Disclaimer

D2-Natixis Multifamily Mortgage Trust 2026-M1

STATEMENT REGARDING THIS FREE WRITING PROSPECTUS

The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (“SEC”) (SEC File No. 333-274151) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, Natixis Securities Americas LLC, Barclays Capital Inc., BMO Capital Markets Corp., Wells Fargo Securities, LLC, or any other underwriter or dealer participating in this offering will arrange to send you the prospectus upon request.

Nothing in this document constitutes an offer of securities for sale in any jurisdiction where the offer or sale is not permitted. The information contained herein is preliminary as of the date hereof, supersedes any such information previously delivered to you and will be superseded by any such information subsequently delivered and ultimately by the final prospectus relating to the securities. These materials are subject to change, completion, supplement or amendment from time to time.

This free writing prospectus has been prepared by the underwriters for information purposes only and does not constitute, in whole or in part, a prospectus for the purposes of (i) Regulation (EU) 2017/1129 (as amended), (ii) such Regulation as it forms part of UK domestic law, or (iii) Part VI of the UK Financial Services and Markets Act 2000, as amended; and does not constitute an offering document for any other purpose.

STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES AND OTHER INFORMATION

The attached information contains certain tables and other statistical analyses (the “Computational Materials”) which have been prepared in reliance upon information furnished by the Mortgage Loan Seller. Numerous assumptions were used in preparing the Computational Materials, which may or may not be reflected herein. As such, no assurance can be given as to the Computational Materials’ accuracy, appropriateness or completeness in any particular context; or as to whether the Computational Materials and/or the assumptions upon which they are based reflect present market conditions or future market performance. The Computational Materials should not be construed as either projections or predictions or as legal, tax, financial or accounting advice. You should consult your own counsel, accountant and other advisors as to the legal, tax, business, financial and related aspects of a purchase of these securities. Any weighted average lives, yields and principal payment periods shown in the Computational Materials are based on prepayment and/or loss assumptions, and changes in such prepayment and/or loss assumptions may dramatically affect such weighted average lives, yields and principal payment periods. In addition, it is possible that prepayments or losses on the underlying assets will occur at rates higher or lower than the rates shown in the attached Computational Materials. The specific characteristics of the securities may differ from those shown in the Computational Materials due to differences between the final underlying assets and the preliminary underlying assets used in preparing the Computational Materials. The principal amount and designation of any security described in the Computational Materials are subject to change prior to issuance. None of Natixis Securities Americas LLC, Barclays Capital Inc., BMO Capital Markets Corp., Wells Fargo Securities, LLC or any of their respective affiliates, make any representation or warranty as to the actual rate or timing of payments or losses on any of the underlying assets or the payments or yield on the securities. The information in this presentation is based upon management forecasts and reflects prevailing conditions and management’s views as of this date, all of which are subject to change. In preparing this presentation, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or which was provided to us by or on behalf of the Mortgage Loan Seller or which was otherwise reviewed by us.

This free writing prospectus contains certain forward-looking statements. If and when included in this free writing prospectus, the words “expects”, “intends”, “anticipates”, “estimates” and analogous expressions and all statements that are not historical facts, including statements about our beliefs or expectations, are intended to identify forward-looking statements. Any forward-looking statements are made subject to risks and uncertainties which could cause actual results to differ materially from those stated. Those risks and uncertainties include, among other things, declines in general economic and business conditions, increased competition, changes in demographics, changes in political and social conditions, regulatory initiatives and changes in customer preferences, many of which are beyond our control and the control of any other person or entity related to this offering. The forward-looking statements made in this free writing prospectus are made as of the date stated on the cover. We have no obligation to update or revise any forward-looking statement.

Natixis is the marketing name for Natixis Securities Americas LLC.

BMO Capital Markets is a trade name used by BMO Financial Group for the wholesale banking businesses of Bank of Montreal, BMO Harris Bank N.A. (member FDIC), Bank of Montreal Europe p.l.c., and Bank of Montreal (China) Co. Ltd, the institutional broker dealer business of BMO Capital Markets Corp. (Member FINRA and SIPC) and the agency broker dealer business of Clearpool Execution Services, LLC (Member FINRA and SIPC) in the U.S., and the institutional broker dealer businesses of BMO Nesbitt Burns Inc. (Member Investment Industry Regulatory Organization of Canada and Member Canadian Investor Protection Fund) in Canada and Asia, Bank of Montreal Europe p.l.c. (authorized and regulated by the Central Bank of Ireland) in Europe and BMO Capital Markets Limited (authorized and regulated by the Financial Conduct Authority) in the UK and Australia.

Wells Fargo Securities is the trade name for the capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including but not limited to Wells Fargo Securities, LLC, a member of the New York Stock Exchange, the Financial Industry Regulatory Authority (“FINRA”), the National Futures Association (“NFA”) and the Securities Investor Protection Corporation (“SIPC”), Wells Fargo Prime Services, LLC, a member of FINRA, NFA and SIPC, and Wells Fargo Bank, National Association, Wells Fargo Securities, LLC and Wells Fargo Prime Services, LLC are distinct entities from affiliated banks and thrifts.

IMPORTANT NOTICE REGARDING THE OFFERED CERTIFICATES

The information herein is preliminary and may be supplemented or amended prior to the time of sale. In addition, the Offered Certificates referred to in these materials and the asset pool backing them are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis.

The underwriters described in these materials may from time to time perform investment banking services for, or solicit investment banking business from, any company named in these materials. The underwriters and/or their affiliates or respective employees may from time to time have a long or short position in any security or contract discussed in these materials.

The information contained herein supersedes any previous such information delivered to any prospective investor and will be superseded by information delivered to such prospective investor prior to the time of sale.

IMPORTANT NOTICE RELATING TO AUTOMATICALLY-GENERATED EMAIL DISCLAIMERS

Any legends, disclaimers or other notices that may appear at the bottom of any email communication to which this free writing prospectus is attached relating to (1) these materials not constituting an offer (or a solicitation of an offer), (2) any representation that these materials are accurate or complete and may not be updated or (3) these materials possibly being confidential, are not applicable to these materials and should be disregarded. Such legends, disclaimers or other notices have been automatically generated as a result of these materials having been sent via Bloomberg or another system.

