# EDGAR Filing Document

**Accession Number:** 0001547361
**File Stem:** 0001539497-26-000206
**Filing Date:** 2026-1
**Character Count:** 62457
**Document Hash:** 4a6416c440cba09478b2cc54027dc155
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001539497-26-000206.hdr.sgml**: 20260129

**ACCESSION NUMBER**: 0001539497-26-000206

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

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20260129

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

**FILED AS OF DATE**: 20260129

**DATE AS OF CHANGE**: 20260129

**ABS RULE**: RULE-15GA2

**REGISTERED ENTITY**: N

**ABS ASSET CLASS**: Commercial mortgages

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Morgan Stanley Capital I Inc.
- **CENTRAL INDEX KEY:** 0001547361
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 133291626
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-01951
- **FILM NUMBER:** 26578498

**BUSINESS ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 212-761-4000

**MAIL ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
**DEPOSITOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Morgan Stanley Capital I Inc.
- **CENTRAL INDEX KEY:** 0001547361
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 133291626
- **STATE OF INCORPORATION:** DE

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

**BUSINESS ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 212-761-4000

**MAIL ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
**SECURITIZER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Morgan Stanley Capital I Inc.
- **CENTRAL INDEX KEY:** 0001547361
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 133291626
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-01951

**BUSINESS ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 212-761-4000

**MAIL ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

**FORM ABS-15G<br> ASSET-BACKED SECURITIZER<br> REPORT PURSUANT TO SECTION 15G OF<br> THE SECURITIES EXCHANGE ACT OF 1934**

**FORM ABS-15G<br> ASSET-BACKED SECURITIZER<br> REPORT PURSUANT TO SECTION 15G OF<br> THE SECURITIES EXCHANGE ACT OF 1934**

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

__ 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<br> 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) [ ]

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

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

 <u>X</u> Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2)

Central Index Key Number of depositor: 0001547361

<u>BX Trust 2026-CART</u>

(Exact name of issuing entity as specified in its charter)

Central Index Key Number of issuing entity: N/A<br>

<u>Amy Kim, (212) 762-5079</u>

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**

**PART II: 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 January 29, 2026, 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.

Attached as <u>Exhibit 2</u> hereto is an underwriting information comparison agreed-upon procedures report, dated January 29, 2026, 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.

**SIGNATURES**

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.

Morgan Stanley Capital I Inc.<br> (Depositor)

Date: January 29, 2026

/s/ Jane Lam

By: Jane Lam, President

(senior officer in charge of securitization of the depositor)

**EXHIBIT INDEX**

Exhibit Number Description <br> Exhibit 1 Agreed-upon procedures report, dated January 29, 2026, of Ernst & Young LLP. <br> Exhibit 2 Underwriting information comparison agreed-upon procedures report, dated January 29, 2026, of Ernst & Young LLP.

## Ex-1

**Exhibit 1** 

---

| | |
|:---|:---|
| **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**

Morgan Stanley Capital I Inc. (the "Depositor")

Morgan Stanley Mortgage Capital Holdings LLC

Morgan Stanley & Co. LLC

Morgan Stanley Bank, N.A.

Scotia Capital (USA) Inc.

(collectively, the "Specified Parties")

---

| | |
|:---|:---|
| **Re:** | **BX Trust 2026-CART (the "Issuing Entity")<br> Commercial Mortgage Pass-Through Certificates, Series 2026-CART (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 29 January 2026. 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.

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

---

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

---

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

29 January 2026

---

| | |
|:---|:---|
| ![](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 floating rate
commercial mortgage loan (the "Mortgage Loan") and

b. The Mortgage Loan will be secured primarily by a portfolio of commercial properties (each, a "Property" and collectively,
the "Properties").

**<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 Properties that is expected to be as of 6 February 2026 (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 Properties 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;a. First Payment Date and

&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;a. Original Loan Term (mos) and

&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, including during any extension
periods. Based on this information, the Depositor instructed us to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Use the "Original Loan Term (mos)," as shown on the Final Data File, for the original interest-only period of the Mortgage
Loan (the "IO Term (mos)"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Use "0" for the original amortization term of the Mortgage Loan (the "Original Amortization Term") 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 and each Property 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 and each Property as of the "Maturity Date" of the Mortgage Loan (the "Mortgage
Loan Balloon 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;a. Mortgage Loan Spread,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Mortgage Loan SOFR Floor,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Mortgage Loan SOFR Rounding Methodology and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Mortgage Loan SOFR Cap Strike Rate,

as shown on the Final Data File, and a SOFR assumption of 3.75000% provided by the Depositor, we recalculated the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Mortgage Loan Interest Rate and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Mortgage Loan Interest Rate At Cap

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. Mortgage Loan Interest Rate,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Mortgage Loan Interest Rate At Cap and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. 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. Mortgage Loan Monthly IO Payment,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Mortgage Loan Annual IO Debt Service and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Mortgage Loan Annual IO Debt Service At Cap

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.

