# EDGAR Filing Document

**Accession Number:** 0001535434
**File Stem:** 0001539497-25-001705
**Filing Date:** 2025-6
**Character Count:** 37075
**Document Hash:** 37c5cedded26b4f19d0ff0b3a3391d0d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001539497-25-001705.hdr.sgml**: 20250624

**ACCESSION NUMBER**: 0001539497-25-001705

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

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250624

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

**FILED AS OF DATE**: 20250624

**DATE AS OF CHANGE**: 20250624

**ABS RULE**: RULE-15GA2

**REGISTERED ENTITY**: N

**ABS ASSET CLASS**: Commercial mortgages

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Banc of America Merrill Lynch Large Loan Inc.
- **CENTRAL INDEX KEY:** 0001535434
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 562217150
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-00345
- **FILM NUMBER:** 251069420

**BUSINESS ADDRESS:**
- **STREET 1:** ONE BRYANT PARK
- **STREET 2:** MAIL CODE: NY1-100-11-07
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 646-855-8049

**MAIL ADDRESS:**
- **STREET 1:** ONE BRYANT PARK
- **STREET 2:** MAIL CODE: NY1-100-11-07
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
**DEPOSITOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Banc of America Merrill Lynch Large Loan Inc.
- **CENTRAL INDEX KEY:** 0001535434
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 562217150
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

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

**BUSINESS ADDRESS:**
- **STREET 1:** ONE BRYANT PARK
- **STREET 2:** MAIL CODE: NY1-100-11-07
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 646-855-8049

**MAIL ADDRESS:**
- **STREET 1:** ONE BRYANT PARK
- **STREET 2:** MAIL CODE: NY1-100-11-07
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
**SECURITIZER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Banc of America Merrill Lynch Large Loan Inc.
- **CENTRAL INDEX KEY:** 0001535434
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 562217150
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-00345

**BUSINESS ADDRESS:**
- **STREET 1:** ONE BRYANT PARK
- **STREET 2:** MAIL CODE: NY1-100-11-07
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 646-855-8049

**MAIL ADDRESS:**
- **STREET 1:** ONE BRYANT PARK
- **STREET 2:** MAIL CODE: NY1-100-11-07
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

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

**FORM ABS-15G**

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

**the Securities Exchange Act of 1934**

<br> Check the appropriate box to indicate the filing obligation to which this form is intended to satisfy:<br>[_] Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period _________________ to _________________

Date of Report (Date of earliest event reported) ____________________

Commission File Number of securitizer: ____________________

Central Index Key Number of securitizer: ___________________

______________________________________________________________________

Name and telephone number, including area code, of the person to

contact in connection with this filing.

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

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

Central Index Key Number of depositor: 0001535434

<u>CENT Trust 2025-CITY</u> <br> (Exact name of issuing entity as specified in its charter)

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

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

<u>Leland F. Bunch, III (646) 855-3953</u> <br> Name and telephone number, including area code, of the person to <br> contact in connection with this filing

**INFORMATION TO BE INCLUDED IN THE REPORT**

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

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

Attached as <u>Exhibit 1</u> hereto is an agreed-upon procedures report, dated June 24, 2025, of Ernst & Young LLP, obtained by the depositor, which report sets forth the findings and conclusions, as applicable, of Ernst & Young LLP with respect to certain agreed-upon procedures performed by Ernst & Young LLP.

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

---

| | | | |
|:---|:---|:---|:---|
| Date: June 24, 2025 | BANC OF AMERICA MERRILL LYNCH LARGE LOAN, INC. | BANC OF AMERICA MERRILL LYNCH LARGE LOAN, INC. | BANC OF AMERICA MERRILL LYNCH LARGE LOAN, INC. |
|  | By: | /s/ Leland F. Bunch, III | /s/ Leland F. Bunch, III |
|  |  | Name: | Leland F. Bunch, III |
|  |  | Title: | Senior Vice-President |
|  |  |  | (senior officer in charge of securitization of the depositor) |

---

Exhibit 1 Independent Accountants' Report on Applying Agreed-Upon Procedures, dated June 24, 2025, of Ernst & Young LLP.

