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

 

 

 

 

 

Wells Fargo Commercial Mortgage Securities, Inc.

30 Hudson Yards

New York, New York 10001

 
   
   
     

Independent Accountants’ Report

on Applying Agreed-Upon Procedures

 

We have performed the procedures described below related to certain information with respect to a portfolio of commercial mortgage loans in connection with the proposed offering of certain classes of Wells Fargo Commercial Mortgage Trust 2026-5C9, Commercial Mortgage Pass-Through Certificates, Series 2026-5C9. Wells Fargo Commercial Mortgage Securities, 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 Bank, National Association, Wells Fargo Securities, LLC, Argentic Real Estate Finance 2 LLC, JPMorgan Chase Bank, National Association, J.P. Morgan Securities LLC, Goldman Sachs Bank USA, Goldman Sachs Mortgage Company, Goldman Sachs & Co. LLC, Barclays Capital Inc., Barclays Capital Real Estate Inc., LMF Commercial, LLC, Natixis Real Estate Capital LLC, Natixis Securities Americas LLC, RREF V - D Direct Lending Investments, LLC, Société Générale Financial Corporation, SG Americas Securities, LLC, Zions Bancorporation, N.A., Academy Securities, Inc., Drexel Hamilton, LLC and Siebert Williams Shank & 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 May 1, 2026, representatives of the Company provided us with a computer generated mortgage loan data file and related record layout (the “Data File”) containing (i) 8 mortgage loans contributed by Wells Fargo Bank, National Association (“WFB”) that are secured by 98 mortgaged properties (the “WFB Loans”), (ii) 2 mortgage loans contributed by Argentic Real

  Member of
  Deloitte Touche Tohmatsu Limited

 

  
2

Estate Finance 2 LLC (“AREF2”) that are secured by 2 mortgaged properties (the “AREF2 Loans”), (iii) 1 mortgage loan contributed by JPMorgan Chase Bank, National Association (“JPMCB”) that is secured by 18 mortgaged properties (the “JPMCB Loan”), (iv) 3 mortgage loans contributed by Goldman Sachs Mortgage Company (“GSMC”) that are secured by 3 mortgaged properties (the “GSMC Loans”), (v) 1 mortgage loan contributed by Barclays Capital Real Estate Inc. (“BCREI”) that is secured by 1 mortgaged property (the “BCREI Loan”), (vi) 4 mortgage loans contributed by LMF Commercial, LLC (“LMF”) that are secured by 4 mortgaged properties (the “LMF Loans”), (vii) 2 mortgage loans contributed by Natixis Real Estate Capital LLC (“NREC”) that are secured by 3 mortgaged properties (the “NREC Loans”), (viii) 4 mortgage loans contributed by RREF V - D Direct Lending Investments, LLC (“RREF DLI”) that are secured by 4 mortgaged properties (the “RREF DLI Loans”), (ix) 2 mortgage loans contributed by Société Générale Financial Corporation (“SGFC”) that are secured by 3 mortgaged properties (the “SGFC Loans”), (x) 1 mortgage loan contributed by Zions Bancorporation, N.A. (“ZBNA”) that is secured by 1 mortgaged property (the “ZBNA Loan”) and (xi) 1 mortgage loan contributed by GSMC and RREF DLI that is secured by 1 mortgaged property (the “GSMC/RREF DLI Loan”). Together, WFB, AREF2, JPMCB, GSMC, BCREI, LMF, NREC, RREF DLI, SGFC and ZBNA are referred to herein as the “Mortgage Loan Sellers” and the WFB Loans, AREF2 Loans, JPMCB Loan, GSMC Loans, BCREI Loan, LMF Loans, NREC Loans, RREF DLI Loans, SGFC Loans, ZBNA Loan and GSMC/RREF DLI Loan are referred to herein as the “Mortgage Loans.”

 

From February 11, 2026 through May 1, 2026, representatives of each of the Mortgage Loan Sellers provided us with certain Source Documents (as defined in the attached Appendix A) related to the Mortgage Loans.

 

At your request, for each of the Mortgage Loans set forth on the Data File, we compared certain characteristics (the “Characteristics” as indicated on Appendix A), except for those Characteristics identified on Appendix A as “Identification purposes only - not applicable,” “None - Mortgage Loan Seller 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. At the instruction of the applicable Mortgage Loan Seller, on behalf of the Company, we did not perform any procedures with respect to the Characteristics for the related Mortgage Loans indicated on the attached Appendix B (the “Unverifiable Characteristics”). Further, we did not perform any procedures with respect to the Characteristics associated with the Source Documents for the related Mortgage Loans that were not provided to us by representatives of the respective Mortgage Loan Seller (the “Missing Source Documents”), as indicated on the attached Appendix C. Additionally, for purposes of our recalculations associated with the Source Documents indicated in the attached Appendix C, we were instructed by the related Mortgage Loan Seller to use the provided information set forth on the Data File for such recalculations.

 

******

 

We make no representations as to (i) the actual characteristics or existence of the underlying documents or data comprising the Mortgage Loans underlying the Data File or the conformity of their respective 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 Mortgage Loans, (iii) the existence or ownership of the Mortgage Loans or (iv) the 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

  
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referred to above. We have no responsibility to update this report for events and circumstances that occur subsequent to 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, an (i) audit conducted in accordance with generally accepted auditing standards or (ii) 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 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 originator 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 use and information 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

 

May 1, 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 each of the respective Mortgage Loan Sellers, with respect to each of the Mortgage Loans (collectively, the “Source Documents”):

 

Loan agreements, promissory notes, consolidated, amended and restated promissory notes, indentures, note purchase agreements, pari passu loan agreements, pari passu promissory notes, draft pari passu promissory notes, mortgage, deed of trusts, borrower’s certificate and agreement, Mountain Industrial Portfolio draft loan agreement, Mountain Industrial Portfolio draft mortgage, assignment of leases and rents, security agreement and fixture filing and/or reserve agreements (collectively, the “Loan Agreement”);

 

Subordinate loan agreement, subordinate promissory note or b-note (collectively, the “Subordinate Loan Document”);

 

Subordinate unsecured loan agreement or subordinate unsecured promissory note (collectively, the “Subordinate Unsecured Loan Document”);

 

The guaranty agreements, Mountain Industrial Portfolio draft guaranty agreement, Mountain Industrial Portfolio draft environmental indemnity agreement or environmental indemnity agreement (collectively, the “Guaranty”);

 

Cash management agreement, lockbox agreements, deposit account control agreement, Mountain Industrial Portfolio draft cash management agreement, Mountain Industrial Portfolio draft deposit account control agreement and/or the restricted account agreement (collectively, the “Cash Management Agreement”);

 

The closing statements or servicing system screen prints (collectively, the “Closing Statement”);

 

Non-consolidation opinion letters and Mountain Industrial Portfolio draft non-consolidation opinion letter (the “Non-Consolidation Opinion”);

 

Ground leases, 7569 Golf Course Boulevard draft ground lease abstract, 246 Glasson Drive draft ground lease abstract and ground lease estoppels (collectively, the “Ground Lease”);

 

The real estate property appraisal reports (the “Appraisal Report”);

 

United States Postal Service website – www.usps.com (“USPS”);

 

Property condition reports (the “Engineering Report”);

 

Borrower rent rolls, underwritten rent rolls, tenant leases lease abstracts, lease summaries or lease estoppels (collectively, the “Rent Roll”);

 

The title policies or pro-forma title policies (collectively, the “Title Policy”);

 

The phase I environmental reports (the “Phase I Report”);

 

The seismic reports (the “Seismic Report”);

 

  

 

The underwritten financial summaries (the “Underwritten Financial Summary Report”);

 

Asset summary reports (“ASR”);

 

Property Hazard Insurance Certificates, Liability Insurance Certificates and the Walgreens Retail Portfolio insurance schedule (collectively, the “Insurance Certificate”);

 

Servicer reports and records and provided electronic files (collectively, the “Servicer Records”);

 

EDGAR ABS XML technical specification (Version 3.2) document dated March 2025 (the “EDGAR ABS XML Technical Specification Document”);

 

Promissory note splitter, draft promissory note splitter or the note splitter schedule (collectively, the “Promissory Note Splitter”);

 

Condominium Organizational Documents (the “Condominium Organizational Documents”); and

 

Flood hazard determination report (the “Flood Hazard Determination”).

