Exhibit 99.1

Deloitte & Touche LLP Suite 301 Harborside Plaza 10 Jersey City, NJ 07311 USA   Tel: +1 212 937 8200 www.deloitte.com

Independent Accountants’ Report

on Applying Agreed-Upon Procedures

We have performed the procedures described below, related to certain information with respect to a portfolio of commercial mortgage loans in connection with the proposed offering of a commercial loan obligation transaction by PFP 2025-12, Ltd. and PFP 2025-12, LLC. Prime Finance, PFP 2025-12, Ltd. and PFP 2025-12, LLC (collectively, the “Company”) are responsible for the information provided to us, including the information set forth in the Data File (as defined herein).

The Company has agreed to the procedures and acknowledged that the procedures performed are appropriate to meet the intended purpose of evaluating the accuracy of certain information set forth in the Data File. Additionally, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, Wells Fargo Securities, LLC, ATLAS SP Securities, a division of Apollo Global Securities, LLC, ATLAS SP Partners, L.P., Capital One Securities, Inc., M&T Securities, Inc. and Huntington Securities, Inc. (collectively with the Company, the “Specified Parties”) have agreed to the procedures and acknowledged that the procedures performed are appropriate for their purposes. This report may not be suitable for any other purpose. The procedures performed may not address all of the items of interest to a user of the report and may not meet the needs of all users of the report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. Consequently, we make no representations regarding the appropriateness of the procedures described below either for the purpose for which this report has been requested or for any other purpose.

We performed certain procedures on earlier versions of the Data File and communicated differences prior to being provided the final Data File which was subjected to the procedures described below.

Capitalized terms used but not defined herein are used with the meanings as described in “The Bond Market Association’s Standard Formulas for the Analysis of Mortgage-Backed Securities and Other Related Securities.”

Procedures and Findings 

On May 19, 2025, representatives of the Company provided us with a computer-generated mortgage loan data file and related record layout (the “Data File”) containing certain information

with respect to 28 mortgage loans secured by 39 mortgaged properties (the “Collateral Interests”).

From April 2, 2025 through May 19, 2025, representatives of the Company provided us with certain loan and property documentation (the “Source Documents” as listed in the attached Appendix A) related to the Collateral Interests.

At your request, for each of the Collateral Interests set forth on the Data File, we compared certain characteristics set forth on the Data File (the “Characteristics” as listed in Appendix A), except for those Characteristics identified on Appendix A as “None – Company Provided,” to the corresponding information set forth on or derived from the corresponding Source Documents and found them to be in agreement. We did not perform any procedures with respect to the Collateral Interests identified on the Data File as “National IOS Portfolio,” “The Aspens at Holly Springs,” “Meadowlark at Fairview,” “On50,” “Arc Light Apartments,” “McKenzie Park” and “Altara” (collectively, the “Delayed Close Collateral Interests”). For purposes of our recalculations with respect to the Delayed Close Collateral Interests, we were instructed by representatives of the Company to use the provided information set forth on the Data File for such recalculations.

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We make no representations as to (i) the actual characteristics or existence of the underlying documents or data comprising the Collateral Interests underlying the Data File or the conformity of their characteristics with those assumed for purposes of the procedures described herein, (ii) whether the Source Documents are comprehensive and valid instruments and reflect the current prevailing terms with respect to the corresponding Collateral Interests, (iii) the existence or ownership of the Collateral Interests or (iv) the reasonableness of any of the aforementioned assumptions, information or methodologies.

It should be understood that we make no representations as to questions of legal interpretation or as to the sufficiency for your purposes of the procedures enumerated in the preceding paragraphs. Also, such procedures would not necessarily reveal any material misstatement of the information referred to above. We have no responsibility to update this report for events or circumstances that occur subsequent to the date of this report.

We were engaged by the Company to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the American Institute of Certified Public Accountants (“AICPA”). An agreed-upon procedures engagement involves the practitioner performing specific procedures that the engaging party has agreed to and acknowledged to be appropriate for the purpose of the engagement and reporting on findings based on the procedures performed. We were not engaged to conduct, and did not conduct, an (i) audit conducted in accordance with generally accepted auditing standards or (ii) examination or a review engagement conducted in accordance with attestation standards established by the AICPA, the objective of which would be the expression of an opinion or conclusion, respectively, on the Data File. Accordingly, we do not express such an opinion or conclusion, or any other form of assurance, including reasonable assurance. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

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

None of the engagement, procedures or report was intended to address, nor did they address, the (i) conformity of the origination of the Collateral Interests to stated underwriting or credit extension

guidelines, standards, criteria or other requirements, (ii) value of collateral securing such Collateral Interests or (iii) compliance of the originators of the Collateral Interests with federal, state, and local laws and regulations.

None of the engagement, procedures or report were intended to satisfy, nor did they satisfy, any criteria for due diligence published by a nationally recognized statistical rating organization.

This report is intended solely for the information and use of the Specified Parties identified above and is not intended to be and should not be used by anyone other than these Specified Parties.

Yours truly,

/s/ Deloitte & Touche LLP

May 19, 2025

Appendix A

Source Documents

For purposes of performing the agreed-upon procedures described herein and at your request, we relied upon the following source documents as provided to us by the Company, with respect to each of the Collateral Interests (the “Source Documents”):

Calculation Procedures

With respect to Characteristic 26, we recomputed the Mortgage Loan Commitment Original Balance / Unit ($) by dividing the Mortgage Loan Commitment Original Balance ($) by the Number of Units. With respect to any Collateral Interest that is in a group of cross-collateralized Collateral Interests, such Characteristic is calculated on the basis of all the Collateral Interests in such cross-collateralized group (as applicable).

