Exhibit 1

 

 [PWC Logo]

Report of Independent Accountants on Applying

Agreed-Upon Procedures

 

Barclays Capital Inc. (the "Company")

745 7th Avenue

New York, NY 10019

 

We (“us” or “PwC”) have performed the procedures enumerated below, which were agreed to by the Company, (as the engaging party), Barclays Commercial Mortgage Securities LLC, Barclays Capital Real Estate Inc., BNP Paribas Securities Corp., Morgan Stanley & Co. LLC, Morgan Stanley Bank, N.A., and Morgan Stanley Mortgage Capital Holdings LLC (Collectively “Morgan Stanley”), who are collectively referred to as the “Specified Parties”, solely to assist you in performing certain procedures related to the accuracy of certain attributes and calculations within the Final Data File (defined below). The procedures were performed with respect to the NYC Commercial Mortgage Trust 2025-YORK, Commercial Mortgage Pass-Through Certificates, Series 2025-YORK securitization (the “Transaction”). The Company (the “Responsible Party”) is responsible for the accuracy of the information contained in the Final Data File.

 

In an agreed-upon procedures engagement, we perform specific procedures that the Specified Parties have agreed to and acknowledged to be appropriate for the intended purpose of the engagement and we report on findings based on the procedures performed. The procedures performed may not address all the items of interest to a user of this report and may not meet the needs of all users of this report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. The Specified Parties have agreed to and acknowledged that the procedures performed are appropriate for their purposes. This report may not be suitable for any other purpose.

 

Procedures and Findings

 

In connection with the Transaction, the Specified Parties have requested that the procedures be performed on 1 mortgage loan (the “Mortgage Loan Asset”) secured by a mortgaged property (the “Mortgaged Property”) which represents the entire population of the Mortgage Loan Asset and Mortgaged Property (collectively the “Collateral”) within the Transaction.

 

This agreed-upon procedures engagement was not conducted for the purpose of satisfying any criteria for due diligence published by a nationally recognized statistical rating organization.

 

In addition, PwC should not be regarded as having in any way warranted or given any assurance as to the following items:

 

The completeness, accuracy, appropriateness, quality or integrity of any of the information provided by the Responsible Party, or any other party for the purpose of PwC performing the procedures agreed to by the Specified Parties. The procedures performed would not necessarily reveal any material misstatement of the amounts, balances, ratios, percentages or other relationships of the information included in the data provided to us;
The conformity of the origination of the assets to stated underwriting or credit extension guidelines, standards, criteria or other requirements;
The value of the Mortgaged Property securing the Mortgage Loan Asset; and
The compliance of the originator of the assets with federal, state, and local laws and regulations.

 

We have not performed any procedures with respect to the fair value of the securities being offered in the Transaction and PwC expresses no opinion on the fair value of these securities. PwC should not be regarded as having performed any procedures other than those detailed in this report.

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017

  

T: (646) 471-3000, F: (813)-286-6000 www.pwc.com

 1 
  

 

 

With respect to any terms or requirements of the Transaction documents that do not appear in this report, we performed no procedures and, accordingly, the procedures we performed would not ensure that any requirements are satisfied. Further, we have performed only the following agreed-upon procedures and therefore make no representations regarding the adequacy of disclosures or whether any material facts have been omitted from the Transaction documents.

 

It should be understood that we make no representations as to:

 

The interpretation of Transaction documents included in connection with our procedures;
Your compliance with Rule 15Ga-2 of the Securities Exchange Act of 1934; and
The reasonableness of any of the assumptions provided by the Company or other Specified Parties.

 

These procedures should not be taken to supplant any additional inquiries or procedures that the Specified Parties would undertake in consideration of the Transaction.

 

For the purpose of this report:

 

The phrase “Cut-off Date” refers to the date of October 10, 2025.

 

The phrase “Final Data File” refers to the following Microsoft Excel (“Excel”) file provided by the Company, which includes certain attributes related to the Collateral. The Final Data File was provided on May 16, 2025 with certain Collateral attribute calculations adjusted for the Cut-off Date:

 

oNYC 2025-YORK Accounting Tape 9.18.2025.xlsx (provided on September 18, 2025).
The phrase “Specified Attributes” refers to the fields in the Final Data File.