 

 

*****

  

 

 

 

  Characteristic Source Document
1 Loan Pool No. None - Mortgage Loan Seller Provided
2 Loan / Property Flag None - Mortgage Loan Seller Provided
3 Mortgage Loan Seller None - Mortgage Loan Seller Provided
4 Mortgage Loan Originator Loan Agreement
5 Property Name Identification purposes only - not applicable
6 % by Cut-off Date Balance Refer to calculation procedures
7 Original Balance Loan Agreement/Promissory Note Splitter
8 % of Loan Balance Refer to calculation procedures
9 Cut-off Date Balance Refer to calculation procedures
10 Maturity Date Balance Refer to calculation procedures
11 Cut-off Date Balance per Unit or SF Refer to calculation procedures
12 Number of Properties Appraisal Report
13 Street Address Appraisal Report
14 City Appraisal Report
15 State Appraisal Report
16 Zip Code Appraisal Report/USPS
17 County Appraisal Report
18 North or South CA (NCA/SCA) Appraisal Report
19 Property Type Appraisal Report
20 Property Sub-Type Appraisal Report
21 Units/SF Rent Roll/Appraisal Report
22 Unit of Measure Rent Roll/Appraisal Report
23 Year Built Appraisal Report/Engineering Report
24 Year Renovated Appraisal Report/Engineering Report
25 Single-Tenant (Y/N) Rent Roll
26 Owner-Occupied >20% (Y/N - %) Rent Roll
27 Percent Leased Rent Roll
28 Percent Leased as of Date Rent Roll
29 Sec. 8 (Multifamily) (Y/N) Rent Roll/Appraisal Report
30 No. of Sec. 8 Units Rent Roll/Appraisal Report
31 Sec. 42 (Multifamily) (Y/N) Rent Roll/Appraisal Report
32 No. of Sec. 42 Units Rent Roll/Appraisal Report
33 Hotel Franchise Agreement Expiration Date Rent Roll
34 Condo Component (Y/N - % of Borrower Control) Rent Roll/Condominium Organizational Documents/Appraisal Report
35 Ownership Interest Title Policy
36 Ground Lease Expiration Date Ground Lease
37 Ground Lease Extension Terms Ground Lease
38 Annual Ground Lease Payment as of the Cut-off Date ($) Ground Lease
  

 

 

  Characteristic Source Document
39 Annual Ground Rent Increases (Y/N) Ground Lease
40 Appraised Value Appraisal Report
41 Appraised Value Type Appraisal Report
42 Value as of Date Appraisal Report
43 Borrower Name Loan Agreement
44 Sponsor Loan Agreement/ASR
45 Nonrecourse Carve-out Guarantor Guaranty/Loan Agreement
46 Environmental Indemnitor Guaranty/Loan Agreement
47 Borrower Type (LLC, LP, TIC, DST, Corp, etc.) Loan Agreement
48 Borrower State of Incorporation Loan Agreement
49 New or Recycled Borrowing Entity None - Mortgage Loan Seller Provided
50 SPE (Y/N) Loan Agreement
51 Non-Consolidation Opinion (Y/N) Non-Consolidation Opinion
52 Independent Director (Y/N) Loan Agreement
53 Related Borrowers (Y/N) Loan Agreement
54 Related Borrower Pool Loan Agreement
55 Cross Collateralized / Cross Defaulted (Y/N) Loan Agreement
56 Crossed Group Loan Agreement
57 Acquisition or Refinance Closing Statement/ASR/Servicer Records
58 Note Date Loan Agreement
59 First Payment Date Loan Agreement
60 First P&I Payment Date Loan Agreement
61 Maturity Date or ARD Loan Agreement
62 ARD Loan (Y/N) Loan Agreement
63 Final Maturity Date Loan Agreement
64 ARD Rate Step Loan Agreement
65 Lockbox Type Cash Management Agreement/Loan Agreement
66 Cash Management Status Cash Management Agreement/Loan Agreement
67 Excess Cash Trap Triggered by DSCR and/or Debt Yield Test (Y/N) Cash Management Agreement/Loan Agreement
68 Tenant Specific Excess Cash Trap Trigger (Y/N) Cash Management Agreement/Loan Agreement
69 Original Term to Maturity or ARD (mos.) Refer to calculation procedures
70 Remaining Term to Maturity or ARD (mos.) Refer to calculation procedures
71 Original IO Period (mos.) Refer to calculation procedures
72 Remaining IO Period (mos.) Refer to calculation procedures
  

 

 

  Characteristic Source Document
73 Original Amort. Term (mos.) Refer to calculation procedures
74 Remaining Amort. Term (mos.) Refer to calculation procedures
75 Amort. Type Loan Agreement
76 Interest Accrual Method Loan Agreement
77 Rate Loan Agreement/Promissory Note Splitter
78 Monthly Debt Service (P&I)1 Loan Agreement
79 Monthly Debt Service (IO) Refer to calculation procedures
80 Annual Debt Service (P&I) Refer to calculation procedures
81 Annual Debt Service (IO) Refer to calculation procedures
82 Underwritten NOI DSCR (x) Refer to calculation procedures
83 Underwritten NCF DSCR (x) Refer to calculation procedures
84 Cut-off Date LTV Refer to calculation procedures
85 Maturity Date LTV Refer to calculation procedures
86 Third Most Recent Revenues Underwritten Financial Summary Report
87 Third Most Recent Expenses Underwritten Financial Summary Report
88 Third Most Recent NOI Underwritten Financial Summary Report
89 Third Most Recent ADR ($) Underwritten Financial Summary Report
90 Third Most Recent RevPAR ($) Underwritten Financial Summary Report
91 Third Most Recent Hotel Occupancy (%) Underwritten Financial Summary Report
92 Third Most Recent NOI Date Underwritten Financial Summary Report
93 Third Most Recent Description Underwritten Financial Summary Report
94 Second Most Recent Revenues Underwritten Financial Summary Report
95 Second Most Recent Expenses Underwritten Financial Summary Report
96 Second Most Recent NOI Underwritten Financial Summary Report
97 Second Most Recent ADR ($) Underwritten Financial Summary Report
98 Second Most Recent RevPAR ($) Underwritten Financial Summary Report
99 Second Most Recent Hotel Occupancy (%) Underwritten Financial Summary Report
100 Second Most Recent NOI Date Underwritten Financial Summary Report
101 Second Most Recent Description Underwritten Financial Summary Report
102 Most Recent Revenues Underwritten Financial Summary Report
103 Most Recent Expenses Underwritten Financial Summary Report
104 Most Recent NOI Underwritten Financial Summary Report
105 Most Recent ADR ($) Underwritten Financial Summary Report
106 Most Recent RevPAR ($) Underwritten Financial Summary Report
107 Most Recent Hotel Occupancy (%) Underwritten Financial Summary Report
108 Most Recent NOI Date Underwritten Financial Summary Report
109 Most Recent Description Underwritten Financial Summary Report
110 Underwritten Occupancy % Underwritten Financial Summary Report
111 Underwritten EGI Underwritten Financial Summary Report
112 Underwritten Expenses Underwritten Financial Summary Report
  

 

 

