Exhibit 1

Deloitte & Touche LLP 3 Second Street Suite 301 Harborside Plaza 10 Jersey City, NJ 07302 USA   Tel: +1 212 937 8202 www.deloitte.com

Independent Accountants’ Report

on Applying Agreed-Upon Procedures

We have performed the procedures described below relating to a pool of commercial mortgage assets expected to be included as collateral for the proposed offering of VMC Finance 2026-FL6 LLC, Secured Floating Rate Notes. Värde Partners, Inc. (the “Company”) is responsible for the information provided to us, including the information set forth in the Data File (as defined herein).

The Company has agreed to the procedures and acknowledged that the procedures performed are appropriate to meet the intended purpose of evaluating the accuracy of certain information set forth in the Data File. Additionally, Wells Fargo Securities, LLC, ATLAS SP Securities, a division of Apollo Global Securities, LLC, Atlas SP Partners, L.P., Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC, (collectively with the Company, the “Specified Parties”) have agreed to the procedures and acknowledged that the procedures performed are appropriate for their purposes. This report may not be suitable for any other purpose. The procedures performed may not address all of the items of interest to a user of the report and may not meet the needs of all users of the report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. Consequently, we make no representations regarding the appropriateness of the procedures described below either for the purpose for which this report has been requested or for any other purpose.

We performed certain procedures on earlier versions of the Data File and communicated differences prior to being provided the final Data File which was subjected to the procedures described below.

Capitalized terms used but not defined herein are used with the meanings as described in “The Bond Market Association’s Standard Formulas for the Analysis of Mortgage-Backed Securities and Other Related Securities.”

Procedures and Findings

On April 24, 2026, representatives of the Company provided us with a computer-generated mortgage asset data file and related record layout (the “Data File”) containing certain information with respect to 18 commercial mortgage assets secured by 40 mortgaged properties (the “Collateral Interests”).

From March 18, 2026 through April 23, 2026, representatives of the Company provided us with certain loan and property documentation (the “Source Documents” as listed in the attached Appendix A) related to Collateral Interests.

At your request, for each of the Collateral Interests set forth on the Data File, we compared certain characteristics set forth on the Data File (the “Characteristics” as listed in Appendix A), except for those Characteristics indicated on Appendix A or identified on Appendix A as “None – Company Provided” or “Not Applicable,” to the corresponding information set forth on or derived from the corresponding Source Documents and found them to be in agreement. Further, we did not perform any procedures with respect to the Collateral Interests identified on the Data File as “Urbana” and “Wonderland and Katz on Main.”

******

We make no representations as to the (i) actual characteristics or existence of the underlying documents or data comprising the Collateral Interests underlying the Data File or the conformity of their characteristics with those assumed for purposes of the procedures described herein, (ii) whether the Source Documents are comprehensive and valid instruments and reflect the current prevailing terms with respect to the corresponding Collateral Interests, (iii) existence or ownership of the Collateral Interests or (iv) reasonableness of any of the aforementioned assumptions, information or methodologies.

It should be understood that we make no representations as to questions of legal interpretation or as to the sufficiency for your purposes of the procedures enumerated in the preceding paragraphs. Also, such procedures would not necessarily reveal any material misstatement of the information referred to above. We have no responsibility to update this report for events or circumstances occurring after the date of this report.

We were engaged by the Company to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the American Institute of Certified Public Accountants (“AICPA”). An agreed-upon procedures engagement involves the practitioner performing specific procedures that the engaging party has agreed to and acknowledged to be appropriate for the purpose of the engagement and reporting on findings based on the procedures performed. We were not engaged to conduct, and did not conduct, (i) an audit conducted in accordance with generally accepted auditing standards or (ii) an examination or a review engagement conducted in accordance with attestation standards established by the AICPA, the objective of which would be the expression of an opinion or conclusion, respectively, on the accompanying information in the Data File. Accordingly, we do not express such an opinion or conclusion, or any other form of assurance, including reasonable assurance. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

We are required to be independent of the Company and to meet our other ethical responsibilities, as applicable for agreed-upon procedures engagements set forth in the Preface: Applicable to All Members and Part 1 – Members in Public Practice of the Code of Professional Conduct established by the AICPA. Independence requirements for agreed-upon procedure engagements are less restrictive than independence requirements for audit and other attestation services.