 

The phrase “Source Document” refers to the documents (including any applicable amendments, assumptions or exhibits thereof) provided by the Company, related to the information contained in the Final Data File.

 

The phrase “Loan File” refers to any Source Document or collection of Source Documents provided by the Company, and used by us, in performing the procedures enumerated below.

 

The term “compared” refers to the comparison of one or more Specified Attributes to Source Documents, as indicated within Exhibit A.

 

The term “recalculated” refers to a re-computation of one or more Specified Attributes using the Company provided methodology, as indicated within Exhibit B.

 

The phrase “in agreement” refers to the comparison or recalculation of one or more Specified Attributes which resulted in a match, or a difference that was within the Company provided tolerance level (if any), as indicated within Exhibit A.

 

Source Documents included in the Loan File:

 

The phrase “Appraisal Report” refers to a signed or draft appraisal document or exhibit or an Excel file containing information from the Appraisal Report provided the Company.

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017

  

T: (646) 471-3000, F: (813)-286-6000 www.pwc.com

 2 
  

 

The phrase “Engineering Report” refers to a draft or signed property condition assessment document or exhibit.
The phrase “Environmental Report” refers to a draft or signed phase I and phase II (if applicable) environmental document or exhibit.
The phrase “Loan Agreement” refers to a draft or signed loan agreement and any exhibits or schedules thereof.
The phrase “Fee Schedule” refers to documentation provided by the Company for the administrative fee rate.
The phrase “Title Policy” refers to a draft or signed proforma title policy or commitment
The phrase "Mezzanine Loan Agreement” refers to a signed or draft mezzanine loan agreement and any amendments or exhibits thereof.
The phrase “Underwriting File” refers to the Excel file provided by the Company, which includes rent roll information and historical and pro-forma cash flow statements prepared by the Company’s underwriting team.

The procedures performed and results thereof are described below. In performing this engagement, we received one or more preliminary data file(s) and performed certain procedures as set forth in Exhibit A and Exhibit B. The procedures identified differences, which were communicated to the Responsible Party. The Responsible Party revised one or more of the preliminary data files based on such communicated differences, where they determined it to be appropriate. We then performed these procedures on the Final Data File, and the results of those procedures are described below.

 

From August 12, 2025 through September 18, 2025, the Company provided us with the Source Documents related to the Collateral for which we:

Compared certain Specified Attributes to the corresponding Source Documents as detailed in Exhibit A and found them to be in agreement (the “Compared Attributes”);
Recalculated certain Specified Attributes as detailed in Exhibit B and found them to be in agreement (the “Recalculated Attributes”); or
Assumed certain Specified Attributes were accurate as instructed by the Company,  and neither compared nor recalculated the Specified Attributes (the “Company Provided Attributes”).

 

The recalculation methodology associated with the Recalculated Attributes is listed in Exhibit B. For each procedure where a recalculation was performed, if necessary, we compared the underlying attributes to the corresponding Source Documents and found them to be in agreement. We did not perform any procedures with respect to the Specified Attributes denoted with a Source Document of “None - Company Provided”, in Exhibit A.

 

This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. We were not engaged to, and did not conduct an audit or an examination engagement, the objective of which would be the expression of an opinion, or a review engagement, the objective of which would be the expression of a conclusion, on the Final 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 to you.

 

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017

  

T: (646) 471-3000, F: (813)-286-6000 www.pwc.com

 3 
  

 

In performing this engagement, we are required to be independent of the Responsible Party and to meet our ethical responsibilities, in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement.

 

This report is intended solely for the information and use of the Specified Parties (including for the purpose of substantiating the Specified Parties' “due diligence defense” under the Securities Act of 1933), and is not intended to be and should not be used by anyone other than the Specified Parties.

 

If a party has obtained, or has access to, this report without having executed an agreement with PwC wherein such party accepts responsibility for the appropriateness of the procedures performed (such party is referred to as a “Non-Specified Party”), that Non-Specified Party cannot:

 

Rely upon this report, and any use of this report by that Non-Specified Party is its sole responsibility and at its sole and exclusive risk; and
Acquire any rights or claims against PwC, and PwC assumes no duties or obligations to such Non-Specified Party.