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

---

9. (continued)

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

For the purpose of this procedure, the Depositor instructed us to recalculate the "Mortgage Loan Annual IO Debt Service At Cap" of the Mortgage Loan as the product of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. 1/12<sup>th</sup> of the product, rounded to two decimals, of:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The "Mortgage Loan Interest Rate at Cap," as shown on the Final Data File, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. 365/360 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. 12.

---

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

---

10. Using the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Mortgage Loan Annual IO Debt Service,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Mortgage Loan Annual IO Debt Service at Cap,

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Mortgage Loan Balloon Balance,

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Underwritten NCF,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Appraisal Value and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Total Property SF,

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. Underwritten Mortgage Loan IO NOI DSCR,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Underwritten Mortgage Loan IO NOI DSCR At Cap,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Underwritten Mortgage Loan IO NCF DSCR,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Underwritten Mortgage Loan IO NCF DSCR At Cap,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Cut-off Date Mortgage Loan LTV,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Maturity Date Mortgage Loan LTV,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. Underwritten Mortgage Loan NOI Debt Yield,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. Underwritten Mortgage Loan NCF Debt Yield and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ix. Mortgage Loan Per SF

of the Mortgage Loan and, with respect to ix. above, of each Property. 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 i. and iv. above to two decimal places and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Round the characteristics listed in v. through viii. above to the nearest 1/10<sup>th</sup> of one percent.

11. Using the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Mortgage Loan 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**<br> Page 1 of 2<br>

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

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

 ****

---

| | |
|:---|:---|
| **<u>Source Document Title</u>** | **<u>Source Document Date</u>** |
| Mortgage Loan Agreement (see Note 1) | 28 January 2026 |
| Promissory Note (see Note 1) | 26 January 2026 |
| Guaranty Agreement (see Note 1) | 26 January 2026 |
| Deposit Account Control Agreement (see Note 1) | 26 January 2026 |
| Cash Management Agreement (see Note 1) | 26 January 2026 |
| Environmental Indemnity Agreement (see Note 1) | 26 January 2026 |
| Allocated Loan Amount Schedule (see Note 1) | 27 January 2026 |
| Non-Consolidation Opinion (see Note 1) | 21 January 2026 |
| Administrative Fee Schedule | Not Dated |

---

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

---

| | |
|:---|:---|
| **<u>Source Document Title</u>** | **<u>Source Document Date</u>** |
| Appraisal Reports | Various |
| Portfolio Appraisal Report | 12 January 2026 |
| Engineering Reports | Various |
| Phase I Environmental Reports | Various |
| Lease Agreement Documents | Various |
| Property Management Agreement Documents | Various |
| Property Sub-Management Agreement Documents | Various |

---

**Exhibit 1 to Attachment A**<br> Page 2 of 2<br>

 ****

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

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| | |
|:---|:---|
| **<u>Source Document Title</u>** | **<u>Source Document Date</u>** |
| Historical Occupancy Report | Not Dated |
| Bloomberg Screenshots | Not Dated |
| Underwriter's Summary Report | Not Dated |
| Underwritten Rent Roll | 1 January 2026 |
| Borrower Rent Roll | 8 January 2026 |
| Historical Financial Report | Not Dated |
| Pro Forma Title Policies | Not Dated |

---

**<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**<br> Page 1 of 6<br>

**<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 | Appraisal Report |
| City | Appraisal Report |
| State | Appraisal Report |
| County | Appraisal Report |
| Zip Code | Appraisal Report |
| Property Type | Appraisal Report |
| Property Type Detail | Appraisal Report |
| Year Built | Appraisal Report |
| Most Recent Renovation | Appraisal Report |
| Total Property SF | Underwritten Rent Roll |
| Total Property 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 Value | Appraisal Report |
| Appraisal Date | Appraisal Report |
| Engineering Report Date | Engineering Report |
| Environmental Phase I Report Date | Phase I Environmental Report |

