KPMG
LLP
633 West 5th Street
Suite 4700
Los Angeles, CA 90071
Exhibit 99.1
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KPMG
LLP |
Independent Accountants’ Agreed-Upon Procedures Report
MF1 REIT III LLC (the “Company”)
Goldman Sachs & Co. LLC
J.P. Morgan Securities LLC
Atlas SP Partners, L.P.
ATLAS SP Securities, a division of Apollo Global
Securities, LLC
Morgan Stanley & Co. LLC
Santander US Capital Markets LLC
Performance Trust Capital
Partners, LLC
(collectively, the “Specified Parties”)
Re: MF1 2026-FL23 LLC – Data File Procedures
We have performed the procedures described below on the specified attributes in an electronic data file entitled “MF1 2026-FL23 Data Tape CSR.xlsx” provided by the Company on September 30, 2026 (the “Data File”), containing information on 25 collateral interests (the “Collateral Interests”) and the 37 related mortgaged properties (the “Mortgaged Properties”) as of October 9, 2026 (the “Cut-off Date”), which we were informed are intended to be included as collateral in the offering by MF1 2026-FL23 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. |
| 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 “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. |
| · | 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 3.900%, 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. | 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. | 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.
| 2 |
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
September 30, 2026
| 3 |
| ATTACHMENT A |
COMPARED ATTRIBUTES
| Attribute | Source Document(s) |
| Cross Collateralized and Cross Defaulted Loan Flag | Cross-Collateralization Agreement, Loan Agreement, Promissory Note |
| Property Address | Appraisal Report, Engineering Report, Title Policy |
| City | Appraisal Report, Engineering Report, Title Policy |
| State | Appraisal Report, Engineering Report, Title Policy |
| Zip Code | Appraisal Report, Engineering Report |
| County | Appraisal Report, Engineering Report |
| Year Built | Appraisal Report, Engineering Report; Zoning Report, Broker OM |
| Year Renovated | Appraisal Report, Engineering Report; Zoning Report, Broker OM |
| Property Type | Appraisal Report |
| Specific Property Type | Appraisal Report |
| Number of Units | Underwritten Rent Roll Statement |
| Unit of Measure | Underwritten Rent Roll Statement |
| Occupancy (%) | Underwritten Rent Roll Statement |
| Occupancy Date | Underwritten Rent Roll Statement |
| Ownership Interest | Title Policy, Mortgage |
| Loan Purpose | Settlement Statement, Purchase and Sale Agreement |
| Note Date | Loan Agreement, Promissory Note |
| First Payment Date | Loan Agreement |
| Mortgage Loan Commitment Original Balance ($) | Loan Agreement, Promissory Note, Title Policy, Loan Amendment |
| Mortgage Loan Initial Funded Amount ($) | Settlement Statement |
| Mortgage Loan Cut-off Date Balance ($) | Servicer Report, Settlement Statement, Loan Agreement |
| Future Funding Advance Conditions | Loan Agreement |
| A-1 |
| ATTACHMENT A |
| Attribute | Source Document(s) |
| Mortgage Loan Balloon Balance ($) | Loan Agreement |
| Rate Type | Loan Agreement |
| Index | Loan Agreement |
| Mortgage Loan Margin | Loan Agreement |
| Mortgage Loan Margin Change (Y/N) | Loan Agreement |
| Mortgage Loan Margin Change Description | Loan Agreement |
| Mortgage Loan Index Floor | Loan Agreement |
| Mortgage Loan Index Cap | Rate Cap Confirmation |
| Mortgage Loan Index Cap Termination Date | Rate Cap Confirmation |
| Mortgage Loan Index Cap Provider | Rate Cap Confirmation |
| Collateral Interest Margin | Loan Agreement |
