Exhibit 99.1
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KPMG
LLP
633 West 5th Street
Suite 4700
Los Angeles, CA 90071 |
Independent Accountants’ Agreed-Upon
Procedures Report
Oaktree Real Estate Debt REIT Aggregator, L.P. (the “Company”)
Citigroup Global Markets Inc.
Morgan Stanley & Co. LLC
Raymond James & Associates, Inc.
(collectively, the “Specified Parties”)
Re: OAKRE 2026-FL1 Issuer, LLC – Data File Procedures
We have performed the procedures described below on the specified
attributes in an electronic data file entitled “OAKRE 2026-FL1 Accounting Tape CSR.xlsx” provided by the Company on July 28,
2026 (the “Data File”), containing information on 16 collateral interests (the “Collateral Interests”) and the
18 related mortgaged properties (the “Mortgaged Properties”) as of August 9, 2026 (the “Cut-off Date”), which
we were informed are intended to be included as collateral in the offering by OAKRE 2026-FL1 Issuer, LLC. The Company is responsible for
the specified attributes identified by the Company in the Data File.
The Specified Parties have agreed to and acknowledged that the procedures
performed are appropriate to meet the intended purpose of assisting the Specified Parties in evaluating the accuracy of the specified
attributes in the Data File. This report may not be suitable for any other purpose. No other parties have agreed to or acknowledged the
appropriateness of these procedures for the intended purpose or any other purpose.
The procedures performed may not address all the items of interest
to a user of this report and may not meet the needs of all users of this report and, as such, users are responsible for determining whether
the procedures performed are appropriate for their purposes. We make no representation regarding the appropriateness of the procedures
either for the intended purpose or for any other purpose.
Unless otherwise stated, the following definitions have been adopted
in presenting our procedures and findings:
| · | The term “compared” means compared to the information shown and found it to be in agreement, unless otherwise stated.
Such compared information was deemed to be in agreement if differences were within the reporting threshold. |
| · | The term “recomputed” means recalculated and compared the result to the information shown and found it to be in agreement,
unless otherwise stated. Such recomputed information was deemed to be in agreement if differences were within the reporting threshold. |
| · | The term “reporting threshold” means that dollar amounts and percentages were within $1.00 and 0.1%, respectively. |
| · | The term “Loan Files” means the electronic copies of source documents provided by the Company and listed in Attachment
A. We make no representation regarding the validity or accuracy of these documents. |
| · | The term “Compared Attributes” means the list of fields in the Data File which were selected by the Company for us to
perform comparison procedures for and are listed in Attachment A. |
| |
KPMG
LLP, a Delaware limited liability partnership and a member firm of
the KPMG global organization of independent member firms
affiliated with
KPMG International Limited, a private English company limited by guarantee. |
|
| · | The term “Recomputed Attributes” means the list of fields in the Data File which were selected by the Company for us to
perform recomputation procedures for and are listed in Attachment B. |
| · | The term “Calculation Methodology” means the formula listed in the Calculation Methodology column of Attachment B containing
the calculation methodology for the Recomputed Attributes provided by the Company. |
| · | The term “Index Rate Assumption” means the rate of 3.6800%, which we were instructed to use by the Company where applicable
in the Calculation Methodology. |
| · | The term “Instructions” means the instructions provided by the Company pertaining to a procedure, attribute, or methodology
as described in Attachment C. |
| · | The term “Provided Information” means the Cut-off Date, Loan Files, Calculation Methodology, Index Rate Assumption, and
Instructions. |
Prior to being provided the Data File, we received
one or more earlier versions of the data file on which to perform our procedures. In performing those procedures, we identified differences
which were communicated to the Company. The Data File represents the revised information reflecting resolution of differences communicated
as determined appropriate by the Company. We performed the procedures on the Data File, and the results of those procedures are reflected
herein.
The procedures we were instructed by the Company to perform for all
Collateral Interests and related Mortgaged Properties in the Data File and the associated findings are as follows:
| A. | For the Collateral Interests and Mortgaged Properties included in the Data File, we compared the Compared Attributes in the Data File
(except for those with “Provided by the Company” in the “Provided Compared Attributes” table of Attachment A)
to the corresponding information included in the Loan Files, utilizing the Instructions, as applicable. The Company indicated that the
absence of any of the information in the Loan Files or the inability to agree the indicated information from the Data File to the Loan
Files for each of the attributes identified, utilizing the Instructions as applicable, constituted an exception (except for those with
“Provided by the Company” in the “Provided Compared Attributes” table of Attachment A). The document priority
is the order provided by the Company, which is listed in the “Source Document(s)” column in Attachment A, with the highest
priority document listed first. |
| B. | For the Collateral Interests and Mortgaged Properties included in the Data File, we recomputed the Recomputed Attributes in the Data
File using (i) the corresponding information contained in the Data File, (ii) the Calculation Methodology, and (iii) the Instructions. |
We found such information to be in agreement without
exception.
We were engaged by the Company to perform this agreed-upon procedures
engagement. We conducted our engagement in accordance with attestation standards established by the American Institute of Certified Public
Accountants, which involves us performing the specific procedures agreed to and acknowledged above and reporting on findings based on
performing those procedures. We were not engaged to, and did not, conduct an examination or review, the objective of which would be the
expression of an opinion or conclusion, respectively, on the specified attributes in the Data File. Accordingly, we do not express such
an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been
reported.
