Suite 900
8350 Broad Street
McLean, VA 22102
Exhibit 99.1
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| KPMG LLP Suite 900 8350 Broad Street McLean, VA 22102 |
Independent Accountants’ Agreed-Upon Procedures Report
ACRES Mortgage Fund, Ltd. (the “Company”)
ATLAS SP Securities, a division of Apollo Global Securities, LLC
Atlas SP Partners, L.P.
(collectively, the “Specified Parties”)
| Re: | ACRES 2025-FL3, LLC – Data File Procedures |
We have performed the procedures described below on the specified attributes in an electronic data file entitled “ACRES 2025-FL3 LLC Data Tape CSR.xlsx” provided by the Company on June 23, 2025 (the “Data File”), containing information on 21 collateral interests and the 23 related mortgaged properties as of July 1, 2025 (the “Cut-off Date”), which we were informed are intended to be included as collateral in the offering by ACRES 2025-FL3, LLC. The Company is responsible for the specified attributes identified by the Company in the Data File.
The Specified Parties have agreed to and acknowledged that the procedures performed are appropriate to meet their intended purpose of assisting specified parties in evaluating the accuracy of the specified attributes in the Data File. This report may not be suitable for any other purpose. No other parties have agreed to or acknowledged the appropriateness of these procedures for the intended purpose or any other purpose.
The procedures performed may not address all the items of interest to a specified party of this report and may not meet the needs of all specified parties of this report and, as such, specified parties are responsible for determining whether the procedures performed are appropriate for their purposes. We make no representation regarding the appropriateness of the procedures either for the intended purpose or for any other purpose.
Unless otherwise stated, the following definitions have been adopted in presenting our procedures and findings:
| · | The term “compared” means compared to the information shown and found it to be in agreement, unless otherwise stated. Such compared information was deemed to be in agreement if differences were within the reporting threshold. |
| · | The term “recomputed” means recalculated and compared the result to the information shown and found it to be in agreement, unless otherwise stated. Such recomputed information was deemed to be in agreement if differences were within the reporting threshold. |
| · | The term “reporting threshold” means that dollar amounts and percentages were within $1.00 and 0.1%, respectively. |
| · | The term “Loan Files” means the electronic copies of source documents provided by the Company and listed in Attachment A. We make no representation regarding the validity or accuracy of these documents. |
| · | The term “Compared Attributes” means the list of fields in the Data File which were selected by the Company for us to perform comparison procedures for and are listed in Attachment A. |
| KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. |
| · | The term “Recomputed Attributes” means the list of fields in the Data File which were selected by the Company for us to perform recomputation procedures for and are listed in Attachment B. |
| · | The term “Calculation Methodology” means the formula listed in the Calculation Methodology column of Attachment B containing the calculation methodology for the Recomputed Attributes provided by the Company. |
| · | The term “Index Rate Assumption” means the rate of 4.32000%, which we were instructed to use by the Company where applicable in the Calculation Methodology. |
| · | The term “Instructions” means the instructions provided by the Company pertaining to a procedure, attribute, or methodology as described in Attachment C. |
| · | The term “Provided Information” means the Cut-off Date, Loan Files, Calculation Methodology, Index Rate Assumption, and Instructions. |
Prior to being provided the Data File, we received one or more earlier versions of the data file on which to perform our procedures. In performing those procedures, we identified differences which were communicated to the Company. The Data File represents the revised information reflecting resolution of differences communicated as determined appropriate by the Company. We performed the procedures on the Data File, and the results of those procedures are reflected herein.
The procedures we were instructed by the Company to perform and the associated findings are as follows:
| A. | We compared the Compared Attributes in the Data File to the corresponding information included in the Loan Files, utilizing the Instructions, as applicable. The Specified Parties indicated that the absence of any of the information in the Loan Files or the inability to agree the indicated information from the Data File to the Loan Files for each of the attributes identified, utilizing the Instructions as applicable, constituted an exception. The document priority is the order provided by the Company, which is listed in the “Source Document(s)” column of Attachment A, with the highest priority document listed first. |
| B. | We recomputed the Recomputed Attributes in the Data File using (i) the corresponding information contained in the Data File, (ii) the Calculation Methodology, and (iii) the Instructions. |
We found such information to be in agreement without exception.
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, which involves us performing the specific procedures agreed to and acknowledged above and reporting on findings based on performing those procedures. We were not engaged to, and did not, conduct an examination or review, the objective of which would be the expression of an opinion or conclusion, respectively, on the specified attributes in the Data File. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported.
We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement.
The procedures performed were applied based on the information included in the Data File and Provided Information, without verification or evaluation of such information by us; therefore, we express no opinion or any other form of assurance regarding (i) the reasonableness of the information provided to us by the Company, (ii) the physical existence of the collateral interests and related mortgaged properties, (iii) the reliability or accuracy of the Provided Information which was used in our procedures, or (iv) matters of legal interpretation.
2
The procedures performed were not intended to address, nor did they address: (i) the conformity of the origination of the collateral interests to stated underwriting or credit extension guidelines, standards, criteria or other requirements, (ii) the value of collateral securing any such collateral interests being securitized, (iii) the compliance of the originator of the collateral interests with federal, state, and local laws and regulations, or (iv) any other factor or characteristic of the collateral interests and related mortgaged properties that would be material to the likelihood that the issuer of the notes will pay interest and principal in accordance with applicable terms and conditions. The procedures performed were not intended to satisfy any criteria for due diligence published by the nationally recognized statistical rating organizations (“NRSROs”).
The terms of our engagement are such that we have no responsibility to update this report because of events and circumstances that may subsequently occur.
This report is intended solely for the information and use of the Specified Parties. It is not intended to be and should not be used by any other person or entity, including investors or the NRSROs, who are not identified in the report as the Specified Parties but may have access to this report as required by law or regulation.