## Ex-1

**Exhibit 1**

---

| | | |
|:---|:---|:---|
| ![](eylogo2.jpg) | **Ernst & Young LLP**<br> One Manhattan West<br> New York, NY 10001 | Tel: +1 212 773 3000<br> ey.com |

---

**Report of Independent Accountants on Applying Agreed-Upon Procedures**

Banc of America Merrill Lynch Large Loan, Inc. (the "Depositor")

Bank of America, N.A.

BofA Securities, Inc.

German American Capital Corporation

Deutsche Bank Securities Inc.

Morgan Stanley Mortgage Capital Holdings LLC

Morgan Stanley & Co. LLC

Morgan Stanley Bank, N.A.

Goldman Sachs Mortgage Company

Goldman Sachs & Co. LLC

Goldman Sachs Bank USA

Santander Bank, N.A.

Santander US Capital Markets LLC

(collectively, the "Specified Parties")

---

| | |
|:---|:---|
| **Re:** | **CENT Trust 2025-CITY (the "Issuing Entity")** |

---

**Commercial Mortgage Pass-Through Certificates, Series 2025-CITY (the "Certificates")**

We have performed the procedures enumerated in Attachment A, which were agreed to and acknowledged as appropriate by the Specified Parties, for the intended purpose of assisting the Specified Parties in evaluating the accuracy of certain information with respect to the Mortgage Loan (as defined herein) contained on the Data Files (as defined herein) (the "Subject Matter") relating to the Issuing Entity's securitization transaction as of 24 June 2025. This report may not be suitable for any other purpose. The procedures performed may not address all of the items of interest to a user of the report and may not meet the needs of all users of the report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. The appropriateness of these procedures is solely the responsibility of the Specified Parties identified in this report. No other party acknowledged the appropriateness of the procedures. Consequently, we make no representation regarding the appropriateness of the procedures described in Attachment A, either for the purpose for which this report has been requested or for any other purpose.

---

| | |
|:---|:---|
| ![](eylogo2.jpg) | Page 2 of 3 |

---

The procedures performed and our associated findings are included in Attachment A.

For the purpose of the procedures described in this report, the Depositor provided us with:

a. Certain electronic data files (the "Data Files") that are described in Attachment A,

b. Copies of various source documents (the "Source Documents"), which are listed on Exhibit 1 to Attachment A,

c. A list of characteristics on the Data Files (the "Compared Characteristics"), which are listed on Exhibit 2 to Attachment A, that the Depositor instructed us to compare to information contained in the Source Documents,

d. A list of characteristics on the Data Files (the "Recalculated Characteristics"), which are described in Attachment A, that the Depositor instructed us to recalculate using information on the Data Files,

e. A list of characteristics on the Data Files (the "Provided Characteristics"), which are listed on Exhibit 3 to Attachment A, on which the Depositor instructed us to perform no procedures,

f. A draft of the preliminary confidential offering circular for the Issuing Entity's securitization transaction (the "Draft Preliminary Offering Circular") and

g. Instructions, assumptions and methodologies, which are described in Attachment A.

The procedures included in Attachment A were limited to comparing or recalculating certain information that is further described in Attachment A. The Depositor is responsible for the Subject Matter, Data Files, Source Documents, Compared Characteristics, Recalculated Characteristics, Provided Characteristics, Draft Preliminary Offering Circular and the determination of the instructions, assumptions and methodologies that are described herein. We were not requested to perform, and we have not performed, any procedures other than those listed in Attachment A with respect to the Data Files. We have not verified, and we make no representation as to, the appropriateness, accuracy, completeness or reasonableness of the Source Documents, Provided Characteristics, Draft Preliminary Offering Circular or any other information provided to us by the Depositor upon which we relied in forming our findings. Accordingly, we make no representation and express no opinion or conclusion as to: (a) the existence of the Mortgage Loan, (b) questions of legal or tax interpretation or (c) the appropriateness, accuracy, completeness or reasonableness of any instructions, assumptions and methodologies provided to us by the Depositor that are described in this report. We undertake no responsibility to update this report for events and circumstances occurring after the date hereof.

