FREE WRITING PROSPECTUS
    FILED PURSUANT TO RULE 433
    REGISTRATION FILE NO.: 333-262701-02
     

 

 

FREE WRITING PROSPECTUS, DATED May [31], 2022

The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (“SEC”) (SEC File No. 333-262701) for the offering to which this free writing prospectus relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, BMO Capital Markets Corp., Academy Securities, Inc., Seibert Williams Shank & Co, LLC or any other underwriter or dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-831-9146.

The information in this file (the “File”) is an electronic copy of the information set forth in the Annex titled “Certain Characteristics of the Mortgage Loans and Mortgaged Properties” to the prospectus. This File does not contain all information that is required to be included in the prospectus. This File should be reviewed only in conjunction with the entire prospectus. Prospective investors are advised to read carefully, and should rely on, the prospectus relating to the certificates referred to herein in making their investment decision. Methodologies used in deriving certain information contained in this File are more fully described elsewhere in the prospectus. The information in this File should not be viewed as projections, forecasts, predictions or opinions with respect to value.

The information in this File is preliminary and may be amended and/or supplemented prior to the time of sale. The information in this File supersedes any contrary information contained in any prior File relating to the certificates and will be superseded by any contrary information contained in any subsequent File prior to the time of sale.

The securities related to this File are being offered when, as and if issued.  This free writing prospectus is not an offer to sell or a solicitation of an offer to buy such securities in any state or other jurisdiction where such offer, solicitation or sale is not permitted. Such securities do not represent an interest in or obligation of the depositor, the sponsors, the originators, the master servicer, the special servicers, the trustee, the certificate administrator, the operating advisor, the asset representations reviewer, the controlling class representative, the risk retention consultation parties, the companion loan holders (or their representatives), the underwriters or any of their respective affiliates.  Neither such securities nor the underlying mortgage loans are insured or guaranteed by any governmental agency or instrumentality or private insurer.

Any legends, disclaimers or other notices that may appear at the bottom of the email communication to which this free writing prospectus is attached relating to (1) these materials not constituting an offer (or a solicitation of an offer), (2) no representation being made that these materials are accurate or complete and that these materials may not be updated or (3) these materials possibly being confidential, are, in each case, not applicable to these materials and should be disregarded. Such legends, disclaimers or other notices have been automatically generated as a result of these materials having been sent via Bloomberg or another system.

 

 

 

 

 

CGCMT 2022-GC48

 

