# EDGAR Filing Document

**Accession Number:** 0002093119
**File Stem:** 0001539497-25-003037
**Filing Date:** 2025-11
**Character Count:** 785958
**Document Hash:** 82b74e3901a65b64981ba892e5e58cd9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001539497-25-003037.hdr.sgml**: 20251121

**ACCESSION NUMBER**: 0001539497-25-003037

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 33

**FILED AS OF DATE**: 20251121

**DATE AS OF CHANGE**: 20251121

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Wells Fargo Commercial Mortgage Trust 2025-5C7
- **CENTRAL INDEX KEY:** 0002093119
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **STATE OF INCORPORATION:** NC
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-282099-09
- **FILM NUMBER:** 251508336

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

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

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

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

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

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

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

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

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

---

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| &nbsp;&nbsp;FREE WRITING PROSPECTUS |
| &nbsp;&nbsp;FILED PURSUANT TO RULE 433 |
| &nbsp;&nbsp;REGISTRATION FILE NO.: 333-282099-09 |

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| &nbsp;&nbsp;![](n5438prets_img001.jpg) | &nbsp;&nbsp;![](n5438prets_img006.jpg) | &nbsp;&nbsp;<br> ![](n5438prets_img004.jpg) | &nbsp;&nbsp;![](n5438prets_img002.jpg) | &nbsp;&nbsp;![](n5438prets_img005.jpg) | &nbsp;&nbsp;![](n5438prets_img003.jpg) |

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Free Writing Prospectus

Collateral Term Sheet

**$771,863,063**

(Approximate Initial Pool Balance)

**Wells Fargo Commercial Mortgage Trust 2025-5C7**

as Issuing Entity

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

as Depositor

**Wells Fargo Bank, National Association**

**Zions Bancorporation, N.A.** 

**Citi Real Estate Funding Inc.**

**JPMorgan Chase Bank, National Association**

**UBS AG**

**BSPRT CMBS Finance, LLC**

**Goldman Sachs Mortgage Company**

**Societe Generale Financial Corporation**

as Sponsors and Mortgage Loan Sellers

**Commercial Mortgage Pass-Through Certificates<br> Series 2025-5C7**

November 21, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;***Wells Fargo<br> Securities*** | &nbsp;&nbsp;***Citigroup*** | &nbsp;&nbsp;***Goldman Sachs & <br> Co. LLC*** | &nbsp;&nbsp;***J.P. Morgan*** | &nbsp;&nbsp;***Société Générale*** | &nbsp;&nbsp;***UBS Securities<br> LLC*** |
| &nbsp;&nbsp;***Co-Lead Managers and Joint Bookrunners***<br>**** | &nbsp;&nbsp;***Co-Lead Managers and Joint Bookrunners***<br>**** | &nbsp;&nbsp;***Co-Lead Managers and Joint Bookrunners***<br>**** | &nbsp;&nbsp;***Co-Lead Managers and Joint Bookrunners***<br>**** | &nbsp;&nbsp;***Co-Lead Managers and Joint Bookrunners***<br>**** | &nbsp;&nbsp;***Co-Lead Managers and Joint Bookrunners***<br>**** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Academy Securities, Inc.**<br> Co-Manager | &nbsp;&nbsp;**Drexel Hamilton**<br> Co-Manager | &nbsp;&nbsp;**Siebert Williams Shank**<br> Co-Manager |

---

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

---

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

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| | |
|:---|:---|
| **Wells Fargo Commercial Mortgage Trust 2025-5C7** | Transaction Highlights |

---

I. <u>Transaction Highlights</u>

**Mortgage Loan Sellers:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Mortgage Loan Seller** | **Number of<br> Mortgage Loans** | **Number of<br> Mortgaged<br> Properties** | **Aggregate Cut-off Date Balance** | **Approx. % of Initial Pool<br> Balance** |
| Wells Fargo Bank, National Association | &nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;27 | $196772534 | &nbsp;&nbsp;25.5% |
| Zions Bancorporation, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;122600000 | &nbsp;&nbsp;15.9% |
| Citi Real Estate Funding Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;115460000 | &nbsp;&nbsp;15.0% |
| JPMorgan Chase Bank, National Association | &nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;103030529 | &nbsp;&nbsp;13.3% |
| UBS AG | &nbsp;&nbsp;&nbsp;&nbsp;2 | 208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85000000 | &nbsp;&nbsp;11.0% |
| BSPRT CMBS Finance, LLC | &nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000000 | &nbsp;&nbsp;7.8% |
| Goldman Sachs Mortgage Company | &nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43000000 | &nbsp;&nbsp;5.6% |
| Societe Generale Financial Corporation | &nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26000000 | &nbsp;&nbsp;3.4% |
| UBS AG / Wells Fargo Bank, National Association | &nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000000 | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;&nbsp; **Total** | **25** | **265** | **$771863063** | &nbsp;&nbsp; **100.0%** |

---

**Loan Pool:**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Initial Pool Balance: | &nbsp;&nbsp;$771863063 |
| &nbsp;&nbsp;Number of Mortgage Loans: | &nbsp;&nbsp;25 |
| &nbsp;&nbsp;Average Cut-off Date Balance per Mortgage Loan: | &nbsp;&nbsp;$30874523 |
| &nbsp;&nbsp;Number of Mortgaged Properties: | &nbsp;&nbsp;265 |
| &nbsp;&nbsp;Average Cut-off Date Balance per Mortgaged Property<sup>(1)</sup>: | &nbsp;&nbsp;$2912691 |
| &nbsp;&nbsp;Weighted Average Interest Rate: | &nbsp;&nbsp;6.5698% |
| &nbsp;&nbsp;Ten Largest Mortgage Loans as % of Initial Pool Balance: | &nbsp;&nbsp;69.2% |
| &nbsp;&nbsp;Weighted Average Original Term to Maturity (months): | &nbsp;&nbsp;60 |
| &nbsp;&nbsp;Weighted Average Remaining Term to Maturity (months): | &nbsp;&nbsp;59 |
| &nbsp;&nbsp;Weighted Average Original Amortization Term (months)<sup>(2)</sup>: | &nbsp;&nbsp;360 |
| &nbsp;&nbsp;Weighted Average Remaining Amortization Term (months)<sup>(2)</sup>: | &nbsp;&nbsp;358 |
| &nbsp;&nbsp;Weighted Average Seasoning (months): | &nbsp;&nbsp;1 |

---

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

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

**Credit Statistics:**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Weighted Average U/W Net Cash Flow DSCR<sup>(1)</sup>: | &nbsp;&nbsp;1.79x |
| &nbsp;&nbsp;Weighted Average U/W Net Operating Income Debt Yield<sup>(1)</sup>: | &nbsp;&nbsp;12.9% |
| &nbsp;&nbsp;Weighted Average Cut-off Date Loan-to-Value Ratio<sup>(1)</sup>: | &nbsp;&nbsp;57.1% |
| &nbsp;&nbsp;Weighted Average Balloon Loan-to-Value Ratio<sup>(1)</sup>: | &nbsp;&nbsp;56.8% |
| &nbsp;&nbsp;% of Mortgage Loans with Additional Subordinate Debt<sup>(2)</sup>: | &nbsp;&nbsp;20.1% |
| &nbsp;&nbsp;% of Mortgage Loans with Single Tenants<sup>(3)</sup>: | &nbsp;&nbsp;11.7% |

---

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

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

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

---

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

---

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| | |
|:---|:---|
| **Wells Fargo Commercial Mortgage Trust 2025-5C7** | Issue Characteristics |

---

**Loan Structural Features:**

**Amortization:** Based on the Initial Pool Balance, 10.4% of the mortgage pool (3 mortgage loans) has scheduled amortization, as follows:

10.4% (3 mortgage loans) require amortization during the entire loan term.

**Interest-Only:** Based on the Initial Pool Balance, 89.6% of the mortgage pool (22 mortgage loans) provides for interest-only payments during the entire loan term through maturity. The weighted average Cut-off Date Loan-to-Value Ratio and weighted average U/W Net Cash Flow DSCR for those mortgage loans are 57.0% and 1.81x, respectively.

**Hard Lockboxes:** Based on the Initial Pool Balance, 49.7% of the mortgage pool (11 mortgage loans) has hard lockboxes in place.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;*Real Estate Taxes:* | &nbsp;&nbsp;*74.1% of the pool* |
| &nbsp;&nbsp;*Insurance:* | &nbsp;&nbsp;*37.9% of the pool* |
| &nbsp;&nbsp;*Capital Replacements:* | &nbsp;&nbsp;*80.6% of the pool* |
| &nbsp;&nbsp;*TI/LC:* | &nbsp;&nbsp;*57.3% of the pool <sup>(1)</sup>* |

---

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

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

56.1% of the mortgage pool (17 mortgage loans) features a lockout period, then defeasance only until an open period;

36.2% of the mortgage pool (7 mortgage loans) features a lockout period, then greater of a prepayment premium (1.0%) or yield maintenance until an open period; and

7.8% of the mortgage pool (1 mortgage loan) features greater of a prepayment premium (1.0%) or yield maintenance, followed by defeasance or greater of a prepayment premium (1.0%) or yield maintenance until an open period.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES 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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| | |
|:---|:---|
| **Wells Fargo Commercial Mortgage Trust 2025-5C7** | Characteristics of the Mortgage Pool |

---

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

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

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Seller** | &nbsp;&nbsp;**Mortgage Loan Name** | &nbsp;&nbsp;**City** | &nbsp;&nbsp;**State** | &nbsp;&nbsp;**Number of Mortgage Loans / Mortgaged Properties** | &nbsp;&nbsp; **Mortgage Loan Cut-off Date Balance ($)** | &nbsp;&nbsp;**% of Cut-off Date Pool Balance (%)** | &nbsp;&nbsp;**Property Type** | &nbsp;&nbsp;**Number of SF or Units or Rooms** | &nbsp;&nbsp;**Cut-off Date Balance Per SF or Unit or Room ($)** | &nbsp;&nbsp;**Cut-off Date LTV Ratio (%)** | &nbsp;&nbsp;**Balloon or ARD LTV Ratio (%)** | &nbsp;&nbsp;**U/W NCF DSCR (x)** | &nbsp;&nbsp;**U/W NOI Debt Yield (%)** |
| &nbsp;&nbsp;JPMCB | &nbsp;&nbsp;Mall at Bay Plaza | &nbsp;&nbsp;The Bronx | &nbsp;&nbsp;NY | &nbsp;&nbsp;1 / 1 | &nbsp;&nbsp;$70000000 | &nbsp;&nbsp;9.1% | &nbsp;&nbsp;Retail | &nbsp;&nbsp;695857 | &nbsp;&nbsp;$244 | &nbsp;&nbsp;34.5% | &nbsp;&nbsp;34.5% | &nbsp;&nbsp;2.29x | &nbsp;&nbsp;15.6% |
| &nbsp;&nbsp;ZBNA | &nbsp;&nbsp;Liberty Square Apartments | &nbsp;&nbsp;Philadelphia | &nbsp;&nbsp;PA | &nbsp;&nbsp;1 / 1 | &nbsp;&nbsp;69950000 | &nbsp;&nbsp;9.1% | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;199 | &nbsp;&nbsp;351508 | &nbsp;&nbsp;67.9% | &nbsp;&nbsp;67.9% | &nbsp;&nbsp;1.26x | &nbsp;&nbsp;8.3% |
| &nbsp;&nbsp;BSPRT | &nbsp;&nbsp;City Square White Plains | &nbsp;&nbsp;White Plains | &nbsp;&nbsp;NY | &nbsp;&nbsp;1 / 1 | &nbsp;&nbsp;60000000 | &nbsp;&nbsp;7.8% | &nbsp;&nbsp;Mixed Use | &nbsp;&nbsp;621070 | &nbsp;&nbsp;227 | &nbsp;&nbsp;59.9% | &nbsp;&nbsp;59.9% | &nbsp;&nbsp;1.33x | &nbsp;&nbsp;10.2% |
| &nbsp;&nbsp;WFB | &nbsp;&nbsp;Capital Storage Portfolio | &nbsp;&nbsp;Various | &nbsp;&nbsp;Various | &nbsp;&nbsp;1 / 22 | &nbsp;&nbsp;60000000 | &nbsp;&nbsp;7.8% | &nbsp;&nbsp;Self Storage | &nbsp;&nbsp;1710607 | &nbsp;&nbsp;82 | &nbsp;&nbsp;62.7% | &nbsp;&nbsp;62.7% | &nbsp;&nbsp;1.39x | &nbsp;&nbsp;8.3% |
| &nbsp;&nbsp;WFB | &nbsp;&nbsp;Empire Mall | &nbsp;&nbsp;Sioux Falls | &nbsp;&nbsp;SD | &nbsp;&nbsp;1 / 1 | &nbsp;&nbsp;60000000 | &nbsp;&nbsp;7.8% | &nbsp;&nbsp;Retail | &nbsp;&nbsp;1024394 | &nbsp;&nbsp;117 | &nbsp;&nbsp;59.4% | &nbsp;&nbsp;59.4% | &nbsp;&nbsp;2.24x | &nbsp;&nbsp;16.5% |
| &nbsp;&nbsp;WFB | &nbsp;&nbsp;Hilton Daytona Beach Oceanfront Resort | &nbsp;&nbsp;Daytona Beach | &nbsp;&nbsp;FL | &nbsp;&nbsp;1 / 1 | &nbsp;&nbsp;58183493 | &nbsp;&nbsp;7.5% | &nbsp;&nbsp;Hospitality | &nbsp;&nbsp;744 | &nbsp;&nbsp;111719 | &nbsp;&nbsp;54.0% | &nbsp;&nbsp;51.1% | &nbsp;&nbsp;1.68x | &nbsp;&nbsp;15.5% |
| &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;Walgreens Retail Portfolio | &nbsp;&nbsp;Various | &nbsp;&nbsp;Various | &nbsp;&nbsp;1 / 207 | &nbsp;&nbsp;50000000 | &nbsp;&nbsp;6.5% | &nbsp;&nbsp;Retail | &nbsp;&nbsp;2891073 | &nbsp;&nbsp;108 | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;3.34x | &nbsp;&nbsp;20.8% |
| &nbsp;&nbsp;ZBNA | &nbsp;&nbsp;South Brooklyn Multifamily Portfolio | &nbsp;&nbsp;Brooklyn | &nbsp;&nbsp;NY | &nbsp;&nbsp;1 / 5 | &nbsp;&nbsp;46150000 | &nbsp;&nbsp;6.0% | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;384 | &nbsp;&nbsp;120182 | &nbsp;&nbsp;72.8% | &nbsp;&nbsp;72.8% | &nbsp;&nbsp;1.39x | &nbsp;&nbsp;8.9% |
| &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;Crossgates Mall | &nbsp;&nbsp;Albany | &nbsp;&nbsp;NY | &nbsp;&nbsp;1 / 1 | &nbsp;&nbsp;35000000 | &nbsp;&nbsp;4.5% | &nbsp;&nbsp;Retail | &nbsp;&nbsp;1504884 | &nbsp;&nbsp;70 | &nbsp;&nbsp;36.8% | &nbsp;&nbsp;36.8% | &nbsp;&nbsp;2.68x | &nbsp;&nbsp;25.2% |
| CREFI | Cedarbrook & Oak Lane Apartments | Baton Rouge | LA | 1 / 2 | 25000000 | 3.2% | Multifamily | 411 | 60827 | 59.4% | 59.4% | 1.93x | 12.9% |
| &nbsp;&nbsp;**Top Three Total/Weighted Average** | &nbsp;&nbsp;**Top Three Total/Weighted Average** |  |  | &nbsp;&nbsp;**3 / 3** | &nbsp;&nbsp;**$199950000** | &nbsp;&nbsp;**25.9%** |  |  |  | &nbsp;&nbsp;**53.8%** | &nbsp;&nbsp;**53.8%** | &nbsp;&nbsp;**1.64x** | &nbsp;&nbsp;**11.4%** |
| &nbsp;&nbsp;**Top Five Total/Weighted Average** | &nbsp;&nbsp;**Top Five Total/Weighted Average** |  |  | &nbsp;&nbsp;**5 / 26** | &nbsp;&nbsp;**$319950000** | &nbsp;&nbsp;**41.5%** |  |  |  | &nbsp;&nbsp;**56.5%** | &nbsp;&nbsp;**56.5%** | &nbsp;&nbsp;**1.71x** | &nbsp;&nbsp;**11.8%** |
| &nbsp;&nbsp;**Top Ten Total/Weighted Average** | &nbsp;&nbsp;**Top Ten Total/Weighted Average** |  |  | &nbsp;&nbsp;**10 / 242** | &nbsp;&nbsp;**$534283493** | &nbsp;&nbsp;**69.2%** |  |  |  | &nbsp;&nbsp;**54.2%** | &nbsp;&nbsp;**53.8%** | &nbsp;&nbsp;**1.90x** | &nbsp;&nbsp;**13.7%** |
| &nbsp;&nbsp;**Non-Top Ten Total/Weighted Average** | &nbsp;&nbsp;**Non-Top Ten Total/Weighted Average** |  |  | &nbsp;&nbsp;**15 / 23** | &nbsp;&nbsp;**$237579570** | &nbsp;&nbsp;**30.8%** |  |  |  | &nbsp;&nbsp;**63.8%** | &nbsp;&nbsp;**63.4%** | &nbsp;&nbsp;**1.55x** | &nbsp;&nbsp;**10.9%** |

---

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

---

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

---

---

| | |
|:---|:---|
| **Wells Fargo Commercial Mortgage Trust 2025-5C7** | Characteristics of the Mortgage Pool |

---

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**No.** | &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Mortgage Loan Seller in WFCM 2025-5C7** | &nbsp;&nbsp;**Mortgage Loan Cut-off Date Balance** | &nbsp;&nbsp; **Aggregate** <br> **Pari-Passu Companion Loan Cut-off Date Balance<sup>(1)</sup>** | &nbsp;&nbsp;**Combined Cut-off Date Balance** | &nbsp;&nbsp;**Controlling Pooling / Trust and Servicing Agreement** | &nbsp;&nbsp;**Master Servicer** | &nbsp;&nbsp;**Special Servicer** | &nbsp;&nbsp;**Related Pari Passu Companion Loan(s) Securitizations** | &nbsp;&nbsp;**Combined U/W NCF DCSR<sup>(2)</sup>** | &nbsp;&nbsp;**Combined U/W NOI Debt Yield<sup>(2)</sup>** | &nbsp;&nbsp;**Combined Cut-off Date LTV<sup>(2)</sup>** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;Mall at Bay Plaza | &nbsp;&nbsp;JPMCB | &nbsp;&nbsp;$70000000 | &nbsp;&nbsp;$100000000 | &nbsp;&nbsp;$170000000 | &nbsp;&nbsp;WFCM 2025-5C7 (B-Note) | &nbsp;&nbsp;Midland | &nbsp;&nbsp;KeyBank | &nbsp;&nbsp;BANK5 2025-5YR18 | &nbsp;&nbsp;2.29x | &nbsp;&nbsp;15.6% | &nbsp;&nbsp;34.5% |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;City Square White Plains | &nbsp;&nbsp;BSPRT | &nbsp;&nbsp;$60000000 | &nbsp;&nbsp;$81000000 | &nbsp;&nbsp;$141000000 | &nbsp;&nbsp;BBCMS 2025-5C38 | &nbsp;&nbsp;Trimont | &nbsp;&nbsp;Rialto Capital Advisors, LLC | &nbsp;&nbsp;BBCMS 2025-5C38 | &nbsp;&nbsp;1.33x | &nbsp;&nbsp;10.2% | &nbsp;&nbsp;59.9% |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;Capital Storage Portfolio | &nbsp;&nbsp;WFB | &nbsp;&nbsp;$60000000 | &nbsp;&nbsp;$80000000 | &nbsp;&nbsp;$140000000 | &nbsp;&nbsp;WFCM 2025-5C7 | &nbsp;&nbsp;Midland | &nbsp;&nbsp;CWCapital Asset Management | &nbsp;&nbsp;BANK5 2025-5YR18 | &nbsp;&nbsp;1.39x | &nbsp;&nbsp;8.3% | &nbsp;&nbsp;62.7% |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;Empire Mall | &nbsp;&nbsp;WFB | &nbsp;&nbsp;$60000000 | &nbsp;&nbsp;$60000000 | &nbsp;&nbsp;$120000000 | &nbsp;&nbsp;WFCM 2025-5C7 | &nbsp;&nbsp;Midland | &nbsp;&nbsp;CWCapital Asset Management | &nbsp;&nbsp;Future Securitization(s) | &nbsp;&nbsp;2.24x | &nbsp;&nbsp;16.5% | &nbsp;&nbsp;59.4% |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;Hilton Daytona Beach Oceanfront Resort | &nbsp;&nbsp;WFB | &nbsp;&nbsp;$58183493 | &nbsp;&nbsp;$24935783 | &nbsp;&nbsp;$83119276 | &nbsp;&nbsp;WFCM 2025-5C7 | &nbsp;&nbsp;Midland | &nbsp;&nbsp;CWCapital Asset Management | &nbsp;&nbsp;Future Securitization(s) | &nbsp;&nbsp;1.68x | &nbsp;&nbsp;15.5% | &nbsp;&nbsp;54.0% |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;Walgreens Retail Portfolio | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;$50000000 | &nbsp;&nbsp;$261500000 | &nbsp;&nbsp;$311500000 | &nbsp;&nbsp;SYCA 2025-WAG | &nbsp;&nbsp;Trimont | &nbsp;&nbsp;Situs Holdings, LLC | &nbsp;&nbsp;SYCA 2025-WAG<br> Future Securitization(s) | &nbsp;&nbsp;3.34x | &nbsp;&nbsp;20.8% | &nbsp;&nbsp;31.6% |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;Crossgates Mall | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;$35000000 | &nbsp;&nbsp;$70000000 | &nbsp;&nbsp;$105000000 | &nbsp;&nbsp;WFCM 2025-5C7 (B-Note) | &nbsp;&nbsp;Midland | &nbsp;&nbsp;CWCapital Asset Management | &nbsp;&nbsp;Future Securitization(s) | &nbsp;&nbsp;2.68x | &nbsp;&nbsp;25.2% | &nbsp;&nbsp;36.8% |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;Central Arts Plaza | &nbsp;&nbsp;GSMC | &nbsp;&nbsp;$23000000 | &nbsp;&nbsp;$40000000 | &nbsp;&nbsp;$63000000 | &nbsp;&nbsp;BBCMS 2025-5C38 | &nbsp;&nbsp;Trimont | &nbsp;&nbsp;Rialto Capital Advisors LLC | &nbsp;&nbsp;BBCMS 2025-5C38 | &nbsp;&nbsp;1.74x | &nbsp;&nbsp;13.4% | &nbsp;&nbsp;66.7% |
| &nbsp;&nbsp;15 | &nbsp;&nbsp;80 International Drive | &nbsp;&nbsp;UBS AG/WFB | &nbsp;&nbsp;$20000000 | &nbsp;&nbsp;$50000000 | &nbsp;&nbsp;$70000000 | &nbsp;&nbsp;WFCM 2025-5C6 | &nbsp;&nbsp;Midland | &nbsp;&nbsp;Rialto | &nbsp;&nbsp;WFCM 2025-5C6 | &nbsp;&nbsp;1.52x | &nbsp;&nbsp;10.7% | &nbsp;&nbsp;58.9% |
| &nbsp;&nbsp;16 | &nbsp;&nbsp;CFS Industrial HQ | &nbsp;&nbsp;GSMC | &nbsp;&nbsp;$20000000 | &nbsp;&nbsp;$32800000 | &nbsp;&nbsp;$52800000 | &nbsp;&nbsp;TBD | &nbsp;&nbsp;TBD | &nbsp;&nbsp;TBD | &nbsp;&nbsp;TBD | &nbsp;&nbsp;1.57x | &nbsp;&nbsp;11.1% | &nbsp;&nbsp;70.5% |
| &nbsp;&nbsp;21 | &nbsp;&nbsp;Dunbar Apartments | &nbsp;&nbsp;SGFC | &nbsp;&nbsp;$11000000 | &nbsp;&nbsp;$89000000 | &nbsp;&nbsp;$100000000 | &nbsp;&nbsp;BBCMS 2025-5C37 | &nbsp;&nbsp;Midland Loan Services, a Division of PNC Bank, National Association | &nbsp;&nbsp;3650 REIT Loan Servicing LLC | &nbsp;&nbsp;BBCMS 2025-5C37: $74,000,000<br> Future Securitization(s): $15,000,000 | &nbsp;&nbsp;1.29x | &nbsp;&nbsp;9.0% | &nbsp;&nbsp;55.2% |
| &nbsp;&nbsp;22 | &nbsp;&nbsp;Marriott Melville | &nbsp;&nbsp;JPMCB | &nbsp;&nbsp;$10990529 | &nbsp;&nbsp;$59948341 | &nbsp;&nbsp;$70938870 | &nbsp;&nbsp;BANK5 2025-5YR18 | &nbsp;&nbsp;Trimont | &nbsp;&nbsp;K-Star Asset Management | &nbsp;&nbsp;BANK5 2025-5YR18 | &nbsp;&nbsp;1.80x | &nbsp;&nbsp;15.9% | &nbsp;&nbsp;68.5% |

---

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

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

---

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

---

---

| | |
|:---|:---|
| **Wells Fargo Commercial Mortgage Trust 2025-5C7** | Characteristics of the Mortgage Pool |

---

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

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Loan No.** | &nbsp;&nbsp;**Mortgage Loan Seller** | &nbsp;&nbsp; **Mortgage Loan Name** | &nbsp;&nbsp;**Mortgage<br> Loan<br> Cut-off Date Balance ($)** | &nbsp;&nbsp;**% of Initial Pool Balance (%)** | &nbsp;&nbsp;**Sub Debt Cut-off Date Balance ($)** | &nbsp;&nbsp;**Mezzanine Debt Cut-off Date Balance ($)** | &nbsp;&nbsp;**Total Debt Interest Rate (%)<sup>(1)</sup>** | &nbsp;&nbsp;**Mortgage Loan U/W NCF DSCR (x)<sup>(2)</sup>** | &nbsp;&nbsp;**Total Debt U/W NCF DSCR (x)<sup>(3)</sup>** | &nbsp;&nbsp;**Mortgage Loan Cut-off Date U/W NOI Debt Yield (%)<sup>(2)</sup>** | &nbsp;&nbsp;**Total Debt Cut-off Date U/W NOI Debt Yield (%)<sup>(3)</sup>** | &nbsp;&nbsp;**Mortgage Loan Cut-off Date LTV Ratio (%)<sup>(2)</sup>** | &nbsp;&nbsp;**Total Debt Cut-off Date LTV Ratio (%)<sup>(3)</sup>** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;JPMCB | &nbsp;&nbsp;Mall at Bay Plaza | &nbsp;&nbsp;$70000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1% | &nbsp;&nbsp;$110000000 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;6.5500% | &nbsp;&nbsp;2.29x | &nbsp;&nbsp;1.42x | &nbsp;&nbsp;15.6% | &nbsp;&nbsp;9.5% | &nbsp;&nbsp;34.5% | &nbsp;&nbsp;56.9% |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;Walgreens Retail Portfolio | &nbsp;&nbsp;$50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5% | &nbsp;&nbsp;$178500000 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;7.1403% | &nbsp;&nbsp;3.34x | &nbsp;&nbsp;1.73x | &nbsp;&nbsp;20.8% | &nbsp;&nbsp;13.2% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;49.7% |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;Crossgates Mall | &nbsp;&nbsp;$35000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5% | &nbsp;&nbsp;$68000000 | &nbsp;&nbsp;$20000000 | &nbsp;&nbsp;11.6295% | &nbsp;&nbsp;2.68x | &nbsp;&nbsp;1.07x | &nbsp;&nbsp;25.2% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;36.8% | &nbsp;&nbsp;67.7% |
| &nbsp;&nbsp;**Total/Weighted Average** | &nbsp;&nbsp;**Total/Weighted Average** | &nbsp;&nbsp;**Total/Weighted Average** | &nbsp;&nbsp;**$155000000** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.1%** | &nbsp;&nbsp;**$356500000** | &nbsp;&nbsp;**$20000000** | &nbsp;&nbsp;**7.8874%** | &nbsp;&nbsp;**2.72x** | &nbsp;&nbsp;**1.44x** | &nbsp;&nbsp;**19.4%** | &nbsp;&nbsp;**11.6%** | &nbsp;&nbsp;**34.1%** | &nbsp;&nbsp;**57.0%** |

---

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

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

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

---

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

---

---

| | |
|:---|:---|
| **Wells Fargo Commercial Mortgage Trust 2025-5C7** | Characteristics of the Mortgage Pool |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **Loan No.** | **Mortgage Loan Seller** | **Mortgage<br> Loan or Mortgaged <br> Property Name** | **City** | **State** | **Property Type** | **Mortgage Loan<br> or Mortgaged Property Cut-off Date Balance ($)** | **% of Cut-off Date Pool Balance (%)** | **Previous Securitization** |
| &nbsp;&nbsp;3.000 | &nbsp;&nbsp;BSPRT | &nbsp;&nbsp;City Square White Plains | &nbsp;&nbsp;White Plains | &nbsp;&nbsp;NY | &nbsp;&nbsp;Mixed Use | &nbsp;&nbsp;$60000000 | &nbsp;&nbsp;7.8% | &nbsp;&nbsp;BSPDF 2025-FL2 |
| &nbsp;&nbsp;5.000 | &nbsp;&nbsp;WFB | &nbsp;&nbsp;Empire Mall | &nbsp;&nbsp;Sioux Falls | &nbsp;&nbsp;SD | &nbsp;&nbsp;Retail | &nbsp;&nbsp;60000000 | &nbsp;&nbsp;7.8% | &nbsp;&nbsp;CGCMT 2016-P3, CFCRE 2016-C3 and WFCM 2015-P2 |
| &nbsp;&nbsp;11.005 | &nbsp;&nbsp;CREFI | &nbsp;&nbsp;The Grove | &nbsp;&nbsp;East Orange | &nbsp;&nbsp;NJ | &nbsp;&nbsp;Multifamily | &nbsp;&nbsp;2150000 | &nbsp;&nbsp;0.3% | &nbsp;&nbsp;FRESB 2018-SB46 |
| &nbsp;&nbsp;14.000 | &nbsp;&nbsp;JPMCB | &nbsp;&nbsp;324 South Service Road | &nbsp;&nbsp;Melville | &nbsp;&nbsp;NY | &nbsp;&nbsp;Office | &nbsp;&nbsp;22040000 | &nbsp;&nbsp;2.9% | &nbsp;&nbsp;CSAIL 2015-C4 |
| &nbsp;&nbsp;22.000 | &nbsp;&nbsp;JPMCB | &nbsp;&nbsp;Marriott Melville | &nbsp;&nbsp;Melville | &nbsp;&nbsp;NY | &nbsp;&nbsp;Hospitality | &nbsp;&nbsp;10990529 | &nbsp;&nbsp;1.4% | &nbsp;&nbsp;WFCM 2016-C32 |
| &nbsp;&nbsp;23.001 | &nbsp;&nbsp;WFB | &nbsp;&nbsp;ClimaStora 6 | &nbsp;&nbsp;Baton Rouge | &nbsp;&nbsp;LA | &nbsp;&nbsp;Self Storage | &nbsp;&nbsp;7482538 | &nbsp;&nbsp;1.0% | &nbsp;&nbsp;WFCM 2015-P2 |
| &nbsp;&nbsp;23.002 | &nbsp;&nbsp;WFB | &nbsp;&nbsp;ClimaStora 7 | &nbsp;&nbsp;Baton Rouge | &nbsp;&nbsp;LA | &nbsp;&nbsp;Self Storage | &nbsp;&nbsp;3506503 | &nbsp;&nbsp;0.5% | &nbsp;&nbsp;WFCM 2015-P2 |
|  | &nbsp;&nbsp;**Total** |  |  |  |  | &nbsp;&nbsp;**$166169570** | &nbsp;&nbsp;**21.5%** |  |

---

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

---

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

---

---

| | |
|:---|:---|
| **Wells Fargo Commercial Mortgage Trust 2025-5C7** | Characteristics of the Mortgage Pool |

---

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

**** 

****

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Property Type** | **Number of Mortgaged Properties** | **Aggregate Cut-off Date Balance ($)** | **% of Cut-off Date Balance (%)** | **Weighted Average Cut-off Date LTV Ratio (%)** | **Weighted Average Balloon LTV Ratio (%)** | **Weighted Average U/W NCF DSCR (x)** | **Weighted Average U/W NOI Debt Yield (%)** | **Weighted Average U/W NCF Debt Yield (%)** | **Weighted Average Interest Rate (%)** |
| &nbsp;&nbsp;**Multifamily** | &nbsp;&nbsp;**22** | &nbsp;&nbsp;**$250400000** | &nbsp;&nbsp;**32.4%** | &nbsp;&nbsp;**65.9%** | &nbsp;&nbsp;**65.9%** | &nbsp;&nbsp;**1.41** | &nbsp;&nbsp;**9.2%** | &nbsp;&nbsp;**9.0%** | &nbsp;&nbsp;**6.3177%** |
| &nbsp;&nbsp;&nbsp;&nbsp;*Mid Rise* | &nbsp;&nbsp;*15* | &nbsp;&nbsp;*205775000* | &nbsp;&nbsp;*26.7* | &nbsp;&nbsp;*66.5* | &nbsp;&nbsp;*66.5* | &nbsp;&nbsp;*1.33* | &nbsp;&nbsp;*8.6* | &nbsp;&nbsp;*8.4* | &nbsp;&nbsp;*6.2968* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Garden* | &nbsp;&nbsp;*5* | &nbsp;&nbsp;*40000000* | &nbsp;&nbsp;*5.2* | &nbsp;&nbsp;*63.2* | &nbsp;&nbsp;*63.2* | &nbsp;&nbsp;*1.87* | &nbsp;&nbsp;*12.6* | &nbsp;&nbsp;*12.1* | &nbsp;&nbsp;*6.4005* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Low Rise* | &nbsp;&nbsp;*2* | &nbsp;&nbsp;*4625000* | &nbsp;&nbsp;*0.6* | &nbsp;&nbsp;*64.4* | &nbsp;&nbsp;*64.4* | &nbsp;&nbsp;*1.34* | &nbsp;&nbsp;*9.1* | &nbsp;&nbsp;*8.8* | &nbsp;&nbsp;*6.5300* |
| &nbsp;&nbsp;**Retail** | &nbsp;&nbsp;**210** | &nbsp;&nbsp;**215000000** | &nbsp;&nbsp;**27.9** | &nbsp;&nbsp;**41.1** | &nbsp;&nbsp;**41.1** | &nbsp;&nbsp;**2.58** | &nbsp;&nbsp;**18.6** | &nbsp;&nbsp;**17.7** | &nbsp;&nbsp;6.7975 |
| &nbsp;&nbsp;&nbsp;&nbsp;Super Regional Mall | &nbsp;&nbsp;*3* | &nbsp;&nbsp;*165000000* | &nbsp;&nbsp;*21.4* | &nbsp;&nbsp;*44.0* | &nbsp;&nbsp;*44.0* | &nbsp;&nbsp;*2.35* | &nbsp;&nbsp;*18.0* | &nbsp;&nbsp;*17.1* | &nbsp;&nbsp;*7.0940* |
| &nbsp;&nbsp;&nbsp;&nbsp;Single Tenant | &nbsp;&nbsp;*207* | &nbsp;&nbsp;*50000000* | &nbsp;&nbsp;*6.5* | &nbsp;&nbsp;*31.6* | &nbsp;&nbsp;*31.6* | &nbsp;&nbsp;*3.34* | &nbsp;&nbsp;*20.8* | &nbsp;&nbsp;*19.7* | &nbsp;&nbsp;*5.8192* |
| &nbsp;&nbsp;**Hospitality** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**75674022** | &nbsp;&nbsp;**9.8** | &nbsp;&nbsp;**56.2** | &nbsp;&nbsp;**53.4** | &nbsp;&nbsp;**1.75** | &nbsp;&nbsp;**15.8** | &nbsp;&nbsp;**13.4** | &nbsp;&nbsp;**6.6883** |
| &nbsp;&nbsp;&nbsp;&nbsp;Full Service | &nbsp;&nbsp;*2* | &nbsp;&nbsp;*69174022* | &nbsp;&nbsp;*9.0* | &nbsp;&nbsp;*56.3* | &nbsp;&nbsp;*53.3* | &nbsp;&nbsp;*1.70* | &nbsp;&nbsp;*15.6* | &nbsp;&nbsp;*13.2* | &nbsp;&nbsp;*6.6768* |
| &nbsp;&nbsp;&nbsp;&nbsp;Limited Service | &nbsp;&nbsp;*1* | &nbsp;&nbsp;*6500000* | &nbsp;&nbsp;*0.8* | &nbsp;&nbsp;*55.1* | &nbsp;&nbsp;*55.1* | &nbsp;&nbsp;*2.33* | &nbsp;&nbsp;*17.8* | &nbsp;&nbsp;*16.1* | &nbsp;&nbsp;*6.8100* |
| &nbsp;&nbsp;**Self Storage** | &nbsp;&nbsp;**24** | &nbsp;&nbsp;**70989041** | &nbsp;&nbsp;**9.2** | &nbsp;&nbsp;**63.6** | &nbsp;&nbsp;**63.0** | &nbsp;&nbsp;**1.39** | &nbsp;&nbsp;**8.6** | &nbsp;&nbsp;**8.5** | &nbsp;&nbsp;**5.8371** |
| &nbsp;&nbsp;&nbsp;&nbsp;*Self Storage* | &nbsp;&nbsp;*24* | &nbsp;&nbsp;*70989041* | &nbsp;&nbsp;*9.2* | &nbsp;&nbsp;*63.6* | &nbsp;&nbsp;*63.0* | &nbsp;&nbsp;*1.39* | &nbsp;&nbsp;*8.6* | &nbsp;&nbsp;*8.5* | &nbsp;&nbsp;*5.8371* |
| &nbsp;&nbsp;**Mixed Use** | &nbsp;&nbsp;**1** | &nbsp;&nbsp;**60000000** | &nbsp;&nbsp;**7.8** | &nbsp;&nbsp;**59.9** | &nbsp;&nbsp;**59.9** | &nbsp;&nbsp;**1.33** | &nbsp;&nbsp;**10.2** | &nbsp;&nbsp;**9.7** | &nbsp;&nbsp;**7.2500** |
| &nbsp;&nbsp;&nbsp;&nbsp;*Multifamily/Office* | &nbsp;&nbsp;*1* | &nbsp;&nbsp;*60000000* | &nbsp;&nbsp;*7.8* | &nbsp;&nbsp;*59.9* | &nbsp;&nbsp;*59.9* | &nbsp;&nbsp;*1.33* | &nbsp;&nbsp;*10.2* | &nbsp;&nbsp;*9.7* | &nbsp;&nbsp;*7.2500* |
| &nbsp;&nbsp;**Industrial** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**54760000** | &nbsp;&nbsp;**7.1** | &nbsp;&nbsp;**65.9** | &nbsp;&nbsp;**65.9** | &nbsp;&nbsp;**1.53** | &nbsp;&nbsp;**10.8** | &nbsp;&nbsp;**10.3** | &nbsp;&nbsp;**6.6493** |
| &nbsp;&nbsp;&nbsp;&nbsp;Warehouse/Distribution | &nbsp;&nbsp;*1* | &nbsp;&nbsp;*20000000* | &nbsp;&nbsp;*2.6* | &nbsp;&nbsp;*58.9* | &nbsp;&nbsp;*58.9* | &nbsp;&nbsp;*1.52* | &nbsp;&nbsp;*10.7* | &nbsp;&nbsp;*10.1* | &nbsp;&nbsp;*6.5520* |
| &nbsp;&nbsp;&nbsp;&nbsp;Manufacturing | &nbsp;&nbsp;*1* | &nbsp;&nbsp;*20000000* | &nbsp;&nbsp;*2.6* | &nbsp;&nbsp;*70.5* | &nbsp;&nbsp;*70.5* | &nbsp;&nbsp;*1.57* | &nbsp;&nbsp;*11.1* | &nbsp;&nbsp;*10.7* | &nbsp;&nbsp;*6.7460* |
| &nbsp;&nbsp;&nbsp;&nbsp;Manufacturing/Warehouse | &nbsp;&nbsp;*1* | &nbsp;&nbsp;*14760000* | &nbsp;&nbsp;*1.9* | &nbsp;&nbsp;*69.3* | &nbsp;&nbsp;*69.3* | &nbsp;&nbsp;*1.50* | &nbsp;&nbsp;*10.4* | &nbsp;&nbsp;*10.1* | &nbsp;&nbsp;*6.6500* |
| &nbsp;&nbsp;**Office** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**45040000** | &nbsp;&nbsp;**5.8** | &nbsp;&nbsp;**61.6** | &nbsp;&nbsp;**61.6** | &nbsp;&nbsp;**1.77** | &nbsp;&nbsp;**13.4** | &nbsp;&nbsp;**12.3** | &nbsp;&nbsp;**6.8377** |
| &nbsp;&nbsp;&nbsp;&nbsp;*Suburban* | &nbsp;&nbsp;*2* | &nbsp;&nbsp;*45040000* | &nbsp;&nbsp;*5.8* | &nbsp;&nbsp;*61.6* | &nbsp;&nbsp;*61.6* | &nbsp;&nbsp;*1.77* | &nbsp;&nbsp;*13.4* | &nbsp;&nbsp;*12.3* | &nbsp;&nbsp;*6.8377* |
| &nbsp;&nbsp;**Total/Weighted Average** | &nbsp;&nbsp;**265** | &nbsp;&nbsp;**$771863063** | &nbsp;&nbsp;**100%** | &nbsp;&nbsp;**57.1%** | &nbsp;&nbsp;**56.8%** | &nbsp;&nbsp;**1.79** **x** | &nbsp;&nbsp;**12.9%** | &nbsp;&nbsp;**12.2%** | &nbsp;&nbsp;**6.5698%** |

---

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

---

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

---

---

| | |
|:---|:---|
| **Wells Fargo Commercial Mortgage Trust 2025-5C7** | Characteristics of the Mortgage Pool |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Location** | **Number of Mortgaged Properties** | **Aggregate <br> Cut-off Date Balance ($)** | **% of <br> Cut-off Date Balance (%)** | **Weighted Average Cut-off Date LTV Ratio (%)** | **Weighted Average Balloon LTV Ratio (%)** | **Weighted Average U/W NCF DSCR (x)** | **Weighted Average U/W NOI Debt Yield (%)** | **Weighted Average U/W NCF Debt Yield (%)** | **Weighted Average Interest Rate (%)** |
| &nbsp;&nbsp;New York | &nbsp;&nbsp;24 | &nbsp;&nbsp;$310412162 | &nbsp;&nbsp;40.2% | &nbsp;&nbsp;53.5% | &nbsp;&nbsp;53.4% | &nbsp;&nbsp;1.78 x | &nbsp;&nbsp;13.1% | &nbsp;&nbsp;12.6% | &nbsp;&nbsp;6.8437% |
| &nbsp;&nbsp;Florida | &nbsp;&nbsp;32 | &nbsp;&nbsp;77987391 | &nbsp;&nbsp;10.1 | &nbsp;&nbsp;53.2 | &nbsp;&nbsp;51.0 | &nbsp;&nbsp;1.79 | &nbsp;&nbsp;14.9 | &nbsp;&nbsp;12.9 | &nbsp;&nbsp;6.4470 |
| &nbsp;&nbsp;Pennsylvania | &nbsp;&nbsp;5 | &nbsp;&nbsp;70843878 | &nbsp;&nbsp;9.2 | &nbsp;&nbsp;67.4 | &nbsp;&nbsp;67.4 | &nbsp;&nbsp;1.29 | &nbsp;&nbsp;8.5 | &nbsp;&nbsp;8.2 | &nbsp;&nbsp;6.3779 |
| &nbsp;&nbsp;South Dakota | &nbsp;&nbsp;1 | &nbsp;&nbsp;60000000 | &nbsp;&nbsp;7.8 | &nbsp;&nbsp;59.4 | &nbsp;&nbsp;59.4 | &nbsp;&nbsp;2.24 | &nbsp;&nbsp;16.5 | &nbsp;&nbsp;15.3 | &nbsp;&nbsp;6.7160 |
| &nbsp;&nbsp;Texas | &nbsp;&nbsp;23 | &nbsp;&nbsp;40152694 | &nbsp;&nbsp;5.2 | &nbsp;&nbsp;60.8 | &nbsp;&nbsp;60.8 | &nbsp;&nbsp;1.51 | &nbsp;&nbsp;9.1 | &nbsp;&nbsp;8.9 | &nbsp;&nbsp;5.8087 |
| &nbsp;&nbsp;Other<sup>(2)</sup> | &nbsp;&nbsp;180 | &nbsp;&nbsp;212466939 | &nbsp;&nbsp;27.5 | &nbsp;&nbsp;59.1 | &nbsp;&nbsp;58.9 | &nbsp;&nbsp;1.91 | &nbsp;&nbsp;12.9 | &nbsp;&nbsp;12.3 | &nbsp;&nbsp;6.3813 |
| &nbsp;&nbsp;**Total/Weighted Average** | &nbsp;&nbsp;**265** | &nbsp;&nbsp;**$771863063** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**57.1%** | &nbsp;&nbsp;**56.8%** | &nbsp;&nbsp;**1.79** **x** | &nbsp;&nbsp;**12.9%** | &nbsp;&nbsp;**12.2%** | &nbsp;&nbsp;**6.5698%** |

---

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

(2) Includes 38 other states and Puerto Rico.

---

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

---

---

| | |
|:---|:---|
| **Wells Fargo Commercial Mortgage Trust 2025-5C7** | Characteristics of the Mortgage Pool |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **CUT-OFF DATE BALANCE** | **CUT-OFF DATE BALANCE** | **CUT-OFF DATE BALANCE** | **CUT-OFF DATE BALANCE** |
| **Range of Cut-off Date<br> Balances ($)** | &nbsp;&nbsp;**Number of<br> Mortgage<br> Loans** | &nbsp;&nbsp;**Aggregate <br> Cut-off Date Balance ($)** | &nbsp;&nbsp;**Percent by<br> Aggregate<br> Cut-off Date<br> Pool Balance (%)** |
| 6500000 - 8000000 | &nbsp;&nbsp;2 | &nbsp;&nbsp;$14100000 | &nbsp;&nbsp;1.8% |
| 8000001 - 11000000 | &nbsp;&nbsp;3 | &nbsp;&nbsp;32979570 | &nbsp;&nbsp;4.3 |
| 11000001 - 15000000 | &nbsp;&nbsp;3 | &nbsp;&nbsp;42260000 | &nbsp;&nbsp;5.5 |
| 15000001 - 20000000 | &nbsp;&nbsp;3 | &nbsp;&nbsp;57500000 | &nbsp;&nbsp;7.4 |
| 20000001 - 25000000 | &nbsp;&nbsp;5 | &nbsp;&nbsp;115740000 | &nbsp;&nbsp;15.0 |
| 25000001 - 50000000 | &nbsp;&nbsp;3 | &nbsp;&nbsp;131150000 | &nbsp;&nbsp;17.0 |
| 50000001 - 60000000 | &nbsp;&nbsp;4 | &nbsp;&nbsp;238183493 | &nbsp;&nbsp;30.9 |
| 60000001 - 70000000 | &nbsp;&nbsp;2 | &nbsp;&nbsp;139950000 | &nbsp;&nbsp;18.1 |
| **Total:** | &nbsp;&nbsp;**25** | &nbsp;&nbsp;**$771863063** | &nbsp;&nbsp;**100.0%** |
| **Average:** |  | &nbsp;&nbsp;**$30874523** |  |
| **UNDERWRITTEN NOI DEBT SERVICE COVERAGE RATIO** | **UNDERWRITTEN NOI DEBT SERVICE COVERAGE RATIO** | **UNDERWRITTEN NOI DEBT SERVICE COVERAGE RATIO** | **UNDERWRITTEN NOI DEBT SERVICE COVERAGE RATIO** |
| **Range of U/W NOI<br> DSCRs (x)** | &nbsp;&nbsp;**Number of<br> Mortgage<br> Loans** | &nbsp;&nbsp;**Aggregate <br> Cut-off Date Balance ($)** | &nbsp;&nbsp;**Percent by<br> Aggregate<br> Cut-off Date<br> Pool Balance (%)** |
| 1.26 - 1.30 | &nbsp;&nbsp;2 | &nbsp;&nbsp;$92450000 | &nbsp;&nbsp;12.0% |
| 1.31 - 1.40 | &nbsp;&nbsp;5 | &nbsp;&nbsp;114300000 | &nbsp;&nbsp;14.8 |
| 1.41 - 1.50 | &nbsp;&nbsp;3 | &nbsp;&nbsp;117139041 | &nbsp;&nbsp;15.2 |
| 1.51 - 2.00 | &nbsp;&nbsp;9 | &nbsp;&nbsp;215483493 | &nbsp;&nbsp;27.9 |
| 2.01 - 3.52 | &nbsp;&nbsp;6 | &nbsp;&nbsp;232490529 | &nbsp;&nbsp;30.1 |
| **Total:** | &nbsp;&nbsp;**25** | &nbsp;&nbsp;**$771863063** | &nbsp;&nbsp;**100.0%** |
| **Weighted Average:** |  | &nbsp;&nbsp;**1.89x** |  |
| **UNDERWRITTEN NOI DEBT YIELD** | **UNDERWRITTEN NOI DEBT YIELD** | **UNDERWRITTEN NOI DEBT YIELD** | **UNDERWRITTEN NOI DEBT YIELD** |
| **Range of U/W NOI<br> Debt Yields (%)** | &nbsp;&nbsp;**Number of<br> Mortgage<br> Loans** | &nbsp;&nbsp;**Aggregate <br> Cut-off Date Balance ($)** | &nbsp;&nbsp;**Percent by<br> Aggregate<br> Cut-off Date<br> Pool Balance (%)** |
| 7.9 - 9.0 | &nbsp;&nbsp;7 | &nbsp;&nbsp;$229700000 | &nbsp;&nbsp;29.8% |
| 9.1 - 10.0 | &nbsp;&nbsp;2 | &nbsp;&nbsp;40700000 | &nbsp;&nbsp;5.3 |
| 10.1 - 11.0 | &nbsp;&nbsp;4 | &nbsp;&nbsp;105749041 | &nbsp;&nbsp;13.7 |
| 11.1 - 12.0 | &nbsp;&nbsp;2 | &nbsp;&nbsp;35000000 | &nbsp;&nbsp;4.5 |
| 12.1 - 25.2 | &nbsp;&nbsp;10 | &nbsp;&nbsp;360714022 | &nbsp;&nbsp;46.7 |
| **Total:** | &nbsp;&nbsp;**25** | &nbsp;&nbsp;**$771863063** | &nbsp;&nbsp;**100.0%** |
| **Weighted Average:** |  | &nbsp;&nbsp;**12.9%** |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **LOAN PURPOSE** | **LOAN PURPOSE** | **LOAN PURPOSE** | **LOAN PURPOSE** |
| **Loan Purpose** | &nbsp;&nbsp;**Number of<br> Mortgage<br> Loans** | &nbsp;&nbsp;**Aggregate <br> Cut-off Date Balance ($)** | &nbsp;&nbsp;**Percent by<br> Aggregate<br> Cut-off Date<br> Pool Balance (%)** |
| Refinance | &nbsp;&nbsp;20 | &nbsp;&nbsp;$582769570 | &nbsp;&nbsp;75.5% |
| Acquisition | &nbsp;&nbsp;3 | &nbsp;&nbsp;92943493 | &nbsp;&nbsp;12.0 |
| Recapitalization | &nbsp;&nbsp;1 | &nbsp;&nbsp;50000000 | &nbsp;&nbsp;6.5 |
| Refinance/Acquisition | &nbsp;&nbsp;1 | &nbsp;&nbsp;46150000 | &nbsp;&nbsp;6.0 |
| **Total:** | &nbsp;&nbsp;**25** | &nbsp;&nbsp;**$771863063** | &nbsp;&nbsp;**100.0%** |
| **MORTGAGE RATE** | **MORTGAGE RATE** | **MORTGAGE RATE** | **MORTGAGE RATE** |
| **Range of Mortgage <br> Rates (%)** | &nbsp;&nbsp;**Number of<br> Mortgage<br> Loans** | &nbsp;&nbsp;**Aggregate <br> Cut-off Date Balance ($)** | &nbsp;&nbsp;**Percent by<br> Aggregate<br> Cut-off Date<br> Pool Balance (%)** |
| 5.8080 - 6.0000 | &nbsp;&nbsp;4 | &nbsp;&nbsp;$133489041 | &nbsp;&nbsp;17.3% |
| 6.0001 - 6.2500 | &nbsp;&nbsp;3 | &nbsp;&nbsp;86150000 | &nbsp;&nbsp;11.2 |
| 6.2501 - 6.5000 | &nbsp;&nbsp;4 | &nbsp;&nbsp;117550000 | &nbsp;&nbsp;15.2 |
| 6.5001 - 6.7500 | &nbsp;&nbsp;9 | &nbsp;&nbsp;300134022 | &nbsp;&nbsp;38.9 |
| 6.7501 - 7.0000 | &nbsp;&nbsp;3 | &nbsp;&nbsp;39540000 | &nbsp;&nbsp;5.1 |
| 7.0001 - 8.5000 | &nbsp;&nbsp;2 | &nbsp;&nbsp;95000000 | &nbsp;&nbsp;12.3 |
| **Total:** | &nbsp;&nbsp;**25** | &nbsp;&nbsp;**$771863063** | &nbsp;&nbsp;**100.0%** |
| **Weighted Average:** |  | &nbsp;&nbsp;**6.5698%** |  |
| **UNDERWRITTEN NCF DEBT SERVICE COVERAGE RATIO** | **UNDERWRITTEN NCF DEBT SERVICE COVERAGE RATIO** | **UNDERWRITTEN NCF DEBT SERVICE COVERAGE RATIO** | **UNDERWRITTEN NCF DEBT SERVICE COVERAGE RATIO** |
| **Range of U/W NCF<br> DSCRs (x)** | &nbsp;&nbsp;**Number of<br> Mortgage<br> Loans** | &nbsp;&nbsp;**Aggregate <br> Cut-off Date Balance ($)** | &nbsp;&nbsp;**Percent by<br> Aggregate<br> Cut-off Date<br> Pool Balance (%)** |
| 1.25 - 1.30 | &nbsp;&nbsp;4 | &nbsp;&nbsp;$111050000 | &nbsp;&nbsp;14.4% |
| 1.31 - 1.40 | &nbsp;&nbsp;5 | &nbsp;&nbsp;201850000 | &nbsp;&nbsp;26.2 |
| 1.41 - 1.50 | &nbsp;&nbsp;2 | &nbsp;&nbsp;25749041 | &nbsp;&nbsp;3.3 |
| 1.51 - 2.00 | &nbsp;&nbsp;9 | &nbsp;&nbsp;211714022 | &nbsp;&nbsp;27.4 |
| 2.01 - 3.34 | &nbsp;&nbsp;5 | &nbsp;&nbsp;221500000 | &nbsp;&nbsp;28.7 |
| **Total:** | &nbsp;&nbsp;**25** | &nbsp;&nbsp;**$771863063** | &nbsp;&nbsp;**100.0%** |
| **Weighted Average:** |  | &nbsp;&nbsp;**1.79x** |  |
| **UNDERWRITTEN NCF DEBT YIELD** | **UNDERWRITTEN NCF DEBT YIELD** | **UNDERWRITTEN NCF DEBT YIELD** | **UNDERWRITTEN NCF DEBT YIELD** |
| **Range of U/W NCF<br> Debt Yields (%)** | &nbsp;&nbsp;**Number of<br> Mortgage<br> Loans** | &nbsp;&nbsp;**Aggregate <br> Cut-off Date Balance ($)** | &nbsp;&nbsp;**Percent by<br> Aggregate<br> Cut-off Date<br> Pool Balance (%)** |
| 7.8 - 9.0 | &nbsp;&nbsp;8 | &nbsp;&nbsp;$252900000 | &nbsp;&nbsp;32.8% |
| 9.1 - 10.0 | &nbsp;&nbsp;2 | &nbsp;&nbsp;77500000 | &nbsp;&nbsp;10.0 |
| 10.1 - 11.0 | &nbsp;&nbsp;4 | &nbsp;&nbsp;65749041 | &nbsp;&nbsp;8.5 |
| 11.1 - 15.0 | &nbsp;&nbsp;6 | &nbsp;&nbsp;154214022 | &nbsp;&nbsp;20.0 |
| 15.1 - 23.1 | &nbsp;&nbsp;5 | &nbsp;&nbsp;221500000 | &nbsp;&nbsp;28.7 |
| **Total:** | &nbsp;&nbsp;**25** | &nbsp;&nbsp;**$771863063** | &nbsp;&nbsp;**100.0%** |
| **Weighted Average:** |  | &nbsp;&nbsp;**12.2%** |  |

---

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

---

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

---

---

| | |
|:---|:---|
| **Wells Fargo Commercial Mortgage Trust 2025-5C7** | Characteristics of the Mortgage Pool |

---

---

| | | | |
|:---|:---|:---|:---|
| <br> **ORIGINAL TERM TO MATURITY** | <br> **ORIGINAL TERM TO MATURITY** | <br> **ORIGINAL TERM TO MATURITY** | <br> **ORIGINAL TERM TO MATURITY** |
| **Original Terms to<br> Maturity (months)** | &nbsp;&nbsp;**Number of<br> Mortgage<br> Loans** | &nbsp;&nbsp;**Aggregate Cut-<br> off Date Balance** | &nbsp;&nbsp;**Percent by<br> Aggregate<br> Cut-off Date<br> Pool Balance (%)** |
| 60 | &nbsp;&nbsp;25 | &nbsp;&nbsp;$771863063 | &nbsp;&nbsp;100.0% |
| **Total:** | &nbsp;&nbsp;**25** | &nbsp;&nbsp;**$771863063** | &nbsp;&nbsp;**100.0%** |
| **Weighted Average:** |  | &nbsp;&nbsp;**60 Months** |  |
| **REMAINING TERM TO MATURITY** | **REMAINING TERM TO MATURITY** | **REMAINING TERM TO MATURITY** | **REMAINING TERM TO MATURITY** |
| **Range of Remaining<br> Terms to Maturity (months)** | &nbsp;&nbsp;**Number of<br> Mortgage<br> Loans** | &nbsp;&nbsp;**Aggregate Cut-<br> off Date Balance** | &nbsp;&nbsp;**Percent by<br> Aggregate<br> Cut-off Date<br> Pool Balance (%)** |
| 56 - 60 | &nbsp;&nbsp;25 | &nbsp;&nbsp;$771863063 | &nbsp;&nbsp;100.0% |
| **Total:** | &nbsp;&nbsp;**25** | &nbsp;&nbsp;**$771863063** | &nbsp;&nbsp;**100.0%** |
| **Weighted Average:** |  | &nbsp;&nbsp;**59 Months** |  |
| **ORIGINAL AMORTIZATION TERM<sup>(1)</sup>** | **ORIGINAL AMORTIZATION TERM<sup>(1)</sup>** | **ORIGINAL AMORTIZATION TERM<sup>(1)</sup>** | **ORIGINAL AMORTIZATION TERM<sup>(1)</sup>** |
| **Original<br> Amortization Terms<br> (months)** | &nbsp;&nbsp;**Number of<br> Mortgage<br> Loans** | &nbsp;&nbsp;**Aggregate Cut-<br> off Date Balance** | &nbsp;&nbsp;**Percent by<br> Aggregate<br> Cut-off Date<br> Pool Balance (%)** |
| Non-Amortizing | &nbsp;&nbsp;22 | &nbsp;&nbsp;$691700000 | &nbsp;&nbsp;89.6% |
| 360 | &nbsp;&nbsp;3 | &nbsp;&nbsp;80163063 | &nbsp;&nbsp;10.4 |
| **Total:** | &nbsp;&nbsp;**25** | &nbsp;&nbsp;**$771863063** | &nbsp;&nbsp;**100.0%** |
| **Weighted Average<sup>(3)</sup>:** |  | &nbsp;&nbsp;**360 Months** |  |
| **REMAINING AMORTIZATION TERM<sup>(2)</sup>** | **REMAINING AMORTIZATION TERM<sup>(2)</sup>** | **REMAINING AMORTIZATION TERM<sup>(2)</sup>** | **REMAINING AMORTIZATION TERM<sup>(2)</sup>** |
| **Range of Remaining Amortization Terms<br> (months)** | &nbsp;&nbsp;**Number of<br> Mortgage<br> Loans** | &nbsp;&nbsp;**Aggregate Cut-<br> off Date Balance** | &nbsp;&nbsp;**Percent by<br> Aggregate<br> Cut-off Date<br> Pool Balance (%)** |
| Non-Amortizing | &nbsp;&nbsp;22 | &nbsp;&nbsp;$691700000 | &nbsp;&nbsp;89.6% |
| 358 - 359 | &nbsp;&nbsp;3 | &nbsp;&nbsp;80163063 | &nbsp;&nbsp;10.4 |
| **Total:** | &nbsp;&nbsp;**25** | &nbsp;&nbsp;**$771863063** | &nbsp;&nbsp;**100.0%** |
| **Weighted Average<sup>(3)</sup>:** |  | &nbsp;&nbsp;**358 Months** |  |
| **LOCKBOXES** | **LOCKBOXES** | **LOCKBOXES** | **LOCKBOXES** |
| **Type of Lockbox** | &nbsp;&nbsp;**Number of<br> Mortgage<br> Loans** | &nbsp;&nbsp;**Aggregate Cut-<br> off Date Balance** | &nbsp;&nbsp;**Percent by<br> Aggregate<br> Cut-off Date<br> Pool Balance (%)** |
| Hard / Springing Cash Management | &nbsp;&nbsp;10 | &nbsp;&nbsp;$348974022 | &nbsp;&nbsp;45.2% |
| Springing | &nbsp;&nbsp;12 | &nbsp;&nbsp;316889041 | &nbsp;&nbsp;41.1 |
| Soft (Residential); Hard (Commercial) / Springing Cash Management | &nbsp;&nbsp;2 | &nbsp;&nbsp;71000000 | &nbsp;&nbsp;9.2 |
| Hard / In Place Cash Management | &nbsp;&nbsp;1 | &nbsp;&nbsp;35000000 | &nbsp;&nbsp;4.5 |
| **Total:** | &nbsp;&nbsp;**25** | &nbsp;&nbsp;**$771863063** | &nbsp;&nbsp;**100.0%** |
| **PREPAYMENT PROVISION SUMMARY** | **PREPAYMENT PROVISION SUMMARY** | **PREPAYMENT PROVISION SUMMARY** | **PREPAYMENT PROVISION SUMMARY** |
| **Prepayment Provision** | &nbsp;&nbsp;**Number of<br> Mortgage<br> Loans** | &nbsp;&nbsp;**Aggregate Cut-<br> off Date Balance** | &nbsp;&nbsp;**Percent by<br> Aggregate<br> Cut-off Date<br> Pool Balance (%)** |
| Lockout / Defeasance / Open | &nbsp;&nbsp;17 | &nbsp;&nbsp;$432673063 | &nbsp;&nbsp;56.1% |
| Lockout / GRTR 1% or YM / Open | &nbsp;&nbsp;7 | &nbsp;&nbsp;279190000 | &nbsp;&nbsp;36.2 |
| GRTR 1% or YM / GRTR 1% or YM or Defeasance / Open | &nbsp;&nbsp;1 | &nbsp;&nbsp;60000000 | &nbsp;&nbsp;7.8 |
| **Total:** | &nbsp;&nbsp;**25** | &nbsp;&nbsp;**$771863063** | &nbsp;&nbsp;**100.0%** |

---

---

| | | | |
|:---|:---|:---|:---|
| **CUT-OFF DATE LOAN-TO-VALUE RATIO** | **CUT-OFF DATE LOAN-TO-VALUE RATIO** | **CUT-OFF DATE LOAN-TO-VALUE RATIO** | **CUT-OFF DATE LOAN-TO-VALUE RATIO** |
| **Range of Cut-off <br> Date LTV Ratios (%)** | &nbsp;&nbsp;**Number of<br> Mortgage<br> Loans** | &nbsp;&nbsp;**Aggregate Cut-<br> off Date Balance** | &nbsp;&nbsp;**Percent by<br> Aggregate<br> Cut-off Date<br> Pool Balance (%)** |
| 31.6 - 40.0 | &nbsp;&nbsp;3 | &nbsp;&nbsp;$155000000 | &nbsp;&nbsp;20.1% |
| 40.1 - 55.0 | &nbsp;&nbsp;1 | &nbsp;&nbsp;58183493 | &nbsp;&nbsp;7.5 |
| 55.1 - 60.0 | &nbsp;&nbsp;8 | &nbsp;&nbsp;222040000 | &nbsp;&nbsp;28.8 |
| 60.1 - 65.0 | &nbsp;&nbsp;3 | &nbsp;&nbsp;95700000 | &nbsp;&nbsp;12.4 |
| 65.1 - 72.8 | &nbsp;&nbsp;10 | &nbsp;&nbsp;240939570 | &nbsp;&nbsp;31.2 |
| **Total:** | &nbsp;&nbsp;**25** | &nbsp;&nbsp;**$771863063** | &nbsp;&nbsp;**100.0%** |
| **Weighted Average:** |  | &nbsp;&nbsp;**57.1%** |  |
| **BALLOON or ARD LOAN-TO-VALUE RATIO** | **BALLOON or ARD LOAN-TO-VALUE RATIO** | **BALLOON or ARD LOAN-TO-VALUE RATIO** | **BALLOON or ARD LOAN-TO-VALUE RATIO** |
| **Range of Balloon LTV Ratios (%)** | &nbsp;&nbsp;**Number of<br> Mortgage<br> Loans** | &nbsp;&nbsp;**Aggregate Cut-<br> off Date Balance** | &nbsp;&nbsp;**Percent by<br> Aggregate<br> Cut-off Date<br> Pool Balance (%)** |
| 31.6 - 40.0 | &nbsp;&nbsp;3 | &nbsp;&nbsp;$155000000 | &nbsp;&nbsp;20.1% |
| 40.1 - 55.0 | &nbsp;&nbsp;1 | &nbsp;&nbsp;58183493 | &nbsp;&nbsp;7.5 |
| 55.1 - 60.0 | &nbsp;&nbsp;8 | &nbsp;&nbsp;222040000 | &nbsp;&nbsp;28.8 |
| 60.1 - 65.0 | &nbsp;&nbsp;5 | &nbsp;&nbsp;117679570 | &nbsp;&nbsp;15.2 |
| 65.1 - 72.8 | &nbsp;&nbsp;8 | &nbsp;&nbsp;218960000 | &nbsp;&nbsp;28.4 |
| **Total:** | &nbsp;&nbsp;**25** | &nbsp;&nbsp;**$771863063** | &nbsp;&nbsp;**100.0%** |
| **Weighted Average:** |  | &nbsp;&nbsp;**56.8%** |  |
| **AMORTIZATION TYPE** | **AMORTIZATION TYPE** | **AMORTIZATION TYPE** | **AMORTIZATION TYPE** |
| **Amortization Type** | &nbsp;&nbsp;**Number of<br> Mortgage<br> Loans** | &nbsp;&nbsp;**Aggregate Cut-<br> off Date Balance** | &nbsp;&nbsp;**Percent by<br> Aggregate<br> Cut-off Date<br> Pool Balance (%)** |
| Interest Only | &nbsp;&nbsp;22 | &nbsp;&nbsp;$691700000 | &nbsp;&nbsp;89.6% |
| Amortizing Balloon | &nbsp;&nbsp;3 | &nbsp;&nbsp;80163063 | &nbsp;&nbsp;10.4 |
| **Total:** | &nbsp;&nbsp;**25** | &nbsp;&nbsp;**$771863063** | &nbsp;&nbsp;**100.0%** |
| **SEASONING** | **SEASONING** | **SEASONING** | **SEASONING** |
| **Seasoning (months)** | &nbsp;&nbsp;**Number of<br> Mortgage<br> Loans** | &nbsp;&nbsp;**Aggregate Cut-<br> off Date Balance** | &nbsp;&nbsp;**Percent by<br> Aggregate<br> Cut-off Date<br> Pool Balance (%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;4 | &nbsp;&nbsp;$83300000 | &nbsp;&nbsp;10.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;14 | &nbsp;&nbsp;399379570 | &nbsp;&nbsp;51.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;6 | &nbsp;&nbsp;278183493 | &nbsp;&nbsp;36.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;1 | &nbsp;&nbsp;11000000 | &nbsp;&nbsp;1.4 |
| **Total:** | &nbsp;&nbsp;**25** | &nbsp;&nbsp;**$771863063** | &nbsp;&nbsp;**100.0%** |
| **Weighted Average:** |  | &nbsp;&nbsp;**1 Month** |  |

---

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

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

(3) Excludes the non-amortizing mortgage loans.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Super Regional Mall | &nbsp;&nbsp;Loan #1 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$70000000 |
| &nbsp;&nbsp;200 Baychester Avenue | &nbsp;&nbsp;**Mall at Bay Plaza** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;34.5% |
| &nbsp;&nbsp;The Bronx, NY 10475 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.29x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;15.6% |

---

![](n5438prets_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. |
| 13 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Super Regional Mall | &nbsp;&nbsp;Loan #1 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$70000000 |
| &nbsp;&nbsp;200 Baychester Avenue | &nbsp;&nbsp;**Mall at Bay Plaza** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;34.5% |
| &nbsp;&nbsp;The Bronx, NY 10475 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.29x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;15.6% |

---

![](n5438prets_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. |
| 14 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Super Regional Mall | &nbsp;&nbsp;Loan #1 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$70000000 |
| &nbsp;&nbsp;200 Baychester Avenue | &nbsp;&nbsp;**Mall at Bay Plaza** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;34.5% |
| &nbsp;&nbsp;The Bronx, NY 10475 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.29x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;15.6% |

---

![](n5438prets_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. |
| 15 |

---

&nbsp;&nbsp;**Mortgage Loan No. 1 – Mall at Bay Plaza**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| **Mortgage Loan Seller:** | JPMCB | JPMCB | JPMCB | **Single Asset/Portfolio:** | Single Asset |
| **Credit Assessment (Fitch/S&P/MDBRS):** | BBB-/NR/A | BBB-/NR/A | BBB-/NR/A | **Location:** | The Bronx, NY 10475 |
| **Original Balance<sup>(1)</sup>:** | $70000000 | $70000000 | $70000000 | **General Property Type:** | Retail |
| **Cut-off Date Balance<sup>(1)</sup>:** | $70000000 | $70000000 | $70000000 | **Detailed Property Type:** | Super Regional Mall |
| **% of Initial Pool Balance:** | 9.1% | 9.1% | 9.1% | **Title Vesting:** | Fee |
| **Loan Purpose:** | Refinance | Refinance | Refinance | **Year Built/Renovated:** | 2014/NAP |
| **Borrower Sponsor:** | Prestige Properties & Development | Prestige Properties & Development | Prestige Properties & Development | **Size<sup>(4)</sup>:** | 695,857 SF |
| **Guarantors:** | Sami Shalem and Irving Pergament | Sami Shalem and Irving Pergament | Sami Shalem and Irving Pergament | **Cut-off Date Balance PSF<sup>(1)</sup>:** | $244 |
| **Mortgage Rate<sup>(2)</sup>:** | 6.7150% | 6.7150% | 6.7150% | **Maturity Date Balance PSF<sup>(1)</sup>:** | $244 |
| **Note Date:** | 10/31/2025 | 10/31/2025 | 10/31/2025 | **Property Manager:** | Prestige Properties & |
| **Maturity Date:** | 11/1/2030 | 11/1/2030 | 11/1/2030 |  | Development Co., Inc. |
| **Term to Maturity:** | 60 months | 60 months | 60 months |  | (Borrower-related) |
| **Amortization Term:** | 0 months | 0 months | 0 months | &nbsp;&nbsp;**Underwriting and Financial Information** | &nbsp;&nbsp;**Underwriting and Financial Information** |
| **IO Period:** | 60 months | 60 months | 60 months | **UW NOI<sup>(5)</sup>:** | $26538392 |
| **Seasoning:** | 1 month | 1 month | 1 month | **UW NCF:** | $26482560 |
| **Prepayment Provisions:** | L(25),YM1(29),O(6) | L(25),YM1(29),O(6) | L(25),YM1(29),O(6) | **UW NOI Debt Yield<sup>(1)</sup>:** | 15.6% |
| **Lockbox/Cash Mgmt Status:** | Hard/Springing | Hard/Springing | Hard/Springing | **UW NCF Debt Yield<sup>(1)</sup>:** | 15.6% |
| **Additional Debt Type<sup>(1)</sup>:** | *Pari Passu/*B-Note | *Pari Passu/*B-Note | *Pari Passu/*B-Note | **UW NOI Debt Yield at Maturity<sup>(1)</sup>:** | 15.6% |
| **Additional Debt Balance<sup>(1)</sup>:** | $100,000,000/$110,000,000 | $100,000,000/$110,000,000 | $100,000,000/$110,000,000 | **UW NCF DSCR<sup>(1)</sup>:** | 2.29x |
| **Future Debt Permitted (Type):** | Yes (Mezzanine) | Yes (Mezzanine) | Yes (Mezzanine) | **Most Recent NOI<sup>(5)</sup>:** | $26,227,930 (9/30/2025 TTM) |
|  |  |  |  | **2nd Most Recent NOI:** | $26,641,518 (12/31/2024) |
|  |  |  |  | **3rd Most Recent NOI:** | $26,551,097 (12/31/2023) |
| &nbsp;&nbsp;**Reserves<sup>(3)</sup>** | &nbsp;&nbsp;**Reserves<sup>(3)</sup>** | &nbsp;&nbsp;**Reserves<sup>(3)</sup>** | &nbsp;&nbsp;**Reserves<sup>(3)</sup>** | **Most Recent Occupancy<sup>(5)(6)</sup>:** | 91.6% (10/29/2025) |
| **<u>Type</u>** | **<u>Initial</u>** | **<u>Monthly</u>** | **<u>Cap</u>** | **2nd Most Recent Occupancy<sup>(6)</sup>:** | 96.3% (12/31/2024) |
| **Tax Reserve** | $1384553 | &nbsp;&nbsp;Springing | NAP | **3rd Most Recent Occupancy<sup>(6)</sup>:** | 96.3% (12/31/2023) |
| **Insurance Reserve** | $0 | &nbsp;&nbsp;Springing | NAP | **Appraised Value (as of)<sup>(7)</sup>:** | $492,274,298 (Various) |
| **HVAC Replacement Reserve** | $2990000 | &nbsp;&nbsp;$0 | NAP | **Appraised Value PSF<sup>(7)</sup>:** | $707 |
| **Replacement Reserve** | $4653 | &nbsp;&nbsp;$4653 | $111664 | **Cut-off Date LTV Ratio<sup>(1)(7)</sup>:** | 34.5% |
| **Lease Rollover Reserve** | $6000000 | &nbsp;&nbsp;Springing | NAP | **Maturity Date LTV Ratio<sup>(1)(7)</sup>:** | 34.5% |
| **Outstanding TI Reserve** | $3335236 | &nbsp;&nbsp;$0 | NAP |  |  |
| **Gap Rent Reserve** | $583333 | &nbsp;&nbsp;$0 | NAP |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Sources and Uses** | **Sources and Uses** | **Sources and Uses** | **Sources and Uses** | **Sources and Uses** | **Sources and Uses** |
| **Sources** | **Proceeds** | **% of Total** | **Uses** | **Proceeds** | **% of Total** |
| Senior Loan Amount: | $170000000 | 55.5% | Loan Payoff: | $291124640 | 95.1% |
| Subordinate Loan Amount: | $110000000 | 35.9% | Upfront Reserves: | $14297775 | 4.7% |
| Borrower Equity: | $26222520 | 8.6% | Closing Costs: | $800106 | 0.3% |
| **Total Sources:** | **$306222520** | **100.0%** | **Total Uses:** | **$306222520** | **100.0%** |

---

(1) The Mall at Bay Plaza Mortgage Loan (as defined below) is part of the Mall at Bay Plaza Whole Loan (as
defined below) evidenced by (i) three *pari passu* senior promissory notes with an aggregate original principal balance of $170,000,000
and (ii) one subordinate note with an original principal balance of $110,000,000. The Cut-off Date Balance PSF, Maturity Date Balance
PSF, UW NOI Debt Yield, UW NCF Debt Yield, UW NOI Debt Yield at Maturity, UW NCF DSCR, Cut-off Date LTV Ratio and Maturity Date LTV Ratio
presented above are based on the aggregate principal balance of the promissory notes comprising the Mall at Bay Plaza Senior Loan (as
defined below). The Cut-off Date Balance PSF, Maturity Date Balance PSF, UW NOI Debt Yield, UW NCF Debt Yield, UW NOI Debt Yield at Maturity,
UW NCF DSCR, Cut-off Date LTV Ratio and Maturity Date LTV Ratio based on the principal balance of the Mall at Bay Plaza Whole Loan are
$402, $402, 9.5%, 9.5%, 9.5%, 1.42x, 56.9% and 56.9%, respectively.

(2) Mortgage Rate is reflective of the mortgage rate for the Mall at Bay Plaza Senior Loan. See "*Subordinate Debt*" herein for information on the Mall at Bay Plaza Trust Subordinate Companion Loan (as defined below) and the Mall at Bay
Plaza Whole Loan metrics.

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

(4) Inclusive of 323,645 SF associated with ground leased anchor boxes occupied by Macy's and JCPenney.

(5) UW NOI and Most Recent Occupancy assumes 37,588 SF leased to LA Fitness as vacant. LA Fitness is currently
dark, though continuing to pay contractual rent.

(6) Historical occupancy and Most Recent Occupancy figures, as presented above, are inclusive of Macy's
and JCPenney's ground leased square footage (323,645 SF), as provided by the borrower sponsor.

(7) Appraised Value (as of) represents the "Total Prospective Market Value Assuming Reserve Account
Funded" value which is the aggregate of the "Prospective Market Value Subject to Extraordinary Assumption Assuming a Reserve
Account Funded" value and the "Excess Land (Lot 17) - Market Value As Is" value, as of September 15, 2025 and August
13, 2025, respectively, which is based on the extraordinary assumption that the cost of outstanding tenant improvement allowances and
leasing commissions have been fully escrowed and will be available to fund such tenant improvements. The Excess Land (Lot 17) –
Market Value As Is value represents the Market Value As Is value of Lot 17, a 35,575 SF vacant lot utilized for parking which is ground
leased to a borrower-affiliate. Upon origination of the Mall at Bay Plaza Whole Loan $3,918,569 was deposited into an Outstanding TI/Free
Rent Reserve to fund all obligations. The appraiser also concluded to an "as-is" value for the Mall at Bay Plaza Property
(as defined below) of $475,000,000 as of August 13, 2025. Based on the "as-is" appraised value, the Mall at Bay Plaza Senior
Loan results in a Cut-off Date LTV and Maturity Date LTV Ratio of 35.8% and 35.8%, respectively, and the Mall at Bay Plaza Whole Loan
results in a Cut-off Date LTV Ratio and Maturity Date LTV Ratio of 58.9% and 58.9%, respectively.

 ****

***The Mortgage Loan.*** The largest mortgage loan (the "Mall at Bay Plaza Mortgage Loan") is part of a whole loan (the "Mall at Bay Plaza Whole Loan") comprised of (i) three *pari passu* senior promissory notes with an aggregate original principal balance of $170,000,000 (collectively, the "Mall at Bay Plaza Senior Loan") and (ii) one subordinate note with an original principal balance of $110,000,000 (the "Mall at Bay Plaza Trust Subordinate Companion Loan"). The Mall at Bay Plaza Mortgage Loan is comprised of Note A-1, with an outstanding principal balance as of the Cut-off Date of $70,000,000. The Mall at Bay Plaza Whole Loan is secured by a first priority fee mortgage encumbering a 695,857 SF (inclusive of 323,645 SF attributable to ground leased anchor boxes occupied by Macy's and JCPenney) retail property located in The Bronx, New York (the "Mall at Bay Plaza Property"). The Mall at Bay Plaza

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Super Regional Mall | &nbsp;&nbsp;Loan #1 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$70000000 |
| &nbsp;&nbsp;200 Baychester Avenue | &nbsp;&nbsp;**Mall at Bay Plaza** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;34.5% |
| &nbsp;&nbsp;The Bronx, NY 10475 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.29x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;15.6% |

---

Whole Loan will be serviced pursuant to the pooling and servicing agreement for the WFCM 2025-5C7 securitization trust. See "*Description of the Mortgage Pool—The Whole Loans—The Serviced AB Whole Loans—The Mall at Bay Plaza Whole Loan*" and "*Pooling and Servicing Agreement*" in the prospectus.

The table below summarizes the promissory notes that comprise the Mall at Bay Plaza Whole Loan:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mall at Bay Plaza Whole Loan Summary** | &nbsp;&nbsp;**Mall at Bay Plaza Whole Loan Summary** | &nbsp;&nbsp;**Mall at Bay Plaza Whole Loan Summary** | &nbsp;&nbsp;**Mall at Bay Plaza Whole Loan Summary** | &nbsp;&nbsp;**Mall at Bay Plaza Whole Loan Summary** |
| &nbsp;&nbsp;**Note** | &nbsp;&nbsp;**Original Balance** | &nbsp;&nbsp;**Cut-off Date Balance** | &nbsp;&nbsp;**Note Holder** | &nbsp;&nbsp;**Controlling Note** |
| &nbsp;&nbsp;**A-1** | &nbsp;&nbsp;**$70000000** | &nbsp;&nbsp;**$70000000** | &nbsp;&nbsp;**WFCM 2025-5C7** | &nbsp;&nbsp;**No<sup>(3)</sup>** |
| &nbsp;&nbsp;A-2 | &nbsp;&nbsp;$30000000 | &nbsp;&nbsp;$30000000 | &nbsp;&nbsp;BANK5 2025-5YR18 | &nbsp;&nbsp;No |
| &nbsp;&nbsp;A-3<sup>(1)</sup> | &nbsp;&nbsp;$70000000 | &nbsp;&nbsp;$70000000 | &nbsp;&nbsp;JPMCB | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**Senior Notes** | &nbsp;&nbsp;**$170000000** | &nbsp;&nbsp;**$170000000** |  |  |
| &nbsp;&nbsp;**B** | &nbsp;&nbsp;**$110000000** | &nbsp;&nbsp;**$110000000** | &nbsp;&nbsp;**WFCM 2025-5C7 (loan-specific certificates)<sup>(2)</sup>** | &nbsp;&nbsp;**Yes<sup>(3)</sup>** |
| &nbsp;&nbsp;**Whole Loan** | &nbsp;&nbsp;**$280000000** | &nbsp;&nbsp;**$280000000** |  |  |

---

(1) Expected to be contributed to one or more future securitization transactions or may otherwise be transferred
at any time.

(2) Note B (the "Mall at Bay Plaza Trust Subordinate Companion Loan") serves as collateral only
with respect to the loan-specific certificates related to Mall at Bay Plaza Trust Subordinate Companion Loan (the "Mall at Bay Plaza
Loan-Specific Certificates"). The Mall at Bay Plaza Trust Subordinate Companion Loan is not part of the pool of mortgage loans securing
the WFCM 2025-5C7 pooled certificates. See "*Description of the Mortgage Pool—The Whole Loans—The Serviced AB Whole Loans—The Mall at Bay Plaza Whole Loan*" in the prospectus.

(3) Pursuant to the related co-lender agreement, the holder of Note B is the controlling noteholder unless
a "control appraisal period" has occurred and is continuing under the co-lender agreement, in which case Note A-1 will become
the controlling noteholder. For so long as the Mall at Bay Plaza Trust Subordinate Companion Loan is included in the WFCM 2025-5C7 securitization
and no control appraisal event has occurred, such rights will be exercised by the controlling class representative of the WFCM 2025-5C7
Mall at Bay Plaza Loan-Specific Certificates.

 ****

***The Borrowers and the Borrower Sponsor.*** The Borrowers (as defined herein) for the Mall at Bay Plaza Whole Loan are Mall 1-Bay Plaza, LLC ("Mall 1-BP"), Mall 2-Bay Plaza, LLC ("Mall 2-BP") and Bay Plaza Mall, LLC ("Bay Plaza", collectively with Mall 1-BP and Mall 2-BP, the "Borrowers"), each a New York limited liability company and single purpose entity.

The borrower sponsor is Prestige Properties & Development. Founded in 1984 by Sami Shalem and Irving Pergament, Prestige Properties & Development is a real estate company specializing in the ownership, development and management of Class A retail and office properties. The borrower sponsor has a portfolio comprised of 18 assets approximately 7,200,000 square feet, inclusive of The Bay Plaza complex, made up of the Mall at Bay Plaza Property and the adjacent Bay Plaza Community Center. Both Sami Shalem and Irving Pergament (as individuals) serve as the non-recourse carveout guarantors for the Mall at Bay Plaza Whole Loan. Legal counsel to the Borrowers delivered a non-consolidation opinion in connection with the origination of the Mall at Bay Plaza Whole Loan.

***The Property.*** Developed by the borrower sponsor in 2014 for approximately $403.9 million, the Mall at Bay Plaza Property is a 695,857 SF (inclusive of 323,645 SF attributable to ground leased anchor boxes occupied by Macy's and JCPenney) super regional mall located in The Bronx, New York, situated on an approximately 21-acre parcel. The Mall at Bay Plaza Property is located at the northwest corner of the Hudson River Parkway Extension and Baychester Avenue in the Baychester neighborhood of The Bronx, adjacent to Co-Op City, the largest cooperative community in the world, with over 15,000 units, 35 high-rise residential buildings and over 50,000 residents. The Mall at Bay Plaza Property lies within the intersection of the Hutchinson River parkway and Interstate 95; two major highways in the region. The Mall at Bay Plaza Property has 2,320 parking spaces, resulting in a parking ratio of approximately 3.33 spaces per thousand SF. The Mall at Bay Plaza Property is also well served by public transportation, with several MTA bus lines in place and Metro North constructing a train station less than a mile from the Mall at Bay Plaza Property.

The Mall at Bay Plaza Property benefits from its anchors JCPenney (which location at the Mall at Bay Plaza Property, according to the appraisal, is one of the top performing locations in the nation for the brand) and Macy's. JCPenney has been in place at the Mall at Bay Plaza Property since 1997 and Macy's tenancy was secured by the borrower sponsor in 2012 during the pre-development stage of the Mall at Bay Plaza Property. Most recently, JCPenney and Macy's reported sales in 2024 of $23.6 million and $43.5 million, respectively, in-line with or outperforming national averages. Additionally, the Mall at Bay Plaza Property features the only Apple store in The Bronx, which generated sales of $42.3 million in 2024.

The Mall at Bay Plaza Property attracts approximately 14.7 million visitors annually and has a trade area of over 1.4 million people, which, per the appraisal and a third-party market research report, make the Mall at Bay Plaza Property the highest trafficked among its competitive set. The Mall at Bay Plaza Property has historically benefited from high tenant demand with occupancy averaging 94.8% since 2017. Further, the Mall at Bay Plaza Property is 91.6% leased to 87 national and regional tenants, as of October 2025. Recently, the borrower sponsor backfilled 33,788 SF (4.9% NRA) formerly occupied by Forever 21, with Zara which is expected to take occupancy in April 2026. Since 2022, the borrower sponsor has executed new and renewal leases accounting for approximately 33.3% of NRA, with positive leasing spread of 1.9% on average, while converting approximately 40,000 SF of tenancy to triple net ("NNN") leases, demonstrating outsized tenant demand and strength of retail offering relative to market. The Mall at Bay Plaza Property benefits from long term tenancy with 58.8% of UW Rent attributable to tenants in occupancy prior to 2016. The Mall at Bay Plaza Property has reported strong sales with total in-line sales of $750 PSF in 2024 (based on reporting tenants SF with less than 10,500 SF leased, excluding Apple), 53.4% greater than the national average mall sales of $489 PSF.

 ****

 ****

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Super Regional Mall | &nbsp;&nbsp;Loan #1 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$70000000 |
| &nbsp;&nbsp;200 Baychester Avenue | &nbsp;&nbsp;**Mall at Bay Plaza** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;34.5% |
| &nbsp;&nbsp;The Bronx, NY 10475 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.29x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;15.6% |

---

The Mall at Bay Plaza Property is comprised of nine tax lots/parcels, six of which benefit from the 25-year Industrial and Commercial Abatement Program ("ICAP"). Under ICAP, only 10% of the gross square footage in commercial buildings used for retail purposes is eligible to receive a 25-year ICAP benefit. Any square footage used for retail purposes above 10% of the gross square footage in the commercial building is eligible to receive a 15-year ICAP benefit. Therefore, only 10% of the Mall at Bay Plaza Property is benefitting from a full 25-year ICAP and the remaining 90% of the Mall at Bay Plaza Property is benefitting from a 15-year ICAP. With respect to the portion of the Mall at Bay Plaza Property benefitting from the 25-year ICAP benefit, (a) during the first 16 years of the exemption period, each lot benefits from a 100% exemption on the assessed value and (b) during the final nine years of the exemption period, the exemption is phased out in 10% increments. With respect to the portion of the Mall at Bay Plaza Property benefitting from the 15-year ICAP benefit, (a) during the first 11 years of the exemption period, each lot benefits from a 100% exemption on the assessed value and (b) during the final four years of the exemption period, the exemption is phased out in 20% increments. Five of the tax abatements commenced in tax year 2015/2016 and will run through tax year 2039/2040 and one tax abatement commenced in tax year 2016/2017 and will run through tax year 2040/2041. The abated taxes for fiscal year 2024/2025 totaled just over $2.2 million as compared to the appraisal's estimated unabated real estate taxes of $14.9 million. The borrower sponsor has continued to pursue conversions to NNN leases upon renewals and lease rollover. Based on in-place contractual leases, tenants at the Mall of Bay Plaza Property currently reimburse approximately 59.5% of real estate tax expenses. Further, assuming no further conversions to NNN lease structure, based on in-place contractual leases, it is estimated that tenants will reimburse approximately 51.8% of the incremental real estate tax burden as the abatement burns-off over the term of the Mall at Bay Plaza Whole Loan. For further detail regarding the real estate tax figures at the Mall at Bay Plaza Property, please see the table labeled "*ICAP Tax Abatement Projections*" and "*Description of the Mortgage Pool—Real Estate and Other Tax Considerations*" in the prospectus.

***Major Tenants.*** ****

*Zara (36,478 SF; 5.2% of NRA; 6.4% of underwritten base rent):* Founded in 1975, Zara is an international fashion retailer and part of the Inditex Group. Zara operates over 2,000 stores globally, offering a wide range of fashion-forward apparel. Upon execution of its lease in April 2025, Zara was provided a tenant improvement allowance in the amount of $3.0 million , payable in two equal installments at set milestones. Per the lease, the tenant build-out was to be completed by October 7, 2025 and the commencement date was to occur 210 days thereafter (or the date which Zara opens for business). Zara is expected to take occupancy of its space in March 2026 and begin paying rent April 2026. Zara's lease will expire in March 2041, with two, five-year extension options and a termination option subject to 270 days' notice prior to (i) the end of the 60th month (April 2031) or (ii) the end of the 90th month (October 2033) of the lease term.

*H&M (28,253 SF; 4.1% of NRA; 5.2% of underwritten base rent):* H&M is a leading global retailer, offering affordable, fashion-oriented apparel for men, women and children. H&M was incorporated in 1947 and remains under the control of the family of founder Erling Persson. H&M's business primarily entails the sales of clothing, accessories, footwear, cosmetics, home textiles and homeware to consumers through both physical and digital channels. In certain markets, its products are sold via franchise partners. H&M's brands are H&M, H&M HOME, COS, Weekday, Monki, & Other Stories, ARKET, Afound and Singular Society, along with its B2B initiatives Treadler and Creator Studio. H&M has been in occupancy since the initial construction of the Mall at Bay Plaza Property in 2014 and most recently extended in 2024. H&M's lease expires in January 2030, with three, five-year extension options remaining and no termination option.

*Billy Beez (19,201 SF; 2.8% NRA; 3.8% of underwritten base rent):* Billy Beez is an indoor entertainment company specializing in large-scale, themed adventure parks designed for children and families. Founded in 2014, the brand operates under Billy Beez USA, LLC and is known for its vibrant, honeybee-themed play environments that promote physical, social and cognitive development through active play. Headquartered in New York City, Billy Beez has 14 locations across the United States, typically situated in major shopping malls to attract high foot traffic. Billy Beez has been in occupancy since 2015 and most recently renewed in 2021. Billy Beez's lease expires in December 2026 with no renewal or termination options.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Super Regional Mall | &nbsp;&nbsp;Loan #1 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$70000000 |
| &nbsp;&nbsp;200 Baychester Avenue | &nbsp;&nbsp;**Mall at Bay Plaza** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;34.5% |
| &nbsp;&nbsp;The Bronx, NY 10475 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.29x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;15.6% |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Tenant Summary<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)(2)</sup>** |
| &nbsp;&nbsp;**Tenant Name** | &nbsp;&nbsp;**Credit Rating (Fitch/Moody's/S&P)<sup>(3)</sup>** | &nbsp;&nbsp;**Tenant SF** | &nbsp;&nbsp;**Approx.% of SF** | &nbsp;&nbsp;**Annual UW Base Rent** | &nbsp;&nbsp;**% of Total Annual UW Base Rent** | &nbsp;&nbsp;**Annual UW Base Rent PSF** | &nbsp;&nbsp;**Lease Expiration** | &nbsp;&nbsp;**Renewal Options** |
| &nbsp;&nbsp;**Ground Lease Anchors** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;JCPenney | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;163645 | &nbsp;&nbsp;23.5% | &nbsp;&nbsp;$350000 | &nbsp;&nbsp;1.3% | &nbsp;&nbsp;$2.14 | &nbsp;&nbsp;4/30/2046 | &nbsp;&nbsp;5, 10-year &nbsp;&nbsp;N |
| &nbsp;&nbsp;Macy's<sup>(4)</sup> | &nbsp;&nbsp;BBB-/Ba1/BB+ | &nbsp;&nbsp;160000 | &nbsp;&nbsp;23.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;1/31/2063 | &nbsp;&nbsp;1, 50-year &nbsp;&nbsp;N |
| &nbsp;&nbsp;**Major Tenants** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Zara<sup>(5)</sup> | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;36478 | &nbsp;&nbsp;5.2% | &nbsp;&nbsp;$1750000 | &nbsp;&nbsp;6.4% | &nbsp;&nbsp;$47.97 | &nbsp;&nbsp;3/31/2041 | &nbsp;&nbsp;2, 5-year &nbsp;&nbsp;Y<sup>(6)</sup> |
| &nbsp;&nbsp;H&M | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;28253 | &nbsp;&nbsp;4.1% | &nbsp;&nbsp;$1440338 | &nbsp;&nbsp;5.2% | &nbsp;&nbsp;$50.98 | &nbsp;&nbsp;1/31/2030 | &nbsp;&nbsp;3, 5-year &nbsp;&nbsp;N |
| &nbsp;&nbsp;Billy Beez | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;19201 | &nbsp;&nbsp;2.8% | &nbsp;&nbsp;$1039697 | &nbsp;&nbsp;3.8% | &nbsp;&nbsp;$54.15 | &nbsp;&nbsp;12/31/2026 |  |
| &nbsp;&nbsp;Old Navy | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;17010 | &nbsp;&nbsp;2.4% | &nbsp;&nbsp;$1656960 | &nbsp;&nbsp;6.0% | &nbsp;&nbsp;$97.41 | &nbsp;&nbsp;1/31/2037 |  |
| &nbsp;&nbsp;Victoria's Secret | &nbsp;&nbsp;NR/Ba3/BB- | &nbsp;&nbsp; 11332 | &nbsp;&nbsp; 1.6% | &nbsp;&nbsp; $1269184 | &nbsp;&nbsp; 4.6% | &nbsp;&nbsp; $112.00 | &nbsp;&nbsp;1/31/2036 | &nbsp;&nbsp;1, 5-year &nbsp;&nbsp;N |
| &nbsp;&nbsp;**Subtotal/Wtd. Avg.** |  | &nbsp;&nbsp;**112274** | &nbsp;&nbsp;**16.1%** | &nbsp;&nbsp;**$7156179** | &nbsp;&nbsp;**26.1%** | &nbsp;&nbsp;**$63.74** |  |  |
| &nbsp;&nbsp;**Select In-Line Tenants** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Uniqlo | &nbsp;&nbsp;NR/NR/A+ | &nbsp;&nbsp;10580 | &nbsp;&nbsp;1.5% | &nbsp;&nbsp;$496308 | &nbsp;&nbsp;1.8% | &nbsp;&nbsp;$46.91 | &nbsp;&nbsp;4/30/2027 |  |
| &nbsp;&nbsp;Apple | &nbsp;&nbsp;NR/Aaa/AA+ | &nbsp;&nbsp;10391 | &nbsp;&nbsp;1.5% | &nbsp;&nbsp;$504483 | &nbsp;&nbsp;1.8% | &nbsp;&nbsp;$48.55 | &nbsp;&nbsp;1/31/2032 | &nbsp;&nbsp;2, 5-year &nbsp;&nbsp;Y<sup>(7)</sup> |
| &nbsp;&nbsp;GAP | &nbsp;&nbsp;NR/Ba2/BB | &nbsp;&nbsp;9730 | &nbsp;&nbsp;1.4% | &nbsp;&nbsp;$641985 | &nbsp;&nbsp;2.3% | &nbsp;&nbsp;$65.98 | &nbsp;&nbsp;7/31/2032 | &nbsp;&nbsp;None &nbsp;&nbsp;Y <sup>(8)</sup> |
| &nbsp;&nbsp;Charlotte Russe | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;8872 | &nbsp;&nbsp;1.3% | &nbsp;&nbsp;$409876 | &nbsp;&nbsp;1.5% | &nbsp;&nbsp;$46.20 | &nbsp;&nbsp;MTM |  |
| &nbsp;&nbsp;Olive Garden | &nbsp;&nbsp;BBB/Baa2/BBB | &nbsp;&nbsp; 8603 | &nbsp;&nbsp; 1.2% | &nbsp;&nbsp; $686089 | &nbsp;&nbsp; 2.5% | &nbsp;&nbsp; $79.75 | &nbsp;&nbsp;12/31/2031 | &nbsp;&nbsp;3, 5-year &nbsp;&nbsp;N |
| &nbsp;&nbsp;**Subtotal/Wtd. Avg.** |  | &nbsp;&nbsp;**48176** | &nbsp;&nbsp;**6.9%** | &nbsp;&nbsp;**$2738741** | &nbsp;&nbsp;**10.0%** | &nbsp;&nbsp;**$56.85** |  |  |
| &nbsp;&nbsp;**Other In-line Tenants** |  | &nbsp;&nbsp; **152978** | &nbsp;&nbsp; **22.0%** | &nbsp;&nbsp; **$17210991**  | &nbsp;&nbsp; **62.7%** | &nbsp;&nbsp; **$112.51**  |  |  |
| &nbsp;&nbsp;**Occupied Total** |  | &nbsp;&nbsp;**637073** | &nbsp;&nbsp;**91.6%** | &nbsp;&nbsp;**$27455912** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$43.10** |  |  |
| &nbsp;&nbsp;Vacant<sup>(9)</sup> |  | &nbsp;&nbsp; 58784 | &nbsp;&nbsp; 8.4% |  |  |  |  |  |
| &nbsp;&nbsp;**Total/Wtd. Avg.** |  | &nbsp;&nbsp;**695857** | &nbsp;&nbsp;**100.0%** |  |  |  |  |  |

---

(1) Based on the underwritten rent roll dated as of October 29, 2025 inclusive of contractual rent steps through
2026. (2) Certain tenants' leases are subject to co-tenancy provisions.

