated by the Marriott Chicago O'Hare Property into the lender-controlled lockbox account within three business days. All funds deposited into the lockbox are required to be transferred on each business day to the borrower unless a Cash Trap Event Period (as defined below) exists. Upon the occurrence and during the continuance of a Cash Trap Event Period, all funds in the lockbox account are required to be swept on each business day to a cash management account under the control of the lender to be applied and disbursed in accordance with the Marriott Chicago O'Hare Mortgage Loan documents, and all excess cash flow funds remaining in the cash management account after the application of such funds in accordance with the Marriott Chicago O'Hare Mortgage Loan documents may be held by the lender in an excess cash flow reserve account as additional collateral for the Marriott Chicago O'Hare Mortgage Loan.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 DSCR falling below 1.25x, tested quarterly; or

&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 date that is twelve months prior to expiration of the franchise agreement

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

&nbsp;&nbsp;&nbsp;&nbsp;(i) with
 regard to clause (i) above, upon the cure of such event of default;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) with
 regard to clause (ii) above, the DSCR has been equal to or greater than 1.25x for one calendar
 quarter; or

&nbsp;&nbsp;&nbsp;&nbsp;(iii) With
 regard to clause (iii) above, upon the borrower delivering evidence, in form and substance
 acceptable to the lender that the franchise agreement has been extended, or the borrower
 entering into a replacement franchise agreement.

***ROFR's/ Purchase Options.*** The franchisor (Marriott International, Inc.) has a conditional Right of First Refusal (ROFR) to acquire the subject property if there is transfer of hotel or controlling direct or indirect interest in the borrower to a competitor (generally, any person that exclusively develops, operates or franchises through or with a competitor of franchisor comprising at least 10 luxury service hotels, 20 full service hotels or 50 limited service hotels). See "Description of the Mortgage Pool – Tenant Issues – Purchase Options and Rights of First Refusal" in the prospectus.

***Terrorism Insurance*.** The Marriott Chicago O'Hare 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 Marriott Chicago O'Hare Property, as well as business interruption insurance covering up to 24 months until the improvements are physically restored, together with an extended period of indemnity covering Loss of income up to 12-months following physical restoration. 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. |
| 82 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored | &nbsp;&nbsp;Loan #9 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$28050000 |
| &nbsp;&nbsp;15 South River Road | &nbsp;&nbsp;**Red Rock Commons** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;65.2% |
| &nbsp;&nbsp;St. George, UT 84790 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.51x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;10.0% |

---

![](n5486prets_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. |
| 83 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored | &nbsp;&nbsp;Loan #9 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$28050000 |
| &nbsp;&nbsp;15 South River Road | &nbsp;&nbsp;**Red Rock Commons** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;65.2% |
| &nbsp;&nbsp;St. George, UT 84790 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.51x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;10.0% |

---

![](n5486prets_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. |
| 84 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored | &nbsp;&nbsp;Loan #9 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$28050000 |
| &nbsp;&nbsp;15 South River Road | &nbsp;&nbsp;**Red Rock Commons** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;65.2% |
| &nbsp;&nbsp;St. George, UT 84790 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.51x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;10.0% |

---

![](n5486prets_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. |
| 85 |

---

**Mortgage Loan No. 9 – Red Rock Commons**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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;MSMCH | &nbsp;&nbsp;MSMCH | &nbsp;&nbsp;MSMCH | &nbsp;&nbsp;**Single Asset/Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Credit Assessment (S&P/Fitch/KBRA/):** | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;St. George, UT 84790 |
| &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;$28050000 | &nbsp;&nbsp;$28050000 | &nbsp;&nbsp;$28050000 | &nbsp;&nbsp;**General Property Type:** | &nbsp;&nbsp;Retail |
| &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$28050000 | &nbsp;&nbsp;$28050000 | &nbsp;&nbsp;$28050000 | &nbsp;&nbsp;**Detailed Property Type:** | &nbsp;&nbsp;Anchored |
| &nbsp;&nbsp;**% of Initial Pool Balance:** | &nbsp;&nbsp;2.8% | &nbsp;&nbsp;2.8% | &nbsp;&nbsp;2.8% | &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;2011/2013 |
| &nbsp;&nbsp;**Borrower Sponsor:** | &nbsp;&nbsp;Pacific Castle Management Inc. | &nbsp;&nbsp;Pacific Castle Management Inc. | &nbsp;&nbsp;Pacific Castle Management Inc. | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;134,152 SF |
| &nbsp;&nbsp;**Guarantor:** | &nbsp;&nbsp;Wayne W. Cheng; Cheng Family Trust | &nbsp;&nbsp;Wayne W. Cheng; Cheng Family Trust | &nbsp;&nbsp;Wayne W. Cheng; Cheng Family Trust | &nbsp;&nbsp;**Cut-off Date Balance Per SF:** | &nbsp;&nbsp;$209 |
|  | &nbsp;&nbsp;Dated December 21, 2000 | &nbsp;&nbsp;Dated December 21, 2000 | &nbsp;&nbsp;Dated December 21, 2000 | &nbsp;&nbsp;**Maturity Date Balance Per SF:** | &nbsp;&nbsp;$209 |
| &nbsp;&nbsp;**Mortgage Rate:** | &nbsp;&nbsp;6.2000% | &nbsp;&nbsp;6.2000% | &nbsp;&nbsp;6.2000% | &nbsp;&nbsp;**Property Manager:** | &nbsp;&nbsp;Pacific Castle PM, Inc. |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;10/1/2025 | &nbsp;&nbsp;10/1/2025 | &nbsp;&nbsp;10/1/2025 |  | &nbsp;&nbsp;(borrower-related) |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;10/1/2035 | &nbsp;&nbsp;10/1/2035 | &nbsp;&nbsp;10/1/2035 | &nbsp;&nbsp;**Underwriting and Financial Information** | &nbsp;&nbsp;**Underwriting and Financial Information** |
| &nbsp;&nbsp;**Term to Maturity:** | &nbsp;&nbsp;120 months | &nbsp;&nbsp;120 months | &nbsp;&nbsp;120 months | &nbsp;&nbsp;**UW NOI:** | &nbsp;&nbsp;$2807454 |
| &nbsp;&nbsp;**Amortization Term:** | &nbsp;&nbsp;0 months | &nbsp;&nbsp;0 months | &nbsp;&nbsp;0 months | &nbsp;&nbsp;**UW NCF:** | &nbsp;&nbsp;$2666517 |
| &nbsp;&nbsp;**IO Period:** | &nbsp;&nbsp;120 months | &nbsp;&nbsp;120 months | &nbsp;&nbsp;120 months | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;10.0% |
| &nbsp;&nbsp;**Seasoning:** | &nbsp;&nbsp;2 months | &nbsp;&nbsp;2 months | &nbsp;&nbsp;2 months | &nbsp;&nbsp;**UW NCF Debt Yield:** | &nbsp;&nbsp;9.5% |
| &nbsp;&nbsp;**Prepayment Provisions:** | &nbsp;&nbsp;L(24),YM1(89),O(7) | &nbsp;&nbsp;L(24),YM1(89),O(7) | &nbsp;&nbsp;L(24),YM1(89),O(7) | &nbsp;&nbsp;**UW NOI Debt Yield at Maturity:** | &nbsp;&nbsp;10.0% |
| &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;1.51x |
| &nbsp;&nbsp;**Additional Debt Type:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Most Recent NOI:** | &nbsp;&nbsp;$2,919,156 (5/31/2025 TTM) |
| &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**2nd Most Recent NOI:** | &nbsp;&nbsp;$2,908,374 (12/31/2024) |
| &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;$2,670,872 (12/31/2023) |
|  |  |  |  | &nbsp;&nbsp;**Most Recent Occupancy:** | &nbsp;&nbsp;99.1% (7/1/2025) |
| &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;**2nd Most Recent Occupancy:** | &nbsp;&nbsp;99.0% (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;**3rd Most Recent Occupancy:** | &nbsp;&nbsp;99.0% (12/31/2023) |
| &nbsp;&nbsp;**RE Taxes:** | &nbsp;&nbsp;$202630 | &nbsp;&nbsp;$20263 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value (as of):** | &nbsp;&nbsp;$43,000,000 (7/8/2025) |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value Per SF:** | &nbsp;&nbsp;$321 |
| &nbsp;&nbsp;**Replacement Reserve:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$2124 | &nbsp;&nbsp;$76466 | &nbsp;&nbsp;**Cut-off Date LTV Ratio:** | &nbsp;&nbsp;65.2% |
| &nbsp;&nbsp;**TI/LC Reserve:** | &nbsp;&nbsp;$250000 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;$250000 | &nbsp;&nbsp;**Maturity Date LTV Ratio:** | &nbsp;&nbsp;65.2% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sources and Uss** | &nbsp;&nbsp;**Sources and Uss** | &nbsp;&nbsp;**Sources and Uss** | &nbsp;&nbsp;**Sources and Uss** | &nbsp;&nbsp;**Sources and Uss** | &nbsp;&nbsp;**Sources and Uss** |
| &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;$28050000 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;Loan Payoff: | &nbsp;&nbsp;$20795143 | &nbsp;&nbsp;74.1% |
|  |  |  | &nbsp;&nbsp;Return of Equity: | &nbsp;&nbsp;$6351171 | &nbsp;&nbsp;22.6% |
|  |  |  | &nbsp;&nbsp;Reserves: | &nbsp;&nbsp;$452630 | &nbsp;&nbsp;1.6% |
|  |  |  | &nbsp;&nbsp;Closing Costs: | &nbsp;&nbsp;$451056 | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;**Total Sources:** | &nbsp;&nbsp;**$28050000** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses:** | &nbsp;&nbsp;**$28050000** | &nbsp;&nbsp;**100.0%** |

---

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

 ****

***The Mortgage Loan.*** The ninth largest mortgage loan (the "Red Rock Commons Mortgage Loan") is evidenced by a promissory note in the original principal amount of $28,050,000 and secured by a first priority fee mortgage encumbering a 134,152 SF anchored retail property in St. George, Utah (the "Red Rock Commons Property").