---

**Exhibit 2 to Attachment A**<br> Page 2 of 6<br>

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

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| Major Tenant 1 | Underwritten Rent Roll |
| Major Tenant 1 Sq. Ft. | Underwritten Rent Roll |
| Major Tenant 1 Expiration | Underwritten Rent Roll or Borrower Rent Roll |
| Major Tenant 2 | Underwritten Rent Roll |
| Major Tenant 2 Sq. Ft. | Underwritten Rent Roll |
| Major Tenant 2 Expiration | Underwritten Rent Roll or Borrower Rent Roll |
| Major Tenant 3 | Underwritten Rent Roll |
| Major Tenant 3 Sq. Ft. | Underwritten Rent Roll |
| Major Tenant 3 Expiration | Underwritten Rent Roll or Borrower Rent Roll |
| Major Tenant 4 | Underwritten Rent Roll |
| Major Tenant 4 Sq. Ft. | Underwritten Rent Roll |
| Major Tenant 4 Expiration | Underwritten Rent Roll or Borrower Rent Roll |
| Major Tenant 5 | Underwritten Rent Roll |
| Major Tenant 5 Sq. Ft. | Underwritten Rent Roll |
| Major Tenant 5 Expiration | Underwritten Rent Roll or Borrower Rent Roll |

---

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

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| Third Most Recent NOI Date | Underwriter's Summary Report |
| Third Most Recent NOI | Underwriter's Summary Report |
| Second Most Recent NOI Date | Underwriter's Summary Report |
| Second Most Recent NOI | Underwriter's Summary Report |
| Most Recent NOI Date | Underwriter's Summary Report |
| Most Recent Description | Underwriter's Summary Report |
| Most Recent Effective Gross Income | 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 Effective Gross Income | Underwriter's Summary Report |
| Underwritten Expenses | Underwriter's Summary Report |
| Underwritten NOI | Underwriter's Summary Report |
| Underwritten Replacement Reserve | Underwriter's Summary Report |
| Underwritten TI/LC Reserve | Underwriter's Summary Report |
| Underwritten NCF | Underwriter's Summary Report |

---

**Exhibit 2 to Attachment A**<br> Page 3 of 6<br>

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

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| Real Estate Tax Escrow – Initial | Mortgage Loan Agreement |
| Real Estate Tax Escrow – Ongoing | Mortgage Loan Agreement |
| Real Estate Tax Escrow – Springing Condition | Mortgage Loan Agreement |
| Insurance Escrow – Initial | Mortgage Loan Agreement |
| Insurance Escrow – Ongoing | Mortgage Loan Agreement |
| Insurance Escrow – Springing Condition | Mortgage Loan Agreement |
| Rollover Escrow – Initial | Mortgage Loan Agreement |
| Rollover Escrow – Ongoing | Mortgage Loan Agreement |
| Rollover Escrow – Springing Condition | Mortgage Loan Agreement |
| Replacement Reserve Escrow – Initial | Mortgage Loan Agreement |
| Replacement Reserve Escrow – Ongoing | Mortgage Loan Agreement |
| Replacement Reserve Escrow – Springing Condition | Mortgage Loan Agreement |
| Immediate Repairs Escrow – Initial | Mortgage Loan Agreement |
| Immediate Repairs Escrow – Ongoing | Mortgage Loan Agreement |
| Other Escrow 1 – Ongoing | Mortgage Loan Agreement |
| Other Escrow 1 – Springing Condition | Mortgage Loan Agreement |
| Other Escrow 2 – Description | Mortgage Loan Agreement |
| Other Escrow 2 - Initial | Mortgage Loan Agreement |
| Other Escrow 2 – Ongoing | Mortgage Loan Agreement |
| Other Escrow 2 – Springing Condition | Mortgage Loan Agreement |

---

**Exhibit 2 to Attachment A**<br> Page 4 of 6<br>

 