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

(4) Per the terms of its ground lease, Macy's pays only for reimbursements and does not pay any contractual
base rent.

(5) Zara has executed its lease but is not yet in occupancy or paying rent. Zara is expected to take occupancy
and commence paying rent in April 2026. We cannot assure you Zara will take occupancy or commence paying rent as expected or at all.

(6) Zara may terminate its lease (i) at the end of the 60th month following the commencement date or (ii)
at the end of the 90th month (as determined by its rent commencement date, which has yet to occur).

(7) Apple may terminate its lease if its sales between September 24, 2026 and September 24, 2027 are less
than $35 million. Apple's 2024 sales totaled $42.3 million.

(8) GAP may terminate if its sales are less than $3.5 million from the period of August 1, 2029 through July
31, 2030. GAP's 2024 sales totaled $2.8 million.

(9) Includes 37,588 SF leased to LA Fitness as vacant. LA Fitness is currently dark on its space and paying 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. |
| 19 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Super Regional Mall | &nbsp;&nbsp;Loan #1 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$70000000 |
| &nbsp;&nbsp;200 Baychester Avenue | &nbsp;&nbsp;**Mall at Bay Plaza** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;34.5% |
| &nbsp;&nbsp;The Bronx, NY 10475 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.29x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;15.6% |

---

The following table presents sales history figures at the Mall at Bay Plaza Property:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Comparable Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Sales<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Sales<sup>(1)</sup>** |
| | **2021** | **2022** | **2023** | **2024** |
| &nbsp;&nbsp;Tenant (<10.5k SF) Sales PSF | &nbsp;&nbsp;$879 | &nbsp;&nbsp;$1048 | &nbsp;&nbsp;$1031 | &nbsp;&nbsp;$1024 |
| &nbsp;&nbsp;Tenant (<10.5k SF excluding Apple) Sales PSF | &nbsp;&nbsp;$879 | &nbsp;&nbsp;$772 | &nbsp;&nbsp;$771 | &nbsp;&nbsp;$750 |
| &nbsp;&nbsp;Tenant (<10.5k SF excluding Apple) Wtd. Avg. Occupancy Cost | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;15.6%<sup>(2)</sup> |
| &nbsp;&nbsp;Mall Sales (excl. Macy's and JCPenney) | &nbsp;&nbsp;$143533269 | &nbsp;&nbsp;$176326767 | &nbsp;&nbsp;$190421434 | &nbsp;&nbsp;$194071418 |
| &nbsp;&nbsp;Macy's Sales | &nbsp;&nbsp;- | &nbsp;&nbsp;$45978010 | &nbsp;&nbsp;$44437031 | &nbsp;&nbsp;$43535686 |
| &nbsp;&nbsp;JCPenney Sales | &nbsp;&nbsp;- | &nbsp;&nbsp; $28858783 | &nbsp;&nbsp; $25163486 | &nbsp;&nbsp; $23579697 |
| &nbsp;&nbsp;**Total Mall Sales** | &nbsp;&nbsp;- | &nbsp;&nbsp;**$251163560** | &nbsp;&nbsp;**$260021951** | &nbsp;&nbsp;**$261186801** |

---

(1) All sales information presented above is based upon information provided by the borrower sponsor. In certain
instances, sales figures represent estimates because the tenants are not required to report, or otherwise may not have reported sales
information on a timely basis. Further, because sales are self-reported, such information is not independently verified by the borrower
sponsor. Finally, these sales figures are not reflective of sales PSF of the entirety of the premises, as not all tenants are required
to report sales.

(2) Wtd. Avg. Occupancy Cost is calculated based the sum of contractual rent and reimbursements divided by
gross sales, weighted on total reported sales. Contractual rent and reimbursements are based on the underwritten rent roll dated October
29, 2025 exclusive of ground lease tenants.

The following table presents certain information relating to the lease rollover schedule at the Mall at Bay Plaza Property:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** |
| **Year** | **# of Leases** | **NRA Expiring (SF)** | **% of NRA Expiring** | **Cumulative % of NRA Expiring** | **UW Base Rent Expiring** | **% of UW Base Rent Expiring** | **Cumulative UW Base Rent Expiring** | **Cumulative % of UW Base Rent Expiring** | **UW Base Rent Rolling PSF** |
| &nbsp;&nbsp;2025/MTM | &nbsp;&nbsp;8 | &nbsp;&nbsp;24292 | &nbsp;&nbsp;3.5% | &nbsp;&nbsp;3.5% | &nbsp;&nbsp;$2548505 | &nbsp;&nbsp;9.3% | &nbsp;&nbsp;$2548505 | &nbsp;&nbsp;9.3% | &nbsp;&nbsp;$104.91 |
| &nbsp;&nbsp;2026 | &nbsp;&nbsp;14 | &nbsp;&nbsp;39012 | &nbsp;&nbsp;5.6% | &nbsp;&nbsp;9.1% | &nbsp;&nbsp;$3470684 | &nbsp;&nbsp;12.6% | &nbsp;&nbsp;$6019189 | &nbsp;&nbsp;21.9% | &nbsp;&nbsp;$88.96 |
| &nbsp;&nbsp;2027 | &nbsp;&nbsp;7 | &nbsp;&nbsp;23006 | &nbsp;&nbsp;3.3% | &nbsp;&nbsp;12.4% | &nbsp;&nbsp;$2089480 | &nbsp;&nbsp;7.6% | &nbsp;&nbsp;$8108669 | &nbsp;&nbsp;29.5% | &nbsp;&nbsp;$90.82 |
| &nbsp;&nbsp;2028 | &nbsp;&nbsp;6 | &nbsp;&nbsp;7473 | &nbsp;&nbsp;1.1% | &nbsp;&nbsp;13.5% | &nbsp;&nbsp;$948408 | &nbsp;&nbsp;3.5% | &nbsp;&nbsp;$9057077 | &nbsp;&nbsp;33.0% | &nbsp;&nbsp;$126.91 |
| &nbsp;&nbsp;2029 | &nbsp;&nbsp;6 | &nbsp;&nbsp;23238 | &nbsp;&nbsp;3.3% | &nbsp;&nbsp;16.8% | &nbsp;&nbsp;$1848257 | &nbsp;&nbsp;6.7% | &nbsp;&nbsp;$10905334 | &nbsp;&nbsp;39.7% | &nbsp;&nbsp;$79.54 |
| &nbsp;&nbsp;2030 | &nbsp;&nbsp;8 | &nbsp;&nbsp;41602 | &nbsp;&nbsp;6.0% | &nbsp;&nbsp;22.8% | &nbsp;&nbsp;$2803782 | &nbsp;&nbsp;10.2% | &nbsp;&nbsp;$13709117 | &nbsp;&nbsp;49.9% | &nbsp;&nbsp;$67.40 |
| &nbsp;&nbsp;2031 | &nbsp;&nbsp;6 | &nbsp;&nbsp;17584 | &nbsp;&nbsp;2.5% | &nbsp;&nbsp;25.3% | &nbsp;&nbsp;$1629773 | &nbsp;&nbsp;5.9% | &nbsp;&nbsp;$15338890 | &nbsp;&nbsp;55.9% | &nbsp;&nbsp;$92.69 |
| &nbsp;&nbsp;2032 | &nbsp;&nbsp;4 | &nbsp;&nbsp;21471 | &nbsp;&nbsp;3.1% | &nbsp;&nbsp;28.4% | &nbsp;&nbsp;$1391840 | &nbsp;&nbsp;5.1% | &nbsp;&nbsp;$16730730 | &nbsp;&nbsp;60.9% | &nbsp;&nbsp;$64.82 |
| &nbsp;&nbsp;2033 | &nbsp;&nbsp;3 | &nbsp;&nbsp;2241 | &nbsp;&nbsp;0.3% | &nbsp;&nbsp;28.7% | &nbsp;&nbsp;$266517 | &nbsp;&nbsp;1.0% | &nbsp;&nbsp;$16997247 | &nbsp;&nbsp;61.9% | &nbsp;&nbsp;$118.93 |
| &nbsp;&nbsp;2034 | &nbsp;&nbsp;7 | &nbsp;&nbsp;8072 | &nbsp;&nbsp;1.2% | &nbsp;&nbsp;29.9% | &nbsp;&nbsp;$1339712 | &nbsp;&nbsp;4.9% | &nbsp;&nbsp;$18336959 | &nbsp;&nbsp;66.8% | &nbsp;&nbsp;$165.97 |
| &nbsp;&nbsp;2035 | &nbsp;&nbsp;10 | &nbsp;&nbsp;29269 | &nbsp;&nbsp;4.2% | &nbsp;&nbsp;34.1% | &nbsp;&nbsp;$3200885 | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;$21537844 | &nbsp;&nbsp;78.4% | &nbsp;&nbsp;$109.36 |
| &nbsp;&nbsp;2036 & Thereafter<sup>(3)</sup> | &nbsp;&nbsp;8 | &nbsp;&nbsp;399813 | &nbsp;&nbsp;57.5% | &nbsp;&nbsp;91.6% | &nbsp;&nbsp;$5918068 | &nbsp;&nbsp;21.6% | &nbsp;&nbsp;$27455912 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$14.80 |
| &nbsp;&nbsp;Vacant | &nbsp;&nbsp; NAP | &nbsp;&nbsp; 58784 | &nbsp;&nbsp; 8.4% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp; $0 | &nbsp;&nbsp; 0.0% | &nbsp;&nbsp;$27455912 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp; $0 |
| &nbsp;&nbsp;**Total / Wtd. Avg.** **<sup>(3)</sup>** | &nbsp;&nbsp;**87** | &nbsp;&nbsp;**695857** | &nbsp;&nbsp;**100.0%** |  | &nbsp;&nbsp;**$27455912** | &nbsp;&nbsp;**100.0%** |  |  | &nbsp;&nbsp;**$43.10** |

---

(1) Based on the underwritten rent roll dated October 29, 2025 inclusive of contractual rent steps through
2026. (2) Certain tenants may have termination options that are exercisable prior to the originally stated expiration
date of the subject lease and are not considered in the lease rollover schedule.

(3) Includes 323,645 SF and rents attributable to ground leased anchor boxes occupied by Macy's and
JCPenney.

 ****

***The Market.*** The Mall at Bay Plaza Property is located at the intersection of the Hutchinson River Parkway and I-95 at the northeastern border of Bronx County on the Hutchinson River. The Baychester neighborhood is bordered by the Eastchester neighborhood to the north, Williamsbridge neighborhood to the west, Pelham Gardens to the south and Hutchinson River. The I-95 bifurcates the Baychester neighborhood and provides access into Queens through the Throggs Neck Bridge and arterial access into Manhattan and New Jersey. Two subway stations run within close proximity to the Mall at Bay Plaza Property with the 6 train stopping in Pelham Bay Park and the 5 train stopping at Gun Hill Road Station.

Like many neighborhoods throughout New York City, Pelham Gardens / Co-op City are self-contained communities. The streets are improved with mainly middle-income residential housing types, including multi-tenant rentals, cooperative apartment and condominium buildings. Retail and commercial districts are located on East Gun Hill Road, Allerton Ave, Waring Ave and State Route 1. These major retail corridors primarily serve the local and surrounding neighborhoods and have historically been considered strong retail districts through the present day.

The Mall at Bay Plaza Property holds a dominant market position in one of the densest population areas in the country. The Mall at Bay Plaza Property serves a total trade area population of over 1.4 million people and over 555,000 households.

A third-party market data source indicates that the Mall at Bay Plaza Property is located within the Bronx retail submarket. The Bronx retail submarket metrics include a vacancy rate of 3.7%, an availability rate of 5.1%, rental rates of $50.48 PSF and a total submarket inventory of 34,200,000 SF of retail space.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Super Regional Mall | &nbsp;&nbsp;Loan #1 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$70000000 |
| &nbsp;&nbsp;200 Baychester Avenue | &nbsp;&nbsp;**Mall at Bay Plaza** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;34.5% |
| &nbsp;&nbsp;The Bronx, NY 10475 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.29x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;15.6% |

---

The following table presents certain information relating to the appraisal's market rent conclusions for the Mall at Bay Plaza Property:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Market Rent Summary** | &nbsp;&nbsp;**Market Rent Summary** | &nbsp;&nbsp;**Market Rent Summary** | &nbsp;&nbsp;**Market Rent Summary** | &nbsp;&nbsp;**Market Rent Summary** | &nbsp;&nbsp;**Market Rent Summary** |
|  | &nbsp;&nbsp;**Market Rent (PSF)** | &nbsp;&nbsp;**Lease Term (Yrs.)** | &nbsp;&nbsp;**Rent Increase Projections** | &nbsp;&nbsp;**New Tenant Improvements PSF** | &nbsp;&nbsp;**Renewal Tenant Improvements PSF** |
| &nbsp;&nbsp;Junior Anchor | &nbsp;&nbsp;$55.00 | &nbsp;&nbsp;10 | &nbsp;&nbsp;3% per annum | &nbsp;&nbsp;$100.00 | &nbsp;&nbsp;$25.00 |
| &nbsp;&nbsp;10,001 SF+ | &nbsp;&nbsp;$50.00 | &nbsp;&nbsp;10 | &nbsp;&nbsp;3% per annum | &nbsp;&nbsp;$100.00 | &nbsp;&nbsp;$25.00 |
| &nbsp;&nbsp;7,501 SF - 10,000 SF | &nbsp;&nbsp;$65.00 | &nbsp;&nbsp;10 | &nbsp;&nbsp;3% per annum | &nbsp;&nbsp;$100.00 | &nbsp;&nbsp;$25.00 |
| &nbsp;&nbsp;5,001 - 7,500 SF | &nbsp;&nbsp;$75.00 | &nbsp;&nbsp;10 | &nbsp;&nbsp;3% per annum | &nbsp;&nbsp;$100.00 | &nbsp;&nbsp;$25.00 |
| &nbsp;&nbsp;2,501 - 5,000 SF | &nbsp;&nbsp;$85.00 | &nbsp;&nbsp;10 | &nbsp;&nbsp;3% per annum | &nbsp;&nbsp;$100.00 | &nbsp;&nbsp;$25.00 |
| &nbsp;&nbsp;1,201 - 2,500 SF | &nbsp;&nbsp;$95.00 | &nbsp;&nbsp;10 | &nbsp;&nbsp;3% per annum | &nbsp;&nbsp;$100.00 | &nbsp;&nbsp;$25.00 |
| &nbsp;&nbsp;Up to 1,200 SF | &nbsp;&nbsp;$125.00 | &nbsp;&nbsp;10 | &nbsp;&nbsp;3% per annum | &nbsp;&nbsp;$100.00 | &nbsp;&nbsp;$25.00 |
| &nbsp;&nbsp;Inline Food | &nbsp;&nbsp;$250.00 | &nbsp;&nbsp;10 | &nbsp;&nbsp;3% per annum | &nbsp;&nbsp;$100.00 | &nbsp;&nbsp;$25.00 |
| &nbsp;&nbsp;Jewelry | &nbsp;&nbsp;$170.00 | &nbsp;&nbsp;10 | &nbsp;&nbsp;3% per annum | &nbsp;&nbsp;$100.00 | &nbsp;&nbsp;$25.00 |
| &nbsp;&nbsp;Outparcel | &nbsp;&nbsp;$60.00 | &nbsp;&nbsp;10 | &nbsp;&nbsp;3% per annum | &nbsp;&nbsp;$100.00 | &nbsp;&nbsp;$25.00 |
| &nbsp;&nbsp;Restaurant | &nbsp;&nbsp;$55.00 | &nbsp;&nbsp;10 | &nbsp;&nbsp;3% per annum | &nbsp;&nbsp;$125.00 | &nbsp;&nbsp;$30.00 |
| &nbsp;&nbsp;Food Court | &nbsp;&nbsp;$300.00 | &nbsp;&nbsp;5 | &nbsp;&nbsp;3% per annum | &nbsp;&nbsp;$100.00 | &nbsp;&nbsp;$25.00 |
| Storage | $40.00 | 10 | 3% per annum | $0.00 | $0.00 |

---

*Source: Appraisal.*

The table below presents certain information relating to retail centers comparable to the Mall at Bay Plaza Property identified by the appraisal:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Competitive Set<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Set<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Set<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Set<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Set<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Set<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Year Built / Renovated** | &nbsp;&nbsp;**Total NRA** | &nbsp;&nbsp;**Total Occupancy** | &nbsp;&nbsp;**Anchor / Major Tenants** | &nbsp;&nbsp;**Distance to Mall at Bay Plaza** |
| **Mall at Bay Plaza** | **2014/NAP** | **695857<sup>(2)</sup>** | **91.6%<sup>(2)</sup>** | **JCPenney, Macy's, Zara, H&M** | **NAP** |
| Bay Plaza Community Center | 1988/2013 | 568813 | 91.0% | AMC Theaters, Stop & Shop | 0.3 miles North |
| Bay Plaza Shopping Center | 1988/NAP | 864327 | 98.0% | Marshalls, PC Richards & Son, Staples, Ashley's Home Store | 0.3 miles Southeast |
| Throggs Neck Shopping Center | 2013/NAP | 473312 | 99.0% | Target | 2.0 miles Southeast |
| Bruckner Commons | 1964/1989 | 508106 | 99.0% | BJ's Wholesale Club, Burlington, ShopRite | 4.6 miles Southwest |
| Cross County Shopping Center | 1954/1996 | 938368 | 100.0% | Macy's, Target, Stop & Shop, Showcase Cinema | 8.0 miles Northwest |
| Concourse Plaza | 1990/2016 | 245633 | 95.0% | Regal Cinemas, Food Bazaar | 8.3 miles Southwest |
| Bronx Terminal Market | 2009/NAP | 918537 | 97.0% | Target, BJ's Wholesale Club, Home Depot | 9.6 miles Southwest |
| Ridge Hill | 2011/NAP | 1113071 | 100.0% | Lowe's, Wayfair, Showcase Cinema, LA Fitness, Whole Foods Market, Dick's Sporting Goods | 9.9 miles Northwest |
| **Weighted Average** |  |  | **97.9%<sup>(3)</sup>** |  |  |

---

*Source: Appraisal.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Information obtained from the appraisal, unless otherwise specified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Based on the underwritten rent roll dated as of October 29, 2025 inclusive 323,645 SF attributable to
ground leased anchor boxes occupied by Macy's and JCPenney.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Weighted Average excludes the Mall at Bay Plaza Property.

 ****

***Appraisal.*** The appraised value of $492,274,298 is based on the aggregate of the "Prospective Market Value Subject to Extraordinary Assumption Assuming a Reserve Account Funded" value and the "Excess Land (Lot 17) - Market Value As Is" value, as of September 15, 2025 and August 13, 2025, respectively. As determined by the appraiser, the "as-is" value for the Mall at Bay Plaza Property as of August 13, 2025 is $475,000,000.

***Environmental Matters.*** According to the Phase I environmental site assessment dated August 13, 2025, there was no evidence of any recognized environmental conditions at the Mall at Bay Plaza 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. |
| 21 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Super Regional Mall | &nbsp;&nbsp;Loan #1 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$70000000 |
| &nbsp;&nbsp;200 Baychester Avenue | &nbsp;&nbsp;**Mall at Bay Plaza** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;34.5% |
| &nbsp;&nbsp;The Bronx, NY 10475 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.29x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;15.6% |

---

***Operating History and Underwritten Net Cash Flow.*** The following table presents certain information relating to the historical operating performance and underwritten net cash flow at the Mall at Bay Plaza 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;**9/30/2025 TTM** | &nbsp;&nbsp;**UW<sup>(2)</sup>** | &nbsp;&nbsp;**UW PSF** |
| Base Rent | $27196617 | $28873066 | $28118300 | $27178858 | $27083541 | $38.92 |
| Rent Steps | 0 | 0 | 0 | 0 | 372371 | $0.54 |
| Straight-Line Rent | 0 | 0 | 0 | 0 | 78576 | $0.11 |
| Percentage Rent | 2032520 | 1240135 | 1082240 | 642226 | 642226 | $0.92 |
| Vacant Income | 0 | 0 | 0 | 0 | 3829912 | $5.50 |
| **Gross Potential Rent** | **$29229137** | **$30113201** | **$29200540** | **$27821084** | **$32006626** | **$46.00** |
| Reimbursements | 2367995 | 2640784 | 2705400 | 3293594 | 6362587 | $9.14 |
| Garage Income | 491285 | 610138 | 988568 | 1150670 | 1150670 | $1.65 |
| Other Income | 5171511 | 5058035 | 5664924 | 5647584 | 5647584 | $8.12 |
| **Net Rental Income** | **$37259928** | **$38422158** | **$38559432** | **$37912932** | **$45167467** | **$64.91** |
| Vacancy<sup>(3)</sup> | 0 | $0 | $0 | $0 | (4697038) | ($6.75) |
| **Effective Gross Income** | **$37259928** | **$38422158** | **$38559432** | **$37912932** | **$40470428** | **$58.16** |
| Real Estate Taxes<sup>(4)</sup> | 1798769 | 1894079 | 2166036 | 2209847 | 4300272<sup>(5)</sup> | $6.18 |
| Insurance | 275504 | 284691 | 224050 | 238909 | 224052 | $0.32 |
| Management | 584583 | 602264 | 584011 | 556422 | 607056 | $0.87 |
| Utilities | 3438538 | 3579499 | 3551202 | 3368644 | 3542700 | $5.09 |
| Other Expenses | 5747997 | 5510528 | 5392615 | 5311180 | 5257956 | $7.56 |
| **Total Expenses** | **$11845391** | **$11871061** | **$11917914** | **$11685002** | **$13932037** | **$20.02** |
| **Net Operating Income** | **$25414537** | **$26551097** | **$26641518** | **$26227930** | **$26538392** | **$38.14** |
| Replacement Reserves | 0 | 0 | 0 | 0 | 55832 | $0.08 |
| **Net Cash Flow** | **$25414537** | **$26551097** | **$26641518** | **$26227930** | **$26482560** | **$38.06** |
| **Occupancy %** | **95.9%** | **96.3%** | **96.3%** | **91.6% <sup>(6)</sup>** | **87.8%<sup>(3)</sup>** |  |
| **NOI DSCR<sup>(7)</sup>** | **2.20x** | **2.29x** | **2.30x** | **2.27x** | **2.29x** |  |
| **NCF DSCR<sup>(7)</sup>** | **2.20x** | **2.29x** | **2.30x** | **2.27x** | **2.29x** |  |
| **NOI Debt Yield<sup>(7)</sup>** | **14.9%** | **15.6%** | **15.7%** | **15.4%** | **15.6%** |  |
| **NCF Debt Yield<sup>(7)</sup>** | **14.9%** | **15.6%** | **15.7%** | **15.4%** | **15.6%** |  |

---

 <br> (1) Certain items such as interest expense, interest income, depreciation, amortization, debt service payments and any other non-recurring items were excluded from the historical presentation and are not considered for the underwritten cash flow.

(2) Based on the underwritten rent roll dated as of October 29, 2025 inclusive of contractual
rent steps through 2026.

(3) UW economic vacancy is 12.2%. The Mall at Bay Plaza Property was 91.6% physically
occupied per October 29, 2025 rent roll and 84.2% occupied exclusive of ground leased anchor boxes occupied by Macy's and JCPenney.

(4) The Mall at Bay Plaza Property is comprised of nine tax lots/parcels of which four
tax lots benefit from 15-year and 25-year ICAP tax abatements and two lots benefit from 25-year ICAP tax abatements. Five of the tax abatements
commenced in tax year 2015/2016 and one commenced in tax year 2016/2017. According to the appraisal, unabated real estate taxes for fiscal
year 2025 / 2026 are approximately $14.9 million.

(5) UW Real Estate Taxes are inclusive of the taxes paid directly by JCPenney and Macy's.
Historical tax figures have excluded JCPenney and Macy's taxes due to the tenants paying their share of taxes directly.

(6) TTM Occupancy is as of October 29, 2025.

(7) DSCR and Debt Yields are based on the Mall at Bay Plaza Senior Loan. See "*Subordinate debt*" herein for information on the Mall at Bay Plaza Trust Subordinate Companion Loan and the Mall at Bay Plaza Whole Loan
metrics.

The following table presents the appraisal's determined real estate tax abatement burn-off throughout the term of the Mall at Bay Plaza Whole Loan based on the in-place leases as of September 16, 2025. Based on in-place contractual leases, tenants at the Mall of Bay Plaza Property currently reimburse approximately 59.5% of real estate tax expenses. Further, assuming no further conversions to NNN lease structure, based on in-place contractual leases, it is estimated that tenants will reimburse approximately 51.8% of the incremental real estate tax burden as the abatement burns-off over the term of the Mall at Bay Plaza Whole Loan:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **ICAP Tax Abatement Projections<sup>(1)(2)</sup>** | **ICAP Tax Abatement Projections<sup>(1)(2)</sup>** | **ICAP Tax Abatement Projections<sup>(1)(2)</sup>** | **ICAP Tax Abatement Projections<sup>(1)(2)</sup>** | **ICAP Tax Abatement Projections<sup>(1)(2)</sup>** | **ICAP Tax Abatement Projections<sup>(1)(2)</sup>** | **ICAP Tax Abatement Projections<sup>(1)(2)</sup>** |
| &nbsp;&nbsp;**Fiscal Year** | &nbsp;&nbsp; **2025/26** | &nbsp;&nbsp; **2026/27** | &nbsp;&nbsp; **2027/28** | &nbsp;&nbsp; **2028/29** | &nbsp;&nbsp; **2029/30** | &nbsp;&nbsp; **2030/31** |
| &nbsp;&nbsp;**Unabated Tax Amount** | &nbsp;&nbsp;$12569912 | &nbsp;&nbsp;$12949523 | &nbsp;&nbsp;$13340600 | &nbsp;&nbsp;$13743484 | &nbsp;&nbsp;$14158538 | &nbsp;&nbsp;$14586126 |
| &nbsp;&nbsp;**Abated Tax Amount** | &nbsp;&nbsp;$2271005 | &nbsp;&nbsp;$3862769 | &nbsp;&nbsp;$5561331 | &nbsp;&nbsp;$7358031 | &nbsp;&nbsp;$9257239 | &nbsp;&nbsp;$11263498 |

---

*Source: Appraisal.*

&nbsp;&nbsp;&nbsp;&nbsp;(1) ICAP tax abatement projections are calculated using the assumptions as outlined within the appraisal.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The total tax abatement burn-off period for the Mall at Bay Plaza Property continues through fiscal year
2040 / 2041.

 ****

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Super Regional Mall | &nbsp;&nbsp;Loan #1 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$70000000 |
| &nbsp;&nbsp;200 Baychester Avenue | &nbsp;&nbsp;**Mall at Bay Plaza** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;34.5% |
| &nbsp;&nbsp;The Bronx, NY 10475 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.29x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;15.6% |

---

 ****

***Escrows and Reserves.***

*Tax Reserve* – At the Mall at Bay Plaza Whole Loan origination, the Borrowers made an initial deposit of $1,384,553 into an escrow for taxes and other assessments, if any. In addition, the Borrowers are required to make monthly deposits into such reserve in an amount equal to 1/12th of the real estate taxes that the lender estimates will be payable during the next 12 months. The monthly deposit requirements will be waived if (A) the Borrowers provide satisfactory evidence that such taxes and other charges have been paid prior to the date due and (B) so long as no Cash Sweep Period (as defined below) has occurred and is continuing.

*Insurance Reserve* – At the Mall at Bay Plaza Whole Loan origination, an escrow account was established insurance and other assessments. In addition, the Borrowers are required to make monthly deposits into such reserve in an amount equal to 1/12th of the insurance premiums that the lender estimates will be payable during the next 12 months. The monthly deposit requirements will be waived if (A) the Borrowers provide satisfactory evidence that such insurance payments and other charges have been paid prior to the date due, (B) the Mall at Bay Plaza Property is insured under a blanket policy and (C) so long as no event of default under the Mall at Bay Plaza Whole Loan agreement has occurred and is continuing.

*HVAC Replacement Reserve* – At the Mall at Bay Plaza Whole Loan origination, the Borrowers deposited $2,990,000 into the HVAC replacement reserve. These funds will be used to satisfy the required HVAC renovations and improvements as required within the Mall at Bay Plaza Whole Loan agreement. Borrowers' failure to satisfy such requirements within six months of closing, or any extended period granted not to exceed an additional three months, will result in an event of default (a "HVAC Event of Default"). Upon the occurrence of a HVAC Event of Default, these funds may be used by lender for completion of the HVAC work or used for payment of the outstanding debt.

*Replacement Reserve* – At the Mall at Bay Plaza Whole Loan origination, the Borrowers made an initial deposit of $4,653 into an escrow for replacement reserves. Continuing on a monthly basis thereafter, the Borrowers must deposit $4,653 ($0.08 PSF, per year) into the replacement reserve, subject to a cap of $111,664, which is equal to two years of deposits.

*Lease Rollover Reserve* – At the Mall at Bay Plaza Whole Loan origination, the Borrowers deposited $6,000,000 into the lease rollover reserve to be used by the Borrowers for tenant improvement and leasing commission costs at the Mall at Bay Plaza Property. If at any time the balance of the lease rollover reserve is less than $1,000,000, the Borrowers must commence making monthly deposits in the amount of $31,018 ($0.53 PSF, per year). Additionally, within one day of the Borrowers' receipt of any termination fee or consideration in connection with any tenant's election to exercise an early termination option within its lease, said funds must be deposited into the rollover reserve, provided that such lease termination payments must be used for releasing the vacated space in connection with the termination fee and any excess lease termination fees for such space after releasing will be used for any free rent periods for such space and then released to the Borrowers.

*Outstanding TI Reserve* – At the Mall at Bay Plaza Whole Loan origination, the Borrowers deposited with the lender $3,335,236 for any outstanding tenant improvement allowances and/or leasing commissions due in connection with any lease at the Mall at Bay Plaza Property.

*Gap Rent Reserve* – At the Mall at Bay Plaza Whole Loan origination, the Borrowers deposited with the lender $583,333 for any gap rent and/or free rent credits remaining in connection with any leases at the Mall at Bay Plaza Property.

***Lockbox and Cash Management.***

The Mall at Bay Plaza Whole Loan is structured with a hard lockbox and springing cash management. The Borrowers and property manager are required to direct the tenants to pay rent directly into the lockbox account and to deposit any rents otherwise received in such account within one business days after receipt. Additionally, Mall 1-BP must direct Mall 2-BP, as tenant under the JCPenney Ground Lease (as defined below), to deliver all ground rent payable directly into the lockbox account. During the continuance of a Cash Sweep Period, all funds in the lockbox account and such funds in the lockbox account are required to be swept to a lender-controlled cash management account and applied and disbursed in accordance with the Mall at Bay Plaza Whole Loan documents, with any excess funds (i) to be deposited into an excess cash flow reserve account held by the lender as cash collateral for the Mall at Bay Plaza Whole Loan during the continuance of such Cash Sweep Period, or (ii) if no Cash Sweep Period is continuing, disbursed to the lockbox account with any funds remaining after the debt has been paid in full to the Borrowers.

A "Cash Sweep Period" means each period commencing upon the occurrence of (a) an event of default, (b) any bankruptcy action of borrower, (c) any bankruptcy action of manager, or (d) the debt service coverage ratio based on the trailing one quarter period immediately preceding the date of such determination being less than 1.20x.

A Cash Sweep Period will end upon the earlier of (A) the payment date next occurring following (i) with respect to clause (a) above, the acceptance by lender of a cure of such event of default, (ii) with respect to clause (c) above, if the Borrowers replace the manager with a qualified manager under a replacement management agreement within 60 days of the bankruptcy action, or (iii) with respect to clause (d) above, the achievement of a debt service coverage ratio of 1.20x or greater for two consecutive quarters based upon the trailing two quarter period immediately preceding the date of determination, or (B) until the payment in full of all principal and interest on the Mall at Bay Plaza Whole Loan and all other amounts payable under the Mall at Bay Plaza Whole Loan documents in accordance with the loan agreement; provided, however, that (X) no event of default is continuing, (Y) in no event may the Borrowers cure a Cash Sweep Period caused by clauses (a) and (c) above more than two times in the aggregate, and (Z) Borrowers must have paid all of lender's reasonable expenses incurred in connection with curing such Cash Sweep Period including reasonable attorney's fees and expenses.

***Subordinate Debt.*** The Mall at Bay Plaza Property secures the Mall at Bay Plaza Whole Loan which is comprised of the Mall at Bay Plaza Senior Loan, which has an aggregate original principal balance of $170,000,000, and the Mall at Bay Plaza Trust Subordinate Companion Loan, which has an original principal balance of $110,000,000. The Mall at Bay Plaza Mortgage Loan is being included in the pool of mortgage loans that secures the WFCM 2025-5C7 pooled certificates. The Mall at Bay Plaza Trust Subordinate Companion Loan is not included in such pool of mortgage loans but secures the Mall at Bay Plaza Loan-Specific Certificates.

The Mall at Bay Plaza Senior Loan is entitled to payments of interest that are senior in right of payment to the Mall at Bay Plaza Trust Subordinate Companion Loan. The holders of the promissory notes evidencing the Mall at Bay Plaza Whole Loan have entered into a co-lender agreement that sets forth the allocation of collections on the Mall at Bay Plaza Whole Loan. See "*Description of the Mortgage Pool—The Whole Loans—The Serviced AB Whole Loans—The Mall at Bay Plaza Whole Loan*" and "*Pooling and Servicing Agreement*" in the prospectus.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Super Regional Mall | &nbsp;&nbsp;Loan #1 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$70000000 |
| &nbsp;&nbsp;200 Baychester Avenue | &nbsp;&nbsp;**Mall at Bay Plaza** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;34.5% |
| &nbsp;&nbsp;The Bronx, NY 10475 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.29x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;15.6% |

---

The following table presents certain metrics related to the Mall at Bay Plaza Trust Subordinate Companion Loan:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Mall at Bay Plaza Trust Subordinate Companion Loan<sup>(1)</sup>** | **Mall at Bay Plaza Trust Subordinate Companion Loan<sup>(1)</sup>** | **Mall at Bay Plaza Trust Subordinate Companion Loan<sup>(1)</sup>** | **Mall at Bay Plaza Trust Subordinate Companion Loan<sup>(1)</sup>** | **Mall at Bay Plaza Trust Subordinate Companion Loan<sup>(1)</sup>** | **Mall at Bay Plaza Trust Subordinate Companion Loan<sup>(1)</sup>** | **Mall at Bay Plaza Trust Subordinate Companion Loan<sup>(1)</sup>** | **Mall at Bay Plaza Trust Subordinate Companion Loan<sup>(1)</sup>** |
| &nbsp;&nbsp;**Cut-off Date Balance** | &nbsp;&nbsp;**Interest Rate** | &nbsp;&nbsp;**UW NOI Debt Yield<sup>(1)</sup>** | &nbsp;&nbsp;**UW NCF Debt Yield<sup>(1)</sup>** | &nbsp;&nbsp;**UW NOI Debt Yield at Maturity<sup>(1)</sup>** | &nbsp;&nbsp;**UW NCF DSCR<sup>(1)</sup>** | &nbsp;&nbsp;**Cut-off Date LTV Ratio<sup>(1)</sup>** | &nbsp;&nbsp;**Maturity Date LTV Ratio<sup>(1)</sup>** |
| &nbsp;&nbsp;$110000000 | &nbsp;&nbsp;6.2950% | &nbsp;&nbsp;9.5%**** | &nbsp;&nbsp;9.5% | &nbsp;&nbsp;9.5% | &nbsp;&nbsp;1.42x | &nbsp;&nbsp;56.9% | &nbsp;&nbsp;56.9% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) UW NOI Debt Yield, UW NCF Debt Yield, UW NOI Debt Yield at Maturity, UW NCF DSCR, Cut-off Date LTV Ratio
and Maturity Date LTV Ratio are based on the principal balance of the Mall at Bay Plaza Whole Loan.

 ****

***Permitted Future Mezzanine Debt.*** The Borrowers have a one-time right to obtain a new mezzanine loan subject to (i) 30 days' notice, (ii) no event of default ongoing, (iii) the aggregate principal amount of the new mezzanine loan does not result in a LTV greater than 56.9% or a debt service coverage ratio less than 1.41x, (iv) the existing lender and new mezzanine lender enter into an intercreditor agreement, subject to rating agency confirmation, and (v) the terms are in accordance with the Mall at Bay Plaza Whole Loan documents, any other applicable documents, and are acceptable to lender in its discretion.

***Ground Lease*.** Both of the anchor tenants at the Mall at Bay Plaza Property, JCPenney and Macy's, are subject to ground leases. Additionally, Lot 17, which comprises 35,575 SF of vacant land utilized as additional parking, is subject to a ground lease with an affiliate of the Borrowers, Mall 3-Bay Plaza, LLC ("Mall 3-BP"), as the ground tenant. Each of the fee interests owned by Bay Plaza and Mall 1-BP and Mall 2-BP's leasehold interest secures the Mall at Bay Plaza Whole Loan as collateral, while Macy's leasehold interest and Mall-3 BP's leasehold interest are not pledged as collateral for the Mall at Bay Plaza Whole Loan. See "*Description of the Mortgage Pool—Mortgage Pool Characteristics—Fee & Leasehold Estates; Ground Leases*" in the prospectus for additional information.

***Terrorism Insurance.*** The Borrowers are required to obtain and maintain property insurance and business interruption insurance for 18 months plus a 12-month extended period of indemnity. Such insurance is required to cover perils of terrorism and acts of terrorism. See "*Risk Factors—Risks Relating to the Mortgage Loans—Terrorism Insurance May Not Be Available for All Mortgaged Properties*" in the prospectus.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Mid Rise | &nbsp;&nbsp;Loan #2 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$69950000 |
| &nbsp;&nbsp;1203 Germantown Avenue | &nbsp;&nbsp;**Liberty Square Apartments** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;67.9% |
| &nbsp;&nbsp;Philadelphia, PA 19122 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.26x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.3% |

---

![](n5438prets_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. |
| 25 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Mid Rise | &nbsp;&nbsp;Loan #2 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$69950000 |
| &nbsp;&nbsp;1203 Germantown Avenue | &nbsp;&nbsp;**Liberty Square Apartments** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;67.9% |
| &nbsp;&nbsp;Philadelphia, PA 19122 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.26x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.3% |

---

![](n5438prets_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. |
| 26 |

---

**Mortgage Loan No. 2 – Liberty Square Apartments**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Mortgage Loan Seller:** | &nbsp;&nbsp;**Mortgage Loan Seller:** | &nbsp;&nbsp;ZBNA | &nbsp;&nbsp;ZBNA | &nbsp;&nbsp;ZBNA | &nbsp;&nbsp;**Single Asset/Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Credit Assessment (Fitch/S&P/MDBRS):** | &nbsp;&nbsp;**Credit Assessment (Fitch/S&P/MDBRS):** | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;Philadelphia, PA 19122 |
| &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;$69950000 | &nbsp;&nbsp;$69950000 | &nbsp;&nbsp;$69950000 | &nbsp;&nbsp;**General Property Type:** | &nbsp;&nbsp;Multifamily |
| &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$69950000 | &nbsp;&nbsp;$69950000 | &nbsp;&nbsp;$69950000 | &nbsp;&nbsp;**Detailed Property Type:** | &nbsp;&nbsp;Mid Rise |
| &nbsp;&nbsp;**% of Initial Pool Balance:** | &nbsp;&nbsp;**% of Initial Pool Balance:** | &nbsp;&nbsp;9.1% | &nbsp;&nbsp;9.1% | &nbsp;&nbsp;9.1% | &nbsp;&nbsp;**Title Vesting:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;**Year Built/Renovated:** | &nbsp;&nbsp;2017, 2020, 2022 / NAP |
| &nbsp;&nbsp;**Borrower Sponsor:** | &nbsp;&nbsp;**Borrower Sponsor:** | &nbsp;&nbsp;Brock J. Vinton | &nbsp;&nbsp;Brock J. Vinton | &nbsp;&nbsp;Brock J. Vinton | &nbsp;&nbsp;**Size<sup>(2)</sup>:** | &nbsp;&nbsp;199 Units |
| &nbsp;&nbsp;**Guarantor:** | &nbsp;&nbsp;**Guarantor:** | &nbsp;&nbsp;Brock J. Vinton | &nbsp;&nbsp;Brock J. Vinton | &nbsp;&nbsp;Brock J. Vinton | &nbsp;&nbsp;**Cut-off Date Balance Unit :** | &nbsp;&nbsp;$351508 |
| &nbsp;&nbsp;**Mortgage Rate:** | &nbsp;&nbsp;**Mortgage Rate:** | &nbsp;&nbsp;6.3850% | &nbsp;&nbsp;6.3850% | &nbsp;&nbsp;6.3850% | &nbsp;&nbsp;**Maturity Balance Unit:** | &nbsp;&nbsp;$351508 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;10/27/2025 | &nbsp;&nbsp;10/27/2025 | &nbsp;&nbsp;10/27/2025 | &nbsp;&nbsp;**Property Manager:** | &nbsp;&nbsp;Bridge One Services LLC |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;11/6/2030 | &nbsp;&nbsp;11/6/2030 | &nbsp;&nbsp;11/6/2030 |  |  |
| &nbsp;&nbsp;**Original Term to Maturity:** | &nbsp;&nbsp;**Original Term to Maturity:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;60 months | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**Underwriting and Financial Information** | &nbsp;&nbsp;**Underwriting and Financial Information** |
| &nbsp;&nbsp;**Original Amortization Term:** | &nbsp;&nbsp;**Original Amortization Term:** | &nbsp;&nbsp;0 months | &nbsp;&nbsp;0 months | &nbsp;&nbsp;0 months | &nbsp;&nbsp;**UW NOI<sup>(3)</sup>:** | &nbsp;&nbsp;$5778124 |
| &nbsp;&nbsp;**IO Period:** | &nbsp;&nbsp;**IO Period:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;60 months | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**UW NCF:** | &nbsp;&nbsp;$5699661 |
| &nbsp;&nbsp;**Seasoning:** | &nbsp;&nbsp;**Seasoning:** | &nbsp;&nbsp;1 month | &nbsp;&nbsp;1 month | &nbsp;&nbsp;1 month | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.3% |
| &nbsp;&nbsp;**Prepayment Provisions:** | &nbsp;&nbsp;**Prepayment Provisions:** | &nbsp;&nbsp;L(25),D(29),O(6) | &nbsp;&nbsp;L(25),D(29),O(6) | &nbsp;&nbsp;L(25),D(29),O(6) | &nbsp;&nbsp;**UW NCF Debt Yield:** | &nbsp;&nbsp;8.1% |
| &nbsp;&nbsp;**Lockbox/Cash Mgmt Status:** | &nbsp;&nbsp;**Lockbox/Cash Mgmt Status:** | &nbsp;&nbsp;Springing/Springing | &nbsp;&nbsp;Springing/Springing | &nbsp;&nbsp;Springing/Springing | &nbsp;&nbsp;**UW NOI Debt Yield at Maturity:** | &nbsp;&nbsp;8.3% |
| &nbsp;&nbsp;**Additional Debt Type:** | &nbsp;&nbsp;**Additional Debt Type:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.26x |
| &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Most Recent NOI<sup>(3)(4)</sup>:** | &nbsp;&nbsp;$5,056,048 (8/31/2025 T-6 Ann.) |
| &nbsp;&nbsp;**Future Debt Permitted (Type):** | &nbsp;&nbsp;**Future Debt Permitted (Type):** | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;**2nd Most Recent NOI<sup>(4)</sup>:** | &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;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**3rd Most Recent NOI<sup>(4)</sup>:** | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;**<u>Type</u>** | &nbsp;&nbsp;**<u>Initial</u>** | &nbsp;&nbsp;**<u>Initial</u>** | &nbsp;&nbsp;**<u>Monthly</u>** | &nbsp;&nbsp;**<u>Cap</u>** | &nbsp;&nbsp;**Most Recent Occupancy:** | &nbsp;&nbsp;95.5% (10/23/2025) |
| &nbsp;&nbsp;**RE Taxes:** | &nbsp;&nbsp;$56790 | &nbsp;&nbsp;$56790 | &nbsp;&nbsp;$5533 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**2nd Most Recent Occupancy:** | &nbsp;&nbsp;85.0% (12/31/2024) |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$35174 | &nbsp;&nbsp;$35174 | &nbsp;&nbsp;$8794 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**3rd Most Recent Occupancy<sup>(5)</sup>:** | &nbsp;&nbsp;93.2% (12/31/2023) |
| &nbsp;&nbsp;**Replacement Reserve (Apartments/Commercial):** | &nbsp;&nbsp;$4,146 / $284 | &nbsp;&nbsp;$4,146 / $284 | &nbsp;&nbsp; $4,146 / $284 | &nbsp;&nbsp;$99,500 / $6,800 | &nbsp;&nbsp;**Appraised Value (as of)<sup>(6)</sup>:** | &nbsp;&nbsp;$103,000,000 (1/12/2026) |
| &nbsp;&nbsp;**Rollover Reserve:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$1416 | &nbsp;&nbsp;$51000 | &nbsp;&nbsp;**Appraised Value per Unit<sup>(6)</sup>:** | &nbsp;&nbsp;$517588 |
| &nbsp;&nbsp;**Existing TI/LC and Build-Out Reserve:** | &nbsp;&nbsp;$588480<sup>(5)</sup> | &nbsp;&nbsp;$588480<sup>(5)</sup> | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Cut-off Date LTV Ratio<sup>(6)</sup>:** | &nbsp;&nbsp;67.9% |
| &nbsp;&nbsp;**Rent Concession Reserve:** | &nbsp;&nbsp;$48042<sup>(5)</sup> | &nbsp;&nbsp;$48042<sup>(5)</sup> | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date LTV Ratio<sup>(6)</sup>:** | &nbsp;&nbsp;67.9% |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** |
| &nbsp;&nbsp;**Sources** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** | &nbsp;&nbsp;**Uses** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** |
| &nbsp;&nbsp;Mortgage Loan Amount: | &nbsp;&nbsp;$69950000 | &nbsp;&nbsp;98.9% | &nbsp;&nbsp;Loan Payoff: | &nbsp;&nbsp;$68438273 | &nbsp;&nbsp;96.7% |
| &nbsp;&nbsp;Borrower Sponsor Equity: | &nbsp;&nbsp;$806968 | &nbsp;&nbsp;1.1% | &nbsp;&nbsp;Closing Costs<sup>(7)</sup>: | &nbsp;&nbsp;$1585779 | &nbsp;&nbsp;2.2% |
|  |  |  | &nbsp;&nbsp;Upfront Reserves: | &nbsp;&nbsp;$732916 | &nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;**Total Sources:** | &nbsp;&nbsp;**$70756968** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses:** | &nbsp;&nbsp;**$70756968** | &nbsp;&nbsp;**100.0%** |

---

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

(2) The Liberty Square Apartments Property (as defined below) also contains approximately 16,982 SF of ground
floor retail space, which is not accounted for in the Size figure.

(3) The increase in the net operating income from the Most Recent NOI to UW NOI is primarily attributable
to lease up of the multifamily and commercial units at the Liberty Square Apartments Property.

(4) Most Recent NOI represents a trailing 6-month annualized amount as the Liberty Square Apartments Property
was recently acquired by the borrower sponsor in 2024.

(5) The 3rd Most Recent Occupancy figure was sourced from a third party market research provider, not the
borrower sponsor.

(6) The Appraised Value represents the "prospective as stabilized" value of the Liberty Square Apartments
Property which assumes lease up of vacant units to achieve a 95.0% stabilized occupancy and final payment of outstanding tenant improvements
costs for the commercial area of the Liberty Square Apartments Property plus commercial leasing commissions. The lender reserved $588,480
for existing tenant improvements and leasing commissions ("TI/LC") due to tenants under the commercial lease documents and
build-out of unfinished units and $48,042 of rent concessions in connection with the origination of the Liberty Square Apartments Mortgage
Loan (as defined below). The appraisal also concluded to an "as is" value of $101,750,000 as of September 12, 2025, which results
in a Cut-off Date LTV Ratio and Maturity Date LTV Ratio of 68.7% and 68.7%, respectively.

(7) Closing Costs include an interest rate buydown of approximately $524,625.

***The Mortgage Loan.*** The second largest mortgage loan (the "Liberty Square Apartments Mortgage Loan") is evidenced by a single promissory note in the original principal amount of $69,950,000 and is secured by a first priority fee interest in a 199 unit mid-rise apartment complex, with approximately 16,982 SF of commercial space, located in Philadelphia, Pennsylvania (the "Liberty Square Apartments Property"). The Liberty Square Apartments Mortgage Loan has a five-year interest-only term and accrues interest at a fixed rate of 6.3850% *per annum* on an Actual/360 basis.

***The Borrowers and the Borrower Sponsor.*** The borrowers are Liberty Square 2, LLC, a Pennsylvania based limited liability company and 220 Lake Drive Associates, LLC, a Delaware based limited liability company, each as tenants-in-common and single purpose entities with two independent directors. Legal counsel to the borrowers delivered a non-consolidation opinion in connection with the origination of the Liberty Square Apartments Mortgage Loan. The borrower sponsor and non-recourse carveout guarantor is Brock J. Vinton.

Mr. Vinton is the CEO and founder of The Commonwealth Group, a Philadelphia based commercial real estate developer, owner and operator of mixed-use, multi-family, office and industrial projects in the Philadelphia, Denver and Colorado markets. The Commonwealth Group is responsible for the development, construction, and management of over $1 billion worth of commercial, industrial, residential real estate, mining, mineral rights and oil/gas

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES 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;Multifamily – Mid Rise | &nbsp;&nbsp;Loan #2 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$69950000 |
| &nbsp;&nbsp;1203 Germantown Avenue | &nbsp;&nbsp;**Liberty Square Apartments** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;67.9% |
| &nbsp;&nbsp;Philadelphia, PA 19122 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.26x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.3% |

---

ventures. Additionally, Mr. Vinton has been involved in mortgage loan defaults and foreclosure proceedings, unrelated to the Liberty Square Apartments Property. See "*Description of the Mortgage Pool—Loan Purpose; Default History, Bankruptcy Issues and Other Proceedings"* in the prospectus.

***The Property.*** The Liberty Square Apartments Property is a four to five-story, three building, 199 unit mid-rise multifamily property located in the Northern Liberties neighborhood of Philadelphia, Pennsylvania. The Liberty Square Apartments Property comprises 34 studio units (17.1% of total units), 129 one-bedroom units (64.8% of total units), 35 two-bedroom units (17.6% of total units), and 1 three-bedroom unit (0.5% of total units) all of which are accessible via two elevators and a stairwell. The apartment complex is managed by the Bridge One Services LLC, a third party property management company.

The Liberty Square Apartments Property has 16,982 SF of street level retail space that is currently 96.2% leased to four tenants, Heart and Paw, Dim Sum, Gateway Creative and Chaddsford Winery Ltd., three of which are not yet open for business. See the "*Commercial Tenancy*" table below for additional details.

The Liberty Square Apartments Property features a full stainless steel appliance package, high grade wood cabinets with quartz countertops, tile backsplash, laminate wood flooring, and in-unit washer and dryer. Shared common amenities include a pool, fitness center, common lounge areas and a roof deck for residents. Since 2017, the Liberty Square Apartments Property was completed in three phases. Phase one consists of 59 units completed in 2017 at 1203 Germantown Avenue. Phase two consists of 79 units completed in 2020 at 236 West Thompson Street. Phase three consists of 53 units completed in 2022 at 1214 North American Street, with an additional 8 units expected to be delivered in 2025 via the conversion of two vacant retail suites (6,000 SF of ground floor retail space). Per the zoning report, the Liberty Square Apartments Property contains 165 parking spaces, resulting in a parking ratio of approximately 0.8 spaces per unit. The landlord offers parking to tenants starting at approximately $300 per month per space.

The borrower sponsor, Brock J. Vinton, acquired the Liberty Square Apartments Property via his firm, The Commonwealth Group, in October 2024. The Liberty Square Apartments Property was approximately 85.0% occupied on December 31, 2024. Per the in-place and underwritten rent roll as of October 23, 2025, the occupancy has increased to 95.5% along with lease-up of the commercial units and an additional eight-unit multifamily expansion expected to be completed in 2025. The planned eight-unit multifamily units are corporately leased for a period of approximately three years. We cannot assure you that such additional multifamily units will be completed as expected.

The City of Philadelphia maintains a tax abatement program for the construction of new housing or the redevelopment of existing structures into domiciles. According to the appraisal, under this program, the assessment attributable to new construction or renovations and their resulting real estate taxes are abated for a period of ten years from the issuance of a certificate of occupancy. The assessment attributable to any existing structures and their underlying land remains in effect. The appraisal projects taxes to increase by an average annual rate of approximately 3%, totaling to a present value of tax savings of $2,323,461 over the remaining abatement periods. Of the five tax parcels at the Liberty Square Apartments Property with abatements, full unabated taxes are expected to commence in 2029 through 2033. The lender underwrote to abated taxes of $90,858 *per annum*.

The following table presents certain information relating to the unit mix at the Liberty Square 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 Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Unit Mix<sup>(1)</sup>** |
| &nbsp;&nbsp;**Unit Mix / Type** | &nbsp;&nbsp;**Units** | &nbsp;&nbsp;**Occupied Units** | &nbsp;&nbsp;**% Occupied** | &nbsp;&nbsp;**Average SF per Unit** | &nbsp;&nbsp;**Total SF** | &nbsp;&nbsp;**Monthly Average Rent per Unit** | &nbsp;&nbsp;**Monthly Average Market Rent per Unit<sup>(2)</sup>** |
| &nbsp;&nbsp;Studio | &nbsp;&nbsp;34 | &nbsp;&nbsp; 34 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp; 599 | &nbsp;&nbsp;20370 | &nbsp;&nbsp;$1963 | &nbsp;&nbsp;$1900 |
| &nbsp;&nbsp;1 Bed / 1 Bath<sup>(3)</sup> | &nbsp;&nbsp;129 | &nbsp;&nbsp;120 | &nbsp;&nbsp; 93.0% | &nbsp;&nbsp; 773 | &nbsp;&nbsp;99744 | &nbsp;&nbsp;$2315 | &nbsp;&nbsp;$2315 |
| &nbsp;&nbsp;2 Bed / 2 Bath | &nbsp;&nbsp;35 | &nbsp;&nbsp; 35 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;1007 | &nbsp;&nbsp;35242 | &nbsp;&nbsp;$3249 | &nbsp;&nbsp;$3250 |
| &nbsp;&nbsp;3 Bed / 2 Bath | &nbsp;&nbsp;1 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;1371 | &nbsp;&nbsp;1371 | &nbsp;&nbsp;$3700 | &nbsp;&nbsp;$3700 |
| &nbsp;&nbsp;**Total/Wtd. Avg.** | &nbsp;&nbsp;**199** | &nbsp;&nbsp;**190** | &nbsp;&nbsp; **95.5%** | &nbsp;&nbsp; **788** | &nbsp;&nbsp;**156727** | &nbsp;&nbsp;**$2431** | &nbsp;&nbsp;**$2416** |

---

(1) Based on the borrowers' rent roll dated October 23, 2025.

(2) Source: Appraisal.

(3) Includes eight units that are under construction and intended to be used as corporate units. The lender
reserved approximately $330,000 for the remainder of the build-out work and approximately $18,760 for rent concessions (gap rent) in December
2025. ****

The following table presents certain information relating to the tenancy at the Liberty Square Apartments Property:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Commercial Tenancy<sup>(1)</sup>** | **Commercial Tenancy<sup>(1)</sup>** | **Commercial Tenancy<sup>(1)</sup>** | **Commercial Tenancy<sup>(1)</sup>** | **Commercial Tenancy<sup>(1)</sup>** | **Commercial Tenancy<sup>(1)</sup>** | **Commercial Tenancy<sup>(1)</sup>** | **Commercial Tenancy<sup>(1)</sup>** | **Commercial Tenancy<sup>(1)</sup>** |
| **Tenant Name** | **Credit Rating (Fitch/Moody's/S&P)** | **Tenant SF** | **% of Total SF** | **Annual UW Rent** | **% of Total Annual UW Rent** | **Annual UW Rent PSF** | **Lease Expiration** | **Renewal Options** |
| Heart and Paw | NR/NR/NR | 4948 | 29.1% | $206529 | 38.2% | $41.74 | 1/31/2031 Y<sup>(2)</sup> | 2 x 5 yr |
| Dim Sum<sup>(3)</sup> | NR/NR/NR | 4868 | 28.7% | $133870 | 24.7% | $27.50 | 1/31/2036 N | 3 x 5 yr |
| Gateway Creative<sup>(3)</sup> | NR/NR/NR | 3616 | 21.3% | $90400 | 16.7% | $25.00 | 10/31/2030 Y<sup>(4)</sup> | 2 x 5 yr |
| Chaddsford Winery Ltd.<sup>(3)(5)</sup> | NR/NR/NR | 2900 | 17.1% | $110200 | 20.4% | $38.00 | 12/31/2035 N |  |
| Vacant Space |  | 650 | 3.8% | $0 | 0.0% | $0.00 |  |  |
| **Total/Wtd. Avg** |  | **16982** | **100.0%** | **$540999** | **100.0%** | **$33.13** |  |  |

---

(1) Information is based on the underwritten rent roll dated October 23, 2025.

(2) Heart and Paw has a one-time right to terminate its lease as of the 84th month of its lease term (January
2028) by giving six months' written notice to the landlord.

(3) Tenants are not yet open for business. Outstanding tenant concessions and tenant improvements were reserved
for at the time of origination of the Liberty Square Apartments Mortgage Loan.

(4) Gateway Creative may terminate its lease upon 60 days' written notice to the landlord any time after
the first anniversary of its lease commencement date.

(5) Chaddsford Winery Ltd. is a borrower sponsor affiliated tenant. The borrower sponsor has guaranteed the
rental payments under such lease.

 **

 ****

 ****

 **

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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;Multifamily – Mid Rise | &nbsp;&nbsp;Loan #2 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$69950000 |
| &nbsp;&nbsp;1203 Germantown Avenue | &nbsp;&nbsp;**Liberty Square Apartments** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;67.9% |
| &nbsp;&nbsp;Philadelphia, PA 19122 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.26x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.3% |

---

***The Market.*** The Liberty Square Apartments Property is located at 1203 Germantown Avenue in Philadelphia, Pennsylvania, within the Northern Liberties neighborhood of Philadelphia County. It is approximately 2.2 miles north of Center City Philadelphia, 1.5 miles west of the Delaware River waterfront, and 1.4 miles southeast of Temple University. The Liberty Square Apartments Property has immediate access to Girard Avenue and is within minutes of Interstate 95, Interstate 676, and U.S. Route 30. The Liberty Square Apartments Property is situated 0.3 miles from the Girard Station of the SEPTA Market–Frankford Line, which connects to the broader SEPTA Regional Rail system and Amtrak services at 30th Street Station. The Liberty Square Apartments Property is approximately 11.8 miles northeast of Philadelphia International Airport and 3.1 miles southwest of the Port of Philadelphia.

According to a third-party market research report, the Liberty Square Apartments Property is located in the Philadelphia, Pennsylvania multifamily market within the North Philadelphia submarket. As of October 2025, North Philadelphia multifamily submarket contained 17,648 units of multifamily inventory with an average rent of $1,674 per unit and a vacancy rate of 13.7%. Contrastingly, as of year-end 2024, the North Philadelphia multifamily submarket contained 16,568 units of multifamily inventory with an average rent of $1,678 and a vacancy rate of 17.5%. According to the appraisal, the estimated year-end 2024 population within a 0.25-, 0.5- and one-mile radius of the Liberty Square Apartments Property was 6,335, 21,109 and 62,315, respectively, and a reported average household income within the same radius of $154,681, $146,180 and $125,849, respectively.

The following table presents recent multifamily leasing data at comparable properties with respect to the Liberty Square Apartments Property:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Competitive Rental Properties Summary<sup>(1)</sup>** | **Competitive Rental Properties Summary<sup>(1)</sup>** | **Competitive Rental Properties Summary<sup>(1)</sup>** | **Competitive Rental Properties Summary<sup>(1)</sup>** | **Competitive Rental Properties Summary<sup>(1)</sup>** | **Competitive Rental Properties Summary<sup>(1)</sup>** |
| **Property Name/Location** | **Year Built** | **# of Units** | **Occupancy** | **Unit Mix – Avg. Size** | **In-Place Monthly Rent per Unit** |
| &nbsp;&nbsp; **Liberty Square Apartments**<br> **Philadelphia, PA** | &nbsp;&nbsp;**2017, 2020, 2022** | &nbsp;&nbsp;**199<sup>(2)</sup>** | &nbsp;&nbsp;**95.5%<sup>(2)</sup>** | &nbsp;&nbsp;**Studio – 599 SF<sup>(2)</sup>** | &nbsp;&nbsp;**$1963<sup>(2)</sup>** |
| &nbsp;&nbsp; **Liberty Square Apartments**<br> **Philadelphia, PA** | &nbsp;&nbsp;**2017, 2020, 2022** | &nbsp;&nbsp;**199<sup>(2)</sup>** | &nbsp;&nbsp;**95.5%<sup>(2)</sup>** | &nbsp;&nbsp;**1BR – 773 SF<sup>(2)</sup>** | &nbsp;&nbsp;**$2315<sup>(2)</sup>** |
| &nbsp;&nbsp; **Liberty Square Apartments**<br> **Philadelphia, PA** | &nbsp;&nbsp;**2017, 2020, 2022** | &nbsp;&nbsp;**199<sup>(2)</sup>** | &nbsp;&nbsp;**95.5%<sup>(2)</sup>** | &nbsp;&nbsp;**1BR – 1,007 SF<sup>(2)</sup>** | &nbsp;&nbsp;**$3249<sup>(2)</sup>** |
| &nbsp;&nbsp; **Liberty Square Apartments**<br> **Philadelphia, PA** | &nbsp;&nbsp;**2017, 2020, 2022** | &nbsp;&nbsp;**199<sup>(2)</sup>** | &nbsp;&nbsp;**95.5%<sup>(2)</sup>** | &nbsp;&nbsp;**2BR – 1,371 SF<sup>(2)</sup>** | &nbsp;&nbsp;**$3700<sup>(2)</sup>** |
| &nbsp;&nbsp; Corner 2nd<br> Philadelphia, PA | &nbsp;&nbsp;2024 | &nbsp;&nbsp;71 | &nbsp;&nbsp;93.0% | &nbsp;&nbsp;Studio – 603 SF | &nbsp;&nbsp;$1810 |
| &nbsp;&nbsp; Corner 2nd<br> Philadelphia, PA | &nbsp;&nbsp;2024 | &nbsp;&nbsp;71 | &nbsp;&nbsp;93.0% | &nbsp;&nbsp;1BR Jr – 627 SF | &nbsp;&nbsp;$1906 |
| &nbsp;&nbsp; Corner 2nd<br> Philadelphia, PA | &nbsp;&nbsp;2024 | &nbsp;&nbsp;71 | &nbsp;&nbsp;93.0% | &nbsp;&nbsp;1BR – 818 SF | &nbsp;&nbsp;$2949 |
| &nbsp;&nbsp; Corner 2nd<br> Philadelphia, PA | &nbsp;&nbsp;2024 | &nbsp;&nbsp;71 | &nbsp;&nbsp;93.0% | &nbsp;&nbsp;2BR – 1,254 SF | &nbsp;&nbsp;$4645 |
| &nbsp;&nbsp; Dwell at 2nd Street<br> Philadelphia, PA | &nbsp;&nbsp;2020 | &nbsp;&nbsp;198 | &nbsp;&nbsp;90.0% | &nbsp;&nbsp;Studio – 485 SF | &nbsp;&nbsp;$1600 |
| &nbsp;&nbsp; Dwell at 2nd Street<br> Philadelphia, PA | &nbsp;&nbsp;2020 | &nbsp;&nbsp;198 | &nbsp;&nbsp;90.0% | &nbsp;&nbsp;1BR – 738 SF | &nbsp;&nbsp;$1960 |
| &nbsp;&nbsp; Dwell at 2nd Street<br> Philadelphia, PA | &nbsp;&nbsp;2020 | &nbsp;&nbsp;198 | &nbsp;&nbsp;90.0% | &nbsp;&nbsp;2BR – 1,054 | &nbsp;&nbsp;$2841 |
| &nbsp;&nbsp; Dwell at 2nd Street<br> Philadelphia, PA | &nbsp;&nbsp;2020 | &nbsp;&nbsp;198 | &nbsp;&nbsp;90.0% | &nbsp;&nbsp;3BR – 1,363 SF | &nbsp;&nbsp;$3241 |
| &nbsp;&nbsp; Navona<br> Philadelphia, PA | &nbsp;&nbsp;2007 | &nbsp;&nbsp;156 | &nbsp;&nbsp;99.0% | &nbsp;&nbsp;1BR – 707 SF | &nbsp;&nbsp;$2745 |
| &nbsp;&nbsp; Navona<br> Philadelphia, PA | &nbsp;&nbsp;2007 | &nbsp;&nbsp;156 | &nbsp;&nbsp;99.0% | &nbsp;&nbsp;2BR – 1,096 SF | &nbsp;&nbsp;$3552 |
| &nbsp;&nbsp; Navona<br> Philadelphia, PA | &nbsp;&nbsp;2007 | &nbsp;&nbsp;156 | &nbsp;&nbsp;99.0% | &nbsp;&nbsp;2BR – 1,096 SF | &nbsp;&nbsp;$3552 |
| &nbsp;&nbsp; The Piazza Erbe<br> Philadelphia, PA | &nbsp;&nbsp;2006 | &nbsp;&nbsp;104 | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;1BR – 812 SF | &nbsp;&nbsp;$2745 |
| &nbsp;&nbsp; The Piazza Erbe<br> Philadelphia, PA | &nbsp;&nbsp;2006 | &nbsp;&nbsp;104 | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;2BR – 1,460 SF | &nbsp;&nbsp;$3552 |
| &nbsp;&nbsp; The Piazza Erbe<br> Philadelphia, PA | &nbsp;&nbsp;2006 | &nbsp;&nbsp;104 | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;2BR – 1,460 SF | &nbsp;&nbsp;$3552 |
| &nbsp;&nbsp; The Poplar<br> Philadelphia, PA | &nbsp;&nbsp;2021 | &nbsp;&nbsp;285 | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;Studio – 603 SF | &nbsp;&nbsp;$1883 |
| &nbsp;&nbsp; The Poplar<br> Philadelphia, PA | &nbsp;&nbsp;2021 | &nbsp;&nbsp;285 | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;1BR – 779 SF | &nbsp;&nbsp;$2190 |
| &nbsp;&nbsp; The Poplar<br> Philadelphia, PA | &nbsp;&nbsp;2021 | &nbsp;&nbsp;285 | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;2BR – 1,278 SF | &nbsp;&nbsp;$3396 |
|  |  |  |  | &nbsp;&nbsp;3BR – 1,620 SF | &nbsp;&nbsp;$4228 |

---

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

(2) Information is based on the underwritten rent roll dated October 23, 2025.

***Appraisal.*** The appraisal concluded to an "as-is" appraised value for the Liberty Square Apartments Property of $101,750,000 as of September 12, 2025 and an "Prospective As Stabilized" appraised value of $103,000,000 as of January 12, 2026, which assumes lease up of vacant units to achieve a 95.0% stabilized occupancy and final payment of outstanding tenant improvements costs for the commercial area of the Liberty Square Apartments Property plus commercial leasing commissions. The lender reserved $588,480 for existing TI/LCs due to tenants under the commercial lease documents and build-out of unfinished units and $48,042 of rent concessions in connection with the origination of the Liberty Square Apartments Mortgage Loan.

 ****

***Environmental Matters.*** According to the Phase I environmental report dated on September 19, 2025, there was no evidence of any recognized environmental conditions at the Liberty Square Apartments Property.

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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. |
| 29 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Mid Rise | &nbsp;&nbsp;Loan #2 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$69950000 |
| &nbsp;&nbsp;1203 Germantown Avenue | &nbsp;&nbsp;**Liberty Square Apartments** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;67.9% |
| &nbsp;&nbsp;Philadelphia, PA 19122 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.26x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.3% |

---

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

 ****

---

| | | | |
|:---|:---|:---|:---|
| **Cash Flow Analysis<sup>(1)</sup>** | **Cash Flow Analysis<sup>(1)</sup>** | **Cash Flow Analysis<sup>(1)</sup>** | **Cash Flow Analysis<sup>(1)</sup>** |
|  | &nbsp;&nbsp;**8/31/2025 T6 Annualized<sup>(2)</sup>** | &nbsp;&nbsp;**UW<sup>(2)</sup>** | &nbsp;&nbsp;**UW Per Unit** |
| &nbsp;&nbsp;Base Rent | &nbsp;&nbsp;$5120615 | &nbsp;&nbsp;$5543197 | &nbsp;&nbsp;$27855 |
| &nbsp;&nbsp;Gross up of Vacant Space | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $250020 | &nbsp;&nbsp; $1256 |
| &nbsp;&nbsp;**Gross Potential Rent** | &nbsp;&nbsp;**$5120615** | &nbsp;&nbsp;**$5793217** | &nbsp;&nbsp;**$29112** |
| &nbsp;&nbsp;Less Vacancy & Credit Loss | &nbsp;&nbsp; $110303 | &nbsp;&nbsp; $347593 | &nbsp;&nbsp; $1747 |
| &nbsp;&nbsp;**Net Rental Income** | &nbsp;&nbsp;**$5010312** | &nbsp;&nbsp;**$5445624** | &nbsp;&nbsp;**$27365** |
| &nbsp;&nbsp;Commercial Income | &nbsp;&nbsp;$247848 | &nbsp;&nbsp;$562449 | &nbsp;&nbsp;$2826 |
| &nbsp;&nbsp;Commercial Reimbursements | &nbsp;&nbsp;$57644 | &nbsp;&nbsp;$142549 | &nbsp;&nbsp;$716 |
| &nbsp;&nbsp;Commercial Vacancy | &nbsp;&nbsp; ($0) | &nbsp;&nbsp; ($35250) | &nbsp;&nbsp; ($177) |
| &nbsp;&nbsp;**Net Commercial Income** | &nbsp;&nbsp;**$305492** | &nbsp;&nbsp;**$669749** | &nbsp;&nbsp;**$3366** |
| &nbsp;&nbsp;Parking Income | &nbsp;&nbsp;$506542 | &nbsp;&nbsp;$531900 | &nbsp;&nbsp;$2673 |
| &nbsp;&nbsp;Other Income | &nbsp;&nbsp;$109937 | &nbsp;&nbsp;$60000 | &nbsp;&nbsp;$302 |
| &nbsp;&nbsp;Utility Reimbursement | &nbsp;&nbsp; $101672 | &nbsp;&nbsp; $130000 | &nbsp;&nbsp; $653 |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$6033956** | &nbsp;&nbsp;**$6837273** | &nbsp;&nbsp;**$34358** |
| &nbsp;&nbsp;**Total Expenses<sup>(3)</sup>** | &nbsp;&nbsp;**$977908** | &nbsp;&nbsp;**$1059149** | &nbsp;&nbsp;**$5322** |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$5056048** | &nbsp;&nbsp;**$5778124** | &nbsp;&nbsp;**$29036** |
| &nbsp;&nbsp;CapEx - Apartments | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$49750 | &nbsp;&nbsp;$250 |
| &nbsp;&nbsp;CapEx - Commercial | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$3396 | &nbsp;&nbsp;$17 |
| &nbsp;&nbsp;TI/LC | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $25317 | &nbsp;&nbsp; $127 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$5056048** | &nbsp;&nbsp;**$5699661** | &nbsp;&nbsp;**$28642** |
| &nbsp;&nbsp;**Occupancy %<sup>(4)</sup>** | &nbsp;&nbsp;**95.5%** | &nbsp;&nbsp;**95.0%** |  |
| &nbsp;&nbsp;**NOI DSCR** | &nbsp;&nbsp;**1.12x** | &nbsp;&nbsp;**1.28x** |  |
| &nbsp;&nbsp;**NCF DSCR** | &nbsp;&nbsp;**1.12x** | &nbsp;&nbsp;**1.26x** |  |
| &nbsp;&nbsp;**NOI Debt Yield** | &nbsp;&nbsp;**7.2%** | &nbsp;&nbsp;**8.3%** |  |
| &nbsp;&nbsp;**NCF Debt Yield** | &nbsp;&nbsp;**7.2%** | &nbsp;&nbsp;**8.1%** |  |

---

(1) Based on the underwritten rent roll dated October 23, 2025. Prior historical operating
information is not available as the Liberty Square Apartments Property was recently acquired by the borrower sponsor in 2024.

(2) The increase in the Net Operating Income from 8/31/2025 T6 Annualized to UW is
driven primarily by lease up of the multifamily and commercial units at the Liberty Square Apartments Property.

(3) Total Expenses include the abated taxes under the City of Philadelphia's
program. See "*The Property*" section above for a further description of the tax abatement.

(4) The 8/31/2025 T6 Annualized Occupancy % represents the in-place physical occupancy
as of the underwritten rent roll dated October 23, 2025. The UW Occupancy % represents the economic occupancy of 95.0%.

 ****

***Escrows and Reserves.*** As of the date of origination of the Liberty Square Apartments Mortgage Loan, the borrowers were required to deposit (i) $56,790 in a real estate tax reserve account, (ii) $35,174 in a property insurance reserve account, (iii) $4,146 in a multifamily replacement reserve account and $284 in a commercial replacement reserve account, (iv) $330,000 in a build-out reserve account for eight unfinished corporate multifamily units, (v) $258,480 in an existing TI/LC reserve for tenants Dim Sum, Gateway Creative and Chaddsford Winery Ltd. and (vi) $48,042 in a rent concession reserve for the tenants Dim Sum and the eight unfinished corporate multifamily units. Certain reserves may have been drawn upon between the time of origination and the Cut-off Date.

*Tax Reserve –* The borrowers are required to deposit into a real estate tax reserve, on a monthly basis in an amount equal to 1/12th of the real estate taxes that the lender estimates will be payable during the next 12 months (initially approximately $5,533).

*Insurance Reserve –* The borrowers are required to deposit into a property insurance reserve, on a monthly basis in an amount equal to 1/12th of the insurance premiums that the lender estimates will be payable for the renewal of the coverage afforded by the policies upon the expiration thereof in order to accumulate sufficient funds to pay all such premiums at least 30 days prior to the expiration of the policies (initially approximately $8,794).

*Replacement Reserve –* The Liberty Square Apartments Mortgage Loan documents require ongoing monthly replacement reserve deposits of $4,146 for multifamily replacements and $284 for commercial replacements, which the lender may require the borrowers to increase (not more than once per year) upon 30 days' notice to the borrowers if the lender reasonably determines such increase is necessary to maintain the proper operation of the Liberty Square Apartments Property. So long as no Cash Trap Event Period (as defined below) is continuing and the Liberty Square Apartments Property is being adequately maintained (as determined by the lender based on annual site inspections), the borrowers are required to make the replacement reserve monthly deposit only to the extent that funds on deposit in the account (less any pending disbursements therefrom) are less than $99,500 for the multifamily replacements component and $6,800 for the commercial replacements component.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES 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;Multifamily – Mid Rise | &nbsp;&nbsp;Loan #2 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$69950000 |
| &nbsp;&nbsp;1203 Germantown Avenue | &nbsp;&nbsp;**Liberty Square Apartments** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;67.9% |
| &nbsp;&nbsp;Philadelphia, PA 19122 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.26x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.3% |

---

*Leasing Reserve –* The Liberty Square Apartments Mortgage Loan documents require ongoing monthly general tenant improvements and leasing commissions reserves of $1,416. Deposits into the leasing reserve (exclusive of any pending disbursements therefrom) will be suspended until December 6, 2026 and capped at $51,000 as long as no Cash Trap Event Period is continuing. During the continuance of a Cash Trap Event Period, no cap or timing suspension will apply on the leasing reserve.

***Lockbox and Cash Management.*** The Liberty Square Apartments Mortgage Loan is structured with a springing lockbox and springing cash management. Within 30 days from receipt of written notice from the lender that a Cash Trap Event Period has commenced, the borrowers are required to, among other things, (i) execute a deposit account control agreement to establish a deposit account with a clearing bank and (ii) send executed letters directing all commercial tenants to deposit all sums due under their respective leases directly into such deposit account. During the continuance of a Cash Trap Event Period, all funds in the deposit account are required to be swept periodically to a lender-controlled cash management account. If the borrowers or property manager receive any rents or income directly, each is required to deposit such amounts into the deposit account within two business day of receipt. So long as a Cash Trap Event Period is in effect, all excess funds will be swept to an excess cash flow subaccount controlled by the lender and held for so long as such a Cash Trap Event Period is continuing.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 net cash flow debt yield ("NCF DY") falling below 7.50% (tested quarterly) (a
 "Low NCF DY Event"), provided, however, if within five business days of written
 notice from the lender, the borrowers have delivered cash or a letter of credit in an amount
 which, if applied to pay down the initial principal amount of the Liberty Square Apartments
 Mortgage Loan, would result in the NCF DY being equal to or greater than 7.75%, no Low NCF
 DY Event will be deemed to have occurred; or

&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 net cash flow debt service coverage ratio ("NCF DSCR") falling below 1.10x (tested
 quarterly) (a "Low DSCR Event"), provided, however, if within five business days
 of written notice from the lender, the borrowers have delivered cash or a letter of credit
 in an amount which, if applied to pay down the initial principal amount of the Liberty Square
 Apartments Mortgage Loan, would result in the NCF DSCR being equal to or greater than 1.15x,
 no Low DSCR Event will be deemed to have occurred. For the avoidance of doubt, during the
 continuance of both a Low NCF DY Event and a Low DSCR Event, the borrowers will only be required
 to deposit either collateral deposit to avoid the commencement of a Cash Trap Event Period.

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

● with regard to clause (i), the cure of such event of default and the lender's acceptance of such cure;

● with regard to clause (ii), the NCF DY being equal to or greater than 7.75% for two consecutive calendar quarters; or

● with regard to clause (iii), the NCF DSCR being equal to or greater than 1.15x for two consecutive calendar quarters.

***Property Management.*** The Liberty Square Apartments Property is managed by Bridge One Services LLC, a third party property management firm with a portfolio of over 20 multifamily and commercial properties in the greater Philadelphia area.

***Condominium***. The Liberty Square Apartments Property is subject to a six-unit condominium structure called the Liberty Square Philadelphia Condominium, which is 100.0% controlled and owned by the borrowers. See "*Description of the Mortgage Pool—Condominium and Other Shared Interests*" in the prospectus for additional information.

 ****

***Terrorism Insurance*.** The Liberty Square Apartments Mortgage Loan documents require that the "all risk" insurance policy required to be maintained by the borrowers provides coverage for terrorism in an amount equal to the full replacement cost of the Liberty Square Apartments Property, as well as business interruption insurance covering no less than the 18-month period following the occurrence of a casualty event, together with a 6-month extended period of indemnity. See "*Risk Factors—Risks Relating to the Mortgage Loans—Terrorism Insurance May Not Be Available for All Mortgaged Properties*" in the prospectus.

---

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

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Mixed Use – Multifamily/Office | &nbsp;&nbsp;Loan #3 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$60000000 |
| &nbsp;&nbsp;1 & 11 Martine Avenue, 34 South | &nbsp;&nbsp;**City Square White Plains** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;59.9% |
| &nbsp;&nbsp;Lexington Avenue and 50 Main Street |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.33x |
| &nbsp;&nbsp;White Plains, NY 10606 |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;10.2% |

---

![](n5438prets_img014.jpg)

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Mixed Use – Multifamily/Office | &nbsp;&nbsp;Loan #3 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$60000000 |
| &nbsp;&nbsp;1 & 11 Martine Avenue, 34 South | &nbsp;&nbsp;**City Square White Plains** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;59.9% |
| &nbsp;&nbsp;Lexington Avenue and 50 Main Street |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.33x |
| &nbsp;&nbsp;White Plains, NY 10606 |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;10.2% |

---

![](n5438prets_img015.jpg)

---

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

---

**Mortgage Loan No. 3 – City Square White Plains**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| **Mortgage Loan Seller:** | **Mortgage Loan Seller:** | BSPRT | BSPRT | BSPRT | **Single Asset/Portfolio:** | Single Asset |
| **Credit Assessment (Fitch/S&P/MDBRS):** | **Credit Assessment (Fitch/S&P/MDBRS):** | NR/NR/NR | NR/NR/NR | NR/NR/NR | **Location:** | White Plains, NY 10606 |
| **Original Balance<sup>(1)</sup>:** | **Original Balance<sup>(1)</sup>:** | $60000000 | $60000000 | $60000000 | **General Property Type:** | Mixed Use |
| **Cut-off Date Balance<sup>(1)</sup>:** | **Cut-off Date Balance<sup>(1)</sup>:** | $60000000 | $60000000 | $60000000 | **Detailed Property Type:** | Multifamily/Office |
| **% of Initial Pool Balance:** | **% of Initial Pool Balance:** | 7.8% | 7.8% | 7.8% | **Title Vesting:** | Fee |
| **Loan Purpose:** | **Loan Purpose:** | Refinance | Refinance | Refinance | **Year Built/Renovated:** | 1985-1987/2000, 2020-2025 |
| **Borrower Sponsor:** | **Borrower Sponsor:** | Martin Ginsburg 2000 Trust | Martin Ginsburg 2000 Trust | Martin Ginsburg 2000 Trust | **Size<sup>(5)</sup>:** | 621,070 SF |
|  |  | Agreement #1 Dated April 1, 2000 | Agreement #1 Dated April 1, 2000 | Agreement #1 Dated April 1, 2000 | **Cut-off Date Balance Per SF<sup>(1)</sup>:** | $227 |
| **Guarantor:** | **Guarantor:** | Martin Ginsburg 2000 Trust Agreement | Martin Ginsburg 2000 Trust Agreement | Martin Ginsburg 2000 Trust Agreement | **Maturity Date Balance Per SF<sup>(1)</sup>:** | $227 |
|  |  | #1 Dated April 1, 2000 | #1 Dated April 1, 2000 | #1 Dated April 1, 2000 | **Property Manager:** | GDC Management, Inc. |
| **Mortgage Rate:** | **Mortgage Rate:** | 7.2500% | 7.2500% | 7.2500% |  |  |
| **Note Date:** | **Note Date:** | 10/1/2025 | 10/1/2025 | 10/1/2025 | &nbsp;&nbsp;**Underwriting and Financial Information<sup>(1)</sup>** | &nbsp;&nbsp;**Underwriting and Financial Information<sup>(1)</sup>** |
| **Maturity Date:** | **Maturity Date:** | 10/6/2030 | 10/6/2030 | 10/6/2030 | **UW NOI<sup>(6)</sup>:** | $14445374 |
| **Term to Maturity:** | **Term to Maturity:** | 60 months | 60 months | 60 months | **UW NCF:** | $13740184 |
| **Amortization Term:** | **Amortization Term:** | 0 months | 0 months | 0 months | **UW NOI Debt Yield:** | 10.2% |
| **IO Period:** | **IO Period:** | 60 months | 60 months | 60 months | **UW NCF Debt Yield:** | 9.7% |
| **Seasoning:** | **Seasoning:** | 2 months | 2 months | 2 months | **UW NOI Debt Yield at Maturity:** | 10.2% |
| **Prepayment Provisions<sup>(2)</sup>:** | **Prepayment Provisions<sup>(2)</sup>:** | L(3),YM1(53),O(4) | L(3),YM1(53),O(4) | L(3),YM1(53),O(4) | **UW NCF DSCR:** | 1.33x |
| **Lockbox/Cash Mgmt Status:** | **Lockbox/Cash Mgmt Status:** | Soft (Residential); Hard (Commercial)/Springing | Soft (Residential); Hard (Commercial)/Springing | Soft (Residential); Hard (Commercial)/Springing | **Most Recent NOI<sup>(6)(7)</sup>:** | $9,854,938 (8/31/2025 TTM) |
| **Additional Debt Type<sup>(1)</sup>:** | **Additional Debt Type<sup>(1)</sup>:** | *Pari Passu* | *Pari Passu* | *Pari Passu* | **2nd Most Recent NOI<sup>(7)</sup>:** | $12,253,955 (12/31/2024) |
| **Additional Debt Balance<sup>(1)</sup>:** | **Additional Debt Balance<sup>(1)</sup>:** | $81000000 | $81000000 | $81000000 | **3rd Most Recent NOI:** | $11,777,398 (12/31/2023) |
| **Future Debt Permitted (Type):** | **Future Debt Permitted (Type):** | No (NAP) | No (NAP) | No (NAP) | **Most Recent Occupancy<sup>(8)</sup>:** | 90.9% (9/24/2025) |
| &nbsp;&nbsp;**Reserves<sup>(3)</sup>** | &nbsp;&nbsp;**Reserves<sup>(3)</sup>** | &nbsp;&nbsp;**Reserves<sup>(3)</sup>** | &nbsp;&nbsp;**Reserves<sup>(3)</sup>** | &nbsp;&nbsp;**Reserves<sup>(3)</sup>** | **2nd Most Recent Occupancy<sup>(8)</sup>:** | 94.7% (12/31/2024) |
| **<u>Type</u>** | **<u>Initial</u>** | **<u>Initial</u>** | **<u>Monthly</u>** | **<u>Cap</u>** | **3rd Most Recent Occupancy<sup>(8)</sup>:** | 89.1% (12/31/2023) |
| **RE Taxes:** | $1227846 | $1227846 | $306961 | NAP | **Appraised Value (as of)<sup>(9)</sup>:** | <br> $235,500,000 (7/3/2025; 7/11/2025; 9/20/2025) |
| **Insurance:** | $0 | $0 | Springing | NAP | **Appraised Value Per SF<sup>(5)(9)</sup>:** | $379 |
| **Replacement Reserve:** | $0 | $0 | $12667 | NAP | **Cut-off Date LTV Ratio:** | 59.9% |
| **TI/LC Reserve:** | $2167914 | $2167914 | $61672 | NAP | **Maturity Date LTV Ratio:** | 59.9% |
| **Deferred Maintenance:** | $38750 | $38750 | $0 | NAP |  |  |
| **Gap Rent and Free Rent Reserve<sup>(4)</sup>:** | $2500000 | $2500000 | $25000 | NAP |  |  |
| **Outstanding TI/LC Reserve:** | $4411087 | $4411087 | $0 | NAP |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Sources and Uses** | **Sources and Uses** | **Sources and Uses** | **Sources and Uses** | **Sources and Uses** | **Sources and Uses** |
| &nbsp;&nbsp;**Sources** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** | &nbsp;&nbsp;**Uses** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** |
| &nbsp;&nbsp;Whole Loan Amount:<sup>(1)</sup> | &nbsp;&nbsp;$141000000 | &nbsp;&nbsp;98.6% | &nbsp;&nbsp;Loan Payoff: | &nbsp;&nbsp;$127262758 | &nbsp;&nbsp;89.0% |
| &nbsp;&nbsp;Borrower Sponsor Equity: | &nbsp;&nbsp;1947674 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;Upfront Reserves: | &nbsp;&nbsp;10345597 | &nbsp;&nbsp;7.2 |
|  |  |  | &nbsp;&nbsp;Closing Costs:<sup>(10)</sup> | &nbsp;&nbsp;5339320 | &nbsp;&nbsp;3.7 |
| &nbsp;&nbsp;**Total Sources:** | &nbsp;&nbsp;**$142947674** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses:** | &nbsp;&nbsp;**$142947674** | &nbsp;&nbsp;**100.0%** |

---

(1) The City Square White Plains Mortgage Loan (as defined below) is part of the City Square White Plains
Whole Loan (as defined below) evidenced by eight *pari passu* notes with an aggregate outstanding principal balance as of the Cut-off
Date of $141.0 million. The Financial Information in the chart above reflects the City Square White Plains Whole Loan. In addition, with
respect to the PILOT Property (as defined below), the borrowers have an obligation to make PILOT payments that is secured by a mortgage,
which mortgage obligation (approximately $2,750,000) is senior to the City Square White Plains Whole Loan. See "*PILOT Agreement* "
below.

(2) Yield maintenance of the City Square White Plans Whole Loan is permitted from and after 30 days from the
closing date of the last note deposited into a securitization. The assumed lockout period of three payments is based on the anticipated
closing date of the WFCM 2025-5C7 securitization in December 2025. The actual lockout period may be longer.

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

(4) The Gap Rent and Free Rent Reserve covers gap rent and/or free rent with respect to the Tenants Not Yet
In Occupancy and DOH (as defined below).

(5) Represents the total square footage, inclusive of the multifamily units. The City Square White Plains Property consists of 312 multifamily
units (251,036 SF) and 370,034 SF of commercial space.

(6) The increase in the UW NOI from the Most Recent NOI is primarily driven by higher gross potential rent
from in-place leases, including scheduled 12-month rent steps of $159,281 and Tenants Not Yet In Occupancy.

(7) The decrease in the Most Recent NOI from the 2<sup>nd</sup> Most Recent NOI is attributed mainly to the
former largest tenant, Bunge Management Services, Inc ("Bunge"), vacating the City Square White Plains Property at the end
of 2024. Bunge accounted for approximately 11% of City Square White Plains Property's NRA and annual rent.

(8) The occupancy figure is calculated based on square footage of the City Square White Plains Property (as
defined below), inclusive of 251,036 SF of multifamily space. This figure includes certain tenants with signed leases where such tenants
are not yet in occupancy: RWE Clean Energy, Parfums De Coeur, Royal Health Solutions, and Ahmed Saleh (collectively, "Tenants Not
Yet In Occupancy"). Additionally, the 1-11 Martine building ground floor features one 2,595 SF retail unit used by the borrower
as an art gallery event space. This space was not underwritten as vacant or occupied, and is not included in the net rentable area ("NRA").

(9) Appraised values and dates for the various parcels comprising the City Square White Plains Property are
as follows: 1 Martine: $86,800,000 as of July 11, 2025; 11 Martine: $16,400,000 as of September 20, 2025; 50 Main Street: $87,000,000
as of July 3, 2025; and The Metro: $45,300,000 as of July 11, 2025. In the aggregate, the multifamily component has an appraised value
of $132,100,000 and the office component has an appraised value of $103,400,000.

(10) Closing costs include an interest rate buydown of $2.82 million.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES 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;Mixed Use – Multifamily/Office | &nbsp;&nbsp;Loan #3 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$60000000 |
| &nbsp;&nbsp;1 & 11 Martine Avenue, 34 South | &nbsp;&nbsp;**City Square White Plains** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;59.9% |
| &nbsp;&nbsp;Lexington Avenue and 50 Main Street |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.33x |
| &nbsp;&nbsp;White Plains, NY 10606 |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;10.2% |

---

***The Mortgage Loan.*** The third largest mortgage loan (the "City Square White Plains Mortgage Loan") is part of a whole loan (the "City Square White Plains Whole Loan") secured by the borrowers' fee interest in a 621,070 SF mixed-use development property consisting of 312 multifamily units and 370,034 SF of commercial space covering an entire city block located in White Plains, New York (the "City Square White Plains Property"). The City Square White Plains Whole Loan consists of eight *pari passu* promissory notes and accrues interest at a rate of 7.25000% *per annum* on an Actual/360 basis. The City Square White Plains Whole Loan has a 5-year term and is interest-only for the full term of the City Square White Plains Whole Loan. The City Square White Plains Whole Loan was originated by BSPRT CMBS Finance, LLC ("BSPRT") on October 1, 2025. The City Square White Plains Mortgage Loan is evidenced by the non-controlling Note A-2, the non-controlling Note A-4, and the non-controlling Note A-6, with an aggregate original principal balance of $60,000,000. The City Square White Plains Whole Loan will be serviced pursuant to the pooling and servicing agreement for the BBCMS 2025-5C38 trust. See "*Description of the Mortgage Pool—The Whole Loans—The Non-Serviced Pari Passu Whole Loans*" and "*Pooling and Servicing Agreement—Servicing of the Non-Serviced Mortgage Loans*" in the prospectus.

The table below identifies the promissory notes that comprise the City Square White Plains Whole Loan:

 ****

---

| | | | | |
|:---|:---|:---|:---|:---|
| **City Square White Plains Whole Loan Summary** | **City Square White Plains Whole Loan Summary** | **City Square White Plains Whole Loan Summary** | **City Square White Plains Whole Loan Summary** | **City Square White Plains Whole Loan Summary** |
|  | &nbsp;&nbsp;**Original Balance** | &nbsp;&nbsp;**Cut-off Date Balance** | &nbsp;&nbsp;**Note Holder** | &nbsp;&nbsp;**Controlling Piece** |
| &nbsp;&nbsp;A-1 | &nbsp;&nbsp;$50000000 | &nbsp;&nbsp;$50000000 | &nbsp;&nbsp;BBCMS 2025-5C38 | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;**A-2** | &nbsp;&nbsp;**$40000000** | &nbsp;&nbsp;**$40000000** | &nbsp;&nbsp;**WFCM 2025-5C7** | &nbsp;&nbsp;**No** |
| &nbsp;&nbsp;A-3 | &nbsp;&nbsp;$20000000 | &nbsp;&nbsp;$20000000 | &nbsp;&nbsp;BBCMS 2025-5C38 | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**A-4** | &nbsp;&nbsp;**$15000000** | &nbsp;&nbsp;**$15000000** | &nbsp;&nbsp;**WFCM 2025-5C7** | &nbsp;&nbsp;**No** |
| &nbsp;&nbsp;A-5 | &nbsp;&nbsp;$5000000 | &nbsp;&nbsp;$5000000 | &nbsp;&nbsp;BBCMS 2025-5C38 | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**A-6** | &nbsp;&nbsp;**$5000000** | &nbsp;&nbsp;**$5000000** | &nbsp;&nbsp;**WFCM 2025-5C7** | &nbsp;&nbsp;**No** |
| &nbsp;&nbsp;A-7<sup>(1)</sup> | &nbsp;&nbsp;$5000000 | &nbsp;&nbsp;$5000000 | &nbsp;&nbsp;BSPRT | &nbsp;&nbsp;No |
| &nbsp;&nbsp;A-8 | &nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$1000000 | &nbsp;&nbsp;BBCMS 2025-5C38 | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**Whole Loan** | &nbsp;&nbsp;**$141000000** | &nbsp;&nbsp;**$141000000** |  |  |

---

(1) Expected to be contributed to one or more future securitization(s) or may otherwise be transferred at
any time.

 ****

***The Borrowers and the Borrower Sponsor.*** The borrowers are GDC White Plains Fee LLC, MG Martine SPE LLC and MG Main SPE LLC, each a bankruptcy remote, special purpose Delaware limited liability company each with two independent directors. Legal counsel to the borrowers delivered a non-consolidation opinion in connection with the origination of the City Square White Plains Whole Loan.

The borrower sponsor and non-recourse carveout guarantor is the Martin Ginsburg 2000 Trust Agreement #1 dated April 1, 2000, whose co-trustees are Douglas Ramsay and Irene Ginsburg. Martin Ginsburg is the founder and principal of Ginsburg Development Companies ("GDC"). Headquartered in Valhalla, New York and founded in 1963, GDC is a vertically integrated, full-service multifamily, retail, and hospitality investment, acquisition, development, and management company. GDC grew from a part-time endeavor between Mr. Ginsburg and his two brothers, with initial purchases of single-family lots in Greenburgh, New York, to acting as a developer of residential and multifamily properties in Westchester County and the northern suburbs of New York City for more than 50 years. GDC's developments in New York and Connecticut have won numerous design and community planning awards. In addition to the City Square White Plains Property, the Martin Ginsburg 2000 Trust Agreement #1 dated April 1, 2000 owns or controls five multifamily assets totaling over 680 units, one office asset totaling 60,000 SF, one mixed use office/retail asset totaling a combined 312,000 SF, and three future development sites. In addition to the standard non-recourse carveout guaranty and the environmental indemnity, the borrower sponsor has guaranteed $1,997,824 in outstanding tenant improvement and leasing commissions that were not reserved at origination.

 ****

***The Property.*** The City Square White Plains Property is a three-building, mixed-use multifamily and office property totaling 621,070 SF consisting of 312 multifamily units and 370,034 SF of commercial space, covering an entire city block in White Plains, New York. The City Square White Plains Property is situated on 3.33 acres of land across three parcels. The City Square White Plains Property provides 24/7 secured card access, a staffed lobby desk, on-site property management, and a parking garage with 1,175 spaces that connects directly to each building's lobby via elevators. The City Square White Plains Property includes the City Square Café, which provides both indoor and outdoor dining options. At the center of the City Square White Plains Property is a private park featuring a lounge, putting green, bocce ball court, performance space, exercise and walking path, fountain, and waterfall, all equipped with complimentary Wi-Fi. The three buildings also share a common exterior patio that was extensively renovated with cafeteria seating. As of September 24, 2025, the multifamily component of the City Square White Plains Property was 89.4% occupied, and the office component of the City Square White Plains Property was 91.9% leased. The three buildings that comprise the City Square White Plains Property are known as The Metro, 1-11 Martine and 50 Main Street.

*The Metro*: The Metro is a 12-story, 124-unit multifamily property located on the east side (South Lexington Avenue) of the City Square White Plains Property. The Metro was constructed in 1985, initially renovated in 2000, and substantially renovated in 2022, with unit renovations continuing through 2024. In total, the borrower sponsor invested approximately $3.8 million in capital expenditures across The Metro. Amenities at The Metro include a club lounge with billiards and a gas fireplace, Starbucks coffee station, fitness center, business center with iMacs, outdoor patio sundeck, and indoor garage parking. Unit amenities include wide plank luxury vinyl tile flooring in living areas and bedrooms, white shade window treatments, contemporary lighting, designer kitchens with new quartz countertops and lacquer upper cabinets, whirlpool stainless-steel appliances, porcelain tiled showers and baths, along with balconies in select apartments. As of September 24, 2025, The Metro was 89.5% occupied.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES 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;Mixed Use – Multifamily/Office | &nbsp;&nbsp;Loan #3 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$60000000 |
| &nbsp;&nbsp;1 & 11 Martine Avenue, 34 South | &nbsp;&nbsp;**City Square White Plains** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;59.9% |
| &nbsp;&nbsp;Lexington Avenue and 50 Main Street |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.33x |
| &nbsp;&nbsp;White Plains, NY 10606 |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;10.2% |

---

*1-11 Martine*: 1-11 Martine features a 15-story building, comprised of retail, multifamily and office space, situated on a 0.96-acre site. 1 Martine, located on the first 11 floors of 1-11 Martine, contains 188 multifamily units and ground floor retail. The 1-11 Martine building is located on the southwest corner (Martine Ave) of the City Square White Plains Property. 1 Martine was originally constructed in 1987 as an office building but was subsequently renovated and largely converted to multifamily beginning in 2022. The borrower sponsor invested approximately $41.3 million for the multifamily conversion. The residential amenities include a fitness facility, clubroom/lounge areas, an on-site leasing office/business center, patios, a renovated center courtyard and 507 garage parking spaces (approximately 2.70 spaces per unit). Apartment units feature a full stainless-steel appliance package including a range/oven with a built-in microwave and vent-hood, full-size refrigerator, dishwasher, and sink. Additionally, each multifamily unit features modern cabinets with composite countertops and flooring. The 1 Martine ground floor features one 2,595 SF retail unit used by the borrowers as an art gallery event space. Such art gallery event space is an amenity and was not underwritten as vacant or occupied. As of September 24, 2025, 1 Martine was 89.4% occupied.