This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants (the "AICPA"). An agreed-upon procedures engagement involves the practitioner performing specific procedures that the Specified Parties have agreed to and acknowledged to be appropriate for the purpose of the engagement and reporting on findings based on the procedures performed. We were not engaged to, and did not, conduct an examination to express an opinion or a review to express a conclusion in accordance with attestation standards established by the AICPA on any of the items referred to herein. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

---

| | |
|:---|:---|
| ![](eylogo2.jpg) | Page 3 of 3 |

---

The agreed-upon procedures described in this report were not performed for the purpose of:

a. Satisfying any criteria for due diligence published by a nationally recognized statistical rating organization (a "rating agency") or

b. Making any findings with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Whether the origination of the Mortgage Loan conformed to, or deviated from, stated underwriting or credit extension guidelines, standards, criteria, or other requirements,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The value of the collateral securing the Mortgage Loan,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Whether the originator(s) of the Mortgage Loan complied with federal, state or local laws or regulations or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Any other factor or characteristic of the Mortgage Loan that would be material to the likelihood that the issuer of the Certificates will pay interest and principal in accordance with applicable terms and conditions.

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

This report is intended solely for the information and use of the Specified Parties and is not intended to be, and should not be, used by anyone other than the Specified Parties. It is not intended to be, and should not be, used by any other person or entity, including investors and rating agencies, who are not identified in the report as Specified Parties, but who may have access to this report as required by law or regulation.

/s/ Ernst & Young LLP

24 June 2025

---

| | |
|:---|:---|
| ![](eylogo2.jpg) | **Attachment A**<br> Page 1 of 5 |

---

**<u>Background</u>**

For the purpose of the procedures described in this report, the Depositor indicated that:

a. The assets of the Issuing Entity will consist primarily of a fixed rate commercial mortgage loan (the "Mortgage Loan") and

b. The Mortgage Loan will be secured primarily by a commercial property (the "Property").

**<u>Procedures performed and our associated findings</u>**

1. The Depositor provided us with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. An electronic data file (the "Preliminary Data File") that the Depositor indicated contains information relating to the Mortgage Loan and Property that is expected to be as of 3 July 2025 (the "Reference Date") and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Record layout and decode information relating to the information on the Preliminary Data File.

Using the information in the Source Documents, we compared the Compared Characteristics listed on Exhibit 2 to Attachment A, as shown on the Preliminary Data File, to the corresponding information in the Source Documents indicated on Exhibit 2 to Attachment A, subject to the instructions, assumptions and methodologies stated in the notes on Exhibit 2 to Attachment A. If more than one Source Document is listed for a Compared Characteristic, the Depositor instructed us to note agreement if the value on the Preliminary Data File for the Compared Characteristic agreed with the corresponding information in at least one of the Source Documents listed for such Compared Characteristic on Exhibit 2 to Attachment A (except as described in the notes on Exhibit 2 to Attachment A). We performed no procedures to reconcile any differences that may exist between various Source Documents for any of the Compared Characteristics listed on Exhibit 2 to Attachment A.

We performed certain procedures on earlier versions of the Data Files and communicated differences prior to being provided the Data Files which were subjected to the procedures as described herein.

2. As instructed by the Depositor, we adjusted the information on the Preliminary Data File to correct all the differences we noted in performing the procedures described in the Item above and provided a list of such differences to the Depositor. The Preliminary Data File, as so adjusted, is hereinafter referred to as the "Updated Data File."

---

| | |
|:---|:---|
| ![](eylogo2.jpg) | **Attachment A**<br> Page 2 of 5 |

---

3. Subsequent to the performance of the procedures described in the Items above, we received from the Depositor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. An electronic data file (the "Final Data File," which together with the Preliminary Data File comprise the Data Files) that the Depositor indicated contains information relating to the Mortgage Loan and Property as of the Reference Date and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Record layout and decode information relating to the information on the Final Data File.

