WFCM 2026-5C8 Disclaimer

STATEMENT REGARDING THIS FREE WRITING PROSPECTUS

The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (“SEC”) (SEC File No. 333-282099) 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 SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any underwriter, or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8 a.m. – 5 p.m. EST) or by emailing wfs.cmbs@wellsfargo.com.

Nothing in this document constitutes an offer of securities for sale in any jurisdiction where the offer or sale is not permitted. The information contained herein is preliminary as of the date hereof, supersedes any such information previously delivered to you and will be superseded by any such information subsequently delivered and ultimately by the final prospectus relating to the securities. These materials are subject to change, completion, supplement or amendment from time to time.

This free writing prospectus 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 (i) Regulation (EU) 2017/1129 (as amended), (ii) such Regulation as it forms part of UK domestic law, or (iii) Part VI of the UK Financial Services and Markets Act 2000, as amended; and does not constitute an offering document for any other purpose.

STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES AND OTHER INFORMATION

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 securities. 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 securities 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 Wells Fargo Securities, LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, Academy Securities, Inc., Drexel Hamilton, LLC, Siebert Williams Shank & Co., LLC 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 securities. 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 free writing prospectus contains certain forward-looking statements. If and when included in this free writing prospectus, 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 customer 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 free writing prospectus are made as of the date stated on the cover. We have no obligation to update or revise any forward-looking statement.

Wells Fargo Securities is the trade name for the capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including but not limited to Wells Fargo Securities, LLC, a member of NYSE, FINRA, NFA and SIPC, Wells Fargo Prime Services, LLC, a member of FINRA, NFA and SIPC, and Wells Fargo Bank, N.A. Wells Fargo Securities, LLC and Wells Fargo Prime Services, LLC are distinct entities from affiliated banks and thrifts.

J.P. Morgan is the marketing name for the investment banking businesses of JPMorgan Chase & Co. and its subsidiaries worldwide. Securities, syndicated loan arranging, financial advisory and other investment banking activities are performed by JPMS and its securities affiliates, and lending, derivatives and other commercial banking activities are performed by JPMorgan Chase Bank, National Association and its banking affiliates. JPMS is a member of SIPC and the NYSE.

IMPORTANT NOTICE REGARDING THE OFFERED CERTIFICATES

The information herein is preliminary and may be supplemented or amended prior to the time of sale. In addition, 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.

The underwriters described in these materials 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 security or contract discussed in these materials.

The information contained herein supersedes any previous such information delivered to any prospective investor and will be superseded by information delivered to such prospective investor prior to the time of sale.

IMPORTANT NOTICE RELATING TO AUTOMATICALLY-GENERATED EMAIL DISCLAIMERS

Any legends, disclaimers or other notices that may appear at the bottom of any email communication to which this free writing prospectus is attached relating to (1) these materials not constituting an offer (or a solicitation of an offer), (2) any 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.

ANNEX A-1 — CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES

Loan ID Number	Loan / Property Flag	Footnotes (for Loan and Property Information)	# of Properties	Property Name	% of Initial Pool Balance	% of Loan Balance	Mortgage Loan Originator⁽¹⁾	Mortgage Loan Seller⁽¹⁾	Related Group	Crossed Group	Address
1.000	Loan	5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 73	1	CityCenter (Aria & Vdara)	9.8%	100.0%	JPMCB, CREFI	JPMCB, CREFI	NAP	NAP	3730 South Las Vegas Boulevard and 2600 West Harmon Avenue
2.000	Loan	5, 20, 21, 22, 23, 24	1	Kirby Industrial	9.3%	100.0%	CREFI, AREF2	CREFI, AREF2	NAP	NAP	609 South Kirby Street
3.000	Loan	5, 25, 26	1	Cottage Cove Apartments	8.2%	100.0%	AREF2, SMC	AREF2	NAP	NAP	12 Northeast 188th Street
4.000	Loan	27, 28	1	Columbus Park Crossing	7.8%	100.0%	WFB	WFB	NAP	NAP	5555 Whittlesey Boulevard
5.000	Loan	29, 30, 31	4	Olive Industrial 4-Pack	6.8%		AREF2	AREF2	NAP	NAP	Various
5.100	Property		1	Joplin Property	3.3%	48.2%					3401, 3503, and 3601 Enterprise Avenue
5.200	Property		1	Massillon Property	1.6%	24.2%					400 Nave Road Southeast
5.300	Property		1	Watertown Property	1.1%	16.4%					201 20th Avenue Southeast
5.400	Property		1	Louisville Property	0.8%	11.2%					7200 Riverport Drive
6.000	Loan		1	Commerce Office Park	5.9%	100.0%	WFB	WFB	NAP	NAP	4900 South Eastern Avenue, 5500 South Eastern Avenue, 5700 South Eastern Avenue, 5770 South Eastern Avenue and 5801 East Slauson Avenue
7.000	Loan	5, 32, 33, 34, 35, 36, 37, 38, 39, 40	6	Haven Leased Fee Portfolio	5.2%		GSBI, MSMCH	GSMC	NAP	NAP	Various
7.100	Property		1	The Arches	2.2%	41.3%					224-228 East 135th Street
7.200	Property		1	Paramus	0.9%	17.5%					15 East Midland Avenue & 461 From Road
7.300	Property		1	276 Grand Concourse	0.9%	17.2%					276 Grand Concourse
7.400	Property		1	Corporate Hill IV	0.5%	9.3%					12800 Corporate Hill Drive
7.500	Property		1	The Illustrator	0.4%	7.8%					600 and 606 North Avenue
7.600	Property		1	25 Vreeland	0.4%	6.9%					25A Vreeland Road and 25B Vreeland Road
8.000	Loan	5, 41, 42, 43, 44	1	136 Madison	5.2%	100.0%	CREFI	CREFI	NAP	NAP	136 Madison Avenue
9.000	Loan	74	1	The Bluffs	5.0%	100.0%	JPMCB	JPMCB	NAP	NAP	1810 Caroline Avenue
10.000	Loan	45, 46	1	Aura Hotel Times Square	4.3%	100.0%	WFB	WFB	NAP	NAP	120 West 44th Street
11.000	Loan	47, 75	1	770 The City Drive	3.4%	100.0%	WFB	WFB	Group 1	NAP	770 The City Drive South
12.000	Loan		1	Hampton Towne Centre	2.9%	100.0%	AREF2	AREF2	NAP	NAP	30 Towne Centre Way
13.000	Loan	5, 48, 49	1	Empire Mall	2.6%	100.0%	WFB	WFB	Group 2	NAP	5000 West Empire Place Mall
14.000	Loan		1	Calder Square Apartments	2.6%	100.0%	AREF2	AREF2	NAP	NAP	1111 West Main Street
15.000	Loan		1	Colonial Pointe	2.3%	100.0%	WFB	WFB	Group 3	NAP	7648 Garners Ferry Road
16.000	Loan	50, 51, 52, 76	1	Raymond Center	2.2%	100.0%	JPMCB	JPMCB	NAP	NAP	49 East 400 North
17.000	Loan	53, 77	1	750 The City Drive	2.1%	100.0%	WFB	WFB	Group 1	NAP	750 The City Drive South
18.000	Loan	54, 78	1	790 The City Drive	2.0%	100.0%	WFB	WFB	Group 1	NAP	790 The City Drive South
19.000	Loan	55, 56	3	Signal Hill Industrial Portfolio	1.7%		WFB	WFB	NAP	NAP	Various
19.100	Property		1	2698 Junipero Avenue	0.6%	35.5%					2698 Junipero Avenue
19.200	Property		1	2300 Walnut Avenue	0.6%	32.6%					2300 Walnut Avenue
19.300	Property		1	2700 Rose Avenue	0.5%	31.9%					2700 Rose Avenue
20.000	Loan	57, 58	1	Big Bear Lake Shopping Center	1.5%	100.0%	WFB	WFB	NAP	NAP	42124 & 42126 Big Bear Boulevard
21.000	Loan	59	1	1800 South Brand	1.4%	100.0%	AREF2	AREF2	NAP	NAP	1800 South Brand Boulevard
22.000	Loan	60, 61	1	Silver Strand Plaza	1.4%	100.0%	AREF2	AREF2	NAP	NAP	600 Palm Avenue
23.000	Loan	5, 62, 63, 64, 65, 66, 79	1	Northshore Mall	1.3%	100.0%	JPMCB	JPMCB	Group 2	NAP	210 Andover Street
24.000	Loan	67, 68	1	Troy Towne Center	1.3%	100.0%	CREFI	CREFI	NAP	NAP	1803-1893 West Main Street
25.000	Loan	69, 70	2	Fulop Brooklyn Multifamily Portfolio 2	0.9%		GCMC	GCMC	NAP	NAP	Various
25.100	Property		1	104 Graham Avenue	0.6%	63.7%					104 Graham Avenue
25.200	Property		1	155 Central Avenue	0.3%	36.3%					155 Central Avenue
26.000	Loan	71	1	105 Rogers Avenue	0.9%	100.0%	AREF2	AREF2	NAP	NAP	105 Rogers Avenue
27.000	Loan		1	Creekside at Kennedy Mill	0.8%	100.0%	WFB	WFB	Group 3	NAP	219 Dorothy Street
28.000	Loan	80	1	LA Fitness Longwood FL	0.8%	100.0%	JPMCB	JPMCB	NAP	NAP	200 South 17-92 Highway
29.000	Loan	72	1	Colony Manor & Gatehouse Apartments	0.7%	100.0%	AREF2	AREF2	NAP	NAP	2520 & 2704 Beatty Street