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

---

| | |
|:---|:---|
| **<u>Characteristic</u>** | **<u>Source Document(s)</u>** |
| Payment Date | Mortgage Loan Agreement |
| First Payment Date | Mortgage Loan Agreement |
| Mortgage Loan Original Balance | Allocated Loan Amount Schedule |
| Grace Period (Late Fee) | Mortgage Loan Agreement |
| Grace Period (Default) | Mortgage Loan Agreement |
| Amortization Type | Mortgage Loan Agreement |
| Interest Accrual Method | Mortgage Loan Agreement |
| Interest Accrual Start | Mortgage Loan Agreement |
| Interest Accrual End | Mortgage Loan Agreement |
| Maturity Date | Mortgage Loan Agreement |
| Extension Options | Mortgage Loan Agreement |
| Extension Option Description | Mortgage Loan Agreement |
| Fully Extended Maturity Date | Mortgage Loan Agreement |
| Mortgage Loan SOFR Rounding Methodology | Mortgage Loan Agreement |
| Mortgage Loan Interest Rate Adjustment Frequency | Mortgage Loan Agreement |
| Mortgage Loan SOFR Floor | Mortgage Loan Agreement |
| Mortgage Loan SOFR Cap Strike Rate | Mortgage Loan Agreement |
| Partial Release (Y/N) | Mortgage Loan Agreement |
| Partial Release Description | Mortgage Loan Agreement |
| Lockbox | Mortgage Loan Agreement |
| Cash Management | Mortgage Loan Agreement |
| Cash Management Springing Condition | Mortgage Loan Agreement |
| Carve-Out Guarantor(s) | Guaranty Agreement |
| SPE | Mortgage Loan Agreement |
| Independent Director | Mortgage Loan Agreement |
| Title Type | Pro Forma Title Policy |
| Non-Consolidation Opinion | Non-Consolidation Opinion |
| Future Debt Permitted (Y/N) | Mortgage Loan Agreement |
| Future Debt Description | Mortgage Loan Agreement |
| Administrative Fee Rate | Administrative Fee Schedule |

---

**Exhibit 2 to Attachment A**<br> Page 5 of 6<br>

**<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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Appraisal Value and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Appraisal Date

characteristics for each Property, the Depositor instructed us to use the appraised value and date, respectively, as shown in the applicable Source Document(s), associated with the related "Appraisal Value Type," as shown on the Preliminary Data File.

3. For the purpose of comparing the "Major Tenant Information" characteristics, the Depositor instructed us to consider the
tenant with the higher underwritten annual rent with rent steps as the larger tenant for
tenants with the same square footage, as shown in the applicable Source Document(s).

4. 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.

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) or manager(s) to direct tenants to pay rents directly to a lockbox account controlled
by the lender(s).

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).

**Exhibit 2 to Attachment A**<br> Page 6 of 6<br>

7. For any Property listed in the table below, the Depositor instructed us to use the value, as shown on the Preliminary Data File, for
the applicable characteristic listed in the table below, even if the information on the Preliminary Data File did not agree with the corresponding
information that was shown in the applicable Source Document(s) or the applicable Source Document(s) were not provided to us.

---

| | |
|:---|:---|
| **<u>Relating To</u>** | **<u>Characteristic</u>** |
| Village at Blanco | Most Recent Renovation |
| Mason Park | Property Type Detail |
| Market at First Colony | Major Tenant 3 Expiration |
| Grogans Mill | Property Type Detail |
|  | Most Recent Renovation |
| Parkwood Square | Street Address |
|  | Property Type Detail |
| Steeplechase | Major Tenant 4 Expiration |
| Green Oaks | Property Type Detail |
|  | Major Tenant 4 Expiration |
| Colony Plaza | Major Tenant 5 Expiration |

---

We performed no procedures to determine the appropriateness, accuracy, completeness or reasonableness of the (a) information described in the table above, as shown on the Preliminary Data File, or (b) instruction(s) provided by the Depositor, described in this Note.