 

A Non-Specified Party may not disclose or distribute this report or any of the report’s contents to any

other party (including but not limited to electronic distribution and/or posting to a website pursuant to Rule 17g-5 of the Securities Exchange Act of 1934).

 

The procedures enumerated above were performed as of the date of this report, and we disclaim any consideration of any events and circumstances occurring after the date of this report. Further, we have no obligation to update this report because of events occurring, or data or information coming to our attention, subsequent to the date of this report.

 

 

/s/ PricewaterhouseCoopers LLP

 

 

New York, NY

September 18, 2025

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017

  

T: (646) 471-3000, F: (813)-286-6000 www.pwc.com

 4 
  

 

Exhibits

 

 

Exhibit A – Loan File Review Procedures

 

Exhibit B – Recalculation Methodology

 

 

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017

  

T: (646) 471-3000, F: (813)-286-6000 www.pwc.com

 5 
  
NYC 2025-YORK  EXHIBIT A
Loan File Review Procedures  

Exhibit A – Loan File Review Procedures

 

# Specified Attribute

Source Document

(by order of priority)

Tolerance Levels
1 Loan # None - Company Provided None
2 % of Initial Pooled Balance Recalculation None
3 Loan/Property Flag None - Company Provided None
4 Property Name None - Company Provided None
5 Originator Loan Agreement None
6 Seller None - Company Provided None
7 Street Address Appraisal Report None
8 City Appraisal Report None
9 State Appraisal Report None
10 Zip Code Appraisal Report None
11 Number of Properties Appraisal Report None
12 Property Type Appraisal Report None
13 Property Subtype Appraisal Report None
14 Year Built Appraisal Report None
15 Year Renovated Appraisal Report None
16 Total Square Feet Underwriting File None
17 Occupancy (%) Underwriting File None
18 Occupancy Date Underwriting File None
19 Mortgage Loan Original Balance ($) Loan Agreement None
20 Mortgage Loan Cut-off Balance ($) Recalculation None
21 Mortgage Loan Cut-off Balance / Square Foot ($) Recalculation None
22 Mortgage Loan Maturity Balance ($) Recalculation None
23 Mezzanine Loan Original Balance ($) Mezzanine Loan Agreement None
24 Mezzanine Loan Cut-Off Balance ($) Recalculation None
25 Mezzanine Loan Cut-off Balance / Square Foot ($) Recalculation None
26 Mezzanine Loan Maturity Balance ($) Recalculation None

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017

  

T: (646) 471-3000, F: (813)-286-6000 www.pwc.com

 6 
  
NYC 2025-YORK  EXHIBIT A
Loan File Review Procedures  

 

# Specified Attribute

Source Document

(by order of priority)

Tolerance Levels
27 Total Debt Original Balance ($) Recalculation None
28 Total Debt Cut-Off Balance ($) Recalculation None
29 Total Debt Cut-off Balance / Square Foot ($) Recalculation None
30 Total Debt Maturity Balance ($) Recalculation None
31 Mortgage Loan Margin % None - Company Provided None
32 Mezzanine Loan Margin % None - Company Provided None
33 Total Debt Margin % Recalculation None
34 Assumed SOFR None - Company Provided None
35 Mortgage Loan SOFR Floor % Loan Agreement None
36 Mezzanine Loan SOFR Floor % Mezzanine Loan Agreement None
37 Total Debt SOFR Floor % Recalculation None
38 SOFR Cap Strike Price % Loan Agreement None
39 SOFR Cap Expiration None - Company Provided None
40 Mezzanine Cap Strike Price % Mezzanine Loan Agreement None
41 Mortgage Loan Index Loan Agreement None
42 Floating Rate Change  Frequency Loan Agreement None
43 Interest Rate Cap Provider None - Company Provided None
44 Mortgage Loan  Rate % Recalculation None
45 Mortgage Loan Interest Rate (at SOFR Cap) Recalculation None
46 Mortgage Loan  Admin. Fee % Fee Schedule None
47 Net Mortgage Loan Rate % Recalculation None
48 Mezzanine Loan Rate % Recalculation None
49 Total Debt Rate % Recalculation None
50 Mortgage Accrual Type Loan Agreement None
51 Amortization Type Loan Agreement None