***The Borrower and the Borrower Sponsor.*** The borrower for the Red Rock Commons Mortgage Loan is Pacific Castle Red Rock, LLC, a single-purpose Delaware limited liability company, with one independent director in its organizational structure. The borrower is 100% owned by Pacific Castle HB Fund, LLC, which is 9% owned by its managing member, Pacific Castle Holdings, LLC, 88.0% owned by HAR-Pacific Castle I, LLC, and 3% owned by HAR-Managing Entity LLC. Pacific Castle Holdings, LLC is managed by an entity approximately 0.155% owned and controlled by Wayne W. Cheng, who, together with the Cheng Family Trust dated December 21, 2000, is the non-recourse carveout guarantor of the Red Rock Commons Mortgage Loan. Wayne W. Cheng is the chief executive officer of the borrower sponsor, Pacific Castle Management, Inc. Pacific Castle Management, Inc. is a southern California-based real estate investment company that was founded in 1993 by Wayne W. Cheng, who since 1993, has been the founder, principal shareholder, director and an executive officer of various affiliates of the borrower sponsor. The Cheng Family Trust owns approximately 7.834% of Pacific Castle Holdings, LLC and approximately 1.91% of the borrower. Affiliates of the borrower sponsor currently own and/or manage a portfolio of shopping centers in the western United States comprised of approximately 2 million SF.

***The Property.*** The Red Rock Commons Property is comprised of a fee interest in a 134,152 SF six building, anchored retail property on an approximately 18.9-acre site in St. George, Utah, that includes 542 parking spaces (4.0 spaces per 1,000 SF). The Red Rock Commons Property was built in 2011 and renovated in 2013. The Red Rock Commons Property was acquired by the borrower sponsor for $33.2 million. The Red Rock Commons Property is anchored by Dick's Sporting Goods (33.6% of NRA; 16.9% of underwritten base rent), with other major tenants including Ulta Salon, Old Navy, and PetSmart. As of July 1, 2025, the Red Rock Property was 99.1% leased to 23 tenants, with 93.7% of the NRA (88.8% of rent) being leased to national retailers including Chick-Fil-A, FedEx and Sport Clips. The rent roll is granular, with no tenant other than Dick's Sporting Goods accounting for more than 8.3% of rent. The Red Rock Commons Property benefits from long term tenancy with 89.8% of the NRA (83.0% of rent) being original tenants that have been in occupancy for more than 10 years. Tenants representing 88.3% of the NRA (82.5% of underwritten base rent) have signed a renewal or new lease since 2022. The average tenure for the current tenant base is 10.4 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. |
| 86 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored | &nbsp;&nbsp;Loan #9 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$28050000 |
| &nbsp;&nbsp;15 South River Road | &nbsp;&nbsp;**Red Rock Commons** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;65.2% |
| &nbsp;&nbsp;St. George, UT 84790 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.51x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;10.0% |

---

***Major Tenants.***

*Dick's Sporting Goods (45,018 SF, 33.6% of NRA, 16.9% of underwritten rent).* Dick's Sporting Goods (NYSE: DKS) is an American chain of sporting good stores founded in 1948 in Binghamton, New York. It is the largest sporting goods retailer in the United States, with over 850 stores, and employs approximately 50,100 employees. Additionally, Dick's Sporting Goods operates a number of subsidiaries, including Foot Locker and Golf Galaxy. Dick's Sporting Goods has anchored the Red Rock Commons Property since 2012, has a lease expiration date of January 31, 2028, and has three, five-year renewal options remaining.

*Old Navy (15,003 SF, 11.2% of NRA, 8.0% of underwritten base rent).* Old Navy is a national apparel and accessories brand that is owned by Gap. Old Navy opened its first store in 1994. Today, there are over 1,200 Old Navy stores. Old Navy's corporate operations are based in the Mission Bay neighborhood of San Francisco, California, with its largest stores (its flagship stores), located in New York City, Seattle, Chicago, Manila, and Mexico City. Old Navy has operated at the Red Rock Commons Property since 2012, has a lease expiration date of March 31, 2027, and has no renewal options remaining.

*Petsmart (12,145 SF, 9.1% of NRA, 6.7% of underwritten base rent).* Founded in 1987, PetSmart (S&P/Moody's: B+/B2) is a privately held American chain of pet stores, which sell pet products, services and small pets. The company is headquartered in Phoenix, Arizona and has more than 1,680 locations in the United States, Canada and Puerto Rico. Petsmart has operated at the Red Rock Commons Property since 2012, has a lease expiration date of March 31, 2027, and has three automatic five-year renewal options remaining.

The following table presents a summary regarding the major stores at the Red Rock Commons 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 (Fitch/Moody's/**<br> **S&P)<sup>(2)</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;**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 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**<br> **(Y/N)** |
| &nbsp;&nbsp;**Major Tenants** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Dick's Sporting Goods | &nbsp;&nbsp;NR/Baa2/BBB | &nbsp;&nbsp;45018 | &nbsp;&nbsp;33.6% | &nbsp;&nbsp;$506250 | &nbsp;&nbsp;16.9% | &nbsp;&nbsp;$11.25 | &nbsp;&nbsp;1/31/2028 | &nbsp;&nbsp;3 x 5 year | &nbsp;&nbsp;N |
| &nbsp;&nbsp;Old Navy | &nbsp;&nbsp;NR/Ba2/BB | &nbsp;&nbsp;15003 | &nbsp;&nbsp;11.2% | &nbsp;&nbsp;$240000 | &nbsp;&nbsp;8.0% | &nbsp;&nbsp;$16.00 | &nbsp;&nbsp;3/31/2027 |  | &nbsp;&nbsp;N |
| &nbsp;&nbsp;Petsmart | &nbsp;&nbsp;NR/B2/B+ | &nbsp;&nbsp;12145 | &nbsp;&nbsp;9.1% | &nbsp;&nbsp;$200393 | &nbsp;&nbsp;6.7% | &nbsp;&nbsp;$16.50 | &nbsp;&nbsp;3/31/2027 | &nbsp;&nbsp;3 x 5 year<sup>(3)</sup> | &nbsp;&nbsp;N |
| &nbsp;&nbsp;Ulta Salon | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;9938 | &nbsp;&nbsp;7.4% | &nbsp;&nbsp;$210586 | &nbsp;&nbsp;7.0% | &nbsp;&nbsp;$21.19 | &nbsp;&nbsp;2/28/2027 | &nbsp;&nbsp;1 x 5 year | &nbsp;&nbsp;N |
| &nbsp;&nbsp;Maurices | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp; 8012 | &nbsp;&nbsp; 6.0% | &nbsp;&nbsp; $248372 | &nbsp;&nbsp; 8.3% | &nbsp;&nbsp; $31.00 | &nbsp;&nbsp;1/31/2034 | &nbsp;&nbsp;2 x 5 year | &nbsp;&nbsp;N |
| &nbsp;&nbsp;**Subtotal/Wtd. Avg.** |  | &nbsp;&nbsp;**90116** | &nbsp;&nbsp;**67.2%** | &nbsp;&nbsp;**$1405601** | &nbsp;&nbsp;**47.0%** | &nbsp;&nbsp;**$15.60** |  |  |  |
| &nbsp;&nbsp;Other Tenants | &nbsp;&nbsp;Other Tenants | &nbsp;&nbsp; 42866 | &nbsp;&nbsp; 32.0% | &nbsp;&nbsp; $1586703 | &nbsp;&nbsp; 53.0% | &nbsp;&nbsp; $37.02 |  |  |  |
| &nbsp;&nbsp;**Occupied Subtotal/Wtd. Avg.** | &nbsp;&nbsp;**Occupied Subtotal/Wtd. Avg.** | &nbsp;&nbsp;**132982** | &nbsp;&nbsp;**99.1%** | &nbsp;&nbsp;**$2992303** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$22.50** |  |  |  |
| &nbsp;&nbsp;Vacant Space |  | &nbsp;&nbsp; 1170 | &nbsp;&nbsp; 0.9% |  |  |  |  |  |  |
| &nbsp;&nbsp;**Total/Wtd. Avg.** |  | &nbsp;&nbsp;**134152** | &nbsp;&nbsp;**100.0%** |  |  |  |  |  |  |

---

(1) Information is based on the underwritten rent roll dated July 1, 2025.

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

(3) The renewal option for Petsmart will be exercised automatically unless the tenant gives written notice
to the landlord no later than nine months prior to the expiration of the current lease term that the tenant does not intend to exercise
such option.

---

| |
|:---|
| 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;Retail – Anchored | &nbsp;&nbsp;Loan #9 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$28050000 |
| &nbsp;&nbsp;15 South River Road | &nbsp;&nbsp;**Red Rock Commons** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;65.2% |
| &nbsp;&nbsp;St. George, UT 84790 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.51x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;10.0% |

---

The following table presents certain information relating to the lease rollover at the Red Rock Commons 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 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;**Total UW Rent PSF Rolling** |
| &nbsp;&nbsp;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;2025 | &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;2026 | &nbsp;&nbsp;1 | &nbsp;&nbsp;960 | &nbsp;&nbsp;0.7% | &nbsp;&nbsp;0.7% | &nbsp;&nbsp;$42344 | &nbsp;&nbsp;1.4% | &nbsp;&nbsp;1.4% | &nbsp;&nbsp;$44.11 |
| &nbsp;&nbsp;2027 | &nbsp;&nbsp;8 | &nbsp;&nbsp;49110 | &nbsp;&nbsp;36.6% | &nbsp;&nbsp;37.3% | &nbsp;&nbsp;$1090077 | &nbsp;&nbsp;36.4% | &nbsp;&nbsp;37.8% | &nbsp;&nbsp;$22.20 |
| &nbsp;&nbsp;2028 | &nbsp;&nbsp;3 | &nbsp;&nbsp;55076 | &nbsp;&nbsp;41.1% | &nbsp;&nbsp;78.4% | &nbsp;&nbsp;$845204 | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;66.1% | &nbsp;&nbsp;$15.35 |
| &nbsp;&nbsp;2029 | &nbsp;&nbsp;7 | &nbsp;&nbsp;15562 | &nbsp;&nbsp;11.6% | &nbsp;&nbsp;90.0% | &nbsp;&nbsp;$583224 | &nbsp;&nbsp;19.5% | &nbsp;&nbsp;85.6% | &nbsp;&nbsp;$37.48 |
| &nbsp;&nbsp;2030 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1018 | &nbsp;&nbsp;0.8% | &nbsp;&nbsp;90.7% | &nbsp;&nbsp;$44039 | &nbsp;&nbsp;1.5% | &nbsp;&nbsp;87.1% | &nbsp;&nbsp;$43.26 |
| &nbsp;&nbsp;2031 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;90.7% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;87.1% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2032 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1200 | &nbsp;&nbsp;0.9% | &nbsp;&nbsp;91.6% | &nbsp;&nbsp;$59328 | &nbsp;&nbsp;2.0% | &nbsp;&nbsp;89.0% | &nbsp;&nbsp;$49.44 |
| &nbsp;&nbsp;2033 | &nbsp;&nbsp;1 | &nbsp;&nbsp;2044 | &nbsp;&nbsp;1.5% | &nbsp;&nbsp;93.2% | &nbsp;&nbsp;$79716 | &nbsp;&nbsp;2.7% | &nbsp;&nbsp;91.7% | &nbsp;&nbsp;$39.00 |
| &nbsp;&nbsp;2034 | &nbsp;&nbsp;1 | &nbsp;&nbsp;8012 | &nbsp;&nbsp;6.0% | &nbsp;&nbsp;99.1% | &nbsp;&nbsp;$248372 | &nbsp;&nbsp;8.3% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$31.00 |
| &nbsp;&nbsp;2035 & Thereafter | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;99.1% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;Vacant | &nbsp;&nbsp;0 | &nbsp;&nbsp;1170 | &nbsp;&nbsp;0.9% | &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>(4)</sup>** | &nbsp;&nbsp;**23** | &nbsp;&nbsp;**134152** | &nbsp;&nbsp;**100.0%** |  | &nbsp;&nbsp;**$2992303** | &nbsp;&nbsp;**100.0%** |  | &nbsp;&nbsp;**$22.50** |