With respect to Characteristic 30, we recomputed the Mortgage Loan Cut-off Date Balance / Unit ($) by dividing the Mortgage Loan Cut-off Date Balance ($) by the Number of Units. With respect to any Collateral Interest that is in a group of cross-collateralized Collateral Interests, such Characteristic is calculated on the basis of all the Collateral Interests in such cross-collateralized group (as applicable).

With respect to Characteristic 33, we set the Mortgage Loan Balloon Balance ($) equal to the sum of Mortgage Loan Cut-off Date Balance ($) and Mortgage Loan Future Funding Participation Cut-off Date Unfunded Balance ($). With respect to the Collateral Interests identified on the Data File as “Elevations at Okemos Phases II & III,” “Lofts on College” and “Northpoint Center” we set the Mortgage Loan Balloon Balance ($) equal to Mortgage Loan Cut-off Date Balance ($) plus Mortgage Loan Future Funding Participation Cut-off Date Unfunded Balance ($) minus the scheduled monthly amortization payment (as set forth on the Loan Agreement) multiplied by the difference of the Original Loan Term (Remaining) and the Initial IO Period (Remaining).

With respect to Characteristic 34, we recomputed the Mortgage Loan Balloon Balance / Unit ($) by dividing the Mortgage Loan Balloon Balance ($) by the Number of Units. With respect to any Collateral Interest that is in a group of cross-collateralized Collateral Interests, such Characteristic is calculated on the basis of all the Collateral Interests in such cross-collateralized group (as applicable).

With respect to Characteristic 35, we recomputed the Mortgage Loan Annual Debt Service Payment (IO) ($) as the product of (i) Mortgage Loan Cut-off Date Balance ($), (ii) Mortgage Loan Cut-off Date Interest Rate and (iii) a fraction equal to 365/360.

With respect to Characteristic 36, we set the Mortgage Loan Annual Debt Service Payment (P&I) ($) equal to the Mortgage Loan Annual Debt Service Payment (IO) ($). With respect to the Collateral Interest identified on the Data File as “Elevations at Okemos Phases II & III,” we set the Mortgage Loan Annual Debt Service Payment (P&I) ($) equal to the sum of (a) the Mortgage Loan Annual Debt Service Payment (IO) ($) and (b) the scheduled monthly amortization payment (as set forth on the Loan Agreement) multiplied by 12.

With respect to Characteristic 37, we recomputed the Mortgage Loan Annual Debt Service Payment (Cap) ($) as the product of (i) Mortgage Loan Cut-off Date Balance ($), (ii) Mortgage Loan Rate Cap and (iii) a fraction equal to 365/360. With respect to the Collateral Interest identified on the Data File as “Elevations at Okemos Phases II & III,” we set the Mortgage Loan Annual Debt Service Payment (Cap) ($) equal to the sum of (a) the product of (i) Mortgage Loan Cut-off Date Balance ($), (ii) Mortgage Loan Rate Cap and (iii) a fraction equal to 365/360, and (b) the scheduled monthly amortization payment (as set forth on the Loan Agreement) multiplied by 12.

With respect to Characteristic 39, we recomputed the Aggregate Collateral Interest Cut-off Date Balance % by dividing the Collateral Interest Cut-off Date Balance ($) by the sum of the Collateral Interest Cut-off Date Balance ($) of all the Collateral Interests.

With respect to Characteristic 40, we set the Collateral Interest Balloon Balance ($) equal to the Collateral Interest Cut-off Date Balance ($). With respect to the Collateral Interests identified on the Data File as “Elevations at Okemos Phases II & III,” “Lofts on College” and “Northpoint Center” we set the Collateral Interest Balloon Balance ($) equal to the Collateral Interest Cut-off Date Balance ($) minus the scheduled monthly amortization payment (as set forth on the Loan Agreement) multiplied by difference of Original Loan Term (Remaining) and Initial IO Period (Remaining). With respect to the Collateral Interest identified on the Data File as “National IOS Portfolio - 375 NW 9th Ave & 1001 Old Griffin Rd” we were instructed by representatives of the Company to set the Collateral Interest Balloon Balance ($) equal to sum of the Collateral Interest Cut-off Date Balance ($) and $11,100,000.

With respect to Characteristic 41, we recalculated the Collateral Interest Future Funding Participation Cut-off Date Unfunded Balance ($) equal to the Mortgage Loan Future Funding Participation Cut-off Date Unfunded Balance ($). With respect to the Collateral Interest identified on the Data File as “SFO Hotel Portfolio” we were instructed by representatives of the Company to set the Collateral Interest Future Funding Participation Cut-off Date Unfunded Balance ($) equal to $4,080,000.

With respect to Characteristic 42, we recomputed the Collateral Interest Annual Debt Service Payment (IO) ($) as the product of (i) Collateral Interest Cut-off Date Balance ($), (ii) Collateral Interest Cut-off Date Interest Rate and (iii) a fraction equal to 365/360.