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**<br> Page 1 of 2<br>

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

---

| |
|:---|
| **<u>Characteristic</u>** |
| Loan Number |
| Loan / Property Name |
| Borrower |
| Other Escrow Required |
| Other Escrow 1 |
| Other Escrow 1 – Description |
| Other Escrow 1 - Initial |
| Prepay Description<br> Open Period Begin Date |
| Origination Date |
| Environmental Phase II Report Date |
| Seismic Report Date |
| PML % |
| Appraisal Value Type |
| Ground Lease Expiration Date |
| Ground Lessor |
| Monthly P&I Payment |
| Annual P&I Debt Service |
| Defeasance Lockout Expiration Date |
| Partial Defeasance |
| Partial Defeasance Description |
| Mortgage Loan Spread |
| Mortgage Loan SOFR Cap Expiration Date |
| Mortgage Loan SOFR Cap Provider |
| Mortgage Loan SOFR Cap Provider Rating (F/M/S) |
| Subordinate Loan Original Balance |
| Subordinate Loan Cut-off Date Balance |
| Subordinate Loan Monthly IO Payment |
| Subordinate Loan Annual IO Debt Service |
| Subordinate Loan Annual IO Debt Service At Cap |
| Subordinate Loan Balloon Balance |
| Subordinate Lender |
| Subordinate Loan Interest Accrual Method |
| Subordinate Loan Interest Rate |
| Subordinate Loan Interest Rate at Cap |
| Subordinate Loan Origination Date |
| Subordinate Loan SOFR Assumption |
| Subordinate Loan SOFR Rounding Methodology |
| Subordinate Loan Interest Rate Adjustment Frequency |
| Subordinate Loan Spread |
| Subordinate Loan SOFR Floor |
| Subordinate Loan SOFR Cap Strike Rate |
| Subordinate Loan SOFR Cap Expiration Date |
| Subordinate Loan SOFR Cap Provider |
| Subordinate Loan SOFR Cap Provider Rating (F/M/S) |

---

**Exhibit 3 to Attachment A**<br> Page 2 of 2<br>

---

| |
|:---|
| **<u>Characteristic</u>** |
| Mezzanine Loan Original Balance |
| Mezzanine Loan Cut-off Date Balance |
| Mezzanine Loan Monthly IO Payment |
| Mezzanine Loan Annual IO Debt Service |
| Mezzanine Loan Annual IO Debt Service At Cap |
| Mezzanine Loan Balloon Balance |
| Mezzanine Lender |
| Mezzanine Loan Interest Accrual Method |
| Mezzanine Loan Interest Rate |
| Mezzanine Loan Interest Rate at Cap |
| Mezzanine Loan Origination Date |
| Mezzanine Loan SOFR Assumption |
| Mezzanine Loan SOFR Rounding Methodology |
| Mezzanine Loan Interest Rate Adjustment Frequency |
| Mezzanine Loan Spread |
| Mezzanine Loan SOFR Floor |
| Mezzanine Loan SOFR Cap Strike Rate |
| Mezzanine Loan SOFR Cap Expiration Date |
| Mezzanine Loan SOFR Cap Provider |
| Mezzanine Loan SOFR Cap Provider Rating (F/M/S) |
| Total Debt Original Balance |
| Total Debt Cut-off Date Balance |
| Total Debt Monthly IO Payment |
| Total Debt Annual IO Debt Service |
| Total Debt Annual IO Debt Service at Cap |
| Total Debt Balloon Balance |
| Total Debt Spread |
| Total Debt Interest Rate |
| Total Debt Interest Rate at Cap |
| Total Debt Per SF |
| Underwritten Total Debt IO NOI DSCR |
| Underwritten Total Debt IO NOI DSCR At Cap |
| Underwritten Total Debt NOI Debt Yield |
| Underwritten Total Debt IO NCF DSCR |
| Underwritten Total Debt IO NCF DSCR At Cap |
| Underwritten Total Debt NCF Debt Yield |
| Loan Purpose |
| Cut-off Date Total Debt LTV |
| Maturity Date Total Debt LTV |
| Sponsor |
| Terrorism Insurance |
| Windstorm Insurance |
| Earthquake Insurance |
| Flood Insurance |

---

---

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

---

## Ex-2

**Exhibit 2**

---

| | |
|:---|:---|
| **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**

Morgan Stanley Capital I Inc. (the "Depositor")

Morgan Stanley Mortgage Capital Holdings LLC ("MSMCH")

Morgan Stanley & Co. LLC

Morgan Stanley Bank, N.A.

(collectively, the "Specified Parties")

---

| | |
|:---|:---|
| **Re:** | **BX Trust 2026-CART (the "Issuing Entity")<br> Commercial Mortgage Pass-Through Certificates, Series 2026-CART (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 Underwriting File, Underwritten Rent Roll and ASR (all as defined herein) (collectively, the "Subject Matter") relating to the Issuing Entity's securitization transaction as of 29 January 2026. 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.