We are required to be independent of the Company and to meet our
other ethical responsibilities, in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement.
The procedures performed were applied based on the information included
in the Data File and Provided Information, without verification or evaluation of such information by us; therefore, we express no opinion
or any other form of assurance regarding (i) the reasonableness of the information provided to us by the Company, (ii) the physical existence
of the Collateral Interests and related Mortgaged Properties, (iii) the reliability or accuracy of the Provided Information which was
used in our procedures, or (iv) matters of legal interpretation.
The procedures performed were not intended to address, nor did they
address: (i) the conformity of the origination of the Collateral Interests to stated underwriting or credit extension guidelines, standards,
criteria or other requirements, (ii) the value of collateral securing any such Collateral Interests being securitized, (iii) the compliance
of the originator of the Collateral Interests with federal, state, and local laws and regulations, or (iv) any other factor or characteristic
of the Collateral Interests and related Mortgaged Properties that would be material to the likelihood that the issuer of the notes will
pay interest and principal in accordance with applicable terms and conditions. The procedures performed were not intended to satisfy any
criteria for due diligence published by the nationally recognized statistical rating organizations (“NRSROs”).
The terms of our engagement are such that we have no responsibility
to update this report because of events and circumstances that may subsequently occur.
This report is intended solely for the information and use of the
Specified Parties. It is not intended to be and should not be used by any other person or entity, including investors or the NRSROs, who
are not identified in the report as the Specified Parties but may have access to this report as required by law or regulation.
/s/ KPMG LLP
Los Angeles, California
July 28, 2026
COMPARED ATTRIBUTES
| Attribute |
Source Document(s) |
| Cross Collateralized and Cross Defaulted Loan Flag |
Loan Agreement |
| Property Address |
Appraisal Report, Engineering Report |
| City |
Appraisal Report, Engineering Report |
| State |
Appraisal Report, Engineering Report |
| County |
Appraisal Report, Engineering Report |
| Zip Code |
Appraisal Report, Engineering Report |
| Year Built |
Appraisal Report, Engineering Report |
| Year Renovated |
Appraisal Report, Engineering Report |
| Property Type |
Appraisal Report |
| Specific Property Type |
Appraisal Report |
| Number of Units |
Underwritten Rent Roll, Company Underwritten Cash Flow Statement, Appraisal |
| Unit of Measure |
Underwritten Rent Roll, Company Underwritten Cash Flow Statement, Appraisal |
| Occupancy (%) |
Underwritten Rent Roll, Company Underwritten Cash Flow Statement, Appraisal |
| Occupancy Date |
Underwritten Rent Roll, Company Underwritten Cash Flow Statement, Appraisal |
| Loan Purpose |
Settlement Statement, Purchase and Sale Agreement |
| Note Date |
Loan Agreement, Promissory Note |
| First Payment Date |
Loan Agreement |
| Loan Commitment Original Balance ($) |
Loan Agreement, Promissory Note, Title Policy |
| Loan Initial Funded Amount ($) |
Loan Agreement, Promissory Note, Settlement Statement |
| Loan Commitment Cut-Off Date Balance ($) |
Loan Agreement, Promissory Note, Servicer Report, Loan Amendment |
| Loan Cut-off Date Balance ($) |
Servicer Report, Settlement Statement, Loan Agreement, Loan Amendment |
| Future Funding Advance Conditions |
Loan Agreement |
| Attribute |
Source Document(s) |
| Loan Balloon Balance ($) |
Loan Agreement |
| Rate Type |
Loan Agreement |
| Index |
Loan Agreement |
| Interest Accrual Basis |
Loan Agreement |
| Accrual Period |
Loan Agreement |
| Lookback Period |
Loan Agreement |
| Rounding Factor |
Loan Agreement |
| Time of Rounding (Before Spread, After Spread) |
Loan Agreement |
| Rounding Direction |
Loan Agreement |
| Loan Margin |
Loan Agreement |
| Collateral Interest Margin |
Loan Agreement |
| Junior Participation Cut-off Date Margin |
Loan Agreement |
| Loan Index Floor |
Loan Agreement |
| Loan Index Cap Provider |
Rate Cap Confirmation |
| Loan Index Cap Notional Amount |
Rate Cap Confirmation |
| Loan Index Cap Termination Date |
Rate Cap Confirmation |
| Loan Index Cap |
Rate Cap Confirmation |
| Loan Margin Change (Y/N) |
Loan Agreement |
| Loan Margin Change Description |
Loan Agreement |
| Amortization Type During Initial Term |
Loan Agreement |
| ARD Loan (Y/N) |
Loan Agreement |
| Initial Maturity Date or Anticipated Repayment Date |
