# EDGAR Filing Document

**Accession Number:** 0002084077
**File Stem:** 0001539497-25-002315
**Filing Date:** 2025-9
**Character Count:** 32466
**Document Hash:** fb5830a2889309af37ad70f97f943166
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001539497-25-002315.hdr.sgml**: 20250909

**ACCESSION NUMBER**: 0001539497-25-002315

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

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250909

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

**FILED AS OF DATE**: 20250909

**DATE AS OF CHANGE**: 20250909

**ABS RULE**: RULE-15GA2

**REGISTERED ENTITY**: N

**ABS ASSET CLASS**: Commercial mortgages

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RWC Commercial Mortgage Securities LLC
- **CENTRAL INDEX KEY:** 0002084077

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

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-07931
- **FILM NUMBER:** 251302836

**BUSINESS ADDRESS:**
- **STREET 1:** 10 ASTOR PLACE
- **STREET 2:** SUITE 301
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10003
- **BUSINESS PHONE:** 2128381255

**MAIL ADDRESS:**
- **STREET 1:** 10 ASTOR PLACE
- **STREET 2:** SUITE 301
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10003
**DEPOSITOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RWC Commercial Mortgage Securities LLC
- **CENTRAL INDEX KEY:** 0002084077

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

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

**BUSINESS ADDRESS:**
- **STREET 1:** 10 ASTOR PLACE
- **STREET 2:** SUITE 301
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10003
- **BUSINESS PHONE:** 2128381255

**MAIL ADDRESS:**
- **STREET 1:** 10 ASTOR PLACE
- **STREET 2:** SUITE 301
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10003
**SECURITIZER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RWC Commercial Mortgage Securities LLC
- **CENTRAL INDEX KEY:** 0002084077

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

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

**BUSINESS ADDRESS:**
- **STREET 1:** 10 ASTOR PLACE
- **STREET 2:** SUITE 301
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10003
- **BUSINESS PHONE:** 2128381255

**MAIL ADDRESS:**
- **STREET 1:** 10 ASTOR PLACE
- **STREET 2:** SUITE 301
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10003

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549** 

**FORM ABS-15G** 

**ASSET-BACKED SECURITIZER<br> Report Pursuant to Section 15G of** 

**the Securities Exchange Act of 1934**

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

[_] Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period ____________ to ____________

Date of Report (Date of earliest event reported)______________________

Commission File Number of securitizer: ____________________

Central Index Key Number of securitizer: ___________________

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

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

[✔] Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2)

Central Index Key Number of depositor: **0002084077**

<u>RWC Commercial Mortgage 2025-1 Trust</u><br> (Exact name of issuing entity as specified in its charter)

Central Index Key Number of issuing entity (if applicable): Not applicable

Central Index Key Number of underwriter (if applicable): <u>Not applicable</u> 

<u> Ian D. Katz, 212-838-1255</u> <br> Name and telephone number, including area code, of the person to contact in connection with this filing

**INFORMATION TO BE INCLUDED IN THE REPORT**

**FINDINGS AND CONCLUSIONS OF THIRD-PARTY DUE DILIGENCE REPORTS**

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

Attached as <u>Exhibit 1</u> hereto is an independent accountants' report on applying agreed-upon procedures, dated September 9, 2025, of Deloitte & Touche LLP, obtained by the depositor, which report sets forth the findings and conclusions, as applicable, of Deloitte & Touche LLP with respect to certain agreed-upon procedures performed by Deloitte & Touche LLP.

**SIGNATURES**

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

---

| | | | |
|:---|:---|:---|:---|
| Date: September 9, 2025 | RWC COMMERCIAL MORTGAGE SECURITIES LLC | RWC COMMERCIAL MORTGAGE SECURITIES LLC | RWC COMMERCIAL MORTGAGE SECURITIES LLC |
|  | By: | /s/ Ian D. Katz | /s/ Ian D. Katz |
|  |  | Name: | Ian D. Katz |
|  |  | Title: | Principal and General Counsel |

---

Exhibit 1 Independent Accountants' Report on Applying Agreed-Upon Procedures, dated September 9, 2025, of Deloitte & Touche LLP.