Using information on the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Final Data File and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Updated Data File,

we compared each Compared Characteristic listed on Exhibit 2 to Attachment A, as shown on the Final Data File, to the corresponding information on the Updated Data File and found such information to be in agreement.

4. Using the "First Payment Date," as shown on the Final Data File, we recalculated the "Seasoning" of the Mortgage Loan as of the Reference Date. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

5. Using the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. First Payment Date and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Maturity Date,

as shown on the Final Data File, we recalculated the "Original Loan Term (mos)" of the Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

6. Using the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Original Loan Term (mos) and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Seasoning,

as shown on the Final Data File, we recalculated the "Remaining Loan Term (mos)" of the Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

---

| | |
|:---|:---|
| ![](eylogo2.jpg) | **Attachment A**<br> Page 3 of 5 |

---

7. The applicable Source Document(s) indicate that the Mortgage Loan is interest-only for its entire term. Based on this information, the Depositor instructed us to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Use "0" for the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Original amortization term of the Mortgage Loan (the "Original Amortization Term (mos)") and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Remaining amortization term of Mortgage Loan (the "Remaining Amortization Term (mos)"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Use the "Original Loan Term (mos)," as shown on the Final Data File, for the "Original IO Term (mos)" of the Mortgage Loan and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Use the "Mortgage Loan Original Balance," as shown on the Final Data File, for the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Principal balance of the Mortgage Loan as of the Reference Date (the "Mortgage Loan Cut-off Date Balance") and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Principal balance of the Mortgage Loan as of the "Maturity Date" of the Mortgage Loan (the "Mortgage Loan Maturity Balance").

We compared this information to the corresponding information on the Final Data File and found such information to be in agreement.

8. Using the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Original IO Term (mos) and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Seasoning,

as shown on the Final Data File, we recalculated the "Remaining IO Term (mos)" of the Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

9. Using the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Mortgage Loan Original Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Interest Rate and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Interest Accrual Method,

as shown on the Final Data File, and the calculation methodologies provided by the Depositor described in the succeeding paragraph(s) of this Item, we recalculated the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Monthly IO Payment and

ii. Annual IO Debt Service

of the Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

For the purpose of this procedure, the Depositor instructed us to recalculate the "Monthly IO Payment" of the Mortgage Loan as 1/12<sup>th</sup> of the product, rounded to two decimal places, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The "Mortgage Loan Original Balance," as shown on the Final Data File,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The "Interest Rate," as shown on the Final Data File, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. 365/360.

For the purpose of this procedure, the Depositor instructed us to recalculate the "Annual IO Debt Service" of the Mortgage Loan as twelve (12) times the "Monthly IO Payment" of the Mortgage Loan, as shown on the Final Data File.

---

| | |
|:---|:---|
| ![](eylogo2.jpg) | **Attachment A**<br> Page 4 of 5 |

---

10. Using the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Mortgage Loan Cut-off Date Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Mortgage Loan Maturity Balance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Appraisal Value,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Annual IO Debt Service,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Underwritten NOI,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Underwritten NCF and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Total Units,

as shown on the Final Data File, and the applicable calculation methodologies and assumptions described in the Draft Preliminary Offering Circular, we recalculated the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Mortgage Loan Per Unit,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Appraised Value Per Unit,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Cut-off Date LTV,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Maturity Date LTV,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. UW NOI Debt Yield,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. UW NCF Debt Yield,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. UW NOI DSCR and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. UW NCF DSCR

of the Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

For the purpose of this procedure, the Depositor instructed us to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Round the characteristics listed in iii. through vi. above to the nearest 1/10<sup>th</sup> of one percent and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Round the characteristics listed in i., vii. and viii. above to two decimal places.

