KPMG LLP
Two Manhattan West
375 9th Avenue, 17th Floor
New York, NY 10001
Exhibit 1
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KPMG LLP |
Independent Accountants’ Agreed-Upon Procedures Report
Benefit Street Partners Realty Operating Partnership, L.P. (the “Company”)
J.P. Morgan Securities LLC
Barclays Capital Inc.
Wells Fargo Securities, LLC
Citigroup Global Markets Inc.
Atlas SP Partners, L.P.
ATLAS SP Securities, a division of Apollo Global Securities, LLC
(collectively, the “Specified Parties”)
Re: BSPRT 2026-FL13 Issuer, LLC – Data File Procedures
We have performed the procedures described below on the specified attributes in an electronic data file entitled “BSPRT 2026-FL13 CSR Accounting Tape.xlsx” provided by the Company on March 19, 2026 (the “Data File”), containing information on 44 collateral interests (the “Collateral Interests”) and the 90 related mortgaged properties (the “Mortgaged Properties”) as of March 9, 2026 (the “Cut-off Date”), which we were informed are intended to be included as collateral in the offering by BSPRT 2026-FL13 Issuer, LLC. The Company is responsible for the specified attributes identified by the Company in the Data File.
The Specified Parties have agreed to and acknowledged that the procedures performed are appropriate to meet the intended purpose of assisting specified parties in evaluating the accuracy of the specified attributes in the Data File. This report may not be suitable for any other purpose. No other parties have agreed to or acknowledged the appropriateness of these procedures for the intended purpose or any other purpose.
The procedures performed may not address all the items of interest to a specified party of this report and may not meet the needs of all specified parties of this report and, as such, specified parties are responsible for determining whether the procedures performed are appropriate for their purposes. We make no representation regarding the appropriateness of the procedures either for the intended purpose or for any other purpose.
Unless otherwise stated, the following definitions have been adopted in presenting our procedures and findings:
| · | The term “compared” means compared to the information shown and found it to be in agreement, unless otherwise stated. Such compared information was deemed to be in agreement if differences were within the reporting threshold. |
| · | The term “recomputed” means recalculated and compared the result to the information shown and found it to be in agreement, unless otherwise stated. Such recomputed information was deemed to be in agreement if differences were within the reporting threshold. |
| · | The term “reporting threshold” means that dollar amounts and percentages were within $1.00 and 0.1%, respectively. |
| · | The term “Loan Files” means the electronic copies of source documents provided by the Company and listed in Attachment A. We make no representation regarding the validity or accuracy of these documents. |
| KPMG
LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. |
| · | The term “Compared Attributes” means the list of fields in the Data File which were selected by the Company for us to perform comparison procedures for and are listed in Attachment A. |
| · | The term “Recomputed Attributes” means the list of fields in the Data File which were selected by the Company for us to perform recomputation procedures for and are listed in Attachment B. |
| · | The term “Calculation Methodology” means the formula listed in the Calculation Methodology column of Attachment B containing the calculation methodology for the Recomputed Attributes provided by the Company. |
| · | The term “Term SOFR Assumption” means the Term SOFR rate of 3.66996%, which we were instructed to use by the Company where applicable in the Calculation Methodology. |
| · | The term “Instructions” means the instructions provided by the Company pertaining to a procedure, attribute, or methodology as described in Attachment C. |
| · | The term “Provided Information” means the Cut-off Date, Loan Files, Calculation Methodology, Term SOFR Assumption, and Instructions. |
Prior to being provided the Data File, we received one or more earlier versions of the data file on which to perform our procedures. In performing those procedures, we identified differences which were communicated to the Company. The Data File represents the revised information reflecting resolution of differences communicated as determined appropriate by the Company. We performed the procedures on the Data File, and the results of those procedures are reflected herein.
The procedures we were instructed by the Company to perform and the associated findings are as follows:
| A. | We compared the Compared Attributes in the Data File (except for those with “Provided by the Company” in the “Provided Compared Attributes” table of Attachment A) to the corresponding information included in the Loan Files, utilizing the Instructions, as applicable. The Company indicated that the absence of any of the information in the Loan Files or the inability to agree the indicated information from the Data File to the Loan Files for each of the attributes identified, utilizing the Instructions as applicable, constituted an exception (except for those with “Provided by the Company” in the “Provided Compared Attributes” table of Attachment A). The document priority is the order provided by the Company, which is listed in the “Source Document(s)” column in Attachment A, with the highest priority document listed first. |
| B. | We recomputed the Recomputed Attributes in the Data File using (i) the corresponding information contained in the Data File, (ii) the Calculation Methodology, and (iii) the Instructions. |
We found such information to be in agreement without exception.
We were engaged by the Company to perform this agreed-upon procedures engagement. We conducted our engagement in accordance with attestation standards established by the American Institute of Certified Public Accountants, which involves us performing the specific procedures agreed to and acknowledged above and reporting on findings based on performing those procedures. We were not engaged to, and did not, conduct an examination or review, the objective of which would be the expression of an opinion or conclusion, respectively, on the specified attributes in the Data File. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported.
We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement.
| 2 |
The procedures performed were applied based on the information included in the Data File and Provided Information, without verification or evaluation of such information by us; therefore, we express no opinion or any other form of assurance regarding (i) the reasonableness of the information provided to us by the Company, (ii) the physical existence of the Collateral Interests and related Mortgaged Properties, (iii) the reliability or accuracy of the Provided Information which was used in our procedures, or (iv) matters of legal interpretation.
The procedures performed were not intended to address, nor did they address: (i) the conformity of the origination of the Collateral Interests to stated underwriting or credit extension guidelines, standards, criteria or other requirements, (ii) the value of collateral securing any such Collateral Interests being securitized, (iii) the compliance of the originator of the Collateral Interests with federal, state, and local laws and regulations, or (iv) any other factor or characteristic of the Collateral Interests and related Mortgaged Properties that would be material to the likelihood that the issuer of the notes will pay interest and principal in accordance with applicable terms and conditions. The procedures performed were not intended to satisfy any criteria for due diligence published by the nationally recognized statistical rating organizations (“NRSROs”).
The terms of our engagement are such that we have no responsibility to update this report because of events and circumstances that may subsequently occur.
This report is intended solely for the information and use of the Specified Parties. It is not intended to be and should not be used by any other person or entity, including investors or the NRSROs, who are not identified in the report as the Specified Parties but may have access to this report as required by law or regulation.