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

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

a. Electronic data files (the "Borrower Operating Statement Data Files") prepared by the Mortgage Loan borrower(s) containing
revenue and expense information relating to the historical three year period (the "Historical 3 Year Period") and September
2025 annualized nine month period (the "Most Recent Period," together with the Historical 3 Year Period, the "Historical
Periods") for the Collateral Properties (as defined herein) that secure the Mortgage Loan,

b. An electronic file containing MSMCH's calculation of the physical occupancy rates for each Historical Period (the "Historical
Occupancy File") for the Collateral Properties that secure the Mortgage Loan,

c. Lender prepared Argus rent roll, budget and reimbursement revenue files (collectively, the "Argus Files") for the
Collateral Properties that secure the Mortgage Loan,

d. The lease abstracts (the "Lease Abstracts"), lease agreements (the "Leases") and lease estoppels (the "Estoppels,"
together with the Lease Abstracts and Leases, the "Lease Documents") relating to the commercial tenant(s) at the Collateral
Properties that secure the Mortgage Loan,

e. An asset summary report (the "ASR"),

f. An underwritten rent roll (the "Underwritten Rent Roll") for the Collateral Properties that secure the Mortgage Loan,

---

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

---

g. An electronic underwriting file (the "Underwriting File") prepared by MSMCH containing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The revenue and expense information for the Historical Periods and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The underwritten revenue and expense information for the underwritten period (the "Underwritten Period")

for the Collateral Properties that secure the Mortgage Loan,

h. Instructions, assumptions and methodologies (the "Underwriting Instructions and Adjustments") used to prepare the information
on the ASR, Underwritten Rent Roll and/or Underwriting File, which were included as footnotes to the Underwriting File and/or were separately
provided in e-mail or other written correspondence from MSMCH and

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

For the purpose of the procedures described in this report, the Borrower Operating Statement Data Files, Historical Occupancy File, Argus Files and Lease Documents are hereinafter collectively referred to as the "Source Document(s)."

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, Source Document(s), ASR, Underwritten Rent Roll, Underwriting File, Underwriting Instructions and Adjustments 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 ASR, Underwritten Rent Roll or Underwriting File. We have not verified, and we make no representation as to, the appropriateness, accuracy, completeness or reasonableness of the Source Document(s), ASR, Underwriting Instructions and Adjustments or any other information provided to us, or that we were instructed to obtain, as applicable, by MSMCH, on behalf of the Depositor, upon which we relied in forming our findings. We performed no procedures to compare any information contained in any Source Document or the ASR to any information contained in any other Source Document or the ASR, except as described in Attachment A. Accordingly, we make no representation and express no opinion or conclusion as to: (a) the existence of the Mortgage Loan, (b) the ability of any Mortgage Loan borrower(s) to repay the Mortgage Loan, (c) questions of legal or tax interpretation or (d) the appropriateness, accuracy, completeness or reasonableness of any instructions, assumptions and methodologies provided to us by the Depositor or MSMCH, on behalf of 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.

---

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

---

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.

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. The value of the collateral securing the Mortgage Loan,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. 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;iii. 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

29 January 2026

---

| | |
|:---|:---|
| ![](eylogo2.jpg) | **Attachment A**<br> Page 1 of 3 |

---

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

For the purpose of the procedures described in this report, the Depositor indicated that the assets of the Issuing Entity will consist primarily of a floating rate commercial mortgage loan (the "Mortgage Loan") secured primarily by a portfolio of commercial properties (each, a "Collateral Property" and collectively, the "Collateral Properties").

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

*Operating Statement Comparison and Recalculation Procedures*

1. Using the applicable Source Document(s) listed on the AUP Findings Schedule (as defined herein) and the Underwriting Instructions
and Adjustments (as applicable), we compared, or recalculated and compared, the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Effective gross revenue or total revenues,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Total expenses and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Net operating income or net cash flow

for each Historical Period that is shown in the applicable Source Document(s) to the corresponding information on the Underwriting File. We provided MSMCH a list of any differences that were found (subject to the instruction(s) provided by the Depositor described below).

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Omit non-cash and non-recurring revenues and expenses that are shown on the Borrower Operating Statement Data Files from the comparison
of the information that is shown on the Underwriting File and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Use a materiality threshold of +/- 3%, calculated as a percentage of the value as shown in the applicable Source Document(s),
which is also below $10,000.

 

*Historical Occupancy Comparison and Recalculation Procedures*

2. Using the applicable Source Document(s) listed on the AUP Findings Schedule and the Underwriting Instructions and Adjustments (as
applicable), we compared, or recalculated and compared, the physical occupancy rates for the Historical 3 Year Period that is shown in
the applicable Source Document(s) to the corresponding physical occupancy rates on the Underwriting File. We provided MSMCH a list of
any differences that were found (subject to the instruction(s) provided by the Depositor described below).