None of the engagement, procedures or report was intended to address, nor did they address, the (i) conformity of the origination of the assets to stated underwriting or credit extension guidelines, standards, criteria or other requirements, (ii) value of collateral securing such assets or (iii) compliance of the originators of the assets with federal, state, and local laws and regulations.

None of the engagement, procedures or report were intended to satisfy, nor did they satisfy, any criteria for due diligence published by a nationally recognized statistical rating organization.

This report is intended solely for the information and use of the Specified Parties identified above and is not intended to be and should not be used by anyone other than these Specified Parties.

Yours truly,

/s/ Deloitte & Touche LLP

April 24, 2026

Appendix A

Source Documents

For purposes of performing the agreed-upon procedures described herein and at your request, we relied upon the following source documents as provided to us by the Company, with respect to each applicable Collateral Interest (the “Source Documents”):

CHARACTERISTICS

Calculation Procedures

With respect to Characteristic 27, we recomputed the Annual Debt Service Payment (IO) as the product of (i) the Mortgage Loan Cut-off Date Balance ($), (ii) the greater of the (x) Fully Funded Mortgage Loan Rate % and (y) sum of the (a) Fully Funded Mortgage Loan Margin % and (b) Interest Rate Floor % and (iii) a fraction equal to 365/360.

With respect to Characteristic 29, we recomputed the Annual Debt Service Payment (Cap) as the product of (i) the Mortgage Loan Cut-off Date Balance ($), (ii) Mortgage Rate Cap and (iii) a fraction equal to 365/360.

With respect to Characteristic 31, we recomputed the Commitment Original Balance / Unit ($) by dividing the Commitment Original Balance ($) by No of Units.

With respect to Characteristic 33, we recomputed the Initial Unfunded Future Funding Amount ($) by subtracting the Commitment Original Balance ($) from Initial Funded Amount ($).

With respect to Characteristic 36, we recomputed the Mortgage Loan Cut-off Date Balance ($) as the sum of the (a) Mortgage Asset Cut-off Date Balance ($), (b) Funded Companion Participated Cut-off Date Balance (Not in Trust) and (c) Junior Participation Cut-off Date Balance (as applicable).

With respect to Characteristic 38, we recomputed the Mortgage Asset % of Total Cut-off Date Balance by dividing the Mortgage Asset Cut-off Date Balance ($) by the sum of the Mortgage Asset Cut-off Date Balances ($) of all the Collateral Interests.

With respect to Characteristic 39, for all Collateral Interests we set the Mortgage Loan Balloon Payment ($) equal to Mortgage Loan Cut-off Date Balance ($).

With respect to Characteristic 40, we recomputed the Mortgage Loan Cut-off Date Balance / Unit ($) by dividing the Mortgage Loan Cut-off Date Balance ($) by the No of Units.

With respect to Characteristic 41, we recomputed the Committed Mortgage Loan Cut-off Date Balance / Unit ($) by dividing the Commitment Original Balance ($) by No of Units.

With respect to Characteristic 42, we recomputed the Mortgage Loan Balloon Payment / Unit ($) by dividing the Mortgage Loan Balloon Payment ($) by the No of Units.

With respect to Characteristic 48, we recomputed the Initial Loan Term (Original) by determining the number of payment dates from and inclusive of the First Payment Date to and inclusive of the Initial Maturity Date.

With respect to Characteristic 49, we recomputed the Cut-off Date Initial Loan Term (Remaining) by subtracting the Cut-off Date Seasoning from the Initial Loan Term (Original).

With respect to Characteristic 50, we recomputed the Cut-off Date Seasoning by determining the number of payment dates (not less than 0) from and inclusive of the First Payment Date to and inclusive of the payment date in May 2026 (the “Cut-off Date,” as stipulated by representatives of the Company).

With respect to Characteristic 51, we recomputed the Fully Extended Loan Term (Original) by determining the number of payment dates from and inclusive of the First Payment Date to and inclusive of the Fully Extended Maturity Date.

With respect to Characteristic 52, we recomputed the Fully Extended Loan Term (Remaining) by subtracting the Cut-off Date Seasoning from the Fully Extended Loan Term (Original).

With respect to Characteristic 92, for all Collateral Interests we set the Collateral Interest Margin equal to Fully Funded Mortgage Loan Margin %.