Loan ID Number	Loan / Property Flag	Footnotes (for Loan and Property Information)	# of Properties	Property Name	General Property Type	Detailed Property Type	Year Built	Year Renovated	Number of Units	Unit of Measure	Loan Per Unit ($)	Original Balance ($)	Cut-off Date Balance ($)	Maturity/ARD Balance ($)	Interest Rate %	Administrative Fee Rate %
					⁽²⁾	⁽²⁾			⁽³⁾			^(6),(7)	^(6),(7)	^(6),(7)		⁽⁸⁾
1	Loan	2, 19, 27, 28	1	Redwood Campus Center	Multifamily	Mid-Rise	1992	2021	395	Units	99,146.20	39,162,750	39,162,750	39,162,750	6.70000%	0.02869%
2	Loan	2, 27, 30	1	The Helm on the Allegheny	Multifamily	High-Rise	2021	NAP	219	Units	173,515.98	38,000,000	38,000,000	38,000,000	6.43500%	0.02869%
3	Loan	16, 19, 25	1	Star Westheimer	Multifamily	Garden	1967	2024	330	Units	107,272.73	35,400,000	35,400,000	35,400,000	6.25000%	0.02869%
4	Loan	16, 20, 27, 28	1	Royal Blue	Multifamily	Mid-Rise	2025	NAP	54	Units	574,074.07	31,000,000	31,000,000	31,000,000	6.25000%	0.02869%
5	Loan	17, 19, 27, 30	1	Aviator at Brooks	Multifamily	Garden	2016	NAP	280	Units	106,250.00	29,750,000	29,750,000	29,750,000	6.19000%	0.02869%
6	Loan	19	1	Prospect Row at the Enclave	Multifamily	Student Housing	2021, 2022	NAP	193	Beds	147,668.39	28,500,000	28,500,000	28,500,000	6.40000%	0.02869%
7	Loan	19, 20	1	Icon Broadway	Multifamily	Garden	1982	2024	300	Units	81,876.67	24,563,000	24,563,000	24,563,000	6.00000%	0.02869%
8	Loan		1	Little Torch Cottages	Multifamily	Garden	2014	NAP	50	Units	465,800.00	23,290,000	23,290,000	23,290,000	5.90000%	0.02869%
9	Loan	19, 30	1	The Links	Multifamily	Garden	1974-1980	2024	158	Units	135,759.49	21,450,000	21,450,000	21,450,000	6.43000%	0.02869%
10	Loan	2, 25	1	Midline Apartments	Multifamily	Mid-Rise	2021	NAP	154	Units	131,168.83	20,200,000	20,200,000	20,200,000	5.94800%	0.02869%
11	Loan	16, 19, 20, 27, 30	1	1010 Bedford-Stuyvesant	Multifamily	Mid-Rise	2023	NAP	36	Units	527,777.78	19,000,000	19,000,000	19,000,000	5.68000%	0.02869%
12	Loan		1	Avaya Stafford	Multifamily	Garden	1978	2022	176	Units	102,272.73	18,000,000	18,000,000	18,000,000	5.91500%	0.02869%
13	Loan		1	The Lodge at St. Moritz	Multifamily	Garden	1970	2024	142	Units	126,760.56	18,000,000	18,000,000	18,000,000	5.88000%	0.02869%
14	Loan	25	1	Star Villa Ana	Multifamily	Garden	1979	2022-2024	176	Units	100,852.27	17,750,000	17,750,000	17,750,000	6.53500%	0.02869%
15	Loan	19, 33	1	The Maynard of Augusta	Multifamily	Garden	1986	2020	236	Units	68,220.34	16,100,000	16,100,000	16,100,000	6.28000%	0.02869%
16	Loan	28	1	Townes at Southpark	Multifamily	Townhome	2022	NAP	19	Units	789,473.68	15,000,000	15,000,000	15,000,000	5.92500%	0.02869%
17	Loan	6, 27, 30	2	The William and The Geoffrey	Multifamily	Mid-Rise	2021	NAP	12	Units	1,233,333.33	14,800,000	14,800,000	14,800,000	5.76000%	0.02869%
17.01	Property		1	The William, 436 East 13th Street	Multifamily	Mid-Rise	2021	NAP	6	Units		7,451,566	7,451,566	7,451,566
17.02	Property		1	The Geoffrey, 442 East 13th Street	Multifamily	Mid-Rise	2021	NAP	6	Units		7,348,434	7,348,434	7,348,434
18	Loan	25	1	Nox Apartments	Multifamily	Mid-Rise	2021	NAP	86	Units	153,104.65	13,167,000	13,167,000	13,167,000	5.72100%	0.02869%
19	Loan		1	Hidden Creek Apartments	Multifamily	Garden	1971	2022	183	Units	70,765.03	12,950,000	12,950,000	12,950,000	5.85500%	0.02869%
20	Loan		1	Alpine Studios	Multifamily	Garden	2021	NAP	114	Units	92,543.86	10,550,000	10,550,000	10,550,000	6.06000%	0.02869%

Loan ID Number	Loan / Property Flag	Footnotes (for Loan and Property Information)	# of Properties	Property Name	Net Mortgage Rate %	Monthly Debt Service (P&I) ($)	Monthly Debt Service (IO) ($)	Annual Debt Service (P&I) ($)	Annual Debt Service (IO) ($)	Amortization Type	ARD Loan (Yes / No)	Interest Accrual Method	Original Interest-Only Period (Mos.)	Remaining Interest-Only Period (Mos.)	Original Term To Maturity / ARD (Mos.)	Remaining Term To Maturity / ARD (Mos.)
						⁽⁹⁾	⁽⁹⁾	⁽⁹⁾	⁽⁹⁾		¹¹
1	Loan	2, 19, 27, 28	1	Redwood Campus Center	6.67131%	NAP	221,695.61	NAP	2,660,347.32	Interest Only	No	Actual/360	60	59	60	59
2	Loan	2, 27, 30	1	The Helm on the Allegheny	6.40631%	NAP	206,605.21	NAP	2,479,262.52	Interest Only	No	Actual/360	60	60	60	60
3	Loan	16, 19, 25	1	Star Westheimer	6.22131%	NAP	186,935.76	NAP	2,243,229.12	Interest Only	No	Actual/360	60	56	60	56
4	Loan	16, 20, 27, 28	1	Royal Blue	6.22131%	NAP	163,700.81	NAP	1,964,409.72	Interest Only	No	Actual/360	60	59	60	59
5	Loan	17, 19, 27, 30	1	Aviator at Brooks	6.16131%	NAP	155,591.81	NAP	1,867,101.72	Interest Only	No	Actual/360	60	54	60	54
6	Loan	19	1	Prospect Row at the Enclave	6.37131%	NAP	154,111.11	NAP	1,849,333.32	Interest Only	No	Actual/360	60	50	60	50
7	Loan	19, 20	1	Icon Broadway	5.97131%	NAP	124,520.76	NAP	1,494,249.12	Interest Only	No	Actual/360	60	57	60	57
8	Loan		1	Little Torch Cottages	5.87131%	NAP	116,099.57	NAP	1,393,194.84	Interest Only	No	Actual/360	60	59	60	59
9	Loan	19, 30	1	The Links	6.40131%	NAP	116,532.59	NAP	1,398,391.08	Interest Only	No	Actual/360	60	53	60	53
10	Loan	2, 25	1	Midline Apartments	5.91931%	NAP	101,515.29	NAP	1,218,183.48	Interest Only	No	Actual/360	60	56	60	56
11	Loan	16, 19, 20, 27, 30	1	1010 Bedford-Stuyvesant	5.65131%	NAP	91,182.41	NAP	1,094,188.92	Interest Only	No	Actual/360	60	55	60	55
12	Loan		1	Avaya Stafford	5.88631%	NAP	89,957.29	NAP	1,079,487.48	Interest Only	No	Actual/360	60	51	60	51
13	Loan		1	The Lodge at St. Moritz	5.85131%	NAP	89,425.00	NAP	1,073,100.00	Interest Only	No	Actual/360	60	57	60	57
14	Loan	25	1	Star Villa Ana	6.50631%	NAP	98,006.09	NAP	1,176,073.08	Interest Only	No	Actual/360	60	59	60	59
15	Loan	19, 33	1	The Maynard of Augusta	6.25131%	NAP	85,426.90	NAP	1,025,122.80	Interest Only	No	Actual/360	60	56	60	56
16	Loan	28	1	Townes at Southpark	5.89631%	NAP	75,091.15	NAP	901,093.80	Interest Only	No	Actual/360	60	53	60	53
17	Loan	6, 27, 30	2	The William and The Geoffrey	5.73131%	NAP	72,026.67	NAP	864,320.04	Interest Only	No	Actual/360	60	57	60	57
17.01	Property		1	The William, 436 East 13th Street
17.02	Property		1	The Geoffrey, 442 East 13th Street
18	Loan	25	1	Nox Apartments	5.69231%	NAP	63,645.53	NAP	763,746.36	Interest Only	No	Actual/360	60	58	60	58
19	Loan		1	Hidden Creek Apartments	5.82631%	NAP	64,062.78	NAP	768,753.36	Interest Only	No	Actual/360	60	52	60	52
20	Loan		1	Alpine Studios	6.03131%	NAP	54,017.47	NAP	648,209.64	Interest Only	No	Actual/360	60	59	60	59