With respect to Characteristic 43, we set the Collateral Interest Annual Debt Service Payment (P&I) ($) equal to the Collateral Interest Annual Debt Service Payment (IO) ($). With respect to the Collateral Interest identified on the Data File as “Elevations at Okemos Phases II & III,” we set the Collateral Interest Annual Debt Service Payment (P&I) ($) equal to the sum of Collateral Interest Annual Debt Service Payment (IO) ($) and the scheduled monthly amortization payment (as set forth on the Loan Agreement) multiplied by 12.

With respect to Characteristic 44, we recomputed the Collateral Interest Annual Debt Service Payment (Cap) ($) as the product of (i) Collateral Interest Cut-off Date Balance ($), (ii) Collateral Interest Rate Cap (as defined below) and (iii) a fraction equal to 365/360. The “Collateral Interest Rate Cap” is equal to the sum of Collateral Interest Margin and the Mortgage Loan Index Cap. With respect to the Collateral Interest identified on the Data File as “Elevations at Okemos Phases II & III,” we set the Collateral Interest Annual Debt Service Payment (Cap) ($) equal to the sum of (a) as the product of (i) Collateral Interest Cut-off Date Balance ($), (ii) Collateral Interest Rate Cap and (iii) a fraction equal to 365/360, and (b) the scheduled monthly amortization payment (as set forth on the Loan Agreement) multiplied by 12.

With respect to Characteristic 51, we recomputed the Mortgage Loan Cut-off Date Interest Rate as the sum of the Mortgage Loan Margin and Index Rate Assumption, subject to the Mortgage Loan Rate Floor.

With respect to Characteristic 54, we recomputed the Mortgage Loan Rate Cap as the sum of the Mortgage Loan Margin and the Mortgage Loan Index Cap.

With respect to Characteristic 55, we recomputed the Mortgage Loan Rate Floor as the sum of the Mortgage Loan Margin and the Mortgage Loan Index Floor.

With respect to Characteristic 61, we recomputed the Collateral Interest Cut-off Date Interest Rate as the sum of the Collateral Interest Margin and Index Rate Assumption, subject to the Mortgage Loan Index Floor.

With respect to Characteristic 64, we set the Junior Participation Balloon Payment ($) equal to the Junior Participation Cut-off Date Balance (as applicable).

With respect to Characteristic 66, we recomputed the Junior Participation Cut-off Date Interest Rate as the sum of the Junior Participation Cut-off Date Margin and Index Rate Assumption (as applicable).

With respect to Characteristic 69, we recomputed the Initial IO Period (Remaining) by subtracting the Seasoning (months) from the Initial IO Period (but to an amount not less than zero). This procedure was performed only for Collateral Interests with an Amortization Type During Initial Term of “Interest Only” or “Interest Only/Amortizing Balloon.”

With respect to Characteristic 71, we recomputed the Original Loan Term (Remaining) by subtracting the Seasoning (months) from the Original Loan Term (Initial).

With respect to Characteristic 74, we recomputed the Seasoning (months) by determining the number of payment dates (not less than 0) from an inclusive of the First Payment Date to and inclusive of May 9, 2025 (the “Cut-Off Date,” as stipulated by representatives of the Company).

With respect to Characteristic 94, we recomputed the Fully Extended Loan Term (Remaining) by subtracting the Seasoning (months) from the Fully Extended Loan Term (Initial).

With respect to Characteristic 111, we recomputed the Mortgage Loan Most Recent NOI DSCR by dividing the (i) Most Recent NOI by (ii) Mortgage Loan Annual Debt Service Payment (IO) ($) for Collateral Interests with an Amortization Type During Initial Term of “Interest Only.” For Collateral Interests with an Amortization Type During the Initial Term of “Fixed” or “Interest Only/Amortizing Balloon” we replaced clause (ii) of this procedure with the Mortgage Loan Annual Debt Service Payment (P&I) ($). With respect to any Collateral Interest that is in a group of cross-collateralized Collateral Interests, such Characteristic is calculated on the basis of all the Collateral Interests in such cross-collateralized group (as applicable). This procedure was only performed for those Collateral Interests with a Most Recent NOI greater than $0.00.

With respect to Characteristic 112, we recomputed the Mortgage Loan Most Recent NCF DSCR by dividing the (i) Most Recent NCF by (ii) Mortgage Loan Annual Debt Service Payment (IO) ($) for Collateral Interests with an Amortization Type During Initial Term of “Interest Only,” For Collateral Interests with an Amortization Type During the Initial Term of “Fixed” or “Interest Only/Amortizing Balloon” we replaced clause (ii) of this procedure with the Mortgage Loan Annual Debt Service Payment (P&I) ($). With respect to any Collateral Interest that is in a group of cross-collateralized Collateral Interests, such Characteristic is calculated on the basis of all the Collateral Interests in such cross-collateralized group (as applicable). This procedure was only performed for those Collateral Interests with a Most Recent NCF greater than $0.00.

With respect to Characteristic 113, we recomputed the Cut-off Date Mortgage Loan Most Recent NOI Debt Yield by dividing the Most Recent NOI by the Mortgage Loan Cut-off Date Balance ($). With respect to any Collateral Interest that is in a group of cross-collateralized Collateral Interests, such Characteristic is calculated on the basis of all the Collateral Interests in such cross-collateralized group (as applicable). This procedure was only performed for those Collateral Interests with a Most Recent NOI greater than $0.00.

With respect to Characteristic 114, we recomputed the Cut-off Date Mortgage Loan Most Recent NCF Debt Yield by dividing the Most Recent NCF by the Mortgage Loan Cut-off Date Balance ($). With respect to any Collateral Interest that is in a group of cross-collateralized Collateral Interests, such Characteristic is calculated on the basis of all the Collateral Interests in such cross-

collateralized group (as applicable). This procedure was only performed for those Collateral Interests with a Most Recent NCF greater than $0.00.