/s/ KPMG LLP
New York, New York
March 19, 2026
| 3 |
ATTACHMENT A
COMPARED ATTRIBUTES
| Attribute | Source Document(s) |
| Cross Collateralized and Cross Defaulted Loan Flag | Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| Property Address | Appraisal Report, Engineering Report |
| City | Appraisal Report, Engineering Report |
| State | Appraisal Report, Engineering Report |
| Zip Code | Appraisal Report, Engineering Report |
| County | Appraisal Report, Engineering Report |
| Year Built | Appraisal Report, Engineering Report |
| Year Renovated | Appraisal Report, Engineering Report |
| Property Type | Appraisal Report |
| Specific Property Type | Appraisal Report |
| Number of Units | Underwritten Rent Roll Statement, Certified Rent Roll, Company Underwritten Cash Flow Statement, STR Report, Appraisal Report |
| Unit of Measure | Underwritten Rent Roll Statement, Certified Rent Roll, Company Underwritten Cash Flow Statement, STR Report, Appraisal Report |
| Occupancy (%) | Underwritten Rent Roll Statement, Certified Rent Roll, Company Underwritten Cash Flow Statement, STR Report |
| Occupancy Date | Underwritten Rent Roll Statement, Certified Rent Roll, Company Underwritten Cash Flow Statement, STR Report |
| Ownership Interest | Title Policy, Ground Lease |
| Loan Purpose | Settlement Statement, Purchase and Sale Agreement, Loan Agreement |
| Note Date | Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| First Payment Date | Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| A-1 |
| Attribute | Source Document(s) |
| Mortgage Loan Commitment Original Balance ($) | Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note, ALA Schedule |
| Mortgage Loan Initial Funded Amount ($) | Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note, Settlement Statement, ALA Schedule |
| Mortgage Loan Cut-off Date Balance ($) | Servicer Report, Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note, Servicing Screenshots, Amortization Schedule, ALA Schedule |
| Future Funding Advance Conditions | Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| Mortgage Loan Balloon Balance ($) | Servicer Report, Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note, Amortization Schedule, ALA Schedule |
| Rate Type | Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note, Index Conversion Document |
| Index | Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note, Index Conversion Document |
| Mortgage Loan Margin | Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note, Index Conversion Document |
| Mortgage Loan Margin Change (Y/N) | Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| Mortgage Loan Margin Change Description | Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| Mortgage Loan Index Floor | Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| Mortgage Loan Index Cap | Rate Cap Confirmation, Rate Cap Bid Package |
| Mortgage Loan Index Cap Termination Date | Rate Cap Confirmation, Rate Cap Bid Package |
| Mortgage Loan Index Cap Provider | Rate Cap Confirmation, Rate Cap Bid Package |
| Collateral Interest Margin | Loan Split Schedule, Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| A-2 |
| Attribute | Source Document(s) |
| Junior Participation Balloon Payment ($) | Loan Split Schedule, Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| Junior Participation Cut-off Date Margin | Loan Split Schedule, Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| Amortization Type During Initial Term | Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| ARD Loan (Y/N) | Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| Initial Maturity Date or Anticipated Repayment Date | Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note, Extension Document |
| Extension Options (Y/N) | Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note, Extension Document |
| Extension Options Description | Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note, Extension Document |
| Amortization Type During Extensions | Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note, Extension Document |
| Amortization Type During Extensions Description | Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note, Extension Document |
| First Extension Period (months) | Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note, Extension Document |
| First Extension Fee | Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note, Extension Document |
| First Extension Period Requirements | Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note, Extension Document |
| First Extension Cap | Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note, Extension Document |
| A-3 |
| Attribute | Source Document(s) |
| Second Extension Period (months) | Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note, Extension Document |
| Second Extension Fee | Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note, Extension Document |
| Second Extension Period Requirements | Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note, Extension Document |
| Second Extension Cap | Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note, Extension Document |
| Third Extension Period (months) | Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note, Extension Document |
| Third Extension Fee | Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note, Extension Document |
| Third Extension Period Requirements | Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note, Extension Document |
| Third Extension Cap | Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note, Extension Document |
| Fully Extended Maturity Date | Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note, Extension Document |
| Third Most Recent As Of Period | Company Underwritten Cash Flow Statement |
| Third Most Recent Revenues | Company Underwritten Cash Flow Statement |
| Third Most Recent Expenses | Company Underwritten Cash Flow Statement |
| Third Most Recent NOI | Company Underwritten Cash Flow Statement |
| Third Most Recent NCF | Company Underwritten Cash Flow Statement |
| Third Most Recent Occupancy (For Hospitality) | Company Underwritten Cash Flow Statement |
| Third Most Recent ADR | Company Underwritten Cash Flow Statement |
| Third Most Recent RevPAR | Company Underwritten Cash Flow Statement |
| A-4 |
| Attribute | Source Document(s) |
| Second Most Recent As Of Period | Company Underwritten Cash Flow Statement |
| Second Most Recent Revenues | Company Underwritten Cash Flow Statement |
| Second Most Recent Expenses | Company Underwritten Cash Flow Statement |
| Second Most Recent NOI | Company Underwritten Cash Flow Statement |
| Second Most Recent NCF | Company Underwritten Cash Flow Statement |
| Second Most Recent Occupancy (For Hospitality) | Company Underwritten Cash Flow Statement |
| Second Most Recent ADR | Company Underwritten Cash Flow Statement |
| Second Most Recent RevPAR | Company Underwritten Cash Flow Statement |
| Most Recent As Of Period | Company Underwritten Cash Flow Statement |
| Most Recent Revenues | Company Underwritten Cash Flow Statement |
| Most Recent Expenses | Company Underwritten Cash Flow Statement |