Loan ID Number Loan / Property Flag Footnotes (for Loan and Property Information) # of Properties Property Name % of Initial Pool Balance % of Loan Balance Mortgage Loan Originator Mortgage Loan Seller Related Group Crossed Group Address City County State Zip Code General Property Type Detailed Property Type Year Built Year Renovated Number of Units Unit of Measure Loan Per Unit ($) Original Balance ($) Cut-off Date Balance ($) Maturity/ARD Balance ($) Interest Rate % Administrative Fee Rate % Net Mortgage Rate % Monthly Debt Service (P&I) ($) Monthly Debt Service (IO) ($) Annual Debt Service (P&I) ($) Annual Debt Service (IO) ($) Amortization Type ARD Loan (Yes / No) Interest Accrual Method Original Interest-Only Period (Mos.) Remaining Interest-Only Period (Mos.) Original Term To Maturity / ARD (Mos.) Remaining Term To Maturity / ARD (Mos.) Original Amortization Term (Mos.) Remaining Amortization Term (Mos.) Origination Date Seasoning (Mos.) Payment Due Date First Payment Date First P&I Payment Date Maturity Date or Anticipated Repayment Date Final Maturity Date Grace Period - Late Fee (Days) Grace Period - Default (Days) Prepayment Provision Most Recent EGI ($) Most Recent Expenses ($) Most Recent NOI ($) Most Recent NOI Date Most Recent Description Second Most Recent EGI ($) Second Most Recent Expenses ($) Second Most Recent NOI ($) Second Most Recent NOI Date Second Most Recent Description Third Most Recent EGI ($) Third Most Recent Expenses ($) Third Most Recent NOI ($) Third Most Recent NOI Date Third Most Recent Description Underwritten Economic Occupancy (%) Underwritten EGI ($) Underwritten Expenses ($) Underwritten Net Operating Income ($) Underwritten Replacement / FF&E Reserve ($) Underwritten TI / LC ($) Underwritten Net Cash Flow ($) Underwritten NOI DSCR (x) Underwritten NCF DSCR (x) Underwritten NOI Debt Yield (%) Underwritten NCF Debt Yield (%) Appraised Value ($) Appraised Value Type Appraisal Date Cut-off Date LTV Ratio (%) LTV Ratio at Maturity / ARD (%) Leased Occupancy (%) Occupancy Date Single Tenant (Y/N) Largest Tenant Largest Tenant SF Largest Tenant % of NRA Largest Tenant Lease Expiration Date Second Largest Tenant Second Largest Tenant SF Second Largest Tenant % of NRA Second Largest Tenant Lease Expiration Date Third Largest Tenant Third Largest Tenant SF Third Largest Tenant % of NRA Third Largest Tenant Lease Expiration Date Fourth Largest Tenant Fourth Largest Tenant SF Fourth Largest Tenant % of NRA Fourth Largest Tenant Lease Expiration Date Fifth Largest Tenant Fifth Largest Tenant SF Fifth Largest Tenant % of NRA Fifth Largest Tenant Lease Expiration Date Environmental Phase I Report Date Environmental Phase II Report Date Engineering Report Date Seismic Report Date PML or SEL (%) Flood Zone Ownership Interest Ground Lease Expiration Date Ground Lease Extension Terms Annual Ground Lease Payment as of the Cut-off Date ($) Annual Ground Rent Increases (Y/N) Upfront RE Tax Reserve ($) Monthly RE Tax Reserve ($) Upfront Insurance Reserve ($) Monthly Insurance Reserve ($) Upfront Replacement / PIP Reserve ($) Monthly Replacement / FF&E Reserve ($) Replacement Reserve Caps ($) Upfront TI/LC Reserve ($) Monthly TI/LC Reserve ($) TI/LC Caps ($) Upfront Debt Service Reserve ($) Monthly Debt Service Reserve ($) Debt Service Reserve Cap ($) Upfront Deferred Maintenance Reserve ($) Upfront Other Reserve ($) Monthly Other Reserve ($) Other Reserve Description Other Reserve Cap ($) Holdback/ Earnout Amount ($) Holdback/ Earnout Description Lockbox Type Cash Management Excess Cash Trap Triggered by DSCR and/or Debt Yield Test (Y/N)  Tenant Specific Excess Cash Trap Trigger (Y/N)  Pari Passu (Y/N) Pari Passu in Trust Controlling (Y/N) Trust Pari Passu Cut-off Date Balance ($) Non-Trust Pari Passu Companion Loan Cut-off Date Balance ($) Non-Trust Pari Passu Companion Loan Monthly Debt Service ($) Total Trust and Non-Trust Pari Passu Companion Loan Monthly Debt Service ($) Subordinate Companion Loan Cut-off Date Balance ($) Subordinate Companion Loan Interest Rate Whole Loan Cut-off Date Balance ($) Whole Loan Monthly Debt Service ($) Whole Loan Cut-off Date LTV Ratio (%) Whole Loan Underwritten NCF DSCR (x) Whole Loan Underwritten NOI Debt Yield (%) Mezzanine Debt Cut-off Date Balance($) Mezzanine Debt Interest Rate (%) Total Debt Cut-off Date Balance ($) Total Debt Monthly Debt Service ($) Total Debt Cut-off Date LTV Ratio (%) Total Debt Underwritten NCF DSCR (x) Total Debt Underwritten NOI Debt Yield (%) Future Additional Debt Permitted (Y/N) Future Debt Permitted Type Sponsor Non-Recourse Carveout Guarantor Delaware Statutory Trust
(Y/N)		 Tenants-in-common
(Y/N)		 Loan Purpose Property Located Within a Qualified Opportunity Zone (Y/N) Sources: Loan Amount ($) Sources: Principal's New Cash Contribution ($) Sources: Subordinate Debt ($) Sources: Other Sources ($) Sources: Total Sources ($) Uses: Loan Payoff ($) Uses: Purchase Price ($) Uses: Closing Costs ($) Uses: Reserves ($) Uses: Principal Equity Distribution ($) Uses: Other Uses ($) Uses: Total Uses ($) Franchise Agreement Expiration Underwritten ADR ($) Underwritten RevPAR ($) Underwritten Hotel Occupancy (%) Most Recent ADR ($) Most Recent RevPAR ($) Most Recent Hotel Occupancy (%) Second Most Recent ADR ($) Second Most Recent RevPAR ($) Second Most Recent Hotel Occupancy (%) Third Most Recent ADR ($) Third Most Recent RevPAR ($) Third Most Recent Hotel Occupancy (%)
                                                          2   2                                       3                                             4 4               5           6       6       6       6       6                                                                                             4             4                     7                                              
1 Loan   2 Yorkshire & Lexington Towers 9.5%   BMO, SMC, CREFI BMO, SMC, CREFI NAP NAP Various New York New York New York Various Multifamily High Rise Various Various 808 Units 393,564.36 60,000,000 60,000,000 60,000,000 3.04000% 0.01775% 3.02225% NAP 154,111.11 NAP 1,849,333.32 Interest Only No Actual/360 60 60 60 60 0 0 5/12/2022 0 6 7/6/2022 NAP 6/6/2027 NAP 0 0 L(24),D(31),O(5) 40,995,144 15,672,705 25,322,439 2/28/2022 T-12 39,766,160 15,511,878 24,254,281 12/31/2021 T-12 40,128,052 14,510,102 25,617,949 12/31/2020 T-12 97.2% 51,394,888 16,019,126 35,375,762 0 0 35,375,762 3.61 3.61 11.1% 11.1% 954,000,000 As Is 1/20/2022 33.3% 33.3% 96.4%                                                                   5,390,917 898,486 367,868 Springing 1,100,000 0 0 1,000,000 0 0 0 0 0 0 12,400,000 Springing Unit Upgrade Reserve (Upfront: $6,500,000), Supplemental Income Reserve (Upfront: $5,900,000; Future Quarterly: Springing) 0 0 NAP Hard (Commercial); Soft (Multifamily) In Place Yes No Yes Yes 60,000,000 258,000,000 662,677.78 816,788.89 221,500,000 3.04000% 539,500,000 1,385,715.74 56.6% 2.13 6.6% 174,500,000 7.26626934143267% 714,000,000 2,457,027.92 74.8% 1.20 5.0% No NAP Meyer Chetrit and The Gluck Family Trust U/A/D July 16, 2009 Meyer Chetrit and The Gluck Family Trust U/A/D July 16, 2009 No Yes Refinance   318,000,000 0 396,000,000 0 714,000,000 545,268,671 0 93,214,219 20,258,785 55,258,325 0 714,000,000 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
1.01 Property   1 Yorkshire Towers 8.2% 86.1%         305 East 86th Street New York New York New York 10028 Multifamily High Rise 1964 2014, 2022 681 Units   51,635,220 51,635,220 51,635,220                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         821,000,000 As Is 1/20/2022     96.3% 3/1/2022 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 2/3/2022 NAP 1/19/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
1.02 Property   1 Lexington Towers 1.3% 13.9%         160 East 88th Street New York New York New York 10128 Multifamily High Rise 1963 2014 127 Units   8,364,780 8,364,780 8,364,780                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         133,000,000 As Is 1/20/2022     96.9% 3/1/2022 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 1/19/2022 NAP 1/19/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
2 Loan   1 Cliffs Hotel and Spa 7.9% 100.0% GSBI GSMC NAP NAP 2757 Shell Beach Road Pismo Beach San Luis Obispo California 93449 Hospitality Full Service 1986 2009, 2011, 2022 162 Rooms 308,641.98 50,000,000 50,000,000 50,000,000 4.81500% 0.01775% 4.79725% NAP 203,411.46 NAP 2,440,937.52 Interest Only No Actual/360 120 119 120 119 0 0 4/27/2022 1 6 6/6/2022 NAP 5/6/2032 NAP 0 0 L(23),YM1(90),O(7) 23,145,679 14,916,223 8,229,456 3/31/2022 T-12 22,210,867 14,054,730 8,156,136 12/31/2021 T-12 14,451,369 10,694,977 3,756,392 12/31/2020 T-12 79.1% 23,145,679 14,521,737 8,623,941 925,827 0 7,698,114 3.53 3.15 17.2% 15.4% 105,100,000 As Is 3/23/2022 47.6% 47.6% 79.1% 3/31/2022 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2022 NAP 4/7/2022 3/29/2022 10% No Fee NAP NAP NAP NAP 34,153 17,076 0 Springing 0 76,706 0 0 0 0 0 0 0 0 0 0 NAP 0 0 NAP Springing Springing Yes No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP John G. King John G. King No No Refinance No 50,000,000 0 0 0 50,000,000 19,706,118 0 350,004 34,153 29,909,725 0 50,000,000 NAP 299.86 237.08 79.1% 299.86 237.08 79.1% 298.26 232.26 77.9% 226.85 155.08 68.4%
3 Loan   1 79 Fifth Avenue 7.9% 100.0% CREFI, WFBNA, JPMCB CREFI NAP NAP 79 Fifth Avenue New York New York New York 10003 Office CBD 1906 2016 345,751 SF 694.14 50,000,000 50,000,000 50,000,000 4.92000% 0.01775% 4.90225% NAP 207,847.22 NAP 2,494,166.64 Interest Only No Actual/360 120 119 120 119 0 0 4/29/2022 1 6 6/6/2022 NAP 5/6/2032 NAP 0 0 L(25),D(90),O(5) 26,934,139 8,571,958 18,362,181 12/31/2021 T-12 25,677,751 8,516,941 17,160,810 12/31/2020 T-12 25,370,674 8,285,155 17,085,519 12/31/2019 T-12 95.0% 29,320,118 9,216,627 20,103,491 78,388 693,116 19,331,988 1.68 1.61 8.4% 8.1% 395,000,000 As Is 2/24/2022 60.8% 60.8% 100.0% 2/15/2022 No The New School 212,800 61.5% 6/30/2030 CapGemini America, Inc. 64,500 18.7% 9/30/2037 Hulu LLC 40,106 11.6% 5/31/2025 Citibank, N.A.  14,872 4.3% 4/30/2028 Coach Inc 7,073 2.0% 1/31/2024 3/1/2022 NAP 3/4/2022 NAP NAP No Fee NAP NAP NAP NAP 2,815,969 469,328 0 Springing 0 5,763 207,468 1,000,000 57,760 3,500,000 0 0 0 0 0 0 NAP 0 0 NAP Hard Springing Yes Yes Yes Yes 50,000,000 190,000,000 789,819.45 997,666.67 NAP NAP 240,000,000 997,666.67 60.8% 1.61 8.4% NAP NAP NAP NAP NAP NAP NAP No NAP Albert Kalimian Albert Kalimian No Yes Recapitalization No 240,000,000 140,365,945 0 0 380,365,945 0 369,000,000 7,549,977 3,815,969 0 0 380,365,945 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
4 Loan   3 Sunbelt Office Portfolio 6.8%   CREFI CREFI NAP NAP Various Various Various Various Various Office Various Various Various 485,687 SF 88.44 43,000,000 42,955,691 35,509,650 5.13000% 0.01775% 5.11225% 234,261.70 NAP 2,811,140.40 NAP Amortizing Balloon No Actual/360 0 0 120 119 360 359 4/28/2022 1 6 6/6/2022 6/6/2022 5/6/2032 NAP 0 0 L(25),D(91),O(4) 6,445,080 2,827,665 3,617,416 2/28/2022 T-12 6,618,782 2,894,259 3,724,523 12/31/2021 T-12 7,028,753 3,018,582 4,010,170 12/31/2020 T-12 81.0% 7,721,159 2,998,968 4,722,191 116,565 363,980 4,241,646 1.68 1.51 11.0% 9.9% 65,500,000 As Is Various 65.6% 54.2% 79.3%                                                                   207,320 41,464 29,480 7,370 0 9,714 0 2,500,000 50,592 5,000,000 0 0 0 58,250 5,185,811 0 Outstanding Obligations Reserve (Upfront: $4,656,586.00), Free Rent Reserve (Upfront: $529,224.84) 0 0 NAP Hard Springing Yes Yes No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Olymbec USA LLC Olymbec USA LLC No No Refinance   43,000,000 0 0 0 43,000,000 25,136,650 0 562,037 7,980,861 9,320,452 0 43,000,000 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
4.01 Property   1 80 Monroe Avenue 3.5% 52.3%         80 Monroe Avenue Memphis Shelby Tennessee 38103 Office CBD 1923 1984 204,057 SF   22,500,000 22,476,815 18,580,631                                                     2,663,312 1,129,326 1,533,986 2/28/2022 T-12 2,699,343 1,153,114 1,546,230 12/31/2021 T-12 2,520,663 1,083,001 1,437,662 12/31/2020 T-12 92.4% 3,953,382 1,256,571 2,696,810 48,974 152,806 2,495,030         32,000,000 As Is 3/15/2022     91.3% 3/1/2022 No GSA 89,089 43.7% 5/18/2031 Morgan & Morgan Memphis, LLC 18,085 8.9% 4/30/2031 Shelby County Government 12,277 6.0% 6/30/2023 Allen, Summers, Simpson, Lillie & Gresham, PPLC 11,064 5.4% 5/31/2027 Insight Discovery, LLC 8,479 4.2% 7/31/2024 4/15/2022 NAP 3/22/2022 3/22/2022 17% No Fee / Leasehold 12/31/2024 None 0 No                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
4.02 Property   1 2400 Herodian Way 1.9% 27.9%         2400 Herodian Way Smyrna Cobb Georgia 30080 Office Suburban 1985 1992 152,208 SF   12,000,000 11,987,635 9,909,670                                                     2,215,697 941,073 1,274,625 2/28/2022 T-12 2,278,713 917,978 1,360,735 12/31/2021 T-12 2,502,134 999,522 1,502,612 12/31/2020 T-12 82.6% 2,324,754 964,568 1,360,186 36,530 114,313 1,209,343         17,000,000 As Is 3/16/2022     81.7% 3/2/2022 No American Data Solutions 12,935 8.5% 1/31/2024 Construction Managers, Inc. of Goldsboro 12,022 7.9% 9/30/2027 Integrated Solutions for Systems, Inc. 9,273 6.1% 7/31/2024 Benchmark Rehabilitation Partners, LLC 7,326 4.8% 9/30/2023 Webber, LLC 6,599 4.3% 1/31/2025 4/15/2022 NAP 3/22/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
4.03 Property   1 5720 LBJ Freeway 1.3% 19.8%         5720 LBJ Freeway Dallas Dallas Texas 75240 Office Suburban 1981 2022 129,422 SF   8,500,000 8,491,241 7,019,349                                                     1,566,071 757,266 808,805 2/28/2022 T-12 1,640,725 823,167 817,558 12/31/2021 T-12 2,005,956 936,060 1,069,896 12/31/2020 T-12 59.9% 1,443,023 777,828 665,195 31,061 96,860 537,273         16,500,000 As Is 3/15/2022     57.5% 3/2/2022 No Cinergy Entertainment Group, Inc. 8,567 6.6% 10/31/2023 The Law Office of Kelly T Curran PLLC 5,781 4.5% 1/31/2026 Pathways Youth and Family Services, Inc. 4,623 3.6% 9/30/2026 McGilberry and Shirer, LLP 4,587 3.5% 8/31/2025 SE2, LLC 4,000 3.1% 8/31/2022 4/15/2022 NAP 3/22/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