---

(1) Information is based on the underwritten rent roll dated July 1, 2025.

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

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

 ****

***The Market.*** The Red Rock Commons Property is located in St. George, Utah, within the Cedar City & St. George retail submarket of the St. George, Utah metropolitan statistical area retail market. St. George is situated in the southwest corner of Utah on the Arizona border, just off of I-15, approximately 120 miles northeast of Las Vegas. The Red Rock Commons Property is located at the highly trafficked, signalized intersection of South River Road and 100 South Street, within the area's primary retail corridor. River Road is one of St. George's major thoroughfares, with an average traffic count of approximately 30,000 vehicles per day. Additionally, the Red Rock Commons Property is adjacent to I-15 providing dining and shopping options for those traveling through St. George to Salt Lake City to the northeast and Las Vegas to the southwest. Major neighboring retailers in adjacent shopping centers include Target, TJ Maxx, Michaels, Ross, Dollar Tree and Lowe's. The Red Rock Commons Property is also less than half a mile from Utah Tech University, which has enrollment of over 12,500 students. St. George, which is the county seat, is considered the county's largest city having approximately 65,000 residents. The population of Washington County is more than 140,000.

According to the appraisal, as of the second quarter of 2025, the vacancy rate in the St. George, Utah metropolitan statistical area retail market was approximately 2.7%, with average asking rents of $23.68 PSF and an inventory of approximately 10.2 million SF. According to the appraisal, as of the second quarter of 2025, the vacancy rate in the Cedar City & St. George retail submarket was approximately 2.5%, with average asking rents of $22.91 PSF and inventory of approximately 12.5 million SF. According to the appraisal, the 2025 estimated population within a one-, three- and five-mile radius of the Red Rock Commons Property was 8,830, 56,198 and 128,158, respectively. According to the appraisal, the 2025 estimated average household income within the same radii was $76,049, $103,239 and $107,412, respectively.

---

| |
|:---|
| 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 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored | &nbsp;&nbsp;Loan #9 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$28050000 |
| &nbsp;&nbsp;15 South River Road | &nbsp;&nbsp;**Red Rock Commons** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;65.2% |
| &nbsp;&nbsp;St. George, UT 84790 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.51x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;10.0% |

---

The following table presents recent big box space leasing data at comparable retail properties with respect to the Red Rock Commons Property:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Comparable Leases Summary** | &nbsp;&nbsp;**Comparable Leases Summary** | &nbsp;&nbsp;**Comparable Leases Summary** | &nbsp;&nbsp;**Comparable Leases Summary** | &nbsp;&nbsp;**Comparable Leases Summary** | &nbsp;&nbsp;**Comparable Leases Summary** | &nbsp;&nbsp;**Comparable Leases Summary** | &nbsp;&nbsp;**Comparable Leases Summary** |
| &nbsp;&nbsp;**Property/Location** | &nbsp;&nbsp;**Year Built / Renovated** | &nbsp;&nbsp;**Size (SF)** | &nbsp;&nbsp;**Tenant Name** | &nbsp;&nbsp;**Tenant Size (SF)** | &nbsp;&nbsp;**Lease Date** | &nbsp;&nbsp;**Lease Term (months)** | &nbsp;&nbsp;**Rent PSF** |
| &nbsp;&nbsp; **Red Rock Commons (subject)<sup>(1)</sup>**<br> **15 South River Road**<br> **St. George, UT** | &nbsp;&nbsp;**2011 / 2013** | &nbsp;&nbsp;**134152** | &nbsp;&nbsp; **The Habit**<br> **Mattress Firm** | &nbsp;&nbsp; **2520**<br> **5058** | &nbsp;&nbsp; **Jan. 2024**<br> **Feb. 2023** | &nbsp;&nbsp; **60**<br> **60** | &nbsp;&nbsp; **$42.00**<br> **$39.72**<br>&nbsp;&nbsp; **NNN**<br> **NNN** |
| &nbsp;&nbsp; The Promenade at Red Cliffs<br> 245 Red Cliffs Drive<br> St. George, UT | &nbsp;&nbsp;1995 / NAP | &nbsp;&nbsp;96401 | &nbsp;&nbsp;Rad Swimwear | &nbsp;&nbsp;1200 | &nbsp;&nbsp;Aug. 2023 | &nbsp;&nbsp;36 | &nbsp;&nbsp;$35.00 &nbsp;&nbsp;NNN |
| &nbsp;&nbsp; Sunset Corner<br> 1051-1091 North Bluff Street<br> Saint George, UT | &nbsp;&nbsp;2001 / NAP | &nbsp;&nbsp;350173 | &nbsp;&nbsp;Crave Cookies | &nbsp;&nbsp;1767 | &nbsp;&nbsp;Jan. 2025 | &nbsp;&nbsp;120 | &nbsp;&nbsp;$44.00 &nbsp;&nbsp;NNN |
| &nbsp;&nbsp; 2505 South River Road<br> St. George, UT | &nbsp;&nbsp;2024 / NAP | &nbsp;&nbsp;9152 | &nbsp;&nbsp;Canyon Pizza Co | &nbsp;&nbsp;1603 | &nbsp;&nbsp;Apr. 2025 | &nbsp;&nbsp;84 | &nbsp;&nbsp;$42.00 &nbsp;&nbsp;NNN |
| &nbsp;&nbsp; Pineview Plaza Retail Center<br> 2376 Red Cliffs Drive<br> St. George, UT | &nbsp;&nbsp;2004 / NAP | &nbsp;&nbsp;142000 | &nbsp;&nbsp;Wingstop | &nbsp;&nbsp;1408 | &nbsp;&nbsp;Aug. 2024 | &nbsp;&nbsp;120 | &nbsp;&nbsp;$36.00 &nbsp;&nbsp;NNN |
| &nbsp;&nbsp; 5049 West 13400 South<br> 5049 13400 South<br> Riverton, UT | &nbsp;&nbsp;2008 / NAP | &nbsp;&nbsp;2200 | &nbsp;&nbsp;Starbucks | &nbsp;&nbsp;2200 | &nbsp;&nbsp;Sep. 2023 | &nbsp;&nbsp;120 | &nbsp;&nbsp;$58.00 &nbsp;&nbsp;NNN |
| &nbsp;&nbsp; Eagle Mountain Town Center Marketplace<br> 1385 East Eagle Mountain Boulevard<br> Eagle Mountain, UT | &nbsp;&nbsp;2022 / NAP | &nbsp;&nbsp;4575 | &nbsp;&nbsp;Arby's | &nbsp;&nbsp;2325 | &nbsp;&nbsp;Jul. 2023 | &nbsp;&nbsp;120 | &nbsp;&nbsp;$41.40 &nbsp;&nbsp;NNN |
| &nbsp;&nbsp; 25 North Plaza<br> 25 North 100 East<br> St. George, UT | &nbsp;&nbsp;1974 / 2022 | &nbsp;&nbsp;37202 | &nbsp;&nbsp;ABS Kids | &nbsp;&nbsp;10559 | &nbsp;&nbsp;Apr. 2024 | &nbsp;&nbsp;84 | &nbsp;&nbsp;$24.10 &nbsp;&nbsp;NNN |
| &nbsp;&nbsp; St. George Place<br> 717-745 South Bluff Street<br> St. George, UT | &nbsp;&nbsp;1983 / NAP | &nbsp;&nbsp;230150 | &nbsp;&nbsp;Five Below | &nbsp;&nbsp;9960 | &nbsp;&nbsp;Sep. 2024 | &nbsp;&nbsp;120 | &nbsp;&nbsp;$16.50 &nbsp;&nbsp;NNN |
| &nbsp;&nbsp; Sandstone Village<br> 42 South River Road<br> Saint George, UT | &nbsp;&nbsp;2005 / NAP | &nbsp;&nbsp;79575 | &nbsp;&nbsp;Minky Couture | &nbsp;&nbsp;9250 | &nbsp;&nbsp;Mar. 2021 | &nbsp;&nbsp;72 | &nbsp;&nbsp;$15.50 &nbsp;&nbsp;NNN |

---

*Source: Appraisal.*

(1) Information other than Year Built is based on the underwritten rent roll dated July 1, 2025.

 

The following table presents information relating to the appraisal's market rent conclusion for the Red Rock Commons 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** | &nbsp;&nbsp;**Term (years)** | &nbsp;&nbsp;**Rent Escalations** | &nbsp;&nbsp;**TI Allowance (PSF)**<br> **(New)** | &nbsp;&nbsp;**Leasing Commissions**<br> **(New / Renewal)** |
| &nbsp;&nbsp;Big Box | &nbsp;&nbsp;$16.00 | &nbsp;&nbsp;10 | &nbsp;&nbsp;10% every 5 years | &nbsp;&nbsp;$5.00 | &nbsp;&nbsp;6.0% / 3.0% &nbsp;&nbsp;NNN |
| &nbsp;&nbsp;In-Line Retail | &nbsp;&nbsp;$38.00 | &nbsp;&nbsp;5 | &nbsp;&nbsp;3% per annum | &nbsp;&nbsp;$10.00 | &nbsp;&nbsp;6.0% / 3.0% &nbsp;&nbsp;NNN |
| &nbsp;&nbsp;Pad Retail | &nbsp;&nbsp;$42.00 | &nbsp;&nbsp;10 | &nbsp;&nbsp;10% every 5 years | &nbsp;&nbsp;$5.00 | &nbsp;&nbsp;6.0% / 3.0% &nbsp;&nbsp;NNN |

---

*Source: Appraisal.*

 ****

***Appraisal.*** The appraisal concluded to an "As-Is" value for the Red Rock Commons Property of $43,000,000 as of July 8, 2025.