Loan Agreement, Extension Letter |
| Extension Options (Y/N) |
Loan Agreement, Extension Letter |
| Extension Options Description |
Loan Agreement, Extension Letter |
| Amortization Type During Extensions |
Loan Agreement, Extension Letter |
| Amortization Style |
Loan Agreement, Amortization Schedule |
| Amortization Rate |
Loan Agreement, Amortization Schedule |
| Attribute |
Source Document(s) |
| Amortization Basis |
Loan Agreement, Amortization Schedule |
| First Extension Period Requirements |
Loan Agreement, Extension Letter |
| First Extension Period (months) |
Loan Agreement, Extension Letter |
| First Extension Cap |
Loan Agreement, Extension Letter |
| First Extension Fee (%) |
Loan Agreement, Extension Letter |
| Second Extension Period Requirements |
Loan Agreement, Extension Letter |
| Second Extension Period (months) |
Loan Agreement, Extension Letter |
| Second Extension Cap |
Loan Agreement, Extension Letter |
| Second Extension Fee (%) |
Loan Agreement, Extension Letter |
| Third Extension Period Requirements |
Loan Agreement, Extension Letter |
| Third Extension Period (months) |
Loan Agreement, Extension Letter |
| Third Extension Cap |
Loan Agreement, Extension Letter |
| Third Extension Fee (%) |
Loan Agreement, Extension Letter |
| Fourth Extension Period Requirements |
Loan Agreement, Extension Letter |
| Fourth Extension Period (months) |
Loan Agreement, Extension Letter |
| Fourth Extension Cap |
Loan Agreement, Extension Letter |
| Fourth Extension Fee (%) |
Loan Agreement, Extension Letter |
| Exit Fee % |
Loan Agreement |
| Exit Fee Balance |
Loan Agreement |
| Fully Extended IO Period (Initial) |
Loan Agreement |
| Fully Extended Maturity Date |
Loan Agreement |
| Future Debt Permitted (Y/N) |
Loan Agreement |
| Permitted Future Debt Type |
Loan Agreement |
| Grace Period Default (Days) |
Loan Agreement |
| Grace Period Late (Days) |
Loan Agreement |
| Initial Prepayment Provision |
Loan Agreement |
| Remaining Call Protection (Cut-off Date) |
Loan Agreement |
| Attribute |
Source Document(s) |
| Original Yield Maintenance or Minimum Interest Term |
Loan Agreement |
| Rate for Prepayment Protection |
Loan Agreement |
| Partial Release and/or Partial Prepayment (Y/N) |
Loan Agreement |
| Lien Position |
Title Policy |
| Recourse |
Guaranties, Loan Agreement |
| Recourse Provisions |
Guaranties, Loan Agreement |
| Recourse Carveout Guarantor |
Guaranties, Loan Agreement |
| Borrower |
Loan Agreement |
| Sponsor |
Guaranties, Loan Agreement |
| Affiliated Sponsor (Y/N) |
Guaranties, Loan Agreement |
| Tenants-in-common (Y/N) |
Loan Agreement, TIC Agreement |
| Ownership Interest |
Title Policy |
| Ground Lease (Y/N) |
Ground Lease, Estoppel |
| Annual Ground Lease Payment ($) |
Ground Lease, Estoppel, Appraisal |
| Ground Lease Initial Expiration Date |
Ground Lease, Estoppel, Appraisal |
| Ground Lease Extension (Y/N) |
Ground Lease, Estoppel, Appraisal |
| # of Ground Lease Extension Options |
Ground Lease, Estoppel, Appraisal |
| Ground Lease Expiration Date with Extensions |
Ground Lease, Estoppel, Appraisal |
| Lockbox Type |
Loan Agreement, DACA Agreement |
| Cash Management Type |
Loan Agreement, Cash Management Agreement |
| Cash Management Trigger Event |
Loan Agreement, Cash Management Agreement |
| Tax Escrow (Upfront) ($) |
Settlement Statement, Loan Agreement |
| Tax Escrow (Cut-off Date) ($) |
Servicer Report, Settlement Statement, Loan Agreement |
| Tax Escrow (Monthly)($) |
Servicer Report, Settlement Statement, Loan Agreement |
| Springing Tax Escrow Description |
Settlement Statement, Loan Agreement |
| Insurance Escrow (Upfront) ($) |
Settlement Statement, Loan Agreement |
| Attribute |
Source Document(s) |
| Insurance Escrow (Cut-off Date) ($) |
Servicer Report, Settlement Statement, Loan Agreement |
| Insurance Escrow (Monthly)($) |
Servicer Report, Settlement Statement, Loan Agreement |
| Springing Insurance Escrow Description |
Settlement Statement, Loan Agreement |
| Replacement Reserve (Upfront)($) |
Settlement Statement, Loan Agreement |
| Replacement Reserve (Cut-off Date)($) |
Servicer Report, Settlement Statement, Loan Agreement |
| Replacement Reserve (Monthly)($) |
Servicer Report, Settlement Statement, Loan Agreement |
| Replacement Reserve Cap($) |
Loan Agreement, Settlement Statement |
| Springing Replacement Reserve Description |
Loan Agreement, Settlement Statement |
| TI/LC Reserve (Upfront) ($) |
Settlement Statement, Loan Agreement |
| TI/LC Reserve (Cut-off Date) ($) |
Servicer Report, Settlement Statement, Loan Agreement |
| TI/LC Reserve (Monthly)($) |
Servicer Report, Settlement Statement, Loan Agreement |
| TI/LC Reserve Cap($) |
Loan Agreement, Settlement Statement |
| Springing TI/LC Reserve Description |