With respect to Characteristic 104, we recomputed the Fully Funded Mortgage Loan Rate % as the sum of the Fully Funded Mortgage Loan Margin % and Index Rate Assumption, as rounded based on the Rounding Factor, Time of Rounding (Before Spread, After Spread) and Rounding Direction, subject to the Mortgage Rate Floor.

With respect to Characteristic 105, for all Collateral Interests we set the Collateral Interest Cut-off Date Interest Rate equal to Fully Funded Mortgage Loan Rate %.

With respect to Characteristic 123, we recomputed the Initial IO Period (Remaining) by subtracting the Cut-off Date Seasoning from the IO Number of Months through Initial Term.

With respect to Characteristic 138, we recomputed the Mortgage Loan Cut-off Date (As-Is) LTV Ratio by dividing the Mortgage Loan Cut-off Date Balance ($) by As-Is Appraised Value.

With respect to Characteristic 139, we recomputed the Collateral Interest Cut-off Date As-Is LTV Ratio by dividing the Senior Participation Cut-off Date Balance (as defined below) by As-Is Appraised Value. The “Senior Participation Cut-off Date Balance” is equal to the sum of the Mortgage Asset Cut-off Date Balance ($) and Funded Companion Participated Cut-off Date Balance (Not in Trust).

With respect to Characteristic 140, we recomputed the Committed Mortgage Loan (Stabilized) LTV Ratio by dividing the sum of (a) Mortgage Loan Cut-off Date Balance ($), (b) Cut-off Date Future Funding Remaining Balance ($) and (c) Junior Participation Cut-off Date Future Funding Unfunded Balance ($) (as applicable) by the Stabilized Appraised Value, if any, else by the As-Is Appraised Value.

With respect to Characteristic 141, we recomputed the Maturity Date Stabilized LTV Ratio by dividing the Mortgage Loan Balloon Payment ($) by the Stabilized Appraised Value, if any, else by the As-Is Appraised Value.

With respect to Characteristic 157, we recomputed the Mortgage Loan Most Recent NOI DSCR by dividing the Most Recent Actual NOI by (i) the Annual Debt Service Payment (IO) or (ii) if the applicable Fully Funded Mortgage Loan Rate % is greater than the applicable Mortgage Rate Cap, the Annual Debt Service Payment (Cap). This procedure was only performed for those Collateral Interests with a positive Most Recent Actual NOI.

With respect to Characteristic 158, we recomputed the Mortgage Loan Most Recent NCF DSCR by dividing the Most Recent Actual NCF by (i) the Annual Debt Service Payment (IO) or (ii) if the applicable Fully Funded Mortgage Loan Rate % is greater than the applicable Mortgage Rate Cap, the Annual Debt Service Payment (Cap). This procedure was only performed for those Collateral Interests with a positive Most Recent Actual NCF.

With respect to Characteristic 159, we recomputed the Cut-off Date Mortgage Loan Most Recent NOI Debt Yield by dividing the Most Recent Actual NOI by Mortgage Loan Cut-off Date Balance ($). This procedure was only performed for those Collateral Interests with a positive Most Recent Actual NOI.

With respect to Characteristic 160, we recomputed the Cut-off Date Mortgage Loan Most Recent NCF Debt Yield by dividing the Most Recent Actual NCF by Mortgage Loan Cut-off Date Balance ($). This procedure was only performed for those Collateral Interests with a positive Most Recent Actual NCF.

With respect to Characteristic 161, we recomputed the Collateral Interest Most Recent NOI DSCR by dividing the Most Recent Actual NOI by the Senior Participation Annual Debt Service Payment (as defined below). The “Senior Participation Annual Debt Service Payment” is equal to the sum of the (a)