11 Martine, comprising the top three floors of the 1-11 Martine building, contains 57,266 SF of office space. 11 Martine was constructed in 1987 and renovated in 2019 through 2020 and from 2024 through 2025. 11 Martine has a dedicated entrance, lobby and elevator bank serving its three floors, and the entire space was recently leased to the Westchester County Department of Health (the "DOH") and is currently being built out for the tenant. 11 Martine includes a dedicated lobby with a security/concierge's desk located along Martine Avenue at the front entrance. The 12th floor includes an outdoor terrace overlooking downtown White Plains. 11 Martine's amenities include a fitness center, boardroom, game room, an on-site management office and additional meeting rooms. 11 Martine is served by 229 garage parking spaces (dedicated to the office component of 1-11 Martine) at a parking ratio of approximately 3.87 spaces per 1,000 SF of net rentable area. As of September 24, 2025, 11 Martine was 100.0% occupied by the DOH.

1-11 Martine is subject to a project agreement with the City of White Plains Affordable Rental Housing Program pursuant to which the borrowers are required to reserve 6% of the multifamily units (12 total units) for tenants earning at or below 80% of the area median income.

 

*50 Main Street*: 50 Main Street is a 312,768-SF, 16-story urban office building situated on a 1.84-acre site located in White Plains, New York. 50 Main Street was constructed in 1986, renovated in 2002 and was most recently renovated between 2018 and 2020 and completed in 2024. The recent renovations included the cafeteria, the fitness center, the second-floor conference center, the lobby, selected bathrooms, and corridors. Formerly known as the Westchester Financial Center, 50 Main Street features a modernized two-story lobby located along Main Street at the front entrance. The second floor is a partial mezzanine overlooking the lobby and contains the management office and board room. Most of the 50 Main Street Property amenities are on the second floor and include the fitness center and meeting rooms. 50 Main Street is served by 459 covered parking spaces at a parking ratio of approximately 1.35 spaces per 1,000-SF of net rentable area. As of September 24, 2025, 50 Main Street was 90.4% occupied.

The following table presents detailed information with respect to the multifamily unit mix at 1 Martine:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; <br> **Multifamily Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp; <br> **Multifamily Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp; <br> **Multifamily Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp; <br> **Multifamily Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp; <br> **Multifamily Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp; <br> **Multifamily Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp; <br> **Multifamily Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp; <br> **Multifamily Unit Mix<sup>(1)</sup>** |
| &nbsp;&nbsp;**Unit Type** | &nbsp;&nbsp;**No. of Units** | &nbsp;&nbsp;**% of Total** | &nbsp;&nbsp;**Occupied Units** | &nbsp;&nbsp;**% of Units Occupied** | &nbsp;&nbsp;**Average Unit Size (SF)** | &nbsp;&nbsp;**Avg. Monthly Rental Rate<sup>(2)</sup>** | &nbsp;&nbsp;**Avg. Monthly Rental Rate PSF<sup>(2)</sup>** |
| Studio | &nbsp;&nbsp;4 | &nbsp;&nbsp;2.1% | &nbsp;&nbsp;4 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;406 | &nbsp;&nbsp;$2333 | &nbsp;&nbsp;$5.74 |
| Studio – Affordable | &nbsp;&nbsp;6 | &nbsp;&nbsp;3.2% | &nbsp;&nbsp;6 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;425 | &nbsp;&nbsp;$1596 | &nbsp;&nbsp;$3.75 |
| 1BR/1BA | &nbsp;&nbsp;107 | &nbsp;&nbsp;56.9% | &nbsp;&nbsp;97 | &nbsp;&nbsp;90.7% | &nbsp;&nbsp;736 | &nbsp;&nbsp;$2998 | &nbsp;&nbsp;$4.07 |
| 1BR/1BA – Affordable | &nbsp;&nbsp;4 | &nbsp;&nbsp;2.1% | &nbsp;&nbsp;4 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;630 | &nbsp;&nbsp;$1952 | &nbsp;&nbsp;$3.10 |
| 2BR/1.5BA | &nbsp;&nbsp;6 | &nbsp;&nbsp;3.2% | &nbsp;&nbsp;4 | &nbsp;&nbsp;66.7% | &nbsp;&nbsp;1090 | &nbsp;&nbsp;$4393 | &nbsp;&nbsp;$4.03 |
| 2BR/1BA | &nbsp;&nbsp;15 | &nbsp;&nbsp;8.0% | &nbsp;&nbsp;13 | &nbsp;&nbsp;86.7% | &nbsp;&nbsp;928 | &nbsp;&nbsp;$3603 | &nbsp;&nbsp;$3.88 |
| 2BR/2BA | &nbsp;&nbsp;44 | &nbsp;&nbsp;23.4% | &nbsp;&nbsp;38 | &nbsp;&nbsp;86.4% | &nbsp;&nbsp;1029 | &nbsp;&nbsp;$4208 | &nbsp;&nbsp;$4.09 |
| 2BR/2BA – Affordable | &nbsp;&nbsp;2 | &nbsp;&nbsp;1.1% | &nbsp;&nbsp;2 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;1013 | &nbsp;&nbsp;$2350 | &nbsp;&nbsp;$2.32 |
| &nbsp;&nbsp;**Total/Wtd. Avg.** | &nbsp;&nbsp;**188** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**168** | &nbsp;&nbsp;**89.4%** | &nbsp;&nbsp;**815** | &nbsp;&nbsp;**$3253** | &nbsp;&nbsp;**$4.05** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Based on the underwritten multifamily rent roll dated September 24, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Average Monthly Rental Rate and Average Monthly Rental Rate PSF are calculated using the in-place contract
rent of the occupied units.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES 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;Mixed Use – Multifamily/Office | &nbsp;&nbsp;Loan #3 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$60000000 |
| &nbsp;&nbsp;1 & 11 Martine Avenue, 34 South | &nbsp;&nbsp;**City Square White Plains** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;59.9% |
| &nbsp;&nbsp;Lexington Avenue and 50 Main Street |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.33x |
| &nbsp;&nbsp;White Plains, NY 10606 |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;10.2% |

---

The following table presents detailed information with respect to the multifamily unit mix at The Metro:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; <br> **Multifamily Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp; <br> **Multifamily Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp; <br> **Multifamily Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp; <br> **Multifamily Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp; <br> **Multifamily Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp; <br> **Multifamily Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp; <br> **Multifamily Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp; <br> **Multifamily Unit Mix<sup>(1)</sup>** |
| &nbsp;&nbsp;**Unit Type** | &nbsp;&nbsp;**No. of Units** | &nbsp;&nbsp;**% of Total** | &nbsp;&nbsp;**Occupied Units** | &nbsp;&nbsp;**% of Units Occupied** | &nbsp;&nbsp;**Average Unit Size (SF)** | &nbsp;&nbsp;**Avg. Monthly Rental Rate<sup>(2)</sup>** | &nbsp;&nbsp;**Avg. Monthly Rental Rate PSF<sup>(2)</sup>** |
| Studio | &nbsp;&nbsp;18 | &nbsp;&nbsp;14.5% | &nbsp;&nbsp;15 | &nbsp;&nbsp;83.3% | &nbsp;&nbsp;591 | &nbsp;&nbsp;$2485 | &nbsp;&nbsp;$4.20 |
| 1BR/1BA | &nbsp;&nbsp;62 | &nbsp;&nbsp;50.0% | &nbsp;&nbsp;55 | &nbsp;&nbsp;88.7% | &nbsp;&nbsp;734 | &nbsp;&nbsp;$2742 | &nbsp;&nbsp;$3.73 |
| 1BR/1.5BA | &nbsp;&nbsp;9 | &nbsp;&nbsp;7.3% | &nbsp;&nbsp;9 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;1003 | &nbsp;&nbsp;$3313 | &nbsp;&nbsp;$3.30 |
| 2BR/1BA | &nbsp;&nbsp;24 | &nbsp;&nbsp;19.4% | &nbsp;&nbsp;21 | &nbsp;&nbsp;87.5% | &nbsp;&nbsp;881 | &nbsp;&nbsp;$3241 | &nbsp;&nbsp;$3.68 |
| 2BR/2BA | &nbsp;&nbsp;11 | &nbsp;&nbsp;8.9% | &nbsp;&nbsp;11 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;1046 | &nbsp;&nbsp;$3689 | &nbsp;&nbsp;$3.53 |
| &nbsp;&nbsp;**Total/Wtd. Avg.** | &nbsp;&nbsp;**124** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**111** | &nbsp;&nbsp;**89.5%** | &nbsp;&nbsp;**789** | &nbsp;&nbsp;**$2942** | &nbsp;&nbsp;**$3.73** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Based on the underwritten multifamily rent roll dated September 24, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Average Monthly Rental Rate and Average Monthly Rental Rate PSF are calculated using the in-place contract
rent of the occupied units.

***Major Tenants.***

 

*Westchester County Department of Health (57,266 SF, 15.5% of Commercial NRA, 13.1% of underwritten base rent):* The DOH is a public health agency serving the residents of Westchester County, New York. With a team of approximately 1,000 employees, the DOH is committed to protecting and improving public health through a wide range of programs and services including restaurant inspections, immunization programs, maternal and child health services, environmental health investigations, health education, and emergency response. The DOH collaborates with local, state, and federal partners to address public health challenges and ensure the well-being of the community. The DOH is in occupancy of its space but is completing an interior build out that is expected to cost approximately $842,232, which amount was reserved at origination of the City Square White Plains Whole Loan (see "*Escrows and Reserves"* below). The DOH lease commenced on September 17, 2025 and is set to expire in January 2037. The DOH has the option to extend its lease for up to two additional five-year terms, upon nine months' prior written notice to the borrowers.

*Parfums De Coeur (26,119 SF, 7.1% of Commercial NRA, 7.9% of underwritten base rent):* Parfums De Coeur is a manufacturer and distributor of personal care and fragrance products. Parfums De Coeur creates accessible scents for a wide range of consumers. They offer a variety of products including perfumes, body sprays, lotions, and other toiletry items. Parfums De Coeur operates under the name PDC Brands and serves markets across the United States and internationally. Parms de Coeur is not yet in occupancy as the borrowers are completing a build-out of its space. The borrowers reserved approximately $2.22 million at origination for the outstanding tenant improvements (see "*Escrows and Reserves"* below), which are expected to be completed by June 2026. Parfums De Coeur has executed a lease that is expected to commence on June 1, 2026, and is set to expire in May 2037. Parfums De Coeur has the right to terminate its lease effective November 1, 2032, upon payment of a termination fee equal to (a) unamortized cost of any rent abatement during rent concession period, (b) broker commissions, (c) attorneys' fees, (d) all of costs of landlord's work, and (e) interest on the foregoing at 6% per annum. In addition, Parfums De Coeur has a one-time option to surrender a portion of its space situated in Suite 922 on 9th floor at any time as of December 31, 2027, upon nine months' irrevocable written notice together with three months of then-current base rent prorated as to Suite 922 portion of the City Square White Plains Property only plus payment of the termination fee.

*RGN-White Plains II LLC (23,138 SF, 6.3% of Commercial NRA, 7.2% of underwritten base rent):* RGN-White Plains II LLC ("Regus") is a global provider of flexible workspace solutions. Regus offers a wide range of office solutions, including private offices, coworking spaces, and virtual offices, to accommodate various business needs. Regus has an extensive network of locations, enabling companies of all sizes to work wherever and however they need. Their worldwide network of workspaces has created a global business community of 2.5 million customers. The Regus lease commenced in March 2018 and is set to expire in August 2033. Regus has the option to extend its lease for up to two additional five-year terms, upon nine months' prior written notice to the borrowers.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES 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;Mixed Use – Multifamily/Office | &nbsp;&nbsp;Loan #3 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$60000000 |
| &nbsp;&nbsp;1 & 11 Martine Avenue, 34 South | &nbsp;&nbsp;**City Square White Plains** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;59.9% |
| &nbsp;&nbsp;Lexington Avenue and 50 Main Street |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.33x |
| &nbsp;&nbsp;White Plains, NY 10606 |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;10.2% |

---

The following table presents certain information relating to the largest tenants at City Square White Plains Property:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Top Tenant Summary<sup>(1)</sup>** | **Top Tenant Summary<sup>(1)</sup>** | **Top Tenant Summary<sup>(1)</sup>** | **Top Tenant Summary<sup>(1)</sup>** | **Top Tenant Summary<sup>(1)</sup>** | **Top Tenant Summary<sup>(1)</sup>** | **Top Tenant Summary<sup>(1)</sup>** | **Top Tenant Summary<sup>(1)</sup>** | **Top Tenant Summary<sup>(1)</sup>** | **Top Tenant Summary<sup>(1)</sup>** |
| &nbsp;&nbsp; <br> **Tenant Name** | &nbsp;&nbsp; **Credit Rating (Moody's/**<br> **S&P/Fitch)<sup>(2)</sup>** | &nbsp;&nbsp;**Tenant SF** | &nbsp;&nbsp;**Approx % of Total SF** | &nbsp;&nbsp;**UW Base Rent PSF** | &nbsp;&nbsp;**UW Base Rent** | &nbsp;&nbsp;**% of Total UW Base Rent** |  |  | &nbsp;&nbsp;**Renewal Options** |
| &nbsp;&nbsp; <br> **Tenant Name** | &nbsp;&nbsp; **Credit Rating (Moody's/**<br> **S&P/Fitch)<sup>(2)</sup>** | &nbsp;&nbsp;**Tenant SF** | &nbsp;&nbsp;**Approx % of Total SF** | &nbsp;&nbsp;**UW Base Rent PSF** | &nbsp;&nbsp;**UW Base Rent** | &nbsp;&nbsp;**% of Total UW Base Rent** | &nbsp;&nbsp;**Lease Exp. Date** | &nbsp;&nbsp;**Term Option (Y/N)** | &nbsp;&nbsp;**Renewal Options** |
| &nbsp;&nbsp;**Major Tenants** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Westchester County Department of Health<sup>(3)</sup> | &nbsp;&nbsp;Aa1/AAA/AAA | &nbsp;&nbsp;57266 | &nbsp;&nbsp;15.5% | &nbsp;&nbsp;$28.92 | &nbsp;&nbsp;$1656099 | &nbsp;&nbsp;13.1% | &nbsp;&nbsp;1/31/2037 | &nbsp;&nbsp;Y | &nbsp;&nbsp;2 x 5 Year |
| &nbsp;&nbsp;Parfums De Coeur<sup>(4)</sup> | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;26119 | &nbsp;&nbsp;7.1% | &nbsp;&nbsp;$38.00 | &nbsp;&nbsp;$992522 | &nbsp;&nbsp;7.9% | &nbsp;&nbsp;5/31/2037 | &nbsp;&nbsp;Y | &nbsp;&nbsp;1 x 5 Year |
| &nbsp;&nbsp;RGN-White Plains II LLC<sup>(5)</sup> | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;23138 | &nbsp;&nbsp;6.3% | &nbsp;&nbsp;$39.40 | &nbsp;&nbsp;$911637 | &nbsp;&nbsp;7.2% | &nbsp;&nbsp;8/31/2033 | &nbsp;&nbsp;N | &nbsp;&nbsp;2 x 5 Year |
| &nbsp;&nbsp;Trans Union, LLC<sup>(6)</sup> | &nbsp;&nbsp;Ba2/NR/NR | &nbsp;&nbsp;23138 | &nbsp;&nbsp;6.3% | &nbsp;&nbsp;$39.14 | &nbsp;&nbsp;$905621 | &nbsp;&nbsp;7.2% | &nbsp;&nbsp;4/30/2033 | &nbsp;&nbsp;Y | &nbsp;&nbsp;1 x 5 Year |
| &nbsp;&nbsp;RWE Clean Energy<sup>(7)</sup> | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;23138 | &nbsp;&nbsp;6.3% | &nbsp;&nbsp;$32.50 | &nbsp;&nbsp;$751985 | &nbsp;&nbsp;6.0% | &nbsp;&nbsp;12/31/2030 | &nbsp;&nbsp;Y | &nbsp;&nbsp;1 x 5 Year |
| &nbsp;&nbsp;**Total Major Tenants** |  | &nbsp;&nbsp; **152799** | &nbsp;&nbsp; **41.3%** | &nbsp;&nbsp; **$34.15**  | &nbsp;&nbsp; **$5217864**  | &nbsp;&nbsp; **41.3%** |  |  |  |
| &nbsp;&nbsp;Other Tenants |  | &nbsp;&nbsp; 187176 | &nbsp;&nbsp; 50.6% | &nbsp;&nbsp; $39.60 | &nbsp;&nbsp; $7411381 | &nbsp;&nbsp; 58.7%  |  |  |  |
| &nbsp;&nbsp;**Occupied Total Collateral / Wtd. Avg.** |  | &nbsp;&nbsp;**339975** | &nbsp;&nbsp;**91.9%** | &nbsp;&nbsp;**$37.15** | &nbsp;&nbsp;**$12629245** | &nbsp;&nbsp;**100.0%** |  |  |  |
| &nbsp;&nbsp;Vacant Space |  | &nbsp;&nbsp; 30059 | &nbsp;&nbsp; 8.1% |  |  |  |  |  |  |
| &nbsp;&nbsp;**Collateral Total** |  | &nbsp;&nbsp;**370034** | &nbsp;&nbsp;**100.0%** |  |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Based on the underwritten commercial rent roll dated September 24, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Ratings provided are those of the parent company of the entity shown, whether or not the parent company
guarantees the lease.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Provided the lease is in full force and the tenant is not in default, the lease provides that the borrowers
will provide the tenant a monthly credit of approximately $17,513 for rent from September 2025 to December 2036. The borrowers were not
required to reserve for such gap rent or free rent at origination. Additionally, pursuant to Section 362(3) of the New York County Law,
Westchester County's obligations under the lease are subject to annual appropriation by the Westchester County Board of Legislators.
The lease is deemed executory only to the extent of funds appropriated and allocated each fiscal year, and Westchester County incurs no
liability beyond monies available for such purpose. The underwritten rent reflects the straight line rent but is net of the monthly credit.

&nbsp;&nbsp;&nbsp;&nbsp;(4) The lease has been executed, and the tenant is expected to take occupancy in June 2026. Provided the lease
is in full force and the tenant is not in default, the lease provides that the tenant is not required to pay rent in any of the following
months of its lease: June 2026 through November 2026, June and July 2034, June and July 2035, and June and July 2036. At origination,
the borrowers deposited approximately $1,075,232 in the gap rent and free rent reserve related to this tenant. The tenant has the right
to terminate its lease effective November 1, 2032 upon payment of a termination fee. In addition, the tenant has a one-time option to
surrender a portion of its space situated in Suite 922 on 9th floor at any time as of December 31, 2027, upon nine months' irrevocable
written notice together with three months of then-current base rent prorated as to Suite 922 portion of the City Square White Plains Property
only plus payment of the termination fee. We cannot assure you that the tenant will take occupancy or commence paying rent as expected
or at all.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Provided the lease is in full force and the tenant is not in default, the lease provides that the tenant
is not required to pay rent in any January from 2025 through 2032. At origination, the borrowers deposited approximately $1,209,136 in
the gap rent and free rent reserve related to this tenant.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Provided the lease is in full force and the tenant is not in default, the lease provides that the tenant
is not required to pay rent for following months: February 2026, August 2026, February 2027, February 2028, February 2029, February 2030
and February 2031. At origination, the borrowers deposited approximately $476,141 in the gap rent and free rent reserve related to this
tenant. The tenant has a one-time option to terminate its lease effective December 31, 2029, upon prior notice given before January 1,
2029, and payment of a termination fee.

&nbsp;&nbsp;&nbsp;&nbsp;(7) The lease has been executed, and the tenant is expected to take occupancy and commence rent payments in
December 2025. At origination, the borrowers deposited approximately $125,331 in the gap rent and free rent reserve related to this tenant.
In addition, tenant has the right to terminate its lease if the borrower fails to deliver the premises within 60 days after the Guaranteed
Delivery Date. The "Guaranteed Delivery Date" means 90 days after October 5, 2025 (January 3, 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. |
| 38 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Mixed Use – Multifamily/Office | &nbsp;&nbsp;Loan #3 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$60000000 |
| &nbsp;&nbsp;1 & 11 Martine Avenue, 34 South | &nbsp;&nbsp;**City Square White Plains** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;59.9% |
| &nbsp;&nbsp;Lexington Avenue and 50 Main Street |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.33x |
| &nbsp;&nbsp;White Plains, NY 10606 |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;10.2% |

---

The following table presents certain information relating to the commercial rollover schedule at City Square White Plains Property:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** |
| &nbsp;&nbsp;**Year** | &nbsp;&nbsp;**Number of Leases Expiring** | &nbsp;&nbsp;**Net Rentable Area Expiring** | &nbsp;&nbsp;<br>**% of NRA <br> Expiring**  | &nbsp;&nbsp;**UW Base Rent Expiring** | &nbsp;&nbsp;**% of UW Base Rent Expiring** | &nbsp;&nbsp;**Cumulative Net Rentable Area Expiring** | &nbsp;&nbsp;**Cumulative % of NRA Expiring** | &nbsp;&nbsp;**Cumulative UW Base Rent Expiring** | &nbsp;&nbsp;**Cumulative % of UW Base Rent Expiring** |
| &nbsp;&nbsp;Vacant | &nbsp;&nbsp;NAP | &nbsp;&nbsp;30059 | &nbsp;&nbsp;8.1% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;30059 | &nbsp;&nbsp;8.1% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;2025 & MTM | &nbsp;&nbsp;1 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$2284 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;30059 | &nbsp;&nbsp;8.1% | &nbsp;&nbsp;$2284 | &nbsp;&nbsp;0.0% |
| &nbsp;&nbsp;2026 | &nbsp;&nbsp;5 | &nbsp;&nbsp;24169 | &nbsp;&nbsp;6.5% | &nbsp;&nbsp;$1050631 | &nbsp;&nbsp;8.3% | &nbsp;&nbsp;54228 | &nbsp;&nbsp;14.7% | &nbsp;&nbsp;$1052915 | &nbsp;&nbsp;8.3% |
| &nbsp;&nbsp;2027 | &nbsp;&nbsp;9 | &nbsp;&nbsp;33141 | &nbsp;&nbsp;9.0% | &nbsp;&nbsp;$1382655 | &nbsp;&nbsp;10.9% | &nbsp;&nbsp;87369 | &nbsp;&nbsp;23.6% | &nbsp;&nbsp;$2435570 | &nbsp;&nbsp;19.3% |
| &nbsp;&nbsp;2028 | &nbsp;&nbsp;2 | &nbsp;&nbsp;6585 | &nbsp;&nbsp;1.8% | &nbsp;&nbsp;$263867 | &nbsp;&nbsp;2.1% | &nbsp;&nbsp;93954 | &nbsp;&nbsp;25.4% | &nbsp;&nbsp;$2699437 | &nbsp;&nbsp;21.4% |
| &nbsp;&nbsp;2029 | &nbsp;&nbsp;2 | &nbsp;&nbsp;11046 | &nbsp;&nbsp;3.0% | &nbsp;&nbsp;$433986 | &nbsp;&nbsp;3.4% | &nbsp;&nbsp;105000 | &nbsp;&nbsp;28.4% | &nbsp;&nbsp;$3133423 | &nbsp;&nbsp;24.8% |
| &nbsp;&nbsp;2030 | &nbsp;&nbsp;6 | &nbsp;&nbsp;41856 | &nbsp;&nbsp;11.3% | &nbsp;&nbsp;$1503324 | &nbsp;&nbsp;11.9% | &nbsp;&nbsp;146856 | &nbsp;&nbsp;39.7% | &nbsp;&nbsp;$4636746 | &nbsp;&nbsp;36.7% |
| &nbsp;&nbsp;2031 | &nbsp;&nbsp;7 | &nbsp;&nbsp;19918 | &nbsp;&nbsp;5.4% | &nbsp;&nbsp;$773100 | &nbsp;&nbsp;6.1% | &nbsp;&nbsp;166774 | &nbsp;&nbsp;45.1% | &nbsp;&nbsp;$5409847 | &nbsp;&nbsp;42.8% |
| &nbsp;&nbsp;2032 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;166774 | &nbsp;&nbsp;45.1% | &nbsp;&nbsp;$5409847 | &nbsp;&nbsp;42.8% |
| &nbsp;&nbsp;2033 | &nbsp;&nbsp;4 | &nbsp;&nbsp;57879 | &nbsp;&nbsp;15.6% | &nbsp;&nbsp;$2292337 | &nbsp;&nbsp;18.2% | &nbsp;&nbsp;224653 | &nbsp;&nbsp;60.7% | &nbsp;&nbsp;$7702184 | &nbsp;&nbsp;61.0% |
| &nbsp;&nbsp;2034 | &nbsp;&nbsp;1 | &nbsp;&nbsp;2980 | &nbsp;&nbsp;0.8% | &nbsp;&nbsp;$95360 | &nbsp;&nbsp;0.8% | &nbsp;&nbsp;227633 | &nbsp;&nbsp;61.5% | &nbsp;&nbsp;$7797544 | &nbsp;&nbsp;61.7% |
| &nbsp;&nbsp;2035 | &nbsp;&nbsp;4 | &nbsp;&nbsp;13204 | &nbsp;&nbsp;3.6% | &nbsp;&nbsp;$472243 | &nbsp;&nbsp;3.7% | &nbsp;&nbsp;240837 | &nbsp;&nbsp;65.1% | &nbsp;&nbsp;$8269786 | &nbsp;&nbsp;65.5% |
| &nbsp;&nbsp;2036 & Beyond | &nbsp;&nbsp;7 | &nbsp;&nbsp;129197 | &nbsp;&nbsp;34.9% | &nbsp;&nbsp;$4359459 | &nbsp;&nbsp;34.5% | &nbsp;&nbsp;370034 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$12629245 | &nbsp;&nbsp;100.0% |
| &nbsp;&nbsp;**Total/Wtd. Avg.** | &nbsp;&nbsp;**48** | &nbsp;&nbsp;**370034** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$12629245** | &nbsp;&nbsp;**100.0%** |  |  |  |  |

---

(1) Information is based on the underwritten commercial rent roll dated September 24, 2025.

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

 ****

***The Market.*** The City Square White Plains Property is located in White Plains, New York and forms part of the New York-Newark-Jersey City, NY-NJ metropolitan statistical area (the "New York MSA"). According to the appraisal, the New York MSA has a population of approximately 20.1 million, which has increased by approximately 1.2 million since 2010, reflecting an annual increase of 0.5%. Population is projected to increase by 78,337 between 2024 and 2029, reflecting a 0.1% annual population growth. The area features an average household income of $150,021 and a median household income of $101,061. Over the next five years, median household income is expected to increase by 11.8%, or $2,385 per annum. The area includes a total of 10,113,125 employees. The top three industries within the area are Health Care/Social Assistance, Prof/Scientific/Tech Services and Educational Services, which represent a combined total of 38% of the workforce.

The City Square White Plains Property is located about 20 miles northeast of New York City. The downtown area and surrounding area has developed into a suburban office market with major retail activity centered on The Westchester Mall and more recently, the White Plains City Center and Renaissance Square. The neighborhood is bounded by I-287 (Cross Westchester Parkway) to the north, Post Road to the south, Hutchinson River Parkway to the east and Bronx River Parkway to the west. To the north across Mani Street is Gateway, a 19-story, 541,300 SF Class-A office building. To the east is the Galleria at White Plains, an 800,000 SF mall that is proposed to be redeveloped into 3,200 apartments. To the west along Bank Street are multiple large-scale apartment complexes including 15 & 25 Bank Street, two 21-story towers consisting of 501 apartments, and Continuum, a 597-apartment complex at 55 & 57 Bank Street. Primary access is provided by Interstate 95, Interstate 287, Route 125, Route 22 and Route 127. Metro-North's White Plains station along Ferris Avenue runs express and local trains into New York City's Grand Central Terminal. Westchester County airport is located about 5 miles northeast of the downtown area via Route 120 in Harrison. The City Square White Plains Property is 0.5 miles away from the US District Court, which provides walking access for law firms at the City Square White Plains Property.

According to the appraisal, 1 Martine and The Metro are located in the White Plains multifamily submarket within the New York Metro multifamily market. As of the first quarter of 2025, the New York Metro market had a vacancy rate of 2.8%, with a rental rate of $3,270 per unit. About 61,000 units remain under construction in the market. The submarket had a vacancy rate of 14.5%, and is expected to decrease in the near future to around 6% by the start of 2027. Asking rents in the submarket stand at $3,220 per month, which is on par with the metro average of $3,270 per month. About 620 units are under construction in the submarket.

According to the appraisal, 50 Main Street and 11 Martine are located in the Westchester office market and the White Plains/Westchester CBD submarket. As of second quarter of 2025, White Plains CBD submarket had an inventory of approximately 5.0 million SF, with an average occupancy rate of 81.5%. The submarket experienced a negative net absorption of 15,610-SF. The average rental rate stood at $36.84 PSF.

According to the appraisal, the estimated 2024 population within a one-, three-, and five-mile radius of the City Square White Plains Property was 44,102, 118,695, and 217,979, respectively, and an average household income within the same radii of $162,602, $216,634, and $251,474, respectively.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Mixed Use – Multifamily/Office | &nbsp;&nbsp;Loan #3 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$60000000 |
| &nbsp;&nbsp;1 & 11 Martine Avenue, 34 South | &nbsp;&nbsp;**City Square White Plains** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;59.9% |
| &nbsp;&nbsp;Lexington Avenue and 50 Main Street |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.33x |
| &nbsp;&nbsp;White Plains, NY 10606 |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;10.2% |

---

The following table presents certain information relating to the lease rollover schedule at City Square White Plains Property:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Comparable Rental Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Rental Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Rental Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Rental Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Rental Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Rental Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Rental Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Rental Summary<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property Name <br> Location** | &nbsp;&nbsp;**Year Built / Renovated** | &nbsp;&nbsp;**Occupancy** | &nbsp;&nbsp;**# of Units** | &nbsp;&nbsp;**Unit Mix** | &nbsp;&nbsp;**Average SF per Unit** | &nbsp;&nbsp;**Average Rent per SF** | &nbsp;&nbsp;**Average Rent per Unit** |
| &nbsp;&nbsp;**1 Martine Avenue,** | &nbsp;&nbsp;**1987 / 2020-2022** | &nbsp;&nbsp;**89.4%<sup>(2)</sup>** | &nbsp;&nbsp;**188<sup>(2)</sup>** | | | | |
| &nbsp;&nbsp;**White Plains, NY<sup>(2)</sup>** |  |  |  | | | | |
|  |  |  |  | &nbsp;&nbsp;**Studio**<br>&nbsp;&nbsp;**Studio - Affordable**<br>&nbsp;&nbsp;**1BR/1BA**<br>&nbsp;&nbsp;**1BR/1BA - Affordable**<br>&nbsp;&nbsp;**2BR/1.5BA**<br>&nbsp;&nbsp;**2BR/1BA**<br>&nbsp;&nbsp;**2BR/2BA**<br>&nbsp;&nbsp;**2BR/2BA - Affordable** | &nbsp;&nbsp;**406**<br>&nbsp;&nbsp;**425**<br>&nbsp;&nbsp;**736**<br>&nbsp;&nbsp;**630**<br>&nbsp;&nbsp;**1090**<br>&nbsp;&nbsp;**928**<br>&nbsp;&nbsp;**1029**<br>&nbsp;&nbsp;**1013** | &nbsp;&nbsp;**$5.74** <br>&nbsp;&nbsp;**$3.75** <br>&nbsp;&nbsp;**$4.07** <br>&nbsp;&nbsp;**$3.10** <br>&nbsp;&nbsp;**$4.03** <br>&nbsp;&nbsp;**$3.88** <br>&nbsp;&nbsp;**$4.09** <br>&nbsp;&nbsp;**$2.32** | &nbsp;&nbsp;**$2333** <br>&nbsp;&nbsp;**$1596** <br>&nbsp;&nbsp;**$2998** <br>&nbsp;&nbsp;**$1952** <br>&nbsp;&nbsp;**$4393** <br>&nbsp;&nbsp;**$3603** <br>&nbsp;&nbsp;**$4208** <br>&nbsp;&nbsp;**$2350** |
| &nbsp;&nbsp;**34 South Lexington Avenue (The Metro)** | &nbsp;&nbsp;**1985 / 2000** | &nbsp;&nbsp;**89.5%<sup>(2)</sup>** | &nbsp;&nbsp;**124<sup>(2)</sup>** | | | | |
| &nbsp;&nbsp;**White Plains, NY<sup>(2)</sup>** |  |  |  | | | | |
|  |  |  |  | &nbsp;&nbsp;**Studio**<br>&nbsp;&nbsp;**1BR/1BA**<br>&nbsp;&nbsp;**1BR/1.5BA**<br>&nbsp;&nbsp;**2BR/1BA**<br>&nbsp;&nbsp;**2BR/2BA** | &nbsp;&nbsp;**591**<br>&nbsp;&nbsp;**734**<br>&nbsp;&nbsp;**1003**<br>&nbsp;&nbsp;**881**<br>&nbsp;&nbsp;**1046** | &nbsp;&nbsp;**$4.20** <br>&nbsp;&nbsp;**$3.73** <br>&nbsp;&nbsp;**$3.30** <br>&nbsp;&nbsp;**$3.68** <br>&nbsp;&nbsp;**$3.53** | &nbsp;&nbsp;**$2485** <br>&nbsp;&nbsp;**$2742** <br>&nbsp;&nbsp;**$3313** <br>&nbsp;&nbsp;**$3241** <br>&nbsp;&nbsp;**$3689** |
| &nbsp;&nbsp;One City Place | &nbsp;&nbsp;2004 / 2016 | &nbsp;&nbsp;97% | &nbsp;&nbsp;322 | &nbsp;&nbsp;Studio - Affordable | &nbsp;&nbsp;480 | &nbsp;&nbsp;$3.55 | &nbsp;&nbsp;$1705 |
| &nbsp;&nbsp;City Center at White Plains |  |  |  | &nbsp;&nbsp;Studio | &nbsp;&nbsp;553 | &nbsp;&nbsp;$5.02 | &nbsp;&nbsp;$2776 |
| &nbsp;&nbsp;White Plains, NY |  |  |  | &nbsp;&nbsp;1BR/1BA | &nbsp;&nbsp;691 | &nbsp;&nbsp;$4.30 | &nbsp;&nbsp;$2973 |
|  |  |  |  | &nbsp;&nbsp;2BR/2BA | &nbsp;&nbsp;1150 | &nbsp;&nbsp;$3.67 | &nbsp;&nbsp;$4225 |
|  |  |  |  | &nbsp;&nbsp;3BR/2BA | &nbsp;&nbsp;1447 | &nbsp;&nbsp;$4.19 | &nbsp;&nbsp;$6057 |
| &nbsp;&nbsp;Avalon White Plains | &nbsp;&nbsp;2009 / N/A | &nbsp;&nbsp;98% | &nbsp;&nbsp;344 | &nbsp;&nbsp;Studio | &nbsp;&nbsp;621 | &nbsp;&nbsp;$4.05 | &nbsp;&nbsp;$2410 - $2620 |
| &nbsp;&nbsp;27 Barker Avenue | &nbsp;&nbsp;2009 / N/A | &nbsp;&nbsp;98% | &nbsp;&nbsp;344 | &nbsp;&nbsp;1BR/1BA | &nbsp;&nbsp;687 - 868 | &nbsp;&nbsp;$3.56 | &nbsp;&nbsp;$2675 - $2860 |
| &nbsp;&nbsp;White Plains, NY | &nbsp;&nbsp;2009 / N/A | &nbsp;&nbsp;98% | &nbsp;&nbsp;344 | &nbsp;&nbsp;2BR/1BA | &nbsp;&nbsp;878 - 967 | &nbsp;&nbsp;$3.47 | &nbsp;&nbsp;$3015 - $3388 |
|  | &nbsp;&nbsp;2009 / N/A | &nbsp;&nbsp;98% | &nbsp;&nbsp;344 | &nbsp;&nbsp;2BR/2BA | &nbsp;&nbsp;1049 - 1075 | &nbsp;&nbsp;$3.95 | &nbsp;&nbsp;$3330 - $5050 |
|  | &nbsp;&nbsp;2009 / N/A | &nbsp;&nbsp;98% | &nbsp;&nbsp;344 | &nbsp;&nbsp;3BR/2BA | &nbsp;&nbsp;1569 | &nbsp;&nbsp;$3.79 | &nbsp;&nbsp;$4895 - $6987 |
| &nbsp;&nbsp;Windsor at The Gramercy | &nbsp;&nbsp;2003 / N/A | &nbsp;&nbsp;98% | &nbsp;&nbsp;260 | &nbsp;&nbsp;1BR/1BA | &nbsp;&nbsp;742 | &nbsp;&nbsp;$3.76 | &nbsp;&nbsp;$2789 |
| &nbsp;&nbsp;2 Canfield Avenue | &nbsp;&nbsp;2003 / N/A | &nbsp;&nbsp;98% | &nbsp;&nbsp;260 | &nbsp;&nbsp;2BR/2BA | &nbsp;&nbsp;972 | &nbsp;&nbsp;$3.70 | &nbsp;&nbsp;$3594 |
| &nbsp;&nbsp;White Plains, NY | &nbsp;&nbsp;2003 / N/A | &nbsp;&nbsp;98% | &nbsp;&nbsp;260 | &nbsp;&nbsp;2BR/2BA | &nbsp;&nbsp;1152 | &nbsp;&nbsp;$3.36 | &nbsp;&nbsp;$3876 |
| &nbsp;&nbsp;One Dekalb | &nbsp;&nbsp;2019 / N/A | &nbsp;&nbsp;97% | &nbsp;&nbsp;76 | &nbsp;&nbsp;Studio | &nbsp;&nbsp;639 | &nbsp;&nbsp;$4.26 | &nbsp;&nbsp;$2719 |
| &nbsp;&nbsp;1 Dekalb Avenue | &nbsp;&nbsp;2019 / N/A | &nbsp;&nbsp;97% | &nbsp;&nbsp;76 | &nbsp;&nbsp;1BR/1BA | &nbsp;&nbsp;804 | &nbsp;&nbsp;$4.24 | &nbsp;&nbsp;$3412 |
| &nbsp;&nbsp;White Plains, NY | &nbsp;&nbsp;2019 / N/A | &nbsp;&nbsp;97% | &nbsp;&nbsp;76 | &nbsp;&nbsp;2BR/2BA | &nbsp;&nbsp;1102 | &nbsp;&nbsp;$3.71 | &nbsp;&nbsp;$4091 |
| &nbsp;&nbsp;15 Bank Apartments | &nbsp;&nbsp;2005 / N/A | &nbsp;&nbsp;92% | &nbsp;&nbsp;501 | &nbsp;&nbsp;1BR/1BA | &nbsp;&nbsp;711 - 752 | &nbsp;&nbsp;$4.30 | &nbsp;&nbsp;$3124 - $3171 |
| &nbsp;&nbsp;15 and 25 Bank St | &nbsp;&nbsp;2005 / N/A | &nbsp;&nbsp;92% | &nbsp;&nbsp;501 | &nbsp;&nbsp;2BR/1BA | &nbsp;&nbsp;946 - 966 | &nbsp;&nbsp;$3.26 | &nbsp;&nbsp;$2905 - $3334 |
| &nbsp;&nbsp;White Plains, NY | &nbsp;&nbsp;2005 / N/A | &nbsp;&nbsp;92% | &nbsp;&nbsp;501 | &nbsp;&nbsp;2BR/2BA | &nbsp;&nbsp;1142 - 1158 | &nbsp;&nbsp;$3.51 | &nbsp;&nbsp;$4029 - $4040 |
| &nbsp;&nbsp;Norden Lofts | &nbsp;&nbsp;2018 / N/A | &nbsp;&nbsp;95% | &nbsp;&nbsp;62 | &nbsp;&nbsp;Studio | &nbsp;&nbsp;580 | &nbsp;&nbsp;$4.05 | &nbsp;&nbsp;$2350 |
| &nbsp;&nbsp;121 Westmoreland Avenue | &nbsp;&nbsp;2018 / N/A |  |  | &nbsp;&nbsp;1BR/1BA | &nbsp;&nbsp;615 | &nbsp;&nbsp;$4.31 | &nbsp;&nbsp;$2653 |
| &nbsp;&nbsp;White Plains, NY | &nbsp;&nbsp;2018 / N/A |  |  | &nbsp;&nbsp;2BR/2BA | &nbsp;&nbsp;1120 | &nbsp;&nbsp;$3.13 | &nbsp;&nbsp;$3505 |
| &nbsp;&nbsp;LaGianna Apartments | &nbsp;&nbsp;2014 / N/A | &nbsp;&nbsp;98% | &nbsp;&nbsp;56 | &nbsp;&nbsp;Studio | &nbsp;&nbsp;485 | &nbsp;&nbsp;$5.08 | &nbsp;&nbsp;$2465 |
| &nbsp;&nbsp;10 DeKalb Avenue | &nbsp;&nbsp;2014 / N/A | &nbsp;&nbsp;98% | &nbsp;&nbsp;56 | &nbsp;&nbsp;1BR/1BA | &nbsp;&nbsp;842 | &nbsp;&nbsp;$3.28 | &nbsp;&nbsp;$2760 |
| &nbsp;&nbsp;White Plains, NY | &nbsp;&nbsp;2014 / N/A | &nbsp;&nbsp;98% | &nbsp;&nbsp;56 | &nbsp;&nbsp;2BR/2BA | &nbsp;&nbsp;1212 | &nbsp;&nbsp;$2.76 | &nbsp;&nbsp;$3340 |
| &nbsp;&nbsp;Continuum | &nbsp;&nbsp;NAV | &nbsp;&nbsp;97% | &nbsp;&nbsp;478 | &nbsp;&nbsp;Studio | &nbsp;&nbsp;445 - 562 | &nbsp;&nbsp;$6.05 | &nbsp;&nbsp;$2330 - $3760 |
| &nbsp;&nbsp;55 & 57 Bank Street | &nbsp;&nbsp;NAV | &nbsp;&nbsp;97% | &nbsp;&nbsp;478 | &nbsp;&nbsp;1BR/1BA | &nbsp;&nbsp;595 - 717 | &nbsp;&nbsp;$4.94 | &nbsp;&nbsp;$2427 - $4052 |
| &nbsp;&nbsp;White Plains, NY | &nbsp;&nbsp;NAV | &nbsp;&nbsp;97% | &nbsp;&nbsp;478 | &nbsp;&nbsp;2BR/1BA | &nbsp;&nbsp;946 | &nbsp;&nbsp;$3.63 | &nbsp;&nbsp;$3435 |
|  | &nbsp;&nbsp;NAV | &nbsp;&nbsp;97% | &nbsp;&nbsp;478 | &nbsp;&nbsp;2BR/2BA | &nbsp;&nbsp;1045 - 1173 | &nbsp;&nbsp;$4.26 | &nbsp;&nbsp;$3394 - $6047 |
|  | &nbsp;&nbsp;NAV | &nbsp;&nbsp;97% | &nbsp;&nbsp;478 | &nbsp;&nbsp;3BR/2BA | &nbsp;&nbsp;1339 | &nbsp;&nbsp;$4.77 | &nbsp;&nbsp;$6386 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Based on the underwritten multifamily rent roll dated September 24, 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. |
| 40 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Mixed Use – Multifamily/Office | &nbsp;&nbsp;Loan #3 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$60000000 |
| &nbsp;&nbsp;1 & 11 Martine Avenue, 34 South | &nbsp;&nbsp;**City Square White Plains** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;59.9% |
| &nbsp;&nbsp;Lexington Avenue and 50 Main Street |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.33x |
| &nbsp;&nbsp;White Plains, NY 10606 |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;10.2% |

---

The following table presents certain information relating to the office rent comparable for the City Square White Plains Property (50 Main Street and 11 Martine Avenue):

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &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;**Comparable Office Rental Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Office Rental Summary<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property Name/Location** | &nbsp;&nbsp;**Year Built / Renovated** | &nbsp;&nbsp;**Occ.** | &nbsp;&nbsp;**Size (SF)** | &nbsp;&nbsp;**Tenant** | &nbsp;&nbsp;**Suite Size (SF)** | &nbsp;&nbsp;**Rent PSF** | &nbsp;&nbsp;**Commencement** | &nbsp;&nbsp;**Lease Term (Yrs.)** | &nbsp;&nbsp;**Lease Type** |
| &nbsp;&nbsp;**50 Main Street** | &nbsp;&nbsp;**1986 / 2002, 2018-2020** | &nbsp;&nbsp;**90.4%** | &nbsp;&nbsp;**312768** | &nbsp;&nbsp;**RGN-White Plains II LLC** | &nbsp;&nbsp;**23138** | &nbsp;&nbsp;**$38.44** | &nbsp;&nbsp;**Mar-18** | &nbsp;&nbsp;**15.4** | &nbsp;&nbsp;**Modified Gross** |
| &nbsp;&nbsp;**White Plains, NY<sup>(2)</sup>** |  |  |  | &nbsp;&nbsp;**Parfums De Coeur** | &nbsp;&nbsp;**26119** | &nbsp;&nbsp;**$38.00** | &nbsp;&nbsp;**Jun-26** | &nbsp;&nbsp;**11.0** | &nbsp;&nbsp;**Modified Gross** |
| | &nbsp;&nbsp; **1987 / 2019-2020, 2024-2025** | &nbsp;&nbsp; **100%** | &nbsp;&nbsp; **57266** | &nbsp;&nbsp;**Westchester County Department of Health** | &nbsp;&nbsp; **57266** | &nbsp;&nbsp; **$28.92**  | &nbsp;&nbsp; **Sep-25** | &nbsp;&nbsp; **11.4** | &nbsp;&nbsp; **Modified Gross** |
| &nbsp;&nbsp;**11 Martine Avenue**<br>&nbsp;&nbsp;**White Plains, NY<sup>(2)</sup>** | &nbsp;&nbsp; **1987 / 2019-2020, 2024-2025** | &nbsp;&nbsp; **100%** | &nbsp;&nbsp; **57266** | &nbsp;&nbsp;**Westchester County Department of Health** | &nbsp;&nbsp; **57266** | &nbsp;&nbsp; **$28.92**  | &nbsp;&nbsp; **Sep-25** | &nbsp;&nbsp; **11.4** | &nbsp;&nbsp; **Modified Gross** |
| &nbsp;&nbsp;Gateway 1 | &nbsp;&nbsp;1985 / 2022 | &nbsp;&nbsp;59% | &nbsp;&nbsp;541300 | &nbsp;&nbsp;Premier Home Health Care | &nbsp;&nbsp;15284 | &nbsp;&nbsp;$33.00 | &nbsp;&nbsp;Jun-24 | &nbsp;&nbsp;3.1 | &nbsp;&nbsp;Modified Gross |
| &nbsp;&nbsp;White Plains, NY | &nbsp;&nbsp;1985 / 2022 | &nbsp;&nbsp;59% | &nbsp;&nbsp;541300 | &nbsp;&nbsp;Hazen & Sawyer P.C. | &nbsp;&nbsp;5418 | &nbsp;&nbsp;$42.00 | &nbsp;&nbsp;Aug-23 | &nbsp;&nbsp;6.5 | &nbsp;&nbsp;Modified Gross |
| &nbsp;&nbsp;Reckson Metro Center | &nbsp;&nbsp;1977 / 2020 | &nbsp;&nbsp;86% | &nbsp;&nbsp;391798 | &nbsp;&nbsp;DelBello Donnellan Law | &nbsp;&nbsp;17364 | &nbsp;&nbsp;$34.00 | &nbsp;&nbsp;Jun-24 | &nbsp;&nbsp;11.0 | &nbsp;&nbsp;Modified Gross |
| &nbsp;&nbsp;White Plains, NY | &nbsp;&nbsp;1977 / 2020 | &nbsp;&nbsp;86% | &nbsp;&nbsp;391798 | &nbsp;&nbsp;DBD Partners | &nbsp;&nbsp;2295 | &nbsp;&nbsp;$41.00 | &nbsp;&nbsp;Jun-23 | &nbsp;&nbsp;3.2 | &nbsp;&nbsp;Modified Gross |
|  | &nbsp;&nbsp;1977 / 2020 | &nbsp;&nbsp;86% | &nbsp;&nbsp;391798 |  |  |  |  |  |  |
| &nbsp;&nbsp;Ten Bank Street | &nbsp;&nbsp;1989 / 2023 | &nbsp;&nbsp;86% | &nbsp;&nbsp;233585 | &nbsp;&nbsp;Mitsui Plastics | &nbsp;&nbsp;10120 | &nbsp;&nbsp;$37.00 | &nbsp;&nbsp;Jun-24 | &nbsp;&nbsp;7.4 | &nbsp;&nbsp;Modified Gross |
| &nbsp;&nbsp;White Plains, NY | &nbsp;&nbsp;1989 / 2023 | &nbsp;&nbsp;86% | &nbsp;&nbsp;233585 | &nbsp;&nbsp;Amur Capital Group | &nbsp;&nbsp;4631 | &nbsp;&nbsp;$39.00 | &nbsp;&nbsp;Jun-24 | &nbsp;&nbsp;5.4 | &nbsp;&nbsp;Modified Gross |
|  | &nbsp;&nbsp;1989 / 2023 | &nbsp;&nbsp;86% | &nbsp;&nbsp;233585 |  |  |  |  |  |  |
| &nbsp;&nbsp;Class A Office Property | &nbsp;&nbsp;2008 / 2022 | &nbsp;&nbsp;61% | &nbsp;&nbsp;71321 | &nbsp;&nbsp;Casamigos Spirits Co. | &nbsp;&nbsp;4665 | &nbsp;&nbsp;$39.50 | &nbsp;&nbsp;Sep-22 | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;Modified Gross |
| &nbsp;&nbsp;White Plains, NY | &nbsp;&nbsp;2008 / 2022 | &nbsp;&nbsp;61% | &nbsp;&nbsp;71321 | &nbsp;&nbsp;Casamigos Spirits Co. | &nbsp;&nbsp;4665 | &nbsp;&nbsp;$39.50 | &nbsp;&nbsp;Sep-22 | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;Modified Gross |
|  | &nbsp;&nbsp;2008 / 2022 | &nbsp;&nbsp;61% | &nbsp;&nbsp;71321 |  |  |  |  |  |  |
| &nbsp;&nbsp;White Plains Plaza | &nbsp;&nbsp;1968 / 2019 | &nbsp;&nbsp;79% | &nbsp;&nbsp;715873 | &nbsp;&nbsp;NOF American Corp. | &nbsp;&nbsp;2468 | &nbsp;&nbsp;$32.00 | &nbsp;&nbsp;Dec-23 | &nbsp;&nbsp;7.3 | &nbsp;&nbsp;Modified Gross |
| &nbsp;&nbsp;White Plains, NY | &nbsp;&nbsp;1968 / 2019 | &nbsp;&nbsp;79% | &nbsp;&nbsp;715873 | &nbsp;&nbsp;Divney, Tung Schwalbe | &nbsp;&nbsp;9188 | &nbsp;&nbsp;$32.00 | &nbsp;&nbsp;May-23 | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;Modified Gross |
|  | &nbsp;&nbsp;1968 / 2019 | &nbsp;&nbsp;79% | &nbsp;&nbsp;715873 |  |  |  |  |  |  |
| &nbsp;&nbsp;Westchester One | &nbsp;&nbsp;1976 / 2015 | &nbsp;&nbsp;74% | &nbsp;&nbsp;851773 | &nbsp;&nbsp;Melody Capital | &nbsp;&nbsp;16159 | &nbsp;&nbsp;$35.00 | &nbsp;&nbsp;Sep-22 | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;Modified Gross |
| &nbsp;&nbsp;White Plains, NY | &nbsp;&nbsp;1976 / 2015 | &nbsp;&nbsp;74% | &nbsp;&nbsp;851773 | &nbsp;&nbsp;Vet Emergency Group | &nbsp;&nbsp;41616 | &nbsp;&nbsp;$26.50 | &nbsp;&nbsp;May-21 | &nbsp;&nbsp;13.0 | &nbsp;&nbsp;Modified Gross |
|  | &nbsp;&nbsp;1976 / 2015 | &nbsp;&nbsp;74% | &nbsp;&nbsp;851773 |  |  |  |  |  |  |
| &nbsp;&nbsp;Grand Street Plaza | &nbsp;&nbsp;1962 / 2017 | &nbsp;&nbsp;68% | &nbsp;&nbsp;217416 | &nbsp;&nbsp;777 Partners | &nbsp;&nbsp;5805 | &nbsp;&nbsp;$30.50 | &nbsp;&nbsp;May-21 | &nbsp;&nbsp;10.8 | &nbsp;&nbsp;Modified Gross |
| &nbsp;&nbsp;White Plains, NY | &nbsp;&nbsp;1962 / 2017 | &nbsp;&nbsp;68% | &nbsp;&nbsp;217416 | &nbsp;&nbsp;777 Partners | &nbsp;&nbsp;5805 | &nbsp;&nbsp;$30.50 | &nbsp;&nbsp;May-21 | &nbsp;&nbsp;10.8 | &nbsp;&nbsp;Modified Gross |
|  | &nbsp;&nbsp;1962 / 2017 | &nbsp;&nbsp;68% | &nbsp;&nbsp;217416 |  |  |  |  |  |  |
| &nbsp;&nbsp;Urban Class A Office Building | &nbsp;&nbsp;1984 / 2003 | &nbsp;&nbsp;86% | &nbsp;&nbsp;125000 | &nbsp;&nbsp;Harrington, Ocko & Mank | &nbsp;&nbsp;8966 | &nbsp;&nbsp;$31.50 | &nbsp;&nbsp;Mar-24 | &nbsp;&nbsp;5.3 | &nbsp;&nbsp;Modified Gross |
| &nbsp;&nbsp;White Plains, NY | &nbsp;&nbsp;1984 / 2003 | &nbsp;&nbsp;86% | &nbsp;&nbsp;125000 | &nbsp;&nbsp;Maxwell Shmerler & Co CPA | &nbsp;&nbsp;3574 | &nbsp;&nbsp;$32.00 | &nbsp;&nbsp;Aug-23 | &nbsp;&nbsp;5.5 | &nbsp;&nbsp;Modified Gross |
|  | &nbsp;&nbsp;1984 / 2003 | &nbsp;&nbsp;86% | &nbsp;&nbsp;125000 |  |  |  |  |  |  |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(2) Based on the underwritten commercial rent roll dated September 24, 2025.

***Appraisal.*** According to the appraisals, 1 Martine had an "As Is" value of $86,800,000 as of July 11, 2025, 11 Martine had an "As Is" value of $16,400,000 as of September 20, 2025, 50 Main had an "As Is" value of $87,000,000 as of July 3, 2025, and The Metro had an "As Is" value of $45,300,000 as of July 11, 2025. The aggregate "As Is" value of the City Square White Plains Property is $235,500,000.

***Environmental Matters.*** According to the Phase I environmental assessment dated July 9, 2025, there was no evidence of any recognized environmental conditions at the City Square White Plains Property.

***Operating History and Underwritten Cash Flow.*** The following table presents certain information relating to the historical and current occupancy of the multifamily component of the City Square White Plains Property:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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;**Historical and Current Occupancy<sup>(1)</sup>** |
| **2021** | **2022** | **2023** | **2024** | &nbsp;&nbsp;**Current<sup>(2)</sup>** |
| &nbsp;&nbsp;75.3% | &nbsp;&nbsp;88.5% | &nbsp;&nbsp;92.3% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;89.4% |

---

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

(2) Current Occupancy is based on the underwritten multifamily rent roll dated September 24, 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. |
| 41 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Mixed Use – Multifamily/Office | &nbsp;&nbsp;Loan #3 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$60000000 |
| &nbsp;&nbsp;1 & 11 Martine Avenue, 34 South | &nbsp;&nbsp;**City Square White Plains** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;59.9% |
| &nbsp;&nbsp;Lexington Avenue and 50 Main Street |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.33x |
| &nbsp;&nbsp;White Plains, NY 10606 |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;10.2% |

---

The following table presents certain information relating to the historical and current occupancy of the commercial component of the City Square White Plains Property:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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;**Historical and Current Occupancy<sup>(1)</sup>** |
| **2021** | **2022** | **2023** | **2024** | &nbsp;&nbsp;**Current<sup>(2)</sup>** |
| &nbsp;&nbsp;53.6% | &nbsp;&nbsp;57.3% | &nbsp;&nbsp;57.3% | &nbsp;&nbsp;61.5% | &nbsp;&nbsp;91.9% |

---

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

(2) Current Occupancy is based on the underwritten commercial rent roll dated September 24, 2025 which includes Tenants Not Yet in Occupancy.

The following table presents certain information relating to the operating history and underwritten cash flows of the City Square White Plains Property:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Operating History and Underwriting Net Cash Flow** | &nbsp;&nbsp;**Operating History and Underwriting Net Cash Flow** | &nbsp;&nbsp;**Operating History and Underwriting Net Cash Flow** | &nbsp;&nbsp;**Operating History and Underwriting Net Cash Flow** | &nbsp;&nbsp;**Operating History and Underwriting Net Cash Flow** | &nbsp;&nbsp;**Operating History and Underwriting Net Cash Flow** | &nbsp;&nbsp;**Operating History and Underwriting Net Cash Flow** |
|  | &nbsp;&nbsp; **2022** | &nbsp;&nbsp; **2023** | &nbsp;&nbsp; **2024** | &nbsp;&nbsp; **TTM<sup>(1)</sup>** | &nbsp;&nbsp;**Underwritten** | &nbsp;&nbsp;**PSF<sup>(2)</sup>** |
| &nbsp;&nbsp;Rents in Place – Multifamily<sup>(3)</sup> | &nbsp;&nbsp;$11031985 | &nbsp;&nbsp;$11134244 | &nbsp;&nbsp;$11302728 | &nbsp;&nbsp;$11526053 | &nbsp;&nbsp;$11787520 | &nbsp;&nbsp;$18.98 |
| &nbsp;&nbsp;Rents in Place – Commercial<sup>(4)(5)</sup> | &nbsp;&nbsp;9097898 | &nbsp;&nbsp;11865696 | &nbsp;&nbsp;11001369 | &nbsp;&nbsp;8991389 | &nbsp;&nbsp;13801546 | &nbsp;&nbsp;22.22 |
| &nbsp;&nbsp;**Gross Potential Rent** | &nbsp;&nbsp;**$20129883** | &nbsp;&nbsp;**$22999940** | &nbsp;&nbsp;**$22304097** | &nbsp;&nbsp;**$20517443** | &nbsp;&nbsp;**$25589066** | &nbsp;&nbsp;**$41.20** |
| &nbsp;&nbsp;Other Income – Multifamily | &nbsp;&nbsp;1485035 | &nbsp;&nbsp;1386461 | &nbsp;&nbsp;1416502 | &nbsp;&nbsp;1451578 | &nbsp;&nbsp;1451578 | &nbsp;&nbsp;2.34 |
| &nbsp;&nbsp;Other Income – Commercial<sup>(6)</sup> | &nbsp;&nbsp;1111553 | &nbsp;&nbsp;1016752 | &nbsp;&nbsp;862399 | &nbsp;&nbsp;933586 | &nbsp;&nbsp;1254544 | &nbsp;&nbsp;2.02 |
| &nbsp;&nbsp;Total Reimbursements | &nbsp;&nbsp;658362 | &nbsp;&nbsp;588136 | &nbsp;&nbsp;1048189 | &nbsp;&nbsp;1251489 | &nbsp;&nbsp;1251489 | &nbsp;&nbsp;2.02 |
| &nbsp;&nbsp;**Net Rental Income** | &nbsp;&nbsp;**$23384833** | &nbsp;&nbsp;**$25991289** | &nbsp;&nbsp;**$25631188** | &nbsp;&nbsp;**$24154095** | &nbsp;&nbsp;**$29546676** | &nbsp;&nbsp;**$47.57** |
| &nbsp;&nbsp;(Vacancy/Credit Loss) – Multifamily | &nbsp;&nbsp;(2131716) | &nbsp;&nbsp;(1731171) | &nbsp;&nbsp;(1004553) | &nbsp;&nbsp;(1053522) | &nbsp;&nbsp;(1314989) | &nbsp;&nbsp;(2.12) |
| &nbsp;&nbsp;(Vacancy/Credit Loss) – Commercial | &nbsp;&nbsp;(954661) | &nbsp;&nbsp;(1031808) | &nbsp;&nbsp;(960884) | &nbsp;&nbsp;(1151991) | &nbsp;&nbsp;(1172301) | &nbsp;&nbsp;(1.89) |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$20298456** | &nbsp;&nbsp;**$23228310** | &nbsp;&nbsp;**$23665750** | &nbsp;&nbsp;**$21948582** | &nbsp;&nbsp;**$27059387** | &nbsp;&nbsp;**$43.57** |
| &nbsp;&nbsp;Total Expenses | &nbsp;&nbsp;11902868 | &nbsp;&nbsp;11450912 | &nbsp;&nbsp;11411795 | &nbsp;&nbsp;12093645 | &nbsp;&nbsp;12614013 | &nbsp;&nbsp;20.31 |
| &nbsp;&nbsp;**Net Operating Income<sup>(7)(8)</sup>** | &nbsp;&nbsp;**$8395588** | &nbsp;&nbsp;**$11777398** | &nbsp;&nbsp;**$12253955** | &nbsp;&nbsp;**$9854938** | &nbsp;&nbsp;**$14445374** | &nbsp;&nbsp;**$23.26** |
| &nbsp;&nbsp;Replacement Reserves | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;78000 | &nbsp;&nbsp;0.13 |
| &nbsp;&nbsp;Capital Expenditures | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;627190 | &nbsp;&nbsp;1.01 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$8395588** | &nbsp;&nbsp;**$11777398** | &nbsp;&nbsp;**$12253955** | &nbsp;&nbsp;**$9854938** | &nbsp;&nbsp;**$13740184** | &nbsp;&nbsp;**$22.12** |
| &nbsp;&nbsp;**Occupancy %<sup>(9)</sup>** | &nbsp;&nbsp;**87.2%** | &nbsp;&nbsp;**89.1%** | &nbsp;&nbsp;**94.7%** | &nbsp;&nbsp;**93.4%** | &nbsp;&nbsp;**90.3%** |  |
| &nbsp;&nbsp;**NOI DSCR<sup>(10)</sup>** | &nbsp;&nbsp;**0.81x** | &nbsp;&nbsp;**1.14x** | &nbsp;&nbsp;**1.18x** | &nbsp;&nbsp;**0.95x** | &nbsp;&nbsp;**1.39x** |  |
| &nbsp;&nbsp;**NCF DSCR<sup>(10)</sup>** | &nbsp;&nbsp;**0.81x** | &nbsp;&nbsp;**1.14x** | &nbsp;&nbsp;**1.18x** | &nbsp;&nbsp;**0.95x** | &nbsp;&nbsp;**1.33x** |  |
| &nbsp;&nbsp;**NOI Debt Yield<sup>(10)</sup>** | &nbsp;&nbsp;**6.0%** | &nbsp;&nbsp;**8.4%** | &nbsp;&nbsp;**8.7%** | &nbsp;&nbsp;**7.0%** | &nbsp;&nbsp;**10.2%** |  |
| &nbsp;&nbsp;**NCF Debt Yield<sup>(10)</sup>** | &nbsp;&nbsp;**6.0%** | &nbsp;&nbsp;**8.4%** | &nbsp;&nbsp;**8.7%** | &nbsp;&nbsp;**7.0%** | &nbsp;&nbsp;**9.7%** |  |

---

(1) TTM reflects the trailing 12-month period ending August 31, 2025.

(2) PSF figures are calculated based on the total square footage of the City Square
White Plains Property, inclusive of 251,036 SF of multifamily space. Underwritten Rents in Place - Multifamily per unit is equal to $37,781.

(3) Rents in Place for the multifamily component of the City Square White Plains Property
is based on in-place rent as of September 24, 2025, with vacancy grossed up to in-place average rent.

(4) Rents in Place for the commercial component of the City Square White Plains Property
is based on in-place occupied tenants (with 12 months of rent steps of $159,281) plus Tenants Not Yet In Occupancy. The lender has reserved
gap rent for these tenants from the City Square White Plains Whole Loan origination date until their respective anticipated possession
dates. Vacant suites are grossed up to appraiser's MLA conclusions, totaling $1,108,224.

(5) DOH is underwritten at the 5-year average of rent payments as the tenant is credit
rated "AAA", net of the free rent during the term of the City Square White Plains Whole Loan.

(6) Other Income – Commercial includes parking income attributed to the parking
income of three new leases, and the parking income associated with these leases is not included in the historical operating history. The
gross parking income totals $374,400 across the three tenant leases, broken out as follows: $137,400 from DOH, $139,500 from RWE Clean
Energy, and $97,500 from Parfums De Coeur.

(7) The increase in the 2023 Net Operating Income from the 2022 Net Operating Income
is attributed mainly to occupancy increasing at the City Square White Plains Property during the time period.

(8) The decrease in the TTM Net Operating Income from the 2024 Net Operating Income
is attributed mainly to the former largest tenant, Bunge, vacating the City Square White Plains Property at the end of 2024. Bunge accounted
for approximately 11% of City Square White Plains Property's NRA and annual rent.

(9) Underwritten Occupancy represents the underwritten economic occupancy and historical
occupancies represent physical occupancies.

(10) DSCR and Debt Yields are based on City Square White Plains Whole Loan.

***Property Management.*** The City Square White Plains Property is self-managed by GDC Management, Inc., an affiliate of the borrower sponsor.

***Escrows and Reserves.*** At origination, the borrowers deposited approximately (i) $1,227,846 into a real estate tax reserve, (ii) $2,167,914 into a tenant improvements and leasing commissions ("TI/LC") reserve, (iii) $38,750 into an immediate repair reserve, (iv) $2,500,000 into a gap rent and free rent reserve and (v) $4,411,087 into an outstanding leasing reserve.

*Tax Reserve* – On a monthly basis, the borrowers are required to deposit 1/12th of the real estate taxes that the lender estimates will be payable during the next 12 months (initially, approximately $306,961 per month).

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Mixed Use – Multifamily/Office | &nbsp;&nbsp;Loan #3 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$60000000 |
| &nbsp;&nbsp;1 & 11 Martine Avenue, 34 South | &nbsp;&nbsp;**City Square White Plains** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;59.9% |
| &nbsp;&nbsp;Lexington Avenue and 50 Main Street |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.33x |
| &nbsp;&nbsp;White Plains, NY 10606 |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;10.2% |

---

*Insurance Reserve* – On a monthly basis, the borrowers are required to escrow 1/12th of the annual estimated insurance premiums payable upon renewal of policy upon (i) an event of default or (ii) failure by the borrowers to provide evidence to the lender that the City Square White Plains Property are insured under a blanket policy that is acceptable to the lender and that satisfies the insurance requirements of the City Square White Plains Whole Loan. As of the origination date, an acceptable blanket policy is in place.

*Replacement Reserves* – On a monthly basis, the borrowers are required to deposit approximately $12,667 into the replacement reserve.

*TI/LC Reserve* – On a monthly basis through and including the October 2028 payment date, the borrowers are required to deposit approximately $61,672 into the TI/LC reserve. On a monthly basis on every payment date thereafter, the borrowers are required to deposit approximately $46,254 into such reserve.

*Gap Rent and Free Rent Reserve* – On a monthly basis, the borrowers are required to deposit $25,000 into a gap rent and free rent reserve, which monthly reserve is intended to cover all future free rent obligations not capitalized upfront.

***Lockbox / Cash Management.*** The City Square White Plains Whole Loan documents require a hard lockbox with respect to the commercial tenants and a soft lockbox with respect to the residential tenants and springing cash management. The borrowers were required to establish a lockbox account at origination. With respect to the residential tenants, the borrowers are required to deposit (or cause the property manager to deposit) all revenue generated by the multifamily units at the City Square White Plains Property into the lockbox account. The commercial tenants are required (pursuant to tenant direction letters) to deposit all rents and other sums due under their respective leases into the lockbox account. Funds on deposit in the lockbox account will be transferred to the borrowers unless a Cash Sweep Period (as defined below) exists, in which case such funds will be transferred daily to an account with the lender and applied by the lender as set forth in the City Square White Plains Whole Loan documents. During a Cash Sweep Period (other than a Cash Sweep Period due solely to a Specified Tenant Sweep Event (as defined below), all excess cash flow, after the payment of required reserves and other amounts due with respect to the City Square White Plains Whole Loan, will be held by the lender as additional collateral for the City Square White Plains Whole Loan; provided that any excess cash flow so collected will be released to the borrowers upon the cessation of such Cash Sweep Period, provided no other Cash Sweep Period exists. During a Specified Tenant Sweep Event, all excess cash flow, after payment required reserves and other amounts due with respect to the City Square White Plains Whole Loan, will be reserved with the lender and made available to the borrowers to pay for tenant improvements and leasing commissions related to re-tenanting the space previously leased to the Specified Tenant (as defined below); provided that any excess cash flow so collected and not used to re-tenant such Specified Tenant space will be released to the borrowers upon the cessation of such Specified Tenant Sweep Event provided no other Cash Sweep Period exists.

A "Cash Sweep Period" will commence upon (i) the occurrence and continuance of an event of default, (ii) the debt service coverage ratio being less than 1.20x and (iii) the occurrence of a Specified Tenant Sweep Event; and will end upon (x) with respect to clause (i) above, a cure of such event of default, (y) with respect to 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) with respect to clause (iii) above, the expiration of all Specified Tenant Sweep Events.

A "Specified Tenant" means, individually and collectively, the Westchester County Department of Health and any other tenant under a lease covering 50,000 or more rentable SF at the City Square White Plains Property (and any parent company of the foregoing, and guarantor of any such tenant's lease).

A "Specified Tenant Sweep Event" will commence upon any of the following: (i) a Specified Tenant defaults under its lease beyond all applicable notice and/or cure periods; (ii) a Specified Tenant going dark, vacating, abandoning, ceasing ordinary business operations or otherwise failing to occupy 50% or more of its leased space for a period of 60 days (as such period may be extended for up to two successive periods of 30 days each in the event the applicable Specified Tenant is diligently pursuing alterations or renovations to its demised premises in accordance with the terms of its lease), or giving written notice of its intent to do any of the foregoing; (iii) any bankruptcy or similar insolvency of a Specified Tenant; (iv) a Specified Tenant terminating, cancelling or surrendering its lease, or giving notice of its intent to do any of the foregoing; (v) the earlier of (a) the date that is nine months prior to the scheduled expiration of such Specified Tenant's lease or (b) the date under such Specified Tenant's lease by which such Specified Tenant is required to give notice of its exercise of a renewal option, unless such applicable cure has already occurred; and (vi) if a Specified Tenant is rated by any rating agency, such Specified Tenant has its rating downgraded by at least two notches by any rating agency from its rating as of origination, or if the lease is entered after origination, the date that such lease is entered into or if the Specified Tenant is rated after origination or the date the lease is entered into, as applicable, as of the date such Specified Tenant is so rated (the applicable date, the "Specified Tenant Rating Date").

A Specified Tenant Sweep Event will end, with respect to: (A) clause (i), if the cure of such event of default has been accepted by the borrowers; (B) clause (ii), if the Specified Tenant has (a) resumed occupancy and normal business operations at substantially all of its leased space during customary hours and (b) delivered to the lender an acceptable tenant estoppel certificate; (C) clause (iii), if the Specified Tenant no longer is insolvent or subject to any bankruptcy or insolvency proceedings and has affirmed its lease pursuant to a final, non-appealable order of a court of competent jurisdiction; (D) clause (iv), if the Specified Tenant (a) revokes any notification of any termination, cancellation or surrender of its lease and resumes ordinary course business operations during customary hours at all of its leased space and (b) has delivered to the lender an acceptable tenant estoppel certificate; (E) clause (v) (a) if the borrowers have delivered to the lender acceptable evidence that such Specified Tenant has extended its lease or given notice of renewal under terms of its lease, and all landlord obligations (including the payment of any leasing commissions) have been satisfied in full (or sufficient funds have been reserved for such purposes and to cover all such costs) and such Specified Tenant is in occupancy, open for business and paying full, unabated rent under its lease (or sufficient funds have been reserved for such purposes and to cover any operating shortfalls relating to the delay in the commencement of full rent payments) and (b) the Specified Tenant delivers to the lender an acceptable tenant estoppel certificate; and (F) clause (vi), if the Specified Tenant's rating is increased to at least the same rating assigned to such Specified Tenant as of the Specified Tenant Rating Date and remains at or above such rating for two consecutive calendar quarters thereafter. With respect to any Specified Tenant Sweep Event, a Specified Tenant Sweep Event will end if (a) substantially all of the space leased to the Specified Tenant is leased to one or more replacement tenants on terms acceptable to the lender, and all landlord obligations (including the payment of any leasing commissions) have been satisfied in full (or sufficient funds have been reserved for such purposes and to cover all such costs) and such replacement tenant or tenants, as applicable, are in occupancy, open for business and paying full, unabated rent under their respective lease(s) (or sufficient funds have been reserved for such purposes and to cover any operating shortfalls relating to the delay in the commencement of full rent payments) and (b) such replacement tenants have delivered to the lender acceptable tenant estoppel certificate(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. |
| 43 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Mixed Use – Multifamily/Office | &nbsp;&nbsp;Loan #3 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$60000000 |
| &nbsp;&nbsp;1 & 11 Martine Avenue, 34 South | &nbsp;&nbsp;**City Square White Plains** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;59.9% |
| &nbsp;&nbsp;Lexington Avenue and 50 Main Street |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.33x |
| &nbsp;&nbsp;White Plains, NY 10606 |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;10.2% |

---

***PILOT Agreement.*** 1-11 Martine and 50 Main Street (the "PILOT Property") are subject to a 10-year Payment in Lieu of Taxes Agreement ("PILOT") with the City of White Plains (the "City") and the County of Westchester (the "County") that expires on June 30, 2033. The PILOT period is (a) January 1, 2023 through December 31, 2032, with respect to the PILOT payments payable to the County and (b) July 1, 2023 through June 30, 2033 with respect to the PILOT payments payable to the City and the school district. PILOT payments are due by April 1 each year with respect to payments to the County and by January 1 and July 1 of each year with respect to payments to the City and school district. The obligation to make PILOT payments is secured by a mortgage in favor of the City on the PILOT Property (the "City Mortgage"), which mortgage is senior to the City Square White Plains Whole Loan. The applicable borrower's obligations under the City Mortgage are capped at $2,750,000, plus any enforcement costs and protective advances incurred or advanced by the mortgagee and any accrued interest thereon. The City Mortgage will terminate and be discharged upon a termination of the PILOT agreement and payment in full of any sums due thereunder. See "*Description of the Mortgage Pool—Mortgage Pool Characteristics—Property Types—Multifamily Properties*" in the prospectus for additional information.

***Terrorism Insurance*.** The City Square White Plains Whole Loan documents require that the "all risk" insurance policy required to be maintained by the borrower provides coverage for terrorism in an amount equal to the full replacement cost of the City Square White Plains Property, as well as business interruption insurance covering no more than the 18-month period following the occurrence of a casualty event, together with a 12-month extended period of indemnity. See "*Risk Factors—Risks Relating to the Mortgage Loans—Terrorism Insurance May Not Be Available for All Mortgaged Properties*" in the prospectus.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES 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 | &nbsp;&nbsp;Loan #4 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$60000000 |
| &nbsp;&nbsp;Various, Various | &nbsp;&nbsp;**Capital Storage Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;62.7% |
|  |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.39x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.3% |

---

---

| |
|:---|
| 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. |
| 45 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Self Storage – Self Storage | &nbsp;&nbsp;Loan #4 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$60000000 |
| &nbsp;&nbsp;Various, Various | &nbsp;&nbsp;**Capital Storage Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;62.7% |
|  |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.39x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.3% |

---

---

| |
|:---|
| 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. |
| 46 |

---

**Mortgage Loan No. 4 – Capital Storage Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| **Mortgage Loan Seller:** | WFB | WFB | WFB | **Single Asset/Portfolio:** | Portfolio |
| **Credit Assessment (Fitch/S&P/MDBRS):** | NR/NR/NR | NR/NR/NR | NR/NR/NR | **Location:** | Various, Various |
| **Original Balance<sup>(1)</sup>:** | $60000000 | $60000000 | $60000000 | **General Property Type:** | Self Storage |
| **Cut-off Date Balance<sup>(1)</sup>:** | $60000000 | $60000000 | $60000000 | **Detailed Property Type:** | Self Storage |
| **% of Initial Pool Balance:** | 7.8% | 7.8% | 7.8% | **Title Vesting:** | Fee |
| **Loan Purpose:** | Refinance | Refinance | Refinance | **Year Built/Renovated:** | Various/Various |
| **Borrower Sponsor:** | Etude Capital | Etude Capital | Etude Capital | **Size:** | 1,710,607 SF |
| **Guarantor:** | Steven Stein | Steven Stein | Steven Stein | **Cut-off Date Balance per SF<sup>(1)</sup>:** | $82 |
| **Mortgage Rate:** | 5.8080% | 5.8080% | 5.8080% | **Maturity Balance per SF<sup>(1)</sup>:** | $82 |
| **Note Date:** | 10/1/2025 | 10/1/2025 | 10/1/2025 | **Property Managers:** | Cubesmart Asset Management, |
| **Maturity Date:** | 10/11/2030 | 10/11/2030 | 10/11/2030 |  | LLC and Extra Space |
| **Original Term to Maturity:** | 60 months | 60 months | 60 months |  | Management, Inc. |
| **Original Amortization Term:** | 0 months | 0 months | 0 months | **Underwriting and Financial Information** | **Underwriting and Financial Information** |
| **IO Period:** | 60 months | 60 months | 60 months | **UW NOI:** | $11601875 |
| **Seasoning:** | 2 months | 2 months | 2 months | **UW NCF:** | $11430817 |
| **Prepayment Provisions<sup>(2)</sup>:** | YM1(26),DorYM1(27),O(7) | YM1(26),DorYM1(27),O(7) | YM1(26),DorYM1(27),O(7) | **UW NOI Debt Yield<sup>(1)</sup>:** | 8.3% |
| **Lockbox/Cash Mgmt Status:** | Springing/Springing | Springing/Springing | Springing/Springing | **UW NCF Debt Yield<sup>(1)</sup>:** | 8.2% |
| **Additional Debt Type**<sup>(1)</sup>**:** | *Pari Passu* | *Pari Passu* | *Pari Passu* | **UW NOI Debt Yield at Maturity<sup>(1)</sup>:** | 8.3% |
| **Additional Debt Balance**<sup>(1)</sup>**:** | $80000000 | $80000000 | $80000000 | **UW NCF DSCR<sup>(1)</sup>:** | 1.39x |
| **Future Debt Permitted (Type):** | No (NAP) | No (NAP) | No (NAP) | **Most Recent NOI:** | $12,247,995 (7/31/2025 TTM) |
|  |  |  |  | **2nd Most Recent NOI:** | $12,684,581 (12/31/2024) |
| &nbsp;&nbsp;**Reserves<sup>(3)</sup>** | &nbsp;&nbsp;**Reserves<sup>(3)</sup>** | &nbsp;&nbsp;**Reserves<sup>(3)</sup>** | &nbsp;&nbsp;**Reserves<sup>(3)</sup>** | **3rd Most Recent NOI:** | $12,973,259 (12/31/2023) |
| **<u>Type</u>** | **<u>Initial</u>** | **<u>Monthly</u>** | **<u>Cap</u>** | **Most Recent Occupancy:** | 88.7% (Various) |
| **RE Taxes:** | $1565740 | $172973 | NAP | **2nd Most Recent Occupancy:** | 87.3% (12/31/2024) |
| **Insurance:** | $0 | Springing | NAP | **3rd Most Recent Occupancy:** | 88.3% (12/31/2023) |
| **Replacement Reserve:** | $0 | $14260 | NAP | **Appraised Value (as of)<sup>(4)</sup>:** | $223,300,000 (6/24/2025) |
| **Deferred Maintenance:** | $405565 | $0 | NAP | **Appraised Value PSF<sup>(4)</sup>:** | $131 |
| **Supplemental Tax Reserve Funds:** | $436358 | $0 | NAP | **Cut-off Date LTV Ratio<sup>(1)</sup>:** | 62.7% |
|  |  |  |  | **Maturity Date LTV Ratio<sup>(1)</sup>:** | 62.7% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Sources and Uses** | **Sources and Uses** | **Sources and Uses** | **Sources and Uses** | **Sources and Uses** | **Sources and Uses** |
| **Sources** | **Proceeds** | **% of Total** | **Uses** | **Proceeds** | **% of Total** |
| Whole Loan Amount: | $140000000 | 100.0% | Loan Payoff: | $132638304 | 94.7% |
|  |  |  | Upfront Reserves: | $2407663 | 1.7% |
|  |  |  | Closing Costs: | $1716035 | 1.2% |
|  |  |  | Return of Equity: | $3237999 | 2.3% |
| **Total Sources:** | **$140000000** | **100.0%** | **Total Uses:** | **$140000000** | **100.0%** |

---

(1) The Capital Storage Portfolio Mortgage Loan (as defined below) is part of the Capital Storage Portfolio
Whole Loan (as defined below), which is comprised of five *pari passu* promissory notes with an aggregate original principal balance
of $140,000,000. The Underwriting and Financial Information presented above are based on the aggregate Cut-off Date principal balance
of the Capital Storage Portfolio Whole Loan.

(2) In connection with full prepayment or defeasance, as applicable, the borrowers have the option to elect
either yield maintenance-based or defeasance-based options prior to the open prepayment period. There is no lockout period associated
with the yield maintenance-based option. The defeasance lockout period will be at least 26 months beginning with and including the first
payment date on November 11, 2025. The assumed defeasance lockout period is based on the expected WFCM 2025-5C7 closing date in December
2025. The actual defeasance lockout period may be longer.

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

(4) The Appraised Value is based on the "As Portfolio" value, inclusive of a 5.7% portfolio premium.
The sum of the individual appraised values is $211,250,000, which equates to a Cut-off Date LTV Ratio and LTV Ratio at Maturity of 66.3%.

***The Mortgage Loan.*** The fourth largest mortgage loan (the "Capital Storage Portfolio Mortgage Loan") is part of a whole loan (the "Capital Storage Portfolio Whole Loan") evidenced by five *pari passu* notes with an aggregate outstanding principal balance as of the Cut-off Date of $140,000,000. The Capital Storage Portfolio Whole Loan is secured by a first lien mortgage on the borrowers' fee interest in a 1,710,607 SF, self storage portfolio consisting of 22 properties (each, a "Capital Storage Portfolio Property" and collectively, the "Capital Storage Portfolio Properties" or the "Capital Storage Portfolio") located across Texas, Florida and Oklahoma. The Capital Storage Portfolio Mortgage Loan is evidenced by the controlling note A-1-1 with an outstanding principal balance as of the Cut-off Date of $60,000,000.

The relationship between the holders of the Capital Storage Portfolio Whole Loan is governed by a co-lender agreement as described under "*Description of the Mortgage Pool—The Serviced Pari Passu Whole Loans*" in the prospectus. The Capital Storage Portfolio Whole Loan will be serviced pursuant to the pooling and servicing agreement for the WFCM 2025-5C7 transaction. See "*Description of the Mortgage Pool—The Serviced Pari Passu Whole Loans*" and "*Pooling and Servicing Agreement*" in the prospectus.

 ****

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Self Storage – Self Storage | &nbsp;&nbsp;Loan #4 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$60000000 |
| &nbsp;&nbsp;Various, Various | &nbsp;&nbsp;**Capital Storage Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;62.7% |
|  |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.39x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.3% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Capital Storage Portfolio Whole Loan Summary** | &nbsp;&nbsp;**Capital Storage Portfolio Whole Loan Summary** | &nbsp;&nbsp;**Capital Storage Portfolio Whole Loan Summary** | &nbsp;&nbsp;**Capital Storage Portfolio Whole Loan Summary** | &nbsp;&nbsp;**Capital Storage Portfolio Whole Loan Summary** |
| &nbsp;&nbsp;**Note** | &nbsp;&nbsp;**Original Balance** | &nbsp;&nbsp;**Cut-off Date Balance** | &nbsp;&nbsp;**Note Holder** | &nbsp;&nbsp;**Controlling Note** |
| &nbsp;&nbsp;**A-1-1** | &nbsp;&nbsp;**$60000000** | &nbsp;&nbsp;**$60000000** | &nbsp;&nbsp;**WFCM 2025-5C7** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;A-1-2<sup>(1)</sup> | &nbsp;&nbsp;$10000000 | &nbsp;&nbsp;$10000000 | &nbsp;&nbsp;WFB | &nbsp;&nbsp;No |
| &nbsp;&nbsp;A-2 | &nbsp;&nbsp;$40000000 | &nbsp;&nbsp;$40000000 | &nbsp;&nbsp;BANK5 2025-5YR18 | &nbsp;&nbsp;No |
| &nbsp;&nbsp;A-3<sup>(1)</sup> | &nbsp;&nbsp;$20000000 | &nbsp;&nbsp;$20000000 | &nbsp;&nbsp;WFB | &nbsp;&nbsp;No |
| &nbsp;&nbsp;A-4<sup>(1)</sup> | &nbsp;&nbsp;$10000000 | &nbsp;&nbsp;$10000000 | &nbsp;&nbsp;WFB | &nbsp;&nbsp;No |
| **Total** | &nbsp;&nbsp;**$140000000** | &nbsp;&nbsp;**$140000000** |  |  |

---

(1) Expected to be contributed to one or more future securitization transactions or
may otherwise be transferred at any time.

***The Borrowers and the Borrower Sponsor.*** The borrowers are FM471 Storage, LLC, Walzem Storage LLC, Junction Storage LLC, Shell Storage LLC, N Main Storage LLC, Dessau Storage LLC, FM 1460 Storage LLC, FM2978 Storage LLC, NW Freeway Storage LLC, Little York Storage LLC, McHard Storage LLC, Sabo Storage LLC, Eagle's Nest Storage LLC, Dollar Storage LLC, NW 27 Storage LLC, Hwy 66 Storage LLC, 51st Storage LLC, 71st Storage LLC, Fulton Storage LLC, Hwy 41 Storage LLC, Gatlin Storage LLC and Summerfield Storage LLC, each a Delaware limited liability company. Each borrower is a single purpose entity having at least one independent director in its organizational structure. Legal counsel to the borrowers delivered a non-consolidation opinion in connection with the origination of the Capital Storage Portfolio Whole Loan.

The borrower sponsor is Etude Capital LLC ("Etude Capital") and non-recourse carveout guarantor is Steven Stein. Etude Capital was founded by Steven Stein in 2012. Etude Capital manages a portfolio of public and private equities, real estate, credit, and derivatives with assets under management more than $150 million. Steven Stein is the sole shareholder of Etude Capital and is the largest individual investor in each of its funds.

***The Properties.*** The Capital Storage Portfolio is comprised of 22 properties containing individual self storage assets totaling 12,502 units and 1,710,607 SF, located across three states – Texas, Florida and Oklahoma. The Capital Storage Portfolio includes 6,991 (55.9% of total units) non-climate-controlled units, 5,028 (40.2%) climate-controlled units, 474 (3.8%) parking units and 9 (0.1%) other units. The Capital Storage Portfolio has a weighted average year built of 2009 and no individual Capital Storage Portfolio Property accounts for more than 7.0% of underwritten net cash flow or 7.4% of units across the Capital Storage Portfolio. As of May to July 2025 (TTM), the Capital Storage Portfolio was 88.7% occupied. The borrower sponsor purchased the Capital Storage Portfolio in 2018 and has invested approximately $21.0 million in capital expenditures.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Self Storage – Self Storage | &nbsp;&nbsp;Loan #4 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$60000000 |
| &nbsp;&nbsp;Various, Various | &nbsp;&nbsp;**Capital Storage Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;62.7% |
|  |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.39x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.3% |

---

The following table presents certain information relating to the Capital Storage Portfolio Properties:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Summary** | **Portfolio Summary** | **Portfolio Summary** | **Portfolio Summary** | **Portfolio Summary** | **Portfolio Summary** | **Portfolio Summary** | **Portfolio Summary** | **Portfolio Summary** | **Portfolio Summary** | **Portfolio Summary** | **Portfolio Summary** |
| **Property** | **Address** | **City, State** | **Year Built** | **Units** | **Net Rentable Area (SF)<sup>(1)</sup>** | **Occupancy %** | **Allocated Whole Loan Amount** | **% of Allocated Whole Loan Amount** | **Appraised Value** | **UW NCF** | **% of UW NCF** |
| 5712 Old River | 4230 North Farm to Market 565 Road | Old River-Winfree, TX | 2016 | 611 | 91208 | 93.3% | $9583000 | 6.8% | $12900000 | $801009 | 7.0% |
| 5710 Houston | 7705 Mchard Road | Houston, TX | 2011 | 610 | 82855 | 84.1% | $9191000 | 6.6% | $13800000 | $704165 | 6.2% |
| 5720 Port St Lucie | 2140 Southwest Gatlin Boulevard | Port St. Lucie, FL | 1995 | 767 | 75844 | 87.5% | $9185000 | 6.6% | $13900000 | $703571 | 6.2% |
| 5704 Taylor | 3706 North Main Street | Taylor, TX | 1997 | 928 | 121781 | 88.8% | $9008000 | 6.4% | $12900000 | $692587 | 6.1% |
| 5705 Pflugerville | 13601 Dessau Road | Pflugerville, TX | 2016 | 705 | 89226 | 87.7% | $8847000 | 6.3% | $12500000 | $704013 | 6.2% |
| 5703 Georgetown | 3901 Shell Road | Georgetown, TX | 2015 | 479 | 70770 | 93.3% | $7299000 | 5.2% | $10100000 | $573769 | 5.0% |
| 5719 Palmetto | 5310 US Highway 41 North | Palmetto, FL | Various | 561 | 56101 | 87.0% | $7002000 | 5.0% | $11600000 | $546652 | 4.8% |
| 5707 Tomball | 24210 Hufsmith Kohrville Road | Tomball, TX | 2011 | 467 | 61839 | 89.7% | $6418000 | 4.6% | $8700000 | $506468 | 4.4% |
| 5721 Summerfield | 15855 US Highway 441 | Summerfield, FL | 2018 | 542 | 79756 | 79.5% | $6412000 | 4.6% | $11000000 | $507059 | 4.4% |
| 5716 Broken Arrow | 19451 East 51st Street South | Broken Arrow, OK | 2008 | 605 | 92831 | 93.7% | $6375000 | 4.6% | $8500000 | $600632 | 5.3% |
| 5706 Georgetown | 2701 Farm to Market Road 1460 | Georgetown, TX | 2016 | 575 | 78516 | 94.6% | $6198000 | 4.4% | $9500000 | $442190 | 3.9% |
| 5708 Cypress | 21300 Northwest Freeway | Cypress, TX | 2004 | 547 | 77961 | 88.8% | $6191000 | 4.4% | $9000000 | $470556 | 4.1% |
| 5718 Hudson | 9406 Fulton Avenue | Hudson, FL | 2008 | 639 | 74351 | 80.0% | $6022000 | 4.3% | $9600000 | $478487 | 4.2% |
| 5709 Katy | 18860 West Little York Road | Katy, TX | 2016 | 471 | 66545 | 90.4% | $5826000 | 4.2% | $8000000 | $456966 | 4.0% |
| 5711 Houston | 10801 Sabo Road | Houston, TX | 2004 | 751 | 106916 | 85.6% | $5298000 | 3.8% | $9500000 | $418539 | 3.7% |
| 5700 San Antonio | 14130 Old Farm to Market 471 West | San Antonio, TX | 2006 | 498 | 72324 | 80.7% | $5253000 | 3.8% | $9200000 | $409284 | 3.6% |
| 5713 Edmond | 14333 North Santa Fe Avenue | Edmond, OK | 2006 | 450 | 62495 | 90.9% | $4750000 | 3.4% | $6600000 | $506969 | 4.4% |
| 5714 Moore | 820 Northwest 27th Street | Moore, OK | 2011 | 541 | 73287 | 93.9% | $4687000 | 3.3% | $6250000 | $410323 | 3.6% |
| 5701 San Antonio | 7007 Walzem Road | San Antonio, TX | 2016 | 529 | 77551 | 95.5% | $4610000 | 3.3% | $9300000 | $362607 | 3.2% |
| 5702 Liberty Hill | 400 North US Highway 183 | Liberty Hill, TX | 2016 | 421 | 65892 | 83.6% | $4270000 | 3.1% | $8300000 | $335858 | 2.9% |
| 5715 Catoosa | 2861 North Highway 66 | Catoosa, OK | 2004 | 536 | 68359 | 89.4% | $4125000 | 2.9% | $5500000 | $444767 | 3.9% |
| 5717 Broken Arrow | 7121 South 297th East Avenue | Broken Arrow, OK | 2001 | 269 | 64199 | 92.6% | $3450000 | 2.5% | $4600000 | $354348 | 3.1% |
| **Total/Weighted Average** |  |  |  | **12502** | **1710607** | **88.7%** | **$140000000** | **100.0%** | **$223300000<sup>(2)</sup>** | **$11430817** | **100.0%** |

---

(1) Based on the underwritten rent roll as of May 31, 2025 for the 5707 Tomball property and July 31, 2025 for all other Capital Storage
Portfolio Properties.

(2) Represents the "As Portfolio" value, inclusive of a 5.7% portfolio premium. The sum of the
individual appraised values is $211,250,000, which equates to a Cut-off Date LTV Ratio and LTV Ratio at Maturity of 66.3%.

The following table presents information with respect to the unit mix of the Capital Storage Portfolio Properties:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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>** |
| **Unit** | &nbsp;&nbsp;**Net Rentable Area** | &nbsp;&nbsp;**% of Net Rental Area** | &nbsp;&nbsp;**# of Units** | &nbsp;&nbsp;**Current Occupancy** | &nbsp;&nbsp;**UW Rent Per Unit** |
| Non-Climate Controlled | &nbsp;&nbsp;&nbsp;1001014 | &nbsp;&nbsp;&nbsp;58.5% | &nbsp;&nbsp;&nbsp;6991 | &nbsp;&nbsp;88.7% | &nbsp;&nbsp;&nbsp;$35.36 |
| Climate Controlled | &nbsp;&nbsp;&nbsp;648053 | &nbsp;&nbsp;&nbsp;37.9% | &nbsp;&nbsp;&nbsp;5028 | &nbsp;&nbsp;88.4% | &nbsp;&nbsp;&nbsp;$40.44 |
| Parking | &nbsp;&nbsp;&nbsp;58990 | &nbsp;&nbsp;&nbsp;3.4% | &nbsp;&nbsp;&nbsp;474 | &nbsp;&nbsp;85.7% | &nbsp;&nbsp;&nbsp;$31.36 |
| Other<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;2550 | &nbsp;&nbsp;&nbsp;0.1% | &nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;$390.85 |
| **Total/Weighted Average** | &nbsp;&nbsp;1710607 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;12502 | &nbsp;&nbsp;88.5%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;$37.51 |

---

(1) Based on the underwritten rent roll as of May 31, 2025 for the 5707 Tomball property
and July 31, 2025 for all other properties.

(2) Includes billboards, office and cell towers.

(3) Total/Weighted average weighted on the number of units.

 **

 ****

 ****

 **

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES 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 | &nbsp;&nbsp;Loan #4 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$60000000 |
| &nbsp;&nbsp;Various, Various | &nbsp;&nbsp;**Capital Storage Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;62.7% |
|  |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.39x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.3% |

---

***The Market.*** The Capital Storage Portfolio Properties are located across three states: Texas (13 properties, 60.2% of UW NCF), Oklahoma (5 properties, 20.3% of UW NCF), and Florida (4 properties, 19.6% of UW NCF).

The following table presents a market summary related to the Capital Storage Portfolio Properties:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **State** | &nbsp;&nbsp;**Property Count** | &nbsp;&nbsp;**# of Units** | &nbsp;&nbsp;**SF** | &nbsp;&nbsp;**Allocated Whole Loan Amount** | &nbsp;&nbsp;**% of ALA** | &nbsp;&nbsp;**UW NCF** |
| Texas | &nbsp;&nbsp;13 | &nbsp;&nbsp;7592 | &nbsp;&nbsp;1063384 | &nbsp;&nbsp;$87992000 | &nbsp;&nbsp;62.9% | &nbsp;&nbsp;$6878010 |
| Florida | &nbsp;&nbsp;4 | &nbsp;&nbsp;2509 | &nbsp;&nbsp;286052 | &nbsp;&nbsp;$28621000 | &nbsp;&nbsp;20.4% | &nbsp;&nbsp;$2235768 |
| Oklahoma | &nbsp;&nbsp;5 | &nbsp;&nbsp;2401 | &nbsp;&nbsp;361171 | &nbsp;&nbsp;$23387000 | &nbsp;&nbsp;16.7% | &nbsp;&nbsp;$2317039 |
| **Total** | &nbsp;&nbsp;**22** | &nbsp;&nbsp;**12502** | &nbsp;&nbsp;**1710607** | &nbsp;&nbsp;**$140000000** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$11430817** |

---

***Appraisal.*** According to the appraisal, the Capital Storage Portfolio had an "As Portfolio" appraised value of $223,300,000 as of June 24, 2025, which is inclusive of an approximately 5.7% portfolio premium. Additionally, the appraisal appraised the Capital Storage Portfolio Properties as of various dates in June 2025, which produced an aggregate "as is" appraised value of $211,250,000.

***Environmental Matters.*** According to the Phase I environmental site assessment with various dates in July 2025, there was no evidence of any recognized environmental conditions at any of the Capital Storage Portfolio Properties.