***Environmental Matters.*** According to the Phase I environmental site assessment dated July 18, 2025, there was no evidence of any recognized environmental conditions at the Red Rock Commons 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. |
| 89 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored | &nbsp;&nbsp;Loan #9 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$28050000 |
| &nbsp;&nbsp;15 South River Road | &nbsp;&nbsp;**Red Rock Commons** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;65.2% |
| &nbsp;&nbsp;St. George, UT 84790 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.51x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;10.0% |

---

***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 Red Rock Commons Property:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** |
| | **2022** | **2023** | **2024** | **5/31/2025 TTM** | **UW** | **UW PSF** |
| &nbsp;&nbsp;Gross Potential Rent<sup>(1)</sup> | &nbsp;&nbsp;$2719889 | &nbsp;&nbsp;$2711012 | &nbsp;&nbsp;$2970744 | &nbsp;&nbsp;$2963543 | &nbsp;&nbsp;$3036763 | &nbsp;&nbsp;$22.64 |
| &nbsp;&nbsp;Reimbursements | &nbsp;&nbsp;$539308 | &nbsp;&nbsp;$593121 | &nbsp;&nbsp;$629701 | &nbsp;&nbsp;$650781 | &nbsp;&nbsp;$623074 | &nbsp;&nbsp;$4.64 |
| &nbsp;&nbsp;Other Income | &nbsp;&nbsp;$5108 | &nbsp;&nbsp;$2811 | &nbsp;&nbsp;$25 | &nbsp;&nbsp;$25 | &nbsp;&nbsp;$25 | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;(Vacancy / Credit Loss) | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; ($182992) | &nbsp;&nbsp; ($1.36) |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$3264305** | &nbsp;&nbsp;**$3306944** | &nbsp;&nbsp;**$3600470** | &nbsp;&nbsp;**$3614349** | &nbsp;&nbsp;**$3476870** | &nbsp;&nbsp;**$25.92** |
| &nbsp;&nbsp;Real Estate Taxes | &nbsp;&nbsp;$224454 | &nbsp;&nbsp;$229657 | &nbsp;&nbsp;$229336 | &nbsp;&nbsp;$229202 | &nbsp;&nbsp;$243175 | &nbsp;&nbsp;$1.81 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;$41763 | &nbsp;&nbsp;$52586 | &nbsp;&nbsp;$61889 | &nbsp;&nbsp;$66032 | &nbsp;&nbsp;$65496 | &nbsp;&nbsp;$0.49 |
| &nbsp;&nbsp;Other Operating Expenses | &nbsp;&nbsp; $338727 | &nbsp;&nbsp; $353829 | &nbsp;&nbsp; $400871 | &nbsp;&nbsp; $399959 | &nbsp;&nbsp; $360745 | &nbsp;&nbsp; $2.69 |
| &nbsp;&nbsp;**Total Operating Expenses** | &nbsp;&nbsp;**$604944** | &nbsp;&nbsp;**$636072** | &nbsp;&nbsp;**$692097** | &nbsp;&nbsp;**$695193** | &nbsp;&nbsp;**$669416** | &nbsp;&nbsp;**$4.99** |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$2659361** | &nbsp;&nbsp;**$2670872** | &nbsp;&nbsp;**$2908374** | &nbsp;&nbsp;**$2919156** | &nbsp;&nbsp;**$2807454** | &nbsp;&nbsp;**$20.93** |
| &nbsp;&nbsp;Replacement Reserves | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$25489 | &nbsp;&nbsp;$0.19 |
| &nbsp;&nbsp;TI/LC | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $115448 | &nbsp;&nbsp; $0.86 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$2659361** | &nbsp;&nbsp;**$2670872** | &nbsp;&nbsp;**$2908374** | &nbsp;&nbsp;**$2919156** | &nbsp;&nbsp;**$2666517** | &nbsp;&nbsp;**$19.88** |
| &nbsp;&nbsp;**Occupancy (%)<sup>(2)</sup>** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**99.0%** | &nbsp;&nbsp;**99.0%** | &nbsp;&nbsp;**99.1%** | &nbsp;&nbsp;**95.0%** |  |
| &nbsp;&nbsp;**NOI DSCR** | &nbsp;&nbsp;**1.51x** | &nbsp;&nbsp;**1.51x** | &nbsp;&nbsp;**1.65x** | &nbsp;&nbsp;**1.66x** | &nbsp;&nbsp;**1.59x** |  |
| &nbsp;&nbsp;**NCF DSCR** | &nbsp;&nbsp;**1.51x** | &nbsp;&nbsp;**1.51x** | &nbsp;&nbsp;**1.65x** | &nbsp;&nbsp;**1.66x** | &nbsp;&nbsp;**1.51x** |  |
| &nbsp;&nbsp;**NOI Debt Yield** | &nbsp;&nbsp;**9.5%** | &nbsp;&nbsp;**9.5%** | &nbsp;&nbsp;**10.4%** | &nbsp;&nbsp;**10.4%** | &nbsp;&nbsp;**10.0%** |  |
| &nbsp;&nbsp;**NCF Debt Yield** | &nbsp;&nbsp;**9.5%** | &nbsp;&nbsp;**9.5%** | &nbsp;&nbsp;**10.4%** | &nbsp;&nbsp;**10.4%** | &nbsp;&nbsp;**9.5%** |  |

---

(1) UW Gross Potential Rent is based on the underwritten rent roll dated July 1, 2025 and includes rent steps
underwritten through August 2026 totaling $14,511.

(2) UW Occupancy (%) represents economic occupancy. 5/31/2025 TTM Occupancy (%) is based on the underwritten
rent roll dated July 1, 2025.

***Escrows and Reserves.* At origination, the borrower was required to deposit into escrow (i) $202,630 for real estate taxes, and (i) $250,000 for tenant improvements and leasing commissions.**

*Tax Escrows* – On a monthly basis, the borrower is required to escrow 1/12th of the annual estimated tax payments payable during the next ensuing 12 months (which currently equates to approximately $20,263).

*Insurance Escrows* – On a monthly basis, the borrower is required to escrow 1/12th of the annual estimated insurance payments. However, the borrower will not be required to make the monthly insurance reserve deposit provided that (i) no event of default is continuing, (ii) the liability and casualty policies maintained by the borrower are part of a blanket or umbrella policy approved by the lender, and (iii) the borrower provides the lender evidence of renewal of such policies and paid receipts for the insurance premiums at least 10 days prior to the expiration date of such policies.

*Capital Expenditure Reserves* – On a monthly basis, the borrower is required to escrow approximately $2,124 for annual capital expenditures approved by the lender; provided that the borrower is not required to make such deposits at any time that the balance of such funds is equal to or greater than $76,466.

*Rollover Reserves* – On a monthly basis, the borrower is required to escrow approximately $11,179 for tenant improvements and leasing commissions incurred after origination; provided\ that the borrower is not required to make such deposits at any time that the balance of such funds is equal to or greater than $250,000.

***Lockbox and Cash Management.*** The Red Rock Commons Mortgage Loan is structured with a springing lockbox and springing cash management. From and after the first occurrence of a Cash Sweep Event Period (as defined below), the borrower is required to establish and maintain a lockbox account for the benefit of the lender, to direct all tenants to deposit all rents into the lockbox account and, if notwithstanding such direction, the borrower or manager receives any rents, to deposit such amounts into the lockbox account within one business day of receipt. In addition, upon the first occurrence of a Cash Sweep Event Period, the lender is required to establish, and the borrower is required to cooperate with the cash management bank to establish, a lender-controlled cash management account. During the continuance of a Cash Sweep Event Period, the lender will have the right, at its option, to direct the lockbox account bank to disburse all available funds then and thereafter on deposit in the lockbox account to the cash management account and, provided no event of default is continuing under the Red Rock commons Mortgage Loan documents, all funds on deposit in the cash management account on each monthly payment date are required to be applied in the following order of priority: (i) to make the monthly deposits into the real estate tax reserve and insurance reserve, if any, as described above under "*Escrows and Reserves*," (ii) to pay debt service on the Red Rock Commons Mortgage Loan, (iii) to make the monthly deposits into the replacement reserve and rollover reserve, if any, as described above under "*Escrows and Reserves*," (iv) to pay operating expenses set forth in the lender approved (or deemed approved) annual budget ("Approved Operating Expenses") and lender approved extraordinary expenses and (v) to the extent that a Cash Sweep Event Period exists, to deposit all remaining amounts into an excess cash flow reserve, to be held as additional security for the Red Rock Commons Mortgage Loan during such Cash Sweep Event Period (provided, that if no event of default exists, the lender is required to release funds in such account to the borrower to pay Approved Operating Expenses) or to the extent that no Cash Sweep Event Period exists, to be disbursed 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. |
| 90 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored | &nbsp;&nbsp;Loan #9 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$28050000 |
| &nbsp;&nbsp;15 South River Road | &nbsp;&nbsp;**Red Rock Commons** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;65.2% |
| &nbsp;&nbsp;St. George, UT 84790 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.51x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;10.0% |

---

A "Cash Sweep Event Period" commences upon the occurrence of (a) an event of default; (b) the debt service coverage ratio being less than 1.15x at the end of any calendar quarter based upon the trailing 12 months operating statement and current in place rent roll (a "DSCR Event"); (c) Dick's Sporting Goods or any lease guarantor files for bankruptcy or Dick's Sporting Goods ceases to do business open to the public at the Red Rock Commons Property (subject to exceptions for temporary cessation of operations due to remodeling, restoration or in accordance with a governmental order) (a "Tenant Credit Event"); and (d) for Dick's Sporting Goods the date which is the earlier to occur of (i) the date Dick's Sporting Goods gives notice to vacate and (ii) 9 months prior to the Dick's Sporting Goods' lease expiration date (a "Lease Expiration Event").