| Junior Participation Balloon Payment ($) | Loan Agreement |
| Junior Participation Cut-off Date Margin | Loan Agreement |
| Junior Participation Cut-off Date Interest Rate | 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 |
| First Extension Period (months) | Loan Agreement, Extension Letter |
| First Extension Period Requirements | Loan Agreement, Extension Letter |
| First Extension Benchmark Cap | Loan Agreement, Extension Letter |
| Second Extension Period (months) | Loan Agreement, Extension Letter |
| Second Extension Period Requirements | Loan Agreement, Extension Letter |
| Second Extension Benchmark Cap | Loan Agreement, Extension Letter |
| Third Extension Period (months) | Loan Agreement, Extension Letter |
| A-2 |
| ATTACHMENT A |
| Attribute | Source Document(s) |
| Third Extension Period Requirements | Loan Agreement, Extension Letter |
| Third Extension Benchmark Cap | Loan Agreement, Extension Letter |
| Fully Extended Maturity Date | Loan Agreement, Extension Letter |
| 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 |
| 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 ($) | Company Underwritten Cash Flow Statement |
| A-3 |
| ATTACHMENT A |
| Attribute | Source Document(s) |
| Underwritten Stabilized NOI ($) | 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 ($) | Company Underwritten Cash Flow Statement |
| Recourse | Guaranties, Loan Agreement |
| Recourse Provisions | Guaranties, Loan Agreement |
| Recourse Carveout Guarantor | Guaranties, Loan Agreement |
| Sponsor | Guaranties, Loan Agreement |
| Affiliated Sponsor (Y/N) | Guaranties, Loan Agreement |
| Tenants-in-common (Y/N) | Loan Agreement, Promissory Note, TIC Agreement, Loan Amendment |
| Ground Lease (Y/N) | Ground Lease, Estoppel |
| Annual Ground Lease Payment ($) | 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 |
| 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, Loan Agreement |
| Seismic Report Date | Seismic Report |
| A-4 |
| ATTACHMENT A |
| Attribute | Source Document(s) |
| Seismic PML % | Seismic Report, Engineering Report |
| Seismic Insurance Obtained if PML >= 20% (Y/N) | Insurance Certificate, Seismic Report, Engineering Report |
| 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 |
| 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)($) | Servicer Report, Settlement Statement, Loan Agreement |
| Replacement Reserve Cap($) | Settlement Statement, Loan Agreement |
| Springing Replacement Reserve Description | Settlement Statement, Loan Agreement |
| TI/LC Reserve (Upfront) ($) | Settlement Statement, Loan Agreement |
| TI/LC Reserve (Cut-off Date) ($) | Servicer Report, Settlement Statement, Loan Agreement |
| TI/LC Reserve (Monthly)($) | Servicer Report, Settlement Statement, Loan Agreement |
| TI/LC Reserve Cap($) | Settlement Statement, Loan Agreement |
| A-5 |
| ATTACHMENT A |
| Attribute | Source Document(s) |
| Springing TI/LC Reserve Description | Settlement Statement, Loan Agreement |
| Environmental Reserve (Upfront) ($) | Settlement Statement, Loan Agreement |
| Environmental Reserve (Cut-off Date) ($) | Servicer Report, Settlement Statement, Loan Agreement |
| Engineering/Deferred Maintenance Escrow (Upfront) ($) | Settlement Statement, Loan Agreement |
| Engineering/Deferred Maintenance Escrow (Cut-off Date) ($) | 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)($) | Settlement Statement, Loan Agreement |
| Debt Service Reserve Cap($) | Settlement Statement, Loan Agreement |
| Springing Debt Service Reserve Description | Settlement Statement, Loan Agreement |
| Other Reserves (Upfront)($) | Settlement Statement, Loan Agreement |