***Operating History and Underwritten Net Cash Flow.*** The following table presents certain information relating to the historical operating performance and Underwritten Net Cash Flow at the Capital Storage Portfolio Properties:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** |
|  | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**7/31/2025 TTM<sup>(1)</sup>** | &nbsp;&nbsp;**UW** | &nbsp;&nbsp;**UW PSF** |
| &nbsp;&nbsp;Base Rent | &nbsp;&nbsp;$18616186 | &nbsp;&nbsp;$18768703 | &nbsp;&nbsp;$18578953 | &nbsp;&nbsp;$18293366 | &nbsp;&nbsp;$18277085 | &nbsp;&nbsp;$10.68 |
| &nbsp;&nbsp;Grossed Up Vacant Space | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $2360810 | &nbsp;&nbsp; $1.38 |
| &nbsp;&nbsp;**Gross Potential Rent** | &nbsp;&nbsp;**$18616186** | &nbsp;&nbsp;**$18768703** | &nbsp;&nbsp;**$18578953** | &nbsp;&nbsp;**$18293366** | &nbsp;&nbsp;**$20637895** | &nbsp;&nbsp;**$12.06** |
| &nbsp;&nbsp;Other Income<sup>(2)</sup> | &nbsp;&nbsp;$1568713 | &nbsp;&nbsp;$1577359 | &nbsp;&nbsp;$1726925 | &nbsp;&nbsp;$1670511 | &nbsp;&nbsp;$1713867 | &nbsp;&nbsp;$1.00 |
| &nbsp;&nbsp;Less: Concessions | &nbsp;&nbsp;$397736 | &nbsp;&nbsp;$405667 | &nbsp;&nbsp;$562189 | &nbsp;&nbsp;$529698 | &nbsp;&nbsp;$529698 | &nbsp;&nbsp;$0.31 |
| &nbsp;&nbsp;Less: Collection Loss | &nbsp;&nbsp; $322305 | &nbsp;&nbsp; $253757 | &nbsp;&nbsp; $255794 | &nbsp;&nbsp; $296521 | &nbsp;&nbsp; $296521 | &nbsp;&nbsp; $0.17 |
| &nbsp;&nbsp;**Net Rental Income** | &nbsp;&nbsp;**$19464858** | &nbsp;&nbsp;**$19686638** | &nbsp;&nbsp;**$19487895** | &nbsp;&nbsp;**$19137659** | &nbsp;&nbsp;**$21525544** | &nbsp;&nbsp;**$12.58** |
| &nbsp;&nbsp;Less: Vacancy | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $2360810 | &nbsp;&nbsp; $1.38 |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$19464858** | &nbsp;&nbsp;**$19686638** | &nbsp;&nbsp;**$19487895** | &nbsp;&nbsp;**$19137659** | &nbsp;&nbsp;**$19164734** | &nbsp;&nbsp;**$11.20** |
| &nbsp;&nbsp;Real Estate Taxes | &nbsp;&nbsp;$1559045 | &nbsp;&nbsp;$1640388 | &nbsp;&nbsp;$1640679 | &nbsp;&nbsp;$1775039 | &nbsp;&nbsp;$2593723 | &nbsp;&nbsp;$1.52 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;$259246 | &nbsp;&nbsp;$315213 | &nbsp;&nbsp;$336375 | &nbsp;&nbsp;$365165 | &nbsp;&nbsp;$185332 | &nbsp;&nbsp;$0.11 |
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp;$973904 | &nbsp;&nbsp;$984217 | &nbsp;&nbsp;$963035 | &nbsp;&nbsp;$923893 | &nbsp;&nbsp;$958237 | &nbsp;&nbsp;$0.56 |
| &nbsp;&nbsp;Other Expenses | &nbsp;&nbsp;$3630283 | &nbsp;&nbsp;$3773561 | &nbsp;&nbsp;$3863224 | &nbsp;&nbsp;$3825567 | &nbsp;&nbsp;$3825567 | &nbsp;&nbsp;$2.24 |
| &nbsp;&nbsp;**Total Operating Expenses** | &nbsp;&nbsp;**$6422478** | &nbsp;&nbsp;**$6713379** | &nbsp;&nbsp;**$6803313** | &nbsp;&nbsp;**$6889664** | &nbsp;&nbsp;**$7562858** | &nbsp;&nbsp;**$4.42** |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$13042380** | &nbsp;&nbsp;**$12973259** | &nbsp;&nbsp;**$12684581** | &nbsp;&nbsp;**$12247995** | &nbsp;&nbsp;**$11601875** | &nbsp;&nbsp;**$6.78** |
| &nbsp;&nbsp;Replacement Reserves | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp;$171058 | &nbsp;&nbsp; $0.10 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$13042380** | &nbsp;&nbsp;**$12973259** | &nbsp;&nbsp;**$12684581** | &nbsp;&nbsp;**$12247995** | &nbsp;&nbsp;**$11430817** | &nbsp;&nbsp;**$6.68** |
| &nbsp;&nbsp;**Occupancy<sup>(3)</sup>** | &nbsp;&nbsp;**88.4%** | &nbsp;&nbsp;**88.3%** | &nbsp;&nbsp;**87.3%** | &nbsp;&nbsp;**88.5%** | &nbsp;&nbsp;**88.6%** |  |
| &nbsp;&nbsp;**NOI DSCR<sup>(4)</sup>** | &nbsp;&nbsp;**1.58x** | &nbsp;&nbsp;**1.57x** | &nbsp;&nbsp;**1.54x** | &nbsp;&nbsp;**1.49x** | &nbsp;&nbsp;**1.41x** |  |
| &nbsp;&nbsp;**NCF DSCR<sup>(4)</sup>** | &nbsp;&nbsp;**1.58x** | &nbsp;&nbsp;**1.57x** | &nbsp;&nbsp;**1.54x** | &nbsp;&nbsp;**1.49x** | &nbsp;&nbsp;**1.39x** |  |
| &nbsp;&nbsp;**NOI Debt Yield<sup>(4)</sup>** | &nbsp;&nbsp;**9.3%** | &nbsp;&nbsp;**9.3%** | &nbsp;&nbsp;**9.1%** | &nbsp;&nbsp;**8.7%** | &nbsp;&nbsp;**8.3%** |  |
| &nbsp;&nbsp;**NCF Debt Yield<sup>(4)</sup>** | &nbsp;&nbsp;**9.3%** | &nbsp;&nbsp;**9.3%** | &nbsp;&nbsp;**9.1%** | &nbsp;&nbsp;**8.7%** | &nbsp;&nbsp;**8.2%** |  |

---

(1) Represents the annualized Trailing nine Months for 5 of the 22 Capital Storage Portfolio
Properties where a management change took place at the Capital Storage Portfolio Properties and a T-12 was unavailable.

(2) Other Income includes administrative fees, late fees, tenant insurance and merchandise
sales.

(3) The underwritten vacancy is 11.4%. The Capital Storage Portfolio was 88.7% occupied
as of May 31, 2025 to July 31, 2025.

(4) Debt service coverage ratios and debt yields are based on the Capital Storage 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. |
| 50 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Self Storage – Self Storage | &nbsp;&nbsp;Loan #4 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$60000000 |
| &nbsp;&nbsp;Various, Various | &nbsp;&nbsp;**Capital Storage Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;62.7% |
|  |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.39x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.3% |

---

***Escrows and Reserves.***

*Taxes –* The Capital Storage Portfolio Whole Loan documents require an upfront reserve of $1,565,740 for real estate taxes plus ongoing monthly reserves in an amount equal to 1/12<sup>th</sup> of the taxes that the lender estimates will be payable during the next 12 months, initially $172,973.

*Insurance –* The Capital Storage Portfolio Whole Loan documents require ongoing monthly reserves in an amount equal to 1/12<sup>th</sup> of the insurance premiums that the lender estimates will be payable during the next 12 months. Ongoing monthly reserves for insurance are not required as long as (i) no event of default under the Capital Storage Portfolio Whole Loan documents has occurred and is continuing; (ii) the Capital Storage Portfolio Properties are part of a blanket or umbrella policy approved by the lender; (iii) the borrowers provide the lender with evidence of renewal of insurance policies; and (iv) the borrowers provide the lender with paid receipts for insurance premiums by no later than 10 business days prior to the policy expiration dates.

*Replacement Reserve –* The Capital Storage Portfolio Whole Loan documents require ongoing monthly reserves in an amount equal to $14,260 for replacements.

*Immediate Repair Funds* – The Capital Storage Portfolio Whole Loan documents require an upfront reserve of $405,565 for immediate repairs.

*Supplemental Tax Reserve Funds* – The Capital Storage Portfolio Whole Loan documents require an upfront reserve of $436,358 as a supplemental reserve for real estate taxes.

***Lockbox and Cash Management.*** The Capital Storage Portfolio Whole Loan is structured with a springing lockbox and springing cash management. Upon the occurrence of a Cash Trap Event Period (as defined below) the borrowers are required to establish a lender-controlled lockbox account and deposit all rents and direct all credit card companies to pay all amounts due directly into such lockbox account. During the continuance of a Cash Trap Event Period, all funds in the lockbox account are required to be swept into the cash management account controlled by the lender and disbursed on each payment date in accordance with the Capital Storage Portfolio Whole Loan documents and all excess funds are required to be swept to an excess cash flow subaccount controlled by the lender.

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

&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 occurrence and continuance of an event of default under the Capital Storage Portfolio Whole
 Loan documents; or

&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 net operating income debt service coverage ratio ("NOI DSCR") is less than 1.15x,
 tested quarterly.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;· with
 regard to clause (ii) above, the NOI DSCR is equal to or greater than 1.15x for two consecutive
 calendar quarters.

 ****

***Release of Property*** The Capital Storage Portfolio Whole Loan documents provide that, following the defeasance lockout period, the borrowers may obtain the release of any individual property in connection with a bona fide sale of a release property to an unaffiliated third party, subject to certain conditions, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no
 event of default shall have occurred or be continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) prepayment
 of the Capital Storage Portfolio Whole Loan in an amount equal to the greatest of (A) 85%
 of the net sales proceeds from the property sale, (B) 110% of the allocated loan amount for
 the release property or (C) an amount sufficient to comply with related REMIC requirements,
 together with the applicable yield maintenance premium therefor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 post-release NOI DSCR being no less than 1.30x;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 post-release net operating income debt yield's being no less than 8.5%; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) an
 opinion of counsel that the partial release complies with REMIC requirements.

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

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Super Regional Mall | &nbsp;&nbsp;Loan #5 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$60000000 |
| &nbsp;&nbsp;5000 West Empire Place Mall | &nbsp;&nbsp;**Empire Mall** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;59.4% |
| &nbsp;&nbsp;Sioux Falls, SD 57106 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.24x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;16.5% |

---

![](n5438prets_img018.jpg)

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Super Regional Mall | &nbsp;&nbsp;Loan #5 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$60000000 |
| &nbsp;&nbsp;5000 West Empire Place Mall | &nbsp;&nbsp;**Empire Mall** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;59.4% |
| &nbsp;&nbsp;Sioux Falls, SD 57106 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.24x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;16.5% |

---

![](n5438prets_img019.jpg)

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Super Regional Mall | &nbsp;&nbsp;Loan #5 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$60000000 |
| &nbsp;&nbsp;5000 West Empire Place Mall | &nbsp;&nbsp;**Empire Mall** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;59.4% |
| &nbsp;&nbsp;Sioux Falls, SD 57106 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.24x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;16.5% |

---

![](n5438prets_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. |
| 54 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Super Regional Mall | &nbsp;&nbsp;Loan #5 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$60000000 |
| &nbsp;&nbsp;5000 West Empire Place Mall | &nbsp;&nbsp;**Empire Mall** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;59.4% |
| &nbsp;&nbsp;Sioux Falls, SD 57106 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.24x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;16.5% |

---

---

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

---

**Mortgage Loan No. 5 – Empire Mall**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| **Mortgage Loan Seller:** | **Mortgage Loan Seller:** | WFB | WFB | WFB | **Single Asset/Portfolio:** | Single Asset |
| **Credit Assessment (Fitch/S&P/MDBRS):** | **Credit Assessment (Fitch/S&P/MDBRS):** | NR/NR/NR | NR/NR/NR | NR/NR/NR | **Location:** | Sioux Falls, SD 57106 |
| **Original Balance<sup>(1)</sup>:** | **Original Balance<sup>(1)</sup>:** | $60000000 | $60000000 | $60000000 | **General Property Type:** | Retail |
| **Cut-off Date Balance<sup>(1)</sup>:** | **Cut-off Date Balance<sup>(1)</sup>:** | $60000000 | $60000000 | $60000000 | **Detailed Property Type:** | Super Regional Mall |
| **% of Initial Pool Balance:** | **% of Initial Pool Balance:** | 7.8% | 7.8% | 7.8% | **Title Vesting:** | Fee/Leasehold |
| **Loan Purpose:** | **Loan Purpose:** | Refinance | Refinance | Refinance | **Year Built/Renovated:** | 1974/2013 |
| **Borrower Sponsor:** | **Borrower Sponsor:** | Simon Property Group, L.P. | Simon Property Group, L.P. | Simon Property Group, L.P. | **Size:** | 1,024,394 SF |
| **Guarantor:** | **Guarantor:** | Simon Property Group, L.P. | Simon Property Group, L.P. | Simon Property Group, L.P. | **Cut-off Date Balance Per SF<sup>(1)</sup>:** | $117 |
| **Mortgage Rate:** | **Mortgage Rate:** | 6.716% | 6.716% | 6.716% | **Maturity Date Balance Per SF<sup>(1)</sup>:** | $117 |
| **Note Date:** | **Note Date:** | 10/1/2025 | 10/1/2025 | 10/1/2025 | **Property Manager:** | Simon Management Associates, |
| **Maturity Date:** | **Maturity Date:** | 10/1/2030 | 10/1/2030 | 10/1/2030 |  | LLC (borrower-related) |
| **Term to Maturity:** | **Term to Maturity:** | 60 months | 60 months | 60 months |  |  |
| **Amortization Term:** | **Amortization Term:** | 0 months | 0 months | 0 months | **Underwriting and Financial Information** | **Underwriting and Financial Information** |
| **IO Period:** | **IO Period:** | 60 months | 60 months | 60 months | **UW NOI <sup>(3)</sup>:** | $19837440 |
| **Seasoning:** | **Seasoning:** | 2 months | 2 months | 2 months | **UW NCF:** | $18331837 |
| **Prepayment Provisions<sup>(2)</sup>:** | **Prepayment Provisions<sup>(2)</sup>:** | L(26),D(27),O(7) | L(26),D(27),O(7) | L(26),D(27),O(7) | **UW NOI Debt Yield<sup>(1)</sup>:** | 16.5% |
| **Lockbox/Cash Mgmt Status:** | **Lockbox/Cash Mgmt Status:** | Hard/Springing | Hard/Springing | Hard/Springing | **UW NCF Debt Yield<sup>(1)</sup>:** | 15.3% |
| **Additional Debt Type<sup>(1)</sup>:** | **Additional Debt Type<sup>(1)</sup>:** | *Pari Passu* | *Pari Passu* | *Pari Passu* | **UW NOI Debt Yield at Maturity<sup>(1)</sup>:** | 16.5% |
| **Additional Debt Balance<sup>(1)</sup>:** | **Additional Debt Balance<sup>(1)</sup>:** | 60000000 | 60000000 | 60000000 | **UW NCF DSCR<sup>(1)</sup>:** | 2.24x |
| **Future Debt Permitted (Type):** | **Future Debt Permitted (Type):** | No (NAP) | No (NAP) | No (NAP) | **Most Recent NOI<sup>(3)</sup>:** | $18,061,764 (8/31/2025 TTM) |
| &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;**Reserves<sup>(4)</sup>**  | **2<sup>nd</sup> Most Recent NOI:** | $18,000,096 (12/31/2024) |
| **<u>Type</u>** | **<u>Initial</u>** | **<u>Initial</u>** | **<u>Monthly</u>** | **<u>Cap</u>** | **3rd Most Recent NOI:** | $17,161,886 (12/31/2023) |
| **RE Taxes:** | $0 | $0 | Springing | NAP | **Most Recent Occupancy:** | 87.2% (9/4/2025) |
| **Insurance:** | $0 | $0 | Springing | NAP | **2<sup>nd</sup> Most Recent Occupancy:** | 95.0% (12/31/2024) |
| **Replacement Reserve:** | $0 | $0 | Springing | NAP | **3<sup>rd</sup> Most Recent Occupancy:** | 89.0% (12/31/2023) |
| **TI/LC Reserve:** | $0 | $0 | $69246 | $3323820 | **Appraised Value (as of):** | $202,000,000 (6/26/2025) |
| **Outstanding TI/LC Reserve:** | $0<sup>(5)</sup> | $0<sup>(5)</sup> | $0 | NAP | **Appraised Value Per SF:** | $197 |
| **Gap Rent Reserve:** | $992738 | $992738 | $0 | NAP | **Cut-off Date LTV Ratio<sup>(1)</sup>:** | 59.4% |
|  |  |  |  |  | **Maturity Date LTV Ratio<sup>(1)</sup>:** | 59.4% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** |
| &nbsp;&nbsp;**Sources** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** | &nbsp;&nbsp;**Uses** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** |
| &nbsp;&nbsp;Whole Loan Amount: | &nbsp;&nbsp;$120000000 | &nbsp;&nbsp;71.1% | &nbsp;&nbsp;Loan Payoff: | &nbsp;&nbsp;$167214263 | &nbsp;&nbsp;99.0% |
| &nbsp;&nbsp;Borrower Sponsor Equity: | &nbsp;&nbsp;$48842063 | &nbsp;&nbsp;28.9% | &nbsp;&nbsp;Reserves: | &nbsp;&nbsp;$992738 | &nbsp;&nbsp;0.6% |
|  |  |  | &nbsp;&nbsp;Closing Costs | &nbsp;&nbsp;$635062 | &nbsp;&nbsp; 0.4% |
| &nbsp;&nbsp;**Total Sources:** | &nbsp;&nbsp;**$168842063** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses:** | &nbsp;&nbsp;**$168842063** | &nbsp;&nbsp; **100.0%** |

---

(1) The Empire Mall Mortgage Loan (as defined below) is part of the Empire Mall Whole Loan (as defined below)
evidenced by four *pari passu* promissory notes with an aggregate outstanding principal balance as of the Cut-off Date of $120.0
million. The Financial Information in the chart above reflects the Empire Mall Whole Loan (as defined below).

(2) Defeasance of the Empire Mall Whole Loan is permitted at any time after the date that is the earliest
to occur of (i) two years after the closing date of the securitization that includes the last note to be securitized and (ii) October
1, 2028. The assumed defeasance lockout period of 27 payments is based on the anticipated closing date of the WFCM 2025-5C7 securitization
trust in December 2025. The actual defeasance lockout period may be longer.

(3) The increase in the UW NOI from the Most Recent NOI is primarily driven by higher gross potential rent
due to leases that are executed but not yet occupying their space.

(4) For a full description of Escrows and Reserves, please refer to "*Escrows and Reserves* "
below.

(5) In lieu of an upfront cash deposit, the guarantor has executed a guaranty for the required initial deposit
to the Outstanding TI/LC Reserve as permitted by the Empire Mall Whole Loan documents. Please see "*Escrows and Reserves* "
below.

***The Mortgage Loan.*** The fifth largest mortgage loan (the "Empire Mall Mortgage Loan") is part of a whole loan evidenced by four *pari passu* promissory notes with an aggregate outstanding principal balance as of the Cut-off Date of $120,000,000 (the "Empire Mall Whole Loan"). The Empire Mall Whole Loan is secured by the borrower's fee interest in a 1,024,394 SF super regional mall located in Sioux Falls, South Dakota (the "Empire Mall Property"). The Empire Mall Mortgage Loan is evidenced by the controlling A-1 note and non-controlling A-2 note with an aggregate outstanding principal balance as of the Cut-off Date of $60,000,000. The relationship between the holders of the Empire Mall Whole Loan is governed by a co-lender agreement as described under "*Description of the Mortgage Pool—The Whole Loans—The Serviced Pari Passu Whole Loans*" and "*The Pooling and Servicing Agreement*" in the prospectus.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES 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 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Super Regional Mall | &nbsp;&nbsp;Loan #5 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$60000000 |
| &nbsp;&nbsp;5000 West Empire Place Mall | &nbsp;&nbsp;**Empire Mall** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;59.4% |
| &nbsp;&nbsp;Sioux Falls, SD 57106 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.24x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;16.5% |

---

The table below summarizes the promissory notes comprising the Empire Mall 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 Note** |
| &nbsp;&nbsp;&nbsp;&nbsp;**A-1** | &nbsp;&nbsp;**$40000000** | &nbsp;&nbsp;**$40000000** | &nbsp;&nbsp;**WFCM 2025-5C7** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;&nbsp;&nbsp;**A-2** | &nbsp;&nbsp;**$20000000** | &nbsp;&nbsp;**$20000000** | &nbsp;&nbsp;**WFCM 2025-5C7** | &nbsp;&nbsp;**No** |
| &nbsp;&nbsp;&nbsp;&nbsp;A-3<sup>(1)</sup> | &nbsp;&nbsp;$20000000 | &nbsp;&nbsp;$20000000 | &nbsp;&nbsp;WFB | &nbsp;&nbsp;No |
| &nbsp;&nbsp;&nbsp;&nbsp;A-4<sup>(1)</sup> | &nbsp;&nbsp;$40000000 | &nbsp;&nbsp;$40000000 | &nbsp;&nbsp;GACC | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**$120000000** | &nbsp;&nbsp;**$120000000** |  |  |

---

(1) Expected to be contributed to one or more future securitization trust(s) or may otherwise be transferred
at any time.

 ****

***The Borrower and the Borrower Sponsor.*** The borrower for the Empire Mall Whole Loan is Empire Mall, LLC, a Delaware limited liability company with two independent directors. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Empire Mall Whole Loan. The borrower sponsor and non-recourse guarantor for the Empire Mall Whole Loan is Simon Property Group, L.P. ("Simon"). The loan documents provide that the borrower has personal liability for losses related to breaches of environmental covenants and other stipulated recourse events; however, for so long as Simon is the non-recourse carveout guarantor, the non-recourse carveout guarantor's liability is limited to 20% of the original principal amount of the Empire Mall Whole Loan, plus all reasonable out-of-pocket costs and expenses (including court costs and fees and reasonable attorneys' fees) incurred in the enforcement of the guaranty or preservation of the lender's rights under the guaranty.

Simon is the operating partnership of Simon Property Group Inc. (NYSE: SPG), a global leader in the ownership of premier shopping, dining, entertainment, and mixed-use destinations, and an S&P 100 company. Simon Property Group, L.P. owns properties across North America, Europe, and Asia, providing community gathering places for millions of people daily and generating billions in annual sales. The company maintains a strong financial position, with a credit rating of A/A3 by S&P/Moody's. As of June 30, 2025, Simon owned or held an interest in 194 income-producing properties in the United States, including 92 malls, 70 premium outlets, 14 Mills-branded shopping centers, six lifestyle centers and 12 other retail properties. Simon also owns an 80% non-controlling interest in The Taubman Realty Group, LLC, or TRG, which has an interest in 26 regional, super-regional and outlet malls in the United States and Asia. Additionally, Simon has a 22.4% ownership interest in Klépierre SA, a publicly traded, Paris-based real estate company, which owns shopping centers in 14 European countries. As of October 18, 2025, Simon had an equity market capitalization of approximately $59.1 billion.

***The Property.*** The Empire Mall Property is a single-level, Class B super-regional shopping mall located in Sioux Falls, South Dakota. The Empire Mall Property is situated on an 82.4-acre site and features a total of 1,166,418 SF of gross leasable area ("GLA") including outparcels, of which 1,024,394 SF of the GLA is owned space. The Empire Mall Property is anchored by JCPenney, Dick's House of Sport and Macy's, which owns its improvements and ground leases the underlying land from the borrower. Other major tenants include Crunch Fitness, Buckle, Hy-Vee, Old Navy and Helzberg Diamonds. Built between 1974 and 1977 with notable renovation occurring in 2013 and a recent addition of Freddy's Frozen Custard in 2022, the Empire Mall Property also includes 14 outparcel buildings, ranging from a high-performing Hy-Vee grocery store to various retail and restaurant establishments. The Empire Mall Property demonstrates a strong occupancy profile, with average occupancy of 91.6% from 2016 to 2024.

As of September 4, 2025, the Empire Mall Property was 87.2% leased based on owned SF to 110 unique tenants. The trailing 12-month in-line sales PSF as of July 31, 2025, is $437 PSF, representing a 33.6% increase over 2020 and 4.8% increase over pre-pandemic 2019.

***Major Tenants.***

*Dick's House of Sport* (100,709 SF; 9.8% of NRA; 10.5% of underwritten base rent). Founded in 1948 and headquartered in Pittsburgh, Pennsylvania, Dick's House of Sport ("Dick's") is an American sporting goods retailer that offers a wide range of sports and outdoor equipment, athletic apparel and footwear. Dick's has been a tenant at the Empire Mall Property since March 2013 and executed a lease in August 2025 to expand from its existing 50,300 SF space to a new anchor space totaling 100,709 SF. Dick's received $100 PSF in allowable tenant reimbursements in connection with the buildout of the expansion space. Dick's remains in occupancy and operating in its existing 50,300 SF space. The Dick's expansion space lease is anticipated to commence in September 2026, has a lease expiration in August 2036 and has three, five-year renewal options. The landlord work for the space is complete, Dick's has possession and is completing their work.

*Crunch Fitness* (60,000 SF; 5.9% of NRA; 4.3% of underwritten base rent). Founded in 1989, Crunch Fitness is headquartered in New York, NY. Crunch Fitness specializes in fitness, personal training, retail, health and wellness and has over 300 locations worldwide. Crunch Fitness has been a tenant at the Empire Mall Property since November 2023, has a lease expiring in November 2034 and has no renewal options.

*Buckle* (5,576 SF; 0.5% of NRA; 3.8% of underwritten base rent). Founded in 1948, Buckle is an American Fashion retailer selling clothing, footwear and accessories for men, women and children. Today, Buckle has more than 440 retail stores across 42 states in United States. Buckle has been a tenant at the Empire Mall Property since February 2024, has a lease expiring in January 2027 and has no 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. |
| 57 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Super Regional Mall | &nbsp;&nbsp;Loan #5 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$60000000 |
| &nbsp;&nbsp;5000 West Empire Place Mall | &nbsp;&nbsp;**Empire Mall** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;59.4% |
| &nbsp;&nbsp;Sioux Falls, SD 57106 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.24x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;16.5% |

---

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Top Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Top Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Top Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Top Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Top Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Top Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Top Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Top Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Top Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Top Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Top Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Top Tenant Summary<sup>(1)</sup>** |
| &nbsp;&nbsp;**Tenant Name** | &nbsp;&nbsp;**Credit Rating (Fitch/Moody's/S&P)** | &nbsp;&nbsp;**Tenant SF** | &nbsp;&nbsp;**% of Total SF** | &nbsp;&nbsp;**Annual UW Rent** | &nbsp;&nbsp;**% of Total Annual UW Rent** | &nbsp;&nbsp;**Annual UW Rent PSF** | &nbsp;&nbsp;**Occ Cost<sup>(2</sup>**<sup>)</sup> | &nbsp;&nbsp;**Lease Expiration** | &nbsp;&nbsp;**Renewal Option** | &nbsp;&nbsp;**Term. Option** | &nbsp;&nbsp;**Sales PSF<sup>(2)</sup>** |
| &nbsp;&nbsp;**Anchors** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Dick's House of Sport | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;100709 | &nbsp;&nbsp;9.8% | &nbsp;&nbsp;$1762408 | &nbsp;&nbsp;10.5% | &nbsp;&nbsp;$17.50 | &nbsp;&nbsp;8.1%<sup>(3)</sup> | &nbsp;&nbsp;8/31/2036 | &nbsp;&nbsp;3 x 5 yr |  | &nbsp;&nbsp;$243<sup>(3)</sup> |
| &nbsp;&nbsp;J.C. Penney |  | &nbsp;&nbsp;134209 | &nbsp;&nbsp;13.1% | &nbsp;&nbsp;$356931 | &nbsp;&nbsp;2.1% | &nbsp;&nbsp;$2.66 | &nbsp;&nbsp;2.5% | &nbsp;&nbsp;4/30/2031 | &nbsp;&nbsp;2 x 5 yr |  | &nbsp;&nbsp;$113 |
| &nbsp;&nbsp;Macy's |  | &nbsp;&nbsp;100790 | &nbsp;&nbsp;9.8% | &nbsp;&nbsp;$120000 | &nbsp;&nbsp;0.7% | &nbsp;&nbsp;$1.19 | &nbsp;&nbsp;4.0% | &nbsp;&nbsp;3/31/2034 | &nbsp;&nbsp;2 x 5 yr |  | &nbsp;&nbsp;$87 |
| &nbsp;&nbsp;**Total/Wtd. Avg.** |  | &nbsp;&nbsp;**335708** | &nbsp;&nbsp;**32.8%** | &nbsp;&nbsp;**$2239339** | &nbsp;&nbsp;**13.4%** | &nbsp;&nbsp;**$6.67** | &nbsp;&nbsp;**4.6%** |  |  |  |  |
| &nbsp;&nbsp;**Major Tenants** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Crunch Fitness | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;60000 | &nbsp;&nbsp;5.9% | &nbsp;&nbsp;$722748 | &nbsp;&nbsp;4.3% | &nbsp;&nbsp;$12.05 | &nbsp;&nbsp;NAV | &nbsp;&nbsp;11/30/2034 | &nbsp;&nbsp;2 x 5 yr |  | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;Buckle | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;5576 | &nbsp;&nbsp;0.5% | &nbsp;&nbsp;$632850 | &nbsp;&nbsp;3.8% | &nbsp;&nbsp;$113.50 | &nbsp;&nbsp;16.0% | &nbsp;&nbsp;1/31/2027 | &nbsp;&nbsp;N/A |  | &nbsp;&nbsp;$956 |
| &nbsp;&nbsp;Hy-Vee | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;89044 | &nbsp;&nbsp;8.7% | &nbsp;&nbsp;$618775 | &nbsp;&nbsp;3.7% | &nbsp;&nbsp;$6.95 | &nbsp;&nbsp;NAV | &nbsp;&nbsp;12/31/2026 | &nbsp;&nbsp;4 x 5 yr |  | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;Old Navy | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;16489 | &nbsp;&nbsp;1.6% | &nbsp;&nbsp;$600057 | &nbsp;&nbsp;3.6% | &nbsp;&nbsp;$36.39 | &nbsp;&nbsp;14.8% | &nbsp;&nbsp;1/31/2027 | &nbsp;&nbsp;N/A |  | &nbsp;&nbsp;$300 |
| &nbsp;&nbsp;Helzberg Diamonds | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;2034 | &nbsp;&nbsp;0.2% | &nbsp;&nbsp;$459421 | &nbsp;&nbsp;2.7% | &nbsp;&nbsp;$225.87 | &nbsp;&nbsp;12.6% | &nbsp;&nbsp;1/31/2030 | &nbsp;&nbsp;N/A |  | &nbsp;&nbsp;$2127 |
| &nbsp;&nbsp;Tilly's | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;6574 | &nbsp;&nbsp;0.6% | &nbsp;&nbsp;$437024 | &nbsp;&nbsp;2.6% | &nbsp;&nbsp;$66.48 | &nbsp;&nbsp;37.1% | &nbsp;&nbsp;1/31/2028 | &nbsp;&nbsp;N/A |  | &nbsp;&nbsp;$188 |
| &nbsp;&nbsp;Lululemon | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;7251 | &nbsp;&nbsp;0.7% | &nbsp;&nbsp;$435060 | &nbsp;&nbsp;2.6% | &nbsp;&nbsp;$60.00 | &nbsp;&nbsp;8.0% | &nbsp;&nbsp;10/31/2030 | &nbsp;&nbsp;N/A |  | &nbsp;&nbsp;$1117 |
| &nbsp;&nbsp;Victoria's Secret/ Victoria's Secret Pink | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;8895 | &nbsp;&nbsp;0.9% | &nbsp;&nbsp;$424910 | &nbsp;&nbsp;2.5% | &nbsp;&nbsp;$47.77 | &nbsp;&nbsp;17.2% | &nbsp;&nbsp;1/31/2034 | &nbsp;&nbsp;N/A |  | &nbsp;&nbsp;$482 |
| &nbsp;&nbsp;American Eagle Outfitters | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;6800 | &nbsp;&nbsp;0.7% | &nbsp;&nbsp;$368642 | &nbsp;&nbsp;2.2% | &nbsp;&nbsp;$54.21 | &nbsp;&nbsp;16.8% | &nbsp;&nbsp;1/31/2028 | &nbsp;&nbsp;N/A |  | &nbsp;&nbsp;$554 |
| &nbsp;&nbsp;Maurices | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;5726 | &nbsp;&nbsp;0.6% | &nbsp;&nbsp;$362007 | &nbsp;&nbsp;2.2% | &nbsp;&nbsp;$63.22 | &nbsp;&nbsp;23.9% | &nbsp;&nbsp;6/30/2028 | &nbsp;&nbsp;N/A |  | &nbsp;&nbsp;$419 |
| &nbsp;&nbsp;**Largest Tenants** |  | &nbsp;&nbsp;**208389** | &nbsp;&nbsp;**20.3%** | &nbsp;&nbsp;**$5061494** | &nbsp;&nbsp;**30.2%** | &nbsp;&nbsp;**$24.29** | &nbsp;&nbsp;**14.7%** |  |  |  |  |
| &nbsp;&nbsp;Non-Major Tenants |  | &nbsp;&nbsp;349540 | &nbsp;&nbsp;34.1% | &nbsp;&nbsp;$9452719 | &nbsp;&nbsp;56.4% | &nbsp;&nbsp;$27.0 |  |  |  |  |  |
| &nbsp;&nbsp;**Occupied Collateral Total** |  | &nbsp;&nbsp;**893637** | &nbsp;&nbsp;**87.2%** | &nbsp;&nbsp;**$16753553** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$18.75** |  |  |  |  |  |
| &nbsp;&nbsp;Vacant Space |  | &nbsp;&nbsp;130757 | &nbsp;&nbsp;12.8% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Total/Wtd. Avg.** |  | &nbsp;&nbsp;**1024394** | &nbsp;&nbsp;**100.0%** |  |  |  |  |  |  |  |  |

---

(1) Based on the underwritten rent roll dated as of September 4, 2025.

(2) Based on 7/31/2025 TTM Sales, unless otherwise specified.

(3) Dick's Occ Cost and Sales PSF are calculated based on the 2024 annual rent of $984,648 and 50,300 SF of occupied space. Dick's
will be expanding into their newly signed 100,709 SF space in 2026.

The following table presents certain information relating to the tenant sales of the Empire Mall Property:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sales History** | **Sales History** | **Sales History** | **Sales History** | **Sales History** | **Sales History** | **Sales History** | **Sales History** |
| | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024<sup>(1)</sup>** | &nbsp;&nbsp;**7/31/2025 TTM<sup>(1)(2)</sup>** |
| Gross Property Sales | &nbsp;&nbsp;$180506000 | &nbsp;&nbsp;$131991000 | &nbsp;&nbsp;$178750000 | &nbsp;&nbsp;$179504000 | &nbsp;&nbsp;$176499720 | &nbsp;&nbsp;$187942077 | &nbsp;&nbsp;$188187694 |
| Comparable Sales PSF (Inline < 10,000 SF) | &nbsp;&nbsp;$417 | &nbsp;&nbsp;$327 | &nbsp;&nbsp;$479 | &nbsp;&nbsp;$480 | &nbsp;&nbsp;$449 | &nbsp;&nbsp;$439 | &nbsp;&nbsp;$437 |
| Occupancy Cost (Inline < 10,000 SF) | &nbsp;&nbsp;15.3% | &nbsp;&nbsp;17.6% | &nbsp;&nbsp;13.3% | &nbsp;&nbsp;13.1% | &nbsp;&nbsp;14.1% | &nbsp;&nbsp;13.5% | &nbsp;&nbsp;13.8% |

---

(1) Reflects sales for Dick's and T.J. Maxx as reported for the February 2024
to January 2025 lease period. Reflects sales for Dillard's for the March 2024 to December 2024 period due to not being open
prior to March 2024.

(2) Reflects sales for Macy's and J.C. Penny for calendar year 2024 given tenant
only reports sales annually.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES 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;Retail – Super Regional Mall | &nbsp;&nbsp;Loan #5 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$60000000 |
| &nbsp;&nbsp;5000 West Empire Place Mall | &nbsp;&nbsp;**Empire Mall** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;59.4% |
| &nbsp;&nbsp;Sioux Falls, SD 57106 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.24x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;16.5% |

---

The following table presents certain information relating to the historical anchor and large tenant sales performance of the Empire Mall Property:.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Historical Anchor and Large Format Tenant Sales Performance<sup>(1)</sup>** | &nbsp;&nbsp;**Historical Anchor and Large Format Tenant Sales Performance<sup>(1)</sup>** | &nbsp;&nbsp;**Historical Anchor and Large Format Tenant Sales Performance<sup>(1)</sup>** | &nbsp;&nbsp;**Historical Anchor and Large Format Tenant Sales Performance<sup>(1)</sup>** | &nbsp;&nbsp;**Historical Anchor and Large Format Tenant Sales Performance<sup>(1)</sup>** | &nbsp;&nbsp;**Historical Anchor and Large Format Tenant Sales Performance<sup>(1)</sup>** | &nbsp;&nbsp;**Historical Anchor and Large Format Tenant Sales Performance<sup>(1)</sup>** | &nbsp;&nbsp;**Historical Anchor and Large Format Tenant Sales Performance<sup>(1)</sup>** | &nbsp;&nbsp;**Historical Anchor and Large Format Tenant Sales Performance<sup>(1)</sup>** | &nbsp;&nbsp;**Historical Anchor and Large Format Tenant Sales Performance<sup>(1)</sup>** |
| &nbsp;&nbsp;**Tenant** | &nbsp;&nbsp;**SF** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**PSF** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**PSF** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**PSF** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**PSF** |
| &nbsp;&nbsp;J.C. Penney | &nbsp;&nbsp;134209 | &nbsp;&nbsp;$16000000 | &nbsp;&nbsp;$119 | &nbsp;&nbsp;$16900000 | &nbsp;&nbsp;$126 | &nbsp;&nbsp;$16100000 | &nbsp;&nbsp;$120 | &nbsp;&nbsp;$15100000 | &nbsp;&nbsp;$113 |
| &nbsp;&nbsp;Dillard's | &nbsp;&nbsp;142024 | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;$14400000**<sup>(2)</sup>** | &nbsp;&nbsp;$101 |
| &nbsp;&nbsp;T.J. Maxx | &nbsp;&nbsp;25818 | &nbsp;&nbsp;$11800000 | &nbsp;&nbsp;$457 | &nbsp;&nbsp;$11400000 | &nbsp;&nbsp;$442 | &nbsp;&nbsp;$11700000 | &nbsp;&nbsp;$453 | &nbsp;&nbsp;$13300000 | &nbsp;&nbsp;$515 |
| &nbsp;&nbsp;Dick's House of Sport | &nbsp;&nbsp;50300**<sup>(3)</sup>** | &nbsp;&nbsp;$10700000 | &nbsp;&nbsp;$213 | &nbsp;&nbsp;$10700000 | &nbsp;&nbsp;$213 | &nbsp;&nbsp;$11700000 | &nbsp;&nbsp;$233 | &nbsp;&nbsp;$12200000 | &nbsp;&nbsp;$243 |
| &nbsp;&nbsp;Macy's | &nbsp;&nbsp;100790 | &nbsp;&nbsp;$12300000 | &nbsp;&nbsp;$122 | &nbsp;&nbsp;$12100000 | &nbsp;&nbsp;$120 | &nbsp;&nbsp;$11100000 | &nbsp;&nbsp;$110 | &nbsp;&nbsp;$8800000 | &nbsp;&nbsp;$87 |
| &nbsp;&nbsp;Old Navy | &nbsp;&nbsp;16489 | &nbsp;&nbsp;$6107000 | &nbsp;&nbsp;$370 | &nbsp;&nbsp;$5146000 | &nbsp;&nbsp;$312 | &nbsp;&nbsp;$4762146 | &nbsp;&nbsp;$289 | &nbsp;&nbsp;$5004651 | &nbsp;&nbsp;$304 |
| &nbsp;&nbsp;The District (Restaurant) | &nbsp;&nbsp;37000 | &nbsp;&nbsp;$865000 | &nbsp;&nbsp;$23 | &nbsp;&nbsp;$1208000 | &nbsp;&nbsp;$33 | &nbsp;&nbsp;$1416419 | &nbsp;&nbsp;$38 | &nbsp;&nbsp;$1459278 | &nbsp;&nbsp;$39 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**506630** | &nbsp;&nbsp;**$57772000** | &nbsp;&nbsp;**$114** | &nbsp;&nbsp;**$57454000** | &nbsp;&nbsp;**$113** | &nbsp;&nbsp;**$56778565** | &nbsp;&nbsp;**$112** | &nbsp;&nbsp;**$70263929** | &nbsp;&nbsp;**$139** |

---

(1) Large format tenants represent tenants over 10,000 SF.

(2) Dillard's opened in March 2024 and is showing partial year 2024 sales.

(3) Dick's square footage of 50,300 represents total square footage in suite 2004 prior to tenant's
relocation/expansion to suite 2003 scheduled for September 2026.

The following table presents certain information relating to the lease rollover schedule at the Empire Mall Property:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Lease Rollover Schedule** | &nbsp;&nbsp;**Lease Rollover Schedule** | &nbsp;&nbsp;**Lease Rollover Schedule** | &nbsp;&nbsp;**Lease Rollover Schedule** | &nbsp;&nbsp;**Lease Rollover Schedule** | &nbsp;&nbsp;**Lease Rollover Schedule** | &nbsp;&nbsp;**Lease Rollover Schedule** | &nbsp;&nbsp;**Lease Rollover Schedule** | &nbsp;&nbsp;**Lease Rollover Schedule** |
| **Year** | &nbsp;&nbsp;**# of Leases Rolling** | &nbsp;&nbsp;**SF Rolling** | &nbsp;&nbsp;**Approx. % of SF Rolling** | &nbsp;&nbsp;**Approx. Cumulative % of SF Rolling** | &nbsp;&nbsp;**Total UW Rent Rolling** | &nbsp;&nbsp;**Approx. % of Total UW Rent Rolling** | &nbsp;&nbsp;**Approx. Cumulative % of Total UW Rent Rolling** | &nbsp;&nbsp;**UW Rent PSF Rolling** |
| MTM/2025 | &nbsp;&nbsp;13 | &nbsp;&nbsp;32180 | &nbsp;&nbsp;3.1% | &nbsp;&nbsp;3.1% | &nbsp;&nbsp;$509101 | &nbsp;&nbsp;3.0% | &nbsp;&nbsp;3.0% | &nbsp;&nbsp;$15.82 |
| 2026 | &nbsp;&nbsp;25 | &nbsp;&nbsp;136582 | &nbsp;&nbsp;13.3% | &nbsp;&nbsp;16.5% | &nbsp;&nbsp;$2645140 | &nbsp;&nbsp;15.8% | &nbsp;&nbsp;18.8% | &nbsp;&nbsp;$19.37 |
| 2027 | &nbsp;&nbsp;17 | &nbsp;&nbsp;88592 | &nbsp;&nbsp;8.6% | &nbsp;&nbsp;25.1% | &nbsp;&nbsp;$2464540 | &nbsp;&nbsp;14.7% | &nbsp;&nbsp;33.5% | &nbsp;&nbsp;$27.82 |
| 2028 | &nbsp;&nbsp;16 | &nbsp;&nbsp;59515 | &nbsp;&nbsp;5.8% | &nbsp;&nbsp;30.9% | &nbsp;&nbsp;$2247757 | &nbsp;&nbsp;13.4% | &nbsp;&nbsp;47.0% | &nbsp;&nbsp;$37.77 |
| 2029 | &nbsp;&nbsp;8 | &nbsp;&nbsp;59795 | &nbsp;&nbsp;5.8% | &nbsp;&nbsp;36.8% | &nbsp;&nbsp;$1252006 | &nbsp;&nbsp;7.5% | &nbsp;&nbsp;54.4% | &nbsp;&nbsp;$20.94 |
| 2030 | &nbsp;&nbsp;11 | &nbsp;&nbsp;45512 | &nbsp;&nbsp;4.4% | &nbsp;&nbsp;41.2% | &nbsp;&nbsp;$2046328 | &nbsp;&nbsp;12.2% | &nbsp;&nbsp;66.6% | &nbsp;&nbsp;$44.96 |
| 2031 | &nbsp;&nbsp;5 | &nbsp;&nbsp;149009 | &nbsp;&nbsp;14.5% | &nbsp;&nbsp;55.8% | &nbsp;&nbsp;$1162859 | &nbsp;&nbsp;6.9% | &nbsp;&nbsp;73.6% | &nbsp;&nbsp;$7.80 |
| 2032 | &nbsp;&nbsp;2 | &nbsp;&nbsp;10591 | &nbsp;&nbsp;1.0% | &nbsp;&nbsp;56.8% | &nbsp;&nbsp;$173059 | &nbsp;&nbsp;1.0% | &nbsp;&nbsp;74.6% | &nbsp;&nbsp;$16.34 |
| 2033 | &nbsp;&nbsp;3 | &nbsp;&nbsp;16106 | &nbsp;&nbsp;1.6% | &nbsp;&nbsp;58.4% | &nbsp;&nbsp;$626398 | &nbsp;&nbsp;3.7% | &nbsp;&nbsp;78.4% | &nbsp;&nbsp;$38.89 |
| 2034 | &nbsp;&nbsp;4 | &nbsp;&nbsp;172831 | &nbsp;&nbsp;16.9% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;$1405716 | &nbsp;&nbsp;8.4% | &nbsp;&nbsp;86.7% | &nbsp;&nbsp;$8.13 |
| 2035 | &nbsp;&nbsp;4 | &nbsp;&nbsp;17956 | &nbsp;&nbsp;1.8% | &nbsp;&nbsp;77.0% | &nbsp;&nbsp;$281734 | &nbsp;&nbsp;1.7% | &nbsp;&nbsp;88.4% | &nbsp;&nbsp;$15.69 |
| Thereafter | &nbsp;&nbsp;5 | &nbsp;&nbsp;104968 | &nbsp;&nbsp;10.2% | &nbsp;&nbsp;87.2% | &nbsp;&nbsp;$1938917 | &nbsp;&nbsp;11.6% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$18.47 |
| Vacant | &nbsp;&nbsp;0 | &nbsp;&nbsp;130757 | &nbsp;&nbsp;12.8% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$0.00 |
| **Total/Wtd. Avg.** | &nbsp;&nbsp;**113** | &nbsp;&nbsp;**1024394** | &nbsp;&nbsp;**100.0%** |  | &nbsp;&nbsp;**$16753553** | &nbsp;&nbsp;**100.0%** |  | &nbsp;&nbsp;**$18.75** |

---

(1) Based on the underwritten rent roll dated September 4, 2025.

**The Market.** The Empire Mall Property is located in Sioux Falls, Minnehaha County, South Dakota, approximately 5.7 miles from Downtown Sioux Falls and 7.9 miles from Sioux Falls Regional Airport. The Empire Mall Property is located along a major commercial corridor, with Walmart and Sam's Club located to the north of the Empire Mall Property, residential neighborhoods to the immediate south and west. The Empire Mall Property benefits from its strategic location within the Sioux Falls metro area. It is accessible via West 41st Street, West 49th Street, and Louise Avenue, with Interstate 29, a major north-south highway, located just west of the property. The Empire Mall Property is the biggest shopping center between Denver and Minneapolis, with no competing regional malls within a 75-mile radius. The presence of a high-performing Hy-Vee grocery store further enhances its demand. According to the appraisal, the top five employers in the surrounding area are Sanford Health, Avera Health, Smithfield Foods, Hy-Vee Food Stores and Wells Fargo Bank N.A.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES 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;Retail – Super Regional Mall | &nbsp;&nbsp;Loan #5 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$60000000 |
| &nbsp;&nbsp;5000 West Empire Place Mall | &nbsp;&nbsp;**Empire Mall** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;59.4% |
| &nbsp;&nbsp;Sioux Falls, SD 57106 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.24x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;16.5% |

---

According to the appraisal, the 2025 average household income within the one-, three- and five-mile radius of the Empire Mall Property was approximately $68,078, $113,846 and $110,816, respectively; and within the same radii, the 2025 estimated population was 9,280, 95,129 and 178,383, respectively.

According to the appraisal, the Empire Mall Property is situated in the Sioux Falls, South Dakota submarket. As of the second quarter of 2025, the submarket reported total inventory of approximately 16.1 million SF with 1.90% vacancy rate and average rents of $17.60 PSF.

The following table presents certain information relating to the market rent summary of the Empire Mall Property:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Market Rent Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Market Rent Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Market Rent Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Market Rent Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Market Rent Summary<sup>(1)</sup>** |
|  | &nbsp;&nbsp;**Market Rent (PSF)** | &nbsp;&nbsp;**Lease Term (Yrs.)** | &nbsp;&nbsp;**Rent Increase Projections** | &nbsp;&nbsp;**New Tenant Improvements PSF** |
| 0 to 1,500 SF Space | $70.00 | 5 | 3.0% annually | $30.00 |
| 1,501-2,500 SF Space | $65.00 | 5 | 3.0% annually | $30.00 |
| 2,501-4,000 SF Space | $60.00 | 5 | 3.0% annually | $30.00 |
| 4,001-6,500 SF Space | $55.00 | 5 | 3.0% annually | $30.00 |
| 6,501-10,000 SF Space | $40.00 | 5 | 3.0% annually | $30.00 |
| Jewelry Space | $160.00 | 5 | 3.0% annually | $30.00 |
| Restaurant Space | $40.00 | 5 | 3.0% annually | $50.00 |
| Snack Bars Space | $225.00 | 5 | 3.0% annually | $30.00 |
| Food Court Space | $150.00 | 5 | 3.0% annually | $30.00 |
| Greater than 10,000 SF Space | $25.00 | 10 | 10.0% every 5 years | $20.00 |
| Owned Anchor Space | $4.00 | 15 | 10.0% every 5 years | $20.00 |
| Grocery Space | $7.50 | 15 | 10.0% every 5 years | $20.00 |
| Health Club Space | $12.50 | 15 | 10.0% every 5 years | $40.00 |
| Small Outparcel Space | $30.00 | 5 | 3.0% annually | $30.00 |
| Large Outparcel Space | $20.00 | 10 | 10.0% every 5 years | $30.00 |

---

(1) Information obtained from the Appraisal.

The following table presents certain information relating to the competitive properties of the Empire Mall 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;**Property Name** | &nbsp;&nbsp;**Year Built/Renovated** | &nbsp;&nbsp;**Total NRA(SF)<sup>(2)</sup>** | &nbsp;&nbsp;**Total Occupancy<sup>(2)</sup>** | &nbsp;&nbsp;**Anchor / Major Tenants** | &nbsp;&nbsp;**Distance to Empire Mall Property** |
| &nbsp;&nbsp;**The Empire Mall** | &nbsp;&nbsp;**1974 / 2013** | &nbsp;&nbsp;**1024394** | &nbsp;&nbsp;**87.2%** | &nbsp;&nbsp;**J.C. Penney, Macy's, Dick's House of Sport** | &nbsp;&nbsp;**NAP** |
| &nbsp;&nbsp;Crabtree Valley Mall | &nbsp;&nbsp;1972 / 2003 | &nbsp;&nbsp;1147631 | &nbsp;&nbsp;87.0% | &nbsp;&nbsp;Macy's, Belk, Belk Men's, Dick's House of Sports | &nbsp;&nbsp;1,370 miles |
| &nbsp;&nbsp;Chula Vista Center | &nbsp;&nbsp;1962 / 2012 | &nbsp;&nbsp; 491053 | &nbsp;&nbsp;88.0% | &nbsp;&nbsp;Macy's, J.C. Penney, Burlington, Curacao, AMC Theatres | &nbsp;&nbsp;1,699 miles |
| &nbsp;&nbsp;The Annapolis Mall | &nbsp;&nbsp;1980 / 2007 | &nbsp;&nbsp;1124406 | &nbsp;&nbsp;66.0% | &nbsp;&nbsp; Macy's, J.C. Penney | &nbsp;&nbsp;1,298 miles |
| &nbsp;&nbsp;South Plains Mall | &nbsp;&nbsp;1972 / 2015 | &nbsp;&nbsp; 983517 | &nbsp;&nbsp;70.0% | &nbsp;&nbsp;Dillard's, Dillard's Women's, Dillard's Men's, J.C. Penney, Barnes & Noble, Beall's, Premiere Cinemas | &nbsp;&nbsp;912 miles |
| &nbsp;&nbsp;Galleria at Sunset | &nbsp;&nbsp;1996 / 2002 | &nbsp;&nbsp; 567483 | &nbsp;&nbsp;87.0% | &nbsp;&nbsp;Dillard's, Kohl's, Macy's, J.C. Penney, Dick's Sporting Goods | &nbsp;&nbsp;1,375 miles |
| &nbsp;&nbsp;**Wtd. Avg.** |  |  | &nbsp;&nbsp;**79.6%** |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Information obtained from the appraisal, unless otherwise specified.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Based on the owned SF of the underwritten rent roll as of September 4th, 2025. Total Occupancy based on
total SF is 88.8%.

***Appraisal.*** According to the appraisal, the Empire Mall Property has an "as-is" appraised value of $202,000,000 as of June 26, 2025.

***Environmental Matters.*** According to the Phase I environmental assessment dated September 18, 2025, a recognized environmental condition (REC) was identified at the Empire Mall Property associated with three on-site underground storage tanks (UST's) installed in 2008. A prior Phase II ESA was performed in 2019; however, it did not encompass the entirety of the collateral and did not address potentially impacted subsurface media. The USTs are equipped with a continuous monitoring system and passed tank integrity tests in 2025. An opinion of probable cost was obtained for related remediation with an upper-end estimate of $400,000. No environmental insurance was required. The loan documents provide that the SPE borrower has personal liability for losses related to breaches of environmental covenants, among other things.

***Property Management.*** The Empire Mall Property is managed by Simon Management Associates, LLC, an affiliate of the borrower.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Super Regional Mall | &nbsp;&nbsp;Loan #5 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$60000000 |
| &nbsp;&nbsp;5000 West Empire Place Mall | &nbsp;&nbsp;**Empire Mall** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;59.4% |
| &nbsp;&nbsp;Sioux Falls, SD 57106 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.24x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;16.5% |

---

***Operating History and Underwritten Net Cash Flow.*** The following table presents certain information relating to the operating history and underwritten cash flows of the Empire Mall Property: ****

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cash Flow Analysis** |
|  | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**7/31/2025 TTM** | &nbsp;&nbsp;**UW** | &nbsp;&nbsp;**UW PSF** |
| &nbsp;&nbsp;Base Rent | &nbsp;&nbsp;$13614629 | &nbsp;&nbsp;$13873578 | &nbsp;&nbsp;$14139163 | &nbsp;&nbsp;$14598706 | &nbsp;&nbsp;$14529593 | &nbsp;&nbsp;$16565740<sup>(4)</sup> | &nbsp;&nbsp;$16.17 |
| &nbsp;&nbsp;Contractual Rent Steps | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$187813<sup>(1)</sup> | &nbsp;&nbsp;$0.18 |
| &nbsp;&nbsp;Percentage Rent | &nbsp;&nbsp;$914394 | &nbsp;&nbsp;$1086113 | &nbsp;&nbsp;$980810 | &nbsp;&nbsp;$1214915 | &nbsp;&nbsp;$1446987 | &nbsp;&nbsp;$826864 | &nbsp;&nbsp;$0.81 |
| &nbsp;&nbsp;(Bad Debt / Collection Loss) | &nbsp;&nbsp;$252155 | &nbsp;&nbsp;$53279 | &nbsp;&nbsp;$47924 | &nbsp;&nbsp;($41631) | &nbsp;&nbsp;($36561) | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;Grossed Up Vacant Space | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $1783367 | &nbsp;&nbsp; $1.74 |
| &nbsp;&nbsp;**Gross Potential Rent** | &nbsp;&nbsp;**$14781178** | &nbsp;&nbsp;**$15012970** | &nbsp;&nbsp;**$15167897** | &nbsp;&nbsp;**$15771990** | &nbsp;&nbsp;**$15940019** | &nbsp;&nbsp;**$19363785<sup>(4)</sup>** | &nbsp;&nbsp;**$18.90** |
| &nbsp;&nbsp;(Vacancy) | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;($1783367) | &nbsp;&nbsp;($1.74) |
| &nbsp;&nbsp;**Net Rental Income** | &nbsp;&nbsp;**$14781178** | &nbsp;&nbsp;**$15012970** | &nbsp;&nbsp;**$15167897** | &nbsp;&nbsp;**$15771990** | &nbsp;&nbsp;**$15940019** | &nbsp;&nbsp;**$17580418** | &nbsp;&nbsp;**$17.16** |
| &nbsp;&nbsp;Other Revenue | &nbsp;&nbsp;$1527901 | &nbsp;&nbsp;$1635063 | &nbsp;&nbsp;$1394429 | &nbsp;&nbsp;$1310526 | &nbsp;&nbsp;$1360559 | &nbsp;&nbsp;$1343902 | &nbsp;&nbsp;$1.31 |
| &nbsp;&nbsp;Reimbursement Revenue | &nbsp;&nbsp;$6299708 | &nbsp;&nbsp;$6202859 | &nbsp;&nbsp;$6126949 | &nbsp;&nbsp;$6530082 | &nbsp;&nbsp;$6305062 | &nbsp;&nbsp;$7099047 | &nbsp;&nbsp;$6.93 |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$22608787** | &nbsp;&nbsp;**$22850892** | &nbsp;&nbsp;**$22689275** | &nbsp;&nbsp;**$23612598** | &nbsp;&nbsp;**$23605640** | &nbsp;&nbsp;**$26023366** | &nbsp;&nbsp;**$25.4** |
| &nbsp;&nbsp;Real Estate Taxes | &nbsp;&nbsp;$1781230 | &nbsp;&nbsp;$1386906 | &nbsp;&nbsp;$1320547 | &nbsp;&nbsp;$1268508 | &nbsp;&nbsp;$1305176 | &nbsp;&nbsp;$1318625 | &nbsp;&nbsp;$1.29 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;$302519 | &nbsp;&nbsp;$342751 | &nbsp;&nbsp;$378576 | &nbsp;&nbsp;$410327 | &nbsp;&nbsp;$290401 | &nbsp;&nbsp;$722679 | &nbsp;&nbsp;$0.71 |
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp;$640085 | &nbsp;&nbsp;$664488 | &nbsp;&nbsp;$660693 | &nbsp;&nbsp;$684998 | &nbsp;&nbsp;$693201 | &nbsp;&nbsp;$780701 | &nbsp;&nbsp;$0.76 |
| &nbsp;&nbsp;Other Expenses | &nbsp;&nbsp;$3222498 | &nbsp;&nbsp;$3266686 | &nbsp;&nbsp;$3167573 | &nbsp;&nbsp;$3248669 | &nbsp;&nbsp;$3255098 | &nbsp;&nbsp;$3363921 | &nbsp;&nbsp;$3.28 |
| &nbsp;&nbsp;**Total Expenses** | &nbsp;&nbsp; $5946332 | &nbsp;&nbsp; $5660831 | &nbsp;&nbsp; $5527389 | &nbsp;&nbsp; $5612502 | &nbsp;&nbsp; $5543876 | &nbsp;&nbsp; $6185926 | &nbsp;&nbsp; $6.04 |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$16662455** | &nbsp;&nbsp;**$17190061** | &nbsp;&nbsp;**$17161886** | &nbsp;&nbsp;**$18000096** | &nbsp;&nbsp;**$18061764** | &nbsp;&nbsp;**$19837440** | &nbsp;&nbsp;**$19.37** |
| &nbsp;&nbsp;Capital Expenditures | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$204879 | &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;$1300724 | &nbsp;&nbsp;**$1.27** |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$16662455** | &nbsp;&nbsp;**$17190061** | &nbsp;&nbsp;**$17161886** | &nbsp;&nbsp;**$18000096** | &nbsp;&nbsp;**$18061764** | &nbsp;&nbsp;**$18331837** | &nbsp;&nbsp;**$17.90** |
| &nbsp;&nbsp;**Occupancy (%)** | &nbsp;&nbsp;**87.0%** | &nbsp;&nbsp;**91.0%** | &nbsp;&nbsp;**89.0%** | &nbsp;&nbsp;**95.0%** | &nbsp;&nbsp;**87.2%<sup>(2)</sup>** | &nbsp;&nbsp;**90.8%<sup>(2)</sup>** |  |
| &nbsp;&nbsp;**NOI DSCR<sup>(3)</sup>** | &nbsp;&nbsp;**2.04x** | &nbsp;&nbsp;**2.10x** | &nbsp;&nbsp;**2.10x** | &nbsp;&nbsp;**2.20x** | &nbsp;&nbsp;**2.21x** | &nbsp;&nbsp;**2.43x** |  |
| &nbsp;&nbsp;**NCF DSCR<sup>(3)</sup>** | &nbsp;&nbsp;**2.04x** | &nbsp;&nbsp;**2.10x** | &nbsp;&nbsp;**2.10x** | &nbsp;&nbsp;**2.20x** | &nbsp;&nbsp;**2.21x** | &nbsp;&nbsp;**2.24x** |  |
| &nbsp;&nbsp;**NOI Debt Yield<sup>(3)</sup>** | &nbsp;&nbsp;**13.9%** | &nbsp;&nbsp;**14.3%** | &nbsp;&nbsp;**14.3%** | &nbsp;&nbsp;**15.0%** | &nbsp;&nbsp;**15.1%** | &nbsp;&nbsp;**16.5%** |  |
| &nbsp;&nbsp;**NCF Debt Yield<sup>(3)</sup>** | &nbsp;&nbsp;**13.9%** | &nbsp;&nbsp;**14.3%** | &nbsp;&nbsp;**14.3%** | &nbsp;&nbsp;**15.0%** | &nbsp;&nbsp;**15.1%** | &nbsp;&nbsp;**15.3%** |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Represents rent steps through June 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(2) 8/31/2025 TTM Occupancy % represents physical occupancy based on the underwritten
rent roll dated September 4, 2025. UW Occupancy % represents economic occupancy.

&nbsp;&nbsp;&nbsp;&nbsp;(3) DSCRs and Debt Yields are based on the Empire Mall Whole Loan.

&nbsp;&nbsp;&nbsp;&nbsp;(4) The increase in Base Rent and UW NOI from the Base Rent and Most Recent NOI is
primarily driven by UW Base Rent reflecting the higher rent associated with the Dick's expansion space.

 ****

***Escrows and Reserves.***

*Real Estate Taxes –* After the occurrence of a Control Event (as defined below) or during a Lockbox Event Period (as defined below), or at any time (x) any property taxes are not paid by the borrower prior to the assessment of a penalty, or (y) upon request of the lender, the borrower fails to promptly provide evidence that property taxes have been paid prior to the assessment of a penalty, the Empire Mall Whole Loan documents require the borrower to make monthly payments into the real estate tax reserve in an amount equal to 1/12th of the property taxes that the lender reasonably estimates will be payable during the ensuing 12 months.

*Insurance –* After the occurrence of a Control Event or during a Lockbox Event Period, if the borrower has not provided satisfactory evidence to the lender that the Empire Mall Property is covered by policies that are being maintained as part of a reasonably acceptable blanket insurance policy, the Empire Mall Whole Loan documents require the borrower to make ongoing monthly deposits in an amount equal to 1/12th of the insurance premiums that the lender reasonably estimates will be payable for the renewal of the coverage afforded by the policies in order to accumulate sufficient funds to pay the premiums at least 30 days prior to expiration.

*Replacement Reserve –* After the occurrence of a Control Event or during the Lockbox Event Period, the Empire Mall Whole Loan documents require springing ongoing monthly deposits of $17,312 for replacement reserves.

*Rollover Reserve –* The Empire Mall Whole Loan documents require ongoing monthly deposits of $69,246 in the rollover reserve account, capped at $3,323,820, provided that no such cap will apply during a Lockbox Event Period.

 

 

 

 

 

---

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

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---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Super Regional Mall | &nbsp;&nbsp;Loan #5 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$60000000 |
| &nbsp;&nbsp;5000 West Empire Place Mall | &nbsp;&nbsp;**Empire Mall** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;59.4% |
| &nbsp;&nbsp;Sioux Falls, SD 57106 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.24x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;16.5% |

---

*Outstanding TI/LC Reserve* – The Empire Mall Whole Loan documents require the borrower to deposit with the lender at origination $11,572,000 for outstanding tenant improvements and/or leasing commissions due in connection with any lease at the Empire Mall Property, *provided*, however, so long as no event of default has occurred and is continuing, the borrower has the right in lieu of making the upfront cash deposit to provide either (i) a guarantee acceptable to the lender which guarantees payment of the required Outstanding TI/LC Reserve amounts or (ii) a letter of credit acceptable to the lender in the amount of the upfront Outstanding TI/LC Reserve deposit. In lieu of the upfront cash deposit, the guarantor has executed a guaranty for the required Outstanding TI/LC Reserve amounts.

*Gap Rent Reserve* – The Empire Mall Whole Loan documents require upfront deposit of $992,738 for future rent credits or abatements under existing leases.

A "Control Event" will occur upon neither Simon Property Group, Inc. nor Simon Property Group, L.P. owning at least 50% of the direct or indirect interests in the borrower or not controlling the borrower. 

***Lockbox and Cash Management*.** The Empire Mall Whole Loan is structured with a hard lockbox and springing cash management. The borrower is required to deposit all rents into a lender-controlled lockbox account within two business days of receipt and to direct all tenants to make direct rent deposits into the lockbox account. As long as a Lockbox Event Period is not in effect, all funds in the lockbox account are required to be distributed to the borrower each Wednesday (or more frequently if required by the borrower in accordance with the lockbox agreement). During the continuance of a Lockbox Event Period, all funds in the lockbox will be transferred weekly to a lender-controlled cash management account to be disbursed in accordance with the Empire Mall Whole Loan documents, with any excess funds required to be held as additional security in an excess cash flow subaccount controlled by the lender for so long as the Lockbox Event Period continues.

A "Lockbox Event Period" will commence upon the earlier of the following:

&nbsp;&nbsp;&nbsp;&nbsp;(i) an
 event of default, bankruptcy of the borrower;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) bankruptcy
 action of the manager if the manager is an affiliate of the borrower; or

&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 trailing four calendar quarter period debt yield falls below 13.0% for two calendar quarters.

A Lockbox Event Period will end upon the occurrence of the following:

&nbsp;&nbsp;&nbsp;&nbsp;(i) with
 regard to clause (i) above, upon the cure of such event of default; or such bankruptcy action
 of the manager is discharged or dismissed within ninety days; or

&nbsp;&nbsp;&nbsp;&nbsp;(ii) with
 regard to clause (ii) above, upon replacement of the manager within sixty days; or

&nbsp;&nbsp;&nbsp;&nbsp;(iii) with
 regard to clause (iii) above, a) upon the debt yield has been equal to or greater than 13.0%
 for two calendar quarters, b) the borrower prepays a portion of loan amount to improve the
 debt yield to no less than 13.0%, c) the borrower delivers cash or securities acceptable
 to the lender and has received a rating agency confirmation, or d) provides a letter of credit
 in an amount equal to an amount if applied to the repayment of the Empire Mall Whole Loan
 would result in a debt yield equal to 13.0%.

 ****

***PACE Loan.*** The Empire Mall Whole Loan documents permit the borrowers to enter into a property assessed clean energy loan for an amount not to exceed $5,000,000, subject to the consent of the lender and delivery of a rating agency confirmation.

***Ground Lease*.** A 100,790 SF portion of the Empire Mall Property is subject to a ground lease between the borrower, as the ground landlord, and Macy's, as the ground tenant. The ground lease commenced in October 1973, has current annual base rent of $120,000, has a lease expiration in March 2034 and has two, five-year renewal options remaining. Macy's owns its own improvements. Additionally, outparcel tenants Men's Wearhouse and Red Lobster are subject to ground lease obligations and own their own improvements.

***Terrorism Insurance*.** The Empire Mall Whole Loan documents require that the "all risk" insurance policy required to be maintained by the borrower provides coverage for terrorism in an amount equal to the full replacement cost of the Empire Mall Property, as well as business interruption insurance covering no less than the 24-month period following the occurrence of a casualty event, together with a 365 day extended period of indemnity (provided that if TRIPRA or a similar statute is not in effect, the borrower will not be obligated to pay terrorism insurance premiums in excess of two times the annual premium for the property and business interruption/rental loss insurance coverage). See "*Risk Factors—Risks Relating to the Mortgage Loans—Terrorism Insurance May Not Be Available for All Mortgaged Properties*" in the prospectus.

---

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

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Hospitality – Full Service | &nbsp;&nbsp;Loan #6 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$58183493 |
| &nbsp;&nbsp;100 North Atlantic Avenue | &nbsp;&nbsp;**Hilton Daytona Beach Oceanfront Resort** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;54.0% |
| &nbsp;&nbsp;Daytona Beach, FL 32118 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.68x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;15.5% |

---

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Hospitality – Full Service | &nbsp;&nbsp;Loan #6 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$58183493 |
| &nbsp;&nbsp;100 North Atlantic Avenue | &nbsp;&nbsp;**Hilton Daytona Beach Oceanfront Resort** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;54.0% |
| &nbsp;&nbsp;Daytona Beach, FL 32118 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.68x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;15.5% |

---

---

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

---

**Mortgage Loan No. 6 – Hilton Daytona Beach Oceanfront Resort**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| **Mortgage Loan Seller:** | WFB | WFB | WFB | **Single Asset/Portfolio:** | Single Asset |
| **Credit Assessment (Fitch/S&P/MDBRS):** | NR/NR/NR | NR/NR/NR | NR/NR/NR | **Location:** | Daytona Beach, FL 32118 |
| **Original Balance<sup>(1)</sup>:** | $58275000 | $58275000 | $58275000 | **General Property Type:** | Hospitality |
| **Cut-off Date Balance<sup>(1)</sup>:** | $58183493 | $58183493 | $58183493 | **Detailed Property Type:** | Full Service |
| **% of Initial Pool Balance:** | 7.5% | 7.5% | 7.5% | **Title Vesting:** | Fee/Leasehold |
| **Loan Purpose:** | Acquisition | Acquisition | Acquisition | **Year Built/Renovated:** | 1988/2005, 2017 |
| **Borrower Sponsor:** | Columbia Sussex Corporation | Columbia Sussex Corporation | Columbia Sussex Corporation | **Size:** | 744 Rooms |
| **Guarantor:** | CSC Holdings, LLC | CSC Holdings, LLC | CSC Holdings, LLC | **Cut-off Date Balance Per Room<sup>(1)</sup>:** | $111719 |
| **Mortgage Rate:** | 6.6630% | 6.6630% | 6.6630% | **Maturity Date Balance Per Room<sup>(1)</sup>:** | $105694 |
| **Note Date:** | 9/25/2025 | 9/25/2025 | 9/25/2025 | **Property Manager:** | Crestview Management, LLC |
| **Maturity Date:** | 10/11/2030 | 10/11/2030 | 10/11/2030 |  | (borrower-related) |
| **Term to Maturity:** | 60 months | 60 months | 60 months |  |  |
| **Amortization Term:** | 360 months | 360 months | 360 months | **Underwriting and Financial Information** | **Underwriting and Financial Information** |
| **IO Period:** | 0 months | 0 months | 0 months | **UW NOI:** | $12875494 |
| **Seasoning:** | 2 months | 2 months | 2 months | **UW NCF:** | $10783117 |
| **Prepayment Provisions:** | L(26),D(27),O(7) | L(26),D(27),O(7) | L(26),D(27),O(7) | **UW NOI Debt Yield<sup>(1)</sup>:** | 15.5% |
| **Lockbox/Cash Mgmt Status:** | Hard/Springing | Hard/Springing | Hard/Springing | **UW NCF Debt Yield<sup>(1)</sup>:** | 13.0% |
| **Additional Debt Type<sup>(1)</sup>:** | *Pari Passu* | *Pari Passu* | *Pari Passu* | **UW NOI Debt Yield at Maturity<sup>(1)</sup>:** | 16.4% |
| **Additional Debt Balance<sup>(1)</sup>:** | $24935783 | $24935783 | $24935783 | **UW NCF DSCR<sup>(1)</sup>:** | 1.68x |
| **Future Debt Permitted (Type):** | No (NAP) | No (NAP) | No (NAP) | **Most Recent NOI:** | $14,811,131 (7/31/2025 TTM) |
| &nbsp;&nbsp;**Reserves<sup>(2)</sup>** | &nbsp;&nbsp;**Reserves<sup>(2)</sup>** | &nbsp;&nbsp;**Reserves<sup>(2)</sup>** | &nbsp;&nbsp;**Reserves<sup>(2)</sup>** | **2<sup>nd</sup> Most Recent NOI:** | $14,224,776 (12/31/2024) |
| **<u>Type</u>** | **<u>Initial</u>** | **<u>Monthly</u>** | **<u>Cap</u>** | **3<sup>rd</sup> Most Recent NOI:** | $15,019,705 (12/31/2023) |
| **RE Taxes:** | $1482590 | $129727 | NAP | **Most Recent Occupancy:** | 68.2% (7/31/2025) |
| **Insurance:** | $0 | Springing | NAP | **2<sup>nd</sup> Most Recent Occupancy:** | 68.7% (12/31/2024) |
| **FF&E Reserve:** | $0 | $174365 | NAP | **3<sup>rd</sup> Most Recent Occupancy:** | 68.0% (12/31/2023) |
| **PIP Reserve:** | $26783944 | Springing | NAP | **Appraised Value (as of)<sup>(3)</sup>:** | $154,000,000 (7/18/2026) |
| **Elevator Replacement Reserve:** | $3831658 | $0 | NAP | **Appraised Value Per Room<sup>(3)</sup>:** | $206989 |
| **Seasonality Reserve:** | $2380000 | Springing | NAP | **Cut-off Date LTV Ratio<sup>(1)(3)</sup>:** | 54.0% |
| **Replacement Comfort Letter Reserve:** | $3500 | $0 | NAP | **Maturity Date LTV Ratio<sup>(1)(3)</sup>:** | 51.1% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** |
| &nbsp;&nbsp;**Sources** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** | &nbsp;&nbsp;**Uses** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** |
| &nbsp;&nbsp;Whole Loan Amount<sup>(1)</sup>: | &nbsp;&nbsp;$83250000 | &nbsp;&nbsp;56.2% | &nbsp;&nbsp;Purchase Price: | &nbsp;&nbsp;$112000000 | &nbsp;&nbsp;75.7% |
| &nbsp;&nbsp;Borrower Sponsor Equity: | &nbsp;&nbsp;$61072942 | &nbsp;&nbsp;41.3% | &nbsp;&nbsp;Upfront Reserves: | &nbsp;&nbsp;$34481692 | &nbsp;&nbsp;23.3% |
| &nbsp;&nbsp;Seller Prorations: | &nbsp;&nbsp;$3701550 | &nbsp;&nbsp;2.5% | &nbsp;&nbsp;Closing Costs: | &nbsp;&nbsp;$1542799 | &nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;**Total Sources:** | &nbsp;&nbsp;**$148024492** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses:** | &nbsp;&nbsp;**$148024492** | &nbsp;&nbsp;**100.0%** |

---

(1) The Hilton Daytona Beach Oceanfront Resort Mortgage Loan (as defined below) is part of the Hilton Daytona
Beach Oceanfront Resort Whole Loan (as defined below), which is comprised of two *pari passu* promissory notes with an aggregate
original principal balance of $83,250,000. The Underwriting and Financial Information presented above are based on the aggregate Cut-off
Date principal balance of the Hilton Daytona Beach Oceanfront Resort Whole Loan.

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

(3) The appraisal concluded to a "Hypothetical Upon Completion" value for the Hilton Daytona Beach
Oceanfront Resort Property (as defined below) of $154,000,000 as of July 18, 2026, which assumes (i) there is $26,783,944 in an upfront
PIP (as defined below) reserve for capital expenditures held in escrow and (ii) the renovations in connection with such PIP are completed
in the first year of the appraisal's projections. At origination, the borrower deposited $26,783,944 in an upfront PIP reserve for
capital expenditures. The related franchise agreement and loan documents require that the change-of-ownership PIP Work be completed on
or before December 31, 2027. The appraisal concluded to an "As Is" appraised value of $119,000,000 as of July 18, 2025, resulting
in an appraised value per room of approximately $159,946, and a Cut-off Date LTV Ratio and Maturity Date LTV Ratio of 69.8% and 66.1%,
respectively.

***The Mortgage Loan.*** The sixth largest mortgage loan (the "Hilton Daytona Beach Oceanfront Resort Mortgage Loan") is part of a whole loan (the "Hilton Daytona Beach Oceanfront Resort Whole Loan") evidenced by two *pari passu* notes with an aggregate outstanding principal balance as of the Cut-off Date of $83,119,276. The Hilton Daytona Beach Oceanfront Resort Whole Loan is secured by the fee and leasehold interests in a 744-room full-service hotel resort located in Daytona Beach, Florida (the "Hilton Daytona Beach Oceanfront Resort Property"). The Hilton Daytona Beach Oceanfront Resort Mortgage Loan is evidenced by the controlling note A-1 with an outstanding principal balance as of the Cut-off Date of $58,183,493.

The Hilton Daytona Beach Oceanfront Resort Whole Loan will be serviced pursuant to the pooling and servicing agreement for the WFCM 2025-5C7 securitization trust. The relationship between the holders of the Hilton Daytona Beach Oceanfront Resort Whole Loan is governed by a co-lender agreement. See "*Description of the Mortgage Pool—The Whole Loans—The Serviced Pari Passu Whole Loans*" and "*Pooling and Servicing Agreement*" in the prospectus.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Hospitality – Full Service | &nbsp;&nbsp;Loan #6 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$58183493 |
| &nbsp;&nbsp;100 North Atlantic Avenue | &nbsp;&nbsp;**Hilton Daytona Beach Oceanfront Resort** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;54.0% |
| &nbsp;&nbsp;Daytona Beach, FL 32118 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.68x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;15.5% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Hilton Daytona Beach Oceanfront Resort Whole Loan Summary** | &nbsp;&nbsp;**Hilton Daytona Beach Oceanfront Resort Whole Loan Summary** | &nbsp;&nbsp;**Hilton Daytona Beach Oceanfront Resort Whole Loan Summary** | &nbsp;&nbsp;**Hilton Daytona Beach Oceanfront Resort Whole Loan Summary** | &nbsp;&nbsp;**Hilton Daytona Beach Oceanfront Resort Whole Loan Summary** |
| &nbsp;&nbsp;**Note** | &nbsp;&nbsp;**Original Balance** | &nbsp;&nbsp;**Cut-off Date Balance** | &nbsp;&nbsp;**Note Holder** | &nbsp;&nbsp;**Controlling Note** |
| &nbsp;&nbsp;**A-1** | &nbsp;&nbsp;**$58275000** | &nbsp;&nbsp;**$58183493** | &nbsp;&nbsp;**WFCM 2025-5C7** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;A-2<sup>(1)</sup> | &nbsp;&nbsp;$24975000 | &nbsp;&nbsp;$24953783 | &nbsp;&nbsp;WFB | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**$83250000** | &nbsp;&nbsp;**$83119276** |  |  |

---

(1) Expected to be contributed to one or more future securitization transactions or
may otherwise be transferred at any time.

 ****

***The Borrower and the Borrower Sponsor.*** The borrower is CP Daytona Beach, LLC, a single-purpose, Delaware limited liability company with one independent director. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Hilton Daytona Beach Oceanfront Resort Whole Loan.

The borrower sponsor is Columbia Sussex Corporation ("CSC"). Founded in 1972, CSC is a privately owned hospitality company headquartered in Crestview Hills, Kentucky. CSC currently owns 47 hotels across 19 states and D.C. with major hospitality brands including Marriott, Hilton, and Hyatt. The non-recourse carveout guarantor is CSC Holdings, LLC, an affiliate of Columbia Sussex Corporation.

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

***The Property.*** The Hilton Daytona Beach Oceanfront Resort Property is a 744-room, full-service hotel located along Daytona Beach, Florida, approximately 2.2 miles from Downtown Daytona Beach and approximately 5.0 miles from each of Daytona Beach International Airport and Daytona International Speedway. Situated on an approximately 4.98-acre site, the Hilton Daytona Beach Oceanfront Resort Property was built in 1988 and most recently renovated in 2017. The Hilton Daytona Beach Oceanfront Resort Property comprises two inter-connected buildings known as the North Tower and South Tower. The North Tower, constructed in 1988, is an 11-story structure that includes a parking garage, public areas, and 337 guestrooms. The South Tower, added in 1992, is a 16-story building that includes a separate parking garage, public spaces, and 407 guestrooms. The two towers are internally connected at the lobby level and ground floor. Amenities at the Hilton Daytona Beach Oceanfront Resort Property include approximately 55,111 SF of meeting space, the D-Dawg's Kid Zone, a fitness center, a whirlpool, a gift / retail shop, pet friendly accommodations, two outdoor pools, direct beach frontage, a business center, guest laundry, concierge services, and complimentary Wi-Fi.

The Hilton Daytona Beach Oceanfront Resort Property guestroom configuration consists of 544 standard queen/queen rooms, 139 standard king rooms, 32 queen/queen suites, 28 king suites, and one presidential king suite. The Hilton Daytona Beach Oceanfront Resort Property is operating under the Hilton flag with a franchise agreement expiring October 2030. The Hilton Daytona Beach Oceanfront Resort Property is also the subject of a change-of-ownership property improvement plan ("PIP") at an estimated cost of $26,783,944 that the related franchise agreement and loan documents require to be completed on or before December 31, 2027. The estimated PIP cost is reserved upfront. The PIP-related work includes renovations to guestrooms, food & beverage outlets, lobbies, amenities, corridors, property systems, exterior, elevators, parking, and back of house/employee areas.

The following table presents historical occupancy, ADR, and RevPAR penetration rates of the Hilton Daytona Beach Oceanfront Resort Property:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Historical Occupancy, ADR, RevPAR<sup>(1)</sup>** | &nbsp;&nbsp;**Historical Occupancy, ADR, RevPAR<sup>(1)</sup>** | &nbsp;&nbsp;**Historical Occupancy, ADR, RevPAR<sup>(1)</sup>** | &nbsp;&nbsp;**Historical Occupancy, ADR, RevPAR<sup>(1)</sup>** | &nbsp;&nbsp;**Historical Occupancy, ADR, RevPAR<sup>(1)</sup>** | &nbsp;&nbsp;**Historical Occupancy, ADR, RevPAR<sup>(1)</sup>** | &nbsp;&nbsp;**Historical Occupancy, ADR, RevPAR<sup>(1)</sup>** | &nbsp;&nbsp;**Historical Occupancy, ADR, RevPAR<sup>(1)</sup>** | &nbsp;&nbsp;**Historical Occupancy, ADR, RevPAR<sup>(1)</sup>** | &nbsp;&nbsp;**Historical Occupancy, ADR, RevPAR<sup>(1)</sup>** |
|  | &nbsp;&nbsp;**Competitive Set<sup>(2)</sup>** | &nbsp;&nbsp;**Competitive Set<sup>(2)</sup>** | &nbsp;&nbsp;**Competitive Set<sup>(2)</sup>** | &nbsp;&nbsp;**Hilton Daytona Beach Oceanfront Resort Property** | &nbsp;&nbsp;**Hilton Daytona Beach Oceanfront Resort Property** | &nbsp;&nbsp;**Hilton Daytona Beach Oceanfront Resort Property** | &nbsp;&nbsp;**Penetration Factor** | &nbsp;&nbsp;**Penetration Factor** | &nbsp;&nbsp;**Penetration Factor** |
| &nbsp;&nbsp;**Year** | &nbsp;&nbsp;**Occupancy** | &nbsp;&nbsp;**ADR** | &nbsp;&nbsp;**RevPAR** | &nbsp;&nbsp;**Occupancy** | &nbsp;&nbsp;**ADR** | &nbsp;&nbsp;**RevPAR** | &nbsp;&nbsp;**Occupancy** | &nbsp;&nbsp;**ADR** | &nbsp;&nbsp;**RevPAR** |
| &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;55.7% | &nbsp;&nbsp;$233.49 | &nbsp;&nbsp;$129.97 | &nbsp;&nbsp;68.0% | &nbsp;&nbsp;$181.03 | &nbsp;&nbsp;$123.15 | &nbsp;&nbsp;122.2% | &nbsp;&nbsp;77.5% | &nbsp;&nbsp;94.8% |
| &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;55.7% | &nbsp;&nbsp;$229.16 | &nbsp;&nbsp;$127.68 | &nbsp;&nbsp;68.7% | &nbsp;&nbsp;$179.80 | &nbsp;&nbsp;$123.49 | &nbsp;&nbsp;123.3% | &nbsp;&nbsp;78.5% | &nbsp;&nbsp;96.7% |
| &nbsp;&nbsp;7/31/2025 TTM<sup>(3)</sup> | &nbsp;&nbsp;54.8% | &nbsp;&nbsp;$222.78 | &nbsp;&nbsp;$122.12 | &nbsp;&nbsp;68.2% | &nbsp;&nbsp;$176.63 | &nbsp;&nbsp;$120.38 | &nbsp;&nbsp;124.3% | &nbsp;&nbsp;79.3% | &nbsp;&nbsp;98.6% |

---

Source: *Industry Report, unless otherwise indicated.*

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

(2) The competitive set includes The Shores Resort & Spa, Delta Hotel Daytona Beach
Oceanfront, Hard Rock Hotel Daytona Beach, The Daytona, Autograph Collection, and Daytona Grande Oceanfront Resort.

(3) The information for the Hilton Daytona Beach Oceanfront Resort Property is obtained
from the underwriting.

***The Market.*** The Hilton Daytona Beach Oceanfront Resort Property is located in Daytona Beach, Florida, on the east side of North Atlantic Avenue. The Hilton Daytona Beach Oceanfront Resort Property benefits from its proximity to the 205,000 SF Ocean Center convention and event complex, situated to the west and is further defined by its oceanfront position, directly fronting the Atlantic Ocean, and between the Auditorium Boulevard to the south and Ora Street to the north. Regional access to the Hilton Daytona Beach Oceanfront Resort Property is provided by the East International Speedway Boulevard Bridge, which is approximately 0.5 miles north of the Hilton Daytona Beach Oceanfront Resort Property, along with Interstate-95 and Interstate-4. Daytona International Airport, which is located adjacent to the International Speedway, is served by major carriers such as Delta and U.S. Airways, and it also serves as the headquarters of Embry-Riddle Aeronautical University.

The Hilton Daytona Beach Oceanfront Resort Property is proximate to numerous leisure demand generators throughout the Daytona Beach area including a mix of condominiums, retail services and major attractions including Daytona International Speedway, Cici and Hyatt Brown Museum of Art and Museum of Arts & Sciences. The local economy benefits significantly from several key commercial demand generators, which serve as major employers in the area, these include Embry Riddle Aeronautical University, First Data Corp., Halifax Medical Center, International Speedway Corp., and NASCAR. According to the appraisal, the Hilton Daytona Beach Oceanfront Resort Property's 2024 demand segmentation was 50% transient and 50% group.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Hospitality – Full Service | &nbsp;&nbsp;Loan #6 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$58183493 |
| &nbsp;&nbsp;100 North Atlantic Avenue | &nbsp;&nbsp;**Hilton Daytona Beach Oceanfront Resort** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;54.0% |
| &nbsp;&nbsp;Daytona Beach, FL 32118 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.68x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;15.5% |

---

According to the appraisal, the 2024 estimated population within a one-, three- and five-mile radius of the Hilton Daytona Beach Oceanfront Resort Property is 5,611, 49,644 and 115,252, respectively, and the average household income for the same radii is $45,311, $55,117 and $56,976, respectively.

According to a third-party report, the Hilton Daytona Beach Oceanfront Resort Property is in the Daytona Beach area submarket, which is within the Daytona, Volusia County - FL, USA market. According to a third-party report, the Daytona Beach area submarket is comprised of 131 hotel properties and 9,913 rooms in total. As of July 2025, the Daytona Beach area submarket had a trailing-twelve-month occupancy, ADR and RevPAR of 57.8%, $161.37 and $93.24, respectively.

The following table presents competitive properties to the Hilton Daytona Beach Oceanfront Resort Property:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Competitive Property Summary** | &nbsp;&nbsp;**Competitive Property Summary** | &nbsp;&nbsp;**Competitive Property Summary** | &nbsp;&nbsp;**Competitive Property Summary** | &nbsp;&nbsp;**Competitive Property Summary** |
| **Property** | &nbsp;&nbsp;**Year Built** | &nbsp;&nbsp;**Rooms** | &nbsp;&nbsp;**Transient** | &nbsp;&nbsp;**Group** |
| **Hilton Daytona Beach Oceanfront Resort** | **1988** | **744** | **50%** | **50%** |
| The Shores Resort & Spa | 1974 | 212 | 85% | 15% |
| Delta Hotel Daytona Beach Oceanfront | 1973 | 133 | 90% | 10% |
| Hard Rock Hotel Daytona Beach | 1986 | 200 | 70% | 30% |
| The Daytona, Autograph Collection | 2019 | 144 | 80% | 20% |
| Daytona Grande Oceanfront Resort | 2021 | 444 | 70% | 30% |
| **Subtotal/Wtd. Avg.** |  | **1877** | **66%** | **34%** |

---

 <br> Source: *Appraisal*<br>

***Appraisal.*** The appraisal concluded to a "Hypothetical Upon Completion" value for the Hilton Daytona Beach Oceanfront Resort Property of $154,000,000 as of July 18, 2026, which assumes (i) there is $26,783,944 in an upfront PIP reserve for capital expenditures held in escrow and (ii) the renovations in connection with such PIP are completed in the first year of the appraisal's projections. The related franchise agreement and loan documents require that the change-of-ownership PIP work be completed on or before December 31, 2027. At origination, the borrower deposited $26,783,944 in an upfront PIP reserve for capital or other PIP-related expenditures. The appraisal concluded to an "As Is" appraised value of $119,000,000 as of July 18, 2025, resulting in an appraised value per room of approximately $159,946, and a Cut-off Date LTV ratio and Maturity Date LTV Ratio of 69.8% and 66.1%, respectively.

***Environmental Matters.*** According to the Phase I environmental site assessment dated July 16, 2025, there was no evidence of any recognized environmental conditions at the Hilton Daytona Beach Oceanfront Resort 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. |
| 67 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Hospitality – Full Service | &nbsp;&nbsp;Loan #6 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$58183493 |
| &nbsp;&nbsp;100 North Atlantic Avenue | &nbsp;&nbsp;**Hilton Daytona Beach Oceanfront Resort** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;54.0% |
| &nbsp;&nbsp;Daytona Beach, FL 32118 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.68x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;15.5% |

---

***Operating History and Underwritten Net Cash Flow.*** The following table presents certain information relating to the historical operating performance and Underwritten Net Cash Flow at the Hilton Daytona Beach Oceanfront Resort Property:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** |
|  | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**7/31/2025 TTM** | &nbsp;&nbsp;**UW** | &nbsp;&nbsp;**UW per Room** |
| &nbsp;&nbsp;Occupancy<sup>(1)</sup> | &nbsp;&nbsp;72.4% | &nbsp;&nbsp;68.0% | &nbsp;&nbsp;68.7% | &nbsp;&nbsp;68.2% | &nbsp;&nbsp;68.2% |  |
| &nbsp;&nbsp;ADR<sup>(1)</sup> | &nbsp;&nbsp;$171.69 | &nbsp;&nbsp;$181.03 | &nbsp;&nbsp;$179.80 | &nbsp;&nbsp;$176.63 | &nbsp;&nbsp;$176.63 |  |
| &nbsp;&nbsp;RevPAR<sup>(1)</sup> | &nbsp;&nbsp;$124.38 | &nbsp;&nbsp;$123.15 | &nbsp;&nbsp;$123.49 | &nbsp;&nbsp;$120.38 | &nbsp;&nbsp;$120.38 |  |
| &nbsp;&nbsp;Rooms Revenue | &nbsp;&nbsp;$33776635 | &nbsp;&nbsp; $33443121 | &nbsp;&nbsp; $33625847 | &nbsp;&nbsp; $32690968 | &nbsp;&nbsp; $32690968 | &nbsp;&nbsp;$43939 |
| &nbsp;&nbsp;Food & Beverage Revenue | &nbsp;&nbsp;$10383210 | &nbsp;&nbsp; $10953725 | &nbsp;&nbsp; $11265009 | &nbsp;&nbsp; $12164467 | &nbsp;&nbsp;$12164467 | &nbsp;&nbsp;$16350 |
| &nbsp;&nbsp;Parking Revenue | &nbsp;&nbsp;$3920831 | &nbsp;&nbsp;$3967146 | &nbsp;&nbsp;$4080042 | &nbsp;&nbsp;$4031131 | &nbsp;&nbsp;$4031131 | &nbsp;&nbsp;$5418 |
| &nbsp;&nbsp;Other Income | &nbsp;&nbsp; $3166153 | &nbsp;&nbsp; $3368859 | &nbsp;&nbsp; $3373816 | &nbsp;&nbsp; $3422860 | &nbsp;&nbsp; $3422860 | &nbsp;&nbsp; $4601 |
| &nbsp;&nbsp;**Total Revenue** | &nbsp;&nbsp;**$51246829** | &nbsp;&nbsp; **$51732851** | &nbsp;&nbsp; **$52344714** | &nbsp;&nbsp; **$52309426** | &nbsp;&nbsp; **$52309426** | &nbsp;&nbsp;**$70308** |
| &nbsp;&nbsp;Room Expense | &nbsp;&nbsp; $7269168 | &nbsp;&nbsp; $7055415 | &nbsp;&nbsp; $7757930 | &nbsp;&nbsp; $7558074 | &nbsp;&nbsp; $7558074 | &nbsp;&nbsp;$10159 |
| &nbsp;&nbsp;Food & Beverage Expense | &nbsp;&nbsp;$7491190 | &nbsp;&nbsp; $8075160 | &nbsp;&nbsp; $9191938 | &nbsp;&nbsp; $9581060 | &nbsp;&nbsp; $9581060 | &nbsp;&nbsp;$12878 |
| &nbsp;&nbsp;Parking Expense | &nbsp;&nbsp;$1553665 | &nbsp;&nbsp;$1502641 | &nbsp;&nbsp;$1470248 | &nbsp;&nbsp;$1432409 | &nbsp;&nbsp;$1432409 | &nbsp;&nbsp;$1925 |
| &nbsp;&nbsp;Other Department Expense | &nbsp;&nbsp; $578340 | &nbsp;&nbsp; $677372 | &nbsp;&nbsp; $545915 | &nbsp;&nbsp; $543077 | &nbsp;&nbsp; $543077 | &nbsp;&nbsp; $730 |
| &nbsp;&nbsp;**Total Department Expenses** | &nbsp;&nbsp;**$16892363** | &nbsp;&nbsp; **$17310588** | &nbsp;&nbsp; **$18966031** | &nbsp;&nbsp; **$19114620** | &nbsp;&nbsp; **$19114620** | &nbsp;&nbsp;**$25692** |
| &nbsp;&nbsp;**Gross Operating Income** | &nbsp;&nbsp; **$34354466** | &nbsp;&nbsp; **$34422263** | &nbsp;&nbsp; **$33378683** | &nbsp;&nbsp; **$33194806** | &nbsp;&nbsp; **$33194806** | &nbsp;&nbsp;**$44617** |
| &nbsp;&nbsp;Total Undistributed Expenses | &nbsp;&nbsp;$16268850 | &nbsp;&nbsp; $16733183 | &nbsp;&nbsp; $16481054 | &nbsp;&nbsp; $17251511 | &nbsp;&nbsp; $17280564 | &nbsp;&nbsp;$23227 |
| &nbsp;&nbsp;**Gross Operating Profit** | &nbsp;&nbsp;**$18085616** | &nbsp;&nbsp; **$17689080** | &nbsp;&nbsp; **$16897629** | &nbsp;&nbsp; **$15943295** | &nbsp;&nbsp; **$15914242** | &nbsp;&nbsp;**$21390** |
| &nbsp;&nbsp;Property Taxes | &nbsp;&nbsp; $1177926 | &nbsp;&nbsp; $1463536 | &nbsp;&nbsp; $1341606 | &nbsp;&nbsp; ($23241) | &nbsp;&nbsp; $1441547 | &nbsp;&nbsp;$1938 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp; $999631 | &nbsp;&nbsp; $1205839 | &nbsp;&nbsp; $1331247 | &nbsp;&nbsp; $1155405 | &nbsp;&nbsp; $1597201 | &nbsp;&nbsp; $2147 |
| &nbsp;&nbsp;**Total Operating Expenses** | &nbsp;&nbsp;**$35338770** | &nbsp;&nbsp;**$36713146** | &nbsp;&nbsp;**$38119938** | &nbsp;&nbsp;**$37498295** | &nbsp;&nbsp;**$39433932** | &nbsp;&nbsp;**$53003** |
| &nbsp;&nbsp;**Net Operating Income<sup>(2)</sup>** | &nbsp;&nbsp; **$15908059** | &nbsp;&nbsp; **$15019705** | &nbsp;&nbsp; **$14224776** | &nbsp;&nbsp;**$14811131** | &nbsp;&nbsp;**$12875494** | &nbsp;&nbsp;**$17306** |
| &nbsp;&nbsp;FF&E | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $2092377 | &nbsp;&nbsp; $2812 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$15908059** | &nbsp;&nbsp;**$15019705** | &nbsp;&nbsp;**$14224776** | &nbsp;&nbsp;**$14811131** | &nbsp;&nbsp;**$10783117** | &nbsp;&nbsp;**$14493** |
| &nbsp;&nbsp;**NOI DSCR<sup>(3)</sup>** | &nbsp;&nbsp;**2.48x** | &nbsp;&nbsp;**2.34x** | &nbsp;&nbsp;**2.22x** | &nbsp;&nbsp;**2.31x** | &nbsp;&nbsp;**2.00x** |  |
| &nbsp;&nbsp;**NCF DSCR<sup>(3)</sup>** | &nbsp;&nbsp;**2.48x** | &nbsp;&nbsp;**2.34x** | &nbsp;&nbsp;**2.22x** | &nbsp;&nbsp;**2.31x** | &nbsp;&nbsp;**1.68x** |  |
| &nbsp;&nbsp;**NOI Debt Yield<sup>(3)</sup>** | &nbsp;&nbsp;**19.1%** | &nbsp;&nbsp;**18.0%** | &nbsp;&nbsp;**17.1%** | &nbsp;&nbsp;**17.8%** | &nbsp;&nbsp;**15.5%** |  |
| &nbsp;&nbsp;**NCF Debt Yield<sup>(3)</sup>** | &nbsp;&nbsp;**19.1%** | &nbsp;&nbsp;**18.0%** | &nbsp;&nbsp;**17.1%** | &nbsp;&nbsp;**17.8%** | &nbsp;&nbsp;**13.0%** |  |

---

 <br> (1) The variances between the underwriting, the appraisal, and the industry report data with respect to Occupancy, ADR and RevPAR at the Hilton Daytona Beach Oceanfront Resort Property are attributable in part to variances in reporting methodologies and/or timing differences.

(2) The decrease in Net Operating Income from 7/31/2025 TTM to UW was primarily due
to an approximately $1,464,788 increase in Property Taxes. UW Property Taxes were underwritten based on the most recent tax bills, including
the remote parking lot across the street ground leased from the City of Daytona.

(3) Debt service coverage ratios and debt yields are based on the Hilton Daytona Beach Oceanfront Whole Loan.

***Escrows and Reserves.***

*Tax Escrows –* The Hilton Daytona Beach Oceanfront Resort Whole Loan documents require an upfront deposit of $1,482,590 and ongoing monthly deposits of $129,727 for real estate taxes.

*Insurance Escrows –* The Hilton Daytona Beach Oceanfront Resort Whole Loan documents require the borrower to deposit 1/12th of the estimated annual insurance premiums into an insurance reserve. However, the borrower will not be required to make the monthly insurance reserve deposit, provided that (i) no event of default is continuing, (ii) there is a blanket policy in place that is satisfactory to the lender, and (iii) the borrower provides the lender evidence of renewal of such policy and paid receipts for the insurance premiums at least 30 days prior to the expiration date of such policy.

*FF&E Reserve –* The Hilton Daytona Beach Oceanfront Resort Whole Loan documents require ongoing monthly deposits in an amount equal to $174,365. However, the lender may adjust the required monthly deposit amount to the greater of (i) the then-existing FF&E Reserve monthly deposit for the prior period or (ii) the greater of (a) 1/12th of 4% of the underwritten revenue for the prior fiscal year and (b) the amount required by the franchise agreement.