Loan ID Number	Loan / Property Flag	Footnotes (for Loan and Property Information)	# of Properties	Property Name	Loan Per Unit ($)	Original Balance ($)	Cut-off Date Balance ($)	Maturity/ARD Balance ($)	Interest Rate %	Administrative Fee Rate %⁽²⁾	Net Mortgage Rate %	Monthly Debt Service (P&I) ($)
1.000	Loan	5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 73	1	CityCenter (Aria & Vdara)	476,313.33	75,000,000	75,000,000	75,000,000	6.07881%	0.01596%	6.06285%	NAP
2.000	Loan	5, 20, 21, 22, 23, 24	1	Kirby Industrial	119.91	71,000,000	71,000,000	71,000,000	6.75000%	0.01720%	6.73280%	NAP
3.000	Loan	5, 25, 26	1	Cottage Cove Apartments	186,965.81	62,500,000	62,500,000	62,500,000	6.45000%	0.01720%	6.43280%	NAP
4.000	Loan	27, 28	1	Columbus Park Crossing	102.20	60,000,000	60,000,000	60,000,000	5.85700%	0.01720%	5.83980%	NAP
5.000	Loan	29, 30, 31	4	Olive Industrial 4-Pack	46.23	52,166,000	52,166,000	52,166,000	6.47500%	0.01720%	6.45780%	NAP
5.100	Property		1	Joplin Property		25,164,000	25,164,000	25,164,000
5.200	Property		1	Massillon Property		12,601,000	12,601,000	12,601,000
5.300	Property		1	Watertown Property		8,569,000	8,569,000	8,569,000
5.400	Property		1	Louisville Property		5,832,000	5,832,000	5,832,000
6.000	Loan		1	Commerce Office Park	158.48	45,000,000	45,000,000	45,000,000	6.47300%	0.01720%	6.45580%	NAP
7.000	Loan	5, 32, 33, 34, 35, 36, 37, 38, 39, 40	6	Haven Leased Fee Portfolio	72.51	40,000,000	40,000,000	40,000,000	5.43600%	0.01720%	5.41880%	NAP
7.100	Property		1	The Arches		16,522,250	16,522,250	16,522,250
7.200	Property		1	Paramus		7,015,500	7,015,500	7,015,500
7.300	Property		1	276 Grand Concourse		6,876,000	6,876,000	6,876,000
7.400	Property		1	Corporate Hill IV		3,707,000	3,707,000	3,707,000
7.500	Property		1	The Illustrator		3,129,000	3,129,000	3,129,000
7.600	Property		1	25 Vreeland		2,750,250	2,750,250	2,750,250
8.000	Loan	5, 41, 42, 43, 44	1	136 Madison	194.62	40,000,000	40,000,000	40,000,000	5.59000%	0.01720%	5.57280%	NAP
9.000	Loan	74	1	The Bluffs	69,852.94	38,000,000	38,000,000	38,000,000	6.22000%	0.01720%	6.20280%	NAP
10.000	Loan	45, 46	1	Aura Hotel Times Square	141,025.64	33,000,000	33,000,000	33,000,000	6.70300%	0.01720%	6.68580%	NAP
11.000	Loan	47, 75	1	770 The City Drive	139.05	26,000,000	26,000,000	26,000,000	6.41200%	0.01720%	6.39480%	NAP
12.000	Loan		1	Hampton Towne Centre	135.79	22,100,000	22,100,000	22,100,000	6.78300%	0.01720%	6.76580%	NAP
13.000	Loan	5, 48, 49	1	Empire Mall	117.14	20,000,000	20,000,000	20,000,000	6.71600%	0.01720%	6.69880%	NAP
14.000	Loan		1	Calder Square Apartments	119,512.20	19,600,000	19,600,000	19,600,000	6.41400%	0.05595%	6.35805%	NAP
15.000	Loan		1	Colonial Pointe	72,478.99	17,250,000	17,250,000	17,250,000	6.05400%	0.01720%	6.03680%	NAP
16.000	Loan	50, 51, 52, 76	1	Raymond Center	196.55	16,800,000	16,800,000	16,800,000	6.61000%	0.01720%	6.59280%	NAP
17.000	Loan	53, 77	1	750 The City Drive	165.79	16,300,000	16,300,000	16,300,000	6.31200%	0.01720%	6.29480%	NAP
18.000	Loan	54, 78	1	790 The City Drive	153.97	15,000,000	15,000,000	15,000,000	6.45200%	0.01720%	6.43480%	NAP
19.000	Loan	55, 56	3	Signal Hill Industrial Portfolio	147.59	13,200,000	13,200,000	13,200,000	6.09000%	0.01720%	6.07280%	NAP
19.100	Property		1	2698 Junipero Avenue		4,688,465	4,688,465	4,688,465
19.200	Property		1	2300 Walnut Avenue		4,299,585	4,299,585	4,299,585
19.300	Property		1	2700 Rose Avenue		4,211,950	4,211,950	4,211,950
20.000	Loan	57, 58	1	Big Bear Lake Shopping Center	148.18	11,250,000	11,250,000	11,250,000	6.28000%	0.01720%	6.26280%	NAP
21.000	Loan	59	1	1800 South Brand	187.39	11,000,000	11,000,000	11,000,000	6.53000%	0.01720%	6.51280%	NAP
22.000	Loan	60, 61	1	Silver Strand Plaza	235.24	10,500,000	10,500,000	10,500,000	7.14500%	0.01720%	7.12780%	NAP
23.000	Loan	5, 62, 63, 64, 65, 66, 79	1	Northshore Mall	153.84	10,000,000	10,000,000	10,000,000	6.35500%	0.01720%	6.33780%	NAP
24.000	Loan	67, 68	1	Troy Towne Center	67.71	9,782,500	9,782,500	9,782,500	6.53000%	0.01720%	6.51280%	NAP
25.000	Loan	69, 70	2	Fulop Brooklyn Multifamily Portfolio 2	682,500.00	6,825,000	6,825,000	6,825,000	5.95000%	0.01720%	5.93280%	NAP
25.100	Property		1	104 Graham Avenue		4,345,000	4,345,000	4,345,000
25.200	Property		1	155 Central Avenue		2,480,000	2,480,000	2,480,000
26.000	Loan	71	1	105 Rogers Avenue	507,692.31	6,600,000	6,600,000	6,600,000	6.63600%	0.01720%	6.61880%	NAP
27.000	Loan		1	Creekside at Kennedy Mill	78,750.00	6,300,000	6,300,000	6,300,000	6.45700%	0.01720%	6.43980%	NAP
28.000	Loan	80	1	LA Fitness Longwood FL	170.28	5,800,000	5,789,665	5,510,689	7.19000%	0.01720%	7.17280%	39,330.46
29.000	Loan	72	1	Colony Manor & Gatehouse Apartments	42,975.21	5,200,000	5,200,000	5,200,000	6.45300%	0.01720%	6.43580%	NAP

Loan ID Number	Loan / Property Flag	Footnotes (for Loan and Property Information)	# of Properties	Property Name	Monthly Debt Service (IO) ($)	Annual Debt Service (P&I) ($)	Annual Debt Service (IO) ($)	Amortization Type	ARD Loan (Yes / No)	Interest Accrual Method	Original Interest-Only Period (Mos.)	Remaining Interest-Only Period (Mos.)
1.000	Loan	5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 73	1	CityCenter (Aria & Vdara)	385,202.32	NAP	4,622,427.84	Interest Only	No	Actual/360	60	57
2.000	Loan	5, 20, 21, 22, 23, 24	1	Kirby Industrial	404,921.88	NAP	4,859,062.56	Interest Only	No	Actual/360	60	59
3.000	Loan	5, 25, 26	1	Cottage Cove Apartments	340,603.30	NAP	4,087,239.60	Interest Only	No	Actual/360	60	59
4.000	Loan	27, 28	1	Columbus Park Crossing	296,917.36	NAP	3,563,008.32	Interest Only	No	Actual/360	60	57
5.000	Loan	29, 30, 31	4	Olive Industrial 4-Pack	285,388.47	NAP	3,424,661.64	Interest Only	No	Actual/360	60	55
5.100	Property		1	Joplin Property
5.200	Property		1	Massillon Property
5.300	Property		1	Watertown Property
5.400	Property		1	Louisville Property
6.000	Loan		1	Commerce Office Park	246,108.85	NAP	2,953,306.20	Interest Only	No	Actual/360	60	58
7.000	Loan	5, 32, 33, 34, 35, 36, 37, 38, 39, 40	6	Haven Leased Fee Portfolio	183,716.67	NAP	2,204,600.04	Interest Only	No	Actual/360	60	59
7.100	Property		1	The Arches
7.200	Property		1	Paramus
7.300	Property		1	276 Grand Concourse
7.400	Property		1	Corporate Hill IV
7.500	Property		1	The Illustrator
7.600	Property		1	25 Vreeland
8.000	Loan	5, 41, 42, 43, 44	1	136 Madison	188,921.30	NAP	2,267,055.60	Interest Only	No	Actual/360	60	59
9.000	Loan	74	1	The Bluffs	199,702.31	NAP	2,396,427.72	Interest Only	No	Actual/360	60	58
10.000	Loan	45, 46	1	Aura Hotel Times Square	186,892.67	NAP	2,242,712.04	Interest Only	No	Actual/360	60	57
11.000	Loan	47, 75	1	770 The City Drive	140,856.20	NAP	1,690,274.40	Interest Only	No	Actual/360	60	58
12.000	Loan		1	Hampton Towne Centre	126,655.25	NAP	1,519,863.00	Interest Only	No	Actual/360	60	59
13.000	Loan	5, 48, 49	1	Empire Mall	113,487.96	NAP	1,361,855.52	Interest Only	No	Actual/360	60	55
14.000	Loan		1	Calder Square Apartments	106,217.03	NAP	1,274,604.36	Interest Only	No	Actual/360	60	59
15.000	Loan		1	Colonial Pointe	88,234.95	NAP	1,058,819.40	Interest Only	No	Actual/360	60	58
16.000	Loan	50, 51, 52, 76	1	Raymond Center	93,825.28	NAP	1,125,903.36	Interest Only	No	Actual/360	60	60
17.000	Loan	53, 77	1	750 The City Drive	86,928.81	NAP	1,043,145.72	Interest Only	No	Actual/360	60	58
18.000	Loan	54, 78	1	790 The City Drive	81,770.14	NAP	981,241.68	Interest Only	No	Actual/360	60	58
19.000	Loan	55, 56	3	Signal Hill Industrial Portfolio	67,920.42	NAP	815,045.04	Interest Only	No	Actual/360	60	57
19.100	Property		1	2698 Junipero Avenue
19.200	Property		1	2300 Walnut Avenue
19.300	Property		1	2700 Rose Avenue
20.000	Loan	57, 58	1	Big Bear Lake Shopping Center	59,692.71	NAP	716,312.52	Interest Only	No	Actual/360	60	57
21.000	Loan	59	1	1800 South Brand	60,689.70	NAP	728,276.40	Interest Only	No	Actual/360	60	58
22.000	Loan	60, 61	1	Silver Strand Plaza	63,387.07	NAP	760,644.84	Interest Only	No	Actual/360	60	59
23.000	Loan	5, 62, 63, 64, 65, 66, 79	1	Northshore Mall	53,693.87	NAP	644,326.44	Interest Only	No	Actual/360	60	58
24.000	Loan	67, 68	1	Troy Towne Center	53,972.45	NAP	647,669.40	Interest Only	No	Actual/360	60	58
25.000	Loan	69, 70	2	Fulop Brooklyn Multifamily Portfolio 2	34,310.63	NAP	411,727.56	Interest Only	No	Actual/360	60	58
25.100	Property		1	104 Graham Avenue
25.200	Property		1	155 Central Avenue
26.000	Loan	71	1	105 Rogers Avenue	37,004.92	NAP	444,059.04	Interest Only	No	Actual/360	60	59
27.000	Loan		1	Creekside at Kennedy Mill	34,370.07	NAP	412,440.84	Interest Only	No	Actual/360	60	58
28.000	Loan	80	1	LA Fitness Longwood FL	NAP	471,965.52	NAP	Amortizing Balloon	No	Actual/360	0	0
29.000	Loan	72	1	Colony Manor & Gatehouse Apartments	28,351.38	NAP	340,216.56	Interest Only	No	Actual/360	60	57