| Most Recent NOI | Company Underwritten Cash Flow Statement |
| Most Recent NCF | Company Underwritten Cash Flow Statement |
| Most Recent Occupancy (For Hospitality) | Company Underwritten Cash Flow Statement |
| Most Recent ADR | Company Underwritten Cash Flow Statement |
| Most Recent RevPAR | Company Underwritten Cash Flow Statement |
| Underwritten Occupancy (%) | Company Underwritten Cash Flow Statement |
| Underwritten Revenues ($) | Company Underwritten Cash Flow Statement |
| Underwritten Expenses ($) | Company Underwritten Cash Flow Statement |
| Underwritten NOI ($) | Company Underwritten Cash Flow Statement |
| Underwritten Reserves ($) | Company Underwritten Cash Flow Statement |
| Underwritten NCF ($) | Company Underwritten Cash Flow Statement |
| Underwritten ADR | Company Underwritten Cash Flow Statement |
| Underwritten RevPAR | Company Underwritten Cash Flow Statement |
| Underwritten Stabilized Occupancy (%) | Company Underwritten Cash Flow Statement |
| Underwritten Stabilized Revenues ($) | Company Underwritten Cash Flow Statement |
| Underwritten Stabilized Expenses ($) | Company Underwritten Cash Flow Statement |
| A-5 |
| Attribute | Source Document(s) |
| Underwritten Stabilized NOI ($) | Company Underwritten Cash Flow Statement |
| Underwritten Stabilized Reserves ($) | Company Underwritten Cash Flow Statement |
| Underwritten Stabilized NCF ($) | Company Underwritten Cash Flow Statement |
| Underwritten Stabilized ADR | Company Underwritten Cash Flow Statement |
| Underwritten Stabilized RevPAR | Company Underwritten Cash Flow Statement |
| Appraisal Stabilized Occupancy (%) | Company Underwritten Cash Flow Statement |
| Appraisal Stabilized Revenues ($) | Company Underwritten Cash Flow Statement |
| Appraisal Stabilized Expenses ($) | Company Underwritten Cash Flow Statement |
| Appraisal Stabilized NOI ($) | Company Underwritten Cash Flow Statement |
| Appraisal Stabilized Reserves ($) | Company Underwritten Cash Flow Statement |
| Appraisal Stabilized NCF ($) | Company Underwritten Cash Flow Statement |
| Appraisal Stabilized ADR | Company Underwritten Cash Flow Statement |
| Appraisal Stabilized RevPAR | Company Underwritten Cash Flow Statement |
| Borrower | Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| Recourse | Guaranties, Loan Agreement |
| Recourse Provisions | Guaranties, Loan Agreement |
| Recourse Carveout Guarantor | Guaranties, Loan Agreement |
| Sponsor | Guaranties, Loan Agreement |
| Affiliated Sponsor (Y/N) | Guaranties, Loan Agreement |
| Tenants-in-common (Y/N) | Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note, TIC Agreement |
| Ground Lease (Y/N) | Ground Lease, Estoppel |
| Annual Ground Lease Payment ($) | Ground Lease, Estoppel, Appraisal Report |
| Ground Lease Initial Expiration Date | Ground Lease, Estoppel, Appraisal Report |
| Ground Lease Extension (Y/N) | Ground Lease, Estoppel, Appraisal Report |
| # of Ground Lease Extension Options | Ground Lease, Estoppel, Appraisal Report |
| A-6 |
| Attribute | Source Document(s) |
| Ground Lease Expiration Date with Extensions | Ground Lease, Estoppel, Appraisal Report |
| Engineering Report Date | Engineering Report |
| Environmental Report Date (Phase I) | Phase I Environmental Report |
| Environmental Report Date (Phase II) | Phase II Environmental Report |
| Environmental Insurance (Y/N) | Insurance Certificate, Loan Agreement |
| Seismic Report Date | Seismic Report, Engineering Report |
| Seismic PML % | Seismic Report, Engineering Report |
| Seismic Insurance Obtained if PML >= 20% (Y/N) | Insurance Certificate, Seismic Report, Engineering Report |
| Lockbox Type | Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note, DACA Agreement, BACA Agreement, DAISA Agreement, Cash Sweep Report |
| Cash Management Type | Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note, DACA Agreement, BACA Agreement, DAISA Agreement, Cash Management Agreement, Cash Sweep Report |
| Cash Management Trigger Event | Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note, DACA Agreement, BACA Agreement, DAISA Agreement, Cash Management Agreement, Cash Sweep Report |
| Tax Escrow (Upfront) ($) | Settlement Statement, Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| Tax Escrow (Cut-off Date) ($) | Servicer Report, Servicer Screenshot, Settlement Statement, Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| Tax Escrow (Monthly) ($) | Servicer Report, Servicer Screenshot, Settlement Statement, Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| Springing Tax Escrow Description | Settlement Statement, Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| A-7 |
| Attribute | Source Document(s) |
| Insurance Escrow (Upfront) ($) | Settlement Statement, Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| Insurance Escrow (Cut-off Date) ($) | Servicer Report, Servicer Screenshot, Settlement Statement, Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| Insurance Escrow (Monthly)($) | Servicer Report, Servicer Screenshot, Settlement Statement, Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| Springing Insurance Escrow Description | Settlement Statement, Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| Replacement Reserve (Upfront)($) | Settlement Statement, Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| Replacement Reserve (Cut-off Date)($) | Servicer Report, Servicer Screenshot, Settlement Statement, Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| Replacement Reserve (Monthly)($) | Servicer Report, Servicer Screenshot, Settlement Statement, Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| Replacement Reserve Cap($) | Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| Springing Replacement Reserve Description | Settlement Statement, Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| TI/LC Reserve (Upfront) ($) | Settlement Statement, Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| TI/LC Reserve (Cut-off Date) ($) | Servicer Report, Servicer Screenshot, Settlement Statement, Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| TI/LC Reserve (Monthly)($) | Servicer Report, Servicer Screenshot, Settlement Statement, Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| TI/LC Reserve Cap($) | Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| A-8 |
| Attribute | Source Document(s) |