For the purpose of this procedure, the Depositor instructed us to use a materiality threshold of +/- 0.5%.

 

---

| | |
|:---|:---|
| ![](eylogo2.jpg) | **Attachment A**<br> Page 2 of 3 |

---

 

*Cashflow Reimbursement Comparison and Recalculation Procedures*

3. Using the applicable Source Document(s) listed on the AUP Findings Schedule and the Underwriting Instructions and Adjustments (as
applicable), we compared, or recalculated and compared, the cash flow reimbursements for the five largest tenants (by underwritten base
rent revenue as shown on the Underwritten Rent Roll) at the Collateral Properties that secure the Mortgage Loan, as shown in the applicable
Source Document(s), to the corresponding underwritten cash flow reimbursements on the Underwritten Rent Roll or Underwriting File. We
provided MSMCH a list of any differences that were found (subject to the instruction(s) provided by the Depositor described below).

For the purpose of this procedure, the Depositor instructed us to use a materiality threshold of +/- 10%, calculated as a percentage of the value as shown in the applicable Source Document(s), which is also below $10,000.

*Supporting Expense Comparison and Recalculation Procedures*

4. Using the applicable Source Document(s) listed on the AUP Findings Schedule and the Underwriting Instructions and Adjustments (as
applicable), we compared, or recalculated and compared, the tax expense and insurance expense amounts for the Underwritten Period, as
shown in the applicable Source Document(s), to the corresponding information on the Underwriting File. We provided MSMCH a list of any
differences that were found (subject to the instruction(s) provided by the Depositor described below).

For the purpose of this procedure, the Depositor instructed us to only identify differences where the tax expense and insurance expense amounts in the applicable Source Document(s) exceeded a -5% and -$10,000 variance from the corresponding amounts on the Underwriting File that were not explained in the Underwriting Instructions and Adjustments.

---

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

---

 

*Lease Expiration and Termination Comparison Procedures*

5. Using the applicable Source Document(s) listed on the AUP Findings Schedule and the Underwriting Instructions and Adjustments (as
applicable), we compared the lease expiration date and lease early termination options only for the commercial tenants (ordered, from
largest to smallest, by the underwritten base rent revenue of each tenant) that comprise 80% of the aggregate underwritten base rent
revenue (a maximum of ten tenants), as shown on the Underwritten Rent Roll, at the Collateral Properties that secure the Mortgage Loan,
all as shown in the applicable Source Document(s), to the corresponding information on the Underwritten Rent Roll (or ASR if the lease
early termination options are not shown on the Underwritten Rent Roll). We provided MSMCH a list of any differences that were found (subject
to the instruction(s) provided by the Depositor described below).

For the purpose of the lease expiration date comparison procedure, the Depositor instructed us to use a materiality threshold of +/- 90 days.

*Underwritten Cashflow Comparison and Recalculation Procedures*

6. Using:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Information on the Underwriting File,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Information in the Source Document(s),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Information in the ASR,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Information on the Underwritten Rent Roll and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The Underwriting Instructions and Adjustments

for the Mortgage Loan, we recalculated and compared the underwritten revenue and expense line items on the Underwriting File. We provided MSMCH a list of any differences that were found (subject to the instruction(s) provided by the Depositor described below).

For the purpose of this procedure, the Depositor instructed us to use a materiality threshold for each underwritten revenue and expense line item of +/- 3%, calculated as a percentage of the value as shown on the Underwriting File, which is also below $25,000.

7. Subsequent to the performance of the procedures described in the preceding Items, MSMCH, on behalf of the Depositor, provided us with
an updated ASR, Underwritten Rent Roll and Underwriting File for the Mortgage Loan, which included updated Underwriting Instructions and
Adjustments. As instructed by the Depositor, we compared the results of the recalculations or comparisons for the Mortgage Loan that are
described in the preceding Items to the corresponding information on the updated ASR, Underwritten Rent Roll or Underwriting File. All
such compared information was in agreement. Attached as Exhibit 1 to Attachment A is a schedule for the Mortgage Loan (the "AUP
Findings Schedule"), which contains the primary Source Document(s) for the Mortgage Loan that were used to perform the procedures
described in the preceding Items above and the results of the comparison procedures described in the preceding two sentences of this Item.