/s/ KPMG LLP
McLean, Virginia
June 23, 2025
3
ATTACHMENT A
COMPARED ATTRIBUTES
| Attribute | Source Document(s) |
| Cross Collateralized and Cross Defaulted Loan Flag | Loan Agreement, Promissory Note, Deed of Trust |
| Property Address | Appraisal Report, Engineering Report |
| City | Appraisal Report, Engineering Report |
| State | Appraisal Report, Engineering Report |
| County | Appraisal Report, Engineering Report |
| Zip Code | Appraisal Report, Engineering Report |
| Year Built | Appraisal Report, Engineering Report |
| Year Renovated | Appraisal Report, Engineering Report |
| Property Type | Appraisal Report |
| Specific Property Type | Appraisal Report |
| Number of Units | Underwritten Rent Roll, Certified Rent Roll, STR Report |
| Unit of Measure | Underwritten Rent Roll, Certified Rent Roll, STR Report |
| Occupancy (%) | Underwritten Rent Roll, Certified Rent Roll, STR Report |
| Occupancy Date | Underwritten Rent Roll, Certified Rent Roll, STR Report |
| Loan Purpose | Settlement Statement |
| Note Date | Loan Agreement, Promissory Note, Deed of Trust |
| First Payment Date | Loan Agreement, Promissory Note, Deed of Trust, Settlement Statement |
| Mortgage Loan Commitment Original Balance ($) | Loan Agreement, Promissory Note, Deed of Trust |
| Mortgage Loan Initial Funded Amount ($) | Loan Agreement, Promissory Note, Deed of Trust |
| Mortgage Loan Commitment Cut-Off Date Balance ($) | Servicer Report, Loan Agreement, Promissory Note |
| Mortgage Loan Cut-off Date Balance ($) | Servicer Report, Loan Agreement, Promissory Note |
1
| Attribute | Source Document(s) |
| Future Funding Advance Conditions | Loan Agreement, Promissory Note, Deed of Trust |
| Mortgage Loan Balloon Balance ($) | Loan Agreement, Promissory Note, Deed of Trust |
| Junior Participation Balloon Payment ($) | Loan Agreement, Promissory Note, Deed of Trust |
| Rate Type | Loan Agreement, Promissory Note, Deed of Trust |
| Index | Loan Agreement, Promissory Note, Deed of Trust |
| Interest Accrual Basis | Loan Agreement, Promissory Note, Deed of Trust |
| Accrual Period | Loan Agreement, Promissory Note, Deed of Trust |
| Lookback Period | Loan Agreement, Promissory Note, Deed of Trust |
| Rounding Factor | Loan Agreement, Promissory Note, Deed of Trust |
| Time of Rounding (Before Spread, After Spread) | Loan Agreement, Promissory Note, Deed of Trust |
| Rounding Direction | Loan Agreement, Promissory Note, Deed of Trust |
| Mortgage Loan Margin | Loan Agreement, Promissory Note, Deed of Trust |
| Collateral Interest Margin | Loan Agreement, Promissory Note, Deed of Trust |
| Junior Participation Cut-off Date Margin | Loan Agreement, Promissory Note, Deed of Trust |
| Mortgage Loan Index Floor | Loan Agreement, Promissory Note, Deed of Trust |
| Mortgage Loan Index Cap Provider | Rate Cap Confirmation |
| Mortgage Loan Index Cap Notional Amount | Rate Cap Confirmation |
| Mortgage Loan Index Cap Termination Date | Rate Cap Confirmation |
| Mortgage Loan Index Cap | Rate Cap Confirmation |
| Mortgage Loan Margin Change (Y/N) | Loan Agreement, Promissory Note, Deed of Trust |
| Mortgage Loan Margin Change Description | Loan Agreement, Promissory Note, Deed of Trust |
| Junior Participation Cut-off Date Interest Rate | Loan Agreement, Promissory Note, Deed of Trust |
| Amortization Type During Initial Term | Loan Agreement, Promissory Note, Deed of Trust |
| ARD Loan (Y/N) | Loan Agreement, Promissory Note, Deed of Trust |
| Initial Maturity Date or Anticipated Repayment Date | Loan Agreement, Promissory Note, Deed of Trust |
| Extension Options (Y/N) | Loan Agreement, Promissory Note, Deed of Trust |
| Extension Options Description | Loan Agreement, Promissory Note, Deed of Trust |
2
| Attribute | Source Document(s) |
| Amortization Type During Extensions | Loan Agreement, Promissory Note, Deed of Trust |
| Amortization Style | Loan Agreement, Promissory Note, Deed of Trust |
| Amortization Rate | Loan Agreement, Promissory Note, Deed of Trust |
| Amortization Basis | Loan Agreement, Promissory Note, Deed of Trust |
| First Extension Period Requirements | Loan Agreement, Promissory Note, Deed of Trust |
| First Extension Period (months) | Loan Agreement, Promissory Note, Deed of Trust |
| First Extension Fee (%) | Loan Agreement, Promissory Note, Deed of Trust |
| Second Extension Period Requirements | Loan Agreement, Promissory Note, Deed of Trust |
| Second Extension Period (months) | Loan Agreement, Promissory Note, Deed of Trust |
| Second Extension Fee (%) | Loan Agreement, Promissory Note, Deed of Trust |
| Third Extension Period Requirements | Loan Agreement, Promissory Note, Deed of Trust |
| Third Extension Period (months) | Loan Agreement, Promissory Note, Deed of Trust |
| Third Extension Fee (%) | Loan Agreement, Promissory Note, Deed of Trust |
| Fourth Extension Period Requirements | Loan Agreement, Promissory Note, Deed of Trust |
| Fourth Extension Period (months) | Loan Agreement, Promissory Note, Deed of Trust |
| Fourth Extension Fee (%) | Loan Agreement, Promissory Note, Deed of Trust |
| Exit Fee % | Loan Agreement, Promissory Note, Deed of Trust |
| Exit Fee Balance | Loan Agreement, Promissory Note, Deed of Trust |