  Characteristic Source Document
113 Underwritten NOI Underwritten Financial Summary Report
114 Underwritten NOI Debt Yield Refer to calculation procedures
115 Underwritten Cap Ex Underwritten Financial Summary Report
116 Underwritten TI/LC Underwritten Financial Summary Report
117 Underwritten NCF Underwritten Financial Summary Report
118 Underwritten NCF Debt Yield Refer to calculation procedures
119 Underwritten ADR ($) Underwritten Financial Summary Report
120 Underwritten RevPAR ($) Underwritten Financial Summary Report
121 Underwritten Hotel Occupancy (%) Underwritten Financial Summary Report
122 Largest Tenant Rent Roll
123 Lease Expiration Date of Largest Tenant Rent Roll
124 NSF of Largest Tenant (SF) Rent Roll
125 % NSF of the Largest Tenant (%) Refer to calculation procedures
126 2nd Largest Tenant Rent Roll
127 Lease Expiration of 2nd Largest Tenant Rent Roll
128 NSF of 2nd Largest Tenant (SF) Rent Roll
129 % NSF of 2nd Largest Tenant (%) Refer to calculation procedures
130 3rd Largest Tenant Rent Roll
131 Lease Expiration of 3rd Largest Tenant Rent Roll
132 NSF of 3rd Largest Tenant (SF) Rent Roll
133 % NSF of 3rd Largest Tenant (%) Refer to calculation procedures
134 4th Largest Tenant Rent Roll
135 Lease Expiration of 4th Largest Tenant Rent Roll
136 NSF of 4th Largest Tenant (SF) Rent Roll
137 % NSF of 4th Largest Tenant (%) Refer to calculation procedures
138 5th Largest Tenant Rent Roll
139 Lease Expiration of 5th Largest Tenant Rent Roll
140 NSF of 5th Largest Tenant (SF) Rent Roll
141 % NSF of 5th Largest Tenant (%) Refer to calculation procedures
142 Top Five Movie Theater Tenant (Y/N) Rent Roll
143 Top Five Health Club Tenant (Y/N) Rent Roll
144 Top Five Bank Branch Tenant (Y/N) Rent Roll
145 Top Five Restaurant Tenant (Y/N) Rent Roll
146 Top Five Medical Office Tenant (Y/N) Rent Roll
147 Tax Escrow in Place (Y/N) Loan Agreement
148 Initial Tax Escrow Amount ($) Closing Statement/Servicer Records
149 Ongoing Tax Escrow - Monthly ($) Closing Statement/Servicer Records
150 Terms or Conditions for Springing Tax Reserve Requirement Loan Agreement
151 Current Tax Escrow Balance Servicer Records
  

 

 

  Characteristic Source Document
152 Interest on Tax Escrow Goes to: Loan Agreement
153 Insurance Escrow in Place (Y/N) Loan Agreement
154 Initial Insurance Escrow Amount ($) Closing Statement/Servicer Records
155 Ongoing Insurance Escrow - Monthly ($) Closing Statement/Servicer Records
156 Terms or Conditions for Springing Insurance Reserve Requirement Loan Agreement
157 Current Insurance Escrow Balance Servicer Records
158 Interest on Insurance Escrow Goes to: Loan Agreement
159 Deferred Maintenance Escrow in Place (Y/N) Loan Agreement
160 Deferred Maintenance Escrow Amount ($) Closing Statement/Loan Agreement
161 Interest on Deferred Maint. Escrow Goes to: Loan Agreement
162 Cap Ex Escrow in Place (Y/N) Loan Agreement
163 Initial Cap Ex Escrow Amount ($) Closing Statement/Loan Agreement
164 Ongoing Cap Ex Escrow - Monthly ($) Loan Agreement
165 Annual Cap Ex Reserve Requirement per SF/Unit ($) Refer to calculation procedures
166 Cap Ex Reserve Cap ($ and Description) Loan Agreement
167 Terms or Conditions for Springing Cap Ex Reserve Requirement Loan Agreement
168 Current Cap Ex Escrow Balance Servicer Records
169 Interest on Cap Ex Escrow Goes to: Loan Agreement
170 TI/LC Escrow in Place (Y/N) Loan Agreement
171 Initial TI/LC Escrow Amount ($) Closing Statement/Loan Agreement
172 Ongoing TI/LC Escrow - Monthly ($) Loan Agreement
173 Annual TI/LC Escrow per SF/Unit ($) Refer to calculation procedures
174 TI/LC Reserve Cap ($ and Description) Loan Agreement
175 Terms or Conditions for Springing TI/LC Reserve Requirement Loan Agreement
176 Current TI/LC Balance Servicer Records
177 Interest on TI/LC Escrow Goes to: Loan Agreement
178 Upfront Debt Service Reserve ($) Loan Agreement
179 Monthly Debt Service Reserve ($) Loan Agreement
180 Debt Service Reserve Cap ($) Loan Agreement
181 Description of "Other" Escrows Loan Agreement/Closing Statement
182 Initial Other Escrow Amount ($) Closing Statement/Loan Agreement
183 Ongoing Other Escrow - Monthly ($) Loan Agreement
184 Other Reserve Cap ($) Loan Agreement
185 Terms or Conditions for Springing Other Reserve Requirement Loan Agreement
186 Current Other Balance Servicer Records
  

 

 

  Characteristic Source Document
187 Interest on Other Escrow Goes to: Loan Agreement
188 Other Escrow Description/ Release Provisions     Loan Agreement/Closing Statement
189 Holdback/ Earnout Amount ($) Loan Agreement
190 Holdback/ Earnout Description Loan Agreement
191 FIRREA Appraisal (Y/N) Appraisal Report
192 Phase I Date Phase I Report
193 Phase II Date Not applicable
194 Engineering Report Date Engineering Report
195 Seismic Report Date Seismic Report
196 Earthquake Zone 3 or 4 (Y/N) Seismic Report
197 PML % Seismic Report
198 Earthquake Insurance (Y/N) Insurance Certificate
199 Windstorm Insurance (Y/N) Insurance Certificate
200 Flood Zone (Y/N) Appraisal Report/Engineering Report/Flood Hazard Determination
201 Flood Insurance (Y/N) Insurance Certificate
202 Environmental Insurance (Y/N) Insurance Certificate
203 Environmental Insurance in Lieu of Phase II (Y/N) None - Mortgage Loan Seller Provided
204 Due Date Loan Agreement
205 Debt Service Payment Grace Period to Impose Late Charge Loan Agreement
206 Debt Service Grace Period to Call a Default Loan Agreement
207 Assumption Provision (Y/N) Loan Agreement
208 Assumption/Fee Loan Agreement
209 Partial Collateral Release (Y/N) Loan Agreement
210 Partial Collateral Release and Prepayment Descriptions Loan Agreement
211 Outparcel or Other Release (Y/N) Loan Agreement
212 Outparcel or Other Release Description Loan Agreement
213 Substitution Allowed (Y/N) Loan Agreement
214 Substitution Provision Description Loan Agreement
215 Voluntary Partial Prepayment Permitted (Y/N) (escrows, LOCs, other, etc.) Loan Agreement
216 Partial Prepayment Description Loan Agreement
217 Seasoning Refer to calculation procedures
218 Prepayment String Loan Agreement
219 LO End Date Loan Agreement
220 Pari Passu (Y/N)? Loan Agreement/Promissory Note Splitter
  

 

 