| Other Reserves (Cut-Off Date)($) | Servicer Report, Settlement Statement, Loan Agreement |
| Other Reserves (Monthly)($) | Servicer Report, Settlement Statement, Loan Agreement |
| Other Reserves Cap ($) | Settlement Statement, Loan Agreement |
| Other Reserves Description | Settlement Statement, Loan Agreement |
| Other Reserves 2 (Upfront)($) | Settlement Statement, Loan Agreement |
| Other Reserves 2 (Cut-Off Date)($) | Servicer Report, Settlement Statement, Loan Agreement |
| Other Reserves 2 (Monthly)($) | Servicer Report, Settlement Statement, Loan Agreement |
| Other Reserves 2 Cap ($) | Settlement Statement, Loan Agreement |
| Other Reserves 2 Description | Settlement Statement, Loan Agreement |
| Subordinate Debt (Y/N) | Loan Agreement, Loan Amendment, Promissory Note |
| Subordinate Debt Type | Loan Agreement, Loan Amendment, Promissory Note, Subordinate Debt Loan Agreement |
| A-6 |
| ATTACHMENT A |
| Attribute | Source Document(s) |
| Subordinate Debt Margin | Loan Agreement, Loan Amendment, Promissory Note, Subordinate Debt Loan Agreement |
| Subordinate Debt Interest Rate | Loan Agreement, Loan Amendment, Promissory Note, Subordinate Debt Loan Agreement |
| Subordinate Debt Cut-off Date Balance ($) | Loan Agreement, Loan Amendment, Promissory Note, Servicer Report, Subordinate Debt Loan Agreement |
| Future Debt Permitted (Y/N) | Loan Agreement |
| Permitted Future Debt Type | Loan Agreement |
| Grace Period Default (Days) | Loan Agreement |
| Grace Period Late (Days) | Loan Agreement |
| Initial Prepayment Provision | Loan Agreement |
| Remaining Call Protection (Cut-off Date) | Loan Agreement |
| Partial Release and/or Partial Prepayment (Y/N) | Loan Agreement |
| Appraisal Firm | Appraisal Report |
| As-Is Appraisal Valuation Date | Appraisal Report |
| As-Is Appraised Value ($) | Appraisal Report |
| Stabilized Appraised Value ($) | Appraisal Report |
| Appraisal Anticipated Stabilization Date | Appraisal Report |
| Interest Accrual Basis | Loan Agreement |
| Lookback Period | Loan Agreement |
| Single-Tenant (Y/N) | Underwritten Rent Roll Statement |
| Property Manager | Management Agreement, Loan Agreement |
| Largest Tenant Name | Underwritten Rent Roll Statement |
| Largest Tenant Square Feet | Underwritten Rent Roll Statement |
| Largest Tenant Expiration Date | Underwritten Rent Roll Statement |
| 2nd Largest Tenant Name | Underwritten Rent Roll Statement |
| 2nd Largest Tenant Square Feet | Underwritten Rent Roll Statement |
| 2nd Largest Tenant Expiration Date | Underwritten Rent Roll Statement |
| A-7 |
| ATTACHMENT A |
| Attribute | Source Document(s) |
| 3rd Largest Tenant Name | Underwritten Rent Roll Statement |
| 3rd Largest Tenant Square Feet | Underwritten Rent Roll Statement |
| 3rd Largest Tenant Expiration Date | Underwritten Rent Roll Statement |
| 4th Largest Tenant Name | Underwritten Rent Roll Statement |
| 4th Largest Tenant Square Feet | Underwritten Rent Roll Statement |
| 4th Largest Tenant Expiration Date | Underwritten Rent Roll Statement |
| 5th Largest Tenant Name | Underwritten Rent Roll Statement |
| 5th Largest Tenant Square Feet | Underwritten Rent Roll Statement |
| 5th Largest Tenant Expiration Date | Underwritten Rent Roll Statement |
| First Extension Fee (%) | Loan Agreement, Extension Letter |
| Second Extension Fee (%) | Loan Agreement, Extension Letter |
| Third Extension Fee (%) | Loan Agreement, Extension Letter |
| Exit Fee % | Loan Agreement |
| Fully Extended IO Period (Initial) | Loan Agreement |
| Borrower | Loan Agreement |
| Lien Position | Title Policy |
| USPAP Appraisal (Y/N) | Appraisal Report |
| FIRREA Appraisal (Y/N) | Appraisal Report |
