This material is for your information, and none of BMO Capital Markets Corp., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., KeyBanc Capital Markets Inc., UBS Securities LLC, Academy Securities, Inc., Bancroft Capital, LLC, Drexel Hamilton, LLC, Mischler Financial Group, Inc. and Natixis Securities Americas LLC (collectively, the “Underwriters”) are soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal.

The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission (File No. 333-280224) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the Securities and Exchange Commission 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 or BMO Capital Markets Corp., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling 1-888-200-0266. The Offered Certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more Classes of Certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these Certificates, a contract of sale will come into being no sooner than the date on which the relevant Class has been priced and we have verified the allocation of Certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.

Neither this document nor anything contained in this document shall form the basis for any contract or commitment whatsoever. The information contained in this document is preliminary as of the date of this document, supersedes any previous such information delivered to you and will be superseded by any such information subsequently delivered prior to the time of sale. These materials are subject to change, completion or amendment from time to time. The information should be reviewed only in conjunction with the entire offering document relating to the Commercial Mortgage Pass-Through Certificates, Series 2025-5C12 (the “Offering Document”). All of the information contained herein is subject to the same limitations and qualifications contained in the Offering Document. The information contained herein does not contain all relevant information relating to the underlying mortgage loans or mortgaged properties. Such information is described elsewhere in the Offering Document. The information contained herein will be more fully described elsewhere in the Offering Document. The information contained herein should not be viewed as projections, forecasts, predictions or opinions with respect to value. Prior to making any investment decision, prospective investors are strongly urged to read the Offering Document its entirety. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this free writing prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

This document has been prepared by the Underwriters for information purposes only and does not constitute, in whole or in part, a prospectus for the purposes of Regulation (EU) 2017/1129 (as amended or superseded) and/or Part VI of the Financial Services and Markets Act 2000 (as amended) or other offering document.

The attached information contains certain tables and other statistical analyses (the “Computational Materials”) which have been prepared in reliance upon information furnished by the Mortgage Loan Sellers. Numerous assumptions were used in preparing the Computational Materials, which may or may not be reflected herein. As such, no assurance can be given as to the Computational Materials’ accuracy, appropriateness or completeness in any particular context; or as to whether the Computational Materials and/or the assumptions upon which they are based reflect present market conditions or future market performance. The Computational Materials should not be construed as either projections or predictions or as legal, tax, financial or accounting advice. You should consult your own counsel, accountant and other advisors as to the legal, tax, business, financial and related aspects of a purchase of these Certificates. Any weighted average lives, yields and principal payment periods shown in the Computational Materials are based on prepayment and/or loss assumptions, and changes in such prepayment and/or loss assumptions may dramatically affect such weighted average lives, yields and principal payment periods. In addition, it is possible that prepayments or losses on the underlying assets will occur at rates higher or lower than the rates shown in the attached Computational Materials. The specific characteristics of the Certificates may differ from those shown in the Computational Materials due to differences between the final underlying assets and the preliminary underlying assets used in preparing the Computational Materials. The principal amount and designation of any security described in the Computational Materials are subject to change prior to issuance. None of the Underwriters or any of their respective affiliates make any representation or warranty as to the actual rate or timing of payments or losses on any of the underlying assets or the payments or yield on the Certificates. The information in this presentation is based upon management forecasts and reflects prevailing conditions and management’s views as of this date, all of which are subject to change. In preparing this presentation, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or which was provided to us by or on behalf of the Mortgage Loan Sellers or which was otherwise reviewed by us.

This document contains forward-looking statements. If and when included in this document, the words “expects”, “intends”, “anticipates”, “estimates” and analogous expressions and all statements that are not historical facts, including statements about our beliefs or expectations, are intended to identify forward-looking statements. Any forward-looking statements are made subject to risks and uncertainties which could cause actual results to differ materially from those stated. Those risks and uncertainties include, among other things, declines in general economic and business conditions, increased competition, changes in demographics, changes in political and social conditions, regulatory initiatives and changes in consumer preferences, many of which are beyond our control and the control of any other person or entity related to this offering. The forward-looking statements made in this document are made as of the date hereof. We have no obligation to update or revise any forward-looking statement.

BMO Capital Markets is a trade name used by BMO Financial Group for the wholesale banking businesses of Bank of Montreal, BMO Harris Bank N.A. (member FDIC), Bank of Montreal Europe p.l.c, and Bank of Montreal (China) Co. Ltd, the institutional broker dealer business of BMO Capital Markets Corp. (Member FINRA and SIPC) and the agency broker dealer business of Clearpool Execution Services, LLC (Member FINRA and SIPC) in the U.S., and the institutional broker dealer businesses of BMO Nesbitt Burns Inc. (Member Investment Industry Regulatory Organization of Canada and Member Canadian Investor Protection Fund) in Canada and Asia, Bank of Montreal Europe p.l.c. (authorized and regulated by the Central Bank of Ireland) in Europe and BMO Capital Markets Limited (authorized and regulated by the Financial Conduct Authority) in the UK and Australia.