## Ex-1

**Exhibit 1**

---

| | |
|:---|:---|
| ![](deloitte.jpg) |  |
|  | **Deloitte & Touche LLP** |
|  | 3 Second Street |
|  | Suite 301 |
|  | Harborside Plaza 10 |
|  | Jersey City, NJ 07302 |
|  | USA |
|  | Tel: +1 212 937 8202 |
|  | www.deloitte.com |

---

RWC Lending LLC**<br> 10 Astor Place, Suite 301<br> New York, New York 10003

**Independent Accountants' Report**

**<u>on Applying Agreed-Upon Procedures</u>**

We have performed the procedures described below related to certain information with respect to a portfolio of mortgage loans in connection with the proposed offering of certain classes of RWC Commercial Mortgage 2025-1 Trust, Commercial Mortgage Pass-Through Certificates, Series 2025-1. RWC Lending LLC (the **"Company"**) is responsible for the information provided to us, including the information set forth in the Data File (as defined herein).

The Company has agreed to the procedures and acknowledged that the procedures performed are appropriate to meet the intended purpose of evaluating the accuracy of certain information set forth in the Data File. Additionally, Nomura Securities International, Inc. (collectively, with the Company, the "Specified Parties") has agreed to the procedures and acknowledged that the procedures performed are appropriate for their purposes. This report may not be suitable for any other purpose. The procedures performed may not address all of the items of interest to a user of the report and may not meet the needs of all users of the report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. Consequently, we make no representations regarding the appropriateness of the procedures described below either for the purpose for which this report has been requested or for any other purpose.

We performed certain procedures on earlier versions of the Data File and communicated differences prior to being provided the final Data File which was subjected to the procedures described below.

Capitalized terms used but not defined herein are used with the meanings as described in "The Bond Market Association's Standard Formulas for the Analysis of Mortgage-Backed Securities and Other Related Securities."

**<u>Procedures and Findings</u>**

On September 5, 2025, representatives of the Company provided us with a computer-generated mortgage loan data file and related record layout (the **"Data File"**) containing 48 mortgage loans that is secured by 48 mortgaged properties (the **"Mortgage Loans"**).

From April 15, 2025 through September 3, 2025, representatives of the Company provided us with certain Source Documents (as defined in the attached Appendix A) related to the Mortgage Loans.

At your request, for each of the Mortgage Loans set forth on the Data File, we compared certain characteristics (the **"Characteristics"** as indicated on Appendix A), except for those Characteristics identified on Appendix A as "Identification purposes only - not applicable," "None - Company Provided" or "Not applicable," to the corresponding information set forth on or derived from the corresponding Source Documents and found them to be in agreement.

\*\*\*\*\*\*

---

| |
|:---|
| **Member of** |
| Deloitte Touche Tohmatsu Limited |

---

We make no representations as to (i) the actual characteristics or existence of the underlying documents or data comprising the Mortgage Loans underlying the Data File or the conformity of their respective characteristics with those assumed for purposes of the procedures described herein, (ii) whether the Source Documents are comprehensive and valid instruments and reflect the current prevailing terms with respect to the Mortgage Loans, (iii) the existence or ownership of the Mortgage Loans or (iv) the reasonableness of any of the aforementioned assumptions, information or methodologies.

It should be understood that we make no representations as to questions of legal interpretation or as to the sufficiency for your purposes of the procedures enumerated in the preceding paragraphs. Also, such procedures would not necessarily reveal any material misstatement of the information referred to above. We have no responsibility to update this report for events and circumstances that occur subsequent to the date of this report.