Loan Agreement, Settlement Statement |
| Environmental Reserve (Upfront) ($) |
Settlement Statement, Loan Agreement |
| Environmental Reserve (Cut-off Date) ($) |
Servicer Report, Settlement Statement, Loan Agreement |
| Upfront Engineering/Deferred Maintenance Escrow (Upfront) ($) |
Settlement Statement, Loan Agreement |
| Upfront Engineering/Deferred Maintenance Escrow (Cut-off Date) ($) |
Servicer Report, Settlement Statement, Loan Agreement |
| Debt Service Reserve (Upfront) ($) |
Settlement Statement, Loan Agreement |
| Debt Service Reserve (Cut-off Date) ($) |
Servicer Report, Settlement Statement, Loan Agreement |
| Debt Service Reserve (Monthly)($) |
Servicer Report, Settlement Statement, Loan Agreement |
| Debt Service Reserve Cap($) |
Loan Agreement, Settlement Statement |
| Attribute |
Source Document(s) |
| Springing Debt Service Reserve Description |
Loan Agreement, Settlement Statement |
| Other Reserves (Upfront)($) |
Settlement Statement, Loan Agreement |
| Other Reserves (Cut-off Date)($) |
Servicer Report, Settlement Statement, Loan Agreement |
| Other Reserves (Monthly)($) |
Servicer Report, Settlement Statement, Loan Agreement |
| Other Reserves Cap ($) |
Loan Agreement, Settlement Statement |
| Other Reserves Description |
Loan Agreement, Settlement Statement |
| Other Reserves 2 (Upfront)($) |
Settlement Statement, Loan Agreement |
| Other Reserves 2 (Cut-off Date)($) |
Servicer Report, Settlement Statement, Loan Agreement |
| Other Reserves 2 (Monthly)($) |
Servicer Report, Settlement Statement, Loan Agreement |
| Other Reserves 2 Cap ($) |
Loan Agreement, Settlement Statement |
| Other Reserves 2 Description |
Loan Agreement, Settlement Statement |
| Third Most Recent As Of Period |
Company Underwritten Cash Flow Statement |
| Third Most Recent Revenues |
Company Underwritten Cash Flow Statement |
| Third Most Recent Expenses |
Company Underwritten Cash Flow Statement |
| Third Most Recent NOI |
Company Underwritten Cash Flow Statement |
| Third Most Recent NCF |
Company Underwritten Cash Flow Statement |
| Second Most Recent As Of Period |
Company Underwritten Cash Flow Statement |
| Second Most Recent Revenues |
Company Underwritten Cash Flow Statement |
| Second Most Recent Expenses |
Company Underwritten Cash Flow Statement |
| Second Most Recent NOI |
Company Underwritten Cash Flow Statement |
| Second Most Recent NCF |
Company Underwritten Cash Flow Statement |
| Most Recent As Of Period |
Company Underwritten Cash Flow Statement |
| Most Recent Revenues |
Company Underwritten Cash Flow Statement |
| Most Recent Expenses |
Company Underwritten Cash Flow Statement |
| Most Recent NOI |
Company Underwritten Cash Flow Statement |
| Attribute |
Source Document(s) |
| Most Recent NCF |
Company Underwritten Cash Flow Statement |
| Underwritten Occupancy (%) |
Company Underwritten Cash Flow Statement |
| Underwritten Revenues ($) |
Company Underwritten Cash Flow Statement |
| Underwritten Expenses ($) |
Company Underwritten Cash Flow Statement |
| Underwritten NOI ($) |
Company Underwritten Cash Flow Statement |
| Underwritten Reserves ($) |
Company Underwritten Cash Flow Statement |
| Underwritten NCF ($) |
Company Underwritten Cash Flow Statement |
| Underwritten Stabilized Occupancy (%) |
Company Underwritten Cash Flow Statement |
| Underwritten Stabilized Revenues ($) |
Company Underwritten Cash Flow Statement |
| Underwritten Stabilized Expenses ($) |
Company Underwritten Cash Flow Statement |
| Underwritten Stabilized NOI ($) |
Company Underwritten Cash Flow Statement |
| Underwritten Stabilized Reserves ($) |
Company Underwritten Cash Flow Statement |
| Underwritten Stabilized NCF ($) |
Company Underwritten Cash Flow Statement |
| Appraisal Stabilized Occupancy (%) |
Company Underwritten Cash Flow Statement |
| Appraisal Stabilized Revenues ($) |
Company Underwritten Cash Flow Statement |
| Appraisal Stabilized Expenses ($) |
Company Underwritten Cash Flow Statement |
| Appraisal Stabilized NOI ($) |
Company Underwritten Cash Flow Statement |
| Appraisal Stabilized Reserves ($) |
Company Underwritten Cash Flow Statement |
| Appraisal Stabilized NCF ($) |
Company Underwritten Cash Flow Statement |
| Engineering Report Date |
Engineering Report |
| Environmental Report Date (Phase I) |
Phase I Environmental Report |
| Environmental Report Date (Phase II) |
Phase II Environmental Report |
| Environmental Insurance (Y/N) |
Insurance Certificate, Joinder and Reaffirmation Agreement |
| Seismic Report Date |
Seismic Report |
| Seismic PML % |
Seismic Report, Engineering Report |
| Seismic Insurance Obtained if PML ≥ 20% (Y/N) |
Insurance Certificate, Seismic Report, Engineering Report |
| Attribute |
Source Document(s) |
| Subordinate Debt (Y/N) |