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017

  

T: (646) 471-3000, F: (813)-286-6000 www.pwc.com

 7 
  
NYC 2025-YORK  EXHIBIT A
Loan File Review Procedures  

 

# Specified Attribute

Source Document

(by order of priority)

Tolerance Levels
52 Note Date None - Company Provided None
53 First Payment Date Loan Agreement None
54 Initial Original Term Recalculation None
55 Initial Remaining Term Recalculation None
56 Initial Maturity Date Loan Agreement None
57 Seasoning Recalculation None
58 Extension Options Loan Agreement None
59 Extension Spread Increase Description Loan Agreement None
60 First Extension Fee Loan Agreement None
61 Second Extension Fee Loan Agreement None
62 Third Extension Fee Loan Agreement None
63 Fourth Extension Fee Loan Agreement None
64 Fifth Extension Fee Loan Agreement None
65 Exit Fee Loan Agreement None
66 SOFR Cap After Extension Loan Agreement None
67 Fully Extended Original Term Recalculation None
68 Fully Extended Remaining Term Recalculation None
69 Fully Extended Maturity Date Loan Agreement None
70 Payment Due Date Loan Agreement None
71 Grace Period  (Late Payment) Loan Agreement None
72 Grace Period  (Default) Loan Agreement None
73 Interest Accrual Start Loan Agreement None
74 Interest Accrual End Loan Agreement None
75 SOFR Lookback Days Loan Agreement None
76 Mortgage Loan Monthly Debt Service ($) at Loan Rate Recalculation None
77 Mortgage Loan Annual Debt Service ($) at Loan Rate Recalculation None
78 Mortgage Loan Monthly Debt Service ($) at Cap Rate Recalculation None

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017

  

T: (646) 471-3000, F: (813)-286-6000 www.pwc.com

 8 
  
NYC 2025-YORK  EXHIBIT A
Loan File Review Procedures  

 

# Specified Attribute

Source Document

(by order of priority)

Tolerance Levels
79 Mortgage Loan Annual Debt Service ($) at Cap Rate Recalculation None
80 Mezzanine Loan Monthly Debt Service ($) at Loan Rate Recalculation None
81 Mezzanine Loan Annual Debt Service ($) at Loan Rate Recalculation None
82 Mezzanine Loan Monthly Debt Service ($) at Cap Rate Recalculation None
83 Mezzanine Loan Annual Debt Service ($) at Cap Rate Recalculation None
84 Total Loan Monthly Debt Service ($) at Loan Rate Recalculation None
85 Total Loan Annual Debt Service ($) at Loan Rate Recalculation None
86 Total Loan Monthly Debt Service ($) at Cap Rate Recalculation None
87 Total Loan Annual Debt Service ($) at Cap Rate Recalculation None
88 Prepayment Provision (Payments) Loan Agreement None
89 Prepayment Provision Comments Loan Agreement None
90 Partial Release Allowed? Loan Agreement None
91 Partial Release Description Loan Agreement None
92 As-Is Appraised  Value ($) Appraisal Report None
93 As-Is Appraised  Value ($) Per Square Foot Recalculation None
94 As-Stabilized Appraised  Value ($) Not Applicable* None
95 As-Stabilized Appraised  Value ($) Per Square Foot Not Applicable* None
96 As-Is Appraisal  Date Appraisal Report None
97 As-Stabilized Appraisal Date Not Applicable* None
98 Environmental Report Date Environmental Report None

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017

  

T: (646) 471-3000, F: (813)-286-6000 www.pwc.com

 9 
  
NYC 2025-YORK  EXHIBIT A
Loan File Review Procedures  

 

# Specified Attribute

Source Document

(by order of priority)