We were engaged by the Company to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the American Institute of Certified Public Accountants ("AICPA"). An agreed-upon procedures engagement involves the practitioner performing specific procedures that the engaging party has agreed to and acknowledged to be appropriate for the purpose of the engagement and reporting on findings based on the procedures performed. We were not engaged to conduct, and did not conduct, an (i) audit conducted in accordance with generally accepted auditing standards or (ii) examination or a review engagement conducted in accordance with attestation standards established by the AICPA, the objective of which would be the expression of an opinion or conclusion, respectively, on the Data File. Accordingly, we do not express such an opinion or conclusion, or any other form of assurance, including reasonable assurance. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

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

None of the engagement, procedures or report was intended to address, nor did they address, the (i) conformity of the origination of the assets to stated underwriting or credit extension guidelines, standards, criteria or other requirements, (ii) value of collateral securing such assets or (iii) compliance of the originator of the assets with federal, state, and local laws and regulations.

None of the engagement, procedures or report were intended to satisfy, nor did they satisfy, any criteria for due diligence published by a nationally recognized statistical rating organization.

This report is intended solely for the use and information of the Specified Parties and is not intended to be and should not be used by anyone other than the Specified Parties.

Yours truly,

/s/ Deloitte & Touche LLP

September 9, 2025

**Appendix A**

**Source Documents**

For purposes of performing the agreed-upon procedures described herein and at your request, we will rely upon the following source documents as provided to us by the Company, with respect to the Mortgage Loans (the **"Source Documents"**):

Loan agreement, promissory note, consolidated, amended and restated note and/or multifamily mortgage, assignment of rents and security instrument (collectively, the **"Loan Agreement"**);

Guaranty of non-recourse obligations and environmental indemnity agreement (collectively, the **"Guaranty"**);

Title policy or pro-forma title policy (collectively, the **"Title Policy"**);

Mortgage closing statement and/or borrower settlement statement (collectively, the **"Settlement Statement"**);

Business purpose of loan certification (the **"Business Purpose Certification"**);

Deposit account control agreement and cash management agreement (collectively, the **"Cash Management Agreement"**);

Real estate property appraisal report (the **"Appraisal Report"**);

Metropolitan lookup export (the **"MSA Report"**);

Property condition report (the **"Property Condition Report"**);

Phase I environmental report (the **"Phase I Report"**);

Seismic report (the **"Seismic Report"**);

Zoning assessment report and/or zoning letter (collectively, the **"Zoning Report"**);

Declaration for condominium ownership and condominium estoppel certificate (the **"Condo Declaration"**);

Asset Summary Report (the **"ASR"**);

Credit authorization & questionnaire investment due diligence (the **"Credit Authorization"**);

Underwritten rent roll analysis, residential rent roll analysis, commercial rent roll analysis and/or underwritten cash flow analysis (collectively, the **"RWC UW Package"**);

Servicing reserve and escrow balances report (the **"Servicing Report"**);

Primary servicing pricing sheet (the **"Primary Servicing Bid"**); and

Trustee, certificate administrator, registrar, paying agent, tax agent and custodian fee proposal (the **"Trustee Bid"**).