| Accrual Period | Loan Agreement |
| Rounding Factor | Loan Agreement |
| Time of Rounding (Before Spread, After Spread) | Loan Agreement |
| Rounding Direction | Loan Agreement |
| Trended Underwritten Stabilized Occupancy (%) | Company Underwritten Cash Flow Statement |
| Trended Underwritten Stabilized Revenues ($) | Company Underwritten Cash Flow Statement |
| Trended Underwritten Stabilized Expenses ($) | Company Underwritten Cash Flow Statement |
| Trended Underwritten Stabilized NOI ($) | Company Underwritten Cash Flow Statement |
| Trended Underwritten Stabilized Reserves ($) | Company Underwritten Cash Flow Statement |
| A-8 |
| ATTACHMENT A |
| Attribute | Source Document(s) |
| Trended Underwritten Stabilized NCF ($) | Company Underwritten Cash Flow Statement |
| Amortization Style | Loan Agreement |
| Amortization Rate | Loan Agreement |
| Amortization Basis | Loan Agreement |
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/Mortgaged 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 |
| Takeout Interest Rate Assumption | Provided by the Company |
| A-9 |
| ATTACHMENT B |
RECOMPUTED ATTRIBUTES
| Attribute | Calculation Methodology |
| Mortgage Loan Commitment Original Balance / Unit ($) | Mortgage Loan Commitment Original Balance ($) divided by Number of Units. |
| Mortgage Loan Initial Unfunded Future Funding Amount ($) | Mortgage Loan Commitment Original Balance ($) minus Mortgage Loan Initial Funded Amount ($). |
| Mortgage Loan Cut-off Date Balance / Unit ($) | Mortgage Loan Cut-off Date Balance ($) divided by Number of Units. |
| Mortgage Loan Future Funding Participation Cut-off Date Unfunded Balance ($) | Mortgage Loan Commitment Original Balance ($) minus Mortgage Loan Cut-off Date Balance ($). |
| Mortgage Loan Balloon Balance / Unit ($) | Mortgage Loan Balloon Balance ($) divided by Number of Units. |
| Mortgage Loan Annual Debt Service Payment (IO) ($) |
For Collateral Interests that have Initial IO Period (Remaining) of greater than 0, product of Mortgage Loan Cut-off Date Balance ($), Mortgage Loan Cut-off Date Interest Rate and 365/360. For Collateral Interests that have Initial IO Period (Remaining) equal to 0, set equal to “N/A.” |
| Mortgage Loan Annual Debt Service Payment (P&I) ($) |
For Collateral Interests that have Amortization Type During Initial Term equal to “Interest-only, Balloon,” product of Mortgage Loan Cut-off Date Balance ($), Mortgage Loan Cut-off Date Interest Rate and 365/360. For Collateral Interests that have Amortization Type During Initial Term equal to “Interest-only, Amortizing Balloon”, the average monthly P&I payment during the Original Loan Term (Remaining), recomputed using the Loan Agreement, Amortization Schedule and Mortgage Loan Cut-off Date Interest Rate, and multiplied by 12. |
| Mortgage Loan Annual Debt Service Payment (Cap) ($) |
For Collateral Interests that have Amortization Type During Initial Term equal to “Interest-only, Balloon,” product of Mortgage Loan Cut-off Date Balance ($), Mortgage Loan Rate Cap and 365/360. For Collateral Interests that have Amortization Type During Initial Term equal to “Interest-only, Amortizing Balloon”, the average monthly P&I payment during the Original Loan Term (Remaining), recomputed using the Loan Agreement, Amortization Schedule and Mortgage Loan Rate Cap, and multiplied by 12. |
| B-1 |
| ATTACHMENT B |
| Attribute | Calculation Methodology |
| 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 Future Funding Participation Cut-off Date Unfunded Balance ($) | Mortgage Loan Commitment Original Balance ($) minus the sum of i) Collateral Interest Cut-off Date Balance ($), ii) Junior Participation Cut-off Date Balance and iii) Pari Passu Funded Amount. |