  Characteristic Source Document
221 Current Additional Financing in Place (Y/N/Silent) Subordinate Loan Document/Subordinate Unsecured Loan Document/Promissory Note Splitter
222 Type of Additional Financing Subordinate Loan Document/Subordinate Unsecured Loan Document/ Promissory Note Splitter
223 Additional Financing Original Balance Loan Agreement/Subordinate Loan Document/Subordinate Unsecured Loan Document/Promissory Note Splitter
224 Additional Financing Permitted In Future (Y/N/Silent) Loan Agreement
225 Type of Additional Future Financing Loan Agreement
226 Terms of Future Additional Financing Loan Agreement
227 Pari Passu in Trust Controlling (Y/N) None - Mortgage Loan Seller Provided
228 Total Trust Exposure Refer to calculation procedures
229 Cut-off Date Pari Passu Mortgage Debt Balance Refer to calculation procedures
230 Non-Trust Pari Passu Companion Loan Monthly Debt Service ($) Refer to calculation procedures
231 Total Trust and Non-Trust Pari Passu Companion Loan Monthly Debt Service ($) Refer to calculation procedures
232 Cut-off Date Subordinate Mortgage Debt Balance Refer to calculation procedures
233 Subordinate Companion Loan Interest Rate Subordinate Loan Document
234 Cut Off Date Whole Note Loan Balance Refer to calculation procedures
235 Whole Loan Monthly Debt Service ($) Refer to calculation procedures
236 Whole Loan Cut-off Date LTV Ratio (%) Refer to calculation procedures
237 Whole Loan Underwritten NCF DSCR (x) Refer to calculation procedures
238 Whole Loan Underwritten NOI Debt Yield (%) Refer to calculation procedures
239 Cut-off Date Mezzanine Debt Balance Not applicable
240 Mezzanine Debt Interest Rate (%) Not applicable
241 Total Debt Cut-off Date Balance ($) Refer to calculation procedures
242 Total Debt Monthly Debt Service ($) Refer to calculation procedures
243 Total Debt Cut-off Date LTV Ratio Refer to calculation procedures
244 Total Debt UW NCF DSCR Refer to calculation procedures
245 Total Debt UW NOI Debt Yield Refer to calculation procedures
246 Sources: Loan Amount ($)2 Closing Statement/Servicer Records
247 Sources: Principal's New Cash Contribution ($)2 Closing Statement/Servicer Records
248 Sources: Subordinate Debt ($)2 Closing Statement/Servicer Records
249 Sources: Other Sources ($)2 Closing Statement/Servicer Records
  

 

 

  Characteristic Source Document
250 Sources: Total Sources ($)2 Closing Statement/Servicer Records
251 Uses: Loan Payoff ($)2 Closing Statement/Servicer Records
252 Uses: Purchase Price ($)2 Closing Statement/Servicer Records
253 Uses: Closing Costs ($)2 Closing Statement/Servicer Records
254 Uses: Reserves ($)12 Closing Statement/Servicer Records
255 Uses: Principal Equity Distribution ($)2 Closing Statement/Servicer Records
256 Uses: Other Uses ($)2 Closing Statement/Servicer Records
257 Uses: Total Uses ($)2 Closing Statement/Servicer Records
258 Investment Grade Y/N None - Mortgage Loan Seller Provided
259 Notes Not applicable
260 Coop - Rental Value (as applicable) Not applicable
261 Coop - LTV as Rental (as applicable) Not applicable
262 Coop - Unsold Percent (as applicable) Not applicable
263 Coop - Sponsor Units (as applicable) Not applicable
264 Coop - Investor Units (as applicable) Not applicable
265 Coop - Coop Units (as applicable) Not applicable
266 Coop - Sponsor/Investor Carry (as applicable) Not applicable
267 Coop - Committed Secondary Debt (as applicable) Not applicable
268 Asset Type Number None - Mortgage Loan Seller Provided
269 Group ID None - Mortgage Loan Seller Provided
270 Reporting Period Beginning Date None - Mortgage Loan Seller Provided
271 Reporting Period End Date None - Mortgage Loan Seller Provided
272 Interest Accrual Method Code Loan Agreement/EDGAR ABS XML Technical Specification Document
273 Original Interest Rate Type Code Loan Agreement/EDGAR ABS XML Technical Specification Document
274 Underwriting Indicator None - Mortgage Loan Seller Provided
275 Lien Position Securitization Code Loan Agreement/EDGAR ABS XML Technical Specification Document
276 Loan Structure Code Loan Agreement/EDGAR ABS XML Technical Specification Document
277 Periodic Principal and Interest Payment Securitization Amount Refer to calculation procedures
278 Payment Type Code Loan Agreement/EDGAR ABS XML Technical Specification Document
279 Payment Frequency Code Loan Agreement/EDGAR ABS XML Technical Specification Document
280 Interest Only Indicator Loan Agreement
281 Balloon Indicator Loan Agreement
282 Prepayment Premium Indicator Loan Agreement
  

 

 

  Characteristic Source Document
283 Negative Amortization Indicator None - Mortgage Loan Seller Provided
284 Modified Indicator None - Mortgage Loan Seller Provided
285 Arm Index Code Not applicable
286 First Rate Adjustment Date Not applicable
287 First Payment Adjustment Date Not applicable
288 ARM Margin Number Not applicable
289 Lifetime Rate Cap Percentage Not applicable
290 Lifetime Rate Floor Percentage Not applicable
291 Periodic Rate Increase Limit Percentage Not applicable
292 Periodic Rate Decrease Limit Percentage Not applicable
293 Periodic Payment Adjustment Maximum Amount Not applicable
294 Periodic Payment Adjustment Maximum Percent Not applicable
295 Rate Reset Frequency Code Not applicable
296 Payment Reset Frequency Code Not applicable
297 Index Lookback Days Number Not applicable
298 Yield Maintenance End Date Loan Agreement
299 Prepayment Premiums End Date Loan Agreement
300 Maximum Negative Amortization Allowed Percentage None - Mortgage Loan Seller Provided
301 Maximum Negative Amortization Allowed Amount None - Mortgage Loan Seller Provided
302 Negative Amortization Deferred Interest Cap Amount None - Mortgage Loan Seller Provided
303 Deferred Interest Cumulative Amount None - Mortgage Loan Seller Provided
304 Deferred Interest Collected Amount None - Mortgage Loan Seller Provided
305 Property Type Code Appraisal Report/EDGAR ABS XML Technical Specification Document
306 Net Rentable Square Feet Number Rent Roll
307 Net Rentable Square Feet Securitization Number Rent Roll
308 Units Beds Rooms Number Rent Roll
309 Units Beds Rooms Securitization Number Rent Roll
310 Valuation Source Securitization Code Appraisal Report/EDGAR ABS XML Technical Specification Document
311 Most Recent Valuation Amount None - Mortgage Loan Seller Provided
312 Most Recent Valuation Date None - Mortgage Loan Seller Provided
313 Most Recent Valuation Source Code None - Mortgage Loan Seller Provided
314 Property Status Code None - Mortgage Loan Seller Provided
315 Defeasance Option Start Date Loan Agreement
316 Defeased Status Code None - Mortgage Loan Seller Provided
  

 

 