Loan ID Number	Loan / Property Flag	Footnotes (for Loan and Property Information)	# of Properties	Property Name	Original Term To Maturity / ARD (Mos.)	Remaining Term To Maturity / ARD (Mos.)	Original Amortization Term (Mos.)	Remaining Amortization Term (Mos.)	Origination Date	Seasoning (Mos.)	Payment Due Date	First Payment Date
1.000	Loan	5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 73	1	CityCenter (Aria & Vdara)	60	57	0	0	12/9/2025	3	9	1/9/2026
2.000	Loan	5, 20, 21, 22, 23, 24	1	Kirby Industrial	60	59	0	0	1/29/2026	1	6	3/6/2026
3.000	Loan	5, 25, 26	1	Cottage Cove Apartments	60	59	0	0	1/26/2026	1	6	3/6/2026
4.000	Loan	27, 28	1	Columbus Park Crossing	60	57	0	0	11/26/2025	3	1	1/1/2026
5.000	Loan	29, 30, 31	4	Olive Industrial 4-Pack	60	55	0	0	10/3/2025	5	6	11/6/2025
5.100	Property		1	Joplin Property
5.200	Property		1	Massillon Property
5.300	Property		1	Watertown Property
5.400	Property		1	Louisville Property
6.000	Loan		1	Commerce Office Park	60	58	0	0	12/19/2025	2	11	2/11/2026
7.000	Loan	5, 32, 33, 34, 35, 36, 37, 38, 39, 40	6	Haven Leased Fee Portfolio	60	59	0	0	1/27/2026	1	6	3/6/2026
7.100	Property		1	The Arches
7.200	Property		1	Paramus
7.300	Property		1	276 Grand Concourse
7.400	Property		1	Corporate Hill IV
7.500	Property		1	The Illustrator
7.600	Property		1	25 Vreeland
8.000	Loan	5, 41, 42, 43, 44	1	136 Madison	60	59	0	0	2/4/2026	1	6	3/6/2026
9.000	Loan	74	1	The Bluffs	60	58	0	0	12/22/2025	2	1	2/1/2026
10.000	Loan	45, 46	1	Aura Hotel Times Square	60	57	0	0	12/5/2025	3	11	1/11/2026
11.000	Loan	47, 75	1	770 The City Drive	60	58	0	0	12/19/2025	2	11	2/11/2026
12.000	Loan		1	Hampton Towne Centre	60	59	0	0	1/16/2026	1	6	3/6/2026
13.000	Loan	5, 48, 49	1	Empire Mall	60	55	0	0	10/1/2025	5	1	11/1/2025
14.000	Loan		1	Calder Square Apartments	60	59	0	0	2/6/2026	1	6	3/6/2026
15.000	Loan		1	Colonial Pointe	60	58	0	0	1/2/2026	2	11	2/11/2026
16.000	Loan	50, 51, 52, 76	1	Raymond Center	60	60	0	0	2/5/2026	0	1	4/1/2026
17.000	Loan	53, 77	1	750 The City Drive	60	58	0	0	12/19/2025	2	11	2/11/2026
18.000	Loan	54, 78	1	790 The City Drive	60	58	0	0	12/19/2025	2	11	2/11/2026
19.000	Loan	55, 56	3	Signal Hill Industrial Portfolio	60	57	0	0	12/10/2025	3	11	1/11/2026
19.100	Property		1	2698 Junipero Avenue
19.200	Property		1	2300 Walnut Avenue
19.300	Property		1	2700 Rose Avenue
20.000	Loan	57, 58	1	Big Bear Lake Shopping Center	60	57	0	0	12/5/2025	3	11	1/11/2026
21.000	Loan	59	1	1800 South Brand	60	58	0	0	1/6/2026	2	6	2/6/2026
22.000	Loan	60, 61	1	Silver Strand Plaza	60	59	0	0	1/20/2026	1	6	3/6/2026
23.000	Loan	5, 62, 63, 64, 65, 66, 79	1	Northshore Mall	60	58	0	0	12/18/2025	2	1	2/1/2026
24.000	Loan	67, 68	1	Troy Towne Center	60	58	0	0	1/2/2026	2	6	2/6/2026
25.000	Loan	69, 70	2	Fulop Brooklyn Multifamily Portfolio 2	60	58	0	0	12/18/2025	2	6	2/6/2026
25.100	Property		1	104 Graham Avenue
25.200	Property		1	155 Central Avenue
26.000	Loan	71	1	105 Rogers Avenue	60	59	0	0	1/23/2026	1	6	3/6/2026
27.000	Loan		1	Creekside at Kennedy Mill	60	58	0	0	12/30/2025	2	11	2/11/2026
28.000	Loan	80	1	LA Fitness Longwood FL	60	58	360	358	12/16/2025	2	1	2/1/2026
29.000	Loan	72	1	Colony Manor & Gatehouse Apartments	60	57	0	0	12/1/2025	3	6	1/6/2026

Loan ID Number	Loan / Property Flag	Footnotes (for Loan and Property Information)	# of Properties	Property Name	First P&I Payment Date	Maturity Date or Anticipated Repayment Date	Final Maturity Date	Grace Period - Late Fee (Days)	Grace Period - Default (Days)	Prepayment Provision	Most Recent EGI ($)	Most Recent Expenses ($)	Most Recent NOI ($)
1.000	Loan	5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 73	1	CityCenter (Aria & Vdara)	NAP	12/9/2030	NAP	0	0	YM0.5(27),DorYM0.5(26),O(7)	1,611,366,280	975,978,925	635,387,355
2.000	Loan	5, 20, 21, 22, 23, 24	1	Kirby Industrial	NAP	2/6/2031	NAP	0	0	L(25),D(28),O(7)	NAV	NAV	NAV
3.000	Loan	5, 25, 26	1	Cottage Cove Apartments	NAP	2/6/2031	NAP	0	0	L(25),D(30),O(5)	10,630,359	3,930,319	6,700,039
4.000	Loan	27, 28	1	Columbus Park Crossing	NAP	12/1/2030	NAP	10	10	L(27),D(26),O(7)	8,970,126	2,253,453	6,716,673
5.000	Loan	29, 30, 31	4	Olive Industrial 4-Pack	NAP	10/6/2030	NAP	0	0	L(29),D(24),O(7)	5,130,421	312,370	4,818,051
5.100	Property		1	Joplin Property							2,349,245	73,864	2,275,381
5.200	Property		1	Massillon Property							1,373,080	171,145	1,201,935
5.300	Property		1	Watertown Property							844,738	38,887	805,851
5.400	Property		1	Louisville Property							563,359	28,475	534,884
6.000	Loan		1	Commerce Office Park	NAP	1/11/2031	NAP	0	0	L(26),D(27),O(7)	8,910,586	3,025,782	5,884,804
7.000	Loan	5, 32, 33, 34, 35, 36, 37, 38, 39, 40	6	Haven Leased Fee Portfolio	NAP	2/6/2031	NAP	2	3	L(25),D(28),O(7)	NAV	NAV	NAV
7.100	Property		1	The Arches							NAV	NAV	NAV
7.200	Property		1	Paramus							NAV	NAV	NAV
7.300	Property		1	276 Grand Concourse							NAV	NAV	NAV
7.400	Property		1	Corporate Hill IV							NAV	NAV	NAV
7.500	Property		1	The Illustrator							NAV	NAV	NAV
7.600	Property		1	25 Vreeland							NAV	NAV	NAV
8.000	Loan	5, 41, 42, 43, 44	1	136 Madison	NAP	2/6/2031	NAP	3	0	L(25),D(28),O(7)	16,856,045	6,794,230	10,061,815
9.000	Loan	74	1	The Bluffs	NAP	1/1/2031	NAP	0	0	L(26),D(31),O(3)	6,198,462	2,271,195	3,927,267
10.000	Loan	45, 46	1	Aura Hotel Times Square	NAP	12/11/2030	NAP	0	0	L(27),D(29),O(4)	19,661,635	14,457,512	5,204,123
11.000	Loan	47, 75	1	770 The City Drive	NAP	1/11/2031	NAP	0	0	L(26),YM1(27),O(7)	4,718,008	2,447,874	2,270,134
12.000	Loan		1	Hampton Towne Centre	NAP	2/6/2031	NAP	0	0	L(25),D(28),O(7)	2,768,557	676,476	2,092,081
13.000	Loan	5, 48, 49	1	Empire Mall	NAP	10/1/2030	NAP	0	0	L(29),D(24),O(7)	23,605,640	5,543,876	18,061,764
14.000	Loan		1	Calder Square Apartments	NAP	2/6/2031	NAP	0	0	L(25),YM2(32),O(3)	2,587,559	1,113,879	1,473,680
15.000	Loan		1	Colonial Pointe	NAP	1/11/2031	NAP	0	0	L(26),D(30),O(4)	1,902,848	842,562	1,060,285
16.000	Loan	50, 51, 52, 76	1	Raymond Center	NAP	3/1/2031	NAP	0	0	L(24),YM1(30),O(6)	1,987,751	474,273	1,513,478
17.000	Loan	53, 77	1	750 The City Drive	NAP	1/11/2031	NAP	0	0	L(26),YM1(27),O(7)	3,262,212	1,287,881	1,974,332
18.000	Loan	54, 78	1	790 The City Drive	NAP	1/11/2031	NAP	0	0	L(26),YM1(27),O(7)	3,013,977	1,276,170	1,737,807
19.000	Loan	55, 56	3	Signal Hill Industrial Portfolio	NAP	12/11/2030	NAP	0	0	L(27),D(29),O(4)	1,853,560	697,988	1,155,572
19.100	Property		1	2698 Junipero Avenue							634,473	234,664	399,808
19.200	Property		1	2300 Walnut Avenue							636,213	239,910	396,303
19.300	Property		1	2700 Rose Avenue							582,875	223,414	359,460
20.000	Loan	57, 58	1	Big Bear Lake Shopping Center	NAP	12/11/2030	NAP	0	0	L(11),YM1(45),O(4)	1,429,416	587,019	842,396
21.000	Loan	59	1	1800 South Brand	NAP	1/6/2031	NAP	0	0	L(26),D(27),O(7)	1,669,200	500,493	1,168,707
22.000	Loan	60, 61	1	Silver Strand Plaza	NAP	2/6/2031	NAP	0	0	L(24),YM2(29),O(7)	1,421,909	400,460	1,021,448
23.000	Loan	5, 62, 63, 64, 65, 66, 79	1	Northshore Mall	NAP	1/1/2031	NAP	0	0	L(26),D(30),O(4)	39,736,742	13,154,928	26,581,814
24.000	Loan	67, 68	1	Troy Towne Center	NAP	1/6/2031	NAP	0	0	L(26),D(26),O(8)	1,748,216	395,158	1,353,058
25.000	Loan	69, 70	2	Fulop Brooklyn Multifamily Portfolio 2	NAP	1/6/2031	NAP	0	0	L(26),D(30),O(4)	634,614	129,044	505,570
25.100	Property		1	104 Graham Avenue							382,636	73,557	309,079
25.200	Property		1	155 Central Avenue							251,978	55,486	196,492
26.000	Loan	71	1	105 Rogers Avenue	NAP	2/6/2031	NAP	0	0	L(25),D(30),O(5)	400,525	103,282	297,243
27.000	Loan		1	Creekside at Kennedy Mill	NAP	1/11/2031	NAP	0	0	L(26),D(30),O(4)	726,230	192,002	534,227
28.000	Loan	80	1	LA Fitness Longwood FL	2/1/2026	1/1/2031	NAP	0	0	L(26),D(31),O(3)	NAV	NAV	NAV
29.000	Loan	72	1	Colony Manor & Gatehouse Apartments	NAP	12/6/2030	NAP	0	0	L(27),D(30),O(3)	1,492,811	914,079	578,732