5 Loan   1 Brighton Towne Square 6.3% 100.0% SMC SMC NAP NAP 7927 Nemco Way Brighton Livingston Michigan 48116 Mixed Use Office/Retail 1997 2018 247,031 SF 161.92 40,000,000 40,000,000 40,000,000 5.90600% 0.01775% 5.88825% NAP 199,600.93 NAP 2,395,211.11 Interest Only No Actual/360 120 120 120 120 0 0 5/23/2022 0 6 7/6/2022 NAP 6/6/2032 NAP 0 0 L(5),YM1(109),O(6) 4,961,771 1,054,007 3,907,764 3/31/2022 T-12 4,861,593 1,041,076 3,820,518 12/31/2021 T-12 4,825,752 999,137 3,826,615 12/31/2020 T-12 95.0% 4,985,983 1,056,424 3,929,559 49,406 185,273 3,694,880 1.64 1.54 9.8% 9.2% 65,400,000 As Is 4/14/2022 61.2% 61.2% 97.8% 5/18/2022 No Home Depot  111,892 45.3% 1/31/2028 UofM 41,500 16.8% 4/30/2025 Staples 27,610 11.2% 10/31/2032 CSIG 27,438 11.1% 7/16/2028 Party City 10,400 4.2% 2/28/2026 4/20/2022 NAP 4/20/2022 NAP NAP No Fee NAP NAP NAP NAP 177,191 35,438 26,293 6,573 0 4,117 0 0 20,650 750,000 0 0 0 13,750 0 Springing Major Tenant Renewal Reserve 0 0 NAP Springing Springing Yes Yes No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Mark M. Murphy Mark M. Murphy No No Refinance No 40,000,000 1,655,000 0 0 41,655,000 40,586,630 0 851,136 217,234 0 0 41,655,000 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
6 Loan   1 2550 M Street 6.3% 100.0% CREFI CREFI NAP NAP 2550 M Street Northwest Washington District of Columbia District of Columbia 20037 Office CBD 1978 2015 207,081 SF 419.16 40,000,000 40,000,000 40,000,000 4.60000% 0.01775% 4.58225% NAP 155,462.96 NAP 1,865,555.52 Interest Only No Actual/360 120 118 120 118 0 0 3/31/2022 2 6 5/6/2022 NAP 4/6/2032 NAP 0 0 L(26),D(90),O(4) 15,887,754 5,451,197 10,436,557 12/31/2021 T-12 15,722,949 5,408,260 10,314,689 12/31/2020 T-12 15,469,038 5,933,743 9,535,295 12/31/2019 T-12 95.0% 15,195,761 7,565,364 7,630,397 55,912 0 7,574,486 1.88 1.87 8.8% 8.7% 132,500,000 As Is 10/27/2021 65.5% 65.5% 100.0% 6/6/2022 Yes Squire Patton Boggs (US) LLP 207,081 100.0% 4/30/2032 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 11/8/2021 NAP 11/19/2021 NAP NAP No Leasehold 3/30/2121 None 1,700,000 Yes 248,086 248,086 0 Springing 0 4,580 0 5,150,000 0 0 0 0 0 0 145,104 0 Ground Rent Reserve 0 0 NAP Springing Springing Yes Yes Yes No 40,000,000 46,800,000 181,891.67 337,354.63 NAP NAP 86,800,000 337,354.63 65.5% 1.87 8.8% NAP NAP NAP NAP NAP NAP NAP No NAP Jayaprasad Vejendla and Rohit Kumar Jayaprasad Vejendla and Rohit Kumar No No Acquisition No 86,800,000 50,875,250 0 2,000,000 139,675,250 0 132,250,000 1,882,060 5,543,190 0 0 139,675,250 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
7 Loan   1 Bell Works 6.3% 100.0% CREFI, BMO, BCREI CREFI, BMO NAP NAP 101 Crawfords Corner Road Holmdel Monmouth New Jersey 07733 Office Suburban 1962, 1964, 1982 2017 1,371,470 SF 153.12 40,000,000 40,000,000 40,000,000 5.11000% 0.01775% 5.09225% NAP 172,699.07 NAP 2,072,388.84 Interest Only No Actual/360 120 119 120 119 0 0 4/8/2022 1 6 6/6/2022 NAP 5/6/2032 NAP 0 0 L(25),D(92),O(3) 31,757,320 16,577,630 15,179,689 2/28/2022 T-12 31,681,421 15,894,296 15,787,125 12/31/2021 T-12 25,039,832 13,482,223 11,557,609 12/31/2020 T-12 88.7% 37,490,628 17,715,360 19,775,267 295,000 1,219,032 18,261,235 1.82 1.68 9.4% 8.7% 335,200,000 As Is 1/31/2022 62.6% 62.6% 90.5% 2/1/2022 No iCIMS, Inc. 331,378 24.2% 11/30/2032 Guardian Life Insurance Company of America 91,319 6.7% 12/31/2032 WorkWave LLC 71,667 5.2% 5/27/2029 Jersey Central Power & Light Company 69,870 5.1% 12/31/2027 International Flavors & Fragrances, L.P. 60,104 4.4% 9/30/2033 2/14/2022 NAP 2/14/2022 NAP NAP No Fee NAP NAP NAP NAP 617,834 308,917 0 Springing 0 24,583 0 8,500,000 Springing 8,500,000 0 0 0 0 6,778,984 Springing Outstanding Obligations Reserve (Upfront: $6,778,984), Put Price Reserve (Monthly: Springing) 0 0 NAP Hard Springing Yes Yes Yes No 40,000,000 170,000,000 733,971.07 906,670.14 NAP NAP 210,000,000 906,670.14 62.6% 1.68 9.4% NAP NAP NAP NAP NAP NAP NAP No NAP Ralph Zucker and Jozef Straus Ralph Zucker and Jozef Straus No No Refinance No 210,000,000 0 0 0 210,000,000 170,604,822 0 3,366,160 15,896,818 20,132,200 0 210,000,000 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
8 Loan   1 DoubleTree Ontario 4.7% 100.0% GSBI GSMC NAP NAP 222 North Vineyard Avenue Ontario San Bernardino California 91764 Hospitality Full Service 1982 2019 482 Rooms 62,240.66 30,000,000 30,000,000 30,000,000 5.36900% 0.01775% 5.35125% NAP 136,089.24 NAP 1,633,070.88 Interest Only No Actual/360 60 59 60 59 0 0 4/21/2022 1 6 6/6/2022 NAP 5/6/2027 NAP 0 0 L(23),YM1(12),O(25) 29,836,806 21,041,385 8,795,421 3/31/2022 T-12 24,960,913 17,999,527 6,961,386 12/31/2021 T-12 15,354,581 13,064,891 2,289,690 12/31/2020 T-12 85.9% 33,278,125 24,236,766 9,041,359 1,331,125 0 7,710,234 5.54 4.72 30.1% 25.7% 133,000,000 As Is 2/28/2022 22.6% 22.6% 80.1% 3/31/2022 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/15/2022 NAP 3/15/2022 3/15/2022 9% No Fee NAP NAP NAP NAP 0 Springing 0 Springing 0 Springing 0 0 0 0 0 0 0 0 0 0 NAP 0 0 NAP None Springing Yes No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Park Intermediate Holdings LLC Park Intermediate Holdings LLC No No Refinance Yes 30,000,000 0 0 0 30,000,000 29,576,299 0 237,124 0 186,578 0 30,000,000 NAP 131.66 113.12 85.9% 143.57 114.99 80.1% 136.65 100.58 73.6% 121.85 60.19 49.4%
9 Loan   1 One Wilshire 3.7% 100.0% GSBI GSMC NAP NAP 624 South Grand Avenue Los Angeles Los Angeles California 90017 Office CBD/Data Center 1967 1992 661,553 SF 588.39 23,250,000 23,250,000 23,250,000 2.77600% 0.02775% 2.74825% NAP 54,532.01 NAP 654,384.12 Interest Only - ARD Yes Actual/360 120 115 120 115 0 0 12/22/2021 5 6 2/6/2022 NAP 1/6/2032 1/6/2035 0 0 L(29),D(84),O(7) 52,164,978 16,537,821 35,627,157 9/30/2021 T-12 50,864,916 16,294,726 34,570,190 12/31/2020 T-12 47,132,520 15,521,713 31,610,806 12/31/2019 T-12 88.8% 54,609,882 17,099,493 37,510,389 119,080 471,918 36,919,391 3.42 3.37 9.6% 9.5% 913,000,000 As Is 11/5/2021 42.6% 42.6% 87.3% 11/1/2021 No CoreSite 176,685 26.7% 7/31/2029 Musick Peeler 106,475 16.1% 10/31/2023 Verizon Global Networks 61,881 9.4% 7/31/2029 CenturyLink Communications, LLC 56,251 8.5% 12/31/2025 Crowell, Weedon 43,301 6.5% 12/31/2024 12/3/2021 NAP 12/3/2021 12/3/2021 18% Yes - AE Fee NAP NAP NAP NAP 0 Springing 0 Springing 0 Springing 0 0 Springing 0 0 0 0 0 0 0 NAP 0 0 NAP Hard Springing Yes No Yes No 23,250,000 366,000,000 858,439.45 912,971.46 NAP NAP 389,250,000 912,971.46 42.6% 3.37 9.6% NAP NAP NAP NAP NAP NAP NAP No NAP TechCore, LLC TechCore, LLC No No Refinance No 389,250,000 0 0 0 389,250,000 190,909,806 0 781,598 0 197,558,597 0 389,250,000 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
10 Loan   34 ExchangeRight Net Leased Portfolio #55 3.5%   CREFI, BCREI CREFI NAP NAP Various Various Various Various Various Retail Single Tenant Various Various 747,953 SF 138.91 22,340,000 22,340,000 22,340,000 4.58000% 0.01775% 4.56225% NAP 86,448.56 NAP 1,037,382.72 Interest Only No Actual/360 120 119 120 119 0 0 4/8/2022 1 1 6/1/2022 NAP 5/1/2032 NAP 5 0 L(25),D(90),O(5) NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 92.5% 10,181,784 254,545 9,927,240 112,193 0 9,815,047 2.06 2.03 9.6% 9.4% 195,600,000 As Is Various 53.1% 53.1% 100.0%                                                                   387,576 129,192 0 Springing 0 Springing 0 1,500,000 Springing 0 0 0 0 180,760 200,000 0 Unfunded Obligations Reserve 0 0 NAP Hard Springing Yes No Yes No 22,340,000 81,560,000 315,610.77 402,059.33 NAP NAP 103,900,000 402,059.33 53.1% 2.03 9.6% NAP NAP NAP NAP NAP NAP NAP No NAP ExchangeRight Real Estate, LLC ExchangeRight Real Estate, LLC, David Fisher, Joshua Ungerecht and Warren Thomas Yes No Acquisition   103,900,000 100,606,605 0 0 204,506,605 0 197,829,395 4,408,873 2,268,336 0 0 204,506,605 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
10.01 Property   1 Walmart Neighborhood Market - Prairieville (Airline), LA 0.3% 9.6%         15047 Airline Highway Prairieville Ascension Louisiana 70769 Retail Single Tenant 2017 NAP 41,917 SF   2,134,018 2,134,018 2,134,018                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 92.5% 821,985 20,550 801,435 6,288 0 795,148         16,700,000 As Is 3/6/2022     100.0% 6/1/2022 Yes Walmart Neighborhood Market 41,917 100.0% 4/12/2032 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/14/2022 NAP 3/14/2022 NAP NAP Yes - A Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
10.02 Property   1 Pick N Save - Sun Prairie (Main), WI 0.3% 9.3%         640 East Main Street Sun Prairie Dane Wisconsin 53590 Retail Single Tenant 2009 NAP 61,048 SF   2,071,664 2,071,664 2,071,664                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 92.5% 903,510 22,588 880,923 9,157 0 871,765         17,000,000 As Is 2/24/2022     100.0% 6/1/2022 Yes Pick 'n Save 61,048 100.0% 12/31/2029 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 2/23/2022 NAP 2/23/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
10.03 Property   1 Schnucks - Love's Park (Harlem), IL 0.3% 8.8%         1810 Harlem Road Loves Park Winnebago Illinois 61111 Retail Single Tenant 1998 NAP 142,357 SF   1,973,833 1,973,833 1,973,833                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 92.5% 895,426 22,386 873,040 21,354 0 851,687         16,100,000 As Is 3/7/2022     100.0% 6/1/2022 Yes Schnucks 142,357 100.0% 12/31/2028 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/24/2022 NAP 3/24/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
10.04 Property   1 Walmart Neighborhood Market - Thibodaux (Main), LA 0.3% 8.6%         224 West Main Street Thibodaux Terrebonne Louisiana 70301 Retail Single Tenant 2015 NAP 42,311 SF   1,914,704 1,914,704 1,914,704                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 92.5% 737,466 18,437 719,030 6,347 0 712,683         14,900,000 As Is 3/3/2022     100.0% 6/1/2022 Yes Walmart Neighborhood Market 42,311 100.0% 1/27/2031 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/22/2022 NAP 3/22/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       Yes                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
10.05 Property   1 Walmart Neighborhood Market - Houma (Park), LA 0.3% 8.3%         6411 West Park Avenue Houma Terrebonne Louisiana 70364 Retail Single Tenant 2016 NAP 44,237 SF   1,863,315 1,863,315 1,863,315                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 92.5% 722,843 18,071 704,772 6,636 0 698,136         14,700,000 As Is 3/3/2022     100.0% 6/1/2022 Yes Walmart Neighborhood Market 44,237 100.0% 8/31/2031 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/21/2022 NAP 3/21/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
10.06 Property   1 Publix - Decatur (Point), AL 0.2% 5.8%         2934 Point Mallard Parkway Southeast Decatur Morgan Alabama 35603 Retail Single Tenant 2018 NAP 45,600 SF   1,304,063 1,304,063 1,304,063                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 92.5% 542,013 13,550 528,463 6,840 0 521,623         10,800,000 As Is 3/7/2022     100.0% 6/1/2022 Yes Publix 45,600 100.0% 2/28/2038 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 1/31/2022 NAP 2/1/2022 NAP NAP Yes - A Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
10.07 Property   1 PNC Bank - Clarendon Hills (Holmes), IL 0.2% 5.0%         300 Holmes Avenue Clarendon Hills DuPage Illinois 60514 Retail Single Tenant 1986 NAP 15,896 SF   1,123,235 1,123,235 1,123,235                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 92.5% 534,826 13,371 521,455 2,384 0 519,071         9,180,000 As Is 3/3/2022     100.0% 6/1/2022 Yes PNC Bank, N.A. 15,896 100.0% 4/30/2032 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/21/2022 NAP 3/21/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
10.08 Property   1 Walmart Neighborhood Market - New Iberia (Parkview), LA 0.2% 4.7%         1201 Parkview Drive New Iberia Iberia Louisiana 70563 Retail Single Tenant 2016 NAP 41,952 SF   1,060,021 1,060,021 1,060,021                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 92.5% 699,757 17,494 682,263 6,293 0 675,970         14,200,000 As Is 3/3/2022     100.0% 6/1/2022 Yes Walmart Neighborhood Market 41,952 100.0% 10/21/2031 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/15/2022 NAP 3/15/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
10.09 Property   1 Walmart Neighborhood Market - Opelousas (Union), LA 0.2% 4.3%         2310 South Union Street Opelousas Saint Landry Louisiana 70570 Retail Single Tenant 2016 NAP 43,240 SF   966,490 966,490 966,490                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 92.5% 592,919 14,823 578,096 6,486 0 571,610         12,000,000 As Is 3/3/2022     100.0% 6/1/2022 Yes Walmart Neighborhood Market 43,240 100.0% 1/13/2031 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/15/2022 NAP 3/15/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
10.10 Property   1 Walmart Neighborhood Market - Meraux (Archbishop), LA 0.1% 4.2%         2500 Archbishop Philip M. Hannan Boulevard Meraux Saint Bernard Louisiana 70075 Retail Single Tenant 2016 NAP 42,311 SF   943,913 943,913 943,913                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 92.5% 613,836 15,346 598,490 6,347 0 592,144         12,400,000 As Is 3/6/2022     100.0% 6/1/2022 Yes Walmart Neighborhood Market 42,311 100.0% 1/27/2031 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/21/2022 NAP 3/21/2022 NAP NAP Yes - AE Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