| Fully Extended IO Period (Initial) | Loan Agreement, Promissory Note, Deed of Trust |
| Fully Extended Maturity Date | Loan Agreement, Promissory Note, Deed of Trust |
| Future Debt Permitted (Y/N) | Loan Agreement, Promissory Note, Deed of Trust |
| Permitted Future Debt Type | Loan Agreement, Promissory Note, Deed of Trust |
| Grace Period Default (Days) | Loan Agreement, Promissory Note, Deed of Trust |
| Grace Period Late (Days) | Loan Agreement, Promissory Note, Deed of Trust |
| Initial Prepayment Provision | Loan Agreement, Promissory Note, Deed of Trust |
| Remaining Call Protection (Cut-off Date) | Loan Agreement, Promissory Note, Deed of Trust |
| Original Yield Maintenance or Minimum Interest Term | Loan Agreement, Promissory Note, Deed of Trust |
3
| Attribute | Source Document(s) |
| Rate for Prepayment Protection | Loan Agreement, Promissory Note, Deed of Trust |
| Partial Release and/or Partial Prepayment (Y/N) | Loan Agreement, Promissory Note, Deed of Trust |
| Lien Position | Title Policy |
| Recourse | Guaranties, Loan Agreement |
| Recourse Provisions | Guaranties, Loan Agreement |
| Recourse Carveout Guarantor | Guaranties, Loan Agreement |
| Borrower | Loan Agreement, Promissory Note, Deed of Trust |
| Sponsor | Guaranties |
| Affiliated Sponsor (Y/N) | Guaranties |
| Tenants-in-common (Y/N) | Loan Agreement, Promissory Note, Deed of Trust, TIC Agreement |
| Ownership Interest | Title Policy |
| Ground Lease (Y/N) | Ground Lease, Estoppel |
| Annual Ground Lease Payment ($) | Ground Lease, Estoppel |
| Ground Lease Initial Expiration Date | Ground Lease, Estoppel |
| Ground Lease Extension (Y/N) | Ground Lease, Estoppel |
| # of Ground Lease Extension Options | Ground Lease, Estoppel |
| Ground Lease Expiration Date with Extensions | Ground Lease, Estoppel |
| Lockbox Type | Loan Agreement, DACA Agreement |
| Cash Management Type | Loan Agreement, Cash Management Agreement |
| Cash Management Trigger Event | Loan Agreement, Cash Management Agreement |
| Tax Escrow (Upfront) ($) | Settlement Statement, Loan Agreement |
| Tax Escrow (Cut-off Date) ($) | Servicer Report, Settlement Statement, Reserve Agreement, Loan Agreement |
| Tax Escrow (Monthly)($) | Servicer Report, Reserve Agreement, Loan Agreement, Settlement Statement, Email Screenshot |
| Springing Tax Escrow Description | Reserve Agreement, Loan Agreement, Settlement Statement |
| Insurance Escrow (Upfront) ($) | Settlement Statement, Loan Agreement |
4
| Attribute | Source Document(s) |
| Insurance Escrow (Cut-off Date) ($) | Servicer Report, Settlement Statement, Reserve Agreement, Loan Agreement |
| Insurance Escrow (Monthly)($) | Servicer Report, Reserve Agreement, Loan Agreement, Settlement Statement, Email Screenshot |
| Springing Insurance Escrow Description | Reserve Agreement, Loan Agreement, Settlement Statement |
| Replacement Reserve (Upfront)($) | Settlement Statement, Loan Agreement |
| Replacement Reserve (Cut-off Date)($) | Servicer Report, Settlement Statement, Reserve Agreement, Loan Agreement |
| Replacement Reserve (Monthly)($) | Servicer Report, Reserve Agreement, Loan Agreement, Settlement Statement |
| Replacement Reserve Cap($) | Loan Agreement, Reserve Agreement, Settlement Statement |
| Springing Replacement Reserve Description | Loan Agreement, Reserve Agreement, Settlement Statement |
| TI/LC Reserve (Upfront) ($) | Settlement Statement, Loan Agreement |
| TI/LC Reserve (Cut-off Date) ($) | Servicer Report, Settlement Statement, Reserve Agreement, Loan Agreement |
| TI/LC Reserve (Monthly)($) | Servicer Report, Reserve Agreement, Loan Agreement, Settlement Statement |
| TI/LC Reserve Cap($) | Loan Agreement, Reserve Agreement, Settlement Statement |
| Springing TI/LC Reserve Description | Loan Agreement, Reserve Agreement, Settlement Statement |
| Environmental Reserve (Upfront) ($) | Settlement Statement, Loan Agreement |
| Environmental Reserve (Cut-off Date) ($) | Servicer Report, Settlement Statement, Reserve Agreement, Loan Agreement |
| Upfront Engineering/Deferred Maintenance Escrow (Upfront) ($) | Settlement Statement, Loan Agreement |
| Upfront Engineering/Deferred Maintenance Escrow (Cut-off Date) ($) | Servicer Report, Settlement Statement, Reserve Agreement, Loan Agreement |
| Debt Service Reserve (Upfront) ($) | Settlement Statement, Loan Agreement |
| Debt Service Reserve (Cut-off Date) ($) | Servicer Report, Settlement Statement, Reserve Agreement, Loan Agreement |
5
| Attribute | Source Document(s) |
| Debt Service Reserve (Monthly)($) | Servicer Report, Reserve Agreement, Loan Agreement, Settlement Statement |
| Debt Service Reserve Cap($) | Loan Agreement, Reserve Agreement, Settlement Statement |
| Springing Debt Service Reserve Description | Loan Agreement, Reserve Agreement, Settlement Statement |
| Other Reserves (Upfront)($) | Settlement Statement, Loan Agreement |
| Other Reserves (Cut-Off Date)($) | Servicer Report, Settlement Statement, Reserve Agreement, Loan Agreement |
| Other Reserves (Monthly)($) | Servicer Report, Reserve Agreement, Loan Agreement, Settlement Statement |
| Other Reserves Cap ($) | Loan Agreement, Reserve Agreement, Settlement Statement |