Tolerance Levels
99 Engineering Report Date Engineering Report None
100 As-Is Mortgage Loan Cutoff Date LTV % Recalculation None
101 As-Is Mortgage Loan Maturity Date LTV % Recalculation None
102 As-Is Total Debt Cutoff Date LTV % Recalculation None
103 As-Is Total Debt Maturity Date LTV % Recalculation None
104 As-Stabilized Mortgage Loan Cutoff Date LTV % Not Applicable* None
105 As-Stabilized Mortgage Loan Maturity Date LTV % Not Applicable* None
106 2022 Revenues ($) Underwriting File $1
107 2022 Expenses ($) Underwriting File $1
108 2022 NOI ($) Underwriting File $1
109 2022 NCF ($) Underwriting File $1
110 2023 Revenues ($) Underwriting File $1
111 2023 Expenses ($) Underwriting File $1
112 2023 NOI ($) Underwriting File $1
113 2023 NCF ($) Underwriting File $1
114 2024 Revenues ($) Underwriting File $1
115 2024 Expenses ($) Underwriting File $1
116 2024 NOI ($) Underwriting File $1
117 2024 NCF ($) Underwriting File $1
118 UW (in place) Occupancy Underwriting File None
119 UW (in place) Revenues ($) Underwriting File $1
120 UW (in place) Total Expenses ($) Underwriting File $1
121 UW (in place) NOI ($) Underwriting File $1
122 UW (in place) Replacement Reserves ($) Underwriting File $1
123 UW (in place) TI/LC ($) Underwriting File $1
124 UW (in place) NCF ($) Underwriting File $1
125 Mortgage Loan UW (in place) NOI   DSCR at Loan Rate Recalculation None

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017

  

T: (646) 471-3000, F: (813)-286-6000 www.pwc.com

 10 
  
NYC 2025-YORK  EXHIBIT A
Loan File Review Procedures  

 

# Specified Attribute

Source Document

(by order of priority)

Tolerance Levels
126 Mortgage Loan UW (in place) NCF  DSCR at Loan Rate Recalculation None
127 Mortgage Loan UW (in place) NOI   DSCR at Cap Rate Recalculation None
128 Mortgage Loan UW (in place) NCF  DSCR at Cap Rate Recalculation None
129 Mortgage Loan UW (in place) NOI  Debt Yield % Recalculation None
130 Mortgage Loan UW (in place) NCF Debt Yield % Recalculation None
131 Total Debt UW (in place) NOI   DSCR at Loan Rate Recalculation None
132 Total Debt UW (in place) NCF  DSCR at Loan Rate Recalculation None
133 Total Debt UW (in place) NOI   DSCR at Cap Rate Recalculation None
134 Total Debt UW (in place) NCF  DSCR at Cap Rate Recalculation None
135 Total Debt UW (in place) NOI  Debt Yield % Recalculation None
136 Total Debt UW (in place) NCF Debt Yield % Recalculation None
137 Lien Position Title Policy None
138 Title Type Title Policy None
139 Ground Lease Expiration Date (Fully Extended) Not Applicable* None
140 Annual Ground Rent Not Applicable* None
141 PML % Not Applicable* None
142 PML Report Date Not Applicable* None
143 Upfront Capex Reserve ($) Loan Agreement None
144 Upfront Engin. Reserve ($) Loan Agreement None
145 Upfront TI/LC Reserve ($) Loan Agreement None
146 Upfront RE Tax Reserve ($) Loan Agreement None
147 Upfront Ins. Reserve ($) Loan Agreement None
148 Upfront Other Reserve ($) Loan Agreement None

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017

  

T: (646) 471-3000, F: (813)-286-6000 www.pwc.com

 11 
  
NYC 2025-YORK  EXHIBIT A
Loan File Review Procedures  

 

# Specified Attribute

Source Document

(by order of priority)