If the DSCR is above 1.00x but below 1.15x , the borrower may avoid a Cash Sweep Event Period with respect to a DSCR Event by posting cash or a letter of credit in the amount which (if applied to the Red Rock Commons Mortgage Loan balance) would cause the Red Rock Commons Property to have a debt service coverage ratio of 1.15x . The borrower may avoid a Cash Sweep Event Period with respect to a Tenant Credit Event or Lease Expiration Event by posting cash or a letter of credit in the minimum amount of $950,000.

A Cash Sweep Event Period will end upon (w) if commenced due to an event of default, upon the cure (if applicable) of such event of default, (x) if commenced due to a DSCR Event, upon the debt service coverage ratio being equal to or greater than 1.15x for the immediately preceding two calendar quarters, based upon the trailing 12 months operating statement and current in place rent roll, (y) if commenced in connection with a Tenant Credit Event, either (1) the applicable lease is affirmed in bankruptcy, the tenant is in occupancy of the entire space, open for business during customary business hours and paying full, unabated rent (which can include any free rent only during a free rent period under the lease provided that it is being held in a reserve with the lender), or (2) the entire tenant's space is leased to a new tenant on terms and conditions approved by the lender in its sole but reasonable discretion, and the borrower delivers an estoppel from such new tenant evidencing that such new tenant is in occupancy of all of its space, open for business and paying full, unabated rent with all tenant improvements and leasing commissions fully paid (a "Tenant Estoppel"), and (z) if commenced due to a Lease Expiration Event, either (1) the tenant has renewed or extended its lease in accordance with its terms or otherwise on terms reasonably approved by the lender or (b) at least 90% of the subject space is re-leased to one or more new tenants on terms and conditions approved by the lender in its sole discretion along with the borrower's delivery to the lender of a Tenant Estoppel.

**Letter of Credit.** The borrower may post a letter of credit to cure a Cash Sweep Event Period caused by a DSCR Event, Tenant Credit Event or Lease Expiration Event, as described above under "*Lockbox and Cash Management*."

***Terrorism Insurance.*** The Red Rock Commons Mortgage Loan documents require that the borrower obtain and maintain an "all risk" or "special form" property insurance policy that provides coverage for loss caused by acts of terrorism (including "fire following" such acts) in an amount not less than 100% of the full replacement cost of the Red Rock Commons Property plus 12 months of business interruption insurance with an extended period of indemnity of up to 12 months . If acts of terrorism or similar perils are excluded from the borrower's all-risk policy, the borrower must obtain an endorsement to such policy, or a separate terrorism policy, insuring against such excluded acts and "fire following" in the amounts described above. Notwithstanding the foregoing, for so long as the Terrorism Risk Insurance Act of 2002, as extended and modified by the Terrorism Risk Insurance Program Reauthorization Act of 2015 ("TRIPRA") (including any extensions thereof or if another federal governmental program is in effect relating to "acts of terrorism" which provides substantially similar protections) is in effect the lender is required to accept terrorism insurance which covers against "covered acts" as defined by TRIPRA (or such other program), so long as TRIPRA (or such other program) continues to cover both domestic and foreign acts of terrorism. See "*Risk Factors—Risks Relating to the Whole 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. |
| 91 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored | &nbsp;&nbsp;Loan #10 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$27500000 |
| &nbsp;&nbsp;44 East 14th Street | &nbsp;&nbsp;**4 Union Square South** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;41.4% |
| &nbsp;&nbsp;New York, NY 10003 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.42x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;14.2% |

---

![](n5486prets_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. |
| 92 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored | &nbsp;&nbsp;Loan #10 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$27500000 |
| &nbsp;&nbsp;44 East 14th Street | &nbsp;&nbsp;**4 Union Square South** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;41.4% |
| &nbsp;&nbsp;New York, NY 10003 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.42x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;14.2% |

---

![](n5486prets_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. |
| 93 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored | &nbsp;&nbsp;Loan #10 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$27500000 |
| &nbsp;&nbsp;44 East 14th Street | &nbsp;&nbsp;**4 Union Square South** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;41.4% |
| &nbsp;&nbsp;New York, NY 10003 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.42x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;14.2% |

---

![](n5486prets_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. |
| 94 |

---

**Mortgage Loan No. 10 – 4 Union Square South**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &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 (S&P/Fitch/KBRA):** | &nbsp;&nbsp;**Credit Assessment (S&P/Fitch/KBRA):** | &nbsp;&nbsp;NR/BBB+/A+ | &nbsp;&nbsp;NR/BBB+/A+ | &nbsp;&nbsp;NR/BBB+/A+ | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;New York, NY 10003 |
| &nbsp;&nbsp;**Original Balance<sup>(1)</sup>:** | &nbsp;&nbsp;**Original Balance<sup>(1)</sup>:** | &nbsp;&nbsp;$27500000 | &nbsp;&nbsp;$27500000 | &nbsp;&nbsp;$27500000 | &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;$27500000 | &nbsp;&nbsp;$27500000 | &nbsp;&nbsp;$27500000 | &nbsp;&nbsp;**Detailed Property Type:** | &nbsp;&nbsp;Anchored |
| &nbsp;&nbsp;**% of Initial Pool Balance:** | &nbsp;&nbsp;**% of Initial Pool Balance:** | &nbsp;&nbsp;2.7% | &nbsp;&nbsp;2.7% | &nbsp;&nbsp;2.7% | &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;1971/2003 |
| &nbsp;&nbsp;**Borrower Sponsor:** | &nbsp;&nbsp;**Borrower Sponsor:** | &nbsp;&nbsp;Vornado Realty L.P. | &nbsp;&nbsp;Vornado Realty L.P. | &nbsp;&nbsp;Vornado Realty L.P. | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;204,189 SF |
| &nbsp;&nbsp;**Guarantor:** | &nbsp;&nbsp;**Guarantor:** | &nbsp;&nbsp;Vornado Realty L.P. | &nbsp;&nbsp;Vornado Realty L.P. | &nbsp;&nbsp;Vornado Realty L.P. | &nbsp;&nbsp;**Cut-off Date Balance PSF<sup>(1)</sup>:** | &nbsp;&nbsp;$588 |
| &nbsp;&nbsp;**Mortgage Rate:** | &nbsp;&nbsp;**Mortgage Rate:** | &nbsp;&nbsp;5.6420% | &nbsp;&nbsp;5.6420% | &nbsp;&nbsp;5.6420% | &nbsp;&nbsp;**Maturity Date Balance PSF<sup>(1)</sup>:** | &nbsp;&nbsp;$588 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;8/12/2025 | &nbsp;&nbsp;8/12/2025 | &nbsp;&nbsp;8/12/2025 | &nbsp;&nbsp;**Property Manager:** | &nbsp;&nbsp;Vornado Office Management LLC |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;9/11/2035 | &nbsp;&nbsp;9/11/2035 | &nbsp;&nbsp;9/11/2035 |  | &nbsp;&nbsp;(borrower-related) |
| &nbsp;&nbsp;**Term to Maturity:** | &nbsp;&nbsp;**Term to Maturity:** | &nbsp;&nbsp;120 months | &nbsp;&nbsp;120 months | &nbsp;&nbsp;120 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;$17073095 |
| &nbsp;&nbsp;**IO Period:** | &nbsp;&nbsp;**IO Period:** | &nbsp;&nbsp;120 months | &nbsp;&nbsp;120 months | &nbsp;&nbsp;120 months | &nbsp;&nbsp;**UW NCF:** | &nbsp;&nbsp;$16588633 |
| &nbsp;&nbsp;**Seasoning:** | &nbsp;&nbsp;**Seasoning:** | &nbsp;&nbsp;3 months | &nbsp;&nbsp;3 months | &nbsp;&nbsp;3 months | &nbsp;&nbsp;**UW NOI Debt Yield<sup>(1)</sup>:** | &nbsp;&nbsp;14.2% |
| &nbsp;&nbsp;**Prepayment Provisions<sup>(4)</sup>:** | &nbsp;&nbsp;**Prepayment Provisions<sup>(4)</sup>:** | &nbsp;&nbsp;L(27),D(86),O(7) | &nbsp;&nbsp;L(27),D(86),O(7) | &nbsp;&nbsp;L(27),D(86),O(7) | &nbsp;&nbsp;**UW NCF Debt Yield<sup>(1)</sup>:** | &nbsp;&nbsp;13.8% |
| &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 NOI Debt Yield at Maturity<sup>(1)</sup>:** | &nbsp;&nbsp;14.2% |
| &nbsp;&nbsp;**Additional Debt Type:** | &nbsp;&nbsp;**Additional Debt Type:** | &nbsp;&nbsp;*Pari Passu* | &nbsp;&nbsp;*Pari Passu* | &nbsp;&nbsp;*Pari Passu* | &nbsp;&nbsp;**UW NCF DSCR<sup>(1)</sup>:** | &nbsp;&nbsp;2.42x |
| &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;$92500000 | &nbsp;&nbsp;$92500000 | &nbsp;&nbsp;$92500000 | &nbsp;&nbsp;**Most Recent NOI:** | &nbsp;&nbsp;$17,243,702 (6/30/2025 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;$17,204,383 (12/31/2024) |
|  |  |  |  |  | &nbsp;&nbsp;**3rd Most Recent NOI:** | &nbsp;&nbsp;$16,961,741 (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; **Reserves<sup>(2)</sup>**  | &nbsp;&nbsp;**Most Recent Occupancy:** | &nbsp;&nbsp;100.0% (4/1/2025) |
| &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;**2nd Most Recent Occupancy:** | &nbsp;&nbsp;100.0% (1/31/2024) |
| &nbsp;&nbsp;Taxes: | &nbsp;&nbsp;$1567806 | &nbsp;&nbsp;$1567806 | &nbsp;&nbsp;$522602 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**3rd Most Recent Occupancy:** | &nbsp;&nbsp;100.0% (1/31/2023) |
| &nbsp;&nbsp;Insurance: | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value (as of):** | &nbsp;&nbsp;$290,000,000 (5/12/2025) |
| &nbsp;&nbsp;Replacement Reserve: | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value PSF:** | &nbsp;&nbsp;$1420 |
| &nbsp;&nbsp;TI/LC Obligations**<sup>(3)</sup>**: | &nbsp;&nbsp; $200000 | &nbsp;&nbsp; $200000 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Cut-off Date LTV Ratio<sup>(1)</sup>:** | &nbsp;&nbsp;41.4% |
| &nbsp;&nbsp;Rollover Reserve: | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$34031 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date LTV Ratio<sup>(1)</sup>:** | &nbsp;&nbsp;41.4% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** |
| &nbsp;&nbsp;**Sources** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** | &nbsp;&nbsp;**Uses** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** |
| &nbsp;&nbsp;Whole Loan Amount: | &nbsp;&nbsp;$120000000 | &nbsp;&nbsp;97.5% | &nbsp;&nbsp;Existing Debt: | &nbsp;&nbsp;$120234395 | &nbsp;&nbsp;97.6% |
| &nbsp;&nbsp;Borrower Sponsor Equity: | &nbsp;&nbsp;$3134253 | &nbsp;&nbsp;2.5% | &nbsp;&nbsp;Reserves: | &nbsp;&nbsp;$1767806 | &nbsp;&nbsp;1.4% |
|  |  |  | &nbsp;&nbsp;Closing Costs: | &nbsp;&nbsp;$1132052 | &nbsp;&nbsp;0.9% |
| &nbsp;&nbsp;**Total Sources:** | &nbsp;&nbsp;**$123134253** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses:** | &nbsp;&nbsp;**$123134253** | &nbsp;&nbsp;**100.0%** |