\*\*\*\*\*\*\*\*\*\*\*

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Characteristic** | &nbsp;&nbsp;**Source Document** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;Loan Number | &nbsp;&nbsp;Identification purposes only - not applicable |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;Cut-off Date | &nbsp;&nbsp;None - Company Provided |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;Loan/Property | &nbsp;&nbsp;None - Company Provided |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;Number of Properties per Loan | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;Deal Name | &nbsp;&nbsp;Identification purposes only - not applicable |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;% of Initial Pool Balance | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;Address | &nbsp;&nbsp;Appraisal Report |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;City | &nbsp;&nbsp;Appraisal Report |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;County | &nbsp;&nbsp;Appraisal Report |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;State | &nbsp;&nbsp;Appraisal Report |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;Zip Code | &nbsp;&nbsp;Appraisal Report |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;Metropolitan Statistical Area | &nbsp;&nbsp;MSA Report |
| &nbsp;&nbsp;13 | &nbsp;&nbsp;Property Type | &nbsp;&nbsp;Appraisal Report |
| &nbsp;&nbsp;14 | &nbsp;&nbsp;Property Sub-Type | &nbsp;&nbsp;Appraisal Report |
| &nbsp;&nbsp;15 | &nbsp;&nbsp;Year Built | &nbsp;&nbsp;Appraisal Report / Property Condition Report |
| &nbsp;&nbsp;16 | &nbsp;&nbsp;Year Renovated | &nbsp;&nbsp;Appraisal Report / Property Condition Report |
| &nbsp;&nbsp;17 | &nbsp;&nbsp;Number of Units | &nbsp;&nbsp;RWC UW Package |
| &nbsp;&nbsp;18 | &nbsp;&nbsp;Cut-off Date Balance per Unit | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;19 | &nbsp;&nbsp;Original Principal Balance | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;20 | &nbsp;&nbsp;Cut-off Date Balance | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;21 | &nbsp;&nbsp;Maturity Balance | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;22 | &nbsp;&nbsp;Ownership Interest | &nbsp;&nbsp;Title Policy |
| &nbsp;&nbsp;23 | &nbsp;&nbsp;Lien Position | &nbsp;&nbsp;Title Policy |
| &nbsp;&nbsp;24 | &nbsp;&nbsp;Loan Purpose | &nbsp;&nbsp;Settlement Statement / Business Purpose Certification |
| &nbsp;&nbsp;25 | &nbsp;&nbsp;Note Date | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;26 | &nbsp;&nbsp;Mortgage Rate | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;27 | &nbsp;&nbsp;Rate Type | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;28 | &nbsp;&nbsp;Accrual Type | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;29 | &nbsp;&nbsp;Monthly Debt Service | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;30 | &nbsp;&nbsp;Monthly Debt Service (IO) | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;31 | &nbsp;&nbsp;First Payment Date | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;32 | &nbsp;&nbsp;Maturity Date | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;33 | &nbsp;&nbsp;Due Date | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;34 | &nbsp;&nbsp;Late Charge Grace Period (# of days) | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;35 | &nbsp;&nbsp;Amortization Type | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;36 | &nbsp;&nbsp;Original Amortization Term (months) | &nbsp;&nbsp;Loan Agreement |