---

| | |
|:---|:---|
| ![](eylogo2.jpg) | **Attachment A**<br> Page 5 of 5 |

---

11. Using the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Total Units,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Largest Tenant 1 Sq. Ft.,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Largest Tenant 2 Sq. Ft.,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Largest Tenant 3 Sq. Ft.,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Largest Tenant 4 Sq. Ft. and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Largest Tenant 5 Sq. Ft.,

as shown on the Final Data File, we recalculated the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Largest Tenant 1 % of Total SF,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Largest Tenant 2 % of Total SF,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Largest Tenant 3 % of Total SF,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Largest Tenant 4 % of Total SF and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Largest Tenant 5 % of Total SF

of the Property. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

12. Using the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Interest Rate and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Administrative Fee Rate,

as shown on the Final Data File, we recalculated the "Net Interest Rate" of the Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

**Exhibit 1 to Attachment A**

Page 1 of 2

**<u>Source Documents</u>**

***<u>Mortgage Loan Source Documents</u>***

 ****

---

| | |
|:---|:---|
| **<u>Source Document Title</u>** | **<u>Source Document Date</u>** |
| Promissory Notes (see Note 1) | 20 June 2025 |
| Loan Agreement (see Note 1) | 20 June 2025 |
| Deposit Account Control Agreement (see Note 1) | 20 June 2025 |
| Cash Management Agreement (see Note 1) | 20 June 2025 |
| Reserve Guaranty Agreement (see Note 1) | 20 June 2025 |
| Non-Consolidation Opinion (see Note 1) | 23 June 2025 |
| Assignment of Management Agreement (see Note 1) | 20 June 2025 |
| Assignment of Parking Management Agreement (see Note 1) | 20 June 2025 |
| Interest Rate and Admin Fee Schedule (see Note 1) | Not Dated |

---

 ****

***<u>Property Source Documents</u>***

---

| | |
|:---|:---|
| **<u>Source Document Title</u>** | **<u>Source Document Date</u>** |
| Appraisal Report | 12 June 2025 |
| Engineering Report | 23 May 2025 |
| Seismic Report | 23 May 2025 |
| Phase I Environmental Report | 23 May 2025 |
| USPS Internet Site (www.usps.com) | Not Applicable |
| Underwriter's Summary Report | Not Dated |
| Underwritten Rent Roll | 10 June 2025 |
| Pro Forma Title Policy | Not Dated |
| Management Agreement | 10 June 1999 |

---

**Exhibit 1 to Attachment A**

Page 2 of 2

***<u>Property Source Documents</u>*** (continued)

---

| | |
|:---|:---|
| **<u>Source Document Title</u>** | **<u>Source Document Date</u>** |
| Historical Occupancy Report | 2 June 2025 |
| Historical Sales Reports | Various |
| Insurance Review File | 20 June 2025 |
| Insurance Certificates | 16 June 2025 |
| Ground Lease Abstract | 14 June 2025 |
| Market Reports | Various |
| Demographics Support Files | 7 May 2025 |
| Recent Signed Leases Support | Not Dated |
| Parking Services Agreement | 23 November 2021 |

---

**<u>Note</u>:**

1. The indicated provided Source Document(s) are draft document(s) with the Source Document Date reflecting the latest date of receipt. For the purpose of the procedures described in this report, the Depositor instructed us to treat the indicated Source Document(s) as fully executed.

**Exhibit 2 to Attachment A**

Page 1 of 5

**<u>Compared Characteristics and Source Documents</u>**

**<u>Property Information</u>:**

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| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| Street Address | Engineering Report |
| City | Engineering Report |
| State | Engineering Report |
| County | USPS Internet Site (www.usps.com) |
| Zip Code | USPS Internet Site (www.usps.com) |
| Property Type | Appraisal Report |
| Property SubType | Appraisal Report |
| Year Built | Appraisal Report |
| Most Recent Renovation | Appraisal Report |
| Total Units | Underwritten Rent Roll |
| Unit Type | Underwritten Rent Roll |
| Occupancy Rate | Underwritten Rent Roll |
| Occupancy As of Date | Underwritten Rent Roll |