---

(1) 4 Union Square South Mortgage Loan (as defined below) is part of the 4 Union Square South Whole Loan (as
defined below) which is comprised of three *pari passu* promissory notes, with an aggregate original principal amount of $120,000,000.
The Underwriting and Financial Information presented above is based on the 4 Union Square South Whole Loan.

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

(3) Initial deposit for TI/LC Obligations is specifically for the Burlington Coat Factory only.

(4) The 4 Union Square South Whole Loan documents permit partial prepayment of the loan (with the applicable
yield maintenance-based prepayment premium) if the borrower elects to make a low debt yield avoidance amount payment (a prepayment amount
that results in the debt yield being at least 9.0%).

***The Mortgage Loan.*** The tenth largest mortgage loan (the "4 Union Square South Mortgage Loan") is part of a whole loan (the "4 Union Square South Whole Loan") evidenced by three *pari passu* promissory notes with an aggregate principal amount of $120,000,000 and secured by the borrowers fee simple interest in a 204,189 SF trophy-class urban anchored retail center located at 44 East 14<sup>th</sup> Street in New York, NY ("4 Union Square South Property"). The 4 Union Square South Mortgage Loan is evidenced by the non-controlling Note A-2, with an original principal amount of $27,500,000.

The 4 Union Square South Whole Loan will be serviced pursuant to the pooling and servicing agreement for the WFCM 2025-C65 securitization trust. The relationship between the holders of the 4 Union Square South Whole Loan is governed by a co-lender agreement. See "*Description of the Mortgage Pool—The Whole Loans—The Non-Serviced Pari Passu Whole Loans*" and "*Pooling and Servicing Agreement*" in the prospectus.

The table below identifies the promissory notes that comprise the 4 Union Square South Whole Loan.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**4 Union Square South Whole Loan Summary** | &nbsp;&nbsp;**4 Union Square South Whole Loan Summary** | &nbsp;&nbsp;**4 Union Square South Whole Loan Summary** | &nbsp;&nbsp;**4 Union Square South Whole Loan Summary** | &nbsp;&nbsp;**4 Union Square South 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-1-1 | &nbsp;&nbsp;$60000000 | &nbsp;&nbsp;$60000000 | &nbsp;&nbsp;WFCM 2025-C65 | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;A-1-2 | &nbsp;&nbsp;$32500000 | &nbsp;&nbsp;$32500000 | &nbsp;&nbsp;BBCMS 2025-C39 | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**A-2** | &nbsp;&nbsp;**$27500000** | &nbsp;&nbsp;**$27500000** | &nbsp;&nbsp;**BANK 2025-BNK51** | &nbsp;&nbsp;**No** |
| &nbsp;&nbsp;**Whole Loan** | &nbsp;&nbsp;**$120000000** | &nbsp;&nbsp;**$120000000** |  |  |

---

---

| |
|:---|
| 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;Retail – Anchored | &nbsp;&nbsp;Loan #10 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$27500000 |
| &nbsp;&nbsp;44 East 14th Street | &nbsp;&nbsp;**4 Union Square South** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;41.4% |
| &nbsp;&nbsp;New York, NY 10003 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.42x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;14.2% |

---

***The Borrower and the Borrower Sponsor.*** The borrower is 4 USS LLC, a Delaware limited liability company and single purpose entity with two independent directors. The borrower sponsor and non-recourse carveout guarantor is Vornado Realty L.P., owned and controlled by Vornado Realty Trust ("Vornado", NYSE: VNO).

Vornado is a fully-integrated Real Estate Investment Trust ("REIT") founded in 1982 and headquartered in New York City. Vornado is the largest owner and manager of street retail in Manhattan, with a portfolio of more than 2.4 million SF and a particular focus on flagship stores for marquee brands.

***The Property.*** The 4 Union Square South Property is an anchored retail center totaling 204,189 SF located in New York, New York. Situated on an approximately 0.757-acre site, the 4 Union Square South Property was built in 1971 and, in 2003, the borrower sponsor redeveloped the property from a single-tenant department store into a multi-tenant retail center. The 4 Union Square South Property is anchored by Burlington Coat Factory ("Burlington"), Whole Foods and DSW Shoes ("DSW") with additional national tenants including Five Below and Sephora. As of April 1, 2025, the 4 Union Square South Property was 100.0% leased to six retail tenants and has averaged 99.0% occupancy since 2015.

***Major Tenants.***

*Burlington (92,602 SF; 45.4% of NRA; 21.8% of UW rent).* Founded in 1972 and headquartered in Burlington Township, New Jersey, Burlington is an American national off-price department store retailer with more than 1,100 stores in 47 states and Puerto Rico. As of March 31, 2025, the tenant reported trailing 12-month sales of $399 PSF and an occupancy cost of 27.0%. Burlington has been in occupancy at the 4 Union Square South Property since 2012, has a lease expiration in March 2030 and has no renewal or termination options.

*Whole Foods (61,097 SF; 29.9% of NRA; 41.6% of UW rent).* Whole Foods, a subsidiary of Amazon, is an American multinational supermarket chain founded in 1980 and headquartered in Austin, Texas. Whole Foods has more than 500 stores in North America and seven in the United Kingdom. As of March 31, 2025, the tenant reported trailing 12-month sales of $1,251 PSF and an occupancy cost of 13.1%. Whole Foods has been at the 4 Union Square South Property since 2004, has a lease expiration in November 2040 and has no renewal or termination options.

*DSW (30,762 SF; 15.1% of NRA; 12.5% of UW rent).* Founded in 1969, DSW is an American retail shoe store chain with more than 500 stores in the United States. As of March 31, 2025, the tenant reported trailing 12-month sales of $482 PSF and an occupancy cost of 19.9%. DSW has been in occupancy at the 4 Union Square South Property since 2004, has a lease expiration in October 2034 and has no renewal or termination options.

The following table presents certain information relating to the tenancy at the 4 Union Square South Property:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Tenant Summary** | &nbsp;&nbsp;**Tenant Summary** | &nbsp;&nbsp;**Tenant Summary** | &nbsp;&nbsp;**Tenant Summary** | &nbsp;&nbsp;**Tenant Summary** | &nbsp;&nbsp;**Tenant Summary** | &nbsp;&nbsp;**Tenant Summary** | &nbsp;&nbsp;**Tenant Summary** | &nbsp;&nbsp;**Tenant Summary** | &nbsp;&nbsp;**Tenant Summary** | &nbsp;&nbsp;**Tenant Summary** | &nbsp;&nbsp;**Tenant Summary** | &nbsp;&nbsp;**Tenant Summary** |
| &nbsp;&nbsp;**Tenant Name** | &nbsp;&nbsp; **Credit Rating (Fitch/Moody's/**<br> **S&P)<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant SF** | &nbsp;&nbsp;**Approx. % of SF** | &nbsp;&nbsp;**Annual UW Rent<sup>(2)</sup>** | &nbsp;&nbsp;**% of Total Annual UW Rent<sup>(2)</sup>** | &nbsp;&nbsp;**Annual UW Rent PSF** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Tenant Name** | &nbsp;&nbsp; **Credit Rating (Fitch/Moody's/**<br> **S&P)<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant SF** | &nbsp;&nbsp;**Approx. % of SF** | &nbsp;&nbsp;**Annual UW Rent<sup>(2)</sup>** | &nbsp;&nbsp;**% of Total Annual UW Rent<sup>(2)</sup>** | &nbsp;&nbsp;**Annual UW Rent PSF** | &nbsp;&nbsp;**March 2025 TTM Sales $** | &nbsp;&nbsp;**March 2025 TTM Sales PSF** | &nbsp;&nbsp;**March 2025 TTM Occ Cost %** | &nbsp;&nbsp;**Lease Expiration** | &nbsp;&nbsp;**Renewal Options** | &nbsp;&nbsp;**Termination Option (Y/N)** |
| &nbsp;&nbsp;**Major Tenants** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Burlington | &nbsp;&nbsp;NR/Ba1/BB+ | &nbsp;&nbsp;92602 | &nbsp;&nbsp;45.4% | &nbsp;&nbsp; $5154227 | &nbsp;&nbsp;21.8% | &nbsp;&nbsp;$55.66 | &nbsp;&nbsp;$36923091 | &nbsp;&nbsp;$399 | &nbsp;&nbsp;27.0% | &nbsp;&nbsp;3/31/2030 |  | &nbsp;&nbsp;N |
| &nbsp;&nbsp;Whole Foods | &nbsp;&nbsp;NR/A1/AA- | &nbsp;&nbsp;61097 | &nbsp;&nbsp;29.9% | &nbsp;&nbsp; $9847604 | &nbsp;&nbsp;41.6% | &nbsp;&nbsp;$161.18 | &nbsp;&nbsp; $76424936 | &nbsp;&nbsp;$1251 | &nbsp;&nbsp;13.1% | &nbsp;&nbsp;11/30/2040 |  | &nbsp;&nbsp;N |
| &nbsp;&nbsp;DSW | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;30762 | &nbsp;&nbsp;15.1% | &nbsp;&nbsp; $2950000 | &nbsp;&nbsp;12.5% | &nbsp;&nbsp;$95.90 | &nbsp;&nbsp; $14823322 | &nbsp;&nbsp;$482 | &nbsp;&nbsp;19.9% | &nbsp;&nbsp;10/31/2034 |  | &nbsp;&nbsp;N |
| &nbsp;&nbsp;Five Below | &nbsp;&nbsp;B+/NR/NR | &nbsp;&nbsp;10025 | &nbsp;&nbsp;4.9% | &nbsp;&nbsp; $1008000 | &nbsp;&nbsp;4.3% | &nbsp;&nbsp;$100.55 | &nbsp;&nbsp; $4448092 | &nbsp;&nbsp; <br> $444 | &nbsp;&nbsp;24.4% | &nbsp;&nbsp;1/31/2037 | &nbsp;&nbsp;1 x 5 years | &nbsp;&nbsp;N |
| &nbsp;&nbsp;Sephora | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;8018 | &nbsp;&nbsp;3.9% | &nbsp;&nbsp; $4369810 | &nbsp;&nbsp;18.5% | &nbsp;&nbsp;$545.00 | &nbsp;&nbsp; $25733955 | &nbsp;&nbsp; <br> $3210 | &nbsp;&nbsp;17.9% | &nbsp;&nbsp;1/31/2033 |  | &nbsp;&nbsp;N |
| &nbsp;&nbsp;Kazunori | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;1682 | &nbsp;&nbsp;0.8% | &nbsp;&nbsp;$320855 | &nbsp;&nbsp;1.4% | &nbsp;&nbsp;$190.76 | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;3/31/2038 |  | &nbsp;&nbsp;N |
| &nbsp;&nbsp;**Major Tenant Subtotal/Wtd. Avg.** |  | &nbsp;&nbsp;**204186** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$23650496** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$115.83** |  |  |  |  |  |  |
| &nbsp;&nbsp;Other |  | &nbsp;&nbsp;3 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$8026 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$2675.36 |  |  |  |  |  |  |
| &nbsp;&nbsp;**Occupied Collateral Subtotal/Wtd. Avg.** |  | &nbsp;&nbsp;**204189** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$23658522** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$115.87** |  |  |  |  |  |  |
| &nbsp;&nbsp;Vacant Space |  | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.0 |  |  |  |  |  |  |
| &nbsp;&nbsp;**Total/Wtd. Avg.** |  | &nbsp;&nbsp;**204189** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$23658522** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$115.87** |  |  |  |  |  |  |