10.11 Property   1 CVS Pharmacy - Auburn (Opelika), AL 0.1% 3.6%         1498 Opelika Road Auburn Lee Alabama 36830 Retail Single Tenant 2009 NAP 13,253 SF   808,454 808,454 808,454                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 92.5% 357,819 8,945 348,873 1,988 0 346,885         6,730,000 As Is 3/3/2022     100.0% 6/1/2022 Yes CVS Pharmacy 13,253 100.0% 1/30/2030 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 1/31/2022 NAP 1/31/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
10.12 Property   1 Huntington Bank- Clarksburg (Pike), WV 0.1% 2.5%         230 West Pike Street Clarksburg Harrison West Virginia 26301 Retail Single Tenant 1966 NAP 43,500 SF   552,372 552,372 552,372                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 92.5% 242,493 6,062 236,431 6,525 0 229,906         4,550,000 As Is 3/9/2022     100.0% 6/1/2022 Yes Huntington Bancshares 43,500 100.0% 12/31/2030 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 2/10/2022 NAP 2/10/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       Yes                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
10.13 Property   1 CVS Pharmacy - Grand Rapids (Fuller), MI 0.1% 2.0%         1155 Fuller Avenue Northeast Grand Rapids Kent Michigan 49503 Retail Single Tenant 2000 NAP 10,965 SF   449,380 449,380 449,380                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 92.5% 222,966 5,574 217,392 1,645 0 215,747         3,710,000 As Is 3/8/2022     100.0% 6/1/2022 Yes CVS Pharmacy 10,965 100.0% 6/30/2027 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 2/10/2022 4/8/2022 2/10/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
10.14 Property   1 O'Reilly Auto Parts - Madison (Commerce), WI 0.1% 1.8%         416 Commerce Drive Madison Dane Wisconsin 53719 Retail Single Tenant 1994 NAP 16,240 SF   391,971 391,971 391,971                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 92.5% 165,335 4,133 161,201 2,436 0 158,765         3,200,000 As Is 2/24/2022     100.0% 6/1/2022 Yes O'Reilly Auto Parts 16,240 100.0% 10/31/2031 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/9/2022 NAP 3/11/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
10.15 Property   1 U.S. Bank - Northlake (North), IL 0.1% 1.7%         26 North Avenue Northlake Cook Illinois 60164 Retail Single Tenant 1961 NAP 5,300 SF   371,975 371,975 371,975                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 92.5% 175,893 4,397 171,496 795 0 170,701         3,090,000 As Is 3/3/2022     100.0% 6/1/2022 Yes U.S. Bank National Association 5,300 100.0% 1/31/2028 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 2/24/2022 NAP 2/24/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
10.16 Property   1 CVS - Tullahoma (Jackson), TN 0.1% 1.6%         1351 North Jackson Street Tullahoma Coffee Tennessee 37388 Retail Single Tenant 1997 NAP 9,600 SF   355,204 355,204 355,204                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 92.5% 143,552 3,589 139,963 1,440 0 138,523         3,000,000 As Is 3/4/2022     100.0% 6/1/2022 Yes CVS Pharmacy 9,600 100.0% 5/31/2032 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 2/24/2022 NAP 3/2/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
10.17 Property   1 7-Eleven- La Grange (Ogden), IL 0.1% 1.5%         9600 East Ogden Avenue La Grange Cook Illinois 60525 Retail Single Tenant 1997 NAP 3,000 SF   331,982 331,982 331,982                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 92.5% 141,106 3,528 137,578 450 0 137,128         2,700,000 As Is 2/26/2022     100.0% 6/1/2022 Yes 7-Eleven 3,000 100.0% 8/31/2028 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 2/23/2022 4/8/2022 2/23/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
10.18 Property   1 U.S. Bank - Elk Grove Village (Devon), IL 0.0% 1.4%         1100 West Devon Avenue Elk Grove Village Cook Illinois 60007 Retail Single Tenant 1977 NAP 4,250 SF   314,566 314,566 314,566                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 92.5% 149,831 3,746 146,086 638 0 145,448         2,610,000 As Is 3/3/2022     100.0% 6/1/2022 Yes U.S. Bank National Association 4,250 100.0% 1/31/2028 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 2/24/2022 NAP 2/24/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
10.19 Property   1 Sherwin Williams - Marysville (Fifth), OH 0.0% 1.3%         702 East 5th Street Marysville Union Ohio 43040 Retail Single Tenant 2022 NAP 3,500 SF   298,870 298,870 298,870                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 92.5% 121,795 3,045 118,750 525 0 118,225         2,400,000 As Is 2/22/2022     100.0% 6/1/2022 Yes Sherwin Williams 3,500 100.0% 2/28/2033 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 1/28/2022 NAP 3/2/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       Yes                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
10.20 Property   1 O'Reilly - Owensboro (Bold Forbes), KY 0.0% 1.3%         3200 Bold Forbes Way Owensboro Daviess Kentucky 42303 Retail Single Tenant 2021 NAP 7,150 SF   296,505 296,505 296,505                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 92.5% 115,533 2,888 112,645 1,073 0 111,572         2,480,000 As Is 3/7/2022     100.0% 6/1/2022 Yes O'Reilly Auto Parts 7,150 100.0% 8/31/2036 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 2/4/2022 NAP 2/4/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
10.21 Property   1 PNC Bank - Aurora (Galena), IL 0.0% 1.3%         1977 West Galena Boulevard Aurora Kane Illinois 60506 Retail Single Tenant 1976 NAP 5,000 SF   288,979 288,979 288,979                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 92.5% 127,465 3,187 124,278 750 0 123,528         2,360,000 As Is 3/3/2022     100.0% 6/1/2022 Yes PNC Bank, N.A. 5,000 100.0% 5/31/2031 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 1/24/2022 NAP 1/24/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
10.22 Property   1 NAPA Auto Parts - Downers Grove (Ogden), IL 0.0% 1.2%         901 Ogden Avenue Downers Grove DuPage Illinois 60515 Retail Single Tenant 1954 2007 10,500 SF   270,273 270,273 270,273                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 92.5% 121,228 3,031 118,197 1,575 0 116,622         2,260,000 As Is 3/4/2022     100.0% 6/1/2022 Yes Napa Auto Parts 10,500 100.0% 7/31/2029 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/21/2022 NAP 3/21/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
10.23 Property   1 Family Dollar - Cuyahoga Falls (Bailey), OH 0.0% 1.1%         1841 Bailey Road Cuyahoga Falls Summit Ohio 44221 Retail Single Tenant 2014 NAP 8,353 SF   254,362 254,362 254,362                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 92.5% 111,715 2,793 108,922 1,253 0 107,669         2,025,000 As Is 3/3/2022     100.0% 6/1/2022 Yes Family Dollar 8,353 100.0% 9/30/2029 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 1/3/2022 NAP 1/3/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
10.24 Property   1 Dollar General - Lewiston (Sabattus), ME 0.0% 1.1%         1079 Sabattus Street Lewiston Androscoggin Maine 04240 Retail Single Tenant 2014 NAP 9,026 SF   234,796 234,796 234,796                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 92.5% 102,645 2,566 100,079 1,354 0 98,725         1,900,000 As Is 2/18/2022     100.0% 6/1/2022 Yes Dollar General 9,026 100.0% 2/28/2030 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 12/29/2021 NAP 12/29/2021 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
10.25 Property   1 U.S. Bank - Niles (Dempster), IL 0.0% 1.0%         8500 West Dempster Street Niles Cook Illinois 60714 Retail Single Tenant 1978 NAP 5,477 SF   222,970 222,970 222,970                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 92.5% 105,738 2,643 103,095 822 0 102,273         1,840,000 As Is 3/3/2022     100.0% 6/1/2022 Yes U.S. Bank National Association 5,477 100.0% 1/31/2028 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 2/23/2022 NAP 2/23/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
10.26 Property   1 Dollar Tree - Des Plaines (Rand), IL 0.0% 1.0%         1507 Rand Road Des Plaines Cook Illinois 60016 Retail Single Tenant 1967 2019 8,300 SF   217,380 217,380 217,380                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 92.5% 95,969 2,399 93,570 1,245 0 92,325         1,740,000 As Is 3/7/2022     100.0% 6/1/2022 Yes Dollar Tree 8,300 100.0% 1/31/2029 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 1/17/2022 NAP 1/17/2022 NAP NAP Yes - AE Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
10.27 Property   1 Dollar General - Odessa (University), TX 0.0% 0.9%         10521 West University Boulevard Odessa Ector Texas 79764 Retail Single Tenant 2013 NAP 9,026 SF   196,308 196,308 196,308                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 92.5% 86,887 2,172 84,715 1,354 0 83,361         1,570,000 As Is 3/5/2022     100.0% 6/1/2022 Yes Dollar General 9,026 100.0% 5/31/2028 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 2/23/2022 NAP 2/23/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
10.28 Property   1 Dollar General - Weber City, (Hwy 23), VA 0.0% 0.9%         2000 Main Street  Weber City Scott Virginia 24290 Retail Single Tenant 1958 2013 9,495 SF   195,878 195,878 195,878                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 92.5% 91,316 2,283 89,033 1,424 0 87,609         1,600,000 As Is 2/28/2022     100.0% 6/1/2022 Yes Dollar General 9,495 100.0% 10/31/2028 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/18/2022 NAP 3/18/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       Yes                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
10.29 Property   1 Dollar General- Springtown (Highway), TX 0.0% 0.8%         4405 East Highway 199 Springtown Parker Texas 76082 Retail Single Tenant 2014 NAP 9,026 SF   176,097 176,097 176,097                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 92.5% 81,638 2,041 79,597 1,354 0 78,243         1,500,000 As Is 3/5/2022     100.0% 6/1/2022 Yes Dollar General 9,026 100.0% 5/31/2029 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 2/23/2022 NAP 2/23/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
10.30 Property   1 Sherwin Williams - Champaign (Marketview), IL 0.0% 0.8%         702 West Marketview Drive Champaign Champaign Illinois 61822 Retail Single Tenant 1989 2012 4,884 SF   172,442 172,442 172,442                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 92.5% 74,786 1,870 72,917 733 0 72,184         1,480,000 As Is 3/4/2022     100.0% 6/1/2022 Yes Sherwin Williams 4,884 100.0% 8/31/2031 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 2/23/2022 NAP 3/3/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
10.31 Property   1 Dollar General - Holly (Saginaw), MI 0.0% 0.7%         514 North Saginaw Street Holly Oakland Michigan 48442 Retail Single Tenant 1950 2014 10,736 SF   155,670 155,670 155,670                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 92.5% 82,156 2,054 80,102 1,610 0 78,492         1,275,000 As Is 3/1/2022     100.0% 6/1/2022 Yes Dollar General 10,736 100.0% 10/31/2028 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/11/2022 NAP 3/15/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
10.32 Property   1 Dollar General - Dyer (Sheffield), IN 0.0% 0.7%         1620 Sheffield Avenue Dyer Lake Indiana 46311 Retail Single Tenant 2006 NAP 9,014 SF   152,875 152,875 152,875                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 92.5% 68,065 1,702 66,364 1,352 0 65,011         1,220,000 As Is 2/25/2022     100.0% 6/1/2022 Yes Dollar General 9,014 100.0% 2/29/2028 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 2/1/2022 NAP 2/2/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
10.33 Property   1 Dollar General - Lubbock (University), TX 0.0% 0.7%         9604 University Avenue Lubbock Lubbock Texas 79423 Retail Single Tenant 2004 NAP 9,014 SF   151,370 151,370 151,370                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 92.5% 70,223 1,756 68,468 1,352 0 67,116         1,320,000 As Is 3/5/2022     100.0% 6/1/2022 Yes Dollar General 9,014 100.0% 8/31/2029 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 2/11/2022 NAP 3/2/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
10.34 Property   1 Citizens Bank - Wilmington (Marsh), DE 0.0% 0.6%         1620 Marsh Road Wilmington New Castle Delaware 19803 Retail Single Tenant 1950 2007 2,475 SF   124,063 124,063 124,063                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 92.5% 61,049 1,526 59,523 371 0 59,151         1,060,000 As Is 3/7/2022     100.0% 6/1/2022 Yes Citizens Bank 2,475 100.0% 6/30/2027 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 2/9/2022 NAP 2/2/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
11 Loan   5 Rivercrest Retail Portfolio I 3.4%   GSBI GSMC Group 1 NAP Various Various Various Various Various Retail Shadow Anchored Various NAP 156,023 SF 136.60 21,312,616 21,312,616 21,312,616 5.70000% 0.01775% 5.68225% NAP 102,640.97 NAP 1,231,691.64 Interest Only No Actual/360 120 120 120 120 0 0 5/19/2022 0 6 7/6/2022 NAP 6/6/2032 NAP 0 0 L(24),D(91),O(5) 2,718,366 730,998 1,987,367 3/31/2022 T-12 2,662,336 725,004 1,937,332 12/31/2021 T-12 2,674,865 616,540 2,058,325 12/31/2020 T-12 93.7% 2,846,265 656,609 2,189,657 22,888 46,947 2,119,821 1.78 1.72 10.3% 9.9% 33,100,000 As Is Portfolio 5/11/2022 64.4% 64.4% 96.4%                                                                   140,065 24,705 0 Springing 0 1,950 0 225,000 9,375 337,500 0 0 0 0 350,238 0 Unfunded Obligations Reserve 0 0 NAP Springing Springing Yes No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Stanley Werb and Jonathan S. Gaines Stanley Werb and Jonathan S. Gaines No No Refinance   21,312,616 0 0 0 21,312,616 12,949,950 0 328,201 715,303 7,319,162 0 21,312,616 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