| Collateral Interest Annual Debt Service Payment (IO) ($) |
For Collateral Interests that have Initial IO Period (Remaining) of greater than 0, Collateral Interest Cut-off Date Balance ($) multiplied by 365/360 multiplied by Collateral Interest Cut-off Date Interest Rate. For Collateral Interests that have Initial IO Period (Remaining) equal to 0, set to “N/A.” |
| Collateral Interest Annual Debt Service Payment (P&I) ($) |
For Collateral Interests that have Amortization Type During Initial Term equal to “Interest-only, Balloon,” Collateral Interest Cut-off Date Balance ($) multiplied by 365/360 multiplied by Collateral Interest Cut-off Date Interest Rate. For Collateral Interests that have Amortization Type During Initial Term equal to “Interest-only, Amortizing Balloon,”, Collateral Interest Cut-off Date Balance ($) divided by the Mortgage Loan Cut-off Date Balance ($), multiplied by Mortgage Loan Annual Debt Service Payment (P&I) ($). |
| Collateral Interest Annual Debt Service Payment (Cap) ($) |
For Collateral Interests that have Amortization Type During Initial Term equal to “Interest-only, Balloon,” Collateral Interest Cut-off Date Balance ($) multiplied by 365/360 multiplied by Mortgage Loan Rate Cap. For Collateral Interests that have Amortization Type During Initial Term equal to “Interest-only, Amortizing Balloon,” Collateral Interest Cut-off Date Balance ($) divided by the Mortgage Loan Cut-off Date Balance ($), multiplied by Mortgage Loan Annual Debt Service Payment (Cap) ($). |
| Pari Passu Funded Amount | Mortgage Loan Cut-off Date Balance ($) minus Collateral Interest Cut-off Date Balance ($). |
| B-2 |
| ATTACHMENT B |
| Attribute | Calculation Methodology |
| Mortgage Loan Cut-off Date Interest Rate | The sum of the Mortgage Loan Margin and Index Rate Assumption (rounded by the respective Rounding Factor, Time of Rounding (Before Spread, After Spread) and Rounding Direction), subject to the Mortgage Loan Rate Floor. |
| Mortgage Loan Rate Cap | Mortgage Loan Margin plus Mortgage Loan Index Cap. |
| Mortgage Loan Rate Floor | Mortgage Loan Margin plus Mortgage Loan Index Floor. |
| Collateral Interest Cut-off Date Interest Rate | The sum of the Collateral Interest Margin and Index Rate Assumption (rounded by the respective Rounding Factor, Time of Rounding (Before Spread, After Spread) and Rounding Direction), subject to the collateral interest rate floor. |
| Initial IO Period |
For all Collateral Interests for which Amortization Type During Initial Term is “Interest-only, Balloon”, 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 “Interest-only, Amortizing Balloon” number of payments between and including the First Payment Date and the payment before the commencement of the amortization term as sourced from the Loan Agreement, Amortization Schedule, Loan Amendment, or Promissory Note. For all Collateral Interests for which Amortization Type During Initial Term is “Amortizing Balloon,” set equal to 0. |
| Initial IO Period (Remaining) | Initial IO Period minus Seasoning (months), subject to a minimum of zero. |
| 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. |
| B-3 |
| ATTACHMENT B |
| Attribute | Calculation Methodology |
| First Extension Fee | First Extension Fee (%) multiplied by Mortgage Loan Commitment Original Balance ($). |
| First Extension Benchmark Floor | Set to equal the Mortgage Loan Index Floor. |
| Second Extension Fee | Second Extension Fee (%) multiplied by Mortgage Loan Commitment Original Balance ($). |
| Second Extension Benchmark Floor | Set to equal the Mortgage Loan Index Floor. |