product of the (i) Mortgage Asset Cut-off Date Balance ($), (ii) greater of the (x) Fully Funded Mortgage Loan Rate % and (y) sum of the (1) Fully Funded Mortgage Loan Margin % and (2) Interest Rate Floor % and (iii) a fraction equal to 365/360 and (b) product of the (i) Funded Companion Participated Cut-off Date Balance (Not in Trust), (ii) greater of the (x) Fully Funded Mortgage Loan Rate % and (y) sum of the (1) Fully Funded Mortgage Loan Margin % and (2) Interest Rate Floor % and (iii) a fraction equal to 365/360. Further, if the applicable Fully Funded Mortgage Loan Rate % is greater than the applicable Mortgage Rate Cap, we recomputed the Collateral Interest Most Recent NOI DSCR by dividing the Most Recent Actual NOI by the Senior Participation Annual Debt Service Payment (Cap) (as defined below). The “Senior Participation Annual Debt Service Payment (Cap)” is equal to the sum of (a) the Collateral Interest Annual Debt Service (Cap) and (b) the product of (i) the Funded Companion Participated Cut-off Date Balance (Not in Trust), (ii) the Mortgage Rate Cap and (iii) a fraction equal to 365/360. This procedure was only performed for those Collateral Interests with a positive Most Recent Actual NOI.

With respect to Characteristic 162, we recomputed the Collateral Interest Most Recent NCF DSCR by dividing the Most Recent Actual NCF by (i) the Senior Participation Annual Debt Service Payment or (ii) if the applicable Fully Funded Mortgage Loan Rate % is greater than the applicable Mortgage Rate Cap, the Senior Participation Annual Debt Service Payment (Cap). This procedure was only performed for those Collateral Interests with a positive Most Recent Actual NCF.

With respect to Characteristic 163, we recomputed the Cut-off Date Collateral Interest Most Recent NOI Debt Yield by dividing the Most Recent Actual NOI by the Senior Participation Cut-off Date Balance. This procedure was only performed for those Collateral Interests with a positive Most Recent Actual NOI.

With respect to Characteristic 164, we recomputed the Cut-off Date Collateral Interest Most Recent NCF Debt Yield by dividing the Most Recent Actual NCF by the Senior Participation Cut-off Date Balance. This procedure was only performed for those Collateral Interests with a positive Most Recent Actual NCF.

With respect to Characteristic 171, we recomputed the Mortgage Loan Underwritten NOI DSCR by dividing the Underwritten NOI by (i) the Annual Debt Service Payment (IO) or (ii) if the applicable Fully Funded Mortgage Loan Rate % is greater than the applicable Mortgage Rate Cap, the Annual Debt Service Payment (Cap). Further, with respect to the Collateral Interests identified on the Data File as “Urbana,” “220 Meridian and The Olivia on Main,” “Wonderland and Katz on Main,” “Edmond Curtis Park,” “Synergy,” “Hyatt Centric,” “Catalyst Midtown,” “Williamsburg Apartments,” “Iron65,” “The Lofts at City Center” and “Northern Liberties Self Storage Portfolio” we did not perform such calculation and were instructed by representatives of the Company to set the Mortgage Loan Underwritten NOI DSCR for each such Collateral Interest equal to 1.00.

With respect to Characteristic 172, we recomputed the Mortgage Loan Underwritten NCF DSCR by dividing the Underwritten NCF by (i) the Annual Debt Service Payment (IO) or (ii) if the applicable Fully Funded Mortgage Loan Rate % is greater than the applicable Mortgage Rate Cap, the Annual Debt Service Payment (Cap). Further, with respect to the Collateral Interests identified on the Data File as “Urbana,” “220 Meridian and The Olivia on Main,” “Wonderland and Katz on Main,” “Edmond Curtis Park,” “Synergy,” “Hyatt Centric,” “Catalyst Midtown,” “Williamsburg Apartments,” “Iron65,” “The Lofts at City Center,” “Northern Liberties Self Storage Portfolio” and “Hotel Zoe” we did not perform such calculation and were instructed by representatives of the Company to set the Mortgage Loan Underwritten NCF DSCR for each such Collateral Interest equal to 1.00.

With respect to Characteristic 173, we recomputed the Cut-off Date Mortgage Loan Underwritten NOI Debt Yield by dividing the Underwritten NOI by the Mortgage Loan Cut-off Date Balance ($).

With respect to Characteristic 174, we recomputed the Cut-off Date Mortgage Loan Underwritten NCF Debt Yield by dividing the Underwritten NCF by the Mortgage Loan Cut-off Date Balance ($).