---

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

(2) Base Rent includes rent steps through June 2026 totaling $134,492 and straight line rent averaging for
investment grade tenants totaling $1,447,604.

---

| |
|:---|
| 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;Retail – Anchored | &nbsp;&nbsp;Loan #10 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$27500000 |
| &nbsp;&nbsp;44 East 14th Street | &nbsp;&nbsp;**4 Union Square South** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;41.4% |
| &nbsp;&nbsp;New York, NY 10003 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.42x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;14.2% |

---

The following table presents a summary of sales and occupancy costs for certain Major Tenants (as defined below) at the 4 Union Square South 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;**Tenant Sales <sup>(1)</sup>** |
|  | &nbsp;&nbsp;**2023 Sales (PSF)** | &nbsp;&nbsp;**2024 Sales (PSF)** | &nbsp;&nbsp;**March 2025 TTM Sales (PSF)** | &nbsp;&nbsp;**Occupancy Cost <sup>(2)</sup>** |
| &nbsp;&nbsp;Burlington | &nbsp;&nbsp;$390 | &nbsp;&nbsp;$401 | &nbsp;&nbsp;$399 | &nbsp;&nbsp;27.0% |
| &nbsp;&nbsp;Whole Foods | &nbsp;&nbsp;$1152 | &nbsp;&nbsp;$1207 | &nbsp;&nbsp;$1251 | &nbsp;&nbsp;13.1% |
| &nbsp;&nbsp;DSW | &nbsp;&nbsp;$466 | &nbsp;&nbsp;$525 | &nbsp;&nbsp;$482 | &nbsp;&nbsp;19.9% |
| &nbsp;&nbsp;Five Below | &nbsp;&nbsp;$421 | &nbsp;&nbsp;$446 | &nbsp;&nbsp;$444 | &nbsp;&nbsp;24.4% |
| &nbsp;&nbsp;Sephora | &nbsp;&nbsp;$3038 | &nbsp;&nbsp;$3074 | &nbsp;&nbsp;$3210 | &nbsp;&nbsp;17.9% |

---

(1) Information obtained from the borrower.

(2) Occupancy cost is based on underwritten rent and total reimbursements divided by March 2025 TTM reported
sales.

The following table presents certain information relating to the lease rollover schedule at 4 Union Square South 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>** |
| **Year** | **# of Leases Rolling <sup>(2)</sup>** | **SF Rolling<sup>(2)</sup>** | **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** |
| &nbsp;&nbsp;MTM/2025<sup>(2)</sup> | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$6753 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$6753.00 |
| &nbsp;&nbsp;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<sup>(2)</sup> | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$1273 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$1273.08 |
| &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;1 | &nbsp;&nbsp;92602 | &nbsp;&nbsp;45.4% | &nbsp;&nbsp;45.4% | &nbsp;&nbsp;$5154227 | &nbsp;&nbsp;21.8% | &nbsp;&nbsp;21.8% | &nbsp;&nbsp;$55.66 |
| &nbsp;&nbsp;2031<sup>(2)</sup> | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;45.4% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;21.8% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2032 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;45.4% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;21.8% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2033 | &nbsp;&nbsp;1 | &nbsp;&nbsp;8018 | &nbsp;&nbsp;3.9% | &nbsp;&nbsp;49.3% | &nbsp;&nbsp;$4369810 | &nbsp;&nbsp;18.5% | &nbsp;&nbsp;40.3% | &nbsp;&nbsp;$545.00 |
| &nbsp;&nbsp;2034 | &nbsp;&nbsp;1 | &nbsp;&nbsp;30762 | &nbsp;&nbsp;15.1% | &nbsp;&nbsp;64.3% | &nbsp;&nbsp;$2950000 | &nbsp;&nbsp;12.5% | &nbsp;&nbsp;52.8% | &nbsp;&nbsp;$95.90 |
| &nbsp;&nbsp;2035 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;64.3% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;52.8% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;Thereafter | &nbsp;&nbsp;3 | &nbsp;&nbsp;72804 | &nbsp;&nbsp;35.7% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$11176459 | &nbsp;&nbsp;47.2% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$153.51 |
| &nbsp;&nbsp;Vacant | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% | &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;**9** | &nbsp;&nbsp;**204189** | &nbsp;&nbsp;**100.00%** |  | &nbsp;&nbsp;**$23658522** | &nbsp;&nbsp;**100.00%** |  | &nbsp;&nbsp;**$115.87** |

---

(1) Information is based on the underwritten rent roll dated as of April 1, 2025.

(2) Includes three antenna/telecommunication tenants totaling 3 SF and $8,026 of UW rent.

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

***The Market*.** The 4 Union Square South Property is located along the south side of East 14th Street and the north side of East 13th Street between Broadway and University Place within the Union Square neighborhood of Manhattan. According to the appraisal, the estimated 2024 population within a 0.25-, 0.5- and one-mile radius was approximately 21,649, 68,718 and 274,520, respectively, and the average household income within the same radii was $233,379, $213,493 and $189,537, respectively.

According the third-party report, the 4 Union Square South Property is located within the Gramercy Park Retail submarket of the New York-NY retail market. As of third quarter 2025, the submarket reported total inventory of approximately 1.48 million SF with a 3.8% vacancy rate and average asking rent of $143.92 PSF. The appraiser concluded to market rents for the 4 Union Square South Property ranging from $110.0 PSF for Retail (Floors 3-6), to $500.0 for Retail (Grade) (see table below).

---

| |
|:---|
| 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 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored | &nbsp;&nbsp;Loan #10 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$27500000 |
| &nbsp;&nbsp;44 East 14th Street | &nbsp;&nbsp;**4 Union Square South** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;41.4% |
| &nbsp;&nbsp;New York, NY 10003 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.42x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;14.2% |

---

The following table presents certain information relating to the appraisal's market rent conclusion for the 4 Union Square South Property:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Market Rent Summary <sup>(1)</sup>** | **Market Rent Summary <sup>(1)</sup>** | **Market Rent Summary <sup>(1)</sup>** | **Market Rent Summary <sup>(1)</sup>** | **Market Rent Summary <sup>(1)</sup>** | **Market Rent Summary <sup>(1)</sup>** |
| | **Retail (Grade<br> University Place)** | **Retail (Grade)** | **Retail (Multi-Level<br> Small)** | **Retail (Floors 3-6)** | **Retail (Multi-Level<br> Large)** |
| Market Rent (PSF) | $175.00 | $500.00 | $125.00 | $110.00 | $140.00 |
| Lease Term (Years) | 10 | 10 | 10 | 15 | 15 |
| Lease Type (Reimbursements) | Mod. Gross | Mod. Gross | Mod. Gross | Mod. Gross | Mod. Gross |
| Tenant Improvements New (PSF) | $100.00 | $100.00 | $100.00 | $100.00 | $100.00 |
| Rent Increase Projection | 3.00%/year | 3.00%/year | 3.00%/year | 10% every 5 years | 10% every 5 years |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Information obtained from the appraisal.

***Appraisal.*** The appraisal concluded to an "as-is" value for the 4 Union Square South Property of $290,000,000 as of May 12, 2025.

***Environmental Matters.*** According to the Phase I environmental site assessment dated May 23, 2025, there was no evidence of any recognized environmental conditions at the 4 Union Square South Property.