Tolerance Levels
149 Upfront Other Reserve Description Loan Agreement None
150 Monthly Capex Reserve ($) Loan Agreement None
151 Monthly TI/LC Reserve ($) Loan Agreement None
152 Monthly RE Tax Reserve ($) None - Company Provided None
153 Monthly Ins. Reserve ($) Loan Agreement None
154 Monthly Other Reserve ($) Loan Agreement None
155 Monthly Other Reserve Description Loan Agreement None
156 Trigger Period Description Loan Agreement None
157 Largest Tenant Underwriting File None
158 Largest Tenant Unit Size Underwriting File None
159 Largest Tenant Lease Expiration Date Underwriting File None
160 Second Largest Tenant Underwriting File None
161 Second Largest Tenant Unit Size Underwriting File None
162 Second Largest Tenant Lease Expiration Date Underwriting File None
163 Third Largest Tenant Underwriting File None
164 Third Largest Tenant Unit Size Underwriting File None
165 Third Largest Tenant Lease Expiration Date Underwriting File None
166 Fourth Largest Tenant Underwriting File None
167 Fourth Largest Tenant Unit Size Underwriting File None
168 Fourth Largest Tenant Lease Expiration Date Underwriting File None
169 Fifth Largest Tenant Underwriting File None
170 Fifth Largest Tenant Unit Size Underwriting File None
171 Fifth Largest Tenant Lease Expiration Date Underwriting File None
172 Loan Purpose None - Company Provided None
173 Borrower Name Loan Agreement None

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017

  

T: (646) 471-3000, F: (813)-286-6000 www.pwc.com

 12 
  
NYC 2025-YORK  EXHIBIT A
Loan File Review Procedures  

 

# Specified Attribute

Source Document

(by order of priority)

Tolerance Levels
174 Single Purpose Borrower (Y/N) Loan Agreement None
175 Principal / Sponsor Loan Agreement None
176 Carveout Guarantor Loan Agreement None
177 Property Manager Loan Agreement None
178 Lockbox (Y/N) Loan Agreement None
179 Lockbox Type Loan Agreement None
180 Cash Management Loan Agreement None
181 Assumption Frequency Loan Agreement None
182 Assumption Fee Loan Agreement None
183 Future Debt Permitted (Y/N) Loan Agreement None
184 Future Debt Description Loan Agreement None

 

 

* The fields for the noted Specified Attributes were either not populated in the Final Data File or populated with the term “NAP”. As such, we were instructed by the Company to not perform any procedures on these Specified Attributes.

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017

  

T: (646) 471-3000, F: (813)-286-6000 www.pwc.com

 13 
  
NYC 2025-YORK  EXHIBIT B
Recalculation Methodology 

Exhibit B – Recalculation Methodology

 

# Specified Attribute Recalculation Methodology
2 % of Initial Pooled Balance Quotient of (i) Mortgage Loan Cut-off Balance ($) and (ii) Mortgage Loan Cut-off Balance ($).
20 Mortgage Loan Cut-off Balance ($) Set equal to the Mortgage Loan Original Balance ($).
21 Mortgage Loan Cut-off Balance / Square Foot ($) Quotient of (i) Mortgage Loan Cut-off Balance ($) and (ii) Total Square Feet.
22 Mortgage Loan Maturity Balance ($) Set equal to the Mortgage Loan Original Balance ($).
24 Mezzanine Loan Cut-Off Balance ($) Set equal to the Mezzanine Loan Original Balance ($).
25 Mezzanine Loan Cut-off Balance / Square Foot ($) Quotient of (i) Mezzanine Loan Cut-off Balance ($) and (ii) Total Square Feet.
26 Mezzanine Loan Maturity Balance ($) Set equal to the Mezzanine Loan Original Balance ($).
27 Total Debt Original Balance ($) Sum of (i) Mortgage Loan Original Balance ($) and (ii) Mezzanine Loan Original Balance ($).
28 Total Debt Cut-Off Balance ($) Sum of (i) Mortgage Loan Cut-off Balance ($) and (ii) Mezzanine Loan Cut-off Balance ($).
29 Total Debt Cut-off Balance / Square Foot ($) Quotient of (i) Total Debt Cut-off Balance ($) and (ii) Total Square Feet.
30 Total Debt Maturity Balance ($) Sum of (i) Mortgage Loan Maturity Balance ($) and (ii) Mezzanine Loan Maturity Balance ($).
33 Total Debt Margin % Quotient of (i) Sum of product of (a) Mortgage Loan Cut-off Balance ($) and Mortgage Loan Margin % and (b) Mezzanine Loan Cut-off Balance and Mezzanine Loan Margin % and (ii) Total Debt Cut-Off Balance ($).
37 Total Debt SOFR Floor % Quotient of (i) Sum of product of (a) Mortgage Loan Cut-off Balance ($) and Mortgage Loan SOFR Floor % and (b) Mezzanine Loan Cut-off Balance and Mezzanine Loan SOFR Floor % and (ii) Total Debt Cut-Off Balance ($).
44 Mortgage Loan Rate % Sum of (i) Mortgage Loan Margin % and (ii) Assumed SOFR.
45 Mortgage Loan Interest Rate (at SOFR Cap) Sum of (i) Mortgage Loan Margin % and (ii) SOFR Cap Strike Price %.
47 Net Mortgage Loan Rate % The difference between (i) Mortgage Loan Rate % and (ii) Mortgage Loan Admin. Fee %.
48 Mezzanine Loan Rate % Sum of (i) Mezzanine Loan Margin %  and (ii) Assumed SOFR.
49 Total Debt Rate % Sum of (i) Total Debt Margin %  and (ii) Assumed SOFR %.

