# EDGAR Filing Document

**Accession Number:** 0002110410
**File Stem:** 0001539497-26-000700
**Filing Date:** 2026-2
**Character Count:** 762703
**Document Hash:** 81e81c32f0dde7a4943bd156f82af894
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001539497-26-000700.hdr.sgml**: 20260218

**ACCESSION NUMBER**: 0001539497-26-000700

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 28

**FILED AS OF DATE**: 20260218

**DATE AS OF CHANGE**: 20260218

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Benchmark 2026-B42 Mortgage Trust
- **CENTRAL INDEX KEY:** 0002110410
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-283864-04
- **FILM NUMBER:** 26647260

**BUSINESS ADDRESS:**
- **STREET 1:** 60 WALL STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10005
- **BUSINESS PHONE:** (212) 250-2500

**MAIL ADDRESS:**
- **STREET 1:** 60 WALL STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10005
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DEUTSCHE MORTGAGE & ASSET RECEIVING CORP
- **CENTRAL INDEX KEY:** 0001013454
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 043310019
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

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

**BUSINESS ADDRESS:**
- **STREET 1:** 60 WALL STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10005
- **BUSINESS PHONE:** (212) 250-2500

**MAIL ADDRESS:**
- **STREET 1:** 60 WALL STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10005

---

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| &nbsp;&nbsp;FREE WRITING PROSPECTUS |
| &nbsp;&nbsp;FILED PURSUANT TO RULE 433 |
| &nbsp;&nbsp;REGISTRATION FILE NO.: 333-283864-04 |

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February 18, 2026

&nbsp;&nbsp;**BENCHMARK 2026-B42**

&nbsp;&nbsp;&nbsp; **Mortgage Trust**

&nbsp;&nbsp;&nbsp;&nbsp;***Free Writing Prospectus***

&nbsp;&nbsp;&nbsp;&nbsp; ***Collateral Term Sheet***

&nbsp;&nbsp;**$729201713**

&nbsp;&nbsp;&nbsp;&nbsp;(Approximate Total Mortgage Pool Balance)

&nbsp;&nbsp;**$583124000**

&nbsp;&nbsp;&nbsp;&nbsp;(Approximate Offered Certificates)

&nbsp;&nbsp;&nbsp;**Deutsche Mortgage & Asset Receiving Corporation**<br> *Depositor*<br>

&nbsp;&nbsp;&nbsp;Commercial Mortgage Pass-Through Certificates<br> Series 2026-B42

&nbsp;&nbsp;&nbsp;&nbsp;**German American Capital Corporation** **Citi Real Estate Funding Inc.**<br> **Goldman Sachs Mortgage Company** <br> **National Cooperative Bank, N.A.** <br> **Barclays Capital Real Estate Inc.** <br> **UBS AG** <br> **Bank of Montreal**<br>

&nbsp;&nbsp;&nbsp;&nbsp;*As Sponsors and Mortgage Loan Sellers*

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Deutsche Bank** <br> **Securities** | **Goldman Sachs & <br> Co. LLC** | **UBS Securities<br> LLC** | **BMO <br> Capital<br> Markets** | **Barclays** | **Citigroup** |
| &nbsp;&nbsp;*Co-Lead Managers and Joint Bookrunners* | &nbsp;&nbsp;*Co-Lead Managers and Joint Bookrunners* | &nbsp;&nbsp;*Co-Lead Managers and Joint Bookrunners* | &nbsp;&nbsp;*Co-Lead Managers and Joint Bookrunners* | &nbsp;&nbsp;*Co-Lead Managers and Joint Bookrunners* | &nbsp;&nbsp;*Co-Lead Managers and Joint Bookrunners* |
| **Drexel Hamilton** | **Drexel Hamilton** |  | **Mischler Financial** | **Mischler Financial** | **Mischler Financial** |
| &nbsp;&nbsp;*Co-Managers* | &nbsp;&nbsp;*Co-Managers* | &nbsp;&nbsp;*Co-Managers* | &nbsp;&nbsp;*Co-Managers* | &nbsp;&nbsp;*Co-Managers* | &nbsp;&nbsp;*Co-Managers* |

---

The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission (File No. 333-283864) 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 Securities and Exchange Commission 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 Securities and Exchange Commission website at <u>www.sec.gov</u>. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by emailing: <u>prospectus.cpdg@db.com</u>. 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. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. This free writing prospectus does not contain all information that is required to be included in the prospectus.

**STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES AND<br> OTHER INFORMATION**

This material is for your information, and none of Deutsche Bank Securities Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Barclays Capital Inc., UBS Securities LLC, BMO Capital Markets Corp., Drexel Hamilton, LLC, Mischler Financial Group, Inc. or any other underwriter (collectively, the "Underwriters") are soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal.

Neither this document nor anything contained herein shall form the basis for any contract or commitment whatsoever. The information contained herein is preliminary as of the date hereof. These materials are subject to change, completion or amendment from time to time. The information contained herein will be superseded by similar information delivered to you as part of the preliminary prospectus relating to the Benchmark 2026-B42 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2026-B42 (the "Offering Document"). The information contained herein supersedes any such information previously delivered and should be reviewed only in conjunction with the entire Offering Document. All of the information contained herein is subject to the same limitations and qualifications contained in the Offering Document. The information contained herein does not contain all relevant information relating to the underlying mortgage loans or mortgaged properties. Such information is described elsewhere in the Offering Document. The information contained herein will be more fully described elsewhere in the Offering Document. The information contained herein should not be viewed as projections, forecasts, predictions or opinions with respect to value. Prior to making any investment decision, prospective investors are strongly urged to read the Offering Document its entirety. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this free writing prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

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 Underwriters or any of their respective affiliates makes 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.

This document contains forward-looking statements. Those statements are subject to certain risks and uncertainties that could cause the success of collections and the actual cash flow generated to differ materially from the information set forth herein. While such information reflects projections prepared in good faith based upon methods and data that are believed to be reasonable and accurate as of the dates thereof, the depositor undertakes no obligation to revise these forward-looking statements to reflect subsequent events or circumstances. Individuals should not place undue reliance on forward-looking statements and are advised to make their own independent analysis and determination with respect to the forecasted periods, which reflect the issuer's view only as of the date hereof.

IMPORTANT NOTICE RELATING TO AUTOMATICALLY GENERATED EMAIL DISCLAIMERS

Any legends, disclaimers or other notices that may appear at the bottom of the 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) no representation being made 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.

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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. |
| 2 |

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| **Benchmark 2026-B42 Mortgage Trust** |
| &nbsp;&nbsp;**KEY FEATURES OF SECURITIZATION** |

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Capitalized terms used but not defined herein have the meanings assigned to them in the Preliminary Prospectus expected to be dated February 18, 2026 relating to the offered certificates (hereinafter referred to as the "Preliminary Prospectus").

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| | |
|:---|:---|
| **Offering Terms:** | |
| Co-Lead Managers and Joint Bookrunners: | Deutsche Bank Securities Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Barclays Capital Inc., UBS Securities LLC and BMO Capital Markets Corp. |
| Co-Managers: | Drexel Hamilton, LLC and Mischler Financial Group, Inc. |
| Sponsors and Mortgage Loan Sellers: | German American Capital Corporation\* ("GACC") (30.6%), Citi Real Estate Funding Inc. ("CREFI") (28.2%), Goldman Sachs Mortgage Company ("GSMC") (18.5%), National Cooperative Bank, N.A. ("NCB") (10.5%), Barclays Capital Real Estate Inc. ("Barclays") (7.9%), UBS AG New York Branch ("UBS AG") (2.3%) and Bank of Montreal ("BMO") (2.0%) *\*An indirect wholly owned subsidiary of Deutsche Bank AG* |
| Master Servicers: | Midland Loan Services, a Division of PNC Bank, National Association with respect to all mortgage loans other than the mortgage loans being contributed to the issuing entity by NCB (the "NCB Mortgage Loans"), and National Cooperative Bank, N.A., with respect to the NCB Mortgage Loans |
| Operating Advisor: | Park Bridge Lender Services LLC |
| Asset Representations Reviewer: | Park Bridge Lender Services LLC |
| Special Servicers: | K-Star Asset Management LLC with respect to all mortgage loans other than the NCB Mortgage Loans (the "General Special Servicer"), and National Cooperative Bank, N.A., with respect to the NCB Mortgage Loans (the "NCB Special Servicer") |
| Certificate Administrator: | Computershare Trust Company, National Association |
| Trustee: | Computershare Trust Company, National Association |
| Rating Agencies: | Moody's Investors Service, Inc. ("Moody's"), Fitch Ratings, Inc. ("Fitch") and Kroll Bond Rating Agency, LLC ("KBRA") |
| Credit Risk Retention: | For a discussion on the manner in which the U.S. credit risk retention requirements are being satisfied by GACC, as retaining sponsor, see "*Credit Risk Retention*" in the Preliminary Prospectus. Note that this securitization transaction is not being structured to satisfy EU/UK risk retention and due diligence requirements. |
| Determination Date: | 11<sup>th</sup> day of each month, or if such 11<sup>th</sup> day is not a business day, the immediately following business day, commencing in April 2026. |
| Distribution Date: | 4<sup>th</sup> business day following the Determination Date in each month, commencing in April 2026. |
| Cut-off Date: | With respect to each mortgage loan, the later of the related payment date of such mortgage loan in March 2026 (or, in the case of any mortgage loan that has its first due date subsequent to March 2026, the date that would have been its due date in March 2026 under the terms of that mortgage loan if a monthly payment were scheduled to be due in that month) and the date of origination of such mortgage loan. Unless otherwise noted, all mortgage loan statistics are based on balances as of the Cut-off Date. |
| Closing Date: | On or about March 12, 2026 |
| Settlement Terms: | DTC, Euroclear and Clearstream, same day funds, with accrued interest. |
| ERISA Eligible: | All of the Offered Certificates are expected to be ERISA eligible. |
| SMMEA Eligible: | None of the Offered Certificates will be SMMEA eligible. |
| Day Count: | 30/360 |
| Tax Treatment: | REMIC |
| Rated Final Distribution Date: | March 2059 |
| Minimum Denominations: | $10,000 (for each class of offered principal balance certificates) and $100,000 (for each class of offered interest-only certificates) and in each case in multiples of $1 thereafter. |
| Clean-up Call: | 1% (with certain exceptions described under *"Pooling and Servicing Agreement—Termination; Retirement of Certificates"* in the Preliminary Prospectus) |

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**Distribution of Collateral by Property Type**

![](n5676ts_img001.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. |
| 3 |

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| **Benchmark 2026-B42 Mortgage Trust** |
| &nbsp;&nbsp;**OVERVIEW OF MORTGAGE POOL CHARACTERISTICS** |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Mortgage Loan Sellers** | &nbsp;&nbsp; **Number of**<br> **Mortgage**<br> **Loans** | &nbsp;&nbsp; **Number of**<br> **Mortgaged**<br> **Properties** | &nbsp;&nbsp; **Aggregate**<br> **Cut-off Date**<br> **Balance** | &nbsp;&nbsp; **% of Initial Outstanding**<br> **Pool Balance** |
| German American Capital Corporation | &nbsp;&nbsp;14 | &nbsp;&nbsp;26 | &nbsp;&nbsp;$222850000 | &nbsp;&nbsp;30.6% |
| Citi Real Estate Funding Inc. | &nbsp;&nbsp;8 | &nbsp;&nbsp;10 | &nbsp;&nbsp;$205425000 | &nbsp;&nbsp;28.2% |
| Goldman Sachs Mortgage Company | &nbsp;&nbsp;7 | &nbsp;&nbsp;27 | &nbsp;&nbsp;$135161970 | &nbsp;&nbsp;18.5% |
| National Cooperative Bank, N.A | &nbsp;&nbsp;25 | &nbsp;&nbsp;25 | &nbsp;&nbsp;$76577043 | &nbsp;&nbsp;10.5% |
| Barclays Capital Real Estate Inc. | &nbsp;&nbsp;4 | &nbsp;&nbsp;14 | &nbsp;&nbsp;$57824871 | &nbsp;&nbsp;7.9% |
| UBS AG New York Branch | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;$17000000 | &nbsp;&nbsp;2.3% |
| Bank of Montreal | &nbsp;&nbsp;2 | &nbsp;&nbsp;19 | &nbsp;&nbsp;$14362829 | &nbsp;&nbsp;2.0% |
| **Total:** | &nbsp;&nbsp;**62** | &nbsp;&nbsp;**123** | &nbsp;&nbsp;**$729201713** | &nbsp;&nbsp;**100.0%** |
| <br> **Collateral Facts** | <br> **Collateral Facts** | <br> **Collateral Facts** | <br> **Collateral Facts** |  |
| Initial Outstanding Pool Balance: | Initial Outstanding Pool Balance: | Initial Outstanding Pool Balance: | Initial Outstanding Pool Balance: | &nbsp;&nbsp;$729201713 |
| Number of Mortgage Loans: | Number of Mortgage Loans: | Number of Mortgage Loans: | Number of Mortgage Loans: | &nbsp;&nbsp;62 |
| Number of Mortgaged Properties: | Number of Mortgaged Properties: | Number of Mortgaged Properties: | Number of Mortgaged Properties: | &nbsp;&nbsp;123 |
| Average Mortgage Loan Cut-off Date Balance: | Average Mortgage Loan Cut-off Date Balance: | Average Mortgage Loan Cut-off Date Balance: | Average Mortgage Loan Cut-off Date Balance: | &nbsp;&nbsp;$11761318 |
| Weighted Average Mortgage Rate: | Weighted Average Mortgage Rate: | Weighted Average Mortgage Rate: | Weighted Average Mortgage Rate: | &nbsp;&nbsp;6.11461% |
| Weighted Average Mortgage Loan Original Term to Maturity Date (months): | Weighted Average Mortgage Loan Original Term to Maturity Date (months): | Weighted Average Mortgage Loan Original Term to Maturity Date (months): | Weighted Average Mortgage Loan Original Term to Maturity Date (months): | &nbsp;&nbsp;119 |
| Weighted Average Mortgage Loan Remaining Term to Maturity Date (months): | Weighted Average Mortgage Loan Remaining Term to Maturity Date (months): | Weighted Average Mortgage Loan Remaining Term to Maturity Date (months): | Weighted Average Mortgage Loan Remaining Term to Maturity Date (months): | &nbsp;&nbsp;117 |
| Weighted Average Mortgage Loan Seasoning (months): | Weighted Average Mortgage Loan Seasoning (months): | Weighted Average Mortgage Loan Seasoning (months): | Weighted Average Mortgage Loan Seasoning (months): | &nbsp;&nbsp;2.7 |
| % of Mortgaged Properties Leased to a Single Tenant: | % of Mortgaged Properties Leased to a Single Tenant: | % of Mortgaged Properties Leased to a Single Tenant: | % of Mortgaged Properties Leased to a Single Tenant: | &nbsp;&nbsp;8.8% |
| <br> **Credit Statistics<sup>(1)</sup>** | <br> **Credit Statistics<sup>(1)</sup>** | <br> **Credit Statistics<sup>(1)</sup>** | <br> **Credit Statistics<sup>(1)</sup>** |  |
| Weighted Average Mortgage Loan U/W NCF DSCR: | Weighted Average Mortgage Loan U/W NCF DSCR: | Weighted Average Mortgage Loan U/W NCF DSCR: | Weighted Average Mortgage Loan U/W NCF DSCR: | &nbsp;&nbsp;2.57x |
| Weighted Average Mortgage Loan Cut-off Date LTV<sup>(2)</sup>: | Weighted Average Mortgage Loan Cut-off Date LTV<sup>(2)</sup>: | Weighted Average Mortgage Loan Cut-off Date LTV<sup>(2)</sup>: | Weighted Average Mortgage Loan Cut-off Date LTV<sup>(2)</sup>: | &nbsp;&nbsp;50.1% |
| Weighted Average Mortgage Loan Maturity Date LTV<sup>(2)</sup>: | Weighted Average Mortgage Loan Maturity Date LTV<sup>(2)</sup>: | Weighted Average Mortgage Loan Maturity Date LTV<sup>(2)</sup>: | Weighted Average Mortgage Loan Maturity Date LTV<sup>(2)</sup>: | &nbsp;&nbsp;47.7% |
| Weighted Average U/W NOI Debt Yield: | Weighted Average U/W NOI Debt Yield: | Weighted Average U/W NOI Debt Yield: | Weighted Average U/W NOI Debt Yield: | &nbsp;&nbsp;17.6% |
| <br> **Amortization Overview** | <br> **Amortization Overview** | <br> **Amortization Overview** | <br> **Amortization Overview** |  |
| % Mortgage Loans with Amortization through Maturity Date: | % Mortgage Loans with Amortization through Maturity Date: | % Mortgage Loans with Amortization through Maturity Date: | % Mortgage Loans with Amortization through Maturity Date: | &nbsp;&nbsp;16.5% |
| % Mortgage Loans which pay Interest Only through Maturity Date: | % Mortgage Loans which pay Interest Only through Maturity Date: | % Mortgage Loans which pay Interest Only through Maturity Date: | % Mortgage Loans which pay Interest Only through Maturity Date: | &nbsp;&nbsp;67.3% |
| % Mortgage Loans which pay Interest Only, then amortization through Maturity Date: | % Mortgage Loans which pay Interest Only, then amortization through Maturity Date: | % Mortgage Loans which pay Interest Only, then amortization through Maturity Date: | % Mortgage Loans which pay Interest Only, then amortization through Maturity Date: | &nbsp;&nbsp;10.1% |
| % Mortgage Loans which pay Interest Only through the Anticipated Repayment Date: | % Mortgage Loans which pay Interest Only through the Anticipated Repayment Date: | % Mortgage Loans which pay Interest Only through the Anticipated Repayment Date: | % Mortgage Loans which pay Interest Only through the Anticipated Repayment Date: | &nbsp;&nbsp;6.1% |
| Weighted Average Remaining Amortization Term (months): | Weighted Average Remaining Amortization Term (months): | Weighted Average Remaining Amortization Term (months): | Weighted Average Remaining Amortization Term (months): | &nbsp;&nbsp;349 |
| <br> **Loan Structural Features** | <br> **Loan Structural Features** | <br> **Loan Structural Features** | <br> **Loan Structural Features** |  |
| % Mortgage Loans with Upfront or Ongoing Tax Reserves: | % Mortgage Loans with Upfront or Ongoing Tax Reserves: | % Mortgage Loans with Upfront or Ongoing Tax Reserves: | % Mortgage Loans with Upfront or Ongoing Tax Reserves: | &nbsp;&nbsp;78.5% |
| % Mortgage Loans with Upfront or Ongoing Insurance Reserves: | % Mortgage Loans with Upfront or Ongoing Insurance Reserves: | % Mortgage Loans with Upfront or Ongoing Insurance Reserves: | % Mortgage Loans with Upfront or Ongoing Insurance Reserves: | &nbsp;&nbsp;15.9% |
| % Mortgage Loans with Upfront or Ongoing Replacement Reserves<sup>(3)</sup>: | % Mortgage Loans with Upfront or Ongoing Replacement Reserves<sup>(3)</sup>: | % Mortgage Loans with Upfront or Ongoing Replacement Reserves<sup>(3)</sup>: | % Mortgage Loans with Upfront or Ongoing Replacement Reserves<sup>(3)</sup>: | &nbsp;&nbsp;67.4% |
| % Mortgage Loans with Upfront or Ongoing TI/LC Reserves<sup>(4)</sup>: | % Mortgage Loans with Upfront or Ongoing TI/LC Reserves<sup>(4)</sup>: | % Mortgage Loans with Upfront or Ongoing TI/LC Reserves<sup>(4)</sup>: | % Mortgage Loans with Upfront or Ongoing TI/LC Reserves<sup>(4)</sup>: | &nbsp;&nbsp;89.0% |
| % Mortgage Loans with In Place Hard Lockboxes: | % Mortgage Loans with In Place Hard Lockboxes: | % Mortgage Loans with In Place Hard Lockboxes: | % Mortgage Loans with In Place Hard Lockboxes: | &nbsp;&nbsp;42.8% |
| % Mortgage Loans with Cash Traps Triggered at DSCR Levels ≥ 1.10x: | % Mortgage Loans with Cash Traps Triggered at DSCR Levels ≥ 1.10x: | % Mortgage Loans with Cash Traps Triggered at DSCR Levels ≥ 1.10x: | % Mortgage Loans with Cash Traps Triggered at DSCR Levels ≥ 1.10x: | &nbsp;&nbsp;63.7% |
| % Mortgage Loans with Cash Traps Triggered at Debt Yield Levels ≥ 8.00%: | % Mortgage Loans with Cash Traps Triggered at Debt Yield Levels ≥ 8.00%: | % Mortgage Loans with Cash Traps Triggered at Debt Yield Levels ≥ 8.00%: | % Mortgage Loans with Cash Traps Triggered at Debt Yield Levels ≥ 8.00%: | &nbsp;&nbsp;10.7% |
| <br> **Prepayment Provisions<sup>(5)</sup>** | <br> **Prepayment Provisions<sup>(5)</sup>** | <br> **Prepayment Provisions<sup>(5)</sup>** | <br> **Prepayment Provisions<sup>(5)</sup>** |  |
| % Mortgage Loans with Defeasance : | % Mortgage Loans with Defeasance : | % Mortgage Loans with Defeasance : | % Mortgage Loans with Defeasance : | &nbsp;&nbsp;44.6% |
| % Mortgage Loans with Yield Maintenance or prepayment premium: | % Mortgage Loans with Yield Maintenance or prepayment premium: | % Mortgage Loans with Yield Maintenance or prepayment premium: | % Mortgage Loans with Yield Maintenance or prepayment premium: | &nbsp;&nbsp;33.8% |
| % Mortgage Loans with Yield Maintenance or Defeasance: | % Mortgage Loans with Yield Maintenance or Defeasance: | % Mortgage Loans with Yield Maintenance or Defeasance: | % Mortgage Loans with Yield Maintenance or Defeasance: | &nbsp;&nbsp;21.6% |

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(1) The LTV, DSCR and Debt Yield calculations include any related *pari passu* companion loan(s) and
exclude any related subordinate companion loan(s) and/or mezzanine loan(s). For mortgaged properties securing residential cooperative
mortgage loans, all DSCR and Debt Yield calculations for each such mortgaged property are calculated using underwritten net operating
Income or underwritten 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. All LTV ratio calculations are 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.

(2) With respect to five mortgage loans comprising 54 mortgaged properties (18.3%), the Cut-off Date LTV Ratio
and Maturity Date or LTV Ratio have been calculated using a value other than the "As Is" appraised value. For additional information
please see the footnotes to Annex A-1 in the Preliminary Prospectus.

(3) Includes FF&E reserves.

(4) Represents the percent of the allocated Initial Outstanding Pool Balance of retail, office, industrial
and mixed-use properties only.

(5) Please see Annex A-1 of the Preliminary Prospectus for more information.

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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. |
| 4 |

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| **Benchmark 2026-B42 Mortgage Trust** |
| &nbsp;&nbsp;**STRUCTURE SUMMARY** |

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**<u>OFFERED CERTIFICATES</u>**

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|:---|:---|:---|:---|:---|:---|:---|:---|
| **Class<sup>(1)</sup>** | &nbsp;&nbsp;**Ratings<br> (Moody's/Fitch/KBRA)** | &nbsp;&nbsp; **Initial Certificate**<br> **Balance or Notional Amount<sup>(2)</sup>** | &nbsp;&nbsp; **Initial**<br> **Subordination<br> Levels<sup>(3)</sup>** | &nbsp;&nbsp; **Weighted** <br> **Average Life (years)<sup>(4)</sup>** | &nbsp;&nbsp; **Principal Window** <br> **(months)<sup>(4)</sup>** | &nbsp;&nbsp;**Certificate Principal to Value Ratio<sup>(5)</sup>** | &nbsp;&nbsp; **Certificate Underwritten** <br> **NOI Debt Yield<sup>(6)</sup>** |
| Class A-1 | &nbsp;&nbsp;Aaa(sf) /AAAsf / AAA(sf) | &nbsp;&nbsp;$8602000 | &nbsp;&nbsp;30.000%<sup>(7)</sup> | &nbsp;&nbsp;1.81 | &nbsp;&nbsp;1 – 38 | &nbsp;&nbsp;35.1% | &nbsp;&nbsp;25.1% |
| Class A-2 | &nbsp;&nbsp;Aaa(sf) /AAAsf / AAA(sf) | &nbsp;&nbsp;$7560000 | &nbsp;&nbsp;30.000%<sup>(7)</sup> | &nbsp;&nbsp;3.26 | &nbsp;&nbsp;38 – 39 | &nbsp;&nbsp;35.1% | &nbsp;&nbsp;25.1% |
| Class A-4 | &nbsp;&nbsp;Aaa(sf) /AAAsf / AAA(sf) | &nbsp;&nbsp;<sup>(8)</sup> | &nbsp;&nbsp;30.000%<sup>(7)</sup> | &nbsp;&nbsp;<sup>(8)</sup> | &nbsp;&nbsp;<sup>(8)</sup> | &nbsp;&nbsp;35.1% | &nbsp;&nbsp;25.1% |
| Class A-5 | &nbsp;&nbsp;Aaa(sf) /AAAsf / AAA(sf) | &nbsp;&nbsp;<sup>(8)</sup> | &nbsp;&nbsp;30.000%<sup>(7)</sup> | &nbsp;&nbsp;<sup>(8)</sup> | &nbsp;&nbsp;<sup>(8)</sup> | &nbsp;&nbsp;35.1% | &nbsp;&nbsp;25.1% |
| Class A-SB | &nbsp;&nbsp;Aaa(sf) / AAAsf / AAA(sf) | &nbsp;&nbsp; $26371000 | &nbsp;&nbsp;30.000%<sup>(7)</sup> | &nbsp;&nbsp;6.62 | &nbsp;&nbsp;39 – 114 | &nbsp;&nbsp;35.1% | &nbsp;&nbsp;25.1% |
| Class X-A<sup>(9)</sup> | &nbsp;&nbsp;Aaa(sf) / AAAsf / AAA(sf) | &nbsp;&nbsp; $496276000<sup>(10)</sup> | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| Class X-B<sup>(9)</sup> | &nbsp;&nbsp;NR / AAAsf / AAA(sf) | &nbsp;&nbsp; $86848000<sup>(10)</sup> | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| Class A-S | &nbsp;&nbsp;Aa2(sf) / AAAsf / AAA(sf) | &nbsp;&nbsp; $86848000 | &nbsp;&nbsp;17.750% | &nbsp;&nbsp;9.93 | &nbsp;&nbsp;119 – 119 | &nbsp;&nbsp;41.2% | &nbsp;&nbsp;21.4% |

---

**<u>NON-OFFERED CERTIFICATES</u>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Class<sup>(1)</sup>** | &nbsp;&nbsp;**Ratings<br> (Moody's/Fitch/ KBRA)** | &nbsp;&nbsp; **Initial Certificate**<br> **Balance or Notional Amount <sup>(2)</sup>** | &nbsp;&nbsp; **Initial**<br> **Subordination<br> Levels<sup>(3)</sup>** | &nbsp;&nbsp; **Weighted** <br> **Average Life (years)<sup>(4)</sup>** | &nbsp;&nbsp; **Principal Window** <br> **(months)<sup>(4)</sup>** | &nbsp;&nbsp;**Certificate Principal to Value Ratio<sup>(5)</sup>** | &nbsp;&nbsp; **Certificate Underwritten** <br> **NOI Debt Yield<sup>(6)</sup>** |
| Class X-F<sup>(9)(11)</sup> | &nbsp;&nbsp;NR / BB-sf / BB(sf) | &nbsp;&nbsp;$13293000<sup>(10)</sup> | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| Class B | &nbsp;&nbsp;NR / AA-sf / AA(sf) | &nbsp;&nbsp;$31904000 | &nbsp;&nbsp;13.250% | &nbsp;&nbsp;9.93 | &nbsp;&nbsp;119 – 119 | &nbsp;&nbsp;43.5% | &nbsp;&nbsp;20.3% |
| Class C | &nbsp;&nbsp;NR / A-sf / A-(sf) | &nbsp;&nbsp;$24814000 | &nbsp;&nbsp;9.750% | &nbsp;&nbsp;9.98 | &nbsp;&nbsp;119 – 120 | &nbsp;&nbsp;45.2% | &nbsp;&nbsp;19.5% |
| Class D | &nbsp;&nbsp;NR / BBB+sf / BBB+(sf) | &nbsp;&nbsp;$7089000 | &nbsp;&nbsp;8.750% | &nbsp;&nbsp;10.01 | &nbsp;&nbsp;120 – 120 | &nbsp;&nbsp;45.7% | &nbsp;&nbsp;19.3% |
| Class E | &nbsp;&nbsp;NR / BBB-sf / BBB(sf) | &nbsp;&nbsp;$12407000 | &nbsp;&nbsp;7.000% | &nbsp;&nbsp;10.01 | &nbsp;&nbsp;120 – 120 | &nbsp;&nbsp;46.6% | &nbsp;&nbsp;18.9% |
| Class F<sup>(11)</sup> | &nbsp;&nbsp;NR / BB-sf / BB(sf) | &nbsp;&nbsp;$13293000 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;10.01 | &nbsp;&nbsp;120 – 120 | &nbsp;&nbsp;47.5% | &nbsp;&nbsp;18.6% |
| Class G-RR<sup>(11)</sup> | &nbsp;&nbsp;NR / B-sf/ B+(sf) | &nbsp;&nbsp;$7976000 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10.01 | &nbsp;&nbsp;120 – 120 | &nbsp;&nbsp;48.1% | &nbsp;&nbsp;18.3% |
| Class J-RR | &nbsp;&nbsp;NR / NR / NR | &nbsp;&nbsp;$21269000 | &nbsp;&nbsp;1.000% | &nbsp;&nbsp;10.01 | &nbsp;&nbsp;120 – 120 | &nbsp;&nbsp;49.6% | &nbsp;&nbsp;17.8% |
| Class K-RR | &nbsp;&nbsp;NR / NR / NR | &nbsp;&nbsp;$7090365 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;10.01 | &nbsp;&nbsp;120 – 120 | &nbsp;&nbsp;50.1% | &nbsp;&nbsp;17.6% |

---

**<u>NON-OFFERED VERTICAL RISK RETENTION INTEREST</u>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Non-Offered Vertical Risk Retention Interest** | &nbsp;&nbsp;**Ratings<br> (Moody's/Fitch/KBRA)** | &nbsp;&nbsp; **Initial Certificate**<br> **Balance** | &nbsp;&nbsp; **Initial**<br> **Subordination<br> Levels** | &nbsp;&nbsp; **Weighted** <br> **Average Life (years)<sup>(12)</sup>** | &nbsp;&nbsp; **Principal Window** <br> **(months)<sup>(12)</sup>** | &nbsp;&nbsp;**Certificate Principal to Value Ratio** | &nbsp;&nbsp; **Certificate Underwritten** <br> **NOI Debt Yield** |
| VRR Interest<sup>(13)(14)(15)</sup> | &nbsp;&nbsp;NR / NR / NR | &nbsp;&nbsp;$20235347 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;9.52 | &nbsp;&nbsp;1 – 120 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |

---

(1) The pass-through rates for the Class A-1, Class A-2, Class A-4, Class A-5, Class A-SB, Class A-S, Class
B, Class C, Class D, Class E, Class F, Class G-RR, Class J-RR and Class K-RR certificates (collectively, the "Principal
Balance Certificates"), in each case, will be one of: (i) a fixed *per annum* rate, (ii) the weighted average of
the net mortgage rates on the mortgage loans (in each case, adjusted, if necessary, to accrue on the basis of a 360-day year consisting
of twelve 30-day months) as of their respective due dates in the month preceding the month in which such Distribution Date occurs (the
"WAC Rate"), (iii) a rate equal to the lesser of a specified pass-through rate and the WAC Rate or (iv) the WAC
Rate less a specified rate, but in any case not less than 0.000%.

(2) Approximate; subject to a variance of plus or minus 5%. The certificate balance of the VRR Interest is
not included in the certificate balance or notional amount of any other class of certificates set forth under "Offered Certificates"
or "Non-Offered Certificates" in the table above.

(3) The initial subordination levels are calculated based on the initial Certificate Balance. The approximate
initial credit support percentages shown in the table above do not take into account the VRR Interest. However, losses incurred on the
mortgage loans will be allocated between the VRR Interest and the Principal Balance Certificates, *pro rata* in accordance with their
respective percentage allocation entitlement. See "*Credit Risk Retention*" and "*Description of the Certificates* "
in the Preliminary Prospectus.

(4) The weighted average life and principal window during which distributions of principal would be received
as set forth in the table with respect to each class of Principal Balance Certificates are based on (i) modeling assumptions described
in the Preliminary Prospectus and (ii) assumptions that there are no prepayments, modifications or losses in respect of the mortgage loans
and there are no extensions or forbearances of maturity dates or anticipated repayment dates of the mortgage loans. The weighted average
life and principal window of the Class A-4 and Class A-5 certificates are subject to change as described in footnote (8) below.

(5) "Certificate Principal to Value Ratio" for any class of Principal Balance Certificates is
calculated as the product of (a) the weighted average mortgage loan Cut-off Date LTV of the mortgage loans, multiplied by (b) a fraction,
the numerator of which is the total initial Certificate Balance of the related class of Principal Balance Certificates and all other classes
of Principal Balance Certificates, if any, that are senior to such class, and the denominator of which is the total initial Certificate
Balance of all classes of Principal Balance Certificates. The Certificate Principal to Value Ratios of the Class A-1, Class A-2, Class
A-4, Class A-5 and Class A-SB certificates are calculated in the aggregate for those classes as if they were a single class.

(6) "Certificate Underwritten NOI Debt Yield" for any class of Principal Balance Certificates
is calculated as the product of (a) the weighted average Underwritten NOI Debt Yield for the mortgage loans, multiplied by (b) a fraction,
the numerator of which is the total initial Certificate Balance of all classes of Principal Balance Certificates and the denominator of
which is the total initial Certificate Balance of such class of Principal Balance Certificates and all other classes of Principal Balance
Certificates, if any, that are senior to such class. The Certificate Underwritten NOI Debt Yields of the Class A-1, Class A-2, Class A-4,
Class A-5 and Class A-SB certificates are calculated in the aggregate for those classes as if they were a single class.

(7) The initial subordination levels for the Class A-1, Class A-2, Class A-4, Class A-5 and Class A-SB certificates
are represented in the aggregate.

(8) The exact initial Certificate Balances of the Class A-4 and Class A-5 certificates are unknown and will
be determined based on the final pricing of those classes of certificates. However, the respective initial Certificate Balances, weighted
average lives and principal windows of the Class A-4 and Class A-5 certificates are expected to be within the applicable ranges reflected
in the following chart. The aggregate initial Certificate Balance of the Class A-4 and Class A-5 certificates is expected to be approximately
$453,743,000, subject to a variance of plus or minus 5.0%.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Class of Certificates</u>** | &nbsp;&nbsp;**<u>Expected Range of Initial Certificate Balance</u>** | &nbsp;&nbsp;**<u>Expected Range of Weighted Avg. Life (years)</u>** | &nbsp;&nbsp;**<u>Expected Range of Principal Window (months)</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A-4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0 – $189709000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NAP – 9.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NAP / 111 – 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A-5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$264034000 – $453743000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.81 – 9.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 –119 / 111 - 119 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(9) As further described in the Preliminary Prospectus, the pass-through rate applicable to the Class X-A,
Class X-B, and Class X-F certificates (collectively, the "Class X Certificates") for each Distribution Date will generally
be equal to the excess of (i) the WAC Rate over (ii) (A) with respect to the Class X-A certificates, the weighted average of the pass-through
rates of the Class A-1, Class A-2, Class A-4, Class A-5 and Class A-SB certificates (weighted based on their respective Certificate Balances
outstanding immediately prior to such Distribution Date), (B) with respect to the Class X-B certificates, the pass-through rate of the
Class A-S certificates and (C) with respect to the Class X-F certificates, the pass-through rate of the Class F certificates.

(10) The Class X Certificates will not have Certificate Balances. None of the Class X Certificates will be
entitled to distributions of principal. The interest accrual amounts on the Class X-A certificates will be calculated by reference to
a notional amount equal to the aggregate Certificate Balances of the Class A-1, Class A-2, Class A-4, Class A-5 and Class A-SB certificates.
The interest accrual amounts on the Class X-B certificates will be calculated by reference to a notional amount equal to the Certificate
Balance of the Class A-S certificates. The interest accrual amounts on the Class X-F certificates will be calculated by reference to a
notional amount equal to the Certificate Balance of the Class F certificates The notional amount of each class of Class X Certificates
is subject to change depending upon the final pricing of the Principal Balance Certificates, as follows: (1) if as a result of such pricing
the pass-through rate of any class of Principal Balance Certificates whose Certificate Balance comprises such notional amount is equal
to the WAC Rate, the Certificate Balance of such class of Principal Balance Certificates may not be part of, and will reduce accordingly,
such notional amount of such class of Class X Certificates (or, if as a result of such pricing the pass-through rate of such class of
Class X Certificates is equal to zero, such class of Class X Certificates may not be issued on the Closing Date), and/or (2) if as a result
of such pricing the pass-through rate of any class of Principal Balance Certificates that does not comprise such notional amount of such
class of Class X Certificates is less than the WAC Rate, such class of Principal Balance Certificates may become a part of, and increase
accordingly, such notional amount of such class of Class X Certificates.

---

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

---

---

| |
|:---|
| **Benchmark 2026-B42 Mortgage Trust** |
| &nbsp;&nbsp;**STRUCTURE SUMMARY** |

---

(11) The initial Certificate Balance of each of the Class F and Class G-RR certificates, and the notional amount
of the Class X-F certificates, is subject to change based on final pricing of all Certificates, the final determination of the Class G-RR,
Class J-RR and Class K-RR (collectively, the "HRR Certificates") that will be retained by KKR Real Estate Finance Holdings
L.P. (through KREF Securities Holdings, LLC, its "majority-owned affiliate") and Forethought Life Insurance Company (or its
affiliate), each as a retaining third-party purchaser, in partial satisfaction of the retention obligations of German American Capital
Corporation, in its capacity as retaining sponsor, to satisfy the U.S. risk retention requirements. For more information regarding the
methodology and key inputs and assumptions used to determine the sizing of the HRR Certificates, see "*Credit Risk Retention* "
in the Preliminary Prospectus.

(12) The weighted average life and principal window during which distributions of principal would be received
as set forth in the foregoing table with respect to the VRR Interest (as defined below) are based on the assumptions set forth under "*Yield and Maturity Considerations—Weighted Average Life*" in the Preliminary Prospectus and on the assumptions that there are
no prepayments, modifications or losses in respect of the mortgage loans and that there are no extensions or forbearances of maturity
dates or anticipated repayment dates of the mortgage loans.

(13) German American Capital Corporation, as the retaining sponsor, is expected to acquire from the depositor,
on the Closing Date, an "eligible vertical interest" (as defined in Regulation RR) in the form of a single vertical security
(the "VRR Interest"), representing the right to receive a specified percentage (to be determined as described in footnote
(14) below) of all amounts collected on the mortgage loans (net of expenses of the issuing entity) that are available for distribution
on the non-VRR certificates and the VRR Interest. See "*Credit Risk Retention*" in the Preliminary Prospectus. The VRR
Interest is a class of certificates.

(14) The initial Certificate Balance of the VRR Interest is subject to change depending on the final pricing
of all classes of certificates with the final Certificate Balance of the VRR Interest determined such that, upon initial issuance, the
percentage of the fair value of the HRR Certificates and the percentage of the VRR Interest (in the aggregate) will equal at least 5.
If the initial Certificate Balance of the VRR Interest is reduced, the initial Certificate Balance of each class of Principal Balance
Certificates (and correspondingly, the initial notional amount of each class of Class X Certificates) will be increased on a *pro rata* basis (based on the initial Certificate Balance set forth in the table above) in an aggregate amount equal to such reduction in the initial
Certificate Balance of the VRR Interest. If the initial Certificate Balance of the VRR Interest is increased, the initial Certificate
Balance of each class of Principal Balance Certificates (and correspondingly, the initial notional amount of each class of Class X Certificates)
will be decreased on a *pro rata* basis (based on the initial Certificate Balance set forth in the table above) in an aggregate amount
equal to such increase in the initial Certificate Balance of the VRR Interest. For a further description, see "*Credit Risk Retention* "
in the Preliminary Prospectus.

(15) Although it does not have a specified pass-through rate (other than for tax reporting purposes), the effective
interest rate for the VRR Interest will be the WAC Rate.

&nbsp;&nbsp;**Class A-2 Principal Paydown<sup>(1)</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp; **Mortgage**<br> **Loan Seller** | &nbsp;&nbsp;**Mortgage Loan** | &nbsp;&nbsp;**Property Type** | &nbsp;&nbsp;**Cut-off Date<br> Balance** | &nbsp;&nbsp;**Remaining Term to Maturity (Mos.)** | &nbsp;&nbsp;**Cut-off Date LTV Ratio** | &nbsp;&nbsp; **U/W**<br> **NCF DSCR** | &nbsp;&nbsp; **U/W NOI**<br> **Debt Yield** |
| &nbsp;&nbsp;A-2 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;Cummins Station | &nbsp;&nbsp;Office | &nbsp;&nbsp;$7500000 | &nbsp;&nbsp;39 | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;1.62x | &nbsp;&nbsp;12.0% |

---

(1) This table reflects the mortgage loan whose balloon payment will be applied to pay
down the Class A-2 certificates, assuming (i) that none of the mortgage loans experience prepayments, defaults or losses, (ii) there are
no extensions of maturity dates or anticipated repayment dates and (iii) each mortgage loan is paid in full on its stated maturity date
or anticipated repayment dates. See "*Yield and Maturity Considerations—Yield Considerations*" 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. |
| 6 |

---

---

| |
|:---|
| **Benchmark 2026-B42 Mortgage Trust** |
| &nbsp;&nbsp;**OVERVIEW OF MORTGAGE POOL CHARACTERISTICS** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Ten Largest Mortgage Loans** | &nbsp;&nbsp;**Ten Largest Mortgage Loans** | &nbsp;&nbsp;**Ten Largest Mortgage Loans** | &nbsp;&nbsp;**Ten Largest Mortgage Loans** | &nbsp;&nbsp;**Ten Largest Mortgage Loans** | &nbsp;&nbsp;**Ten Largest Mortgage Loans** | &nbsp;&nbsp;**Ten Largest Mortgage Loans** | &nbsp;&nbsp;**Ten Largest Mortgage Loans** | &nbsp;&nbsp;**Ten Largest Mortgage Loans** | &nbsp;&nbsp;**Ten Largest Mortgage Loans** |
| **Mortgage Loan** | &nbsp;&nbsp; **Mortgage**<br> **Loan Seller** | &nbsp;&nbsp;**City, State** | &nbsp;&nbsp;**Property Type** | &nbsp;&nbsp; **Mortgage Loan**<br> **Cut-off Date<br> Balance** | &nbsp;&nbsp;**% of Initial<br> Outstanding<br> Pool Balance** | &nbsp;&nbsp;**Cut-off Date<br> Balance per NRA/Unit<sup>(1)</sup>** | &nbsp;&nbsp;**Cut-off Date<br> LTV<sup>(1)</sup>** | &nbsp;&nbsp; **U/W**<br> **NCF**<br> **DSCR<sup>(1)</sup>** | &nbsp;&nbsp; **U/W NOI**<br> **Debt**<br> **Yield<sup>(1)</sup>** |
| 215 Park Avenue South | &nbsp;&nbsp;GACC | &nbsp;&nbsp;New York, NY | &nbsp;&nbsp;Office | &nbsp;&nbsp;$70000000 | &nbsp;&nbsp;9.6% | &nbsp;&nbsp;$311.94 | &nbsp;&nbsp;50.0% | &nbsp;&nbsp;2.18x | &nbsp;&nbsp;14.4% |
| Gilbert Gateway Towne Center | &nbsp;&nbsp;CREFI | &nbsp;&nbsp;Gilbert, AZ | &nbsp;&nbsp;Retail | &nbsp;&nbsp;$60000000 | &nbsp;&nbsp;8.2% | &nbsp;&nbsp;219.00 | &nbsp;&nbsp;70.3% | &nbsp;&nbsp;1.30x | &nbsp;&nbsp;9.2% |
| U-Haul Portfolio | &nbsp;&nbsp;GSMC | &nbsp;&nbsp;Various | &nbsp;&nbsp;Self Storage | &nbsp;&nbsp;$38702733 | &nbsp;&nbsp;5.3% | &nbsp;&nbsp;120.80 | &nbsp;&nbsp;51.4% | &nbsp;&nbsp;1.47x | &nbsp;&nbsp;11.1% |
| 525 7th Avenue | &nbsp;&nbsp;CREFI | &nbsp;&nbsp;New York, NY | &nbsp;&nbsp;Office | &nbsp;&nbsp;$35000000 | &nbsp;&nbsp;4.8% | &nbsp;&nbsp;245.64 | &nbsp;&nbsp;53.2% | &nbsp;&nbsp;1.84x | &nbsp;&nbsp;12.3% |
| Fishers Twinbrook | &nbsp;&nbsp;GSMC | &nbsp;&nbsp;Rockville, MD | &nbsp;&nbsp;Mixed Use | &nbsp;&nbsp;$30000000 | &nbsp;&nbsp;4.1% | &nbsp;&nbsp;200.08 | &nbsp;&nbsp;36.5% | &nbsp;&nbsp;3.35x | &nbsp;&nbsp;19.2% |
| 50 West 23rd Street | &nbsp;&nbsp;CREFI | &nbsp;&nbsp;New York, NY | &nbsp;&nbsp;Office | &nbsp;&nbsp;$30000000 | &nbsp;&nbsp;4.1% | &nbsp;&nbsp;250.19 | &nbsp;&nbsp;39.9% | &nbsp;&nbsp;2.18x | &nbsp;&nbsp;15.3% |
| Haverford Retail Partners Portfolio | &nbsp;&nbsp;CREFI | &nbsp;&nbsp;Various | &nbsp;&nbsp;Retail | &nbsp;&nbsp;$30000000 | &nbsp;&nbsp;4.1% | &nbsp;&nbsp;106.70 | &nbsp;&nbsp;59.7% | &nbsp;&nbsp;2.04x | &nbsp;&nbsp;12.9% |
| UOVO Evergreen | &nbsp;&nbsp;GACC | &nbsp;&nbsp;Brooklyn, NY | &nbsp;&nbsp;Self Storage | &nbsp;&nbsp;$28000000 | &nbsp;&nbsp;3.8% | &nbsp;&nbsp;936.78 | &nbsp;&nbsp;54.9% | &nbsp;&nbsp;1.66x | &nbsp;&nbsp;9.9% |
| ExchangeRight Net Leased Portfolio #74 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;Various | &nbsp;&nbsp;Retail | &nbsp;&nbsp;$26750000 | &nbsp;&nbsp;3.7% | &nbsp;&nbsp;135.30 | &nbsp;&nbsp;47.9% | &nbsp;&nbsp;2.16x | &nbsp;&nbsp;13.4% |
| 67th and Camelback | &nbsp;&nbsp;GACC | &nbsp;&nbsp;Glendale, AZ | &nbsp;&nbsp;Retail | &nbsp;&nbsp;$20500000 | &nbsp;&nbsp;2.8% | &nbsp;&nbsp;191.77 | &nbsp;&nbsp;66.1% | &nbsp;&nbsp;1.38x | &nbsp;&nbsp;9.6% |
| **Total/Weighted Average** |  |  |  | &nbsp;&nbsp;**$368952733** | &nbsp;&nbsp;**50.6%** |  | &nbsp;&nbsp;**53.7%** | &nbsp;&nbsp;**1.93x** | &nbsp;&nbsp;**12.7%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Cut-off Date Balance per NRA/Unit/Room, Cut-off Date LTV, U/W NCF DSCR and U/W NOI Debt Yield calculations
include any related *pari passu* companion loan(s) and exclude any related subordinate companion loan(s) and/or mezzanine loan(s).

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Subordinate Debt Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Subordinate Debt Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Subordinate Debt Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Subordinate Debt Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Subordinate Debt Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Subordinate Debt Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Subordinate Debt Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Subordinate Debt Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Subordinate Debt Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Subordinate Debt Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Subordinate Debt Summary<sup>(1)</sup>** |
| **Mortgage Loan** | &nbsp;&nbsp; **Mortgage Loan**<br> **Cut-off Date Balance** | &nbsp;&nbsp; <br> **Pari Passu Companion Loans Cut-off Date Balance** | &nbsp;&nbsp;**Subordinate Debt<br> Cut-off Date<br> Balance** | &nbsp;&nbsp; **Mezzanine Debt Cut-off Date Balance** | &nbsp;&nbsp;**Trust<br> U/W NCF DSCR<sup>(2)</sup>** | &nbsp;&nbsp;**Total Debt<br> U/W NCF DSCR<sup>(3)</sup>** | &nbsp;&nbsp;**Trust <br> Cut-off Date<br> LTV<sup>(2)</sup>** | &nbsp;&nbsp;**Total Debt<br> Cut-off Date<br> LTV<sup>(3)</sup>** | &nbsp;&nbsp;**Trust<br> U/W NOI Debt Yield<sup>(2)</sup>** | &nbsp;&nbsp;**Total Debt<br> U/W NOI Debt Yield<sup>(3)</sup>** |
| BioMed MIT Portfolio | &nbsp;&nbsp;$13000000 | &nbsp;&nbsp;$834000000 | &nbsp;&nbsp;$478000000 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;2.75x | &nbsp;&nbsp;1.66x | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;55.2% | &nbsp;&nbsp;16.6% | &nbsp;&nbsp;10.6% |

---

(1) Twenty-one (21) 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 (such loans, collectively, the "  **<u>Subordinate Coop LOCs</u>** "). See "*Description of the Mortgage Pool—Additional Indebtedness—Other Secured Indebtedness*" and "*Description of the Mortgage Pool—Additional Debt Financing for Mortgage Loans Secured by Residential Cooperatives Sold to the Depositor by National Cooperative Bank, N.A.*" in the Preliminary Prospectus.

(2) Trust U/W NCF DSCR, Trust Cut-off Date LTV and Trust U/W NOI Debt Yield calculations include any related *pari passu* companion loan(s) and exclude any related subordinate companion loan(s) and/or mezzanine loan(s).

(3) Total Debt U/W NCF DSCR, Total Debt Cut-off Date LTV and Total Debt U/W NOI Debt Yield calculations include
any related *pari passu* companion loan(s), related subordinate companion loan(s) and/or related mezzanine loan(s).

---

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

---

---

| |
|:---|
| **Benchmark 2026-B42 Mortgage Trust** |
| &nbsp;&nbsp;**OVERVIEW OF MORTGAGE POOL CHARACTERISTICS** |

---

**Companion Loan Summary**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Loan No.** | &nbsp;&nbsp;**Mortgage Loan** | &nbsp;&nbsp;**Note(s)** | &nbsp;&nbsp;**Cut-off Date Balance** | &nbsp;&nbsp;**Holder of Note<sup>(1)</sup>** | &nbsp;&nbsp;**Lead Servicer for Whole Loan (Y/N)** | &nbsp;&nbsp;**Master Servicer Under Lead Securitization** | &nbsp;&nbsp;**Special Servicer Under Lead Securitization** |
| &nbsp;&nbsp;**1** | &nbsp;&nbsp;**215 Park Avenue South** | &nbsp;&nbsp;**A-1** | &nbsp;&nbsp;**$50000000** | &nbsp;&nbsp;**Benchmark 2026-B42** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Midland Loan Services, a Division of PNC Bank, National Association** | &nbsp;&nbsp;**K-Star Asset Management LLC** |
| &nbsp;&nbsp;**1** | &nbsp;&nbsp;**215 Park Avenue South** | &nbsp;&nbsp;**A-2** | &nbsp;&nbsp;**$20000000** | &nbsp;&nbsp;**Benchmark 2026-B42** | &nbsp;&nbsp;**No** |  |  |
| &nbsp;&nbsp;**1** | &nbsp;&nbsp;**215 Park Avenue South** | &nbsp;&nbsp;A-3 | &nbsp;&nbsp;$15000000 | &nbsp;&nbsp;GACC | &nbsp;&nbsp;No |  |  |
| &nbsp;&nbsp;**1** | &nbsp;&nbsp;**215 Park Avenue South** | &nbsp;&nbsp;A-4 | &nbsp;&nbsp;$13000000 | &nbsp;&nbsp;GACC | &nbsp;&nbsp;No |  |  |
| &nbsp;&nbsp;**1** | &nbsp;&nbsp;**215 Park Avenue South** | &nbsp;&nbsp;A-5 | &nbsp;&nbsp;$10000000 | &nbsp;&nbsp;GACC | &nbsp;&nbsp;No |  |  |
| &nbsp;&nbsp;**3** | &nbsp;&nbsp;**U-Haul Portfolio** | &nbsp;&nbsp;**A-1** | &nbsp;&nbsp;**$29814143** | &nbsp;&nbsp;**Benchmark 2026-B42** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Midland Loan Services, a Division of PNC Bank, National Association** | &nbsp;&nbsp;**K-Star Asset Management LLC** |
| &nbsp;&nbsp;**3** | &nbsp;&nbsp;**U-Haul Portfolio** | &nbsp;&nbsp;A-2 | &nbsp;&nbsp;$29814143 | &nbsp;&nbsp;BBCMS 2025-C39 | &nbsp;&nbsp;No |  |  |
| &nbsp;&nbsp;**3** | &nbsp;&nbsp;**U-Haul Portfolio** | &nbsp;&nbsp;A-3 | &nbsp;&nbsp;$9938048 | &nbsp;&nbsp;BMO 2026-C14 | &nbsp;&nbsp;No |  |  |
| &nbsp;&nbsp;**3** | &nbsp;&nbsp;**U-Haul Portfolio** | &nbsp;&nbsp;**A-4** | &nbsp;&nbsp;**$8888590** | &nbsp;&nbsp;**Benchmark 2026-B42** | &nbsp;&nbsp;**No** |  |  |
| &nbsp;&nbsp;**4** | &nbsp;&nbsp;**525 7th Avenue** | &nbsp;&nbsp;A-1 | &nbsp;&nbsp;$75000000 | &nbsp;&nbsp;BBCMS 2025-C39 | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Midland Loan Services, a Division of PNC Bank, National Association | &nbsp;&nbsp;LNR Partners, LLC |
| &nbsp;&nbsp;**4** | &nbsp;&nbsp;**525 7th Avenue** | &nbsp;&nbsp;A-2-1 | &nbsp;&nbsp;$15000000 | &nbsp;&nbsp;BMO 2026-C14 | &nbsp;&nbsp;No |  |  |
| &nbsp;&nbsp;**4** | &nbsp;&nbsp;**525 7th Avenue** | &nbsp;&nbsp;**A-2-2** | &nbsp;&nbsp;**$15000000** | &nbsp;&nbsp;**Benchmark 2026-B42** | &nbsp;&nbsp;**No** |  |  |
| &nbsp;&nbsp;**4** | &nbsp;&nbsp;**525 7th Avenue** | &nbsp;&nbsp;**A-3** | &nbsp;&nbsp;**$20000000** | &nbsp;&nbsp;**Benchmark 2026-B42** | &nbsp;&nbsp;**No** |  |  |
| &nbsp;&nbsp;**5** | &nbsp;&nbsp;**Fishers Twinbrook** | &nbsp;&nbsp;**A-1** | &nbsp;&nbsp;**$30000000** | &nbsp;&nbsp;**Benchmark 2026-B42** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Midland Loan Services, a Division of PNC Bank, National Association** | &nbsp;&nbsp;**K-Star Asset Management LLC** |
| &nbsp;&nbsp;**5** | &nbsp;&nbsp;**Fishers Twinbrook** | &nbsp;&nbsp;A-2 | &nbsp;&nbsp;$16000000 | &nbsp;&nbsp;GSBI | &nbsp;&nbsp;No |  |  |
| &nbsp;&nbsp;**6** | &nbsp;&nbsp;**50 West 23rd Street** | &nbsp;&nbsp;A-1 | &nbsp;&nbsp;$53000000 | &nbsp;&nbsp;CREFI | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Future Securitization<sup>(2)</sup> | &nbsp;&nbsp;Future Securitization<sup>(2)</sup> |
| &nbsp;&nbsp;**6** | &nbsp;&nbsp;**50 West 23rd Street** | &nbsp;&nbsp;**A-2** | &nbsp;&nbsp;**$30000000** | &nbsp;&nbsp;**Benchmark 2026-B42** | &nbsp;&nbsp;**No** |  |  |
| &nbsp;&nbsp;**7** | &nbsp;&nbsp;**Haverford Retail Partners Portfolio** | &nbsp;&nbsp;A-1 | &nbsp;&nbsp;$51900000 | &nbsp;&nbsp;BBCMS 2025-C39 | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Midland Loan Services, a Division of PNC Bank, National Association | &nbsp;&nbsp;LNR Partners, LLC |
| &nbsp;&nbsp;**7** | &nbsp;&nbsp;**Haverford Retail Partners Portfolio** | &nbsp;&nbsp;**A-2** | &nbsp;&nbsp;**$30000000** | &nbsp;&nbsp;**Benchmark 2026-B42** | &nbsp;&nbsp;**No** |  |  |
| &nbsp;&nbsp;**8** | &nbsp;&nbsp;**UOVO Evergreen** | &nbsp;&nbsp;A-1-1 | &nbsp;&nbsp;$56000000 | &nbsp;&nbsp;BMO 2025-C13 | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Midland Loan Services, a Division of PNC Bank, National Association | &nbsp;&nbsp;Rialto Capital Advisors, LLC |
| &nbsp;&nbsp;**8** | &nbsp;&nbsp;**UOVO Evergreen** | &nbsp;&nbsp;**A-1-2** | &nbsp;&nbsp;**$28000000** | &nbsp;&nbsp;**Benchmark 2026-B42** | &nbsp;&nbsp;**No** |  |  |
| &nbsp;&nbsp;**8** | &nbsp;&nbsp;**UOVO Evergreen** | &nbsp;&nbsp;A-2 | &nbsp;&nbsp;$21000000 | &nbsp;&nbsp;BMO 2025-C13 | &nbsp;&nbsp;No |  |  |
| &nbsp;&nbsp;**18** | &nbsp;&nbsp;**BioMed MIT Portfolio** | &nbsp;&nbsp;A1-S | &nbsp;&nbsp;$87400000 | &nbsp;&nbsp;BX 2025-LIFE | &nbsp;&nbsp;Yes | &nbsp;&nbsp;KeyBank National Association | &nbsp;&nbsp;KeyBank National Association |
| &nbsp;&nbsp;**18** | &nbsp;&nbsp;**BioMed MIT Portfolio** | &nbsp;&nbsp;A2-S | &nbsp;&nbsp;$87400000 | &nbsp;&nbsp;BX 2025-LIFE | &nbsp;&nbsp;No |  |  |
| &nbsp;&nbsp;**18** | &nbsp;&nbsp;**BioMed MIT Portfolio** | &nbsp;&nbsp;A3-S | &nbsp;&nbsp;$87400000 | &nbsp;&nbsp;BX 2025-LIFE | &nbsp;&nbsp;No |  |  |
| &nbsp;&nbsp;**18** | &nbsp;&nbsp;**BioMed MIT Portfolio** | &nbsp;&nbsp;A4-S | &nbsp;&nbsp;$87400000 | &nbsp;&nbsp;BX 2025-LIFE | &nbsp;&nbsp;No |  |  |
| &nbsp;&nbsp;**18** | &nbsp;&nbsp;**BioMed MIT Portfolio** | &nbsp;&nbsp;A5-S | &nbsp;&nbsp;$87400000 | &nbsp;&nbsp;BX 2025-LIFE | &nbsp;&nbsp;No |  |  |
| &nbsp;&nbsp;**18** | &nbsp;&nbsp;**BioMed MIT Portfolio** | &nbsp;&nbsp;A1-C1-A | &nbsp;&nbsp;$18750000 | &nbsp;&nbsp;BBCMS 2025-C35 | &nbsp;&nbsp;No |  |  |
| &nbsp;&nbsp;**18** | &nbsp;&nbsp;**BioMed MIT Portfolio** | &nbsp;&nbsp;A1-C1-B | &nbsp;&nbsp;$22250000 | &nbsp;&nbsp;WFCM 2025-C65 | &nbsp;&nbsp;No |  |  |
| &nbsp;&nbsp;**18** | &nbsp;&nbsp;**BioMed MIT Portfolio** | &nbsp;&nbsp;A1-C2-A | &nbsp;&nbsp;$23500000 | &nbsp;&nbsp; BANK 2025-BNK51 | &nbsp;&nbsp;No |  |  |
| &nbsp;&nbsp;**18** | &nbsp;&nbsp;**BioMed MIT Portfolio** | &nbsp;&nbsp;A1-C2-B | &nbsp;&nbsp;$17500000 | &nbsp;&nbsp;BMO 2025-C13 | &nbsp;&nbsp;No |  |  |
| &nbsp;&nbsp;**18** | &nbsp;&nbsp;**BioMed MIT Portfolio** | &nbsp;&nbsp;A2-C1 | &nbsp;&nbsp;$41000000 | &nbsp;&nbsp;MSBAM 2025-C35 | &nbsp;&nbsp;No |  |  |
| &nbsp;&nbsp;**18** | &nbsp;&nbsp;**BioMed MIT Portfolio** | &nbsp;&nbsp;A2-C2-A | &nbsp;&nbsp;$18500000 | &nbsp;&nbsp;MSBAM 2025-C35 | &nbsp;&nbsp;No |  |  |
| &nbsp;&nbsp;**18** | &nbsp;&nbsp;**BioMed MIT Portfolio** | &nbsp;&nbsp;A2-C2-B | &nbsp;&nbsp;$22500000 | &nbsp;&nbsp;Benchmark 2025-B41 | &nbsp;&nbsp;No |  |  |
| &nbsp;&nbsp;**18** | &nbsp;&nbsp;**BioMed MIT Portfolio** | &nbsp;&nbsp;A3-C1-A | &nbsp;&nbsp;$18750000 | &nbsp;&nbsp;BBCMS 2025-C35 | &nbsp;&nbsp;No |  |  |

---

---

| |
|:---|
| 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 |

---

---

| |
|:---|
| **Benchmark 2026-B42 Mortgage Trust** |
| &nbsp;&nbsp;**OVERVIEW OF MORTGAGE POOL CHARACTERISTICS** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Loan No.** | &nbsp;&nbsp;**Mortgage Loan** | &nbsp;&nbsp;**Note(s)** | &nbsp;&nbsp;**Cut-off Date Balance** | &nbsp;&nbsp;**Holder of Note<sup>(1)</sup>** | &nbsp;&nbsp;**Lead Servicer for Whole Loan (Y/N)** | &nbsp;&nbsp;**Master Servicer Under Lead Securitization** | &nbsp;&nbsp;**Special Servicer Under Lead Securitization** |
|  |  | &nbsp;&nbsp;A3-C1-B | &nbsp;&nbsp;$20250000 | &nbsp;&nbsp;Benchmark 2025-B41 | &nbsp;&nbsp;No |  |  |
|  |  | &nbsp;&nbsp;**A3-C1-C** | &nbsp;&nbsp;**$2000000** | &nbsp;&nbsp;**Benchmark 2026-B42** | &nbsp;&nbsp;**No** |  |  |
|  |  | &nbsp;&nbsp;A3-C2-A | &nbsp;&nbsp;$30000000 | &nbsp;&nbsp;BMO 2025-C13 | &nbsp;&nbsp;No |  |  |
|  |  | &nbsp;&nbsp;**A3-C2-B** | &nbsp;&nbsp;**$11000000** | &nbsp;&nbsp;**Benchmark 2026-B42** | &nbsp;&nbsp;**No** |  |  |
|  |  | &nbsp;&nbsp;A4-C1-A | &nbsp;&nbsp;$18750000 | &nbsp;&nbsp;BBCMS 2025-C35 | &nbsp;&nbsp;No |  |  |
|  |  | &nbsp;&nbsp;A4-C1-B | &nbsp;&nbsp;$20250000 | &nbsp;&nbsp;Benchmark 2025-B41 | &nbsp;&nbsp;No |  |  |
|  |  | &nbsp;&nbsp;A4-C1-C | &nbsp;&nbsp;$2000000 | &nbsp;&nbsp;WFCM 2025-C65 | &nbsp;&nbsp;No |  |  |
|  |  | &nbsp;&nbsp;A4-C2-A | &nbsp;&nbsp;$30000000 | &nbsp;&nbsp;BMO 2025-C13 | &nbsp;&nbsp;No |  |  |
|  |  | &nbsp;&nbsp;A4-C2-B | &nbsp;&nbsp;$11000000 | &nbsp;&nbsp;WFCM 2025-C65 | &nbsp;&nbsp;No |  |  |
|  |  | &nbsp;&nbsp;A5-C1-A | &nbsp;&nbsp;$18750000 | &nbsp;&nbsp;BBCMS 2025-C35 | &nbsp;&nbsp;No |  |  |
|  |  | &nbsp;&nbsp;A5-C1-B | &nbsp;&nbsp;$22250000 | &nbsp;&nbsp;WFCM 2025-C65 | &nbsp;&nbsp;No |  |  |
|  |  | &nbsp;&nbsp;A5-C2-A | &nbsp;&nbsp;$31000000 | &nbsp;&nbsp;BMO 2026-C14 | &nbsp;&nbsp;No |  |  |
|  |  | &nbsp;&nbsp;A5-C2-B | &nbsp;&nbsp;$10000000 | &nbsp;&nbsp;BMO 2026-C14 | &nbsp;&nbsp;No |  |  |
|  |  | &nbsp;&nbsp;B-1 | &nbsp;&nbsp;$38280000 | &nbsp;&nbsp;BX 2025-LIFE | &nbsp;&nbsp;No |  |  |
|  |  | &nbsp;&nbsp;B-2 | &nbsp;&nbsp;$38280000 | &nbsp;&nbsp;BX 2025-LIFE | &nbsp;&nbsp;No |  |  |
|  |  | &nbsp;&nbsp;B-3 | &nbsp;&nbsp;$38280000 | &nbsp;&nbsp;BX 2025-LIFE | &nbsp;&nbsp;No |  |  |
|  |  | &nbsp;&nbsp;B-4 | &nbsp;&nbsp;$38280000 | &nbsp;&nbsp;BX 2025-LIFE | &nbsp;&nbsp;No |  |  |
|  |  | &nbsp;&nbsp;B-5 | &nbsp;&nbsp;$38280000 | &nbsp;&nbsp;BX 2025-LIFE | &nbsp;&nbsp;No |  |  |
|  |  | &nbsp;&nbsp;C-1 | &nbsp;&nbsp;$38460000 | &nbsp;&nbsp;BX 2025-LIFE | &nbsp;&nbsp;No |  |  |
|  |  | &nbsp;&nbsp;C-2 | &nbsp;&nbsp;$38460000 | &nbsp;&nbsp;BX 2025-LIFE | &nbsp;&nbsp;No |  |  |
|  |  | &nbsp;&nbsp;C-3 | &nbsp;&nbsp;$38460000 | &nbsp;&nbsp;BX 2025-LIFE | &nbsp;&nbsp;No |  |  |
|  |  | &nbsp;&nbsp;C-4 | &nbsp;&nbsp;$38460000 | &nbsp;&nbsp;BX 2025-LIFE | &nbsp;&nbsp;No |  |  |
|  |  | &nbsp;&nbsp;C-5 | &nbsp;&nbsp;$38460000 | &nbsp;&nbsp;BX 2025-LIFE | &nbsp;&nbsp;No |  |  |
|  |  | &nbsp;&nbsp;D-1 | &nbsp;&nbsp;$18860000 | &nbsp;&nbsp;BX 2025-LIFE | &nbsp;&nbsp;Yes |  |  |
|  |  | &nbsp;&nbsp;D-2 | &nbsp;&nbsp;$18860000 | &nbsp;&nbsp;BX 2025-LIFE | &nbsp;&nbsp;No |  |  |
|  |  | &nbsp;&nbsp;D-3 | &nbsp;&nbsp;$18860000 | &nbsp;&nbsp;BX 2025-LIFE | &nbsp;&nbsp;No |  |  |
|  |  | &nbsp;&nbsp;D-4 | &nbsp;&nbsp;$18860000 | &nbsp;&nbsp;BX 2025-LIFE | &nbsp;&nbsp;No |  |  |
|  |  | &nbsp;&nbsp;D-5 | &nbsp;&nbsp;$18860000 | &nbsp;&nbsp;BX 2025-LIFE | &nbsp;&nbsp;No |  |  |
| &nbsp;&nbsp;**27** | &nbsp;&nbsp;**Landstown Commons** | &nbsp;&nbsp;A-1 | &nbsp;&nbsp;$55000000 | &nbsp;&nbsp;BMO 2026-C14 | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Trimont, LLC | &nbsp;&nbsp;Rialto Capital Advisors, LLC |
| &nbsp;&nbsp;**27** | &nbsp;&nbsp;**Landstown Commons** | &nbsp;&nbsp;A-2 | &nbsp;&nbsp;$10000000 | &nbsp;&nbsp;BMO | &nbsp;&nbsp;No |  |  |
| &nbsp;&nbsp;**27** | &nbsp;&nbsp;**Landstown Commons** | &nbsp;&nbsp;**A-3** | &nbsp;&nbsp;**$8400000** | &nbsp;&nbsp;**Benchmark 2026-B42** | &nbsp;&nbsp;**No** |  |  |
| &nbsp;&nbsp;**30** | &nbsp;&nbsp;**Cummins Station** | &nbsp;&nbsp;A-1 | &nbsp;&nbsp;$60000000 | &nbsp;&nbsp;BANK5 2024-5YR8 | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Trimont LLC | &nbsp;&nbsp;Greystone Servicing Company LL C |
| &nbsp;&nbsp;**30** | &nbsp;&nbsp;**Cummins Station** | &nbsp;&nbsp;A-2-1 | &nbsp;&nbsp;$25000000 | &nbsp;&nbsp;BANK5 2024-5YR9 | &nbsp;&nbsp;No |  |  |
| &nbsp;&nbsp;**30** | &nbsp;&nbsp;**Cummins Station** | &nbsp;&nbsp;**A-2-2-1-1** | &nbsp;&nbsp;**$7500000** | &nbsp;&nbsp;**Benchmark 2026-B42** | &nbsp;&nbsp;**No** |  |  |
| &nbsp;&nbsp;**30** | &nbsp;&nbsp;**Cummins Station** | &nbsp;&nbsp;A-2-2-1-2 | &nbsp;&nbsp;$7500000 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;No |  |  |
| &nbsp;&nbsp;**30** | &nbsp;&nbsp;**Cummins Station** | &nbsp;&nbsp;A-2-2-2 | &nbsp;&nbsp;$10000000 | &nbsp;&nbsp;BMO 2026-C14 | &nbsp;&nbsp;No |  |  |
| &nbsp;&nbsp;**30** | &nbsp;&nbsp;**Cummins Station** | &nbsp;&nbsp;A-3 | &nbsp;&nbsp;$25000000 | &nbsp;&nbsp;WFCM 2024-5C1 | &nbsp;&nbsp;No |  |  |

---

---

| |
|:---|
| 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 |

---

---

| |
|:---|
| **Benchmark 2026-B42 Mortgage Trust** |
| &nbsp;&nbsp;**OVERVIEW OF MORTGAGE POOL CHARACTERISTICS** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Loan No.** | &nbsp;&nbsp;**Mortgage Loan** | &nbsp;&nbsp;**Note(s)** | &nbsp;&nbsp;**Cut-off Date Balance** | &nbsp;&nbsp;**Holder of Note<sup>(1)</sup>** | &nbsp;&nbsp;**Lead Servicer for Whole Loan (Y/N)** | &nbsp;&nbsp;**Master Servicer Under Lead Securitization** | &nbsp;&nbsp;**Special Servicer Under Lead Securitization** |
| &nbsp;&nbsp;**36** | &nbsp;&nbsp;**U-Haul AREC RW Portfolio** | &nbsp;&nbsp;A-1-1 | &nbsp;&nbsp;$57640677 | &nbsp;&nbsp;BMO 2026-C14 | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Trimont LLC | &nbsp;&nbsp;Rialto Capital Advisors, LLC |
| &nbsp;&nbsp;**36** | &nbsp;&nbsp;**U-Haul AREC RW Portfolio** | &nbsp;&nbsp;**A-1-2** | &nbsp;&nbsp;**$1987610** | &nbsp;&nbsp;**Benchmark 2026-B42** | &nbsp;&nbsp;**No** |  |  |
| &nbsp;&nbsp;**36** | &nbsp;&nbsp;**U-Haul AREC RW Portfolio** | &nbsp;&nbsp;A-2-1 | &nbsp;&nbsp;$19876096 | &nbsp;&nbsp;SGFC | &nbsp;&nbsp;No |  |  |
| &nbsp;&nbsp;**36** | &nbsp;&nbsp;**U-Haul AREC RW Portfolio** | &nbsp;&nbsp;**A-2-2** | &nbsp;&nbsp;**$3975219** | &nbsp;&nbsp;**Benchmark 2026-B42** | &nbsp;&nbsp;**No** |  |  |
| &nbsp;&nbsp;**36** | &nbsp;&nbsp;**U-Haul AREC RW Portfolio** | &nbsp;&nbsp;A-3 | &nbsp;&nbsp;$14907072 | &nbsp;&nbsp;SGFC | &nbsp;&nbsp;No |  |  |
| &nbsp;&nbsp;**36** | &nbsp;&nbsp;**U-Haul AREC RW Portfolio** | &nbsp;&nbsp;A-4 | &nbsp;&nbsp;$4969024 | &nbsp;&nbsp;BMO 2026-C14 | &nbsp;&nbsp;No |  |  |

---

(1) The identification of a securitization trust means we have identified another securitization
trust that has closed or as to which a preliminary prospectus (or preliminary offering circular) or final prospectus (or final offering
circular) has printed that has or is expected to include the identified Mortgage Note(s).

(2) The 50 West 23rd Street whole loan is expected to initially be serviced under the
Benchmark 2026-B42 pooling and servicing agreement. From and after the securitization of the related controlling *pari passu* companion
loan, such whole loan will be serviced under the pooling and servicing agreement governing such securitization, such securitization will
be the related controlling noteholder and the directing party will be the directing certificateholder (or equivalent) specified in such
pooling and servicing agreement.

---

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

---

---

| |
|:---|
| **Benchmark 2026-B42 Mortgage Trust** |
| &nbsp;&nbsp;**OVERVIEW OF MORTGAGE POOL CHARACTERISTICS** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Distribution of Cut-off Date Balances<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Cut-off Date Balances<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Cut-off Date Balances<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Cut-off Date Balances<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Cut-off Date Balances<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Cut-off Date Balances<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Cut-off Date Balances<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Cut-off Date Balances<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Cut-off Date Balances<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Cut-off Date Balances<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Cut-off Date Balances<sup>(1)</sup>** |
| &nbsp;&nbsp;**Range of Cut-off Date Balances** | &nbsp;&nbsp;**Range of Cut-off Date Balances** | &nbsp;&nbsp;**Range of Cut-off Date Balances** | &nbsp;&nbsp;**Number of<br> Mortgage Loans** | &nbsp;&nbsp;**Aggregate<br> Cut-off Date Balance** | &nbsp;&nbsp; **% of Initial<br> Outstanding**<br> **Pool<br> Balance** | &nbsp;&nbsp; **Weighted Averages** | &nbsp;&nbsp; **Weighted Averages** | &nbsp;&nbsp; **Weighted Averages** | &nbsp;&nbsp; **Weighted Averages** | &nbsp;&nbsp; **Weighted Averages** |
| &nbsp;&nbsp;**Range of Cut-off Date Balances** | &nbsp;&nbsp;**Range of Cut-off Date Balances** | &nbsp;&nbsp;**Range of Cut-off Date Balances** | &nbsp;&nbsp;**Number of<br> Mortgage Loans** | &nbsp;&nbsp;**Aggregate<br> Cut-off Date Balance** | &nbsp;&nbsp; **% of Initial<br> Outstanding**<br> **Pool<br> Balance** | &nbsp;&nbsp;**Mortgage Rate** | &nbsp;&nbsp;**Stated<br> Remaining Term (Mos.)** | &nbsp;&nbsp;**U/W NCF DSCR** | &nbsp;&nbsp;**Cut-off Date LTV<sup>(2)</sup>** | &nbsp;&nbsp;**Maturity Date LTV<sup>(2)</sup>** |
| $997810 | &nbsp;&nbsp;- | &nbsp;&nbsp;$9999999 | &nbsp;&nbsp;42 | &nbsp;&nbsp;$202979872 | &nbsp;&nbsp; 27.8% | &nbsp;&nbsp;6.0504% | &nbsp;&nbsp;115 | &nbsp;&nbsp;4.34x | &nbsp;&nbsp;40.4% | &nbsp;&nbsp;38.4% |
| $10000000 | &nbsp;&nbsp;- | &nbsp;&nbsp;$19999999 | &nbsp;&nbsp;10 | &nbsp;&nbsp;$157269108 | &nbsp;&nbsp; 21.6% | &nbsp;&nbsp;6.1879% | &nbsp;&nbsp;117 | &nbsp;&nbsp;1.79x | &nbsp;&nbsp;54.1% | &nbsp;&nbsp;48.7% |
| $20000000 | &nbsp;&nbsp;- | &nbsp;&nbsp;$29999999 | &nbsp;&nbsp;3 | &nbsp;&nbsp; $75250000 | &nbsp;&nbsp; 10.3% | &nbsp;&nbsp;6.1145% | &nbsp;&nbsp;116 | &nbsp;&nbsp;1.76x | &nbsp;&nbsp;55.5% | &nbsp;&nbsp;55.5% |
| $30000000 | &nbsp;&nbsp;- | &nbsp;&nbsp;$39999999 | &nbsp;&nbsp;5 | &nbsp;&nbsp;$163702733 | &nbsp;&nbsp; 22.4% | &nbsp;&nbsp;5.9347% | &nbsp;&nbsp;117 | &nbsp;&nbsp;2.13x | &nbsp;&nbsp;48.5% | &nbsp;&nbsp;45.7% |
| $40000000 | &nbsp;&nbsp;- | &nbsp;&nbsp;$70000000 | &nbsp;&nbsp;2 | &nbsp;&nbsp;$130000000 | &nbsp;&nbsp; 17.8% | &nbsp;&nbsp;6.3527% | &nbsp;&nbsp;120 | &nbsp;&nbsp;1.77x | &nbsp;&nbsp;59.4% | &nbsp;&nbsp;59.4% |
| **Total/Weighted Average** | **Total/Weighted Average** | **Total/Weighted Average** | &nbsp;&nbsp;**62** | &nbsp;&nbsp;**$729201713** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**6.1146%** | &nbsp;&nbsp;**117** | &nbsp;&nbsp;**2.57x** | &nbsp;&nbsp;**50.1%** | &nbsp;&nbsp;**47.7%** |
| &nbsp;&nbsp;**Distribution of Mortgage Rates<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Mortgage Rates<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Mortgage Rates<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Mortgage Rates<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Mortgage Rates<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Mortgage Rates<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Mortgage Rates<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Mortgage Rates<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Mortgage Rates<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Mortgage Rates<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Mortgage Rates<sup>(1)</sup>** |
| &nbsp;&nbsp;**Range of Mortgage Rates** | &nbsp;&nbsp;**Range of Mortgage Rates** | &nbsp;&nbsp;**Range of Mortgage Rates** | &nbsp;&nbsp;**Number of<br> Mortgage Loans** | &nbsp;&nbsp;**Aggregate<br> Cut-off Date Balance** | &nbsp;&nbsp; **% of Initial<br> Outstanding**<br> **Pool<br> Balance** | &nbsp;&nbsp; **Weighted Averages** | &nbsp;&nbsp; **Weighted Averages** | &nbsp;&nbsp; **Weighted Averages** | &nbsp;&nbsp; **Weighted Averages** | &nbsp;&nbsp; **Weighted Averages** |
| &nbsp;&nbsp;**Range of Mortgage Rates** | &nbsp;&nbsp;**Range of Mortgage Rates** | &nbsp;&nbsp;**Range of Mortgage Rates** | &nbsp;&nbsp;**Number of<br> Mortgage Loans** | &nbsp;&nbsp;**Aggregate<br> Cut-off Date Balance** | &nbsp;&nbsp; **% of Initial<br> Outstanding**<br> **Pool<br> Balance** | &nbsp;&nbsp;**Mortgage Rate** | &nbsp;&nbsp;**Stated<br> Remaining Term (Mos.)** | &nbsp;&nbsp;**U/W NCF DSCR** | &nbsp;&nbsp;**Cut-off Date LTV<sup>(2)</sup>** | &nbsp;&nbsp;**Maturity Date LTV<sup>(2)</sup>** |
| 5.2700% | &nbsp;&nbsp;- | &nbsp;&nbsp;5.9999% | &nbsp;&nbsp;25 | &nbsp;&nbsp;$265197864 | &nbsp;&nbsp; 36.4% | &nbsp;&nbsp;5.7561% | &nbsp;&nbsp;117 | &nbsp;&nbsp;2.72x | &nbsp;&nbsp;45.4% | &nbsp;&nbsp;41.8% |
| 6.0000% | &nbsp;&nbsp;- | &nbsp;&nbsp;6.4999% | &nbsp;&nbsp;33 | &nbsp;&nbsp;$366028977 | &nbsp;&nbsp; 50.2% | &nbsp;&nbsp;6.1956% | &nbsp;&nbsp;118 | &nbsp;&nbsp;2.78x | &nbsp;&nbsp;48.9% | &nbsp;&nbsp;47.2% |
| 6.5000% | &nbsp;&nbsp;- | &nbsp;&nbsp;6.9999% | &nbsp;&nbsp;3 | &nbsp;&nbsp; $90474871 | &nbsp;&nbsp; 12.4% | &nbsp;&nbsp;6.7514% | &nbsp;&nbsp;118 | &nbsp;&nbsp;1.34x | &nbsp;&nbsp;67.8% | &nbsp;&nbsp;66.5% |
| 7.0000% | &nbsp;&nbsp;- | &nbsp;&nbsp;7.1550% | &nbsp;&nbsp;1 | &nbsp;&nbsp; $7500000 | &nbsp;&nbsp; 1.0% | &nbsp;&nbsp;7.1550% | &nbsp;&nbsp; 39 | &nbsp;&nbsp;1.62x | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;58.8% |
| **Total/Weighted Average** | **Total/Weighted Average** | **Total/Weighted Average** | &nbsp;&nbsp;**62** | &nbsp;&nbsp;**$729201713** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**6.1146%** | &nbsp;&nbsp;**117** | &nbsp;&nbsp;**2.57x** | &nbsp;&nbsp;**50.1%** | &nbsp;&nbsp;**47.7%** |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Property Type Distribution<sup>(1)(3)</sup>** | **Property Type Distribution<sup>(1)(3)</sup>** | **Property Type Distribution<sup>(1)(3)</sup>** | **Property Type Distribution<sup>(1)(3)</sup>** | **Property Type Distribution<sup>(1)(3)</sup>** | **Property Type Distribution<sup>(1)(3)</sup>** | **Property Type Distribution<sup>(1)(3)</sup>** | **Property Type Distribution<sup>(1)(3)</sup>** | **Property Type Distribution<sup>(1)(3)</sup>** | **Property Type Distribution<sup>(1)(3)</sup>** | **Property Type Distribution<sup>(1)(3)</sup>** | **Property Type Distribution<sup>(1)(3)</sup>** |
| **Property Type** | **Number of**<br> **Mortgaged**<br> **Properties** | **Aggregate<br> Cut-off Date Balance** | **% of Initial<br> Outstanding<br> Pool<br> Balance** | **Number of NRA/Units/Rooms** | **Weighted Averages** | **Weighted Averages** | **Weighted Averages** | **Weighted Averages** | **Weighted Averages** | **Weighted Averages** | **Weighted Averages** |
| **Property Type** | **Number of**<br> **Mortgaged**<br> **Properties** | **Aggregate<br> Cut-off Date Balance** | **% of Initial<br> Outstanding<br> Pool<br> Balance** | **Number of NRA/Units/Rooms** | **Cut-off Date<br> Balance per # of**<br> **NRA/Units/Rooms** | **Mortgage<br> Rate** | **Stated Remaining Term (Mos.)** | **Occupancy** | **U/W NCF DSCR** | **Cut-off Date LTV<sup>(2)</sup>** | **Maturity Date LTV<sup>(2)</sup>** |
| Retail | *22* | *$221098597* | *30.3%* | *2370196* | *$93* | *6.3382%* | *118* | *97.5%* | *1.63x* | *62.7%* | *61.9%* |
| *Anchored* | *11* | *$194348597* | *26.7%* | *2172492* | *$89* | *6.3737%* | *118* | *97.2%* | *1.56x* | *64.7%* | *63.8%* |
| *Single Tenant* | *11* | *$26750000* | *3.7%* | *197704* | *$135* | *6.0800%* | *118* | *100.0%* | *2.16x* | *47.9%* | *47.9%* |
| Self Storage | *52* | *$177255562* | *24.3%* | *2351882* | *$75* | *5.8206%* | *117* | *89.3%* | *1.54x* | *54.9%* | *49.1%* |
| *Self Storage* | *52* | *$177255562* | *24.3%* | *2351882* | *$75* | *5.8206%* | *117* | *89.3%* | *1.54x* | *54.9%* | *49.1%* |
| Office | *5* | *$154500000* | *21.2%* | *1780262* | *$87* | *6.2224%* | *115* | *91.5%* | *2.22x* | *47.2%* | *47.2%* |
| *CBD* | *5* | *$154500000* | *21.2%* | *1780262* | *$87* | *6.2224%* | *115* | *91.5%* | *2.22x* | *47.2%* | *47.2%* |
| Multifamily | *26* | *$94994032* | *13.0%* | *1947* | *$48790* | *6.0877%* | *117* | *96.3%* | *7.37x* | *20.9%* | *18.6%* |
| *Cooperative* | *25* | *$76577043* | *10.5%* | *1831* | *$41823* | *6.0162%* | *118* | *95.5%* | *8.85x* | *11.5%* | *10.6%* |
| *Garden* | *1* | *$18416989* | *2.5%* | *116* | *$158767* | *6.3850%* | *115* | *100.0%* | *1.21x* | *60.2%* | *51.8%* |
| Mixed Use | *11* | *$61878650* | *8.5%* | *1687003* | *$37* | *5.7232%* | *116* | *92.1%* | *2.73x* | *38.7%* | *35.5%* |
| *Lab/Office* | *9* | *$43000000* | *5.9%* | *1544386* | *$28* | *5.5832%* | *115* | *99.0%* | *3.17x* | *36.1%* | *36.1%* |
| *Office/Retail* | *1* | *$13878650* | *1.9%* | *142614* | *$97* | *6.0500%* | *116* | *68.0%* | *1.68x* | *42.7%* | *28.3%* |
| *Multifamily/Retail* | *1* | *$5000000* | *0.7%* | *3* | *$1666667* | *6.0200%* | *120* | *100.0%* | *1.89x* | *49.5%* | *49.5%* |
| Hospitality | *1* | *$13474871* | *1.8%* | *127* | *$106101* | *6.9190%* | *118* | *74.3%* | *1.53x* | *67.4%* | *58.7%* |
| *Limited Service* | *1* | *$13474871* | *1.8%* | *127* | *$106101* | *6.9190%* | *118* | *74.3%* | *1.53x* | *67.4%* | *58.7%* |
| Manufactured Housing | *6* | *$6000000* | *0.8%* | *156* | *$38462* | *6.4420%* | *116* | *94.8%* | *1.38x* | *62.5%* | *62.5%* |
| *Manufactured Housing* | *6* | *$6000000* | *0.8%* | *156* | *$38462* | *6.4420%* | *116* | *94.8%* | *1.38x* | *62.5%* | *62.5%* |
| **Total/Weighted Average** | **123** | **$729201713** | **100.0%** |  |  | **6.1146%** | **117** | **93.2%** | **2.57x** | **50.1%** | **47.7%** |