		FREE WRITING PROSPECTUS
		FILED PURSUANT TO RULE 433
		REGISTRATION FILE NO.: 333-282099-11

	FOOTNOTES TO ANNEX A-1
	See “Annex A-3: Summaries of the Fifteen Largest Mortgage Loans” in the prospectus for additional information on the 15 largest mortgage loans.
(1)	“WFB” denotes Wells Fargo Bank, National Association, “AREF2” denotes Argentic Real Estate Finance 2 LLC, "CREFI" denotes Citi Real Estate Funding Inc., “JPMCB” denotes JPMorgan Chase Bank, National Association, “GSMC” denotes Goldman Sachs Mortgage Company, and “GCMC” denotes Greystone Commercial Mortgage Capital LLC.
(2)	The Administrative Fee Rate % includes the Servicing Fee Rate, the Operating Advisor Fee Rate, the Certificate Administrator/Trustee Fee Rate, the Asset Representations Reviewer Fee Rate and the CREFC® Intellectual Property Royalty License Fee Rate applicable to each Mortgage Loan.
(3)	Certain tenants may not be in occupancy or may be in free rent periods. See “Description of the Mortgage Pool—Tenant Issues—Lease Expirations and Terminations—Other” in this prospectus for information regarding (i) single tenant properties, (ii) the largest 5 tenants with respect to the largest 15 Mortgage Loans or groups of cross-collateralized Mortgage Loans and (iii) tenants that individually or together with their affiliates occupy 50% or more of the net rentable area of related Mortgaged Properties, which, in each case, are not in occupancy or are in free rent periods.
(4)	Certain tenants may have lease termination options that are exercisable prior to the originally stated expiration date of the subject lease. See “Description of the Mortgage Pool—Tenant Issues—Lease Expirations and Terminations—Terminations” in this prospectus for information regarding certain lease termination options affecting (i) single tenant properties, (ii) the largest 5 tenants with respect to the largest 15 Mortgage Loans or groups of cross-collateralized Mortgage Loans and (iii) tenants that occupy 50% or more of the net rentable area of the related Mortgaged Properties.
(5)	With respect to Mortgage Loan No. 1, CityCenter (Aria & Vdara), Mortgage Loan No. 2, Kirby Industrial, Mortgage Loan No. 3, Cottage Cove Apartments, Mortgage Loan No. 7, Haven Leased Fee Portfolio, Mortgage Loan No. 8, 136 Madison, Mortgage Loan No. 13, Empire Mall and Mortgage Loan No. 23, Northshore Mall, such Mortgage Loans are each part of a whole loan related to the Issuing Entity. For purposes of the statistical information set forth in this prospectus as to such Mortgage Loans, all LTV, DSCR, Debt Yield and Loan Per Unit ($) calculations are in each case based on the subject Mortgage Loan together with any related Pari Passu Companion Loan, but (unless otherwise indicated) without regard to any related Subordinate Companion Loan(s). For further information, see “Description of the Mortgage Pool—The Whole Loans—General”, “—The Serviced Pari Passu Whole Loans”, “—The Non-Serviced Pari Passu Whole Loans”, and “Pooling and Servicing Agreement” or “Pooling and Servicing Agreement—Servicing of the Non-Serviced Mortgage Loans,” as applicable, in this prospectus.
(6)	With respect to Mortgage Loan No. 1, CityCenter (Aria & Vdara), the Mortgage Loan was co-originated by JPMorgan Chase Bank, National Association, German American Capital Corporation, Citi Real Estate Funding Inc. and Goldman Sachs Bank USA.
(7)	With respect to Mortgage Loan No. 1 CityCenter (Aria & Vdara), 26.3% of the underwritten revenue is generated from casino operations and 28.6% of the underwritten revenue is generated from food and beverage operations.
(8)	With respect to Mortgage Loan No. 1, CityCenter (Aria & Vdara) the Appraised Value ($) of 7,032,800,000 represents the appraisal’s concluded “hypothetical – fee simple” value as of November 25, 2025, based on the hypothetical condition that the MGM Master Lease (as defined below) is no longer in place. The appraisal’s concluded “as is” value as of November 25, 2025 for the CityCenter (Aria & Vdara) Mortgaged Properties is $4,450,000,000, which results in a Cut-off Date LTV Ratio and Maturity Date LTV Ratio for the CityCenter (Aria & Vdara) Whole Loan of 77.5% and 77.5%, respectively, and a Cut-off Date LTV Ratio and Maturity Date LTV Ratio for the CityCenter (Aria & Vdara) senior notes of 57.3% and 57.3%, respectively. The CityCenter (Aria & Vdara) Whole Loan is secured by the borrowers’ leased fee interest in the CityCenter (Aria & Vdara)Mortgaged Properties that are subject to the MGM Master Lease and the borrowers’ rights under the MGM Master Lease. The CityCenter (Aria & Vdara) Whole Loan is not secured by the MGM

	Tenant’s (as defined below) leasehold interests in the CityCenter (Aria & Vdara) Mortgaged Properties.
(9)	With respect to Mortgage Loan No. 1, CityCenter (Aria & Vdara), provided no event of default exists, the CityCenter (Aria & Vdara) Whole Loan may be defeased in whole but not in part, after the earlier of (i) two years after the final securitization that holds any note evidencing the CityCenter (Aria & Vdara) Whole Loan and (ii) three years after December 9, 2025, but prior to the June 9, 2030 (the “Permitted Par Prepayment Date”). In addition, the CityCenter (Aria & Vdara) Whole Loan is prepayable in whole or in part at any time, provided that any such prepayment made prior to the Permitted Par Prepayment Date must be accompanied by a yield maintenance premium.
(10)	With respect to Mortgage Loan No. 1, CityCenter (Aria & Vdara), the borrowers have a one-time right without the consent of the lender to cause the owner of limited liability company interests in the borrowers (the “Mezzanine Borrower”) to incur additional indebtedness in the form of one or more mezzanine loans (the “Mezzanine Loan”), subject to satisfaction of certain conditions precedent set forth in the CityCenter (Aria & Vdara) Whole Loan documents, including that no CityCenter (Aria & Vdara) Whole Loan event of default is then continuing and the principal amount of the Mezzanine Loan will in no event exceed the amount which, after giving effect thereto, yields (x) an aggregate LTV ratio not greater than 77.5% and (y) an aggregate debt yield not less than 6.75%. The lender’s receipt of a rating agency confirmation will not be required in connection with any future mezzanine loan.
(11)	With respect to Mortgage Loan No. 1, CityCenter (Aria & Vdara), on December 9, 2025, a wholly-owned subsidiary of Realty Income Corporation (the “Investor LP”) and the borrower sponsor entered into a perpetual preferred equity agreement whereby the Investor LP contributed $800,000,000 in exchange for 100% of the preferred limited partnership interests (the “Preferred Interests”) in a Delaware limited partnership (the “Partnership”). The general partner of the Partnership and the holder of 100% of the common limited partnership interests in the Partnership are both owned and controlled by the borrower.
(12)	With respect to Mortgage Loan No. 1, CityCenter (Aria & Vdara), the interest rate shown for notes contributed to the conduit trust (6.07880916113333%) reflects the conduit coupon and does not represent the Weighted Average Interest Rate applicable to the SASB Senior Notes (5.280024422835390%) or the Whole Loan (5.29420%).
(13)	With respect to Mortgage Loan No. 1, CityCenter (Aria & Vdara), unless otherwise indicated, Underwritten NOI DSCR and Underwritten NCF DSCR for the Whole Loan reflect WholeCo look-through operating results of the CityCenter (Aria & Vdara) Mortgaged Properties and have been calculated based on the financial statements provided by the MGM Tenant, which do not reflect the Master Rent payable under the MGM Master Lease. The CityCenter (Aria & Vdara ) Senior Loan Cut-off Date LTV Ratio, Maturity Date LTV Ratio, UW NCF DSCR and UW NOI Debt Yield calculated based on the Master Lease rent of approximately $232.7 million are 57.3%, 57.3%, 1.71x and 9.1%, respectively. The CityCenter (Aria & Vdara) Whole Loan Cut-off Date LTV Ratio, Maturity Date LTV Ratio, UW NCF DSCR and UW NOI Debt Yield calculated based on the MGM Master Lease rent of approximately $232.7 million are 77.5%, 77.5%, 1.26x and 6.8%, respectively.
(14)	With respect to Mortgage Loan No. 1, CityCenter (Aria & Vdara), the historical financial information is based on the financial reporting packaged delivered by the MGM Tenant and reflects the operating results of the CityCenter (Aria & Vdara) Mortgaged Properties. The historical financial information presented does not reflect the borrowers’ financial condition. The MGM Tenant’s leasehold interests in the CityCenter (Aria & Vdara) Mortgaged Properties are not part of the collateral securing the CityCenter (Aria & Vdara) Whole Loan, and the MGM Tenant is not a borrower under the CityCenter (Aria & Vdara) Whole Loan. The CityCenter (Aria & Vdara) Whole Loan is secured by the borrowers’ leased fee interest in the CityCenter (Aria & Vdara) Mortgaged Properties that are subject to the MGM Master Lease and the borrowers’ rights under the MGM Master Lease.
(15)	With respect to Mortgage Loan No. 1, CityCenter (Aria & Vdara), during the continuance of a Trigger Period, the borrower is required to make a deposit on each payment date into the replacement reserve equal to (a) 4.0% of net revenue from guest rooms and borrower-managed food and beverage operations and (b) 0.5% of all other net revenue, other than non-recurring items, in each