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017

  

T: (646) 471-3000, F: (813)-286-6000 www.pwc.com

 14 
  
NYC 2025-YORK  EXHIBIT B
Recalculation Methodology 

 

# Specified Attribute Recalculation Methodology
54 Initial Original Term Count of the number of monthly payment dates, from and inclusive of (i) First Payment Date, to and including (ii) Initial Maturity Date.
55 Initial Remaining Term Difference between (i) Initial Original Term and (ii) Seasoning.
57 Seasoning Count of the number of monthly payment dates, from and inclusive of (i) the First Payment Date and (ii) the Cut-off Date.
67 Fully Extended Original Term Count of the number of monthly payment dates, from and inclusive of (i) First Payment Date, to and including (ii) Fully Extended Maturity Date.
68 Fully Extended Remaining Term Difference between (i) Fully Extended Original Term and (ii) Seasoning.
76 Mortgage Loan Monthly Debt Service ($) at Loan Rate Quotient of (i) product of (a) Mortgage Loan Cut-off Balance ($), (b) Mortgage Loan Interest Rate %, and (c) the Mortgage Accrual Type and (ii) 12.
77 Mortgage Loan Annual Debt Service ($) at Loan Rate Product of (i) Mortgage Loan Monthly Debt Service ($) at Loan Rate and (ii) 12.
78 Mortgage Loan Monthly Debt Service ($) at Cap Rate Quotient of (i) product of (a) Mortgage Loan Cut-off Balance ($), (b) Mortgage Loan Interest Rate (at SOFR Cap), and (c) the Mortgage Accrual Type and (ii) 12.
79 Mortgage Loan Annual Debt Service ($) at Cap Rate Product of (i) Mortgage Loan Monthly Debt Service ($) at Cap Rate and (ii) 12.
80 Mezzanine Loan Monthly Debt Service ($) at Loan Rate Quotient of (i) product of (a) Mezzanine Loan Cut-Off Balance ($), (b) Mezzanine Loan Rate %, and (c) the Mortgage Accrual Type and (ii) 12.
81 Mezzanine Loan Annual Debt Service ($) at Loan Rate Product of (i) Mezzanine Loan Monthly Debt Service ($) at Loan Rate and (ii) 12.
82 Mezzanine Loan Monthly Debt Service ($) at Cap Rate Quotient of (i) product of (a) Mezzanine Loan Cut-Off Balance ($), (b) the sum of (x) Mezzanine Loan Margin % and (y) Mezzanine Cap Strike Price %, (c) the Mortgage Accrual Type and (ii) 12.
83 Mezzanine Loan Annual Debt Service ($) at Cap Rate Product of (i) Mezzanine Loan Monthly Debt Service ($) at Cap Rate and (ii) 12.
84 Total Loan Monthly Debt Service ($) at Loan Rate Sum of (i) Mortgage Loan Monthly Debt Service ($) at Loan Rate and (ii) Mezzanine Loan Monthly Debt Service ($) at Loan Rate.
85 Total Loan Annual Debt Service ($) at Loan Rate Sum of (i) Mortgage Loan Annual Debt Service ($) at Loan Rate and (ii) Mezzanine Loan Annual Debt Service ($) at Loan Rate.