---

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Characteristic** | &nbsp;&nbsp;**Source Document** |
| &nbsp;&nbsp;37 | &nbsp;&nbsp;IO Term as of Origination Date (months) | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;38 | &nbsp;&nbsp;Original Loan Term (months) | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;39 | &nbsp;&nbsp;Remaining Amortization | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;40 | &nbsp;&nbsp;Remaining Term | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;41 | &nbsp;&nbsp;Seasoning | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;42 | &nbsp;&nbsp;Extension Options | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;43 | &nbsp;&nbsp;Prepay Provision Description | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;44 | &nbsp;&nbsp;Underwritten EGI | &nbsp;&nbsp;RWC UW Package |
| &nbsp;&nbsp;45 | &nbsp;&nbsp;Underwritten Expenses | &nbsp;&nbsp;RWC UW Package |
| &nbsp;&nbsp;46 | &nbsp;&nbsp;Underwritten NOI | &nbsp;&nbsp;RWC UW Package |
| &nbsp;&nbsp;47 | &nbsp;&nbsp;Underwritten Replacement Reserves | &nbsp;&nbsp;RWC UW Package |
| &nbsp;&nbsp;48 | &nbsp;&nbsp;Underwritten NCF | &nbsp;&nbsp;RWC UW Package |
| &nbsp;&nbsp;49 | &nbsp;&nbsp;Underwritten NCF Debt Yield | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;50 | &nbsp;&nbsp;Underwritten NCF DSCR | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;51 | &nbsp;&nbsp;Most Recent Financial End Date | &nbsp;&nbsp;RWC UW Package |
| &nbsp;&nbsp;52 | &nbsp;&nbsp;Most Recent EGI | &nbsp;&nbsp;RWC UW Package |
| &nbsp;&nbsp;53 | &nbsp;&nbsp;Most Recent Expenses | &nbsp;&nbsp;RWC UW Package |
| &nbsp;&nbsp;54 | &nbsp;&nbsp;Most Recent NOI | &nbsp;&nbsp;RWC UW Package |
| &nbsp;&nbsp;55 | &nbsp;&nbsp;Most Recent NCF | &nbsp;&nbsp;RWC UW Package |
| &nbsp;&nbsp;56 | &nbsp;&nbsp;Occupancy | &nbsp;&nbsp;RWC UW Package |
| &nbsp;&nbsp;57 | &nbsp;&nbsp;Occupancy as of Date | &nbsp;&nbsp;RWC UW Package |
| &nbsp;&nbsp;58 | &nbsp;&nbsp;Monthly Rent per Unit | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;59 | &nbsp;&nbsp;Appraised Value | &nbsp;&nbsp;Appraisal Report |
| &nbsp;&nbsp;60 | &nbsp;&nbsp;Appraised Value Type | &nbsp;&nbsp;Appraisal Report |
| &nbsp;&nbsp;61 | &nbsp;&nbsp;Appraisal Firm | &nbsp;&nbsp;Appraisal Report |
| &nbsp;&nbsp;62 | &nbsp;&nbsp;Appraisal Date | &nbsp;&nbsp;Appraisal Report |
| &nbsp;&nbsp;63 | &nbsp;&nbsp;Appraisal Cap Rate | &nbsp;&nbsp;Appraisal Report |
| &nbsp;&nbsp;64 | &nbsp;&nbsp;Flood Zone | &nbsp;&nbsp;Appraisal Report |
| &nbsp;&nbsp;65 | &nbsp;&nbsp;Zoning Status | &nbsp;&nbsp;Zoning Report / Appraisal Report |
| &nbsp;&nbsp;66 | &nbsp;&nbsp;Cut-off Date LTV Ratio | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;67 | &nbsp;&nbsp;LTV Ratio at Maturity | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;68 | &nbsp;&nbsp;Condo Ownership (% or NAP) | &nbsp;&nbsp;Condo Declaration |
| &nbsp;&nbsp;69 | &nbsp;&nbsp;# Units - Commercial | &nbsp;&nbsp;RWC UW Package |
| &nbsp;&nbsp;70 | &nbsp;&nbsp;Amount Square Ft - Commercial | &nbsp;&nbsp;RWC UW Package |
| &nbsp;&nbsp;71 | &nbsp;&nbsp;% of GPR from Commercial Rental Income | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;72 | &nbsp;&nbsp;Largest Tenant Name | &nbsp;&nbsp;RWC UW Package / Property Condition Report |
| &nbsp;&nbsp;73 | &nbsp;&nbsp;Largest Tenant Square Ft. | &nbsp;&nbsp;RWC UW Package |
| &nbsp;&nbsp;74 | &nbsp;&nbsp;Largest Tenant % of NRA | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;75 | &nbsp;&nbsp;Largest Tenant Exp. Date | &nbsp;&nbsp;RWC UW Package |