*PIP Reserve –* The Hilton Daytona Beach Oceanfront Resort Whole Loan documents require an upfront deposit of $26,783,944 in connection with the existing PIP work and that on the date that any additional PIP is imposed by the franchisor, the borrower is required to deposit within 15 days after receipt of notice from the franchisor with respect to such PIP work, cash or a letter of credit in an amount equal to 100% of the sum required to pay for such new PIP into a PIP reserve.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Hospitality – Full Service | &nbsp;&nbsp;Loan #6 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$58183493 |
| &nbsp;&nbsp;100 North Atlantic Avenue | &nbsp;&nbsp;**Hilton Daytona Beach Oceanfront Resort** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;54.0% |
| &nbsp;&nbsp;Daytona Beach, FL 32118 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.68x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;15.5% |

---

*Seasonality Reserve* –The Hilton Daytona Beach Oceanfront Resort Whole Loan documents require an upfront deposit of $2,380,000 (the "Seasonality Reserve Required Annual Balance"). These funds may be used for disbursements or for the payment of any part of the monthly debt service payments occurring in October, November, December, and January to the extent that there is insufficient cash flow from the Hilton Daytona Beach Oceanfront Resort Property to make the monthly debt service payment. The lender may adjust the Seasonality Reserve Required Annual Balance (and thus the Seasonality Reserve Deposit Amount (as defined below)), upon notice to the borrower, to an amount equal to the shortfall in revenue from the Hilton Daytona Beach Oceanfront Resort Property to cover the debt service at a debt service coverage ratio ("DSCR") of 1.30x, as calculated by the lender based on actual operations from the prior 12 months.

On each monthly payment date occurring in March, April, June, July and August (specifically excluding May), the borrower is required to deposit with the lender an amount equal to, initially $476,000 (the "Seasonality Reserve Deposit Amount"), *provided*, however, that the borrower is only required to make these deposits if the funds on deposit in the Seasonality Reserve are less than the Seasonality Reserve Required Annual Balance.

*Elevator Replacement Reserve* – The Hilton Daytona Beach Oceanfront Resort Whole Loan documents require an upfront deposit of $3,831,658 for paying any costs and fees associated with the replacement of the elevator under the elevator replacement agreement.

*Replacement Comfort Letter Reserve –* The Hilton Daytona Beach Oceanfront Resort Whole Loan documents require an upfront deposit of $3,500 for paying any costs and fees associated with obtaining one or more replacement or reissued franchisor comfort letters as determined by the lender to be necessary or appropriate in connection with any secondary market transaction. 

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

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

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

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

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

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

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

 ****

***Ground Lease*** The collateral for the Hilton Daytona Beach Oceanfront Resort Whole Loan includes ancillary leasehold interests in a beach-side concession area containing retail and restaurant uses and an adjacent off-site parking area. The leasehold interests are derived from a 1987 Development Agreement between a prior owner and the City of Daytona Beach and the Community Redevelopment Agency of the City of Daytona Beach. Each of the City of Daytona and Redevelopment Agency lease the concession area and off-site parking area, respectively, for annual ground rent of $1 for a term expiring February 3, 2087 (including renewal options).

***Terrorism Insurance*.** The Hilton Daytona Beach Oceanfront Resort Whole Loan documents require that the "all risk" insurance policy required to be maintained by the borrower provides coverage for terrorism in an amount equal to the full replacement cost of the Hilton Daytona Beach Oceanfront Resort Property, as well as business interruption insurance covering up to 18 months following a casualty event, with an extended period of indemnity covering up to 12 months following the physical repair of the subject improvements. See "*Risk Factors-Risks Relating to the Mortgage Loans-Terrorism Insurance May Not Be Available for All Mortgaged Properties*" in the prospectus.

---

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

---

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Single Tenant | &nbsp;&nbsp;Loan #7 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$50000000 |
| &nbsp;&nbsp;Various, Various | &nbsp;&nbsp;**Walgreens Retail Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;31.6% |
|  |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;3.34x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;20.8% |

---

![](n5438prets_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. |
| 70 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Single Tenant | &nbsp;&nbsp;Loan #7 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$50000000 |
| &nbsp;&nbsp;Various, Various | &nbsp;&nbsp;**Walgreens Retail Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;31.6% |
|  |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;3.34x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;20.8% |

---

![](n5438prets_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. |
| 71 |

---

**Mortgage Loan No. 7 – Walgreens Retail Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| **Mortgage Loan Seller:** | UBS AG | UBS AG | **Single Asset/Portfolio:** | Portfolio |
| **Credit Assessment (Fitch/S&P/MDBRS):** | NR/NR/A | NR/NR/A | **Location:** | Various, Various |
| **Original Balance<sup>(1)</sup>:** | $50000000 | $50000000 | **General Property Type:** | Retail |
| **Cut-off Date Balance<sup>(1)</sup>:** | $50000000 | $50000000 | **Detailed Property Type:** | Single Tenant |
| **% of Initial Pool Balance:** | 6.5% | 6.5% | **Title Vesting:** | Fee |
| **Loan Purpose:** | Recapitalization | Recapitalization | **Year Built/Renovated:** | Various/Various |
| **Borrower Sponsor<sup>(2)</sup>:** | Sycamore Partners Management, L.P. | Sycamore Partners Management, L.P. | **Size:** | 2,891,073 SF |
| **Guarantors<sup>(2)</sup>:** | Sycamore Partners III, L.P. and Sycamore Partners III-A, L.P. | Sycamore Partners III, L.P. and Sycamore Partners III-A, L.P. | **Cut-off Date Balance PSF<sup>(1)</sup>:** | $108 |
| **Mortgage Rate<sup>(3)</sup>:** | 5.81919526731772% | 5.81919526731772% | **Maturity Date Balance PSF<sup>(1)</sup>:** | $108 |
| **Note Date:** | 11/4/2025 | 11/4/2025 | **Property Manager:** | Self-managed |
| **Maturity Date:** | 11/6/2030 | 11/6/2030 |  |  |
| **Original Term to Maturity:** | 60 months | 60 months | &nbsp;&nbsp;**Underwriting and Financial Information** | &nbsp;&nbsp;**Underwriting and Financial Information** |
| **Original Amortization Term:** | 0 months | 0 months | **UW NOI:** | $64755440 |
| **IO Period:** | 60 months | 60 months | **UW NCF:** | $61430706 |
| **Seasoning:** | 1 month | 1 month | **UW NOI Debt Yield<sup>(1)</sup>:** | 20.8% |
| **Prepayment Provisions:** | L(12),YM1%(41),O(7) | L(12),YM1%(41),O(7) | **UW NCF Debt Yield<sup>(1)</sup>:** | 19.7% |
| **Lockbox/Cash Mgmt Status:** | Hard/Springing | Hard/Springing | **UW NOI Debt Yield at Maturity<sup>(1)</sup>:** | 20.8% |
| **Additional Debt Type<sup>(1)</sup>:** | *Pari Passu* / B-Note | *Pari Passu* / B-Note | **UW NCF DSCR<sup>(1)</sup>:** | 3.34x |
| **Additional Debt Balance<sup>(1)</sup>:** | $261,500,000 / $178,500,000 | $261,500,000 / $178,500,000 | **Most Recent NOI<sup>(6)</sup>:** | NAV |
| **Future Debt Permitted (Type):** | No (NAP) | No (NAP) | **2nd Most Recent NOI<sup>(6)</sup>:** | NAV |
| &nbsp;&nbsp;**Reserves<sup>(4)</sup>** | &nbsp;&nbsp;**Reserves<sup>(4)</sup>** | &nbsp;&nbsp;**Reserves<sup>(4)</sup>** | **3rd Most Recent NOI<sup>(6)</sup>:** | NAV |
| **<u>Type</u>** | **<u>Monthly</u>** | **<u>Cap</u>** | **Most Recent Occupancy:** | 100.0% (8/28/2025) |
| **RE Taxes:** | Springing | NAP | **2nd Most Recent Occupancy:** | 100.0% (12/31/2024) |
| **Insurance:** | Springing | NAP | **3rd Most Recent Occupancy:** | 100.0% (12/31/2023) |
| **Deferred Maintenance:** | $0 | NAP | **Appraised Value (as of):** | $985,540,000 (Various) |
| **Replacement Reserve:** | Springing | NAP | **Appraised Value PSF:** | $341 |
| **Other Reserves<sup>(5)</sup>:** | <sup>(5)</sup> | $24000000 | **Cut-off Date LTV Ratio<sup>(1)</sup>:** | 31.6% |
|  |  |  | **Maturity Date LTV Ratio<sup>(1)</sup>:** | 31.6% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Sources and Uses** | **Sources and Uses** | **Sources and Uses** | **Sources and Uses** | **Sources and Uses** | **Sources and Uses** |
| **Sources** | **Proceeds** | **% of Total** | **Uses** | **Proceeds** | **% of Total** |
| Senior Loan Amount: | $311500000 | 63.6% | Loan Payoff: | $468458513 | 95.6% |
| Subordinate Loan Amount: | $178500000 | 36.4% | Closing Costs: | $11797957 | 2.4% |
|  |  |  | Return of Equity: | $9655066 | 2.0% |
|  |  |  | Upfront Reserves: | $88464 | 0.0% |
| **Total Sources:** | **$490000000** | **100.0%** | **Total Uses:** | **$490000000** | **100.0%** |

---

(1) The Walgreens Retail Portfolio Mortgage Loan (as defined below) is part of the Walgreens Retail Portfolio
Whole Loan (as defined below) evidenced by (i) six senior *pari passu* promissory notes with an aggregate original principal balance
of $311,500,000 and (i) two subordinate notes with an aggregate original principal balance of $178,500,000. The Cut-off Date Balance PSF,
Maturity Date Balance PSF, UW NOI Debt Yield, UW NCF Debt Yield, UW NOI Debt Yield at Maturity, UW NCF DSCR, Cut-off Date LTV Ratio and
Maturity Date LTV Ratio numbers presented above are based on the Walgreens Retail Portfolio Senior Loan (as defined below). The Cut-off
Date Balance PSF, Maturity Date Balance PSF, UW NOI Debt Yield, UW NCF Debt Yield, UW NOI Debt Yield at Maturity, UW NCF DSCR, Cut-off
Date LTV Ratio and Maturity Date LTV Ratio based upon the Walgreens Retail Portfolio Whole Loan are $169, $169, 13.2%, 12.5%, 13.2%, 1.73x,
49.7% and 49.7%, respectively.

(2) The borrower sponsor and guarantors for the Walgreens Retail Portfolio Whole Loan are the same borrower
sponsor and guarantors for the fifteenth largest mortgage loan, 80 International Drive.

(3) Mortgage Rate represents the *per annum* interest rate associated with the Walgreens Retail Portfolio
Senior Loan. The *per annum* interest rate associated with the Walgreens Retail Portfolio Subordinate Companion Loan (as defined
below) is 9.44566170868347% and the weighted average *per annum* interest rate for the Walgreens Retail Portfolio Whole Loan is 7.14026518524382%.

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

(5) Other Reserves consists of (i) a springing monthly Material Tenant (as defined below) reserve, (ii) springing
monthly Low Debt Yield/DSCR Cure Funds reserve and (iii) a monthly reserve deposit of $2,000,000 into an interest and carry funds reserve
subject to a cap of $24,000,000. See "*Escrows and Reserves*" and "*Lockbox and Cash Management*" below
for further details.

(6) Historical financial information is not shown as the Walgreens Retail Portfolio Properties (as defined
below) are leased to a single tenant on a triple-net basis.

***The Mortgage Loan.*** The seventh largest mortgage loan (the "Walgreens Retail Portfolio Mortgage Loan") is part of a whole loan evidenced by six *pari passu* senior promissory notes in the aggregate original principal amount of $311,500,000 (the "Walgreens Retail Portfolio Senior Loan") and two subordinate B-Notes in the aggregate original principal amount of $178,500,000 that are subordinate to the Walgreens Retail Portfolio Senior Loan (the "Walgreens Retail Portfolio Subordinate Companion Loan", and together with the Walgreens Retail Portfolio Senior Loan, the "Walgreens Retail Portfolio Whole Loan"). The Walgreens Retail Portfolio Whole Loan was co-originated by UBS AG New York Branch ("UBS AG") and Wells Fargo Bank, National Association ("WFB"). The Walgreens Retail Portfolio Whole Loan is secured by the fee interest in 207 retail properties totaling 2,891,073 SF located across 42 states and one territory (Puerto Rico) (collectively, the "Walgreens Retail Portfolio Properties" or "Walgreens Retail Portfolio").

 ****

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Single Tenant | &nbsp;&nbsp;Loan #7 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$50000000 |
| &nbsp;&nbsp;Various, Various | &nbsp;&nbsp;**Walgreens Retail Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;31.6% |
|  |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;3.34x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;20.8% |

---

The Walgreens Retail Portfolio Mortgage Loan is evidenced by the non-controlling Note A-2-2 and Note A-3-2 to be contributed by UBS AG, with an aggregate original principal balance of $50,000,000. The relationship between the holders of the Walgreens Portfolio Whole Loan is governed by a co-lender agreement as described under "*Description of the Mortgage Pool—The Non-Serviced AB Whole Loan*" in the prospectus. The Walgreens Retail Portfolio Whole Loan is serviced pursuant to the trust and servicing agreement for the SYCA 2025-WAG transaction. See "*Description of the Mortgage Pool—The Non-Serviced AB Whole Loan*" and "*Pooling and Servicing Agreement—Servicing of the Non-Serviced Mortgage Loans*" in the prospectus.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Walgreens Retail Portfolio Whole Loan Summary** | &nbsp;&nbsp;**Walgreens Retail Portfolio Whole Loan Summary** | &nbsp;&nbsp;**Walgreens Retail Portfolio Whole Loan Summary** | &nbsp;&nbsp;**Walgreens Retail Portfolio Whole Loan Summary** | &nbsp;&nbsp;**Walgreens Retail Portfolio Whole Loan Summary** |
| &nbsp;&nbsp;**Note** | &nbsp;&nbsp;**Original Balance** | &nbsp;&nbsp;**Cut-off Date Balance** | &nbsp;&nbsp;**Note Holder** | &nbsp;&nbsp;**Controlling Note** |
| &nbsp;&nbsp;A-1-1 | &nbsp;&nbsp;$105750000 | &nbsp;&nbsp;$105750000 | &nbsp;&nbsp;SYCA 2025-WAG | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;A-1-2 | &nbsp;&nbsp;$105750000 | &nbsp;&nbsp;$105750000 | &nbsp;&nbsp;SYCA 2025-WAG | &nbsp;&nbsp;No |
| &nbsp;&nbsp;A-2-1<sup>(1)</sup> | &nbsp;&nbsp;$25000000 | &nbsp;&nbsp;$25000000 | &nbsp;&nbsp;WFB | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**A-2-2** | &nbsp;&nbsp;**$25000000** | &nbsp;&nbsp;**$25000000** | &nbsp;&nbsp;**WFCM 2025-5C7** | &nbsp;&nbsp;**No** |
| &nbsp;&nbsp;A-3-1<sup>(1)</sup> | &nbsp;&nbsp;$25000000 | &nbsp;&nbsp;$25000000 | &nbsp;&nbsp;WFB | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**A-3-2** | &nbsp;&nbsp;**$25000000** | &nbsp;&nbsp;**$25000000** | &nbsp;&nbsp;**WFCM 2025-5C7** | &nbsp;&nbsp;**No** |
| &nbsp;&nbsp;**Senior Loan** | &nbsp;&nbsp;**$311500000** | &nbsp;&nbsp;**$311500000** |  |  |
| &nbsp;&nbsp;B-1-1 | &nbsp;&nbsp;$89250000 | &nbsp;&nbsp;$89250000 | &nbsp;&nbsp;SYCA 2025-WAG | &nbsp;&nbsp;No |
| &nbsp;&nbsp;B-1-2 | &nbsp;&nbsp;$89250000 | &nbsp;&nbsp;$89250000 | &nbsp;&nbsp;SYCA 2025-WAG | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**Whole Loan** | &nbsp;&nbsp;**$490000000** | &nbsp;&nbsp;**$490000000** |  |  |

---

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

 ****

***The Borrower and the Borrower Sponsor.*** The borrower is Retail PropCo Borrower LLC, a Delaware limited liability company and a single purpose entity with two independent directors in its organizational structure. The borrower is an affiliate of the borrower sponsor. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Walgreens Retail Portfolio Whole Loan.

The non-recourse carveout guarantors are Sycamore Partners III, L.P. and Sycamore Partners III-A, L.P. The borrower sponsor is Sycamore Partners Management, L.P. ("Sycamore Partners"), a private equity firm based in New York specializing in consumer, distribution and retail-related investments. Sycamore Partners has approximately $11.0 billion in aggregate committed capital and its strategy is to partner with management teams to improve the operating profitability and strategic value of its businesses. Past and present portfolio companies include Walgreens, The Boots Group, Shields Health Solutions, Playa Bowls, KnitWell Group, RONA, The Goddard School, STE Michelle Wine Estates, AZAMARA Cruise Lines, Margaritaville at Sea, Lane Bryant, Pure Fishing, Rithum, Staples, Hot Topic, Torrid, Stuart Weitzman and Kurt Geiger.

***The Properties.*** The Walgreens Retail Portfolio comprises 207 retail properties 100.0% occupied by affiliates of Walgreen Co. ("U.S. Retail") ("Walgreens"). The Walgreens Retail Portfolio Properties consist of approximately 2.9 million SF of retail space across 42 states and one territory (Puerto Rico), with the largest concentrations by underwritten net operating income in Florida, California, Puerto Rico, New York, Indiana and Texas. The Walgreens Retail Portfolio has a weighted average year built of 2004, an average property size of 13,967 SF and reported total sales of approximately $2.0 billion ($688 PSF) as of the fiscal year of 2024, which results in an occupancy cost of 3.3% based on underwritten net operating income.

The Walgreens Retail Portfolio Properties are subject to one absolute net master lease between affiliates of Walgreens as the Master Tenant (as defined below) and the borrower as the lessor, with an initial term of 15 years and three, five-year renewal options (the "Master Lease"). The Master Lease has no early termination options, except as it relates to the release of individual Walgreens Retail Portfolio Properties, at which time the total rent will be reduced by the amount of rent allocated to the to-be-released Walgreens Retail Portfolio Property, subject to standard provisions related to the debt yield for the portfolio remaining after such a release. See "*Partial Release*" below for further information. Under the Master Lease, the Master Tenant is responsible for all operating expenses across the Walgreens Retail Portfolio, including real estate taxes, insurance and maintenance for the Walgreens Retail Portfolio Properties. ****

***Sole Tenant.***

*Walgreens (2,891,073 SF; 100.0% of NRA; 100.0% of underwritten base rent).* Walgreens is the seventh largest overall U.S. retailer and the second largest pharmacy retailer, generating annual sales of approximately $121.4 billion for the fiscal third quarter of 2025. Headquartered in Deerfield, Illinois, Walgreens has 8,560 retail and healthcare locations across all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. As of August 31, 2024, approximately 78% of the population of the U.S. lived within five miles of a store. Walgreens utilizes its vast scale and retail network to provide customers and patients with convenient, omnichannel access to consumer goods and services, as well as pharmacy and health and wellness services.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES 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;Retail – Single Tenant | &nbsp;&nbsp;Loan #7 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$50000000 |
| &nbsp;&nbsp;Various, Various | &nbsp;&nbsp;**Walgreens Retail Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;31.6% |
|  |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;3.34x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;20.8% |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Walgreens Retail Portfolio Summary<sup>(1)</sup>** | **Walgreens Retail Portfolio Summary<sup>(1)</sup>** | **Walgreens Retail Portfolio Summary<sup>(1)</sup>** | **Walgreens Retail Portfolio Summary<sup>(1)</sup>** | **Walgreens Retail Portfolio Summary<sup>(1)</sup>** | **Walgreens Retail Portfolio Summary<sup>(1)</sup>** | **Walgreens Retail Portfolio Summary<sup>(1)</sup>** | **Walgreens Retail Portfolio Summary<sup>(1)</sup>** | **Walgreens Retail Portfolio Summary<sup>(1)</sup>** | **Walgreens Retail Portfolio Summary<sup>(1)</sup>** |
| **State/Territory** | **# of Properties** | **NRA<sup>(2)</sup>** | **% of Total NRA<sup>(2)</sup>** | **UW NOI<sup>(2)</sup>** | **% of Total UW NOI<sup>(2)</sup>** | **2024 Sales<sup>(2)</sup>** | **Sales PSF<sup>(2)</sup>** | **Occupancy Cost<sup>(2)</sup>** | **As-Is Appraised Value** |
| Florida | 27 | 394538 | 13.6% | $9484889 | 14.6% | $234427288 | $594 | 4.0% | $148040000 |
| California | 14 | 188219 | 6.5% | $5432232 | 8.4% | $131825510 | $700 | 4.1% | $83390000 |
| Puerto Rico | 10 | 172787 | 6.0% | $4892974 | 7.6% | $95526637 | $553 | 5.1% | $65050000 |
| New York | 10 | 128720 | 4.5% | $3323816 | 5.1% | $96359710 | $749 | 3.4% | $52510000 |
| Indiana | 10 | 143859 | 5.0% | $3049998 | 4.7% | $87634484 | $609 | 3.5% | $46930000 |
| Texas | 10 | 146509 | 5.1% | $3022083 | 4.7% | $128943837 | $880 | 2.3% | $46740000 |
| Illinois | 8 | 119428 | 4.1% | $2823730 | 4.4% | $121544131 | $1018 | 2.3% | $42900000 |
| Georgia | 11 | 148291 | 5.1% | $2759090 | 4.3% | $86786440 | $585 | 3.2% | $42820000 |
| Ohio | 9 | 127650 | 4.4% | $2458590 | 3.8% | $87985782 | $689 | 2.8% | $36740000 |
| Michigan | 7 | 99999 | 3.5% | $1854828 | 2.9% | $66619606 | $666 | 2.8% | $28280000 |
| *Other* | 91 | 1221073 | 42.2% | $25653210 | 39.6% | $851880515 | $698 | 3.0% | $392140000 |
| **Total/Wtd. Avg.** | **207** | **2891073** | **100.0%** | **$64755440** | **100.0%** | **$1989533940** | **$688** | **3.3%** | **$985540000** |

---

(1) Information is based on the appraisals unless otherwise specified.

(2) Information is based on the Master Lease dated August 28, 2025.

The following table presents certain information relating to the tenancy at the Walgreens Retail 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 Name** | **Credit Rating (Fitch/Moody's/S&P)<sup>(2)</sup>** | **Tenant SF** | **% of Total SF** | **Annual UW Rent** | **% of Total Annual UW Rent** | **Annual UW Rent PSF** | **Lease Expiration** | **Renewal Options** |
| Walgreens | NR/B1/BB- | 2891073 | 100.0% | $64755440 | 100.0% | $22.40 | 8/31/2040 N | 3 x 5 yr |
| **Occupied Collateral Total** |  | **2891073** | **100.0%** | **$64755440** | **100.0%** | **$22.40** |  |  |
| Vacant Space |  | 0 | 0.0% |  |  |  |  |  |
| **Total/Wtd. Avg.** |  | **2891073** | **100.0%** |  |  |  |  |  |

---

(1) Information is based on the Master Lease dated August 28, 2025.

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** |
| &nbsp;&nbsp;**Year** | &nbsp;&nbsp;**# of Leases Rolling** | &nbsp;&nbsp;**SF Rolling** | &nbsp;&nbsp;**Approx. % of SF Rolling** | &nbsp;&nbsp;**Approx. Cumulative % of SF Rolling** | &nbsp;&nbsp;**Total UW Rent Rolling** | &nbsp;&nbsp;**Approx. % of Total UW Rent Rolling** | &nbsp;&nbsp;**Approx. Cumulative % of Total UW Rent Rolling** | &nbsp;&nbsp;**UW Rent PSF Rolling** |
| &nbsp;&nbsp;MTM/2025 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2026 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2027 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2028 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2029 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2030 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2031 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2032 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2033 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2034 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2035 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2036 & Thereafter | &nbsp;&nbsp;1 | &nbsp;&nbsp;2891073 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$64755440 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$22.40 |
| &nbsp;&nbsp;Vacant | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;**Total/Wtd. Avg.** | &nbsp;&nbsp;**1** | &nbsp;&nbsp;**2891073** | &nbsp;&nbsp;**100.0%** |  | &nbsp;&nbsp;**$64755440** | &nbsp;&nbsp;**100.0%** |  | &nbsp;&nbsp;**$22.40** |

---

(1) Information is based on the Master Lease dated August 28, 2025.

 ****

***The Market.*** The Walgreens Retail Portfolio is located across 42 states and one territory (Puerto Rico), with the largest concentrations by underwritten net operating income in Florida, California, Puerto Rico, New York, Indiana, and Texas. The Walgreens Retail Portfolio Properties are located across 121 individual markets with an additional 20 Walgreens Retail Portfolio Properties located in non-metropolitan markets, with the largest concentrations (by underwritten net operating income) within the core retail markets of Puerto Rico (7.6%), Chicago, Illinois (4.2%), Los Angeles, California (4.1%), Tampa,

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES 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;Retail – Single Tenant | &nbsp;&nbsp;Loan #7 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$50000000 |
| &nbsp;&nbsp;Various, Various | &nbsp;&nbsp;**Walgreens Retail Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;31.6% |
|  |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;3.34x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;20.8% |

---

Florida (3.3%) and St. Louis, Missouri (2.9%). The Walgreens Retail Portfolio Properties are generally situated in commercial corridors of both urban and suburban areas.

The following table presents certain market related information across the Walgreens Retail Portfolio Properties:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Walgreens Retail Portfolio MSA Distribution<sup>(1)</sup>** | **Walgreens Retail Portfolio MSA Distribution<sup>(1)</sup>** | **Walgreens Retail Portfolio MSA Distribution<sup>(1)</sup>** | **Walgreens Retail Portfolio MSA Distribution<sup>(1)</sup>** | **Walgreens Retail Portfolio MSA Distribution<sup>(1)</sup>** | **Walgreens Retail Portfolio MSA Distribution<sup>(1)</sup>** | **Walgreens Retail Portfolio MSA Distribution<sup>(1)</sup>** | **Walgreens Retail Portfolio MSA Distribution<sup>(1)</sup>** | **Walgreens Retail Portfolio MSA Distribution<sup>(1)</sup>** | **Walgreens Retail Portfolio MSA Distribution<sup>(1)</sup>** |
| **MSA** | **# of Properties** | **NRA** | **% of Total NRA** | **UW NOI** | **% of Total UW NOI** | **Rent PSF** | **2024 Sales** | **Sales PSF** | **Occupancy Cost** |
| Puerto Rico | 10 | 172787 | 6.0% | $4892974 | 7.6% | $28.32 | $95526637 | $553 | 5.1% |
| Chicago-Naperville-Elgin, IL-IN-WI | 8 | 115647 | 4.0% | $2697258 | 4.2% | $23.32 | $97042041 | $839 | 2.8% |
| Los Angeles-Long Beach-Anaheim, CA | 6 | 76504 | 2.6% | $2679302 | 4.1% | $35.02 | $57775298 | $755 | 4.6% |
| Tampa-St. Petersburg-Clearwater, FL | 6 | 88909 | 3.1% | $2147925 | 3.3% | $24.16 | $54325321 | $611 | 4.0% |
| St. Louis, MO-IL | 5 | 74539 | 2.6% | $1893304 | 2.9% | $25.40 | $58571628 | $786 | 3.2% |
| Philadelphia - PA | 4 | 57385 | 2.0% | $1220210 | 1.9% | $21.26 | $50017371 | $872 | 2.4% |
| Houston-The Woodlands-Sugar Land, TX | 4 | 60880 | 2.1% | $1183980 | 1.8% | $19.45 | $40519098 | $666 | 2.9% |
| Pittsburgh - PA | 4 | 58271 | 2.0% | $1172830 | 1.8% | $20.13 | $28134066 | $483 | 4.2% |
| Boston-Cambridge-Newton, MA-NH | 2 | 30995 | 1.1% | $1132875 | 1.7% | $36.55 | $13403103 | $432 | 8.5% |
| Orlando-Kissimmee-Sanford, FL | 3 | 44130 | 1.5% | $1058790 | 1.6% | $23.99 | $20346504 | $461 | 5.2% |
|  *Other Metros* | 135 | 1857985 | 64.3% | $40078721 | 61.9% | $21.57 | $1310968155 | $706 | 3.1% |
|  *Non-Metropolitan* | 20 | 253041 | 8.8% | $4597271 | 7.1% | $18.17 | $162904718 | $644 | 2.8% |
| **Total/Wtd. Avg.** | **207** | **2891073** | **100.0%** | **$64755440** | **100.0%** | **$22.40** | **$1989533940** | **$688** | **3.3%** |

---

(1) Information is based on the underwritten rent roll and Master Lease dated August 28, 2025, as applicable.

 ****

***Appraisals.*** The appraisals concluded to an aggregate "as-is" appraised value for the Walgreens Retail Portfolio Properties of $985,540,000 from March 1, 2025 to July 3, 2025.

***Environmental Matters.*** According to the Phase I environmental reports dated June 13, 2025 through July 16, 2025, there was no evidence of any recognized environmental conditions at the Walgreens Retail Portfolio Properties.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** |
|  | &nbsp;&nbsp;**UW** | &nbsp;&nbsp;**UW PSF** |
| &nbsp;&nbsp;Base Rent<sup>(2)</sup> | &nbsp;&nbsp;$64755440 | &nbsp;&nbsp;$22.40 |
| &nbsp;&nbsp;Vacant Income | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0.00 |
| &nbsp;&nbsp;**Gross Potential Rent** | &nbsp;&nbsp;**$64755440** | &nbsp;&nbsp;**$22.40** |
| &nbsp;&nbsp;Total Reimbursements | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0.00 |
| &nbsp;&nbsp;**Net Rental Income** | &nbsp;&nbsp;**$64755440** | &nbsp;&nbsp;**$22.40** |
| &nbsp;&nbsp;Less Vacancy & Credit Loss | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0.00 |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$64755440** | &nbsp;&nbsp;**$22.40** |
| &nbsp;&nbsp;**Total Expenses** | &nbsp;&nbsp;**$0** | &nbsp;&nbsp;**$0.00** |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$64755440** | &nbsp;&nbsp;**$22.40** |
| &nbsp;&nbsp;CapEx | &nbsp;&nbsp;$433661 | &nbsp;&nbsp;$0.15 |
| &nbsp;&nbsp;TI/LC | &nbsp;&nbsp; $2891073 | &nbsp;&nbsp; $1.00 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$61430706** | &nbsp;&nbsp;**$21.25** |
| &nbsp;&nbsp;**Occupancy %** | &nbsp;&nbsp;**100.0%** |  |
| &nbsp;&nbsp;**NOI DSCR<sup>(3)</sup>** | &nbsp;&nbsp;**3.52x** |  |
| &nbsp;&nbsp;**NCF DSCR<sup>(3)</sup>** | &nbsp;&nbsp;**3.34x** |  |
| &nbsp;&nbsp;**NOI Debt Yield<sup>(3)</sup>** | &nbsp;&nbsp;**20.8%** |  |
| &nbsp;&nbsp;**NCF Debt Yield<sup>(3)</sup>** | &nbsp;&nbsp;**19.7%** |  |

---

(1) Historical financial information is not shown as the Walgreens Retail Portfolio Properties
are leased to a single tenant on a triple-net basis.

(2) Base Rent is based on the Master Lease dated August 28, 2025.

(3) Based on the Walgreens Retail Portfolio Senior 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. |
| 75 |

---

 ****

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Single Tenant | &nbsp;&nbsp;Loan #7 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$50000000 |
| &nbsp;&nbsp;Various, Various | &nbsp;&nbsp;**Walgreens Retail Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;31.6% |
|  |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;3.34x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;20.8% |

---

***Escrows and Reserves.***

*Real Estate Taxes* – The Walgreens Retail Portfolio Whole Loan documents require an ongoing monthly real estate tax reserve in an amount equal to 1/12th of the real estate taxes that the lender estimates will be payable during the next 12 months; *provided*, such monthly deposits will be waived so long as (a) no Cash Management Trigger Event (as defined below) has occurred and is continuing or (b) during the continuance of a Cash Management Trigger Event (i) no event of default has occurred and is continuing, (ii) the master lease is in full force and effect and no monetary or non-monetary defaults have occurred and are continuing, and continues to occupy all of the Walgreens Retail Portfolio Properties and (iii) the tenant under the master lease continues to make the payments and perform the obligations required under its lease, in each case, relating to the obligations and liabilities for which the applicable reserve account was established and provides the lender with a quarterly certification in connection with the same (it being understood that the lenders will have the right to request evidence of the payment and performance of such obligations under the master lease at any time during an event of default (collectively, the "Reserve Waiver Conditions").

*Insurance –* The Walgreens Retail Portfolio Whole Loan documents require an ongoing monthly insurance reserve in an amount equal to 1/12th of the insurance premiums that the lender estimates will be payable for the renewal of the coverage afforded by the policies upon the expiration thereof; *provided*, deposits to the monthly insurance reserves on account of insurance premiums will be waived to the extent that the insurance requirements under the Walgreens Retail Portfolio Whole Loan documents are satisfied pursuant to a blanket policy, such blanket policy is maintained in full force and effect, the insurance premiums for such blanket policy are not paid in installments or financed, and evidence of such blanket policy is provided to the lender in a timely manner. Notwithstanding the foregoing, the monthly escrow insurance premiums will be waived for so long as (a) no Cash Management Trigger Event has occurred and is continuing or (b) during the continuance of a Cash Management Trigger Event, the Reserve Waiver Conditions with respect to insurance reserves are satisfied.

*Immediate Repairs* – The Walgreens Retail Portfolio Whole Loan documents require an upfront deposit of $88,464 with respect to immediate required repairs.

*Replacement Reserve* – The Walgreens Retail Portfolio Whole Loan documents require an ongoing monthly replacement reserve deposit of approximately $139,735, to be deposited into a replacement reserve account. Notwithstanding the foregoing, the monthly escrow replacement reserves will be waived for so long as (a) no Cash Management Trigger Event has occurred and is continuing or (b) during the continuance of a Cash Management Trigger Event, the Reserve Waiver Conditions with respect to replacement reserves are satisfied.

*Low Debt Yield/DSCR Cure Funds* – If the borrower deposits in cash with the lender one or more of a Low Debt Yield Cure Deposit (as defined below) or Low DSCR Cure Deposit (as defined below) to avoid the occurrence of a Cash Management Debt Yield Trigger Event (as defined below) and/or a Cash Management DSCR Trigger Event (as defined below), the lender will transfer such amounts into the Low Debt Yield/DSCR Cure Funds account. The lender will hold such Low Debt Yield/DSCR Cure Deposit(s) as additional collateral for the Walgreens Retail Portfolio Whole Loan. At any time during the term of the Walgreens Retail Portfolio Whole Loan that Low Debt Yield/DSCR Cure Funds are on deposit in the Low Debt Yield/DSCR Cure Funds account, the lender will determine the DSCR or the pro forma debt yield, as applicable, on the last day of the 12th month following the making of such deposit, taking into account the Low Debt Yield/DSCR Cure Funds. If the lender determines that the Low Debt Yield/DSCR Cure Funds then on deposit in the Low Debt Yield/DSCR Cure Funds account, if applied to reduce the then outstanding principal balance, would be insufficient to cause either (i) the proforma debt yield to be at least 10.75% or (ii) the DSCR to be at least 1.40x, as applicable, in each case, for a period of 12 months, then the borrower may, in order to continue to avoid the occurrence of a Cash Management Debt Yield Trigger Event and/or Cash Management DSCR Trigger Event, within five business days of the lender's notice to the borrower of such deficiency, deposit with the lender such additional funds such that, when added to the funds on deposit in the Low Debt Yield/DSCR Cure Funds account, would be sufficient, if applied to reduce then outstanding principal balance, to result in either (a) a proforma debt yield of at least 10.75% or (b) a DSCR of at least 1.40x.

*Interest and Carry Funds* – The Walgreens Retail Portfolio Whole Loan documents require an ongoing reserve deposit of $2,000,000 to fund interest and carry costs for each month, subject to a cap of $24,000,000, and will be held as additional security for the Walgreens Retail Portfolio Whole Loan during the Walgreens Retail Portfolio Whole Loan term.

***Lockbox and Cash Management.*** The Walgreens Retail Portfolio Whole Loan is structured with a hard lockbox and springing cash management upon the occurrence and continuance of a Cash Management Trigger Event. Rents from the Walgreens Retail Portfolio Property are required to be deposited directly into the lockbox account or, if received by the borrower or the property manager, deposited within one business day of receipt. During the continuance of a Cash Management Trigger Event, all funds in the lockbox account are required to be swept each business day to a lender-controlled cash management account and disbursed in accordance with the Walgreens Retail Portfolio Whole Loan documents, and all excess funds on deposit in the cash management account (after payment of required monthly reserve deposits, debt service payment on the Walgreens Retail Portfolio Whole Loan, operating expenses and cash management bank fees) will be applied as follows: (a) if a Master Tenant Trigger Event (as defined below) has occurred and is continuing, to a Master Tenant (as defined below) rollover reserve, (b) if a Material Tenant Trigger Event (as defined below) has occurred and is continuing, to a Material Tenant rollover reserve, (c) if no Master Tenant Trigger Event and/or Material Tenant Trigger Event has occurred and is continuing, to an excess cash account and (d) if no Cash Management Trigger Event is continuing, to an account designated by the borrower.

A "Cash Management Trigger Event" means a period commencing upon the occurrence of (i) an event of default under the Walgreens Retail Portfolio Whole Loan documents, (ii) any bankruptcy action involving any of the borrower or the guarantors, (iii) the trailing 12-month period DSCR falling below 1.40x (a "Cash Management DSCR Trigger Event") (tested at the end of each fiscal quarter), (iv) the pro forma debt yield falling below 10.75% (a "Cash Management Debt Yield Trigger Event") (tested at the end of each fiscal quarter), (v) a Material Tenant Trigger Event or (vi) a Master Tenant Trigger Event, and expiring upon (a) with respect to clause (i) above, the cure of such event of default, (b) with respect to clause (ii) above, the filing being discharged, stayed or dismissed within 45 days, and the lender's determination that such filing does not materially affect the borrower's or the guarantors' monetary obligations, (c) with respect to clause (iii) above, the trailing 12-month DSCR being at least 1.40x for two consecutive fiscal quarters or the borrower has deposited with the lender a letter of credit or cash in an amount (such amount, the "Low DSCR Cure Deposit") that, if applied to reduce the then outstanding principal balance, would result in a DSCR that is equal to or greater than 1.40x, (d) with respect to clause (iv) above, the pro forma debt yield being at least 10.75% for two consecutive quarters or the borrower has deposited with the lender a letter of credit or cash in an amount (such amount, the "Low Debt Yield Cure Deposit") that, if applied to reduce the then outstanding principal balance, would result in a pro forma debt yield that is equal to or greater than 10.75%, (e) with respect to clause (v) above, the cure of such Material Tenant Trigger Event or (f) with respect to clause (vi) above, the cure of such Master Tenant Trigger Event.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES 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;Retail – Single Tenant | &nbsp;&nbsp;Loan #7 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$50000000 |
| &nbsp;&nbsp;Various, Various | &nbsp;&nbsp;**Walgreens Retail Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;31.6% |
|  |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;3.34x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;20.8% |

---

A "Master Tenant" means individually and/or collectively, as the context may require, jointly and severally, U.S. Retail, Walgreen of Hawaii, LLC, Bond Drug Company of Illinois, LLC, Walgreen Louisiana Co, Inc., Walgreen of Puerto Rico, Inc., Walgreen Arizona Drug Co., Walgreens Store No. 7839, LLC and Walgreen Eastern Co Inc., together with their respective successors and permitted assigns under the Master Lease.

A "Master Tenant Trigger Event" means a period commencing upon the occurrence of (i) an event of default under a Master Tenant lease occurring and continuing beyond any applicable notice and/or cure period, (ii) the Master Tenant "going dark", vacating or ceasing to conduct business in the ordinary course with respect to 10% or more of its space; *provided*, however, this clause (ii) will not include such portion of the Walgreens Retail Portfolio Properties that (A) is currently the subject of a casualty, (B) is leased, licensed and/or subleased pursuant to agreements previously approved in writing by the lender or which are otherwise permitted under the Walgreens Retail Portfolio Whole Loan documents, (C) is currently subject to a temporary cessation of normal business operations due to an alteration of the improvements at the Walgreens Retail Portfolio Properties or (D) is currently subject to a temporary cessation of normal business operations due to force majeure delays, (iii) the Master Tenant announces or discloses publicly, its intention to relocate or vacate 10% or more of its Master Tenant space, (iv) 10% or more of the Master Tenant's space is marketed for sublease by or on behalf of the Master Tenant, (v) commencing with the fiscal quarter ending February 28, 2026, the fixed charge coverage ratio of a parent entity of the Master Tenant (the "USR ABL Borrower") is less than 1.0x for any fiscal quarter or (vi) an event of default under that certain loan (the "USR ABL Loan") made to the USR ABL Borrower pursuant to that certain USR ABL credit agreement dated as of August 28, 2025 by and between certain parent entities of the Master Tenant and WFB ("USR ABL Administrative Agent") pursuant to the USR ABL Loan documents and expiring upon (a) with respect to clause (i) above, a cure of the applicable event of default, (b) with respect to clause (ii) above, the applicable the Master Tenant re-commences its operations at its space or a portion thereof, such that it is no longer "dark", and has not vacated or ceased to operate business at the Walgreens Retail Portfolio Properties or a portion thereof, or a partial release of the applicable Walgreens Retail Portfolio Properties occurs in accordance of the Walgreens Retail Portfolio Whole Loan documents, (c) with respect to clause (iii) above, the retraction by the Master Tenant of all announcements or disclosures of its intention to relocate or vacate any portion of its Master Tenant space or a partial release of the applicable Walgreens Retail Portfolio Properties occurs in accordance of the Walgreens Retail Portfolio Whole Loan documents, (d) with respect to clause (iv) above, the cessation of marketing efforts with respect to its Master Tenant space or a partial release of the applicable Walgreens Retail Portfolio Properties occurs in accordance of the Walgreens Retail Portfolio Whole Loan documents, (e) with respect to clause (v) above, fixed charge coverage ratio of the USR ABL Borrower is at least 1.0x for two consecutive fiscal quarters and (f) with respect to clause (vi) above, a cure of the event of default under the USR ABL Loan that is accepted or waived by USR ABL Administrative Agent.

A "Material Tenant" means any sublease that, together with its affiliates, either (a) leases no less than 20% of the total NRA of the Walgreens Retail Portfolio Properties, (b) accounts for (or would account for) no less than 20% of the total in-place base rent at the Walgreens Retail Portfolio Properties and/or (c) covers forty or more Walgreens Retail Portfolio Properties.

A "Material Tenant Trigger Event" means a period commencing upon the occurrence of (i) an event of default under a Material Tenant lease occurring and continuing beyond any applicable notice and/or cure period, (ii) a bankruptcy action of a Material Tenant or a lease guarantor of any Material Tenant lease occurring, (iii) except as permitted under the Walgreens Retail Portfolio Whole Loan documents, a Material Tenant lease being terminated in whole or in part or is no longer in full force and effect, (iv) a Material Tenant "going dark", vacating, ceasing to occupy or ceasing to conduct business in the ordinary course at all or substantially all of its space; *provided*, however, this clause (iv) will not include such portion of the Walgreens Retail Portfolio Property that (A) is currently the subject of a casualty, (B) is currently subject to a temporary cessation of normal business operations due to an alteration of the improvements at the Walgreens Retail Portfolio Properties or (C) is currently subject to a temporary cessation of normal business operations due to force majeure delays, (v) a Material Tenant announces or discloses publicly, its intention to relocate or vacate all or substantially all of its Material Tenant space or (vi) all or substantially all of a Material Tenant's space is marketed for sublease or subleased by or on behalf of a Material Tenant and expiring upon (a) with respect to clause (iii), (iv), (v) or (vi) above, the date that (1) the applicable Material Tenant lease is extended on terms satisfying the requirements of the Walgreens Retail Portfolio Whole Loan documents or (2) all or substantially all of the applicable Material Tenant space is leased to a replacement tenant, (b) with respect to clause (i) above, a cure of the applicable event of default, (c) with respect to clause (ii) above, the affirmation of the Material Tenant lease in the applicable bankruptcy proceeding and confirmation that the Material Tenant is actually paying all rents and other amounts under its lease (or, if applicable, the discharge or dismissal of the applicable Material Tenant lease guarantor from the applicable bankruptcy proceeding; provided that such bankruptcy (after dismissal or discharge) does not have an adverse effect on such Material Tenant lease guarantor's ability to perform its obligations under its lease guaranty), (d) with respect to clause (iv) above and if the conditions in clause (i) above are not satisfied, the applicable Material Tenant re-commences its operations at its space or a portion thereof, such that it is no longer "dark", and has not vacated or ceased to operate business at the Walgreens Retail Portfolio Properties or a portion thereof, (e) with respect to clause (v) above and if the conditions in clause (i) above are not satisfied, the retraction by the Material Tenant of all announcements or disclosures of its intention to relocate or vacate any portion of its Material Tenant space and (f) with respect to clause (vi) above and if the conditions in clause (i) above are not satisfied, the cessation of marketing efforts with respect to its Material Tenant space; provided that for each of the foregoing cures will be subject to the following conditions: (1) after giving effect to such cure, no Material Tenant Trigger Event will exist with respect to any Material Tenant, any Material Tenant lease or any lease guarantor with respect to any Material Tenant lease and (2) the borrower will have paid all of the lender's costs incurred in connection with such cure (including reasonable attorneys' fees).

***Subordinate Debt.*** The Walgreens Retail Portfolio Properties also secure the Walgreens Retail Portfolio Subordinate Companion Loan, which has an aggregate Cut-off Date principal balance of $178,500,000. The Walgreens Retail Portfolio Subordinate Companion Loan is coterminous with the Walgreens Retail Portfolio Whole Loan and accrues interest at a fixed rate *per annum* equal to 9.44566170868347%. The Walgreens Retail Portfolio Senior Loan is senior in right of payment to the Walgreens Retail Portfolio Subordinate Companion Loan. The holders of the promissory notes evidencing the Walgreens Retail Portfolio Whole Loan have entered into a co-lender agreement which sets forth the allocation of collections on the Walgreens Retail Portfolio Whole Loan. See "*Description of the Mortgage Pool—The Whole Loans—The Non-Serviced AB Whole Loan—The Walgreens Retail Portfolio AB Whole Loan*" in the prospectus.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subordinate Note Summary** | **Subordinate Note Summary** | **Subordinate Note Summary** | **Subordinate Note Summary** | **Subordinate Note Summary** | **Subordinate Note Summary** | **Subordinate Note Summary** | **Subordinate Note Summary** | **Subordinate Note Summary** | **Subordinate Note Summary** |
|  | **B-Note Original Principal Balance** | **B-Note Interest Rate** | **Original Term (mos.)** | **Original Amort. Term (mos.)** | **Original IO Term (mos.)** | **Whole Loan UW NCF DSCR** | **Whole Loan UW NOI DY** | **Whole Loan Cutoff Date LTV** | **Whole Loan Maturity Date LTV** |
| Walgreens Retail Portfolio Subordinate Companion Loan | $178500000 | 9.44566170868347% | 60 | 0 | 60 | 1.73x | 13.2% | 49.7% | 49.7% |

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 ****

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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. |
| 77 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Single Tenant | &nbsp;&nbsp;Loan #7 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$50000000 |
| &nbsp;&nbsp;Various, Various | &nbsp;&nbsp;**Walgreens Retail Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;31.6% |
|  |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;3.34x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;20.8% |

---

***Partial Release.*** The borrower may obtain a release of a Walgreens Retail Portfolio Property upon a bona fide sale to an affiliate or third party or, if requested by the borrower, an assignment of the lien to a new lender, subject to (i) timely advance notice (at least 10 business and not more than 90 days) of such sale, (ii) no event of default exists both immediately before and after such release, (iii) prepayment of the applicable release amount, which with respect to such Walgreens Retail Portfolio Property is the greater of (x) 100% of the net sale proceeds and (y) 125% of the allocated loan amount (including any yield maintenance premium if before the open prepayment date), (iv) delivery of jurisdiction-appropriate release/assignment documents at least five business days prior to the date or release, (v) a deed conveying the release property, (vi) preservation of SPE status after such release, (vii) a master lease amendment deleting the release property and reducing rent only by the allocated base rent, (viii) payment of the lender's reasonable, out-of-pocket costs and fees, (ix) delivery of the final settlement statement and (x) if requested by the lender and post-release loan-to-value ratio would exceed 125%, a satisfactory REMIC opinion. Post-release, the pro forma debt yield on the remaining collateral must be equal to or greater than the partial release debt yield requirement (i.e. the greater of 13.1% and the prior pro forma level), with an option for the borrower to prepay additional principal (with any interest shortfall and yield maintenance, if applicable) to satisfy that test.

***Terrorism Insurance*.** The Walgreens Retail Portfolio Whole Loan documents require that the "all risk" insurance policy required to be maintained by the borrower provides coverage for terrorism in an amount equal to the full replacement cost of the Walgreens Retail Portfolio Properties, as well as business interruption insurance covering the 24-month period following the occurrence of a casualty event, together with a 12-month extended period of indemnity. See "*Risk Factors—Risks Relating to the Mortgage Loans—Terrorism Insurance May Not Be Available for All Mortgaged Properties*" in the prospectus.

---

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

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Mid Rise | &nbsp;&nbsp;Loan #8 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$46150000 |
| &nbsp;&nbsp;Various | &nbsp;&nbsp;**South Brooklyn Multifamily Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;72.8% |
| &nbsp;&nbsp;Brooklyn, NY Various |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.39x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.9% |

---

![](n5438prets_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. |
| 79 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Mid Rise | &nbsp;&nbsp;Loan #8 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$46150000 |
| &nbsp;&nbsp;Various | &nbsp;&nbsp;**South Brooklyn Multifamily Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;72.8% |
| &nbsp;&nbsp;Brooklyn, NY Various |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.39x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.9% |

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![](n5438prets_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. |
| 80 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Mid Rise | &nbsp;&nbsp;Loan #8 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$46150000 |
| &nbsp;&nbsp;Various | &nbsp;&nbsp;**South Brooklyn Multifamily Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;72.8% |
| &nbsp;&nbsp;Brooklyn, NY Various |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.39x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.9% |

---

![](n5438prets_img028.jpg)

---

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

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**Mortgage Loan No. 8 – South Brooklyn Multifamily Portfolio**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Mortgage Loan Seller:** | &nbsp;&nbsp;**Mortgage Loan Seller:** | &nbsp;&nbsp;ZBNA | &nbsp;&nbsp;ZBNA | &nbsp;&nbsp;ZBNA | &nbsp;&nbsp;**Single Asset/Portfolio:** | &nbsp;&nbsp;Portfolio |
| &nbsp;&nbsp;**Credit Assessment (Fitch/S&P/MDBRS):** | &nbsp;&nbsp;**Credit Assessment (Fitch/S&P/MDBRS):** | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;Brooklyn, NY Various |
| &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;$46150000 | &nbsp;&nbsp;$46150000 | &nbsp;&nbsp;$46150000 | &nbsp;&nbsp;**General Property Type:** | &nbsp;&nbsp;Multifamily |
| &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$46150000 | &nbsp;&nbsp;$46150000 | &nbsp;&nbsp;$46150000 | &nbsp;&nbsp;**Detailed Property Type:** | &nbsp;&nbsp;Mid Rise |
| &nbsp;&nbsp;**% of Initial Pool Balance:** | &nbsp;&nbsp;**% of Initial Pool Balance:** | &nbsp;&nbsp;6.0% | &nbsp;&nbsp;6.0% | &nbsp;&nbsp;6.0% | &nbsp;&nbsp;**Title Vesting:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Refinance/Acquisition | &nbsp;&nbsp;Refinance/Acquisition | &nbsp;&nbsp;Refinance/Acquisition | &nbsp;&nbsp;**Year Built/Renovated:** | &nbsp;&nbsp;Various/2025 |
| &nbsp;&nbsp;**Borrower Sponsor:** | &nbsp;&nbsp;**Borrower Sponsor:** | &nbsp;&nbsp;Angelo Parlanti | &nbsp;&nbsp;Angelo Parlanti | &nbsp;&nbsp;Angelo Parlanti | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;384 Units |
| &nbsp;&nbsp;**Guarantor:** | &nbsp;&nbsp;**Guarantor:** | &nbsp;&nbsp;Angelo Parlanti | &nbsp;&nbsp;Angelo Parlanti | &nbsp;&nbsp;Angelo Parlanti | &nbsp;&nbsp;**Cut-off Date Balance per Unit:** | &nbsp;&nbsp;$120182 |
| &nbsp;&nbsp;**Mortgage Rate:** | &nbsp;&nbsp;**Mortgage Rate:** | &nbsp;&nbsp;6.1750% | &nbsp;&nbsp;6.1750% | &nbsp;&nbsp;6.1750% | &nbsp;&nbsp;**Maturity Date Balance per Unit:** | &nbsp;&nbsp;$120182 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;10/29/2025 | &nbsp;&nbsp;10/29/2025 | &nbsp;&nbsp;10/29/2025 | &nbsp;&nbsp;**Property Manager:** | &nbsp;&nbsp;Self-Managed |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;11/6/2030 | &nbsp;&nbsp;11/6/2030 | &nbsp;&nbsp;11/6/2030 | &nbsp;&nbsp;**Underwriting and Financial Information** | &nbsp;&nbsp;**Underwriting and Financial Information** |
| &nbsp;&nbsp;**Term to Maturity:** | &nbsp;&nbsp;**Term to Maturity:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;60 months | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**UW NOI<sup>(2)</sup>:** | &nbsp;&nbsp;$4122959 |
| &nbsp;&nbsp;**Amortization Term:** | &nbsp;&nbsp;**Amortization Term:** | &nbsp;&nbsp;0 months | &nbsp;&nbsp;0 months | &nbsp;&nbsp;0 months | &nbsp;&nbsp;**UW NCF:** | &nbsp;&nbsp;$4026959 |
| &nbsp;&nbsp;**IO Period:** | &nbsp;&nbsp;**IO Period:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;60 months | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.9% |
| &nbsp;&nbsp;**Seasoning:** | &nbsp;&nbsp;**Seasoning:** | &nbsp;&nbsp;1 month | &nbsp;&nbsp;1 month | &nbsp;&nbsp;1 month | &nbsp;&nbsp;**UW NCF Debt Yield:** | &nbsp;&nbsp;8.7% |
| &nbsp;&nbsp;**Prepayment Provisions:** | &nbsp;&nbsp;**Prepayment Provisions:** | &nbsp;&nbsp;L(25),YM1(29),O(6) | &nbsp;&nbsp;L(25),YM1(29),O(6) | &nbsp;&nbsp;L(25),YM1(29),O(6) | &nbsp;&nbsp;**UW NOI Debt Yield at Maturity:** | &nbsp;&nbsp;8.9% |
| &nbsp;&nbsp;**Lockbox/Cash Mgmt Status:** | &nbsp;&nbsp;**Lockbox/Cash Mgmt Status:** | &nbsp;&nbsp;Springing/Springing | &nbsp;&nbsp;Springing/Springing | &nbsp;&nbsp;Springing/Springing | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.39x |
| &nbsp;&nbsp;**Additional Debt Type:** | &nbsp;&nbsp;**Additional Debt Type:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Most Recent NOI<sup>(2)</sup>:** | &nbsp;&nbsp;$2,092,811 (Various Ann.) |
| &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**2nd Most Recent NOI<sup>(2)</sup>:** | &nbsp;&nbsp;$2,027,333 (Various) |
| &nbsp;&nbsp;**Future Debt Permitted (Type):** | &nbsp;&nbsp;**Future Debt Permitted (Type):** | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;**3rd Most Recent NOI<sup>(2)</sup>:** | &nbsp;&nbsp;$2,054,199 (Various) |
|  |  |  |  |  | &nbsp;&nbsp;**Most Recent Occupancy<sup>(3)</sup>:** | &nbsp;&nbsp;98.2% (10/22/2025) |
| &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**2nd Most Recent Occupancy<sup>(2)</sup>:** | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;**<u>Type</u>** | &nbsp;&nbsp;**<u>Initial</u>** | &nbsp;&nbsp;**<u>Initial</u>** | &nbsp;&nbsp;**<u>Monthly</u>** | &nbsp;&nbsp;**<u>Cap</u>** | &nbsp;&nbsp;**3rd Most Recent Occupancy<sup>(2)</sup>:** | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;**RE Taxes:** | &nbsp;&nbsp;$857374 | &nbsp;&nbsp;$857374 | &nbsp;&nbsp;$126565 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value (as of)<sup>(4)</sup>:** | &nbsp;&nbsp;$63,400,000 (9/30/2025) |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$30000 | &nbsp;&nbsp;$30000 | &nbsp;&nbsp;$15000 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value per Unit<sup>(4)</sup>:** | &nbsp;&nbsp;$165104 |
| &nbsp;&nbsp;**Replacement Reserve:** | &nbsp;&nbsp;$8000 | &nbsp;&nbsp;$8000 | &nbsp;&nbsp;$8000 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Cut-off Date LTV Ratio<sup>(2)(4)</sup>:** | &nbsp;&nbsp;72.8% |
|  |  |  |  |  | &nbsp;&nbsp;**Maturity Date LTV Ratio<sup>(2)(4)</sup>:** | &nbsp;&nbsp;72.8% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Sources and Uses** | **Sources and Uses** | **Sources and Uses** | **Sources and Uses** | **Sources and Uses** | **Sources and Uses** |
| **Sources** | **Proceeds** | **% of Total** | **Uses** | **Proceeds** | **% of Total** |
| &nbsp;&nbsp;Mortgage Loan Amount: | &nbsp;&nbsp;$46150000 | &nbsp;&nbsp;97.1% | &nbsp;&nbsp;Loan Payoff (3 Properties): | &nbsp;&nbsp;$25371268 | &nbsp;&nbsp;53.4% |
| &nbsp;&nbsp;Borrower Sponsor Equity: | &nbsp;&nbsp;$1181712 | &nbsp;&nbsp;2.5% | &nbsp;&nbsp;Purchase Price (2 Properties): | &nbsp;&nbsp;$20000000 | &nbsp;&nbsp;42.1% |
| &nbsp;&nbsp;Seller Credits: | &nbsp;&nbsp;$212964 | &nbsp;&nbsp;0.4% | &nbsp;&nbsp;Closing Costs<sup>(5)</sup>: | &nbsp;&nbsp;$1278034 | &nbsp;&nbsp;2.7% |
|  |  |  | &nbsp;&nbsp;Upfront Reserves: | &nbsp;&nbsp;$895374 | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;**Total Sources:** | &nbsp;&nbsp;**$47544676** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses:** | &nbsp;&nbsp;**$47544676** | &nbsp;&nbsp;**100.0%** |

---

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

(2) Historical Net Operating Income ("NOI") and occupancy data are not representative of the entire
portfolio, as such information is unavailable for the 2911 Brighton 5th Street Property (as defined below) and the 230 73rd Street Property
(as defined below), both of which were recently acquired as part of the South Brooklyn Multifamily Portfolio Mortgage Loan (as defined
below). The increase in the historical NOI periods to the UW NOI is primarily driven by the inclusion of the two acquisition properties,
which were not reflected in any of the historical operating periods.

(3) Occupancy includes five superintendent occupied units that currently provide no rent.

(4) The appraised value represents the "As-Portfolio" Appraised Value for the South Brooklyn Multifamily
Portfolio Properties (as defined below) of $63,400,000 as of September 30, 2025, for which the appraisal gave a monetary benefit for the
aggregation of the five South Brooklyn Multifamily Portfolio Properties (as defined below). Without such portfolio benefit, the sum of
each of the South Brooklyn Multifamily Portfolio Properties appraised values is $60,900,000 as of September 24, 2025 through September
30, 2025. The Cut-off Date LTV Ratio and Maturity Date LTV Ratio based on the "as-is" value (without such as portfolio monetary
benefit) are 75.8% and 75.8%, respectively. Notably, no individual South Brooklyn Multifamily Portfolio Property (as defined below) is
permitted to be released pursuant to the South Brooklyn Multifamily Portfolio Mortgage Loan documents.

(5) Closing Costs include an interest rate buydown of approximately $57,688.

***The Mortgage Loan.*** The eighth largest mortgage loan (the "South Brooklyn Multifamily Portfolio Mortgage Loan") is evidenced by a promissory note in the original principal amount of $46,150,000 and secured by a first-priority fee mortgage encumbering five, mid-rise style multifamily properties totaling 384 units located throughout Brooklyn, New York (individually, each a "South Brooklyn Multifamily Portfolio Property" and collectively the "South Brooklyn Multifamily Portfolio Properties"). The South Brooklyn Multifamily Portfolio Mortgage Loan has a five-year interest-only term and accrues interest at a fixed rate of 6.1750% *per annum* on an Actual/360 basis.

***The Borrowers and the Borrower Sponsor*.** The borrowers for the South Brooklyn Multifamily Portfolio Mortgage Loan are 2911 Brighton 5 LLC, 230 73 LLC, 6309 Bay Parkway LLC, 9302 Ridge LLC and 1302 Newkirk LLC, each a single-purpose entity and New York limited liability company, with one independent director. Legal counsel to the borrowers delivered a non-consolidation opinion in connection with the origination of the South Brooklyn Multifamily Portfolio Mortgage Loan.

The borrower sponsor and non-recourse carve-out guarantor for the South Brooklyn Multifamily Portfolio Mortgage Loan is Angelo Parlanti. Mr. Parlanti has been actively acquiring multifamily properties since the early 2010s and is a locally focused owner-operator, currently managing a portfolio of over 500 apartment units across Brooklyn, New York. The South Brooklyn Multifamily Portfolio Mortgage Loan is fully recourse to the borrowers and borrower sponsor up to $4,230,000.

 ****

---

| |
|:---|
| 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. |
| 82 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Mid Rise | &nbsp;&nbsp;Loan #8 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$46150000 |
| &nbsp;&nbsp;Various | &nbsp;&nbsp;**South Brooklyn Multifamily Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;72.8% |
| &nbsp;&nbsp;Brooklyn, NY Various |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.39x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.9% |

---

***The Properties.*** The South Brooklyn Multifamily Portfolio Properties comprise five Class B, fully rent stabilized multifamily properties located within approximately 8 miles of one another in Brooklyn, New York. The South Brooklyn Multifamily Portfolio Properties encompass a 106-unit (the "2911 Brighton 5th Street Property"), a 59-unit (the "230 73rd Street Property"), an 82-unit (the "6309 Bay Parkway Property"), a 47-unit (the "9302 Ridge Boulevard Property"), and a 90-unit (the "1302 Newkirk Avenue Property") multifamily building.

The 2911 Brighton 5th Street Property is located within a ten-minute walk to Brighton Beach and the Brighton Beach subway station (B, Q lines). The 230 73rd Street Property is within walking distance to Owl's Head Park (eleven-minute walk) and the 9302 Ridge Boulevard Property is within walking distance to the Bay Ridge–95th Street subway station (R line), a seven-minute walk. The 6309 Bay Parkway Property is located within 0.5 miles from Seth Low Playground and the 1302 Newkirk Avenue Property is located within 0.2 miles from Newkirk Plaza, with access to the B and Q subway lines.

The borrower sponsor acquired two of the three South Brooklyn Multifamily Portfolio Properties being refinanced (the 9302 Ridge Boulevard Property and the 1302 Newkirk Avenue Property) in September 2011 and January 2016, respectively for approximately $32.7 million in total. The borrower sponsor inherited the 6309 Bay Parkway Property, which is being refinanced, in 2010 from his father with an original estimated purchase price of approximately $5.9 million. The two acquisition properties (the 2911 Brighton 5th Street Property and the 230 73rd Street Property) went under contract by the borrower sponsor in June of 2025 for a total price of $20,000,000. As of October 22, 2025, the 384 residential unit South Brooklyn Multifamily Portfolio Properties reflected a 98.2% physical occupancy rate, in the aggregate.

Over the past 12 months the borrower sponsor has invested approximately $1,500,000 in capital improvement projects for the three properties being refinanced and approximately $250,000 in preemptive capital improvement projects for the two properties being acquired, including, but not limited to, the roofs, exterior work, apartment renovations and landscaping.

The following table presents a portfolio summary of the South Brooklyn Multifamily Portfolio Properties:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Portfolio Summary (1)** | &nbsp;&nbsp; **Portfolio Summary (1)** | &nbsp;&nbsp; **Portfolio Summary (1)** | &nbsp;&nbsp; **Portfolio Summary (1)** | &nbsp;&nbsp; **Portfolio Summary (1)** | &nbsp;&nbsp; **Portfolio Summary (1)** | &nbsp;&nbsp; **Portfolio Summary (1)** | &nbsp;&nbsp; **Portfolio Summary (1)** |
| &nbsp;&nbsp; <br>**Property** **Name** | &nbsp;&nbsp; <br>**Year Built/ Renovated** | &nbsp;&nbsp; <br>**Number of Units <sup>(2)</sup>** | &nbsp;&nbsp;**Occ. %<sup>(2)</sup>** | &nbsp;&nbsp;**Allocated Amount ("ALA")** | &nbsp;&nbsp; <br> **Appraised Value<sup>(3)</sup>** | &nbsp;&nbsp; <br>**Underwritten** **Net Cash Flow** | &nbsp;&nbsp; **Monthly Average**<br> **In-** **Place**<br> **Rent per Unit (4)** |
| &nbsp;&nbsp;2911 Brighton 5th Street Property | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1963/2025 | &nbsp;&nbsp;106 | &nbsp;&nbsp;98.1% | &nbsp;&nbsp;$11594335 | &nbsp;&nbsp;$15300000 | &nbsp;&nbsp;$1068719 | &nbsp;&nbsp;$1578 |
| &nbsp;&nbsp;1302 Newkirk Avenue Property | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1931/2025 | &nbsp;&nbsp;90 | &nbsp;&nbsp;98.9% | &nbsp;&nbsp;$10988095 | &nbsp;&nbsp;$14500000 | &nbsp;&nbsp;$958749 | &nbsp;&nbsp;$1621 |
| &nbsp;&nbsp;6309 Bay Parkway Property | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1927/2025 | &nbsp;&nbsp;82 | &nbsp;&nbsp;98.8% | &nbsp;&nbsp;$10609195 | &nbsp;&nbsp;$14000000 | &nbsp;&nbsp;$966153 | &nbsp;&nbsp;$1549 |
| &nbsp;&nbsp;230 73rd Street Property | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1963/2025 | &nbsp;&nbsp;59 | &nbsp;&nbsp;96.6% | &nbsp;&nbsp; $7047537 | &nbsp;&nbsp;$9300000 | &nbsp;&nbsp;$536387 | &nbsp;&nbsp;$1673 |
| &nbsp;&nbsp;9302 Ridge Boulevard Property | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1931/2025 | &nbsp;&nbsp;47 | &nbsp;&nbsp;97.8% | &nbsp;&nbsp; $5910837 | &nbsp;&nbsp;$7800000 | &nbsp;&nbsp;$496952 | &nbsp;&nbsp;$1761 |
| &nbsp;&nbsp;**Total/Wtd. Avg.** |  | &nbsp;&nbsp;**384** | &nbsp;&nbsp;**98.2%** | &nbsp;&nbsp;**$46150000** | &nbsp;&nbsp;**$63400000** | &nbsp;&nbsp;**$4026959** | &nbsp;&nbsp;**$1619** |

---

(1) Source: *Appraisal.* 

(2) Based on the underwritten rent roll dated October 22 , 2025.
Non-revenue superintendent units and one professional office unit are included in unit count and occupancy.

(3) The total represents the as portfolio value of $63,400,000
as of September 30, 2025, for which the appraisal gave a monetary benefit for the aggregation of the five South Brooklyn Multifamily Portfolio
Properties. Without such portfolio benefit, the sum of each of the South Brooklyn Multifamily Portfolio Properties appraised values is
$60,900,000 as of September 24, 2025 through September 30, 2025 .

(4) Monthly Average In-Place Rent per Unit is based on occupied units,
excluding the non-revenue superintendent occupied units.

The following table presents the available historical occupancy at four of the South Brooklyn Multifamily Portfolio Properties:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Historical Occupancy<sup>(1)</sup>** | &nbsp;&nbsp;**Historical Occupancy<sup>(1)</sup>** | &nbsp;&nbsp;**Historical Occupancy<sup>(1)</sup>** | &nbsp;&nbsp;**Historical Occupancy<sup>(1)</sup>** | &nbsp;&nbsp;**Historical Occupancy<sup>(1)</sup>** |
| &nbsp;&nbsp; **Property** **Name** | &nbsp;&nbsp;**2022** **<sup>(1)</sup>** | &nbsp;&nbsp;**2023** **<sup>(1)</sup>** | &nbsp;&nbsp;**2024<sup>(1)</sup>** | &nbsp;&nbsp;**Current<sup>(2)</sup>** |
| &nbsp;&nbsp;2911 Brighton 5th Street Property<sup>(3)</sup> | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;NAV | &nbsp;&nbsp;98.1% |
| &nbsp;&nbsp;1302 Newkirk Avenue Property | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;98.9% |
| &nbsp;&nbsp;6309 Bay Parkway Property | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;98.8% |
| &nbsp;&nbsp;230 73rd Street Property | &nbsp;&nbsp; 98.3% | &nbsp;&nbsp; 98.3% | &nbsp;&nbsp; 98.3% | &nbsp;&nbsp;96.6% |
| &nbsp;&nbsp;9302 Ridge Boulevard Property | &nbsp;&nbsp; 97.8% | &nbsp;&nbsp;97.8% | &nbsp;&nbsp; 97.8% | &nbsp;&nbsp;97.8% |

---

(1) Source: *Third Party Market Research Provider.* Occupancy figures,
other than current occupancy, are as of December 31 of each respective year.

(2) Based on the underwritten rent roll dated October 22, 2025. Non-revenue
superintendent units and one professional office unit are included in unit count and occupancy.

(3) The historical occupancy for the 2911 Brighton 5th Street Property
was not made available by the seller and was not available from a third party market research provider.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Mid Rise | &nbsp;&nbsp;Loan #8 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$46150000 |
| &nbsp;&nbsp;Various | &nbsp;&nbsp;**South Brooklyn Multifamily Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;72.8% |
| &nbsp;&nbsp;Brooklyn, NY Various |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.39x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.9% |

---

*2911 Brighton 5th Street Property.* The 2911 Brighton 5th Street Property is a 106-unit, elevatored mid-rise multifamily property that consists of one, six-story apartment building built in 1963. The 2911 Brighton 5th Street Property features 106 rent-regulated residential units. As of October 22, 2025, the 2911 Brighton 5th Street Property was 98.1% occupied. Included in the unit mix is one non-revenue unit, which is currently occupied by the building's superintendent and six Section 8 units. Amenities include a common laundry room and 22 parking spaces. The 2911 Brighton 5th Street Property is located in a flood zone.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**2911 Brighton 5th Street Property Unit Mix<sup>(1)(2)</sup>** | &nbsp;&nbsp;**2911 Brighton 5th Street Property Unit Mix<sup>(1)(2)</sup>** | &nbsp;&nbsp;**2911 Brighton 5th Street Property Unit Mix<sup>(1)(2)</sup>** | &nbsp;&nbsp;**2911 Brighton 5th Street Property Unit Mix<sup>(1)(2)</sup>** | &nbsp;&nbsp;**2911 Brighton 5th Street Property Unit Mix<sup>(1)(2)</sup>** | &nbsp;&nbsp;**2911 Brighton 5th Street Property Unit Mix<sup>(1)(2)</sup>** | &nbsp;&nbsp;**2911 Brighton 5th Street Property Unit Mix<sup>(1)(2)</sup>** | &nbsp;&nbsp;**2911 Brighton 5th Street Property Unit Mix<sup>(1)(2)</sup>** |
| **Unit Mix / Type<sup>(3)</sup>** | **Units<sup>(4)</sup>** | **Occupied Units<sup>(4)</sup>** | **Occ.% <sup>(4)</sup>** | **Average SF per Unit** | **Total SF** | **Monthly Average In- Place Rent per Unit(4)** | **Monthly Average Market Rent per Unit** |
| &nbsp;&nbsp;One Bedroom | &nbsp;&nbsp;60 | &nbsp;&nbsp;59 | &nbsp;&nbsp;98.30% | &nbsp;&nbsp;746 | &nbsp;&nbsp;44762 | &nbsp;&nbsp;$1565 | &nbsp;&nbsp;$2250 |
| &nbsp;&nbsp;Two Bedroom | &nbsp;&nbsp;45 | &nbsp;&nbsp;44 | &nbsp;&nbsp;97.80% | &nbsp;&nbsp;995 | &nbsp;&nbsp;44762 | &nbsp;&nbsp;$1595 | &nbsp;&nbsp;$2850 |
| &nbsp;&nbsp;**Total/Wtd. Avg.** | &nbsp;&nbsp;**105** | &nbsp;&nbsp;**103** | &nbsp;&nbsp;**98.10%** | &nbsp;&nbsp;**853** | &nbsp;&nbsp;**89524** | &nbsp;&nbsp;**$1578** | &nbsp;&nbsp;**$2507** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(2) Excludes one non-revenue unit, which is occupied by the building's superintendent.

&nbsp;&nbsp;&nbsp;&nbsp;(3) All units at 2911 Brighton 5th Street Property are rent-stabilized

&nbsp;&nbsp;&nbsp;&nbsp;(4) Based on the underwritten rent roll dated October 22 , 2025.

 

 

*1302 Newkirk Avenue Property.* The 1302 Newkirk Avenue Property is a 90-unit, elevatored mid-rise multifamily property that consists of one, six-story apartment building built in 1931. The 1302 Newkirk Avenue Property features 89 rent-regulated residential units. As of October 22, 2025, the 1302 Newkirk Avenue Property was 98.9% occupied. Included in the unit mix is one non-revenue unit, which is currently occupied by the building's superintendent. There is a professional office on the ground that is estimated to be 1,000 SF.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **1302 Newkirk Avenue Property Unit Mix<sup>(1)(2)</sup>** | &nbsp;&nbsp; **1302 Newkirk Avenue Property Unit Mix<sup>(1)(2)</sup>** | &nbsp;&nbsp; **1302 Newkirk Avenue Property Unit Mix<sup>(1)(2)</sup>** | &nbsp;&nbsp; **1302 Newkirk Avenue Property Unit Mix<sup>(1)(2)</sup>** | &nbsp;&nbsp; **1302 Newkirk Avenue Property Unit Mix<sup>(1)(2)</sup>** | &nbsp;&nbsp; **1302 Newkirk Avenue Property Unit Mix<sup>(1)(2)</sup>** | &nbsp;&nbsp; **1302 Newkirk Avenue Property Unit Mix<sup>(1)(2)</sup>** | &nbsp;&nbsp; **1302 Newkirk Avenue Property Unit Mix<sup>(1)(2)</sup>** |
| &nbsp;&nbsp; <br>**Unit Mix / Type<sup>(3)</sup>** | &nbsp;&nbsp; <br>**Units<sup>(4)</sup>** | &nbsp;&nbsp; <br>**Occupied Units<sup>(4)</sup>** | &nbsp;&nbsp; <br> **Occ.% <sup>(4)</sup>**  | &nbsp;&nbsp;**Average SF per Unit** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total SF** | &nbsp;&nbsp; <br>**Monthly** **Average In- Place Rent per**<br> **Unit<sup>(4)</sup>** | &nbsp;&nbsp; <br>**Monthly Average Market Rent**<br> **per Unit** |
| &nbsp;&nbsp;One Bedroom | &nbsp;&nbsp;62 | &nbsp;&nbsp;61 | &nbsp;&nbsp;98.4% | &nbsp;&nbsp;805 | &nbsp;&nbsp;49895 | &nbsp;&nbsp;$1561 | &nbsp;&nbsp;$2450 |
| &nbsp;&nbsp;Two Bedroom | &nbsp;&nbsp;24 | &nbsp;&nbsp;24 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;1073 | &nbsp;&nbsp;25752 | &nbsp;&nbsp;$1731 | &nbsp;&nbsp;$3250 |
| &nbsp;&nbsp;Three Bedroom | &nbsp;&nbsp;2 | &nbsp;&nbsp; 2 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;1341 | &nbsp;&nbsp;2683 | &nbsp;&nbsp;$2131 | &nbsp;&nbsp;$3750 |
| &nbsp;&nbsp;**Total/Wtd. Avg.** | &nbsp;&nbsp;**88** | &nbsp;&nbsp;**87** | &nbsp;&nbsp;**98.9%** | &nbsp;&nbsp;**890** | &nbsp;&nbsp;**78330** | &nbsp;&nbsp;**$1621** | &nbsp;&nbsp;**$2698** |

---

(1) Source: *Appraisal.* 

(2) Excludes one non-revenue unit, which is occupied by the building's superintendent and one professional office unit estimated
to be 1,000 SF.

(3) One (1), one-bedroom residential unit at the 1302 Newkirk Avenue Property is rent controlled, the remaining residential units are
rent-stabilized.

(4) Based on the underwritten rent roll dated October 22 , 2025.

 

 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **1302 Newkirk Avenue Property Commercial Tenancy<sup>(1)</sup>** | **1302 Newkirk Avenue Property Commercial Tenancy<sup>(1)</sup>** | **1302 Newkirk Avenue Property Commercial Tenancy<sup>(1)</sup>** | **1302 Newkirk Avenue Property Commercial Tenancy<sup>(1)</sup>** | **1302 Newkirk Avenue Property Commercial Tenancy<sup>(1)</sup>** | **1302 Newkirk Avenue Property Commercial Tenancy<sup>(1)</sup>** | **1302 Newkirk Avenue Property Commercial Tenancy<sup>(1)</sup>** | **1302 Newkirk Avenue Property Commercial Tenancy<sup>(1)</sup>** |
| &nbsp;&nbsp;**Tenant Name** | &nbsp;&nbsp;**Credit Rating (Fitch/Moody's/S&P)** | &nbsp;&nbsp;**Tenant SF** | &nbsp;&nbsp;**% of Total SF** | &nbsp;&nbsp;**Annual UW Rent** | &nbsp;&nbsp;**% of Total Annual UW Comm. Rent** | &nbsp;&nbsp;**Annual UW Rent PSF** | &nbsp;&nbsp;**Lease Expiration** |
| &nbsp;&nbsp;New York Modern LLC | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;1000 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$30000 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$30.00 | &nbsp;&nbsp; 9/30/2030 &nbsp;&nbsp; N |

---

(1) Source: *Appraisal.* 

 

*6309 Bay Parkway Property.* The 6309 Bay Parkway Property is a 82-unit, elevatored mid-rise multifamily property that consists of one, six-story apartment building built in 1927. The 6309 Bay Parkway Property features 82 rent-regulated residential units. As of October 22, 2025, the 6309 Bay Parkway Property was 98.8% occupied. Included in the unit mix is one non-revenue unit, which is currently occupied by the building's superintendent.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**6309 Bay Parkway Property Unit Mix<sup>(1)(2)</sup>** | &nbsp;&nbsp;**6309 Bay Parkway Property Unit Mix<sup>(1)(2)</sup>** | &nbsp;&nbsp;**6309 Bay Parkway Property Unit Mix<sup>(1)(2)</sup>** | &nbsp;&nbsp;**6309 Bay Parkway Property Unit Mix<sup>(1)(2)</sup>** | &nbsp;&nbsp;**6309 Bay Parkway Property Unit Mix<sup>(1)(2)</sup>** | &nbsp;&nbsp;**6309 Bay Parkway Property Unit Mix<sup>(1)(2)</sup>** | &nbsp;&nbsp;**6309 Bay Parkway Property Unit Mix<sup>(1)(2)</sup>** | &nbsp;&nbsp;**6309 Bay Parkway Property Unit Mix<sup>(1)(2)</sup>** |
| &nbsp;&nbsp; <br>**Unit Mix / Type<sup>(3)</sup>** | &nbsp;&nbsp; <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Units<sup>(4)</sup>** | &nbsp;&nbsp; <br>**Occupied Units<sup>(4)</sup>** | &nbsp;&nbsp; <br> **Occ.% <sup>(4)</sup>**  | &nbsp;&nbsp;**Average SF per Unit** | &nbsp;&nbsp; <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total SF** | &nbsp;&nbsp; <br> **Monthly** **Average In- Place Rent per**<br> **Unit<sup>(4)</sup>** | &nbsp;&nbsp; <br> **Monthly Average Market Rent**<br> **per Unit** |
| &nbsp;&nbsp;Studio | &nbsp;&nbsp;6 | &nbsp;&nbsp;6 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;400 | &nbsp;&nbsp;2400 | &nbsp;&nbsp;$1271 | &nbsp;&nbsp;$1750 |
| &nbsp;&nbsp;One Bedroom | &nbsp;&nbsp;58 | &nbsp;&nbsp;58 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;670 | &nbsp;&nbsp;38851 | &nbsp;&nbsp;$1530 | &nbsp;&nbsp;$2150 |
| &nbsp;&nbsp;Two Bedroom | &nbsp;&nbsp;17 | &nbsp;&nbsp;16 | &nbsp;&nbsp;94.1% | &nbsp;&nbsp;948 | &nbsp;&nbsp;16121 | &nbsp;&nbsp;$1721 | &nbsp;&nbsp;$2550 |
| &nbsp;&nbsp;**Total/Wtd. Avg.** | &nbsp;&nbsp;**81** | &nbsp;&nbsp;**80** | &nbsp;&nbsp;**98.8%** | &nbsp;&nbsp;**708** | &nbsp;&nbsp;**57372** | &nbsp;&nbsp;**$1549** | &nbsp;&nbsp;**$2204** |

---

(1) Source: *Appraisal.* 

(2) Excludes one non-revenue unit, which is occupied by the building's superintendent.

(3) All units at the 6309 Bay Parkway Property are rent-stabilized

(4) Based on the underwritten rent roll dated October 22 , 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. |
| 84 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Mid Rise | &nbsp;&nbsp;Loan #8 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$46150000 |
| &nbsp;&nbsp;Various | &nbsp;&nbsp;**South Brooklyn Multifamily Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;72.8% |
| &nbsp;&nbsp;Brooklyn, NY Various |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.39x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.9% |

---

*230 73rd Street Property.* The 230 73rd Street Property is a 59-unit, elevatored mid-rise multifamily property that consists of one, six-story apartment building built in 1963. The 230 73rd Street Property features 59 rent-regulated residential units. As of October 22, 2025, the 230 73rd Street Property was 96.6% occupied. Included in the unit mix is one non-revenue unit, which is currently occupied by the building's superintendent. Amenities include a common laundry room and 9 parking spaces. The 230 73rd Street Property also generates income through an antenna lease.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**230 73rd Street Property Unit Mix<sup>(1)(2)</sup>** | &nbsp;&nbsp;**230 73rd Street Property Unit Mix<sup>(1)(2)</sup>** | &nbsp;&nbsp;**230 73rd Street Property Unit Mix<sup>(1)(2)</sup>** | &nbsp;&nbsp;**230 73rd Street Property Unit Mix<sup>(1)(2)</sup>** | &nbsp;&nbsp;**230 73rd Street Property Unit Mix<sup>(1)(2)</sup>** | &nbsp;&nbsp;**230 73rd Street Property Unit Mix<sup>(1)(2)</sup>** | &nbsp;&nbsp;**230 73rd Street Property Unit Mix<sup>(1)(2)</sup>** | &nbsp;&nbsp;**230 73rd Street Property Unit Mix<sup>(1)(2)</sup>** |
| &nbsp;&nbsp; <br>**Unit Mix / Type<sup>(3)</sup>** | &nbsp;&nbsp; <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Units<sup>(4)</sup>** | &nbsp;&nbsp; <br>**Occupied Units<sup>(4)</sup>** | &nbsp;&nbsp; <br>**Occ.% <sup>(4)</sup>**  | &nbsp;&nbsp;**Average SF per Unit** | &nbsp;&nbsp; <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total SF** | &nbsp;&nbsp; <br> **Monthly** **Average In- Place Rent per**<br> **Unit<sup>(4)</sup>** | &nbsp;&nbsp; <br> **Monthly Average Market Rent**<br> **per Unit** |
| &nbsp;&nbsp;One Bedroom | &nbsp;&nbsp;46 | &nbsp;&nbsp;44 | &nbsp;&nbsp;95.7% | &nbsp;&nbsp;686 | &nbsp;&nbsp;31543 | &nbsp;&nbsp;$1637 | &nbsp;&nbsp;$2200 |
| &nbsp;&nbsp;Two Bedroom | &nbsp;&nbsp;12 | &nbsp;&nbsp;12 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;914 | &nbsp;&nbsp;10971 | &nbsp;&nbsp;$1808 | &nbsp;&nbsp;$2700 |
| &nbsp;&nbsp;**Total/Wtd. Avg.** | &nbsp;&nbsp;**58** | &nbsp;&nbsp;**56** | &nbsp;&nbsp;**96.6%** | &nbsp;&nbsp;**733** | &nbsp;&nbsp;**42514** | &nbsp;&nbsp;**$1673** | &nbsp;&nbsp;**$2303** |

---

(1) Source: *Appraisal.* 

(2) Excludes one non-revenue unit, which is occupied by the building's superintendent.

(3) All units at the 230 73rd Street Property are rent-stabilized.

(4) Based on the underwritten rent roll dated October 22 , 2025.

*9302 Ridge Boulevard Property.* The 9302 Ridge Boulevard Property is a 47-unit, elevatored mid-rise multifamily property that consists of one, six-story apartment building built in 1931. The 9302 Ridge Boulevard Property features 47 rent-regulated residential units. As of October 22, 2025, the 9302 Ridge Boulevard Property was 97.8% occupied. Included in the unit mix is one non-revenue unit, which is currently occupied by the building's superintendent.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **9302 Ridge Boulevard Property Unit Mix(1)(2)** | &nbsp;&nbsp; **9302 Ridge Boulevard Property Unit Mix(1)(2)** | &nbsp;&nbsp; **9302 Ridge Boulevard Property Unit Mix(1)(2)** | &nbsp;&nbsp; **9302 Ridge Boulevard Property Unit Mix(1)(2)** | &nbsp;&nbsp; **9302 Ridge Boulevard Property Unit Mix(1)(2)** | &nbsp;&nbsp; **9302 Ridge Boulevard Property Unit Mix(1)(2)** | &nbsp;&nbsp; **9302 Ridge Boulevard Property Unit Mix(1)(2)** | &nbsp;&nbsp; **9302 Ridge Boulevard Property Unit Mix(1)(2)** |
| &nbsp;&nbsp; <br>**Unit Mix / Type<sup>(3)</sup>** | &nbsp;&nbsp; <br>&nbsp;&nbsp;&nbsp;&nbsp;**Units<sup>(4)</sup>** | &nbsp;&nbsp; <br>**Occupied Units<sup>(4)</sup>** | &nbsp;&nbsp; <br> **Occ.% <sup>(4)</sup>** | &nbsp;&nbsp;**Average SF per Unit** | &nbsp;&nbsp; <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total SF** | &nbsp;&nbsp; <br> **Monthly** **Average In- Place Rent per**<br> **Unit<sup>(4)</sup>** | &nbsp;&nbsp; <br> **Monthly Average Market Rent**<br> **per Unit** |
| &nbsp;&nbsp;One Bedroom | &nbsp;&nbsp;36 | &nbsp;&nbsp;35 | &nbsp;&nbsp;97.2% | &nbsp;&nbsp;720 | &nbsp;&nbsp;25916 | &nbsp;&nbsp;$1705 | &nbsp;&nbsp;$2150 |
| &nbsp;&nbsp;Two Bedroom | &nbsp;&nbsp;9 | &nbsp;&nbsp;9 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;1016 | &nbsp;&nbsp;9147 | &nbsp;&nbsp;$2014 | &nbsp;&nbsp;$2900 |
| &nbsp;&nbsp;Three Bedroom | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;1270 | &nbsp;&nbsp;1270 | &nbsp;&nbsp;$1420 | &nbsp;&nbsp;$3750 |
| &nbsp;&nbsp;**Total/Wtd. Avg.** | &nbsp;&nbsp;**46** | &nbsp;&nbsp;**45** | &nbsp;&nbsp;**97.8%** | &nbsp;&nbsp;**790** | &nbsp;&nbsp;**36333** | &nbsp;&nbsp;**$1761** | &nbsp;&nbsp;**$2332** |

---

(1) Source: *Appraisal.* 

(2) Excludes one non-revenue unit, which is occupied by the building's superintendent.

(3) All units at the 9302 Ridge Boulevard Property are rent-stabilized

(4) Based on the underwritten rent roll dated October 22 , 2025.

***The Markets.*** The 2911 Brighton 5th Street Property is located in Brooklyn, Kings County, New York, approximately 12.9 miles southwest of John F. Kennedy International Airport. It is 0.4 miles north of the Riegelmann Boardwalk, a designated Scenic Landmark since 2018. The 230 73rd Street and 9302 Ridge Boulevard Properties are located in Bay Ridge, approximately 1.1 miles apart from each other, with the 230 73rd Street Property within 0.5 miles of Owl's Head Park and the 9302 Ridge Boulevard Property within 0.3 miles of the Bay Ridge–95th Street subway station. The 6309 Bay Parkway and 1302 Newkirk Avenue Properties are situated in central Brooklyn, approximately 1.8 miles apart, with the 6309 Bay Parkway Property within 0.5 miles of Seth Low Playground and the 1302 Newkirk Avenue Property within 0.2 miles from Newkirk Plaza that has access to the B and Q subway lines. According to the appraisal, total employment in the New York Metro has increased by 2.5% since 2019, with 64.2% of current employment within the white-collar sector, which includes sectors such as administrative support, management/business/financial, professional, and sales and sales related.

According to a third-party market research report, the 2911 Brighton 5th Street Property is situated within the South Shore Brooklyn multifamily market, and as of October 21, 2025, the submarket reported total multifamily inventory of approximately 29,658 units with a 1.1% vacancy rate and average monthly asking rents of $2,106 per unit. The South Shore Brooklyn multifamily submarket vacancy rate has not surpassed 2.1% since 2013. Furthermore, the 230 73rd Street Property, 6309 Bay Parkway Property and the 9302 Ridge Boulevard Property are situated in the Southwest Brooklyn multifamily submarket, and as of October 21, 2024, the submarket reported total multifamily inventory of approximately 39,310 units with a 1.4% vacancy rate and average monthly asking rents of $1,769 per unit. The Southwest Brooklyn multifamily submarket vacancy rate has not surpassed 2.7% since 2013. The 1302 Newkirk Avenue Property is situated within the Flatbush multifamily submarket, and as of October 21, 2025, the submarket reported total multifamily inventory of approximately 62,318 units with a 1.4% vacancy rate and average monthly asking rents of $2,092 per unit. The submarket vacancy rate has not surpassed 2.2% since 2013.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES 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;Multifamily – Mid Rise | &nbsp;&nbsp;Loan #8 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$46150000 |
| &nbsp;&nbsp;Various | &nbsp;&nbsp;**South Brooklyn Multifamily Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;72.8% |
| &nbsp;&nbsp;Brooklyn, NY Various |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.39x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.9% |

---

The following table presents information regarding the appraiser's concluded market rents for the South Brooklyn Multifamily Portfolio Properties:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Market Rental Rate Conclusion<sup>(1)</sup>** | &nbsp;&nbsp;**Market Rental Rate Conclusion<sup>(1)</sup>** | &nbsp;&nbsp;**Market Rental Rate Conclusion<sup>(1)</sup>** | &nbsp;&nbsp;**Market Rental Rate Conclusion<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property Name / Location** | &nbsp;&nbsp;**Unit Type** | &nbsp;&nbsp;**Market Rent Monthly** | &nbsp;&nbsp;**Market Rent PSF per Month** |
| &nbsp;&nbsp; **2911 Brighton 5th Street**<br> **Brooklyn, NY** | &nbsp;&nbsp; **One Bedroom**<br> **Two Bedroom** | &nbsp;&nbsp; **$2250**<br> **$2850** | &nbsp;&nbsp; **$36.19**<br> **$34.38** |
| &nbsp;&nbsp; **230 73rd Street**<br> **Brooklyn, NY** | &nbsp;&nbsp; **One Bedroom**<br> **Two Bedroom** | &nbsp;&nbsp; **$2200**<br> **$2700** | &nbsp;&nbsp; **$38.50**<br> **$35.44** |
| &nbsp;&nbsp; **6309 Bay Parkway**<br> **Brooklyn, NY** | &nbsp;&nbsp; **Studio**<br> **One Bedroom**<br> **Two Bedroom** | &nbsp;&nbsp; **$1750**<br> **$2150**<br> **$2550** | &nbsp;&nbsp; **$52.50**<br> **$38.52**<br> **$32.27** |
| &nbsp;&nbsp; **9302 Ridge Boulevard**<br> **Brooklyn, NY** | &nbsp;&nbsp; **One Bedroom**<br> **Two Bedroom**<br> **Three Bedroom** | &nbsp;&nbsp; **$2150**<br> **$2900**<br> **$3750** | &nbsp;&nbsp; **$35.84**<br> **$34.24**<br> **$35.42** |
| &nbsp;&nbsp; **1302 Newkirk Avenue**<br> **Brooklyn, NY** | &nbsp;&nbsp; **One Bedroom**<br> **Two Bedroom**<br> **Three Bedroom**<br> **Office<sup>(2)</sup>** | &nbsp;&nbsp; **$2450**<br> **$3250**<br> **$3750**<br> **$30000<sup>(2)</sup>** | &nbsp;&nbsp; **$36.53**<br> **$36.35**<br> **$33.55**<br> **$30.00** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(2) Based on the Appraiser's concluded yearly commercial market rent

 ****

***Appraisal.*** The appraisal concluded to an "as-is" value for the 2911 Brighton 5th Street Property of $15,300,000 as of September 30, 2025, an "as-is" value for the 230 73rd Street Property of $9,300,000 as of September 30, 2025, an "as-is" value for the 6309 Bay Parkway Property of $14,000,000 as of September 25, 2025, an "as-is" value for the 9302 Ridge Boulevard Property of $7,800,000 as of September 25, 2025, and an "as-is" value for the 1302 Newkirk Avenue Property of $14,500,000 as of September 24, 2025, which in total sum to $60,900,000. The appraiser also provided a portfolio appraisal which had an "as-portfolio" value of $63,400,000 as of September 30, 2025. The Cut-off Date LTV Ratio and Maturity Date LTV Ratio based on the "as-is" value (without such as portfolio monetary benefit) are 75.8% and 75.8%, respectively. Notably, no individual South Brooklyn Multifamily Portfolio Property are permitted to be released pursuant to the South Brooklyn Multifamily Portfolio Mortgage Loan documents.

***Environmental Matters.*** According to the Phase I environmental site assessments dated October 3, 2025 through October 8, 2025 there were no recognized environmental conditions at the South Brooklyn Multifamily 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. |
| 86 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Mid Rise | &nbsp;&nbsp;Loan #8 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$46150000 |
| &nbsp;&nbsp;Various | &nbsp;&nbsp;**South Brooklyn Multifamily Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;72.8% |
| &nbsp;&nbsp;Brooklyn, NY Various |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.39x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.9% |

---

***Operating History and Underwritten Net Cash Flow.*** The following table presents certain information relating to the historical operating performance and Underwritten Net Cash Flow at the South Brooklyn Multifamily Portfolio Properties:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cash Flow Analysis** |
|  | &nbsp;&nbsp;**2022<sup>(1)</sup>** | &nbsp;&nbsp;**2023<sup>(1)</sup>** | &nbsp;&nbsp;**2024<sup>(1)</sup>** | &nbsp;&nbsp;**8/31/2025 TTM<sup>(1)</sup>** | &nbsp;&nbsp;**UW** **<sup>(1)</sup>** | &nbsp;&nbsp;**UW Per Unit** |
| &nbsp;&nbsp;Gross Potential Rent(2) | &nbsp;&nbsp;$3269789 | &nbsp;&nbsp;$3384856 | &nbsp;&nbsp;$3407331 | &nbsp;&nbsp;$3652051 | &nbsp;&nbsp;$7358861 | &nbsp;&nbsp;$19164 |
| &nbsp;&nbsp;Parking Income | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$92913 | &nbsp;&nbsp;$242 |
| &nbsp;&nbsp;Laundry Income | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$27163 | &nbsp;&nbsp;$71 |
| &nbsp;&nbsp;Other Income(3) | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$28430 | &nbsp;&nbsp;$74 |
| &nbsp;&nbsp;**Net Rental Income** | &nbsp;&nbsp;**$3269789** | &nbsp;&nbsp;**$3384856** | &nbsp;&nbsp;**$3407331** | &nbsp;&nbsp;**$3652051** | &nbsp;&nbsp;**$7507367** | &nbsp;&nbsp;**$19550** |
| &nbsp;&nbsp;Less Vacancy, Concessions & Credit Loss | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp; ($165826)<sup>(4)</sup> | &nbsp;&nbsp; ($432) |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$3269789** | &nbsp;&nbsp;**$3384856** | &nbsp;&nbsp;**$3407331** | &nbsp;&nbsp;**$3652051** | &nbsp;&nbsp;**$7341540** | &nbsp;&nbsp;**$19119** |
| &nbsp;&nbsp; Real Estate Taxes | &nbsp;&nbsp; $737728 | &nbsp;&nbsp; $703886 | &nbsp;&nbsp; $718904 | &nbsp;&nbsp; $733048 | &nbsp;&nbsp; $1446458 | &nbsp;&nbsp; $3767 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;$145570 | &nbsp;&nbsp;$123660 | &nbsp;&nbsp;$152953 | &nbsp;&nbsp;$221903 | &nbsp;&nbsp;$498320 | &nbsp;&nbsp;$1298 |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;$455249 | &nbsp;&nbsp;$431692 | &nbsp;&nbsp;$445763 | &nbsp;&nbsp;$478862 | &nbsp;&nbsp;$790517 | &nbsp;&nbsp;$2059 |
| &nbsp;&nbsp;Repairs & Maintenance | &nbsp;&nbsp;$67803 | &nbsp;&nbsp;$28269 | &nbsp;&nbsp;$17478 | &nbsp;&nbsp;$74590 | &nbsp;&nbsp;$192000 | &nbsp;&nbsp;$500 |
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp;$7850 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$4240 | &nbsp;&nbsp;$220246 | &nbsp;&nbsp;$574 |
| &nbsp;&nbsp;Payroll & Benefits | &nbsp;&nbsp;$46066 | &nbsp;&nbsp;$43150 | &nbsp;&nbsp;$44900 | &nbsp;&nbsp;$46597 | &nbsp;&nbsp;$57600 | &nbsp;&nbsp;$150 |
| &nbsp;&nbsp;General & Administrative | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp;$13440 | &nbsp;&nbsp;$35 |
| &nbsp;&nbsp;**Total Operating Expenses** | &nbsp;&nbsp;**$1460266** | &nbsp;&nbsp;**$1330657** | &nbsp;&nbsp;**$1379998** | &nbsp;&nbsp;**$1559240** | &nbsp;&nbsp;**$3218582** | &nbsp;&nbsp;**$8382** |
| &nbsp;&nbsp; <br> **Net Operating Income** | &nbsp;&nbsp; **$1809523** | &nbsp;&nbsp; **$2054199** | &nbsp;&nbsp; **$2027333** | &nbsp;&nbsp; **$2092811** | &nbsp;&nbsp; **$4122959** | &nbsp;&nbsp; **$10737** |
| &nbsp;&nbsp;Replacement Reserves | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$96000 | &nbsp;&nbsp;$250 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$1809523** | &nbsp;&nbsp;**$2054199** | &nbsp;&nbsp;**$2027333** | &nbsp;&nbsp;**$2092811** | &nbsp;&nbsp;**$4026959** | &nbsp;&nbsp;**$10487** |
| &nbsp;&nbsp; <br> **Occupancy (%)**  | &nbsp;&nbsp; <br> **NAV<sup>(1)</sup>** | &nbsp;&nbsp; <br> **NAV<sup>(1)</sup>** | &nbsp;&nbsp; <br> **NAV<sup>(1)</sup>** | &nbsp;&nbsp; <br> **NAV<sup>(1)</sup>** | &nbsp;&nbsp; <br> **98.3%<sup>(4)</sup>** |  |
| &nbsp;&nbsp;**NOI DSCR** | &nbsp;&nbsp;**0.63x<sup>(1)</sup>** | &nbsp;&nbsp;**0.71x<sup>(1)</sup>** | &nbsp;&nbsp;**0.70x<sup>(1)</sup>** | &nbsp;&nbsp;**0.72x<sup>(1)</sup>** | &nbsp;&nbsp;**1.43x** |  |
| &nbsp;&nbsp;**NCF DSCR** | &nbsp;&nbsp;**0.63x<sup>(1)</sup>** | &nbsp;&nbsp;**0.71x<sup>(1)</sup>** | &nbsp;&nbsp;**0.70x<sup>(1)</sup>** | &nbsp;&nbsp;**0.72x<sup>(1)</sup>** | &nbsp;&nbsp;**1.39x** |  |
| &nbsp;&nbsp;**NOI Debt Yield** | &nbsp;&nbsp;**3.9%<sup>(1)</sup>** | &nbsp;&nbsp;**4.5%<sup>(1)</sup>** | &nbsp;&nbsp;**4.4%<sup>(1)</sup>** | &nbsp;&nbsp;**4.5%<sup>(1)</sup>** | &nbsp;&nbsp;**8.9%** |  |
| &nbsp;&nbsp;**NCF Debt Yield** | &nbsp;&nbsp;**3.9%<sup>(1)</sup>** | &nbsp;&nbsp;**4.5%<sup>(1)</sup>** | &nbsp;&nbsp;**4.4%<sup>(1)</sup>** | &nbsp;&nbsp;**4.5%<sup>(1)</sup>** | &nbsp;&nbsp;**8.7%** |  |

---

(1) Historical cash flows and occupancy data are not representative of the entire portfolio, as such information
is unavailable for the 2911 Brighton 5th Street Property and the 230 73rd Street Property, both of which were acquired as part of this
South Brooklyn Multifamily Portfolio Mortgage Loan financing. As such, only available data for the 6309 Bay Parkway Property, the 9302
Ridge Boulevard Property and the 1302 Newkirk Avenue Property, thereby skewing the DSCR and Debt Yield downwards. The increase in Net
Operating Income from the historical periods to the UW Net Operating Income is primarily driven by income from the two acquisition properties.
Please refer to "*The Properties*" section above for additional details.