| Springing TI/LC Reserve Description | Settlement Statement, Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| Environmental Reserve (Upfront) ($) | Settlement Statement, Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| Environmental Reserve (Cut-off Date) ($) | Servicer Report, Servicer Screenshot, Settlement Statement, Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| Upfront Engineering/Deferred Maintenance Escrow (Upfront) ($) | Settlement Statement, Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| Upfront Engineering/Deferred Maintenance Escrow (Cut-off Date) ($) | Servicer Report, Servicer Screenshot, Settlement Statement, Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| Debt Service Reserve (Upfront) ($) | Settlement Statement, Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| Debt Service Reserve (Cut-off Date) ($) | Servicer Report, Servicer Screenshot, Settlement Statement, Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| Debt Service Reserve (Monthly)($) | Servicer Report, Servicer Screenshot, Settlement Statement, Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| Debt Service Reserve Cap($) | Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| Springing Debt Service Reserve Description | Settlement Statement, Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| Other Reserves (Upfront)($) | Settlement Statement, Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| Other Reserves (Cut-Off Date)($) | Servicer Report, Servicer Screenshot, Settlement Statement, Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| Other Reserves (Monthly)($) | Servicer Report, Servicer Screenshot, Settlement Statement, Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| A-9 |
| Attribute | Source Document(s) |
| Other Reserves Cap ($) | Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| Other Reserves Description | Settlement Statement, Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| Other Reserves 2 (Upfront)($) | Settlement Statement, Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| Other Reserves 2 (Cut-Off Date) ($) | Servicer Report, Servicer Screenshot, Settlement Statement, Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| Other Reserves 2 (Monthly)($) | Servicer Report, Servicer Screenshot, Settlement Statement, Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| Other Reserves 2 Cap ($) | Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| Other Reserves 2 Description | Settlement Statement, Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| Subordinate Debt (Y/N) | Loan Agreement, Mezzanine Loan Agreement, Mezzanine Loan Amendment, Mezzanine Loan Modification, Mezzanine Promissory Note |
| Subordinate Debt Type | Loan Agreement, Mezzanine Loan Agreement, Mezzanine Loan Amendment, Mezzanine Loan Modification, Promissory Note |
| Subordinate Debt Margin | Loan Agreement, Mezzanine Loan Agreement, Mezzanine Loan Amendment, Mezzanine Loan Modification, Mezzanine Promissory Note |
| Subordinate Debt Cut-off Date Balance ($) | Servicer Report, Loan Agreement, Mezzanine Loan Agreement, Mezzanine Loan Amendment, Mezzanine Loan Modification, Mezzanine Promissory Note |
| Subordinate Debt Amortization Type | Loan Agreement, Mezzanine Loan Agreement, Mezzanine Loan Amendment, Mezzanine Loan Modification, Mezzanine Promissory Note |
| Subordinate Debt Rate Type | Loan Agreement, Mezzanine Loan Agreement, Mezzanine Loan Amendment, Mezzanine Loan Modification, Mezzanine Promissory Note |
| A-10 |
| Attribute | Source Document(s) |
| Subordinate Debt Index Floor | Loan Agreement, Mezzanine Loan Agreement, Mezzanine Loan Amendment, Mezzanine Loan Modification, Mezzanine Promissory Note |
| Subordinate Debt Index Cap | Loan Agreement, Mezzanine Loan Agreement, Mezzanine Loan Amendment, Mezzanine Loan Modification, Mezzanine Promissory Note |
| Subordinate Debt Index Rounding | Loan Agreement, Mezzanine Loan Agreement, Mezzanine Loan Amendment, Mezzanine Loan Modification, Mezzanine Promissory Note |
| Subordinate Debt Index | Mezzanine Loan Agreement, Mezzanine Loan Amendment, Mezzanine Loan Modification, Mezzanine Promissory Note |
| Subordinate Debt Accrual | Loan Agreement, Mezzanine Loan Agreement, Mezzanine Loan Amendment, Mezzanine Loan Modification, Mezzanine Promissory Note |
| Future Debt Permitted (Y/N) | Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| Permitted Future Debt Type | Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| Grace Period Default (Days) | Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| Grace Period Late (Days) | Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| Initial Prepayment Provision | Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note. For Collateral Interests with minimum fixed interest based on a dollar amount, "MI" period is calculated using: i) the dollar amount described in Upfront Minimum Interest Period, divided by ii) the product of (a) Mortgage Loan Commitment Original Balance ($), (b) Mortgage Loan Cut-off Date Interest Rate, (c) 365/360, and (d) 1/12, then rounded down to the nearest whole number of months, less any lockout period as sourced from the Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, or Promissory Note |
| Upfront Minimum Interest Period | Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| Partial Release and/or Partial Prepayment (Y/N) | Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| A-11 |
| Attribute | Source Document(s) |
| Appraisal Firm | Appraisal Report |
| As-Is Appraisal Valuation Date | Appraisal Report |
| As-Is Appraised Value ($) | Appraisal Report |
| Stabilized Appraised Value ($) | Appraisal Report |
| Appraisal Anticipated Stabilization Date | Appraisal Report |
| Interest Accrual Basis | Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| Interest Accrual Period Start | Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| Interest Accrual Period End | Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| Index Rounding Factor | Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note, Index Conversion Document |
| Lookback Period | Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note, Index Conversion Document |
| Single-Tenant (Y/N) | Underwritten Rent Roll Statement, Certified Rent Roll |
| Property Manager | Management Agreement, Loan Agreement, Loan Amendment, Loan Modification |
| Largest Tenant Name | Underwritten Rent Roll Statement, Certified Rent Roll, Lease, Appraisal Report |
| Largest Tenant Square Feet | Underwritten Rent Roll Statement, Certified Rent Roll, Lease, Appraisal Report |
| Largest Tenant Expiration Date | Underwritten Rent Roll Statement, Certified Rent Roll, Lease, Appraisal Report |
| 2nd Largest Tenant Name | Underwritten Rent Roll Statement, Certified Rent Roll, Lease, Appraisal Report |
| 2nd Largest Tenant Square Feet | Underwritten Rent Roll Statement, Certified Rent Roll, Lease, Appraisal Report |
| 2nd Largest Tenant Expiration Date | Underwritten Rent Roll Statement, Certified Rent Roll, Lease, Appraisal Report |
| 3rd Largest Tenant Name | Underwritten Rent Roll Statement, Certified Rent Roll, Lease, Appraisal Report |
| A-12 |
| Attribute | Source Document(s) |
| 3rd Largest Tenant Square Feet | Underwritten Rent Roll Statement, Certified Rent Roll, Lease, Appraisal Report |
| 3rd Largest Tenant Expiration Date | Underwritten Rent Roll Statement, Certified Rent Roll, Lease, Appraisal Report |
| 4th Largest Tenant Name | Underwritten Rent Roll Statement, Certified Rent Roll, Lease, Appraisal Report |
| 4th Largest Tenant Square Feet | Underwritten Rent Roll Statement, Certified Rent Roll, Lease, Appraisal Report |
| 4th Largest Tenant Expiration Date | Underwritten Rent Roll Statement, Certified Rent Roll, Lease, Appraisal Report |
| 5th Largest Tenant Name | Underwritten Rent Roll Statement, Certified Rent Roll, Lease, Appraisal Report |