Securities and investment banking activities in the United States are performed by Deutsche Bank Securities Inc., a member of NYSE, FINRA and SIPC, and its broker-dealer affiliates. Lending and other commercial banking activities in the United States are performed by Deutsche Bank AG and its banking affiliates.

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Any legends, disclaimers or other notices that may appear at the bottom of any email communication to which this document is attached relating to (1) these materials not constituting an offer (or a solicitation of an offer), (2) no representation that these materials are accurate or complete and may not be updated or (3) these materials possibly being confidential, are 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.

THE CERTIFICATES REFERRED TO IN THESE MATERIALS ARE SUBJECT TO MODIFICATION OR REVISION (INCLUDING THE POSSIBILITY THAT ONE OR MORE CLASSES OF CERTIFICATES MAY BE SPLIT, COMBINED OR ELIMINATED AT ANY TIME PRIOR TO ISSUANCE OR AVAILABILITY OF A FINAL PROSPECTUS) AND ARE OFFERED ON A “WHEN, AS AND IF ISSUED” BASIS.

THE UNDERWRITERS MAY FROM TIME TO TIME PERFORM INVESTMENT BANKING SERVICES FOR, OR SOLICIT INVESTMENT BANKING BUSINESS FROM, ANY COMPANY NAMED IN THESE MATERIALS. THE UNDERWRITERS AND/OR THEIR AFFILIATES OR RESPECTIVE EMPLOYEES MAY FROM TIME TO TIME HAVE A LONG OR SHORT POSITION IN ANY CERTIFICATE OR CONTRACT DISCUSSED IN THESE MATERIALS.

(1) Excludes mortgage loans that are secured by multiple properties leased to separate single tenants.

(2) Calculated only with respect to the Cut-off Date Balance of mortgage loans secured or partially secured by office, retail, mixed use and multifamily (with commercial tenants) properties.

The Loan. The largest mortgage loan (the “251 Park Avenue South Mortgage Loan”) is secured by the borrower’s fee interest in a 120,594 square foot office property located in New York, New York (the “251 Park Avenue South Property”). The 251 Park Avenue South Mortgage Loan is evidenced by one promissory note with an outstanding principal balance as of the Cut-off Date of $63,750,000. The 251 Park Avenue South Mortgage Loan was originated on September 11, 2025 by Citi Real Estate Funding Inc. The 251 Park Avenue South Mortgage Loan has an initial term of five years, is interest-only for the full term and accrues interest at a fixed rate of 6.67000% per annum on an Actual/360 basis. The Scheduled Maturity Date of the 251 Park Avenue South Mortgage Loan is October 6, 2030.

The Property. The 251 Park Avenue South Property is a 16-story office building with ground floor retail space, totaling 120,594 square feet located in the Flatiron/Union Square office submarket of New York City. The 251 Park Avenue South Property was originally constructed in 1910, renovated in 2015, and is comprised of 114,075 square feet of office space, 4,061 square feet of retail space, and 2,458 square feet of storage space. In addition to renovations in 2015, the borrower sponsor has invested approximately $14.45 million into the 251 Park Avenue South Property over the past ten years which has included upgrades to the floors, lobby, elevators, windows, and the boiler. The 251 Park Avenue South Property is situated on the same block as Gramercy Park and three blocks from each of Madison Square Park and Union Square Park.

The 251 Park Avenue South Property is anchored by Herman Miller Inc. (“Herman Miller”) which, along with its affiliate Maharam Fabric Corporation, accounts for 67.9% of net rentable area and 70.6% of underwritten base rent. Herman Miller utilizes its space at the 251 Park Avenue South Property as its flagship retail store, showroom space, and office space for several affiliated brands including Knoll, DatesWeiser, Geiger, Muuto, and Maharam Fabric Corporation. Herman Miller has been a tenant at the 251 Park Avenue South Property since May of 2015, has expanded its space multiple times, and has a right of first offer on any full floor at the 251 Park Avenue South Property. As of July 8, 2025, the 251 Park Avenue South Property was 100.0% leased by seven unique tenants. As of the Cut-off Date, the 251 Park Avenue South Property tenants had a weighted average tenancy of 8.9 years and a weighted average lease term remaining of 5.4 years.

Major Tenants. The three largest tenants based on underwritten base rent are Herman Miller, Maharam Fabric Corporation and 605 LLC.

