Exhibit 1

 
 

KPMG LLP
Two Manhattan West
375 9th Avenue, 17th Floor
New York, NY  10001

 

Independent Accountants’ Agreed-Upon Procedures Report

Wells Fargo Commercial Mortgage Securities, Inc.

Wells Fargo Bank, National Association

(together, the “Company”)

Wells Fargo Securities, LLC

Barclays Capital Real Estate Inc.

Barclays Capital Inc.

Citigroup Global Markets Inc.

Citi Real Estate Funding Inc.

Goldman Sachs & Co. LLC

Goldman Sachs Bank USA

Goldman Sachs Mortgage Company

Morgan Stanley Bank, N.A.

Morgan Stanley & Co. LLC

Morgan Stanley Mortgage Capital Holdings LLC

KKR Capital Markets LLC

(collectively, the “Specified Parties”):

Re: CONE Commercial Mortgage Trust 2026-DFW3 – Data File Procedures

We have performed the procedures described below on the specified attributes in an electronic data file entitled “CONE 2026-DFW3 Securitization Tape.xlsx” provided by the Company on April 22, 2026 (the “Data File”), containing information on one mortgage loan (the “Mortgage Loan”) and two related properties (the “Properties”) as of May 11, 2026 (the “Cut-off Date”), which we were informed is intended to be included as collateral in the offering by CONE Commercial Mortgage Trust 2026-DFW3, Commercial Mortgage Pass-Through Certificates, Series 2026-DFW3 (the “Certificates”). 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.

  KPMG LLP, a Delaware limited liability partnership and a member firm of
the KPMG global organization of independent member firms affiliated with
KPMG International Limited, a private English company limited by guarantee.
 

  

 

 

·The term “recomputed” 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 "Provided by the Company” when used in the “Source Document(s)” column of Attachment A, means we were instructed by the Company to assume the attribute is accurate and not perform any procedure.
·The term “Loan Files” means the electronic copies of source documents provided by the Company and listed in Attachment A. Where the term “Draft” is used, it means source documents provided by the Company and listed in Attachment A are in draft form and are not executed with signatures as of the date of this report. We make no representation regarding the validity or accuracy of any of the source documents.
·The term “Compared Attributes” means the list of fields in the Data File which were selected by the Company for us to perform comparison procedures for and are listed in Attachment A.
·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 “Provided Information” means the Cut-off Date, Loan Files and Calculation Methodology.

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 for the Mortgage Loan and related Properties in the Data File 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 “Source Document(s)” column of Attachment A) to the corresponding information included in the Loan Files. 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, constituted an exception, except for those Compared Attributes with “Provided by the Company” in the “Source Document(s)” column of Attachment A. The document priority is the order provided by the Company, which is listed in the “Source Document(s)” column of Attachment A, with the highest priority document listed first.
B.We recomputed the Recomputed Attributes in the Data File using (i) the corresponding information contained in the Data File and (ii) the Calculation Methodology.

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

2

 

 

reporting on findings based on performing those procedures. We were not engaged to, and did not, conduct an examination or review, the objective of which would be the expression of an opinion or conclusion, respectively, on the specified attributes in the Data File. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported.

We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement.

The procedures performed were applied based on the information included in the Data File and Provided Information, without verification or evaluation of such information by us; therefore, we express no opinion or any other form of assurance regarding (i) the reasonableness of the information provided to us by the Company, (ii) the physical existence of the Mortgage Loan and related 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 Mortgage Loan to stated underwriting or credit extension guidelines, standards, criteria or other requirements, (ii) the value of collateral securing the Mortgage Loan being securitized, (iii) the compliance of the originator of the Mortgage Loan with federal, state, and local laws and regulations, or (iv) any other factor or characteristic of the Mortgage Loan and related Properties that would be material to the likelihood that the issuer of the Certificates 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

April 22, 2026

3
ATTACHMENT A

COMPARED ATTRIBUTES

Attribute Source Document(s)
Control Number Provided by the Company
Property Name Provided by the Company
Number of Properties Provided by the Company
% of Initial Pool Balance Provided by the Company
Allocated Mortgage Loan Amount ($) Provided by the Company
Address Appraisal, Engineering Report
City Appraisal, Engineering Report
State Appraisal, Engineering Report
Zip Code Appraisal, Engineering Report
General Property Type Appraisal, Engineering Report
Detailed Property Type Appraisal, Engineering Report
Year Built Appraisal
Year Renovated Appraisal
Appraisal Date Appraisal
Appraised Value ($) Appraisal
Engineering Report Date Engineering Report
Environmental Phase I Report Date Phase I Environmental Report
Environmental Phase II Recommended (Y/N) Phase I Environmental Report
Environmental Phase II Report Date Phase II Environmental Report
PML or SEL (%) Engineering Report
Seismic Report Date Engineering Report
Shell Capacity (MW) Underwriting File
Leased Capacity (MW) Underwriting File
Leased Capacity Date Provided by the Company
Underwritten Revenue ($) Underwriting File
Underwritten Expenses ($) Underwriting File
Underwritten Net Operating Income ($) Underwriting File
Underwritten Replacement Reserve ($) Underwriting File
Underwritten Net Cash Flow ($) Underwriting File
Note Date Draft Loan Agreement
First Payment Date Draft Loan Agreement
Maturity Date or Anticipated Repayment Date Draft Loan Agreement
Mortgage Rate Provided by the Company
Trustee/Certificate Administrator Fee Rate Provided by the Company
Servicing Fee Rate Provided by the Company
Operating Advisor Fee Rate Provided by the Company
CREFC Fee Rate Provided by the Company
Interest Accrual Basis Draft Loan Agreement
Trust Notes Original Principal Balance ($) Provided by the Company
Trust Notes Loan Level Cut-Off Date Balance ($) Provided by the Company
A-1
ATTACHMENT A