	which is structured with 2.0% escalations through 2036. Thereafter, the escalation will be the greater of 2.0% or the consumer price index, capped at 3.0% per annum.
(17)	With respect to Mortgage Loan No. 1, CityCenter (Aria & Vdara), the Vdara includes a non-collateral condominium component of 148 units, approximately 32 of which participate in a rental program. For further information, see “Description of the Mortgage Pool—Mortgage Pool Characteristics—Condominium and Other Shared Interests” in this prospectus.
(18)	With respect to Mortgage Loan No. 1, CityCenter (Aria & Vdara), financials are inclusive of revenue and expenses from the racing and sports book (“RSB”) operations at the Aria. The revenue and expenses associated with the racing and sports book operations were transferred to BetMGM (an affiliate of MGM) pursuant to the RSB services agreement. The RSB services agreement and any revenue and expenses derived from the RSB operations at the Aria are not a part of the collateral for the CityCenter (Aria & Vdara) Whole Loan and are excluded from the calculations of EBITDAR and net cash flow. Any revenues or expenses or other amounts from the RSB operation belong to BetMGM. The borrowers will not receive financial reporting from MGM with respect to the RSB operations and any revenues or expenses derived therefrom. The lenders will not be entitled to receive any financial reporting or cash flow information from the RSB operations at the Aria property. However, the terms of the MGM Master Lease provide that, upon the expiration or earlier termination of the MGM Master Lease, which may include a termination of the MGM Master Lease by the borrowers following a default by MGM thereunder, the RSB services agreement will be terminated at MGM’s cost and expense. Upon such termination, subject to compliance with applicable gaming laws, the borrowers may elect to operate or engage a separate operator for the RSB operations and collect all or a portion of the revenues and expenses derived from such RSB operations thereafter.
(19)	With respect to Mortgage Loan No. 1, CityCenter (Aria & Vdara), unless otherwise indicated, cash flow metrics reflect WholeCo’s look-through operating results of the Mortgaged Properties and do not include or substitute the Master Rent payable under the MGM Master Lease. Revenues and expenses associated with the racing & sports book (“RSB”) operations at the Aria are excluded from the Mortgaged Property and are excluded from both earnings before interest, taxes, depreciation, amortization and rent and net cash flow calculations while the MGM Master Lease remains in effect. Upon expiration or early termination of the MGM Master Lease, the RSB services agreement will be terminated at MGM’s cost, and, subject to applicable gaming laws, the borrowers may elect to operate or engage a separate operator and receive the economics of any future RSB operations.
(20)	With respect to Mortgage Loan No. 2, Kirby Industrial, defeasance of the Kirby Industrial Whole Loan is permitted at any time after the earlier to occur of (a) the end of the two-year period commencing on the closing date of the securitization of the last promissory note representing a portion of the Kirby Industrial Whole Loan to be securitized and (b) January 29, 2029. The assumed defeasance lockout period of 25 payments is based on the anticipated closing date of the WFCM 2026-5C8 securitization in March 2026. The actual lockout period may be longer.
(21)	With respect to Mortgage Loan No. 2, Kirby Industrial, historical financial information is not available as the Mortgaged Property was recently constructed in 2025 and the borrower subsequently signed a lease in March 2024 that commenced in October 2025 with Rialto Pacific LLC, and such lease (as amended) Distribution, and such lease was assigned to the sole tenant at the Mortgaged Property, Premium 5 Kids LLC (“5 Star Kids”), on January 29, 2026.
(22)	With respect to Mortgage Loan No. 2, Kirby Industrial, at origination, 5 Star Kids was and certain affiliates were in the process of taking occupancy of its space at the Mortgaged Property and has abated rent through March 2026 for which $815,197 was deposited into a rent abatement reserve. In addition, although 5 Star Kids is the sole tenant, its affiliated companies are also expected to use the space.
(23)	With respect to Mortgage Loan No. 2, Kirby Industrial, the five borrowers own the Mortgaged Property as tenants-in-common.
(24)	With respect to Mortgage Loan No. 2, Kirby Industrial, the borrowers deposited approximately $1,979,142 into a Construction and Remaining Work Reserve. In the event that the Remaining Work is not substantially completed prior to July 29, 2026, the borrowers are required to deposit

	an amount equal to 125% of the costs to complete the Remaining Work, as determined by the lender, into the construction and remaining work reserve account. The “Remaining Work” is construction work at the Kirby Industrial Mortgaged Property identified in a schedule to the related loan agreement, and includes installation of 100 linear feet of storm drain connection, concrete driveway approach, asphalt pavement of approximately 40’ by 60’ in two separate locations and final inspections and punch list by the City of Hemet. The borrowers have represented that as of the origination date of the Kirby Industrial Whole Loan, the total of the unpaid costs related to the Remaining Work is approximately $417,389.
(25)	With respect to Mortgage Loan No. 3, Cottage Cove Apartments, the Mortgage Loan is part of a whole loan that was co-originated by AREF2 and Starwood Mortgage Capital LLC.
(26)	With respect to Mortgage Loan No. 3, Cottage Cove Apartments, the borrower is required to deposit the following amounts into a supplemental replacement reserve on a monthly basis, until the date on which at least $234,000, in the aggregate, has been deposited: the lesser of (i) $19,500; and (ii) available cash flow from the previous month, which amounts may be used for general capital expenditures.
(27)	With respect to Mortgage Loan No. 4, Columbus Park Crossing, the Mortgaged Property is currently comprised of a fee portion (20.84 acres) and a leasehold portion (54.30 acres). The leasehold portion represents a large portion of the retail center’s interior.
(28)	With respect to Mortgage Loan No. 4, Columbus Park Crossing, the Appraised Value represents the “Hypothetical As-Is” value of the related Mortgaged Properties, based on the borrower’s exercise of its option to convert its leasehold interest in a portion of the Mortgaged Property to a fee interest. The purchase option price of $3,669,814 was deposited in a fee conversion reserve required at loan origination. The borrower has given notice to its ground lessor that it will exercise its purchase option on February 26, 2026.
(29)	With respect to Mortgage Loan No. 5, Olive Industrial 4-Pack, the borrowers are comprised of 122 entities, including the tenant-in-common (“TIC”) borrowers, the shareholder LLC parties and the master tenants as identified in the Mortgage Loan documents. There are seven TIC entities that could not be borrowers due to having S-corporation parents and such TIC entities are accommodation mortgagors under the Mortgage Loan. Consequently, the shareholder LLC parties were formed to be borrowers under the Mortgage Loan. In addition, with respect to each Mortgaged Property under the Mortgage Loan, a master lease was entered into between the TIC entities and a newly formed entity controlled by the guarantors, as master tenant, and each such master tenant is also a borrower under the Mortgage Loan. The TIC borrowers have waived their respective rights of partition.
(30)	With respect to Mortgage Loan No. 5, Olive Industrial 4-Pack, each Mortgaged Property is subject to a separate master lease among the related TIC borrowers and TIC accommodation mortgagors, collectively as landlord, and a newly formed entity controlled by the guarantors that is also a borrower under the Mortgage Loan, as master tenant. Under each master lease, (i) the master tenant is responsible for the condition, use, operation, maintenance and management of the applicable Mortgaged Property and for the landlord’s obligations under any tenant leases, and (ii) the master tenant must pay annual rent equal to any excess cash flow generated by the applicable Mortgaged Property, if any, after payment in full of all amounts then due under the Mortgage Loan and all other then-current debts, obligations and expenses of the master tenant and the applicable Mortgaged Property. The Mortgage Loan encumbers both the master tenant’s leasehold interest and the overlapping fee interest of the other borrowers for each applicable Mortgaged Property, and the Mortgage Loan documents permit the lender to foreclose on the master tenant’s leasehold interest. Each master lease is subordinate to the Mortgage Loan and is scheduled to expire on October 6, 2050.
(31)	With respect to Mortgage Loan No. 5, Olive Industrial 4-Pack, the sole tenant at the Joplin Property, Standard Transportation Services, Inc, currently subleases 252,000 square feet of its 567,000 square foot leased premises to two subtenants, including (i)150,000 square feet to Refresco Beverages US Inc. (“Refresco”) under two five-year subleases, with 90,000 square feet expiring in August 2028 and 60,000 square feet expiring in January 2028 and (ii) 102,000 square feet to