Herman Miller (59,317 square feet; 49.2% of total net rentable area; 53.4% of total underwritten base rent). Herman Miller is a part of MillerKnoll, Inc., a company that specializes in designing and producing furniture for both office and residential spaces. Herman Miller has been a tenant at the 251 Park Avenue South Property since May 2015 and has a current lease term through February 2031 with one, five-year renewal option and no termination options remaining. Herman Miller also subleases 8,015 square feet of space at the 251 Park Avenue South Property from Carl Hansen & Son Corp. Including the sublease space, Herman Miller and its affiliates represent 74.6% of net rentable area and 76.7% of total underwritten base rent.

Maharam Fabric Corporation (22,623 square feet; 18.8% of net rentable area; 17.2% of underwritten base rent). Founded in 1902, Maharam Fabric Corporation is a wholly owned subsidiary of Herman Miller and is a textile manufacturer offering products in upholstery, leather, wallcovering, panel, privacy curtain, window covering, and rugs. Maharam Fabric Corporation has been a tenant at the 251 Park Avenue South Property since January 2012 and has a current lease term through February 2031 with one, five-year renewal option remaining and no termination options.

605 LLC (7,661 square feet; 6.4% of total net rentable area; 6.3% of total underwritten base rent). 605 LLC is a subsidiary of iSpot.tv and is a television advertising measurement and attribution company focused on the utilization of data to create, execute and measure advertising campaigns. 605 LLC has been a tenant at the 251 Park Avenue South Property since March 2017 and has a current lease term through September 2027 with one, five-year renewal option remaining and no termination options. 605 LLC subleases its space to Galvanize Climate Solutions LLC for the remainder of its lease term. Galvanize Climate Solutions LLC is a climate-focused global investment firm, investing across asset classes with the aim of achieving returns and driving material climate impact.

The following table presents certain information relating to the tenants at the 251 Park Avenue South Property:

The following table presents certain information relating to the lease rollover schedule at the 251 Park Avenue South Property:

The following table presents certain information relating to the historical and current occupancy of the 251 Park Avenue South Property:

Appraisal. According to the appraisal, the 251 Park Avenue South Property had an “as-is” appraised value of $107,000,000 as of July 16, 2025.

Environmental. The Phase I environmental assessment of the 251 Park Avenue South Property dated July 15, 2025 identified no recognized environmental conditions.

The following table presents certain information relating to the historical operating history and underwritten cash flows of the 251 Park Avenue South Property:

The Market. The 251 Park Avenue South Property is located along the northeast corner of East 20th Street and Park Avenue South in the Flatiron/Union Square office submarket of Midtown South, Manhattan. The 251 Park Avenue South Property is situated on the same block as Gramercy Park and three blocks from each of Madison Square Park and Union Square Park. Primary access to the 251 Park Avenue South Property is provided by the 14th Street – Union Square subway station, located three blocks from the 251 Park Avenue South Property, which provides access to the L, N, Q, R, W, 4, 5, and 6 subway lines.

According to the appraisal, the 251 Park Avenue South Property is located in the Flatiron/Union Square office submarket of New York City. As of the first quarter of 2025, the Flatiron/Union Square office submarket had a total inventory of 77,160 square feet, an overall vacancy rate of 14.6% and market asking rent of $80.02 per square foot.

The following table presents information relating to comparable office leases for the 251 Park Avenue South Property:

The Borrower. The borrower is 251 PAS LLC, a Delaware limited liability company and special purpose entity with one independent director in its organizational structure. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the 251 Park Avenue South Mortgage Loan.

The Borrower Sponsor. The borrower sponsor and non-recourse carveout guarantor is Jeffrey J. Feil, Chief Executive Officer of The Feil Organization, a family-owned real estate investment, development, and management firm. The Feil Organization was founded in 1950 and manages a portfolio of more than 26 million square feet of retail and commercial space and more than 5,000 residential rental units. The Feil Organization is headquartered in Manhattan and has properties located in New York, New Orleans, Florida, Connecticut, Illinois, and Washington D.C.

Property Management. The 251 Park Avenue South Property is managed by Jeffrey Management Corp., an affiliate of the borrower.

Escrows and Reserves. At origination of the 251 Park Avenue South Mortgage Loan, the borrower deposited approximately: (i) $1,079,950 into a tax reserve, (ii) $155,176 into a free rent reserve for the tenant Tusk Strategies Inc., and (iii) $719,799 into an unfunded obligations reserve, consisting of $536,585 for tenant improvements and leasing commissions owed to Herman Miller, and $183,214 for tenant improvements and leasing commissions owed to Tusk Strategies Inc.

Tax Reserve – The borrower is required to deposit into a real estate tax reserve, on a monthly basis, 1/12th of the taxes that the lender estimates will be payable over the next-ensuing 12-month period (initially estimated to be approximately $215,990), provided that such deposits will not be required at any time the Tax Reserve Waiver Conditions are satisfied.

“Tax Reserve Waiver Conditions” means that each of the following is true: (i) no event of default has occurred and is continuing under the 251 Park Avenue South Mortgage Loan documents, (ii) the debt yield is equal to or greater than 20%, and (iii) the lender receives reasonably satisfactory evidence that all real estate taxes have been timely paid 30 days prior to their due date.