Loan ID Number	Loan / Property Flag	Footnotes (for Loan and Property Information)	# of Properties	Property Name	Original Amortization Term (Mos.)	Remaining Amortization Term (Mos.)	Origination Date	Seasoning (Mos.)	Payment Due Date	First Payment Date	First P&I Payment Date	Maturity Date or Anticipated Repayment Date	Final Maturity Date	Grace Period - Late Fee (Days)	Grace Period - Default (Days)	Original String
														⁽¹⁰⁾	⁽¹⁰⁾	⁽¹²⁾
1	Loan	2, 19, 27, 28	1	Redwood Campus Center	0	0	7/1/2026	1	6	8/6/2026	NAP	7/6/2031	7/6/2031	0	0	L(25),D(31),O(4)
2	Loan	2, 27, 30	1	The Helm on the Allegheny	0	0	7/15/2026	0	6	9/6/2026	NAP	8/6/2031	8/6/2031	0	0	YM1(24),DorYM1(32),O(4)
3	Loan	16, 19, 25	1	Star Westheimer	0	0	3/27/2026	4	8	5/8/2026	NAP	4/8/2031	4/8/2031	0	0	L(28),DorYM1(25),O(7)
4	Loan	16, 20, 27, 28	1	Royal Blue	0	0	6/29/2026	1	6	8/6/2026	NAP	7/6/2031	7/6/2031	0	0	L(25),D(31),O(4)
5	Loan	17, 19, 27, 30	1	Aviator at Brooks	0	0	2/6/2026	6	6	3/6/2026	NAP	2/6/2031	2/6/2031	0	0	L(30),D(26),O(4)
6	Loan	19	1	Prospect Row at the Enclave	0	0	10/3/2025	10	6	11/6/2025	NAP	10/6/2030	10/6/2030	0	0	L(34),D(22),O(4)
7	Loan	19, 20	1	Icon Broadway	0	0	4/30/2026	3	6	6/6/2026	NAP	5/6/2031	5/6/2031	0	0	L(27),D(29),O(4)
8	Loan		1	Little Torch Cottages	0	0	6/18/2026	1	6	8/6/2026	NAP	7/6/2031	7/6/2031	0	0	L(25),D(31),O(4)
9	Loan	19, 30	1	The Links	0	0	12/17/2025	7	6	2/6/2026	NAP	1/6/2031	1/6/2031	0	0	L(31),D(25),O(4)
10	Loan	2, 25	1	Midline Apartments	0	0	3/16/2026	4	6	5/6/2026	NAP	4/6/2031	4/6/2031	0	0	L(28),DorYM1(25),O(7)
11	Loan	16, 19, 20, 27, 30	1	1010 Bedford-Stuyvesant	0	0	2/27/2026	5	6	4/6/2026	NAP	3/6/2031	3/6/2031	0	0	L(29),D(27),O(4)
12	Loan		1	Avaya Stafford	0	0	10/28/2025	9	6	12/6/2025	NAP	11/6/2030	11/6/2030	0	0	L(33),DorYM1(23),O(4)
13	Loan		1	The Lodge at St. Moritz	0	0	5/5/2026	3	6	6/6/2026	NAP	5/6/2031	5/6/2031	0	0	L(27),DorYM1(29),O(4)
14	Loan	25	1	Star Villa Ana	0	0	7/8/2026	1	8	8/8/2026	NAP	7/8/2031	7/8/2031	0	0	L(25),DorYM1(28),O(7)
15	Loan	19, 33	1	The Maynard of Augusta	0	0	3/23/2026	4	6	5/6/2026	NAP	4/6/2031	4/6/2031	0	0	L(28),DorYM1(28),O(4)
16	Loan	28	1	Townes at Southpark	0	0	12/11/2025	7	6	2/6/2026	NAP	1/6/2031	1/6/2031	0	0	L(31),D(22),O(7)
17	Loan	6, 27, 30	2	The William and The Geoffrey	0	0	5/7/2026	3	7	6/7/2026	NAP	5/7/2031	5/7/2031	0	0	L(27),D(29),O(4)
17.01	Property		1	The William, 436 East 13th Street
17.02	Property		1	The Geoffrey, 442 East 13th Street
18	Loan	25	1	Nox Apartments	0	0	6/4/2026	2	6	7/6/2026	NAP	6/6/2031	6/6/2031	0	0	L(26),DorYM1(27),O(7)
19	Loan		1	Hidden Creek Apartments	0	0	11/12/2025	8	6	1/6/2026	NAP	12/6/2030	12/6/2030	0	0	L(32),DorYM1(24),O(4)
20	Loan		1	Alpine Studios	0	0	6/11/2026	1	6	8/6/2026	NAP	7/6/2031	7/6/2031	0	0	L(25),DorYM1(28),O(7)