  Characteristic Source Document
317 AL_Largest Tenant None - Mortgage Loan Seller Provided
318 AL Lease Expiration Largest Tenant Date None - Mortgage Loan Seller Provided
319 AL_Second Largest Tenant None - Mortgage Loan Seller Provided
320 AL Lease Expiration Second Largest Tenant Date None - Mortgage Loan Seller Provided
321 AL_Third Largest Tenant None - Mortgage Loan Seller Provided
322 AL Lease Expiration Third Largest Tenant Date None - Mortgage Loan Seller Provided
323 Financials Securitization Date Underwritten Financial Summary Report
324 Most Recent Financials Start Date Underwritten Financial Summary Report
325 Most Recent Financials End Date Underwritten Financial Summary Report
326 Most Recent Net Cash Flow Amount Underwritten Financial Summary Report
327 Net Operating Income Net Cash Flow Securitization Code None - Mortgage Loan Seller Provided
328 Net Operating Income Net Cash Flow Code None - Mortgage Loan Seller Provided
329 Most Recent Debt Service Amount Refer to calculation procedures
330 Most Recent Debt Service Coverage Net Operating Income Percentage Refer to calculation procedures
331 Most Recent Debt Service Coverage Net Cash Flow Percentage Refer to calculation procedures
332 Debt Service Coverage Securitization Code None - Mortgage Loan Seller Provided
333 Most Recent Debt Service Coverage Code None - Mortgage Loan Seller Provided
334 Asset Added Indicator None - Mortgage Loan Seller Provided
335 Report Period Modification Indicator None - Mortgage Loan Seller Provided
336 Report Period Beginning Schedule Loan Balance Amount Refer to calculation procedures
337 Report Period End Actual Balance Amount Refer to calculation procedures
338 Total Scheduled Principal Interest Due Amount Refer to calculation procedures
339 Scheduled Interest Amount Refer to calculation procedures
340 Other Interest Adjustment Amount None - Mortgage Loan Seller Provided
341 Scheduled Principal Amount Refer to calculation procedures
342 Unscheduled Principal Collected Amount None - Mortgage Loan Seller Provided
343 Other Principal Adjustment Amount None - Mortgage Loan Seller Provided
344 Hyper Amortizing Date Not applicable
345 Servicing Advance Method Code None - Mortgage Loan Seller Provided
346 Non Recoverability Indicator None - Mortgage Loan Seller Provided
347 Total Principal Interest Advanced Outstanding Amount None - Mortgage Loan Seller Provided
348 Total Taxes Insurance Advances Outstanding Amount None - Mortgage Loan Seller Provided
  

 

 

  Characteristic Source Document
349 Other Expenses Advanced Outstanding Amount None - Mortgage Loan Seller Provided
350 Payment Status Loan Code None - Mortgage Loan Seller Provided
351 Arm Index Rate Percentage Not applicable
352 Next Interest Rate Percentage Not applicable
353 Next Interest Rate Change Adjustment Date Not applicable
354 Next Payment Adjustment Date Not applicable
355 Primary Servicer Name None - Mortgage Loan Seller Provided
356 Most Recent Special Servicer Transfer Date None - Mortgage Loan Seller Provided
357 Most Recent Master Servicer Return Date None - Mortgage Loan Seller Provided
358 Asset Subject Demand Indicator None - Mortgage Loan Seller Provided
359 Asset Subject Demand Status Code None - Mortgage Loan Seller Provided
360 Repurchase Amount None - Mortgage Loan Seller Provided
361 Demand Resolution Date None - Mortgage Loan Seller Provided
362 Repurchaser Name None - Mortgage Loan Seller Provided
363 Repurchase Replacement Reason Code None - Mortgage Loan Seller Provided
364 Realized Loss To Trust Amount None - Mortgage Loan Seller Provided
365 Liquidation Prepayment Code None - Mortgage Loan Seller Provided
366 Liquidation Prepayment Date None - Mortgage Loan Seller Provided
367 Prepayment Premium Yield Maintenance Received Amount None - Mortgage Loan Seller Provided
368 Workout Strategy Code None - Mortgage Loan Seller Provided
369 Last Modification Date None - Mortgage Loan Seller Provided
370 Modification Code None - Mortgage Loan Seller Provided
371 Post Modification Interest Percentage None - Mortgage Loan Seller Provided
372 Post Modification Payment Amount None - Mortgage Loan Seller Provided
373 Post Modification Maturity Date None - Mortgage Loan Seller Provided
374 Post Modification Amortization Period Amount None - Mortgage Loan Seller Provided

1 With respect to the Mortgage Loan identified on the Data File as “535 & 545 5th Avenue”, we recomputed the Monthly Debt Service (P&I) by multiplying the (i) Total Trust and Non-Trust Pari Passu Companion Loan Monthly Debt Service ($) and (ii) the quotient of the (a) Original Balance and (b) original pari passu mortgage debt balance (as set forth on the Loan Agreement).

2 We were instructed by representatives of the Company to perform the comparison for such Characteristic only for the Top 15 Mortgage Loans (based on Cut-off Date Balance) identified on the Data File.

 

Calculation Procedures

 

With respect to Characteristic 6, we recomputed the % by Cut-off Date Balance by dividing the (i) Cut-off Date Balance by (ii) sum of each of the Mortgage Loans’ Cut-off Date Balance.

 

With respect to Characteristic 8, (1) for those Mortgage Loans indicated on the Data File as secured by one property, the % of Loan Balance is set to 100% and (2) for those Mortgage Loans indicated on the Data File as secured by more than one property, we recomputed the % of Loan Balance by

  

 

dividing the (i) Cut-off Date Balance of each mortgaged property of the related Mortgage Loan by the (ii) Cut-off Date Balance of the related Mortgage Loan.

 

With respect to Characteristic 9, assuming, at your request, no prepayments of principal, we recomputed the Cut-off Date Balance using the First Payment Date, Original IO Period (mos.), Monthly Debt Service (P&I), Original Balance, Interest Accrual Method, Rate and the Due Date in May 2026 (the “Cut-off Date” as stipulated by representatives of the Company). With respect to partial interest-only Mortgage Loans determined to be non-amortizing as of the Cut-off Date and full term interest-only Mortgage Loans (if any), the Cut-off Date Balance was set to equal the Original Balance. At the request of representatives of the respective Mortgage Loan Seller, Cut-off Date Balance differences of one dollar or less were deemed to be “in agreement” for purposes of this report.

 

With respect to Characteristic 10, assuming, at your request, no prepayments of principal, we recomputed the Maturity Date Balance using the First Payment Date, Original IO Period (mos.), Monthly Debt Service (P&I), Original Balance, Interest Accrual Method, Maturity Date or ARD and Rate. With respect to full term interest-only Mortgage Loans (if any), the Maturity Date Balance was set to equal the Original Balance. At the request of representatives of the respective Mortgage Loan Seller, Maturity Date Balance differences of one dollar or less were deemed to be “in agreement” for purposes of this report.

 

With respect to Characteristic 11, we recomputed the Cut-off Date Balance per Unit or SF by dividing the (i) Cut-off Date Balance by (ii) Units/SF. With respect to those Mortgage Loans indicated on the Data File as secured by more than one property, the procedure herein sums the Units/SF for each mortgaged property of the related Mortgage Loan. With respect to any Mortgage Loan that is part of a loan combination, the procedure is calculated inclusive of the principal balance of any pari passu companion loans, as applicable. With respect to any Mortgage Loan that is in a group of cross-collateralized Mortgage Loan(s), such Characteristic is calculated on the basis of all the Mortgage Loans in such cross-collateralized group (if applicable).

 

With respect to Characteristic 69, we recomputed the Original Term to Maturity or ARD (mos.) by determining the number of payment dates from and inclusive of the First Payment Date to and inclusive of the Maturity Date or ARD.

 

With respect to Characteristic 70, we recomputed the Remaining Term to Maturity or ARD (mos.) by subtracting the (i) Seasoning from (ii) Original Term to Maturity or ARD (mos.).

 

With respect to Characteristic 71, we recomputed the Original IO Period (mos.) by determining the number of payment dates from and inclusive of the First Payment Date to and exclusive of the First P&I Payment Date. This procedure was performed for partial and full term interest-only Mortgage Loans.

 

With respect to Characteristic 72, we recomputed the Remaining IO Period (mos.) by subtracting the (i) Seasoning from (ii) Original IO Period (mos.) (but to an amount not less than zero). This procedure was performed for partial and full term interest-only Mortgage Loans.

 

  

 

With respect to Characteristic 73, we recomputed the Original Amort. Term (mos.) using the Original Balance, Monthly Debt Service (P&I) and Rate and a 30/360 Interest Accrual Method. This procedure was not performed for full term interest-only Mortgage Loans (if applicable). With respect to the Mortgage Loan identified on the Data File as “535 & 545 5th Avenue,” we were instructed by the representatives of the related Mortgage Loan Seller to set Original Amort. Term (mos.) equal to “NAP.”