---

---

| |
|:---|
| 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 |

---

---

| |
|:---|
| **Benchmark 2026-B42 Mortgage Trust** |
| &nbsp;&nbsp;**OVERVIEW OF MORTGAGE POOL CHARACTERISTICS** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Geographic Distribution<sup>(1)(3)(4)</sup>** | &nbsp;&nbsp;**Geographic Distribution<sup>(1)(3)(4)</sup>** | &nbsp;&nbsp;**Geographic Distribution<sup>(1)(3)(4)</sup>** | &nbsp;&nbsp;**Geographic Distribution<sup>(1)(3)(4)</sup>** | &nbsp;&nbsp;**Geographic Distribution<sup>(1)(3)(4)</sup>** | &nbsp;&nbsp;**Geographic Distribution<sup>(1)(3)(4)</sup>** | &nbsp;&nbsp;**Geographic Distribution<sup>(1)(3)(4)</sup>** | &nbsp;&nbsp;**Geographic Distribution<sup>(1)(3)(4)</sup>** | &nbsp;&nbsp;**Geographic Distribution<sup>(1)(3)(4)</sup>** |
| **State/Location** | &nbsp;&nbsp; **Number of<br> Mortgaged**<br> **Properties** | &nbsp;&nbsp;**Aggregate Cut-off<br> Date Balance** | &nbsp;&nbsp;**% of Initial<br> Outstanding<br> Pool Balance** | &nbsp;&nbsp; **Weighted Averages** | &nbsp;&nbsp; **Weighted Averages** | &nbsp;&nbsp; **Weighted Averages** | &nbsp;&nbsp; **Weighted Averages** | &nbsp;&nbsp; **Weighted Averages** |
| **State/Location** | &nbsp;&nbsp; **Number of<br> Mortgaged**<br> **Properties** | &nbsp;&nbsp;**Aggregate Cut-off<br> Date Balance** | &nbsp;&nbsp;**% of Initial<br> Outstanding<br> Pool Balance** | &nbsp;&nbsp;**Mortgage Rate** | &nbsp;&nbsp;**Stated<br> Remaining Term (Mos.)** | &nbsp;&nbsp;**U/W NCF DSCR** | &nbsp;&nbsp;**Cut-off Date LTV<sup>(2)</sup>** | &nbsp;&nbsp;**Maturity Date LTV<sup>(2)</sup>** |
| New York | &nbsp;&nbsp;31 | &nbsp;&nbsp;$256577043 | &nbsp;&nbsp; 35.2% | &nbsp;&nbsp;6.0940% | &nbsp;&nbsp;118 | &nbsp;&nbsp;4.15x | &nbsp;&nbsp;37.1% | &nbsp;&nbsp;36.8% |
| California | &nbsp;&nbsp;13 | &nbsp;&nbsp; $95401017 | &nbsp;&nbsp; 13.1% | &nbsp;&nbsp;5.9146% | &nbsp;&nbsp;117 | &nbsp;&nbsp;1.49x | &nbsp;&nbsp;58.2% | &nbsp;&nbsp;52.6% |
| *Northern* | &nbsp;&nbsp; *7* | &nbsp;&nbsp; *$57814328* | &nbsp;&nbsp; *7.9%* | &nbsp;&nbsp;*5.8518%* | &nbsp;&nbsp;*117* | &nbsp;&nbsp;*1.43x* | &nbsp;&nbsp;*58.4%* | &nbsp;&nbsp;*51.6%* |
| *Southern* | &nbsp;&nbsp; *6* | &nbsp;&nbsp; *$37586689* | &nbsp;&nbsp; *5.2%* | &nbsp;&nbsp;*6.0111%* | &nbsp;&nbsp;*117* | &nbsp;&nbsp; *1.60x* | &nbsp;&nbsp;*57.8%* | &nbsp;&nbsp;*54.3%* |
| Arizona | &nbsp;&nbsp; 3 | &nbsp;&nbsp; $80620627 | &nbsp;&nbsp; 11.1% | &nbsp;&nbsp;6.6368% | &nbsp;&nbsp;118 | &nbsp;&nbsp;1.32x | &nbsp;&nbsp;69.2% | &nbsp;&nbsp;69.2% |
| Maryland | &nbsp;&nbsp; 2 | &nbsp;&nbsp; $39450000 | &nbsp;&nbsp; 5.4% | &nbsp;&nbsp;5.6531% | &nbsp;&nbsp;117 | &nbsp;&nbsp;2.97x | &nbsp;&nbsp;44.3% | &nbsp;&nbsp;44.3% |
| Other | &nbsp;&nbsp;74 | &nbsp;&nbsp;$257153026 | &nbsp;&nbsp; 35.3% | &nbsp;&nbsp;6.1164% | &nbsp;&nbsp;115 | &nbsp;&nbsp;1.72x | &nbsp;&nbsp;55.0% | &nbsp;&nbsp;50.6% |
| **Total/Weighted Average** | &nbsp;&nbsp;**123** | &nbsp;&nbsp;**$729201713** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**6.1146%** | &nbsp;&nbsp;**117** | &nbsp;&nbsp;**2.57x** | &nbsp;&nbsp;**50.1%** | &nbsp;&nbsp;**47.7%** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Distribution of Cut-off Date LTVs<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Distribution of Cut-off Date LTVs<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Distribution of Cut-off Date LTVs<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Distribution of Cut-off Date LTVs<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Distribution of Cut-off Date LTVs<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Distribution of Cut-off Date LTVs<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Distribution of Cut-off Date LTVs<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Distribution of Cut-off Date LTVs<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Distribution of Cut-off Date LTVs<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Distribution of Cut-off Date LTVs<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Distribution of Cut-off Date LTVs<sup>(1)(2)</sup>** |
| &nbsp;&nbsp;**Range of Cut-off Date LTVs** | &nbsp;&nbsp;**Range of Cut-off Date LTVs** | &nbsp;&nbsp;**Range of Cut-off Date LTVs** | &nbsp;&nbsp;**Number of <br> Mortgage Loans** | &nbsp;&nbsp;**Aggregate Cut-off<br> Date Balance** | &nbsp;&nbsp;**% of Initial<br> Outstanding<br> Pool Balance** | &nbsp;&nbsp; <br> **Weighted Averages** | &nbsp;&nbsp; <br> **Weighted Averages** | &nbsp;&nbsp; <br> **Weighted Averages** | &nbsp;&nbsp; <br> **Weighted Averages** | &nbsp;&nbsp; <br> **Weighted Averages** |
| &nbsp;&nbsp;**Range of Cut-off Date LTVs** | &nbsp;&nbsp;**Range of Cut-off Date LTVs** | &nbsp;&nbsp;**Range of Cut-off Date LTVs** | &nbsp;&nbsp;**Number of <br> Mortgage Loans** | &nbsp;&nbsp;**Aggregate Cut-off<br> Date Balance** | &nbsp;&nbsp;**% of Initial<br> Outstanding<br> Pool Balance** | &nbsp;&nbsp;**Mortgage Rate** | &nbsp;&nbsp;**Stated<br> Remaining Term (Mos.)** | &nbsp;&nbsp;**U/W NCF DSCR** | &nbsp;&nbsp;**Cut-off Date LTV<sup>(2)</sup>** | &nbsp;&nbsp;**Maturity Date LTV<sup>(2)</sup>** |
| &nbsp;&nbsp;2.0% | &nbsp;&nbsp;- | &nbsp;&nbsp;39.9% | &nbsp;&nbsp;29 | &nbsp;&nbsp;$161577043 | &nbsp;&nbsp; 22.2% | &nbsp;&nbsp;5.9713% | &nbsp;&nbsp;118 | &nbsp;&nbsp;5.74x | &nbsp;&nbsp;24.3% | &nbsp;&nbsp;23.9% |
| &nbsp;&nbsp;40.0% | &nbsp;&nbsp;- | &nbsp;&nbsp;49.9% | &nbsp;&nbsp;4 | &nbsp;&nbsp; $54628650 | &nbsp;&nbsp; 7.5% | &nbsp;&nbsp;5.9979% | &nbsp;&nbsp;118 | &nbsp;&nbsp;2.02x | &nbsp;&nbsp;46.0% | &nbsp;&nbsp;42.3% |
| &nbsp;&nbsp;50.0% | &nbsp;&nbsp;- | &nbsp;&nbsp;59.9% | &nbsp;&nbsp;18 | &nbsp;&nbsp;$331079159 | &nbsp;&nbsp; 45.4% | &nbsp;&nbsp;6.0259% | &nbsp;&nbsp;116 | &nbsp;&nbsp;1.73x | &nbsp;&nbsp;54.6% | &nbsp;&nbsp;51.1% |
| &nbsp;&nbsp;60.0% | &nbsp;&nbsp;- | &nbsp;&nbsp;70.3% | &nbsp;&nbsp;11 | &nbsp;&nbsp;$181916860 | &nbsp;&nbsp; 24.9% | &nbsp;&nbsp;6.4384% | &nbsp;&nbsp;118 | &nbsp;&nbsp;1.44x | &nbsp;&nbsp;66.2% | &nbsp;&nbsp;64.4% |
| &nbsp;&nbsp;**Total/Weighted Average** | &nbsp;&nbsp;**Total/Weighted Average** | &nbsp;&nbsp;**Total/Weighted Average** | &nbsp;&nbsp;**62** | &nbsp;&nbsp;**$729201713** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**6.1146%** | &nbsp;&nbsp;**117** | &nbsp;&nbsp;**2.57x** | &nbsp;&nbsp;**50.1%** | &nbsp;&nbsp;**47.7%** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Distribution of Maturity Date LTVs<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Distribution of Maturity Date LTVs<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Distribution of Maturity Date LTVs<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Distribution of Maturity Date LTVs<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Distribution of Maturity Date LTVs<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Distribution of Maturity Date LTVs<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Distribution of Maturity Date LTVs<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Distribution of Maturity Date LTVs<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Distribution of Maturity Date LTVs<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Distribution of Maturity Date LTVs<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Distribution of Maturity Date LTVs<sup>(1)(2)</sup>** |
| &nbsp;&nbsp;**Range of Maturity Date LTVs** | &nbsp;&nbsp;**Range of Maturity Date LTVs** | &nbsp;&nbsp;**Range of Maturity Date LTVs** | &nbsp;&nbsp;**Number of<br> Mortgage Loans** | &nbsp;&nbsp;**Aggregate Cut-off<br> Date Balance** | &nbsp;&nbsp;**% of Initial<br> Outstanding<br> Pool Balance** | &nbsp;&nbsp; **Weighted Averages** | &nbsp;&nbsp; **Weighted Averages** | &nbsp;&nbsp; **Weighted Averages** | &nbsp;&nbsp; **Weighted Averages** | &nbsp;&nbsp; **Weighted Averages** |
| &nbsp;&nbsp;**Range of Maturity Date LTVs** | &nbsp;&nbsp;**Range of Maturity Date LTVs** | &nbsp;&nbsp;**Range of Maturity Date LTVs** | &nbsp;&nbsp;**Number of<br> Mortgage Loans** | &nbsp;&nbsp;**Aggregate Cut-off<br> Date Balance** | &nbsp;&nbsp;**% of Initial<br> Outstanding<br> Pool Balance** | &nbsp;&nbsp;**Mortgage Rate** | &nbsp;&nbsp;**Stated<br> Remaining Term (Mos.)** | &nbsp;&nbsp;**U/W NCF DSCR** | &nbsp;&nbsp;**Cut-off Date LTV<sup>(2)</sup>** | &nbsp;&nbsp;**Maturity Date LTV<sup>(2)</sup>** |
| &nbsp;&nbsp;1.7% | &nbsp;&nbsp;- | &nbsp;&nbsp;39.9% | &nbsp;&nbsp;32 | &nbsp;&nbsp;$220121256 | &nbsp;&nbsp; 30.2% | &nbsp;&nbsp;5.8969% | &nbsp;&nbsp;117 | &nbsp;&nbsp;4.62x | &nbsp;&nbsp;30.9% | &nbsp;&nbsp;27.3% |
| &nbsp;&nbsp;40.0% | &nbsp;&nbsp;- | &nbsp;&nbsp;49.9% | &nbsp;&nbsp;7 | &nbsp;&nbsp; $82623597 | &nbsp;&nbsp; 11.3% | &nbsp;&nbsp;5.9875% | &nbsp;&nbsp;118 | &nbsp;&nbsp;1.87x | &nbsp;&nbsp;50.7% | &nbsp;&nbsp;47.1% |
| &nbsp;&nbsp;50.0% | &nbsp;&nbsp;- | &nbsp;&nbsp;59.9% | &nbsp;&nbsp;15 | &nbsp;&nbsp;$284481860 | &nbsp;&nbsp; 39.0% | &nbsp;&nbsp;6.1597% | &nbsp;&nbsp;115 | &nbsp;&nbsp;1.74x | &nbsp;&nbsp;56.2% | &nbsp;&nbsp;54.0% |
| &nbsp;&nbsp;60.0% | &nbsp;&nbsp;- | &nbsp;&nbsp;70.3% | &nbsp;&nbsp;8 | &nbsp;&nbsp;$141975000 | &nbsp;&nbsp; 19.5% | &nbsp;&nbsp;6.4357% | &nbsp;&nbsp;118 | &nbsp;&nbsp;1.46x | &nbsp;&nbsp;67.2% | &nbsp;&nbsp;67.2% |
| &nbsp;&nbsp;**Total/Weighted Average** | &nbsp;&nbsp;**Total/Weighted Average** | &nbsp;&nbsp;**Total/Weighted Average** | &nbsp;&nbsp;**62** | &nbsp;&nbsp;**$729201713** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**6.1146%** | &nbsp;&nbsp;**117** | &nbsp;&nbsp;**2.57x** | &nbsp;&nbsp;**50.1%** | &nbsp;&nbsp;**47.7%** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Distribution of Underwritten NCF Debt Service Coverages<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Underwritten NCF Debt Service Coverages<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Underwritten NCF Debt Service Coverages<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Underwritten NCF Debt Service Coverages<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Underwritten NCF Debt Service Coverages<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Underwritten NCF Debt Service Coverages<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Underwritten NCF Debt Service Coverages<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Underwritten NCF Debt Service Coverages<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Underwritten NCF Debt Service Coverages<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Underwritten NCF Debt Service Coverages<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Underwritten NCF Debt Service Coverages<sup>(1)</sup>** |
| &nbsp;&nbsp;**Range of Underwritten NCF Debt Service Coverages** | &nbsp;&nbsp;**Range of Underwritten NCF Debt Service Coverages** | &nbsp;&nbsp;**Range of Underwritten NCF Debt Service Coverages** | &nbsp;&nbsp;**Number of<br> Mortgage Loans** | &nbsp;&nbsp;**Aggregate Cut-off<br> Date Balance** | &nbsp;&nbsp;**% of Initial<br> Outstanding<br> Pool Balance** | &nbsp;&nbsp; **Weighted Averages** | &nbsp;&nbsp; **Weighted Averages** | &nbsp;&nbsp; **Weighted Averages** | &nbsp;&nbsp; **Weighted Averages** | &nbsp;&nbsp; **Weighted Averages** |
| &nbsp;&nbsp;**Range of Underwritten NCF Debt Service Coverages** | &nbsp;&nbsp;**Range of Underwritten NCF Debt Service Coverages** | &nbsp;&nbsp;**Range of Underwritten NCF Debt Service Coverages** | &nbsp;&nbsp;**Number of<br> Mortgage Loans** | &nbsp;&nbsp;**Aggregate Cut-off<br> Date Balance** | &nbsp;&nbsp;**% of Initial<br> Outstanding<br> Pool Balance** | &nbsp;&nbsp;**Mortgage Rate** | &nbsp;&nbsp;**Stated<br> Remaining Term (Mos.)** | &nbsp;&nbsp;**U/W NCF DSCR** | &nbsp;&nbsp;**Cut-off Date LTV<sup>(2)</sup>** | &nbsp;&nbsp;**Maturity Date LTV<sup>(2)</sup>** |
| &nbsp;&nbsp;1.21x | &nbsp;&nbsp;- | &nbsp;&nbsp;1.49x | &nbsp;&nbsp;12 | &nbsp;&nbsp;$218432551 | &nbsp;&nbsp;30.0% | &nbsp;&nbsp;6.2239% | &nbsp;&nbsp;117 | &nbsp;&nbsp;1.36x | &nbsp;&nbsp;61.4% | &nbsp;&nbsp;56.6% |
| &nbsp;&nbsp;1.50x | &nbsp;&nbsp;- | &nbsp;&nbsp;1.99x | &nbsp;&nbsp;17 | &nbsp;&nbsp;$213442119 | &nbsp;&nbsp;29.3% | &nbsp;&nbsp;6.1774% | &nbsp;&nbsp;114 | &nbsp;&nbsp;1.67x | &nbsp;&nbsp;57.4% | &nbsp;&nbsp;54.5% |
| &nbsp;&nbsp;2.00x | &nbsp;&nbsp;- | &nbsp;&nbsp;2.49x | &nbsp;&nbsp;6 | &nbsp;&nbsp;$168250000 | &nbsp;&nbsp;23.1% | &nbsp;&nbsp;6.0958% | &nbsp;&nbsp;119 | &nbsp;&nbsp;2.16x | &nbsp;&nbsp;48.9% | &nbsp;&nbsp;48.9% |
| &nbsp;&nbsp;2.50x | &nbsp;&nbsp;- | &nbsp;&nbsp;21.81x | &nbsp;&nbsp;27 | &nbsp;&nbsp;$129077043 | &nbsp;&nbsp;17.7% | &nbsp;&nbsp;5.8504% | &nbsp;&nbsp;117 | &nbsp;&nbsp;6.64x | &nbsp;&nbsp;20.5% | &nbsp;&nbsp;20.1% |
| &nbsp;&nbsp;**Total/Weighted Average** | &nbsp;&nbsp;**Total/Weighted Average** | &nbsp;&nbsp;**Total/Weighted Average** | &nbsp;&nbsp;**62** | &nbsp;&nbsp;**$729201713** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**6.1146%** | &nbsp;&nbsp;**117** | &nbsp;&nbsp;**2.57x** | &nbsp;&nbsp;**50.1%** | &nbsp;&nbsp;**47.7%** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Original Terms to Maturity<sup>(1)</sup>** | &nbsp;&nbsp; **Original Terms to Maturity<sup>(1)</sup>** | &nbsp;&nbsp; **Original Terms to Maturity<sup>(1)</sup>** | &nbsp;&nbsp; **Original Terms to Maturity<sup>(1)</sup>** | &nbsp;&nbsp; **Original Terms to Maturity<sup>(1)</sup>** | &nbsp;&nbsp; **Original Terms to Maturity<sup>(1)</sup>** | &nbsp;&nbsp; **Original Terms to Maturity<sup>(1)</sup>** | &nbsp;&nbsp; **Original Terms to Maturity<sup>(1)</sup>** | &nbsp;&nbsp; **Original Terms to Maturity<sup>(1)</sup>** | &nbsp;&nbsp; **Original Terms to Maturity<sup>(1)</sup>** | &nbsp;&nbsp; **Original Terms to Maturity<sup>(1)</sup>** |
| &nbsp;&nbsp;**Range of Original Terms <br> to Maturity** | &nbsp;&nbsp;**Range of Original Terms <br> to Maturity** | &nbsp;&nbsp;**Range of Original Terms <br> to Maturity** | &nbsp;&nbsp;**Number of<br> Mortgage Loans** | &nbsp;&nbsp;**Aggregate Cut-off<br> Date Balance** | &nbsp;&nbsp;**% of Initial<br> Outstanding<br> Pool Balance** | &nbsp;&nbsp; **Weighted Averages** | &nbsp;&nbsp; **Weighted Averages** | &nbsp;&nbsp; **Weighted Averages** | &nbsp;&nbsp; **Weighted Averages** | &nbsp;&nbsp; **Weighted Averages** |
| &nbsp;&nbsp;**Range of Original Terms <br> to Maturity** | &nbsp;&nbsp;**Range of Original Terms <br> to Maturity** | &nbsp;&nbsp;**Range of Original Terms <br> to Maturity** | &nbsp;&nbsp;**Number of<br> Mortgage Loans** | &nbsp;&nbsp;**Aggregate Cut-off<br> Date Balance** | &nbsp;&nbsp;**% of Initial<br> Outstanding<br> Pool Balance** | &nbsp;&nbsp;**Mortgage Rate** | &nbsp;&nbsp;**Stated<br> Remaining Term (Mos.)** | &nbsp;&nbsp;**U/W NCF DSCR** | &nbsp;&nbsp;**Cut-off Date LTV<sup>(2)</sup>** | &nbsp;&nbsp;**Maturity Date LTV<sup>(2)</sup>** |
| &nbsp;&nbsp;60 | &nbsp;&nbsp;- | &nbsp;&nbsp;60 | &nbsp;&nbsp;1 | &nbsp;&nbsp; $7500000 | &nbsp;&nbsp; 1.0% | &nbsp;&nbsp;7.1550% | &nbsp;&nbsp; 39 | &nbsp;&nbsp;1.62x | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;58.8% |
| &nbsp;&nbsp;120 | &nbsp;&nbsp;- | &nbsp;&nbsp;120 | &nbsp;&nbsp;61 | &nbsp;&nbsp;$721701713 | &nbsp;&nbsp; 99.0% | &nbsp;&nbsp;6.1038% | &nbsp;&nbsp;118 | &nbsp;&nbsp;2.58x | &nbsp;&nbsp;50.0% | &nbsp;&nbsp;47.6% |
| &nbsp;&nbsp;**Total/Weighted Average** | &nbsp;&nbsp;**Total/Weighted Average** | &nbsp;&nbsp;**Total/Weighted Average** | &nbsp;&nbsp;**62** | &nbsp;&nbsp;**$729201713** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**6.1146%** | &nbsp;&nbsp;**117** | &nbsp;&nbsp;**2.57x** | &nbsp;&nbsp;**50.1%** | &nbsp;&nbsp;**47.7%** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Distribution of Remaining Terms to Maturity<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Remaining Terms to Maturity<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Remaining Terms to Maturity<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Remaining Terms to Maturity<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Remaining Terms to Maturity<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Remaining Terms to Maturity<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Remaining Terms to Maturity<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Remaining Terms to Maturity<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Remaining Terms to Maturity<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Remaining Terms to Maturity<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Remaining Terms to Maturity<sup>(1)</sup>** |
| &nbsp;&nbsp;**Range of Remaining Terms <br> to Maturity** | &nbsp;&nbsp;**Range of Remaining Terms <br> to Maturity** | &nbsp;&nbsp;**Range of Remaining Terms <br> to Maturity** | &nbsp;&nbsp;**Number of<br> Mortgage Loans** | &nbsp;&nbsp;**Aggregate Cut-off<br> Date Balance** | &nbsp;&nbsp;**% of Initial<br> Outstanding<br> Pool Balance** | &nbsp;&nbsp; **Weighted Averages** | &nbsp;&nbsp; **Weighted Averages** | &nbsp;&nbsp; **Weighted Averages** | &nbsp;&nbsp; **Weighted Averages** | &nbsp;&nbsp; **Weighted Averages** |
| &nbsp;&nbsp;**Range of Remaining Terms <br> to Maturity** | &nbsp;&nbsp;**Range of Remaining Terms <br> to Maturity** | &nbsp;&nbsp;**Range of Remaining Terms <br> to Maturity** | &nbsp;&nbsp;**Number of<br> Mortgage Loans** | &nbsp;&nbsp;**Aggregate Cut-off<br> Date Balance** | &nbsp;&nbsp;**% of Initial<br> Outstanding<br> Pool Balance** | &nbsp;&nbsp;**Mortgage Rate** | &nbsp;&nbsp;**Stated Remaining Term (Mos.)** | &nbsp;&nbsp;**U/W NCF DSCR** | &nbsp;&nbsp;**Cut-off Date LTV<sup>(2)</sup>** | &nbsp;&nbsp;**Maturity Date LTV<sup>(2)</sup>** |
| &nbsp;&nbsp;39 | &nbsp;&nbsp;- | &nbsp;&nbsp;59 | &nbsp;&nbsp;1 | &nbsp;&nbsp; $7500000 | &nbsp;&nbsp; 1.0% | &nbsp;&nbsp;7.1550% | &nbsp;&nbsp; 39 | &nbsp;&nbsp;1.62x | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;58.8% |
| &nbsp;&nbsp;111 | &nbsp;&nbsp;- | &nbsp;&nbsp;114 | &nbsp;&nbsp;1 | &nbsp;&nbsp; $13000000 | &nbsp;&nbsp; 1.8% | &nbsp;&nbsp;5.8928% | &nbsp;&nbsp;111 | &nbsp;&nbsp;2.75x | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;35.3% |
| &nbsp;&nbsp;115 | &nbsp;&nbsp;- | &nbsp;&nbsp;120 | &nbsp;&nbsp;60 | &nbsp;&nbsp;$708701713 | &nbsp;&nbsp; 97.2% | &nbsp;&nbsp;6.1077% | &nbsp;&nbsp;118 | &nbsp;&nbsp;2.58x | &nbsp;&nbsp;50.3% | &nbsp;&nbsp;47.9% |
| &nbsp;&nbsp;**Total/Weighted Average** | &nbsp;&nbsp;**Total/Weighted Average** | &nbsp;&nbsp;**Total/Weighted Average** | &nbsp;&nbsp;**62** | &nbsp;&nbsp;**$729201713** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**6.1146%** | &nbsp;&nbsp;**117** | &nbsp;&nbsp;**2.57x** | &nbsp;&nbsp;**50.1%** | &nbsp;&nbsp;**47.7%** |

---

---

| |
|:---|
| 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 |

---

---

| |
|:---|
| **Benchmark 2026-B42 Mortgage Trust** |
| &nbsp;&nbsp;**OVERVIEW OF MORTGAGE POOL CHARACTERISTICS** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Distribution of Underwritten NOI Debt Yields<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Underwritten NOI Debt Yields<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Underwritten NOI Debt Yields<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Underwritten NOI Debt Yields<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Underwritten NOI Debt Yields<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Underwritten NOI Debt Yields<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Underwritten NOI Debt Yields<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Underwritten NOI Debt Yields<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Underwritten NOI Debt Yields<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Underwritten NOI Debt Yields<sup>(1)</sup>** | &nbsp;&nbsp;**Distribution of Underwritten NOI Debt Yields<sup>(1)</sup>** |
| &nbsp;&nbsp;**Range of Underwritten NOI Debt Yields** | &nbsp;&nbsp;**Range of Underwritten NOI Debt Yields** | &nbsp;&nbsp;**Range of Underwritten NOI Debt Yields** | &nbsp;&nbsp;**Number of <br> Mortgage Loans** | &nbsp;&nbsp;**Aggregate Cut-off<br> Date Balance** | &nbsp;&nbsp;**% of Initial<br> Outstanding<br> Pool Balance** | &nbsp;&nbsp; **Weighted Averages** | &nbsp;&nbsp; **Weighted Averages** | &nbsp;&nbsp; **Weighted Averages** | &nbsp;&nbsp; **Weighted Averages** | &nbsp;&nbsp; **Weighted Averages** |
| &nbsp;&nbsp;**Range of Underwritten NOI Debt Yields** | &nbsp;&nbsp;**Range of Underwritten NOI Debt Yields** | &nbsp;&nbsp;**Range of Underwritten NOI Debt Yields** | &nbsp;&nbsp;**Number of <br> Mortgage Loans** | &nbsp;&nbsp;**Aggregate Cut-off<br> Date Balance** | &nbsp;&nbsp;**% of Initial<br> Outstanding<br> Pool Balance** | &nbsp;&nbsp;**Mortgage Rate** | &nbsp;&nbsp;**Stated<br> Remaining Term (Mos.)** | &nbsp;&nbsp;**U/W NCF DSCR** | &nbsp;&nbsp;**Cut-off Date LTV<sup>(2)</sup>** | &nbsp;&nbsp;**Maturity Date LTV<sup>(2)</sup>** |
| &nbsp;&nbsp;9.1% | &nbsp;&nbsp;- | &nbsp;&nbsp;9.9% | &nbsp;&nbsp;8 | &nbsp;&nbsp;$163556989 | &nbsp;&nbsp; 22.4% | &nbsp;&nbsp;6.4577% | &nbsp;&nbsp;117 | &nbsp;&nbsp;1.38x | &nbsp;&nbsp;63.7% | &nbsp;&nbsp;62.7% |
| &nbsp;&nbsp;10.0% | &nbsp;&nbsp;- | &nbsp;&nbsp;11.9% | &nbsp;&nbsp;16 | &nbsp;&nbsp;$178490562 | &nbsp;&nbsp; 24.5% | &nbsp;&nbsp;5.8828% | &nbsp;&nbsp;117 | &nbsp;&nbsp;1.53x | &nbsp;&nbsp;57.8% | &nbsp;&nbsp;52.0% |
| &nbsp;&nbsp;12.0% | &nbsp;&nbsp;- | &nbsp;&nbsp;13.9% | &nbsp;&nbsp;7 | &nbsp;&nbsp;$141698468 | &nbsp;&nbsp; 19.4% | &nbsp;&nbsp;6.2098% | &nbsp;&nbsp;113 | &nbsp;&nbsp;1.91x | &nbsp;&nbsp;55.1% | &nbsp;&nbsp;53.1% |
| &nbsp;&nbsp;14.0% | &nbsp;&nbsp;- | &nbsp;&nbsp;15.9% | &nbsp;&nbsp;3 | &nbsp;&nbsp;$102500000 | &nbsp;&nbsp; 14.1% | &nbsp;&nbsp;6.1807% | &nbsp;&nbsp;120 | &nbsp;&nbsp;2.18x | &nbsp;&nbsp;46.5% | &nbsp;&nbsp;46.5% |
| &nbsp;&nbsp;16.0% | &nbsp;&nbsp;- | &nbsp;&nbsp;17.9% | &nbsp;&nbsp;2 | &nbsp;&nbsp; $26878650 | &nbsp;&nbsp; 3.7% | &nbsp;&nbsp;5.9740% | &nbsp;&nbsp;114 | &nbsp;&nbsp;2.20x | &nbsp;&nbsp;39.1% | &nbsp;&nbsp;31.7% |
| &nbsp;&nbsp;18.0% | &nbsp;&nbsp;- | &nbsp;&nbsp;19.9% | &nbsp;&nbsp;1 | &nbsp;&nbsp; $30000000 | &nbsp;&nbsp; 4.1% | &nbsp;&nbsp;5.4490% | &nbsp;&nbsp;117 | &nbsp;&nbsp;3.35x | &nbsp;&nbsp;36.5% | &nbsp;&nbsp;36.5% |
| &nbsp;&nbsp;20.0% | &nbsp;&nbsp;- | &nbsp;&nbsp;160.9% | &nbsp;&nbsp;25 | &nbsp;&nbsp; $86077043 | &nbsp;&nbsp; 11.8% | &nbsp;&nbsp;5.9839% | &nbsp;&nbsp;118 | &nbsp;&nbsp;8.37x | &nbsp;&nbsp;12.7% | &nbsp;&nbsp;12.0% |
| &nbsp;&nbsp;**Total/Weighted Average** | &nbsp;&nbsp;**Total/Weighted Average** | &nbsp;&nbsp;**Total/Weighted Average** | &nbsp;&nbsp;**62** | &nbsp;&nbsp;**$729201713** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**6.1146%** | &nbsp;&nbsp;**117** | &nbsp;&nbsp;**2.57x** | &nbsp;&nbsp;**50.1%** | &nbsp;&nbsp;**47.7%** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Amortization Types<sup>(1)</sup>** | &nbsp;&nbsp;**Amortization Types<sup>(1)</sup>** | &nbsp;&nbsp;**Amortization Types<sup>(1)</sup>** | &nbsp;&nbsp;**Amortization Types<sup>(1)</sup>** | &nbsp;&nbsp;**Amortization Types<sup>(1)</sup>** | &nbsp;&nbsp;**Amortization Types<sup>(1)</sup>** | &nbsp;&nbsp;**Amortization Types<sup>(1)</sup>** | &nbsp;&nbsp;**Amortization Types<sup>(1)</sup>** | &nbsp;&nbsp;**Amortization Types<sup>(1)</sup>** |
| **Amortization Type** | &nbsp;&nbsp;**Number of<br> Mortgage Loans** | &nbsp;&nbsp;**Aggregate Cut-off<br> Date Balance** | &nbsp;&nbsp;**% of Initial<br> Outstanding<br> Pool Balance** | &nbsp;&nbsp; **Weighted Averages** | &nbsp;&nbsp; **Weighted Averages** | &nbsp;&nbsp; **Weighted Averages** | &nbsp;&nbsp; **Weighted Averages** | &nbsp;&nbsp; **Weighted Averages** |
| **Amortization Type** | &nbsp;&nbsp;**Number of<br> Mortgage Loans** | &nbsp;&nbsp;**Aggregate Cut-off<br> Date Balance** | &nbsp;&nbsp;**% of Initial<br> Outstanding<br> Pool Balance** | &nbsp;&nbsp;**Mortgage Rate** | &nbsp;&nbsp;**Stated<br> Remaining Term (Mos.)** | &nbsp;&nbsp;**U/W NCF DSCR** | &nbsp;&nbsp;**Cut-off Date LTV<sup>(2)</sup>** | &nbsp;&nbsp;**Maturity Date LTV<sup>(2)</sup>** |
| Interest Only | &nbsp;&nbsp;30 | &nbsp;&nbsp;$490665000 | &nbsp;&nbsp; 67.3% | &nbsp;&nbsp;6.1817% | &nbsp;&nbsp;117 | &nbsp;&nbsp;2.18x | &nbsp;&nbsp;52.4% | &nbsp;&nbsp;52.4% |
| Amortizing Balloon | &nbsp;&nbsp;22 | &nbsp;&nbsp;$120521151 | &nbsp;&nbsp; 16.5% | &nbsp;&nbsp;6.1932% | &nbsp;&nbsp;117 | &nbsp;&nbsp;5.26x | &nbsp;&nbsp;36.0% | &nbsp;&nbsp;30.2% |
| Interest Only, Amortizing Balloon | &nbsp;&nbsp;8 | &nbsp;&nbsp; $73350000 | &nbsp;&nbsp; 10.1% | &nbsp;&nbsp;5.8625% | &nbsp;&nbsp;117 | &nbsp;&nbsp;1.45x | &nbsp;&nbsp;56.9% | &nbsp;&nbsp;50.2% |
| Amortizing Balloon - ARD | &nbsp;&nbsp;2 | &nbsp;&nbsp; $44665562 | &nbsp;&nbsp; 6.1% | &nbsp;&nbsp;5.5800% | &nbsp;&nbsp;116 | &nbsp;&nbsp;1.46x | &nbsp;&nbsp;51.5% | &nbsp;&nbsp;39.5% |
| **Total/Weighted Average** | &nbsp;&nbsp;**62** | &nbsp;&nbsp;**$729201713** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**6.1146%** | &nbsp;&nbsp;**117** | &nbsp;&nbsp;**2.57x** | &nbsp;&nbsp;**50.1%** | &nbsp;&nbsp;**47.7%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The U/W NCF DSCR, Cut-off Date LTV Ratio, Maturity Date LTV Ratio, Underwritten NOI Debt Yield and Cut-off
Date Balance per # of NRA/Units/Rooms calculations include any related *pari passu* companion loan(s) and exclude any related subordinate
companion loan(s) and/or mezzanine loan(s). For mortgaged properties securing residential cooperative mortgage loans, all DSCR and Debt
Yield calculations for each such mortgaged property is calculated using underwritten net operating Income or underwritten 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. All LTV ratio calculations are 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.

&nbsp;&nbsp;&nbsp;&nbsp;(2) With respect to five mortgage loans comprising 54 mortgaged properties (18.3%), the Cut-off Date LTV Ratio
and Maturity Date or LTV Ratio have been calculated using a value other than the "As Is" appraised value. For additional information
please see the footnotes to Annex A-1 in the Preliminary Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Reflects the allocated loan amount for properties securing multi-property Mortgage Loans.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Northern California properties have a zip code greater than 93600. Southern California properties have
a zip code less than or equal to 93600.

---

| |
|:---|
| 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 |

---

---

| |
|:---|
| **Benchmark 2026-B42 Mortgage Trust** |
| &nbsp;&nbsp;**OVERVIEW OF MORTGAGE POOL CHARACTERISTICS** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Previously Securitized Mortgaged Properties<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Previously Securitized Mortgaged Properties<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Previously Securitized Mortgaged Properties<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Previously Securitized Mortgaged Properties<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Previously Securitized Mortgaged Properties<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Previously Securitized Mortgaged Properties<sup>(1)(2)</sup>** |
| **Mortgaged Property** | &nbsp;&nbsp;**Cut-off Date Balance** | &nbsp;&nbsp;**% of Initial Outstanding Pool Balance** | &nbsp;&nbsp;**City, State** | &nbsp;&nbsp;**Property Type** | &nbsp;&nbsp;**Previous Securitization** |
| 215 Park Avenue South | &nbsp;&nbsp;$70000000 | &nbsp;&nbsp;9.6% | &nbsp;&nbsp;New York, New York | &nbsp;&nbsp;Office | &nbsp;&nbsp;JPMBB 2016-C1 |
| Gilbert Gateway Towne Center | &nbsp;&nbsp;60000000 | &nbsp;&nbsp;8.2% | &nbsp;&nbsp;Gilbert, Arizona | &nbsp;&nbsp;Retail | &nbsp;&nbsp;BMARK 2023-V4, BMO 2023-5C2 |
| 525 7th Avenue | &nbsp;&nbsp;35000000 | &nbsp;&nbsp;4.8% | &nbsp;&nbsp;New York, New York | &nbsp;&nbsp;Office | &nbsp;&nbsp;MSC 2015-UBS8, MSC 2016-UBS9, BACM 2016-UB10 |
| 67th and Camelback | &nbsp;&nbsp;20500000 | &nbsp;&nbsp;2.8% | &nbsp;&nbsp;Glendale, Arizona | &nbsp;&nbsp;Retail | &nbsp;&nbsp;JPMBB 2015-C33 |
| Pavilion Center | &nbsp;&nbsp;19525000 | &nbsp;&nbsp;2.7% | &nbsp;&nbsp;Vista, California | &nbsp;&nbsp;Retail | &nbsp;&nbsp;BANC 2016-CRE1 |
| Security Public Storage - Salinas | &nbsp;&nbsp;18300000 | &nbsp;&nbsp;2.5% | &nbsp;&nbsp;Salinas, California | &nbsp;&nbsp;Self Storage | &nbsp;&nbsp;WFCM 2015-P2 |
| Island Plaza Shopping Center | &nbsp;&nbsp;17000000 | &nbsp;&nbsp;2.3% | &nbsp;&nbsp;Marco Island, Florida | &nbsp;&nbsp;Retail | &nbsp;&nbsp;MSBAM 2013-C13 |
| 45 - 75 Sidney | &nbsp;&nbsp;2764310 | &nbsp;&nbsp;0.4% | &nbsp;&nbsp;Cambridge, Massachusetts | &nbsp;&nbsp;Mixed Use | &nbsp;&nbsp;CAMB 2019-LIFE |
| 40 Landsdowne | &nbsp;&nbsp;2339038 | &nbsp;&nbsp;0.3% | &nbsp;&nbsp;Cambridge, Massachusetts | &nbsp;&nbsp;Mixed Use | &nbsp;&nbsp;CAMB 2019-LIFE |
| 35 Landsdowne | &nbsp;&nbsp;2177937 | &nbsp;&nbsp;0.3% | &nbsp;&nbsp;Cambridge, Massachusetts | &nbsp;&nbsp;Mixed Use | &nbsp;&nbsp;CAMB 2019-LIFE |
| 65 Landsdowne | &nbsp;&nbsp;1517929 | &nbsp;&nbsp;0.2% | &nbsp;&nbsp;Cambridge, Massachusetts | &nbsp;&nbsp;Mixed Use | &nbsp;&nbsp;CAMB 2019-LIFE |
| 88 Sidney | &nbsp;&nbsp;1321143 | &nbsp;&nbsp;0.2% | &nbsp;&nbsp;Cambridge, Massachusetts | &nbsp;&nbsp;Mixed Use | &nbsp;&nbsp;CAMB 2019-LIFE |
| 64 Sidney | &nbsp;&nbsp;1053157 | &nbsp;&nbsp;0.1% | &nbsp;&nbsp;Cambridge, Massachusetts | &nbsp;&nbsp;Mixed Use | &nbsp;&nbsp;CAMB 2019-LIFE |
| 38 Sidney | &nbsp;&nbsp;1018238 | &nbsp;&nbsp;0.1% | &nbsp;&nbsp;Cambridge, Massachusetts | &nbsp;&nbsp;Mixed Use | &nbsp;&nbsp;CAMB 2019-LIFE |
| 26 Landsdowne | &nbsp;&nbsp;808247 | &nbsp;&nbsp;0.1% | &nbsp;&nbsp;Cambridge, Massachusetts | &nbsp;&nbsp;Mixed Use | &nbsp;&nbsp;CAMB 2019-LIFE |
| Security Public Storage - Pittsburg | &nbsp;&nbsp;11700000 | &nbsp;&nbsp;1.6% | &nbsp;&nbsp;Pittsburg, California | &nbsp;&nbsp;Self Storage | &nbsp;&nbsp;WFCM 2015-P2 |
| Sunset Plaza | &nbsp;&nbsp;9500000 | &nbsp;&nbsp;1.3% | &nbsp;&nbsp;San Angelo, Texas | &nbsp;&nbsp;Retail | &nbsp;&nbsp;WFCM 2015-P2 |
| Securlock Colony Self Storage | &nbsp;&nbsp;8900000 | &nbsp;&nbsp;1.2% | &nbsp;&nbsp;The Colony, Texas | &nbsp;&nbsp;Self Storage | &nbsp;&nbsp;WFCM 2016-C34 |
| Security Public Storage – Glendora | &nbsp;&nbsp;8700000 | &nbsp;&nbsp;1.2% | &nbsp;&nbsp;Glendora, California | &nbsp;&nbsp;Self Storage | &nbsp;&nbsp;WFCM 2016-C33 |
| Security Public Storage - Manteca | &nbsp;&nbsp;8050000 | &nbsp;&nbsp;1.1% | &nbsp;&nbsp;Manteca, California | &nbsp;&nbsp;Self Storage | &nbsp;&nbsp;WFCM 2015-P2 |
| Security Public Storage – Shaw | &nbsp;&nbsp;7600000 | &nbsp;&nbsp;1.0% | &nbsp;&nbsp;Fresno, California | &nbsp;&nbsp;Self Storage | &nbsp;&nbsp;WFCM 2016-NXS5 |
| Security Public Storage – Sparks | &nbsp;&nbsp;7000000 | &nbsp;&nbsp;1.0% | &nbsp;&nbsp;Sparks, Nevada | &nbsp;&nbsp;Self Storage | &nbsp;&nbsp;WFCM 2016-C33 |
| Security Public Storage - Blackstone | &nbsp;&nbsp;6200000 | &nbsp;&nbsp;0.9% | &nbsp;&nbsp;Fresno, California | &nbsp;&nbsp;Self Storage | &nbsp;&nbsp;WFCM 2016-NXS5 |
| Imperial Owners Corp. | &nbsp;&nbsp;6194944 | &nbsp;&nbsp;0.8% | &nbsp;&nbsp;Port Chester, New York | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;WFCM 2016-C33 |
| Security Public Storage - Sacramento III | &nbsp;&nbsp;5800000 | &nbsp;&nbsp;0.8% | &nbsp;&nbsp;Sacramento, California | &nbsp;&nbsp;Self Storage | &nbsp;&nbsp;WFCM 2015-P2 |
| 150 West 87th Owners Corp. | &nbsp;&nbsp;5500000 | &nbsp;&nbsp;0.8% | &nbsp;&nbsp;New York, New York | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;WFCM 2016-C33 |
| Southridge Cooperative, Section 3, Inc. a/k/a Southridge Cooperative Section 3, Inc. | &nbsp;&nbsp;4989523 | &nbsp;&nbsp;0.7% | &nbsp;&nbsp;Jackson Heights, New York | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;WFCM 2016-C32 |
| 855 E. Broadway Owners Corp. | &nbsp;&nbsp;4800000 | &nbsp;&nbsp;0.7% | &nbsp;&nbsp;Long Beach, New York | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;WFCM 2016-C33 |
| 65 West 95th Owners Corp. | &nbsp;&nbsp;4436007 | &nbsp;&nbsp;0.6% | &nbsp;&nbsp;New York, New York | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;WFCM 2016-C32 |
| 333 Bronx River Tenants Corp. | &nbsp;&nbsp;3988368 | &nbsp;&nbsp;0.5% | &nbsp;&nbsp;Yonkers, New York | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;WFCM 2016-C32 |
| Pelhamdale Manor Corp. | &nbsp;&nbsp;3741841 | &nbsp;&nbsp;0.5% | &nbsp;&nbsp;New Rochelle, New York | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;WFCM 2016-C32 |
| Westbrook Tenants Corporation | &nbsp;&nbsp;3595858 | &nbsp;&nbsp;0.5% | &nbsp;&nbsp;White Plains, New York | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;WFCM 2017-RC1 |
| East 10th St. Owners Corp. | &nbsp;&nbsp;2750000 | &nbsp;&nbsp;0.4% | &nbsp;&nbsp;New York, New York | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;WFCM 2016-C33 |
| 601 79 Owners Corp. | &nbsp;&nbsp;2696441 | &nbsp;&nbsp;0.4% | &nbsp;&nbsp;Brooklyn, New York | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;WFCM 2016-C33 |
| 135 Willow Owners Corp. | &nbsp;&nbsp;2642234 | &nbsp;&nbsp;0.4% | &nbsp;&nbsp;Brooklyn, New York | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;WFCM 2016-C32 |
| Garden Hamilton, Inc. | &nbsp;&nbsp;2492991 | &nbsp;&nbsp;0.3% | &nbsp;&nbsp;Garden City, New York | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;WFCM 2016-C32 |
| Willow House Owners Corp. | &nbsp;&nbsp;2147128 | &nbsp;&nbsp;0.3% | &nbsp;&nbsp;Rockville Centre, New York | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;WFCM 2016-C33 |
| 33 Greene Street Corp. | &nbsp;&nbsp;1877497 | &nbsp;&nbsp;0.3% | &nbsp;&nbsp;New York, New York | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;WFCM 2016-C33 |
| West 12th Street Tenants Corp. | &nbsp;&nbsp;1200000 | &nbsp;&nbsp;0.2% | &nbsp;&nbsp;New York, New York | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;WFCM 2016-C33 |

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(1) The table above includes mortgaged properties securing mortgage loans for which the most recent prior
financing of all or a significant portion of each such mortgaged property was included in a securitization. Information under "Previous
Securitization" represents the most recent such securitization with respect to each of those mortgaged properties. The information
in the above table is based solely on information provided by the related borrower or obtained through searches of a third-party database
and has not otherwise been confirmed by the related mortgage loan seller.

(2) Reflects the allocated loan amount for properties securing multi-property Mortgage Loans.

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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. |
| 14 |

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| **Benchmark 2026-B42 Mortgage Trust** |
| &nbsp;&nbsp;**STRUCTURE OVERVIEW** |

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|:---|:---|
| **Allocation between VRR Interest <br> and the Non-VRR Certificates:** | The aggregate amount available for distribution to holders of the certificates (including the VRR Interest) on each Distribution Date will be: (i) the gross amount of interest, principal, yield maintenance charges and prepayment premiums collected with respect to the Mortgage Loans in the applicable one-month collection period (other than any excess interest accrued after the related anticipated repayment date on any mortgage loan with an anticipated repayment date), net of specified expenses of the issuing entity, including fees payable therefrom to, and losses, liabilities, costs and expenses reimbursable or indemnifiable therefrom to, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor, the Asset Representations Reviewer and CREFC®; and (ii) allocated to amounts available for distribution to the holders of the VRR Interest, on the one hand, and amounts available for distribution to the holders of the Certificates (other than the Class R certificates and the VRR Interest) (the "Non-VRR Certificates"), on the other hand. On each Distribution Date, the portion of such aggregate available funds allocable to: (a) the VRR Interest will be the product of such aggregate available funds multiplied by a fraction, expressed as a percentage, the numerator of which is the initial Certificate Balance of the VRR Interest, and the denominator of which is the sum of the aggregate initial Certificate Balance of all classes of Principal Balance Certificates and the initial Certificate Balance of the VRR Interest (the "VRR Percentage"); and (b) the Non-VRR Certificates will at all times be the product of such aggregate available funds multiplied by the difference between 100% and the VRR Percentage (such difference, the "Non-VRR Percentage"). See "*Credit Risk Retention*" and. "*Description of the Certificates*" in the Preliminary Prospectus. |
| **Principal Payments:** | Payments in respect of the Non-VRR Percentage of principal on the Non-VRR Certificates will be distributed, *first*, to the Class A-SB certificates, until the Certificate Balance of such class is reduced to the planned principal balance for the related Distribution Date set forth on Annex G to the Preliminary Prospectus, then to the Class A-1, Class A-2, Class A-4, Class A-5, Class A-SB, Class A-S, Class B, Class C, Class D, Class E, Class F, Class G-RR, Class J-RR and Class K-RR certificates, in that order, until the Certificate Balance of each such class is reduced to zero. Notwithstanding the foregoing, if the total Certificate Balance of the Class A-S, Class B, Class C, Class D, Class E, Class F, Class G-RR, Class J-RR and Class K-RR certificates has been reduced to zero as a result of loss allocation, payments in respect of principal of the certificates will be distributed, *first*, to the, Class A-1, Class A-2, Class A-4, Class A-5 and Class A-SB certificates, on a *pro rata* basis, based on the Certificate Balance of each such class, *then*, to the extent of any recoveries on realized losses, to the Class A-S, Class B, Class C, Class D, Class E, Class F, Class G-RR, Class J-RR and Class K-RR certificates, in that order, in each case until the Certificate Balance of each such class is reduced to zero (or previously allocated realized losses have been fully reimbursed).<br> Each of the Class X Certificates will not be entitled to receive distributions of principal; however, (i) the notional amount of the Class X-A certificates will be reduced by the aggregate amount of principal distributions and realized losses allocated to the Class A-1, Class A-2, Class A-4, Class A-5 and Class A-SB certificates, (ii) the notional amount of the Class X-B certificates will be reduced by the amount of principal distributions and realized losses allocated to the Class A-S certificates and (iii) the notional amount of the Class X-F certificates will be reduced by the amount of principal distributions and realized losses allocated to the Class F certificates. |
| **Interest Payments:** | On each Distribution Date, interest accrued for each class of Non-VRR Certificates at the applicable pass-through rate will be distributed in the following order of priority, to the extent of the Non-VRR Percentage of the aggregate available funds (exclusive of any portion thereof that represents the Non-VRR Percentage of any yield maintenance charges and prepayment premiums): *first*, to the Class A-1, Class A-2, Class A-4, Class A-5, Class A-SB, Class X-A, Class X-B and Class X-F certificates, on a *pro rata* basis, based on the accrued and unpaid interest on each such class and *then*, to the Class A-S, Class B, Class C, Class D, Class E, Class F, Class G-RR, Class J-RR and Class K-RR certificates, in that order, in each case until the interest payable to each such class is paid in full.<br> The pass-through rates applicable to the Class A-1, Class A-2, Class A-4, Class A-5, Class A-SB, Class A-S, Class B, Class C, Class D, Class E, Class F, Class G-RR, Class J-RR, and Class K-RR certificates for each Distribution Date will equal one of: (i) a fixed *per annum* rate, (ii) the WAC Rate, (iii) a rate equal to the lesser of a specified pass-through rate and the WAC Rate or (iv) the WAC Rate less a specified rate, but in any case not less than 0.000%.<br> As further described in the Preliminary Prospectus, the pass-through rates applicable to the Class X Certificates for each Distribution Date will generally be equal to the excess of (i) 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. |
| 15 |

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| **Benchmark 2026-B42 Mortgage Trust** |
| &nbsp;&nbsp;**STRUCTURE OVERVIEW** |

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|  | WAC Rate over (ii) (A) with respect to the Class X-A certificates, the weighted average of the pass-through rates of the Class A-1, Class A-2, Class A-4, Class A-5 and Class A-SB certificates (weighted based on their respective Certificate Balances outstanding immediately prior to that Distribution Date), (B) with respect to the Class X-B certificates, the pass-through rate of the Class A-S certificates, and (C) with respect to the Class X-F certificates, the pass-through rate of the Class F certificates. |
| **Prepayment Interest Shortfalls:** | Prepayment interest shortfalls will be allocated *pro rata* based on interest entitlements, in reduction of the interest otherwise payable with respect to each of the interest-bearing classes of certificates. |
| **Loss Allocation:** | The Non-VRR Percentage of losses on the Mortgage Loans will be allocated to each class of Non-VRR Certificates entitled to principal in reverse alphabetical order starting with the Class K-RR certificates through and including the Class A-S certificates and then to the Class A-1, Class A-2, Class A-4, Class A-5 and Class A-SB certificates on a *pro rata* basis based on the Certificate Balance of each such class. The notional amount of any class of Class X Certificates will be reduced by the aggregate amount of realized losses allocated to the class(es) of certificates that are component(s) of the notional amount of such class of Class X Certificates. |
| **Prepayment Premiums:**<br>| A percentage of the Non-VRR Percentage of all prepayment premiums (either fixed prepayment premiums or yield maintenance amounts) collected on the Mortgage Loans will be allocated to each of the Class A-1, Class A-2, Class A-4, Class A-5, Class A-SB, Class A-S, Class B, Class C, Class D and Class E certificates (the "YM P&I Certificates") then entitled to principal distributions, which percentage will be equal to the product of (a) a fraction, not greater than one, the numerator of which is the amount of principal distributed to such class on such Distribution Date and the denominator of which is the total amount of principal distributed to the holders of each class of Principal Balance Certificates on such Distribution Date and (b) the Base Interest Fraction for the related principal prepayment and such class of certificates. The VRR Percentage of all prepayment premiums (either fixed prepayment premiums or yield maintenance amounts) will be distributed to the VRR Interest.<br> The "**Base Interest Fraction**" for any principal prepayment on any Mortgage Loan and for:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any of the Class A-1 through Class E certificates with a Pass-Through Rate equal to either the WAC Rate or the WAC Rate less a specified rate, will be a fraction (not greater than one) (a) whose numerator is the greater of zero and the amount, if any, by which (i) the Pass-Through Rate on such class of certificates exceeds (ii) the yield rate (as provided by the master servicer) used in calculating the prepayment premium or yield maintenance charge, as applicable, with respect to such principal prepayment and (b) whose denominator is the amount, if any, by which (i) the Net Mortgage Rate on such Mortgage Loan during the related interest accrual period exceeds (ii) the yield rate (as provided by the master servicer) used in calculating the prepayment premium or yield maintenance charge, as applicable, with respect to such principal prepayment; provided, however, that if such yield rate is greater than or equal to the Net Mortgage Rate on such Mortgage Loan during the related interest accrual period, then the respective Base Interest Fraction will be zero; provided, further, that if such yield rate is greater than or equal to the Net Mortgage Rate on such Mortgage Loan during the related interest accrual period, but less than the Pass-Through Rate described in clause (a)(i) above, then the respective Base Interest Fraction will be one; and<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any of the Class A-1 through Class E certificates with a Pass-Through Rate equal to a fixed *per annum* rate, will be a fraction (not greater than one) (a) whose numerator is the greater of zero and the amount, if any, by which (i) the Pass-Through Rate on such class of certificates exceeds (ii) the yield rate (as provided by the master servicer) used in calculating the prepayment premium or yield maintenance charge, as applicable, with respect to such principal prepayment and (b) whose denominator is the amount, if any, by which (i) the Mortgage Rate on such Mortgage Loan (without regard to any increase in the interest rate of any ARD Loan after the related anticipated repayment date, and net of the Administrative Cost Rate) during the related interest accrual period multiplied by 365/360 exceeds (ii) the yield rate (as provided by the master servicer) used in calculating the prepayment premium or yield maintenance charge, as applicable, with respect to such principal prepayment; provided, however, that if such yield rate is greater than or equal to the amount set forth in clause (b)(i) above, then the respective Base Interest Fraction will be zero; provided, further, that if such yield rate is greater than or equal to the amount set forth in clause (b)(i) above, but less than the Pass-Through Rate described in clause (a)(i) above, then the respective Base Interest Fraction will be one. |

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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. |
| 16 |

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| **Benchmark 2026-B42 Mortgage Trust** |
| &nbsp;&nbsp;**STRUCTURE OVERVIEW** |

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|  | The remaining percentage of the Non-VRR Percentage of prepayment premiums will be allocated to the Class X-A and Class X-B certificates in the manner described in the Preliminary Prospectus. In general, this formula provides for an increase in the percentage of prepayment premiums allocated to the YM P&I Certificates then entitled to principal distributions relative to the Class X-A and Class X-B certificates as Discount Rates decrease and a decrease in the percentage allocated to such classes as Discount Rates rise.<br> The yield rate with respect to any prepaid Mortgage Loan will be equal to the yield rate stated in the related loan documents, or if none is stated, will be the yield rate which, when compounded monthly, is equivalent to the yield, on the U.S. Treasury primary issue with a maturity date closest to the maturity date or the related Anticipated Repayment Date, as applicable, for the prepaid Mortgage Loan. In the event that there are: (a) two or more U.S. Treasury issues with the same coupon, the issue with the lower yield will be selected and (b) two or more U.S. Treasury issues with maturity dates equally close to the maturity date or the related Anticipated Repayment Date, as applicable, for such prepaid Mortgage Loan, the issue with the earlier maturity date will be selected. |
| **Whole Loans:** | The mortgaged properties or portfolios of mortgaged properties identified on Annex A-1 to the Preliminary Prospectus as 215 Park Avenue South, U-Haul Portfolio, 525 7th Avenue, Fishers Twinbrook, 50 West 23rd Street, Haverford Retail Partners Portfolio, UOVO Evergreen, BioMed MIT Portfolio, Landstown Commons, Cummins Station and U-Haul AREC RW Portfolio each secure both a mortgage loan to be included in the trust fund and one or more other companion loans that will not be included in the trust fund, each of which will be *pari passu* or subordinate in right of payment with the mortgage loan included in the trust fund. We refer to each such group of related loans as a "whole loan".<br> As of the Closing Date, the *pari passu* companion loans and any subordinate companion loans are expected to be held by the party identified in "—*Companion Loan Summary*" above and the table titled "Whole Loan Control Notes and Non-Control Notes" in *"Description of the Mortgage Pool—The Whole Loans—General"* in the Preliminary Prospectus. |
| **Control Rights and Directing <br> Holder:** | With respect to any Serviced Mortgage Loan and any related Serviced Companion Loan, the Directing Holder will generally be entitled to direct the Special Servicer to take, or refrain from taking certain actions with respect to each Serviced Mortgage Loan and any related Serviced Companion Loans. Furthermore, the Directing Holder will also have the right to receive notice and consent to certain material actions that the Master Servicer and the Special Servicer proposes to take with respect to each Serviced Mortgage Loan and any related Serviced Companion Loans.<br> The "**Directing Holder**" means, (i) with respect to each Serviced Mortgage Loan (other than any Servicing Shift Mortgage Loan) or Serviced Whole Loan (other than any Servicing Shift Whole Loan), the Controlling Class Certificateholder (or its representative) selected by more than 50% of the Controlling Class, by Certificate Balance, as determined by the certificate registrar from time to time (the "**Trust Directing Holder**"); and (ii) with respect to any Servicing Shift Mortgage Loan or Servicing Shift Whole Loan, the related Loan-Specific Directing Holder identified in the Preliminary Prospectus (which is expected to be the holder of the related controlling *pari passu* companion loan) prior to the related Servicing Shift Securitization Date.<br> KREF Securities Holdings, LLC, or its affiliate is expected to appoint itself or its affiliate as the initial Trust Directing Holder.<br> For a description of the directing holder (or equivalent party) for each Non-Serviced Whole Loan, see *"Description of the Mortgage Pool—The Whole Loans" and "Pooling and Servicing Agreement—The Directing Holder"* in the Preliminary Prospectus. |
| **Control Eligible Certificates:** | Class G-RR, Class J-RR and Class K-RR |
| **Controlling Class:** | The Controlling Class will be, as of any time of determination, the most subordinate class of Control Eligible Certificates then-outstanding that has an aggregate Certificate Balance (as notionally reduced by any cumulative appraisal reduction amounts allocable to such class) equal to at least 25% of the initial Certificate Balance of such class; *provided* that if at any time the Certificate Balances of all Control Eligible Certificates, as notionally reduced by any appraisal reduction amounts (but without regard to any collateral deficiency amounts) allocable to such classes, have been reduced to zero, then the "Controlling Class" will be the most |

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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. |
| 17 |

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| **Benchmark 2026-B42 Mortgage Trust** |
| &nbsp;&nbsp;**STRUCTURE OVERVIEW** |

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|  | subordinate class of Control Eligible Certificates that has an aggregate principal balance greater than zero; *provided, further*, that if at any time the Certificate Balances of the Class A-1, Class A-2, Class A-4, Class A-5, Class A-SB, Class A-S, Class B, Class C, Class D and Class E and Class F certificates have been reduced to zero as a result of the allocation of principal payments on the Mortgage Loans, then the "Controlling Class" will be the most subordinate class of Control Eligible Certificates that has an aggregate Certificate Balance greater than zero without regard to the application of appraisal reduction amounts (or any collateral deficiency amounts) to notionally reduce the Certificate Balance of such class.<br> The Controlling Class as of the Closing Date will be the Class K-RR certificates. |
| **Appraised-Out Class:** | Any class of Control Eligible Certificates that has been determined, as a result of appraisal reduction amounts and collateral deficiency amounts allocable to such class, to no longer be the Controlling Class (an "**Appraised-Out Class**"). |
| **Remedies Available to Holders <br> of an Appraised-Out Class:** | Holders of the majority (by Certificate Balance) of an Appraised-Out Class will have the right, at their sole expense, to require the Special Servicer to order a supplemental appraisal of any Mortgage Loan (or Serviced Whole Loan) for which an appraisal reduction event has occurred or as to which there exists a collateral deficiency amount. Upon receipt of such supplemental appraisal, the Special Servicer will be required to send the appraisal to the Master Servicer, who will be required to recalculate the appraisal reduction amount or collateral deficiency amount, as applicable, based on such supplemental appraisal, and if required by such recalculation, the applicable Appraised-Out Class as the Controlling Class. Any Appraised-Out Class requesting a supplemental appraisal will not be entitled to exercise any rights of the Controlling Class until such time, if any, as the class is reinstated as the Controlling Class. |
| <br> **Control Termination Event:** | Will occur and be continuing with respect to any Mortgage Loan (other than any Servicing Shift Mortgage Loan) or Serviced Whole Loan (other than any Servicing Shift Whole Loan), when one or more of the following is true: (i) there is no class of Control Eligible Certificates that has a Certificate Balance (taking into account the application of any cumulative appraisal reduction amounts and collateral deficiency amounts to notionally reduce the Certificate Balance of such class) equal to at least 25% of the initial Certificate Balance of that class, or (ii) such Mortgage Loan or Whole Loan is an applicable excluded loan; *provided*, that a Control Termination Event will not be deemed to be continuing in the event the Certificate Balances of all Classes of Principal Balance Certificates other than the Control Eligible Certificates have been reduced to zero; *provided*, *further*, that no Control Termination Event may occur with respect to the Loan-Specific Directing Holder related to any Servicing Shift Whole Loan and the term "Control Termination Event" will not be applicable to the Loan-Specific Directing Holder related to such Servicing Shift Whole Loan. With respect to an excluded loan related to the Directing Holder, a Control Termination Event will be deemed to exist.<br> During the continuance of a Control Termination Event, the Directing Holder will no longer have any control rights. The Directing Holder will no longer have the right to direct certain actions of the Special Servicer and will no longer have consent rights with respect to certain material actions that the Master Servicer or Special Servicer proposes to take with respect to a Serviced Mortgage Loan and any related Serviced Companion Loans.<br> During the continuance of a Control Termination Event, the Directing Holder will retain non-binding consultation rights with respect to certain material actions that the Special Servicer proposes to take with respect to a Serviced Mortgage Loan and any related Serviced Companion Loans. Such consultation rights will continue until the occurrence of a Consultation Termination Event. |
| **Consultation Termination Event:** | Will occur and be continuing with respect to any Mortgage Loan (other than any Servicing Shift Mortgage Loan) or Serviced Whole Loan (other than any Servicing Shift Whole Loan), when one or more of the following is true: (i) there is no class of Control Eligible Certificates that has a then-outstanding Certificate Balance (without regard to the application of any cumulative appraisal reduction amounts) equal to at least 25% of the initial Certificate Balance of that class, or (ii) such Mortgage Loan or Whole Loan is an applicable excluded loan; *provided* that a Consultation Termination Event will not be deemed to be continuing in the event the Certificate Balances of all Classes of Principal Balance Certificates other than the Control Eligible Certificates have been reduced to zero; *provided*, *further*, that no Consultation Termination Event may occur with respect to the Loan-Specific Directing Holder related to any Servicing Shift Whole Loan and the term "Consultation Termination Event" will not be |

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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. |
| 18 |

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| **Benchmark 2026-B42 Mortgage Trust** |
| &nbsp;&nbsp;**STRUCTURE OVERVIEW** |

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|  | applicable to the Loan-Specific Directing Holder related to such Servicing Shift Whole Loan. With respect to an excluded loan related to the Directing Holder, a Consultation Termination Event will be deemed to exist.<br> During the continuance of a Consultation Termination Event, the Directing Holder will have no rights under the PSA other than those rights that all Certificateholders have. |
| **Risk Retention Consultation Party:** | The risk retention consultation party will have certain non-binding consultation rights with respect to certain material servicing actions. The holder of the VRR Interest will be entitled to appoint a risk retention consultation party. Deutsche Bank AG, New York Branch (a majority-owned affiliate of GACC) is expected to be appointed as the initial risk retention consultation party. |
| **Appointment and Replacement <br> of Special Servicer:** | The Directing Holder will appoint the initial Special Servicer with respect to each Serviced Mortgage Loan and any related Serviced Companion Loans as of the Closing Date. For so long as no Control Termination Event is continuing, the Directing Holder generally may replace the Special Servicer with respect to each Serviced Mortgage Loan and any related Serviced Companion Loans with or without cause at any time. <br> During the continuance of a Control Termination Event, the Directing Holder will no longer have the right to replace the Special Servicer and such replacement (other than with respect to the Non-Serviced Whole Loans) will occur based on a vote of holders of all voting eligible classes of certificates as described below. See *"Description of the Mortgage Pool—The Whole Loans" and "Pooling and Servicing Agreement"* in the Preliminary Prospectus for a description of the special servicer appointment and replacement rights with respect to Non-Serviced Whole Loans. |
| **Replacement of Special Servicer <br> by Vote of Certificateholders:** | Other than with respect to Non-Serviced Whole Loans, if a Control Termination Event is continuing, upon (i) the written direction of holders of certificates evidencing not less than 25% of the voting rights (taking into account the application of any appraisal reduction amounts to notionally reduce the Certificate Balances) of the Principal Balance Certificates and the VRR Interest requesting a vote to replace the Special Servicer (other than with respect to any Servicing Shift Whole Loan) with a new special servicer, (ii) payment by such requesting holders to the Certificate Administrator of all reasonable fees and expenses to be incurred by the Certificate Administrator in connection with administering such vote and (iii) delivery by such holders to the Certificate Administrator and Trustee of written confirmations from each Rating Agency that the appointment of the replacement Special Servicer will not result in a downgrade of the certificates, the Certificate Administrator will be required to promptly post notice of such request on the Certificate Administrator's website and concurrently provide written notice of such request by mail to all Certificateholders of such request and conduct the solicitation of votes of all certificates in such regard, which such vote must occur within 180 days of the posting of such notice. Upon the written direction of (i) holders of Principal Balance Certificates and the VRR Interest evidencing at least 66-2/3% of a Certificateholder Quorum or (ii) holders of Principal Balance Certificates and the VRR Interest evidencing more than 50% of the aggregate voting rights of Principal Balance Certificates and the VRR Interest outstanding that has not been reduced to less than 25% of its initial Certificate Balance through the application of appraisal reduction amounts and realized losses, the Trustee will immediately replace the Special Servicer with the replacement Special Servicer (other than with respect to Non-Serviced Whole Loans).<br> "**Certificateholder Quorum**" means, in connection with any solicitation of votes in connection with the replacement of the Special Servicer as described above or the Asset Representations Reviewer as described below, the holders of certificates evidencing at least 50% of the aggregate voting rights (taking into account the application of any appraisal reduction amounts to notionally reduce the Certificate Balance of the certificates, except in the case of the termination of the Asset Representations Reviewer) of all Principal Balance Certificates and the VRR Interest, on an aggregate basis.<br> If at any time, the Operating Advisor determines, in its sole discretion exercised in good faith, that (1) the Special Servicer is not performing its duties as required under the PSA or is otherwise not acting in accordance with the Servicing Standard and (2) the replacement of the Special Servicer would be in the best interest of the Certificateholders as a collective whole, then the Operating Advisor will have the right to recommend the replacement of the Special Servicer. The Operating Advisor's recommendation to replace the Special Servicer (other than |

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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. |
| 19 |

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| **Benchmark 2026-B42 Mortgage Trust** |
| &nbsp;&nbsp;**STRUCTURE OVERVIEW** |

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|  | with respect Non-Serviced Whole Loans) must be confirmed by an affirmative vote of holders of Principal Balance Certificates and the VRR Interest representing a majority of the aggregate outstanding Certificate Balance of all Principal Balance Certificates and the VRR Interest whose holders voted on the matter; provided that holders of Principal Balance Certificates and the VRR Interest that so voted on the matter (i) hold Principal Balance Certificates and the VRR Interest representing at least 20% of the outstanding Certificate Balance of all Principal Balance Certificates and the VRR Interest on an aggregate basis (taking into account the application of any appraisal reduction amounts to notionally reduce the respective Certificate Balances) and (ii) consist of at least three Certificateholders or Certificate Owners that are not risk retention affiliated with each other, within 180 days from the time such recommendation is posted to the Certificate Administrator's website and subject to the receipt of written confirmation from each Rating Agency that the appointment of the replacement Special Servicer will not result in a downgrade of the certificates.<br> See *"Description of the Mortgage Pool—The Whole Loans"* and *"Pooling and Servicing Agreement"* in the Preliminary Prospectus for a description of the special servicer appointment and replacement rights with respect to Non-Serviced Whole Loans. |
| **Cap on Workout and Liquidation <br> Fees:** | The workout fees and liquidation fees payable to a Special Servicer under the PSA will be an amount equal to the lesser of: (1) 1.0% (or 0.50% with respect to a liquidation fee in connection with the Fishers Twinbrook whole loan) of each collection of interest and principal following a workout or liquidation, subject to a minimum of $25,000 and (2) $1,000,000 per workout or liquidation. All Modification Fees actually paid to the Special Servicer in connection with a workout or liquidation or in connection with any prior workout or partial liquidation that occurred within the prior 18 months will be deducted from the total workout fee (only after receipt by the Special Servicer of workout fees of $25,000) and/or liquidation fees payable (other than Modification Fees earned while the Mortgage Loan was not in special servicing). In addition, the total amount of workout and liquidation fees actually payable by the Issuing Entity under the PSA will be capped in the aggregate at $1,000,000 for each related Mortgage Loan. If a new special servicer begins servicing the related Mortgage Loan, all amounts paid to the prior special servicer will be disregarded for purposes of calculating the cap. |
| <br> **Special Servicer Compensation:** | The special servicing fee will equal 0.25% *per annum* of the stated principal balance of the related specially serviced loan or REO property, as applicable with a minimum monthly fee of (i) $3,500 (with respect to the General Special Servicer) and (ii) $2,500 (with respect to the NCB Special Servicer). The Special Servicer and its affiliates will be prohibited from receiving or retaining any compensation or any other remuneration under the PSA (including, without limitation, in the form of commissions, brokerage fees, rebates, or as a result of any other fee-sharing arrangement) from any person (including, without limitation, the issuing entity, any borrower, any manager, any guarantor or indemnitor in respect of a Serviced Mortgage Loan and any related Serviced Companion Loans, and any purchaser of any Serviced Mortgage Loan and any related Serviced Companion Loan or REO Property) in connection with the disposition, workout or foreclosure of any Mortgage Loan (or Serviced Whole Loan, if applicable), the management or disposition of any REO Property, or the performance of any other special servicing duties under the PSA, other than as expressly permitted in the PSA and other than commercially reasonable treasury management fees, banking fees, property condition report fees, customary title agent fees and insurance commissions or fees received or retained by the Special Servicer or any of its Affiliates in connection with any services performed by such party with respect to any Mortgage Loan, Serviced Whole Loan or REO Property. Subject to certain limited exceptions, the Special Servicer will also be required to report any compensation or other remuneration the Special Servicer or its affiliates have received from any person and such information will be disclosed in the Certificateholders' monthly distribution date statement. |
| <br> **Operating Advisor:** | With respect to the Serviced Mortgage Loans and any related Serviced Companion Loans the Operating Advisor will have access to any final asset status report and all information available with respect to the transaction on the Certificate Administrator's website and will have certain monitoring responsibilities on behalf of the entire trust. After the occurrence and during the continuance of an Operating Advisor Consultation Event, the Operating Advisor will have consultation rights with respect to certain major decisions.<br> The Operating Advisor will be subject to termination if holders of at least 15% of the aggregate voting rights of the certificates (in connection with termination and replacement relating to the Mortgage Loans) vote to terminate and replace the Operating Advisor and such vote is approved by holders of more than 50% of the applicable voting rights that exercise their right to vote (in |

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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. |
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| **Benchmark 2026-B42 Mortgage Trust** |
| &nbsp;&nbsp;**STRUCTURE OVERVIEW** |

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|  | the case of each of such vote and approval, taking into account realized losses and the application of any appraisal reduction amounts to notionally reduce the Certificate Balance of the certificates), provided that holders of at least 50% of the applicable voting rights have exercised their right to vote. The holders initiating such vote will be responsible for the fees and expenses in connection with the vote and replacement.<br> An "**Operating Advisor Consultation Event**" will occur upon the earlier of when (i) the aggregate Certificate Balances of the HRR Certificates (taking into account the application of any cumulative appraisal reduction amounts to notionally reduce the Certificate Balances of such classes) is 25% or less of the initial aggregate Certificate Balances of such Classes of Certificates or (ii) a Control Termination Event has occurred and is continuing (or a Control Termination Event would occur and be continuing if not for the second to last proviso in the definition of Control Termination Event).<br> The Operating Advisor will not have consultation rights in respect of Non-Serviced Mortgage Loans. |
| **Asset Representations Reviewer:** | The Asset Representations Reviewer will be required to review certain delinquent Mortgage Loans after a specified delinquency threshold has been exceeded and the required percentage of Certificateholders vote to direct a review of such delinquent Mortgage Loans. An asset review will occur when either (1) Mortgage Loans with an aggregate outstanding principal balance of 25% or more of the aggregate outstanding principal balance of all of the Mortgage Loans (including any REO loans (or a portion of any REO loan in the case of a whole loan)) held by the issuing entity as of the end of the applicable collection period are delinquent loans or (2)(A) prior to and including the second anniversary of the Closing Date, at least 10 Mortgage Loans are delinquent loans as of the end of the applicable collection period and the outstanding principal balance of such delinquent loans in the aggregate constitutes at least 15% of the aggregate outstanding principal balance of all of the Mortgage Loans (including any REO loans (or a portion of any REO loan in the case of a whole loan)) held by the issuing entity as of the end of the applicable collection period, or (B) after the second anniversary of the Closing Date, at least 15 Mortgage Loans are delinquent loans as of the end of the applicable collection period and the outstanding principal balance of such delinquent loans in the aggregate constitutes at least 20% of the aggregate outstanding principal balance of all of the Mortgage Loans (including any REO loans (or a portion of any REO loan in the case of a whole loan)) held by the issuing entity as of the end of the applicable collection period.<br> The Asset Representations Reviewer may be terminated and replaced without cause. Upon (i) the written direction of Certificateholders evidencing not less than 25% of the voting rights (taking into account realized losses, but without regard to the application of any appraisal reduction amounts to notionally reduce the Certificate Balance of the certificates) requesting a vote to terminate and replace the Asset Representations Reviewer with a proposed successor asset representations reviewer that is an eligible asset representations reviewer, and (ii) payment by such holders to the Certificate Administrator of the reasonable fees and expenses to be incurred by the Certificate Administrator in connection with administering such vote, the Certificate Administrator will promptly provide notice to all Certificateholders and the Asset Representations Reviewer of such request by posting such notice on its internet website, and by mailing such notice to all Certificateholders and the Asset Representations Reviewer. Upon the written direction of Certificateholders evidencing at least 75% of a Certificateholder Quorum, the Trustee will terminate all of the rights and obligations of the Asset Representations Reviewer under the PSA by written notice to the Asset Representations Reviewer, and the proposed successor Asset Representations Reviewer will be appointed. See "*Pooling and Servicing Agreement—The Asset Representations Reviewer*" in the Preliminary Prospectus. |
| **Dispute Resolution Provisions:** | Each Mortgage Loan Seller will be subject to the dispute resolution provisions set forth in the PSA to the extent those provisions are triggered with respect to any Mortgage Loan sold to the depositor by such Mortgage Loan Seller and such Mortgage Loan Seller will be obligated under the related mortgage loan purchase agreement to comply with all applicable provisions and to take part in any mediation or arbitration proceedings that may result.<br> Generally, in the event that a repurchase request as described in the Preliminary Prospectus is not "Resolved" within 180 days after the related Mortgage Loan Seller receives such Repurchase Request, then the enforcing servicer will be required to send a notice to the initial requesting Certificateholder (if any) indicating the enforcing servicer's intended course of action with respect to the Repurchase Request. If (a) the enforcing servicer's intended course of action with respect to the Repurchase Request does not involve pursuing further action to |

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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. |
| 21 |

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|:---|
| **Benchmark 2026-B42 Mortgage Trust** |
| &nbsp;&nbsp;**STRUCTURE OVERVIEW** |

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|:---|:---|
|  | exercise rights against the related Mortgage Loan Seller with respect to the Repurchase Request and the initial requesting Certificateholder, if any, or any other Certificateholder or Certificate Owner wishes to exercise its right to refer the matter to mediation (including nonbinding arbitration) or arbitration, or (b) the enforcing servicer's intended course of action is to pursue further action to exercise rights against the related Mortgage Loan Seller with respect to the Repurchase Request but the initial requesting Certificateholder, if any, or any other Certificateholder or Certificate Owner does not agree with the dispute resolution method selected by the enforcing servicer, then the initial requesting Certificateholder, if any, or such other Certificateholder or Certificate Owner may deliver a written notice to the enforcing servicer indicating its intent to exercise its right to refer the matter to either mediation or arbitration.<br> "**Resolved**" means, with respect to a Repurchase Request, (i) that the related material defect or material breach has been cured, (ii) the related Mortgage Loan has been repurchased in accordance with the related mortgage loan purchase agreement, (iii) a mortgage loan has been substituted for the related Mortgage Loan in accordance with the related mortgage loan purchase agreement, (iv) the applicable Mortgage Loan Seller made the loss of value payment, (v) a contractually binding agreement is entered into between the enforcing servicer, on behalf of the issuing entity, and the related Mortgage Loan Seller that settles the related Mortgage Loan Seller's obligations under the related mortgage loan purchase agreement, or (vi) the related Mortgage Loan is no longer property of the issuing entity as a result of a sale or other disposition in accordance with the PSA. See "*Pooling and Servicing Agreement—Dispute Resolution Provisions*" in the Preliminary Prospectus. |
| **Liquidated Loan Waterfall:** | On liquidation of any Mortgage Loan, all net liquidation proceeds will be applied according to the PSA, so that amounts allocated as a recovery of accrued and unpaid interest will not, in the first instance, include (a) any amount by which the interest portion of P&I Advances previously made was reduced as a result of appraisal reduction amounts and (b) Accrued AB Loan Interest. After the adjusted interest amount is so allocated, any remaining net liquidation proceeds will be allocated to pay principal on the Mortgage Loan until the unpaid principal amount of the Mortgage Loan has been reduced to zero. Any remaining liquidation proceeds would then be allocated as a recovery of (a) accrued and unpaid interest corresponding to the amount by which the interest portion of P&I Advances previously made was reduced as a result of appraisal reduction amounts and (b) any Accrued AB Loan Interest. |

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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. |
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| &nbsp;&nbsp;Office – CBD<br> 215 Park Avenue South<br> New York, NY 10003 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 1<br> **215 Park Avenue South** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$70,000,000<br> 50.0%<br> 2.18x<br> 14.4% |

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![](n5676ts_img002.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. |
| 23 |

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| &nbsp;&nbsp;Office – CBD<br> 215 Park Avenue South<br> New York, NY 10003 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 1<br> **215 Park Avenue South** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$70,000,000<br> 50.0%<br> 2.18x<br> 14.4% |

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![](n5676ts_img003.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. |
| 24 |

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| &nbsp;&nbsp;Office – CBD<br> 215 Park Avenue South<br> New York, NY 10003 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 1<br> **215 Park Avenue South** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$70,000,000<br> 50.0%<br> 2.18x<br> 14.4% |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Loan Sellers:** | &nbsp;&nbsp;GACC | &nbsp;&nbsp;**Single Asset / Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;**Property Type – Subtype:** | &nbsp;&nbsp;Office – CBD |
| &nbsp;&nbsp;**Borrower Sponsor(s)<sup>(1)</sup>:** | &nbsp;&nbsp;Dever Properties N.V., Ali Harandi, Seddigheh Rashidmanesh, Ali Rashidmanesh, Karim Rashidmanesh and Hamid Rashidmanesh | &nbsp;&nbsp;**Collateral:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Borrower(s):** | &nbsp;&nbsp;Dever Properties LLC | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;New York, NY |
| &nbsp;&nbsp;**Original Balance<sup>(2)</sup>:** | &nbsp;&nbsp;$70000000 | &nbsp;&nbsp;**Year Built / Renovated:** | &nbsp;&nbsp;1910 / 1982 |
| &nbsp;&nbsp;**Cut-off Date Balance<sup>(2)</sup>:** | &nbsp;&nbsp;$70000000 | &nbsp;&nbsp;**Property Management:** | &nbsp;&nbsp;SL Green Leasing, Inc. |
| &nbsp;&nbsp;**% by Initial UPB:** | &nbsp;&nbsp;9.6% | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;346,216 SF |
| &nbsp;&nbsp;**Interest Rate:** | &nbsp;&nbsp;6.05500% | &nbsp;&nbsp;**Appraised Value / Per SF<sup>(6)</sup>:** | &nbsp;&nbsp;$216,000,000 / $624 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;February 11, 2026 | &nbsp;&nbsp;**Appraisal Date:** | &nbsp;&nbsp;November 4, 2025 |
| &nbsp;&nbsp;**Original Term:** | &nbsp;&nbsp;120 months | &nbsp;&nbsp;**Occupancy:** | &nbsp;&nbsp;89.9% (as of February 5, 2026) |
| &nbsp;&nbsp;**Amortization:** | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;**UW Economic Occupancy:** | &nbsp;&nbsp;91.5% |
| &nbsp;&nbsp;**Original Amortization:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Underwritten NOI:** | &nbsp;&nbsp;$15570889 |
| &nbsp;&nbsp;**Interest Only Period:** | &nbsp;&nbsp;120 months | &nbsp;&nbsp;**Underwritten NCF:** | &nbsp;&nbsp;$14445687 |
| &nbsp;&nbsp;**First Payment Date:** | &nbsp;&nbsp;April 6, 2026 |  |  |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;March 6, 2036 | &nbsp;&nbsp;**Historical NOI** | &nbsp;&nbsp;**Historical NOI** |
| &nbsp;&nbsp;**Additional Debt Type<sup>(2)</sup>:** | &nbsp;&nbsp;*Pari Passu* | &nbsp;&nbsp;**Most Recent NOI:** | &nbsp;&nbsp;$14,286,170 (TTM November 30, 2025) |
| &nbsp;&nbsp;**Additional Debt Balance<sup>(2)</sup>:** | &nbsp;&nbsp;$38000000 | &nbsp;&nbsp;**2024 NOI:** | &nbsp;&nbsp;$14734907 |
| &nbsp;&nbsp;**Call Protection<sup>(3)</sup>:** | &nbsp;&nbsp;L(12),YM1(12),DorYM1(91),O(5) | &nbsp;&nbsp;**2023 NOI:** | &nbsp;&nbsp;$12194335 |
| &nbsp;&nbsp;**Lockbox / Cash Management:** | &nbsp;&nbsp;Hard / Springing | &nbsp;&nbsp;**2022 NOI:** | &nbsp;&nbsp;$10448637 |

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|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Reserves<sup>(4)</sup>** | &nbsp;&nbsp;**Reserves<sup>(4)</sup>** | &nbsp;&nbsp;**Reserves<sup>(4)</sup>** | &nbsp;&nbsp;**Reserves<sup>(4)</sup>** | &nbsp;&nbsp;**Financial Information<sup>(2)</sup>** | &nbsp;&nbsp;**Financial Information<sup>(2)</sup>** |
|  | &nbsp;&nbsp;**Initial** | &nbsp;&nbsp;**Monthly** | &nbsp;&nbsp; **Cap** | &nbsp;&nbsp;**Cut-off Date Loan / SF:** | &nbsp;&nbsp;$312 |
| &nbsp;&nbsp;**Taxes:** | &nbsp;&nbsp;$1972553 | &nbsp;&nbsp;$442000 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date Loan / SF:** | &nbsp;&nbsp;$312 |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;50.0% |
| &nbsp;&nbsp;**Replacement Reserves:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$7213 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date LTV:** | &nbsp;&nbsp;50.0% |
| &nbsp;&nbsp;**TI / LC:** | &nbsp;&nbsp;$3000000 | &nbsp;&nbsp;$86554 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**UW NOI DY:** | &nbsp;&nbsp;14.4% |
| &nbsp;&nbsp;**Other<sup>(5)</sup>:** | &nbsp;&nbsp;$1934349 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.18x |

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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** |
| **Sources** | **Proceeds** | **% of Total** | **Uses** | **Proceeds** | **% of Total** |
| &nbsp;&nbsp;Whole Loan<sup>(2)</sup> | &nbsp;&nbsp;$108000000 | &nbsp;&nbsp;100.0% | Loan Payoff | &nbsp;&nbsp;$95467222 | &nbsp;&nbsp;88.4% |
|  |  |  | Upfront Reserves | &nbsp;&nbsp;6906902 | &nbsp;&nbsp;6.4 |
|  |  |  | Borrower Sponsor Equity | &nbsp;&nbsp;4012306 | &nbsp;&nbsp;3<br> 7 |
|  |  |  | Closing Costs | &nbsp;&nbsp;1613570 | &nbsp;&nbsp;1.5 |
| &nbsp;&nbsp;**Total Sources** | &nbsp;&nbsp;**$108000000** | &nbsp;&nbsp;**100.0%** | **Total Uses** | &nbsp;&nbsp;**$108000000** | &nbsp;&nbsp;**100.0%** |

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(1) There is no non-recourse carveout guarantor or separate environmental indemnitor with respect to the 215
Park Avenue South Whole Loan (as defined below).

(2) The 215 Park Avenue South Mortgage Loan (as defined below) is part of a whole loan evidenced by five *pari passu* promissory notes with an aggregate outstanding principal balance as of the Cut-off Date of $108.0 million (the "  **<u>215 Park Avenue South Whole Loan</u>** "). The Financial Information in the chart above reflects the 215 Park Avenue South Whole Loan.

(3) The defeasance lockout period will be at least 24 payment dates beginning with and including the first
payment date on April 6, 2026. Defeasance of the 215 Park Avenue South Whole Loan is permitted after the date that is the earlier of (i)
two years from the closing date of the securitization that includes the last note comprising a part of the 215 Park Avenue South Whole
Loan to be securitized and (ii) February 11, 2029. The assumed defeasance lockout period of 24 payments is based on the expected Benchmark
2026-B42 securitization closing date in March 2026. The actual lockout period may be longer.

(4) See "*Initial and Ongoing Reserves*" below.

(5) Other Reserves consist of a Specified Rollover Reserve ($1,019,108) and Rent Replication Reserve ($915,241).
The Specified Rollover Reserve is kept in the same account as the TI / LC reserve. See "*Initial and Ongoing Reserves* "
below.

(6) The Appraised Value represents the "Market Value Adding Escrow Reserves" appraised value which
assumes that $4,149,340 of reserves are held with the lender and would transfer with the real estate in the event of a sale. At origination
of the 215 Park Avenue South Whole Loan reserves were deposited as set forth in the table above. Based on the "As Is" appraised
value of $212,000,000, the Cut-off Date LTV and Maturity Date LTV would be 50.9%.

***The Loan.*** The largest mortgage loan (the "**<u>215 Park Avenue South Mortgage Loan</u>**") is part of the 215 Park Avenue South Whole Loan secured by the borrower's fee interest in a 20-story, 346,216 SF, Class B office building located on the corner of East 18th Street and Park Avenue South in the Union Square neighborhood of Manhattan, New York (the "**<u>215 Park Avenue South Property</u>**"). The 215 Park Avenue South Whole Loan consists of five *pari passu* promissory notes and accrues interest at a rate of 6.05500% *per annum* on an Actual/360 basis. The 215 Park Avenue South Whole Loan has a 10-year term and is interest only for the entire duration of the term. The 215 Park Avenue South Whole Loan was originated on February 11, 2026 by German American Capital Corporation ("**<u>GACC</u>")**. The 215 Park Avenue South Mortgage Loan is evidenced by the controlling Note A-1 and the non-controlling Note A-2 contributed by GACC, with an aggregate original principal balance of $70,000,000. The 215 Park Avenue South Property was previously securitized in 2016 within JPMBB 2016-C1. The prior mortgage loan matured on February 6, 2026. The 215 Park Avenue South Whole Loan is expected to be serviced pursuant to 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. |
| 25 |

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| &nbsp;&nbsp;Office – CBD<br> 215 Park Avenue South<br> New York, NY 10003 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 1<br> **215 Park Avenue South** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$70,000,000<br> 50.0%<br> 2.18x<br> 14.4% |

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pooling and servicing agreement for the Benchmark 2026-B42 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 table below identifies the promissory notes that comprise the 215 Park Avenue South Whole Loan.

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|:---|:---|:---|:---|
| &nbsp;&nbsp;**215 Park Avenue South Whole Loan Summary** | &nbsp;&nbsp;**215 Park Avenue South Whole Loan Summary** | &nbsp;&nbsp;**215 Park Avenue South Whole Loan Summary** | &nbsp;&nbsp;**215 Park Avenue South Whole Loan Summary** |
| **Note** | **Original Balance** | **Cut-off Date Balance** | **Controlling Note** |
| &nbsp;&nbsp;**A-1** | &nbsp;&nbsp;**$50000000** | &nbsp;&nbsp;**$50000000** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;**A-2** | &nbsp;&nbsp;**$20000000** | &nbsp;&nbsp;**$20000000** | &nbsp;&nbsp;**No** |
| &nbsp;&nbsp;A-3<sup>(1)</sup> | &nbsp;&nbsp;$15000000 | &nbsp;&nbsp;$15000000 &nbsp;&nbsp;GACC | &nbsp;&nbsp;No |
| &nbsp;&nbsp;A-4<sup>(1)</sup> | &nbsp;&nbsp;$13000000 | &nbsp;&nbsp;$13000000 &nbsp;&nbsp;GACC | &nbsp;&nbsp;No |
| &nbsp;&nbsp;A-5<sup>(1)</sup> | &nbsp;&nbsp;$10000000 | &nbsp;&nbsp;$10000000 &nbsp;&nbsp;GACC | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**$108000000** | &nbsp;&nbsp;**$108000000** |  |

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(1) Expected to be contributed to a future securitization.

**The Property**. The 215 Park Avenue South Property is a 20-story, 346,216 SF, Class B office building located in the Union Square neighborhood of Manhattan, New York. The 215 Park Avenue South Property was built in 1910 and comprises 323,777 SF of office space, 11,557 SF of storage space and 10,882 SF of ground-level retail space situated on a 14,273 square foot parcel of land. Since 2021, the 215 Park Avenue South Property has received approximately $3.5 million in capital investments including approximately $2.1 million for corridor/bathroom upgrades. The borrower has signed approximately 65,950 SF (19.0% of NRA) of new leases or renewals since December 2024 representing $4.4 million in additional base rent. The 215 Park Avenue South Property benefits from its close proximity to the Union Square subway station, approximately one block south, which is serviced by the 4, 5, 6, L, N, Q and R subway lines.

As of February 5, 2026, the 215 Park Avenue South Property was 89.9% occupied by 25 individual tenants and features a diverse mix of office tenants in the medical, tech, legal, and fashion/art industries as well as CVS in the ground floor and basement retail space. The tenancy has a weighted average tenure of approximately 11.3 years and a remaining weighted average lease term of 4.6 years. The anchor tenants include Industrious (as defined below) (51,765 SF / 16.7% of base rent / lease expiration date: September 30, 2035), Rakuten USA (as defined below) (34,510 SF / 11.8% of base rent / lease expiration date: December 31, 2027), and Stellar Health (as defined below) (33,224 SF / 9.7% of base rent / lease expiration date: December 31, 2030). The 215 Park Avenue South Property has maintained a 91.6% average occupancy from 2010 through 2025.

**Master Lease.** The borrower has master leased the 215 Park Avenue South Property (the "**<u>215 PAS Master Lease</u>**") to 215 Park Avenue South Associates, L.P. (the "**<u>215 PAS Master Tenant</u>**") through October 15, 2033. Pursuant to the 215 PAS Master Lease, the 215 PAS Master Tenant entered into a management agreement with an affiliate, SL Green Leasing, Inc., under which SL Green Leasing Inc. is the property manager of the 215 Park Avenue South Property. The 215 PAS Master Tenant borrowed a leasehold loan (the "**<u>215 PAS Leasehold Loan</u>**") and mortgaged its leasehold interest under the 215 PAS Master Lease (the "**<u>215 PAS Leasehold Mortgage</u>**") to secure the 215 PAS Leasehold Loan, which loan and mortgage were later acquired by Valencia Investments Overseas Ltd., an affiliate of the borrower (the "**<u>Affiliated Leasehold Mortgagee</u>**"). The 215 PAS Leasehold Loan is due on the same date as the expiration of the 215 PAS Master Lease. As of the 215 Park Avenue South Whole Loan origination date, the 215 PAS Master Lease was amended to (i) provide for monthly payments of net annual rent payments of $575,000 (structured to be equal to debt service payments under the 215 Park Avenue South Whole Loan), and (ii) state that the 215 PAS Master Tenant's failure to separately pay any amounts required by the lender for monthly reserves under the 215 Park Avenue South Whole Loan would constitute an Event of Default (as defined in the 215 PAS Master Lease) under the 215 PAS Master Lease.

Prior to the origination of the 215 Park Avenue South Whole Loan, the 215 PAS Master Lease was generally structured so as to require payments thereon only to the extent of net cash flow from the 215 Park Avenue South Property. As of the 215 Park Avenue South Whole Loan origination date, approximately $119,677,108.77 of accrued and unpaid rent, together with accrued and unpaid interest thereon, was due and payable from the 215 PAS Master Tenant to the related borrower under the 215 PAS Master Lease. In addition, approximately $16,951,283.14 of outstanding principal and $3,275,449.13 of accrued and unpaid interest is due and payable from the 215 PAS Master Tenant to the Affiliated Leasehold Mortgagee under the 215 PAS Leasehold Loan.

At origination of the 215 Park Avenue South Whole Loan, the borrower, the lender and the 215 PAS Master Tenant entered into a Subordination, Non-Disturbance and Attornment Agreement pursuant to which the 215 PAS Master Tenant subordinated its interest in the 215 PAS Master Lease to the 215 Park Avenue South Whole Loan and agreed to attorn to the lender if it took title to the 215 Park Avenue South Property, and the lender agreed that it would not disturb the 215 PAS Master Tenant's possession of the 215 Park Avenue South Property so long as the 215 PAS Master Tenant is not in default under the 215 PAS Master Lease. In addition, the 215 PAS Master Tenant has agreed that all rents from the 215 Park Avenue South Property, including rents paid by the subtenants of the 215 PAS Master Tenant, will be deposited into the lockbox account for the benefit of the lender under the 215 Park Avenue South Whole Loan. In addition, the Affiliated Leasehold Mortgagee has agreed that no payments will be made on the 215 PAS Leasehold Loan if a Trigger Period (as defined below) is in effect. Further, the Affiliated Leasehold Mortgagee has provided a guaranty of the borrower's obligations under the 215 Park Avenue South Whole Loan, which guaranty is limited to its interest in the 215 PAS Leasehold Mortgage, and has pledged its interest in 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. |
| 26 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – CBD<br> 215 Park Avenue South<br> New York, NY 10003 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 1<br> **215 Park Avenue South** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$70,000,000<br> 50.0%<br> 2.18x<br> 14.4% |

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215 PAS Leasehold Loan and the 215 PAS Leasehold Mortgage to the lender to secure such guaranty. Due to the 215 PAS Master Lease, all leases of the 215 Park Avenue South Property constitute subleases under the 215 PAS Master Lease.

**Major Tenants.**

*Industrious NYC LLC* (51,765 SF; 15.0% of net rentable area; 16.7% of underwritten base rent): Headquartered in New York City, Industrious NYC LLC ("**<u>Industrious</u>**") is a provider of flexible and co-working workplace solutions. Industrious has an asset-light business model that emphasizes partnership agreements with property owners rather than traditional leases. Industrious' global network spans more than 200 locations in over 65 cities. Industrious has three leases at the 215 Park Avenue South Property each 17,255 SF expiring on September 30, 2035 with no extension options or termination options. Industrious has a monthly rent abatement of approximately $18,500 from February through April 2028, which was reserved for at origination.

*Rakuten USA, Inc.* (34,510 SF; 10.0% of net rentable area; 11.8% of underwritten base rent): Rakuten Group ("**<u>Rakuten</u>**"), the parent of Rakuten USA, Inc. ("**<u>Rakuten USA</u>**") is a Japanese technology conglomerate providing a diverse portfolio of over 70 businesses to users worldwide. Headquartered in Tokyo and founded in 1997, Rakuten is a global provider of internet services, mobile services, and financial products. Rakuten operates a wide ecosystem of businesses spanning e-commerce, fintech, digital content, and communications, centered around its flagship online marketplace Rakuten Ichiba. Its services also include credit cards, banking, securities, insurance, mobile carrier services, messaging (Viber), and e-books (Kobo), serving users in over 30 countries. Rakuten USA, the tenant, was an e-commerce marketplace based in San Mateo, California that was previously known as Buy.com, founded by Scott Blum. In 2010, it was purchased by Rakuten, and rebranded as Rakuten.com. Rakuten USA's lease expires on December 31, 2027, and has one five-year extension option and no termination options. The borrower is negotiating a lease renewal with Rakuten USA. There can be no assurance that a lease renewal will be entered into.

*The Stellar Health Group*, *Inc.* (33,224 SF; 9.6% of net rentable area; 9.7% of underwritten base rent): Founded in 2018 and headquartered at the 215 Park Avenue South Property, The Stellar Health Group, Inc. ("**<u>Stellar Health</u>**") is a healthcare technology company focused on value-based care delivery for healthcare providers. Through its micro-incentive platform, providers and their care teams receive in-workflow prompts to efficiently close care and quality gaps. Every value-based care activity is rewarded monthly, prioritizing overall patient care. Stellar Health has a network of 20,000+ providers, 2,200 medical practices, and over 1.2 million patients. Stellar Health recently announced a partnership with CenterLight Healthcare, the largest not-for-profit Program of All-Inclusive Care for the Elderly (PACE) in the country helping expand its business model to CenterLight Healthcare's 11 PACE centers, one owned alternative care setting, and a network of contracted healthcare providers in the New York area. Stellar Health is subleasing its 16th floor space (16,612 SF) to Cognitiv Corp. for $49.13 PSF (prime lease rent is $64.59 PSF) through January 31, 2027. Stellar Health's lease expires on December 31, 2030, and has one five-year extension option and no termination options.