---

**<u>Third Party Information</u>:**

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| Appraisal Date | Appraisal Report |
| Appraisal Value | Appraisal Report |
| Engineering Report Date | Engineering Report |
| Environmental Phase I Report Date | Phase I Environmental Report |
| Seismic Report Date | Seismic Report |
| PML % | Seismic Report |

---

**<u>Major Tenant Information</u>:**

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| Largest Tenant 1 | Underwritten Rent Roll |
| Largest Tenant 1 Sq. Ft. | Underwritten Rent Roll |
| Largest Tenant 1 Expiration | Underwritten Rent Roll |
| Largest Tenant 2 | Underwritten Rent Roll |
| Largest Tenant 2 Sq. Ft. | Underwritten Rent Roll |
| Largest Tenant 2 Expiration | Underwritten Rent Roll |
| Largest Tenant 3 | Underwritten Rent Roll |
| Largest Tenant 3 Sq. Ft. | Underwritten Rent Roll |
| Largest Tenant 3 Expiration | Underwritten Rent Roll |

---

 **Exhibit 2 to Attachment A**

Page 2 of 5

**<u>Major Tenant Information</u>:** (continued)

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| Largest Tenant 4 | Underwritten Rent Roll |
| Largest Tenant 4 Sq. Ft. | Underwritten Rent Roll |
| Largest Tenant 4 Expiration | Underwritten Rent Roll |
| Largest Tenant 5 | Underwritten Rent Roll |
| Largest Tenant 5 Sq. Ft. | Underwritten Rent Roll |
| Largest Tenant 5 Expiration | Underwritten Rent Roll |

---

**<u>Underwriting Information</u>:**

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| Third Most Recent Date | Underwriter's Summary Report |
| Third Most Recent Revenue | Underwriter's Summary Report |
| Third Most Recent Expenses | Underwriter's Summary Report |
| Third Most Recent NOI | Underwriter's Summary Report |
| Third Most Recent NCF | Underwriter's Summary Report |
| Second Most Recent Date | Underwriter's Summary Report |
| Second Most Recent Revenue | Underwriter's Summary Report |
| Second Most Recent Expenses | Underwriter's Summary Report |
| Second Most Recent NOI | Underwriter's Summary Report |
| Second Most Recent NCF | Underwriter's Summary Report |
| Most Recent Date | Underwriter's Summary Report |
| Most Recent Description | Underwriter's Summary Report |
| Most Recent Revenue | Underwriter's Summary Report |
| Most Recent Expenses | Underwriter's Summary Report |
| Most Recent NOI | Underwriter's Summary Report |
| Most Recent NCF | Underwriter's Summary Report |
| Underwritten Revenue | Underwriter's Summary Report |
| Underwritten Expenses | Underwriter's Summary Report |
| Underwritten NOI | Underwriter's Summary Report |
| Underwritten Capital Items | Underwriter's Summary Report |
| Underwritten NCF | Underwriter's Summary Report |

---

 **Exhibit 2 to Attachment A**

Page 3 of 5

**<u>Reserve and Escrow Information</u>:**

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| Real Estate Tax Escrow - Initial | Loan Agreement |
| Real Estate Tax Monthly Escrow | Loan Agreement |
| Insurance Escrow - Initial | Loan Agreement |
| Insurance Monthly Escrow | Loan Agreement |
| Replacement Reserve Escrow - Initial | Loan Agreement |
| Replacement Reserve Monthly Escrow | Loan Agreement |
| Immediate Repairs Escrow - Initial | Loan Agreement |
| Immediate Repairs Monthly Escrow | Loan Agreement |
| TI /LC Escrow - Initial | Loan Agreement |
| TI/LC Monthly Escrow | Loan Agreement |
| Other Escrow 1 Description | Loan Agreement |
| Other Escrow 1 Initial | Loan Agreement |
| Other Escrow 1 Monthly | Loan Agreement |
| Other Escrow 2 Description | Loan Agreement |
| Other Escrow 2 Initial | Loan Agreement |
| Other Escrow 2 Monthly | Loan Agreement |