| 5th Largest Tenant Square Feet | Underwritten Rent Roll Statement, Certified Rent Roll, Lease, Appraisal Report |
| 5th Largest Tenant Expiration Date | Underwritten Rent Roll Statement, Certified Rent Roll, Lease, Appraisal Report |
| Hotel Franchise | Loan Agreement, Franchise Agreement |
| Hotel Franchise Expiration Date | Loan Agreement, Franchise Agreement |
| As-Is Appraised Value Type | Appraisal Report |
| Stabilized Appraised Value Type | Appraisal Report |
| Senior Participation Margin | Loan Split Schedule, Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| Underwritten NCF Description | Company Underwritten Cash Flow Statement |
| Underwritten Stabilized NCF Description | Company Underwritten Cash Flow Statement |
| Appraisal Stabilized NCF Description | Company Underwritten Cash Flow Statement |
| Amortization Type During Initial Term Description | Loan Agreement, Loan Amendment, Loan Modification, Security Instrument, Promissory Note |
| A-13 |
PROVIDED COMPARED ATTRIBUTES
| Attribute | Source Document(s) |
| Collateral Interest Number | Provided by the Company |
| Collateral Interest Type | Provided by the Company |
| Unclosed/Closed | Provided by the Company |
| Collateral Interest Status | Provided by the Company |
| Collateral Interest / Property Flag | Provided by the Company |
| # of Properties | Provided by the Company |
| Collateral Interest/Mortgaged Property Name | Provided by the Company |
| Collateral Interest Cut-off Date Balance ($) | Provided by the Company |
| Pari Passu Balance in Other Securitization | Provided by the Company |
| Junior Participation Cut-off Date Balance | Provided by the Company |
| Control | Provided by the Company |
| A-14 |
ATTACHMENT B
RECOMPUTED ATTRIBUTES
| Attribute | Calculation Methodology |
| Mortgage Loan Commitment Original Balance / Unit ($) | Mortgage Loan Commitment Original Balance ($) divided by Number of Units |
| Mortgage Loan Initial Unfunded Future Funding Amount ($) | Mortgage Loan Commitment Original Balance ($) minus Mortgage Loan Initial Funded Amount ($) |
| Mortgage Loan Cut-off Date Balance / Unit ($) | Mortgage Loan Cut-off Date Balance ($) divided by Number of Units |
| Mortgage Loan Future Funding Participation Cut-off Date Unfunded Balance ($) | Mortgage Loan Balloon Balance ($) minus Mortgage Loan Cut-off Date Balance ($) |
| Mortgage Loan Balloon Balance / Unit ($) | Mortgage Loan Balloon Balance ($) divided by Number of Units |
| Mortgage Loan Annual Debt Service Payment (IO) ($) | Product of i) Mortgage Loan Cut-off Date Balance ($), ii) Mortgage Loan Cut-off Date Interest Rate, and iii) 365/360. For Collateral Interests that have Amortization Type During Initial Term equal to “Amortizing Balloon” or "Partial IO", set equal to “N/A”. |
| Mortgage Loan Annual Debt Service Payment (P&I) ($) | Product of i) Mortgage Loan Cut-off Date Balance ($), ii) Mortgage Loan Cut-off Date Interest Rate, and iii) 365/360. For Collateral Interests that have Amortization Type During Initial Term equal to “Amortizing Balloon” or "Partial IO", the average monthly payment during the Original Loan Term (Remaining), using the principal payments as sourced from the Loan Agreement, Loan Amendment, Loan Modification, Amortization Schedule, Security Instrument and Promissory Note and Mortgage Loan Cut-off Date Interest Rate, and multiplied by 12. |
| Mortgage Loan Annual Debt Service Payment (Cap) ($) | Product of i) Mortgage Loan Cut-off Date Balance ($), ii) Mortgage Loan Rate Cap, and iii) 365/360. For Collateral Interests that have Rate Type equal to “Fixed", set equal to “N/A”. |
| B-1 |
| Attribute | Calculation Methodology |
| Mortgage Loan Maturity Annual Debt Service (P&I) ($) | Product of i) Mortgage Loan Balloon Balance ($), ii) Mortgage Loan Cut-off Date Interest Rate, and iii) 365/360. For Collateral Interests that have Amortization Type During Initial Term equal to “Amortizing Balloon” or "Partial IO", the average monthly payment during the Original Loan Term (Remaining), using the principal payments as sourced from the Loan Agreement, Loan Amendment, Loan Modification, Security Instrument and Promissory Note and Mortgage Loan Cut-off Date Interest Rate, and multiplied by 12. |
| Mortgage Loan Maturity Annual Debt Service (Cap) ($) | Product of i) Mortgage Loan Balloon Balance ($), ii) Mortgage Loan Rate Cap, and iii) 365/360. For Collateral Interests that have Rate Type equal to “Fixed", set equal to “N/A”. |
| Aggregate Collateral Interest Cut-off Date Balance % | Collateral Interest Cut-off Date Balance ($) divided by the aggregate Collateral Interest Cut-off Date Balance ($) of all Collateral Interests |
| Collateral Interest Balloon Balance ($) | Equals the Collateral Interest Cut-off Date Balance ($) |
| Collateral Interest Future Funding Participation Cut-off Date Unfunded Balance ($) | Collateral Interest Balloon Balance ($) minus Collateral Interest Cut-off Date Balance ($) |
| Collateral Interest Annual Debt Service Payment (IO) ($) | Collateral Interest Cut-off Date Balance ($) divided by Senior Participation Cut-off Date Balance multiplied by Senior Participation Annual Debt Service. For Collateral Interests that have Amortization Type During Initial Term equal to “Amortizing Balloon” or "Partial IO", set equal to “N/A”. |
| Collateral Interest Annual Debt Service Payment (P&I) ($) | Collateral Interest Cut-off Date Balance ($) divided by Senior Participation Cut-off Date Balance multiplied by Senior Participation Annual Debt Service |
| Collateral Interest Annual Debt Service Payment (Cap) ($) | Collateral Interest Cut-off Date Balance ($) divided by Senior Participation Cut-off Date Balance multiplied by Senior Participation Annual Debt Service (Cap). For Collateral Interests that have Rate Type equal to “Fixed", set equal to “N/A”. |
|
Pari Passu Funded Amount
|
Senior Participation Cut-off Date Balance minus Collateral Interest Cut-off Date Balance ($) |
| B-2 |
| Attribute | Calculation Methodology |
|
Index Rate Assumption
|
Term SOFR Assumption rounded based on Index Rounding Factor |
| Mortgage Loan Cut-off Date Interest Rate | Mortgage Loan Margin plus the greater of i) Index Rate Assumption and ii) Mortgage Loan Index Floor |
| Mortgage Loan Rate Cap | Mortgage Loan Margin plus Mortgage Loan Index Cap |
| Mortgage Loan Rate Floor | Mortgage Loan Margin plus Mortgage Loan Index Floor |
| Collateral Interest Cut-off Date Interest Rate | Senior Participation Margin plus the greater of i) Index Rate Assumption and ii) Mortgage Loan Index Floor |
| Junior Participation Cut-off Date Future Funding Unfunded Balance ($) | Junior Participation Balloon Payment ($) minus Junior Participation Cut-off Date Balance |
| Junior Participation Cut-off Date Interest Rate | Junior Participation Cut-off Date Margin plus Index Rate Assumption |