Loan Agreement |
| Subordinate Debt Type |
Loan Agreement, Subordinate Debt Loan Agreement |
| Subordinate Debt Margin |
Loan Agreement, Subordinate Debt Loan Agreement |
| Subordinate Debt Cut-off Date Balance ($) |
Loan Agreement, Subordinate Debt Loan Agreement, Servicer Report |
| As-Is Appraisal Valuation Date |
Appraisal Report |
| Appraisal Firm |
Appraisal Report |
| As-Is Appraised Value ($) |
Appraisal Report |
| Stabilized Appraised Value ($) |
Appraisal Report |
| Appraisal Anticipated Stabilization Date |
Appraisal Report |
| USPAP Appraisal (Y/N) |
Appraisal Report |
| FIRREA Appraisal (Y/N) |
Appraisal Report |
| Single-Tenant (Y/N) |
Underwritten Rent Roll |
| Property Manager |
Management Agreement |
| Largest Tenant Name |
Underwritten Rent Roll, Certified Rent Roll, Unit Mix Summary, Lease, Appraisal |
| Largest Tenant Square Feet |
Underwritten Rent Roll, Certified Rent Roll, Unit Mix Summary, Lease, Appraisal |
| Largest Tenant Expiration Date |
Underwritten Rent Roll, Certified Rent Roll, Unit Mix Summary, Lease, Appraisal |
| 2nd Largest Tenant Name |
Underwritten Rent Roll, Certified Rent Roll, Unit Mix Summary, Lease, Appraisal |
| 2nd Largest Tenant Square Feet |
Underwritten Rent Roll, Certified Rent Roll, Unit Mix Summary, Lease, Appraisal |
| 2nd Largest Tenant Expiration Date |
Underwritten Rent Roll, Certified Rent Roll, Unit Mix Summary, Lease, Appraisal |
| 3rd Largest Tenant Name |
Underwritten Rent Roll, Certified Rent Roll, Unit Mix Summary, Lease, Appraisal |
| 3rd Largest Tenant Square Feet |
Underwritten Rent Roll, Certified Rent Roll, Unit Mix Summary, Lease, Appraisal |
| Attribute |
Source Document(s) |
| 3rd Largest Tenant Expiration Date |
Underwritten Rent Roll, Certified Rent Roll, Unit Mix Summary, Lease, Appraisal |
| 4th Largest Tenant Name |
Underwritten Rent Roll, Certified Rent Roll, Unit Mix Summary, Lease, Appraisal |
| 4th Largest Tenant Square Feet |
Underwritten Rent Roll, Certified Rent Roll, Unit Mix Summary, Lease, Appraisal |
| 4th Largest Tenant Expiration Date |
Underwritten Rent Roll, Certified Rent Roll, Unit Mix Summary, Lease, Appraisal |
| 5th Largest Tenant Name |
Underwritten Rent Roll, Certified Rent Roll, Unit Mix Summary, Lease, Appraisal |
| 5th Largest Tenant Square Feet |
Underwritten Rent Roll, Certified Rent Roll, Unit Mix Summary, Lease, Appraisal |
| 5th Largest Tenant Expiration Date |
Underwritten Rent Roll, Certified Rent Roll, Unit Mix Summary, Lease, Appraisal |
| Lender |
Loan Agreement, Loan Amendment, Promissory Note |
PROVIDED COMPARED ATTRIBUTES
| Attribute |
Source Document(s) |
| Collateral Interest Number |
Provided by the Company |
| Collateral Interest Type |
Provided by the Company |
| Collateral Interest Status |
Provided by the Company |
| Collateral Interest / Property Flag |
Provided by the Company |
| # of Properties |
Provided by the Company |
| Collateral Interest/Property Name |
Provided by the Company |
| Collateral Interest Cut-off Date Balance ($) |
Provided by the Company |
| Pari Passu Balance in Other Securitization |
Provided by the Company |
| Junior Participation Cut-off Date Balance |
Provided by the Company |
| Junior Participation Cut-off Date Future Funding Unfunded Balance ($) |
Provided by the Company |
| Junior Participation Balloon Payment ($) |
Provided by the Company |
RECOMPUTED ATTRIBUTES
| Attribute |
Calculation Methodology |
| Loan Commitment Original Balance / Unit ($) |
Loan Commitment Original Balance ($) divided by Number of Units. |
| Loan Initial Unfunded Future Funding Amount ($) |
Loan Commitment Original Balance ($) minus Loan Initial Funded Amount ($). |
| Loan Cut-off Date Balance / Unit ($) |
Loan Cut-off Date Balance ($) divided by Number of Units. |
| Loan Future Funding Participation Cut-off Date Unfunded Balance ($) |
Loan Commitment Cut-Off Date Balance ($) minus Loan Cut-off Date Balance ($). |
| Loan Balloon Balance / Unit ($) |
Loan Balloon Balance ($) divided by Number of Units. |
| Loan Annual Debt Service Payment (IO) ($) |
Loan Cut-off Date Balance ($) multiplied by 365/360 multiplied by Loan Cut-off Date Interest Rate. |
| Loan Annual Debt Service Payment (P&I) ($) |
Loan Cut-off Date Balance ($) multiplied by 365/360 multiplied by Loan Cut-off Date Interest Rate. |
| Loan Annual Debt Service Payment (Cap) ($) |
Loan Cut-off Date Balance ($) multiplied by 365/360 multiplied by Loan Rate Cap. |
| Collateral Interest Future Funding Participation Cut-off Date Unfunded Balance ($) |
Set to equal Loan Future Funding Participation Cut-off Date Unfunded Balance ($), except for Collateral Interest “Bridge Point I-5 Seattle” and for such Collateral Interest, Loan Future Funding Participation Cut-off Date Unfunded Balance ($) multiplied by the proportional share as sourced from the Co-lender Agreement. |