(2) UW Gross Potential Rent is based on the underwritten rent roll dated October 22, 2025
and includes professional office rent.

(3) Other Income is comprised of actual contractual per the antenna lease.

(4) Based on the underwritten rent roll dated October 22, 2025 and represents the underwritten economic occupancy. The South Brooklyn
Multifamily Portfolio Properties were 98.2% leased as of October 22, 2025.

***Escrows and Reserves.*** As of the date of origination of the South Brooklyn Multifamily Portfolio Mortgage Loan, the borrowers were required to deposit (i) $857,374 in a real estate tax reserve account, (ii) $30,000 in a property insurance reserve account and (iii) $8,000 in a replacement reserve account. Certain reserves may have been drawn upon between the time of origination and the Cut-off Date.

*Tax Reserve –* The borrowers are required to deposit into a real estate tax reserve, on a monthly basis in an amount equal to 1/12th of the real estate taxes that the lender estimates will be payable during the next 12 months (initially approximately $126,565).

*Insurance Reserve –* The borrowers are required to deposit into a property insurance reserve, on a monthly basis in an amount equal to 1/12th of the insurance premiums that the lender estimates will be payable for the renewal of the coverage afforded by the policies upon the expiration thereof in order to accumulate sufficient funds to pay all such premiums at least 30 days prior to the expiration of the policies (initially approximately $15,000).

*Replacement Reserve –* The South Brooklyn Multifamily Portfolio Mortgage Loan documents require ongoing monthly replacement reserve deposits of $8,000 for replacements, which the lender may require the borrowers to increase (not more than once per year) upon 30 days' notice to the borrowers if the lender reasonably determines such increase is necessary to maintain the proper operation of the South Brooklyn Multifamily Portfolio Properties.

***Lockbox and Cash Management.*** The South Brooklyn Multifamily Portfolio Mortgage Loan is structured with a springing lockbox and springing cash management. Within 30 days from receipt of written notice from the lender that a Cash Trap Event Period (as defined below) has commenced, the borrowers are required to, among other things, (i) execute a deposit account control agreement to establish a deposit account with a clearing bank and (ii) send executed letters directing all commercial tenants to deposit all sums due under their respective leases directly into such deposit account. During the continuance of a Cash Trap Event Period, all funds in the deposit account are required to be swept periodically to a lender-controlled cash management account. If the borrowers or property manager receive any rents or income directly, each is required to deposit such amounts into the deposit account within two business days of receipt. So long as a Cash Trap Event Period is in effect, all excess funds will be swept to an excess cash flow subaccount controlled by the lender and held for so long as such a Cash Trap Event Period is continuing.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Mid Rise | &nbsp;&nbsp;Loan #8 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$46150000 |
| &nbsp;&nbsp;Various | &nbsp;&nbsp;**South Brooklyn Multifamily Portfolio** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;72.8% |
| &nbsp;&nbsp;Brooklyn, NY Various |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.39x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;8.9% |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 net cash flow debt yield ("NCF DY") falling below 7.25% (tested quarterly); or

&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 net cash flow debt service coverage ratio ("NCF DSCR") falling below 1.10x.

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

● with regard to clause (i), the cure of such event of default and the lender's acceptance of such cure;

● with regard to clause (ii), the NCF DY being equal to or greater than 7.50% for two consecutive calendar quarters; or

● with regard to clause (iii), the NCF DSCR being equal to or greater than 1.20x for two consecutive calendar quarters.

***Property Management.*** The South Brooklyn Multifamily Portfolio Properties are self-managed by the borrower sponsor.

***Terrorism Insurance*.** The South Brooklyn Multifamily Portfolio Mortgage Loan documents require that the "all risk" insurance policy required to be maintained by the borrowers provides coverage for terrorism in an amount equal to the full replacement cost of the South Brooklyn Multifamily Portfolio Properties except for the 1302 Newkirk Avenue Property, for which the lender has accepted the applicable policies without terrorism coverage until the renewal of the current policy term (such policy term ends on January 16, 2026). The South Brooklyn Multifamily Portfolio Mortgage Loan is recourse for losses arising out of or in connection with uninsured damage to the South Brooklyn Multifamily Portfolio Properties resulting from terrorism. Additionally, the South Brooklyn Multifamily Portfolio Mortgage Loan documents require business interruption insurance covering no less than the 12-month period following the occurrence of a casualty event, together with a 60-day extended period of indemnity with respect to all South Brooklyn Multifamily Portfolio Properties except for the 9302 Ridge Boulevard Property, which such property has a 90-day extended period of indemnity. The South Brooklyn Multifamily Portfolio Mortgage Loan is recourse for losses arising out of or in connection with the failure to maintain loss of rents and/or business interruption insurance containing an extended period of indemnity endorsement for 180 days. See "*Risk Factors—Risks Relating to the Mortgage Loans—Terrorism Insurance May Not Be Available for All Mortgaged Properties*" in the prospectus.

---

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

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Super Regional Mall | &nbsp;&nbsp;Loan #9 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$35000000 |
| &nbsp;&nbsp;1 Crossgates Mall Road | &nbsp;&nbsp;**Crossgates Mall** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;36.8% |
| &nbsp;&nbsp;Albany, NY 12203 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.68x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;25.2% |

---

![](n5438prets_img029.jpg)

---

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

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Super Regional Mall | &nbsp;&nbsp;Loan #9 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$35000000 |
| &nbsp;&nbsp;1 Crossgates Mall Road | &nbsp;&nbsp;**Crossgates Mall** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;36.8% |
| &nbsp;&nbsp;Albany, NY 12203 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.68x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;25.2% |

---

![](n5438prets_img030.jpg)

---

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

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**Mortgage Loan No. 9 – Crossgates Mall**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| **Mortgage Loan Seller:** | **Mortgage Loan Seller:** | UBS AG | UBS AG | UBS AG | **Single Asset/Portfolio:** | Single Asset |
| **Credit Assessment (Fitch/S&P/MDBRS):** | **Credit Assessment (Fitch/S&P/MDBRS):** | NR/NR/NR | NR/NR/NR | NR/NR/NR | **Location:** | Albany, NY 12203 |
| **Original Balance<sup>(1)</sup>:** | **Original Balance<sup>(1)</sup>:** | $35000000 | $35000000 | $35000000 | **General Property Type:** | Retail |
| **Cut-off Date Balance<sup>(1)</sup>:** | **Cut-off Date Balance<sup>(1)</sup>:** | $35000000 | $35000000 | $35000000 | **Detailed Property Type:** | Super Regional Mall |
| **% of Initial Pool Balance:** | **% of Initial Pool Balance:** | 4.5% | 4.5% | 4.5% | **Title Vesting:** | Fee |
| **Loan Purpose:** | **Loan Purpose:** | Refinance | Refinance | Refinance | **Year Built/Renovated:** | 1983, 1994 and 2013-2015/NAP |
| **Borrower Sponsors<sup>(2)</sup>:** | **Borrower Sponsors<sup>(2)</sup>:** | Various | Various | Various | **Size<sup>(7)</sup>:** | 1,504,884 SF |
| **Guarantors<sup>(2)</sup>:** | **Guarantors<sup>(2)</sup>:** | Various | Various | Various | **Cut-off Date Balance PSF<sup>(1)</sup>:** | $70 |
| **Mortgage Rate<sup>(3)</sup>:** | **Mortgage Rate<sup>(3)</sup>:** | 8.5000% | 8.5000% | 8.5000% | **Maturity Date Balance PSF<sup>(1)</sup>:** | $70 |
| **Note Date:** | **Note Date:** | 11/18/2025 | 11/18/2025 | 11/18/2025 | **Property Manager:** | Pyramid Management Group, LLC |
| **Maturity Date:** | **Maturity Date:** | 12/6/2030 | 12/6/2030 | 12/6/2030 |  | (borrower related) |
| **Term to Maturity:** | **Term to Maturity:** | 60 months | 60 months | 60 months |  |  |
| **Amortization Term:** | **Amortization Term:** | 0 months | 0 months | 0 months | &nbsp;&nbsp;**Underwriting and Financial Information** | &nbsp;&nbsp;**Underwriting and Financial Information** |
| **IO Period:** | **IO Period:** | 60 months | 60 months | 60 months | **UW NOI:** | $26438944 |
| **Seasoning:** | **Seasoning:** | 0 months | 0 months | 0 months | **UW NCF:** | $24256862 |
| **Prepayment Provisions<sup>(4)</sup>:** | **Prepayment Provisions<sup>(4)</sup>:** | L(24),D(29),O(7) | L(24),D(29),O(7) | L(24),D(29),O(7) | **UW NOI Debt Yield<sup>(1)</sup>:** | 25.2% |
| **Lockbox/Cash Mgmt Status:** | **Lockbox/Cash Mgmt Status:** | Hard/In Place | Hard/In Place | Hard/In Place | **UW NCF Debt Yield<sup>(1)</sup>:** | 23.1% |
| **Additional Debt Type<sup>(1)</sup>:** | **Additional Debt Type<sup>(1)</sup>:** | *Pari Passu*/B-Note/Mezzanine | *Pari Passu*/B-Note/Mezzanine | *Pari Passu*/B-Note/Mezzanine | **UW NOI Debt Yield at Maturity<sup>(1)</sup>:** | 25.2% |
| **Additional Debt Balance<sup>(1)</sup>:** | **Additional Debt Balance<sup>(1)</sup>:** | $70,000,000/$68,000,000/$20,000,000 | $70,000,000/$68,000,000/$20,000,000 | $70,000,000/$68,000,000/$20,000,000 | **UW NCF DSCR<sup>(1)</sup>:** | 2.68x |
| **Future Debt Permitted (Type):** | **Future Debt Permitted (Type):** | No (NAP) | No (NAP) | No (NAP) | **Most Recent NOI:** | $24,774,961 (6/30/2025 TTM) |
|  |  |  |  |  | **2nd Most Recent NOI:** | $23,739,347 (12/31/2024) |
| &nbsp;&nbsp;**Reserves<sup>(5)</sup>** | &nbsp;&nbsp;**Reserves<sup>(5)</sup>** | &nbsp;&nbsp;**Reserves<sup>(5)</sup>** | &nbsp;&nbsp;**Reserves<sup>(5)</sup>** | &nbsp;&nbsp;**Reserves<sup>(5)</sup>** | **3rd Most Recent NOI:** | $24,328,734 (12/31/2023) |
| **<u>Type</u>** | **<u>Initial</u>** | **<u>Initial</u>** | **<u>Monthly</u>** | **<u>Cap</u>** | **Most Recent Occupancy<sup>(8)</sup>:** | 89.1% (10/31/2025) |
| **RE Taxes:** | $1388393 | $1388393 | $347098 | NAP | **2nd Most Recent Occupancy:** | 88.3% (12/31/2024) |
| **Insurance:** | $0 | $0 | $71798 | NAP | **3rd Most Recent Occupancy:** | 91.3% (12/31/2023) |
| **Replacement Reserve:** | $0 | $0 | $25081 | NAP | **Appraised Value (as of):** | $285,000,000 (10/7/2025) |
| **TI/LC Reserve:** | $2000000 | $2000000 | $156759 | NAP | **Appraised Value PSF:** | $189 |
| **TATILC Reserve:** | $3625903 | $3625903 | $0 | NAP | **Cut-off Date LTV Ratio<sup>(1)</sup>:** | 36.8% |
| **Other Reserves<sup>(6)</sup>:** | $1443776 | $1443776 | Springing | NAP | **Maturity Date LTV Ratio<sup>(1)</sup>:** | 36.8% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Sources and Uses** | **Sources and Uses** | **Sources and Uses** | **Sources and Uses** | **Sources and Uses** | **Sources and Uses** |
| **Sources** | **Proceeds** | **% of Total** | **Uses** | **Proceeds** | **% of Total** |
| Senior Loan Amount: | $105000000 | 49.6% | Loan Payoff: | $164000540 | 77.4% |
| Subordinate Loan Amount: | $68000000 | 32.1% | Conversion<sup>(9)</sup>: | $35000000 | 16.5% |
| Mezzanine Loan Amount<sup>(9)</sup>: | $20000000 | 9.4% | Upfront Reserves: | $8458072 | 4.0% |
| Borrower Sponsor Equity<sup>(9)</sup>: | $18771062 | 8.9% | Closing Costs: | $4312451 | 2.0% |
| **Total Sources** | **$211771062** | **100.0%** | **Total Uses** | **$211771062** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Crossgates Mall Mortgage Loan (as defined below) is part of the Crossgates Mall Whole Loan (as defined
below) evidenced by (i) six senior *pari passu* promissory notes with an aggregate original principal balance of $105,000,000 and
(ii) one subordinate note with an original principal balance of $68,000,000. The Cut-off Date Balance PSF, Maturity Date Balance PSF,
UW NOI Debt Yield, UW NCF Debt Yield, UW NOI Debt Yield at Maturity, UW NCF DSCR, Cut-off Date LTV Ratio and Maturity Date LTV Ratio numbers
presented above are based on the Crossgates Mall Senior Loan (as defined below). The Cut-off Date Balance PSF, Maturity Date Balance PSF,
UW NOI Debt Yield, UW NCF Debt Yield, UW NOI Debt Yield at Maturity, UW NCF DSCR, Cut-off Date LTV Ratio and Maturity Date LTV Ratio based
upon the Crossgates Mall Whole Loan are $115, $115, 15.3%, 14.0%, 15.3%, 1.30x, 60.7% and 60.7%, respectively. The Cut-off Date Balance
PSF, Maturity Date Balance PSF, UW NOI Debt Yield, UW NCF Debt Yield, UW NOI Debt Yield at Maturity, UW NCF DSCR, Cut-off Date LTV Ratio
and Maturity Date LTV Ratio based upon the Crossgates Mall Whole Loan and the Crossgates Mall Mezzanine Loan (as defined below) are $128,
$128, 13.7%, 12.6%, 13.7%, 1.07x, 67.7% and 67.7%, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(2) See "*The Borrower and the Borrower Sponsors*" below for further details.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Mortgage Rate represents the *per annum* interest rate associated with the Crossgates Mall Senior
Loan. The *per annum* interest rate associated with the Crossgates Mall Trust Subordinate Companion Loan (as defined below) is 14.0000%
and the weighted average *per annum* interest rate for the Crossgates Mall Whole Loan is 10.6618497109827%.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Defeasance of the Crossgates Mall Whole Loan is permitted at any time after the date that is two years
after the closing date of the securitization that includes the last note to be securitized. The assumed defeasance lockout period of 24
payments is based on the anticipated closing date of the WFCM 2025-5C7 securitization trust in December 2025. The actual defeasance lockout
period may be longer.

&nbsp;&nbsp;&nbsp;&nbsp;(5) See "*Escrows and Reserves*" below for further discussion of reserve information.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Other Reserves consists of (i) an upfront reserve with respect to the outstanding free rents, rent abatements
or other rent concessions, (ii) a springing monthly Material Tenant (as defined below) reserve and (iii) a springing monthly debt service
coverage ratio ("DSCR") trigger suspension funds reserve. See "*Escrows and Reserves*" and "*Lockbox and Cash Management*" below for further details.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Size does not include Macy's (200,000 SF), which is tenant-owned.

&nbsp;&nbsp;&nbsp;&nbsp;(8) Includes specialty tenants (143,829 SF).

&nbsp;&nbsp;&nbsp;&nbsp;(9) The conversion amount of $35.0 million was used to convert (i) $20.0 million into the Crossgates Mall
Mezzanine Loan and (ii) $15.0 million into Borrower Sponsor Equity.

***The Mortgage Loan.*** The ninth largest mortgage loan (the "Crossgates Mall Mortgage Loan") is part of a whole loan evidenced by six *pari passu* senior promissory notes in the aggregate original principal amount of $105,000,000 (the "Crossgates Mall Senior Loan") and a subordinate B-Note in the original principal amount of $68,000,000 that is subordinate to the Crossgates Mall Senior Loan (the "Crossgates Mall Trust Subordinate Companion Loan", and together with the Crossgates Mall Senior Loan, the "Crossgates Mall Whole Loan"). The Crossgates Mall Whole Loan is secured by the borrower's first priority fee interest in a super regional mall located in Albany, New York (the "Crossgates Mall Property"). The Crossgates Mall Mortgage Loan is evidenced by the non-controlling Note A-2 and Note A-3, with an aggregate original principal balance of $35,000,000. The Crossgates Mall Whole Loan will be serviced pursuant to the pooling and servicing agreement for the WFCM 2025-5C7 transaction until such time Note A-1 is securitized after which it will be

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES 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 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Super Regional Mall | &nbsp;&nbsp;Loan #9 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$35000000 |
| &nbsp;&nbsp;1 Crossgates Mall Road | &nbsp;&nbsp;**Crossgates Mall** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;36.8% |
| &nbsp;&nbsp;Albany, NY 12203 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.68x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;25.2% |

---

serviced pursuant to the securitization trust to which Note A-1 is contributed. See "*Description of the Mortgage Pool—The Whole Loans—The Serviced AB Whole Loans—The Crossgates Malls Whole Loan*" and "*Pooling and Servicing Agreement—Servicing of the Servicing Shift Mortgage Loan*" in the prospectus.

The table below identifies the promissory notes that comprise the Crossgates Mall Whole Loan:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Crossgates Mall Whole Loan Summary** | &nbsp;&nbsp;**Crossgates Mall Whole Loan Summary** | &nbsp;&nbsp;**Crossgates Mall Whole Loan Summary** | &nbsp;&nbsp;**Crossgates Mall Whole Loan Summary** | &nbsp;&nbsp;**Crossgates Mall Whole Loan Summary** |
| &nbsp;&nbsp;**Note** | &nbsp;&nbsp;**Original Balance** | &nbsp;&nbsp;**Cut-off Date Balance** | &nbsp;&nbsp;**Note Holder** | &nbsp;&nbsp;**Controlling Note** |
| &nbsp;&nbsp;A-1<sup>(1)</sup> | &nbsp;&nbsp;$55000000 | &nbsp;&nbsp;$55000000 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;**A-2** | &nbsp;&nbsp;**$25000000** | &nbsp;&nbsp;**$25000000** | &nbsp;&nbsp;**WFCM 2025-5C7** | &nbsp;&nbsp;**No** |
| &nbsp;&nbsp;**A-3** | &nbsp;&nbsp;**$10000000** | &nbsp;&nbsp;**$10000000** | &nbsp;&nbsp;**WFCM 2025-5C7** | &nbsp;&nbsp;**No** |
| &nbsp;&nbsp;A-4<sup>(1)</sup> | &nbsp;&nbsp;$5000000 | &nbsp;&nbsp;$5000000 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;No |
| &nbsp;&nbsp;A-5<sup>(1)</sup> | &nbsp;&nbsp;$5000000 | &nbsp;&nbsp;$5000000 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;No |
| &nbsp;&nbsp;A-6<sup>(1)</sup> | &nbsp;&nbsp;$5000000 | &nbsp;&nbsp;$5000000 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**Senior Loan** | &nbsp;&nbsp;**$105000000** | &nbsp;&nbsp;**$105000000** |  |  |
| &nbsp;&nbsp;**B<sup>(2)</sup>** | &nbsp;&nbsp;**$68000000** | &nbsp;&nbsp;**$68000000** | &nbsp;&nbsp; **WFCM 2025-5C7**<br> **(loan-specific certificates)** | &nbsp;&nbsp;**No<sup>(3)</sup>** |
| &nbsp;&nbsp;**Whole Loan** | &nbsp;&nbsp;**$173000000** | &nbsp;&nbsp;**$173000000** |  |  |

---

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

(2) Note B serves as collateral only with respect to the loan-specific certificates related to Crossgates
Mall Trust Subordinate Companion Loan (the "Crossgates Mall Loan-Specific Certificates"). The Crossgates Mall Trust Subordinate
Companion Loan is not part of the pool of mortgage loans securing the WFCM 2025-5C7 pooled certificates. See "*Description of the Mortgage Pool—The Whole Loans—The Serviced AB Whole Loans—The Crossgates Mall Whole Loan*" in the prospectus.

(3) Pursuant to the related the co-lender agreement, the holder of Note B is the controlling noteholder unless
a "control appraisal period" has occurred and is continuing under such agreement, in which case Note A-1 will become the controlling
noteholder. For so long as the Crossgates Mall Trust Subordinate Companion Loan is included in the WFCM 2025-5C7 securitization and no
control appraisal event has occurred, such rights will be exercised by the controlling class representative of the WFCM 2025-5C7 Crossgates
Mall Loan-Specific Certificates.

***The Borrower and the Borrower Sponsors.*** The borrower under the Crossgates Mall Whole Loan is XG Mall Company, LLC, a Delaware limited liability company and single purpose entity with at least one independent director in its organizational structure. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Crossgates Mall Whole Loan. The borrower sponsors and non-recourse carveout guarantors are Madeira Associates, Bruce A. Kenan, Andrew M. Von Deak, Bruce A. Kenan Living Trust, Leonard Leveen Revocable Trust, Donald W. Hollings, Jr. 2003 Revocable Trust, Joseph Stockwell, Gary L. Dower, 2018 Tuozzolo CPT Trust and The Robert J. Congel Amended and Restated Declaration of Trust, as amended.

***The Property.*** The Crossgates Mall Property is a 1,504,884 SF super regional mall property located in Albany, New York. The Crossgates Mall Property was built in 1983 with expansions in 1994 and from 2013 to 2015. The Crossgates Mall Property consist of a two- and three-story enclosed mall situated on a 109.93-acre site with 6,469 surface parking spaces (4.30 spaces per owned 1,000 SF). The Crossgates Mall Property is anchored by J.C. Penney, Regal Crossgates 18, Dick's Sporting Goods, Inc. ("Dick's Sporting Goods"), Best Buy and Going Going Gone and shadow anchored by Macy's (200,000 SF). Macy's is under separate ownership and is not part of the collateral for the Crossgates Mall Whole Loan. Macy's serves as a non-collateral shadow anchor of the Crossgates Mall Property. Notable tenants at the Crossgates Mall Property include Apple, REI, Regal Crossgates 18, Primark, H&M, Zara, lululemon athletica, Aeropostale, American Eagle Outfitters, Gap/Gap Kids, Old Navy, Banana Republic, Bath & Body Works, Express and Five Below.

As of October 31, 2025, the Crossgates Mall Property was 89.1% leased including specialty tenants. From 2019 through 2024, the borrower sponsors spent approximately $4.7 million on capital improvements at the Crossgates Mall Property including new mall entrances, upgraded soft seating areas, interior and exterior landscaping, enhanced lighting features, updated signage, and new floor tile.

***Major Tenants.*** The three largest tenants based on SF are J.C. Penney, Regal Crossgates 18 and Dick's Sporting Goods.

*J.C. Penney (179,964 SF; 12.0% of NRA; 2.6% of underwritten annual rent).* Founded in 1902, J.C. Penney is a retailer of apparel, home, jewelry, and beauty merchandise. J.C. Penney has a portfolio of private and national brands of quality and value including private brands like Liz Claiborne®, Stafford®, okie dokie™, and Worthington™. J.C. Penney stores provide many services outside of apparel, including salon, optical, portrait, and in-store events at the kids zone or suit up shopping experiences with students from colleges and universities across the country. J.C. Penney has been a tenant at the Crossgates Mall Property since July 1994.

*Regal Crossgates 18 (100,000 SF; 6.6% of NRA; 3.8% of underwritten annual rent).* Regal (aka Regal Entertainment Group), a subsidiary of the British company Cineworld Group, is an American movie theater chain founded in 1989 and is headquartered in Knoxville, Tennessee. After being acquired by Cineworld Group in 2018, it became the second largest movie theater chain in the world, consisting of 5,774 screens in 425 theatres in 41 states along with the District of Columbia and Guam as of May 31, 2024. Regal Crossgates 18 has been a tenant at the Crossgates Mall Property since July 1997.

*Dick's Sporting Goods (80,000 SF; 5.3% of NRA; 3.2% of underwritten annual rent).* Dick's Sporting Goods (Moody's/S&P: Baa2/BBB) founded and incorporated in 1948 in New York is a leading omnichannel sporting goods retailer offering an extensive assortment of authentic, high-quality sports equipment, apparel, footwear and accessories. As of February 1, 2025, Dick's Sporting Goods operated 723 Dick's Sporting Goods locations across the United States. Dick's Sporting Goods has been a tenant at the Crossgates Mall Property since November 2009.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Super Regional Mall | &nbsp;&nbsp;Loan #9 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$35000000 |
| &nbsp;&nbsp;1 Crossgates Mall Road | &nbsp;&nbsp;**Crossgates Mall** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;36.8% |
| &nbsp;&nbsp;Albany, NY 12203 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.68x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;25.2% |

---

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** |
| &nbsp;&nbsp;**Tenant Name** | &nbsp;&nbsp;**Credit Rating (Moody's/ Fitch/S&P)<sup>(2)</sup>** | &nbsp;&nbsp;**Tenant SF** | &nbsp;&nbsp;**% of Total SF** | &nbsp;&nbsp;**Annual UW Rent** | &nbsp;&nbsp;**% of Total Annual UW Rent** | &nbsp;&nbsp;**Annual UW Rent PSF** | &nbsp;&nbsp;**TTM 5/31/2025 Sales $** | &nbsp;&nbsp;**Sales PSF** | &nbsp;&nbsp;**Occ Cost %** | &nbsp;&nbsp;**Lease Expiration** | &nbsp;&nbsp;**Renewal Options** |
| &nbsp;&nbsp;**Major Tenants** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;J.C. Penney | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;179964 | &nbsp;&nbsp;12.0% | &nbsp;&nbsp;$670217 | &nbsp;&nbsp;2.6% | &nbsp;&nbsp;$3.72 | &nbsp;&nbsp;$8503194 | &nbsp;&nbsp;$47 | &nbsp;&nbsp;9.4% | &nbsp;&nbsp;5/31/2028 | &nbsp;&nbsp;4 x 5 yrs &nbsp;&nbsp;N |
| &nbsp;&nbsp;Regal Crossgates 18 | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;100000 | &nbsp;&nbsp;6.6% | &nbsp;&nbsp;$1000000 | &nbsp;&nbsp;3.8% | &nbsp;&nbsp;$10.00 | &nbsp;&nbsp;$6779893 | &nbsp;&nbsp;$68 | &nbsp;&nbsp;14.7% | &nbsp;&nbsp;12/31/2028 | &nbsp;&nbsp;1 x 5 yrs &nbsp;&nbsp;N |
| &nbsp;&nbsp;Dick's Sporting Goods | &nbsp;&nbsp;Baa2/NR/BBB | &nbsp;&nbsp;80000 | &nbsp;&nbsp;5.3% | &nbsp;&nbsp;$840000 | &nbsp;&nbsp;3.2% | &nbsp;&nbsp;$10.50 | &nbsp;&nbsp;$21071582 | &nbsp;&nbsp;$263 | &nbsp;&nbsp;8.1% | &nbsp;&nbsp;1/31/2030 | &nbsp;&nbsp;3 x 5 yrs &nbsp;&nbsp;N |
| &nbsp;&nbsp;APEX Entertainment Center | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;50030 | &nbsp;&nbsp;3.3% | &nbsp;&nbsp;$577500 | &nbsp;&nbsp;2.2% | &nbsp;&nbsp;$11.54 | &nbsp;&nbsp;$2808017 | &nbsp;&nbsp;$56 | &nbsp;&nbsp;31.0% | &nbsp;&nbsp;12/17/2029 | &nbsp;&nbsp;2 x 5 yrs &nbsp;&nbsp;N |
| &nbsp;&nbsp;Best Buy | &nbsp;&nbsp;A3/NR/BBB+ | &nbsp;&nbsp;50000 | &nbsp;&nbsp;3.3% | &nbsp;&nbsp;$965500 | &nbsp;&nbsp;3.7% | &nbsp;&nbsp;$19.31 | &nbsp;&nbsp;$82000000 | &nbsp;&nbsp;$1640 | &nbsp;&nbsp;1.5% | &nbsp;&nbsp;3/31/2030 | &nbsp;&nbsp;3 x 5 yrs &nbsp;&nbsp;N |
| &nbsp;&nbsp;Going Going Gone | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;50000 | &nbsp;&nbsp;3.3% | &nbsp;&nbsp;$468293 | &nbsp;&nbsp;1.8% | &nbsp;&nbsp;$9.37 | &nbsp;&nbsp;$7400000 | &nbsp;&nbsp;$148 | &nbsp;&nbsp;6.3% | &nbsp;&nbsp;1/31/2030 | &nbsp;&nbsp;1 x 5 yrs &nbsp;&nbsp;N |
| &nbsp;&nbsp;Primark | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;45992 | &nbsp;&nbsp;3.1% | &nbsp;&nbsp;$915133 | &nbsp;&nbsp;3.5% | &nbsp;&nbsp;$19.90 | &nbsp;&nbsp;$14400000 | &nbsp;&nbsp;$313 | &nbsp;&nbsp;6.4% | &nbsp;&nbsp;1/31/2034 | &nbsp;&nbsp;3 x 5 yrs &nbsp;&nbsp;N |
| &nbsp;&nbsp;Zara | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;33376 | &nbsp;&nbsp;2.2% | &nbsp;&nbsp;$958044 | &nbsp;&nbsp;3.7% | &nbsp;&nbsp;$28.70 | &nbsp;&nbsp;$5601017 | &nbsp;&nbsp;$168 | &nbsp;&nbsp;17.5% | &nbsp;&nbsp;1/31/2028 | &nbsp;&nbsp;1 x 5 yrs &nbsp;&nbsp;N |
| &nbsp;&nbsp;Dave & Buster's | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;33154 | &nbsp;&nbsp;2.2% | &nbsp;&nbsp;$882559 | &nbsp;&nbsp;3.4% | &nbsp;&nbsp;$26.62 | &nbsp;&nbsp;$9408052 | &nbsp;&nbsp;$284 | &nbsp;&nbsp;14.3% | &nbsp;&nbsp;8/23/2028 | &nbsp;&nbsp;3 x 5 yrs &nbsp;&nbsp;N |
| &nbsp;&nbsp;Ashley Furniture<sup>(3)</sup> | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;33045 | &nbsp;&nbsp;2.2% | &nbsp;&nbsp;$267474 | &nbsp;&nbsp;1.0% | &nbsp;&nbsp;$8.09 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;5/14/2036 |  |
| &nbsp;&nbsp;**Major Tenants Subtotal/Wtd. Avg.** | &nbsp;&nbsp;**Major Tenants Subtotal/Wtd. Avg.** | &nbsp;&nbsp;**655561** | &nbsp;&nbsp;**43.6%** | &nbsp;&nbsp;**$7544720** | &nbsp;&nbsp;**29.0%** | &nbsp;&nbsp;**$11.51** |  |  |  |  |  |
| &nbsp;&nbsp;Other Tenants |  | &nbsp;&nbsp;541804 | &nbsp;&nbsp;36.0% | &nbsp;&nbsp;$18498100 | &nbsp;&nbsp;71.0% | &nbsp;&nbsp;$34.14 |  |  |  |  |  |
| &nbsp;&nbsp;**Occupied Subtotal/Wtd. Avg.** | &nbsp;&nbsp;**Occupied Subtotal/Wtd. Avg.** | &nbsp;&nbsp;**1197365** | &nbsp;&nbsp;**79.6%** | &nbsp;&nbsp;**$26042820** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$21.75** |  |  |  |  |  |
| &nbsp;&nbsp;Vacant Space<sup>(4)</sup> |  | &nbsp;&nbsp;307519 | &nbsp;&nbsp;20.4% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Total/Wtd. Avg.** |  | &nbsp;&nbsp;**1504884** | &nbsp;&nbsp;**100.0%** |  |  |  |  |  |  |  |  |

---

(1) Information is based on the underwritten rent roll dated October 31, 2025, with contractual rent steps
totaling $373,305 through November 30, 2026.

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

(3) Ashley Furniture recently signed its lease and has an expected opening date of May 2026.

(4) Includes specialty tenants (143,829 SF).

The following table presents certain information relating to the lease rollover schedule at the Crossgates Mall Property:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** |
| &nbsp;&nbsp;**Year** | &nbsp;&nbsp;**# of Leases Rolling** | &nbsp;&nbsp;**SF Rolling** | &nbsp;&nbsp;**Approx. % of SF Rolling** | &nbsp;&nbsp;**Approx. Cumulative % of SF Rolling** | &nbsp;&nbsp;**Total UW Rent Rolling** | &nbsp;&nbsp;**Approx. % of Total UW Rent Rolling** | &nbsp;&nbsp;**Approx. Cumulative % of Total UW Rent Rolling** | &nbsp;&nbsp;**UW Rent PSF Rolling** |
| &nbsp;&nbsp;MTM/2025 | &nbsp;&nbsp;8 | &nbsp;&nbsp;28451 | &nbsp;&nbsp;1.9% | &nbsp;&nbsp;1.9% | &nbsp;&nbsp;$1552724 | &nbsp;&nbsp;6.0% | &nbsp;&nbsp;6.0% | &nbsp;&nbsp;$54.58 |
| &nbsp;&nbsp;2026 | &nbsp;&nbsp;18 | &nbsp;&nbsp;88554 | &nbsp;&nbsp;5.9% | &nbsp;&nbsp;7.8% | &nbsp;&nbsp;$2499266 | &nbsp;&nbsp;9.6% | &nbsp;&nbsp;15.6% | &nbsp;&nbsp;$28.22 |
| &nbsp;&nbsp;2027 | &nbsp;&nbsp;17 | &nbsp;&nbsp;96218 | &nbsp;&nbsp;6.4% | &nbsp;&nbsp;14.2% | &nbsp;&nbsp;$3207999 | &nbsp;&nbsp;12.3% | &nbsp;&nbsp;27.9% | &nbsp;&nbsp;$33.34 |
| &nbsp;&nbsp;2028 | &nbsp;&nbsp;27 | &nbsp;&nbsp;425324 | &nbsp;&nbsp;28.3% | &nbsp;&nbsp;42.4% | &nbsp;&nbsp;$7086117 | &nbsp;&nbsp;27.2% | &nbsp;&nbsp;55.1% | &nbsp;&nbsp;$16.66 |
| &nbsp;&nbsp;2029 | &nbsp;&nbsp;11 | &nbsp;&nbsp;103201 | &nbsp;&nbsp;6.9% | &nbsp;&nbsp;49.3% | &nbsp;&nbsp;$1952094 | &nbsp;&nbsp;7.5% | &nbsp;&nbsp;62.6% | &nbsp;&nbsp;$18.92 |
| &nbsp;&nbsp;2030 | &nbsp;&nbsp;12 | &nbsp;&nbsp;207190 | &nbsp;&nbsp;13.8% | &nbsp;&nbsp;63.1% | &nbsp;&nbsp;$3807149 | &nbsp;&nbsp;14.6% | &nbsp;&nbsp;77.2% | &nbsp;&nbsp;$18.38 |
| &nbsp;&nbsp;2031 | &nbsp;&nbsp;10 | &nbsp;&nbsp;49757 | &nbsp;&nbsp;3.3% | &nbsp;&nbsp;66.4% | &nbsp;&nbsp;$1496144 | &nbsp;&nbsp;5.7% | &nbsp;&nbsp;82.9% | &nbsp;&nbsp;$30.07 |
| &nbsp;&nbsp;2032 | &nbsp;&nbsp;6 | &nbsp;&nbsp;24910 | &nbsp;&nbsp;1.7% | &nbsp;&nbsp;68.0% | &nbsp;&nbsp;$978369 | &nbsp;&nbsp;3.8% | &nbsp;&nbsp;86.7% | &nbsp;&nbsp;$39.28 |
| &nbsp;&nbsp;2033 | &nbsp;&nbsp;1 | &nbsp;&nbsp;5768 | &nbsp;&nbsp;0.4% | &nbsp;&nbsp;68.4% | &nbsp;&nbsp;$160180 | &nbsp;&nbsp;0.6% | &nbsp;&nbsp;87.3% | &nbsp;&nbsp;$27.77 |
| &nbsp;&nbsp;2034 | &nbsp;&nbsp;10 | &nbsp;&nbsp;90925 | &nbsp;&nbsp;6.0% | &nbsp;&nbsp;74.4% | &nbsp;&nbsp;$2362436 | &nbsp;&nbsp;9.1% | &nbsp;&nbsp;96.4% | &nbsp;&nbsp;$25.98 |
| &nbsp;&nbsp;2035 | &nbsp;&nbsp;4 | &nbsp;&nbsp;13472 | &nbsp;&nbsp;0.9% | &nbsp;&nbsp;75.3% | &nbsp;&nbsp;$451070 | &nbsp;&nbsp;1.7% | &nbsp;&nbsp;98.1% | &nbsp;&nbsp;$33.48 |
| &nbsp;&nbsp;2036 & Thereafter<sup>(3)</sup> | &nbsp;&nbsp;4 | &nbsp;&nbsp;63595 | &nbsp;&nbsp;4.2% | &nbsp;&nbsp;79.6% | &nbsp;&nbsp;$489271 | &nbsp;&nbsp;1.9% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$7.69 |
| &nbsp;&nbsp;Vacant<sup>(4)</sup> | &nbsp;&nbsp;0 | &nbsp;&nbsp;307519 | &nbsp;&nbsp;20.4% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;**Total/Wtd. Avg.** | &nbsp;&nbsp;**128** | &nbsp;&nbsp;**1504884** | &nbsp;&nbsp;**100.0%** |  | &nbsp;&nbsp;**$26042820** | &nbsp;&nbsp;**100.0%** |  | &nbsp;&nbsp;**$21.75** |

---

(1) Information is based on the underwritten rent roll dated October 31, 2025, with contractual rent steps totaling $373,305 through November
30, 2026.

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

(3) Includes Ashley Furniture, which has recently signed its lease and has an expected opening date of May 2026.

(4) Includes specialty tenants (143,829 SF).

 ****

***The Market*.** The Crossgates Mall Property is located in Albany, New York. The city of Albany borders Schenectady County, New York, including the towns of Princetown and Rotterdam on the northern and western edges as well as the towns of Berne, Colonie and New Scotland. Albany is the state capital of New York and is located approximately 150 miles north of New York City and approximately 235 miles south of Montreal, Canada. The Crossgates Mall Property is located at the intersection of Interstates 87 and 90. Adjacent land uses include retail, office, and residential. To the northwest across the Washington Avenue Extension, is Crossgates Commons, a two-story, 690,000 SF power center anchored by Home Depot and Walmart. To the east of the

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 93 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Super Regional Mall | &nbsp;&nbsp;Loan #9 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$35000000 |
| &nbsp;&nbsp;1 Crossgates Mall Road | &nbsp;&nbsp;**Crossgates Mall** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;36.8% |
| &nbsp;&nbsp;Albany, NY 12203 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.68x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;25.2% |

---

Crossgates Mall Property, across Interstate 87, are several office buildings as well as Stuyvesant Plaza, a 235,000 SF, lifestyle center. The Crossgates Mall Property's location, which includes both Crossgates Mall and Crossgates Commons, represents the dominant retail hub for the Albany metro area. According to a third-party market research report, the Crossgates Mall experiences a high traffic count paired with strong visibility with approximately 42,092 daily vehicles at the intersection of US 20 and Church Road.

According to a third-party market research report, the Crossgates Mall Property is located in the Albany - NY retail market within the W Outer Albany County retail submarket. As of October 2025, W Outer Albany County retail submarket contained 6,751,996 SF of retail inventory space with an average rent of $22.93 PSF and a vacancy rate of 5.7%. As of year-end 2024, the W Outer Albany County retail submarket contained 6,751,918 SF of retail inventory space with an average rent of $22.62 and a vacancy rate of 5.6%.

According to a third-party market research report, the estimated 2025 population within a one-, three- and five-mile radius of the Crossgates Mall Property is 6,204, 55,795 and 159,519, respectively, and the estimated 2025 average household income within the same radii is $109,678, $111,482 and $109,804, respectively.

The following table presents certain information relating to the appraisal's market rent conclusions for the Crossgates Mall 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;**Property Name/Location** | &nbsp;&nbsp;**Detailed Property Type** | &nbsp;&nbsp;**Year Built/ Renovated** | &nbsp;&nbsp;**Total GLA (SF)** | &nbsp;&nbsp;**Anchor Tenant** | &nbsp;&nbsp;**Anchor GLA (SF)** | &nbsp;&nbsp;**Lease Date/Term (Years)** | &nbsp;&nbsp;**Annual Base Rent PSF** | &nbsp;&nbsp;**Lease Type** |
| &nbsp;&nbsp; **Crossgates Mall**<br> **1 Crossgates Mall Road**<br> **Albany, NY** | &nbsp;&nbsp;**Super Regional Mall** | &nbsp;&nbsp; **1983, 1994 and** <br> **2013-2015/NAP** | &nbsp;&nbsp;**1504884<sup>(2)</sup>** | &nbsp;&nbsp;**J.C. Penney<sup>(2)</sup>** | &nbsp;&nbsp;**179964<sup>(2)</sup>** | &nbsp;&nbsp;**Jul-94/33.8<sup>(2)</sup>** | &nbsp;&nbsp;**$3.72<sup>(2)</sup>** | &nbsp;&nbsp;**Net<sup>(2)</sup>** |
| &nbsp;&nbsp; Market32 Plaza<br> 1355 New Scotland Road<br> Slingerlands, NY | &nbsp;&nbsp;Neighborhood Center | &nbsp;&nbsp;1998/2021 | &nbsp;&nbsp;95433 | &nbsp;&nbsp;Market 32 (Price Chopper) | &nbsp;&nbsp;73743 | &nbsp;&nbsp;Jun-23/13.0 | &nbsp;&nbsp;$14.49 | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp; Walden Galleria<br> 1 Walden Galleria<br> Buffalo, NY | &nbsp;&nbsp;Super Regional Center/Mall | &nbsp;&nbsp;1989/2013 | &nbsp;&nbsp;1448003 | &nbsp;&nbsp;Primark | &nbsp;&nbsp;47668 | &nbsp;&nbsp;Aug-22/10.0 | &nbsp;&nbsp;$18.75 | &nbsp;&nbsp;Modified Gross |
| &nbsp;&nbsp; Station Twelve<br> 3097 Sheridan Drive<br> Amherst, NY | &nbsp;&nbsp;Community Center | &nbsp;&nbsp;2002/2022 | &nbsp;&nbsp;230240 | &nbsp;&nbsp;At Home | &nbsp;&nbsp;79860 | &nbsp;&nbsp;Jul-22/10.0 | &nbsp;&nbsp;$9.00 | &nbsp;&nbsp;Net |
| &nbsp;&nbsp; Burlington Coat Factory<br> 402-436 Balltown Road<br> Schenectady, NY | &nbsp;&nbsp;Community Center | &nbsp;&nbsp;1976/NAP | &nbsp;&nbsp;NAV | &nbsp;&nbsp;Burlington | &nbsp;&nbsp;26041 | &nbsp;&nbsp;Jan-21/10.0 | &nbsp;&nbsp;$13.50 | &nbsp;&nbsp;Net |
| &nbsp;&nbsp; Staples<br> 24 Maxwell Drive<br> NY | &nbsp;&nbsp;Freestanding | &nbsp;&nbsp;2008/NAP | &nbsp;&nbsp;20388 | &nbsp;&nbsp;Staples | &nbsp;&nbsp;20388 | &nbsp;&nbsp;Mar-19/5.0 | &nbsp;&nbsp;$17.50 | &nbsp;&nbsp;Net |
| &nbsp;&nbsp; Latham Center<br> 221 Wade Road Extension<br> Latham, NY | &nbsp;&nbsp;Power Center | &nbsp;&nbsp;2004/NAP | &nbsp;&nbsp;22827 | &nbsp;&nbsp;Michaels Stores | &nbsp;&nbsp;22827 | &nbsp;&nbsp;Jan-19/10.0 | &nbsp;&nbsp;$12.50 | &nbsp;&nbsp;Net |
| &nbsp;&nbsp; Harbor Freight<br> 1617 U.S. 9<br> Clifton Park, NY | &nbsp;&nbsp;Freestanding Retail Store | &nbsp;&nbsp;NAV | &nbsp;&nbsp;15000 | &nbsp;&nbsp;Harbor Freight | &nbsp;&nbsp;15000 | &nbsp;&nbsp;Oct-17/10.0 | &nbsp;&nbsp;$16.10 | &nbsp;&nbsp;Net |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Information is based on the appraisal.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Information is based on the underwritten rent roll dated October 31, 2025 and excludes Macy's (200,000
SF), which is tenant-owned.

 ****

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Market Rent Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Market Rent Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Market Rent Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Market Rent Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Market Rent Summary<sup>(1)</sup>** |
| &nbsp;&nbsp;**Tenant Category** | &nbsp;&nbsp;**Market Rent** | &nbsp;&nbsp;**Lease Term (Years)** | &nbsp;&nbsp;**Lease Type** | &nbsp;&nbsp;**Escalations** |
| &nbsp;&nbsp;0 - 1,000 SF | &nbsp;&nbsp;$120.00 | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;Modified | &nbsp;&nbsp;1.0% per year |
| &nbsp;&nbsp;1,001 - 2,500 SF | &nbsp;&nbsp;$50.00 | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;Modified | &nbsp;&nbsp;1.0% per year |
| &nbsp;&nbsp;2,501 - 5,000 SF | &nbsp;&nbsp;$35.00 | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;Modified | &nbsp;&nbsp;1.0% per year |
| &nbsp;&nbsp;5,001 - 7,500 SF | &nbsp;&nbsp;$34.00 | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;Modified | &nbsp;&nbsp;1.0% per year |
| &nbsp;&nbsp;7,501 - 10,000 SF | &nbsp;&nbsp;$33.00 | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;Modified | &nbsp;&nbsp;1.0% per year |
| &nbsp;&nbsp;Over 10,000 SF | &nbsp;&nbsp;$25.00 | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;Modified | &nbsp;&nbsp;1.0% per year |
| &nbsp;&nbsp;Jewelry | &nbsp;&nbsp;$80.00 | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;Modified | &nbsp;&nbsp;1.0% per year |
| &nbsp;&nbsp;Restaurants | &nbsp;&nbsp;$25.00 | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;Modified | &nbsp;&nbsp;1.0% per year |
| &nbsp;&nbsp;Food Court | &nbsp;&nbsp;$175.00 | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;Modified | &nbsp;&nbsp;2.5% per year |
| &nbsp;&nbsp;Kiosks | &nbsp;&nbsp;$500.00 | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;Modified | &nbsp;&nbsp;2.5% per year |
| &nbsp;&nbsp;Majors | &nbsp;&nbsp;$15.00 | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;Gross | &nbsp;&nbsp;10.0% in year 6 |
| &nbsp;&nbsp;Majors - 3rd Level | &nbsp;&nbsp;$14.00 | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;Gross | &nbsp;&nbsp;10.0% in year 6 |
| &nbsp;&nbsp;Cinema | &nbsp;&nbsp;$18.00 | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;Gross | &nbsp;&nbsp;10.0% in year 6 |
| &nbsp;&nbsp;Anchors | &nbsp;&nbsp;$3.00 | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;Gross | &nbsp;&nbsp;10.0% in year 6 |

---

 <br> (1) Information is based on the 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. |
| 94 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Super Regional Mall | &nbsp;&nbsp;Loan #9 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$35000000 |
| &nbsp;&nbsp;1 Crossgates Mall Road | &nbsp;&nbsp;**Crossgates Mall** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;36.8% |
| &nbsp;&nbsp;Albany, NY 12203 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.68x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;25.2% |

---

***Appraisal.*** The appraisal concluded to an "as-is" appraised value for the Crossgates Mall Property of $285,000,000 as of October 7, 2025.

***Environmental Matters.*** According to the Phase I environmental report dated October 10, 2025, there was no evidence of any recognized environmental conditions at the Crossgates Mall Property.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** |
|  | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**TTM 6/30/2025** | &nbsp;&nbsp;**UW** | &nbsp;&nbsp;**UW PSF** |
| &nbsp;&nbsp;Base Rent<sup>(1)</sup> | &nbsp;&nbsp;$27097102 | &nbsp;&nbsp;$26340556 | &nbsp;&nbsp;$26006107 | &nbsp;&nbsp;$25514777 | &nbsp;&nbsp;$26042820 | &nbsp;&nbsp;$17.31 |
| &nbsp;&nbsp;Percentage Rent | &nbsp;&nbsp;1141916 | &nbsp;&nbsp;1127799 | &nbsp;&nbsp;1418601 | &nbsp;&nbsp;1376525 | &nbsp;&nbsp;1678893 | &nbsp;&nbsp;1.12 |
| &nbsp;&nbsp;Grossed Up Vacant Space | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 11997262 | &nbsp;&nbsp; 7.97 |
| &nbsp;&nbsp;**Gross Potential Rent** | &nbsp;&nbsp;**$28239019** | &nbsp;&nbsp;**$27468355** | &nbsp;&nbsp;**$27424708** | &nbsp;&nbsp;**$26891301** | &nbsp;&nbsp;**$39718975** | &nbsp;&nbsp;**$26.39** |
| &nbsp;&nbsp;Other Income | &nbsp;&nbsp;3498149 | &nbsp;&nbsp;3609421 | &nbsp;&nbsp;3367027 | &nbsp;&nbsp;3203256 | &nbsp;&nbsp;3203256 | &nbsp;&nbsp;2.13 |
| &nbsp;&nbsp;Total Recoveries | &nbsp;&nbsp; 9065703 | &nbsp;&nbsp; 8858033 | &nbsp;&nbsp; 7321446 | &nbsp;&nbsp; 9116812 | &nbsp;&nbsp; 9110720 | &nbsp;&nbsp; 6.05 |
| &nbsp;&nbsp;**Net Rental Income** | &nbsp;&nbsp;**$40802870** | &nbsp;&nbsp;**$39935809** | &nbsp;&nbsp;**$38113181** | &nbsp;&nbsp;**$39211369** | &nbsp;&nbsp;**$52032951** | &nbsp;&nbsp;**$34.58** |
| &nbsp;&nbsp;(Vacancy & Credit Loss) | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (11997262) | &nbsp;&nbsp; (7.97) |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$40802870** | &nbsp;&nbsp;**$39935809** | &nbsp;&nbsp;**$38113181** | &nbsp;&nbsp;**$39211369** | &nbsp;&nbsp;**$40035689** | &nbsp;&nbsp;**$26.60** |
| &nbsp;&nbsp;Real Estate Taxes | &nbsp;&nbsp;$6405700 | &nbsp;&nbsp;$6268217 | &nbsp;&nbsp;$4909827 | &nbsp;&nbsp;$4890157 | &nbsp;&nbsp;$4165178 | &nbsp;&nbsp;$2.77 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;552043 | &nbsp;&nbsp;487288 | &nbsp;&nbsp;635265 | &nbsp;&nbsp;554337 | &nbsp;&nbsp;520024 | &nbsp;&nbsp;0.35 |
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp;1426458 | &nbsp;&nbsp;1241523 | &nbsp;&nbsp;1113701 | &nbsp;&nbsp;1080371 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;0.66 |
| &nbsp;&nbsp;Other Operating Expenses | &nbsp;&nbsp; 6790438 | &nbsp;&nbsp; 7610046 | &nbsp;&nbsp; 7715041 | &nbsp;&nbsp; 7911543 | &nbsp;&nbsp; 7911543 | &nbsp;&nbsp; 5.26 |
| &nbsp;&nbsp;**Total Expenses** | &nbsp;&nbsp;**$15174639** | &nbsp;&nbsp;**$15607075** | &nbsp;&nbsp;**$14373834** | &nbsp;&nbsp;**$14436408** | &nbsp;&nbsp;**$13596745** | &nbsp;&nbsp;**$9.04** |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$25628230** | &nbsp;&nbsp;**$24328734** | &nbsp;&nbsp;**$23739347** | &nbsp;&nbsp;**$24774961** | &nbsp;&nbsp;**$26438944** | &nbsp;&nbsp;**$17.57** |
| &nbsp;&nbsp;Replacement Reserves | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;300977 | &nbsp;&nbsp;0.20 |
| &nbsp;&nbsp;TI/LC | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1881105 | &nbsp;&nbsp; 1.25 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$25628230** | &nbsp;&nbsp;**$24328734** | &nbsp;&nbsp;**$23739347** | &nbsp;&nbsp;**$24774961** | &nbsp;&nbsp;**$24256862** | &nbsp;&nbsp;**$16.12** |
| &nbsp;&nbsp;**Occupancy %<sup>(2)</sup>** | &nbsp;&nbsp;**90.4%** | &nbsp;&nbsp;**91.3%** | &nbsp;&nbsp;**88.3%** | &nbsp;&nbsp;**89.6%** | &nbsp;&nbsp;**75.4%** |  |
| &nbsp;&nbsp;**NOI DSCR<sup>(3)</sup>** | &nbsp;&nbsp;**2.83x** | &nbsp;&nbsp;**2.69x** | &nbsp;&nbsp;**2.62x** | &nbsp;&nbsp;**2.74x** | &nbsp;&nbsp;**2.92x** |  |
| &nbsp;&nbsp;**NCF DSCR<sup>(3)</sup>** | &nbsp;&nbsp;**2.83x** | &nbsp;&nbsp;**2.69x** | &nbsp;&nbsp;**2.62x** | &nbsp;&nbsp;**2.74x** | &nbsp;&nbsp;**2.68x** |  |
| &nbsp;&nbsp;**NOI Debt Yield<sup>(3)</sup>** | &nbsp;&nbsp;**24.4%** | &nbsp;&nbsp;**23.2%** | &nbsp;&nbsp;**22.6%** | &nbsp;&nbsp;**23.6%** | &nbsp;&nbsp;**25.2%** |  |
| &nbsp;&nbsp;**NCF Debt Yield<sup>(3)</sup>** | &nbsp;&nbsp;**24.4%** | &nbsp;&nbsp;**23.2%** | &nbsp;&nbsp;**22.6%** | &nbsp;&nbsp;**23.6%** | &nbsp;&nbsp;**23.1%** |  |

---

(1) Information is based on the underwritten rent roll dated October 31, 2025, with contractual rent steps
totaling $373,305 through November 30, 2026.

(2) The UW Occupancy % represents the in-place economic occupancy. Historical occupancies represent physical
occupancies. UW Occupancy % based on physical occupancy is 89.1% as of October 31, 2025 including specialty tenants (143,829 SF).

(3) Based on the Crossgates Mall Senior Loan.

 ****

***Escrows and Reserves.***

*Real Estate Taxes* – The Crossgates Mall Whole Loan documents require an upfront deposit of approximately $1,388,393 and ongoing monthly reserves for real estate taxes in an amount equal to 1/12th of the real estate taxes that the lender estimates will be payable during the next 12 months, initially approximately $347,098.

*Insurance –* The Crossgates Mall Whole Loan documents require an ongoing monthly insurance reserve in an amount equal to approximately $71,798 commencing on January 6, 2026 through August 6, 2026 and thereafter 1/12th of the insurance premiums that the lender estimates will be payable for the renewal of the coverage afforded by the policies upon the expiration thereof; provided, any and all monthly deposits will be waived to the extent that the insurance requirements under the Crossgates Mall Whole Loan documents are satisfied pursuant to a blanket policy in that (i) such blanket policy is maintained in full force and effect, (ii) the insurance premiums for such blanket policy are not paid in installments or financed and (iii) not less than 15 days prior to the expiration date of such blanket policy, the borrower provides the lender with (a)(1) a certificate of insurance evidencing the renewal of such blanket policy or (2) a certificate of insurance evidencing a new blanket policy approved by the lender and (b) evidence reasonably satisfactory to the lender of the payment in full of the insurance premiums then due thereunder. Notwithstanding the foregoing, there is currently no blanket policy in place.

*Replacement Reserve* – The Crossgates Mall Whole Loan documents require an ongoing monthly replacement reserve deposit of approximately $25,081.

*TI/LC Reserve* – The Crossgates Mall Whole Loan documents require an upfront deposit of $2,000,000 and an ongoing monthly tenant improvements and leasing reserve deposit of approximately $156,759.

*Rent Concession Funds* – The Crossgates Mall Whole Loan documents require an upfront deposit of $1,443,776 with respect to the outstanding free rents, rent abatements or other rent concessions.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 95 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Super Regional Mall | &nbsp;&nbsp;Loan #9 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$35000000 |
| &nbsp;&nbsp;1 Crossgates Mall Road | &nbsp;&nbsp;**Crossgates Mall** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;36.8% |
| &nbsp;&nbsp;Albany, NY 12203 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.68x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;25.2% |

---

*TATILC Reserves* – The Crossgates Mall Whole Loan documents require an upfront deposit of $3,625,903 with respect to the outstanding tenant allowances, tenant improvements and leasing commissions.

*DSCR Trigger Suspension Funds –* If the borrower elects to suspend a Cash Sweep DSCR Trigger Event (as defined below), the borrower will have the right to deposit with or deliver to the lender an amount in cash or a letter of credit (as more particularly described below) that, if applied to pay down the then current outstanding principal balance of the Crossgates Mall Whole Loan, would cause the DSCR to equal at least 1.25x (the "DSCR Trigger Suspension Payment"), to be held as additional collateral for the Crossgates Mall Whole Loan.

***Lockbox / Cash Management.*** The Crossgates Mall Whole Loan is structured with a hard lockbox and in-place cash management. Rents from the Crossgates Mall Property are required to be deposited directly into the lockbox account or, if received by the borrower or the property manager, deposited within two business days of receipt. All funds in the lockbox account are required to be swept each business day to a lender-controlled cash management account and disbursed in accordance with the Crossgates Mall Whole Loan documents, and all excess funds on deposit in the cash management account (after payment of required monthly reserve deposits, debt service payment on the Crossgates Mall Whole Loan and the Crossgates Mall Mezzanine Loan, operating expenses, accrued management fees, as applicable, and cash management bank fees) will be applied as follows: (a) if a Material Tenant Trigger Event (as defined below) has occurred and is continuing, to a Material Tenant rollover reserve (subject to a cap of $220,000 in any calendar month prior to the occurrence of either (i) a redemption in full of CGML Member, LLC's ("CGML Member") interest as class B member in the joint venture between CGML Member and XG Pyramid JV LLC ("Pyramid Member"), or (ii) a foreclosure by the Mezzanine Lender (as defined below), after which there shall be no cap, (b) if a Shadow Anchor Trigger Event (as defined below) has occurred and is continuing, to the TI/LC reserve account, (c) if a Cash Sweep Trigger Event (as defined below) has occurred and is continuing (but not a Material Tenant Trigger Event), to the lender-controlled excess cash flow account, (d) if an event of default under the Crossgates Mall Mezzanine Loan documents has occurred, to the Mezzanine Lender, in accordance with the Crossgates Mall Mezzanine Loan documents or (e) if none of the above have occurred and are continuing, to an account designated by the borrower.

A "Cash Sweep Trigger Event" means a period commencing upon the occurrence of (i) an event of default under the Crossgates Mall Whole Loan documents, (ii) any bankruptcy action involving any of the borrower, the guarantors, the key principals or the property manager or (iii) a Cash Sweep DSCR Trigger Event, and expiring upon (a) with respect to clause (i) above, the cure of such event of default, (b) with respect to clause (ii) above, as to an involuntary filing, either the filing being discharged, stayed or dismissed within 45 days or, if such bankruptcy action relates to a guarantor, such guarantor is replaced in compliance with the Crossgates Mall Whole Loan documents; provided, that the borrower is then in compliance with the single purpose covenants set forth in the Crossgates Mall Whole Loan documents or (c) with respect to clause (iii) above, the DSCR is at least 1.30x for one calendar quarter (without taking into account any DSCR Trigger Suspension Payment or any DSCR Trigger Suspension Renewal Payment(s) (as defined below).

A "Cash Sweep DSCR Trigger Event" means that, as of any date on which the lender determines the DSCR, the DSCR falling below 1.25x; provided, however, that, so long as no other Cash Sweep Trigger Event is continuing, the borrower will have the right to suspend a Cash Sweep DSCR Trigger Event by delivering notice to the lender, within five days after notice from the lender that the DSCR was less than 1.25x as of the applicable date of determination (such notice from the lender, a "DSCR Trigger Notice"), of its intent to deposit, the DSCR Trigger Suspension Payment, and thereafter depositing with the lender, within 15 days after the borrower's receipt of such DSCR Trigger Notice, the DSCR Trigger Suspension Payment in accordance with the Crossgates Mall Whole Loan documents; and provided, further that, on any date after the date upon which DSCR Trigger Suspension Funds are initially deposited into the DSCR Trigger Suspension Funds account in accordance with the Crossgates Mall Whole Loan documents on which the lender determines the DSCR is less than 1.25x (taking into account any DSCR Trigger Suspension Payment plus any DSCR Trigger Suspension Renewal Payment(s) (as defined below) that lender is then holding), the borrower will have the right (but not the obligation) to continue to suspend the Cash Sweep DSCR Trigger Event by delivering notice to the lender, within five days after notice from the lender that the DSCR was less than 1.25x (taking into account any DSCR Trigger Suspension Payment plus any DSCR Trigger Suspension Renewal Payment(s) then being held by the lender) (each such notice from the lender, a "Subsequent DSCR Trigger Notice"), as of the applicable date of determination, of its intent to deposit an additional DSCR Trigger Suspension Renewal Payment, and thereafter depositing with the lender, within 15 days after the borrower's receipt of such Subsequent DSCR Trigger Notice, the DSCR Trigger Suspension Renewal Payment in accordance with the Crossgates Mall Whole Loan documents.

A "DSCR Trigger Suspension Renewal Payment" means an additional letter of credit or cash in an amount equal to the DSCR Trigger Suspension amount as of such date of determination, less the amount of any previously deposited or delivered DSCR Trigger Suspension Payment and DSCR Trigger Suspension Renewal Payment(s) then being held by the lender.

A "Material Tenant Trigger Event" means a period commencing upon the occurrence of (i) a Material Tenant giving written notice to the borrower of its intention to terminate or not extend its Material Tenant lease, (ii) on or prior to the date by which a Material Tenant is required under its Material Tenant lease to notify the borrower of its election to extend such Material Tenant lease, such Material Tenant does not give such notice, (iii) a monetary or material non-monetary event of default under a Material Tenant lease occurring and continuing beyond any applicable notice and/or cure period, (iv) a bankruptcy action of a Material Tenant or a lease guarantor of any Material Tenant lease occurring, (v) a Material Tenant lease being terminated with respect to 20% or more of the applicable Material Tenant space or is no longer in full force and effect, (vi) a Material Tenant "going dark", vacating or ceasing to conduct business in the ordinary course with respect to 20% or more of its space, (vii) a Material Tenant announces or discloses publicly, its intention to relocate or vacate 20% or more of its space or (viii) 20% or more of a Material Tenant's space is marketed for sublease by or on behalf of a Material Tenant and expiring upon (a) with respect to clause (i), (ii), (v), (vi), (vii) or (viii) above, the date that (1) the applicable Material Tenant lease is extended on terms satisfying the requirements of the Crossgates Mall Whole Loan documents or (2) all or substantially all of the applicable Material Tenant space is leased to a replacement tenant, (b) with respect to clause (i) above, the revocation or rescission by the applicable Material Tenant of all termination or non-extension notices with respect to its Material Tenant lease, (c) with respect to clause (iii) above, a cure of the applicable event of default, (d) with respect to clause (iv) above, (w) the dismissal of the applicable bankruptcy action with prejudice, (x) the affirmation of the Material Tenant lease in the applicable bankruptcy proceeding and confirmation that the Material Tenant is actually paying all rents and other amounts under its lease, (y) the assumption of the applicable Material Tenant lease by a third party in a manner reasonably satisfactory to lender and the payment in full of all related rents and other amounts due under such Material Tenant lease or (z) if applicable, the discharge or dismissal of the applicable lease guarantor from the bankruptcy action, (e) with respect to clause (vi) above and if the conditions in clause (i) above are not satisfied, the applicable Material Tenant re-commences its operations at its space or a portion thereof, such that it is no longer "dark", and has not vacated or ceased to operate business at the Crossgates Mall Property or a portion thereof, (f) with respect to clause (vii) above and if the conditions in clause (i) above are not satisfied, the retraction by the Material Tenant of all announcements or disclosures of its intention to relocate or vacate any portion of its Material Tenant space and (g) with respect to clause (viii) above and if the conditions in clause (i) above are not satisfied, the cessation of marketing efforts with respect to its Material Tenant space.

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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. |
| 96 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Retail – Super Regional Mall | &nbsp;&nbsp;Loan #9 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$35000000 |
| &nbsp;&nbsp;1 Crossgates Mall Road | &nbsp;&nbsp;**Crossgates Mall** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;36.8% |
| &nbsp;&nbsp;Albany, NY 12203 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;2.68x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;25.2% |

---

A "Material Tenant" means (i) J.C. Penney, (ii) Dick's Sporting Goods, (iii) Regal Crossgates 18, (iv) Best Buy or (v) any tenant at the Crossgates Mall Property that, together with its affiliates, either (a) leases no less than 5.0% of the total rentable square footage of the Crossgates Mall Property or (b) accounts for (or would account for) no less than 5.0% of the total in-place base rent at the Crossgates Mall Property.

A "Shadow Anchor Trigger Event" means (i) a default by Macy's under the construction, operating and reciprocal easement agreement as further detailed in the Crossgates Mall Whole Loan documents, (ii) any bankruptcy action involving Macy's or (iii) Macy's "going dark", vacating, ceasing to occupy or discontinuing its operations at the parcel adjacent to the Crossgates Mall Property currently occupied by Macy's or a portion thereof and expiring upon the DSCR being at least 1.30x for two consecutive calendar quarters.

***Subordinate Debt.*** The Crossgates Mall Property also secures the Crossgates Mall Trust Subordinate Companion Loan, which has a Cut-off Date principal balance of $68,000,000. The Crossgates Mall Trust Subordinate Companion Loan is coterminous with the Crossgates Mall Senior Loan and accrues interest at a fixed rate *per annum* equal to 14.0000%. The Crossgates Mall Senior Loan is senior in right of payment to the Crossgates Mall Trust Subordinate Companion Loan to the extent set forth in the related co-lender agreement. The holders of the promissory notes evidencing the Crossgates Mall Whole Loan have entered into a co-lender agreement which sets forth the allocation of collections on the Crossgates Mall Whole Loan. See "*Description of the Mortgage Pool—The Whole Loans— The Serviced AB Whole Loans—The Crossgates Mall Whole Loan*" in the prospectus.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Subordinate Note Summary** | &nbsp;&nbsp;**Subordinate Note Summary** | &nbsp;&nbsp;**Subordinate Note Summary** | &nbsp;&nbsp;**Subordinate Note Summary** | &nbsp;&nbsp;**Subordinate Note Summary** | &nbsp;&nbsp;**Subordinate Note Summary** | &nbsp;&nbsp;**Subordinate Note Summary** | &nbsp;&nbsp;**Subordinate Note Summary** | &nbsp;&nbsp;**Subordinate Note Summary** | &nbsp;&nbsp;**Subordinate Note Summary** |
|  | &nbsp;&nbsp;**B-Note Original Principal Balance** | &nbsp;&nbsp;**B-Note Interest Rate** | &nbsp;&nbsp;**Original Term (mos.)** | &nbsp;&nbsp;**Original Amort. Term (mos.)** | &nbsp;&nbsp;**Original IO Term (mos.)** | &nbsp;&nbsp;**Whole Loan UW NCF DSCR** | &nbsp;&nbsp;**Whole Loan UW NOI DY** | &nbsp;&nbsp;**Whole Loan Cutoff Date LTV** | &nbsp;&nbsp;**Whole Loan Maturity Date LTV** |
| &nbsp;&nbsp;Crossgates Mall Trust Subordinate Companion Loan | &nbsp;&nbsp;$68000000 | &nbsp;&nbsp;14.0000% | &nbsp;&nbsp;60 | &nbsp;&nbsp;0 | &nbsp;&nbsp;60 | &nbsp;&nbsp;1.30x | &nbsp;&nbsp;15.3% | &nbsp;&nbsp;60.7% | &nbsp;&nbsp;60.7% |

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***Mezzanine Loan and Preferred Equity*.** Concurrently with the funding of the Crossgates Mall Whole Loan, CGML Lender, LLC (the "Mezzanine Lender") funded a mezzanine loan in the amount of $20,000,000 to be secured by the mezzanine borrower's interests in the borrower as collateral for the Crossgates Mall mezzanine loan (the "Crossgates Mall Mezzanine Loan"). The Crossgates Mall Mezzanine Loan is coterminous with the Crossgates Mall Whole Loan. The Crossgates Mall Mezzanine Loan accrues interest at a rate of 20.0000% *per annum* to be paid as part of each monthly debt service payment amount and is interest-only through the loan term. A mezzanine intercreditor agreement was executed at loan origination. At repayment or prepayment of the Crossgates Mall Mezzanine Loan, the mezzanine borrower is also required to make a payment of interest generally equal to 2.0 times the balance of such loan, less the aggregate amount of interest actually paid by such borrower over the term of such loan.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mezzanine Loan Summary** | &nbsp;&nbsp;**Mezzanine Loan Summary** | &nbsp;&nbsp;**Mezzanine Loan Summary** | &nbsp;&nbsp;**Mezzanine Loan Summary** | &nbsp;&nbsp;**Mezzanine Loan Summary** | &nbsp;&nbsp;**Mezzanine Loan Summary** | &nbsp;&nbsp;**Mezzanine Loan Summary** | &nbsp;&nbsp;**Mezzanine Loan Summary** | &nbsp;&nbsp;**Mezzanine Loan Summary** | &nbsp;&nbsp;**Mezzanine Loan Summary** |
|  | &nbsp;&nbsp;**Mezzanine Original Principal Balance** | &nbsp;&nbsp;**Mezzanine Interest Rate** | &nbsp;&nbsp;**Mezzanine Loan Term (mos.)** | &nbsp;&nbsp;**Mezzanine**<br> **Amortization Term (mos.)** | &nbsp;&nbsp;**Mezzanine**<br> **IO Period (mos.)** | &nbsp;&nbsp;**Total Debt UW NCF DSCR** | &nbsp;&nbsp;**Total Debt UW NOI DY** | &nbsp;&nbsp;**Total Debt Cut-off Date LTV Ratio** | &nbsp;&nbsp;**Total Debt Maturity Date LTV Ratio** |
| &nbsp;&nbsp;Crossgates Mall Mezzanine Loan | &nbsp;&nbsp;$20000000 | &nbsp;&nbsp;20.0000% | &nbsp;&nbsp;60 | &nbsp;&nbsp;0 | &nbsp;&nbsp;60 | &nbsp;&nbsp;1.07x | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;67.7% | &nbsp;&nbsp;67.7% |

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Concurrently with the funding of the Crossgates Mall Whole Loan, CGML Owner, LLC (predecessor in interest to CGML Member as the class B member under the joint venture with the Pyramid Member) made a $15,000,000 capital contribution to a parent of the borrower. The class B member interest has a 35% *per annum* rate of return, compounded monthly. Upon redemption, the class B member will be entitled to a payment generally equal to 2.5 times the capital contributions made by the class B member, less any distributions to the class B member of available cash flow and any distributions of amounts received on account of certain liquidation events at the 35% *per annum* rate of return.

***Terrorism Insurance*.** The Crossgates Mall Whole Loan documents require that the "all risk" insurance policy required to be maintained by the borrower provides coverage for terrorism in an amount equal to the full replacement cost of the Crossgates Mall Property, as well as business interruption insurance covering the 18-month period following the occurrence of a casualty event, together with a 12-month extended period of indemnity. See "*Risk Factors—Risks Relating to the Mortgage Loans—Terrorism Insurance May Not Be Available for All Mortgaged Properties*" in the prospectus.

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

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Garden | &nbsp;&nbsp;Loan #10 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$25000000 |
| &nbsp;&nbsp;Various | &nbsp;&nbsp;**Cedarbrook & Oak Lane Apartments** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;59.4% |
| &nbsp;&nbsp;Baton Rouge, LA Various |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.93x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;12.9% |

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![](n5438prets_img031.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. |
| 98 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Garden | &nbsp;&nbsp;Loan #10 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$25000000 |
| &nbsp;&nbsp;Various | &nbsp;&nbsp;**Cedarbrook & Oak Lane Apartments** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;59.4% |
| &nbsp;&nbsp;Baton Rouge, LA Various |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.93x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;12.9% |

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![](n5438prets_img032.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. |
| 99 |

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**Mortgage Loan No. 10 – Cedarbrook & Oak Lane Apartments**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Mortgage Loan Seller:** | &nbsp;&nbsp;**Mortgage Loan Seller:** | &nbsp;&nbsp;CREFI | &nbsp;&nbsp;CREFI | &nbsp;&nbsp;CREFI | &nbsp;&nbsp;**Single Asset/Portfolio:** | &nbsp;&nbsp;Portfolio |
| &nbsp;&nbsp;**Credit Assessment (Fitch/S&P/MDBRS):** | &nbsp;&nbsp;**Credit Assessment (Fitch/S&P/MDBRS):** | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;Baton Rouge, LA Various |
| &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;$25000000 | &nbsp;&nbsp;$25000000 | &nbsp;&nbsp;$25000000 | &nbsp;&nbsp;**General Property Type:** | &nbsp;&nbsp;Multifamily |
| &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$25000000 | &nbsp;&nbsp;$25000000 | &nbsp;&nbsp;$25000000 | &nbsp;&nbsp;**Detailed Property Type:** | &nbsp;&nbsp;Garden |
| &nbsp;&nbsp;**% of Initial Pool Balance:** | &nbsp;&nbsp;**% of Initial Pool Balance:** | &nbsp;&nbsp;3.2% | &nbsp;&nbsp;3.2% | &nbsp;&nbsp;3.2% | &nbsp;&nbsp;**Title Vesting:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;**Year Built/Renovated<sup>(2)</sup>:** | &nbsp;&nbsp;Various/2024 |
| &nbsp;&nbsp;**Borrower Sponsor:** | &nbsp;&nbsp;**Borrower Sponsor:** | &nbsp;&nbsp;Israel Rosenberg | &nbsp;&nbsp;Israel Rosenberg | &nbsp;&nbsp;Israel Rosenberg | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;411 Units |
| &nbsp;&nbsp;**Guarantor:** | &nbsp;&nbsp;**Guarantor:** | &nbsp;&nbsp;Israel Rosenberg | &nbsp;&nbsp;Israel Rosenberg | &nbsp;&nbsp;Israel Rosenberg | &nbsp;&nbsp;**Cut-off Date Balance per Unit:** | &nbsp;&nbsp;$60827 |
| &nbsp;&nbsp;**Mortgage Rate:** | &nbsp;&nbsp;**Mortgage Rate:** | &nbsp;&nbsp;6.3900% | &nbsp;&nbsp;6.3900% | &nbsp;&nbsp;6.3900% | &nbsp;&nbsp;**Maturity Date Balance per Unit:** | &nbsp;&nbsp;$60827 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;11/5/2025 | &nbsp;&nbsp;11/5/2025 | &nbsp;&nbsp;11/5/2025 | &nbsp;&nbsp;**Property Manager:** | &nbsp;&nbsp;Vered Management LLC |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;11/6/2030 | &nbsp;&nbsp;11/6/2030 | &nbsp;&nbsp;11/6/2030 |  | &nbsp;&nbsp;(borrower-related) |
| &nbsp;&nbsp;**Term to Maturity:** | &nbsp;&nbsp;**Term to Maturity:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;60 months | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**Underwriting and Financial Information** | &nbsp;&nbsp;**Underwriting and Financial Information** |
| &nbsp;&nbsp;**Amortization Term:** | &nbsp;&nbsp;**Amortization Term:** | &nbsp;&nbsp;0 months | &nbsp;&nbsp;0 months | &nbsp;&nbsp;0 months | &nbsp;&nbsp;**UW NOI:** | &nbsp;&nbsp;$3223465 |
| &nbsp;&nbsp;**IO Period:** | &nbsp;&nbsp;**IO Period:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;60 months | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**UW NCF:** | &nbsp;&nbsp;$3120715 |
| &nbsp;&nbsp;**Seasoning:** | &nbsp;&nbsp;**Seasoning:** | &nbsp;&nbsp;1 month | &nbsp;&nbsp;1 month | &nbsp;&nbsp;1 month | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;12.9% |
| &nbsp;&nbsp;**Prepayment Provisions:** | &nbsp;&nbsp;**Prepayment Provisions:** | &nbsp;&nbsp;L(25),D(28),O(7) | &nbsp;&nbsp;L(25),D(28),O(7) | &nbsp;&nbsp;L(25),D(28),O(7) | &nbsp;&nbsp;**UW NCF Debt Yield:** | &nbsp;&nbsp;12.5% |
| &nbsp;&nbsp;**Lockbox/Cash Mgmt Status:** | &nbsp;&nbsp;**Lockbox/Cash Mgmt Status:** | &nbsp;&nbsp;Springing/Springing | &nbsp;&nbsp;Springing/Springing | &nbsp;&nbsp;Springing/Springing | &nbsp;&nbsp;**UW NOI Debt Yield at Maturity:** | &nbsp;&nbsp;12.9% |
| &nbsp;&nbsp;**Additional Debt Type:** | &nbsp;&nbsp;**Additional Debt Type:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.93x |
| &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Most Recent NOI:** | &nbsp;&nbsp;$3,136,524 (9/30/2025 TTM) |
| &nbsp;&nbsp;**Future Debt Permitted (Type):** | &nbsp;&nbsp;**Future Debt Permitted (Type):** | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;**2nd Most Recent NOI:** | &nbsp;&nbsp;$2,665,084 (12/31/2024) |
|  |  |  |  |  | &nbsp;&nbsp;**3rd Most Recent NOI:** | &nbsp;&nbsp;$1,406,720 (12/31/2023) |
|  |  |  |  |  | &nbsp;&nbsp;**Most Recent Occupancy:** | &nbsp;&nbsp;95.1% (10/6/2025) |
| &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**Reserves<sup>(1)</sup>** | &nbsp;&nbsp;**2nd Most Recent Occupancy:** | &nbsp;&nbsp;92.8% (12/31/2024) |
| &nbsp;&nbsp;**<u>Type</u>** | &nbsp;&nbsp;**<u>Initial</u>** | &nbsp;&nbsp;**<u>Initial</u>** | &nbsp;&nbsp;**<u>Monthly</u>** | &nbsp;&nbsp;**<u>Cap</u>** | &nbsp;&nbsp;**3rd Most Recent Occupancy:** | &nbsp;&nbsp;67.3% (12/31/2023) |
| &nbsp;&nbsp;**RE Taxes:** | &nbsp;&nbsp;$177043 | &nbsp;&nbsp;$177043 | &nbsp;&nbsp;$16095 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value (as of):** | &nbsp;&nbsp;$42,100,000 (9/9/2025) |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$63098 | &nbsp;&nbsp;$63098 | &nbsp;&nbsp;$31549 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value per Unit:** | &nbsp;&nbsp;$102433 |
| &nbsp;&nbsp;**Replacement Reserve:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$8563 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Cut-off Date LTV Ratio:** | &nbsp;&nbsp;59.4% |
| &nbsp;&nbsp;**Deferred Maintenance:** | &nbsp;&nbsp;$360891 | &nbsp;&nbsp;$360891 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date LTV Ratio:** | &nbsp;&nbsp;59.4% |

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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;Mortgage Loan Amount: | &nbsp;&nbsp;$25000000 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;Loan Payoff: | &nbsp;&nbsp;$19556107 | &nbsp;&nbsp;78.2% |
|  |  |  | &nbsp;&nbsp;Return of Equity: | &nbsp;&nbsp;$3786190 | &nbsp;&nbsp;15.1% |
|  |  |  | &nbsp;&nbsp;Closing Costs: | &nbsp;&nbsp;$1056671 | &nbsp;&nbsp;4.2% |
|  |  |  | &nbsp;&nbsp;Upfront Reserves: | &nbsp;&nbsp;$601032 | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;**Total Sources:** | &nbsp;&nbsp;**$25000000** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses:** | &nbsp;&nbsp;**$25000000** | &nbsp;&nbsp;**100.0%** |

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

(2) See "*The Properties*" below.

***The Mortgage Loan.*** The tenth largest mortgage loan (the "Cedarbrook & Oak Lane Apartments Mortgage Loan") is evidenced by a promissory note in the original principal amount of $25,000,000 and secured by the borrowers' fee simple interests in a portfolio of two garden-style multifamily properties, totaling 411 units, located in Baton Rouge, Louisiana (the "Cedarbrook & Oak Lane Apartments Properties").

***The Borrowers and the Borrower Sponsor*.** The borrowers are Cedarbrook Apartments LLC and Oak Lane Apartments LLC, each a Delaware limited liability company and each a single purpose entity with one independent director. Legal counsel to the borrowers delivered a non-consolidation opinion in connection with the origination of the Cedarbrook & Oak Lane Apartments Mortgage Loan.

The borrower sponsor and non-recourse carveout guarantor is Israel Rosenberg of Vered Equities LLC ("Vered Equities"). Vered Equities is a vertically integrated real estate company that specializes in the acquisition, renovation, management, and disposition of multifamily properties across the United States. As a vertically integrated company, Vered Equities features its own due diligence team, construction team, property management division, and asset expertise. The Vered Equities portfolio is comprised of 567 multifamily units located across New York and Louisiana.

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

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Garden | &nbsp;&nbsp;Loan #10 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$25000000 |
| &nbsp;&nbsp;Various | &nbsp;&nbsp;**Cedarbrook & Oak Lane Apartments** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;59.4% |
| &nbsp;&nbsp;Baton Rouge, LA Various |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.93x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;12.9% |

---

***The Properties.*** The Cedarbrook & Oak Lane Apartments Properties are comprised of two garden-style, multifamily properties, totaling 411 units, located approximately 3.1 miles apart in Baton Rouge, Louisiana.

The following table presents certain information relating to the Cedarbrook & Oak Lane Apartment Properties:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** | &nbsp;&nbsp;**Portfolio Summary** |
| &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Location<sup>(1)</sup>** | &nbsp;&nbsp;**Year Built / Renovated<sup>(1)</sup>** | &nbsp;&nbsp;**# of Units<sup>(2)</sup>** | &nbsp;&nbsp;**Occupancy<sup>(2)</sup>** | &nbsp;&nbsp;**Allocated Cut-off Date Balance** | &nbsp;&nbsp;**% of Allocated Cut-off Date Balance** | &nbsp;&nbsp;**UW NOI<sup>(2)</sup>** | &nbsp;&nbsp;**% of UW NOI<sup>(2)</sup>** | &nbsp;&nbsp;**Appraised Value<sup>(1)</sup>** |
| &nbsp;&nbsp;Cedarbrook Apartments | &nbsp;&nbsp;Baton Rouge, LA | &nbsp;&nbsp;1976 / 2024 | &nbsp;&nbsp;208 | &nbsp;&nbsp;94.7% | &nbsp;&nbsp;$13750000 | &nbsp;&nbsp;55.0% | &nbsp;&nbsp;$1769421 | &nbsp;&nbsp;54.9% | &nbsp;&nbsp;$22900000 |
| &nbsp;&nbsp;Oak Lane Apartments | &nbsp;&nbsp;Baton Rouge, LA | &nbsp;&nbsp;1975 / 2024 | &nbsp;&nbsp;203 | &nbsp;&nbsp;95.6% | &nbsp;&nbsp;$11250000 | &nbsp;&nbsp;45.0% | &nbsp;&nbsp;$1454044 | &nbsp;&nbsp;45.1% | &nbsp;&nbsp;$19200000 |
| &nbsp;&nbsp;**Total/ Wtd. Avg** |  |  | &nbsp;&nbsp;**411** | &nbsp;&nbsp;**95.1%** | &nbsp;&nbsp;**$25000000** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$3223465** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$42100000** |

---

(1) Source: Appraisals.

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

<u>Cedarbrook Apartments</u>

The Cedarbrook Apartments property is a 208-unit garden-style multifamily property located at 1860 Boulevard De Province in Baton Rouge, Louisiana (the "Cedarbrook Apartments Property"). The Cedarbrook Apartments Property was originally constructed in 1976, most recently renovated in 2024, and is comprised of 32 two-story apartment buildings that are situated on an approximately 9.60-acre site. Recent renovations at the Cedarbrook Apartments Property were completed from 2021 to 2024, totaled $5,730,800, and included kitchen appliances, kitchen upgrades, bathroom upgrades, painting/drywall, plumbing/electrical/drain lines, common area upgrades, new HVAC units, parking area repairs and exterior maintenance/pool repairs. Furthermore, in 2025, the borrower sponsor completed additional capital improvements to common areas totaling $701,990. Community amenities at the Cedarbrook Apartments Property include two swimming pools, a fitness center, two laundry facilities, and a leasing office. The Cedarbrook Apartments Property also features 342 parking spaces, resulting in a parking ratio of 1.64 spaces per unit.

The Cedarbrook Apartments Property unit mix is comprised of 104 one-bedroom units, 84 two-bedroom units, 16 three-bedroom units, and four four-bedroom units. Unit amenities include standard appliances, vinyl flooring, and patio/balconies. As of October 6, 2025, the Cedarbrook Apartments Property was 94.7% leased.

The following table presents certain information relating to the unit mix at the Cedarbrook Apartments Property:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cedarbrook Apartments Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Cedarbrook Apartments Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Cedarbrook Apartments Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Cedarbrook Apartments Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Cedarbrook Apartments Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Cedarbrook Apartments Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Cedarbrook Apartments Unit Mix<sup>(1)</sup>** |
| **Unit Mix / Type** | **Units** | **Occupied Units** | **% Occupied** | **Average SF per Unit** | **Monthly Average Rent per Unit<sup>(2)</sup>** | **Monthly Average Market Rent per Unit<sup>(3)</sup>** |
| &nbsp;&nbsp;1BR/1BA | &nbsp;&nbsp;104 | &nbsp;&nbsp;93 | &nbsp;&nbsp;89.4% | &nbsp;&nbsp;740 | &nbsp;&nbsp;$940 | &nbsp;&nbsp;$940 |
| &nbsp;&nbsp;2BR/1BA | &nbsp;&nbsp;56 | &nbsp;&nbsp;56 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;900 | &nbsp;&nbsp;$1022 | &nbsp;&nbsp;$1025 |
| &nbsp;&nbsp;2BR/1.5BA | &nbsp;&nbsp;28 | &nbsp;&nbsp;28 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;1000 | &nbsp;&nbsp;$1077 | &nbsp;&nbsp;$1100 |
| &nbsp;&nbsp;3BR/2BA | &nbsp;&nbsp;16 | &nbsp;&nbsp;16 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;1460 | &nbsp;&nbsp;$1344 | &nbsp;&nbsp;$1350 |
| &nbsp;&nbsp;4BR/2BA | &nbsp;&nbsp;4 | &nbsp;&nbsp;4 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;1550 | &nbsp;&nbsp;$1445 | &nbsp;&nbsp;$1450 |
| &nbsp;&nbsp;**Total/Wtd. Avg.** | &nbsp;&nbsp;**208** | &nbsp;&nbsp;**197** | &nbsp;&nbsp;**94.7%** | &nbsp;&nbsp;**889** | &nbsp;&nbsp;**$1026** | &nbsp;&nbsp;**$1026** |

---

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

(2) Monthly Average Rent per Unit is based on Occupied Units.

(3) Source: Appraisals.

<u>Oak Lane Apartments</u>

The Oak Lane Apartments property is a 203-unit garden-style multifamily property located at 11440 and 11445 Bard Avenue in Baton Rouge, Louisiana (the "Oak Lane Apartments Property"). The Oak Lane Apartments Property was originally constructed in 1975, most recently renovated in 2024, and is comprised of 30 two- and three-story apartment buildings that are situated on an approximately 7.98-acre site. Recent renovations at the Oak Lane Apartments Property were completed from 2021 to 2024, totaled $7,549,225, and included kitchen appliances, kitchen upgrades, bathroom upgrades, painting/drywall, plumbing/electrical/drain lines, common area upgrades, roofing, new HVAC units, parking area repairs, exterior maintenance and new windows. Community amenities at the Oak Lane Apartments Property include a fitness center, two laundry facilities, and a leasing office. The Oak Lane Apartments Property also features 252 parking spaces, resulting in a parking ratio of 1.24 spaces per unit.

The Oak Lane Apartments Property unit mix is comprised of 84 one-bedroom units, 107 two-bedroom units, and 12 three-bedroom units. Unit amenities include standard kitchen appliances, fireplaces, patio/balconies, and in unit washer / dryers for the three-bedroom units. As of October 6, 2025, the Oak Lane Apartments Property was 95.6% leased. As of such date the Oak Lane Apartments Property had five Section 8 tenants.

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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. |
| 101 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Garden | &nbsp;&nbsp;Loan #10 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$25000000 |
| &nbsp;&nbsp;Various | &nbsp;&nbsp;**Cedarbrook & Oak Lane Apartments** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;59.4% |
| &nbsp;&nbsp;Baton Rouge, LA Various |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.93x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;12.9% |

---

The following table presents certain information relating to the unit mix at the Oak Lane Apartments Property:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Oak Lane Apartments Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Oak Lane Apartments Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Oak Lane Apartments Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Oak Lane Apartments Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Oak Lane Apartments Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Oak Lane Apartments Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Oak Lane Apartments Unit Mix<sup>(1)</sup>** |
| **Unit Mix / Type** | **Units** | **Occupied Units** | **% Occupied** | **Average SF per Unit** | **Monthly Average Rent per Unit<sup>(2)</sup>** | **Monthly Average Market Rent per Unit<sup>(3)</sup>** |
| &nbsp;&nbsp;1BR/1BA | &nbsp;&nbsp;23 | &nbsp;&nbsp;21 | &nbsp;&nbsp;91.3% | &nbsp;&nbsp;660 | &nbsp;&nbsp;$852 | &nbsp;&nbsp;$850 |
| &nbsp;&nbsp;1BR/1.5BA/Loft | &nbsp;&nbsp;61 | &nbsp;&nbsp;57 | &nbsp;&nbsp;93.4% | &nbsp;&nbsp;720 | &nbsp;&nbsp;$845 | &nbsp;&nbsp;$875 |
| &nbsp;&nbsp;2BR/1BA | &nbsp;&nbsp;14 | &nbsp;&nbsp;14 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;906 | &nbsp;&nbsp;$936 | &nbsp;&nbsp;$930 |
| &nbsp;&nbsp;2BR/1.5BA/Loft | &nbsp;&nbsp;62 | &nbsp;&nbsp;62 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;1133 | &nbsp;&nbsp;$935 | &nbsp;&nbsp;$950 |
| &nbsp;&nbsp;2BR/2BA | &nbsp;&nbsp;31 | &nbsp;&nbsp;28 | &nbsp;&nbsp;90.3% | &nbsp;&nbsp;1271 | &nbsp;&nbsp;$1010 | &nbsp;&nbsp;$1050 |
| &nbsp;&nbsp;3BR/2BA/Townhouse | &nbsp;&nbsp;12 | &nbsp;&nbsp;12 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;1475 | &nbsp;&nbsp;$1291 | &nbsp;&nbsp;$1305 |
| &nbsp;&nbsp;**Total/Wtd. Avg.** | &nbsp;&nbsp;**203** | &nbsp;&nbsp;**194** | &nbsp;&nbsp;**95.6%** | &nbsp;&nbsp;**981** | &nbsp;&nbsp;**$933** | &nbsp;&nbsp;**$951** |

---

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

(2) Monthly Average Rent per Unit is based on Occupied Units.

(3) Source: Appraisals.

 ****

***The Market.*** The Cedarbrook & Oak Lane Apartments Properties are located in Baton Rouge, Louisiana and are a part of the Baton Rouge metropolitan statistical area (the "Baton Rouge MSA"). Baton Rouge is the capital of Louisiana and is home to Louisiana State University ("LSU"), the LSU system's flagship university and the state's largest higher education institution. According to the appraisal, the city of Baton Rouge is considered a growing industrial, petrochemical, medical, research, motion picture, and technology center of the American South with major employers in the Baton Rouge MSA including Amazon, ExxonMobil, Shell, Dow Chemical Company, Lamar Advertising Company, and Raising Cane's Chicken Fingers.

According to a third-party market research report, the Cedarbrook & Oak Lane Apartments Properties are located in the East Baton Rouge Parish multifamily submarket of the Baton Rouge MSA. As of June 19, 2025, the East Baton Rouge Parish multifamily submarket had an inventory of 12,374 units, a vacancy rate of 14.0%, and an average asking rental rate of $1,053 per unit.

According to the appraisal, the estimated 2024 population within a one-, three- and five-mile radius of the Cedarbrook Apartments Property was 12,434, 87,436, and 164,345, respectively. The estimated 2024 average household income within the same radii was $75,647, $87,787, and $92,700, respectively. Furthermore, the estimated 2024 population within a one-, three- and five-mile radius of the Oak Lane Apartments Property was 9,322, 63,949, and 153,577, respectively. The estimated 2024 average household income within the same radii was $65,372, $80,279, and $84,991, respectively.