11.01 Property   1 White Horse Commons 0.7% 22.2%         6134 White Horse Road Greenville Greenville South Carolina 29611 Retail Shadow Anchored 1999 NAP 33,646 SF   4,741,991 4,741,991 4,741,991                                                     576,208 173,360 402,848 3/31/2022 T-12 563,732 169,325 394,407 12/31/2021 T-12 650,787 158,269 492,518 12/31/2020 T-12 95.0% 656,239 173,816 482,424 3,365 11,482 467,577         7,200,000 As Is 4/15/2022     100.0% 4/1/2022 No Shoe Show 6,505 19.3% 7/31/2028 City Gear 4,718 14.0% 5/31/2029 Family Dental 4,007 11.9% 1/31/2027 Buddy's Home Furnishings 4,000 11.9% 5/31/2027 It's Fashion Store 3,200 9.5% 1/31/2023 4/27/2022 NAP 4/27/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
11.02 Property   1 Hillview Plaza 0.7% 22.2%         14019 & 14041 East Wade Hampton Boulevard Greer Spartanburg South Carolina 29651 Retail Shadow Anchored 1998 NAP 33,027 SF   4,741,991 4,741,991 4,741,991                                                     592,577 176,667 415,909 3/31/2022 T-12 589,436 175,443 413,993 12/31/2021 T-12 563,449 141,066 422,383 12/31/2020 T-12 93.5% 655,707 175,164 480,543 3,303 10,934 466,306         7,200,000 As Is 4/15/2022     94.9% 4/1/2022 No Shoe Show 4,312 13.1% 11/30/2023 Cato 4,240 12.8% 1/31/2025 By Essence 4,000 12.1% 12/31/2023 Rent-A-Center 4,000 12.1% 10/31/2023 Le Nails 3,007 9.1% 5/31/2027 4/27/2022 NAP 4/27/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
11.03 Property   1 Tidewater Plaza 0.7% 19.8%         1671 North Howe Street Southport Brunswick North Carolina 28461 Retail Shadow Anchored 2000 NAP 30,249 SF   4,215,103 4,215,103 4,215,103                                                     511,234 130,578 380,656 3/31/2022 T-12 488,684 129,821 358,863 12/31/2021 T-12 443,041 106,947 336,094 12/31/2020 T-12 91.8% 517,789 94,374 423,415 2,722 8,460 412,232         6,400,000 As Is 4/26/2022     93.4% 4/1/2022 No Dollar Tree 8,041 26.6% 8/31/2027 Cato 4,160 13.8% 1/31/2023 Shoe Show 3,200 10.6% 5/31/2024 E-Smoke Tobacco & Vape 2,523 8.3% 10/31/2024 T-Mobile 2,009 6.6% 1/31/2027 4/27/2022 NAP 4/27/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
11.04 Property   1 Boiling Springs Centre 0.6% 18.9%         4010 Highway 9 Boiling Springs Spartanburg South Carolina 29316 Retail Shadow Anchored 1999 NAP 29,983 SF   4,017,521 4,017,521 4,017,521                                                     592,084 167,563 424,521 3/31/2022 T-12 583,847 169,815 414,032 12/31/2021 T-12 532,617 129,285 403,332 12/31/2020 T-12 95.4% 565,584 143,266 422,318 3,598 8,364 410,356         6,100,000 As Is 4/15/2022     100.0% 4/1/2022 No Dollar Tree 8,018 26.7% 6/30/2032 Cato 4,160 13.9% 1/31/2025 Fuji Express 3,500 11.7% 2/28/2025 The Shoe Dept. 3,500 11.7% 10/31/2024 T-Mobile 2,400 8.0% 4/30/2023 4/27/2022 NAP 4/27/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
11.05 Property   1 Garber's Crossing 0.6% 16.9%         2200 John Wayland Highway Harrisonburg Rockingham Virginia 22801 Retail Shadow Anchored 1999 NAP 29,118 SF   3,596,010 3,596,010 3,596,010                                                     446,263 82,830 363,433 3/31/2022 T-12 436,637 80,600 356,037 12/31/2021 T-12 484,971 80,973 403,998 12/31/2020 T-12 92.1% 450,947 69,989 380,957 9,900 7,707 363,350         5,460,000 As Is 4/21/2022     93.1% 4/1/2022 No Dollar Tree 9,500 32.6% 8/31/2027 Cato 3,600 12.4% 1/31/2025 Skrimp Shack 2,406 8.3% 10/31/2026 Virginia A.B.C. Store 2,400 8.2% 5/31/2024 CosmoProf 2,400 8.2% 6/30/2023 4/27/2022 NAP 4/27/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
12 Loan   4 Rivercrest Retail Portfolio II 3.3%   GSBI GSMC Group 1 NAP Various Various Various Various Various Retail Shadow Anchored Various NAP 144,714 SF 144.14 20,859,384 20,859,384 20,859,384 5.70000% 0.01775% 5.68225% NAP 100,458.21 NAP 1,205,498.52 Interest Only No Actual/360 120 120 120 120 0 0 5/19/2022 0 6 7/6/2022 NAP 6/6/2032 NAP 0 0 L(24),D(91),O(5) 2,767,367 638,221 2,129,146 3/31/2022 T-12 2,759,067 633,109 2,125,958 12/31/2021 T-12 2,552,286 534,175 2,018,111 12/31/2020 T-12 91.2% 2,717,664 631,327 2,086,338 26,465 40,945 2,018,928 1.73 1.67 10.0% 9.7% 31,780,000 As Is Portfolio 5/11/2022 65.6% 65.6% 94.0%                                                                   143,409 22,945 0 Springing 0 2,171 0 225,000 9,375 337,500 0 0 0 0 0 0 NAP 0 0 NAP Springing Springing Yes No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Stanley Werb and Jonathan S. Gaines Stanley Werb and Jonathan S. Gaines No No Refinance   20,859,384 0 0 0 20,859,384 18,720,579 0 289,809 368,409 1,480,587 0 20,859,384 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
12.01 Property   1 Creekside Plaza 1.1% 33.4%         707-715 & 725-739 East Dixon Boulevard Shelby Cleveland North Carolina 28152 Retail Shadow Anchored 1999 NAP 42,971 SF   6,975,485 6,975,485 6,975,485                                                     885,676 179,371 706,305 3/31/2022 T-12 865,762 179,073 686,689 12/31/2021 T-12 840,886 152,813 688,073 12/31/2020 T-12 91.9% 851,635 143,086 708,549 4,727 14,008 689,814         10,400,000 As Is 4/15/2022     93.0% 4/1/2022 No PetSmart, Inc. 6,624 15.4% 4/30/2023 Hibbett Sporting Goods, Inc. 6,000 14.0% 7/31/2024 China Town 5,000 11.6% MTM Cato 4,720 11.0% 1/31/2025 Dixon Discount Tobacco & Vape 3,115 7.2% 11/30/2026 4/27/2022 NAP 4/27/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
12.02 Property   1 Southside Commons 0.8% 24.8%         2014 South Irby Street Florence Florence South Carolina 29505 Retail Shadow Anchored 1999 NAP 37,445 SF   5,164,542 5,164,542 5,164,542                                                     726,703 139,105 587,597 3/31/2022 T-12 725,506 138,594 586,912 12/31/2021 T-12 675,512 112,104 563,408 12/31/2020 T-12 95.2% 750,353 183,263 567,091 14,978 11,569 540,544         7,700,000 As Is 4/26/2022     100.0% 4/1/2022 No Dollar Tree 9,023 24.1% 4/30/2024 Cato 4,240 11.3% 1/31/2024 Shoe Show 3,512 9.4% 11/30/2023 Verizon Wireless 3,193 8.5% 6/30/2024 It's Fashion Store 3,120 8.3% 1/31/2023 4/27/2022 NAP 4/27/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
12.03 Property   1 Southtowne Commons 0.7% 20.9%         411 North Fruitland Boulevard Salisbury Wicomico Maryland 21801 Retail Shadow Anchored 2000 NAP 31,238 SF   4,359,679 4,359,679 4,359,679                                                     516,755 135,393 381,362 3/31/2022 T-12 530,140 132,382 397,758 12/31/2021 T-12 423,117 116,786 306,331 12/31/2020 T-12 81.2% 500,311 131,316 368,995 3,124 5,836 360,035         6,500,000 As Is 4/17/2022     81.6% 4/1/2022 No Dollar Tree 10,009 32.0% 8/31/2029 The Shoe Dept. 4,000 12.8% 10/31/2023 Cato 3,600 11.5% 1/31/2024 OneMain Financial 1,600 5.1% 12/31/2023 Wireless Zone 1,600 5.1% 1/31/2025 4/27/2022 NAP 4/27/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
12.04 Property   1 Piedmont Plaza 0.7% 20.9%         165 Walton Drive Gaffney Cherokee South Carolina 29341 Retail Shadow Anchored 2000 NAP 33,060 SF   4,359,678 4,359,678 4,359,678                                                     638,233 184,352 453,881 3/31/2022 T-12 637,659 183,060 454,599 12/31/2021 T-12 612,771 152,472 460,299 12/31/2020 T-12 95.2% 615,365 173,662 441,704 3,637 9,533 428,534         6,500,000 As Is 4/15/2022     100.0% 4/1/2022 No Dollar Tree 8,000 24.2% 8/31/2025 Shoe Show 6,000 18.1% 11/30/2024 Cato 4,160 12.6% 1/31/2024 A to Z Liquor 3,213 9.7% 7/31/2022 OpSource 2,494 7.5% 2/28/2023 4/27/2022 NAP 4/27/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
13 Loan   1 League City Storage 3.0% 100.0% SMC SMC NAP NAP 3000 FM 646 East League City Galveston Texas 77573 Self Storage Self Storage 2005 NAP 433,796 SF 43.17 18,725,000 18,725,000 18,725,000 5.08500% 0.01775% 5.06725% NAP 80,449.23 NAP 965,390.78 Interest Only No Actual/360 120 118 120 118 0 0 3/31/2022 2 6 5/6/2022 NAP 4/6/2032 NAP 0 0 L(26),D(90),O(4) 2,586,689 781,470 1,805,219 2/28/2022 T-12 2,486,635 764,544 1,722,091 12/31/2021 T-12 1,920,085 669,152 1,250,933 12/31/2020 T-12 95.0% 2,561,235 866,459 1,694,776 13,014 0 1,681,762 1.76 1.74 9.1% 9.0% 30,700,000 As Is 2/27/2022 61.0% 61.0% 99.4% 3/7/2022 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/4/2022 NAP 3/4/2022 NAP NAP No Fee NAP NAP NAP NAP 81,965 20,491 50,198 25,099 0 1,084 0 0 0 0 0 0 0 0 0 0 NAP 0 0 NAP Springing Springing Yes No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP William E. Bellomy William E. Bellomy No No Acquisition No 18,725,000 8,566,692 0 0 27,291,692 0 26,750,000 409,529 132,163 0 0 27,291,692 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
14 Loan   1 501 W 24th Street 2.5% 100.0% BMO BMO NAP NAP 501 West 24th Street New York New York New York 10011 Retail Single Tenant 2015 NAP 7,807 SF 2,030.23 15,850,000 15,850,000 15,850,000 6.38000% 0.01775% 6.36225% NAP 85,439.57 NAP 1,025,274.84 Interest Only No Actual/360 120 119 120 119 0 0 5/5/2022 1 6 6/6/2022 NAP 5/6/2032 NAP 0 0 L(25),D(91),O(4) 2,486,136 331,364 2,154,772 12/31/2021 T-12 2,378,490 306,233 2,072,257 12/31/2020 T-12 2,398,369 301,062 2,097,306 12/31/2019 T-12 95.0% 1,884,484 378,907 1,505,577 1,171 7,807 1,496,599 1.47 1.46 9.5% 9.4% 28,800,000 As Is 4/1/2022 55.0% 55.0% 100.0% 6/6/2022 Yes Lehman-Maupin L.L.C. (Art Gallery) 7,807 100.0% 4/30/2037 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 4/8/2022 NAP 4/8/2022 NAP NAP No Fee NAP NAP NAP NAP 92,487 15,415 6,544 3,272 0 100 0 0 651 0 0 0 0 0 9,111 9,111 Condominium Assessments Reserve 0 0 NAP Hard Springing Yes Yes No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Jean-Pierre Lehmann and Rachel Lehmann Jean-Pierre Lehmann and Rachel Lehmann No No Refinance No 15,850,000 0 0 0 15,850,000 13,633,464 0 440,988 108,142 1,667,406 0 15,850,000 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
15 Loan   6 Stockton Self Storage Portfolio 2.2%   SMC SMC NAP NAP Various Various Various California Various Various Various Various Various 464,535 SF 83.87 14,000,000 13,985,622 11,566,506 5.14400% 0.01775% 5.12625% 76,391.93 NAP 916,703.16 NAP Amortizing Balloon No Actual/360 0 0 120 119 360 359 4/21/2022 1 6 6/6/2022 6/6/2022 5/6/2032 NAP 0 0 L(25),D(90),O(5) 5,970,246 1,630,939 4,339,307 3/31/2022 T-12 5,676,848 1,625,083 4,051,765 12/31/2021 T-12 5,272,047 1,537,139 3,734,908 12/31/2020 T-12 80.4% 5,975,092 1,821,673 4,153,419 78,025 0 4,075,395 1.63 1.60 10.7% 10.5% 79,350,000 As Is Various 49.1% 40.6% 97.8%                                                                   55,257 27,629 56,532 5,855 0 6,502 0 0 0 0 0 0 0 0 0 0 NAP 0 0 NAP Springing Springing Yes No Yes No 13,985,622 24,974,325 136,414.15 212,806.08 NAP NAP 38,959,947 212,806.08 49.1% 1.60 10.7% NAP NAP NAP NAP NAP NAP NAP No NAP Steven L. Diede Steven L. Diede No No Refinance   39,000,000 0 0 0 39,000,000 20,170,671 0 341,762 111,789 18,375,778 0 39,000,000 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
15.01 Property   1 Airport Road Self Storage 0.8% 36.7%         1604 Airport Road Rio Vista Solano California 94571 Self Storage Self Storage 2000, 2003, 2006, 2018 NAP 113,170 SF   5,133,333 5,128,061 4,241,052                                                     2,005,527 485,294 1,520,233 3/31/2022 T-12 1,930,452 487,286 1,443,166 12/31/2021 T-12 1,792,931 446,957 1,345,974 12/31/2020 T-12 77.0% 2,005,527 536,596 1,468,931 12,449 0 1,456,483         28,890,000 As Is 3/15/2022     94.3% 4/15/2022 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/31/2022 NAP 4/4/2022 3/28/2022 10% No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
15.02 Property   1 Morada Self Storage 0.4% 19.5%         10200 North State Route 99 East Frontage Road Stockton San Joaquin California 95212 Self Storage Self Storage 2002 NAP 98,700 SF   2,728,205 2,725,403 2,253,986                                                     1,315,587 383,764 931,823 3/31/2022 T-12 1,269,017 374,874 894,143 12/31/2021 T-12 1,140,091 371,503 768,588 12/31/2020 T-12 82.1% 1,319,007 422,391 896,616 11,844 0 884,772         15,950,000 As Is 3/28/2022     99.2% 4/15/2022 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/31/2022 NAP 4/4/2022 3/28/2022 9% No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
15.03 Property   1 Highway 88 Self Storage 0.3% 13.1%         12941 Blossom Court Lockeford San Joaquin California 95237 Self Storage Self Storage 2003 NAP 68,475 SF   1,830,769 1,828,889 1,512,543                                                     812,742 270,382 542,360 3/31/2022 T-12 795,221 267,064 528,157 12/31/2021 T-12 702,889 267,796 435,093 12/31/2020 T-12 74.1% 812,742 285,094 527,648 7,532 0 520,116         9,550,000 As Is 3/1/2022     98.1% 4/15/2022 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/21/2022 NAP 4/4/2022 3/28/2022 7% No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
15.04 Property   1 Beckman Road Industrial 0.3% 12.8%         850 Thurman Street a/k/a 500 South Beckman Road Lodi San Joaquin California 95240 Industrial Manufacturing 1980 2021 99,000 SF   1,794,872 1,793,028 1,482,885                                                     647,212 53,544 593,668 3/31/2022 T-12 519,750 56,535 463,216 12/31/2021 T-12 581,742 43,799 537,943 12/31/2020 T-12 95.0% 648,638 111,410 537,228 27,720 0 509,508         11,700,000 As Is 3/16/2022     100.0% 6/6/2022 Yes Cepheid (subsidiary of Danaher Corp) 99,000 100.0% 1/31/2031 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 4/6/2022 NAP 4/4/2022 3/28/2022 8% No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
15.05 Property   1 Highway 99 Self Storage 0.2% 10.8%         935 Simmerhorn Road Galt Sacramento California 95632 Self Storage Self Storage 1982 NAP 50,240 SF   1,507,692 1,506,144 1,245,624                                                     718,354 273,677 444,677 3/31/2022 T-12 714,086 276,188 437,898 12/31/2021 T-12 664,124 258,468 405,656 12/31/2020 T-12 86.9% 718,354 288,566 429,788 9,043 0 420,745         8,010,000 As Is 3/28/2022     98.6% 4/15/2022 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 4/4/2022 NAP 4/4/2022 3/28/2022 7% No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