Insurance Reserve – The borrower is required to deposit into an insurance reserve, on a monthly basis, 1/12th of the amount that will be sufficient to pay the insurance premiums due for the renewal of coverage afforded by the insurance policies, provided that such deposits will not be required at any time that the insurance policies constitute approved blanket or umbrella policies. At origination an approved blanket policy was in place.

Replacement Reserve – The borrower is required to deposit $2,010 into a replacement reserve, on a monthly basis, for capital expenditures.

TI/LC Reserve – The borrower is required to deposit $20,099 into a leasing reserve, on a monthly basis, for future tenant improvements and leasing commissions.

Lockbox / Cash Management. The 251 Park Avenue South Mortgage Loan is structured with a hard lockbox and springing cash management. At origination of the 251 Park Avenue South Mortgage Loan, the borrower was required to establish a lender-controlled lockbox account, and is required to deposit, or cause the property manager to deposit, all revenue generated by the 251 Park Avenue South Property into such lender-controlled lockbox account immediately upon receipt thereof. Within two business days after the origination date, the borrower is required to deliver a notice to all tenants at the 251 Park Avenue South Property directing them to remit rent and all other sums due under the applicable lease directly to the lender-controlled lockbox account. All funds deposited into the lockbox account are required to be transferred on each business day to or at the direction of the borrower unless a Trigger Period (as defined below) exists, in which case all funds in the lockbox account are required to be swept on each business day to a cash management account under the control of the lender to be applied and disbursed in accordance with the 251 Park Avenue South Mortgage Loan documents. All excess cash flow funds remaining in the cash management account after the application of such funds in accordance with the 251 Park Avenue South Mortgage Loan documents are required to be (i) if a Trigger Period exists, held by the lender in an excess cash flow reserve account as additional collateral for the 251 Park Avenue South Mortgage Loan or (ii) if no Trigger Period exists, disbursed to the borrower. Provided that no event of default has occurred and is continuing, any excess cash flow funds collected during the continuance of a Specified Tenant Trigger Period (as defined below) will be disbursed to the borrower to cover approved Specified Tenant (as defined below) leasing costs. Upon the cure of all Trigger Periods, the lender is required to return any amounts remaining on deposit in the excess cash flow reserve account to the borrower; provided, however, that any excess cash flow funds required to satisfy the Specified Tenant Excess Cash Flow Condition (as defined below) are required to be retained by the lender in the excess cash flow account until certain stabilization conditions are satisfied. Upon an event of default under the 251 Park Avenue South Mortgage Loan documents, the lender may apply funds to the 251 Park Avenue South Mortgage Loan in such priority as it may determine.

A “Trigger Period” means a period (A) commencing upon the earliest of (i) the occurrence and continuance of an event of default under the 251 Park Avenue South Mortgage Loan documents, (ii) the debt service coverage ratio falling below 1.20x (provided that a Trigger Period pursuant to this clause (ii) will not be deemed to exist if (and so long as) the DSCR Trigger Period Avoidance Conditions (as defined below) are satisfied) and (iii) the occurrence of a Specified Tenant Trigger Period; and (B) expiring upon, with regard to any Trigger Period commenced in connection with (x) clause (i) above, the cure (if applicable) of such event of default, (y) clause (ii) above, the date that the debt service coverage ratio is equal to or greater than 1.20x for one calendar quarter, and (z) clause (iii) above, a Specified Tenant Trigger Period ceasing to exist.

“DSCR Trigger Period Avoidance Conditions” will be deemed to exist if and for so long as the borrower deposits cash into an account with the lender, or delivers to the lender a letter of credit, in each case in an amount equal to the Collateral Deposit Amount (as defined below), as additional collateral for the 251 Park Avenue South Mortgage Loan, and, thereafter, for so long as the borrower elects to satisfy the DSCR Trigger Period Avoidance Conditions in order to avoid a Trigger Period, on each one year anniversary of the date that the borrower delivered such collateral, the borrower is required to deposit additional cash collateral, or increase the amount of the letter of credit, in the amount of the Collateral Deposit Amount.

“Collateral Deposit Amount” means the amount of $826,236.

A “Specified Tenant” means, as applicable, any tenant which, individually or when aggregated with all other leases at the 251 Park Avenue South Property with the same tenant or its affiliate, accounts for (i) 15% or more of the total rental income for the 251 Park Avenue South Property or (ii) 15% or more of the 251 Park Avenue South Property’s gross leasable area. As of the origination date, Herman Miller and Maharam Fabric Corporation were the sole Specified Tenants at the 251 Park Avenue South Property.