| Third Extension Fee | Third Extension Fee (%) multiplied by Mortgage Loan Commitment Original Balance ($). |
| Third Extension Benchmark Floor | Set to equal the Mortgage Loan Index Floor. |
| 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). |
| Mortgage Loan Most Recent NOI DSCR |
Most Recent NOI divided by product of Mortgage Loan Cut-off Date Balance ($), Mortgage Loan Cut-off Date Interest Rate and 365/360. If Most Recent NOI is negative, set to “N/A.” |
| Mortgage Loan Most Recent NCF DSCR |
Most Recent NCF divided by divided by product of Mortgage Loan Cut-off Date Balance ($), Mortgage Loan Cut-off Date Interest Rate and 365/360. If Most Recent NCF is negative, set to “N/A.” |
| Cut-off Date Mortgage Loan Most Recent NOI Debt Yield |
Most Recent NOI divided by Mortgage Loan Cut-off Date Balance ($). If Most Recent NOI is negative, set to “N/A.” |
| Cut-off Date Mortgage Loan Most Recent NCF Debt Yield |
Most Recent NCF divided by Mortgage Loan Cut-off Date Balance ($). If Most Recent NCF is negative, set to “N/A.” |
| Collateral Interest Most Recent NOI DSCR | Set to equal Mortgage Loan Most Recent NOI DSCR. |
| Collateral Interest Most Recent NCF DSCR | Set to equal Mortgage Loan Most Recent NCF DSCR. |
| B-4 |
| ATTACHMENT B |
| Attribute | Calculation Methodology |
| Cut-off Date Collateral Interest Most Recent NOI Debt Yield | Set to equal Cut-off Date Mortgage Loan Most Recent NOI Debt Yield. |
| Cut-off Date Collateral Interest Most Recent NCF Debt Yield | Set to equal Cut-off Date Mortgage Loan Most Recent NCF Debt Yield. |
| Mortgage Loan Cut-off Date Balance Underwritten NOI DSCR | Underwritten NOI ($) divided by product of Mortgage Loan Cut-off Date Balance ($), Mortgage Loan Cut-off Date Interest Rate and 365/360. |
| Mortgage Loan Cut-off Date Balance Underwritten NCF DSCR | Underwritten NCF ($) divided by product of Mortgage Loan Cut-off Date Balance ($), Mortgage Loan Cut-off Date Interest Rate and 365/360. |
| Mortgage Loan Cut-off Date Balance Underwritten NOI Debt Yield |
Underwritten NOI ($) divided by Mortgage Loan Cut-off Date Balance ($). If Underwritten NOI ($) is negative, set to “N/A.” |
| Mortgage Loan Cut-off Date Balance Underwritten NCF Debt Yield |
Underwritten NCF ($) divided by Mortgage Loan Cut-off Date Balance ($). If Underwritten NCF ($) is negative, set to “N/A.” |
| Collateral Interest Cut-off Date Balance Underwritten NOI DSCR | Set to equal Mortgage Loan Cut-off Date Balance Underwritten NOI DSCR. |
| Collateral Interest Cut-off Date Balance Underwritten NCF DSCR | Set to equal Mortgage Loan Cut-off Date Balance Underwritten NCF DSCR. |
| Collateral Interest Cut-off Date Balance Underwritten NOI Debt Yield | Set to equal Mortgage Loan Cut-off Date Balance Underwritten NOI Debt Yield. |
| Collateral Interest Cut-off Date Balance Underwritten NCF Debt Yield | Set to equal Mortgage Loan Cut-off Date Balance Underwritten NCF Debt Yield. |
| Fully Funded Mortgage Loan Underwritten Stabilized NOI DSCR | Underwritten Stabilized NOI ($) divided by the product of i) Takeout Interest Rate Assumption, ii) Mortgage Loan Balloon Balance ($), and iii) 365/360. |
| Fully Funded Mortgage Loan Underwritten Stabilized NCF DSCR | Underwritten Stabilized NCF ($) divided by the product of i) Takeout Interest Rate Assumption, ii) Mortgage Loan Balloon Balance ($), and iii) 365/360. |
| Fully Funded Mortgage Loan Underwritten Stabilized NOI Debt Yield | Underwritten Stabilized NOI ($) divided by Mortgage Loan Balloon Balance ($). |
| Fully Funded Mortgage Loan Underwritten Stabilized NCF Debt Yield | Underwritten Stabilized NCF ($) divided by Mortgage Loan Balloon Balance ($). |