With respect to Characteristic 115, we recomputed the Collateral Interest Most Recent NOI DSCR by dividing the (i) Most Recent NOI by (ii) the sum of the (x) Collateral Interest Annual Debt Service Payment (IO) ($) and (y) Pari Passu Annual Debt Service (as defined below) (as applicable) for Collateral Interests with an Amortization Type During Initial Term of “Interest Only.” For Collateral Interests with an Amortization Type During the Initial Term of “Fixed” or “Interest Only/Amortizing Balloon” we replaced clause (ii) of this procedure with the sum of the (x) Mortgage Loan Annual Debt Service Payment (P&I) ($) and (y) Pari Passu Annual Debt Service (as defined below) (as applicable). The “Pari Passu Annual Debt Service” is equal to the sum of (a) product of (i) Collateral Interest Cut-off Date Interest Rate, (ii) Pari Passu Funded Amount and (iii) a fraction equal to 365/360 and (b) any scheduled amortization payment as per the Loan Agreement, if applicable. With respect to any Collateral Interest that is in a group of cross-collateralized Collateral Interests, such Characteristic is calculated on the basis of all the Collateral Interests in such cross-collateralized group (as applicable). This procedure was only performed for those Collateral Interests with a Most Recent NOI greater than $0.00.

With respect to Characteristic 116, we recomputed the Collateral Interest Most Recent NCF DSCR by dividing the (i) Most Recent NCF by (ii) the sum of the (x) Collateral Interest Annual Debt Service Payment (IO) ($) and (y) Pari Passu Annual Debt Service (as applicable) for Collateral Interests with an Amortization Type During Initial Term of “Interest Only.” For Collateral Interests with an Amortization Type During the Initial Term of “Fixed” or “Interest Only/Amortizing Balloon” we replaced clause (ii) of this procedure with the sum of the (x) Mortgage Loan Annual Debt Service Payment (P&I) ($) and (y) Pari Passu Annual Debt Service (as applicable). With respect to any Collateral Interest that is in a group of cross-collateralized Collateral Interests, such Characteristic is calculated on the basis of all the Collateral Interests in such cross-collateralized group (as applicable). This procedure was only performed for those Collateral Interests with a Most Recent NCF greater than $0.00.

With respect to Characteristic 117, we recomputed the Cut-off Date Collateral Interest Most Recent NOI Debt Yield by dividing the Most Recent NOI by the sum of the (i) Collateral Interest Cut-off Date Balance ($) and (ii) Pari Passu Funded Amount. With respect to any Collateral Interest that is in a group of cross-collateralized Collateral Interests, such Characteristic is calculated on the basis of all the Collateral Interests in such cross-collateralized group (as applicable). This procedure was only performed for those Collateral Interests with a Most Recent NOI greater than $0.

With respect to Characteristic 118, we recomputed the Cut-off Date Collateral Interest Most Recent NCF Debt Yield by dividing the Most Recent NCF by the sum of the (i) Collateral Interest Cut-off Date Balance ($) and (ii) Pari Passu Funded Amount. With respect to any Collateral Interest that is in a group of cross-collateralized Collateral Interests, such Characteristic is calculated on the basis of all the Collateral Interests in such cross-collateralized group (as applicable). This procedure was only performed for those Collateral Interests with a Most Recent NCF greater than $0.00.

With respect to Characteristic 125, we recomputed the Mortgage Loan Cut-off Date Balance Underwritten NOI DSCR by dividing the Underwritten NOI ($) by the (i) Mortgage Loan Annual Debt Service Payment (P&I) ($) or (ii) if the applicable Mortgage Loan Cut-off Date Interest Rate is greater than the applicable Mortgage Loan Rate Cap, the Mortgage Loan Annual Debt Service Payment (Cap) ($). With respect to any Collateral Interest that is in a group of cross-collateralized Collateral Interests, such Characteristic is calculated on the basis of all the Collateral Interests in such cross-collateralized group (as applicable). Further, with respect to the Collateral Interests

identified on the Data File as “Hilton San Francisco Financial District,” “Arc Light Apartments,” “McKenzie Park” and “The Annex Bridgeton” we did not perform such calculation and were instructed by representatives of the Company to set the Mortgage Loan Cut-off Date Balance Underwritten NOI DSCR equal to 1.00. Lastly, we were instructed by representatives of the Company to set the Mortgage Loan Cut-off Date Balance Underwritten NOI DSCR equal to 1.00, for all Collateral Interests with an Underwritten NOI ($) less than $0.00.

With respect to Characteristic 126, we recomputed the Mortgage Loan Cut-off Date Balance Underwritten NCF DSCR by dividing the Underwritten NCF ($) by the (i) Mortgage Loan Annual Debt Service Payment (P&I) ($) or (ii) if the applicable Mortgage Loan Cut-off Date Interest Rate is greater than the applicable Mortgage Loan Rate Cap, the Mortgage Loan Annual Debt Service Payment (Cap) ($). With respect to any Collateral Interest that is in a group of cross-collateralized Collateral Interests, such Characteristic is calculated on the basis of all the Collateral Interests in such cross-collateralized group (as applicable). Further, with respect to the Collateral Interests identified on the Data File as “SFO Hotel Portfolio,” “Hilton San Francisco Financial District,” “Hartford Industrial Two-Pack,” “Arc Light Apartments,” “McKenzie Park,” and “The Annex at Bridgeton” we did not perform such calculation and were instructed by representatives of the Company to set the Mortgage Loan Cut-off Date Balance Underwritten NCF DSCR equal to 1.00. Lastly, we were instructed by representatives of the Company to set the Mortgage Loan Cut-off Date Balance Underwritten NCF DSCR equal to 1.00, for all Collateral Interests with an Underwritten NCF ($) less than $0.00.