| Other Reserves Description | Loan Agreement, Reserve Agreement, Settlement Statement |
| Other Reserves 2 (Upfront)($) | Settlement Statement, Loan Agreement |
| Other Reserves 2 (Cut-Off Date)($) | Servicer Report, Settlement Statement, Reserve Agreement, Loan Agreement |
| Other Reserves 2 (Monthly)($) | Servicer Report, Reserve Agreement, Loan Agreement, Settlement Statement |
| Other Reserves 2 Cap ($) | Loan Agreement, Reserve Agreement, Settlement Statement |
| Other Reserves 2 Description | Loan Agreement, Reserve Agreement, Settlement Statement |
| Third Most Recent As Of Period | Company Underwritten Cash Flow Statement |
| Third Most Recent Revenues | Company Underwritten Cash Flow Statement |
| Third Most Recent Expenses | Company Underwritten Cash Flow Statement |
| Third Most Recent NOI | Company Underwritten Cash Flow Statement |
| Third Most Recent NCF | Company Underwritten Cash Flow Statement |
| Second Most Recent As Of Period | Company Underwritten Cash Flow Statement |
| Second Most Recent Revenues | Company Underwritten Cash Flow Statement |
| Second Most Recent Expenses | Company Underwritten Cash Flow Statement |
6
| Attribute | Source Document(s) |
| Second Most Recent NOI | Company Underwritten Cash Flow Statement |
| Second Most Recent NCF | Company Underwritten Cash Flow Statement |
| Most Recent As Of Period | Company Underwritten Cash Flow Statement |
| Most Recent Revenues | Company Underwritten Cash Flow Statement |
| Most Recent Expenses | Company Underwritten Cash Flow Statement |
| Most Recent NOI | Company Underwritten Cash Flow Statement |
| Most Recent NCF | Company Underwritten Cash Flow Statement |
| Underwritten Occupancy (%) | Company Underwritten Cash Flow Statement |
| Underwritten Revenues ($) | Company Underwritten Cash Flow Statement |
| Underwritten Expenses ($) | Company Underwritten Cash Flow Statement |
| Underwritten NOI ($) | Company Underwritten Cash Flow Statement |
| Underwritten Reserves ($) | Company Underwritten Cash Flow Statement |
| Underwritten NCF ($) | Company Underwritten Cash Flow Statement |
| Underwritten Stabilized Occupancy (%) | Company Underwritten Cash Flow Statement |
| Underwritten Stabilized Revenues ($) | Company Underwritten Cash Flow Statement |
| Underwritten Stabilized Expenses ($) | Company Underwritten Cash Flow Statement |
| Underwritten Stabilized NOI ($) | Company Underwritten Cash Flow Statement |
| Underwritten Stabilized Reserves ($) | Company Underwritten Cash Flow Statement |
| Underwritten Stabilized NCF ($) | Company Underwritten Cash Flow Statement |
| Appraisal Stabilized Occupancy (%) | Company Underwritten Cash Flow Statement |
| Appraisal Stabilized Revenues ($) | Company Underwritten Cash Flow Statement |
| Appraisal Stabilized Expenses ($) | Company Underwritten Cash Flow Statement |
| Appraisal Stabilized NOI ($) | Company Underwritten Cash Flow Statement |
| Appraisal Stabilized Reserves ($) | Company Underwritten Cash Flow Statement |
| Appraisal Stabilized NCF ($) | Company Underwritten Cash Flow Statement |
| Engineering Report Date | Engineering Report |
| Environmental Report Date (Phase I) | Phase I Environmental Report |
7
| Attribute | Source Document(s) |
| Environmental Report Date (Phase II) | Phase II Environmental Report |
| Environmental Insurance (Y/N) | Insurance Certificate, Loan Agreement |
| Seismic Report Date | Seismic Report |
| Seismic PML % | Seismic Report, Engineering Report |
| Seismic Insurance Obtained if PML ≥ 20% (Y/N) | Insurance Certificate, Seismic Report, Engineering Report |
| Subordinate Debt (Y/N) | Loan Agreement, Promissory Note, Deed of Trust |
| Subordinate Debt Type | Loan Agreement, Promissory Note, Deed of Trust |
| Subordinate Debt Margin | Loan Agreement, Promissory Note, Deed of Trust |
| Subordinate Debt Interest Rate | Loan Agreement, Promissory Note, Deed of Trust |
| Subordinate Debt Cut-off Date Balance ($) | Loan Agreement, Promissory Note, Deed of Trust |
| As-Is Appraisal Valuation Date | Appraisal Report |
| Appraisal Firm | Appraisal Report |
| As-Is Appraised Value ($) | Appraisal Report |
| Stabilized Appraised Value ($) | Appraisal Report |
| Appraisal Anticipated Stabilization Date | Appraisal Report |
| USPAP Appraisal (Y/N) | Appraisal Report |
| FIRREA Appraisal (Y/N) | Appraisal Report |
| Single-Tenant (Y/N) | Underwritten Rent Roll, Certified Rent Roll |
| Property Manager | Management Agreement |
| Largest Tenant Name | Underwritten Rent Roll, Certified Rent Roll, Lease |
| Largest Tenant Square Feet | Underwritten Rent Roll, Certified Rent Roll, Lease |
| Largest Tenant Expiration Date | Underwritten Rent Roll, Certified Rent Roll, Lease |
| 2nd Largest Tenant Name | Underwritten Rent Roll, Certified Rent Roll, Lease |
| 2nd Largest Tenant Square Feet | Underwritten Rent Roll, Certified Rent Roll, Lease |
| 2nd Largest Tenant Expiration Date | Underwritten Rent Roll, Certified Rent Roll, Lease |
| 3rd Largest Tenant Name | Underwritten Rent Roll, Certified Rent Roll, Lease |
8
| Attribute | Source Document(s) |
| 3rd Largest Tenant Square Feet | Underwritten Rent Roll, Certified Rent Roll, Lease |