A “Specified Tenant Trigger Period” means a period (A) commencing upon the first to occur of (i) a Specified Tenant being in monetary or material non-monetary default under the applicable Specified Tenant lease beyond applicable notice and cure periods, (ii) other than in connection with a Permitted Dark Event (as defined below), a Specified Tenant failing to be in actual, physical possession of the Specified Tenant space, or applicable portion thereof, failing to be open to the public for business during customary hours and/or “going dark” in the Specified Tenant space, (iii) a Specified Tenant giving notice that it is terminating its lease for all or a material portion of the Specified Tenant space, or applicable portion thereof, (iv) any termination or cancellation of any Specified Tenant lease, including, without limitation, rejection in any bankruptcy or similar insolvency proceeding, and/or any Specified Tenant lease failing to otherwise be in full force and effect, (v) any bankruptcy or similar insolvency of a Specified Tenant and (vi) a Specified Tenant failing to extend or renew the applicable Specified Tenant lease by the earlier of (a) 18 months prior to the maturity date of the 251 Park Avenue South Mortgage Loan and (b) the notice deadline required under such lease, in each case as required under the terms of the 251 Park Avenue South Mortgage Loan documents, and (B) expiring upon the first to occur of the lender’s receipt of evidence reasonably acceptable to the lender of (1) the satisfaction of the applicable Specified Tenant Cure Conditions (as defined below) or (2) the borrower leasing (a) the entire Specified Tenant space, or applicable portion thereof, pursuant to one or more leases in accordance with the applicable terms and conditions of the 251 Park Avenue South Mortgage Loan documents for a minimum term of three years, the applicable tenant(s) under such lease(s) being in actual, physical occupancy of the space demised (except (A) if there is a Permitted Dark Event or (B) standard and customary vacancy for purposes of the initial build-out, renovation or reorganization of the applicable premises), and paying the full amount of rent due under its lease (or the borrower has deposited any free rent with the lender).

“Permitted Dark Event” means an event that will be deemed to occur with respect to a tenant that has discontinued operations or “gone dark” in all or any portion of its premises to the extent (and for so long as) one or more of the following conditions is satisfied: (i) the discontinuation is effectuated to comply with governmental restrictions which restrict the use or occupancy of the 251 Park Avenue South Property as a result of, or otherwise in connection with, the COVID-19 pandemic or any other pandemic or epidemic, and the tenant resumes operations in its demised premises; (ii) the discontinuation is related to ongoing standard and customary upgrades or renovations by the tenant to its demised premises pursuant to and in accordance with its lease, and the tenant is pursuing the applicable upgrades or renovations in a good faith diligent manner; (iii) said discontinuation is in connection with an ongoing restoration of the 251 Park Avenue South Property by the borrower in accordance with the 251 Park Avenue South Mortgage Loan documents; (iv) the tenant (or a parent entity guaranteeing all the tenant’s obligations) maintains a long-term unsecured debt rating of at least BBB- from S&P and an equivalent rating from the other national statistical rating agencies which rate such person; or (v) portions of the premises demised pursuant to the tenant’s lease are not being utilized due to the tenant’s implementation of a “hybrid work” program (where employees are required to work in the workplace on most business days but are permitted to otherwise work remotely).

“Specified Tenant Cure Conditions” means each of the following, as applicable, the applicable Specified Tenant (i) has cured all events of default under the applicable Specified Tenant lease, (ii) other than in connection with a Permitted Dark Event, is in actual, physical possession of the Specified Tenant space, or applicable portion thereof, and open to the public for business during customary hours and not “dark” in the Specified Tenant space, or applicable portion thereof, (iii) has revoked or rescinded all termination or cancellation notices with respect to the applicable Specified Tenant lease and has re-affirmed the applicable Specified Tenant lease as being in full force and effect, (iv) if a Specified Tenant Trigger Period is due to non-renewal, the Specified Tenant has renewed or extended the applicable Specified Tenant lease in accordance

with the terms of the 251 Park Avenue South Mortgage Loan documents, (v) is no longer insolvent or subject to any bankruptcy or insolvency proceedings and has affirmed the applicable Specified Tenant lease pursuant to a final, non-appealable order of a court of competent jurisdiction, (vi) is paying full, unabated rent under the applicable Specified Tenant lease (or any free rent is deposited with the lender) and (vii) the applicable Specified Tenant space has been re-let for a minimum of three years.

“Specified Tenant Excess Cash Flow Condition” means, with respect to curing any Specified Tenant Trigger Period by (i) re-tenanting the applicable Specified Tenant space or (ii) renewal/extension of any Specified Tenant lease, sufficient funds have been accumulated in the excess cash flow account (during the continuance of the subject Specified Tenant Trigger Period) to cover all anticipated leasing commissions, tenant improvement costs, tenant allowances, free rent periods and/or rent abatement periods to be incurred in connection with any such re-tenanting or renewal/extension.

Subordinate and Mezzanine Debt. None.

Permitted Future Subordinate and Mezzanine Debt. Not Permitted.