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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. |
| 27 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – CBD<br> 215 Park Avenue South<br> New York, NY 10003 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 1<br> **215 Park Avenue South** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$70,000,000<br> 50.0%<br> 2.18x<br> 14.4% |

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The following table presents certain information relating to the largest tenants by underwritten base rent at the 215 Park Avenue South Property:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Tenant Summary<sup>(1)</sup>** |
| &nbsp;&nbsp; <br>**Tenant** | &nbsp;&nbsp;**Credit Rating (Moody's / S&P / Fitch)** | &nbsp;&nbsp; <br> **Net Rentable Area (SF)** | &nbsp;&nbsp; <br>**% of NRSF** | &nbsp;&nbsp; <br>**U/W Base Rent** | &nbsp;&nbsp; <br> **U/W Base Rent Per SF** | &nbsp;&nbsp;**% Annual U/W Base Rent** | &nbsp;&nbsp; <br>**Lease Expiration** | &nbsp;&nbsp; <br>**Renewal Option (Y/N)** |
| &nbsp;&nbsp;**Major Tenants** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Industrious | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;51765 | &nbsp;&nbsp;15.0% | &nbsp;&nbsp;$3695330 | &nbsp;&nbsp;$71.39 | &nbsp;&nbsp;16.7% | &nbsp;&nbsp;9/30/2035 |  |
| &nbsp;&nbsp;Rakuten USA | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;34510 | &nbsp;&nbsp;10.0% | &nbsp;&nbsp;$2607585 | &nbsp;&nbsp;$75.56 | &nbsp;&nbsp;11.8% | &nbsp;&nbsp;12/31/2027 | &nbsp;&nbsp;1 x 5 &nbsp;&nbsp;N |
| &nbsp;&nbsp;Stellar Health<sup>(2)</sup> | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;33224 | &nbsp;&nbsp;9.6% | &nbsp;&nbsp;$2145938 | &nbsp;&nbsp;$64.59 | &nbsp;&nbsp;9.7% | &nbsp;&nbsp;12/31/2030 | &nbsp;&nbsp;1 x 5 &nbsp;&nbsp;N |
| &nbsp;&nbsp;CVS Albany LLC | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;21717 | &nbsp;&nbsp;6.3% | &nbsp;&nbsp;$2081140 | &nbsp;&nbsp;$95.83 | &nbsp;&nbsp;9.4% | &nbsp;&nbsp;6/30/2029 |  |
| &nbsp;&nbsp;Nayya Health Inc.<sup>(3)</sup> | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;29915 | &nbsp;&nbsp;8.6% | &nbsp;&nbsp;$1892710 | &nbsp;&nbsp;$63.27 | &nbsp;&nbsp;8.6% | &nbsp;&nbsp;12/31/2029 |  |
| &nbsp;&nbsp;Global Strategy Group LLC | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;21974 | &nbsp;&nbsp;6.3% | &nbsp;&nbsp;$1568944 | &nbsp;&nbsp;$71.40 | &nbsp;&nbsp;7.1% | &nbsp;&nbsp;8/31/2032 | &nbsp;&nbsp;1 x 5 &nbsp;&nbsp;N |
| &nbsp;&nbsp;Stone Source LLC<sup>(4)</sup> | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;19092 | &nbsp;&nbsp;5.5% | &nbsp;&nbsp;$1360207 | &nbsp;&nbsp;$71.24 | &nbsp;&nbsp;6.2% | &nbsp;&nbsp;11/30/2030 | &nbsp;&nbsp;1 x 5 &nbsp;&nbsp;N |
| &nbsp;&nbsp;Matador Content LLC<sup>(5)</sup> | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;17255 | &nbsp;&nbsp;5.0% | &nbsp;&nbsp;$1283682 | &nbsp;&nbsp;$74.39 | &nbsp;&nbsp;5.8% | &nbsp;&nbsp;8/31/2028 | &nbsp;&nbsp;1 x 5 &nbsp;&nbsp;N |
| &nbsp;&nbsp;Charlie Health, Inc. | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;17255 | &nbsp;&nbsp;5.0% | &nbsp;&nbsp;$1084304 | &nbsp;&nbsp;$62.84 | &nbsp;&nbsp;4.9% | &nbsp;&nbsp;1/31/2029 | &nbsp;&nbsp;1 x 5 &nbsp;&nbsp;N |
| &nbsp;&nbsp;Kimball International Brands, Inc. | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;9885 | &nbsp;&nbsp;2.9% | &nbsp;&nbsp;$745768 | &nbsp;&nbsp;$75.44 | &nbsp;&nbsp;3.4% | &nbsp;&nbsp;4/30/2027 |  |
| &nbsp;&nbsp;**Top 10 Tenants** |  | &nbsp;&nbsp;**256592** | &nbsp;&nbsp;**74.1%** | &nbsp;&nbsp;**$18465608** | &nbsp;&nbsp;**$71.96** | &nbsp;&nbsp;**83.6%** |  |  |
| &nbsp;&nbsp;Other Tenants |  | &nbsp;&nbsp;54734 | &nbsp;&nbsp;15.8% | &nbsp;&nbsp;$3632442 | &nbsp;&nbsp;$66.37 | &nbsp;&nbsp;16.4% |  |  |
| &nbsp;&nbsp;**Total Occupied** |  | &nbsp;&nbsp;**311326** | &nbsp;&nbsp;**89.9%** | &nbsp;&nbsp;**$22098050** | &nbsp;&nbsp;**$70.98** | &nbsp;&nbsp;**100.0%** |  |  |
| &nbsp;&nbsp;Vacant |  | &nbsp;&nbsp;34890 | &nbsp;&nbsp;10.1% |  |  |  |  |  |
| &nbsp;&nbsp;**Total** |  | &nbsp;&nbsp;**346216** | &nbsp;&nbsp;**100.0%** |  |  |  |  |  |

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(1) Based on the underwritten rent roll dated February 5, 2026. The 215 Park Avenue South Property is master
leased by the borrower to the 215 PAS Master Tenant, which has further subleased its interest to the tenants leasing space at the 215
Park Avenue South Property. The information presented above relates solely to the subtenants. See *"Master Lease*" above.

(2) Stellar Health is subleasing its 16th floor space (16,612 SF) to Cognitiv Corp. for $49.13 PSF through
January 31, 2027.

(3) Nayya Health Inc. is subleasing 12,660 SF to BaseTen Labs, Inc. for $72.00 PSF through December 30, 2029.

(4) Stone Source LLC is subleasing Suite 2008 (1,837 SF) to Arch Equities LLC through December 31, 2026 for
annual rent of $59,885.63.

(5) Matador Content LLC is subleasing a portion of its 8th floor space to OBB Media, LLC through December
31, 2026 for rent of $20,000 a month (with one month of free rent) and is also subleasing a portion of its 8th floor space to Initial
Group Global LLC through December 31, 2026 for rent of $42,500 a month.

The following table presents certain information relating to the lease rollover schedule at the 215 Park Avenue South Property:

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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;**Year Ending<br> December 31** | &nbsp;&nbsp;**Expiring Owned GLA** | &nbsp;&nbsp;**% of Owned GLA** | &nbsp;&nbsp;**Cumulative % of Owned GLA** | &nbsp;&nbsp;**U/W Base Rent** | &nbsp;&nbsp;**% of Total U/W Base Rent** | &nbsp;&nbsp;**U/W Base Rent $ per SF** | &nbsp;&nbsp;**# of Expiring Leases** |
| &nbsp;&nbsp;2026 & MTM | &nbsp;&nbsp;2721 | &nbsp;&nbsp;0.8% | &nbsp;&nbsp;0.8% | &nbsp;&nbsp;$198165 | &nbsp;&nbsp;0.9% | &nbsp;&nbsp;$72.83 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;2027 | &nbsp;&nbsp;50655 | &nbsp;&nbsp;14.6% | &nbsp;&nbsp;15.4% | &nbsp;&nbsp;$3779838 | &nbsp;&nbsp;17.1% | &nbsp;&nbsp;$74.62 | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;2028 | &nbsp;&nbsp;32892 | &nbsp;&nbsp;9.5% | &nbsp;&nbsp;24.9% | &nbsp;&nbsp;$2316357 | &nbsp;&nbsp;10.5% | &nbsp;&nbsp;$70.42 | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;2029 | &nbsp;&nbsp;73744 | &nbsp;&nbsp;21.3% | &nbsp;&nbsp;46.2% | &nbsp;&nbsp;$5386452 | &nbsp;&nbsp;24.4% | &nbsp;&nbsp;$73.04 | &nbsp;&nbsp;6 |
| &nbsp;&nbsp;2030 | &nbsp;&nbsp;55677 | &nbsp;&nbsp;16.1% | &nbsp;&nbsp;62.3% | &nbsp;&nbsp;$3740430 | &nbsp;&nbsp;16.9% | &nbsp;&nbsp;$67.18 | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;2031 | &nbsp;&nbsp;13834 | &nbsp;&nbsp;4.0% | &nbsp;&nbsp;66.3% | &nbsp;&nbsp;$1066278 | &nbsp;&nbsp;4.8% | &nbsp;&nbsp;$77.08 | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;2032 | &nbsp;&nbsp;21974 | &nbsp;&nbsp;6.3% | &nbsp;&nbsp;72.6% | &nbsp;&nbsp;$1568944 | &nbsp;&nbsp;7.1% | &nbsp;&nbsp;$71.40 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;2033 | &nbsp;&nbsp;5092 | &nbsp;&nbsp;1.5% | &nbsp;&nbsp;74.1% | &nbsp;&nbsp;$346256 | &nbsp;&nbsp;1.6% | &nbsp;&nbsp;$68.00 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;2034 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;74.1% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2035 | &nbsp;&nbsp;51765 | &nbsp;&nbsp;15.0% | &nbsp;&nbsp;89.1% | &nbsp;&nbsp;$3695330 | &nbsp;&nbsp;16.7% | &nbsp;&nbsp;$71.39 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;2036 & Thereafter<sup>(3)</sup> | &nbsp;&nbsp;2972 | &nbsp;&nbsp;0.9% | &nbsp;&nbsp;89.9% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;0 |
| Vacant | 34890 | 10.1% | 100.0% | NAP | NAP | NAP | NAP |
| &nbsp;&nbsp;**Total / Wtd. Avg.** | &nbsp;&nbsp;**346216** | &nbsp;&nbsp;**100.0%** |  | &nbsp;&nbsp;**$22098050** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$70.98** | &nbsp;&nbsp;**25** |

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(1) Based on the underwritten rent roll dated February 5, 2026. The 215 Park Avenue
South Property is master leased by the borrower to the 215 PAS Master Tenant, which has further subleased its interest to the tenants
leasing space at the 215 Park Avenue South Property. The information presented above relates solely to the subtenants. See "*Master Lease*" above.

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

(3) Represents the management office, which has no expiration date.

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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. |
| 28 |

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|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – CBD<br> 215 Park Avenue South<br> New York, NY 10003 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 1<br> **215 Park Avenue South** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$70,000,000<br> 50.0%<br> 2.18x<br> 14.4% |

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The following table presents certain information relating to the historical and underwritten net cash flows of the 215 Park Avenue South Property:

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|:---|:---|:---|:---|:---|:---|:---|:---|
| &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;**2022** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**11/30/2025 TTM** | &nbsp;&nbsp;**Underwritten** | &nbsp;&nbsp;**Per SF** | <br>&nbsp;&nbsp;**%<sup>(2)</sup>** |
| &nbsp;&nbsp;Base Rent | &nbsp;&nbsp;$19036562 | &nbsp;&nbsp;$20709835 | &nbsp;&nbsp;$21634116 | &nbsp;&nbsp;$22275711 | &nbsp;&nbsp;$22097879 | &nbsp;&nbsp;$63.83 | &nbsp;&nbsp;83.1% |
| &nbsp;&nbsp;Contractual Rent Steps<sup>(3)</sup> | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;266823 | &nbsp;&nbsp;0.77 | &nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;Gross-Up Vacant Rent | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;2271604 | &nbsp;&nbsp;6.56 | &nbsp;&nbsp;8.5% |
| &nbsp;&nbsp;**Gross Potential Rent** | &nbsp;&nbsp;**$19036562** | &nbsp;&nbsp;**$20709835** | &nbsp;&nbsp;**$21634116** | &nbsp;&nbsp;**$22275711** | &nbsp;&nbsp;**$24636305** | &nbsp;&nbsp;**$71.16** | &nbsp;&nbsp;**92.7%** |
| &nbsp;&nbsp;Total Recoveries | &nbsp;&nbsp;1012517 | &nbsp;&nbsp;1306327 | &nbsp;&nbsp;1749259 | &nbsp;&nbsp;2064676 | &nbsp;&nbsp;1943520 | &nbsp;&nbsp;5.61 | &nbsp;&nbsp;7.3% |
| &nbsp;&nbsp;Other Income | &nbsp;&nbsp;75810 | &nbsp;&nbsp;274488 | &nbsp;&nbsp;30783 | &nbsp;&nbsp;24584 | &nbsp;&nbsp;7753 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.0% |
| &nbsp;&nbsp;**Total Gross Income** | &nbsp;&nbsp;**$20124889** | &nbsp;&nbsp;**$22290650** | &nbsp;&nbsp;**$23414158** | &nbsp;&nbsp;**$24364970** | &nbsp;&nbsp;**$26587579** | &nbsp;&nbsp;**$76.79** | &nbsp;&nbsp;**100.0%** |
| &nbsp;&nbsp;Vacancy & Bad Debt | &nbsp;&nbsp;(756360) | &nbsp;&nbsp;(29415) | &nbsp;&nbsp;77695 | &nbsp;&nbsp;124375 | &nbsp;&nbsp;(2271604) | &nbsp;&nbsp;(6.56) | &nbsp;&nbsp;(8.5%) |
| &nbsp;&nbsp;Abatements | &nbsp;&nbsp;(1169640) | &nbsp;&nbsp;(2519544) | &nbsp;&nbsp;(597127) | &nbsp;&nbsp;(1620389) | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.0% |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$18198888** | &nbsp;&nbsp;**$19741691** | &nbsp;&nbsp;**$22894726** | &nbsp;&nbsp;**$22868956** | &nbsp;&nbsp;**$24315975** | &nbsp;&nbsp;**$70.23** | &nbsp;&nbsp;**91.5%** |
| &nbsp;&nbsp;Real Estate Taxes | &nbsp;&nbsp;3840893 | &nbsp;&nbsp;3885190 | &nbsp;&nbsp;4121548 | &nbsp;&nbsp;4373291 | &nbsp;&nbsp;4478742 | &nbsp;&nbsp;12.94 | &nbsp;&nbsp;18.4% |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;192990 | &nbsp;&nbsp;217651 | &nbsp;&nbsp;213493 | &nbsp;&nbsp;219260 | &nbsp;&nbsp;214861 | &nbsp;&nbsp;0.62 | &nbsp;&nbsp;0.9% |
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp;608272 | &nbsp;&nbsp;636695 | &nbsp;&nbsp;653186 | &nbsp;&nbsp;668232 | &nbsp;&nbsp;729479 | &nbsp;&nbsp;2.11 | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Other Expenses | &nbsp;&nbsp;3108096 | &nbsp;&nbsp;2807820 | &nbsp;&nbsp;3171593 | &nbsp;&nbsp;3322004 | &nbsp;&nbsp;3322004 | &nbsp;&nbsp;9.60 | &nbsp;&nbsp;13.7% |
| &nbsp;&nbsp;**Total Expenses** | &nbsp;&nbsp;**$7750252** | &nbsp;&nbsp;**$7547356** | &nbsp;&nbsp;**$8159819** | &nbsp;&nbsp;**$8582786** | &nbsp;&nbsp;**$8745086** | &nbsp;&nbsp;**$25.26** | &nbsp;&nbsp;**36.0%** |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$10448637** | &nbsp;&nbsp;**$12194335** | &nbsp;&nbsp;**$14734907** | &nbsp;&nbsp;**$14286170** | &nbsp;&nbsp;**$15570889** | &nbsp;&nbsp;**$44.97** | &nbsp;&nbsp;**64.0%** |
| &nbsp;&nbsp;Capital Expenditures | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;86554 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;0.4% |
| &nbsp;&nbsp;TI/LC | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1038648 | &nbsp;&nbsp;3.00 | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$10448637** | &nbsp;&nbsp;**$12194335** | &nbsp;&nbsp;**$14734907** | &nbsp;&nbsp;**$14286170** | &nbsp;&nbsp;**$14445687** | &nbsp;&nbsp;**$41.72** | &nbsp;&nbsp;**59.4%** |
| &nbsp;&nbsp;**Occupancy (%)** | &nbsp;&nbsp;**80.3%** | &nbsp;&nbsp;**87.4%** | &nbsp;&nbsp;**89.9%** | &nbsp;&nbsp;**89.9%<sup>(1)</sup>** | &nbsp;&nbsp;**91.5%<sup>(4)</sup>** |  |  |
| &nbsp;&nbsp;**NCF DSCR<sup>(5)</sup>** | &nbsp;&nbsp;**1.58x** | &nbsp;&nbsp;**1.84x** | &nbsp;&nbsp;**2.22x** | &nbsp;&nbsp;**2.15x** | &nbsp;&nbsp;**2.18x** |  |  |
| &nbsp;&nbsp;**NOI Debt Yield<sup>(5)</sup>** | &nbsp;&nbsp;**9.7%** | &nbsp;&nbsp;**11.3%** | &nbsp;&nbsp;**13.6%** | &nbsp;&nbsp;**13.2%** | &nbsp;&nbsp;**14.4%** |  |  |

---

(1) Based on the underwritten rent roll dated February 5, 2026. The 215 Park Avenue
South Property is master leased by the borrower to the 215 PAS Master Tenant, which has further subleased its interest to the tenants
leasing space at the 215 Park Avenue South Property. Effective Gross Income and the subcategories thereof relate solely to the subtenants.
See "*Master Lease*" above.

(2) % column represents percentage of Total Gross Income for all revenue lines and represents
percentage of Effective Gross Income for the remaining fields.

(3) Contractual Rent Steps were taken through February 5, 2027.

(4) Represents underwritten economic occupancy.

(5) Metrics are based on the 215 Park Avenue South Whole Loan.

**Appraisal*.*** The appraisal concluded to a "Market Value Adding Escrow Reserves" value for the 215 Park Avenue South Property of $216,000,000 as of November 4, 2025. The appraisal also concluded to an "as is" value for the 215 Park Avenue South Property of $212,000,000 as of November 4, 2025.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**215 Park Avenue South Property Appraised Value<sup>(1)</sup>** | &nbsp;&nbsp;**215 Park Avenue South Property Appraised Value<sup>(1)</sup>** | &nbsp;&nbsp;**215 Park Avenue South Property Appraised Value<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Capitalization Rate** |
| &nbsp;&nbsp;215 Park Avenue South | &nbsp;&nbsp;$216000000 | &nbsp;&nbsp;6.00% |

---

(1) Source: Appraisal.

 ****

**Environmental Matters.** According to the Phase I environmental site assessment dated December 19, 2025, there were no recognized environmental conditions at the 215 Park Avenue South Property.

**The Market.** The 215 Park Avenue South Property is located at the southeast corner of East 18th Street and Park Avenue South in the Flatiron/Union Square neighborhood of Midtown South, Manhattan. According to the appraisal, the immediate area surrounding the 215 Park Avenue South Property is a highly developed mixed-use district characterized by a concentration of commercial office towers, multifamily residential buildings, destination retail, and a significant presence of technology, advertising, media, and information tenants. The broader Midtown South area has undergone substantial reinvestment in recent years, with major capital projects at buildings such as 1 Madison Avenue, 63 Madison Avenue, 11 Madison Square Park North, and others, contributing to its positioning as one of Manhattan's most dynamic work-live-play environments.

The 215 Park Avenue South Property benefits from proximity to major activity drivers including Union Square, Madison Square Park, 14th Street, and 23rd Street—corridors that host extensive retail, dining, and entertainment destinations. Accessibility is a strength of the location, with multiple subway lines (4, 5, 6, L, N, Q, R, W) and bus routes situated within walking distance, providing efficient transit connectivity throughout Manhattan and the greater New York City region.

According to the appraisal, the Flatiron/Union Square submarket contains approximately 23,640,000 SF of commercial real estate. As of the third quarter of 2025, the submarket recorded approximately 895,490 SF of quarterly leasing activity—nearly double the prior quarter—bringing year-to-date leasing to approximately 1,900,000 SF. Availability increased slightly to 18.47%, primarily due to large blocks at 225 and 233 Park Avenue South being brought to market, while overall asking rents rose to $84.00 PSF, an increase of $4.83 PSF quarter-over-quarter. The broader Midtown South market posted an average asking rent of $85.64 PSF and an availability rate of 19.15% during the same 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. |
| 29 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – CBD<br> 215 Park Avenue South<br> New York, NY 10003 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 1<br> **215 Park Avenue South** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$70,000,000<br> 50.0%<br> 2.18x<br> 14.4% |

---

The 2024 average household income within a quarter, half and one-mile radius of the 215 Park Avenue South Property was $231,594, $204,307, and $199,116, illustrating the area's dense and affluent consumer base. The New York City region remains home to numerous major employers across the financial, healthcare, education, and technology sectors.

The 215 Park Avenue South Property is situated among a competitive set of office buildings within the Flatiron/Union Square submarket, many of similar age and scale. Directly comparable buildings surveyed in the appraisal include 200 Park Avenue South, 230 Park Avenue South, 250 Park Avenue South, 257 Park Avenue South, and others, with average occupancy rates generally exceeding 90% and asking rents generally ranging from the mid-$50s to $85 PSF.

The following table presents certain information relating to comparable office leases for the 215 Park Avenue South Property:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Competitive Rent Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Rent Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Rent Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Rent Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Rent Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Rent Summary<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Year Built / Renovated** | &nbsp;&nbsp;**Tenant** | &nbsp;&nbsp;**Tenant SF** | &nbsp;&nbsp;**Rent PSF** | &nbsp;&nbsp;**Lease Date** |
| &nbsp;&nbsp; **215 Park Avenue South**<br> **New York, NY** | &nbsp;&nbsp;**1910 / 1982** | &nbsp;&nbsp;**Nayya Health Inc.<sup>(2)</sup>** | &nbsp;&nbsp;**29915<sup>(2)</sup>** | &nbsp;&nbsp;**$63.27<sup>(2)</sup>** | &nbsp;&nbsp;**Dec-2024<sup>(2)</sup>** |
| &nbsp;&nbsp; 432 Park Avenue South<br> New York, NY | &nbsp;&nbsp;1914 / NAP | &nbsp;&nbsp;Baton Market Inc | &nbsp;&nbsp;9800 | &nbsp;&nbsp;$64.00 | &nbsp;&nbsp;Oct-2025 |
| &nbsp;&nbsp; 250 Park Avenue South<br> New York, NY | &nbsp;&nbsp;1912 / 1995 | &nbsp;&nbsp;Criterion Collection Inc. | &nbsp;&nbsp;35905 | &nbsp;&nbsp;$63.33 | &nbsp;&nbsp;Sept-2025 |
| &nbsp;&nbsp; 257 Park Avenue South<br> New York, NY | &nbsp;&nbsp;1913 / 1988 | &nbsp;&nbsp;Options Group | &nbsp;&nbsp;12617 | &nbsp;&nbsp;$63.00 | &nbsp;&nbsp;Sept-2025 |
| &nbsp;&nbsp; 245 Fifth Avenue<br> New York, NY | &nbsp;&nbsp;1927 / 2002 | &nbsp;&nbsp;Quaker Equities Ltd. | &nbsp;&nbsp;13627 | &nbsp;&nbsp;$67.00 | &nbsp;&nbsp;Aug-2025 |
| &nbsp;&nbsp; 257 Park Avenue South<br> New York, NY | &nbsp;&nbsp;1913 / 1988 | &nbsp;&nbsp;AI Advisors Management Inc. | &nbsp;&nbsp;12905 | &nbsp;&nbsp;$78.00 | &nbsp;&nbsp;Aug-2025 |

---

(1) Based on the appraisal.

(2) Based on the underwritten rent roll dated February 5, 2026.

**The Borrower and the Borrower Sponsors.** The borrower for the 215 Park Avenue South Whole Loan is Dever Properties LLC, a Delaware LLC and single purpose entity with at least two independent directors. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the 215 Park Avenue South Whole Loan. The borrower sponsors are Dever Properties N.V., Ali Harandi, Seddigheh Rashidmanesh, Ali Rashidmanesh, Karim Rashidmanesh and Hamid Rashidmanesh. The individual borrower sponsors (or their family members) have owned the 215 Park Avenue South Property for over 40 years. The individual borrower sponsors own the 215 Park Avenue South Property as beneficiaries of two Liechtenstein foundations. The borrower is managed by a board of directors ultimately appointed by the Liechtenstein foundations.

There is no non-recourse carveout guarantor or separate environmental indemnitor with respect to the 215 Park Avenue South Whole Loan.

**Property Management.** The 215 Park Avenue South Property is managed by SL Green Leasing Inc., a third party property management company, pursuant to a management agreement between the 215 PAS Master Tenant (an affiliate of SL Green Leasing Inc.) and SL Green Leasing Inc.

**Initial and Ongoing Reserves.** At origination of the 215 Park Avenue South Whole Loan, the borrower was required to deposit into escrow (i) $3,000,000 for general tenant improvements, allowances and leasing commissions (ii) $1,972,553 for real estate taxes, (iii) $1,019,108 for a specified rollover reserve relating to leasing expenses for four tenants and (iv) $915,241 for a rent replication reserve for five tenants.

*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 (initially approximately $442,000).

*Insurance Escrows* – The borrower is required, except if the 215 Park Avenue South Property is insured under an acceptable blanket policy, to escrow 1/12th of the annual estimated insurance payments on a monthly basis. Additionally, the borrower will not be required to make deposits into the insurance reserve if the 215 PAS Master Lease is in effect and requires the 215 PAS Master Tenant to maintain the insurance required by the 215 Park Avenue South Whole Loan documents, the 215 PAS Master Tenant does so under policies approved by the lender and meeting the requirements of the 215 Park Avenue South Whole Loan documents, and the 215 PAS Master Tenant is paying all insurance premiums to the carrier as the same become due and evidence of such payment is provided to the lender. As of the 215 Park Avenue South Whole Loan origination date, such conditions were satisfied by the 215 PAS Master Lease.

*Replacement Reserves* – On a monthly basis, the borrower is required to deposit approximately $7,213 into a reserve for replacements.

*Rollover Reserves* – On a monthly basis, the borrower is required to deposit approximately $86,554 for rollover reserves.

---

| |
|:---|
| 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;Office – CBD<br> 215 Park Avenue South<br> New York, NY 10003 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 1<br> **215 Park Avenue South** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$70,000,000<br> 50.0%<br> 2.18x<br> 14.4% |

---

***Lockbox and Cash Management*.** The 215 Park Avenue South Whole Loan is structured with a hard lockbox and springing cash management. The borrower, the 215 PAS Master Tenant and the property manager are required to direct the subtenants to pay gross revenues directly into the lockbox account, and to deposit any gross revenues otherwise received into such account within three business days after receipt. In addition, during a Trigger Period, no repayment of principal of or interest on the 215 PAS Leasehold Loan or other payments with respect to such loan may be made, and any payment so made notwithstanding the terms of the loan documents must be turned over to the lender or deposited into the lockbox account within five business days of receipt. Prior to a Trigger Period all sums deposited into the lockbox account will be transferred into an operating account, on a daily basis. Following a Trigger Period, any transfers to such operating account will cease and such sums on deposit in the lockbox account are required to be transferred on a daily basis to a cash management account controlled by the lender, to be applied to payment of all monthly amounts due under the 215 Park Avenue South Whole Loan documents (including, without limitation, taxes and insurance, debt service and required reserves) and approved property operating expenses with any excess funds required to be deposited into an excess cash flow reserve account to be held as additional collateral for the 215 Park Avenue South Whole Loan until the Trigger Period is cured.

A "**<u>Trigger Period</u>**" commences upon (i) the occurrence of an event of default under the 215 Park Avenue South Whole Loan documents, (ii) the debt service coverage ratio being less than 1.40x as of the end of any calendar quarter, (iii) if the property manager is an affiliate of the borrower sponsors and is subject to certain bankruptcy or insolvency events or (iv) if the borrower or any borrower sponsor is subject to certain bankruptcy or insolvency events. A Trigger Period will end with respect to (a) clause (i), if the cure of the event of default has been accepted by the lender, (b) clause (ii), if the debt service coverage ratio is greater than or equal to 1.40x as of the end of two consecutive calendar quarters or, alternatively, if the borrower deposits cash into a reserve held by the lender in an amount that, if applied to reduce the then outstanding principal balance of the 215 Park Avenue South Whole Loan, would cause the debt service coverage ratio to be greater than or equal to 1.40x, (c) clause (iii), if the property manager is replaced with a non-affiliated manager approved by the lender, and (d) clause (iv), if such Trigger Period is solely as a result of the filing of an involuntary petition, case or proceeding against the borrower with respect to which none of borrower, any borrower sponsor or any of their affiliates solicited or actively facilitated the solicitation of petitioning creditors or consented to or otherwise joined in such involuntary petition, case or proceeding, upon the same being discharged or dismissed within 60 days of such filing.

***Current Mezzanine or Secured Subordinate Indebtedness.*** None.

***Permitted Future Mezzanine or Secured Subordinate Indebtedness.*** Not permitted.

***Release of Collateral.*** Not permitted.

***Ground Lease.*** None.

---

| |
|:---|
| 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<br> 4684-5114 South Power Road<br> Gilbert, AZ 85296 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 2<br> **Gilbert Gateway Towne Center** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$60,000,000<br> 70.3%<br> 1.30x<br> 9.2% |

---

![](n5676ts_img004.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<br> 4684-5114 South Power Road<br> Gilbert, AZ 85296 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 2<br> **Gilbert Gateway Towne Center** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$60,000,000<br> 70.3%<br> 1.30x<br> 9.2% |

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![](n5676ts_img005.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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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored<br> 4684-5114 South Power Road<br> Gilbert, AZ 85296 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 2<br> **Gilbert Gateway Towne Center** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$60,000,000<br> 70.3%<br> 1.30x<br> 9.2% |

---

![](n5676ts_img006.jpg)

---

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

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored<br> 4684-5114 South Power Road<br> Gilbert, AZ 85296 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 2<br> **Gilbert Gateway Towne Center** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$60,000,000<br> 70.3%<br> 1.30x<br> 9.2% |

---

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Loan Seller:** | &nbsp;&nbsp;CREFI | &nbsp;&nbsp;**Single Asset / Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Acquisition | &nbsp;&nbsp;**Property Type – Subtype:** | &nbsp;&nbsp;Retail - Anchored |
| &nbsp;&nbsp;**Borrower Sponsor(s):** | &nbsp;&nbsp;Mark Irgang and Jason Sakow | &nbsp;&nbsp;**Collateral:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Borrower(s):** | &nbsp;&nbsp;GGTCN LLC | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;Gilbert, AZ |
| &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;$60000000 | &nbsp;&nbsp;**Year Built / Renovated:** | &nbsp;&nbsp;2005 / 2023 |
| &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$60000000 | &nbsp;&nbsp;**Property Management:** | &nbsp;&nbsp;Skyline Seven Real Estate, LLC |
| &nbsp;&nbsp;**% by Initial UPB:** | &nbsp;&nbsp;8.2% | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;273,973 SF |
| &nbsp;&nbsp;**Interest Rate:** | &nbsp;&nbsp;6.70000% | &nbsp;&nbsp;**Appraised Value / Per SF:** | &nbsp;&nbsp;$85,350,000 / $312 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;January 30, 2026 | &nbsp;&nbsp;**Appraisal Date:** | &nbsp;&nbsp;December 9, 2025 |
| &nbsp;&nbsp;**Original Term:** | &nbsp;&nbsp;120 months | &nbsp;&nbsp;**Occupancy:** | &nbsp;&nbsp;96.9% (as of January 31, 2026) |
| &nbsp;&nbsp;**Amortization:** | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;**UW Economic Occupancy:** | &nbsp;&nbsp;95.0% |
| &nbsp;&nbsp;**Original Amortization:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Underwritten NOI:** | &nbsp;&nbsp;$5545870 |
| &nbsp;&nbsp;**Interest Only Period:** | &nbsp;&nbsp;120 months | &nbsp;&nbsp;**Underwritten NCF:** | &nbsp;&nbsp;$5288052 |
| &nbsp;&nbsp;**First Payment Date:** | &nbsp;&nbsp;March 6, 2026 |  |  |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;February 6, 2036 | &nbsp;&nbsp;**Historical NOI** | &nbsp;&nbsp;**Historical NOI** |
| &nbsp;&nbsp;**Additional Debt Type:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Most Recent NOI:** | &nbsp;&nbsp;$5,270,763 (TTM November 30, 2025) |
| &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**2024 NOI:** | &nbsp;&nbsp;$5147808 |
| &nbsp;&nbsp;**Call Protection:** | &nbsp;&nbsp;L(25),D(88),O(7) | &nbsp;&nbsp;**2023 NOI:** | &nbsp;&nbsp;$5006604 |
| &nbsp;&nbsp;**Lockbox / Cash Management:** | &nbsp;&nbsp;Hard / Springing | &nbsp;&nbsp;**2022 NOI:** | &nbsp;&nbsp;$4496623 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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;**Financial Information<sup>(1)</sup>** | &nbsp;&nbsp;**Financial Information<sup>(1)</sup>** |
|  | &nbsp;&nbsp;**Initial** | &nbsp;&nbsp;**Monthly** | &nbsp;&nbsp;**Cap** | &nbsp;&nbsp;**Cut-off Date Loan / SF:** | &nbsp;&nbsp;$219 |
| &nbsp;&nbsp;**Taxes:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$44306 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date Loan / SF:** | &nbsp;&nbsp;$219 |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$14613 | &nbsp;&nbsp;$7307 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;70.3% |
| &nbsp;&nbsp;**Replacement Reserves:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$5875 | &nbsp;&nbsp;$211497 | &nbsp;&nbsp;**Maturity Date LTV:** | &nbsp;&nbsp;70.3% |
| &nbsp;&nbsp;**TI/LC:** | &nbsp;&nbsp;$500000 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;$500000 | &nbsp;&nbsp;**UW NOI DY:** | &nbsp;&nbsp;9.2% |
| &nbsp;&nbsp;**Deferred Maintenance:** | &nbsp;&nbsp;$261386 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.30x |
| &nbsp;&nbsp;**Other Reserves<sup>(2)</sup>:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP |  |  |

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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** |
| **Sources** | **Proceeds** | **% of Total** | **Uses** | **Proceeds** | **% of Total** |
| &nbsp;&nbsp;Loan Amount | &nbsp;&nbsp;$60000000 | &nbsp;&nbsp;69.5% | &nbsp;&nbsp;Purchase Price | &nbsp;&nbsp;$85000000 | &nbsp;&nbsp;98.4% |
| &nbsp;&nbsp;Equity Contribution | &nbsp;&nbsp;26359700 | &nbsp;&nbsp;30.5 | &nbsp;&nbsp;Upfront Reserves | &nbsp;&nbsp;775999 | &nbsp;&nbsp;0.9 |
|  |  |  | &nbsp;&nbsp;Closing Costs | &nbsp;&nbsp;583701 | &nbsp;&nbsp;0.7 |
| &nbsp;&nbsp;**Total Sources** | &nbsp;&nbsp;**$86359700** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses** | &nbsp;&nbsp;**$86359700** | &nbsp;&nbsp;**100.0%** |

---

(1) See "*Initial and Ongoing Reserves*" below.

(2) Other Reserves are comprised of a (i) springing monthly leasing reserve to account for any termination
fee paid by Denny's and (ii) a springing monthly holdback reserve to account for any HVAC replacement costs due to Ross. See "*Initial and Ongoing Reserves*" below for further information. Paris Baguette has signed a letter of intent ("  **<u>LOI</u>** ")
to take over the Denny's ground leased space. There can be no assurance that a lease will be signed.

**The Loan.** The second largest mortgage loan (the "**<u>Gilbert Gateway Towne Center Mortgage Loan</u>**") is secured by the borrower's fee interest in a 273,973 square foot anchored retail property located in Gilbert, Arizona (the "**<u>Gilbert Gateway Towne Center Property</u>**"). The Gilbert Gateway Towne Center Mortgage Loan has an initial term of ten years, is interest-only for the full term and accrues interest at a fixed rate of 6.70000% *per annum* on an Actual/360 basis.

**The Property**. The Gilbert Gateway Towne Center Property is a 273,973 square foot anchored retail center located at what is commonly known as 4684-5114 South Power Road in Gilbert, Arizona. The Gilbert Gateway Towne Center Property was built in 2005, renovated in 2023, and consists of 13 buildings situated on an approximately 35.5-acre site. The Gilbert Gateway Towne Center Property includes 119,313 square feet of anchor space, 48,103 square feet of large shop space, 29,509 square feet of ground lease pad space, 29,359 square feet of inline shopping space, 20,693 square feet of high visibility shopping space, 13,996 square feet of pad shop space, 8,000 square feet of pad restaurant space, and 5,000 square feet of bank branch space. The Gilbert Gateway Towne Center Property also includes 1,306 parking spaces, resulting in a parking ratio of approximately 4.77 spaces per 1,000 square feet.

As of January 31, 2026, the Gilbert Gateway Towne Center Property was 96.9% leased by 43 tenants. The Gilbert Gateway Towne Center Property is anchored by Michaels, Ross, Mega Furniture, Petsmart, and Cost Plus, with Walmart and Super Target located adjacent to the Gilbert Gateway Towne Center Property serving as shadow anchors. Ground lease tenants include Applebee's, Chick-Fil-A, Chili's, Texas Roadhouse, and Wendy's. As of the Cut-off Date, the tenants at the Gilbert Gateway Towne Center Property had been in occupancy for a

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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. |
| 35 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored<br> 4684-5114 South Power Road<br> Gilbert, AZ 85296 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 2<br> **Gilbert Gateway Towne Center** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$60,000,000<br> 70.3%<br> 1.30x<br> 9.2% |

---

weighted average of 9.7 years and had a weighted average lease term remaining of 5.6 years. No tenant at the Gilbert Gateway Towne Center Property represents more than 10.9% of net rentable area or 8.1% of underwritten rent.

**Major Tenants.** The three largest tenants based on underwritten base rent are Michaels, Ross, and Mega Furniture.

*Michaels (23,690 square feet; 8.6% of net rentable area; 8.1% of underwritten base rent).* Founded in 1973, Michaels is an arts and crafts retailer providing arts, crafts, floral and wall décor, framing, and merchandise for makers and do-it-yourself home decorators. Michaels operates over 1,300 stores in 49 states and Canada. Michaels has been a tenant at the Gilbert Gateway Towne Center Property since February 2005 and has a current lease term through March 2035 with two, five-year renewal options and no termination options.

*Ross (29,788 square feet; 10.9% of net rentable area; 6.6% of underwritten base rent).* Founded in 1982, Ross is an off-price apparel and fashion chain in the United States. Ross has 1,909 locations across 44 states, the District of Columbia, Guam and Puerto Rico. Ross also operates 364 dd's DISCOUNTS stores in 22 states. Ross has been a tenant at the Gilbert Gateway Towne Center Property since February 2021 and has a current lease term through January 2031 with no renewal option or termination options.

*Mega Furniture (28,428 square feet; 10.4% of net rentable area; 6.3% of underwritten base rent).* Mega Furniture is a furniture retailer offering a variety of products including sofas, dining sets, bedroom furniture, outdoor furniture, and home décor items. Mega Furniture has been a tenant at the Gilbert Gateway Towne Center Property since May 2022 and has a current lease term through May 2032 with two, five-year renewal options. Mega Furniture is an affiliate of the prior owner of the Gilbert Gateway Towne Center Property. Each of Mega Furniture and the borrower have the right to terminate Mega Furniture's lease at any time by delivering written notice to the other party, such termination to be effective 12 months after delivery of such notice.

The following table presents certain information relating to the major tenants at the Gilbert Gateway Towne Center Property:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** |
| &nbsp;&nbsp;**Tenant** | &nbsp;&nbsp;**Credit Rating (Fitch/Moody's/S&P)<sup>(2)</sup>** | &nbsp;&nbsp;**Net Rentable Area (SF)** | &nbsp;&nbsp;**% of NRSF** | &nbsp;&nbsp;**U/W Base Rent** | &nbsp;&nbsp;**U/W Base Rent Per SF** | &nbsp;&nbsp;**% Annual U/W Base Rent** | &nbsp;&nbsp;**Sales PSF / Year<sup>(3)</sup>** | &nbsp;&nbsp;**U/W Occ. Costs** | &nbsp;&nbsp;**Lease Expiration** | &nbsp;&nbsp;**Renewal Option** |
| &nbsp;&nbsp;**Major Tenants** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Michaels | &nbsp;&nbsp;NR/Caa2/B- | &nbsp;&nbsp;23690 | &nbsp;&nbsp;8.6% | &nbsp;&nbsp;$438265 | &nbsp;&nbsp;$18.50 | &nbsp;&nbsp;8.1% | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;3/31/2035 &nbsp;&nbsp;N | &nbsp;&nbsp;2 x 5yr |
| &nbsp;&nbsp;Ross | &nbsp;&nbsp;NR/A2/BBB+ | &nbsp;&nbsp;29788 | &nbsp;&nbsp;10.9% | &nbsp;&nbsp;$357456 | &nbsp;&nbsp;$12.00 | &nbsp;&nbsp;6.6% | &nbsp;&nbsp;$261.94 | &nbsp;&nbsp;6.0% | &nbsp;&nbsp;1/31/2031 &nbsp;&nbsp;N | &nbsp;&nbsp;N |
| &nbsp;&nbsp;Mega Furniture | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;28428 | &nbsp;&nbsp;10.4% | &nbsp;&nbsp;$341136 | &nbsp;&nbsp;$12.00 | &nbsp;&nbsp;6.3% | &nbsp;&nbsp;$90.27 | &nbsp;&nbsp;17.7% | &nbsp;&nbsp;5/31/2032 &nbsp;&nbsp;Y<sup>(4)</sup> | &nbsp;&nbsp;2 x 5yr |
| &nbsp;&nbsp;Petsmart | &nbsp;&nbsp;NR/Caa1/B+ | &nbsp;&nbsp;19107 | &nbsp;&nbsp;7.0% | &nbsp;&nbsp;$332462 | &nbsp;&nbsp;$17.40 | &nbsp;&nbsp;6.1% | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;1/31/2031 &nbsp;&nbsp;N | &nbsp;&nbsp;2 x 5yr |
| &nbsp;&nbsp;Cost Plus | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;18300 | &nbsp;&nbsp;6.7% | &nbsp;&nbsp;$329400 | &nbsp;&nbsp;$18.00 | &nbsp;&nbsp;6.1% | &nbsp;&nbsp;$236.46 | &nbsp;&nbsp;9.4% | &nbsp;&nbsp;1/31/2036 &nbsp;&nbsp;N | &nbsp;&nbsp;2 x 5yr |
| &nbsp;&nbsp;Walk-On Sports <br> Bistreaux | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;8000 | &nbsp;&nbsp;2.9% | &nbsp;&nbsp;200000 | &nbsp;&nbsp;$25.00 | &nbsp;&nbsp;3.7% | &nbsp;&nbsp;$282.64 | &nbsp;&nbsp;12.4% | &nbsp;&nbsp;3/31/2037 &nbsp;&nbsp;N | &nbsp;&nbsp;3 x 5yr |
| &nbsp;&nbsp;First Fidelity Bank | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;5000 | &nbsp;&nbsp;1.8% | &nbsp;&nbsp;200000 | &nbsp;&nbsp;$40.00 | &nbsp;&nbsp;3.7% | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;9/30/2035 &nbsp;&nbsp;N | &nbsp;&nbsp;N |
| &nbsp;&nbsp;Texas Roadhouse | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;8000 | &nbsp;&nbsp;2.9% | &nbsp;&nbsp;179685 | &nbsp;&nbsp;$22.46 | &nbsp;&nbsp;3.3% | &nbsp;&nbsp;$1540.06 | &nbsp;&nbsp;2.2% | &nbsp;&nbsp;7/31/2028 &nbsp;&nbsp;N | &nbsp;&nbsp;3 x 5yr |
| &nbsp;&nbsp;Ivy & Sage Home and<br> Lifestyle<sup>(5)</sup> | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;10746 | &nbsp;&nbsp;3.9% | &nbsp;&nbsp;162845 | &nbsp;&nbsp;$15.15 | &nbsp;&nbsp;3.0% | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;2/28/2026 &nbsp;&nbsp;N | &nbsp;&nbsp;N |
| &nbsp;&nbsp;Chick-Fil-A | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;4250 | &nbsp;&nbsp;1.6% | &nbsp;&nbsp;142750 | &nbsp;&nbsp;$33.59 | &nbsp;&nbsp;2.6% | &nbsp;&nbsp;$2183.15 | &nbsp;&nbsp;1.9% | &nbsp;&nbsp;9/30/2030 &nbsp;&nbsp;N | &nbsp;&nbsp;3 x 5yr |
| &nbsp;&nbsp;**Largest Tenants** |  | &nbsp;&nbsp;**155309** | &nbsp;&nbsp;**56.7%** | &nbsp;&nbsp;**$2683999** | &nbsp;&nbsp;**$17.28** | &nbsp;&nbsp;**49.3%** |  |  |  |  |
| &nbsp;&nbsp;Remaining Occupied |  | &nbsp;&nbsp;110204 | &nbsp;&nbsp;40.2% | &nbsp;&nbsp;2756905 | &nbsp;&nbsp;$25.02 | &nbsp;&nbsp;50.7% |  |  |  |  |
| &nbsp;&nbsp;**Total Occupied** |  | &nbsp;&nbsp;**265513** | &nbsp;&nbsp;**96.9%** | &nbsp;&nbsp;**$5440904** | &nbsp;&nbsp;**$20.49** | &nbsp;&nbsp;**100.0%** |  |  |  |  |
| &nbsp;&nbsp;Vacant |  | &nbsp;&nbsp;8460 | &nbsp;&nbsp;3.1% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Total** |  | &nbsp;&nbsp;**273973** | &nbsp;&nbsp;**100.0%** |  |  |  |  |  |  |  |

---

(1) Based on the underwritten rent roll dated January 31, 2026 inclusive of $205,861 of contractual rent steps through September 1, 2026.

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

(3) Sales PSF / Year represents the latest sales information as provided by the borrower.

(4) Each of Mega Furniture and the borrower has the right to terminate Mega Furniture's lease at any time by delivering written
notice to the other party, such termination to be effective 12 months after delivery of such notice.

(5) Sketchers has signed a LOI for the Ivy & Sage Home and Lifestyle space at the Gilbert Gateway Towne Center Property. Per the LOI,
Skechers will have the one-time right to terminate its lease early if the tenant's gross sales fail to exceed $1,800,000 during
months 48 through 60 of the lease. Skechers' early termination option would become effective at the end of the 62nd month of the
signed lease. There can be no assurance that Sketchers will sign a lease or take occupancy as expected, or at all.

---

| |
|:---|
| 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<br> 4684-5114 South Power Road<br> Gilbert, AZ 85296 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 2<br> **Gilbert Gateway Towne Center** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$60,000,000<br> 70.3%<br> 1.30x<br> 9.2% |

---

The following table presents certain information relating to the historical sales of the top tenants that report sales at the Gilbert Gateway Towne Center Property:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Tenant Sales History<sup>(1)</sup>** | **Tenant Sales History<sup>(1)</sup>** | **Tenant Sales History<sup>(1)</sup>** | **Tenant Sales History<sup>(1)</sup>** | **Tenant Sales History<sup>(1)</sup>** | **Tenant Sales History<sup>(1)</sup>** |
| &nbsp;&nbsp;**Tenant** | &nbsp;&nbsp; **Net Rentable** <br> **Area (SF)** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**TTM** |
| &nbsp;&nbsp;Ross | &nbsp;&nbsp;29788 | &nbsp;&nbsp;$237.51 | &nbsp;&nbsp;$257.05 | &nbsp;&nbsp;$265.72 | &nbsp;&nbsp;$261.94 |
| &nbsp;&nbsp;Mega Furniture | &nbsp;&nbsp;28428 | &nbsp;&nbsp;$80.79 | &nbsp;&nbsp;$87.93 | &nbsp;&nbsp;$90.27 | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;Cost Plus | &nbsp;&nbsp;18300 | &nbsp;&nbsp;$221.52 | &nbsp;&nbsp;$236.76 | &nbsp;&nbsp;$236.58 | &nbsp;&nbsp;$236.46 |
| &nbsp;&nbsp;Tillys | &nbsp;&nbsp;8857 | &nbsp;&nbsp;$227.25 | &nbsp;&nbsp;$199.51 | &nbsp;&nbsp;$179.21 | &nbsp;&nbsp;$153.91 |
| &nbsp;&nbsp;Walk-On Sports Bistreaux | &nbsp;&nbsp;8000 | &nbsp;&nbsp;$348.32 | &nbsp;&nbsp;$340.33 | &nbsp;&nbsp;$301.55 | &nbsp;&nbsp;$282.64 |
| &nbsp;&nbsp;Texas Roadhouse | &nbsp;&nbsp;8000 | &nbsp;&nbsp;$1222.44 | &nbsp;&nbsp;$1330.97 | &nbsp;&nbsp;$1462.26 | &nbsp;&nbsp;$1540.06 |
| &nbsp;&nbsp;Once Upon A Child | &nbsp;&nbsp;6435 | &nbsp;&nbsp;$242.81 | &nbsp;&nbsp;$223.41 | &nbsp;&nbsp;$252.57 | &nbsp;&nbsp;$255.56 |
| &nbsp;&nbsp;Applebees | &nbsp;&nbsp;5059 | &nbsp;&nbsp;$736.31 | &nbsp;&nbsp;$675.51 | &nbsp;&nbsp;$559.98 | &nbsp;&nbsp;$537.19 |
| &nbsp;&nbsp;Chick-Fil-A | &nbsp;&nbsp;4250 | &nbsp;&nbsp;$2190.38 | &nbsp;&nbsp;$2657.97 | &nbsp;&nbsp;$2422.30 | &nbsp;&nbsp;$2183.15 |
| &nbsp;&nbsp;Wendys | &nbsp;&nbsp;4000 | &nbsp;&nbsp;$567.90 | &nbsp;&nbsp;$442.73 | &nbsp;&nbsp;$481.85 | &nbsp;&nbsp;$474.32 |

---

(1) Historical sales represent Sales PSF / Year.

(2) TTM represents the most recent TTM sales as of various dates between January 2025 and October 2025.

The following table presents certain information relating to the lease rollover schedule at the Gilbert Gateway Towne 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;**Year Ending December 31** | &nbsp;&nbsp;**Expiring Owned GLA** | &nbsp;&nbsp;**% of Owned GLA** | &nbsp;&nbsp;**Cumulative % of Owned GLA** | &nbsp;&nbsp;**U/W Base Rent** | &nbsp;&nbsp;**% of Total U/W Base Rent** | &nbsp;&nbsp;**U/W Base Rent $ per SF** | &nbsp;&nbsp;**# of Expiring Leases** |
| &nbsp;&nbsp;2026 & MTM<sup>(3)</sup> | &nbsp;&nbsp;25646 | &nbsp;&nbsp;9.4% | &nbsp;&nbsp;9.4% | &nbsp;&nbsp;$339142 | &nbsp;&nbsp;6.2% | &nbsp;&nbsp;$13.22 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;2027 | &nbsp;&nbsp;4491 | &nbsp;&nbsp;1.6% | &nbsp;&nbsp;11.0% | &nbsp;&nbsp;$152791 | &nbsp;&nbsp;2.8% | &nbsp;&nbsp;$34.02 | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;2028 | &nbsp;&nbsp;12750 | &nbsp;&nbsp;4.7% | &nbsp;&nbsp;15.7% | &nbsp;&nbsp;$347998 | &nbsp;&nbsp;6.4% | &nbsp;&nbsp;$27.29 | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;2029 | &nbsp;&nbsp;12800 | &nbsp;&nbsp;4.7% | &nbsp;&nbsp;20.3% | &nbsp;&nbsp;$257785 | &nbsp;&nbsp;4.7% | &nbsp;&nbsp;$20.14 | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;2030 | &nbsp;&nbsp;35378 | &nbsp;&nbsp;12.9% | &nbsp;&nbsp;33.2% | &nbsp;&nbsp;$974646 | &nbsp;&nbsp;17.9% | &nbsp;&nbsp;$27.55 | &nbsp;&nbsp;11 |
| &nbsp;&nbsp;2031 | &nbsp;&nbsp;59098 | &nbsp;&nbsp;21.6% | &nbsp;&nbsp;54.8% | &nbsp;&nbsp;$913110 | &nbsp;&nbsp;16.8% | &nbsp;&nbsp;$15.45 | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;2032 | &nbsp;&nbsp;38381 | &nbsp;&nbsp;14.0% | &nbsp;&nbsp;68.8% | &nbsp;&nbsp;$586889 | &nbsp;&nbsp;10.8% | &nbsp;&nbsp;$15.29 | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;2033 | &nbsp;&nbsp;5300 | &nbsp;&nbsp;1.9% | &nbsp;&nbsp;70.8% | &nbsp;&nbsp;$190750 | &nbsp;&nbsp;3.5% | &nbsp;&nbsp;$35.99 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;2034 | &nbsp;&nbsp;6400 | &nbsp;&nbsp;2.3% | &nbsp;&nbsp;73.1% | &nbsp;&nbsp;$203200 | &nbsp;&nbsp;3.7% | &nbsp;&nbsp;$31.75 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;2035 | &nbsp;&nbsp;38969 | &nbsp;&nbsp;14.2% | &nbsp;&nbsp;87.3% | &nbsp;&nbsp;$945194 | &nbsp;&nbsp;17.4% | &nbsp;&nbsp;$24.26 | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;2036 & Beyond | &nbsp;&nbsp;26300 | &nbsp;&nbsp;9.6% | &nbsp;&nbsp;96.9% | &nbsp;&nbsp;$529400 | &nbsp;&nbsp;9.7% | &nbsp;&nbsp;$20.13 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Vacant | &nbsp;&nbsp;8460 | &nbsp;&nbsp;3.1% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**Total / Wtd. Avg.** | &nbsp;&nbsp;**273973** | &nbsp;&nbsp;**100.0%** |  | &nbsp;&nbsp;**$5440904** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$20.49** | &nbsp;&nbsp;**42** |

---

(1) Based on the underwritten rent roll dated January 31, 2026 inclusive of $205,861 of contractual rent
steps through September 1, 2026.

(2) Certain leases may have termination options that are exercisable prior to the originally
stated expiration date of the lease and that are not considered in this Lease Rollover Schedule.

(3) 2026 & MTM includes one month-to-month lease to which 2,400 square feet and
$83,468 in UW Base Rent is attributable and one 10,000 square foot pad site leased to BBQ Island on a month to month basis to which no
UW Base Rent is attributable.

---

| |
|:---|
| 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<br> 4684-5114 South Power Road<br> Gilbert, AZ 85296 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 2<br> **Gilbert Gateway Towne Center** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$60,000,000<br> 70.3%<br> 1.30x<br> 9.2% |

---

The following table presents certain information relating to the historical operating performance and underwritten net cash flow at Gilbert Gateway Towne Center 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;**2022** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**TTM 11/30/2025** | &nbsp;&nbsp;**U/W<sup>(1)</sup>** | &nbsp;&nbsp;**U/W Per SF** |
| &nbsp;&nbsp;Base Rent | &nbsp;&nbsp;$3847250 | &nbsp;&nbsp;$4794400 | &nbsp;&nbsp;$4880301 | &nbsp;&nbsp;$5077795 | &nbsp;&nbsp;$5235042 | &nbsp;&nbsp;$19.11 |
| &nbsp;&nbsp;Contractual Rent Steps | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;205861 | &nbsp;&nbsp;$0.75 |
| &nbsp;&nbsp;Potential Income from Vacant Space | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;375522 | &nbsp;&nbsp;$1.37 |
| &nbsp;&nbsp;**Gross Potential Rent** | &nbsp;&nbsp;**$3847250** | &nbsp;&nbsp;**$4794400** | &nbsp;&nbsp;**$4880301** | &nbsp;&nbsp;**$5077795** | &nbsp;&nbsp;**$5816426** | &nbsp;&nbsp;**$21.23** |
| &nbsp;&nbsp;Reimbursements | &nbsp;&nbsp;2014207 | &nbsp;&nbsp;1812062 | &nbsp;&nbsp;1968658 | &nbsp;&nbsp;1854796 | &nbsp;&nbsp;1861466 | &nbsp;&nbsp;$6.79 |
| &nbsp;&nbsp;**Total Gross Income** | &nbsp;&nbsp;**$5861457** | &nbsp;&nbsp;**$6606462** | &nbsp;&nbsp;**$6848959** | &nbsp;&nbsp;**$6932591** | &nbsp;&nbsp;**$7677892** | &nbsp;&nbsp;**$28.02** |
| &nbsp;&nbsp;Other Income<sup>(2)</sup> | &nbsp;&nbsp;57270 | &nbsp;&nbsp;48930 | &nbsp;&nbsp;89888 | &nbsp;&nbsp;87389 | &nbsp;&nbsp;87389 | &nbsp;&nbsp;$0.32 |
| &nbsp;&nbsp;Percentage Rent | &nbsp;&nbsp;72507 | &nbsp;&nbsp;209409 | &nbsp;&nbsp;$57859 | &nbsp;&nbsp;79664 | &nbsp;&nbsp;57529 | &nbsp;&nbsp;$0.21 |
| &nbsp;&nbsp;(Vacancy / Credit Loss) | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;($384064) | &nbsp;&nbsp;($1.40) |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$5991234** | &nbsp;&nbsp;**$6864800** | &nbsp;&nbsp;**$6996705** | &nbsp;&nbsp;**$7099644** | &nbsp;&nbsp;**$7438747** | &nbsp;&nbsp;**$27.15** |
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp;168488 | &nbsp;&nbsp;211065 | &nbsp;&nbsp;199045 | &nbsp;&nbsp;204516 | &nbsp;&nbsp;223162 | &nbsp;&nbsp;$0.81 |
| &nbsp;&nbsp;Real Estate Taxes | &nbsp;&nbsp;338187 | &nbsp;&nbsp;560821 | &nbsp;&nbsp;527496 | &nbsp;&nbsp;507299 | &nbsp;&nbsp;495470 | &nbsp;&nbsp;$1.81 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;20156 | &nbsp;&nbsp;75179 | &nbsp;&nbsp;58796 | &nbsp;&nbsp;72756 | &nbsp;&nbsp;83503 | &nbsp;&nbsp;$0.30 |
| &nbsp;&nbsp;CAM Expenses | &nbsp;&nbsp;767501 | &nbsp;&nbsp;811845 | &nbsp;&nbsp;811762 | &nbsp;&nbsp;742157 | &nbsp;&nbsp;788588 | &nbsp;&nbsp;$2.88 |
| &nbsp;&nbsp;Other Expenses<sup>(3)</sup> | &nbsp;&nbsp;200278 | &nbsp;&nbsp;199286 | &nbsp;&nbsp;251798 | &nbsp;&nbsp;302153 | &nbsp;&nbsp;302153 | &nbsp;&nbsp;$1.10 |
| &nbsp;&nbsp;**Total Expenses** | &nbsp;&nbsp;**$1494610** | &nbsp;&nbsp;**$1858196** | &nbsp;&nbsp;**$1848897** | &nbsp;&nbsp;**$1828881** | &nbsp;&nbsp;**$1892877** | &nbsp;&nbsp;**$6.91** |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$4496623** | &nbsp;&nbsp;**$5006604** | &nbsp;&nbsp;**$5147808** | &nbsp;&nbsp;**$5270763** | &nbsp;&nbsp;**$5545870** | &nbsp;&nbsp;**$20.24** |
| &nbsp;&nbsp;Replacement Reserves | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;70499 | &nbsp;&nbsp;$0.26 |
| &nbsp;&nbsp;Normalized TI/LC | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;187319 | &nbsp;&nbsp;$0.68 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$4496623** | &nbsp;&nbsp;**$5006604** | &nbsp;&nbsp;**$5147808** | &nbsp;&nbsp;**$5270763** | &nbsp;&nbsp;**$5288052** | &nbsp;&nbsp;**$19.30** |
| &nbsp;&nbsp;**Occupancy (%)** | &nbsp;&nbsp;**NAV** | &nbsp;&nbsp;**96.7%** | &nbsp;&nbsp;**97.5%** | &nbsp;&nbsp;**96.9%<sup>(4)</sup>** | &nbsp;&nbsp;**95.0%<sup>(5)</sup>** |  |
| &nbsp;&nbsp;**NCF DSCR** | &nbsp;&nbsp;**1.10x** | &nbsp;&nbsp;**1.23x** | &nbsp;&nbsp;**1.26x** | &nbsp;&nbsp;**1.29x** | &nbsp;&nbsp;**1.30x** |  |
| &nbsp;&nbsp;**NOI Debt Yield** | &nbsp;&nbsp;**7.5%** | &nbsp;&nbsp;**8.3%** | &nbsp;&nbsp;**8.6%** | &nbsp;&nbsp;**8.8%** | &nbsp;&nbsp;**9.2%** |  |

---

(1) Based on the underwritten rent roll dated January 31, 2026 and inclusive of $205,861 of contractual rent steps through September 1,
2026. (2) Other Income includes advertising, lease required advertising and late charges.

(3) Other Expenses includes contract services, utilities and grease trap maintenance expenses.

(4) Represents occupancy as of the underwritten rent roll dated January 31, 2026.

(5) Represents Economic Occupancy.

**Appraisal.** The Gilbert Gateway Towne Center Property had an "as-is" appraised value of $85,350,000 as of December 9, 2025. Based on the "as-is" value of $85,350,000, the Cut-off Date LTV and Maturity Date LTV for the Gilbert Gateway Towne Center Mortgage Loan are each 70.3%.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Gilbert Gateway Towne Center Appraised Value<sup>(1)</sup>** | &nbsp;&nbsp;**Gilbert Gateway Towne Center Appraised Value<sup>(1)</sup>** | &nbsp;&nbsp;**Gilbert Gateway Towne Center Appraised Value<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Capitalization Rate** |
| &nbsp;&nbsp;Gilbert Gateway Towne Center | &nbsp;&nbsp;$85350000 | &nbsp;&nbsp;6.75% |

---

(1) Source: Appraisal.

**Environmental Matters.** The Phase I environmental assessment of the Gilbert Gateway Towne Center Property, dated December 19, 2025, revealed no evidence of any recognized environmental conditions at the Gilbert Gateway Towne 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. |
| 38 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored<br> 4684-5114 South Power Road<br> Gilbert, AZ 85296 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 2<br> **Gilbert Gateway Towne Center** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$60,000,000<br> 70.3%<br> 1.30x<br> 9.2% |

---

**The Market.** The Gilbert Gateway Towne Center Property is located in Gilbert, Arizona and is within the Phoenix metropolitan statistical area ("**<u>Phoenix MSA</u>**"). The Gilbert Gateway Towne Center Property has dual frontage along Power Road and Ray Road as well as highway frontage along the San Tran Freeway, also known as Loop 202. According to the appraisal, the town of Gilbert is the ninth fastest growing community in the United States and is generally regarded as the fastest growing town in its size range. Major non-governmental employers in Gilbert include Banner Healthcare, Walmart, Target, Go Daddy Software and Smith Food and Drug Stores.

According to a third-party market research report, the Gilbert Gateway Towne Center Property is located in the Gilbert retail submarket of the Phoenix MSA. As of January 25, 2026, the Gilbert retail submarket had a total inventory of 17,660,303 square feet, an overall vacancy rate of 2.6%, and market asking rent of $28.05 per square foot.

According to the appraisal, the 2024 population within a 1-, 3- and 5-mile radius of the Gilbert Gateway Towne Center Property was 9,327, 87,983 and 266,838, respectively. The 2024 average household income within the same radii was $122,708, $160,931 and $155,212, respectively.

The following table presents information relating to comparable retail leases for the Gilbert Gateway Towne Center Property:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Comparable Retail Rental Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Retail Rental Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Retail Rental Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Retail Rental Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Retail Rental Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Retail Rental Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Retail Rental Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Retail Rental Summary<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property Name /<br> Address** | &nbsp;&nbsp;**Distance from Subject** | &nbsp;&nbsp;**Year Built / Renovated** | &nbsp;&nbsp;**Tenant** | &nbsp;&nbsp;**Suite Size (SF)** | &nbsp;&nbsp;**Lease Commencement** | &nbsp;&nbsp;**Lease Term (Yrs)** | &nbsp;&nbsp;**Base Rent (PSF)** |
| &nbsp;&nbsp; **Gilbert Gateway<br> Towne Center**<br>**Gilbert, AZ** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**2005 / 2023** | | | | | |
| &nbsp;&nbsp; **Gilbert Gateway<br> Towne Center**<br>**Gilbert, AZ** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**2005 / 2023** | &nbsp;&nbsp;**Bath & Body Works (inline)**<br>&nbsp;&nbsp; **Davis Chiropractic (pad)**<br>| &nbsp;&nbsp;**4000<sup>(2)</sup>**<br>&nbsp;&nbsp; **1500<sup>(2)</sup>**<br>| &nbsp;&nbsp;**Apr-23<sup>(2)</sup>**<br>&nbsp;&nbsp; **Jan-18<sup>(2)</sup>**<br>| &nbsp;&nbsp;**10.8<sup>(2)</sup>**<br>&nbsp;&nbsp; **10.1<sup>(2)</sup>**<br>| &nbsp;&nbsp;**$28.00<sup>(2)</sup>**<br>&nbsp;&nbsp; **$29.52<sup>(2)</sup>**<br>|
| &nbsp;&nbsp; Santan Village<br> Marketplace<br> Gilbert, AZ | &nbsp;&nbsp;3.5 mi | &nbsp;&nbsp;2005 / NAP | &nbsp;&nbsp;DaBoba (pad) | &nbsp;&nbsp;1260 | &nbsp;&nbsp;Feb-24 | &nbsp;&nbsp;10 | &nbsp;&nbsp;$35.00 |
| &nbsp;&nbsp; SanTan Pavilions<br> Gilbert, AZ | &nbsp;&nbsp;3.6 mi | &nbsp;&nbsp;2018 / NAP | &nbsp;&nbsp;Yoga 6 (pad) | &nbsp;&nbsp;2276 | &nbsp;&nbsp;May-24 | &nbsp;&nbsp;10 | &nbsp;&nbsp;$45.00 |
| &nbsp;&nbsp; SanTan Pavilions<br> Gilbert, AZ | &nbsp;&nbsp;3.6 mi | &nbsp;&nbsp;2018 / NAP | &nbsp;&nbsp;Platinum Sol Tanning (inline) | &nbsp;&nbsp;2000 | &nbsp;&nbsp;Sep-23 | &nbsp;&nbsp;10 | &nbsp;&nbsp;$40.00 |
| &nbsp;&nbsp; SanTan Pavilions<br> Gilbert, AZ | &nbsp;&nbsp;3.6 mi | &nbsp;&nbsp;2018 / NAP | &nbsp;&nbsp;Milan Laser Hair Removal (inline) | &nbsp;&nbsp;1865 | &nbsp;&nbsp;Jan-23 | &nbsp;&nbsp;10 | &nbsp;&nbsp;$38.00 |
| &nbsp;&nbsp; SanTan Pavilions<br> Gilbert, AZ | &nbsp;&nbsp;3.6 mi | &nbsp;&nbsp;2018 / NAP | &nbsp;&nbsp;Stride (inline) | &nbsp;&nbsp;2135 | &nbsp;&nbsp;Apr-22 | &nbsp;&nbsp;10 | &nbsp;&nbsp;$40.00 |
| &nbsp;&nbsp; Spectrum at Val Vista<br> Gilbert, AZ | &nbsp;&nbsp;4.1 mi | &nbsp;&nbsp;2006 / NAP | &nbsp;&nbsp;Tiger Rock | &nbsp;&nbsp;2440 | &nbsp;&nbsp;Apr-21 | &nbsp;&nbsp;10 | &nbsp;&nbsp;$27.00 |
| &nbsp;&nbsp; Val Vista Towne Center<br> Gilbert, AZ | &nbsp;&nbsp;4.0 mi | &nbsp;&nbsp;2000 / NAP | &nbsp;&nbsp;Bronco Dental | &nbsp;&nbsp;2551 | &nbsp;&nbsp;Oct-25 | &nbsp;&nbsp;10.3 | &nbsp;&nbsp;$32.00 |
| &nbsp;&nbsp; Val Vista Towne Center<br> Gilbert, AZ | &nbsp;&nbsp;4.0 mi | &nbsp;&nbsp;2000 / NAP | &nbsp;&nbsp;Paula's Beauty | &nbsp;&nbsp;1600 | &nbsp;&nbsp;Aug-23 | &nbsp;&nbsp;4.3 | &nbsp;&nbsp;$32.00 |
| &nbsp;&nbsp; Val Vista Towne Center<br> Gilbert, AZ | &nbsp;&nbsp;4.0 mi | &nbsp;&nbsp;2000 / NAP | &nbsp;&nbsp; Soy Barbero<br>| &nbsp;&nbsp; 1300<br>| &nbsp;&nbsp; Sep-22<br>| &nbsp;&nbsp; 5.5<br>| &nbsp;&nbsp;$26.00 |
| &nbsp;&nbsp; Val Vista Towne Center<br> Gilbert, AZ | &nbsp;&nbsp;4.0 mi | &nbsp;&nbsp;2000 / NAP | &nbsp;&nbsp;theCoderSchool | &nbsp;&nbsp;1262 | &nbsp;&nbsp;Jun-22 | &nbsp;&nbsp;5.4 | &nbsp;&nbsp;$24.00 |
| &nbsp;&nbsp; Gilbert Gateway Towne <br> Center South<br> Gilbert, AZ | &nbsp;&nbsp;0.4 m | &nbsp;&nbsp;2006 / NAP | &nbsp;&nbsp;Fab Nails | &nbsp;&nbsp;1407 | &nbsp;&nbsp;Sep-23 | &nbsp;&nbsp;5.3 | &nbsp;&nbsp;$34.45 |
| &nbsp;&nbsp; Gilbert Gateway Towne <br> Center South<br> Gilbert, AZ | &nbsp;&nbsp;0.4 mi | &nbsp;&nbsp;2006 / NAP | &nbsp;&nbsp;Dental Views | &nbsp;&nbsp;2580 | &nbsp;&nbsp;Nov-21 | &nbsp;&nbsp;10.5 | &nbsp;&nbsp;$28.00 |

---

(1) Source: Appraisal

(2) Based on the underwritten rent roll dated January 31, 2026. Base Rent (PSF) excludes rent steps.

---

| |
|:---|
| 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<br> 4684-5114 South Power Road<br> Gilbert, AZ 85296 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 2<br> **Gilbert Gateway Towne Center** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$60,000,000<br> 70.3%<br> 1.30x<br> 9.2% |

---

The following table presents information relating to comparable sales for the Gilbert Gateway Towne Center Property:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Summary of Comparable Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Summary of Comparable Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Summary of Comparable Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Summary of Comparable Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Summary of Comparable Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Summary of Comparable Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Summary of Comparable Sales<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property Name / Address** | &nbsp;&nbsp;**Distance from Subject** | &nbsp;&nbsp;**Year Built / Renovated** | &nbsp;&nbsp;**Sale Date<sup>(1)</sup>** | &nbsp;&nbsp;**Sale Price<sup>(1)</sup>** | &nbsp;&nbsp;**SF** | &nbsp;&nbsp;**Price per SF** |
| &nbsp;&nbsp; **Gilbert Gateway Towne Center**<br> 4684-5114 South Power Road<br> Gilbert, AZ | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**2005 / 2023** | &nbsp;&nbsp;**Dec-25** | &nbsp;&nbsp;**$85000000** | &nbsp;&nbsp;**273,973 SF<sup>(2)</sup>** | &nbsp;&nbsp;**$310.25** |
| &nbsp;&nbsp;**Las Tiendas Village**<br> 2815-2975 South Alma School Road<br> Chandler, AZ | &nbsp;&nbsp;14.0 mi | &nbsp;&nbsp;2005 / NAP | &nbsp;&nbsp;Sep-25 | &nbsp;&nbsp;$54500000 | &nbsp;&nbsp;188,571 SF | &nbsp;&nbsp;$289.02 |
| &nbsp;&nbsp;**Deer Valley Towne Center**<br> 2805-3053 W. Agua Fria Freeway<br> Phoenix, AZ | &nbsp;&nbsp;52.5 mi | &nbsp;&nbsp;1998 / NAP | &nbsp;&nbsp;Aug-25 | &nbsp;&nbsp;$33700000 | &nbsp;&nbsp;158,628 SF | &nbsp;&nbsp;$212.45 |
| &nbsp;&nbsp;**Sundance Towne Center**<br> 500-1100 S. Watson Road<br> Buckeye, AZ | &nbsp;&nbsp;63.6 mi | &nbsp;&nbsp;2007 / NAP | &nbsp;&nbsp;Jun-25 | &nbsp;&nbsp;$56000000 | &nbsp;&nbsp;205,032 SF | &nbsp;&nbsp;$273.13 |
| &nbsp;&nbsp;**Superstition Gateway**<br> SWC & SEC U.S. 60 and Signal Butte Road<br> Mesa, AZ | &nbsp;&nbsp;9.2 mi | &nbsp;&nbsp;2006 / 2012 | &nbsp;&nbsp;Apr-25 | &nbsp;&nbsp;$121000000 | &nbsp;&nbsp;495,204 SF | &nbsp;&nbsp;$244.34 |

---

(1) Source: Appraisal.

(2) Based on the underwritten rent roll dated January 31, 2026.

**The Borrower and the Borrower Sponsors.** The borrower is GGTCN LLC, a Delaware limited liability company and special purpose entity with one independent director in its organizational structure. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Gilbert Gateway Towne Center Mortgage Loan.

The borrower sponsors and non-recourse carveout guarantors are Mark Irgang and Jason Sakow. Mark Irgang is the chief executive officer of Irgang Group, a commercial real estate investment company with over 40 years of experience in the acquisition, management and redevelopment of multifamily, commercial and mixed-use properties. Jason Sakow is a long-term partner of Mark Irgang, jointly investing across real estate asset types, primary focused in New York City and select southwest and southeast markets.

**Property Management**. The Gilbert Gateway Towne Center Property is managed by Skyline Seven Real Estate, LLC, a third-party property management company.

**Initial and Ongoing Reserves**. At origination of the Gilbert Gateway Towne Center Mortgage Loan, the borrower deposited: (i) approximately $14,613 into an insurance reserve, (ii) approximately $261,386 into a reserve for immediate repairs and (iii) $500,000 into a reserve for unfunded obligations related to tenant improvement costs.

*Replacement Reserve* – On each monthly payment date, the borrower is required to deposit approximately $5,875 for replacements to the Gilbert Gateway Towne Center Property, subject to a cap of $211,497.

*TI/LC Reserve* – On each monthly payment date, the borrower is required to deposit approximately $22,831 into a reserve for future tenant improvements and leasing commissions, subject to a cap of $500,000.

*Tax Reserve –* The borrower is required to deposit into a real estate tax reserve, on a monthly basis, 1/12th of the taxes that the lender estimates will be payable over the next-ensuing 12-month period (initially estimated to be approximately $44,306).

*Insurance Reserve –* The borrower is required to deposit into an insurance reserve, on a monthly basis, 1/12th of the amount that will be sufficient to pay the insurance premiums due for the renewal of coverage afforded by the insurance policies (initially estimated to be approximately $7,307).

*Lease Termination Reserve* – The borrower is required to deposit into a lease termination reserve, within two business days of receipt, any termination fee paid by Denny's pursuant to its lease on account of future tenant improvements and leasing commissions in connection with any replacement lease for Denny's leased premises. Denny's is currently dark and paying rent with approximately 16 years remaining on its ground lease term. According to the borrower, the borrower sponsors have negotiated a lease buyout whereby Denny's will pay $150,000 to cancel its lease.

*Ross Holdback Reserve* – At origination of the Gilbert Gateway Towne Center Mortgage Loan, Ross alleged that its leased premises requires a new HVAC system. If such HVAC system is necessary and Ross makes a written demand for the replacement costs, the borrower is required to deposit the required sum for such work into a holdback reserve.

---

| |
|:---|
| 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<br> 4684-5114 South Power Road<br> Gilbert, AZ 85296 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 2<br> **Gilbert Gateway Towne Center** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$60,000,000<br> 70.3%<br> 1.30x<br> 9.2% |

---

**Lockbox / Cash Management.** The Gilbert Gateway Towne Center Mortgage Loan is structured with a hard lockbox and springing cash management. The borrower was required to establish a lender-controlled lockbox account on the origination date of the Gilbert Gateway Towne Center Mortgage Loan, and was required to deliver direction letters to each tenant at the Gilbert Gateway Towne Center Property directing them to pay rent and other sums due to the lockbox account. The borrower is required to (or cause the property manager to) immediately deposit all revenue derived from the Gilbert Gateway Towne Center Property and received by the borrower or property manager into the lender-controlled lockbox account. All funds deposited into the lockbox account are required to be transferred on each business day to or at the direction of the borrower unless a Trigger Period (as defined below) exists and the lender elects, in its sole and absolute discretion, to deliver a restricted account notice, in which case 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 Gilbert Gateway Towne Center Mortgage Loan documents. All excess cash flow funds remaining in the cash management account after the application of such funds in accordance with the Gilbert Gateway Towne Center Mortgage Loan documents are required to (i) to the extent that a Trigger Period exists, be held by the lender in an excess cash flow reserve account as additional collateral for the Gilbert Gateway Towne Center Mortgage Loan or (ii) to the extent that no Trigger Period exists, be disbursed to the borrower. Upon the cure of all Trigger Periods, provided no event of default is continuing, the lender is required to return any amounts remaining on deposit in the excess cash flow reserve account to the borrower. Upon an event of default under the Gilbert Gateway Towne Center Mortgage Loan documents, the lender may apply funds to the Gilbert Gateway Towne Center Mortgage Loan in such priority as it may determine.

"**<u>Trigger Period</u>**" means a period (A) commencing upon the earliest of (i) the occurrence and continuance of an event of default, (ii) the debt service coverage ratio falling below 1.20x and (iii) the occurrence of a Specified Tenant Trigger Period (as defined below) and (B) expiring upon, with regard to any Trigger Period commenced in connection with (x) clause (i) above, the cure (if applicable) of such event of default, (y) clause (ii) above, the date that the debt service coverage ratio is equal to or greater than 1.20x for two consecutive calendar quarters and (z) clause (iii) above, a Specified Tenant Trigger Period ceasing to exist.

A "**<u>Specified Tenant</u>**" means, as applicable, (i) Mega Furniture, together with its successors and/or assigns, (ii) any other lessee of the Specified Tenant space or (or any portion thereof) and (iii) any guarantor(s) of the applicable related Specified Tenant leases, including, without limitation, Saleem Kanjiyani, Karim Kanjiyani and Yasmin Daredia.

A "**<u>Specified Tenant Trigger Period</u>**" means a period (A) commencing upon the first to occur of (i) a Specified Tenant being in default under the applicable Specified Tenant lease, (ii) Specified Tenant failing to be in actual, physical possession of the Specified Tenant space (or applicable portion thereof), (iii) Specified Tenant failing to be open for business during customary hours and/or "going dark" in the Specified Tenant space (or applicable portion thereof), (iv) Specified Tenant or the borrower giving notice that it is terminating the Specified Tenant lease for all or any portion of the Specified Tenant space (or applicable portion thereof), (v) any termination or cancellation of any Specified Tenant lease (including, without limitation, rejection in any bankruptcy or similar insolvency proceeding) and/or any Specified Tenant lease failing to otherwise be in full force and effect, (vi) any bankruptcy or similar insolvency of a Specified Tenant and (vii) a Specified Tenant failing to extend or renew the applicable Specified Tenant lease on or prior to the date occurring 180 days prior to expiration of the then applicable term of the Specified Tenant lease for a minimum term of five years, and (B) expiring upon the first to occur of the lender's receipt of evidence reasonably acceptable to the lender of (1) the satisfaction of the applicable Specified Tenant Cure Conditions (as defined below) or (2) the borrower leasing the entire Specified Tenant space (or applicable portion thereof) pursuant to one or more leases in accordance with the applicable terms and conditions of the Gilbert Gateway Towne Center Mortgage Loan documents, the applicable tenant(s) under such lease(s) being in actual, physical occupancy of the space demised, all contingencies to effectiveness of each such lease have expired or been satisfied, each such lease has commenced and a rent commencement date has been established without possibility of delay.

"**<u>Specified Tenant Cure Conditions</u>**" means each of the following, as applicable; (i) the Specified Tenant has cured all defaults under the applicable Specified Tenant lease and no other default under such Specified Tenant lease occurs for a period of three consecutive months following such cure, (ii) the applicable Specified Tenant is in actual, physical possession of the Specified Tenant space (or applicable portion thereof) and open for business during customary hours and not "dark" in the Specified Tenant space (or applicable portion thereof), (iii) the applicable Specified Tenant has revoked or rescinded all termination or cancellation notices with respect to the applicable Specified Tenant lease and has re-affirmed the applicable Specified Tenant lease as being in full force and effect, (iv) if the Specified Tenant Trigger Period is due to the failure of the Specified Tenant to renew or extend its lease on or prior to 180 days prior to expiration of the then applicable term of the Specified Tenant lease, the applicable Specified Tenant has renewed or extended its lease for at least five years, (v) the Specified Tenant is no longer insolvent or subject to any bankruptcy or insolvency proceedings and has affirmed the applicable Specified Tenant lease pursuant to final, non-appealable order of a court of competent jurisdiction, and (vi) the applicable Specified Tenant is paying full, unabated rent under the applicable Specified Tenant lease.

**Current Mezzanine or Secured Subordinate Indebtedness.** None.

**Permitted Future Mezzanine or Secured Subordinate Indebtedness.** Not permitted.

**Release of Collateral.** Not permitted.

**Ground Lease.** None.

---

| |
|:---|
| 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;Self Storage – Self Storage<br> Various<br> Various, Various<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 3<br> **U-Haul Portfolio** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$38,702,733<br> 51.4%<br> 1.47x<br> 11.1% |

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![](n5676ts_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. |
| 42 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Self Storage – Self Storage<br> Various<br> Various, Various<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 3<br> **U-Haul Portfolio** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$38,702,733<br> 51.4%<br> 1.47x<br> 11.1% |

---

![](n5676ts_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. |
| 43 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Self Storage – Self Storage<br> Various<br> Various, Various<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 3<br> **U-Haul Portfolio** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$38,702,733<br> 51.4%<br> 1.47x<br> 11.1% |

---

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Properties Information** | &nbsp;&nbsp;**Properties Information** |
| &nbsp;&nbsp;**Loan Seller:** | &nbsp;&nbsp;GSMC | &nbsp;&nbsp;**Single Asset / Portfolio:** | &nbsp;&nbsp;Portfolio |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;**Properties Type – Subtype:** | &nbsp;&nbsp;Self Storage - Self Storage |
| &nbsp;&nbsp;**Borrower Sponsor(s):** | &nbsp;&nbsp;U-Haul Holding Company | &nbsp;&nbsp;**Collateral:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Borrower(s)<sup>(1)</sup>:** | &nbsp;&nbsp;Various | &nbsp;&nbsp;**Location<sup>(5)</sup>:** | &nbsp;&nbsp;Various, Various |
| &nbsp;&nbsp;**Original Balance<sup>(2)</sup>:** | &nbsp;&nbsp;$38944000 | &nbsp;&nbsp;**Year Built / Renovated<sup>(5)</sup>:** | &nbsp;&nbsp;Various / Various |
| &nbsp;&nbsp;**Cut-off Date Balance<sup>(2)</sup>:** | &nbsp;&nbsp;$38702733 | &nbsp;&nbsp;**Property Management<sup>(6)</sup>:** | &nbsp;&nbsp;Various |
| &nbsp;&nbsp;**% by Initial UPB:** | &nbsp;&nbsp;5.3% | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;649,445 SF |
| &nbsp;&nbsp;**Interest Rate<sup>(3)</sup>:** | &nbsp;&nbsp;5.58000% | &nbsp;&nbsp;**Appraised Value / Per SF<sup>(7)</sup>:** | &nbsp;&nbsp;$152,700,000 / $235 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;November 6, 2025 | &nbsp;&nbsp;**Appraisal Date<sup>(7)</sup>:** | &nbsp;&nbsp;September 25, 2025 |
| &nbsp;&nbsp;**Original Term<sup>(3)</sup>:** | &nbsp;&nbsp;120 months | &nbsp;&nbsp;**Occupancy:** | &nbsp;&nbsp;87.9% (as of August 31, 2025) |
| &nbsp;&nbsp;**Amortization:** | &nbsp;&nbsp;Amortizing Balloon - ARD | &nbsp;&nbsp;**UW Economic Occupancy:** | &nbsp;&nbsp;87.8% |
| &nbsp;&nbsp;**Original Amortization<sup>(3)</sup>:** | &nbsp;&nbsp;300 months | &nbsp;&nbsp;**Underwritten NOI:** | &nbsp;&nbsp;$8708724 |
| &nbsp;&nbsp;**Interest Only Period:** |  | &nbsp;&nbsp;**Underwritten NCF:** | &nbsp;&nbsp;$8611699 |
| &nbsp;&nbsp;**First Payment Date:** | &nbsp;&nbsp;December 6, 2025 |  |  |
| &nbsp;&nbsp;**Anticipated Repayment Date<sup>(3)</sup>:** | &nbsp;&nbsp;November 6, 2035 | &nbsp;&nbsp;**Historical NOI** | &nbsp;&nbsp;**Historical NOI** |
| &nbsp;&nbsp;**Additional Debt Type<sup>(2)</sup>:** | &nbsp;&nbsp;*Pari Passu* | &nbsp;&nbsp;**Most Recent NOI:** | &nbsp;&nbsp;$9,228,360 (TTM August 31, 2025) |
| &nbsp;&nbsp;**Additional Debt Balance<sup>(2)</sup>:** | &nbsp;&nbsp;$39752191 | &nbsp;&nbsp;**2024 NOI:** | &nbsp;&nbsp;$9124120 |
| &nbsp;&nbsp;**Call Protection:** | &nbsp;&nbsp;L(28),D(85),O(7) | &nbsp;&nbsp;**2023 NOI:** | &nbsp;&nbsp;$9121646 |
| &nbsp;&nbsp;**Lockbox / Cash Management:** | &nbsp;&nbsp;Soft / Springing | &nbsp;&nbsp;**2022 NOI:** | &nbsp;&nbsp;$8725246 |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Reserves<sup>(4)</sup>** | &nbsp;&nbsp;**Reserves<sup>(4)</sup>** | &nbsp;&nbsp;**Reserves<sup>(4)</sup>** | &nbsp;&nbsp;**Reserves<sup>(4)</sup>** | &nbsp;&nbsp;**Financial Information<sup>(2)</sup>** | &nbsp;&nbsp;**Financial Information<sup>(2)</sup>** |
|  | &nbsp;&nbsp;**Initial** | &nbsp;&nbsp;**Monthly** | &nbsp;&nbsp;**Cap** | &nbsp;&nbsp;**Cut-off Date Loan / SF:** | &nbsp;&nbsp;$121 |
| &nbsp;&nbsp;**Taxes:** | &nbsp;&nbsp;$650670 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date Loan / SF:** | &nbsp;&nbsp;$93 |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Cut-off Date LTV<sup>(7)</sup>:** | &nbsp;&nbsp;51.4% |
| &nbsp;&nbsp;**Replacement Reserves:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date LTV<sup>(7)</sup>:** | &nbsp;&nbsp;39.5% |
|  |  |  |  | &nbsp;&nbsp;**UW NOI DY:** | &nbsp;&nbsp;11.1% |
|  |  |  |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.47x |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** |
| **Sources** | **Proceeds** | **% of Total** | **Uses** | **Proceeds** | **% of Total** |
| &nbsp;&nbsp; Whole Loan<sup>(2)</sup> | &nbsp;&nbsp;$78944000 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;Loan Payoff | &nbsp;&nbsp;$40713461 | &nbsp;&nbsp;51.6% |
|  |  |  | &nbsp;&nbsp;Return of Equity | &nbsp;&nbsp;35885493 | &nbsp;&nbsp;45.5 |
|  |  |  | &nbsp;&nbsp;Closing Costs | &nbsp;&nbsp;1694376 | &nbsp;&nbsp;2.1 |
|  |  |  | &nbsp;&nbsp;Upfront Reserves | &nbsp;&nbsp;650670 | &nbsp;&nbsp;0.8 |
| &nbsp;&nbsp;**Total Sources** | &nbsp;&nbsp;**$78944000** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses** | &nbsp;&nbsp;**$78944000** | &nbsp;&nbsp;**100.0%** |

---

(1) See "*The Borrowers and the Borrower Sponsor*" below.

(2) The U-Haul Portfolio Mortgage Loan (as defined below) is part of the U-Haul Portfolio Whole Loan (as defined
below) which is comprised of four *pari passu* promissory notes with an aggregate original principal balance of $78,944,000. The
U-Haul Portfolio Whole Loan was originated by Goldman Sachs Bank USA ("  **<u>GSBI</u>** "). The financial information presented
above is based on the U-Haul Portfolio Whole Loan.

(3) The U-Haul Portfolio Whole Loan is structured with an anticipated repayment date of November 6, 2035,
(the "  **<u>ARD</u>**") and a final maturity of November 6, 2050. From and after the ARD, the U-Haul Portfolio Whole Loan
will bear interest at a rate *per annum* equal to 3.0% in excess of the greater of (a) the initial interest rate of 5.58000% and
(b) the 10-year treasury swap rate as of the ARD plus 1.31%. The financial information above is calculated based on the ARD.

(4) See "*Initial and Ongoing Reserves"* below.

(5) See "*Portfolio Summary"* below.

(6) See "*Property Management*" below.

(7) Based on the portfolio appraised value of $152,700,000 as of September 25, 2025, which is inclusive of
an approximately 4.4% portfolio premium and reflects the "as-is" values of the U-Haul Portfolio Properties (as defined below)
as a whole if sold in its entirety to a single buyer. The aggregate as-is appraised value of the U-Haul Portfolio Properties is $146,240,000.
The Cut-off Date LTV and Maturity Date LTV of the U-Haul Portfolio Whole Loan based upon the aggregate individual "as-is"
appraised value are 53.6% and 41.2%, respectively.

**The Loan.** The third largest mortgage loan (the "**<u>U-Haul Portfolio Mortgage Loan</u>**") is part of a whole loan (the "**<u>U-Haul Portfolio Whole Loan</u>**") secured by the borrowers' fee interests in 21 self-storage properties, totaling 7,609 units and 649,445 square feet, located across California, Texas, Connecticut, Indiana, Virginia, Pennsylvania, Idaho, Florida, Massachusetts, Tennessee, South Carolina, North Carolina, Wisconsin, Minnesota, Alabama, New Mexico, Michigan, Oklahoma and Illinois (each, a "**<u>U-Haul Portfolio Property</u>**" and collectively, the "**<u>U-Haul Portfolio Properties</u>**"). The U-Haul Portfolio Whole Loan is evidenced by four promissory notes with an aggregate outstanding principal balance as of the Cut-off Date of approximately $78,454,924. The U-Haul Portfolio Whole Loan was originated on November 6, 2025 by GSBI and accrues interest at a fixed rate of 5.58000% *per annum* on an Actual/360 basis. The U-Haul Portfolio Whole Loan has a 10-year term and amortizes based on a 25-year schedule for the 10-year term. From and after the ARD, the U-Haul Portfolio Whole Loan will bear interest at a rate *per annum* equal to 3.0% in excess of the greater of (a) the initial interest rate of 5.58000% and (b) the 10-year

---

| |
|:---|
| 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 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Self Storage – Self Storage<br> Various<br> Various, Various<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 3<br> **U-Haul Portfolio** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$38,702,733<br> 51.4%<br> 1.47x<br> 11.1% |

---

treasury swap rate plus 1.31%, until the final maturity date of November 6, 2050. The U-Haul Portfolio Mortgage Loan is evidenced by the controlling note A-1 and non-controlling note A-4, with an aggregate outstanding principal balance as of the Cut-off Date of approximately $38,702,733.

The U-Haul Portfolio Whole Loan will be serviced pursuant to the pooling and servicing agreement for the Benchmark 2026-B42 securitization. See "*Description of the Mortgage Pool—The Serviced Pari Passu Whole Loans*" and "*Pooling and Servicing Agreement—*" in the prospectus.

The table below identifies the promissory notes that comprise the U-Haul Portfolio Whole Loan:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Whole Loan Summary** | &nbsp;&nbsp;**Whole Loan Summary** | &nbsp;&nbsp;**Whole Loan Summary** | &nbsp;&nbsp;**Whole Loan Summary** | &nbsp;&nbsp;**Whole Loan Summary** |
| **Note** | **Original Balance** | **Cut-off Date Balance** | **Note Holder** | **Controlling Piece** |
| &nbsp;&nbsp;**A-1** | &nbsp;&nbsp;**$30000000** | &nbsp;&nbsp;**$29814143** | &nbsp;&nbsp;**Benchmark 2026-B42** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;A-2 | &nbsp;&nbsp;$30000000 | &nbsp;&nbsp;$29814143 | &nbsp;&nbsp;BBCMS 2025-C39 | &nbsp;&nbsp;No |
| &nbsp;&nbsp;A-3 | &nbsp;&nbsp;$10000000 | &nbsp;&nbsp;$9938048 | &nbsp;&nbsp;BMO 2026-C14 | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**A-4** | &nbsp;&nbsp;**$8944000** | &nbsp;&nbsp;**$8888590** | &nbsp;&nbsp;**Benchmark 2026-B42** | &nbsp;&nbsp;**No** |
| &nbsp;&nbsp;**Whole Loan** | &nbsp;&nbsp;**$78944000** | &nbsp;&nbsp;**$78454924** |  |  |

---

**The Properties.** The U-Haul Portfolio Properties are comprised of 21 self-storage properties totaling 649,445 square feet of net rentable area containing an aggregate of 7,609 units. The U-Haul Portfolio Properties are located in California, Texas, Connecticut, Indiana, Virginia, Pennsylvania, Idaho, Florida, Massachusetts, Tennessee, South Carolina, North Carolina, Wisconsin, Minnesota, Alabama, New Mexico, Michigan, Oklahoma and Illinois. The U-Haul Portfolio Properties were built between 1911 and 2024. The U-Haul Portfolio Properties range in size from 7,143 to 97,515 square feet and contain between 128 and 1,092 units. The U-Haul Portfolio Properties have a granular rent roll with no individual property accounting for more than 10.2% of underwritten net cash flow.

