Exhibit 1
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Deloitte & Touche LLP
Tel: +1 212 937 8202 |
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Wells Fargo Commercial Mortgage Securities, Inc. 30 Hudson Yards New York, New York 10001 |
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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 |
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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.
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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”).
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| 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 |