Loan ID Number	Loan / Property Flag	Footnotes (for Loan and Property Information)	# of Properties	Property Name	Most Recent EGI ($)	Most Recent Expenses ($)	Most Recent NOI ($)	Most Recent NOI Date	Most Recent Description	Second Most Recent EGI ($)	Second Most Recent Expenses ($)	Second Most Recent NOI ($)	Second Most Recent NOI Date	Second Most Recent Description	Third Most Recent EGI ($)
							⁽³¹⁾	⁽¹⁶⁾					⁽¹⁶⁾
1	Loan	2, 19, 27, 28	1	Redwood Campus Center	7,400,819	4,172,535	3,228,284	4/30/2026	T-12	7,365,781	4,006,353	3,359,428	12/31/2025	T-12	6,367,618
2	Loan	2, 27, 30	1	The Helm on the Allegheny	4,712,999	1,726,834	2,986,165	5/31/2026	T-12	4,681,899	1,609,070	3,072,830	12/31/2025	T-12	4,517,637
3	Loan	16, 19, 25	1	Star Westheimer	4,568,049	2,031,358	2,536,691	2/28/2026	T-12	4,612,413	2,048,657	2,563,756	12/31/2025	T-12	4,558,177
4	Loan	16, 20, 27, 28	1	Royal Blue	1,196,076	286,379	909,697	4/30/2026	T-12	NAV	NAV	NAV	NAV	NAV	NAV
5	Loan	17, 19, 27, 30	1	Aviator at Brooks	3,714,939	1,311,487	2,403,451	2/28/2026	T-12	3,747,136	1,320,941	2,426,195	12/31/2025	T-12	3,757,043
6	Loan	19	1	Prospect Row at the Enclave	3,185,850	989,195	2,196,654	2/28/2026	T-12	3,196,708	1,017,175	2,179,533	12/31/2025	T-12	3,034,161
7	Loan	19, 20	1	Icon Broadway	3,752,652	1,692,246	2,060,406	2/28/2026	T-12	3,760,561	1,694,966	2,065,595	12/31/2025	T-12	3,717,712
8	Loan		1	Little Torch Cottages	2,665,299	876,319	1,788,980	4/30/2026	T-12	2,598,759	948,059	1,650,700	12/31/2025	T-12	2,472,139
9	Loan	19, 30	1	The Links	2,502,447	758,876	1,743,572	2/28/2026	T-12	2,496,953	760,047	1,736,907	10/31/2025	T-12	2,111,586
10	Loan	2, 25	1	Midline Apartments	2,806,253	1,289,099	1,517,154	1/31/2026	T-12	2,804,351	1,296,421	1,507,930	12/31/2025	T-12	2,813,135
11	Loan	16, 19, 20, 27, 30	1	1010 Bedford-Stuyvesant	1,517,805	307,415	1,210,390	1/31/2026	T-12	1,558,285	309,232	1,249,053	12/31/2025	T-12	1,108,971
12	Loan		1	Avaya Stafford	2,429,317	1,006,442	1,422,875	2/28/2026	T-12	2,437,750	1,008,132	1,429,618	12/31/2025	T-12	2,365,924
13	Loan		1	The Lodge at St. Moritz	2,423,219	402,197	2,021,022	3/31/2026	T-12	2,110,375	452,072	1,658,304	12/31/2025	T-12	1,010,698
14	Loan	25	1	Star Villa Ana	2,357,417	910,814	1,446,603	5/31/2026	T-12	2,364,058	960,890	1,403,168	12/31/2025	T-12	2,396,560
15	Loan	19, 33	1	The Maynard of Augusta	2,815,053	1,519,335	1,295,719	2/28/2026	T-12	2,748,156	1,518,476	1,229,681	12/31/2025	T-12	2,754,330
16	Loan	28	1	Townes at Southpark	1,407,559	462,133	945,425	2/28/2026	T-12	1,296,728	463,734	832,994	12/31/2025	T-12	1,478,877
17	Loan	6, 27, 30	2	The William and The Geoffrey	1,728,130	706,376	1,021,754	3/31/2026	T-12	1,671,971	583,345	1,088,626	12/31/2025	T-12	1,657,571
17.01	Property		1	The William, 436 East 13th Street
17.02	Property		1	The Geoffrey, 442 East 13th Street
18	Loan	25	1	Nox Apartments	1,744,584	825,462	919,122	4/30/2026	T-12	1,735,075	811,157	923,918	12/31/2025	T-12	1,604,886
19	Loan		1	Hidden Creek Apartments	2,226,786	1,330,331	896,455	2/28/2026	T-12	2,200,908	1,307,656	893,252	12/31/2025	T-12	2,026,930
20	Loan		1	Alpine Studios	1,526,304	727,553	798,751	4/30/2026	T-12	1,548,616	693,003	855,613	12/31/2025	T-12	1,608,915

Loan ID Number	Loan / Property Flag	Footnotes (for Loan and Property Information)	# of Properties	Property Name	Third Most Recent Expenses ($)	Third Most Recent NOI ($)	Third Most Recent NOI Date	Third Most Recent Description	Underwritten Economic Occupancy (%)	Underwritten EGI ($)	Underwritten Expenses ($)	Underwritten Net Operating Income ($)	Underwritten Replacement / FF&E Reserve ($)	Underwritten TI / LC ($)
							⁽¹⁶⁾					⁽³¹⁾	⁽¹⁵⁾	⁽¹⁵⁾
1	Loan	2, 19, 27, 28	1	Redwood Campus Center	3,698,687	2,668,931	12/31/2024	T-12	91.9%	7,782,102	4,185,548	3,596,555	98,750	0
2	Loan	2, 27, 30	1	The Helm on the Allegheny	1,453,934	3,063,703	12/31/2024	T-12	89.0%	4,847,207	1,815,597	3,031,610	54,935	0
3	Loan	16, 19, 25	1	Star Westheimer	2,036,203	2,521,974	12/31/2024	T-12	82.0%	4,820,998	1,975,047	2,845,951	82,692	0
4	Loan	16, 20, 27, 28	1	Royal Blue	NAV	NAV	NAV	NAV	92.6%	2,965,710	453,712	2,511,998	13,500	0
5	Loan	17, 19, 27, 30	1	Aviator at Brooks	1,437,667	2,319,375	12/31/2024	T-12	89.4%	3,696,649	1,378,922	2,317,726	70,000	0
6	Loan	19	1	Prospect Row at the Enclave	918,119	2,116,043	12/31/2024	T-12	91.6%	3,214,039	969,351	2,244,688	28,950	0
7	Loan	19, 20	1	Icon Broadway	1,801,326	1,916,385	12/31/2024	T-12	86.5%	3,673,127	1,584,004	2,089,123	75,000	0
8	Loan		1	Little Torch Cottages	1,086,044	1,386,095	12/31/2024	T-12	94.7%	2,669,020	918,672	1,750,348	10,000	0
9	Loan	19, 30	1	The Links	762,847	1,348,739	12/31/2024	T-12	93.5%	2,481,643	762,545	1,719,098	41,885	0
10	Loan	2, 25	1	Midline Apartments	1,271,894	1,541,240	12/31/2024	T-12	87.0%	2,933,715	1,400,067	1,533,648	31,155	0
11	Loan	16, 19, 20, 27, 30	1	1010 Bedford-Stuyvesant	250,232	858,739	12/31/2024	T-12	95.0%	1,634,088	293,093	1,340,995	9,000	0
12	Loan		1	Avaya Stafford	1,012,462	1,353,462	12/31/2024	T-12	91.9%	2,441,389	1,040,458	1,400,931	35,200	0
13	Loan		1	The Lodge at St. Moritz	520,279	490,418	12/31/2024	T-12	92.5%	2,532,250	985,593	1,546,657	35,500	0
14	Loan	25	1	Star Villa Ana	971,539	1,425,021	12/31/2024	T-12	90.9%	2,474,172	1,002,189	1,471,983	35,200	0
15	Loan	19, 33	1	The Maynard of Augusta	1,545,850	1,208,480	12/31/2024	T-12	89.3%	2,986,042	1,400,705	1,585,337	59,000	0
16	Loan	28	1	Townes at Southpark	383,657	1,095,220	12/31/2024	T-12	95.0%	1,566,279	468,996	1,097,283	4,750	0
17	Loan	6, 27, 30	2	The William and The Geoffrey	591,206	1,066,365	12/31/2024	T-12	96.5%	1,681,783	639,396	1,042,387	3,000	0
17.01	Property		1	The William, 436 East 13th Street
17.02	Property		1	The Geoffrey, 442 East 13th Street
18	Loan	25	1	Nox Apartments	823,025	781,861	12/31/2024	T-12	92.6%	1,790,586	828,843	961,743	17,200	0
19	Loan		1	Hidden Creek Apartments	1,231,486	795,444	12/31/2024	T-12	86.2%	2,301,043	1,332,802	968,241	46,000	0
20	Loan		1	Alpine Studios	792,033	816,882	12/31/2024	T-12	92.4%	1,647,173	793,386	853,787	28,500	0