| Aggregate Collateral Interest Cut-off Date Balance % |
Collateral Interest Cut-off Date Balance ($) divided by the aggregate Collateral Interest Cut-off Date Balance ($) of all Collateral Interests. |
| Collateral Interest Balloon Balance ($) |
Set to equal Collateral Interest Cut-off Date Balance ($). |
| Collateral Interest Annual Debt Service Payment (IO) ($) |
Collateral Interest Cut-off Date Balance ($) multiplied by 365/360 multiplied by Collateral Interest Cut-off Date Interest Rate. |
| Collateral Interest Annual Debt Service Payment (P&I) ($) |
Collateral Interest Cut-off Date Balance ($) multiplied by 365/360 multiplied by Collateral Interest Cut-off Date Interest Rate. |
| Attribute |
Calculation Methodology |
| Collateral Interest Annual Debt Service Payment (Cap) ($) |
Collateral Interest Cut-off Date Balance ($) multiplied by 365/360 multiplied by Collateral Interest Rate Cap. |
| Pari Passu Funded Amount Not in Other Securitizations |
Loan Cut-off Date Balance ($) minus Collateral Interest Cut-off Date Balance ($). |
| Loan Cut-off Date Interest Rate |
The sum of the Loan Margin and Index Rate Assumption rounded by the respective Rounding Factor, subject to Loan Rate Floor. |
| Loan Rate Floor |
Loan Margin plus Loan Index Floor. |
| Loan Rate Cap |
Loan Margin plus Loan Index Cap. |
| Collateral Interest Cut-off Date Interest Rate |
The sum of the Collateral Interest Margin and Index Rate Assumption rounded by the respective Rounding Factor, subject to Collateral Interest Rate Floor. |
| Collateral Interest Rate Floor |
Collateral Interest Margin plus Loan Index Floor |
| Collateral Interest Rate Cap |
Collateral Interest Margin plus Loan Index Cap. |
| Junior Participation Cut-off Date Interest Rate |
The sum of the Junior Participation Cut-off Date Margin and Index Rate Assumption rounded by the respective Rounding Factor, subject to Junior Participation Rate Floor. |
| Junior Participation Rate Floor |
For Collateral Interests where Junior Participation Cut-off Date
Margin is not equal to “N/A”, Junior Participation Cut-off Date Margin plus Loan Index Floor.
For Collateral Interests where Junior Participation Cut-off Date
Margin is equal to “N/A”, set equal to “N/A”. |
| Junior Participation Rate Cap |
For Collateral Interests where Junior Participation Cut-off Date
Margin is not equal to “N/A”, Junior Participation Cut-off Date Margin plus Loan Index Cap.
For Collateral Interests where Junior Participation Cut-off Date
Margin is equal to “N/A”, set equal to “N/A”. |
| Attribute |
Calculation Methodology |
| Initial IO Period |
For all Collateral Interests for which Amortization Type During Initial Term is Interest Only, number of payments between and including the First Payment Date and Initial Maturity Date or Anticipated Repayment Date. For all Collateral Interests for which Amortization Type During Initial Term is “Amortizing Balloon” the Initial IO Period will be 0 |
| Initial IO Period (Remaining) |
Initial IO Period minus Seasoning (months). |
| Original Loan Term (Initial) |
Number of payments between and including the First Payment Date and Initial Maturity Date or Anticipated Repayment Date. |
| Original Loan Term (Remaining) |
Original Loan Term (Initial) minus Seasoning (months). |
| Seasoning (months) |
Number of payments between and including the First Payment Date and Cut-off Date, subject to a minimum of 0. |
| First Extension Floor |
Set to equal the Loan Index Floor |
| First Extension Fee |
First Extension Fee (%) multiplied by Loan Commitment Cut-off Date Balance ($). |
| Second Extension Floor |
Set to equal the Loan Index Floor |
| Second Extension Fee |
Second Extension Fee (%) multiplied by Loan Commitment Cut-off Date Balance ($). |
| Third Extension Floor |
Set to equal the Loan Index Floor |
| Third Extension Fee |
Third Extension Fee (%) multiplied by Loan Commitment Cut-off Date Balance ($). |
| Fourth Extension Floor |
Set to equal the Loan Index Floor |
| Fourth Extension Fee |
Fourth Extension Fee (%) multiplied by Loan Commitment Cut-off Date Balance ($). |
| Exit Fee ($) |
Exit Fee % multiplied by Loan Commitment Cut-Off Date Balance ($). |
| Attribute |
Calculation Methodology |
| Fully Extended IO Period (Remaining) |
Fully Extended IO Period (Initial) minus Seasoning (months). |
| Fully Extended Loan Term (Initial) |
Number of payments between and including the First Payment Date and Fully Extended Maturity Date. |
| Fully Extended Loan Term (Remaining) |
Fully Extended Loan Term (Initial) minus Seasoning (months). |
| Loan Most Recent NOI DSCR |
Most Recent NOI divided by the lesser of i) Loan Annual Debt Service Payment (IO) ($) and ii) Loan Annual Debt Service Payment (Cap) ($). |