| Initial IO Period | For all loans for which Amortization Type During Initial Term is “Interest Only”, number of payments between and including the First Payment Date and the Initial Maturity Date or Anticipated Repayment Date. Otherwise, number of payments between and including the First Payment Date and the payment before the commencement of the amortization term as sourced from Loan Agreement, Loan Amendment, Loan Modification, Security Instrument and Promissory Note |
| Initial IO Period (Remaining) | Initial IO Period minus Seasoning (months), subject to a minimum of 0 |
| Original Loan Term (Initial) | Number of payments between and including the First Payment Date and Initial Maturity Date or Anticipated Repayment Date |
| Original Loan Term (Remaining) | Original Loan Term (Initial) minus Seasoning (months) |
| Seasoning (months) | Number of payments between and including the First Payment Date and Cut-off Date, subject to a minimum of 0 |
| First Extension Floor | Equals the Mortgage Loan Index Floor |
| B-3 |
| Attribute | Calculation Methodology |
| Second Extension Floor | Equals the Mortgage Loan Index Floor |
| Third Extension Floor | Equals the Mortgage Loan Index Floor |
| Fully Extended Loan Term (Initial) | Number of payments between and including the First Payment Date and Fully Extended Maturity Date |
| Fully Extended Loan Term (Remaining) | Fully Extended Loan Term (Initial) minus Seasoning (months) |
| Mortgage Loan Most Recent NOI DSCR | Most Recent NOI divided by Mortgage Loan Annual Debt Service Payment (P&I) ($) |
| Mortgage Loan Most Recent NCF DSCR | Most Recent NCF divided by Mortgage Loan Annual Debt Service Payment (P&I) ($) |
| Cut-off Date Mortgage Loan Most Recent NOI Debt Yield | Most Recent NOI divided by Mortgage Loan Cut-off Date Balance ($) |
| Cut-off Date Mortgage Loan Most Recent NCF Debt Yield | Most Recent NCF divided by Mortgage Loan Cut-off Date Balance ($) |
| Collateral Interest Most Recent NOI DSCR | Most Recent NOI divided by the product of i) Collateral Interest Cut-off Date Balance ($) and Pari Passu Funded Amount, ii) Collateral Interest Cut-off Date Interest Rate and iii) 365/360 |
| Collateral Interest Most Recent NCF DSCR | Most Recent NCF divided by the product of i) Collateral Interest Cut-off Date Balance ($) and Pari Passu Funded Amount, ii) Collateral Interest Cut-off Date Interest Rate and iii) 365/360 |
| Cut-off Date Collateral Interest Most Recent NOI Debt Yield | Most Recent NOI divided by Senior Participation Cut-off Date Balance |
| Cut-off Date Collateral Interest Most Recent NCF Debt Yield | Most Recent NCF divided by Senior Participation Cut-off Date Balance |
| Mortgage Loan Cut-off Date Balance Underwritten NOI DSCR | Underwritten NOI ($) divided by the lesser of i) Mortgage Loan Annual Debt Service Payment (P&I) ($) and ii) Mortgage Loan Annual Debt Service Payment (Cap) ($) |
| Mortgage Loan Cut-off Date Balance Underwritten NCF DSCR | Underwritten NCF ($) divided by the lesser of i) Mortgage Loan Annual Debt Service Payment (P&I) ($) and ii) Mortgage Loan Annual Debt Service Payment (Cap) ($) |
| B-4 |
| Attribute | Calculation Methodology |
| Mortgage Loan Cut-off Date Balance Underwritten NOI Debt Yield | Underwritten NOI ($) divided by Mortgage Loan Cut-off Date Balance ($) |
| Mortgage Loan Cut-off Date Balance Underwritten NCF Debt Yield | Underwritten NCF ($) divided by Mortgage Loan Cut-off Date Balance ($) |
| Collateral Interest Cut-off Date Balance Underwritten NOI DSCR | Underwritten NOI ($) divided by the lesser of i) Senior Participation Annual Debt Service and ii) Senior Participation Annual Debt Service (Cap) |
| Collateral Interest Cut-off Date Balance Underwritten NCF DSCR | Underwritten NCF ($) divided by the lesser of i) Senior Participation Annual Debt Service and ii) Senior Participation Annual Debt Service (Cap) |
| Collateral Interest Cut-off Date Balance Underwritten NOI Debt Yield | Underwritten NOI ($) divided by Senior Participation Cut-off Date Balance |
| Collateral Interest Cut-off Date Balance Underwritten NCF Debt Yield | Underwritten NCF ($) divided by Senior Participation Cut-off Date Balance |
| Fully Funded Mortgage Loan Underwritten Stabilized NOI DSCR | Underwritten Stabilized NOI ($) divided by the lesser of i) Mortgage Loan Maturity Annual Debt Service (P&I) ($) and ii) Mortgage Loan Maturity Annual Debt Service (Cap) ($) |
| Fully Funded Mortgage Loan Underwritten Stabilized NCF DSCR | Underwritten Stabilized NCF ($) divided by the lesser of i) Mortgage Loan Maturity Annual Debt Service (P&I) ($) and ii) Mortgage Loan Maturity Annual Debt Service (Cap) ($) |
| Fully Funded Mortgage Loan Underwritten Stabilized NOI Debt Yield | Underwritten Stabilized NOI ($) divided by Mortgage Loan Balloon Balance ($) |
| Fully Funded Mortgage Loan Underwritten Stabilized NCF Debt Yield | Underwritten Stabilized NCF ($) divided by Mortgage Loan Balloon Balance ($) |
| Collateral Interest Underwritten Stabilized NOI DSCR | Underwritten Stabilized NOI ($) divided by the lesser of i) Senior Participation Maturity Annual Debt Service (P&I) ($) and ii) Senior Participation Maturity Annual Debt Service (Cap) ($) |
| Collateral Interest Underwritten Stabilized NCF DSCR | Underwritten Stabilized NCF ($) divided by the lesser of i) Senior Participation Maturity Annual Debt Service (P&I) ($) and ii) Senior Participation Maturity Annual Debt Service (Cap) ($) |
| Collateral Interest Underwritten Stabilized NOI Debt Yield | Underwritten Stabilized NOI ($) divided by Senior Participation Balloon Payment ($) |
| B-5 |
| Attribute | Calculation Methodology |
| Collateral Interest Underwritten Stabilized NCF Debt Yield | Underwritten Stabilized NCF ($) divided by Senior Participation Balloon Payment ($) |
| Fully Funded Mortgage Loan Appraisal Stabilized NOI DSCR | Appraisal Stabilized NOI ($) divided by the lesser of i) Mortgage Loan Maturity Annual Debt Service (P&I) ($) and ii) Mortgage Loan Maturity Annual Debt Service (Cap) ($) |
| Fully Funded Mortgage Loan Appraisal Stabilized NCF DSCR | Appraisal Stabilized NCF ($) divided by the lesser of i) Mortgage Loan Maturity Annual Debt Service (P&I) ($) and ii) Mortgage Loan Maturity Annual Debt Service (Cap) ($) |
| Fully Funded Mortgage Loan Appraisal Stabilized NOI Debt Yield | Appraisal Stabilized NOI ($) divided by Mortgage Loan Balloon Balance ($) |
| Fully Funded Mortgage Loan Appraisal Stabilized NCF Debt Yield | Appraisal Stabilized NCF ($) divided by Mortgage Loan Balloon Balance ($) |
| Collateral Interest Appraisal Stabilized NOI DSCR | Appraisal Stabilized NOI ($) divided by the lesser of i) Senior Participation Maturity Annual Debt Service (P&I) ($) and ii) Senior Participation Maturity Annual Debt Service (Cap) ($) |
| Collateral Interest Appraisal Stabilized NCF DSCR | Appraisal Stabilized NCF ($) divided by the lesser of i) Senior Participation Maturity Annual Debt Service (P&I) ($) and ii) Senior Participation Maturity Annual Debt Service (Cap) ($) |
| Collateral Interest Appraisal Stabilized NOI Debt Yield | Appraisal Stabilized NOI ($) divided by Senior Participation Balloon Payment ($) |
| Collateral Interest Appraisal Stabilized NCF Debt Yield | Appraisal Stabilized NCF ($) divided by Senior Participation Balloon Payment ($) |