		FREE WRITING PROSPECTUS
		FILED PURSUANT TO RULE 433
		REGISTRATION FILE NO.: 333-274151-01

(1)	“NREC” denotes Natixis Real Estate Capital LLC as Mortgage Loan Seller.

(2)	With respect to Loan No. 1, Redwood Campus Center, the mortgaged property is comprised of (i) 395 multifamily units and (ii) one 4,000 square foot commercial unit. With respect to Loan No. 2, The Helm on the Allegheny, the mortgaged property is comprised of (i) 250 multifamily units and (ii) one 1,232 square foot commercial unit. With respect to Loan No. 10, Midline Apartments, the mortgaged property is comprised of (i) 154 multifamily units and (ii) one 1,286 square feet commercial unit.

(3)	Certain mortgage loans include ground-leased parcels occupied by tenants in the calculation of the mortgaged property's total square footage and occupancy.

(4)	In certain cases, mortgaged properties may have tenants that have executed leases that were included in the underwriting but that have not yet commenced paying rent and/or are not in occupancy. For tenants that are one of the top 5 tenants (by net rentable area leased) for the 15 largest mortgage loans, certain of such tenants have not taken possession or commenced paying rent or sublease a material portion of their property.

(5)	With respect to all mortgage loans, with the exceptions of the mortgage loans listed identified in “Description of the Mortgage Pool—Certain Calculations and Definitions” in the prospectus, the Cut-off Date LTV Ratio (%) and the LTV Ratio at Maturity / ARD (%) are based on the Appraised Value ($) even though, for certain mortgage loans, the appraisal provided “as-stabilized” values based on certain criteria being met.

(6)	For mortgage loans secured by multiple mortgaged properties, each mortgage loan’s Original Balance ($), Cut-off Date Balance ($) and Maturity / ARD Balance ($) are allocated to the respective mortgaged property based on the mortgage loan’s documentation, or if no such allocation is provided in the mortgage loan documentation, the mortgage loan seller’s determination of the appropriate allocation. ● Loan No. 17, The William and The Geoffrey

(7)	The Original Balance ($), Cut-off Date Balance ($), and Maturity / ARD Balance ($) represent only the mortgage loan included in the issuing entity. The Underwritten NOI DSCR (x), Underwritten NCF DSCR (x), Cut-off Date LTV Ratio (%), LTV Ratio at Maturity / ARD (%), Underwritten NOI Debt Yield (%), Underwritten NCF Debt Yield (%) and Loan per Unit ($) are calculated based on the mortgage loan included in the issuing entity and the related pari passu companion loans in the aggregate but exclude any subordinate companion loan(s).

(8)	The Administrative Fee Rate % includes the Servicing Fee, the Operating Advisor Fee, the Certificate Administrator/Trustee & Paying Agent Fee, the Asset Representations Reviewer Fee and the CREFC® Intellectual Property Royalty License Fee applicable to each mortgage loan.

(9)	For the mortgage loans with an interest-only period that accrues interest on an Actual/360 basis, the Monthly Debt Service (IO) ($) was calculated as 1/12th of the product of (i) the Original Balance ($), (ii) the Interest Rate % and (iii) 365/360.

(10)	Intentionally left blank.

(11)	Intentionally left blank.

(12)	The “L” component of the prepayment provision represents lockout payments. The “D” component of the prepayment provision represents defeasance payments. The “YM” component of the prepayment provision represents yield maintenance payments. The “YM1” component of the prepayment provision represents the greater of (i) yield maintenance or (ii) 1% of the outstanding principal balance of the mortgage loan at the time of prepayment. The “1%” component of the prepayment provision represents 1% of the outstanding principal balance of the mortgage loan at the time of prepayment. The “O” Component of the prepayment provision represents the free payments including the Maturity Date. Certain mortgage loans permit the release of a portion of a mortgaged property (or an individual mortgaged property, in connection with a portfolio mortgage loan) under various circumstances, as described in the prospectus. See “Description of the Mortgage Pool—Certain Terms of the Mortgage Loans—Releases; Partial Releases; Property Additions” in the prospectus.

(13)	Refers to (a) debt secured by the mortgaged property, (b) mezzanine debt and (c) preferred equity. See “Description of the Mortgage Pool—Additional Indebtedness—Mezzanine Indebtedness,” “—Preferred Equity” and “Certain Legal Aspects of Mortgage Loans” in the prospectus for information related to mortgage loans with subordinate, mezzanine or other additional debt or preferred equity that permit subordinate, mezzanine or other additional debt in the future.

(14)	The Underwritten NOI DSCR (x), Underwritten NCF DSCR (x), Whole Loan Underwritten NCF DSCR (x) and Total Debt Underwritten NCF DSCR (x) for all partial interest-only mortgage loans were calculated based on the first 12 principal and interest payments after the origination date during the term of the mortgage loan.

(15)	In certain cases, Underwritten TI / LC ($) is inclusive of certain credits for upfront reserves taken at closing.