With respect to Characteristic 127, we recomputed the Mortgage Loan Cut-off Date Balance Underwritten NOI Debt Yield by dividing the Underwritten NOI ($) by the Mortgage Loan Cut-off Date Balance ($). With respect to any Collateral Interest that is in a group of cross-collateralized Collateral Interests, such Characteristic is calculated on the basis of all the Collateral Interests in such cross-collateralized group (as applicable). This procedure was only performed for those Collateral Interests with an Underwritten NOI ($) greater than $0.00.

With respect to Characteristic 128, we recomputed the Mortgage Loan Cut-off Date Balance Underwritten NCF Debt Yield by dividing the Underwritten NCF ($) by the Mortgage Loan Cut-off Date Balance ($). With respect to any Collateral Interest that is in a group of cross-collateralized Collateral Interests, such Characteristic is calculated on the basis of all the Collateral Interests in such cross-collateralized group (as applicable). This procedure was only performed for those Collateral Interests with an Underwritten NCF ($) greater than $0.00.

With respect to Characteristic 129, we recomputed the Collateral Interest Cut-off Date Balance Underwritten NOI DSCR by dividing the Underwritten NOI ($) by the sum of (i) Collateral Interest Annual Debt Service Payment (P&I) ($) and (ii) Pari Passu Annual Debt Service (as applicable) or (a) if the applicable Collateral Interest Cut-off Date Interest Rate is greater than the applicable Collateral Interest Rate Cap, the sum of (x) Collateral Interest Annual Debt Service Payment (Cap) ($) and (y) Pari Passu Annual Debt Service (Cap) (as defined below). The “Pari Passu Annual Debt Service (Cap)” is equal to the product of (i) Collateral Interest Rate Cap, (ii) Pari Passu Funded Amount and (iii) a fraction equal to 365/360. With respect to any Collateral Interest that is in a group of cross-collateralized Collateral Interests, such Characteristic is calculated on the basis of all the Collateral Interests in such cross-collateralized group (as applicable). Further, with respect to the Collateral Interests identified on the Data File as “Hilton San Francisco Financial District,” “Arc Light Apartments,” “McKenzie Park” and “The Annex Bridgeton” we did not perform such calculation and were instructed by representatives of the Company to set the Collateral Interest Cut-off Date Balance Underwritten NOI DSCR equal to 1.00. Lastly, we were instructed by representatives of the Company to set the Collateral Interest Cut-off Date Balance Underwritten NOI DSCR equal to 1.00, for all Collateral Interests with an Underwritten NOI ($) less than $0.00.

With respect to Characteristic 130, we recomputed the Collateral Interest Cut-off Date Balance Underwritten NCF DSCR by dividing the Underwritten NCF ($) by the sum of (i) Collateral Interest Annual Debt Service Payment (P&I) ($) and (ii) Pari Passu Annual Debt Service (as applicable) or (a) if the applicable Collateral Interest Cut-off Date Interest Rate is greater than the applicable Collateral Interest Rate Cap, the sum of (x) Collateral Interest Annual Debt Service Payment (Cap) ($) and (y) Pari Passu Annual Debt Service (Cap). With respect to any Collateral Interest that is in a group of cross-collateralized Collateral Interests, such Characteristic is calculated on the basis of all the Collateral Interests in such cross-collateralized group (as applicable). Further, with respect to the Collateral Interests identified on the Data File as ““SFO Hotel Portfolio,” “Hilton San Francisco Financial District,” “Hartford Industrial Two-Pack,” “Arc Light Apartments,” “McKenzie Park” and “The Annex at Bridgeton” we did not perform such calculation and were instructed by representatives of the Company to set the Collateral Interest Cut-off Date Balance Underwritten NCF DSCR equal to 1.00. Lastly, we were instructed by representatives of the Company to set the Collateral Interest Cut-off Date Balance Underwritten NCF DSCR equal to 1.00, for all Collateral Interests with an Underwritten NCF ($) less than $0.00.

With respect to Characteristic 131, we recomputed the Collateral Interest Cut-off Date Balance Underwritten NOI Debt Yield by dividing the Underwritten NOI ($) by the sum of the (i) Collateral Interest Cut-off Date Balance ($) and (ii) Pari Passu Funded Amount. With respect to any Collateral Interest that is in a group of cross-collateralized Collateral Interests, such Characteristic is calculated on the basis of all the Collateral Interests in such cross-collateralized group (as applicable). This procedure was only performed for those Collateral Interests with an Underwritten NOI ($) greater than $0.00.

With respect to Characteristic 132, we recomputed the Collateral Interest Cut-off Date Balance Underwritten NCF Debt Yield by dividing the Underwritten NCF ($) by the sum of the (i) Collateral Interest Cut-off Date Balance ($) and (ii) Pari Passu Funded Amount. With respect to any Collateral Interest that is in a group of cross-collateralized Collateral Interests, such Characteristic is calculated on the basis of all the Collateral Interests in such cross-collateralized group (as applicable). This procedure was only performed for those Collateral Interests with an Underwritten NCF ($) greater than $0.00.