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017

  

T: (646) 471-3000, F: (813)-286-6000 www.pwc.com

 15 
  
NYC 2025-YORK  EXHIBIT B
Recalculation Methodology 

 

# Specified Attribute Recalculation Methodology
86 Total Loan Monthly Debt Service ($) at Cap Rate Sum of (i) Mortgage Loan Monthly Debt Service ($) at Cap Rate and (ii) Mezzanine Loan Monthly Debt Service ($) at Cap Rate.
87 Total Loan Annual Debt Service ($) at Cap Rate Sum of (i) Mortgage Loan Annual Debt Service ($) at Cap Rate and (ii) Mezzanine Loan Annual Debt Service ($) at Cap Rate.
93 As-Is Appraised  Value ($) Per Square Foot Quotient of (i) the As-is Appraised  Value ($) and (ii) Total Square Feet.
100 As-Is Mortgage Loan Cutoff Date LTV % Quotient of (i) Mortgage Loan Cut-off Balance ($) and (ii) the As-is Appraised  Value ($).
101 As-Is Mortgage Loan Maturity Date LTV % Quotient of (i) Mortgage Loan Maturity Balance ($) and (ii) the As-is Appraised  Value ($).
102 As-Is Total Debt Cutoff Date LTV % Quotient of (i) Total Debt Cut-off Balance ($) and (ii) the As-is Appraised  Value ($).
103 As-Is Total Debt Maturity Date LTV % Quotient of (i) Total Debt Maturity Balance ($) and (ii) the As-is Appraised  Value ($).
125 Mortgage Loan UW (in place) NOI   DSCR at Loan Rate Quotient of (i) UW (in place) NOI ($) and (ii) Mortgage Loan Annual Debt Service ($) at Loan Rate.
126 Mortgage Loan UW (in place) NCF  DSCR at Loan Rate Quotient of (i) UW (in place) NCF ($) and (ii) Mortgage Loan Annual Debt Service ($) at Loan Rate.
127 Mortgage Loan UW (in place) NOI   DSCR at Cap Rate Quotient of (i) UW (in place) NOI ($) and (ii) Mortgage Loan Annual Debt Service ($) at Cap Rate.
128 Mortgage Loan UW (in place) NCF  DSCR at Cap Rate Quotient of (i) UW (in place) NCF ($) and (ii) Mortgage Loan Annual Debt Service ($) at Cap Rate.
129 Mortgage Loan UW (in place) NOI  Debt Yield % Quotient of (i) UW (in place) NOI and (ii) Mortgage Loan Cut-off Balance ($).
130 Mortgage Loan UW (in place) NCF Debt Yield % Quotient of (i) UW (in place) NCF and (ii) Mortgage Loan Cut-off Balance ($).
131 Total Debt UW (in place) NOI   DSCR at Loan Rate Quotient of (i) UW (in place) NOI and (ii) Total Loan Monthly Debt Service ($) at Loan Rate.
132 Total Debt UW (in place) NCF  DSCR at Loan Rate Quotient of (i) UW (in place) NCF and (ii) Total Loan Monthly Debt Service ($) at Loan Rate.
133 Total Debt UW (in place) NOI   DSCR at Cap Rate Quotient of (i) UW (in place) NOI and (ii) Total Loan Annual Debt Service ($) at Cap Rate.
134 Total Debt UW (in place) NCF  DSCR at Cap Rate Quotient of (i) UW (in place) NCF and (ii) Total Loan Annual Debt Service ($) at Cap Rate.
135 Total Debt UW (in place) NOI  Debt Yield % Quotient of (i) UW (in place) NOI and (ii) Total Debt Cut-Off Balance ($).
136 Total Debt UW (in place) NCF Debt Yield % Quotient of (i) UW (in place) NCF and (ii) Total Debt Cut-Off Balance ($).

 

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017

  

T: (646) 471-3000, F: (813)-286-6000 www.pwc.com

 16