15.06 Property   1 Eight Mile Road Self Storage 0.2% 7.2%         10910 North Highway 99 Lodi San Joaquin California 95240 Self Storage Self Storage 1990 NAP 34,950 SF   1,005,128 1,004,096 830,416                                                     470,824 164,277 306,547 3/31/2022 T-12 448,322 163,137 285,185 12/31/2021 T-12 390,270 148,617 241,653 12/31/2020 T-12 77.9% 470,824 177,617 293,207 9,437 0 283,771         5,250,000 As Is 3/16/2022     97.1% 4/15/2022 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 4/5/2022 NAP 4/4/2022 3/28/2022 8% No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
16 Loan   1 Enterprise Mills 2.1% 100.0% BMO BMO NAP NAP 1450 Greene Street Augusta Richmond Georgia 30901 Mixed Use Office/Multifamily 1848 1999 179,672 SF 73.47 13,200,000 13,200,000 13,200,000 5.05000% 0.01775% 5.03225% NAP 56,321.53 NAP 675,858.36 Interest Only No Actual/360 120 119 120 119 0 0 4/28/2022 1 6 6/6/2022 NAP 5/6/2032 NAP 0 0 L(25),D(91),O(4) 2,593,835 1,303,082 1,290,753 2/28/2022 T-12 2,552,765 1,248,613 1,304,152 12/31/2021 T-12 2,520,981 1,254,308 1,266,673 12/31/2020 T-12 93.4% 2,703,768 1,287,331 1,416,437 0 0 1,416,437 2.10 2.10 10.7% 10.7% 24,400,000 As Is 1/28/2022 54.1% 54.1% 94.8% 4/25/2022 No Rural Sourcing, Inc. 16,860 9.4% 12/31/2026 Augusta Canal Authority 16,529 9.2% 12/31/2022 Fatsville Enterprises 7,490 4.2% 2/28/2024 Kilpatrick, Townsend & Stockton, LLP 6,514 3.6% 12/31/2022 Georgia Legal Services Program, Inc. 5,810 3.2% 2/28/2026 12/8/2021 NAP 12/8/2021 NAP NAP No Fee NAP NAP NAP NAP 99,740 12,468 27,894 6,974 226,871 Springing 226,871 439,563 Springing 439,563 0 0 0 41,250 0 0 NAP 0 0 NAP Hard (Commercial); Soft (Multifamily) Springing Yes No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Richard Kulick and Carlos Imery Richard Kulick and Carlos Imery Yes No Refinance No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17 Loan   2 Roselle & Color Plaza 2.1%   CREFI CREFI NAP NAP Various Various Union New Jersey Various Retail Various Various Various 100,851 SF 129.89 13,100,000 13,100,000 13,100,000 5.21000% 0.01775% 5.19225% NAP 57,665.78 NAP 691,989.36 Interest Only No Actual/360 120 120 120 120 0 0 5/11/2022 0 6 7/6/2022 NAP 6/6/2032 NAP 0 0 L(24),D(93),O(3) 3,660,538 1,469,360 2,191,178 2/28/2022 T-12 3,693,181 1,457,747 2,235,435 12/31/2021 T-12 3,427,414 1,460,143 1,967,271 12/31/2020 T-12 95.1% 3,755,864 1,644,903 2,110,961 29,632 108,261 1,973,069 3.05 2.85 16.1% 15.1% 30,200,000 As Is 3/29/2022 43.4% 43.4% 100.0%                                                                   0 Springing 42,650 5,331 0 2,469 0 0 Springing 0 0 0 0 179,372 0 0 NAP 0 0 NAP Springing Springing Yes No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Don Ackerman and The Don Ackerman Revocable Inter Vivos Trust Don Ackerman and The Don Ackerman Revocable Inter Vivos Trust No No Refinance                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.01 Property   1 Color Plaza 1.1% 54.0%         1000 South Elmora Avenue Elizabeth Union New Jersey 07202 Retail Anchored 1916 1994 50,709 SF   7,070,530 7,070,530 7,070,530                                                     2,053,459 925,594 1,127,865 2/28/2022 T-12 2,044,003 919,808 1,124,195 12/31/2021 T-12 1,948,222 954,793 993,429 12/31/2020 T-12 95.2% 1,989,354 931,456 1,057,898 7,732 55,998 994,168         16,300,000 As Is 3/29/2022     100.0% 4/5/2022 No Seabra Supermarket 19,065 37.6% 8/31/2029 CVS 9,814 19.4% 1/31/2025 Fashion Gallery 6,247 12.3% 1/31/2025 Jin P Chen Discount Store 3,400 6.7% 8/31/2023 Jin Chen Laundromat 1,925 3.8% 7/31/2028 4/6/2022 NAP 4/6/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.02 Property   1 Roselle Plaza 1.0% 46.0%         711 East 1st Avenue Roselle Union New Jersey 07203 Retail Shadow Anchored 2004 NAP 50,142 SF   6,029,470 6,029,470 6,029,470                                                     1,607,079 543,766 1,063,313 2/28/2022 T-12 1,649,178 537,938 1,111,240 12/31/2021 T-12 1,479,192 505,350 973,842 12/31/2020 T-12 95.0% 1,766,510 713,446 1,053,064 21,900 52,263 978,900         13,900,000 As Is 3/29/2022     100.0% 4/5/2022 No Pep Boys 12,297 24.5% 3/31/2023 JL Real Estate  5,965 11.9% 7/31/2032 Sung Man Kim 5,017 10.0% 3/31/2024 711 Roselle Grocery Inc. 4,849 9.7% 1/31/2024 Mac J Services 4,830 9.6% 6/30/2026 4/11/2022 NAP 4/6/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
18 Loan   1 Las Casitas MHP 2.0% 100.0% SMC SMC NAP NAP 2841 Fowler Road Ceres Stanislaus California 95307 Manufactured Housing Manufactured Housing 1972 NAP 180 Pads 69,444.44 12,500,000 12,500,000 12,500,000 6.29500% 0.01775% 6.27725% NAP 66,483.65 NAP 797,803.82 Interest Only No Actual/360 120 120 120 120 0 0 5/19/2022 0 6 7/6/2022 NAP 6/6/2032 NAP 0 0 L(24),YM1(91),O(5) 1,500,577 439,365 1,061,212 3/31/2022 T-12 1,472,012 463,917 1,008,095 12/31/2021 T-12 1,377,906 418,086 959,820 12/31/2020 T-12 95.0% 1,672,920 553,681 1,119,239 9,000 0 1,110,239 1.40 1.39 9.0% 8.9% 21,500,000 As Is 5/3/2022 58.1% 58.1% 100.0% 5/16/2022 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 4/21/2022 NAP 4/21/2022 4/26/2022 7% No Fee NAP NAP NAP NAP 5,876 1,959 9,585 1,598 0 750 0 0 0 0 0 0 0 0 1,500,000 0 Economic Performance Reserve 0 0 NAP Springing Springing Yes No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP Yes Mezzanine (Max Combined LTV of 58.1%; Min Combined DSCR of 1.21x; Min Combined Debt Yield of 9.0%; Intercreditor Agreement is required) Kimberly Haines, Charlene Kane and Branon Kane Kimberly Haines, Charlene Kane and Branon Kane No No Refinance No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
19 Loan   1 348 13th Street 1.7% 100.0% CREFI CREFI NAP NAP 348 13th Street Brooklyn Kings New York 11215 Office Medical 1931 NAP 18,079 SF 608.44 11,000,000 11,000,000 11,000,000 5.15000% 0.01775% 5.13225% NAP 47,864.00 NAP 574,368.00 Interest Only No Actual/360 120 119 120 119 0 0 5/3/2022 1 6 6/6/2022 NAP 5/6/2032 NAP 0 0 L(25),D(92),O(3) 1,119,469 159,054 960,415 12/31/2021 T-12 1,067,898 160,418 907,480 12/31/2020 T-12 961,073 152,910 808,164 12/31/2019 T-12 95.0% 1,269,141 179,727 1,089,413 5,502 38,773 1,045,139 1.90 1.82 9.9% 9.5% 21,900,000 As Is 3/14/2022 50.2% 50.2% 100.0% 4/20/2022 No 8616 Day Care Inc. 4,800 26.6% 6/30/2031 Premier Imaging 4,300 23.8% 8/31/2025 Park Slope Mental Health 3,395 18.8% 4/30/2032 Dr. Himansh Khanna 2,884 16.0% 2/28/2026 Maimonides Medical Center 1,500 8.3% 12/31/2023 3/30/2022 NAP 3/24/2022 NAP NAP No Fee NAP NAP NAP NAP 38,723 6,454 19,196 1,477 0 458 0 0 4,143 0 0 0 0 0 0 Springing Specified Tenant Renewal Reserve 0 0 NAP Springing Springing Yes Yes No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Harry Einhorn Harry Einhorn No No Refinance No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
20 Loan   1 Arcadia Metro Center 1.7% 100.0% SMC SMC NAP NAP 630, 632, 638 and 650 West Duarte Road Arcadia Los Angeles California 91007 Office Suburban 1956-1960 NAP 73,759 SF 147.10 10,850,000 10,850,000 10,850,000 5.46500% 0.05775% 5.40725% NAP 50,099.00 NAP 601,187.95 Interest Only No Actual/360 120 120 120 120 0 0 5/13/2022 0 6 7/6/2022 NAP 6/6/2032 NAP 0 0 L(24),D(92),O(4) 2,040,186 946,016 1,094,170 2/28/2022 T-12 2,008,701 939,990 1,068,710 12/31/2021 T-12 1,825,457 812,164 1,013,293 12/31/2020 T-12 90.8% 2,225,996 954,373 1,271,623 18,440 35,000 1,218,183 2.12 2.03 11.7% 11.2% 19,800,000 As Is 3/8/2022 54.8% 54.8% 89.5% 4/18/2022 No American Plus Bank, N.A 8,459 11.5% 10/31/2026 Medical Imaging Partners 4,998 6.8% 11/30/2024 Easyfind Co., Inc. 3,261 4.4% 9/30/2024 Michael Minehart MD, Inc. 2,974 4.0% MTM Leonard Lem, DDS 2,702 3.7% 12/31/2022 3/10/2022 NAP 3/11/2022 3/11/2022 15% No Fee NAP NAP NAP NAP 53,754 17,918 13,168 1,317 0 1,537 0 250,000 Springing 250,000 0 0 0 0 0 0 NAP 0 0 NAP Springing Springing Yes No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Jung S. Ha, Kyung M. Ha and Jaekyong Lawrence Han Jung S. Ha, Kyung M. Ha and Jaekyong Lawrence Han No Yes Refinance No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
21 Loan   3 Fisher MHP Portfolio 1.6%   SMC SMC NAP NAP Various Various Various Pennsylvania Various Manufactured Housing Manufactured Housing Various NAP 334 Pads 30,688.62 10,250,000 10,250,000 10,250,000 5.99900% 0.01775% 5.98125% NAP 51,953.15 NAP 623,437.74 Interest Only No Actual/360 120 119 120 119 0 0 5/6/2022 1 6 6/6/2022 NAP 5/6/2032 NAP 0 0 L(25),D(90),O(5) 1,273,609 293,858 979,751 2/28/2022 T-12 1,249,963 279,888 970,074 12/31/2021 T-12 1,159,503 301,611 857,892 12/31/2020 Various 90.1% 1,402,854 345,183 1,057,671 16,700 0 1,040,971 1.70 1.67 10.3% 10.2% 17,180,000 As Is 3/24/2022 59.7% 59.7% 88.9%                                                                   79,848 8,415 6,757 2,252 0 1,392 0 0 0 0 0 0 0 50,000 0 0 NAP 0 0 NAP Springing Springing Yes No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP Yes Mezzanine (Max Combined LTV of 59.7%; Min Combined DSCR of 1.41x; Min Combined Debt Yield of 10.2%; Intercreditor Agreement is required) J. Herbert Fisher, Jr., Scott A. Rhoades and David H. Nguyen J. Herbert Fisher, Jr., Scott A. Rhoades and David H. Nguyen No No Refinance                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
21.01 Property   1 Spring & Stone Manor 1.0% 64.6%         Spring Drive and Stone Manor Court Martinsburg Blair Pennsylvania 16662 Manufactured Housing Manufactured Housing 1979 NAP 215 Pads   6,622,526 6,622,526 6,622,526                                                     791,735 151,191 640,544 2/28/2022 T-12 781,898 143,691 638,207 12/31/2021 T-12 729,438 132,613 596,825 12/31/2020 T-9 Ann 89.4% 905,874 163,791 742,083 10,750 0 731,333         11,100,000 As Is 3/24/2022     89.3% 5/1/2022 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/30/2022 NAP 3/30/2022 NAP NAP Yes - AE Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
21.02 Property   1 Fountain House MHP 0.3% 18.4%         16311 State Highway 86 Saegertown Crawford Pennsylvania 16433 Manufactured Housing Manufactured Housing 1974 NAP 69 Pads   1,885,332 1,885,332 1,885,332                                                     236,885 83,016 153,869 2/28/2022 T-12 229,502 78,468 151,033 12/31/2021 T-12 219,980 86,358 133,622 12/31/2020 T-12 84.8% 239,038 81,416 157,622 3,450 0 154,172         3,160,000 As Is 3/24/2022     82.6% 5/1/2022 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/30/2022 NAP 3/30/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
21.03 Property   1 Windsor Castle MHP 0.3% 17.0%         1 Allen Street Hamburg Berks Pennsylvania 19526 Manufactured Housing Manufactured Housing 1973 NAP 50 Pads   1,742,142 1,742,142 1,742,142                                                     244,989 59,651 185,338 2/28/2022 T-12 238,563 57,729 180,834 12/31/2021 T-12 210,085 82,640 127,445 12/31/2020 T-7 Ann 98.1% 257,942 99,976 157,966 2,500 0 155,466         2,920,000 As Is 3/24/2022     96.0% 5/1/2022 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/30/2022 NAP 3/30/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
22 Loan   1 25-28 Broadway 1.6% 100.0% SMC SMC NAP NAP 25-28 Broadway Queens Queens New York 11106 Multifamily Mid Rise 2020 NAP 20 Units 500,000.00 10,000,000 10,000,000 10,000,000 4.71000% 0.01775% 4.69225% NAP 39,795.14 NAP 477,541.67 Interest Only No Actual/360 120 119 120 119 0 0 5/4/2022 1 6 6/6/2022 NAP 5/6/2032 NAP 0 0 L(25),D(91),O(4) NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 96.6% 880,526 121,585 758,941 5,000 0 753,941 1.59 1.58 7.6% 7.5% 15,800,000 As Is 3/28/2022 63.3% 63.3% 100.0% 4/26/2022 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 4/4/2022 NAP 4/4/2022 NAP NAP No Fee NAP NAP NAP NAP 33,136 11,045 13,848 1,385 0 417 0 0 0 0 0 0 0 5,000 1,000,000 0 421-a Reserve 0 0 NAP Soft Springing Yes No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Antonio Disaverio Antonio Disaverio No No Refinance No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
23 Loan   5 Hodge LA MHP Portfolio 1.5%   SMC SMC NAP NAP Various Various Various Louisiana Various Manufactured Housing Manufactured Housing Various NAP 312 Pads 29,647.44 9,250,000 9,250,000 9,250,000 5.76000% 0.01775% 5.74225% NAP 45,016.67 NAP 540,200.00 Interest Only No Actual/360 120 120 120 120 0 0 5/16/2022 0 6 7/6/2022 NAP 6/6/2032 NAP 0 0 L(24),D(92),O(4) 1,309,105 308,434 1,000,671 3/31/2022 Various 1,271,496 313,516 957,981 12/31/2021 Various 692,603 140,172 552,431 12/31/2020 Various 92.0% 1,309,105 313,736 995,369 15,600 0 979,769 1.84 1.81 10.8% 10.6% 17,610,000 As Is Various 52.5% 52.5% 92.0%                                                                   14,870 2,124 5,479 1,826 0 1,300 0 0 0 0 0 0 0 58,666 138,171 Springing Flood Business Income Reserve 0 0 NAP Springing Springing Yes No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Kris A. Hodges and Michael Hyatt Kris A. Hodges and Michael Hyatt No No Refinance                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
23.01 Property   1 Melanie Rose MHP 0.4% 25.7%         630 Brothers Road Lafayette Lafayette Louisiana 70507 Manufactured Housing Manufactured Housing 1980 NAP 78 Pads   2,379,472 2,379,472 2,379,472                                                     326,431 84,536 241,895 3/31/2022 T-12 317,884 83,869 234,015 12/31/2021 T-12 271,075 61,059 210,016 12/31/2020 T-10 Ann 90.5% 326,431 85,797 240,633 3,900 0 236,733         4,530,000 As Is 4/18/2022     96.2% 5/12/2022 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 5/2/2022 NAP 5/2/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
23.02 Property   1 Sugar Ridge MHP 0.4% 24.0%         211 East Gloria Switch Road Lafayette Lafayette Louisiana 70507 Manufactured Housing Manufactured Housing 1980 NAP 73 Pads   2,221,891 2,221,891 2,221,891                                                     326,231 83,129 243,102 3/31/2022 T-12 326,749 85,630 241,119 12/31/2021 T-12 119,305 29,582 89,723 12/31/2020 T-12 93.0% 326,231 84,006 242,225 3,650 0 238,575         4,230,000 As Is 4/18/2022     90.4% 5/12/2022 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 5/2/2022 NAP 5/2/2022 NAP NAP Yes - AE Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