With respect to Characteristic 139, we recomputed the Fully Funded Mortgage Loan Underwritten Stabilized NOI DSCR by dividing the Underwritten Stabilized NOI ($) by the (i) Mortgage Loan Maturity Annual Debt Service (P&I) ($) (as defined below) or (ii) if the applicable Mortgage Loan Cut-off Date Interest Rate is greater than the applicable Mortgage Loan Rate Cap, the Mortgage Loan Maturity Annual Debt Service (Cap) ($) (as defined below). With respect to any Collateral Interest that is in a group of cross-collateralized Collateral Interests, such Characteristic is calculated on the basis of all the Collateral Interests in such cross-collateralized group (as applicable). The “Mortgage Loan Maturity Annual Debt Service (P&I) ($)” is equal to the sum of (a) the product of (i) Mortgage Loan Balloon Balance ($), (ii) Mortgage Loan Cut-off Date Interest Rate and (iii) a fraction equal to 365/360 and (b) the scheduled monthly amortization payment (as set forth on the Loan Agreement) multiplied by 12. The “Mortgage Loan Maturity Annual Debt Service (Cap) ($)” is equal to the sum of (a) the product of (i) the Mortgage Loan Balloon Balance ($), (ii) the Mortgage Loan Rate Cap and (iii) a fraction equal to 365/360 and (b) the scheduled monthly amortization payment (as set forth on the Loan Agreement) multiplied by 12.

With respect to Characteristic 140, we recomputed the Fully Funded Mortgage Loan Underwritten Stabilized NCF DSCR by dividing the Underwritten Stabilized NCF ($) by the (i) Mortgage Loan Maturity Annual Debt Service (P&I) ($) or (ii) if the applicable Mortgage Loan Cut-off Date Interest Rate is greater than the applicable Mortgage Loan Rate Cap, the Mortgage Loan Maturity Annual Debt Service (Cap) ($). With respect to any Collateral Interest that is in a group of cross-

collateralized Collateral Interests, such Characteristic is calculated on the basis of all the Collateral Interests in such cross-collateralized group (as applicable).

With respect to Characteristic 141, we recomputed the Fully Funded Mortgage Loan Underwritten Stabilized NOI Debt Yield by dividing the Underwritten Stabilized NOI ($) by the Mortgage Loan Balloon Balance ($). With respect to any Collateral Interest that is in a group of cross-collateralized Collateral Interests, such Characteristic is calculated on the basis of all the Collateral Interests in such cross-collateralized group (as applicable).

With respect to Characteristic 142, we recomputed the Fully Funded Mortgage Loan Underwritten Stabilized NCF Debt Yield by dividing the Underwritten Stabilized NCF ($) by the Mortgage Loan Balloon Balance ($). With respect to any Collateral Interest that is in a group of cross-collateralized Collateral Interests, such Characteristic is calculated on the basis of all the Collateral Interests in such cross-collateralized group (as applicable).

With respect to Characteristic 143, we recomputed the Collateral Interest Underwritten Stabilized NOI DSCR by dividing the Underwritten Stabilized NOI ($) by the Mortgage Loan Maturity Annual Debt Service (P&I) ($) or if the applicable Collateral Interest Cut-off Date Interest Rate is greater than the applicable Collateral Interest Rate Cap, the Mortgage Loan Maturity Annual Debt Service (Cap) ($). With respect to any Collateral Interest that is in a group of cross-collateralized Collateral Interests, such Characteristic is calculated on the basis of all the Collateral Interests in such cross-collateralized group (as applicable).

With respect to Characteristic 144, we recomputed the Collateral Interest Underwritten Stabilized NCF DSCR by dividing the Underwritten Stabilized NCF ($) by the Mortgage Loan Maturity Annual Debt Service (P&I) ($) or if the applicable Collateral Interest Cut-off Date Interest Rate is greater than the applicable Collateral Interest Rate Cap, the Mortgage Loan Maturity Annual Debt Service (Cap) ($). With respect to any Collateral Interest that is in a group of cross-collateralized Collateral Interests, such Characteristic is calculated on the basis of all the Collateral Interests in such cross-collateralized group (as applicable).

With respect to Characteristic 145, we recomputed the Collateral Interest Underwritten Stabilized NOI Debt Yield by dividing the Underwritten Stabilized NOI ($) by the difference of the (i) Mortgage Loan Balloon Balance ($) and (ii) Junior Participation Balloon Payment ($). With respect to any Collateral Interest that is in a group of cross-collateralized Collateral Interests, such Characteristic is calculated on the basis of all the Collateral Interests in such cross-collateralized group (as applicable).

With respect to Characteristic 146, we recomputed the Collateral Interest Underwritten Stabilized NCF Debt Yield by dividing the Underwritten Stabilized NCF ($) by the difference of the (i) Mortgage Loan Balloon Balance ($) and (ii) Junior Participation Balloon Payment ($). With respect to any Collateral Interest that is in a group of cross-collateralized Collateral Interests, such Characteristic is calculated on the basis of all the Collateral Interests in such cross-collateralized group (as applicable).