---

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Characteristic** | &nbsp;&nbsp;**Source Document** |
| &nbsp;&nbsp;76 | &nbsp;&nbsp;2nd Largest Tenant Name | &nbsp;&nbsp;RWC UW Package |
| &nbsp;&nbsp;77 | &nbsp;&nbsp;2nd Largest Tenant Square Ft. | &nbsp;&nbsp;RWC UW Package |
| &nbsp;&nbsp;78 | &nbsp;&nbsp;2nd Largest Tenant % of NRA | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;79 | &nbsp;&nbsp;2nd Largest Tenant Exp. Date | &nbsp;&nbsp;RWC UW Package |
| &nbsp;&nbsp;80 | &nbsp;&nbsp;Phase I Environmental Report Date | &nbsp;&nbsp;Phase I Report |
| &nbsp;&nbsp;81 | &nbsp;&nbsp;Phase II Recommended (Y/N) | &nbsp;&nbsp;Phase I Report |
| &nbsp;&nbsp;82 | &nbsp;&nbsp;Phase II Performed (Y/N) | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;83 | &nbsp;&nbsp;Phase II Environmental Report Date | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;84 | &nbsp;&nbsp;Property Condition Report Date | &nbsp;&nbsp;Property Condition Report |
| &nbsp;&nbsp;85 | &nbsp;&nbsp;Seismic Report Date | &nbsp;&nbsp;Seismic Report |
| &nbsp;&nbsp;86 | &nbsp;&nbsp;PML Report Required (Y/N) | &nbsp;&nbsp;Property Condition Report |
| &nbsp;&nbsp;87 | &nbsp;&nbsp;PML (%) | &nbsp;&nbsp;Seismic Report |
| &nbsp;&nbsp;88 | &nbsp;&nbsp;Tax Reserve - Current Balance ($ or NAP) | &nbsp;&nbsp;Servicing Report |
| &nbsp;&nbsp;89 | &nbsp;&nbsp;Tax Reserve - Initial Deposit ($ or NAP) | &nbsp;&nbsp;Settlement Statement |
| &nbsp;&nbsp;90 | &nbsp;&nbsp;Insurance Reserve - Current Balance ($ or NAP) | &nbsp;&nbsp;Servicing Report |
| &nbsp;&nbsp;91 | &nbsp;&nbsp;Insurance Reserve - Initial Deposit ($ or NAP) | &nbsp;&nbsp;Settlement Statement |
| &nbsp;&nbsp;92 | &nbsp;&nbsp;Engineering Reserve - Current Balance ($ or NAP) | &nbsp;&nbsp;Servicing Report |
| &nbsp;&nbsp;93 | &nbsp;&nbsp;Engineering Reserve - Initial Deposit ($ or NAP) | &nbsp;&nbsp;Settlement Statement |
| &nbsp;&nbsp;94 | &nbsp;&nbsp;Replacement Reserve - Current Balance ($ or NAP) | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;95 | &nbsp;&nbsp;Replacement Reserve - Initial Deposit ($ or NAP) | &nbsp;&nbsp;Settlement Statement |
| &nbsp;&nbsp;96 | &nbsp;&nbsp;Other Reserve - Current Balance ($ or NAP) | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;97 | &nbsp;&nbsp;Other Reserve - Initial Deposit ($ or NAP) | &nbsp;&nbsp;Settlement Statement |
| &nbsp;&nbsp;98 | &nbsp;&nbsp;Other Reserve Description | &nbsp;&nbsp;Servicing Report |
| &nbsp;&nbsp;99 | &nbsp;&nbsp;Cash Management (Description or NAP) | &nbsp;&nbsp;Cash Management Agreement |
| &nbsp;&nbsp;100 | &nbsp;&nbsp;Lockbox | &nbsp;&nbsp;Cash Management Agreement |
| &nbsp;&nbsp;101 | &nbsp;&nbsp;Existing Financing In Place (Y/N) | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;102 | &nbsp;&nbsp;Existing Financing Amount | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;103 | &nbsp;&nbsp;Existing Financing Description | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;104 | &nbsp;&nbsp;Future Mezzanine Debt (Y/N) | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;105 | &nbsp;&nbsp;Future Secondary Financing (Y/N) | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;106 | &nbsp;&nbsp;Future Secondary Financing Description | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;107 | &nbsp;&nbsp;Substitution Permitted (Y/N) | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;108 | &nbsp;&nbsp;Collateral Release Price ($ or NAP) | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;109 | &nbsp;&nbsp;Crossed Loans | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;110 | &nbsp;&nbsp;Release (Y/N or NAP) | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;111 | &nbsp;&nbsp;Release Provisions (Description or NAP) | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;112 | &nbsp;&nbsp;Borrowing Entity | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;113 | &nbsp;&nbsp;Entity Type | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;114 | &nbsp;&nbsp;State of Organization | &nbsp;&nbsp;Loan Agreement |