With respect to Characteristic 175, we recomputed the Collateral Interest Cut-off Date Balance Underwritten NOI DSCR by dividing the Underwritten NOI by (i) the Senior Participation Annual Debt

Service Payment or (ii) if the applicable Fully Funded Mortgage Loan Rate % is greater than the applicable Mortgage Rate Cap, the Senior Participation Annual Debt Service Payment (Cap). Further, with respect to the Collateral Interests identified on the Data File as “Urbana,” “220 Meridian and The Olivia on Main,” “Wonderland and Katz on Main,” “Edmond Curtis Park,” “Synergy,” “Hyatt Centric,” “Catalyst Midtown,” “Williamsburg Apartments,” “Iron65,” “The Lofts at City Center” and “Northern Liberties Self Storage Portfolio” we did not perform such calculation and were instructed by representatives of the Company to set the Collateral Interest Cut-off Date Balance Underwritten NOI DSCR for each such Collateral Interests equal to 1.00.

With respect to Characteristic 176, we recomputed the Collateral Interest Cut-off Date Balance Underwritten NCF DSCR by dividing the Underwritten NCF by (i) the Senior Participation Annual Debt Service Payment or (ii) if the applicable Fully Funded Mortgage Loan Rate % is greater than the applicable Mortgage Rate Cap, the Senior Participation Annual Debt Service Payment (Cap). Further, with respect to the Collateral Interests identified on the Data File as “Urbana,” “220 Meridian and The Olivia on Main,” “Wonderland and Katz on Main,” “Edmond Curtis Park,” “Synergy,” “Hyatt Centric,” “Catalyst Midtown,” “Williamsburg Apartments,” “Iron65,” “The Lofts at City Center,” “Northern Liberties Self Storage Portfolio” and “Hotel Zoe” we did not perform such calculation and were instructed by representatives of the Company to set the Collateral Interest Cut-off Date Balance Underwritten NCF DSCR for each such Collateral Interest equal to 1.00.

With respect to Characteristic 177, we recomputed the Collateral Interest Cut-off Date Balance Underwritten NOI Debt Yield by dividing the Underwritten NOI by the Senior Participation Cut-off Date Balance.

With respect to Characteristic 178, we recomputed the Collateral Interest Cut-off Date Balance Underwritten NCF Debt Yield by dividing the Underwritten NCF by the Senior Participation Cut-off Date Balance.

With respect to Characteristic 185, we recomputed the Fully Funded Mortgage Loan Underwritten Stabilized NOI DSCR by dividing the Underwritten Stabilized NOI by the Fully Funded Annual Debt Service Payment (as defined below). The “Fully Funded Annual Debt Service Payment” is equal to the product of (a) the Commitment Original Balance ($), (b) (A) the greater of the (x) Fully Funded Mortgage Loan Rate % and (y) sum of the (1) Fully Funded Mortgage Loan Margin % and (2) Interest Rate Floor % or (B) if the applicable Fully Funded Mortgage Loan Rate % is greater than the Mortgage Rate Cap, the Mortgage Rate Cap and (c) a fraction equal to 365/360.

With respect to Characteristic 186, we recomputed the Fully Funded Mortgage Loan Underwritten Stabilized NCF DSCR by dividing the Underwritten Stabilized NCF by the Fully Funded Annual Debt Service Payment.

With respect to Characteristic 187, we recomputed the Fully Funded Mortgage Loan Underwritten Stabilized NOI Debt Yield by dividing the Underwritten Stabilized NOI by the sum of (a) Mortgage Loan Cut-off Date Balance ($), (b) Cut-off Date Future Funding Remaining Balance ($) and (c) Junior Participation Cut-off Date Future Funding Unfunded Balance ($) (as applicable).

With respect to Characteristic 188, we recomputed the Fully Funded Mortgage Loan Underwritten Stabilized NCF Debt Yield by dividing the Underwritten Stabilized NCF by the sum of (a) Mortgage Loan Cut-off Date Balance ($), (b) Cut-off Date Future Funding Remaining Balance ($) and (c) Junior Participation Cut-off Date Future Funding Unfunded Balance ($) (as applicable).