 

Attribute Source Document(s)
Trust Notes Balloon Payment ($) Provided by the Company
Prepayment Restriction Code Draft Loan Agreement
Amortization Term (Original) Draft Loan Agreement
Amortization Term (Remaining) Draft Loan Agreement
Loan Term (Original) Draft Loan Agreement
IO Period Draft Loan Agreement
Loan Amortization Type Draft Loan Agreement
ARD Loan (Y/N) Draft Loan Agreement
Affiliated Sponsor (Y/N) Draft Loan Agreement
Lien Position Provided by the Company
Title Vesting (Fee/Leasehold/Both) Provided by the Company
Ground Lease Initial Expiration Date Provided by the Company
Type of Lockbox Draft Loan Agreement, Draft Cash Management Agreement
Engineering Escrow/Deferred Maintenance Draft Loan Agreement
Environmental Escrow Draft Loan Agreement
Springing Environmental Escrow Description Draft Loan Agreement
Tax Escrow (Initial) Draft Loan Agreement
Tax Escrow (Monthly) Draft Loan Agreement
Tax Escrow Description Draft Loan Agreement
Insurance Escrow (Initial) Draft Loan Agreement
Insurance Escrow (Monthly) Draft Loan Agreement
Insurance Escrow Description Draft Loan Agreement
Replacement Reserve (Initial) Draft Loan Agreement
Replacement Reserve (Monthly) Draft Loan Agreement
Replacement Reserve Description Draft Loan Agreement
TI/LC Reserve (Initial) Draft Loan Agreement
TI/LC Reserve (Monthly) Draft Loan Agreement
TI/LC Reserve Description Draft Loan Agreement
Ground Lease Reserve  (Initial) Draft Loan Agreement
Ground Lease Reserve  (Monthly) Draft Loan Agreement
Ground Lease  Reserve Description Draft Loan Agreement
Other Escrow I (Initial) Draft Loan Agreement
Other Escrow I (Monthly) Draft Loan Agreement
Other Escrow I Reserve Description Draft Loan Agreement
Other Escrow II (Initial) Draft Loan Agreement
Other Escrow II (Monthly) Draft Loan Agreement
Other Escrow II Reserve Description Draft Loan Agreement
Other Escrow III (Initial) Draft Loan Agreement
Other Escrow III (Monthly) Draft Loan Agreement
Other Escrow III Reserve Description Draft Loan Agreement
Other Escrow IV (Initial) Draft Loan Agreement
A-2
ATTACHMENT A

 

Attribute Source Document(s)
Other Escrow IV (Monthly) Draft Loan Agreement
Other Escrow IV Reserve Description Draft Loan Agreement
Whole Loan Original Principal Balance Provided by the Company
Whole Loan Cut-Off Date Balance Provided by the Company
Trust A Notes Original Principal Balance Provided by the Company
Trust A Notes Cut-Off Date Balance Provided by the Company
Junior Notes Original Balance Provided by the Company
Junior Notes Cut-off Date Balance Provided by the Company
Companion Notes Original Balance Provided by the Company
Companion Notes Cut-off Date Balance Provided by the Company
Companion Notes Description Draft Loan Agreement
Existing Mezzanine Debt (Y/N) Draft Loan Agreement
Existing Unsecured Debt (Y/N) Draft Loan Agreement
Future Secured Debt Permitted (Y/N) Draft Loan Agreement
Future Mezzanine Debt Permitted (Y/N) Draft Loan Agreement
Future Unsecured Debt Permitted (Y/N) Draft Loan Agreement

 

A-3
ATTACHMENT B

RECOMPUTED ATTRIBUTES

Attribute Calculation Methodology
Mortgage Loan Closing Date LTV Trust Notes Loan Level Cut-Off Date Balance ($) divided by Appraised Value ($)
Mortgage Loan Balloon LTV Trust Notes Balloon Payment ($) divided by Appraised Value ($)
UW NCF DSCR Underwritten Net Cash Flow ($) divided by the product of (i) Trust Notes Loan Level Cut-Off Date Balance ($), (ii) Mortgage Rate, and (iii) 365/360
Cut-Off Date UW NOI Debt Yield Underwritten Net Operating Income ($) divided by Trust Notes Loan Level Cut-Off Date Balance ($)
Cut-Off Date UW NCF Debt Yield Underwritten Net Cash Flow ($) divided by Trust Notes Loan Level Cut-Off Date Balance ($)
Loan Term (Remaining) Loan Term (Original) minus Seasoning
Seasoning Number of payments between and including the First Payment Date and the Cut-off Date, subject to a minimum of 0

 

 

B-1