(16)	With respect to some mortgage loans, historical financial information may not be available as a result of acquisition financing and/or recent construction. With respect to Loan No. 3, Star Westheimer, historical cash flow prior to 2024 are unavailable as the borrower sponsors acquired the mortgaged property in 2023. With respect to Loan No. 4, Royal Blue, historical financials are unavailable as the mortgaged property is was built in 2025. With respect to Loan No. 11, 1010 Bedford-Stuyvesant, historical financials are unavailable prior to 2024 as the mortgaged property was built in 2023.

(17)	With respect to Loan No. 5, Aviator at Brooks, the mortgaged property is subject to a ground lease between the borrower, Aviator Apartments Lessee LP, as ground lessee, and Brooks Development Authority, as ground lessor. The initial term of the ground lease expires on March 3, 2097, with no options to renew or extend. The entire ground lease was paid for upfront for $32.9 million with no future ground lease base rent payments due. A monthly common area maintenance charge is due, which, as of February 1, 2026, is calculated as an amount equal to 1/12th of 2.3509% of the effective gross income for the immediately preceding calendar year (approximately $89,990 in common area maintenance annually per the lease).

(18)	Represents the amount deposited by the borrower at origination. All or a portion of this amount may have been released pursuant to the terms of the related mortgage loan documents.

(19)	Represents the monthly amounts required to be deposited by the borrower. The monthly collected amounts may be increased or decreased pursuant to the terms of the related mortgage loan documents. In certain other cases, all excess cash flow will be swept into reserve accounts in the event of certain conditions being triggered in the respective mortgage loan documents.With respect to Loan No. 1, Redwood Campus Center, within five business days after the occurrence of a Carry Reserve Trigger Event (as defined below), the borrower is required to deposit an amount equal to $750,000 into a carry reserve account for the payment of debt service shortfalls. If at any time after the initial Carry Reserve Trigger Event, but prior to a carry reserve termination event (as defined in the Redwood Campus Center Mortgage Loan documents), the aggregate amount of funds on deposit in the carry reserve account is less than $250,000, then not later than ten business days prior to the next monthly payment date, the borrower is required to pay to the lender for deposit in the carry reserve account an amount sufficient to cause the balance of the carry reserve account to be at least $250,000. A “Carry Reserve Trigger Event” means the date (i) on which Coppin State University (“CSU”) is in default of any monetary or material non-monetary term of the its lease, (ii) CSU (a) terminates its lease or (b) notifies the borrower, manager, or any affiliate of the borrower or manager that it intends to terminate the CSU lease, or (iii) which is the earlier to occur of (y) 180 days prior to the then-current expiration of the term of the CSU lease (which expiration date is currently July 31, 2028), unless, on or prior to such date, the borrower and CSU enter into an acceptable lease extension, and (z) the date CSU notifies the borrower, manager, or any affiliate of the borrower or manager that it does not intend to extend or renew the CSU lease for substantially all of its demised premises.With respect to Loan No. 1, Redwood Campus Center, during the continuance of a cash management trigger event period due to a Cash Management Significant Tenant Trigger Event Period (as defined below), the borrower is required to deposit, on each monthly payment date, all amounts remaining in the lockbox account after all required deposits are made as described in the mortgage loan documents, which amounts will be transferred into a significant tenant reserve account and held as additional security for the mortgage loan. A “Cash Management Significant Tenant Trigger Event” means the date on which (i) CSU is in default of any monetary or material non-monetary term of its lease, (ii) CSU (a) terminates its lease or (b) notifies the borrower, property manager, or any affiliate of the borrower or property manager that it intends to terminate its lease or will not renew or extend its lease pursuant to an acceptable CSU Master Lease extension, or (iii) is six months prior to the expiration of the term of CSU’s lease, unless, on or prior to such date, the borrower and CSU enter into an acceptable extension of the CSU Master Lease.With respect to Loan No. 3, Star Westheimer, monthly insurance deposits are not required for as long as (i) no event of default has occurred or is continuing, (ii) the policies maintained by the borrower are acceptable blanket polices and are in full force and effect, (iii) the borrower provides the lender evidence of renewal of such blanket insurance policies, (iv) the borrower delivers to the lender receipts or other evidence of payment of the insurance premiums as soon as practicable but within 10 business days of the due date and (v) there is no less than approximately $88,034 on deposit in the insurance subaccount. As of the Cut-off Date, a blanket insurance policy is in place for the mortgaged property.

	With respect to Loan No. 5, Aviator at Brooks, monthly real estate tax payments are not required as the mortgaged property is subject to a full tax abatement as part of a long-term ground lease. With respect to Loan No. 6, Prospect Row at the Enclave, monthly insurance deposits are not required for as long as (i) no event of default has occurred or is continuing, (ii) the policies maintained by the borrower are acceptable blanket polices and are in full force and effect, (iii) the borrower provides the lender evidence of renewal of such blanket insurance policies, (iv) the borrower delivers to the lender receipts or other evidence of payment of the insurance premiums as soon as practicable but within 10 business days of the due date and (v) there is at least $52,000 on deposit in the insurance subaccount. As of the Cut-off Date, a blanket insurance policy is in place for the mortgaged property.

	With respect to Loan No. 7, Icon Broadway, on each monthly payment date, the borrower is required to deposit an amount equal to $6,250 for replacement reserves, provided, however, the borrower is not required to make a monthly deposit if the balance of funds held in the replacement reserves account equals or exceeds $250,000. With respect to Loan No. 9, The Links, monthly insurance deposits are not required for as long as (i) no event of default has occurred or is continuing, (ii) the policies maintained by the borrower are acceptable blanket polices and are in full force and effect, (iii) the borrower provides the lender evidence of renewal of such blanket insurance policies, (iv) the borrower delivers to the lender receipts or other evidence of payment of the insurance premiums within 10 business days of the due date and (v) there is at least approximately $26,840 on deposit in the insurance subaccount. As of the Cut-off Date, a blanket policy is in place for the mortgaged property. With respect to Loan No. 11, 1010 Bedford-Stuyvesant, on each monthly payment date, the borrower is required to deposit 1/12th of the condominium common charges due and payable with respect to the non-collateral Skillman Street property (initially, approximately $2,830 per month); provided, however, that so long as the borrower has delivered evidence acceptable to the lender that the owner of the Skillman Street property is paying the condominium common charges with respect to the Skillman Street property directly to the condominium board when due, the borrower will not be obligated to make such deposits. With respect to Loan No. 11, 1010 Bedford-Stuyvesant, if the CityFHEPS reserve account falls below $196,207, the borrower will be required to deposit an amount into the account such that the balance is restored to $196,207. With respect to Loan No. 15, The Maynard of Augusta, monthly insurance deposits are not required for as long as (i) no event of default has occurred or is continuing, (ii) the policies maintained by the borrower are acceptable blanket polices and are in full force and effect, (iii) the borrower provides the lender evidence of renewal of such blanket insurance policies, (iv) the borrower delivers to the lender receipts or other evidence of payment of the insurance premiums as soon as practicable but within 10 business days of the due date and (v) there is at least $28,422 on deposit in the insurance subaccount. As of the Cut-off Date, a blanket insurance policy is in place at the mortgaged property.