	Amcor Packaging, Inc. (“Amcor”) under a three-year sublease expiring in April 2028. Refresco’s initial rent was $4.80 per square foot with 1.0% annual escalations. Amcor’s initial rent was $7.80 per square foot with 3.5% annual escalations. Both subtenants are responsible for their respective pro-rata share of common area expenses. The lender underwrote to in place rent of $4.31 per square foot.
(32)	With respect to Mortgage Loan No. 7, Haven Leased Fee Portfolio, the Appraised Value of $209,580,000 is the “As Portfolio” of the Mortgaged Properties as of November 22, 2025, which includes a portfolio premium of 5.0% based on the assumption that the Mortgaged Properties are sold together as a portfolio on a bulk basis. The aggregate “as-is” value of the Mortgaged Properties as of November 22, 2025 without a portfolio premium is $199,600,000.
(33)	With respect to Mortgage Loan No. 7, Haven Leased Fee Portfolio, defeasance of the Haven Leased Fee Portfolio Whole Loan is permitted at any time from and after the date that is the earliest to occur of (i) two years after the closing date of the securitization that includes the last note to be securitized and (ii) on or after the first payment date following the third anniversary of January 27, 2026. The assumed defeasance lockout period of 25 payments is based on the anticipated closing date of the WFCM 2026-5C8 securitization trust in March 2026. The actual defeasance lockout period may be longer.
(34)	With respect to Mortgage Loan No. 7, Haven Leased Fee Portfolio, the Mortgage Loan is secured by the related borrowers’ leased fee interest in the related Mortgaged Properties. On November 25, 2025 Valley National Bank, as lender under a loan secured by the leasehold interest at the Vreeland Mortgaged Property, filed a Lis Pendens evidencing a foreclosure action against such leasehold interest (which leasehold interest is not collateral for the Mortgage Loan). As of the origination date, the ground tenant at the Vreeland Mortgaged Property is not delinquent in its payment of ground rent or otherwise in default under the related ground lease. However, pending a resolution of such foreclosure action or a sufficient reserve deposited, the Mortgage Loan documents provide for an ongoing cash management period, pursuant to which all funds in the lockbox account will be swept into a lender-controlled cash management account to be distributed in accordance with the requirements of the Mortgage Loan documents. Such cash management period will conclude when either (i) the ground lease reserve contains at least $702,000 or (ii) (x) a completion of the foreclosure proceedings by Valley National Bank, (y) Valley National Bank’s agreement to a loan modification or waiver of default under the loan that gave rise to the foreclosure proceeding such that the leasehold loan is in good standing and no longer in default or (iii) the purchase of the ground lease in effect at the Vreeland Mortgaged Property by a third party, in each instance subject to, among other conditions, there is (a) no event of default under the Mortgage Loan, (b) no monetary or material non-monetary default then in effect under such ground lease, and (c) no default by any ground tenant arising from a failure to pay rent under any ground lease that is subject to the Mortgage Loan under such ground lease. We cannot assure you that the pending foreclosure action will not have a material adverse impact on the related Mortgage Loan or the related Mortgaged Property.
(35)	With respect to Mortgage Loan No. 7, Haven Leased Fee Portfolio, pending a resolution of the leasehold foreclosure action pending at the 25 Vreeland Mortgaged Property, the Mortgage Loan documents provide for an ongoing cash management period pursuant to which, on each payment date following the commencement of a Trigger Period, the borrowers are required to deposit into the ground lease reserve account a monthly amount according a schedule set forth in the Haven Leased Fee Portfolio Whole Loan documents (equal to $39,967 for the month of March 2026 and increasing in accordance with such schedule thereafter) until the ground lease reserve contains at least $702,000.
(36)	With respect to Mortgage Loan No. 7, Haven Leased Fee Portfolio, the Whole Loan is structured with springing cash management. However, pending either (i) the occurrence of a Vreeland Resolution Event or (ii) the ground lease reserve containing at least $702,000, the Haven Leased Fee Portfolio Whole Loan is subject to an ongoing trigger period, pursuant to which all funds in the lockbox account will be swept into a lender-controlled cash management account to be distributed in accordance with the requirements of the Haven Leased Fee Portfolio Whole Loan documents.

(37)	With respect to Mortgage Loan No. 7, Haven Leased Fee Portfolio, the ground tenant at each of the related Mortgaged Properties has a right to purchase the fee interest in its applicable Mortgaged Property in accordance with a schedule of dates set forth in the related ground leases for a purchase price determined in accordance with such ground leases. Each purchase option is exercisable after the maturity date of the Mortgage Loan (with the first such purchase option exercisable in 2061) except that the ground tenant at the Arches Mortgaged Property has the right to purchase the fee interest in such Mortgaged Property in the event of a termination of the ground lease or dispossession of the ground tenant by summary proceedings following a default under the ground lease (the “Default Purchase Option”) for an amount equal to 150% of the sum of (i) an “Inflation-Adjusted Purchase Price” equal to a base amount of $107,388,508.48 (the “Base Amount”), adjusted in accordance with a formula set forth in the related ground lease depending on the date when the Default Purchase Option is exercised (which, in no event, may be less than the Base Amount), and (ii) any remaining base rent through the next applicable purchase option date (in each instance as calculated in accordance with the ground lease). In addition, the ground tenant at the Arches Mortgaged Property has a right of first offer to purchase the fee interest in such Mortgaged Property in the event of a proposed transfer of such interest. The right of first will become null and void and of no further force and effect from and after (i) the conveyance of the fee estate by the related borrower to a third party in compliance with the requirements of the ground lease or (ii) the acquisition of the title to the fee estate by the lender.
(38)	With respect to Mortgage Loan No. 7, Haven Leased Fee Portfolio, certain of the related Mortgaged Properties benefit from tax abatement programs including (i) the Arches Mortgaged Property and the 276 Grand Concourse Mortgaged Property, which are each subject to a 35-year New York 421-a tax abatement through the 2055-2056 tax year (with respect to the Arches Mortgaged Property) and the 2056-2057 tax year (with respect to the 276 Grand Concourse Mortgaged Property), respectively, providing an exemption on taxes attributable to an increase in the assessed value of such Mortgaged Properties from certain qualified improvements (with a 100% exemption on such taxes through the 2045-2046 tax year (with respect to the Arches Mortgaged Property) and the 2046-2047 tax year (with respect to the 276 Grand Concourse Mortgaged Property), respectively, and a 30% exemption thereafter), and (ii) the Illustrator Mortgaged Property, which is subject to a 20-year payment-in-lieu of taxes (“PILOT”) program with the City of New Rochelle through the 2043-2044 tax year providing an exemption on taxes at the Mortgaged Property in an amount equal to 70% for the 2025-2026 tax year, 50% for the 2026-2027 tax year through the 2034-2035 tax year and a percentage decreasing by 5% for each tax year thereafter. In each instance, such abatements are subject to the satisfaction of conditions including, among other things, certain affordable housing restrictions discussed under “—Multifamily Properties.” According to the related appraisals, estimated 2026-2027 abated taxes are (i) with respect to The Arches Mortgaged Property, $32,743 versus unabated taxes of $3,728,617, (ii) with respect to the 276 Grand Concourse Mortgaged Property, $44,416 versus unabated taxes of $1,841,706, and (iii) with respect to The Illustrator Mortgaged Property, $187,280 versus unabated taxes of $374,559 (provided that the appraisal based such figures solely on the residential component of the Mortgaged Property given that the commercial tenants reimburse taxes on a triple-net basis).According to the related appraisals, 2025-2026 abated taxes were (i) with respect to the Arches Mortgaged Property, $32,419 versus unabated taxes of $3,619,314, (ii) with respect to the 276 Grand Concourse Mortgaged Property, $44,416 versus unabated taxes of $1,841,706, and (iii) with respect to the Illustrator Mortgaged Property, $110,164 versus unabated taxes of $367,215 (provided that the appraisal based such figures solely on the residential component of the Mortgaged Property given that the commercial tenants reimburse taxes on a triple-net basis).
(39)	With respect to Mortgage Loan No. 7, Haven Leased Fee Portfolio, a Grace Period – Late Fee (Days) of two days is permitted once during the term of the loan.
(40)	With respect to Mortgage Loan No. 7, Haven Leased Fee Portfolio, most recent and historical financial information and occupancy information are not available as the Haven Leased Fee Portfolio Whole Loan is secured by the borrowers’ leased fee interest in land. The underwritten financials are based on contractual ground rent.
(41)	With respect to Mortgage Loan No. 8, 136 Madison, defeasance of the 136 Madison Whole Loan is permitted at any time after the earlier to occur of (a) the end of the two-year period commencing

	on the closing date of the securitization of the last promissory note representing a portion of the 136 Madison Whole Loan to be securitized and (b) February 4, 2029. The assumed defeasance lockout period of 25 payments is based on the anticipated closing date of the WFCM 2026-5C8 securitization in March 2026. The actual lockout period may be longer.
(42)	With respect to Mortgage Loan No. 8, 136 Madison, a Grace Period – Late Fee (Days) of three days is permitted once within any 366-day period.
(43)	With respect to Mortgage Loan No. 8, 136 Madison, the Mortgaged Property is comprised of 280,339 SF square feet of office space accounting for 91.6% of underwritten rent as well as 27,948 SF square feet of ground floor retail space accounting for 8.4% of underwritten rent.
(44)	With respect to Mortgage Loan No. 8, 136 Madison, the increase from Most Recent NOI to UW NOI is primarily attributable to the borrower executing a new lease in October 2025, accounting for $1,065,112 in underwritten base rent.
(45)	With respect to Mortgage Loan No. 10, Aura Hotel Times Square, historical financial statements are not available as the Mortgaged Property recently underwent a material renovation and was re-opened in June 2024.
(46)	With respect to Mortgage Loan No. 10, Aura Hotel Times Square, the related loan documents require an upfront deposit of $1,321,636 (the “Seasonality Reserve Required Annual Balance”). These funds may be used for disbursements to or for the payment of any part of the monthly debt service payment occurring in January, February, March and July, not to exceed 50% of deposit amount (other than March), to the extent that there is insufficient cash flow from the Mortgaged Property to make the monthly debt service payment. The lender may adjust the Seasonality Reserve Required Annual Balance (and thus the Seasonality Reserve Deposit Amount (as defined below), upon notice to the borrower, to an amount equal to the shortfall in revenue from the For other months except December, borrower deposits lesser of (A) 12.5% of difference between deposit amount and reserve balance, and (B) excess cash flow. In December of each year, borrower deposits remaining positive difference between deposit amount and reserve balance, provided, however, that the borrower is only required to make these deposits if the funds on deposit in the Seasonality Reserve are less than the Seasonality Reserve Required Annual Balance.
(47)	With respect to Mortgage Loan No. 11, 770 The City Drive, historical financial information is unavailable as the Mortgaged Property was acquired at loan origination.
(48)	With respect to Mortgage Loan No. 13, Empire Mall, the related loan documents permit a partial collateral release subject to LTV, DSCR and/or Debt Yield tests, and/or other release conditions, in connection with a partial defeasance or prepayment of the related mortgage loan, or in certain cases, in connection with a free release. See “Description of the Mortgage Pool—Certain Terms of the Mortgage Loans—Defeasance” and “—Releases; Partial Releases; Property Additions” in this prospectus.
(49)	With respect to Mortgage Loan No. 13, Empire Mall, the related loan documents require the borrower to deposit with the lender at origination $11,572,000 for outstanding tenant improvements and/or leasing commissions due in connection with any lease at the Empire Mall Mortgaged Property, provided, however, so long as no event of default has occurred and is continuing, the borrower has the right in lieu of making the upfront cash deposit to provide either (i) a guarantee acceptable to the lender which guarantees payment of the required Outstanding TI/LC Reserve amounts or (ii) a letter of credit acceptable to the lender in the amount of the upfront Outstanding TI/LC Reserve deposit. In lieu of the upfront cash deposit, the guarantor has executed a guaranty for the required Outstanding TI/LC Reserve amounts.
(50)	With respect to Mortgage Loan No. 16, Raymond Center, Juniper Take-Out Inc. leases 334 square feet on a month-to-month basis and 4,313 square feet under a lease which expires on September 30, 2027.
(51)	With respect to Mortgage Loan No. 16, Raymond Center, rent for the Largest Tenant, Homegoods, was underwritten on a straight-line basis through the end of the loan term.