 

With respect to Characteristic 74, we recomputed the Remaining Amort. Term (mos.) by subtracting the Seasoning from the Original Amort. Term (mos.). With respect to partial interest-only, then amortizing Mortgage Loans, the procedure indicated herein reduces the Seasoning as of the Cut-off Date by the Original IO Period (mos.) (but to not less than zero). This procedure was not performed for full term interest-only Mortgage Loans (if applicable). With respect to the Mortgage Loan identified on the Data File as “535 & 545 5th Avenue,” we were instructed by the representatives of the related Mortgage Loan Seller to set Remaining Amort. Term (mos.) equal to “NAP.”

 

With respect to Characteristic 79, we recomputed the Monthly Debt Service (IO) by dividing (i) the product of (a) the Cut-off Date Balance, (b) the Rate and (c) for those Mortgage Loans whose Interest Accrual Method is “Actual/360,” a fraction equal to 365/360 by (ii) twelve. This procedure was performed for partial and full term interest-only Mortgage Loans only (if applicable).

 

With respect to Characteristic 80, we recomputed the Annual Debt Service (P&I) by multiplying the (i) Monthly Debt Service (P&I) by (ii) twelve. This procedure was not performed for full term interest-only Mortgage Loans (if applicable).

 

With respect to Characteristic 81, we recomputed the Annual Debt Service (IO) by multiplying (i) the Monthly Debt Service (IO) by (ii) twelve. This procedure was performed for partial and full term interest-only Mortgage Loans only (if applicable).

 

With respect to Characteristic 82, we recomputed the Underwritten NOI DSCR (x) by dividing the (i) Underwritten NOI by the (ii) (a) Annual Debt Service (IO) for full term interest-only Mortgage Loans or (b) Annual Debt Service (P&I) for amortizing and partial interest-only Mortgage Loans. With respect to those Mortgage Loans indicated on the Data File as secured by more than one property, the procedure herein sums the Underwritten NOI for each mortgaged property of the related Mortgage Loan. With respect to any Mortgage Loan that is part of a loan combination, the procedure is calculated inclusive of the indebtedness of any pari passu companion loans, as applicable. With respect to any Mortgage Loan that is in a group of cross-collateralized Mortgage Loan(s), such Characteristic is calculated on the basis of all the Mortgage Loans in such cross-collateralized group (if applicable).

 

With respect to Characteristic 83, we recomputed the Underwritten NCF DSCR (x) by dividing the (i) Underwritten NCF by the (ii) (a) Annual Debt Service (IO) for full term interest-only Mortgage Loans or (b) Annual Debt Service (P&I) for amortizing and partial interest-only Mortgage Loans. With respect to those Mortgage Loans indicated on the Data File as secured by more than one property, the procedure herein sums the Underwritten NCF for each mortgaged property of the related Mortgage Loan. With respect to any Mortgage Loan that is part of a loan

  

 

combination, the procedure is calculated inclusive of the indebtedness of any pari passu companion loans, as applicable. With respect to any Mortgage Loan that is in a group of cross-collateralized Mortgage Loan(s), such Characteristic is calculated on the basis of all the Mortgage Loans in such cross-collateralized group (if applicable).

 

With respect to Characteristic 84, we recomputed the Cut-off Date LTV by dividing the (i) Cut-off Date Balance by (ii) Appraised Value. With respect to those Mortgage Loans indicated on the Data File as secured by more than one property, the procedure herein sums the Appraised Values for each mortgaged property of the related Mortgage Loan. With respect to any Mortgage Loan that is part of a loan combination, the procedure is calculated inclusive of the principal balance of any pari passu companion loans, as applicable. With respect to any Mortgage Loan that is in a group of cross-collateralized Mortgage Loan(s), such Characteristic is calculated on the basis of all the Mortgage Loans in such cross-collateralized group (if applicable).

 

With respect to Characteristic 85, we recomputed the Maturity Date LTV by dividing the (i) Maturity Date Balance by (ii) Appraised Value. With respect to those Mortgage Loans indicated on the Data File as secured by more than one property, the procedure herein sums the Appraised Values for each mortgaged property of the related Mortgage Loan. With respect to any Mortgage Loan that is part of a loan combination, the procedure is calculated inclusive of the principal balance of any pari passu companion loans, as applicable. With respect to any Mortgage Loan that is in a group of cross-collateralized Mortgage Loan(s), such Characteristic is calculated on the basis of all the Mortgage Loans in such cross-collateralized group (if applicable).

 

With respect to Characteristic 114, we recomputed the Underwritten NOI Debt Yield by dividing the (i) Underwritten NOI by (ii) Cut-off Date Balance. With respect to those Mortgage Loans indicated on the Data File as secured by more than one property, the procedure herein sums the Underwritten NOI for each mortgaged property of the related Mortgage Loan. With respect to any Mortgage Loan that is part of a loan combination, the procedure is calculated inclusive of the principal balance of any pari passu companion loans, as applicable. With respect to any Mortgage Loan that is in a group of cross-collateralized Mortgage Loan(s), such Characteristic is calculated on the basis of all the Mortgage Loans in such cross-collateralized group (if applicable).

 

With respect to Characteristic 118, we recomputed the Underwritten NCF Debt Yield by dividing the (i) Underwritten NCF by (ii) Cut-off Date Balance. With respect to those Mortgage Loans indicated on the Data File as secured by more than one property, the procedure herein sums the Underwritten NCF for each mortgaged property of the related Mortgage Loan. With respect to any Mortgage Loan that is part of a loan combination, the procedure is calculated inclusive of the principal balance of any pari passu companion loans, as applicable. With respect to any Mortgage Loan that is in a group of cross-collateralized Mortgage Loan(s), such Characteristic is calculated on the basis of all the Mortgage Loans in such cross-collateralized group (if applicable).

 

With respect to Characteristic 125, we recomputed the % NSF of the Largest Tenant (%) by dividing the (i) NSF of Largest Tenant (SF) by (ii) Units/SF. This procedure was only performed for those Mortgage Loans with an NSF of Largest Tenant (SF) greater than zero. With respect to the Mortgage Loan identified on the Data File as “Stadium Lofts Apartments,” we were instructed

  

 

by representatives of the related Mortgage Loan Seller to replace clause (ii) of this procedure with “18,615 square feet.”

 

With respect to Characteristic 129, we recomputed the % NSF of 2nd Largest Tenant (%) by dividing the (i) NSF of 2nd Largest Tenant (SF) by (ii) Units/SF. This procedure was only performed for those Mortgage Loans with an NSF of 2nd Largest Tenant (SF) greater than zero. With respect to the Mortgage Loan identified on the Data File as “Stadium Lofts Apartments,” we were instructed by representatives of the related Mortgage Loan Seller to replace clause (ii) of this procedure with “18,615 square feet.”

 

With respect to Characteristic 133, we recomputed the % NSF of 3rd Largest Tenant (%) by dividing the (i) NSF of 3rd Largest Tenant (SF) by (ii) Units/SF. This procedure was only performed for those Mortgage Loans with an NSF of 3rd Largest Tenant (SF) greater than zero.

 

With respect to Characteristic 137, we recomputed the % NSF of 4th Largest Tenant (%) by dividing the (i) NSF of 4th Largest Tenant (SF) by (ii) Units/SF. This procedure was only performed for those Mortgage Loans with an NSF of 4th Largest Tenant (SF) greater than zero.

 

With respect to Characteristic 141, we recomputed the % NSF of 5th Largest Tenant (%) by dividing the (i) NSF of 5th Largest Tenant (SF) by (ii) Units/SF. This procedure was only performed for those Mortgage Loans with an NSF of 5th Largest Tenant (SF) greater than zero.