Partial Release. Not Permitted.

Ground Lease. None.

The Loan. The second largest mortgage loan (the “Spring Valley Marketplace Mortgage Loan”) is evidenced by a single promissory note in the original principal amount of $56,000,000 and secured by a first mortgage lien on the borrower’s fee interest in an anchored retail property located in Spring Valley, New York (the “Spring Valley Marketplace Property”). The Spring Valley Marketplace Mortgage Loan was originated on September 5, 2025 by Argentic Real Estate Finance 2 LLC (“AREF2”) and accrues interest at an interest rate of 6.31000% per annum on an Actual/360 basis. The Spring Valley Marketplace Mortgage Loan has a 5-year term and is interest only for the entire term. The scheduled maturity date of the Spring Valley Marketplace Mortgage Loan is the payment date in September 2030.

The Property. The Spring Valley Marketplace Property is comprised of a 227,091 square foot, anchored retail development located in Spring Valley, New York. The Spring Valley Marketplace Property is comprised of one, single-story building situated on an approximately 18.8-acre site. Built in 1989 and renovated most recently in 2024, the Spring Valley

Marketplace Property has received approximately $24.3 million in tenant space upgrades and general improvements since the borrower sponsors acquired the property in 2019 for approximately $59.3 million. Renovations include the expansion for the BINGO Wholesale by 12,000 square feet, the conversion of the former Bed Bath & Beyond and Michael’s spaces to the interior mall space (“Marketplace Mall”) and the re-tenanting of the former Christmas Tree Shop to SkyZone, Kids Empire Spring Valley among other new in-line tenant space renovations. The Marketplace Mall has been demised into 16+ tenant suites, ranging from 750 to 6,000 square feet. The mall has interior common area corridors and public restrooms. As of result of the renovations, the Spring Valley Marketplace Property had an average occupancy of 75.4% from 2022 to 2024.

As of August 29, 2025, the Spring Valley Marketplace Property was 89.8% leased by 49 tenants The Spring Valley Marketplace Property is anchored by BINGO Wholesale and consists of a mix of junior anchor, in-line and interior mall space. The Spring Valley Marketplace Property shares an access point with and is shadow anchored by a 121,369 square foot Target. Furthermore, the Spring Valley Marketplace is surrounded by other big box stores such as Lowe’s Home Improvement and Costco Wholesale. The Spring Valley Marketplace Property has access to 911 surface parking spaces, resulting in a parking ratio of approximately 4.0 spaces per 1,000 square feet of net rentable area.

At closing, three tenants (Kids Empire Spring Valley, Yonys Barbershop, and CCS Furniture) totaling 7.4% of net rentable area and 8.1% of underwritten base rent were completing the buildouts of their respective spaces and were not in occupancy.

Major Tenants. The three largest tenants at the Spring Valley Marketplace Property by underwritten base rent are BINGO Wholesale, SkyZone and Kids Empire.

BINGO Wholesale (50,411 square feet; 22.2% of NRA, 17.8% of underwritten base rent): Bingo Wholesale is a kosher warehouse store with four locations in the New York metropolitan area. Bingo offers a wider range of Kosher products including groceries, fresh produce, housewares, toys, health and beauty aids at discount prices and does not require membership to shop. Bingo Wholesale commenced its initial lease at the Spring Valley Marketplace Property in July 2020 for a period of twenty years and six months. Bingo Wholesale has four, five-year renewal options available and no termination options.

SkyZone (30,795 square feet; 13.6% of NRA, 15.9% of underwritten base rent): Founded in 2011 and headquartered in Provo, Utah, SkyZone is an active indoor entertainment park operator. SkyZone commenced its initial lease at the Spring Valley Marketplace Property in October 2024 for a period of 10 years and five months. SkyZone has two, five-year renewal options available and no termination options.

Kids Empire Spring Valley (9,700 square feet; 4.3% of NRA, 4.8% of underwritten base rent): Kids Empire Spring Valley (“Kids Empire”) is an indoor playground and private event space offering activities for children such as floor-to-ceiling climbing walls, play structures and a drop-in ball pit. Kids Empire commenced its initial lease at the Spring Valley Marketplace Property in May 2025 for a period of ten years and six months. Kids Empire has two, ten-year renewal options available and no termination options.

As of the origination of the Spring Valley Marketplace Mortgage Loan, Kids Empire has not completed the buildout of its space at the Spring Valley Marketplace Property. The Spring Valley Marketplace Mortgage Loan is structured with a $3,000,000 payment guaranty until such time that Kids Empire is in occupancy and has commenced paying full rent. If Kids Empire is not in occupancy and paying full rent by September 6, 2026, a Cash Management Period (as defined below) will be triggered.