| Loan Most Recent NCF DSCR |
Most Recent NCF divided by the lesser of i) Loan Annual Debt Service Payment (IO) ($) and ii) Loan Annual Debt Service Payment (Cap) ($). |
| Cut-off Date Loan Most Recent NOI Debt Yield |
Most Recent NOI divided by Loan Cut-off Date Balance ($). |
| Cut-off Date Loan Most Recent NCF Debt Yield |
Most Recent NCF divided by Loan Cut-off Date Balance ($). |
| Collateral Interest Most Recent NOI DSCR |
Set to equal Loan Most Recent NOI DSCR. |
| Collateral Interest Most Recent NCF DSCR |
Set to equal Loan Most Recent NCF DSCR. |
| Cut-off Date Collateral Interest Most Recent NOI Debt Yield |
Set to equal Cut-off Date Loan Most Recent NOI Debt Yield. |
| Cut-off Date Collateral Interest Most Recent NCF Debt Yield |
Set to equal Cut-off Date Loan Most Recent NCF Debt Yield. |
| Loan Cut-off Date Balance Underwritten NOI DSCR |
Underwritten NOI ($) divided by the lesser of i) Loan Annual Debt Service Payment (IO) ($) and ii) Loan Annual Debt Service Payment (Cap) ($). |
| Loan Cut-off Date Balance Underwritten NCF DSCR |
Underwritten NCF ($) divided by the lesser of i) Loan Annual Debt Service Payment (IO) ($) and ii) Loan Annual Debt Service Payment (Cap) ($). |
| Loan Cut-off Date Balance Underwritten NOI Debt Yield |
Underwritten NOI ($) divided by Loan Cut-off Date Balance ($). |
| Loan Cut-off Date Balance Underwritten NCF Debt Yield |
Underwritten NCF ($) divided by Loan Cut-off Date Balance ($). |
| Attribute |
Calculation Methodology |
| Collateral Interest Cut-off Date Balance Underwritten NOI DSCR |
Set to equal Loan Cut-off Date Balance Underwritten NOI DSCR. |
| Collateral Interest Cut-off Date Balance Underwritten NCF DSCR |
Set to equal Loan Cut-off Date Balance Underwritten NCF DSCR. |
| Collateral Interest Cut-off Date Balance Underwritten NOI Debt Yield |
Set to equal Loan Cut-off Date Balance Underwritten NOI Debt Yield. |
| Collateral Interest Cut-off Date Balance Underwritten NCF Debt Yield |
Set to equal Loan Cut-off Date Balance Underwritten NCF Debt Yield. |
| Fully Funded Loan Underwritten Stabilized NOI DSCR |
Underwritten Stabilized NOI ($) divided by the lesser of i) product of Loan Balloon Balance ($), Loan Cut-off Date Interest Rate and 365/360 and ii) product of Loan Balloon Balance ($), Loan Rate Cap and 365/360. |
| Fully Funded Loan Underwritten Stabilized NCF DSCR |
Underwritten Stabilized NCF ($) divided by the lesser of i) product of Loan Balloon Balance ($), Loan Cut-off Date Interest Rate and 365/360 and ii) product of Loan Balloon Balance ($), Loan Rate Cap and 365/360. |
| Fully Funded Loan Underwritten Stabilized NOI Debt Yield |
Underwritten Stabilized NOI ($) divided by Loan Balloon Balance ($). |
| Fully Funded Loan Underwritten Stabilized NCF Debt Yield |
Underwritten Stabilized NCF ($) divided by Loan Balloon Balance ($). |
| Collateral Interest Underwritten Stabilized NOI DSCR |
Set to equal Fully Funded Loan Underwritten Stabilized NOI DSCR. |
| Collateral Interest Underwritten Stabilized NCF DSCR |
Set to equal Fully Funded Loan Underwritten Stabilized NCF DSCR. |
| Collateral Interest Underwritten Stabilized NOI Debt Yield |
Set to equal Fully Funded Loan Underwritten Stabilized NOI Debt Yield. |
| Collateral Interest Underwritten Stabilized NCF Debt Yield |
Set to equal Fully Funded Loan Underwritten Stabilized NCF Debt Yield. |
| Fully Funded Loan Appraisal Stabilized NOI DSCR |
Appraisal Stabilized NOI ($) divided by the lesser of i) product of Loan Balloon Balance ($), Loan Cut-off Date Interest Rate and 365/360 and ii) product of Loan Balloon Balance ($), Loan Rate Cap and 365/360. |
| Attribute |
Calculation Methodology |
| Fully Funded Loan Appraisal Stabilized NCF DSCR |
Appraisal Stabilized NCF ($) divided by the lesser of i) product of Loan Balloon Balance ($), Loan Cut-off Date Interest Rate and 365/360 and ii) product of Loan Balloon Balance ($), Loan Rate Cap and 365/360. |
| Fully Funded Loan Appraisal Stabilized NOI Debt Yield |
Appraisal Stabilized NOI ($) divided by Loan Balloon Balance ($). |
| Fully Funded Loan Appraisal Stabilized NCF Debt Yield |
Appraisal Stabilized NCF ($) divided by Loan Balloon Balance ($). |
| Collateral Interest Appraisal Stabilized NOI DSCR |
Set to equal Fully Funded Loan Appraisal Stabilized NOI DSCR. |
| Collateral Interest Appraisal Stabilized NCF DSCR |
Set to equal Fully Funded Loan Appraisal Stabilized NCF DSCR. |
| Collateral Interest Appraisal Stabilized NOI Debt Yield |
Set to equal Fully Funded Loan Appraisal Stabilized NOI Debt Yield. |
| Collateral Interest Appraisal Stabilized NCF Debt Yield |
Set to equal Fully Funded Loan Appraisal Stabilized NCF Debt Yield. |
| Subordinate Debt Interest Rate |