The following table presents certain information relating to the historical and current occupancy of the U-Haul Portfolio Properties:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Historical and Current Occupancy<sup>(1)</sup>** | &nbsp;&nbsp;**Historical and Current Occupancy<sup>(1)</sup>** | &nbsp;&nbsp;**Historical and Current Occupancy<sup>(1)</sup>** | &nbsp;&nbsp;**Historical and Current Occupancy<sup>(1)</sup>** |
| &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**Current<sup>(2)</sup>** |
| &nbsp;&nbsp;91.9% | &nbsp;&nbsp;93.6% | &nbsp;&nbsp;92.1% | &nbsp;&nbsp;87.9% |

---

(1) Historical Occupancies are the annual average occupancy of each respective year and based on total units.

(2) Current Occupancy is based on units and the underwritten rent rolls dated as of 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. |
| 45 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Self Storage – Self Storage<br> Various<br> Various, Various<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 3<br> **U-Haul Portfolio** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$38,702,733<br> 51.4%<br> 1.47x<br> 11.1% |

---

The following table presents certain information relating to the U-Haul Portfolio Properties:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** |
| &nbsp;&nbsp;**Property Name** | **Location** | &nbsp;&nbsp;**Allocated<br> Loan Amount ("ALA")** | &nbsp;&nbsp;**% of ALA** | &nbsp;&nbsp;**Occupancy<sup>(1)</sup>** | &nbsp;&nbsp;**Year Built / Renovated** | &nbsp;&nbsp;**Net Rentable Area (SF)<sup>(1)</sup>** | &nbsp;&nbsp;**Units<sup>(1)</sup>** | &nbsp;&nbsp;**As-Is Appraised Value** | &nbsp;&nbsp;**% of UW NCF** |
| &nbsp;&nbsp;U-Haul Moving & Storage of Moreno Valley | Moreno Valley, CA | &nbsp;&nbsp;$8304000 | &nbsp;&nbsp;10.5% | &nbsp;&nbsp;92.2% | &nbsp;&nbsp;1958, <br> 1962, 1983 <br> / NAP | &nbsp;&nbsp;43289 | &nbsp;&nbsp;721 | &nbsp;&nbsp;$15080000 | &nbsp;&nbsp;10.2% |
| &nbsp;&nbsp;U-Haul Moving & Storage of Pasadena | Pasadena, TX | &nbsp;&nbsp;$8252000 | &nbsp;&nbsp;10.5% | &nbsp;&nbsp;81.1% | &nbsp;&nbsp;1979 / 2016 | &nbsp;&nbsp;97515 | &nbsp;&nbsp;1092 | &nbsp;&nbsp;$13400000 | &nbsp;&nbsp;10.1% |
| &nbsp;&nbsp;U-Haul Moving & Storage of Hamden | Hamden, CT | &nbsp;&nbsp;$7226000 | &nbsp;&nbsp;9.2% | &nbsp;&nbsp;93.5% | &nbsp;&nbsp;1940 / 1958 | &nbsp;&nbsp;50305 | &nbsp;&nbsp;665 | &nbsp;&nbsp;$14100000 | &nbsp;&nbsp;8.8% |
| &nbsp;&nbsp;U-Haul Moving & Storage of Evansville | Evansville, IN | &nbsp;&nbsp;$6224000 | &nbsp;&nbsp;7.9% | &nbsp;&nbsp;90.5% | &nbsp;&nbsp;1980, 2015 / NAP | &nbsp;&nbsp;61540 | &nbsp;&nbsp;640 | &nbsp;&nbsp;$10350000 | &nbsp;&nbsp;7.9% |
| &nbsp;&nbsp;U-Haul Moving & Storage at Janaf | Norfolk, VA | &nbsp;&nbsp;$5959000 | &nbsp;&nbsp;7.5% | &nbsp;&nbsp;92.1% | &nbsp;&nbsp;1966, 2015, 2024 / NAP | &nbsp;&nbsp;33543 | &nbsp;&nbsp;225 | &nbsp;&nbsp;$9260000 | &nbsp;&nbsp;7.5% |
| &nbsp;&nbsp;U-Haul Moving & Storage of Eastside Erie | Erie, PA | &nbsp;&nbsp;$4937000 | &nbsp;&nbsp;6.3% | &nbsp;&nbsp;89.7% | &nbsp;&nbsp;1978, 1998-2012 / NAP | &nbsp;&nbsp;54022 | &nbsp;&nbsp;511 | &nbsp;&nbsp;$8150000 | &nbsp;&nbsp;6.2% |
| &nbsp;&nbsp;U-Haul Moving & Storage of Gardena | Gardena, CA | &nbsp;&nbsp;$4889000 | &nbsp;&nbsp;6.2% | &nbsp;&nbsp;95.9% | &nbsp;&nbsp;1958 / NAP | &nbsp;&nbsp;23581 | &nbsp;&nbsp;281 | &nbsp;&nbsp;$14440000 | &nbsp;&nbsp;6.4% |
| &nbsp;&nbsp;U-Haul Moving & Storage of Garden City | Garden City, ID | &nbsp;&nbsp;$3804000 | &nbsp;&nbsp;4.8% | &nbsp;&nbsp;91.5% | &nbsp;&nbsp;1984 / NAP | &nbsp;&nbsp;30617 | &nbsp;&nbsp;270 | &nbsp;&nbsp;$8000000 | &nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;U-Haul Moving & Storage at Edgewood Ave | Jacksonville, FL | &nbsp;&nbsp;$3258000 | &nbsp;&nbsp;4.1% | &nbsp;&nbsp;90.1% | &nbsp;&nbsp;1994 / NAP | &nbsp;&nbsp;25794 | &nbsp;&nbsp;317 | &nbsp;&nbsp;$5300000 | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;U-Haul Moving & Storage of Leominster | Leominster, MA | &nbsp;&nbsp;$3233000 | &nbsp;&nbsp;4.1% | &nbsp;&nbsp;86.7% | &nbsp;&nbsp;1950, 2001 / NAP | &nbsp;&nbsp;22152 | &nbsp;&nbsp;331 | &nbsp;&nbsp;$6120000 | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;U-Haul Moving & Storage of Hillwood Plaza | Nashville, TN | &nbsp;&nbsp;$2985000 | &nbsp;&nbsp;3.8% | &nbsp;&nbsp;91.3% | &nbsp;&nbsp;1977 / 2005 | &nbsp;&nbsp;19375 | &nbsp;&nbsp;261 | &nbsp;&nbsp;$4780000 | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;U-Haul Moving & Storage of Spartanburg | Spartanburg and Boiling Springs, SC | &nbsp;&nbsp;$2970000 | &nbsp;&nbsp;3.8% | &nbsp;&nbsp;72.9% | &nbsp;&nbsp;1966, 2019 / NAP | &nbsp;&nbsp;51804 | &nbsp;&nbsp;505 | &nbsp;&nbsp;$8100000 | &nbsp;&nbsp;3.8% |
| &nbsp;&nbsp;U-Haul Moving & Storage of Norristown | Norristown, PA | &nbsp;&nbsp;$2846000 | &nbsp;&nbsp;3.6% | &nbsp;&nbsp;86.4% | &nbsp;&nbsp;1950, 1983 / NAP | &nbsp;&nbsp;16517 | &nbsp;&nbsp;272 | &nbsp;&nbsp;$4900000 | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;U-Haul Moving & Storage at Capital Boulevard | Raleigh, NC | &nbsp;&nbsp;$2604000 | &nbsp;&nbsp;3.3% | &nbsp;&nbsp;87.6% | &nbsp;&nbsp;1973, 1993 / NAP | &nbsp;&nbsp;20070 | &nbsp;&nbsp;266 | &nbsp;&nbsp;$4600000 | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;U-Haul Moving & Storage at Appleton Ave | Milwaukee, WI | &nbsp;&nbsp;$2427000 | &nbsp;&nbsp;3.1% | &nbsp;&nbsp;94.7% | &nbsp;&nbsp;1963 / NAP | &nbsp;&nbsp;16585 | &nbsp;&nbsp;164 | &nbsp;&nbsp;$3810000 | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;U-Haul Moving & Storage of Duluth | Hermantown, MN | &nbsp;&nbsp;$2178000 | &nbsp;&nbsp;2.8% | &nbsp;&nbsp;95.2% | &nbsp;&nbsp;1980 / 1984 | &nbsp;&nbsp;9915 | &nbsp;&nbsp;146 | &nbsp;&nbsp;$3360000 | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;U-Haul Moving & Storage at Montgomery Highway | Dothan, AL | &nbsp;&nbsp;$2074000 | &nbsp;&nbsp;2.6% | &nbsp;&nbsp;94.6% | &nbsp;&nbsp;1911 / 2005 | &nbsp;&nbsp;18667 | &nbsp;&nbsp;248 | &nbsp;&nbsp;$3200000 | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;U-Haul Moving & Storage of Albuquerque | Albuquerque, NM | &nbsp;&nbsp;$1943000 | &nbsp;&nbsp;2.5% | &nbsp;&nbsp;76.6% | &nbsp;&nbsp;1994, 1998 / NAP | &nbsp;&nbsp;19496 | &nbsp;&nbsp;231 | &nbsp;&nbsp;$3540000 | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;U-Haul Moving & Storage at Burlingame | Wyoming, MI | &nbsp;&nbsp;$1101000 | &nbsp;&nbsp;1.4% | &nbsp;&nbsp;82.1% | &nbsp;&nbsp;1976, 1980 / NAP | &nbsp;&nbsp;10240 | &nbsp;&nbsp;128 | &nbsp;&nbsp;$1870000 | &nbsp;&nbsp;1.4% |
| &nbsp;&nbsp;U-Haul Moving & Storage at Southside | Oklahoma City, OK | &nbsp;&nbsp;$1055000 | &nbsp;&nbsp;1.3% | &nbsp;&nbsp;91.0% | &nbsp;&nbsp;1978 / NAP | &nbsp;&nbsp;17276 | &nbsp;&nbsp;200 | &nbsp;&nbsp;$2280000 | &nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;U-Haul Moving & Storage of Center Main Street | Bloomington, IL | &nbsp;&nbsp;$675000 | &nbsp;&nbsp;0.9% | &nbsp;&nbsp;85.2% | &nbsp;&nbsp;1945 / NAP | &nbsp;&nbsp;7143 | &nbsp;&nbsp;135 | &nbsp;&nbsp;$1600000 | &nbsp;&nbsp;0.9% |
| &nbsp;&nbsp;**Total** |  | &nbsp;&nbsp;**$78944000** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**87.9%** |  | &nbsp;&nbsp;**649445** | &nbsp;&nbsp;**7609** | &nbsp;&nbsp;**$146240000** | &nbsp;&nbsp;**100.0%** |

---

(1) Occupancy, Net Rentable Area (SF) and Units are based on the underwritten rent rolls dated as of 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. |
| 46 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Self Storage – Self Storage<br> Various<br> Various, Various<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 3<br> **U-Haul Portfolio** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$38,702,733<br> 51.4%<br> 1.47x<br> 11.1% |

---

The following table presents detailed information with respect to the unit mix of the U-Haul Portfolio Properties:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **U-Haul Portfolio Properties Unit Mix<sup>(1)</sup>** | **U-Haul Portfolio Properties Unit Mix<sup>(1)</sup>** | **U-Haul Portfolio Properties Unit Mix<sup>(1)</sup>** | **U-Haul Portfolio Properties Unit Mix<sup>(1)</sup>** | **U-Haul Portfolio Properties Unit Mix<sup>(1)</sup>** | **U-Haul Portfolio Properties Unit Mix<sup>(1)</sup>** | **U-Haul Portfolio Properties Unit Mix<sup>(1)</sup>** | **U-Haul Portfolio Properties Unit Mix<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Available Units** | &nbsp;&nbsp;**% of Available Units** | &nbsp;&nbsp;**Available SF** | &nbsp;&nbsp;**% of Available SF** | &nbsp;&nbsp;**Climate Controlled Self-Storage Units** | &nbsp;&nbsp;**% of Climate Controlled Self-Storage Units** | &nbsp;&nbsp;**Current Occupancy** |
| &nbsp;&nbsp;U-Haul Moving & Storage of Moreno Valley | &nbsp;&nbsp;721 | &nbsp;&nbsp;9.5% | &nbsp;&nbsp;43289 | &nbsp;&nbsp;6.7% | &nbsp;&nbsp;72 | &nbsp;&nbsp;10.0% | &nbsp;&nbsp;92.2% |
| &nbsp;&nbsp;U-Haul Moving & Storage of Pasadena | &nbsp;&nbsp;1092 | &nbsp;&nbsp;14.4% | &nbsp;&nbsp;97515 | &nbsp;&nbsp;15.0% | &nbsp;&nbsp;732 | &nbsp;&nbsp;67.0% | &nbsp;&nbsp;81.1% |
| &nbsp;&nbsp;U-Haul Moving & Storage of Hamden | &nbsp;&nbsp;665 | &nbsp;&nbsp;8.7% | &nbsp;&nbsp;50305 | &nbsp;&nbsp;7.7% | &nbsp;&nbsp;336 | &nbsp;&nbsp;50.5% | &nbsp;&nbsp;93.5% |
| &nbsp;&nbsp;U-Haul Moving & Storage of Evansville | &nbsp;&nbsp;640 | &nbsp;&nbsp;8.4% | &nbsp;&nbsp;61540 | &nbsp;&nbsp;9.5% | &nbsp;&nbsp;533 | &nbsp;&nbsp;83.3% | &nbsp;&nbsp;90.5% |
| &nbsp;&nbsp;U-Haul Moving & Storage at Janaf | &nbsp;&nbsp;225 | &nbsp;&nbsp;3.0% | &nbsp;&nbsp;33543 | &nbsp;&nbsp;5.2% | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;92.1% |
| &nbsp;&nbsp;U-Haul Moving & Storage of Eastside Erie | &nbsp;&nbsp;511 | &nbsp;&nbsp;6.7% | &nbsp;&nbsp;54022 | &nbsp;&nbsp;8.3% | &nbsp;&nbsp;284 | &nbsp;&nbsp;55.6% | &nbsp;&nbsp;89.7% |
| &nbsp;&nbsp;U-Haul Moving & Storage of Gardena | &nbsp;&nbsp;281 | &nbsp;&nbsp;3.7% | &nbsp;&nbsp;23581 | &nbsp;&nbsp;3.6% | &nbsp;&nbsp;79 | &nbsp;&nbsp;28.1% | &nbsp;&nbsp;95.9% |
| &nbsp;&nbsp;U-Haul Moving & Storage of Garden City | &nbsp;&nbsp;270 | &nbsp;&nbsp;3.5% | &nbsp;&nbsp;30617 | &nbsp;&nbsp;4.7% | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;91.5% |
| &nbsp;&nbsp;U-Haul Moving & Storage at Edgewood Ave | &nbsp;&nbsp;317 | &nbsp;&nbsp;4.2% | &nbsp;&nbsp;25794 | &nbsp;&nbsp;4.0% | &nbsp;&nbsp;153 | &nbsp;&nbsp;48.3% | &nbsp;&nbsp;90.1% |
| &nbsp;&nbsp;U-Haul Moving & Storage of Leominster | &nbsp;&nbsp;331 | &nbsp;&nbsp;4.4% | &nbsp;&nbsp;22152 | &nbsp;&nbsp;3.4% | &nbsp;&nbsp;265 | &nbsp;&nbsp;80.1% | &nbsp;&nbsp;86.7% |
| &nbsp;&nbsp;U-Haul Moving & Storage of Hillwood Plaza | &nbsp;&nbsp;261 | &nbsp;&nbsp;3.4% | &nbsp;&nbsp;19375 | &nbsp;&nbsp;3.0% | &nbsp;&nbsp;17 | &nbsp;&nbsp;6.5% | &nbsp;&nbsp;91.3% |
| &nbsp;&nbsp;U-Haul Moving & Storage of Spartanburg | &nbsp;&nbsp;505 | &nbsp;&nbsp;6.6% | &nbsp;&nbsp;51804 | &nbsp;&nbsp;8.0% | &nbsp;&nbsp;125 | &nbsp;&nbsp;24.8% | &nbsp;&nbsp;72.9% |
| &nbsp;&nbsp;U-Haul Moving & Storage of Norristown | &nbsp;&nbsp;272 | &nbsp;&nbsp;3.6% | &nbsp;&nbsp;16517 | &nbsp;&nbsp;2.5% | &nbsp;&nbsp;141 | &nbsp;&nbsp;51.8% | &nbsp;&nbsp;86.4% |
| &nbsp;&nbsp;U-Haul Moving & Storage at Capital Boulevard | &nbsp;&nbsp;266 | &nbsp;&nbsp;3.5% | &nbsp;&nbsp;20070 | &nbsp;&nbsp;3.1% | &nbsp;&nbsp;30 | &nbsp;&nbsp;11.3% | &nbsp;&nbsp;87.6% |
| &nbsp;&nbsp;U-Haul Moving & Storage at Appleton Ave | &nbsp;&nbsp;164 | &nbsp;&nbsp;2.2% | &nbsp;&nbsp;16585 | &nbsp;&nbsp;2.6% | &nbsp;&nbsp;44 | &nbsp;&nbsp;26.8% | &nbsp;&nbsp;94.7% |
| &nbsp;&nbsp;U-Haul Moving & Storage of Duluth | &nbsp;&nbsp;146 | &nbsp;&nbsp;1.9% | &nbsp;&nbsp;9915 | &nbsp;&nbsp;1.5% | &nbsp;&nbsp;67 | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;95.2% |
| &nbsp;&nbsp;U-Haul Moving & Storage at Montgomery Highway | &nbsp;&nbsp;248 | &nbsp;&nbsp;3.3% | &nbsp;&nbsp;18667 | &nbsp;&nbsp;2.9% | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;94.6% |
| &nbsp;&nbsp;U-Haul Moving & Storage of Albuquerque | &nbsp;&nbsp;231 | &nbsp;&nbsp;3.0% | &nbsp;&nbsp;19496 | &nbsp;&nbsp;3.0% | &nbsp;&nbsp;108 | &nbsp;&nbsp;46.8% | &nbsp;&nbsp;76.6% |
| &nbsp;&nbsp;U-Haul Moving & Storage at Burlingame | &nbsp;&nbsp;128 | &nbsp;&nbsp;1.7% | &nbsp;&nbsp;10240 | &nbsp;&nbsp;1.6% | &nbsp;&nbsp;128 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;82.1% |
| &nbsp;&nbsp;U-Haul Moving & Storage at Southside | &nbsp;&nbsp;200 | &nbsp;&nbsp;2.6% | &nbsp;&nbsp;17276 | &nbsp;&nbsp;2.7% | &nbsp;&nbsp;114 | &nbsp;&nbsp;57.0% | &nbsp;&nbsp;91.0% |
| &nbsp;&nbsp;U-Haul Moving & Storage of Center Main Street | &nbsp;&nbsp;135 | &nbsp;&nbsp;1.8% | &nbsp;&nbsp;7143 | &nbsp;&nbsp;1.1% | &nbsp;&nbsp;135 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;85.2% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**7609** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**649445** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**3363** | &nbsp;&nbsp;**44.2%** | &nbsp;&nbsp;**87.9%** |

---

(1) Based on the underwritten rent rolls dated as of 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. |
| 47 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Self Storage – Self Storage<br> Various<br> Various, Various<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 3<br> **U-Haul Portfolio** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$38,702,733<br> 51.4%<br> 1.47x<br> 11.1% |

---

The following table presents certain information relating to the historical operating performance and underwritten net cash flow at the U-Haul Portfolio Properties:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &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;2020 | &nbsp;&nbsp;2021 | &nbsp;&nbsp;2022 | &nbsp;&nbsp;2023 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;TTM August 2025 | &nbsp;&nbsp;UW | &nbsp;&nbsp;Per Unit | &nbsp;&nbsp;Per Square Foot | &nbsp;&nbsp;%<sup>(2)</sup> |
| &nbsp;&nbsp;Net Storage Income | &nbsp;&nbsp;$6961638 | &nbsp;&nbsp;$7821649 | &nbsp;&nbsp;$9170916 | &nbsp;&nbsp;$9753234 | &nbsp;&nbsp;$9859368 | &nbsp;&nbsp;$10015756 | &nbsp;&nbsp;$10015756 | &nbsp;&nbsp;$1316 | &nbsp;&nbsp;$15.42 | &nbsp;&nbsp;100.0% |
| &nbsp;&nbsp;Net Sales | &nbsp;&nbsp;772204 | &nbsp;&nbsp;740339 | &nbsp;&nbsp;718718 | &nbsp;&nbsp;688395 | &nbsp;&nbsp;610321 | &nbsp;&nbsp;545108 | &nbsp;&nbsp;545108 | &nbsp;&nbsp;72 | &nbsp;&nbsp;0.84 | &nbsp;&nbsp;5.4 |
| &nbsp;&nbsp;Other Income<sup>(3)</sup> | &nbsp;&nbsp;1345966 | &nbsp;&nbsp;1633823 | &nbsp;&nbsp;1817147 | &nbsp;&nbsp;1705922 | &nbsp;&nbsp;1739258 | &nbsp;&nbsp;1842091 | &nbsp;&nbsp;1842091 | &nbsp;&nbsp;242 | &nbsp;&nbsp;2.84 | &nbsp;&nbsp;18.4 |
| &nbsp;&nbsp;Commercial Income<sup>(4)</sup> | &nbsp;&nbsp;336676 | &nbsp;&nbsp;336570 | &nbsp;&nbsp;340705 | &nbsp;&nbsp;347876 | &nbsp;&nbsp;341331 | &nbsp;&nbsp;344664 | &nbsp;&nbsp;344664 | &nbsp;&nbsp;45 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;3.4 |
| &nbsp;&nbsp;Miscellaneous Income | &nbsp;&nbsp;27030 | &nbsp;&nbsp;39644 | &nbsp;&nbsp;38511 | &nbsp;&nbsp;31336 | &nbsp;&nbsp;39940 | &nbsp;&nbsp;32052 | &nbsp;&nbsp;32052 | &nbsp;&nbsp;4 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;**Total Other Income** | &nbsp;&nbsp;**$2481876** | &nbsp;&nbsp;**$2750376** | &nbsp;&nbsp;**$2915080** | &nbsp;&nbsp;**$2773528** | &nbsp;&nbsp;**$2730850** | &nbsp;&nbsp;**$2763914** | &nbsp;&nbsp;**$2763914** | &nbsp;&nbsp;**$363** | &nbsp;&nbsp;**$4.26** | &nbsp;&nbsp;**27.6%** |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$9443514** | &nbsp;&nbsp;**$10572025** | &nbsp;&nbsp;**$12085996** | &nbsp;&nbsp;**$12526762** | &nbsp;&nbsp;**$12590218** | &nbsp;&nbsp;**$12779671** | &nbsp;&nbsp;**$12779671** | &nbsp;&nbsp;**$1680** | &nbsp;&nbsp;**$19.68** | &nbsp;&nbsp;**127.6%** |
| &nbsp;&nbsp;Real Estate Taxes | &nbsp;&nbsp;953178 | &nbsp;&nbsp;1001995 | &nbsp;&nbsp;1126675 | &nbsp;&nbsp;1164234 | &nbsp;&nbsp;1208221 | &nbsp;&nbsp;1232883 | &nbsp;&nbsp;1347835 | &nbsp;&nbsp;177 | &nbsp;&nbsp;2.08 | &nbsp;&nbsp;10.5 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;116721 | &nbsp;&nbsp;111419 | &nbsp;&nbsp;137636 | &nbsp;&nbsp;123460 | &nbsp;&nbsp;157042 | &nbsp;&nbsp;204987 | &nbsp;&nbsp;98483 | &nbsp;&nbsp;13 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;0.8 |
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;511187 | &nbsp;&nbsp;67 | &nbsp;&nbsp;0.79 | &nbsp;&nbsp;4.0 |
| &nbsp;&nbsp;Other Expenses<sup>(5)</sup> | &nbsp;&nbsp;1948233 | &nbsp;&nbsp;2050506 | &nbsp;&nbsp;2096439 | &nbsp;&nbsp;2117422 | &nbsp;&nbsp;2100834 | &nbsp;&nbsp;2113442 | &nbsp;&nbsp;2113442 | &nbsp;&nbsp;278 | &nbsp;&nbsp;3.25 | &nbsp;&nbsp;16.5 |
| &nbsp;&nbsp;**Total Expenses** | &nbsp;&nbsp;**$3018132** | &nbsp;&nbsp;**$3163920** | &nbsp;&nbsp;**$3360750** | &nbsp;&nbsp;**$3405116** | &nbsp;&nbsp;**$3466098** | &nbsp;&nbsp;**$3551311** | &nbsp;&nbsp;**$4070946** | &nbsp;&nbsp;**$535** | &nbsp;&nbsp;**$6.27** | &nbsp;&nbsp;**31.9%** |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$6425382** | &nbsp;&nbsp;**$7408105** | &nbsp;&nbsp;**$8725246** | &nbsp;&nbsp;**$9121646** | &nbsp;&nbsp;**$9124120** | &nbsp;&nbsp;**$9228360** | &nbsp;&nbsp;**$8708724** | &nbsp;&nbsp;**$1145** | &nbsp;&nbsp;**$13.41** | &nbsp;&nbsp;**68.1%** |
| &nbsp;&nbsp;Replacement Reserves | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;97025 | &nbsp;&nbsp;13 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;0.8 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$6425382** | &nbsp;&nbsp;**$7408105** | &nbsp;&nbsp;**$8725246** | &nbsp;&nbsp;**$9121646** | &nbsp;&nbsp;**$9124120** | &nbsp;&nbsp;**$9228360** | &nbsp;&nbsp;**$8611699** | &nbsp;&nbsp;**$1132** | &nbsp;&nbsp;**$13.26** | &nbsp;&nbsp;**67.4%** |
| &nbsp;&nbsp;**Occupancy (%)** | &nbsp;&nbsp;**83.0%** | &nbsp;&nbsp;**88.3%** | &nbsp;&nbsp;**91.9%** | &nbsp;&nbsp;**93.6%** | &nbsp;&nbsp;**92.1%** | &nbsp;&nbsp;**87.9%** | &nbsp;&nbsp;**87.8%<sup>(6)</sup>** |  |  |  |
| &nbsp;&nbsp;**NCF DSCR<sup>(7)</sup>** | &nbsp;&nbsp;**1.10x** | &nbsp;&nbsp;**1.26x** | &nbsp;&nbsp;**1.49x** | &nbsp;&nbsp;**1.56x** | &nbsp;&nbsp;**1.56x** | &nbsp;&nbsp;**1.57x** | &nbsp;&nbsp;**1.47x** |  |  |  |
| &nbsp;&nbsp;**NOI Debt Yield<sup>(7)</sup>** | &nbsp;&nbsp;**8.2%** | &nbsp;&nbsp;**9.4%** | &nbsp;&nbsp;**11.1%** | &nbsp;&nbsp;**11.6%** | &nbsp;&nbsp;**11.6%** | &nbsp;&nbsp;**11.8%** | &nbsp;&nbsp;**11.1%** |  |  |  |

---

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

(2) % column reflects percent of Net Storage Income for all revenue lines and represents percent of Effective
Gross Income for the remainder of the fields.

(3) Other Income consists of U-Box storage income, U-Box other income, U-Box delivery income and U-Move net
commission.

(4) Commercial Income includes intercompany and third-party leases.

(5) Other Expenses includes personnel, repairs and maintenance, utilities, advertising, supplies and telephone
costs.

(6) Represents economic occupancy.

(7) Metrics represent the U-Haul Portfolio Whole Loan.

**Appraisals.** According to the appraisals as of various dates between August 20, 2025 and September 2, 2025 and the aggregate portfolio appraisal dated September 25, 2025, the U-Haul Portfolio Properties had a Portfolio Appraised Value of $152,700,000, which is inclusive of an approximately 4.4% aggregate portfolio premium and reflects the value of the U-Haul Portfolio Properties as a whole if sold in its entirety to a single buyer. Additionally, the U-Haul Portfolio Properties had an Aggregate Individual As-Is Appraised Value of $146,240,000.

**Environmental Matters.** According to the Phase I environmental assessments dated between September 12, 2025 and September 23, 2025, there was (i) a controlled recognized environmental condition at the U-Haul Moving & Storage at Burlingame property related to impacts from former underground storage tanks at this U-Haul Portfolio Property, (ii) a recognized environmental condition at the U-Haul Moving & Storage of Gardena property related to the absence of completed subsurface investigations in the area related to the former operation of a dry cleaner at this U-Haul Portfolio Property, (iii) a recognized environmental condition at the U-Haul Moving & Storage of Gardena property related to chlorinated solvent contamination that appears to be migrating onto this U-Haul Portfolio Property from off-site sources, (iv) a recognized environmental condition at the U-Haul Moving & Storage of Spartanburg property related to continued remediation and monitoring activity at this U-Haul Portfolio Property, in connection with leaking underground storage tank listings, (v) a recognized environmental condition at the U-Haul Moving & Storage of Eastside Erie property related to the lack of identified institutional/engineering controls or deeded activity and use restrictions in connection with the presence of contaminated soils at this U-Haul Portfolio Property, (vi) a recognized environmental condition at the U-Haul Moving & Storage at Appleton Ave property related to the unknown disposition of an underground storage tank at this U-Haul Portfolio Property, (vii) a controlled recognized environmental condition at the U-Haul Moving & Storage at Appleton Ave property related to activity and use limitations and continuing obligations related to residual contamination at this U-Haul Portfolio Property as well as a closed leaking underground storage tank case file related to this U-Haul Portfolio Property, (viii) another controlled recognized environmental condition at the U-Haul Moving & Storage at Appleton Ave property related to continuing obligations related to a closed environmental repair program case file, (ix) a recognized environmental condition at the U-Haul Moving & Storage at the Montgomery Highway property related to a waste oil underground storage tank listing and in-ground hydraulic lifts, and (x) a controlled recognized environmental condition at the U-Haul Moving & Storage at Janaf property related to the closure of a release case pertaining to the release of hydraulic oil. See "*Description of the Mortgage Pool—Mortgage Pool Characteristics—Environmental Considerations*" in the prospectus.

---

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

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---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Self Storage – Self Storage<br> Various<br> Various, Various<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 3<br> **U-Haul Portfolio** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$38,702,733<br> 51.4%<br> 1.47x<br> 11.1% |

---

**The Markets*.*** The U-Haul Portfolio Properties are located in California, Texas, Connecticut, Indiana, Virginia, Pennsylvania, Idaho, Florida, Massachusetts, Tennessee, South Carolina, North Carolina, Wisconsin, Minnesota, Alabama, New Mexico, Michigan, Oklahoma and Illinois.

The following table presents certain 2024 demographic information for the U-Haul Portfolio Properties:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Demographics Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Demographics Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Demographics Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Demographics Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Demographics Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Demographics Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Demographics Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Demographics Summary<sup>(1)</sup>** |
| **Property Name** | &nbsp;&nbsp;**City, State** | **1-mile**<br> **Population** | **3-mile**<br> **Population** | **5-mile Population** | **1-mile Median Household Income** | **3-mile**<br> **Median Household Income** | **5-mile Median Household Income** |
| U-Haul Moving & Storage of Moreno Valley | Moreno Valley, CA | 25468 | 144773 | 237062 | $67335 | $83744 | $92947 |
| U-Haul Moving & Storage of Pasadena | Pasadena, TX | 15149 | 115957 | 218855 | $66639 | $68029 | $70700 |
| U-Haul Moving & Storage of Hamden | Hamden, CT | 15345 | 95136 | 222989 | $75736 | $73031 | $67453 |
| U-Haul Moving & Storage of Evansville | Evansville, IN | 12480 | 58773 | 110418 | $49955 | $50997 | $54381 |
| U-Haul Moving & Storage at Janaf | Norfolk, VA | 8635 | 103486 | 313388 | $68442 | $68117 | $72435 |
| U-Haul Moving & Storage of Eastside Erie | Erie, PA | 3410 | 30684 | 75098 | $83682 | $64797 | $52590 |
| U-Haul Moving & Storage of Gardena | Gardena, CA | 40289 | 300136 | 742641 | $75650 | $79496 | $83549 |
| U-Haul Moving & Storage of Garden City | Garden City, ID | 9421 | 97440 | 215670 | $83565 | $79643 | $84935 |
| U-Haul Moving & Storage at Edgewood Ave | Jacksonville, FL | 7594 | 77258 | 163599 | $42095 | $39042 | $46086 |
| U-Haul Moving & Storage of Leominster | Leominster, MA | 15307 | 42187 | 78675 | $70288 | $84614 | $84649 |
| U-Haul Moving & Storage of Hillwood Plaza | Nashville, TN | 9067 | 45671 | 131123 | $70560 | $106821 | $94403 |
| U-Haul Moving & Storage of Spartanburg | Spartanburg and <br> Boiling Springs,<br> SC | 6561 | 46542 | 107037 | $39412 | $47473 | $55710 |
| U-Haul Moving & Storage of Norristown | Norristown, PA | 21835 | 101717 | 188614 | $65897 | $88054 | $104187 |
| U-Haul Moving & Storage at Capital Boulevard | Raleigh, NC | 9229 | 91603 | 238668 | $82765 | $82263 | $86393 |
| U-Haul Moving & Storage at Appleton Ave | Milwaukee, WI | 23039 | 160873 | 340247 | $57633 | $58510 | $58592 |
| U-Haul Moving & Storage of Duluth | Hermantown, MN | 1914 | 17810 | 67104 | $68833 | $75865 | $61376 |
| U-Haul Moving & Storage at Montgomery Highway | Dothan, AL | 5005 | 37035 | 68716 | $41077 | $46844 | $59627 |
| U-Haul Moving & Storage of Albuquerque | Albuquerque, NM | 18139 | 109218 | 253148 | $43594 | $56189 | $60140 |
| U-Haul Moving & Storage at Burlingame | Wyoming, MI | 16250 | 98358 | 260845 | $66463 | $68557 | $72121 |
| U-Haul Moving & Storage at Southside | Oklahoma City, OK | 13191 | 74685 | 214787 | $42416 | $44899 | $52619 |
| U-Haul Moving & Storage of Center Main Street | Bloomington, IL | 15886 | 86581 | 130258 | $46110 | $58852 | $75541 |

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(1) Source: Appraisal.

**The Borrowers and the Borrower Sponsor.** The borrowers are U-Haul Co. of Florida 11, LLC, AREC 11, LLC and UHIL 11, LLC, each a Delaware limited liability company. Each borrower is a single purpose entity having at least two independent directors in its organizational structure. Legal counsel to the borrowers delivered a non-consolidation opinion in connection with the origination of the U-Haul Portfolio Whole Loan.

The borrower sponsor and non-recourse carveout guarantor is U-Haul Holding Company. U-Haul Holding Company was founded in 1945 by Leonard Samuel Shoen and Anna Mary Carty Shoen and is headquartered in Reno, NV. U-Haul Holding Company maintains a fleet of moving equipment including approximately 193,900 trucks, 138,200 trailers, and 40,300 towing devices, facilitating its core self-moving operations across over 24,000 rental locations in the United States and Canada. As one of the largest self-storage operators in North America, U-Haul Holding Company's self storage portfolio comprises over 1 million units and 90.0 million SF, and generated $916 million in revenue for the trailing twelve months ending June 2025.

The borrower sponsor and non-recourse carveout guarantor is also the borrower sponsor and non-recourse carveout guarantor of the U-Haul AREC RW Portfolio mortgage loan being contributed to the Benchmark 2026-B42 securitization.

**Property Management**. The U-Haul Portfolio Properties are managed by affiliates of U-Haul Co.: U-Haul Co. of California, U-Haul Co. of Texas, U-Haul Co. of Connecticut, U-Haul Co. of Indiana, Inc., U-Haul Co. of Virginia, U-Haul Co. of Pennsylvania, U-Haul Co. of Idaho, Inc., U-Haul Co. of Florida, U-Haul Co. of Massachusetts and Ohio, Inc., U-Haul Co. of Tennessee, U-Haul Co. of South Carolina, Inc., U-Haul Co. of North Carolina, U-Haul Co. of Wisconsin, Inc., U-Haul Co. of Minnesota, U-Haul Co. of Alabama, Inc., U-Haul Co. of New Mexico, Inc., U-Haul Co. of Michigan, U-Haul Co. of Oklahoma, Inc. and U-Haul Co. of Illinois, Inc.

---

| |
|:---|
| 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;Self Storage – Self Storage<br> Various<br> Various, Various<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 3<br> **U-Haul Portfolio** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$38,702,733<br> 51.4%<br> 1.47x<br> 11.1% |

---

**Initial and Ongoing Reserves.** The U-Haul Portfolio Whole Loan documents do not require any upfront reserves.

*Tax Escrows* – On each payment date during a Cash Sweep Period (as defined below), if the borrowers fail to maintain a deposit of six months worth of taxes and if the borrowers fail to provide evidence that all taxes have been paid when due, the borrowers are required to fund 1/12 of the taxes that the lender reasonably estimates will be payable over the next-ensuing 12-month period.

*Insurance Escrows* – On each payment date, except if the U-Haul Portfolio Properties are insured under an acceptable blanket policy or the borrowers deposit an amount sufficient to pay for six months of insurance premiums, the borrowers are required to fund 1/12 of the insurance premiums that the lender reasonably estimates will be payable over the next-ensuing 12-month period. An acceptable blanket policy was in place at origination of the U-Haul Portfolio Whole Loan.

*Capital Expenditure Reserves* – On each payment date during a Cash Sweep Period, the borrowers are required to deposit $8,085.45 into the capital expenditures reserve account; provided that the lender may reassess its estimate of the amount necessary from time to time and may increase the monthly amount upon 30 days' notice to the borrowers.

**Lockbox / Cash Management.** The U-Haul Portfolio Whole Loan is structured with a soft lockbox and springing cash management. The borrowers are required to establish segregated lockbox accounts for the U-Haul Portfolio Properties (individually or collectively as the context may require, the "**<u>Blocked Account</u>**"). The Blocked Account is subject to an account control agreement in favor of the lender. All revenue received from the self-storage and/or any other non-commercial and/or retail components at the U-Haul Portfolio Properties is required to be deposited by the borrowers or property managers into the applicable Blocked Account within three business days of the borrowers' or property managers' receipt thereof. So long as a Cash Sweep Period has not occurred and is not continuing, all amounts on deposit in the Blocked Account will be disbursed to or at the direction of the borrowers. Upon the occurrence and continuance of a Cash Sweep Period, all amounts on deposit in the Blocked Account are required to be transferred on each business day into the cash management account and applied (i) to make required deposits into the tax reserve subaccount, (ii) to make required deposits into the insurance reserve subaccount, (iii) to make payment of any fees expenses and indemnities pursuant to the fee agreement (iv) to make required deposits sufficient to pay the monthly debt service of the U-Haul Portfolio Whole Loan, (v) to make required deposits into the capital expenditure subaccount, (vi) during a Cash Sweep Period triggered by a DSCR Trigger Event (as defined below), payments for monthly operating expenses for the applicable period in accordance with the related approved annual budget are required to be deposited into the operating expense subaccount, (vii) during a Cash Sweep Period triggered by a DSCR Trigger Event, payments for extraordinary expenses for the applicable period approved by the lender, if any, are required to be deposited into the extraordinary expense subaccount and (viii), prior to the ARD, to deposit all remaining amounts in the cash management account into an excess cash flow account to be held as additional security for the U-Haul Portfolio Whole Loan. To the extent that no Cash Sweep Period is continuing, all excess cash flow funds are required to be disbursed to the borrowers. On the ARD and on each payment date thereafter, all excess cash flow funds are required to be applied (i) first, to interest in an amount equal to the interest that would have accrued on the outstanding principal balance of the U-Haul Portfolio Whole Loan (without adjustment for post-ARD additional interest) at 5.58000%, (ii) second, to the reduction of the principal balance of the U-Haul Portfolio Whole Loan until fully repaid, and (iii) third, to the payment of post-ARD additional interest on the U-Haul Portfolio Whole Loan until fully repaid.

A "**<u>Cash Sweep Period</u>**" means a period (A) commencing upon the earliest of (i) the occurrence and continuance of an event of default under the U-Haul Portfolio Whole Loan documents, (ii) the date that the debt service coverage ratio falls below 1.10x (a "**<u>DSCR Trigger Event"</u>**), (iii) the borrowers' failure to provide timely evidence of payment of real estate taxes or to provide timely evidence that the U-Haul Portfolio Properties are insured pursuant to the U-Haul Portfolio Whole Loan documents, (iv) the date on which the property managers become insolvent or face bankruptcy or (v) the occurrence of an Extension Term Trigger Event (as defined below) and (B) expiring upon (a) with regard to clause (A)(i) above, the cure (if applicable) of such event of default, (b) with regard to clause (A)(ii) above, the date that the debt service coverage ratio is greater than 1.10x for two consecutive calendar quarters, (c) with regard to clause (A)(iii), the borrowers have provided evidence of payment of real estate taxes to the lender or have provided evidence that the U-Haul Portfolio Properties are insured pursuant to the U-Haul Portfolio Whole Loan documents, as applicable and (d) with regard to clause (A)(iv), the borrowers enter into a replacement management agreement; provided that (x) no (other) event of default has occurred and is continuing under the U-Haul Portfolio Whole Loan documents, (ii) a Cash Sweep Period cure may occur no more than a total of five times in the aggregate during the term of the U-Haul Portfolio Whole Loan, and (iii) the borrowers are required to pay all of the lender's reasonable expenses incurred in connection with such Cash Sweep Period cure including, reasonable attorney's fees and expenses. The borrowers have no right to cure a Cash Sweep Period caused by (y) an event of default caused by a bankruptcy action of borrowers or (z) an Extension Term Trigger Event.

An "**<u>Extension Term Trigger Event</u>**" means the date that is 60 days prior to the ARD, if the U-Haul Portfolio Whole Loan has not been repaid in full.

**Current Mezzanine or Secured Subordinate Indebtedness.** None.

**Permitted Future Mezzanine or Secured Subordinate Indebtedness.** Not permitted.

**Release of Collateral.** According to the U-Haul Portfolio Whole Loan documents, following two years from the closing date and prior to the first business day on or after the payment date which is 6 months prior to November 6, 2035, the borrowers may obtain the release of a portion of the U-Haul Portfolio Properties, subject to certain conditions, including: (i) no event of default has occurred or is continuing, (ii) partial defeasance of the U-Haul Portfolio Whole Loan, in an amount equal to (a) 125% of the allocated loan amount applicable to the related

---

| |
|:---|
| 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;Self Storage – Self Storage<br> Various<br> Various, Various<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 3<br> **U-Haul Portfolio** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$38,702,733<br> 51.4%<br> 1.47x<br> 11.1% |

---

individual U-Haul Portfolio Property plus (b) the pro rata amount of any accrued and unpaid interest on the U-Haul Portfolio Whole Loan and/or any other sums payable to the lender under the U-Haul Portfolio Whole Loan agreement, and in all events subject to compliance with REMIC trust requirements, (iii) after giving effect to the release of the applicable U-Haul Portfolio Property (x) that the debt service coverage ratio for the U-Haul Portfolio Properties is equal to or greater than the greater of (a) 1.47x or (b) the debt service coverage ratio as of the last day of the calendar month that precedes the release date for all of the U-Haul Portfolio Properties that were subject to the liens of the mortgage as of that date, (y) the debt yield for the remaining U-Haul Portfolio Properties is equal to or greater than the greater of (a) 10.7% or (b) the debt yield ratio as of the last day of the calendar month that precedes the release date for all of the U-Haul Portfolio Properties that were subject to the liens of the mortgage as of that date, and (iv) satisfaction of any REMIC requirements.

**Addition of Collateral.** The borrowers have the right, but not the obligation, to acquire the fee simple estate in land that is adjacent and contiguous to an existing U-Haul Portfolio Property (an "**<u>After Acquired Adjacent Property</u>**"), provided the conditions set forth in the U-Haul Portfolio Whole Loan agreement are satisfied. From and after the date of acquisition of an After Acquired Adjacent Property, the applicable adjacent U-Haul Portfolio Property will, for all purposes in the U-Haul Portfolio Whole Loan documents, be deemed to include such After Acquired Adjacent Property. In addition, the borrowers have the right to acquire a leasehold estate in property that is operated as a storage facility, but is not contiguous to an existing U-Haul Portfolio Property (an "**<u>After Acquired Leasehold Property</u>**"), provided the conditions set forth set forth in the U-Haul Portfolio Whole Loan agreement are satisfied. The borrowers have agreed that, following the acquisition of an After Acquired Leasehold Property, such property will only be operated as a remote storage facility, U-Box storage facility, or vehicle or RV storage facility, and will not include any office, showroom, retail or administrative uses. From and after the date of acquisition of an After Acquired Leasehold Property, all rents derived from the borrowers' ownership of such leasehold estate will be deemed to be rents for purposes of the U-Haul Portfolio Whole Loan documents. An After Acquired Leasehold Property will not become collateral for the U-Haul Portfolio Whole Loan.

**Ground Lease.** None.

---

| |
|:---|
| 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 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – CBD<br> 525 7th Avenue<br> New York, NY 10018<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 4<br> **525 7th Avenue** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$35,000,000<br> 53.2%<br> 1.84x<br> 12.3% |

---

![](n5676ts_img009.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 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – CBD<br> 525 7th Avenue<br> New York, NY 10018<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 4<br> **525 7th Avenue** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$35,000,000<br> 53.2%<br> 1.84x<br> 12.3% |

---

![](n5676ts_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. |
| 53 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – CBD<br> 525 7th Avenue<br> New York, NY 10018<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 4<br> **525 7th Avenue** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$35,000,000<br> 53.2%<br> 1.84x<br> 12.3% |

---

![](n5676ts_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. |
| 54 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – CBD<br> 525 7th Avenue<br> New York, NY 10018<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 4<br> **525 7th Avenue** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$35,000,000<br> 53.2%<br> 1.84x<br> 12.3% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Loan Seller:** | &nbsp;&nbsp;CREFI | &nbsp;&nbsp;**Single Asset / Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;**Property Type – Subtype:** | &nbsp;&nbsp;Office - CBD |
| &nbsp;&nbsp;**Borrower Sponsor(s):** | &nbsp;&nbsp;Samuel W. Rosenblatt and MSGT LLC | &nbsp;&nbsp;**Collateral:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Borrower(s):** | &nbsp;&nbsp;525 Delaware LLC | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;New York, NY |
| &nbsp;&nbsp;**Original Balance<sup>(1)</sup>:** | &nbsp;&nbsp;$35000000 | &nbsp;&nbsp;**Year Built / Renovated:** | &nbsp;&nbsp;1925 / 2024 |
| &nbsp;&nbsp;**Cut-off Date Balance<sup>(1)</sup>:** | &nbsp;&nbsp;$35000000 | &nbsp;&nbsp;**Property Management:** | &nbsp;&nbsp;Olmstead Properties, Inc. |
| &nbsp;&nbsp;**% by Initial UPB:** | &nbsp;&nbsp;4.8% | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;508,875 SF |
| &nbsp;&nbsp;**Interest Rate:** | &nbsp;&nbsp;6.28000% | &nbsp;&nbsp;**Appraised Value / Per SF:** | &nbsp;&nbsp;$235,000,000 / $462 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;November 4, 2025 | &nbsp;&nbsp;**Appraisal Date:** | &nbsp;&nbsp;September 3, 2025 |
| &nbsp;&nbsp;**Original Term:** | &nbsp;&nbsp;120 months | &nbsp;&nbsp;**Occupancy:** | &nbsp;&nbsp;96.3% (as of October 1, 2025) |
| &nbsp;&nbsp;**Amortization:** | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;**UW Economic Occupancy:** | &nbsp;&nbsp;90.0% |
| &nbsp;&nbsp;**Original Amortization:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Underwritten NOI:** | &nbsp;&nbsp;$15355483 |
| &nbsp;&nbsp;**Interest Only Period:** | &nbsp;&nbsp;120 months | &nbsp;&nbsp;**Underwritten NCF:** | &nbsp;&nbsp;$14617614 |
| &nbsp;&nbsp;**First Payment Date:** | &nbsp;&nbsp;December 6, 2025 |  |  |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;November 6, 2035 | &nbsp;&nbsp;**Historical NOI** | &nbsp;&nbsp;**Historical NOI** |
| &nbsp;&nbsp;**Additional Debt Type<sup>(1)</sup>:** | &nbsp;&nbsp;*Pari Passu* | &nbsp;&nbsp;**Most Recent NOI:** | &nbsp;&nbsp;$15,022,759 (TTM September 30, 2025) |
| &nbsp;&nbsp;**Additional Debt Balance<sup>(1)</sup>:** | &nbsp;&nbsp;$90000000 | &nbsp;&nbsp;**2024 NOI:** | &nbsp;&nbsp;$13989220 |
| &nbsp;&nbsp;**Call Protection:** | &nbsp;&nbsp;L(28),D(85),O(7) | &nbsp;&nbsp;**2023 NOI:** | &nbsp;&nbsp;$13416996 |
| &nbsp;&nbsp;**Lockbox / Cash Management:** | &nbsp;&nbsp;Hard / Springing | &nbsp;&nbsp;**2022 NOI:** | &nbsp;&nbsp;$12745413 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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;**Financial Information<sup>(1)</sup>** | &nbsp;&nbsp;**Financial Information<sup>(1)</sup>** |
|  | &nbsp;&nbsp;**Initial** | &nbsp;&nbsp;**Monthly** | &nbsp;&nbsp;**Cap** | &nbsp;&nbsp;**Cut-off Date Loan / SF:** | &nbsp;&nbsp;$246 |
| &nbsp;&nbsp;**Taxes:** | &nbsp;&nbsp;$2567313 | &nbsp;&nbsp;$513463 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date Loan / SF:** | &nbsp;&nbsp;$246 |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;53.2% |
| &nbsp;&nbsp;**Replacement Reserves:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$8481 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date LTV:** | &nbsp;&nbsp;53.2% |
| &nbsp;&nbsp;**TI/LC:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$53007 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**UW NOI DY:** | &nbsp;&nbsp;12.3% |
| &nbsp;&nbsp;**Other Reserves<sup>(3)</sup>:** | &nbsp;&nbsp;$2668436 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.84x |

---

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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** |
| **Sources** | **Proceeds** | **% of Total** | **Uses** | **Proceeds** | **% of Total** |
| &nbsp;&nbsp;Whole Loan<sup>(1)</sup> | &nbsp;&nbsp;$125000000 | &nbsp;&nbsp;75.6% | &nbsp;&nbsp;Loan Payoff | &nbsp;&nbsp;$158877539 | &nbsp;&nbsp;96.1% |
| &nbsp;&nbsp;Equity Contribution | &nbsp;&nbsp;40299328 | &nbsp;&nbsp;24.4 | &nbsp;&nbsp;Upfront Reserves | &nbsp;&nbsp;5235749 | &nbsp;&nbsp;3.2 |
|  |  |  | &nbsp;&nbsp;Closing Costs | &nbsp;&nbsp;1186041 | &nbsp;&nbsp;0.7 |
| &nbsp;&nbsp;**Total Sources** | &nbsp;&nbsp;**$165299328** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses** | &nbsp;&nbsp;**$165299328** | &nbsp;&nbsp;**100.0%** |

---

(1) The 525 7th Avenue Mortgage Loan (as defined below) is part of a whole loan evidenced by four *pari passu* notes with an aggregate outstanding principal balance of as of the Cut-off Date of $125.0 million (the "  **<u>525 7th Avenue Whole Loan</u>** "). The Financial Information in the chart above reflects the 525 7th Avenue Whole Loan.

(2) See "*Initial and Ongoing Reserves*" below for further discussion of reserve information.

(3) Other Reserves are comprised of (i) an upfront free rent reserve of $2,026,411 and (ii) an upfront unfunded
obligations reserve of $642,025. See "*Initial and Ongoing Reserves*" below for further discussion of reserve information.

**The Loan.** The fourth largest mortgage loan (the "**<u>525 7th Avenue Mortgage Loan</u>**") is part of the 525 7th Avenue Whole Loan, which is evidenced by four *pari passu* promissory notes with an aggregate outstanding principal balance as of the Cut-off Date of $125,000,000 and is secured by the borrower's fee interest in a 508,875 square foot office property located in the Penn Plaza/Garment submarket of New York, New York (the "**<u>525 7th Avenue Property</u>**"). The 525 7th Avenue Mortgage Loan has an initial term of ten years, is interest-only for the full term and accrues interest at a fixed rate of 6.28000% *per annum* on an Actual/360 basis. The 525 7th Avenue Mortgage Loan is evidenced by the non-controlling A-2-2 and A-3 notes with an aggregate outstanding principal balance of $35,000,000.

---

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

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – CBD<br> 525 7th Avenue<br> New York, NY 10018<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 4<br> **525 7th Avenue** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$35,000,000<br> 53.2%<br> 1.84x<br> 12.3% |

---

The table below identifies the promissory notes that comprise the 525 7th Avenue Whole Loan. The relationship between the holders of the 525 7th Avenue Whole Loan is governed by a co-lender agreement as described under "*Description of the Mortgage Pool—The Whole Loans—The Non-Serviced Pari Passu Whole Loans*" in the prospectus. The 525 7th Avenue Whole Loan will be serviced under the pooling and servicing agreement for the BBCMS 2025-C39 securitization trust. See "*The Pooling and Servicing Agreement—Servicing of the Non-Serviced Mortgage Loans*" in the prospectus.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Whole Loan Summary** | &nbsp;&nbsp;**Whole Loan Summary** | &nbsp;&nbsp;**Whole Loan Summary** | &nbsp;&nbsp;**Whole Loan Summary** | &nbsp;&nbsp;**Whole Loan Summary** |
| &nbsp;&nbsp;**Note** | &nbsp;&nbsp;**Original Balance** | &nbsp;&nbsp;**Cut-off Date Balance** | &nbsp;&nbsp;**Note Holder** | &nbsp;&nbsp;**Controlling Piece** |
| &nbsp;&nbsp;A-1 | &nbsp;&nbsp;$75000000 | &nbsp;&nbsp;$75000000 | &nbsp;&nbsp;BBCMS 2025-C39 | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;A-2-1 | &nbsp;&nbsp;$15000000 | &nbsp;&nbsp;$15000000 | &nbsp;&nbsp;BMO 2026-C14 | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**A-2-2** | &nbsp;&nbsp;**$15000000** | &nbsp;&nbsp;**$15000000** | &nbsp;&nbsp;**Benchmark 2026-B42** | &nbsp;&nbsp;**No** |
| &nbsp;&nbsp;**A-3** | &nbsp;&nbsp;**$20000000** | &nbsp;&nbsp;**$20000000** | &nbsp;&nbsp;**Benchmark 2026-B42** | &nbsp;&nbsp;**No** |
| &nbsp;&nbsp;**Whole Loan** | &nbsp;&nbsp;**$125000000** | &nbsp;&nbsp;**$125000000** |  |  |

---

**The Property**. The 525 7th Avenue Property is comprised of a 24-story, 508,875 square foot office property with ground floor retail located at the northeast corner of 38th Street and 7th Avenue in the Penn Plaza/Garment submarket of New York, New York. The 525 7th Avenue Property is commonly referred to as "The Fashion Center" and features 494,497 square feet of office space accounting for 90.6% of total underwritten base rent, and 14,378 square feet of ground floor retail space accounting for 9.4% of total underwritten base rent. The 525 7th Avenue Property was originally constructed in 1925 and was most recently renovated in 2024. From 2015 to 2025, the borrower sponsors invested approximately $37.7 million into tenant improvements and capital expenditures at the 525 7th Avenue Property. Primary access to the 525 7th Avenue Property is provided by the A, C, E, N, R, S, 1, 2, 3, and 7 subway trains with nearby access to New Jersey Transit, the New Jersey PATH, Long Island Railroad, Amtrak, and Metro-North provided by Penn Station, Grand Central Station, and the Port Authority Bus Terminal.

The tenant mix at the 525 7th Avenue Property includes 87 office tenants and four retail tenants, with a large concentration of fashion-related tenants. As of October 1, 2025, the 525 7th Avenue Property was 96.3% leased. As of the Cut-off Date, the tenants at the 525 7th Avenue Property had been in occupancy for a weighted average of 10.1 years and had a weighted average lease term remaining of 4.4 years.

**Major Tenants.** The three largest tenants based on underwritten base rent are Betsy & Adam Ltd. ("**<u>Betsy & Adam</u>**"), Reflex Performance Resources, and Jamari International LTD.

*Betsy & Adam (27,008 square feet; 5.3% of net rentable area; 6.8% of underwritten base rent).* Founded in 1982, Betsy & Adam is a family owned and operated boutique retailer of women's formalwear that provides a wide range of women's dressing including wedding dresses, cocktail dresses, gala dresses, and summer dresses. Betsy & Adam has been a tenant at the 525 7th Avenue Property since November 2017 and has a current lease term through October 2035 with no renewal option or termination options. Betsy & Adam has partial monthly rent abatements of approximately $12,958 through November 2026 and $18,466 through October 2027.

*Reflex Performance Resources (34,901 square feet; 6.9% of net rentable area; 6.4% of underwritten base rent).* Reflex Performance Resources is a global manufacturer with 25 years of experience in garment production. Reflex Performance Resources operates multiple activewear brands including 90 Degree by Reflex, Yogalicious, Bootyful and Velocity. Reflex Performance Resources operates its main showroom out of the 525 7th Avenue Property and has been a tenant at the 525 7th Avenue Property since January 2008, expanding multiple times, most recently in December 2024. Reflex Performance Resources has executed a lease for an additional 2,102 square feet of space that is scheduled to begin in February 2026 (which is included in the total square feet above). Reflex Performance Resources has a current lease term through November 2032 for 15,561 square feet of its space and through November 2034 for 19,340 square feet of its space with no renewal or termination options remaining. Reflex Performance Resources has partial monthly rent abatements of $34,476 through May 2026.

*Jamari International LTD (24,472 square feet; 4.8% of net rentable area; 6.1% of underwritten base rent).* Jamari International LTD is an importer and distributor of European childrenswear collections including Michael Kors, Timberland, Boss, Chloe, Diesel, and Billie Blush amongst others. Jamari International LTD has been a tenant at the 525 7th Avenue Property since April 2019 and has a current lease term through April 2029 with no renewal or termination options remaining.

---

| |
|:---|
| 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;Office – CBD<br> 525 7th Avenue<br> New York, NY 10018<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 4<br> **525 7th Avenue** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$35,000,000<br> 53.2%<br> 1.84x<br> 12.3% |

---

The following table presents certain information relating to the major tenants at the 525 7th Avenue Property:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Tenant Summary<sup>(1)</sup>** |
| &nbsp;&nbsp;**Tenant** | &nbsp;&nbsp;**Credit Rating (Moody's/ S&P/Fitch)<sup>(2)</sup>** | &nbsp;&nbsp;**Net Rentable Area (SF)** | &nbsp;&nbsp;**% of Portfolio Net Rentable Area** | &nbsp;&nbsp;**U/W Base Rent<sup>(3)</sup>** | &nbsp;&nbsp;**U/W Base Rent Per SF** | &nbsp;&nbsp;**% of U/W Base Rent** | &nbsp;&nbsp;**Lease Expiration** | &nbsp;&nbsp;**Renewal Option** |
| &nbsp;&nbsp;Betsy & Adam Ltd. | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;27008 | &nbsp;&nbsp;5.3% | &nbsp;&nbsp;$1738689 | &nbsp;&nbsp;$64.38 | &nbsp;&nbsp;6.8% | &nbsp;&nbsp;10/31/2035 &nbsp;&nbsp;N | &nbsp;&nbsp;N |
| &nbsp;&nbsp;Reflex Performance Resources<sup>(4)</sup> | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;34901 | &nbsp;&nbsp;6.9% | &nbsp;&nbsp;1644126 | &nbsp;&nbsp;$47.11 | &nbsp;&nbsp;6.4% | &nbsp;&nbsp;Various &nbsp;&nbsp;N | &nbsp;&nbsp;N |
| &nbsp;&nbsp;Jamari International LTD | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;24472 | &nbsp;&nbsp;4.8% | &nbsp;&nbsp;1560698 | &nbsp;&nbsp;$63.77 | &nbsp;&nbsp;6.1% | &nbsp;&nbsp;4/30/2029 &nbsp;&nbsp;N | &nbsp;&nbsp;N |
| &nbsp;&nbsp;Duane Reade | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;5630 | &nbsp;&nbsp;1.1% | &nbsp;&nbsp;1252351 | &nbsp;&nbsp;$222.44 | &nbsp;&nbsp;4.9% | &nbsp;&nbsp;5/31/2031 &nbsp;&nbsp;N | &nbsp;&nbsp;N |
| &nbsp;&nbsp;B & J Fabrics, Inc. | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;18334 | &nbsp;&nbsp;3.6% | &nbsp;&nbsp;1125936 | &nbsp;&nbsp;$61.41 | &nbsp;&nbsp;4.4% | &nbsp;&nbsp;6/30/2030 &nbsp;&nbsp;N | &nbsp;&nbsp;N |
| &nbsp;&nbsp;Cameron Industries, Inc. | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;24473 | &nbsp;&nbsp;4.8% | &nbsp;&nbsp;1101285 | &nbsp;&nbsp;$45.00 | &nbsp;&nbsp;4.3% | &nbsp;&nbsp;6/30/2026 &nbsp;&nbsp;N | &nbsp;&nbsp;N |
| &nbsp;&nbsp;Beyond Inc. | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;20661 | &nbsp;&nbsp;4.1% | &nbsp;&nbsp;1026264 | &nbsp;&nbsp;$49.67 | &nbsp;&nbsp;4.0% | &nbsp;&nbsp;6/30/2032 &nbsp;&nbsp;Y<sup>(5)</sup> | &nbsp;&nbsp;1 x 4.5 yr |
| &nbsp;&nbsp;Simpson, Gumpertz & Heger, Inc | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;16967 | &nbsp;&nbsp;3.3% | &nbsp;&nbsp;973876 | &nbsp;&nbsp;$57.40 | &nbsp;&nbsp;3.8% | &nbsp;&nbsp;11/30/2033 &nbsp;&nbsp;N | &nbsp;&nbsp;1 x 5 yr |
| &nbsp;&nbsp;ADPL, LLC | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;19158 | &nbsp;&nbsp;3.8% | &nbsp;&nbsp;869731 | &nbsp;&nbsp;$45.40 | &nbsp;&nbsp;3.4% | &nbsp;&nbsp;2/29/2028 &nbsp;&nbsp;Y<sup>(6)</sup> | &nbsp;&nbsp;N |
| &nbsp;&nbsp;Studio Nazar | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;24474 | &nbsp;&nbsp;4.8% | &nbsp;&nbsp;790642 | &nbsp;&nbsp;$32.31 | &nbsp;&nbsp;3.1% | &nbsp;&nbsp;5/31/2033 &nbsp;&nbsp;N | &nbsp;&nbsp;N |
| &nbsp;&nbsp;**Largest Tenants** |  | &nbsp;&nbsp;**216078** | &nbsp;&nbsp;**42.5%** | &nbsp;&nbsp;**$12083599** | &nbsp;&nbsp;**$55.92** | &nbsp;&nbsp;**47.0%** |  |  |
| &nbsp;&nbsp;Remaining Occupied |  | &nbsp;&nbsp;273842 | &nbsp;&nbsp;53.8% | &nbsp;&nbsp;13599062 | &nbsp;&nbsp;$49.66 | &nbsp;&nbsp;53.0% |  |  |
| &nbsp;&nbsp;**Total Occupied** |  | &nbsp;&nbsp;**489920** | &nbsp;&nbsp;**96.3%** | &nbsp;&nbsp;**$25682661** | &nbsp;&nbsp;**$52.42** | &nbsp;&nbsp;**100.0%** |  |  |
| &nbsp;&nbsp;Vacant |  | &nbsp;&nbsp;18955 | &nbsp;&nbsp;3.7% |  |  |  |  |  |
| &nbsp;&nbsp;**Total** |  | &nbsp;&nbsp;**508875** | &nbsp;&nbsp;**100.0%** |  |  |  |  |  |

---

(1) Based on the underwritten rent roll dated October 1, 2025 and inclusive of $879,831 of contractual rent
steps through October 1, 2026.

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

(3) Each of the following tenants has abated rent as follows: Reflex Performance Resources (monthly abatement
of $34,476 through May 2026), Betsy & Adam (monthly abatement of $12,958.46 through November 30, 2026 and $18,465.77 per month through
October 31, 2027.), Studio Nazar (monthly abatement of $9,921.48 through May 31, 2028, and $7,330.12 from June 1, 2028 through and including
May 31, 2033), Cameron Industries, Inc.(monthly abatement of $7,648 from January through June 2026) ADPL, LLC (abatement of $74,290 in
November 2026 and $37,145 in November 2027) , B&J Fabrics, Inc. (monthly abatement of $1,869 through March 2028), and I Apparel Brands
LLC (monthly abatement of $4,649 through May 2026 and of $20,862 from October 1, 2027 through January 31, 2028, $21,918.05 for the months
October 1, 2029 through December 31, 2029, and $10,899 for the month of August 1, 2030).

(4) Reflex Performance Resources occupies 15,561 square feet set to expire November 30, 2032 and 19,340 square
feet set to expire November 30, 2034. Includes 2,102 square feet of space as to which the lease is scheduled to begin in February 2026.

(5) Beyond Inc. has the option to terminate its lease effective as of July 1, 2027, or effective as of July
1, 2029, provided it gives 9 months prior written notice and pays an early termination fee.

(6) ADPL, LLC has the option to terminate its lease effective as of November 1, 2026, provided it gives 90
days prior written notice and pays an early termination fee.

The following table presents certain information relating to the lease rollover schedule at the 525 7th Avenue Property:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** |
| **Year Ending** <br> **December 31** | &nbsp;&nbsp;**Expiring Owned NRA** | &nbsp;&nbsp;**% of Owned NRA** | &nbsp;&nbsp;**Cumulative % of Owned NRA** | &nbsp;&nbsp;**U/W Base Rent** | &nbsp;&nbsp; **% of Total U/W** <br> **Base Rent** | &nbsp;&nbsp;**U/W Base Rent $ per SF** | &nbsp;&nbsp; **# of Expiring**<br> **Leases** |
| 2026 & MTM<sup>(3)</sup> | &nbsp;&nbsp;79443 | &nbsp;&nbsp;15.6% | &nbsp;&nbsp;15.6% | &nbsp;&nbsp;$4049465 | &nbsp;&nbsp;15.8% | &nbsp;&nbsp;$50.97 | &nbsp;&nbsp;23 |
| 2027 | &nbsp;&nbsp;57658 | &nbsp;&nbsp;11.3% | &nbsp;&nbsp;26.9% | &nbsp;&nbsp;$2556744 | &nbsp;&nbsp;10.0% | &nbsp;&nbsp;$44.34 | &nbsp;&nbsp;17 |
| 2028 | &nbsp;&nbsp;87994 | &nbsp;&nbsp;17.3% | &nbsp;&nbsp;44.2% | &nbsp;&nbsp;$3958590 | &nbsp;&nbsp;15.4% | &nbsp;&nbsp;$44.99 | &nbsp;&nbsp;22 |
| 2029 | &nbsp;&nbsp;67168 | &nbsp;&nbsp;13.2% | &nbsp;&nbsp;57.4% | &nbsp;&nbsp;$3842911 | &nbsp;&nbsp;15.0% | &nbsp;&nbsp;$57.21 | &nbsp;&nbsp;14 |
| 2030 | &nbsp;&nbsp;40503 | &nbsp;&nbsp;8.0% | &nbsp;&nbsp;65.4% | &nbsp;&nbsp;$2201901 | &nbsp;&nbsp;8.6% | &nbsp;&nbsp;$54.36 | &nbsp;&nbsp;5 |
| 2031 | &nbsp;&nbsp;5630 | &nbsp;&nbsp;1.1% | &nbsp;&nbsp;66.5% | &nbsp;&nbsp;$1252351 | &nbsp;&nbsp;4.9% | &nbsp;&nbsp;$222.44 | &nbsp;&nbsp;1 |
| 2032 | &nbsp;&nbsp;36222 | &nbsp;&nbsp;7.1% | &nbsp;&nbsp;73.6% | &nbsp;&nbsp;$1702534 | &nbsp;&nbsp;6.6% | &nbsp;&nbsp;$47.00 | &nbsp;&nbsp;2 |
| 2033 | &nbsp;&nbsp;64384 | &nbsp;&nbsp;12.7% | &nbsp;&nbsp;86.3% | &nbsp;&nbsp;$2766619 | &nbsp;&nbsp;10.8% | &nbsp;&nbsp;$42.97 | &nbsp;&nbsp;5 |
| 2034 | &nbsp;&nbsp;20788 | &nbsp;&nbsp;4.1% | &nbsp;&nbsp;90.4% | &nbsp;&nbsp;$1312857 | &nbsp;&nbsp;5.1% | &nbsp;&nbsp;$63.15 | &nbsp;&nbsp;2 |
| 2035 | &nbsp;&nbsp;28608 | &nbsp;&nbsp;5.6% | &nbsp;&nbsp;96.0% | &nbsp;&nbsp;$2038689 | &nbsp;&nbsp;7.9% | &nbsp;&nbsp;$71.26 | &nbsp;&nbsp;2 |
| 2036 & Beyond | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;96.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;0 |
| Other<sup>(4)</sup> | &nbsp;&nbsp;1522 | &nbsp;&nbsp;0.3% | &nbsp;&nbsp;96.3% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;1 |
| Vacant | &nbsp;&nbsp;18955 | &nbsp;&nbsp;3.7% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| **Total / Wtd. Avg.** | &nbsp;&nbsp;**508875** | &nbsp;&nbsp;**100.0%** |  | &nbsp;&nbsp;**$25682661** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$52.42** | &nbsp;&nbsp;**94** |

---

(1) Based on the underwritten rent roll dated October 1, 2025 and inclusive of $879,831
of contractual rent steps through October 1, 2026.

(2) Certain leases may have termination options that are exercisable prior to the originally
stated expiration date of the lease and that are not considered in this Lease Rollover Schedule.

(3) 2026 & MTM includes nine leases to which 24,313 SF of NRA and $1,131,118 in
UW Base Rent are attributable that is on a month-to-month basis.

(4) Other includes a lease to the management office, which accounts for 1,522 SF of
NRA and $0 of underwritten base rent.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – CBD<br> 525 7th Avenue<br> New York, NY 10018<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 4<br> **525 7th Avenue** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$35,000,000<br> 53.2%<br> 1.84x<br> 12.3% |

---

The following table presents certain information relating to the historical operating performance and underwritten net cash flow at 525 7th Avenue 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;**2022** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**TTM 9/30/2025** | &nbsp;&nbsp;**U/W** | &nbsp;&nbsp;**U/W Per SF** |
| &nbsp;&nbsp;Base Rent | &nbsp;&nbsp;$21248009 | &nbsp;&nbsp;$21833189 | &nbsp;&nbsp;$22060506 | &nbsp;&nbsp;$22545918 | &nbsp;&nbsp;$24802830 | &nbsp;&nbsp;$48.74 |
| &nbsp;&nbsp;Contractual Rent Steps | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;879831 | &nbsp;&nbsp;$1.73 |
| &nbsp;&nbsp;Potential Income from Vacant Space | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;983840 | &nbsp;&nbsp;$1.93 |
| &nbsp;&nbsp;**Gross Potential Rent** | &nbsp;&nbsp;**$21248009** | &nbsp;&nbsp;**$21833189** | &nbsp;&nbsp;**$22060506** | &nbsp;&nbsp;**$22545918** | &nbsp;&nbsp;**$26666501** | &nbsp;&nbsp;**$52.40** |
| &nbsp;&nbsp;Reimbursements | &nbsp;&nbsp;1973191 | &nbsp;&nbsp;2090826 | &nbsp;&nbsp;1748697 | &nbsp;&nbsp;1640669 | &nbsp;&nbsp;1627908 | &nbsp;&nbsp;$3.20 |
| &nbsp;&nbsp;**Total Gross Income** | &nbsp;&nbsp;**$23221200** | &nbsp;&nbsp;**$23924015** | &nbsp;&nbsp;**$23809203** | &nbsp;&nbsp;**$24186587** | &nbsp;&nbsp;**$28294409** | &nbsp;&nbsp;**$55.60** |
| &nbsp;&nbsp;Other Income<sup>(2)</sup> | &nbsp;&nbsp;4748 | &nbsp;&nbsp;61157 | &nbsp;&nbsp;71611 | &nbsp;&nbsp;94305 | &nbsp;&nbsp;94305 | &nbsp;&nbsp;$0.19 |
| &nbsp;&nbsp;(Vacancy / Credit Loss) | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;(2829441) | &nbsp;&nbsp;($5.56) |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$23225948** | &nbsp;&nbsp;**$23985172** | &nbsp;&nbsp;**$23880814** | &nbsp;&nbsp;**$24280892** | &nbsp;&nbsp;**$25559273** | &nbsp;&nbsp;**$50.23** |
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp;698922 | &nbsp;&nbsp;731108 | &nbsp;&nbsp;725807 | &nbsp;&nbsp;736988 | &nbsp;&nbsp;766778 | &nbsp;&nbsp;$1.51 |
| &nbsp;&nbsp;Real Estate Taxes | &nbsp;&nbsp;6970523 | &nbsp;&nbsp;6809364 | &nbsp;&nbsp;5982581 | &nbsp;&nbsp;4973195 | &nbsp;&nbsp;5867283 | &nbsp;&nbsp;$11.53 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;217473 | &nbsp;&nbsp;278031 | &nbsp;&nbsp;325814 | &nbsp;&nbsp;399027 | &nbsp;&nbsp;369277 | &nbsp;&nbsp;$0.73 |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;1253073 | &nbsp;&nbsp;1123183 | &nbsp;&nbsp;1192672 | &nbsp;&nbsp;1346953 | &nbsp;&nbsp;1321968 | &nbsp;&nbsp;$2.60 |
| &nbsp;&nbsp;Other Expenses<sup>(3)</sup> | &nbsp;&nbsp;1340544 | &nbsp;&nbsp;1626490 | &nbsp;&nbsp;1664720 | &nbsp;&nbsp;1801970 | &nbsp;&nbsp;1878484 | &nbsp;&nbsp;$3.69 |
| &nbsp;&nbsp;**Total Expenses** | &nbsp;&nbsp;**$10480535** | &nbsp;&nbsp;**$10568176** | &nbsp;&nbsp;**$9891594** | &nbsp;&nbsp;**$9258133** | &nbsp;&nbsp;**$10203790** | &nbsp;&nbsp;**$20.05** |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$12745413** | &nbsp;&nbsp;**$13416996** | &nbsp;&nbsp;**$13989220** | &nbsp;&nbsp;**$15022759** | &nbsp;&nbsp;**$15355483** | &nbsp;&nbsp;**$30.18** |
| &nbsp;&nbsp;Replacement Reserves | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;101775 | &nbsp;&nbsp;$0.20 |
| &nbsp;&nbsp;Normalized TI/LC | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;636094 | &nbsp;&nbsp;$1.25 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$12745413** | &nbsp;&nbsp;**$13416996** | &nbsp;&nbsp;**$13989220** | &nbsp;&nbsp;**$15022759** | &nbsp;&nbsp;**$14617614** | &nbsp;&nbsp;**$28.73** |
| &nbsp;&nbsp;**Occupancy (%)** | &nbsp;&nbsp;**87.2%** | &nbsp;&nbsp;**95.4%** | &nbsp;&nbsp;**96.9%** | &nbsp;&nbsp;**96.3%** | &nbsp;&nbsp;**90.0%<sup>(4)</sup>** |  |
| &nbsp;&nbsp;**NCF DSCR<sup>(5)</sup>** | &nbsp;&nbsp;**1.60x** | &nbsp;&nbsp;**1.69x** | &nbsp;&nbsp;**1.76x** | &nbsp;&nbsp;**1.89x** | &nbsp;&nbsp;**1.84x** |  |
| &nbsp;&nbsp;**NOI Debt Yield<sup>(5)</sup>** | &nbsp;&nbsp;**10.2%** | &nbsp;&nbsp;**10.7%** | &nbsp;&nbsp;**11.2%** | &nbsp;&nbsp;**12.0%** | &nbsp;&nbsp;**12.3%** |  |

---

(1) Based on the underwritten rent roll dated October 1, 2025 and inclusive of $879,831 of contractual rent steps through October 1, 2026.

(2) Other Income includes tenant billbacks and various other sources of miscellaneous income.

(3) Other Expenses includes payroll and benefits, repairs and maintenance, and general and administrative expenses.

(4) Represents Economic Occupancy.

(5) Metrics represent the 525 7th Avenue Whole Loan.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – CBD<br> 525 7th Avenue<br> New York, NY 10018<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 4<br> **525 7th Avenue** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$35,000,000<br> 53.2%<br> 1.84x<br> 12.3% |

---

**Appraisal.** The 525 7th Avenue Property had an "as-is" appraised value of $235,000,000 as of September 3, 2025. Based on the "as-is" value of $235,000,000, the Cut-off Date LTV and Maturity Date LTV for the 525 7th Avenue Whole Loan are each 53.2%.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**525 7th Avenue Appraised Value<sup>(1)</sup>** | &nbsp;&nbsp;**525 7th Avenue Appraised Value<sup>(1)</sup>** | &nbsp;&nbsp;**525 7th Avenue Appraised Value<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Capitalization Rate** |
| &nbsp;&nbsp;525 7th Avenue | &nbsp;&nbsp;$235000000 | &nbsp;&nbsp;5.15% |

---

(1) Source: Appraisal.

**Environmental Matters.** The Phase I environmental assessment of the 525 7th Avenue Property dated September 8, 2025 identified a recognized environmental condition related to the onsite operation of a dry cleaning facility through 2016. See "*Description of the Mortgage Pool—Mortgage Pool Characteristics—Environmental Considerations*" in the prospectus.

**The Market.** The 525 7th Avenue Property is located at the northeast corner of 38th Street and 7th Avenue in the Penn Plaza/Garment submarket of New York, New York. The 525 7th Avenue Property is close to Times Square, Bryant Park, Madison Square Garden, Herald Square, and the Empire State Building. According to the appraisal, the immediate area surrounding the 525 7th Avenue Property is comprised of high rise and residential buildings and is directly adjacent to the Garment District which is known for its history as a fashion center. Primary access to the 525 7th Avenue Property is provided by the A, C, E, N, R, S, 1, 2, 3, and 7 subway trains with nearby access to New Jersey Transit, the New Jersey PATH, Long Island Railroad, Amtrak, and Metro-North provided by Penn Station, Grand Central Station, and the Port Authority Bus Terminal.

According to a third-party market research report, the 525 7th Avenue Property is located in the Penn Plaza/Garment office and retail submarket of New York City. As of October 25, 2025, the Penn Plaza/Garment office submarket had a total inventory of 88,771,211 square feet, an overall vacancy rate of 13.3%, market asking rent of $76.25 per square foot and positive net absorption of 609,425 square feet. As of October 25, 2025, the Penn Plaza/Garment retail submarket had a total inventory of 5,802,911, a vacancy rate of 10.2% and market asking rent of $129.13 per square foot.

The following table presents information relating to comparable office leases for the 525 7th Avenue Property:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Comparable Office Rental Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Office Rental Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Office Rental Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Office Rental Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Office Rental Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Office Rental Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Office Rental Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Office Rental Summary<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property Name / Address** | &nbsp;&nbsp;**Distance from Subject** | &nbsp;&nbsp;**Year Built / Renovated** | &nbsp;&nbsp;**Tenant** | &nbsp;&nbsp;**Suite Size (SF)** | &nbsp;&nbsp;**Lease Commencement** | &nbsp;&nbsp;**Lease Term (Yrs)** | &nbsp;&nbsp;**Base Rent (PSF)** |
| &nbsp;&nbsp;**525 7th Avenue** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**1925 / 2024** | &nbsp;&nbsp;**Cameron Industries, Inc.<sup>(2)</sup>** | &nbsp;&nbsp;**24473<sup>(2)</sup>** | &nbsp;&nbsp;**Oct-18<sup>(2)</sup>** | &nbsp;&nbsp;**7.7<sup>(2)</sup>** | &nbsp;&nbsp;**$37.35<sup>(2)</sup>** |
| &nbsp;&nbsp;**New York, NY** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**1925 / 2024** | &nbsp;&nbsp;**Cameron Industries, Inc.<sup>(2)</sup>** | &nbsp;&nbsp;**24473<sup>(2)</sup>** | &nbsp;&nbsp;**Oct-18<sup>(2)</sup>** | &nbsp;&nbsp;**7.7<sup>(2)</sup>** | &nbsp;&nbsp;**$37.35<sup>(2)</sup>** |
| &nbsp;&nbsp; 1385 Broadway<br> New York, NY | &nbsp;&nbsp;0.1 mi | &nbsp;&nbsp;1926 / NAP | &nbsp;&nbsp;New York Health Foundation (NYHealth) | &nbsp;&nbsp;17000 | &nbsp;&nbsp;May-25 | &nbsp;&nbsp;16.3 | &nbsp;&nbsp;$42.00 |
| &nbsp;&nbsp; 469 Seventh Avenue<br> New York, NY | &nbsp;&nbsp;0.1 mi | &nbsp;&nbsp;1920 / 2012 | &nbsp;&nbsp;Situation Interactive | &nbsp;&nbsp;17058 | &nbsp;&nbsp;May-25 | &nbsp;&nbsp;9.0 | &nbsp;&nbsp;$51.00 |
| &nbsp;&nbsp; 499 Seventh Avenue<br> New York, NY | &nbsp;&nbsp;0.1 mi | &nbsp;&nbsp;1925 / 2004 | &nbsp;&nbsp;Greystone | &nbsp;&nbsp;8000 | &nbsp;&nbsp;Feb-25 | &nbsp;&nbsp;8.6 | &nbsp;&nbsp;$45.00 |
| &nbsp;&nbsp; 501 Seventh Avenue<br> New York, NY | &nbsp;&nbsp;0.1 mi | &nbsp;&nbsp;1924 / NAP | &nbsp;&nbsp;Carolina Herrera | &nbsp;&nbsp;33873 | &nbsp;&nbsp;Apr-25 | &nbsp;&nbsp;9.8 | &nbsp;&nbsp;$50.00 |
| &nbsp;&nbsp; 530 Seventh Avenue<br> New York, NY | &nbsp;&nbsp;0.4 mi | &nbsp;&nbsp;1974 / NAP | &nbsp;&nbsp;Tailored Brands | &nbsp;&nbsp;18500 | &nbsp;&nbsp;Mar-25 | &nbsp;&nbsp;10.7 | &nbsp;&nbsp;$53.00 |
| &nbsp;&nbsp; 1441 Broadway<br> New York, NY | &nbsp;&nbsp;0.5 mi | &nbsp;&nbsp;1930 / NAP | &nbsp;&nbsp;Style Theory | &nbsp;&nbsp;14634 | &nbsp;&nbsp;Apr-25 | &nbsp;&nbsp;10.5 | &nbsp;&nbsp;$55.00 |
| &nbsp;&nbsp; 1430 Broadway<br> New York, NY | &nbsp;&nbsp;0.5 mi | &nbsp;&nbsp;1956 / NAP | &nbsp;&nbsp;Vanguard Construction | &nbsp;&nbsp;13296 | &nbsp;&nbsp;Apr-25 | &nbsp;&nbsp;8.4 | &nbsp;&nbsp;$38.50 |
| &nbsp;&nbsp; 1040 Avenue of the Americas<br> New York, NY | &nbsp;&nbsp;0.6 mi | &nbsp;&nbsp;1925 / NAP | &nbsp;&nbsp;Meirowitz & Wasserberg LLP | &nbsp;&nbsp;24014 | &nbsp;&nbsp;Apr-25 | &nbsp;&nbsp;10.8 | &nbsp;&nbsp;$55.00 |

---

(1) Source: Appraisal

(2) Based on the underwritten rent roll dated October 1, 2025. Base Rent (PSF) excludes rent steps.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – CBD<br> 525 7th Avenue<br> New York, NY 10018<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 4<br> **525 7th Avenue** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$35,000,000<br> 53.2%<br> 1.84x<br> 12.3% |

---

**The Borrower and the Borrower Sponsors.** The borrower is 525 Delaware LLC, a Delaware limited liability company and special purpose entity with one independent director in its organizational structure. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the 525 7th Avenue Whole Loan.

The borrower sponsors and non-recourse carveout guarantors are Samuel W. Rosenblatt and MSGT LLC. Samuel W. Rosenblatt is the president of Olmstead Properties, Inc. ("**<u>Olmstead Properties</u>**"), a full-service real estate company founded in 1930 that focuses on the management, leasing, and development of office properties in New York City. Olmstead Properties currently owns and/or manages a portfolio of over thirty income-producing properties, totaling approximately 4,500,000 square feet. MGST LLC is an affiliate of the borrower through its manager, Enterprise Asset Management, Inc. ("**<u>Enterprise Manager</u>**") and as of December 31, 2024 had interests in five commercial buildings, but does not own an interest in the borrower.

Enterprise Manager is owned 20% each by the Estate of Robert G. James, Lois Zaro, Carol S. Weisman, Bonnie Englebart and Susan Zizes (and trusts for the latter four of these owners own MSGT LLC). Richard Marotto is the President of, and has operational management control of Enterprise Manager. Enterprise Manager is also the manager of Enterprise NYC Holdings, LLC, which has an approximately 27% interest in the borrower and is a 50% owner and joint manager of the indirect manager of the borrower. Enterprise NYC Holdings, LLC is owned 72.89% by Steinberg Investment, LP (which is owned approximately 11.26% by Danielle Englebardt and 10.0% by Brett Heyman) and 11.845% by The University of Nebraska Foundation.

**Property Management**. The 525 7th Avenue Property is managed by Olmstead Properties, a borrower-affiliated property management company.

**Initial and Ongoing Reserves**. At origination of the 525 7th Avenue Whole Loan, the borrower deposited approximately: (i) $2,567,313 into a real estate tax reserve, (ii) $2,026,411 into a free rent reserve and (iii) $642,025 into a reserve for unfunded obligations for tenant improvement costs.

*Replacement Reserve* – On each monthly payment date, the borrower is required to deposit approximately $8,481 for replacements to the 525 7th Avenue Property.

*TI/LC Reserve* – On each monthly payment date, the borrower is required to deposit approximately $53,007 into a reserve for future tenant improvements and leasing commissions.

*Tax Reserve –* The borrower is required to deposit into a real estate tax reserve, on a monthly basis, 1/12th of the taxes that the lender estimates will be payable over the next-ensuing 12-month period (initially estimated to be approximately $513,463).

*Insurance Reserve –* At the option of the lender, if the liability or casualty policy maintained by the borrower is not an approved blanket or umbrella policy, or if the lender requires the borrower to obtain a separate policy, the borrower is required to deposit into an insurance reserve, on a monthly basis, 1/12th of the amount that will be sufficient to pay the insurance premiums due for the renewal of coverage afforded by such policies. At origination of the 525 7th Avenue Whole Loan, an approved blanket policy was in place.

**Lockbox / Cash Management.** The 525 7th Avenue Whole Loan is structured with a hard lockbox and springing cash management. The borrower was required to establish a lender-controlled lockbox account on the origination date of the 525 7th Avenue Whole Loan, and was required to deliver direction letters to each tenant at the 525 7th Avenue Property directing them to pay rent and other sums due to the lockbox account. The borrower is required to (or cause the property manager to) immediately deposit all revenue derived from the 525 7th Avenue Property and received by the borrower or property manager into the lender-controlled lockbox account. All funds deposited into the lockbox account are required to be transferred on each business day to or at the direction of the borrower unless a Trigger Period (as defined below) exists and the lender elects, in its sole and absolute discretion, to deliver a restricted account notice, in which case 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 525 7th Avenue Whole Loan documents. All excess cash flow funds remaining in the cash management account after the application of such funds in accordance with the 525 7th Avenue Whole Loan documents are required to (i) to the extent that a Trigger Period exists, be held by the lender in an excess cash flow reserve account as additional collateral for the 525 7th Avenue Whole Loan (provided that if there are insufficient funds in the TI/LC reserve to pay for future tenant improvements and leasing commissions for any lease approved in accordance with the 525 7th Avenue Whole Loan documents, the lender is required, upon the borrower's request, to disburse funds to the borrower from the excess cash flow reserve account for such purpose) or (ii) to the extent that no Trigger Period exists, be disbursed to the borrower. Upon the cure of all Trigger Periods, provided no event of default is continuing, the lender is required to return any amounts remaining on deposit in the excess cash flow reserve account to the borrower. Upon an event of default under the 525 7th Avenue Whole Loan documents, the lender may apply funds to the 525 7th Avenue Whole Loan in such priority as it may determine.

"**<u>Trigger Period</u>**" means a period (A) commencing upon the earliest of (i) the occurrence and continuance of an event of default, and (ii) the debt service coverage ratio falling below 1.20x; and (B) expiring upon, with regard to any Trigger Period commenced in connection with (x) clause (i) above, the cure (if applicable) of such event of default, and (y) clause (ii) above, the date that the debt service coverage ratio is equal to or greater than 1.20x for one calendar quarter.

---

| |
|:---|
| 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 – CBD<br> 525 7th Avenue<br> New York, NY 10018<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 4<br> **525 7th Avenue** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$35,000,000<br> 53.2%<br> 1.84x<br> 12.3% |

---

**Current Mezzanine or Secured Subordinate Indebtedness.** None.

**Permitted Future Mezzanine or Secured Subordinate Indebtedness.** Not permitted.

**Release of Collateral.** Not permitted.

**Ground Lease.** None.

---

| |
|:---|
| 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;Mixed Use – Lab/Office<br> 5625 Fishers Lane and 12735 Twinbrook<br> Parkway<br> Rockville, MD 20852 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 5<br> **Fishers Twinbrook** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$30,000,000<br> 36.5%<br> 3.35x<br> 19.2% |

---

![](n5676ts_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. |
| 62 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Mixed Use – Lab/Office<br> 5625 Fishers Lane and 12735 Twinbrook<br> Parkway<br> Rockville, MD 20852 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 5<br> **Fishers Twinbrook** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$30,000,000<br> 36.5%<br> 3.35x<br> 19.2% |

---

![](n5676ts_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. |
| 63 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Mixed Use – Lab/Office<br> 5625 Fishers Lane and 12735 Twinbrook<br> Parkway<br> Rockville, MD 20852 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 5<br> **Fishers Twinbrook** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$30,000,000<br> 36.5%<br> 3.35x<br> 19.2% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Loan Seller:** | &nbsp;&nbsp;GSMC | &nbsp;&nbsp;**Single Asset / Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;**Property Type – Subtype:** | &nbsp;&nbsp;Mixed Use – Lab/Office |
| &nbsp;&nbsp;**Borrower Sponsor(s):** | &nbsp;&nbsp;TechCore, LLC | &nbsp;&nbsp;**Collateral:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Borrower(s):** | &nbsp;&nbsp;GI TC Montgomery LLC | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;Rockville, MD |
| &nbsp;&nbsp;**Original Balance<sup>(1)</sup>:** | &nbsp;&nbsp;$30000000 | &nbsp;&nbsp;**Year Built / Renovated:** | &nbsp;&nbsp;2003 / 2025 |
| &nbsp;&nbsp;**Cut-off Date Balance<sup>(1)</sup>:** | &nbsp;&nbsp;$30000000 | &nbsp;&nbsp;**Property Management:** | &nbsp;&nbsp;GI Property Manager LP |
| &nbsp;&nbsp;**% by Initial UPB:** | &nbsp;&nbsp;4.1% | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;229,905 SF |
| &nbsp;&nbsp;**Interest Rate:** | &nbsp;&nbsp;5.44900% | &nbsp;&nbsp;**Appraised Value / Per SF:** | &nbsp;&nbsp;$126,000,000 / $548 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;November 25, 2025 | &nbsp;&nbsp;**Appraisal Date:** | &nbsp;&nbsp;October 14, 2025 |
| &nbsp;&nbsp;**Original Term:** | &nbsp;&nbsp;120 months | &nbsp;&nbsp;**Occupancy:** | &nbsp;&nbsp;100.0% (as of February 6, 2026) |
| &nbsp;&nbsp;**Amortization:** | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;**UW Economic Occupancy:** | &nbsp;&nbsp;92.5% |
| &nbsp;&nbsp;**Original Amortization:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Underwritten NOI:** | &nbsp;&nbsp;$8828455 |
| &nbsp;&nbsp;**Interest Only Period:** | &nbsp;&nbsp;120 months | &nbsp;&nbsp;**Underwritten NCF:** | &nbsp;&nbsp;$8515785 |
| &nbsp;&nbsp;**First Payment Date:** | &nbsp;&nbsp;January 6, 2026 |  |  |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;December 6, 2035 | &nbsp;&nbsp;**Historical NOI** | &nbsp;&nbsp;**Historical NOI** |
| &nbsp;&nbsp;**Additional Debt Type<sup>(1)</sup>:** | &nbsp;&nbsp;*Pari Passu* | &nbsp;&nbsp;**Most Recent NOI:** | &nbsp;&nbsp;$7,485,774 (TTM September 30, 2025) |
| &nbsp;&nbsp;**Additional Debt Balance<sup>(1)</sup>:** | &nbsp;&nbsp;$16000000 | &nbsp;&nbsp;**2025 NOI<sup>(3)</sup>:** | &nbsp;&nbsp;$6092202 |
| &nbsp;&nbsp;**Call Protection:** | &nbsp;&nbsp;L(12),YM1(101),O(7) | &nbsp;&nbsp;**2024 NOI<sup>(3)</sup>:** | &nbsp;&nbsp;$5305829 |
| &nbsp;&nbsp;**Lockbox / Cash Management:** | &nbsp;&nbsp;Hard / Springing | &nbsp;&nbsp;**2023 NOI:** | &nbsp;&nbsp;NAV |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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;**Financial Information<sup>(1)</sup>** | &nbsp;&nbsp;**Financial Information<sup>(1)</sup>** |
|  | &nbsp;&nbsp;**Initial** | &nbsp;&nbsp;**Monthly** | &nbsp;&nbsp;**Cap** | &nbsp;&nbsp;**Cut-off Date Loan / SF:** | &nbsp;&nbsp;$200 |
| &nbsp;&nbsp;**Taxes:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date Loan / SF:** | &nbsp;&nbsp;$200 |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;36.5% |
| &nbsp;&nbsp;**Replacement Reserves:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date LTV:** | &nbsp;&nbsp;36.5% |
| &nbsp;&nbsp;**TI / LC:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**UW NOI DY:** | &nbsp;&nbsp;19.2% |
| &nbsp;&nbsp;**NIH Reserve:** | &nbsp;&nbsp;$2861832 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;3.35x |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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<sup>(1)</sup> | &nbsp;&nbsp;$46000000 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;Loan Payoff | &nbsp;&nbsp;$37004184 | &nbsp;&nbsp;80.4% |
|  |  |  | &nbsp;&nbsp;Return of Equity | &nbsp;&nbsp;5157168 | &nbsp;&nbsp;11.2 |
|  |  |  | &nbsp;&nbsp;Upfront Reserves | &nbsp;&nbsp;2861832 | &nbsp;&nbsp;6.2 |
|  |  |  | &nbsp;&nbsp;Closing Costs | &nbsp;&nbsp;976816 | &nbsp;&nbsp;2.1 |
| &nbsp;&nbsp;**Total Sources** | &nbsp;&nbsp;**$46000000** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses** | &nbsp;&nbsp;**$46000000** | &nbsp;&nbsp;**100.0%** |

---

(1) The Fishers Twinbrook Mortgage Loan (as defined below) is part of the Fishers Twinbrook
Whole Loan (as defined below) which is comprised of 2 pari passu promissory notes with an aggregate original principal balance of $46,000,000.
The Fishers Twinbrook Whole Loan was originated by Goldman Sachs Bank USA ("  **<u>GSBI</u>** "). The financial information
presented above is based on the Fishers Twinbrook Whole Loan.