The following table presents certain information relating to the sales of the tenants at the Spring Valley Marketplace Property:

Environmental. According to the Phase I environmental assessment dated September 3, 2025, there was evidence of a recognized environmental condition at the Spring Valley Marketplace Property with respect to the operation of dry cleaner utilizing Tetrachloroethylene (PCE) on site. See “Description of the Mortgage Pool—Environmental Considerations” in the Preliminary Prospectus.

The following table presents certain information relating to the historical occupancy of the Spring Valley Marketplace Property:

The following table presents certain information relating to the largest tenants at the Spring Valley Marketplace Property:

The following table presents certain information relating to the tenant lease expirations at the Spring Valley Marketplace Property:

The following table presents certain information relating to the operating history and underwritten cash flows of the Spring Valley Marketplace Property:

The Market. The Spring Valley Marketplace Property is located in Spring Valley, New York, within Rockland County, approximately 25 miles north of Midtown Manhattan and 3 miles north of the New Jersey border. Primary access is provided by Interstate 287, Route 59, and the Palisades Interstate Parkway. Other major retailers located within one mile of the Spring Valley Marketplace include Costco, Lowe’s, Home Depot, Apple, CVS and Stop & Shop. Additionally, the Palisades Center, the second largest mall in New York, is located approximately five miles away.

According to the appraisal, the 2024 population within a one-, three-, and five-mile radius of the Spring Valley Marketplace Property was 15,425, 151,408 and 248,077, respectively. Additionally, for the same radii, the median household income was $104,476, $91,892 and $111,983, respectively.

According to the appraisal, the Spring Valley Marketplace Property is located within the Ramapo retail submarket. As of the third quarter of 2025, the Ramapo retail submarket contained approximately 4.7 million square feet of inventory with an occupancy rate of 95.4% and an average asking rental rate of $28.00 per square foot as of the third quarter of 2025.

The following table presents certain information relating to the appraisal’s market rent conclusions at the Spring Valley Marketplace Property:

The following table presents certain information relating to comparable anchor tenants for the Spring Valley Marketplace Property:

The Borrower. The borrower is SVMP DE LLC, a Delaware limited liability company and single purpose entity with one independent director. Legal counsel to the borrower issued a non-consolidation opinion in connection with the origination of the Spring Valley Marketplace Mortgage Loan.

The Borrower Sponsors. The borrower sponsors and non-recourse carveout guarantors are Abraham Guttman, Abraham Ekstein and Shrage Posen. Abraham Guttman is a partner at Alexander Property Holdings, a real estate investment and development firm based in New York City that oversees a portfolio exceeding 7 million square feet worth of commercial property across the United States.

Property Management. The Spring Valley Marketplace Property is managed by Ander Properties LLC, an affiliate of the borrower.

Escrows and Reserves. At origination, the borrower deposited (i) $149,231 into a real estate tax reserve, (ii) $33,207 into an insurance reserve, (iii) $1,000,000 into a TI/LC reserve, (iv) $1,906,450 into an outstanding TI/LC reserve, (v) $51,350 into a free rent reserve, (vi) $21,262 for an outstanding tenant charges reserve and (vii) $49,000 into an environmental reserve.

Tax Escrows – On a monthly basis, the borrower is required to escrow 1/12th of the annual estimated tax payments, which currently equates to $149,231.

Insurance Escrows – On a monthly basis, the borrower is required to escrow 1/12th of the annual estimated insurance payments, which currently equates to $16,604.

Replacement Reserves – On a monthly basis, the borrower is required to escrow approximately $2,839 for replacement reserves (which equates to $0.15 per square foot annually).

TI/LC Reserve – On a monthly basis, the borrower is required to escrow approximately $9,462 for tenant improvements and leasing commissions (which equates to $0.50 per square foot annually).

Lockbox / Cash Management. The Spring Valley Marketplace Mortgage Loan is structured with a hard lockbox and springing cash management. The borrower is required to establish and require all tenants to deposit rents directly into a lockbox account with an eligible institution acceptable to the lender. In addition, the borrower is required to cause all rents received by the borrower or the property manager with respect to the Spring Valley Marketplace Property to be deposited into such lockbox account within one business day of receipt. All amounts deposited into the lockbox account are required to be remitted to the borrower’s operating account on a daily basis, unless a Cash Management Period (as defined below) is continuing, in which event such funds will be remitted to a lender-controlled cash management account on a daily basis to be applied and disbursed in accordance with the Spring Valley Marketplace Mortgage Loan documents. During the continuance of a Cash Management Period, all amounts deposited into the lockbox account during the immediately preceding interest period will be applied on each payment date in accordance with the Spring Valley Marketplace Mortgage Loan documents, and all excess cash flow funds will be deposited, during the continuance of a Cash Management Period, into a cash collateral reserve.