The sum of Index Rate Assumption (rounded as sourced from the Subordinate Debt Loan Agreement) and the Subordinate Debt Margin. |
| Total Debt Cut-off Date Balance ($) |
Loan Cut-off Date Balance ($) plus Subordinate Debt Cut-off Date Balance ($). |
| Total Debt Cut-off Date As-Is LTV |
Total Debt Cut-off Date Balance ($) divided by As-Is Appraised Value ($). |
| Total Debt Cut-off Date UW NCF DSCR |
Underwritten NCF ($) divided by the sum of (a) the lesser of i) Loan Annual Debt Service Payment (IO) ($) and ii) Loan Annual Debt Service Payment (Cap) ($) and (b) product of i) Subordinate Debt Cut-off Date Balance ($), ii) Subordinate Debt Interest Rate, and iii) 365/360, subject to any subordinate debt rate cap in place. |
| Total Debt Cut-off Date UW NOI DY |
Underwritten NOI ($) divided by Total Debt Cut-off Date Balance ($). |
| Loan Cut-off Date As-Is LTV Ratio |
Loan Cut-off Date Balance ($) divided by As-Is Appraised Value ($). |
| Loan Commitment Maturity Date Stabilized LTV Ratio |
Loan Balloon Balance ($) divided by Stabilized Appraised Value ($). |
| Attribute |
Calculation Methodology |
| Collateral Interest Cut-off Date As-Is LTV Ratio |
Set to equal Loan Cut-off Date As-Is LTV Ratio. |
| Collateral Interest Commitment Maturity Date Stabilized LTV Ratio |
Set to equal Loan Commitment Maturity Date Stabilized LTV Ratio. |
| Largest Tenant Square Feet % |
Largest Tenant Square Feet divided by Number of Units. |
| |
|
| 2nd Largest Tenant Square Feet % |
2nd Largest Tenant Square Feet divided by Number of Units. |
| 3rd Largest Tenant Square Feet % |
3rd Largest Tenant Square Feet divided by Number of Units. |
| 4th Largest Tenant Square Feet % |
4th Largest Tenant Square Feet divided by Number of Units. |
| 5th Largest Tenant Square Feet % |
5th Largest Tenant Square Feet divided by Number of Units. |
INSTRUCTIONS
| 1. | For those Compared Attributes or Recomputed Attributes with the Source Document or Instruction indicated as “Provided by the
Company” we were instructed by the Company to assume the attribute is accurate and not perform any procedure. |
| 2. | The Collateral Interests with Collateral Interest/Mortgaged Property Names equal to “Resia Portfolio”, “Arcadia
Huntsville”, “Hub Fullerton”, “Mogul Portfolio” and “Riverbend East” were not closed as of the
date of this report. Therefore, we were not provided the final Promissory Note, Loan Agreement, Joinder and Reaffirmation Agreement, Settlement
Statement, Title Policy, Guaranties, Management Agreement, TIC Agreement, Cash Management Agreement, Rate Cap Confirmation, Appraisal
Report, Engineering Report, Phase I Environmental Report, Phase II Environmental Report, Company Underwritten Cash Flow Statement, Underwritten
Rent Roll, or other Source Document(s) and we were instructed by the Company to assume that all “Compared Attributes” relating
to these Collateral Interests and related Mortgaged Properties are accurate and not to perform any comparison procedure. |
| 3. | We were instructed by the Company to follow the instructions listed below pertaining to the applicable Collateral Interests and Mortgaged
Properties and Compared Attributes or Recomputed Attribute(s): |
| Collateral Interest/ Property Name(s) |
Compared Attribute(s) or Recomputed Attribute(s) |
Company Instruction |
| TENTEN Campus; Resia Portfolio; Crosswynde Apartments; Centreport Lake; Basecamp; Identity Logan Park; One Foundry Way; Arcadia Huntsville; Adams Hill; The Loop; Bridge Point I-5 Seattle; Hub Fullerton; Mogul Portfolio; Riverbend East |
Loan Cut-off Date Balance Underwritten NOI DSCR; Loan Cut-off Date Balance Underwritten NCF DSCR; Total Debt Cut-off Date UW NCF DSCR |
Set to 1.00x |
| Bridge Point I-5 Seattle; Riverbend East |
Loan Cut-off Date Balance Underwritten NOI Debt Yield; Loan Cut-off Date Balance Underwritten NCF Debt Yield; Total Debt Cut-off Date UW NOI DY |
Set to N/A |
| Adams Hill |
Lockbox Type |
Provided by the Company |
| Bridge Point I-5 Seattle |
Loan Cut-off Date Balance ($) |
Provided by the Company |
| Bridge Point I-5 Seattle |
Collateral Interest Future Funding Participation Cut-off Date Unfunded Balance ($) |
Provided by the Company |
| Crosswynde Apartments |
Year Renovated |
Provided by the Company |
| Crosswynde Apartments |
Occupancy Date |
Provided by the Company |
| Identity Logan Park |
Loan Cut-off Date Balance ($) |
Provided by the Company |
| Collateral Interest/ Property Name(s) |
Compared Attribute(s) or Recomputed Attribute(s) |
Company Instruction |
| The Loop |
First Payment Date |
Provided by the Company |
| Crosswynde Apartments |
Loan Commitment Original Balance / Unit ($)
|
Provided by the Company |
| Crosswynde Apartments |
Loan Balloon Balance / Unit ($)
|
Provided by the Company |