(2) Please see "— *Initial and Ongoing Reserves*" and "— *Lockbox / Cash Management*" below for further discussion of reserve information.

(3) 2025 NOI and 2024 NOI are based on the trailing twelve-month period ending July
31 for each respective year.

**The Loan.** The fifth largest mortgage loan (the "**<u>Fishers Twinbrook Mortgage Loan</u>**") is part of a whole loan (the "**<u>Fishers Twinbrook Whole Loan</u>**") which is comprised of two *pari passu* promissory notes with an aggregate outstanding principal balance as of the Cut-off Date of $46,000,000. The Fishers Twinbrook Whole Loan is secured by the borrower's fee simple interest in a 229,905 SF mixed use lab/office property located in Rockville, Maryland (the "**<u>Fishers Twinbrook Property</u>**"). The Fishers Twinbrook Mortgage Loan is evidenced by the controlling Note A-1 with an outstanding principal balance as of the Cut-off Date of $30,000,000.

The Fishers Twinbrook Whole Loan has a 10-year term, is interest only for the entire duration of the term and accrues interest at a rate of 5.44900% on an actual/360 basis.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Mixed Use – Lab/Office<br> 5625 Fishers Lane and 12735 Twinbrook<br> Parkway<br> Rockville, MD 20852 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 5<br> **Fishers Twinbrook** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$30,000,000<br> 36.5%<br> 3.35x<br> 19.2% |

---

The table below identifies the promissory notes that comprise the Fishers Twinbrook Whole Loan. The relationship between the holders of the Fishers Twinbrook 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*" in the prospectus. The Fishers Twinbrook Whole Loan will be serviced pursuant to the pooling and servicing agreement for the Benchmark 2026-B42 securitization trust. See "*Pooling and Servicing Agreement*" in the prospectus.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Whole Loan Summary** | &nbsp;&nbsp;**Whole Loan Summary** | &nbsp;&nbsp;**Whole Loan Summary** | &nbsp;&nbsp;**Whole Loan Summary** | &nbsp;&nbsp;**Whole Loan Summary** |
| **Note** | **Original Balance** | **Cut-off Date Balance** | **Note Holder** | **Controlling Piece** |
| &nbsp;&nbsp;**A-1** | &nbsp;&nbsp;**$30000000** | &nbsp;&nbsp;**$30000000** | &nbsp;&nbsp;**Benchmark 2026-B42** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;A-2<sup>(1)</sup> | &nbsp;&nbsp;$16000000 | &nbsp;&nbsp;$16000000 | &nbsp;&nbsp;GSBI | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**Whole Loan** | &nbsp;&nbsp;**$46000000** | &nbsp;&nbsp;**$46000000** |  |  |

---

(1) Expected to be contributed to a future securitization.

**The Property.** The Fishers Twinbrook Property is a 229,905 SF, two-building lab/office campus located in Rockville, Maryland. The Fishers Twinbrook Property is 100.0% occupied by the National Institute of Health and its constituent agencies ("**<u>NIH</u>**") and has been occupied by NIH since it was delivered as a build-to-suit building for NIH in 2004. The NIH has executed two five-year renewals, most recently commencing January 2024 with 3.0% annual rent steps through lease expiration in December 2033. Additionally, the NIH has invested over $15.0 million attributed to building systems and infrastructure, with additional investment in site-located scientific equipment and data infrastructure.

A portion of the Fishers Twinbrook Property (the suites located in the building located at 5625 Fisher Lane, Rockville, Maryland) is subject to a condominium structure. This borrower owns unit B in the condominium (25% of the voting interest) and as such does not control the condominium board and certain decisions can be made with majority vote; however, no material decisions involving the structural components of unit B can be made without the consent of the borrower. See "*Description of the Mortgage Pool—Mortgage Pool Characteristics—Condominium"* in the prospectus.

**Sole Tenant.** The sole tenant at the Fishers Twinbrook Property is NIH, the medical research agency of the U.S. federal government and a part of the Department of Health and Human Services. NIH comprises 27 institutes and centers, each focused on specific areas of health research and supports both internal (intramural) research programs and external grants to universities, hospitals, and research institutions around the world. Due to the government shutdown in 2025, NIH became past-due on rent payments in the amount of $2,861,832. The past-due balance was reserved at origination of the Fishers Twinbrook Whole Loan and has been fully repaid. The NIH lease does not contain appropriations clauses. NIH is on a lease expiring December 31, 2033 with one, 10-year renewal option and no termination options.

The following table presents certain information relating to the sole tenant at the Fishers Twinbrook 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** | **Ratings<br> (Moody's/S&P/Fitch)<sup>(2)</sup>** | **Net Rentable Area (SF)** | **% of<br> Total NRA** | **U/W Base Rent** | **UW Base Rent PSF** | **% of Total<br> UW Base Rent** | **Lease <br> Exp. Date** | **Renewal Option** |
| &nbsp;&nbsp;National Institute of Health<sup>(3)</sup> | &nbsp;&nbsp;Aa1/AA+/AA+ | &nbsp;&nbsp;229905 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$8585496 | &nbsp;&nbsp;$37.34 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;12/31/2033 &nbsp;&nbsp;N | &nbsp;&nbsp;1 x 10 yr |
| **Total Occupied** | **Total Occupied** | **229905** | &nbsp;&nbsp;**100.0%** | **$8585496** | **$37.34** | **100.0%** |  |  |
| &nbsp;&nbsp;Vacant |  | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% |  |  |  |  |  |
| &nbsp;&nbsp;**Collateral Total** |  | &nbsp;&nbsp;**229905** | &nbsp;&nbsp;**100.0%** |  |  |  |  |  |

---

(1) Based on the underwritten rent roll dated as of February 6, 2026.

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

(3) NIH leases space under four separate leases, each of which expires December 31, 2033 and has 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. |
| 65 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Mixed Use – Lab/Office<br> 5625 Fishers Lane and 12735 Twinbrook<br> Parkway<br> Rockville, MD 20852 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 5<br> **Fishers Twinbrook** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$30,000,000<br> 36.5%<br> 3.35x<br> 19.2% |

---

The following table presents certain information relating to the lease rollover schedule at the Fishers Twinbrook Property, based on the initial lease expiration date:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &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 Ending December 31** | &nbsp;&nbsp;**Expiring Owned GLA** | &nbsp;&nbsp;**% of Owned<br> GLA** | &nbsp;&nbsp;**Cumulative %<br> of Owned GLA** | &nbsp;&nbsp;**U/W Base Rent** | &nbsp;&nbsp;**% of Total U/W Base Rent** | &nbsp;&nbsp;**U/W Base<br> Rent $ per SF** | &nbsp;&nbsp;**# of Expiring Leases** |
| &nbsp;&nbsp;2026 & MTM | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp; 0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2027 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2028 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2029 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2030 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2031 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2032 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2033 | &nbsp;&nbsp;229905 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$8585496 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$37.34 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;2034 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2035 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2036 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2037 & Thereafter | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Vacant | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp; NAP | &nbsp;&nbsp; NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**Total / Wtd. Avg.** | &nbsp;&nbsp;**229905** | &nbsp;&nbsp;**100.0%** |  | &nbsp;&nbsp;**$8585496** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$37.34** | &nbsp;&nbsp;**1** |

---

(1) Based on the underwritten rent roll dated as of February 6, 2026.

The following table presents certain information relating to the historical operating performance and underwritten net cash flow at the Fishers Twinbrook 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** |
| | **2024<sup>(1)</sup>** | **2025<sup>(1)</sup>** | **TTM 9/30/2025** | **U/W** | **U/W PSF** |
| &nbsp;&nbsp;Base Rent | &nbsp;&nbsp;$8092501 | &nbsp;&nbsp;$8234277 | &nbsp;&nbsp;$8274741 | &nbsp;&nbsp;$8585496 | &nbsp;&nbsp;$37.34 |
| &nbsp;&nbsp;Credit Tenant Rent Steps<sup>(2)</sup> | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1135831 | &nbsp;&nbsp;4.94 |
| &nbsp;&nbsp;Total Commercial Reimbursement Revenue | &nbsp;&nbsp;1671776 | &nbsp;&nbsp;1707899 | &nbsp;&nbsp;1709564 | &nbsp;&nbsp;1747707 | &nbsp;&nbsp;7.60 |
| &nbsp;&nbsp;Other Revenue | &nbsp;&nbsp;629295 | &nbsp;&nbsp;677111 | &nbsp;&nbsp;686022 | &nbsp;&nbsp;681127 | &nbsp;&nbsp;2.96 |
| &nbsp;&nbsp;**Potential Gross Revenue** | &nbsp;&nbsp;**$10393572** | &nbsp;&nbsp;**$10619288** | &nbsp;&nbsp;**$10670327** | &nbsp;&nbsp;**$12150162** | &nbsp;&nbsp;**$52.85** |
| &nbsp;&nbsp;Concessions | &nbsp;&nbsp;(2697552) | &nbsp;&nbsp;(1900548) | &nbsp;&nbsp;(551772) | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00 |
| &nbsp;&nbsp;(Vacancy) | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;(911262) | &nbsp;&nbsp;(3.96) |
| &nbsp;&nbsp;**Effective Gross Revenue** | &nbsp;&nbsp;**$7696020** | &nbsp;&nbsp;**$8718740** | &nbsp;&nbsp;**$10118555** | &nbsp;&nbsp;**$11238899** | &nbsp;&nbsp;**$48.88** |
| &nbsp;&nbsp;Total Expenses | &nbsp;&nbsp;2390191 | &nbsp;&nbsp;2626538 | &nbsp;&nbsp;2632781 | &nbsp;&nbsp;2410444 | &nbsp;&nbsp;10.48 |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$5305829** | &nbsp;&nbsp;**$6092202** | &nbsp;&nbsp;**$7485774<sup>(3)</sup>** | &nbsp;&nbsp;**$8828455<sup>(3)</sup>** | &nbsp;&nbsp;**$38.40** |
| &nbsp;&nbsp;Replacement Reserves | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;57476 | &nbsp;&nbsp;$0.25 |
| &nbsp;&nbsp;TI/LC | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;255195 | &nbsp;&nbsp;$1.11 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$5305829** | &nbsp;&nbsp;**$6092202** | &nbsp;&nbsp;**$7485774** | &nbsp;&nbsp;**$8515785** | &nbsp;&nbsp;**$37.04** |
| &nbsp;&nbsp;**Occupancy %<sup>(4)</sup>** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**92.5%** |  |
| &nbsp;&nbsp;**NCF DSCR<sup>(5)</sup>** | &nbsp;&nbsp;**2.09x** | &nbsp;&nbsp;**2.40x** | &nbsp;&nbsp;**2.95x** | &nbsp;&nbsp;**3.35x** |  |
| &nbsp;&nbsp;**NOI Debt Yield<sup>(5)</sup>** | &nbsp;&nbsp;**11.5%** | &nbsp;&nbsp;**13.2%** | &nbsp;&nbsp;**16.3%** | &nbsp;&nbsp;**19.2%** |  |

---

(1) 2024 and 2025 cash flows re present fiscal year ending in July.

(2) Represents straight line average of credit tenant rent steps over the term of the
Fisher Twinbrook Whole Loan.

(3) The increase from TTM 9/30/2025 Net Operating Income to U/W Net Operating Income
is primarily attributable to the inclusion of credit tenant rent steps through the term of the Fishers Twinbrook Whole Loan.

(4) Historical occupancies represent year-end annual physical occupancies. The UW Occupancy
% represents the economic occupancy.

(5) Metrics are based on the Fishers Twinbrook 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. |
| 66 |

---

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Mixed Use – Lab/Office<br> 5625 Fishers Lane and 12735 Twinbrook<br> Parkway<br> Rockville, MD 20852 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 5<br> **Fishers Twinbrook** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$30,000,000<br> 36.5%<br> 3.35x<br> 19.2% |

---

**Appraisal.** According to the appraisal, the Fishers Twinbrook Property had an "as-is" appraised value of $126,000,000 as of October 14, 2025. The table below shows the appraisal's "as-is" conclusions.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Fishers Twinbrook Appraised Value<sup>(1)</sup>** | &nbsp;&nbsp; **Fishers Twinbrook Appraised Value<sup>(1)</sup>** | &nbsp;&nbsp; **Fishers Twinbrook Appraised Value<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property** | &nbsp;&nbsp;**Appraised Value** | &nbsp;&nbsp;**Capitalization Rate** |
| &nbsp;&nbsp;Fishers Twinbrook | &nbsp;&nbsp;$126000000 | &nbsp;&nbsp;6.50% |

---

(1) Source: Appraisal.

**Environmental Matters.** According to the Phase I environmental site assessment dated October 17, 2025, there was no evidence of any recognized environmental conditions at the Fishers Twinbrook Property.

**The Market.** The Fishers Twinbrook Property is located in the Rockville office submarket, which is a part of the Washington, D.C. metropolitan area and benefits from its proximity to major federal agencies and an educated workforce, and in the Suburban Maryland (I-270 corridor) life science submarket. As of the first quarter of 2026, the Rockville submarket had a vacancy rate of 19.4%, above its five- and ten-year averages of 16.0% and 14.0%, respectively. Over the prior year, the submarket experienced approximately 230,000 SF of net absorption and 300,000 SF of delivered space, resulting in 2.1 million SF of available space and an availability rate of 22.3%. The Suburban Maryland (I-270 Corridor) life-science submarket had a vacancy rate of 14.0% and average asking rents of $43.45 PSF compared to $31.62 PSF for the broader office sub-market. This sector has 44,500 total life sciences employees and limited new development activity.

**The Borrower and the Borrower Sponsor.** The borrower is GI TC Montgomery LLC, a Delaware limited liability company and single purpose entity with one independent director. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Fishers Twinbrook Whole Loan. The borrower sponsor and non-recourse carveout guarantor is TechCore, LLC ("**<u>TechCore</u>**"). TechCore is a core investment vehicle established by GI Partners in partnership with the California Public Employees' Retirement System ("**<u>CalPERS</u>**"), focused on acquiring and managing technology-advantaged real estate across the United States. Its portfolio includes data centers, carrier hotels, specialized technology campuses, 'Always On' facilities, and life sciences properties. Since its inception in 2012, TechCore has acquired 19 properties and invested in over 3.6 million SF of stabilized core technology-advantaged real estate. CalPERS is the 99.5% owner of TechCore.

**Property Management.** The Fishers Twinbrook Property is currently managed by GI Property Manager LP, an affiliate of the borrower sponsor.

**Initial and Ongoing Reserves.**

*NIH Reserve Funds*. At origination, of the Fishers Twinbrook Whole Loan, the borrower deposited $2,861,832 into the NIH reserve account related to past due rents owed by the tenant. The lender will return amounts in this account, upon request by the borrower, provided no event of default exists and the lender has received evidence that all past due rents owed by the tenant have been paid. The past due balance has been fully repaid as of the Cut-off Date and NIH is current on rent.

*Tax Escrows* – On each payment date during a Cash Sweep Period (as defined below), the borrower is required to fund 1/12 of the taxes that the lender reasonably estimates will be payable over the next-ensuing 12-month period.

*Insurance Escrows* – On each payment date during a Cash Sweep Period, except if the Fisher Twinbrook Property is insured under an acceptable blanket policy, the borrower is required to fund 1/12 of the insurance premiums due for renewal of coverage. An acceptable blanket policy was in place at origination of the Fishers Twinbrook Whole Loan.

*TI/LC Reserve* - On each payment date during a Cash Sweep Period, the borrower is required to deposit approximately $19,159 into a the tenant improvement and leasing commission reserve.

*Capital Expenditures Reserve* - On each payment date during a Cash Sweep Period, the borrower is required to deposit approximately $4,790 in the capital expenditures reserve.

A "**<u>Cash Sweep Period</u>"** means a period (i) commencing upon any of (A) the occurrence and continuance of a material event of default, (B) the occurrence and continuance of a Specified Tenant Sweep Period (as defined below) and the borrower fails to timely make any cash deposit or provide a letter of credit as described in and to the extent permitted pursuant to the Fishers Twinbrook Whole Loan documents or (C) commencing when the debt yield is less than 15%, and (ii) expiring upon (x) with regard to any Cash Sweep Period commenced in connection with clause (A) above, the cure or waiver (if applicable) of such material event of default, (y) with regard to any Cash Sweep Period commenced in connection with clause (B) above, the expiration of all Specified Tenant Sweep Periods or the borrower makes the cash deposit or provides one or more letters of credit as described in and to the extent permitted pursuant to the Fishers Twinbrook Whole Loan documents or the amount of funds deposited into the lease sweep reserve account as a result of the related Specified Tenant Sweep Period is equal to the applicable Lease Sweep Reserve Deposit Amount (as defined below), or (z) with regard to any Cash Sweep Period commenced in connection with clause (C) above, the date when the debt yield is equal to or greater than 15% for two fiscal quarters.

---

| |
|:---|
| 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 |

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---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Mixed Use – Lab/Office<br> 5625 Fishers Lane and 12735 Twinbrook<br> Parkway<br> Rockville, MD 20852 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 5<br> **Fishers Twinbrook** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$30,000,000<br> 36.5%<br> 3.35x<br> 19.2% |

---

Notwithstanding the foregoing, a Cash Sweep Period will not be deemed to expire in the event that a Cash Sweep Period then exists for any other reason.

"**<u>Lease Sweep Reserve Deposit Amount</u>**" means an amount which is equivalent to 12 times the monthly amount of excess cash flow that would have been deposited in the lease sweep reserve account as of the commencement of a Specified Tenant Sweep Period, as reasonably determined by the lender.

A **"<u>Specified Tenant Sweep Period</u>"** will (x) commence if:

(i) such Specified Tenant (as defined below) vacates, abandons, goes dark or ceases operations in 50% or more of the related leased space, excluding the temporary discontinuance (A) for not longer than 90 days or (B) in connection with (1) a casualty or condemnation, or (2) renovations or alterations undertaken pursuant to the terms of the applicable lease or (C) caused by force majeure (including as a result of governmental restrictions during an ongoing pandemic); (ii) such Specified Tenant, its lease guarantor or its parent company (to the extent there is no separate lease guarantor) files for bankruptcy, is adjudged bankrupt, is deemed insolvent, or otherwise makes a general assignment for the benefit of creditors; (iii) such Specified Tenant fails to extend or renew its lease in accordance with its terms by the date that is 12 months prior to the scheduled expiration date, unless, within five business days, the conditions set forth in clauses (y)(c) or (y)(f) below, as applicable, have occurred; (iv) such Specified Tenant gives notice of its election to (A) terminate its lease or there is otherwise written evidence (including from publicly available information) of an intent to terminate its lease or (B) vacate and discontinue its operations in 50% or more of its leased premises, and, in the case of clauses (A) or (B), there is less than 12 months remaining in the lease term, unless such Specified Tenant or a replacement tenant enters into an extension or replacement lease for all or substantially all of the space governed by such lease (x) with the exercise of an option in its lease, (y) that satisfies the minimum leasing parameters set forth in the Fishers Twinbrook Whole Loan documents, or (z) is otherwise on terms reasonably acceptable to the lender; (v) such Specified Tenant is in monetary default with respect to the payment of base rent and reimbursements which are considered additional rent under its lease which default is not being contested by the tenant in good faith or other material default beyond any applicable notice and cure or grace periods, which is reasonably likely to have a material adverse effect, or with respect to which the borrower has delivered a notice of termination of the related lease to the subject Specified Tenant; or (vi) such Specified Tenant no longer satisfies the Specified Tenant Rating Requirements (as defined below) by two or more rating agencies; and

(y) terminate upon:

(a) in the case of any Specified Tenant Sweep Period commenced under clause (x) (i) above, (A) the borrower provides the lender with evidence that the applicable Specified Tenant has resumed occupancy of and operations in more than 50% of the leased space or (B) 12 months have passed since the happening of the event which triggered the commencement of the Specified Tenant Sweep Period under clause (x) (i) above provided no other Specified Tenant Sweep Period is then occurring; (b) in the case of any Specified Tenant Sweep Period commenced under clause (x)(ii) above, the applicable Specified Tenant or its lease guarantor is no longer deemed insolvent or subject to any bankruptcy or insolvency proceedings or the applicable lease with the Specified Tenant has been affirmed in a bankruptcy proceeding; (c) in the case of any Specified Tenant Sweep Period commenced under clause (x)(iii) above, the lender receives (1) reasonably satisfactory evidence that such Specified Tenant has extended or renewed its lease for all or substantially all of the space leased to such Specified Tenant pursuant to the terms that satisfy the minimum leasing parameters set forth in the Fishers Twinbrook Whole Loan documents or otherwise acceptable to the lender, with no then outstanding conditions to the effectiveness of such renewal and any fixed costs for the payment of tenant improvements to be completed by the borrower or paid for by the borrower after the effectiveness of the renewal have been escrowed with the lender in the Lease Sweep Reserve Account, and such Specified Tenant is in occupancy of and operating in at least 50% of its respective space, and paying full, unabated rent under such lease and (2)(x) evidence reasonably satisfactory to lender that such renewal or extension was exercised by such Specified Tenant; or (y) a tenant estoppel certificate from such Specified Tenant, in form and substance reasonably acceptable to the lender (provided, however, that the lender will not object to the substance of such estoppel so long as it contains the information necessary for the lender to determine that the applicable Specified Tenant Sweep Period has been cured); (d) in the case of any Specified Tenant Sweep Period commenced under clause (x)(iv) above, any such notice is rescinded and the applicable Specified Tenant reaffirms its lease in writing; (e) in the case of any Specified Tenant Sweep Period commenced under clause (x)(v) above, such default has been cured, the applicable lease is in full force and effect and there is no monetary default with respect to the payment of base rent and reimbursements which are considered additional rent under the lease which default is not being contested by the tenant in good faith or other material default beyond any applicable notice and cure or grace periods, which is reasonably likely to have a Material Adverse Effect, or with respect to which the borrower has delivered a notice of termination of the related lease to the subject Specified Tenant; (f) in the case of any Specified Tenant Sweep Period commenced under clause (x)(vi) above, such Specified Tenant or its lease guarantor (if applicable) satisfies the Specified Tenant Rating Requirements; or (g) in the case of any Specified Tenant Sweep Period that is not cured pursuant to any other clause of this definition, the lender receives evidence, in form and substance reasonably satisfactory to lender, that at least 70% of the space leased to the applicable Specified Tenant has been leased to the applicable Specified Tenant or one or more replacement tenants that would satisfy the Specified Tenant Rating Requirements pursuant to one or more leases with terms that satisfy the minimum leasing parameters set forth in the Fishers Twinbrook Whole Loan documents or otherwise acceptable to the lender.

"**<u>Specified Tenant</u>**" means, individually and collectively, any tenant or its affiliates under a lease (or combination of leases) covering more than 76,250 rentable square feet of the Fishers Twinbrook 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. |
| 68 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Mixed Use – Lab/Office<br> 5625 Fishers Lane and 12735 Twinbrook<br> Parkway<br> Rockville, MD 20852 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 5<br> **Fishers Twinbrook** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$30,000,000<br> 36.5%<br> 3.35x<br> 19.2% |

---

"**<u>Specified Tenant Rating Requirements</u>**" means that a tenant (or its parent company) maintains a long term unsecured debt rating of at least "BBB-" by S&P, "Baa3" by Moody's and the equivalent rating by the other rating agencies which rate such entity.

**Lockbox / Cash Management.** The Fishers Twinbrook Whole Loan is structured with a hard lockbox and springing cash management. The borrower and the property manager are required to direct tenants to pay rent directly into the lockbox account, and to deposit any rents otherwise received into such account within two business days after receipt. Prior to a Cash Sweep Period, all sums deposited into the lockbox will be transferred into the borrower's operating account, on each business day. During a Cash Sweep Period, any transfers to the borrower's operating account will cease and such sums on deposit in the lockbox are required to be transferred on each business day to the cash management account, to be applied to the payment of all monthly amounts due under the Fishers Twinbrook Whole Loan documents (including, without limitation, taxes and insurance, debt service and required reserves) with any excess funds required to be deposited into an excess cash flow reserve account to be held as additional collateral for the Fishers Twinbrook Whole Loan until the Cash Sweep Period is cured, at which time all funds in such account will be disbursed to the borrower; provided that during a Specified Tenant Sweep Period, all excess cash flow is required to be deposited into a lease sweep reserve account until such time that the Specified Tenant Sweep Period is cured.

**Current Mezzanine or Secured Subordinate Indebtedness.** None.

**Permitted Future Mezzanine or Secured Subordinate Indebtedness.** Not permitted.

**Release of Collateral.** Not permitted.

**Ground Lease.** None.

---

| |
|:---|
| 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 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – CBD<br> 50 West 23rd Street<br> New York, NY 10010<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 6<br> **50 West 23rd Street** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$30,000,000<br> 39.9%<br> 2.18x<br> 15.3% |

---

---

| |
|:---|
| 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 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – CBD<br> 50 West 23rd Street<br> New York, NY 10010<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 6<br> **50 West 23rd Street** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$30,000,000<br> 39.9%<br> 2.18x<br> 15.3% |

---

---

| |
|:---|
| 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 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – CBD<br> 50 West 23rd Street<br> New York, NY 10010<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 6<br> **50 West 23rd Street** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$30,000,000<br> 39.9%<br> 2.18x<br> 15.3% |

---

---

| |
|:---|
| 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 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – CBD<br> 50 West 23rd Street<br> New York, NY 10010<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 6<br> **50 West 23rd Street** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$30,000,000<br> 39.9%<br> 2.18x<br> 15.3% |

---

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Loan Seller:** | &nbsp;&nbsp;CREFI | &nbsp;&nbsp;**Single Asset / Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;**Property Type – Subtype:** | &nbsp;&nbsp;Office - CBD |
| &nbsp;&nbsp;**Borrower Sponsor(s):** | &nbsp;&nbsp;Amish Patel, Jed Walentas and Walentas<br> Trust 3 | &nbsp;&nbsp;**Collateral:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Borrower(s):** | &nbsp;&nbsp;50 West 23rd Street LLC | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;New York, NY |
| &nbsp;&nbsp;**Original Balance<sup>(1)</sup>:** | &nbsp;&nbsp;$30000000 | &nbsp;&nbsp;**Year Built / Renovated:** | &nbsp;&nbsp;1906 / 2015 |
| &nbsp;&nbsp;**Cut-off Date Balance<sup>(1)</sup>:** | &nbsp;&nbsp;$30000000 | &nbsp;&nbsp;**Property Management:** | &nbsp;&nbsp;Two Trees Management Co. LLC |
| &nbsp;&nbsp;**% by Initial UPB:** | &nbsp;&nbsp;4.1% | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;331,744 SF |
| &nbsp;&nbsp;**Interest Rate:** | &nbsp;&nbsp;6.46000% | &nbsp;&nbsp;**Appraised Value / Per SF:** | &nbsp;&nbsp;$208,000,000 / $627 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;January 29, 2026 | &nbsp;&nbsp;**Appraisal Date:** | &nbsp;&nbsp;December 16, 2025 |
| &nbsp;&nbsp;**Original Term:** | &nbsp;&nbsp;120 months | &nbsp;&nbsp;**Occupancy:** | &nbsp;&nbsp;97.3% (as of December 31, 2025) |
| &nbsp;&nbsp;**Amortization:** | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;**UW Economic Occupancy:** | &nbsp;&nbsp;95.0% |
| &nbsp;&nbsp;**Original Amortization:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Underwritten NOI<sup>(5)</sup>:** | &nbsp;&nbsp;$12682647 |
| &nbsp;&nbsp;**Interest Only Period:** | &nbsp;&nbsp;120 months | &nbsp;&nbsp;**Underwritten NCF:** | &nbsp;&nbsp;$11868908 |
| &nbsp;&nbsp;**First Payment Date:** | &nbsp;&nbsp;March 6, 2026 |  |  |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;February 6, 2036 | &nbsp;&nbsp;**Historical NOI** | &nbsp;&nbsp;**Historical NOI** |
| &nbsp;&nbsp;**Additional Debt Type<sup>(1)</sup>:** | &nbsp;&nbsp;*Pari Passu* | &nbsp;&nbsp;**Most Recent NOI<sup>(5)</sup>:** | &nbsp;&nbsp;$8,158,122 (TTM September 30, 2025) |
| &nbsp;&nbsp;**Additional Debt Balance<sup>(1)</sup>:** | &nbsp;&nbsp;$53000000 | &nbsp;&nbsp;**2024 NOI:** | &nbsp;&nbsp;$9362821 |
| &nbsp;&nbsp;**Call Protection<sup>(2)</sup>:** | &nbsp;&nbsp;L(25),D(88),O(7) | &nbsp;&nbsp;**2023 NOI:** | &nbsp;&nbsp;$12314881 |
| &nbsp;&nbsp;**Lockbox / Cash Management:** | &nbsp;&nbsp;Springing / Springing | &nbsp;&nbsp;**2022 NOI:** | &nbsp;&nbsp;$11171174 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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;**Financial Information<sup>(1)</sup>** | &nbsp;&nbsp;**Financial Information<sup>(1)</sup>** |
|  | &nbsp;&nbsp;**Initial** | &nbsp;&nbsp;**Monthly** | &nbsp;&nbsp;**Cap** | &nbsp;&nbsp;**Cut-off Date Loan / SF:** | &nbsp;&nbsp;$250 |
| &nbsp;&nbsp;**Taxes:** | &nbsp;&nbsp;$854048 | &nbsp;&nbsp;$427024 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date Loan / SF:** | &nbsp;&nbsp;$250 |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;39.9% |
| &nbsp;&nbsp;**Replacement Reserves:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$5529 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date LTV:** | &nbsp;&nbsp;39.9% |
| &nbsp;&nbsp;**TI/LC:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$41667 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**UW NOI DY:** | &nbsp;&nbsp;15.3% |
| &nbsp;&nbsp;**Other Reserves<sup>(4)</sup>:** | &nbsp;&nbsp;$2863694 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.18x |

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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<sup>(1)</sup> | &nbsp;&nbsp;$83000000 | &nbsp;&nbsp;95.9% | &nbsp;&nbsp;Loan Payoff | &nbsp;&nbsp;$81932218 | &nbsp;&nbsp;94.6% |
| &nbsp;&nbsp;Equity Contribution | &nbsp;&nbsp;3588414 | &nbsp;&nbsp; 4.1 | &nbsp;&nbsp;Upfront Reserves | &nbsp;&nbsp;3717742 | &nbsp;&nbsp;4.3% |
|  |  |  | &nbsp;&nbsp;Closing Costs | &nbsp;&nbsp;938454 | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;**Total Sources** | &nbsp;&nbsp;**$86588414** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses** | &nbsp;&nbsp;**$86588414** | &nbsp;&nbsp;**100.0%** |

---

(1) The 50 West 23rd Street Mortgage Loan (as defined below) is part of a whole loan evidenced by two *pari passu* notes with an aggregate outstanding principal balance of as of the Cut-off Date of $83,000,000 (the "  **<u>50 West 23rd Street Whole Loan</u>** "). The Financial Information in the chart above reflects the 50 West 23rd Street Whole Loan.

(2) Defeasance of the 50 West 23rd Street Whole Loan is permitted at any time after the earlier to occur of
(a) the end of the two-year period commencing on the closing date of the securitization of the last promissory note representing a portion
of the 50 West 23rd Street Whole Loan to be securitized and (b) January 29, 2030. The assumed defeasance lockout period of 25 payments
is based on the anticipated closing date of the Benchmark 2026-B42 securitization in March 2026. The actual lockout period may be longer.

(3) See "*Initial and Ongoing Reserves*" below.

(4) Other Reserves are comprised of (i) an initial free rent reserve of approximately $2,746,644 related to
six tenants at the 50 West 23rd Street Property (as defined below) and (ii) an initial unfunded obligations reserve of $117,050.

(5) The increase from Most Recent NOI to Underwritten NOI is primarily attributable to recent leasing activity
and re-tenanting at the 50 West 23rd Street Property which includes nine new leases accounting for 158,233 square feet and $9,445,952
of underwritten base rent since 2025.

**The Loan.** The sixth largest mortgage loan (the "**<u>50 West 23rd Street Mortgage Loan</u>**") is part of the 50 West 23rd Street Whole Loan, which is evidenced by two *pari passu* promissory notes with an aggregate outstanding principal balance as of the Cut-off Date of $83,000,000 and is secured by the borrower's fee interest in a 331,744 square foot office property located in the Flatiron/Union Square neighborhood of New York, New York (the "**<u>50 West 23rd Street Property</u>**"). The 50 West 23rd Street Whole Loan has an initial term of ten years, is interest-only for the full term and accrues interest at a fixed rate of 6.46000% *per annum* on an Actual/360 basis. The 50 West 23rd Street Mortgage Loan is evidenced by the non-controlling Note A-2 with an outstanding principal balance of $30,000,000.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – CBD<br> 50 West 23rd Street<br> New York, NY 10010<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 6<br> **50 West 23rd Street** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$30,000,000<br> 39.9%<br> 2.18x<br> 15.3% |

---

The table below identifies the promissory notes that comprise the 50 West 23rd Street Whole Loan. The relationship between the holders of the 50 West 23rd Street 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 Non-Serviced Pari Passu Whole Loan*s" in the prospectus. The 50 West 23rd Street Whole Loan will be serviced under the pooling and servicing agreement for the Benchmark 2026-B42 securitization trust until the controlling Note A-1 is securitized, at which point it will be serviced under the pooling and servicing agreement for the securitization trust to which such Note A-1 is contributed. See "*The Pooling and Servicing Agreement—Servicing of the Servicing Shift Mortgage Loans*" in the prospectus.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Whole Loan Summary** | &nbsp;&nbsp;**Whole Loan Summary** | &nbsp;&nbsp;**Whole Loan Summary** | &nbsp;&nbsp;**Whole Loan Summary** | &nbsp;&nbsp;**Whole Loan Summary** |
| &nbsp;&nbsp;**Note** | &nbsp;&nbsp;**Original Balance** | &nbsp;&nbsp;**Cut-off Date Balance** | &nbsp;&nbsp;**Note Holder** | &nbsp;&nbsp;**Controlling Piece** |
| &nbsp;&nbsp;A-1<sup>(1)</sup> | &nbsp;&nbsp;$53000000 | &nbsp;&nbsp;$53000000 | &nbsp;&nbsp;CREFI | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;**A-2** | &nbsp;&nbsp;**$30000000** | &nbsp;&nbsp;**$30000000** | &nbsp;&nbsp;**Benchmark 2026-B42** | &nbsp;&nbsp;**No** |
| &nbsp;&nbsp;**Whole Loan** | &nbsp;&nbsp;**$83000000** | &nbsp;&nbsp;**$83000000** |  |  |

---

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

**The Property.** The 50 West 23rd Street Property is comprised of two interconnected 11- and 14-story office buildings with ground floor retail, totaling 331,744 square feet. The 50 West 23rd Street Property is located between 5th and 6th Avenue with frontage on both 22nd Street and 23rd Street and is located in the Flatiron/Union Square neighborhood of New York, New York. The 50 West 23rd Street Property was originally constructed in 1906 and was most recently renovated in 2015. The 50 West 23rd Street Property features 296,886 square feet of office space accounting for 92.4% of underwritten base rent, 22,883 square feet of ground floor retail space accounting for 5.9% of underwritten base rent, and 11,975 square feet of basement storage space accounting for 1.7% of underwritten base rent. The office space includes 64,000 square feet of space leased to the NYC Department of Education which uses its space as a public school known as Manhattan Village Academy with its own separate dedicated entrance. Primary access to the 50 West 23rd Street Property is provided by the F, M, R, W, and 6 subway trains with nearby access to the New Jersey PATH.

As of December 31, 2025, the 50 West 23rd Street Property was 97.3% leased to 14 office tenants and four retail tenants. Recent leasing activity at the 50 West 23rd Street Property includes 12 new tenants since 2023 representing 53.4% of net rentable area and 53.2% of underwritten base rent. As of the Cut-off Date, the tenants at the 50 West 23rd Street Property had been in occupancy for a weighted average of 8.3 years and had a weighted average lease term remaining of 5.2 years.

**Major Tenants.** The three largest tenants based on underwritten base rent are the NYC Department of Education, Buzzfeed, Inc. ("**<u>Buzzfeed</u>**"), and MSQ Partners NA LLC ("**<u>MSQ Partners</u>**").

*NYC Department of Education (64,000 square feet; 19.3% of net rentable area; 20.7% of underwritten base rent).* The New York City Department of Education is the largest public school system in the United States, serving roughly one million students in more than 1,800 schools (including charter schools) and childcare centers, and employing 130,000 full-time staff. The NYC Department of Education has been a tenant at the 50 West 23rd Street Property since September 1994 and uses its space at the 50 West 23rd Street Property as a public high school commonly known as the Manhattan Village Academy. The NYC Department of Education has a current lease term through June 30, 2030 with one, five-year renewal option. The NYC Department of Education has the option to terminate its lease at any time by delivering at least six months' prior written notice.

*Buzzfeed (42,210 square feet; 12.7% of net rentable area; 12.0% of underwritten base rent).* Founded in 2006, Buzzfeed is a digital media and entertainment company with content spanning entertainment, lifestyle, and news. Buzzfeed targets a digital audience, with revenue derived from advertising, branded content, e-commerce, and licensing. Buzzfeed recently moved to the 50 West 23rd Street Property in June 2025 and uses its space at the 50 West 23rd Street Property as its corporate headquarters. Buzzfeed has a current lease term through April 30, 2036 with one, five-year renewal option. Buzzfeed has the one-time option to terminate its lease effective as of December 31, 2031 provided it gives 12 months prior written notice and pays an early termination fee. Buzzfeed has a monthly abatement of $208,095 for the months of January 2027 and January 2028, and a monthly abatement of $212,257 for August 2029.

*MSQ Partners (38,273 square feet; 11.5% of net rentable area; 11.3% of underwritten base rent).* MSQ Partners is a global creative and technology company that helps brands grow by providing a wide range of marketing, data, and digital services including advertising, public relations, brand strategy, and digital marketing. MSQ Partners has been a tenant at the 50 West 23rd Street Property since November 2025 and has a current lease term through July 2036 with one, five year renewal option. MSQ Partners has the option to terminate its lease effective as of July 1, 2033 provided it gives 12 months' prior written notice and pays an early termination fee. MSQ partners has a monthly abatement of $191,365 from March 2026 through July 2026.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – CBD<br> 50 West 23rd Street<br> New York, NY 10010<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 6<br> **50 West 23rd Street** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$30,000,000<br> 39.9%<br> 2.18x<br> 15.3% |

---

The following table presents certain information relating to the major tenants at the 50 West 23rd Street Property:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** |
| &nbsp;&nbsp;**Tenant** | &nbsp;&nbsp;**Credit Rating (Moody's/ S&P/Fitch)<sup>(2)</sup>** | &nbsp;&nbsp;**Net Rentable Area (SF)** | &nbsp;&nbsp;**% of Portfolio Net Rentable Area** | &nbsp;&nbsp;**U/W Base Rent<sup>(3)</sup>** | &nbsp;&nbsp;**U/W Base Rent Per SF** | &nbsp;&nbsp;**% of Portfolio U/W Base Rent** | &nbsp;&nbsp;**Lease Expiration** | &nbsp;&nbsp;**Renewal Option** |
| &nbsp;&nbsp;NYC Department of Education | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;64000 | &nbsp;&nbsp;19.3% | &nbsp;&nbsp;$4224000 | &nbsp;&nbsp;$66.00 | &nbsp;&nbsp;20.7% | &nbsp;&nbsp;6/30/2030 &nbsp;&nbsp;Y<sup>(4)</sup> | &nbsp;&nbsp;1 x 5 yr |
| &nbsp;&nbsp;Buzzfeed | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;42210 | &nbsp;&nbsp;12.7% | &nbsp;&nbsp;$2448180 | &nbsp;&nbsp;$58.00 | &nbsp;&nbsp;12.0% | &nbsp;&nbsp;4/30/2036 &nbsp;&nbsp;Y<sup>(5)</sup> | &nbsp;&nbsp;1 x 5 yr |
| &nbsp;&nbsp;MSQ Partners | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;38273 | &nbsp;&nbsp;11.5% | &nbsp;&nbsp;$2296380 | &nbsp;&nbsp;$60.00 | &nbsp;&nbsp;11.3% | &nbsp;&nbsp;7/31/2036 &nbsp;&nbsp;Y<sup>(6)</sup> | &nbsp;&nbsp;1 x 5 yr |
| &nbsp;&nbsp;Trustpilot, Inc<sup>(7)</sup> | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;30737 | &nbsp;&nbsp;9.3% | &nbsp;&nbsp;$2152811 | &nbsp;&nbsp;$70.04 | &nbsp;&nbsp;10.6% | &nbsp;&nbsp;3/31/2030 &nbsp;&nbsp;Y<sup>(8)</sup> | &nbsp;&nbsp;1 x 3 yr |
| &nbsp;&nbsp;Bizzabo Inc.<sup>(9)</sup> | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;30471 | &nbsp;&nbsp;9.2% | &nbsp;&nbsp;$2055878 | &nbsp;&nbsp;$67.47 | &nbsp;&nbsp;10.1% | &nbsp;&nbsp;6/30/2027 &nbsp;&nbsp;N | &nbsp;&nbsp;1 x 5 yr |
| &nbsp;&nbsp;MF Services Delaware Inc. | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;31270 | &nbsp;&nbsp;9.4% | &nbsp;&nbsp;$1513781 | &nbsp;&nbsp;$48.41 | &nbsp;&nbsp;7.4% | &nbsp;&nbsp;2/28/2027 &nbsp;&nbsp;N | &nbsp;&nbsp;N |
| &nbsp;&nbsp;Siro Technologies, Inc. | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;20489 | &nbsp;&nbsp;6.2% | &nbsp;&nbsp;$1208851 | &nbsp;&nbsp;$59.00 | &nbsp;&nbsp;5.9% | &nbsp;&nbsp;2/28/2031 &nbsp;&nbsp;N | &nbsp;&nbsp;1 x 3 yr |
| &nbsp;&nbsp;Convive Brands LLC | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;9265 | &nbsp;&nbsp;2.8% | &nbsp;&nbsp;$630020 | &nbsp;&nbsp;$68.00 | &nbsp;&nbsp;3.1% | &nbsp;&nbsp;8/31/2031 &nbsp;&nbsp;N | &nbsp;&nbsp;N |
| &nbsp;&nbsp;Roboflow, Inc. | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;7785 | &nbsp;&nbsp;2.3% | &nbsp;&nbsp;$615015 | &nbsp;&nbsp;$79.00 | &nbsp;&nbsp;3.0% | &nbsp;&nbsp;3/31/2031 &nbsp;&nbsp;N | &nbsp;&nbsp;N |
| &nbsp;&nbsp;Clinch US Inc. | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;8705 | &nbsp;&nbsp;2.6% | &nbsp;&nbsp;$611185 | &nbsp;&nbsp;$70.21 | &nbsp;&nbsp;3.0% | &nbsp;&nbsp;2/28/2030 &nbsp;&nbsp;N | &nbsp;&nbsp;1 x 5 yr |
| &nbsp;&nbsp;**Largest Tenants** |  | &nbsp;&nbsp;**283205** | &nbsp;&nbsp;**85.4%** | &nbsp;&nbsp;**$17756102** | &nbsp;&nbsp;**$62.70** | &nbsp;&nbsp;**87.1%** |  |  |
| &nbsp;&nbsp;Remaining Occupied |  | &nbsp;&nbsp;39612 | &nbsp;&nbsp;11.9% | &nbsp;&nbsp;$2625493 | &nbsp;&nbsp;$66.28 | &nbsp;&nbsp;12.9% |  |  |
| &nbsp;&nbsp;**Total Occupied** |  | &nbsp;&nbsp;**322817** | &nbsp;&nbsp;**97.3%** | &nbsp;&nbsp;**$20381595** | &nbsp;&nbsp;**$63.14** | &nbsp;&nbsp;**100.0%** |  |  |
| &nbsp;&nbsp;Vacant |  | &nbsp;&nbsp;8927 | &nbsp;&nbsp;2.7% |  |  |  |  |  |
| &nbsp;&nbsp;**Total** |  | &nbsp;&nbsp;**331744** | &nbsp;&nbsp;**100.0%** |  |  |  |  |  |

---

(1) Based on the underwritten rent roll dated December 31, 2025 and inclusive of $241,204 of contractual rent
steps through January 1, 2027.

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

(3) Each of the following tenants has abated rent as follows: Buzzfeed (monthly abatement of $208,095 for
the months of January 2027 and January 2028, and a monthly abatement of $212,257 for August 2029), MSQ Partners (monthly abatement of
$191,365 from March 2026 through July 2026), TrustPilot, Inc (monthly abatement of $193,234.50 for the months of March 2028 and April
2028), Convive Brands LLC (monthly abatement of $35,001.11 from April 2026 through June 2026, and monthly abatement of $55,715 from July
2029 through August 2029), Bizzabo Inc. (monthly abatement of $171,323.20 from April 2027 through June 2027). At closing of the 50 West
23rd Street Whole Loan, approximately $2,746,644 was deposited into a free rent reserve.

(4) NYC Department of Education has the option to terminate its lease at any time provided it gives 180 days'
prior written notice.

(5) Buzzfeed has the one-time option to terminate its lease effective as of December 31, 2031 provided it
gives 12 months prior written notice and pays an early termination fee.

(6) MSQ Partners has the option to terminate its lease effective as of July 1, 2033, provided it gives 12
months prior written notice and pays an early termination fee.

(7) Trustpilot, Inc subleases 8,595 square feet of its space to Juniper Solutions, Inc. at an annual rent
of $54.59 per square foot. The sublease is set to expire January 31, 2027 with no additional renewal options.

(8) Trustpilot, Inc has the option to terminate its lease effective as of February 28, 2028, provided it gives
nine months prior written notice and pays an early termination fee.

(9) Bizzabo Inc. subleases 21,345 square feet of its space to Maplebear, Inc. at an annual rent of $68.03
PSF. The sublease is set to expire April 29, 2027.

The following table presents certain information relating to the lease rollover schedule at the 50 West 23rd Street 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;**Year Ending December 31** | &nbsp;&nbsp;**Expiring Owned NRA** | &nbsp;&nbsp;**% of Owned NRA** | &nbsp;&nbsp;**Cumulative % <br> of Owned NRA** | &nbsp;&nbsp;**U/W Base Rent** | &nbsp;&nbsp;**% of Total U/W Base Rent** | &nbsp;&nbsp;**U/W Base Rent $ per SF** | &nbsp;&nbsp;**# of Expiring Leases** |
| &nbsp;&nbsp;2026 & MTM | &nbsp;&nbsp;7500 | &nbsp;&nbsp;2.3% | &nbsp;&nbsp;2.3% | &nbsp;&nbsp;$579684 | &nbsp;&nbsp;2.8% | &nbsp;&nbsp;$77.29 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;2027 | &nbsp;&nbsp;61741 | &nbsp;&nbsp;18.6% | &nbsp;&nbsp;20.9% | &nbsp;&nbsp;$3569659 | &nbsp;&nbsp;17.5% | &nbsp;&nbsp;$57.82 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;2028 | &nbsp;&nbsp;8400 | &nbsp;&nbsp;2.5% | &nbsp;&nbsp;23.4% | &nbsp;&nbsp;$605215 | &nbsp;&nbsp;3.0% | &nbsp;&nbsp;$72.05 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;2029 | &nbsp;&nbsp;13250 | &nbsp;&nbsp;4.0% | &nbsp;&nbsp;27.4% | &nbsp;&nbsp;$540000 | &nbsp;&nbsp;2.6% | &nbsp;&nbsp;$40.75 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;2030 | &nbsp;&nbsp;106942 | &nbsp;&nbsp;32.2% | &nbsp;&nbsp;59.6% | &nbsp;&nbsp;$7254997 | &nbsp;&nbsp;35.6% | &nbsp;&nbsp;$67.84 | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;2031 | &nbsp;&nbsp;37539 | &nbsp;&nbsp;11.3% | &nbsp;&nbsp;70.9% | &nbsp;&nbsp;$2453886 | &nbsp;&nbsp;12.0% | &nbsp;&nbsp;$65.37 | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;2032 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;70.9% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2033 | &nbsp;&nbsp;4621 | &nbsp;&nbsp;1.4% | &nbsp;&nbsp;72.3% | &nbsp;&nbsp;$392471 | &nbsp;&nbsp;1.9% | &nbsp;&nbsp;$84.93 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;2034 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;72.3% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2035 | &nbsp;&nbsp;2341 | &nbsp;&nbsp;0.7% | &nbsp;&nbsp;73.0% | &nbsp;&nbsp;$241123 | &nbsp;&nbsp;1.2% | &nbsp;&nbsp;$103.00 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;2036 & Beyond | &nbsp;&nbsp;80483 | &nbsp;&nbsp;24.3% | &nbsp;&nbsp;97.3% | &nbsp;&nbsp;$4744560 | &nbsp;&nbsp;23.3% | &nbsp;&nbsp;$58.95 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Vacant | &nbsp;&nbsp;8927 | &nbsp;&nbsp;2.7% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**Total / Wtd. Avg.** | &nbsp;&nbsp;**331744** | &nbsp;&nbsp;**100.0%** |  | &nbsp;&nbsp;**$20381595** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$63.14** | &nbsp;&nbsp;**18** |

---

(1) Based on the underwritten rent roll dated December 31, 2025 and inclusive of $241,204
of contractual rent steps through January 1, 2027.

(2) Certain leases may have termination options that are exercisable prior to the originally
stated expiration date of the lease and that are not considered in this Lease Rollover Schedule.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – CBD<br> 50 West 23rd Street<br> New York, NY 10010<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 6<br> **50 West 23rd Street** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$30,000,000<br> 39.9%<br> 2.18x<br> 15.3% |

---

The following table presents certain information relating to the historical operating performance and underwritten net cash flow at the 50 West 23rd Street Property:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** |
|  | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**TTM 9/30/2025<sup>(2)</sup>** | &nbsp;&nbsp;**U/W<sup>(2)</sup>** | &nbsp;&nbsp;**U/W Per SF** |
| &nbsp;&nbsp;Base Rent | &nbsp;&nbsp;$17903725 | &nbsp;&nbsp;$19830687 | &nbsp;&nbsp;$15974125 | &nbsp;&nbsp;$14953112 | &nbsp;&nbsp;$20140391 | &nbsp;&nbsp;$60.71 |
| &nbsp;&nbsp;Contractual Rent Steps | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;241204 | &nbsp;&nbsp;$0.73 |
| &nbsp;&nbsp;Potential Income from Vacant Space | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;448175 | &nbsp;&nbsp;$1.35 |
| &nbsp;&nbsp;**Gross Potential Rent** | &nbsp;&nbsp;**$17903725** | &nbsp;&nbsp;**$19830687** | &nbsp;&nbsp;**$15974125** | &nbsp;&nbsp;**$14953112** | &nbsp;&nbsp;**$20829770** | &nbsp;&nbsp;**$62.79** |
| &nbsp;&nbsp;Reimbursements | &nbsp;&nbsp;672443 | &nbsp;&nbsp;170408 | &nbsp;&nbsp;324352 | &nbsp;&nbsp;479866 | &nbsp;&nbsp;351336 | &nbsp;&nbsp;$1.06 |
| &nbsp;&nbsp;**Total Gross Income** | &nbsp;&nbsp;**$18576168** | &nbsp;&nbsp;**$20001095** | &nbsp;&nbsp;**$16298477** | &nbsp;&nbsp;**$15432978** | &nbsp;&nbsp;**$21181106** | &nbsp;&nbsp;**$63.85** |
| &nbsp;&nbsp;Other Income<sup>(3)</sup> | &nbsp;&nbsp;0 | &nbsp;&nbsp;98393 | &nbsp;&nbsp;96204 | &nbsp;&nbsp;127404 | &nbsp;&nbsp;127404 | &nbsp;&nbsp;$0.38 |
| &nbsp;&nbsp;(Vacancy / Credit Loss) | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;(1064239) | &nbsp;&nbsp;($3.21) |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$18576168** | &nbsp;&nbsp;**$20099488** | &nbsp;&nbsp;**$16394681** | &nbsp;&nbsp;**$15560382** | &nbsp;&nbsp;**$20244271** | &nbsp;&nbsp;**$61.02** |
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp;580439 | &nbsp;&nbsp;748385 | &nbsp;&nbsp;499318 | &nbsp;&nbsp;489678 | &nbsp;&nbsp;607328 | &nbsp;&nbsp;$1.83 |
| &nbsp;&nbsp;Real Estate Taxes | &nbsp;&nbsp;4485528 | &nbsp;&nbsp;4736483 | &nbsp;&nbsp;4830892 | &nbsp;&nbsp;4851853 | &nbsp;&nbsp;4781052 | &nbsp;&nbsp;$14.41 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;124392 | &nbsp;&nbsp;141507 | &nbsp;&nbsp;183936 | &nbsp;&nbsp;238528 | &nbsp;&nbsp;294939 | &nbsp;&nbsp;$0.89 |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;271943 | &nbsp;&nbsp;288662 | &nbsp;&nbsp;281673 | &nbsp;&nbsp;383711 | &nbsp;&nbsp;$383711 | &nbsp;&nbsp;$1.16 |
| &nbsp;&nbsp;Other Expenses<sup>(4)</sup> | &nbsp;&nbsp;1942692 | &nbsp;&nbsp;1869570 | &nbsp;&nbsp;1236041 | &nbsp;&nbsp;1438490 | &nbsp;&nbsp;1494593 | &nbsp;&nbsp;$4.51 |
| &nbsp;&nbsp;**Total Expenses** | &nbsp;&nbsp;**$7404994** | &nbsp;&nbsp;**$7784607** | &nbsp;&nbsp;**$7031860** | &nbsp;&nbsp;**$7402260** | &nbsp;&nbsp;**$7561624** | &nbsp;&nbsp;**$22.79** |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$11171174** | &nbsp;&nbsp;**$12314881** | &nbsp;&nbsp;**$9362821** | &nbsp;&nbsp;**$8158122** | &nbsp;&nbsp;**$12682647** | &nbsp;&nbsp;**$38.23** |
| &nbsp;&nbsp;Replacement Reserves | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;66349 | &nbsp;&nbsp;$0.20 |
| &nbsp;&nbsp;Normalized TI/LC | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;747390 | &nbsp;&nbsp;$2.25 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$11171174** | &nbsp;&nbsp;**$12314881** | &nbsp;&nbsp;**$9362821** | &nbsp;&nbsp;**$8158122** | &nbsp;&nbsp;**$11868908** | &nbsp;&nbsp;**$35.78** |
| &nbsp;&nbsp;**Occupancy (%)** | &nbsp;&nbsp;**93.4%** | &nbsp;&nbsp;**96.1%** | &nbsp;&nbsp;**68.1%** | &nbsp;&nbsp;**97.3%<sup>(5)</sup>** | &nbsp;&nbsp;**95.0%<sup>(6)</sup>** |  |
| &nbsp;&nbsp;**NCF DSCR<sup>(7)</sup>** | &nbsp;&nbsp;**2.05x** | &nbsp;&nbsp;**2.27x** | &nbsp;&nbsp;**1.72x** | &nbsp;&nbsp;**1.50x** | &nbsp;&nbsp;**2.18x** |  |
| &nbsp;&nbsp;**NOI Debt Yield<sup>(7)</sup>** | &nbsp;&nbsp;**13.5%** | &nbsp;&nbsp;**14.8%** | &nbsp;&nbsp;**11.3%** | &nbsp;&nbsp;**9.8%** | &nbsp;&nbsp;**15.3%** |  |

---

(1) Based on the underwritten rent roll dated December 31, 2025 and inclusive of $241,204 of contractual rent
steps through January 1, 2027.

(2) The increase from TTM 9/30/2025 to U/W Base Rent and Net Operating Income is primarily attributable to
recent leasing activity and re-tenanting at the 50 West 23rd Street Property which includes nine new leases accounting for 158,233 square
feet and $9,445,952 of underwritten base rent since 2025.

(3) Other Income consists of submetered electric income and various other sources of miscellaneous income.

(4) Other Expenses includes payroll and benefits, utilities, advertising and marketing, general and administrative,
legal and professional expenses and business improvement district charges.

(5) Represents occupancy as of the rent roll dated December 31, 2025.

(6) Represents Economic Occupancy.

(7) Metrics represent the 50 West 23rd Street Whole Loan.

**Appraisal.** The 50 West 23rd Street Property had an "as-is" appraised value of $208,000,000 as of December 16, 2025. Based on the "as-is" value of $208,000,000, the Cut-off Date LTV and Maturity Date LTV for the 50 West 23rd Street Whole Loan are each 39.9%.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**50 West 23rd Street Appraised Value<sup>(1)</sup>** | &nbsp;&nbsp;**50 West 23rd Street Appraised Value<sup>(1)</sup>** | &nbsp;&nbsp;**50 West 23rd Street Appraised Value<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Capitalization Rate** |
| &nbsp;&nbsp;50 West 23rd Street | &nbsp;&nbsp;$208000000 | &nbsp;&nbsp;6.00% |

---

(1) Source: Appraisal.

**Environmental Matters.** The Phase I environmental assessment of the 50 West 23rd Street Property, dated January 14, 2026, revealed no identified recognized environmental conditions at the 50 West 23rd Street Property.

---

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

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – CBD<br> 50 West 23rd Street<br> New York, NY 10010<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 6<br> **50 West 23rd Street** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$30,000,000<br> 39.9%<br> 2.18x<br> 15.3% |

---

**The Market.** The 50 West 23rd Street Property is located between 5th and 6th Avenue with frontage on both 22nd and 23rd Street in the Flatiron/Union Square neighborhood of New York, New York. The 50 West 23rd Street Property is located within one block of Madison Square Park, Eataly, and the Flatiron Building. According to the appraisal, the Flatiron/Union Square submarket has historically attracted a variety of technology, advertising, media, and information service companies with recent leases including Impact Digital at 470 Park Avenue South and Tempus Labs at 11 Madison Avenue. Primary access to the 50 West 23rd Street Property is provided by the F, M, R, W, and 6 subway trains with nearby access to the New Jersey PATH.

According to a third-party market research report, the 50 West 23rd Street Property is located in the Chelsea office and retail submarkets of New York City. As of January 5, 2026, the Chelsea office submarket had a total inventory of 45,571,716 square feet, an overall vacancy rate of 16.3%, and market asking rent of $65.40 per square foot. As of February 10, 2026, the Chelsea retail submarket had a total inventory of 4,104,832, a vacancy rate of 8.1% and market asking rent of $121.51 per square foot.

The following table presents information relating to comparable office leases for the 50 West 23rd Street Property:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Comparable Office Rental Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Office Rental Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Office Rental Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Office Rental Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Office Rental Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Office Rental Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Office Rental Summary<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property Name / Address** | &nbsp;&nbsp;**Distance from Subject** | &nbsp;&nbsp;**Tenant** | &nbsp;&nbsp;**Suite Size (SF)** | &nbsp;&nbsp;**Lease Commencement** | &nbsp;&nbsp;**Lease Term (Mos.)** | &nbsp;&nbsp;**Base Rent (PSF)** |
| &nbsp;&nbsp;**50 West 23rd Street** <br>**New York, NY** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**Siro Technologies, Inc.<sup>(2)</sup>** | &nbsp;&nbsp;**20489<sup>(2)</sup>** | &nbsp;&nbsp;**Sep-25<sup>(2)</sup>** | &nbsp;&nbsp;**65.8<sup>(2)</sup>** | &nbsp;&nbsp;**$59.00<sup>(2)</sup>** |
| &nbsp;&nbsp; 220 Fifth Avenue<br> New York, NY | &nbsp;&nbsp;0.3 mi | &nbsp;&nbsp;Sotheby's International | &nbsp;&nbsp;9990 | &nbsp;&nbsp;Mar-25 | &nbsp;&nbsp;130 | &nbsp;&nbsp;$68.13 |
| &nbsp;&nbsp; 900 Broadway<br> New York, NY | &nbsp;&nbsp;0.3 mi | &nbsp;&nbsp;Pomegranate Technologies | &nbsp;&nbsp;2493 | &nbsp;&nbsp;Jul-25 | &nbsp;&nbsp;37 | &nbsp;&nbsp;$63.00 |
| &nbsp;&nbsp; 26 West 17th Street<br> New York, NY | &nbsp;&nbsp;0.4 mi | &nbsp;&nbsp;Faire Wholesale | &nbsp;&nbsp;19958 | &nbsp;&nbsp;Jan-25 | &nbsp;&nbsp;90 | &nbsp;&nbsp;$70.00 |
| &nbsp;&nbsp; 250 Park Avenue South<br> New York, NY | &nbsp;&nbsp;0.4 mi | &nbsp;&nbsp;Wilson Daniels LLC | &nbsp;&nbsp;12000 | &nbsp;&nbsp;Jun-25 | &nbsp;&nbsp;133 | &nbsp;&nbsp;$68.00 |
| &nbsp;&nbsp; 250 Park Avenue South<br> New York, NY | &nbsp;&nbsp;0.5 mi | &nbsp;&nbsp;Criterion Collection Inc. | &nbsp;&nbsp;35905 | &nbsp;&nbsp;Sep-25 | &nbsp;&nbsp;181 | &nbsp;&nbsp;$63.33 |
| &nbsp;&nbsp; 257 Park Avenue South<br> New York, NY | &nbsp;&nbsp;0.5 mi | &nbsp;&nbsp;Options Group | &nbsp;&nbsp;12617 | &nbsp;&nbsp;Sep-25 | &nbsp;&nbsp;160 | &nbsp;&nbsp;$63.00 |
| &nbsp;&nbsp; 245 Fifth Avenue<br> New York, NY | &nbsp;&nbsp;0.7 mi | &nbsp;&nbsp;Quaker Equities Ltd. | &nbsp;&nbsp;13627 | &nbsp;&nbsp;Aug-25 | &nbsp;&nbsp;66 | &nbsp;&nbsp;$67.00 |
| &nbsp;&nbsp; 3 East 28th Street<br> New York, NY | &nbsp;&nbsp;0.7 mi | &nbsp;&nbsp;Tang Advisors, LLC | &nbsp;&nbsp;5575 | &nbsp;&nbsp;Aug-25 | &nbsp;&nbsp;90 | &nbsp;&nbsp;$61.00 |
| &nbsp;&nbsp; 27 West 24th Street<br> New York, NY | &nbsp;&nbsp;0.7 mi | &nbsp;&nbsp;Breezi Inc. | &nbsp;&nbsp;2587 | &nbsp;&nbsp;Sep-25 | &nbsp;&nbsp;25 | &nbsp;&nbsp;$65.00 |
| &nbsp;&nbsp; 853 Broadway<br> New York, NY | &nbsp;&nbsp;0.8 mi | &nbsp;&nbsp;Perplexity AI | &nbsp;&nbsp;8013 | &nbsp;&nbsp;May-25 | &nbsp;&nbsp;39 | &nbsp;&nbsp;$62.00 |

---

(1) Source: Appraisal

(2) Based on the underwritten rent roll dated December 31, 2025. Base Rent (PSF) excludes rent steps.

**The Borrower and the Borrower Sponsors.** The borrower is 50 West 23rd Street LLC, a Delaware limited liability company and special purpose entity with one independent director in its organizational structure. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the 50 West 23rd Street Whole Loan.

The non-recourse carveout guarantor is Walentas Trust 3, a family trust of which Jed Walentas and his children are beneficiaries. The borrower sponsors are Amish Patel, Jed Walentas and Walentas Trust 3. Jed Walentas is the chief executive officer of Two Trees, a Brooklyn-based, family-owned real estate development firm that was founded in 1968. Two Trees currently owns and manages more than 4,000 apartments and three million square feet of commercial and industrial real estate throughout New York City.

---

| |
|:---|
| 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;Office – CBD<br> 50 West 23rd Street<br> New York, NY 10010<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 6<br> **50 West 23rd Street** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$30,000,000<br> 39.9%<br> 2.18x<br> 15.3% |

---

**Property Management**. The 50 West 23rd Street Property is managed by Two Trees Management Co. LLC, a borrower-affiliated property management company.

**Initial and Ongoing Reserves**. At origination of the 50 West 23rd Street Whole Loan, the borrower deposited: (i) approximately $854,048 into a real estate tax reserve, (ii) approximately $2,746,644 into a free rent reserve, and (iii) $117,050 into a reserve for unfunded obligations for tenant improvement costs related to Chelsea Saunas LLC's leased premises.

*Tax Reserve –* The borrower is required to deposit into a real estate tax reserve, on a monthly basis, 1/12th of the taxes that the lender estimates will be payable over the next-ensuing 12-month period (initially estimated to be approximately $427,024). 

*Insurance Reserve –* At the option of the lender, if the liability or casualty policy maintained by the borrower is not an approved blanket or umbrella policy, or if the lender requires the borrower to obtain a separate policy, the borrower is required to deposit into an insurance reserve, on a monthly basis, 1/12th of the amount that will be sufficient to pay the insurance premiums due for the renewal of coverage afforded by such policies. At origination of the 50 West 23rd Street Whole Loan, an approved blanket policy was in place.

*Replacement Reserve* – On each monthly payment date, the borrower is required to deposit $5,529 for replacements to the 50 West 23rd Street Property.

*TI/LC Reserve* – On each monthly payment date, the borrower is required to deposit approximately $41,667 into a reserve for future tenant improvements and leasing commissions.

*Free Rent Reserve* – For purposes of calculating operating expenses and operating income at the 50 West 23rd Street Property, the 50 West 23rd Street Whole Loan documents require that gross rents be calculated at certain calculation dates. The borrower may deposit cash into the free rent reserve in an amount equal to the free or abated rent that would otherwise be due and payable during the 12 months following the applicable calculation date of gross rents, and if the borrower makes such voluntary deposit, the lender is then required to give credit for free rent which is the result of a free rent period or similar rent concession during the applicable calculation period.

**Lockbox / Cash Management.** The 50 West 23rd Street Whole Loan is structured with a springing lockbox and springing cash management. On the first occurrence of a Trigger Period (as defined below), the borrower is required to establish a lender-controlled lockbox account, and is thereafter required to deposit, or cause the property manager to deposit, all revenue received by the borrower or the property manager into such lockbox. Within five days after the first occurrence of a Trigger Period, the borrower is required to deliver a notice to all tenants at the 50 West 23rd Street Property directing them to remit rent and all other sums due under the applicable lease directly to the lender-controlled lockbox account. In addition, upon the first occurrence of a Trigger Period, the lender is required to establish a lender-controlled cash management account. 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 Period exists and the lender elects (in its sole and absolute discretion) to deliver a restricted account notice to the institution maintaining the lockbox account, in which case all funds in the lockbox account are required to be swept on each business day to the lender-controlled cash management account to be applied and disbursed in accordance with the 50 West 23rd Street Whole Loan documents, and all excess cash flow funds remaining in the cash management account after the application of such funds in accordance with the 50 West 23rd Street Whole Loan documents are required to be held by the lender in an excess cash flow reserve account as additional collateral for the 50 West 23rd Street Whole Loan. Upon the cure of the applicable Trigger Period, so long as no other Trigger Period exists, the lender is required to return any amounts remaining on deposit in the excess cash flow reserve account to the borrower; provided that any excess cash flow funds required to satisfy the ST Cap Condition (as defined below) are required to be retained in the excess cash flow reserve account until certain stabilization conditions have been satisfied with respect to the applicable tenant space. Upon an event of default under the 50 West 23rd Street Whole Loan documents, the lender may apply funds in the accounts to the 50 West 23rd Street Whole Loan in such priority as it may determine.

"**<u>Trigger Period</u>**" means a period (A) commencing upon the earliest of (i) the occurrence and continuance of an event of default, (ii) the debt service coverage ratio falling below 1.25x, and (iii) the occurrence of a Specified Tenant Trigger Period (as defined below); provided, however, that no Trigger Period will be deemed to exist pursuant to this clause (iii) during any period that the Collateral Cure Conditions (as defined below) are satisfied; and (B) expiring upon, with regard to any Trigger Period commenced in connection with (x) clause (i) above, the cure (if applicable) of such event of default, (y) clause (ii) above, the date that the debt service coverage ratio is equal to or greater than 1.25x for two consecutive calendar quarters and (z) clause (iii) above, a Specified Tenant Trigger Period ceasing to exist.

The "**<u>Collateral Cure Conditions</u>**" will exist if and for so long as the borrower provides to the lender collateral in the form of cash or a letter of credit in the amount of the ST Cap Amount (as defined below) and thereafter, for so long as the borrower elects to satisfy the Collateral Cure Conditions in order to avoid a Trigger Period (under clause (A)(iii) of the definition of such term above) on each one year anniversary of the date that the borrower delivered such cash or letter of credit, the borrower must provide additional cash collateral or increase the letter of credit amount in the amount necessary to equal the ST Cap Amount. The lender is required to promptly return such collateral to the borrower, provided no event of default is continuing under the 50 West 23rd Street Whole Loan documents, at such time as the Trigger Period that the Collateral Cure Conditions relate to would have been cured without taking into account such collateral.

---

| |
|:---|
| 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 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – CBD<br> 50 West 23rd Street<br> New York, NY 10010<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 6<br> **50 West 23rd Street** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$30,000,000<br> 39.9%<br> 2.18x<br> 15.3% |

---

"**<u>Specified Tenant</u>**" means, as applicable, (i) any person that (together with its affiliates) leases, in the aggregate, 20% or more of (x) the total rental income at the 50 West 23rd Street Property or (y) the square footage of the 50 West 23rd Street Property and (ii) any guarantors, if any, of the applicable related Specified Tenant lease(s).

"**<u>Specified Tenant Trigger Period</u>**" means a period (A) commencing upon the first to occur of (i) a Specified Tenant being in (x) material non-monetary default or (y) either (I) monetary default of the payment of base rent and/or (II) material monetary default in the payment of any additional rent (items (I) and (II), collectively, a "**<u>Monetary Default</u>**"), and such Monetary Default continues for 40 consecutive days (provided, however, that a Monetary Default will not include or be deemed to exist solely by reason of any dispute or reconciliation of additional rent payments that are subject to year-end or periodic reconciliation under the applicable Specified Tenant lease, provided that the Specified Tenant is current in the payment of base rent) under the applicable Specified Tenant lease, (ii) other than in connection with a permitted go-dark event, the Specified Tenant (x) failing to be in actual, physical possession of the Specified Tenant space (or applicable portion thereof), if such Specified Tenant is an office tenant or (y) failing to be open for business during customary hours and/or "going dark" in the Specified Tenant space, if such Specified Tenant is a retail tenant, (iii) Specified Tenant or the borrower giving written notice that it is terminating the Specified Tenant lease for all or any portion of the Specified Tenant space, (iv) any termination or cancellation of any Specified Tenant lease (including, without limitation, rejection in any bankruptcy or similar insolvency proceeding) and/or any Specified Tenant lease failing to otherwise be in full force and effect, and (v) any bankruptcy or similar insolvency of a Specified Tenant, and (B) expiring upon the first to occur of the lender's receipt of evidence reasonably acceptable to the lender of (1) the satisfaction of the applicable Specified Tenant Cure Conditions (as defined below); (2) the borrower leasing either (i) the entire Specified Tenant space (or applicable portion thereof) or (ii) a portion of the Specified Tenant space that would result in the debt service coverage ratio being equal to or exceeding 1.25x, in each case, pursuant to one or more leases in accordance with the applicable terms and conditions of the 50 West 23rd Street Whole Loan documents, the applicable tenant(s) under such lease(s) being in actual, physical possession of the space demised, and each lease having commenced and a rent commencement date having been established (without possibility of delay); or (3) the ST Cap Condition is satisfied with respect to the applicable Specified Tenant space; provided, however, that (a) to the extent that a Specified Tenant Trigger Period exists solely due to clause (A)(iii) of this definition (and no other Trigger Period is then continuing), a Trigger Period will not be deemed to have commenced until the date that is three months prior to the termination of the Specified Tenant lease (or any portion thereof) and (b) to the extent a Specified Tenant Trigger Period is solely due to a Monetary Default (and no other Trigger Period is then continuing), a Trigger Period will not be deemed to have commenced if such Monetary Default has been cured.

"**<u>Specified Tenant Cure Conditions</u>**" means each of the following, as applicable; (i) the Specified Tenant has cured all defaults under the applicable Specified Tenant lease and no other default under such Specified Tenant lease occurs for a period of three consecutive months following such cure, (ii) the Specified Tenant is in actual, physical possession of the Specified Tenant space (or applicable portion thereof), unless a permitted go-dark event is ongoing, (iii) the applicable Specified Tenant has revoked or rescinded all termination or cancellation notices with respect to the applicable Specified Tenant lease and has re-affirmed the applicable Specified Tenant lease as being in full force and effect, (iv) the Specified Tenant is no longer insolvent or subject to any bankruptcy or insolvency proceedings and has affirmed the applicable Specified Tenant lease pursuant to final, non-appealable order of a court of competent jurisdiction, and (v) the applicable Specified Tenant is paying full, unabated rent under the applicable Specified Tenant lease or the borrower has deposited cash into a reserve account with the lender in the amount of the abated rent that would otherwise be due and payable during the 12 months following the applicable calculation date.

"**<u>ST Cap Condition</u>**" means (a) no event of default has occurred and is continuing, (b) the debt yield is equal to or greater than 8.50% as of the date of determination, and (c) that the amount in the excess cash flow account is equal to or greater than (x) $65.00 multiplied by (y) the number of leasable square feet demised (prior to giving effect to any full or partial termination thereof) pursuant to the applicable Specified Tenant lease with respect to which the applicable Specified Tenant Trigger Period will have occurred (the "**<u>ST Cap Amount</u>**").

**Current Mezzanine or Secured Subordinate Indebtedness.** None.

**Permitted Future Mezzanine or Secured Subordinate Indebtedness.** Not permitted.

**Release of Collateral.** Not permitted.

**Ground Lease.** None.

---

| |
|:---|
| 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;Retail – Anchored<br> Various, Various<br> Various, Various<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 7<br> **Haverford Retail Partners**<br> **Portfolio** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$30,000,000<br> 59.7%<br> 2.04x<br> 12.9% |

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![](n5676ts_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. |
| 80 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored<br> Various, Various<br> Various, Various<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 7<br> **Haverford Retail Partners**<br> **Portfolio** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$30,000,000<br> 59.7%<br> 2.04x<br> 12.9% |

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![](n5676ts_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. |
| 81 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored<br> Various, Various<br> Various, Various<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 7<br> **Haverford Retail Partners**<br> **Portfolio** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$30,000,000<br> 59.7%<br> 2.04x<br> 12.9% |

---

![](n5676ts_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. |
| 82 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored<br> Various, Various<br> Various, Various<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 7<br> **Haverford Retail Partners**<br> **Portfolio** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$30,000,000<br> 59.7%<br> 2.04x<br> 12.9% |

---

![](n5676ts_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. |
| 83 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored<br> Various, Various<br> Various, Various<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 7<br> **Haverford Retail Partners**<br> **Portfolio** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$30,000,000<br> 59.7%<br> 2.04x<br> 12.9% |

---

![](n5676ts_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. |
| 84 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored<br> Various, Various<br> Various, Various<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 7<br> **Haverford Retail Partners**<br> **Portfolio** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$30,000,000<br> 59.7%<br> 2.04x<br> 12.9% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Loan Seller:** | &nbsp;&nbsp;CREFI | &nbsp;&nbsp;**Single Asset / Portfolio:** | &nbsp;&nbsp;Portfolio |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Acquisition | &nbsp;&nbsp;**Property Type – Subtype:** | &nbsp;&nbsp;Retail - Anchored |
| &nbsp;&nbsp;**Borrower Sponsor(s):** | &nbsp;&nbsp;Joseph R. Staugaard, III, Samuel M.V. <br> Hamilton, III and Brian David Hickey | &nbsp;&nbsp;**Collateral:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Borrower(s)<sup>(1)</sup>:** | &nbsp;&nbsp;Various | &nbsp;&nbsp;**Location<sup>(5)</sup>:** | &nbsp;&nbsp;Various, Various |
| &nbsp;&nbsp;**Original Balance<sup>(2)</sup>:** | &nbsp;&nbsp;$30000000 | &nbsp;&nbsp;**Year Built / Renovated<sup>(5)</sup>:** | &nbsp;&nbsp;Various / Various |
| &nbsp;&nbsp;**Cut-off Date Balance<sup>(2)</sup>:** | &nbsp;&nbsp;$30000000 | &nbsp;&nbsp;**Property Management:** | &nbsp;&nbsp;Haverford Retail LLC |
| &nbsp;&nbsp;**% by Initial UPB:** | &nbsp;&nbsp;4.1% | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;767,546 SF |
| &nbsp;&nbsp;**Interest Rate:** | &nbsp;&nbsp;5.95000% | &nbsp;&nbsp;**Appraised Value / Per SF<sup>(6)</sup>:** | &nbsp;&nbsp;$137,300,000 / $179 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;November 21, 2025 | &nbsp;&nbsp;**Appraisal Date<sup>(6)</sup>:** | &nbsp;&nbsp;Various |
| &nbsp;&nbsp;**Original Term:** | &nbsp;&nbsp;120 months | &nbsp;&nbsp;**Occupancy:** | &nbsp;&nbsp;97.6% (as of October 6, 2025) |
| &nbsp;&nbsp;**Amortization:** | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;**UW Economic Occupancy:** | &nbsp;&nbsp;95.0% |
| &nbsp;&nbsp;**Original Amortization:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Underwritten NOI:** | &nbsp;&nbsp;$10602870 |
| &nbsp;&nbsp;**Interest Only Period:** | &nbsp;&nbsp;120 months | &nbsp;&nbsp;**Underwritten NCF:** | &nbsp;&nbsp;$10097432 |
| &nbsp;&nbsp;**First Payment Date:** | &nbsp;&nbsp;January 6, 2026 |  |  |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;December 6, 2035 | &nbsp;&nbsp;**Historical NOI** | &nbsp;&nbsp;**Historical NOI** |
| &nbsp;&nbsp;**Additional Debt Type<sup>(2)</sup>:** | &nbsp;&nbsp;*Pari Passu* | &nbsp;&nbsp;**Most Recent NOI:** | &nbsp;&nbsp;$10,549,082 (TTM September 30, 2025) |
| &nbsp;&nbsp;**Additional Debt Balance<sup>(2)</sup>:** | &nbsp;&nbsp;$51900000 | &nbsp;&nbsp;**2024 NOI:** | &nbsp;&nbsp;$9655549 |
| &nbsp;&nbsp;**Call Protection:** | &nbsp;&nbsp;L(27),YM1(86),O(7) | &nbsp;&nbsp;**2023 NOI:** | &nbsp;&nbsp;$9744758 |
| &nbsp;&nbsp;**Lockbox / Cash Management:** | &nbsp;&nbsp;Hard / Springing | &nbsp;&nbsp;**2022 NOI:** | &nbsp;&nbsp;$9317964 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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;**Financial Information<sup>(2)</sup>** | &nbsp;&nbsp;**Financial Information<sup>(2)</sup>** |
|  | &nbsp;&nbsp;**Initial** | &nbsp;&nbsp;**Monthly** | &nbsp;&nbsp;**Cap** | &nbsp;&nbsp;**Cut-off Date Loan / SF:** | &nbsp;&nbsp;$107 |
| &nbsp;&nbsp;**Taxes:** | &nbsp;&nbsp;$722894 | &nbsp;&nbsp;$180723 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date Loan / SF:** | &nbsp;&nbsp;$107 |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;59.7% |
| &nbsp;&nbsp;**Replacement Reserves:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$9594 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date LTV:** | &nbsp;&nbsp;59.7% |
| &nbsp;&nbsp;**TI/LC:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$31981 | &nbsp;&nbsp;$1500000 | &nbsp;&nbsp;**UW NOI DY:** | &nbsp;&nbsp;12.9% |
| &nbsp;&nbsp;**Other Reserves<sup>(4)</sup>:** | &nbsp;&nbsp;$1068632 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.04x |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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<sup>(2)</sup> | &nbsp;&nbsp;$81900000 | &nbsp;&nbsp;62.9% | &nbsp;&nbsp;Purchase Price | &nbsp;&nbsp;$126000000 | &nbsp;&nbsp;96.8% |
| &nbsp;&nbsp;Equity Contribution | &nbsp;&nbsp;48273742 | &nbsp;&nbsp;37.1 | &nbsp;&nbsp;Closing Costs | &nbsp;&nbsp;2382216 | &nbsp;&nbsp;1.8 |
|  |  |  | &nbsp;&nbsp;Upfront Reserves | &nbsp;&nbsp;1791526 | &nbsp;&nbsp;1.4 |
| &nbsp;&nbsp;**Total Sources** | &nbsp;&nbsp;**$130173742** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses** | &nbsp;&nbsp;**$130173742** | &nbsp;&nbsp;**100.0%** |

---

(1) The borrowers are (1) HRP Stow LLC, Bramblewood Stow LLC, and Concord Stow LLC, as tenants-in-common with
respect to the Stow Community Center Property (as defined below), (2) HRP East Hanover LLC, Bramblewood East Hanover LLC, and Concord
East Hanover LLC, as tenants-in-common with respect to the East Hanover Plaza Property (as defined below) and (3) HRP Southmont LLC, Bramblewood
89 LLC and Concord 89 LLC, as tenants-in-common with respect to the Southmont Plaza Property (as defined below).

(2) The Haverford Retail Partners Portfolio Mortgage Loan (as defined below) is part of a whole loan evidenced
by two *pari passu* notes with an aggregate outstanding principal balance of as of the Cut-off Date of $81,900,000 (the "  **<u>Haverford Retail Partners Portfolio Whole Loan</u>** "). The Financial Information in the chart above reflects the Haverford Retail Partners
Portfolio Whole Loan.

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

(4) Other Reserves consist of (i) an initial unfunded obligations reserve of $829,382, (ii) an initial stormwater
reserve of $239,250, and (iii) a springing monthly condominium assessments reserve. See "*Initial and Ongoing Reserves* "
below.

(5) See "*Portfolio Summary*" below.

(6) The Appraised Value is as of the Appraisals dated from August 12, 2025 through August 15, 2025.

**The Loan.** The seventh largest mortgage loan (the "**<u>Haverford Retail Partners Portfolio Mortgage Loan</u>**") is part of the Haverford Retail Partners Portfolio Whole Loan, which is evidenced by two *pari passu* promissory notes with an aggregate outstanding principal balance as of the Cut-off Date of $81,900,000 and is secured by the borrowers' fee interests in three anchored retail properties totaling 767,546 square feet located in Ohio, Pennsylvania, and New Jersey (the "**<u>Haverford Retail Partners Portfolio Properties</u>**"). The Haverford Retail Partners Portfolio Whole Loan has an initial term of ten years, is interest-only for the full term and accrues interest at a fixed rate of 5.95000% *per annum* on an Actual/360 basis. The Haverford Retail Partners Portfolio Mortgage Loan is evidenced by the non-controlling Note A-2 with an outstanding principal balance of $30,000,000.

The table below identifies the promissory notes that comprise the Haverford Retail Partners Portfolio Whole Loan. The relationship between the holders of the Haverford Retail Partners Portfolio Whole Loan is governed by a co-lender agreement as described under "*Description of the Mortgage Pool—The Whole Loans—The Non-Serviced Pari Passu Whole Loans*" in the prospectus. The Haverford Retail Partners Portfolio Whole Loan will be serviced under the pooling and servicing agreement for the BBCMS 2025-C39 securitization trust. See "*The Pooling and Servicing Agreement—Servicing of the Non-Serviced Mortgage Loans*" in the prospectus.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored<br> Various, Various<br> Various, Various<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 7<br> **Haverford Retail Partners**<br> **Portfolio** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$30,000,000<br> 59.7%<br> 2.04x<br> 12.9% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Whole Loan Summary** | &nbsp;&nbsp;**Whole Loan Summary** | &nbsp;&nbsp;**Whole Loan Summary** | &nbsp;&nbsp;**Whole Loan Summary** | &nbsp;&nbsp;**Whole Loan Summary** |
| &nbsp;&nbsp;**Note** | &nbsp;&nbsp;**Original Balance** | &nbsp;&nbsp;**Cut-off Date Balance** | &nbsp;&nbsp;**Note Holder** | &nbsp;&nbsp;**Controlling Piece** |
| &nbsp;&nbsp;A-1 | &nbsp;&nbsp;$51900000 | &nbsp;&nbsp;$51900000 | &nbsp;&nbsp;BBCMS 2025-C39 | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;**A-2** | &nbsp;&nbsp;**$30000000** | &nbsp;&nbsp;**$30000000** | &nbsp;&nbsp;**Benchmark 2026-B42** | &nbsp;&nbsp;**No** |
| &nbsp;&nbsp;**Whole Loan** | &nbsp;&nbsp;**$81900000** | &nbsp;&nbsp;**$81900000** |  |  |

---

**The Properties.** The Haverford Retail Partners Portfolio Properties are comprised of a 418,587 square foot anchored retail property located in Stow, Ohio (the "**<u>Stow Community Center Property</u>"**), a 250,939 square foot anchored retail property located in Easton, Pennsylvania (the "**<u>Southmont Plaza Property</u>"**) and a 98,020 square foot anchored retail property located in East Hanover, New Jersey (the "**<u>East Hanover Plaza Property</u>"**). As of October 6, 2025, the Haverford Retail Partners Portfolio was 97.6% occupied by 56 tenants with a weighted average tenant tenure of 17.3 years. The Haverford Retail Partners Portfolio Properties feature a diverse tenant roster with no individual tenant accounting for more than 11.8% of net rentable area or 8.1% of underwritten base rent.

The following table presents certain information relating to the Haverford Retail Partners Portfolio Properties:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** |
| &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Location<sup>(1)</sup>** | &nbsp;&nbsp;**Year Built / Renovated<sup>(1)</sup>** | &nbsp;&nbsp;**Sq. Ft.<sup>(2)</sup>** | &nbsp;&nbsp;**Allocated Mortgage Loan Cut-off Date Balance** | &nbsp;&nbsp;**% of Allocated Mortgage Loan Cut-off Date Balance** | &nbsp;&nbsp;**Appraised Value<sup>(1)</sup>** | &nbsp;&nbsp;**% of Appraised Value<sup>(1)</sup>** | &nbsp;&nbsp;**U/W NOI<sup>(2)</sup>** | &nbsp;&nbsp;**% of U/W NOI<sup>(2)</sup>** |
| &nbsp;&nbsp;Stow Community Center | &nbsp;&nbsp;Stow, OH | &nbsp;&nbsp;1968, 1996-1998, 2008, 2013 / NAP | &nbsp;&nbsp;418587 | &nbsp;&nbsp;$13003663 | &nbsp;&nbsp;43.3% | &nbsp;&nbsp;$62850000 | &nbsp;&nbsp;45.8% | &nbsp;&nbsp;$5033027 | &nbsp;&nbsp;47.5% |
| &nbsp;&nbsp;Southmont Plaza | &nbsp;&nbsp;Easton, PA | &nbsp;&nbsp;2004 / 2021-2024 | &nbsp;&nbsp;250939 | &nbsp;&nbsp;$11062271 | &nbsp;&nbsp;36.9% | &nbsp;&nbsp;$47750000 | &nbsp;&nbsp;34.8% | &nbsp;&nbsp;$3778660 | &nbsp;&nbsp;35.6% |
| &nbsp;&nbsp;East Hanover Plaza | &nbsp;&nbsp;East Hanover, NJ | &nbsp;&nbsp;1994 / NAP | &nbsp;&nbsp;98020 | &nbsp;&nbsp;$5934066 | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;$26700000 | &nbsp;&nbsp;19.4% | &nbsp;&nbsp;$1791183 | &nbsp;&nbsp;16.9% |
| &nbsp;&nbsp;**Total** |  |  | &nbsp;&nbsp;**767546** | &nbsp;&nbsp;**$30000000** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**137300000** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**10602870** | &nbsp;&nbsp;**100.0%** |

---

(1) Source: Appraisals.

(2) Based on the underwritten rent rolls dated October 6, 2025.

**<u>Stow Community Center Property:</u>** The Stow Community Center Property is an eight building, 418,587 square foot, anchored retail property located at 4224 Kent Road in Stow, Ohio, approximately 37 miles south of Cleveland and 10 miles north of Akron, Ohio. The Stow Community Center Property was constructed in phases over several decades in 1968, 1996-1998, 2008, and 2013 and is situated on a 50.02-acre site. As of October 6, 2025, the Stow Community Center Property was 96.2% occupied by 32 tenants with a weighted average tenant tenure of 19.4 years as of the Cut-off Date. The Stow Community Center Property is anchored by Giant Eagle, Kohls and Hobby Lobby and is also shadow anchored by Target.

**<u>Southmont Plaza Property:</u>** The Southmont Plaza Property is an eight building, 250,939 square foot, anchored retail center along Route 33 in Easton, Pennsylvania, approximately 15 miles east of Allentown, Pennsylvania. The Southmont Plaza Property was constructed in 2004, most recently renovated from 2021 to 2024, and is situated on a 45.98-acre site. As of October 6, 2025, the Southmont Plaza Property was 99.0% occupied by 21 tenants with a weighted average tenant tenure of 16.9 years as of the Cut-off Date. The Southmont Plaza Property is anchored by Dick's Sporting Goods and Best Buy and is also shadow anchored by Lowe's. The Southmont Plaza Property is subject to a horizontal condominium regime in which the related borrowers are the 62.5% controlling member.

**<u>East Hanover Plaza Property:</u>** The East Hanover Plaza Property is a three building, 98,020 square foot, anchored retail property located at 154 State Route 10 in East Hanover, New Jersey, approximately 26 miles west of New York City. The East Hanover Plaza Property was constructed in 1994 and is situated on an 8.43-acre site. As of October 6, 2025, the East Hanover Plaza Property was 100.0% occupied by eight tenants with a weighted average tenant tenure of 9.7 years as of the Cut-off Date. The East Hanover Plaza Property is anchored by HomeGoods, Inc. ("**<u>HomeGoods</u>**") and Homesense and is also shadow anchored by Costco and T.J. Maxx.

**Major Tenants.** The three largest tenants based on underwritten base rent are Giant Eagle, Dick's Sporting Goods and Home Goods.

*Giant Eagle (90,722 square feet; 11.8% of total net rentable area; 8.1% of total underwritten base rent).* Founded in 1918, Giant Eagle is a food, fuel and pharmacy retailer with more than 470 locations across western Pennsylvania, northern central Ohio, northern West Virginia, Maryland, and Indiana. Giant Eagle has been a tenant at the Stow Community Center Property since October 1996 and has a current lease term through January 2027 with four, five-year renewal options and no termination options.

*Dick's Sporting Goods (50,000 square feet; 6.5% of total net rentable area; 6.5% of underwritten base rent).* Founded in 1948, Dick's Sporting Goods is an omnichannel retailer that offers a broad selection of brand name sporting goods equipment, apparel, and footwear. Dick's

---

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

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---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored<br> Various, Various<br> Various, Various<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 7<br> **Haverford Retail Partners**<br> **Portfolio** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$30,000,000<br> 59.7%<br> 2.04x<br> 12.9% |

---

Sporting Goods has been a tenant at the Southmont Plaza Property since December 2004 and has a current lease term through January 2030 with one, four-year and 11-month renewal option and no termination options.

*HomeGoods (47,000 square feet; 6.1% of total net rentable area; 6.4% of total underwritten base rent).* Introduced in 1992, HomeGoods is a subsidiary of TJX Companies, Inc. (NYSE: TJX) and offers a mix of merchandise, including furniture, rugs, lighting, soft home, decorative accessories, tabletop, cookware, and more. HomeGoods has been a tenant at the Stow Community Center Property since August 2022 and has a lease through August 2032 with four, five-year renewal options and no termination options remaining. HomeGoods has also been a tenant at the East Hanover Plaza Property since October 2013 and has a lease term through October 2028 with three, five-year renewal options and no termination options.