(52)	With respect to Mortgage Loan No. 16, Raymond Center, two borrowers own the Mortgaged Property as tenants-in-common.
(53)	With respect to Mortgage Loan No. 17, 750 The City Drive, historical financial information is unavailable as the Mortgaged Property was acquired at loan origination.
(54)	With respect to Mortgage Loan No. 18, 790 The City Drive, historical financial information is unavailable as the Mortgaged Property was acquired at loan origination.
(55)	With respect to Mortgage Loan No. 19, Signal Hill Industrial Portfolio, the related loan documents permit a partial collateral release subject to LTV, DSCR and/or Debt Yield tests, and/or other release conditions, in connection with a partial defeasance or prepayment of the related mortgage loan, or in certain cases, in connection with a free release. See “Description of the Mortgage Pool—Certain Terms of the Mortgage Loans—Defeasance” and “—Releases; Partial Releases; Property Additions” in this prospectus.
(56)	With respect to Mortgage Loan No. 19, Signal Hill Industrial Portfolio, the loan documents provide that, following a casualty or condemnation involving the 2300 Walnut Avenue property where the borrower is not permitted to restore the related improvements to substantially the same condition as they existed beforehand, the borrower is required cause a partial release of the 2300 Walnut Avenue property, to which end available casualty proceeds may be applied. If the casualty or condemnation event occurs prior to the expiration of the defeasance lockout period, the loan agreement permits prepayment of the loan, together with the applicable yield maintenance premium therefor, to effect the partial release. If and as applicable, “Yield Maintenance Premium” shall mean an amount equal to the greater of: (a) an amount equal to (i) 3% of the amount prepaid in connection with a prepayment in connection with a partial release hereof and (ii) 1% of the amount prepaid in connection with a Start-Up Prepayment; or (b) an amount equal to (i) the amount, if any, by which the sum of the present values as of the prepayment date of all unpaid principal and interest payments required hereunder, calculated by discounting such payments from the respective dates each such payment was due hereunder (or, with respect to the payment required on the Open period start date (assuming the outstanding principal balance of the Loan is due on the Open period start date), from the Open period start date) back to the prepayment date at a discount rate equal to the Periodic Treasury Yield (defined below) exceeds the outstanding principal balance of the Loan as of the prepayment date, multiplied by (ii) a fraction whose numerator is the amount prepaid and whose denominator is the outstanding principal balance of the Loan as of the prepayment date. For purposes of the foregoing, “Periodic Treasury Yield” shall mean (y) the annual yield to maturity of the actively traded non-callable United States Treasury fixed interest rate security (other than any such security which can be surrendered at the option of the holder at face value in payment of federal estate tax or which was issued at a substantial discount) that has a maturity closest to (whether before, on or after) the Open period start date (or if two or more such securities have maturity dates equally close to the Open period start date, the average annual yield to maturity of all such securities), as reported in The Wall Street Journal or other authoritative publication or news retrieval service on the fifth Business Day preceding the prepayment date, divided by (z) 12. Lender’s calculation of the Yield Maintenance Premium, and all component calculations, shall be conclusive and binding on Borrower absent manifest error.
(57)	With respect to Mortgage Loan No. 20, Big Bear Lake Shopping Center, the borrowers own the Mortgaged Property as tenants-in-common.
(58)	With respect to Mortgage Loan No. 20, Big Bear Lake Shopping Center, historical financial statements are not available as the Mortgaged Property recently underwent a material renovation.
(59)	With respect to Mortgage Loan No. 21, 1800 S Brand, the Mortgaged Property is comprised of 16,137 square feet of retail space and 42,565 square feet of office space.
(60)	With respect to Mortgage Loan No. 22, Silver Strand Plaza, the second largest tenant, Suncoast Market, has not yet take occupancy of its leased premises but has commenced paying rent. The borrower sponsor reported that Suncoast Market is scheduled to open for business on January 31, 2026. At origination, the borrower deposited $460,000 into a reserve held by the lender, which will be released to the borrower within 10 business days of the lender’s receipt of a letter executed by

	the borrower and acknowledged by Suncoast Market confirming that the tenant is officially open for business.
(61)	With respect to Mortgage Loan No. 22, Silver Strand Plaza, at origination, the borrower deposited $43,724 into a free rent reserve in connection with a future free rent period for the fifth largest tenant, Resilient Taekwondo.
(62)	With respect to Mortgage Loan No. 23, Northshore Mall, the Mortgage Loan was co-originated by JPMorgan Chase Bank, National Association and German American Capital Corporation.
(63)	With respect to Mortgage Loan No. 23, Northshore Mall, Underwritten Occupancy % at the Mortgaged Property is inclusive of temporary tenant occupancy. Underwritten Occupancy % exclusive of temporary tenants is 89.7%.
(64)	With respect to Mortgage Loan No. 23, Northshore Mall, the total 1,137,515 square feet at the Mortgaged Property is exclusive of the 453,772 square feet occupied by non-collateral anchor tenants at the Mortgaged Property.
(65)	With respect to Mortgage Loan No. 23, Northshore Mall, Dick’s House of Sport, the Largest Tenant, assumed the former ground lease of Nordstrom at the Mortgaged Property in April 2025, but has not yet taken occupancy or begun paying rent. Dick’s House of Sport is expected to take occupancy in February 2027. The related lender underwrote $1 in ground rent and common area maintenance charges for such tenant.
(66)	With respect to Mortgage Loan No. 23, Northshore Mall, defeasance of the Northshore Mall Whole Loan is permitted after the date that is the earlier of (i) two years after the closing date of the securitization that includes the last note to be securitized and (ii) January 1, 2029. The assumed defeasance lockout period is based on the anticipated closing date of the BANK5 2026-5YR20 securitization in February 2026. The actual defeasance lockout period may be longer.
(67)	With respect to Mortgage Loan No. 24, Troy Towne Center, if Kohl’s, the Largest Tenant at the Mortgaged Property, ceases to operate its business in less than 50% of its current size (at the time of lease execution), the Third Largest Tenant at the Mortgaged Property, Dollar Tree, has the right to (i) if such condition continues for 6 months, pay 50% of base rent and (ii) if such condition continues for 12 months, terminate their lease upon 30 days’ written notice.
(68)	With respect to Mortgage Loan No. 24, Troy Towne Center, the Fourth Largest Tenant at the Mortgaged Property, Shoe Carnival, has the right to pay an “Alternate Rent” of 3.0% of gross receipts from sales (not to exceed 50% of base rent otherwise due), in the event that either (i) Kohl’s, the Largest Tenant at the Mortgaged Property or (ii) the Walmart Supercenter located adjacent to the Mortgaged Property cease to be open and operating at their respective premises and are not replaced by a national or regional retail tenant. If Shoe Carnival has paid Alternate Rent for 18 months, Shoe Carnival has the option to terminate its lease upon 10 days’ written notice with the termination effective 60 days after receipt thereof.
(69)	With respect to Mortgage Loan No. 25, Fulop Brooklyn Multifamily Portfolio 2, the 104 Graham Avenue Mortgaged Property is comprised of five multifamily units and 3,250 square feet of retail space and the 155 Central Avenue Mortgaged Property is comprised of five multifamily units and 1,150 square feet of retail space.
(70)	With respect to Mortgage Loan No. 25, Fulop Brooklyn Multifamily Portfolio 2, historical financial information prior to the trailing twelve months ended December 31, 2024 is not available for the 104 Graham Avenue Mortgaged Property, as the Mortgaged Property underwent significant renovations in 2023.
(71)	With respect to Mortgage Loan No. 26, 105 Rogers Avenue, the borrower has applied for, and the Mortgaged Property is expected to benefit from, a 35-year 421-a tax abatement under the New York City Department of Housing Preservation and Development (“HPD”) 421-a tax abatement program (the “105 Rogers Avenue 421-a Tax Abatement Program”). The 105 Rogers Avenue 421-a Tax Abatement Program requires that at least 25% of the apartment units at the Mortgaged Property be affordable, with the weighted average of all income bands for the affordable units not exceeding 60% of area median income. The appraisal concluded that the in-place rents for 30.8%