| 3rd Largest Tenant Expiration Date | Underwritten Rent Roll, Certified Rent Roll, Lease |
| 4th Largest Tenant Name | Underwritten Rent Roll, Certified Rent Roll, Lease |
| 4th Largest Tenant Square Feet | Underwritten Rent Roll, Certified Rent Roll, Lease |
| 4th Largest Tenant Expiration Date | Underwritten Rent Roll, Certified Rent Roll, Lease |
| 5th Largest Tenant Name | Underwritten Rent Roll, Certified Rent Roll, Lease |
| 5th Largest Tenant Square Feet | Underwritten Rent Roll, Certified Rent Roll, Lease |
| 5th Largest Tenant Expiration Date | Underwritten Rent Roll, Certified Rent Roll, Lease |
| Lender | Loan Agreement, Promissory Note, Deed of Trust |
PROVIDED COMPARED ATTRIBUTES
| Attribute | Source Document(s) |
| Collateral Interest Number | Provided by the Company |
| Collateral Interest Type | Provided by the Company |
| Collateral Interest Status | Provided by the Company |
| Collateral Interest / Property Flag | Provided by the Company |
| # of Properties | Provided by the Company |
| Collateral Interest/Mortgaged Property Name | Provided by the Company |
| Collateral Interest Cut-off Date Balance ($) | Provided by the Company |
| Pari Passu Balance in Other Securitization | Provided by the Company |
| Junior Participation Cut-off Date Balance | Provided by the Company |
| Junior Participation Cut-off Date Future Funding Unfunded Balance ($) | Provided by the Company |
| Index Rate Assumption | Provided by the Company |
9
ATTACHMENT B
RECOMPUTED ATTRIBUTES
| Attribute | Calculation Methodology |
| Mortgage Loan Commitment Original Balance / Unit ($) | Mortgage Loan Commitment Original Balance ($) divided by Number of Units |
| Mortgage Loan Initial Unfunded Future Funding Amount ($) | Mortgage Loan Commitment Original Balance ($) minus Mortgage Loan Initial Funded Amount ($) |
| Mortgage Loan Cut-off Date Balance / Unit ($) | Mortgage Loan Cut-off Date Balance ($) divided by Number of Units |
| Mortgage Loan Future Funding Participation Cut-off Date Unfunded Balance ($) | Mortgage Loan Commitment Cut-Off Date Balance ($) minus Mortgage Loan Cut-off Date Balance ($) |
| Mortgage Loan Balloon Balance / Unit ($) | Mortgage Loan Balloon Balance ($) divided by Number of Units |
| Mortgage Loan Annual Debt Service Payment (IO) ($) | Mortgage Loan Cut-off Date Balance ($) multiplied by Interest Accrual Basis multiplied by Mortgage Loan Cut-off Date Interest Rate, calculated on an annualized basis |
| Mortgage Loan Annual Debt Service Payment (P&I) ($) | Mortgage Loan Cut-off Date Balance ($) multiplied by Interest Accrual Basis multiplied by Mortgage Loan Cut-off Date Interest Rate, calculated on an annualized basis |
| Mortgage Loan Annual Debt Service Payment (Cap) ($) | Mortgage Loan Cut-off Date Balance ($) multiplied by Interest Accrual Basis multiplied by Mortgage Loan Rate Cap, calculated on an annualized basis |
| Collateral Interest Future Funding Participation Cut-off Date Unfunded Balance ($) | Mortgage Loan Commitment Cut-Off Date Balance ($) minus the sum of i) Collateral Interest Cut-off Date Balance ($), ii) Junior Participation Balloon Payment ($) and iii) Pari Passu Balance in Other Securitization |
| Aggregate Collateral Interest Cut-off Date Balance % | Collateral Interest Cut-off Date Balance ($) divided by the aggregate Collateral Interest Cut-off Date Balance ($) of all collateral interests |
| Collateral Interest Balloon Balance ($) | Product of (i) Mortgage Loan Balloon Balance ($) divided by Mortgage Loan Commitment Cut-Off Date Balance ($), and (ii) Collateral Interest Cut-off Date Balance ($) |
10
| Attribute | Calculation Methodology |
| Collateral Interest Annual Debt Service Payment (IO) ($) | Collateral Interest Cut-off Date Balance ($) multiplied by Interest Accrual Basis multiplied by Collateral Interest Cut-off Date Interest Rate, calculated on an annualized basis |
| Collateral Interest Annual Debt Service Payment (P&I) ($) | Collateral Interest Cut-off Date Balance ($) multiplied by Interest Accrual Basis multiplied by Collateral Interest Cut-off Date Interest Rate, calculated on an annualized basis |
| Collateral Interest Annual Debt Service Payment (Cap) ($) | Collateral Interest Cut-off Date Balance ($) multiplied by Interest Accrual Basis multiplied by Collateral Interest Rate Cap, calculated on an annualized basis |
| Pari Passu Funded Amount | Mortgage Loan Cut-off Date Balance ($) minus Collateral Interest Cut-off Date Balance ($) |
| Mortgage Loan Cut-off Date Interest Rate | The sum of the Mortgage Loan Margin and Index Rate Assumption rounded by the respective rounding factor subject to (i) Mortgage Loan Rate Floor and (ii) Mortgage Loan Rate Cap |
| Mortgage Loan Rate Floor | Mortgage Loan Margin plus the greater of (i) Mortgage Loan Index Floor and (ii) Index Rate Assumption |
| Mortgage Loan Rate Cap | Mortgage Loan Margin plus Mortgage Loan Index Cap if applicable |
| Collateral Interest Cut-off Date Interest Rate | The sum of the Collateral Interest Margin and Index Rate Assumption rounded by the respective rounding factor subject to (i) Collateral Interest Rate Floor and (ii) Collateral Interest Rate Cap |