The following table presents certain information relating to the major tenants at the Haverford Retail Partners Portfolio Properties:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Tenant Summary<sup>(1)</sup>** | **Tenant Summary<sup>(1)</sup>** | **Tenant Summary<sup>(1)</sup>** | **Tenant Summary<sup>(1)</sup>** | **Tenant Summary<sup>(1)</sup>** | **Tenant Summary<sup>(1)</sup>** | **Tenant Summary<sup>(1)</sup>** | **Tenant Summary<sup>(1)</sup>** | **Tenant Summary<sup>(1)</sup>** | **Tenant Summary<sup>(1)</sup>** |
| &nbsp;&nbsp;**Tenant** | &nbsp;&nbsp;**Property** | &nbsp;&nbsp;**Credit Rating (Moody's/ S&P/Fitch)<sup>(2)</sup>** | &nbsp;&nbsp;**Net Rentable Area (SF)** | &nbsp;&nbsp;**% of Portfolio Net Rentable Area** | &nbsp;&nbsp;**U/W Base Rent** | &nbsp;&nbsp;**U/W Base Rent Per SF** | &nbsp;&nbsp;**% of Portfolio U/W Base Rent** | &nbsp;&nbsp;**Lease Expiration** | &nbsp;&nbsp;**Renewal Option** |
| &nbsp;&nbsp;Giant Eagle | &nbsp;&nbsp;Stow Community <br> Center | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;90722 | &nbsp;&nbsp;11.8% | &nbsp;&nbsp;$934437 | &nbsp;&nbsp;$10.30 | &nbsp;&nbsp;8.1% | &nbsp;&nbsp;1/31/2027 &nbsp;&nbsp;N | &nbsp;&nbsp;4 x 5 yr |
| &nbsp;&nbsp;Dick's Sporting Goods | &nbsp;&nbsp;Southmont Plaza | &nbsp;&nbsp;Baa2/BBB/NR | &nbsp;&nbsp;50000 | &nbsp;&nbsp;6.5% | &nbsp;&nbsp;750000 | &nbsp;&nbsp;$15.00 | &nbsp;&nbsp;6.5% | &nbsp;&nbsp;1/31/2030 &nbsp;&nbsp;N | &nbsp;&nbsp;1 x 4 yr 11 mos. |
| &nbsp;&nbsp;Home Goods<sup>(3)</sup> | &nbsp;&nbsp;Stow Community <br> Center and East <br> Hanover Plaza | &nbsp;&nbsp;A2/A/NR | &nbsp;&nbsp;47000 | &nbsp;&nbsp;6.1% | &nbsp;&nbsp;733787 | &nbsp;&nbsp;$15.61 | &nbsp;&nbsp;6.4% | &nbsp;&nbsp;Various &nbsp;&nbsp;N | &nbsp;&nbsp;Various<sup>(3)</sup> |
| &nbsp;&nbsp;Kohl's | &nbsp;&nbsp;Stow Community Center | &nbsp;&nbsp;B3/B+/BB- | &nbsp;&nbsp;86584 | &nbsp;&nbsp;11.3% | &nbsp;&nbsp;692672 | &nbsp;&nbsp;$8.00 | &nbsp;&nbsp;6.0% | &nbsp;&nbsp;2/2/2029 &nbsp;&nbsp;N | &nbsp;&nbsp;4 x 5 yr |
| &nbsp;&nbsp;Homesense | &nbsp;&nbsp;East Hanover Plaza | &nbsp;&nbsp;A2/A/NR | &nbsp;&nbsp;25024 | &nbsp;&nbsp;3.3% | &nbsp;&nbsp;500480 | &nbsp;&nbsp;$20.00 | &nbsp;&nbsp;4.3% | &nbsp;&nbsp;9/30/2027 &nbsp;&nbsp;N | &nbsp;&nbsp;4 x 5 yr |
| &nbsp;&nbsp;Barnes & Noble | &nbsp;&nbsp;Southmont Plaza | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;24627 | &nbsp;&nbsp;3.2% | &nbsp;&nbsp;492540 | &nbsp;&nbsp;$20.00 | &nbsp;&nbsp;4.3% | &nbsp;&nbsp;1/31/2035 &nbsp;&nbsp;N | &nbsp;&nbsp;N |
| &nbsp;&nbsp;Hobby Lobby | &nbsp;&nbsp;Stow Community<br> Center | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;55342 | &nbsp;&nbsp;7.2% | &nbsp;&nbsp;442736 | &nbsp;&nbsp;$8.00 | &nbsp;&nbsp;3.8% | &nbsp;&nbsp;10/31/2028 &nbsp;&nbsp;N | &nbsp;&nbsp;2 x 5 yr |
| &nbsp;&nbsp;Ross Dress for Less | &nbsp;&nbsp;Southmont Plaza | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;28150 | &nbsp;&nbsp;3.7% | &nbsp;&nbsp;394100 | &nbsp;&nbsp;$14.00 | &nbsp;&nbsp;3.4% | &nbsp;&nbsp;1/31/2035 &nbsp;&nbsp;N | &nbsp;&nbsp;3 x 5 yr, 1 x 4 yr 11 mos. |
| &nbsp;&nbsp;Best Buy | &nbsp;&nbsp;Southmont Plaza | &nbsp;&nbsp;A3/BBB+/NR | &nbsp;&nbsp;33862 | &nbsp;&nbsp;4.4% | &nbsp;&nbsp;393041 | &nbsp;&nbsp;$11.61 | &nbsp;&nbsp;3.4% | &nbsp;&nbsp;1/31/2031 &nbsp;&nbsp;N | &nbsp;&nbsp;1 x 5 yr |
| &nbsp;&nbsp;Sierra Trading Post | &nbsp;&nbsp;East Hanover Plaza | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;17701 | &nbsp;&nbsp;2.3% | &nbsp;&nbsp;354020 | &nbsp;&nbsp;$20.00 | &nbsp;&nbsp;3.1% | &nbsp;&nbsp;9/30/2027 &nbsp;&nbsp;N | &nbsp;&nbsp;4 x 5 yr |
| &nbsp;&nbsp;**Largest Tenants** |  |  | &nbsp;&nbsp;**459012** | &nbsp;&nbsp;**59.8%** | &nbsp;&nbsp;**$5687813** | &nbsp;&nbsp;**$12.39** | &nbsp;&nbsp;**49.3%** |  |  |
| &nbsp;&nbsp;Remaining Occupied |  |  | &nbsp;&nbsp;290197 | &nbsp;&nbsp;37.8% | &nbsp;&nbsp;5844483 | &nbsp;&nbsp;$20.14 | &nbsp;&nbsp;50.7% |  |  |
| &nbsp;&nbsp;**Total Occupied** |  |  | &nbsp;&nbsp;**749209** | &nbsp;&nbsp;**97.6%** | &nbsp;&nbsp;**$11532297** | &nbsp;&nbsp;**$15.39** | &nbsp;&nbsp;**100.0%** |  |  |
| &nbsp;&nbsp;Vacant |  |  | &nbsp;&nbsp;18337 | &nbsp;&nbsp;2.4% |  |  |  |  |  |
| &nbsp;&nbsp;**Total** |  |  | &nbsp;&nbsp;**767546** | &nbsp;&nbsp;**100.0%** |  |  |  |  |  |

---

(1) Based on the underwritten rent rolls dated October 6, 2025 and inclusive of $100,813 of contractual rent
steps through November 1, 2026.

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

(3) HomeGoods leases 23,500 square feet of space at the Stow Community Center Property expiring August 31,
2032 with four, five-year renewal options and 23,500 square feet of space at the East Hanover Plaza Property expiring October 31, 2028
with three, five-year renewal 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. |
| 87 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored<br> Various, Various<br> Various, Various<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 7<br> **Haverford Retail Partners**<br> **Portfolio** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$30,000,000<br> 59.7%<br> 2.04x<br> 12.9% |

---

The following table presents certain information relating to the historical sales of the top five tenants that report sales at the Haverford Retail Partners Portfolio Properties:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Tenant Sales History<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Sales History<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Sales History<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Sales History<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Sales History<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Sales History<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Sales History<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Sales History<sup>(1)</sup>** |
| &nbsp;&nbsp;**Tenant** | &nbsp;&nbsp;**Property** | &nbsp;&nbsp;**Net Rentable Area (SF)** | &nbsp;&nbsp;**Annual UW Rent** | &nbsp;&nbsp;**2022 Sales PSF** | &nbsp;&nbsp;**2023 Sales PSF** | &nbsp;&nbsp;**2024 Sales PSF** | &nbsp;&nbsp;**U/W Occ. Costs** |
| &nbsp;&nbsp;Giant Eagle | &nbsp;&nbsp;Stow Community Center | &nbsp;&nbsp;90722 | &nbsp;&nbsp;$934436.64 | &nbsp;&nbsp;$422.11 | &nbsp;&nbsp;$422.13 | &nbsp;&nbsp;$402.28 | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;HomeGoods | &nbsp;&nbsp;East Hanover Plaza | &nbsp;&nbsp;23500 | &nbsp;&nbsp;$423000.00 | &nbsp;&nbsp;$332.37 | &nbsp;&nbsp;$347.10 | &nbsp;&nbsp;$389.39 | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Homesense | &nbsp;&nbsp;East Hanover Plaza | &nbsp;&nbsp;25024 | &nbsp;&nbsp;$500480.04 | &nbsp;&nbsp;$396.32 | &nbsp;&nbsp;$383.56 | &nbsp;&nbsp;$370.16 | &nbsp;&nbsp;5.4% |
| &nbsp;&nbsp;Hobby Lobby | &nbsp;&nbsp;Stow Community Center | &nbsp;&nbsp;55342 | &nbsp;&nbsp;$442736.04 | &nbsp;&nbsp;$140.98 | &nbsp;&nbsp;$127.43 | &nbsp;&nbsp;$120.68 | &nbsp;&nbsp;6.6% |
| &nbsp;&nbsp;Ross Dress for Less | &nbsp;&nbsp;Southmont Plaza | &nbsp;&nbsp;28150 | &nbsp;&nbsp;$394100.04 | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;$73.22 | &nbsp;&nbsp;NAV<sup>(2)</sup> |

---

(1) Historical sales represent Sales PSF / Year.

(2) Ross Dress for Less lease commenced in October 2024 as such U/W Occ. Costs are not available.

The following table presents certain information relating to the lease rollover schedule at the Haverford Retail Partners Portfolio Properties:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** |
| &nbsp;&nbsp;**Year Ending December 31** | &nbsp;&nbsp;**Expiring Owned GLA** | &nbsp;&nbsp;**% of Owned GLA** | &nbsp;&nbsp;**Cumulative % of Owned GLA** | &nbsp;&nbsp;**U/W Base Rent** | &nbsp;&nbsp;**% of Total U/W Base Rent** | &nbsp;&nbsp;**U/W Base Rent $ per SF** | &nbsp;&nbsp;**# of Expiring Leases** |
| 2026 & MTM<sup>(2)</sup> | 15599 | 2.0% | &nbsp;&nbsp;2.0% | $210749 | &nbsp;&nbsp;1.8% | $13.51 | 4 |
| 2027 | 164248 | 21.4% | &nbsp;&nbsp;23.4% | $2529919 | &nbsp;&nbsp;21.9% | $15.40 | 10 |
| 2028 | 103132 | 13.4% | &nbsp;&nbsp;36.9% | $1503560 | &nbsp;&nbsp;13.0% | $14.58 | 10 |
| 2029 | 169162 | 22.0% | &nbsp;&nbsp;58.9% | $2193769 | &nbsp;&nbsp;19.0% | $12.97 | 11 |
| 2030 | 104561 | 13.6% | &nbsp;&nbsp;72.5% | $1970295 | &nbsp;&nbsp;17.1% | $18.84 | 9 |
| 2031 | 35642 | 4.6% | &nbsp;&nbsp;77.2% | $446210 | &nbsp;&nbsp;3.9% | $12.52 | 2 |
| 2032 | 68782 | 9.0% | &nbsp;&nbsp;86.1% | $957261 | &nbsp;&nbsp;8.3% | $13.92 | 6 |
| 2033 | 14190 | 1.8% | &nbsp;&nbsp;88.0% | $320000 | &nbsp;&nbsp;2.8% | $22.55 | 3 |
| 2034 | 3721 | 0.5% | &nbsp;&nbsp;88.5% | $121855 | &nbsp;&nbsp;1.1% | $32.75 | 2 |
| 2035 | 58748 | 7.7% | &nbsp;&nbsp;96.1% | $1050199 | &nbsp;&nbsp;9.1% | $17.88 | 4 |
| 2036 & Beyond | 11424 | 1.5% | &nbsp;&nbsp;97.6% | $228480 | &nbsp;&nbsp;2.0% | $20.00 | 1 |
| Vacant | 18337 | 2.4% | &nbsp;&nbsp;100.0% | NAP | &nbsp;&nbsp;NAP | NAP | NAP |
| **Total / Wtd. Avg.** | **767546** | **100.0%** |  | **$11532297** | &nbsp;&nbsp;**100.0%** | **$15.39** | **62** |

---

(1) Based on the underwritten rent rolls dated October 6, 2025 and inclusive of $100,813
of contractual rent steps through November 1, 2026.

(2) 2026 & MTM includes a temporary license agreement to Bath & Body Works
which occupies 5,694 SF at the Stow Community Center Property on a month-to-month basis and to which no rent is attributable.

---

| |
|:---|
| 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<br> Various, Various<br> Various, Various<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 7<br> **Haverford Retail Partners**<br> **Portfolio** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$30,000,000<br> 59.7%<br> 2.04x<br> 12.9% |

---

The following table presents certain information relating to the historical operating performance and underwritten net cash flow at Haverford Retail Partners Portfolio Properties:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** |
|  | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**TTM 9/30/2025** | &nbsp;&nbsp;**U/W** | &nbsp;&nbsp;**U/W Per SF** |
| &nbsp;&nbsp;Base Rent | &nbsp;&nbsp;$10377271 | &nbsp;&nbsp;$10661816 | &nbsp;&nbsp;$10500037 | &nbsp;&nbsp;$11064661 | &nbsp;&nbsp;$11431483 | &nbsp;&nbsp;$14.89 |
| &nbsp;&nbsp;Contractual Rent Steps | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;100813 | &nbsp;&nbsp;$0.13 |
| &nbsp;&nbsp;Potential Income from Vacant Space | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;545864 | &nbsp;&nbsp;$0.71 |
| &nbsp;&nbsp;**Gross Potential Rent** | &nbsp;&nbsp;**$10377271** | &nbsp;&nbsp;**$10661816** | &nbsp;&nbsp;**$10500037** | &nbsp;&nbsp;**$11064661** | &nbsp;&nbsp;**$12078160** | &nbsp;&nbsp;**$15.74** |
| &nbsp;&nbsp;Reimbursements | &nbsp;&nbsp;3705095 | &nbsp;&nbsp;3986469 | &nbsp;&nbsp;3654783 | &nbsp;&nbsp;3637284 | &nbsp;&nbsp;3324180 | &nbsp;&nbsp;$4.33 |
| &nbsp;&nbsp;**Total Gross Income** | &nbsp;&nbsp;**$14082366** | &nbsp;&nbsp;**$14648284** | &nbsp;&nbsp;**$14154820** | &nbsp;&nbsp;**$14701945** | &nbsp;&nbsp;**$15402340** | &nbsp;&nbsp;**$20.07** |
| &nbsp;&nbsp;Other Income<sup>(2)</sup> | &nbsp;&nbsp;147754 | &nbsp;&nbsp;198469 | &nbsp;&nbsp;158206 | &nbsp;&nbsp;165590 | &nbsp;&nbsp;165590 | &nbsp;&nbsp;$0.22 |
| &nbsp;&nbsp;Percentage Rent | &nbsp;&nbsp;46938 | &nbsp;&nbsp;63216 | &nbsp;&nbsp;82363 | &nbsp;&nbsp;5140 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;(Vacancy / Credit Loss) | &nbsp;&nbsp;17074 | &nbsp;&nbsp;(112340) | &nbsp;&nbsp;(11091) | &nbsp;&nbsp;10192 | &nbsp;&nbsp;(770117) | &nbsp;&nbsp;($1.00) |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$14294131** | &nbsp;&nbsp;**$14797629** | &nbsp;&nbsp;**$14384297** | &nbsp;&nbsp;**$14882867** | &nbsp;&nbsp;**$14797813** | &nbsp;&nbsp;**$19.28** |
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp;428824 | &nbsp;&nbsp;443929 | &nbsp;&nbsp;431529 | &nbsp;&nbsp;446486 | &nbsp;&nbsp;443934 | &nbsp;&nbsp;$0.58 |
| &nbsp;&nbsp;Real Estate Taxes | &nbsp;&nbsp;2179012 | &nbsp;&nbsp;2261253 | &nbsp;&nbsp;1998320 | &nbsp;&nbsp;1915972 | &nbsp;&nbsp;1944120 | &nbsp;&nbsp;$2.53 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;275830 | &nbsp;&nbsp;317529 | &nbsp;&nbsp;303952 | &nbsp;&nbsp;329016 | &nbsp;&nbsp;177442 | &nbsp;&nbsp;$0.23 |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;1584128 | &nbsp;&nbsp;1623495 | &nbsp;&nbsp;1646024 | &nbsp;&nbsp;1604384 | &nbsp;&nbsp;1604384 | &nbsp;&nbsp;$2.09 |
| &nbsp;&nbsp;Other Expenses<sup>(3)</sup> | &nbsp;&nbsp;508373 | &nbsp;&nbsp;406666 | &nbsp;&nbsp;348923 | &nbsp;&nbsp;37928 | &nbsp;&nbsp;25062 | &nbsp;&nbsp;$0.03 |
| &nbsp;&nbsp;**Total Expenses** | &nbsp;&nbsp;**$4976167** | &nbsp;&nbsp;**$5052871** | &nbsp;&nbsp;**$4728748** | &nbsp;&nbsp;**$4333786** | &nbsp;&nbsp;**$4194943** | &nbsp;&nbsp;**$5.47** |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$9317964** | &nbsp;&nbsp;**$9744758** | &nbsp;&nbsp;**$9655549** | &nbsp;&nbsp;**$10549082** | &nbsp;&nbsp;**$10602870** | &nbsp;&nbsp;**$13.81** |
| &nbsp;&nbsp;Replacement Reserves | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;121666 | &nbsp;&nbsp;$0.16 |
| &nbsp;&nbsp;Normalized TI/LC | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;383773 | &nbsp;&nbsp;$0.50 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$9317964** | &nbsp;&nbsp;**$9744758** | &nbsp;&nbsp;**$9655549** | &nbsp;&nbsp;**$10549082** | &nbsp;&nbsp;**$10097432** | &nbsp;&nbsp;$13.16 |
| &nbsp;&nbsp;**Occupancy (%)** | &nbsp;&nbsp;**96.6%** | &nbsp;&nbsp;**93.6%** | &nbsp;&nbsp;**96.0%** | &nbsp;&nbsp;**97.5%** | &nbsp;&nbsp;**95.0%<sup>(4)</sup>** |  |
| &nbsp;&nbsp;**NCF DSCR<sup>(5)</sup>** | &nbsp;&nbsp;**1.89x** | &nbsp;&nbsp;**1.97x** | &nbsp;&nbsp;**1.95x** | &nbsp;&nbsp;**2.14x** | &nbsp;&nbsp;**2.04x** |  |
| &nbsp;&nbsp;**NOI Debt Yield<sup>(5)</sup>** | &nbsp;&nbsp;**11.4%** | &nbsp;&nbsp;**11.9%** | &nbsp;&nbsp;**11.8%** | &nbsp;&nbsp;**12.9%** | &nbsp;&nbsp;**12.9%** |  |

---

(1) Based on the underwritten rent rolls dated October 6, 2025 and inclusive of $100,813 of contractual rent steps through November 1,
2026. (2) Other Income includes ancillary income such as parking, signage, and storage as well as late fee income.

(3) Other Expenses includes non-recoverable operating expenses which includes expenses that are not eligible for tenant reimbursement
such as permits, fee and miscellaneous expenditures.

(4) Represents Economic Occupancy.

(5) Metrics represent the Haverford Retail Partners Portfolio 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. |
| 89 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored<br> Various, Various<br> Various, Various<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 7<br> **Haverford Retail Partners**<br> **Portfolio** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$30,000,000<br> 59.7%<br> 2.04x<br> 12.9% |

---

**Appraisals.** The Haverford Retail Partners Portfolio Properties had an aggregate "as-is" appraised value of $137,300,000 as of the appraisals dated from August 12, 2025 through August 15, 2025, resulting in a Cut-off Date LTV and Maturity Date LTV of 59.7%.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Haverford Retail Partners Portfolio Appraised Value<sup>(1)</sup>** | &nbsp;&nbsp;**Haverford Retail Partners Portfolio Appraised Value<sup>(1)</sup>** | &nbsp;&nbsp;**Haverford Retail Partners Portfolio Appraised Value<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Capitalization Rate** |
| &nbsp;&nbsp;Stow Community Center | &nbsp;&nbsp;$62850000 | &nbsp;&nbsp;8.00% |
| &nbsp;&nbsp;Southmont Plaza | &nbsp;&nbsp;$47750000 | &nbsp;&nbsp;7.75% |
| &nbsp;&nbsp;East Hanover Plaza | &nbsp;&nbsp;$26700000 | &nbsp;&nbsp;6.50% |
| &nbsp;&nbsp;**Total/Wtd. Average** | &nbsp;&nbsp;**$137300000** | &nbsp;&nbsp;**7.62%** |

---

(1) Source: Appraisals.

**Environmental Matters.** The Phase I environmental assessments of the Haverford Retail Partners Portfolio Properties dated July 14, 2025 and August 29, 2025 identified recognized environmental conditions at the Stow Community Center Property and the East Hanover Plaza Property. See "*Description of the Mortgage Pool—Mortgage Pool Characteristics—Environmental Considerations*" in the prospectus.

**The Markets.** The Haverford Retail Partners Portfolio Properties are located across the Akron, Lehigh Valley - PA, and Eastern Morris retail markets of Stow, Ohio, Easton, Pennsylvania, and East Hanover, New Jersey, respectively.

The Stow Community Center Property is located at 4224 Kent Road in Stow, Ohio, approximately 37 miles south of Cleveland and 10 miles north of Akron, Ohio, and is a part of the Akron retail market. Primary access to the Stow Community Center Property is provided by Interstate 76 and State Route 8. According to the appraisal, as of the second quarter of 2025, the Akron retail submarket had inventory of 32,546,971 square feet, a vacancy rate of 3.2%, and average asking rent of $12.57 per square foot. According to the appraisal, the estimated 2024 population within a one-, three- and five-mile radius from the Stow Community Center Property is 6,291, 49,668 and 139,251 and the 2024 average estimated household income within the same radii is $120,843, $118,551 and $103,072.

The Southmont Plaza Property is located at 4423 Birkland Place in Easton, Pennsylvania, approximately 15 miles east of Allentown, Pennsylvania, and is a part of the Lehigh Valley - PA retail market. Primary access to the Southmont Plaza Property is provided by Pennsylvania Route 33 and Pennsylvania Route 22 with access to the Pennsylvania Turnpike. According to the appraisal, as of the second quarter of 2025, the Lehigh Valley – PA retail market had inventory of 50,610,587 square feet, a vacancy rate of 4.5%, and average asking rent of $17.18 per square foot. According to the appraisal, the estimated 2024 population within a one-, three- and five-mile radius from the Southmont Plaza Property is 7,377, 47,831 and 137,390 and the 2024 average estimated household income within the same radii is $157,554, $134,201 and $120,885.

The East Hanover Plaza Property is located at 154 State Route 10 in East Hanover, New Jersey, approximately 26 miles west of New York City and is part of the Eastern Morris retail market. Primary access to the East Hanover Plaza Property is provided by Interstate 287, Route 10, and Route 53. According to the appraisal, as of the second quarter of 2025, the Eastern Morris retail market had inventory of 3,454,422 square feet, a vacancy rate of 3.6%, and average asking rent of $24.29 per square foot. According to the appraisal, the estimated 2024 population within a one-, three- and five-mile radius from the East Hanover Plaza Property is 3,121, 37,534 and 158,933 and the 2024 average estimated household income within the same radii is $218,083, $233,838 and $227,618.

---

| |
|:---|
| 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<br> Various, Various<br> Various, Various<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 7<br> **Haverford Retail Partners**<br> **Portfolio** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$30,000,000<br> 59.7%<br> 2.04x<br> 12.9% |

---

The following table presents information relating to comparable retail leases for the Haverford Retail Partners Portfolio Properties:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Comparable Retail Rental Summary - Anchors and Jr Anchors<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Retail Rental Summary - Anchors and Jr Anchors<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Retail Rental Summary - Anchors and Jr Anchors<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Retail Rental Summary - Anchors and Jr Anchors<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Retail Rental Summary - Anchors and Jr Anchors<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Retail Rental Summary - Anchors and Jr Anchors<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Retail Rental Summary - Anchors and Jr Anchors<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Retail Rental Summary - Anchors and Jr Anchors<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property Name / Address** | &nbsp;&nbsp;**Distance from Subject** | &nbsp;&nbsp;**Year Built / Renovated** | &nbsp;&nbsp;**Tenant** | &nbsp;&nbsp;**Suite Size (SF)** | &nbsp;&nbsp;**Lease Commencement** | &nbsp;&nbsp;**Lease Term (Yrs)** | &nbsp;&nbsp;**Base Rent (PSF)** |
| &nbsp;&nbsp;**Stow Community Center<sup>(2)</sup>** <br>**4224 Kent Road<br> Stow, OH 44224** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**1968, 1996-1998, 2008, 2013 / NAP** | &nbsp;&nbsp;**TJ Maxx** | &nbsp;&nbsp;**24002** | &nbsp;&nbsp;**Mar-22** | &nbsp;&nbsp;**10.0** | &nbsp;&nbsp;**$11.45** |
| &nbsp;&nbsp;Belden Park Crossing<br> 5496 Dressler Road<br> Canton, OH 44720 | &nbsp;&nbsp;20 mi | &nbsp;&nbsp;1995 / NAP | &nbsp;&nbsp;PetSmart | &nbsp;&nbsp;26326 | &nbsp;&nbsp;Feb-23 | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;$12.90 |
| &nbsp;&nbsp;Massillon Marketplace<br> 1-1001 Massillon Marketplace Drive<br> Massillon, OH 44646 | &nbsp;&nbsp;28 mi | &nbsp;&nbsp;2000 / NAP | &nbsp;&nbsp;Ross Dress for<br> Less | &nbsp;&nbsp;25000 | &nbsp;&nbsp;Nov-22 | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;$20.00 |
| &nbsp;&nbsp;**Southmont Plaza<sup>(2)</sup>**<br> **4423 Birkland Place<br> Easton, PA 18045**  | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**2004 / 2021-2024** | &nbsp;&nbsp;**Dicks Sporting Goods** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**Dec-04** | &nbsp;&nbsp;**25.0** | &nbsp;&nbsp;**$15.00** |
| &nbsp;&nbsp;Upland Square<br> 321 Upland Square Drive<br> Pottstown, PA | &nbsp;&nbsp;42 mi | &nbsp;&nbsp;2009 / NAP | &nbsp;&nbsp;Dicks Sporting Goods | &nbsp;&nbsp;46321 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;$16.44 |
| &nbsp;&nbsp;Richoboro Shopping Center<br> 1025 2nd Street Pike<br> Richboro, PA | &nbsp;&nbsp;44 mi | &nbsp;&nbsp;1940 / 2022 | &nbsp;&nbsp;Giant | &nbsp;&nbsp;50000 | &nbsp;&nbsp;2022 | &nbsp;&nbsp;15.0 | &nbsp;&nbsp;$14.00 |
| &nbsp;&nbsp;**East Hanover Plaza<sup>(2)</sup>**<br> **154 State Route 10<br> East Hanover, NJ 07936**  | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**1994 / NAP** | &nbsp;&nbsp;**Homesense** | &nbsp;&nbsp;**25024** | &nbsp;&nbsp;**Sep-17** | &nbsp;&nbsp;**10.0** | &nbsp;&nbsp;**$20.00** |
| &nbsp;&nbsp;300 NJ-18 N<br> East Brunswick, NJ | &nbsp;&nbsp;42 mi | &nbsp;&nbsp;NAV | &nbsp;&nbsp;Ross Dress for Less | &nbsp;&nbsp;24000 | &nbsp;&nbsp;Oct-23 | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;$15.00 |
| &nbsp;&nbsp;Route 46 & Waterview Boulevard<br> Parsippany Troy Hills, NJ | &nbsp;&nbsp;43 mi | &nbsp;&nbsp;NAV | &nbsp;&nbsp;HomeGoods | &nbsp;&nbsp;28100 | &nbsp;&nbsp;Aug-19 | &nbsp;&nbsp;11.0 | &nbsp;&nbsp;$20.00 |

---

(1) Source: Appraisals.

(2) Based on the underwritten rent rolls dated October 6, 2025. Base Rent (PSF) excludes rent steps.

****

<br> ---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored<br> Various, Various<br> Various, Various<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 7<br> **Haverford Retail Partners**<br> **Portfolio** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$30,000,000<br> 59.7%<br> 2.04x<br> 12.9% |

---

The following table presents information relating to comparable sales for the Haverford Retail Partners Portfolio Properties:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Summary of Comparable Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Summary of Comparable Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Summary of Comparable Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Summary of Comparable Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Summary of Comparable Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Summary of Comparable Sales<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property Name / Address** | &nbsp;&nbsp;**Distance from Subject** | &nbsp;&nbsp;**Sale Date** | &nbsp;&nbsp;**Sale Price** | &nbsp;&nbsp;**NRA** | &nbsp;&nbsp;**Price per SF** |
| &nbsp;&nbsp;**Stow Community Center** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**Nov-25** | &nbsp;&nbsp;**$55000000** | &nbsp;&nbsp;**418587<sup>(2)</sup>** | &nbsp;&nbsp;**$131.39** |
| &nbsp;&nbsp;4224 Kent Road | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**Nov-25** | &nbsp;&nbsp;**$55000000** | &nbsp;&nbsp;**418587<sup>(2)</sup>** | &nbsp;&nbsp;**$131.39** |
| &nbsp;&nbsp;Stow, OH 44224 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**Nov-25** | &nbsp;&nbsp;**$55000000** | &nbsp;&nbsp;**418587<sup>(2)</sup>** | &nbsp;&nbsp;**$131.39** |
| &nbsp;&nbsp;**Westgate Shopping Center** | &nbsp;&nbsp;31 mi | &nbsp;&nbsp;Jun-25 | &nbsp;&nbsp;$51500000 | &nbsp;&nbsp;216940 | &nbsp;&nbsp;$237.39 |
| &nbsp;&nbsp;3181 Westgate Mall Drive | &nbsp;&nbsp;31 mi | &nbsp;&nbsp;Jun-25 | &nbsp;&nbsp;$51500000 | &nbsp;&nbsp;216940 | &nbsp;&nbsp;$237.39 |
| &nbsp;&nbsp;Fairview Park, OH 44126 | &nbsp;&nbsp;31 mi | &nbsp;&nbsp;Jun-25 | &nbsp;&nbsp;$51500000 | &nbsp;&nbsp;216940 | &nbsp;&nbsp;$237.39 |
| &nbsp;&nbsp;**Creekside Commons** | &nbsp;&nbsp;37 mi | &nbsp;&nbsp;Oct-23 | &nbsp;&nbsp;$24125000 | &nbsp;&nbsp;208433 | &nbsp;&nbsp;$115.74 |
| &nbsp;&nbsp;9599 Mentor Avenue | &nbsp;&nbsp;37 mi | &nbsp;&nbsp;Oct-23 | &nbsp;&nbsp;$24125000 | &nbsp;&nbsp;208433 | &nbsp;&nbsp;$115.74 |
| &nbsp;&nbsp;Mentor, OH 44060 | &nbsp;&nbsp;37 mi | &nbsp;&nbsp;Oct-23 | &nbsp;&nbsp;$24125000 | &nbsp;&nbsp;208433 | &nbsp;&nbsp;$115.74 |
| &nbsp;&nbsp;**Taylor Square** | &nbsp;&nbsp;111 mi | &nbsp;&nbsp;Dec-24 | &nbsp;&nbsp;$49250000 | &nbsp;&nbsp;378102 | &nbsp;&nbsp;$130.26 |
| &nbsp;&nbsp;2793 Taylor Road Extension | &nbsp;&nbsp;111 mi | &nbsp;&nbsp;Dec-24 | &nbsp;&nbsp;$49250000 | &nbsp;&nbsp;378102 | &nbsp;&nbsp;$130.26 |
| &nbsp;&nbsp;Reynoldsburg, OH 43068 | &nbsp;&nbsp;111 mi | &nbsp;&nbsp;Dec-24 | &nbsp;&nbsp;$49250000 | &nbsp;&nbsp;378102 | &nbsp;&nbsp;$130.26 |
| &nbsp;&nbsp;**Southmont Plaza** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**Nov-25** | &nbsp;&nbsp;**$47000000** | &nbsp;&nbsp;**250939<sup>(2)</sup>** | &nbsp;&nbsp;**$187.30** |
| &nbsp;&nbsp;4423 Birkland Place | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**Nov-25** | &nbsp;&nbsp;**$47000000** | &nbsp;&nbsp;**250939<sup>(2)</sup>** | &nbsp;&nbsp;**$187.30** |
| &nbsp;&nbsp;Easton, PA 18045 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**Nov-25** | &nbsp;&nbsp;**$47000000** | &nbsp;&nbsp;**250939<sup>(2)</sup>** | &nbsp;&nbsp;**$187.30** |
| &nbsp;&nbsp;**Richland Marketplace** | &nbsp;&nbsp;19 mi | &nbsp;&nbsp;Sep-22 | &nbsp;&nbsp;$28750000 | &nbsp;&nbsp;162128 | &nbsp;&nbsp;$177.33 |
| &nbsp;&nbsp;3 W. Pumping Station Road | &nbsp;&nbsp;19 mi | &nbsp;&nbsp;Sep-22 | &nbsp;&nbsp;$28750000 | &nbsp;&nbsp;162128 | &nbsp;&nbsp;$177.33 |
| &nbsp;&nbsp;Quakertown, PA 18951 | &nbsp;&nbsp;19 mi | &nbsp;&nbsp;Sep-22 | &nbsp;&nbsp;$28750000 | &nbsp;&nbsp;162128 | &nbsp;&nbsp;$177.33 |
| &nbsp;&nbsp;**Forks Town Center** | &nbsp;&nbsp;20 mi | &nbsp;&nbsp;Aug-25 | &nbsp;&nbsp;$25500000 | &nbsp;&nbsp;100250 | &nbsp;&nbsp;$254.36 |
| &nbsp;&nbsp;301 Town Center Boulevard | &nbsp;&nbsp;20 mi | &nbsp;&nbsp;Aug-25 | &nbsp;&nbsp;$25500000 | &nbsp;&nbsp;100250 | &nbsp;&nbsp;$254.36 |
| &nbsp;&nbsp;Easton, PA 18040 | &nbsp;&nbsp;20 mi | &nbsp;&nbsp;Aug-25 | &nbsp;&nbsp;$25500000 | &nbsp;&nbsp;100250 | &nbsp;&nbsp;$254.36 |
| &nbsp;&nbsp;**Chambersburg Crossing** | &nbsp;&nbsp;34 mi | &nbsp;&nbsp;Dec-24 | &nbsp;&nbsp;$41300000 | &nbsp;&nbsp;265306 | &nbsp;&nbsp;$155.67 |
| &nbsp;&nbsp;925-971 Norland Ave, 901 Norland Ave | &nbsp;&nbsp;34 mi | &nbsp;&nbsp;Dec-24 | &nbsp;&nbsp;$41300000 | &nbsp;&nbsp;265306 | &nbsp;&nbsp;$155.67 |
| &nbsp;&nbsp;Chambersburg, PA 17201 | &nbsp;&nbsp;34 mi | &nbsp;&nbsp;Dec-24 | &nbsp;&nbsp;$41300000 | &nbsp;&nbsp;265306 | &nbsp;&nbsp;$155.67 |
| &nbsp;&nbsp;**East Hanover Plaza** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**Nov-25** | &nbsp;&nbsp;**$24000000** | &nbsp;&nbsp;**98020<sup>(2)</sup>** | &nbsp;&nbsp;**$244.85** |
| &nbsp;&nbsp;154 State Route 10 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**Nov-25** | &nbsp;&nbsp;**$24000000** | &nbsp;&nbsp;**98020<sup>(2)</sup>** | &nbsp;&nbsp;**$244.85** |
| &nbsp;&nbsp;East Hanover, NJ 07936 | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**Nov-25** | &nbsp;&nbsp;**$24000000** | &nbsp;&nbsp;**98020<sup>(2)</sup>** | &nbsp;&nbsp;**$244.85** |
| &nbsp;&nbsp;**Legacy Square** | &nbsp;&nbsp;27 mi | &nbsp;&nbsp;Jun-23 | &nbsp;&nbsp;$54520000 | &nbsp;&nbsp;185682 | &nbsp;&nbsp;$293.62 |
| &nbsp;&nbsp;1050 W. Edgar Road | &nbsp;&nbsp;27 mi | &nbsp;&nbsp;Jun-23 | &nbsp;&nbsp;$54520000 | &nbsp;&nbsp;185682 | &nbsp;&nbsp;$293.62 |
| &nbsp;&nbsp;Linden, NJ 7036 | &nbsp;&nbsp;27 mi | &nbsp;&nbsp;Jun-23 | &nbsp;&nbsp;$54520000 | &nbsp;&nbsp;185682 | &nbsp;&nbsp;$293.62 |
| &nbsp;&nbsp;**Hazlet Town Center** | &nbsp;&nbsp;46 mi | &nbsp;&nbsp;Apr-25 | &nbsp;&nbsp;$44000000 | &nbsp;&nbsp;196581 | &nbsp;&nbsp;$223.83 |
| &nbsp;&nbsp;3010-3054 State Route 35 | &nbsp;&nbsp;46 mi | &nbsp;&nbsp;Apr-25 | &nbsp;&nbsp;$44000000 | &nbsp;&nbsp;196581 | &nbsp;&nbsp;$223.83 |
| &nbsp;&nbsp;Hazlet, NJ 7730 | &nbsp;&nbsp;46 mi | &nbsp;&nbsp;Apr-25 | &nbsp;&nbsp;$44000000 | &nbsp;&nbsp;196581 | &nbsp;&nbsp;$223.83 |
| &nbsp;&nbsp;**Cedar Hill Shopping Center** | &nbsp;&nbsp;99 mi | &nbsp;&nbsp;Nov-23 | &nbsp;&nbsp;$13000000 | &nbsp;&nbsp;62358 | &nbsp;&nbsp;$208.47 |
| &nbsp;&nbsp;142-178 Route 73 | &nbsp;&nbsp;99 mi | &nbsp;&nbsp;Nov-23 | &nbsp;&nbsp;$13000000 | &nbsp;&nbsp;62358 | &nbsp;&nbsp;$208.47 |
| &nbsp;&nbsp;Voorhees, NJ 8043 | &nbsp;&nbsp;99 mi | &nbsp;&nbsp;Nov-23 | &nbsp;&nbsp;$13000000 | &nbsp;&nbsp;62358 | &nbsp;&nbsp;$208.47 |

---

(1) Source: Appraisals.

(2) Based on the underwritten rent roll dated October 6, 2025.

**The Borrowers and the Borrower Sponsors.** The borrowers are (1) HRP Stow LLC, Bramblewood Stow LLC, and Concord Stow LLC, as tenants-in-common with respect to the Stow Community Center Property, (2) HRP East Hanover LLC, Bramblewood East Hanover LLC, and Concord East Hanover LLC, as tenants-in-common with respect to the East Hanover Plaza Property, and (3) HRP Southmont LLC, Bramblewood 89 LLC and Concord 89 LLC, as tenants-in-common with respect to the Southmont Plaza Property. Each of the borrowers is a Delaware limited liability company and a special purpose entity with one independent director in its organizational structure. Legal counsel to the borrowers delivered a non-consolidation opinion in connection with the origination of the Haverford Retail Partners Portfolio Whole Loan.

The borrower sponsors and non-recourse carveout guarantors are Joseph R. Staugaard, III, Samuel M.V. Hamilton, III and Brian David Hickey, co-founders of Haverford Retail Partners. Haverford Retail Partners is a vertically integrated real estate firm that invests exclusively in retail assets. Haverford Retail Partners has completed over 100 retail transactions valued at over $2.5 billion.

**Property Management**. The Haverford Retail Partners Portfolio Properties are managed by Haverford Retail LLC, a borrower-affiliated property management company.

**Initial and Ongoing Reserves**. At origination of the Haverford Retail Partners Portfolio Whole Loan, the borrowers deposited approximately: (i) $722,894 into a tax reserve, (ii) $239,250 into a reserve for stormwater maintenance work and (iii) $829,382 into a leasing reserve for outstanding tenant improvement and leasing commission obligations.

*Replacement Reserve* – On each monthly payment date, the borrowers are required to deposit approximately $9,594 for replacements to the Haverford Retail Partners Portfolio Properties.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 92 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored<br> Various, Various<br> Various, Various<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 7<br> **Haverford Retail Partners**<br> **Portfolio** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$30,000,000<br> 59.7%<br> 2.04x<br> 12.9% |

---

*TI/LC Reserve* – On each monthly payment date, the borrowers are required to deposit approximately $31,981 into a reserve for future tenant improvements and leasing commissions; provided that the borrowers are not required to make such deposit at any time that the funds in such reserve equal or exceed $1,500,000.

*Tax Reserve –* The borrowers are required to deposit into a real estate tax reserve, on a monthly basis, 1/12th of the taxes that the lender estimates will be payable over the next-ensuing 12-month period (initially estimated to be approximately $180,723).

*Insurance Reserve –* At the option of the lender, if the liability or casualty policy maintained by the borrowers is not an approved blanket or umbrella policy, or if the lender requires the borrowers to obtain a separate policy, the borrowers are required to deposit into an insurance reserve, on a monthly basis, 1/12th of the amount that will be sufficient to pay the insurance premiums due for the renewal of coverage afforded by such policies. At origination of the Haverford Retail Partners Portfolio Whole Loan, an approved blanket policy was in place.

*Condominium Assessments Reserve* – After the occurrence and continuance of a Trigger Period (as defined below) the borrowers are required to deposit into a condominium assessment reserve, on a monthly basis, 1/12th of the amount that the lender estimates will be sufficient to pay the condominium assessments over the next-ensuing 12-month period.

**Lockbox / Cash Management.** The Haverford Retail Partners Portfolio Whole Loan is structured with a hard lockbox and springing cash management. The borrowers were required to establish a lender-controlled lockbox account and to deposit, or cause the property manager to deposit, all revenue generated by the Haverford Retail Partners Portfolio Properties into such lender-controlled lockbox account within two business days of receipt thereof. The borrowers were required to deliver a notice to all tenants at the Haverford Retail Partners Portfolio Properties directing them to remit rent and all other sums due under the applicable lease directly to the lender-controlled lockbox account. All funds deposited into the lockbox account are required to be transferred on each business day to or at the direction of the borrowers unless a Trigger Period exists and the lender elects, in its sole and absolute discretion, to deliver a restricted account notice, in which case 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 Haverford Retail Partners Portfolio Whole Loan documents. All excess cash flow funds remaining in the cash management account after the application of such funds in accordance with the Haverford Retail Partners Portfolio Whole Loan documents are required to (i) if a Trigger Period is continuing, be held by the lender in an excess cash flow reserve account as additional collateral for the Haverford Retail Partners Portfolio Whole Loan and (ii) if no Trigger Period exists, be disbursed to the borrowers. Notwithstanding the foregoing, if a Trigger Period exists solely due to the occurrence of a Specified Tenant Trigger Period (as defined below), and provided no other Trigger Period is ongoing and the debt yield is equal to or greater than 9.50% (excluding any income or gross rents attributable to the applicable Specified Tenant (as defined below)), deposits into the excess cash flow reserve account will not be required to the extent the amount on deposit in such account exceeds the Specified Tenant Excess Cash Flow Cap (as defined below). In addition, the borrowers may deposit cash or a letter of credit in lieu of required monthly deposits to the excess cash flow reserve account. Upon the cure of all Trigger Periods, the lender is required to return any amounts remaining on deposit in the excess cash flow reserve account to the borrowers; provided, however, that any excess cash flow funds required to satisfy the Specified Tenant Excess Cash Flow Condition (as defined below) will be retained by the lender in the excess cash flow account until certain stabilization conditions are satisfied. Upon an event of default under the Haverford Retail Partners Portfolio Whole Loan documents, the lender may apply funds to the Haverford Retail Partners Portfolio Whole Loan in such priority as it may determine.

"**<u>Trigger Period</u>**" means a period (A) commencing upon the earliest of (i) the occurrence and continuance of an event of default, (ii) the debt yield falling below 8.0% for one quarter and (iii) the occurrence of a Specified Tenant Trigger Period; and (B) expiring upon, with regard to any Trigger Period commenced in connection with (x) clause (i) above, the cure (if applicable) of such event of default, (y) clause (ii) above, the date that the debt yield is equal to or greater than 8.25% for one calendar quarter, and (z) clause (iii) above, a Specified Tenant Trigger Period ceasing to exist.

"**<u>Specified Tenant</u>**" means, as applicable, (i) Homesense, together with its successors and/or assigns, (ii) HomeGoods, together with its successors and/or assigns, (iii) Giant Eagle, together with its successors and/or assigns, (iv) Kohl's, together with its successors and/or assigns (v) any other person that leases either (A) 20% or more of the total rental income for the Haverford Retail Partners Portfolio Properties or (B) 20% or more of the leasable square feet of any individual Haverford Retail Partners Portfolio Property and (vi) any parents or affiliates of such tenants providing credit support for, or guarantor of such Specified Tenant leases.

"**<u>Specified Tenant Trigger Period</u>**" means a period (A) commencing upon the first to occur of (i) a Specified Tenant being in monetary default of base rent beyond a 30-day cure period or any other material monetary or material non-monetary default under the applicable Specified Tenant lease beyond applicable notice and cure periods, (ii) other than in connection with certain permitted going dark events relating to a pandemic or related governmental orders or certain specified events in the nature of a force majeure event ("**<u>Permitted Dark Event</u>**"), a Specified Tenant failing to be in actual, physical possession of the Specified Tenant space, or applicable portion thereof, (iii) other than in connection with a Permitted Dark Event, a Specified Tenant failing to be open for business during customary hours and/or "going dark" in the Specified Tenant space, or applicable portion thereof, (iv) a Specified Tenant giving notice that it is terminating its lease for all or any portion of the Specified Tenant space, or applicable portion thereof, (v) any termination or cancellation of any Specified Tenant lease, including, without limitation, rejection in any bankruptcy or similar insolvency proceeding, and/or any Specified Tenant lease failing to otherwise be in full force and effect, (vi) any bankruptcy or similar insolvency of a Specified Tenant and (vii) a Specified Tenant failing to extend or renew the applicable Specified Tenant lease as required under the terms of the Haverford Retail Partners Portfolio 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. |
| 93 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored<br> Various, Various<br> Various, Various<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 7<br> **Haverford Retail Partners**<br> **Portfolio** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$30,000,000<br> 59.7%<br> 2.04x<br> 12.9% |

---

documents for a minimum term of five years, and (B) expiring upon the first to occur of the lender's receipt of evidence reasonably acceptable to the lender of (1) the satisfaction of the applicable Specified Tenant Cure Conditions (as defined below) or (2) the borrowers leasing (a) the entire Specified Tenant space, or applicable portion thereof, pursuant to one or more leases in accordance with the applicable terms and conditions of the Haverford Retail Partners Portfolio Whole Loan documents for a minimum term of five years, the applicable tenant(s) under such lease(s) being in actual, physical occupancy of the space demised, all contingencies to effectiveness of each such lease have expired or been satisfied, each such lease has commenced and a rent commencement date has been established and, in the lender's judgment, the applicable Specified Tenant Excess Cash Flow Condition is satisfied in connection therewith.

"**<u>Specified Tenant Cure Conditions</u>**" means each of the following, as applicable, the applicable Specified Tenant (i) has cured all defaults under the applicable Specified Tenant lease and no other defaults occur under such Specified Tenant lease for a period of three consecutive months following such cure, (ii) is in actual, physical possession of the Specified Tenant space, or applicable portion thereof, and open for business during customary hours and not "dark" in the Specified Tenant space, or applicable portion thereof, (iii) has revoked or rescinded all termination or cancellation notices with respect to the applicable Specified Tenant lease and has re-affirmed the applicable Specified Tenant lease as being in full force and effect, (iv) has renewed or extended the applicable Specified Tenant lease in accordance with the terms of the Haverford Retail Partners Portfolio Whole Loan documents for a minimum term of five years and, in the lender's reasonable judgment, the applicable Specified Tenant Excess Cash Flow Condition is satisfied in connection therewith, (v) is no longer insolvent or subject to any bankruptcy or insolvency proceedings and has affirmed the applicable Specified Tenant lease pursuant to a final, non-appealable order of a court of competent jurisdiction and (vi) is paying full, unabated rent under the applicable Specified Tenant lease.

"**<u>Specified Tenant Excess Cash Flow Condition</u>**" means, with respect to curing any Specified Tenant Trigger Period by re-tenanting the applicable Specified Tenant space or renewal/extension of any Specified Tenant lease, sufficient funds have been accumulated in the excess cash flow account (during the continuance of the subject Specified Tenant Trigger Period) to cover all anticipated leasing commissions, tenant improvement costs, tenant allowances, free rent periods and/or rent abatement periods to be incurred in connection with any such re-tenanting or renewal/extension.

"**<u>Specified Tenant Excess Cash Flow Cap</u>**" means an amount (as calculated by the lender) equal to (i) $35.00 per square foot for a Specified Tenant whose lease accounts for 20,000 square feet or less at the applicable property, (ii) $25.00 per square foot for a Specified Tenant whose lease accounts for at least 20,000 square feet up to 50,000 square feet at the applicable property, and (iii) $20.00 per square foot for a Specified Tenant whose lease accounts for greater than 50,000 square feet at any applicable Haverford Retail Partners Portfolio property.

**Current Mezzanine or Secured Subordinate Indebtedness.** None.

**Permitted Future Mezzanine or Secured Subordinate Indebtedness.** Not permitted.

**Release of Collateral.** The borrowers have the one-time right at any time after the end of the two-year period commencing on the closing date of the Benchmark 2026-B42 securitization to obtain the release of any one of the individual Haverford Retail Partners Portfolio Properties, provided that, among other conditions, (i) the borrowers prepay an amount equal to 115% of the allocated Haverford Retail Partners Portfolio Whole Loan amount with respect to such individual Haverford Retail Partners Portfolio Property, together with, if prior to the open prepayment date, a prepayment fee equal to the greater of a yield maintenance premium and 1.00% of the amount prepaid, (ii) the borrowers deliver a REMIC opinion, (iii) after giving effect to the release, the debt yield with respect to the remaining Haverford Retail Partners Portfolio Properties must be not lesser than the greater of (1) the debt yield of all Haverford Retail Partners Portfolio Properties immediately prior to the release and (2) 12%, and (iv) after giving effect to the release, the loan-to-value ratio with respect to the remaining Haverford Retail Partners Portfolio Properties must be no greater than the lesser of (1) the loan-to-value ratio with respect to all of the Haverford Retail Partners Portfolio Properties immediately prior to the release and (2) 66%. The borrowers have the right to make an additional prepayment, without payment of the prepayment fee, to satisfy the above conditions relating to debt yield and loan-to-value ratio.

**Ground Lease**. None.

---

| |
|:---|
| 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 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Self Storage – Self Storage<br> 105 Evergreen Avenue<br> Brooklyn, NY 11206 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 8<br> **UOVO Evergreen** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$28,000,000<br> 54.9%<br> 1.66x<br> 9.9% |

---

![](n5676ts_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. |
| 95 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Self Storage – Self Storage<br> 105 Evergreen Avenue<br> Brooklyn, NY 11206 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 8<br> **UOVO Evergreen** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$28,000,000<br> 54.9%<br> 1.66x<br> 9.9% |

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![](n5676ts_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. |
| 96 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Self Storage – Self Storage<br> 105 Evergreen Avenue<br> Brooklyn, NY 11206 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 8<br> **UOVO Evergreen** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$28,000,000<br> 54.9%<br> 1.66x<br> 9.9% |

---

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Loan Sellers:** | &nbsp;&nbsp;GACC | &nbsp;&nbsp;**Single Asset / Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;**Property Type – Subtype:** | &nbsp;&nbsp;Self Storage – Self Storage |
| &nbsp;&nbsp;**Borrower Sponsor(s):** | &nbsp;&nbsp;UOVO Holdings LLC | &nbsp;&nbsp;**Collateral:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Borrower(s):** | &nbsp;&nbsp;Evergreen 105 LLC | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;Brooklyn, NY |
| &nbsp;&nbsp;**Original Balance<sup>(1)</sup>:** | &nbsp;&nbsp;$28000000 | &nbsp;&nbsp;**Year Built / Renovated:** | &nbsp;&nbsp;1955 / 2019 |
| &nbsp;&nbsp;**Cut-off Date Balance<sup>(1)</sup>:** | &nbsp;&nbsp;$28000000 | &nbsp;&nbsp;**Property Management:** | &nbsp;&nbsp;UOVO Management LLC and UOVO Art LLC |
| &nbsp;&nbsp;**% by Initial UPB:** | &nbsp;&nbsp;3.8% | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;112,086 SF |
| &nbsp;&nbsp;**Interest Rate:** | &nbsp;&nbsp;5.89600% | &nbsp;&nbsp;**Appraised Value / Per SF:** | &nbsp;&nbsp;$191,200,000 / $1,706 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;September 11, 2025 | &nbsp;&nbsp;**Appraisal Date:** | &nbsp;&nbsp;June 13, 2025 |
| &nbsp;&nbsp;**Original Term:** | &nbsp;&nbsp;120 months | &nbsp;&nbsp;**Occupancy<sup>(3)</sup>:** | &nbsp;&nbsp;94.2% (as of August 31, 2025) |
| &nbsp;&nbsp;**Amortization:** | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;**UW Economic Occupancy:** | &nbsp;&nbsp;68.8% |
| &nbsp;&nbsp;**Original Amortization:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Underwritten NOI:** | &nbsp;&nbsp;$10417307 |
| &nbsp;&nbsp;**Interest Only Period:** | &nbsp;&nbsp;120 months | &nbsp;&nbsp;**Underwritten NCF:** | &nbsp;&nbsp;$10400494 |
| &nbsp;&nbsp;**First Payment Date:** | &nbsp;&nbsp;November 6, 2025 |  |  |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;October 6, 2035 | &nbsp;&nbsp;**Historical NOI** | &nbsp;&nbsp;**Historical NOI** |
| &nbsp;&nbsp;**Additional Debt Type<sup>(1)</sup>:** | &nbsp;&nbsp;*Pari Passu* | &nbsp;&nbsp;**Most Recent NOI:** | &nbsp;&nbsp;$9,740,648 (TTM June 30, 2025) |
| &nbsp;&nbsp;**Additional Debt Balance<sup>(1)</sup>:** | &nbsp;&nbsp;$77000000 | &nbsp;&nbsp;**2024 NOI:** | &nbsp;&nbsp;$9140214 |
| &nbsp;&nbsp;**Call Protection:** | &nbsp;&nbsp;L(29),D(87),O(4) | &nbsp;&nbsp;**2023 NOI:** | &nbsp;&nbsp;$7208072 |
| &nbsp;&nbsp;**Lockbox / Cash Management:** | &nbsp;&nbsp;Springing / Springing | &nbsp;&nbsp;**2022 NOI:** | &nbsp;&nbsp;NAV |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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;**Financial Information<sup>(1)</sup>** | &nbsp;&nbsp;**Financial Information<sup>(1)</sup>** |
|  | &nbsp;&nbsp;**Initial** | &nbsp;&nbsp;**Monthly** | &nbsp;&nbsp;**Cap** | &nbsp;&nbsp;**Cut-off Date Loan / SF:** | &nbsp;&nbsp;$937 |
| &nbsp;&nbsp;**Taxes:** | &nbsp;&nbsp;$85637 | &nbsp;&nbsp;$14273 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date Loan / SF:** | &nbsp;&nbsp;$937 |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;54.9% |
| &nbsp;&nbsp;**Replacement Reserves:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$1401 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date LTV:** | &nbsp;&nbsp;54.9% |
|  |  |  |  | &nbsp;&nbsp;**UW NOI DY:** | &nbsp;&nbsp;9.9% |
|  |  |  |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.66x |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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<sup>(1)</sup> | &nbsp;&nbsp;$105000000 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;Loan Payoff | &nbsp;&nbsp;$57461454 | &nbsp;&nbsp;54.7% |
|  |  |  | &nbsp;&nbsp;Borrower Sponsor Equity | &nbsp;&nbsp;45398709 | &nbsp;&nbsp;43.2 |
|  |  |  | &nbsp;&nbsp;Closing Costs | &nbsp;&nbsp;2054200 | &nbsp;&nbsp; 2.0 |
|  |  |  | &nbsp;&nbsp;Upfront Reserves | &nbsp;&nbsp;85637 | &nbsp;&nbsp; 0.1 |
| &nbsp;&nbsp;**Total Sources** | &nbsp;&nbsp;**$105000000** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses:** | &nbsp;&nbsp;**$105000000** | &nbsp;&nbsp;**100.0%** |

---

(1) The UOVO Evergreen Mortgage Loan (as defined below) is part of a whole loan which
is comprised of three *pari passu* promissory notes with an aggregate original principal balance and Cut-off Date balance of $105,000,000
(the "  **<u>UOVO Evergreen Whole Loan</u>** "). The financial information presented above is based on the UOVO Evergreen
Whole Loan

(2) See "*Initial and Ongoing Reserves*" below.

(3) Occupancy represents the occupancy percentage for the private storage space (measured
in square feet). The managed storage space is measured in cubic feet and is 51.5% leased as of July 31, 2025. See "The Property"
below for further discussion of the property type.

 ****

***The Loan.*** The eighth largest mortgage loan (the "**<u>UOVO Evergreen Mortgage Loan</u>**") is secured by the borrower's fee simple interest in a 112,086 SF self-storage complex located in Brooklyn, New York (the "**<u>UOVO Evergreen Property</u>**"). The UOVO Evergreen Whole Loan consists of three *pari passu* promissory notes and accrues interest at a rate of 5.89600% *per annum* on an Actual/360 basis. The UOVO Evergreen Whole Loan has a 10-year term and is interest only for the entire duration of the term. The UOVO Evergreen Whole Loan was co-originated on September 11, 2025 by German American Capital Corporation ("**<u>GACC</u>**") and Goldman Sachs Bank USA. The UOVO Evergreen Mortgage Loan is evidenced by the non-controlling Note A-1-2, contributed by GACC with an original principal balance of $28,000,000. The UOVO Evergreen Whole Loan will be serviced pursuant to the pooling and servicing agreement for the BMO 2025-C13 trust. See "*Description of the Mortgage Pool—The Whole Loans— The Non-Serviced Pari Passu Whole Loans*" and "*The Pooling and Servicing Agreement—Servicing of the Non-Serviced Mortgage Loans*" in the prospectus.

 ****

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 97 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Self Storage – Self Storage<br> 105 Evergreen Avenue<br> Brooklyn, NY 11206 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 8<br> **UOVO Evergreen** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$28,000,000<br> 54.9%<br> 1.66x<br> 9.9% |

---

The table below identifies the promissory notes that comprise the UOVO Evergreen Whole Loan:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Whole Loan Summary** | &nbsp;&nbsp;**Whole Loan Summary** | &nbsp;&nbsp;**Whole Loan Summary** | &nbsp;&nbsp;**Whole Loan Summary** | &nbsp;&nbsp;**Whole Loan Summary** |
| &nbsp;&nbsp;**Note** | &nbsp;&nbsp;**Original Balance** | &nbsp;&nbsp;**Cut-off Date Balance** | &nbsp;&nbsp;**Note Holder** | &nbsp;&nbsp;**Controlling Piece** |
| &nbsp;&nbsp;A-1-1 | &nbsp;&nbsp;$56000000 | &nbsp;&nbsp;$56000000 | &nbsp;&nbsp;BMO 2025-C13 | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;**A-1-2** | &nbsp;&nbsp;**$28000000** | &nbsp;&nbsp;**$28000000** | &nbsp;&nbsp;**Benchmark 2026-B42** | &nbsp;&nbsp;**No** |
| &nbsp;&nbsp;A-2 | &nbsp;&nbsp;$21000000 | &nbsp;&nbsp;$21000000 | &nbsp;&nbsp;BMO 2025-C13 | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**Whole Loan** | &nbsp;&nbsp;**$105000000** | &nbsp;&nbsp;**$105000000** |  |  |

---

**The Property**. The UOVO Evergreen Property is a Class A flagship art storage complex located in the neighborhood of Bushwick, Brooklyn, New York and is part of the UOVO portfolio, the art storage management provider of the borrower sponsor. UOVO was designed for the sole purpose of safe-guarding collections. These privately-owned, state-of-the-art facilities are designed for the long-term preservation and care of art, fashion, wine, archives, cultural artifacts, contemporary collectibles and rare objects. The UOVO Evergreen Property is leased to approximately 393 individual tenants, of which 97 tenants lease private storage units and 296 lease rent managed storage space. Additionally, the UOVO Evergreen Property houses a fashion storage component where tenants can store clothing on racks in the UOVO Evergreen Property's lower level.

UOVO's full range of services includes climate-controlled storage, digital inventory management, secure transportation, packing and crating, archiving solutions, private viewing galleries, art installation, photography, and more. UOVO clients gain access to UOVO's custom-built digital platforms to streamline collection management and service requests.

The UOVO Evergreen Property is subject to an Industrial Development Agency (IDA) tax abatement structure, under which the borrower leased the land and the improvements to the IDA, which in turn are subleased back to the borrower, together with a lease of the personal property associated with the land and improvements. The leases, which commenced on December 19, 2018 and expire on June 30, 2044 (unless earlier terminated in accordance with the provisions thereof), are subordinate to any mortgage on the UOVO Evergreen Property and are co-terminus with each other. The sublease to the borrower is an absolute net lease. In the event of foreclosure, the lender would have to re-apply for the IDA abatement, which would be subject to satisfaction of all applicable IDA guidelines.

*Private Storage*. According to the appraisal, the private storage ("**<u>Private Storage</u>**") is similar to traditional self-storage and is designed for clients who prefer direct and frequent access to their works. Private Storage includes individual locks, roll-up doors and 8- to 10-foot clear heights. Private Storage space can be leased at a minimum of 50 SF and may range to over 20,000 SF. According to the appraisal, Private Storage is tailored to each specific client's needs as they partner with an in-house designer to configure a customized plan with racking, lighting, flooring, and climate conditions best suited to their collection.

*Managed Storage.* According to the appraisal, the managed space ("**<u>Managed Storage</u>**") functions on open-air racks within a fully controlled environment in terms of climate, temperature, humidity and UV filtration lighting. Managed Storage is considered a more cost-effective option for clients with fluctuating inventory or temporary storage needs and is exclusively accessed and managed by an expert technical team and tracked using digital inventory. The Managed Storage space is leased by cubic feet on floors 1 through 3 as it consists of an open storage area optimized for large and small pieces of artwork.

The UOVO Evergreen Property includes four fully enclosed loading docks accessible with tractor trailers, four state-of-the-art viewing rooms to facilitate private showings and photography, multiple emergency backup generators, 20-25' ceiling heights, two freight elevators each capable of carrying 9 tons, on-site client and visitor parking, and pest screenings, regular exterminator visits, and pheromone traps throughout the facility. Additionally, the UOVO Evergreen Property has private meeting rooms, workspaces, and a client café. Additionally, the UOVO Evergreen Property is also home to the UOVO Prize, an ongoing public art installation commissioned in partnership with the Brooklyn Museum.

The following table presents certain information relating to the Private Storage at the UOVO Evergreen Property:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** |
| &nbsp;&nbsp;**Unit Type** | &nbsp;&nbsp;**Net Rentable Area (SF)** | &nbsp;&nbsp;**% of UW Rent** | &nbsp;&nbsp;**Occupied SF** | &nbsp;&nbsp;**Occupancy % (SF)** | &nbsp;&nbsp;**# of Units** | &nbsp;&nbsp;**% of Total Units** | &nbsp;&nbsp;**Occupied Units** | &nbsp;&nbsp;<br> **Rent Per Annum (SF)<sup>(2)</sup>** | &nbsp;&nbsp;<br> **Market Rent Per SF<sup>(3)</sup>** |
| &nbsp;&nbsp;Private Storage | &nbsp;&nbsp;46560 | &nbsp;&nbsp;37.1% | &nbsp;&nbsp;43845 | &nbsp;&nbsp;94.2% | &nbsp;&nbsp;126 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;118 | &nbsp;&nbsp;$102.64 | &nbsp;&nbsp;$33.84 - $118.68 |

---

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

(2) Rent Per Annum (SF) is calculated using actual rent for occupied square feet.

(3) 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. |
| 98 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Self Storage – Self Storage<br> 105 Evergreen Avenue<br> Brooklyn, NY 11206 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 8<br> **UOVO Evergreen** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$28,000,000<br> 54.9%<br> 1.66x<br> 9.9% |

---

The following table presents certain information relating to the Managed Storage at the UOVO Evergreen Property:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** |
| &nbsp;&nbsp;**Unit Type** | &nbsp;&nbsp;**Net Rentable Area (CF)** | &nbsp;&nbsp;**% of UW Rent** | &nbsp;&nbsp;**Occupied CF** | &nbsp;&nbsp;**Occupancy % (CF)** | &nbsp;&nbsp;**# of Units** | &nbsp;&nbsp;**% of Total Units** | &nbsp;&nbsp;**Occupied Units** | &nbsp;&nbsp;<br> **Rent Per Annum (CF)<sup>(2)</sup>** | &nbsp;&nbsp;<br> **Market Rent Per CF<sup>(3)</sup>** |
| &nbsp;&nbsp;Managed Storage | &nbsp;&nbsp;330000 | &nbsp;&nbsp;29.7% | &nbsp;&nbsp;169822 | &nbsp;&nbsp;51.5% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;$21.20 | &nbsp;&nbsp;$13.44 - $40.80 |

---

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

(2) Rent Per Annum (CF) is calculated using actual rent for occupied cubic feet.

(3) Source: Appraisal.

The following table presents certain information relating to the operating history and underwritten net cash flow of the UOVO Evergreen 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;**2023** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**6/30/2025 TTM** | &nbsp;&nbsp;**Underwritten** | &nbsp;&nbsp;**Per SF** | &nbsp;&nbsp;**%<sup>(2)</sup>** |
| &nbsp;&nbsp;Gross Potential Rent<sup>(1)</sup> | &nbsp;&nbsp; $5954992 | &nbsp;&nbsp;$7527127 | &nbsp;&nbsp;$7916693 | &nbsp;&nbsp; $11774471 | &nbsp;&nbsp;$105.05 | &nbsp;&nbsp;73.8% |
| &nbsp;&nbsp;Other Income<sup>(3)</sup> | &nbsp;&nbsp;3554651 | &nbsp;&nbsp;3989510 | &nbsp;&nbsp;4128097 | &nbsp;&nbsp;4189421 | &nbsp;&nbsp;37.38 | &nbsp;&nbsp;26.2% |
| &nbsp;&nbsp;**Gross Income** | &nbsp;&nbsp; **$9509643** | &nbsp;&nbsp;**$11516636** | &nbsp;&nbsp; **$12044790** | &nbsp;&nbsp;**$15963893** | &nbsp;&nbsp;**$142.43** | &nbsp;&nbsp;**100.0%** |
| &nbsp;&nbsp;Vacancy / Credit Loss / Bad Debt | &nbsp;&nbsp;(39053) | &nbsp;&nbsp;(32514) | &nbsp;&nbsp;(23382) | &nbsp;&nbsp; (3674246) | &nbsp;&nbsp; ($32.78) | &nbsp;&nbsp;(23.0%) |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp; **$9470590** | &nbsp;&nbsp;**$11484122** | &nbsp;&nbsp; **$12021407** | &nbsp;&nbsp; **$12289646** | &nbsp;&nbsp;**$109.64** | &nbsp;&nbsp;**77.0%** |
| &nbsp;&nbsp;Real Estate Taxes<sup>(4)</sup> | &nbsp;&nbsp;171273 | &nbsp;&nbsp;171562 | &nbsp;&nbsp; 172163 | &nbsp;&nbsp; 171273 | &nbsp;&nbsp; $1.53 | &nbsp;&nbsp; 1.4% |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;154121 | &nbsp;&nbsp;165048 | &nbsp;&nbsp; 174124 | &nbsp;&nbsp; 102716 | &nbsp;&nbsp; $0.92 | &nbsp;&nbsp;0.8% |
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp; 570540 | &nbsp;&nbsp; 690195 | &nbsp;&nbsp; 704812 | &nbsp;&nbsp; 368689 | &nbsp;&nbsp; $3.29 | &nbsp;&nbsp; 3.0% |
| &nbsp;&nbsp;General and Administrative | &nbsp;&nbsp; 59470 | &nbsp;&nbsp; 58083 | &nbsp;&nbsp; 70521 | &nbsp;&nbsp; 70521 | &nbsp;&nbsp; $0.63 | &nbsp;&nbsp;0.6% |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp; 287765 | &nbsp;&nbsp; 258347 | &nbsp;&nbsp; 275606 | &nbsp;&nbsp; 275606 | &nbsp;&nbsp; $2.46 | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Payroll and Benefits | &nbsp;&nbsp; 305214 | &nbsp;&nbsp; 326716 | &nbsp;&nbsp; 337496 | &nbsp;&nbsp; 337496 | &nbsp;&nbsp; $3.01 | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Professional Fees | &nbsp;&nbsp; 129029 | &nbsp;&nbsp; 77977 | &nbsp;&nbsp; 90814 | &nbsp;&nbsp; 90814 | &nbsp;&nbsp; $0.81 | &nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;Repairs and Maintenance | &nbsp;&nbsp; 487714 | &nbsp;&nbsp; 504674 | &nbsp;&nbsp; 365702 | &nbsp;&nbsp; 365702 | &nbsp;&nbsp; $3.26 | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Marketing | &nbsp;&nbsp; 97391 | &nbsp;&nbsp; 91304 | &nbsp;&nbsp; 89522 | &nbsp;&nbsp; 89522 | &nbsp;&nbsp; $0.80 | &nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;**Total Operating Expenses** | &nbsp;&nbsp;**$2262518** | &nbsp;&nbsp;**$2343908** | &nbsp;&nbsp;**$2280759** | &nbsp;&nbsp;**$1872339** | &nbsp;&nbsp;**$16.70** | &nbsp;&nbsp;**15.2%** |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$7208072** | &nbsp;&nbsp;**$9140214** | &nbsp;&nbsp;**$9740648** | &nbsp;&nbsp;**$10417307** | &nbsp;&nbsp;**$92.94** | &nbsp;&nbsp;**84.8%** |
| &nbsp;&nbsp;Replacement Reserves | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp; 16813 | &nbsp;&nbsp;$0.15 | &nbsp;&nbsp;0.1% |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$7208072** | &nbsp;&nbsp;**$9140214** | &nbsp;&nbsp;**$9740648** | &nbsp;&nbsp;**$10400494** | &nbsp;&nbsp; **$92.79** | &nbsp;&nbsp;**84.6%** |
| &nbsp;&nbsp;**Occupancy (%)** | &nbsp;&nbsp;**76.4%** | &nbsp;&nbsp;**83.4%** | &nbsp;&nbsp;**94.2%<sup>(5)</sup>** | &nbsp;&nbsp;**68.8%<sup>(6)</sup>** |  |  |
| &nbsp;&nbsp;**NCF DSCR<sup>(7)</sup>** | &nbsp;&nbsp;**1.15x** | &nbsp;&nbsp;**1.46x** | &nbsp;&nbsp;**1.55x** | &nbsp;&nbsp;**1.66x** |  |  |
| &nbsp;&nbsp;**NOI Debt Yield<sup>(7)</sup>** | &nbsp;&nbsp;**6.9%** | &nbsp;&nbsp;**8.7%** | &nbsp;&nbsp;**9.3%** | &nbsp;&nbsp;**9.9%** |  |  |

---

(1) Based on the underwritten rent roll dated August 31, 2025 for private storage and July 31, 2025 for
managed storage.

(2) % column represents percentage of Gross Income for all revenue lines and represents
percentage of Effective Gross Income for the remaining fields.

(3) Other Income includes wardrobe rent as well as miscellaneous income.

(4) Underwritten based on abated taxes, after giving effect to the IDA tax abatement.

(5) Occupancy represents the occupancy percentage for the private storage space (measured in square feet). The managed storage space is measured
in cubic feet and is 51.5% leased as of July 31, 2025

(6) Based on Underwritten Economic Occupancy.

(7) Based on the UOVO Evergreen Whole Loan.

**Appraisal*.*** The appraisal concluded to an "as-is" value for the UOVO Evergreen Property of $191,200,000 as of June 13, 2025.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**UOVO Evergreen Property Appraised Value<sup>(1)</sup>** | &nbsp;&nbsp;**UOVO Evergreen Property Appraised Value<sup>(1)</sup>** | &nbsp;&nbsp;**UOVO Evergreen Property Appraised Value<sup>(1)</sup>** |
| &nbsp;&nbsp;**UOVO Evergreen** | &nbsp;&nbsp;**As-Is Value** | &nbsp;&nbsp;**Capitalization Rate** |
| &nbsp;&nbsp;As-Is Value | &nbsp;&nbsp;$191200000 | &nbsp;&nbsp;5.75% |

---

(1) Source: Appraisal.

 ****

**Environmental Matters.** According to the Phase I environmental site assessment dated June 19, 2025, there was no evidence of any recognized environmental conditions at the UOVO Evergreen 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. |
| 99 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Self Storage – Self Storage<br> 105 Evergreen Avenue<br> Brooklyn, NY 11206 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 8<br> **UOVO Evergreen** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$28,000,000<br> 54.9%<br> 1.66x<br> 9.9% |

---

**The Market.** The UOVO Evergreen Property is located in Brooklyn, New York within the Bushwick neighborhood. Bushwick is a mostly residential neighborhood, with a mixture of single-family and multifamily housing. This area consists of not only mixed use properties but primarily semi-detached homes, two-to-four family homes, and multi-unit apartment buildings which include condominiums and co-ops. Just over 53% of the land use in the district is comprised of 1-2 family residential and multifamily residential. Open space makes up another 16.0% of total land use and mixed use comprises another 9.0% of total land use. The neighborhood is served by ample public transportation consisting of regional and local bus services and the J-Z-L and M trains. The J-Z Train follows the southern border of the neighborhood along Broadway and runs west into the Lower East Side and Downtown Manhattan, as well as east into the Richmond Hill neighborhood. The L Train borders the north boundary of the neighborhood and runs west into Union Square in Manhattan.

According to the appraisal, the national art industry revenue is expected to have grown at a compound annual growth rate of 0.9% to $13.1 billion over the last 5 years up through 2024. Additionally, the major concentrations of art dealership establishments in the United States are in California, Florida, and New York with New York being home to 14.1% of establishments in the country.

In New York City, several industrial, office, special-use, and retail buildings have converted to self-storage. In May 2023, 41 East 21st Street completed the conversion of a four story, 50,000 SF parking garage into a self-storage facility to be managed by CubeSmart. The CMX Cinema at 400 East 62nd Street is being converted into a 65,000 SF self-storage facility by Manhattan Mini Storage. The Shell industrial building at 78 Walker has also been proposed for conversion.

The following table presents information regarding certain competitive properties to the UOVO Evergreen Property:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Competitive Property Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Property Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Property Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Property Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Property Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Property Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Property Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Property Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Property Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Property Summary<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property Name/Location** | &nbsp;&nbsp;**Year Built /**<br> **Renovated** | &nbsp;&nbsp;<br> **Private Occupancy** | &nbsp;&nbsp;**Square Feet (Private)** | &nbsp;&nbsp;**Managed Occupancy** | &nbsp;&nbsp;**Cubic Feet**<br> **(Managed)** | &nbsp;&nbsp;**Unit Type** | &nbsp;&nbsp;**Actual**<br> **($/SF)** | &nbsp;&nbsp;**Actual**<br> **($/CF)** | &nbsp;&nbsp;**Rent Per**<br> **Annum**<br> **(SF/CF)<sup>(3)</sup>** |
| &nbsp;&nbsp; 105 Evergreen Avenue<sup>(2)</sup><br> Brooklyn, NY | &nbsp;&nbsp;1955 / 2019 | &nbsp;&nbsp;94.2% | &nbsp;&nbsp;46560 | &nbsp;&nbsp;51.5% | &nbsp;&nbsp;330000 | &nbsp;&nbsp; Private Storage<br> Managed Storage | &nbsp;&nbsp;$8.55 | &nbsp;&nbsp;$1.77 | &nbsp;&nbsp; $102.64<br> $21.20 |
| &nbsp;&nbsp; 4200 Westgate Avenue<br> Westgate, FL | &nbsp;&nbsp; 2023 **/** NAP<br> (Lease-Up) | &nbsp;&nbsp;82.0% | &nbsp;&nbsp;9765 | &nbsp;&nbsp;21.0% | &nbsp;&nbsp;177000 | &nbsp;&nbsp; Private Storage<br> Managed Storage | &nbsp;&nbsp;$6.65 | &nbsp;&nbsp;$2.16 | &nbsp;&nbsp; $79.80<br> $25.92 |
| &nbsp;&nbsp; 346 NW 29th Street<br> Miami, FL | &nbsp;&nbsp;2008 **/** NAP | &nbsp;&nbsp;90.0% | &nbsp;&nbsp;55063 | &nbsp;&nbsp;77.0% | &nbsp;&nbsp;42670 | &nbsp;&nbsp; Private Storage<br> Managed Storage | &nbsp;&nbsp;$6.02 | &nbsp;&nbsp;$2.93 | &nbsp;&nbsp; $72.24<br> $35.16 |
| &nbsp;&nbsp; 1333 Lowrie Ave<br> South San Francisco, CA | &nbsp;&nbsp;2022 **/** NAP | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;69.0% | &nbsp;&nbsp;177222 | &nbsp;&nbsp; Private Storage<br> Managed Storage | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$1.92 | &nbsp;&nbsp; N/A<br> $23.04 |
| &nbsp;&nbsp; 101 Lake Drive<br> Newark, DE | &nbsp;&nbsp;1986 **/** NAP | &nbsp;&nbsp;67.0% | &nbsp;&nbsp;7675 | &nbsp;&nbsp;30.0% | &nbsp;&nbsp;238000 | &nbsp;&nbsp; Private Storage<br> Managed Storage | &nbsp;&nbsp;$5.11 | &nbsp;&nbsp;$1.12 | &nbsp;&nbsp; $61.32<br> $13.44 |
| &nbsp;&nbsp; 130 South Myers Street<br> Los Angeles, CA | &nbsp;&nbsp; 2024 **/** NAP<br> (Lease-Up) | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;3675 | &nbsp;&nbsp;18.0% | &nbsp;&nbsp;118000 | &nbsp;&nbsp; Private Storage<br> Managed Storage | &nbsp;&nbsp;$9.89 | &nbsp;&nbsp;$1.34 | &nbsp;&nbsp; $118.68<br> $16.08 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(2) Based on the underwritten rent roll dated August 31, 2025 for private storage and July 31, 2025 for managed
storage.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Rent Per Annum (SF/CF) is calculated using actual rent per occupied square/cubic feet.

**The Borrower and the Borrower Sponsor.** The borrower is Evergreen 105 LLC, a Delaware limited liability company and single purpose entity with two independent directors. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the UOVO Evergreen Whole Loan. The borrower sponsor and the non-recourse carveout guarantor is UOVO Holdings LLC ("**<u>UOVO</u>**"). UOVO's privately-owned, state-of-the-art facilities are designed for the long-term preservation and care of art, fashion, wine, archives, cultural artifacts, and rare objects. UOVO has art storage facilities (inclusive of the UOVO Evergreen Property) in major markets such as Los Angeles, Orange County, San Francisco, Aspen, Denver, Delaware, Miami, West Palm Beach, Brooklyn, Long Island City, Rockland County and Dallas.

**Property Management.** The UOVO Evergreen Property is managed by UOVO Management LLC and UOVO Art LLC., both affiliates of the borrower sponsor.

**Initial and Ongoing Reserves.** At origination, the borrower deposited approximately $85,637 for real estate taxes.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Self Storage – Self Storage<br> 105 Evergreen Avenue<br> Brooklyn, NY 11206 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 8<br> **UOVO Evergreen** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$28,000,000<br> 54.9%<br> 1.66x<br> 9.9% |

---

*Tax Escrows* – On a monthly basis, the borrower is required to escrow 1/12th of the annual estimated tax payments (initially, approximately $14,273).

*Insurance Escrows* – If there is no approved blanket policy in place, the borrower is required to escrow 1/12th of the annual estimated insurance payments on a monthly basis. The UOVO Evergreen Property is currently insured under a blanket insurance policy.

*Replacement Reserves* – On a monthly basis, the borrower is required to deposit approximately $1,401 for replacement reserves.

***Lockbox and Cash Management*.** The UOVO Evergreen Whole Loan is structured with a springing lockbox and springing cash management. Upon the first occurrence of a Trigger Period (as defined below), the borrower is required to establish a lockbox account for the benefit of the lender, into which all rents and other revenue from the UOVO Evergreen Property are required to be deposited by the borrower. During a Trigger Period, all funds in the lockbox account are required to be transferred to the lender-controlled cash management account on a daily basis and disbursed in accordance with the UOVO Evergreen Whole Loan documents. Also, during a Trigger Period, all excess cash is required to be collected by the lender and held as additional security for the UOVO Evergreen Whole Loan.

A "**<u>Trigger Period</u>**" will commence upon (i) the occurrence of an event of default under the UOVO Evergreen Whole Loan documents or (ii) the debt service coverage ratio being less than 1.30x, and will expire upon (a) with respect to clause (i) above, the event of default has been cured or (b) with respect to clause (ii) above, debt service coverage ratio being at least 1.35x for two consecutive calendar quarters.

***Current Mezzanine or Secured Subordinate Indebtedness.*** None.

***Permitted Future Mezzanine or Secured Subordinate Indebtedness.*** Not permitted.

***Release of Collateral.*** Not permitted.

***Ground Lease.*** None.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 101 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Single Tenant<br> Various<br> Various, Various<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 9<br> **ExchangeRight Net Leased**<br> **Portfolio #74** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$26,750,000<br> 47.9%<br> 2.16x<br> 13.4% |

---

![](n5676ts_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. |
| 102 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Single Tenant<br> Various<br> Various, Various<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 9<br> **ExchangeRight Net Leased**<br> **Portfolio #74** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$26,750,000<br> 47.9%<br> 2.16x<br> 13.4% |

---

![](n5676ts_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. |
| 103 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Single Tenant<br> Various<br> Various, Various<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 9<br> **ExchangeRight Net Leased**<br> **Portfolio #74** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$26,750,000<br> 47.9%<br> 2.16x<br> 13.4% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Loan Seller:** | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;**Single Asset / Portfolio:** | &nbsp;&nbsp;Portfolio |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Acquisition | &nbsp;&nbsp;**Property Type – Subtype:** | &nbsp;&nbsp;Retail – Single Tenant |
| &nbsp;&nbsp;**Borrower Sponsor(s):** | &nbsp;&nbsp;ExchangeRight Real Estate, LLC, David Fisher, Joshua Ungerecht and Warren Thomas | &nbsp;&nbsp;**Collateral:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Borrower(s):** | &nbsp;&nbsp;ExchangeRight Net-Leased Portfolio 74 DST | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;Various, Various |
| &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;$26750000 | &nbsp;&nbsp;**Year Built / Renovated:** | &nbsp;&nbsp;Various / Various |
| &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$26750000 | &nbsp;&nbsp;**Property Management:** | &nbsp;&nbsp;NLP Management, LLC |
| &nbsp;&nbsp;**% by Initial UPB:** | &nbsp;&nbsp;3.7% | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;197,704 SF |
| &nbsp;&nbsp;**Interest Rate:** | &nbsp;&nbsp;6.08000% | &nbsp;&nbsp;**Appraised Value / Per SF:** | &nbsp;&nbsp;$55,805,000 / $282 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;December 23, 2025 | &nbsp;&nbsp;**Appraisal Date<sup>(2)</sup>:** | &nbsp;&nbsp;Various |
| &nbsp;&nbsp;**Original Term:** | &nbsp;&nbsp;120 months | &nbsp;&nbsp;**Occupancy:** | &nbsp;&nbsp;100.0% (as of March 1, 2026) |
| &nbsp;&nbsp;**Amortization:** | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;**UW Economic Occupancy:** | &nbsp;&nbsp;99.6% |
| &nbsp;&nbsp;**Original Amortization:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Underwritten NOI:** | &nbsp;&nbsp;$3595319 |
| &nbsp;&nbsp;**Interest Only Period:** | &nbsp;&nbsp;120 months | &nbsp;&nbsp;**Underwritten NCF:** | &nbsp;&nbsp;$3555778 |
| &nbsp;&nbsp;**First Payment Date:** | &nbsp;&nbsp;February 1, 2026 |  |  |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;January 1, 2036 | &nbsp;&nbsp;**Historical NOI<sup>(3)</sup>** | &nbsp;&nbsp;**Historical NOI<sup>(3)</sup>** |
| &nbsp;&nbsp;**Additional Debt Type:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Most Recent NOI:** | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**2024 NOI:** | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;**Call Protection:** | &nbsp;&nbsp;L(26),D(87),O(7) | &nbsp;&nbsp;**2023 NOI:** | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;**Lockbox / Cash Management:** | &nbsp;&nbsp;Hard / Springing | &nbsp;&nbsp;**2022 NOI:** | &nbsp;&nbsp;NAV |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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;**Financial Information** | &nbsp;&nbsp;**Financial Information** |
|  | &nbsp;&nbsp;**Initial** | &nbsp;&nbsp;**Monthly** | &nbsp;&nbsp;**Cap** | &nbsp;&nbsp;**Cut-off Date Loan / SF:** | &nbsp;&nbsp;$135 |
| &nbsp;&nbsp;**Taxes:** | &nbsp;&nbsp;$1080 | &nbsp;&nbsp;$270 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date Loan / SF:** | &nbsp;&nbsp;$135 |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;47.9% |
| &nbsp;&nbsp;**Replacement Reserves:** | &nbsp;&nbsp;$228157 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date LTV:** | &nbsp;&nbsp;47.9% |
| &nbsp;&nbsp;**Deferred Maintenance:** | &nbsp;&nbsp;$2156 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**UW NOI DY:** | &nbsp;&nbsp;13.4% |
| &nbsp;&nbsp;**TI/LC:** | &nbsp;&nbsp;$500000 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.16x |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<br> **Sources and Uses** | &nbsp;&nbsp;<br> **Sources and Uses** | &nbsp;&nbsp;<br> **Sources and Uses** | &nbsp;&nbsp;<br> **Sources and Uses** | &nbsp;&nbsp;<br> **Sources and Uses** | &nbsp;&nbsp;<br> **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 | &nbsp;&nbsp;$26750000 | &nbsp;&nbsp;47.1% | &nbsp;&nbsp;Purchase Price | &nbsp;&nbsp;$55274444 | &nbsp;&nbsp;97.4% |
| &nbsp;&nbsp;Borrower Sponsor Equity | &nbsp;&nbsp;30008829 | &nbsp;&nbsp;52.9 | &nbsp;&nbsp;Closing Costs<sup>(4)</sup> | &nbsp;&nbsp;752992 | &nbsp;&nbsp;1.3 |
|  |  |  | &nbsp;&nbsp;Upfront Reserves | &nbsp;&nbsp;731393 | &nbsp;&nbsp;1.3 |
| &nbsp;&nbsp;**Total Sources** | &nbsp;&nbsp;**$56758829** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses** | &nbsp;&nbsp;**$56758829** | &nbsp;&nbsp;**100.0%** |

---

(1) See "*Initial and Ongoing Reserves*" below for further discussion of reserve information.

(2) The individual appraisal valuation dates are between October 16, 2025 and December 8, 2025.

(3) Historical financial information is not available because the ExchangeRight Net Leased Portfolio #74 Properties
(as defined below) were acquired by the borrower between June 2025 and November 2025.

(4) Closing costs include an interest rate buydown of $93,625.

**The Loan.** The ninth largest mortgage loan (the "**<u>ExchangeRight Net Leased Portfolio #74 Mortgage Loan</u>**") is evidenced by a promissory note in the original principal amount of $26,750,000 and secured by the borrower's fee interests in eleven single-tenant retail properties across Pennsylvania, Texas, California, North Carolina, Ohio, Mississippi, Iowa, Nebraska and Michigan (each, an "**<u>ExchangeRight Net Leased Portfolio #74 Property</u>**" and collectively, the "**<u>ExchangeRight Net Leased Portfolio #74 Properties</u>**"). The ExchangeRight Net Leased Portfolio #74 Mortgage Loan has an initial term of 10 years, is interest-only for the full term and accrues interest at a fixed rate of 6.08000% *per annum* on an Actual/360 basis. The ExchangeRight Net Leased Portfolio #74 Mortgage Loan was originated by Barclays Capital Real Estate Inc. ("**<u>Barclays</u>**").

**The Properties.** The ExchangeRight Net Leased Portfolio #74 Properties are comprised of 11 single-tenant retail properties totaling 197,704 SF and located across nine states. Built between 1972 and 2025, the ExchangeRight Net Leased Portfolio #74 Properties range in size from 10,566 SF to 23,957 SF.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 104 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Single Tenant<br> Various<br> Various, Various<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 9<br> **ExchangeRight Net Leased**<br> **Portfolio #74** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$26,750,000<br> 47.9%<br> 2.16x<br> 13.4% |

---

The ExchangeRight Net Leased Portfolio #74 Properties are leased to the following three tenants: Tractor Supply Co ("**<u>Tractor Supply</u>**"), CVS Pharmacy and Dollar General (one of which is a Dollar General Market). Leases representing 100.0% of the square footage and the underwritten base rent expire after the maturity date of the ExchangeRight Net Leased Portfolio #74 Mortgage Loan.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** |
| &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**City, State** | &nbsp;&nbsp;**Property Type/Sub-Type** | &nbsp;&nbsp;**NRA** | &nbsp;&nbsp;**% of Portfolio NRA** | &nbsp;&nbsp;**Allocated Loan Amount ("ALA")** | &nbsp;&nbsp;**Wtd. Avg. Remaining Lease Term (Yrs)<sup>(1)</sup>** | &nbsp;&nbsp;**UW NOI** | &nbsp;&nbsp;**% of Portfolio UW NOI** | &nbsp;&nbsp;**Year Built<sup>(2)</sup>** |
| &nbsp;&nbsp;Tractor Supply Co - Brenham <br> (Market St), TX | &nbsp;&nbsp;Brenham, TX | &nbsp;&nbsp;Retail - Single Tenant | &nbsp;&nbsp;23322 | &nbsp;&nbsp;11.8% | &nbsp;&nbsp;$4500000 | &nbsp;&nbsp;20.0 | &nbsp;&nbsp;$579277 | &nbsp;&nbsp;16.1% | &nbsp;&nbsp;1972 |
| &nbsp;&nbsp;Tractor Supply Co - Hanover <br> (Gateway), PA | &nbsp;&nbsp;Hanover, PA | &nbsp;&nbsp;Retail - Single Tenant | &nbsp;&nbsp;23957 | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;$4250000 | &nbsp;&nbsp;15.0 | &nbsp;&nbsp;$523519 | &nbsp;&nbsp;14.6% | &nbsp;&nbsp;2024 |
| &nbsp;&nbsp;Tractor Supply Co - Hazle <br> Township (Airport), PA | &nbsp;&nbsp;Hazle Township, PA | &nbsp;&nbsp;Retail - Single Tenant | &nbsp;&nbsp;23957 | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;$3600000 | &nbsp;&nbsp;15.0 | &nbsp;&nbsp;$440698 | &nbsp;&nbsp;12.3% | &nbsp;&nbsp;2024 |
| &nbsp;&nbsp;CVS Pharmacy - Hanford<br> (Lacey), CA | &nbsp;&nbsp;Hanford, CA | &nbsp;&nbsp;Retail - Single Tenant | &nbsp;&nbsp;14500 | &nbsp;&nbsp;7.3% | &nbsp;&nbsp;$2650000 | &nbsp;&nbsp;14.1 | &nbsp;&nbsp;$321761 | &nbsp;&nbsp;8.9% | &nbsp;&nbsp;2014 |
| &nbsp;&nbsp;CVS Pharmacy - Charlotte, NC | &nbsp;&nbsp;Charlotte, NC | &nbsp;&nbsp;Retail - Single Tenant | &nbsp;&nbsp;13225 | &nbsp;&nbsp;6.7% | &nbsp;&nbsp;$2520000 | &nbsp;&nbsp;10.1 | &nbsp;&nbsp;$312546 | &nbsp;&nbsp;8.7% | &nbsp;&nbsp;2009 |
| &nbsp;&nbsp;Tractor Supply Co - <br> Greenwood (Hwy 82), MS | &nbsp;&nbsp;Greenwood, MS | &nbsp;&nbsp;Retail - Single Tenant | &nbsp;&nbsp;19957 | &nbsp;&nbsp;10.1% | &nbsp;&nbsp;$2200000 | &nbsp;&nbsp;20.0 | &nbsp;&nbsp;$274005 | &nbsp;&nbsp;7.6% | &nbsp;&nbsp;2013 |
| &nbsp;&nbsp;Tractor Supply Co - Mason City<br> (4th), IA | &nbsp;&nbsp;Mason City, IA | &nbsp;&nbsp;Retail - Single Tenant | &nbsp;&nbsp;21907 | &nbsp;&nbsp;11.1% | &nbsp;&nbsp;$2150000 | &nbsp;&nbsp;15.0 | &nbsp;&nbsp;$405340 | &nbsp;&nbsp;11.3% | &nbsp;&nbsp;2025 |
| &nbsp;&nbsp;Tractor Supply Co - Norfolk<br> (Krenzien), NE | &nbsp;&nbsp;Norfolk, NE | &nbsp;&nbsp;Retail - Single Tenant | &nbsp;&nbsp;19071 | &nbsp;&nbsp;9.6% | &nbsp;&nbsp;$1260000 | &nbsp;&nbsp;20.0 | &nbsp;&nbsp;$162491 | &nbsp;&nbsp;4.5% | &nbsp;&nbsp;1989 |
| &nbsp;&nbsp;Dollar General - Kent<br> (Tallmadge), OH | &nbsp;&nbsp;Kent, OH | &nbsp;&nbsp;Retail - Single Tenant | &nbsp;&nbsp;10566 | &nbsp;&nbsp;5.3% | &nbsp;&nbsp;$1240000 | &nbsp;&nbsp;14.8 | &nbsp;&nbsp;$159178 | &nbsp;&nbsp;4.4% | &nbsp;&nbsp;2025 |
| &nbsp;&nbsp;Tractor Supply Co - Celina (Rte<br> 127), OH | &nbsp;&nbsp;Celina, OH | &nbsp;&nbsp;Retail - Single Tenant | &nbsp;&nbsp;16676 | &nbsp;&nbsp;8.4% | &nbsp;&nbsp;$1220000 | &nbsp;&nbsp;20.0 | &nbsp;&nbsp;$246529 | &nbsp;&nbsp;6.9% | &nbsp;&nbsp;1974 |
| &nbsp;&nbsp;Dollar General Market - Monroe<br> (Dixie), MI | &nbsp;&nbsp;Monroe, MI | &nbsp;&nbsp;Retail - Single Tenant | &nbsp;&nbsp;10566 | &nbsp;&nbsp;5.3% | &nbsp;&nbsp;$1160000 | &nbsp;&nbsp;14.8 | &nbsp;&nbsp;$169974 | &nbsp;&nbsp;4.7% | &nbsp;&nbsp;2025 |
| &nbsp;&nbsp;**Total / Wtd. Avg.** | &nbsp;&nbsp;**Total / Wtd. Avg.** |  | &nbsp;&nbsp;**197704** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$26750000** | &nbsp;&nbsp;**16.2** | &nbsp;&nbsp;**$3595319** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**2008** |

---

(1) Weighted based on UW Base Rent as of the December 23, 2025 loan origination date.