| B-5 |
| ATTACHMENT B |
| Attribute | Calculation Methodology |
| Collateral Interest Underwritten Stabilized NOI DSCR | Set to equal Fully Funded Mortgage Loan Underwritten Stabilized NOI DSCR. |
| Collateral Interest Underwritten Stabilized NCF DSCR | Set to equal Fully Funded Mortgage Loan Underwritten Stabilized NCF DSCR. |
| Collateral Interest Underwritten Stabilized NOI Debt Yield | Set to equal Fully Funded Mortgage Loan Underwritten Stabilized NOI Debt Yield. |
| Collateral Interest Underwritten Stabilized NCF Debt Yield | Set to equal Fully Funded Mortgage Loan Underwritten Stabilized NCF Debt Yield. |
| Fully Funded Mortgage Loan Appraisal Stabilized NOI DSCR |
Appraisal Stabilized NOI ($) divided by the product of i) Takeout Interest Rate Assumption, ii) Mortgage Loan Balloon Balance ($), and iii) 365/360. |
| Fully Funded Mortgage Loan Appraisal Stabilized NCF DSCR |
Appraisal Stabilized NCF ($) divided by the product of i) Takeout Interest Rate Assumption, ii) Mortgage Loan Balloon Balance ($), and iii) 365/360. |
| Fully Funded Mortgage Loan Appraisal Stabilized NOI Debt Yield | Appraisal Stabilized NOI ($) divided by Mortgage Loan Balloon Balance ($). |
| Fully Funded Mortgage Loan Appraisal Stabilized NCF Debt Yield | Appraisal Stabilized NCF ($) divided by Mortgage Loan Balloon Balance ($). |
| Collateral Interest Appraisal Stabilized NOI DSCR | Set to equal Fully Funded Mortgage Loan Appraisal Stabilized NOI DSCR. |
| Collateral Interest Appraisal Stabilized NCF DSCR | Set to equal Fully Funded Mortgage Loan Appraisal Stabilized NCF DSCR. |
| Collateral Interest Appraisal Stabilized NOI Debt Yield | Set to equal Fully Funded Mortgage Loan Appraisal Stabilized NOI Debt Yield. |
| Collateral Interest Appraisal Stabilized NCF Debt Yield | Set to equal Fully Funded Mortgage Loan Appraisal Stabilized NCF Debt Yield. |
| Total Debt Cut-off Date Balance ($) | Mortgage Loan Cut-off Date Balance ($) 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 ($). |
| B-6 |
| ATTACHMENT B |
| Attribute | Calculation Methodology |
| Total Debt Cut-off Date UW NCF DSCR | Underwritten NCF ($) divided by the sum of (a) the lesser of i) Mortgage Loan Annual Debt Service Payment (P&I) ($) and ii) Mortgage Loan Annual Debt Service Payment (Cap) ($) and (b) product of i) Subordinate Debt Cut-off Date Balance ($), ii) Subordinate Debt Interest Rate, and iii) 365/360, subject to any mezzanine interest rate cap in place. |
| Total Debt Cut-off Date UW NOI DY |
Underwritten NOI ($) divided by Total Debt Cut-off Date Balance ($). If Underwritten NOI ($) is negative, set to “N/A.” |
| Mortgage Loan Cut-off Date As-Is LTV Ratio | Mortgage Loan Cut-off Date Balance ($) divided by As-Is Appraised Value ($). |
| Mortgage Loan Commitment Maturity Date Stabilized LTV Ratio | Mortgage Loan Balloon Balance ($) divided by Stabilized Appraised Value ($). |
| Collateral Interest Cut-off Date As-Is LTV Ratio | Set to equal Mortgage Loan Cut-off Date As-Is LTV Ratio. |
| Collateral Interest Commitment Maturity Date Stabilized LTV Ratio | Set to equal Mortgage 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. |
| Exit Fee ($) | Exit Fee % multiplied by Mortgage Loan Commitment Original Balance ($). |
| Fully Extended IO Period (Remaining) | Fully Extended IO Period (Initial) minus Seasoning (months). |
| Trended Fully Funded Mortgage Loan Underwritten Stabilized NOI DSCR | Trended Underwritten Stabilized NOI ($) divided by the product of i) Takeout Interest Rate Assumption, ii) Mortgage Loan Balloon Balance ($), and iii) 365/360. |
| B-7 |
| ATTACHMENT B |
| Attribute | Calculation Methodology |