(20)	Represents a cap on the amount required to be deposited by the borrower pursuant to the related mortgage loan documents. In certain cases, during the term of the mortgage loan, the caps may be altered or terminated subject to conditions of the respective mortgage loan documents. With respect to Loan No. 4, Royal Blue, the replacement reserves are capped at $13,500. With respect to Loan No. 7, Icon Broadway, the replacement reserves are capped at $250,000.

(21)	In certain cases, the data for tenants occupying multiple spaces includes square footage only from the primary spaces sharing the same expiration date and may not include smaller spaces with different expiration dates.

(22)	With respect to the footnotes hereto, no footnotes have been provided with respect to tenants that are not among the five largest tenants by square footage for any mortgaged property.

(23)	The lease expirations shown are based on full lease terms; however, in some instances, the tenant may have the option to terminate its lease with respect to all or a portion of its leased space prior to the expiration date shown. In addition, in some instances, a tenant may have the right to assign its lease or sublease the leased premises and be released from its obligations under the subject lease.

(24)	Intentionally left blank.

(25)	Each letter identifies a group of related borrowers. With respect to Loan Nos. 3 and 14, Star Westheimer and Star Villa Ana. With respect to Loan Nos. 10 and 18, Midline Apartments and Nox Apartments.

(26)	The classification of the lockbox types is described in the prospectus. See “Description of the Mortgage Pool—Certain Calculations and Definitions” in the prospectus for further details.

(27)	With respect to Loan No. 1, Redwood Campus Center, the mortgaged property benefits from a High-Performance Market-Rate Rental-Citywide Housing (“HPMRRH”) tax credit through Baltimore City. The HPMRRH tax credits incentivize construction of new apartment buildings and the conversion of vacant commercial properties to apartment buildings. The tax credit is a credit against the tax imposed on the increased value of the mortgaged property due to the improvements made to the mortgaged property prior to the final occupancy permit being issued. The tax credits only apply to the residential portion of the mortgaged property, not the retail portion and also only apply to Baltimore City real property taxes. The tax credits began in fiscal tax year 2023 and there are six years remaining in the term (approximately one year past the maturity date of the mortgage loan). The percentage of tax credit applicable starts at 80% for Years 1 through 5 and steps down by 10% each year until the tax credit fully burns off in 2032. With respect to Loan No. 2, The Helm on the Allegheny, the mortgaged property benefits from tax abatement granted through the Local Economic Revitalization Tax Assistance (“LERTA”) Program. The LERTA Program provides tax exemptions to owners of deteriorated commercial and industrial properties that are redeveloped in Allegheny County to encourage private investment and the revitalization of properties. The LERTA abatement provides an exemption for property taxes from the city, county and school district and is a 10-year abatement that runs from 2022 to 2031 and that burns off at a rate of 10% every two years. As one of the conditions to receiving and maintaining the LERTA abatement, the mortgaged property is subject to an affordable unit requirement. In total, 33 of the mortgaged property’s units are restricted, with 11 units restricted to households with incomes at or below 50% of the AMI and 22 units restricted to households with incomes at or below 80% of the AMI. Once the LERTA abatement fully burns off, the affordability restrictions expire and the units currently subject to those restrictions may be re-let at market rents when the existing tenants vacate. According to the appraisal, the unabated real estate taxes would be approximately $508,094 for the 2025/2026 tax year compared to the abated taxes of $87,275 and the underwritten taxes of $132,656. With respect to Loan No. 4, Royal Blue, the mortgaged property has a 20-year payment-in-lieu of taxes (“PILOT”) agreement with the Nassau County Industrial Development Agency (the “IDA”) that commenced in 2025, pursuant to which the borrower is entitled to make PILOT payments equal to $93,500 for years 1 through 4, followed by annual increases of approximately $30,222 per year through year 20, in lieu of full ad valorem real estate taxes. In exchange for such benefits, six of the 54 units the mortgaged property (approximately 11.1% of total units) are designated as affordable, consisting of one studio and two one-bedroom units restricted to tenants earning up to 80% of the AMI and three one-bedroom units restricted to tenants earning up to 100% of the AMI. In connection with the PILOT, the mortgage is a second-priority mortgage, subject to the borrower’s obligation to make PILOT payments, which payments are secured by a first priority PILOT mortgage (the “PILOT Mortgage”) in favor of the County of Nassau, New York. The borrower’s obligations under the PILOT Mortgage are capped at $577,055.00, plus any enforcement costs and protective advances

	under the mortgage loan documents. Additionally, the borrower escrowed the estimated amount of 12 months of CityFHEPs rental assistance payments.

	With respect to Loan No. 17, The William and The Geoffrey, the mortgaged property is classified as Tax Class 2A (under 10 units per building) and benefits from the 8-30 tax cap limitation, which restricts annual assessment increases to 8% and aggregate increases to 30% over any five-year period.

(28)	With respect to Loan No. 1, Redwood Campus Center, 125 units at the mortgaged property operate pursuant to a master lease with Redwood Campus Center, LLC an affiliate of the borrower, which expires on July 31, 2028. With respect to Loan No. 4, Royal Blue, 32 parking spaces at the mortgage property operate pursuant to a master lease with Searing Group DE, LLC, an affiliate of the borrower, which expires on July 31, 2031. Pursuant to the related mortgage loan documents, the amendment, cancellation, modification, surrender, or termination of the related master lease, or any compromise or waiver by the borrower of any material obligation of the master lessee or its guarantor, constitutes an event of default under the related mortgage loan. With respect to Loan No. 16, Townes at Southpark, the mortgaged property is subject to a one-year master lease, in which the borrower sponsors will rent from the borrower any and all current and future vacant townhome space at the mortgaged property. Rent will be paid monthly in arrears on the first day of each month during the lease term, and the rent payable on such rent payment date will equal the aggregate of the Applicable Rents (as defined below) for every townhome for which there was a vacancy during the entirety of such prior month. “Applicable Rent” means for any townhome the most recent monthly rent paid by a tenant of that townhome. Notwithstanding the foregoing, rent will only be due and payable on such rent payment date if, on such date, either (i) two (2) or more townhomes are vacant or (ii) unit #4006 (current rent $11,000 per month) is vacant.

(29)	Intentionally left blank.