23.03 Property   1 Acadian Acres MHP 0.3% 22.4%         1410 Westgate Road Lafayette Lafayette Louisiana 70506 Manufactured Housing Manufactured Housing 1980 NAP 73 Pads   2,074,815 2,074,815 2,074,815                                                     268,705 65,155 203,550 3/31/2022 T-11 Ann 256,304 67,604 188,700 12/31/2021 T-8 Ann NAV NAV NAV NAV NAV 86.2% 268,705 66,559 202,146 3,650 0 198,496         3,950,000 As Is 4/18/2022     82.2% 5/12/2022 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 5/2/2022 NAP 5/9/2022 NAP NAP Yes - AE Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
23.04 Property   1 Twin Oaks MHP 0.2% 15.0%         14054 Highway 44 Gonzales Ascension Louisiana 70737 Manufactured Housing Manufactured Housing 1979 NAP 47 Pads   1,386,712 1,386,712 1,386,712                                                     224,078 49,074 175,004 3/31/2022 T-12 207,894 50,855 157,039 12/31/2021 T-12 176,090 36,975 139,115 12/31/2020 T-12 95.4% 224,078 50,020 174,058 2,350 0 171,708         2,640,000 As Is 4/22/2022     97.9% 5/12/2022 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 5/2/2022 NAP 5/4/2022 NAP NAP Yes - A Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
23.05 Property   1 Anita Park MHP 0.2% 12.8%         115 St. Barnabas Street Broussard Lafayette Louisiana 70518 Manufactured Housing Manufactured Housing 1984 NAP 41 Pads   1,187,110 1,187,110 1,187,110                                                     163,660 26,540 137,120 3/31/2022 T-12 162,665 25,556 137,109 12/31/2021 T-12 126,134 12,557 113,577 12/31/2020 T-12 98.4% 163,660 27,354 136,306 2,050 0 134,256         2,260,000 As Is 4/18/2022     97.6% 5/12/2022 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 5/2/2022 NAP 5/2/2022 NAP NAP Yes - AE Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
24 Loan   1 Valcour Industrial 1.4% 100.0% BMO BMO NAP NAP 8500 Valcour Avenue St. Louis St. Louis Missouri 63123 Industrial Warehouse/Distribution 1961 2004 490,000 SF 18.71 9,170,000 9,170,000 8,526,868 5.55000% 0.01775% 5.53225% 52,354.28 43,000.30 628,251.36 516,003.60 Interest Only, Amortizing Balloon No Actual/360 60 60 120 120 360 360 5/19/2022 0 6 7/6/2022 7/6/2027 6/6/2032 NAP 0 0 L(24),D(92),O(4) 1,888,710 630,276 1,258,434 3/31/2022 T-12 1,869,312 599,843 1,269,469 12/31/2021 T-12 1,863,317 635,181 1,228,136 12/31/2020 T-12 95.0% 1,896,175 731,694 1,164,481 49,000 122,500 992,981 1.85 1.58 12.7% 10.8% 13,100,000 As Is 1/25/2022 70.0% 65.1% 100.0% 3/2/2022 No Schroeder & Tremayne, Inc. 296,123 60.4% 12/31/2025 Miss Elaine, Inc. 193,877 39.6% 12/31/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 2/18/2022 NAP 2/18/2022 NAP NAP No Fee NAP NAP NAP NAP 232,423 29,053 83,394 7,581 0 6,125 220,500 0 12,250 441,000 0 0 0 3,850 0 0 NAP 0 0 NAP Hard Springing Yes Yes No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Michael J. Roberts and Thomas E. Roberts Michael J. Roberts and Thomas E. Roberts No No Refinance No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
25 Loan   1 360 Rosemary 1.3% 100.0% BMO BMO NAP NAP 360 South Rosemary Avenue West Palm Beach Palm Beach Florida 33401 Office CBD 2021 NAP 313,002 SF 271.56 8,000,000 8,000,000 8,000,000 3.95000% 0.01775% 3.93225% NAP 26,699.07 NAP 320,388.89 Interest Only No Actual/360 120 116 120 116 0 0 1/18/2022 4 6 3/6/2022 NAP 2/6/2032 NAP 0 0 YM3(28),DorYM3(85),O(7) NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 95.0% 23,655,523 8,490,851 15,164,673 46,950 313,002 14,804,720 4.45 4.35 17.8% 17.4% 319,000,000 As Stabilized 12/1/2023 26.6% 26.6% 95.9% 12/1/2021 No New Day 56,048 17.9% 12/31/2032 Goldman Sachs 39,757 12.7% 9/30/2032 Comvest 39,119 12.5% 3/31/2033 Elliott Mgmt 26,662 8.5% 9/30/2033 Related Southeast 17,707 5.7% 7/31/2032 12/6/2021 NAP 12/6/2021 NAP NAP No Fee NAP NAP NAP NAP 0 Springing 0 Springing 0 Springing 0 0 Springing 0 0 0 0 0 45,498,551 0 Unfunded Obligations Reserve ($42,779,553), Base Building Reserve ($2,718,997.83) 0 0 NAP Hard Springing Yes No Yes No 8,000,000 77,000,000 256,978.59 283,677.66 125,000,000 3.95000% 210,000,000 700,850.69 65.8% 1.76 7.2% NAP NAP NAP NAP NAP NAP NAP No NAP The Related Companies, L.P. The Related Companies, L.P. No No Refinance No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
26 Loan   1 111 River Street 1.3% 100.0% BMO BMO NAP NAP 111 River Street Hoboken Hudson New Jersey 07030 Office CBD 2002 NAP 557,719 SF 138.96 8,000,000 8,000,000 8,000,000 3.28000% 0.01775% 3.26225% NAP 22,170.37 NAP 266,044.44 Interest Only No Actual/360 60 56 60 56 0 0 1/21/2022 4 6 3/6/2022 NAP 2/6/2027 NAP 0 0 L(28),D(27),O(5) 18,437,368 8,508,847 9,928,521 10/31/2021 T-12 18,375,164 8,607,905 9,767,259 12/31/2020 T-12 18,104,302 9,321,649 8,782,654 12/31/2019 T-12 82.1% 22,541,072 9,445,383 13,095,689 0 0 13,095,689 5.08 5.08 16.9% 16.9% 244,000,000 As Is 11/15/2021 31.8% 31.8% 82.6% 1/1/2022 No John Wiley & Sons Inc. 293,633 52.6% 3/31/2033 Sumitomo Mitsui Trust Bank 38,134 6.8% 1/31/2024 Crunch Holdings LLC 21,196 3.8% 8/31/2029 Burgiss Group LLC The 19,018 3.4% 11/30/2026 Educationdynamics LLC 18,063 3.2% 8/31/2029 12/21/2021 NAP 10/26/2021 NAP NAP Yes - AE Leasehold 9/30/2098 None 1,502,800 Yes 122,519 138,561 177,648 Springing 700,000 Springing 0 13,900,000 Springing 2,360,000 0 0 0 0 1,469,000 165,616 Significant Tenant Rent Replication Reserve (Upfront: $1,258,196.33), Ground Rent Reserve (Upfront: $165,615.50; Monthly: $165,615.50), Free Rent Reserve (Upfront: $45,188) 0 0 NAP Hard Springing Yes Yes Yes No 8,000,000 69,500,000 192,605.09 214,775.46 76,250,000 3.28000% 153,750,000 426,086.80 63.0% 2.56 8.5% NAP NAP NAP NAP NAP NAP NAP No NAP Steven J. Pozycki and David Werner Steven J. Pozycki and David Werner No Yes Acquisition No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
27 Loan   1 2 Riverfront Plaza 1.2% 100.0% BMO BMO NAP NAP 826-836 McCarter Highway Newark Essex New Jersey 07102 Office CBD 2014 NAP 337,543 SF 325.88 7,500,000 7,500,000 7,500,000 4.26000% 0.01775% 4.24225% NAP 26,994.79 NAP 323,937.48 Interest Only No Actual/360 120 115 120 115 0 0 12/8/2021 5 6 2/6/2022 NAP 1/6/2032 NAP 0 0 L(29),D(86),O(5) 14,216,116 3,570,855 10,645,261 9/30/2021 T-12 14,024,713 3,511,314 10,513,398 12/31/2020 T-12 14,106,430 3,763,916 10,342,514 12/31/2019 T-12 95.0% 13,859,362 3,558,666 10,300,695 67,509 506,315 9,726,872 2.17 2.05 9.4% 8.8% 182,200,000 As Is 11/12/2021 60.4% 60.4% 100.0% 6/6/2022 Yes Panasonic Corporation of North America 337,543 100.0% 4/30/2031 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 11/18/2021 NAP 11/19/2021 NAP NAP No Fee NAP NAP NAP NAP 0 0 0 Springing 0 5,626 135,017 0 42,193 0 0 0 0 0 0 0 NAP 0 0 NAP Hard Springing Yes Yes Yes No 7,500,000 102,500,000 368,928.82 395,923.61 NAP NAP 110,000,000 395,923.61 60.4% 2.05 9.4% NAP NAP NAP NAP NAP NAP NAP No NAP Arch Street Capital Advisors NAP No No Refinance No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
28 Loan   2 1267 1st Avenue & 4334 Katonah Avenue 1.1%   CREFI CREFI NAP NAP Various New York Various New York Various Mixed Use Multifamily/Retail Various Various 23,185 SF 312.70 7,250,000 7,250,000 7,250,000 5.65000% 0.01775% 5.63225% NAP 34,609.52 NAP 415,314.24 Interest Only No Actual/360 120 119 120 119 0 0 5/5/2022 1 6 6/6/2022 NAP 5/6/2032 NAP 0 0 L(25),D(91),O(4) 853,625 327,637 525,988 3/31/2022 T-12 814,186 324,186 490,000 12/31/2021 T-12 761,246 315,592 445,654 12/31/2020 T-12 95.0% 1,000,068 312,336 687,732 7,616 20,085 660,031 1.66 1.59 9.5% 9.1% 12,150,000 As Is Various 59.7% 59.7% 100.0%                                                                   97,589 19,518 3,985 1,992 0 635 0 0 1,674 0 0 0 0 86,188 30,000 0 Certificate of Occupancy Reserve 0 0 NAP Springing Springing Yes Yes No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP David Massey and Noreen Fleming David Massey and Noreen Fleming No No Refinance                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
28.01 Property   1 1267 1st Avenue 0.8% 65.5%         1267 1st Avenue New York New York New York 10065 Mixed Use Multifamily/Retail 1910 1985 7,375 SF   4,750,000 4,750,000 4,750,000                                                     509,607 230,660 278,947 3/31/2022 T-12 485,436 228,717 256,719 12/31/2021 T-12 442,873 220,276 222,597 12/31/2020 T-12 95.0% 635,785 204,381 431,404 2,613 11,858 416,933         8,100,000 As Is 4/8/2022     100.0% 4/1/2022 No LA Gourmet 1,838 24.9% 10/31/2028 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 4/13/2022 NAP 4/13/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
28.02 Property   1 4334 Katonah Avenue 0.4% 34.5%         4334 Katonah Avenue New York Bronx New York 10470 Mixed Use Multifamily/Retail 1991 NAP 15,810 SF   2,500,000 2,500,000 2,500,000                                                     344,018 96,977 247,041 3/31/2022 T-12 328,750 95,469 233,282 12/31/2021 T-12 318,373 95,316 223,057 12/31/2020 T-12 95.0% 364,283 107,955 256,328 5,003 8,227 243,098         4,050,000 As Is 4/5/2022     100.0% 4/1/2022 No Rosmuk INC 3,720 23.5% 7/31/2026 Prime Cuts 3,720 23.5% 9/30/2028 Linda Pizza 1,860 11.8% 11/30/2029 Woodlawn (Smoth shop) 930 5.9% 5/31/2031 NAP NAP NAP NAP 4/13/2022 NAP 4/13/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
29 Loan   1 Huntley Park Industrial 0.9% 100.0% CREFI CREFI NAP NAP 5040 West Tharpe Street Tallahassee Leon Florida 32303 Industrial Flex 2006 NAP 65,119 SF 85.61 5,575,000 5,575,000 5,575,000 5.71000% 0.01775% 5.69225% NAP 26,896.15 NAP 322,753.80 Interest Only No Actual/360 120 119 120 119 0 0 5/5/2022 1 6 6/6/2022 NAP 5/6/2032 NAP 0 0 L(25),YM1(91),O(4) 922,614 207,297 715,317 2/28/2022 T-12 919,542 215,956 703,585 12/31/2021 T-12 956,629 210,422 746,207 12/31/2020 T-12 95.0% 925,904 354,799 571,105 9,117 24,420 537,568 1.77 1.67 10.2% 9.6% 10,100,000 As Is 2/1/2022 55.2% 55.2% 100.0% 2/1/2022 No Department of Revenue (FL) 26,744 41.1% 4/30/2033 State of Florida Fire Marshall DFS 7,500 11.5% 4/30/2026 ERC 7,500 11.5% 12/5/2025 O.H. Industries Inc. 7,500 11.5% 10/31/2023 Auto Dealers Wholesale 6,500 10.0% 7/1/2025 3/9/2022 NAP 3/8/2022 NAP NAP No Fee NAP NAP NAP NAP 30,140 3,767 0 Springing 0 760 27,360 300,000 4,070 244,196 0 0 0 0 0 0 NAP 0 0 NAP Hard Springing Yes Yes No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Abhishek Mathur and Brian C. Adams Abhishek Mathur and Brian C. Adams No Yes Acquisition No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
30 Loan   1 9615 Spring Green Boulevard 0.6% 100.0% SMC SMC NAP NAP 9615 Spring Green Boulevard Katy Fort Bend Texas 77494 Retail Unanchored 2020 NAP 13,701 SF 262.75 3,600,000 3,600,000 3,600,000 5.25000% 0.05775% 5.19225% NAP 15,968.75 NAP 191,625.00 Interest Only No Actual/360 120 118 120 118 0 0 4/1/2022 2 6 5/6/2022 NAP 4/6/2032 NAP 0 0 L(26),D(89),O(5) NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 95.0% 512,753 123,109 389,644 2,740 20,000 366,904 2.03 1.91 10.8% 10.2% 6,100,000 As Is 3/9/2022 59.0% 59.0% 100.0% 3/1/2022 No Chicken Salad Chick 2,800 20.4% 6/30/2025 Mi Lash Studio 2,050 15.0% 12/31/2026 Enchanted Escape Nail Spa 2,012 14.7% 4/30/2027 PNC Bank, N.A. 2,000 14.6% 9/30/2030 Salty Dawg 2,000 14.6% 11/30/2026 3/16/2022 NAP 3/16/2022 NAP NAP No Fee NAP NAP NAP NAP 22,436 5,609 330 Springing 0 228 0 0 1,667 100,000 0 0 0 0 177,760 0 Outstanding Tenant Improvements Reserve ($137,760); Tenant Occupancy Reserve ($40,000) 0 0 NAP Springing Springing Yes No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Richard Neil Rainer and Clayton Lee McDaniel Richard Neil Rainer and Clayton Lee McDaniel No No Refinance No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
31 Loan   1 CityLine Midtown Self Storage 0.4% 100.0% CREFI CREFI NAP NAP 3429 Troost Avenue Kansas City Jackson Missouri 64109 Self Storage Self Storage 1910 1993 31,646 SF 86.27 2,730,000 2,730,000 2,478,327 5.21000% 0.01775% 5.19225% 15,007.60 12,017.37 180,091.20 144,208.44 Interest Only, Amortizing Balloon No Actual/360 48 47 120 119 360 360 4/14/2022 1 6 6/6/2022 6/6/2026 5/6/2032 NAP 0 0 L(25),D(91),O(4) 428,833 108,405 320,428 2/28/2022 T-12 426,839 105,562 321,277 12/31/2021 T-12 401,337 113,131 288,206 12/31/2020 T-12 93.6% 428,833 179,325 249,507 3,165 0 246,343 1.39 1.37 9.1% 9.0% 4,020,000 As Is 3/14/2022 67.9% 61.6% 96.3% 2/28/2022 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 2/15/2022 3/31/2022 2/15/2022 NAP NAP No Fee NAP NAP NAP NAP 6,166 1,028 0 Springing 11,687 264 0 0 0 0 0 0 0 38,313 0 0 NAP 0 0 NAP Springing Springing Yes No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP George Thacker, Lawrence Charles Kaplan and Richard Schontz George Thacker, Lawrence Charles Kaplan and Richard Schontz No No Acquisition Yes                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
32 Loan   1 CVS Ashland Road 0.3% 100.0% SMC SMC NAP NAP 755 Ashland Road Mansfield Richland Ohio 44905 Retail Single Tenant 1999 NAP 10,125 SF 199.57 2,025,000 2,020,667 1,680,201 5.28000% 0.01775% 5.26225% 11,219.78 NAP 134,637.36 NAP Amortizing Balloon No Actual/360 0 0 120 118 360 358 3/24/2022 2 6 5/6/2022 5/6/2022 4/6/2032 NAP 0 0 L(26),D(90),O(4) NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 98.0% 181,300 5,439 175,861 0 0 175,861 1.31 1.31 8.7% 8.7% 3,250,000 As Is 2/8/2022 62.2% 51.7% 100.0% 6/6/2022 Yes CVS 10,125 100.0% 1/31/2033 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 2/23/2022 NAP 2/23/2022 NAP NAP No Fee NAP NAP NAP NAP 0 Springing 0 Springing 0 Springing 0 0 0 0 0 0 0 0 0 0 NAP 0 0 NAP Springing Springing Yes Yes No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Dennis Townsend Dennis Townsend No No Refinance No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP

 

 

 

 Footnotes to Annex A

 

(1) The Monthly Debt Service (P&I) and Annual Debt Service (P&I) ($) shown for Mortgage Loans with a partial interest-only period reflects the amount payable after the expiration of the interest-only period.
   
(2) The open period is inclusive of the Maturity Date or Anticipated Repayment Date.
   
(3) Underwritten NOI DSCR (x), Underwritten NCF DSCR (x), Whole Loan Underwritten NCF DSCR (x) and Total Debt Underwritten NCF DSCR (x) is calculated based on amortizing debt service payments (except for interest-only loans).
   
(4) Leased Occupancy (%) reflects tenants that have signed leases, but are not yet in occupancy or may not be paying rent.
   
(5) The lease expirations shown are based on full lease terms; however, in some instances, the tenant may have the option to terminate its lease prior to the expiration date shown. In addition, in some instances, a tenant may have the right to assign its lease or sublease the leased premises and be released from its obligations under the lease.
   
(6) If the purpose of the Mortgage Loan was to finance an acquisition of the Mortgaged Property, the field "Sources: Principal's New Cash Contribution ($)" reflects the cash investment by one or more of the equity owners in the borrower in connection with such acquisition. If the purpose of the Mortgage Loan was to refinance the Mortgaged Property, the field "Sources: Principal's New Cash Contribution ($)" reflects the cash contributed to the borrower by one or more of the equity owners at the time the Mortgage Loan was originated.

 

 

 

 

     
  MORTGAGE POOL CHARACTERISTICS
     
  Mortgage Pool Characteristics  
  Initial Pool Balance $633,273,980
  Number of Mortgage Loans 32
  Number of Mortgaged Properties 88
  Average Cut-off Date Balance $19,789,812
  Weighted Average Mortgage Rate 4.89429%
  Weighted Average Remaining Term to Maturity/ARD (months) 110
  Weighted Average Remaining Amortization Term (months) 359
  Weighted Average Cut-off Date LTV Ratio  53.4%
  Weighted Average Maturity Date/ARD LTV Ratio 52.3%
  Weighted Average UW NCF DSCR 2.29x
  Weighted Average Debt Yield on Underwritten NOI 11.7%
  % of Initial Pool Balance of Mortgage Loans that are Amortizing Balloon  9.3%
  % of Initial Pool Balance of Mortgage Loans that are Interest Only then Amortizing Balloon  1.9%
  % of Initial Pool Balance of Mortgage Loans that are Interest Only  85.1%
  % of Initial Pool Balance of Mortgage Loans that are Interest Only – ARD  3.7%
  % of Initial Pool Balance of Mortgaged Properties with Single Tenants  14.1%
  % of Initial Pool Balance of Mortgage Loans with Mezzanine Debt  9.5%
  % of Initial Pool Balance of Mortgage Loans with Subordinate Debt  12.0%

 

 

 

 

COLLATERAL OVERVIEW

 

Mortgage Loans by Loan Seller        
Mortgage Loan Seller Mortgage Loans  Mortgaged Properties Aggregate Cut-off Date Balance % of Initial Pool Balance
Citi Real Estate Funding Inc. 9 46 $194,950,691 30.8%
Goldman Sachs Mortgage Company 5 12 $145,422,000 23.0%
Starwood Mortgage Capital LLC 10 21 $131,181,289 20.7%
Bank of Montreal 6 6 $61,720,000 9.7%
Bank of Montreal, Starwood Mortgage Capital LLC, Citi Real Estate Funding Inc. 1 2 $60,000,000 9.5%
Citi Real Estate Funding Inc., Bank of Montreal 1 1 $40,000,000 6.3%
Total 32 88 $633,273,980 100.0%

 

Top 10 Mortgage Loans              
Top 10 Mortgage Loans Mortgage Loan Seller Cut-off Date Balance ($) % of Initial Pool Balance Cut-off Date LTV  UW NOI DY UW NCF DSCR (x) General Property Type
Yorkshire & Lexington Towers BMO, SMC, CREFI $60,000,000 9.5% 33.3% 11.1% 3.61 Multifamily
Cliffs Hotel and Spa GSMC $50,000,000 7.9% 47.6% 17.2% 3.15 Hospitality
79 Fifth Avenue CREFI $50,000,000 7.9% 60.8% 8.4% 1.61 Office
Sunbelt Office Portfolio CREFI $42,955,691 6.8% 65.6% 11.0% 1.51 Office
Brighton Towne Square SMC $40,000,000 6.3% 61.2% 9.8% 1.54 Mixed Use
2550 M Street CREFI $40,000,000 6.3% 65.5% 8.8% 1.87 Office
Bell Works CREFI, BMO $40,000,000 6.3% 62.6% 9.4% 1.68 Office
DoubleTree Ontario GSMC $30,000,000 4.7% 22.6% 30.1% 4.72 Hospitality
One Wilshire GSMC $23,250,000 3.7% 42.6% 9.6% 3.37 Office
ExchangeRight Net Leased Portfolio #55 CREFI $22,340,000 3.5% 53.1% 9.6% 2.03 Retail

 

 

Property Types      
Property Type / Detail Number of Mortgaged Properties Aggregate Cut-off Date Balance ($) % of Initial Pool Balance
Office 12 $241,555,691 38.1%
CBD 6        135,976,815 21.5
Suburban 4          71,328,876 11.3
CBD/Data Center 1          23,250,000 3.7
Medical 1          11,000,000 1.7
Retail 48 $99,082,667 15.6%
Shadow Anchored 10          48,201,470 7.6
Single Tenant 36          40,210,667 6.3
Anchored 1            7,070,530 1.1
Unanchored 1            3,600,000 0.6
Hospitality 2 $80,000,000 12.6%
Full Service 2          80,000,000 12.6
Multifamily 3 $70,000,000 11.1%
High Rise 2          60,000,000 9.5
Mid Rise 1          10,000,000 1.6
Mixed Use 4 $60,450,000 9.5%
Office/Retail 1          40,000,000 6.3
Office/Multifamily 1          13,200,000 2.1
Multifamily/Retail 2            7,250,000 1.1
Self Storage 7 $33,647,593 5.3%
Manufactured Housing 9 $32,000,000 5.1%
Industrial 3 $16,538,028 2.6%
Warehouse/Distribution 1            9,170,000 1.4
Flex 1            5,575,000 0.9
Manufacturing 1            1,793,028 0.3
Total 88 $633,273,980 100.0%

 

 

 

Geographic Distribution      
Property Location Number of Mortgaged Properties Aggregate Cut-off Date Balance ($) % of Initial Pool Balance
New York 8 $154,100,000 24.3%
California 11 140,585,622 22.2%
New Jersey 5 68,600,000 10.8%
Michigan 3 40,605,051 6.4%
District of Columbia 1 40,000,000 6.3%
Texas 6 31,340,016 4.9%
Georgia 2 25,187,635 4.0%
South Carolina 5 23,025,723 3.6%
Tennessee 2 22,832,019 3.6%
Louisiana 11 18,132,461 2.9%
Florida 2 13,575,000 2.1%
Missouri 2 11,900,000 1.9%
North Carolina 2 11,190,588 1.8%
Pennsylvania 3 10,250,000 1.6%
Illinois 10 5,287,635 0.8%
Maryland 1 4,359,679 0.7%
Virginia 2 3,791,888 0.6%
Ohio 3 2,573,899 0.4%
Wisconsin 2 2,463,635 0.4%
Alabama 2 2,112,517 0.3%
West Virginia 1 552,372 0.1%
Kentucky 1 296,505 0.0%
Maine 1 234,796 0.0%
Indiana 1 152,875 0.0%
Delaware 1 124,063 0.0%
Total 88 $633,273,980 100.0%
       

 

Distribution of Amortization Types      
Amortization Type Number of Mortgage Loans Cut-off Date Balance ($) % of Initial Pool Balance
Interest Only 26 $539,162,000 85.1%
Amortizing Balloon 3 58,961,980 9.3%
Interest Only - ARD 1 23,250,000 3.7%
Interest Only, Amortizing Balloon 2 11,900,000 1.9%
Total 32 $633,273,980 100.0%