(2) Weighted based on ALA.

**Major Tenants.**

*Tractor Supply (148,847 SF; 75.3% of net rentable area; 72.8% of underwritten base rent).* Tractor Supply (NASDAQ: TSCO) is a rural lifestyle retailer with over 52,000 team members. As of September 27, 2025, Tractor Supply operated 2,364 Tractor Supply stores in 49 states and 206 Petsense by Tractor Supply stores in 23 states. Tractor Supply leases seven properties of the ExchangeRight Net Leased Portfolio #74 and has no termination options.

*CVS Pharmacy (27,725 SF; 14.0% of net rentable area; 18.0% of underwritten base rent)*. CVS Pharmacy is a pharmaceutical company with over 9,000 locations that offers prescription drugs, vitamins, beauty aids, diapers, health supplements and other medical products. CVS Pharmacy leases two properties of the ExchangeRight Net Leased Portfolio #74 and has no termination options.

*Dollar General (21,132 SF; 10.7% of net rentable area; 9.1% of underwritten base rent)*. Dollar General is a discount store that offers food, snacks, health and beauty aids, cleaning supplies, basic apparel, housewares, seasonal items, paper products and more. Dollar General has more than 20,000 stores in 48 states. Dollar General leases two properties of the ExchangeRight Net Leased Portfolio #74 and has no termination options. One of these two properties is a Dollar General Market, which stocks produce, meats, and other foods that are not typically found in other dollar stores.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 105 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Single Tenant<br> Various<br> Various, Various<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 9<br> **ExchangeRight Net Leased**<br> **Portfolio #74** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$26,750,000<br> 47.9%<br> 2.16x<br> 13.4% |

---

The following table presents certain information relating to the tenants at the ExchangeRight Net Leased Portfolio #74 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** | &nbsp;&nbsp;**Credit Rating (Fitch/Moody's/S&P)<sup>(2)</sup>** | &nbsp;&nbsp;**Net Rentable Area (SF)** | &nbsp;&nbsp;**% of NRSF** | &nbsp;&nbsp;**U/W Base Rent** | &nbsp;&nbsp;**U/W Base Rent Per SF** | &nbsp;&nbsp;**% U/W Base Rent** | &nbsp;&nbsp;**Renewal Option** |
| &nbsp;&nbsp;Tractor Supply Co | &nbsp;&nbsp;NR/Baa1/BBB | &nbsp;&nbsp;148847 | &nbsp;&nbsp;75.3% | &nbsp;&nbsp;$2685832 | &nbsp;&nbsp;$18.04 | &nbsp;&nbsp;72.8% &nbsp;&nbsp;Various<sup>(3)</sup> &nbsp;&nbsp;N | &nbsp;&nbsp;Various<sup>(4)</sup> |
| &nbsp;&nbsp;CVS Pharmacy | &nbsp;&nbsp;BBB/Baa3/BBB | &nbsp;&nbsp;27725 | &nbsp;&nbsp;14.0% | &nbsp;&nbsp;$664155 | &nbsp;&nbsp;$23.96 | &nbsp;&nbsp;18.0% &nbsp;&nbsp;Various<sup>(5)</sup> &nbsp;&nbsp;N | &nbsp;&nbsp;Various<sup>(6)</sup> |
| &nbsp;&nbsp;Dollar General | &nbsp;&nbsp;NR/Baa3/BBB | &nbsp;&nbsp;21132 | &nbsp;&nbsp;10.7% | &nbsp;&nbsp;$337354 | &nbsp;&nbsp;$15.96 | &nbsp;&nbsp;9.1% &nbsp;&nbsp;Various<sup>(7)</sup> &nbsp;&nbsp;N | &nbsp;&nbsp;5 x 5 yr |
| &nbsp;&nbsp;**Total Major Tenants** |  | &nbsp;&nbsp;**197704** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$3687340** | &nbsp;&nbsp;**$18.65** | &nbsp;&nbsp;**100.0%** |  |
| &nbsp;&nbsp;Vacant |  | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% |  |  |  |  |
| &nbsp;&nbsp;**Total** |  | &nbsp;&nbsp;**197704** | &nbsp;&nbsp;**100.0%** |  |  |  |  |

---

(1) Based on the underwritten rent roll as of March 1, 2026 inclusive of straight-line rent over a ten-year
term or in-place rent for tenants that do not have rent steps in the ExchangeRight Net Leased Portfolio #74 Mortgage Loan term.

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

(3) Tractor Supply Co – Hanover (Gateway), PA, Tractor Supply Co – Hazle Township (Airport), PA
and Tractor Supply Co – Mason City (4th), IA have lease expiration dates of December 31, 2040. Tractor Supply Co – Brenham
(Market St), TX, Tractor Supply Co – Greenwood (Hwy 82), MS, Tractor Supply Co – Norfolk (Krenzien), NE and Tractor Supply
Co – Celina (Rte 127), OH each have lease expiration dates of December 31, 2045.

(4) Tractor Supply Co – Brenham (Market St), TX, Tractor Supply Co – Greenwood (Hwy 82), MS, Tractor
Supply Co – Norfolk (Krenzien), NE and Tractor Supply Co – Celina (Rte 127), OH each have three, five-year extension options.
Tractor Supply Co – Hanover (Gateway), PA, Tractor Supply Co – Hazle Township (Airport), PA and Tractor Supply Co –
Mason City (4th), IA each have four, five-year extension options.

(5) CVS Pharmacy – Charlotte, NC has a lease expiration date of January 31, 2036. CVS Pharmacy –
Hanford (Lacey), CA has a lease expiration date of January 31, 2040.

(6) CVS Pharmacy – Charlotte, NC has three, five-year extension options. CVS Pharmacy – Hanford
(Lacey), CA has ten, five-year extension options.

(7) Dollar General – Kent (Tallmadge), OH has a lease expiration date of September 30, 2040. Dollar
General Market – Monroe (Dixie), MI has a lease expiration date of October 31, 2040.

The following table presents certain information relating to the lease rollover schedule at the ExchangeRight Net Leased Portfolio #74 Properties, based on initial lease expiration dates:

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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;**Year Ending December 31** | &nbsp;&nbsp;**Expiring Owned GLA** | &nbsp;&nbsp;**% of Owned GLA** | &nbsp;&nbsp;**U/W Base Rent** | &nbsp;&nbsp;**% of Total U/W Base Rent** | &nbsp;&nbsp;**U/W Base Rent $ per SF** | &nbsp;&nbsp;**# of Expiring Leases** |
| &nbsp;&nbsp;2026 & MTM | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2027 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2028 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2029 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2030 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2031 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2032 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2033 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2034 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2035 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2036 & Thereafter | &nbsp;&nbsp;197704 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$3687340 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$18.65 | &nbsp;&nbsp;11 |
| &nbsp;&nbsp;Vacant | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**Total / Wtd. Avg.** | &nbsp;&nbsp;**197704** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$3687340** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$18.65** | &nbsp;&nbsp;**11** |

---

(1) Based on the underwritten rent roll as of March 1, 2026 inclusive of straight-line rent over a ten-year
term or in-place rent for tenants that do not have rent steps in the ExchangeRight Net Leased Portfolio #74 Mortgage Loan term.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 106 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Single Tenant<br> Various<br> Various, Various<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 9<br> **ExchangeRight Net Leased**<br> **Portfolio #74** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$26,750,000<br> 47.9%<br> 2.16x<br> 13.4% |

---

The following table presents certain information relating to the underwritten net cash flow at the ExchangeRight Net Leased Portfolio #74 Properties:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** |
| | **UW** | **UW PSF** |
| &nbsp;&nbsp;Base Rent<sup>(2)</sup> | &nbsp;&nbsp;$3687340 | &nbsp;&nbsp;$18.65 |
| &nbsp;&nbsp;Potential Income from Vacant Space | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;Reimbursements | &nbsp;&nbsp;$88016 | &nbsp;&nbsp;$0.45 |
| &nbsp;&nbsp;**Gross Potential Income** | &nbsp;&nbsp;**$3775356** | &nbsp;&nbsp; **$19.10** |
| &nbsp;&nbsp;Economic Vacancy & Credit Loss | &nbsp;&nbsp;($16851) | &nbsp;&nbsp;($0.09) |
| &nbsp;&nbsp;Percentage Rent | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;Other Income | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$3758505** | &nbsp;&nbsp;**$19.01** |
| &nbsp;&nbsp;Real Estate Taxes<sup>(3)</sup> | &nbsp;&nbsp;$70842 | &nbsp;&nbsp;$0.36 |
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp;$75170 | &nbsp;&nbsp;$0.38 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;$17174 | &nbsp;&nbsp;$0.09 |
| &nbsp;&nbsp;Ground Rent | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;CAM Expenses<sup>(4)</sup> | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;Other Expenses | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;**Total Operating Expenses** | &nbsp;&nbsp;**$163186** | &nbsp;&nbsp;**$0.83** |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$3595319** | &nbsp;&nbsp;**$18.19** |
| &nbsp;&nbsp;Replacement Reserves | &nbsp;&nbsp;$39541 | &nbsp;&nbsp;$0.20 |
| &nbsp;&nbsp;TI/LC | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$3555778** | &nbsp;&nbsp;**$17.99** |
| &nbsp;&nbsp;**Occupancy (%)** | &nbsp;&nbsp;**99.6%<sup>(5)</sup>** |  |
| &nbsp;&nbsp;**NCF DSCR** | &nbsp;&nbsp;**2.16x** |  |
| &nbsp;&nbsp;**NOI Debt Yield** | &nbsp;&nbsp;**13.4%** |  |

---

(1) Historical financial information is not available because the ExchangeRight Net
Leased Portfolio #74 Properties were recently acquired between June 2025 and November 2025.

(2) Based on the underwritten rent roll as of March 1, 2026 inclusive of straight-line
rent over a 10-year term or in-place rent for tenants that do not have rent steps in the ExchangeRight Net Leased Portfolio #74 Mortgage
Loan term.

(3) Real Estate Taxes are underwritten for tenants that reimburse taxes.

(4) All tenants pay CAM Expenses directly.

(5) Represents economic occupancy.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 107 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Single Tenant<br> Various<br> Various, Various<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 9<br> **ExchangeRight Net Leased**<br> **Portfolio #74** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$26,750,000<br> 47.9%<br> 2.16x<br> 13.4% |

---

**Appraisals.** The appraisals for the ExchangeRight Net Leased Portfolio #74 Properties concluded to an aggregate "as-is" appraised value of $55,805,000 as of dates between October 16, 2025 to December 8, 2025. Based on the "as-is" value of $55,805,000, the Cut-off Date LTV and Maturity Date LTV for the ExchangeRight Net Leased Portfolio #74 Mortgage Loan are each 47.9%.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**ExchangeRight Net Leased Portfolio #74 Appraised Value<sup>(1)</sup>** | &nbsp;&nbsp;**ExchangeRight Net Leased Portfolio #74 Appraised Value<sup>(1)</sup>** | &nbsp;&nbsp;**ExchangeRight Net Leased Portfolio #74 Appraised Value<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Capitalization Rate** |
| &nbsp;&nbsp;Tractor Supply Co - Brenham (Market St), TX | &nbsp;&nbsp;$9010000 | &nbsp;&nbsp;6.40% |
| &nbsp;&nbsp;Tractor Supply Co - Hanover (Gateway), PA | &nbsp;&nbsp;8300000 | &nbsp;&nbsp;6.25% |
| &nbsp;&nbsp;Tractor Supply Co - Hazle Township (Airport), PA | &nbsp;&nbsp;7000000 | &nbsp;&nbsp;6.25% |
| &nbsp;&nbsp;CVS Pharmacy - Hanford (Lacey), CA | &nbsp;&nbsp;4750000 | &nbsp;&nbsp;7.00% |
| &nbsp;&nbsp;CVS Pharmacy - Charlotte, NC | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;6.75% |
| &nbsp;&nbsp;Tractor Supply Co - Greenwood (Hwy 82), MS | &nbsp;&nbsp;4275000 | &nbsp;&nbsp;6.25-6.50% |
| &nbsp;&nbsp;Tractor Supply Co - Mason City (4th), IA | &nbsp;&nbsp;6330000 | &nbsp;&nbsp;6.25-6.50% |
| &nbsp;&nbsp;Tractor Supply Co - Norfolk (Krenzien), NE | &nbsp;&nbsp;2550000 | &nbsp;&nbsp;6.25-6.50% |
| &nbsp;&nbsp;Dollar General - Kent (Tallmadge), OH | &nbsp;&nbsp;2310000 | &nbsp;&nbsp;6.85% |
| &nbsp;&nbsp;Tractor Supply Co - Celina (Rte 127), OH | &nbsp;&nbsp;3850000 | &nbsp;&nbsp;6.25-6.50% |
| &nbsp;&nbsp;Dollar General Market - Monroe (Dixie), MI | &nbsp;&nbsp;2430000 | &nbsp;&nbsp;7.00% |
| &nbsp;&nbsp;**Total / Wtd. Avg.<sup>(2)</sup>** | &nbsp;&nbsp;**$55805000** | &nbsp;&nbsp;**6.44%-6.52%** |

---

(1) Source: Appraisals.

(2) Total / Wtd. Avg. is based on the appraised value of each ExchangeRight Net Leased Portfolio #74 Property.

**Environmental Matters.** According to Phase I environmental reports dated July 29, 2025 through November 24, 2025, there was no evidence of any recognized environmental conditions at the ExchangeRight Net Leased Portfolio #74 Properties.

**The Markets.** The following table presents certain market information relating to the ExchangeRight Net Leased Portfolio #74 Properties:

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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;**Property** | &nbsp;&nbsp;**Market** | &nbsp;&nbsp;**Appraisal's Concluded Market Rent<sup>(1)</sup>** | &nbsp;&nbsp;**Market Occupancy<sup>(1)</sup>** | &nbsp;&nbsp;**UW Base Rent PSF** |
| &nbsp;&nbsp;Tractor Supply Co - Brenham (Market St), TX | &nbsp;&nbsp; Washington County | &nbsp;&nbsp;$24.00 | &nbsp;&nbsp;93.9% | &nbsp;&nbsp;$25.35 |
| &nbsp;&nbsp;Tractor Supply Co - Hanover (Gateway), PA | &nbsp;&nbsp; York County | &nbsp;&nbsp;$22.50 | &nbsp;&nbsp;93.3% | &nbsp;&nbsp;$22.30 |
| &nbsp;&nbsp;Tractor Supply Co - Hazle Township (Airport), PA | &nbsp;&nbsp; Scranton | &nbsp;&nbsp;$19.00 | &nbsp;&nbsp;96.5% | &nbsp;&nbsp;$18.77 |
| &nbsp;&nbsp;CVS Pharmacy - Hanford (Lacey), CA | &nbsp;&nbsp; Fresno | &nbsp;&nbsp;$22.00 | &nbsp;&nbsp;94.5% | &nbsp;&nbsp;$22.65 |
| &nbsp;&nbsp;CVS Pharmacy - Charlotte, NC | &nbsp;&nbsp; Charlotte | &nbsp;&nbsp;$23.00 | &nbsp;&nbsp;96.8% | &nbsp;&nbsp;$25.39 |
| &nbsp;&nbsp;Tractor Supply Co - Greenwood (Hwy 82), MS | &nbsp;&nbsp; Greenwood Metro | &nbsp;&nbsp;$13.72 | &nbsp;&nbsp;99.6% | &nbsp;&nbsp;$14.01 |
| &nbsp;&nbsp;Tractor Supply Co - Mason City (4th), IA | &nbsp;&nbsp; Mason City | &nbsp;&nbsp;$18.42 | &nbsp;&nbsp;96.3% | &nbsp;&nbsp;$18.88 |
| &nbsp;&nbsp;Tractor Supply Co - Norfolk (Krenzien), NE | &nbsp;&nbsp; Norfolk Metro | &nbsp;&nbsp;$8.63 | &nbsp;&nbsp;91.2% | &nbsp;&nbsp;$8.70 |
| &nbsp;&nbsp;Dollar General - Kent (Tallmadge), OH | &nbsp;&nbsp; Cleveland | &nbsp;&nbsp;$15.00 | &nbsp;&nbsp;95.9% | &nbsp;&nbsp;$15.42 |
| &nbsp;&nbsp;Tractor Supply Co - Celina (Rte 127), OH | &nbsp;&nbsp; NAV | &nbsp;&nbsp;$14.92 | &nbsp;&nbsp;NAV<sup>(2)</sup> | &nbsp;&nbsp;$15.09 |
| &nbsp;&nbsp;Dollar General Market – Monroe (Dixie), MI | &nbsp;&nbsp;Detroit | &nbsp;&nbsp;$16.00 | &nbsp;&nbsp;94.6% | &nbsp;&nbsp;$16.51 |
| &nbsp;&nbsp;**Total / Wtd. Avg.** |  | &nbsp;&nbsp;**$19.60** | &nbsp;&nbsp;**95.2%** | &nbsp;&nbsp;**$18.65** |

---

(1) Source: Appraisals. Total / Wtd. Avg. is weighted by ALA and excludes properties where the values were
unavailable.

(2) Market Occupancy is not available for Tractor Supply Co – Celina (Rte 127), OH since the property
does not belong to a designated retail market.

**The Borrower and the Borrower Sponsors.** The borrower for the ExchangeRight Net Leased Portfolio #74 Mortgage Loan is ExchangeRight Net-Leased Portfolio 74 DST, a Delaware statutory trust with at least one independent director. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the ExchangeRight Net Leased Portfolio #74 Mortgage Loan.

The non-recourse guarantors and borrower sponsors are ExchangeRight Real Estate, LLC, David Fisher, Warren Thomas and Joshua Ungerecht (together with David Fisher and Warren Thomas, the "**<u>Individual Guarantors</u>**"). As of November 30, 2025, ExchangeRight Real Estate, LLC and its affiliates' vertically integrated platform features over 1,400 properties and approximately 27 million SF throughout 48 states. ExchangeRight Real Estate, LLC and its three owners, the Individual Guarantors, are the guarantors of certain nonrecourse carveout liabilities under the ExchangeRight Net Leased Portfolio #74 Mortgage Loan.

The borrower has master leased the ExchangeRight Net Leased Portfolio #74 Properties to ExchangeRight NLP 74 Master Lessee, LLC (the "**<u>ExchangeRight Net Leased Portfolio #74 Master Tenant</u>**"), which is owned by ExchangeRight Real Estate, LLC, which is in turn owned by the Individual Guarantors. The ExchangeRight Net Leased Portfolio #74 Master Tenant is a Delaware limited liability company structured to be bankruptcy-remote, with one independent director. The master lease generally imposes responsibility on the ExchangeRight Net Leased Portfolio #74 Master Tenant for the operation, maintenance and management of the ExchangeRight Net Leased Portfolio #74

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 108 |

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---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Single Tenant<br> Various<br> Various, Various<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 9<br> **ExchangeRight Net Leased**<br> **Portfolio #74** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$26,750,000<br> 47.9%<br> 2.16x<br> 13.4% |

---

Properties and payment of all expenses incurred in the maintenance and repair of the ExchangeRight Net Leased Portfolio #74 Properties, other than capital expenses. The ExchangeRight Net Leased Portfolio #74 Master Tenant's interest in all tenant rents was assigned to the borrower, which in turn collaterally assigned its interest to the lender. The master lease is subordinate to the ExchangeRight Net Leased Portfolio #74 Mortgage Loan and, upon an event of default under the ExchangeRight Net Leased Portfolio #74 Mortgage Loan, the lender has the right to cause the borrower to terminate the master lease. A default under the master lease is an event of default under the ExchangeRight Net Leased Portfolio #74 Mortgage Loan and gives rise to recourse liability to the non-recourse carveout guarantors for losses, unless such default arises solely in connection with the failure of the ExchangeRight Net Leased Portfolio #74 Master Tenant to pay rent as a result of the ExchangeRight Net Leased Portfolio #74 Properties not generating sufficient cash flow for the payment of such rent.

The lender has the right to require the borrower to convert from a Delaware statutory trust to a Delaware limited liability company upon (i) an event of default occurring or the lender's good faith determination that an event of default is imminent, (ii) the lender's good faith determination that the borrower will be unable to make a material decision or take a material action required in connection with the operation and maintenance of the ExchangeRight Net Leased Portfolio #74 Properties, or (iii) 90 days prior to the maturity date of the ExchangeRight Net Leased Portfolio #74 Mortgage Loan, if an executed commitment from an institutional lender to refinance the ExchangeRight Net Leased Portfolio #74 Mortgage Loan is not delivered to the lender.

 ****

**Property Management**. The ExchangeRight Net Leased Portfolio #74 Properties are managed by NLP Management, LLC, an affiliate of the borrower sponsor.

**Initial and Ongoing Reserves**. At origination of the ExchangeRight Net Leased Portfolio #74 Mortgage Loan, the borrower deposited approximately: (i) $1,080 into a real estate tax reserve, (ii) $2,156 for deferred maintenance, (iii) $228,157 for upfront capital expenditures and (iv) $500,000 into a reserve for tenant improvement costs and leasing commissions ("**<u>TI/LC</u>**").

*Tax Reserve –* The borrower is required to deposit into a real estate tax reserve, on a monthly basis, 1/12th of the taxes that the lender estimates will be payable over the next-ensuing 12-month period (initially estimated to be approximately $270), except that no deposits will be required on account of taxes with respect to the Direct Pay Tenants (as defined below) for so long as the Direct Pay Conditions (as defined below) are satisfied.

"**<u>Direct Pay Conditions</u>**" mean (i) no event of default under the ExchangeRight Net Leased Portfolio #74 Mortgage Loan has occurred and is continuing, (ii) the borrower provides proof of payment by the applicable tenant (or the borrower) of the applicable tax, insurance or capital expense (in the case of taxes and insurance, on or before 15 days prior to the last date on which the taxes can be paid without the accrual of interest or penalties or 15 days prior to the due date for such insurance premium, as applicable), (iii) the tenant's lease is not subject to any default beyond any applicable grace or notice and cure period by either the borrower or such tenant, and (iv) no material adverse change has (in the lender's reasonable determination) occurred with respect to the tenant such that its ability to timely pay the applicable expense has been materially jeopardized.

A "**<u>Direct Pay Tenant</u>**" means any tenant that (i) has the right or the obligation pursuant to its lease to pay taxes for the applicable ExchangeRight Net Leased Portfolio #74 Property directly to the applicable taxing authority and is actually exercising such right or complying with such obligation, as applicable and (ii) has the right or the obligation pursuant to its lease to maintain all or a portion of the insurance for the applicable ExchangeRight Net Leased Portfolio #74 Property and to pay insurance premiums directly to the applicable insurance company and is actually exercising such right or complying with such obligation, as applicable. The ExchangeRight Net Leased Portfolio #74 Mortgage Loan documents provide that the initial such Direct Pay Tenants are all of the tenants at the ExchangeRight Net Leased Portfolio #74 Properties, other than the Dollar General Market – Monroe (Dixie), MI and Dollar General – Kent (Tallmadge), OH properties.

*Insurance Reserve –* The borrower is required to deposit into an insurance reserve, on a monthly basis, 1/12th of the amount that will be sufficient to pay the insurance premiums due for the renewal of coverage afforded by the insurance policies, except that no deposits will be required on account of insurance premiums with respect to the Direct Pay Tenants for so long as the Direct Pay Conditions are satisfied. In addition, such insurance reserve will be conditionally waived so long as no event of default is continuing under the ExchangeRight Net Leased Portfolio #74 Mortgage Loan documents and the borrower maintains a blanket policy meeting the requirements of the ExchangeRight Net Leased Portfolio #74 Mortgage Loan documents. At origination of the ExchangeRight Net Leased Portfolio #74 Mortgage Loan, a blanket policy was in place.

*Replacement Reserve –* During an event of default, the borrower is required to deposit into a replacement reserve on a monthly basis an amount equal to 1/12th of the product obtained by multiplying (x) $0.24397 by (y) the aggregate number of rentable square feet of space at the ExchangeRight Net Leased Portfolio #74 Properties (initially estimated to be approximately $3,295), excluding those tenants obligated under their leases to pay replacement reserves.

*TI/LC Reserve –* During an event of default, the borrower is required to deposit into the TI/LC reserve on a monthly basis an amount equal to 1/12th of the product obtained by multiplying (x) $0.70 by (y) the aggregate number of rentable square feet of space at the ExchangeRight Net Leased Portfolio #74 Properties (initially estimated to be approximately $11,533).

**Lockbox / Cash Management**. The ExchangeRight Net Leased Portfolio #74 Mortgage Loan is structured with a hard lockbox and springing cash management. The borrower, property manager and ExchangeRight Net Leased Portfolio #74 Master Tenant are required to cause all

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 109 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Single Tenant<br> Various<br> Various, Various<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 9<br> **ExchangeRight Net Leased**<br> **Portfolio #74** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$26,750,000<br> 47.9%<br> 2.16x<br> 13.4% |

---

rents to be deposited directly by the tenants into a lender approved lockbox account. Any funds received by the borrower, property manager, or ExchangeRight Net Leased Portfolio #74 Master Tenant are required to be deposited in the lockbox account within two business days following receipt. If no Cash Management Period (as defined below) exists, funds in the lockbox account will be disbursed to the ExchangeRight Net Leased Portfolio #74 Master Tenant on each business day. During the continuance of a Cash Management Period, all funds on deposit in the lockbox account are required to be swept at the end of each business day into a lender-controlled cash management account and applied on each payment date and disbursed in accordance with the ExchangeRight Net Leased Portfolio #74 Mortgage Loan documents. All excess cash flow funds remaining in the cash management account after the application of such funds in accordance with the ExchangeRight Net Leased Portfolio #74 Mortgage Loan documents are required to be held by the lender in a cash collateral account as additional collateral for the ExchangeRight Net Leased Portfolio #74 Mortgage Loan. Upon the cure of a Cash Management Period, the lender is required to return any amounts remaining on deposit in the cash collateral account to the borrower or ExchangeRight Net Leased Portfolio #74 Master Tenant. Upon an event of default under the ExchangeRight Net Leased Portfolio #74 Mortgage Loan documents, the lender may apply funds in the cash collateral account to the ExchangeRight Net Leased Portfolio #74 Mortgage Loan in such priority as it may determine.

A "**<u>Cash Management Period</u>**" means a period (A) commencing upon the lender giving notice to the lockbox bank of the occurrence of any of (i) the stated maturity date as defined in the ExchangeRight Net Leased Portfolio #74 Mortgage Loan documents, (ii) a default or an event of default, (iii) the debt service coverage ratio being less than 1.40x, or (iv) the monthly payment date that occurs in January 2035, to the extent a Qualified Transfer (as defined below) has not occurred as of such date, and (B) ending upon the lender giving notice to the lockbox bank that the sweeping of the funds into the lockbox account may cease and (a) with respect to clause (ii) above, such default has been cured (or in the case of an event of default, waived in writing by lender) and no other default or event of default has occurred and is continuing, (b) with respect to clause (iii) above, the debt service coverage ratio is at least 1.40x for two consecutive calendar quarters, or (c) with respect to clause (iv) above, a Qualified Transfer has occurred.

A "**<u>Qualified Transfer</u>**" means any time following December 23, 2026, the borrower sponsors have the right to effect a one-time transfer of all (but not less than all) of the outstanding ownership interests in the borrower and the ExchangeRight Net Leased Portfolio #74 Master Tenant to an Approved Transferee (as defined below) and to replace the guarantors with such Approved Transferee (or other acceptable replacement guarantor satisfactory to the lender in its sole discretion); provided that certain conditions are satisfied, including that, among others: (i) no event of default has occurred and is continuing and no default or event of default will otherwise occur as a result of such transfer, (ii) the ExchangeRight Net Leased Portfolio #74 Properties will continue to be managed by a qualified manager, (iii) prior to any release of the guarantor, the Approved Transferee (or other acceptable replacement guarantor) executes a guarantee of recourse obligations in substantially the same form as the guaranty delivered to the lender at origination of the ExchangeRight Net Leased Portfolio #74 Mortgage Loan pursuant to which it agrees to be liable under such guaranty of recourse obligation (from and after the transfer), (iv) the Approved Transferee owns, directly or indirectly, 100% of the legal and beneficial ownership interests in, and controls, the borrower and the ExchangeRight Net Leased Portfolio #74 Master Tenant, (v) the delivery of opinions regarding existence, authority, enforceability, and non-consolidation and (vi) if required by the lender, rating agency confirmation from each applicable rating agency.

"**<u>Approved Transferee</u>**" means either (i) an eligible institution that is, or is wholly-owned and controlled by, a bank, savings and loan association, investment bank, insurance company, trust company, real estate investment trust, commercial credit corporation, pension plan, pension fund or pension advisory firm, mutual fund, government entity or plan or institution similar to any of the foregoing or (ii) any person that (a) meets the requirements of a Qualified Transferee (as defined below), (b) is regularly engaged in the business of owning or operating commercial properties, or interests therein, which are similar to the ExchangeRight Net Leased Portfolio #74 Properties, (c) owns interests in, or operates, at least five retail properties with a minimum of 750,000 SF in the aggregate, (d) immediately upon consummation of the applicable permitted transfer, has, and at all time maintains, either (i) a minimum net worth of at least $200,000,000 and total assets of at least $400,000,000 (excluding the ExchangeRight Net Leased Portfolio #74 Properties) or (ii) an investment-grade rating of not less than BBB- by S&P or Baa3 by Moody's, (e) at all times owns no less than 100% of the legal and beneficial ownership interests in the borrower, (f) is not a Delaware statutory trust, and (g) causes the borrower to convert into a Delaware limited liability company, provided, however, such conversion will not be required if, prior to or otherwise in connection with any such transfer (A) the borrower is solely owned by a person under the management or control of David Fisher, Joshua Ungerecht and Warren Thomas, and (B) the borrower is no longer treated as an investment trust pursuant to the Internal Revenue Code of 1986.

A "**<u>Qualified Transferee</u>**" means a transferee that prior to the transfer (i) has never been indicted or convicted of, or pled guilty or no contest to a felony, (ii) has never been indicted or convicted of, or pled guilty or no contest to a Patriot Act offense and is not a sanctioned person and is not on any government watch list, (iii) has never been the subject of a voluntary or involuntary (to the extent the same has not been discharged) bankruptcy proceeding, (iv) has no material outstanding judgments, litigations or regulatory actions against it or its interests and (v) is not a crowdfunded entity or controlled by a crowdfunded entity.

In addition, at any time following December 23, 2026, the borrower sponsors have the right to effect a one-time transfer of all (but not less than all) of the outstanding ownership interests in the borrower, the ExchangeRight Net Leased Portfolio #74 Master Tenant and any SPE Party (as defined below) to an Approved REIT (as defined below) or a subsidiary thereof (including ExchangeRight Income Fund Operating Partnership, LP, a Delaware limited partnership ("**<u>ExchangeRight Operating Partnership</u>**") that is under Management Control (as defined below) by such Approved REIT and that meets the requirements of a Qualified Transferee) and to replace the guarantors with such Approved REIT subject to satisfaction of the requirements of the ExchangeRight Net Leased Portfolio #74 Mortgage Loan documents.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 110 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Single Tenant<br> Various<br> Various, Various<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 9<br> **ExchangeRight Net Leased**<br> **Portfolio #74** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$26,750,000<br> 47.9%<br> 2.16x<br> 13.4% |

---

"**<u>Approved REIT</u>**" means a real estate investment trust that (i) meets the requirements of a Qualified Transferee and for whom the lender has received a credit check and bankruptcy, litigation judgment lien and other comparable searches, all of which are reasonably acceptable to the lender, (ii) is at all times (A) owned, directly or indirectly, by David Fisher, Joshua Ungerecht and Warren Thomas in an amount that is equal to either (1) 0.50% of all equity interests or (2) equity interests valued at not less than $15,000,000, and (B) under the Management Control of an Approved REIT manager, and (iii) is otherwise reasonably acceptable to the lender in all respects. Subject to the satisfaction of clauses (i) and (ii) above, each of (x) ExchangeRight Income Fund (doing business as the ExchangeRight Essential Income Strategy), a Maryland statutory trust, (y) ExchangeRight Operating Partnership, and (z) any real estate investment trust or the operating partnership that is under the Management Control of such real estate investment trust will be deemed to have satisfied clause (iii) above provided such entity has total assets of at least $400,000,000 (excluding the ExchangeRight Net Leased Portfolio #74 Properties) and at least $200,000,000 in shares of beneficial interest owned by investors.

"**<u>Management Control</u>**" means, with respect to any person or entity, the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such person or entity, through the ownership of voting securities, by contract or otherwise.

"**<u>SPE Party</u>**" means, in the event of a transfer and assumption pursuant to the ExchangeRight Net Leased Portfolio #74 Mortgage Loan documents whereby the transferee borrower is not a Delaware statutory trust or a single member bankruptcy remote LLC (and, if and to the extent applicable, a master lease structure remains in place following such transfer and assumption and the replacement master lessee thereunder is not a single member bankruptcy remote LLC), any special purpose bankruptcy remote entity that, with respect to the borrower and the ExchangeRight Net Leased Portfolio #74 Master Tenant, is the managing member of a limited liability company or the general partner of a limited partnership, as applicable, and, in each case, if and only to the extent required by the ExchangeRight Net Leased Portfolio #74 Mortgage Loan documents. For the avoidance of doubt, the borrower and the ExchangeRight Net Leased Portfolio #74 Master Tenant were not required to have an SPE Party in their respective organizational structures as configured at origination.

**Current Mezzanine or Secured Subordinate Indebtedness.** None.

**Permitted Future Mezzanine or Secured Subordinate Indebtedness**. Not permitted.

**Release of Collateral.** The borrower is permitted to obtain the release of one or more of the ExchangeRight Net Leased Portfolio #74 Properties from the lien of the ExchangeRight Net Leased Portfolio #74 Mortgage Loan documents at any time after the date that is two years from the closing date of the Benchmark 2026-B42 securitization, subject to satisfaction of the following conditions, among others: (i) no event of default has occurred or is continuing, (ii) REMIC related conditions are satisfied, (iii) the ExchangeRight Net Leased Portfolio #74 Mortgage Loan is defeased in an amount equal to the greater of (a) 115% of the allocated loan amount of the ExchangeRight Net Leased Portfolio #74 Property or ExchangeRight Net Leased Portfolio #74 Properties being released and (b) 90% of the net sales proceeds applicable to such ExchangeRight Net Leased Portfolio #74 Property or ExchangeRight Net Leased Portfolio #74 Properties, (iv) the debt service coverage ratio for the ExchangeRight Net Leased Portfolio #74 Mortgage Loan after any such release is no less than the greater of (x) 2.15x and (y) the debt service coverage ratio immediately prior to such release, and (v) the debt yield for the ExchangeRight Net Leased Portfolio #74 Mortgage Loan after giving effect to any such release is no less than the greater of (x) 13.25% and (y) the debt yield immediately prior to such release.

**Ground Lease.** None.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 111 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored<br> 6730-6750 West Camelback Road<br> Glendale, AZ 85303 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 10<br> **67th and Camelback** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$20,500,000<br> 66.1%<br> 1.38x<br> 9.6% |

---

![](n5676ts_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. |
| 112 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored<br> 6730-6750 West Camelback Road<br> Glendale, AZ 85303 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 10<br> **67th and Camelback** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$20,500,000<br> 66.1%<br> 1.38x<br> 9.6% |

---

![](n5676ts_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. |
| 113 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored<br> 6730-6750 West Camelback Road<br> Glendale, AZ 85303 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 10<br> **67th and Camelback** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$20,500,000<br> 66.1%<br> 1.38x<br> 9.6% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Loan Seller:** | &nbsp;&nbsp;GACC | &nbsp;&nbsp;**Single Asset / Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;**Property Type – Subtype:** | &nbsp;&nbsp;Retail - Anchored |
| &nbsp;&nbsp;**Borrower Sponsor(s):** | &nbsp;&nbsp;Michael A. Provenzano III and Jeffrey P. Branch | &nbsp;&nbsp;**Collateral:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Borrower(s):** | &nbsp;&nbsp;Camelback and 67th Avenue Holding Company, LLC, Los Altos-DE, LLC and 1640 DE, LLC | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;Glendale, AZ |
| &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;$20500000 | &nbsp;&nbsp;**Year Built / Renovated:** | &nbsp;&nbsp;1990 / NAP |
| &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$20500000 | &nbsp;&nbsp;**Property Management:** | &nbsp;&nbsp;Capital Asset Management, LLC |
| &nbsp;&nbsp;**% by Initial UPB:** | &nbsp;&nbsp;2.8% | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;106,898 SF |
| &nbsp;&nbsp;**Interest Rate:** | &nbsp;&nbsp;6.45800% | &nbsp;&nbsp;**Appraised Value / Per SF:** | &nbsp;&nbsp;$31,000,000 / $290 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;October 2, 2025 | &nbsp;&nbsp;**Appraisal Date:** | &nbsp;&nbsp;August 15, 2025 |
| &nbsp;&nbsp;**Original Term:** | &nbsp;&nbsp;120 months | &nbsp;&nbsp;**Occupancy:** | &nbsp;&nbsp;95.3% (as of October 1, 2025) |
| &nbsp;&nbsp;**Amortization:** | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;**UW Economic Occupancy:** | &nbsp;&nbsp;95.0% |
| &nbsp;&nbsp;**Original Amortization:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Underwritten NOI:** | &nbsp;&nbsp;$1961614 |
| &nbsp;&nbsp;**Interest Only Period:** | &nbsp;&nbsp;120 months | &nbsp;&nbsp;**Underwritten NCF:** | &nbsp;&nbsp;$1854716 |
| &nbsp;&nbsp;**First Payment Date:** | &nbsp;&nbsp;November 6, 2025 |  |  |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;October 6, 2035 | &nbsp;&nbsp;**Historical NOI** | &nbsp;&nbsp;**Historical NOI** |
| &nbsp;&nbsp;**Additional Debt Type:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Most Recent NOI:** | &nbsp;&nbsp;$1,922,780 (TTM June 30, 2025) |
| &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**2024 NOI:** | &nbsp;&nbsp;$1961656 |
| &nbsp;&nbsp;**Call Protection:** | &nbsp;&nbsp;L(24),YM1(92),O(4) | &nbsp;&nbsp;**2023 NOI:** | &nbsp;&nbsp;$1740425 |
| &nbsp;&nbsp;**Lockbox / Cash Management:** | &nbsp;&nbsp;Springing / Springing | &nbsp;&nbsp;**2022 NOI:** | &nbsp;&nbsp;$1588641 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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;**Financial Information** | &nbsp;&nbsp;**Financial Information** |
|  | &nbsp;&nbsp;**Initial** | &nbsp;&nbsp;**Monthly** | &nbsp;&nbsp;**Cap** | &nbsp;&nbsp;**Cut-off Date Loan / SF:** | &nbsp;&nbsp;$192 |
| &nbsp;&nbsp;**Taxes:** | &nbsp;&nbsp;$10191 | &nbsp;&nbsp;$10191 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date Loan / SF:** | &nbsp;&nbsp;$192 |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;66.1% |
| &nbsp;&nbsp;**Replacement Reserves:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$1782 | &nbsp;&nbsp;$42760 | &nbsp;&nbsp;**Maturity Date LTV:** | &nbsp;&nbsp;66.1% |
| &nbsp;&nbsp;**TI / LC:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$7127 | &nbsp;&nbsp;$225000 | &nbsp;&nbsp;**UW NOI DY:** | &nbsp;&nbsp;9.6% |
| &nbsp;&nbsp;**Deferred Maintenance:** | &nbsp;&nbsp;$12938 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.38x |

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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 | &nbsp;&nbsp;$20500000 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;Loan Payoff | &nbsp;&nbsp;$13732981 | &nbsp;&nbsp;67.0% |
|  |  |  | &nbsp;&nbsp;Borrower Sponsor Equity | &nbsp;&nbsp;6202032 | &nbsp;&nbsp;30.3 |
|  |  |  | &nbsp;&nbsp;Closing Costs | &nbsp;&nbsp;541859 | &nbsp;&nbsp;2.6 |
|  |  |  | &nbsp;&nbsp;Upfront Reserves | &nbsp;&nbsp;23129 | &nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;**Total Sources** | &nbsp;&nbsp;**$20500000** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses** | &nbsp;&nbsp;**$20500000** | &nbsp;&nbsp;**100.0%** |

---

(1) See "*Initial and Ongoing Reserves*" below for further discussion of reserve information.

**The Loan.** The tenth largest mortgage loan (the "**<u>67th and Camelback Mortgage Loan</u>**") is secured by the borrowers' fee interest in an approximately 106,898 SF anchored retail shopping center located in Glendale, Arizona (the "**<u>67th and Camelback Property</u>**"). The 67th and Camelback Mortgage Loan is evidenced by a single promissory note with an outstanding principal balance as of the Cut-off Date of $20,500,000. The 67th and Camelback Mortgage Loan was originated on October 2, 2025 by German American Capital Corporation and accrues interest at a fixed rate of 6.45800% *per annum*. The 67th and Camelback Mortgage Loan has an initial term of 10-years and is interest-only for the full term. The scheduled maturity date of the 67th and Camelback Mortgage Loan is October 6, 2035.

**The Property.** The 67th and Camelback Property is an approximately 106,898 SF grocery anchored retail property located in Glendale, Arizona. The 67th and Camelback Property was originally constructed in 1990 and consists of five one-story buildings situated on a 408,512 SF site. The 67th and Camelback Property has 368 parking spaces, resulting in a parking ratio of approximately 3.44 spaces per 1,000 square feet. The 67<sup>th</sup> and Camelback Property sits along West Camelback Road and North 67th Avenue with combined average daily traffic volumes exceeding 50,000 vehicles (over 25,000 trips along each fronting street). As of October 1, 2025, the 67th and Camelback Property was 95.3% leased to 18 individual tenants and is anchored by Los Altos Ranch Market. Other national tenants include Dollar Tree and McDonald's.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 114 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored<br> 6730-6750 West Camelback Road<br> Glendale, AZ 85303 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 10<br> **67th and Camelback** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$20,500,000<br> 66.1%<br> 1.38x<br> 9.6% |

---

**Major Tenants.** The three largest tenants based on underwritten base rent are Los Altos Ranch Market, Somos Dental & Orthodontics and Dollar Tree.

*Los Altos Ranch Market (46,305 SF; 43.3% of net rentable area; 37.7% of underwritten base rent)*. Los Altos Ranch Market is a chain of supermarkets in Arizona, offering a one-stop-shop for grocery items, butchery products, bakery products, and fresh produce. Los Altos Ranch Market operates under the banner of Cardenas Markets, a Hispanic-focused grocery group. The first Los Altos Ranch Market location opened in 2002, and has since grown to seven stores. The Los Altos Ranch Market has been a tenant at the 67th and Camelback Property since 2005. Based on the tenant's trailing-12 month sales through May 2025, Los Altos Ranch Market reported sales of $38.1 million ($822 PSF), which equates to an occupancy cost of 1.9% based on current gross rent. The Los Altos Ranch Market lease expires in September 2032, and provides for no termination options and four five-year extension options.

*Somos Dental & Orthodontics (6,548 SF; 6.1% of net rentable area; 8.9% of underwritten base rent)*. Somos Dental & Orthodontics is a network of nine dental clinics with locations in Phoenix, Arizona and Dallas, Texas. Somos Dental & Orthodontics provides services such as teeth cleanings, braces, fillings, extractions, cosmetic crowns, and root canals. Somos Dental & Orthodontics has two leases with 4,576 SF expiring in August 2033 and 1,972 SF expiring in April 2033, and has no termination options and one five-year extension option.

*Dollar Tree (10,000 SF; 9.4% of net rentable area; 5.7% of underwritten base rent)* (NASDAQ: DLTR). Dollar Tree is a large North American discount retailer headquartered in Chesapeake, Virginia. Dollar Tree operates over 9,000 stores across the United States and Canada and employs over 140,000 associates. The Dollar Tree lease at the 67th and Camelback Property expires in January 2028, and has no termination options and one five-year extension option.

The following table presents certain information relating to the largest tenants by underwritten base rent at the 67th and Camelback 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** | &nbsp;&nbsp;**Credit Rating (Fitch/Moody's/S&P)<sup>(2)</sup>** | &nbsp;&nbsp;**Net Rentable Area (SF)** | &nbsp;&nbsp;**% of NRSF** | &nbsp;&nbsp;**U/W Base Rent** | &nbsp;&nbsp;**% Annual U/W Base Rent** | &nbsp;&nbsp;**U/W Base Rent PSF** | &nbsp;&nbsp;**Lease Expiration** | &nbsp;&nbsp;**Renewal Option** |
| Los Altos Ranch Market | NR / NR / NR | 46305 | 43.3% | $741085 | 37.7% | $16.00 | 9/30/2032 N | 4 x 5-year |
| Somos Dental & Orthodontics | NR / NR / NR | 6548 | 6.1% | $174719 | 8.9% | $26.68 | 8/31/2033<sup>(3)</sup> N | 1 x 5-year |
| Dollar Tree | NR / Baa2 / BBB | 10000 | 9.4% | $112500 | 5.7% | $11.25 | 1/31/2028 N | 1 x 5-year |
| Happy Kids Pediatrics | NR / NR / NR | 2500 | 2.3% | $86091 | 4.4% | $34.44 | 8/31/2028 N | 1 x 7-year |
| La Michocana Ice Cream | NR / NR / NR | 3068 | 2.9% | $80995 | 4.1% | $26.40 | 9/30/2029 N | 3 x 5-year |
| Promesas Child Care | NR / NR / NR | 5253 | 4.9% | $77965 | 4.0% | $14.84 | 10/31/2030 N | 1 x 6-year |
| Ranchie Wash Laundry | NR / NR / NR | 3802 | 3.6% | $75678 | 3.8% | $19.90 | 9/30/2033 N | 1 x 5-year |
| Feliz Care Centers | NR / NR / NR | 2551 | 2.4% | $73571 | 3.7% | $28.84 | 12/31/2033 N | 1 x 5-year |
| Wingstop | NR / NR / NR | 2700 | 2.5% | $71550 | 3.6% | $26.50 | 2/28/2030 N | 1 x 5-year |
| Law Offices of J.G. Winter | NR / NR / NR | 2485 | 2.3% | $62125 | 3.2% | $25.00 | 12/31/2030 N |  |
| **Total Major Tenants** |  | **85212** | **79.7%** | **$1556279** | **79.1%** | **$18.26** |  |  |
| Other Tenants |  | 16694 | 15.6% | $411813 | 20.9% | $24.67 |  |  |
| **Total Occupied** |  | **101906** | **95.3%** | **$1968092** | **100.0%** | **$19.31** |  |  |
| Vacant |  | 4992 | 4.7% |  |  |  |  |  |
| **Total** |  | **106898** | **100.0%** |  |  |  |  |  |

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

(2) Credit ratings may be that of the parent company of the listed tenant, regardless
of whether the parent company guarantees the lease.

(3) Somos Dental & Orthodontics has two leases at the 67th and Camelback Property
with 4,576 SF expiring in August 2033 and 1,972 SF expiring in April 2033, and has no termination options and one 5-year extension option.

The following table presents certain information relating to the tenants that report sales at the 67th and Camelback Property:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Tenant Sales History<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Sales History<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Sales History<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Sales History<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Sales History<sup>(1)</sup>** |
| **Tenant** | **2022** | **2023** | **2024** | **May 2025 T-12<sup>(2)</sup>** |
| &nbsp;&nbsp;Los Altos Ranch Market | &nbsp;&nbsp;$33268240 | &nbsp;&nbsp;$35857011 | &nbsp;&nbsp;$36793423 | &nbsp;&nbsp;$38064717 |

---

(1) Based on a report provided by the borrower sponsor.

(2) Represents a trailing 12-month amount. The total sales inclusive of January through May 2025 are approximately
$15,456,759.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 115 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored<br> 6730-6750 West Camelback Road<br> Glendale, AZ 85303 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 10<br> **67th and Camelback** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$20,500,000<br> 66.1%<br> 1.38x<br> 9.6% |

---

The following table presents certain information relating to the lease rollover schedule at the 67th and Camelback Property, based on initial lease expiration dates:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &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 Ending December 31** | &nbsp;&nbsp;**Expiring Owned GLA** | &nbsp;&nbsp;**% of Owned GLA** | &nbsp;&nbsp;**Cumulative % of Owned GLA** | &nbsp;&nbsp;**U/W Base Rent** | &nbsp;&nbsp;**% of Total U/W Base Rent** | &nbsp;&nbsp;**U/W Base Rent $ per SF** | &nbsp;&nbsp;**# of Expiring Leases** |
| &nbsp;&nbsp;2026 & MTM | &nbsp;&nbsp;6095 | &nbsp;&nbsp;5.7% | &nbsp;&nbsp;5.7% | &nbsp;&nbsp;$177271 | &nbsp;&nbsp;9.0% | &nbsp;&nbsp;$29.08 | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;2027 | &nbsp;&nbsp;2700 | &nbsp;&nbsp;2.5% | &nbsp;&nbsp;8.2% | &nbsp;&nbsp;84209 | &nbsp;&nbsp;4.3% | &nbsp;&nbsp;$31.19 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;2028 | &nbsp;&nbsp;13870 | &nbsp;&nbsp;13.0% | &nbsp;&nbsp;21.2% | &nbsp;&nbsp;234927 | &nbsp;&nbsp;11.9% | &nbsp;&nbsp;$16.94 | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;2029 | &nbsp;&nbsp;7193 | &nbsp;&nbsp;6.7% | &nbsp;&nbsp;27.9% | &nbsp;&nbsp;138883 | &nbsp;&nbsp;7.1% | &nbsp;&nbsp;$19.31 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;2030 | &nbsp;&nbsp;12842 | &nbsp;&nbsp;12.0% | &nbsp;&nbsp;39.9% | &nbsp;&nbsp;267749 | &nbsp;&nbsp;13.6% | &nbsp;&nbsp;$20.85 | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;2031 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;39.9% | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2032 | &nbsp;&nbsp;46305 | &nbsp;&nbsp;43.3% | &nbsp;&nbsp;83.3% | &nbsp;&nbsp;741085 | &nbsp;&nbsp;37.7% | &nbsp;&nbsp;$16.00 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;2033 | &nbsp;&nbsp;12901 | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;95.3% | &nbsp;&nbsp;323968 | &nbsp;&nbsp;16.5% | &nbsp;&nbsp;$25.11 | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;2034 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;95.3% | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2035 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;95.3% | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2036 & Thereafter | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;95.3% | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Vacant | &nbsp;&nbsp;4992 | &nbsp;&nbsp;4.7% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**Total / Wtd. Avg.** | &nbsp;&nbsp;**106898** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$1968092** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$19.31** | &nbsp;&nbsp;**19** |

---

(1) Based on the underwritten rent roll dated October 1, 2025. Certain tenants may have
lease termination options that are not considered for the purposes of the Lease Rollover Schedule.

The following table presents certain information relating to the historical operating performance and underwritten net cash flow at the 67th and Camelback Property:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** |
|  | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**TTM 6/30/2025** | &nbsp;&nbsp;**UW<sup>(1)</sup>** | &nbsp;&nbsp;**UW PSF** |
| &nbsp;&nbsp;Base Rent | &nbsp;&nbsp;$1633718 | &nbsp;&nbsp;$1679790 | &nbsp;&nbsp;$1817110 | &nbsp;&nbsp;$1970045 | &nbsp;&nbsp;$1965822 | &nbsp;&nbsp;$1968092 | &nbsp;&nbsp;$18.41 |
| &nbsp;&nbsp;Contractual Rent Steps | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;26080 | &nbsp;&nbsp;$0.24 |
| &nbsp;&nbsp;Potential Income from Vacant Space | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;99840 | &nbsp;&nbsp;$0.93 |
| &nbsp;&nbsp;**Gross Potential Income** | &nbsp;&nbsp;**$1633718** | &nbsp;&nbsp;**$1679790** | &nbsp;&nbsp;**$1817110** | &nbsp;&nbsp;**$1970045** | &nbsp;&nbsp;**$1965822** | &nbsp;&nbsp;**$2094012** | &nbsp;&nbsp;**$19.59** |
| &nbsp;&nbsp;Recoveries | &nbsp;&nbsp;454622 | &nbsp;&nbsp;486769 | &nbsp;&nbsp;515889 | &nbsp;&nbsp;558925 | &nbsp;&nbsp;545155 | &nbsp;&nbsp;514500 | &nbsp;&nbsp;$4.81 |
| &nbsp;&nbsp;Other Income | &nbsp;&nbsp;12401 | &nbsp;&nbsp;2053 | &nbsp;&nbsp;6566 | &nbsp;&nbsp;11381 | &nbsp;&nbsp;10192 | &nbsp;&nbsp;7980 | &nbsp;&nbsp;$0.07 |
| &nbsp;&nbsp;Vacancy | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp; (130825) | &nbsp;&nbsp;($1.22) |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$2100741** | &nbsp;&nbsp;**$2168612** | &nbsp;&nbsp;**$2339565** | &nbsp;&nbsp;**$2540351** | &nbsp;&nbsp;**$2521169** | &nbsp;&nbsp;**$2485667** | &nbsp;&nbsp;**$23.25** |
| &nbsp;&nbsp;Real Estate Taxes | &nbsp;&nbsp;199624 | &nbsp;&nbsp;193239 | &nbsp;&nbsp;182348 | &nbsp;&nbsp;193138 | &nbsp;&nbsp;179494 | &nbsp;&nbsp;122293 | &nbsp;&nbsp;$1.14 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;23291 | &nbsp;&nbsp;31434 | &nbsp;&nbsp;38016 | &nbsp;&nbsp;43466 | &nbsp;&nbsp;42681 | &nbsp;&nbsp;42590 | &nbsp;&nbsp;$0.40 |
| &nbsp;&nbsp;Other Expenses<sup>(2)</sup> | &nbsp;&nbsp;274995 | &nbsp;&nbsp;355298 | &nbsp;&nbsp;378776 | &nbsp;&nbsp;342091 | &nbsp;&nbsp;376214 | &nbsp;&nbsp;359170 | &nbsp;&nbsp;$3.36 |
| &nbsp;&nbsp;**Total Operating Expenses** | &nbsp;&nbsp;**$497910** | &nbsp;&nbsp;**$579971** | &nbsp;&nbsp;**$599140** | &nbsp;&nbsp;**$578695** | &nbsp;&nbsp;**$598389** | &nbsp;&nbsp;**$524053** | &nbsp;&nbsp;**$4.90** |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$1602831** | &nbsp;&nbsp;**$1588641** | &nbsp;&nbsp;**$1740425** | &nbsp;&nbsp;**$1961656** | &nbsp;&nbsp;**$1922780** | &nbsp;&nbsp;**$1961614** | &nbsp;&nbsp;**$18.35** |
| &nbsp;&nbsp;Replacement Reserves | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;21380 | &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;85518 | &nbsp;&nbsp;$0.80 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp; **$1602831** | &nbsp;&nbsp;**$1588641** | &nbsp;&nbsp;**$1740425** | &nbsp;&nbsp;**$1961656** | &nbsp;&nbsp;**$1922780** | &nbsp;&nbsp;**$1854716** | &nbsp;&nbsp;**$17.35** |
| &nbsp;&nbsp;**Occupancy (%)** | &nbsp;&nbsp;**NAV** | &nbsp;&nbsp;**NAV** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**94.0%** | &nbsp;&nbsp;**95.3%<sup>(3)</sup>** | &nbsp;&nbsp;**95.0%<sup>(4)</sup>** |  |
| &nbsp;&nbsp;**NCF DSCR** | &nbsp;&nbsp;**1.19x** | &nbsp;&nbsp;**1.18x** | &nbsp;&nbsp;**1.30x** | &nbsp;&nbsp;**1.46x** | &nbsp;&nbsp;**1.43x** | &nbsp;&nbsp;**1.38x** |  |
| &nbsp;&nbsp;**NOI Debt Yield** | &nbsp;&nbsp;**7.8%** | &nbsp;&nbsp;**7.7%** | &nbsp;&nbsp;**8.5%** | &nbsp;&nbsp;**9.6%** | &nbsp;&nbsp;**9.4%** | &nbsp;&nbsp;**9.6%** |  |

---

(1) Underwritten Base Rent is based on the underwritten rent roll dated October 1, 2025.

(2) Other Expenses include management fees, general and administrative, utilities, common area maintenance
and miscellaneous expenses.

(3) Represents physical occupancy as of October 1, 2025.

(4) Represents economic occupancy.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 116 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored<br> 6730-6750 West Camelback Road<br> Glendale, AZ 85303 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 10<br> **67th and Camelback** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$20,500,000<br> 66.1%<br> 1.38x<br> 9.6% |

---

**Appraisal.** According to the appraisal, the 67th and Camelback Property had an "as-is" appraised value of $31,000,000 as of August 15, 2025, as shown in the table below.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**67th and Camelback Appraised Value<sup>(1)</sup>** | &nbsp;&nbsp;**67th and Camelback Appraised Value<sup>(1)</sup>** | &nbsp;&nbsp;**67th and Camelback Appraised Value<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Capitalization Rate** |
| &nbsp;&nbsp;67th and Camelback | &nbsp;&nbsp;$31000000 | &nbsp;&nbsp;6.00% |

---

(1) Source: Appraisal..

**Environmental Matters.** According to a Phase I environmental report dated September 2, 2025, there was no evidence of any recognized environmental conditions at the 67th and Camelback Property.

**The Market.** The 67th & Camelback Property is located at 6730–6750 West Camelback Road in the southeast portion of Glendale, Arizona. According to the appraisal, the immediate area surrounding the 67th and Camelback Property is an established residential neighborhood supported by regional transportation infrastructure, including proximity to Highway 60, Interstate 17, Loop 101 and Interstate 10. The area continues to experience incremental growth due to its accessibility, concentration of single-family and multifamily housing, and proximity to major employment centers such as the Luke Air Force Base. Nearby land uses include multifamily residential to the north and west, retail to the east and south, and various free-standing commercial pads along Camelback Road.

According to the appraisal, the Northwest Phoenix/Glendale retail submarket contains approximately 16.9 million SF of retail inventory. As of the first quarter of 2025, the Northwest Phoenix/Glendale retail submarket reported a vacancy rate of 10.2% and an average asking rent of $19.83 PSF, with community centers achieving asking rents of approximately $23.40 PSF.

According to the appraisal, the 2024 population within a one-, three- and five-mile radius of the 67th & Camelback Property was 29,514, 217,064, and 481,607, respectively. The 2024 average household income within the same radii was $80,855, $75,203, and $76,059, respectively.

The following table presents information relating to comparable retail leases for the 67th and Camelback Property:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Market Analysis – Retail Rentals<sup>(1)</sup>** | &nbsp;&nbsp;**Market Analysis – Retail Rentals<sup>(1)</sup>** | &nbsp;&nbsp;**Market Analysis – Retail Rentals<sup>(1)</sup>** | &nbsp;&nbsp;**Market Analysis – Retail Rentals<sup>(1)</sup>** | &nbsp;&nbsp;**Market Analysis – Retail Rentals<sup>(1)</sup>** | &nbsp;&nbsp;**Market Analysis – Retail Rentals<sup>(1)</sup>** | &nbsp;&nbsp;**Market Analysis – Retail Rentals<sup>(1)</sup>** |
| &nbsp;&nbsp; **Property Name / Address** | &nbsp;&nbsp;**Year Built / Renovated** | &nbsp;&nbsp;**Tenant** | &nbsp;&nbsp;**Suite Size (SF)** | &nbsp;&nbsp;**Lease Commencement** | &nbsp;&nbsp;**Lease Term (yrs)** | &nbsp;&nbsp;**Rent (PSF)** |
| &nbsp;&nbsp;**67th and Camelback<sup>(2)</sup>** | &nbsp;&nbsp;**1990 / NAP** | &nbsp;&nbsp;**Los Altos Ranch Market** | &nbsp;&nbsp;**46305** | &nbsp;&nbsp;**Feb-05** | &nbsp;&nbsp;**27.7** | &nbsp;&nbsp;**$16.00** |
| &nbsp;&nbsp; **6730-6750 West Camelback Road**<br> **Glendale, AZ**  | &nbsp;&nbsp;**1990 / NAP** | &nbsp;&nbsp;**Los Altos Ranch Market** | &nbsp;&nbsp;**46305** | &nbsp;&nbsp;**Feb-05** | &nbsp;&nbsp;**27.7** | &nbsp;&nbsp;**$16.00** |
| &nbsp;&nbsp;**Goodyear Centerpointe** | &nbsp;&nbsp;2008 / NAP | &nbsp;&nbsp;Slick City / Gravity Solutions | &nbsp;&nbsp;44506 | &nbsp;&nbsp;Jul-25 | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;$15.00 |
| &nbsp;&nbsp; 15277-15475 West McDowell Road<br> Goodyear, AZ | &nbsp;&nbsp;2008 / NAP | &nbsp;&nbsp;Slick City / Gravity Solutions | &nbsp;&nbsp;44506 | &nbsp;&nbsp;Jul-25 | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;$15.00 |
| &nbsp;&nbsp;**Safeway – The Trailhead** | &nbsp;&nbsp;2024 / NAP | &nbsp;&nbsp;Safeway | &nbsp;&nbsp;63500 | &nbsp;&nbsp;Jul-24 | &nbsp;&nbsp;20.0 | &nbsp;&nbsp;$21.18 |
| &nbsp;&nbsp; 8010 West Happy Valley Road<br> Peoria, AZ | &nbsp;&nbsp;2024 / NAP | &nbsp;&nbsp;Safeway | &nbsp;&nbsp;63500 | &nbsp;&nbsp;Jul-24 | &nbsp;&nbsp;20.0 | &nbsp;&nbsp;$21.18 |
| &nbsp;&nbsp;**Crossroads Towne Center** | &nbsp;&nbsp;1986 / NAP | &nbsp;&nbsp;Dollar Tree | &nbsp;&nbsp;30637 | &nbsp;&nbsp;Jul-24 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;$12.00 |
| &nbsp;&nbsp; 12801 West Bell Road<br> Surprise, AZ | &nbsp;&nbsp;1986 / NAP | &nbsp;&nbsp;Dollar Tree | &nbsp;&nbsp;30637 | &nbsp;&nbsp;Jul-24 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;$12.00 |
| &nbsp;&nbsp;**The Pavilions At Talking Stick** | &nbsp;&nbsp;1989 / NAP | &nbsp;&nbsp;The Picklr | &nbsp;&nbsp;36200 | &nbsp;&nbsp;Mar-24 | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;$16.00 |
| &nbsp;&nbsp; 9001-9175 East Indian Bend Road<br> Scottsdale, AZ | &nbsp;&nbsp;1989 / NAP | &nbsp;&nbsp;The Picklr | &nbsp;&nbsp;36200 | &nbsp;&nbsp;Mar-24 | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;$16.00 |
| &nbsp;&nbsp;**Chandler Pavillions II** | &nbsp;&nbsp;2001 / NAP | &nbsp;&nbsp;Slick City Action Parks | &nbsp;&nbsp;33496 | &nbsp;&nbsp;Jan-24 | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;$16.00 |
| &nbsp;&nbsp;845-865 N 54th Street<br> Chandler, AZ | &nbsp;&nbsp;2001 / NAP | &nbsp;&nbsp;Slick City Action Parks | &nbsp;&nbsp;33496 | &nbsp;&nbsp;Jan-24 | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;$16.00 |

---

(1) Source: Appraisal, unless otherwise indicated.

(2) Based on the underwritten rent roll dated October 1, 2025.

**The Borrowers and the Borrower Sponsors.** The borrowers are Camelback and 67th Avenue Holding Company, LLC, Los Altos-DE, LLC and 1640 DE, LLC, as tenants in common. Each borrower is a Delaware limited liability company and special purpose entity, with no independent directors. Legal counsel to the borrowers delivered a non-consolidation opinion in connection with the origination of the 67th & Camelback Mortgage Loan.

The borrower sponsors and non-recourse carveout guarantors are Michael A. Provenzano III and Jeffrey P. Branch. The borrower sponsors are experienced real estate investors. Mr. Branch is the founder and chief executive officer of Columbus Capital, a southwest commercial real estate owner/operator of retail, office, industrial, and residential properties. The Provenzano family owns and operates five other anchored retail centers in Texas, New Mexico, and Arizona.

**Property Management**. The 67th and Camelback Property is managed by Capital Asset Management, LLC, a borrower-affiliated property management company.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 117 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored<br> 6730-6750 West Camelback Road<br> Glendale, AZ 85303 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 10<br> **67th and Camelback** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$20,500,000<br> 66.1%<br> 1.38x<br> 9.6% |

---

**Initial and Ongoing Reserves**. At origination of the 67th and Camelback Mortgage Loan, the borrowers deposited approximately (i) $12,938 into a deferred maintenance reserve and (ii) $10,191 into a reserve account for taxes.

*Tax Reserve –* The borrowers are required to deposit into a real estate tax reserve, on a monthly basis, 1/12th of the taxes that the lender estimates will be payable over the next-ensuing 12-month period (initially estimated to be approximately $10,191).

*Insurance Reserve –* If the liability or casualty policy maintained by the borrowers covering the 67th and Camelback Property does not constitute an approved blanket or umbrella policy, the borrowers are required to deposit into an insurance reserve, on a monthly basis, 1/12th of the amount which the lender estimates will be payable for the insurance premiums due for the renewal of coverage afforded by the insurance policies. At origination of the 67th and Camelback Mortgage Loan a lender approved blanket policy was in place.

*Replacement Reserve* – The borrowers are required to deposit into a replacement reserve, on a monthly basis, approximately $1,782, provided that such deposits are not required at any time the funds in such account are at least $42,760.

*Leasing Reserve* – The borrowers are required to deposit into a leasing reserve, on a monthly basis, approximately $7,127 for future tenant improvements and leasing commissions, provided that such deposits are not required at any time the funds in such account are at least $225,000.

**Lockbox / Cash Management**. The 67th and Camelback Mortgage Loan is structured with a springing lockbox and springing cash management. Upon the first occurrence of a Lockbox Trigger Event (as defined below), the borrowers are required to establish a lender-controlled lockbox account and are thereafter required to cause all gross revenue to be transmitted directly by the tenants into the lockbox account. Without limiting the foregoing, if the borrowers or property manager receive any gross revenue from the 67th and Camelback Property, they are required to deposit such revenue into the lockbox account within one business day of receipt. All funds deposited into the lockbox account are required to be transferred on each business day to or at the direction of the borrowers unless a Trigger Period (as defined below) exists, in which case 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 67th and Camelback Mortgage Loan documents (including, without limitation, taxes and insurance, debt service and required reserves) and approved property operating expenses with any excess funds required (i) during a Trigger Period due to a Lease Sweep Period (as defined below), regardless of whether any other Trigger Period is continuing, to be deposited into a lease sweep reserve, to be applied to leasing expenses and (ii) if no Lease Sweep Period exists, to be deposited into an excess cash flow reserve, to be held as additional collateral during the continuance of such Trigger Period.

A "**<u>Lockbox Trigger Event</u>**" has the same definition as "Trigger Period," except that (i) for purposes of clause (A)(ii) of such definition, a Lockbox Trigger Event will occur upon the debt service coverage ratio ("**<u>DSCR</u>**") falling below 1.20x as of the end of any calendar quarter, and (ii) a Lockbox Trigger Event does not terminate.

A "**<u>Trigger Period</u>**" commences upon the earliest of: (i) the occurrence and continuance of an event of default, (ii) the DSCR falling below 1.15x as of the end of any calendar quarter (a "**<u>Low DSCR Period</u>**"), (iii) if the manager is an affiliate of the borrowers or non-recourse carveout guarantor and is subject to certain bankruptcy or insolvency events, (iv) the occurrence of a Lease Sweep Period (as defined below), and (v) if any of the borrowers or guarantor is subject to certain bankruptcy or insolvency events. A Trigger Period will end with respect to: (a) clause (i) above, if the cure of such event of default is accepted by the lender, (b) a Low DSCR Period, the date that the DSCR is equal to or greater than 1.20x as of the end of two consecutive calendar quarters or alternatively if the borrowers deposit cash or a letter of credit into a reserve held by the lender in the amount of $230,087, which amount must be deposited for each succeeding calendar year that the DSCR is less than 1.15x, (c) clause (iii) above, such manager is replaced with a non-affiliated manager approved by the lender, (d) clause (iv) above, the Lease Sweep Period has ended pursuant to the terms thereof, and (e) clause (v) above, if such Trigger Period is solely as a result of the filing of an involuntary petition, case or proceeding against the borrowers with respect to which none of the borrowers, guarantors or any of their affiliates solicited or actively facilitated the solicitation of petitioning creditors or consented to or otherwise joined in such involuntary petition, case or proceeding, upon the same being discharged or dismissed within 30 days of such filing.

A "**<u>Lease Sweep Period</u>**" commences on the first monthly payment date following (or in the case of (a) (i) below, preceding): (a) the first to occur of (i) nine months prior to the earliest stated expiration of a Lease Sweep Lease (as defined below), and (ii) the date in a Lease Sweep Lease by which the tenant thereunder is required to give notice of its exercise of a renewal option thereunder (and such renewal has not been exercised), (b) the date that a Lease Sweep Lease is surrendered, cancelled or terminated or the receipt by the borrowers or the manager of notice from any Lease Sweep Lease tenant of its intent to do so, (c) the date that any Lease Sweep Lease tenant discontinues its business at its Lease Sweep Lease space (or any material portion thereof) or provides notice of its intent to do so, (d) default under a Lease Sweep Lease by the Lease Sweep Lease tenant that continued beyond any applicable notice and cure period, and (e) the occurrence of certain bankruptcy or insolvency events with respect to a Lease Sweep Lease tenant or its parent company or lease guarantor. A Lease Sweep Period will end upon the first to occur of the following, with respect to the applicable event: (i) in the case of clauses (a), (b) and (c) above, the entirety of the Lease Sweep Lease space (or applicable portion) has been leased pursuant to one or more qualified leases (which must be on market terms, and have an initial term of at least five years and which extends at least three years past the maturity date of the 67th and Camelback Mortgage Loan) and, in the lender's reasonable judgement, sufficient funds have been accumulated in the lease sweep reserve to cover anticipated leasing expenses, free and/or abated rent (collectively, "**<u>Anticipated Leasing Expenses</u>**") and any shortfalls in required payments under the 67th and Camelback Mortgage Loan or operating expenses as a result of anticipated down time prior to the commencement of payments under such qualified leases, (ii) in the case of clause (a) above, the date on which the Lease Sweep Lease tenant irrevocably exercises its renewal or extension option under the Lease Sweep Lease and, in the lender's reasonable judgement,

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 118 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored<br> 6730-6750 West Camelback Road<br> Glendale, AZ 85303 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 10<br> **67th and Camelback** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$20,500,000<br> 66.1%<br> 1.38x<br> 9.6% |

---

sufficient funds have been accumulated in the lease sweep account to cover Anticipated Leasing Expenses, (iii) in the case of clause (d) above, the cure of the subject default under the Lease Sweep Lease and no further default occurring for a period of six consecutive months following such cure, and (iv) in the case of clause (e) above, the applicable bankruptcy or insolvency proceeding has been terminated and the applicable Lease Sweep Lease, and any guaranty thereof, has been affirmed or assumed without modification pursuant to a final non-appealable order of the bankruptcy court, all defaults under the Lease Sweep Lease are cured and the related tenant is paying full, unabated rent, and adequate assurance of future performance under the Lease Sweep Lease and any guaranty has been provided.

A "**<u>Lease Sweep Lease</u>**" means, as applicable the lease for (i) Los Altos Ranch Market, and (ii) any other lease(s) of the Los Altos Ranch Market space (or any portion thereof) that covers the majority of the space demised under the Los Altos Ranch Market lease.

**Current Mezzanine or Secured Subordinate Indebtedness.** None.

**Permitted Future Mezzanine or Secured Subordinate Indebtedness**. Not permitted.

**Release of Collateral.** Not permitted.

**Ground Lease.** None.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 119 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored<br> 1010, 1020 and 1050 Hanes Mall Boulevard<br> Winston-Salem, NC 27103 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 11<br> **Hanes Point** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$19,973,597<br> 56.7%<br> 1.73x<br> 13.3% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Loan Seller:** | &nbsp;&nbsp;GSMC | &nbsp;&nbsp;**Single Asset / Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;**Property Type – Subtype:** | &nbsp;&nbsp;Retail - Anchored |
| &nbsp;&nbsp;**Borrower Sponsor(s):** | &nbsp;&nbsp;Zanesville "Country Fair" Shopping Center, Inc. and Casto Family Funding LLC | &nbsp;&nbsp;**Collateral:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Borrower(s):** | &nbsp;&nbsp;Hanes Point, LLC | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;Winston-Salem, NC |
| &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;$20000000 | &nbsp;&nbsp;**Year Built / Renovated:** | &nbsp;&nbsp;1997 / 2014 |
| &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$19973597 | &nbsp;&nbsp;**Property Management:** | &nbsp;&nbsp;United Management, Inc., Casto Southeast Realty Services LLC and DMC NC Realty, LLC |
| &nbsp;&nbsp;**% by Initial UPB:** | &nbsp;&nbsp;2.7% | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;237,921 SF |
| &nbsp;&nbsp;**Interest Rate:** | &nbsp;&nbsp;6.06500% | &nbsp;&nbsp;**Appraised Value / Per SF:** | &nbsp;&nbsp;$35,200,000 / $148 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;February 3, 2026 | &nbsp;&nbsp;**Appraisal Date:** | &nbsp;&nbsp;December 18, 2025 |
| &nbsp;&nbsp;**Original Term:** | &nbsp;&nbsp;120 months | &nbsp;&nbsp;**Occupancy:** | &nbsp;&nbsp;100.0% (as of January 26, 2026) |
| &nbsp;&nbsp;**Amortization:** | &nbsp;&nbsp;Amortizing Balloon | &nbsp;&nbsp;**UW Economic Occupancy:** | &nbsp;&nbsp;95.1% |
| &nbsp;&nbsp;**Original Amortization:** | &nbsp;&nbsp;360 months | &nbsp;&nbsp;**Underwritten NOI:** | &nbsp;&nbsp;$2656915 |
| &nbsp;&nbsp;**Interest Only Period:** |  | &nbsp;&nbsp;**Underwritten NCF:** | &nbsp;&nbsp;$2510320 |
| &nbsp;&nbsp;**First Payment Date:** | &nbsp;&nbsp;March 6, 2026 |  |  |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;February 6, 2036 | &nbsp;&nbsp;**Historical NOI** | &nbsp;&nbsp;**Historical NOI** |
| &nbsp;&nbsp;**Additional Debt Type*:*** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Most Recent NOI:** | &nbsp;&nbsp;$2,208,083 (TTM September 30, 2025) |
| &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**2024 NOI:** | &nbsp;&nbsp;$1729859 |
| &nbsp;&nbsp;**Call Protection:** | &nbsp;&nbsp;L(25),D(88),O(7) | &nbsp;&nbsp;**2023 NOI:** | &nbsp;&nbsp;$2005013 |
| &nbsp;&nbsp;**Lockbox / Cash Management:** | &nbsp;&nbsp;Springing / Springing | &nbsp;&nbsp;**2022 NOI:** | &nbsp;&nbsp;$1969969 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Financial Information** | &nbsp;&nbsp;**Financial Information** |
|  | &nbsp;&nbsp;**Initial** | &nbsp;&nbsp;**Monthly** | &nbsp;&nbsp;**Cap** | &nbsp;&nbsp;**Cut-off Date Loan / SF:** | &nbsp;&nbsp;$84. |
| &nbsp;&nbsp;**Taxes:** | &nbsp;&nbsp;$67424 | &nbsp;&nbsp;$22475 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date Loan / SF:** | &nbsp;&nbsp;$71 |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;56.7% |
| &nbsp;&nbsp;**Replacement Reserves:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$3965 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date LTV:** | &nbsp;&nbsp;48.3% |
| &nbsp;&nbsp;**TI / LC Reserve:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$29740 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**UW NOI DY:** | &nbsp;&nbsp;13.3% |
| &nbsp;&nbsp;**Other Reserves<sup>(1)</sup>:** | &nbsp;&nbsp;$99935 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.73x |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** |
| **Sources** | **Proceeds** | **% of Total** | **Uses** | **Proceeds** | **% of Total** |
| &nbsp;&nbsp;Mortgage Loan | &nbsp;&nbsp;$20000000 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;Loan Payoff | &nbsp;&nbsp;$17179804 | &nbsp;&nbsp;85.9% |
|  |  |  | &nbsp;&nbsp;Principal Equity Distribution | &nbsp;&nbsp;2282776 | &nbsp;&nbsp;11.4 |
|  |  |  | &nbsp;&nbsp;Closing Costs | &nbsp;&nbsp;370061 | &nbsp;&nbsp;1.9 |
|  |  |  | &nbsp;&nbsp;Upfront Reserves | &nbsp;&nbsp;167359 | &nbsp;&nbsp;0.8 |
| &nbsp;&nbsp;**Total Sources** | &nbsp;&nbsp;**$20000000** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses** | &nbsp;&nbsp;**$20000000** | &nbsp;&nbsp;**100.0%** |

---

(1) Other Reserves comprise Kid to Kid Outstanding Tenant Improvement Allowance ($59,250), Kid to Kid Outstanding
Free Rent ($15,800) and Kid to Kid Outstanding Leasing Commissions ($24,885).

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 120 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored<br> 1010, 1020 and 1050 Hanes Mall Boulevard<br> Winston-Salem, NC 27103 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 11<br> **Hanes Point** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$19,973,597<br> 56.7%<br> 1.73x<br> 13.3% |

---

The following table presents certain information relating to the largest tenants at the Hanes Point 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>** |
| <br> **Tenant** | &nbsp;&nbsp;**Credit Rating (Moody's/<br> S&P/Fitch)<sup>(2)</sup>** | &nbsp;&nbsp;**Net Rentable Area (SF)** | &nbsp;&nbsp;**% of Net Rentable Area** | &nbsp;&nbsp;**U/W <br> Base Rent** | &nbsp;&nbsp;**U/W Base Rent <br> Per SF** | &nbsp;&nbsp;**% of Total U/W Base Rent** | &nbsp;&nbsp;**Lease Expiration** |
| **Major Tenants** |  |  |  |  |  |  |  |
| Kohl's (Ground Lease) | &nbsp;&nbsp;B2/BB-/NR | &nbsp;&nbsp;86584 | &nbsp;&nbsp;36.4% | &nbsp;&nbsp;$482922 | &nbsp;&nbsp;$5.58 | &nbsp;&nbsp;16.9% | &nbsp;&nbsp;2/3/2029 &nbsp;&nbsp;N |
| Bob's Discount Furniture | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;37340 | &nbsp;&nbsp;15.7% | &nbsp;&nbsp;$485424 | &nbsp;&nbsp;$13.00 | &nbsp;&nbsp;17.0% | &nbsp;&nbsp;7/31/2035 &nbsp;&nbsp;N |
| Michaels Arts & Crafts | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;28333 | &nbsp;&nbsp;11.9% | &nbsp;&nbsp;$293530 | &nbsp;&nbsp;$10.36 | &nbsp;&nbsp;10.3% | &nbsp;&nbsp;2/28/2031 &nbsp;&nbsp;N |
| Shoe Carnival | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;12000 | &nbsp;&nbsp;5.0% | &nbsp;&nbsp;$177000 | &nbsp;&nbsp;$14.75 | &nbsp;&nbsp;6.2% | &nbsp;&nbsp;1/31/2029 &nbsp;&nbsp;N |
| Ulta Salon | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;11838 | &nbsp;&nbsp;5.0% | &nbsp;&nbsp;$250729 | &nbsp;&nbsp;$21.18 | &nbsp;&nbsp;8.8% | &nbsp;&nbsp;9/30/2029 &nbsp;&nbsp;N |
| Five Below | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;11787 | &nbsp;&nbsp;5.0% | &nbsp;&nbsp;$180000 | &nbsp;&nbsp;$15.27 | &nbsp;&nbsp;6.3% | &nbsp;&nbsp;1/31/2028 &nbsp;&nbsp;N |
| Dollar Tree | &nbsp;&nbsp;Baa2/BBB/NR | &nbsp;&nbsp;9200 | &nbsp;&nbsp;3.9% | &nbsp;&nbsp;$156400 | &nbsp;&nbsp;$17.00 | &nbsp;&nbsp;5.5% | &nbsp;&nbsp;7/31/2029 &nbsp;&nbsp;N |
| Kirkland's | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;9177 | &nbsp;&nbsp;3.9% | &nbsp;&nbsp;$128472 | &nbsp;&nbsp;$14.00 | &nbsp;&nbsp;4.5% | &nbsp;&nbsp;8/31/2032 &nbsp;&nbsp;N |
| Pet Supplies Plus | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;6000 | &nbsp;&nbsp;2.5% | &nbsp;&nbsp;$114000 | &nbsp;&nbsp;$19.00 | &nbsp;&nbsp;4.0% | &nbsp;&nbsp;4/30/2034 &nbsp;&nbsp;N |
| Kid to Kid | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;5925 | &nbsp;&nbsp;2.5% | &nbsp;&nbsp;$94800 | &nbsp;&nbsp;$16.00 | &nbsp;&nbsp;3.3% | &nbsp;&nbsp;4/30/2036 &nbsp;&nbsp;N |
| **Major Tenants Subtotal / Wtd. Avg.** |  | &nbsp;&nbsp;**218184** | &nbsp;&nbsp;**91.7%** | &nbsp;&nbsp;**$2363277** | &nbsp;&nbsp;**$10.83** | &nbsp;&nbsp;**82.6%** |  |
| Non Major Tenants Collateral Total / Wtd. Avg. |  | &nbsp;&nbsp;19737 | &nbsp;&nbsp;8.3% | &nbsp;&nbsp;$498438 | &nbsp;&nbsp;$25.25 | &nbsp;&nbsp;17.4% |  |
| **Occupied Collateral Total / Wtd. Avg.** |  | &nbsp;&nbsp;**237921** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$2861715** | &nbsp;&nbsp;**$12.03** | &nbsp;&nbsp;**100.0%** |  |
| Vacant Space |  | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% |  |  |  |  |
| **Collateral Total** |  | &nbsp;&nbsp;**237921** | &nbsp;&nbsp;**100.0%** |  |  |  |  |

---

(1) Based on the underwritten rent roll dated January 26, 2026.

(2) In certain instances, ratings provided are those of the parent company of the entity
shown, whether or not the parent company guarantees the lease.

The following table presents certain information relating to the lease rollover schedule at the Hanes Point property, based on the initial lease expiration dates:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &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 Ending December 31** | &nbsp;&nbsp;**Expiring Owned GLA** | &nbsp;&nbsp;**% of Owned GLA** | &nbsp;&nbsp;**Cumulative % of Owned GLA** | &nbsp;&nbsp;**U/W Base Rent** | &nbsp;&nbsp;**% of Total U/W Base Rent** | &nbsp;&nbsp;**U/W Base Rent $ per SF** | &nbsp;&nbsp;**# of Expiring Leases** |
| &nbsp;&nbsp;2026 & MTM | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2027 | &nbsp;&nbsp;1920 | &nbsp;&nbsp;0.8% | &nbsp;&nbsp;0.8% | &nbsp;&nbsp;$72000 | &nbsp;&nbsp;2.5% | &nbsp;&nbsp;$37.50 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;2028 | &nbsp;&nbsp;13187 | &nbsp;&nbsp;5.5% | &nbsp;&nbsp;6.3% | &nbsp;&nbsp;$227740 | &nbsp;&nbsp;8.0% | &nbsp;&nbsp;$17.27 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;2029 | &nbsp;&nbsp;127389 | &nbsp;&nbsp;53.5% | &nbsp;&nbsp;59.9% | &nbsp;&nbsp;$1251942 | &nbsp;&nbsp;43.7% | &nbsp;&nbsp;$9.83 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;2030 | &nbsp;&nbsp;1400 | &nbsp;&nbsp;0.6% | &nbsp;&nbsp;60.5% | &nbsp;&nbsp;$36400 | &nbsp;&nbsp;1.3% | &nbsp;&nbsp;$26.00 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;2031 | &nbsp;&nbsp;29383 | &nbsp;&nbsp;12.3% | &nbsp;&nbsp;72.8% | &nbsp;&nbsp;$328537 | &nbsp;&nbsp;11.5% | &nbsp;&nbsp;$11.18 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;2032 | &nbsp;&nbsp;9177 | &nbsp;&nbsp;3.9% | &nbsp;&nbsp;76.7% | &nbsp;&nbsp;$128472 | &nbsp;&nbsp;4.5% | &nbsp;&nbsp;$14.00 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;2033 | &nbsp;&nbsp;6200 | &nbsp;&nbsp;2.6% | &nbsp;&nbsp;79.3% | &nbsp;&nbsp;$122400 | &nbsp;&nbsp;4.3% | &nbsp;&nbsp;$19.74 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;2034 | &nbsp;&nbsp;6000 | &nbsp;&nbsp;2.5% | &nbsp;&nbsp;81.8% | &nbsp;&nbsp;$114000 | &nbsp;&nbsp;4.0% | &nbsp;&nbsp;$19.00 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;2035 | &nbsp;&nbsp;37340 | &nbsp;&nbsp;15.7% | &nbsp;&nbsp;97.5% | &nbsp;&nbsp;$485424 | &nbsp;&nbsp;17.0% | &nbsp;&nbsp;$13.00 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;2036 | &nbsp;&nbsp;5925 | &nbsp;&nbsp;2.5% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$94800 | &nbsp;&nbsp;3.3% | &nbsp;&nbsp;$16.00 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;2037 & Thereafter | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Vacant | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**Total / Wtd. Avg.** | &nbsp;&nbsp;**237921** | &nbsp;&nbsp;**100.0%** |  | &nbsp;&nbsp;**$2861715** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$12.03** | &nbsp;&nbsp;**19** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Based on the underwritten rent roll dated January 26, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Certain tenants may have lease termination options that are exercisable prior to
the originally stated expiration date of the subject lease and that are not considered in the Lease Rollover Schedule.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 121 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored<br> 1010, 1020 and 1050 Hanes Mall Boulevard<br> Winston-Salem, NC 27103 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 11<br> **Hanes Point** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$19,973,597<br> 56.7%<br> 1.73x<br> 13.3% |

---

The following table presents certain information relating to the historical operating performance and underwritten net cash flow at the Hanes Point 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;**2022** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024<sup>(2)</sup>** | &nbsp;&nbsp;**TTM September <br> 30, 2025<sup>(2)</sup>** | &nbsp;&nbsp;**Underwritten<sup>(2)</sup>** | &nbsp;&nbsp;**Per SF** |
| &nbsp;&nbsp;Base Rental Revenue | &nbsp;&nbsp;$2308543 | &nbsp;&nbsp;$2248509 | &nbsp;&nbsp;$2155475 | &nbsp;&nbsp;$2405477 | &nbsp;&nbsp;$2861715 | &nbsp;&nbsp;$12.03 |
| &nbsp;&nbsp;Reimbursement Revenue | &nbsp;&nbsp;484406 | &nbsp;&nbsp;658325 | &nbsp;&nbsp;518649 | &nbsp;&nbsp;783916 | &nbsp;&nbsp;868656 | &nbsp;&nbsp;3.65 |
| &nbsp;&nbsp;Trash Income | &nbsp;&nbsp;17948 | &nbsp;&nbsp;23052 | &nbsp;&nbsp;22695 | &nbsp;&nbsp;23845 | &nbsp;&nbsp;34281 | &nbsp;&nbsp;0.14 |
| &nbsp;&nbsp;Other Revenue | &nbsp;&nbsp;4951 | &nbsp;&nbsp;1806 | &nbsp;&nbsp;62 | &nbsp;&nbsp;2764 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00 |
| &nbsp;&nbsp;**Potential Gross Revenue** | &nbsp;&nbsp;**$2815848** | &nbsp;&nbsp;**$2931692** | &nbsp;&nbsp;**$2696881** | &nbsp;&nbsp;**$3216003** | &nbsp;&nbsp;**$3764651** | &nbsp;&nbsp;**$15.82** |
| &nbsp;&nbsp;Vacancy Loss | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;(186345) | &nbsp;&nbsp;(0.78) |
| &nbsp;&nbsp;Commercial Rent Abatements /<br> Concessions | &nbsp;&nbsp;(22194) | &nbsp;&nbsp;(23040) | &nbsp;&nbsp;0 | &nbsp;&nbsp;(47500) | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00 |
| &nbsp;&nbsp;**Effective Gross Revenue** | &nbsp;&nbsp;**$2793654** | &nbsp;&nbsp;**$2908652** | &nbsp;&nbsp;**$2696881** | &nbsp;&nbsp;**$3168503** | &nbsp;&nbsp;**$3578307** | &nbsp;&nbsp;**$15.04** |
| &nbsp;&nbsp;Real Estate Taxes | &nbsp;&nbsp;355504 | &nbsp;&nbsp;367440 | &nbsp;&nbsp;397464 | &nbsp;&nbsp;392556 | &nbsp;&nbsp;368544 | &nbsp;&nbsp;1.55 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;36687 | &nbsp;&nbsp;39752 | &nbsp;&nbsp;39335 | &nbsp;&nbsp;48079 | &nbsp;&nbsp;47578 | &nbsp;&nbsp;0.20 |
| &nbsp;&nbsp;Other Expenses | &nbsp;&nbsp;431494 | &nbsp;&nbsp;496447 | &nbsp;&nbsp;530223 | &nbsp;&nbsp;519785 | &nbsp;&nbsp;505270 | &nbsp;&nbsp; $2.12 |
| &nbsp;&nbsp;**Total Expenses** | &nbsp;&nbsp;**$823685** | &nbsp;&nbsp;**$903639** | &nbsp;&nbsp;**$967022** | &nbsp;&nbsp;**$960420** | &nbsp;&nbsp;**$921392** | &nbsp;&nbsp;**$3.87** |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$1969969** | &nbsp;&nbsp;**$2005013** | &nbsp;&nbsp;**$1729859** | &nbsp;&nbsp;**$2208083** | &nbsp;&nbsp;**$2656915** | &nbsp;&nbsp;**$11.17** |
| &nbsp;&nbsp;Replacement Reserves | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;15134 | &nbsp;&nbsp;0.06 |
| &nbsp;&nbsp;TI/LC | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;131461 | &nbsp;&nbsp; $0.55 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$1969969** | &nbsp;&nbsp;**$2005013** | &nbsp;&nbsp;**$1729859** | &nbsp;&nbsp;**$2208083** | &nbsp;&nbsp;**$2510320** | &nbsp;&nbsp;**$10.55** |
| &nbsp;&nbsp;**Occupancy** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**100.0%<sup>(3)</sup>** | &nbsp;&nbsp;**95.1%<sup>(4)</sup>** |  |
| &nbsp;&nbsp;**NOI Debt Yield** | &nbsp;&nbsp;**9.9%** | &nbsp;&nbsp;**10.0%** | &nbsp;&nbsp;**8.7%** | &nbsp;&nbsp;**11.1%** | &nbsp;&nbsp;**13.3%** |  |
| &nbsp;&nbsp;**NCF DSCR** | &nbsp;&nbsp;**1.36x** | &nbsp;&nbsp;**1.38x** | &nbsp;&nbsp;**1.19x** | &nbsp;&nbsp;**1.52x** | &nbsp;&nbsp;**1.73x** |  |

---

(1) Based on the underwritten rent roll dated January 26, 2026.

(2) The increase from 2024 Net Operating Income to TTM September 30, 2025 Net Operating
Income, as well as from TTM September 30, 2025 Net Operating Income to Underwritten Net Operating Income, is primarily due to the commencement
of the Bob's Discount Furniture lease in June 2025.

(3) Represents physical occupancy as of January 26, 2026.

(4) Represents economic occupancy.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 122 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored<br> 1010, 1020 and 1050 Hanes Mall Boulevard<br> Winston-Salem, NC 27103 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 11<br> **Hanes Point** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$19,973,597<br> 56.7%<br> 1.73x<br> 13.3% |

---

The following table presents information relating to comparable retail leases for the Hanes Point property:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Comparable Retail Rental Summary<sup>(1)</sup>** | **Comparable Retail Rental Summary<sup>(1)</sup>** | **Comparable Retail Rental Summary<sup>(1)</sup>** | **Comparable Retail Rental Summary<sup>(1)</sup>** | **Comparable Retail Rental Summary<sup>(1)</sup>** | **Comparable Retail Rental Summary<sup>(1)</sup>** | **Comparable Retail Rental Summary<sup>(1)</sup>** | **Comparable Retail Rental Summary<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property Name / Address** | &nbsp;&nbsp;**Occupancy** | &nbsp;&nbsp;**Year Built / Renovated** | &nbsp;&nbsp;**Tenant** | &nbsp;&nbsp;**Suite Size (SF)** | &nbsp;&nbsp;**Lease Commencement** | &nbsp;&nbsp;**Lease Term (Years)** | &nbsp;&nbsp;**Base Rent (PSF)** |
| &nbsp;&nbsp; **Hanes Point<sup>(2)</sup>**<br> **Winston-Salem, NC** | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;**1997 / 2014** | &nbsp;&nbsp;**Bob's Discount Furniture** | &nbsp;&nbsp;**37340** | &nbsp;&nbsp;**Jun-25** | &nbsp;&nbsp;**10.1** | &nbsp;&nbsp;**$13.00** |
| &nbsp;&nbsp; Oglethorpe Plaza<br> Savannah, GA | &nbsp;&nbsp;95.0% | &nbsp;&nbsp;1989 / NAP | &nbsp;&nbsp;Best Buy | &nbsp;&nbsp;45000 | &nbsp;&nbsp;Apr-25 | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;$13.50 |
| &nbsp;&nbsp; Twelve Oaks<br> Tampa, FL | &nbsp;&nbsp;90.0% | &nbsp;&nbsp;1979 / 1991 | &nbsp;&nbsp;MG Furniture | &nbsp;&nbsp;12000 | &nbsp;&nbsp;Mar-25 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;$13.00 |
| &nbsp;&nbsp; Eastfield Crossing<br> Selma, NC | &nbsp;&nbsp;NAV | &nbsp;&nbsp;2024 / NAP | &nbsp;&nbsp;Ross Dress for Less | &nbsp;&nbsp;22000 | &nbsp;&nbsp;Mar-25 | &nbsp;&nbsp;10.9 | &nbsp;&nbsp;$11.50 |
| &nbsp;&nbsp; 100-919 Glynn Isle<br> Brunswick, GA | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;2007 / NAP | &nbsp;&nbsp;pOpshelf | &nbsp;&nbsp;11981 | &nbsp;&nbsp;Oct-24 | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;$13.70 |
| &nbsp;&nbsp; Eastgate Plaza<br> Tampa, FL | &nbsp;&nbsp;NAV | &nbsp;&nbsp;1960 / NAP | &nbsp;&nbsp;Five Below | &nbsp;&nbsp;21000 | &nbsp;&nbsp;Sep-24 | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;$11.00 |
| &nbsp;&nbsp; Anderson Station<br> Anderson, SC | &nbsp;&nbsp;92.0% | &nbsp;&nbsp;2001 / 2004 | &nbsp;&nbsp;Sierra Trading Post | &nbsp;&nbsp;22285 | &nbsp;&nbsp;Aug-24 | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;$14.00 |

---

(1) Source: Appraisal.