With respect to Characteristic 189, we recomputed the Collateral Interest Underwritten Stabilized NOI DSCR by dividing the Underwritten Stabilized NOI by the Senior Participation Fully Funded Annual Debt Service (as defined below). The “Senior Participation Fully Funded Annual Debt Service” is equal to the sum of the (a) (1) Senior Participation Annual Debt Service Payment or (2) if the applicable Fully Funded Mortgage Loan Rate % is greater than the Mortgage Rate Cap, the Senior Participation Annual Debt

Service Payment (Cap) and (b) the product of (i) the Cut-off Date Future Funding Remaining Balance ($), (ii) (1) if the applicable Fully Funded Mortgage Loan Rate % is greater than the Mortgage Rate Cap, Mortgage Rate Cap or (2) greater of the (x) Fully Funded Mortgage Loan Rate % and (y) sum of the (1) Fully Funded Mortgage Loan Margin % and (2) Interest Rate Floor % and (iii) a fraction equal to 365/360.

With respect to Characteristic 190, we recomputed the Collateral Interest Underwritten Stabilized NCF DSCR by dividing the Underwritten Stabilized NCF by the Senior Participation Fully Funded Annual Debt Service.

With respect to Characteristic 191, we recomputed the Collateral Interest Underwritten Stabilized NOI Debt Yield by dividing the Underwritten Stabilized NOI by the sum of the (a) Senior Participation Cut-off Date Balance and (b) Cut-off Date Future Funding Remaining Balance ($).

With respect to Characteristic 192, we recomputed the Collateral Interest Underwritten Stabilized NCF Debt Yield by dividing the Underwritten Stabilized NCF by the sum of the (a) Senior Participation Cut-off Date Balance and (b) Cut-off Date Future Funding Remaining Balance ($).

With respect to Characteristic 199, we recomputed the Fully Funded Mortgage Loan Appraisal Stabilized NOI DSCR by dividing the Appraisal Stabilized NOI by the Fully Funded Annual Debt Service Payment. This procedure was only performed for those Collateral Interests with Appraisal Stabilized NOI.

With respect to Characteristic 200, we recomputed the Fully Funded Mortgage Loan Appraisal Stabilized NCF DSCR by dividing the Appraisal Stabilized NCF by the Fully Funded Annual Debt Service Payment. This procedure was only performed for those Collateral Interest with Appraisal Stabilized NCF.

With respect to Characteristic 201, we recomputed the Fully Funded Mortgage Loan Appraisal Stabilized NOI Debt Yield by dividing the Appraisal Stabilized NOI by the sum of (a) Mortgage Loan Cut-off Date Balance ($), (b) Cut-off Date Future Funding Remaining Balance ($) and (c) Junior Participation Cut-off Date Future Funding Unfunded Balance ($) (as applicable). This procedure was only performed for those Collateral Interests with Appraisal Stabilized NOI.

With respect to Characteristic 202, we recomputed the Fully Funded Mortgage Loan Appraisal Stabilized NCF Debt Yield by dividing the Appraisal Stabilized NCF by the sum of (a) Mortgage Loan Cut-off Date Balance ($), (b) Cut-off Date Future Funding Remaining Balance ($) and (c) Junior Participation Cut-off Date Future Funding Unfunded Balance ($) (as applicable). This procedure was only performed for those Collateral Interests with Appraisal Stabilized NCF.

With respect to Characteristic 203, we recomputed the Collateral Interest Appraisal Stabilized NOI DSCR by dividing the Appraisal Stabilized NOI by the Senior Participation Fully Funded Annual Debt Service. This procedure was only performed for those Collateral Interests with Appraisal Stabilized NOI.

With respect to Characteristic 204, we recomputed the Collateral Interest Appraisal Stabilized NCF DSCR by dividing the Appraisal Stabilized NCF by the Senior Participation Fully Funded Annual Debt Service. This procedure was only performed for those Collateral Interests with Appraisal Stabilized NCF.

With respect to Characteristic 205, we recomputed the Collateral Interest Appraisal Stabilized NOI Debt Yield by dividing the Appraisal Stabilized NOI by the sum of the (a) Senior Participation Cut-off Date Balance and (b) Cut-off Date Future Funding Remaining Balance ($). This procedure was only performed for those Collateral Interests with Appraisal Stabilized NOI.

With respect to Characteristic 206, we recomputed the Collateral Interest Appraisal Stabilized NCF Debt Yield by dividing the Appraisal Stabilized NCF by the sum of the (a) Senior Participation Cut-off Date Balance and (b) Cut-off Date Future Funding Remaining Balance ($). This procedure was only performed for those Collateral Interests with Appraisal Stabilized NCF.