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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. |
| 102 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Garden | &nbsp;&nbsp;Loan #10 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$25000000 |
| &nbsp;&nbsp;Various | &nbsp;&nbsp;**Cedarbrook & Oak Lane Apartments** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;59.4% |
| &nbsp;&nbsp;Baton Rouge, LA Various |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.93x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;12.9% |

---

The following table presents information regarding certain competitive properties to the Cedarbrook & Oak Lane Apartments Properties:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Competitive Rental Properties Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Rental Properties Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Rental Properties Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Rental Properties Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Rental Properties Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Rental Properties Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Rental Properties Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Rental Properties Summary<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property Name / Address** | &nbsp;&nbsp;**Distance from Subject** | &nbsp;&nbsp;**Year Built / Renovated** | &nbsp;&nbsp;**Occupancy** | &nbsp;&nbsp;**Number of Units** | &nbsp;&nbsp;**Unit Type** | &nbsp;&nbsp;**Average Unit Size (SF)** | &nbsp;&nbsp;**Average Rent Per Unit** |
| &nbsp;&nbsp;**Cedarbrook & Oak Lane Apartments** | &nbsp;&nbsp;- | &nbsp;&nbsp;**1975, 1976 / 2024** | &nbsp;&nbsp;**95.1%<sup>(2)</sup>** | &nbsp;&nbsp;**411<sup>(2)</sup>** | &nbsp;&nbsp;**1BR/1BA<sup>(2)</sup>** | &nbsp;&nbsp;**726** | &nbsp;&nbsp;**$924** |
| &nbsp;&nbsp;**Cedarbrook & Oak Lane Apartments** | &nbsp;&nbsp;- | &nbsp;&nbsp;**1975, 1976 / 2024** | &nbsp;&nbsp;**95.1%<sup>(2)</sup>** | &nbsp;&nbsp;**411<sup>(2)</sup>** | &nbsp;&nbsp;**1BR/1.5BA/Loft<sup>(2)</sup>** | &nbsp;&nbsp;**720** | &nbsp;&nbsp;**$845** |
| &nbsp;&nbsp;**Cedarbrook & Oak Lane Apartments** | &nbsp;&nbsp;- | &nbsp;&nbsp;**1975, 1976 / 2024** | &nbsp;&nbsp;**95.1%<sup>(2)</sup>** | &nbsp;&nbsp;**411<sup>(2)</sup>** | &nbsp;&nbsp;**2BR/1BA<sup>(2)</sup>** | &nbsp;&nbsp;**901** | &nbsp;&nbsp;**$1005** |
| &nbsp;&nbsp;**Cedarbrook & Oak Lane Apartments** | &nbsp;&nbsp;- | &nbsp;&nbsp;**1975, 1976 / 2024** | &nbsp;&nbsp;**95.1%<sup>(2)</sup>** | &nbsp;&nbsp;**411<sup>(2)</sup>** | &nbsp;&nbsp;**2BR/1.5BA<sup>(2)</sup>** | &nbsp;&nbsp;**1000** | &nbsp;&nbsp;**$1077** |
| &nbsp;&nbsp;**Cedarbrook & Oak Lane Apartments** | &nbsp;&nbsp;- | &nbsp;&nbsp;**1975, 1976 / 2024** | &nbsp;&nbsp;**95.1%<sup>(2)</sup>** | &nbsp;&nbsp;**411<sup>(2)</sup>** | &nbsp;&nbsp;**2BR/1.5BA/Loft<sup>(2)</sup>** | &nbsp;&nbsp;**1133** | &nbsp;&nbsp;**$935** |
| &nbsp;&nbsp;**Cedarbrook & Oak Lane Apartments** | &nbsp;&nbsp;- | &nbsp;&nbsp;**1975, 1976 / 2024** | &nbsp;&nbsp;**95.1%<sup>(2)</sup>** | &nbsp;&nbsp;**411<sup>(2)</sup>** | &nbsp;&nbsp;**2BR/2BA<sup>(2)</sup>** | &nbsp;&nbsp;**1271** | &nbsp;&nbsp;**$1010** |
| &nbsp;&nbsp;**Cedarbrook & Oak Lane Apartments** | &nbsp;&nbsp;- | &nbsp;&nbsp;**1975, 1976 / 2024** | &nbsp;&nbsp;**95.1%<sup>(2)</sup>** | &nbsp;&nbsp;**411<sup>(2)</sup>** | &nbsp;&nbsp;**3BR/2BA<sup>(2)</sup>** | &nbsp;&nbsp;**1460** | &nbsp;&nbsp;**$1344** |
| &nbsp;&nbsp;**Cedarbrook & Oak Lane Apartments** | &nbsp;&nbsp;- | &nbsp;&nbsp;**1975, 1976 / 2024** | &nbsp;&nbsp;**95.1%<sup>(2)</sup>** | &nbsp;&nbsp;**411<sup>(2)</sup>** | &nbsp;&nbsp;**3BR/2BA/Townhouse<sup>(2)</sup>** | &nbsp;&nbsp;**1475** | &nbsp;&nbsp;**$1291** |
| &nbsp;&nbsp;**Cedarbrook & Oak Lane Apartments** | &nbsp;&nbsp;- | &nbsp;&nbsp;**1975, 1976 / 2024** | &nbsp;&nbsp;**95.1%<sup>(2)</sup>** | &nbsp;&nbsp;**411<sup>(2)</sup>** | &nbsp;&nbsp;**4BR/2BA<sup>(2)</sup>** | &nbsp;&nbsp;**1550** | &nbsp;&nbsp;**$1445** |
| &nbsp;&nbsp;**Bella of Baton Rouge<br> 1855 Boulevard De Province** | &nbsp;&nbsp;0.2 mi | &nbsp;&nbsp;1973 / NAP | &nbsp;&nbsp;91.3% | &nbsp;&nbsp;215 | &nbsp;&nbsp;1BD/1BA | &nbsp;&nbsp;660 | &nbsp;&nbsp;$725 |
| &nbsp;&nbsp;**Bella of Baton Rouge<br> 1855 Boulevard De Province** | &nbsp;&nbsp;0.2 mi | &nbsp;&nbsp;1973 / NAP | &nbsp;&nbsp;91.3% | &nbsp;&nbsp;215 | &nbsp;&nbsp;2BD/1.5BA | &nbsp;&nbsp;990 | &nbsp;&nbsp;$881 |
| &nbsp;&nbsp;**Bella of Baton Rouge<br> 1855 Boulevard De Province** | &nbsp;&nbsp;0.2 mi | &nbsp;&nbsp;1973 / NAP | &nbsp;&nbsp;91.3% | &nbsp;&nbsp;215 | &nbsp;&nbsp;2BD/1.5BA | &nbsp;&nbsp;1010 | &nbsp;&nbsp;$913 |
| &nbsp;&nbsp;**Bella of Baton Rouge<br> 1855 Boulevard De Province** | &nbsp;&nbsp;0.2 mi | &nbsp;&nbsp;1973 / NAP | &nbsp;&nbsp;91.3% | &nbsp;&nbsp;215 | &nbsp;&nbsp;2BD/1.5BA | &nbsp;&nbsp;1050 | &nbsp;&nbsp;$899 |
| &nbsp;&nbsp;**Bella of Baton Rouge<br> 1855 Boulevard De Province** | &nbsp;&nbsp;0.2 mi | &nbsp;&nbsp;1973 / NAP | &nbsp;&nbsp;91.3% | &nbsp;&nbsp;215 | &nbsp;&nbsp;2BD/2BA | &nbsp;&nbsp;930 | &nbsp;&nbsp;$856 |
| &nbsp;&nbsp;**Bella of Baton Rouge<br> 1855 Boulevard De Province** | &nbsp;&nbsp;0.2 mi | &nbsp;&nbsp;1973 / NAP | &nbsp;&nbsp;91.3% | &nbsp;&nbsp;215 | &nbsp;&nbsp;2BD/2BA/Townhouse | &nbsp;&nbsp;990 | &nbsp;&nbsp;$799 |
| &nbsp;&nbsp;**Bella of Baton Rouge<br> 1855 Boulevard De Province** | &nbsp;&nbsp;0.2 mi | &nbsp;&nbsp;1973 / NAP | &nbsp;&nbsp;91.3% | &nbsp;&nbsp;215 | &nbsp;&nbsp;2BD/2BA | &nbsp;&nbsp;1040 | &nbsp;&nbsp;$863 |
| &nbsp;&nbsp;**Afton Oaks<br> 12074 Newcastle Avenue** | &nbsp;&nbsp;0.4 mi | &nbsp;&nbsp;1983 / NAP | &nbsp;&nbsp;95.8% | &nbsp;&nbsp;284 | &nbsp;&nbsp;Studio | &nbsp;&nbsp;425 | &nbsp;&nbsp;$799 |
| &nbsp;&nbsp;**Afton Oaks<br> 12074 Newcastle Avenue** | &nbsp;&nbsp;0.4 mi | &nbsp;&nbsp;1983 / NAP | &nbsp;&nbsp;95.8% | &nbsp;&nbsp;284 | &nbsp;&nbsp;1BD/1BA | &nbsp;&nbsp;530 | &nbsp;&nbsp;$905 |
| &nbsp;&nbsp;**Afton Oaks<br> 12074 Newcastle Avenue** | &nbsp;&nbsp;0.4 mi | &nbsp;&nbsp;1983 / NAP | &nbsp;&nbsp;95.8% | &nbsp;&nbsp;284 | &nbsp;&nbsp;1BD/1BA | &nbsp;&nbsp;690 | &nbsp;&nbsp;$950 |
| &nbsp;&nbsp;**Afton Oaks<br> 12074 Newcastle Avenue** | &nbsp;&nbsp;0.4 mi | &nbsp;&nbsp;1983 / NAP | &nbsp;&nbsp;95.8% | &nbsp;&nbsp;284 | &nbsp;&nbsp;1BD/1BA | &nbsp;&nbsp;720 | &nbsp;&nbsp;$1000 |
| &nbsp;&nbsp;**Afton Oaks<br> 12074 Newcastle Avenue** | &nbsp;&nbsp;0.4 mi | &nbsp;&nbsp;1983 / NAP | &nbsp;&nbsp;95.8% | &nbsp;&nbsp;284 | &nbsp;&nbsp;2BD/1BA | &nbsp;&nbsp;825 | &nbsp;&nbsp;$1100 |
| &nbsp;&nbsp;**Afton Oaks<br> 12074 Newcastle Avenue** | &nbsp;&nbsp;0.4 mi | &nbsp;&nbsp;1983 / NAP | &nbsp;&nbsp;95.8% | &nbsp;&nbsp;284 | &nbsp;&nbsp;2BD/2BA | &nbsp;&nbsp;952 | &nbsp;&nbsp;$1105 |
| &nbsp;&nbsp;**Afton Oaks<br> 12074 Newcastle Avenue** | &nbsp;&nbsp;0.4 mi | &nbsp;&nbsp;1983 / NAP | &nbsp;&nbsp;95.8% | &nbsp;&nbsp;284 | &nbsp;&nbsp;2BD/2BA | &nbsp;&nbsp;1040 | &nbsp;&nbsp;$1200 |
| &nbsp;&nbsp;**Afton Oaks<br> 12074 Newcastle Avenue** | &nbsp;&nbsp;0.4 mi | &nbsp;&nbsp;1983 / NAP | &nbsp;&nbsp;95.8% | &nbsp;&nbsp;284 | &nbsp;&nbsp;3BD/2BA | &nbsp;&nbsp;1103 | &nbsp;&nbsp;$1332 |
| &nbsp;&nbsp;**Spires of Sherwood<br> 11888 Old Hammond Highway** | &nbsp;&nbsp;0.7 mi | &nbsp;&nbsp;1973 / NAP | &nbsp;&nbsp;99.0% | &nbsp;&nbsp;124 | &nbsp;&nbsp;2BD/1BA | &nbsp;&nbsp;864 | &nbsp;&nbsp;$787 |
| &nbsp;&nbsp;**Spires of Sherwood<br> 11888 Old Hammond Highway** | &nbsp;&nbsp;0.7 mi | &nbsp;&nbsp;1973 / NAP | &nbsp;&nbsp;99.0% | &nbsp;&nbsp;124 | &nbsp;&nbsp;2BD/1BA | &nbsp;&nbsp;1048 | &nbsp;&nbsp;$917 |
| &nbsp;&nbsp;**Spires of Sherwood<br> 11888 Old Hammond Highway** | &nbsp;&nbsp;0.7 mi | &nbsp;&nbsp;1973 / NAP | &nbsp;&nbsp;99.0% | &nbsp;&nbsp;124 | &nbsp;&nbsp;2BD/1BA | &nbsp;&nbsp;1192 | &nbsp;&nbsp;$1025 |
| &nbsp;&nbsp;**Spires of Sherwood<br> 11888 Old Hammond Highway** | &nbsp;&nbsp;0.7 mi | &nbsp;&nbsp;1973 / NAP | &nbsp;&nbsp;99.0% | &nbsp;&nbsp;124 | &nbsp;&nbsp;2BD/2BA | &nbsp;&nbsp;864 | &nbsp;&nbsp;$1100 |
| &nbsp;&nbsp;**Spires of Sherwood<br> 11888 Old Hammond Highway** | &nbsp;&nbsp;0.7 mi | &nbsp;&nbsp;1973 / NAP | &nbsp;&nbsp;99.0% | &nbsp;&nbsp;124 | &nbsp;&nbsp;2BD/2BA | &nbsp;&nbsp;1048 | &nbsp;&nbsp;$1200 |
| &nbsp;&nbsp;**Spires of Sherwood<br> 11888 Old Hammond Highway** | &nbsp;&nbsp;0.7 mi | &nbsp;&nbsp;1973 / NAP | &nbsp;&nbsp;99.0% | &nbsp;&nbsp;124 | &nbsp;&nbsp;2BD/2BA | &nbsp;&nbsp;1120 | &nbsp;&nbsp;$1025 |
| &nbsp;&nbsp;**Spires of Sherwood<br> 11888 Old Hammond Highway** | &nbsp;&nbsp;0.7 mi | &nbsp;&nbsp;1973 / NAP | &nbsp;&nbsp;99.0% | &nbsp;&nbsp;124 | &nbsp;&nbsp;2BD/2BA | &nbsp;&nbsp;1192 | &nbsp;&nbsp;$1025 |
| &nbsp;&nbsp;**Spires of Sherwood<br> 11888 Old Hammond Highway** | &nbsp;&nbsp;0.7 mi | &nbsp;&nbsp;1973 / NAP | &nbsp;&nbsp;99.0% | &nbsp;&nbsp;124 | &nbsp;&nbsp;3BD/2BA | &nbsp;&nbsp;1048 | &nbsp;&nbsp;$1090 |
| &nbsp;&nbsp;**Spires of Sherwood<br> 11888 Old Hammond Highway** | &nbsp;&nbsp;0.7 mi | &nbsp;&nbsp;1973 / NAP | &nbsp;&nbsp;99.0% | &nbsp;&nbsp;124 | &nbsp;&nbsp;3BD/2BA | &nbsp;&nbsp;1296 | &nbsp;&nbsp;$1250 |
| &nbsp;&nbsp;**Spires of Sherwood<br> 11888 Old Hammond Highway** | &nbsp;&nbsp;0.7 mi | &nbsp;&nbsp;1973 / NAP | &nbsp;&nbsp;99.0% | &nbsp;&nbsp;124 | &nbsp;&nbsp;4BD/2BA | &nbsp;&nbsp;1192 | &nbsp;&nbsp;$1287 |
| &nbsp;&nbsp;**Eden Point<br> 11528 Old Hammond Highway** | &nbsp;&nbsp;1.4 mi | &nbsp;&nbsp;1978 / NAP | &nbsp;&nbsp;84.5% | &nbsp;&nbsp;186 | &nbsp;&nbsp;1BD/1BA | &nbsp;&nbsp;660 | &nbsp;&nbsp;$755 |
| &nbsp;&nbsp;**Eden Point<br> 11528 Old Hammond Highway** | &nbsp;&nbsp;1.4 mi | &nbsp;&nbsp;1978 / NAP | &nbsp;&nbsp;84.5% | &nbsp;&nbsp;186 | &nbsp;&nbsp;2BD/1.5BA | &nbsp;&nbsp;925 | &nbsp;&nbsp;$931 |
| &nbsp;&nbsp;**Eden Point<br> 11528 Old Hammond Highway** | &nbsp;&nbsp;1.4 mi | &nbsp;&nbsp;1978 / NAP | &nbsp;&nbsp;84.5% | &nbsp;&nbsp;186 | &nbsp;&nbsp;2BD/2BA | &nbsp;&nbsp;1000 | &nbsp;&nbsp;$1183 |
| &nbsp;&nbsp;**Acadian Place<br> 855 South Flannery Road** | &nbsp;&nbsp;1.6 mi | &nbsp;&nbsp;1973 / NAP | &nbsp;&nbsp;85.1% | &nbsp;&nbsp;120 | &nbsp;&nbsp;2BD/1BA | &nbsp;&nbsp;960 | &nbsp;&nbsp;$881 |
| &nbsp;&nbsp;**Acadian Place<br> 855 South Flannery Road** | &nbsp;&nbsp;1.6 mi | &nbsp;&nbsp;1973 / NAP | &nbsp;&nbsp;85.1% | &nbsp;&nbsp;120 | &nbsp;&nbsp;2BD/1BA/Townhouse | &nbsp;&nbsp;1040 | &nbsp;&nbsp;$957 |
| &nbsp;&nbsp;**Acadian Place<br> 855 South Flannery Road** | &nbsp;&nbsp;1.6 mi | &nbsp;&nbsp;1973 / NAP | &nbsp;&nbsp;85.1% | &nbsp;&nbsp;120 | &nbsp;&nbsp;3BD/2BA | &nbsp;&nbsp;1240 | &nbsp;&nbsp;$1057 |
| &nbsp;&nbsp;**Acadian Place<br> 855 South Flannery Road** | &nbsp;&nbsp;1.6 mi | &nbsp;&nbsp;1973 / NAP | &nbsp;&nbsp;85.1% | &nbsp;&nbsp;120 | &nbsp;&nbsp;3BD/2BA | &nbsp;&nbsp;1375 | &nbsp;&nbsp;$1158 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Source: Appraisals.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Based on the underwritten rent rolls dated October 6, 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. |
| 103 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Garden | &nbsp;&nbsp;Loan #10 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$25000000 |
| &nbsp;&nbsp;Various | &nbsp;&nbsp;**Cedarbrook & Oak Lane Apartments** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;59.4% |
| &nbsp;&nbsp;Baton Rouge, LA Various |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.93x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;12.9% |

---

***Appraisal.*** The appraisal concluded to an aggregate "as-is" value for the Cedarbrook & Oak Lane Apartments Properties of $42,100,000 as of September 9, 2025.

***Environmental Matters.*** According to the Phase I environmental site assessments dated between April 22, 2025 and April 23, 2025, there were no recognized environmental conditions at the Cedarbrook & Oak Lane Apartments Properties. ****

***Operating History and Underwritten Net Cash Flow.*** The following table presents certain information relating to the historical operating performance and Underwritten Net Cash Flow at the Cedarbrook & Oak Lane Apartments Properties:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** | &nbsp;&nbsp;**Cash Flow Analysis** |
|  | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**9/30/2025 TTM** | &nbsp;&nbsp;**U/W** | &nbsp;&nbsp;**UW Per Unit** |
| &nbsp;&nbsp;Base Rent | &nbsp;&nbsp;$1086849 | &nbsp;&nbsp;$2831903 | &nbsp;&nbsp;$4261347 | &nbsp;&nbsp;$4536659 | &nbsp;&nbsp;$4595760 | &nbsp;&nbsp;$11182 |
| &nbsp;&nbsp;Potential Income from Vacant Units | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$224160 | &nbsp;&nbsp;$545 |
| &nbsp;&nbsp;**Gross Potential Rent - Residential** | &nbsp;&nbsp;$1086849 | &nbsp;&nbsp;**$2831903** | &nbsp;&nbsp;**$4261347** | &nbsp;&nbsp;**$4536659** | &nbsp;&nbsp;**$4819920** | &nbsp;&nbsp;**$11727** |
| &nbsp;&nbsp;Vacancy/Credit Loss | &nbsp;&nbsp;($21579) | &nbsp;&nbsp;($148728) | &nbsp;&nbsp;($97805) | &nbsp;&nbsp;($43945) | &nbsp;&nbsp;($327206) | &nbsp;&nbsp;($796) |
| &nbsp;&nbsp;Other Income<sup>(1)</sup> | &nbsp;&nbsp;$62382 | &nbsp;&nbsp;$164778 | &nbsp;&nbsp;$220754 | &nbsp;&nbsp;$249425 | &nbsp;&nbsp;$249425 | &nbsp;&nbsp;$607 |
| &nbsp;&nbsp;**Effective Gross Income - Residential** | &nbsp;&nbsp;**$1127652** | &nbsp;&nbsp;**$2847952** | &nbsp;&nbsp;**$4384296** | &nbsp;&nbsp;**$4742139** | &nbsp;&nbsp;**$4742139** | &nbsp;&nbsp;**$11538** |
| &nbsp;&nbsp;Real Estate Taxes | &nbsp;&nbsp;$187516 | &nbsp;&nbsp;$187516 | &nbsp;&nbsp;$183868 | &nbsp;&nbsp;$181766 | &nbsp;&nbsp;$192510 | &nbsp;&nbsp;$468 |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;$367869 | &nbsp;&nbsp;$435320 | &nbsp;&nbsp;$474659 | &nbsp;&nbsp;$463695 | &nbsp;&nbsp;$360562 | &nbsp;&nbsp;$877 |
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp;$33830 | &nbsp;&nbsp;$85439 | &nbsp;&nbsp;$131529 | &nbsp;&nbsp;$142264 | &nbsp;&nbsp;$142264 | &nbsp;&nbsp;$346 |
| &nbsp;&nbsp;Payroll & Benefits | &nbsp;&nbsp;$343199 | &nbsp;&nbsp;$316008 | &nbsp;&nbsp;$339960 | &nbsp;&nbsp;$304534 | &nbsp;&nbsp;$304534 | &nbsp;&nbsp;$741 |
| &nbsp;&nbsp;Other Operating Expenses<sup>(2)</sup> | &nbsp;&nbsp;$436567 | &nbsp;&nbsp;$416950 | &nbsp;&nbsp;$589197 | &nbsp;&nbsp;$513355 | &nbsp;&nbsp;$518804 | &nbsp;&nbsp;$1262 |
| &nbsp;&nbsp;**Total Operating Expenses** | &nbsp;&nbsp;**$1368982** | &nbsp;&nbsp;**$1441232** | &nbsp;&nbsp;**$1719212** | &nbsp;&nbsp;**$1605614** | &nbsp;&nbsp;**$1518674** | &nbsp;&nbsp;**$3695** |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**($241330)** | &nbsp;&nbsp;**$1406720** | &nbsp;&nbsp;**$2665084** | &nbsp;&nbsp;**$3136524** | &nbsp;&nbsp;**$3223465** | &nbsp;&nbsp;**$7843** |
| &nbsp;&nbsp;Replacement Reserves - Residential | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$102750 | &nbsp;&nbsp;$250 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**($241330)** | &nbsp;&nbsp;**$1406720** | &nbsp;&nbsp;**$2665084** | &nbsp;&nbsp;**$3136524** | &nbsp;&nbsp;**$3120715** | &nbsp;&nbsp;**$7593** |
| &nbsp;&nbsp;**Occupancy** | &nbsp;&nbsp;**46.3%** | &nbsp;&nbsp;**67.3%** | &nbsp;&nbsp;**92.8%** | &nbsp;&nbsp;**95.1%<sup>(3)</sup>** | &nbsp;&nbsp;**93.2%<sup>(4)</sup>** |  |
| &nbsp;&nbsp;**NOI DSCR** | &nbsp;&nbsp;**-0.15x** | &nbsp;&nbsp;**0.87x** | &nbsp;&nbsp;**1.65x** | &nbsp;&nbsp;**1.94x** | &nbsp;&nbsp;**1.99x** |  |
| &nbsp;&nbsp;**NCF DSCR** | &nbsp;&nbsp;**-0.15x** | &nbsp;&nbsp;**0.87x** | &nbsp;&nbsp;**1.65x** | &nbsp;&nbsp;**1.94x** | &nbsp;&nbsp;**1.93x** |  |
| &nbsp;&nbsp;**NOI Debt Yield** | &nbsp;&nbsp;**-1.0%** | &nbsp;&nbsp;**5.6%** | &nbsp;&nbsp;**10.7%** | &nbsp;&nbsp;**12.5%** | &nbsp;&nbsp;**12.9%** |  |
| &nbsp;&nbsp;**NCF Debt Yield** | &nbsp;&nbsp;**-1.0%** | &nbsp;&nbsp;**5.6%** | &nbsp;&nbsp;**10.7%** | &nbsp;&nbsp;**12.5%** | &nbsp;&nbsp;**12.5%** |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Other Income includes items such as pet fees, month to month, application fees,
NSF fees, late fees.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Other Operating Expenses represents repairs and maintenance, utilities, and general
and administrative expenses.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Based on the underwritten rent rolls dated October 6, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Represents economic occupancy.

 ****

***Escrows and Reserves.*** At origination of the Cedarbrook & Oak Lane Apartments Mortgage Loan, the borrowers deposited approximately (i) $360,891 into a reserve for immediate repairs, (ii) $177,043 into a reserve account for real estate taxes, and (iii) $63,098 into a reserve account for insurance premiums.

*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 reasonably estimates will be payable over the next-ensuing 12-month period (initially estimated to be approximately $16,095).

*Insurance Reserve* –The borrowers are 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 the insurance policies (initially estimated to be approximately $31,549).

*Replacement Reserve* – The borrowers are required to deposit into a replacement reserve, on a monthly basis, approximately $8,563.

***Lockbox and Cash Management*.** The Cedarbrook & Oak Lane Apartments Mortgage Loan is structured with a springing lockbox and springing cash management. Upon the first occurrence of a Trigger Period (as defined below), the borrowers are required to establish a lender-controlled lockbox account, and are thereafter required to deposit, or cause the property manager to deposit, immediately upon receipt, all revenue received by the borrowers or the property manager into such lockbox. Within five days after the first occurrence of a Trigger Period, the borrowers are required to deliver a notice to all tenants at the Cedarbrook & Oak Lane Apartments Properties directing them to remit all payments into the lender-controlled lockbox account. All funds deposited into the lockbox 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 lender-controlled cash management account to be applied and disbursed in accordance with the Cedarbrook & Oak Lane Apartments Mortgage Loan documents, and all excess cash flow funds remaining in the cash management account after the application of such funds in accordance with the Cedarbrook & Oak Lane Apartments Mortgage Loan documents are required to be held by the lender in an excess cash flow reserve account as additional collateral for the Cedarbrook & Oak Lane Apartments Mortgage Loan, unless a Trigger Period no longer exists, in which case they are to be disbursed to the borrowers. 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. Upon an event of default under the Cedarbrook & Oak Lane Apartments Mortgage Loan documents, the lender may apply funds to the Cedarbrook & Oak Lane Apartments Mortgage Loan in such priority as it may determine.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES 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;Multifamily – Garden | &nbsp;&nbsp;Loan #10 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$25000000 |
| &nbsp;&nbsp;Various | &nbsp;&nbsp;**Cedarbrook & Oak Lane Apartments** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;59.4% |
| &nbsp;&nbsp;Baton Rouge, LA Various |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.93x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;12.9% |

---

A "Trigger Period" means a period (A) commencing upon the earliest of (i) the occurrence of an event of default under the Cedarbrook & Oak Lane Apartments Mortgage Loan documents and (ii) the debt service coverage ratio being less than 1.20x; and (B) expiring upon (x) with regard to clause (i) above, the cure (if applicable) of such event of default under the Cedarbrook & Oak Lane Apartments Mortgage Loan documents, and (y) with regard to clause (ii) above, the date that the debt service coverage ratio is equal to or greater than 1.25x for two consecutive calendar quarters.

***Property Management.*** The Cedarbrook & Oak Lane Apartments Properties are managed by Vered Management LLC, which is an affiliate of the borrowers.

***Terrorism Insurance.*** The borrowers are required to obtain and maintain property insurance in an amount equal to the full replacement cost of the Cedarbrook & Oak Lane Apartments Properties and business interruption insurance for 12 months plus an extended period of indemnity of up to six months. Such insurance is required to include terrorism insurance coverage. For so long as the Terrorism Risk Insurance Act of 2002, as extended and modified by the Terrorism Risk Insurance Program Reauthorization Act of 2015 ("TRIPRA") is in effect (including any extensions thereof or if another federal governmental program is in effect relating to "acts of terrorism" which provides substantially similar protections as TRIPRA), the lender is required to accept terrorism insurance which insures against "covered acts" as defined by TRIPRA (or such other program) but only in the event that TRIPRA (or such other program) continues to cover both domestic and foreign acts of terrorism. See *"Risk Factors—Risks Relating to the Mortgage Loans—Terrorism Insurance May Not Be Available for All Mortgaged Properties*" in the prospectus.

---

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

---

**Mortgage Loan No. 11 – Herbst Multifamily Portfolio #2**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| **Mortgage Loan Seller:** | **Mortgage Loan Seller:** | CREFI | CREFI | CREFI | **Single Asset/Portfolio:** | Portfolio |
| **Credit Assessment (Fitch/S&P/MDBRS):** | **Credit Assessment (Fitch/S&P/MDBRS):** | NR/NR/NR | NR/NR/NR | NR/NR/NR | **Location<sup>(2)</sup>:** | Various, NJ Various |
| **Original Balance:** | **Original Balance:** | $23200000 | $23200000 | $23200000 | **General Property Type:** | Multifamily |
| **Cut-off Date Balance:** | **Cut-off Date Balance:** | $23200000 | $23200000 | $23200000 | **Detailed Property Type<sup>(2)</sup>:** | Various |
| **% of Initial Pool Balance:** | **% of Initial Pool Balance:** | 3.0% | 3.0% | 3.0% | **Title Vesting:** | Fee |
| **Loan Purpose:** | **Loan Purpose:** | Refinance | Refinance | Refinance | **Year Built/Renovated<sup>(2)</sup>:** | Various/NAP |
| **Borrower Sponsor:** | **Borrower Sponsor:** | Benjamin Herbst | Benjamin Herbst | Benjamin Herbst | **Size:** | 201 Units |
| **Guarantor:** | **Guarantor:** | Benjamin Herbst | Benjamin Herbst | Benjamin Herbst | **Cut-off Date Balance per Unit:** | $115423 |
| **Mortgage Rate:** | **Mortgage Rate:** | 6.5300% | 6.5300% | 6.5300% | **Maturity Date Balance per Unit:** | $115423 |
| **Note Date:** | **Note Date:** | 11/7/2025 | 11/7/2025 | 11/7/2025 | **Property Manager:** | Benjamin H. Realty Corp. |
| **Maturity Date:** | **Maturity Date:** | 12/6/2030 | 12/6/2030 | 12/6/2030 | &nbsp;&nbsp;**Underwriting and Financial Information** | &nbsp;&nbsp;**Underwriting and Financial Information** |
| **Term to Maturity:** | **Term to Maturity:** | 60 months | 60 months | 60 months | **UW NOI:** | $2117662 |
| **Amortization Term:** | **Amortization Term:** | 0 months | 0 months | 0 months | **UW NCF:** | $2053094 |
| **IO Period:** | **IO Period:** | 60 months | 60 months | 60 months | **UW NOI Debt Yield:** | 9.1% |
| **Seasoning:** | **Seasoning:** | 0 months | 0 months | 0 months | **UW NCF Debt Yield:** | 8.8% |
| **Prepayment Provisions:** | **Prepayment Provisions:** | L(24),D(33),O(3) | L(24),D(33),O(3) | L(24),D(33),O(3) | **UW NOI Debt Yield at Maturity:** | 9.1% |
| **Lockbox/Cash Mgmt Status:** | **Lockbox/Cash Mgmt Status:** | Springing/Springing | Springing/Springing | Springing/Springing | **UW NCF DSCR:** | 1.34x |
| **Additional Debt Type:** | **Additional Debt Type:** | NAP | NAP | NAP | **Most Recent NOI:** | $2,157,450 (7/31/2025 TTM) |
| **Additional Debt Balance:** | **Additional Debt Balance:** | NAP | NAP | NAP | **2nd Most Recent NOI:** | $2,037,508 (12/31/2024) |
| **Future Debt Permitted (Type):** | **Future Debt Permitted (Type):** | No (NAP) | No (NAP) | No (NAP) | **3rd Most Recent NOI:** | $1,454,927 (12/31/2023) |
|  |  |  |  |  | **Most Recent Occupancy:** | 98.0% (10/1/2025) |
| &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | **2nd Most Recent Occupancy:** | 97.7% (12/31/2024) |
| **<u>Type</u>** | **<u>Initial</u>** | **<u>Initial</u>** | **<u>Monthly</u>** | **<u>Cap</u>** | **3rd Most Recent Occupancy:** | 96.9% (12/31/2023) |
| **RE Taxes:** | $219409 | $219409 | $73136 | NAP | **Appraised Value (as of)<sup>(3)</sup>:** | $36,000,000 (8/12/2025) |
| **Insurance<sup>(1)</sup>:** | $0 | $0 | Springing | NAP | **Appraised Value per Unit:** | $179104 |
| **Replacement Reserve:** | $0 | $0 | $5381 | NAP | **Cut-off Date LTV Ratio<sup>(3)</sup>:** | 64.4% |
| **Deferred Maintenance:** | $336781 | $336781 | $0 | NAP | **Maturity Date LTV Ratio<sup>(3)</sup>:** | 64.4% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** |
| &nbsp;&nbsp;**Sources** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** | &nbsp;&nbsp;**Uses** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** |
| Mortgage Loan Amount: | $23200000 | 100.0% | Loan Payoff: | $18788636 | 81.0% |
|  |  |  | Return of Equity: | $3248430 | 14.0% |
|  |  |  | Closing Costs: | $606744 | 2.6% |
|  |  |  | Upfront Reserves: | $556190 | 2.4% |
| **Total Sources:** | **$23200000** | **100.0%** | **Total Uses:** | **$23200000** | **100.0%** |

---

(1) At the option of the lender, if the liability or casualty insurance policy maintained by the borrowers
covering the Herbst Multifamily Portfolio #2 Properties (as defined below) does not constitute an approved blanket or umbrella policy
pursuant to the Herbst Multifamily Portfolio #2 Mortgage Loan (as defined below) documents, the borrowers are 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, a blanket policy was in place.

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

(3) Appraised Value represents the "As-Portfolio" value of the Herbst Multifamily Portfolio #2
Properties, which includes a 4.2% portfolio premium, and is based on the assumption that the entire portfolio of Herbst Multifamily Portfolio
#2 Properties is marketed to a single purchaser. Based on the aggregate "As-Is" appraised value of the Herbst Multifamily
Portfolio #2 Properties of approximately $34,550,000, the Herbst Multifamily Portfolio #2 Mortgage Loan results in a Cut-off Date LTV
Ratio and Maturity Date LTV Ratio of 67.1% and 67.1%, respectively.

***The Mortgage Loan.*** The eleventh largest mortgage loan (the "Herbst Multifamily Portfolio #2 Mortgage Loan") is evidenced by a promissory note in the original principal amount of $23,200,000 and secured by the borrowers' fee simple interests in a portfolio of six mid-rise and low-rise multifamily properties, totaling 201 units, located in Orange and East Orange, New Jersey (the "Herbst Multifamily Portfolio #2 Properties").

***The Borrowers and the Borrower Sponsor*.** The borrowers are Zel Arlington LLC, Zel Summit LLC, Ben Lenox LLC, Tova Halstead LLC, Sarsim Arlington LLC, and Ben Highland LLC, each a New Jersey limited liability company and single purpose entity with one independent director. Legal counsel to the borrowers delivered a non-consolidation opinion in connection with the origination of the Herbst Multifamily Portfolio #2 Mortgage Loan.

The borrower sponsor and non-recourse carveout guarantor is Benjamin Herbst, a real estate professional with experience in property ownership, management, and acquisitions. Benjamin Herbst manages a portfolio of 36 buildings totaling 1,385 residential units, primarily located in Orange and East Orange, New Jersey.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES 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;Multifamily – Various | &nbsp;&nbsp;Loan #11 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$23200000 |
| &nbsp;&nbsp;Various | &nbsp;&nbsp;**Herbst Multifamily Portfolio #2** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;64.4% |
| &nbsp;&nbsp;Various, NJ Various |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.34x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;9.1% |

---

***The Properties.*** The Herbst Multifamily Portfolio #2 Properties are comprised of six multifamily properties totaling 201 units, located within a 2.8-mile radius of each other in East Orange and Orange, New Jersey. The Herbst Multifamily Portfolio #2 Properties were built between 1910 and 1950, and have a unit mix of 11 studio units, 139 one-bedroom units, 49 two-bedroom units, and two three-bedroom units. All of the units in the Herbst Multifamily Portfolio #2 Properties are free market units, however, the Herbst Multifamily Portfolio #2 Properties are located in cities that have enacted limitations on annual rent increases. As of October 1, 2025, the Herbst Multifamily Portfolio #2 Properties were 98.0% leased with an average monthly rent of $1,553 per unit.

The following table presents certain information relating to the Herbst Multifamily Portfolio #2 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;**Portfolio Summary** |
| &nbsp;&nbsp; <br>**Property Name** | &nbsp;&nbsp; <br>**Location<sup>(1)</sup>** | &nbsp;&nbsp; **Property**<br> **Subtype** | &nbsp;&nbsp; <br>**Year Built / Renovated<sup>(1)</sup>** | &nbsp;&nbsp; <br>**# of Units<sup>(2)</sup>** | &nbsp;&nbsp; <br>**Occupancy<sup>(2)</sup>** | &nbsp;&nbsp; <br> **Allocated Cut-off Date Balance** | &nbsp;&nbsp;**% of Allocated Cut-off Date Balance** | &nbsp;&nbsp; <br>**UW NOI<sup>(2)</sup>** | &nbsp;&nbsp; <br>**% of UW NOI<sup>(2)</sup>** | &nbsp;&nbsp; <br>**Appraised Value<sup>(1)(3)</sup>** |
| &nbsp;&nbsp;The Hermitage | &nbsp;&nbsp;Orange, NJ | &nbsp;&nbsp;Mid Rise | &nbsp;&nbsp;1910 / NAP | &nbsp;&nbsp;81 | &nbsp;&nbsp;96.3% | &nbsp;&nbsp;$10100000 | &nbsp;&nbsp;43.5% | &nbsp;&nbsp;$917692 | &nbsp;&nbsp;43.3% | &nbsp;&nbsp;$15000000 |
| &nbsp;&nbsp;The Eagle | &nbsp;&nbsp;East Orange, NJ | &nbsp;&nbsp;Mid Rise | &nbsp;&nbsp;1930 / NAP | &nbsp;&nbsp;33 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$3650000 | &nbsp;&nbsp;15.7% | &nbsp;&nbsp;$332994 | &nbsp;&nbsp;15.7% | &nbsp;&nbsp;$5300000 |
| &nbsp;&nbsp;The Allure | &nbsp;&nbsp;East Orange, NJ | &nbsp;&nbsp;Mid Rise | &nbsp;&nbsp;1950 / NAP | &nbsp;&nbsp;24 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$3100000 | &nbsp;&nbsp;13.4% | &nbsp;&nbsp;$276388 | &nbsp;&nbsp;13.1% | &nbsp;&nbsp;$4850000 |
| &nbsp;&nbsp;The Eminence | &nbsp;&nbsp;East Orange, NJ | &nbsp;&nbsp;Low Rise | &nbsp;&nbsp;1950 / NAP | &nbsp;&nbsp;25 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$2475000 | &nbsp;&nbsp;10.7% | &nbsp;&nbsp;$230550 | &nbsp;&nbsp;10.9% | &nbsp;&nbsp;$3600000 |
| &nbsp;&nbsp;The Grove | &nbsp;&nbsp;East Orange, NJ | &nbsp;&nbsp;Low Rise | &nbsp;&nbsp;1950 / NAP | &nbsp;&nbsp;21 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$2150000 | &nbsp;&nbsp;9.3% | &nbsp;&nbsp;$203317 | &nbsp;&nbsp;9.6% | &nbsp;&nbsp;$3200000 |
| &nbsp;&nbsp;The Oaks | &nbsp;&nbsp;East Orange, NJ | &nbsp;&nbsp;Mid Rise | &nbsp;&nbsp;1924 / NAP | &nbsp;&nbsp;17 | &nbsp;&nbsp;94.1% | &nbsp;&nbsp;$1725000 | &nbsp;&nbsp;7.4% | &nbsp;&nbsp;$156721 | &nbsp;&nbsp;7.4% | &nbsp;&nbsp;$2600000 |
| &nbsp;&nbsp;**Total/ Wtd. Avg** |  |  |  | &nbsp;&nbsp;**201** | &nbsp;&nbsp;**98.0%** | &nbsp;&nbsp;**$23200000** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$2117662** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$34550000** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Source: Appraisals.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Based on the underwritten rent rolls dated October 1, 2025. Occupancy includes 4 superintendent units that are occupied but as to
which no rent is attributable.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The Total Appraised Value represents the aggregate "As-Is" appraised value. The "As-Portfolio" appraised value,
inclusive of a 4.2% portfolio premium, is $36,000,000.

The following table presents certain information relating to the unit mix at the Herbst Multifamily Portfolio #2 Properties:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Portfolio Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Portfolio Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Portfolio Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Portfolio Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Portfolio Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Portfolio Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Portfolio Unit Mix<sup>(1)</sup>** | &nbsp;&nbsp;**Portfolio Unit Mix<sup>(1)</sup>** |
| &nbsp;&nbsp;**Unit Type** | &nbsp;&nbsp;**# of Units** | &nbsp;&nbsp;**% of Total Units** | &nbsp;&nbsp;**Occupied Units** | &nbsp;&nbsp;**Occupancy** | &nbsp;&nbsp;**Average Unit Size (SF)** | &nbsp;&nbsp;**Average Monthly Rent Per Unit<sup>(1)</sup>** | &nbsp;&nbsp;**Average Monthly Market Rent Per Unit<sup>(2)</sup>** |
| &nbsp;&nbsp;**The Hermitage** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Studio | &nbsp;&nbsp;10 | &nbsp;&nbsp;12.3% | &nbsp;&nbsp;10 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;600 | &nbsp;&nbsp;$1477 | &nbsp;&nbsp;$1500 |
| &nbsp;&nbsp;1 BR/1 BA | &nbsp;&nbsp;61 | &nbsp;&nbsp;75.3% | &nbsp;&nbsp;58 | &nbsp;&nbsp;95.1% | &nbsp;&nbsp;750 | &nbsp;&nbsp;$1678 | &nbsp;&nbsp;$1750 |
| &nbsp;&nbsp;2 BR/1 BA | &nbsp;&nbsp;10 | &nbsp;&nbsp;12.3% | &nbsp;&nbsp;10 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;900 | &nbsp;&nbsp;$2216 | &nbsp;&nbsp;$2250 |
| &nbsp;&nbsp;**Property Total / Wtd Avg.<sup>(3)</sup>** | &nbsp;&nbsp;**81** | &nbsp;&nbsp;**40.3%** | &nbsp;&nbsp;**78** | &nbsp;&nbsp;**96.3%** | &nbsp;&nbsp;**750** | &nbsp;&nbsp;**$1715** | &nbsp;&nbsp;**$1781** |
| &nbsp;&nbsp;**The Eagle** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;1 BR/1 BA | &nbsp;&nbsp;22 | &nbsp;&nbsp;66.7% | &nbsp;&nbsp;22 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;735 | &nbsp;&nbsp;$1457 | &nbsp;&nbsp;$1600 |
| &nbsp;&nbsp;2 BR/1 BA | &nbsp;&nbsp;11 | &nbsp;&nbsp;33.3% | &nbsp;&nbsp;11 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;980 | &nbsp;&nbsp;$1727 | &nbsp;&nbsp;$1900 |
| &nbsp;&nbsp;**Property Total / Wtd Avg.<sup>(4)</sup>** | &nbsp;&nbsp;**33** | &nbsp;&nbsp;**16.4%** | &nbsp;&nbsp;**33** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**817** | &nbsp;&nbsp;**$1550** | &nbsp;&nbsp;**$1700** |
| &nbsp;&nbsp;**The Allure** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;1 BR/1 BA | &nbsp;&nbsp;8 | &nbsp;&nbsp;33.3% | &nbsp;&nbsp;8 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;750 | &nbsp;&nbsp;$1457 | &nbsp;&nbsp;$1550 |
| &nbsp;&nbsp;2 BR/1 BA | &nbsp;&nbsp;14 | &nbsp;&nbsp;58.3% | &nbsp;&nbsp;14 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;904 | &nbsp;&nbsp;$1754 | &nbsp;&nbsp;$1900 |
| &nbsp;&nbsp;3 BR/1 BA | &nbsp;&nbsp;2 | &nbsp;&nbsp;8.3% | &nbsp;&nbsp;2 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;1000 | &nbsp;&nbsp;$2050 | &nbsp;&nbsp;$2200 |
| &nbsp;&nbsp;**Property Total / Wtd Avg.<sup>(5)</sup>** | &nbsp;&nbsp;**24** | &nbsp;&nbsp;**11.9%** | &nbsp;&nbsp;**24** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**860** | &nbsp;&nbsp;**$1664** | &nbsp;&nbsp;**$1808** |
| &nbsp;&nbsp;**The Eminence** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;1 BR/1 BA | &nbsp;&nbsp;25 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;25 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;750 | &nbsp;&nbsp;$1363 | &nbsp;&nbsp;$1550 |
| &nbsp;&nbsp;**Property Total / Wtd Avg.<sup>(6)</sup>** | &nbsp;&nbsp;**25** | &nbsp;&nbsp;**12.4%** | &nbsp;&nbsp;**25** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**750** | &nbsp;&nbsp;**$1363** | &nbsp;&nbsp;**$1550** |
| &nbsp;&nbsp;**The Grove** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Studio | &nbsp;&nbsp;1 | &nbsp;&nbsp;4.8% | &nbsp;&nbsp;1 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;620 | &nbsp;&nbsp;$1398 | &nbsp;&nbsp;$1350 |
| &nbsp;&nbsp;1 BR/1 BA | &nbsp;&nbsp;14 | &nbsp;&nbsp;66.7% | &nbsp;&nbsp;14 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;750 | &nbsp;&nbsp;$1372 | &nbsp;&nbsp;$1550 |
| &nbsp;&nbsp;2 BR/1 BA | &nbsp;&nbsp;6 | &nbsp;&nbsp;28.6% | &nbsp;&nbsp;6 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;892 | &nbsp;&nbsp;$1610 | &nbsp;&nbsp;$1900 |
| &nbsp;&nbsp;**Property Total / Wtd Avg.** | &nbsp;&nbsp;**21** | &nbsp;&nbsp;**10.4%** | &nbsp;&nbsp;**21** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**784** | &nbsp;&nbsp;**$1441** | &nbsp;&nbsp;**$1640** |
| &nbsp;&nbsp;**The Oaks** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;1 BR/1 BA | &nbsp;&nbsp;9 | &nbsp;&nbsp;52.9% | &nbsp;&nbsp;9 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;750 | &nbsp;&nbsp;$1327 | &nbsp;&nbsp;$1550 |
| &nbsp;&nbsp;2 BR/1 BA | &nbsp;&nbsp;8 | &nbsp;&nbsp;47.1% | &nbsp;&nbsp;7 | &nbsp;&nbsp;87.5% | &nbsp;&nbsp;950 | &nbsp;&nbsp;$1540 | &nbsp;&nbsp;$1900 |
| &nbsp;&nbsp;**Property Total / Wtd Avg.** | &nbsp;&nbsp;**17** | &nbsp;&nbsp;**8.5%** | &nbsp;&nbsp;**16** | &nbsp;&nbsp;**94.1%** | &nbsp;&nbsp;**844** | &nbsp;&nbsp;**$1420** | &nbsp;&nbsp;**$1715** |
| &nbsp;&nbsp;**Portfolio Total / Wtd Avg.<sup>(3)(4)(5)(6)</sup>** | &nbsp;&nbsp;**201** | &nbsp;&nbsp;**100.00%** | &nbsp;&nbsp;**197** | &nbsp;&nbsp;**98.0%** | &nbsp;&nbsp;**786** | &nbsp;&nbsp;**$1584** | &nbsp;&nbsp;**$1722** |

---

(1) Based on the underwritten rent rolls dated October 1, 2025. Average Monthly Rent
Per Unit is based on occupied units and excludes the superintendent units.

(2) Source: Appraisals.

(3) The Hermitage property includes one, two-bedroom superintendent unit that is occupied
but as to which no rent is attributable. The superintendent unit is included in the total unit and occupancy count but is excluded from
the Average Monthly Rent Per Unit.

(4) The Eagle property includes one, one-bedroom superintendent unit that is occupied
but as to which no rent is attributable. The superintendent unit is included in the total unit and occupancy count but is excluded from
the Average Monthly Rent Per Unit.

(5) The Allure property includes one, three-bedroom superintendent unit that is occupied
but as to which no rent is attributable. The superintendent unit is included in the total unit and occupancy count but is excluded from
the Average Monthly Rent Per Unit.

(6) The Eminence property includes one, one-bedroom superintendent unit that is occupied but as to which no
rent is attributable. The superintendent unit is included in the total unit and occupancy count but is excluded from the Average Monthly
Rent Per Unit.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Various | &nbsp;&nbsp;Loan #11 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$23200000 |
| &nbsp;&nbsp;Various | &nbsp;&nbsp;**Herbst Multifamily Portfolio #2** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;64.4% |
| &nbsp;&nbsp;Various, NJ Various |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.34x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;9.1% |

---

***The Market.*** The Herbst Multifamily Portfolio #2 Properties are located in East Orange, New Jersey (five properties, 56.7% of underwritten NOI) and Orange, New Jersey (one property, 43.3% of underwritten NOI). The Herbst Multifamily Portfolio #2 Properties are part of the Newark-NJ-PA metropolitan statistical area (the "Newark MSA"). Major employers in the Newark MSA include Newark International Airport, the University of Medicine and Dentistry of New Jersey, Verizon, United Airlines, and Prudential Financial Inc. According to the appraisals, the Newark MSA has a concentration of white-collar and pharmaceutical jobs with a highly educated workforce and is in a central location with proximity to highways and transportation centers.

According to the appraisals, all of the Herbst Multifamily Portfolio #2 Properties are located within the Essex County multifamily submarket of the Newark MSA. As of the second quarter of 2025, the Essex County multifamily submarket had inventory of 76,576 units, a vacancy rate of 5.9%, average asking rent of $1,966 per unit, and positive net absorption of 2,452 units.

According to the appraisals, the average 2025 population within a one-, three- and five- mile radius of The Hermitage, The Eagle, The Eminence, The Grove and The Oaks properties was 63,002, 422,351 and 842,729, respectively. The 2025 average household income within the same radii was $81,437, $101,304, and $119,441, respectively.

According to the appraisal, the 2024 population within a one-, three- and five- mile radius of The Allure property was 52,812, 361,832 and 816,745, respectively. The 2024 average household income within the same radii was $86,288, $102,893, and $114,582, respectively.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Various | &nbsp;&nbsp;Loan #11 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$23200000 |
| &nbsp;&nbsp;Various | &nbsp;&nbsp;**Herbst Multifamily Portfolio #2** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;64.4% |
| &nbsp;&nbsp;Various, NJ Various |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.34x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;9.1% |

---

The following table presents information regarding certain competitive properties to the Herbst Multifamily Portfolio #2 Properties:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multifamily Rent Comparables<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multifamily Rent Comparables<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multifamily Rent Comparables<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multifamily Rent Comparables<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multifamily Rent Comparables<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multifamily Rent Comparables<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multifamily Rent Comparables<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multifamily Rent Comparables<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property Name / Address** | &nbsp;&nbsp;**Distance from Subject** | &nbsp;&nbsp;**Year Built / Renovated** | &nbsp;&nbsp;**Number of Units** | &nbsp;&nbsp;**Occupancy** | &nbsp;&nbsp;**Unit Type** | &nbsp;&nbsp;**Average Unit Size** | &nbsp;&nbsp;**Average Rent Per Unit<sup>(1)</sup>** |
| &nbsp;&nbsp;**The Hermitage<sup>(2)</sup><br> 400 Highland Terrace<br> Orange, NJ** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**1910 / NAP** | &nbsp;&nbsp;**81** | &nbsp;&nbsp;**96.3%** | &nbsp;&nbsp;**Studio** | &nbsp;&nbsp;**600** | &nbsp;&nbsp;**$1477** |
| &nbsp;&nbsp;**The Hermitage<sup>(2)</sup><br> 400 Highland Terrace<br> Orange, NJ** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**1910 / NAP** | &nbsp;&nbsp;**81** | &nbsp;&nbsp;**96.3%** | &nbsp;&nbsp;**1 BR/1 BA** | &nbsp;&nbsp;**750** | &nbsp;&nbsp;**$1678** |
| &nbsp;&nbsp;**The Hermitage<sup>(2)</sup><br> 400 Highland Terrace<br> Orange, NJ** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**1910 / NAP** | &nbsp;&nbsp;**81** | &nbsp;&nbsp;**96.3%** | &nbsp;&nbsp;**2 BR/1 BA** | &nbsp;&nbsp;**900** | &nbsp;&nbsp;**$2216** |
| &nbsp;&nbsp;**Wedgewood House** | &nbsp;&nbsp;0.2 mi | &nbsp;&nbsp;1968 / NAP | &nbsp;&nbsp;80 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;Studio | &nbsp;&nbsp;350 | &nbsp;&nbsp;$1400 |
| &nbsp;&nbsp;434 Lincoln Avenue | &nbsp;&nbsp;0.2 mi | &nbsp;&nbsp;1968 / NAP | &nbsp;&nbsp;80 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;1 BR/1 BA | &nbsp;&nbsp;725 | &nbsp;&nbsp;$1800 |
| &nbsp;&nbsp;Orange, NJ | &nbsp;&nbsp;0.2 mi | &nbsp;&nbsp;1968 / NAP | &nbsp;&nbsp;80 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;2 BR/1 BA | &nbsp;&nbsp;1100 | &nbsp;&nbsp;$2400 |
| &nbsp;&nbsp;**75 Prospect Street** | &nbsp;&nbsp;2.4 mi | &nbsp;&nbsp;1928 / NAP | &nbsp;&nbsp;44 | &nbsp;&nbsp;93.0% | &nbsp;&nbsp;Studio | &nbsp;&nbsp;539 | &nbsp;&nbsp;$1600 |
| &nbsp;&nbsp;75 Prospect Street | &nbsp;&nbsp;2.4 mi | &nbsp;&nbsp;1928 / NAP | &nbsp;&nbsp;44 | &nbsp;&nbsp;93.0% | &nbsp;&nbsp;1 BR/1 BA | &nbsp;&nbsp;761 | &nbsp;&nbsp;$2140 |
| &nbsp;&nbsp;East Orange, NJ | &nbsp;&nbsp;2.4 mi | &nbsp;&nbsp;1928 / NAP | &nbsp;&nbsp;44 | &nbsp;&nbsp;93.0% | &nbsp;&nbsp;2 BR/1 BA | &nbsp;&nbsp;1600 | &nbsp;&nbsp;$2450 |
| &nbsp;&nbsp;**The Eagle<sup>(2)</sup><br> 182 North Arlington Avenue<br> East Orange, NJ** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**1930 / NAP** | &nbsp;&nbsp;**33** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**1 BR/1 BA** | &nbsp;&nbsp;**735** | &nbsp;&nbsp;**$1457** |
| &nbsp;&nbsp;**The Eagle<sup>(2)</sup><br> 182 North Arlington Avenue<br> East Orange, NJ** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**1930 / NAP** | &nbsp;&nbsp;**33** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**2 BR/1 BA** | &nbsp;&nbsp;**980** | &nbsp;&nbsp;**$1727** |
| &nbsp;&nbsp;**60 North Arlington** | &nbsp;&nbsp;0.3 mi | &nbsp;&nbsp;1920 / NAP | &nbsp;&nbsp;52 | &nbsp;&nbsp;98.0% | &nbsp;&nbsp;1 BR/1 BA | &nbsp;&nbsp;450 | &nbsp;&nbsp;$1350 |
| &nbsp;&nbsp;60 North Arlington Avenue<br> East Orange, NJ | &nbsp;&nbsp;0.3 mi | &nbsp;&nbsp;1920 / NAP | &nbsp;&nbsp;52 | &nbsp;&nbsp;98.0% | &nbsp;&nbsp;2 BR/1 BA | &nbsp;&nbsp;1065 | &nbsp;&nbsp;$1550 |
| &nbsp;&nbsp;**The Allure<sup>(2)</sup><br> 70-74 South Arlington Avenue<br> East Orange, NJ** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**1950 / NAP** | &nbsp;&nbsp;**24** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**1 BR/1 BA** | &nbsp;&nbsp;**750** | &nbsp;&nbsp;**$1457** |
| &nbsp;&nbsp;**The Allure<sup>(2)</sup><br> 70-74 South Arlington Avenue<br> East Orange, NJ** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**1950 / NAP** | &nbsp;&nbsp;**24** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**2 BR/1 BA** | &nbsp;&nbsp;**904** | &nbsp;&nbsp;**$1754** |
| &nbsp;&nbsp;**The Allure<sup>(2)</sup><br> 70-74 South Arlington Avenue<br> East Orange, NJ** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**1950 / NAP** | &nbsp;&nbsp;**24** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**3 BR/1 BA** | &nbsp;&nbsp;**1000** | &nbsp;&nbsp;**$2050** |
| &nbsp;&nbsp;**179 South Harrison** | &nbsp;&nbsp;1.0 mi | &nbsp;&nbsp;1924 / NAP | &nbsp;&nbsp;50 | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;1 BR/1 BA | &nbsp;&nbsp;900 | &nbsp;&nbsp;$1800 |
| &nbsp;&nbsp;179 South Harrison Street | &nbsp;&nbsp;1.0 mi | &nbsp;&nbsp;1924 / NAP | &nbsp;&nbsp;50 | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;2 BR/1 BA | &nbsp;&nbsp;1175 | &nbsp;&nbsp;$2150 |
| &nbsp;&nbsp;East Orange, NJ | &nbsp;&nbsp;1.0 mi | &nbsp;&nbsp;1924 / NAP | &nbsp;&nbsp;50 | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;3 BR/1 BA | &nbsp;&nbsp;1450 | &nbsp;&nbsp;$2605 |
|  | &nbsp;&nbsp;1.0 mi | &nbsp;&nbsp;1924 / NAP | &nbsp;&nbsp;50 | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;4 BR/1 BA | &nbsp;&nbsp;1450 | &nbsp;&nbsp;$2990 |
| &nbsp;&nbsp;**Rockledge Apartments** | &nbsp;&nbsp;1.2 mi | &nbsp;&nbsp;1950 / NAP | &nbsp;&nbsp;46 | &nbsp;&nbsp;98.0% | &nbsp;&nbsp;Studio | &nbsp;&nbsp;555 | &nbsp;&nbsp;$1250 |
| &nbsp;&nbsp;94 South Harrison Street | &nbsp;&nbsp;1.2 mi | &nbsp;&nbsp;1950 / NAP | &nbsp;&nbsp;46 | &nbsp;&nbsp;98.0% | &nbsp;&nbsp;1 BR/1 BA | &nbsp;&nbsp;755 | &nbsp;&nbsp;$1400 |
| &nbsp;&nbsp;East Orange, NJ | &nbsp;&nbsp;1.2 mi | &nbsp;&nbsp;1950 / NAP | &nbsp;&nbsp;46 | &nbsp;&nbsp;98.0% | &nbsp;&nbsp;2 BR/1 BA | &nbsp;&nbsp;975 | &nbsp;&nbsp;$1600 |
|  | &nbsp;&nbsp;1.2 mi | &nbsp;&nbsp;1950 / NAP | &nbsp;&nbsp;46 | &nbsp;&nbsp;98.0% | &nbsp;&nbsp;3 BR/1 BA | &nbsp;&nbsp;1100 | &nbsp;&nbsp;$1850 |
| &nbsp;&nbsp;**The Eminence<sup>(2)</sup><br> 139 Halsted Street<br> East Orange, NJ** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**1950 / NAP** | &nbsp;&nbsp;**25** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**1 BR/1 BA** | &nbsp;&nbsp;**750** | &nbsp;&nbsp;**$1363** |
| &nbsp;&nbsp;**120 S Harrison St** | &nbsp;&nbsp;0.6 mi | &nbsp;&nbsp;1930 / NAP | &nbsp;&nbsp;44 | &nbsp;&nbsp;73.0% | &nbsp;&nbsp;1 BR/1 BA | &nbsp;&nbsp;750 | &nbsp;&nbsp;$2000 |
| &nbsp;&nbsp;120 South Harrison Street<br> East Orange, NJ | &nbsp;&nbsp;0.6 mi | &nbsp;&nbsp;1930 / NAP | &nbsp;&nbsp;44 | &nbsp;&nbsp;73.0% | &nbsp;&nbsp;2 BR/1 BA | &nbsp;&nbsp;1000 | &nbsp;&nbsp;$2388 |
| &nbsp;&nbsp;**The Grove<sup>(2)</sup><br> 67 Lenox Avenue<br> East Orange, NJ** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**1950 / NAP** | &nbsp;&nbsp;**21** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Studio** | &nbsp;&nbsp;**620** | &nbsp;&nbsp;**$1398** |
| &nbsp;&nbsp;**The Grove<sup>(2)</sup><br> 67 Lenox Avenue<br> East Orange, NJ** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**1950 / NAP** | &nbsp;&nbsp;**21** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**1 BR/1 BA** | &nbsp;&nbsp;**750** | &nbsp;&nbsp;**$1372** |
| &nbsp;&nbsp;**The Grove<sup>(2)</sup><br> 67 Lenox Avenue<br> East Orange, NJ** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**1950 / NAP** | &nbsp;&nbsp;**21** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**2 BR/1 BA** | &nbsp;&nbsp;**892** | &nbsp;&nbsp;**$1610** |
| &nbsp;&nbsp;**107 New Street** | &nbsp;&nbsp;0.6 mi | &nbsp;&nbsp;1950 / NAP | &nbsp;&nbsp;64 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;Studio | &nbsp;&nbsp;540 | &nbsp;&nbsp;$1343 |
| &nbsp;&nbsp;107 New Street | &nbsp;&nbsp;0.6 mi | &nbsp;&nbsp;1950 / NAP | &nbsp;&nbsp;64 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;1 BR/1 BA | &nbsp;&nbsp;810 | &nbsp;&nbsp;$1645 |
| &nbsp;&nbsp;East Orange, NJ | &nbsp;&nbsp;0.6 mi | &nbsp;&nbsp;1950 / NAP | &nbsp;&nbsp;64 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;2 BR/1 BA | &nbsp;&nbsp;1080 | &nbsp;&nbsp;$1933 |
| &nbsp;&nbsp;**The Oaks<sup>(2)</sup><br> 10 Summit Street<br> East Orange, NJ** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**1924 / NAP** | &nbsp;&nbsp;**17** | &nbsp;&nbsp;**94.1%** | &nbsp;&nbsp;**1 BR/1 BA** | &nbsp;&nbsp;**750** | &nbsp;&nbsp;**$1327** |
| &nbsp;&nbsp;**The Oaks<sup>(2)</sup><br> 10 Summit Street<br> East Orange, NJ** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**1924 / NAP** | &nbsp;&nbsp;**17** | &nbsp;&nbsp;**94.1%** | &nbsp;&nbsp;**2 BR/1 BA** | &nbsp;&nbsp;**950** | &nbsp;&nbsp;**$1540** |
| &nbsp;&nbsp;**The Bordeau** | &nbsp;&nbsp;1.2 mi | &nbsp;&nbsp;1920 / NAP | &nbsp;&nbsp;75 | &nbsp;&nbsp;97.0% | &nbsp;&nbsp;Studio | &nbsp;&nbsp;500 | &nbsp;&nbsp;$1175 |
| &nbsp;&nbsp;445 Central Avenue | &nbsp;&nbsp;1.2 mi | &nbsp;&nbsp;1920 / NAP | &nbsp;&nbsp;75 | &nbsp;&nbsp;97.0% | &nbsp;&nbsp;1 BR/1 BA | &nbsp;&nbsp;650 | &nbsp;&nbsp;$1400 |
| &nbsp;&nbsp;Orange, NJ | &nbsp;&nbsp;1.2 mi | &nbsp;&nbsp;1920 / NAP | &nbsp;&nbsp;75 | &nbsp;&nbsp;97.0% | &nbsp;&nbsp;2 BR/1 BA | &nbsp;&nbsp;900 | &nbsp;&nbsp;$1675 |
|  | &nbsp;&nbsp;1.2 mi | &nbsp;&nbsp;1920 / NAP | &nbsp;&nbsp;75 | &nbsp;&nbsp;97.0% | &nbsp;&nbsp;3 BR/1 BA | &nbsp;&nbsp;1100 | &nbsp;&nbsp;$2225 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Source: Appraisals.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Based on the underwritten rent rolls dated October 1, 2025. Average Unit Size and
Average Rent Per Unit reflects the average value for occupied units and excludes the superintendent units.

 ****

 ****

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES 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;Multifamily – Various | &nbsp;&nbsp;Loan #11 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$23200000 |
| &nbsp;&nbsp;Various | &nbsp;&nbsp;**Herbst Multifamily Portfolio #2** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;64.4% |
| &nbsp;&nbsp;Various, NJ Various |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.34x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;9.1% |

---

***Appraisal.*** The appraisals concluded to an "As-Portfolio" value for the Herbst Multifamily Portfolio #2 Properties of $36,000,000 as of August 12, 2025, which includes a 4.2% portfolio premium, and is based on the assumption that the entire portfolio of Herbst Multifamily Portfolio #2 Properties is marketed to a single purchaser. The aggregate "As-Is" value of the individual Herbst Multifamily Portfolio #2 Properties is $34,550,000.

***Environmental Matters.*** According to the Phase I environmental site assessments dated August 27, 2025, there were no recognized environmental conditions at the Herbst Multifamily Portfolio #2 Properties.

***Operating History and Underwritten Net Cash Flow.*** The following table presents certain information relating to the historical operating performance and Underwritten Net Cash Flow at the Herbst Multifamily Portfolio #2 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>** |
| | **2023** | **2024** | **7/31/2025 TTM** | **U/W** | &nbsp;&nbsp;**UW Per Unit** |
| Base Rent | $2889651 | $3453194 | $3643730 | $3667505 | $18246 |
| Potential Income from Vacant Units | 0 | 0 | 0 | 85800 | 427 |
| **Gross Potential Rent** | **$2889651** | **$3453194** | **$3643730** | **$3753305** | **$18673** |
| Other Income<sup>(1)</sup> | 95774 | 118152 | 130714 | 130714 | 650 |
| **Net Rental Income** | **$2985426** | **$3571346** | **$3774444** | **$3884019** | **$19323** |
| (Vacancy / Credit Loss) | 0 | 0 | 0 | ($112599) | ($560) |
| **Total Effective Gross Income** | **$2985426** | **$3571346** | **$3774444** | **$3771420** | **$18763** |
| Real Estate Taxes | 755064 | 769865 | 770886 | 792961 | 3945 |
| Insurance | 250140 | 260531 | 284649 | 275203 | 1369 |
| Management Fee | 89563 | 107140 | 113233 | 113143 | 563 |
| Other Expenses<sup>(2)</sup> | 435732 | 396302 | 448226 | 472451 | 2351 |
| **Total Expenses** | **$1530499** | **$1533838** | **$1616995** | **$1653758** | **$8228** |
| **Net Operating Income** | **$1454927** | **$2037508** | **$2157450** | **$2117662** | **$10536** |
| Replacement Reserves | 0 | 0 | 0 | 64568 | 321 |
| **Net Cash Flow** | **$1454927** | **$2037508** | **$2157450** | **$2053094** | **$10214** |
| **Occupancy** | **96.9%** | **97.7%** | **98.4%** | **97.0%<sup>(3)</sup>** |  |
| **NOI DSCR** | **0.95x** | **1.33x** | **1.40x** | **1.38x** |  |
| **NCF DSCR** | **0.95x** | **1.33x** | **1.40x** | **1.34x** |  |
| **NOI Debt Yield** | **6.3%** | **8.8%** | **9.3%** | **9.1%** |  |
| **NCF Debt Yield** | **6.3%** | **8.8%** | **9.3%** | **8.8%** |  |

---

(1) Other Income includes charges for use of the on-site laundry facility, as well
as late fees, pet fees, and application fees.

(2) Other Operating Expenses represents payroll and benefits, repairs and maintenance,
utilities, and general and administrative expenses.

(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. |
| 110 |

---

**Mortgage Loan No. 12 – Central Arts Plaza**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| **Mortgage Loan Seller:** | **Mortgage Loan Seller:** | GSMC | GSMC | GSMC | **Single Asset/Portfolio:** | Single Asset |
| **Credit Assessment (Fitch/DBRS/S&P):** | **Credit Assessment (Fitch/DBRS/S&P):** | NR/NR/NR | NR/NR/NR | NR/NR/NR | **Location:** | Phoenix, AZ 85004 |
| **Original Balance<sup>(1)</sup>:** | **Original Balance<sup>(1)</sup>:** | $23000000 | $23000000 | $23000000 | **General Property Type:** | Office |
| **Cut-off Date Balance<sup>(1)</sup>:** | **Cut-off Date Balance<sup>(1)</sup>:** | $23000000 | $23000000 | $23000000 | **Detailed Property Type:** | Suburban |
| **% of Initial Pool Balance:** | **% of Initial Pool Balance:** | [_]% | [_]% | [_]% | **Title Vesting:** | Fee |
| **Loan Purpose:** | **Loan Purpose:** | Refinance | Refinance | Refinance | **Year Built/Renovated:** | 1990 / 2020 |
| **Borrower Sponsors:** | **Borrower Sponsors:** | David L. Long and Peggy L. Long | David L. Long and Peggy L. Long | David L. Long and Peggy L. Long | **Size:** | 484,168 SF |
| **Guarantors:** | **Guarantors:** | David L. Long and Peggy L. Long | David L. Long and Peggy L. Long | David L. Long and Peggy L. Long | **Cut-off Date Balance Per SF<sup>(1)</sup>:** | $130 |
| **Mortgage Rate:** | **Mortgage Rate:** | 6.7300% | 6.7300% | 6.7300% | **Maturity Date Balance Per SF<sup>(1)</sup>:** | $130 |
| **Note Date:** | **Note Date:** | 10/23/2025 | 10/23/2025 | 10/23/2025 | **Property Manager:** | CBRE Inc. |
| **Maturity Date:** | **Maturity Date:** | 11/6/2030 | 11/6/2030 | 11/6/2030 |  |  |
| **Term to Maturity:** | **Term to Maturity:** | 60 months | 60 months | 60 months |  |  |
| **Amortization Term:** | **Amortization Term:** | 0 months | 0 months | 0 months | &nbsp;&nbsp;**Underwriting and Financial Information<sup>(1)</sup>** | &nbsp;&nbsp;**Underwriting and Financial Information<sup>(1)</sup>** |
| **IO Period:** | **IO Period:** | 60 months | 60 months | 60 months | **UW NOI<sup>(4)</sup>:** | $8415982 |
| **Seasoning:** | **Seasoning:** | 1 month | 1 month | 1 month | **UW NCF:** | $7493804 |
| **Prepayment Provisions<sup>(2)</sup>:** | **Prepayment Provisions<sup>(2)</sup>:** | L(25),D(28),O(7) | L(25),D(28),O(7) | L(25),D(28),O(7) | **UW NOI Debt Yield:** | 13.4% |
| **Lockbox/Cash Mgmt Status:** | **Lockbox/Cash Mgmt Status:** | Hard/Springing | Hard/Springing | Hard/Springing | **UW NCF Debt Yield:** | 11.9% |
| **Additional Debt Type<sup>(1)</sup>:** | **Additional Debt Type<sup>(1)</sup>:** | *Pari Passu* | *Pari Passu* | *Pari Passu* | **UW NOI Debt Yield at Maturity:** | 13.4% |
| **Additional Debt Balance<sup>(1)</sup>:** | **Additional Debt Balance<sup>(1)</sup>:** | $40000000 | $40000000 | $40000000 | **UW NCF DSCR:** | 1.74x |
| **Future Debt Permitted (Type):** | **Future Debt Permitted (Type):** | No (NAP) | No (NAP) | No (NAP) | **Most Recent NOI<sup>(4)</sup>:** | $5,516,567 (TTM 9/30/2025) |
|  |  |  |  |  | **2nd Most Recent NOI<sup>(4)</sup>:** | $4,087,165 (12/31/2024) |
| &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | **3rd Most Recent NOI<sup>(4)</sup>:** | $4,646,484 (12/31/2023) |
| **<u>Type</u>** | **<u>Initial</u>** | **<u>Initial</u>** | **<u>Monthly</u>** | **<u>Cap</u>** | **Most Recent Occupancy:** | 90.5% (8/1/2025) |
| **Taxes:** | $209242 | $209242 | $69747 | N/A | **2nd Most Recent Occupancy:** | 79.0% (12/31/2024) |
| **Insurance:** | $82422 | $82422 | $10303 | N/A | **3rd Most Recent Occupancy:** | 71.6% (12/31/2023) |
| **Replacement Reserves:** | $0 | $0 | $8069 | N/A | **Appraised Value (as of)<sup>(5)</sup>:** | $94,400,000 (8/20/2026) |
| **TI / LC Reserve:** | $1909035 | $1909035 | $131129 | N/A | **Appraised Value Per SF<sup>(5)</sup>:** | $195 |
| **Unfunded TI/LC Reserve:** | $10933737 | $10933737 | $0 | N/A | **Cut-off Date LTV Ratio<sup>(5)</sup>:** | 66.7% |
| **Abated Rent:** | $2858583 | $2858583 | $0 | N/A | **Maturity Date LTV Ratio<sup>(5)</sup>:** | 66.7% |
| **Gap Rent:** | $1134394 | $1134394 | $0 | N/A |  |  |
| **Critical Tenant Non-Renewal:** | $0 | $0 | Springing<sup>(3)</sup> | N/A |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** |
| &nbsp;&nbsp;**Sources** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** | &nbsp;&nbsp;**Uses** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** |
| &nbsp;&nbsp;Whole Loan Amount<sup>(1)</sup> | &nbsp;&nbsp;$63000000 | &nbsp;&nbsp;95.3% | &nbsp;&nbsp;Loan Payoff | &nbsp;&nbsp;$48434074 | &nbsp;&nbsp;73.3% |
| &nbsp;&nbsp;Principal Cash Contribution | &nbsp;&nbsp;$3102107 | &nbsp;&nbsp;4.7% | &nbsp;&nbsp;Upfront Reserves | &nbsp;&nbsp;$17127413 | &nbsp;&nbsp;25.9% |
|  |  |  | &nbsp;&nbsp;Closing Costs | &nbsp;&nbsp;$540620 | &nbsp;&nbsp;0.8% |
| &nbsp;&nbsp;**Total Sources** | &nbsp;&nbsp;**$66102107** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses** | &nbsp;&nbsp;**$66102107** | &nbsp;&nbsp;**100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Central Arts Plaza Mortgage Loan (as defined below) is part of the Central Arts Plaza Whole Loan (as
defined below) evidenced by three *pari passu* promissory notes with an aggregate outstanding principal balance as of the Cut-off
Date of $63,000,000. The Underwriting and Financial Information in the chart above reflects the Central Arts Plaza Whole Loan.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Defeasance of the Central Arts Plaza Whole Loan (as defined below) is permitted at any time after the
date that is the earliest to occur of (i) two years after the closing date of the securitization that includes the last note to be securitized
and (ii) October 23, 2028. The assumed defeasance lockout period of 25 payments is based on the anticipated closing date of the WFCM 2025-5C7
securitization trust in December 2025. The actual defeasance lockout period may be longer.

&nbsp;&nbsp;&nbsp;&nbsp;(3) In the event a critical tenant fails to renew or exercise an extension option by the earlier of 12 months
prior to its lease expiration or the notice period required under its lease, the borrower is required to make a monthly critical tenant
non-renewal deposit in the amount of $343,099.57.

&nbsp;&nbsp;&nbsp;&nbsp;(4) The increase from Most Recent NOI to Underwritten NOI is primarily attributable to the Tiffany & Bosco,
P.A. lease that is expected to commence in April 2026, with rent payments beginning in August 2026, after four months of free rent. We
cannot assure you that the tenant will take occupancy of the space or commence paying rent.

&nbsp;&nbsp;&nbsp;&nbsp;(5) The appraised value reflects the "as-stabilized" value, which assumes that Tiffany & Bosco
takes occupancy in April 2026 and begins paying rent in August 2026. The "as-is" appraised value is $77,600,000, which includes
a $16,800,000 stabilization discount, resulting in a Cut-off Date LTV and Maturity Date LTV of 81.2%. All outstanding reserves owed to
Tiffany & Bosco, P.A, along with gap rent to April 2026 and free rent through August 2026, were reserved by the lender at loan origination.

***The Mortgage Loan.*** The twelfth largest mortgage loan (the "Central Arts Plaza Mortgage Loan") is part of a whole loan (the "Central Arts Plaza Whole Loan") evidenced by three *pari passu* loans with an aggregate principal balance as of the Cut-off Date of $63,000,000, which is secured by the borrower's fee interest in an approximately 484,168 square foot office building located in Phoenix, Arizona (the "Central Arts Plaza Property"). The Central Arts Plaza Mortgage Loan is evidenced by the non-controlling Note A-2, with an outstanding principal balance as of the Cut-off Date of $23,000,000. The Central Arts Plaza Whole Loan has an initial term of 60 months, is interest-only for the full term, has a remaining term of 60 months as of the Cut-Off Date and accrues interest on an Actual/360 basis at a rate of 6.73000% per annum. The Central Arts Plaza Whole Loan proceeds, alongside borrower sponsor equity, were used to refinance the prior loan, fund upfront reserves and cover closing costs. The relationship between the holders of the Central Arts Plaza 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 Central Arts Plaza Whole Loan will be serviced under the pooling and servicing agreement for the BBCMS 2025-5C38 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. |
| 111 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – Suburban | &nbsp;&nbsp;Loan #12 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$23000000 |
| &nbsp;&nbsp;1850 N Central Avenue | &nbsp;&nbsp;**Central Arts Plaza** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;66.7% |
| &nbsp;&nbsp;Phoenix, AZ 85004<br>|  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.74x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;13.4% |

---

The table below identifies the promissory notes that comprise the Central Arts Plaza 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** | &nbsp;&nbsp;**Original Balance** | &nbsp;&nbsp;**Cut-off Date Balance** | &nbsp;&nbsp;**Note Holder** | &nbsp;&nbsp;**Controlling Piece** |
| A-1 | &nbsp;&nbsp;$33000000 | &nbsp;&nbsp;$33000000 | &nbsp;&nbsp;BBCMS 2025-5C38 | &nbsp;&nbsp;Yes |
| **A-2** | &nbsp;&nbsp;**$23000000** | &nbsp;&nbsp;**$23000000** | &nbsp;&nbsp;**WFCM 2025-5C7** | &nbsp;&nbsp;**No** |
| A-3<sup>(1)</sup> | &nbsp;&nbsp;$7000000 | &nbsp;&nbsp;$7000000 | &nbsp;&nbsp;Goldman Sachs Bank USA | &nbsp;&nbsp;No |
| **Whole Loan** | &nbsp;&nbsp;**$63000000** | &nbsp;&nbsp;**$63000000** |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Expected to be contributed to one or more future securitizations or may otherwise be transferred at any
time.

***The Borrower and the Borrower Sponsors.*** The borrower is 1850 Central, LLC, a Delaware limited liability company and special purpose entity with two independent directors in its organizational structure. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Central Arts Plaza Whole Loan. The borrower sponsors and non-recourse carveout guarantors are David L. Long and Peggy L. Long. The borrower sponsors are the co-founders of DL Properties, a private real estate investment company that has accumulated a national retail portfolio comprised of over 26 commercial properties.

***The Property.*** The Central Arts Plaza Property is a Class A high-rise office building located in Phoenix, Arizona. The Central Arts Plaza Property, built in 1990 and most recently renovated in 2020, encompasses 484,168 square feet and offers several on-site amenities, including a dry cleaner, a performing arts theater, two restaurants, a fitness center, three large meeting rooms, and a garden plaza with a water feature. As of August 1, 2025, the Central Arts Plaza Property is 90.5% leased to 25 tenants and is considered stabilized, inclusive of the Tiffany & Bosco, P.A. lease, which will occupy three suites on a lease that is expected to commence in April 2026. The borrower sponsors acquired the Central Arts Plaza Property in 2018 for $80.7 million, at which time the Central Arts Plaza Property was 73.0% occupied. Since acquisition, the borrower sponsors have invested approximately $8.4 million in capital improvement projects to upgrade tenant amenities and common areas, and over $24.5 million in tenant improvements and leasing commissions to re-tenant the space. These investments bring the borrower sponsor's cost-basis to $113.6 million.

Since acquiring the Central Arts Plaza Property, the borrower sponsors have signed new and renewal leases across over 430,000 SF, including the recent lease execution to Tiffany & Bosco, P.A., which signed a 13-year lease, commencing in April 2026 and expiring in March 2039, with no delivery outs or early termination options.

***Major Tenants.*** The three largest tenants by underwritten base rent at the Central Arts Plaza Property are Tiffany & Bosco, P.A., Burns & McDonnell Engineering and Dickinson Wright, PLLC.

*Tiffany & Bosco, P.A. (57,813 square feet; 11.9% of NRA; 15.4% of underwritten base rent):* Tiffany & Bosco, P.A. is a law firm that was founded in 1967 and is expected to be a new tenant at the Central Arts Plaza Property with a lease that is projected to commence in April 2026, with rent payments beginning in August 2026, following four months of free rent. We cannot assure you that Tiffany & Bosco, P.A. will take occupancy or commence paying rent as expected or at all.

*Burns & McDonnell Engineering (52,027 square feet; 10.7% of NRA; 12.3% of underwritten base rent):* Burns & McDonnell Engineering is a global engineering, architecture, construction, and consulting firm founded in 1898 and is 100% employee-owned. The company designs and builds critical infrastructure across a wide range of sectors, including power, transportation, environmental, and commercial. Its services cover the entire project lifecycle, from initial planning and design to construction and management. Burns & McDonnell Engineering has over 75 offices worldwide.

*Dickinson Wright, PLLC (37,362 square feet; 7.7% of NRA; 9.0% of underwritten base rent):* Dickinson Wright, PLLC is a full-service law firm with over 500 lawyers serving clients across the United States and Canada in more than 40 practice areas and industries. Founded in 1878, the firm is known for its commercial litigation, private equity and intellectual property practices.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 112 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – Suburban | &nbsp;&nbsp;Loan #12 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$23000000 |
| &nbsp;&nbsp;1850 N Central Avenue | &nbsp;&nbsp;**Central Arts Plaza** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;66.7% |
| &nbsp;&nbsp;Phoenix, AZ 85004<br>|  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.74x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;13.4% |

---

The following table presents certain information relating to the major tenants at the Central Arts Plaza Property:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Major Tenant Summary<sup>(1)</sup>** | **Major Tenant Summary<sup>(1)</sup>** | **Major Tenant Summary<sup>(1)</sup>** | **Major Tenant Summary<sup>(1)</sup>** | **Major Tenant Summary<sup>(1)</sup>** | **Major Tenant Summary<sup>(1)</sup>** | **Major Tenant Summary<sup>(1)</sup>** | **Major Tenant Summary<sup>(1)</sup>** | **Major Tenant Summary<sup>(1)</sup>** |
| **Tenant Name** | **Credit Rating (Moody's/**<br> **S&P/Fitch)** | **Net Rentable Area (SF)** | **% of Total NRA** | **UW Base Rent PSF** | **UW Base Rent** | **% of Total UW Base Rent** | **Lease Exp. Date** | **Renewal Options** |
| &nbsp;&nbsp;Tiffany & Bosco, P.A.<sup>(2)</sup> | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;57813 | &nbsp;&nbsp;11.9% | &nbsp;&nbsp;$32.50 | &nbsp;&nbsp;$1878923 | &nbsp;&nbsp;15.4% | &nbsp;&nbsp;3/31/2039 &nbsp;&nbsp;N | &nbsp;&nbsp;2 x 5 Yrs |
| &nbsp;&nbsp;Burns & McDonnell Engineering | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;52027 | &nbsp;&nbsp;10.7% | &nbsp;&nbsp;$28.75 | &nbsp;&nbsp;$1495776 | &nbsp;&nbsp;12.3% | &nbsp;&nbsp;12/31/2027 &nbsp;&nbsp;N | &nbsp;&nbsp;2 x 5 Yrs |
| &nbsp;&nbsp;Dickinson Wright, PLLC | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;37362 | &nbsp;&nbsp;7.7% | &nbsp;&nbsp;$29.25 | &nbsp;&nbsp;$1092838 | &nbsp;&nbsp;9.0% | &nbsp;&nbsp;5/31/2031 &nbsp;&nbsp;N |  |
| &nbsp;&nbsp;R. R. Donnelley<sup>(3)</sup> | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;24592 | &nbsp;&nbsp;5.1% | &nbsp;&nbsp;$30.00 | &nbsp;&nbsp;$737760 | &nbsp;&nbsp;6.1% | &nbsp;&nbsp;5/31/2029 &nbsp;&nbsp;Y<sup>(3)</sup> | &nbsp;&nbsp;2 x 3 Yrs |
| &nbsp;&nbsp;Jaburg & Wilk, P.C. | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;23254 | &nbsp;&nbsp;4.8% | &nbsp;&nbsp;$31.00 | &nbsp;&nbsp;$720874 | &nbsp;&nbsp;5.9% | &nbsp;&nbsp;5/31/2036 &nbsp;&nbsp;N | &nbsp;&nbsp;2 x 5 Yrs |
| &nbsp;&nbsp;The Cavanagh Law Firm, P.A. | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;20477 | &nbsp;&nbsp;4.2% | &nbsp;&nbsp;$34.00 | &nbsp;&nbsp;$696218 | &nbsp;&nbsp;5.7% | &nbsp;&nbsp;4/30/2038 &nbsp;&nbsp;N |  |
| &nbsp;&nbsp;May Potenza Baran Gillespie<sup>(4)</sup> | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;25448 | &nbsp;&nbsp;5.3% | &nbsp;&nbsp;$26.70 | &nbsp;&nbsp;$679536 | &nbsp;&nbsp;5.6% | &nbsp;&nbsp;4/1/2036 &nbsp;&nbsp;N | &nbsp;&nbsp;2 x 5 Yrs |
| &nbsp;&nbsp;National Default Service Corporation (NDSC)<sup>(5)</sup> | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;19896 | &nbsp;&nbsp;4.1% | &nbsp;&nbsp;$32.50 | &nbsp;&nbsp;$646620 | &nbsp;&nbsp;5.3% | &nbsp;&nbsp;3/31/2039 &nbsp;&nbsp;N | &nbsp;&nbsp;2 x 5 Yrs |
| &nbsp;&nbsp;Stinson LLP | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;20236 | &nbsp;&nbsp;4.2% | &nbsp;&nbsp;$31.51 | &nbsp;&nbsp;$637722 | &nbsp;&nbsp;5.2% | &nbsp;&nbsp;7/31/2034 &nbsp;&nbsp;N | &nbsp;&nbsp;2 x 5 Yrs |
| &nbsp;&nbsp;Burch & Cracchiolo, P.A. | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;20562 | &nbsp;&nbsp;4.2% | &nbsp;&nbsp;$30.36 | &nbsp;&nbsp;$624262 | &nbsp;&nbsp;5.1% | &nbsp;&nbsp;12/31/2033 &nbsp;&nbsp;N | &nbsp;&nbsp;2 x 5 Yrs |
| &nbsp;&nbsp;**Major Tenants** |  | &nbsp;&nbsp;**301667** | &nbsp;&nbsp;**62.3%** | &nbsp;&nbsp;**$30.53** | &nbsp;&nbsp;**$9210530** | &nbsp;&nbsp;**75.6%** |  |  |
| &nbsp;&nbsp;Other Tenants |  | &nbsp;&nbsp;109928 | &nbsp;&nbsp;22.7% | &nbsp;&nbsp;$26.98 | &nbsp;&nbsp;$2966074 | &nbsp;&nbsp;24.4% |  |  |
| &nbsp;&nbsp;**Occupied Total Collateral** |  | &nbsp;&nbsp;**411595** | &nbsp;&nbsp;**85.0%** | &nbsp;&nbsp;**$29.58** | &nbsp;&nbsp;**$12176604** | &nbsp;&nbsp;**100.0%** |  |  |
| &nbsp;&nbsp;Amenity Space |  | &nbsp;&nbsp;26683 | &nbsp;&nbsp;5.5% |  |  |  |  |  |
| &nbsp;&nbsp;Vacant Space |  | &nbsp;&nbsp;45890 | &nbsp;&nbsp;9.5% |  |  |  |  |  |
| &nbsp;&nbsp;**Totals/ Wtd. Avg. All Tenants** |  | &nbsp;&nbsp;**484168** | &nbsp;&nbsp;**100.0%** |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Based on the underwritten rent roll dated August 1, 2025, inclusive of contractual rent steps through
November 30, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Tiffany & Bosco, P.A.'s lease is expected to commence in April 2026,
with rent payments beginning in August 2026, after four months of free rent. We cannot assure you that the tenant will take occupancy
of the space or commence paying rent.

&nbsp;&nbsp;&nbsp;&nbsp;(3) R. R. Donnelley has a right to terminate its lease with respect to the entirety
or a portion of its 6th floor expansion space (totaling 4,779 SF) at any time before May 31, 2029 upon six months' notice to the
landlord and payment of a cancellation fee.

&nbsp;&nbsp;&nbsp;&nbsp;(4) May Potenza Baran Gillespie has executed a lease expansion and extension. The tenant
currently occupies 19,093 SF and is scheduled to expand its space by 6,355 SF with an expected rent commencement in April 2026. We cannot
assure you that the tenant will take occupancy of the expansion space or commence paying rent.

&nbsp;&nbsp;&nbsp;&nbsp;(5) The National Default Service Corporation (NDSC) lease is expected to commence in
April 2026. We cannot assure you that the tenant will take occupancy of the space or commence paying rent.

The following table presents certain information relating to the lease rollover schedule at the Central Arts Plaza Property:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** |
| &nbsp;&nbsp;**Year** | &nbsp;&nbsp;**Number of Leases Expiring** | &nbsp;&nbsp;**Net Rentable Area Expiring** | &nbsp;&nbsp;**% of NRA Expiring** | &nbsp;&nbsp;**UW Base Rent Expiring** | &nbsp;&nbsp;**% of UW Base Rent Expiring** | &nbsp;&nbsp;**Cumulative Net Rentable Area Expiring** | &nbsp;&nbsp;**Cumulative % of NRA Expiring** | &nbsp;&nbsp;**Cumulative UW Base Rent Expiring** | &nbsp;&nbsp;**Cumulative % of UW Base Rent Expiring** |
| &nbsp;&nbsp;Vacant | &nbsp;&nbsp;NAP | &nbsp;&nbsp;45890 | &nbsp;&nbsp;9.5% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;45890 | &nbsp;&nbsp;9.5% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;2025 & MTM<sup>(3)</sup> | &nbsp;&nbsp;1 | &nbsp;&nbsp;26683 | &nbsp;&nbsp;5.5% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;72573 | &nbsp;&nbsp;15.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% |
| &nbsp;&nbsp;2026 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;72573 | &nbsp;&nbsp;15.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% |
| &nbsp;&nbsp;2027 | &nbsp;&nbsp;5 | &nbsp;&nbsp;70550 | &nbsp;&nbsp;14.6% | &nbsp;&nbsp;$2041023 | &nbsp;&nbsp;16.8% | &nbsp;&nbsp;143123 | &nbsp;&nbsp;29.6% | &nbsp;&nbsp;$2041023 | &nbsp;&nbsp;16.8% |
| &nbsp;&nbsp;2028 | &nbsp;&nbsp;1 | &nbsp;&nbsp;885 | &nbsp;&nbsp;0.2% | &nbsp;&nbsp;$27878 | &nbsp;&nbsp;0.2% | &nbsp;&nbsp;144008 | &nbsp;&nbsp;29.7% | &nbsp;&nbsp;$2068901 | &nbsp;&nbsp;17.0% |
| &nbsp;&nbsp;2029 | &nbsp;&nbsp;4 | &nbsp;&nbsp;46750 | &nbsp;&nbsp;9.7% | &nbsp;&nbsp;$1403928 | &nbsp;&nbsp;11.5% | &nbsp;&nbsp;190758 | &nbsp;&nbsp;39.4% | &nbsp;&nbsp;$3472829 | &nbsp;&nbsp;28.5% |
| &nbsp;&nbsp;2030 | &nbsp;&nbsp;2 | &nbsp;&nbsp;8698 | &nbsp;&nbsp;1.8% | &nbsp;&nbsp;$265346 | &nbsp;&nbsp;2.2% | &nbsp;&nbsp;199456 | &nbsp;&nbsp;41.2% | &nbsp;&nbsp;$3738175 | &nbsp;&nbsp;30.7% |
| &nbsp;&nbsp;2031 | &nbsp;&nbsp;3 | &nbsp;&nbsp;69955 | &nbsp;&nbsp;14.4% | &nbsp;&nbsp;$1734748 | &nbsp;&nbsp;14.2% | &nbsp;&nbsp;269411 | &nbsp;&nbsp;55.6% | &nbsp;&nbsp;$5472923 | &nbsp;&nbsp;44.9% |
| &nbsp;&nbsp;2032 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;269411 | &nbsp;&nbsp;55.6% | &nbsp;&nbsp;$5472923 | &nbsp;&nbsp;44.9% |
| &nbsp;&nbsp;2033 | &nbsp;&nbsp;3 | &nbsp;&nbsp;40001 | &nbsp;&nbsp;8.3% | &nbsp;&nbsp;$1218796 | &nbsp;&nbsp;10.0% | &nbsp;&nbsp;309412 | &nbsp;&nbsp;63.9% | &nbsp;&nbsp;$6691720 | &nbsp;&nbsp;55.0% |
| &nbsp;&nbsp;2034 | &nbsp;&nbsp;1 | &nbsp;&nbsp;20236 | &nbsp;&nbsp;4.2% | &nbsp;&nbsp;$637722 | &nbsp;&nbsp;5.2% | &nbsp;&nbsp;329648 | &nbsp;&nbsp;68.1% | &nbsp;&nbsp;$7329442 | &nbsp;&nbsp;60.2% |
| &nbsp;&nbsp;2035 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;329648 | &nbsp;&nbsp;68.1% | &nbsp;&nbsp;$7329442 | &nbsp;&nbsp;60.2% |
| &nbsp;&nbsp;2036 & Beyond | &nbsp;&nbsp;6 | &nbsp;&nbsp;154520 | &nbsp;&nbsp;31.9% | &nbsp;&nbsp;$4847162 | &nbsp;&nbsp;39.8% | &nbsp;&nbsp;484168 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$12176604 | &nbsp;&nbsp;100.0% |
| &nbsp;&nbsp;**Total/Wtd. Avg.** | &nbsp;&nbsp;**26** | &nbsp;&nbsp;**484168** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$12176604** | &nbsp;&nbsp;**100.0%** |  |  |  |  |

---

(1) Based on the underwritten rent roll dated August 1, 2025, inclusive of contractual
rent steps through November 30, 2026.

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

(3) Includes amenity space.

 

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 113 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – Suburban | &nbsp;&nbsp;Loan #12 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$23000000 |
| &nbsp;&nbsp;1850 N Central Avenue | &nbsp;&nbsp;**Central Arts Plaza** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;66.7% |
| &nbsp;&nbsp;Phoenix, AZ 85004<br>|  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.74x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;13.4% |

---

***The Market*.** The Central Arts Plaza Property is located in the Central Corridor submarket of Phoenix, Maricopa County, Arizona, which is part of the larger Phoenix-Mesa-Chandler metropolitan area. Within the Central Corridor submarket, the Central Arts Plaza Property benefits from its location along Central Avenue with visibility along the Phoenix Light Rail. The area is characterized by a mix of residential, commercial, and public uses, with significant office development. Notable developments include Park Central Mall, The Phoenix Plaza, and the Phoenix Indian School Site redevelopment. According to the appraisal, the neighborhood is considered to be in a revitalization phase with high barriers to entry for new developments. As of the second quarter of 2025, the Phoenix market had a vacancy rate of 16.7% and an average asking rent of $29.72 per square foot. The Central Corridor submarket had a higher vacancy rate of 22.8% and an average asking rent of $28.11 per square foot.

The following table presents certain information regarding comparable sales of the Central Arts Plaza Property:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Comparable Sales – Phoenix, AZ<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Sales – Phoenix, AZ<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Sales – Phoenix, AZ<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Sales – Phoenix, AZ<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Sales – Phoenix, AZ<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Sales – Phoenix, AZ<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Sales – Phoenix, AZ<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**SF** | &nbsp;&nbsp;**Year Built / Renovated** | &nbsp;&nbsp;**Occupancy** | &nbsp;&nbsp;&nbsp;**Stabilized Price** | &nbsp;&nbsp;**Price Per SF** | &nbsp;&nbsp;**Cap Rate** |
| &nbsp;&nbsp;24th at Camelback | &nbsp;&nbsp;308481 | &nbsp;&nbsp;2000 / NAP | &nbsp;&nbsp;85% | &nbsp;&nbsp;$90360000 | &nbsp;&nbsp;&nbsp;&nbsp;$293 | &nbsp;&nbsp;7.53% |
| &nbsp;&nbsp;24th at Camelback II | &nbsp;&nbsp;306877 | &nbsp;&nbsp;2009 / NAP | &nbsp;&nbsp;81% | &nbsp;&nbsp;$97900000 | &nbsp;&nbsp;&nbsp;&nbsp;$319 | &nbsp;&nbsp;7.00% |
| &nbsp;&nbsp;Great American Tower | &nbsp;&nbsp;350049 | &nbsp;&nbsp;1985 / 2023 | &nbsp;&nbsp;60% | &nbsp;&nbsp;$47170000 | &nbsp;&nbsp;&nbsp;&nbsp;$135 | &nbsp;&nbsp;8.42% |
| &nbsp;&nbsp;2800 Tower | &nbsp;&nbsp;370736 | &nbsp;&nbsp;1985 / 2024 | &nbsp;&nbsp;56% | &nbsp;&nbsp;$60300000 | &nbsp;&nbsp;&nbsp;&nbsp;$163 | &nbsp;&nbsp;8.12% |

---

(1) Source: Appraisal.

 ****

***Appraisal.*** According to the appraisal, the Central Arts Plaza Property has an "as-stabilized" appraised value of $94,400,000 as of August 20, 2026, which excludes the extraordinary assumption of a $16,800,000 stabilization discount, accounting for the Tiffany & Bosco lease that is expected to take occupancy in April 2026 and begin paying rent in August 2026. The "as-is" appraised value is $77,600,000, which includes the stabilization discount, resulting in a Cut-off Date LTV and Maturity Date LTV of 81.2%.

***Environmental Matters.*** According to the Phase I environmental report dated September 4, 2025, there was no evidence of any recognized environmental conditions at the Central Arts Plaza 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. |
| 114 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office – Suburban | &nbsp;&nbsp;Loan #12 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$23000000 |
| &nbsp;&nbsp;1850 N Central Avenue | &nbsp;&nbsp;**Central Arts Plaza** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;66.7% |
| &nbsp;&nbsp;Phoenix, AZ 85004<br>|  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.74x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;13.4% |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Historical Operating Performance and Underwritten Net Cash Flow<sup>(1)</sup>** | **Historical Operating Performance and Underwritten Net Cash Flow<sup>(1)</sup>** | **Historical Operating Performance and Underwritten Net Cash Flow<sup>(1)</sup>** | **Historical Operating Performance and Underwritten Net Cash Flow<sup>(1)</sup>** | **Historical Operating Performance and Underwritten Net Cash Flow<sup>(1)</sup>** | **Historical Operating Performance and Underwritten Net Cash Flow<sup>(1)</sup>** | **Historical Operating Performance and Underwritten Net Cash Flow<sup>(1)</sup>** | **Historical Operating Performance and Underwritten Net Cash Flow<sup>(1)</sup>** |
|  | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**TTM 6/30/2025** | &nbsp;&nbsp;**Underwritten<sup>(2)</sup>** | &nbsp;&nbsp;**PSF** | &nbsp;&nbsp;**%<sup>(2)</sup>** |
| **Base Rental Revenue** | **$10681944** | **$9769629** | **$9653398** | **$9913156** | **$12176604** | **$25.15** | **85.1%** |
| Total Commercial Reimbursement Revenue | 11597 | 62701 | 102691 | 133201 | 40490 | $0.08 | 0.3% |
| HVAC Reimbursement | 53951 | 50983 | 61772 | 63009 | 63009 | $0.13 | 0.4% |
| Market Revenue from Vacant Units | 0 | 0 | 0 | 0 | 1204431 | $2.49 | 8.4% |
| Parking Income | 659630 | 644057 | 706389 | 744698 | 753900 | $1.56 | 5.3% |
| Other Revenue | 46823 | 65136 | 58825 | 68977 | 64000 | $0.13 | 0.4% |
| **Potential Gross Revenue** | **$11453945** | **$10592506** | **$10583075** | **$10923041** | **$14302434** | **$29.54** | **100.0%** |
| Vacancy Loss | (1407932) | (676108) | (1085749) | (529373) | (1204431) | ($2.49) | (8.4%) |
| **Effective Gross Revenue** | **$10046013** | **$9916398** | **$9497326** | **$10393668** | **$13098003** | **$27.05** | **91.6%** |
| Real Estate Taxes | 1694936 | 1553400 | 1573896 | 896043 | 836969 | $1.73 | 6.4% |
| Insurance | 94108 | 94844 | 105432 | 115490 | 123633 | $0.26 | 0.9% |
| Utilities | 819703 | 873157 | 993018 | 1014969 | 1000000 | $2.07 | 7.6% |
| Repairs & Maintenance | 1793418 | 1762997 | 1712429 | 1727616 | 1756788 | $3.63 | 13.4% |
| Management Fee | 430187 | 432066 | 457198 | 462457 | 392940 | $0.81 | 3.0% |
| Payroll (Office, Security, Maintenance) | 379076 | 394166 | 468362 | 468139 | 438300 | $0.91 | 3.3% |
| General and Administrative - Direct | 82068 | 159284 | 99826 | 192387 | 133391 | $0.28 | 1.0% |
| **Total Expenses** | **$5293496** | **$5269914** | **$5410161** | **$4877101** | **$4682021** | **$9.67** | **35.7%** |
| **Net Operating Income<sup>(3)</sup>** | **$4752517** | **$4646484** | **$4087165** | **$5516567** | **$8415982** | **$17.38** | **64.3%** |
| Replacement Reserves | 0 | 0 | 0 | 0 | 96834 | $0.20 | 0.7% |
| TI/LC | 0 | 0 | 0 | 0 | 825343 | $1.70 | 6.3% |
| **Net Cash Flow** | **$4752517** | **$4646484** | **$4087165** | **$5516567** | **$7493804** | **$15.48** | **57.2%** |
| **Occupancy %** | 84.0% | 71.6% | 79.0% | NAV | 90.5%<sup>(5)</sup> |  |  |
| **NOI DSCR<sup>(4)</sup>** | 1.11x | 1.08x | 0.95x | 1.28x | 1.96x |  |  |
| **NCF DSCR<sup>(4)</sup>** | 1.11x | 1.08x | 0.95x | 1.28x | 1.74x |  |  |
| **NOI Debt Yield<sup>(4)</sup>** | 7.5% | 7.4% | 6.5% | 8.8% | 13.4% |  |  |
| **NCF Debt Yield<sup>(4)</sup>** | 7.5% | 7.4% | 6.5% | 8.8% | 11.9% |  |  |

---

(1) Based on the underwritten rent roll dated August 1, 2025, inclusive of contractual
rent steps through November 30, 2026.