A “Cash Management Period” means the period commencing upon the occurrence of (i) the stated maturity date, (ii) an event of default under the Spring Valley Mortgage Loan documents, (iii) the debt service coverage ratio falls below 1.15x as of the last day of any calendar quarter, (iv) the net operating income debt yield falls below 8.75% as of the last day of any calendar quarter, (v) commencement of a Trigger Lease Sweep Period (as defined below) or (vi) on September 6, 2026, in the event that Kids Empire (or a replacement tenant) is not in full occupancy of the space leased by Kids Empire and paying full rent in accordance with the terms of the Kids Empire lease (or the replacement tenant’s lease).

A Cash Management Period will end (a) with respect to the matters described in clause (i) above, (A) the Spring Valley Marketplace Mortgage Loan and all other obligations under the Spring Valley Marketplace Mortgage Loan documents have been repaid in full or (B) the stated maturity date has not occurred, (b) with respect to the matters described in clause (ii) above, such event of default is no longer continuing and no other event of default has occurred and is continuing, (c) with respect to the matters described in clause (iii) above, the debt service coverage ratio is at least 1.25x as of the last day of any calendar quarter for two consecutive calendar quarters, (d) with respect to the matters described in clause (iv) above, the net operating income debt yield is at least 9.5% for two consecutive calendar quarters, (e) with respect to the matters described in clause (v) above, such Trigger Lease Sweep Period has ended and (f) the lender has received a tenant estoppel certificate, satisfactory to the lender, that Kids Empire has taken possession of the entirety of its leased premises, is in full occupancy and has commenced paying rent pursuant to the terms of its lease.

A “Trigger Lease Sweep Period” commences upon the occurrence of any of the following: (i) the earlier of (a) the date that is twelve months prior to the end of the term of any Trigger Lease (as defined below) or (b) the date by which the applicable Trigger Tenant (as defined below) actually gives notice (whether actual or constructive) of its intention not to renew or extend the applicable Trigger Lease; (ii) the date by which the applicable Trigger Tenant is required to give notice of its exercise of a renewal option thereunder or the date that any Trigger Tenant gives notice of its intention not to renew or extend its Trigger Lease; (iii) any Trigger Lease (or any material portion thereof) is surrendered, cancelled or terminated prior to its then current expiration date or any Trigger Tenant gives notice (whether actual or constructive) of its intention to terminate, surrender or cancel its Trigger Lease (or any material portion thereof); (iv) any Trigger Tenant discontinues its business in any material portion of its premises (i.e. “goes dark”) or gives notice that it intends to do the same; (v) the occurrence and continuance (beyond any applicable notice and cure periods) of a default under any Trigger Lease by the applicable Trigger Tenant thereunder; or (vi) the occurrence of a Trigger Tenant insolvency proceeding.

A Trigger Lease Sweep Period will end upon the earlier to occur of (x) the lender’s determination that sufficient funds have been accumulated in the special rollover reserve subaccount to pay for all anticipated expenses in connection with the re-letting of the space under the applicable lease(s) that gave rise to the subject Trigger Lease Sweep Period, including brokerage commissions and tenant improvements, and any anticipated shortfalls of payments required during any period of time that rents are insufficient as a result of down-time or free rent periods, or (y) any of the following: (a) with respect to the matters described in clause (i), (ii), (iii) or (iv) above, upon the earlier to occur of (A) the date on which the subject Trigger Tenant irrevocably exercises its renewal or extension option (or otherwise enters into an extension agreement with the borrower and acceptable to the lender) with respect to all of the space demised under its Trigger Lease, and in the lender’s

judgment, sufficient funds have been accumulated in the special rollover reserve subaccount (during the continuance of the subject Trigger Lease Sweep Period) to pay for all anticipated approved Trigger Lease leasing expenses for such Trigger Lease and any other anticipated expenses in connection with such renewal or extension, or (B) the date on which all of the space demised under the subject Trigger Lease (or portion thereof) that gave rise to the subject Trigger Lease Sweep Period has been fully leased pursuant to a replacement lease or replacement leases approved by the lender and all approved Trigger Lease leasing expenses (and any other expenses in connection with the re-tenanting of such space) have been paid in full; (b) with respect to the matters described in clause (v) above, Trigger Tenant default has been cured, and no other Trigger Tenant default has occurred for a period of six consecutive months following such cure; or (c) with respect to the matters described in clause (vi) above, the applicable Trigger Tenant insolvency proceeding has terminated and the applicable Trigger Lease has been affirmed, assumed or assigned in a manner satisfactory to the lender.

A “Trigger Tenant” is BINGO Wholesale or any tenant under a Trigger Lease.

A “Trigger Lease” is the BINGO Wholesale lease and any other lease which (a) covers 15% or more of the net rentable area at the Spring Valley Marketplace Property and/or (b) has a gross annual rent of 15% or more of the total annual rents at the Spring Valley Marketplace Property.

Subordinate or Mezzanine Debt. None

Permitted Future Debt or Mezzanine Debt. Not permitted.

Partial Release. Not permitted.

Ground Lease. None.