 

With respect to Characteristic 165, we recomputed the Annual Cap Ex Reserve Requirement per SF/Unit ($) by dividing the (i) product of (a) the Ongoing Cap Ex Escrow - Monthly ($) and (b) twelve by (ii) Units/SF.

 

With respect to Characteristic 173, we recomputed the Annual TI/LC Escrow per SF/Unit ($) by dividing the (i) product of (a) the Ongoing TI/LC Escrow - Monthly ($) and (b) twelve by (ii) Units/SF.

 

With respect to Characteristic 217, we recomputed the Seasoning by determining the number of payment dates from and inclusive of the First Payment Date to and inclusive of the Cut-off Date.

 

With respect to Characteristic 228, the Total Trust Exposure was set to equal the Cut-off Date Balance. This procedure was performed only for those Mortgage Loans which are part of a loan combination.

 

With respect to Characteristic 229, assuming, at your request, no prepayments of principal, we recomputed the Cut-off Date Pari Passu Mortgage Debt Balance as the product of (i) the difference of (a) the original pari passu mortgage debt balance (as set forth on or derived from the Loan Agreement) and (b) the Original Balance and (ii) the quotient of (a) the Cut-off Date Balance over (b) the Original Balance of the related Mortgage Loan. With respect to interest-only pari passu Mortgage Loans determined to be non-amortizing as of the Cut-off Date and full term interest-only pari passu Mortgage Loans (if any) (each as determined from the Loan Agreement), the Cut-off Date Pari Passu Mortgage Debt Balance was set to equal the difference of (i) the original pari passu mortgage debt balance (as set forth on or derived from the Loan Agreement) and (ii) the

  

 

Original Balance. At the request of representatives of the respective Mortgage Loan Seller, Cut-off Date Pari Passu Mortgage Debt Balance differences of one dollar or less were deemed to be “in agreement” for purposes of this report. This procedure was performed only for those Mortgage Loans which are part of a loan combination.

 

With respect to Characteristic 230, we recomputed the Non-Trust Pari Passu Companion Loan Monthly Debt Service ($) by subtracting the (i) Monthly Debt Service (IO) for full term interest-only Mortgage Loans or (ii) Monthly Debt Service (P&I) for amortizing and partial interest-only Mortgage Loans from the Total Trust and Non-Trust Pari Passu Companion Loan Monthly Debt Service ($). This procedure was performed only for those Mortgage Loans which are part of a loan combination.

 

With respect to Characteristic 231, we (i) recomputed the Total Trust and Non-Trust Pari Passu Companion Loan Monthly Debt Service ($) as one twelfth of the product of the (a) original pari passu mortgage debt balance, (b) the Rate and (c) for those Mortgage Loans whose Interest Accrual Method is “Actual/360,” a fraction equal to 365/360 for those Mortgage Loans with an Amort. Type of “Interest Only” or “Interest Only - ARD,” as applicable and (ii) compared the Total Trust and Non-Trust Pari Passu Companion Loan Monthly Debt Service ($) to the corresponding information set forth on the Loan Agreement for those Mortgage Loans with an Amort. Type of “Amortizing Balloon,” “Fully Amortizing,” “Interest Only, Amortizing Balloon,” “Amortizing, ARD” or “Interest-only, Amortizing ARD,” as applicable. This procedure was performed only for those Mortgage Loans which are part of a loan combination. With respect to the Mortgage Loan identified on the Data File as “535 & 545 5th Avenue,” Total Trust and Non-Trust Pari Passu Companion Loan Monthly Debt Service ($) is calculated as sum of (i) the Monthly Amortization Payment Amount (as set forth on the Loan Agreement) and (ii) accrued interest for the 12 months following the Cut-off Date divided by 12.

 

With respect to Characteristic 232, assuming, at your request, no prepayments of principal, we recomputed the Cut-off Date Subordinate Mortgage Debt Balance using the subordinate mortgage debt first payment date, subordinate mortgage debt monthly debt service, original subordinate mortgage debt balance, subordinate mortgage debt interest accrual method (each as set forth on or derived from the Subordinate Loan Document), Subordinate Companion Loan Interest Rate and the Cut-off Date. With respect to interest-only subordinate mortgage debt Mortgage Loans determined to be non-amortizing as of the Cut-off Date (as determined from the Subordinate Loan Document) and full term interest-only subordinate mortgage debt Mortgage Loans (if any) (as determined from the Subordinate Loan Document), the Cut-off Date Subordinate Mortgage Debt Balance was set to equal the original subordinate mortgage debt balance (as set forth on the Subordinate Loan Document). This procedure was performed only for those Mortgage Loans with subordinate mortgage debt, if any.

 

With respect to Characteristic 234, we recomputed the Cut Off Date Whole Note Loan Balance as the sum of the (i) Cut-Off Date Balance and (ii) Cut-off Date Subordinate Mortgage Debt Balance. With respect to any Mortgage Loan which is part of a pari passu loan combination, (as set forth on the Loan Agreement), we were instructed by representatives of the related Mortgage Loan Seller to replace clause (i) of this procedure with the sum of the (a) Cut-Off Date Balance and (b) Cut-

  

 

off Date Pari Passu Mortgage Debt Balance. This procedure was performed only for those Mortgage Loans which are part of a loan combination or have subordinate mortgage debt.

 

With respect to Characteristic 235, we recomputed the Whole Loan Monthly Debt Service ($) as the sum of the (i) (a) Monthly Debt Service (IO) for full term interest-only Mortgage Loans or (b) Monthly Debt Service (P&I) for amortizing and partial interest-only Mortgage Loans and (ii) subordinate mortgage debt monthly debt service (as set forth on or derived from the Subordinate Loan Document). With respect to any Mortgage Loan which is part of a pari passu loan combination, (as set forth on the Loan Agreement), we were instructed by representatives of the related Mortgage Loan Seller to replace clause (i) of this procedure with the Total Trust and Non-Trust Pari Passu Companion Loan Monthly Debt Service ($). This procedure was performed only for those Mortgage Loans which are part of a loan combination or have subordinate mortgage debt.

 

With respect to Characteristic 236, we recomputed the Whole Loan Cut-off Date LTV Ratio (%) by dividing the (i) Cut Off Date Whole Note Loan Balance by (ii) Appraised Value. With respect to those Mortgage Loans indicated on the Data File as secured by more than one property, the procedure herein sums the Appraised Values for each mortgaged property of the related Mortgage Loan. This procedure was performed only for those Mortgage Loans which are part of a loan combination or have subordinate mortgage debt.

 

With respect to Characteristic 237, we recomputed the Whole Loan Underwritten NCF DSCR (x) by dividing (i) the Underwritten NCF by (ii) the product of the (a) Whole Loan Monthly Debt Service ($) and (b) twelve. With respect to those Mortgage Loans indicated on the Data File as secured by more than one property, the procedure herein sums the Underwritten NCF for each mortgaged property of the related Mortgage Loan. This procedure was performed only for those Mortgage Loans which are part of a loan combination or have subordinate mortgage debt.

 

With respect to Characteristic 238, we recomputed the Whole Loan Underwritten NOI Debt Yield (%) by dividing (i) the Underwritten NOI by (ii) the Cut Off Date Whole Note Loan Balance. With respect to those Mortgage Loans indicated on the Data File as secured by more than one property, the procedure herein sums the Underwritten NOI for each mortgaged property of the related Mortgage Loan. This procedure was performed only for those Mortgage Loans which are part of a loan combination or have subordinate mortgage debt.