(2) Based on the underwritten rent roll dated January 26, 2026.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 123 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored<br> 1900-1998 Hacienda Drive<br> Vista, CA 92081 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 12<br> **Pavilion Center** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$19,525,000<br> 64.0%<br> 1.61x<br> 10.9% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Loan Seller:** | &nbsp;&nbsp;CREFI | &nbsp;&nbsp;**Single Asset / Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Acquisition | &nbsp;&nbsp;**Property Type – Subtype:** | &nbsp;&nbsp;Retail - Anchored |
| &nbsp;&nbsp;**Borrower Sponsor(s):** | &nbsp;&nbsp;Claus Dieckell | &nbsp;&nbsp;**Collateral:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Borrower(s):** | &nbsp;&nbsp;Milan Vista, LLC | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;Vista, CA |
| &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;$19525000 | &nbsp;&nbsp;**Year Built / Renovated:** | &nbsp;&nbsp;1989 / 2024 |
| &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$19525000 | &nbsp;&nbsp;**Property Management:** | &nbsp;&nbsp;Milan Capital Management, Inc. |
| &nbsp;&nbsp;**% by Initial UPB:** | &nbsp;&nbsp;2.7% | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;136,771 SF |
| &nbsp;&nbsp;**Interest Rate:** | &nbsp;&nbsp;6.19000% | &nbsp;&nbsp;**Appraised Value / Per SF:** | &nbsp;&nbsp;$30,500,000 / $223 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;November 19, 2025 | &nbsp;&nbsp;**Appraisal Date:** | &nbsp;&nbsp;October 27, 2025 |
| &nbsp;&nbsp;**Original Term:** | &nbsp;&nbsp;120 months | &nbsp;&nbsp;**Occupancy:** | &nbsp;&nbsp;95.3% (as of September 30, 2025) |
| &nbsp;&nbsp;**Amortization:** | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;**UW Economic Occupancy:** | &nbsp;&nbsp;90.0% |
| &nbsp;&nbsp;**Original Amortization:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Underwritten NOI:** | &nbsp;&nbsp;$2133571 |
| &nbsp;&nbsp;**Interest Only Period:** | &nbsp;&nbsp;120 months | &nbsp;&nbsp;**Underwritten NCF:** | &nbsp;&nbsp;$1970568 |
| &nbsp;&nbsp;**First Payment Date:** | &nbsp;&nbsp;January 6, 2026 |  |  |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;December 6, 2035 | &nbsp;&nbsp;**Historical NOI** | &nbsp;&nbsp;**Historical NOI** |
| &nbsp;&nbsp;**Additional Debt Type:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Most Recent NOI:** | &nbsp;&nbsp;$2,372,081 (TTM September 30, 2025) |
| &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**2024 NOI:** | &nbsp;&nbsp;$2140780 |
| &nbsp;&nbsp;**Call Protection:** | &nbsp;&nbsp;L(27),YM1(86),O(7) | &nbsp;&nbsp;**2023 NOI:** | &nbsp;&nbsp;$2251862 |
| &nbsp;&nbsp;**Lockbox / Cash Management:** | &nbsp;&nbsp;Hard / Springing | &nbsp;&nbsp;**2022 NOI:** | &nbsp;&nbsp;$2064412 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Financial Information** | &nbsp;&nbsp;**Financial Information** |
|  | &nbsp;&nbsp;**Initial** | &nbsp;&nbsp;**Monthly** | &nbsp;&nbsp;**Cap** | &nbsp;&nbsp;**Cut-off Date Loan / SF:** | &nbsp;&nbsp;$143 |
| &nbsp;&nbsp;**Taxes:** | &nbsp;&nbsp;$79150 | &nbsp;&nbsp;$26383 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date Loan / SF:** | &nbsp;&nbsp;$143 |
| &nbsp;&nbsp;**Insurance<sup>(1)</sup>:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;64.0% |
| &nbsp;&nbsp;**Replacement Reserves:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$2508 | &nbsp;&nbsp;$90283 | &nbsp;&nbsp;**Maturity Date LTV:** | &nbsp;&nbsp;64.0% |
| &nbsp;&nbsp;**TI/LC:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$8550 | &nbsp;&nbsp;$512970 | &nbsp;&nbsp;**UW NOI DY:** | &nbsp;&nbsp;10.9% |
| &nbsp;&nbsp;**Deferred Maintenance:** | &nbsp;&nbsp;$4375 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.61x |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** |
| **Sources** | **Proceeds** | **% of Total** | **Uses** | **Proceeds** | **% of Total** |
| &nbsp;&nbsp;Loan Amount | &nbsp;&nbsp;$19525000 | &nbsp;&nbsp;66.2% | &nbsp;&nbsp;Purchase Price | &nbsp;&nbsp;$28300000 | &nbsp;&nbsp;96.0% |
| &nbsp;&nbsp;Equity Contribution | &nbsp;&nbsp;9947628 | &nbsp;&nbsp;33.8 | &nbsp;&nbsp;Closing Costs | &nbsp;&nbsp;1089103 | &nbsp;&nbsp;3.7 |
|  |  |  | &nbsp;&nbsp;Upfront Reserves | &nbsp;&nbsp;83525 | &nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;**Total Sources** | &nbsp;&nbsp;**$29472628** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses** | &nbsp;&nbsp;**$29472628** | &nbsp;&nbsp;**100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) At the option of the lender, if the liability or casualty insurance policy maintained by the borrower
covering the Pavilion Center property does not constitute an approved blanket or umbrella policy pursuant to the Pavilion Center mortgage
loan documents, the borrower is required to deposit into an insurance reserve, on a monthly basis, 1/12th of the amount which will be
sufficient to pay the insurance premiums due for the renewal of coverage afforded by such policies upon the expiration thereof. At origination
of the Pavilion Center mortgage loan, a blanket policy was in place.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 124 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored<br> 1900-1998 Hacienda Drive<br> Vista, CA 92081 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 12<br> **Pavilion Center** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$19,525,000<br> 64.0%<br> 1.61x<br> 10.9% |

---

The following table presents certain information relating to the major tenants at the Pavilion Center property:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** |
| &nbsp;&nbsp;**Tenant** | &nbsp;&nbsp;**Credit Rating (Fitch/Moody's/S&P)** | &nbsp;&nbsp;**Net Rentable Area (SF)** | &nbsp;&nbsp;**% of NRSF** | &nbsp;&nbsp;**U/W Base Rent** | &nbsp;&nbsp;**U/W Base Rent Per SF** | &nbsp;&nbsp;**% Annual U/W Base Rent** | &nbsp;&nbsp;**Sales PSF / Year<sup>(2)</sup>** | &nbsp;&nbsp;**U/W Occ. Costs** | &nbsp;&nbsp;**Lease Expiration** | &nbsp;&nbsp;**Renewal Option** |
| &nbsp;&nbsp;**Major Tenants** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Altitude - Relaxed Intensity | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;24049 | &nbsp;&nbsp;17.6% | &nbsp;&nbsp;$317222 | &nbsp;&nbsp;$13.19 | &nbsp;&nbsp;13.6% | &nbsp;&nbsp;$110.11 | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;1/31/2032 &nbsp;&nbsp;N | &nbsp;&nbsp;2 x 5yr |
| &nbsp;&nbsp;North Park Produce - Four J's <br> Family Food | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;17848 | &nbsp;&nbsp;13.0% | &nbsp;&nbsp;$252574 | &nbsp;&nbsp;$14.15 | &nbsp;&nbsp;10.8% | &nbsp;&nbsp;$132.55 | &nbsp;&nbsp;16.8% | &nbsp;&nbsp;8/31/2032 &nbsp;&nbsp;N | &nbsp;&nbsp;2 x 5yr |
| &nbsp;&nbsp;Skechers | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;10400 | &nbsp;&nbsp;7.6% | &nbsp;&nbsp;$249600 | &nbsp;&nbsp;$24.00 | &nbsp;&nbsp;10.7% | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;8/31/2034 &nbsp;&nbsp;N | &nbsp;&nbsp;3 x 5yr |
| &nbsp;&nbsp;Biolife Plasma Serv | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;14730 | &nbsp;&nbsp;10.8% | &nbsp;&nbsp;$237536 | &nbsp;&nbsp;$16.13 | &nbsp;&nbsp;10.2% | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;9/30/2031 &nbsp;&nbsp;N | &nbsp;&nbsp;2 x 5yr |
| &nbsp;&nbsp;Dunn-Edwards Corp | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;7011 | &nbsp;&nbsp;5.1% | &nbsp;&nbsp;$192527 | &nbsp;&nbsp;$27.46 | &nbsp;&nbsp;8.3% | &nbsp;&nbsp;$484.65 | &nbsp;&nbsp;7.2% | &nbsp;&nbsp;6/30/2028 &nbsp;&nbsp;N | &nbsp;&nbsp;N |
| &nbsp;&nbsp;California Dreams | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;9166 | &nbsp;&nbsp;6.7% | &nbsp;&nbsp;$160036 | &nbsp;&nbsp;$17.46 | &nbsp;&nbsp;6.9% | &nbsp;&nbsp;$115.11 | &nbsp;&nbsp;21.8% | &nbsp;&nbsp;7/31/2028 &nbsp;&nbsp;N | &nbsp;&nbsp;N |
| &nbsp;&nbsp;North County Fitness | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;7932 | &nbsp;&nbsp;5.8% | &nbsp;&nbsp;$133913 | &nbsp;&nbsp;$16.88 | &nbsp;&nbsp;5.7% | &nbsp;&nbsp;$90.11 | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;6/30/2027 &nbsp;&nbsp;N | &nbsp;&nbsp;N |
| &nbsp;&nbsp;Daiso USA LLC | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;8832 | &nbsp;&nbsp;6.5% | &nbsp;&nbsp;$128064 | &nbsp;&nbsp;$14.50 | &nbsp;&nbsp;5.5% | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;12/31/2034 &nbsp;&nbsp;N | &nbsp;&nbsp;2 x 5yr |
| &nbsp;&nbsp;All Star Physical Therapy | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;4909 | &nbsp;&nbsp;3.6% | &nbsp;&nbsp;$117531 | &nbsp;&nbsp;$23.94 | &nbsp;&nbsp;5.0% | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;11/30/2027 &nbsp;&nbsp;N | &nbsp;&nbsp;N |
| &nbsp;&nbsp;Cosmoprof - Beauty Systems<br> Group | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;3414 | &nbsp;&nbsp;2.5% | &nbsp;&nbsp;$72271 | &nbsp;&nbsp;$21.17 | &nbsp;&nbsp;3.1% | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;1/31/2027 &nbsp;&nbsp;N | &nbsp;&nbsp;N |
| &nbsp;&nbsp;**Total Major Tenants** |  | &nbsp;&nbsp;**108291** | &nbsp;&nbsp;**79.2%** | &nbsp;&nbsp;**$1861275** | &nbsp;&nbsp;**$17.19** | &nbsp;&nbsp;**79.8%** |  |  |  |  |
| &nbsp;&nbsp;Non- Major Tenants |  | &nbsp;&nbsp;22039 | &nbsp;&nbsp;16.1% | &nbsp;&nbsp;$469997 | &nbsp;&nbsp;$21.33 | &nbsp;&nbsp;20.2% |  |  |  |  |
| &nbsp;&nbsp;**Total Occupied** |  | &nbsp;&nbsp;**130330** | &nbsp;&nbsp;**95.3%** | &nbsp;&nbsp;**$2331272** | &nbsp;&nbsp;**$17.89** | &nbsp;&nbsp;**100.0%** |  |  |  |  |
| &nbsp;&nbsp;Vacant |  | &nbsp;&nbsp;6441 | &nbsp;&nbsp;4.7% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Total** |  | &nbsp;&nbsp;**136771** | &nbsp;&nbsp;**100.0%** |  |  |  |  |  |  |  |

---

(1) Based on the underwritten rent roll dated September 30, 2025 inclusive of $65,282 of contractual rent steps through November 1, 2026.

(2) Sales PSF / Year represents the September 2025 T-12 sales information as provided by the borrower.

The following table presents certain information relating to the historical sales of the top tenants that report sales at the Pavilion Center property:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Tenant Sales History<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Sales History<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Sales History<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Sales History<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Sales History<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Sales History<sup>(1)</sup>** |
| **Tenant** | **Net Rentable** <br> **Area (SF)** | **2022** | **2023** | **2024** | **TTM 9/30/2025** |
| &nbsp;&nbsp;Altitude - Relaxed Intensity | &nbsp;&nbsp;24049 | &nbsp;&nbsp;$92.83 | &nbsp;&nbsp;$101.47 | &nbsp;&nbsp;$112.90 | &nbsp;&nbsp;$110.11 |
| &nbsp;&nbsp;North Park Produce - Four J's <br> Family Food | &nbsp;&nbsp;17848 | &nbsp;&nbsp;$212.53 | &nbsp;&nbsp;$210.29 | &nbsp;&nbsp;$210.09 | &nbsp;&nbsp;$132.55 |
| &nbsp;&nbsp;California Dreams | &nbsp;&nbsp;9166 | &nbsp;&nbsp;$178.34 | &nbsp;&nbsp;$201.94 | &nbsp;&nbsp;$189.58 | &nbsp;&nbsp;$115.11 |
| &nbsp;&nbsp;North County Fitness | &nbsp;&nbsp;7932 | &nbsp;&nbsp;$98.82 | &nbsp;&nbsp;$88.33 | &nbsp;&nbsp;$90.64 | &nbsp;&nbsp;$90.11 |
| &nbsp;&nbsp;Dunn-Edwards Corp | &nbsp;&nbsp;7011 | &nbsp;&nbsp;$562.98 | &nbsp;&nbsp;$447.30 | &nbsp;&nbsp;$486.53 | &nbsp;&nbsp;$484.65 |
| &nbsp;&nbsp;Friar Tux Shops, Inc. | &nbsp;&nbsp;2981 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;$61.75 | &nbsp;&nbsp;$255.14 |
| &nbsp;&nbsp;Behring Jiu-Jitsu | &nbsp;&nbsp;2587 | &nbsp;&nbsp;$56.36 | &nbsp;&nbsp;$69.20 | &nbsp;&nbsp;$67.94 | &nbsp;&nbsp;$55.56 |
| &nbsp;&nbsp;Oriental Natural Treatment | &nbsp;&nbsp;2576 | &nbsp;&nbsp;$40.67 | &nbsp;&nbsp;$11.74 | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;$17.92 |
| &nbsp;&nbsp;Bridal Showcase - Maria Soto | &nbsp;&nbsp;1962 | &nbsp;&nbsp;$225.02 | &nbsp;&nbsp;$62.99 | &nbsp;&nbsp;$0.01 | &nbsp;&nbsp;$84.10 |
| &nbsp;&nbsp;CPR Phone Repair | &nbsp;&nbsp;1353 | &nbsp;&nbsp;$289.16 | &nbsp;&nbsp;$436.26 | &nbsp;&nbsp;$409.21 | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;Jampinoy, LLC | &nbsp;&nbsp;1325 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;$126.91 | &nbsp;&nbsp;$363.90 |
| &nbsp;&nbsp;Self Made Barber Shop | &nbsp;&nbsp;1286 | &nbsp;&nbsp;$44.12 | &nbsp;&nbsp;$43.22 | &nbsp;&nbsp;$44.76 | &nbsp;&nbsp;$29.43 |
| &nbsp;&nbsp;Pixie Nails | &nbsp;&nbsp;1206 | &nbsp;&nbsp;$181.68 | &nbsp;&nbsp;$173.08 | &nbsp;&nbsp;$134.56 | &nbsp;&nbsp;$92.17 |
| &nbsp;&nbsp;Sun on the Run | &nbsp;&nbsp;1206 | &nbsp;&nbsp;$241.28 | &nbsp;&nbsp;$242.18 | &nbsp;&nbsp;$225.21 | &nbsp;&nbsp;$257.53 |

---

(1) Historical sales represent Sales PSF / Year.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 125 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored<br> 1900-1998 Hacienda Drive<br> Vista, CA 92081 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 12<br> **Pavilion Center** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$19,525,000<br> 64.0%<br> 1.61x<br> 10.9% |

---

The following table presents certain information relating to the lease rollover schedule at the Pavilion 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;**Year Ending<br> December 31** | &nbsp;&nbsp;**Expiring Owned GLA** | &nbsp;&nbsp;**% of Owned GLA** | &nbsp;&nbsp;**Cumulative % of Owned GLA** | &nbsp;&nbsp;**U/W Base Rent** | &nbsp;&nbsp;**% of Total U/W Base Rent** | &nbsp;&nbsp;**U/W Base Rent $ per SF** | &nbsp;&nbsp;**# of Expiring Leases** |
| &nbsp;&nbsp;2026 & MTM | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2027 | &nbsp;&nbsp;17541 | &nbsp;&nbsp;12.8% | &nbsp;&nbsp;12.8% | &nbsp;&nbsp;$351769 | &nbsp;&nbsp;15.1% | &nbsp;&nbsp;$20.05 | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;2028 | &nbsp;&nbsp;21340 | &nbsp;&nbsp;15.6% | &nbsp;&nbsp;28.4% | &nbsp;&nbsp;$451777 | &nbsp;&nbsp;19.4% | &nbsp;&nbsp;$21.17 | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;2029 | &nbsp;&nbsp;4493 | &nbsp;&nbsp;3.3% | &nbsp;&nbsp;31.7% | &nbsp;&nbsp;$100570 | &nbsp;&nbsp;4.3% | &nbsp;&nbsp;$22.38 | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;2030 | &nbsp;&nbsp;8116 | &nbsp;&nbsp;5.9% | &nbsp;&nbsp;37.6% | &nbsp;&nbsp;$191496 | &nbsp;&nbsp;8.2% | &nbsp;&nbsp;$23.59 | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;2031 | &nbsp;&nbsp;17711 | &nbsp;&nbsp;12.9% | &nbsp;&nbsp;50.6% | &nbsp;&nbsp;$288198 | &nbsp;&nbsp;12.4% | &nbsp;&nbsp;$16.27 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;2032 | &nbsp;&nbsp;41897 | &nbsp;&nbsp;30.6% | &nbsp;&nbsp;81.2% | &nbsp;&nbsp;$569797 | &nbsp;&nbsp;24.4% | &nbsp;&nbsp;$13.60 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;2033 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;81.2% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2034 | &nbsp;&nbsp;19232 | &nbsp;&nbsp;14.1% | &nbsp;&nbsp;95.3% | &nbsp;&nbsp;$377664 | &nbsp;&nbsp;16.2% | &nbsp;&nbsp;$19.64 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;2035 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;95.3% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2036 & Beyond | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;95.3% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Vacant | &nbsp;&nbsp;6441 | &nbsp;&nbsp;4.7% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**Total / Wtd. Avg.** | &nbsp;&nbsp;**136771** | &nbsp;&nbsp;**100.0%** |  | &nbsp;&nbsp;**$2331272** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$17.89** | &nbsp;&nbsp;**22** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Based on the underwritten rent roll dated September 30, 2025 inclusive of $65,282 of contractual rent
steps through November 1, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Certain leases may have termination options that are exercisable prior to the originally
stated expiration date of the lease and that are not considered in this Lease Rollover Schedule.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 126 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored<br> 1900-1998 Hacienda Drive<br> Vista, CA 92081 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 12<br> **Pavilion Center** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$19,525,000<br> 64.0%<br> 1.61x<br> 10.9% |

---

The following table presents certain information relating to the historical operating performance and underwritten net cash flow at the Pavilion Center 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;**2022** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**TTM 9/30/2025** | &nbsp;&nbsp;**U/W** | &nbsp;&nbsp;**U/W Per SF** |
| &nbsp;&nbsp;Base Rent | &nbsp;&nbsp;$2066673 | &nbsp;&nbsp;$2157145 | &nbsp;&nbsp;$2086638 | &nbsp;&nbsp;$2302939 | &nbsp;&nbsp;$2265990 | &nbsp;&nbsp;$16.57 |
| &nbsp;&nbsp;Contractual Rent Steps | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;11244 | &nbsp;&nbsp;$0.08 |
| &nbsp;&nbsp;Potential Income from Vacant Space | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;173520 | &nbsp;&nbsp;$1.27 |
| &nbsp;&nbsp;**Gross Potential Rent** | &nbsp;&nbsp;**$2066673** | &nbsp;&nbsp;**$2157145** | &nbsp;&nbsp;**$2086638** | &nbsp;&nbsp;**$2302939** | &nbsp;&nbsp;**$2450754** | &nbsp;&nbsp;**$17.92** |
| &nbsp;&nbsp;Reimbursements | &nbsp;&nbsp;724460 | &nbsp;&nbsp;846326 | &nbsp;&nbsp;819773 | &nbsp;&nbsp;927884 | &nbsp;&nbsp;1004883 | &nbsp;&nbsp;$7.35 |
| &nbsp;&nbsp;**Total Gross Income** | &nbsp;&nbsp;**$2791133** | &nbsp;&nbsp;**$3003471** | &nbsp;&nbsp;**$2906411** | &nbsp;&nbsp;**$3230823** | &nbsp;&nbsp;**$3455637** | &nbsp;&nbsp;**$25.27** |
| &nbsp;&nbsp;Other Income<sup>(2)</sup> | &nbsp;&nbsp;3539 | &nbsp;&nbsp;26301 | &nbsp;&nbsp;7700 | &nbsp;&nbsp;4200 | &nbsp;&nbsp;4200 | &nbsp;&nbsp;$0.03 |
| &nbsp;&nbsp;Percentage Rent | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;(Vacancy / Credit Loss) | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;(345564) | &nbsp;&nbsp;($2.53) |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$2794671** | &nbsp;&nbsp;**$3029772** | &nbsp;&nbsp;**$2914111** | &nbsp;&nbsp;**$3235023** | &nbsp;&nbsp;**$3114273** | &nbsp;&nbsp;**$22.77** |
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp;83840 | &nbsp;&nbsp;90893 | &nbsp;&nbsp;87423 | &nbsp;&nbsp;97051 | &nbsp;&nbsp;124571 | &nbsp;&nbsp;$0.91 |
| &nbsp;&nbsp;Real Estate Taxes | &nbsp;&nbsp;276390 | &nbsp;&nbsp;285897 | &nbsp;&nbsp;292339 | &nbsp;&nbsp;296824 | &nbsp;&nbsp;367137 | &nbsp;&nbsp;$2.68 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;57963 | &nbsp;&nbsp;69282 | &nbsp;&nbsp;61750 | &nbsp;&nbsp;69812 | &nbsp;&nbsp;82113 | &nbsp;&nbsp;$0.60 |
| &nbsp;&nbsp;CAM Expenses | &nbsp;&nbsp;203104 | &nbsp;&nbsp;204767 | &nbsp;&nbsp;202460 | &nbsp;&nbsp;273239 | &nbsp;&nbsp;273239 | &nbsp;&nbsp;$2.00 |
| &nbsp;&nbsp;Other Expenses<sup>(3)</sup> | &nbsp;&nbsp;108962 | &nbsp;&nbsp;127071 | &nbsp;&nbsp;129359 | &nbsp;&nbsp;126016 | &nbsp;&nbsp;133642 | &nbsp;&nbsp;$0.98 |
| &nbsp;&nbsp;**Total Expenses** | &nbsp;&nbsp;**$730259** | &nbsp;&nbsp;**$777910** | &nbsp;&nbsp;**$773331** | &nbsp;&nbsp;**$862942** | &nbsp;&nbsp;**$980702** | &nbsp;&nbsp;**$7.17** |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$2064412** | &nbsp;&nbsp;**$2251862** | &nbsp;&nbsp;**$2140780** | &nbsp;&nbsp;**$2372081** | &nbsp;&nbsp;**$2133571** | &nbsp;&nbsp;**$15.60** |
| &nbsp;&nbsp;Replacement Reserves | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;30090 | &nbsp;&nbsp;$0.22 |
| &nbsp;&nbsp;Normalized TI/LC | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;132914 | &nbsp;&nbsp;$0.97 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$2064412** | &nbsp;&nbsp;**$2251862** | &nbsp;&nbsp;**$2140780** | &nbsp;&nbsp;**$2372081** | &nbsp;&nbsp;**$1970568** | &nbsp;&nbsp;**$14.41** |
| &nbsp;&nbsp;**Occupancy (%)** | &nbsp;&nbsp;**88.5%** | &nbsp;&nbsp;**92.3%** | &nbsp;&nbsp;**92.3%** | &nbsp;&nbsp;**95.3%<sup>(4)</sup>** | &nbsp;&nbsp;**90.0%<sup>(5)</sup>** |  |
| &nbsp;&nbsp;**NCF DSCR** | &nbsp;&nbsp;**1.68x** | &nbsp;&nbsp;**1.84x** | &nbsp;&nbsp;**1.75x** | &nbsp;&nbsp;**1.94x** | &nbsp;&nbsp;**1.61x** |  |
| &nbsp;&nbsp;**NOI Debt Yield** | &nbsp;&nbsp;**10.6%** | &nbsp;&nbsp;**11.5%** | &nbsp;&nbsp;**11.0%** | &nbsp;&nbsp;**12.1%** | &nbsp;&nbsp;**10.9%** |  |

---

(1) Based on the underwritten rent roll dated September 30, 2025 and inclusive of $65,282 of contractual rent steps through November 1,
2026. (2) Other Income includes storage and signage revenue.

(3) Other Expenses includes trash removal, utilities and non-recoverable expenses such as direct vacant utilities and bank fees.

(4) Represents most recent occupancy as of September 30, 2025.

(5) Represents Economic Occupancy.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 127 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored<br> 1900-1998 Hacienda Drive<br> Vista, CA 92081 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 12<br> **Pavilion Center** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$19,525,000<br> 64.0%<br> 1.61x<br> 10.9% |

---

The following table presents information relating to comparable retail leases for the Pavilion Center property:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Comparable Retail Rental Summary<sup>(1)</sup>** | **Comparable Retail Rental Summary<sup>(1)</sup>** | **Comparable Retail Rental Summary<sup>(1)</sup>** | **Comparable Retail Rental Summary<sup>(1)</sup>** | **Comparable Retail Rental Summary<sup>(1)</sup>** | **Comparable Retail Rental Summary<sup>(1)</sup>** | **Comparable Retail Rental Summary<sup>(1)</sup>** | **Comparable Retail Rental Summary<sup>(1)</sup>** |
| **Property Name / Address** | **Distance from Subject** | **Year Built / Renovated** | **Tenant** | **Suite Size (SF)** | **Lease Commencement** | **Lease Term (Months)** | **Base Rent (PSF)** |
| &nbsp;&nbsp; **Pavilion Center<sup>(2)</sup>**<br> **Vista, CA** | &nbsp;&nbsp;- | &nbsp;&nbsp;**1989/ 2024** | &nbsp;&nbsp;**Skechers** | &nbsp;&nbsp;**10400** | &nbsp;&nbsp;**Aug-24** | &nbsp;&nbsp;**120** | &nbsp;&nbsp;**$24.00** |
| &nbsp;&nbsp; Vista Place Shopping Center<br> Vista, CA | &nbsp;&nbsp; 0.2 mi<br>| &nbsp;&nbsp;1984 / NAP | &nbsp;&nbsp; Aly Skin Services Spa<br>| &nbsp;&nbsp;675 | &nbsp;&nbsp;May-24 | &nbsp;&nbsp;36 | &nbsp;&nbsp;$21.00 |
| &nbsp;&nbsp; Rancho Buena Vista Plaza<br> Vista, CA | &nbsp;&nbsp; 3.0 mi<br>| &nbsp;&nbsp;1981 / NAP | &nbsp;&nbsp; Youqun Lu<br>| &nbsp;&nbsp;1000 | &nbsp;&nbsp;Oct-25 | &nbsp;&nbsp;60 | &nbsp;&nbsp;$23.40 |
| &nbsp;&nbsp; Melrose Square<br> Vista, CA | &nbsp;&nbsp;3.2 mi | &nbsp;&nbsp;1989 / NAP | &nbsp;&nbsp;Melrose Cleaners | &nbsp;&nbsp;1325 | &nbsp;&nbsp;May-25 | &nbsp;&nbsp;60 | &nbsp;&nbsp;$22.80 |
| &nbsp;&nbsp; La Mirada Center<br> San Marcos, CA | &nbsp;&nbsp;7.1 mi | &nbsp;&nbsp;1986 / NAP | &nbsp;&nbsp;Black Rose Tattoo | &nbsp;&nbsp;800 | &nbsp;&nbsp;Oct-24 | &nbsp;&nbsp;12 | &nbsp;&nbsp;$20.40 |
| &nbsp;&nbsp; Foothill Center<br> Vista, CA | &nbsp;&nbsp;7.9 mi | &nbsp;&nbsp;1986 / NAP | &nbsp;&nbsp;Reported Lease Terms | &nbsp;&nbsp;3971 | &nbsp;&nbsp;Oct-24 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;$21.00 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(2) Based on the underwritten rent roll dated September 30, 2025. Base Rent (PSF)
excludes rent steps.

The following table presents information relating to comparable sales for the Pavilion Center property:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Summary of Comparable Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Summary of Comparable Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Summary of Comparable Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Summary of Comparable Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Summary of Comparable Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Summary of Comparable Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Summary of Comparable Sales<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property Name / Address** | &nbsp;&nbsp;**Distance from Subject** | &nbsp;&nbsp;**Year Built / Renovated** | &nbsp;&nbsp;**Sale Date** | &nbsp;&nbsp;**Sale Price** | &nbsp;&nbsp;**SF** | &nbsp;&nbsp;**Price per SF** |
| &nbsp;&nbsp; **Pavilion Center<sup>(2)</sup>**<br> **1900-1998 Hacienda Drive**<br> **Vista, CA** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**1989/ 2024** | &nbsp;&nbsp;**Sep-25** | &nbsp;&nbsp;**$30500000** | &nbsp;&nbsp;**136771** | &nbsp;&nbsp;**$223.00** |
| &nbsp;&nbsp;**Melrose Village Pizza**<br> 1601-1649 South Melrose Drive<br> Vista, CA | &nbsp;&nbsp;2.9 mi | &nbsp;&nbsp;1965 / NAP | &nbsp;&nbsp;Sep-23 | &nbsp;&nbsp;$28525000 | &nbsp;&nbsp;136475 | &nbsp;&nbsp;$209.01 |
| &nbsp;&nbsp; **Marketplace del Rio**<br> 3762-3774 Mission Avenue<br> Oceanside, CA | &nbsp;&nbsp;6.5 mi | &nbsp;&nbsp;1990 / 2004 | &nbsp;&nbsp;Jul-24 | &nbsp;&nbsp;$56600000 | &nbsp;&nbsp;183292 | &nbsp;&nbsp;$308.80 |
| &nbsp;&nbsp;**Citrus Shopping Center**<br> 2315-2341 East Valley Parkway<br> Escondido, CA | &nbsp;&nbsp;16.7 mi | &nbsp;&nbsp;1981 / NAP | &nbsp;&nbsp;May-24 | &nbsp;&nbsp;$6200000 | &nbsp;&nbsp;27075 | &nbsp;&nbsp;$228.99 |
| &nbsp;&nbsp; **Butterfield Station Shopping Center**<br> 32909-32937 Temecula Parkway<br> Temecula, CA | &nbsp;&nbsp;42.6 mi | &nbsp;&nbsp;2007 / NAP | &nbsp;&nbsp;Sep-25 | &nbsp;&nbsp;$9800000 | &nbsp;&nbsp;30041 | &nbsp;&nbsp;$326.22 |
| &nbsp;&nbsp; **Aliso Vejo Town Center**<br> 26711 Aliso Creek Road<br> Aliso Viejo, CA | &nbsp;&nbsp;43.3 mi | &nbsp;&nbsp;2004 / NAP | &nbsp;&nbsp;Sep-24 | &nbsp;&nbsp;$9400000 | &nbsp;&nbsp;24986 | &nbsp;&nbsp;$376.21 |
| &nbsp;&nbsp; **Anaheim Hills Shopping Village**<br> 6300-6396 Santa Ana Canyon Road<br> Anaheim, CA | &nbsp;&nbsp;67.2 mi | &nbsp;&nbsp;1974 / NAP | &nbsp;&nbsp;Mar-24 | &nbsp;&nbsp;$16700000 | &nbsp;&nbsp;67528 | &nbsp;&nbsp;$247.30 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Based on the underwritten rent roll dated September 30, 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. |
| 128 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Garden<br> 7795 North Pointe Street<br> Milwaukee, WI 53224 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 13<br> **Mariners Pointe Apartments** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$18,416,989<br> 60.2%<br> 1.21x<br> 9.2% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Loan Seller:** | &nbsp;&nbsp;GSMC | &nbsp;&nbsp;**Single Asset / Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;**Property Type – Subtype:** | &nbsp;&nbsp;Multifamily - Garden |
| &nbsp;&nbsp;**Borrower Sponsor(s):** | &nbsp;&nbsp;Youssef Berrada | &nbsp;&nbsp;**Collateral:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Borrower(s):** | &nbsp;&nbsp;Mariner's Pointe Apartments, LLC | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;Milwaukee, WI |
| &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;$18500000 | &nbsp;&nbsp;**Year Built / Renovated:** | &nbsp;&nbsp;1992 / 2020 |
| &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$18416989 | &nbsp;&nbsp;**Property Management:** | &nbsp;&nbsp;Berrada Properties Management, Inc. |
| &nbsp;&nbsp;**% by Initial UPB:** | &nbsp;&nbsp;2.5% | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;116 Units |
| &nbsp;&nbsp;**Interest Rate:** | &nbsp;&nbsp;6.38500% | &nbsp;&nbsp;**Appraised Value / Per Unit:** | &nbsp;&nbsp;$30,600,000 / $263,793 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;September 26, 2025 | &nbsp;&nbsp;**Appraisal Date:** | &nbsp;&nbsp;August 29, 2025 |
| &nbsp;&nbsp;**Original Term:** | &nbsp;&nbsp;120 months | &nbsp;&nbsp;**Occupancy:** | &nbsp;&nbsp;100.0% (as of September 25, 2025) |
| &nbsp;&nbsp;**Amortization:** | &nbsp;&nbsp;Amortizing Balloon | &nbsp;&nbsp;**UW Economic Occupancy:** | &nbsp;&nbsp;95.0% |
| &nbsp;&nbsp;**Original Amortization:** | &nbsp;&nbsp;360 months | &nbsp;&nbsp;**Underwritten NOI:** | &nbsp;&nbsp;$1700772 |
| &nbsp;&nbsp;**Interest Only Period:** |  | &nbsp;&nbsp;**Underwritten NCF:** | &nbsp;&nbsp;$1677572 |
| &nbsp;&nbsp;**First Payment Date:** | &nbsp;&nbsp;November 6, 2025 |  |  |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;October 6, 2035 | &nbsp;&nbsp;**Historical NOI** | &nbsp;&nbsp;**Historical NOI** |
| &nbsp;&nbsp;**Additional Debt Type*:*** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Most Recent NOI:** | &nbsp;&nbsp;$1,780,067 (TTM August 31, 2025) |
| &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**2024 NOI:** | &nbsp;&nbsp;$1482569 |
| &nbsp;&nbsp;**Call Protection:** | &nbsp;&nbsp;L(23),YM1(90),O(7) | &nbsp;&nbsp;**2023 NOI:** | &nbsp;&nbsp;$1506896 |
| &nbsp;&nbsp;**Lockbox / Cash Management:** | &nbsp;&nbsp;Springing / Springing | &nbsp;&nbsp;**2022 NOI:** | &nbsp;&nbsp;NAV |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Financial Information** | &nbsp;&nbsp;**Financial Information** |
|  | &nbsp;&nbsp;**Initial** | &nbsp;&nbsp;**Monthly** | &nbsp;&nbsp;**Cap** | &nbsp;&nbsp;**Cut-off Date Loan / Unit:** | &nbsp;&nbsp;$158767 |
| &nbsp;&nbsp;**Taxes:** | &nbsp;&nbsp;$213338 | &nbsp;&nbsp;$18311 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date Loan / Unit:** | &nbsp;&nbsp;$136750 |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;60.2% |
| &nbsp;&nbsp;**Replacement Reserves:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$2417 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date LTV:** | &nbsp;&nbsp;51.8% |
| &nbsp;&nbsp;**Other Reserves<sup>(1)</sup>:** | &nbsp;&nbsp;$25000 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**UW NOI DY:** | &nbsp;&nbsp;9.2% |
|  |  |  |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.21x |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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 | &nbsp;&nbsp;$18500000 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;Loan Payoff | &nbsp;&nbsp;$14279017 | &nbsp;&nbsp;77.2% |
|  |  |  | &nbsp;&nbsp;Principal Equity Distribution | &nbsp;&nbsp;3746961 | &nbsp;&nbsp;20.3 |
|  |  |  | &nbsp;&nbsp;Upfront Reserves | &nbsp;&nbsp;238338 | &nbsp;&nbsp;1.3 |
|  |  |  | &nbsp;&nbsp;Closing Costs | &nbsp;&nbsp;235684 | &nbsp;&nbsp;1.3 |
| &nbsp;&nbsp;**Total Sources** | &nbsp;&nbsp;**$18500000** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses** | &nbsp;&nbsp;**$18500000** | &nbsp;&nbsp;**100.0%** |

---

(1) Other Reserves consist of an upfront deposit into the Static Insurance Reserve in the amount of $25,000.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 129 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Garden<br> 7795 North Pointe Street<br> Milwaukee, WI 53224 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 13<br> **Mariners Pointe Apartments** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$18,416,989<br> 60.2%<br> 1.21x<br> 9.2% |

---

The following table presents certain information relating to the unit mix at the Mariners Pointe Apartments property:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** |
| &nbsp;&nbsp;**Unit Type** | &nbsp;&nbsp;**# of Units** | &nbsp;&nbsp;**% of Total Units** | &nbsp;&nbsp;**Average Unit Size (SF)** | &nbsp;&nbsp;**Average Rent/Unit** |
| &nbsp;&nbsp;2BR / 1.5BA | &nbsp;&nbsp;17 | &nbsp;&nbsp;14.7% | &nbsp;&nbsp;975 | &nbsp;&nbsp;$1670 |
| &nbsp;&nbsp;3BR / 1.5BA | &nbsp;&nbsp;99 | &nbsp;&nbsp;85.3% | &nbsp;&nbsp;1200 | &nbsp;&nbsp;$1770 |
| &nbsp;&nbsp;**Total/Wtd. Avg.** | &nbsp;&nbsp;**116** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**1167** | &nbsp;&nbsp;**$1755** |

---

(1) Based on the underwritten rent roll dated September 25, 2025.

The following table presents certain information relating to the historical operating performance and underwritten net cash flow at the Mariners Pointe Apartments 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;**2023** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**TTM August 31, 2025** | &nbsp;&nbsp;**Underwritten** | &nbsp;&nbsp;**Per Unit** |
| &nbsp;&nbsp;Potential Rent | &nbsp;&nbsp;$2067288 | &nbsp;&nbsp;$2059719 | &nbsp;&nbsp;$2216597 | &nbsp;&nbsp;$2443440 | &nbsp;&nbsp;$21064 |
| &nbsp;&nbsp;Vacancy Loss | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;(122172) | &nbsp;&nbsp;(1053) |
| &nbsp;&nbsp;**Net Rental income** | &nbsp;&nbsp;**$2067288** | &nbsp;&nbsp;**$2059719** | &nbsp;&nbsp;**$2216597** | &nbsp;&nbsp;**$2321268** | &nbsp;&nbsp;**$20011** |
| &nbsp;&nbsp;Other Revenue | &nbsp;&nbsp;23137 | &nbsp;&nbsp;25088 | &nbsp;&nbsp;22108 | &nbsp;&nbsp;22108 | &nbsp;&nbsp;191 |
| &nbsp;&nbsp;**Effective Gross Revenue** | &nbsp;&nbsp;**$2090425** | &nbsp;&nbsp;**$2084807** | &nbsp;&nbsp;**$2238705** | &nbsp;&nbsp;**$2343376** | &nbsp;&nbsp;**$20202** |
| &nbsp;&nbsp;Real Estate Taxes | &nbsp;&nbsp;217746 | &nbsp;&nbsp;227426 | &nbsp;&nbsp;183869 | &nbsp;&nbsp;213338 | &nbsp;&nbsp;1839 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;34176 | &nbsp;&nbsp;48652 | &nbsp;&nbsp;49915 | &nbsp;&nbsp;76104 | &nbsp;&nbsp;656 |
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;70301 | &nbsp;&nbsp;606 |
| &nbsp;&nbsp;Other Expenses | &nbsp;&nbsp;331608 | &nbsp;&nbsp;326160 | &nbsp;&nbsp;224854 | &nbsp;&nbsp;282861 | &nbsp;&nbsp;2438 |
| &nbsp;&nbsp;**Total Expenses** | &nbsp;&nbsp;**$583529** | &nbsp;&nbsp;**$602239** | &nbsp;&nbsp;**$458638** | &nbsp;&nbsp;**$642605** | &nbsp;&nbsp;**$5540** |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$1506896** | &nbsp;&nbsp;**$1482569** | &nbsp;&nbsp;**$1780067** | &nbsp;&nbsp;**$1700772** | &nbsp;&nbsp;**$14662** |
| &nbsp;&nbsp;Replacement Reserves | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;23200 | &nbsp;&nbsp;200 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$1506896** | &nbsp;&nbsp;**$1482569** | &nbsp;&nbsp;**$1780067** | &nbsp;&nbsp;**$1677572** | &nbsp;&nbsp;**$14462** |
| &nbsp;&nbsp;**Occupancy** | &nbsp;&nbsp;**99.0%** | &nbsp;&nbsp;**99.0%** | &nbsp;&nbsp;**100.0%<sup>(2)</sup>** | &nbsp;&nbsp;**95.0%<sup>(3)</sup>** |  |
| &nbsp;&nbsp;**NOI Debt Yield** | &nbsp;&nbsp;**8.2%** | &nbsp;&nbsp;**8.1%** | &nbsp;&nbsp;**9.7%** | &nbsp;&nbsp;**9.2%** |  |
| &nbsp;&nbsp;**NCF DSCR** | &nbsp;&nbsp;**1.09x** | &nbsp;&nbsp;**1.07x** | &nbsp;&nbsp;**1.28x** | &nbsp;&nbsp;**1.21x** |  |

---

(1) Based on the underwritten rent roll dated September 25, 2025.

(2) Represents physical occupancy as of September 25, 2025.

(3) Represents economic occupancy.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 130 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Garden<br> 7795 North Pointe Street<br> Milwaukee, WI 53224 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 13<br> **Mariners Pointe Apartments** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$18,416,989<br> 60.2%<br> 1.21x<br> 9.2% |

---

The following table presents certain information relating to comparable multifamily properties to the Mariners Pointe Apartments property:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Multifamily Rent Comparables<sup>(1)</sup>** | **Multifamily Rent Comparables<sup>(1)</sup>** | **Multifamily Rent Comparables<sup>(1)</sup>** | **Multifamily Rent Comparables<sup>(1)</sup>** | **Multifamily Rent Comparables<sup>(1)</sup>** |
| **Property** | **Unit Mix** | **Average SF per Unit** | **Average Rent PSF** | **Average Rent per Unit** |
| &nbsp;&nbsp; **Mariners Pointe Apartments<sup>(2)</sup>**<br> **Milwaukee, WI** | &nbsp;&nbsp; **2 Bed / 1.5 Bath**<br> **3 Bed / 1.5 Bath** | &nbsp;&nbsp; **975**<br> **1200** | &nbsp;&nbsp; **$1.71**<br> **$1.48** | &nbsp;&nbsp; **$1670**<br> **$1770** |
| &nbsp;&nbsp;Madison Woods | &nbsp;&nbsp; 1 Bed / 1 Bath<br> 2 Bed / 1 Bath<br> 3 Bed / 2 Bath | &nbsp;&nbsp; 770<br> 990<br> 1343 | &nbsp;&nbsp; $1.21<br> $1.15<br> $0.98 | &nbsp;&nbsp; $933<br> $1135<br> $1315 |
| &nbsp;&nbsp;Brown Deer Road Apartments | &nbsp;&nbsp; 2 Bed / 1 Bath<br> 3 Bed / 1 Bath | &nbsp;&nbsp; 800<br> 900 | &nbsp;&nbsp; $1.84<br> $1.75 | &nbsp;&nbsp; $1475<br> $1575 |
| &nbsp;&nbsp;Tennessen Flats | &nbsp;&nbsp; 0 Bed / 1 Bath<br> 1 Bed / 1 Bath<br> 2 Bed / 2 Bath<br> 3 Bed / 2 Bath | &nbsp;&nbsp; 611<br> 808<br> 1236<br> 1979 | &nbsp;&nbsp; $2.36<br> $1.97<br> $1.77<br> $1.52 | &nbsp;&nbsp; $1440<br> $1595<br> $2190<br> $3009 |
| &nbsp;&nbsp;8750 West Mill Road | &nbsp;&nbsp; 1 Bed / 1 Bath<br> 2 Bed / 1.5 Bath<br> 3 Bed / 2 Bath | &nbsp;&nbsp; 700<br> 850<br> 1100 | &nbsp;&nbsp; $1.17<br> $1.13<br> $1.06 | &nbsp;&nbsp; $818<br> $964<br> $1163 |
| &nbsp;&nbsp;Villas at Granville | &nbsp;&nbsp; 1 Bed / 1 Bath<br> 2 Bed / 2 Bath<br> 3 Bed / 3 Bath | &nbsp;&nbsp; 924<br> 1398<br> 1606 | &nbsp;&nbsp; $1.44<br> $1.38<br> $1.42 | &nbsp;&nbsp; $1327<br> $1936<br> $2280 |
| &nbsp;&nbsp;Harbor Pointe Apartments | &nbsp;&nbsp; 0 Bed / 1 Bath<br> 1 Bed / 1 Bath<br> 2 Bed / 1.5 Bath<br> 3 Bed / 2 Bath | &nbsp;&nbsp; 502<br> 710<br> 1035<br> 1389 | &nbsp;&nbsp; $1.59<br> $1.45<br> $1.36<br> $1.21 | &nbsp;&nbsp; $800<br> $1030<br> $1405<br> $1675 |

---

(1) Source: Appraisal.

(2) Based on the underwritten rent roll dated September 25, 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. |
| 131 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; <br> Self Storage – Self Storage<br> 271 Sun Way<br> Salinas, CA 93901<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 14<br> **Security Public Storage - Salinas** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$18,300,000<br> 58.7%<br> 1.44x<br> 10.2% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Loan Seller:** | &nbsp;&nbsp;GACC | &nbsp;&nbsp;**Single Asset / Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;**Property Type – Subtype:** | &nbsp;&nbsp;Self Storage - Self Storage |
| &nbsp;&nbsp;**Borrower Sponsor(s):** | &nbsp;&nbsp;Michael B. Eisler | &nbsp;&nbsp;**Collateral:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Borrower(s):** | &nbsp;&nbsp;Security Public Storage - Salinas, A California Limited Partnership | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;Salinas, CA |
| &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;$18300000 | &nbsp;&nbsp;**Year Built / Renovated:** | &nbsp;&nbsp;1977 / NAP |
| &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$18300000 | &nbsp;&nbsp;**Property Management:** | &nbsp;&nbsp;Baco Realty Corporation |
| &nbsp;&nbsp;**% by Initial UPB:** | &nbsp;&nbsp;2.5% | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;124,057 SF |
| &nbsp;&nbsp;**Interest Rate:** | &nbsp;&nbsp;5.78200% | &nbsp;&nbsp;**Appraised Value / Per SF:** | &nbsp;&nbsp;$31,150,000 / $251 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;December 1, 2025 | &nbsp;&nbsp;**Appraisal Date:** | &nbsp;&nbsp;October 22, 2025 |
| &nbsp;&nbsp;**Original Term:** | &nbsp;&nbsp;120 months | &nbsp;&nbsp;**Occupancy<sup>(3)</sup>:** | &nbsp;&nbsp;87.6% (as of November 19, 2025) |
| &nbsp;&nbsp;**Amortization:** | &nbsp;&nbsp;Interest Only, Amortizing Balloon | &nbsp;&nbsp;**UW Economic Occupancy:** | &nbsp;&nbsp;76.5% |
| &nbsp;&nbsp;**Original Amortization:** | &nbsp;&nbsp;360 months | &nbsp;&nbsp;**Underwritten NOI:** | &nbsp;&nbsp;$1866219 |
| &nbsp;&nbsp;**Interest Only Period:** | &nbsp;&nbsp;24 months | &nbsp;&nbsp;**Underwritten NCF:** | &nbsp;&nbsp;$1853813 |
| &nbsp;&nbsp;**First Payment Date:** | &nbsp;&nbsp;January 6, 2026 |  |  |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;December 6, 2035 | &nbsp;&nbsp;**Historical NOI** | &nbsp;&nbsp;**Historical NOI** |
| &nbsp;&nbsp;**Additional Debt Type:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Most Recent NOI:** | &nbsp;&nbsp;$1,886,677 (TTM September 30, 2025) |
| &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**2024 NOI:** | &nbsp;&nbsp;$1962335 |
| &nbsp;&nbsp;**Call Protection:** | &nbsp;&nbsp;L(12),YM1(15),DorYM1(86),O(7) | &nbsp;&nbsp;**2023 NOI:** | &nbsp;&nbsp;$2025507 |
| &nbsp;&nbsp;**Lockbox / Cash Management:** | &nbsp;&nbsp;None / None | &nbsp;&nbsp;**2022 NOI:** | &nbsp;&nbsp;$2045793 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Financial Information** | &nbsp;&nbsp;**Financial Information** |
|  | &nbsp;&nbsp;**Initial** | &nbsp;&nbsp;**Monthly** | &nbsp;&nbsp;**Cap** | &nbsp;&nbsp;**Cut-off Date Loan / SF:** | &nbsp;&nbsp;$148 |
| &nbsp;&nbsp;**Taxes:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing<sup>(1)</sup> | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date Loan / SF:** | &nbsp;&nbsp;$130 |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing<sup>(1)</sup> | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;58.7% |
| &nbsp;&nbsp;**Replacement Reserves:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing<sup>(2)</sup> | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date LTV:** | &nbsp;&nbsp;51.8% |
|  |  |  |  | &nbsp;&nbsp;**UW NOI DY:** | &nbsp;&nbsp;10.2% |
|  |  |  |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.44x |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** |
| **Sources** | **Proceeds** | **% of Total** | **Uses** | **Proceeds** | **% of Total** |
| &nbsp;&nbsp;Mortgage Loan | &nbsp;&nbsp;$18300000 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;Borrower Sponsor Equity | &nbsp;&nbsp;$10143161 | &nbsp;&nbsp;55.4% |
|  |  |  | &nbsp;&nbsp;Loan Payoff | &nbsp;&nbsp;8067343 | &nbsp;&nbsp;44.1 |
|  |  |  | &nbsp;&nbsp;Closing Costs | &nbsp;&nbsp;89496 | &nbsp;&nbsp;0.5 |
| &nbsp;&nbsp;**Total Sources** | &nbsp;&nbsp;**$18300000** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses** | &nbsp;&nbsp;**$18300000** | &nbsp;&nbsp;**100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Monthly deposits in the tax and insurance reserves are waived under the conditions that (i) Security Public
Storage - Salinas, A California Limited Partnership ("  **<u>Original Borrower</u>**") is the sole fee simple owner of the
Security Public Storage – Salinas property and (ii) the Original Borrower has paid all required monthly real estate taxes and insurances
within 30 days prior to the due date. Monthly deposits in the insurance reserve account will also be suspended in the event that an acceptable
blanket policy is in effect.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Monthly deposits in the replacement reserves are waived under the conditions that (i) the Original Borrower
is the sole fee simple owner of the Security Public Storage – Salinas property and (ii) the Security Public Storage – Salinas
property is, in the lender's judgment, being properly maintained by the Original Borrower as required by the Security Public Storage –
Salinas mortgage loan documents.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Occupancy is calculated on a square foot basis. When calculating occupancy on a per unit basis, the Security
Public Storage – Salinas property has 194 vacant units as of November 19, 2025, resulting in an 84.0% occupancy.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 132 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; <br> Self Storage – Self Storage<br> 271 Sun Way<br> Salinas, CA 93901<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 14<br> **Security Public Storage - Salinas** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$18,300,000<br> 58.7%<br> 1.44x<br> 10.2% |

---

The following table presents certain information relating to the unit mix at the Security Public Storage – Salinas property:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Public Storage – Salinas Unit Mix<sup>(1)</sup>** | **Security Public Storage – Salinas Unit Mix<sup>(1)</sup>** | **Security Public Storage – Salinas Unit Mix<sup>(1)</sup>** | **Security Public Storage – Salinas Unit Mix<sup>(1)</sup>** | **Security Public Storage – Salinas Unit Mix<sup>(1)</sup>** | **Security Public Storage – Salinas Unit Mix<sup>(1)</sup>** | **Security Public Storage – Salinas Unit Mix<sup>(1)</sup>** | **Security Public Storage – Salinas Unit Mix<sup>(1)</sup>** | **Security Public Storage – Salinas Unit Mix<sup>(1)</sup>** |
| &nbsp;&nbsp;**Range of Square Feet** | &nbsp;&nbsp;**Available Units** | &nbsp;&nbsp;**% of Available Units** | &nbsp;&nbsp;**Available SF<sup>(2)</sup>** | &nbsp;&nbsp;**% of Available SF** | &nbsp;&nbsp;**Current Occupancy<sup>(2)</sup>** | &nbsp;&nbsp;**Monthly In-Place Rent PSF** | &nbsp;&nbsp;**Monthly In-Place Rent Per Unit** | &nbsp;&nbsp;**Annual In-Place Rent** |
| &nbsp;&nbsp;1 – 25 SF | &nbsp;&nbsp;152 | &nbsp;&nbsp;12.5% | &nbsp;&nbsp;3549 | &nbsp;&nbsp;2.9% | &nbsp;&nbsp;82.2% | &nbsp;&nbsp;$4.74 | &nbsp;&nbsp;$110.50 | &nbsp;&nbsp;$165756 |
| &nbsp;&nbsp;26 – 50 SF | &nbsp;&nbsp;434 | &nbsp;&nbsp;35.7% | &nbsp;&nbsp;18934 | &nbsp;&nbsp;15.3% | &nbsp;&nbsp;80.4% | &nbsp;&nbsp;$3.43 | &nbsp;&nbsp;$149.18 | &nbsp;&nbsp;$624756 |
| &nbsp;&nbsp;51 – 75 SF | &nbsp;&nbsp;167 | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;11503 | &nbsp;&nbsp;9.3% | &nbsp;&nbsp;86.2% | &nbsp;&nbsp;$2.83 | &nbsp;&nbsp;$194.75 | &nbsp;&nbsp;$336528 |
| &nbsp;&nbsp;76 – 100 SF | &nbsp;&nbsp;169 | &nbsp;&nbsp;13.9% | &nbsp;&nbsp;16681 | &nbsp;&nbsp;13.4% | &nbsp;&nbsp;83.4% | &nbsp;&nbsp;$2.74 | &nbsp;&nbsp;$269.87 | &nbsp;&nbsp;$456624 |
| &nbsp;&nbsp;101 – 150 SF | &nbsp;&nbsp;20 | &nbsp;&nbsp;1.6% | &nbsp;&nbsp;2600 | &nbsp;&nbsp;2.1% | &nbsp;&nbsp;80.0% | &nbsp;&nbsp;$2.62 | &nbsp;&nbsp;$340.88 | &nbsp;&nbsp;$65448 |
| &nbsp;&nbsp;151 – 200 SF | &nbsp;&nbsp;140 | &nbsp;&nbsp;11.5% | &nbsp;&nbsp;24720 | &nbsp;&nbsp;19.9% | &nbsp;&nbsp;89.3% | &nbsp;&nbsp;$1.90 | &nbsp;&nbsp;$335.96 | &nbsp;&nbsp;$503940 |
| &nbsp;&nbsp;201 – 250 SF | &nbsp;&nbsp;50 | &nbsp;&nbsp;4.1% | &nbsp;&nbsp;11800 | &nbsp;&nbsp;9.5% | &nbsp;&nbsp;78.0% | &nbsp;&nbsp;$1.60 | &nbsp;&nbsp;$376.87 | &nbsp;&nbsp;$176376 |
| &nbsp;&nbsp;251 – 300 SF | &nbsp;&nbsp;39 | &nbsp;&nbsp;3.2% | &nbsp;&nbsp;11700 | &nbsp;&nbsp;9.4% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$1.65 | &nbsp;&nbsp;$495.05 | &nbsp;&nbsp;$231684 |
| &nbsp;&nbsp;301 – 350 SF | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.7% | &nbsp;&nbsp;3150 | &nbsp;&nbsp;2.5% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$1.52 | &nbsp;&nbsp;$533.11 | &nbsp;&nbsp;$57576 |
| &nbsp;&nbsp;351 – 400 SF | &nbsp;&nbsp;17 | &nbsp;&nbsp;1.4% | &nbsp;&nbsp;6800 | &nbsp;&nbsp;5.5% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$1.35 | &nbsp;&nbsp;$538.24 | &nbsp;&nbsp;$109800 |
| &nbsp;&nbsp;400+ SF | &nbsp;&nbsp;19 | &nbsp;&nbsp;1.6% | &nbsp;&nbsp;12620 | &nbsp;&nbsp;10.2% | &nbsp;&nbsp;94.7% | &nbsp;&nbsp;$1.17 | &nbsp;&nbsp;$769.17 | &nbsp;&nbsp;$166140 |
| &nbsp;&nbsp;**Total / Wtd. Avg.** | &nbsp;&nbsp;**1216** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**124057** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**84.0%** | &nbsp;&nbsp;**$2.22** | &nbsp;&nbsp;**$236.03** | &nbsp;&nbsp;**$2894628** |

---

(1) Based on the underwritten rent roll dated November 19, 2025.

(2) Occupancy is calculated based on the number of occupied units. Based on the square
footage, the current occupancy is 87.6% as of November 19, 2025.

The following table presents certain information relating to the historical operating performance and underwritten net cash flow at the Security Public Storage – Salinas 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>** |
|  | **12/31/2022** | **12/31/2023** | **12/31/2024** | **TTM September 30, 2025** | **UW** | **UW Per SF** |
| &nbsp;&nbsp;Gross Potential Rent | &nbsp;&nbsp;$2686551 | &nbsp;&nbsp;$2681527 | &nbsp;&nbsp;$2668322 | &nbsp;&nbsp;$2575912 | &nbsp;&nbsp;$3366807 | &nbsp;&nbsp;$27.14 |
| &nbsp;&nbsp;Vacancy | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp; (790895) | &nbsp;&nbsp; (6.38) |
| &nbsp;&nbsp;**Net Rental Income** | &nbsp;&nbsp;**$2686551** | &nbsp;&nbsp;**$2681527** | &nbsp;&nbsp;**$2668322** | &nbsp;&nbsp;**$2575912** | &nbsp;&nbsp;**$2575912** | &nbsp;&nbsp;**$20.76** |
| &nbsp;&nbsp;General Other Income | &nbsp;&nbsp; 112927 | &nbsp;&nbsp; 114517 | &nbsp;&nbsp; 109725 | &nbsp;&nbsp; 99509 | &nbsp;&nbsp; 99509 | &nbsp;&nbsp; 0.80 |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$2799478** | &nbsp;&nbsp;**$2796044** | &nbsp;&nbsp;**$2778047** | &nbsp;&nbsp;**$2675421** | &nbsp;&nbsp;**$2675421** | &nbsp;&nbsp;**$21.57** |
| &nbsp;&nbsp;Real Estate Taxes | &nbsp;&nbsp; 94689 | &nbsp;&nbsp; 98329 | &nbsp;&nbsp; 101745 | &nbsp;&nbsp; 101745 | &nbsp;&nbsp; 103780 | &nbsp;&nbsp; 0.84 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp; 34661 | &nbsp;&nbsp; 31722 | &nbsp;&nbsp; 30854 | &nbsp;&nbsp; 22727 | &nbsp;&nbsp; 41158 | &nbsp;&nbsp; 0.33 |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp; 45237 | &nbsp;&nbsp; 42442 | &nbsp;&nbsp; 48262 | &nbsp;&nbsp; 56452 | &nbsp;&nbsp; 56452 | &nbsp;&nbsp; 0.46 |
| &nbsp;&nbsp;Repairs and Maintenance | &nbsp;&nbsp; 12496 | &nbsp;&nbsp; 15506 | &nbsp;&nbsp; 18873 | &nbsp;&nbsp; 18485 | &nbsp;&nbsp; 18485 | &nbsp;&nbsp; 0.15 |
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp; 140168 | &nbsp;&nbsp; 139524 | &nbsp;&nbsp; 139925 | &nbsp;&nbsp; 134083 | &nbsp;&nbsp; 134075 | &nbsp;&nbsp; 1.08 |
| &nbsp;&nbsp;Payroll and Benefits | &nbsp;&nbsp; 291237 | &nbsp;&nbsp; 306274 | &nbsp;&nbsp; 326243 | &nbsp;&nbsp; 308039 | &nbsp;&nbsp; 308039 | &nbsp;&nbsp; 2.48 |
| &nbsp;&nbsp;Marketing | &nbsp;&nbsp; 39140 | &nbsp;&nbsp; 37838 | &nbsp;&nbsp; 44228 | &nbsp;&nbsp; 50946 | &nbsp;&nbsp; 50946 | &nbsp;&nbsp; 0.41 |
| &nbsp;&nbsp;General and Administrative | &nbsp;&nbsp; 96057 | &nbsp;&nbsp; 98902 | &nbsp;&nbsp; 105582 | &nbsp;&nbsp; 96267 | &nbsp;&nbsp; 96267 | &nbsp;&nbsp; 0.78 |
| &nbsp;&nbsp;**Total Expenses** | &nbsp;&nbsp;**$753685** | &nbsp;&nbsp;**$770537** | &nbsp;&nbsp;**$815712** | &nbsp;&nbsp;**$788744** | &nbsp;&nbsp;**$809202** | &nbsp;&nbsp;**$6.52** |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$2045793** | &nbsp;&nbsp;**$2025507** | &nbsp;&nbsp;**$1962335** | &nbsp;&nbsp;**$1886677** | &nbsp;&nbsp;**$1866219** | &nbsp;&nbsp;**$15.04** |
| &nbsp;&nbsp;Replacement Reserves | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp; 12406 | &nbsp;&nbsp; 0.10 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$2045793** | &nbsp;&nbsp;**$2025507** | &nbsp;&nbsp;**$1962335** | &nbsp;&nbsp;**$1886677** | &nbsp;&nbsp;**$1853813** | &nbsp;&nbsp;**$14.94** |
| &nbsp;&nbsp;**Occupancy** | &nbsp;&nbsp;**94.0%** | &nbsp;&nbsp;**96.0%** | &nbsp;&nbsp;**87.0%** | &nbsp;&nbsp;**87.6%<sup>(2)</sup>** | &nbsp;&nbsp;**76.5%<sup>(3)</sup>** |  |
| &nbsp;&nbsp;**NOI Debt Yield** | &nbsp;&nbsp;**11.2%** | &nbsp;&nbsp;**11.1%** | &nbsp;&nbsp;**10.7%** | &nbsp;&nbsp;**10.3%** | &nbsp;&nbsp;**10.2%** |  |
| &nbsp;&nbsp;**NCF DSCR** | &nbsp;&nbsp;**1.59x** | &nbsp;&nbsp;**1.58x** | &nbsp;&nbsp;**1.53x** | &nbsp;&nbsp;**1.47x** | &nbsp;&nbsp;**1.44x** |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Based on the underwritten rent roll dated November 19, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Occupancy was calculated on a square foot basis. When calculating occupancy on a per unit basis, the Security
Public Storage – Salinas property has 194 vacant units as of November 19, 2025, resulting in an 84.0% occupancy.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Represents economic occupancy.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 133 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; <br> Self Storage – Self Storage<br> 271 Sun Way<br> Salinas, CA 93901<br>| &nbsp;&nbsp;Collateral Asset Summary – Loan No. 14<br> **Security Public Storage - Salinas** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$18,300,000<br> 58.7%<br> 1.44x<br> 10.2% |

---

The following table presents certain 2024 demographic information for the Security Public Storage - Salinas property:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Demographics<sup>(1)</sup>** | **Demographics<sup>(1)</sup>** | **Demographics<sup>(1)</sup>** | **Demographics<sup>(1)</sup>** | **Demographics<sup>(1)</sup>** |
| **Demographic** | **City, State** | **1-mile**<br> **Radius** | **3-mile**<br> **Radius** | **5-mile Radius** |
| &nbsp;&nbsp;Population | &nbsp;&nbsp;Salinas, CA | &nbsp;&nbsp;22452 | &nbsp;&nbsp;156384 | &nbsp;&nbsp;171232 |
| &nbsp;&nbsp;Number of Households | &nbsp;&nbsp;Salinas, CA | &nbsp;&nbsp;6326 | &nbsp;&nbsp;41788 | &nbsp;&nbsp;46013 |
| &nbsp;&nbsp;Average Household Income | &nbsp;&nbsp;Salinas, CA | &nbsp;&nbsp;$82620 | &nbsp;&nbsp;$107280 | &nbsp;&nbsp;$108306 |

---

(1) Source: Appraisal

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 134 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored<br> 664 Bald Eagle Drive<br> Marco Island, FL 34145 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 15<br> **Island Plaza Shopping Center** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$17,000,000<br> 59.4%<br> 1.31x<br> 9.5% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Loan Seller:** | &nbsp;&nbsp;CREFI | &nbsp;&nbsp;**Single Asset / Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Acquisition | &nbsp;&nbsp;**Property Type – Subtype:** | &nbsp;&nbsp;Retail - Anchored |
| &nbsp;&nbsp;**Borrower Sponsor(s):** | &nbsp;&nbsp;Adamo Serravalle, Francesco Serravalle and Luigi Carvelli | &nbsp;&nbsp;**Collateral:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Borrower(s):** | &nbsp;&nbsp;Island Plaza 2025, LLC | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;Marco Island, FL |
| &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;$17000000 | &nbsp;&nbsp;**Year Built / Renovated:** | &nbsp;&nbsp;1980 / 1991, 2005 |
| &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$17000000 | &nbsp;&nbsp;**Property Management:** | &nbsp;&nbsp;KOVA Property Management, LLC |
| &nbsp;&nbsp;**% by Initial UPB:** | &nbsp;&nbsp;2.3% | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;70,503 SF |
| &nbsp;&nbsp;**Interest Rate:** | &nbsp;&nbsp;6.80000% | &nbsp;&nbsp;**Appraised Value / Per SF:** | &nbsp;&nbsp;$28,600,000 / $406 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;December 5, 2025 | &nbsp;&nbsp;**Appraisal Date:** | &nbsp;&nbsp;October 28, 2025 |
| &nbsp;&nbsp;**Original Term:** | &nbsp;&nbsp;120 months | &nbsp;&nbsp;**Occupancy:** | &nbsp;&nbsp;98.2% (as of October 31, 2025) |
| &nbsp;&nbsp;**Amortization:** | &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;**UW Economic Occupancy:** | &nbsp;&nbsp;95.0% |
| &nbsp;&nbsp;**Original Amortization:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Underwritten NOI:** | &nbsp;&nbsp;$1610763 |
| &nbsp;&nbsp;**Interest Only Period:** | &nbsp;&nbsp;120 months | &nbsp;&nbsp;**Underwritten NCF:** | &nbsp;&nbsp;$1530189 |
| &nbsp;&nbsp;**First Payment Date:** | &nbsp;&nbsp;January 6, 2026 |  |  |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;December 6, 2035 | &nbsp;&nbsp;**Historical NOI** | &nbsp;&nbsp;**Historical NOI** |
| &nbsp;&nbsp;**Additional Debt Type:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Most Recent NOI<sup>(2)</sup>:** | &nbsp;&nbsp;$1,556,807 (TTM December 31, 2024) |
| &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**2023 NOI:** | &nbsp;&nbsp;$1541505 |
| &nbsp;&nbsp;**Call Protection:** | &nbsp;&nbsp;L(27),D(86),O(7) | &nbsp;&nbsp;**2022 NOI:** | &nbsp;&nbsp;$1468237 |
| &nbsp;&nbsp;**Lockbox / Cash Management:** | &nbsp;&nbsp;Springing / Springing | &nbsp;&nbsp;**2021 NOI:** | &nbsp;&nbsp;NAV |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Financial Information** | &nbsp;&nbsp;**Financial Information** |
|  | &nbsp;&nbsp;**Initial** | &nbsp;&nbsp;**Monthly** | &nbsp;&nbsp;**Cap** | &nbsp;&nbsp;**Cut-off Date Loan / SF:** | &nbsp;&nbsp;$241 |
| &nbsp;&nbsp;**Taxes:** | &nbsp;&nbsp;$51372 | &nbsp;&nbsp;$17124 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date Loan / SF:** | &nbsp;&nbsp;$241 |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$49522 | &nbsp;&nbsp;$24761 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;59.4% |
| &nbsp;&nbsp;**Replacement Reserves:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$1819 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date LTV:** | &nbsp;&nbsp;59.4% |
| &nbsp;&nbsp;**TI/LC:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$5875 | &nbsp;&nbsp;$70503 | &nbsp;&nbsp;**UW NOI DY:** | &nbsp;&nbsp;9.5% |
| &nbsp;&nbsp;**Other Reserves<sup>(1)</sup>:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;Springing | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.31x |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** |
| &nbsp;&nbsp;**Sources** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** | &nbsp;&nbsp;**Uses** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** |
| &nbsp;&nbsp;Loan Amount | &nbsp;&nbsp;$17000000 | &nbsp;&nbsp;62.7% | &nbsp;&nbsp;Purchase Price | &nbsp;&nbsp;$26600000 | &nbsp;&nbsp;98.1% |
| &nbsp;&nbsp;Equity Contribution | &nbsp;&nbsp;10107117 | &nbsp;&nbsp; 37.3 | &nbsp;&nbsp;Closing Costs | &nbsp;&nbsp;406223 | &nbsp;&nbsp;1.5 |
|  |  |  | &nbsp;&nbsp;Upfront Reserves | &nbsp;&nbsp;100894 | &nbsp;&nbsp;0.4 |
| &nbsp;&nbsp;**Total Sources** | &nbsp;&nbsp;**$27107117** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses** | &nbsp;&nbsp;**$27107117** | &nbsp;&nbsp;**100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Other Reserves are comprised of a springing monthly specified tenant rollover reserve
whereby the borrower, upon certain termination events with respect to a specified tenant or a specified tenant's lease, is required
to deposit $500,000 cash or a letter of credit for each specified tenant or specified tenant's lease subject to such termination
events.

&nbsp;&nbsp;&nbsp;&nbsp;(2) 2025 financial information is not available because of an accelerated acquisition
timeline for the Island Plaza Shopping Center property. The borrower sponsor reviewed in-place leases provided.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 135 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored<br> 664 Bald Eagle Drive<br> Marco Island, FL 34145 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 15<br> **Island Plaza Shopping Center** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$17,000,000<br> 59.4%<br> 1.31x<br> 9.5% |

---

The following table presents certain information relating to the major tenants at the Island Plaza Shopping Center property:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** |
| &nbsp;&nbsp;**Tenant** | &nbsp;&nbsp;**Credit Rating (Fitch/Moody's/S&P)** | &nbsp;&nbsp;**Net Rentable Area (SF)** | &nbsp;&nbsp;**% of NRSF** | &nbsp;&nbsp;**U/W Base Rent** | &nbsp;&nbsp;**U/W Base Rent Per SF** | &nbsp;&nbsp;**% Annual U/W Base Rent** | &nbsp;&nbsp;**Lease Expiration** | &nbsp;&nbsp;**Renewal Option** |
| &nbsp;&nbsp;**Major Tenants** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;CVS | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;10080 | &nbsp;&nbsp;14.3% | &nbsp;&nbsp;$312480 | &nbsp;&nbsp;$31.00 | &nbsp;&nbsp;18.0% | &nbsp;&nbsp;11/17/2029 &nbsp;&nbsp;N | &nbsp;&nbsp;2 x 5yr |
| &nbsp;&nbsp;Bealls Outlet Stores | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;25600 | &nbsp;&nbsp;36.3% | &nbsp;&nbsp;$278848 | &nbsp;&nbsp;$10.89 | &nbsp;&nbsp;16.1% | &nbsp;&nbsp;4/30/2028 &nbsp;&nbsp;N | &nbsp;&nbsp;2 x 5yr |
| &nbsp;&nbsp;Carvelli Restaurant Group<sup>(2)</sup> | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;5461 | &nbsp;&nbsp;7.7% | &nbsp;&nbsp;$202057 | &nbsp;&nbsp;$37.00 | &nbsp;&nbsp;11.6% | &nbsp;&nbsp;12/31/2038 &nbsp;&nbsp;N | &nbsp;&nbsp;3 x 5yr |
| &nbsp;&nbsp;Island Surf, Inc. | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;3837 | &nbsp;&nbsp;5.4% | &nbsp;&nbsp;$122913 | &nbsp;&nbsp;$32.03 | &nbsp;&nbsp;7.1% | &nbsp;&nbsp;5/31/2029 &nbsp;&nbsp;N | &nbsp;&nbsp;1 x 5yr |
| &nbsp;&nbsp;Centennial Bank | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;2066 | &nbsp;&nbsp;2.9% | &nbsp;&nbsp;$88960 | &nbsp;&nbsp;$43.06 | &nbsp;&nbsp;5.1% | &nbsp;&nbsp;12/31/2030 &nbsp;&nbsp;N | &nbsp;&nbsp;2 x 5yr |
| &nbsp;&nbsp;Julie Vu | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;2450 | &nbsp;&nbsp;3.5% | &nbsp;&nbsp;$83276 | &nbsp;&nbsp;$33.99 | &nbsp;&nbsp;4.8% | &nbsp;&nbsp;11/30/2029 &nbsp;&nbsp;N | &nbsp;&nbsp;N |
| &nbsp;&nbsp;Sweet Annie's, LLC | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2.8% | &nbsp;&nbsp;$78786 | &nbsp;&nbsp;$39.39 | &nbsp;&nbsp;4.5% | &nbsp;&nbsp;5/31/2032 &nbsp;&nbsp;N | &nbsp;&nbsp;N |
| &nbsp;&nbsp;Platinum Real Estate Experts,<br> LLC | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;1982 | &nbsp;&nbsp;2.8% | &nbsp;&nbsp;$76074 | &nbsp;&nbsp;$38.38 | &nbsp;&nbsp;4.4% | &nbsp;&nbsp;2/29/2028 &nbsp;&nbsp;N | &nbsp;&nbsp;1 x 5yr |
| &nbsp;&nbsp;Watermark Realty, Inc. | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;1954 | &nbsp;&nbsp;2.8% | &nbsp;&nbsp;$58620 | &nbsp;&nbsp;$30.00 | &nbsp;&nbsp;3.4% | &nbsp;&nbsp;3/31/2031 &nbsp;&nbsp;N | &nbsp;&nbsp;N |
| &nbsp;&nbsp;Quest Diagnostics Clinical Laboratories, Inc. | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;2100 | &nbsp;&nbsp;3.0% | &nbsp;&nbsp;$56688 | &nbsp;&nbsp;$26.99 | &nbsp;&nbsp;3.3% | &nbsp;&nbsp;4/30/2026 &nbsp;&nbsp;N | &nbsp;&nbsp;2 x 3yr |
| &nbsp;&nbsp;**Total Major Tenants** |  | &nbsp;&nbsp;**57530** | &nbsp;&nbsp;**81.6%** | &nbsp;&nbsp;**$1358701** | &nbsp;&nbsp;**$23.62** | &nbsp;&nbsp;**78.3%** |  |  |
| &nbsp;&nbsp;Non- Major Tenants |  | &nbsp;&nbsp;11669 | &nbsp;&nbsp;16.6% | &nbsp;&nbsp;$375754 | &nbsp;&nbsp;$32.20 | &nbsp;&nbsp;21.7% |  |  |
| &nbsp;&nbsp;**Total Occupied** |  | &nbsp;&nbsp;**69199** | &nbsp;&nbsp;**98.2%** | &nbsp;&nbsp;**$1734455** | &nbsp;&nbsp;**$25.06** | &nbsp;&nbsp;**100.0%** |  |  |
| &nbsp;&nbsp;Vacant |  | &nbsp;&nbsp;1304 | &nbsp;&nbsp;1.8% |  |  |  |  |  |
| &nbsp;&nbsp;**Total** |  | &nbsp;&nbsp;**70503** | &nbsp;&nbsp;**100.0%** |  |  |  |  |  |

---

(1) Based on the underwritten rent roll dated October 31, 2025 and inclusive of $17,868
of contractual rent steps through October 1, 2026.

(2) Carvelli Restaurant Group is an affiliate of the borrower sponsors and payment
of rent under the lease is guaranteed by the borrower sponsors and non-recourse carveout guarantors.

The following table presents certain information relating to the lease rollover schedule at the Island Plaza Shopping 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;**Year Ending<br> December 31** | &nbsp;&nbsp;**Expiring Owned GLA** | &nbsp;&nbsp;**% of Owned GLA** | &nbsp;&nbsp;**Cumulative % of Owned GLA** | &nbsp;&nbsp;**U/W Base Rent** | &nbsp;&nbsp;**% of Total U/W Base Rent** | &nbsp;&nbsp;**U/W Base Rent $ per SF** | &nbsp;&nbsp;**# of Expiring Leases** |
| &nbsp;&nbsp;2026 & MTM | &nbsp;&nbsp;5421 | &nbsp;&nbsp;7.7% | &nbsp;&nbsp;7.7% | &nbsp;&nbsp;$147954 | &nbsp;&nbsp;8.5% | &nbsp;&nbsp;$27.29 | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;2027 | &nbsp;&nbsp;2001 | &nbsp;&nbsp;2.8% | &nbsp;&nbsp;10.5% | &nbsp;&nbsp;$68692 | &nbsp;&nbsp;4.0% | &nbsp;&nbsp;$34.33 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;2028 | &nbsp;&nbsp;29172 | &nbsp;&nbsp;41.4% | &nbsp;&nbsp;51.9% | &nbsp;&nbsp;$405541 | &nbsp;&nbsp;23.4% | &nbsp;&nbsp;$13.90 | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;2029 | &nbsp;&nbsp;16367 | &nbsp;&nbsp;23.2% | &nbsp;&nbsp;75.1% | &nbsp;&nbsp;$518669 | &nbsp;&nbsp;29.9% | &nbsp;&nbsp;$31.69 | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;2030 | &nbsp;&nbsp;3066 | &nbsp;&nbsp;4.3% | &nbsp;&nbsp;79.5% | &nbsp;&nbsp;$128364 | &nbsp;&nbsp;7.4% | &nbsp;&nbsp;$41.87 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;2031 | &nbsp;&nbsp;4711 | &nbsp;&nbsp;6.7% | &nbsp;&nbsp;86.1% | &nbsp;&nbsp;$134748 | &nbsp;&nbsp;7.8% | &nbsp;&nbsp;$28.60 | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;2032 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;2.8% | &nbsp;&nbsp;89.0% | &nbsp;&nbsp;$78786 | &nbsp;&nbsp;4.5% | &nbsp;&nbsp;$39.39 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;2033 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;89.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2034 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1.4% | &nbsp;&nbsp;90.4% | &nbsp;&nbsp;$49645 | &nbsp;&nbsp;2.9% | &nbsp;&nbsp;$49.64 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;2035 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;90.4% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2036 & Beyond | &nbsp;&nbsp;5461 | &nbsp;&nbsp;7.7% | &nbsp;&nbsp;98.2% | &nbsp;&nbsp;$202057 | &nbsp;&nbsp;11.6% | &nbsp;&nbsp;$37.00 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Vacant | &nbsp;&nbsp;1304 | &nbsp;&nbsp;1.8% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**Total / Wtd. Avg.** | &nbsp;&nbsp;**70503** | &nbsp;&nbsp;**100.0%** |  | &nbsp;&nbsp;**$1734455** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$25.06** | &nbsp;&nbsp;**20** |

---

(1) Based on the underwritten rent roll dated October 31, 2025 inclusive of $17,868 of contractual rent steps
through October 1, 2026.

(2) Certain leases may have termination options that are exercisable prior to the originally
stated expiration date of the lease and that are not considered in this Lease Rollover Schedule.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 136 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored<br> 664 Bald Eagle Drive<br> Marco Island, FL 34145 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 15<br> **Island Plaza Shopping Center** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$17,000,000<br> 59.4%<br> 1.31x<br> 9.5% |

---

The following table presents certain information relating to the historical operating performance and underwritten net cash flow at the Island Plaza Shopping Center 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;**2022** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024<sup>(2)</sup>** | &nbsp;&nbsp;**U/W** | &nbsp;&nbsp;**U/W Per SF** |
| &nbsp;&nbsp;Base Rent | &nbsp;&nbsp;$1492315 | &nbsp;&nbsp;$1519745 | &nbsp;&nbsp;$1472589 | &nbsp;&nbsp;$1716587 | &nbsp;&nbsp;$24.35 |
| &nbsp;&nbsp;Contractual Rent Steps | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;17868 | &nbsp;&nbsp;$0.25 |
| &nbsp;&nbsp;Potential Income from Vacant Space | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;78320 | &nbsp;&nbsp;$1.11 |
| &nbsp;&nbsp;**Gross Potential Rent** | &nbsp;&nbsp;**$1492315** | &nbsp;&nbsp;**$1519745** | &nbsp;&nbsp;**$1472589** | &nbsp;&nbsp;**$1812775** | &nbsp;&nbsp;**$25.71** |
| &nbsp;&nbsp;Reimbursements | &nbsp;&nbsp;323444 | &nbsp;&nbsp;356220 | &nbsp;&nbsp;508282 | &nbsp;&nbsp;725712 | &nbsp;&nbsp;$10.29 |
| &nbsp;&nbsp;**Total Gross Income** | &nbsp;&nbsp;**$1815759** | &nbsp;&nbsp;**$1875964** | &nbsp;&nbsp;**$1980872** | &nbsp;&nbsp;**$2538487** | &nbsp;&nbsp;**$36.01** |
| &nbsp;&nbsp;Other Income<sup>(3)</sup> | &nbsp;&nbsp;16416 | &nbsp;&nbsp;21627 | &nbsp;&nbsp;7732 | &nbsp;&nbsp;7732 | &nbsp;&nbsp;$0.11 |
| &nbsp;&nbsp;Percentage Rent | &nbsp;&nbsp;96945 | &nbsp;&nbsp;95251 | &nbsp;&nbsp;83837 | &nbsp;&nbsp;77079 | &nbsp;&nbsp;$1.09 |
| &nbsp;&nbsp;(Vacancy / Credit Loss) | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;(126924) | &nbsp;&nbsp;($1.80) |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$1929120** | &nbsp;&nbsp;**$1992843** | &nbsp;&nbsp;**$2072440** | &nbsp;&nbsp;**$2496374** | &nbsp;&nbsp;**$35.41** |
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp;57874 | &nbsp;&nbsp;59785 | &nbsp;&nbsp;62173 | &nbsp;&nbsp;74891 | &nbsp;&nbsp;$1.06 |
| &nbsp;&nbsp;Real Estate Taxes | &nbsp;&nbsp;116803 | &nbsp;&nbsp;105667 | &nbsp;&nbsp;113259 | &nbsp;&nbsp;205489 | &nbsp;&nbsp;$2.91 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;84307 | &nbsp;&nbsp;33800 | &nbsp;&nbsp;33297 | &nbsp;&nbsp;282981 | &nbsp;&nbsp;$4.01 |
| &nbsp;&nbsp;CAM Expenses | &nbsp;&nbsp;80388 | &nbsp;&nbsp;132250 | &nbsp;&nbsp;160820 | &nbsp;&nbsp;168861 | &nbsp;&nbsp;$2.40 |
| &nbsp;&nbsp;Other Expenses<sup>(4)</sup> | &nbsp;&nbsp;121511 | &nbsp;&nbsp;119836 | &nbsp;&nbsp;146085 | &nbsp;&nbsp;153389 | &nbsp;&nbsp;$2.18 |
| &nbsp;&nbsp;**Total Expenses** | &nbsp;&nbsp;**$460883** | &nbsp;&nbsp;**$451338** | &nbsp;&nbsp;**$515633** | &nbsp;&nbsp;**$885611** | &nbsp;&nbsp;**$12.56** |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$1468237** | &nbsp;&nbsp;**$1541505** | &nbsp;&nbsp;**$1556807** | &nbsp;&nbsp;**$1610763** | &nbsp;&nbsp;**$22.85** |
| &nbsp;&nbsp;Replacement Reserves | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;21825 | &nbsp;&nbsp;$0.31 |
| &nbsp;&nbsp;Normalized TI/LC | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;58749 | &nbsp;&nbsp;$0.83 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$1468237** | &nbsp;&nbsp;**$1541505** | &nbsp;&nbsp;**$1556807** | &nbsp;&nbsp;**$1530189** | &nbsp;&nbsp;**$21.70** |
| &nbsp;&nbsp;**Occupancy (%)** | &nbsp;&nbsp;**98.6%** | &nbsp;&nbsp;**94.2%** | &nbsp;&nbsp;**86.4%** | &nbsp;&nbsp;**95.0%<sup>(5)</sup>** |  |
| &nbsp;&nbsp;**NCF DSCR** | &nbsp;&nbsp;**1.25x** | &nbsp;&nbsp;**1.32x** | &nbsp;&nbsp;**1.33x** | &nbsp;&nbsp;**1.31x** |  |
| &nbsp;&nbsp;**NOI Debt Yield** | &nbsp;&nbsp;**8.6%** | &nbsp;&nbsp;**9.1%** | &nbsp;&nbsp;**9.2%** | &nbsp;&nbsp;**9.50%** |  |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Based on the underwritten rent roll dated October 31, 2025 inclusive of $17,868
of contractual rent steps through October 1, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(2) 2025 financial information is not available because of an accelerated acquisition
timeline for the Island Plaza Shopping Center property. The borrower sponsor reviewed in-place leases provided.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Other Income includes late fees and other miscellaneous income.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Other Expenses includes utilities and general and administrative expenses.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Represents Economic Occupancy.

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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. |
| 137 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Anchored<br> 664 Bald Eagle Drive<br> Marco Island, FL 34145 | &nbsp;&nbsp;Collateral Asset Summary – Loan No. 15<br> **Island Plaza Shopping Center** | &nbsp;&nbsp;**Cut-off Date Balance:**<br> **Cut-off Date LTV:**<br> **U/W NCF DSCR:**<br> **U/W NOI Debt Yield:** | &nbsp;&nbsp;$17,000,000<br> 59.4%<br> 1.31x<br> 9.5% |

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The following table presents information relating to comparable retail leases for the Island Plaza Shopping Center property:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Comparable Retail Rental Summary<sup>(1)</sup>** | **Comparable Retail Rental Summary<sup>(1)</sup>** | **Comparable Retail Rental Summary<sup>(1)</sup>** | **Comparable Retail Rental Summary<sup>(1)</sup>** | **Comparable Retail Rental Summary<sup>(1)</sup>** | **Comparable Retail Rental Summary<sup>(1)</sup>** | **Comparable Retail Rental Summary<sup>(1)</sup>** |
| **Property Name / Address** | **Distance from Subject** | **Tenant** | **Suite Size (SF)** | **Lease Commencement** | **Lease Term (Yrs.)** | **Base Rent (PSF)** |
| &nbsp;&nbsp;**Island Plaza Shopping<br> Center<sup>(2)</sup>** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**Carvelli Restaurant Group<sup>(2)(3)</sup>** | &nbsp;&nbsp;**5461<sup>(2)</sup>** | &nbsp;&nbsp;**Jan-26<sup>(2)</sup>** | &nbsp;&nbsp;**13.0<sup>(2)</sup>** | &nbsp;&nbsp;**$37.00<sup>(2)</sup>** |
| **Marco Island, FL** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**Carvelli Restaurant Group<sup>(2)(3)</sup>** | &nbsp;&nbsp;**5461<sup>(2)</sup>** | &nbsp;&nbsp;**Jan-26<sup>(2)</sup>** | &nbsp;&nbsp;**13.0<sup>(2)</sup>** | &nbsp;&nbsp;**$37.00<sup>(2)</sup>** |
| &nbsp;&nbsp; Shops of Marco<br> Marco Island, FL | &nbsp;&nbsp;2.6 mi | &nbsp;&nbsp;Listing | &nbsp;&nbsp;1300 | &nbsp;&nbsp;Oct-25 | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;$35.00 |
| &nbsp;&nbsp; Marco Walk<br> Marco Island, FL | &nbsp;&nbsp;2.7 mi | &nbsp;&nbsp;DaVinci's Restaurant | &nbsp;&nbsp;7324 | &nbsp;&nbsp;Apr-24 | &nbsp;&nbsp;20.2 | &nbsp;&nbsp;$56.00 |
| &nbsp;&nbsp; 57 Boulevard of Presidents<br> Sarasota, FL | &nbsp;&nbsp;129 mi | &nbsp;&nbsp;Sunny E-Bike Rentals | &nbsp;&nbsp;1079 | &nbsp;&nbsp;Jul-24 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;$55.00 |
| &nbsp;&nbsp; Longboat Key Strip Center<br> Longboat Key, FL | &nbsp;&nbsp;138 mi | &nbsp;&nbsp;Couch | &nbsp;&nbsp;4712 | &nbsp;&nbsp;Oct-25 | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;$40.00 |
| &nbsp;&nbsp; Dolphin Village Shopping Center<br> St. Pete Beach, FL | &nbsp;&nbsp;164 mi | &nbsp;&nbsp;Freaky Boutiki | &nbsp;&nbsp;4800 | &nbsp;&nbsp;Apr-25 | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;$36.36 |
| &nbsp;&nbsp; 19709 Gulf Blvd<br> Indian Shores, FL | &nbsp;&nbsp;176 mi | &nbsp;&nbsp;N/A | &nbsp;&nbsp;4100 | &nbsp;&nbsp;Sep-24 | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;$39.55 |

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(1) Source: Appraisal

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

(3) Carvelli Restaurant Group is an affiliate of the borrower.

The following table presents information relating to comparable sales for the Island Plaza Shopping Center property:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Summary of Comparable Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Summary of Comparable Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Summary of Comparable Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Summary of Comparable Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Summary of Comparable Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Summary of Comparable Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Summary of Comparable Sales<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property Name / Address** | &nbsp;&nbsp;**Distance from Subject** | &nbsp;&nbsp;**Year Built / Renovated** | &nbsp;&nbsp;**Sale Date** | &nbsp;&nbsp;**Sale Price** | &nbsp;&nbsp;**SF** | &nbsp;&nbsp;**Price per SF** |
| &nbsp;&nbsp; **Island Plaza Shopping<br> Center<sup>(2)</sup>**<br> 664 Bald Eagle Drive<br> Marco Island, FL | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**1980 / 1991, 2005** | &nbsp;&nbsp;**Oct-25** | &nbsp;&nbsp;**$26600000** | &nbsp;&nbsp;**70,503 SF** | &nbsp;&nbsp;**$377.29** |
| &nbsp;&nbsp; **Paraiso Plaza II**<br> 3300 West 84th Street<br> Hialeah, FL | &nbsp;&nbsp;115 mi | &nbsp;&nbsp;1998 / 2024 | &nbsp;&nbsp;Jun-25 | &nbsp;&nbsp;$16000000 | &nbsp;&nbsp;34,013 SF | &nbsp;&nbsp;$470.00 |
| &nbsp;&nbsp; **The Village At Causeway**<br> 10250 Causeway Boulevard<br> Brandon, FL | &nbsp;&nbsp;171 mi | &nbsp;&nbsp;2019 / NAP | &nbsp;&nbsp;Apr-25 | &nbsp;&nbsp;$12900000 | &nbsp;&nbsp;27,860 SF | &nbsp;&nbsp;$463.00 |
| &nbsp;&nbsp; **Belleair Bazaar**<br> 2979 West Bay Drive<br> Largo, FL | &nbsp;&nbsp;184 mi | &nbsp;&nbsp;1969 / 2020 | &nbsp;&nbsp;Sep-25 | &nbsp;&nbsp;$13000000 | &nbsp;&nbsp;29,603 SF | &nbsp;&nbsp;$439.00 |
| &nbsp;&nbsp; **Baron Shoppes**<br> 2620 Southeast Federal Highway<br> Stuart, FL | &nbsp;&nbsp;189 mi | &nbsp;&nbsp;2018 / NAP | &nbsp;&nbsp;Sep-25 | &nbsp;&nbsp;$7850000 | &nbsp;&nbsp;16,316 SF | &nbsp;&nbsp;$481.00 |
| &nbsp;&nbsp; **Westchase Town Center**<br> 9540 West Linebaugh Avenue<br> Westchase, FL | &nbsp;&nbsp;191 mi | &nbsp;&nbsp;2006 / NAP | &nbsp;&nbsp;Aug-25 | &nbsp;&nbsp;$27015000 | &nbsp;&nbsp;58,383 SF | &nbsp;&nbsp;$463.00 |
| &nbsp;&nbsp; **Maguire Groves**<br> 250 Moore Road<br> Ocoee, FL | &nbsp;&nbsp;211 mi | &nbsp;&nbsp;2007 / NAP | &nbsp;&nbsp;May-24 | &nbsp;&nbsp;$16100000 | &nbsp;&nbsp;29,488 SF | &nbsp;&nbsp;$546.00 |

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

&nbsp;&nbsp;&nbsp;&nbsp;(2) Based on the underwritten rent roll dated October 31, 2025.

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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. |
| 138 |

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