With respect to Characteristic 283, we recomputed Largest Tenant % by dividing the (a) Largest Tenant SqFt by (b) No of Units. With respect to the Collateral Interests identified on the Data File as “220 Meridian,” “The Olivia on Main” and “The Lewis” we were instructed by representatives of the Company to replace clause (b) of this procedure with “17,692,” “20,755” and “27,245,” respectively. This procedure was only performed for those Collateral Interests with a Largest Tenant SqFt greater than zero.

With respect to Characteristic 287, we recomputed 2nd Largest Tenant % by dividing the (a) 2nd Largest Tenant SqFt by (b) No of Units. With respect to the Collateral Interests identified on the Data File as “220 Meridian,” “The Olivia on Main” and “The Lewis” we were instructed by representatives of the Company to replace clause (b) of this procedure with “17,692,” “20,755” and “27,245,” respectively. This procedure was only performed for those Collateral Interests with a 2nd Largest Tenant SqFt greater than zero.

With respect to Characteristic 292, we recomputed 3rd Largest Tenant % by dividing the (a) 3rd Largest Tenant SqFt by (b) No of Units. With respect to the Collateral Interests identified on the Data File as “The Olivia on Main” and “The Lewis” we were instructed by representatives of the Company to replace clause (b) of this procedure with “20,755” and “27,245,” respectively. This procedure was only performed for those Collateral Interests with a 3rd Largest Tenant SqFt greater than zero.

With respect to Characteristic 295, we recomputed 4th Largest Tenant % by dividing the (a) 4th Largest Tenant SqFt by (b) No of Units. With respect to the Collateral Interest identified on the Data File as “The Olivia on Main” we were instructed by representatives of the Company to replace clause (b) of this procedure with “20,755.” This procedure was only performed for those Collateral Interests with a 4th Largest Tenant SqFt greater than zero.

With respect to Characteristic 299, we recomputed 5th Largest Tenant % by dividing the (a) 5th Largest Tenant SqFt by (b) No of Units. With respect to the Collateral Interest identified on the Data File as “The Olivia on Main” we were instructed by representatives of the Company to replace clause (b) of this procedure with “20,755.” This procedure was only performed for those Collateral Interests with a 5th Largest Tenant SqFt greater than zero.

With respect to Characteristic 313, we recomputed the Cut-off Date Total Debt Balance by summing the (a) Mortgage Loan Cut-off Date Balance ($) and (b) Cut-off Date Subordinate Debt/Mezz Loan Bal ($).

With respect to Characteristic 324, we recomputed the Cut-off Date Total Debt As-Is LTV by dividing the (a) Cut-off Date Total Debt Balance, by (b) As-Is Appraised Value.

With respect to Characteristic 325, we recomputed the Cut-off Date Total Debt Ann Debt Service ($) by summing the (a) Annual Debt Service Payment (IO) and (b) the mezzanine annual debt service (as derived from the Mezzanine Loan Agreement), as applicable.

With respect to Characteristic 326, we recomputed the Cut-off Date Total Debt UW NCF DSCR by dividing the Underwritten NCF by (i) the Cut-off Date Total Debt Ann Debt Service or (ii) if the applicable Fully Funded Mortgage Loan Rate % is greater than the Mortgage Rate Cap, the sum of (a) Annual Debt Service Payment (Cap) and (b) the mezzanine annual debt service (as derived from the Mezzanine Loan Agreement), as applicable. Further, with respect to the Collateral Interests identified on the Data File as “Urbana,” “220 Meridian and The Olivia on Main,” “Wonderland and Katz on Main,” “Edmond Curtis Park,” “Synergy,” “Hyatt Centric,” “Catalyst Midtown,” “Williamsburg Apartments,” “Iron65,” “The Lofts at City Center,” “Northern Liberties Self Storage Portfolio” and “Hotel Zoe” we did not perform such calculation and were instructed by representatives of the Company to set Cut-off Date Total Debt UW NCF DSCR for each such Collateral Interest equal to 1.00.

With respect to Characteristic 327, we recomputed the Total Debt Cut-off Date UW NOI DY by dividing the Underwritten NOI by the Cut-off Date Total Debt Balance.