| Trended Fully Funded Mortgage Loan Underwritten Stabilized NCF DSCR | Trended Underwritten Stabilized NCF ($) divided by the product of i) Takeout Interest Rate Assumption, ii) Mortgage Loan Balloon Balance ($), and iii) 365/360. |
| Trended Fully Funded Mortgage Loan Underwritten Stabilized NOI Debt Yield | Trended Underwritten Stabilized NOI ($) divided by Mortgage Loan Balloon Balance ($). |
| Trended Fully Funded Mortgage Loan Underwritten Stabilized NCF Debt Yield | Trended Underwritten Stabilized NCF ($) divided by Mortgage Loan Balloon Balance ($). |
| Trended Collateral Interest Underwritten Stabilized NOI DSCR | Set to equal Trended Fully Funded Mortgage Loan Underwritten Stabilized NOI DSCR. |
| Trended Collateral Interest Underwritten Stabilized NCF DSCR | Set to equal Trended Fully Funded Mortgage Loan Underwritten Stabilized NCF DSCR. |
| Trended Collateral Interest Underwritten Stabilized NOI Debt Yield | Set to equal Trended Fully Funded Mortgage Loan Underwritten Stabilized NOI Debt Yield. |
| Trended Collateral Interest Underwritten Stabilized NCF Debt Yield | Set to equal Trended Fully Funded Mortgage Loan Underwritten Stabilized NCF Debt Yield. |
| B-8 |
| ATTACHMENT C |
INSTRUCTIONS
| 1. | For those Compared Attributes or Recomputed Attributes with the Source Document(s) 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 Jefferson DFW Portfolio, Broadstone Frontera Ridge, Cornerstone Westbury, and Render Stockbridge were not closed as of the date of this report. Therefore, we were not provided the final Promissory Note, Loan Agreement, Mortgage, Cross-Collateralization 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 Statement, 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 related Mortgaged Properties and Compared or Recomputed Attribute(s): |
| Collateral Interest/Mortgaged Property Name(s) | Compared or Recomputed Attribute(s) | Company Instruction |
|
Parklyn; Norhart Oakdale; Jefferson DFW Portfolio; Broadstone Frontera Ridge; Core at Lindbergh; The Opal; Cornerstone Westbury; Prose Park View; Legado Encino; Render Stockbridge; The Blakely; The Doria; Prose Buda; Jaeger Square; Prose KTX; Broadstone Garden Oaks; The Legacy Portfolio; 125 Chrystie St; Riello Edgewater |
Mortgage Loan Cut-off Date Balance Underwritten NOI DSCR; Mortgage Loan Cut-off Date Balance Underwritten NCF DSCR; Total Debt Cut-off Date UW NCF DSCR | Set to 1.00x |
| AKA Rittenhouse Square | Mortgage Loan Cut-off Date Balance Underwritten NCF DSCR; Total Debt Cut-off Date UW NCF DSCR | Set to 1.00x |
| Parklyn; The Doria; The Doria – Senior; The Doria – Mezzanine; 125 Chrystie St | Mortgage Loan Cut-off Date Balance Underwritten NOI Debt Yield; Mortgage Loan Cut-off Date Balance Underwritten NCF Debt Yield; Total Debt Cut-off Date UW NOI DY | Set to N/A |
| Owings Park Apartments; The Volterra | Mortgage Loan Commitment Original Balance ($); Mortgage Loan Initial Funded Amount ($); Mortgage Loan Cut-off Date Balance ($); Collateral Interest Cut-off Date Balance ($) | Provided by the Company |
| C-1 |
| ATTACHMENT C |
| Collateral Interest/Mortgaged Property Name(s) | Compared or Recomputed Attribute(s) | Company Instruction |
| 323 W 96th Street; Jefferson DFW Portfolio; Broadstone Frontera Ridge; Prose Park View; Volterra & Owings Park; The Flats at Sugar Land | Environmental Report Date (Phase I); Engineering Report Date | Used draft documents for date validation |
| 323 W 96th Street; 323 W 96th Street – Senior; 323 W 96th Street - Mezzanine | As-Is Appraised Value ($); Property Manager; Loan Purpose; Ownership Interest; Lien Position | Provided by the Company |
| C-2 |