---

**<u>Mortgage Loan Information</u>:**

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| Borrower Name | Loan Agreement |
| Interest Rate | Interest Rate and Admin Fee Schedule |
| Administrative Fee Rate | Interest Rate and Admin Fee Schedule |
| Mortgage Loan Original Balance | Loan Agreement |
| First Payment Date | Loan Agreement |
| Maturity Date | Loan Agreement |
| Payment Day of Month | Loan Agreement |
| Payment Grace Period Event of Default | Loan Agreement |
| Payment Grace Period Event of Late Fee | Loan Agreement |
| Balloon Grace Period Event of Default | Loan Agreement |
| Balloon Grace Period Event of Late Fee | Loan Agreement |
| Amortization Type | Loan Agreement |
| Interest Accrual Method | Loan Agreement |
| Prepay Description | Loan Agreement |
| Partially Prepayable without Penalty (Y/N) | Loan Agreement |
| Partial Collateral Release (Y/N) | Loan Agreement |
| Partial Collateral Release Description | Loan Agreement |
| Substitution Allowed (Y/N) | Loan Agreement |
| Lockbox | Cash Management Agreement |
| Cash Management | Cash Management Agreement |
| Cash Flow Sweep Trigger | Loan Agreement |
| Future Additional Debt Permitted (Y/N) | Loan Agreement |
| Future Additional Debt Type | Loan Agreement |

---

 **Exhibit 2 to Attachment A**

Page 4 of 5

**<u>Mortgage Loan Information</u>:** (continued)

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| Single Purpose Entity | Loan Agreement |
| Non-Consolidation Letter | Non-Consolidation Opinion |
| Independent Director | Loan Agreement |
| Title Type | Pro Forma Title Policy |

---

**<u>Notes</u>:**

1. For the purpose of comparing the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Street Address,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. City and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. State

characteristics, the Depositor instructed us to ignore differences that are due to standard postal abbreviations.

2. For the purpose of comparing the "Underwriting Information" characteristics that are expressed as dollar values, the Depositor instructed us to ignore differences of +/- $1 or less.

3. For the purpose of comparing the "Balloon Grace Period Event of Late Fee" characteristic, the Depositor instructed us to use the "Payment Grace Period Event of Late Fee," as shown in the applicable Source Document(s), as the applicable Source Document(s) did not specify a grace period for the payment due on the "Maturity Date."

4. For the purpose of comparing the "Prepay Description" characteristic, the Depositor instructed us to ignore any permitted partial release events or partial prepayments to cure certain trigger periods, as described in the applicable Source Document(s).

5. For the purpose of comparing the "Lockbox" characteristic, the Depositor instructed us to use "Hard" if the applicable Source Document(s) require the borrower(s) to direct tenants to pay rents directly to a lockbox account controlled by the lender(s).

 **Exhibit 2 to Attachment A**

Page 5 of 5

6. For the purpose of comparing the "Cash Management" characteristic, the Depositor instructed us to use "Springing" if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Prior to the occurrence of an event of default or one or more specified trigger events described in the applicable Source Document(s), funds in the lockbox are forwarded to an account controlled by the borrower(s) or otherwise made available to the borrower(s) and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Upon the occurrence of an event of default or one or more specified trigger events described in the applicable Source Document(s), funds in the lockbox are forwarded to a cash management account controlled by the lender(s), and the funds are disbursed according to the applicable Source Document(s).

We performed no procedures to determine the appropriateness, accuracy, completeness or reasonableness of the instructions, assumptions and methodologies provided by the Depositor that are described in the notes above.

**Exhibit 3 to Attachment A**

**<u>Provided Characteristics</u>**

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| |
|:---|
| **<u>Characteristic</u>** |
| Property Name |

---

---

| | |
|:---|:---|
| **<u>Note</u>:** | We performed no procedures to determine the appropriateness, accuracy, completeness or reasonableness of the Provided Characteristics. |

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