	of the apartment units (the “105 Rogers Avenue 421-a Affordable Units”) at the Mortgaged Property are in compliance with the income requirements under the 105 Rogers Avenue 421-a Tax Abatement Program. During the first 25 years of the 105 Rogers Avenue 421-a Tax Abatement Program, the Mortgaged Property is expected to receive a 100% tax exemption; during the final 10 years, the exemption is expected to decrease to 30.8% (equal to the percentage of 105 Rogers Avenue 421-a Affordable Units). The estimated full unabated real estate taxes for the 2025/2026 tax year are $134,120 compared to the underwritten abated real estate taxes of $6,181. The borrower sponsor has received an HPD Certificate of Eligibility for the 421 a tax abatement but is still awaiting final approval. The Mortgage Loan is full recourse to the borrower and guarantor until the 421-a abatement is recorded and fully applied by the New York City Department of Finance; thereafter, recourse will spring to full if the 421-a abatement is revoked, suspended, or terminated, in whole or in part, by the applicable governmental authority.
(72)	With respect to Mortgage Loan No. 29, Colony Manor & Gatehouse Apartments, a Grace Period – Late Fee (Days) of five days is permitted once within any consecutive 12-month period.
(73)	With respect to Mortgage Loan No. 1, CityCenter (Aria & Vdara), “Yield Maintenance Premium” shall mean, with respect to each Note, an amount equal to the greater of (a) one-half of one percent (0.50%) of the outstanding principal amount of such Note to be prepaid or satisfied and (b) the excess, if any, of (i) the sum of the present values of all then-scheduled payments of principal and interest in respect of the principal amount being prepaid under such Note assuming that all scheduled payments are made timely and that the remaining outstanding principal and interest on such Note is paid on the Permitted Par Prepayment Date (with each such payment and assumed payment discounted to its present value at the date of prepayment at the rate which, when compounded monthly, is equivalent to the Prepayment Rate when compounded semi-annually and deducting from the sum of such present values any short-term interest paid from the date of prepayment to the next succeeding Payment Date in the event such payment is not made on a Payment Date), over (ii) the principal amount being prepaid provided, with respect to any prepayment of any portion of the Whole Loan that is subject to a Rated Securitization and which is made after the Payment Date in May, 2030 but prior to the Permitted Par Prepayment Date, the Yield Maintenance Premium shall be zero.
(74)	With respect to Mortgage Loan No. 9, The Bluffs, “Yield Maintenance Premium” means with respect to any repayment of the outstanding principal balance of the Mortgage Loan, an amount equal to the greater of (a) one percent (1%) of the outstanding principal of the portion of the Mortgage Loan to be prepaid or satisfied and (b) the excess, if any, of (i) the sum of the present values of all then-scheduled payments of principal and interest under the Note to be made with respect to the portion of the Mortgage Loan under the Note assuming that all scheduled payments are made timely and that the remaining outstanding principal and interest on the portion of the Mortgage Loan being prepaid is paid on the Maturity Date (with each such payment and assumed payment discounted to its present value at the date of prepayment at the rate which, when compounded monthly, is equivalent to the Prepayment Rate when compounded semi-annually and deducting from the sum of such present values any short-term interest paid from the date of prepayment to the next succeeding Payment Date in the event such payment is not made on a Payment Date), over (ii) the principal amount being prepaid.
(75)	With respect to Mortgage Loan No. 11, 770 The City Drive, “Yield Maintenance Premium” shall mean an amount equal to the greater of the following two amounts: (a) an amount equal to the Applicable Percentage of the amount prepaid or (b) an amount equal to (i) the amount, if any, by which the sum of the present values as of the prepayment date of all unpaid principal and interest payments required hereunder, calculated by discounting such payments from the respective dates each such payment was due hereunder (or, with respect to the payment required on the Open period start date (assuming the outstanding principal balance of the Mortgage Loan is due on the Open period start date), from the Open period start date) back to the prepayment date at a discount rate equal to the Periodic Treasury Yield (as defined below) exceeds the outstanding principal balance of the Mortgage Loan as of the prepayment date, multiplied by (ii) a fraction whose numerator is the amount prepaid and whose denominator is the outstanding principal balance of the Mortgage Loan as of the prepayment date. For purposes of the foregoing, “Periodic Treasury Yield” shall mean (y) the annual yield to maturity of the actively traded non-callable United States Treasury fixed interest

	rate security (other than any such security which can be surrendered at the option of the holder at face value in payment of federal estate tax or which was issued at a substantial discount) that has a maturity closest to (whether before, on or after) the Open period start date (or if two or more such securities have maturity dates equally close to the Open period start date, the average annual yield to maturity of all such securities), as reported in The Wall Street Journal or other authoritative publication or news retrieval service on the fifth Business Day preceding the prepayment date, divided by (z) 12. Lender’s calculation of the Yield Maintenance Premium, and all component calculations, shall be conclusive and binding on Borrower absent manifest error.
(76)	With respect to Mortgage Loan No. 16, Raymond Center, “Yield Maintenance Premium” shall mean with respect to any repayment of the outstanding principal balance of the Mortgage Loan, an amount equal to the greater of (a) one percent (1%) of the outstanding principal of the portion of the Mortgage Loan to be prepaid or satisfied and (b) the excess, if any, of (i) the sum of the present values of all then-scheduled payments of principal and interest under the Note to be made with respect to the portion of the Mortgage Loan under the Note assuming that all scheduled payments are made timely and that the remaining outstanding principal and interest on the portion of the Mortgage Loan being prepaid is paid on the Permitted Par Prepayment Date (with each such payment and assumed payment discounted to its present value at the date of prepayment at the rate which, when compounded monthly, is equivalent to the Prepayment Rate when compounded semi-annually and deducting from the sum of such present values any short-term interest paid from the date of prepayment to the next succeeding Payment Date in the event such payment is not made on a Payment Date), over (ii) the principal amount being prepaid.
(77)	With respect to Mortgage Loan No. 17, 750 The City Drive, “Yield Maintenance Premium” shall mean an amount equal to the greater of the following two amounts: (a) an amount equal to the Applicable Percentage of the amount prepaid or (b) an amount equal to (i) the amount, if any, by which the sum of the present values as of the prepayment date of all unpaid principal and interest payments required hereunder, calculated by discounting such payments from the respective dates each such payment was due hereunder (or, with respect to the payment required on the Open period start date (assuming the outstanding principal balance of the Mortgage Loan is due on the Open period start date), from the Open period start date) back to the prepayment date at a discount rate equal to the Periodic Treasury Yield (defined below) exceeds the outstanding principal balance of the Mortgage Loan as of the prepayment date, multiplied by (ii) a fraction whose numerator is the amount prepaid and whose denominator is the outstanding principal balance of the Mortgage Loan as of the prepayment date. For purposes of the foregoing, “Periodic Treasury Yield” shall mean (y) the annual yield to maturity of the actively traded non-callable United States Treasury fixed interest rate security (other than any such security which can be surrendered at the option of the holder at face value in payment of federal estate tax or which was issued at a substantial discount) that has a maturity closest to (whether before, on or after) the Open period start date (or if two or more such securities have maturity dates equally close to the Open period start date, the average annual yield to maturity of all such securities), as reported in The Wall Street Journal or other authoritative publication or news retrieval service on the fifth Business Day preceding the prepayment date, divided by (z) 12. Lender’s calculation of the Yield Maintenance Premium, and all component calculations, shall be conclusive and binding on Borrower absent manifest error.
(78)	With respect to Mortgage Loan No. 18, 790 The City Drive, “Yield Maintenance Premium” shall mean an amount equal to the greater of the following two amounts: (a) an amount equal to the Applicable Percentage of the amount prepaid or (b) an amount equal to (i) the amount, if any, by which the sum of the present values as of the prepayment date of all unpaid principal and interest payments required hereunder, calculated by discounting such payments from the respective dates each such payment was due hereunder (or, with respect to the payment required on the Open period start date (assuming the outstanding principal balance of the Mortgage Loan is due on the Open period start date), from the Open period start date) back to the prepayment date at a discount rate equal to the Periodic Treasury Yield (defined below) exceeds the outstanding principal balance of the Mortgage Loan as of the prepayment date, multiplied by (ii) a fraction whose numerator is the amount prepaid and whose denominator is the outstanding principal balance of the Mortgage Loan as of the prepayment date. For purposes of the foregoing, “Periodic Treasury Yield” shall mean (y) the annual yield to maturity of the actively traded non-callable United States Treasury fixed interest

	rate security (other than any such security which can be surrendered at the option of the holder at face value in payment of federal estate tax or which was issued at a substantial discount) that has a maturity closest to (whether before, on or after) the Open period start date (or if two or more such securities have maturity dates equally close to the Open period start date, the average annual yield to maturity of all such securities), as reported in The Wall Street Journal or other authoritative publication or news retrieval service on the fifth Business Day preceding the prepayment date, divided by (z) 12. Lender’s calculation of the Yield Maintenance Premium, and all component calculations, shall be conclusive and binding on Borrower absent manifest error.
(79)	With respect to Mortgage Loan No. 23, Northshore Mall, “Yield Maintenance Premium” shall mean an amount equal to the greater of (a) one percent (1%) of the outstanding principal balance of the portion of the Mortgage Loan to be prepaid or satisfied and (b) the excess, if any, of (i) the sum of the present values of all then-scheduled payments of principal and interest under the Note assuming that all scheduled payments are made timely and that the remaining outstanding principal and interest on the Mortgage Loan is paid on the Maturity Date (with each such payment and assumed payment discounted to its present value at the date of prepayment at the rate which, when compounded monthly, is equivalent to the Prepayment Rate when compounded semi-annually and deducting from the sum of such present values any short-term interest paid from the date of prepayment to the next succeeding Scheduled Payment Date in the event such payment is not made on a Scheduled Payment Date), over (ii) the principal amount being prepaid.
(80)	With respect to Mortgage Loan No. 28, LA Fitness Longwood FL, “Yield Maintenance Premium” shall mean with respect to any repayment of the outstanding principal balance of the Mortgage Loan, an amount equal to the greater of (a) one percent (1%) of the outstanding principal of the portion of the Mortgage Loan to be prepaid or satisfied and (b) the excess, if any, of (i) the sum of the present values of all then-scheduled payments of principal and interest under the Note to be made with respect to the portion of the Mortgage Loan under the Note assuming that all scheduled payments are made timely and that the remaining outstanding principal and interest on the portion of the Mortgage Loan being prepaid is paid on the Maturity Date (with each such payment and assumed payment discounted to its present value at the date of prepayment at the rate which, when compounded monthly, is equivalent to the Prepayment Rate when compounded semi-annually and deducting from the sum of such present values any short-term interest paid from the date of prepayment to the next succeeding Payment Date in the event such payment is not made on a Payment Date), over (ii) the principal amount being prepaid.