(30)	With respect to Loan No. 2, The Helm on the Allegheny, the related borrower is partially capitalized with a $2,000,000 loan from the Urban Redevelopment Authority (“URA”) of Pittsburgh (the “URA Loan”). The URA Loan is coterminous with mortgage loan. The URA Loan requires interest-only payments at a 4.0% annual rate with full principal due at maturity. The URA Loan is secured by a second mortgage, and all liens under the URA Loan are subordinated to mortgage loan. With respect to Loan No. 5, Aviator at Brooks, at origination the borrower sponsors obtained an approximately $4.7 million preferred equity loan (the “Preferred Equity Loan”) from Lubert-Adler as a preferred equity investor. The Preferred Equity Loan is co-terminus and subordinate to the mortgage loan. With respect to Loan No. 9, The Links, the mortgaged property is subject to a condominium regime, with 158 separate condominium units. The borrower sponsors own all of the condominium units and all common elements, and thus control the condominium association. With respect to Loan No. 11, 1010 Bedford-Stuyvesant, the mortgaged property is subject to a two-unit condominium regime, one for the mortgaged property (“Unit 1”) and the second for the non-collateral parking at 1010 Bedford, a portion of the cellar, and the non-collateral building located at 263 Skillman Street (“Unit 2”) as described under the “Description of the Mortgage Pool—Mortgage Pool Characteristic—Condominium and Other Shared Interests” in the prospectus. The borrower owns Unit 1 (representing a 43.6% interest in the common elements), which includes the entire residential unit and a portion of the cellar and the 1st floor (including the lobby) and all of floors 2-7

	of the mortgaged property. Unit 2 owns a portion of the cellar and a portion of the 1st floor of the mortgaged property as well as the improvements on the 263 Skillman Street property. With respect to Loan No. 17, The William and The Geoffrey, the mortgaged properties consists of two six story apartment buildings operated as one economic unit. The mortgaged properties are on two non-contiguous sites.

(31)	Intentionally left blank.

(32)	Intentionally left blank.

(32)	With respect to Loan No. 15, The Maynard of Augusta, the related borrowers own the mortgaged property as tenants-in-common.

Loan ID Number	Loan / Property Flag	Footnotes (for Loan and Property Information)	# of Properties	Property Name	Underwritten Net Cash Flow ($)	Underwritten NOI DSCR (x)	Underwritten NCF DSCR (x)	Underwritten NOI Debt Yield (%)	Underwritten NCF Debt Yield (%)	Appraised Value ($)	Appraised Value Type	Appraisal Date	Cut-off Date LTV Ratio (%)	LTV Ratio at Maturity / ARD (%)	Leased Occupancy (%)	Occupancy Date
						^{(7), (14)}	^{(7), (14)}	⁽⁷⁾	⁽⁷⁾	⁽⁵⁾	⁽⁵⁾		^(5),(7)	^(5),(7)	^(3),(4)
1	Loan	2, 19, 27, 28	1	Redwood Campus Center	3,497,805	1.35	1.31	9.2%	8.9%	61,400,000	As Is	2/6/2026	63.8%	63.8%	95.4%	6/15/2026
2	Loan	2, 27, 30	1	The Helm on the Allegheny	2,976,675	1.22	1.20	8.0%	7.8%	55,100,000	As Is	11/19/2025	69.0%	69.0%	93.2%	7/1/2026
3	Loan	16, 19, 25	1	Star Westheimer	2,763,258	1.27	1.23	8.0%	7.8%	48,300,000	As Is	2/26/2026	73.3%	73.3%	85.8%	3/13/2026
4	Loan	16, 20, 27, 28	1	Royal Blue	2,498,498	1.28	1.27	8.1%	8.1%	46,900,000	As Is	6/3/2026	66.1%	66.1%	92.6%	6/24/2026
5	Loan	17, 19, 27, 30	1	Aviator at Brooks	2,247,726	1.24	1.20	7.8%	7.6%	43,100,000	As Is	11/6/2025	69.0%	69.0%	93.2%	2/28/2026
6	Loan	19	1	Prospect Row at the Enclave	2,215,738	1.21	1.20	7.9%	7.8%	36,600,000	As Is	8/27/2025	77.9%	77.9%	91.7%	2/28/2026
7	Loan	19, 20	1	Icon Broadway	2,014,123	1.40	1.35	8.5%	8.2%	34,500,000	As Is	3/13/2026	71.2%	71.2%	92.3%	3/17/2026
8	Loan		1	Little Torch Cottages	1,740,348	1.26	1.25	7.5%	7.5%	33,000,000	As Is	5/12/2026	70.6%	70.6%	96.0%	5/5/2026
9	Loan	19, 30	1	The Links	1,677,213	1.23	1.20	8.0%	7.8%	28,400,000	As Is	10/15/2025	75.5%	75.5%	94.3%	3/1/2026
10	Loan	2, 25	1	Midline Apartments	1,502,493	1.26	1.23	7.6%	7.4%	29,300,000	As Is	1/23/2026	68.9%	68.9%	94.2%	2/26/2026
11	Loan	16, 19, 20, 27, 30	1	1010 Bedford-Stuyvesant	1,331,995	1.23	1.22	7.1%	7.0%	26,800,000	As Is	9/30/2025	70.9%	70.9%	97.2%	1/15/2026
12	Loan		1	Avaya Stafford	1,365,731	1.30	1.27	7.8%	7.6%	24,700,000	As Is	9/22/2025	72.9%	72.9%	94.9%	3/24/2026
13	Loan		1	The Lodge at St. Moritz	1,511,157	1.44	1.41	8.6%	8.4%	26,400,000	As Is	2/20/2026	68.2%	68.2%	97.9%	4/29/2026
14	Loan	25	1	Star Villa Ana	1,436,783	1.25	1.22	8.3%	8.1%	24,800,000	As Is	5/11/2026	71.6%	71.6%	93.2%	6/23/2026
15	Loan	19, 33	1	The Maynard of Augusta	1,526,337	1.55	1.49	9.8%	9.5%	24,100,000	As Is	1/7/2026	66.8%	66.8%	92.8%	3/16/2026
16	Loan	28	1	Townes at Southpark	1,092,533	1.22	1.21	7.3%	7.3%	21,300,000	As Is	11/3/2025	70.4%	70.4%	100.0%	3/24/2026
17	Loan	6, 27, 30	2	The William and The Geoffrey	1,039,387	1.21	1.20	7.0%	7.0%	22,100,000	As Is	3/18/2026	67.0%	67.0%	100.0%	4/7/2026
17.01	Property		1	The William, 436 East 13th Street											100.0%	4/7/2026
17.02	Property		1	The Geoffrey, 442 East 13th Street											100.0%	4/7/2026
18	Loan	25	1	Nox Apartments	944,543	1.26	1.24	7.3%	7.2%	17,710,000	As Is	2/13/2026	74.3%	74.3%	96.5%	6/1/2026
19	Loan		1	Hidden Creek Apartments	922,241	1.26	1.20	7.5%	7.1%	18,140,000	As Is	10/8/2025	71.4%	71.4%	93.4%	4/10/2026
20	Loan		1	Alpine Studios	825,287	1.32	1.27	8.1%	7.8%	14,425,000	As Is	5/8/2026	73.1%	73.1%	94.7%	5/5/2026