**Exhibit 1 to Attachment A**<br> Page 4 of 3<br>

**<u>AUP Findings Schedule</u>**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**BX Trust 2026-CART** | &nbsp;&nbsp;**BX Trust 2026-CART** | &nbsp;&nbsp;**BX Trust 2026-CART** | &nbsp;&nbsp;**BX Trust 2026-CART** |
| &nbsp;&nbsp;The following items refer to the procedures described in Attachment A: | &nbsp;&nbsp;The following items refer to the procedures described in Attachment A: |  |  |
| &nbsp;&nbsp;**Item** | &nbsp;&nbsp;**Description of the Procedures** | &nbsp;&nbsp;**Primary Source Document(s) Used** | &nbsp;&nbsp;**Findings** |
|  | &nbsp;&nbsp;OPERATING STATEMENT COMPARISON AND RECALCULATION PROCEDURES |  |  |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;Compare, or recalculate and compare, the (i) effective gross revenue or total revenues, (ii) total expenses and (iii) net operating income or net cash flow information in the Source Document(s) listed (as applicable) for each Historical Period to the corresponding information on the Underwriting File. Identify any variance above a 3% and $10,000 threshold. | &nbsp;&nbsp;Borrower Operating Statement Data Files | &nbsp;&nbsp;No Exceptions Noted |
|  | &nbsp;&nbsp;HISTORICAL OCCUPANCY COMPARISON AND RECALCULATION PROCEDURES |  |  |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;Compare, or recalculate and compare, the physical occupancy rate for the Historical 3 Year Period in the Source Document(s) listed (as applicable) to the physical occupancy rates on the Underwriting File. Identify any variance above a 0.5% threshold. | &nbsp;&nbsp;Historical Occupancy File | &nbsp;&nbsp;No Exceptions Noted |
|  | &nbsp;&nbsp;CASHFLOW REIMBURSEMENT COMPARISON AND RECALCULATION PROCEDURES |  |  |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;Compare, or recalculate and compare, the cash flow reimbursements for the top five tenants (by underwritten base rent revenue) in the Source Document(s) listed (as applicable) to the corresponding underwritten cash flow reimbursements on the Underwritten Rent Roll or Underwriting File. Identify any variance above a 10% and $10,000 threshold. | &nbsp;&nbsp;Argus Files | &nbsp;&nbsp;No Exceptions Noted |
|  | &nbsp;&nbsp;SUPPORTING EXPENSE COMPARISON AND RECALCULATION PROCEDURES |  |  |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;Compare, or recalculate and compare, the tax expense and insurance expense amounts shown in the Source Document(s) listed (as applicable) to the corresponding amounts for the Underwritten Period on the Underwriting File. Identify any variance that exceeds a -5% and -$10,000 threshold. | &nbsp;&nbsp;Argus Files | &nbsp;&nbsp;No Exceptions Noted |
|  | &nbsp;&nbsp;LEASE EXPIRATION AND TERMINATION COMPARISON PROCEDURES |  |  |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;Compare the lease expiration date (only for the tenants (ordered by underwritten base rent revenue of each tenant) that comprise 80% of the aggregate underwritten base rent revenue) with a maximum of ten tenants and lease early termination options (for the top ten tenants by underwritten base rent revenue) that are shown in the Source Document(s) listed (as applicable) to the corresponding information on the Underwritten Rent Roll (or ASR if the lease early termination options are not shown on the Underwritten Rent Roll). Identify any variance above a 90-day threshold. | &nbsp;&nbsp;Leases, Lease Abstracts and Estoppels | &nbsp;&nbsp;No Exceptions Noted |
|  | &nbsp;&nbsp;UNDERWRITTEN CASHFLOW COMPARISON AND RECALCULATION PROCEDURES |  |  |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;Using the information on the Underwriting File, Source Document(s), ASR, Underwritten Rent Roll and the Underwriting Instructions and Adjustments (footnotes), recalculate and compare the underwritten revenue and expense line items that are shown on the Underwriting File. Identify any variance above a 3% and $25,000 threshold. | &nbsp;&nbsp;Underwriting File, Source Document(s), ASR, Underwritten Rent Roll and Underwriting Instructions and Adjustments | &nbsp;&nbsp;No Exceptions Noted |
| &nbsp;&nbsp;*\*\*N/A: Not Applicable* | &nbsp;&nbsp;*\*\*N/A: Not Applicable* |  |  |

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