***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 4 Union Square South Property:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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** | **6/30/2025 TTM** | **UW** | **UW PSF** |
| &nbsp;&nbsp;Base Rent<sup>(1)</sup> | &nbsp;&nbsp;$20237645 | &nbsp;&nbsp;$20838157 | &nbsp;&nbsp;$21637240 | &nbsp;&nbsp;$23658522 | &nbsp;&nbsp;$115.87 |
| &nbsp;&nbsp;(Vacancy) | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; ($1182926) | &nbsp;&nbsp; ($5.79) |
| &nbsp;&nbsp;**Total Base Rent** | &nbsp;&nbsp;**$20237645** | &nbsp;&nbsp;**$20838157** | &nbsp;&nbsp;**$21637240** | &nbsp;&nbsp;**$22475596** | &nbsp;&nbsp;**$110.08** |
| &nbsp;&nbsp;(Free Rent Adjustment/Collection Loss) | &nbsp;&nbsp;($125755) | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;Other Income | &nbsp;&nbsp;$23113 | &nbsp;&nbsp;$23008 | &nbsp;&nbsp;$23027 | &nbsp;&nbsp;$23020 | &nbsp;&nbsp;$0.11 |
| &nbsp;&nbsp;Total Recoveries | &nbsp;&nbsp; $6109529 | &nbsp;&nbsp; $6556604 | &nbsp;&nbsp; $6135677 | &nbsp;&nbsp; $5600440 | &nbsp;&nbsp; $27.43 |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$26496042** | &nbsp;&nbsp;**$27417769** | &nbsp;&nbsp;**$27795944** | &nbsp;&nbsp;**$28099056** | &nbsp;&nbsp;**$137.61** |
| &nbsp;&nbsp;Real Estate Taxes | &nbsp;&nbsp;$5202720 | &nbsp;&nbsp;$5715518 | &nbsp;&nbsp;$5766784 | &nbsp;&nbsp;$5972591 | &nbsp;&nbsp;$29.25 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;$160458 | &nbsp;&nbsp;$177099 | &nbsp;&nbsp;$180087 | &nbsp;&nbsp;$176860 | &nbsp;&nbsp;$0.87 |
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp;$407427 | &nbsp;&nbsp;$416763 | &nbsp;&nbsp;$432745 | &nbsp;&nbsp;$842972 | &nbsp;&nbsp;$4.13 |
| &nbsp;&nbsp;Other Operating Expenses | &nbsp;&nbsp; $3763696 | &nbsp;&nbsp; $3904006 | &nbsp;&nbsp; $4172626 | &nbsp;&nbsp; $4033539 | &nbsp;&nbsp; $19.75 |
| &nbsp;&nbsp;**Total Operating Expenses** | &nbsp;&nbsp;**$9534301** | &nbsp;&nbsp;**$10213386** | &nbsp;&nbsp;**$10552243** | &nbsp;&nbsp;**$11025961** | &nbsp;&nbsp;**$54.00** |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$16961741** | &nbsp;&nbsp;**$17204383** | &nbsp;&nbsp;**$17243702** | &nbsp;&nbsp; **$17073095** | &nbsp;&nbsp;**$83.61** |
| &nbsp;&nbsp;Replacement Reserves | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$76090 | &nbsp;&nbsp;$0.37 |
| &nbsp;&nbsp;TI/LC | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp; $408372 | &nbsp;&nbsp;$2.00 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$16961741** | &nbsp;&nbsp;**$17204383** | &nbsp;&nbsp;**$17243702** | &nbsp;&nbsp; **$16588633** | &nbsp;&nbsp;**$81.24** |
| &nbsp;&nbsp;**Occupancy %** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp; **100.0%** | &nbsp;&nbsp; **100.0%** | &nbsp;&nbsp; **95.0%**<sup>(2)</sup> |  |
| &nbsp;&nbsp;**NOI DSCR<sup>(3)</sup>** | &nbsp;&nbsp;**2.47x** | &nbsp;&nbsp;**2.51x** | &nbsp;&nbsp;**2.51x** | &nbsp;&nbsp;**2.49x** |  |
| &nbsp;&nbsp;**NCF DSCR<sup>(3)</sup>** | &nbsp;&nbsp;**2.47x** | &nbsp;&nbsp;**2.51x** | &nbsp;&nbsp;**2.5x** | &nbsp;&nbsp;**2.42x** |  |
| &nbsp;&nbsp;**NOI Debt Yield<sup>(3)</sup>** | &nbsp;&nbsp;**14.1%** | &nbsp;&nbsp;**14.3%** | &nbsp;&nbsp;**14.4%** | &nbsp;&nbsp;**14.2%** |  |
| &nbsp;&nbsp;**NCF Debt Yield<sup>(3)</sup>** | &nbsp;&nbsp;**14.1%** | &nbsp;&nbsp;**14.3%** | &nbsp;&nbsp;**14.4%** | &nbsp;&nbsp;**13.8%** |  |

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(1) Base Rent includes rent steps through June 2026 totaling $134,492 and straight line
rent averaging for investment grade tenants totaling $1,447,604.

(2) UW Occupancy represents the economic occupancy. The 4 Union Square South Property
was 100.0% physically occupied as of April 1, 2025.

(3) DSCRs and Debt Yields are based on the 4 Union Square South Whole Loan.

 ****

***Escrows and Reserves.***

*Real Estate Taxes –* The 4 Union Square South Whole Loan documents require an upfront deposit of $1,567,806 and ongoing monthly deposits equal to 1/12th of the real estate taxes that the lender estimates will be payable during the next 12 months (initially totaling $522,602).

*Insurance Reserve –* The 4 Union Square South Whole Loan documents require an ongoing monthly deposit into an insurance reserve equal to 1/12th of the insurance premiums that the lender reasonably estimates will be payable for the renewal of the coverage afforded by the policies upon the expiration thereof; *provided* that no deposits are required if (i) no event of default is continuing, (ii) the borrower maintains insurance coverage for the 4 Union Square South Property as part of blanket or umbrella coverage reasonably approved by the lender, and (iii) the borrower provides the lender with evidence of the renewals of the insurance policies and paid receipts for the payment of the insurance premiums no later than 30 days prior to the expiration dates of the policies.

 

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| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 98 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored | &nbsp;&nbsp;Loan #10 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$27500000 |
| &nbsp;&nbsp;44 East 14th Street | &nbsp;&nbsp;**4 Union Square South** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;41.4% |
| &nbsp;&nbsp;New York, NY 10003 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.42x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;14.2% |

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*TI/LC Reserve –* The 4 Union Square South Whole Loan documents require an upfront deposit of $200,000 for outstanding tenant improvements and leasing commissions related to Burlington. Additionally, the 4 Union Square South Whole Loan documents require ongoing monthly deposits of $34,031 for tenant improvements and leasing commissions.

*Replacement Reserves* – During the occurrence of a Cash Trap Event Period (as defined below), the 4 Union Square South Whole Loan documents require ongoing monthly deposits of $6,340 for capital expenditures.

***Lockbox and Cash Management.*** The 4 Union Square South Whole Loan is structured with a hard lockbox and springing cash management. The borrower is required to direct tenants to pay rent directly into such lockbox account and all rents received directly by the borrower or the property manager are required to be deposited into the lockbox account within 10 business days of receipt. Prior to the occurrence of a Cash Trap Event Period (as defined below), 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 each business day to a lender-controlled cash management account. Any excess cash flow remaining after satisfaction of the waterfall items outlined in the 4 Union Square South Whole Loan documents is required to be swept to an excess cash flow subaccount controlled by the lender as additional security for the loan during the continuance of the 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 operating income debt yield ("NOI DY") falling below 9.0%; *provided*,
 however, a Cash Trap Event Period shall be deemed not to exist if, within 15 business days
 after the borrower receives notice from the lender that a Cash Trap Event Period has commenced,
 the borrower (a) prepays a portion of the loan (including any applicable yield maintenance
 premium) in an amount that would result in the NOI DY being at least 9.0%, or (b) delivers
 cash or a letter of credit to the lender as additional collateral for the loan in an amount
 that, if applied to the outstanding principal balance of the loan, would result in the NOI
 DY being at least 9.0%; or

&nbsp;&nbsp;&nbsp;&nbsp;(iii) either
 (a) Burlington or Whole Foods (each a "Major Tenant") goes dark, vacates, is
 in material default under its lease or is subject to a bankruptcy or insolvency proceeding,
 or (b) Burlington has not yet renewed its lease at least 12 months prior to lease expiration
 for a term of at least five years.

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

&nbsp;&nbsp;&nbsp;&nbsp;(i) with
 regard to clause (i), the cure of the related event of default;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) with
 regard to clause (ii), the NOI DY being at least 9.0% (tested quarterly);

&nbsp;&nbsp;&nbsp;&nbsp;(iii) with
 regard to clause (iii), the entirety or a portion of the applicable major tenant space is
 leased to one or more replacement tenants pursuant to one or more executed qualified leases
 and the occupancy conditions are satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;(iv) with
 regard to clause (iii)(a), the Major Tenant is fully occupying its space and has recommenced
 normal business operations, the Major Tenant pays all obligations under its lease, the bankruptcy
 or insolvency proceeding is discharged and/or the applicable Major Tenant affirms the lease
 in such proceeding and is current on rent and other amounts due under the lease; and

&nbsp;&nbsp;&nbsp;&nbsp;(v) with
 regard to clause (iii)(b), Burlington extends or renews the existing lease for an additional
 5 year period as evidenced by a written acknowledgement of such extension or renewal executed
 by Burlington Tenant in a form reasonably acceptable to the lender.

***Terrorism Insurance*.** The 4 Union Square South Whole 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 4 Union Square South Property, as well as business interruption insurance covering no more than the 18-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.

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| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 99 |

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| | |
|:---|:---|
| **BANK 2025-BNK51** | Transaction Contact Information |

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III. <u>Transaction Contact Information</u> 

Questions regarding this Structural and Collateral Term Sheet may be directed to any of the following individuals:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Wells Fargo Securities, LLC** |  |
| &nbsp;&nbsp;Brigid Mattingly | &nbsp;&nbsp;Tel. (312) 269-3062 |
| &nbsp;&nbsp;Sean Duffy | &nbsp;&nbsp;Tel. (312) 827-1518 |
| &nbsp;&nbsp;Daniel Thomas | &nbsp;&nbsp;Tel. (212) 214-2813 |

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| | |
|:---|:---|
| &nbsp;&nbsp;**BofA Securities, Inc.** |  |
| &nbsp;&nbsp;Leland F. Bunch, III | &nbsp;&nbsp;Tel. (646) 855-3953 |
| &nbsp;&nbsp;Danielle Caldwell | &nbsp;&nbsp;Tel. (646) 855-3421 |

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| | |
|:---|:---|
| &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 |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Morgan Stanley & Co. LLC** |  |
| &nbsp;&nbsp;Nishant Kapur | &nbsp;&nbsp;Tel. (212) 761-1483 |
| &nbsp;&nbsp;Jane Lam | &nbsp;&nbsp;Tel. (212) 761-3507 |

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| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 100 |

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