With respect to Characteristic 153, we recomputed the Fully Funded Mortgage Loan Appraisal Stabilized NOI DSCR by dividing the Appraisal Stabilized NOI ($) by the (i) Mortgage Loan Maturity Annual Debt Service (P&I) ($) or (ii) if the applicable Mortgage Loan Cut-off Date Interest Rate is greater than the applicable Mortgage Loan Rate Cap, the Mortgage Loan Maturity Annual Debt Service (Cap) ($). With respect to any Collateral Interest that is in a group of cross-

collateralized Collateral Interests, such Characteristic is calculated on the basis of all the Collateral Interests in such cross-collateralized group (as applicable).

With respect to Characteristic 154, we recomputed the Fully Funded Mortgage Loan Appraisal Stabilized NCF DSCR by dividing the Appraisal Stabilized NCF ($) by the (i) Mortgage Loan Maturity Annual Debt Service (P&I) ($) or (ii) if the applicable Mortgage Loan Cut-off Date Interest Rate is greater than the applicable Mortgage Loan Rate Cap, the Mortgage Loan Maturity Annual Debt Service (Cap) ($). With respect to any Collateral Interest that is in a group of cross-collateralized Collateral Interests, such Characteristic is calculated on the basis of all the Collateral Interests in such cross-collateralized group (as applicable).

With respect to Characteristic 155, we recomputed the Fully Funded Mortgage Loan Appraisal Stabilized NOI Debt Yield by dividing the Appraisal Stabilized NOI ($) by the Mortgage Loan Balloon Balance ($). With respect to any Collateral Interest that is in a group of cross-collateralized Collateral Interests, such Characteristic is calculated on the basis of all the Collateral Interests in such cross-collateralized group (as applicable).

With respect to Characteristic 156, we recomputed the Fully Funded Mortgage Loan Appraisal Stabilized NCF Debt Yield by dividing the Appraisal Stabilized NCF ($) by the Mortgage Loan Balloon Balance ($). With respect to any Collateral Interest that is in a group of cross-collateralized Collateral Interests, such Characteristic is calculated on the basis of all the Collateral Interests in such cross-collateralized group (as applicable).

With respect to Characteristic 157, we recomputed the Collateral Interest Appraisal Stabilized NOI DSCR by dividing the Appraisal Stabilized NOI ($) by the Mortgage Loan Maturity Annual Debt Service (P&I) ($) or (a) if the applicable Collateral Interest Cut-off Date Interest Rate is greater than the applicable Collateral Interest Rate Cap, the Mortgage Loan Maturity Annual Debt Service (Cap) ($). With respect to any Collateral Interest that is in a group of cross-collateralized Collateral Interests, such Characteristic is calculated on the basis of all the Collateral Interests in such cross-collateralized group (as applicable).

With respect to Characteristic 158, we recomputed the Collateral Interest Appraisal Stabilized NCF DSCR by dividing the Appraisal Stabilized NCF ($) by the Mortgage Loan Maturity Annual Debt Service (P&I) ($) or (a) if the applicable Collateral Interest Cut-off Date Interest Rate is greater than the applicable Collateral Interest Rate Cap, the Mortgage Loan Maturity Annual Debt Service (Cap) ($). With respect to any Collateral Interest that is in a group of cross-collateralized Collateral Interests, such Characteristic is calculated on the basis of all the Collateral Interests in such cross-collateralized group (as applicable).

With respect to Characteristic 159, we recomputed the Collateral Interest Appraisal Stabilized NOI Debt Yield by dividing the Appraisal Stabilized NOI ($) by the difference of the (i) Mortgage Loan Balloon Balance ($) and (ii) Junior Participation Balloon Payment ($). With respect to any Collateral Interest that is in a group of cross-collateralized Collateral Interests, such Characteristic is calculated on the basis of all the Collateral Interests in such cross-collateralized group (as applicable).

With respect to Characteristic 160, we recomputed the Collateral Interest Appraisal Stabilized NCF Debt Yield by dividing the Appraisal Stabilized NCF ($) by the difference of the (i) Mortgage Loan Balloon Balance ($) and (ii) Junior Participation Balloon Payment ($). With respect to any Collateral Interest that is in a group of cross-collateralized Collateral Interests, such Characteristic is calculated on the basis of all the Collateral Interests in such cross-collateralized group (as applicable).

With respect to Characteristic 223, we recomputed the Subordinate Debt Interest Rate as the sum of the Subordinate Debt Margin and the Index Rate Assumption. Further, with respect to the Collateral Interest identified on the Data File as “Hilton San Francisco Financial District,” the Collateral Interest bear interest at a fixed rate and we set the Subordinate Debt Interest Rate equal to 7.250% as stipulated in the applicable Subordinate Debt Documents.

With respect to Characteristic 225, we recomputed the Total Debt Cut-off Date Balance ($) as the sum of the Mortgage Loan Cut-off Date Balance ($), Junior Participation Cut-off Date Balance and Subordinate Debt Cut-off Date Balance ($). This procedure was only performed for those Collateral Interests with a Junior Participation Cut-off Date Balance and/or Subordinate Debt Cut-off Date Balance ($) greater than $0.00.

With respect to Characteristic 226, we recomputed the Total Debt Cut-off Date As-Is LTV by dividing the Total Debt Cut-off Date Balance ($) by the As-Is Appraised Value ($). With respect to any Collateral Interest that is in a group of cross-collateralized Collateral Interests, such Characteristic is calculated on the basis of all the Collateral Interests in such cross-collateralized group (as applicable). This procedure was only performed for those Collateral Interests with a Total Debt Cut-off Date Balance ($) of greater than $0.00.