| Collateral Interest Rate Floor | Collateral Interest Margin plus the greater of (i) Mortgage Loan Index Floor and (ii) Index Rate Assumption |
| Collateral Interest Rate Cap | Collateral Interest Margin plus Mortgage Loan Index Cap if applicable |
| Junior Participation Rate Floor | Collateral Interest Margin plus the greater of (i) Mortgage Loan Index Floor and (ii) Index Rate Assumption |
| Junior Participation Rate Cap | Collateral Interest Margin plus Mortgage Loan Index Cap if applicable |
| Initial IO Period | For all loans for which Amortization Type During Initial Term is Interest Only, number of payments between and including the First Payment Date and the Initial Maturity Date or Anticipated Repayment Date |
11
| Attribute | Calculation Methodology |
| Initial IO Period (Remaining) | Initial IO Period minus Seasoning (months) |
| Original Loan Term (Initial) | Number of payments between and including the First Payment Date and Initial Maturity Date or Anticipated Repayment Date |
| Original Loan Term (Remaining) | Original Loan Term (Initial) minus Seasoning (months) |
| Seasoning (months) | Number of payments between and including the First Payment Date and Cut-off Date |
| First Extension Floor | Equals the Mortgage Loan Index Floor |
| First Extension Cap | Equals the Mortgage Loan Index Cap |
| First Extension Fee | First Extension Fee (%) multiplied by Mortgage Loan Commitment Cut-Off Date Balance ($) |
| Second Extension Floor | Equals the Mortgage Loan Index Floor |
| Second Extension Cap | Equals the Mortgage Loan Index Cap |
| Second Extension Fee | Second Extension Fee (%) multiplied by Mortgage Loan Commitment Cut-Off Date Balance ($) |
| Third Extension Floor | Equals the Mortgage Loan Index Floor |
| Third Extension Cap | Equals the Mortgage Loan Index Cap |
| Third Extension Fee | Third Extension Fee (%) multiplied by Mortgage Loan Commitment Cut-Off Date Balance ($) |
| Fourth Extension Floor | Equals the Mortgage Loan Index Floor |
| Fourth Extension Cap | Equals the Mortgage Loan Index Cap |
| Fourth Extension Fee | Fourth Extension Fee (%) multiplied by Mortgage Loan Commitment Cut-Off Date Balance ($) |
12
| Attribute | Calculation Methodology |
| Exit Fee ($) | Exit Fee % multiplied by Mortgage Loan Commitment Cut-Off Date Balance ($) |
| Fully Extended IO Period (Remaining) | Equals the Fully Extended Loan Term (Remaining) |
| Fully Extended Loan Term (Initial) | Number of payments between and including the First Payment Date and Fully Extended Maturity Date |
| Fully Extended Loan Term (Remaining) | Fully Extended Loan Term (Initial) minus Seasoning (months) |
| Mortgage Loan Most Recent NOI DSCR | Most Recent NOI divided by Mortgage Loan Annual Debt Service Payment (P&I) ($) |
| Mortgage Loan Most Recent NCF DSCR | Most Recent NCF divided by Mortgage Loan Annual Debt Service Payment (P&I) ($) |
| Cut-off Date Mortgage Loan Most Recent NOI Debt Yield | Most Recent NOI divided by Mortgage Loan Cut-off Date Balance ($) |
| Cut-off Date Mortgage Loan Most Recent NCF Debt Yield | Most Recent NCF divided by Mortgage Loan Cut-off Date Balance ($) |
| Collateral Interest Most Recent NOI DSCR | Most Recent NOI divided by Collateral Interest Annual Debt Service Payment (P&I) ($) |
| Collateral Interest Most Recent NCF DSCR | Most Recent NCF divided by Collateral Interest Annual Debt Service Payment (P&I) ($) |
| Cut-off Date Collateral Interest Most Recent NOI Debt Yield | Most Recent NOI divided by Collateral Interest Cut-off Date Balance ($) |
| Cut-off Date Collateral Interest Most Recent NCF Debt Yield | Most Recent NCF divided by Collateral Interest Cut-off Date Balance ($) |
| Mortgage Loan Cut-off Date Balance Underwritten NOI DSCR | Underwritten NOI ($) divided by Mortgage Loan Annual Debt Service Payment (P&I) ($) |
| Mortgage Loan Cut-off Date Balance Underwritten NCF DSCR | Underwritten NCF ($) divided by Mortgage Loan Annual Debt Service Payment (P&I) ($) |
| Mortgage Loan Cut-off Date Balance Underwritten NOI Debt Yield | Underwritten NOI ($) divided by Mortgage Loan Cut-off Date Balance ($) |
| Mortgage Loan Cut-off Date Balance Underwritten NCF Debt Yield | Underwritten NCF ($) divided by Mortgage Loan Cut-off Date Balance ($) |
13
| Attribute | Calculation Methodology |
| Collateral Interest Cut-off Date Balance Underwritten NOI DSCR | Underwritten NOI ($) divided by Collateral Interest Annual Debt Service Payment (P&I) ($) |
| Collateral Interest Cut-off Date Balance Underwritten NCF DSCR | Underwritten NCF ($) divided by Collateral Interest Annual Debt Service Payment (P&I) ($) |
| Collateral Interest Cut-off Date Balance Underwritten NOI Debt Yield | Underwritten NOI ($) divided by Collateral Interest Cut-off Date Balance ($) |
| Collateral Interest Cut-off Date Balance Underwritten NCF Debt Yield | Underwritten NCF ($) divided by Collateral Interest Cut-off Date Balance ($) |
| Fully Funded Mortgage Loan Underwritten Stabilized NOI DSCR | Underwritten Stabilized NOI ($) divided by the product of (i) Mortgage Loan Cut-off Date Interest Rate, (ii) Mortgage Loan Balloon Balance ($), and Interest Accrual Basis, calculated on an annualized basis |