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

(3) The increase from Most Recent NOI to Underwritten NOI is primarily attributable to
the Tiffany & Bosco, P.A. lease that is expected to commence in April 2026, with rent payments beginning in August 2026, after four
months of free rent. We cannot assure you that the tenant will take occupancy of the space or commence paying rent.

(4) Based on the Central Arts Plaza Whole Loan.

(5) Represents Occupancy per the underwritten rent roll dated August 1, 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. |
| 115 |

---

**Mortgage Loan No. 13 – 1233 Eastern Parkway**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| &nbsp;&nbsp;**Mortgage Loan Seller:** | &nbsp;&nbsp;**Mortgage Loan Seller:** | &nbsp;&nbsp;CREFI | &nbsp;&nbsp;CREFI | &nbsp;&nbsp;CREFI | &nbsp;&nbsp;**Single Asset/Portfolio:** | &nbsp;&nbsp;Single Asset |
| &nbsp;&nbsp;**Credit Assessment (Fitch/S&P/MDBRS):** | &nbsp;&nbsp;**Credit Assessment (Fitch/S&P/MDBRS):** | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;Brooklyn, NY 11213 |
| &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;**Original Balance:** | &nbsp;&nbsp;$22500000 | &nbsp;&nbsp;$22500000 | &nbsp;&nbsp;$22500000 | &nbsp;&nbsp;**General Property Type:** | &nbsp;&nbsp;Multifamily |
| &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$22500000 | &nbsp;&nbsp;$22500000 | &nbsp;&nbsp;$22500000 | &nbsp;&nbsp;**Detailed Property Type:** | &nbsp;&nbsp;Mid Rise |
| &nbsp;&nbsp;**% of Initial Pool Balance:** | &nbsp;&nbsp;**% of Initial Pool Balance:** | &nbsp;&nbsp;2.9% | &nbsp;&nbsp;2.9% | &nbsp;&nbsp;2.9% | &nbsp;&nbsp;**Title Vesting:** | &nbsp;&nbsp;Fee |
| &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;**Loan Purpose:** | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;Refinance | &nbsp;&nbsp;**Year Built/Renovated:** | &nbsp;&nbsp;2025/NAP |
| &nbsp;&nbsp;**Borrower Sponsors:** | &nbsp;&nbsp;**Borrower Sponsors:** | &nbsp;&nbsp;Marc Jacobowitz and Yerachmeal Jacobson | &nbsp;&nbsp;Marc Jacobowitz and Yerachmeal Jacobson | &nbsp;&nbsp;Marc Jacobowitz and Yerachmeal Jacobson | &nbsp;&nbsp;**Size:** | &nbsp;&nbsp;54 Units |
| &nbsp;&nbsp;**Guarantors:** | &nbsp;&nbsp;**Guarantors:** | &nbsp;&nbsp;Marc Jacobowitz and Yerachmeal Jacobson | &nbsp;&nbsp;Marc Jacobowitz and Yerachmeal Jacobson | &nbsp;&nbsp;Marc Jacobowitz and Yerachmeal Jacobson | &nbsp;&nbsp;**Cut-off Date Balance per Unit:** | &nbsp;&nbsp;$416667 |
| &nbsp;&nbsp;**Mortgage Rate:** | &nbsp;&nbsp;**Mortgage Rate:** | &nbsp;&nbsp;6.1600% | &nbsp;&nbsp;6.1600% | &nbsp;&nbsp;6.1600% | &nbsp;&nbsp;**Maturity Date Balance per Unit:** | &nbsp;&nbsp;$416667 |
| &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;**Note Date:** | &nbsp;&nbsp;10/17/2025 | &nbsp;&nbsp;10/17/2025 | &nbsp;&nbsp;10/17/2025 | &nbsp;&nbsp;**Property Manager:** | &nbsp;&nbsp; Bluejay Management LLC<br> (borrower-related) |
| &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;**Maturity Date:** | &nbsp;&nbsp;11/6/2030 | &nbsp;&nbsp;11/6/2030 | &nbsp;&nbsp;11/6/2030 | &nbsp;&nbsp;**Underwriting and Financial Information** | &nbsp;&nbsp;**Underwriting and Financial Information** |
| &nbsp;&nbsp;**Term to Maturity:** | &nbsp;&nbsp;**Term to Maturity:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;60 months | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**UW NOI:** | &nbsp;&nbsp;$1770204 |
| &nbsp;&nbsp;**Amortization Term:** | &nbsp;&nbsp;**Amortization Term:** | &nbsp;&nbsp;0 months | &nbsp;&nbsp;0 months | &nbsp;&nbsp;0 months | &nbsp;&nbsp;**UW NCF:** | &nbsp;&nbsp;$1756704 |
| &nbsp;&nbsp;**IO Period:** | &nbsp;&nbsp;**IO Period:** | &nbsp;&nbsp;60 months | &nbsp;&nbsp;60 months | &nbsp;&nbsp;60 months | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;7.9% |
| &nbsp;&nbsp;**Seasoning:** | &nbsp;&nbsp;**Seasoning:** | &nbsp;&nbsp;1 month | &nbsp;&nbsp;1 month | &nbsp;&nbsp;1 month | &nbsp;&nbsp;**UW NCF Debt Yield:** | &nbsp;&nbsp;7.8% |
| &nbsp;&nbsp;**Prepayment Provisions:** | &nbsp;&nbsp;**Prepayment Provisions:** | &nbsp;&nbsp;L(25),D(30),O(5) | &nbsp;&nbsp;L(25),D(30),O(5) | &nbsp;&nbsp;L(25),D(30),O(5) | &nbsp;&nbsp;**UW NOI Debt Yield at Maturity:** | &nbsp;&nbsp;7.9% |
| &nbsp;&nbsp;**Lockbox/Cash Mgmt Status:** | &nbsp;&nbsp;**Lockbox/Cash Mgmt Status:** | &nbsp;&nbsp;Springing/Springing | &nbsp;&nbsp;Springing/Springing | &nbsp;&nbsp;Springing/Springing | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.25x |
| &nbsp;&nbsp;**Additional Debt Type:** | &nbsp;&nbsp;**Additional Debt Type:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Most Recent NOI<sup>(2)</sup>:** | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;**Additional Debt Balance:** | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**2nd Most Recent NOI<sup>(2)</sup>:** | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;**Future Debt Permitted (Type):** | &nbsp;&nbsp;**Future Debt Permitted (Type):** | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;No (NAP) | &nbsp;&nbsp;**3rd Most Recent NOI<sup>(2)</sup>:** | &nbsp;&nbsp;NAV |
|  |  |  |  |  | &nbsp;&nbsp;**Most Recent Occupancy:** | &nbsp;&nbsp;98.1% (10/16/2025) |
| &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**2nd Most Recent Occupancy<sup>(2)</sup>:** | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;**<u>Type</u>** | &nbsp;&nbsp;**<u>Initial</u>** | &nbsp;&nbsp;**<u>Initial</u>** | &nbsp;&nbsp;**<u>Monthly</u>** | &nbsp;&nbsp;**<u>Cap</u>** | &nbsp;&nbsp;**3rd Most Recent Occupancy<sup>(2)</sup>:** | &nbsp;&nbsp;NAV |
| &nbsp;&nbsp;**RE Taxes:** | &nbsp;&nbsp;$186204 | &nbsp;&nbsp;$186204 | &nbsp;&nbsp;$37241 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value (as of)<sup>(3)</sup>:** | &nbsp;&nbsp;$33,900,000 (8/20/2025) |
| &nbsp;&nbsp;**Insurance:** | &nbsp;&nbsp;$38900 | &nbsp;&nbsp;$38900 | &nbsp;&nbsp;$5557 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Appraised Value per Unit:** | &nbsp;&nbsp;$627778 |
| &nbsp;&nbsp;**Replacement Reserve:** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$1125 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Cut-off Date LTV Ratio<sup>(3)</sup>:** | &nbsp;&nbsp;66.4% |
| &nbsp;&nbsp;**Other Reserves<sup>(1)</sup>:** | &nbsp;&nbsp;$246375 | &nbsp;&nbsp;$246375 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;NAP | &nbsp;&nbsp;**Maturity Date LTV Ratio<sup>(3)</sup>:** | &nbsp;&nbsp;66.4% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** |
| &nbsp;&nbsp;**Sources** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** | &nbsp;&nbsp;**Uses** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** |
| &nbsp;&nbsp;Mortgage Loan Amount: | &nbsp;&nbsp;$22500000 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;Loan Payoff: | &nbsp;&nbsp;$19969393 | &nbsp;&nbsp;88.8% |
|  |  |  | &nbsp;&nbsp;Sponsor Equity: | &nbsp;&nbsp;$1464300 | &nbsp;&nbsp;6.5% |
|  |  |  | &nbsp;&nbsp;Closing Costs: | &nbsp;&nbsp;$594828 | &nbsp;&nbsp;2.6% |
|  |  |  | &nbsp;&nbsp;Upfront Reserves: | &nbsp;&nbsp;$471479 | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;**Total Sources:** | &nbsp;&nbsp;**$22500000** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses:** | &nbsp;&nbsp;**$22500000** | &nbsp;&nbsp;**00.0%** |

---

(1) Initial Other Reserves are comprised of a $246,375 upfront 421-a reserve.

(2) Historical Occupancies and NOI are not available because the 1233 Eastern Parkway Property (as defined
below) was recently constructed in 2025.

(3) The Appraised Value takes into account the extraordinary assumption of the 1233 Eastern Parkway Property's
eligibility for an applied for 421-a tax exemption, and calculates the net present value of such applied-for 421-a tax exemption to be
$8,600,000. If such net present value were to be subtracted from the Appraised Value, the Appraised Value of the 1233 Eastern Parkway
Property would be $25,300,000, resulting in a Cut-off Date LTV Ratio and Maturity Date LTV Ratio of 88.9%.

***The Mortgage Loan.*** The thirteenth largest mortgage loan (the "1233 Eastern Parkway Mortgage Loan") is evidenced by a promissory note in the original principal amount of $22,500,000 and secured by the borrower's fee simple interest in a mid-rise multifamily property, totaling 54 units, located in the Crown Heights neighborhood of Brooklyn, New York (the "1233 Eastern Parkway Property").

***The Borrower and the Borrower Sponsors*.** The borrower is 1233 EPW 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 1233 Eastern Parkway Mortgage Loan.

The borrower sponsors and non-recourse carveout guarantors are Marc Jacobowitz and Yerachmeal Jacobson, founders of Bluejay Management with over 50 years of combined real estate experience. Founded in 2003, Bluejay Management specializes in the acquisition, financing, disposition and management of commercial, multifamily and mixed-use properties in the New York area, and throughout the United States. Together with its affiliated company, Bluejay Capital, Bluejay Management has owned and managed over three million square feet of property. Please s*ee "Description of the Mortgage Pool—Loan Purpose; Default History, Bankruptcy Issues and Other Proceedings"* 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. |
| 116 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Mid Rise | &nbsp;&nbsp;Loan #13 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$22500000 |
| &nbsp;&nbsp;1233 Eastern Parkway | &nbsp;&nbsp;**1233 Eastern Parkway** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;66.4% |
| &nbsp;&nbsp;Brooklyn, NY 11213 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.25x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;7.9% |

---

***The Property.*** The 1233 Eastern Parkway Property is comprised of a 54-unit, seven-story, mid-rise, multifamily property located in the Crown Heights neighborhood of Brooklyn, New York. The 1233 Eastern Parkway Property was recently constructed in 2025 and is situated on an approximately 0.32-acre site. Community amenities at the 1233 Eastern Parkway Property include a fitness center, co-working lounge, terraces, and storage rooms. The 1233 Eastern Parkway Property also features 27 garage parking spaces, resulting in a parking ratio of 0.50 spaces per unit.

The 1233 Eastern Parkway Property unit mix is comprised of 28 free market one-bedroom / one-bathroom units, 12 rent stabilized one-bedroom / one-bathroom units, nine free market two-bedroom / two-bathroom units, and five rent stabilized two-bedroom / two-bathroom units. Unit amenities include standard appliance packages, in-unit washer/dryers, hardwood flooring, and private outdoor terraces for select units. As of October 16, 2025, the 1233 Eastern Parkway Property was 98.1% leased.

The borrower has applied for a 35-year 421-a Affordable New York Housing Tax Exemption Program exemption for the 1233 Eastern Parkway Property. In order to qualify for the tax exemption, at least 30% of the units at the 1233 Eastern Parkway Property must be leased as "affordable units" to households earning not more than 130% of area median income. In addition, all of the affordable units are required to be rent stabilized. For years one through 25 of such exemption, 100% of the projected assessed value of the 1233 Eastern Parkway Property improvements on the tax lot would be exempt from real estate taxes. The exemption falls to the percentage of affordable units (31%) in years 26 through 35 of such exemption. Taxes were underwritten to the appraisal's concluded 2025/2026 estimated abated tax expense of approximately $69,938. The appraisal's estimated full tax liability for the 2025/2026 tax year is $492,750. At origination, the borrower placed $246,375 into an upfront 421-a reserve to be used to fund unabated real estate taxes if needed. We cannot assure you that the 421-a exemption will be obtained. See "*Description of the Mortgage Pool—Real Estate and Other Tax Considerations*" in the prospectus.

The following table presents certain information relating to the unit mix at the 1233 Eastern Parkway Property:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **1233 Eastern Parkway Property Unit Mix<sup>(1)</sup>** | **1233 Eastern Parkway Property Unit Mix<sup>(1)</sup>** | **1233 Eastern Parkway Property Unit Mix<sup>(1)</sup>** | **1233 Eastern Parkway Property Unit Mix<sup>(1)</sup>** | **1233 Eastern Parkway Property Unit Mix<sup>(1)</sup>** | **1233 Eastern Parkway Property Unit Mix<sup>(1)</sup>** | **1233 Eastern Parkway Property Unit Mix<sup>(1)</sup>** |
| &nbsp;&nbsp;**Unit Mix / Type** | &nbsp;&nbsp;**Units** | &nbsp;&nbsp;**Occupied Units** | &nbsp;&nbsp;**% Occupied** | &nbsp;&nbsp;**Average SF per Unit** | &nbsp;&nbsp;**Monthly Average Rent per Unit<sup>(2)</sup>** | &nbsp;&nbsp;**Monthly Average Market Rent per Unit<sup>(3)</sup>** |
| 1BR/1BA - FM | 28 | 27 | 96.4% | 638 | $3238 | $3250 |
| 1BR/1BA - RS | 12 | 12 | 100.0% | 611 | $2450 | $3250 |
| 2BR/2BA - FM | 9 | 9 | 100.0% | 915 | $4067 | $4050 |
| 2BR/2BA - RS | 5 | 5 | 100.0% | 913 | $2700 | $4050 |
| **Total/Wtd. Avg.** | **54** | **53** | **98.1%** | **704** | **$3150** | **3457** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Based on the underwritten rent roll dated October 16, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Monthly Average Rent per Unit is based on Occupied Units.

&nbsp;&nbsp;&nbsp;&nbsp;(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. |
| 117 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Mid Rise | &nbsp;&nbsp;Loan #13 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$22500000 |
| &nbsp;&nbsp;1233 Eastern Parkway | &nbsp;&nbsp;**1233 Eastern Parkway** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;66.4% |
| &nbsp;&nbsp;Brooklyn, NY 11213 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.25x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;7.9% |

---

***The Market.*** The 1233 Eastern Parkway Property is located at 1233 Eastern Parkway in the Crown Heights neighborhood of Brooklyn, New York. According to the appraisal, Brooklyn is the most populous borough in New York City with an estimated 2024 population of 2,674,430 people. Furthermore, according to the appraisal, from 2010 to 2024, Brooklyn was the fastest growing borough in New York City, experiencing a 6.8% overall increase in population. Primary access to the Crown Heights neighborhood is provided by Eastern Parkway and Atlantic Avenue, along with the 2, 3, 4, 5, and S subway lines, and various routes on the MTA regional bus lines.

According to a third-party market research report, the 1233 Eastern Parkway Property is located in the Bushwick multifamily submarket of Brooklyn. As of July 7, 2025, the Bushwick multifamily submarket had an inventory of 52,731 units, a vacancy rate of 3.4%, and an average asking rental rate of $2,853 per unit.

The following table presents information regarding certain competitive properties to the 1233 Eastern Parkway Property:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Competitive Rental Properties Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Rental Properties Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Rental Properties Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Rental Properties Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Rental Properties Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Rental Properties Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Rental Properties Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Competitive Rental Properties Summary<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property Name / Address** | &nbsp;&nbsp;**Distance from Subject** | &nbsp;&nbsp;**Year Built / Renovated** | &nbsp;&nbsp;**Occupancy** | &nbsp;&nbsp;**Number of Units** | &nbsp;&nbsp;**Unit Type** | &nbsp;&nbsp;**Average Unit Size** | &nbsp;&nbsp;**Average Rent Per Unit** |
| &nbsp;&nbsp;**1233 Eastern Parkway<br> Brooklyn, NY 11213** | &nbsp;&nbsp;- | &nbsp;&nbsp;**2025 / NAP** | &nbsp;&nbsp;**98.1%<sup>(2)</sup>** | &nbsp;&nbsp;**54<sup>(2)</sup>** | **1BR/1BA - FM** | **638** | **$3238** |
| &nbsp;&nbsp;**1233 Eastern Parkway<br> Brooklyn, NY 11213** | &nbsp;&nbsp;- | &nbsp;&nbsp;**2025 / NAP** | &nbsp;&nbsp;**98.1%<sup>(2)</sup>** | &nbsp;&nbsp;**54<sup>(2)</sup>** | **1BR/1BA - RS** | **611** | **$2450** |
| &nbsp;&nbsp;**1233 Eastern Parkway<br> Brooklyn, NY 11213** | &nbsp;&nbsp;- | &nbsp;&nbsp;**2025 / NAP** | &nbsp;&nbsp;**98.1%<sup>(2)</sup>** | &nbsp;&nbsp;**54<sup>(2)</sup>** | **2BR/2BA - FM** | **915** | **$4067** |
| &nbsp;&nbsp;**1233 Eastern Parkway<br> Brooklyn, NY 11213** | &nbsp;&nbsp;- | &nbsp;&nbsp;**2025 / NAP** | &nbsp;&nbsp;**98.1%<sup>(2)</sup>** | &nbsp;&nbsp;**54<sup>(2)</sup>** | **2BR/2BA - RS** | **913** | **$2700** |
| &nbsp;&nbsp;**1489 Sterling Place<br> Brooklyn, NY 11213** | &nbsp;&nbsp;0.3 mi | &nbsp;&nbsp;2022 / NAP | &nbsp;&nbsp;98.0% | &nbsp;&nbsp;8 | 1 Bedroom | 591 | $3000 |
| &nbsp;&nbsp;**1489 Sterling Place<br> Brooklyn, NY 11213** | &nbsp;&nbsp;0.3 mi | &nbsp;&nbsp;2022 / NAP | &nbsp;&nbsp;98.0% | &nbsp;&nbsp;8 | 2 Bedroom | 914 | $3950 |
| &nbsp;&nbsp;**1120 Saint John's Place<br> Brooklyn, NY 11213** | &nbsp;&nbsp;0.9 mi | &nbsp;&nbsp;2022 / NAP | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;75 | 1 Bedroom | 581 | $3450 |
| &nbsp;&nbsp;**1120 Saint John's Place<br> Brooklyn, NY 11213** | &nbsp;&nbsp;0.9 mi | &nbsp;&nbsp;2022 / NAP | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;75 | 2 Bedroom | 788 | $4500 |
| &nbsp;&nbsp;**1705 Dean Street<br> Brooklyn, NY 11213** | &nbsp;&nbsp;1.0 mi | &nbsp;&nbsp;2015 / NAP | &nbsp;&nbsp;97.0% | &nbsp;&nbsp;25 | 1 Bedroom | NAV | $2750 |
| &nbsp;&nbsp;**1705 Dean Street<br> Brooklyn, NY 11213** | &nbsp;&nbsp;1.0 mi | &nbsp;&nbsp;2015 / NAP | &nbsp;&nbsp;97.0% | &nbsp;&nbsp;25 | 2 Bedroom | NAV | $3200 |
| &nbsp;&nbsp;**1875 Atlantic Avenue<br> Brooklyn, NY 11233** | &nbsp;&nbsp;1.2 mi | &nbsp;&nbsp;2017 / NAP | &nbsp;&nbsp;93.0% | &nbsp;&nbsp;129 | 1 Bedroom | 700 | $3000 |
| &nbsp;&nbsp;**1875 Atlantic Avenue<br> Brooklyn, NY 11233** | &nbsp;&nbsp;1.2 mi | &nbsp;&nbsp;2017 / NAP | &nbsp;&nbsp;93.0% | &nbsp;&nbsp;129 | 2 Bedroom | 992 | $4000 |
| &nbsp;&nbsp;**955 Sterling Place<br> Brooklyn, NY 11213** | &nbsp;&nbsp;1.2 mi | &nbsp;&nbsp;2024 / NAP | &nbsp;&nbsp;96.0% | &nbsp;&nbsp;158 | 1 Bedroom | 600 | $3621 |
| &nbsp;&nbsp;**955 Sterling Place<br> Brooklyn, NY 11213** | &nbsp;&nbsp;1.2 mi | &nbsp;&nbsp;2024 / NAP | &nbsp;&nbsp;96.0% | &nbsp;&nbsp;158 | 2 Bedroom | 870 | $4441 |
| &nbsp;&nbsp;**1407 Dean Street<br> Brooklyn, NY 11216** | &nbsp;&nbsp;1.6 mi | &nbsp;&nbsp;2020 / NAP | &nbsp;&nbsp;91.0% | &nbsp;&nbsp;4 | 1 Bedroom | NAV | $2950 |
| &nbsp;&nbsp;**1407 Dean Street<br> Brooklyn, NY 11216** | &nbsp;&nbsp;1.6 mi | &nbsp;&nbsp;2020 / NAP | &nbsp;&nbsp;91.0% | &nbsp;&nbsp;4 | 2 Bedroom | NAV | $4500 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(2) Based on the underwritten rent roll dated October 16, 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. |
| 118 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Multifamily – Mid Rise | &nbsp;&nbsp;Loan #13 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$22500000 |
| &nbsp;&nbsp;1233 Eastern Parkway | &nbsp;&nbsp;**1233 Eastern Parkway** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;66.4% |
| &nbsp;&nbsp;Brooklyn, NY 11213 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.25x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;7.9% |

---

***Appraisal.*** The appraisal concluded to an "as-is" value for the 1233 Eastern Parkway Property of $33,900,000 as of August 20, 2025. The appraised value takes into account the extraordinary assumption of the 1233 Eastern Parkway Property's eligibility for an applied for 421-a tax exemption, and calculates the net present value of such applied-for 421-a tax exemption to be $8,600,000. If such net present value were to be subtracted from the Appraised Value, the Appraised Value of the Mortgaged Property would be $25,300,000.

***Environmental Matters.*** According to the Phase I environmental site assessment dated September 3, 2025, there were no recognized environmental conditions at the 1233 Eastern Parkway Property.

***Underwritten Net Cash Flow.*** The following table presents certain information relating to the Underwritten Net Cash Flow at the 1233 Eastern Parkway Property:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** |
|  | &nbsp;&nbsp;**UW** | &nbsp;&nbsp;**UW Per Unit** |
| Base Rent | $2003100 | $37094 |
| Potential Income from Vacant Units | $39000 | $722 |
| **Gross Potential Rent** | **$2042100** | **$37817** |
| Vacancy/Credit Loss | ($61263) | ($1135) |
| Other Income<sup>(2)</sup> | $81000 | $1500 |
| **Effective Gross Income** | **$2061837** | **$38182** |
| Real Estate Taxes<sup>(3)</sup> | $69938 | $1295 |
| Insurance | $63510 | $1176 |
| Management Fee | $61855 | $1145 |
| Other Operating Expenses<sup>(4)</sup> | $96330 | $1784 |
| **Total Operating Expenses** | **$291633** | **$5401** |
| **Net Operating Income** | **$1770204** | **$32782** |
| Replacement Reserves - Residential | $13500 | $250 |
| **Net Cash Flow** | **$1756704** | **$32532** |
| **Occupancy** | **97.0%<sup>(5)</sup>** |  |
| **NOI DSCR** | **1.26x** |  |
| **NCF DSCR** | **1.25x** |  |
| **NOI Debt Yield** | **7.9%** |  |
| **NCF Debt Yield** | **7.8%** |  |

---

(1) Prior historical cash flows are not available as the 1233 Eastern Parkway Property
was recently constructed in 2025.

(2) Other Income consists of storage and parking income.

(3) The 1233 Eastern Parkway Property has applied for a Section 421-a tax exemption.
Real Estate Taxes were underwritten to the appraisal's estimated 2025/2026 tax year tax expense, inclusive of the applied-for 421-a
exemption, of $69,938. The appraisal's estimated full tax liability for such tax year is $492,750. We cannot assure you that the
421-a tax exemption will be obtained. See "*Description of the Mortgage Pool—Real Estate and Other Tax Considerations* "
in the prospectus.

(4) Other Operating Expenses represents payroll and benefits, repairs and maintenance,
utilities, and general and administrative expenses.

(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. |
| 119 |

---

 **Mortgage Loan No. 14 – 324 South Service Road**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| **Mortgage Loan Seller:** | **Mortgage Loan Seller:** | JPMCB | JPMCB | JPMCB | **Single Asset/Portfolio:** | Single Asset |
| **Credit Assessment (Fitch/S&P/MDBRS):** | **Credit Assessment (Fitch/S&P/MDBRS):** | NR/NR/NR | NR/NR/NR | NR/NR/NR | **Location:** | Melville, NY 11747 |
| **Original Balance:** | **Original Balance:** | $22040000 | $22040000 | $22040000 | **General Property Type:** | Office |
| **Cut-off Date Balance:** | **Cut-off Date Balance:** | $22040000 | $22040000 | $22040000 | **Detailed Property Type:** | Suburban |
| **% of Initial Pool Balance:** | **% of Initial Pool Balance:** | 2.9% | 2.9% | 2.9% | **Title Vesting:** | Fee |
| **Loan Purpose:** | **Loan Purpose:** | Refinance | Refinance | Refinance | **Year Built/Renovated:** | 2007/NAP |
| **Borrower Sponsor:** | **Borrower Sponsor:** | T. Weiss Realty Corporation | T. Weiss Realty Corporation | T. Weiss Realty Corporation | **Size:** | 121,501 SF |
| **Guarantor:** | **Guarantor:** | Teddy D. Weiss | Teddy D. Weiss | Teddy D. Weiss | **Cut-off Date Balance Per SF:** | $181 |
| **Mortgage Rate:** | **Mortgage Rate:** | 6.9500% | 6.9500% | 6.9500% | **Maturity Date Balance Per SF:** | $181 |
| **Note Date:** | **Note Date:** | 10/10/2025 | 10/10/2025 | 10/10/2025 | **Property Manager:** | T. Weiss Realty Corp. |
| **Maturity Date:** | **Maturity Date:** | 11/5/2030 | 11/5/2030 | 11/5/2030 |  | (borrower-affiliated) |
| **Term to Maturity:** | **Term to Maturity:** | 60 months | 60 months | 60 months | &nbsp;&nbsp;**Underwriting and Financial Information** | &nbsp;&nbsp;**Underwriting and Financial Information** |
| **Amortization Term:** | **Amortization Term:** | 0 months | 0 months | 0 months | **UW NOI<sup>(2)</sup>:** | $2941153 |
| **IO Period:** | **IO Period:** | 60 months | 60 months | 60 months | **UW NCF:** | $2795352 |
| **Seasoning:** | **Seasoning:** | 1 month | 1 month | 1 month | **UW NOI Debt Yield:** | 13.3% |
| **Prepayment Provisions:** | **Prepayment Provisions:** | L(25),YM1(29),O(6) | L(25),YM1(29),O(6) | L(25),YM1(29),O(6) | **UW NCF Debt Yield:** | 12.7% |
| **Lockbox/Cash Mgmt Status:** | **Lockbox/Cash Mgmt Status:** | Hard/Springing | Hard/Springing | Hard/Springing | **UW NOI Debt Yield at Maturity:** | 13.3% |
| **Additional Debt Type:** | **Additional Debt Type:** | NAP | NAP | NAP | **UW NCF DSCR:** | 1.80x |
| **Additional Debt Balance:** | **Additional Debt Balance:** | NAP | NAP | NAP | **Most Recent NOI<sup>(2)</sup>:** | $3,233,521 (7/31/2025 TTM) |
| **Future Debt Permitted (Type):** | **Future Debt Permitted (Type):** | No (NAP) | No (NAP) | No (NAP) | **2nd Most Recent NOI<sup>(3)</sup>:** | $2,890,653 (12/31/2024) |
|  |  |  |  |  | **3rd Most Recent NOI<sup>(3)</sup>:** | $2,618,495 (12/31/2023) |
| **Reserves** | **Reserves** | **Reserves** | **Reserves** | **Reserves** | **Most Recent Occupancy:** | 85.1% (9/1/2025) |
| **<u>Type</u>** | **<u>Initial</u>** | **<u>Initial</u>** | **<u>Monthly</u>** | **<u>Cap</u>** | **2<sup>nd</sup> Most Recent Occupancy:** | 94.0% (12/31/2024) |
| **RE Taxes:** | $146463 | $146463 | $36616 | NAP | **3<sup>rd</sup> Most Recent Occupancy:** | 84.0% (12/31/2023) |
| **Insurance:** | $0 | $0 | Springing | NAP | **Appraised Value (as of)<sup>(4)</sup>:** | $39,200,000 (8/6/2025) |
| **Replacement Reserve:** | $2025 | $2025 | $2025 | NAP | **Appraised Value PSF<sup>(4)</sup>:** | $323 |
| **TI/LC Reserve:** | $10125 | $10125 | $10125 | $484000 | **Cut-off Date LTV Ratio<sup>(4)</sup>:** | 56.2% |
| **Other Reserve<sup>(1)</sup>:** | &nbsp;&nbsp;&nbsp;&nbsp;$51592 | &nbsp;&nbsp;&nbsp;&nbsp;$51592 | $0 | NAP | **Maturity Date LTV Ratio<sup>(4)</sup>:** | 56.2% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** | &nbsp;&nbsp;**Sources and Uses** |
| &nbsp;&nbsp;**Sources** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** | &nbsp;&nbsp;**Uses** | &nbsp;&nbsp;**Proceeds** | &nbsp;&nbsp;**% of Total** |
| &nbsp;&nbsp;Mortgage Loan Amount: | &nbsp;&nbsp;$22040000 | &nbsp;&nbsp;81.3% | &nbsp;&nbsp;Loan Payoff: | &nbsp;&nbsp;$26597907 | &nbsp;&nbsp;98.1% |
| &nbsp;&nbsp;Sponsor Equity: | &nbsp;&nbsp;$5082454 | &nbsp;&nbsp;18.7% | &nbsp;&nbsp;Closing Costs: | &nbsp;&nbsp;$314342 | &nbsp;&nbsp;1.2% |
|  |  |  | &nbsp;&nbsp;Upfront Reserves: | &nbsp;&nbsp;$210205 | &nbsp;&nbsp;0.8% |
| &nbsp;&nbsp;**Total Sources:** | &nbsp;&nbsp;**$27122454** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**Total Uses:** | &nbsp;&nbsp;**$27122454** | &nbsp;&nbsp;**100.0%** |

---

(1) Other Reserves consist of $51,592 in outstanding free rent reserves.

(2) The NOI decrease from 7/31/2025 TTM to UW NOI is primarily attributable to two known vacancies totaling
10,376 SF, with lease expirations in September and December 2025, which have been underwritten as vacant.

(3) The NOI increase from 3rd Most Recent NOI to 2nd Most Recent NOI is primarily attributable to the nearly
20,000 SF of leasing at the 324 South Service Road Property in 2024.

(4) The Appraised Value of $39,200,000 represents the appraisal's concluded "Market Assuming Owner
Affiliated Area is At Contract Rent " value, as of August 6, 2025, which assumes the borrower sponsor's lease remains at contract
rent, and which results in the Cut-off Date LTV Ratio and Maturity Date LTV Ratio of 56.2%. The appraisal's concluded "As
Is" value as of August 6, 2025 for the 324 South Service Road Property (as defined below) is $39,100,000 which results in a Cut-off
Date LTV Ratio and Maturity Date LTV Ratio of 56.4%.

 ****

***The Mortgage Loan.*** The fourteenth largest mortgage loan (the "324 South Service Road Mortgage Loan") is evidenced by a single promissory note with the original principal balance of $22,040,000. The 324 South Service Road Mortgage Loan is secured by the borrower's fee interest in a 121,501 SF suburban office property, consisting of 23 tenants, in the town of Melville located on Long Island, New York (the "324 South Service Road Property"). The 324 South Service Road Mortgage Loan was originated by JPMorgan Chase Bank, National Association on October 10, 2025 to facilitate the refinance of its previous loan securitized in the CSAIL 2015-C4 transaction.

***The Borrower and the Borrower Sponsor.*** The borrower is 324 South Service Road Associates, LLC, a New York limited liability company and single purpose entity with one independent director. The borrower sponsor for the 324 South Service Road Mortgage Loan is T. Weiss Realty Corporation ("T. Weiss Realty"). The non-recourse carveout guarantor is Teddy D. Weiss, a principal at T. Weiss Realty.

Founded by the non-recourse carveout guarantor, Teddy D. Weiss, in the early 1970s, T. Weiss Realty began by acquiring retail properties on Long Island and quickly transitioned its strategy to office. T. Weiss Realty, for nearly five decades, has been dedicated to the development and management of Class A office properties in the strongest business corridors on Long Island including Hauppauge, Huntington, Massapequa and Melville, which includes its headquarters at the 324 South Service Road Property. As of November 2025, T. Weiss Realty owns and manages approximately 450,000 SF of office space on Long Island, including the 324 South Service Road Property.

***The Property.*** The 324 South Service Road Property is a Class A suburban office building, featuring both one- and four- story sections, strategically positioned along the Long Island Expressway in Melville, New York. Initially developed as an 80,000 SF single-story industrial property in 1964, the 324

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES 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 |

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---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office - Suburban | &nbsp;&nbsp;Loan #14 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$22040000 |
| &nbsp;&nbsp;324 South Service Road | &nbsp;&nbsp;**324 South Service Road** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;56.2% |
| &nbsp;&nbsp;Melville, NY 11747 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.80x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;13.3% |

---

South Service Road Property underwent a significant transformation in 2007, when the borrower sponsor redeveloped and converted it into the existing 121,501 SF office building. Located in Suffolk County on Long Island, the 324 South Service Road Property, situated right off the Long Island Expressway and approximately 0.3 miles east of New York State Route 110, offers strong accessibility to the broader Long Island and New York metropolitan area. The 324 South Service Road Property provides ample parking, with 386 spaces, resulting in a parking ratio of 3.18 per 1,000 SF. Additionally, the borrower sponsor, who developed and is headquartered at the 324 South Service Road Property, has demonstrated its commitment to the asset through the inclusion of amenities such as conference and fitness centers in addition to a full-service café which is used to attract tenants.

The 324 South Service Road Property tenant roster includes financial services, media and technology companies and is anchored by TD Bank, N.A. ("TD Bank") making up 34,506 SF, approximately 28.4% of NRA or 35.1% of UW Base Rent. TD Bank has maintained a presence at the 324 South Service Road Property since 2010, recently renewing its lease in December 2022 and is notably the only tenant with signage on the 324 South Service Road Property's exterior. According to the borrower sponsor, TD Bank invested approximately $860,000 ($25 PSF) in connection with its renewal. The remaining 22 tenants occupying the building are granular, with none comprising more than 7.2% of the total NRA or 8.2% of underwritten rent. Additionally, since May 2023, the borrower sponsor has successfully leased and renewed approximately 46,596 SF (38.4% of NRA) to 14 tenants, underscoring their ability to maintain strong occupancy levels, which has averaged approximately 88.0% over the past 10 years. The average tenant has been at the 324 South Service Road Property for over approximately nine years, with the top five tenants, based on UW Base Rent, in occupancy for over 15 years, totaling 49.1% of NRA or 59.3% of underwritten rent.

***Major Tenants.***

*TD Bank, N.A. (34,506 SF; 28.4% of NRA; 35.1% of underwritten rent)*. Headquartered in Mount Laurel, New Jersey, TD Bank is a subsidiary of The Toronto-Dominion Bank. TD Bank is one of the largest banks in the U.S. offering retail, small business and commercial banking products and services to millions of customers through throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. TD Bank has occupied its space at the 324 South Service Road Property since 2010. Most recently renewing in December 2022, TD Banks' lease contains two, five-year renewal options remaining with no termination options. To the extent TD Bank does not renew its lease 12 months prior to lease expiration in January 2030, a full cash flow sweep will be triggered.

*ChyronHego US Holding Corp. (8,747 SF; 7.2% of NRA; 8.2% of underwritten rent)*. ChyronHego US Holding Corporation ("ChyronHego") was founded in 1966 as Chyron and has since played a pioneering role in developing broadcast titling and graphics systems. With a foundation built on innovation and efficiency, ChyronHego has become is a global leader in broadcast, with a focus on customer-centric solutions. ChyronHego has occupied its current 8,747 SF space since November 2025. ChyronHego's lease has an expiration date in March 2030 with no renewal options and contains a termination option effective October 2027, subject to a termination fee of $211,813 ($24.22 PSF).

*T. Weiss Realty Corporation (6,528 SF; 5.4% of NRA; 6.2% of underwritten rent)*. Headquartered at the 324 South Service Road Property, T. Weiss Realty develops, leases and manages commercial office space in Suffolk County, Long Island. For over 50 years, T. Weiss Realty has developed Class-A office spaces in Long Island's most critical business districts, including Melville, Hauppauge, Huntington and Massapequa. T. Weiss Realty has kept its presence at the 324 South Service Road Property since its conversion to an office building in 2007, occupying 6,528 SF with a lease expiration in November 2030. T. Weiss Realty's lease does not contain any renewal or termination options.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 121 |

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---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office - Suburban | &nbsp;&nbsp;Loan #14 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$22040000 |
| &nbsp;&nbsp;324 South Service Road | &nbsp;&nbsp;**324 South Service Road** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;56.2% |
| &nbsp;&nbsp;Melville, NY 11747 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.80x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;13.3% |

---

The following table presents certain information relating to the tenancy at the 324 South Service Road Property:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** |
| &nbsp;&nbsp;**Tenant Name** | &nbsp;&nbsp;**Credit Rating (Moody's/ Fitch/S&P)<sup>(2)</sup>** | &nbsp;&nbsp;**Tenant SF** | &nbsp;&nbsp;**Approx. % of SF** | &nbsp;&nbsp;**Annual UW Base Rent** | &nbsp;&nbsp;**% of Total Annual UW Base Rent** | &nbsp;&nbsp;**Annual UW Base Rent PSF** | &nbsp;&nbsp;**Lease Exp.** | &nbsp;&nbsp;**Renewal Options** | &nbsp;&nbsp;**Term. Option (Y/N)** |
| &nbsp;&nbsp;**Major Tenants** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;TD Bank, N.A.<sup>(3)</sup> | &nbsp;&nbsp;A2/AA-/A+ | &nbsp;&nbsp;34506 | &nbsp;&nbsp;28.4% | &nbsp;&nbsp;$1297426 | &nbsp;&nbsp;35.1% | &nbsp;&nbsp;$37.60 | &nbsp;&nbsp;1/31/2030 | &nbsp;&nbsp;2 x 5 years | &nbsp;&nbsp;N |
| &nbsp;&nbsp;ChyronHego US Holding Corp.<sup>(4)</sup> | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;8747 | &nbsp;&nbsp;7.2% | &nbsp;&nbsp;$305095 | &nbsp;&nbsp;8.2% | &nbsp;&nbsp;$34.88 | &nbsp;&nbsp;3/31/2030 |  | &nbsp;&nbsp;Y |
| &nbsp;&nbsp;T. Weiss Realty Corporation<sup>(5)</sup> | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;6528 | &nbsp;&nbsp;5.4% | &nbsp;&nbsp;$228154 | &nbsp;&nbsp;6.2% | &nbsp;&nbsp;$34.95 | &nbsp;&nbsp;11/30/2030 |  | &nbsp;&nbsp;N |
| &nbsp;&nbsp;CDM Smith, Inc.<sup>(6)</sup> | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;5443 | &nbsp;&nbsp;4.5% | &nbsp;&nbsp;$192435 | &nbsp;&nbsp;5.2% | &nbsp;&nbsp;$35.35 | &nbsp;&nbsp;1/31/2028 | &nbsp;&nbsp;1 x 3 years | &nbsp;&nbsp;Y |
| &nbsp;&nbsp;Koval & Casagrande CPAs, P.L.L.C. | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;4381 | &nbsp;&nbsp;3.6% | &nbsp;&nbsp;$170771 | &nbsp;&nbsp;4.6% | &nbsp;&nbsp;$38.98 | &nbsp;&nbsp;7/31/2029 |  | &nbsp;&nbsp;N |
| &nbsp;&nbsp;CMG Mortgage, lnc.<sup>(7)(8)</sup> | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;4924 | &nbsp;&nbsp;4.1% | &nbsp;&nbsp;$157223 | &nbsp;&nbsp;4.3% | &nbsp;&nbsp;$31.93 | &nbsp;&nbsp;5/31/2030 |  | &nbsp;&nbsp;Y |
| &nbsp;&nbsp;Vitro Packaging, L.L.C. | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;3211 | &nbsp;&nbsp;2.6% | &nbsp;&nbsp;$131382 | &nbsp;&nbsp;3.6% | &nbsp;&nbsp;$40.92 | &nbsp;&nbsp;4/30/2026 |  | &nbsp;&nbsp;N |
| &nbsp;&nbsp;First Heritage Ins Agency, Inc. | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;2994 | &nbsp;&nbsp;2.5% | &nbsp;&nbsp;$120447 | &nbsp;&nbsp;3.3% | &nbsp;&nbsp;$40.23 | &nbsp;&nbsp;6/30/2030 |  | &nbsp;&nbsp;N |
| &nbsp;&nbsp;Totus, L.L.C.<sup>(9)</sup> | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp;3094 | &nbsp;&nbsp;2.5% | &nbsp;&nbsp;$105010 | &nbsp;&nbsp;2.8% | &nbsp;&nbsp;$33.94 | &nbsp;&nbsp;6/30/2030 |  | &nbsp;&nbsp;N |
| &nbsp;&nbsp;Praxis Public Relations, Inc.<sup>(10)</sup> | &nbsp;&nbsp;NR/NR/NR | &nbsp;&nbsp; 3174 | &nbsp;&nbsp; 2.6% | &nbsp;&nbsp; $102481 | &nbsp;&nbsp; 2.8% | &nbsp;&nbsp; $32.29 | &nbsp;&nbsp;6/30/2032 |  | &nbsp;&nbsp;Y |
| &nbsp;&nbsp;**Major Tenants Subtotal/Wtd. Avg.** |  | &nbsp;&nbsp;**77002** | &nbsp;&nbsp;**63.4%** | &nbsp;&nbsp;**$2810424** | &nbsp;&nbsp;**76.0%** | &nbsp;&nbsp;**$36.50** |  |  |  |
| &nbsp;&nbsp;Other Tenants<sup>(11)</sup> |  | &nbsp;&nbsp; 26346 | &nbsp;&nbsp; 21.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $888162 | &nbsp;&nbsp; 24.0% | &nbsp;&nbsp; $33.71 |  |  |  |
| &nbsp;&nbsp;**Occupied Subtotal/Wtd. Avg.** |  | &nbsp;&nbsp;**103348** | &nbsp;&nbsp;**85.1%** | &nbsp;&nbsp; **$3698587** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$35.79** |  |  |  |
| &nbsp;&nbsp;Vacant Space<sup>(12)</sup> |  | &nbsp;&nbsp; 18153 | &nbsp;&nbsp; 14.9% |  |  |  |  |  |  |
| &nbsp;&nbsp;**Total/Wtd. Avg.** |  | &nbsp;&nbsp;**121501** | &nbsp;&nbsp;**100.0%** |  |  |  |  |  |  |

---

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

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

(3) UW Rent for TD Bank is straight-lined over the remaining lease term. TD Bank's In-place rent is
$34.92 PSF.

(4) ChyronHego has the right to terminate its lease effective October 2027, subject to 9 months prior notice
and a termination fee of $211,813.

(5) T. Weiss Realty Corporation, the borrower sponsor, uses this space as its corporate headquarters.

(6) CDM Smith, Inc. has the rolling option to terminate its lease, soley with respect to the 245 SF unit (Unit
H), subject to 6 months prior notice.

(7) CMG Mortgage, Inc. has the right to terminate its lease, effective March 2028, subject to notice provided
by June 2027, and a termination fee of $148,602.

(8) CMG Mortgage, Inc. is eligible for $12,720 of free rent in April 2027.

(9) Affiliate of the borrower sponsor.

(10) Praxis Public Relations, Inc. has the right to terminate its lease, effective March 2029, subject to 9
months prior notice and a termination fee of $78,472.

(11) One tenant, Sielken Davis L.L.C., is currently subleasing its space, which is approximately 2,635 SF or
2.2% of NRA, to GZA Geoenvironmental, Inc. co-terminous with the May 2026 expiration.

(12) Vacant space includes one tenant expected to vacate its space totaling 3,488 SF, with a lease expiration
in December 2025, and has been underwritten as vacant.

The following table presents certain information relating to the lease rollover schedule at the 324 South Service Road Property:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)(2)</sup>** |
| &nbsp;&nbsp;**Year** | &nbsp;&nbsp;**# of Leases Rolling** | &nbsp;&nbsp;**SF Rolling** | &nbsp;&nbsp;**Approx. % of SF Rolling** | &nbsp;&nbsp;**Approx. Cumulative % of SF Rolling** | &nbsp;&nbsp;**Total UW Base Rent Rolling** | &nbsp;&nbsp;**Approx. % of Total UW Base Rent Rolling** | &nbsp;&nbsp;**Approx. Cumulative % of Total UW Base Rent** | &nbsp;&nbsp;**UW Base Rent PSF Rolling** |
| &nbsp;&nbsp;MTM/2025 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2026 | &nbsp;&nbsp;6 | &nbsp;&nbsp;10667 | &nbsp;&nbsp;8.8% | &nbsp;&nbsp;8.8% | &nbsp;&nbsp;$357487 | &nbsp;&nbsp;9.7% | &nbsp;&nbsp;9.7% | &nbsp;&nbsp;$33.51 |
| &nbsp;&nbsp;2027 | &nbsp;&nbsp;2 | &nbsp;&nbsp;3205 | &nbsp;&nbsp;2.6% | &nbsp;&nbsp;11.4% | &nbsp;&nbsp;$147688 | &nbsp;&nbsp;4.0% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;$46.08 |
| &nbsp;&nbsp;2028 | &nbsp;&nbsp;2 | &nbsp;&nbsp;5443 | &nbsp;&nbsp;4.5% | &nbsp;&nbsp;15.9% | &nbsp;&nbsp;$192435 | &nbsp;&nbsp;5.2% | &nbsp;&nbsp;18.9% | &nbsp;&nbsp;$35.35 |
| &nbsp;&nbsp;2029 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8171 | &nbsp;&nbsp;6.7% | &nbsp;&nbsp;22.6% | &nbsp;&nbsp;$302152 | &nbsp;&nbsp;8.2% | &nbsp;&nbsp;27.0% | &nbsp;&nbsp;$36.98 |
| &nbsp;&nbsp;2030 | &nbsp;&nbsp;7 | &nbsp;&nbsp;61992 | &nbsp;&nbsp;51.0% | &nbsp;&nbsp;73.6% | &nbsp;&nbsp;$2242862 | &nbsp;&nbsp;60.6% | &nbsp;&nbsp;87.7% | &nbsp;&nbsp;$36.18 |
| &nbsp;&nbsp;2031 | &nbsp;&nbsp;2 | &nbsp;&nbsp;5080 | &nbsp;&nbsp;4.2% | &nbsp;&nbsp;77.8% | &nbsp;&nbsp;$167793 | &nbsp;&nbsp;4.5% | &nbsp;&nbsp;92.2% | &nbsp;&nbsp;$33.03 |
| &nbsp;&nbsp;2032 | &nbsp;&nbsp;4 | &nbsp;&nbsp;8790 | &nbsp;&nbsp;7.2% | &nbsp;&nbsp;85.1% | &nbsp;&nbsp;$288170 | &nbsp;&nbsp;7.8% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$32.78 |
| &nbsp;&nbsp;2033 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;85.1% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2034 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;85.1% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2035 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;85.1% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2036 & Thereafter | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;85.1% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;Vacant<sup>(3)</sup> | &nbsp;&nbsp;NAP | &nbsp;&nbsp;18153 | &nbsp;&nbsp;14.9% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP | &nbsp;&nbsp;NAP |
| &nbsp;&nbsp;**Total/Wtd. Avg.** | &nbsp;&nbsp;**23** | &nbsp;&nbsp;**121501** | &nbsp;&nbsp;**100.0%** |  | &nbsp;&nbsp; **$3698587** | &nbsp;&nbsp;**100.0%** |  | &nbsp;&nbsp;**$35.79<sup>(4)</sup>** |

---

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

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

(3) Vacant space includes one tenant expected to vacate its space totaling 3,488 SF, with a lease expiration in December 2025, and has been
underwritten as vacant.

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

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 122 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office - Suburban | &nbsp;&nbsp;Loan #14 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$22040000 |
| &nbsp;&nbsp;324 South Service Road | &nbsp;&nbsp;**324 South Service Road** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;56.2% |
| &nbsp;&nbsp;Melville, NY 11747 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.80x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;13.3% |

---

The following table presents historical occupancy percentages at the 324 South Service Road Property:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Historical Occupancy** | &nbsp;&nbsp;**Historical Occupancy** | &nbsp;&nbsp;**Historical Occupancy** | &nbsp;&nbsp;**Historical Occupancy** | &nbsp;&nbsp;**Historical Occupancy** | &nbsp;&nbsp;**Historical Occupancy** |
| &nbsp;&nbsp;**12/31/2020** | &nbsp;&nbsp;**12/31/2021** | &nbsp;&nbsp;**12/31/2022** | &nbsp;&nbsp;**12/31/2023** | &nbsp;&nbsp;**12/31/2024** | &nbsp;&nbsp;**9/1/2025<sup>(1)(2)</sup>** |
| &nbsp;&nbsp;90.0% | &nbsp;&nbsp;90.0% | &nbsp;&nbsp;85.0% | &nbsp;&nbsp;84.0% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;85.1% |

---

(1) Current occupancy is based on the underwritten rent roll dated as of September
1, 2025.

(2) Inclusive of two known vacancies totaling 10,376 SF, with lease expirations in
September and December 2025, which have been underwritten as vacant.

***The Market*.** The 324 South Service Road Property is situated in Melville, New York within the Western Suffolk office submarket of the greater Long Island market. Primary access to the subject neighborhood is provided by Route 110, the Southern State Parkway, the Sunrise Highway and the Long Island Expressway (I-495). The Long Island Expressway and Southern State Parkway are the primary commercial highways connecting the neighborhood with Nassau County as well as Eastern Suffolk County and the resort communities of eastern Long Island to the east. Melville consists of a mixture of land uses including commercial, residential and industrial developments. Residential uses are situated mostly along the secondary roadways, the majority of which are single family homes. The 324 South Service Road Property is located a few miles south of the Walt Whitman Mall, a regional mall with anchors such as Lord & Taylor, Bloomingdale's, Macy's and Saks Fifth Avenue. Restaurants such as P.F Chang's, and The Cheesecake Factory can also be found at the Walt Whitman Mall.

According to a third party market report, the Western Suffolk office submarket for Class A properties has an inventory of 17.7 million square feet with a vacancy rate of 10.8%. The appraisal indicates that the Western Suffolk office submarket consistently outperforms the broader Long Island market. In the second quarter of 2025, leasing activity in the Western Suffolk office submarket totaled 120,000 square feet making it the most active office submarket on Long Island. Despite the strong leasing activity, there are only a few developments under construction in the submarket and none of which are within Melville or the 324 South Service Road Property's immediate area. There is limited product projected to come on-line in the near future, with only 2,400 square feet of Class A office space under development in the submarket. No new developments are expected to significantly impact the 324 South Service Road Property. It is also noted that demolitions have played a role in the submarket's total office supply, with the former CA Technologies office park in Islandia having been demolished in early 2024. The 1.1 million square foot property is being redeveloped into nearly 1 million SF of warehouse and distribution space.

The 2024 population within a one-, three- and five-mile radius of the 324 South Service Road Property was 4,279, 47,490 and 246,795, respectively. The 2024 median household income within the same radius was $176,155, $164,100, and $152,021, respectively.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 123 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office - Suburban | &nbsp;&nbsp;Loan #14 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$22040000 |
| &nbsp;&nbsp;324 South Service Road | &nbsp;&nbsp;**324 South Service Road** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;56.2% |
| &nbsp;&nbsp;Melville, NY 11747 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.80x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;13.3% |

---

The following table presents certain information relating to the appraisal's market rent conclusion for the 324 South Service Road Property:

****

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Market Rent Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Market Rent Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Market Rent Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Market Rent Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Market Rent Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Market Rent Summary<sup>(1)</sup>** |
|  | &nbsp;&nbsp;**Small Office (<5,000 SF)** | &nbsp;&nbsp; <br> **Medium Office (5,001 – 15,000 SF)** | &nbsp;&nbsp;**Large Office (>15,00 SF)** | &nbsp;&nbsp;**Lower Level Office** | &nbsp;&nbsp; <br> **Amenity** |
| &nbsp;&nbsp;Market Rent (PSF) | &nbsp;&nbsp;$33.00 | &nbsp;&nbsp;$32.00 | &nbsp;&nbsp;$31.50 | &nbsp;&nbsp;$25.00 | &nbsp;&nbsp;$5.00 |
| &nbsp;&nbsp;Lease Term (Months) | &nbsp;&nbsp;60 | &nbsp;&nbsp;84 | &nbsp;&nbsp;120 | &nbsp;&nbsp;60 | &nbsp;&nbsp;60 |
| &nbsp;&nbsp;Lease Type | &nbsp;&nbsp;MG | &nbsp;&nbsp;MG | &nbsp;&nbsp;MG | &nbsp;&nbsp;MG |  |

---

(1) Source: *Appraisal.* 

The table below presents certain information relating to comparable properties to the 324 South Service Road Property identified by the appraiser:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Comparable Office Leases<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Office Leases<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Office Leases<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Office Leases<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Office Leases<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Office Leases<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Office Leases<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Office Leases<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property Name** | &nbsp;&nbsp;**Year Built / Renovated** | &nbsp;&nbsp;**Total NRA (SF)** | &nbsp;&nbsp; <br> **Tenant Names** | &nbsp;&nbsp;**Lease Date** | &nbsp;&nbsp;**Lease Term (Yrs.)** | &nbsp;&nbsp;**Lease Size (SF)** | &nbsp;&nbsp;**Base Rent PSF** |
| &nbsp;&nbsp;**324 South Service Road** | &nbsp;&nbsp;**2007 / NAP** | &nbsp;&nbsp;**121501<sup>(2)</sup>** |  |  | &nbsp;&nbsp;**12.9<sup>(3)</sup>** | &nbsp;&nbsp;**14815<sup>(3)</sup>** | &nbsp;&nbsp;**$35.79<sup>(4)</sup>** |
| &nbsp;&nbsp; 175 Broadhollow Road<br> Melville, NY | &nbsp;&nbsp;1984 | &nbsp;&nbsp;180000 | &nbsp;&nbsp; Customers Bank<br> Peapack Private Bank & Trust | &nbsp;&nbsp; Sep-25<br> Sep-25 | &nbsp;&nbsp; 9.3<br> 10.4 | &nbsp;&nbsp; 7563<br> 8388 | &nbsp;&nbsp; $30.95<br> $31.75 |
| &nbsp;&nbsp; 88 Froehlich Farm Boulevard<br> Woodbury, NY | &nbsp;&nbsp;1999 | &nbsp;&nbsp;124244 | &nbsp;&nbsp;Massachusetts Mutual Life Insurance | &nbsp;&nbsp;Sep-25 | &nbsp;&nbsp;5.2 | &nbsp;&nbsp;13664 | &nbsp;&nbsp;$31.50 |
| &nbsp;&nbsp; 395 North Service Road<br> Melville, NY | &nbsp;&nbsp;1988 | &nbsp;&nbsp;202226 | &nbsp;&nbsp;Power Home Remodeling Group | &nbsp;&nbsp;Apr-25 | &nbsp;&nbsp;10.9 | &nbsp;&nbsp;20976 | &nbsp;&nbsp;$32.00 |
| &nbsp;&nbsp; 290-300 Broad Hollow Road<br> Melville, NY | &nbsp;&nbsp;1989 / 1995 | &nbsp;&nbsp;256252 | &nbsp;&nbsp; Digital First Holdings<br> GE Healthcare | &nbsp;&nbsp; Mar-25<br> Sep-24 | &nbsp;&nbsp; 5.3<br> NAV | &nbsp;&nbsp; 8181<br> 4519 | &nbsp;&nbsp; $30.50<br> $30.75 |
| &nbsp;&nbsp; 68 South Service Road<br> Melville, NY | &nbsp;&nbsp;2006 | &nbsp;&nbsp;323292 | &nbsp;&nbsp; Bond, Schoeneck & King PLLC<br> Regus | &nbsp;&nbsp; Sep-24<br> May-24 | &nbsp;&nbsp; 15.9<br> 10.0 | &nbsp;&nbsp; 42110<br> 35522 | &nbsp;&nbsp; $35.75<br> $35.75 |
| &nbsp;&nbsp; 225 Broad Hollow Road<br> Melville, NY | &nbsp;&nbsp;1983 | &nbsp;&nbsp;195309 | &nbsp;&nbsp;Motorola Solutions | &nbsp;&nbsp;Sep-24 | &nbsp;&nbsp;5.2 | &nbsp;&nbsp;7998 | &nbsp;&nbsp;$35.00 |
| &nbsp;&nbsp; 58 South Service Road<br> Melville, NY | &nbsp;&nbsp;2001 | &nbsp;&nbsp;309262 | &nbsp;&nbsp; Morgan Stanley<br> Ladenburg Thalman Financial Services | &nbsp;&nbsp; Nov-23<br> Jan-23 | &nbsp;&nbsp; 10.0<br> 5.3 | &nbsp;&nbsp; 50359<br> 5023 | &nbsp;&nbsp; $36.00<br> $34.50 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(2) Based on the underwritten rent roll dated September 1, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Represents the weighted average lease term/size of occupied tenant based on UW Base Rent.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Base Rent PSF excludes vacant space at the 324 South Service Road Property.

***Appraisal.*** The appraisal concluded to "Market Assuming Owner Affiliated Area is At Contract Rent" value for the 324 South Service Road Property of $39,200,000 which assumes the borrower sponsor's lease remains at contract rent. Additionally, the appraisal concluded to an "as-is" value for the 324 South Service Road Property of $39,100,000.

***Environmental Matters.*** According to the Phase I environmental site assessment dated August 15, 2025, historical recognized environmental conditions were identified. However, there was no evidence of any recognized environmental conditions at the 324 South Service Road Property to which any further investigation was recommended.

 **

 ****

 **

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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. |
| 124 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Office - Suburban | &nbsp;&nbsp;Loan #14 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$22040000 |
| &nbsp;&nbsp;324 South Service Road | &nbsp;&nbsp;**324 South Service Road** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;56.2% |
| &nbsp;&nbsp;Melville, NY 11747 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.80x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;13.3% |

---

***Operating History and Underwritten Net Cash Flow.*** The following table presents certain information relating to the historical operating performance and Underwritten Net Cash Flow at the 324 South Service Road 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 7/31/2025** | &nbsp;&nbsp;**UW** | &nbsp;&nbsp;**UW PSF** |
| In-Place Base Rent | &nbsp;&nbsp;$4258632 | &nbsp;&nbsp;$4331222 | &nbsp;&nbsp;$4360704 | &nbsp;&nbsp;$3698587 | &nbsp;&nbsp;$30.44 |
| Vacant Income | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $589836 | &nbsp;&nbsp; $4.85 |
| **Net Rental Income** | &nbsp;&nbsp;**$4258632** | &nbsp;&nbsp;**$4331222** | &nbsp;&nbsp;**$4360704** | &nbsp;&nbsp;**$4288423** | &nbsp;&nbsp;**$35.30** |
| Expense Reimbursement | &nbsp;&nbsp;$459875 | &nbsp;&nbsp;$500829 | &nbsp;&nbsp;$592320 | &nbsp;&nbsp;$493271 | &nbsp;&nbsp;$4.06 |
| Vacancy | &nbsp;&nbsp; ($889628) | &nbsp;&nbsp; ($723435) | &nbsp;&nbsp; ($454251) | &nbsp;&nbsp; ($589836) | &nbsp;&nbsp;($4.85) |
| Other Income | &nbsp;&nbsp; $108871 | &nbsp;&nbsp; $107160 | &nbsp;&nbsp; $126269 | &nbsp;&nbsp; $130436 | &nbsp;&nbsp; $1.07 |
| **Effective Gross Income** | &nbsp;&nbsp;**$3937750** | &nbsp;&nbsp;**$4215776** | &nbsp;&nbsp;**$4625042** | &nbsp;&nbsp;**$4322294** | &nbsp;&nbsp;**$35.57** |
| Real Estate Taxes | &nbsp;&nbsp;$394468 | &nbsp;&nbsp;$411781 | &nbsp;&nbsp;$426590 | &nbsp;&nbsp;$426590 | &nbsp;&nbsp;$3.51 |
| Insurance | &nbsp;&nbsp;$54494 | &nbsp;&nbsp;$40531 | &nbsp;&nbsp;$42818 | &nbsp;&nbsp;$47078 | &nbsp;&nbsp;$0.39 |
| Other Expenses | &nbsp;&nbsp; $870293 | &nbsp;&nbsp; $872811 | &nbsp;&nbsp; $922113 | &nbsp;&nbsp; $907473 | &nbsp;&nbsp; $7.47 |
| **Total Expenses** | &nbsp;&nbsp;**$1319255** | &nbsp;&nbsp;**$1325123** | &nbsp;&nbsp;**$1391521** | &nbsp;&nbsp;**$1381141** | &nbsp;&nbsp;**$11.37** |
| **Net Operating Income<sup>(2)</sup>** | &nbsp;&nbsp;**$2618495** | &nbsp;&nbsp;**$2890653** | &nbsp;&nbsp;**$3233521** | &nbsp;&nbsp;**$2941153** | &nbsp;&nbsp;**$24.21** |
| Capital Expenses | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp; $24300 | &nbsp;&nbsp;$0.20 |
| TI/LC | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $121501 | &nbsp;&nbsp; $1.00 |
| **Net Cash Flow** | &nbsp;&nbsp;**$2618495** | &nbsp;&nbsp;**$2890653** | &nbsp;&nbsp;**$3233521** | &nbsp;&nbsp;**$2795352** | &nbsp;&nbsp;**$23.01** |
| **Occupancy (%)<sup>(3)</sup>** | &nbsp;&nbsp;**84.0%** | &nbsp;&nbsp;**94.0%** | &nbsp;&nbsp;**85.1%** | &nbsp;&nbsp;**84.1%** |  |
| **NOI DSCR** | &nbsp;&nbsp;**1.69x** | &nbsp;&nbsp;**1.86x** | &nbsp;&nbsp;**2.08x** | &nbsp;&nbsp;**1.89x** |  |
| **NCF DSCR** | **1.69x** | **1.86x** | **2.08x** | **1.80x** |  |
| **NOI Debt Yield** | **11.9%** | **13.1%** | **14.7%** | **13.3%** |  |
| **NCF Debt Yield** | **11.9%** | **13.1%** | **14.7%** | **12.7%** |  |

---

<br> (1) Certain items such as interest expense, interest income, depreciation, amortization, debt service payments and any other non-recurring items were excluded from the historical presentation and are not considered for the underwritten cash flow.

(2) The Net Operating Income decrease from TTM 7/31/2025 to UW is primarily attributable to two known vacancies totaling 10,376 SF, with lease expirations in September and December 2025, which have been underwritten as vacant.

(3) UW Occupancy % represents economic occupancy and historical occupancies represent physical occupancy. TTM occupancy is based on the underwritten rent roll dated September 1, 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. |
| 125 |

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**Mortgage Loan No. 15 – 80 International Drive**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Mortgage Loan Information** | &nbsp;&nbsp;**Property Information** | &nbsp;&nbsp;**Property Information** |
| **Mortgage Loan Seller:** | UBS AG/WFB | **Single Asset/Portfolio:** | Single Asset |
| **Credit Assessment (Fitch/S&P/MDBRS):** | NR/NR/NR | **Location:** | Windsor, CT 06095 |
| **Original Balance<sup>(1)</sup>:** | $20000000 | **General Property Type:** | Industrial |
| **Cut-off Date Balance<sup>(1)</sup>:** | $20000000 | **Detailed Property Type:** | Warehouse/Distribution |
| **% of Initial Pool Balance:** | 2.6% | **Title Vesting:** | Fee |
| **Loan Purpose:** | Refinance | **Year Built/Renovated:** | 2007/NAP |
| **Borrower Sponsor<sup>(2)</sup>:** | Sycamore Partners Management, L.P. | **Size:** | 698,574 SF |
| **Guarantors<sup>(2)</sup>:** | Sycamore Partners III, L.P. and Sycamore Partners III-A, L.P. | **Cut-off Date Balance PSF<sup>(1)</sup>:** | $100 |
| **Mortgage Rate:** | 6.5520% | **Maturity Balance PSF<sup>(1)</sup>:** | $100 |
| **Note Date:** | 9/9/2025 | **Property Manager:** | Self-managed |
| **Maturity Date:** | 10/6/2030 |  |  |
| **Original Term to Maturity:** | 60 months | &nbsp;&nbsp;**Underwriting and Financial Information** | &nbsp;&nbsp;**Underwriting and Financial Information** |
| **Original Amortization Term:** | 0 months | **UW NOI:** | $7515396 |
| **IO Period:** | 60 months | **UW NCF:** | $7058901 |
| **Seasoning:** | 2 months | **UW NOI Debt Yield<sup>(1)</sup>:** | 10.7% |
| **Prepayment Provisions:** | L(12),YM1(41),O(7) | **UW NCF Debt Yield<sup>(1)</sup>:** | 10.1% |
| **Lockbox/Cash Mgmt Status:** | Hard/Springing | **UW NOI Debt Yield at Maturity<sup>(1)</sup>:** | 10.7% |
| **Additional Debt Type<sup>(1)</sup>:** | *Pari Passu* | **UW NCF DSCR<sup>(1)</sup>:** | 1.52x |
| **Additional Debt Balance<sup>(1)</sup>:** | $50000000 | **Most Recent NOI<sup>(8)</sup>:** | NAV |
| **Future Debt Permitted (Type):** | No (NAP) | **2nd Most Recent NOI<sup>(8)</sup>:** | NAV |
| &nbsp;&nbsp;**Reserves** | &nbsp;&nbsp;**Reserves** | **3rd Most Recent NOI<sup>(8)</sup>:** | NAV |
| **<u>Type</u>** | **<u>Cap</u>** | **Most Recent Occupancy:** | 100.0% (12/1/2025) |
| **RE Taxes<sup>(3)</sup>:** | NAP | **2nd Most Recent Occupancy:** | 100.0% (12/31/2024) |
| **Insurance<sup>(4)</sup>:** | NAP | **3rd Most Recent Occupancy:** | 100.0% (12/31/2023) |
| **Replacement Reserve<sup>(5)</sup>:** | $558859 | **Appraised Value (as of):** | $118,800,000 (6/23/2025) |
| **Low Debt Yield/DSCR Cure Funds<sup>(6)</sup>:** | NAP | **Appraised Value per SF:** | $170 |
| **Material Tenant Reserve<sup>(7)</sup>:** | NAP | **Cut-off Date LTV Ratio<sup>(1)</sup>:** | 58.9% |
|  |  | **Maturity Date LTV Ratio<sup>(1)</sup>:** | 58.9% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Sources and Uses** | **Sources and Uses** | **Sources and Uses** | **Sources and Uses** | **Sources and Uses** | **Sources and Uses** |
| **Sources** | **Proceeds** | **% of Total** | **Uses** | **Proceeds** | **% of Total** |
| Whole Loan Amount**<sup>(1)</sup>**: | $70000000 | 98.7% | Loan Payoff: | $70057679 | 98.8% |
| Borrower Sponsor Equity: | $900345 | 1.3% | Closing Costs: | $842665 | 1.2% |
| **Total Sources:** | **$70900345** | **100.0%** | **Total Uses:** | **$70900345** | **00.0%** |

---

(1) The 80 International Drive Mortgage Loan (as defined below) is part of a whole loan evidenced by eight *pari passu* promissory notes with an aggregate original principal balance of $70,000,000. The information presented above is based
on the 80 International Drive Whole Loan (as defined below).

(2) The borrower sponsor and guarantors for the 80 International Drive Whole Loan are the same borrower sponsor
and guarantors for the seventh largest mortgage loan, Walgreens Retail Portfolio.

(3) RE Taxes monthly reserves will be waived so long as (i) no event of default has occurred and is continuing,
(ii) the Walgreens Eastern lease is in full force and effect and no monetary or non-monetary defaults have occurred and are continuing,
and Walgreens Eastern continues to occupy all of the 80 International Drive Property (as defined below) and (iii) Walgreens Eastern continues
to make the payments and perform the obligations required under its lease, in each case, relating to the obligations and liabilities for
which the applicable reserve account was established and provides the lender with a quarterly certification in connection with the same,
it being understood that the lender will have the right to request evidence of the payment and performance of such obligations under the
Walgreens Eastern lease at any time during an event of default (collectively, the "Reserve Waiver Conditions").

(4) Deposits to the insurance monthly reserves on account of insurance premiums will be waived to the extent
that the insurance requirements under the 80 International Drive Whole Loan documents are satisfied pursuant to a blanket policy, such
blanket policy is maintained in full force and effect, the premiums for such blanket policy are not paid in installments or financed,
and evidence of such blanket policy is provided to the lender in a timely manner. Notwithstanding the foregoing, the monthly escrow insurance
premiums will be waived for so long as the Reserve Waiver Conditions with respect to insurance reserves are satisfied.

(5) Replacement monthly reserves will be waived so long as the Reserve Waiver Conditions with respect to replacement
reserves are satisfied.

(6) If the borrower deposits in cash with the lender one or more of a Low Debt Yield Cure Deposit (as defined
below) or Low DSCR Cure Deposit (as defined below) to avoid the occurrence of the pro forma debt yield falling below 9.0% (a "Cash
Management Debt Yield Trigger Event") and/or the trailing 12-month period debt service coverage ratio ("DSCR") falling
below 1.30x (a "Cash Management DSCR Trigger Event"), the lender will transfer such amounts into the Low Debt Yield/DSCR Cure
Funds account. The lender will hold such Low Debt Yield/DSCR Cure Deposit(s) as additional collateral for the 80 International Drive Whole
Loan. At any time during the term of the 80 International Drive Whole Loan that Low Debt Yield/DSCR Cure Funds are on deposit in the Low
Debt Yield/DSCR Cure Funds account, the lender will determine the DSCR or the pro forma debt yield, as applicable, on the last day of
the 12th month following the making of such deposit, taking into account the Low Debt Yield/DSCR Cure Funds. If the lender determines
that the Low Debt Yield/DSCR Cure Funds then on deposit in the Low Debt Yield/DSCR Cure Funds account, if applied to reduce the then outstanding
principal balance, would be insufficient to cause either (i) the proforma debt yield to be at least 9.0% or (ii) the DSCR to be at least
1.30x, as applicable, in each case, for a period of 12 months, then the borrower may, in order to continue avoid the occurrence of a Cash
Management Debt Yield Trigger Event and/or Cash Management DSCR Trigger Event, within five business days of the lender's notice
to the borrower of such deficiency, deposit with the lender such additional funds such that, when added to the funds on deposit in the
Low Debt Yield/DSCR Cure Funds account, would be sufficient, if applied to reduce then outstanding principal balance, to result in either
(i) a proforma debt yield of at least 9.0% or (b) a DSCR of at least 1.30x. A "Low DSCR Cure Deposit" means the trailing 12-month
DSCR being at least 1.30x for two consecutive calendar quarters or the borrower has deposited with the lender a letter of credit or cash
in an amount (such amount that, if applied to reduce the then outstanding principal balance, would result in a DSCR that is equal to or
greater than 1.30x). A "Low Debt Yield Cure Deposit" means the pro forma debt yield being at least 9.0% for the succeeding
12 month period or the borrower has deposited with the lender a letter of credit or cash in an amount that, if applied to reduce the then
outstanding principal balance, would result in a pro forma debt yield that is equal to or greater than 9.0%.

(7) If a Material Tenant Trigger Event (as defined below) has occurred and is continuing, rents from the 80
International Drive Property are required to be deposited into a Material Tenant (as defined below) rollover reserve. A "Material
Tenant" means (i) Walgreens Eastern or (ii) any tenant at the 80 International Drive Property that, together with its affiliates,
either (a) leases no less than 20% of the total NRA of the 80 International Drive Property or (b) accounts for (or would account for)
no less than 20% of the total in-place base rent at the 80 International Drive Property. A "Material Tenant Trigger Event"
means a period commencing upon the occurrence of (i) an event of default under a Material Tenant lease occurring and continuing beyond
any applicable notice and/or cure period, (ii) a bankruptcy action of a Material Tenant or a lease guarantor of any Material Tenant lease
occurring, (iii) a Material Tenant lease being terminated in whole or in part or is no longer in full force and effect, (iv)(a) Walgreens
Eastern "going dark", vacating or ceasing to conduct business in the ordinary course with respect to 10% or more of its space
or (b) a Material Tenant "going dark", vacating, ceasing to occupy or ceasing to conduct business in the ordinary course at
all or substantially all of its space; provided, however, this clause (iv) will not include such portion of the 80

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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. |
| 126 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Industrial – Warehouse/Distribution | &nbsp;&nbsp;Loan #15 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$20000000 |
| &nbsp;&nbsp;60-80 International Drive | &nbsp;&nbsp;**80 International Drive** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;58.9% |
| &nbsp;&nbsp;Windsor, CT 06095 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.52x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;10.7% |

---

International Drive Property that (A) is currently the subject of a casualty, (B) is leased, licensed and/or subleased pursuant to agreements previously approved in writing by the lender or which are otherwise permitted under the 80 International Drive Whole Loan documents, (C) is currently subject to a temporary cessation of normal business operations due to an alteration of the improvements at the 80 International Drive Property or (D) is currently subject to a temporary cessation of normal business operations due to force majeure delays, (v)(a) Walgreens Eastern announces or discloses publicly, its intention to relocate or vacate 10% or more of its space or (b) a Material Tenant announces or discloses publicly, its intention to relocate or vacate all or any portion of its Material Tenant space, (vi)(a) 10% or more of Walgreens Eastern's space is marketed for sublease by or on behalf of Walgreens Eastern or (b) all or substantially all of a Material Tenant's space is marketed for sublease or subleased by or on behalf of a Material Tenant, (vii) with respect to Walgreens Eastern, commencing with the fiscal quarter ending February 28, 2026, the fixed charge coverage ratio of a parent entity of Walgreens Eastern (the "USR ABL Borrower") is less than 1.0x for any fiscal quarter or (viii) an event of default under that certain loan (the "USR ABL Loan") made to the USR ABL Borrower pursuant to that certain ABL credit agreement dated as of August 28, 2025 by and between certain parent entities of Walgreens Eastern and Wells Fargo Bank, National Association ("USR ABL Administrative Agent") pursuant to the USR ABL Loan documents.

(8) Historical financial information is not available due to the borrower acquiring the 80 International Drive
Property in a sale leaseback transaction.

***The Mortgage Loan.*** The fifteenth largest mortgage loan (the "80 International Drive Mortgage Loan") is part of a whole loan (the "80 International Drive Whole Loan") evidenced by eight *pari passu* promissory notes with an aggregate original principal amount of $70,000,000. The 80 International Drive Whole Loan was co-originated by UBS AG New York Branch ("UBS AG") and Wells Fargo Bank, National Association ("WFB"). The 80 International Drive Whole Loan is secured by the fee interest in a 698,574 SF industrial warehouse/distribution center located in Windsor, Connecticut (the "80 International Drive Property").

The 80 International Drive Mortgage Loan is evidenced by the non-controlling Note A-1-4 to be contributed by UBS AG and non-controlling Note A-2-4 to be contributed by WFB, with an aggregate original principal balance of $20,000,000. The 80 International Drive Whole Loan is serviced pursuant to the pooling and servicing agreement for the WFCM 2025-5C6 transaction. See "*Description of the Mortgage Pool—The Non-Serviced Pari Passu Whole Loans*" and "*Pooling and Servicing Agreement—Servicing of the Non-Serviced Mortgage Loans*" in the prospectus.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **80 International Drive Whole Loan Summary** | **80 International Drive Whole Loan Summary** | **80 International Drive Whole Loan Summary** | **80 International Drive Whole Loan Summary** | **80 International Drive Whole Loan Summary** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Note** | &nbsp;&nbsp;**Original Balance** | &nbsp;&nbsp;**Cut-off Date Balance** | &nbsp;&nbsp;**Note Holder** | &nbsp;&nbsp;**Controlling Note** |
| &nbsp;&nbsp;&nbsp;&nbsp;A-1-1 | &nbsp;&nbsp;$20000000 | &nbsp;&nbsp;$20000000 | &nbsp;&nbsp;WFCM 2025-5C6 | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;&nbsp;&nbsp;A-1-2 | &nbsp;&nbsp;$2500000 | &nbsp;&nbsp;$2500000 | &nbsp;&nbsp;WFCM 2025-5C6 | &nbsp;&nbsp;No |
| &nbsp;&nbsp;&nbsp;&nbsp;A-1-3 | &nbsp;&nbsp;$2500000 | &nbsp;&nbsp;$2500000 | &nbsp;&nbsp;WFCM 2025-5C6 | &nbsp;&nbsp;No |
| &nbsp;&nbsp;&nbsp;&nbsp;**A-1-4** | &nbsp;&nbsp;**$10000000** | &nbsp;&nbsp;**$10000000** | &nbsp;&nbsp;**WFCM 2025-5C7** | &nbsp;&nbsp;**No** |
| &nbsp;&nbsp;&nbsp;&nbsp;A-2-1 | &nbsp;&nbsp;$20000000 | &nbsp;&nbsp;$20000000 | &nbsp;&nbsp;WFCM 2025-5C6 | &nbsp;&nbsp;No |
| &nbsp;&nbsp;&nbsp;&nbsp;A-2-2 | &nbsp;&nbsp;$2500000 | &nbsp;&nbsp;$2500000 | &nbsp;&nbsp;WFCM 2025-5C6 | &nbsp;&nbsp;No |
| &nbsp;&nbsp;&nbsp;&nbsp;A-2-3 | &nbsp;&nbsp;$2500000 | &nbsp;&nbsp;$2500000 | &nbsp;&nbsp;WFCM 2025-5C6 | &nbsp;&nbsp;No |
| &nbsp;&nbsp;&nbsp;&nbsp;**A-2-4** | &nbsp;&nbsp;**$10000000** | &nbsp;&nbsp;**$10000000** | &nbsp;&nbsp;**WFCM 2025-5C7** | &nbsp;&nbsp;**No** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;**$70000000** | &nbsp;&nbsp;**$70000000** |  |  |

---

***The Borrower and the Borrower Sponsors.*** The borrower is DC PropCo Borrower LLC, a Delaware limited liability company and a single purpose entity with two independent directors in its organizational structure. The borrower is an affiliate of the borrower sponsor. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the 80 International Drive Whole Loan.

The non-recourse carveout guarantors are Sycamore Partners III, L.P. and Sycamore Partners III-A, L.P. The borrower sponsor is Sycamore Partners Management, L.P. ("Sycamore Partners"), a private equity firm based in New York specializing in consumer, distribution and retail-related investments. Sycamore Partners has approximately $11.0 billion in aggregate committed capital and its strategy is to partner with management teams to improve the operating profitability and strategic value of its businesses. Past and present portfolio companies include Walgreens, The Boots Group, Shields Health Solutions, Playa Bowls, KnitWell Group, RONA, The Goddard School, STE Michelle Wine Estates, AZAMARA Cruise Lines, Margaritaville at Sea, Lane Bryant, Pure Fishing, Rithum, Staples, Hot Topic, Torrid, Stuart Weitzman and Kurt Geiger.

***The Property.*** The 80 International Drive Property consists of a 698,574 SF industrial warehouse and distribution center located in Windsor, Connecticut. Situated on an approximately 130.99-acre site, the 80 International Drive Property was built in 2007 for the former owner and current sole tenant, Walgreens Eastern, a wholly-owned subsidiary of Walgreen Co. ("Walgreens") that is indirectly owned by the borrower sponsor. The 80 International Drive Property is comprised of three buildings and features 25- to 100-foot clear heights, a cafeteria, a locker room, a computer training room, 50 dock doors, six drive-in doors and approximately 6.2% of the NRA is office space. The 80 International Drive Property has 1,045 parking spaces, resulting in a parking ratio of approximately 1.50 parking spaces per 1,000 SF.

The 80 International Drive Property is the subject of a sale leaseback transaction in connection with the acquisition of the 80 International Drive Property by the related borrower. As of December 1, 2025, the 80 International Drive Property was 100.0% master leased by the borrower, as lessor, to Walgreens Eastern, as lessee. According to publications, Walgreens Eastern invested approximately $175.0 million in the construction of the 80 International Drive Property. The build-to-suit building was the 13th distribution center designed and constructed by Korte Company specifically for Walgreens Eastern. The master lease has an initial term of 15 years, and three, five-year renewal options remaining, with no termination options. The master lease is guaranteed by the parent company, Walgreens. The rental rate will increase 3.0% annually during the initial term and will increase over the renewal period at a rate equal to the greater of (i) 103% of base rent for the year immediately preceding the first year of the renewal term and base rent will increase by 3% annually during the renewal term and (ii) market rate as determined under the lease agreement and base rent will increase by 3% annually during the renewal term.

***Sole Tenant.***

*Walgreens Eastern (698,574 SF; 100.0% of NRA; 100.0% of underwritten base rent).* Walgreens is the seventh largest overall U.S. retailer and the second largest pharmacy retailer, generating annual sales of approximately $121.4 billion for the fiscal third quarter of 2025. Headquartered in Deerfield, Illinois, Walgreens has 8,560 retail and healthcare locations across all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. As of August 31, 2024, approximately 78% of the population of the U.S. lived within five miles of a store. Walgreens utilizes its vast scale and retail network to provide customers and patients with convenient, omnichannel access to consumer goods and services, as well as pharmacy and health and wellness services.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES 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;Industrial – Warehouse/Distribution | &nbsp;&nbsp;Loan #15 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$20000000 |
| &nbsp;&nbsp;60-80 International Drive | &nbsp;&nbsp;**80 International Drive** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;58.9% |
| &nbsp;&nbsp;Windsor, CT 06095 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.52x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;10.7% |

---

The following table presents certain information relating to the tenancy at the 80 International Drive Property:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** | &nbsp;&nbsp;**Tenant Summary<sup>(1)</sup>** |
| &nbsp;&nbsp;**Tenant Name** | &nbsp;&nbsp;**Credit Rating (Fitch/Moody's/S&P)<sup>(2)</sup>** | &nbsp;&nbsp;**Tenant SF** | &nbsp;&nbsp;**% of Total SF** | &nbsp;&nbsp;**Annual UW Rent** | &nbsp;&nbsp;**% of Total Annual UW Rent** | &nbsp;&nbsp;**Annual UW Rent PSF** | &nbsp;&nbsp;**Lease Expiration** | &nbsp;&nbsp;**Renewal Options** |
| &nbsp;&nbsp;Walgreens Eastern | &nbsp;&nbsp;NR/B1/BB- | &nbsp;&nbsp; 698574 | &nbsp;&nbsp; 100.0% | &nbsp;&nbsp; $8033601 | &nbsp;&nbsp; 100.0% | &nbsp;&nbsp; $11.50 | &nbsp;&nbsp;8/31/2040 &nbsp;&nbsp;N | &nbsp;&nbsp;3 x 5 yr |
| &nbsp;&nbsp;**Occupied Collateral Total** |  | &nbsp;&nbsp;**698574** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$8033601** | &nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;**$11.50** |  |  |
| &nbsp;&nbsp;Vacant Space |  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0.0% |  |  |  |  |  |
| &nbsp;&nbsp;**Total/Wtd. Avg.** |  | &nbsp;&nbsp;**698574** | &nbsp;&nbsp;**100.0%** |  |  |  |  |  |

---

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

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

The following table presents certain information relating to the lease rollover schedule at the 80 International Drive Property:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** | &nbsp;&nbsp;**Lease Rollover Schedule<sup>(1)</sup>** |
| &nbsp;&nbsp;**Year** | &nbsp;&nbsp;**# of Leases Rolling** | &nbsp;&nbsp;**SF Rolling** | &nbsp;&nbsp;**Approx. % of SF Rolling** | &nbsp;&nbsp;**Approx. Cumulative % of SF Rolling** | &nbsp;&nbsp;**Total UW Rent Rolling** | &nbsp;&nbsp;**Approx. % of Total UW Rent Rolling** | &nbsp;&nbsp;**Approx. Cumulative % of Total UW Rent Rolling** | &nbsp;&nbsp;**UW Rent PSF Rolling** |
| &nbsp;&nbsp;MTM/2025 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2026 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2027 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2028 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2029 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2030 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2031 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2032 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2033 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2034 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2035 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;2036 & Thereafter | &nbsp;&nbsp;1 | &nbsp;&nbsp;698574 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$8033601 | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$11.50 |
| &nbsp;&nbsp;Vacant | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0.0% | &nbsp;&nbsp;100.0% | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;**Total/Wtd. Avg.** | &nbsp;&nbsp;**1** | &nbsp;&nbsp;**698574** | &nbsp;&nbsp;**100.0%** |  | &nbsp;&nbsp;**$8033601** | &nbsp;&nbsp;**100.0%** |  | &nbsp;&nbsp;**11.50** |

---

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

 ****

***The Market.*** The 80 International Drive Property is located in Windsor, Hartford County, Connecticut, approximately 16.4 miles north of downtown Hartford, Connecticut. The 80 International Drive Property is located in the Hartford-West Hartford-East Hartford, Connecticut Metropolitan Statistical Area, with an estimated 2025 population of 1,157,215 and an estimated 2025 average household income of $132,294, according to a third-party market research report. Primary access to the 80 International Drive Property is provided by Interstate 91 (approximately 6.4 miles southeast), a major north-south corridor providing direct access to Hartford and Springfield, Massachusetts and is approximately 5.1 miles east of Highway 202. In addition, the 80 International Drive Property is approximately 4.3 miles southwest of Bradley International Airport, the second-largest airport in New England, which serves travelers from Connecticut, western Massachusetts, and other New England states. Development activity in the immediate area has been predominantly industrial, with major employers including Amazon, Town of Windsor, Voya Financial and Walgreens.

According to a third-party market research report, the 80 International Drive Property is located in the Hartford - Connecticut industrial market within the Windsor industrial submarket. As of July 2025, Windsor industrial submarket contained 13,700,705 SF of industrial inventory space with an average rent of $10.13 PSF and a vacancy rate of 8.8%. As of year-end 2024, the Windsor industrial submarket contained 13,515,105 SF of industrial inventory space with an average rent of $10.08 and a vacancy rate of 8.5%.

According to a third-party market research report, the estimated 2025 population within a one-, three- and five-mile radius of the 80 International Drive Property was 1,685, 12,469 and 43,368, respectively, and the estimated 2025 average household income within the same radii was $124,133, $137,969 and $141,190, respectively.

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 128 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Industrial – Warehouse/Distribution | &nbsp;&nbsp;Loan #15 | &nbsp;&nbsp;**Cut-off Date Balance:** | &nbsp;&nbsp;$20000000 |
| &nbsp;&nbsp;60-80 International Drive | &nbsp;&nbsp;**80 International Drive** | &nbsp;&nbsp;**Cut-off Date LTV:** | &nbsp;&nbsp;58.9% |
| &nbsp;&nbsp;Windsor, CT 06095 |  | &nbsp;&nbsp;**UW NCF DSCR:** | &nbsp;&nbsp;1.52x |
|  |  | &nbsp;&nbsp;**UW NOI Debt Yield:** | &nbsp;&nbsp;10.7% |

---

The following table presents certain information relating to the appraisal's market rent conclusions for the 80 International Drive Property:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Comparable Industrial Leases<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Industrial Leases<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Industrial Leases<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Industrial Leases<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Industrial Leases<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Industrial Leases<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Industrial Leases<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Industrial Leases<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Industrial Leases<sup>(1)</sup>** | &nbsp;&nbsp;**Comparable Industrial Leases<sup>(1)</sup>** |
| &nbsp;&nbsp;**Property Name/Location** | &nbsp;&nbsp;**Year Built/ Renovated** | &nbsp;&nbsp;**Tenant** | &nbsp;&nbsp;**Tenant Size (SF)** | &nbsp;&nbsp;**Lease Start Date** | &nbsp;&nbsp;**Lease Term (Years)** | &nbsp;&nbsp;**Office %** | &nbsp;&nbsp;**Clear Height** | &nbsp;&nbsp;**Annual Base Rent PSF** | &nbsp;&nbsp;**Lease Type** |
| &nbsp;&nbsp; 80 International Drive<br> 60-80 International Drive<br> Windsor, CT | &nbsp;&nbsp;2007/NAP | &nbsp;&nbsp;Walgreens Eastern<sup>(2)</sup> | &nbsp;&nbsp;698574<sup>(2)</sup> | &nbsp;&nbsp;Aug-25<sup>(2)</sup> | &nbsp;&nbsp;15.0<sup>(2)</sup> | &nbsp;&nbsp;6.2% | &nbsp;&nbsp;25'-100' | &nbsp;&nbsp;$11.50<sup>(2)</sup> | &nbsp;&nbsp;NNN<sup>(2)</sup> |
| &nbsp;&nbsp; 205 Baker Hollow Road<br> Windsor, CT | &nbsp;&nbsp;2025/NAP | &nbsp;&nbsp;Marvin Logistics, LLC | &nbsp;&nbsp;185600 | &nbsp;&nbsp;Sep-24 | &nbsp;&nbsp;7.3 | &nbsp;&nbsp;5.0% | &nbsp;&nbsp;32' | &nbsp;&nbsp;$12.25 | &nbsp;&nbsp;NNN |
| &nbsp;&nbsp; Rentschler Field Logistics Center<br> 501 East Hartford Boulevard North<br> East Hartford, CT | &nbsp;&nbsp;2024/NAP | &nbsp;&nbsp;Lowe's | &nbsp;&nbsp;1300000 | &nbsp;&nbsp;Jul-24 | &nbsp;&nbsp;10.3 | &nbsp;&nbsp;1.0% | &nbsp;&nbsp;36' | &nbsp;&nbsp;$8.70 | &nbsp;&nbsp;NNN |
| &nbsp;&nbsp; 20 Constitution Boulevard South<br> Shelton, CT | &nbsp;&nbsp;2004/NAP | &nbsp;&nbsp;Undisclosed | &nbsp;&nbsp;158000 | &nbsp;&nbsp;Jan-24 | &nbsp;&nbsp;NAV | &nbsp;&nbsp;25.3% | &nbsp;&nbsp;38' | &nbsp;&nbsp;$12.00 | &nbsp;&nbsp;NNN |
| &nbsp;&nbsp; 425 Day Hill Road<br> Windsor, CT | &nbsp;&nbsp;2023/NAP | &nbsp;&nbsp;Undisclosed | &nbsp;&nbsp;170300 | &nbsp;&nbsp;Jan-24 | &nbsp;&nbsp;NAV | &nbsp;&nbsp;5.0% | &nbsp;&nbsp;32' | &nbsp;&nbsp;$11.75 | &nbsp;&nbsp;NNN |
| &nbsp;&nbsp; 1180 Northrop Road<br> Wallingford, CT | &nbsp;&nbsp;2023/NAP | &nbsp;&nbsp;Whole Foods | &nbsp;&nbsp;80000 | &nbsp;&nbsp;Dec-23 | &nbsp;&nbsp;15.0 | &nbsp;&nbsp;5.0% | &nbsp;&nbsp;32' | &nbsp;&nbsp;$12.25 | &nbsp;&nbsp;NNN |
| &nbsp;&nbsp; 140 Old Country Circle<br> Windsor Locks, CT | &nbsp;&nbsp;2006/NAP | &nbsp;&nbsp;Eversource Energy | &nbsp;&nbsp;268497 | &nbsp;&nbsp;Dec-23 | &nbsp;&nbsp;9.3 | &nbsp;&nbsp;4.7% | &nbsp;&nbsp;31' | &nbsp;&nbsp;$8.50 | &nbsp;&nbsp;Modified Gross |

---

(1) Information is based on the appraisal.

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

 ****

***Appraisal.*** The appraisal concluded to an "as-is" appraised value for the 80 International Drive Property of $118,800,000 as of June 23, 2025.

***Environmental Matters.*** According to the Phase I environmental report dated June 13, 2025, there was no evidence of any recognized environmental conditions at the 80 International Drive Property.

***Operating History and Underwritten Net Cash Flow.*** The following table presents certain information relating to the underwritten net cash flow at the 80 International Drive Property:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** | &nbsp;&nbsp;**Cash Flow Analysis<sup>(1)</sup>** |
|  | &nbsp;&nbsp;**UW** | &nbsp;&nbsp;**UW PSF** |
| &nbsp;&nbsp;Base Rent<sup>(2)</sup> | &nbsp;&nbsp;$8033601 | &nbsp;&nbsp;$11.50 |
| &nbsp;&nbsp;Vacant Income | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0.00 |
| &nbsp;&nbsp;**Gross Potential Rent** | &nbsp;&nbsp;**$8033601** | &nbsp;&nbsp;**$11.50** |
| &nbsp;&nbsp;Total Reimbursements | &nbsp;&nbsp; $2330506 | &nbsp;&nbsp; $3.34 |
| &nbsp;&nbsp;**Net Rental Income** | &nbsp;&nbsp;**$10364107** | &nbsp;&nbsp;**$14.84** |
| &nbsp;&nbsp;Less Vacancy & Credit Loss | &nbsp;&nbsp; ($518205) | &nbsp;&nbsp; ($0.74) |
| &nbsp;&nbsp;**Effective Gross Income** | &nbsp;&nbsp;**$9845902** | &nbsp;&nbsp;**$14.09** |
| &nbsp;&nbsp;**Total Expenses** | &nbsp;&nbsp;**$2330506** | &nbsp;&nbsp;**$3.34** |
| &nbsp;&nbsp;**Net Operating Income** | &nbsp;&nbsp;**$7515396** | &nbsp;&nbsp;**$10.76** |
| &nbsp;&nbsp;CapEx | &nbsp;&nbsp;$139715 | &nbsp;&nbsp;$0.20 |
| &nbsp;&nbsp;TI/LC | &nbsp;&nbsp; $316780 | &nbsp;&nbsp; $0.45 |
| &nbsp;&nbsp;**Net Cash Flow** | &nbsp;&nbsp;**$7058901** | &nbsp;&nbsp;**$10.10** |
| &nbsp;&nbsp;**Occupancy %<sup>(3)</sup>** | &nbsp;&nbsp;**95.0%** |  |
| &nbsp;&nbsp;**NOI DSCR** | &nbsp;&nbsp;**1.62x** |  |
| &nbsp;&nbsp;**NCF DSCR** | &nbsp;&nbsp;**1.52x** |  |
| &nbsp;&nbsp;**NOI Debt Yield** | &nbsp;&nbsp;**10.7%** |  |
| &nbsp;&nbsp;**NCF Debt Yield** | &nbsp;&nbsp;**10.1%** |  |

---

(1) Historical financial information is not available due to the borrower acquiring
the 80 International Drive Property in a sale leaseback transaction.

(2) Base Rent is based on the underwritten rent roll dated December 1, 2025.

(3) The UW Occupancy % represents the in-place economic occupancy. The 80 International
Drive Property was 100.0% occupied as of December 1, 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. |
| 129 |

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---

| | |
|:---|:---|
| **Wells Fargo Commercial Mortgage Trust 2025-5C7** | Transaction Contact Information |

---

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

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

---

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

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Citigroup Global Markets Inc.** |  |
| &nbsp;&nbsp;Raul Orozco | &nbsp;&nbsp;Tel. (212) 723-1295 |
| &nbsp;&nbsp;Rick Simpson | &nbsp;&nbsp;Tel. (212) 816-5343 |
| &nbsp;&nbsp;Jay Mercandetti | &nbsp;&nbsp;Tel. (212) 816-6384 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Goldman Sachs & Co. LLC** |  |
| &nbsp;&nbsp;Scott Epperson | &nbsp;&nbsp;Tel. (212) 934-2882 |
| &nbsp;&nbsp;Justin Peterson | &nbsp;&nbsp;Tel. (212) 902-4283 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**J.P. Morgan Securities LLC** |  |
| &nbsp;&nbsp;Avinash Sharma | &nbsp;&nbsp;Tel. (212) 834-3111 |
| &nbsp;&nbsp;Kunal Singh | &nbsp;&nbsp;Tel. (212) 834-5467 |
| &nbsp;&nbsp;Harris Rendelstein | &nbsp;&nbsp;Tel. (212) 834-6737 |
| &nbsp;&nbsp;Derrick Fetzer | &nbsp;&nbsp;Tel. (212) 834-3111 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**SG Americas Securities, LLC** |  |
| &nbsp;&nbsp;Jim Barnard | &nbsp;&nbsp;Tel. (212) 278-6263 |
| &nbsp;&nbsp;Justin Cappuccino | &nbsp;&nbsp;Tel. (212) 278-6393 |
| &nbsp;&nbsp;Mark Lacerenza | &nbsp;&nbsp;Tel. (212) 278-5243 |
| &nbsp;&nbsp;Claire Weise | &nbsp;&nbsp;Tel. (212) 278-6570 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**UBS Securities LLC** |  |
| &nbsp;&nbsp;Nicholas Galeone | &nbsp;&nbsp;Tel. (212) 713-8832 |
| &nbsp;&nbsp;Siho Ham | &nbsp;&nbsp;Tel. (212) 713-1278 |
| &nbsp;&nbsp;Andrew Lisa | &nbsp;&nbsp;Tel. (212) 713-3506 |

---

---

| |
|:---|
| THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. |
| 130 |

---