 

With respect to Characteristic 241, we recomputed the Total Debt Cut-off Date Balance ($) as the sum of the (i) Cut-Off Date Balance, (ii) Cut-off Date Subordinate Mortgage Debt Balance (if applicable) and (iii) Cut-off Date Mezzanine Debt Balance (if applicable). With respect to any Mortgage Loan which is part of a pari passu loan combination, (as set forth on the Loan Agreement), we were instructed by representatives of the related Mortgage Loan Seller to replace clause (i) of this procedure with the sum of the (a) Cut-Off Date Balance and (b) Cut-off Date Pari Passu Mortgage Debt Balance. This procedure was performed only for those Mortgage Loans containing mezzanine debt or subordinate unsecured debt, if any.

 

With respect to Characteristic 242, we recomputed the Total Debt Monthly Debt Service ($) as the sum of the (i) (a) Monthly Debt Service (IO) for full term interest-only Mortgage Loans or (b) Monthly Debt Service (P&I) for amortizing and partial interest-only Mortgage Loans, (ii)

  

 

subordinate mortgage debt monthly debt service (as set forth on or derived from the Subordinate Loan Document, if applicable) and (iii) mezzanine or subordinate unsecured debt monthly debt service (as set forth on or derived from the Mezzanine Loan Document or Subordinate Unsecured Loan Document, if applicable). With respect to any Mortgage Loan which is part of a pari passu loan combination, (as set forth on the Loan Agreement), we were instructed by representatives of the related Mortgage Loan Seller to replace clause (i) of this procedure with the Total Trust and Non-Trust Pari Passu Companion Loan Monthly Debt Service ($). This procedure was performed only for those Mortgage Loans containing mezzanine debt or subordinate unsecured debt, if any.

 

With respect to Characteristic 243, we recomputed the Total Debt Cut-off Date LTV Ratio by dividing the (i) Total Debt Cut-off Date Balance ($) by (ii) Appraised Value. With respect to those Mortgage Loans indicated on the Data File as secured by more than one property, the procedure herein sums the Appraised Values for each mortgaged property of the related Mortgage Loan. This procedure was performed only for those Mortgage Loans containing mezzanine debt or subordinate unsecured debt, if any.

 

With respect to Characteristic 244, we recomputed the Total Debt UW NCF DSCR by dividing the (i) Underwritten NCF by (ii) product of the (a) Total Debt Monthly Debt Service ($) and (b) twelve. With respect to those Mortgage Loans indicated on the Data File as secured by more than one property, the procedure herein sums the Underwritten NCF for each mortgaged property of the related Mortgage Loan. This procedure was performed only for those Mortgage Loans containing mezzanine debt or subordinate unsecured debt, if any.

 

With respect to Characteristic 245, we recomputed the Total Debt UW NOI Debt Yield by dividing the (i) Underwritten NOI by (ii) Total Debt Cut-off Date Balance ($). With respect to those Mortgage Loans indicated on the Data File as secured by more than one property, the procedure herein sums the Underwritten NOI for each mortgaged property of the related Mortgage Loan. This procedure was performed only for those Mortgage Loans containing mezzanine debt or subordinate unsecured debt, if any.

 

With respect to Characteristic 277, we recomputed the Periodic Principal and Interest Payment Securitization Amount by adding the (i) Scheduled Interest Amount and (ii) Scheduled Principal Amount. This procedure was not performed for those Mortgage Loans with a Seasoning equal to zero.

 

With respect to Characteristic 329, we recomputed the Most Recent Debt Service Amount: for amortizing and partial interest-only Mortgage Loans, as the product of (i) the Monthly Debt Service (P&I) and (ii) twelve; and for full term interest-only Mortgage Loans, as the product of (i) the Monthly Debt Service (IO) and (ii) twelve. This procedure was only performed for those Mortgage Loans with Most Recent Revenues. With respect to any Mortgage Loan that is part of a loan combination, the procedure is calculated inclusive of the indebtedness of any pari passu companion loans, as applicable. With respect to any Mortgage Loan that is in a group of cross-collateralized Mortgage Loan(s), such Characteristic is calculated on the basis of all the Mortgage Loans in such cross-collateralized group (if applicable).

 

  

 

With respect to Characteristic 330, we recomputed the Most Recent Debt Service Coverage Net Operating Income Percentage by dividing the (i) Most Recent NOI by (ii) Most Recent Debt Service Amount. This procedure was only performed for those Mortgage Loans with Most Recent NOI. With respect to any Mortgage Loan that is part of a loan combination, the procedure is calculated inclusive of the indebtedness of any pari passu companion loans, as applicable. With respect to any Mortgage Loan that is in a group of cross-collateralized Mortgage Loan(s), such Characteristic is calculated on the basis of all the Mortgage Loans in such cross-collateralized group (if applicable).

 

With respect to Characteristic 331, we recomputed the Most Recent Debt Service Coverage Net Cash Flow Percentage by dividing the (i) Most Recent Net Cash Flow Amount by (ii) Most Recent Debt Service Amount. This procedure was only performed for those Mortgage Loans with a Most Recent Net Cash Flow Amount. With respect to any Mortgage Loan that is part of a loan combination, the procedure is calculated inclusive of the indebtedness of any pari passu companion loans, as applicable. With respect to any Mortgage Loan that is in a group of cross-collateralized Mortgage Loan(s), such Characteristic is calculated on the basis of all the Mortgage Loans in such cross-collateralized group (if applicable).

 

With respect to Characteristic 336, assuming, at your request, no prepayment of principal, we recomputed the Report Period Beginning Schedule Loan Balance Amount using the First P&I Payment Date, Monthly Debt Service (P&I), Original Balance, Interest Accrual Method, Rate and the Due Date in April 2026. With respect to partial interest-only Mortgage Loans determined to be non-amortizing as of April 2026 and full term interest-only Mortgage Loans (if any), the Report Period Beginning Schedule Loan Balance Amount was set to equal the Original Balance. At the request of representatives of the respective Mortgage Loan Seller, Report Period Beginning Schedule Loan Balance Amount differences of one dollar or less were deemed to be “in agreement” for purposes of this report.

 

With respect to Characteristic 337, assuming, at your request, no prepayments of principal, we recomputed the Report Period End Actual Balance Amount using the First P&I Payment Date, Monthly Debt Service (P&I), Original Balance, Interest Accrual Method, Rate and the Cut-off Date. With respect to partial interest-only Mortgage Loans determined to be non-amortizing as of the Cut-off Date and full term interest-only Mortgage Loans (if any), the Report Period End Actual Balance Amount was set to equal the Original Balance. At the request of representatives of the respective Mortgage Loan Seller, Report Period End Actual Balance Amount differences of one dollar or less were deemed to be “in agreement” for purposes of this report.

 

With respect to Characteristic 338, we recomputed the Total Scheduled Principal Interest Due Amount by adding the (i) Scheduled Interest Amount and (ii) Scheduled Principal Amount.

 

With respect to Characteristic 339, we recomputed the Scheduled Interest Amount as the product of (i) the Report Period Beginning Schedule Loan Balance Amount, (ii) the Rate, (iii) the number of calendar days from and inclusive of the Due Date in April 2026 to and exclusive of the Due Date in May 2026 and (iv) a fraction equal to 1/360. This procedure was not performed for those Mortgage Loans with a Seasoning equal to zero.

 

  

 

With respect to Characteristic 341, we recomputed the Scheduled Principal Amount by subtracting the (i) Scheduled Interest Amount from (ii) Monthly Debt Service (P&I). This procedure was only performed for those Mortgage Loans determined to be amortizing as of the Due Date in May 2026.

  

 

 

Appendix B

Unverifiable Characteristics

 

 

Mortgage Loan Characteristic
Mountain Industrial Portfolio Mortgage Loan Originator, Environmental Insurance (Y/N)
246 Glasson Drive Annual Ground Lease Payment as of the Cut-off Date ($)
  

 

 

Appendix C

Missing Source Documents

 

 

Mortgage Loan Missing Source Document
Mountain Industrial Portfolio Promissory Note Splitter, Title Policy, Ground Lease, Closing Statement, Subordinate Loan Document