---

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Characteristic** | &nbsp;&nbsp;**Source Document** |
| &nbsp;&nbsp;115 | &nbsp;&nbsp;Borrower Type | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;116 | &nbsp;&nbsp;Tenants In Common (Y/N) | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;117 | &nbsp;&nbsp;Delaware Statutory Trust (Y/N) | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;118 | &nbsp;&nbsp;Sponsor Name | &nbsp;&nbsp;ASR / Guaranty |
| &nbsp;&nbsp;119 | &nbsp;&nbsp;Independent Director (Y/N) | &nbsp;&nbsp;Loan Agreement |
| &nbsp;&nbsp;120 | &nbsp;&nbsp;Non-Consolidation Opinion (Y/N) | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;121 | &nbsp;&nbsp;Recourse (Y/N) | &nbsp;&nbsp;Loan Agreement / Guaranty |
| &nbsp;&nbsp;122 | &nbsp;&nbsp;Recourse Description | &nbsp;&nbsp;Loan Agreement / Guaranty |
| &nbsp;&nbsp;123 | &nbsp;&nbsp;Non-Recourse Carveout Guarantor | &nbsp;&nbsp;Guaranty |
| &nbsp;&nbsp;124 | &nbsp;&nbsp;Environmental Carveout (Y/N) | &nbsp;&nbsp;Loan Agreement / Guaranty |
| &nbsp;&nbsp;125 | &nbsp;&nbsp;Fraud Carveout (Y/N) | &nbsp;&nbsp;Loan Agreement / Guaranty |
| &nbsp;&nbsp;126 | &nbsp;&nbsp;Misapplication of Rent and Insurance Proceeds Carveout (Y/N) | &nbsp;&nbsp;Loan Agreement / Guaranty |
| &nbsp;&nbsp;127 | &nbsp;&nbsp;Voluntary Bankruptcy Carveout (Y/N) | &nbsp;&nbsp;Loan Agreement / Guaranty |
| &nbsp;&nbsp;128 | &nbsp;&nbsp;Waste Carveout (Y/N) | &nbsp;&nbsp;Loan Agreement / Guaranty |
| &nbsp;&nbsp;129 | &nbsp;&nbsp;Borrower Or Principal Prior Bankruptcy (Y/N) | &nbsp;&nbsp;Credit Authorization |
| &nbsp;&nbsp;130 | &nbsp;&nbsp;Borrower-Paid Servicing Fee | &nbsp;&nbsp;None - Company Provided |
| &nbsp;&nbsp;131 | &nbsp;&nbsp;Borrower-Paid Servicing Fee Rate as of the Cut-off Date | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;132 | &nbsp;&nbsp;Gross Mortgage Rate as of the Cut-off Date | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;133 | &nbsp;&nbsp;Administrative Cost Rate as of the Cut-off Date | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;134 | &nbsp;&nbsp;Net Mortgage Rate as of the Cut-off Date | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;135 | &nbsp;&nbsp;Servicing Fee | &nbsp;&nbsp;Primary Servicing Bid |
| &nbsp;&nbsp;136 | &nbsp;&nbsp;Servicing Fee Rate as of the Cut-off Date | &nbsp;&nbsp;Refer to calculation procedures |
| &nbsp;&nbsp;137 | &nbsp;&nbsp;Trustee/Certificate Administrator Fee Rate | &nbsp;&nbsp;Trustee Bid |
| &nbsp;&nbsp;138 | &nbsp;&nbsp;CREFC® IP Royalty License Fee Rate | &nbsp;&nbsp;None - Company Provided |
| &nbsp;&nbsp;139 | &nbsp;&nbsp;Backup Advancing Agent Fee Rate | &nbsp;&nbsp;None - Company Provided |
| &nbsp;&nbsp;140 | &nbsp;&nbsp;Asset Monitoring Agent Fee Rate | &nbsp;&nbsp;None - Company Provided |

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**<u>Calculation Procedures</u>**

With respect to Characteristic 6, we recomputed the % of Initial Pool Balance by dividing the (i) Cut-off Date Balance (as determined below) by (ii) sum of each of the Mortgage Loans' Cut-off Date Balance.

With respect to Characteristic 18, we recomputed the Cut-off Date Balance per Unit by dividing the (i) Cut-off Date Balance (as determined below) by (ii) Number of Units.

With respect to Characteristic 20, we recomputed the Cut-off Date Balance as being equal to the Original Principal Balance.

With respect to Characteristic 21, we recomputed the Maturity Balance as being equal to the Original Principal Balance.

With respect to Characteristic 29, we recomputed the Monthly Debt Service as being equal to the Monthly Debt Service (IO) (as determined below).