| Subordinate Debt Interest Rate | Subordinate Debt Margin plus the greater of i) Subordinate Debt Index Assumption and ii) Subordinate Debt Index Floor |
| Total Debt Cut-off Date Balance ($) | Mortgage Loan Cut-off Date Balance ($) plus Subordinate Debt Cut-off Date Balance ($). Set to “N/A” if Subordinate Debt (Y/N) is marked as N. |
| Subordinate Debt Annual Debt Service Payment (P&I) ($) | Product of i) Subordinate Debt Cut-off Date Balance ($), ii) Subordinate Debt Interest Rate and iii) 365/360. |
| Subordinate Debt Annual Debt Service at Cap ($) | Product of i) Subordinate Debt Cut-off Date Balance ($), ii) sum of (a) Subordinate Debt Margin and (b) Subordinate Debt Index Cap, and iii) 365/360. |
| B-6 |
| Attribute | Calculation Methodology |
| Total Debt Cut-off Date As-Is LTV | Total Debt Cut-off Date Balance ($) divided by As-Is Appraised Value ($) |
| Total Debt Cut-off Date UW NCF DSCR | Underwritten NCF ($) divided by the sum of i) the lesser of (a) Mortgage Loan Annual Debt Service Payment (P&I) ($) and (b) Mortgage Loan Annual Debt Service Payment (Cap) ($) and ii) the lesser of (a) Subordinate Debt Annual Debt Service Payment (P&I) ($) and (b) Subordinate Debt Annual Debt Service at Cap ($). Set to “N/A” if Subordinate Debt (Y/N) is marked as N. |
| Total Debt Cut-off Date UW NOI DY | Underwritten NOI ($) divided by Total Debt Cut-off Date Balance ($) |
| Remaining Call Protection (Cut-off Date) | Initial Prepayment Provision minus Seasoning (months) |
| Mortgage Loan Cut-off Date As-Is LTV Ratio | Mortgage Loan Cut-off Date Balance ($) divided by As-Is Appraised Value ($) |
| Mortgage Loan Commitment Maturity Date Stabilized LTV Ratio | Mortgage Loan Balloon Balance ($) divided by Stabilized Appraised Value ($) |
| Collateral Interest Cut-off Date As-Is LTV Ratio | Senior Participation Cut-off Date Balance divided by As-Is Appraised Value ($) |
| Collateral Interest Commitment Maturity Date Stabilized LTV Ratio | Senior Participation Balloon Payment ($) divided by Stabilized Appraised Value ($) |
| Largest Tenant Square Feet % | Largest Tenant Square Feet divided by Units |
| 2nd Largest Tenant Square Feet % | 2nd Largest Tenant Square Feet divided by Number of Units |
| 3rd Largest Tenant Square Feet % | 3rd Largest Tenant Square Feet divided by Number of Units |
| 4th Largest Tenant Square Feet % | 4th Largest Tenant Square Feet divided by Number of Units |
| 5th Largest Tenant Square Feet % | 5th Largest Tenant Square Feet divided by Number of Units |
| Subordinate Debt Rate Floor | Sum of i) Subordinate Debt Margin and ii) Subordinate Debt Index Floor |
| B-7 |
| Attribute | Calculation Methodology |
| Subordinate Debt Rate Cap | Sum of i) Subordinate Debt Margin and ii) Subordinate Debt Index Cap |
| Subordinate Debt Index Assumption | Term SOFR Assumption rounded based on Subordinate Debt Index Rounding |
| Cut-off Date Total Debt Ann Debt Service ($) | Sum of i) Mortgage Loan Annual Debt Service Payment (P&I) ($) and ii) Subordinate Debt Annual Debt Service Payment (P&I) ($). Set to “N/A” if Subordinate Debt (Y/N) is marked as N. |
| Senior Participation Cut-off Date Balance | Mortgage Loan Cut-off Date Balance ($) minus Junior Participation Cut-off Date Balance |
| Senior Participation Balloon Payment ($) | Mortgage Loan Balloon Balance ($) minus Junior Participation Balloon Payment ($) |
| Mortgage Loan Maturity Annual Debt Service (IO) ($) | Product of i) Mortgage Loan Balloon Balance ($), ii) Mortgage Loan Cut-off Date Interest Rate, and iii) 365/360. |
| Senior Participation Annual Debt Service | Product of i) Senior Participation Cut-off Date Balance, ii) Senior Participation Cut-off Date Interest Rate, and iii) 365/360. For Collateral Interests that have Amortization Type During Initial Term equal to “Amortizing Balloon” or "Partial IO", the average monthly payment during the Original Loan Term (Remaining), using the principal payments as sourced from the Loan Agreement, Loan Amendment, Loan Modification, Amortization Schedule, Security Instrument and Promissory Note and Mortgage Loan Cut-off Date Interest Rate, and multiplied by 12. |
| Senior Participation Annual Debt Service (Cap) | Product of i) Senior Participation Cut-off Date Balance, ii) sum of (a) Senior Participation Margin and (b) Mortgage Loan Index Cap, and iii) 365/360. For Collateral Interests that have Rate Type equal to “Fixed", set equal to “N/A”. |
| Senior Participation Maturity Annual Debt Service (P&I) ($) | Product of i) Senior Participation Balloon Payment ($), ii) Senior Participation Cut-off Date Interest Rate, and iii) 365/360. For Collateral Interests that have Amortization Type During Initial Term equal to “Partial IO”, the average monthly payment during the Original Loan Term (Remaining), using the principal payments as sourced from the Loan Agreement, Loan Amendment, Loan Modification, Amortization Schedule, Security Instrument and Promissory Note and Mortgage Loan Cut-off Date Interest Rate, and multiplied by 12. |
| B-8 |
| Attribute | Calculation Methodology |
| Senior Participation Maturity Annual Debt Service (Cap) ($) | Product of i) Senior Participation Balloon Payment ($), ii) sum of (a) Senior Participation Margin and (b) Mortgage Loan Index Cap, and iii) 365/360. For Collateral Interests that have Rate Type equal to “Fixed", set equal to “N/A”. |
| Senior Participation Cut-off Date Interest Rate | Senior Participation Margin plus the greater of i) Index Rate Assumption, and ii) Mortgage Loan Index Floor |
| B-9 |
ATTACHMENT C
INSTRUCTIONS
| 1. | For those Compared Attributes or Recomputed Attributes with the Source Document(s) or Instruction indicated as “Provided by the Company” we were instructed by the Company to assume the attribute is accurate and not perform any procedure. |
| 2. | The Collateral Interests with Collateral Interest/Mortgaged Property Names equal to Surfhouse, Academy Distribution Center, Livano Pflugerville, Park West Village, Enclave at Raritan, Abri at West Iris, Chance's Court and Warwick Self Storage were not closed as of the date of this report. Therefore, we were not provided the final Promissory Note, Loan Agreement, Security Instrument, Mortgage, Cross-Collateralization Agreement, Settlement Statement, Title Policy, Guaranties, Management Agreement, TIC Agreement, Cash Management Agreement, Rate Cap Confirmation, Company Underwritten Cash Flow Statement, Underwritten Rent Roll Statement, Appraisal Report, Engineering Report, Phase I Environmental Report, Phase II Environmental Report, Insurance Certificate or other Source Document(s) and we were instructed by the Company to assume that all “Compared Attributes” relating to these Collateral Interests and related Mortgaged Properties are accurate and not to perform any comparison procedure. |
| 3. | We were instructed by the Company to follow the instructions listed below pertaining to the applicable Collateral Interests and related Mortgaged Properties and Compared or Recomputed Attribute(s): |
| Collateral Interest/Mortgaged Property Name(s) | Compared or Recomputed Attribute(s) | Company Instruction |