With respect to Characteristic 227, we recomputed the Total Debt Cut-off Date UW NCF DSCR by dividing the Underwritten NCF ($) by the sum of (i) the Subordinate Debt Annual Debt Service Payment (P&I) ($) (as defined below) (as applicable) and (ii) Mortgage Loan Annual Debt Service Payment (P&I) ($). With respect to any Collateral Interest that is in a group of cross-collateralized Collateral Interests, such Characteristic is calculated on the basis of all the Collateral Interests in such cross-collateralized group (as applicable). The “Subordinate Debt Annual Debt Service Payment (P&I) ($)” is equal to the product of (i) the Subordinate Debt Cut-off Date Balance ($), (ii) the Subordinate Debt Interest Rate and (iii) a fraction equal to 365/360 (as applicable). Further, with respect to the Collateral Interest identified on the Data File as “Hilton San Francisco Financial District” we did not perform such calculation and were instructed by representatives of the Company to set the Total Debt Cut-off Date UW NCF DSCR equal to 1.00. This procedure was only performed for those Collateral Interests with a Total Debt Cut-off Date Balance ($) of greater than $0.00.

With respect to Characteristic 228, we recomputed the Total Debt Cut-off Date UW NOI DY by dividing the Underwritten NOI ($) by the Total Debt Cut-off Date Balance ($). With respect to any Collateral Interest that is in a group of cross-collateralized Collateral Interests, such Characteristic is calculated on the basis of all the Collateral Interests in such cross-collateralized group (as applicable). This procedure was only performed for those Collateral Interests with a Total Debt Cut-off Date Balance ($) of greater than $0.00.

With respect to Characteristic 241, we recomputed the Mortgage Loan Cut-off Date As-Is LTV Ratio by dividing the Mortgage Loan Cut-off Date Balance ($) by the As-Is Appraised Value ($). With respect to any Collateral Interest that is in a group of cross-collateralized Collateral Interests, such Characteristic is calculated on the basis of all the Collateral Interests in such cross-collateralized group (as applicable).

With respect to Characteristic 242, we recomputed the Mortgage Loan Commitment Maturity Date Stabilized LTV Ratio by dividing the Mortgage Loan Balloon Balance ($) by the Stabilized Appraised Value ($). With respect to any Collateral Interest that is in a group of cross-collateralized Collateral Interests, such Characteristic is calculated on the basis of all the Collateral Interests in such cross-collateralized group (as applicable).

With respect to Characteristic 243, we recomputed the Collateral Interest Cut-off Date As-Is LTV Ratio by dividing the sum of the (i) Collateral Interest Cut-off Date Balance ($) and (ii) Pari Passu Funded Amount by the As-Is Appraised Value ($).

With respect to Characteristic 244, we recomputed the Collateral Interest Commitment Maturity Date Stabilized LTV Ratio by dividing the difference of the (i) Mortgage Loan Balloon Balance ($) and (ii) Junior Participation Balloon Payment ($) by the Stabilized Appraised Value ($).

With respect to Characteristic 251, we recomputed the Largest Tenant Square Feet % by dividing the Largest Tenant Square Feet by the Number of Units. This procedure was not performed for the Collateral Interests with Property Type of “Multifamily” and for Collateral Interests with a Largest Tenant Square Feet equal to “N/A.” Further, with respect to the Collateral Interests identified on the Data File as “Henson Studios,” “10203 E St #1,” “10203 E St #2,” “847 Industrial Parkway,” “2610 Durahart Street” and “399 Old Water Works Road” we did not perform such calculation and were instructed by representatives of the Company to set the Largest Tenant Square Feet % equal to N/A.

With respect to Characteristic 255, we recomputed the 2nd Largest Tenant Square Feet % by dividing the 2nd Largest Tenant Square Feet by the Number of Units. This procedure was not performed for the Collateral Interests with a Property Type of “Multifamily” and for Collateral Interests with a 2nd Largest Tenant Square Feet equal to N/A,” Further, with respect to the Collateral Interests identified on the Data File as “847 Industrial Parkway” and “399 Old Water Works Road” we did not perform such calculation and were instructed by representatives of the Company to set the 2nd Largest Tenant Square Feet % equal to N/A.

With respect to Characteristic 259, we recomputed the 3rd Largest Tenant Square Feet % by dividing the 3rd Largest Tenant Square Feet by the Number of Units. This procedure was not performed for the Collateral Interests with a Property Type of “Multifamily” and for Collateral Interests with a 3rd Largest Tenant Square Feet equal to “N/A.” Further, with respect to the Collateral Interest identified on the Data File as “847 Industrial Parkway” we did not perform such calculation and were instructed by representatives of the Company to set the 3rd Largest Tenant Square Feet % equal to N/A.

With respect to Characteristic 263, we recomputed the 4th Largest Tenant Square Feet % by dividing the 4th Largest Tenant Square Feet by the Number of Units. This procedure was Not performed for the Collateral Interests with a Property Type of “Multifamily” and for Collateral Interests with a 4th Largest Tenant Square Feet equal to “N/A.”

With respect to Characteristic 267, we recomputed the 5th Largest Tenant Square Feet % by dividing the 5th Largest Tenant Square Feet by the Number of Units. This procedure was not performed for the Collateral Interests with Property Type of “Multifamily” and for Collateral Interests with a 5th Largest Tenant Square Feet equal to “N/A.”