With respect to Characteristic 30, we recomputed the Monthly Debt Service (IO) by dividing (i) the product of (a) the Cut-off Date Balance, (b) the Mortgage Rate and (c) a fraction equal to 365/360 by (ii) twelve.

With respect to Characteristic 37, we recomputed the IO Term as of Origination Date (months) as being equal to the Original Loan Term (months) (as determined below).

With respect to Characteristic 38, we recomputed the Original Loan Term (months) by determining the number of payment dates from and inclusive of the First Payment Date to and inclusive of the Maturity Date.

With respect to Characteristic 40, we recomputed the Remaining Term as the difference of the (a) Original Loan Term (months) and (b) Seasoning (as determined below).

With respect to Characteristic 41, we recomputed the Seasoning by determining the number of payment dates from and inclusive of the First Payment Date to and inclusive of the Cut-off Date.

With respect to Characteristic 49, we recomputed the Underwritten NCF Debt Yield by dividing the (i) Underwritten NCF by (ii) Cut-off Date Balance.

With respect to Characteristic 50, we recomputed the Underwritten NCF DSCR by dividing the (i) Underwritten NCF by (ii) product of (a) the Monthly Debt Service and (b) twelve.

With respect to Characteristic 58, we recomputed the Monthly Rent per Unit by dividing the (i) sum of the (a) aggregate in place rent for occupied units (as set forth on the RWC UW Package) and (b) aggregate market rent for vacant units (as set forth on the RWC UW Package) by (ii) Number of Units. At the instruction of the Company, differences of $1.00 or less are deemed to be "in agreement" for purposes of this report.

With respect to Characteristic 66, we recomputed Cut-off Date LTV Ratio by dividing the (i) Cut-off Date Balance by (ii) Appraised Value.

With respect to Characteristic 67, we recomputed the LTV Ratio at Maturity by dividing the (i) Maturity Balance by (ii) Appraised Value.

With respect to Characteristic 71, we recomputed the % of GPR from Commercial Rental Income by dividing the (i) aggregate in place rent for commercial unit(s) (as set forth on the RWC UW Package) by (ii) aggregate in place rent for occupied units (as set forth on the RWC UW Package).

With respect to Characteristic 74, we recomputed the Largest Tenant % of NRA by dividing the (i) Largest Tenant Square Ft. by (ii) aggregate square footage for all units (as set forth on the RWC UW Package). This procedure was only performed for those Mortgage Loans with a Largest Tenant Square Ft. greater than zero.

With respect to Characteristic 78, we recomputed the 2nd Largest Tenant % of NRA by dividing the (i) 2nd Largest Tenant Square Ft. by (ii) aggregate square footage for all units (as set forth on the RWC UW Package). This procedure was only performed for those Mortgage Loans with a 2nd Largest Tenant Square Ft. greater than zero.

With respect to Characteristic 131, we recomputed the Borrower-Paid Servicing Fee Rate as of the Cut-off Date by dividing the (i) Borrower-Paid Servicing Fee by (ii) Cut-off Date Balance.

With respect to Characteristic 132, we recomputed the Gross Mortgage Rate as of the Cut-off Date as the sum of the (i) Mortgage Rate and (ii) Borrower-Paid Servicing Fee Rate as of the Cut-off Date.

With respect to Characteristic 133, we recomputed the Administrative Cost Rate as of the Cut-off Date as the sum of the (i) Servicing Fee Rate as of the Cut-off Date (as determined below), (ii) Trustee/Certificate Administrator Fee Rate, (iii) CREFC® IP Royalty License Fee Rate and (iv) Backup Advancing Agent Fee Rate.

With respect to Characteristic 134, we recomputed the Net Mortgage Rate as of the Cut-off Date as the difference of the (i) Gross Mortgage Rate as of the Cut-off Date and (ii) Administrative Cost Rate as of the Cut-off Date.

With respect to Characteristic 136, we recomputed the Servicing Fee Rate as of the Cut-off Date by dividing the (i) Servicing Fee by (ii) Cut-off Date Balance.