| Hillcrest Care & Rehabilitation Center; Mala Stranana Rehabilitation Center & Assisted Living; Laurels Peak Care Rehabilitation Center & Laurels Edge Assisted Living; Oaklawn Care & Rehabilitation Center; Crystal Seasons Living Center; Lemay Avenue Health & Rehab Facility; Centre Avenue Health & Rehab Facility; Columbine Commons-The Lakes; Columbine West Health & Rehab Facility; Park Forest Care Center; The Addison of Erie Station; The Addison of Fairways; The Addison of Park Crescent; The Addison of Willow Pond; The Addison of Parklands; Bear Mountain at Worcester; Bear Mountain at West Springfield; Sixteen Acres Healthcare Center; Chestnut Hill of East Longmeadow; Bear Mountain at Andover; Belvidere Healthcare Center | Mortgage Loan Commitment Original Balance ($); Mortgage Loan Initial Funded Amount ($); Mortgage Loan Cut-off Date Balance ($); Mortgage Loan Balloon Balance ($); Collateral Interest Cut-off Date Balance ($); Collateral Interest Balloon Balance ($); Senior Participation Cut-off Date Balance; Senior Participation Balloon Payment ($) |
Allocate the values pro rata to the respective Mortgage Properties using the “As-Is Appraised Value ($)” allocations |
| C-1 |
| Collateral Interest/Mortgaged Property Name(s) | Compared or Recomputed Attribute(s) | Company Instruction |
| The Reserves at Gashes Creek; Icon Apartments | Mortgage Loan Annual Debt Service Payment (P&I) ($); Mortgage Loan Annual Debt Service Payment (Cap) ($); Mortgage Loan Maturity Annual Debt Service (P&I) ($); Mortgage Loan Maturity Annual Debt Service (Cap) ($); Senior Participation Maturity Annual Debt Service (P&I) ($); Senior Participation Maturity Annual Debt Service (Cap) ($);Senior Participation Maturity Annual Debt Service (P&I) ($);Senior Participation Maturity Annual Debt Service (Cap) ($) | As per Amortization Schedule provided by the Company |
| Parkview Home for Adults | Fully Funded Mortgage Loan Underwritten Stabilized NOI DSCR; Fully Funded Mortgage Loan Underwritten Stabilized NCF DSCR; Fully Funded Mortgage Loan Underwritten Stabilized NOI Debt Yield; Fully Funded Mortgage Loan Underwritten Stabilized NCF Debt Yield; Collateral Interest Underwritten Stabilized NOI DSCR; Collateral Interest Underwritten Stabilized NCF DSCR; Collateral Interest Underwritten Stabilized NOI Debt Yield; Collateral Interest Underwritten Stabilized NCF Debt Yield | Instructed by the Company to use Mortgage Loan Cut-off Date Balance ($) and lesser of Mortgage Loan Annual Debt Service Payment (P&I) ($) and Mortgage Loan Annual Debt Service Payment (Cap) ($) for the purposes of these calculations |
| Parkview Home for Adults | Fully Funded Mortgage Loan Appraisal Stabilized NOI DSCR; Fully Funded Mortgage Loan Appraisal Stabilized NCF DSCR; Fully Funded Mortgage Loan Appraisal Stabilized NOI Debt Yield; Fully Funded Mortgage Loan Appraisal Stabilized NCF Debt Yield; Collateral Interest Appraisal Stabilized NOI DSCR; Collateral Interest Appraisal Stabilized NCF DSCR; Collateral Interest Appraisal Stabilized NOI Debt Yield; Collateral Interest Appraisal Stabilized NCF Debt Yield | Instructed by the Company to use Mortgage Loan Cut-off Date Balance ($) and lesser of Mortgage Loan Annual Debt Service Payment (P&I) ($) and Mortgage Loan Annual Debt Service Payment (Cap) ($) for the purposes of these calculations |
| C-2 |
| Collateral Interest/Mortgaged Property Name(s) | Compared or Recomputed Attribute(s) | Company Instruction |
| Rochester IL Portfolio; The Addison of Erie Station; The Addison of Fairways; The Addison of Park Crescent; The Addison of Willow Pond; The Addison of Parklands | Property Type; Specific Property Type | Provided by the Company |
| Ensley; Livano Pflugerville; Istana at Wurzbach; Views at Flowers; Evolve at the Pines; Gateway Apartments | Mortgage Loan Most Recent NOI DSCR; Collateral Interest Most Recent NOI DSCR | Set to 0.00x |
| Ensley; Cascade Colorado; Livano Pflugerville; Istana at Wurzbach; Views at Flowers; Evolve at the Pines; Gateway Apartments | Mortgage Loan Most Recent NCF DSCR; Collateral Interest Most Recent NCF DSCR | Set to 0.00x |
| Ensley; Livano Pflugerville; Istana at Wurzbach; Views at Flowers; Evolve at the Pines; Gateway Apartments | Cut-off Date Mortgage Loan Most Recent NOI Debt Yield; Cut-off Date Collateral Interest Most Recent NOI Debt Yield | Set to 0.0% |
| Ensley; Cascade Colorado; Livano Pflugerville; Istana at Wurzbach; Views at Flowers; Evolve at the Pines; Gateway Apartments | Cut-off Date Mortgage Loan Most Recent NCF Debt Yield; Cut-off Date Collateral Interest Most Recent NCF Debt Yield | Set to 0.0% |
|
Flow Fort Lauderdale; Trylon Tower; Ensley; Cadence at Cates Creek; Surfhouse; Icon Apartments; Livano Pflugerville; Park West Village; Istana at Wurzbach; Views at Flowers; Abri at West Iris; Evolve at the Pines; The Gin Mill; Lusso Apartments; Vue at Sonoma Verde; Gateway Apartments; Deseo Grande; Madison Park |
Mortgage Loan Cut-off Date Balance Underwritten NOI DSCR; Mortgage Loan Cut-off Date Balance Underwritten NCF DSCR; | Set to 1.00x |
| Flow Fort Lauderdale; Trylon Tower; Ensley; Surfhouse; Livano Pflugerville; Park West Village; Istana at Wurzbach; Views at Flowers; Abri at West Iris; Evolve at the Pines; The Gin Mill; Lusso Apartments; Vue at Sonoma Verde; Gateway Apartments; Deseo Grande; Madison Park | Collateral Interest Cut-off Date Balance Underwritten NOI DSCR; Collateral Interest Cut-off Date Balance Underwritten NCF DSCR | Set to 1.00x |
| C-3 |
| Collateral Interest/Mortgaged Property Name(s) | Compared or Recomputed Attribute(s) | Company Instruction |
| Surfhouse; Evolve at the Pines; Gateway Apartments; Deseo Grande; Madison Park | Mortgage Loan Cut-off Date Balance Underwritten NOI Debt Yield; Mortgage Loan Cut-off Date Balance Underwritten NCF Debt Yield; Collateral Interest Cut-off Date Balance Underwritten NOI Debt Yield; Collateral Interest Cut-off Date Balance Underwritten NCF Debt Yield | Set to 0.0% |
| Surfhouse; Abri at West Iris; Evolve at the Pines; Gateway Apartments; Deseo Grande; Madison Park | Mortgage Loan Cut-off Date Balance Underwritten NCF Debt Yield; Collateral Interest Cut-off Date Balance Underwritten NCF Debt Yield | Set to 0.0% |
| Cadence at Cates Creek; Icon Apartments; The Gin Mill | Fully Funded Mortgage Loan Underwritten Stabilized NOI DSCR | Set to 1.00x |
| Icon Apartments; The Gin Mill | Collateral Interest Underwritten Stabilized NOI DSCR | Set to 1.00x |
| Cadence at Cates Creek; Icon Apartments; The Gin Mill | Fully Funded Mortgage Loan Underwritten Stabilized NCF DSCR | Set to 1.00x |
| Icon Apartments; The Gin Mill | Collateral Interest Underwritten Stabilized NCF DSCR | Set to 1.00x |
| Icon Apartments; The Gin Mill | Fully Funded Mortgage Loan Appraisal Stabilized NOI DSCR; Collateral Interest Appraisal Stabilized NOI DSCR | Set to 1.00x |
| Icon Apartments; The Gin Mill | Fully Funded Mortgage Loan Appraisal Stabilized NCF DSCR; Collateral Interest Appraisal Stabilized NCF DSCR | Set to 1.00x |
| Istana at Wurzbach | Total Debt Cut-off Date UW NCF DSCR | Set to 1.00x |
| C-4 |