| Fully Funded Mortgage Loan Underwritten Stabilized NCF DSCR | Underwritten Stabilized NCF ($) divided by the product of (i) Mortgage Loan Cut-off Date Interest Rate, (ii) Mortgage Loan Balloon Balance ($), and Interest Accrual Basis, calculated on an annualized basis |
| Fully Funded Mortgage Loan Underwritten Stabilized NOI Debt Yield | Underwritten Stabilized NOI ($) divided by Mortgage Loan Balloon Balance ($) |
| Fully Funded Mortgage Loan Underwritten Stabilized NCF Debt Yield | Underwritten Stabilized NCF ($) divided by Mortgage Loan Balloon Balance ($) |
| Collateral Interest Underwritten Stabilized NOI DSCR | Underwritten Stabilized NOI ($) divided by the product of (i) Collateral Interest Cut-off Date Interest Rate, (ii) Collateral Interest Balloon Balance ($), and Interest Accrual Basis, calculated on an annualized basis |
| Collateral Interest Underwritten Stabilized NCF DSCR | Underwritten Stabilized NCF ($) divided by the product of (i) Collateral Interest Cut-off Date Interest Rate, (ii) Collateral Interest Balloon Balance ($), and Interest Accrual Basis, calculated on an annualized basis |
| Collateral Interest Underwritten Stabilized NOI Debt Yield | Underwritten Stabilized NOI ($) divided by Collateral Interest Balloon Balance ($) |
| Collateral Interest Underwritten Stabilized NCF Debt Yield | Underwritten Stabilized NCF ($) divided by Collateral Interest Balloon Balance ($) |
| Fully Funded Mortgage Loan Appraisal Stabilized NOI DSCR | Appraisal Stabilized NOI ($) divided by the product of (i) Mortgage Loan Cut-off Date Interest Rate, (ii) Mortgage Loan Balloon Balance ($), and Interest Accrual Basis, calculated on an annualized basis |
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| Attribute | Calculation Methodology |
| Fully Funded Mortgage Loan Appraisal Stabilized NCF DSCR | Appraisal Stabilized NCF ($) divided by the product of (i) Mortgage Loan Cut-off Date Interest Rate, (ii) Mortgage Loan Balloon Balance ($), and Interest Accrual Basis, calculated on an annualized basis |
| Fully Funded Mortgage Loan Appraisal Stabilized NOI Debt Yield | Appraisal Stabilized NOI ($) divided by Mortgage Loan Balloon Balance ($) |
| Fully Funded Mortgage Loan Appraisal Stabilized NCF Debt Yield | Appraisal Stabilized NCF ($) divided by Mortgage Loan Balloon Balance ($) |
| Collateral Interest Appraisal Stabilized NOI DSCR | Appraisal Stabilized NOI ($) divided by the product of (i) Collateral Interest Cut-off Date Interest Rate, (ii) Collateral Interest Balloon Balance ($), and Interest Accrual Basis, calculated on an annualized basis |
| Collateral Interest Appraisal Stabilized NCF DSCR | Appraisal Stabilized NCF ($) divided by the product of (i) Collateral Interest Cut-off Date Interest Rate, (ii) Collateral Interest Balloon Balance ($), and Interest Accrual Basis, calculated on an annualized basis |
| Collateral Interest Appraisal Stabilized NOI Debt Yield | Appraisal Stabilized NOI ($) divided by Collateral Interest Balloon Balance ($) |
| Collateral Interest Appraisal Stabilized NCF Debt Yield | Appraisal Stabilized NCF ($) divided by Collateral Interest Balloon Balance ($) |
| Total Debt Cut-off Date Balance ($) | Mortgage Loan Cut-off Date Balance ($) plus Subordinate Debt Cut-off Date Balance ($) |
| Total Debt Cut-off Date As-Is LTV | Total Debt Cut-off Date Balance ($) divided by As-Is Appraised Value ($) |
| Total Debt Cut-off Date UW NCF DSCR | Underwritten NCF ($) divided by the sum of (a) Mortgage Loan Annual Debt Service Payment (IO) ($) and (b) product of i) Subordinate Debt Cut-off Date Balance ($), ii) Subordinate Debt Interest Rate, and iii) Interest Accrual Basis, subject to any mezzanine interest rate cap in place and calculated on an annualized basis. |
| Total Debt Cut-off Date UW NOI DY | Underwritten NOI ($) divided by Total Debt Cut-off Date Balance ($) |
| Mortgage Loan Cut-off Date As-Is LTV Ratio | Mortgage Loan Cut-off Date Balance ($) divided by As-Is Appraised Value ($) |
| Mortgage Loan Commitment Maturity Date Stabilized LTV Ratio | Mortgage Loan Commitment Cut-Off Date Balance ($) divided by Stabilized Appraised Value ($) |
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| Attribute | Calculation Methodology |
| Collateral Interest Cut-off Date As-Is LTV Ratio | Collateral Interest Cut-off Date Balance ($) divided by As-Is Appraised Value ($) |
| Collateral Interest Commitment Maturity Date Stabilized LTV Ratio | Difference between Mortgage Loan Balloon Balance ($) and Junior Participation Balloon Payment ($) divided by Stabilized Appraised Value ($) |
| Largest Tenant Square Feet % | Largest Tenant Square Feet divided by Number of Units |
| 2nd Largest Tenant Square Feet % | 2nd Largest Tenant Square Feet divided by Number of Units |
| 3rd Largest Tenant Square Feet % | 3rd Largest Tenant Square Feet divided by Number of Units |
| 4th Largest Tenant Square Feet % | 4th Largest Tenant Square Feet divided by Number of Units |
| 5th Largest Tenant Square Feet % | 5th Largest Tenant Square Feet divided by Number of Units |
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ATTACHMENT C
INSTRUCTIONS
| 1. | For those Compared Attributes with the Source Document or Instruction indicated as “Provided by the Company” we were instructed by the Company to assume the attribute is accurate and not perform any procedure. |
| 2. | The collateral interests The Eden, GVX Portfolio, The Congress, The Mill and Gateway Lofts were not closed as of the date of this report. Therefore, we were not provided the final Promissory Note, Loan Agreement, Settlement Statement, Title Policy, Guaranties, Management Agreement, TIC Agreement, Cash Management Agreement or Rate Cap Confirmation, Appraisal Report, Engineering Report, Phase I Environmental Report, Phase II Environmental Report, Company Underwritten Cash Flow Statement, Underwritten Rent Roll, Certified Rent Roll or other source documents and we were instructed by the Company to assume that all “Compared Attributes” relating to these collateral interests and related mortgaged properties are accurate and not to perform any comparison procedure. |
| 3. | We were instructed by the Company to follow the instructions listed below pertaining to the applicable collateral interests and related mortgaged properties Compared or Recomputed Attribute(s): |
| Collateral Interest/Mortgaged Property Name(s) | Compared or Recomputed Attribute(s) | Company Instruction |
| Aberdeen Apartments | Mortgage Loan Margin | Set to 4.00000% |
| Aberdeen Apartments | Collateral Interest Margin | Set to 4.00000% |
| Promenade Trails | Fully Funded Mortgage Loan Underwritten Stabilized NOI DSCR | Recomputed using a Mortgage Loan Margin of 3.25000% |
| Promenade Trails | Fully Funded Mortgage Loan Underwritten Stabilized NCF DSCR | Recomputed using a Mortgage Loan Margin of 3.25000% |
| Promenade Trails | Collateral Interest Underwritten Stabilized NOI DSCR | Recomputed using a Collateral Interest Margin of 3.25000% |
| Promenade Trails | Collateral Interest Underwritten Stabilized NCF DSCR | Recomputed using a Collateral Interest Margin of 3.25000% |
| Promenade Trails | Fully Funded Mortgage Loan Appraisal Stabilized NOI DSCR | Recomputed using a Mortgage Loan Margin of 3.25000% |
| Promenade Trails | Fully Funded Mortgage Loan Appraisal Stabilized NCF DSCR | Recomputed using a Mortgage Loan Margin of 3.25000% |
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| Collateral Interest/Mortgaged Property Name(s) | Compared or Recomputed Attribute(s) | Company Instruction |
| Promenade Trails | Collateral Interest Appraisal Stabilized NOI DSCR | Recomputed using a Collateral Interest Margin of 3.25000% |
| Promenade Trails | Collateral Interest Appraisal Stabilized NCF DSCR | Recomputed using a Collateral Interest Margin of 3.25000% |
| Arrebol Villas | Fully Funded Mortgage Loan Underwritten Stabilized NOI DSCR | Recomputed using a Mortgage Loan Margin of 2.75000% |
| Arrebol Villas | Fully Funded Mortgage Loan Underwritten Stabilized NCF DSCR | Recomputed using a Mortgage Loan Margin of 2.75000% |
| Arrebol Villas | Collateral Interest Underwritten Stabilized NOI DSCR | Recomputed using a Collateral Interest Margin of 2.75000% |
| Arrebol Villas | Collateral Interest Underwritten Stabilized NCF DSCR | Recomputed using a Collateral Interest Margin of 2.75000% |
| Arrebol Villas | Fully Funded Mortgage Loan Appraisal Stabilized NOI DSCR | Recomputed using a Mortgage Loan Margin of 2.75000% |
| Arrebol Villas | Fully Funded Mortgage Loan Appraisal Stabilized NCF DSCR | Recomputed using a Mortgage Loan Margin of 2.75000% |
| Arrebol Villas | Collateral Interest Appraisal Stabilized NOI DSCR | Recomputed using a Collateral Interest Margin of 2.75000% |
| Arrebol Villas | Collateral Interest Appraisal Stabilized NCF DSCR | Recomputed using a Collateral Interest Margin of 2.75000% |
|
The Eden, 4th & 5th Apartments, GVX Portfolio, Promenade Trails, The Congress, Arrebol Villas, The Eve, Wynwood Walk, Twenty Ones Apartments, The CODA, Paramus Self Storage, 24 River Road, Aberdeen Apartments, City Villas |
Mortgage Loan Cut-off Date Balance Underwritten NOI DSCR | Set to 1.00x |
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| Collateral Interest/Mortgaged Property Name(s) | Compared or Recomputed Attribute(s) | Company Instruction |
|
The Eden, 4th & 5th Apartments, GVX Portfolio, Promenade Trails, The Congress, Arrebol Villas, The Eve, Wynwood Walk, Twenty Ones Apartments, The CODA, Paramus Self Storage, 24 River Road, Aberdeen Apartments, City Villas |
Mortgage Loan Cut-off Date Balance Underwritten NCF DSCR | Set to 1.00x |
| Arrebol Villas, The CODA, Paramus Self Storage, 24 River Road | Mortgage Loan Cut-off Date Balance Underwritten NOI Debt Yield | Set to N/A |
| 4th & 5th Apartments, Arrebol Villas, The CODA, Paramus Self Storage, 24 River Road | Mortgage Loan Cut-off Date Balance Underwritten NCF Debt Yield | Set to N/A |
| 4th & 5th Apartments, The Cottages at Oak Grove Dairy, Arrebol Villas, The Eve, Wynwood Walk, Twenty Ones Apartments, The CODA, Paramus Self Storage, Aberdeen Apartments, City Villas | Total Debt Cut-off Date UW NCF DSCR | Set to 1.00x |
| Arrebol Villas, The CODA, Paramus Self Storage, 24 River Road | Total Debt Cut-off Date UW NOI DY | Set to N/A |
| City Villas | Amortization Type During Extensions | Provided by the Company |
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